# EDGAR Filing Document

**Accession Number:** 0000088525
**File Stem:** 0001398344-25-021766
**Filing Date:** 2025-12
**Character Count:** 1853144
**Document Hash:** 1034f114a96cf6f23ec86a720cd4ee02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021766.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001398344-25-021766

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUGGENHEIM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000088525

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01136
- **FILM NUMBER:** 251550694

**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:** SECURITY EQUITY FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Guggenheim Limited Duration Fund (Series ID: S000043985)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136507 | A-Class             | GILDX           |
| C000136508 | C-Class             | GILFX           |
| C000136509 | Institutional Class | GILHX           |
| C000152100 | R6                  | GIKRX           |
| C000155965 | P                   | GILPX           |

### Guggenheim Floating Rate Strategies Fund (Series ID: S000043986)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136510 | A-Class             | GIFAX           |
| C000136511 | C-Class             | GIFCX           |
| C000136512 | Institutional Class | GIFIX           |
| C000152101 | R6                  | GIFSX           |
| C000155966 | P                   | GIFPX           |

### Guggenheim High Yield Fund (Series ID: S000043987)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136513 | Institutional Class | SHYIX           |
| C000136514 | A-Class             | SIHAX           |
| C000136516 | C-Class             | SIHSX           |
| C000152102 | R6                  | SHYSX           |
| C000155967 | P                   | SIHPX           |

### Guggenheim Core Bond Fund (Series ID: S000043988)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136517 | A-Class             | SIUSX           |
| C000136519 | C-Class             | SDICX           |
| C000136520 | Institutional Class | GIUSX           |
| C000155968 | P                   | SIUPX           |

### Guggenheim Macro Opportunities Fund (Series ID: S000043989)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136521 | A-Class             | GIOAX           |
| C000136522 | C-Class             | GIOCX           |
| C000136523 | Institutional Class | GIOIX           |
| C000152104 | R6                  | GIOSX           |
| C000155969 | P                   | GIOPX           |

### Guggenheim Municipal Income Fund (Series ID: S000043990)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136524 | A-Class             | GIJAX           |
| C000136525 | C-Class             | GIJCX           |
| C000136526 | Institutional Class | GIJIX           |
| C000155970 | P                   | GIJPX           |

### Guggenheim Total Return Bond Fund (Series ID: S000043991)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136527 | A-Class             | GIBAX           |
| C000136528 | C-Class             | GIBCX           |
| C000136529 | Institutional Class | GIBIX           |
| C000152106 | R6                  | GIBRX           |
| C000155971 | P                   | GIBLX           |

### Guggenheim Ultra Short Duration Fund (Series ID: S000063493)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000205703 | Class A       | GIYAX           |
| C000205704 | Institutional | GIYIX           |

### Guggenheim Active INvestment Series (GAINS)-Core Plus Fund (Series ID: S000085233)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250200 | SMA Class    | GUCPX           |

### Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund (Series ID: S000085234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250201 | SMA Class    | GULDX           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811- 01136</u>

 <u>Guggenheim 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 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>September 30</u>

Date of reporting period: <u>October 1, 2024 - September 30, 2025</u>

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

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

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

### Guggenheim Active INvestment Series (GAINS)-Core Plus Fund

#### SMA Class \| GUCPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Core Plus Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| SMA Class | $9 | 0.09% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (SMA Class shares) returned 8.21%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was primarily driven by carry (or earned income), with duration also making a meaningful contribution. Additionally, spreads contributed positively, supported by a combination of spread tightening and effective security selection across the fund's investment-grade, high-yield, and asset-backed securities allocations.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-4_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<sup>†</sup><br> (8.14.24)**  |
| Active INvestment Series (GAINS) - Core Plus Fund | 8.21% | 8.12% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 3.71% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/fund/gucpx-guggenheim-active-investment-series-gains-core-plus-fund/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $67878387 |
| Total Number of Portfolio Holdings | 429 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $– |

---

The fund does not pay an advisory fee. The fund is a part of "wrap fee" programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the "Investment Manager"). Participants in these programs pay a "wrap" fee to the sponsor of the program. The Investment Manager is compensated directly or indirectly by wrap fee program sponsors or participants for separately managed account advisory services.

---

| | |
|:---|:---|
| <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 has no management fees or operating expenses to reduce its reported returns. |
| <sup>†</sup> | Since inception return is not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Active INvestment Series (GAINS)-Core Plus Fund \| SMA Class \| GUCPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-4_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.6% |
| AA | 33.0% |
| A | 16.9% |
| BBB | 9.0% |
| BB | 10.0% |
| B | 4.8% |
| CCC | 2.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year | 14.4% |
| Neuberger Berman CLO 32R Ltd., 5.98% | 2.2% |
| Golub Capital Partners CLO 49M Ltd., 5.84% | 2.2% |
| Tricon Residential Trust, 4.75% | 2.2% |
| RCKT Mortgage Trust, 5.69% | 2.1% |
| Owl Rock CLO X LLC, 5.65% | 1.9% |
| JCP Direct Lending CLO 2023-1 LLC, 6.11% | 1.5% |
| JCP Direct Lending CLO 2023-1 LLC, 6.28% | 1.5% |
| PRPM LLC, 5.73% | 1.5% |
| Slam Ltd., 5.34% | 1.4% |
| Top 10 Total | 30.9% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (SMA Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.08% for the year ended September 30, 2025, an increase of 0.08% compared to the prior year. The primary driver of the increase was an increase in interest expense as the fund utilized reverse repurchase agreements during the reporting period.

---

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

---

AR-GUCPX-093025

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

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

### Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund

#### SMA Class \| GULDX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| SMA Class | $2 | 0.02% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (SMA Class shares) returned 5.14%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), while credit positioning added to overall performance due to a combination of spread tightening and security selection within the fund's high-yield and asset-backed securities allocations. Duration detracted from overall performance.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-5_ar151.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<sup>†</sup><br> (8.14.24)**  |
| Active INvestment Series (GAINS) - Limited Duration Fund | 5.14% | 5.37% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 3.71% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/fund/guldx-guggenheim-active-investment-series-gains-limited-duration-fund/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $19118469 |
| Total Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $– |

---

The fund does not pay an advisory fee. The fund is a part of "wrap fee" programs, including those sponsored by investment advisers and broker/dealers unaffiliated with the fund or Guggenheim Partners Investment Management, LLC, also known as Guggenheim Investments (the "Investment Manager"). Participants in these programs pay a "wrap" fee to the sponsor of the program. The Investment Manager is compensated directly or indirectly by wrap fee program sponsors or participants for separately managed account advisory services.

---

| | |
|:---|:---|
| <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 has no management fees or operating expenses to reduce its reported returns. |
| <sup>†</sup> | Since inception return is not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund \| SMA Class \| GULDX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-5_ar152.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 37.7% |
| AA | 25.2% |
| A | 18.7% |
| BBB | 6.5% |
| BB | 5.7% |
| B | 2.9% |
| NR<sup>3</sup> | 2.5% |
| Other Instruments | 0.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Owl Rock CLO X LLC, 5.65% | 3.7% |
| Slam Ltd., 5.34% | 2.5% |
| Owl Rock CLO III Ltd., 6.18% | 1.6% |
| Uniform MBS 30 Year | 1.6% |
| Uniform MBS 15 Year | 1.5% |
| Uniform MBS 15 Year | 1.4% |
| Fortress Credit Opportunities XXV CLO LLC, 5.91% | 1.3% |
| BCRED CLO LLC, 6.00% | 1.3% |
| Golub Capital Partners CLO 46M Ltd., 6.14% | 1.3% |
| Palmer Square CLO Ltd., 5.93% | 1.3% |
| Top 10 Total | 17.5% |

---

\* Less than 0.1%

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GULDX-093025

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

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

### Guggenheim Core Bond Fund

#### Class A \| SIUSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $77 | 0.76% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 3.71%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade corporate allocation. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-6_ar181.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 3.71% | -0.05% | 2.69% |
| Class A (with sales charge)<sup>†</sup> | -0.46% | -0.87% | 2.19% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $2532551798 |
| Total Number of Portfolio Holdings | 1030 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $6188215 |

---

---

| | |
|:---|:---|
| <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 returns. |
| <sup>†</sup> | Effective October 1, 2015, the maximum sales charge decreased from 4.75% to 4.00%. A 4.75% maximum sales charge is used in the calculation of the Average Annual Returns based on subscriptions made prior to October 1, 2015, and a 4.00% maximum sales charge is used to calculated performance for the periods based on subscriptions made on or after October 1, 2015. Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class A \| SIUSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-6_ar182.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 23.6% |
| AA | 36.6% |
| A | 16.3% |
| BBB | 13.7% |
| BB | 0.9% |
| B | 0.1% |
| CCC | 0.1% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 8.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 5.2% |
| U.S. Treasury Notes, 4.13% due 03/31/31 | 3.4% |
| U.S. Treasury Notes, 4.63% due 04/30/31 | 2.5% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.4% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Notes, 4.00% due 07/31/32 | 2.0% |
| U.S. Treasury Bonds due 05/15/51 | 1.9% |
| U.S. Treasury Notes, 3.75% due 08/31/31 | 1.7% |
| Freddie Mac, 3.00% due 05/01/52 | 1.7% |
| Top 10 Total | 25.2% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.76% for the year ended September 30, 2025, a decrease of 0.07% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SIUSX-093025

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

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

### Guggenheim Core Bond Fund

#### Class C \| SDICX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $153 | 1.51% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 2.96%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade corporate allocation. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-8_ar181.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 2.96% | -0.78% | 1.94% |
| Class C (with CDSC)<sup>‡</sup> | 1.97% | -0.78% | 1.94% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $2532551798 |
| Total Number of Portfolio Holdings | 1030 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $6188215 |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class C \| SDICX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-8_ar182.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 23.6% |
| AA | 36.6% |
| A | 16.3% |
| BBB | 13.7% |
| BB | 0.9% |
| B | 0.1% |
| CCC | 0.1% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 8.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 5.2% |
| U.S. Treasury Notes, 4.13% due 03/31/31 | 3.4% |
| U.S. Treasury Notes, 4.63% due 04/30/31 | 2.5% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.4% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Notes, 4.00% due 07/31/32 | 2.0% |
| U.S. Treasury Bonds due 5/15/51 | 1.9% |
| U.S. Treasury Notes, 3.75% due 08/31/31 | 1.7% |
| Freddie Mac, 3.00% due 05/01/52 | 1.7% |
| Top 10 Total | 25.2% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.51% for the year ended September 30, 2025, a decrease of 0.08% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SDICX-093025

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

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

### Guggenheim Core Bond Fund

#### Class P \| SIUPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $77 | 0.76% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 3.64%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade corporate allocation. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-11_ar181.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 3.64% | -0.07% | 2.68% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $2532551798 |
| Total Number of Portfolio Holdings | 1030 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $6188215 |

---

<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 returns.

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class P \| SIUPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-11_ar182.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 23.6% |
| AA | 36.6% |
| A | 16.3% |
| BBB | 13.7% |
| BB | 0.9% |
| B | 0.1% |
| CCC | 0.1% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 8.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 5.2% |
| U.S. Treasury Notes, 4.13% due 03/31/31 | 3.4% |
| U.S. Treasury Notes, 4.63% due 04/30/31 | 2.5% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.4% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Notes, 4.00% due 07/31/32 | 2.0% |
| U.S. Treasury Bonds due 05/15/51 | 1.9% |
| U.S. Treasury Notes, 3.75% due 08/31/31 | 1.7% |
| Freddie Mac, 3.00% due 05/01/52 | 1.7% |
| Top 10 Total | 25.2% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.76% for the year ended September 30, 2025, a decrease of 0.08% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SIUPX-093025

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

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

### Guggenheim Core Bond Fund

#### Institutional Class \| GIUSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $48 | 0.47% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 4.01%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade corporate allocation. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-9_ar181.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 4.01% | 0.23% | 2.99% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $2532551798 |
| Total Number of Portfolio Holdings | 1030 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid | $6188215 |

---

<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 returns.

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Institutional Class \| GIUSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-9_ar182.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 23.6% |
| AA | 36.6% |
| A | 16.3% |
| BBB | 13.7% |
| BB | 0.9% |
| B | 0.1% |
| CCC | 0.1% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 8.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 5.2% |
| U.S. Treasury Notes, 4.13% due 03/31/31 | 3.4% |
| U.S. Treasury Notes, 4.63% due 04/30/31 | 2.5% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.4% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Notes, 4.00% due 07/31/32 | 2.0% |
| U.S. Treasury Bonds due 05/15/51 | 1.9% |
| U.S. Treasury Notes, 3.75% due 08/31/31 | 1.7% |
| Freddie Mac, 3.00% due 05/01/52 | 1.7% |
| Top 10 Total | 25.2% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.47% for the year ended September 30, 2025, a decrease of 0.06% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-GIUSX-093025

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class A \| GIFAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $106 | 1.03% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 4.95%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 7.09% for the same period.

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

Absolute returns continue to be driven by the high all-in floating rate coupon in the leveraged loan market. The fund's performance relative to the S&P UBS Leveraged Loan Index (the "Index") during the reporting period was primarily impacted by unrelated credit issues in the consumer non-cyclical space, with a bankruptcy in the autos space being the largest impact. Positive credit selection in the basic materials and communications sectors helped to offset these negative impacts. Single B and non-rated credit selection broadly remained strong as well.

Given concerns about tail risk in the market, the fund's portfolio moved up in quality during the period. The higher quality portfolio leads to a reduction in risk but at the cost of carry (or earned income). The fund's lower yield and coupon relative to the Index was also a detractor from relative performance.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-13_ar171.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.95% | 5.89% | 4.31% |
| Class A (with sales charge)<sup>†</sup> | 1.80% | 5.25% | 3.80% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P UBS Leveraged Loan Index | 7.09% | 6.88% | 5.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $716569614 |
| Total Number of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $4454190 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P UBS Leveraged Loan Index and the Bloomberg U.S. Aggregate Bond Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 3.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class A \| GIFAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-13_ar172.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| A | 1.0% |
| BBB | 9.8% |
| BB | 31.4% |
| B | 45.7% |
| CCC | 5.7% |
| NR<sup>3</sup> | 1.4% |
| Other Instruments | 5.0% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.8% |
| Pelican Products, Inc., 8.51% | 1.0% |
| Quirch Foods Holdings LLC, 9.05% | 0.9% |
| Allwyn Entertainment Financing US LLC, 6.33% | 0.9% |
| Bombardier Recreational Products, Inc., 6.91% | 0.9% |
| Eagle Parent Corp., 8.25% | 0.9% |
| PetSmart LLC, 8.14% | 0.8% |
| Virgin Media Bristol LLC, 7.37% | 0.8% |
| Hunter Douglas, Inc., 7.25% | 0.8% |
| Park River Holdings, Inc., 7.80% | 0.8% |
| Top 10 Total | 10.6% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIFAX-093025

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class C \| GIFCX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $182 | 1.78% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 4.18%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 7.09% for the same period.

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

Absolute returns continue to be driven by the high all-in floating rate coupon in the leveraged loan market. The fund's performance relative to the S&P UBS Leveraged Loan Index (the "Index") during the reporting period was primarily impacted by unrelated credit issues in the consumer non-cyclical space, with a bankruptcy in the autos space being the largest impact. Positive credit selection in the basic materials and communications sectors helped to offset these negative impacts. Single B and non-rated credit selection broadly remained strong as well.

Given concerns about tail risk in the market, the fund's portfolio moved up in quality during the period. The higher quality portfolio leads to a reduction in risk but at the cost of carry (or earned income). The fund's lower yield and coupon relative to the Index was also a detractor from relative performance.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-14_ar171.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 4.18% | 5.11% | 3.53% |
| Class C (with CDSC)<sup>‡</sup> | 3.21% | 5.11% | 3.53% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P UBS Leveraged Loan Index | 7.09% | 6.88% | 5.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $716569614 |
| Total Number of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $4454190 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P UBS Leveraged Loan Index and the Bloomberg U.S. Aggregate Bond Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class C \| GIFCX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-14_ar172.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| A | 1.0% |
| BBB | 9.8% |
| BB | 31.4% |
| B | 45.7% |
| CCC | 5.7% |
| NR<sup>3</sup> | 1.4% |
| Other Instruments | 5.0% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.8% |
| Pelican Products, Inc., 8.51% | 1.0% |
| Quirch Foods Holdings LLC, 9.05% | 0.9% |
| Allwyn Entertainment Financing US LLC, 6.33% | 0.9% |
| Bombardier Recreational Products, Inc., 6.91% | 0.9% |
| Eagle Parent Corp., 8.25% | 0.9% |
| PetSmart LLC, 8.14% | 0.8% |
| Virgin Media Bristol LLC, 7.37% | 0.8% |
| Hunter Douglas, Inc., 7.25% | 0.8% |
| Park River Holdings, Inc., 7.80% | 0.8% |
| Top 10 Total | 10.6% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIFCX-093025

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class P \| GIFPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $106 | 1.03% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 4.95%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 7.09% for the same period.

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

Absolute returns continue to be driven by the high all-in floating rate coupon in the leveraged loan market. The fund's performance relative to the S&P UBS Leveraged Loan Index (the "Index") during the reporting period was primarily impacted by unrelated credit issues in the consumer non-cyclical space, with a bankruptcy in the autos space being the largest impact. Positive credit selection in the basic materials and communications sectors helped to offset these negative impacts. Single B and non-rated credit selection broadly remained strong as well.

Given concerns about tail risk in the market, the fund's portfolio moved up in quality during the period. The higher quality portfolio leads to a reduction in risk but at the cost of carry (or earned income). The fund's lower yield and coupon relative to the Index was also a detractor from relative performance.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-17_ar181.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 4.95% | 5.89% | 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P UBS Leveraged Loan Index | 7.09% | 6.88% | 5.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $716569614 |
| Total Number of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $4454190 |

---

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

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class P \| GIFPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-17_ar182.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| A | 1.0% |
| BBB | 9.8% |
| BB | 31.4% |
| B | 45.7% |
| CCC | 5.7% |
| NR<sup>3</sup> | 1.4% |
| Other Instruments | 5.0% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.8% |
| Pelican Products, Inc., 8.51% | 1.0% |
| Quirch Foods Holdings LLC, 9.05% | 0.9% |
| Allwyn Entertainment Financing US LLC, 6.33% | 0.9% |
| Bombardier Recreational Products, Inc., 6.91% | 0.9% |
| Eagle Parent Corp., 8.25% | 0.9% |
| PetSmart LLC, 8.14% | 0.8% |
| Virgin Media Bristol LLC, 7.37% | 0.8% |
| Hunter Douglas, Inc., 7.25% | 0.8% |
| Park River Holdings, Inc., 7.80% | 0.8% |
| Top 10 Total | 10.6% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIFPX-093025

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

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

### Guggenheim Floating Rate Strategies Fund

#### Institutional Class \| GIFIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $81 | 0.79% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 5.20%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 7.09% for the same period.

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

Absolute returns continue to be driven by the high all-in floating rate coupon in the leveraged loan market. The fund's performance relative to the S&P UBS Leveraged Loan Index (the "Index") during the reporting period was primarily impacted by unrelated credit issues in the consumer non-cyclical space, with a bankruptcy in the autos space being the largest impact. Positive credit selection in the basic materials and communications sectors helped to offset these negative impacts. Single B and non-rated credit selection broadly remained strong as well.

Given concerns about tail risk in the market, the fund's portfolio moved up in quality during the period. The higher quality portfolio leads to a reduction in risk but at the cost of carry (or earned income). The fund's lower yield and coupon relative to the Index was also a detractor from relative performance.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-15_ar171.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 5.20% | 6.14% | 4.55% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| S&P UBS Leveraged Loan Index | 7.09% | 6.88% | 5.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $716569614 |
| Total Number of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $4454190 |

---

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

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Institutional Class \| GIFIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-15_ar172.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| A | 1.0% |
| BBB | 9.8% |
| BB | 31.4% |
| B | 45.7% |
| CCC | 5.7% |
| NR<sup>3</sup> | 1.4% |
| Other Instruments | 5.0% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.8% |
| Pelican Products, Inc., 8.51% | 1.0% |
| Quirch Foods Holdings LLC, 9.05% | 0.9% |
| Allwyn Entertainment Financing US LLC, 6.33% | 0.9% |
| Bombardier Recreational Products, Inc., 6.91% | 0.9% |
| Eagle Parent Corp., 8.25% | 0.9% |
| PetSmart LLC, 8.14% | 0.8% |
| Virgin Media Bristol LLC, 7.37% | 0.8% |
| Hunter Douglas, Inc., 7.25% | 0.8% |
| Park River Holdings, Inc., 7.80% | 0.8% |
| Top 10 Total | 10.6% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIFIX-093025

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class R6 \| GIFSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $80 | 0.78% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class R6 shares) returned 5.20%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 7.09% for the same period.

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

Absolute returns continue to be driven by the high all-in floating rate coupon in the leveraged loan market. The fund's performance relative to the S&P UBS Leveraged Loan Index (the "Index") during the reporting period was primarily impacted by unrelated credit issues in the consumer non-cyclical space, with a bankruptcy in the autos space being the largest impact. Positive credit selection in the basic materials and communications sectors helped to offset these negative impacts. Single B and non-rated credit selection broadly remained strong as well.

Given concerns about tail risk in the market, the fund's portfolio moved up in quality during the period. The higher quality portfolio leads to a reduction in risk but at the cost of carry (or earned income). The fund's lower yield and coupon relative to the Index was also a detractor from relative performance.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-16_ar191.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 5.20% | 6.16% | 4.98% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.70% |
| S&P UBS Leveraged Loan Index | 7.09% | 6.88% | 5.72% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $716569614 |
| Total Number of Portfolio Holdings | 329 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $4454190 |

---

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

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class R6 \| GIFSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-16_ar192.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| A | 1.0% |
| BBB | 9.8% |
| BB | 31.4% |
| B | 45.7% |
| CCC | 5.7% |
| NR<sup>3</sup> | 1.4% |
| Other Instruments | 5.0% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.8% |
| Pelican Products, Inc., 8.51% | 1.0% |
| Quirch Foods Holdings LLC, 9.05% | 0.9% |
| Allwyn Entertainment Financing US LLC, 6.33% | 0.9% |
| Bombardier Recreational Products, Inc., 6.91% | 0.9% |
| Eagle Parent Corp., 8.25% | 0.9% |
| PetSmart LLC, 8.14% | 0.8% |
| Virgin Media Bristol LLC, 7.37% | 0.8% |
| Hunter Douglas, Inc., 7.25% | 0.8% |
| Park River Holdings, Inc., 7.80% | 0.8% |
| Top 10 Total | 10.6% |

---

<sup>\*</sup> Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIFSX-093025

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

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

### Guggenheim High Yield Fund

#### Class A \| SIHAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $94 | 0.91% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 5.66%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.41% for the same period.

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

High yield enjoyed positive returns over the last year supported by tighter credit spreads. There was some volatility around Liberation Day tariff announcements which quickly subsided. The primary contributors to the fund's performance were its exposure to B-credit and strong credit selection in Capital Goods and Energy. The primary detractors were the exposure to bank loans and a drag from some holdings in the consumer cyclicals space.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-20_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 5.66% | 5.21% | 5.34% |
| Class A (with sales charge)<sup>†</sup> | 1.44% | 4.36% | 4.82% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $184748329 |
| Total Number of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $649778 |

---

---

| | |
|:---|:---|
| <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> | Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class A \| SIHAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-20_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| BBB | 4.7% |
| BB | 47.5% |
| B | 33.7% |
| CCC | 7.9% |
| NR<sup>3</sup> | 0.6% |
| Other Instruments | 5.6% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| AMN Healthcare, Inc., 6.50% | 0.8% |
| PetSmart LLC / PetSmart Finance Corp., 7.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Nassau Companies of New York, 7.88% | 0.8% |
| Trinity Industries, Inc., 7.75% | 0.7% |
| Top 10 Total | 8.4% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.91% for the year ended September 30, 2025, a decrease of 0.11% compared to the prior year. The primary driver of the decrease was the reduction of the fund's annual expense limit. Effective February 21, 2024, the fund's (Class A shares) annual expense limit was contractually reduced to 0.94% from 1.16%.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SIHAX-093025

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

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

### Guggenheim High Yield Fund

#### Class C \| SIHSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $170 | 1.66% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 5.00%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.41% for the same period.

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

High yield enjoyed positive returns over the last year supported by tighter credit spreads. There was some volatility around Liberation Day tariff announcements which quickly subsided. The primary contributors to the fund's performance were its exposure to B-credit and strong credit selection in Capital Goods and Energy. The primary detractors were the exposure to bank loans and a drag from some holdings in the consumer cyclicals space.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-22_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 5.00% | 4.41% | 4.54% |
| Class C (with CDSC)<sup>‡</sup> | 4.01% | 4.41% | 4.54% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $184748329 |
| Total Number of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $649778 |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class C \| SIHSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-22_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| BBB | 4.7% |
| BB | 47.5% |
| B | 33.7% |
| CCC | 7.9% |
| NR<sup>3</sup> | 0.6% |
| Other Instruments | 5.6% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| AMN Healthcare, Inc., 6.50% | 0.8% |
| PetSmart LLC / PetSmart Finance Corp., 7.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Nassau Companies of New York, 7.88% | 0.8% |
| Trinity Industries, Inc., 7.75% | 0.7% |
| Top 10 Total | 8.4% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.66% for the year ended September 30, 2025, a decrease of 0.12% compared to the prior year. The primary driver of the decrease was the reduction of the fund's annual expense limit. Effective February 21, 2024, the fund's (Class C shares) annual expense limit was contractually reduced to 1.69% from 1.91%.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SIHSX-093025

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

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

### Guggenheim High Yield Fund

#### Class P \| SIHPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $94 | 0.91% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 5.66%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.41% for the same period.

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

High yield enjoyed positive returns over the last year supported by tighter credit spreads. There was some volatility around Liberation Day tariff announcements which quickly subsided. The primary contributors to the fund's performance were its exposure to B-credit and strong credit selection in Capital Goods and Energy. The primary detractors were the exposure to bank loans and a drag from some holdings in the consumer cyclicals space.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-24_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 5.66% | 5.17% | 5.32% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $184748329 |
| Total Number of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $649778 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class P \| SIHPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-24_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| BBB | 4.7% |
| BB | 47.5% |
| B | 33.7% |
| CCC | 7.9% |
| NR<sup>3</sup> | 0.6% |
| Other Instruments | 5.6% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| AMN Healthcare, Inc., 6.50% | 0.8% |
| PetSmart LLC / PetSmart Finance Corp., 7.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Nassau Companies of New York, 7.88% | 0.8% |
| Trinity Industries, Inc., 7.75% | 0.7% |
| Top 10 Total | 8.4% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.91% for the year ended September 30, 2025, a decrease of 0.12% compared to the prior year. The primary driver of the decrease was the reduction of the fund's annual expense limit. Effective February 21, 2024, the fund's (Class P shares) annual expense limit was contractually reduced to 0.94% from 1.16%.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SIHPX-093025

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

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

### Guggenheim High Yield Fund

#### Institutional Class \| SHYIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $68 | 0.66% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 5.97%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.41% for the same period.

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

High yield enjoyed positive returns over the last year supported by tighter credit spreads. There was some volatility around Liberation Day tariff announcements which quickly subsided. The primary contributors to the fund's performance were its exposure to B-credit and strong credit selection in Capital Goods and Energy. The primary detractors were the exposure to bank loans and a drag from some holdings in the consumer cyclicals space.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-19_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 5.97% | 5.46% | 5.60% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 6.17% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $184748329 |
| Total Number of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $649778 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Institutional Class \| SHYIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-19_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| BBB | 4.7% |
| BB | 47.5% |
| B | 33.7% |
| CCC | 7.9% |
| NR<sup>3</sup> | 0.6% |
| Other Instruments | 5.6% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| AMN Healthcare, Inc., 6.50% | 0.8% |
| PetSmart LLC / PetSmart Finance Corp., 7.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Nassau Companies of New York, 7.88% | 0.8% |
| Trinity Industries, Inc., 7.75% | 0.7% |
| Top 10 Total | 8.4% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.66% for the year ended September 30, 2025, a decrease of 0.11% compared to the prior year. The primary driver of the decrease was the reduction of the fund's annual expense limit. Effective February 21, 2024, the fund's (Institutional Class shares) annual expense limit was contractually reduced to 0.69% from 0.91%.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SHYIX-093025

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

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

### Guggenheim High Yield Fund

#### Class R6 \| SHYSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $68 | 0.66% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class R6 shares) returned 5.99%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 7.41% for the same period.

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

High yield enjoyed positive returns over the last year supported by tighter credit spreads. There was some volatility around Liberation Day tariff announcements which quickly subsided. The primary contributors to the fund's performance were its exposure to B-credit and strong credit selection in Capital Goods and Energy. The primary detractors were the exposure to bank loans and a drag from some holdings in the consumer cyclicals space.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-23_ar131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (5.15.17)**  |
| Class R6 | 5.99% | 5.53% | 4.65% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.76% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 5.15% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $184748329 |
| Total Number of Portfolio Holdings | 351 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $649778 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class R6 \| SHYSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-23_ar132.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| BBB | 4.7% |
| BB | 47.5% |
| B | 33.7% |
| CCC | 7.9% |
| NR<sup>3</sup> | 0.6% |
| Other Instruments | 5.6% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| CPI CG, Inc., 10.00% | 0.9% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 0.9% |
| Enviri Corp., 5.75% | 0.9% |
| AMN Healthcare, Inc., 6.50% | 0.8% |
| PetSmart LLC / PetSmart Finance Corp., 7.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Nassau Companies of New York, 7.88% | 0.8% |
| Trinity Industries, Inc., 7.75% | 0.7% |
| Top 10 Total | 8.4% |

---

\* Less than 0.1%.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class R6 shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.66% for the year ended September 30, 2025, a decrease of 0.10% compared to the prior year. The primary driver of the decrease was the reduction of the fund's annual expense limit. Effective February 21, 2024, the fund's (Class R6 shares) annual expense limit was contractually reduced to 0.69% from 0.91%.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Security Investors, LLC as the fund's investment adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-SHYSX-093025

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

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

### Guggenheim Limited Duration Fund

#### Class A \| GILDX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $74 | 0.72% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 4.59%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 4.14% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing due to spread tightening and security selection within the fund's investment-grade corporate allocation, as well as an overweight position and spread tightening in Agency residential mortgage-backed securities. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-26_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 4.59% | 2.63% | 2.87% |
| Class A (with sales charge)<sup>†</sup> | 2.23% | 2.16% | 2.63% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 4.14% | 1.78% | 1.92% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $5494298796 |
| Total Number of Portfolio Holdings | 846 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $15373594 |

---

---

| | |
|:---|:---|
| <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. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 2.25%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class A \| GILDX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-26_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 30.5% |
| AA | 27.9% |
| A | 16.5% |
| BBB | 14.0% |
| BB | 4.2% |
| B | 0.9% |
| CCC | 0.4% |
| CC | 0.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.7% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 4.50% due 12/01/25 | 5.9% |
| Uniform MBS 15 Year, 4.50% due 11/01/25 | 5.6% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.1% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.6% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 4/15/29 | 1.1% |
| U.S. Treasury Notes, 4.00% due 12/15/27 | 0.9% |
| U.S. Treasury Notes, 4.13% due 01/31/27 | 0.9% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Uniform MBS 30 Year, 5.50% due 01/01/26 | 0.8% |
| Freddie Mac, 5.00% due 06/01/55 | 0.8% |
| Top 10 Total | 20.6% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GILDX-093025

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

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

### Guggenheim Limited Duration Fund

#### Class C \| GILFX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $150 | 1.47% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 3.78%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 4.14% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing due to spread tightening and security selection within the fund's investment-grade corporate allocation, as well as an overweight position and spread tightening in Agency residential mortgage-backed securities. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-27_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.78% | 1.87% | 2.10% |
| Class C (with CDSC)<sup>‡</sup> | 2.78% | 1.87% | 2.10% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 4.14% | 1.78% | 1.92% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $5494298796 |
| Total Number of Portfolio Holdings | 846 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $15373594 |

---

---

| | |
|:---|:---|
| <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. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class C \| GILFX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-27_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 30.5% |
| AA | 27.9% |
| A | 16.5% |
| BBB | 14.0% |
| BB | 4.2% |
| B | 0.9% |
| CCC | 0.4% |
| CC | 0.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.7% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 4.50% due 12/01/25 | 5.9% |
| Uniform MBS 15 Year, 4.50% due 11/01/25 | 5.6% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.1% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.6% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 4/15/29 | 1.1% |
| U.S. Treasury Notes, 4.00% due 12/15/27 | 0.9% |
| U.S. Treasury Notes, 4.13% due 01/31/27 | 0.9% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Uniform MBS 30 Year, 5.50% due 01/01/26 | 0.8% |
| Freddie Mac, 5.00% due 06/01/55 | 0.8% |
| Top 10 Total | 20.6% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GILFX-093025

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

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

### Guggenheim Limited Duration Fund

#### Class P \| GILPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $74 | 0.72% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 4.55%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 4.14% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing due to spread tightening and security selection within the fund's investment-grade corporate allocation, as well as an overweight position and spread tightening in Agency residential mortgage-backed securities. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-30_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 4.55% | 2.62% | 2.86% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 4.14% | 1.78% | 1.92% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $5494298796 |
| Total Number of Portfolio Holdings | 846 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $15373594 |

---

<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. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class P \| GILPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-30_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 30.5% |
| AA | 27.9% |
| A | 16.5% |
| BBB | 14.0% |
| BB | 4.2% |
| B | 0.9% |
| CCC | 0.4% |
| CC | 0.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.7% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 4.50% due 12/01/25 | 5.9% |
| Uniform MBS 15 Year, 4.50% due 11/01/25 | 5.6% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.1% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.6% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 4/15/29 | 1.1% |
| U.S. Treasury Notes, 4.00% due 12/15/27 | 0.9% |
| U.S. Treasury Notes, 4.13% due 01/31/27 | 0.9% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Uniform MBS 30 Year, 5.50% due 01/01/26 | 0.8% |
| Freddie Mac, 5.00% due 06/01/55 | 0.8% |
| Top 10 Total | 20.6% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GILPX-093025

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

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

### Guggenheim Limited Duration Fund

#### Institutional Class \| GILHX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $48 | 0.47% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 4.81%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 4.14% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing due to spread tightening and security selection within the fund's investment-grade corporate allocation, as well as an overweight position and spread tightening in Agency residential mortgage-backed securities. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-28_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 4.81% | 2.89% | 3.13% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 4.14% | 1.78% | 1.92% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $5494298796 |
| Total Number of Portfolio Holdings | 846 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $15373594 |

---

<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. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Institutional Class \| GILHX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-28_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 30.5% |
| AA | 27.9% |
| A | 16.5% |
| BBB | 14.0% |
| BB | 4.2% |
| B | 0.9% |
| CCC | 0.4% |
| CC | 0.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.7% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 4.50% due 12/01/25 | 5.9% |
| Uniform MBS 15 Year, 4.50% due 11/01/25 | 5.6% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.1% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.6% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 4/15/29 | 1.1% |
| U.S. Treasury Notes, 4.00% due 12/15/27 | 0.9% |
| U.S. Treasury Notes, 4.13% due 01/31/27 | 0.9% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Uniform MBS 30 Year, 5.50% due 01/01/26 | 0.8% |
| Freddie Mac, 5.00% due 06/01/55 | 0.8% |
| Top 10 Total | 20.6% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GILHX-093025

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

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

### Guggenheim Limited Duration Fund

#### Class R6 \| GIKRX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $43 | 0.42% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class R6 shares) returned 4.87%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index, which returned 4.14% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing due to spread tightening and security selection within the fund's investment-grade corporate allocation, as well as an overweight position and spread tightening in Agency residential mortgage-backed securities. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-29_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 4.87% | 2.91% | 3.38% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.70% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 4.14% | 1.78% | 2.29% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $5494298796 |
| Total Number of Portfolio Holdings | 846 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $15373594 |

---

<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. Aggregate Bond 1-3 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class R6 \| GIKRX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-29_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 30.5% |
| AA | 27.9% |
| A | 16.5% |
| BBB | 14.0% |
| BB | 4.2% |
| B | 0.9% |
| CCC | 0.4% |
| CC | 0.1% |
| NR<sup>3</sup> | 2.8% |
| Other Instruments | 2.7% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 4.50% due 12/01/25 | 5.9% |
| Uniform MBS 15 Year, 4.50% due 11/01/25 | 5.6% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.1% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.6% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 4/15/29 | 1.1% |
| U.S. Treasury Notes, 4.00% due 12/15/27 | 0.9% |
| U.S. Treasury Notes, 4.13% due 01/31/27 | 0.9% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Uniform MBS 30 Year, 5.50% due 01/01/26 | 0.8% |
| Freddie Mac, 5.00% due 06/01/55 | 0.8% |
| Top 10 Total | 20.6% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIKRX-093025

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

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

### Guggenheim Macro Opportunities Fund

#### Class A \| GIOAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $131 | 1.27% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 6.16%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade and high-yield allocations. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-32_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 6.16% | 4.06% | 4.03% |
| Class A (with sales charge)<sup>†</sup> | 1.90% | 3.21% | 3.61% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $8828775595 |
| Total Number of Portfolio Holdings | 1152 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $60836533 |

---

---

| | |
|:---|:---|
| <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 ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class A \| GIOAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-32_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 0.9% |
| AA | 10.3% |
| A | 15.0% |
| BBB | 13.8% |
| BB | 14.7% |
| B | 19.8% |
| CCC | 3.8% |
| CC | 0.4% |
| NR<sup>3</sup> | 5.0% |
| Other Instruments | 16.3% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.50% due 12/01/25 | 2.3% |
| Guggenheim Limited Duration Fund — Class R6 | 1.6% |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 1.6% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 1.0% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Fannie Mae, 5.50% | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| iShares Silver Trust | 0.6% |
| Freddie Mac, 5.50% due 02/01/53 | 0.5% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 0.5% |
| Top 10 Total | 10.3% |

---

\* Less than 0.1%.

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

<sup>2</sup> 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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIOAX-093025

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

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

### Guggenheim Macro Opportunities Fund

#### Class C \| GIOCX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $207 | 2.02% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 5.39%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade and high-yield allocations. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-33_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 5.39% | 3.30% | 3.26% |
| Class C (with CDSC)<sup>‡</sup> | 4.39% | 3.30% | 3.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $8828775595 |
| Total Number of Portfolio Holdings | 1152 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $60836533 |

---

---

| | |
|:---|:---|
| <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 ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class C \| GIOCX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-33_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 0.9% |
| AA | 10.3% |
| A | 15.0% |
| BBB | 13.8% |
| BB | 14.7% |
| B | 19.8% |
| CCC | 3.8% |
| CC | 0.4% |
| NR<sup>3</sup> | 5.0% |
| Other Instruments | 16.3% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.50% due 12/01/25 | 2.3% |
| Guggenheim Limited Duration Fund — Class R6 | 1.6% |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 1.6% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 1.0% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Fannie Mae, 5.50% | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| iShares Silver Trust | 0.6% |
| Freddie Mac, 5.50% due 02/01/53 | 0.5% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 0.5% |
| Top 10 Total | 10.3% |

---

\* Less than 0.1%.

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

<sup>2</sup> 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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIOCX-093025

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

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

### Guggenheim Macro Opportunities Fund

#### Class P \| GIOPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $137 | 1.33% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 6.12%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade and high-yield allocations. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-36_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 6.12% | 4.04% | 4.03% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $8828775595 |
| Total Number of Portfolio Holdings | 1152 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $60836533 |

---

<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 ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class P \| GIOPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-36_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 0.9% |
| AA | 10.3% |
| A | 15.0% |
| BBB | 13.8% |
| BB | 14.7% |
| B | 19.8% |
| CCC | 3.8% |
| CC | 0.4% |
| NR<sup>3</sup> | 5.0% |
| Other Instruments | 16.3% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.50% due 12/01/25 | 2.3% |
| Guggenheim Limited Duration Fund — Class R6 | 1.6% |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 1.6% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 1.0% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Fannie Mae, 5.50% | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| iShares Silver Trust | 0.6% |
| Freddie Mac, 5.50% due 02/01/53 | 0.5% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 0.5% |
| Top 10 Total | 10.3% |

---

\* Less than 0.1%.

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

<sup>2</sup> 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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIOPX-093025

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

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

### Guggenheim Macro Opportunities Fund

#### Institutional Class \| GIOIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $95 | 0.92% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 6.50%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade and high-yield allocations. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-34_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 6.50% | 4.45% | 4.43% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.09% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $8828775595 |
| Total Number of Portfolio Holdings | 1152 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $60836533 |

---

<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 ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Institutional Class \| GIOIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-34_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 0.9% |
| AA | 10.3% |
| A | 15.0% |
| BBB | 13.8% |
| BB | 14.7% |
| B | 19.8% |
| CCC | 3.8% |
| CC | 0.4% |
| NR<sup>3</sup> | 5.0% |
| Other Instruments | 16.3% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.50% due 12/01/25 | 2.3% |
| Guggenheim Limited Duration Fund — Class R6 | 1.6% |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 1.6% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 1.0% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Fannie Mae, 5.50% | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| iShares Silver Trust | 0.6% |
| Freddie Mac, 5.50% due 02/01/53 | 0.5% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 0.5% |
| Top 10 Total | 10.3% |

---

\* Less than 0.1%.

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

<sup>2</sup> 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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIOIX-093025

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

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

### Guggenheim Macro Opportunities Fund

#### Class R6 \| GIOSX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $95 | 0.92% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class R6 shares) returned 6.54%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.41% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade and high-yield allocations. Duration detracted from performance as intermediate tenor rates rose over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-35_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 6.54% | 4.46% | 4.49% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.70% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.41% | 2.99% | 2.66% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $8828775595 |
| Total Number of Portfolio Holdings | 1152 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $60836533 |

---

<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 ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class R6 \| GIOSX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-35_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 0.9% |
| AA | 10.3% |
| A | 15.0% |
| BBB | 13.8% |
| BB | 14.7% |
| B | 19.8% |
| CCC | 3.8% |
| CC | 0.4% |
| NR<sup>3</sup> | 5.0% |
| Other Instruments | 16.3% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.50% due 12/01/25 | 2.3% |
| Guggenheim Limited Duration Fund — Class R6 | 1.6% |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 1.6% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 1.0% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 0.9% |
| Fannie Mae, 5.50% | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| iShares Silver Trust | 0.6% |
| Freddie Mac, 5.50% due 02/01/53 | 0.5% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 0.5% |
| Top 10 Total | 10.3% |

---

\* Less than 0.1%.

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

<sup>2</sup> 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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIOSX-093025

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

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

### Guggenheim Municipal Income Fund

#### Class A \| GIJAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $80 | 0.79% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 2.04%, outperforming the fund's broad-based securities market index, the Bloomberg Municipal Bond Index, which returned 1.39% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -1.34% for the same period.

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

The fund's performance was driven by duration positioning and spread compression. Spreads generally tightened during the year, as elevated all-in yields drove steady demand despite supply growth and concerns over potential changes to municipal bonds' tax exemption. School districts and general purpose bonds were the top two detractors to total return during the year; power and sales tax bonds were the top two contributors.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-38_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 2.04% | -0.08% | 1.64% |
| Class A (with sales charge)<sup>†</sup> | -2.03% | -0.90% | 1.15% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg Municipal Long Bond Index | -1.34% | -0.04% | 2.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $35915316 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $0 |

---

The fund incurred $147,077 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

---

| | |
|:---|:---|
| <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 Municipal Bond Index and the Bloomberg Municipal Long Bond Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Class A \| GIJAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-38_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 17.2% |
| AA | 59.6% |
| A | 14.2% |
| BBB | 3.0% |
| BB | 2.2% |
| NR<sup>3</sup> | 1.0% |
| Other Instruments | 2.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| State of Georgia General Obligation Unlimited, 5.00% | 3.2% |
| Snohomish County Public Utility District No. 1 Electric System Revenue Revenue Bonds, 5.25% | 3.0% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 2.9% |
| Nebraska Investment Finance Authority Revenue Bonds, 4.95% | 2.9% |
| Michigan Technological University Revenue Bonds, 5.25% | 2.9% |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25% | 2.8% |
| Westchester County Local Development Corp. Revenue Bonds, 5.75% | 2.2% |
| Pennsylvania Housing Finance Agency Revenue Bonds, 4.95% | 2.1% |
| Newport Mesa Unified School District General Obligation Unlimited | 2.0% |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited | 1.8% |
| Top 10 Total | 25.8% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-GIJAX-093025

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

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

### Guggenheim Municipal Income Fund

#### Class C \| GIJCX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $154 | 1.53% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 1.27%, underperforming the fund's broad-based securities market index, the Bloomberg Municipal Bond Index, which returned 1.39% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -1.34% for the same period.

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

The fund's performance was driven by duration positioning and spread compression. Spreads generally tightened during the year, as elevated all-in yields drove steady demand despite supply growth and concerns over potential changes to municipal bonds' tax exemption. School districts and general purpose bonds were the top two detractors to total return during the year; power and sales tax bonds were the top two contributors.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-39_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 1.27% | -0.82% | 0.89% |
| Class C (with CDSC)<sup>‡</sup> | 0.28% | -0.82% | 0.89% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg Municipal Long Bond Index | -1.34% | -0.04% | 2.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $35915316 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $0 |

---

The fund incurred $147,077 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Class C \| GIJCX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-39_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 17.2% |
| AA | 59.6% |
| A | 14.2% |
| BBB | 3.0% |
| BB | 2.2% |
| NR<sup>3</sup> | 1.0% |
| Other Instruments | 2.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| State of Georgia General Obligation Unlimited, 5.00% | 3.2% |
| Snohomish County Public Utility District No. 1 Electric System Revenue Revenue Bonds, 5.25% | 3.0% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 2.9% |
| Nebraska Investment Finance Authority Revenue Bonds, 4.95% | 2.9% |
| Michigan Technological University Revenue Bonds, 5.25% | 2.9% |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25% | 2.8% |
| Westchester County Local Development Corp. Revenue Bonds, 5.75% | 2.2% |
| Pennsylvania Housing Finance Agency Revenue Bonds, 4.95% | 2.1% |
| Newport Mesa Unified School District General Obligation Unlimited | 2.0% |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited | 1.8% |
| Top 10 Total | 25.8% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-GIJCX-093025

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

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

### Guggenheim Municipal Income Fund

#### Class P \| GIJPX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $79 | 0.78% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 2.03%, outperforming the fund's broad-based securities market index, the Bloomberg Municipal Bond Index, which returned 1.39% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -1.34% for the same period.

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

The fund's performance was driven by duration positioning and spread compression. Spreads generally tightened during the year, as elevated all-in yields drove steady demand despite supply growth and concerns over potential changes to municipal bonds' tax exemption. School districts and general purpose bonds were the top two detractors to total return during the year; power and sales tax bonds were the top two contributors.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-42_ar141.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 2.03% | -0.07% | 1.64% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg Municipal Long Bond Index | -1.34% | -0.04% | 2.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $35915316 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $0 |

---

The fund incurred $147,077 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

<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 Municipal Bond Index and the Bloomberg Municipal Long Bond Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Class P \| GIJPX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-42_ar142.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 17.2% |
| AA | 59.6% |
| A | 14.2% |
| BBB | 3.0% |
| BB | 2.2% |
| NR<sup>3</sup> | 1.0% |
| Other Instruments | 2.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| State of Georgia General Obligation Unlimited, 5.00% | 3.2% |
| Snohomish County Public Utility District No. 1 Electric System Revenue Revenue Bonds, 5.25% | 3.0% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 2.9% |
| Nebraska Investment Finance Authority Revenue Bonds, 4.95% | 2.9% |
| Michigan Technological University Revenue Bonds, 5.25% | 2.9% |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25% | 2.8% |
| Westchester County Local Development Corp. Revenue Bonds, 5.75% | 2.2% |
| Pennsylvania Housing Finance Agency Revenue Bonds, 4.95% | 2.1% |
| Newport Mesa Unified School District General Obligation Unlimited | 2.0% |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited | 1.8% |
| Top 10 Total | 25.8% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-GIJPX-093025

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

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

### Guggenheim Municipal Income Fund

#### Institutional Class \| GIJIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $54 | 0.53% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 2.31%, outperforming the fund's broad-based securities market index, the Bloomberg Municipal Bond Index, which returned 1.39% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -1.34% for the same period.

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

The fund's performance was driven by duration positioning and spread compression. Spreads generally tightened during the year, as elevated all-in yields drove steady demand despite supply growth and concerns over potential changes to municipal bonds' tax exemption. School districts and general purpose bonds were the top two detractors to total return during the year; power and sales tax bonds were the top two contributors.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-40_ar151.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 2.31% | 0.19% | 1.90% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Bloomberg Municipal Long Bond Index | -1.34% | -0.04% | 2.45% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $35915316 |
| Total Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $0 |

---

The fund incurred $147,077 of advisory fees which were fully waived/reimbursed by the Adviser to ensure each Share Class of the fund operated at its applicable operating expense cap.

<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 Municipal Bond Index and the Bloomberg Municipal Long Bond Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Institutional Class \| GIJIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-40_ar152.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 17.2% |
| AA | 59.6% |
| A | 14.2% |
| BBB | 3.0% |
| BB | 2.2% |
| NR<sup>3</sup> | 1.0% |
| Other Instruments | 2.8% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| State of Georgia General Obligation Unlimited, 5.00% | 3.2% |
| Snohomish County Public Utility District No. 1 Electric System Revenue Revenue Bonds, 5.25% | 3.0% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 2.9% |
| Nebraska Investment Finance Authority Revenue Bonds, 4.95% | 2.9% |
| Michigan Technological University Revenue Bonds, 5.25% | 2.9% |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, 2.25% | 2.8% |
| Westchester County Local Development Corp. Revenue Bonds, 5.75% | 2.2% |
| Pennsylvania Housing Finance Agency Revenue Bonds, 4.95% | 2.1% |
| Newport Mesa Unified School District General Obligation Unlimited | 2.0% |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited | 1.8% |
| Top 10 Total | 25.8% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

Effective November 29, 2024, Guggenheim Partners Investment Management, LLC replaced Securities Investors, LLC as the fund's Investment Adviser in connection with an internal realignment of Guggenheim Investments' lines of business.

---

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

---

AR-GIJIX-093025

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

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

### Guggenheim Total Return Bond Fund

#### Class A \| GIBAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $79 | 0.77% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 3.98%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade, high-yield and asset-backed securities allocations. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-44_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 3.98% | 0.31% | 2.91% |
| Class A (with sales charge)<sup>†</sup> | -0.16% | -0.51% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $29575595186 |
| Total Number of Portfolio Holdings | 1937 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $81294252 |

---

---

| | |
|:---|:---|
| <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> | Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class A \| GIBAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-44_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.3% |
| AA | 36.5% |
| A | 15.6% |
| BBB | 13.9% |
| BB | 4.4% |
| B | 2.2% |
| CCC | 1.0% |
| CC | 0.1% |
| C | 0.1% |
| NR<sup>3</sup> | 2.4% |
| Other Instruments | 5.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 6.6% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.8% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/35 | 1.6% |
| U.S. Treasury Bonds due 05/15/51 | 1.6% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 1.0% |
| Top 10 Total | 22.2% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class A shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.77% for the year ended September 30, 2025, a decrease of 0.07% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

---

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

---

AR-GIBAX-093025

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

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

### Guggenheim Total Return Bond Fund

#### Class C \| GIBCX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $154 | 1.52% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class C shares) returned 3.17%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade, high-yield and asset-backed securities allocations. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-45_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 3.17% | -0.44% | 2.14% |
| Class C (with CDSC)<sup>‡</sup> | 2.18% | -0.44% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $29575595186 |
| Total Number of Portfolio Holdings | 1937 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $81294252 |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class C \| GIBCX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-45_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.3% |
| AA | 36.5% |
| A | 15.6% |
| BBB | 13.9% |
| BB | 4.4% |
| B | 2.2% |
| CCC | 1.0% |
| CC | 0.1% |
| C | 0.1% |
| NR<sup>3</sup> | 2.4% |
| Other Instruments | 5.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 6.6% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.8% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/35 | 1.6% |
| U.S. Treasury Bonds due 05/15/51 | 1.6% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 1.0% |
| Top 10 Total | 22.2% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class C shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 1.52% for the year ended September 30, 2025, a decrease of 0.08% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

---

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

---

AR-GIBCX-093025

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

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

### Guggenheim Total Return Bond Fund

#### Class P \| GIBLX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $79 | 0.77% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class P shares) returned 3.95%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade, high-yield and asset-backed securities allocations. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-48_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class P | 3.95% | 0.31% | 2.92% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $29575595186 |
| Total Number of Portfolio Holdings | 1937 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $81294252 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class P \| GIBLX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-48_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.3% |
| AA | 36.5% |
| A | 15.6% |
| BBB | 13.9% |
| BB | 4.4% |
| B | 2.2% |
| CCC | 1.0% |
| CC | 0.1% |
| C | 0.1% |
| NR<sup>3</sup> | 2.4% |
| Other Instruments | 5.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 6.6% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.8% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/35 | 1.6% |
| U.S. Treasury Bonds due 05/15/51 | 1.6% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 1.0% |
| Top 10 Total | 22.2% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class P shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.77% for the year ended September 30, 2025, a decrease of 0.08% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

---

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

---

AR-GIBLX-093025

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

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

### Guggenheim Total Return Bond Fund

#### Institutional Class \| GIBIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $49 | 0.48% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 4.24%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade, high-yield and asset-backed securities allocations. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-46_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 4.24% | 0.59% | 3.22% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $29575595186 |
| Total Number of Portfolio Holdings | 1937 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $81294252 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Institutional Class \| GIBIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-46_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.3% |
| AA | 36.5% |
| A | 15.6% |
| BBB | 13.9% |
| BB | 4.4% |
| B | 2.2% |
| CCC | 1.0% |
| CC | 0.1% |
| C | 0.1% |
| NR<sup>3</sup> | 2.4% |
| Other Instruments | 5.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 6.6% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.8% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/35 | 1.6% |
| U.S. Treasury Bonds due 05/15/51 | 1.6% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 1.0% |
| Top 10 Total | 22.2% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Institutional Class shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.48% for the year ended September 30, 2025, a decrease of 0.06% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

---

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

---

AR-GIBIX-093025

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

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

### Guggenheim Total Return Bond Fund

#### Class R6 \| GIBRX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $43 | 0.42% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class R6 shares) returned 4.33%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period.

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

Positive performance was driven by carry (or earned income), with credit positioning also contributing to overall performance due to a combination of spread tightening and security selection within the fund's investment-grade, high-yield and asset-backed securities allocations. Duration detracted from performance as intermediate-to-long end rates rose over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-47_ar121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (10.19.16)**  |
| Class R6 | 4.33% | 0.62% | 2.84% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.53% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $29575595186 |
| Total Number of Portfolio Holdings | 1937 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $81294252 |

---

<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.

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class R6 \| GIBRX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-47_ar122.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 18.3% |
| AA | 36.5% |
| A | 15.6% |
| BBB | 13.9% |
| BB | 4.4% |
| B | 2.2% |
| CCC | 1.0% |
| CC | 0.1% |
| C | 0.1% |
| NR<sup>3</sup> | 2.4% |
| Other Instruments | 5.5% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 3.00% due 12/01/25 | 6.6% |
| Uniform MBS 30 Year, 2.50% due 12/01/25 | 2.8% |
| Uniform MBS 30 Year, 5.00% due 01/01/26 | 2.3% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 01/15/35 | 2.1% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.6% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/35 | 1.6% |
| U.S. Treasury Bonds due 05/15/51 | 1.6% |
| Uniform MBS 30 Year, 6.00% due 01/01/26 | 1.5% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Uniform MBS 30 Year, 6.00% due 12/01/25 | 1.0% |
| Top 10 Total | 22.2% |

---

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

This is a summary of certain changes to the fund since September 30, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by January 31, 2026 at GuggenheimInvestments.com/mutual-funds/literature or, by calling 800 820 0888.

The fund's (Class R6 shares) net expense ratio, which reflects expense waivers and reimbursements and includes certain expenses that are outside of the contractual expense limit, was 0.42% for the year ended September 30, 2025, a decrease of 0.07% compared to the prior year. The primary driver of the decrease was a decrease in interest expense as the fund utilized fewer reverse repurchase agreements during the reporting period.

---

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

---

AR-GIBRX-093025

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

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

### Guggenheim Ultra Short Duration Fund

#### Class A \| GIYAX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $60 | 0.59% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Class A shares) returned 4.88%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 4.47% for the same period.

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

Positive performance was driven by carry (or earned income). Spreads were mixed but contributed modestly to performance due to tightening within the fund's investment-grade, Agency residential mortgage-backed securities ("RMBS"), and non-Agency RMBS allocations. Duration detracted from performance over the reporting period.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095396-51_ar111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (11.30.18)**  |
| Class A | 4.88% | 3.42% | 3.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 2.14% |
| Bloomberg 1-3 Month U.S. Treasury Bill Index | 4.47% | 3.04% | 2.65% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $561513428 |
| Total Number of Portfolio Holdings | 309 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $902862 |

---

<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 1-3 Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund \| Class A \| GIYAX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-51_ar112.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 27.4% |
| AA | 24.0% |
| A | 14.8% |
| BBB | 11.2% |
| BB | 2.6% |
| B | 0.6% |
| NR<sup>3</sup> | 3.2% |
| Other Instruments | 16.2% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Israel Government International Bond, 0.50% | 4.8% |
| Government of Japan, 0.42% due 12/08/25 | 4.8% |
| SPDR S&P 500 ETF Trust | 4.7% |
| iShares Core S&P 500 ETF | 4.5% |
| Freddie Mac, 5.00% | 2.2% |
| BCC Middle Market CLO 2019-1 LLC, 5.72% | 1.9% |
| BX Commercial Mortgage Trust, 5.92% | 1.8% |
| Oak Street Investment Grade Net Lease Fund Series, 1.85% | 1.0% |
| Cerberus Loan Funding 51 LLC, 5.64% | 1.0% |
| Eldridge CLO Ltd. | 1.0% |
| Top 10 Total | 27.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIYAX-093025

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

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

### Guggenheim Ultra Short Duration Fund

#### Institutional Class \| GIYIX
Annual Shareholder Report \| 9.30.25

This annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $34 | 0.33% |

---

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

**How did the fund perform over the last year?\***

For the period of October 1, 2024 to September 30, 2025, the fund (Institutional Class shares) returned 5.21%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 4.47% for the same period.

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

Positive performance was driven by carry (or earned income). Spreads were mixed but contributed modestly to performance due to tightening within the fund's investment-grade, Agency residential mortgage-backed securities ("RMBS"), and non-Agency RMBS allocations. Duration detracted from performance over the reporting period.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0095396-52_ar151.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 5.21% | 3.70% | 2.94% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |
| Bloomberg 1-3 Month U.S. Treasury Bill Index | 4.47% | 3.04% | 2.08% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $561513428 |
| Total Number of Portfolio Holdings | 309 |
| Portfolio Turnover Rate | 54% |
| Total Advisory Fees Paid | $902862 |

---

<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 1-3 Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. Prior to November 30, 2018, performance for Institutional Class shares reflects the performance of the Guggenheim Strategy Fund I, which did not charge a management fee and was not publicly offered as a separate investment product.

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

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund \| Institutional Class \| GIYIX | Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095396-52_ar152.jpg)

**Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| AAA | 27.4% |
| AA | 24.0% |
| A | 14.8% |
| BBB | 11.2% |
| BB | 2.6% |
| B | 0.6% |
| NR<sup>3</sup> | 3.2% |
| Other Instruments | 16.2% |

---

**10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Israel Government International Bond, 0.50% | 4.8% |
| Government of Japan, 0.42% due 12/08/25 | 4.8% |
| SPDR S&P 500 ETF Trust | 4.7% |
| iShares Core S&P 500 ETF | 4.5% |
| Freddie Mac, 5.00% | 2.2% |
| BCC Middle Market CLO 2019-1 LLC, 5.72% | 1.9% |
| BX Commercial Mortgage Trust, 5.92% | 1.8% |
| Oak Street Investment Grade Net Lease Fund Series, 1.85% | 1.0% |
| Cerberus Loan Funding 51 LLC, 5.64% | 1.0% |
| Eldridge CLO Ltd. | 1.0% |
| Top 10 Total | 27.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments.

<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.

**What changes in or disagreements with accountants occurred?**

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

**How has the fund changed over the reporting period?**

There were no material changes for the period.

---

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

---

AR-GIYIX-093025

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

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

**Item 2.** **Code of Ethics.**

The registrant's Board of Trustees has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

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

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the "Audit Committee"), Sandra G. Sponem. Ms. Sponem is "independent," meaning that she is not an "interested person" of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees:</u> the aggregate Audit Fees billed by the registrant's principal accountant for professional services rendered
for the audit of the annual financial statements, or services that are normally provided by the accountant in connection with statutory
and regulatory filings or engagements were $613,754 and $706,919 for the fiscal years ended September 30, 2025 and September 30, 2024,
respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees:</u> the aggregate Audit-Related Fees billed by the registrant's principal accountant for assurance and
related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item 4 were $0 and $14,906 for the fiscal years ended September 30, 2025 and September 30, 2024,
respectively. The reported amount relating to the fiscal year ended September 30, 2024 comprised Audit-Related Fees for consents required by the Trust pursuant to a Plan of Reorganization for certain of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees:</u> the aggregate Tax Fees billed by the registrant's principal accountant for professional services rendered for
tax compliance, tax advice and tax planning including preparation of tax returns and distribution assistance were $141,776 and $226,776
for the fiscal years ended September 30, 2025 and September 30, 2024, respectively. These services consisted of (i) preparation of U.S.
federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory
or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments
held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees:</u> the aggregate All Other Fees billed by the registrant's principal accountant for products and services
provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 and $0 for
the fiscal years ended September 30, 2025 and September 30, 2024, respectively.

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

(1) The registrant's pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant's independent auditors to provide any services, other than "prohibited non-audit services," to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant's independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant's investment adviser (or any "control affiliate" of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X).

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees.</u> The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the
preceding fiscal year for services rendered to the registrant, the investment adviser and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the registrant were $141,776 and $241,682, respectively. These aggregate
fees were less than the aggregate fees billed for the same periods by the registrant's principal accountant for audit services rendered
to the registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides
ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Auditor Independence.</u> The registrant's Audit Committee was provided with information relating to the provision of non-audit
services by Ernst & Young, LLP to the registrant's investment adviser (not including any sub adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by,
or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the
Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst &
Young, LLP's independence.

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

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

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

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

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

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

![](fp0095396-55_i.jpg)<br>

**9.30.2025** 

**Guggenheim Funds Annual Financial Report**

---

| |
|:---|
| &nbsp;&nbsp;**Guggenheim Funds Trust** |
| &nbsp;&nbsp;**Guggenheim Active INvestment Series (GAINS) – Core Plus Fund** |
| &nbsp;&nbsp;**Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund** |
| &nbsp;&nbsp;**Guggenheim Core Bond Fund** |
| &nbsp;&nbsp;**Guggenheim Floating Rate Strategies Fund** |
| &nbsp;&nbsp;**Guggenheim High Yield Fund** |
| &nbsp;&nbsp;**Guggenheim Limited Duration Fund** |
| &nbsp;&nbsp;**Guggenheim Macro Opportunities Fund** |
| &nbsp;&nbsp;**Guggenheim Municipal Income Fund** |
| &nbsp;&nbsp;**Guggenheim Total Return Bond Fund** |
| &nbsp;&nbsp;**Guggenheim Ultra Short Duration Fund** |

---

**GuggenheimInvestments.com**<br>

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
| ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (ANNUAL FINANCIAL REPORT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;CORE BOND FUND  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;FLOATING RATE STRATEGIES FUND  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD FUND  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIMITED DURATION FUND  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACRO OPPORTUNITIES FUND  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;MUNICIPAL INCOME FUND  | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN BOND FUND  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;ULTRA SHORT DURATION FUND  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 308 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 310 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 311 |
| ITEM 10: REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 312 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 313 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** |
| **Financial - 0.9%** | **Financial - 0.9%** | **Financial - 0.9%** |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;6.88%<sup>††</sup> | 400000 | $412223 |
| &nbsp;&nbsp;&nbsp;6.75%<sup>††</sup> | 100000 | 101527 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;6.45%<sup>††</sup> | 50000 | 51588 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38% | 1000 | 25110 |
| **Total Financial** |  | 590448 |
| **Energy - 0.1%** | **Energy - 0.1%** | **Energy - 0.1%** |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;9.00%<sup>1,††</sup> | 70000 | 69375 |
| **Utilities - 0.0%** | **Utilities - 0.0%** | **Utilities - 0.0%** |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/85 | 225 | 5794 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $646,213) |  | 665617 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>2</sup> | 699228 | 699228 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 29596 | 29596 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $728,824) |  | 728824 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 44.3%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 44.3%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 44.3%** |
| **Collateralized Loan Obligations - 25.1%** |  |  |
| JCP Direct Lending CLO 2023-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A AJR, 6.11% (3 Month Term SOFR + 1.78%, Rate Floor: 1.78%) due 07/20/37<sup>◊,1</sup> | 1000000 | 1003708 |
| &nbsp;&nbsp;&nbsp;2025-1A BR, 6.28% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/20/37<sup>◊,1</sup> | 1000000 | 1002483 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-32RA B, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/39<sup>◊,1</sup> | 1500000 | 1504096 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A A1R2, 5.84% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 07/20/38<sup>◊,1</sup> | 1500000 | 1502252 |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-10A AR, 5.65% (3 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 04/20/37<sup>◊,1</sup> | 1300000 | 1303615 |

---

---

| | | |
|:---|:---|:---|
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 A, 5.52% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 08/19/42<sup>◊,1</sup> | 300000.0 | 300227.0 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 5.98% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,1</sup> | 250000.0 | 246965.0 |
| &nbsp;&nbsp;&nbsp;2024-FL9 B, 6.43% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39<sup>◊,1</sup> | 100000.0 | 100220.0 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 B, 6.03% (1 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 03/19/43<sup>◊,1</sup> | 300000.0 | 300255.0 |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.71% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,1</sup> | 200000.0 | 199171.0 |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.12% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,1</sup> | 100000.0 | 100027.0 |
| Ares Direct Lending CLO 6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A B, due 10/16/37<sup>◊,1</sup> | 550000.0 | 550000.0 |
| Hlend CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,1</sup> | 300000.0 | 298990.0 |
| &nbsp;&nbsp;&nbsp;2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37<sup>◊,1</sup> | 250000.0 | 249085.0 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.00% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,1</sup> | 500000.0 | 503167.0 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38<sup>◊,1</sup> | 500000.0 | 501505.0 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A1R, 5.80% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 08/05/37<sup>◊,1</sup> | 500000.0 | 499992.0 |
| Golub Capital Partners CLO 54M L.P |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A2R, 5.80% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 08/05/37<sup>◊,1</sup> | 500000.0 | 499991.0 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.70% (1 Month Term SOFR + 1.56%, Rate Floor: 1.45%) due 04/18/38<sup>◊,1</sup> | 400000.0 | 399799.0 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-12 AS, 5.88% (1 Month Term SOFR + 1.74%, Rate Floor: 1.74%) due 12/18/42<sup>◊,1</sup> | 400000.0 | 399391.0 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** |
| OWL Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,1</sup> | 300000 | $300418 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 B, due 01/17/43<sup>◊,1</sup> | 100000 | 99708 |
| &nbsp;&nbsp;&nbsp;2025-FL12 AS, due 01/17/43<sup>◊,1</sup> | 100000 | 99705 |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.44% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,1</sup> | 100000 | 99565 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A1T, 5.91% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37<sup>◊,1</sup> | 250000 | 251731 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.05% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37<sup>◊,1</sup> | 250000 | 251621 |
| Sound Point CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1RA C, 6.30% (3 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 02/20/38<sup>◊,1</sup> | 250000 | 251311 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37<sup>◊,1</sup> | 250000 | 251058 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 5.93% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37<sup>◊,1</sup> | 250000 | 250903 |
| Neuberger Berman Loan Advisers Clo 58 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A B, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/18/38<sup>◊,1</sup> | 250000 | 250707 |
| Fortress Credit BSL XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35<sup>◊,1</sup> | 250000 | 250402 |
| Greystone CRE Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL4 AS, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 01/15/43<sup>◊,1</sup> | 250000 | 250080 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,1</sup> | 250000 | 249625 |
| Elmwood CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38<sup>◊,1</sup> | 250000 | 249575 |
| HPS Private Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A B, 6.31% (3 Month Term SOFR + 2.05%, Rate Floor: 2.05%) due 07/20/37<sup>◊,1</sup> | 250000 | 249264 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,1</sup> | 250000 | 249162 |
| OWL Rock Clo XXI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34<sup>◊,1</sup> | 250000 | 249152 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,1</sup> | 250000 | 248750 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,1</sup> | 100000 | 100657 |
| &nbsp;&nbsp;&nbsp;2024-4A C, 6.62% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36<sup>◊,1</sup> | 100000 | 100300 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.53% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,1</sup> | 150000 | 150093 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.08% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,1</sup> | 150000 | 148379 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39<sup>◊,1</sup> | 150000 | 147558 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A1RR, 6.53% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36<sup>◊,1</sup> | 100000 | 101517 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A A, 6.55% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35<sup>◊,1</sup> | 100000 | 101210 |
| Barings CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,1</sup> | 100000 | 100226 |
| BCRED MML CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A1, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35<sup>◊,1</sup> | 100000 | 100196 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,1</sup> | 100000 | 99835 |
| Owl Rock CLO XIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-19A B, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37<sup>◊,1</sup> | 100000 | 99695 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36<sup>◊,1</sup> | 100000 | $99675 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 5.98% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,1</sup> | 100000 | 99360 |
| **Total Collateralized Loan Obligations** |  | 17016377 |
| **Transport-Aircraft - 5.4%** |  |  |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>1</sup> | 936739 | 943866 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.81% due 05/15/50<sup>1</sup> | 244982 | 251252 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.52% due 06/15/46<sup>1</sup> | 831844 | 795565 |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>1</sup> | 239205 | 244383 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>1</sup> | 232499 | 237083 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>1</sup> | 322917 | 323144 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>1</sup> | 243836 | 248824 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>1</sup> | 240491 | 246126 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>1</sup> | 238555 | 242232 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>1</sup> | 167847 | 158568 |
| **Total Transport-Aircraft** |  | 3691043 |
| **Single Family Residence - 2.6%** |  |  |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>1</sup> | 1500000 | 1494236 |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.50% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42<sup>◊,1</sup> | 100000 | 100142 |
| &nbsp;&nbsp;&nbsp;2024-SFR4, 4.65% due 11/17/41<sup>1</sup> | 100000 | 99094 |
| Invitation Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>1</sup> | 100000 | 97017 |
| **Total Single Family Residence** |  | 1790489 |
| **Infrastructure - 2.6%** |  |  |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>1</sup> | 400000 | 398333 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>1</sup> | 350000 | 357472 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>1</sup> | 300000 | 301520 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>1</sup> | 200000 | 202283 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>1</sup> | 200000 | 198143 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>1</sup> | 150000 | 153361 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>1</sup> | 100000 | 100215 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>1</sup> | 50000 | 50323 |
| **Total Infrastructure** |  | 1761650 |
| **Whole Business - 1.9%** |  |  |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>1</sup> | 394000 | 407103 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.05% due 08/25/55<sup>1</sup> | 150000 | 150356 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.82% due 08/25/55<sup>1</sup> | 150000 | 150313 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.49% due 11/20/51<sup>1</sup> | 221375 | 208637 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>1</sup> | 100000 | 103486 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>1</sup> | 99250 | 103233 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>1</sup> | 95000 | 91738 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>1</sup> | 49625 | 49429 |
| **Total Whole Business** |  | 1264295 |
| **Unsecured Consumer Loans - 1.7%** |  |  |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.07% due 06/25/60<sup>1</sup> | 350000 | 353132 |
| &nbsp;&nbsp;&nbsp;2024-2, 5.26% due 10/27/59<sup>1</sup> | 100000 | 100982 |
| UPX HIL Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.16% due 01/25/47<sup>1</sup> | 240411 | 241436 |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>1</sup> | 192527 | 193189 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.55% due 04/15/50<sup>1</sup> | 100000 | 101065 |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>1</sup> | 90476 | 90660 |
| Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>1</sup> | 74411 | 75363 |
| **Total Unsecured Consumer Loans** |  | 1155827 |
| **Automotive - 1.4%** |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.51% due 08/20/31<sup>1</sup> | 900000 | 926339 |
| **Financial - 1.4%** |  |  |
| Obsidian Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 6.93% due 05/15/55<sup>†††,1</sup> | 250000 | 250000 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55<sup>†††</sup> | 250000 | 246264 |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 200000 | 200000 |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,1</sup> | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,1</sup> | 50000 | 50000 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** | **Value** |
| Ceamer Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 96522 | $| 99188 |
| **Total Financial** |  |  | 920452 |
| **Net Lease - 0.9%** |  |  |  |
| STORE Master Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.17% due 10/20/55<sup>1</sup> | 350000 |  | 350464 |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>1</sup> | 99292 |  | 101628 |
| Tenet Equity Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>1</sup> | 99778 |  | 100568 |
| Capital Automotive REIT |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>1</sup> | 98750 |  | 94905 |
| **Total Net Lease** |  |  | 647565 |
| **Insurance - 0.6%** |  |  |  |
| Dogwood State Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 399990 |  | 402282 |
| **Collateralized Debt Obligations - 0.3%** | **Collateralized Debt Obligations - 0.3%** | **Collateralized Debt Obligations - 0.3%** | **Collateralized Debt Obligations - 0.3%** |
| Anchorage Credit Funding 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>1</sup> | 250000 |  | 239548 |
| **Transport-Container - 0.3%** |  |  |  |
| CLI Funding IX LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.35% due 06/20/50<sup>1</sup> | 194917 |  | 197589 |
| **Asset-Backed Securities - 0.1%** |  |  |  |
| SSI Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.15% due 07/25/65<sup>1</sup> | 98552 |  | 99703 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,948,092) | &nbsp;&nbsp;&nbsp;(Cost $29,948,092) |  | 30113159 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 43.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 43.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 43.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 43.6%** |
| **Residential Mortgage-Backed Securities - 24.2%** | **Residential Mortgage-Backed Securities - 24.2%** | **Residential Mortgage-Backed Securities - 24.2%** | **Residential Mortgage-Backed Securities - 24.2%** |
| PRPM LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.73% due 07/25/30<sup>1,4</sup> | 984541 |  | 985465 |
| &nbsp;&nbsp;&nbsp;2025-RCF3, 5.25% due 07/25/55<sup>1,4</sup> | 772554 |  | 775467 |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>1,4</sup> | 348760 |  | 349266 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>1,4</sup> | 190493 |  | 190691 |
| &nbsp;&nbsp;&nbsp;2025-RPL3, 3.25% due 04/25/55<sup>1,4</sup> | 200000 |  | 188557 |
| &nbsp;&nbsp;&nbsp;2025-2, 6.47% due 05/25/30<sup>1,4</sup> | 186362 |  | 187039 |
| &nbsp;&nbsp;&nbsp;2024-5, 5.69% due 09/25/29<sup>1,4</sup> | 125219 |  | 125244 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>1,4</sup> | 90077 |  | 90126 |
| RCKT Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES5, 5.69% due 05/25/55<sup>1,4</sup> | 1425332 |  | 1444875 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>1,4</sup> | 259625 |  | 262659 |
| &nbsp;&nbsp;&nbsp;2025-CES6, 5.47% due 06/25/55<sup>1,4</sup> | 239496 |  | 241894 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,1</sup> | 359334 |  | 368541 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,1</sup> | 257691 |  | 260879 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.91% (WAC) due 06/25/55<sup>◊,1</sup> | 180076 |  | 182442 |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.02% (WAC) due 10/25/55<sup>◊,1</sup> | 150000 |  | 149859 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,1</sup> | 126641 |  | 127394 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,1</sup> | 120259 |  | 121575 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,1</sup> | 78515 |  | 78803 |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>1,4</sup> | 285382 |  | 287597 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>1,4</sup> | 214196 |  | 215687 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.82% due 05/25/65<sup>1,4</sup> | 144252 |  | 145440 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.70% due 12/25/64<sup>1,4</sup> | 88422 |  | 89031 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>1,4</sup> | 88422 |  | 88910 |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.72% due 10/25/64<sup>1,4</sup> | 81520 |  | 81963 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.73% due 10/25/64<sup>1,4</sup> | 78105 |  | 78605 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>1,4</sup> | 76997 |  | 77310 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>1,4</sup> | 74145 |  | 74266 |
| PMT Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,1</sup> | 392360 |  | 395332 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,1</sup> | 387997 |  | 394590 |
| Cross Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>1,4</sup> | 267764 |  | 269801 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>1,4</sup> | 227888 |  | 228801 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.54% due 07/25/70<sup>1,4</sup> | 197413 |  | 198076 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.97% due 11/25/69<sup>1,4</sup> | 84625 |  | 85197 |
| GCAT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.73% due 06/25/70<sup>1,4</sup> | 245559 |  | 247477 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.96% due 05/25/70<sup>1,4</sup> | 240353 |  | 242351 |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,1</sup> | 197667 |  | 201084 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,1</sup> | 77411 |  | 77137 |
| Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.68% due 06/25/70<sup>1,4</sup> | 434133 |  | 435631 |
| &nbsp;&nbsp;&nbsp;2023-3, 6.74% due 03/25/68<sup>1,4</sup> | 110493 |  | 110825 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>1,4</sup> | 91641 |  | 92053 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>1,4</sup> | 89209 |  | 89731 |
| Long Beach Mortgage Loan Trust 2006-9 |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-9, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 10/25/36<sup>◊</sup> | 1160740 |  | 359132 |
| &nbsp;&nbsp;&nbsp;2006-9, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 10/25/36<sup>◊</sup> | 936243 |  | 281997 |
| BRAVO Residential Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.61% due 02/25/65<sup>1,4</sup> | 227209 |  | 229307 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.70% due 02/25/55<sup>1,4</sup> | 139217 |  | 140510 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.91% due 12/25/64<sup>1,4</sup> | 132108 |  | 132887 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>1,4</sup> | 112957 |  | 113802 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>1,4</sup> | 75757 |  | 76129 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.48% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37<sup>◊</sup> | 892267 |  | 408649 |
| Carrington Mortgage Loan Trust Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-NC3, 5.32% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 06/25/35<sup>◊</sup> | 400000 |  | 376566 |
| Saluda Grade Alternative Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.11% (30 Day Average SOFR + 1.75%, Rate Floor: 0.00%) due 06/25/55<sup>◊,1</sup> | 372295 |  | 372919 |
| LHOME Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>1</sup> | 250000 |  | 250666 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>1,4</sup> | 100000 | $| 100387 |
| WaMu Asset-Backed Certificates WaMu Series 2007-HE2 Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.33%) due 04/25/37<sup>◊</sup> | 978945 |  | 340793 |
| Sequoia Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 06/25/55<sup>◊,1</sup> | 227123 |  | 228323 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,1</sup> | 92831 |  | 93311 |
| JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,1</sup> | 166927 |  | 169296 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>1,4</sup> | 122624 |  | 123513 |
| HOMES Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.96% due 01/25/70<sup>1,4</sup> | 183880 |  | 185010 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.98% due 10/25/59<sup>1,4</sup> | 85147 |  | 85667 |
| Provident Funding Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,1</sup> | 150000 |  | 149952 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,1</sup> | 91709 |  | 92194 |
| NYMT Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,1</sup> | 244813 |  | 234785 |
| Anchor Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>1</sup> | 200000 |  | 201002 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.76% due 05/25/70<sup>1,4</sup> | 185234 |  | 186542 |
| New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>1</sup> | 91752 |  | 92655 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>1</sup> | 78543 |  | 78766 |
| Towd Point Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 4.50% (WAC) due 10/27/64<sup>◊,1</sup> | 85151 |  | 85305 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,1</sup> | 55644 |  | 56509 |
| Chase Home Lending Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 04/25/56<sup>◊,1</sup> | 139658 |  | 140501 |
| EFMT |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>1,4</sup> | 137032 |  | 138681 |
| Mill City Securities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>1,4</sup> | 74883 |  | 70577 |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>1,4</sup> | 61523 |  | 57447 |
| Mill City Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,1</sup> | 120000 |  | 100899 |
| Finance of America HECM Buyout |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 5.00% (WAC) due 10/01/34<sup>◊,1</sup> | 100000 |  | 99845 |
| COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>1,4</sup> | 90563 |  | 90973 |
| ATLX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>1,4</sup> | 90418 |  | 87710 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>1,4</sup> | 73886 |  | 74088 |
| **Total Residential Mortgage-Backed Securities** |  |  | 16444966 |
| **Government Agency - 17.7%** |  |  |  |
| Uniform MBS 30 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>3</sup> | 11000000 |  | 9747338 |
| Uniform MBS 15 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25<sup>3</sup> | 503060 |  | 502332 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/01/25<sup>3</sup> | 476940 |  | 476380 |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51<sup>5</sup> | 395812 |  | 396276 |
| &nbsp;&nbsp;&nbsp;5.69% due 07/01/55<sup>5</sup> | 249784 |  | 254331 |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53<sup>5</sup> | 401529 |  | 407331 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53<sup>5</sup> | 238561 |  | 240851 |
| **Total Government Agency** |  |  | 12024839 |
| **Commercial Mortgage-Backed Securities - 1.6%** | **Commercial Mortgage-Backed Securities - 1.6%** | **Commercial Mortgage-Backed Securities - 1.6%** | **Commercial Mortgage-Backed Securities - 1.6%** |
| MILE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-STNE, 5.85% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/15/42<sup>◊,1</sup> | 900000 |  | 900281 |
| RWC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>1,3</sup> | 150000 |  | 149809 |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,1</sup> | 25000 |  | 22839 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 1072929 |
| **Military Housing - 0.1%** |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 10/25/52<sup>◊,1,6</sup> | 902499 |  | 51260 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,534,449) | &nbsp;&nbsp;&nbsp;(Cost $29,534,449) |  | 29593994 |
| **CORPORATE BONDS<sup>††</sup>** **- 19.4%** | **CORPORATE BONDS<sup>††</sup>** **- 19.4%** | **CORPORATE BONDS<sup>††</sup>** **- 19.4%** | **CORPORATE BONDS<sup>††</sup>** **- 19.4%** |
| **Financial - 8.7%** |  |  |  |
| Encore Capital Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>1</sup> | 450000 |  | 448690 |
| GA Global Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/18/30<sup>1</sup> | 450000 |  | 446380 |
| UWM Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>1</sup> | 200000 |  | 199048 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>1</sup> | 150000 |  | 152593 |
| Citadel Securities Global Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 06/18/35<sup>1</sup> | 250000 |  | 262619 |
| MidCap Funding XLVI Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 250000 |  | 250000 |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 250000 |  | 230121 |
| Nippon Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 04/30/55<sup>1,7</sup> | 200000 |  | 215347 |
| AmFam Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>1</sup> | 325000 |  | 214311 |
| Fidelis Insurance Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 06/15/55<sup>7</sup> | 200000 |  | 213649 |
| Meiji Yasuda Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>1,5,7</sup> | 200000 |  | 208093 |
| Equities AB |  |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 05/08/35<sup>1,5</sup> | 200000 |  | 206516 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount~** | **Face<br> Amount~** | **Value** |
| Allianz SE |  |  |  |
| &nbsp;&nbsp;&nbsp;6.55% <sup>1,7,8</sup> |  | 200000 | $206480 |
| Nassau Companies of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>1</sup> |  | 200000 | 204263 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>1</sup> |  | 200000 | 193237 |
| Jane Street Group / JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>1</sup> |  | 190000 | 192576 |
| Hunt Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>1</sup> |  | 195000 | 190114 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 05/15/31 |  | 130000 | 135897 |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/29 |  | 50000 | 51394 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>1</sup> |  | 180000 | 186171 |
| Americo Life, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>1,5</sup> |  | 200000 | 180359 |
| Blue Owl IV SR SEC A |  |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> |  | 156000 | 156000 |
| Blue Owl IV SR SEC B |  |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> |  | 144000 | 144000 |
| American National Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>7</sup> |  | 125000 | 128822 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>1</sup> |  | 125000 | 128015 |
| Belrose Funding Trust II |  |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 05/15/55<sup>1,5</sup> |  | 100000 | 108294 |
| Equitable Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>5,7</sup> |  | 77000 | 80254 |
| MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>5,7</sup> |  | 70000 | 74373 |
| American National Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>1</sup> |  | 60000 | 61184 |
| Symetra Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 10/01/55<sup>1</sup> |  | 50000 | 53044 |
| Enstar Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>1,7</sup> |  | 50000 | 52146 |
| Ascot Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 06/15/35<sup>1,7</sup> |  | 50000 | 52118 |
| Fortitude Group Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>1,5</sup> |  | 50000 | 51915 |
| Rocket Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/01/33<sup>1</sup> |  | 50000 | 51606 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>1</sup> |  | 50000 | 51004 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>1</sup> |  | 50000 | 48976 |
| Reinsurance Group of America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>7</sup> |  | 30000 | 31491 |
| Farmers Insurance Exchange |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>1,5,7</sup> |  | 20000 | 20760 |
| Ryan Specialty LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>1</sup> |  | 13000 | 13145 |
| **Total Financial** |  |  | 5895005 |
| **Utilities - 2.2%** |  |  |  |
| QTS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 08/21/32<sup>†††</sup> |  | 775000 | 775171 |
| ContourGlobal Power Holdings S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>1</sup> |  | 200000 | 207748 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 02/15/56<sup>7</sup> |  | 150000 | 150982 |
| &nbsp;&nbsp;&nbsp;6.00% due 02/15/56<sup>7</sup> |  | 50000 | 50358 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>7</sup> |  | 144000 | 149524 |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>1</sup> |  | 58000 | 57267 |
| PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>7</sup> |  | 50000 | 52641 |
| Sierra Pacific Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 12/15/55<sup>7</sup> |  | 50000 | 50044 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>7</sup> |  | 29000 | 28613 |
| **Total Utilities** |  |  | 1522348 |
| **Consumer, Non-cyclical - 1.9%** |  |  |  |
| ADT Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/32<sup>1</sup> |  | 400000 | 387379 |
| IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/01/32<sup>1</sup> |  | 200000 | 205628 |
| Becle, SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>1</sup> |  | 200000 | 172803 |
| Brink's Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>1</sup> |  | 150000 | 156022 |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/21/30 | EUR | 100000 | 121814 |
| Darling Global Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/15/32<sup>1</sup> | EUR | 100000 | 118556 |
| Health Care Service Corporation A Mutual Legal Reserve Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/54<sup>1</sup> |  | 50000 | 49128 |
| AMN Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>1</sup> |  | 25000 | 24990 |
| Graham Holdings Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>1</sup> |  | 25000 | 24990 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>1</sup> |  | 5000 | 5020 |
| **Total Consumer, Non-cyclical** |  |  | 1266330 |
| **Industrial - 1.9%** |  |  |  |
| Prime Property Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 07/15/35<sup>†††</sup> |  | 300000 | 301506 |
| Terminal Investment Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 07/09/32<sup>†††</sup> |  | 200000 | 201367 |
| Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>1</sup> |  | 185000 | 190570 |
| Emerald Debt Merger Sub LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 12/15/30 | EUR | 100000 | 122679 |
| Lottomatica Group SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/31/31<sup>1</sup> | EUR | 100000 | 120994 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount~** | **Face<br> Amount~** | **Value** | **Value** |
| Atkore, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 06/01/31<sup>1</sup> |  | 125000 | $| 116498 |
| Hope Gas Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.18% due 09/01/37<sup>†††</sup> |  | 100000 |  | 100642 |
| FedEx Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 02/01/45<sup>1</sup> |  | 75000 |  | 58706 |
| Amsted Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/15/33<sup>1</sup> |  | 45000 |  | 46187 |
| **Total Industrial** |  |  |  | 1259149 |
| **Energy - 1.4%** |  |  |  |  |
| HF Sinclair Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35<sup>5</sup> |  | 150000 |  | 156795 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 |  | 100000 |  | 101648 |
| Parkland Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>1</sup> |  | 185000 |  | 190099 |
| ITT Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>1</sup> |  | 145000 |  | 142555 |
| Venture Global Plaquemines LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 05/01/33<sup>1</sup> |  | 120000 |  | 132601 |
| Phillips 66 Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 03/15/56<sup>7</sup> |  | 75000 |  | 75201 |
| ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.15% due 01/15/51<sup>5</sup> |  | 50000 |  | 56021 |
| MPLX, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 03/01/53<sup>5</sup> |  | 50000 |  | 47194 |
| Vnom Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>1</sup> |  | 25000 |  | 25004 |
| **Total Energy** |  |  |  | 927118 |
| **Technology - 1.1%** |  |  |  |  |
| Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/26/35 |  | 225000 |  | 226239 |
| &nbsp;&nbsp;&nbsp;5.95% due 09/26/55 |  | 150000 |  | 149539 |
| &nbsp;&nbsp;&nbsp;4.80% due 09/26/32 |  | 75000 |  | 75090 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/26/45 |  | 50000 |  | 50136 |
| &nbsp;&nbsp;&nbsp;6.10% due 09/26/65 |  | 50000 |  | 49908 |
| Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/25/33<sup>1</sup> |  | 200000 |  | 210897 |
| **Total Technology** |  |  |  | 761809 |
| **Consumer, Cyclical - 1.1%** |  |  |  |  |
| Allwyn Entertainment Financing UK plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 04/30/30 | EUR | 180000 |  | 222194 |
| JB Poindexter & Company, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>1</sup> |  | 185000 |  | 193760 |
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>1</sup> |  | 175000 |  | 178292 |
| AS Mileage Plan IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.31% due 10/20/31<sup>1,5</sup> |  | 50000 |  | 49769 |
| Whirlpool Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/46 |  | 50000 |  | 38149 |
| &nbsp;&nbsp;&nbsp;4.60% due 05/15/50 |  | 10000 |  | 7475 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/30<sup>1</sup> |  | 40000 |  | 41320 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>1</sup> |  | 25000 |  | 25387 |
| **Total Consumer, Cyclical** |  |  |  | 756346 |
| **Communications - 0.7%** |  |  |  |  |
| British Telecommunications plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>1,7</sup> |  | 205000 |  | 196632 |
| Bell Telephone Company of Canada or Bell Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/55<sup>7</sup> |  | 100000 |  | 103743 |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/55<sup>7</sup> |  | 50000 |  | 52255 |
| TELUS Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/55<sup>7</sup> |  | 50000 |  | 52721 |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/55<sup>7</sup> |  | 50000 |  | 51476 |
| Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/15/55<sup>7</sup> |  | 50000 |  | 53008 |
| **Total Communications** |  |  |  | 509835 |
| **Basic Materials - 0.4%** |  |  |  |  |
| Alumina Pty Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>1</sup> |  | 200000 |  | 205027 |
| Dow Chemical Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.90% due 05/15/53<sup>5</sup> |  | 50000 |  | 53422 |
| **Total Basic Materials** |  |  |  | 258449 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,887,306) | &nbsp;&nbsp;&nbsp;(Cost $12,887,306) | &nbsp;&nbsp;&nbsp;(Cost $12,887,306) |  | 13156389 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 10.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 10.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 10.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 10.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 10.7%** |
| **Industrial - 2.1%** |  |  |  |  |
| Merlin Buyer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/14/28 |  | 249354 |  | 249978 |
| Herc Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 |  | 200000 |  | 200750 |
| Park River Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 |  | 200000 |  | 199728 |
| Brown Group Holding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 |  | 198995 |  | 199319 |
| Knife River Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 |  | 149250 |  | 149390 |
| Hunter Douglas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 |  | 148875 |  | 148875 |
| Albion Financing 3 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.21% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 05/01/31 |  | 100000 |  | 100188 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.87% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31 | 49626 | $49750 |
| StandardAero |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 49625 | 49623 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 49497 | 49580 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 24750 | 24733 |
| Service Logic Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 24688 | 24704 |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.76% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 9126 | 9084 |
| **Total Industrial** |  | 1455702 |
| **Consumer, Cyclical - 2.0%** |  |  |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 450000 | 450000 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/30/31 | 200000 | 199540 |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 06/02/31 | 199000 | 197645 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 150000 | 149954 |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 99229 | 99559 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/04/32 | 99750 | 99556 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 97605 | 97274 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.74% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 10/16/31 | 59550 | 59811 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 29625 | 29549 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 9950 | 9709 |
| **Total Consumer, Cyclical** |  | 1392597 |
| **Financial - 1.9%** |  |  |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 249375 | 248909 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 174373 | 174390 |
| Kroll, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.81% (3 Month Term SOFR + 3.00%, Rate Floor: 7.06%) (in-kind rate was 2.75%) due 09/12/32<sup>9</sup> | 150000 | 149414 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 149250 | 149313 |
| Amwins Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 148875 | 148777 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 148828 | 147588 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 119548 | 119044 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 99501 | 98920 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 49874 | 49812 |
| **Total Financial** |  | 1286167 |
| **Consumer, Non-cyclical - 1.7%** |  |  |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 01/22/31 | 350000 | 350221 |
| Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/09/32 | 250000 | 251390 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 199497 | 200068 |
| Skechers |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/28/32 | 150000 | 150625 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.17% ((1 Month Term SOFR + 2.00%) and (3 Month Term SOFR + 2.00%), Rate Floor: 2.00%) due 06/24/30 | 144289 | 144439 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 24875 | 24673 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 5357 | 4809 |
| **Total Consumer, Non-cyclical** |  | 1126225 |
| **Technology - 1.3%** |  |  |
| Team.Blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;3.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/12/32 | 450000 | 449158 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount~** | **Value** | **Value** |
| Clearwater Analytics, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.46% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 150000 | $| 150000 |
| CCC Intelligent Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 148875 |  | 148643 |
| DS Admiral Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 107538 |  | 107359 |
| **Total Technology** |  |  | 855160 |
| **Energy - 0.6%** |  |  |  |
| Whitewater Matterhorn Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 200000 |  | 199782 |
| Colonial Pipeline |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/30/32 | 100000 |  | 99359 |
| Par Petroleum LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 59543 |  | 59394 |
| ITT Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.48%, Rate Floor: 2.98%) due 10/11/30 | 49499 |  | 49484 |
| **Total Energy** |  |  | 408019 |
| **Communications - 0.6%** |  |  |  |
| TKO Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 11/21/31 | 199500 |  | 199717 |
| UPC Financing Partnership |  |  |  |
| &nbsp;&nbsp;&nbsp;6.69% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 75000 |  | 74732 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 70000 |  | 70000 |
| Speedster Bidco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;7.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 49750 |  | 49782 |
| **Total Communications** |  |  | 394231 |
| **Utilities - 0.3%** |  |  |  |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 148872 |  | 148407 |
| Calpine Construction Finance Company, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 25000 |  | 24997 |
| **Total Utilities** |  |  | 173404 |
| **Basic Materials - 0.2%** |  |  |  |
| SCIH Salt Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.20% (6 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 | 99250 |  | 99321 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30 | 58155 |  | 58064 |
| **Total Basic Materials** |  |  | 157385 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,227,873) | &nbsp;&nbsp;&nbsp;(Cost $7,227,873) |  | 7248890 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.95% due 10/23/25<sup>10</sup> | 970000 |  | 967613 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $967,595) |  |  | 967613 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.5%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.5%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.5%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.5%** |
| **Industrial - 0.5%** |  |  |  |
| Cognita Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.84% due 10/27/31 | 349125 |  | 349998 |
| **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $348,273) | &nbsp;&nbsp;&nbsp;(Cost $348,273) |  | 349998 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>1</sup> | 250000 |  | 253640 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,384) |  |  | 253640 |
|  | **Contracts/<br> Notional <br> Value** |  |  |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</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 strike price of $3.50 | 2160000 |  | 27260 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 | 1080000 |  | 13630 |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 | 1080000 |  | 13630 |
| **Total Interest Rate Call Swaptions** |  |  | 54520 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,894) |  |  | 54520 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **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%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** |
| **Put Options on: Foreign Exchange Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 177000 | $2279 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,486,375) | EUR | 1265000 | 2222 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,330,100) | EUR | 1132000 | 1903 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 64000 | 1886 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 142000 | 1828 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,164,425) | EUR | 991000 | 1693 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,164,425) | EUR | 991000 | 1693 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $659,175) | EUR | 561000 | 959 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 395000 | 836 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 15000 | 442 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 31000 | 399 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 119000 | 252 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 36000 | 76 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $119,850) | EUR | 102000 |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $119,850) | EUR | 102000 |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $83,425) | EUR | 71000 |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $36,425) | EUR | 31000 |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $35,250) | EUR | 30000 |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $5,875) | EUR | 5000 |  |
| **Total Foreign Exchange Options** |  |  | 16468 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,265) |  |  | 16468 |
| **Total Investments - 122.5%** | **Total Investments - 122.5%** | **Total Investments - 122.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $82,652,168) | &nbsp;&nbsp;&nbsp;(Cost $82,652,168) | &nbsp;&nbsp;&nbsp;(Cost $82,652,168) | $83149112 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **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 | 36000 | (5) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 119000 | (16) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 395000 | (52) |
| **Total Foreign Exchange Options** |  |  | (73) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $4,343) |  |  | (73) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** |
| **Call Options on: Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.85 | USD | 712500 | (1778) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.85 | USD | 712500 | (1783) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.86 | USD | 712500 | (1819) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.71 | USD | 712500 | (2064) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.71 | USD | 712500 | $(2064) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.89 | USD | 712500 | (2097) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.93 | USD | 712500 | (2294) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.93 | USD | 712500 | (2320) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.94 | USD | 712500 | (2373) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.94 | USD | 712500 | (2374) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.64 | USD | 997500 | (2511) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.64 | USD | 997500 | (2511) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.69 | USD | 1140000 | (3110) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.69 | USD | 1140000 | (3110) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 | USD | 1080000 | (3806) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 | USD | 1080000 | (3806) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 | USD | 2160000 | (7612) |
| **Total Interest Rate Call Swaptions** |  |  | (47432) |
| **Put Options on: Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.94 | USD | 712500 | (965) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.94 | USD | 712500 | (965) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.93 | USD | 712500 | (1016) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.93 | USD | 712500 | (1030) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.89 | USD | 712500 | (1174) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.86 | USD | 712500 | (1190) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.85 | USD | 712500 | (1219) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.85 | USD | 712500 | (1224) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.71 | USD | 712500 | (1502) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.71 | USD | 712500 | (1502) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.64 | USD | 997500 | (2385) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.64 | USD | 997500 | (2385) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.69 | USD | 1140000 | (2488) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.69 | USD | 1140000 | (2488) |
| **Total Interest Rate Swaptions** |  |  | (21533) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $98,221) |  |  | (68965) |
| **Other Assets & Liabilities, net - (22.4)%** | **Other Assets & Liabilities, net - (22.4)%** | **Other Assets & Liabilities, net - (22.4)%** | (15201687) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $67878387 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared 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> Appreciation <br> (Depreciation)\*\*** |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $3500000 | $(79219) | $(79655) | $436 |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 1850000 | (147886) | (139247) | (8639) |
|  |  |  |  |  |  | $(227105) | $(218902) | $(8203) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $100000 | $(8561) | $(5440) | $(3121) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 100000 | (15537) | (13083) | (2454) |
|  |  |  |  |  |  | $(24098) | $(18523) | $(5575) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation\*\*** |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/30/29 | $5000000 | $145327 | $(6849) | $152176 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.12% | Annually | 12/30/27 | 26200000 | 421448 | 304794 | 116654 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 4870000 | 134955 | 114201 | 20754 |
|  |  |  |  |  |  |  | $701730 | $412146 | $289584 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Morgan Stanley & Co. International plc | EUR | Sell | 609000 | 716,062 USD | 10/17/25 | $240 |
| Toronto-Dominion Bank | EUR | Sell | 5000 | 5,880 USD | 10/15/25 | 3 |
| Morgan Stanley & Co. International plc | EUR | Sell | 12000 | 14,088 USD | 10/15/25 | (15) |
| Barclays Bank plc | EUR | Sell | 6000 | 7,004 USD | 10/15/25 | (47) |
|  |  |  |  |  |  | $181 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 7.00% | 02/13/26 | 3.50% | $2160000 | $27260 |
| 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% | 1080000 | 13630 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 1080000 | 13630 |
|  |  |  |  |  |  |  |  | $54520 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 712500 | $(1778) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 712500 | (1783) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 712500 | (1819) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 712500 | (2064) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 712500 | (2064) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 712500 | (2097) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 712500 | (2294) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 712500 | (2320) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 712500 | (2373) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 712500 | (2374) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 997500 | (2511) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 997500 | (2511) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 1140000 | (3110) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 1140000 | (3110) |
| 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% | 1080000 | (3806) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 1080000 | (3806) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 6.00% | 02/13/26 | 3.00% | 2160000 | (7612) |
|  |  |  |  |  |  |  |  | $(47432) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 712500 | $(965) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 712500 | (965) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 712500 | (1016) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 712500 | (1030) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 712500 | (1174) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 712500 | (1190) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 712500 | (1219) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 712500 | (1224) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 712500 | (1502) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 712500 | (1502) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 997500 | (2385) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 997500 | (2385) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 1140000 | (2488) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 1140000 | (2488) |
|  |  |  |  |  |  |  |  | $(21533) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \*\* | &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 September 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;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 $53,223,291 (cost $52,786,959), or 78.4% of total net assets. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>4</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as reverse repurchase agreement collateral at September 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <sup>7</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>8</sup> | &nbsp;&nbsp;&nbsp;Perpetual maturity. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SARL — Société à Responsabilité Limitée |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Preferred Stocks | $30904 | $634713 | $— | $665617 |
| Money Market Funds | 728824 |  |  | 728824 |
| Asset-Backed Securities |  | 28990425 | 1122734 | 30113159 |
| Collateralized Mortgage Obligations |  | 29593994 |  | 29593994 |
| Corporate Bonds |  | 11227703 | 1928686 | 13156389 |
| Senior Floating Rate Interests |  | 7239806 | 9084 | 7248890 |
| U.S. Treasury Bills |  | 967613 |  | 967613 |
| Senior Fixed Rate Interests |  | 349998 |  | 349998 |
| Foreign Government Debt |  | 253640 |  | 253640 |
| Interest Rate Swaptions Purchased |  | 54520 |  | 54520 |
| Options Purchased |  | 16468 |  | 16468 |
| Credit Default Swap Agreements\*\* |  | 436 |  | 436 |
| Interest Rate Swap Agreements\*\* |  | 289584 |  | 289584 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 243 |  | 243 |
| Total Assets | $759728 | $79619143 | $3060504 | $83439375 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Options Written | $— | $73 | $— | $73 |
| Interest Rate Swaptions Written |  | 68965 |  | 68965 |
| Credit Default Swap Agreements\*\* |  | 14214 |  | 14214 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 62 |  | 62 |
| Unfunded Loan Commitments (Note 9) |  |  | 43 | 43 |
| Total Liabilities | $— | $83314 | $43 | $83357 |

---

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $2,518,996 are categorized as Level 2 within the disclosure hierarchy — See Note 6.

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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted <br> Average** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $747734 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 250000 | Third Party Pricing | Trade Price |  |  |
| Asset-Backed Securities | 125000 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 1378686 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 300000 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 250000 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 9084 | Model Price | Purchase Price |  |  |
| Total Assets | $3060504 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $43 | Model Price | Purchase price |  |  |

---

Significant changes in a quote would generally result in significant changes in the fair value of the security.

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund had no securities that transferred into or out of Level 3.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Asset-<br> Backed <br> Securities** | **Corporate <br> Bonds** | **Senior <br> Floating <br> Rate Interests** | <br>**Total <br> Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $— | $— | $9143 | $9143 | $(5) |
| Purchases/(Receipts) | 1125000 | 1925000 |  | 3050000 | (768) |
| (Sales, maturities and paydowns)/Fundings | (3489) |  | (70) | (3559) |  |
| Amortization of premiums/discounts |  |  | 14 | 14 |  |
| Total realized gains (losses) included in earnings |  |  |  |  |  |
| Total change in unrealized appreciation (depreciation) included in earnings | 1223 | 3686 | (3) | 4906 | 730 |
| &nbsp;&nbsp;Ending Balance  | $1122734 | $1928686 | $9084 | $3060504 | $(43) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $1223 | $3686 | $(3) | $4906 | $730 |

---

**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** |
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85% | 08/01/28 | – |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91% | 01/01/29 | – |  |
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70% | 03/01/29 | – |  |
| BRAVO Residential Funding Trust 2025-NQM4, 5.61% due 02/25/65 | 6.61% | 04/26/29 | – |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 | – |  |
| BRAVO Residential Funding Trust 2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 | – |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 | – |  |
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56% | 02/01/29 | – |  |
| Cross Mortgage Trust 2024-H7, 5.97% due 11/25/69 | 6.97% | 10/01/28 | – |  |
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99% | 01/01/29 | – |  |
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66% | 02/01/29 | – |  |
| Cross Mortgage Trust 2025-H6, 5.54% due 07/25/70 | 6.54% | 07/01/29 | – |  |
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73% | 02/01/29 | – |  |
| GCAT Trust 2025-NQM3, 5.96% due 05/25/70 | 6.96% | 06/01/29 | – |  |
| GCAT Trust 2025-NQM4, 5.73% due 06/25/70 | 6.73% | 07/01/29 | – |  |
| HOMES Trust 2025-NQM1, 5.96% due 01/25/70 | 6.96% | 01/01/29 | – |  |
| HOMES Trust 2024-AFC2, 5.98% due 10/25/59 | 6.98% | 10/01/28 | – |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95% | 12/01/28 | – |  |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 | – |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 | – |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00% | 10/01/27 |  |  |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3, 5.76% due 05/25/70 | 6.76% | 05/01/29 |  |  |
| OBX Trust 2024-NQM15, 5.72% due 10/25/64 | 6.72% | 10/01/28 |  |  |
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83% | 08/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85% | 12/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70% | 12/01/28 |  |  |
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73% | 10/01/28 |  |  |
| OBX Trust 2025-NQM13, 5.82% due 05/25/65 | 6.82% | 07/01/29 |  |  |
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| PRPM LLC 2025-5, 5.73% due 07/25/30 | 8.73% | 07/01/28 | 9.73% | 07/01/29 |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47% | 05/01/28 | 10.47% | 05/01/29 |
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69% | 09/25/27 | 9.69% | 09/25/28 |
| PRPM LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25% | 04/01/28 |  |  |
| RCKT Mortgage Trust 2025-CES6, 5.47% due 06/25/55 | 6.47% | 06/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69% | 05/01/29 |  |  |
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51% | 03/01/29 |  |  |
| Verus Securitization Trust 2023-3, 6.74% due 03/25/68 | 7.74% | 04/01/27 |  |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |  |  |
| Verus Securitization Trust 2025-5, 5.68% due 06/25/70 | 6.68% | 06/01/29 |  |  |

---

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

**ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $82,652,168) | $83149112 |
| Cash | 52438 |
| Segregated cash with broker | 222430 |
| Unamortized upfront premiums paid on interest rate swap agreements | 418995 |
| Unrealized appreciation on forward foreign currency exchange contracts | 243 |
| Prepaid expenses | 30968 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 12112677 |
| &nbsp;&nbsp;&nbsp;Interest | 532356 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 370329 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 43134 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 24599 |
| &nbsp;&nbsp;&nbsp;Dividends | 461 |
| **Total assets** | 96957742 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $769) | 43 |
| Reverse repurchase agreements | 2518996 |
| Options written, at value (premiums received $102,564) | 69038 |
| Segregated cash due to broker | 410020 |
| Unamortized upfront premiums received on credit default swap agreements | 237425 |
| Unamortized upfront premiums received on interest rate swap agreements | 6849 |
| Unrealized depreciation on OTC swap agreements | 5575 |
| Unrealized depreciation on forward foreign currency exchange contracts | 62 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 25492002 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 263220 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 25571 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5954 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 4007 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1168 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 954 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 708 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 37763 |
| **Total liabilities** | 29079355 |
| **Net assets** | $67878387 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $66833352 |
| Total distributable earnings (loss) | 1045035 |
| Net assets | $67878387 |
| Capital shares outstanding | 3309834 |
| Net asset value per share | $20.51 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $1516 |
| Interest | 1875267 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1876783 |
| **Expenses:** | **Expenses:** |
| Transfer agent/maintenance fees | 12001 |
| Professional fees | 67559 |
| Fund accounting/administration fees | 62871 |
| Trustees' fees\* | 33723 |
| Registration fees | 25329 |
| Interest expense | 21050 |
| Printing expenses | 14328 |
| Custodian fees | 10740 |
| Line of credit fees | 692 |
| Miscellaneous | 7910 |
| &nbsp;&nbsp;&nbsp;Total expenses | 256203 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (228597) |
| Earnings credits applied | (4755) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (233352) |
| Net expenses | 22851 |
| Net investment income | 1853932 |
| **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 | 63902 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 65992 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 18513 |
| &nbsp;&nbsp;&nbsp;Options purchased | 23111 |
| &nbsp;&nbsp;&nbsp;Options written | (9572) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (2338) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 767 |
| Net realized gain | 160375 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 533238 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 275806 |
| &nbsp;&nbsp;&nbsp;Options purchased | (43171) |
| &nbsp;&nbsp;&nbsp;Options written | 33526 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 181 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 58 |
| Net change in unrealized appreciation (depreciation) | 799638 |
| Net realized and unrealized gain | 960013 |
| **Net increase in net assets resulting from operations** | $2813945 |

---

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

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

**ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1853932 | $23254 |
| Net realized gain on investments | 160375 | 37 |
| Net change in unrealized appreciation (depreciation) on investments | 799638 | 7603 |
| Net increase in net assets resulting from operations | 2813945 | 30894 |
| Distributions to shareholders | (1738448) | (23432) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 70062377 | 8500000 |
| Distributions reinvested | 1634810 | 23432 |
| Cost of shares redeemed | (13425191) |  |
| Net increase from capital share transactions | 58271996 | 8523432 |
| Net increase in net assets | 59347493 | 8530894 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8530894 |  |
| &nbsp;&nbsp;&nbsp;End of period | $67878387 | $8530894 |
| **Capital share activity:** |  |  |
| Shares sold | 3473496 | 424451 |
| Shares issued from reinvestment of distributions | 80562 | 1170 |
| Shares redeemed | (669845) |  |
| Net increase in shares | 2884213 | 425621 |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

**ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND**<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 a Fund's performance for the period presented.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> September 30, <br> 2025** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $20.04 | $20.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.19 | .14 |
| Net gain (loss) on investments (realized and unrealized) | .41 | .04 |
| Total from investment operations | 1.60 | .18 |
| Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.13) | (.14) |
| Total distributions | (1.13) | (.14) |
| Net asset value, end of period | $20.51 | $20.04 |
| **Total Return** | **8.21%** | **0.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $67878 | $8531 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.89% | 0.67% |
| Total expenses | 0.81% | 0.85% |
| Net expenses<sup>c,d</sup> | 0.09% | — <sup>e</sup> |
| Portfolio turnover rate | 28% | — <sup>f</sup> |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

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

<sup>d</sup> Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratio for the year ended September 30, 2025 would be 0.00%.

<sup>e</sup> Less than 0.01%.

<sup>f</sup> Less than 1.0%.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS<sup>†</sup>** **- 0.3%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.3%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.3%** |
| **Financial - 0.3%** | **Financial - 0.3%** | **Financial - 0.3%** |
| Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.88% | 50000 | $51528 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,000) |  | 51528 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 0.6%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>1</sup> | 93388 | 93388 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 18349 | 18349 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,737) |  | 111737 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 52.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 52.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 52.7%** |
| **Collateralized Loan Obligations - 31.4%** | **Collateralized Loan Obligations - 31.4%** | **Collateralized Loan Obligations - 31.4%** |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-10A AR, 5.65% (3 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 04/20/37<sup>◊,2</sup> | 700000 | 701947 |
| Hlend CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37<sup>◊,2</sup> | 250000 | 250316 |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,2</sup> | 150000 | 149495 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 300000 | 301665 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A1T, 5.91% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37<sup>◊,2</sup> | 250000 | 251731 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.00% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,2</sup> | 250000 | 251583 |
| Golub Capital Partners CLO 46M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A A1R, 6.14% (3 Month Term SOFR + 1.81%, Rate Floor: 1.81%) due 04/20/37<sup>◊,2</sup> | 250000 | 251370 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 5.93% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37<sup>◊,2</sup> | 250000 | 250903 |

---

---

| | | |
|:---|:---|:---|
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38<sup>◊,2</sup> | 250000.0 | 250753.0 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A B, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/17/35<sup>◊,2</sup> | 250000.0 | 250380.0 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-47A BR, due 04/16/35<sup>◊,2</sup> | 250000.0 | 250000.0 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,2</sup> | 250000.0 | 249625.0 |
| Elmwood CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38<sup>◊,2</sup> | 250000.0 | 249575.0 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,2</sup> | 250000.0 | 248750.0 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.12% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,2</sup> | 100000.0 | 100027.0 |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.71% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,2</sup> | 100000.0 | 99585.0 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.52% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> | 200000.0 | 199469.0 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 AS, 5.78% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42<sup>◊,2</sup> | 100000.0 | 99152.0 |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.08% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,2</sup> | 100000.0 | 98919.0 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A1RR, 6.53% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36<sup>◊,2</sup> | 100000.0 | 101517.0 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A A, 6.55% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35<sup>◊,2</sup> | 100000.0 | 101210.0 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/15/37<sup>◊,2</sup> | 100000.0 | 100658.0 |
| JCP Direct Lending CLO 2023-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1R, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,2</sup> | 100000.0 | 100251.0 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Barings CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,2</sup> | 100000 | $| 100226 |
| BCRED MML CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A1, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35<sup>◊,2</sup> | 100000 |  | 100196 |
| Golub Capital Partners CLO 49M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A A1R2, 5.84% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 07/20/38<sup>◊,2</sup> | 100000 |  | 100150 |
| AREIT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.53% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,2</sup> | 100000 |  | 100062 |
| Golub Capital Partners CLO 54M, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A1R, 5.80% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 08/05/37<sup>◊,2</sup> | 100000 |  | 99998 |
| BSPDF Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 A, 5.85% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42<sup>◊,2</sup> | 100000 |  | 99981 |
| TRTX Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 100000 |  | 99835 |
| Ares Direct Lending CLO 2 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36<sup>◊,2</sup> | 100000 |  | 99675 |
| BSPRT Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.44% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,2</sup> | 100000 |  | 99565 |
| FS Rialto Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> | 100000 |  | 99549 |
| LoanCore |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 5.98% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,2</sup> | 100000 |  | 99360 |
| **Total Collateralized Loan Obligations** |  |  | 6007478 |
| **Transport-Aircraft - 8.8%** |  |  |  |
| Slam Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>2</sup> | 468370 |  | 471933 |
| Gilead Aviation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>2</sup> | 243836 |  | 248824 |
| ALTDE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>2</sup> | 240491 |  | 246126 |
| AASET Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>2</sup> | 239205 |  | 244383 |
| Castlelake Aircraft Structured Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>2</sup> | 238555 |  | 242232 |
| Navigator Aviation Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>2</sup> | 230655 |  | 230817 |
| **Total Transport-Aircraft** |  |  | 1684315 |
| **Infrastructure - 2.9%** |  |  |  |
| Hotwire Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>2</sup> | 100000 |  | 102241 |
| QTS Issuer ABS I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>2</sup> | 100000 |  | 102135 |
| Vantage Data Centers LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>2</sup> | 100000 |  | 100506 |
| Stack Infrastructure Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>2</sup> | 100000 |  | 99583 |
| Switch ABS Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>2</sup> | 100000 |  | 99072 |
| SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;, 4.83% due 10/15/29<sup>2</sup> | 50000 |  | 50323 |
| **Total Infrastructure** |  |  | 553860 |
| **Single Family Residence - 2.1%** |  |  |  |
| Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.25% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,2</sup> | 198972 |  | 199352 |
| STAR Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.55% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/17/42<sup>◊,2</sup> | 100000 |  | 100209 |
| Invitation Homes Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>2</sup> | 100000 |  | 97017 |
| **Total Single Family Residence** |  |  | 396578 |
| **Whole Business - 1.8%** |  |  |  |
| Five Guys Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>2</sup> | 99250 |  | 103233 |
| SERVPRO Master Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>2</sup> | 98500 |  | 101776 |
| Arbys Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>2</sup> | 95000 |  | 91738 |
| Subway Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.25% due 07/30/54<sup>2</sup> | 49625 |  | 49623 |
| **Total Whole Business** |  |  | 346370 |
| **Collateralized Debt Obligations - 1.3%** | **Collateralized Debt Obligations - 1.3%** | **Collateralized Debt Obligations - 1.3%** | **Collateralized Debt Obligations - 1.3%** |
| Anchorage Credit Funding 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>2</sup> | 250000 |  | 239548 |
| **Automotive - 1.1%** |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.24% due 08/20/29<sup>2</sup> | 200000 |  | 203606 |
| **Unsecured Consumer Loans - 1.0%** |  |  |  |
| Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>2</sup> | 96264 |  | 96595 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Foundation Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>2</sup> | 90476 | $| 90661 |
| **Total Unsecured Consumer Loans** |  |  | 187256 |
| **Insurance - 0.8%** |  |  |  |
| Dogwood State Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 149996 |  | 150856 |
| **Net Lease - 0.5%** |  |  |  |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>2</sup> | 99292 |  | 101628 |
| **Financial - 0.5%** |  |  |  |
| HarbourVest Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 100000 |  | 100000 |
| **Transport-Container - 0.5%** |  |  |  |
| CLI Funding IX LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.35% due 06/20/50<sup>2</sup> | 97458 |  | 98794 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,008,894) | &nbsp;&nbsp;&nbsp;(Cost $10,008,894) |  | 10070289 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.9%** |
| **Residential Mortgage-Backed Securities - 30.2%** | **Residential Mortgage-Backed Securities - 30.2%** | **Residential Mortgage-Backed Securities - 30.2%** | **Residential Mortgage-Backed Securities - 30.2%** |
| BRAVO Residential Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.70% due 02/25/55<sup>2,4</sup> | 139217 |  | 140510 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.61% due 02/25/65<sup>2,4</sup> | 136325 |  | 137584 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>2,4</sup> | 125498 |  | 126537 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>2,4</sup> | 112957 |  | 113802 |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.46% due 07/25/65<sup>2</sup> | 97537 |  | 98298 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>2,4</sup> | 88072 |  | 88750 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>2,4</sup> | 75757 |  | 76129 |
| Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,2</sup> | 180691 |  | 182349 |
| &nbsp;&nbsp;&nbsp;2023-3, 6.74% due 03/25/68<sup>2,4</sup> | 110493 |  | 110825 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.43% due 06/25/70<sup>2,4</sup> | 96474 |  | 97201 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>2,4</sup> | 89209 |  | 89731 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,2</sup> | 128846 |  | 130440 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,2</sup> | 126641 |  | 127394 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.91% (WAC) due 06/25/55<sup>◊,2</sup> | 90038 |  | 91221 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> | 78515 |  | 78803 |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,2</sup> | 176844 |  | 178329 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>2,4</sup> | 81538 |  | 82171 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>2,4</sup> | 76997 |  | 77310 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>2,4</sup> | 74145 |  | 74266 |
| PRPM LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.73% due 07/25/30<sup>2,4</sup> | 98454 |  | 98546 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>2,4</sup> | 95247 |  | 95346 |
| &nbsp;&nbsp;&nbsp;2025-RPL3, 3.25% due 04/25/55<sup>2,4</sup> | 100000 |  | 94278 |
| &nbsp;&nbsp;&nbsp;2025-2, 6.47% due 05/25/30<sup>2,4</sup> | 93181 |  | 93519 |
| GCAT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.53% due 06/25/70<sup>2</sup> | 196447 |  | 198147 |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,2</sup> | 98833 |  | 100542 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,2</sup> | 77411 |  | 77137 |
| PMT Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,2</sup> | 245225 |  | 247083 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,2</sup> | 96999 |  | 98647 |
| RCKT Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES5, 5.69% due 05/25/55<sup>2,4</sup> | 142533 |  | 144487 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>2,4</sup> | 129812 |  | 131329 |
| Sequoia Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,2</sup> | 166459 |  | 168999 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,2</sup> | 92831 |  | 93311 |
| Cross Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>2,4</sup> | 133882 |  | 134900 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.18% (WAC) due 07/25/70<sup>◊,2</sup> | 98706 |  | 98963 |
| JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,2</sup> | 125196 |  | 126972 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>2,4</sup> | 81749 |  | 82342 |
| New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>2</sup> | 91752 |  | 92655 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>2</sup> | 78543 |  | 78767 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>2,4</sup> | 147773 |  | 148176 |
| GS Mortgage-Backed Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.91% (30 Day Average SOFR + 1.55%, Rate Floor: 1.55%) due 10/25/55<sup>◊,2</sup> | 143813 |  | 144218 |
| Chase Home Lending Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 04/25/56<sup>◊,2</sup> | 139658 |  | 140501 |
| Mill City Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,2</sup> | 120000 |  | 100899 |
| Anchor Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>2</sup> | 100000 |  | 100501 |
| NYMT Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,2</sup> | 97925 |  | 93914 |
| HOMES Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.86% due 01/25/70<sup>2,4</sup> | 91940 |  | 92613 |
| EFMT |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>2,4</sup> | 91355 |  | 92454 |
| Provident Funding Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,2</sup> | 91709 |  | 92195 |
| COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>2,4</sup> | 90563 |  | 91060 |
| ATLX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>2,4</sup> | 90418 |  | 87710 |
| Vista Point Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, 6.68% due 05/25/54<sup>2,4</sup> | 60050 |  | 60782 |
| Legacy Mortgage Asset Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 5.75% due 07/25/61<sup>2</sup> | 60769 |  | 60764 |
| Mill City Securities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>2,4</sup> | 61523 |  | 57447 |
| Towd Point Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,2</sup> | 55644 |  | 56509 |
| **Total Residential Mortgage-Backed Securities** |  |  | 5777363 |
| **Government Agency - 7.6%** |  |  |  |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/25/51 | 190786 |  | 193265 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51<sup>5</sup> | 182277 | $| 184327 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53<sup>5</sup> | 120459 |  | 122199 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53 | 95424 |  | 96340 |
| Uniform MBS 15 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25<sup>3</sup> | 287463 |  | 287047 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/01/25<sup>3</sup> | 272537 |  | 272217 |
| Uniform MBS 30 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>3</sup> | 290000 |  | 296202 |
| **Total Government Agency** |  |  | 1451597 |
| **Commercial Mortgage-Backed Securities - 0.1%** | **Commercial Mortgage-Backed Securities - 0.1%** | **Commercial Mortgage-Backed Securities - 0.1%** | **Commercial Mortgage-Backed Securities - 0.1%** |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,2</sup> | 25000 |  | 22839 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,212,049) | &nbsp;&nbsp;&nbsp;(Cost $7,212,049) |  | 7251799 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.5%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.5%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.5%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.5%** |
| **Financial - 2.7%** |  |  |  |
| Kroll, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.81% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) (in-kind rate was 2.75%) due 09/12/32<sup>6</sup> | 100000 |  | 99609 |
| Worldpay |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 99500 |  | 99542 |
| Amwins Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 99250 |  | 99185 |
| Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 99219 |  | 98392 |
| CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 49874 |  | 49812 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 29775 |  | 29778 |
| Ryan Specialty LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.75%) due 09/15/31 | 24813 |  | 24805 |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 19850 |  | 19882 |
| **Total Financial** |  |  | 521005 |
| **Consumer, Cyclical - 1.8%** |  |  |  |
| Clarios Global, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 100000 |  | 99969 |
| Grant Thornton Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/30/31 | 100000 |  | 99770 |
| TMF Sapphire Bidco B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 | 79400 |  | 79267 |
| PCI Gaming Authority, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 29625 |  | 29549 |
| Thevelia US LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 24811 |  | 24730 |
| **Total Consumer, Cyclical** |  |  | 333285 |
| **Industrial - 1.6%** |  |  |  |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 | 92857 |  | 93520 |
| Hunter Douglas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 79400 |  | 79400 |
| Genesee & Wyoming, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 49874 |  | 49661 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 24750 |  | 24733 |
| Service Logic Acquisition, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 24688 |  | 24704 |
| StandardAero |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 19850 |  | 19849 |
| Capstone Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.76% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 9126 |  | 9084 |
| **Total Industrial** |  |  | 300951 |
| **Technology - 1.0%** |  |  |  |
| Clearwater Analytics, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.46% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 100000 |  | 100000 |
| CCC Intelligent Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 99250 |  | 99095 |
| **Total Technology** |  |  | 199095 |
| **Consumer, Non-cyclical - 0.7%** |  |  |  |
| Aramark Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.17% ((1 Month Term SOFR + 2.00%) and (3 Month Term SOFR + 2.00%), Rate Floor: 2.00%) due 06/24/30 | 96193 |  | 96293 |
| Froneri US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 24875 |  | 24673 |
| HAH Group Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 5357 |  | 4809 |
| **Total Consumer, Non-cyclical** |  |  | 125775 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Energy - 0.5%** |  |  |  |  |
| Whitewater Matterhorn Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 |  | 100000 | $| 99891 |
| **Utilities - 0.1%** |  |  |  |  |
| Calpine Construction Finance Company, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 |  | 25000 |  | 24997 |
| **Communications - 0.1%** |  |  |  |  |
| Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 |  | 20000 |  | 20000 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,623,206) | &nbsp;&nbsp;&nbsp;(Cost $1,623,206) | &nbsp;&nbsp;&nbsp;(Cost $1,623,206) |  | 1624999 |
| **CORPORATE BONDS<sup>††</sup>** **- 5.8%** | **CORPORATE BONDS<sup>††</sup>** **- 5.8%** | **CORPORATE BONDS<sup>††</sup>** **- 5.8%** | **CORPORATE BONDS<sup>††</sup>** **- 5.8%** | **CORPORATE BONDS<sup>††</sup>** **- 5.8%** |
| **Financial - 2.6%** |  |  |  |  |
| GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40% due 01/13/30<sup>2</sup> |  | 150000 |  | 155363 |
| Rocket Companies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 08/01/30<sup>2</sup> |  | 150000 |  | 153948 |
| Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 06/23/28 |  | 100000 |  | 100955 |
| American National Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>2</sup> |  | 30000 |  | 30592 |
| F&G Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>2</sup> |  | 25000 |  | 25968 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>2</sup> |  | 25000 |  | 24488 |
| Focus Financial Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>2</sup> |  | 10000 |  | 10241 |
| **Total Financial** |  |  |  | 501555 |
| **Utilities - 1.3%** |  |  |  |  |
| ContourGlobal Power Holdings S.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/28/30<sup>2</sup> | EUR | 100000 |  | 120202 |
| Pinnacle West Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 05/15/28 |  | 100000 |  | 101590 |
| Terraform Global Operating, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>2</sup> |  | 30000 |  | 29621 |
| **Total Utilities** |  |  |  | 251413 |
| **Consumer, Non-cyclical - 0.9%** |  |  |  |  |
| Darling Global Finance B.V. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/15/32<sup>2</sup> | EUR | 100000 |  | 118557 |
| AMN Healthcare, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>2</sup> |  | 25000 |  | 24990 |
| Graham Holdings Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>2</sup> |  | 25000 |  | 24990 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>2</sup> |  | 5000 |  | 5020 |
| **Total Consumer, Non-cyclical** |  |  |  | 173557 |
| **Communications - 0.5%** |  |  |  |  |
| Sirius XM Radio LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>2</sup> |  | 85000 |  | 83827 |
| **Energy - 0.4%** |  |  |  |  |
| Venture Global Plaquemines LNG LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 05/01/33<sup>2</sup> |  | 40000 |  | 44201 |
| Vnom Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>2</sup> |  | 25000 |  | 25004 |
| **Total Energy** |  |  |  | 69205 |
| **Consumer, Cyclical - 0.1%** |  |  |  |  |
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>2</sup> |  | 25000 |  | 25470 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,065,581) | &nbsp;&nbsp;&nbsp;(Cost $1,065,581) | &nbsp;&nbsp;&nbsp;(Cost $1,065,581) |  | 1105027 |
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** |  |  |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **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;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 101000 |  | 1301 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $365,425) | EUR | 311000 |  | 531 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $365,425) | EUR | 311000 |  | 531 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 81000 |  | 1043 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 34000 |  | 1002 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $466,475) | EUR | 397000 |  | 697 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $417,125) | EUR | 355000 |  | 597 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 208000 |  | 440 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $206,800) | EUR | 176000 |  | 301 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 8000 | $| 236 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 18000 |  | 232 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 63000 |  | 133 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 19000 |  | 40 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $34,075) | EUR | 29000 |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $34,075) | EUR | 29000 |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $38,775) | EUR | 33000 |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $23,500) | EUR | 20000 |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $10,575) | EUR | 9000 |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $7,050) | EUR | 6000 |  |  |
| **Total Foreign Exchange Options** |  |  |  | 7084 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,710) |  |  |  | 7084 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,7</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,7</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,7</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,7</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,7</sup>** **- 0.2%** |
| **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 $667,500) | USD | 1335000 |  | 16848 |
| &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 $667,500) | USD | 667500 |  | 8425 |
| &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 $667,500) | USD | 667500 |  | 8424 |
| **Total Interest Rate Swaptions** |  |  |  | 33697 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,073) |  |  |  | 33697 |
| **Total Investments - 106.0%** | **Total Investments - 106.0%** | **Total Investments - 106.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,130,250) | &nbsp;&nbsp;&nbsp;(Cost $20,130,250) | &nbsp;&nbsp;&nbsp;(Cost $20,130,250) |  | 20256160 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- 0.0%** | **OTC OPTIONS WRITTEN<sup>††</sup>** **- 0.0%** | **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 | 19000 |  | (3) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 63000 |  | (8) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 208000 |  | (28) |
| **Total Foreign Exchange Options** |  |  |  | (39) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $2,290) |  |  |  | (39) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,7</sup>** **- (0.2)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,7</sup>** **- (0.2)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,7</sup>** **- (0.2)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,7</sup>** **- (0.2)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,7</sup>** **- (0.2)%** |
| **Call Swaptions on: Interest Rate Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $218,750) | USD | 218750 |  | (546) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $218,750) | USD | 218750 |  | (547) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% (Notional Value $218,750) | USD | 218750 |  | (559) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $218,750) | USD | 218750 |  | (634) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $218,750) | USD | 218750 |  | (634) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% (Notional Value $218,750) | USD | 218750 |  | (644) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $218,750) | USD | 218750 | $(704) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $218,750) | USD | 218750 | (712) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $218,750) | USD | 218750 | (729) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $218,750) | USD | 218750 | (729) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $306,250) | USD | 306250 | (771) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $306,250) | USD | 306250 | (771) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $350,000) | USD | 350000 | (955) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $350,000) | USD | 350000 | (955) |
| &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 $667,500) | USD | 667500 | (2352) |
| &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 $667,500) | USD | 667500 | (2352) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $667,500) | USD | 1335000 | (4704) |
| **Total Interest Rate Call Swaptions** |  |  | (19298) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $218,750) | USD | 218750 | (296) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $218,750) | USD | 218750 | (296) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $218,750) | USD | 218750 | (312) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $218,750) | USD | 218750 | (316) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% (Notional Value $218,750) | USD | 218750 | (361) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% (Notional Value $218,750) | USD | 218750 | (365) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $218,750) | USD | 218750 | (375) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $218,750) | USD | 218750 | (376) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $218,750) | USD | 218750 | (461) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $218,750) | USD | 218750 | (461) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $306,250) | USD | 306250 | (732) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $306,250) | USD | 306250 | (732) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $350,000) | USD | 350000 | (764) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $350,000) | USD | 350000 | $(764) |
| **Total Interest Rate Put Swaptions** |  |  | (6611) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $37,601) |  |  | (25909) |
| **Other Assets & Liabilities, net - (5.8)%** | **Other Assets & Liabilities, net - (5.8)%** | **Other Assets & Liabilities, net - (5.8)%** | (1111743) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $19118469 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Depreciation\*\*** |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $500000 | $(11317) | $(10952) | $(365) |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 250000 | (19985) | (18386) | (1599) |
|  |  |  |  |  |  | $(31302) | $(29338) | $(1964) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Depreciation\*\*** |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.64% | Annually | 10/02/35 | $375000 | $— | $253 | $(253) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.85% | Annually | 10/02/40 | 675000 |  | 257 | (257) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.37% | Annually | 10/02/30 | 3200000 |  | 264 | (264) |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.39% | Annually | 10/02/27 | 8700000 |  | 272 | (272) |
|  |  |  |  |  |  |  | $— | $1046 | $(1046) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Morgan Stanley & Co. International plc | EUR | Sell | 205000 | 241,039 USD | 10/17/25 | $81 |
| Toronto-Dominion Bank | EUR | Sell | 2000 | 2,352 USD | 10/15/25 | 2 |
| Morgan Stanley & Co. International plc | EUR | Sell | 4000 | 4,696 USD | 10/15/25 | (5) |
| Barclays Bank plc | EUR | Sell | 2000 | 2,335 USD | 10/15/25 | (16) |
|  |  |  |  |  |  | $62 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 7.00% | 02/13/26 | 3.50% | $1335000 | $16848 |
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 667500 | 8425 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 667500 | 8424 |
|  |  |  |  |  |  |  |  | $33697 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $218750 | $(546) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 218750 | (547) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 218750 | (559) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 218750 | (634) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 218750 | (634) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 218750 | (644) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 218750 | (704) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 218750 | (712) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 218750 | (729) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 218750 | (729) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 306250 | (771) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 306250 | (771) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 350000 | (955) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 350000 | (955) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 667500 | (2352) |
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 667500 | (2352) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 6.00% | 02/13/26 | 3.00% | 1335000 | (4704) |
|  |  |  |  |  |  |  |  | $(19298) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $218750 | $(296) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 218750 | (296) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 218750 | (312) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 218750 | (316) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 218750 | (361) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 218750 | (365) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 218750 | (375) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 218750 | (376) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 218750 | (461) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 218750 | (461) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 306250 | (732) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 306250 | (732) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 350000 | (764) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 350000 | (764) |
|  |  |  |  |  |  |  |  | $(6611) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \*\* | &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 — 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 September 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;Rate indicated is the 7-day yield as of September 30, 2025. |
| <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 $16,522,117 (cost $16,396,715), or 86.4% of total net assets. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>4</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as reverse repurchase agreement collateral at September 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Preferred Stocks | $— | $51528 | $— | $51528 |
| Money Market Funds | 111737 |  |  | 111737 |
| Asset-Backed Securities |  | 9919433 | 150856 | 10070289 |
| Collateralized Mortgage Obligations |  | 7251799 |  | 7251799 |
| Senior Floating Rate Interests |  | 1615915 | 9084 | 1624999 |
| Corporate Bonds |  | 1105027 |  | 1105027 |
| Options Purchased |  | 7084 |  | 7084 |
| Interest Rate Swaptions Purchased |  | 33697 |  | 33697 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 83 |  | 83 |
| Total Assets | $111737 | $19984566 | $159940 | $20256243 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Options Written | $— | $39 | $— | $39 |
| Interest Rate Swaptions Written |  | 25909 |  | 25909 |
| Credit Default Swap Agreements\*\* |  | 1964 |  | 1964 |
| Interest Rate Swap Agreements\*\* |  | 1046 |  | 1046 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 21 |  | 21 |
| Unfunded Loan Commitments (Note 9) |  |  | 43 | 43 |
| Total Liabilities | $— | $28979 | $43 | $29022 |

---

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $290,671 are categorized as Level 2 within the disclosure hierarchy — See Note 6.

**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** |
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70% | 03/01/29 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM4, 5.61% due 02/25/65 | 6.61% | 04/26/29 |  |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 |  |  |
| &nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 |  |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 |  |  |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 |  |  |
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99% | 01/01/29 |  |  |
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73% | 02/01/29 |  |  |
| HOMES Trust 2025-NQM1, 5.86% due 01/25/70 | 6.86% | 01/01/29 |  |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95% | 12/01/28 |  |  |
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00% | 10/01/27 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83% | 08/01/28 |  |  |
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47% | 05/01/28 | 10.47% | 05/01/29 |
| PRPM LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25% | 04/01/28 |  |  |
| PRPM LLC 2025-5, 5.73% due 07/25/30 | 8.73% | 07/01/28 | 9.73% | 07/01/29 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69% | 05/01/29 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| Verus Securitization Trust 2023-3, 6.74% due 03/25/68 | 7.74% | 04/01/27 | – |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 | – |  |
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43% | 06/01/29 | – |  |
| Vista Point Securitization Trust 2024-CES1, 6.68% due 05/25/54 | 7.67% | 04/01/28 | – |  |

---

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

**ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $20,130,250) | $20256160 |
| Cash | 1226 |
| Segregated cash with broker | 155147 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1046 |
| Unrealized appreciation on forward foreign currency exchange contracts | 83 |
| Prepaid expenses | 30409 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1449099 |
| &nbsp;&nbsp;&nbsp;Interest | 155470 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 11948 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 39892 |
| **Total assets** | 22100480 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $769) | 43 |
| Reverse repurchase agreements (Note 6) | 290671 |
| Options written, at value (premiums received $39,891) | 25948 |
| Segregated cash due to broker | 10827 |
| Unamortized upfront premiums received on credit default swap agreements | 29338 |
| Unrealized depreciation on forward foreign currency exchange contracts | 21 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 2556067 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 24203 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 4774 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1160 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 954 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 507 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 97 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 37401 |
| **Total liabilities** | 2982011 |
| **Net assets** | $19118469 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $19085318 |
| Total distributable earnings (loss) | 33151 |
| Net assets | $19118469 |
| Capital shares outstanding | 960454 |
| Net asset value per share | $19.91 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $730600 |
| &nbsp;&nbsp;&nbsp;Total investment income | 730600 |
| **Expenses:** | **Expenses:** |
| Professional fees | 66965 |
| Fund accounting/administration fees | 60136 |
| Trustees' fees\* | 33591 |
| Registration fees | 23755 |
| Printing expenses | 13641 |
| Transer agent/maintenance fees | 12001 |
| Custodian fees | 6049 |
| Line of credit fees | 282 |
| Miscellaneous | 7409 |
| &nbsp;&nbsp;&nbsp;Total expenses | 223829 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (221781) |
| Earnings credits applied | (1318) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (223099) |
| Net expenses | 730 |
| Net investment income | 729870 |
| **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 | 22515 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (139385) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 11205 |
| &nbsp;&nbsp;&nbsp;Options purchased | 23308 |
| &nbsp;&nbsp;&nbsp;Options written | (12566) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (13551) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (176) |
| Net realized loss | (108650) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 140334 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3010) |
| &nbsp;&nbsp;&nbsp;Options purchased | (18002) |
| &nbsp;&nbsp;&nbsp;Options written | 13943 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 62 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 6 |
| Net change in unrealized appreciation (depreciation) | 133333 |
| Net realized and unrealized gain | 24683 |
| **Net increase in net assets resulting from operations** | $754553 |

---

\* 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 ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $729870 | $22638 |
| Net realized gain (loss) on investments | (108650) | 30 |
| Net change in unrealized appreciation (depreciation) on investments | 133333 | 4304 |
| Net increase in net assets resulting from operations | 754553 | 26972 |
| Distributions to shareholders | (725563) | (22811) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 15530082 | 3500002 |
| Distributions reinvested | 725563 | 22811 |
| Cost of shares redeemed | (693140) |  |
| Net increase from capital share transactions | 15562505 | 3522813 |
| Net increase in net assets | 15591495 | 3526974 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3526974 |  |
| &nbsp;&nbsp;&nbsp;End of period | $19118469 | $3526974 |
| **Capital share activity:** |  |  |
| Shares sold | 782730 | 174962 |
| Shares issued from reinvestment of distributions | 36547 | 1140 |
| Shares redeemed | (34925) |  |
| Net increase in shares | 784352 | 176102 |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

**ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND**<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 a Fund's performance for the period presented.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> September 30, <br> 2025** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $20.03 | $20.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.12 | .15 |
| Net gain (loss) on investments (realized and unrealized) | (.12) | .03 |
| Total from investment operations | 1.00 | .18 |
| Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.12) | (.15) |
| Total distributions | (1.12) | (.15) |
| Net asset value, end of period | $19.91 | $20.03 |
| **Total Return** | **5.14%** | **0.90%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $19118 | $3527 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.64% | 0.74% |
| Total expenses | 1.73% | 0.97% |
| Net expenses<sup>c,d</sup> | 0.02% | — <sup>e</sup> |
| Portfolio turnover rate | 25% | — <sup>f</sup> |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

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

<sup>d</sup> Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratio for the year ended September 30, 2025 would be 0.00%.

<sup>e</sup> Less than 0.01%.

<sup>f</sup> Less than 1.0%.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **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> | 622890 | $62 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;Constar International Holdings LLC\*<sup>,†††</sup> | 68 |  |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | 62 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.5%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.5%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.5%** |
| **Financial - 1.5%** | **Financial - 1.5%** | **Financial - 1.5%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;4.00%<sup>††</sup> | 8500000 | 7976084 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;3.90%<sup>††</sup> | 5550000 | 5496101 |
| &nbsp;&nbsp;&nbsp;6.85%<sup>††</sup> | 850000 | 893257 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;6.63%<sup>††</sup> | 4000000 | 4161956 |
| &nbsp;&nbsp;&nbsp;6.25%<sup>††</sup> | 900000 | 911499 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;6.70%<sup>††</sup> | 4870000 | 5065209 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp;&nbsp;3.75%<sup>††</sup> | 3900000 | 3822111 |
| &nbsp;&nbsp;&nbsp;5.95%<sup>††</sup> | 730000 | 738150 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;3.65%<sup>††</sup> | 2350000 | 2324232 |
| &nbsp;&nbsp;&nbsp;6.50%<sup>††</sup> | 1570000 | 1625160 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;6.88%<sup>††</sup> | 2300000 | 2370281 |
| Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
| &nbsp;&nbsp;&nbsp;3.38% <sup>††,2</sup> | 1000000 | 983297 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 47725 | 963568 |
| Kuvare US Holdings, Inc. | Kuvare US Holdings, Inc. | Kuvare US Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;7.00% due 02/17/51 <sup>††,2</sup> | 681000 | 677785 |
| First Republic Bank | First Republic Bank | First Republic Bank |
| &nbsp;&nbsp;&nbsp;4.25%\*<sup>,††</sup> | 77975 | 8 |
| **Total Financial** |  | 38008698 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| CoBank ACB | CoBank ACB | CoBank ACB |
| &nbsp;&nbsp;&nbsp;7.13%<sup>††</sup> | 500000 | 516300 |
| **Utilities - 0.0%** | **Utilities - 0.0%** | **Utilities - 0.0%** |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/85 | 17450 | 449338 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| Constar International Holdings LLC\*<sup>,†††</sup> | 7 |  |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,990,963) |  | 38974336 |
| **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\* | 6510 | 47 |
| Pershing Square SPARC Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49\*<sup>,†††,1</sup> | 190327 | 19 |
| Pershing Square Tontine Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/24/25\*<sup>,†††,1</sup> | 69210 | 7 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,075) |  | 73 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.9%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.9%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.9%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>3</sup> | 98829759 | 98829759 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>3</sup> | 974082 | 974082 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,803,841) |  | 99803841 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 38.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 38.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 38.5%** |
| **Government Agency - 28.6%** |  |  |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>4</sup> | 148630000 | 130544404 |
| &nbsp;&nbsp;&nbsp;2.50% due 12/01/25<sup>4</sup> | 72005000 | 60717208 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/26<sup>4</sup> | 58784000 | 58246832 |
| &nbsp;&nbsp;&nbsp;6.00% due 01/01/26<sup>4</sup> | 34890000 | 35607513 |
| &nbsp;&nbsp;&nbsp;6.00% due 12/01/25<sup>4</sup> | 20300000 | 20734116 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>4</sup> | 16050000 | 16177453 |
| &nbsp;&nbsp;&nbsp;2.00% due 12/01/25<sup>4</sup> | 15965000 | 12872548 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/55 | 22398442 | 22591441 |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/55 | 19237191 | 19555736 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 16767080 | 14760798 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/55 | 13844077 | 14001864 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 12046734 | 11999013 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/01/54 | 8958182 | 9111818 |
| &nbsp;&nbsp;&nbsp;6.00% due 07/01/54 | 8564144 | 8850060 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 7041434 | 7020855 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 6555093 | 6559141 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 5937183 | 5944135 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/53 | 5417187 | 5420842 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 5089920 | 5099788 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 5093642 | 5073231 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 3945236 | 3990201 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 3096294 | 3194892 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 3137628 | 3187081 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 3039966 | 3046030 |
| &nbsp;&nbsp;&nbsp;6.50% due 04/25/49 | 1962848 | 2001746 |
| &nbsp;&nbsp;&nbsp;2.78% due 05/01/51 | 2561048 | 1978717 |
| &nbsp;&nbsp;&nbsp;2.32% due 02/01/51 | 1931494 | 1419444 |
| &nbsp;&nbsp;&nbsp;2.00% due 09/01/50 | 1944428 | 1385454 |
| &nbsp;&nbsp;&nbsp;2.11% due 10/01/50 | 1717295 | 1242931 |
| &nbsp;&nbsp;&nbsp;2.27% due 02/01/51 | 1607638 | 1174648 |
| &nbsp;&nbsp;&nbsp;2.39% due 02/01/51 | 1338474 | 993937 |
| &nbsp;&nbsp;&nbsp;4.24% due 08/01/48 | 969488 | 863615 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2.58% due 10/01/51 | 1123794 | $| 842428 |
| &nbsp;&nbsp;&nbsp;3.46% due 08/01/49 | 894172 |  | 767552 |
| &nbsp;&nbsp;&nbsp;4.37% due 10/01/48 | 675196 |  | 638648 |
| &nbsp;&nbsp;&nbsp;4.25% due 05/01/48 | 590056 |  | 547411 |
| &nbsp;&nbsp;&nbsp;due 12/25/43<sup>5</sup> | 558707 |  | 424374 |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 49752084 |  | 43798941 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 17172166 |  | 17749068 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/55 | 17566445 |  | 17717807 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/53 | 13250020 |  | 13568464 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 6865116 |  | 6846467 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 4822973 |  | 4805960 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 3934867 |  | 3979714 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 3813174 |  | 3798122 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/51 | 3676449 |  | 3680939 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 3216899 |  | 3272292 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53 | 2248563 |  | 2281053 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/52 | 2051560 |  | 2054354 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 1892061 |  | 1953480 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 1913804 |  | 1948772 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53 | 1431367 |  | 1445107 |
| &nbsp;&nbsp;&nbsp;1.98% due 05/01/50 | 1286794 |  | 904444 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>4</sup> | 21240000 |  | 21386535 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/26<sup>4</sup> | 18906548 |  | 18777227 |
| &nbsp;&nbsp;&nbsp;5.25% due 03/20/52 | 4481335 |  | 4527379 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 434819 |  | 436479 |
| Uniform MBS 15 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25<sup>4</sup> | 21652218 |  | 21620887 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/01/25<sup>4</sup> | 20527782 |  | 20503682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 2785186 |  | 2220012 |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 1062565 |  | 855099 |
| Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/20/55 | 3005643 |  | 2993865 |
| Fannie Mae-Aces |  |  |  |
| &nbsp;&nbsp;&nbsp;1.60% (WAC) due 03/25/35<sup>◊,6</sup> | 17120223 |  | 1387681 |
| FARM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2.18% (WAC) due 01/25/51<sup>◊,2</sup> | 750750 |  | 614568 |
| **Total Government Agency** |  |  | 723716303 |
| **Residential Mortgage-Backed Securities - 7.9%** | **Residential Mortgage-Backed Securities - 7.9%** | **Residential Mortgage-Backed Securities - 7.9%** | **Residential Mortgage-Backed Securities - 7.9%** |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.57% due 10/25/64<sup>2,7</sup> | 2853201 |  | 2867582 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, 7.66% due 10/25/63<sup>2,7</sup> | 2436740 |  | 2476777 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.82% due 05/25/65<sup>2,7</sup> | 1923358 |  | 1939193 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.22% due 01/25/64<sup>2,7</sup> | 1919537 |  | 1937433 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>2,7</sup> | 1156661 |  | 1164709 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.29% due 01/25/64<sup>2,7</sup> | 1109590 |  | 1121174 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.85% due 02/25/64<sup>2,7</sup> | 1023417 |  | 1037882 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>2,7</sup> | 1016852 |  | 1022467 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>2,7</sup> | 951077 |  | 960501 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.45% due 02/25/64<sup>2,7</sup> | 792320 |  | 804647 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.24% due 03/25/64<sup>2,7</sup> | 662618 |  | 671351 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.70% due 02/25/64<sup>2,7</sup> | 660269 |  | 670317 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.60% due 03/25/64<sup>2,7</sup> | 662618 |  | 670278 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.59% due 05/25/64<sup>2,7</sup> | 650551 |  | 658351 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.33% due 12/25/63<sup>2,7</sup> | 639795 |  | 648350 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.43% due 12/25/63<sup>2,7</sup> | 639795 |  | 648261 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.13% due 12/25/63<sup>2,7</sup> | 639795 |  | 647391 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.39% due 01/25/64<sup>2,7</sup> | 634051 |  | 639679 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>2,7</sup> | 547833 |  | 555450 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.61% due 05/25/65<sup>2,7</sup> | 528923 |  | 533035 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>2,7</sup> | 434790 |  | 433765 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.45% due 03/25/64<sup>2,7</sup> | 397571 |  | 402597 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.18% due 12/25/63<sup>2,7</sup> | 335024 |  | 337147 |
| GCAT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.60% due 04/25/70<sup>2,7</sup> | 5495431 |  | 5547450 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,2</sup> | 4218914 |  | 4089597 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.73% due 06/25/70<sup>2,7</sup> | 3290486 |  | 3316195 |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,2</sup> | 2619082 |  | 2664359 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 6.89% due 08/25/68<sup>2,7</sup> | 1296652 |  | 1314000 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 7.34% due 08/25/68<sup>2,7</sup> | 1296702 |  | 1313989 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.54% due 06/25/59<sup>2,7</sup> | 605965 |  | 612967 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>2,7</sup> | 302978 |  | 306531 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,2</sup> | 2485348 |  | 2512555 |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,2</sup> | 2371605 |  | 2432369 |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.02% (WAC) due 10/25/55<sup>◊,2</sup> | 2250000 |  | 2247880 |
| &nbsp;&nbsp;&nbsp;2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,2</sup> | 2064506 |  | 2110182 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,2</sup> | 2068462 |  | 2094550 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,2</sup> | 1460250 |  | 1481117 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> | 1295499 |  | 1300244 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,2</sup> | 1108072 |  | 1121781 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,2</sup> | 965998 |  | 984872 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.76% (WAC) due 06/25/55<sup>◊,2</sup> | 540043 |  | 547139 |
| JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,2</sup> | 6589226 |  | 6161172 |
| &nbsp;&nbsp;&nbsp;2021-13, 2.50% (WAC) due 04/25/52<sup>◊,2</sup> | 2887097 |  | 2699968 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 02/25/64<sup>2,7</sup> | 1634984 |  | 1647628 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,2</sup> | 1126760 |  | 1142749 |
| COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,2</sup> | 4000000 |  | 2870654 |
| &nbsp;&nbsp;&nbsp;2023-4, 7.62% due 10/25/68<sup>2,7</sup> | 2521519 |  | 2562018 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.18% due 09/25/68<sup>2,7</sup> | 1950483 |  | 1979126 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>2,7</sup> | 905628 |  | 909731 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.14% due 02/25/69<sup>2,7</sup> | 872615 |  | 878052 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>2,7</sup> | 680183 |  | 687599 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.58% due 09/25/68<sup>2,7</sup> | 629213 |  | 637964 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.33% due 04/25/69<sup>2,7</sup> | 309275 |  | 312062 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.43% due 04/25/69<sup>2,7</sup> | 309275 |  | 311950 |
| Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 6.12% due 01/25/69<sup>2,7</sup> | 2863170 |  | 2878539 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>2,7</sup> | 2364031 |  | 2377868 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.98% due 01/25/70<sup>2,7</sup> | 1445527 |  | 1455703 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>2,7</sup> | 1374610 |  | 1380795 |
| &nbsp;&nbsp;&nbsp;2023-2, 6.85% due 03/25/68<sup>2,7</sup> | 1105840 |  | 1108578 |
| &nbsp;&nbsp;&nbsp;2023-7, 7.42% due 10/25/68<sup>2,7</sup> | 920224 |  | 933330 |
| Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 6.25% due 01/25/69<sup>2,7</sup> | 3732270 |  | 3759759 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>2,7</sup> | 1934316 |  | 1957549 |
| &nbsp;&nbsp;&nbsp;2024-3, 4.80% due 11/26/68<sup>2,7</sup> | 1656694 |  | 1647821 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2023-1, 4.75% due 09/26/67<sup>2,7</sup> | 1221485 | $1211412 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.50% due 01/25/69<sup>2,7</sup> | 587203 | 592906 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.40% due 01/25/69<sup>2,7</sup> | 276331 | 279191 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.77% (WAC) due 12/25/59<sup>◊,2</sup> | 150364 | 146182 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>2,7</sup> | 3115479 | 3135680 |
| &nbsp;&nbsp;&nbsp;2024-CES2, 5.25% due 10/25/54<sup>2,7</sup> | 2546230 | 2542436 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>2,7</sup> | 2300946 | 2311400 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,2</sup> | 5934443 | 5979397 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,2</sup> | 1163990 | 1183770 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.70% due 02/25/55<sup>2,7</sup> | 1949036 | 1967143 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 4.50% due 05/25/62<sup>2,7</sup> | 1585418 | 1571317 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.39% due 03/25/64<sup>2,7</sup> | 1120779 | 1132518 |
| &nbsp;&nbsp;&nbsp;2023-NQM8, 7.10% due 10/25/63<sup>2,7</sup> | 1012167 | 1025792 |
| &nbsp;&nbsp;&nbsp;2024-CES1, 6.38% due 04/25/54<sup>2,7</sup> | 691301 | 701318 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.59% (WAC) due 11/25/69<sup>◊,2</sup> | 2750316 | 2771139 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.89% due 02/25/70<sup>2,7</sup> | 1294194 | 1305851 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>2,7</sup> | 937175 | 944303 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>2,7</sup> | 911552 | 915205 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 4.50% (WAC) due 10/27/64<sup>◊,2</sup> | 2597119 | 2601794 |
| &nbsp;&nbsp;&nbsp;2025-1, 4.77% (WAC) due 06/25/65<sup>◊,2</sup> | 1343980 | 1344329 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,2</sup> | 1168519 | 1186696 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,2</sup> | 461700 | 465127 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, 6.81% (WAC) due 09/25/43<sup>◊,2</sup> | 2054126 | 2079375 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>2,7</sup> | 2022619 | 2049495 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>2,7</sup> | 1125041 | 1138188 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,2</sup> | 5810000 | 5008337 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,2</sup> | 2659569 | 2673640 |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,2</sup> | 1900000 | 1899392 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>2</sup> | 1413778 | 1417797 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.37% due 09/25/64<sup>2</sup> | 1413778 | 1416638 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>2</sup> | 1284534 | 1297168 |
| &nbsp;&nbsp;&nbsp;2019-6A, 3.50% (WAC) due 09/25/59<sup>◊,2</sup> | 312113 | 296052 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>2,7</sup> | 4110973 | 4160431 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.11% (30 Day Average SOFR + 1.75%, Rate Floor: 0.00%) due 06/25/55<sup>◊,2</sup> | 1861473 | 1864595 |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,2</sup> | 1270464 | 1316143 |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.21% (30 Day Average SOFR + 1.85%, Rate Floor: 0.00%) due 06/25/55<sup>◊,2</sup> | 930737 | 931514 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,2</sup> | 4127384 | 3829539 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.79% (WAC) due 09/27/60<sup>◊,2</sup> | 118257 | 110994 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>2,7</sup> | 2200000 | 2208519 |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>2</sup> | 1700000 | 1704525 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>2,7</sup> | 2491669 | 2326596 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>2,7</sup> | 1647425 | 1552698 |
| BRAVO Residential Funding Trust 2025-NQM2 |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.83% due 11/25/64<sup>2,7</sup> | 3358008 | 3385123 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,2</sup> | 1248444 | 1267495 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,2</sup> | 1021144 | 1026424 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,2</sup> | 912941 | 920125 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>2</sup> | 1729761 | 1683175 |
| &nbsp;&nbsp;&nbsp;2025-RPL3, 3.25% due 04/25/55<sup>2,7</sup> | 850000 | 801366 |
| &nbsp;&nbsp;&nbsp;2023-RCF1, 4.00% due 06/25/53<sup>2,7</sup> | 625181 | 618759 |
| OBX 2025-HE1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.26% (30 Day Average SOFR + 1.90%, Rate Floor: 0.00%) due 02/25/55<sup>◊,2</sup> | 1800000 | 1809669 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.35% due 07/25/69<sup>2,7</sup> | 743760 | 744480 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.04% (WAC) due 07/25/69<sup>◊,2</sup> | 743758 | 743222 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,2</sup> | 735122 | 696247 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,2</sup> | 735122 | 694117 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,2</sup> | 1397849 | 1376985 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>2</sup> | 1250000 | 1246947 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.41% (WAC) due 02/25/50<sup>◊,2</sup> | 554252 | 529786 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.56% (WAC) due 02/25/50<sup>◊,2</sup> | 554252 | 529362 |
| Anchor Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>2</sup> | 1000000 | 1005010 |
| RCKT Mortgage Trust 2025-CES7 |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES7, 5.48% due 07/25/55<sup>2,7</sup> | 977322 | 983904 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,2</sup> | 895120 | 910014 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, 5.52% due 01/26/60<sup>2,7</sup> | 870245 | 877131 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 2.08% due 05/25/47<sup>6</sup> | 5572026 | 869749 |
| MFRA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-INV1, 2.29% (WAC) due 01/25/56<sup>◊,2</sup> | 700000 | 660545 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-RPL9, 3.85% (WAC) due 09/25/57<sup>◊,2</sup> | 494132 | 486985 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.72% due 05/25/65<sup>2</sup> | 115717 | 109814 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE2, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 1297869 | 508341 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.71% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 1487218 | 242495 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.99% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 207132 | $| 175782 |
| MASTR Adjustable Rate Mortgages Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2003-5, 2.81% (WAC) due 11/25/33<sup>◊</sup> | 187922 |  | 167258 |
| Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.68% (WAC) due 01/26/60<sup>◊,2</sup> | 18560 |  | 18401 |
| **Total Residential Mortgage-Backed Securities** |  |  | 198831982 |
| **Commercial Mortgage-Backed Securities - 1.5%** | **Commercial Mortgage-Backed Securities - 1.5%** | **Commercial Mortgage-Backed Securities - 1.5%** | **Commercial Mortgage-Backed Securities - 1.5%** |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 09/15/36<sup>◊,2</sup> | 3381210 |  | 3368531 |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,2</sup> | 3342457 |  | 3336190 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 5.84% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,2</sup> | 983005 |  | 984848 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,2</sup> | 936195 |  | 938828 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-GSA2, 2.34% due 12/12/53 | 8000000 |  | 6609669 |
| &nbsp;&nbsp;&nbsp;2020-GC45, 0.73% (WAC) due 02/13/53<sup>◊,6</sup> | 17607941 |  | 375301 |
| &nbsp;&nbsp;&nbsp;2019-GC42, 0.93% (WAC) due 09/10/52<sup>◊,6</sup> | 13740205 |  | 350393 |
| DBGS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C1, 4.79% (WAC) due 10/15/51<sup>◊</sup> | 7000000 |  | 6540301 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.36% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38<sup>◊,2</sup> | 4000000 |  | 3534547 |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 06/15/41<sup>◊,2</sup> | 1700000 |  | 1701062 |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.09% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 06/15/41<sup>◊,2</sup> | 1450000 |  | 1451359 |
| RWC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>2,4</sup> | 2350000 |  | 2347004 |
| SMRT |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.10% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,2</sup> | 2000000 |  | 1990000 |
| Life Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.67% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38<sup>◊,2</sup> | 1400000 |  | 1391250 |
| BMP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-MF23, 5.79% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41<sup>◊,2</sup> | 1000000 |  | 1002187 |
| Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.52% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,2</sup> | 927604 |  | 927604 |
| GS Mortgage Securities Corporation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 5.77% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36<sup>◊,2</sup> | 922142 |  | 918979 |
| BENCHMARK Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.89% (WAC) due 12/15/62<sup>◊,6</sup> | 17232604 |  | 359796 |
| &nbsp;&nbsp;&nbsp;2018-B6, 0.55% (WAC) due 10/10/51<sup>◊,6</sup> | 27958068 |  | 215129 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC43, 0.72% (WAC) due 11/10/52<sup>◊,6</sup> | 18462182 |  | 391551 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.80% (WAC) due 08/10/49<sup>◊,6</sup> | 2129782 |  | 11838 |
| &nbsp;&nbsp;&nbsp;2016-P5, 1.51% (WAC) due 10/10/49<sup>◊,6</sup> | 1470273 |  | 8393 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.76% (WAC) due 04/10/49<sup>◊,6</sup> | 2409234 |  | 905 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 1.16% (WAC) due 03/15/52<sup>◊,6</sup> | 10815740 |  | 283601 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.20% (WAC) due 08/15/50<sup>◊,6</sup> | 7449813 |  | 104488 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C5, 1.98% (WAC) due 10/10/48<sup>◊,6</sup> | 6708112 |  | 40839 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-UB11, 1.56% (WAC) due 08/15/49<sup>◊,6</sup> | 5382054 |  | 34463 |
| JPMDB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.62% (WAC) due 06/15/49<sup>◊,6</sup> | 5979953 |  | 16913 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.92% (WAC) due 12/15/49<sup>◊,6</sup> | 2258612 |  | 12000 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.51% (WAC) due 01/15/59<sup>◊,6</sup> | 2576921 |  | 88 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.47% (WAC) due 08/10/49<sup>◊,6</sup> | 1984132 |  | 6733 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C3, 1.04% (WAC) due 01/10/48<sup>◊,6</sup> | 2646868 |  | 2294 |
| COMM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-CR26, 0.87% (WAC) due 10/10/48<sup>◊,6</sup> | 844712 |  | 10 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 39257094 |
| **Military Housing - 0.5%** |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.65% (WAC) due 11/25/55<sup>◊</sup> | 6607801 |  | 5806605 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.45% (WAC) due 11/25/52<sup>◊,2</sup> | 2606810 |  | 2373902 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,6</sup> | 9671021 |  | 543313 |
| Capmark Military Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-RILY, 6.15% due 07/10/51<sup>†††,2</sup> | 2175717 |  | 1893966 |
| &nbsp;&nbsp;&nbsp;2007-ROBS, 6.06% due 10/10/52<sup>†††,2</sup> | 439514 |  | 400879 |
| &nbsp;&nbsp;&nbsp;2007-AETC, 5.75% due 02/10/52<sup>†††,2</sup> | 257803 |  | 231399 |
| GMAC Commercial Mortgage Asset Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HCKM, 6.11% due 08/10/52<sup>†††,2</sup> | 1381282 |  | 1346869 |
| **Total Military Housing** |  |  | 12596933 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $983,765,442) | &nbsp;&nbsp;&nbsp;(Cost $983,765,442) |  | 974402312 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup>** **- 22.8%** | **CORPORATE BONDS<sup>††</sup>** **- 22.8%** | **CORPORATE BONDS<sup>††</sup>** **- 22.8%** |
| **Financial - 12.6%** |  |  |
| Pershing Square Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>2</sup> | 6200000 | $5527386 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 4000000 | 3681932 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 5036000 | 5077363 |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>8</sup> | 1875000 | 1932334 |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 | 1000000 | 1034422 |
| &nbsp;&nbsp;&nbsp;6.00% due 07/15/35 | 650000 | 663554 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.64% due 08/13/36<sup>2,8</sup> | 5450000 | 5520653 |
| &nbsp;&nbsp;&nbsp;3.62% due 06/03/30<sup>2</sup> | 2090000 | 1991543 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 01/21/51<sup>2,8</sup> | 8150000 | 7333676 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;2.28% due 01/20/32<sup>2,8</sup> | 8200000 | 7231261 |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 06/10/29<sup>2</sup> | 5985000 | 6142373 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.83% due 02/13/35<sup>8</sup> | 4900000 | 5082042 |
| &nbsp;&nbsp;&nbsp;4.50% due 09/11/31<sup>8</sup> | 1050000 | 1050568 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 05/20/35<sup>2</sup> | 2350000 | 2436338 |
| &nbsp;&nbsp;&nbsp;3.38% due 03/03/31 | 1630000 | 1537543 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/20/55<sup>2</sup> | 1000000 | 1074828 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/16/32 | 1000000 | 1039144 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 3510000 | 3359484 |
| &nbsp;&nbsp;&nbsp;5.75% due 11/01/37 | 1775000 | 1762669 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 900000 | 916459 |
| TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 01/15/36 | 3850000 | 3859923 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/05/34 | 2060000 | 2172881 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 03/15/31 | 3230000 | 3413460 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/35 | 2445000 | 2486543 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/15/51<sup>2,8</sup> | 5800000 | 5696720 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>2</sup> | 3841000 | 4450980 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/54<sup>2</sup> | 969000 | 1024491 |
| Wilton RE Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% <sup>2,8,9</sup> | 5426000 | 5394528 |
| Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.85% due 01/15/32 | 2428000 | 2154435 |
| &nbsp;&nbsp;&nbsp;2.80% due 06/15/31 | 1771000 | 1621510 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/01/34 | 1226000 | 1291551 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/35 | 284000 | 290616 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 03/03/55 | 1990000 | 2004789 |
| &nbsp;&nbsp;&nbsp;5.33% due 01/15/36 | 1550000 | 1558182 |
| &nbsp;&nbsp;&nbsp;4.70% due 09/20/47 | 650000 | 569586 |
| &nbsp;&nbsp;&nbsp;3.63% due 02/15/52 | 620000 | 446126 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/30/51 | 630000 | 445149 |
| &nbsp;&nbsp;&nbsp;5.68% due 01/15/35 | 300000 | 311171 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 08/22/43<sup>†††</sup> | 5000000 | 5274779 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/14/36<sup>2,8</sup> | 3960000 | 4160893 |
| &nbsp;&nbsp;&nbsp;2.99% due 05/21/31<sup>2</sup> | 975000 | 889319 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 11/01/34<sup>8</sup> | 2465000 | 2757372 |
| &nbsp;&nbsp;&nbsp;5.94% due 02/07/39<sup>8</sup> | 1950000 | 2041644 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;3.20% <sup>2,8,9</sup> | 5000000 | 4694461 |
| Demeter Investments BV |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/52 | 4350000 | 4394014 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% due 01/19/28<sup>2,8</sup> | 2750000 | 2786796 |
| &nbsp;&nbsp;&nbsp;3.34% due 01/21/33<sup>2,8</sup> | 1300000 | 1182682 |
| &nbsp;&nbsp;&nbsp;5.25% due 05/22/29<sup>2,8</sup> | 300000 | 305056 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 2284000 | 2219201 |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 1800000 | 1739452 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>2,8</sup> | 3750000 | 3901740 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.82% due 06/18/36<sup>2,8</sup> | 2170000 | 2251342 |
| &nbsp;&nbsp;&nbsp;2.57% due 11/25/35<sup>2,8</sup> | 1800000 | 1605232 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>2</sup> | 3700000 | 3843221 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>8</sup> | 4040000 | 3811864 |
| CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>2</sup> | 4130000 | 3780927 |
| Carlyle Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 09/19/35 | 3630000 | 3617306 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 3180000 | 3073982 |
| &nbsp;&nbsp;&nbsp;5.45% due 09/30/34 | 490000 | 491363 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;5.93% due 03/14/46<sup>2,8</sup> | 3420000 | 3548135 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/81<sup>2,8</sup> | 2500000 | 2315607 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/10/55<sup>2,8</sup> | 1150000 | 1170822 |
| Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.35% due 04/30/50<sup>2</sup> | 4277000 | 3389101 |
| Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.16% due 08/15/51<sup>2</sup> | 4750000 | 3339963 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 02/01/35<sup>8</sup> | 1710000 | 1815195 |
| &nbsp;&nbsp;&nbsp;5.20% due 09/11/36<sup>8</sup> | 1500000 | 1483502 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>2</sup> | 3150000 | 2941608 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;4.64% due 04/01/31<sup>2,8</sup> | 1609000 | 1616098 |
| &nbsp;&nbsp;&nbsp;5.01% due 10/15/30<sup>2,8</sup> | 1281000 | 1303537 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>8</sup> | 2800000 | 2918339 |
| Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 07/15/36<sup>2</sup> | 2900000 | 2875017 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Host Hotels & Resorts, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 07/01/34 | 2750000 | $2816660 |
| Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 05/15/55<sup>2</sup> | 2440000 | 2642367 |
| Omnis Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% due 05/15/55<sup>2</sup> | 2410000 | 2599542 |
| 200 Park Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/15/55<sup>2</sup> | 2550000 | 2582535 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>8</sup> | 2350000 | 2496795 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>2</sup> | 2450000 | 2471158 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>2,8</sup> | 1300000 | 1355788 |
| &nbsp;&nbsp;&nbsp;3.10% due 09/01/31 | 1170000 | 1044985 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 08/21/32<sup>2</sup> | 2375000 | 2385573 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>2</sup> | 2450000 | 2367153 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/34 | 1750000 | 1829586 |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>8</sup> | 500000 | 524846 |
| Blue Owl IV SR SEC A |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 2288000 | 2288000 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>2,8</sup> | 2200000 | 2283600 |
| Nuveen LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 04/15/34<sup>2</sup> | 2150000 | 2262255 |
| BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.09% due 05/09/31<sup>2,8</sup> | 1200000 | 1222929 |
| &nbsp;&nbsp;&nbsp;5.79% due 01/13/33<sup>2,8</sup> | 990000 | 1039029 |
| Dai-ichi Life Insurance Company Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% <sup>2,8,9</sup> | 2150000 | 2234843 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.69% due 06/23/32<sup>2,8</sup> | 1397000 | 1262087 |
| &nbsp;&nbsp;&nbsp;2.87% due 01/14/33<sup>2,8</sup> | 980000 | 883761 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 06/15/35<sup>2,8</sup> | 2050000 | 2136834 |
| AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.81% due 03/11/31<sup>2</sup> | 1800000 | 1563192 |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>2</sup> | 850000 | 560507 |
| Blue Owl IV SR SEC B |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 2112000 | 2112000 |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;5.54% due 07/14/36<sup>2,8</sup> | 1500000 | 1542563 |
| &nbsp;&nbsp;&nbsp;4.65% due 07/14/29<sup>2,8</sup> | 440000 | 443595 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% due 11/18/36<sup>8</sup> | 1200000 | 1070270 |
| &nbsp;&nbsp;&nbsp;3.13% due 11/18/41 | 805000 | 609277 |
| &nbsp;&nbsp;&nbsp;2.67% due 11/15/35<sup>8</sup> | 295000 | 264726 |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>2</sup> | 2060000 | 1857697 |
| Mid-Atlantic Military Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 08/01/50<sup>2</sup> | 2089198 | 1783972 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/14/34 | 1650000 | 1754274 |
| Henneman Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.58% due 05/15/55<sup>2</sup> | 1600000 | 1706439 |
| Corebridge Life Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 03/15/46<sup>2</sup> | 1400000 | 1702535 |
| Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/32<sup>2</sup> | 1750000 | 1676473 |
| Equities AB |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 05/08/35<sup>2</sup> | 1620000 | 1672780 |
| Dyal Capital Partners III |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 06/15/40<sup>†††</sup> | 1750000 | 1660310 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>2</sup> | 2056000 | 1606981 |
| VICI Properties, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/01/35 | 1550000 | 1587060 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.29% due 11/19/30<sup>8</sup> | 1010000 | 1041819 |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>8</sup> | 530000 | 542795 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 1440000 | 1528090 |
| HS Wildcat LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 12/31/50<sup>†††</sup> | 1967087 | 1447352 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 05/23/42<sup>2,8</sup> | 1350000 | 1408533 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.60% (SOFR + 1.21%) due 09/11/28<sup>◊,2</sup> | 990000 | 996867 |
| &nbsp;&nbsp;&nbsp;5.22% due 05/27/31<sup>2,8</sup> | 400000 | 410332 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>2</sup> | 1350000 | 1401703 |
| Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/15/30<sup>2</sup> | 1469000 | 1387509 |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 08/15/54<sup>2</sup> | 1350000 | 1381493 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 1350000 | 1350000 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 12/06/31<sup>2</sup> | 1300000 | 1325584 |
| Hanover Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/35 | 1300000 | 1315324 |
| Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 09/22/36<sup>8</sup> | 1260000 | 1248254 |
| ING Groep N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 03/25/29<sup>8</sup> | 1020000 | 1033521 |
| &nbsp;&nbsp;&nbsp;5.53% due 03/25/36<sup>8</sup> | 200000 | 207476 |
| KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 08/25/50<sup>2</sup> | 1650000 | 1184310 |
| Brookfield Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 06/14/33 | 1040000 | 1119873 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 10/01/50<sup>8</sup> | 1160000 | 1083542 |
| Janus Henderson US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45% due 09/10/34 | 1060000 | 1071571 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 07/23/36<sup>8</sup> | 1030000 | $1067782 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/28/53<sup>2</sup> | 860000 | 1062554 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;4.58% due 09/08/31<sup>8</sup> | 1050000 | 1053449 |
| KBC Group N.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% due 09/21/34<sup>2,8</sup> | 960000 | 1049996 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.02% due 10/31/38<sup>8</sup> | 1170000 | 1048716 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 08/06/29<sup>8</sup> | 1040000 | 1048090 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 06/07/31<sup>2</sup> | 1170000 | 1045310 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.06% due 07/22/32<sup>8</sup> | 1010000 | 1043555 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;4.48% due 11/11/29<sup>8</sup> | 530000 | 530936 |
| &nbsp;&nbsp;&nbsp;5.09% due 02/25/29<sup>8</sup> | 500000 | 508981 |
| Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/23/51 | 1440000 | 1038889 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/18/28<sup>8</sup> | 1040000 | 1032934 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/18/34 | 970000 | 1017262 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.56% due 04/23/27<sup>8</sup> | 1020000 | 1015926 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (SOFR Compounded Index + 1.08%) due 08/01/29<sup>◊</sup> | 1010000 | 1014966 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/05/29 | 960000 | 1014714 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.41% (SOFR + 1.02%) due 09/10/29<sup>◊,2</sup> | 1000000 | 1014271 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.47% (SOFR + 1.02%) due 01/30/31<sup>◊</sup> | 1010000 | 1012978 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;5.51% (SOFR + 1.06%) due 11/05/30<sup>◊,2</sup> | 1000000 | 1011455 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% (SOFR + 1.17%) due 07/09/29<sup>◊</sup> | 1000000 | 1010892 |
| BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 05/25/28 | 930000 | 993051 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 12/15/35<sup>2</sup> | 1000000 | 990126 |
| Pine Street Trust III |  |  |
| &nbsp;&nbsp;&nbsp;6.22% due 05/15/54<sup>2</sup> | 960000 | 988970 |
| Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 980000 | 988485 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 1100000 | 985379 |
| Symetra Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 10/01/55<sup>2</sup> | 900000 | 954783 |
| Rocket Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/01/33<sup>2</sup> | 900000 | 928903 |
| Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% due 01/16/64<sup>2,8</sup> | 850000 | 877425 |
| Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 06/05/30<sup>2</sup> | 930000 | 860823 |
| Deutsche Bank AG NY |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/18/31<sup>8</sup> | 880000 | 834226 |
| Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/18/30<sup>2</sup> | 525000 | 538838 |
| &nbsp;&nbsp;&nbsp;6.20% due 06/18/35<sup>2</sup> | 250000 | 262619 |
| Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 770000 | 776617 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 740000 | 775863 |
| Fort Moore Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 01/15/51<sup>2</sup> | 848148 | 767268 |
| Nassau Companies of New York |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>2</sup> | 750000 | 765986 |
| Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 04/29/61<sup>2</sup> | 950000 | 635075 |
| Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 09/15/51 | 800000 | 572743 |
| Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/01/30 | 540000 | 534659 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 06/15/55<sup>8</sup> | 500000 | 534123 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/20/34 | 510000 | 532887 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/25/35<sup>8</sup> | 470000 | 517145 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>2</sup> | 500000 | 509867 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.40% due 06/15/30 | 470000 | 446379 |
| &nbsp;&nbsp;&nbsp;2.45% due 03/15/31 | 70000 | 62015 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/18/30<sup>2</sup> | 500000 | 495978 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34 | 400000 | 443173 |
| Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/50 | 470000 | 328863 |
| Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 04/28/61<sup>2</sup> | 470000 | 326136 |
| Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/01/30 | 305000 | 319223 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>2</sup> | 296000 | 298694 |
| Swiss Re Finance Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/02/49<sup>2,8</sup> | 200000 | 201516 |
| KKR Group Finance Company III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/01/44<sup>2</sup> | 100000 | 94940 |
| **Total Financial** |  | 319305142 |
| **Energy - 2.4%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>8,9</sup> | 5318000 | 5280412 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>8,9</sup> | 1350000 | 1398264 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/15/34 | 2850000 | $2937575 |
| &nbsp;&nbsp;&nbsp;5.60% due 01/15/36 | 2400000 | 2430163 |
| &nbsp;&nbsp;&nbsp;4.90% due 02/15/45 | 1140000 | 994271 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.40% due 09/15/35 | 1850000 | 1854019 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 1800000 | 1820965 |
| &nbsp;&nbsp;&nbsp;5.95% due 04/01/55 | 1300000 | 1270866 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/49 | 1080000 | 1005431 |
| &nbsp;&nbsp;&nbsp;5.65% due 03/01/53 | 50000 | 47194 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35 | 2530000 | 2644606 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 | 1375000 | 1397666 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 02/23/36<sup>2</sup> | 1500000 | 1572826 |
| &nbsp;&nbsp;&nbsp;6.10% due 08/23/42<sup>2</sup> | 800000 | 841327 |
| &nbsp;&nbsp;&nbsp;6.51% due 02/23/42<sup>2</sup> | 400000 | 432592 |
| &nbsp;&nbsp;&nbsp;6.13% due 02/23/38<sup>2</sup> | 350000 | 372587 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 04/01/44 | 860000 | 815384 |
| &nbsp;&nbsp;&nbsp;5.40% due 10/15/35 | 800000 | 803008 |
| &nbsp;&nbsp;&nbsp;6.25% due 10/15/55 | 725000 | 736252 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/01/50 | 850000 | 625726 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 11/15/53 | 940000 | 1049747 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/05/34 | 906000 | 945688 |
| &nbsp;&nbsp;&nbsp;5.55% due 06/20/35 | 800000 | 825011 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 12/15/34<sup>2</sup> | 2450000 | 2525926 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 09/30/40<sup>2</sup> | 2986000 | 2429671 |
| Gulfstream Natural Gas System LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 07/23/35<sup>2</sup> | 2200000 | 2254044 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 08/01/35 | 2200000 | 2236784 |
| Boardwalk Pipelines, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/34 | 2000000 | 2075165 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 10/30/35<sup>2</sup> | 1000000 | 1021613 |
| &nbsp;&nbsp;&nbsp;5.95% due 06/30/33 | 750000 | 793948 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 150000 | 155938 |
| Kinder Morgan Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 11/15/40 | 880000 | 1031717 |
| &nbsp;&nbsp;&nbsp;5.80% due 03/15/35 | 725000 | 759707 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 1734000 | 1766398 |
| Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/01/55 | 1000000 | 1006007 |
| &nbsp;&nbsp;&nbsp;7.38% due 02/01/31<sup>2</sup> | 710000 | 741582 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 01/15/36<sup>2</sup> | 1400000 | 1487048 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/53 | 930000 | 979074 |
| &nbsp;&nbsp;&nbsp;5.65% due 02/15/36 | 375000 | 383968 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>2</sup> | 1050000 | 1054568 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 01/15/39 | 830000 | 992644 |
| Western Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 03/01/48 | 1140000 | 991670 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 03/15/56<sup>8</sup> | 987000 | 989640 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 05/15/54<sup>2</sup> | 660000 | 659783 |
| Florida Gas Transmission Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/15/35<sup>2</sup> | 625000 | 648117 |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/01/41 | 480000 | 517397 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/01/26 | 200000 | 200727 |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 169000 | 175015 |
| Vnom Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>2</sup> | 218000 | 218038 |
| **Total Energy** |  | 60197769 |
| **Industrial - 2.0%** |  |  |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 12900000 | 13609500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 1400000 | 1456000 |
| Terminal Investment Limited Holding |  |  |
| &nbsp;&nbsp;&nbsp;6.23% due 10/01/40<sup>†††</sup> | 5600000 | 5658795 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 5000000 | 5129016 |
| FLNG Liquefaction 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 06/30/39<sup>†††</sup> | 3711435 | 3168914 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 10/10/42<sup>†††</sup> | 3286800 | 2738224 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/31 | 2440000 | 2228684 |
| Penske Truck Leasing Company Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>2</sup> | 2100000 | 2159388 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/26<sup>2</sup> | 2156000 | 2156304 |
| ALLETE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.79% due 07/09/37<sup>†††</sup> | 1900000 | 1940792 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 1517000 | 1445772 |
| &nbsp;&nbsp;&nbsp;2.80% due 01/15/32 | 317000 | 280655 |
| Cliffwater Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.77% due 08/04/28<sup>†††</sup> | 1550000 | 1611123 |
| Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 05/15/56<sup>†††</sup> | 2000000 | 1398550 |
| CIMIC Finance USA Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/25/34<sup>2</sup> | 970000 | 1056253 |
| LBJ Infrastructure Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 12/31/57<sup>2</sup> | 1250000 | 878312 |
| AP Grange Holdings LLC Deferral |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 839743 | 839743 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 02/01/45<sup>2</sup> | 550000 | $430510 |
| &nbsp;&nbsp;&nbsp;4.75% due 11/15/45 | 354000 | 305880 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 06/05/54 | 628000 | 652602 |
| Weir Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.35% due 05/06/30<sup>2</sup> | 470000 | 483510 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 05/15/21 | 600000 | 425472 |
| **Total Industrial** |  | 50053999 |
| **Utilities - 1.8%** |  |  |
| QTS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 08/21/32<sup>†††</sup> | 11250000 | 11252489 |
| Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 08/15/35 | 6025000 | 6088966 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 02/15/56<sup>8</sup> | 1650000 | 1660797 |
| &nbsp;&nbsp;&nbsp;6.00% due 02/15/56<sup>8</sup> | 1100000 | 1107870 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>8</sup> | 2200000 | 2316210 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 12/02/27<sup>2</sup> | 1750000 | 1677540 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>2</sup> | 480000 | 530735 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>8</sup> | 1800000 | 1863628 |
| Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 08/15/47 | 2450000 | 1845351 |
| Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.39% due 09/15/33<sup>2</sup> | 800000 | 862326 |
| &nbsp;&nbsp;&nbsp;4.27% due 03/15/48<sup>2</sup> | 640000 | 514721 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>2</sup> | 1362000 | 1315185 |
| Public Service Company of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;5.15% due 09/15/35 | 1050000 | 1063437 |
| Capital Power US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.19% due 06/01/35<sup>2</sup> | 1010000 | 1059464 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 12/15/32 | 950000 | 1038782 |
| Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 03/01/32<sup>2</sup> | 1120000 | 1035971 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/52<sup>2</sup> | 1080000 | 1033286 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 05/15/44 | 1200000 | 1011210 |
| Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 03/15/53 | 1000000 | 1009488 |
| Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 06/01/49 | 1280000 | 988851 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>8</sup> | 884000 | 917911 |
| Central Storage Safety Project Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.82% due 02/01/38<sup>10</sup> | 735040 | 701770 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 12/15/55<sup>8</sup> | 675000 | 675600 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.84% due 01/10/35<sup>2</sup> | 550000 | 580130 |
| Liberty Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.87% due 01/31/34<sup>2</sup> | 550000 | 569697 |
| Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/01/36 | 500000 | 560953 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>2</sup> | 450000 | 481171 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/35 | 320000 | 340636 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>8</sup> | 322000 | 317706 |
| **Total Utilities** |  | 44421881 |
| **Consumer, Cyclical - 1.1%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 6240000 | 5841794 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/02/30<sup>2</sup> | 2094000 | 2143444 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/02/34<sup>2</sup> | 1600000 | 1620340 |
| Smithsonian Institution |  |  |
| &nbsp;&nbsp;&nbsp;2.70% due 09/01/44 | 4000000 | 2745407 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>2</sup> | 1692742 | 1649865 |
| &nbsp;&nbsp;&nbsp;2.90% due 03/15/35<sup>2</sup> | 692769 | 628706 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 05/14/31<sup>◊,†††</sup> | 2442347 | 2270935 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/15/35 | 1400000 | 1412463 |
| United Airlines 2023-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 01/15/36 | 1352808 | 1399035 |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 1050000 | 1114624 |
| Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/29/29<sup>2</sup> | 1050000 | 1084250 |
| Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.10% due 04/01/52 | 1310000 | 1050330 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/30/32 | 1000000 | 1042920 |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 05/14/34 | 980000 | 1024987 |
| Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 02/15/48 | 1200000 | 997138 |
| Sodexo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 08/15/35<sup>2</sup> | 850000 | 890961 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 06/15/28 | 607000 | 587697 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/02/43 | 500000 | 508465 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>2</sup> | 262250 | 261930 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 03/15/52 | 230000 | 171350 |
| **Total Consumer, Cyclical** |  | 28446641 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Consumer, Non-cyclical - 1.0%** |  |  |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 09/13/31<sup>2</sup> | 2500000 | $2189911 |
| &nbsp;&nbsp;&nbsp;5.20% due 04/01/29<sup>2</sup> | 1200000 | 1215992 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>2</sup> | 640000 | 584717 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 12/10/54<sup>8</sup> | 2170000 | 2239950 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 325000 | 334500 |
| 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> | 2400000 | 2450904 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 1365000 | 1106618 |
| &nbsp;&nbsp;&nbsp;3.70% due 02/04/51 | 1280000 | 922353 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 1250000 | 1312700 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/06/34 | 440000 | 473068 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 03/01/35<sup>2</sup> | 1600000 | 1635418 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 11/15/31 | 1600000 | 1434775 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 1420000 | 1386369 |
| Yale-New Haven Health Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 07/01/50 | 2250000 | 1328756 |
| Highmark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 05/10/31<sup>2</sup> | 1500000 | 1319522 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/32 | 1050000 | 1060587 |
| Imperial Brands Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 07/26/29<sup>2</sup> | 1060000 | 1041289 |
| Tesco plc |  |  |
| &nbsp;&nbsp;&nbsp;6.15% due 11/15/37<sup>2</sup> | 980000 | 1021673 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>2</sup> | 1050000 | 907215 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.76% due 09/06/49 | 1040000 | 885066 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 06/15/31<sup>2</sup> | 930000 | 829346 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/13/34 | 750000 | 774442 |
| Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/32 | 200000 | 178580 |
| **Total Consumer, Non-cyclical** |  | 26633751 |
| **Communications - 0.8%** |  |  |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>2,8</sup> | 2900000 | 2781628 |
| SoftBank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.33% due 07/09/35<sup>2</sup> | 2600000 | 2621562 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/04/81<sup>8</sup> | 2550000 | 2385509 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 1035000 | 833698 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 908000 | 746153 |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 562000 | 516202 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>2</sup> | 2175000 | 1987406 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.62% due 07/16/28<sup>2</sup> | 930000 | 939196 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/16/35<sup>2</sup> | 550000 | 568913 |
| &nbsp;&nbsp;&nbsp;4.88% due 07/16/30<sup>2</sup> | 300000 | 304822 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 2148000 | 1454824 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 03/15/52 | 1594000 | 1321313 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 01/19/52<sup>2</sup> | 1300000 | 1049824 |
| America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/30/40 | 980000 | 1048145 |
| Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/39 | 980000 | 1030340 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>2</sup> | 600000 | 392913 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 01/15/29<sup>2</sup> | 250000 | 215000 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/28<sup>2</sup> | 200000 | 198396 |
| **Total Communications** |  | 20395844 |
| **Technology - 0.7%** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/26/35 | 2475000 | 2488629 |
| &nbsp;&nbsp;&nbsp;5.95% due 09/26/55 | 1675000 | 1669847 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/25/51 | 2128000 | 1582186 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/03/55 | 1060000 | 1064141 |
| &nbsp;&nbsp;&nbsp;4.80% due 09/26/32 | 925000 | 926112 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/26/45 | 700000 | 701901 |
| &nbsp;&nbsp;&nbsp;6.10% due 09/26/65 | 475000 | 474125 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/25/34<sup>2</sup> | 2500000 | 2604417 |
| &nbsp;&nbsp;&nbsp;6.20% due 01/25/37<sup>2</sup> | 1000000 | 1066690 |
| Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 04/15/29<sup>2</sup> | 3700000 | 3668264 |
| Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.85% due 02/01/29 | 1120000 | 1052971 |
| Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/34 | 629000 | 648000 |
| Constellation Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.46% due 02/16/34<sup>2</sup> | 350000 | 357547 |
| **Total Technology** |  | 18304830 |
| **Basic Materials - 0.2%** |  |  |
| Corporation Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;6.78% due 01/13/55<sup>2</sup> | 1950000 | 2091960 |
| Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.90% due 05/15/53 | 1050000 | 1121866 |
| Minera Mexico S.A. de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/12/32<sup>2</sup> | 1030000 | 1061415 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Rio Tinto Finance USA plc |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/14/35 | 60000 | $| 61829 |
| **Total Basic Materials** |  |  | 4337070 |
| **Financial Institutions - 0.1%** |  |  |  |
| MN8 Portfolio IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% due 07/30/45<sup>†††</sup> | 2700000 |  | 2734832 |
| **Transporation - 0.1%** |  |  |  |
| Stolthaven Houston, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.98% due 07/17/34<sup>†††</sup> | 1960000 |  | 1989153 |
| **Government - 0.0%** |  |  |  |
| Amazon Conservation DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.03% due 01/16/42<sup>2</sup> | 1000000 |  | 1032500 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $587,976,799) | &nbsp;&nbsp;&nbsp;(Cost $587,976,799) |  | 577853412 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 22.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 22.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 22.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 22.1%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.13% due 03/31/31<sup>12</sup> | 85832400 |  | 87220471 |
| &nbsp;&nbsp;&nbsp;4.63% due 04/30/31 | 60000000 |  | 62456250 |
| &nbsp;&nbsp;&nbsp;4.00% due 07/31/32 | 50000000 |  | 50234375 |
| &nbsp;&nbsp;&nbsp;3.75% due 08/31/31 | 44220000 |  | 44019628 |
| &nbsp;&nbsp;&nbsp;4.13% due 11/15/27 | 25000000 |  | 25254883 |
| &nbsp;&nbsp;&nbsp;4.13% due 10/31/31 | 21000000 |  | 21306797 |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/27 | 3580000 |  | 3597620 |
| &nbsp;&nbsp;&nbsp;3.63% due 03/31/28 | 1300000 |  | 1300355 |
| &nbsp;&nbsp;&nbsp;4.00% due 05/31/30 | 1031600 |  | 1043689 |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;2.13% due 01/15/35 | 50647233 |  | 52136056 |
| &nbsp;&nbsp;&nbsp;1.88% due 07/15/35 | 36971235 |  | 37268709 |
| &nbsp;&nbsp;&nbsp;2.13% due 04/15/29 | 24354708 |  | 25137350 |
| &nbsp;&nbsp;&nbsp;1.63% due 10/15/29 | 20686393 |  | 21094534 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28 | 11167972 |  | 11210091 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33 | 2052806 |  | 2020952 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;due 05/15/51<sup>5,13</sup> | 167110000 |  | 48416573 |
| &nbsp;&nbsp;&nbsp;due 08/15/54<sup>5,13</sup> | 39610000 |  | 10031646 |
| &nbsp;&nbsp;&nbsp;4.75% due 05/15/55 | 9330000 |  | 9359156 |
| &nbsp;&nbsp;&nbsp;due 05/15/44<sup>6,13</sup> | 22950000 |  | 9179731 |
| &nbsp;&nbsp;&nbsp;due 08/15/53<sup>5,13</sup> | 29000000 |  | 7659200 |
| &nbsp;&nbsp;&nbsp;due 02/15/54<sup>5,13</sup> | 28290000 |  | 7316581 |
| &nbsp;&nbsp;&nbsp;due 02/15/52<sup>5,13</sup> | 19980000 |  | 5601424 |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55 | 5000000 |  | 5017969 |
| &nbsp;&nbsp;&nbsp;due 02/15/55<sup>5,13</sup> | 20000000 |  | 4959251 |
| &nbsp;&nbsp;&nbsp;due 02/15/46<sup>6,13</sup> | 10550000 |  | 3856566 |
| &nbsp;&nbsp;&nbsp;due 11/15/44<sup>6,13</sup> | 4600000 |  | 1793095 |
| &nbsp;&nbsp;&nbsp;due 11/15/53<sup>5,13</sup> | 3330000 |  | 872918 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $566,202,027) |  |  | 559365870 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 19.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 19.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 19.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 19.5%** |
| **Collateralized Loan Obligations - 8.0%** | **Collateralized Loan Obligations - 8.0%** | **Collateralized Loan Obligations - 8.0%** | **Collateralized Loan Obligations - 8.0%** |
| Cerberus Loan Funding XLIV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.67% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,2</sup> | 8900000 |  | 9042703 |
| &nbsp;&nbsp;&nbsp;2024-5A B, 7.52% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,2</sup> | 3000000 |  | 3030898 |
| LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE5 C, 6.62% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36<sup>◊,2</sup> | 7500000 |  | 7456129 |
| &nbsp;&nbsp;&nbsp;2021-CRE6 C, 6.57% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,2</sup> | 4000000 |  | 3983265 |
| Hlend CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37<sup>◊,2</sup> | 4700000 |  | 4705943 |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,2</sup> | 4450000 |  | 4435016 |
| Ares Direct Lending CLO 6 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A B, due 10/16/37<sup>◊,2,4</sup> | 8050000 |  | 8050000 |
| Madison Park Funding XLVIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A C, 6.59% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33<sup>◊,2</sup> | 4000000 |  | 4007717 |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.04% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,2</sup> | 4000000 |  | 4002960 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 6.80% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36<sup>◊,2</sup> | 4000000 |  | 3996777 |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.10% (1 Month Term SOFR + 1.96%, Rate Floor: 1.85%) due 07/16/36<sup>◊,2</sup> | 3400000 |  | 3393009 |
| Owl Rock CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 5500000 |  | 5530521 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.68% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36<sup>◊,2</sup> | 1250000 |  | 1247332 |
| Owl Rock CLO XVI LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A A, 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36<sup>◊,2</sup> | 5000000 |  | 5012601 |
| &nbsp;&nbsp;&nbsp;2024-16A B, 6.83% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36<sup>◊,2</sup> | 1000000 |  | 1004942 |
| Cerberus Loan Funding XXXII, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.20% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,2</sup> | 4149316 |  | 4160742 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.43% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33<sup>◊,2</sup> | 1250000 |  | 1257203 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,2</sup> | 4500000 | $4516683 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.48% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38<sup>◊,2</sup> | 2447811 | 2443594 |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.31% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36<sup>◊,2</sup> | 2000000 | 1997134 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39<sup>◊,2</sup> | 4050000 | 3984055 |
| &nbsp;&nbsp;&nbsp;2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39<sup>◊,2</sup> | 400000 | 400670 |
| JCP Direct Lending CLO 2023-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1R, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,2</sup> | 2400000 | 2406019 |
| &nbsp;&nbsp;&nbsp;2025-1A AJR, 6.11% (3 Month Term SOFR + 1.78%, Rate Floor: 1.78%) due 07/20/37<sup>◊,2</sup> | 1925000 | 1932139 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.38% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,2</sup> | 3250000 | 3258049 |
| &nbsp;&nbsp;&nbsp;2021-9A A1TR, 6.13% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33<sup>◊,2</sup> | 1000000 | 1001977 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 4200000 | 4193066 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL9 AS, 6.23% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39<sup>◊,2</sup> | 1800000 | 1808842 |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> | 1400000 | 1393682 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 5.98% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,2</sup> | 1000000 | 987860 |
| Cerberus Loan Funding 52 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.49% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,2</sup> | 2900000 | 2910065 |
| &nbsp;&nbsp;&nbsp;2025-3A B, 5.77% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 10/15/37<sup>◊,2</sup> | 1250000 | 1258067 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.52% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36<sup>◊,2</sup> | 4000000 | 3959565 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.07% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | 3750000 | 3767232 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A BR, 6.03% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37<sup>◊,2</sup> | 1450000 | 1458743 |
| &nbsp;&nbsp;&nbsp;2024-4A CR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37<sup>◊,2</sup> | 1250000 | 1253393 |
| &nbsp;&nbsp;&nbsp;2024-3A B, 5.93% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 07/20/37<sup>◊,2</sup> | 1000000 | 1003610 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | 3625001 | 3635859 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,2</sup> | 2000000 | 2009866 |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,2</sup> | 1500000 | 1509858 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.00% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,2</sup> | 3400000 | 3421533 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 AS, due 01/17/43<sup>◊,2,4</sup> | 1200000 | 1196462 |
| &nbsp;&nbsp;&nbsp;2025-FL12 B, due 01/17/43<sup>◊,2,4</sup> | 1100000 | 1096784 |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.44% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,2</sup> | 1000000 | 995649 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 3000000 | 3016742 |
| Eldridge CLO 2025-1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, due 10/20/38<sup>◊,2,4</sup> | 3000000 | 3000000 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,2</sup> | 3000000 | 2985000 |
| Golub Capital Partners CLO 54M L.P |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A BR, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 08/05/37<sup>◊,2</sup> | 1500000 | 1499971 |
| &nbsp;&nbsp;&nbsp;2025-54A A2R, 5.80% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 08/05/37<sup>◊,2</sup> | 1400000 | 1399975 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Ares LXIX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-69A B, 6.32% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/36<sup>◊,2</sup> | 2500000 | $2509799 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,2</sup> | 2500000 | 2496250 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.56% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,2</sup> | 1500000 | 1491762 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.26% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,2</sup> | 1000000 | 994564 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,2</sup> | 2400000 | 2406000 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A B, 5.83% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 10/20/38<sup>◊,2</sup> | 2250000 | 2252722 |
| OWL Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,2</sup> | 2200000 | 2203064 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/37<sup>◊,2</sup> | 2000000 | 2011176 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.73% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37<sup>◊,2</sup> | 2000000 | 2010923 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A A, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36<sup>◊,2</sup> | 1500000 | 1508591 |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.62% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36<sup>◊,2</sup> | 500000 | 498974 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A ANR, 6.60% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36<sup>◊,2</sup> | 2000000 | 2006662 |
| Sound Point CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.23% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34<sup>◊,2</sup> | 2000000 | 2004360 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.40% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38<sup>◊,2</sup> | 2000000 | 1997189 |
| Canyon Capital CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A2R, 6.07% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 01/30/31<sup>◊,2</sup> | 1900000 | 1901501 |
| HPS Private Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A1, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,2</sup> | 1500000 | 1505253 |
| Ares LVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-56A CR2, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 01/25/38<sup>◊,2</sup> | 1400000 | 1403912 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,2</sup> | 1100000 | 1095477 |
| OWL Rock Clo XXI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34<sup>◊,2</sup> | 1050000 | 1046437 |
| Cerberus Loan Funding XXXVIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A A1, 7.07% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34<sup>◊,2</sup> | 1000000 | 1017119 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A C, 6.77% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37<sup>◊,2</sup> | 1000000 | 1007057 |
| Wildwood Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B1, 6.03% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37<sup>◊,2</sup> | 1000000 | 1005960 |
| Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37<sup>◊,2</sup> | 1000000 | 1005760 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.13% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37<sup>◊,2</sup> | 1000000 | 1004540 |
| AGL CLO 42 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38<sup>◊,2</sup> | 1000000 | 1003740 |
| Ares XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A CR3, 6.16% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/28/34<sup>◊,2</sup> | 1000000 | 1002589 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A A2R, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/24/37<sup>◊,2</sup> | 1000000 | 1001876 |
| Cerberus Loan Funding XLV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36<sup>◊,2</sup> | 1000000 | 1000848 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| Owl Rock CLO XIII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A B, 7.35% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35<sup>◊,2</sup> |  | 1000000 | $999820 |
| Elmwood CLO 38 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38<sup>◊,2</sup> |  | 1000000 | 998300 |
| Golub Capital Partners CLO 46 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A BR, 6.63% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37<sup>◊,2</sup> |  | 1000000 | 997576 |
| Golub Capital Partners CLO 31M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-31A BRR, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37<sup>◊,2</sup> |  | 1000000 | 996647 |
| Ares Direct Lending CLO 3 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,2</sup> |  | 1000000 | 996647 |
| BDS LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.71% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,2</sup> |  | 1000000 | 995854 |
| BSPRT Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL7 C, 6.57% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38<sup>◊,2</sup> |  | 1000000 | 993355 |
| Acrec LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.08% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,2</sup> |  | 1000000 | 989195 |
| ACRE Commercial Mortgage Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 D, 7.35% (1 Month Term SOFR + 3.21%, Rate Floor: 2.60%) due 12/18/37<sup>◊,2</sup> |  | 773000 | 758023 |
| Wellfleet CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37<sup>◊,2</sup> |  | 750000 | 753173 |
| BSPDF Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 AS, 6.27% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42<sup>◊,2</sup> |  | 750000 | 752161 |
| Ares Direct Lending CLO 1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.52% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> |  | 750000 | 748009 |
| Dryden 37 Senior Loan Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.98% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,2</sup> |  | 367868 | 368063 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.83% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,2</sup> |  | 333333 | 334168 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>2,14</sup> |  | 298799 | 1357 |
| BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,2</sup> |  | 678230 | 675174 |
| Sound Point CLO XXIV |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34<sup>◊,2</sup> |  | 500000 | 500780 |
| NewStar Fairfield Fund CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.86% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,2</sup> |  | 25302 | 25353 |
| Treman Park CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>2,14</sup> |  | 162950 | 458 |
| Copper River CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>10,14</sup> |  | 700000 | 70 |
| Babson CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2014-IA SUB, due 07/20/25<sup>2,14</sup> |  | 650000 | 65 |
| **Total Collateralized Loan Obligations** |  |  | 201298255 |
| **Financial - 2.3%** |  |  |  |
| Station Place Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SP2, 5.31% (1 Month Term SOFR + 1.15%, Rate Floor: 1.15%) due 09/25/26<sup>◊,†††,2</sup> |  | 7800000 | 7800000 |
| &nbsp;&nbsp;&nbsp;2025-SP1, 5.57% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26<sup>◊,†††,2</sup> |  | 4500000 | 4500000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 5.87% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,2</sup> |  | 3800000 | 3800000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,2</sup> |  | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,2</sup> |  | 1500000 | 1500000 |
| Project Onyx I |  |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 01/26/27<sup>◊,†††</sup> |  | 4349086 | 4333094 |
| KKR Core Holding Company LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> |  | 4548544 | 4223990 |
| HV Eight LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR | 3359451 | 3933967 |
| Ceamer Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> |  | 2123479 | 2182138 |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> |  | 1523999 | 1579552 |
| Thunderbird A |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> |  | 3400000 | 3213618 |
| Lightning A |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> |  | 3400000 | 3213618 |
| LVNV Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/05/28<sup>†††</sup> |  | 2900000 | 3044308 |
| Strategic Partners Fund VIII, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26<sup>◊,†††</sup> |  | 2846797 | 2831754 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 2610000 | $2610000 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55<sup>†††</sup> | 2400000 | 2364136 |
| Akso Health Group |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 1987562 | 2049214 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.40% due 09/30/45<sup>†††</sup> | 1300000 | 1354010 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 1142708 | 1139057 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 456243 | 453889 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>10</sup> | 337373 | 321318 |
| **Total Financial** |  | 59447663 |
| **Infrastructure - 1.9%** |  |  |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A, 5.90% due 10/25/48<sup>2</sup> | 3000000 | 3028907 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>2</sup> | 2900000 | 2887916 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.90% due 03/25/49<sup>2</sup> | 1250000 | 1270528 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.90% due 03/25/48<sup>2</sup> | 1000000 | 1004094 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>2</sup> | 4000000 | 4020194 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>2</sup> | 3050000 | 3021685 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.28% due 03/25/54<sup>2</sup> | 800000 | 815563 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>2</sup> | 2500000 | 2458834 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>2</sup> | 2350000 | 2363871 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.64% due 05/15/54<sup>2</sup> | 1250000 | 1264462 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>2</sup> | 5700000 | 5821679 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>2</sup> | 1950000 | 1982988 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.31% due 11/20/51<sup>2</sup> | 2000000 | 1949298 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.69% due 05/20/53<sup>2</sup> | 1005000 | 1015662 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>2</sup> | 700000 | 715686 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>2</sup> | 4850000 | 4874564 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>2</sup> | 3350000 | 3269858 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.84% due 04/15/27<sup>2</sup> | 3000000 | 2865390 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.53% due 04/20/55<sup>2</sup> | 2000000 | 2029350 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>2</sup> | 1100000 | 1102368 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>2</sup> | 1000000 | 1011415 |
| **Total Infrastructure** |  | 48774312 |
| **Whole Business - 1.7%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>2</sup> | 2729375 | 2718583 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>2</sup> | 2034625 | 2123798 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.27% due 07/30/54<sup>2</sup> | 1588000 | 1628847 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>2</sup> | 794000 | 804962 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>2</sup> | 4165125 | 3924345 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>2</sup> | 1508000 | 1493391 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>2</sup> | 1379000 | 1424862 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>2</sup> | 6412500 | 6192330 |
| Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.85% due 01/20/50<sup>2</sup> | 2159354 | 2128108 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.19% due 08/20/51<sup>2</sup> | 2203200 | 2036430 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/20/50<sup>2</sup> | 949167 | 917693 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>2</sup> | 5076000 | 5042259 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>2</sup> | 3751840 | 3535109 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>2</sup> | 1500000 | 1552282 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>2</sup> | 1231250 | 1188650 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.73% due 03/05/52<sup>2</sup> | 248125 | 240408 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>2</sup> | 2034625 | 2116267 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.05% due 08/25/55<sup>2</sup> | 950000 | 952254 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.82% due 08/25/55<sup>2</sup> | 950000 | 951985 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.78% due 06/15/49<sup>2</sup> | 1291790 | 1284067 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>2</sup> | 1175000 | 1170791 |
| **Total Whole Business** |  | 43427421 |
| **Transport-Aircraft - 1.6%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>2</sup> | 3719989 | 3793323 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>2</sup> | 2746976 | 2835851 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.80% due 01/15/47<sup>2</sup> | 2649637 | 2496711 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>2</sup> | 2058923 | 1973964 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>2</sup> | 1004662 | 1026407 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>2</sup> | 372460 | 366481 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>2</sup> | 3278588 | 3303531 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.43% due 06/15/46<sup>2</sup> | 2419890 | 2282475 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.81% due 05/15/50<sup>2</sup> | 2106843 | 2160765 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>2</sup> | 3459821 | 3462263 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.11% due 10/15/50<sup>2</sup> | 900000 | 902873 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>2</sup> | 3716059 | 3524674 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>2</sup> | 2517710 | 2378529 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>2</sup> | 2292061 | 2338949 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>2</sup> | 1765304 | 1792515 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>2</sup> | 397811 | 395358 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 53

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>2</sup> | 2068222 | $2116684 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | 1156628 | 1104881 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>2</sup> | 782787 | 760884 |
| MACH 1 Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.47% due 10/15/39<sup>2</sup> | 634896 | 627309 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>2</sup> | 477489 | 461427 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>2</sup> | 330502 | 325550 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>2</sup> | 14376 | 14333 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>2</sup> | 185722 | 183307 |
| **Total Transport-Aircraft** |  | 40629044 |
| **Net Lease - 1.1%** |  |  |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.81% due 02/15/50<sup>2</sup> | 2201719 | 2076182 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.95% due 02/15/50<sup>2</sup> | 1500000 | 1364815 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.15% due 02/20/53<sup>2</sup> | 3208021 | 3190494 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.44% due 07/20/51<sup>2</sup> | 3570000 | 3100977 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 6.11% due 08/15/62<sup>2</sup> | 2674679 | 2560886 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% due 07/15/60<sup>2</sup> | 674589 | 469948 |
| STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 3.96% due 10/20/46<sup>2</sup> | 2363857 | 2339605 |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.26% due 11/20/50<sup>2</sup> | 2477083 | 2186960 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>2</sup> | 1223177 | 1192580 |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>2</sup> | 691250 | 664335 |
| CF Hippolyta LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.60% due 07/15/60<sup>2</sup> | 2479789 | 1702730 |
| STORE Master Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.96% due 06/20/51<sup>2</sup> | 1957500 | 1671397 |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>2</sup> | 933342 | 955303 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.69% due 05/20/54<sup>2</sup> | 496458 | 502887 |
| AFN ABSPROP001 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.21% due 05/20/51<sup>2</sup> | 1399174 | 1281053 |
| Tenet Equity Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>2</sup> | 997776 | 1005678 |
| CARS-DB5, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.76% due 08/15/51<sup>2</sup> | 986458 | 834301 |
| **Total Net Lease** |  | 27100131 |
| **Single Family Residence - 0.9%** |  |  |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.50% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42<sup>◊,2</sup> | 3050000 | 3054334 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.34% due 07/17/38<sup>2</sup> | 2850000 | 2796341 |
| &nbsp;&nbsp;&nbsp;2023-SFR1, 5.10% due 07/17/40<sup>2</sup> | 2722000 | 2718374 |
| &nbsp;&nbsp;&nbsp;2023-SFR2, 5.00% due 12/17/40<sup>2</sup> | 2550000 | 2548864 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.70% due 06/17/40<sup>2</sup> | 1500000 | 1529202 |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>2</sup> | 1000000 | 996157 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 2.67% due 10/19/37<sup>2</sup> | 2250000 | 2239906 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>2</sup> | 1400000 | 1394167 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>2</sup> | 1350000 | 1344609 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>2</sup> | 900000 | 895991 |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.55% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/17/42<sup>◊,2</sup> | 2000000 | 2004171 |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.80% (1 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 08/17/42<sup>◊,2</sup> | 1000000 | 1000625 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3, 2.80% due 01/17/41<sup>2</sup> | 898936 | 841515 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.40% due 12/17/26<sup>2</sup> | 479748 | 465259 |
| **Total Single Family Residence** |  | 23829515 |
| **Insurance - 0.6%** |  |  |
| Dogwood State Bank |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 8949773 | 9001057 |
| Obra Longevity |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 5100000 | 5364140 |
| CHEST |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/23/43<sup>†††</sup> | 900000 | 943552 |
| **Total Insurance** |  | 15308749 |
| **Unsecured Consumer Loans - 0.5%** |  |  |
| Regional Management Issuance Trust 2025-1 |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.53% due 04/17/34<sup>2</sup> | 3550000 | 3591557 |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.39% due 11/20/35<sup>2</sup> | 1431798 | 1464247 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>2</sup> | 1251426 | 1255732 |
| GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.39% due 03/25/60<sup>2</sup> | 2350000 | 2382672 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.95% due 12/15/49<sup>2</sup> | 1846397 | 1896611 |
| Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>2</sup> | 744114 | 753627 |
| **Total Unsecured Consumer Loans** |  | 11344446 |
| **Transport-Container - 0.4%** |  |  |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | 2031855 | 1954671 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.23% due 04/20/46<sup>2</sup> | 1273933 | 1194692 |
| TIF Funding III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.48% due 04/20/49<sup>2</sup> | 2440625 | 2448185 |
| MC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.63% due 11/05/35<sup>2</sup> | 2463968 | 2332133 |
| Textainer Marine Containers Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, 1.94% due 08/20/46<sup>2</sup> | 1346667 | 1210067 |
| CLI Funding VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.08% due 09/18/45<sup>2</sup> | 840910 | 786926 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| TIF Funding II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.65% due 02/20/46<sup>2</sup> | 592167 | $| 540145 |
| **Total Transport-Container** |  |  | 10466819 |
| **Collateralized Debt Obligations - 0.4%** | **Collateralized Debt Obligations - 0.4%** | **Collateralized Debt Obligations - 0.4%** | **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> | 7250000 |  | 6858396 |
| Anchorage Credit Funding 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>2</sup> | 1100000 |  | 1054011 |
| Anchorage Credit Funding 13 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-13A A2, 2.80% due 07/27/39<sup>2</sup> | 1000000 |  | 952712 |
| **Total Collateralized Debt Obligations** |  |  | 8865119 |
| **Automotive - 0.1%** |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-8A, 6.66% due 02/20/30<sup>2</sup> | 1800000 |  | 1910168 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.85% due 06/20/30<sup>2</sup> | 1300000 |  | 1350645 |
| **Total Automotive** |  |  | 3260813 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $494,255,525) | &nbsp;&nbsp;&nbsp;(Cost $494,255,525) |  | 493752287 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.8%** |
| **Consumer, Cyclical - 0.5%** |  |  |  |
| Wyndham Hotels & Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 4937500 |  | 4951621 |
| Flutter Entertainment plc |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/04/32 | 3840375 |  | 3832925 |
| DK Crown Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 3283500 |  | 3277360 |
| **Total Consumer, Cyclical** |  |  | 12061906 |
| **Financial - 0.4%** |  |  |  |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 5188336 |  | 5196794 |
| Walker & Dunlop, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32<sup>†††</sup> | 2842875 |  | 2839321 |
| Cliffwater LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 04/22/32<sup>†††</sup> | 1592000 |  | 1586990 |
| Eagle Point Holdings Borrower, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 1539526 |  | 1539526 |
| **Total Financial** |  |  | 11162631 |
| **Industrial - 0.4%** |  |  |  |
| AS Mileage Plan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/15/31 | 5210625 |  | 5217138 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 2500000 |  | 2509375 |
| SkyMiles IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/20/27 | 469137 |  | 469198 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.89% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 464290 |  | 464778 |
| **Total Industrial** |  |  | 8660489 |
| **Communications - 0.2%** |  |  |  |
| TKO Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 11/21/31 | 5860313 |  | 5866700 |
| **Utilities - 0.2%** |  |  |  |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 4999810 |  | 4998260 |
| **Consumer, Non-cyclical - 0.1%** |  |  |  |
| Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/29/32 | 1400000 |  | 1400000 |
| HAH Group Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 138912 |  | 124716 |
| **Total Consumer, Non-Cyclical** |  |  | 1524716 |
| **Energy - 0.0%** |  |  |  |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 312176 |  | 311983 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,530,566) | &nbsp;&nbsp;&nbsp;(Cost $44,530,566) |  | 44586685 |
| **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.1%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.1%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.1%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.1%** |
| Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips |
| &nbsp;&nbsp;&nbsp;due 06/15/38<sup>5,13</sup> | 9400000 |  | 5121487 |
| &nbsp;&nbsp;&nbsp;due 01/15/48<sup>5,13</sup> | 12156000 |  | 3709197 |
| &nbsp;&nbsp;&nbsp;due 01/15/38<sup>5,13</sup> | 4000000 |  | 2231212 |
| &nbsp;&nbsp;&nbsp;due 09/15/39<sup>5,13</sup> | 4100000 |  | 2078647 |
| &nbsp;&nbsp;&nbsp;due 06/15/35<sup>5,13</sup> | 1583000 |  | 1015398 |
| &nbsp;&nbsp;&nbsp;due 12/15/42<sup>5,13</sup> | 1600000 |  | 660710 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/55 | 4200000 |  | 4195254 |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/52 | 3150000 |  | 2699525 |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/65 | 2450000 |  | 2025613 |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/56 | 600000 |  | 609775 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;3.51% due 06/11/40 | 3300000 |  | 2855612 |
| U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. |
| &nbsp;&nbsp;&nbsp;due 01/17/26<sup>13</sup> | 800000 |  | 908125 |
| **Total Federal Agency Bonds** | **Total Federal Agency Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,872,802) |  |  | 28110555 |
| **MUNICIPAL BONDS<sup>††</sup>** **- 0.4%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.4%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.4%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.4%** |
| **Texas - 0.1%** |  |  |  |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.29% due 09/01/40 | 2100000 |  | 1718081 |
| &nbsp;&nbsp;&nbsp;2.78% due 09/01/34 | 700000 |  | 605317 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 55

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2.69% due 09/01/33 |  | 500000 | $| 438684 |
| &nbsp;&nbsp;&nbsp;2.41% due 09/01/31 |  | 450000 |  | 405897 |
| **Total Texas** |  |  |  | 3167979 |
| **California - 0.1%** |  |  |  |  |
| California Statewide Communities Development Authority Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% due 08/15/47 |  | 1160000 |  | 1226921 |
| &nbsp;&nbsp;&nbsp;2.68% due 02/01/39 |  | 1200000 |  | 933623 |
| **Total California** |  |  |  | 2160544 |
| **New York - 0.1%** |  |  |  |  |
| New York City Housing Development Corp. Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80% due 02/01/53 |  | 1550000 |  | 1546394 |
| **Ohio - 0.1%** |  |  |  |  |
| Ohio Housing Finance Agency Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 09/01/54 |  | 1255000 |  | 1252386 |
| **Michigan - 0.0%** |  |  |  |  |
| Michigan State Housing Development Authority Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 12/01/50 |  | 1100000 |  | 1118869 |
| **Illinois - 0.0%** |  |  |  |  |
| State of Illinois General Obligation Unlimited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 12/01/38 |  | 388889 |  | 402327 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,179,895) | &nbsp;&nbsp;&nbsp;(Cost $10,179,895) | &nbsp;&nbsp;&nbsp;(Cost $10,179,895) |  | 9648499 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.4%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>2</sup> |  | 2950000 |  | 2992952 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| &nbsp;&nbsp;&nbsp;4.50% due 01/19/63 |  | 2600000 |  | 1883518 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/16/50 |  | 1450000 |  | 1089196 |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| &nbsp;&nbsp;&nbsp;5.63% due 02/19/35 |  | 1250000 |  | 1292120 |
| &nbsp;&nbsp;&nbsp;5.38% due 02/19/30 |  | 750000 |  | 773602 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| &nbsp;&nbsp;&nbsp;5.63% due 01/13/35<sup>2</sup> |  | 1100000 |  | 1171881 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,202,196) |  |  |  | 9203269 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.91% due 10/30/25<sup>15</sup> |  | 5400000 |  | 5382364 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,382,436) |  |  |  | 5382364 |
| **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,16</sup>** **- 4.5%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.19% due 10/01/25 |  | 64965752 |  | 64965752 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 |  | 40603595 |  | 40603595 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.18% due 10/01/25 |  | 8120719 |  | 8120719 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $113,690,066) |  |  |  | 113690066 |
|  | **Notional <br> Value** | **Notional <br> Value** |  |  |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.1%** |
| **Call Options on:** |  |  |  |  |
| **Interest Rate Options** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 (Notional Value $35,955,000) | USD | 35955000 |  | 453769 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 (Notional Value $35,955,000) | USD | 35955000 |  | 453768 |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 (Notional Value $35,955,000) | USD | 35955000 |  | 453768 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.50 (Notional Value $35,955,000) | USD | 35955000 |  | 453768 |
| **Total Interest Rate Options** |  |  |  | 1815073 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,727,638) |  |  |  | 1815073 |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** |
| **Foreign Exchange Options** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 (Notional Value $5,752,000) | USD | 5752000 |  | 74062 |
| &nbsp;&nbsp;&nbsp;Goldman SachsInternational Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 (Notional Value $4,602,000) | USD | 4602000 |  | 59255 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $18,782,375) | EUR | 15985000 |  | 27313 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $18,782,375) | EUR | 15985000 |  | 27312 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 (Notional Value $1,832,000) | USD | 1832000 |  | 53986 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notional <br> Value** | **Notional <br> Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $23,998,200) | EUR | 20424000 | $| 35869 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $21,466,075) | EUR | 18269000 |  | 30705 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 (Notional Value $11,383,000) | USD | 11383000 |  | 24074 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $10,630,225) | EUR | 9047000 |  | 15458 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 (Notional Value $1,016,000) | USD | 1016000 |  | 13082 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 (Notional Value $431,000) | USD | 431000 |  | 12701 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 (Notional Value $3,415,000) | USD | 3415000 |  | 7222 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 (Notional Value $1,042,000) | USD | 1042000 |  | 2204 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $25,390,575) | EUR | 21609000 |  | 54 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $25,390,575) | EUR | 21609000 |  | 54 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $17,773,050) | EUR | 15126000 |  | 45 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $8,938,225) | EUR | 7607000 |  | 22 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $7,617,525) | EUR | 6483000 |  | 19 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,472,275) | EUR | 1253000 |  | 4 |
| **Total Foreign Exchange Options** |  |  |  | 383441 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,361,555) |  |  |  | 383441 |
| **Total Investments - 116.8%** | **Total Investments - 116.8%** | **Total Investments - 116.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,995,956,826) | &nbsp;&nbsp;&nbsp;(Cost $2,995,956,826) | &nbsp;&nbsp;&nbsp;(Cost $2,995,956,826) |  | 2956972145 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **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 (Notional Value $1,042,000) | USD | 1042000 |  | (138) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 (Notional Value $3,415,000) | USD | 3415000 |  | (454) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 (Notional Value $11,383,000) | USD | 11383000 |  | (1511) |
| **Total Foreign Exchange Options** |  |  |  | (2103) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $125,081) |  |  |  | (2103) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††</sup>** **- (0.1)%** |
| **Call Swaptions on:** |  |  |  |  |
| **Interest Rate Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.85 (Notional Value $11,406,250) | USD | 11406250 |  | (28456) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.85 (Notional Value $11,406,250) | USD | 11406250 |  | (28538) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.86 (Notional Value $11,406,250) | USD | 11406250 |  | (29115) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.89 (Notional Value $11,406,250) | USD | 11406250 |  | (33570) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.93 (Notional Value $11,406,250) | USD | 11406250 |  | (36727) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 57

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Value** | **Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.93 (Notional Value $11,406,250) | USD | 11406250 | $(37137) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.71 (Notional Value $11,406,250) | USD | 11406250 | (33047) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.71 (Notional Value $11,406,250) | USD | 11406250 | (33047) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.94 (Notional Value $11,406,250) | USD | 11406250 | (37997) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $2.94 (Notional Value $11,406,250) | USD | 11406250 | (37997) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.64 (Notional Value $15,968,750) | USD | 15968750 | (40203) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.64 (Notional Value $15,968,750) | USD | 15968750 | (40203) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.69 (Notional Value $18,250,000) | USD | 18250000 | (49792) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $2.69 (Notional Value $18,250,000) | USD | 18250000 | (49792) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 (Notional Value $35,955,000) | USD | 35955000 | (126706) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 (Notional Value $35,955,000) | USD | 35955000 | (126706) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 (Notional Value $35,955,000) | USD | 35955000 | (126706) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.00 (Notional Value $35,955,000) | USD | 35955000 | (126706) |
| **Total Interest Rate Swaptions** |  |  | (1022445) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.93 (Notional Value $11,406,250) | USD | 11406250 | (16269) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.93 (Notional Value $11,406,250) | USD | 11406250 | (16492) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.89 (Notional Value $11,406,250) | USD | 11406250 | (18801) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.86 (Notional Value $11,406,250) | USD | 11406250 | (19049) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.85 (Notional Value $11,406,250) | USD | 11406250 | (19521) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.85 (Notional Value $11,406,250) | USD | 11406250 | (19589) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.94 (Notional Value $11,406,250) | USD | 11406250 | (15442) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with strike price of $3.94 (Notional Value $11,406,250) | USD | 11406250 | (15442) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.71 (Notional Value $11,406,250) | USD | 11406250 | (24039) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.71 (Notional Value $11,406,250) | USD | 11406250 | (24039) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.64 (Notional Value $15,968,750) | USD | 15968750 | (38177) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.64 (Notional Value $15,968,750) | USD | 15968750 | (38177) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Value** | **Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.69 (Notional Value $18,250,000) | USD | 18250000 | $(39833) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with strike price of $3.69 (Notional Value $18,250,000) | USD | 18250000 | (39833) |
| **Total Interest Rate Swaptions** |  |  | (344703) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $1,986,124) |  |  | (1367148) |
| **Other Assets & Liabilities, net - (16.7)%** | **Other Assets & Liabilities, net - (16.7)%** | **Other Assets & Liabilities, net - (16.7)%** | (423051096) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2532551798 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Appreciation\*\*** |
| BofA Securities, Inc.<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $50400000 | $(1140752) | $(1153604) | $12852 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> 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 | $2320000 | $(198622) | $(123450) | $(75172) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 2320000 | (360453) | (294025) | (66428) |
|  |  |  |  |  |  | $(559075) | $(417475) | $(141600) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation\*\*** |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.06% | Annually | 01/06/28 | $90000000 | $1337757 | $395 | $1337362 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.90% | Annually | 12/04/27 | 88800000 | 971817 | 378 | 971439 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.32% | Annually | 07/02/27 | 32600000 | 490455 | 135 | 490320 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/23/29 | 15978652 | 460565 | 136 | 460429 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** |
| **Counterparty** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation\*\*** |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.98% | Annually | 02/06/27 | $70000000 | $413844 | $214 | $413630 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.39% | Annually | 08/02/29 | 43670000 | 91096 | 314 | 90782 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.96% | Annually | 10/16/25 | 95000000 | 26335 | 11 | 26324 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 98748000 | 25034 | 7 | 25027 |
|  |  |  |  |  |  |  | $3816903 | $1590 | $3815313 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| JPMorgan Chase Bank, N.A. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Pay | 3.42% (Federal Funds Rate - 0.67%) | At Maturity | 11/05/25 | 94172 | $10497353 | $150675 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| Nomura Global Financial Products, Inc. | EUR | Sell | 3869000 | 4,549,317 USD | 10/17/25 | $1673 |
| Toronto-Dominion Bank | EUR | Sell | 82000 | 96,427 USD | 10/15/25 | 57 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 195000 | 228,937 USD | 10/15/25 | (237) |
| Barclays Bank plc | EUR | Sell | 99000 | 115,574 USD | 10/15/25 | (776) |
| Toronto-Dominion Bank | EUR | Buy | 170000 | 200,655 USD | 10/17/25 | (836) |
| Morgan Stanley Capital Services LLC | EUR | Buy | 727000 | 859,691 USD | 10/17/25 | (5172) |
|  |  |  |  |  |  | $(5291) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 7.00% | 02/13/26 | 3.50% | $71910000 | $907536 |
| 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% | 35955000 | 453769 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 35955000 | 453768 |
|  |  |  |  |  |  |  |  | $1815073 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $11406250 | $(28456) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 11406250 | (28538) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 11406250 | (29115) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 11406250 | (33047) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 11406250 | (33047) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 11406250 | (33570) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 11406250 | (36727) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 11406250 | (37137) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 11406250 | (37997) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 11406250 | (37997) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 15968750 | (40203) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 15968750 | (40203) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 18250000 | (49792) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 18250000 | (49792) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 35955000 | (126706) |
| Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 35955000 | (126706) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 6.00% | 02/13/26 | 3.00% | 71910000 | (253412) |
|  |  |  |  |  |  |  |  | $(1022445) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $11406250 | $(15442) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 11406250 | (15442) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 11406250 | (16269) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 11406250 | (16492) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 11406250 | (18801) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 11406250 | (19049) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 11406250 | (19521) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 11406250 | (19589) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 11406250 | (24039) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 11406250 | (24039) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 15968750 | (38177) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 15968750 | (38177) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 18250000 | (39833) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 18250000 | (39833) |
|  |  |  |  |  |  |  |  | $(344703) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | |
|:---|:---|
| <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 September 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 $929,365,371 (cost $939,162,583), or 36.7% of total net assets. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Security is a principal-only strip. |
| <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 September 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 is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,023,158 (cost $1,905,628), or less than 0.1% of total net assets — See Note 10. |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Security is in default of interest and/or principal obligations. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at September 30, 2025. |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| <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. |
|  | &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;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 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;EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SARL — Société à Responsabilité Limitée |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &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 ANNUAL FINANCIAL REPORT \| 63

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $— | $— | $62 | $62 |
| Preferred Stocks | 1412906 | 37561430 | — \* | 38974336 |
| Warrants | 47 |  | 26 | 73 |
| Money Market Funds | 99803841 |  |  | 99803841 |
| Collateralized Mortgage Obligations |  | 970529199 | 3873113 | 974402312 |
| Corporate Bonds |  | 504771434 | 73081978 | 577853412 |
| U.S. Government Securities |  | 559365870 |  | 559365870 |
| Asset-Backed Securities |  | 421927193 | 71825094 | 493752287 |
| Senior Floating Rate Interests |  | 38620848 | 5965837 | 44586685 |
| Federal Agency Bonds |  | 28110555 |  | 28110555 |
| Municipal Bonds |  | 9648499 |  | 9648499 |
| Foreign Government Debt |  | 9203269 |  | 9203269 |
| U.S. Treasury Bills |  | 5382364 |  | 5382364 |
| Repurchase Agreements |  | 113690066 |  | 113690066 |
| Options Purchased |  | 383441 |  | 383441 |
| Interest Rate Swaptions Purchased |  | 1815073 |  | 1815073 |
| Credit Default Swap Agreements\*\* |  | 12852 |  | 12852 |
| Interest Rate Swap Agreements\*\* |  | 3815313 |  | 3815313 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 1730 |  | 1730 |
| Credit Index Swap Agreements\*\* |  | 150675 |  | 150675 |
| Total Assets | $101216794 | $2704989811 | $154746110 | $2960952715 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $2103 | $— | $2103 |
| Interest Rate Swaptions Written |  | 1367148 |  | 1367148 |
| Credit Default Swap Agreements\*\* |  | 141600 |  | 141600 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 7021 |  | 7021 |
| Total Liabilities | $— | $1517872 | $— | $1517872 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Security has a market value of $0. |
| \*\* | &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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $36132119 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 20600000 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 15092975 | Yield Analysis | Yield | 4.9%-7.2% | 6.5% |
| Collateralized Mortgage Obligations | 3873113 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted <br> Average\*** |
| Common Stocks | $62 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 49155800 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 16415500 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 5239743 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 2270935 | Yield Analysis | Yield | 5.5% |  |
| Senior Floating Rate Interests | 3126516 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 2839321 | Third Party Pricing | Broker Quote |  |  |
| Warrants | 26 | Model Price | Liquidation Value |  |  |
| Total Assets | $154746110 |  |  |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund had no securities that transferred into or out of Level 3.

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **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** | **Preferred <br> Stocks** | <br>**Total <br> Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $47319570 | $3964242 | $40070150 | $766667 | $26 | $62 | $— | $92120717 | $— |
| Purchases/(Receipts) | 36165556 |  | 33215470 | 5210355 |  |  |  | 74591381 | (12000) |
| (Sales, maturities and paydowns)/Fundings | (12183414) | (61487) | (954996) | (15125) |  |  |  | (13215022) |  |
| Amortization of premiums/discounts | (5521) | (16051) | 3123 | 922 |  |  |  | (17527) |  |
| Total realized gains (losses) included in earnings | 47011 |  |  |  |  |  |  | 47011 |  |
| Total change in unrealized appreciation (depreciation) included in earnings | 481892 | (13591) | 748231 | 3018 |  |  |  | 1219550 | 12000 |
| &nbsp;&nbsp; Ending Balance  | $71825094 | $3873113 | $73081978 | $5965837 | $26 | $62 | $— | $154746110 | $— |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $440969 | $(13591) | $748231 | $3018 | $— | $— | $— | $1178627 | $12000 |

---

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

**Step Coupon Bonds** 

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

---

| | | |
|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** |
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 |
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80% | 02/01/28 |
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25% | 01/01/28 |
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 |
| Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69 | 7.40% | 03/01/28 |
| Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69 | 7.50% | 03/01/28 |
| BRAVO Residential Funding Trust 2024-CES1, 6.38% due 04/25/54 | 7.38% | 04/01/28 |
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70% | 03/01/29 |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |
| BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64 | 7.39% | 03/01/28 |
| BRAVO Residential Funding Trust 2023-NQM8, 7.10% due 10/25/63 | 8.10% | 11/01/27 |
| BRAVO Residential Funding Trust 2025-NQM2 2025-NQM2, 5.83% due 11/25/64 | 6.83% | 02/01/29 |
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62% | 10/01/27 |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 |
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33% | 03/01/28 |
| COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69 | 7.43% | 03/01/28 |
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56% | 02/01/29 |
| COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68 | 8.18% | 09/01/27 |
| COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68 | 8.58% | 09/01/27 |
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14% | 01/01/28 |
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99% | 01/01/29 |
| Cross Mortgage Trust 2025-H1, 5.89% due 02/25/70 | 6.89% | 01/01/29 |
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66% | 02/01/29 |
| EFMT 2025-CES1, 5.73% due 01/25/60 | 6.73% | 02/01/29 |
| Ellington Financial Mortgage Trust 2024-CES1, 5.52% due 01/26/60 | 6.52% | 12/01/28 |
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89% | 09/01/27 |
| GCAT Trust 2023-NQM3, 7.34% due 08/25/68 | 8.34% | 09/01/27 |
| GCAT Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60% | 06/26/29 |
| GCAT Trust 2025-NQM4, 5.73% due 06/25/70 | 6.73% | 07/01/29 |
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36% | 05/01/28 |
| GCAT Trust 2024-NQM2, 6.54% due 06/25/59 | 7.71% | 05/01/28 |
| JP Morgan Mortgage Trust 2024-NQM1, 5.85% due 02/25/64 | 6.85% | 12/01/28 |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00% | 10/01/27 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69 | 6.35% | 09/01/28 |
| OBX Trust 2024-NQM15, 5.57% due 10/25/64 | 6.57% | 10/01/28 |
| OBX Trust 2024-NQM5, 6.39% due 01/25/64 | 7.39% | 03/01/28 |
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29% | 03/01/28 |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66% | 10/01/27 |
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85% | 12/01/28 |
| OBX Trust 2025-NQM13, 5.82% due 05/25/65 | 6.82% | 07/01/29 |
| OBX Trust 2025-NQM13, 5.61% due 05/25/65 | 6.61% | 07/01/29 |
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60% | 04/01/28 |
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45% | 04/01/28 |
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24% | 04/01/28 |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 |
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 |
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70% | 04/01/28 |
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45% | 04/01/28 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** |
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22% | 02/01/28 |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |
| OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43% | 02/01/28 |
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33% | 02/01/28 |
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13% | 02/01/28 |
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 |
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 |
| PRPM LLC 2025-RPL3, 3.25% due 04/25/55 | 4.25% | 04/01/28 |
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00% | 06/25/27 |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |
| RCKT Mortgage Trust 2025-CES7 2025-CES7, 5.48% due 07/25/55 | 6.48% | 07/01/29 |
| Verus Securitization Trust 2023-2, 6.85% due 03/25/68 | 7.85% | 03/01/27 |
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42% | 10/01/27 |
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12% | 01/01/28 |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |
| Verus Securitization Trust 2025-1, 5.98% due 01/25/70 | 6.98% | 01/01/29 |
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51% | 03/01/29 |
| Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54 | 6.25% | 09/01/28 |
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 12/01/28 |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 |

---

**Repurchase Agreements** 

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

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

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **CORE BOND FUND** |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value**  | **Repurchase Price**  | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | $64965752 | $64973313 | &nbsp;&nbsp;Due 02/15/31 - 05/15/55 | $144302291 | $60872160 |
|  |  |  | U.S. Treasury Bonds |  |  |
|  |  |  | &nbsp;&nbsp;1.88% - 6.13% |  |  |
|  |  |  | &nbsp;&nbsp;Due 08/15/29 - 02/15/41 | 6986700 | 5297205 |
|  |  |  | U.S. Treasury Note |  |  |
|  |  |  | &nbsp;&nbsp;4.25% |  |  |
|  |  |  | &nbsp;&nbsp;Due 01/31/30 | 93100 | 95702 |
|  |  |  |  | 151382091 | 66265067 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;1.25% - 4.13% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 40603595 | 40608332 | &nbsp;&nbsp;Due 01/31/27 - 05/31/28 | 43863600 | 41420569 |
| Bank of Montreal |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;4.18% |  |  | &nbsp;&nbsp;2.38% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 8120719 | 8121662 | &nbsp;&nbsp;Due 11/15/49 | 12463500 | 8284143 |

---

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

**CORE BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $2,882,266,760) | $2843282079 |
| Repurchase agreements, at value (cost $113,690,066) | 113690066 |
| Foreign currency, at value (cost $64,035) | 63970 |
| Cash | 522722 |
| Segregated cash with broker | 1239136 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1590 |
| Unrealized appreciation on OTC swap agreements | 150675 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1730 |
| Prepaid expenses | 82107 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 655543746 |
| &nbsp;&nbsp;&nbsp;Interest | 19386652 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 4110271 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 167178 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 9570 |
| **Total assets** | 3638251492 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $12,000) |  |
| Options written, at value (premiums received $2,111,205) | 1369251 |
| Segregated cash due to broker | 3488164 |
| Unamortized upfront premiums received on credit default swap agreements | 1571079 |
| Unrealized depreciation on OTC swap agreements | 141600 |
| Unrealized depreciation on forward foreign currency exchange contracts | 7021 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1091437732 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3660699 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 668466 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 158709 |
| &nbsp;&nbsp;&nbsp;Management fees | 90029 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 48808 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 21658 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 19689 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 11892 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 3823 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 3154 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2997920 |
| **Total liabilities** | 1105699694 |
| **Net assets** | $2532551798 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $2741484605 |
| Total distributable earnings (loss) | (208932807) |
| Net assets | $2532551798 |
| **Class A:** | **Class A:** |
| Net assets | $137412670 |
| Capital shares outstanding | 8298986 |
| Net asset value per share | $16.56 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $17.25 |
| **Class C:** | **Class C:** |
| Net assets | $21824275 |
| Capital shares outstanding | 1323656 |
| Net asset value per share | $16.49 |
| **Class P:** | **Class P:** |
| Net assets | $22276056 |
| Capital shares outstanding | 1344014 |
| Net asset value per share | $16.57 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $2351038797 |
| Capital shares outstanding | 142140190 |
| Net asset value per share | $16.54 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 69

**CORE BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $73960 |
| Interest  | 115478630 |
| &nbsp;&nbsp;&nbsp;Total investment income | 115552590 |
| **Expenses:** | **Expenses:** |
| Management fees | 8684358 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 336489 |
| &nbsp;&nbsp;&nbsp;Class C | 222691 |
| &nbsp;&nbsp;&nbsp;Class P | 56054 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 209479 |
| &nbsp;&nbsp;&nbsp;Class C | 21524 |
| &nbsp;&nbsp;&nbsp;Class P | 27786 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2568442 |
| Fund accounting/administration fees | 828416 |
| Professional fees | 176537 |
| Trustees' fees\* | 71061 |
| Custodian fees | 66488 |
| Interest expense | 47289 |
| Line of credit fees | 34624 |
| Miscellaneous | 333007 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 930 |
| &nbsp;&nbsp;&nbsp;Class C | 3119 |
| &nbsp;&nbsp;&nbsp;Class P | 3219 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 12247 |
| &nbsp;&nbsp;&nbsp;Total expenses | 13703760 |
| Less:  | Less:  |
| Expenses Reimbursed by adviser: | Expenses Reimbursed by adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (93356) |
| &nbsp;&nbsp;&nbsp;Class C | (5755) |
| &nbsp;&nbsp;&nbsp;Class P | (11414) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1628872) |
| Expenses waived by Adviser | (756746) |
| Earnings credits applied | (67075) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (2563218) |
| Net expenses | 11140542 |
| Net investment income | 104412048 |
| **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 | $(12025020) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (517908) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1587156 |
| &nbsp;&nbsp;&nbsp;Options purchased | 1031037 |
| &nbsp;&nbsp;&nbsp;Options written | (91216) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (236307) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (88458) |
| Net realized loss | (10340716) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 6051488 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3934268) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1651819) |
| &nbsp;&nbsp;&nbsp;Options purchased | (1890679) |
| &nbsp;&nbsp;&nbsp;Options written | 741954 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 24253 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (29506) |
| Net change in unrealized appreciation (depreciation) | (688577) |
| Net realized and unrealized loss | (11029293) |
| **Net increase in net assets resulting from operations** | $93382755 |

---

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

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

**CORE BOND FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $104412048 | $90283596 |
| Net realized loss on investments | (10340716) | (46494556) |
| Net change in unrealized appreciation (depreciation) on investments | (688577) | 178347455 |
| Net increase in net assets resulting from operations | 93382755 | 222136495 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6062834) | (5572388) |
| &nbsp;&nbsp;&nbsp;Class C | (840534) | (813243) |
| &nbsp;&nbsp;&nbsp;Class P | (1007052) | (1134659) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (98448774) | (81533571) |
| Total distributions to shareholders | (106359194) | (89053861) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 28420974 | 36111802 |
| &nbsp;&nbsp;&nbsp;Class C | 5721810 | 6006562 |
| &nbsp;&nbsp;&nbsp;Class P | 2966425 | 5823351 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1026816354 | 1248197694 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5604533 | 5100462 |
| &nbsp;&nbsp;&nbsp;Class C | 717043 | 724884 |
| &nbsp;&nbsp;&nbsp;Class P | 1007041 | 1130342 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 91429648 | 77395407 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (33223032) | (29449474) |
| &nbsp;&nbsp;&nbsp;Class C | (7162589) | (7509799) |
| &nbsp;&nbsp;&nbsp;Class P | (6190229) | (12856110) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (663979468) | (917116326) |
| Net increase from capital share transactions | 452128510 | 413558795 |
| Net increase in net assets | 439152071 | 546641429 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2093399727 | 1546758298 |
| &nbsp;&nbsp;&nbsp;End of year | $2532551798 | $2093399727 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1745938 | 2242770 |
| &nbsp;&nbsp;&nbsp;Class C | 352779 | 372815 |
| &nbsp;&nbsp;&nbsp;Class P | 181773 | 359191 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 63127835 | 78174273 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 343466 | 317202 |
| &nbsp;&nbsp;&nbsp;Class C | 44133 | 45306 |
| &nbsp;&nbsp;&nbsp;Class P | 61669 | 70321 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5607472 | 4816891 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2045954) | (1831649) |
| &nbsp;&nbsp;&nbsp;Class C | (441589) | (471900) |
| &nbsp;&nbsp;&nbsp;Class P | (381289) | (802798) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (40956077) | (57378056) |
| Net increase in shares | 27640156 | 25914366 |

---

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

**CORE BOND FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.70 | $15.56 | $15.95 | $20.06 | $20.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .72 | .73 | .67 | .46 | .44 |
| Net gain (loss) on investments (realized and unrealized) | (.13) | 1.13 | (.41) | (3.84) | (.01) |
| Total from investment operations | .59 | 1.86 | .26 | (3.38) | .43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) | (.72) | (.65) | (.47) | (.47) |
| Net realized gains |  |  |  | (.26) | (.43) |
| Total distributions | (.73) | (.72) | (.65) | (.73) | (.90) |
| Net asset value, end of period | $16.56 | $16.70 | $15.56 | $15.95 | $20.06 |
| **Total Return<sup>b</sup>** | **3.71%** | **12.27%** | **1.46%** | **(17.30** **%)** | **2.09%** |
| **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) | $137413 | $137883 | $117100 | $112084 | $151026 |
| 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) | 4.42% | 4.54% | 4.12% | 2.53% | 2.20% |
| Total expenses<sup>c</sup> | 0.87% | 0.93% | 0.92% | 0.82% | 0.85% |
| Net expenses<sup>d,e,f</sup> | 0.76% | 0.83% | 0.83% | 0.78% | 0.79% |
| Portfolio turnover rate | 53% | 89% | 88% | 49% | 103% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.63 | $15.49 | $15.88 | $19.97 | $20.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .60 | .60 | .55 | .33 | .29 |
| Net gain (loss) on investments (realized and unrealized) | (.13) | 1.14 | (.42) | (3.83) | (.03) |
| Total from investment operations | .47 | 1.74 | .13 | (3.50) | .26 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.61) | (.60) | (.52) | (.33) | (.31) |
| Net realized gains |  |  |  | (.26) | (.43) |
| Total distributions | (.61) | (.60) | (.52) | (.59) | (.74) |
| Net asset value, end of period | $16.49 | $16.63 | $15.49 | $15.88 | $19.97 |
| **Total Return<sup>b</sup>** | **2.96%** | **11.49%** | **0.68%** | **(17.90** **%)** | **1.34%** |
| **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) | $21824 | $22759 | $22027 | $20970 | $33407 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.69% | 3.80% | 3.39% | 1.78% | 1.46% |
| Total expenses<sup>c</sup> | 1.57% | 1.63% | 1.66% | 1.61% | 1.61% |
| Net expenses<sup>d,e,f</sup> | 1.51% | 1.59% | 1.59% | 1.53% | 1.54% |
| Portfolio turnover rate | 53% | 89% | 88% | 49% | 103% |

---

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

**CORE BOND FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.72 | $15.57 | $15.96 | $20.07 | $20.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .72 | .72 | .66 | .46 | .44 |
| Net gain (loss) on investments (realized and unrealized) | (.14) | 1.15 | (.41) | (3.84) | (.02) |
| Total from investment operations | .58 | 1.87 | .25 | (3.38) | .42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.73) | (.72) | (.64) | (.47) | (.47) |
| Net realized gains |  |  |  | (.26) | (.43) |
| Total distributions | (.73) | (.72) | (.64) | (.73) | (.90) |
| Net asset value, end of period | $16.57 | $16.72 | $15.57 | $15.96 | $20.07 |
| **Total Return** | **3.64%** | **12.25%** | **1.50%** | **(17.30** **%)** | **2.04%** |
| **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) | $22276 | $24778 | $28885 | $53203 | $89223 |
| 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) | 4.41% | 4.53% | 4.10% | 2.49% | 2.17% |
| Total expenses<sup>c</sup> | 0.85% | 0.87% | 1.01% | 0.94% | 0.90% |
| Net expenses<sup>d,e,f</sup> | 0.76% | 0.84% | 0.82% | 0.78% | 0.79% |
| Portfolio turnover rate | 53% | 89% | 88% | 49% | 103% |

---

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

**CORE BOND FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.68 | $15.54 | $15.92 | $20.03 | $20.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .77 | .77 | .71 | .52 | .50 |
| Net gain (loss) on investments (realized and unrealized) | (.13) | 1.13 | (.40) | (3.85) | (.03) |
| Total from investment operations | .64 | 1.90 | .31 | (3.33) | .47 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.78) | (.76) | (.69) | (.52) | (.52) |
| Net realized gains |  |  |  | (.26) | (.43) |
| Total distributions | (.78) | (.76) | (.69) | (.78) | (.95) |
| Net asset value, end of period | $16.54 | $16.68 | $15.54 | $15.92 | $20.03 |
| **Total Return** | **4.01%** | **12.61%** | **1.80%** | **(17.09** **%)** | **2.34%** |
| **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) | $2351039 | $1907980 | $1378747 | $1082805 | $1382711 |
| 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) | 4.72% | 4.84% | 4.43% | 2.84% | 2.49% |
| Total expenses<sup>c</sup> | 0.59% | 0.59% | 0.65% | 0.60% | 0.60% |
| Net expenses<sup>d,e,f</sup> | 0.47% | 0.53% | 0.55% | 0.49% | 0.50% |
| Portfolio turnover rate | 53% | 89% | 88% | 49% | 103% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.00%\* |  | 0.01% | 0.01% | 0.01% |
| Class C | 0.01% | 0.04% | 0.01% | 0.00%\* |  |
| Class P | 0.01% | 0.05% | 0.00%\* |  |  |
| Institutional Class | 0.00%\* | 0.01% | 0.00%\* |  |  |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.76% | 0.76% | 0.76% | 0.77% | 0.78% |
| Class C | 1.51% | 1.51% | 1.52% | 1.52% | 1.53% |
| Class P | 0.76% | 0.76% | 0.76% | 0.77% | 0.78% |
| Institutional Class | 0.47% | 0.47% | 0.47% | 0.48% | 0.49% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 1.2%** | **COMMON STOCKS<sup>†</sup>** **- 1.2%** | **COMMON STOCKS<sup>†</sup>** **- 1.2%** |
| **Industrial - 0.4%** | **Industrial - 0.4%** | **Industrial - 0.4%** |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 2105 | $2742815 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 244278 | 199683 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 15530 | 12742 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 14354 | 11777 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.<sup>†††</sup> | 12773 | 226 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 244278 | 25 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12773 | 1 |
| **Total Industrial** |  | 2967269 |
| **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** |
| &nbsp;&nbsp;&nbsp;American Tire Distributors, Inc.<sup>†††</sup> | 373317 | 2141906 |
| &nbsp;&nbsp;&nbsp;SHO Holding I Corp.\*<sup>,†††</sup> | 178 | 140024 |
| **Total Consumer, Cyclical** |  | 2281930 |
| **Financial - 0.3%** | **Financial - 0.3%** | **Financial - 0.3%** |
| &nbsp;&nbsp;&nbsp;Fusion Buyer LLC\*<sup>,††</sup> | 46340 | 1529220 |
| &nbsp;&nbsp;&nbsp;Contra Mallinckro\*<sup>,††</sup> | 5190 | 539329 |
| **Total Financial** |  | 2068549 |
| **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 25462 | 696640 |
| **Communications - 0.1%** | **Communications - 0.1%** | **Communications - 0.1%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 114139 | 264127 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 401481 | 40 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,783,906) |  | 8278555 |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| Asphalt Intermediate Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49 | 16664 | 6146 |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc\* | 8701 | 1 |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2) |  | 6147 |
| **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.8%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.8%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.8%** |
| &nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | 487631 | 20275697 |
| **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,187,796) |  | 20275697 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.0%** |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.98%<sup>2</sup> | 7364106 | 7364106 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,364,106) |  | 7364106 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** |  |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.9%** |
| **Consumer, Cyclical - 20.7%** |  |  |
| Allwyn Entertainment Financing US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/11/31 | 6347157 | 6331289 |
| Eagle Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.25% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29 | 6151875 | 6139387 |
| PetSmart LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.14% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/32 | 6096000 | 6000780 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 5262383 | 5240439 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.96% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/29<sup>3</sup> | 6120088 | 5125574 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 11/30/30 | 4922325 | 4901405 |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3713450 | 3714378 |
| &nbsp;&nbsp;&nbsp;6.50% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 982575 | 982781 |
| Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31 | 4443750 | 4411533 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 06/02/31 | 4416032 | 4385959 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (6 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 3532754 | 3521944 |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/08/32 | 853965 | 845289 |
| Thevelia US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 3866302 | 3853736 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 2390357 | 2382398 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 1385500 | 1380803 |
| Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.25%) due 07/31/30 | 4076643 | 3691930 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 3659888 | 3627425 |
| Tortuga Resorts GHD LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 08/13/32 | 3606140 | 3608412 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 3482531 | 3473825 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/05/31 | 3464075 | $3458290 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.74% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 10/16/31 | 3400714 | 3415610 |
| Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 3211950 | 3211950 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 3111148 | 3120886 |
| ATG Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/19/32 | 2867813 | 2876789 |
| Burlington Coat Factory Warehouse Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/24/31 | 2686432 | 2686432 |
| Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 2623500 | 2616285 |
| Entain Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/30/32 | 2619613 | 2614478 |
| DK Crown Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 2574277 | 2569463 |
| TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30 | 2459944 | 2443536 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32 | 2388115 | 2386634 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 7288162 | 2259330 |
| Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.76% (3 Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 2246522 | 2248600 |
| Bulldog Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31 | 2211268 | 2219560 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 2105960 | 2105202 |
| Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 2079000 | 2073803 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 2074286 | 2024150 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 2021024 | 2019124 |
| Socotec Holding |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/02/31 | 1999800 | 2008959 |
| EG Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.94% ((3 Month EURIBOR + 3.88%) and (6 Month EURIBOR + 3.88%), Rate Floor: 3.88%) due 02/07/28 | EUR 1,689,093 | 1996664 |
| Alexander Mann |  |  |
| &nbsp;&nbsp;&nbsp;10.47% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 1931776 | 1835187 |
| Sweetwater Sound |  |  |
| &nbsp;&nbsp;&nbsp;8.53% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 1825828 | 1829261 |
| Citrin Cooperman Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 1756667 | 1747339 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/17/28 | 1636248 | 1635561 |
| Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/09/29 | 1589486 | 1587150 |
| Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 1583038 | 1586995 |
| Entain Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/31/29 | 1584000 | 1582115 |
| Arcis Golf LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 1562662 | 1563647 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 1558761 | 1554739 |
| MX Holdings US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/19/32 | 1482640 | 1482640 |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.41% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/27/29 | 1365846 | 1363442 |
| Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 02/28/30<sup>†††</sup> | 1347655 | 1347655 |
| Weight Watchers International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 1301096 | 1177492 |
| 1-800 Contacts |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 11/08/32 | 945300 | 944477 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.09% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,3</sup> | 880690 | 867480 |
| American Auto Auction Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 716400 | 721644 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Dealer Tire LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 554411 | $551178 |
| CHG Healthcare Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 09/29/28 | 506594 | 506569 |
| Hilton Worldwide Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/08/30 | 427249 | 427523 |
| SHO Holding I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.78% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29<sup>†††</sup> | 259986 | 258027 |
| &nbsp;&nbsp;&nbsp;6.28% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 06/30/29<sup>†††</sup> | 98612 | 86778 |
| **Total Consumer, Cyclical** |  | 148631931 |
| **Industrial - 19.8%** |  |  |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 8821817 | 7472079 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 5862156 | 5854183 |
| &nbsp;&nbsp;&nbsp;due 09/24/32 | 1585000 | 1584604 |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 5890079 | 5890079 |
| Duran Group Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (3 Month EURIBOR + 5.18%, Rate Floor: 5.18%) due 05/31/26<sup>†††</sup> | EUR 4,527,760 | 4891427 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.42% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 4887500 | 4886474 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/28/31 | 3167115 | 3165056 |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 1514700 | 1513655 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 2577050 | 2575298 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 1320773 | 1321116 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 714600 | 714193 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 4594882 | 4602050 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/09/32 | 4477464 | 4483867 |
| Convergint |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/12/32 | 4443266 | 4448820 |
| DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 4407530 | 4426834 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.99% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 4209055 | 4100461 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 3740987 | 3735974 |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/29/31 | 3731784 | 3727343 |
| Engineered Machinery Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.76% (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/19/28 | 3431475 | 3447397 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 3322964 | 3328514 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 2991230 | 2991977 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28<sup>†††</sup> | 2910302 | 2903026 |
| &nbsp;&nbsp;&nbsp;due 12/14/28 | 2658130 | 2664776 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1991426 | 1992263 |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 | 886618 | 888063 |
| Pregis TopCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/28/29 | 2751175 | 2768370 |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (6 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/04/31 | 2553600 | 2541317 |
| O-I Glass, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 2476500 | 2470309 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.87% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31 | 2452018 | 2458148 |
| Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 2530875 | 2442294 |
| Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 2265500 | 2268332 |
| Anchor Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.39% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 2202125 | 2209920 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 2153725 | 2152950 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.30% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 1362394 | $1362394 |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/12/27<sup>†††</sup> | 788532 | 788532 |
| Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/05/32 | 2083778 | 2084153 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27 | 2063438 | 2062633 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 2244238 | 2053478 |
| Tiger Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/32 | 1985000 | 1976663 |
| STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.26% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 1985760 | 1971701 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 1797625 | 1752684 |
| John Bean Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/02/32 | 1726325 | 1723735 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.39% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/15/32 | 1711062 | 1707143 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 1635100 | 1633056 |
| Osmose Utility Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.53% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 1724793 | 1631016 |
| Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.21% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 05/01/31 | 1596422 | 1599423 |
| Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/26/31 | 1557095 | 1565534 |
| NA Rail HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.12% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 1511213 | 1514613 |
| ProAmpac PG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28 | 1209536 | 1212257 |
| Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1131519 | 1132232 |
| Ring Container Technologies Group, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/28 | 1031554 | 1032627 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 995000 | 998731 |
| Student Transportation Of America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 886667 | 888608 |
| &nbsp;&nbsp;&nbsp;7.38% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 63333 | 63472 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.89% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 814553 | 815408 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 728422 | 729106 |
| MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 722700 | 724810 |
| SiteOne Landscaping Supply Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.93% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 03/23/30 | 693000 | 693000 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 602556 | 607129 |
| American Residential Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/02/32 | 560667 | 558217 |
| **Total Industrial** |  | 141803524 |
| **Financial - 14.5%** |  |  |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 5417185 | 5288527 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 5102232 | 5087640 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 4893087 | 4895142 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 4740666 | 4701176 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 4272293 | 4272720 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 4178710 | 4154348 |
| Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/09/30 | 4108858 | 4115473 |
| Pex Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (6 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/19/31 | 3997167 | 3995488 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 3908579 | 3892084 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Citadel Securities, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 3839281 | $3845539 |
| Corpay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 3851737 | 3844534 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.37% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 3647431 | 3645315 |
| GIP Pilot Acquisition Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/04/30 | 3529349 | 3521620 |
| Starwood Property Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/02/30 | 1991577 | 1990342 |
| &nbsp;&nbsp;&nbsp;due 08/14/32 | 1456600 | 1457518 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.92% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/21/31 | 3384093 | 3379863 |
| Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 06/24/31 | 3242910 | 3239765 |
| Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 3085000 | 3085000 |
| Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.20% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 2755037 | 2725200 |
| Franklin Square Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/25/31 | 2686731 | 2686730 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 2501865 | 2515150 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/29 | 2499313 | 2495989 |
| HarbourVest Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30<sup>†††</sup> | 2434810 | 2434810 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 2305282 | 2302401 |
| Fusion Intermediate, LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.10% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 06/06/30 | 2205944 | 2250063 |
| Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/30/32 | 2245000 | 2249670 |
| CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/29/32 | 2250000 | 2143125 |
| Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 1931000 | 1930845 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 1771064 | 1767752 |
| Orion US FinCo |  |  |
| &nbsp;&nbsp;&nbsp;due 10/10/2032 | 1685000 | 1693425 |
| Delos Aircraft Leasing |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/31/27 | 1672381 | 1676562 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 1587328 | 1587074 |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 1378973 | 1376905 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32<sup>†††</sup> | 1338682 | 1337009 |
| IMC Global Holdings |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/21/32 | 1261838 | 1269724 |
| Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/27/28 | 1022428 | 1025301 |
| **Total Financial** |  | 103879829 |
| **Consumer, Non-cyclical -10.2%** |  |  |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/27/27 | 6481823 | 6345445 |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 6305831 | 6309804 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 4773671 | 4787324 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29 | 5071242 | 4768793 |
| Hayward Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.78% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28 | 3509844 | 3511318 |
| Medical Solutions Parent Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 8982663 | 3079796 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/14/31 | 2312085 | 2323645 |
| &nbsp;&nbsp;&nbsp;due 04/14/31 | 625000 | 628125 |
| &nbsp;&nbsp;&nbsp;due 04/09/31 | 127000 | 127635 |
| Topgolf Callaway Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30 | 2692800 | 2658763 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.17% ((1 Month Term SOFR + 2.00%) and (3 Month Term SOFR + 2.00%), Rate Floor: 2.00%) due 06/24/30 | 2567938 | 2570609 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.78% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>†††</sup> | 2536864 | $2435390 |
| Resonetics LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.06% (3 Month Term SOFR + 2.75%, Rate Floor: 3.50%) due 06/18/31 | 2376000 | 2372769 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/06/31 | 2347307 | 2356955 |
| Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/15/31 | 2323098 | 2320194 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 2547522 | 2287190 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/23/29 | 2129931 | 2139260 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 2150753 | 2133289 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 2289398 | 2126644 |
| Grifols Worldwide Operations USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.26% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 11/15/27 | 2130000 | 2122545 |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 1926199 | 1925390 |
| Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/09/32 | 1872600 | 1883012 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 1832994 | 1835744 |
| Ceva Sante |  |  |
| &nbsp;&nbsp;&nbsp;6.98% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/08/30 | 1627700 | 1628384 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.41% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 1649865 | 1623566 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 2297436 | 1408328 |
| MDVIP |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 1344144 | 1346671 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;12.47% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 08/02/28 | 2105964 | 1000333 |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/02/28 | 3329210 | 133168 |
| Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 12/19/30 | 1097250 | 1097459 |
| Nomad Foods Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29 | 1039500 | 1039895 |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.28% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 09/05/28 | 698187 | 666768 |
| **Total Consumer, Non-cyclical** |  | 72994211 |
| **Technology - 10.1%** |  |  |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28 | 5847716 | 5629245 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.20% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 5094264 | 5083108 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.78% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 4665529 | 4661144 |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 4727751 | 4648940 |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 4519694 | 4512146 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.62% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/18/31 | 3978374 | 3993293 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 2610000 | 2597602 |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 1228009 | 1224178 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.10% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/17/29 | 3741383 | 3465456 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/31/28 | 3021769 | 3016904 |
| Indicor LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 3001527 | 3004048 |
| Conair Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28 | 4603122 | 2871198 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 2726943 | 2735042 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 2731455 | 2694389 |
| Instructure Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/13/31 | 2525273 | 2520930 |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/15/29 | 2506834 | 2500567 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/30/31 | 2473788 | $2473788 |
| Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 2247291 | 2231560 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.26% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28 | 1879338 | 1757181 |
| &nbsp;&nbsp;&nbsp;7.78% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27 | 288142 | 272294 |
| World Wide Technology Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 03/01/30 | 1862854 | 1865183 |
| Ascend Learning, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/11/28 | 1559026 | 1556750 |
| Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 1420714 | 1411835 |
| Waystar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/22/29 | 924853 | 924465 |
| &nbsp;&nbsp;&nbsp;due 10/22/29 | 350145 | 349998 |
| RealPage, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/24/28 | 1221653 | 1218281 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/09/32 | 915000 | 917608 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.26% (1 Month Term SOFR + 6.00%, Rate Floor: 7.50%) due 11/15/29<sup>†††</sup> | 699400 | 657436 |
| Imprivata, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/01/27 | 630646 | 632816 |
| Clearwater Analytics, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.46% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 500000 | 500000 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 414586 | 357692 |
| **Total Technology** |  | 72285077 |
| **Communications - 6.1%** |  |  |
| Virgin Media Bristol LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 | 6016233 | 5926591 |
| Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.69% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 4392836 | 4378647 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.65% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28 | 3939186 | 3911336 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.49% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/09/27 | 2832444 | 2827374 |
| &nbsp;&nbsp;&nbsp;7.43% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 840561 | 827431 |
| Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 3502798 | 3495512 |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30 | 3193125 | 3188463 |
| Mcgraw Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/06/31 | 2598011 | 2597205 |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/31 | 2475000 | 2472674 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;9.82% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28 | 2471208 | 2384716 |
| UPC Financing Partnership |  |  |
| &nbsp;&nbsp;&nbsp;6.69% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 2221614 | 2213683 |
| Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 1998598 | 1999857 |
| Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 10/24/31 | 2024633 | 1383493 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/29<sup>3</sup> | 580140 | 545332 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 1696500 | 1696500 |
| Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 09/16/32 | 1462600 | 1461693 |
| TKO Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/21/31 | 1414330 | 1415872 |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 1189924 | 1170362 |
| **Total Communications** |  | 43896741 |
| **Energy - 3.7%** |  |  |
| Colonial Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/30/32 | 4596200 | 4566738 |
| Par Petroleum LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 4392951 | 4381969 |
| AL GCX Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 3382482 | 3374026 |
| TransMontaigne Operating Company, LP |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/17/28 | 2514686 | $| 2515390 |
| WhiteWater DBR Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 1846385 |  | 1847548 |
| ITT Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.48%, Rate Floor: 2.98%) due 10/11/30 | 1769092 |  | 1768543 |
| Traverse Midstream Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/16/28 | 1607322 |  | 1608335 |
| Whitewater Matterhorn Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 1560000 |  | 1558300 |
| Buckeye Partners, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/22/30 | 817271 |  | 817565 |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/01/26 | 589680 |  | 589892 |
| Whitewater Whistler Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/15/30 | 1277635 |  | 1273802 |
| Bip PipeCo Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 1226828 |  | 1225295 |
| CVR Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/30/27 | 1209325 |  | 1209325 |
| **Total Energy** |  |  | 26736728 |
| **Basic Materials - 2.2%** |  |  |  |
| NIC Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3528762 |  | 2939458 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30 | 2885616 |  | 2881114 |
| CTEC III GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/16/29 | EUR 1,922,000 |  | 2255055 |
| Discovery Purchaser Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 1995239 |  | 1983607 |
| Novelis Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/11/32 | 1408793 |  | 1410864 |
| Nouryon USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.42% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/03/28 | 1043221 |  | 1042574 |
| &nbsp;&nbsp;&nbsp;7.50% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/03/28 | 285447 |  | 285627 |
| Ecovyst Catalyst Technology |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/12/31 | 990000 |  | 988456 |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 670035 |  | 680420 |
| A-AP Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/09/31 | 645125 |  | 644725 |
| Trinseo Materials Operating S.C.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.96% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 1532000 |  | 438918 |
| **Total Basic Materials** |  |  | 15550818 |
| **Utilities - 1.6%** |  |  |  |
| UGI Energy Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 4057669 |  | 4071628 |
| TerraForm Power Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 3811232 |  | 3801703 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 2672480 |  | 2671652 |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 757717 |  | 755353 |
| **Total Utilities** |  |  | 11300336 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $657,795,966) | &nbsp;&nbsp;&nbsp;(Cost $657,795,966) |  | 637079195 |
| **CORPORATE BONDS<sup>††</sup>** **- 4.8%** | **CORPORATE BONDS<sup>††</sup>** **- 4.8%** | **CORPORATE BONDS<sup>††</sup>** **- 4.8%** | **CORPORATE BONDS<sup>††</sup>** **- 4.8%** |
| **Consumer, Non-cyclical -1.8%** |  |  |  |
| Sotheby's |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/15/27<sup>5</sup> | 2875000 |  | 2866898 |
| ADT Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/01/29<sup>5</sup> | 2875000 |  | 2780171 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 01/15/30 | 2800000 |  | 2723128 |
| Acadia Healthcare Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/15/29<sup>5</sup> | 1730000 |  | 1693639 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 02/15/27 | 1500000 |  | 1502747 |
| Cheplapharm Arzneimittel GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>5</sup> | 1312000 |  | 1278222 |
| **Total Consumer, Non-cyclical** |  |  | 12844805 |
| **Consumer, Cyclical - 0.9%** |  |  |  |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 01/15/29<sup>5</sup> | 5000000 |  | 4758691 |
| Crocs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>5</sup> | 1755000 |  | 1607839 |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>5</sup> | 80000 |  | 76666 |
| **Total Consumer, Cyclical** |  |  | 6443196 |
| **Communications - 0.7%** |  |  |  |
| VZ Secured Financing B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/15/32<sup>5</sup> | 3500000 |  | 3166514 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>5</sup> | 1575000 | $1574075 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/15/27<sup>5</sup> | 350000 | 348998 |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/28<sup>5</sup> | 300000 | 294698 |
| **Total Communications** |  | 5384285 |
| **Industrial - 0.7%** |  |  |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>5</sup> | 2875000 | 2848468 |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>5</sup> | 2120000 | 1807300 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>5</sup> | 270000 | 258870 |
| **Total Industrial** |  | 4914638 |
| **Financial - 0.3%** |  |  |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>5</sup> | 1850000 | 1803648 |
| **Energy - 0.2%** |  |  |
| Sunoco Limited Partnership / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 04/15/27 | 1400000 | 1399473 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/28 | 95000 | 95025 |
| **Total Energy** |  | 1494498 |
| **Basic Materials - 0.2%** |  |  |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/15/27<sup>5</sup> | 1305000 | 1296907 |
| Mirabela Nickel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,4,6</sup> | 1279819 | 3199 |
| **Total Basic Materials** |  | 1300106 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,110,091) | &nbsp;&nbsp;&nbsp;(Cost $36,110,091) | 34185176 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.2%** |
| **Residential Mortgage-Backed Securities - 1.2%** | **Residential Mortgage-Backed Securities - 1.2%** | **Residential Mortgage-Backed Securities - 1.2%** |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 10472375 | 2172771 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.71% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 416751 | 67952 |
| Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA6, 4.96% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47<sup>◊</sup> | 1898320 | 1605768 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.99% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 1336003 | 1133791 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 5.34% due 08/25/60<sup>5,7</sup> | 1000000 | 995826 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-4, 4.48% (1 Month Term SOFR + 0.32%, Rate Floor: 0.32%) due 10/25/46<sup>◊</sup> | 1974087 | 983629 |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-16N, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46<sup>◊</sup> | 1000934 | 891047 |
| Alliance Bancorp Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 295034 | 258905 |
| Nomura Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 1.42% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,5</sup> | 201650 | 197366 |
| Morgan Stanley Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 2.86% due 06/26/36<sup>5</sup> | 178232 | 172813 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-7, 4.81% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 39205 | 37866 |
| New Century Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2004-4, 5.07% (1 Month Term SOFR + 0.91%, Rate Cap/Floor: 12.50%/0.80%) due 02/25/35<sup>◊</sup> | 3384 | 5574 |
| **Total Residential Mortgage-Backed Securities** |  | 8523308 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,184,252) | &nbsp;&nbsp;&nbsp;(Cost $12,184,252) | 8523308 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.6%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.6%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.6%** |
| **Collateralized Loan Obligations - 0.4%** | **Collateralized Loan Obligations - 0.4%** | **Collateralized Loan Obligations - 0.4%** |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 C, 6.28% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 03/19/43<sup>◊,5</sup> | 2000000 | 2001705 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 C, due 01/17/43<sup>◊,5</sup> | 600000 | 598229 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>5,8</sup> | 977702 | 2747 |
| Octagon Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 11/18/31<sup>5,8</sup> | 2071948 | 207 |
| **Total Collateralized Loan Obligations** |  | 2602888 |
| **Financial - 0.2%** |  |  |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 1550000 | 1550000 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,148,500) | &nbsp;&nbsp;&nbsp;(Cost $4,148,500) | 4152888 |
| **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $749,574,619) | &nbsp;&nbsp;&nbsp;(Cost $749,574,619) | $719865072 |
| **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (3295458) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $716569614 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation** |
| Morgan Stanley Capital Services LLC | EUR | Sell | 9583000 | 11,267,682 USD | 10/17/25 | $3771 |
| Morgan Stanley Capital Services LLC | CAD | Sell | 413000 | 299,157 USD | 10/17/25 | 2021 |
|  |  |  |  |  |  | $5792 |

---

---

| | |
|:---|:---|
| <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 September 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 September 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 $32,430,497 (cost $35,858,750), or 4.5% of total net assets. |
| <sup>6</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 $3,199 (cost $1,160,811), or less than 0.1% of total net assets — See Note 10. |
| <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 September 30, 2025. The coupon rate will increase to 6.34% at 09/01/2029. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
|  | &nbsp;&nbsp;&nbsp;CAD — Canadian Dollar |
|  | &nbsp;&nbsp;&nbsp;CMT — Constant Maturity Treasury |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;EURIBOR — European Interbank Offered Rate |
|  | &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;See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $696640 | $2332676 | $5249239 | $8278555 |
| Rights |  |  | 6147 | 6147 |
| Exchange-Traded Fund | 20275697 |  |  | 20275697 |
| Money Market Fund | 7364106 |  |  | 7364106 |
| Senior Floating Rate Interests |  | 617709231 | 19369964 | 637079195 |
| Corporate Bonds |  | 34181977 | 3199 | 34185176 |
| Collateralized Mortgage Obligations |  | 8523308 |  | 8523308 |
| Asset-Backed Securities |  | 4152888 |  | 4152888 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 5792 |  | 5792 |
| Total Assets | $28336443 | $666905872 | $24628549 | $719870864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Unfunded Loan Commitments (Note 9) | $– $– $| 781 | $781 |

---

\*\* 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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Common Stocks | $3082547 | Enterprise Value | Valuation Multiple | 2.6x-8.7x | 4.9x |
| Common Stocks | 2141906 | Model Price | Purchase Price |  |  |
| Common Stocks | 24786 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 3199 | Third Party Pricing | Broker Quote |  |  |
| Rights | 6146 | Model Price | Purchase Price |  |  |
| Rights | 1 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 15526578 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 3498581 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 344805 | Yield Analysis | Yield | 10.5%-15.3% | 11.9% |
| Total Assets | $24628549 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $781 | Model Price | Purchase price |  |  |

---

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

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund did not have any securities transfer into Level 3 from Level 2 and had securities with a total value of $10,963,763 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Corporate <br> Bonds** | **Senior Floating <br> Rate Interests** | **Common <br> Stocks** | **Rights** | <br>**Total <br> Assets** | **Unfunded Loan <br> Commitments** |
| Beginning Balance | $6399 | $35335387 | $3525308 | $— | $38867094 | $(20064) |
| Purchases/(Receipts) |  | 5784821 | 5491532 | 2 | 11276355 | (2905) |
| (Sales, maturities and paydowns)/Fundings |  | (6597457) | (563) |  | (6598020) | 10455 |
| Amortization of premiums/discounts |  | 205513 |  |  | 205513 |  |
| Corporate actions |  | 2793859 |  |  | 2793859 |  |
| Total realized gains (losses) included in earnings |  | (7054340) | (190) |  | (7054530) |  |
| Total change in unrealized appreciation (depreciation) included in earnings | (3200) | (134056) | (3766848) | 6145 | (3897959) | 11733 |
| Transfers into Level 3 |  |  |  |  |  |  |
| Transfers out of Level 3 |  | (10963763) |  |  | (10963763) |  |
| &nbsp;&nbsp;Ending Balance  | $3199 | $19369964 | $5249239 | $6147 | $24628549 | $(781) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $(3200) | $129417 | $(3767059) | $6145 | $(3634697) | $2220 |

---

**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").

Transactions during the year ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 09/30/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** |
| **Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC\* | $296099 | $— | $— | $— | $(96416) | $199683 | 244278 |

---

\* Non-income producing security.

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

**FLOATING RATE STRATEGIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $749,488,363) | $719665389 |
| Investments in affiliated issuers, at value (cost $86,256) | 199683 |
| Foreign currency, at value (cost 5,283) | 5279 |
| Cash | 3782337 |
| Unrealized appreciation on forward foreign currency exchange contracts | 5792 |
| Prepaid expenses | 44282 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 9313569 |
| &nbsp;&nbsp;&nbsp;Interest | 4492774 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 575053 |
| Other assets | 30 |
| **Total assets** | 738084188 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $8,845) | 781 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 18098160 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2098467 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 667171 |
| &nbsp;&nbsp;&nbsp;Management fees | 294513 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 99425 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 45303 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 7577 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 2368 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 200809 |
| **Total liabilities** | 21514574 |
| **Net assets** | $716569614 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $955059015 |
| Total distributable earnings (loss) | (238489401) |
| Net assets | $716569614 |
| **Class A:** | **Class A:** |
| Net assets | $121470120 |
| Capital shares outstanding | 5138661 |
| Net asset value per share | $23.64 |
| Maximum offering price per share (Net asset value divided by 97.00%) | $24.37 |
| **Class C:** | **Class C:** |
| Net assets | $17100366 |
| Capital shares outstanding | 723702 |
| Net asset value per share | $23.63 |
| **Class P:** | **Class P:** |
| Net assets | $36120243 |
| Capital shares outstanding | 1527290 |
| Net asset value per share | $23.65 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $537976463 |
| Capital shares outstanding | 22737744 |
| Net asset value per share | $23.66 |
| **Class R6:** | **Class R6:** |
| Net assets | $3902422 |
| Capital shares outstanding | 164856 |
| Net asset value per share | $23.67 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 87

**FLOATING RATE STRATEGIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended September 30, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $1953499 |
| Interest from securities of unaffiliated issuers (net of foreign withholding tax of $8) | 67556198 |
| &nbsp;&nbsp;&nbsp;Total investment income | 69509697 |
| **Expenses:** | **Expenses:** |
| Management fees | 5452993 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 330628 |
| &nbsp;&nbsp;&nbsp;Class C | 214290 |
| &nbsp;&nbsp;&nbsp;Class P | 96054 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 149899 |
| &nbsp;&nbsp;&nbsp;Class C | 21993 |
| &nbsp;&nbsp;&nbsp;Class P | 67937 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 807112 |
| &nbsp;&nbsp;&nbsp;Class R6 | 700 |
| Line of credit fees | 332008 |
| Fund accounting/administration fees | 318479 |
| Professional fees | 111342 |
| Custodian fees | 62131 |
| Trustees' fees\* | 50589 |
| Miscellaneous | 218740 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 11179 |
| &nbsp;&nbsp;&nbsp;Class C | 864 |
| &nbsp;&nbsp;&nbsp;Class P | 1339 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22110 |
| &nbsp;&nbsp;&nbsp;Class R6 | 419 |
| &nbsp;&nbsp;&nbsp;Total expenses | 8270806 |
| Less: | Less: |
| Expenses reimbursed by Adviser | Expenses reimbursed by Adviser |
| &nbsp;&nbsp;&nbsp;Class A | (113425) |
| &nbsp;&nbsp;&nbsp;Class C | (15462) |
| &nbsp;&nbsp;&nbsp;Class P | (55431) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (529326) |
| &nbsp;&nbsp;&nbsp;Class R6 | (77) |
| Expenses waived by Adviser | (285082) |
| Earnings credit applied | (58270) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (1057073) |
| Net expenses | 7213733 |
| Net investment income | 62295964 |
| **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 | $(27362912) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (254532) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (103778) |
| Net realized loss | (27721222) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 6644828 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (96416) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 100946 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (9581) |
| Net change in unrealized appreciation (depreciation) | 6639777 |
| Net realized and unrealized loss | (21081445) |
| **Net increase in net assets resulting from operations** | $41214519 |

---

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

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

**FLOATING RATE STRATEGIES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $62295964 | $86444372 |
| Net realized loss on investments | (27721222) | (9882233) |
| Net change in unrealized appreciation (depreciation) on investments | 6639777 | (2972812) |
| Net increase in net assets resulting from operations | 41214519 | 73589327 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9631531) | (11647241) |
| &nbsp;&nbsp;&nbsp;Class C | (1405352) | (2392488) |
| &nbsp;&nbsp;&nbsp;Class P | (2796693) | (3696006) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (48390821) | (68865154) |
| &nbsp;&nbsp;&nbsp;Class R6 | (235854) | (111604) |
| Total distributions to shareholders | (62460251) | (86712493) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 17122113 | 32935433 |
| &nbsp;&nbsp;&nbsp;Class C | 1970355 | 4255461 |
| &nbsp;&nbsp;&nbsp;Class P | 6933698 | 8843585 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 205882764 | 363619911 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1967708 | 1698695 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8612898 | 10200966 |
| &nbsp;&nbsp;&nbsp;Class C | 1199793 | 2062297 |
| &nbsp;&nbsp;&nbsp;Class P | 2795271 | 3686772 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 40629377 | 57864332 |
| &nbsp;&nbsp;&nbsp;Class R6 | 235137 | 110482 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (42490641) | (38989840) |
| &nbsp;&nbsp;&nbsp;Class C | (13325320) | (14028271) |
| &nbsp;&nbsp;&nbsp;Class P | (15486540) | (13476997) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (427599886) | (469201327) |
| &nbsp;&nbsp;&nbsp;Class R6 | (229294) | (1212290) |
| Net decrease from capital share transactions | (211782567) | (51630791) |
| Net decrease in net assets | (233028299) | (64753957) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 949597913 | 1014351870 |
| &nbsp;&nbsp;&nbsp;End of year | $716569614 | $949597913 |

---

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

**FLOATING RATE STRATEGIES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 711160 | 1348314 |
| &nbsp;&nbsp;&nbsp;Class C | 81839 | 174243 |
| &nbsp;&nbsp;&nbsp;Class P | 287875 | 361398 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8556841 | 14865436 |
| &nbsp;&nbsp;&nbsp;Class R6 | 81320 | 69319 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 359038 | 418133 |
| &nbsp;&nbsp;&nbsp;Class C | 50003 | 84541 |
| &nbsp;&nbsp;&nbsp;Class P | 116483 | 151019 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1691497 | 2369521 |
| &nbsp;&nbsp;&nbsp;Class R6 | 9810 | 4529 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1771132) | (1596637) |
| &nbsp;&nbsp;&nbsp;Class C | (553951) | (574443) |
| &nbsp;&nbsp;&nbsp;Class P | (643926) | (551414) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (17859072) | (19234875) |
| &nbsp;&nbsp;&nbsp;Class R6 | (9698) | (49303) |
| Net decrease in shares | (8891913) | (2160219) |

---

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

**FLOATING RATE STRATEGIES FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.22 | $24.52 | $23.37 | $25.09 | $24.08 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.74 | 2.05 | 1.88 | .87 | .83 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | (.29) | 1.16 | (1.72) | 1.02 |
| Total from investment operations | 1.17 | 1.76 | 3.04 | (.85) | 1.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.75) | (2.06) | (1.89) | (.87) | (.83) |
| Return of capital |  |  |  |  | (.01) |
| Total distributions | (1.75) | (2.06) | (1.89) | (.87) | (.84) |
| Net asset value, end of period | $23.64 | $24.22 | $24.52 | $23.37 | $25.09 |
| **Total Return<sup>b</sup>** | **4.95%** | **7.41%** | **13.47%** | **(3.47** **%)** | **7.83%** |
| **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) | $121470 | $141422 | $139008 | $154160 | $123392 |
| 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) | 7.26% | 8.39% | 7.82% | 3.57% | 3.36% |
| Total expenses<sup>c</sup> | 1.15% | 1.15% | 1.15% | 1.11% | 1.09% |
| Net expenses<sup>d,e,f</sup> | 1.03% | 1.02% | 1.02% | 1.02% | 1.05% |
| Portfolio turnover rate | 44% | 37% | 23% | 30% | 57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.21 | $24.51 | $23.36 | $25.08 | $24.07 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.57 | 1.87 | 1.69 | .68 | .65 |
| Net gain (loss) on investments (realized and unrealized) | (.58) | (.30) | 1.16 | (1.71) | 1.02 |
| Total from investment operations | .99 | 1.57 | 2.85 | (1.03) | 1.67 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.57) | (1.87) | (1.70) | (.69) | (.65) |
| Return of capital |  |  |  |  | (.01) |
| Total distributions | (1.57) | (1.87) | (1.70) | (.69) | (.66) |
| Net asset value, end of period | $23.63 | $24.21 | $24.51 | $23.36 | $25.08 |
| **Total Return<sup>b</sup>** | **4.18%** | **6.62%** | **12.58%** | **(4.15** **%)** | **7.03%** |
| **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) | $17100 | $27739 | $35818 | $47183 | $52308 |
| 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) | 6.54% | 7.66% | 7.02% | 2.78% | 2.61% |
| Total expenses<sup>c</sup> | 1.88% | 1.88% | 1.89% | 1.91% | 1.86% |
| Net expenses<sup>d,e,f</sup> | 1.78% | 1.77% | 1.78% | 1.77% | 1.80% |
| Portfolio turnover rate | 44% | 37% | 23% | 30% | 57% |

---

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

**FLOATING RATE STRATEGIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.23 | $24.53 | $23.38 | $25.10 | $24.09 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.74 | 2.05 | 1.88 | .88 | .83 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | (.29) | 1.16 | (1.73) | 1.02 |
| Total from investment operations | 1.17 | 1.76 | 3.04 | (.85) | 1.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.75) | (2.06) | (1.89) | (.87) | (.83) |
| Return of capital |  |  |  |  | (.01) |
| Total distributions | (1.75) | (2.06) | (1.89) | (.87) | (.84) |
| Net asset value, end of period | $23.65 | $24.23 | $24.53 | $23.38 | $25.10 |
| **Total Return** | **4.95%** | **7.41%** | **13.46%** | **(3.47** **%)** | **7.83%** |
| **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) | $36120 | $42808 | $44295 | $43603 | $35430 |
| 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) | 7.26% | 8.39% | 7.81% | 3.58% | 3.36% |
| Total expenses<sup>c</sup> | 1.20% | 1.18% | 1.18% | 1.14% | 1.06% |
| Net expenses<sup>d,e,f</sup> | 1.03% | 1.02% | 1.02% | 1.02% | 1.05% |
| Portfolio turnover rate | 44% | 37% | 23% | 30% | 57% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.24 | $24.54 | $23.39 | $25.11 | $24.10 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.80 | 2.11 | 1.93 | .94 | .89 |
| Net gain (loss) on investments (realized and unrealized) | (.58) | (.30) | 1.16 | (1.73) | 1.02 |
| Total from investment operations | 1.22 | 1.81 | 3.09 | (.79) | 1.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.80) | (2.11) | (1.94) | (.93) | (.89) |
| Return of capital |  |  |  |  | (.01) |
| Total distributions | (1.80) | (2.11) | (1.94) | (.93) | (.90) |
| Net asset value, end of period | $23.66 | $24.24 | $24.54 | $23.39 | $25.11 |
| **Total Return** | **5.20%** | **7.66%** | **13.68%** | **(3.20** **%)** | **8.08%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $537976 | $735606 | $793785 | $979086 | $711583 |
| 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) | 7.50% | 8.62% | 8.02% | 3.84% | 3.59% |
| Total expenses<sup>c</sup> | 0.91% | 0.87% | 0.88% | 0.87% | 0.85% |
| Net expenses<sup>d,e,f</sup> | 0.79% | 0.78% | 0.78% | 0.78% | 0.81% |
| Portfolio turnover rate | 44% | 37% | 23% | 30% | 57% |

---

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

**FLOATING RATE STRATEGIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.25 | $24.55 | $23.38 | $25.11 | $24.10 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.79 | 2.09 | 1.87 | .82 | .91 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | (.27) | 1.27 | (1.62) | 1.01 |
| Total from investment operations | 1.22 | 1.82 | 3.14 | (.80) | 1.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.80) | (2.12) | (1.97) | (.93) | (.90) |
| Return of capital |  |  |  |  | (.01) |
| Total distributions | (1.80) | (2.12) | (1.97) | (.93) | (.91) |
| Net asset value, end of period | $23.67 | $24.25 | $24.55 | $23.38 | $25.11 |
| **Total Return** | **5.20%** | **7.67%** | **13.87%** | **(3.25** **%)** | **8.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3902 | $2023 | $1445 | $1722 | $1257 |
| 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) | 7.45% | 8.58% | 7.79% | 3.31% | 3.66% |
| Total expenses<sup>c</sup> | 0.81% | 0.84% | 0.78% | 0.82% | 0.83% |
| Net expenses<sup>d,e,f</sup> | 0.78% | 0.79% | 0.74% | 0.79% | 0.82% |
| Portfolio turnover rate | 44% | 37% | 23% | 30% | 57% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.01% |  | 0.03% | 0.03% |  |
| Class C | 0.00%\* | 0.00%\* | 0.04% | 0.04% |  |
| Class P | 0.00%\* |  | 0.03% | 0.04% | 0.00%\* |
| Institutional Class | 0.00%\* |  | 0.02% | 0.04% | 0.00%\* |
| Class R6 | 0.01% | 0.03% | 0.02% | 0.03% | 0.01% |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.99% | 0.99% | 0.99% | 1.00% | 1.01% |
| Class C | 1.74% | 1.74% | 1.75% | 1.75% | 1.76% |
| Class P | 0.99% | 0.99% | 0.99% | 1.00% | 1.01% |
| Institutional Class | 0.75% | 0.75% | 0.75% | 0.76% | 0.77% |
| Class R6 | 0.74% | 0.75% | 0.71% | 0.76% | 0.77% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** |
| **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** |
| &nbsp;&nbsp;&nbsp;Contra Mallinckro\*<sup>,††</sup> | 5857 | $608642 |
| &nbsp;&nbsp;&nbsp;Fusion Buyer LLC\*<sup>,††</sup> | 11000 | 363000 |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,1</sup> | 1210000 | 121 |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,1</sup> | 950000 | 95 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada), Inc.\*<sup>,††</sup> | 132 | 2 |
| **Total Financial** |  | 971860 |
| **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** |
| &nbsp;&nbsp;&nbsp;American Tire Distributors, Inc.<sup>†††</sup> | 49358 | 283192 |
| &nbsp;&nbsp;&nbsp;Accuride Corp\*<sup>,†††,2</sup> | 282985 | 28 |
| &nbsp;&nbsp;&nbsp;Accuride Liquidating Trust\*<sup>,†††,2</sup> | 17 |  |
| **Total Consumer, Cyclical** |  | 283220 |
| **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 6643 | 181753 |
| &nbsp;&nbsp;&nbsp;Save-A-Lot\*<sup>,†††</sup> | 797632 | 80 |
| &nbsp;&nbsp;&nbsp;Endo Guc Trust — Class A\*<sup>,†††</sup> | 13040 | 1 |
| **Total Consumer, Non-cyclical** |  | 181834 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,2</sup> | 23711 | 19383 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 6243 | 5122 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 5770 | 4734 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12825 | 227 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 23711 | 2 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12825 | 1 |
| **Total Industrial** |  | 29469 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Legacy Reserves, Inc.<sup>†††</sup> | 3452 | 380 |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 57028 | 5 |
| **Total Energy** |  | 385 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,701,374) |  | 1466768 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.6%** |
| **Financial - 1.4%** | **Financial - 1.4%** | **Financial - 1.4%** |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;7.63%<sup>††</sup> | 775000 | 813639 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;6.63%<sup>††</sup> | 700000 | 728342 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.50%<sup>††</sup> | 475000 | 504122 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38%<sup>††</sup> | 18000 | 451980 |
| Avison Young (Canada), Inc.\*<sup>,††</sup> | 185779 | 5573 |
| **Total Financial** |  | 2503656 |
| **Energy - 0.2%** | **Energy - 0.2%** | **Energy - 0.2%** |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;9.00%<sup>3,††</sup> | 475000 | 470763 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| U.S. Shipping Corp.\*<sup>,†††</sup> | 14718 | 2 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,400,305) |  | 2974421 |
| **RIGHT<sup>†††</sup>** **- 0.0%** | **RIGHT<sup>†††</sup>** **- 0.0%** | **RIGHT<sup>†††</sup>** **- 0.0%** |
| Asphalt Intermediate Holdco, LLC | 2203 | 813 |
| **Total Right** | **Total Right** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | 813 |
| **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** |
| Ginkgo Bioworks Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 09/16/26\* | 4 |  |
| **Total Warrant** | **Total Warrant** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9) |  |  |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.3%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.3%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.3%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>4</sup> | 6133982 | 6133982 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,133,982) |  | 6133982 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **CORPORATE BONDS<sup>††</sup>** **- 82.0%** | **CORPORATE BONDS<sup>††</sup>** **- 82.0%** | **CORPORATE BONDS<sup>††</sup>** **- 82.0%** |
| **Consumer, Cyclical - 17.7%** |  |  |
| PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 09/15/32<sup>3</sup> | 1500000 | 1502229 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 06/15/31<sup>3</sup> | EUR 550,000 | 658012 |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/32<sup>3</sup> | 400000 | 408864 |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 350000 | 357730 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/27 | 500000 | 506818 |
| &nbsp;&nbsp;&nbsp;6.38% due 05/15/30 | 450000 | 445858 |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/32 | 400000 | 394763 |
| Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/15/28<sup>3</sup> | 1325000 | 1229357 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/26<sup>3</sup> | 1225000 | 1212657 |
| Beach Acquisition Bidco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/32<sup>3</sup> | EUR 975,000 | 1173622 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>3</sup> | 1225000 | 1165575 |
| Wolverine World Wide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/15/29<sup>3</sup> | 1200000 | 1097855 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/01/29<sup>3</sup> | 675000 | 661474 |
| &nbsp;&nbsp;&nbsp;8.00% due 03/15/31<sup>3</sup> | 400000 | 405070 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 05/01/29<sup>3</sup> | 1050000 | 1050000 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>3</sup> | 1094000 | $1048413 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>3</sup> | 700000 | 660320 |
| &nbsp;&nbsp;&nbsp;6.63% due 03/15/32<sup>3</sup> | 375000 | 385217 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 11/15/31<sup>3</sup> | 1025000 | 1041363 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 10/15/32<sup>3</sup> | 900000 | 886464 |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/32<sup>3</sup> | 150000 | 152998 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>3</sup> | 1100000 | 1022685 |
| Intralot Capital Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 10/15/31<sup>3</sup> | EUR 800,000 | 946489 |
| Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/30/29<sup>3</sup> | 901000 | 934875 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/15/33<sup>3</sup> | 900000 | 900632 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 02/01/32 | 500000 | 461657 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/01/31 | 425000 | 392207 |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/01/29<sup>3</sup> | 850000 | 852224 |
| VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/28<sup>3</sup> | 850000 | 847687 |
| AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/15/29<sup>3</sup> | EUR 425,000 | 526687 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/31 | EUR 250,000 | 302294 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>3</sup> | 775000 | 811699 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 550000 | 558514 |
| &nbsp;&nbsp;&nbsp;7.13% due 02/15/31<sup>3</sup> | 175000 | 188361 |
| ONE Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 04/02/31<sup>3</sup> | EUR 575,000 | 728519 |
| RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 03/15/31<sup>3</sup> | 450000 | 470656 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/28<sup>3</sup> | 250000 | 255586 |
| NCL Corporation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 09/15/33<sup>3</sup> | 625000 | 628235 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/15/33 | 575000 | 573816 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>3</sup> | 579000 | 542706 |
| Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>3</sup> | 500000 | 516975 |
| Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/04/31<sup>3</sup> | 450000 | 456759 |
| Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/01/30<sup>3</sup> | 450000 | 449438 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/32<sup>3</sup> | 450000 | 432105 |
| Superior Plus, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/18/28<sup>3</sup> | CAD 550,000 | 390442 |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/31<sup>3</sup> | 425000 | 389246 |
| QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/30/32<sup>3</sup> | 375000 | 388274 |
| Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>3</sup> | 275000 | 277289 |
| Superior Plus Limited Partnership / Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/15/29<sup>3</sup> | 250000 | 241204 |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>3</sup> | 200000 | 207530 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/33<sup>3</sup> | 200000 | 202670 |
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>3</sup> | 175000 | 178292 |
| New Flyer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 07/01/30<sup>3</sup> | 125000 | 133796 |
| Lindblad Expeditions LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/30<sup>3</sup> | 100000 | 101929 |
| **Total Consumer, Cyclical** |  | 32756137 |
| **Industrial - 13.8%** |  |  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/23/29<sup>3</sup> | 2500000 | 1750791 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>3</sup> | 1575000 | 1562225 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/15/27<sup>3</sup> | 1025000 | 1035048 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/15/27<sup>3</sup> | 500000 | 501144 |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>3</sup> | 1225000 | 1227719 |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>3</sup> | 300000 | 297231 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>3</sup> | 1525000 | 1477585 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/15/28<sup>3</sup> | 1325000 | 1370577 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/01/33<sup>3</sup> | 475000 | 493854 |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/32<sup>3</sup> | 475000 | 492026 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 12/15/30<sup>3</sup> | 925000 | 958425 |
| JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/31/31<sup>3</sup> | 925000 | 939166 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/01/33<sup>3</sup> | 900000 | 932217 |
| EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/30<sup>3</sup> | 825000 | 848058 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/35<sup>3</sup> | 500000 | 522066 |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>3</sup> | 200000 | 206021 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/01/32<sup>3</sup> | 100000 | 94044 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>3</sup> | 800000 | 779291 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/28<sup>3</sup> | 750000 | $705578 |
| AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 08/15/33<sup>3</sup> | 650000 | 676513 |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/30<sup>3</sup> | 575000 | 585184 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/33<sup>3</sup> | 350000 | 353058 |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>3</sup> | 225000 | 230408 |
| Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 06/01/33<sup>3</sup> | 550000 | 562124 |
| Nidda Healthcare Holding |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/21/30 | EUR 450,000 | 543007 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 02/01/32<sup>3</sup> | 525000 | 530431 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>3</sup> | 550000 | 527329 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/01/31 | 550000 | 518458 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/15/33 | 500000 | 505375 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/15/27<sup>3</sup> | 500000 | 499879 |
| Lottomatica Group SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/31/31<sup>3</sup> | EUR 400,000 | 483977 |
| Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.25% due 06/01/28<sup>3</sup> | 425000 | 450640 |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 400000 | 411719 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/32<sup>3</sup> | 375000 | 380800 |
| Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/33<sup>3</sup> | 375000 | 378792 |
| Sealed Air Corporation/Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 350000 | 367261 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/15/30<sup>3</sup> | 375000 | 362392 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/15/32<sup>3</sup> | 350000 | 359107 |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 01/15/32<sup>3</sup> | 175000 | 180088 |
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/01/32<sup>3</sup> | 175000 | 179769 |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/29<sup>3</sup> | 150000 | 154414 |
| **Total Industrial** |  | 25433791 |
| **Financial - 13.7%** |  |  |
| Nassau Companies of New York |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>3</sup> | 1400000 | 1429841 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 10/01/33<sup>3</sup> | 1225000 | 1218579 |
| &nbsp;&nbsp;&nbsp;8.50% due 03/15/30<sup>3</sup> | 200000 | 210122 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>3</sup> | 800000 | 810847 |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>3</sup> | 475000 | 498224 |
| Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 02/15/31<sup>3</sup> | 1200000 | 1255667 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>3</sup> | 1225000 | 1194308 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>3</sup> | 625000 | 635802 |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>3</sup> | 450000 | 447857 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>3</sup> | 1025000 | 1060141 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>3</sup> | 724000 | 676103 |
| &nbsp;&nbsp;&nbsp;4.00% due 10/15/33<sup>3</sup> | 350000 | 319649 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>3</sup> | 1000000 | 966185 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/32<sup>3</sup> | 1000000 | 963541 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/15/30<sup>3</sup> | 500000 | 516484 |
| &nbsp;&nbsp;&nbsp;7.25% due 04/01/29<sup>3</sup> | 425000 | 446269 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 12/15/29<sup>3</sup> | 325000 | 344921 |
| &nbsp;&nbsp;&nbsp;6.88% due 05/15/32<sup>3</sup> | 275000 | 284954 |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/30<sup>3</sup> | 175000 | 182221 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>3</sup> | 125000 | 127511 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 09/15/30 | 525000 | 488017 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/30 | 425000 | 430391 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>3</sup> | 475000 | 468471 |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>3</sup> | 375000 | 374791 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>3</sup> | 775000 | 792385 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/30<sup>3</sup> | 650000 | 652392 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 04/01/29<sup>3</sup> | 600000 | 633096 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>3</sup> | 575000 | 626464 |
| Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.13% due 01/31/30<sup>3</sup> | 575000 | 609859 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/32<sup>3</sup> | 575000 | 602990 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 | 450000 | 420165 |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 150000 | 143320 |
| Kane Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 07/15/32<sup>◊,3</sup> | EUR 475,000 | 561288 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/15/33 | 550000 | $550896 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>3</sup> | 475000 | 486456 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/33<sup>3</sup> | 475000 | 485757 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>3</sup> | 475000 | 480313 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>3</sup> | 750000 | 472231 |
| HOWDEN UK REFINANCE / US |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 450000 | 463307 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 01/31/32<sup>3</sup> | 425000 | 442569 |
| Rfna, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 02/15/30<sup>3</sup> | 425000 | 433017 |
| Sherwood Financing plc |  |  |
| &nbsp;&nbsp;&nbsp;7.51% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29<sup>◊</sup> | EUR 375,000 | 424471 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 01/31/30 | 300000 | 312620 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 08/01/32<sup>3</sup> | 275000 | 284030 |
| **Total Financial** |  | 25228522 |
| **Consumer, Non-cyclical - 13.4%** |  |  |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 01/15/31<sup>3</sup> | 1550000 | 1554789 |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>3</sup> | 775000 | 774690 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 07/15/29<sup>3</sup> | 1534000 | 1608416 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 07/15/28<sup>3</sup> | 1100000 | 1082023 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>3</sup> | 1200000 | 1074000 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/01/31<sup>3</sup> | 725000 | 757148 |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/30<sup>3</sup> | 300000 | 308779 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>3</sup> | 1075000 | 1018448 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>3</sup> | 950000 | 981281 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/31 | 675000 | 698813 |
| &nbsp;&nbsp;&nbsp;6.13% due 06/15/30 | 275000 | 278508 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>3</sup> | 989000 | 976004 |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/21/30<sup>3</sup> | 900000 | 930870 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>3</sup> | 850000 | 901760 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/30/28<sup>3</sup> | EUR 736,000 | 827364 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 02/15/28<sup>3</sup> | 475000 | 474895 |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 300000 | 306810 |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/15/33<sup>3</sup> | 750000 | 750000 |
| Sammontana Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊,3</sup> | EUR 625,000 | 736102 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 08/15/33<sup>3</sup> | 450000 | 460818 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32 | 250000 | 258751 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/32<sup>3</sup> | 700000 | 717018 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 06/15/30 | 500000 | 487981 |
| &nbsp;&nbsp;&nbsp;6.13% due 09/30/32 | 225000 | 226509 |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/29<sup>3</sup> | 675000 | 683798 |
| Grifols S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/15/28<sup>3</sup> | 600000 | 582817 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/30<sup>3</sup> | 310000 | 322005 |
| &nbsp;&nbsp;&nbsp;7.25% due 06/15/33<sup>3</sup> | 217000 | 226527 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 01/15/32<sup>3</sup> | 500000 | 523471 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>3</sup> | 475000 | 494069 |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 03/15/33<sup>3</sup> | 450000 | 467185 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/01/32<sup>3</sup> | 450000 | 462664 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>3</sup> | 500000 | 455591 |
| Service Corporation International |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/32 | 425000 | 430558 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/28<sup>3</sup> | 375000 | 374672 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/15/34<sup>3</sup> | 350000 | 352913 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>3</sup> | 344000 | 335144 |
| Neogen Food Safety Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 07/20/30<sup>3</sup> | 300000 | 313716 |
| Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/15/32<sup>3</sup> | 275000 | 285555 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/33<sup>3</sup> | 250000 | 252777 |
| Ingles Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 06/15/31<sup>3</sup> | 75000 | 70460 |
| **Total Consumer, Non-cyclical** |  | 24825699 |
| **Basic Materials - 6.5%** |  |  |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 825000 | 826757 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;7.63% due 03/15/30 | 650000 | $667957 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>3</sup> | 600000 | 593268 |
| &nbsp;&nbsp;&nbsp;7.38% due 03/01/31<sup>3</sup> | 575000 | 586390 |
| Ingevity Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/28<sup>3</sup> | 1150000 | 1104953 |
| INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 1100000 | 1078962 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>3</sup> | 725000 | 683334 |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>3</sup> | 275000 | 271920 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>3</sup> | 950000 | 949234 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 07/01/28<sup>3</sup> | 900000 | 902844 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>3</sup> | 850000 | 899977 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 01/30/30<sup>3</sup> | 525000 | 506451 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/31<sup>3</sup> | 200000 | 182338 |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/33<sup>3</sup> | 100000 | 101034 |
| SK Invictus Intermediate II SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>3</sup> | 800000 | 783006 |
| Alcoa Nederland Holding B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/31<sup>3</sup> | 550000 | 578150 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>3</sup> | 572000 | 560563 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 07/01/30<sup>3</sup> | 275000 | 287424 |
| &nbsp;&nbsp;&nbsp;6.75% due 12/01/27<sup>3</sup> | 261000 | 261247 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 250000 | 261555 |
| Mirabela Nickel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,1,5</sup> | 278115 | 695 |
| **Total Basic Materials** |  | 12088059 |
| **Communications - 6.5%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 05/01/32 | 1750000 | 1592616 |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/34<sup>3</sup> | 975000 | 842949 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 02/15/31<sup>3</sup> | 1025000 | 661069 |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>3</sup> | 975000 | 638483 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/30<sup>3</sup> | 950000 | 333304 |
| Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 07/15/31<sup>3</sup> | 850000 | 800059 |
| &nbsp;&nbsp;&nbsp;7.75% due 04/15/32<sup>3</sup> | 350000 | 367723 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>3</sup> | 1200000 | 1143180 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/01/27<sup>3</sup> | 900000 | 856544 |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/29<sup>3</sup> | 250000 | 216234 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 07/15/32<sup>3</sup> | 825000 | 872384 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 41000 | 35670 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>3</sup> | 775000 | 789275 |
| &nbsp;&nbsp;&nbsp;7.38% due 09/01/31<sup>3</sup> | 100000 | 103895 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/15/29<sup>3</sup> | 375000 | 373957 |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/33<sup>3</sup> | 200000 | 201757 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/29<sup>3</sup> | 550000 | 528270 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/01/29<sup>3</sup> | 525000 | 525121 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/33<sup>3</sup> | 475000 | 484918 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/33<sup>3</sup> | 375000 | 372242 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 03/09/30<sup>3</sup> | 221216 | 211814 |
| **Total Communications** |  | 11951464 |
| **Energy - 6.2%** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>3</sup> | 1179000 | 1160875 |
| &nbsp;&nbsp;&nbsp;8.50% due 01/15/29<sup>3</sup> | 350000 | 357720 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>3</sup> | 1500000 | 1474702 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/34<sup>3</sup> | 900000 | 892208 |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>3</sup> | 500000 | 524740 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 05/01/35<sup>3</sup> | 850000 | 959402 |
| &nbsp;&nbsp;&nbsp;6.75% due 01/15/36<sup>3</sup> | 350000 | 371762 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/15/30<sup>3</sup> | 1100000 | 1146222 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 06/01/28<sup>3</sup> | 525000 | 543412 |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/30<sup>3</sup> | 400000 | 413906 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>3</sup> | 775000 | 803188 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 07/01/33<sup>3</sup> | 425000 | 435618 |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 250000 | 252181 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>3</sup> | 600000 | 651120 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/30<sup>3</sup> | 500000 | 521275 |
| Kinetik Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/30<sup>3</sup> | 350000 | 352036 |
| Hess Midstream Operations, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/28<sup>3</sup> | 300000 | 305814 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>3</sup> | 275000 | 267372 |
| **Total Energy** |  | 11433553 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Technology - 3.5%** |  |  |  |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>3</sup> | 1000000 | $| 1009020 |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/33<sup>3</sup> | 600000 |  | 610778 |
| Capstone Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/30<sup>3</sup> | 1275000 |  | 1333384 |
| Dye & Durham Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 04/15/29<sup>3</sup> | 1200000 |  | 1186653 |
| TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,3</sup> | EUR 700,000 |  | 824368 |
| Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.25% due 10/15/30<sup>3</sup> | 475000 |  | 482522 |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 08/01/32<sup>3</sup> | 450000 |  | 467265 |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/15/33<sup>3</sup> | 300000 |  | 303733 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>3</sup> | 170000 |  | 156072 |
| **Total Technology** |  |  | 6373795 |
| **Utilities - 0.7%** |  |  |  |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>3</sup> | 785000 |  | 775078 |
| ContourGlobal Power Holdings S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>3</sup> | 550000 |  | 571307 |
| **Total Utilities** |  |  | 1346385 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $151,676,405) | &nbsp;&nbsp;&nbsp;(Cost $151,676,405) |  | 151437405 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.3%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.3%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.3%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.3%** |
| **Consumer, Cyclical - 3.3%** |  |  |  |
| Alexander Mann |  |  |  |
| &nbsp;&nbsp;&nbsp;10.47% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 939671 |  | 892687 |
| AmSpec Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 653196 |  | 655240 |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |  |
| &nbsp;&nbsp;&nbsp;due 04/03/25<sup>5</sup> | 749493 |  | 524645 |
| ATG Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/19/32 | 473813 |  | 475296 |
| CCRR Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 1506152 |  | 466907 |
| Tortuga Resorts GHD LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;due 08/13/32 | 450000 |  | 450284 |
| Scenic Cruises |  |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/19/32 | 430000 |  | 430000 |
| Secretariat Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32 | 421805 |  | 421544 |
| Accuride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.72% (3 Month Term SOFR + 1.50%, Rate Floor: 5.72%) (in-kind rate was 3.00%) due 03/07/30<sup>†††,2,6</sup> | 206688 |  | 387874 |
| Blue Ribbon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;12.09% (1 Month Term SOFR + 4.00%, Rate Floor: 8.09%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,6</sup> | 354222 |  | 348909 |
| Weight Watchers International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 339457 |  | 307208 |
| Galaxy US Opco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.25%) due 07/31/30 | 251041 |  | 227350 |
| Socotec Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/02/31 | 198000 |  | 198907 |
| Asphalt Atd Holdco, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 02/28/30<sup>†††</sup> | 178180 |  | 178180 |
| TransNetwork LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30 | 49496 |  | 49166 |
| **Total Consumer, Cyclical** |  |  | 6014197 |
| **Industrial - 2.8%** |  |  |  |
| Dispatch Terra Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 1149600 |  | 1120619 |
| Merlin Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/14/28 | 688217 |  | 689938 |
| Pelican Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 634420 |  | 537354 |
| Michael Baker International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 498830 |  | 499608 |
| O-I Glass, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 500000 |  | 498750 |
| Engineering Research And Consulting LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 471438 |  | 454937 |
| Cognita Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.87% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31 | 446633 |  | 447750 |
| STS Operating, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.26% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 394000 |  | 391210 |
| Mannington Mills, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 295500 |  | 288112 |
| Osmose Utility Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.53% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 197429 |  | 186695 |
| **Total Industrial** |  |  | 5114973 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Consumer, Non-cyclical - 2.5%** |  |  |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/14/31 | 470499 | $472851 |
| &nbsp;&nbsp;&nbsp;due 04/14/31 | 200000 | 201000 |
| &nbsp;&nbsp;&nbsp;due 04/09/31 | 125000 | 125625 |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 837375 | 786714 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 715967 | 718014 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 641575 | 582229 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 938489 | 575294 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 462109 | 429258 |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.78% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>†††</sup> | 342125 | 328440 |
| Moran Foods LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.35% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26<sup>†††</sup> | 472753 | 187268 |
| &nbsp;&nbsp;&nbsp;9.35% (3 Month Term SOFR + 2.00%, Rate Floor: 0.00%) (in-kind rate was 9.35%) due 06/30/26<sup>†††,6</sup> | 339649 | 4149 |
| Florida Food Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.28% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 217125 | 145474 |
| **Total Consumer, Non-cyclical** |  | 4556316 |
| **Financial - 2.4%** |  |  |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 600,000 | 708276 |
| CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/29/32 | 700000 | 666750 |
| Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/30/32 | 600000 | 601248 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.37% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 587130 | 586790 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 423485 | 424692 |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 123750 | 123228 |
| Fusion Intermediate, LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.10% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 06/06/30 | 523633 | 534106 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 248752 | 247301 |
| Avison Young (Canada), Inc. |  |  |
| &nbsp;&nbsp;&nbsp;12.32% (1 Month Term SOFR + 1.50%, Rate Floor: 5.82%) (in-kind rate was 6.50%) due 03/12/29<sup>6</sup> | 228183 | 110527 |
| &nbsp;&nbsp;&nbsp;10.71% (3 Month Term SOFR + 6.25%, Rate Floor: 8.25%) due 03/12/28 | 82702 | 78464 |
| &nbsp;&nbsp;&nbsp;12.49% (1 Month Term SOFR + 1.50%, Rate Floor: 5.99%) (in-kind rate was 6.50%) due 03/12/29<sup>6</sup> | 40262 | 8052 |
| Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/27/28 | 151357 | 151782 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/31/31 | 125000 | 124922 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 118505 | 118486 |
| **Total Financial** |  | 4484624 |
| **Technology - 2.0%** |  |  |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 971731 | 970108 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.62% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/18/31 | 669938 | 672450 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 493769 | 495235 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 496250 | 489516 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28 | 471318 | 453709 |
| Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 331500 | 329428 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.10% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/17/29 | 352972 | 326940 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 54246 | 46802 |
| **Total Technology** |  | 3784188 |
| **Basic Materials - 1.1%** |  |  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 790136 | 802382 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 768954 | $764471 |
| NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 653766 | 544587 |
| **Total Basic Materials** |  | 2111440 |
| **Communications - 0.2%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 375000 | 375000 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,568,095) | &nbsp;&nbsp;&nbsp;(Cost $28,568,095) | 26440738 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.3%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.3%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.3%** |
| **Consumer, Cyclical - 0.3%** |  |  |
| Savers, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% due 09/13/32 | 600000 | 600000 |
| **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $597,008) | &nbsp;&nbsp;&nbsp;(Cost $597,008) | 600000 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.2%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.2%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.2%** |
| **Infrastructure - 0.2%** |  |  |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 4.46% due 11/20/51<sup>3</sup> | 400000 | 392596 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $400,000) | &nbsp;&nbsp;&nbsp;(Cost $400,000) | 392596 |
| **Total Investments - 102.5%** | **Total Investments - 102.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $192,477,178) | &nbsp;&nbsp;&nbsp;(Cost $192,477,178) | $189446723 |
| **Other Assets & Liabilities, net - (2.5)%** | **Other Assets & Liabilities, net - (2.5)%** | (4698394) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $184748329 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | CAD | Sell | 550000 | 398,393 USD | 10/17/25 | $2692 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 8134000 | 9,559,885 USD | 10/17/25 | (864) |
|  |  |  |  |  |  | $1828 |

---

---

| | |
|:---|:---|
| <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 September 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;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 $911 (cost $265,264), or less than 0.1% of total net assets — See Note 10. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>3</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 $139,129,635 (cost $139,279,205), or 75.3% of total net assets. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Security is in default of interest and/or principal obligations. |
| <sup>6</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 ANNUAL FINANCIAL REPORT \| 101

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **HIGH YIELD FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $181753 | $971644 | $313371 | $1466768 |
| Preferred Stocks |  | 2974419 | 2 | 2974421 |
| Right |  |  | 813 | 813 |
| Warrant | — \* |  |  |  |
| Money Market Fund | 6133982 |  |  | 6133982 |
| Corporate Bonds |  | 151436710 | 695 | 151437405 |
| Senior Floating Rate Interests |  | 25005918 | 1434820 | 26440738 |
| Senior Fixed Rate Interests |  | 600000 |  | 600000 |
| Asset-Backed Securities |  | 392596 |  | 392596 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 2692 |  | 2692 |
| Total Assets | $6315735 | $181383979 | $1749701 | $189449415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $— | $864 | $— | $864 |
| Unfunded Loan Commitments (Note 9) |  |  | 32 | 32 |
| Total Liabilities | $— | $864 | $32 | $896 |

---

---

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

---

**Affiliated Transactions** 

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

Transactions during the year ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 09/30/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accuride Corp \* | $— | $— | $— | $— | $28 | $28 | 282985 | $— |
| &nbsp;&nbsp;Accuride Liquidating Trust \* |  |  |  |  |  |  | 17 |  |
| &nbsp;&nbsp;BP Holdco LLC \* | 28741 |  |  |  | (9358) | 19383 | 23711 |  |
| **Senior Floating Rate Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accuride Corp. 8.72% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 3/7/2030 |  | 202921 |  |  | 184953 | 387874 | 206688 | 10089 |
|  | $28741 | $202921 | $— | $— | $175623 | $407285 |  | $10089 |

---

\* Non-income producing security.

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

**HIGH YIELD FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $192,265,884) | $189039438 |
| Investments in affiliated issuers, at value (cost $211,294) | 407285 |
| Cash | 61168 |
| Unrealized appreciation on forward foreign currency exchange contracts | 2692 |
| Prepaid expenses | 62880 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Interest | 2609626 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 149779 |
| &nbsp;&nbsp;&nbsp;Securities sold | 126220 |
| &nbsp;&nbsp;&nbsp;Dividends | 8297 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2369 |
| **Total assets** | 192469754 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $540) | 32 |
| Unrealized depreciation on forward foreign currency exchange contracts | 864 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 6958525 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 596947 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 44417 |
| &nbsp;&nbsp;&nbsp;Management fees | 36506 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 14969 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 7126 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 5565 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 2945 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 53529 |
| **Total liabilities** | 7721425 |
| **Net assets** | $184748329 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $227995247 |
| Total distributable earnings (loss) | (43246918) |
| Net assets | $184748329 |
| **Class A:** | **Class A:** |
| Net assets | $46831665 |
| Capital shares outstanding | 4681029 |
| Net asset value per share | $10.00 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $10.42 |
| **Class C:** | **Class C:** |
| Net assets | $6213175 |
| Capital shares outstanding | 615930 |
| Net asset value per share | $10.09 |
| **Class P:** | **Class P:** |
| Net assets | $3099016 |
| Capital shares outstanding | 309756 |
| Net asset value per share | $10.00 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $127432033 |
| Capital shares outstanding | 15637540 |
| Net asset value per share | $8.15 |
| **Class R6:** | **Class R6:** |
| Net assets | $1172440 |
| Capital shares outstanding | 117269 |
| Net asset value per share | $10.00 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 103

**HIGH YIELD FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended September 30, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $63092 |
| Dividends from securities of affiliated issuers | 10089 |
| Interest from securities of unaffiliated issuers | 13658871 |
| &nbsp;&nbsp;&nbsp;Total investment income | 13732052 |
| **Expenses:** | **Expenses:** |
| Management fees | 1129855 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 121629 |
| &nbsp;&nbsp;&nbsp;Class C | 70889 |
| &nbsp;&nbsp;&nbsp;Class P | 8483 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 72902 |
| &nbsp;&nbsp;&nbsp;Class C | 10308 |
| &nbsp;&nbsp;&nbsp;Class P | 7822 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 152794 |
| &nbsp;&nbsp;&nbsp;Class R6 | 586 |
| Registration fees | 103595 |
| Fund accounting/administration fees | 78939 |
| Professional fees | 77141 |
| Trustees' fees\* | 35842 |
| Custodian fees | 11597 |
| Line of credit fees | 9945 |
| Miscellaneous | 40235 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1932562 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (72890) |
| &nbsp;&nbsp;&nbsp;Class C | (10339) |
| &nbsp;&nbsp;&nbsp;Class P | (7821) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (152601) |
| &nbsp;&nbsp;&nbsp;Class R6 | (586) |
| Expenses waived by Adviser | (235840) |
| Earnings credits applied  | (6139) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (486216) |
| Net expenses | 1446346 |
| Net investment income | 12285706 |
| **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 | $(5701086) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (374023) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 57787 |
| Net realized loss | (6017322) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 4403680 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 175623 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 18339 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 782 |
| Net change in unrealized appreciation (depreciation) | 4598424 |
| Net realized and unrealized loss | (1418898) |
| **Net increase in net assets resulting from operations** | $10866808 |

---

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

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

**HIGH YIELD FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $12285706 | $12687502 |
| Net realized loss on investments | (6017322) | (2299199) |
| Net change in unrealized appreciation (depreciation) on investments | 4598424 | 15457890 |
| Net increase in net assets resulting from operations | 10866808 | 25846193 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3125326) | (2951701) |
| &nbsp;&nbsp;&nbsp;Class C | (402182) | (485898) |
| &nbsp;&nbsp;&nbsp;Class P | (217909) | (304126) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8591152) | (8705844) |
| &nbsp;&nbsp;&nbsp;Class R6 | (29058) | (48082) |
| **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1553) | (72997) |
| &nbsp;&nbsp;&nbsp;Class C | (200) | (12016) |
| &nbsp;&nbsp;&nbsp;Class P | (108) | (7521) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4270) | (215300) |
| &nbsp;&nbsp;&nbsp;Class R6 | (15) | (1189) |
| Total distributions to shareholders | (12371773) | (12804674) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5106676 | 6794252 |
| &nbsp;&nbsp;&nbsp;Class C | 376611 | 493931 |
| &nbsp;&nbsp;&nbsp;Class P | 173671 | 180785 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 54501905 | 52099287 |
| &nbsp;&nbsp;&nbsp;Class R6 | 957384 | 209532 |
| Redemption fees collected |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 761 | 2150 |
| &nbsp;&nbsp;&nbsp;Class C | 110 | 359 |
| &nbsp;&nbsp;&nbsp;Class P | 53 | 187 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1967 | 5924 |
| &nbsp;&nbsp;&nbsp;Class R6 | 4 | 9 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2857089 | 2716066 |
| &nbsp;&nbsp;&nbsp;Class C | 395971 | 488260 |
| &nbsp;&nbsp;&nbsp;Class P | 218017 | 310713 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7924477 | 7483748 |
| &nbsp;&nbsp;&nbsp;Class R6 | 29066 | 48915 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11058467) | (7158221) |
| &nbsp;&nbsp;&nbsp;Class C | (2735564) | (2714375) |
| &nbsp;&nbsp;&nbsp;Class P | (1238148) | (2036439) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (75299195) | (54895756) |
| &nbsp;&nbsp;&nbsp;Class R6 | (53088) | (2075976) |
| Net increase (decrease) from capital share transactions | (17840700) | 1953351 |
| Net increase (decrease) in net assets | (19345665) | 14994870 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 204093994 | 189099124 |
| &nbsp;&nbsp;&nbsp;End of year | $184748329 | $204093994 |

---

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

**HIGH YIELD FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 513345 | 695071 |
| &nbsp;&nbsp;&nbsp;Class C | 37466 | 49214 |
| &nbsp;&nbsp;&nbsp;Class P | 17472 | 18530 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6749802 | 6538845 |
| &nbsp;&nbsp;&nbsp;Class R6 | 95801 | 21520 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 286616 | 277694 |
| &nbsp;&nbsp;&nbsp;Class C | 39403 | 49575 |
| &nbsp;&nbsp;&nbsp;Class P | 21870 | 31816 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 975769 | 938964 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2912 | 5091 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1108918) | (737355) |
| &nbsp;&nbsp;&nbsp;Class C | (273102) | (276628) |
| &nbsp;&nbsp;&nbsp;Class P | (123773) | (207810) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (9284187) | (6894574) |
| &nbsp;&nbsp;&nbsp;Class R6 | (5317) | (213252) |
| Net increase (decrease) in shares | (2054841) | 296701 |

---

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

**HIGH YIELD FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.09 | $9.43 | $9.14 | $10.98 | $10.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .64 | .63 | .57 | .56 | .49 |
| Net gain (loss) on investments (realized and unrealized) | (.09) | .66 | .30 | (1.86) | .63 |
| Total from investment operations | .55 | 1.29 | .87 | (1.30) | 1.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.64) | (.62) | (.57) | (.52) | (.48) |
| Return of capital | — \* | (.01) | (.01) | (.02) | (.03) |
| Total distributions | (.64) | (.63) | (.58) | (.54) | (.51) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $10.00 | $10.09 | $9.43 | $9.14 | $10.98 |
| **Total Return<sup>b</sup>** | **5.66%** | **14.08%** | **9.60%** | **(12.10** **%)** | **11.02%** |
| **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) | $46832 | $50332 | $44846 | $43822 | $55550 |
| 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) | 6.38% | 6.40% | 6.07% | 5.46% | 4.51% |
| Total expenses<sup>d</sup> | 1.19% | 1.17% | 1.22% | 1.14% | 1.07% |
| Net expenses<sup>e,f,g</sup> | 0.91% | 1.02% | 1.16% | 1.10% | 1.05% |
| Portfolio turnover rate | 49% | 45% | 31% | 42% | 86% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.17 | $9.51 | $9.22 | $11.07 | $10.46 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .57 | .56 | .51 | .47 | .40 |
| Net gain (loss) on investments (realized and unrealized) | (.08) | .66 | .29 | (1.85) | .64 |
| Total from investment operations | .49 | 1.22 | .80 | (1.38) | 1.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.57) | (.55) | (.50) | (.45) | (.40) |
| Return of capital | — \* | (.01) | (.01) | (.02) | (.03) |
| Total distributions | (.57) | (.56) | (.51) | (.47) | (.43) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $10.09 | $10.17 | $9.51 | $9.22 | $11.07 |
| **Total Return<sup>b</sup>** | **5.00%** | **13.19%** | **8.75%** | **(12.76** **%)** | **10.04%** |
| **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) | $6213 | $8260 | $9417 | $9915 | $16242 |
| 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) | 5.63% | 5.67% | 5.30% | 4.55% | 3.67% |
| Total expenses<sup>d</sup> | 1.94% | 1.95% | 1.97% | 1.94% | 1.91% |
| Net expenses<sup>e,f,g</sup> | 1.66% | 1.78% | 1.92% | 1.90% | 1.89% |
| Portfolio turnover rate | 49% | 45% | 31% | 42% | 86% |

---

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

**HIGH YIELD FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.09 | $9.44 | $9.14 | $10.98 | $10.38 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .64 | .63 | .57 | .55 | .48 |
| Net gain (loss) on investments (realized and unrealized) | (.09) | .65 | .30 | (1.85) | .62 |
| Total from investment operations | .55 | 1.28 | .87 | (1.30) | 1.10 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.64) | (.62) | (.56) | (.52) | (.47) |
| Return of capital | — \* | (.01) | (.01) | (.02) | (.03) |
| Total distributions | (.64) | (.63) | (.57) | (.54) | (.50) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $10.00 | $10.09 | $9.44 | $9.14 | $10.98 |
| **Total Return** | **5.66%** | **14.00%** | **9.71%** | **(12.13** **%)** | **10.80%** |
| **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) | $3099 | $3976 | $5205 | $4426 | $5660 |
| 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) | 6.38% | 6.44% | 6.07% | 5.37% | 4.40% |
| Total expenses<sup>d</sup> | 1.27% | 1.19% | 1.22% | 1.28% | 1.20% |
| Net expenses<sup>e,f,g</sup> | 0.91% | 1.03% | 1.16% | 1.15% | 1.16% |
| Portfolio turnover rate | 49% | 45% | 31% | 42% | 86% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $8.22 | $7.68 | $7.45 | $8.94 | $8.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .54 | .53 | .49 | .47 | .41 |
| Net gain (loss) on investments (realized and unrealized) | (.07) | .54 | .23 | (1.50) | .51 |
| Total from investment operations | .47 | 1.07 | .72 | (1.03) | .92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.54) | (.52) | (.48) | (.44) | (.40) |
| Return of capital | — \* | (.01) | (.01) | (.02) | (.03) |
| Total distributions | (.54) | (.53) | (.49) | (.46) | (.43) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $8.15 | $8.22 | $7.68 | $7.45 | $8.94 |
| **Total Return** | **5.97%** | **14.40%** | **9.78%** | **(11.80** **%)** | **11.14%** |
| **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) | $127432 | $141285 | $127649 | $113644 | $167486 |
| 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) | 6.63% | 6.66% | 6.32% | 5.63% | 4.71% |
| Total expenses<sup>d</sup> | 0.91% | 0.89% | 0.95% | 0.95% | 0.88% |
| Net expenses<sup>e,f,g</sup> | 0.66% | 0.77% | 0.91% | 0.88% | 0.85% |
| Portfolio turnover rate | 49% | 45% | 31% | 42% | 86% |

---

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

**HIGH YIELD FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.08 | $9.41 | $9.12 | $10.97 | $10.36 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .65 | .66 | .61 | .50 | .52 |
| Net gain (loss) on investments (realized and unrealized) | (.07) | .66 | .29 | (1.77) | .63 |
| Total from investment operations | .58 | 1.32 | .90 | (1.27) | 1.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.66) | (.64) | (.60) | (.56) | (.51) |
| Return of capital | — \* | (.01) | (.01) | (.02) | (.03) |
| Total distributions | (.66) | (.65) | (.61) | (.58) | (.54) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $10.00 | $10.08 | $9.41 | $9.12 | $10.97 |
| **Total Return** | **5.99%** | **14.42%** | **10.00%** | **(11.91** **%)** | **11.35%** |
| **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) | $1172 | $241 | $1982 | $1905 | $126683 |
| 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) | 6.52% | 6.80% | 6.43% | 4.70% | 4.80% |
| Total expenses<sup>d</sup> | 0.93% | 0.87% | 0.84% | 0.75% | 0.77% |
| Net expenses<sup>e,f,g</sup> | 0.66% | 0.76% | 0.80% | 0.75% | 0.76% |
| Portfolio turnover rate | 49% | 45% | 31% | 42% | 86% |

---

\* Less than $0.01 per share.

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

<sup>b</sup> Redemption fees collected are less than $0.01 per share.

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A |  | 0.02% | 0.04% | 0.01% | 0.00%\* |
| Class C |  | 0.01% | 0.04% | 0.00%\* | 0.01% |
| Class P |  | 0.02% | 0.01% | 0.04% | 0.04% |
| Institutional Class |  | 0.03% | 0.03% | 0.02% | 0.01% |
| Class R6  |  |  |  |  |  |

---

\* 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.91% | 0.99% | 1.13% | 1.09% | 1.03% |
| Class C | 1.66% | 1.75% | 1.89% | 1.89% | 1.87% |
| Class P | 0.91% | 1.01% | 1.14% | 1.14% | 1.14% |
| Institutional Class | 0.66% | 0.74% | 0.89% | 0.87% | 0.83% |
| Class R6 | 0.66% | 0.74% | 0.77% | 0.75% | 0.74% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 109

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** |
| **Financial - 0.6%** | **Financial - 0.6%** | **Financial - 0.6%** |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;3.88%<sup>††</sup> | 15000000 | $14861428 |
| &nbsp;&nbsp;&nbsp;6.88%<sup>††</sup> | 5000000 | 5152785 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;3.90%<sup>††</sup> | 12100000 | 11982491 |
| **Total Financial** |  | 31996704 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,935,763) |  | 31996704 |
| **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\* | 19663 | 143 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,531) |  | 143 |
| **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.2%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3451068 | 34752250 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 707699 | 17657078 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 608780 | 15146443 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,309,506) |  | 67555771 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.3%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.3%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.3%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 71573462 | 71573462 |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.98%<sup>2</sup> | 4565 | 4565 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $71,578,027) |  | 71578027 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 46.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 46.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 46.2%** |
| **Government Agency - 25.8%** |  |  |
| Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25<sup>3</sup> | 323191986 | 322724327 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/01/25<sup>3</sup> | 306408014 | 306048291 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/55 | 45273065 | 44921519 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53 | 32352214 | 32935323 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/25/52 | 32403947 | 32421808 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/25/53 | 27818289 | 27890658 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/51 | 26470436 | 26502764 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53 | 25697858 | 26069177 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 23189242 | 23107444 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/25/51 | 20557221 | 20824311 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 19478885 | 20133402 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 17288885 | 17284957 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/53 | 15530010 | 15526533 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53 | 14313666 | 14451069 |
| &nbsp;&nbsp;&nbsp;5.00% due 12/25/51 | 12337403 | 12351059 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/52 | 9818180 | 9831552 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51 | 7108818 | 7188737 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/54 | 29000114 | 29016713 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 28952057 | 29009805 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 28251095 | 28284176 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/25/53 | 27899321 | 27952846 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/25/51 | 27561972 | 27900775 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/53 | 25876741 | 25894200 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 24355506 | 24402721 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/25/50 | 18207198 | 18390979 |
| &nbsp;&nbsp;&nbsp;5.00% due 09/25/55 | 14173503 | 14058637 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/25/52 | 13889807 | 13905291 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 6904715 | 6877047 |
| &nbsp;&nbsp;&nbsp;6.50% due 04/25/49 | 4907120 | 5004365 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 2415286 | 2405130 |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 12/01/25<sup>3</sup> | 48860000 | 49904871 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>3</sup> | 46170000 | 46536636 |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>3</sup> | 31040000 | 27262991 |
| &nbsp;&nbsp;&nbsp;6.00% due 01/01/26<sup>3</sup> | 26670000 | 27218469 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/20/52 | 21510408 | 21731419 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/20/45 | 8292365 | 8361047 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 1172121 | 1176597 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/20/55 | 14468927 | 14417648 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 2785186 | 2220012 |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 1593848 | 1282649 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;1.60% (WAC) due 03/25/35<sup>◊,4</sup> | 5880993 | 476684 |
| **Total Government Agency** |  | 1413904639 |
| **Residential Mortgage-Backed Securities - 18.4%** | **Residential Mortgage-Backed Securities - 18.4%** | **Residential Mortgage-Backed Securities - 18.4%** |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>5,6</sup> | 13949131 | 14087342 |
| &nbsp;&nbsp;&nbsp;2025-NQM10, 5.45% due 05/25/65<sup>5,6</sup> | 13566326 | 13703159 |
| &nbsp;&nbsp;&nbsp;2025-NQM16, 4.91% due 08/25/65<sup>5</sup> | 13650000 | 13643434 |
| &nbsp;&nbsp;&nbsp;2025-J3 A5, 5.00% due 10/25/55<sup>3,5</sup> | 13050157 | 13004414 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.44% due 05/25/65<sup>5,6</sup> | 12261408 | 12365506 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>5,6</sup> | 5055341 | 5094584 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.66% due 10/25/64<sup>5,6</sup> | 3750737 | 3776492 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>5,6</sup> | 3427144 | 3453208 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>5,6</sup> | 2362529 | 2395377 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.28% due 01/25/64<sup>5,6</sup> | 2055601 | 2080017 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,5</sup> | 2033705 | 2050784 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 5.86% due 11/25/64<sup>5,6</sup> | 1707733 | 1721464 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>5,6</sup> | 1605377 | 1601596 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.85% due 12/01/64<sup>5,6</sup> | 1365047 | 1377774 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.95% due 12/01/64<sup>5,6</sup> | 1365047 | 1374786 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.53% due 06/25/70<sup>5</sup> | 21609159 | 21796162 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.55% due 05/25/70<sup>5</sup> | 13171355 | 13286591 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,5</sup> | 12255327 | $12467187 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.60% due 04/25/70<sup>5,6</sup> | 12341433 | 12458257 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,5</sup> | 7508894 | 7482274 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.37% due 11/25/69<sup>5,6</sup> | 4359671 | 4384903 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>5,6</sup> | 2120843 | 2145714 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-FIX1, 4.97% due 07/25/45<sup>5,6</sup> | 14300000 | 14292678 |
| &nbsp;&nbsp;&nbsp;2025-1, 4.77% (WAC) due 06/25/65<sup>◊,5</sup> | 12959810 | 13036280 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.91% (30 Day Average SOFR + 1.55%, Rate Floor: 1.55%) due 07/25/65<sup>◊,5</sup> | 10000000 | 10003343 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.01% (30 Day Average SOFR + 1.65%, Rate Floor: 1.65%) due 07/25/65<sup>◊,5</sup> | 3834000 | 3835278 |
| &nbsp;&nbsp;&nbsp;2017-6, 2.75% (WAC) due 10/25/57<sup>◊,5</sup> | 3049637 | 3002072 |
| &nbsp;&nbsp;&nbsp;2024-4, 4.50% (WAC) due 10/27/64<sup>◊,5</sup> | 2809997 | 2815056 |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,5</sup> | 1216248 | 1202956 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,5</sup> | 692549 | 697691 |
| &nbsp;&nbsp;&nbsp;2018-1, 3.00% (WAC) due 01/25/58<sup>◊,5</sup> | 129159 | 127636 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>5,6</sup> | 11455084 | 11516261 |
| &nbsp;&nbsp;&nbsp;2025-7, 5.13% due 08/25/70<sup>5,6</sup> | 8915188 | 8943924 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.43% due 06/25/70<sup>5,6</sup> | 5306068 | 5346080 |
| &nbsp;&nbsp;&nbsp;2021-4, 1.35% (WAC) due 07/25/66<sup>◊,5</sup> | 4964500 | 4245764 |
| &nbsp;&nbsp;&nbsp;2021-5, 1.37% (WAC) due 09/25/66<sup>◊,5</sup> | 4532588 | 3951481 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,5</sup> | 2837414 | 2494349 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.77% due 01/25/70<sup>5,6</sup> | 2348982 | 2367011 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.45% due 06/25/69<sup>5,6</sup> | 2295470 | 2326575 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,5</sup> | 2213906 | 1949903 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>5,6</sup> | 1867138 | 1878067 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,5</sup> | 1174491 | 1185266 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES6, 5.47% due 06/25/55<sup>5,6</sup> | 14696449 | 14843562 |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.15% (WAC) due 08/25/55<sup>◊,5</sup> | 8944789 | 8995470 |
| &nbsp;&nbsp;&nbsp;2025-CES5, 5.69% due 05/25/55<sup>5,6</sup> | 6889107 | 6983565 |
| &nbsp;&nbsp;&nbsp;2025-CES7, 5.38% due 07/25/55<sup>5,6</sup> | 4837746 | 4881983 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>5,6</sup> | 4339438 | 4397098 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>5,6</sup> | 2552977 | 2582811 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 4.93% due 08/25/60<sup>5,6</sup> | 16400000 | 16333886 |
| &nbsp;&nbsp;&nbsp;2025-AFC2, 5.47% due 06/25/60<sup>5,6</sup> | 14740896 | 14844803 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.22% due 08/25/70<sup>5</sup> | 7760428 | 7789423 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,5</sup> | 3193013 | 3216874 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 5.75% due 07/25/61<sup>5</sup> | 16741789 | 16740374 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 5.65% due 11/25/60<sup>5</sup> | 13644061 | 13651862 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 5.75% due 04/25/61<sup>5</sup> | 5914259 | 5909647 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>5,6</sup> | 3808682 | 3808231 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>5,6</sup> | 12356060 | 12374000 |
| &nbsp;&nbsp;&nbsp;2025-RCF3, 5.25% due 07/25/55<sup>5,6</sup> | 11176624 | 11253639 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>5,6</sup> | 7238745 | 7246267 |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>5</sup> | 3789000 | 3686955 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.73% due 07/25/30<sup>5,6</sup> | 3544348 | 3547673 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>5,6</sup> | 1801541 | 1802525 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.46% due 07/25/65<sup>5</sup> | 12972368 | 13073585 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>5,6</sup> | 7793416 | 7857938 |
| &nbsp;&nbsp;&nbsp;2025-NQM8, 5.08% due 06/25/65<sup>5,6</sup> | 4998689 | 5000567 |
| &nbsp;&nbsp;&nbsp;2025-CES2, 4.96% due 07/26/55<sup>5,6</sup> | 4750276 | 4747194 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>5,6</sup> | 2642151 | 2662498 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.93% due 11/25/64<sup>5,6</sup> | 1790937 | 1801915 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 5.50% (WAC) due 07/25/62<sup>◊,5</sup> | 580272 | 578736 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.74% (WAC) due 02/25/70<sup>◊,5</sup> | 20439337 | 20647702 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.18% (WAC) due 07/25/70<sup>◊,5</sup> | 11943481 | 11974460 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.36% (WAC) due 03/25/70<sup>◊,5</sup> | 2552346 | 2566808 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.91% (30 Day Average SOFR + 1.55%, Rate Floor: 1.55%) due 10/25/55<sup>◊,5</sup> | 15771506 | 15815919 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.14% due 11/25/65<sup>5,6</sup> | 8352268 | 8361206 |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,5</sup> | 8977813 | 8329947 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.38% (WAC) due 09/27/60<sup>◊,5</sup> | 1298240 | 1230885 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,5</sup> | 27759462 | 27969740 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,5</sup> | 3685969 | 3748604 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 5.50% (WAC) due 06/25/56<sup>◊,5</sup> | 1939984 | 1951692 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 6.12% due 05/25/65<sup>5</sup> | 32371672 | 32384309 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,5</sup> | 24900000 | 24892032 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,5</sup> | 5961103 | 5992642 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.02% (WAC) due 10/25/55<sup>◊,5</sup> | 10200000 | 10190392 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.76% (WAC) due 06/25/55<sup>◊,5</sup> | 4896387 | 4960729 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,5</sup> | 4601272 | 4659304 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,5</sup> | 4423699 | 4486914 |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,5</sup> | 2623139 | 2690348 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,5</sup> | 2204744 | 2228880 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 5.94% (WAC) due 07/25/54<sup>◊,5</sup> | 1300381 | 1325879 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>5,6</sup> | 20200000 | 20278222 |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>5</sup> | 7900000 | 7921030 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.20% (WAC) due 07/27/61<sup>◊,5</sup> | 9446554 | 9402945 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.14% (WAC) due 12/27/60<sup>◊,5</sup> | 9067951 | 9031171 |
| &nbsp;&nbsp;&nbsp;2021-NQM8, 2.41% (WAC) due 10/25/66<sup>◊,5</sup> | 6368103 | 5624396 |
| &nbsp;&nbsp;&nbsp;2018-RPL9, 3.85% (WAC) due 09/25/57<sup>◊,5</sup> | 2964790 | 2921908 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.41% due 05/25/65<sup>5</sup> | 1106624 | 1057334 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 06/25/55<sup>◊,5</sup> | 11363404 | 11423459 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,5</sup> | 5826074 | 5914976 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,5</sup> | 4873642 | 4898844 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,5</sup> | 1663530 | 1670405 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV2, 5.00% due 10/25/60<sup>5</sup> | 10000000 | 9990507 |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,5</sup> | 9302896 | 8921818 |
| &nbsp;&nbsp;&nbsp;2025-INV2, 5.25% due 10/25/60<sup>5,6</sup> | 2150000 | 2147909 |
| &nbsp;&nbsp;&nbsp;2025-INV2, 5.46% due 10/25/60<sup>5,6</sup> | 350000 | 349711 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,5</sup> | 14431156 | 13493669 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,5</sup> | 5842459 | 5925364 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.59% due 02/25/64<sup>5,6</sup> | 1839340 | 1853699 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 04/25/56<sup>◊,5</sup> | 19784826 | $19904318 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% (WAC) due 05/25/70<sup>◊,5</sup> | 15281779 | 15392173 |
| &nbsp;&nbsp;&nbsp;2025-SPL1, 4.25% due 02/25/65<sup>3,5</sup> | 2950000 | 2854907 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES4, 5.43% due 06/25/60<sup>5,6</sup> | 16641622 | 16768497 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>5,6</sup> | 10904175 | 10974882 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>5,6</sup> | 2518016 | 2529456 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.11% (30 Day Average SOFR + 1.75%, Rate Floor: 0.00%) due 06/25/55<sup>◊,5</sup> | 13030313 | 13052163 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>5,6</sup> | 11231213 | 11261840 |
| &nbsp;&nbsp;&nbsp;2006-WF1, 7.00% due 03/25/36 | 3131448 | 1494974 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>5,6</sup> | 8195935 | 8240962 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>5,6</sup> | 1514953 | 1531471 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,5</sup> | 1500000 | 1076495 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,5</sup> | 9924149 | 9370578 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,5</sup> | 3673690 | 3508130 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>5</sup> | 3165458 | 3196593 |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.00% (WAC) due 12/25/57<sup>◊,5</sup> | 1228782 | 1201513 |
| &nbsp;&nbsp;&nbsp;2019-6A, 3.50% (WAC) due 09/25/59<sup>◊,5</sup> | 936338 | 888156 |
| &nbsp;&nbsp;&nbsp;2017-5A, 5.77% (1 Month Term SOFR + 1.61%, Rate Floor: 1.50%) due 06/25/57<sup>◊,5</sup> | 331561 | 329957 |
| ATLX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.85% due 04/25/63<sup>5,6</sup> | 9216278 | 8883611 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 7904415 | 7671657 |
| PRPM |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 6.26% due 05/25/30<sup>5,6</sup> | 7360216 | 7376883 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>5,6</sup> | 4248587 | 4299616 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.71% (WAC) due 09/25/66<sup>◊,5</sup> | 2125831 | 1811827 |
| &nbsp;&nbsp;&nbsp;2024-12, 5.86% due 10/25/69<sup>5,6</sup> | 1089498 | 1098327 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 4.90% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | 6796933 | 6611098 |
| &nbsp;&nbsp;&nbsp;2006-BC4, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 300929 | 294211 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.52% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 12/25/36<sup>◊</sup> | 4100056 | 2044283 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 12/25/36<sup>◊</sup> | 2937280 | 1464694 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.36% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37<sup>◊</sup> | 2312061 | 1058900 |
| &nbsp;&nbsp;&nbsp;2007-HE5, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37<sup>◊</sup> | 1475089 | 623087 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 05/25/47<sup>◊</sup> | 3643478 | 3358689 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 4.85% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47<sup>◊</sup> | 1733209 | 1596238 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | 4450121 | 4340277 |
| &nbsp;&nbsp;&nbsp;2005-OPT3, 4.98% (1 Month Term SOFR + 0.82%, Rate Floor: 0.71%) due 11/25/35<sup>◊</sup> | 170238 | 169390 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>5,6</sup> | 2645476 | 2470213 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>5,6</sup> | 1834633 | 1729141 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.63% (1 Month Term SOFR + 0.47%, Rate Cap/Floor: 10.50%/0.36%) due 12/25/46<sup>◊</sup> | 4692950 | 3980527 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.47% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 3948492 | 3893023 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>5</sup> | 3750000 | 3740840 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>5,6</sup> | 3418652 | 3399907 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.86% (WAC) due 02/25/61<sup>◊,5</sup> | 3314230 | 3298101 |
| BRAVO |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>5,6</sup> | 2878772 | 2892919 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.55% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 1636737 | 1532681 |
| &nbsp;&nbsp;&nbsp;2006-12, 4.63% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38<sup>◊</sup> | 1291683 | 1139801 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Securitized Asset Backed Receivables LLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 12/25/36<sup>◊</sup> | 12392598 | $| 2616095 |
| IXIS Real Estate Capital Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.87% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 4317576 |  | 2243748 |
| Anchor Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>5</sup> | 2200000 |  | 2211023 |
| Ellington Financial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, 1.29% (WAC) due 06/25/66<sup>◊,5</sup> | 1670915 |  | 1417907 |
| &nbsp;&nbsp;&nbsp;2020-2, 1.64% (WAC) due 10/25/65<sup>◊,5</sup> | 579818 |  | 546119 |
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 3.61% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36<sup>◊</sup> | 1768103 |  | 1735429 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | 1743436 |  | 1731562 |
| SG Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.68% (WAC) due 03/27/62<sup>◊,5</sup> | 1567917 |  | 1439518 |
| PRKCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-AFC2, 6.14% (WAC) due 08/25/57<sup>◊,5</sup> | 1329144 |  | 1330852 |
| First NLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-4, 5.05% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36<sup>◊</sup> | 1306152 |  | 1286824 |
| WaMu Asset-Backed Certificates WaMu Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.49%) due 04/25/37<sup>◊</sup> | 3397108 |  | 1221492 |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM1, 6.03% due 01/25/63<sup>5,6</sup> | 1149273 |  | 1156374 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 3578205 |  | 1140143 |
| CFMT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,5</sup> | 1048387 |  | 1032739 |
| GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.87% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 2020612 |  | 970601 |
| Lehman XS Trust Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-16N, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46<sup>◊</sup> | 1007764 |  | 897127 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-CB2, 3.14% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36<sup>◊</sup> | 868044 |  | 841311 |
| Banc of America Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37<sup>◊,5</sup> | 740963 |  | 739091 |
| Long Beach Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-8, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 2210041 |  | 563281 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.01% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> | 522152 |  | 516850 |
| Morgan Stanley Capital I Incorporated Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.85% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36<sup>◊</sup> | 462602 |  | 450653 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-HE2, 5.29% (1 Month Term SOFR + 1.13%, Rate Floor: 1.02%) due 04/25/35<sup>◊</sup> | 380270 |  | 372483 |
| Structured Asset Investment Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 377963 |  | 372266 |
| MFRA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-INV1, 1.26% (WAC) due 01/25/56<sup>◊,5</sup> | 270296 |  | 261454 |
| Starwood Mortgage Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,5</sup> | 224299 |  | 212729 |
| Nomura Resecuritization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 1.42% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,5</sup> | 134433 |  | 131577 |
| Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,5</sup> | 110439 |  | 109542 |
| First Franklin Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2004-FF10, 5.55% (1 Month Term SOFR + 1.39%, Rate Floor: 1.28%) due 07/25/34<sup>◊</sup> | 63407 |  | 62967 |
| Morgan Stanley Re-REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 2.86% due 06/26/36<sup>5</sup> | 31686 |  | 30722 |
| **Total Residential Mortgage-Backed Securities** |  |  | 1012817021 |
| **Commercial Mortgage-Backed Securities - 2.0%** | **Commercial Mortgage-Backed Securities - 2.0%** | **Commercial Mortgage-Backed Securities - 2.0%** | **Commercial Mortgage-Backed Securities - 2.0%** |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.92% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,5</sup> | 24220703 |  | 24145013 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.71% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,5</sup> | 11410000 |  | 11395737 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 5.84% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,5</sup> | 2200059 |  | 2204184 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| MILE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-STNE, 5.65% (1 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 07/15/42<sup>◊,5</sup> | 13850000 | $| 13854328 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.06% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38<sup>◊,5</sup> | 10200000 |  | 9190065 |
| &nbsp;&nbsp;&nbsp;2016-JP2, 1.97% (WAC) due 08/15/49<sup>◊,4</sup> | 26402436 |  | 102632 |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.09% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 06/15/41<sup>◊,5</sup> | 7800000 |  | 7807312 |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,5</sup> | 8250000 |  | 7536797 |
| VDCM Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-AZ, 5.23% (WAC) due 07/13/44<sup>◊,5</sup> | 7350000 |  | 7424099 |
| MHP |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39<sup>◊,5</sup> | 6400000 |  | 6400000 |
| RWC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>3,5</sup> | 5300000 |  | 5293244 |
| Life Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.67% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38<sup>◊,5</sup> | 4900000 |  | 4869375 |
| Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 5.97% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38<sup>◊,5</sup> | 3373104 |  | 3373104 |
| BENCHMARK Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-B2, 0.57% (WAC) due 02/15/51<sup>◊,4</sup> | 81181546 |  | 610729 |
| BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C2, 0.91% (WAC) due 12/15/51<sup>◊,4</sup> | 28515695 |  | 527455 |
| JPMDB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.75% (WAC) due 06/15/51<sup>◊,4</sup> | 28287730 |  | 345611 |
| &nbsp;&nbsp;&nbsp;2016-C4, 0.79% (WAC) due 12/15/49<sup>◊,4</sup> | 30344902 |  | 138485 |
| &nbsp;&nbsp;&nbsp;2017-C5, 0.99% (WAC) due 03/15/50<sup>◊,4</sup> | 2813655 |  | 20422 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.62% (WAC) due 06/15/49<sup>◊,4</sup> | 5979953 |  | 16913 |
| DBJPM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C6, 1.09% (WAC) due 06/10/50<sup>◊,4</sup> | 42595932 |  | 486054 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 1.16% (WAC) due 03/15/52<sup>◊,4</sup> | 17305184 |  | 453761 |
| &nbsp;&nbsp;&nbsp;2016-C6, 2.01% (WAC) due 01/15/49<sup>◊,4</sup> | 5126843 |  | 4499 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C38, 1.05% (WAC) due 07/15/50<sup>◊,4</sup> | 21151226 |  | 224541 |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.92% (WAC) due 12/15/49<sup>◊,4</sup> | 22499251 |  | 119534 |
| &nbsp;&nbsp;&nbsp;2017-RB1, 1.35% (WAC) due 03/15/50<sup>◊,4</sup> | 7733304 |  | 103020 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.51% (WAC) due 01/15/59<sup>◊,4</sup> | 3607689 |  | 123 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.20% (WAC) due 08/15/50<sup>◊,4</sup> | 20611150 |  | 289084 |
| &nbsp;&nbsp;&nbsp;2017-C5, 1.24% (WAC) due 11/15/50<sup>◊,4</sup> | 8020520 |  | 129067 |
| COMM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-COR3, 0.58% (WAC) due 05/10/51<sup>◊,4</sup> | 34938956 |  | 328713 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK3, 1.14% (WAC) due 02/15/50<sup>◊,4</sup> | 27836781 |  | 232100 |
| &nbsp;&nbsp;&nbsp;2016-UB10, 1.87% (WAC) due 07/15/49<sup>◊,4</sup> | 9215877 |  | 10595 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C34, 0.90% (WAC) due 11/15/52<sup>◊,4</sup> | 21964362 |  | 235498 |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.87% (WAC) due 12/15/47<sup>◊,4</sup> | 6673916 |  | 128 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C42, 0.98% (WAC) due 12/15/50<sup>◊,†††,4</sup> | 12944512 |  | 194617 |
| CGMS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-B1, 0.85% (WAC) due 08/15/50<sup>◊,4</sup> | 18982823 |  | 189600 |
| CD Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD4, 1.37% (WAC) due 05/10/50<sup>◊,4</sup> | 12765157 |  | 163600 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD6, 1.06% (WAC) due 11/13/50<sup>◊,4</sup> | 11007233 |  | 140953 |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.47% (WAC) due 08/10/49<sup>◊,4</sup> | 5418205 |  | 18386 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-GS6, 1.14% (WAC) due 05/10/50<sup>◊,4</sup> | 10706644 |  | 142731 |
| BANK |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK6, 0.91% (WAC) due 07/15/60<sup>◊,4</sup> | 11447621 |  | 116567 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.80% (WAC) due 08/10/49<sup>◊,4</sup> | 5793006 |  | 32199 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.76% (WAC) due 04/10/49<sup>◊,4</sup> | 2409234 |  | 905 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 108871780 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,548,817,114) | &nbsp;&nbsp;&nbsp;(Cost $2,548,817,114) |  | 2535593440 |
| **CORPORATE BONDS<sup>††</sup>** **- 27.7%** | **CORPORATE BONDS<sup>††</sup>** **- 27.7%** | **CORPORATE BONDS<sup>††</sup>** **- 27.7%** | **CORPORATE BONDS<sup>††</sup>** **- 27.7%** |
| **Financial - 15.6%** |  |  |  |
| Societe Generale S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 01/19/28<sup>5,7</sup> | 18000000 |  | 17621106 |
| &nbsp;&nbsp;&nbsp;1.49% due 12/14/26<sup>5,7</sup> | 10500000 |  | 10434845 |
| &nbsp;&nbsp;&nbsp;1.79% due 06/09/27<sup>5,7</sup> | 10000000 |  | 9818507 |
| AEGON Funding Company LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/16/27<sup>5</sup> | 35000000 |  | 35612144 |
| Brighthouse Financial Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 04/09/27<sup>5</sup> | 34500000 |  | 35078860 |
| Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;1.73% due 10/02/26<sup>5</sup> | 14700000 |  | 14356773 |
| &nbsp;&nbsp;&nbsp;5.03% due 07/17/30<sup>5</sup> | 13850000 |  | 14071473 |
| &nbsp;&nbsp;&nbsp;5.68% due 02/23/26<sup>5</sup> | 4750000 |  | 4771516 |
| Lincoln Financial Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 08/18/30<sup>5</sup> | 15000000 |  | 15090424 |
| &nbsp;&nbsp;&nbsp;4.63% due 05/28/28<sup>5</sup> | 8750000 |  | 8839868 |
| Barclays plc |  |  |  |
| &nbsp;&nbsp;&nbsp;4.48% due 11/11/29<sup>7</sup> | 13650000 |  | 13674113 |
| &nbsp;&nbsp;&nbsp;4.94% due 09/10/30<sup>7</sup> | 9150000 |  | 9286006 |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>5</sup> | 25600000 |  | 22822756 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.47% due 09/22/27<sup>7</sup> | 15000000 |  | 14621851 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;5.04% due 01/23/28<sup>7</sup> | 7600000 | $7686198 |
| CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/04/27<sup>5</sup> | 13100000 | 13439628 |
| &nbsp;&nbsp;&nbsp;4.88% due 12/10/27<sup>5</sup> | 8650000 | 8761760 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/18/30<sup>5</sup> | 10000000 | 9919563 |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>5</sup> | 7300000 | 7241089 |
| &nbsp;&nbsp;&nbsp;4.40% due 09/23/27<sup>5</sup> | 4650000 | 4659416 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 05/20/27 | 14700000 | 14977144 |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>5</sup> | 4450000 | 4351814 |
| &nbsp;&nbsp;&nbsp;4.63% due 11/15/27<sup>5</sup> | 2000000 | 1996332 |
| BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;1.32% due 01/13/27<sup>5,7</sup> | 21350000 | 21155066 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 06/30/26<sup>5</sup> | 14250000 | 13970708 |
| &nbsp;&nbsp;&nbsp;4.65% due 09/08/28<sup>5</sup> | 7000000 | 7024782 |
| Reliance Standard Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;5.24% due 02/02/26<sup>5</sup> | 20850000 | 20896137 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 06/05/28<sup>5</sup> | 13700000 | 13854353 |
| &nbsp;&nbsp;&nbsp;5.60% due 04/10/26<sup>5</sup> | 6750000 | 6798830 |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;2.97% due 02/16/28<sup>5,7</sup> | 11300000 | 11093013 |
| &nbsp;&nbsp;&nbsp;4.65% due 07/14/29<sup>5,7</sup> | 9300000 | 9375985 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;1.65% due 10/06/26<sup>5,7</sup> | 9500000 | 9496160 |
| &nbsp;&nbsp;&nbsp;5.72% due 01/18/30<sup>5,7</sup> | 8200000 | 8480026 |
| Fortitude Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/06/28<sup>5</sup> | 17750000 | 17761210 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;1.25% due 01/26/27<sup>5,7</sup> | 17950000 | 17760944 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 13075000 | 13182391 |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>7</sup> | 4375000 | 4508779 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 08/20/27<sup>5</sup> | 9500000 | 9605697 |
| &nbsp;&nbsp;&nbsp;5.75% due 07/02/26<sup>5</sup> | 7250000 | 7336514 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.63% due 09/23/27<sup>5,7</sup> | 16750000 | 16324022 |
| Mutual of Omaha Companies Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/30<sup>5</sup> | 15000000 | 15326024 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>5</sup> | 10800000 | 10578915 |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>5</sup> | 4100000 | 3828760 |
| CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>5</sup> | 15280000 | 13988514 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.71% due 07/08/31<sup>7</sup> | 13800000 | 13962445 |
| ABN AMRO Bank N.V. |  |  |
| &nbsp;&nbsp;&nbsp;1.54% due 06/16/27<sup>5,7</sup> | 14000000 | 13724464 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 12096000 | 11849791 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>5</sup> | 11150000 | 11370022 |
| Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 03/08/28<sup>5</sup> | 12000000 | 11329256 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>5</sup> | 11000000 | 10947611 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>5</sup> | 150000 | 152593 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.69% due 05/14/28<sup>5,7</sup> | 10600000 | 10820141 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/11/31<sup>7</sup> | 10000000 | 10005406 |
| CBS Studio Center |  |  |
| &nbsp;&nbsp;&nbsp;7.18% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/26<sup>◊,†††</sup> | 10000000 | 9928341 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.49% due 09/11/31<sup>7</sup> | 9900000 | 9819922 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;1.98% due 12/15/27<sup>5,7</sup> | 10000000 | 9729271 |
| ING Groep N.V. |  |  |
| &nbsp;&nbsp;&nbsp;1.73% due 04/01/27<sup>7</sup> | 9800000 | 9673638 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/15/28<sup>5</sup> | 9000000 | 9002606 |
| Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 09/11/30<sup>7</sup> | 8700000 | 8798873 |
| VICI Properties Limited Partnership / VICI Note Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/29<sup>5</sup> | 8700000 | 8614311 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 7860000 | 7597955 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>5</sup> | 7120000 | 7117448 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>5</sup> | 275000 | 271220 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 06/01/29 | 7300000 | 7368005 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/27<sup>5</sup> | 7360000 | 7324604 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.27% due 07/02/27<sup>5</sup> | 7100000 | 7263955 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 7400000 | 7190057 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>7</sup> | 7000000 | 7168995 |
| Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 05/27/26<sup>5</sup> | 7115000 | 7108107 |
| Rocket Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 08/01/30<sup>5</sup> | 6850000 | 7030292 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/15/27 | 7050000 | 6890124 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 18000 | 18163 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.34% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 6718917 | 6718917 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 6400000 | 6400000 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>5</sup> | 6600000 | 6376819 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.49% (SOFR + 1.10%) due 05/23/29<sup>◊</sup> | 6350000 | $6376385 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/30<sup>5</sup> | 5700000 | 5720974 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 07/02/27<sup>7</sup> | 4650000 | 4696277 |
| Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25 | 4420000 | 4419684 |
| Deloitte LLP |  |  |
| &nbsp;&nbsp;&nbsp;3.46% due 05/07/27<sup>†††</sup> | 4500000 | 4394871 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 02/01/29 | 3472000 | 3247402 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>5</sup> | 3250000 | 3168572 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>5</sup> | 2700000 | 2692143 |
| Blue Owl IV SR SEC A |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 2678000 | 2678000 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>5</sup> | 2550000 | 2601219 |
| Blue Owl IV SR SEC B |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 2472000 | 2472000 |
| Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/18/30<sup>5</sup> | 1900000 | 1950080 |
| Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/01/30 | 1600000 | 1674611 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 01/25/28 | 1400000 | 1390004 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 06/23/28 | 1150000 | 1160980 |
| AMC East Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 01/15/28<sup>5</sup> | 1090378 | 1103603 |
| Trinity Acquisition plc |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 03/15/26 | 881000 | 881259 |
| Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/26/26 | 700000 | 697385 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 03/15/28 | 700000 | 658110 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;3.77% due 01/24/29<sup>7</sup> | 361000 | 357871 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 03/27/28 | 350000 | 354099 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.03% due 12/15/25<sup>5</sup> | 150516 | 150646 |
| **Total Financial** |  | 855899543 |
| **Consumer, Non-cyclical - 2.7%** |  |  |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 05/15/30 | 28801000 | 26655102 |
| &nbsp;&nbsp;&nbsp;3.20% due 08/15/29 | 2199000 | 2088355 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 15000000 | 15752404 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.64% due 03/13/27<sup>5</sup> | 9925000 | 10112173 |
| &nbsp;&nbsp;&nbsp;6.27% due 06/26/26<sup>5</sup> | 4400000 | 4456934 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 08/15/28<sup>5</sup> | 13592000 | 13363515 |
| Laboratory Corporation of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 06/01/26 | 10571000 | 10393644 |
| PRA Health Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 07/15/26<sup>5</sup> | 10280000 | 10138174 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 08/06/30 | 10000000 | 10038714 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 07/15/28<sup>5</sup> | 8650000 | 8508637 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 06/01/26 | 7750000 | 7648184 |
| Danone S.A. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 11/02/26<sup>5</sup> | 6952000 | 6868886 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 06/15/31<sup>5</sup> | 7434000 | 6816285 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 09/02/27 | 5150000 | 4920599 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 04/02/27 | 4220000 | 4247942 |
| &nbsp;&nbsp;&nbsp;3.56% due 08/15/27 | 527000 | 521610 |
| Darling Global Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/15/32<sup>5</sup> | EUR 2,050,000 | 2430408 |
| Diageo Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 08/15/30<sup>8</sup> | 2250000 | 2331162 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>5</sup> | 2300000 | 2293597 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>5</sup> | 1800000 | 1777352 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/01/27<sup>5</sup> | 350000 | 347611 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/27<sup>5</sup> | 100000 | 99753 |
| **Total Consumer, Non-cyclical** |  | 151811041 |
| **Consumer, Cyclical - 2.1%** |  |  |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 07/02/27<sup>5</sup> | 9650000 | 9795012 |
| &nbsp;&nbsp;&nbsp;5.38% due 07/02/29 | 4550000 | 4656121 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>5</sup> | 1000000 | 1018662 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 05/01/29<sup>5</sup> | 13200000 | 13200000 |
| LG Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/24/27<sup>5</sup> | 11000000 | 11202427 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/01/28<sup>5</sup> | 5050000 | 5341567 |
| &nbsp;&nbsp;&nbsp;6.38% due 05/15/30 | 3500000 | 3467781 |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/27 | 1548000 | 1569108 |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 8700000 | 9235455 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/26<sup>5</sup> | 8125000 | 8112521 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 05/14/31<sup>◊,†††</sup> | 7632335 | 7096670 |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 7350000 | 6880959 |
| VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/28<sup>5</sup> | 6850000 | 6831364 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.02% due 10/20/29<sup>5</sup> | 6720000 | $6723511 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>5</sup> | 4550000 | 4508706 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 4320000 | 4493355 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 2174005 | 2096149 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/28 | 1346154 | 1294130 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>5</sup> | 3275000 | 3347334 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/27 | 2300000 | 2293396 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/15/29<sup>5</sup> | 1800000 | 1721529 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>5</sup> | 833500 | 832483 |
| **Total Consumer, Cyclical** |  | 115718240 |
| **Energy - 2.0%** |  |  |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 01/15/31 | 14825000 | 14856557 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.80% due 02/15/31 | 14000000 | 14084499 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 10/15/32 | 14000000 | 13992153 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 5844000 | 5953190 |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/30 | 4800000 | 4882463 |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>7,9</sup> | 6280000 | 6235613 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>7,9</sup> | 2675000 | 2770634 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/29 | 8700000 | 8672133 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/15/29<sup>5</sup> | 8700000 | 8488278 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 09/15/30 | 7500000 | 7617955 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/27 | 6100000 | 6163867 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 | 5575000 | 5666899 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 08/01/30 | 5500000 | 5541011 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>5</sup> | 4600000 | 5069315 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 01/15/34<sup>5</sup> | 2000000 | 2105315 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>5</sup> | 473000 | 465728 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/15/27 | 300000 | 301814 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/15/27<sup>5</sup> | 80000 | 79933 |
| **Total Energy** |  | 112947357 |
| **Industrial - 1.6%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.57% due 01/15/26 | 11750000 | 11648774 |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/26<sup>5</sup> | 5165000 | 5165728 |
| &nbsp;&nbsp;&nbsp;5.80% due 06/15/31 | 2500000 | 2643232 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.57% due 10/15/26<sup>5</sup> | 16450000 | 15939913 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>5</sup> | 12600000 | 12401975 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | 7050000 | 6952613 |
| &nbsp;&nbsp;&nbsp;2.40% due 04/01/28 | 3900000 | 3709900 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.51% due 04/15/26<sup>5</sup> | 6500000 | 6394046 |
| Penske Truck Leasing Company LP / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 01/29/26<sup>5</sup> | 5475000 | 5473355 |
| &nbsp;&nbsp;&nbsp;4.20% due 04/01/27<sup>5</sup> | 500000 | 499265 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>5</sup> | 5410000 | 5323713 |
| Penske Truck Leasing Company LP / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>5</sup> | 4750000 | 4884329 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | 3800000 | 3749028 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 03/30/27 | 2900000 | 2882222 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/15/28 | 200000 | 196401 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>5</sup> | 2425000 | 2405331 |
| **Total Industrial** |  | 90269825 |
| **Technology - 1.2%** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 09/26/30 | 25825000 | 25812329 |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | 22350000 | 21925930 |
| &nbsp;&nbsp;&nbsp;3.25% due 02/15/29 | 810000 | 775803 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 02/15/30 | 11000000 | 11248919 |
| Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>5</sup> | 1200000 | 1102539 |
| &nbsp;&nbsp;&nbsp;4.38% due 10/15/29 | 963000 | 943963 |
| TeamSystem SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.19% (3 Month EURIBOR + 3.25%, Rate Floor: 0.00%) due 07/01/32<sup>◊,5</sup> | EUR 1,100,000 | 1293115 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 04/15/29<sup>5</sup> | 636000 | 625773 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| MSCI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 02/15/31<sup>5</sup> | 379000 | $| 363135 |
| **Total Technology** |  |  | 64091506 |
| **Utilities - 1.0%** |  |  |  |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.69% due 09/01/27 | 18200000 |  | 18397916 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 06/15/29<sup>5</sup> | 9096000 |  | 9019501 |
| Algonquin Power & Utilities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.37% due 06/15/26 | 8200000 |  | 8258975 |
| Evercore, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.17% due 07/24/30<sup>†††</sup> | 5000000 |  | 5021337 |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>5</sup> | 4600000 |  | 4541858 |
| Pinnacle West Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 05/15/28 | 4200000 |  | 4266794 |
| PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>7</sup> | 2750000 |  | 2895262 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>7</sup> | 701000 |  | 691652 |
| **Total Utilities** |  |  | 53093295 |
| **Communications - 0.9%** |  |  |  |
| NTT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.16% due 04/03/26<sup>5</sup> | 7598000 |  | 7478867 |
| &nbsp;&nbsp;&nbsp;5.47% (SOFR + 1.08%) due 07/16/28<sup>◊,5</sup> | 5000000 |  | 5052386 |
| &nbsp;&nbsp;&nbsp;4.62% due 07/16/28<sup>5</sup> | 1600000 |  | 1615821 |
| SoftBank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 07/09/30<sup>5</sup> | 14000000 |  | 14106805 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/30<sup>5</sup> | 5070000 |  | 4426584 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>5</sup> | 2277000 |  | 2080609 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/31<sup>5</sup> | 2150000 |  | 1848484 |
| Match Group Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/28<sup>5</sup> | 4775000 |  | 4690620 |
| Bell Telephone Company of Canada or Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/55<sup>7</sup> | 3360000 |  | 3485765 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 04/01/31 | 3250000 |  | 2932319 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>5</sup> | 190000 |  | 187378 |
| &nbsp;&nbsp;&nbsp;3.88% due 09/01/31<sup>5</sup> | 75000 |  | 67971 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>5</sup> | 250000 |  | 163714 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 6000 |  | 5220 |
| **Total Communications** |  |  | 48142543 |
| **Basic Materials - 0.3%** |  |  |  |
| Compass Minerals International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 07/01/30<sup>5</sup> | 5498000 |  | 5746383 |
| Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>5</sup> | 5784000 |  | 5719229 |
| Alumina Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>5</sup> | 4200000 |  | 4295323 |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 1145000 |  | 1147439 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>5</sup> | 90000 |  | 88200 |
| **Total Basic Materials** |  |  | 16996574 |
| **Utility - 0.2%** |  |  |  |
| QTS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.12% due 08/21/30<sup>†††</sup> | 10000000 |  | 9997632 |
| **Transportation - 0.1%** |  |  |  |
| Stolthaven Houston, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/17/31<sup>†††</sup> | 4704000 |  | 4804016 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,530,087,702) | &nbsp;&nbsp;&nbsp;(Cost $1,530,087,702) |  | 1523771572 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 27.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 27.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 27.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 27.5%** |
| **Collateralized Loan Obligations - 14.6%** | **Collateralized Loan Obligations - 14.6%** | **Collateralized Loan Obligations - 14.6%** | **Collateralized Loan Obligations - 14.6%** |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,5</sup> | 41367656 |  | 41491569 |
| &nbsp;&nbsp;&nbsp;2021-1A A2R, 6.43% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 04/15/33<sup>◊,5</sup> | 6250000 |  | 6267661 |
| Golub Capital Partners CLO 54M, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A1R, 5.80% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 08/05/37<sup>◊,5</sup> | 42500000 |  | 42499295 |
| Ares Direct Lending CLO 6 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A1, due 10/16/37<sup>◊,5</sup> | 41000000 |  | 41000000 |
| Cerberus Loan Funding 51 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A, 5.64% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,5</sup> | 28000000 |  | 28097199 |
| Owl Rock CLO IV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.07% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,5</sup> | 24250000 |  | 24361436 |
| &nbsp;&nbsp;&nbsp;2021-4A A2R, 6.37% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33<sup>◊,5</sup> | 3650000 |  | 3640968 |
| BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.66% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,5</sup> | 14310000 |  | 14138686 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.51% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37<sup>◊,5</sup> | 4500000 |  | 4483407 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,5</sup> | 4009058 |  | 3990993 |
| &nbsp;&nbsp;&nbsp;2020-FL2 B, 5.91% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38<sup>◊,5</sup> | 2000000 |  | 1994060 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2020-FL3 B, 6.91% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 11/15/37<sup>◊,5</sup> | 2000000 | $1975868 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39<sup>◊,5</sup> | 15600000 | 15626124 |
| &nbsp;&nbsp;&nbsp;2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39<sup>◊,5</sup> | 9000000 | 8853456 |
| OWL Rock CLO XXI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A A, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 07/24/34<sup>◊,5</sup> | 22750000 | 22778731 |
| Greystone CRE Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL4 A, 5.63% (1 Month Term SOFR + 1.48%, Rate Floor: 1.48%) due 01/15/43<sup>◊,5</sup> | 22750000 | 22758579 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.04% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,5</sup> | 22000000 | 22016278 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1RR, 5.72% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 07/15/36<sup>◊,5</sup> | 20750000 | 20778178 |
| OWL Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,5</sup> | 20300000 | 20328276 |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.67% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,5</sup> | 20000000 | 20320680 |
| Cerberus Loan Funding 52 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.49% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,5</sup> | 20100000 | 20169761 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A A1R2, 5.84% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 07/20/38<sup>◊,5</sup> | 20000000 | 20030032 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,5</sup> | 16500000 | 16561170 |
| &nbsp;&nbsp;&nbsp;2023-1A B, 7.92% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35<sup>◊,5</sup> | 3250000 | 3251801 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-12 A, 5.63% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42<sup>◊,5</sup> | 16002000 | 16007202 |
| &nbsp;&nbsp;&nbsp;2025-12 AS, 5.88% (1 Month Term SOFR + 1.74%, Rate Floor: 1.74%) due 12/18/42<sup>◊,5</sup> | 3600000 | 3594521 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.20% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,5</sup> | 13912412 | 13950723 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33<sup>◊,5</sup> | 4000000 | 3990598 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.40% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38<sup>◊,5</sup> | 10000000 | 9985945 |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.15% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38<sup>◊,5</sup> | 6400000 | 6384720 |
| Hlend CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,5</sup> | 10550000 | 10514477 |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37<sup>◊,5</sup> | 5300000 | 5306701 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33<sup>◊,5</sup> | 15000000 | 15016953 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-47A BR, due 04/16/35<sup>◊,5</sup> | 14350000 | 14350000 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/15/37<sup>◊,5</sup> | 11500000 | 11575686 |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/37<sup>◊,5</sup> | 2250000 | 2262573 |
| Parliament CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.17% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 08/20/32<sup>◊,5</sup> | 13254183 | 13255734 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.02% (3 Month Term SOFR + 2.81%, Rate Floor: 2.55%) due 08/20/32<sup>◊,5</sup> | 500000 | 503776 |
| BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 A, 5.85% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42<sup>◊,5</sup> | 13650000 | 13647499 |
| HPS Private Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A1, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,5</sup> | 13500000 | 13547277 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,5</sup> | 13550000 | 13482250 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| JCP Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1R, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,5</sup> | 13000000 | $13032603 |
| Eldridge CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1, due 10/20/38<sup>◊,5</sup> | 13000000 | 13000000 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.38% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,5</sup> | 11500000 | 11528482 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-32RA B, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/39<sup>◊,5</sup> | 10020000 | 10047359 |
| &nbsp;&nbsp;&nbsp;2025-32RA A, 5.64% (3 Month Term SOFR + 1.31%, Rate Floor: 1.31%) due 07/20/39<sup>◊,5</sup> | 1000000 | 1001795 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.06% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,5</sup> | 7500000 | 7485364 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.31% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38<sup>◊,5</sup> | 3250000 | 3237206 |
| KREF |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 5.91% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/39<sup>◊,5</sup> | 10700000 | 10641991 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 AS, 5.78% (1 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 03/19/43<sup>◊,5</sup> | 10500000 | 10508978 |
| AGL CLO 42 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38<sup>◊,5</sup> | 10000000 | 10037405 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,5</sup> | 9250000 | 9234729 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 A, due 01/17/43<sup>◊,5</sup> | 9100000 | 9083705 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 A, 5.52% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 08/19/42<sup>◊,5</sup> | 6350000 | 6354801 |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,5</sup> | 1650000 | 1642554 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE5 B, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 07/15/36<sup>◊,5</sup> | 7900000 | 7887427 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,5</sup> | 4250000 | 4270965 |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,5</sup> | 3250000 | 3271359 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.00% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,5</sup> | 7400000 | 7446865 |
| Madison Park Funding LXV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-65A B, 6.02% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/16/38<sup>◊,5</sup> | 6000000 | 6035461 |
| Fontainbleau Vegas |  |  |
| &nbsp;&nbsp;&nbsp;9.87% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28<sup>◊,†††</sup> | 6000000 | 6000000 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 B, 5.90% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/16/36<sup>◊,5</sup> | 6000000 | 5987610 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,5</sup> | 5550000 | 5541675 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,5</sup> | 5150000 | 5162875 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1B2, 5.84% (3 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 04/20/34<sup>◊,5</sup> | 5000000 | 5006725 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 C, 6.15% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38<sup>◊,5</sup> | 5000000 | 4991647 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.32% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36<sup>◊,5</sup> | 5000000 | 4957172 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A BR, 6.73% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30<sup>◊,5</sup> | 4500000 | 4509294 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 AS, 5.69% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30<sup>◊,5</sup> | 4000000 | 3998761 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38<sup>◊,5</sup> | 3300000 | 3309933 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.05% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38<sup>◊,5</sup> | 2187000 | $2184040 |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.70% (1 Month Term SOFR + 1.56%, Rate Floor: 1.45%) due 04/18/38<sup>◊,5</sup> | 550000 | 549724 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,5</sup> | 2450000 | 2439925 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 5.92% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39<sup>◊,5</sup> | 2200000 | 2193876 |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 5.76% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36<sup>◊,5</sup> | 2000000 | 1998057 |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.26% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 09/17/36<sup>◊,5</sup> | 155964 | 155811 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.98% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,5</sup> | 551802 | 552094 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.83% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,5</sup> | 500000 | 501252 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>5,10</sup> | 448198 | 2036 |
| Elmwood CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38<sup>◊,5</sup> | 1000000 | 998300 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.86% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,5</sup> | 166994 | 167333 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>5,10</sup> | 325901 | 916 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>10,11</sup> | 500000 | 50 |
| **Total Collateralized Loan Obligations** |  | 801748998 |
| **Financial - 2.6%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SP2, 5.31% (1 Month Term SOFR + 1.15%, Rate Floor: 1.15%) due 09/25/26<sup>◊,†††,5</sup> | 28000000 | 28000000 |
| &nbsp;&nbsp;&nbsp;2025-SP1, 5.57% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26<sup>◊,†††,5</sup> | 10600000 | 10600000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 5.87% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,5</sup> | 8775000 | 8775000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,5</sup> | 5675000 | 5675000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,5</sup> | 2825000 | 2825000 |
| Strategic Partners Fund VIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26<sup>◊,†††</sup> | 16309772 | 16225627 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 15811603 | 14683394 |
| HV Eight LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR 9,467,545 | 11086633 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 01/26/27<sup>◊,†††</sup> | 7439226 | 7411872 |
| Obsidian Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 6.93% due 05/15/55<sup>†††,5</sup> | 7150000 | 7150000 |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 6050000 | 6050000 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 6400000 | 6049163 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 6400000 | 6049163 |
| Project Onyx |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 06/26/30<sup>◊,†††</sup> | 4577985 | 4561152 |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28<sup>◊,†††</sup> | 614318 | 612355 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 2123479 | 2182138 |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 1874464 | 1810507 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 1954632 | 1948387 |
| **Total Financial** |  | 141695391 |
| **Infrastructure - 2.0%** |  |  |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>5</sup> | 19350000 | 19448002 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>5</sup> | 11450000 | 11343704 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>5</sup> | 5450000 | 5477515 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>5</sup> | 15100000 | 15422341 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>5</sup> | 9250000 | 9097685 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>5</sup> | 4000000 | 4023610 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>5</sup> | 11150000 | 10883260 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>5</sup> | 6750000 | 6721874 |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.88% due 03/26/46<sup>5</sup> | 2750000 | 2711447 |
| SBA Tower Trust |  |  |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;1.63% due 11/15/26<sup>5</sup> | 5723000 | $5555903 |
| &nbsp;&nbsp;&nbsp;1.84% due 04/15/27<sup>5</sup> | 1200000 | 1146156 |
| Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.32% due 05/25/50<sup>5</sup> | 5500000 | 5568765 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 10/05/55<sup>5</sup> | 5050000 | 5032936 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>5</sup> | 3610000 | 3651207 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>5</sup> | 2380000 | 2420263 |
| **Total Infrastructure** |  | 108504668 |
| **Whole Business - 1.6%** |  |  |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>5</sup> | 18421875 | 17790215 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.82% due 08/25/55<sup>5</sup> | 10350000 | 10371621 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>5</sup> | 11585750 | 10915995 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>5</sup> | 6267625 | 6206907 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>5</sup> | 1182000 | 1221310 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>5</sup> | 8833250 | 8955196 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.25% due 07/30/54<sup>5</sup> | 7146000 | 7145769 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>5</sup> | 8676130 | 8174940 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>5</sup> | 7742100 | 7474233 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>5</sup> | 6887500 | 6651021 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>5</sup> | 2820000 | 2809899 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>5</sup> | 1692000 | 1680753 |
| **Total Whole Business** |  | 89397859 |
| **Transport-Container - 1.6%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>5</sup> | 25008750 | 23091999 |
| Triton Container Finance IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.43% due 06/20/50<sup>5</sup> | 13685000 | 13851433 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>5</sup> | 7156667 | 6667706 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>5</sup> | 2796531 | 2690300 |
| &nbsp;&nbsp;&nbsp;2020-2A, 2.10% due 09/20/45<sup>5</sup> | 2566336 | 2413946 |
| TIF Funding II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.65% due 02/20/46<sup>5</sup> | 11407000 | 10404888 |
| CLI Funding VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, 2.07% due 10/18/45<sup>5</sup> | 8809667 | 8268907 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.08% due 09/18/45<sup>5</sup> | 989306 | 925795 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>5</sup> | 9426340 | 8709797 |
| CLI Funding IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.35% due 06/20/50<sup>5</sup> | 8381417 | 8496302 |
| CAL Funding IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.22% due 09/25/45<sup>5</sup> | 2146875 | 2047079 |
| **Total Transport-Container** |  | 87568152 |
| **Transport-Aircraft - 1.3%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.52% due 02/16/50<sup>5</sup> | 7364754 | 7440045 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>5</sup> | 7693868 | 7376392 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>5</sup> | 6238894 | 6440746 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>5</sup> | 4045488 | 4125239 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>5</sup> | 1100344 | 1124160 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.47% due 08/15/50<sup>5</sup> | 13760082 | 13854950 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>5</sup> | 2003859 | 2034747 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>5</sup> | 530415 | 527144 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>5</sup> | 5120561 | 5225311 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.81% due 05/15/50<sup>5</sup> | 4703648 | 4824034 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>5</sup> | 4665523 | 4774844 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.11% due 10/15/50<sup>5</sup> | 4050000 | 4062928 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>5</sup> | 4060504 | 3878837 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>5</sup> | 2699071 | 2678909 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>5</sup> | 2257419 | 2141157 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>5</sup> | 1222671 | 1206773 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>5</sup> | 550837 | 542584 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>5</sup> | 49010 | 48862 |
| **Total Transport-Aircraft** |  | 72307662 |
| **Single Family Residence - 1.3%** |  |  |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.55% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/17/42<sup>◊,5</sup> | 27000000 | 27056300 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>5</sup> | 5050000 | 5028959 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>5</sup> | 4900000 | 4880434 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 1.67% due 10/19/37<sup>5</sup> | 3950000 | 3930657 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.19% due 08/17/38<sup>5</sup> | 4000000 | 3901866 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>5</sup> | 3200000 | 3185747 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.25% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,5</sup> | 8754750 | 8771507 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 4.75% due 06/17/40<sup>5</sup> | 4990330 | 5005992 |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>5</sup> | 3300000 | 3287319 |
| &nbsp;&nbsp;&nbsp;2025-SFR2, 5.42% due 08/17/44<sup>5</sup> | 2800000 | 2843689 |
| **Total Single Family Residence** |  | 67892470 |
| **Net Lease - 1.1%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>5</sup> | 35329602 | 33729538 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| STORE Master Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.86% due 06/20/51<sup>5</sup> | 6802311 | $| 6434247 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.95% due 10/20/55<sup>5</sup> | 2100000 |  | 2103422 |
| Capital Automotive REIT |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.90% due 05/15/54<sup>5</sup> | 5206667 |  | 5201186 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>5</sup> | 1957083 |  | 1908128 |
| CMFT Net Lease Master Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.91% due 07/20/51<sup>5</sup> | 3000000 |  | 2783482 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.51% due 07/20/51<sup>5</sup> | 2500000 |  | 2308843 |
| CF Hippolyta Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>5</sup> | 5748930 |  | 4441159 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 1.91% due 10/20/61<sup>5</sup> | 2500000 |  | 2085367 |
| CARS-DB4, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.25% due 02/15/50<sup>5</sup> | 880095 |  | 817035 |
| **Total Net Lease** |  |  | 61812407 |
| **Insurance - 0.5%** |  |  |  |
| Dogwood State Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 21249460 |  | 21371224 |
| Obra Longevity |  |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 5850000 |  | 6152984 |
| **Total Insurance** |  |  | 27524208 |
| **Collateralized Debt Obligations - 0.4%** | **Collateralized Debt Obligations - 0.4%** | **Collateralized Debt Obligations - 0.4%** | **Collateralized Debt Obligations - 0.4%** |
| Anchorage Credit Funding 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>5</sup> | 24650000 |  | 23318548 |
| **Unsecured Consumer Loans - 0.3%** |  |  |  |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.39% due 03/25/60<sup>5</sup> | 5213000 |  | 5285477 |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.07% due 06/25/60<sup>5</sup> | 3800000 |  | 3834004 |
| Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>5</sup> | 3128564 |  | 3139330 |
| UPX HIL Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.16% due 01/25/47<sup>5</sup> | 1923292 |  | 1931488 |
| **Total Unsecured Consumer Loans** |  |  | 14190299 |
| **Automotive - 0.2%** |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.38% due 08/20/27<sup>5</sup> | 5675000 |  | 5566159 |
| &nbsp;&nbsp;&nbsp;2020-2A, 2.02% due 02/20/27<sup>5</sup> | 3791667 |  | 3771456 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.24% due 08/20/29<sup>5</sup> | 2750000 |  | 2799584 |
| **Total Automotive** |  |  | 12137199 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,517,736,856) | &nbsp;&nbsp;&nbsp;(Cost $1,517,736,856) |  | 1508097861 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 8.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 8.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 8.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 8.3%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.25% due 11/30/26<sup>8</sup> | 115100000 |  | 115778910 |
| &nbsp;&nbsp;&nbsp;4.13% due 10/31/26 | 90000000 |  | 90386719 |
| &nbsp;&nbsp;&nbsp;4.00% due 12/15/27 | 50000000 |  | 50410156 |
| &nbsp;&nbsp;&nbsp;4.13% due 01/31/27 | 50000000 |  | 50269531 |
| &nbsp;&nbsp;&nbsp;4.25% due 01/31/26 | 15700000 |  | 15711039 |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;2.13% due 04/15/29<sup>13</sup> | 56051338 |  | 57852554 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28<sup>13</sup> | 25706797 |  | 25803749 |
| &nbsp;&nbsp;&nbsp;0.50% due 01/15/28<sup>13</sup> | 23454757 |  | 23180877 |
| &nbsp;&nbsp;&nbsp;0.38% due 01/15/27<sup>13</sup> | 19914779 |  | 19758163 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33<sup>13</sup> | 5498967 |  | 5413638 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $449,290,075) |  |  | 454565336 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 3.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 3.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 3.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 3.9%** |
| **Financial - 1.0%** |  |  |  |
| Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 12389981 |  | 12286772 |
| QTS Good News Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 11450000 |  | 11448129 |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7283089 |  | 7294961 |
| Kroll, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.81% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) (in-kind rate was 2.75%) due 09/12/32<sup>12</sup> | 5650000 |  | 5627930 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 4837814 |  | 4838298 |
| Corpay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4764000 |  | 4755091 |
| Eagle Point Holdings Borrower, LLC<sup>†††</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28 | 3480667 |  | 3480667 |
| &nbsp;&nbsp;&nbsp;4.75% due 03/31/28 | 880667 |  | 880667 |
| CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 2593451 |  | 2590209 |
| Virtu Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 2100000 |  | 2100000 |
| Starwood Property Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/02/30 | 1494754 |  | 1493827 |
| **Total Financial** |  |  | 56796551 |
| **Industrial - 0.7%** |  |  |  |
| SkyMiles IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 10/20/28 | 13600000 |  | 13601768 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/22/30 | 6650000 |  | 6642020 |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 | 4550000 |  | 4582487 |
| Harsco Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;6.53% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 06/09/28 | 4002812 |  | 3989483 |
| Genesee & Wyoming, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 3568115 |  | 3552843 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| O-I Glass, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 3000000 | $2992500 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/25/29<sup>†††</sup> | EUR 1,500,000 | 1774601 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 | 985025 | 986630 |
| **Total Industrial** |  | 38122332 |
| **Consumer, Cyclical - 0.6%** |  |  |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/04/32 | 10972500 | 10951213 |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 6000000 | 6000000 |
| Entain Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 07/30/32 | 3840000 | 3832474 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.16% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 2,250,000 | 2652601 |
| Samsonite IP Holdings SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/21/30 | 2572089 | 2573710 |
| Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31 | 2338412 | 2321459 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 2069976 | 2064801 |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 1536731 | 1541848 |
| DK Crown Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 1244373 | 1242046 |
| **Total Consumer, Cyclical** |  | 33180152 |
| **Consumer, Non-cyclical - 0.5%** |  |  |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/13/29 | 4550000 | 4551410 |
| &nbsp;&nbsp;&nbsp;6.91% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 4011394 | 4013921 |
| Skechers |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/28/32 | 3050000 | 3062718 |
| &nbsp;&nbsp;&nbsp;5.55% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 09/12/32 | EUR 1,600,000 | 1883044 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 4455496 | 4043363 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.17% ((1 Month Term SOFR + 2.00%) and (3 Month Term SOFR + 2.00%), Rate Floor: 2.00%) due 06/24/30 | 2587589 | 2590280 |
| Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/09/32 | 2300000 | 2312788 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 2299321 | 2280650 |
| Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.89% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/16/32 | 1800000 | 1796994 |
| Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/28/31 | 398000 | 399246 |
| Eyecare Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.84% (6 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 3.61%) due 11/30/28<sup>12</sup> | 361302 | 227103 |
| &nbsp;&nbsp;&nbsp;9.88% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 100810 | 101365 |
| **Total Consumer, Non-cyclical** |  | 27262882 |
| **Energy - 0.5%** |  |  |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.48%, Rate Floor: 2.98%) due 10/11/30 | 10144098 | 10140953 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;due 11/22/32 | 5081441 | 5083271 |
| Colonial Pipeline |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/30/32 | 2625000 | 2608174 |
| Meade Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 09/22/32 | 2450000 | 2446937 |
| Whitewater Matterhorn Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 | 2390000 | 2387395 |
| Whitewater Whistler Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/15/30 | 1550000 | 1545350 |
| AL GCX Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 1460936 | 1457284 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 312176 | 311983 |
| **Total Energy** |  | 25981347 |
| **Communications - 0.2%** |  |  |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 4414945 | 4342363 |
| Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 09/16/32 | 4200000 | 4197396 |
| TKO Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/21/31 | 1496250 | 1497881 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Zayo Group Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.43% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 |  | 1097847 | $| 1080698 |
| SBA Senior Finance II LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.92% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 |  | 738750 |  | 740929 |
| Virgin Media Bristol LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 |  | 600000 |  | 591060 |
| Charter Communications Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/07/30 |  | 99746 |  | 99601 |
| **Total Communications** |  |  |  | 12549928 |
| **Basic Materials - 0.2%** |  |  |  |  |
| Minerals Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 |  | 3473750 |  | 3473750 |
| Trinseo Materials Operating S.C.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.96% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 |  | 10628250 |  | 3044994 |
| Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30 |  | 1749024 |  | 1746295 |
| **Total Basic Materials** |  |  |  | 8265039 |
| **Utilities - 0.1%** |  |  |  |  |
| NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 |  | 6982278 |  | 6980114 |
| **Technology - 0.1%** |  |  |  |  |
| World Wide Technology Holding Company LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 03/01/30 |  | 2586967 |  | 2590201 |
| Datix Bidco Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.21% (6 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 04/30/31<sup>†††</sup> |  | GBP 968,800 |  | 1302974 |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 04/30/31<sup>†††</sup> |  | 275000 |  | 275000 |
| Team.Blue Finco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 07/12/32 |  | 550000 |  | 548972 |
| Gen Digital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 |  | 400000 |  | 398100 |
| WEX, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/05/32 |  | 398997 |  | 397126 |
| **Total Technology** |  |  |  | 5512373 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $222,027,868) | &nbsp;&nbsp;&nbsp;(Cost $222,027,868) | &nbsp;&nbsp;&nbsp;(Cost $222,027,868) |  | 214650718 |
| **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** |
| **Colorado - 0.1%** |  |  |  |  |
| Fort Carson Family Housing LLC Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.86% due 11/15/29 |  | 5855000 |  | 6158523 |
| **California - 0.1%** |  |  |  |  |
| California Public Finance Authority Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 10/15/26 |  | 3145000 |  | 3065142 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,296,043) | &nbsp;&nbsp;&nbsp;(Cost $9,296,043) | &nbsp;&nbsp;&nbsp;(Cost $9,296,043) |  | 9223665 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>5</sup> |  | 7000000 |  | 7101920 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,982,761) |  |  |  | 7101920 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.0%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.0%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.0%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.0%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.0%** |
| **Industrial - 0.0%** |  |  |  |  |
| Cognita Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.84% due 10/27/31 |  | 2344125 |  | 2349985 |
| **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,338,393) | &nbsp;&nbsp;&nbsp;(Cost $2,338,393) | &nbsp;&nbsp;&nbsp;(Cost $2,338,393) |  | 2349985 |
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** |  |  |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **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;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 12668000 |  | 163112 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 10134000 |  | 130484 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 4055000 |  | 119493 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $54,208,625) | EUR | 46135000 |  | 81023 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $48,039,875) | EUR | 40885000 |  | 68716 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $42,034,450) | EUR | 35774000 |  | 61125 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $42,034,450) | EUR | 35774000 |  | 61124 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 25196000 |  | 53287 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $23,854,850) | EUR | 20302000 | $34689 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 2238000 | 28816 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 954000 | 28113 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 7559000 | 15987 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 2305000 | 4875 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $56,704,325) |  | EUR 48,259,000 | 121 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $56,704,325) |  | EUR 48,259,000 | 121 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $39,692,675) |  | EUR 33,781,000 | 100 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $19,904,500) |  | EUR 16,940,000 | 50 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $17,011,650) |  | EUR 14,478,000 | 43 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $3,278,250) |  | EUR 2,790,000 | 8 |
| **Total Foreign Exchange Options** |  |  | 851287 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,256,593) |  |  | 851287 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</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 $79,857,500) | USD | 159715000 | 2015675 |
| &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 $79,857,500) | USD | 79857500 | 1007838 |
| &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 $79,857,500) | USD | 79857500 | 1007837 |
| **Total Interest Rate Swaptions** |  |  | 4031350 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,837,153) |  |  | 4031350 |
| **Total Investments - 117.1%** | **Total Investments - 117.1%** | **Total Investments - 117.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,465,539,385) | &nbsp;&nbsp;&nbsp;(Cost $6,465,539,385) | &nbsp;&nbsp;&nbsp;(Cost $6,465,539,385) | $6431367779 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **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 | 2305000 | (306) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 7559000 | (1003) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 25196000 | (3345) |
| **Total Foreign Exchange Options** |  |  | (4654) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $276,851) |  |  | (4654) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,14</sup>** **- (0.1)%**  | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,14</sup>** **- (0.1)%**  | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,14</sup>** **- (0.1)%**  | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,14</sup>** **- (0.1)%**  |
| **Call Options on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $25,475,000) | USD | 25475000 | (63555) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $25,475,000) | USD | 25475000 | (63737) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% (Notional Value $25,475,000) | USD | 25475000 | (65025) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $25,475,000) | USD | 25475000 | (73807) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $25,475,000) | USD | 25475000 | $(73807) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% (Notional Value $25,475,000) | USD | 25475000 | (74977) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $25,475,000) | USD | 25475000 | (82027) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $25,475,000) | USD | 25475000 | (82942) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $25,475,000) | USD | 25475000 | (84863) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $25,475,000) | USD | 25475000 | (84863) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $35,665,000) | USD | 35665000 | (89791) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $35,665,000) | USD | 35665000 | (89791) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $40,760,000) | USD | 40760000 | (111206) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $40,760,000) | USD | 40760000 | (111206) |
| &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 $79,857,500) | USD | 79857500 | (281419) |
| &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 $79,857,500) | USD | 79857500 | (281419) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $79,857,500) | USD | 159715000 | (562838) |
| **Total Interest Rate Swaptions** |  |  | (2277273) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $25,475,000) | USD | 25475000 | (34488) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $25,475,000) | USD | 25475000 | (34488) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $25,475,000) | USD | 25475000 | (36336) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $25,475,000) | USD | 25475000 | (36835) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% (Notional Value $25,475,000) | USD | 25475000 | (41991) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% (Notional Value $25,475,000) | USD | 25475000 | (42546) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $25,475,000) | USD | 25475000 | (43598) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $25,475,000) | USD | 25475000 | (43750) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $25,475,000) | USD | 25475000 | (53690) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $25,475,000) | USD | 25475000 | (53690) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 127

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $35,665,000) | USD | 35665000 | $(85266) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $35,665,000) | USD | 35665000 | (85266) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $40,760,000) | USD | 40760000 | (88964) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $40,760,000) | USD | 40760000 | (88964) |
| **Total Interest Rate Swaptions** |  |  | (769872) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $4,425,989) |  |  | (3047145) |
| **Other Assets & Liabilities, net - (17.0)%** | **Other Assets & Liabilities, net - (17.0)%** | **Other Assets & Liabilities, net - (17.0)%** | (934017184) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5494298796 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $56800000 | $(1285610) | $(1300169) | $14559 |
| BofA Securities, Inc.<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 28550000 | (2282244) | (2156046) | (126198) |
|  |  |  |  |  |  | $(3567854) | $(3456215) | $(111639) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $5085000 | $(435343) | $(270647) | $(164696) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 5085000 | (790044) | (644474) | (145570) |
|  |  |  |  |  |  | $(1225387) | $(915121) | $(310266) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 02/04/27 | $260000000 | $1785155 | $638 | $1784517 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.72% | Annually | 04/02/27 | 425000000 | 1462263 | 1021 | 1461242 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 01/03/27 | 190000000 | 1243071 | 487 | 1242584 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.00% | Annually | 12/03/26 | 220000000 | 1052344 | 498 | 1051846 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.37% | Annually | 07/03/27 | 60000000 | 957541 | 151 | 957390 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.85% | Annually | 08/12/26 | 532000000 | 655477 | 686 | 654791 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.68% | Annually | 06/03/27 | 150000000 | 554952 | 563 | 554389 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.49% | Annually | 08/13/34 | 45000000 | 341224 | 3270 | 337954 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.42% | Annually | 09/02/27 | 75000000 | 24611 | 466 | 24145 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.29% | Annually | 09/08/30 | 10000000 | (10042) | (11743) | 1701 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.45% | Annually | 10/01/26 | 185800000 | (346361) | 382 | (346743) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(concluded)** |
| **Counterparty** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.18% | Annually | 07/30/45 | $12500000 | $(378086) | $452 | $(378538) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.11% | Annually | 12/23/39 | 17000000 | (483152) | 446 | (483598) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.55% | Annually | 08/12/34 | 49200000 | 172836 | 792092 | (619256) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.89% | Annually | 07/30/35 | 37500000 | (766705) | 589 | (767294) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.92% | Annually | 12/18/34 | 34100000 | (829982) | 528 | (830510) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.71% | Annually | 06/03/32 | 75000000 | (1060727) | 715 | (1061442) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.12% | Annually | 07/17/40 | 57500000 | (1621104) | 863 | (1621967) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 181100000 | (5025846) | 343667 | (5369513) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.36% | Annually | 10/16/30 | 121000000 | (5368840) | 677 | (5369517) |
|  |  |  |  |  |  |  | $(7641371) | $1136448 | $(8777819) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Barclays Bank plc | GBP | Sell | 999000 | 1,356,975 USD | 10/17/25 | $13263 |
| Nomura Global Financial Products, Inc. | EUR | Sell | 16363000 | 19,240,237 USD | 10/17/25 | 7076 |
| Toronto-Dominion Bank | EUR | Sell | 1130000 | 1,333,767 USD | 10/17/25 | 5558 |
| Toronto-Dominion Bank | EUR | Sell | 183000 | 215,197 USD | 10/15/25 | 126 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 438000 | 514,229 USD | 10/15/25 | (532) |
| Barclays Bank plc | EUR | Sell | 223000 | 260,333 USD | 10/15/25 | (1748) |
|  |  |  |  |  |  | $23743 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | $159715000 | $2015675 |
| 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% | 79857500 | 1007837 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 79857500 | 1007838 |
|  |  |  |  |  |  |  |  | $4031350 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $25475000 | $(63555) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 25475000 | (63737) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 25475000 | (65025) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 25475000 | (73807) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 25475000 | (73807) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 25475000 | (74977) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 25475000 | (82027) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 25475000 | (82942) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 25475000 | (84863) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 25475000 | (84863) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 35665000 | (89791) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 35665000 | (89791) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 40760000 | (111206) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 40760000 | (111206) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 79857500 | (281419) |
| 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% | 79857500 | (281419) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 159715000 | (562838) |
|  |  |  |  |  |  |  |  | $(2277273) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $25475000 | $(34488) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 25475000 | (34488) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 25475000 | (36336) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 25475000 | (36835) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 25475000 | (41991) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 25475000 | (42546) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 25475000 | (43598) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 25475000 | (43750) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 25475000 | (53690) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 25475000 | (53690) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 35665000 | (85266) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 35665000 | (85266) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 40760000 | (88964) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 40760000 | (88964) |
|  |  |  |  |  |  |  |  | $(769872) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | |
|:---|:---|
| <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 September 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 September 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <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 $3,369,191,500 (cost $3,385,875,420), or 61.3% of total net assets. |
| <sup>6</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>7</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>8</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at September 30, 2025. |
| <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 $50 (cost $0), or less than 0.1% of total net assets — See Note 10. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp;Face amount of security is adjusted for inflation. |
| <sup>14</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;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REMIC — Real Estate Mortgage Investment Conduit |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &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 ANNUAL FINANCIAL REPORT \| 133

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Preferred Stocks | $— | $31996704 | $— | $31996704 |
| Warrants | 143 |  |  | 143 |
| Mutual Funds | 67555771 |  |  | 67555771 |
| Money Market Funds | 71578027 |  |  | 71578027 |
| Collateralized Mortgage Obligations |  | 2535398823 | 194617 | 2535593440 |
| Corporate Bonds |  | 1464259788 | 59511784 | 1523771572 |
| Asset-Backed Securities |  | 1338928262 | 169169599 | 1508097861 |
| U.S. Government Securities |  | 454565336 |  | 454565336 |
| Senior Floating Rate Interests |  | 195488680 | 19162038 | 214650718 |
| Municipal Bonds |  | 9223665 |  | 9223665 |
| Foreign Government Debt |  | 7101920 |  | 7101920 |
| Senior Fixed Rate Interests |  | 2349985 |  | 2349985 |
| Options Purchased |  | 851287 |  | 851287 |
| Interest Rate Swaptions Purchased |  | 4031350 |  | 4031350 |
| Credit Default Swap Agreements\*\* |  | 14559 |  | 14559 |
| Interest Rate Swap Agreements\*\* |  | 8070559 |  | 8070559 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 26023 |  | 26023 |
| Total Assets | $139133941 | $6052306941 | $248038038 | $6439478920 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $4654 | $— | $4654 |
| Interest Rate Swaptions Written |  | 3047145 |  | 3047145 |
| Credit Default Swap Agreements\*\* |  | 436464 |  | 436464 |
| Interest Rate Swap Agreements\*\* |  | 16848378 |  | 16848378 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 2280 |  | 2280 |
| Unfunded Loan Commitments (Note 9) |  |  | 2148 | 2148 |
| Total Liabilities | $— | $20338921 | $2148 | $20341069 |

---

\*\* 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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $73362879 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 55875000 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 32781720 | Yield Analysis | Yield | 4.3%-7.2% | 6.2% |
| Asset-Backed Securities | 7150000 | Third Party Pricing | Trade Price |  |  |
| Collateralized Mortgage Obligations | 194617 | Third Party Pricing | Vendor Price |  |  |
| Corporate Bonds | 24217856 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| Corporate Bonds | $17025011 | Yield Analysis | Yield | 5.5%-9.2% | 7.7% |
| Corporate Bonds | 6718917 | Model Price | Purchase Price |  |  |
| Corporate Bonds | 6400000 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 5150000 | Third Party Pricing | Trade Price |  |  |
| Senior Floating Rate Interests | 17387437 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 1774601 | Third Party Pricing | Broker Quote |  |  |
| Total Assets | $248038038 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $2148 | Model Price | Purchase price |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund had securities with a total value of $194,617 transfer into Level 3 from Level 2 due to a lack of observable inputs and did not have any securities to transfer out of Level 3 into Level 2.

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Asset-Backed <br> Securities** | **Collateralized <br> Mortgage <br> Obligations** | **Corporate <br> Bonds** | **Senior Floating <br> Rate Interests** | <br>**Total <br> Assets** | **Unfunded Loan <br> Commitments** |
| Beginning Balance | $127702527 | $— | $27399772 | $3291684 | $158393983 | $(4105) |
| Purchases/(Receipts) | 83382222 |  | 39713385 | 15831566 | 138927173 | (88570) |
| (Sales, maturities and paydowns)/Fundings | (42942238) |  | (7741094) |  | (50683332) | 47327 |
| Amortization of premiums/discounts | 11094 |  | 10739 | 1755 | 23588 |  |
| Total realized gains (losses) included in earnings | 115350 |  |  |  | 115350 | 4230 |
| Total change in unrealized appreciation (depreciation) included in earnings | 900644 |  | 128982 | 37033 | 1066659 | 38970 |
| Transfers into Level 3 |  | 194617 |  |  | 194617 |  |
| Transfers out of Level 3 |  |  |  |  |  |  |
| &nbsp;&nbsp;Ending Balance | $169169599 | $194617 | $59511784 | $19162038 | $248038038 | $(2148) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $910637 | $— | $128982 | $37033 | $1076652 | $71894 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

**Step Coupon Bonds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate<sup>(s)</sup>** | **Future Reset Date<sup>(s)</sup>** |
| Angel Oak Mortgage Trust 2024-12, 5.86% due 10/25/69 | 6.86% | 11/01/28 |  |  |
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 |  |  |
| ATLX Trust 2024-RPL2, 3.85% due 04/25/63 | 4.85% | 10/01/28 |  |  |
| Barclays Mortgage Loan Trust 2023-NQM1, 6.03% due 01/25/63 | 7.03% | 04/01/27 |  |  |
| BRAVO 2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-CES2, 4.96% due 07/26/55 | 5.96% | 08/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM2, 5.93% due 11/25/64 | 6.93% | 02/01/29 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM8, 5.08% due 06/25/65 | 6.08% | 08/01/29 |  |  |
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00% | 03/01/28 | 9.00% | 03/01/29 |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 |  |  |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 |  |  |
| EFMT 2025-CES4, 5.43% due 06/25/60 | 6.43% | 07/01/29 |  |  |
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36% | 05/01/28 |  |  |
| GCAT Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60% | 06/26/29 |  |  |
| GCAT Trust 2025-NQM1, 5.37% due 11/25/69 | 10.17% | 04/01/29 |  |  |
| GS Mortgage-Backed Securities Trust 2025-NQM3, 5.14% due 11/25/65 | 6.14% | 08/01/29 |  |  |
| HOMES Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47% | 06/01/29 |  |  |
| HOMES Trust 2025-AFC3, 4.93% due 08/25/60 | 10.17% | 09/01/29 |  |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59% | 12/01/28 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 |  |  |
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00% | 10/01/27 |  |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |  |  |
| NYMT Loan Trust 2025-INV2, 5.25% due 10/25/60 | 6.25% | 09/01/29 |  |  |
| NYMT Loan Trust 2025-INV2, 5.46% due 10/25/60 | 6.46% | 09/01/29 |  |  |
| OBX Trust 2024-NQM18, 5.66% due 10/25/64 | 6.66% | 11/01/28 |  |  |
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95% | 02/01/29 |  |  |
| OBX Trust 2025-NQM3, 5.85% due 12/01/64 | 6.85% | 02/01/29 |  |  |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86% | 11/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |  |  |
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45% | 05/01/29 |  |  |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate<sup>(s)</sup>** | **Future Reset Date<sup>(s)</sup>** |
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46% | 06/01/28 |  |  |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2025-NQM13, 5.44% due 05/25/65 | 6.44% | 07/01/29 |  |  |
| PRPM 2025-3, 6.26% due 05/25/30 | 9.26% | 05/01/28 | 10.26% | 05/01/29 |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2025-5, 5.73% due 07/25/30 | 8.73% | 07/01/28 | 9.73% | 07/01/29 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |
| RCKT Mortgage Trust 2025-CES7, 5.38% due 07/25/55 | 6.38% | 07/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69% | 05/01/29 |  |  |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |  |  |
| RCKT Mortgage Trust 2025-CES6, 5.47% due 06/25/55 | 6.47% | 06/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |  |  |
| Towd Point Mortgage Trust 2025-FIX1, 4.97% due 07/25/45 | 5.97% | 09/01/29 |  |  |
| Verus Securitization Trust 2025-7, 5.13% due 08/25/70 | 6.13% | 08/01/29 |  |  |
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45% | 06/01/28 |  |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |  |  |
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77% | 01/01/29 |  |  |
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31% | 03/01/29 |  |  |
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43% | 06/01/29 |  |  |
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 12/01/28 |  |  |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 |  |  |

---

**Affiliated Transactions** 

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **LIMITED DURATION FUND** |  |

---

Transactions during the year ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 09/30/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $33714995 | $1532553 | $(20200000) | $100064 | $(1169) | $15146443 | 608780 | $1532552 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 33817254 | 1662349 | (17900000) | 396797 | (319322) | 17657078 | 707699 | 1662350 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 33031793 | 1549540 |  |  | 170917 | 34752250 | 3451068 | 1549541 |
|  | $100564042 | $4744442 | $(38100000) | $496861 | $(149574) | $67555771 |  | $4744443 |

---

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

**LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**  |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $6,399,229,879) | $6363812008 |
| Investments in affiliated issuers, at value (cost $66,309,506) | 67555771 |
| Foreign currency, at value (cost 174,511) | 174444 |
| Cash | 1268167 |
| Segregated cash with broker | 3429280 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1148191 |
| Unrealized appreciation on forward foreign currency exchange contracts | 26023 |
| Prepaid expenses | 112414 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1371305733 |
| &nbsp;&nbsp;&nbsp;Interest | 37205400 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 6259401 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 394220 |
| &nbsp;&nbsp;&nbsp;Dividends | 267019 |
| **Total assets** | 7852958071 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $74,047) | 2148 |
| Options written, at value (premiums received $4,702,840) | 3051799 |
| Segregated cash due to broker | 3579853 |
| Unamortized upfront premiums received on credit default swap agreements | 4371336 |
| Unamortized upfront premiums received on interest rate swap agreements | 11743 |
| Unrealized depreciation on OTC swap agreements | 310266 |
| Unrealized depreciation on forward foreign currency exchange contracts | 2280 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 2330797686 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 13032784 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 1968939 |
| &nbsp;&nbsp;&nbsp;Management fees | 750198 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 193085 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 147567 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 73356 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 18812 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 16758 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 11101 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 543 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 319021 |
| **Total liabilities** | 2358659275 |
| **Net assets** | $5494298796 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $5643019675 |
| Total distributable earnings (loss) | (148720879) |
| Net assets | $5494298796 |
| **Class A:** | **Class A:** |
| Net assets | $522581049 |
| Capital shares outstanding | 21148205 |
| Net asset value per share | $24.71 |
| Maximum offering price per share (Net asset value divided by 97.75%) | $25.28 |
| **Class C:** | **Class C:** |
| Net assets | $45428278 |
| Capital shares outstanding | 1839849 |
| Net asset value per share | $24.69 |
| **Class P:** | **Class P:** |
| Net assets | $30545186 |
| Capital shares outstanding | 1236850 |
| Net asset value per share | $24.70 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $4517149232 |
| Capital shares outstanding | 182858624 |
| Net asset value per share | $24.70 |
| **Class R6:** | **Class R6:** |
| Net assets | $378595051 |
| Capital shares outstanding | 15332055 |
| Net asset value per share | $24.69 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 139

**LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS**  |
| Year Ended September 30, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $157007 |
| Dividends from securities of affiliated issuers | 4744443 |
| Interest | 237200680 |
| &nbsp;&nbsp;&nbsp;Total investment income | 242102130 |
| **Expenses:** | **Expenses:** |
| Management fees | 19283340 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1297825 |
| &nbsp;&nbsp;&nbsp;Class C | 495413 |
| &nbsp;&nbsp;&nbsp;Class P | 72747 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 285091 |
| &nbsp;&nbsp;&nbsp;Class C | 41157 |
| &nbsp;&nbsp;&nbsp;Class P | 50364 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4066092 |
| &nbsp;&nbsp;&nbsp;Class R6 | 12247 |
| Fund accounting/administration fees | 1834911 |
| Professional fees | 325658 |
| Custodian fees | 282483 |
| Trustees' fees\* | 105777 |
| Line of credit fees | 66893 |
| Miscellaneous | 432961 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 73907 |
| &nbsp;&nbsp;&nbsp;Class C | 2025 |
| &nbsp;&nbsp;&nbsp;Class P | 3621 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1948 |
| &nbsp;&nbsp;&nbsp;Total expenses | 28734460 |
| Less: | Less: |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed by Adviser:  |  |
| &nbsp;&nbsp;&nbsp;Class A | (88735) |
| &nbsp;&nbsp;&nbsp;Class C | (17822) |
| &nbsp;&nbsp;&nbsp;Class P | (38945) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1999501) |
| Expenses waived by Adviser | (1764743) |
| Earnings credits applied | (128370) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (4038116) |
| Net expenses | 24696344 |
| Net investment income | 217405786 |
| **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 | $(1430678) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 496861 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2808823) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3510695 |
| &nbsp;&nbsp;&nbsp;Options purchased | 2500395 |
| &nbsp;&nbsp;&nbsp;Options written | (495276) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (895650) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (97421) |
| Net realized gain | 780103 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 35346957 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (149574) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (9002630) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (3634002) |
| &nbsp;&nbsp;&nbsp;Options purchased | (4211109) |
| &nbsp;&nbsp;&nbsp;Options written | 1651041 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 118606 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (49358) |
| Net change in unrealized appreciation (depreciation) | 20069931 |
| Net realized and unrealized gain | 20850034 |
| **Net increase in net assets resulting from operations** | $238255820 |

---

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

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

**LIMITED DURATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $217405786 | $193726340 |
| Net realized gain (loss) on investments | 780103 | (23915344) |
| Net change in unrealized appreciation (depreciation) on investments | 20069931 | 207456617 |
| Net increase in net assets resulting from operations | 238255820 | 377267613 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (21496656) | (17826264) |
| &nbsp;&nbsp;&nbsp;Class C | (1678944) | (1871628) |
| &nbsp;&nbsp;&nbsp;Class P | (1205508) | (2034505) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (174584698) | (159841168) |
| &nbsp;&nbsp;&nbsp;Class R6 | (16734046) | (15937115) |
| Total distributions to shareholders | (215699852) | (197510680) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 236393725 | 225507616 |
| &nbsp;&nbsp;&nbsp;Class C | 12416567 | 13709872 |
| &nbsp;&nbsp;&nbsp;Class P | 8728673 | 4428844 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2090146607 | 1742700293 |
| &nbsp;&nbsp;&nbsp;Class R6 | 51491522 | 46625759 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 17528080 | 15271634 |
| &nbsp;&nbsp;&nbsp;Class C | 1533265 | 1661112 |
| &nbsp;&nbsp;&nbsp;Class P | 1205486 | 2024993 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 156114211 | 138561310 |
| &nbsp;&nbsp;&nbsp;Class R6 | 16594998 | 15745321 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (187752329) | (196894765) |
| &nbsp;&nbsp;&nbsp;Class C | (19871105) | (19766923) |
| &nbsp;&nbsp;&nbsp;Class P | (9045848) | (33513727) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1315744104) | (1702738590) |
| &nbsp;&nbsp;&nbsp;Class R6 | (60647124) | (15117148) |
| Net increase from capital share transactions | 999092624 | 238205601 |
| Net increase in net assets | 1021648592 | 417962534 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 4472650204 | 4054687670 |
| &nbsp;&nbsp;&nbsp;End of year | $5494298796 | $4472650204 |

---

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

**LIMITED DURATION FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9644096 | 9346342 |
| &nbsp;&nbsp;&nbsp;Class C | 506901 | 568277 |
| &nbsp;&nbsp;&nbsp;Class P | 356615 | 183397 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 85254660 | 72480726 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2102720 | 1937664 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 713981 | 633797 |
| &nbsp;&nbsp;&nbsp;Class C | 62519 | 69026 |
| &nbsp;&nbsp;&nbsp;Class P | 49129 | 84178 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6359689 | 5751736 |
| &nbsp;&nbsp;&nbsp;Class R6 | 676488 | 653719 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7652952) | (8181737) |
| &nbsp;&nbsp;&nbsp;Class C | (810764) | (822359) |
| &nbsp;&nbsp;&nbsp;Class P | (369454) | (1382825) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (53679994) | (70810858) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2472316) | (628235) |
| Net increase in shares | 40741318 | 9882848 |

---

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

**LIMITED DURATION FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.02 | 1.04 | .87 | .42 | .34 |
| Net gain (loss) on investments (realized and unrealized) | .08 | 1.03 | .35 | (2.04) | .01 <sup>g</sup> |
| Total from investment operations | 1.10 | 2.07 | 1.22 | (1.62) | .35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.01) | (1.06) | (.89) | (.43) | (.38) |
| Net realized gains |  |  |  | (.09) | (.12) |
| Total distributions | (1.01) | (1.06) | (.89) | (.52) | (.50) |
| Net asset value, end of period | $24.71 | $24.62 | $23.61 | $23.28 | $25.42 |
| **Total Return<sup>b</sup>** | **4.59%** | **8.96%** | **5.31%** | **(6.42** **%)** | **1.38%** |
| **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) | $522581 | $454152 | $392937 | $549667 | $855473 |
| 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) | 4.18% | 4.33% | 3.70% | 1.69% | 1.32% |
| Total expenses<sup>c</sup> | 0.77% | 0.79% | 0.80% | 0.80% | 0.79% |
| Net expenses<sup>d,e,f</sup> | 0.72% | 0.75% | 0.75% | 0.74% | 0.74% |
| Portfolio turnover rate | 49% | 42% | 28% | 23% | 80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.61 | $23.59 | $23.27 | $25.41 | $25.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .84 | .86 | .70 | .24 | .15 |
| Net gain (loss) on investments (realized and unrealized) | .07 | 1.04 | .33 | (2.04) | .02 <sup>g</sup> |
| Total from investment operations | .91 | 1.90 | 1.03 | (1.80) | .17 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.83) | (.88) | (.71) | (.25) | (.19) |
| Net realized gains |  |  |  | (.09) | (.12) |
| Total distributions | (.83) | (.88) | (.71) | (.34) | (.31) |
| Net asset value, end of period | $24.69 | $24.61 | $23.59 | $23.27 | $25.41 |
| **Total Return<sup>b</sup>** | **3.78%** | **8.20%** | **4.48%** | **(7.13** **%)** | **0.67%** |
| **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) | $45428 | $51214 | $53465 | $62864 | $90205 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.43% | 3.58% | 2.96% | 0.96% | 0.58% |
| Total expenses<sup>c</sup> | 1.54% | 1.55% | 1.60% | 1.58% | 1.58% |
| Net expenses<sup>d,e,f</sup> | 1.47% | 1.50% | 1.50% | 1.49% | 1.49% |
| Portfolio turnover rate | 49% | 42% | 28% | 23% | 80% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 143

**LIMITED DURATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.03 | 1.04 | .87 | .42 | .34 |
| Net gain (loss) on investments (realized and unrealized) | .07 | 1.03 | .35 | (2.04) | .01 <sup>g</sup> |
| Total from investment operations | 1.10 | 2.07 | 1.22 | (1.62) | .35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.02) | (1.06) | (.89) | (.43) | (.38) |
| Net realized gains |  |  |  | (.09) | (.12) |
| Total distributions | (1.02) | (1.06) | (.89) | (.52) | (.50) |
| Net asset value, end of period | $24.70 | $24.62 | $23.61 | $23.28 | $25.42 |
| **Total Return** | **4.55%** | **8.96%** | **5.31%** | **(6.42** **%)** | **1.38%** |
| **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) | $30545 | $29561 | $54668 | $80735 | $155465 |
| 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) | 4.18% | 4.32% | 3.69% | 1.67% | 1.33% |
| Total expenses<sup>c</sup> | 0.89% | 0.86% | 0.82% | 0.95% | 0.83% |
| Net expenses<sup>d,e,f</sup> | 0.72% | 0.75% | 0.75% | 0.74% | 0.74% |
| Portfolio turnover rate | 49% | 42% | 28% | 23% | 80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.60 | $23.28 | $25.42 | $25.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.09 | 1.10 | .93 | .49 | .40 |
| Net gain (loss) on investments (realized and unrealized) | .07 | 1.04 | .34 | (2.05) | .03 <sup>g</sup> |
| Total from investment operations | 1.16 | 2.14 | 1.27 | (1.56) | .43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.08) | (1.12) | (.95) | (.49) | (.45) |
| Net realized gains |  |  |  | (.09) | (.12) |
| Total distributions | (1.08) | (1.12) | (.95) | (.58) | (.57) |
| Net asset value, end of period | $24.70 | $24.62 | $23.60 | $23.28 | $25.42 |
| **Total Return** | **4.81%** | **9.28%** | **5.53%** | **(6.19** **%)** | **1.67%** |
| **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) | $4517149 | $3567952 | $3245439 | $3907125 | $4960578 |
| 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) | 4.43% | 4.58% | 3.96% | 1.97% | 1.58% |
| Total expenses<sup>c</sup> | 0.55% | 0.57% | 0.59% | 0.56% | 0.56% |
| Net expenses<sup>d,e,f</sup> | 0.47% | 0.50% | 0.50% | 0.49% | 0.49% |
| Portfolio turnover rate | 49% | 42% | 28% | 23% | 80% |

---

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

**LIMITED DURATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.61 | $23.59 | $23.26 | $25.40 | $25.55 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.10 | 1.11 | 1.00 | .48 | .40 |
| Net gain (loss) on investments (realized and unrealized) | .07 | 1.05 | .29 | (2.04) | .02 <sup>g</sup> |
| Total from investment operations | 1.17 | 2.16 | 1.29 | (1.56) | .42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.09) | (1.14) | (.96) | (.49) | (.45) |
| Net realized gains |  |  |  | (.09) | (.12) |
| Total distributions | (1.09) | (1.14) | (.96) | (.58) | (.57) |
| Net asset value, end of period | $24.69 | $24.61 | $23.59 | $23.26 | $25.40 |
| **Total Return** | **4.87%** | **9.33%** | **5.60%** | **(6.19** **%)** | **1.64%** |
| **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) | $378595 | $369771 | $308179 | $27499 | $44232 |
| 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) | 4.48% | 4.63% | 4.22% | 1.94% | 1.58% |
| Total expenses<sup>c</sup> | 0.46% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net expenses<sup>d,e,f</sup> | 0.42% | 0.46% | 0.46% | 0.49% | 0.49% |
| Portfolio turnover rate | 49% | 42% | 28% | 23% | 80% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.01% | 0.01% | 0.01% | 0.00%\* |  |
| Class C | 0.00%\* | 0.01% | 0.01% |  |  |
| Class P | 0.01% |  | 0.00%\* |  |  |
| Institutional Class | 0.00%\* | 0.01% | 0.00%\* |  |  |
| Class R6 |  | 0.00%\* | 0.02% | 0.02% | 0.01% |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.72% | 0.72% | 0.72% | 0.73% | 0.73% |
| Class C | 1.47% | 1.47% | 1.48% | 1.48% | 1.48% |
| Class P | 0.72% | 0.72% | 0.72% | 0.73% | 0.73% |
| Institutional Class | 0.47% | 0.47% | 0.47% | 0.48% | 0.48% |
| Class R6 | 0.42% | 0.42% | 0.44% | 0.48% | 0.48% |

---

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

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.4%** | **COMMON STOCKS<sup>†</sup>** **- 0.4%** | **COMMON STOCKS<sup>†</sup>** **- 0.4%** |
| **Transport-Aircraft - 0.3%** | **Transport-Aircraft - 0.3%** | **Transport-Aircraft - 0.3%** |
| &nbsp;&nbsp;&nbsp;FTAI Aircraft Leasing Offshore SPV (2025), LP\*<sup>,†††,1</sup> | 25143443 | $25143443 |
| **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp;Contra Mallinckro\*<sup>,††</sup> | 37667 | 3914242 |
| &nbsp;&nbsp;&nbsp;Checkers Holdings, Inc.\*<sup>,†††</sup> | 158620 | 631308 |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings, Ltd. — Class A\*<sup>,†††,2</sup> | 6864930 | 686 |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,3</sup> | 4400000 | 440 |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,3</sup> | 1825000 | 182 |
| **Total Financial** |  | 4546858 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 743 | 968129 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 74424 | 61062 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 68788 | 56437 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 37539 | 30686 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.<sup>†††</sup> | 12773 | 226 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 37539 | 4 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12773 | 1 |
| **Total Industrial** |  | 1116545 |
| **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp;SHO Holding I Corp.\*<sup>,†††</sup> | 1150 | 903398 |
| &nbsp;&nbsp;&nbsp;Accuride Corp.\*<sup>,†††,1</sup> | 3399497 | 340 |
| &nbsp;&nbsp;&nbsp;Accuride Liquidating Trust\*<sup>,†††,1</sup> | 209 |  |
| **Total Consumer, Cyclical** |  | 903738 |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 29885 | 817654 |
| &nbsp;&nbsp;&nbsp;Save-A-Lot\*<sup>,†††</sup> | 1053728 | 105 |
| **Total Consumer, Non-cyclical** |  | 817759 |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 204119 | 472348 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 573522 | 57 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,004,163) |  | 33000748 |
| **PREFERRED STOCKS<sup>†</sup>** **- 4.2%** | **PREFERRED STOCKS<sup>†</sup>** **- 4.2%** | **PREFERRED STOCKS<sup>†</sup>** **- 4.2%** |
| **Financial - 3.3%** | **Financial - 3.3%** | **Financial - 3.3%** |
| Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.88% | 30600000 | 30317314 |
| &nbsp;&nbsp;&nbsp;6.88% | 14050000 | 14479326 |
| &nbsp;&nbsp;&nbsp;4.00% | 13100000 | 13049004 |
| &nbsp;&nbsp;&nbsp;6.75% | 5600000 | 5685490 |
| Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.13% | 20500000 | 20158488 |
| &nbsp;&nbsp;&nbsp;7.50% | 13600000 | 14358064 |
| &nbsp;&nbsp;&nbsp;6.85% | 4800000 | 4985894 |
| &nbsp;&nbsp;&nbsp;6.13% | 4250000 | 4313380 |
| Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.38% | 13850000 | 13622709 |
| &nbsp;&nbsp;&nbsp;6.25% | 11900000 | 12052041 |
| &nbsp;&nbsp;&nbsp;6.63% | 11550000 | 12017648 |
| &nbsp;&nbsp;&nbsp;6.13% | 3900000 | 3944210 |
| Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 25750000 | 25499929 |
| &nbsp;&nbsp;&nbsp;6.85% | 8250000 | 8669843 |
| 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% | 20550000 | 20139584 |
| &nbsp;&nbsp;&nbsp;5.95% | 1650000 | 1668422 |
| JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.50% | 20000000 | 20702680 |
| Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.00% | 18700000 | 17547384 |
| State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.70% | 9590000 | 10013188 |
| &nbsp;&nbsp;&nbsp;6.45% | 1100000 | 1134944 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38% | 369000 | 9265590 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| &nbsp;&nbsp;&nbsp;8.00% | 284000 | 7398200 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 321950 | 6500171 |
| 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>4</sup> | 5755000 | 5727836 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
| &nbsp;&nbsp;&nbsp;4.60% | 246000 | 4563300 |
| First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.25%\* | 803675 | 80 |
| &nbsp;&nbsp;&nbsp;4.50%\* | 238300 | 24 |
| **Total Financial** |  | 287814743 |
| **Government - 0.3%** | **Government - 0.3%** | **Government - 0.3%** |
| CoBank ACB<sup>††</sup> | CoBank ACB<sup>††</sup> | CoBank ACB<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.25% | 20000000 | 19476604 |
| &nbsp;&nbsp;&nbsp;7.13% | 2500000 | 2581502 |
| Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp;5.75% | 272820 | 6146362 |
| **Total Government** |  | 28204468 |
| **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |
| AT&T Mobility II LLC<sup>†††</sup> | AT&T Mobility II LLC<sup>†††</sup> | AT&T Mobility II LLC<sup>†††</sup> |
| &nbsp;&nbsp;&nbsp;6.80%\* | 27000 | 27721474 |
| **Energy - 0.2%** | **Energy - 0.2%** | **Energy - 0.2%** |
| Venture Global LNG, Inc.<sup>††</sup> | Venture Global LNG, Inc.<sup>††</sup> | Venture Global LNG, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;9.00%<sup>4</sup> | 18150000 | 17988095 |
| **Utilities - 0.1%** | **Utilities - 0.1%** | **Utilities - 0.1%** |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/85 | 248975 | 6411106 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $395,879,922) |  | 368139886 |
| **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\* | 128004 | 934 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| Pershing Square SPARC Holdings, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49\*<sup>,†††,2</sup> | 1716232 | $| 172 |
| Pershing Square Tontine Holdings, Ltd. — Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/24/25\*<sup>,†††,2</sup> | 762770 |  | 76 |
| **Total Warrants** | **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $296,403) |  |  | 1182 |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| Xplore, Inc.\* | 15561 |  | 2 |
| **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  | 2 |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** |
| &nbsp;&nbsp;&nbsp;iShares Silver Trust\* | 1240500 |  | 52559985 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 61000 |  | 40636980 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF<sup>5</sup> | 16000 |  | 10708800 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $88,677,333) |  |  | 103905765 |
| **MUTUAL FUNDS<sup>†</sup>** **- 3.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 3.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 3.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 3.6%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6<sup>1</sup> | 5704471 |  | 140843401 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 5533892 |  | 55726292 |
| &nbsp;&nbsp;&nbsp;NAA Risk Managed Real Estate Fund<sup>18</sup> | 1133235 |  | 37453409 |
| &nbsp;&nbsp;&nbsp;NAA Opportunity Fund<sup>18</sup> | 1032035 |  | 31353221 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 1136212 |  | 28348479 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 974067 |  | 24234787 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $311,001,217) |  |  | 317959589 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 3.8%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>6</sup> | 327643955 |  | 327643955 |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.98%<sup>6</sup> | 6624585 |  | 6624585 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Treasury Liquid Reserves Fund - Institutional Class, 1.00%<sup>6</sup> | 2780293 |  | 2780293 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $337,048,833) |  |  | 337048833 |
|  | **Face<br> Amount<sup>~</sup>** |  |  |
| **CORPORATE BONDS<sup>††</sup>** **- 28.8%** | **CORPORATE BONDS<sup>††</sup>** **- 28.8%** | **CORPORATE BONDS<sup>††</sup>** **- 28.8%** | **CORPORATE BONDS<sup>††</sup>** **- 28.8%** |
| **Financial - 10.8%** |  |  |  |
| Jane Street Group / JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>4</sup> | 33375000 |  | 35006779 |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>4</sup> | 5000000 |  | 5067796 |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>4</sup> | 31500000 |  | 28082688 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 11580000 |  | 10659193 |

---

---

| | | |
|:---|:---|:---|
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>4</sup> | 21650000.0 | 20217718.0 |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>4</sup> | 9250000.0 | 9060644.0 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 07/15/35 | 16275000.0 | 16614373.0 |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>7</sup> | 7550000.0 | 7780864.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 4813000.0 | 4852531.0 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 22640000.0 | 21669149.0 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 6950000.0 | 7077102.0 |
| Wilton RE Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%<sup>4,7,8</sup> | 27267000.0 | 27108846.0 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>4</sup> | 36940000.0 | 23258974.0 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>4</sup> | 16385000.0 | 16306964.0 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>4</sup> | 6500000.0 | 6612341.0 |
| Host Hotels & Resorts, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 09/15/30 | 24000000.0 | 22532554.0 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>4</sup> | 23000000.0 | 22222248.0 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 06/15/55<sup>7</sup> | 20500000.0 | 21899043.0 |
| CBS Studio Center |  |  |
| &nbsp;&nbsp;&nbsp;7.18% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/26<sup>◊,†††</sup> | 22000000.0 | 21842351.0 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>7</sup> | 20500000.0 | 21366412.0 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 05/15/30<sup>4</sup> | 12100000.0 | 12849547.0 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/01/29<sup>4</sup> | 4450000.0 | 4695462.0 |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>4</sup> | 3800000.0 | 3788942.0 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/30 | 11360000.0 | 11504102.0 |
| &nbsp;&nbsp;&nbsp;4.00% due 09/15/30 | 7250000.0 | 6739282.0 |
| &nbsp;&nbsp;&nbsp;7.88% due 03/15/30 | 2225000.0 | 2354395.0 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 698000.0 | 704308.0 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 21000000.0 | 20293608.0 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/30<sup>4</sup> | 9275000.0 | 9657705.0 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>4</sup> | 6500000.0 | 6630559.0 |
| &nbsp;&nbsp;&nbsp;7.88% due 12/15/29<sup>4</sup> | 3675000.0 | 3900266.0 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>4</sup> | 14788000.0 | 14461713.0 |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/31<sup>4</sup> | 5500000.0 | 5324271.0 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 19600000.0 | 19600000.0 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>4</sup> | 14770000.0 | 15101330.0 |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/31<sup>4</sup> | 3475000.0 | 3590468.0 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 02/22/29<sup>7</sup> |  | 18050000 | $18565171 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 01/15/27<sup>4</sup> |  | 17600000 | 17448869 |
| Kennedy-Wilson, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/31 |  | 18169000 | 16901033 |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 |  | 250000 | 233425 |
| Sherwood Financing plc |  |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 12/15/29<sup>4</sup> | EUR | 12190000 | 13786648 |
| &nbsp;&nbsp;&nbsp;7.51% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29<sup>◊</sup> |  | EUR 2,882,000 | 3262197 |
| Global Atlantic Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/15/51<sup>4,7</sup> |  | 11350000 | 11180811 |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>4</sup> |  | 4139000 | 4796304 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>4</sup> |  | 14685000 | 15039173 |
| SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 |  | 14787000 | 14486016 |
| Meiji Yasuda Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>4,7</sup> |  | 13650000 | 14202334 |
| Belrose Funding Trust II |  |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 05/15/55<sup>4</sup> |  | 13050000 | 14132330 |
| Hunt Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>4</sup> |  | 13700000 | 13356748 |
| Hampton Roads PPV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.62% due 06/15/53<sup>†††,4</sup> |  | 16345000 | 13144892 |
| Lloyds Banking Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;5.87% due 03/06/29<sup>7</sup> |  | 12100000 | 12551040 |
| United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>4</sup> |  | 6300000 | 6297742 |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>4</sup> |  | 4550000 | 4547459 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>4</sup> |  | 1715000 | 1691425 |
| First American Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 |  | 11760000 | 11367932 |
| Allianz SE |  |  |  |
| &nbsp;&nbsp;&nbsp;6.55%<sup>4,7,8</sup> |  | 11000000 | 11356400 |
| QTS Good News Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;7.34% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> |  | 11237315 | 11237315 |
| CrossCountry Intermediate HoldCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/30<sup>4</sup> |  | 10975000 | 11015385 |
| Kane Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 07/15/32<sup>◊,4</sup> |  | EUR 5,825,000 | 6883166 |
| &nbsp;&nbsp;&nbsp;8.25% due 06/30/31<sup>4</sup> |  | GBP 2,850,000 | 3890824 |
| Galaxy Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 12/19/29<sup>4</sup> |  | GBP 7,500,000 | 10439345 |
| Enstar Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>4,7</sup> |  | 9650000 | 10064120 |
| Nationstar Mortgage Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>4</sup> |  | 9810000 | 9810000 |
| Dai-ichi Life Insurance Company Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20%<sup>4,7,8</sup> |  | 8150000 | 8471615 |
| Farmers Insurance Exchange |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>4,7</sup> |  | 7830000 | 8127541 |
| Ascot Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 06/15/35<sup>4,7</sup> |  | 7450000 | 7765569 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 01/15/34<sup>4</sup> |  | EUR 6,550,000 | 7708372 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>4</sup> |  | 7150000 | 7395131 |
| Nassau Companies of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>4</sup> |  | 7125000 | 7276869 |
| Stewart Information Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 |  | 7788000 | 6976480 |
| Rocket Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/01/33<sup>4</sup> |  | 6750000 | 6966769 |
| Nippon Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 04/30/55<sup>4,7</sup> |  | 6450000 | 6944954 |
| Americo Life, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>4</sup> |  | 7470000 | 6736406 |
| Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 10/31/82<sup>7</sup> |  | 6300000 | 6658664 |
| Dyal IV Issuer A |  |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> |  | 7117500 | 6451437 |
| Jones Deslauriers Insurance Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 10/01/33<sup>4</sup> |  | 6325000 | 6291845 |
| PartnerRe Finance B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>7</sup> |  | 6460000 | 6095208 |
| Blue Owl IV SR SEC A |  |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> |  | 5746000 | 5746000 |
| CNO Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 |  | 5200000 | 5518102 |
| Cushman & Wakefield US Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>4</sup> |  | 5303000 | 5351262 |
| Blue Owl IV SR SEC B |  |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> |  | 5304000 | 5304000 |
| Walker & Dunlop, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/33<sup>4</sup> |  | 5125000 | 5241064 |
| Fortitude Group Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>4</sup> |  | 4950000 | 5139578 |
| Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 10/27/82<sup>7</sup> |  | 4650000 | 4941146 |
| Ryan Specialty LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>4</sup> |  | 4648000 | 4699993 |
| Reinsurance Group of America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>7</sup> |  | 4460000 | 4681622 |
| Sumitomo Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 09/10/55<sup>4,7</sup> |  | 4000000 | 4072424 |
| OneAmerica Financial Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>4</sup> |  | 5173000 | 4043245 |
| Dyal IV Issuer B |  |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> |  | 3832500 | 3473850 |
| Symetra Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 10/01/55<sup>4</sup> |  | 3250000 | 3447828 |
| Rfna, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 02/15/30<sup>4</sup> |  | 3025000 | 3082065 |
| Accident Fund Insurance Company of America |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>4</sup> |  | 3000000 | 3025908 |
| Citadel Securities Global Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 06/18/35<sup>4</sup> |  | 2850000 | 2993855 |
| Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/01/52<sup>7</sup> |  | 2750000 | 2759961 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 08/01/32<sup>4</sup> | 2650000 | $2737015 |
| Blue Owl Capital GP Stakes V A-1 B |  |  |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 2505000 | 2558374 |
| Blue Owl Capital GP Stakes V A-1 A |  |  |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 2495000 | 2548161 |
| Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/01/30 | 2425000 | 2538083 |
| Atlas Mara Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/31/21<sup>†††,3,9</sup> | 1183303 | 1 |
| **Total Financial** |  | 955893029 |
| **Communications - 3.1%** |  |  |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>4,7</sup> | 28200000 | 27048935 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/23/81<sup>4,7</sup> | 5250000 | 5202707 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>4</sup> | 22634000 | 23050896 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>4</sup> | 4600000 | 4597298 |
| Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/55<sup>7</sup> | 21020000 | 21806779 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 07/15/32<sup>4</sup> | 18150000 | 19192445 |
| &nbsp;&nbsp;&nbsp;10.25% due 01/15/29<sup>4</sup> | 2125000 | 2239219 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 238000 | 207060 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>4</sup> | 13250000 | 11315500 |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/29<sup>4</sup> | 11760000 | 10171651 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/15/55<sup>7</sup> | 19450000 | 20276644 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>4</sup> | 20200000 | 19243530 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>4</sup> | 18794000 | 17173018 |
| TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/55<sup>7</sup> | 7850000 | 8081656 |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/55<sup>7</sup> | 6350000 | 6695548 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>4</sup> | 20672000 | 13537162 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/30<sup>4</sup> | 2715000 | 952548 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/04/81<sup>7</sup> | 16875000 | 13299810 |
| Virgin Media Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/30<sup>4</sup> | 11400000 | 10588408 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/30<sup>4</sup> | 8900000 | 8347395 |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>4</sup> | 1550000 | 1528612 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 6271000 | 5153222 |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 2332000 | 2141963 |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 1797000 | 1447494 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/28<sup>4</sup> | 7000000 | 6943861 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/33<sup>4</sup> | 6270000 | 5574411 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/28<sup>4</sup> | 3650000 | 3575357 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/33<sup>4</sup> | 2500000 | 2521963 |
| Ziggo B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/15/30<sup>4</sup> | 1685000 | 1590399 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 2244000 | 1519844 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/15/42 | 1085000 | 871773 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 03/09/30<sup>4</sup> | 516170 | 494233 |
| **Total Communications** |  | 276391341 |
| **Industrial - 3.0%** |  |  |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 43700000 | 46103500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 4900000 | 5096000 |
| Terminal Investment Limited Holding |  |  |
| &nbsp;&nbsp;&nbsp;6.23% due 10/01/40<sup>†††</sup> | 20000000 | 20209982 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 18000000 | 18464458 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>4</sup> | 17160000 | 16626463 |
| AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 08/15/33<sup>4</sup> | 15090000 | 15705499 |
| XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/01/28<sup>4</sup> | 14085000 | 14352381 |
| Lottomatica Group SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/31/31<sup>4</sup> | EUR 10,750,000 | 13006892 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 08/01/33<sup>4</sup> | 12200000 | 12363299 |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>4</sup> | 5870000 | 5815828 |
| &nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>4</sup> | 5350000 | 5361873 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 8607000 | 8202874 |
| &nbsp;&nbsp;&nbsp;2.80% due 01/15/32 | 1799000 | 1592740 |
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/01/32<sup>4</sup> | 7455000 | 7658171 |
| Deuce FinCo plc |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/27<sup>4</sup> | GBP 5,350,000 | 7181978 |
| Atkore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 06/01/31<sup>4</sup> | 7700000 | 7176256 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/23/29<sup>4</sup> | 10000000 | 7003166 |
| Hope Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.18% due 09/01/37<sup>†††</sup> | 3900000 | 3933288 |
| &nbsp;&nbsp;&nbsp;6.08% due 09/01/35<sup>†††</sup> | 2600000 | 2623740 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>4</sup> | 5885000 | 5837267 |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>4</sup> | 6520000 | 5558300 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/35<sup>4</sup> | 3880000 | $4051234 |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/32<sup>4</sup> | 800000 | 826921 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/01/33<sup>4</sup> | 4520000 | 4681803 |
| Boots Group Finco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 08/31/32<sup>4</sup> | GBP 1,500,000 | 2055175 |
| &nbsp;&nbsp;&nbsp;5.38% due 08/31/32<sup>4</sup> | EUR 1,600,000 | 1932841 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.53% due 05/01/34 | 3250000 | 3592765 |
| TK Elevator US Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/27<sup>4</sup> | 3000000 | 2989393 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/31/34<sup>4</sup> | 2865000 | 2946420 |
| AP Grange Holdings LLC Deferral |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 2844709 | 2844709 |
| Emerald Debt Merger Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 12/15/30 | EUR 1,900,000 | 2330901 |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/29<sup>4</sup> | 1975000 | 2033114 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 02/01/32<sup>4</sup> | 1500000 | 1515519 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 11/15/45 | 1286000 | 1111191 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/01/42<sup>4</sup> | 285000 | 223604 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/15/33<sup>4</sup> | 254000 | 260701 |
| **Total Industrial** |  | 263270246 |
| **Energy - 2.9%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88%<sup>7,8</sup> | 26079000 | 25894674 |
| &nbsp;&nbsp;&nbsp;6.13%<sup>7,8</sup> | 4125000 | 4272473 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 01/15/29<sup>4</sup> | 20090000 | 20533145 |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>4</sup> | 3070000 | 3022803 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>4</sup> | 20000000 | 19445254 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>4</sup> | 19477000 | 19148513 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>4</sup> | 18763000 | 18844626 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/39 | 12735000 | 14940409 |
| &nbsp;&nbsp;&nbsp;4.50% due 07/15/44 | 2850000 | 2263584 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 16340000 | 16986891 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 10145000 | 10334550 |
| &nbsp;&nbsp;&nbsp;4.88% due 02/01/31 | 5000000 | 5014604 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>4</sup> | 8700000 | 9587617 |
| &nbsp;&nbsp;&nbsp;9.88% due 02/01/32<sup>4</sup> | 3000000 | 3266170 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 7750000 | 7817626 |
| &nbsp;&nbsp;&nbsp;8.25% due 01/15/32<sup>4</sup> | 2200000 | 2320261 |
| &nbsp;&nbsp;&nbsp;7.13% due 07/01/33<sup>4</sup> | 2120000 | 2172964 |
| Kinetik Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/30<sup>4</sup> | 6100000 | 6135478 |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/28<sup>4</sup> | 4307000 | 4420800 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>4</sup> | 9684000 | 10036226 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 | 8600000 | 8741763 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>4</sup> | 6550000 | 7108060 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 05/01/33<sup>4</sup> | 5640000 | 6232256 |
| Vnom Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>4</sup> | 5851000 | 5852024 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 4586000 | 4749234 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 450000 | 452761 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/15/30<sup>4</sup> | 3450000 | 3594970 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 03/15/56<sup>7</sup> | 1718000 | 1722596 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/56<sup>7</sup> | 1718000 | 1704479 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/33<sup>4</sup> | 2198000 | 1980453 |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>4</sup> | 760000 | 717325 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/29<sup>4</sup> | 510000 | 488751 |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 06/15/44 | 2450000 | 2078298 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 04/15/40<sup>4</sup> | 1925000 | 1981218 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.15% due 01/15/51 | 1740000 | 1949539 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>4</sup> | 1500000 | 1574221 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 03/01/53 | 1390000 | 1311982 |
| Sunoco Limited Partnership / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 04/15/27 | 125000 | 124953 |
| **Total Energy** |  | 258823551 |
| **Consumer, Cyclical - 2.5%** |  |  |
| Intralot Capital Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month EURIBOR + 4.50%, Rate Floor: 0.00%) due 10/15/31<sup>◊,4</sup> | EUR 10,050,000 | 11826071 |
| &nbsp;&nbsp;&nbsp;6.75% due 10/15/31<sup>4</sup> | EUR 6,100,000 | 7216980 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/26<sup>4</sup> | 16778000 | 16608946 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>4</sup> | 13150000 | $12512095 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/27 | 660000 | 658105 |
| Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 06/04/31<sup>4</sup> | GBP 9,000,000 | 12198877 |
| PetSmart LLC / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 09/15/32<sup>4</sup> | 9750000 | 9764491 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>4</sup> | 9275000 | 9714199 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/15/30<sup>4</sup> | 9333000 | 8795638 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 05/15/30 | 8300000 | 8223595 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 08/15/29<sup>4</sup> | CAD 5,550,000 | 3979817 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>4</sup> | 3364000 | 3333470 |
| QuickTop HoldCo AB |  |  |
| &nbsp;&nbsp;&nbsp;6.53% (3 Month EURIBOR + 4.50%, Rate Floor: 0.00%) due 03/31/30<sup>◊</sup> | EUR 6,000,000 | 7207553 |
| TVL Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/30<sup>◊</sup> | EUR 6,150,000 | 7091602 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 6530000 | 6792039 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>4</sup> | 6975000 | 6537783 |
| ONE Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 04/02/31<sup>4</sup> | EUR 5,150,000 | 6524994 |
| Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 02/15/31<sup>4</sup> | 6100000 | 6456197 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>4</sup> | 6355078 | 6194103 |
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>4</sup> | 5450000 | 5552531 |
| AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 05/15/32<sup>4</sup> | EUR 2,850,000 | 3450677 |
| &nbsp;&nbsp;&nbsp;5.79% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 05/15/32<sup>◊,4</sup> | EUR 1,400,000 | 1658065 |
| QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/30/32<sup>4</sup> | 4875000 | 5047556 |
| NCL Corporation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/15/31<sup>4</sup> | 2500000 | 2499906 |
| &nbsp;&nbsp;&nbsp;6.25% due 09/15/33<sup>4</sup> | 2200000 | 2211387 |
| Superior Plus Limited Partnership / Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/15/29<sup>4</sup> | 4800000 | 4631123 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.58% due 01/15/28 | 1862792 | 1825282 |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 993831 | 958240 |
| &nbsp;&nbsp;&nbsp;3.65% due 02/15/29 | 876233 | 851288 |
| &nbsp;&nbsp;&nbsp;3.15% due 02/15/32 | 841881 | 788235 |
| Beach Acquisition Bidco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/32<sup>4</sup> | EUR 3,450,000 | 4152815 |
| Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/30/29<sup>4</sup> | 3052000 | 3166747 |
| &nbsp;&nbsp;&nbsp;7.25% due 04/30/30 | EUR 540,000 | 666582 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/46 | 3953000 | 3016040 |
| &nbsp;&nbsp;&nbsp;4.60% due 05/15/50 | 990000 | 740027 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>4</sup> | 3800000 | 3584596 |
| Essendi SA |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/15/30<sup>4</sup> | EUR 2,850,000 | 3445085 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>4</sup> | 3500000 | 3253996 |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 03/15/27<sup>4</sup> | 2300000 | 2301382 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/30<sup>4</sup> | 1050000 | 1084660 |
| &nbsp;&nbsp;&nbsp;4.75% due 06/15/31<sup>4</sup> | EUR 750,000 | 897290 |
| Magna International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/35 | 1670000 | 1762445 |
| New Flyer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 07/01/30<sup>4</sup> | 1625000 | 1739349 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/29<sup>4</sup> | 1700000 | 1673971 |
| Deuce FinCo plc |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/27 | GBP 1,200,000 | 1610911 |
| Acushnet Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/15/28<sup>4</sup> | 1500000 | 1555252 |
| Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>4</sup> | 1100000 | 1007762 |
| United Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.15% due 08/25/31 | 824797 | 804729 |
| Air Canada Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/29<sup>4</sup> | 616002 | 629879 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/27<sup>4</sup> | 571000 | 576282 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 05/01/28<sup>4</sup> | 525000 | 525639 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/32<sup>4</sup> | 400000 | 407995 |
| **Total Consumer, Cyclical** |  | 219714279 |
| **Consumer, Non-cyclical - 2.3%** |  |  |
| Darling Global Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/15/32<sup>4</sup> | EUR 15,800,000 | 18731927 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>4</sup> | 15650000 | 14006750 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>4</sup> | 8678000 | 8316899 |
| &nbsp;&nbsp;&nbsp;3.75% due 02/15/31<sup>4</sup> | 4892000 | 4480574 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 11600000 | 11325267 |

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/30<sup>4</sup> | EUR 7,450,000 | $9080325 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>4</sup> | 9400000 | 8565103 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 02/02/52 | 6500000 | 5110406 |
| &nbsp;&nbsp;&nbsp;3.75% due 12/01/31 | 3400000 | 3211965 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/10/55<sup>7</sup> | 7770000 | 8156503 |
| Nobel Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 06/15/28 | EUR 7,050,000 | 8088518 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/30/28<sup>4</sup> | EUR 7,000,000 | 7868957 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 08/31/27<sup>4</sup> | 6861000 | 6669389 |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>4</sup> | 672000 | 674752 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>4</sup> | 7650000 | 6609711 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>4</sup> | 7000000 | 6395340 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/30<sup>4</sup> | 3390000 | 3521281 |
| &nbsp;&nbsp;&nbsp;7.25% due 06/15/33<sup>4</sup> | 2370000 | 2474048 |
| &nbsp;&nbsp;&nbsp;6.63% due 06/15/29<sup>4</sup> | 175000 | 179813 |
| Sammontana Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊,4</sup> | EUR 4,900,000 | 5771037 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>4</sup> | 5275000 | 5596216 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>4</sup> | 5300000 | 4944827 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 08/15/33<sup>4</sup> | 4590000 | 4700344 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>4</sup> | 4465000 | 4612019 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 07/15/29<sup>4</sup> | 4357000 | 4568363 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>4</sup> | 4561000 | 4559141 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>4</sup> | 4805000 | 4552226 |
| CAB SELAS |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 02/01/28<sup>4</sup> | EUR 4,100,000 | 4509043 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 09/30/32 | EUR 3,550,000 | 4309134 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/28<sup>4</sup> | 3875000 | 3993777 |
| Albion Financing 1 SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/21/30<sup>4</sup> | EUR 3,250,000 | 3958955 |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/21/30<sup>4</sup> | 3000000 | 3102900 |
| &nbsp;&nbsp;&nbsp;5.38% due 05/21/30 | EUR 400,000 | 487256 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>4</sup> | 3566000 | 3474192 |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.79% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/23/30<sup>◊</sup> | EUR 1,600,000 | 1892027 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>4</sup> | 1450000 | 1430945 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 1670000 | 1353884 |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/15/29<sup>4</sup> | EUR 700,000 | 843635 |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 03/15/33<sup>4</sup> | 600000 | 622913 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>4</sup> | 620000 | 619752 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 11/01/27 | 550000 | 548991 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/27<sup>4</sup> | 200000 | 199504 |
| **Total Consumer, Non-cyclical** |  | 204118609 |
| **Basic Materials - 1.7%** |  |  |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>4</sup> | 16120000 | 15939134 |
| SNF Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/15/32<sup>4</sup> | EUR 12,500,000 | 15053797 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>4</sup> | 10375000 | 10366632 |
| &nbsp;&nbsp;&nbsp;9.50% due 07/15/28<sup>4</sup> | EUR 3,500,000 | 4313146 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/33<sup>4</sup> | 12575000 | 12704971 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>4</sup> | 13250000 | 12488528 |
| SK Invictus Intermediate II SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>4</sup> | 11525000 | 11280181 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 07/01/30<sup>4</sup> | 10485000 | 10958681 |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 8315000 | 8332711 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>4</sup> | 8060000 | 7898844 |
| Alcoa Nederland Holding B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/28<sup>4</sup> | 7450000 | 7468625 |
| Corporation Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;6.78% due 01/13/55<sup>4</sup> | 6950000 | 7455960 |
| Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>4</sup> | 6700000 | 6868404 |
| Novelis Sheet Ingot GmbH |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/29<sup>4</sup> | EUR 4,500,000 | 5144607 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>4</sup> | 3800000 | 4023429 |
| Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.90% due 05/15/53 | 1950000 | 2083465 |
| HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/28 | 1750000 | 1701663 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Mirabela Nickel Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,3,9</sup> | 1885418 | $| 4713 |
| **Total Basic Materials** |  |  | 144087491 |
| **Utilities - 1.4%** |  |  |  |
| PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>7</sup> | 20410000 |  | 21488111 |
| ContourGlobal Power Holdings S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/28/30<sup>4</sup> | EUR 6,700,000 |  | 8053495 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>4</sup> | 4800000 |  | 4985952 |
| Algonquin Power & Utilities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.37% due 06/15/26 | 12300000 |  | 12388463 |
| QTS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 08/21/32<sup>†††</sup> | 10800000 |  | 10802390 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 02/15/56<sup>7</sup> | 5725000 |  | 5762463 |
| &nbsp;&nbsp;&nbsp;6.00% due 02/15/56<sup>7</sup> | 3950000 |  | 3978259 |
| AES Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>4</sup> | 7554000 |  | 7294354 |
| &nbsp;&nbsp;&nbsp;2.45% due 01/15/31 | 2426000 |  | 2172584 |
| Alexander Funding Trust II |  |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>4</sup> | 7750000 |  | 8286824 |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>4</sup> | 8138000 |  | 8035139 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>4</sup> | 6950000 |  | 7684601 |
| CMS Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>7</sup> | 6710000 |  | 6947192 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>7</sup> | 6676000 |  | 6932098 |
| Sierra Pacific Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 12/15/55<sup>7</sup> | 5950000 |  | 5955290 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>7</sup> | 1138000 |  | 1122824 |
| **Total Utilities** |  |  | 121890039 |
| **Technology - 1.1%** |  |  |  |
| TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.19% (3 Month EURIBOR + 3.25%, Rate Floor: 0.00%) due 07/01/32<sup>◊,4</sup> | EUR 17,700,000 |  | 20807397 |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,4</sup> | EUR 350,000 |  | 412184 |
| Qorvo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>4</sup> | 9225000 |  | 8475767 |
| &nbsp;&nbsp;&nbsp;4.38% due 10/15/29 | 7833000 |  | 7678152 |
| Dye & Durham Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 04/15/29<sup>4</sup> | 16098000 |  | 15918948 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/26/35 | 6900000 |  | 6937994 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/26/45 | 2750000 |  | 2757466 |
| &nbsp;&nbsp;&nbsp;5.95% due 09/26/55 | 2750000 |  | 2741541 |
| &nbsp;&nbsp;&nbsp;4.80% due 09/26/32 | 1375000 |  | 1376653 |
| Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.25% due 10/15/30<sup>4</sup> | 8800000 |  | 8939357 |
| Capstone Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/30<sup>4</sup> | 5325000 |  | 5568837 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>4</sup> | 5300000 |  | 5347808 |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/15/33<sup>4</sup> | 3615000 |  | 3659982 |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/26<sup>4</sup> | 1375000 |  | 1374796 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/30/27<sup>4</sup> | 1570000 |  | 1567288 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>4</sup> | 1609000 |  | 1477175 |
| MSCI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 02/15/31<sup>4</sup> | 883000 |  | 846038 |
| **Total Technology** |  |  | 95887383 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,568,463,843) | &nbsp;&nbsp;&nbsp;(Cost $2,568,463,843) |  | 2540075968 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 21.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 21.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 21.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 21.9%** |
| **Consumer, Cyclical - 6.1%** |  |  |  |
| Zephyr Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.47% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28 | GBP 20,850,000 |  | 28070511 |
| Peer Holding III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 10341850 |  | 10344022 |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | EUR 5,000,000 |  | 5878640 |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3447500 |  | 3448362 |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR 1,000,000 |  | 1177266 |
| &nbsp;&nbsp;&nbsp;4.75% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR 1,000,000 |  | 1176045 |
| FR Refuel LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.03% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28 | 20864754 |  | 20656106 |
| B&B Hotels |  |  |  |
| &nbsp;&nbsp;&nbsp;5.66% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR 16,996,376 |  | 19923241 |
| Pacific Bells LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 19332618 |  | 19396995 |
| Upbound Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 19383898 |  | 19335438 |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 10051207 |  | 10017737 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 8784431 |  | 8754652 |
| MB2 Dental Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.66% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 18678462 |  | 18606730 |
| Grant Thornton Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 06/02/31 | 7305312 |  | 7255563 |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/30/31 | 6000000 |  | 5986200 |
| &nbsp;&nbsp;&nbsp;due 09/11/32 | EUR 4,550,000 |  | 5345555 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.41% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/27/29 | 18586402 | $18553690 |
| QSRP Finco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/19/31 | EUR 15,200,000 | 17963523 |
| Citrin Cooperman Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 16580303 | 16492262 |
| Tipico |  |  |
| &nbsp;&nbsp;&nbsp;5.37% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/18/28 | EUR 6,900,000 | 8112524 |
| &nbsp;&nbsp;&nbsp;5.37% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/22/28 | EUR 6,850,000 | 8065320 |
| Allwyn Entertainment Financing US LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.91% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/19/32 | EUR 11,900,000 | 13986133 |
| &nbsp;&nbsp;&nbsp;6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/11/31 | 1945498 | 1940634 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.16% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 7,400,000 | 8724110 |
| &nbsp;&nbsp;&nbsp;4.91% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR 4,810,000 | 5661691 |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 1161225 | 1160134 |
| Betclic Everest Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;6.09% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/09/31 | EUR 13,150,000 | 15538031 |
| Alexander Mann |  |  |
| &nbsp;&nbsp;&nbsp;10.47% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 15744633 | 14957401 |
| Shilton BidCo Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 01/14/30 | EUR 11,800,000 | 13871374 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;5.60% (3 Month EURIBOR + 3.60%, Rate Floor: 3.60%) due 10/23/31 | EUR 10,600,000 | 12492342 |
| PHM Group Holding OY |  |  |
| &nbsp;&nbsp;&nbsp;5.46% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/22/32 | EUR 10,000,000 | 11759159 |
| Drive Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.72% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/23/31 | EUR 8,800,000 | 10327083 |
| Tortuga Resorts GHD LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 08/13/32 | 9465000 | 9470963 |
| Eagle Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.65% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 02/27/32 | EUR 8,000,000 | 9444998 |
| Socotec Holding |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/02/31 | 8863500 | 8904095 |
| Oil Changer Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;11.06% ((3 Month Term SOFR + 6.75%) and (6 Month Term SOFR + 6.75%), Rate Floor: 7.75%) due 02/08/27<sup>†††</sup> | 8867463 | 8867463 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.74% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 10/16/31 | 8624825 | 8662602 |
| The Facilities Group |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 8244482 | 8139866 |
| NFM & J LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (3 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 8110307 | 8007393 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 7110000 | 7091656 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 6935199 | 6873684 |
| Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR 5,450,000 | 6439716 |
| Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 6286500 | 6269212 |
| Shaw Development LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.31% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29<sup>†††</sup> | 6073468 | 5710628 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/17/28 | 3592863 | 3591354 |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 2050000 | 2051292 |
| Scenic Cruises |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/19/32 | 5400000 | 5400000 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.09% (1 Month Term SOFR + 4.00%, Rate Floor: 8.09%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,10</sup> | 5460279 | 5378375 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 5458647 | 5326711 |
| Arcis Golf LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 5315042 | 5318390 |
| Accuride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.72% (3 Month Term SOFR + 1.50%, Rate Floor: 5.72%) (in-kind rate was 3.00%) due 03/07/30<sup>†††,1,10</sup> | 2482936 | 4659526 |
| Parts Europe SA |  |  |
| &nbsp;&nbsp;&nbsp;5.27% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/03/31 | EUR 3,550,000 | 4181005 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 12157269 | 3768753 |
| ATG Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/19/32 | 2493750 | 2501555 |
| &nbsp;&nbsp;&nbsp;due 04/19/32 | EUR 1,000,000 | 1177384 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Tacala Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/31 | 3547661 | $3559581 |
| One Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.19% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 06/04/32 | EUR 3,000,000 | 3547546 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32 | 3347801 | 3345725 |
| Cervantes Bidco S.L.U. |  |  |
| &nbsp;&nbsp;&nbsp;5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/03/31 | EUR 2,800,000 | 3303908 |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |
| &nbsp;&nbsp;&nbsp;due 04/03/25<sup>9</sup> | 4706980 | 3294886 |
| Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.76% (3 Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 2977427 | 2981893 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 2661330 | 2669660 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.96% (3 Month Term SOFR + 1.50%, Rate Floor: 5.96%) (in-kind rate was 5.00%) due 05/03/29<sup>10</sup> | 2892405 | 2422389 |
| Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 2244375 | 2244375 |
| SHO Holding I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.78% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29<sup>†††</sup> | 1677427 | 1664783 |
| &nbsp;&nbsp;&nbsp;6.28% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 06/30/29<sup>†††</sup> | 636237 | 559889 |
| American Auto Auction Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 2164125 | 2179966 |
| Weight Watchers International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 2036123 | 1842691 |
| Dealer Tire LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 1786984 | 1776566 |
| TMF Sapphire Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 | 570688 | 569735 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.00% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/27/28 | EUR 370,000 | 434854 |
| **Total Consumer, Cyclical** |  | 538613542 |
| **Industrial - 4.5%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | EUR 16,400,000 | 19275970 |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 3970000 | 3970000 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 22457902 | 22514047 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/09/32 | 20654161 | 20683696 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 17944699 | 17972692 |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.76% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 17639037 | 17558573 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 7634805 | 7630453 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 7621700 | 7616517 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 12910496 | 12905848 |
| O-I Glass, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 12365000 | 12334088 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/24/32 | 12265000 | 12261934 |
| IFCO Management GmbH |  |  |
| &nbsp;&nbsp;&nbsp;due 08/04/32 | EUR 9,825,000 | 11601253 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 11464002 | 11448640 |
| DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 11012429 | 11060664 |
| FCG Acquisitions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.41% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 10972369 | 10990693 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.39% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/15/32 | 10224375 | 10200961 |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 9955299 | 9704326 |
| Engineered Machinery Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/21/28 | EUR 8,000,000 | 9441052 |
| Talbot Participation SAS |  |  |
| &nbsp;&nbsp;&nbsp;5.44% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/27/32 | EUR 7,750,000 | 9156485 |
| Inspired Finco Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.16% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/28/31 | EUR 7,700,000 | 9070105 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 8578663 | 8580808 |
| Boluda Towage S.L. |  |  |
| &nbsp;&nbsp;&nbsp;5.41% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 01/31/30 | EUR 7,215,385 | 8524084 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28<sup>†††</sup> | 8182161 | $8161705 |
| Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 8077000 | 8087096 |
| Convergint |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/12/32 | 7196372 | 7205367 |
| Valcour Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.01% (1 Month Term SOFR + 1.50%, Rate Floor: 5.76%) (in-kind rate was 2.25%) due 10/04/28<sup>10</sup> | 4267839 | 3584985 |
| &nbsp;&nbsp;&nbsp;9.40% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28 | 3454560 | 3494875 |
| Integrated Power Services Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.03% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/22/28<sup>†††</sup> | 6641799 | 6626876 |
| Infragroup |  |  |
| &nbsp;&nbsp;&nbsp;5.48% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 09/27/30 | EUR 5,350,000 | 6314709 |
| Climater Bidco II |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/31/32 | EUR 4,700,000 | 5505225 |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/22/32 | EUR 550,000 | 644229 |
| Apave S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.17% (1 Month EURIBOR + 3.27%, Rate Floor: 3.27%) due 12/09/31 | EUR 4,850,000 | 5714753 |
| Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/26/31 | 5618250 | 5648701 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27 | 5602729 | 5600544 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.87% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31 | 3151247 | 3159125 |
| &nbsp;&nbsp;&nbsp;5.85% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/25/29 | EUR 1,450,000 | 1712434 |
| Anchor Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.39% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 4631375 | 4647770 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/13/32 | 4400000 | 4394368 |
| NA Rail HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.12% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 4339125 | 4348888 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 4339692 | 4346939 |
| Tiger Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/32 | 4190000 | 4172402 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.73% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/25/29<sup>†††</sup> | EUR 3,500,000 | 4140735 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 4377378 | 4005301 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 3940000 | 3841500 |
| Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/05/32 | 3640875 | 3641530 |
| MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 3565179 | 3575589 |
| Cube A&D Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/17/31 | 2761125 | 2768028 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1385680 | 1386262 |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 | 1234406 | 1236418 |
| Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.21% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 05/01/31 | 2509319 | 2514037 |
| Quimper AB |  |  |
| &nbsp;&nbsp;&nbsp;5.70% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/25/30 | EUR 2,020,000 | 2387163 |
| ILPEA Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 4.01%, Rate Floor: 4.76%) due 06/22/28 | 2037701 | 2031344 |
| Student Transportation Of America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 1773333 | 1777217 |
| &nbsp;&nbsp;&nbsp;7.38% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 126667 | 126944 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.42% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 1290250 | 1289979 |
| Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1260913 | 1261707 |
| Service Logic Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 1240625 | 1241407 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 985000 | 983769 |
| API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.30% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 481080 | 481080 |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/12/27<sup>†††</sup> | 278441 | 278441 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Ring Container Technologies Group, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 09/11/32 | 700000 | $698600 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 604444 | 609032 |
| Pro Mach Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 08/31/28 | 597000 | 597776 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.99% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 494987 | 482217 |
| Gulfside Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/17/31 | 361111 | 361176 |
| **Total Industrial** |  | 399591132 |
| **Financial - 4.2%** |  |  |
| Cegid Group |  |  |
| &nbsp;&nbsp;&nbsp;4.78% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/31/30 | EUR 10,000,000 | 11759981 |
| &nbsp;&nbsp;&nbsp;4.78% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/10/28 | EUR 9,725,000 | 11443434 |
| Kroll, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.81% (3 Month Term SOFR + 3.00%, Rate Floor: 7.06%) (in-kind rate was 2.75%) due 09/12/32<sup>10</sup> | 21800000 | 21714844 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;5.70% (6 Month EURIBOR + 3.63%, Rate Floor: 3.63%) due 02/17/31 | EUR 13,600,000 | 16017849 |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 5641685 | 5608794 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 20827331 | 20788384 |
| Higginbotham Insurance Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>†††</sup> | 20619367 | 20496036 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 16996500 | 16919627 |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 3057177 | 3065890 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.37% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 11335929 | 11329354 |
| &nbsp;&nbsp;&nbsp;5.83% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/29 | EUR 7,000,000 | 8209547 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 19150000 | 19146871 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 16466970 | 16464335 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 15918117 | 16002642 |
| Cliffwater LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 04/22/32<sup>†††</sup> | 14546900 | 14501121 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 10575731 | 10545484 |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/31/31 | 3150000 | 3148047 |
| Diot-Siaci |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/26/32 | EUR 10,830,769 | 12757186 |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 11363367 | 11346322 |
| Sandy Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.96% (6 Month EURIBOR + 3.85%, Rate Floor: 3.85%) due 08/17/29 | EUR 9,175,000 | 10712965 |
| Penta Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/28/32 | EUR 8,050,000 | 9425193 |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 7,500,000 | 8853452 |
| Quimper AB |  |  |
| &nbsp;&nbsp;&nbsp;5.69% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/29/30 | EUR 5,600,000 | 6617877 |
| Pex Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (6 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/19/31 | 6284250 | 6281611 |
| CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/29/32 | 6590000 | 6276975 |
| Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/30/32 | 6150000 | 6162792 |
| Cross Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/31/31 | 5799151 | 5810053 |
| Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.20% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 5835226 | 5772030 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 5657250 | 5657816 |
| Orion US FinCo |  |  |
| &nbsp;&nbsp;&nbsp;due 10/10/32 | 4640000 | 4663200 |
| Amwins Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 4267750 | 4264933 |
| Starwood Property Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 08/14/32 | 4000000 | 4002520 |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 3917647 | 3907030 |

---

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

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/09/30 | 3582000 | $3587767 |
| IMC Global Holdings |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/21/32 | 3451350 | 3472921 |
| OEG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31 | 3404275 | 3412786 |
| Alter Domus |  |  |
| &nbsp;&nbsp;&nbsp;7.33% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/30/31 | 3114458 | 3126138 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 3169432 | 3094158 |
| Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/27/28 | 3062295 | 3070900 |
| Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 3039000 | 3038757 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 2977538 | 2978788 |
| Howden Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.44% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/15/31 | EUR 2,000,000 | 2356787 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/32 | 1500000 | 1498890 |
| Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 1250000 | 1250000 |
| Eagle Point Holdings Borrower, LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 1050000 | 1050000 |
| **Total Financial** |  | 371612087 |
| **Technology - 3.0%** |  |  |
| Sitecore Holding III A/S |  |  |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 3.18%, Rate Floor: 5.22%) (in-kind rate was 4.08%) due 03/12/29<sup>†††,10</sup> | 13681522 | 13593219 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month EURIBOR + 3.25%, Rate Floor: 5.28%) (in-kind rate was 4.00%) due 03/12/29<sup>†††,10</sup> | EUR 10,494,901 | 12244204 |
| &nbsp;&nbsp;&nbsp;9.43% (3 Month Term SOFR + 3.31%, Rate Floor: 5.35%) (in-kind rate was 4.08%) due 03/12/29<sup>†††,10</sup> | 1417707 | 1408557 |
| Total Webhosting Solutions BV |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 11/06/31 | EUR 18,000,000 | 21143236 |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 20124191 | 20090584 |
| Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.21% (6 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 04/30/31<sup>†††</sup> | GBP 12,072,000 | 16236063 |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 04/30/31<sup>†††</sup> | 3430000 | 3430000 |
| Visma AS |  |  |
| &nbsp;&nbsp;&nbsp;5.80% (6 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 12/05/28<sup>†††</sup> | EUR 16,296,596 | 19184286 |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 14141724 | 13905981 |
| Precise Midco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.01% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 11/22/30 | EUR 11,400,000 | 13413607 |
| Team.Blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.61% (3 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 09/28/29 | EUR 7,500,000 | 8784934 |
| &nbsp;&nbsp;&nbsp;3.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/12/32 | 4550000 | 4541491 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.20% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 8626650 | 8607758 |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/30/31 | EUR 3,294,609 | 3878942 |
| Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 11475000 | 11394675 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.62% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/18/31 | 10879371 | 10920169 |
| Kerridge Commercial Systems Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.22% (3 Month GBP SONIA + 5.25%, Rate Floor: 6.00%) due 09/07/30<sup>†††</sup> | GBP 7,997,768 | 10612824 |
| Kaseya, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.41% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/22/32 | 10596750 | 10606393 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 10541347 | 10398301 |
| Leia Finco US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 10014675 | 10006964 |
| Redhalo Midco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 03/22/31 | EUR 8,500,000 | 9968835 |
| Indicor LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/29 | EUR 6,467,419 | 7645087 |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 397995 | 398329 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 5700000 | 5672925 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 4952873 | 4967583 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.60% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/04/26<sup>†††</sup> | 4810076 | $4646076 |
| TSG Solutions Holding SACA |  |  |
| &nbsp;&nbsp;&nbsp;due 05/04/32 | EUR 3,000,000 | 3537471 |
| Finastra |  |  |
| &nbsp;&nbsp;&nbsp;11.29% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29 | 2116135 | 2120536 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.03% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/02/28 | EUR 1,318,834 | 1439892 |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/15/29 | 1035049 | 1032462 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.10% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/17/29 | 566124 | 524372 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 289965 | 250173 |
| **Total Technology** |  | 266605929 |
| **Consumer, Non-cyclical - 2.9%** |  |  |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 30048695 | 27269190 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 21294416 | 21355318 |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/21/30 | EUR 16,147,239 | 18991967 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/27/27 | 14865571 | 14552800 |
| Domidep |  |  |
| &nbsp;&nbsp;&nbsp;5.87% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 10/24/29 | EUR 11,400,000 | 13428466 |
| Artisan Newco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.96% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/01/32 | EUR 8,825,000 | 10391655 |
| &nbsp;&nbsp;&nbsp;due 03/01/32 | EUR 2,500,000 | 2943812 |
| Rainbow Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.47% (6 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 02/26/29 | GBP 9,750,000 | 13073259 |
| LaserAway Intermediate Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.33% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27 | 12064489 | 11823199 |
| Merative |  |  |
| &nbsp;&nbsp;&nbsp;due 09/17/32 | 10992534 | 10992534 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/14/31 | 6794186 | 6828157 |
| &nbsp;&nbsp;&nbsp;due 04/14/31 | 1850000 | 1859250 |
| &nbsp;&nbsp;&nbsp;due 04/09/31 | 1325000 | 1331625 |
| Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/15/31 | 9825501 | 9813219 |
| CHG PPC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 8982092 | 8987750 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 14244103 | 8731635 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 9263804 | 8317136 |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 7988750 | 7505431 |
| Eyecare Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.84% (6 Month Term SOFR + 1.00%, Rate Floor: 5.23%) (in-kind rate was 3.61%) due 11/30/28<sup>10</sup> | 7528684 | 4732305 |
| &nbsp;&nbsp;&nbsp;9.88% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 2100649 | 2112202 |
| Florida Food Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.28% (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 8578651 | 5747696 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 5121602 | 5129284 |
| Almaviva Sante |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 04/08/31 | EUR 4,250,000 | 5016806 |
| Curriculum Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 05/07/32<sup>†††</sup> | 4791041 | 4768519 |
| Aenova Holding Gmbh |  |  |
| &nbsp;&nbsp;&nbsp;5.03% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 08/22/31 | EUR 4,000,000 | 4707092 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/06/31 | 4306582 | 4324282 |
| Skechers |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/28/32 | 1940000 | 1948090 |
| &nbsp;&nbsp;&nbsp;5.55% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 09/12/32 | EUR 1,600,000 | 1883044 |
| Affidea |  |  |
| &nbsp;&nbsp;&nbsp;5.69% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/20/29 | EUR 3,200,000 | 3766613 |
| Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/09/32 | 3450000 | 3469182 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 3184000 | 3158146 |
| Culligan |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 2330882 | 2335055 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| MDVIP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 1895250 | $| 1898813 |
| Bowtie Germany Bidco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/01/31 | EUR 1,350,000 |  | 1586250 |
| Medical Solutions Parent Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 2195102 |  | 752613 |
| Bausch Health Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.41% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 493763 |  | 485892 |
| Moran Foods LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.35% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26<sup>†††</sup> | 624540 |  | 247394 |
| &nbsp;&nbsp;&nbsp;9.35% (3 Month Term SOFR + 2.00%, Rate Floor: 0.00%) (in-kind rate was 9.35%) due 06/30/26<sup>†††,10</sup> | 448700 |  | 5481 |
| **Total Consumer, Non-cyclical** |  |  | 256271162 |
| **Communications - 0.6%** |  |  |  |
| Speedster Bidco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.62% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/10/31 | EUR 5,700,000 |  | 6726750 |
| &nbsp;&nbsp;&nbsp;7.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 5671536 |  | 5675109 |
| FirstDigital Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.50% (Commercial Prime Lending Rate + 3.25%, Rate Floor: 4.00%) due 12/17/26<sup>†††</sup> | 10339000 |  | 10175613 |
| MasOrange Finco plc |  |  |  |
| &nbsp;&nbsp;&nbsp;4.56% (6 Month EURIBOR + 2.50%, Rate Floor: 2.50%) due 03/20/31 | EUR 6,100,000 |  | 7155323 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/29/32 | 4445000 |  | 4445000 |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 2090000 |  | 2090000 |
| Cengage Learning, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.69% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 5626110 |  | 5607938 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.43% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 4498571 |  | 4428303 |
| TKO Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/21/31 | 4317429 |  | 4322135 |
| Xplore, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 10/24/31 | 3620762 |  | 2474175 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month Term SOFR + 1.50%, Rate Floor: 5.78%) (in-kind rate was 3.50%) due 10/23/29<sup>10</sup> | 1037496 |  | 975246 |
| **Total Communications** |  |  | 54075592 |
| **Basic Materials - 0.3%** |  |  |  |
| Discovery Purchaser Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 6315802 |  | 6278981 |
| Lummus Technology Holdings V LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 12/31/29 | 5756500 |  | 5766804 |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 5221215 |  | 5302144 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30 | 3524877 |  | 3519378 |
| Eden S.A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/22/29 | EUR 1,500,000 |  | 1767362 |
| Ecovyst Catalyst Technology |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/12/31 | 589018 |  | 588099 |
| **Total Basic Materials** |  |  | 23222768 |
| **Energy - 0.2%** |  |  |  |
| Par Petroleum LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 8860857 |  | 8838705 |
| Bip PipeCo Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 3411969 |  | 3407704 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 2029146 |  | 2027888 |
| **Total Energy** |  |  | 14274297 |
| **Utilities - 0.1%** |  |  |  |
| Powergrid Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 07/01/32<sup>†††</sup> | 6270059 |  | 6270059 |
| &nbsp;&nbsp;&nbsp;4.75% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 07/01/32<sup>†††</sup> | 73251 |  | 73251 |
| Project Aurora |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/26/32 | 2300000 |  | 2302875 |
| **Total Utilities** |  |  | 8646185 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,901,713,062) | &nbsp;&nbsp;&nbsp;(Cost $1,901,713,062) |  | 1932912694 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.6%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.6%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.6%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.6%** |
| **Collateralized Loan Obligations - 11.4%** | **Collateralized Loan Obligations - 11.4%** | **Collateralized Loan Obligations - 11.4%** | **Collateralized Loan Obligations - 11.4%** |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A CR, 7.38% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 10/15/33<sup>◊,4</sup> | 35000000 |  | 35109252 |
| &nbsp;&nbsp;&nbsp;2021-9A DR, 8.53% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33<sup>◊,4</sup> | 7750000 |  | 7792957 |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.38% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,4</sup> | 2950000 |  | 2957306 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 D, 6.76% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 11/16/36<sup>◊,4</sup> | 36500000 | $36472786 |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 7.06% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 05/16/38<sup>◊,4</sup> | 8850000 | 8853318 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE6 D, 7.12% (1 Month Term SOFR + 2.96%, Rate Floor: 2.85%) due 11/15/38<sup>◊,4</sup> | 11300000 | 11201335 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 D, 7.27% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36<sup>◊,4</sup> | 8250000 | 8186229 |
| &nbsp;&nbsp;&nbsp;2022-CRE7 D, 7.48% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/17/37<sup>◊,4</sup> | 6400000 | 6337724 |
| &nbsp;&nbsp;&nbsp;2025-CRE8 C, 6.28% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/17/42<sup>◊,4</sup> | 5750000 | 5699838 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 C, 6.62% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36<sup>◊,4</sup> | 3400000 | 3380112 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 C, 6.16% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 02/15/38<sup>◊,4</sup> | 15640000 | 15572679 |
| &nbsp;&nbsp;&nbsp;2020-FL2 D, 6.46% (1 Month Term SOFR + 2.31%, Rate Floor: 2.31%) due 02/15/38<sup>◊,4</sup> | 8000000 | 7947245 |
| &nbsp;&nbsp;&nbsp;2020-FL3 D, 7.56% (1 Month Term SOFR + 3.41%, Rate Floor: 3.41%) due 11/15/37<sup>◊,4</sup> | 7350000 | 7094180 |
| Ares Direct Lending CLO 6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A D, due 10/16/37<sup>4,11</sup> | 30450000 | 30450000 |
| Cerberus Loan Funding 52 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A C, 6.17% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 10/15/37<sup>◊,4</sup> | 22700000 | 22790548 |
| &nbsp;&nbsp;&nbsp;2025-3A D, 7.37% (3 Month Term SOFR + 3.40%, Rate Floor: 3.40%) due 10/15/37<sup>◊,4</sup> | 6800000 | 6874979 |
| Fontainbleau Vegas |  |  |
| &nbsp;&nbsp;&nbsp;9.87% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28<sup>◊,†††</sup> | 26500000 | 26500000 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A C, 6.87% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 07/15/36<sup>◊,4</sup> | 20150000 | 20244407 |
| &nbsp;&nbsp;&nbsp;2024-3A D, 8.67% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36<sup>◊,4</sup> | 3900000 | 3986018 |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A C, 8.52% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36<sup>◊,4</sup> | 22800000 | 23064270 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL9 C, 6.78% (1 Month Term SOFR + 2.64%, Rate Floor: 2.65%) due 10/19/39<sup>◊,4</sup> | 10450000 | 10431298 |
| &nbsp;&nbsp;&nbsp;2025-FL10 C, 6.28% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 08/19/42<sup>◊,4</sup> | 9800000 | 9670388 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 5.98% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,4</sup> | 1500000 | 1481790 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37<sup>◊,4</sup> | 21000000 | 21002707 |
| Hlend CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37<sup>◊,4</sup> | 18400000 | 18332671 |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,4</sup> | 1600000 | 1594613 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 7.02% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36<sup>◊,4</sup> | 19975000 | 19702503 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 7.27% (1 Month Term SOFR + 3.11%, Rate Floor: 3.00%) due 03/15/36<sup>◊,4</sup> | 18425000 | 18079002 |
| &nbsp;&nbsp;&nbsp;2021-FL7 D, 7.02% (1 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 12/15/38<sup>◊,4</sup> | 1600000 | 1567224 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 C, 6.79% (1 Month Term SOFR + 2.64%, Rate Floor: 2.64%) due 07/15/39<sup>◊,4</sup> | 7825000 | 7776754 |
| &nbsp;&nbsp;&nbsp;2025-FL12 C, due 01/17/43<sup>◊,4</sup> | 6850000 | 6829779 |
| &nbsp;&nbsp;&nbsp;2025-FL12 B, due 01/17/43<sup>◊,4</sup> | 3750000 | 3739035 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A CR, 8.18% (3 Month Term SOFR + 3.86%, Rate Floor: 3.60%) due 06/07/30<sup>◊,4</sup> | 16500000 | 16493181 |
| &nbsp;&nbsp;&nbsp;2013-1A INC, due 10/15/30<sup>4,12</sup> | 28970307 | 984990 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A C, 8.45% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36<sup>◊,4</sup> | 17250000 | 17423751 |
| Cerberus Loan Funding XLV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A C, 7.47% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 04/15/36<sup>◊,4</sup> | 17150000 | 17250895 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 B, 6.18% (1 Month Term SOFR + 2.05%, Rate Floor: 2.05%) due 09/18/42<sup>◊,4</sup> | 17100000 | 16954804 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| RR Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A SUB, due 04/15/38<sup>4,12</sup> | 18750000 | $16284375 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-44A SUB, due 10/24/38<sup>4,12</sup> | 9800000 | 8393700 |
| &nbsp;&nbsp;&nbsp;2024-38A SUB, due 01/21/38<sup>4,12</sup> | 8250000 | 6047333 |
| &nbsp;&nbsp;&nbsp;2025-23A ER, 9.17% (3 Month Term SOFR + 4.85%, Rate Floor: 4.85%) due 01/17/37<sup>◊,4</sup> | 1750000 | 1752535 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A CR, 6.68% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/24/37<sup>◊,4</sup> | 16000000 | 16068520 |
| Wonder Lake Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A SUB, due 07/24/38<sup>4,12</sup> | 18203000 | 15457988 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-FL3 D, 7.12% (30 Day Average SOFR + 2.75%, Rate Floor: 2.75%) due 11/15/38<sup>◊,4</sup> | 11900000 | 11745935 |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 7.05% (1 Month Term SOFR + 2.91%, Rate Floor: 2.80%) due 04/18/38<sup>◊,4</sup> | 3750000 | 3709459 |
| Octagon 78 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A SUB, due 10/20/38<sup>4,12</sup> | 16696400 | 14347217 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A BR, 7.07% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/15/36<sup>◊,4</sup> | 14200000 | 14269669 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A CR3, 6.92% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 08/09/39<sup>◊,4</sup> | 14150000 | 14214271 |
| Brant Point CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A SUB, due 07/25/38<sup>4,12</sup> | 12454500 | 10793070 |
| &nbsp;&nbsp;&nbsp;2025-8A SUB, due 03/31/38<sup>4,12</sup> | 4000000 | 3373472 |
| Ares CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-77A SUB, due 07/15/38<sup>4,12</sup> | 14970000 | 14097848 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A DR, 7.68% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37<sup>◊,4</sup> | 13500000 | 13679239 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A D, 8.23% (3 Month Term SOFR + 3.90%, Rate Floor: 3.90%) due 10/20/36<sup>◊,4</sup> | 13050000 | 13077008 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A BR, 6.03% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/38<sup>◊,4</sup> | 12900000 | 12910610 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A C, 8.72% (3 Month Term SOFR + 4.40%, Rate Floor: 4.40%) due 03/22/35<sup>◊,4</sup> | 12750000 | 12857120 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.50% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/22/37<sup>◊,4</sup> | 12550000 | 12641319 |
| Owl Rock CLO XXI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A C, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 07/24/34<sup>◊,4</sup> | 12575000 | 12627755 |
| Owl Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A C, 6.15% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 10/20/37<sup>◊,4</sup> | 12150000 | 12198632 |
| HPS Private Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A D, 8.26% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/20/37<sup>◊,4</sup> | 6000000 | 6013667 |
| &nbsp;&nbsp;&nbsp;2025-3A C, 7.06% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 07/20/37<sup>◊,4</sup> | 5900000 | 5929569 |
| Symphony CLO 48 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-48A SUB, due 04/20/38<sup>4,12</sup> | 12800000 | 11850240 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A CR, 6.93% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/18/33<sup>◊,4</sup> | 11150000 | 11167386 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.56% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,4</sup> | 11000000 | 10939587 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, 6.92% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 07/15/37<sup>◊,4</sup> | 10800000 | 10929601 |
| Owl Rock CLO XVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A C, 7.63% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36<sup>◊,4</sup> | 10150000 | 10308092 |
| Cerberus Loan Funding 51 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A C, 6.47% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/15/37<sup>◊,4</sup> | 10100000 | 10143326 |
| Generate CLO 21 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A SUB, due 07/25/38<sup>4,12</sup> | 11450000 | 10014170 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A CR, 7.58% (3 Month Term SOFR + 3.26%, Rate Floor: 3.00%) due 04/15/33<sup>◊,4</sup> | 9900000 | 9958342 |
| Regatta 34 Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A SUB, due 07/20/38<sup>4,12</sup> | 9560000 | 9548528 |
| Regatta 33 Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A SUB, due 07/25/38<sup>4,12</sup> | 9420000 | 9408696 |
| Octagon 74 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A SUB, due 04/22/38<sup>4,12</sup> | 12750000 | 9248595 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A C, 7.37% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 07/15/36<sup>◊,4</sup> | 8000000 | 8045602 |
| &nbsp;&nbsp;&nbsp;2024-2A D, 9.27% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36<sup>◊,4</sup> | 1000000 | 1022774 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Carlyle US CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A SUB, due 10/25/37<sup>4,12</sup> | 9550000 | $8514780 |
| &nbsp;&nbsp;&nbsp;2025-1A DRR, 9.28% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 01/20/38<sup>◊,4</sup> | 500000 | 500270 |
| RR Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-41A SUB, due 10/15/40<sup>†††,4,12</sup> | 9700000 | 8730000 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A E, 8.88% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/38<sup>◊,4</sup> | 8650000 | 8636827 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 C, 6.28% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 03/19/43<sup>◊,4</sup> | 7450000 | 7456352 |
| Ballyrock CLO 14 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-14A SUB, due 07/20/37<sup>4,12</sup> | 9750000 | 7369440 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 D, 7.35% (1 Month Term SOFR + 3.21%, Rate Floor: 2.60%) due 12/18/37<sup>◊,4</sup> | 7350000 | 7207594 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.98% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,4</sup> | 3494745 | 3496597 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.83% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,4</sup> | 3166667 | 3174598 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>4,12</sup> | 2838588 | 12895 |
| &nbsp;&nbsp;&nbsp;2015-37X, due 01/15/31<sup>12</sup> | 1897598 | 8621 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A D, 7.97% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37<sup>◊,4</sup> | 6600000 | 6639345 |
| Eldridge CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, due 10/20/38<sup>◊,4</sup> | 6200000 | 6200000 |
| AGL CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-35A SUB, due 01/21/38<sup>4,12</sup> | 7750000 | 5886745 |
| &nbsp;&nbsp;&nbsp;2024-35A E, 9.48% (3 Month Term SOFR + 5.15%, Rate Floor: 5.15%) due 01/21/38<sup>◊,4</sup> | 300000 | 302618 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-32RA C, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/20/39<sup>◊,4</sup> | 5800000 | 5814924 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A E, 9.02% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/23/38<sup>◊,4</sup> | 5500000 | 5527299 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A D, 8.17% (3 Month Term SOFR + 3.85%, Rate Floor: 3.85%) due 10/15/36<sup>◊,4</sup> | 5350000 | 5413776 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 B, 5.99% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 01/17/30<sup>◊,4</sup> | 5200000 | 5178480 |
| Hamlin Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A SUB, due 10/20/37<sup>4,12</sup> | 5550000 | 4516201 |
| Neuberger Berman Loan Advisers CLO 60 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-60A SUB, due 04/22/39<sup>4,12</sup> | 4650000 | 4025691 |
| Elmwood CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A ER, 9.03% (3 Month Term SOFR + 4.70%, Rate Floor: 4.70%) due 01/20/38<sup>◊,4</sup> | 3750000 | 3712522 |
| Neuberger Berman Loan Advisers CLO 57 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-57A SUB, due 10/24/38<sup>4,12</sup> | 4250000 | 3500852 |
| Neuberger Berman Loan Advisers CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-38A ER2, 8.93% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/36<sup>◊,4</sup> | 3500000 | 3492151 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-11 B, 6.71% (1 Month Term SOFR + 2.49%, Rate Floor: 2.49%) due 09/17/39<sup>◊,4</sup> | 2239942 | 2239191 |
| &nbsp;&nbsp;&nbsp;2025-12 B, 6.18% (1 Month Term SOFR + 2.04%, Rate Floor: 2.04%) due 12/18/42<sup>◊,4</sup> | 1000000 | 998495 |
| Midocean Credit CLO XXI |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A SUB, due 10/20/38<sup>4,11,12</sup> | 4000000 | 3200000 |
| Ballyrock CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A DR, 11.33% (3 Month Term SOFR + 7.01%, Rate Floor: 6.75%) due 07/15/32<sup>◊,4</sup> | 3150000 | 3155577 |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 6.41% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 09/17/36<sup>◊,4</sup> | 1600000 | 1601553 |
| &nbsp;&nbsp;&nbsp;2021-FL2 E, 6.71% (1 Month Term SOFR + 2.56%, Rate Floor: 2.56%) due 09/17/36<sup>◊,4</sup> | 1200000 | 1201277 |
| Bayard Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A SUB, due 07/24/38<sup>4,12</sup> | 3600000 | 2790396 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.52% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,4</sup> | 2750000 | 2742701 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 C, 6.43% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 08/18/42<sup>◊,4</sup> | 2675000 | 2642894 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 E, 6.85% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 11/16/38<sup>◊,4</sup> | 2700000 | 2621687 |
| JCP Direct Lending CLO 2023-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A BR, 6.28% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/20/37<sup>◊,4</sup> | 2550000 | 2556331 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| OHA Credit Partners VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A ER4, 8.70% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/20/38<sup>◊,4</sup> | 2250000 | $2244865 |
| Madison Park Funding LXV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-65A C, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/16/38<sup>◊,4</sup> | 2150000 | 2153987 |
| Greystone CRE Notes LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL4 AS, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 01/15/43<sup>◊,4</sup> | 2050000 | 2050658 |
| Sound Point CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1RA C, 6.30% (3 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 02/20/38<sup>◊,4</sup> | 1200000 | 1206294 |
| BNPP IP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-2A E, 9.82% (3 Month Term SOFR + 5.51%, Rate Floor: 0.00%) due 10/30/25<sup>◊,4</sup> | 4958908 | 712595 |
| Great Lakes CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 10/15/29<sup>4,12</sup> | 1500000 | 700303 |
| BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 AS, 6.27% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42<sup>◊,4</sup> | 500000 | 501441 |
| Dryden 50 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-50A SUB, due 07/15/30<sup>4,12</sup> | 7895000 | 212297 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-3A SUB, due 01/14/32<sup>4,12</sup> | 6400000 | 31680 |
| &nbsp;&nbsp;&nbsp;2013-3X SUB, due 10/15/30<sup>12</sup> | 4938326 | 31507 |
| Dryden 41 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2015-41A SUB, due 04/15/31<sup>4,12</sup> | 11700000 | 61499 |
| AMMC CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-11A SUB, due 04/30/31<sup>4,12</sup> | 5650000 | 53336 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A SUB, due 10/20/28<sup>4,12</sup> | 18918010 | 53160 |
| Octagon Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 11/18/31<sup>4,12</sup> | 19435737 | 1944 |
| Venture XIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-13A SUB, due 09/10/29<sup>4,12</sup> | 13790000 | 1379 |
| Babson CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-IA SUB, due 07/20/25<sup>4,12</sup> | 11900000 | 1190 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>3,12</sup> | 8150000 | 815 |
| Marathon CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-5A SUB, due 11/21/27<sup>4,12</sup> | 5500000 | 550 |
| **Total Collateralized Loan Obligations** |  | 1005993998 |
| **Financial - 2.8%** |  |  |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 42240000 | 42240000 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 34800000 | 32892324 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 34800000 | 32892324 |
| Obsidian Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 6.93% due 05/15/55<sup>†††,4</sup> | 21900000 | 21900000 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 21139897 | 19631497 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.40% due 09/30/45<sup>†††</sup> | 17000000 | 17706287 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55<sup>†††</sup> | 17900000 | 17632513 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> | 8420102 | 8727032 |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 6273915 | 6447227 |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 2499286 | 2414009 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 01/26/27<sup>◊,†††</sup> | 13161708 | 13113312 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 6980514 | 6944506 |
| Thunderbird B |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 7000000 | 6703386 |
| Lightning B |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 7000000 | 6703386 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>3</sup> | 5600396 | 5333871 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 3458195 | 3447147 |
| Akso Health Group |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 2484452 | 2561517 |
| **Total Financial** |  | 247290338 |
| **Transport-Aircraft - 2.4%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>4</sup> | 13362407 | 13794731 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>4</sup> | 13438462 | 13703381 |
| &nbsp;&nbsp;&nbsp;2021-2A, 3.54% due 01/15/47<sup>4</sup> | 10433188 | 9885101 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>4</sup> | 10077884 | 9662035 |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.52% due 02/16/50<sup>4</sup> | 8297623 | 8382451 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>4</sup> | 7415363 | 7575863 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>4</sup> | 2235502 | 2199619 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/16/40<sup>4</sup> | 1624885 | 1565899 |
| &nbsp;&nbsp;&nbsp;2019-2, 3.38% due 10/16/39<sup>4</sup> | 361952 | 358338 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.47% due 08/15/50<sup>4</sup> | 14157486 | 14255093 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>4</sup> | 8253991 | 8381220 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>4</sup> | 119343 | 118608 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.81% due 05/15/50<sup>4</sup> | 8721348 | 8944563 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>4</sup> | 8336981 | 8400408 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.42% due 06/15/46<sup>4</sup> | 2639880 | 2505435 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 6.09% due 08/15/49<sup>4</sup> | 13839285 | 13827726 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.11% due 10/15/50<sup>4</sup> | 950000 | 953032 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>4</sup> | 14272685 | 14166068 |
| GAIA Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 12/15/44<sup>4,13</sup> | 9344821 | 9060786 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2019-1, 5.19% due 12/15/44<sup>4,13</sup> | 4716821 | $4292378 |
| JOL Air Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 04/15/44<sup>4</sup> | 7571748 | 7516406 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.43% due 10/15/46<sup>4</sup> | 7856365 | 7466311 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>4</sup> | 6958111 | 6763411 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>4</sup> | 3208865 | 3167143 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.97% due 04/15/39<sup>4</sup> | 2863739 | 2792170 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.57% due 11/15/46<sup>4</sup> | 6094505 | 5814449 |
| Labrador Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.30% due 01/15/42<sup>4</sup> | 5594974 | 5454876 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 03/15/40<sup>4</sup> | 4908703 | 4506778 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>4</sup> | 369137 | 352622 |
| Project Silver |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 07/15/44<sup>4</sup> | 4682478 | 4532779 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>4</sup> | 4268754 | 4125153 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>4</sup> | 1352855 | 1332585 |
| &nbsp;&nbsp;&nbsp;2017-1, 6.30% due 02/15/42<sup>4</sup> | 887930 | 881270 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>4</sup> | 708286 | 706161 |
| MACH 1 Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.47% due 10/15/39<sup>4</sup> | 2846080 | 2812069 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.52% due 06/15/46<sup>4</sup> | 1587159 | 1517938 |
| Next10, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 12/15/30<sup>†††</sup> | 761225 | 780315 |
| **Total Transport-Aircraft** |  | 212555171 |
| **Infrastructure - 1.6%** |  |  |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 5.27% due 02/15/52<sup>4</sup> | 39650000 | 38521680 |
| &nbsp;&nbsp;&nbsp;2024-1A, 8.87% due 05/15/54<sup>4</sup> | 5950000 | 6168818 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 8.84% due 05/20/53<sup>4</sup> | 20000000 | 20590284 |
| &nbsp;&nbsp;&nbsp;2021-1, 4.46% due 11/20/51<sup>4</sup> | 11750000 | 11532511 |
| &nbsp;&nbsp;&nbsp;2024-1A, 9.19% due 06/20/54<sup>4</sup> | 7250000 | 7592828 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>4</sup> | 17550000 | 17638603 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>4</sup> | 11550000 | 11442775 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 10/05/55<sup>4</sup> | 7950000 | 7923137 |
| Vault DI Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.80% due 07/15/46<sup>4</sup> | 7150000 | 7000771 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.90% due 05/20/53<sup>4</sup> | 3400000 | 3463019 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.04% due 11/20/54<sup>4</sup> | 1850000 | 1881174 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.48% due 08/15/46<sup>4</sup> | 4925000 | 4799486 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 6.16% due 04/20/55<sup>4</sup> | 2100000 | 2142853 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>4</sup> | 1650000 | 1685223 |
| **Total Infrastructure** |  | 142383162 |
| **Insurance - 0.9%** |  |  |
| Dogwood State Bank |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 40098982 | 40328757 |
| Obra Longevity |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 34300000 | 36076471 |
| CHEST |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/23/43<sup>†††</sup> | 5400000 | 5661312 |
| **Total Insurance** |  | 82066540 |
| **Net Lease - 0.5%** |  |  |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.95% due 02/15/50<sup>4</sup> | 27799000 | 25293659 |
| CARS-DB7, LP |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.50% due 09/15/53<sup>4</sup> | 11059875 | 11181452 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.55% due 02/20/53<sup>4</sup> | 5911573 | 5809759 |
| **Total Net Lease** |  | 42284870 |
| **Whole Business - 0.4%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>4</sup> | 17616875 | 18388980 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>4</sup> | 8982125 | 8946608 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>4</sup> | 9279875 | 9652242 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 3.88% due 03/15/48<sup>4</sup> | 129116 | 127216 |
| **Total Whole Business** |  | 37115046 |
| **Single Family Residence - 0.4%** |  |  |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>4</sup> | 13550000 | 13493544 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>4</sup> | 13250000 | 13197091 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>4</sup> | 8550000 | 8511917 |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 6.15% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 08/17/42<sup>◊,4</sup> | 700000 | 701633 |
| **Total Single Family Residence** |  | 35904185 |
| **Unsecured Consumer Loans - 0.1%** |  |  |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>4</sup> | 4813175 | 4829739 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.73% due 04/17/34<sup>4</sup> | 1600000 | 1618069 |
| UPX HIL Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.16% due 01/25/47<sup>4</sup> | 1586716 | 1593477 |
| **Total Unsecured Consumer Loans** |  | 8041285 |
| **ASSET-BACKED SECURITIES - 0.1%** |  |  |
| SSI Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.15% due 07/25/65<sup>4</sup> | 4089906 | 4137663 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Collateralized Debt Obligations - 0.0%** | **Collateralized Debt Obligations - 0.0%** | **Collateralized Debt Obligations - 0.0%** |
| Anchorage Credit Funding 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A CR, 3.52% due 04/27/39<sup>4</sup> | 4250000 | $3907564 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,836,696,800) | &nbsp;&nbsp;&nbsp;(Cost $1,836,696,800) | 1821679822 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 18.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 18.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 18.3%** |
| **Government Agency - 9.4%** |  |  |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>11</sup> | 198300000 | 199874701 |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>11</sup> | 160170000 | 140680194 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/26<sup>11</sup> | 87805000 | 87002638 |
| &nbsp;&nbsp;&nbsp;6.00% due 12/01/25<sup>11</sup> | 81850000 | 83600362 |
| &nbsp;&nbsp;&nbsp;6.00% due 01/01/26<sup>11</sup> | 45230000 | 46160155 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53<sup>5</sup> | 47420870 | 48275574 |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/55 | 30000122 | 30342041 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 25079299 | 25073600 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/53 | 22246788 | 22241807 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 17226314 | 17158316 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/55 | 65214950 | 65958234 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 31850215 | 31729547 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 19954143 | 19874183 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 6980007 | 6950655 |
| **Total Government Agency** |  | 824922007 |
| **Residential Mortgage-Backed Securities - 7.3%** | **Residential Mortgage-Backed Securities - 7.3%** | **Residential Mortgage-Backed Securities - 7.3%** |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.96% due 05/25/70<sup>4,13</sup> | 20340610 | 20509663 |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,4</sup> | 18877157 | 19203490 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.88% due 06/25/70<sup>4,13</sup> | 12818160 | 12918022 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.83% due 11/25/69<sup>4,13</sup> | 10535871 | 10618839 |
| &nbsp;&nbsp;&nbsp;2022-NQM5, 5.71% due 08/25/67<sup>4,13</sup> | 7311502 | 7284371 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.60% due 11/25/67<sup>4,13</sup> | 2204017 | 2202150 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>4,13</sup> | 24213892 | 24249049 |
| &nbsp;&nbsp;&nbsp;2025-2, 6.47% due 05/25/30<sup>4,13</sup> | 16073737 | 16132086 |
| &nbsp;&nbsp;&nbsp;2025-3, 6.26% due 05/25/30<sup>4,13</sup> | 13602424 | 13633227 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>4,13</sup> | 12477310 | 12490275 |
| &nbsp;&nbsp;&nbsp;2025-RCF3, 5.25% due 07/25/55<sup>4,13</sup> | 200000 | 200173 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.51% due 01/25/64<sup>4</sup> | 12495000 | 12611054 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.92% (WAC) due 02/25/64<sup>◊,4</sup> | 6901000 | 7010913 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>4,13</sup> | 5618826 | 5603001 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.62% (WAC) due 01/25/64<sup>◊,4</sup> | 5250000 | 5298663 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.80% due 01/25/62<sup>4,13</sup> | 4787120 | 4792978 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.82% due 05/25/65<sup>4,13</sup> | 1538686 | 1551355 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 4.00% due 11/01/69<sup>4,13</sup> | 23164000 | 21281925 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>4,13</sup> | 6102961 | 5752041 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/36<sup>◊</sup> | 19295571 | 10083941 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7452472 | 5580240 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 3.93% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36<sup>◊</sup> | 4406758 | 4060213 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.51% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 6641706 | 3469786 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 12/25/36<sup>◊</sup> | 2808346 | 1465693 |
| Ameriquest Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 10/25/36<sup>◊</sup> | 17423176 | 9571542 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.51% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 10/25/36<sup>◊</sup> | 30134101 | 8843024 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.37% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36<sup>◊</sup> | 12527302 | 3676237 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.66% due 03/25/70<sup>4,13</sup> | 18099032 | 18154723 |
| &nbsp;&nbsp;&nbsp;2022-8, 6.13% due 09/25/67<sup>4,13</sup> | 3672967 | 3661326 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.70% (WAC) due 10/25/54<sup>◊,4</sup> | 6324810 | 6372064 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,4</sup> | 3838052 | 3860880 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.03% (WAC) due 01/25/55<sup>◊,4</sup> | 3301883 | 3336446 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.25% (WAC) due 09/25/54<sup>◊,4</sup> | 2966300 | 2977158 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.30% (WAC) due 09/25/54<sup>◊,4</sup> | 2551740 | 2553956 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 6.11% (WAC) due 06/25/55<sup>◊,4</sup> | 1080456 | 1094563 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.91% (WAC) due 06/25/55<sup>◊,4</sup> | 675285 | 684157 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,4</sup> | 20000000 | 19993600 |
| WaMu Asset-Backed Certificates WaMu Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.99% (1 Month Term SOFR + 0.83%, Rate Floor: 0.83%) due 04/25/37<sup>◊</sup> | 21935608 | 7896343 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.49%) due 04/25/37<sup>◊</sup> | 16714740 | 6010090 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.44% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 5651203 | 4255535 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.52% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47<sup>◊</sup> | 1755131 | 1009526 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.77% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36<sup>◊</sup> | 13066247 | 5138228 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 15470288 | 3942963 |

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-1, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 02/25/36<sup>◊</sup> | 3406820 | $2998668 |
| &nbsp;&nbsp;&nbsp;2006-4, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 05/25/36<sup>◊</sup> | 9487691 | 2710032 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 4068671 | 1594875 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36<sup>◊</sup> | 4192157 | 1064367 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.47% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 07/25/36<sup>◊</sup> | 2355267 | 921014 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 30674404 | 6364215 |
| &nbsp;&nbsp;&nbsp;2007-QO2, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47<sup>◊</sup> | 12616122 | 3842620 |
| &nbsp;&nbsp;&nbsp;2006-QO8, 4.67% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 10/25/46<sup>◊</sup> | 2255324 | 2167623 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.73% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 06/25/46<sup>◊</sup> | 7981062 | 1696814 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.79% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 06/25/46<sup>◊</sup> | 5035370 | 1084746 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.81% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46<sup>◊</sup> | 5947913 | 982493 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.95% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46<sup>◊</sup> | 3182638 | 526045 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.71% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 213333 | 34785 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE8, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 10/25/36<sup>◊</sup> | 17622292 | 7693190 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.48% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37<sup>◊</sup> | 7138133 | 3269194 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.47% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 09/25/36<sup>◊</sup> | 4084621 | 1396763 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.50% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 02/25/37<sup>◊</sup> | 3564392 | 1119397 |
| &nbsp;&nbsp;&nbsp;2006-HE4, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 2084728 | 1038328 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 5.34% due 08/25/60<sup>4,13</sup> | 12500000 | 12447825 |
| &nbsp;&nbsp;&nbsp;2025-AFC2, 5.73% due 06/25/60<sup>4,13</sup> | 1759397 | 1769807 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.71% due 03/25/70<sup>4,13</sup> | 13373412 | 13417226 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.48% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 12/25/46<sup>◊</sup> | 6092045 | 5280257 |
| &nbsp;&nbsp;&nbsp;2006-1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/46<sup>◊</sup> | 5089015 | 4714214 |
| &nbsp;&nbsp;&nbsp;2006-3, 5.09% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/46<sup>◊</sup> | 4527132 | 2973855 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 7.46% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,4</sup> | 12425904 | 12519109 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2007-AMC3, 4.52% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37<sup>◊</sup> | 8506119 | 7448307 |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>4,13</sup> | 4920829 | 4934248 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 11/25/36<sup>◊</sup> | 20338731 | 6480786 |
| &nbsp;&nbsp;&nbsp;2006-2, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 17884978 | 5698785 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.99% due 05/25/65<sup>4</sup> | 10787331 | 10908757 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.50% (WAC) due 08/25/55<sup>◊,4</sup> | 7550000 | 7623848 |
| &nbsp;&nbsp;&nbsp;2025-CES7, 5.73% due 07/25/55<sup>4,13</sup> | 3156000 | 3195843 |
| Carrington Mortgage Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-NC3, 5.32% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 06/25/35<sup>◊</sup> | 11000000 | 10355562 |
| GSAMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46<sup>◊</sup> | 16375390 | 8647159 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.49% due 11/25/65<sup>4,13</sup> | 5890039 | 5896258 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.41% (30 Day Average SOFR + 2.05%, Rate Floor: 2.05%) due 10/25/55<sup>◊,4</sup> | 2600000 | 2606291 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,4</sup> | 8650000 | 8341342 |

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 6.00% (WAC) due 10/01/34<sup>◊,4</sup> | 8000000 | $8046383 |
| Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36<sup>◊</sup> | 9564644 | 3245012 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 4.47% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 08/25/36<sup>◊</sup> | 8801301 | 2503879 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7399792 | 2105237 |
| IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37<sup>◊</sup> | 22486777 | 4563799 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.50% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37<sup>◊</sup> | 15931566 | 3233257 |
| Top Pressure Recovery Turbines |  |  |
| &nbsp;&nbsp;&nbsp;7.51% due 11/01/69 | 6479219 | 6485698 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.87% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 9024091 | 4334725 |
| &nbsp;&nbsp;&nbsp;2006-9, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36<sup>◊</sup> | 6789270 | 1702976 |
| &nbsp;&nbsp;&nbsp;2007-7, 4.81% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 147997 | 142946 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS2, 5.75% due 04/25/61<sup>4</sup> | 5919760 | 5915145 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 6.12% due 05/25/65<sup>4</sup> | 5780656 | 5782912 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>4,13</sup> | 5697753 | 5666512 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>4,13</sup> | 5607861 | 5644225 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.81% due 07/25/65<sup>4,13</sup> | 4242842 | 4266283 |
| &nbsp;&nbsp;&nbsp;2025-CES2, 5.19% due 07/26/55<sup>4,13</sup> | 1250000 | 1248287 |
| Argent Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-W5, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 7783470 | 5168180 |
| First NLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/37<sup>◊,4</sup> | 5862269 | 2935925 |
| &nbsp;&nbsp;&nbsp;2007-1, 4.34% (1 Month Term SOFR + 0.18%, Rate Floor: 0.07%) due 08/25/37<sup>◊,4</sup> | 4445547 | 2226626 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 4921429 | 4776510 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47<sup>◊</sup> | 5091527 | 4720234 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 7.12% (WAC) due 11/25/53<sup>◊,4</sup> | 3485191 | 3597387 |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.66% (30 Day Average SOFR + 2.30%, Rate Floor: 0.00%) due 06/25/55<sup>◊,4</sup> | 1000000 | 1002329 |
| Merrill Lynch Mortgage Investors Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37<sup>◊</sup> | 6504271 | 1814956 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.79% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37<sup>◊</sup> | 4708160 | 1313713 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.51% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 02/25/37<sup>◊</sup> | 3743470 | 1044625 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 5.11% (1 Month Term SOFR + 0.95%, Rate Floor: 0.84%) due 02/25/37<sup>◊</sup> | 1523351 | 425000 |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-18N, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36<sup>◊</sup> | 2763538 | 2727452 |
| &nbsp;&nbsp;&nbsp;2006-10N, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46<sup>◊</sup> | 1841635 | 1792927 |
| WaMu Asset-Backed Certificates WaMu Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.73% (1 Month Term SOFR + 0.57%, Rate Floor: 0.57%) due 01/25/37<sup>◊</sup> | 6602028 | 2989842 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.44% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 2458167 | 1413760 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-ASP1, 5.03% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 03/25/37<sup>◊</sup> | 9942766 | 4020544 |
| HSI Asset Securitization Corporation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 01/25/37<sup>◊</sup> | 5217009 | 3728111 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,4</sup> | 3311945 | 3367051 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.99% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 3251976 | 2759771 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| First Franklin Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-FF16, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36<sup>◊</sup> | 6701684 | $| 2708376 |
| Morgan Stanley Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-9AR, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7408926 |  | 1584117 |
| Alliance Bancorp Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 1622689 |  | 1423977 |
| Cross Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.64% due 07/25/70<sup>4,13</sup> | 1381890 |  | 1386509 |
| Anchor Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>4</sup> | 1000000 |  | 1005010 |
| Towd Point Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 4.77% (WAC) due 06/25/65<sup>◊,4</sup> | 959986 |  | 960235 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.86% (WAC) due 05/25/70<sup>◊,4</sup> | 833552 |  | 837359 |
| NYMT Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,4</sup> | 800000 |  | 739372 |
| Nomura Resecuritization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 1.42% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,4</sup> | 519157 |  | 508128 |
| Morgan Stanley Re-REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 2.86% due 06/26/36<sup>4</sup> | 344581 |  | 334104 |
| **Total Residential Mortgage-Backed Securities** |  |  | 644999563 |
| **Commercial Mortgage-Backed Securities - 1.3%** | **Commercial Mortgage-Backed Securities - 1.3%** | **Commercial Mortgage-Backed Securities - 1.3%** | **Commercial Mortgage-Backed Securities - 1.3%** |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.59% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 06/15/41<sup>◊,4</sup> | 20650000 |  | 20669359 |
| &nbsp;&nbsp;&nbsp;2023-DELC, 7.49% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38<sup>◊,4</sup> | 10650000 |  | 10729850 |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,4</sup> | 20006301 |  | 19968789 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.74% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39<sup>◊,4</sup> | 6085269 |  | 6106187 |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,4</sup> | 21644000 |  | 19772902 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 2.64%) due 06/15/38<sup>◊,4</sup> | 15000000 |  | 12348552 |
| SMRT |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.10% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,4</sup> | 10000000 |  | 9950000 |
| GS Mortgage Securities Corporation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 6.92% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36<sup>◊,4</sup> | 6768524 |  | 6545917 |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 6.32% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36<sup>◊,4</sup> | 2535891 |  | 2478532 |
| MHP |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 6.76% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/15/39<sup>◊,4</sup> | 7200000 |  | 7200000 |
| RWC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>4,11</sup> | 1000000 |  | 998712 |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>4,11</sup> | 300000 |  | 299618 |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>4,11</sup> | 300000 |  | 299614 |
| MILE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-STNE, 5.85% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/15/42<sup>◊,4</sup> | 500000 |  | 500156 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 117868188 |
| **Military Housing - 0.3%** |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 10/25/52<sup>◊,4,14</sup> | 153199276 |  | 8701351 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/52<sup>◊,4,14</sup> | 144377167 |  | 6771419 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,4,14</sup> | 61570706 |  | 3459012 |
| Capmark Military Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-AET2, 6.06% due 10/10/52<sup>†††,4</sup> | 5330558 |  | 5222772 |
| **Total Military Housing** |  |  | 24154554 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,753,618,411) | &nbsp;&nbsp;&nbsp;(Cost $1,753,618,411) |  | 1611944312 |
| **CONVERTIBLE BONDS<sup>††</sup>** **- 0.2%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.2%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.2%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.2%** |
| **Consumer, Non-cyclical - 0.2%** |  |  |  |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 05/01/26<sup>15</sup> | 21951000 |  | 21314421 |
| **Total Convertible Bonds** | **Total Convertible Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,256,055) | &nbsp;&nbsp;&nbsp;(Cost $21,256,055) |  | 21314421 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.92% due 10/30/25<sup>5,16</sup> | 10000000 |  | 9967341 |
| &nbsp;&nbsp;&nbsp;3.91% due 10/30/25<sup>5,16</sup> | 3960000 |  | 3947067 |
| &nbsp;&nbsp;&nbsp;4.02% due 10/07/25<sup>5,16</sup> | 1350000 |  | 1349085 |
| &nbsp;&nbsp;&nbsp;3.95% due 10/23/25<sup>5,16</sup> | 1000000 |  | 997539 |
| &nbsp;&nbsp;&nbsp;4.02% due 10/21/25<sup>5,16</sup> | 350000 |  | 349214 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,610,474) |  |  | 16610246 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.1%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>4</sup> |  | 10700000 | $10855792 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,673,649) |  |  | 10855792 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.1%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.1%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.1%** | **SENIOR FIXED RATE INTERESTS<sup>††</sup>** **- 0.1%** |
| **Industrial - 0.1%** |  |  |  |
| Cognita Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.84% due 10/27/31 |  | 5316675 | 5329967 |
| **Consumer, Cyclical - 0.0%** |  |  |  |
| Savers, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.03% due 09/13/32 |  | 2350000 | 2350000 |
| **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,641,985) | &nbsp;&nbsp;&nbsp;(Cost $7,641,985) | &nbsp;&nbsp;&nbsp;(Cost $7,641,985) | 7679967 |
| **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 4.1%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 4.1%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 4.1%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 4.1%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.19% due 10/01/25 |  | 137905887 | 137905887 |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 |  | 120667651 | 120667651 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 |  | 86191179 | 86191179 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.18% due 10/01/25 |  | 17238236 | 17238236 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $362,002,953) |  |  | 362002953 |
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** |  |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **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;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 20955000 | 269815 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 16764000 | 215852 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $67,918,525) | EUR | 57803000 | 98764 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $67,918,525) | EUR | 57803000 | 98764 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 6684000 | 196965 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $86,762,000) | EUR | 73840000 | 129679 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $77,642,825) | EUR | 66079000 | 111059 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 41538000 | 87849 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $38,440,125) | EUR | 32715000 | 55898 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 3701000 | 47654 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 1573000 | 46353 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 12461000 | 26354 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 3798000 | 8032 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $95,672,025) | EUR | 81423000 | 205 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $95,672,025) | EUR | 81423000 | 205 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $66,969,125) | EUR | 56995000 | 168 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $31,607,500) | EUR | 26900000 | 79 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $28,700,550) | EUR | 24426000 | 72 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $5,205,250) | EUR | 4430000 | $| 13 |
| **Total Foreign Exchange Options** |  |  |  | 1393780 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,695,296) |  |  |  | 1393780 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</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% | USD | 263880000 |  | 3330284 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 131940000 |  | 1665143 |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% | USD | 131940000 |  | 1665142 |
| **Total Interest Rate Swaptions** |  |  |  | 6660569 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,339,717) |  |  |  | 6660569 |
| **Total Investments - 107.6%** | **Total Investments - 107.6%** | **Total Investments - 107.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,659,620,116) | &nbsp;&nbsp;&nbsp;(Cost $9,659,620,116) | &nbsp;&nbsp;&nbsp;(Cost $9,659,620,116) |  | 9493186529 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **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 | 3798000 |  | (504) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 12461000 |  | (1655) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 41538000 |  | (5514) |
| **Total Foreign Exchange Options** |  |  |  | (7673) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $456,394) |  |  |  | (7673) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** |
| **Call Swaptions on:** |  |  |  |  |
| **Interest Rate Swaptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% | USD | 40718750 |  | (101585) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% | USD | 40718750 |  | (101876) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% | USD | 40718750 |  | (103935) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% | USD | 40718750 |  | (117972) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% | USD | 40718750 |  | (117972) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% | USD | 40718750 |  | (119842) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% | USD | 40718750 |  | (131110) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% | USD | 40718750 |  | (132574) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% | USD | 40718750 |  | (135644) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% | USD | 40718750 |  | (135644) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% | USD | 57006250 |  | (143520) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% | USD | 57006250 |  | (143520) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% | USD | 65150000 |  | (177749) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% | USD | 65150000 |  | (177749) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 131940000 |  | (464958) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 131940000 |  | (464958) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% | USD | 263880000 | $(929916) |
| **Total Interest Rate Swaptions** |  |  | (3700524) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% | USD | 40718750 | (55125) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% | USD | 40718750 | (55125) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% | USD | 40718750 | (58078) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% | USD | 40718750 | (58876) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% | USD | 40718750 | (67118) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% | USD | 40718750 | (68004) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% | USD | 40718750 | (69686) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% | USD | 40718750 | (69929) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% | USD | 40718750 | (85818) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% | USD | 40718750 | (85818) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% | USD | 57006250 | (136288) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% | USD | 57006250 | (136288) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% | USD | 65150000 | (142198) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% | USD | 65150000 | (142198) |
| **Total Interest Rate Swaptions** |  |  | (1230549) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $7,169,665) |  |  | (4931073) |
| **Other Assets & Liabilities, net - (7.5)%** | **Other Assets & Liabilities, net - (7.5)%** | **Other Assets & Liabilities, net - (7.5)%** | (659472188) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8828775595 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
| Gold 100 oz. Futures Contracts | 117 | Dec 2025 | $45475560 | $3759701 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $175700000 | $(3976788) | $(4023177) | $46389 |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 88100000 | (7042582) | (6654500) | (388082) |
|  |  |  |  |  |  | $(11019370) | $(10677677) | $(341693) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> 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 | $27695000 | $(2371056) | $(1486411) | $(884645) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 27695000 | (4302907) | (3553012) | (749895) |
|  |  |  |  |  |  | $(6673963) | $(5039423) | $(1634540) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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\*\*** |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.75% | Annually | 08/01/29 | $152530000 | $2216668 | $717 | $2215951 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Reference <br> Obligation** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Citibank, N.A. | iShares Core S&P 500 ETF | Receive | 4.85% (Federal Funds Rate + 0.76%) | At Maturity | 01/12/26 | 16000 | $10708800 | $(133600) |
| Toronto-Dominion Bank | SPDR S&P 500 ETF Trust | Receive | 4.86% (Federal Funds Rate + 0.77%) | At Maturity | 01/26/26 | 36000 | 23982480 | (292680) |
|  |  |  |  |  |  |  | $34691280 | $(426280) |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Bank of America, N.A. | SPDR S&P 500 ETF Trust | Pay | 4.70% (Federal Funds Rate + 0.61%) | At Maturity | 06/16/26 | 74100 | 49363938 | 5333718 |
| **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** | **OTC Interest Rate Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | Goldman Sachs Swaption Forward Volatility Index | Pay | 3.09% (Federal Funds Rate - 1.00%) | At Maturity | 05/15/26 | 252444 | 36046444 | (3107583) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Barclays Bank plc | GBP | Sell | 79762000 | 108,343,357 USD | 10/17/25 | $1058932 |
| Nomura Global Financial Products, Inc. | EUR | Sell | 633359000 | 744,751,072 USD | 10/17/25 | 297393 |
| JPMorgan Chase Bank, N.A. | EUR | Sell | 7100000 | 8,382,352 USD | 10/17/25 | 36973 |
| Morgan Stanley Capital Services LLC | CAD | Sell | 6280000 | 4,548,928 USD | 10/17/25 | 30738 |
| Morgan Stanley Capital Services LLC | EUR | Buy | 500000 | 586,958 USD | 10/17/25 | 745 |
| Toronto-Dominion Bank | EUR | Sell | 296000 | 348,079 USD | 10/15/25 | 204 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 707000 | 830,045 USD | 10/15/25 | (858) |
| Toronto-Dominion Bank | EUR | Buy | 8350000 | 9,815,495 USD | 10/17/25 | (859) |
| Barclays Bank plc | EUR | Sell | 357000 | 416,767 USD | 10/15/25 | (2799) |
| Morgan Stanley Capital Services LLC | EUR | Sell | 16000000 | 18,731,491 USD | 10/17/25 | (74998) |
|  |  |  |  |  |  | $1345471 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | $263880000 | $3330284 |
| 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% | 131940000 | 1665143 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 131940000 | 1665142 |
|  |  |  |  |  |  |  |  | $6660569 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $40718750 | $(101585) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 40718750 | (101876) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 40718750 | (103935) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 40718750 | (117972) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 40718750 | (117972) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 40718750 | (119842) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 40718750 | (131110) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 40718750 | (132574) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 40718750 | (135644) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 40718750 | (135644) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 57006250 | (143520) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 57006250 | (143520) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 65150000 | (177749) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 65150000 | (177749) |
| 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% | 131940000 | (464958) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 131940000 | (464958) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 263880000 | (929916) |
|  |  |  |  |  |  |  |  | $(3700524) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $40718750 | $(55125) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 40718750 | (55125) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 40718750 | (58078) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 40718750 | (58876) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 40718750 | (67118) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 40718750 | (68004) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 40718750 | (69686) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 40718750 | (69929) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 40718750 | (85818) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 40718750 | (85818) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 57006250 | (136288) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 57006250 | (136288) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 65150000 | (142198) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 65150000 | (142198) |
|  |  |  |  |  |  |  |  | $(1230549) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | |
|:---|:---|
| <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 Consolidated Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs, 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 September 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;Special Purpose Acquisition Company (SPAC). |
| <sup>3</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 $5,340,022 (cost $10,728,076), or 0.1% of total net assets — See Note 10. |
| <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 $3,728,667,787 (cost $3,778,601,059), or 42.2% of total net assets. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures, swaps and other over-the-counter derivatives collateral at September 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>7</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>8</sup> | &nbsp;&nbsp;&nbsp;Perpetual maturity. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Security is in default of interest and/or principal obligations. |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| <sup>13</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>17</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>18</sup> | &nbsp;&nbsp;&nbsp;Security is no longer an affiliated entity as a result of New Age Alpha's acquisition of certain Guggenheim Funds on October 25, 2024. |
| <sup>19</sup> | &nbsp;&nbsp;&nbsp;Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
|  | &nbsp;&nbsp;&nbsp;CAD — Canadian Dollar |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 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;EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;PPV — Public-Private Venture |
|  | &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. |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $817654 | $4386590 | $27796504 | $33000748 |
| Preferred Stocks | 40284729 | 300133683 | 27721474 | 368139886 |
| Warrants | 934 |  | 248 | 1182 |
| Rights |  |  | 2 | 2 |
| Exchange-Traded Funds | 103905765 |  |  | 103905765 |
| Mutual Funds | 317959589 |  |  | 317959589 |
| Money Market Funds | 337048833 |  |  | 337048833 |
| Corporate Bonds |  | 2326761540 | 213314428 | 2540075968 |
| Senior Floating Rate Interests |  | 1675981057 | 256931637 | 1932912694 |
| Asset-Backed Securities |  | 1503886500 | 317793322 | 1821679822 |
| Collateralized Mortgage Obligations |  | 1606721540 | 5222772 | 1611944312 |
| Convertible Bonds |  | 21314421 |  | 21314421 |
| U.S. Treasury Bills |  | 16610246 |  | 16610246 |
| Foreign Government Debt |  | 10855792 |  | 10855792 |
| Senior Fixed Rate Interests |  | 7679967 |  | 7679967 |
| Repurchase Agreements |  | 362002953 |  | 362002953 |
| Options Purchased |  | 1393780 |  | 1393780 |
| Interest Rate Swaptions Purchased |  | 6660569 |  | 6660569 |
| Commodity Futures Contracts\*\* | 3759701 |  |  | 3759701 |
| Credit Default Swap Agreements\*\* |  | 46389 |  | 46389 |
| Interest Rate Swap Agreements\*\* |  | 2215951 |  | 2215951 |
| Equity Index Swap Agreements\*\* |  | 5333718 |  | 5333718 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 1424985 |  | 1424985 |
| Total Assets | $803777205 | $7853409681 | $848780387 | $9505967273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $7673 | $— | $7673 |
| Interest Rate Swaptions Written |  | 4931073 |  | 4931073 |
| Credit Default Swap Agreements\*\* |  | 2022622 |  | 2022622 |
| Interest Rate Swap Agreements\*\* |  | 3107583 |  | 3107583 |
| Equity Index Swap Agreements\*\* |  | 426280 |  | 426280 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 79514 |  | 79514 |
| Unfunded Loan Commitments (Note 9) |  |  | 956434 | 956434 |
| Total Liabilities | $— | $10574745 | $956434 | $11531179 |

---

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

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $149234587 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 137928735 | Yield Analysis | Yield | 4.3%-8.4% | 6.4% |
| Asset-Backed Securities | 30630000 | Third Party Pricing | Trade Price |  |  |
| Collateralized Mortgage Obligations | 5222772 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Common Stocks | 25143443 | Third Party Pricing | Trade Price |  |  |
| Common Stocks | 2533525 | Enterprise Value | Valuation Multiple | 2.6x-8.7x | 5.1x |
| Common Stocks | 119536 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 95535839 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 70804213 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 21842351 | Yield Analysis | Yield | 9.2% |  |
| Corporate Bonds | 13894709 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 11237315 | Model Price | Purchase Price |  |  |
| Corporate Bonds | 1 | Model Price | Liquidation Value |  |  |
| Preferred Stocks | 27721474 | Yield Analysis | Yield | 5.8% |  |
| Rights | 2 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 170283139 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 44870996 | Yield Analysis | Yield | 9.6%-15.3% | 10.3% |
| Senior Floating Rate Interests | 36865101 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 4912401 | Model Price | Liquidation Value |  |  |
| Warrants | 248 | Model Price | Liquidation Value |  |  |
| Total Assets | $848780387 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $956434 | Model Price | Purchase price |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund had securities with a total value of $62,218,827 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.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **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** | **Preferred <br> Stocks** | **Rights** | <br>**Total <br> Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $239516962 | $5406232 | $137028103 | $267381117 | $286 | $2971450 | $27633690 | $— | $679937840 | $(1325732) |
| Purchases/(Receipts) | 133974608 |  | 111445872 | 103026704 |  | 25143441 |  |  | 373590625 | (4526605) |
| (Sales, maturities and paydowns)/Fundings | (44575188) | (73135) | (24028597) | (75068414) |  | (563) |  |  | (143745897) | 2443004 |
| Amortization of premiums/discounts | 94796 | (123) | (28278) | 1457362 |  |  |  |  | 1523757 |  |
| Corporate actions |  |  |  | (7530707) |  |  |  |  | (7530707) |  |
| Total realized gains (losses) included in earnings | 61223 | (119) | (21066) | (2361992) |  | (18207) |  |  | (2340161) | 1993486 |
| &nbsp;&nbsp;Total change in unrealized appreciation (depreciation) included in earnings | 1797929 | (110083) | 2925144 | 5162636 | (38) | (299617) | 87784 | 2 | 9563757 | 459413 |
| &nbsp;&nbsp;Transfers out of Level 3 | (13077008) |  | (14006750) | (35135069) |  |  |  |  | (62218827) |  |
| &nbsp;&nbsp; Ending Balance  | $317793322 | $5222772 | $213314428 | $256931637 | $248 | $27796504 | $27721474 | $2 | $848780387 | $(956434) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $1260890 | $(110083) | $1148423 | $4583786 | $(38) | $(299828) | $87784 | $2 | $6670936 | $711407 |

---

**Step Coupon Bonds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| BRAVO Residential Funding Trust 2025-CES2, 5.19% due 07/26/55 | 6.19% | 08/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM7, 5.81% due 07/25/65 | 6.81% | 07/01/29 |  |  |
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00% | 03/01/28 | 9.00% | 03/01/29 |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 |  |  |
| COLT Mortgage Loan Trust 2025-3, 5.71% due 03/25/70 | 6.71% | 02/01/29 |  |  |
| Cross Mortgage Trust 2025-H6, 5.64% due 07/25/70 | 6.64% | 07/01/29 |  |  |
| GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44 | 2.00% | 10/15/26 |  |  |
| GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 | 2.00% | 10/15/26 |  |  |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 |  |  |
| GCAT Trust 2023-NQM2, 6.60% due 11/25/67 | 7.60% | 01/01/27 |  |  |
| GCAT Trust 2025-NQM1, 5.83% due 11/25/69 | 6.83% | 04/01/29 |  |  |
| GCAT Trust 2025-NQM3, 5.96% due 05/25/70 | 6.96% | 06/01/29 |  |  |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| GCAT Trust 2025-NQM4, 5.88% due 06/25/70 | 6.88% | 07/01/29 |  |  |
| GS Mortgage-Backed Securities Trust 2025-NQM3, 5.49% due 11/25/65 | 6.49% | 08/01/29 |  |  |
| HOMES Trust 2025-AFC2, 5.73% due 06/25/60 | 6.73% | 06/01/29 |  |  |
| HOMES Trust 2025-AFC3, 5.34% due 08/25/60 | 6.34% | 09/01/29 |  |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |  |  |
| Mill City Securities Ltd. 2024-RS1, 4.00% due 11/01/69 | 7.00% | 10/01/27 |  |  |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2025-NQM13, 5.82% due 05/25/65 | 6.82% | 07/01/29 |  |  |
| OBX Trust 2023-NQM2, 6.80% due 01/25/62 | 7.80% | 02/01/27 |  |  |
| PRPM LLC 2025-3, 6.26% due 05/25/30 | 9.26% | 05/01/28 | 10.26% | 05/01/29 |
| PRPM LLC 2025-2, 6.47% due 05/25/30 | 9.47% | 05/01/28 | 10.47% | 05/01/29 |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| RCKT Mortgage Trust 2025-CES7, 5.73% due 07/25/55 | 6.73% | 07/01/29 |  |  |
| Verus Securitization Trust 2025-2, 5.66% due 03/25/70 | 6.66% | 03/01/29 |  |  |
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 |  |  |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 |  |  |

---

**Repurchase Agreements** 

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

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

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

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value**  | **Repurchase Price**  | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;3.88% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | $137905887 | $137921938 | &nbsp;&nbsp;Due 12/31/29  | $99692600 | $101273475 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;2.75% |  |  |
|  |  |  | &nbsp;&nbsp;Due 11/15/42 | 26406000 | 20750957 |
|  |  |  | U.S. Treasury Strips |  |  |
|  |  |  | &nbsp;&nbsp;0.00% |  |  |
|  |  |  | &nbsp;&nbsp;Due 11/15/39 - 11/15/47 | 53564767 | 18639572 |
|  |  |  |  | 179663367 | 140664004 |
| BNP Paribas |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 120667651 | 120681729 | &nbsp;&nbsp;Due 05/15/35 - 05/15/50 | 108179651 | 56694539 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;0.38% - 4.13% |  |  |
|  |  |  | &nbsp;&nbsp;Due 11/30/25 - 07/31/30 | 65619900 | 66352533 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;6.63% |  |  |
|  |  |  | &nbsp;&nbsp;Due 02/15/27 | 46000 | 48319 |
|  |  |  |  | 173845551 | 123095391 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;0.75% - 4.63% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 86191179 | 86201235 | &nbsp;&nbsp;Due 02/28/27 - 08/15/31 | 101397200 | 87925281 |
| Bank of Montreal |  |  | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;4.18% |  |  | &nbsp;&nbsp;2.38% - 2.50% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 17238236 | 17240238 | &nbsp;&nbsp;Due 02/15/46 - 11/15/49 | 24998100 | 17585067 |

---

**Affiliated Transactions** 

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

Transactions during the year ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 09/30/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accuride Corp.\* | $— | $— | $— | $— | $340 | $340 | 3399497 | $— |
| &nbsp;&nbsp;Accuride Liquidating Trust\* |  |  |  |  |  |  | 209 |  |
| &nbsp;&nbsp;BP Holdco LLC\* | 45503 |  |  |  | (14817) | 30686 | 37539 |  |
| &nbsp;&nbsp;FTAI Aircraft Leasing Offshore SPV (2025), LP\* |  | 25143443 |  |  |  | 25143443 | 25143443 |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6 | 134197181 | 6061397 |  |  | 584823 | 140843401 | 5704471 | 6061397 |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | 20765053 | 40499057 | (37200000) | 7012 | 163665 | 24234787 | 974067 | 2499057 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 36046213 | 40440653 | (48300000) | 389848 | (228235) | 28348479 | 1136212 | 2940653 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 52967485 | 2484736 |  |  | 274071 | 55726292 | 5533892 | 2484736 |
| &nbsp;&nbsp;NAA Opportunity Fund<sup>1</sup> | 33415126 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NAA Risk Managed Real Estate Fund<sup>1</sup> | 38251104 |  |  |  |  |  |  |  |
| **Senior Floating Rate Interests** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accuride Corp. 8.72% (3 Month Term SOFR + 1.50%, Rate Floor: 5.72%) (in-kind rate was 3.00%) due 03/07/30 |  | 2437692 |  |  | 2221834 | 4659526 | 2482936 | 121193 |
|  | $315687665 | $117066978 | $(85500000) | $396860 | $3001681 | $278986954 |  | $14107036 |

---

\* Non-income producing security. <br> <sup>1</sup> Security is no longer an affiliated entity as a result of New Age Alpha's acquisition of certain Guggenheim Funds on October 25, 2024.

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

**MACRO OPPORTUNITIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $9,027,304,843) | $8852196622 |
| Investments in affiliated issuers, at value (cost $270,312,320) | 278986954 |
| Repurchase agreements, at value (cost $362,002,953) | 362002953 |
| Foreign currency, at value (cost $6,019,128) | 6019130 |
| Cash | 3400879 |
| Segregated cash with broker | 11174544 |
| Unamortized upfront premiums paid on interest rate swap agreements | 717 |
| Unrealized appreciation on OTC swap agreements | 5333718 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1424985 |
| Prepaid expenses | 132612 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1108585954 |
| &nbsp;&nbsp;&nbsp;Interest | 74261015 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 26339500 |
| &nbsp;&nbsp;&nbsp;Dividends | 1167725 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 369720 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 130336 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 47194 |
| **Total assets** | 10731574558 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $2,531,440) | 956434 |
| Options written, at value (premiums received $7,626,059) | 4938746 |
| Segregated cash due to broker | 6580767 |
| Unamortized upfront premiums received on credit default swap agreements | 15717100 |
| Unrealized depreciation on OTC swap agreements | 5168403 |
| Unrealized depreciation on forward foreign currency exchange contracts | 79514 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1834545331 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 17954425 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 5218536 |
| &nbsp;&nbsp;&nbsp;Management fees | 4045808 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1221569 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 335812 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 263146 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 152580 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 54460 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 34283 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 25877 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 12909 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5493263 |
| **Total liabilities** | 1902798963 |
| **Net assets** | $8828775595 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $9541997025 |
| Total distributable earnings (loss) | (713221430) |
| Net assets | $8828775595 |
| **Class A:** | **Class A:** |
| Net assets | $321326759 |
| Capital shares outstanding | 12868574 |
| Net asset value per share | $24.97 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $26.01 |
| **Class C:** | **Class C:** |
| Net assets | $106740241 |
| Capital shares outstanding | 4278219 |
| Net asset value per share | $24.95 |
| **Class P:** | **Class P:** |
| Net assets | $22993631 |
| Capital shares outstanding | 920274 |
| Net asset value per share | $24.99 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $8221001271 |
| Capital shares outstanding | 328673228 |
| Net asset value per share | $25.01 |
| **Class R6:** | **Class R6:** |
| Net assets | $156713693 |
| Capital shares outstanding | 6266528 |
| Net asset value per share | $25.01 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 183

**MACRO OPPORTUNITIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $6455878 |
| Dividends from securities of affiliated issuers | 13985843 |
| Interest from securities of unaffiliated issuers (net of foreign withholding tax of $85,854) | 519182021 |
| Interest from securities of affiliated issuers | 121193 |
| &nbsp;&nbsp;&nbsp;Total investment income | 539744935 |
| **Expenses:** | **Expenses:** |
| Management fees | 70870634 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 801932 |
| &nbsp;&nbsp;&nbsp;Class C | 1076052 |
| &nbsp;&nbsp;&nbsp;Class P | 58934 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 290945 |
| &nbsp;&nbsp;&nbsp;Class C | 86023 |
| &nbsp;&nbsp;&nbsp;Class P | 17777 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8195586 |
| &nbsp;&nbsp;&nbsp;Class R6 | 9227 |
| Fund accounting/administration fees | 2994088 |
| Line of credit fees | 635184 |
| Professional fees | 446742 |
| Custodian fees | 299516 |
| Trustees' fees\* | 158645 |
| Miscellaneous | 767050 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 99734 |
| &nbsp;&nbsp;&nbsp;Class C | 45596 |
| &nbsp;&nbsp;&nbsp;Class P | 26954 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 39760 |
| &nbsp;&nbsp;&nbsp;Class R6 | 26369 |
| &nbsp;&nbsp;&nbsp;Total expenses | 86946748 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (456) |
| &nbsp;&nbsp;&nbsp;Class P | (1555) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (6369857) |
| &nbsp;&nbsp;&nbsp;Class R6 | (464) |
| Expenses waived by Adviser | (3661769) |
| Earnings credits applied | (272506) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (10306607) |
| Net expenses | 76640141 |
| Net investment income | 463104794 |
| **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 | $(38341282) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 396860 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 9380631 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 11884570 |
| &nbsp;&nbsp;&nbsp;Options purchased | (11779194) |
| &nbsp;&nbsp;&nbsp;Options written | 2687636 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (41941771) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (6138460) |
| Net realized loss | (73851010) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 137090581 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 3001681 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (10264300) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (8360440) |
| &nbsp;&nbsp;&nbsp;Options purchased | 1558520 |
| &nbsp;&nbsp;&nbsp;Options written | 2687313 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 4316495 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 535254 |
| Net change in unrealized appreciation (depreciation) | 130565104 |
| Net realized and unrealized gain | 56714094 |
| **Net increase in net assets resulting from operations** | $519818888 |

---

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

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

**MACRO OPPORTUNITIES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $463104794 | $395399021 |
| Net realized loss on investments | (73851010) | (93093580) |
| Net change in unrealized appreciation (depreciation) on investments | 130565104 | 454390955 |
| Net increase in net assets resulting from operations | 519818888 | 756696396 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17832143) | (18434390) |
| &nbsp;&nbsp;&nbsp;Class C | (5182520) | (5780507) |
| &nbsp;&nbsp;&nbsp;Class P | (1287716) | (2980359) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (442516094) | (393918652) |
| &nbsp;&nbsp;&nbsp;Class R6 | (8410908) | (9856861) |
| Total distributions to shareholders | (475229381) | (430970769) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 100806148 | 122660844 |
| &nbsp;&nbsp;&nbsp;Class C | 28887565 | 30464616 |
| &nbsp;&nbsp;&nbsp;Class P | 6460472 | 9692840 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2736955785 | 2655046775 |
| &nbsp;&nbsp;&nbsp;Class R6 | 48187332 | 66002762 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 14614252 | 15596676 |
| &nbsp;&nbsp;&nbsp;Class C | 4705273 | 5231832 |
| &nbsp;&nbsp;&nbsp;Class P | 1274543 | 2953184 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 387701090 | 342864582 |
| &nbsp;&nbsp;&nbsp;Class R6 | 8379899 | 9703987 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (126055692) | (102590665) |
| &nbsp;&nbsp;&nbsp;Class C | (34651504) | (36716557) |
| &nbsp;&nbsp;&nbsp;Class P | (11951393) | (42732573) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1791740363) | (1676736544) |
| &nbsp;&nbsp;&nbsp;Class R6 | (54335254) | (117211214) |
| Net increase from capital share transactions | 1319238153 | 1284230545 |
| Net increase in net assets | 1363827660 | 1609956172 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 7464947935 | 5854991763 |
| &nbsp;&nbsp;&nbsp;End of year | $8828775595 | $7464947935 |

---

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

**MACRO OPPORTUNITIES FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4078485 | 5055388 |
| &nbsp;&nbsp;&nbsp;Class C | 1168304 | 1258346 |
| &nbsp;&nbsp;&nbsp;Class P | 261026 | 400331 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 110471337 | 109467399 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1953208 | 2727890 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 590327 | 644458 |
| &nbsp;&nbsp;&nbsp;Class C | 190204 | 216488 |
| &nbsp;&nbsp;&nbsp;Class P | 51461 | 122198 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 15633169 | 14136969 |
| &nbsp;&nbsp;&nbsp;Class R6 | 337953 | 401374 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5096405) | (4249244) |
| &nbsp;&nbsp;&nbsp;Class C | (1403001) | (1522468) |
| &nbsp;&nbsp;&nbsp;Class P | (483298) | (1754486) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (72439766) | (69266077) |
| &nbsp;&nbsp;&nbsp;Class R6 | (2195009) | (4883357) |
| Net increase in shares | 53117995 | 52755209 |

---

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

**MACRO OPPORTUNITIES FUND**<br>

**CONSOLIDATED 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.86 | $23.66 | $23.36 | $27.19 | $26.31 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.33 | 1.39 | 1.30 | .89 | .91 |
| Net gain (loss) on investments (realized and unrealized) | .15 | 1.34 | .33 | (3.77) | 1.04 |
| Total from investment operations | 1.48 | 2.73 | 1.63 | (2.88) | 1.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.37) | (1.53) | (1.33) | (.95) | (1.07) |
| Total distributions | (1.37) | (1.53) | (1.33) | (.95) | (1.07) |
| Net asset value, end of period | $24.97 | $24.86 | $23.66 | $23.36 | $27.19 |
| **Total Return<sup>b</sup>** | **6.16%** | **11.92%** | **7.09%** | **(10.77** **%)** | **7.49%** |
| **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) | $321327 | $330519 | $280275 | $327393 | $435293 |
| 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) | 5.40% | 5.76% | 5.46% | 3.46% | 3.35% |
| Total expenses<sup>c</sup> | 1.31% | 1.30% | 1.50% | 1.42% | 1.43% |
| Net expenses<sup>d,e,f</sup> | 1.27% | 1.25% | 1.44% | 1.37% | 1.37% |
| Portfolio turnover rate | 35% | 24% | 32% | 25% | 84% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.84 | $23.64 | $23.35 | $27.17 | $26.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.15 | 1.22 | 1.12 | .70 | .72 |
| Net gain (loss) on investments (realized and unrealized) | .15 | 1.34 | .32 | (3.76) | 1.03 |
| Total from investment operations | 1.30 | 2.56 | 1.44 | (3.06) | 1.75 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (1.36) | (1.15) | (.76) | (.87) |
| Total distributions | (1.19) | (1.36) | (1.15) | (.76) | (.87) |
| Net asset value, end of period | $24.95 | $24.84 | $23.64 | $23.35 | $27.17 |
| **Total Return<sup>b</sup>** | **5.39%** | **11.13%** | **6.25%** | **(11.41** **%)** | **6.70%** |
| **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) | $106740 | $107377 | $103332 | $145469 | $207739 |
| 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) | 4.65% | 5.05% | 4.72% | 2.70% | 2.64% |
| Total expenses<sup>c</sup> | 2.06% | 2.03% | 2.27% | 2.17% | 2.18% |
| Net expenses<sup>d,e,f</sup> | 2.02% | 1.97% | 2.21% | 2.12% | 2.12% |
| Portfolio turnover rate | 35% | 24% | 32% | 25% | 84% |

---

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

**MACRO OPPORTUNITIES FUND**<br>

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.87 | $23.67 | $23.38 | $27.20 | $26.32 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.32 | 1.38 | 1.30 | .90 | .91 |
| Net gain (loss) on investments (realized and unrealized) | .16 | 1.34 | .32 | (3.77) | 1.04 |
| Total from investment operations | 1.48 | 2.72 | 1.62 | (2.87) | 1.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.36) | (1.52) | (1.33) | (.95) | (1.07) |
| Total distributions | (1.36) | (1.52) | (1.33) | (.95) | (1.07) |
| Net asset value, end of period | $24.99 | $24.87 | $23.67 | $23.38 | $27.20 |
| **Total Return** | **6.12%** | **11.84%** | **7.09%** | **(10.77** **%)** | **7.48%** |
| **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) | $22994 | $27135 | $54987 | $161232 | $162928 |
| 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) | 5.34% | 5.70% | 5.49% | 3.51% | 3.33% |
| Total expenses<sup>c</sup> | 1.38% | 1.37% | 1.66% | 1.45% | 1.45% |
| Net expenses<sup>d,e,f</sup> | 1.33% | 1.32% | 1.49% | 1.37% | 1.37% |
| Portfolio turnover rate | 35% | 24% | 32% | 25% | 84% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.89 | $23.69 | $23.40 | $27.23 | $26.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.42 | 1.47 | 1.40 | .99 | 1.02 |
| Net gain (loss) on investments (realized and unrealized) | .16 | 1.35 | .32 | (3.76) | 1.05 |
| Total from investment operations | 1.58 | 2.82 | 1.72 | (2.77) | 2.07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.46) | (1.62) | (1.43) | (1.06) | (1.18) |
| Total distributions | (1.46) | (1.62) | (1.43) | (1.06) | (1.18) |
| Net asset value, end of period | $25.01 | $24.89 | $23.69 | $23.40 | $27.23 |
| **Total Return** | **6.50%** | **12.28%** | **7.47%** | **(10.39** **%)** | **7.91%** |
| **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) | $8221001 | $6846334 | $5228680 | $5397131 | $6906534 |
| 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) | 5.73% | 6.08% | 5.86% | 3.85% | 3.74% |
| Total expenses<sup>c</sup> | 1.05% | 1.03% | 1.18% | 1.09% | 1.08% |
| Net expenses<sup>d,e,f</sup> | 0.92% | 0.91% | 1.03% | 0.96% | 0.96% |
| Portfolio turnover rate | 35% | 24% | 32% | 25% | 84% |

---

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

**MACRO OPPORTUNITIES FUND**<br>

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (concluded)<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.89 | $23.69 | $23.39 | $27.22 | $26.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.42 | 1.48 | 1.40 | .98 | 1.02 |
| Net gain (loss) on investments (realized and unrealized) | .16 | 1.34 | .33 | (3.75) | 1.04 |
| Total from investment operations | 1.58 | 2.82 | 1.73 | (2.77) | 2.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.46) | (1.62) | (1.43) | (1.06) | (1.18) |
| Total distributions | (1.46) | (1.62) | (1.43) | (1.06) | (1.18) |
| Net asset value, end of period | $25.01 | $24.89 | $23.69 | $23.39 | $27.22 |
| **Total Return** | **6.54%** | **12.28%** | **7.51%** | **(10.39** **%)** | **7.91%** |
| **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) | $156714 | $153582 | $187717 | $124888 | $197067 |
| 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) | 5.74% | 6.10% | 5.85% | 3.79% | 3.74% |
| Total expenses<sup>c</sup> | 0.96% | 0.96% | 1.07% | 1.00% | 1.01% |
| Net expenses<sup>d,e,f</sup> | 0.92% | 0.91% | 1.01% | 0.96% | 0.96% |
| Portfolio turnover rate | 35% | 24% | 32% | 25% | 84% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.03% | 0.03% | 0.05% | 0.06% | 0.10% |
| Class C | 0.04% | 0.04% | 0.04% | 0.06% | 0.08% |
| Class P | 0.11% | 0.11% | 0.01% | 0.05% | 0.09% |
| Institutional Class | 0.00%\* | 0.00%\* | 0.00%\* |  |  |
| Class R6 | 0.02% | 0.01% | 0.01% | 0.00%\* | 0.00%\* |

---

\* Less than 0.01%

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 1.26% | 1.24% | 1.32% | 1.33% | 1.33% |
| Class C | 2.01% | 1.96% | 2.07% | 2.08% | 2.08% |
| Class P | 1.32% | 1.31% | 1.32% | 1.33% | 1.33% |
| Institutional Class | 0.91% | 0.90% | 0.91% | 0.92% | 0.92% |
| Class R6 | 0.91% | 0.90% | 0.91% | 0.92% | 0.92% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.0%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, 2.90%<sup>1</sup> | 1065484 | $1065484 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,065,484) |  | 1065484 |
|  | **Face<br> Amount** |  |
| **MUNICIPAL BONDS<sup>††</sup>** **- 95.0%** | **MUNICIPAL BONDS<sup>††</sup>** **- 95.0%** | **MUNICIPAL BONDS<sup>††</sup>** **- 95.0%** |
| **California - 12.8%** |  |  |
| Newport Mesa Unified School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/39<sup>2</sup> | $1300000 | 733781 |
| San Bernardino Community College District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/49<sup>2</sup> | 2000000 | 584295 |
| California Statewide Communities Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 08/15/52 | 500000 | 514690 |
| Compton Unified School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/40<sup>2</sup> | 1000000 | 513573 |
| California Municipal Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/50 | 500000 | 508833 |
| City of Los Angeles Department of Airports Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/35 | 250000 | 296462 |
| Alameda Corridor Transportation Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;—% due 10/01/51<sup>3</sup> | 500000 | 287339 |
| California Enterprise Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/34<sup>4</sup> | 250000 | 260104 |
| El Monte Union High School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/43<sup>2</sup> | 500000 | 218692 |
| Westside Elementary School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/48 | 155000 | 158196 |
| M-S-R Energy Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/29 | 145000 | 153395 |
| Freddie Mac Multifamily VRD Certificates Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.40% due 10/15/29 | 150000 | 144233 |
| Coast Community College District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/40<sup>2</sup> | 250000 | 133637 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 12/01/39 | 110000 | 103981 |
| **Total California** |  | 4611211 |

---

---

| | | |
|:---|:---|:---|
| **Pennsylvania - 5.9%** |  |  |
| Pennsylvania Housing Finance Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 10/01/38 | 740000.0 | 771481 |
| &nbsp;&nbsp;&nbsp;5.20% due 04/01/53 | 200000.0 | 205285 |
| School District of Philadelphia General Obligation Limited |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 09/01/43 | 575000.0 | 608826 |
| Philadelphia Authority for Industrial Development Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/01/53 | 500000.0 | 537949 |
| **Total Pennsylvania** |  | 2123541 |
| **New York - 5.9%** |  |  |
| New York State Dormitory Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/55 | 500000.0 | 527549 |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/51 | 300000.0 | 307412 |
| Westchester County Local Development Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 11/01/53 | 750000.0 | 797041 |
| New York Power Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 11/15/41 | 250000.0 | 277324 |
| New York City Housing Development Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.80% due 02/01/53 | 200000.0 | 199535 |
| **Total New York** |  | 2108861 |
| **Tennessee - 4.9%** |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25% due 07/01/45 | 1497578.0 | 1019198 |
| &nbsp;&nbsp;&nbsp;2.48% due 12/01/37 | 200000.0 | 164065 |
| Tennessee Housing Development Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.10% due 07/01/45 | 285000.0 | 292857 |
| Metropolitan Government of Nashville & Davidson County Tennessee Water & Sewer Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/55 | 250000.0 | 265884 |
| **Total Tennessee** |  | 1742004 |
| **Washington - 4.8%** |  |  |
| Snohomish County Public Utility District No. 1 Electric System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 12/01/55 | 1000000.0 | 1064156 |
| University of Washington Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/28 | 250000.0 | 266022 |
| Central Puget Sound Regional Transit Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 11/01/41 | 200000.0 | 201619 |
| Washington State Convention Center Public Facilities District Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 07/01/48 | 210000.0 | 178331 |
| **Total Washington** |  | 1710128 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **Georgia - 4.6%** |  |  |
| State of Georgia General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/31 | $1000000 | $1131388 |
| Columbia County Hospital Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/48 | 500000 | 511348 |
| **Total Georgia** |  | 1642736 |
| **Texas - 4.2%** |  |  |
| New Hope Cultural Education Facilities Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 08/15/49 | 500000 | 539821 |
| County of Fort Bend Texas Toll Road Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/01/55 | 250000 | 263517 |
| Harris County-Houston Sports Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 11/15/53<sup>2</sup> | 1000000 | 232662 |
| Arlington Higher Education Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/46 | 200000 | 193520 |
| Central Texas Regional Mobility Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/45 | 100000 | 101582 |
| Hutto Independent School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/49 | 100000 | 101300 |
| Texas Municipal Gas Acquisition and Supply Corporation I Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 12/15/26 | 65000 | 66374 |
| **Total Texas** |  | 1498776 |
| **Oregon - 4.1%** |  |  |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/15/48<sup>2</sup> | 2000000 | 639648 |
| &nbsp;&nbsp;&nbsp;due 06/15/50<sup>2</sup> | 400000 | 114182 |
| &nbsp;&nbsp;&nbsp;due 06/15/49<sup>2</sup> | 350000 | 105860 |
| Salem-Keizer School District No. 24J General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/15/40<sup>2</sup> | 1250000 | 625965 |
| **Total Oregon** |  | 1485655 |
| **Massachusetts - 3.6%** |  |  |
| Massachusetts Development Finance Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 08/15/50 | 500000 | 514929 |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/50 | 500000 | 508312 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/01/34 | 150000 | 162011 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/35 | 90000 | 101370 |
| **Total Massachusetts** |  | 1286622 |
| **Nebraska - 3.5%** |  |  |
| Nebraska Investment Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 09/01/38 | 1000000 | 1045844 |
| Central Plains Energy Project Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/29 | 200000 | 211162 |
| **Total Nebraska** |  | 1257006 |
| **Michigan - 3.5%** |  |  |
| Michigan Technological University Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/01/53 | 1000000 | 1043484 |
| Michigan State Housing Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 12/01/34 | 200000 | 198566 |
| **Total Michigan** |  | 1242050 |
| **Maine - 2.9%** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/48 | 1000000 | 1046826 |
| **Missouri - 2.8%** |  |  |
| Missouri Housing Development Commission Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.15% due 11/01/55 | 500000 | 516791 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/01/50 | 500000 | 502931 |
| **Total Missouri** |  | 1019722 |
| **South Carolina - 2.6%** |  |  |
| South Carolina Public Service Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/55 | 500000 | 516396 |
| Charleston County Airport District Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/43 | 200000 | 204938 |
| South Carolina State Housing Finance & Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 01/01/55 | 200000 | 198839 |
| **Total South Carolina** |  | 920173 |
| **New Mexico - 2.1%** |  |  |
| New Mexico Mortgage Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/01/55 | 500000 | 514215 |
| &nbsp;&nbsp;&nbsp;4.95% due 09/01/38 | 245000 | 257886 |
| **Total New Mexico** |  | 772101 |
| **Maryland - 2.1%** |  |  |
| Maryland Economic Development Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/45 | 500000 | 516865 |
| Maryland Department of Housing & Community Development Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.10% due 03/01/52 | 250000 | 254339 |
| **Total Maryland** |  | 771204 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **Arizona - 2.0%** |  |  |
| Arizona Industrial Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 11/01/48 | $500000 | $509678 |
| Salt Verde Financial Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/32 | 200000 | 218367 |
| **Total Arizona** |  | 728045 |
| **Ohio - 2.0%** |  |  |
| Ohio Housing Finance Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 09/01/55 | 500000 | 515996 |
| American Municipal Power, Inc. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/41 | 200000 | 200203 |
| **Total Ohio** |  | 716199 |
| **Colorado - 1.8%** |  |  |
| City & County of Denver Colorado Airport System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/28 | 200000 | 212924 |
| Canyons Metropolitan District No. 5 General Obligation Limited |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/54 | 200000 | 171445 |
| City & County of Denver Colorado Pledged Excise Tax Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/30<sup>2</sup> | 200000 | 166778 |
| Colorado School of Mines Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/47 | 100000 | 100454 |
| **Total Colorado** |  | 651601 |
| **North Carolina - 1.8%** |  |  |
| Inlivian Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.02% due 04/01/42 | 974385 | 635602 |
| **Oklahoma - 1.6%** |  |  |
| Oklahoma Development Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28 | 350000 | 365325 |
| Oklahoma City Airport Trust Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/30 | 200000 | 209911 |
| **Total Oklahoma** |  | 575236 |
| **Louisiana - 1.5%** |  |  |
| Louisiana Public Facilities Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/65 | 500000 | 517922 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/26 | 5000 | 5023 |
| **Total Louisiana** |  | 522945 |
| **Florida - 1.5%** |  |  |
| Mid-Bay Bridge Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/01/40 | 250000 | 267909 |
| Florida Housing Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 01/01/56 | 250000 | 253828 |
| **Total Florida** |  | 521737 |
| **Idaho - 1.4%** |  |  |
| Idaho Housing & Finance Association Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.15% due 07/01/45 | 500000 | 518314 |
| **West Virginia - 1.4%** |  |  |
| West Virginia Hospital Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/42 | 300000 | 302030 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/50 | 200000 | 212041 |
| **Total West Virginia** |  | 514071 |
| **Alabama - 1.4%** |  |  |
| Alabama Housing Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 10/01/50 | 500000 | 512516 |
| **Rhode Island - 1.4%** |  |  |
| Rhode Island Health and Educational Building Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/54 | 500000 | 510608 |
| **Illinois - 1.1%** |  |  |
| Illinois Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/26 | 400000 | 407342 |
| **Puerto Rico - 0.9%** |  |  |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/58 | 350000 | 337775 |
| **Arkansas - 0.9%** |  |  |
| County of Baxter Arkansas Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/26 | 330000 | 332363 |
| **Utah - 0.8%** |  |  |
| Downtown Revitalization Public Infrastructure District Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/55 | 250000 | 267519 |
| **Alaska - 0.7%** |  |  |
| University of Alaska Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/01/40 | 260000 | 261583 |
| **Vermont - 0.6%** |  |  |
| Vermont Educational & Health Buildings Financing Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/46 | 200000 | 200321 |
| **Connecticut - 0.5%** |  |  |
| New Haven Housing Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.26% due 05/01/38 | 237912 | 188641 |
| **Virginia - 0.4%** |  |  |
| Loudoun County Economic Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 07/01/49<sup>2</sup> | 500000 | 152294 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** |
| **Wisconsin - 0.4%** |  |  |  |
| Public Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 07/15/49<sup>4</sup> | $| 150000 | $130095 |
| **Iowa - 0.3%** |  |  |  |
| PEFA, Inc. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% (VRDN) due 09/01/26<sup>5</sup> |  | 100000 | 101757 |
| **Kansas - 0.3%** |  |  |  |
| University of Kansas Hospital Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/48 |  | 100000 | 101200 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,699,002) | &nbsp;&nbsp;&nbsp;(Cost $35,699,002) | &nbsp;&nbsp;&nbsp;(Cost $35,699,002) | 34126380 |
| **Total Investments - 98.0%** | **Total Investments - 98.0%** | **Total Investments - 98.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,764,486) | &nbsp;&nbsp;&nbsp;(Cost $36,764,486) | &nbsp;&nbsp;&nbsp;(Cost $36,764,486) | $35191864 |
| **Other Assets & Liabilities, net - 2.0%** | **Other Assets & Liabilities, net - 2.0%** | **Other Assets & Liabilities, net - 2.0%** | 723452 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $35915316 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Type** | **Floating Rate <br> Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.52% | Annually | 09/18/35 | $1200000 | $13551 | $2602 | $10949 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.81% | Annually | 09/11/40 | 450000 | 3040 | 303 | 2737 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.41% | Annually | 08/26/30 | 2375000 | 3164 | 7798 | (4634) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.99% | Annually | 08/26/40 | 600000 | (7895) | 304 | (8199) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.01% | Annually | 06/23/55 | 800000 | (10162) | 5687 | (15849) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.16% | Annually | 07/25/50 | 2100000 | (63746) | (6627) | (57119) |
|  |  |  |  |  |  |  | $(62048) | $10067 | $(72115) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &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 — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is a step up/down bond. The coupon will increase to 5.20% at 10/01/2037. |
| <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 $390,199 (cost $412,210), or 1.1% of total net assets. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;The rate is adjusted periodically by the counterparty, allows the holder to tender the security upon a rate reset, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at September 30, 2025. |
|  | &nbsp;&nbsp;&nbsp;BofA — Bank of America |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;VRDN — Variable Rate Demand Note |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Money Market Fund | $1065484 | $— | $— | $1065484 |
| Municipal Bonds |  | 34126380 |  | 34126380 |
| Interest Rate Swap Agreements\*\* |  | 13686 |  | 13686 |
| Total Assets | $1065484 | $34140066 | $— | $35205550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Interest Rate Swap Agreements\*\* | $– $| 85801 | $– $| 85801 |

---

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

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

**MUNICIPAL INCOME FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $36,764,486) | $35191864 |
| Cash | 71561 |
| Segregated cash with broker | 365108 |
| Unamortized upfront premiums paid on interest rate swap agreements | 16694 |
| Prepaid expenses | 36210 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Interest | 342488 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 13448 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 10901 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2451 |
| **Total assets** | 36050725 |
| **Liabilities:** | **Liabilities:** |
| Unamortized upfront premiums received on interest rate swap agreements | 6627 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 69015 |
| &nbsp;&nbsp;&nbsp;Professional fees | 27800 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 6746 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 6272 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3519 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3104 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 2999 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9327 |
| **Total liabilities** | 135409 |
| **Net assets** | $35915316 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $42565733 |
| Total distributable earnings (loss) | (6650417) |
| Net assets | $35915316 |
| **Class A:** | **Class A:** |
| Net assets | $14437826 |
| Capital shares outstanding | 1260471 |
| Net asset value per share | $11.45 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $11.93 |
| **Class C:** | **Class C:** |
| Net assets | $287125 |
| Capital shares outstanding | 25081 |
| Net asset value per share | $11.45 |
| **Class P:** | **Class P:** |
| Net assets | $65295 |
| Capital shares outstanding | 5702 |
| Net asset value per share | $11.45 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $21125070 |
| Capital shares outstanding | 1843708 |
| Net asset value per share | $11.46 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $1078020 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1078020 |
| **Expenses:** | **Expenses:** |
| Management fees | 147077 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 38203 |
| &nbsp;&nbsp;&nbsp;Class C | 4457 |
| &nbsp;&nbsp;&nbsp;Class P | 235 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 22439 |
| &nbsp;&nbsp;&nbsp;Class C | 1229 |
| &nbsp;&nbsp;&nbsp;Class P | 494 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 18579 |
| Registration fees | 72306 |
| Custodian fees | 6332 |
| Professional fees | 36377 |
| Trustees' fees\* | 34828 |
| Insurance expense | 27927 |
| Fund accounting/administration fees | 20459 |
| Line of credit fees | 506 |
| Miscellaneous | 6693 |
| &nbsp;&nbsp;&nbsp;Total expenses | 438141 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (62140) |
| &nbsp;&nbsp;&nbsp;Class C | (2573) |
| &nbsp;&nbsp;&nbsp;Class P | (769) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (37188) |
| Expenses waived by Adviser | (137549) |
| Earnings credits applied | (3661) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (243880) |
| Net expenses | 194261 |
| Net investment income | 883759 |
| **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 | (111241) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1239032 |
| Net realized gain | 1127791 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (213374) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1017988) |
| Net change in unrealized appreciation (depreciation) | (1231362) |
| Net realized and unrealized loss | (103571) |
| **Net increase in net assets resulting from operations** | $780188 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 195

**MUNICIPAL INCOME FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $883759 | $773563 |
| Net realized gain (loss) on investments | 1127791 | (5058181) |
| Net change in unrealized appreciation (depreciation) on investments | (1231362) | 7849628 |
| Net increase in net assets resulting from operations | 780188 | 3565010 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (470581) | (679675) |
| &nbsp;&nbsp;&nbsp;Class C | (10567) | (21144) |
| &nbsp;&nbsp;&nbsp;Class P | (2913) | (4067) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (431688) | (205499) |
| **Return of Capital** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (17975) |
| &nbsp;&nbsp;&nbsp;Class C |  | (559) |
| &nbsp;&nbsp;&nbsp;Class P |  | (108) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (5435) |
| Total distributions to shareholders | (915749) | (934462) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1021017 | 1462458 |
| &nbsp;&nbsp;&nbsp;Class C | 28249 | 149213 |
| &nbsp;&nbsp;&nbsp;Class P | 7813 | 22902 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 19468785 | 2197008 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 399295 | 604053 |
| &nbsp;&nbsp;&nbsp;Class C | 9752 | 20639 |
| &nbsp;&nbsp;&nbsp;Class P | 2913 | 4160 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 429428 | 207496 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3316150) | (16349357) |
| &nbsp;&nbsp;&nbsp;Class C | (358929) | (457748) |
| &nbsp;&nbsp;&nbsp;Class P | (68764) | (24620) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2466527) | (10268568) |
| Net increase (decrease) from capital share transactions | 15156882 | (22432364) |
| Net increase (decrease) in net assets | 15021321 | (19801816) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 20893995 | 40695811 |
| &nbsp;&nbsp;&nbsp;End of year | $35915316 | $20893995 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 91177 | 129161 |
| &nbsp;&nbsp;&nbsp;Class C | 2493 | 13502 |
| &nbsp;&nbsp;&nbsp;Class P | 691 | 2007 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1713708 | 195626 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 35306 | 53576 |
| &nbsp;&nbsp;&nbsp;Class C | 861 | 1828 |
| &nbsp;&nbsp;&nbsp;Class P | 257 | 368 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 38149 | 18440 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (295300) | (1437356) |
| &nbsp;&nbsp;&nbsp;Class C | (31978) | (40338) |
| &nbsp;&nbsp;&nbsp;Class P | (6095) | (2156) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (219702) | (907439) |
| Net increase (decrease) in shares | 1329567 | (1972781) |

---

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

**MUNICIPAL INCOME FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.57 | $10.77 | $10.97 | $13.46 | $13.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .33 | .32 | .23 | .23 | .25 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | .86 | (.04) | (2.44) | .23 |
| Total from investment operations | .23 | 1.18 | .19 | (2.21) | .48 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.35) | (.36) | (.25) | (.22) | (.23) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |
| Return of capital |  | (.02) |  |  |  |
| Total distributions | (.35) | (.38) | (.39) | (.28) | (.25) |
| Net asset value, end of period | $11.45 | $11.57 | $10.77 | $10.97 | $13.46 |
| **Total Return<sup>b</sup>** | **2.04%** | **11.10%** | **1.67%** | **(16.67** **%)** | **3.67%** |
| **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) | $14438 | $16541 | $28909 | $43354 | $63359 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.92% | 2.83% | 2.06% | 1.84% | 1.82% |
| Total expenses<sup>c</sup> | 1.65% | 1.59% | 1.20% | 1.18% | 1.17% |
| Net expenses<sup>d,e,f</sup> | 0.78% | 0.79% | 0.78% | 0.79% | 0.80% |
| Portfolio turnover rate | 39% | 59% | 11% | 14% | 22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.56 | $10.76 | $10.96 | $13.45 | $13.22 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .25 | .24 | .15 | .14 | .15 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | .86 | (.04) | (2.45) | .23 |
| Total from investment operations | .15 | 1.10 | .11 | (2.31) | .38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.26) | (.28) | (.17) | (.12) | (.13) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |
| Return of capital |  | (.02) |  |  |  |
| Total distributions | (.26) | (.30) | (.31) | (.18) | (.15) |
| Net asset value, end of period | $11.45 | $11.56 | $10.76 | $10.96 | $13.45 |
| **Total Return<sup>b</sup>** | **1.27%** | **10.38%** | **0.91%** | **(17.23** **%)** | **2.91%** |
| **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) | $287 | $621 | $847 | $1063 | $1769 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.17% | 2.10% | 1.30% | 1.08% | 1.08% |
| Total expenses<sup>c</sup> | 2.58% | 2.42% | 2.00% | 1.97% | 1.97% |
| Net expenses<sup>d,e,f</sup> | 1.53% | 1.54% | 1.54% | 1.54% | 1.55% |
| Portfolio turnover rate | 39% | 59% | 11% | 14% | 22% |

---

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

**MUNICIPAL INCOME FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.57 | $10.76 | $10.97 | $13.45 | $13.22 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .33 | .32 | .23 | .23 | .25 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | .87 | (.05) | (2.43) | .23 |
| Total from investment operations | .23 | 1.19 | .18 | (2.20) | .48 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.35) | (.36) | (.25) | (.22) | (.23) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |
| Return of capital |  | (.02) |  |  |  |
| Total distributions | (.35) | (.38) | (.39) | (.28) | (.25) |
| Net asset value, end of period | $11.45 | $11.57 | $10.76 | $10.97 | $13.45 |
| **Total Return** | **2.03%** | **11.20%** | **1.58%** | **(16.61** **%)** | **3.67%** |
| **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) | $65 | $125 | $114 | $129 | $220 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.90% | 2.84% | 2.04% | 1.81% | 1.83% |
| Total expenses<sup>c</sup> | 2.06% | 1.84% | 1.51% | 1.47% | 1.38% |
| Net expenses<sup>d,e,f</sup> | 0.78% | 0.78% | 0.78% | 0.79% | 0.80% |
| Portfolio turnover rate | 39% | 59% | 11% | 14% | 22% |

---

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

**MUNICIPAL INCOME FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.58 | $10.77 | $10.97 | $13.46 | $13.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .35 | .34 | .26 | .26 | .28 |
| Net gain (loss) on investments (realized and unrealized) | (.09) | .88 | (.03) | (2.44) | .24 |
| Total from investment operations | .26 | 1.22 | .23 | (2.18) | .52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (.39) | (.29) | (.25) | (.27) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |
| Return of capital |  | (.02) |  |  |  |
| Total distributions | (.38) | (.41) | (.43) | (.31) | (.29) |
| Net asset value, end of period | $11.46 | $11.58 | $10.77 | $10.97 | $13.46 |
| **Total Return** | **2.31%** | **11.48%** | **1.93%** | **(16.46** **%)** | **3.93%** |
| **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) | $21125 | $3606 | $10826 | $4629 | $12772 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.13% | 3.06% | 2.30% | 2.04% | 2.08% |
| Total expenses<sup>c</sup> | 1.26% | 1.41% | 0.96% | 0.98% | 0.96% |
| Net expenses<sup>d,e,f</sup> | 0.53% | 0.54% | 0.53% | 0.54% | 0.55% |
| Portfolio turnover rate | 39% | 59% | 11% | 14% | 22% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A |  |  | 0.00%\* | 0.02% |  |
| Class C |  |  | 0.01% | 0.01% |  |
| Class P |  |  | 0.00%\* | 0.01% |  |
| Institutional Class |  |  | 0.00%\* | 0.01% |  |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.78% | 0.77% | 0.78% | 0.78% | 0.79% |
| Class C | 1.53% | 1.53% | 1.53% | 1.53% | 1.54% |
| Class P | 0.78% | 0.77% | 0.78% | 0.78% | 0.79% |
| Institutional Class | 0.52% | 0.52% | 0.53% | 0.54% | 0.55% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.1%** | **COMMON STOCKS<sup>†</sup>** **- 0.1%** | **COMMON STOCKS<sup>†</sup>** **- 0.1%** |
| **Transport-Aircraft - 0.1%** | **Transport-Aircraft - 0.1%** | **Transport-Aircraft - 0.1%** |
| &nbsp;&nbsp;&nbsp;FTAI Aircraft Leasing Offshore SPV, LP\*<sup>,†††,1</sup> | 29785310 | $29785310 |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 55029 | 1505594 |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 80273 | 185758 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 31 | 40380 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 44094 | 36177 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 40754 | 33437 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 532 | 435 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 532 |  |
| **Total Industrial** |  | 110429 |
| **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings, Ltd. — Class A\*<sup>,†††,2</sup> | 9315080 | 932 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,063,914) |  | 31588023 |
| **PREFERRED STOCKS<sup>†</sup>** **- 2.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 2.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 2.6%** |
| **Financial - 2.3%** | **Financial - 2.3%** | **Financial - 2.3%** |
| Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.88% | 41425000 | 42690824 |
| &nbsp;&nbsp;&nbsp;6.75% | 35721000 | 36266320 |
| &nbsp;&nbsp;&nbsp;3.88% | 31175000 | 30887002 |
| &nbsp;&nbsp;&nbsp;6.95% | 19190000 | 19708264 |
| Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;7.50% | 32500000 | 34311550 |
| &nbsp;&nbsp;&nbsp;6.85% | 29050000 | 30175048 |
| &nbsp;&nbsp;&nbsp;3.80% | 25830000 | 25516266 |
| &nbsp;&nbsp;&nbsp;6.13% | 9350000 | 9489437 |
| &nbsp;&nbsp;&nbsp;3.65% | 2450000 | 2399674 |
| Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 66688000 | 66040359 |
| &nbsp;&nbsp;&nbsp;6.85% | 12840000 | 13493428 |
| &nbsp;&nbsp;&nbsp;7.63% | 4100000 | 4388722 |
| 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% | 65200000 | 63897851 |
| &nbsp;&nbsp;&nbsp;5.95% | 8680000 | 8776912 |
| Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.00% | 73673000 | 69132003 |
| Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.38% | 27700000 | 27245418 |
| &nbsp;&nbsp;&nbsp;6.63% | 20560000 | 21392454 |
| &nbsp;&nbsp;&nbsp;6.25% | 20125000 | 20382128 |
| JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.65% | 37412000 | 37001770 |
| &nbsp;&nbsp;&nbsp;6.50% | 20220000 | 20930409 |
| State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.45% | 18790000 | 19386902 |
| &nbsp;&nbsp;&nbsp;6.70% | 2645000 | 2751022 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38% | 590500 | 14827455 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 710775 | 14350547 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| &nbsp;&nbsp;&nbsp;8.00% | 472000 | 12295600 |
| 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>3</sup> | 10715000 | 10664425 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
| &nbsp;&nbsp;&nbsp;4.60% | 541225 | 10039724 |
| Depository Trust & Clearing Corp.<sup>††</sup> | Depository Trust & Clearing Corp.<sup>††</sup> | Depository Trust & Clearing Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.38%<sup>3</sup> | 4750000 | 4670660 |
| First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> | First Republic Bank<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.25%\* | 2368525 | 237 |
| &nbsp;&nbsp;&nbsp;4.50%\* | 276775 | 28 |
| **Total Financial** |  | 673112439 |
| **Communications - 0.2%** | **Communications - 0.2%** | **Communications - 0.2%** |
| AT&T Mobility II LLC<sup>†††</sup> | AT&T Mobility II LLC<sup>†††</sup> | AT&T Mobility II LLC<sup>†††</sup> |
| &nbsp;&nbsp;&nbsp;6.80%\* | 47000 | 48255899 |
| **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>3</sup> | 21555000 | 21362721 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| CoBank ACB<sup>††</sup> | CoBank ACB<sup>††</sup> | CoBank ACB<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;7.13% | 8250000 | 8518957 |
| &nbsp;&nbsp;&nbsp;4.25% | 3300000 | 3213640 |
| **Utilities - 0.0%** | **Utilities - 0.0%** | **Utilities - 0.0%** |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/85 | 353400 | 9100050 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $830,546,994) |  | 763563706 |
| **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\* | 101490 | 741 |
| Pershing Square SPARC Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49\*<sup>,†††,2</sup> | 2846274 | 285 |
| Pershing Square Tontine Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/24/25\*<sup>,†††,2</sup> | 1035008 | 103 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp;(Cost $233,835) |  | 1129 |
| **RIGHT<sup>†††</sup>** **- 0.0%** | **RIGHT<sup>†††</sup>** **- 0.0%** | **RIGHT<sup>†††</sup>** **- 0.0%** |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| Xplore, Inc.\* | 6119 | 1 |
| **Total Right** | **Total Right** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | 1 |
| **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6<sup>1</sup> | 5590870 | 138038569 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 2249309 | 56120270 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3161564 | $| 31836949 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 1172210 |  | 29164595 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,245,198) |  |  | 255160383 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.3%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.3%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.3%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.3%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>4</sup> | 563591160 |  | 563591160 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>4</sup> | 107403969 |  | 107403969 |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.98%<sup>4</sup> | 3462737 |  | 3462737 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $674,457,866) |  |  | 674457866 |
|  | **Face<br> Amount<sup>~</sup>** |  |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 44.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 44.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 44.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 44.6%** |
| **Government Agency - 30.5%** |  |  |  |
| Uniform MBS 30 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 12/01/25<sup>5</sup> | 2230990000 |  | 1959518675 |
| &nbsp;&nbsp;&nbsp;2.50% due 12/01/25<sup>5</sup> | 991130000 |  | 835756497 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/26<sup>5</sup> | 685727000 |  | 679460827 |
| &nbsp;&nbsp;&nbsp;6.00% due 01/01/26<sup>5</sup> | 424380000 |  | 433107375 |
| &nbsp;&nbsp;&nbsp;6.00% due 12/01/25<sup>5</sup> | 276590000 |  | 282504877 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>5</sup> | 213510000 |  | 215205483 |
| &nbsp;&nbsp;&nbsp;2.00% due 12/01/25<sup>5</sup> | 192250000 |  | 155010790 |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 217763367 |  | 221046315 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 203086577 |  | 202403811 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 177717042 |  | 183376219 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 201523579 |  | 177410063 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 155426116 |  | 157875824 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/55 | 135245264 |  | 137716486 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/55 | 107750492 |  | 108678940 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 102917324 |  | 102616538 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 72022489 |  | 71733883 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 71513366 |  | 71597108 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/53 | 65594900 |  | 65639156 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 61655583 |  | 61775108 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/54 | 36797982 |  | 36819045 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 36719129 |  | 36792369 |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/55 | 27172532 |  | 27622477 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 25263070 |  | 25157296 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/55 | 23772191 |  | 24043134 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/25/52 | 17428827 |  | 17448257 |
| &nbsp;&nbsp;&nbsp;due 12/25/43<sup>6</sup> | 8218786 |  | 6242691 |
| &nbsp;&nbsp;&nbsp;3.05% due 03/01/50 | 5639678 |  | 4398768 |
| &nbsp;&nbsp;&nbsp;2.51% due 10/01/46 | 5210392 |  | 4156807 |
| &nbsp;&nbsp;&nbsp;4.24% due 08/01/48 | 3296259 |  | 2936289 |
| &nbsp;&nbsp;&nbsp;3.42% due 10/01/47 | 2554063 |  | 2216546 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;3.00% due 01/01/52 | 2504566.0 | 2207941.0 |
| &nbsp;&nbsp;&nbsp;3.26% due 11/01/46 | 2185081.0 | 1871649.0 |
| &nbsp;&nbsp;&nbsp;2.69% due 02/01/52 | 2353866.0 | 1788352.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/55 | 1800796.0 | 1786813.0 |
| &nbsp;&nbsp;&nbsp;2.49% due 09/01/51 | 2384496.0 | 1743491.0 |
| &nbsp;&nbsp;&nbsp;2.62% due 12/01/51 | 2195250.0 | 1636266.0 |
| &nbsp;&nbsp;&nbsp;2.93% due 03/01/52 | 1966365.0 | 1551645.0 |
| &nbsp;&nbsp;&nbsp;3.46% due 08/01/49 | 1564801.0 | 1343217.0 |
| &nbsp;&nbsp;&nbsp;2.51% due 07/01/50 | 1678772.0 | 1274218.0 |
| &nbsp;&nbsp;&nbsp;2.43% due 12/01/51 | 1900000.0 | 1216342.0 |
| &nbsp;&nbsp;&nbsp;3.74% due 02/01/48 | 1164999.0 | 1037098.0 |
| &nbsp;&nbsp;&nbsp;4.05% due 09/01/48 | 1081226.0 | 989251.0 |
| &nbsp;&nbsp;&nbsp;2.32% due 07/01/50 | 1285545.0 | 950738.0 |
| &nbsp;&nbsp;&nbsp;3.96% due 06/01/49 | 897969.0 | 803102.0 |
| &nbsp;&nbsp;&nbsp;3.60% due 10/01/47 | 856574.0 | 750850.0 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 828563.0 | 736873.0 |
| &nbsp;&nbsp;&nbsp;2.65% due 12/01/51 | 944402.0 | 710335.0 |
| &nbsp;&nbsp;&nbsp;2.34% due 03/01/51 | 824395.0 | 609903.0 |
| &nbsp;&nbsp;&nbsp;3.91% due 07/01/49 | 630620.0 | 556677.0 |
| &nbsp;&nbsp;&nbsp;3.18% due 09/01/42 | 597605.0 | 512511.0 |
| &nbsp;&nbsp;&nbsp;2.56% due 05/01/39 | 573712.0 | 455849.0 |
| &nbsp;&nbsp;&nbsp;2.51% due 02/01/48 | 543412.0 | 423016.0 |
| &nbsp;&nbsp;&nbsp;3.00% due 07/01/46 | 387706.0 | 348296.0 |
| &nbsp;&nbsp;&nbsp;3.51% due 11/01/47 | 345223.0 | 302664.0 |
| &nbsp;&nbsp;&nbsp;4.33% due 09/01/48 | 310644.0 | 293383.0 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/49 | 308841.0 | 276068.0 |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/45 | 292767.0 | 275375.0 |
| &nbsp;&nbsp;&nbsp;3.77% due 08/01/45 | 282571.0 | 245605.0 |
| &nbsp;&nbsp;&nbsp;4.23% due 07/01/39 | 261933.0 | 244172.0 |
| &nbsp;&nbsp;&nbsp;2.00% due 02/25/52 | 387368.0 | 238233.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/44 | 198563.0 | 200902.0 |
| &nbsp;&nbsp;&nbsp;3.50% due 11/01/47 | 208051.0 | 193742.0 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/48 | 194291.0 | 190976.0 |
| &nbsp;&nbsp;&nbsp;3.00% due 03/01/52 | 203653.0 | 180984.0 |
| &nbsp;&nbsp;&nbsp;2.50% due 01/25/52 | 263563.0 | 169055.0 |
| &nbsp;&nbsp;&nbsp;3.95% due 06/01/49 | 182538.0 | 163611.0 |
| &nbsp;&nbsp;&nbsp;3.50% due 12/01/45 | 168258.0 | 158181.0 |
| &nbsp;&nbsp;&nbsp;3.50% due 08/01/43 | 165387.0 | 155933.0 |
| &nbsp;&nbsp;&nbsp;3.18% due 08/01/42 | 171295.0 | 146900.0 |
| &nbsp;&nbsp;&nbsp;2.06% due 09/01/36 | 140000.0 | 108170.0 |
| &nbsp;&nbsp;&nbsp;4.00% due 10/01/45 | 107998.0 | 103978.0 |
| &nbsp;&nbsp;&nbsp;2.34% due 09/01/39 | 120747.0 | 94098.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/44 | 90913.0 | 91986.0 |
| &nbsp;&nbsp;&nbsp;2.50% due 11/25/50 | 143445.0 | 84857.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/44 | 59429.0 | 59572.0 |
| &nbsp;&nbsp;&nbsp;2.00% due 10/25/51 | 103989.0 | 54530.0 |
| &nbsp;&nbsp;&nbsp;2.28% due 01/01/51 | 65334.0 | 48265.0 |
| &nbsp;&nbsp;&nbsp;3.50% due 06/01/46 | 11302.0 | 10569.0 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 228679772.0 | 236361784.0 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 206570004.0 | 181852633.0 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/53 | 171303255.0 | 175420263.0 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/55 | 169917280.0 | 171381384.0 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 101726430.0 | 102883751.0 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 100335379.0 | 100062827.0 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 93731425.0 | 96774041.0 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 94908094 | $| 96642236 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 61011498 |  | 60770664 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 58585384 |  | 58378730 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/55 | 41114667 |  | 41532463 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 40068771 |  | 40758736 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/51 | 36236065 |  | 36280321 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53 | 27684647 |  | 28084674 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/52 | 24884445 |  | 24918338 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53 | 17499172 |  | 17667153 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53 | 10983776 |  | 11181745 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 7673293 |  | 7690078 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/01/53 | 1890322 |  | 1727885 |
| &nbsp;&nbsp;&nbsp;2.50% due 03/25/52 | 2296595 |  | 1437470 |
| &nbsp;&nbsp;&nbsp;1.96% due 05/01/50 | 1471013 |  | 1031067 |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/52 | 846132 |  | 853667 |
| &nbsp;&nbsp;&nbsp;3.00% due 08/01/46 | 415572 |  | 376101 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/48 | 166518 |  | 164476 |
| &nbsp;&nbsp;&nbsp;3.50% due 12/01/45 | 155506 |  | 146113 |
| &nbsp;&nbsp;&nbsp;2.00% due 10/25/51 | 259972 |  | 135260 |
| &nbsp;&nbsp;&nbsp;4.00% due 11/01/45 | 136192 |  | 131197 |
| &nbsp;&nbsp;&nbsp;4.00% due 08/01/45 | 123158 |  | 118692 |
| &nbsp;&nbsp;&nbsp;4.00% due 09/01/45 | 115797 |  | 111587 |
| &nbsp;&nbsp;&nbsp;2.50% due 02/25/52 | 142466 |  | 85446 |
| &nbsp;&nbsp;&nbsp;2.00% due 09/25/51 | 172518 |  | 84771 |
| &nbsp;&nbsp;&nbsp;4.00% due 05/25/52 | 81000 |  | 65904 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/01/25<sup>5</sup> | 269350000 |  | 271208245 |
| &nbsp;&nbsp;&nbsp;due 01/01/26<sup>5</sup> | 243328901 |  | 241664531 |
| &nbsp;&nbsp;&nbsp;5.25% due 03/20/52 | 54572702 |  | 55133414 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 6096918 |  | 6120201 |
| Uniform MBS 15 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25<sup>5</sup> | 278049827 |  | 277647489 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/01/25<sup>5</sup> | 263610173 |  | 263300695 |
| Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/20/55 | 36424197 |  | 36281367 |
| Fannie Mae-Aces |  |  |  |
| &nbsp;&nbsp;&nbsp;1.60% (WAC) due 03/25/35<sup>◊,7</sup> | 196760144 |  | 15948413 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 9563087 |  | 7695893 |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 7798521 |  | 6216033 |
| FARM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2.18% (WAC) due 01/25/51<sup>◊,3</sup> | 9147893 |  | 7488519 |
| **Total Government Agency** |  |  | 9023480153 |
| **Residential Mortgage-Backed Securities - 12.1%** | **Residential Mortgage-Backed Securities - 12.1%** | **Residential Mortgage-Backed Securities - 12.1%** | **Residential Mortgage-Backed Securities - 12.1%** |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.82% due 05/25/65<sup>3,8</sup> | 23320717 |  | 23512719 |
| &nbsp;&nbsp;&nbsp;2025-NQM10, 5.45% due 05/25/65<sup>3,8</sup> | 15019861 |  | 15171354 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.39% due 01/25/64<sup>3,8</sup> | 14297859 |  | 14424757 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.85% due 02/25/64<sup>3,8</sup> | 12273745 |  | 12447213 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>3,8</sup> | 11571438 |  | 11686090 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.07% due 01/25/64<sup>3,8</sup> | 10685351 |  | 10796778 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>3,8</sup> | 10267722 |  | 10339169 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>3,8</sup> | 9682203 |  | 9735668 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.24% due 03/25/64<sup>3,8</sup> | 9475434 |  | 9600312 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.45% due 02/25/64<sup>3,8</sup> | 9375791 |  | 9521661 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.44% due 01/25/64<sup>3,8</sup> | 9273286 |  | 9372562 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>3,8</sup> | 8261004 |  | 8240775 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.85% due 12/01/64<sup>3,8</sup> | 7735269 |  | 7807386 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.59% due 05/25/64<sup>3,8</sup> | 7604603 |  | 7695780 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.89% due 10/25/64<sup>3,8</sup> | 7459029 |  | 7508551 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.70% due 02/25/64<sup>3,8</sup> | 7328988 |  | 7440519 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.29% due 01/25/64<sup>3,8</sup> | 7133078 |  | 7207550 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 6.02% due 11/25/64<sup>3,8</sup> | 7001706 |  | 7060458 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.60% due 03/25/64<sup>3,8</sup> | 6858094 |  | 6937377 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 6.23% due 06/25/64<sup>3,8</sup> | 6712067 |  | 6776269 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>3,8</sup> | 6676711 |  | 6769545 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>3,8</sup> | 6523021 |  | 6573657 |
| &nbsp;&nbsp;&nbsp;2025-NQM16, 5.21% due 08/25/65<sup>3,8</sup> | 6563000 |  | 6542739 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.95% due 12/01/64<sup>3,8</sup> | 6370222 |  | 6415669 |
| &nbsp;&nbsp;&nbsp;2025-NQM10, 5.71% due 05/25/65<sup>3,8</sup> | 6250200 |  | 6321729 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>3,8</sup> | 6242542 |  | 6290018 |
| &nbsp;&nbsp;&nbsp;2024-NQM10, 6.33% due 05/25/64<sup>3,8</sup> | 6164857 |  | 6235869 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.61% due 05/25/65<sup>3,8</sup> | 6123972 |  | 6171573 |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.72% due 10/25/64<sup>3,8</sup> | 6114001 |  | 6147252 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.32% due 01/25/64<sup>3,8</sup> | 5822596 |  | 5868684 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.44% due 05/25/64<sup>3,8</sup> | 5683765 |  | 5757625 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 6.13% due 06/25/64<sup>3,8</sup> | 5143486 |  | 5199384 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.45% due 03/25/64<sup>3,8</sup> | 4770848 |  | 4831168 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.13% due 12/25/63<sup>3,8</sup> | 4670500 |  | 4725952 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.32% due 01/25/62<sup>3,8</sup> | 4444810 |  | 4451357 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 5.88% due 06/25/64<sup>3,8</sup> | 4377435 |  | 4422624 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>3,8</sup> | 4300409 |  | 4307448 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.33% due 12/25/63<sup>3,8</sup> | 3870757 |  | 3922515 |
| &nbsp;&nbsp;&nbsp;2025-NQM10, 5.61% due 05/25/65<sup>3,8</sup> | 3823766 |  | 3867638 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, 7.66% due 10/25/63<sup>3,8</sup> | 3797050 |  | 3859438 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.73% due 10/25/64<sup>3,8</sup> | 3735763 |  | 3759688 |
| &nbsp;&nbsp;&nbsp;2025-NQM16, 5.06% due 08/25/65<sup>3,8</sup> | 3500000 |  | 3489432 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.70% due 12/25/64<sup>3,8</sup> | 3360034 |  | 3383179 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 5.86% due 11/25/64<sup>3,8</sup> | 3073920 |  | 3098635 |
| &nbsp;&nbsp;&nbsp;2022-NQM8, 6.10% due 09/25/62<sup>3,8</sup> | 2924339 |  | 2924339 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.22% due 01/25/64<sup>3,8</sup> | 2687352 |  | 2712406 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.18% due 12/25/63<sup>3,8</sup> | 2663442 |  | 2680318 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.28% due 01/25/64<sup>3,8</sup> | 2596549 |  | 2627390 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.72% due 01/25/62<sup>3,8</sup> | 2585729 |  | 2590663 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>3,8</sup> | 2386909 |  | 2396617 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.43% due 12/25/63<sup>3,8</sup> | 1215610 |  | 1231696 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,3</sup> | 32196334 |  | 33021252 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,3</sup> | 28504536 |  | 28816578 |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.02% (WAC) due 10/25/55<sup>◊,3</sup> | 27150000 |  | 27124425 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,3</sup> | 26594509 |  | 26929925 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,3</sup> | 18682611 |  | 18949589 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,3</sup> | 16916859 |  | 16978817 |
| &nbsp;&nbsp;&nbsp;2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,3</sup> | 12249403 |  | 12520411 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 5.94% (WAC) due 07/25/54<sup>◊,3</sup> | 9659976 |  | 9849390 |
| &nbsp;&nbsp;&nbsp;2025-PF1, 5.76% (WAC) due 06/25/55<sup>◊,3</sup> | 9000712 |  | 9118987 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.59% (WAC) due 10/25/54<sup>◊,3</sup> | 7215526 |  | 7288021 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,3</sup> | 6184588 |  | 6261105 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,3</sup> | 4012606 |  | 4091008 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.87% (WAC) due 12/25/54<sup>◊,3</sup> | 2895847 |  | 2918540 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.23% (WAC) due 07/25/54<sup>◊,3</sup> | 2080610 | $2117492 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,3</sup> | 31527817 | 32072845 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,3</sup> | 30082795 | 29570625 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 6.01% due 04/25/70<sup>3,8</sup> | 20677722 | 20902809 |
| &nbsp;&nbsp;&nbsp;2022-NQM5, 5.71% due 08/25/67<sup>3,8</sup> | 18322543 | 18256397 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.88% due 06/25/70<sup>3,8</sup> | 16577171 | 16706319 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 6.89% due 08/25/68<sup>3,8</sup> | 13128599 | 13304255 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.55% due 05/25/70<sup>3</sup> | 12979073 | 13092626 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.75% due 05/25/70<sup>3,8</sup> | 11505227 | 11591752 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.44% due 06/25/59<sup>3,8</sup> | 8484118 | 8585920 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.73% due 06/25/70<sup>3,8</sup> | 8270414 | 8335033 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 7.34% due 08/25/68<sup>3,8</sup> | 3339008 | 3383521 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>3,8</sup> | 2471691 | 2500676 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.24% due 11/25/67<sup>3,8</sup> | 2106781 | 2103868 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.54% due 06/25/59<sup>3,8</sup> | 1878492 | 1900199 |
| &nbsp;&nbsp;&nbsp;2022-NQM4, 5.73% due 08/25/67<sup>3,8</sup> | 1698941 | 1696688 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>3,8</sup> | 69203903 | 69304380 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>3,8</sup> | 36871881 | 36910194 |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>3</sup> | 20944110 | 20380045 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.73% due 07/25/30<sup>3,8</sup> | 17918646 | 17935457 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>3,8</sup> | 12971097 | 12978183 |
| &nbsp;&nbsp;&nbsp;2025-RCF3, 5.25% due 07/25/55<sup>3,8</sup> | 9313853 | 9378033 |
| &nbsp;&nbsp;&nbsp;2024-5, 5.69% due 09/25/29<sup>3,8</sup> | 6469648 | 6470921 |
| &nbsp;&nbsp;&nbsp;2023-RCF1, 4.00% due 06/25/53<sup>3,8</sup> | 3125907 | 3093794 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>3,8</sup> | 16403680 | 16477482 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.69% due 11/25/69<sup>3,8</sup> | 14273394 | 14365849 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>3,8</sup> | 13474976 | 13553845 |
| &nbsp;&nbsp;&nbsp;2023-7, 7.42% due 10/25/68<sup>3,8</sup> | 12269649 | 12444400 |
| &nbsp;&nbsp;&nbsp;2025-7, 5.38% (WAC) due 08/25/70<sup>◊,3</sup> | 11886918 | 11889940 |
| &nbsp;&nbsp;&nbsp;2022-8, 6.13% due 09/25/67<sup>3,8</sup> | 11808590 | 11771246 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.98% due 01/25/70<sup>3,8</sup> | 11654564 | 11736607 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.65% due 06/25/69<sup>3,8</sup> | 10959018 | 11101254 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.77% due 01/25/70<sup>3,8</sup> | 9475431 | 9548158 |
| &nbsp;&nbsp;&nbsp;2025-7, 5.54% (WAC) due 08/25/70<sup>◊,3</sup> | 9460005 | 9470385 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.58% due 06/25/70<sup>3,8</sup> | 5089001 | 5119014 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.68% due 06/25/70<sup>3,8</sup> | 4920172 | 4937150 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>3,8</sup> | 4582033 | 4606504 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.43% due 06/25/70<sup>3,8</sup> | 2556560 | 2575838 |
| &nbsp;&nbsp;&nbsp;2023-2, 6.85% due 03/25/68<sup>3,8</sup> | 2381426 | 2387322 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.12% due 01/25/69<sup>3,8</sup> | 2361377 | 2374053 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.45% due 06/25/69<sup>3,8</sup> | 1851185 | 1876270 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,3</sup> | 80102356 | 74898691 |
| &nbsp;&nbsp;&nbsp;2021-13, 2.50% (WAC) due 04/25/52<sup>◊,3</sup> | 35014626 | 32745135 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,3</sup> | 14627013 | 14834572 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 02/25/64<sup>3,8</sup> | 6744308 | 6796465 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>3,8</sup> | 6417311 | 6463839 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.59% due 02/25/64<sup>3,8</sup> | 5518019 | 5561098 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 4.50% due 05/25/62<sup>3,8</sup> | 26029400 | 25824631 |
| &nbsp;&nbsp;&nbsp;2025-NQM8, 5.59% due 06/25/65<sup>3,8</sup> | 16469292 | 16500824 |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.81% due 07/25/65<sup>3,8</sup> | 14386649 | 14466133 |
| &nbsp;&nbsp;&nbsp;2025-CES2, 4.96% due 07/26/55<sup>3,8</sup> | 12073617 | 12065785 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.93% due 11/25/64<sup>3,8</sup> | 9850156 | 9910534 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.19% due 03/25/64<sup>3,8</sup> | 9493362 | 9607059 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>3,8</sup> | 8669779 | 8736543 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.91% due 12/25/64<sup>3,8</sup> | 6259256 | 6296166 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 6.40% due 12/01/63<sup>3,8</sup> | 4842334 | 4880130 |
| &nbsp;&nbsp;&nbsp;2023-NQM6, 7.06% due 09/25/63<sup>3,8</sup> | 4432611 | 4475860 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.50% due 03/25/64<sup>3,8</sup> | 4384222 | 4429954 |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.66% due 07/25/65<sup>3,8</sup> | 3659573 | 3683622 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, 7.01% due 06/25/63<sup>3,8</sup> | 2766145 | 2792569 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.39% due 03/25/64<sup>3,8</sup> | 1607988 | 1624830 |
| &nbsp;&nbsp;&nbsp;2025-NQM8, 5.29% due 06/25/65<sup>3,8</sup> | 1420949 | 1424256 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.59% (WAC) due 11/25/69<sup>◊,3</sup> | 19463776 | 19611136 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.89% due 02/25/70<sup>3,8</sup> | 16446080 | 16594213 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.18% (WAC) due 07/25/70<sup>◊,3</sup> | 16385272 | 16427772 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.54% due 07/25/70<sup>3,8</sup> | 14065670 | 14112891 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>3,8</sup> | 12049391 | 12141036 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.36% (WAC) due 03/25/70<sup>◊,3</sup> | 9297833 | 9350515 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.82% due 11/25/69<sup>3,8</sup> | 9139512 | 9205165 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.97% due 11/25/69<sup>3,8</sup> | 5796820 | 5835991 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>3,8</sup> | 5241426 | 5262429 |
| &nbsp;&nbsp;&nbsp;2024-H5, 6.16% due 08/26/69<sup>3,8</sup> | 4635375 | 4679075 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>3,8</sup> | 38126336 | 38373563 |
| &nbsp;&nbsp;&nbsp;2024-CES2, 5.25% due 10/25/54<sup>3,8</sup> | 34335526 | 34284363 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>3,8</sup> | 29564986 | 29699303 |
| &nbsp;&nbsp;&nbsp;2024-CES1, 6.68% due 05/25/54<sup>3,8</sup> | 7476231 | 7567377 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>3,8</sup> | 22762755 | 23036154 |
| &nbsp;&nbsp;&nbsp;2023-1, 4.75% due 09/26/67<sup>3,8</sup> | 18288683 | 18160441 |
| &nbsp;&nbsp;&nbsp;2023-2, 4.65% due 10/25/67<sup>3,8</sup> | 18182558 | 18092005 |
| &nbsp;&nbsp;&nbsp;2024-2, 5.99% due 01/25/69<sup>3,8</sup> | 14929082 | 15079866 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.19% due 01/25/69<sup>3,8</sup> | 7315250 | 7383569 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.50% due 01/25/69<sup>3,8</sup> | 7011896 | 7079993 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.25% due 01/25/69<sup>3,8</sup> | 6747199 | 6796892 |
| &nbsp;&nbsp;&nbsp;2024-3, 4.80% due 11/26/68<sup>3,8</sup> | 6751027 | 6704586 |
| &nbsp;&nbsp;&nbsp;2024-12, 6.01% due 10/25/69<sup>3,8</sup> | 3561820 | 3586509 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.40% due 01/25/69<sup>3,8</sup> | 3454136 | 3489890 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC2, 5.47% due 06/25/60<sup>3,8</sup> | 31383843 | 31605065 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,3</sup> | 18349183 | 18486305 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.22% due 08/25/70<sup>3</sup> | 17361470 | 17426337 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.86% due 01/25/70<sup>3,8</sup> | 8182653 | 8242583 |
| &nbsp;&nbsp;&nbsp;2025-AFC2, 5.57% due 06/25/60<sup>3,8</sup> | 6990038 | 7030981 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.98% due 10/25/59<sup>3,8</sup> | 4895954 | 4925833 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.96% due 01/25/70<sup>3,8</sup> | 3299724 | 3320012 |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 5.14% due 08/25/60<sup>3,8</sup> | 2955000 | 2942131 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.47% due 08/25/70<sup>3,8</sup> | 2700231 | 2711470 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.14% (WAC) due 12/27/60<sup>◊,3</sup> | 51414259 | 51205723 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.20% (WAC) due 07/27/61<sup>◊,3</sup> | 42481378 | 42285267 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,3</sup> | 71311410 | 71851594 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,3</sup> | 8972425 | 9124892 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 5.50% (WAC) due 06/25/56<sup>◊,3</sup> | 5334955 | 5367152 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 203

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 4.77% (WAC) due 06/25/65<sup>◊,3</sup> | 30911548 | $30998898 |
| &nbsp;&nbsp;&nbsp;2024-4, 4.54% (WAC) due 10/27/64<sup>◊,3</sup> | 17633158 | 17543754 |
| &nbsp;&nbsp;&nbsp;2024-4, 4.50% (WAC) due 10/27/64<sup>◊,3</sup> | 15625287 | 15653416 |
| &nbsp;&nbsp;&nbsp;2025-FIX1, 5.16% due 07/25/45<sup>3,8</sup> | 7500000 | 7459854 |
| &nbsp;&nbsp;&nbsp;2025-FIX1, 4.97% due 07/25/45<sup>3,8</sup> | 7300000 | 7296262 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,3</sup> | 3462747 | 3488456 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS2, 5.75% due 04/25/61<sup>3</sup> | 29103654 | 29080962 |
| &nbsp;&nbsp;&nbsp;2021-GS3, 5.75% due 07/25/61<sup>3</sup> | 28135928 | 28133550 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>3,8</sup> | 18363707 | 18361535 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 5.65% due 11/25/60<sup>3</sup> | 3979518 | 3981793 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>3</sup> | 40250000 | 40357146 |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>3,8</sup> | 38700000 | 38849862 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>3,8</sup> | 23940459 | 24258568 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>3,8</sup> | 14236090 | 14402454 |
| &nbsp;&nbsp;&nbsp;2025-CES7, 5.38% due 07/25/55<sup>3,8</sup> | 12216531 | 12328240 |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.15% (WAC) due 08/25/55<sup>◊,3</sup> | 9938654 | 9994967 |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.25% (WAC) due 08/25/55<sup>◊,3</sup> | 6460125 | 6481395 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.30% due 06/25/44<sup>3,8</sup> | 4977115 | 5039420 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.52% (WAC) due 06/25/43<sup>◊,3</sup> | 2879820 | 2898496 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 6.81% (WAC) due 09/25/43<sup>◊,3</sup> | 2567657 | 2599218 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-3, 7.18% due 09/25/68<sup>3,8</sup> | 26834867 | 27228946 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>3,8</sup> | 10931838 | 10981363 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>3,8</sup> | 8254949 | 8344953 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.58% due 09/25/68<sup>3,8</sup> | 6040442 | 6124454 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,3</sup> | 7108000 | 5101151 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>3,8</sup> | 4528141 | 4553018 |
| &nbsp;&nbsp;&nbsp;2023-4, 7.62% due 10/25/68<sup>3,8</sup> | 3723653 | 3783460 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.33% due 04/25/69<sup>3,8</sup> | 3402027 | 3432681 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.43% due 04/25/69<sup>3,8</sup> | 3154607 | 3181890 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.14% due 02/25/69<sup>3,8</sup> | 2792369 | 2809767 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC5, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 10/25/36<sup>◊</sup> | 23351505 | 12111923 |
| &nbsp;&nbsp;&nbsp;2007-HE5, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/37<sup>◊</sup> | 24796649 | 10475062 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.48% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37<sup>◊</sup> | 20968265 | 9603258 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 09/25/36<sup>◊</sup> | 22019094 | 7520102 |
| &nbsp;&nbsp;&nbsp;2006-HE5, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/36<sup>◊</sup> | 12098664 | 6037229 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.38% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 12/25/36<sup>◊</sup> | 9904095 | 4938842 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.40% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 01/25/37<sup>◊</sup> | 9239421 | 4231566 |
| &nbsp;&nbsp;&nbsp;2006-HE4, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36<sup>◊</sup> | 7425322 | 3717143 |
| &nbsp;&nbsp;&nbsp;2006-HE5, 4.77% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 08/25/36<sup>◊</sup> | 7249430 | 3616044 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.36% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37<sup>◊</sup> | 7751698 | 3550198 |
| &nbsp;&nbsp;&nbsp;2006-HE4, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 4749374 | 2365493 |
| &nbsp;&nbsp;&nbsp;2007-NC3, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/37<sup>◊</sup> | 2860457 | 2208163 |
| &nbsp;&nbsp;&nbsp;2007-HE6, 4.33% (1 Month Term SOFR + 0.17%, Rate Floor: 0.12%) due 05/25/37<sup>◊</sup> | 2024191 | 1838516 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.40% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36<sup>◊,3</sup> | 1820499 | 1132426 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 09/25/36<sup>◊</sup> | 2791153 | 953960 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,3</sup> | 50161273 | 46541480 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.14% due 11/25/65<sup>3,8</sup> | 17235605 | 17254048 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.34% due 11/25/65<sup>3,8</sup> | 3427809 | 3431456 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,3</sup> | 33290469 | 33466599 |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,3</sup> | 22450000 | 22442816 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.37% due 09/25/64<sup>3</sup> | 20892495 | 20934763 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>3</sup> | 15081083 | 15123952 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.73% due 05/25/65<sup>3</sup> | 8357727 | 8434287 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>3</sup> | 8028336 | 8107300 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>3,8</sup> | 32022563 | 29901068 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>3,8</sup> | 22013344 | 20747577 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.11% (30 Day Average SOFR + 1.75%, Rate Floor: 0.00%) due 06/25/55<sup>◊,3</sup> | 17358238 | 17387346 |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,3</sup> | 15211230 | 15758147 |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.21% (30 Day Average SOFR + 1.85%, Rate Floor: 0.00%) due 06/25/55<sup>◊,3</sup> | 14786613 | 14798962 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 6.12% due 05/25/65<sup>3</sup> | 47472653 | 47491186 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,3</sup> | 16063319 | 16308434 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,3</sup> | 12207312 | 12270437 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,3</sup> | 11068277 | 11156752 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 06/25/55<sup>◊,3</sup> | 7313351 | $7352002 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,3</sup> | 46940456 | 45017616 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES4, 5.43% due 06/25/60<sup>3,8</sup> | 41940736 | 42260488 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 54627166 | 34484185 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.51% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 11646593 | 6084458 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36<sup>◊</sup> | 1626342 | 1224873 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>3,8</sup> | 38269911 | 38060073 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 37157535 | 36063376 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>3,8</sup> | 13912793 | 13950733 |
| &nbsp;&nbsp;&nbsp;2007-AMC1, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 12/25/36<sup>◊,3</sup> | 18887541 | 10580568 |
| &nbsp;&nbsp;&nbsp;2006-WF1, 7.00% due 03/25/36 | 12379973 | 5910278 |
| &nbsp;&nbsp;&nbsp;2007-AMC3, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37<sup>◊</sup> | 5192845 | 4547120 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.86% (WAC) due 05/25/70<sup>◊,3</sup> | 9956311 | 10001791 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.76% due 05/25/70<sup>3,8</sup> | 9493226 | 9560258 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.35% due 07/25/69<sup>3,8</sup> | 7177283 | 7184234 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.04% (WAC) due 07/25/69<sup>◊,3</sup> | 6693825 | 6688999 |
| GSAMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46<sup>◊</sup> | 22839604 | 12060640 |
| &nbsp;&nbsp;&nbsp;2006-HE8, 4.73% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37<sup>◊</sup> | 10107000 | 8781637 |
| &nbsp;&nbsp;&nbsp;2006-NC2, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 10691908 | 6013311 |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/46<sup>◊</sup> | 6533472 | 3220547 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA4, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 05/25/47<sup>◊</sup> | 12196507 | 11013007 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 4.85% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47<sup>◊</sup> | 5128259 | 4722986 |
| &nbsp;&nbsp;&nbsp;2006-43CB, 6.00% (1 Month Term SOFR + 0.61%, Rate Cap/Floor: 6.00%/6.00%) due 02/25/37<sup>◊</sup> | 5725542 | 2879566 |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47<sup>◊</sup> | 1889003 | 1751250 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 4.71% (1 Month Term SOFR + 0.55%, Rate Cap/Floor: 10.00%/0.44%) due 09/25/47<sup>◊</sup> | 509767 | 492772 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,3</sup> | 10642363 | 10048730 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,3</sup> | 10461523 | 9908290 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>3</sup> | 20000000 | 19951148 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 2.08% due 05/25/47<sup>7</sup> | 115826712 | 18079635 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 4.89% (1 Month Term SOFR + 0.73%, Rate Floor: 0.62%) due 12/25/35<sup>◊</sup> | 11762249 | 11185797 |
| &nbsp;&nbsp;&nbsp;2007-ASP1, 4.67% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 03/25/37<sup>◊</sup> | 7710845 | 3118410 |
| &nbsp;&nbsp;&nbsp;2007-WM2, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37<sup>◊</sup> | 5804298 | 2457183 |
| GCAT 2025-NQM4 Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.53% due 06/25/70<sup>3,8</sup> | 16160150 | 16299998 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WM4, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 11/25/36<sup>◊</sup> | 28657894 | 7856344 |
| &nbsp;&nbsp;&nbsp;2007-BR2, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37<sup>◊,3</sup> | 7746544 | 6754465 |
| &nbsp;&nbsp;&nbsp;2006-HE2, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 3028360 | 1186129 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.98% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/46<sup>◊</sup> | 7285059 | 6198306 |
| &nbsp;&nbsp;&nbsp;2006-AR10, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 6341271 | 5256253 |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.99% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 3330686 | 2826568 |
| &nbsp;&nbsp;&nbsp;2006-7, 3.92% due 09/25/36 | 4980202 | 1300044 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.12% due 10/25/36 | 317091 | 102763 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | 15859279 | $15467818 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.47% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 13822586 | 13628405 |
| &nbsp;&nbsp;&nbsp;2007-1, 4.53% (1 Month Term SOFR + 0.37%, Rate Cap/Floor: 11.00%/0.26%) due 03/25/37<sup>◊</sup> | 2400932 | 1560825 |
| IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.38% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 05/25/37<sup>◊</sup> | 30652709 | 6224636 |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.87% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 10368571 | 5388316 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.50% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37<sup>◊</sup> | 5817446 | 1180631 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37<sup>◊</sup> | 5463643 | 1108873 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.33% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37<sup>◊</sup> | 4545499 | 923044 |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 5.00% (WAC) due 10/01/34<sup>◊,3</sup> | 14650000 | 14627257 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.86% (WAC) due 02/25/61<sup>◊,3</sup> | 14251189 | 14181833 |
| WaMu Asset-Backed Certificates WaMu Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.41%) due 01/25/37<sup>◊</sup> | 30656260 | 13879193 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.56% (WAC) due 02/25/50<sup>◊,3</sup> | 7205277 | 6881704 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.41% (WAC) due 02/25/50<sup>◊,3</sup> | 5542521 | 5297864 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 4.90% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | 11321379 | 11011842 |
| &nbsp;&nbsp;&nbsp;2006-BC4, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 1064263 | 1040503 |
| &nbsp;&nbsp;&nbsp;2006-BC6, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 01/25/37<sup>◊</sup> | 2700 | 2694 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-5, 4.65% (1 Month Term SOFR + 0.49%, Rate Cap/Floor: 99.00%/0.19%) due 06/25/47<sup>◊</sup> | 7655948 | 7272284 |
| &nbsp;&nbsp;&nbsp;2006-4, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 10/25/46<sup>◊</sup> | 6078323 | 3024440 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 12/25/46<sup>◊</sup> | 1728831 | 1495586 |
| Merrill Lynch Mortgage Investors Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.79% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37<sup>◊</sup> | 29876937 | 8336532 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 3.97% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/37<sup>◊</sup> | 7005763 | 3401236 |
| Top Pressure Recovery Turbines |  |  |
| &nbsp;&nbsp;&nbsp;7.51% due 11/01/69 | 11577766 | 11589344 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,3</sup> | 11223687 | 11410432 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 7.46% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,3</sup> | 11115957 | 11199336 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, 5.52% due 01/26/60<sup>3,8</sup> | 11095624 | 11183423 |
| Anchor Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL1, 5.72% due 05/25/40<sup>3</sup> | 11050000 | 11105366 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-QO4, 4.65% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 05/25/47<sup>◊</sup> | 3392964 | 3137186 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.71% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 16536210 | 2696279 |
| &nbsp;&nbsp;&nbsp;2007-QO2, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47<sup>◊</sup> | 7273353 | 2215319 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 4715292 | 978312 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.81% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46<sup>◊</sup> | 5362610 | 885811 |
| &nbsp;&nbsp;&nbsp;2007-QO3, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 03/25/47<sup>◊</sup> | 717168 | 649922 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.95% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46<sup>◊</sup> | 1105132 | 182663 |
| Ameriquest Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36<sup>◊</sup> | 25547236 | 7497209 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.37% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36<sup>◊</sup> | 10731555 | 3149261 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| ABFC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-WMC1, 5.52% (1 Month Term SOFR + 1.36%, Rate Floor: 1.25%) due 06/25/37<sup>◊</sup> | 13319142 | $9476793 |
| Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36<sup>◊</sup> | 10125265 | 3282456 |
| &nbsp;&nbsp;&nbsp;2006-NC2, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36<sup>◊</sup> | 6974580 | 2445243 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36<sup>◊</sup> | 5440529 | 1845817 |
| &nbsp;&nbsp;&nbsp;2007-WMC1, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 01/25/37<sup>◊</sup> | 5571724 | 1553288 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.55% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 5416516 | 5072162 |
| &nbsp;&nbsp;&nbsp;2006-12, 4.63% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38<sup>◊</sup> | 3864152 | 3409786 |
| Fremont Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-E, 4.39% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 01/25/37<sup>◊</sup> | 10781856 | 4954419 |
| &nbsp;&nbsp;&nbsp;2006-D, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 11/25/36<sup>◊</sup> | 9659707 | 3349135 |
| Merrill Lynch Alternative Note Asset Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-A1, 4.73% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37<sup>◊</sup> | 18129209 | 5425655 |
| &nbsp;&nbsp;&nbsp;2007-A1, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/37<sup>◊</sup> | 6874899 | 2058312 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-FF16, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 12/25/36<sup>◊</sup> | 18375152 | 7407933 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-W4, 5.03% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 02/25/36<sup>◊</sup> | 8568845 | 6969408 |
| ATLX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>3,8</sup> | 7052595 | 6841353 |
| First NLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-4, 5.05% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36<sup>◊</sup> | 4773081 | 4702448 |
| &nbsp;&nbsp;&nbsp;2005-1, 2.60% (1 Month Term SOFR + 0.57%, Rate Cap/Floor: 14.00%/0.46%) due 05/25/35<sup>◊</sup> | 1799678 | 1617292 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-8, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 13778899 | 3511874 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.77% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36<sup>◊</sup> | 4324416 | 1700552 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36<sup>◊</sup> | 3677331 | 933656 |
| Option One Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-5, 4.49% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 05/25/37<sup>◊</sup> | 6180423 | 3713943 |
| &nbsp;&nbsp;&nbsp;2007-2, 4.77% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37<sup>◊</sup> | 4536075 | 2237866 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | 5446885 | 5409752 |
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 3.61% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36<sup>◊</sup> | 5315921 | 5217684 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.42% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 15518931 | 4944879 |
| WaMu Asset-Backed Certificates WaMu Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.44% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 4238402 | 3191651 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.52% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47<sup>◊</sup> | 2970285 | 1708465 |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2N, 4.45% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 02/25/37<sup>◊</sup> | 4011776 | 3733162 |
| &nbsp;&nbsp;&nbsp;2007-15N, 4.77% (1 Month Term SOFR + 0.61%, Rate Floor: 0.00%) due 08/25/37<sup>◊</sup> | 929027 | 911530 |
| &nbsp;&nbsp;&nbsp;2006-10N, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46<sup>◊</sup> | 232628 | 226475 |
| WaMu Mortgage Pass-Through Certificates Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA6, 4.96% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47<sup>◊</sup> | 3790801 | 3206597 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-AR13, 5.03% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/46<sup>◊</sup> | 1175135 | $| 1027604 |
| &nbsp;&nbsp;&nbsp;2006-AR11, 5.07% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/46<sup>◊</sup> | 521136 |  | 466737 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR4, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 8850150 |  | 3016898 |
| &nbsp;&nbsp;&nbsp;2007-OA2, 4.92% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/47<sup>◊</sup> | 1859513 |  | 1681856 |
| CWABS Asset-Backed Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-12, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 5042117 |  | 4659440 |
| CFMT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,3</sup> | 4310034 |  | 4245704 |
| GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-5, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 03/25/36<sup>◊</sup> | 11636218 |  | 3705700 |
| &nbsp;&nbsp;&nbsp;2007-7, 4.81% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 54886 |  | 53013 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-CB2, 3.14% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36<sup>◊</sup> | 3875197 |  | 3755851 |
| Impac Secured Assets CMN Owner Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 4.77% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 03/25/36<sup>◊</sup> | 3382273 |  | 3240665 |
| GSAA Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-3, 4.61% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/47<sup>◊</sup> | 10182414 |  | 2648380 |
| ASG Resecuritization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-3, 4.39% (1 Month Term SOFR + 0.40%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/45<sup>◊,3</sup> | 1650592 |  | 1585174 |
| Securitized Asset Backed Receivables LLC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-WM4, 4.59% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36<sup>◊</sup> | 5029423 |  | 1378669 |
| C-BASS Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-CB2, 3.50% due 02/25/37 | 2321650 |  | 1350673 |
| Morgan Stanley Capital I Incorporated Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.85% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36<sup>◊</sup> | 1165071 |  | 1134978 |
| Alliance Bancorp Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.75% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 442552 |  | 388357 |
| Countrywide Asset-Backed Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-15, 3.12% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 03/25/36<sup>◊</sup> | 319406 |  | 315318 |
| Impac Secured Assets Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.61% (1 Month Term SOFR + 0.45%, Rate Cap/Floor: 11.50%/0.34%) due 08/25/36<sup>◊</sup> | 336057 |  | 309933 |
| Nomura Resecuritization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 1.42% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,3</sup> | 201650 |  | 197366 |
| Structured Asset Investment Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2004-BNC2, 5.47% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 12/25/34<sup>◊</sup> | 107442 |  | 106929 |
| &nbsp;&nbsp;&nbsp;2006-3, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 77112 |  | 75950 |
| Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.68% (WAC) due 01/26/60<sup>◊,3</sup> | 99296 |  | 98446 |
| Morgan Stanley Re-REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 2.86% due 06/26/36<sup>3</sup> | 79214 |  | 76806 |
| GreenPoint Mortgage Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR1, 4.85% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.50%/0.58%) due 02/25/36<sup>◊</sup> | 80783 |  | 71737 |
| **Total Residential Mortgage-Backed Securities** |  |  | 3576143811 |
| **Commercial Mortgage-Backed Securities - 1.4%** | **Commercial Mortgage-Backed Securities - 1.4%** | **Commercial Mortgage-Backed Securities - 1.4%** | **Commercial Mortgage-Backed Securities - 1.4%** |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,3</sup> | 58178129 |  | 58069045 |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.92% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,3</sup> | 50379063 |  | 50221628 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 5.84% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,3</sup> | 14838694 |  | 14866517 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,3</sup> | 10672625 |  | 10702642 |
| &nbsp;&nbsp;&nbsp;2024-AIR2, 5.64% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 10/15/41<sup>◊,3</sup> | 9591801 |  | 9606789 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 6.11% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39<sup>◊,3</sup> | 4410000 |  | 4404488 |
| &nbsp;&nbsp;&nbsp;2024-AIR2, 5.94% (1 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 10/15/41<sup>◊,3</sup> | 3644885 |  | 3652858 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 06/15/41<sup>◊,3</sup> | 20650000 | $20662906 |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.09% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 06/15/41<sup>◊,3</sup> | 17150000 | 17166078 |
| SMRT |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.10% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,3</sup> | 32500000 | 32337500 |
| RWC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>3,5</sup> | 28133000 | 28097139 |
| MILE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-STNE, 5.65% (1 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 07/15/42<sup>◊,3</sup> | 24050000 | 24057516 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.36% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38<sup>◊,3</sup> | 14350000 | 12680188 |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.71% (1 Month Term SOFR + 2.55%, Rate Floor: 2.19%) due 06/15/38<sup>◊,3</sup> | 8000000 | 6843494 |
| &nbsp;&nbsp;&nbsp;2016-JP3, 1.44% (WAC) due 08/15/49<sup>◊,7</sup> | 46755179 | 280508 |
| VDCM Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AZ, 5.23% (WAC) due 07/13/44<sup>◊,3</sup> | 18650000 | 18838020 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 6.62% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38<sup>◊,3</sup> | 13650000 | 13491873 |
| &nbsp;&nbsp;&nbsp;2021-BMR, 6.02% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 03/15/38<sup>◊,3</sup> | 3675000 | 3642844 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.52% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,3</sup> | 10540950 | 10540950 |
| &nbsp;&nbsp;&nbsp;2021-ESH, 5.97% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38<sup>◊,3</sup> | 5439130 | 5439130 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC43, 0.72% (WAC) due 11/10/52<sup>◊,7</sup> | 203083997 | 4307066 |
| &nbsp;&nbsp;&nbsp;2019-GC41, 1.16% (WAC) due 08/10/56<sup>◊,7</sup> | 95890321 | 2822407 |
| &nbsp;&nbsp;&nbsp;2015-GC35, 4.35% (WAC) due 11/10/48<sup>◊</sup> | 810679 | 746483 |
| &nbsp;&nbsp;&nbsp;2016-P4, 2.04% (WAC) due 07/10/49<sup>◊,7</sup> | 27664779 | 167792 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.80% (WAC) due 08/10/49<sup>◊,7</sup> | 29476178 | 163835 |
| &nbsp;&nbsp;&nbsp;2016-P5, 1.51% (WAC) due 10/10/49<sup>◊,7</sup> | 23524373 | 134282 |
| &nbsp;&nbsp;&nbsp;2016-C3, 1.04% (WAC) due 11/15/49<sup>◊,7</sup> | 8772266 | 50850 |
| &nbsp;&nbsp;&nbsp;2015-GC35, 0.75% (WAC) due 11/10/48<sup>◊,7</sup> | 14699744 | 12607 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.76% (WAC) due 04/10/49<sup>◊,7</sup> | 16487785 | 6196 |
| DBGS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C1, 4.79% (WAC) due 10/15/51<sup>◊</sup> | 7588000 | 7089686 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-IG3, 3.23% (WAC) due 09/15/48<sup>◊,3</sup> | 5232000 | 3099852 |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.89% (WAC) due 12/15/62<sup>◊,7</sup> | 94779322 | 1978879 |
| &nbsp;&nbsp;&nbsp;2018-B6, 4.74% (WAC) due 10/10/51<sup>◊</sup> | 750000 | 705427 |
| &nbsp;&nbsp;&nbsp;2018-B2, 0.57% (WAC) due 02/15/51<sup>◊,7</sup> | 86994223 | 654458 |
| &nbsp;&nbsp;&nbsp;2018-B6, 0.55% (WAC) due 10/10/51<sup>◊,7</sup> | 57691252 | 443917 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-GC45, 0.73% (WAC) due 02/13/53<sup>◊,7</sup> | 142839324 | 3044520 |
| &nbsp;&nbsp;&nbsp;2019-GC42, 0.93% (WAC) due 09/10/52<sup>◊,7</sup> | 64120955 | 1635168 |
| &nbsp;&nbsp;&nbsp;2017-GS6, 1.14% (WAC) due 05/10/50<sup>◊,7</sup> | 39642272 | 528475 |
| &nbsp;&nbsp;&nbsp;2017-GS6, 3.87% due 05/10/50 | 521000 | 458381 |
| BMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-MF23, 5.79% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41<sup>◊,3</sup> | 4900000 | 4910719 |
| GS Mortgage Securities Corporation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 5.77% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36<sup>◊,3</sup> | 3458033 | 3446173 |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 6.32% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36<sup>◊,3</sup> | 922142 | 901284 |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;2020-BN25, 0.53% (WAC) due 01/15/63<sup>◊,7</sup> | 140000000 | 2489144 |
| &nbsp;&nbsp;&nbsp;2017-BNK6, 0.91% (WAC) due 07/15/60<sup>◊,7</sup> | 32581689 | 331766 |
| &nbsp;&nbsp;&nbsp;2017-BNK4, 1.49% (WAC) due 05/15/50<sup>◊,7</sup> | 10259197 | 158407 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-C4, 3.64% (WAC) due 12/15/49<sup>◊</sup> | 2650000 | 2464784 |
| &nbsp;&nbsp;&nbsp;2016-C4, 0.79% (WAC) due 12/15/49<sup>◊,7</sup> | 66758784 | 304667 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.62% (WAC) due 06/15/49<sup>◊,7</sup> | 22149212 | 62642 |
| &nbsp;&nbsp;&nbsp;2017-C5, 0.99% (WAC) due 03/15/50<sup>◊,7</sup> | 6850282 | 49719 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 1.16% (WAC) due 03/15/52<sup>◊,7</sup> | 84362771 | 2212085 |
| &nbsp;&nbsp;&nbsp;2016-C6, 2.01% (WAC) due 01/15/49<sup>◊,7</sup> | 4101474 | 3599 |
| &nbsp;&nbsp;&nbsp;2015-C1, 0.17% (WAC) due 04/15/50<sup>◊,7</sup> | 3153124 | 3 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-COR3, 0.58% (WAC) due 05/10/51<sup>◊,7</sup> | 194591389 | 1830755 |
| &nbsp;&nbsp;&nbsp;2015-CR26, 0.87% (WAC) due 10/10/48<sup>◊,7</sup> | 7768037 | 91 |
| &nbsp;&nbsp;&nbsp;2015-CR27, 0.69% (WAC) due 10/10/48<sup>◊,7</sup> | 892964 | 5 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C38, 1.05% (WAC) due 07/15/50<sup>◊,7</sup> | 61013151 | 647716 |
| &nbsp;&nbsp;&nbsp;2017-RB1, 1.35% (WAC) due 03/15/50<sup>◊,7</sup> | 31958277 | 425735 |
| &nbsp;&nbsp;&nbsp;2016-BNK1, 1.83% (WAC) due 08/15/49<sup>◊,7</sup> | 32101499 | 236405 |
| &nbsp;&nbsp;&nbsp;2017-RC1, 1.54% (WAC) due 01/15/60<sup>◊,7</sup> | 15493616 | 216613 |
| &nbsp;&nbsp;&nbsp;2016-C35, 2.01% (WAC) due 07/15/48<sup>◊,7</sup> | 18347188 | 115573 |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.92% (WAC) due 12/15/49<sup>◊,7</sup> | 9729406 | 51690 |
| &nbsp;&nbsp;&nbsp;2015-P2, 0.97% (WAC) due 12/15/48<sup>◊,7</sup> | 9080108 | 2455 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.51% (WAC) due 01/15/59<sup>◊,7</sup> | 15976909 | 546 |
| &nbsp;&nbsp;&nbsp;2015-NXS4, 1.12% (WAC) due 12/15/48<sup>◊,7</sup> | 3858070 | 79 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C7, 0.97% (WAC) due 10/15/50<sup>◊,†††,7</sup> | 110414478 | 1351595 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C2, 0.91% (WAC) due 12/15/51<sup>◊,7</sup> | 55605605 | 1028537 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.20% (WAC) due 08/15/50<sup>◊,7</sup> | 36193676 | 507638 |
| &nbsp;&nbsp;&nbsp;2017-C5, 1.24% (WAC) due 11/15/50<sup>◊,7</sup> | 31143508 | 501164 |
| CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD6, 1.06% (WAC) due 11/13/50<sup>◊,7</sup> | 35223145 | 451050 |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.47% (WAC) due 08/10/49<sup>◊,7</sup> | 27548904 | 93482 |
| &nbsp;&nbsp;&nbsp;2016-CD2, 0.69% (WAC) due 11/10/49<sup>◊,7</sup> | 29010154 | 77080 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| CD Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD4, 1.37% (WAC) due 05/10/50<sup>◊,7</sup> | 24128361 | $| 309232 |
| &nbsp;&nbsp;&nbsp;2017-CD3, 1.08% (WAC) due 02/10/50<sup>◊,7</sup> | 28682992 |  | 256546 |
| CGMS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-B1, 0.85% (WAC) due 08/15/50<sup>◊,7</sup> | 56442260 |  | 563745 |
| JPMCC Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-JP6, 1.16% (WAC) due 07/15/50<sup>◊,7</sup> | 45734317 |  | 461130 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C42, 0.98% (WAC) due 12/15/50<sup>◊,†††,7</sup> | 30635345 |  | 460593 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-UBS9, 4.76% (WAC) due 03/15/49<sup>◊</sup> | 275000 |  | 236584 |
| DBJPM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C6, 1.09% (WAC) due 06/10/50<sup>◊,7</sup> | 16943865 |  | 193343 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK3, 1.14% (WAC) due 02/15/50<sup>◊,7</sup> | 20200142 |  | 168427 |
| &nbsp;&nbsp;&nbsp;2016-UB10, 1.87% (WAC) due 07/15/49<sup>◊,7</sup> | 1417827 |  | 1630 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C5, 1.98% (WAC) due 10/10/48<sup>◊,7</sup> | 4273068 |  | 26014 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C3, 1.04% (WAC) due 01/10/48<sup>◊,7</sup> | 21474219 |  | 18612 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.87% (WAC) due 12/15/47<sup>◊,7</sup> | 14574446 |  | 280 |
| JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.86% (WAC) due 02/15/48<sup>◊,7</sup> | 8894135 |  | 187 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 401221918 |
| **Military Housing - 0.6%** |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.65% (WAC) due 11/25/55<sup>◊,9</sup> | 107370246 |  | 94340605 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.45% (WAC) due 11/25/52<sup>◊,3</sup> | 19779672 |  | 18012437 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.31% (WAC) due 10/25/52<sup>◊,3</sup> | 12860617 |  | 10830270 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,7,9</sup> | 161344132 |  | 9064233 |
| Capmark Military Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-RILY, 6.15% due 07/10/51<sup>†††,3</sup> | 12184015 |  | 10606208 |
| &nbsp;&nbsp;&nbsp;2007-AETC, 5.75% due 02/10/52<sup>†††,3</sup> | 6923860 |  | 6214710 |
| &nbsp;&nbsp;&nbsp;2006-RILY, 4.66% (1 Month Term SOFR + 0.48%, Rate Floor: 0.37%) due 07/10/51<sup>◊,†††,3</sup> | 6564417 |  | 4813094 |
| &nbsp;&nbsp;&nbsp;2007-ROBS, 6.06% due 10/10/52<sup>†††,3</sup> | 4395140 |  | 4008788 |
| &nbsp;&nbsp;&nbsp;2007-AET2, 6.06% due 10/10/52<sup>†††,3</sup> | 2887386 |  | 2829002 |
| GMAC Commercial Mortgage Asset Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HCKM, 6.11% due 08/10/52<sup>†††,3</sup> | 20852900 |  | 20333380 |
| &nbsp;&nbsp;&nbsp;2005-DRUM, 5.47% due 05/10/50<sup>†††,3</sup> | 4198045 |  | 3790882 |
| &nbsp;&nbsp;&nbsp;2005-BLIS, 5.25% due 07/10/50<sup>†††,3</sup> | 2500000 |  | 1991249 |
| **Total Military Housing** |  |  | 186834858 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,399,236,926) | &nbsp;&nbsp;&nbsp;(Cost $13,399,236,926) |  | 13187680740 |
| **CORPORATE BONDS<sup>††</sup>** **- 25.8%** | **CORPORATE BONDS<sup>††</sup>** **- 25.8%** | **CORPORATE BONDS<sup>††</sup>** **- 25.8%** | **CORPORATE BONDS<sup>††</sup>** **- 25.8%** |
| **Financial - 13.2%** |  |  |  |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>3</sup> | 101800000 |  | 90756115 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 52650000 |  | 48463429 |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>3</sup> | 91480000 |  | 83747989 |
| Macquarie Bank Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.64% due 08/13/36<sup>3,10</sup> | 46285000 |  | 46885034 |
| &nbsp;&nbsp;&nbsp;3.62% due 06/03/30<sup>3</sup> | 34605000 |  | 32974810 |
| Wilton RE Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% <sup>3,10,11</sup> | 80224000 |  | 79758685 |
| American National Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 07/15/35 | 31375000 |  | 32029245 |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 | 22055000 |  | 22814183 |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>10</sup> | 12775000 |  | 13165634 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 8142000 |  | 8208874 |
| &nbsp;&nbsp;&nbsp;6.14% due 06/13/32<sup>3</sup> | 2000000 |  | 2097253 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 51638000 |  | 49423654 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 15867000 |  | 16157176 |
| &nbsp;&nbsp;&nbsp;5.75% due 11/01/37 | 6575000 |  | 6529321 |
| &nbsp;&nbsp;&nbsp;3.25% due 01/15/32 | 4150000 |  | 3733638 |
| Fairfax Financial Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 03/03/31 | 39803000 |  | 37545283 |
| &nbsp;&nbsp;&nbsp;5.75% due 05/20/35<sup>3</sup> | 17425000 |  | 18065190 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/16/32 | 13100000 |  | 13612785 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/20/55<sup>3</sup> | 3320000 |  | 3568429 |
| Lazard Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 03/15/31 | 42290000 |  | 44692023 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/35 | 27430000 |  | 27896068 |
| United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>3</sup> | 46832000 |  | 46188243 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>3</sup> | 23739000 |  | 23730492 |
| Host Hotels & Resorts, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 09/15/30 | 41072000 |  | 38560711 |
| &nbsp;&nbsp;&nbsp;2.90% due 12/15/31 | 20200000 |  | 17973988 |
| &nbsp;&nbsp;&nbsp;5.70% due 07/01/34 | 12075000 |  | 12367700 |
| Nippon Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 01/21/51<sup>3,10</sup> | 45350000 |  | 40807635 |
| &nbsp;&nbsp;&nbsp;5.95% due 04/16/54<sup>3,10</sup> | 13950000 |  | 14551166 |
| &nbsp;&nbsp;&nbsp;2.90% due 09/16/51<sup>3,10</sup> | 10380000 |  | 9283304 |
| FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 35399000 |  | 34394704 |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 30100000 |  | 29087505 |
| Safehold GL Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 06/15/31 | 27977000 |  | 25615467 |
| &nbsp;&nbsp;&nbsp;2.85% due 01/15/32 | 27008000 |  | 23964982 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/01/34 | 9168000 |  | 9658191 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/35 | 2750000 |  | 2814063 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>3</sup> | 46892000 |  | 43789803 |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>3</sup> | 17717000 |  | 17354318 |
| Global Atlantic Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/15/51<sup>3,10</sup> | 35662000 |  | 35130403 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>3</sup> | 16619000 | $19258221 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/54<sup>3</sup> | 3190000 | 3372681 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 40891000 | 39527732 |
| &nbsp;&nbsp;&nbsp;2.40% due 08/15/31 | 11875000 | 10315137 |
| &nbsp;&nbsp;&nbsp;5.45% due 09/30/34 | 7250000 | 7270165 |
| Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.16% due 08/15/51<sup>3</sup> | 77700000 | 54634767 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 03/03/55 | 12635000 | 12728901 |
| &nbsp;&nbsp;&nbsp;5.68% due 01/15/35 | 9400000 | 9750038 |
| &nbsp;&nbsp;&nbsp;5.33% due 01/15/36 | 9510000 | 9560203 |
| &nbsp;&nbsp;&nbsp;4.70% due 09/20/47 | 9790000 | 8578845 |
| &nbsp;&nbsp;&nbsp;3.63% due 02/15/52 | 9380000 | 6749448 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/30/51 | 9526000 | 6730928 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>3</sup> | 74981000 | 47211185 |
| &nbsp;&nbsp;&nbsp;4.13% due 12/15/51<sup>3,10</sup> | 3600000 | 3535895 |
| &nbsp;&nbsp;&nbsp;3.95% due 05/15/60<sup>3</sup> | 4064000 | 2888387 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/14/31<sup>3,10</sup> | 20000000 | 20887570 |
| &nbsp;&nbsp;&nbsp;5.39% due 05/28/31<sup>3,10</sup> | 12200000 | 12516521 |
| &nbsp;&nbsp;&nbsp;7.00% due 10/19/34<sup>3,10</sup> | 10000000 | 11155746 |
| &nbsp;&nbsp;&nbsp;5.94% due 05/30/35<sup>3,10</sup> | 7750000 | 8117792 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/14/36<sup>3,10</sup> | 23750000 | 24954849 |
| &nbsp;&nbsp;&nbsp;2.99% due 05/21/31<sup>3</sup> | 14525000 | 13248568 |
| &nbsp;&nbsp;&nbsp;3.35% due 01/12/37<sup>3,10</sup> | 14550000 | 13185776 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 11/01/34<sup>10</sup> | 21862000 | 24455040 |
| &nbsp;&nbsp;&nbsp;5.94% due 02/07/39<sup>10</sup> | 23310000 | 24405495 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.01% due 10/15/30<sup>3,10</sup> | 31331000 | 31882224 |
| &nbsp;&nbsp;&nbsp;4.64% due 04/01/31<sup>3,10</sup> | 16067000 | 16137876 |
| Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.35% due 04/30/50<sup>3</sup> | 60506000 | 47945035 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/81<sup>3,10</sup> | 39900000 | 36957088 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/10/55<sup>3,10</sup> | 10550000 | 10741018 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>3</sup> | 39650000 | 38309223 |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/31<sup>3</sup> | 6850000 | 6895612 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/20/34 | 20950000 | 21890156 |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>3</sup> | 15257000 | 14920365 |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/35 | 6650000 | 6819184 |
| Bain Capital, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.41% due 04/15/41<sup>†††</sup> | 36000000 | 26410175 |
| &nbsp;&nbsp;&nbsp;3.72% due 04/15/42<sup>†††</sup> | 20300000 | 15243532 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/08/34<sup>10</sup> | 22450000 | 24283566 |
| &nbsp;&nbsp;&nbsp;5.20% due 09/11/36<sup>10</sup> | 12275000 | 12139993 |
| &nbsp;&nbsp;&nbsp;5.88% due 07/26/35<sup>10</sup> | 2280000 | 2391213 |
| &nbsp;&nbsp;&nbsp;6.05% due 02/01/35<sup>10</sup> | 1860000 | 1974422 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.69% due 06/23/32<sup>3,10</sup> | 23002000 | 20780622 |
| &nbsp;&nbsp;&nbsp;2.87% due 01/14/33<sup>3,10</sup> | 17431000 | 15719214 |
| &nbsp;&nbsp;&nbsp;1.63% due 09/23/27<sup>3,10</sup> | 4125000 | 4020095 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>3</sup> | 38565000 | 40057789 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;6.55% <sup>3,10,11</sup> | 36800000 | 37992320 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.82% due 06/18/36<sup>3,10</sup> | 24460000 | 25376883 |
| &nbsp;&nbsp;&nbsp;5.20% due 09/30/35<sup>3,10</sup> | 10000000 | 10042646 |
| &nbsp;&nbsp;&nbsp;2.57% due 11/25/35<sup>3,10</sup> | 1600000 | 1426873 |
| TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/05/34 | 34270000 | 36147886 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>10</sup> | 34318000 | 35768416 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;5.93% due 03/14/46<sup>3,10</sup> | 29470000 | 30574134 |
| &nbsp;&nbsp;&nbsp;3.61% due 09/12/34<sup>3,10</sup> | 3550000 | 3407592 |
| CBS Studio Center |  |  |
| &nbsp;&nbsp;&nbsp;7.18% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 01/09/26<sup>◊,†††</sup> | 34100000 | 33855645 |
| Carlyle Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 09/19/35 | 33700000 | 33582152 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 33100000 | 33100000 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 36711000 | 32885665 |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 08/15/54<sup>3</sup> | 31900000 | 32644170 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/29 | 9925000 | 10201620 |
| &nbsp;&nbsp;&nbsp;7.50% due 05/15/31 | 8250000 | 8624235 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 6588000 | 6647542 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/30 | 3650000 | 3696300 |
| &nbsp;&nbsp;&nbsp;3.88% due 09/15/28 | 2270000 | 2181623 |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/31 | 1125000 | 1166606 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;3.34% due 01/21/33<sup>3,10</sup> | 22830000 | 20769709 |
| &nbsp;&nbsp;&nbsp;6.07% due 01/19/35<sup>3,10</sup> | 8750000 | 9193266 |
| &nbsp;&nbsp;&nbsp;5.25% due 05/22/29<sup>3,10</sup> | 1790000 | 1820168 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/12/36<sup>10</sup> | 16850000 | 17506621 |
| &nbsp;&nbsp;&nbsp;5.52% due 10/25/35<sup>10</sup> | 10000000 | 10242986 |
| &nbsp;&nbsp;&nbsp;3.56% due 04/23/27<sup>10</sup> | 3350000 | 3336620 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>3</sup> | 18010000 | 18365389 |
| &nbsp;&nbsp;&nbsp;5.55% due 01/28/30<sup>3</sup> | 12225000 | 12593173 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>10</sup> | 28930000 | 30737141 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 08/22/43<sup>†††</sup> | 28550000 | 30118990 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.34% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 29296238 | 29296238 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>3,10</sup> | 28140000 | 29209324 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>3</sup> | 32364000 | $29185684 |
| VICI Properties, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/01/35 | 28500000 | 29181430 |
| Dai-ichi Life Insurance Company Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% <sup>3,10,11</sup> | 27750000 | 28845071 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>3,10</sup> | 22800000 | 23722579 |
| &nbsp;&nbsp;&nbsp;5.80% due 09/11/54<sup>3,10</sup> | 4093000 | 4178613 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/34 | 20050000 | 20961822 |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>10</sup> | 6190000 | 6497587 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% due 11/18/36<sup>10</sup> | 15650000 | 13958107 |
| &nbsp;&nbsp;&nbsp;3.13% due 11/18/41 | 12214000 | 9244364 |
| &nbsp;&nbsp;&nbsp;2.67% due 11/15/35<sup>10</sup> | 4467000 | 4008575 |
| Nuveen LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 04/15/34<sup>3</sup> | 25425000 | 26752479 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 06/15/35<sup>3,10</sup> | 25150000 | 26215309 |
| Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 02/15/31<sup>3</sup> | EUR 16,950,000 | 20572875 |
| &nbsp;&nbsp;&nbsp;7.75% due 02/15/31<sup>3</sup> | 5300000 | 5545862 |
| Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 05/15/55<sup>3</sup> | 23810000 | 25784734 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>3</sup> | 24480000 | 25676882 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>3</sup> | 15150000 | 15105912 |
| &nbsp;&nbsp;&nbsp;8.50% due 05/15/30<sup>3</sup> | 9950000 | 10566363 |
| AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.81% due 03/11/31<sup>3</sup> | 19525000 | 16956287 |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>3</sup> | 13118000 | 8650270 |
| Dyal Capital Partners III |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 06/15/40<sup>†††</sup> | 26750000 | 25379029 |
| Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/32<sup>3</sup> | 26450000 | 25338691 |
| Dyal IV Issuer A |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> | 27170000 | 24627402 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>3</sup> | 25121000 | 24491596 |
| Omnis Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% due 05/15/55<sup>3</sup> | 22640000 | 24420589 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 21310000 | 22613608 |
| 200 Park Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/15/55<sup>3</sup> | 22000000 | 22280696 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.59% due 11/26/35<sup>10</sup> | 17200000 | 17876911 |
| &nbsp;&nbsp;&nbsp;3.75% due 03/18/28<sup>10</sup> | 3460000 | 3436492 |
| Corebridge Life Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 03/15/46<sup>3</sup> | 17100000 | 20795247 |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;5.54% due 07/14/36<sup>3,10</sup> | 18400000 | 18922101 |
| &nbsp;&nbsp;&nbsp;4.65% due 07/14/29<sup>3,10</sup> | 1720000 | 1734053 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>3,10</sup> | 16125000 | 16816988 |
| &nbsp;&nbsp;&nbsp;3.10% due 09/01/31 | 3840000 | 3429695 |
| Henneman Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.58% due 05/15/55<sup>3</sup> | 18650000 | 19890682 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>10</sup> | 21056000 | 19866982 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>3</sup> | 25330000 | 19798066 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>3</sup> | 15450000 | 15376417 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>3</sup> | 3500000 | 3560491 |
| Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/15/30<sup>3</sup> | 19788000 | 18690283 |
| Swiss Re Finance Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/02/49<sup>3,10</sup> | 18300000 | 18438750 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/14/34 | 13563000 | 14420134 |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/36 | 3330000 | 3550590 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 01/06/32<sup>3</sup> | 16400000 | 14522469 |
| &nbsp;&nbsp;&nbsp;4.50% due 09/18/30<sup>3</sup> | 3000000 | 2975869 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.22% due 05/27/31<sup>3,10</sup> | 13700000 | 14053875 |
| &nbsp;&nbsp;&nbsp;5.60% (SOFR + 1.21%) due 09/11/28<sup>◊,3</sup> | 3280000 | 3302753 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>3</sup> | 16600000 | 17235757 |
| Equities AB |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 05/08/35<sup>3</sup> | 16615000 | 17156321 |
| Brookfield Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 06/14/33 | 15900000 | 17121130 |
| BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.09% due 05/09/31<sup>3,10</sup> | 7200000 | 7337577 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/20/30<sup>3,10</sup> | 5923000 | 6124839 |
| &nbsp;&nbsp;&nbsp;5.79% due 01/13/33<sup>3,10</sup> | 3270000 | 3431945 |
| Hanover Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/35 | 16175000 | 16365667 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/11/31<sup>3</sup> | 12750000 | 13301579 |
| &nbsp;&nbsp;&nbsp;5.05% due 12/06/31<sup>3</sup> | 2700000 | 2753136 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 10/01/50<sup>10</sup> | 17139000 | 16009336 |
| KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 08/25/50<sup>3</sup> | 22210000 | 15941534 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>3</sup> | 13145000 | 13409030 |
| Dyal IV Issuer B |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> | 14630000 | 13260909 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>3</sup> | 12675000 | 13109550 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 13195000 | 12607383 |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 | 81000 | 75630 |
| Rocket Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/01/33<sup>3</sup> | 11250000 | 11611282 |
| Symetra Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 10/01/55<sup>3</sup> | 10900000 | 11563484 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Atlantic Marine Corporations Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.34% due 12/01/50<sup>3</sup> | 10583902 | $10213465 |
| &nbsp;&nbsp;&nbsp;5.37% due 12/01/50<sup>3</sup> | 718710 | 629975 |
| Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% due 01/16/64<sup>3,10</sup> | 10150000 | 10477490 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 04/01/35 | 9900000 | 10380395 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/18/34 | 9880000 | 10361389 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>10</sup> | 6770000 | 6933443 |
| &nbsp;&nbsp;&nbsp;5.29% due 11/19/30<sup>10</sup> | 3290000 | 3393647 |
| NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;6.02% due 03/02/34<sup>10</sup> | 9600000 | 10303522 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 9810000 | 10285431 |
| KKR Group Finance Company X LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 12/15/51<sup>3</sup> | 15150000 | 10208082 |
| Swiss RE Subordinated Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.19% due 04/01/46<sup>3,10</sup> | 9800000 | 10167815 |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 12/19/29<sup>3</sup> | GBP 7,200,000 | 10021771 |
| Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 04/29/61<sup>3</sup> | 14970000 | 10007447 |
| Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/18/30<sup>3</sup> | 6825000 | 7004894 |
| &nbsp;&nbsp;&nbsp;6.20% due 06/18/35<sup>3</sup> | 2650000 | 2783760 |
| Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 09/15/51 | 13031000 | 9329271 |
| Nassau Companies of New York |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>3</sup> | 9075000 | 9268434 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>3</sup> | 9000000 | 9077723 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>3</sup> | 8275000 | 9015637 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 9132000 | 8946122 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>3</sup> | 8600000 | 8792921 |
| Mid-Atlantic Military Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 08/01/50<sup>3</sup> | 5682618 | 4852404 |
| &nbsp;&nbsp;&nbsp;5.24% due 08/01/50<sup>3</sup> | 3574246 | 3373050 |
| Five Corners Funding Trust III |  |  |
| &nbsp;&nbsp;&nbsp;5.79% due 02/15/33<sup>3</sup> | 7550000 | 7983290 |
| Blue Owl Capital GP Stakes V A-1 B |  |  |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 7615200 | 7777456 |
| Blue Owl Capital GP Stakes V A-1 A |  |  |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 7584800 | 7746408 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>3</sup> | 7573000 | 7657712 |
| CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 10/07/26<sup>3</sup> | 7400000 | 7220511 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 06/15/55<sup>10</sup> | 6075000 | 6489594 |
| Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 09/22/36<sup>10</sup> | 6440000 | 6379964 |
| Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25 | 4560000 | 4559675 |
| &nbsp;&nbsp;&nbsp;4.70% due 10/01/30 | 1770000 | 1752492 |
| Blue Owl IV SR SEC A |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 6240000 | 6240000 |
| Ohana Military Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.56% due 10/01/36<sup>3</sup> | 3820000 | 3826276 |
| &nbsp;&nbsp;&nbsp;5.78% due 10/01/36<sup>3</sup> | 2200000 | 2239820 |
| Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 5880000 | 5930907 |
| Blue Owl IV SR SEC B |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 5760000 | 5760000 |
| Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 04/28/61<sup>3</sup> | 8263000 | 5733745 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 12/15/35<sup>3</sup> | 5600000 | 5544706 |
| Demeter Investments BV |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/52 | 4900000 | 4949579 |
| Deloitte LLP |  |  |
| &nbsp;&nbsp;&nbsp;7.33% due 11/20/26<sup>†††</sup> | 4800000 | 4919802 |
| Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/50 | 6852000 | 4794400 |
| Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.06% due 02/24/32<sup>10</sup> | 4815000 | 4780901 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 4710000 | 4752866 |
| Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 4620000 | 4659702 |
| ING Groep N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 03/25/29<sup>10</sup> | 3360000 | 3404539 |
| &nbsp;&nbsp;&nbsp;5.53% due 03/25/36<sup>10</sup> | 1150000 | 1192988 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 04/15/35<sup>3</sup> | 4400000 | 4550850 |
| Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/01/30 | 3764000 | 3939523 |
| HS Wildcat LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 12/31/50<sup>†††</sup> | 4917719 | 3618380 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 07/23/36<sup>10</sup> | 3390000 | 3514352 |
| Janus Henderson US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45% due 09/10/34 | 3460000 | 3497770 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;4.58% due 09/08/31<sup>10</sup> | 3480000 | 3491432 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/11/31<sup>10</sup> | 3480000 | 3481881 |
| KBC Group N.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% due 09/21/34<sup>3,10</sup> | 3180000 | 3478111 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.02% due 10/31/38<sup>10</sup> | 3870000 | 3468830 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.06% due 07/22/32<sup>10</sup> | 3350000 | 3461296 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/28/53<sup>3</sup> | 2800000 | 3459477 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 08/06/29<sup>10</sup> | 3430000 | $3456680 |
| Deutsche Bank AG NY |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/18/31<sup>10</sup> | 3610000 | 3422222 |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 06/10/29<sup>3</sup> | 3330000 | 3417561 |
| Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/23/51 | 4710000 | 3398031 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 06/07/31<sup>3</sup> | 3780000 | 3377156 |
| BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 05/25/28 | 3120000 | 3331526 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/05/29 | 3150000 | 3329530 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.41% (SOFR + 1.02%) due 09/10/29<sup>◊,3</sup> | 3280000 | 3326807 |
| Pine Street Trust III |  |  |
| &nbsp;&nbsp;&nbsp;6.22% due 05/15/54<sup>3</sup> | 3200000 | 3296566 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;4.48% due 11/11/29<sup>10</sup> | 3200000 | 3205653 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;5.51% (SOFR + 1.06%) due 11/05/30<sup>◊,3</sup> | 3060000 | 3095051 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (SOFR Compounded Index + 1.08%) due 08/01/29<sup>◊</sup> | 3060000 | 3075045 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.47% (SOFR + 1.02%) due 01/30/31<sup>◊</sup> | 3060000 | 3069023 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% (SOFR + 1.17%) due 07/09/29<sup>◊</sup> | 3020000 | 3052893 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>3</sup> | 2780000 | 2780000 |
| KKR Group Finance Company III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/01/44<sup>3</sup> | 2710000 | 2572866 |
| Aurora Military Housing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.82% due 07/15/34<sup>3</sup> | 2062431 | 2102878 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/27<sup>3</sup> | 1938000 | 1928680 |
| Ares Finance Company IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/01/52<sup>3</sup> | 2450000 | 1754573 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 03/15/31 | 1820000 | 1612401 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34 | 1450000 | 1606503 |
| Blackstone Holdings Finance Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 01/30/52<sup>3</sup> | 2150000 | 1462178 |
| Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.30% due 05/01/31 | 1500000 | 1348618 |
| Fort Moore Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 01/15/51<sup>3</sup> | 1517739 | 1323966 |
| Fort Knox Military Housing Privatization Project |  |  |
| &nbsp;&nbsp;&nbsp;4.61% (1 Month Term SOFR + 0.45%) due 02/15/52<sup>◊,3</sup> | 1601643 | 1274681 |
| Midwest Family Housing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 01/01/51<sup>3</sup> | 1239633 | 1052083 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>3</sup> | 1000000 | 1024118 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/25/35<sup>10</sup> | 900000 | 990279 |
| Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 07/15/36<sup>3</sup> | 500000 | 495693 |
| Atlas Mara Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 12/31/21<sup>†††,9,12</sup> | 542348 | 1 |
| **Total Financial** |  | 3892375656 |
| **Energy - 3.1%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>10,11</sup> | 62830000 | 62385918 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>10,11</sup> | 18945000 | 19622303 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.40% due 09/15/35 | 24150000 | 24202462 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 21750000 | 22003323 |
| &nbsp;&nbsp;&nbsp;5.95% due 04/01/55 | 21200000 | 20724887 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/49 | 3250000 | 3025603 |
| &nbsp;&nbsp;&nbsp;5.65% due 03/01/53 | 1630000 | 1538511 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.40% due 10/15/35 | 25125000 | 25219462 |
| &nbsp;&nbsp;&nbsp;6.25% due 10/15/55 | 23000000 | 23356968 |
| &nbsp;&nbsp;&nbsp;7.15% due 01/15/51 | 6341000 | 7104614 |
| &nbsp;&nbsp;&nbsp;5.65% due 09/01/34 | 5050000 | 5176976 |
| &nbsp;&nbsp;&nbsp;5.60% due 04/01/44 | 2860000 | 2711626 |
| &nbsp;&nbsp;&nbsp;5.05% due 11/01/34 | 1200000 | 1183415 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/01/50 | 1600000 | 1177837 |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/15/34 | 37730000 | 38889366 |
| &nbsp;&nbsp;&nbsp;5.60% due 01/15/36 | 5275000 | 5341297 |
| &nbsp;&nbsp;&nbsp;4.90% due 02/15/45 | 3770000 | 3288072 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>3</sup> | 29800000 | 32840345 |
| &nbsp;&nbsp;&nbsp;9.88% due 02/01/32<sup>3</sup> | 10300000 | 11213849 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35 | 22415000 | 23430376 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 | 19560000 | 19882428 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 08/23/42<sup>3</sup> | 17000000 | 17878189 |
| &nbsp;&nbsp;&nbsp;5.85% due 02/23/36<sup>3</sup> | 11900000 | 12477756 |
| &nbsp;&nbsp;&nbsp;6.51% due 02/23/42<sup>3</sup> | 6500000 | 7029627 |
| &nbsp;&nbsp;&nbsp;6.13% due 02/23/38<sup>3</sup> | 5550000 | 5908173 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>3</sup> | 38518000 | 37868378 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 06/20/35 | 20250000 | 20883085 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/05/34 | 12478000 | 13024603 |
| &nbsp;&nbsp;&nbsp;6.70% due 11/15/53 | 3140000 | 3506602 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 09/30/40<sup>3</sup> | 43921000 | 35737978 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 12/15/34<sup>3</sup> | 29400000 | 30311115 |
| &nbsp;&nbsp;&nbsp;4.30% due 04/15/32<sup>3</sup> | 3250000 | 3108480 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/35 | 10700000 | 10887748 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;6.50% due 03/30/34 | 9937000 | $10820124 |
| &nbsp;&nbsp;&nbsp;5.65% due 02/15/36 | 4875000 | 4991580 |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/53 | 2860000 | 3010916 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/55 | 250000 | 251390 |
| Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 02/01/29<sup>3</sup> | 11400000 | 11562158 |
| &nbsp;&nbsp;&nbsp;6.20% due 04/01/55 | 8750000 | 8802558 |
| &nbsp;&nbsp;&nbsp;7.38% due 02/01/31<sup>3</sup> | 7610000 | 7948511 |
| Gulfstream Natural Gas System LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 07/23/35<sup>3</sup> | 26525000 | 27176595 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 08/01/35 | 26575000 | 27019334 |
| Plains All American Pipeline, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/15/35 | 24100000 | 25151513 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 10/30/35<sup>3</sup> | 11800000 | 12055029 |
| &nbsp;&nbsp;&nbsp;5.95% due 06/30/33 | 8845000 | 9363295 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 2950000 | 3066789 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 01/01/32 | 18470000 | 18783658 |
| &nbsp;&nbsp;&nbsp;6.38% due 09/01/28 | 3175000 | 3320297 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>3</sup> | 15663000 | 15228551 |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>3</sup> | 4200000 | 4315760 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>3</sup> | 17125000 | 17972362 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>3</sup> | 14608000 | 14671550 |
| Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/30/31<sup>3</sup> | 13350000 | 13878480 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/33<sup>3</sup> | 10672000 | 9615737 |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>3</sup> | 2667000 | 2517243 |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/30<sup>3</sup> | 1500000 | 1563825 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 12/01/26 | 11100000 | 11001178 |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>3</sup> | 2518000 | 2609585 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/56<sup>10</sup> | 7360000 | 7302077 |
| &nbsp;&nbsp;&nbsp;6.20% due 03/15/56<sup>10</sup> | 4200000 | 4211235 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 01/15/36<sup>3</sup> | 9225000 | 9798583 |
| Kinetik Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/28<sup>3</sup> | 9316000 | 9562147 |
| Vnom Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>3</sup> | 9040000 | 9041582 |
| Freeport LNG Development, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.92% due 12/31/39<sup>†††</sup> | 8238580 | 8385406 |
| Florida Gas Transmission Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/15/35<sup>3</sup> | 7600000 | 7881098 |
| Boardwalk Pipelines, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/34 | 6675000 | 6925862 |
| Koninklijke Vopak N.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.04% due 06/20/32<sup>†††</sup> | 5500000 | 5603215 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>3</sup> | 5000000 | 5426000 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 3340000 | 3458884 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 1880000 | 1891537 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 01/15/39 | 2870000 | 3432397 |
| Kinder Morgan Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 11/15/40 | 2910000 | 3411702 |
| Western Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 03/01/48 | 3750000 | 3262071 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 05/15/54<sup>3</sup> | 2020000 | 2019335 |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/01/41 | 1650000 | 1778551 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 04/10/34 | 1500000 | 1529714 |
| Eastern Gas Transmission & Storage, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 12/15/44 | 500000 | 436354 |
| **Total Energy** |  | 914997140 |
| **Industrial - 3.0%** |  |  |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 155100000 | 163630500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 16400000 | 17056000 |
| Terminal Investment Limited Holding |  |  |
| &nbsp;&nbsp;&nbsp;6.23% due 10/01/40<sup>†††</sup> | 65600000 | 66288743 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 62000000 | 63599798 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>3</sup> | 52000000 | 53565512 |
| FLNG Liquefaction 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 06/30/39<sup>†††</sup> | 57466065 | 49065933 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/31 | 33592000 | 30682765 |
| &nbsp;&nbsp;&nbsp;2.40% due 04/01/28 | 14150000 | 13460278 |
| Prime Property Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 07/15/35<sup>†††</sup> | 36000000 | 36180688 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 01/15/32 | 20400000 | 18061090 |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 14601000 | 13915437 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 08/09/31 | 34240000 | 30718371 |
| Hope Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.18% due 09/01/37<sup>†††</sup> | 13500000 | 13616269 |
| &nbsp;&nbsp;&nbsp;6.08% due 09/01/35<sup>†††</sup> | 7400000 | 7467567 |
| &nbsp;&nbsp;&nbsp;5.99% due 09/01/33<sup>†††</sup> | 3000000 | 3045564 |
| ALLETE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.79% due 07/09/37<sup>†††</sup> | 23600000 | 24106679 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/15/27<sup>3</sup> | 23759000 | 23991909 |
| Cliffwater Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.77% due 08/04/28<sup>†††</sup> | 22700000 | 23595151 |
| Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 05/15/56<sup>†††</sup> | 31000000 | 21677527 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/33<sup>3</sup> | 15218000 | $15386661 |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/32<sup>3</sup> | 2336000 | 2405017 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/15/28<sup>3</sup> | 13225000 | 13679914 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/32<sup>3</sup> | 13025000 | 13226458 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/33<sup>3</sup> | 13075000 | 13189221 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>3</sup> | 13015000 | 12807416 |
| TFI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 01/05/33<sup>†††</sup> | 14000000 | 12054478 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/01/31 | 8076000 | 7612853 |
| &nbsp;&nbsp;&nbsp;6.25% due 02/15/29 | 4074000 | 4176877 |
| Lottomatica Group SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/31/31<sup>3</sup> | EUR 9,400,000 | 11373469 |
| AP Grange Holdings LLC Deferral |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 10096439 | 10096439 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/15/32<sup>3</sup> | 7970000 | 8177388 |
| Clarion Lion Properties Fund Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.54% due 12/01/35<sup>†††</sup> | 8000000 | 8000000 |
| QTS Irving DC3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.96% due 07/09/29<sup>†††</sup> | 7000000 | 7211116 |
| Virgin Media Vendor Financing Notes III DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/28 | GBP 5,000,000 | 6549862 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 05/15/21 | 9100000 | 6452991 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 10/10/42<sup>†††</sup> | 6368174 | 5305309 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 02/01/45<sup>3</sup> | 6694000 | 5239696 |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 01/15/32<sup>3</sup> | 4725000 | 4862389 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 06/05/54 | 4428000 | 4601470 |
| &nbsp;&nbsp;&nbsp;4.70% due 04/01/29 | 125000 | 126571 |
| Blue Cross and Blue Shield of Florida Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.44% due 09/30/35 | 4700000 | 4700000 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/15/33<sup>3</sup> | 3609000 | 3704205 |
| Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 02/26/35 | 3475000 | 3633545 |
| CIMIC Finance USA Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/25/34<sup>3</sup> | 3240000 | 3528104 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/15/32<sup>3</sup> | 3235000 | 3287219 |
| Emerald Debt Merger Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 12/15/30 | EUR 2,550,000 | 3128314 |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>3</sup> | 3100000 | 2642750 |
| Weir Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.35% due 05/06/30<sup>3</sup> | 1620000 | 1666567 |
| Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/15/32 | 1550000 | 1393993 |
| Penske Truck Leasing Company Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>3</sup> | 1000000 | 1028280 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>3</sup> | 250000 | 243528 |
| Virgin Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/31/29 | GBP 150,000 | 192129 |
| **Total Industrial** |  | 875410010 |
| **Consumer, Non-cyclical - 1.5%** |  |  |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 09/13/31<sup>3</sup> | 45782000 | 40103402 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>3</sup> | 14033000 | 12820830 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 25185000 | 20417706 |
| &nbsp;&nbsp;&nbsp;3.70% due 02/04/51 | 25038000 | 18042085 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 06/15/31<sup>3</sup> | 33621000 | 29982179 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>3</sup> | 10699000 | 10669214 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/15/26<sup>3</sup> | 8700000 | 8689385 |
| &nbsp;&nbsp;&nbsp;6.25% due 06/01/32<sup>3</sup> | 7315000 | 7520851 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 11/15/31 | 29335000 | 26305704 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 13120000 | 13778103 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/06/34 | 10485000 | 11272999 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>3</sup> | 22420000 | 23320051 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 03/01/35<sup>3</sup> | 19775000 | 20212750 |
| Yale-New Haven Health Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 07/01/50 | 32350000 | 19104561 |
| 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>3</sup> | 18200000 | 18586022 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 06/15/31<sup>3</sup> | 18300000 | 16779394 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 16480000 | 16089689 |
| Highmark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 05/10/31<sup>3</sup> | 17850000 | 15702310 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 10/15/34 | 13850000 | 13517757 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/35 | 9550000 | 9922482 |
| &nbsp;&nbsp;&nbsp;4.76% due 09/06/49 | 3950000 | 3361549 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>3</sup> | 13000000 | 11232189 |
| Darling Global Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/15/32<sup>3</sup> | EUR 9,350,000 | 11085033 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/10/55<sup>10</sup> | 4050000 | 4251459 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 3925000 | 4039732 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;6.75% due 12/10/54<sup>10</sup> | 30000 | $30967 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 02/02/52 | 9710000 | 7634160 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 09/30/32 | EUR 5,000,000 | 6069202 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/26<sup>3</sup> | 5690000 | 5645512 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>3</sup> | 5450000 | 5629452 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>3</sup> | 4767000 | 4765057 |
| Health Care Service Corporation A Mutual Legal Reserve Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/54<sup>3</sup> | 4800000 | 4716271 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>3</sup> | 3858000 | 3873798 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>3</sup> | 3854000 | 3595729 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>3</sup> | 3900000 | 3553607 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/32 | 3480000 | 3515089 |
| Tesco plc |  |  |
| &nbsp;&nbsp;&nbsp;6.15% due 11/15/37<sup>3</sup> | 3240000 | 3377776 |
| Imperial Brands Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 07/26/29<sup>3</sup> | 3200000 | 3143514 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 02/15/26 | 2775000 | 2778579 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>3</sup> | 2600000 | 2758324 |
| Providence St. Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;2.70% due 10/01/51 | 4250000 | 2531823 |
| Beth Israel Lahey Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 07/01/51 | 2700000 | 1767950 |
| Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/32 | 1850000 | 1651863 |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/21/30 | EUR 603,000 | 734539 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/15/31<sup>3</sup> | 149000 | 136469 |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>3</sup> | 76000 | 72837 |
| **Total Consumer, Non-cyclical** |  | 454789954 |
| **Consumer, Cyclical - 1.4%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 46741000 | 43758221 |
| &nbsp;&nbsp;&nbsp;5.85% due 08/01/34 | 11150000 | 11403561 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/02/30<sup>3</sup> | 20230000 | 20707678 |
| &nbsp;&nbsp;&nbsp;5.38% due 07/02/29<sup>3</sup> | 15000000 | 15349849 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/02/34<sup>3</sup> | 7100000 | 7190257 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>3</sup> | 5400000 | 5500777 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 05/14/31<sup>◊,†††</sup> | 37551086 | 34915616 |
| Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/29/29<sup>3</sup> | 25950000 | 26796463 |
| AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.31% due 10/20/31<sup>3</sup> | 16000000 | 15926004 |
| &nbsp;&nbsp;&nbsp;5.02% due 10/20/29<sup>3</sup> | 9670000 | 9675052 |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 05/14/34 | 23976000 | 25076617 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>3</sup> | 23429000 | 23216368 |
| IGT Lottery Holdings B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/30 | EUR 14,500,000 | 17293528 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/15/35<sup>3</sup> | 12551338 | 11390677 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>3</sup> | 4376220 | 4265370 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 05/15/50 | 14513000 | 10848502 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/01/34 | 4575000 | 4419996 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 6978556 | 6728639 |
| &nbsp;&nbsp;&nbsp;3.20% due 06/15/28 | 4491800 | 4348958 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/28 | 3191882 | 3068525 |
| &nbsp;&nbsp;&nbsp;3.15% due 02/15/32 | 129790 | 121519 |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 13000000 | 13800106 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/26<sup>3</sup> | 12700000 | 12680494 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/30/32 | 12100000 | 12619331 |
| Sodexo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 08/15/35<sup>3</sup> | 10275000 | 10770144 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 04/01/32<sup>3</sup> | 10015000 | 10295730 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/20/28<sup>3</sup> | 3800000 | 3821367 |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>3</sup> | 3767750 | 3763154 |
| United Airlines 2023-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 01/15/36 | 6950634 | 7188147 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 06/15/31<sup>3</sup> | EUR 5,650,000 | 6759582 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/29/29 | EUR 4,900,000 | 5939702 |
| Essendi SA |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/15/30<sup>3</sup> | EUR 4,850,000 | 5862688 |
| AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 05/15/32<sup>3</sup> | EUR 2,750,000 | 3329600 |
| &nbsp;&nbsp;&nbsp;5.79% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 05/15/32<sup>◊,3</sup> | EUR 1,900,000 | 2250231 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/27<sup>3</sup> | 4635000 | 4677878 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 04/30/30 | EUR 3,780,000 | $4666072 |
| Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.10% due 04/01/52 | 4320000 | 3463685 |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 03/15/27<sup>3</sup> | 3450000 | 3452072 |
| Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 02/15/48 | 3970000 | 3298864 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 03/15/52 | 3819000 | 2845155 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/02/43 | 1600000 | 1627090 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>3</sup> | 1230000 | 1288244 |
| Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>3</sup> | 750000 | 764110 |
| JetBlue Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/15/32 | 105830 | 99528 |
| **Total Consumer, Cyclical** |  | 427265151 |
| **Communications - 1.3%** |  |  |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>3,10</sup> | 47450000 | 45513191 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/23/81<sup>3,10</sup> | 8250000 | 8175683 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/04/81<sup>10</sup> | 40537000 | 37922107 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>3</sup> | 26975000 | 26602777 |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/30<sup>3</sup> | 12010000 | 11264294 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 17415000 | 15995834 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 19397000 | 15939572 |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 6518000 | 5250286 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 03/15/52 | 23692000 | 19638998 |
| &nbsp;&nbsp;&nbsp;5.25% due 03/15/82<sup>3,10</sup> | 8775000 | 8707389 |
| &nbsp;&nbsp;&nbsp;7.13% due 04/15/55<sup>10</sup> | 5650000 | 5989922 |
| Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/55<sup>10</sup> | 25250000 | 26388926 |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/55<sup>10</sup> | 5825000 | 6043030 |
| SoftBank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.33% due 07/09/35<sup>3</sup> | 31550000 | 31811643 |
| TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/55<sup>10</sup> | 13850000 | 14258717 |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/55<sup>10</sup> | 9850000 | 10386007 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>3</sup> | 21815000 | 19933456 |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/30<sup>3</sup> | 3734709 | 3260750 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>3</sup> | 17800000 | 15201200 |
| &nbsp;&nbsp;&nbsp;5.13% due 01/15/29<sup>3</sup> | 2290000 | 1969400 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/16/35<sup>3</sup> | 6550000 | 6775241 |
| &nbsp;&nbsp;&nbsp;4.88% due 07/16/30<sup>3</sup> | 4000000 | 4064289 |
| &nbsp;&nbsp;&nbsp;4.62% due 07/16/28<sup>3</sup> | 3410000 | 3443718 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 13904000 | 9417073 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>3</sup> | 5772000 | 3779823 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 01/19/52<sup>3</sup> | 4320000 | 3488646 |
| America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/30/40 | 3250000 | 3475990 |
| Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/39 | 3240000 | 3406429 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>3</sup> | 1549000 | 1548090 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/01/30<sup>3</sup> | 1250000 | 1180615 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>3</sup> | 200000 | 190530 |
| **Total Communications** |  | 371023626 |
| **Utilities - 1.1%** |  |  |
| QTS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 08/21/32<sup>†††</sup> | 51300000 | 51311350 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 12/02/27<sup>3</sup> | 26000000 | 24923453 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>3</sup> | 10440000 | 11543487 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 02/15/56<sup>10</sup> | 19225000 | 19350803 |
| &nbsp;&nbsp;&nbsp;6.00% due 02/15/56<sup>10</sup> | 13230000 | 13324650 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>10</sup> | 28150000 | 29636958 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>10</sup> | 22615000 | 23414418 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>3</sup> | 17898000 | 17282809 |
| Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.39% due 09/15/33<sup>3</sup> | 12675000 | 13662484 |
| &nbsp;&nbsp;&nbsp;6.42% due 07/18/54<sup>3</sup> | 1180000 | 1243427 |
| &nbsp;&nbsp;&nbsp;4.27% due 03/15/48<sup>3</sup> | 1300000 | 1045528 |
| Central Storage Safety Project Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.82% due 02/01/38<sup>9</sup> | 15068320 | 14386286 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>3</sup> | 12360000 | 13216148 |
| Terraform Global Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>3</sup> | 13221000 | 13053892 |
| Evercore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.47% due 07/24/32<sup>†††</sup> | 6900000 | 6943350 |
| &nbsp;&nbsp;&nbsp;5.17% due 07/24/30<sup>†††</sup> | 5000000 | 5021337 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>10</sup> | 11277000 | 11709597 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/35 | 7830000 | 8334928 |
| &nbsp;&nbsp;&nbsp;5.95% due 03/15/28 | 50000 | 51915 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 12/15/55<sup>10</sup> | 7875000 | 7882001 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Boston Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.84% due 01/10/35<sup>3</sup> | 7450000 | $| 7858117 |
| Liberty Utilities Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.87% due 01/31/34<sup>3</sup> | 6450000 |  | 6680994 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>10</sup> | 3863000 |  | 3811485 |
| Capital Power US Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.19% due 06/01/35<sup>3</sup> | 3350000 |  | 3514064 |
| Public Service Company of Colorado |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15% due 09/15/35 | 3460000 |  | 3504278 |
| Arizona Public Service Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 12/15/32 | 3140000 |  | 3433448 |
| Enel Finance International N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/52<sup>3</sup> | 3570000 |  | 3415585 |
| Entergy Mississippi LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 06/01/49 | 4410000 |  | 3406901 |
| Alliant Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 03/01/32<sup>3</sup> | 3680000 |  | 3403906 |
| Evergy Kansas Central, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 03/15/53 | 3350000 |  | 3381784 |
| Appalachian Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 05/15/44 | 3730000 |  | 3143176 |
| ContourGlobal Power Holdings S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/28/30 | EUR 2,550,000 |  | 3065136 |
| Nevada Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/01/36 | 1180000 |  | 1323850 |
| Southwestern Public Service Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 08/15/41 | 1380000 |  | 1240328 |
| **Total Utilities** |  |  | 338521873 |
| **Technology - 0.7%** |  |  |  |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/26/35 | 29675000 |  | 29838403 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/25/51 | 33794000 |  | 25126119 |
| &nbsp;&nbsp;&nbsp;5.95% due 09/26/55 | 20150000 |  | 20088015 |
| &nbsp;&nbsp;&nbsp;4.80% due 09/26/32 | 11075000 |  | 11088317 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/26/45 | 8350000 |  | 8372670 |
| &nbsp;&nbsp;&nbsp;6.10% due 09/26/65 | 5625000 |  | 5614641 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/03/55 | 3460000 |  | 3473517 |
| Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/25/34<sup>3</sup> | 20056000 |  | 20893674 |
| &nbsp;&nbsp;&nbsp;6.20% due 01/25/37<sup>3</sup> | 17300000 |  | 18453737 |
| &nbsp;&nbsp;&nbsp;5.90% due 01/25/33<sup>3</sup> | 10100000 |  | 10650304 |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/26<sup>3</sup> | 15640000 |  | 15637674 |
| &nbsp;&nbsp;&nbsp;6.00% due 05/15/33<sup>3</sup> | 1700000 |  | 1721154 |
| MSCI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 09/01/30<sup>3</sup> | 12718000 |  | 12138809 |
| Atlassian Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/34 | 7540000 |  | 7767763 |
| Qorvo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>3</sup> | 8245000 |  | 7575360 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>3</sup> | 7200000 |  | 7264946 |
| TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.19% (3 Month EURIBOR + 3.25%, Rate Floor: 0.00%) due 07/01/32<sup>◊,3</sup> | EUR 5,700,000 |  | 6700687 |
| Constellation Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.46% due 02/16/34<sup>3</sup> | 3850000 |  | 3933021 |
| Western Digital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.85% due 02/01/29 | 3680000 |  | 3459762 |
| **Total Technology** |  |  | 219798573 |
| **Basic Materials - 0.2%** |  |  |  |
| Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/33<sup>3</sup> | 15675000 |  | 15837012 |
| Alumina Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>3</sup> | 10100000 |  | 10353864 |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>3</sup> | 4400000 |  | 4499862 |
| Dow Chemical Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.90% due 05/15/53 | 12940000 |  | 13825660 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>3</sup> | 13913000 |  | 13634817 |
| Alcoa Nederland Holding B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/31<sup>3</sup> | 3200000 |  | 3363782 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/28<sup>3</sup> | 2800000 |  | 2807000 |
| Minera Mexico S.A. de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/12/32<sup>3</sup> | 3350000 |  | 3452175 |
| Yamana Gold, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/15/27 | 3000000 |  | 3004129 |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>3</sup> | 2000000 |  | 1977560 |
| Rio Tinto Finance USA plc |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/14/35 | 537000 |  | 553368 |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 178000 |  | 178379 |
| **Total Basic Materials** |  |  | 73487608 |
| **Financial Institutions - 0.1%** |  |  |  |
| MN8 Portfolio IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% due 07/30/45<sup>†††</sup> | 32700000 |  | 33121848 |
| **Transportation - 0.1%** |  |  |  |
| Stolthaven Houston, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/17/31<sup>†††</sup> | 13916000 |  | 14211879 |
| &nbsp;&nbsp;&nbsp;5.98% due 07/17/34<sup>†††</sup> | 12544000 |  | 12730581 |
| **Total Transportation** |  |  | 26942460 |
| **Government - 0.1%** |  |  |  |
| Amazon Conservation DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.03% due 01/16/42<sup>3</sup> | 16700000 |  | 17242750 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,817,832,938) | &nbsp;&nbsp;&nbsp;(Cost $7,817,832,938) |  | 7644976649 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 21.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 21.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 21.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 21.5%** |
| **Collateralized Loan Obligations - 9.3%** | **Collateralized Loan Obligations - 9.3%** | **Collateralized Loan Obligations - 9.3%** | **Collateralized Loan Obligations - 9.3%** |
| Hlend CLO LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,3</sup> | 53450000 |  | 53270028 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37<sup>◊,3</sup> | 52250000 | $52316065 |
| &nbsp;&nbsp;&nbsp;2025-3A B, 5.97% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 01/20/37<sup>◊,3</sup> | 7550000 | 7522373 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.20% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,3</sup> | 63460127 | 63634877 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.43% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33<sup>◊,3</sup> | 20925000 | 21045578 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33<sup>◊,3</sup> | 19200000 | 19154870 |
| Ares Direct Lending CLO 6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A1, due 10/16/37<sup>◊,3,5</sup> | 93950000 | 93950000 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.51% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37<sup>◊,3</sup> | 23550000 | 23463162 |
| &nbsp;&nbsp;&nbsp;2020-FL3 C, 7.31% (1 Month Term SOFR + 3.16%, Rate Floor: 3.16%) due 11/15/37<sup>◊,3</sup> | 16327000 | 15977540 |
| &nbsp;&nbsp;&nbsp;2020-FL2 B, 5.91% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38<sup>◊,3</sup> | 16000000 | 15952482 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,3</sup> | 12164256 | 12109443 |
| &nbsp;&nbsp;&nbsp;2020-FL3 B, 6.91% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 11/15/37<sup>◊,3</sup> | 10600000 | 10472098 |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.66% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,3</sup> | 6008500 | 5936569 |
| &nbsp;&nbsp;&nbsp;2020-FL2 C, 6.16% (1 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 02/15/38<sup>◊,3</sup> | 5360000 | 5336928 |
| Cerberus Loan Funding 52 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.49% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,3</sup> | 66400000 | 66630454 |
| &nbsp;&nbsp;&nbsp;2025-3A B, 5.77% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 10/15/37<sup>◊,3</sup> | 15825000 | 15927125 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE6 B, 6.17% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/15/38<sup>◊,3</sup> | 44000000 | 43910526 |
| &nbsp;&nbsp;&nbsp;2021-CRE6 C, 6.57% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,3</sup> | 22825000 | 22729505 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 D, 7.27% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36<sup>◊,3</sup> | 14350000 | 14239077 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 A, 5.57% (1 Month Term SOFR + 1.41%, Rate Floor: 1.41%) due 07/15/36<sup>◊,3</sup> | 1179349 | 1178800 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 AS, 5.78% (1 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 03/19/43<sup>◊,3</sup> | 40300000 | 40334461 |
| &nbsp;&nbsp;&nbsp;2025-FL15 B, 6.03% (1 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 03/19/43<sup>◊,3</sup> | 12950000 | 12961001 |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.71% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,3</sup> | 10200000 | 10157713 |
| &nbsp;&nbsp;&nbsp;2024-FL13 A, 5.71% (1 Month Term SOFR + 1.58%, Rate Floor: 1.58%) due 09/19/39<sup>◊,3</sup> | 5000000 | 5025707 |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.12% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,3</sup> | 4000000 | 4001077 |
| &nbsp;&nbsp;&nbsp;2024-FL13 B, 6.37% (1 Month Term SOFR + 2.24%, Rate Floor: 2.24%) due 09/19/39<sup>◊,3</sup> | 3900000 | 3898570 |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.67% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,3</sup> | 50000000 | 50801700 |
| &nbsp;&nbsp;&nbsp;2024-5A B, 7.52% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,3</sup> | 24950000 | 25206967 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39<sup>◊,3</sup> | 51154000 | 50321075 |
| &nbsp;&nbsp;&nbsp;2025-16A BR3, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/09/39<sup>◊,3</sup> | 18750000 | 18688500 |
| &nbsp;&nbsp;&nbsp;2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39<sup>◊,3</sup> | 6000000 | 6010048 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,3</sup> | 64859750 | 65100205 |
| &nbsp;&nbsp;&nbsp;2023-1A B, 7.92% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35<sup>◊,3</sup> | 4600000 | 4602550 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A BR, 6.58% (3 Month Term SOFR + 2.26%, Rate Floor: 2.00%) due 04/15/33<sup>◊,3</sup> | 30400000 | 30327073 |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,3</sup> | 28573536 | 28659125 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.31% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36<sup>◊,3</sup> | 31150000 | $31105356 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.31% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38<sup>◊,3</sup> | 15665000 | 15603333 |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.06% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,3</sup> | 8420000 | 8403568 |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.48% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38<sup>◊,3</sup> | 3334699 | 3328954 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.07% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,3</sup> | 40750000 | 40937258 |
| &nbsp;&nbsp;&nbsp;2021-4A A2R, 6.37% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33<sup>◊,3</sup> | 16750000 | 16708554 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.38% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,3</sup> | 46200000 | 46314424 |
| &nbsp;&nbsp;&nbsp;2021-9A BR, 6.53% (3 Month Term SOFR + 2.21%, Rate Floor: 1.95%) due 10/15/33<sup>◊,3</sup> | 6700000 | 6686598 |
| &nbsp;&nbsp;&nbsp;2021-9A A1TR, 6.13% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33<sup>◊,3</sup> | 3450000 | 3456819 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,3</sup> | 41250000 | 41478909 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.68% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36<sup>◊,3</sup> | 13500000 | 13471186 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,3</sup> | 17750000 | 17669898 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 5.98% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,3</sup> | 12950000 | 12792783 |
| &nbsp;&nbsp;&nbsp;2024-FL9 AS, 6.23% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39<sup>◊,3</sup> | 12150000 | 12209683 |
| &nbsp;&nbsp;&nbsp;2024-FL9 B, 6.43% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39<sup>◊,3</sup> | 10850000 | 10873911 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 AS, 5.88% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/18/42<sup>◊,3</sup> | 26900000 | 26740537 |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,3</sup> | 25400000 | 25358067 |
| Cerberus Loan Funding 51 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A, 5.64% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,3</sup> | 43000000 | 43149270 |
| &nbsp;&nbsp;&nbsp;2025-2A B, 5.94% (3 Month Term SOFR + 1.82%, Rate Floor: 1.82%) due 10/15/37<sup>◊,3</sup> | 8000000 | 8052433 |
| Owl Rock CLO XVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A A, 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36<sup>◊,3</sup> | 39550000 | 39649670 |
| &nbsp;&nbsp;&nbsp;2024-16A B, 6.83% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36<sup>◊,3</sup> | 9550000 | 9597197 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,3</sup> | 20150000 | 20282424 |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,3</sup> | 14700000 | 14772514 |
| &nbsp;&nbsp;&nbsp;2024-4A C, 6.62% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36<sup>◊,3</sup> | 10700000 | 10732156 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/15/37<sup>◊,3</sup> | 31550000 | 31757643 |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/37<sup>◊,3</sup> | 11800000 | 11865941 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.53% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,3</sup> | 21850000 | 21863510 |
| &nbsp;&nbsp;&nbsp;2025-CRE10 AS, 5.69% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30<sup>◊,3</sup> | 18000000 | 17994424 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 AS, due 01/17/43<sup>◊,3,5</sup> | 13900000 | 13859023 |
| &nbsp;&nbsp;&nbsp;2025-FL12 B, due 01/17/43<sup>◊,3,5</sup> | 12600000 | 12563158 |
| &nbsp;&nbsp;&nbsp;2024-FL11 AS, 6.25% (1 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 07/15/39<sup>◊,3</sup> | 8900000 | 8904359 |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.44% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,3</sup> | 3800000 | 3783465 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,3</sup> | 38050000 | 37859750 |
| Carlyle Direct Lending CLO LLC |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,3</sup> | 28850000 | $28922125 |
| &nbsp;&nbsp;&nbsp;2024-1A A12B, 6.32% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/15/36<sup>◊,3</sup> | 7500000 | 7516508 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A BR, 6.03% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37<sup>◊,3</sup> | 19950000 | 20070296 |
| &nbsp;&nbsp;&nbsp;2024-4A CR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37<sup>◊,3</sup> | 16250000 | 16294114 |
| Eldridge CLO 2025-1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, due 10/20/38<sup>◊,3,5</sup> | 35850000 | 35850000 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.56% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,3</sup> | 19300000 | 19194002 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.26% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,3</sup> | 16600000 | 16509771 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33<sup>◊,3</sup> | 35000000 | 35039557 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.04% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,3</sup> | 27500000 | 27520347 |
| &nbsp;&nbsp;&nbsp;2021-48A C, 6.59% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33<sup>◊,3</sup> | 6650000 | 6662830 |
| LCM XXIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-24A BR, 5.99% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 03/20/30<sup>◊,3</sup> | 19186702 | 19170969 |
| &nbsp;&nbsp;&nbsp;2021-24A CR, 6.49% (3 Month Term SOFR + 2.16%, Rate Floor: 0.00%) due 03/20/30<sup>◊,3</sup> | 13050000 | 13082509 |
| JCP Direct Lending CLO 2023-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1R, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,3</sup> | 32011250 | 32091531 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,3</sup> | 31200000 | 31153200 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-12 A, 5.63% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42<sup>◊,3</sup> | 11800000 | 11803836 |
| &nbsp;&nbsp;&nbsp;2025-12 AS, 5.88% (1 Month Term SOFR + 1.74%, Rate Floor: 1.74%) due 12/18/42<sup>◊,3</sup> | 7554000 | 7542503 |
| &nbsp;&nbsp;&nbsp;2024-11 AS, 6.41% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39<sup>◊,3</sup> | 5009191 | 5014025 |
| &nbsp;&nbsp;&nbsp;2024-11 A, 6.05% (1 Month Term SOFR + 1.83%, Rate Floor: 1.83%) due 09/17/39<sup>◊,3</sup> | 4745525 | 4752511 |
| Golub Capital Partners CLO 54M L.P |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A BR, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 08/05/37<sup>◊,3</sup> | 21000000 | 20999599 |
| &nbsp;&nbsp;&nbsp;2025-54A A2R, 5.80% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 08/05/37<sup>◊,3</sup> | 7800000 | 7799863 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A B, 5.83% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 10/20/38<sup>◊,3</sup> | 27650000 | 27683454 |
| Golub Capital Partners Clo 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A BR2, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/20/38<sup>◊,3</sup> | 15000000 | 14948014 |
| &nbsp;&nbsp;&nbsp;2025-49A CR2, 6.67% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 07/20/38<sup>◊,3</sup> | 12600000 | 12651126 |
| OWL Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,3</sup> | 26450000 | 26486842 |
| Fontainbleau Vegas |  |  |
| &nbsp;&nbsp;&nbsp;9.87% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/28<sup>◊,†††</sup> | 26250000 | 26250000 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A A1R2, 5.84% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 07/20/38<sup>◊,3</sup> | 25700000 | 25738591 |
| OWL Rock Clo XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A B, 5.75% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 10/20/37<sup>◊,3</sup> | 25550000 | 25463010 |
| Madison Park Funding LIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-53A B, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 24000000 | 23997365 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 C, 6.15% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38<sup>◊,3</sup> | 19500000 | 19467425 |
| &nbsp;&nbsp;&nbsp;2021-FL9 D, 6.50% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 11/16/38<sup>◊,3</sup> | 4400000 | 4388492 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-32RA B, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/39<sup>◊,3</sup> | 14100000 | 14138499 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2025-32RA C, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/20/39<sup>◊,3</sup> | 8345000 | $8366472 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A A, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36<sup>◊,3</sup> | 16500000 | 16594499 |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.62% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36<sup>◊,3</sup> | 5900000 | 5887896 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.13% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37<sup>◊,3</sup> | 14750000 | 14816965 |
| &nbsp;&nbsp;&nbsp;2021-2A BR, 6.73% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30<sup>◊,3</sup> | 4950000 | 4960224 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.52% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36<sup>◊,3</sup> | 15300000 | 15145335 |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 7.02% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36<sup>◊,3</sup> | 3500000 | 3452253 |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.07% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 10/15/36<sup>◊,3</sup> | 707394 | 705146 |
| Recette CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A BRR, 5.99% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 04/20/34<sup>◊,3</sup> | 9800000 | 9805488 |
| &nbsp;&nbsp;&nbsp;2021-1A CRR, 6.34% (3 Month Term SOFR + 2.01%, Rate Floor: 0.00%) due 04/20/34<sup>◊,3</sup> | 9200000 | 9213582 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, 5.71% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/20/38<sup>◊,3</sup> | 18910000 | 18966917 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.73% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37<sup>◊,3</sup> | 18550000 | 18651315 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37<sup>◊,3</sup> | 11300000 | 11301457 |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.00% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,3</sup> | 7150000 | 7195282 |
| HPS Private Credit CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A B, 6.31% (3 Month Term SOFR + 2.05%, Rate Floor: 2.05%) due 07/20/37<sup>◊,3</sup> | 9150000 | 9123051 |
| &nbsp;&nbsp;&nbsp;2025-3A A1, 5.91% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,3</sup> | 8500000 | 8529767 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL7 C, 6.57% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38<sup>◊,3</sup> | 7250000 | 7201822 |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.32% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36<sup>◊,3</sup> | 5550000 | 5502461 |
| &nbsp;&nbsp;&nbsp;2021-FL7 B, 6.32% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 12/15/38<sup>◊,3</sup> | 4875000 | 4862745 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,3</sup> | 13700000 | 13643664 |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 5.98% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,3</sup> | 3300000 | 3278872 |
| Cerberus Loan Funding XXXVIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A A1, 7.07% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34<sup>◊,3</sup> | 16570000 | 16853654 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A ANR, 6.60% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36<sup>◊,3</sup> | 14400000 | 14447963 |
| &nbsp;&nbsp;&nbsp;2024-1A BR, 7.45% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/20/36<sup>◊,3</sup> | 1100000 | 1099608 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A B, 7.35% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35<sup>◊,3</sup> | 14750000 | 14747343 |
| BCC Middle Market CLO 2019-1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1RR, 5.72% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 07/15/36<sup>◊,3</sup> | 13850000 | 13868808 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A C, 6.68% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/20/36<sup>◊,3</sup> | 13600000 | 13655799 |
| Carlyle US CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A SUB, due 10/25/37<sup>3,13</sup> | 15000000 | 13374000 |
| OWL Rock Clo XXI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A B, 6.22% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 07/24/34<sup>◊,3</sup> | 13250000 | 13205032 |
| Madison Park Funding LXV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-65A C, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/16/38<sup>◊,3</sup> | 7200000 | 7213350 |
| &nbsp;&nbsp;&nbsp;2025-65A B, 6.02% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/16/38<sup>◊,3</sup> | 5500000 | 5532506 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Owl Rock CLO XIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-19A B, 6.23% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37<sup>◊,3</sup> | 12700000 | $12661290 |
| Midocean Credit CLO XXI |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A SUB, due 10/20/38<sup>3,5,13</sup> | 15600000 | 12480000 |
| Cerberus Loan Funding XLV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36<sup>◊,3</sup> | 12000000 | 12010175 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 07/15/39<sup>◊,3</sup> | 12000000 | 11901169 |
| Brant Point CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A SUB, due 03/31/38<sup>3,13</sup> | 13914000 | 11734622 |
| Golub Capital Partners CLO 31M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-31A BRR, 6.17% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37<sup>◊,3</sup> | 9500000 | 9468146 |
| &nbsp;&nbsp;&nbsp;2024-31A CRR, 6.62% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/05/37<sup>◊,3</sup> | 2250000 | 2265140 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL2 A, 6.08% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37<sup>◊,3</sup> | 5650000 | 5650386 |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 6.95% (1 Month Term SOFR + 2.81%, Rate Floor: 2.70%) due 08/19/38<sup>◊,3</sup> | 4200000 | 4202318 |
| &nbsp;&nbsp;&nbsp;2024-FL2 AS, 6.51% (1 Month Term SOFR + 2.38%, Rate Floor: 2.38%) due 08/19/37<sup>◊,3</sup> | 1850000 | 1850339 |
| Serenity-Peace Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A SUB, due 10/24/38<sup>3,13</sup> | 12500000 | 10367500 |
| BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 AS, 6.27% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42<sup>◊,3</sup> | 10300000 | 10329682 |
| Golub Capital Partners CLO 46 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A BR, 6.63% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37<sup>◊,3</sup> | 10300000 | 10275037 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.52% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,3</sup> | 9750000 | 9724122 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 AS, 5.78% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42<sup>◊,3</sup> | 5900000 | 5849951 |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.08% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,3</sup> | 3250000 | 3214883 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A1R, 5.80% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 08/05/37<sup>◊,3</sup> | 9050000 | 9049850 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-47A B, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35<sup>◊,3</sup> | 9000000 | 8998740 |
| Boyce Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A B1, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 8800000 | 8797978 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A C, 6.77% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37<sup>◊,3</sup> | 8250000 | 8308223 |
| RR Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-41A SUB, due 10/15/40<sup>†††,3,13</sup> | 8500000 | 7650000 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A2, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/15/37<sup>◊,3</sup> | 7200000 | 7241464 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.98% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,3</sup> | 3678679 | 3680628 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.83% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,3</sup> | 3333334 | 3341683 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>3,13</sup> | 2987987 | 13574 |
| Fortress Credit BSL XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35<sup>◊,3</sup> | 7000000 | 7011271 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A A2R, 6.08% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/24/37<sup>◊,3</sup> | 6500000 | 6512192 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.05% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37<sup>◊,3</sup> | 6450000 | 6491832 |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 5.76% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36<sup>◊,3</sup> | 5000000 | 4995143 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.06% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 09/17/36<sup>◊,3</sup> | 1000000 | 993750 |
| Barings CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,3</sup> | 5950000 | 5963449 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Elmwood CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B1, 5.73% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 04/22/38<sup>◊,3</sup> | 5500000 | $5490649 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,3</sup> | 5450000 | 5431724 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,3</sup> | 5250000 | 5279299 |
| Sound Point CLO XXIV |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34<sup>◊,3</sup> | 5150000 | 5158033 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.35% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 04/18/38<sup>◊,3</sup> | 2820000 | 2798146 |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.45% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 04/18/38<sup>◊,3</sup> | 2239117 | 2233519 |
| AGL CLO 42 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38<sup>◊,3</sup> | 5000000 | 5018702 |
| Ares LXVII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-67A BR, 5.87% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 01/25/38<sup>◊,3</sup> | 5000000 | 4998749 |
| Owl Rock CLO XVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-17A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,3</sup> | 4300000 | 4287252 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 C, 6.50% (1 Month Term SOFR + 2.36%, Rate Floor: 1.75%) due 12/18/37<sup>◊,3</sup> | 3100000 | 3055438 |
| &nbsp;&nbsp;&nbsp;2021-FL4 B, 6.15% (1 Month Term SOFR + 2.01%, Rate Floor: 1.40%) due 12/18/37<sup>◊,3</sup> | 929123 | 920413 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 6.80% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36<sup>◊,3</sup> | 3800000 | 3796938 |
| Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37<sup>◊,3</sup> | 3700000 | 3721312 |
| Dryden XXVI Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2018-26A CR, 6.43% (3 Month Term SOFR + 2.11%, Rate Floor: 0.00%) due 04/15/29<sup>◊,3</sup> | 3500000 | 3506568 |
| Ares XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A CR3, 6.16% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/28/34<sup>◊,3</sup> | 2800000 | 2807248 |
| Allegro CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A CR, 6.32% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/13/31<sup>◊,3</sup> | 2500000 | 2503500 |
| Sound Point CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.23% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34<sup>◊,3</sup> | 2200000 | 2204796 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.86% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,3</sup> | 541465 | 542563 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-1A INC, due 10/15/30<sup>3,13</sup> | 10575071 | 359552 |
| Great Lakes CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 10/15/29<sup>3,13</sup> | 461538 | 215478 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-3A SUB, due 01/14/32<sup>3,13</sup> | 8920000 | 44154 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A SUB, due 10/20/28<sup>3,13</sup> | 6859005 | 19274 |
| Venture XIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-13A SUB, due 09/10/29<sup>3,13</sup> | 3700000 | 370 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>9,13</sup> | 1500000 | 150 |
| Babson CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-IA SUB, due 07/20/25<sup>3,13</sup> | 1300000 | 130 |
| **Total Collateralized Loan Obligations** |  | 2747514731 |
| **Financial - 2.6%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SP1, 5.57% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26<sup>◊,†††,3</sup> | 50725000 | 50725000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 5.87% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,3</sup> | 50500000 | 50500000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> | 34275000 | 34275000 |
| &nbsp;&nbsp;&nbsp;2025-SP2, 5.31% (1 Month Term SOFR + 1.15%, Rate Floor: 1.15%) due 09/25/26<sup>◊,†††,3</sup> | 31800000 | 31800000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> | 17125000 | 17125000 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 72603415 | 67422928 |
| HV Eight LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR 49,437,382 | 57891894 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 57700000 | 54536985 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 57700000 | $54536985 |
| LVNV Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/05/28<sup>†††</sup> | 39400000 | 41360600 |
| &nbsp;&nbsp;&nbsp;6.84% due 06/12/29<sup>†††</sup> | 11400000 | 11685472 |
| Strategic Partners Fund VIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.92% (1 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 03/10/26<sup>◊,†††</sup> | 43769497 | 43538458 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 27460445 | 28219017 |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 9695146 | 9364344 |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> | 5715001 | 5923325 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 01/26/27<sup>◊,†††</sup> | 42003015 | 41848570 |
| Obsidian Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 6.93% due 05/15/55<sup>†††,3</sup> | 36500000 | 36500000 |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 30410000 | 30410000 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55<sup>†††</sup> | 29900000 | 29453192 |
| Project Onyx |  |  |
| &nbsp;&nbsp;&nbsp;6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 0.00%) due 06/26/30<sup>◊,†††</sup> | 19837936 | 19764992 |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28<sup>◊,†††</sup> | 3071588 | 3061775 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.40% due 09/30/45<sup>†††</sup> | 15650000 | 16300199 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 11036153 | 11000895 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 9763594 | 9713230 |
| Akso Health Group |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 8347759 | 8606697 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>9</sup> | 5870295 | 5590925 |
| Industrial DPR Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 5.24% due 04/15/26<sup>†††,3</sup> | 501466 | 497416 |
| **Total Financial** |  | 771652899 |
| **Transport-Aircraft - 2.3%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>3</sup> | 47350410 | 48882376 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>3</sup> | 47848364 | 48791622 |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.52% due 02/16/50<sup>3</sup> | 32748608 | 33083400 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>3</sup> | 34243132 | 32830141 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.80% due 01/15/47<sup>3</sup> | 29288427 | 27598016 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>3</sup> | 12486515 | 12756775 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>3</sup> | 6112992 | 6014869 |
| &nbsp;&nbsp;&nbsp;2019-2, 3.38% due 10/16/39<sup>3</sup> | 225391 | 223141 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.47% due 08/15/50<sup>3</sup> | 46694865 | 47016798 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>3</sup> | 22662691 | 23012021 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>3</sup> | 6131262 | 6093460 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>3</sup> | 32982595 | 33233524 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.81% due 05/15/50<sup>3</sup> | 26066052 | 26733189 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.43% due 06/15/46<sup>3</sup> | 14244353 | 13435477 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.42% due 06/15/46<sup>3</sup> | 1099950 | 1043931 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>3</sup> | 45069938 | 45101744 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.11% due 10/15/50<sup>3</sup> | 21000000 | 21067032 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>3</sup> | 49246461 | 46710164 |
| Next10, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 12/15/30<sup>†††</sup> | 43414409 | 44503171 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>3</sup> | 33757457 | 31891321 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>3</sup> | 28528841 | 29112444 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>3</sup> | 26309703 | 26926184 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>3</sup> | 18333791 | 17513537 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>3</sup> | 13150830 | 12782846 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>3</sup> | 11322226 | 10941346 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>3</sup> | 9716654 | 9644071 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.52% due 06/15/46<sup>3</sup> | 8608814 | 8233353 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>3</sup> | 3740237 | 3691606 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>3</sup> | 2656410 | 2616609 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>3</sup> | 232632 | 231934 |
| **Total Transport-Aircraft** |  | 671716102 |
| **Infrastructure - 2.1%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>3</sup> | 52900000 | 53167071 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>3</sup> | 35700000 | 35368579 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.28% due 03/25/54<sup>3</sup> | 9550000 | 9735780 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>3</sup> | 37950000 | 37791870 |
| &nbsp;&nbsp;&nbsp;2023-3A, 5.90% due 10/25/48<sup>3</sup> | 31313000 | 31614723 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.90% due 03/25/49<sup>3</sup> | 16250000 | 16516862 |
| &nbsp;&nbsp;&nbsp;2023-2A, 5.90% due 07/25/48<sup>3</sup> | 6000000 | 6049691 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.90% due 03/25/48<sup>3</sup> | 6000000 | 6024564 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>3</sup> | 76175000 | 77801115 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>3</sup> | 40900000 | 40226520 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>3</sup> | 28950000 | 29120880 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.64% due 05/15/54<sup>3</sup> | 3950000 | 3995700 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 8.84% due 05/20/53<sup>3</sup> | 31200000 | 32120843 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>3</sup> | 22750000 | 23134862 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.31% due 11/20/51<sup>3</sup> | 5350000 | 5214371 |
| &nbsp;&nbsp;&nbsp;2024-1A, 9.19% due 06/20/54<sup>3</sup> | 3860000 | 4042526 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2021-1, 2.66% due 11/20/51<sup>3</sup> | 4025000 | $3914304 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>3</sup> | 3150000 | 3220587 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>3</sup> | 47980000 | 46832179 |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.00% due 08/17/48<sup>3</sup> | 2600000 | 2627037 |
| &nbsp;&nbsp;&nbsp;2023-2A, 6.50% due 11/16/48<sup>3</sup> | 1345000 | 1370165 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>3</sup> | 41150000 | 41358412 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>3</sup> | 30550000 | 30615750 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>3</sup> | 22150000 | 22293073 |
| &nbsp;&nbsp;&nbsp;6.60% due 01/15/28<sup>3</sup> | 3800000 | 3901769 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 10/05/55<sup>3</sup> | 23550000 | 23470425 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.40% due 05/20/53<sup>3</sup> | 6625000 | 6668326 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>3</sup> | 5100000 | 5158215 |
| Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.32% due 05/25/50<sup>3</sup> | 9669000 | 9789890 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.53% due 04/20/55<sup>3</sup> | 8150000 | 8269602 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.94% due 07/20/54<sup>3</sup> | 1000000 | 1018874 |
| **Total Infrastructure** |  | 622434565 |
| **Whole Business - 1.7%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>3</sup> | 35928500 | 35786431 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>3</sup> | 28335875 | 29577768 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.27% due 07/30/54<sup>3</sup> | 18758250 | 19240755 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>3</sup> | 9428750 | 9558917 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>3</sup> | 43286660 | 40784323 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>3</sup> | 22773200 | 23530577 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.13% due 01/25/52<sup>3</sup> | 22677500 | 21506513 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>3</sup> | 6461780 | 6399181 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>3</sup> | 93416350 | 90208946 |
| Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.64% due 08/20/51<sup>3</sup> | 18783360 | 16208419 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.85% due 01/20/50<sup>3</sup> | 12043976 | 11869698 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.19% due 08/20/51<sup>3</sup> | 9882240 | 9134208 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/20/50<sup>3</sup> | 6914679 | 6685395 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.05% due 08/25/55<sup>3</sup> | 24050000 | 24107071 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.82% due 08/25/55<sup>3</sup> | 19400000 | 19440527 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>3</sup> | 25117500 | 24248465 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>3</sup> | 12000000 | 12418259 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.73% due 03/05/52<sup>3</sup> | 1191000 | 1153960 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 3.34% due 01/30/51<sup>3</sup> | 27632177 | 24480415 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>3</sup> | 9192008 | 8661017 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>3</sup> | 25254163 | 26267519 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>3</sup> | 15745000 | 15688603 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.78% due 06/15/49<sup>3</sup> | 11938470 | 11867090 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>3</sup> | 7802000 | 7750139 |
| **Total Whole Business** |  | 496574196 |
| **Single Family Residence - 0.9%** |  |  |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-SFR2, 5.00% due 12/17/40<sup>3</sup> | 31239000 | 31224208 |
| &nbsp;&nbsp;&nbsp;2024-SFR4, 4.65% due 11/17/41<sup>3</sup> | 10775000 | 10677437 |
| &nbsp;&nbsp;&nbsp;2024-SFR3, 5.00% due 08/17/41<sup>3</sup> | 10500000 | 10477086 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 4.75% due 06/17/40<sup>3</sup> | 9980660 | 10011984 |
| &nbsp;&nbsp;&nbsp;2024-SFR3, 5.25% due 08/17/41<sup>3</sup> | 9550000 | 9526583 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.90% due 06/17/40<sup>3</sup> | 9215000 | 9407866 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.70% due 06/17/40<sup>3</sup> | 7950000 | 8104769 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.59% due 07/17/38<sup>3</sup> | 7000000 | 6873131 |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>3</sup> | 3600000 | 3586166 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>3</sup> | 21640000 | 21553589 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>3</sup> | 20340000 | 20255253 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>3</sup> | 13010000 | 12952051 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.19% due 08/17/38<sup>3</sup> | 13174000 | 12850796 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, 2.65% due 12/17/26<sup>3</sup> | 46295664 | 44871332 |
| &nbsp;&nbsp;&nbsp;2021-3, 2.80% due 01/17/41<sup>3</sup> | 14977179 | 14020479 |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.55% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/17/42<sup>◊,3</sup> | 28150000 | 28208698 |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.80% (1 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 08/17/42<sup>◊,3</sup> | 6850000 | 6854281 |
| Invitation Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>3</sup> | 13100000 | 12709193 |
| **Total Single Family Residence** |  | 274164902 |
| **Net Lease - 0.8%** |  |  |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>3</sup> | 21768638 | 21224108 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.25% due 05/15/54<sup>3</sup> | 13963333 | 13901886 |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>3</sup> | 9726875 | 9348143 |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.90% due 05/15/54<sup>3</sup> | 3313333 | 3309846 |
| STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 3.96% due 10/20/46<sup>3</sup> | 26090665 | 25822990 |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.32% due 10/20/46<sup>3</sup> | 10341534 | 10197865 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 6.11% due 08/15/62<sup>3</sup> | 20181670 | 19323051 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% due 07/15/60<sup>3</sup> | 10075718 | 7019179 |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.81% due 02/15/50<sup>3</sup> | 19837058 | 18705993 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.25% due 02/15/50<sup>3</sup> | 3361961 | 3121074 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.91% due 07/20/51<sup>3</sup> | 10050000 | 9324664 |
| &nbsp;&nbsp;&nbsp;2021-1, 3.04% due 07/20/51<sup>3</sup> | 5050000 | 4376914 |
| &nbsp;&nbsp;&nbsp;2021-1, 3.44% due 07/20/51<sup>3</sup> | 3215000 | 2792617 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.51% due 07/20/51<sup>3</sup> | 3000000 | 2770612 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| STORE Master Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.96% due 06/20/51<sup>3</sup> | 12528000 | $| 10696944 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.17% due 10/20/55<sup>3</sup> | 4850000 |  | 4856432 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.70% due 06/20/51<sup>3</sup> | 3506861 |  | 3098489 |
| SVC ABS LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.15% due 02/20/53<sup>3</sup> | 15151729 |  | 15068948 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.55% due 02/20/53<sup>3</sup> | 3477396 |  | 3417505 |
| Oak Street Investment Grade Net Lease Fund Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.26% due 11/20/50<sup>3</sup> | 14862500 |  | 13121758 |
| Tenet Equity Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>3</sup> | 10027645 |  | 10107065 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.41% due 10/20/61<sup>3</sup> | 10000000 |  | 6641468 |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.69% due 05/20/54<sup>3</sup> | 5957500 |  | 6034648 |
| CARS-DB5, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.76% due 08/15/51<sup>3</sup> | 6510625 |  | 5506385 |
| CARS-DB7, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.75% due 09/15/53<sup>3</sup> | 4265625 |  | 4300315 |
| CF Hippolyta LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.60% due 07/15/60<sup>3</sup> | 4312872 |  | 2961404 |
| Store Master Funding I-VII |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.74% due 10/20/48<sup>3</sup> | 2780163 |  | 2736276 |
| **Total Net Lease** |  |  | 239786579 |
| **Insurance - 0.7%** |  |  |  |
| Dogwood State Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/24/32<sup>†††</sup> | 106598766 |  | 107209597 |
| Obra Longevity |  |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 67000000 |  | 70470074 |
| CHEST |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/23/43<sup>†††</sup> | 17190000 |  | 18021844 |
| JGWPT XXIII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2011-1A, 4.70% due 10/15/56<sup>3</sup> | 1755135 |  | 1739487 |
| JGWPT XXIV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2011-2A, 4.94% due 09/15/56<sup>3</sup> | 1294045 |  | 1278931 |
| 321 Henderson Receivables VI LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-1A, 5.56% due 07/15/59<sup>3</sup> | 292824 |  | 294764 |
| VICOF 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 02/22/30<sup>†††</sup> | 265755 |  | 264232 |
| SPSS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 11/15/52<sup>†††,9</sup> | 123056 |  | 113979 |
| **Total Insurance** |  |  | 199392908 |
| **Transport-Container - 0.4%** |  |  |  |
| Textainer Marine Containers VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>3</sup> | 30411842 |  | 29256597 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.23% due 04/20/46<sup>3</sup> | 2101667 |  | 1970939 |
| TIF Funding III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.48% due 04/20/49<sup>3</sup> | 29553750 |  | 29645293 |
| Triton Container Finance IX LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.43% due 06/20/50<sup>3</sup> | 20625250 |  | 20876088 |
| Textainer Marine Containers Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, 1.94% due 08/20/46<sup>3</sup> | 20866600 |  | 18749992 |
| MC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.63% due 11/05/35<sup>3</sup> | 7453503 |  | 7054702 |
| CLI Funding IX LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.35% due 06/20/50<sup>3</sup> | 4580542 |  | 4643328 |
| CLI Funding VIII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>3</sup> | 2036089 |  | 1881316 |
| **Total Transport-Container** |  |  | 114078255 |
| **Collateralized Debt Obligations - 0.4%** |  |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>3</sup> | 111754127 |  | 105717806 |
| Anchorage Credit Funding 13 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-13A A2, 2.80% due 07/27/39<sup>3</sup> | 2700000 |  | 2572321 |
| &nbsp;&nbsp;&nbsp;2021-13A C2, 3.65% due 07/27/39<sup>3</sup> | 1950000 |  | 1793240 |
| **Total Collateralized Debt Obligations** |  |  | 110083367 |
| **Unsecured Consumer Loans - 0.2%** |  |  |  |
| Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.39% due 11/20/35<sup>3</sup> | 16998011 |  | 17383233 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>3</sup> | 14824579 |  | 14875597 |
| Foundation Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>3</sup> | 7419068 |  | 7434168 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.55% due 04/15/50<sup>3</sup> | 3650000 |  | 3688860 |
| UPX HIL Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.16% due 01/25/47<sup>3</sup> | 9774168 |  | 9815820 |
| Stream Innovations Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>3</sup> | 6250555 |  | 6330466 |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 5.26% due 10/27/59<sup>3</sup> | 2700000 |  | 2726504 |
| **Total Unsecured Consumer Loans** |  |  | 62254648 |
| **Automotive - 0.1%** |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-8A, 6.66% due 02/20/30<sup>3</sup> | 15350000 |  | 16289489 |
| &nbsp;&nbsp;&nbsp;2023-8A, 6.02% due 02/20/30<sup>3</sup> | 11000000 |  | 11548636 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.58% due 12/20/30<sup>3</sup> | 8250000 |  | 8504866 |
| &nbsp;&nbsp;&nbsp;2025-2A, 5.51% due 08/20/31<sup>3</sup> | 4950000 |  | 5094865 |
| **Total Automotive** |  |  | 41437856 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,365,053,418) | &nbsp;&nbsp;&nbsp;(Cost $6,365,053,418) |  | 6351091008 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.5%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.5%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.5%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.5%** |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;2.13% due 01/15/35 | 614676031 |  | 632745013 |
| &nbsp;&nbsp;&nbsp;1.88% due 07/15/35 | 473095995 |  | 476902571 |
| &nbsp;&nbsp;&nbsp;2.13% due 04/15/29 | 318553737 |  | 328790498 |
| &nbsp;&nbsp;&nbsp;1.63% due 10/15/29 | 263841340 |  | 269046912 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28 | 145980573 |  | 146531132 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33 | 29749731 |  | 29288093 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.38% due 11/15/39<sup>14</sup> | 481310000 |  | 477399356 |
| &nbsp;&nbsp;&nbsp;due 05/15/51<sup>6,15</sup> | 1576540000 |  | 456768979 |
| &nbsp;&nbsp;&nbsp;due 05/15/44<sup>7,15</sup> | 398930000 |  | 159567320 |
| &nbsp;&nbsp;&nbsp;due 08/15/54<sup>6,15</sup> | 615170000 |  | 155798219 |
| &nbsp;&nbsp;&nbsp;due 02/15/54<sup>6,15</sup> | 428590000 |  | 110845297 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;due 02/15/46<sup>7,15</sup> | 290070000 | $| 106035457 |
| &nbsp;&nbsp;&nbsp;due 11/15/51<sup>6,15</sup> | 275000000 |  | 78057364 |
| &nbsp;&nbsp;&nbsp;due 02/15/51<sup>6,15</sup> | 235000000 |  | 68932776 |
| &nbsp;&nbsp;&nbsp;due 11/15/44<sup>7,15</sup> | 75000000 |  | 29235244 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.13% due 11/30/29 | 265300000 |  | 269569672 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/28/31 | 197000000 |  | 201432500 |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/35 | 192162000 |  | 193933493 |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/35 | 58500000 |  | 60794297 |
| &nbsp;&nbsp;&nbsp;3.63% due 08/31/30 | 10024000 |  | 9972314 |
| &nbsp;&nbsp;&nbsp;3.63% due 08/31/29 | 8450000 |  | 8429535 |
| &nbsp;&nbsp;&nbsp;3.88% due 07/31/30 | 4203000 |  | 4228284 |
| &nbsp;&nbsp;&nbsp;4.00% due 05/31/30 | 1997400 |  | 2020807 |
| &nbsp;&nbsp;&nbsp;3.63% due 03/31/28 | 1531000 |  | 1531419 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,480,404,820) |  |  | 4277856552 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 4.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 4.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 4.9%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 4.9%** |
| **Financial - 1.4%** |  |  |  |
| Higginbotham Insurance Agency, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>†††</sup> | 49348160 |  | 49052994 |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28<sup>†††</sup> | 4556295 |  | 4529042 |
| QTS Good News Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 49925000 |  | 49916843 |
| Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 44817279 |  | 44443951 |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 42355369 |  | 42424408 |
| Kroll, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.81% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) (in-kind rate was 2.75%) due 09/12/32<sup>16</sup> | 29050000 |  | 28936523 |
| Asurion LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 23839200 |  | 23738599 |
| Cegid Group |  |  |  |
| &nbsp;&nbsp;&nbsp;4.78% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/31/30 | EUR 18,950,000 |  | 22285164 |
| CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 20888626 |  | 20862515 |
| HighTower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 20391804 |  | 20353672 |
| Eagle Point Holdings Borrower, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 19921530 |  | 19921530 |
| &nbsp;&nbsp;&nbsp;4.75% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28 | 5043838 |  | 5043838 |
| Cliffwater LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 04/22/32<sup>†††</sup> | 19524960 |  | 19463516 |
| Eisner Advisory Group |  |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 16654079 |  | 16742512 |
| Galaxy Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 13,250,000 |  | 15641099 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 14411100 |  | 14412541 |
| Amwins Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 7245250 |  | 7240468 |
| Corpay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4664750 |  | 4656027 |
| Worldpay |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 3918074 |  | 3919719 |
| Starwood Property Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;due 08/14/32 | 3600000 |  | 3602268 |
| Virtu Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 2670000 |  | 2670000 |
| Ardonagh Midco 3 plc |  |  |  |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 1393009 |  | 1384888 |
| **Total Financial** |  |  | 421242117 |
| **Consumer, Cyclical - 1.2%** |  |  |  |
| Grant Thornton Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/30/31 | 21290000 |  | 21241033 |
| &nbsp;&nbsp;&nbsp;due 09/11/32 | EUR 12,075,000 |  | 14186282 |
| Peer Holding III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 18847575 |  | 18851533 |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 6750000 |  | 6750000 |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR 4,300,000 |  | 5062245 |
| &nbsp;&nbsp;&nbsp;4.75% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR 2,000,000 |  | 2352090 |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | EUR 1,800,000 |  | 2116310 |
| MB2 Dental Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.66% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 25599450 |  | 25501138 |
| Prime Security Services Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/08/32 | 20577174 |  | 20368109 |
| &nbsp;&nbsp;&nbsp;6.13% (6 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 4966294 |  | 4951097 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Allwyn Entertainment Financing US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/11/31 | 19056360 | $19008719 |
| &nbsp;&nbsp;&nbsp;4.91% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/19/32 | EUR 5,000,000 | 5876526 |
| Betclic Everest Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;6.09% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/09/31 | EUR 18,200,000 | 21505108 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 11750000 | 11746357 |
| &nbsp;&nbsp;&nbsp;5.16% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 4,350,000 | 5128362 |
| &nbsp;&nbsp;&nbsp;4.91% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR 2,850,870 | 3355664 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 19601379 | 19519641 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 19814764 | 19335841 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/05/31 | 17925000 | 17895065 |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 14278179 | 14325726 |
| FR Refuel LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.03% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28 | 12064559 | 11943913 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 11225210 | 11196249 |
| PHM Group Holding OY |  |  |
| &nbsp;&nbsp;&nbsp;5.46% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 04/22/32 | EUR 9,100,000 | 10700835 |
| Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.29% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR 7,800,000 | 9216475 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 7524750 | 7546271 |
| B&B Hotels |  |  |
| &nbsp;&nbsp;&nbsp;5.66% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR 4,250,000 | 4981872 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 4950000 | 4906093 |
| Entain Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 07/30/32 | 4875000 | 4865445 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 4685030 | 4669148 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.09% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,16</sup> | 4554033 | 4485723 |
| Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 4455000 | 4443862 |
| Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/30/31 | 4216625 | 4208909 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 3425000 | 3427158 |
| Weight Watchers International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 3749221 | 3393045 |
| Zephyr Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 07/31/28 | GBP 2,400,000 | 3227846 |
| MX Holdings US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/19/32 | 2812950 | 2812950 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/19/32 | 2300000 | 2306716 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 2167000 | 2166220 |
| Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 2084250 | 2089461 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 454940 | 453802 |
| **Total Consumer, Cyclical** |  | 362118839 |
| **Industrial - 0.8%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 14282075 | 14282075 |
| &nbsp;&nbsp;&nbsp;5.25% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | EUR 12,000,000 | 14104368 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 11751260 | 11744561 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 8303275 | 8297629 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 6514123 | 6515816 |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.45% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/31/30 | 18196595 | 18134908 |
| &nbsp;&nbsp;&nbsp;6.12% (6 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/04/31 | 7742195 | 7704955 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/10/28 | 21792765 | 21792765 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.76% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 20879932 | $20784684 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 17186023 | 17214723 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.39% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/15/32 | 17157000 | 17117710 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 15048000 | 14983595 |
| AS Mileage Plan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/15/31 | 11314500 | 11328643 |
| Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/05/32 | 9975000 | 9976796 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 4920779 | 4922846 |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 | 4422501 | 4429710 |
| StandardAero |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7870525 | 7870131 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 4801500 | 4798187 |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 3728167 | 3634180 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 3398869 | 3394620 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/09/32 | 2992500 | 2996779 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 2512375 | 2514737 |
| Hillman Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/14/28 | 1524937 | 1523855 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 604942 | 606454 |
| API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.30% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 19962 | 19962 |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/12/27<sup>†††</sup> | 11554 | 11554 |
| **Total Industrial** |  | 230706243 |
| **Technology - 0.5%** |  |  |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.22% (1 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 06/02/28 | GBP 21,785,265 | 26955798 |
| &nbsp;&nbsp;&nbsp;6.03% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/02/28 | EUR 4,948,454 | 5402682 |
| Visma AS |  |  |
| &nbsp;&nbsp;&nbsp;5.80% (6 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 12/05/28<sup>†††</sup> | EUR 23,750,000 | 27958402 |
| Total Webhosting Solutions BV |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 11/06/31 | EUR 21,200,000 | 24902034 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/32 | 13600000 | 13535400 |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 10546828 | 10513922 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/05/32 | 17412500 | 17330835 |
| Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.21% (6 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 04/30/31<sup>†††</sup> | GBP 10,570,675 | 14216877 |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 04/30/31<sup>†††</sup> | 2613869 | 2613869 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 11314500 | 11160962 |
| Waystar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 10/22/29 | 767888 | 767566 |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/22/29 | 256464 | 256356 |
| CCC Intelligent Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 347375 | 346833 |
| **Total Technology** |  | 155961536 |
| **Consumer, Non-cyclical - 0.4%** |  |  |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/21/30 | EUR 24,166,306 | 28423787 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/27/27 | 28080936 | 27490113 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 23596425 | 23404822 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 15394166 | 13970205 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 9052656 | 9066234 |
| Reynolds Consumer Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 8454221 | 8466902 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Blue Ribbon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 12065625 | $| 7396228 |
| HAH Group Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 2386077 |  | 2142244 |
| CHG PPC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 1520046 |  | 1521004 |
| Elanco Animal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27 | 1009521 |  | 1008179 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 10/23/30 | 868625 |  | 868087 |
| Energizer Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 554893 |  | 554660 |
| **Total Consumer, Non-cyclical** |  |  | 124312465 |
| **Communications - 0.2%** |  |  |  |
| Speedster Bidco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.62% (6 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/10/31 | EUR 10,200,000 |  | 12037341 |
| &nbsp;&nbsp;&nbsp;7.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 9920212 |  | 9926462 |
| Authentic Brands |  |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 19702247 |  | 19661266 |
| SBA Senior Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.92% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 | 13364322 |  | 13403746 |
| MasOrange Finco plc |  |  |  |
| &nbsp;&nbsp;&nbsp;4.56% (6 Month EURIBOR + 2.50%, Rate Floor: 2.50%) due 03/20/31 | EUR 10,000,000 |  | 11730038 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 5680000 |  | 5680000 |
| Xplore, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 10/24/31 | 1423884 |  | 972983 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/29<sup>16</sup> | 408001 |  | 383521 |
| UPC Financing Partnership |  |  |  |
| &nbsp;&nbsp;&nbsp;6.69% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 1300000 |  | 1295359 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.43% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1209164 |  | 1190277 |
| **Total Communications** |  |  | 76280993 |
| **Energy - 0.2%** |  |  |  |
| Colonial Pipeline |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/30/32 | 23500000 |  | 23349365 |
| ITT Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.48%, Rate Floor: 2.98%) due 10/11/30 | 14865765 |  | 14861157 |
| WhiteWater DBR Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 4554086 |  | 4556955 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 4475240 |  | 4472465 |
| **Total Energy** |  |  | 47239942 |
| **Basic Materials - 0.1%** |  |  |  |
| Novelis Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/11/32 | 8358000 |  | 8370286 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/19/30 | 5020591 |  | 5012759 |
| Trinseo Materials Operating S.C.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.96% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 10628250 |  | 3044994 |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 979768 |  | 994954 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 992500 |  | 992500 |
| **Total Basic Materials** |  |  | 18415493 |
| **Utilities - 0.1%** |  |  |  |
| Calpine Construction Finance Company, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 10350000 |  | 10348758 |
| UGI Energy Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 3753683 |  | 3766595 |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 2084209 |  | 2077706 |
| TerraForm Power Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 1184694 |  | 1181732 |
| **Total Utilities** |  |  | 17374791 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,445,676,390) | &nbsp;&nbsp;&nbsp;(Cost $1,445,676,390) |  | 1453652419 |
| **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** | **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 | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/65 | 139137000 |  | 115035828 |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/55 | 88828000 |  | 88727624 |
| &nbsp;&nbsp;&nbsp;4.63% due 09/15/60 | 60988000 |  | 54670436 |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/56 | 9283000 |  | 9434239 |
| &nbsp;&nbsp;&nbsp;due 09/15/53<sup>7,15</sup> | 1612000 |  | 357849 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;due 09/15/55<sup>7,15</sup> | 1612000 | $| 320383 |
| &nbsp;&nbsp;&nbsp;due 09/15/56<sup>7,15</sup> | 1612000 |  | 301737 |
| &nbsp;&nbsp;&nbsp;due 03/15/57<sup>7,15</sup> | 1612000 |  | 293679 |
| &nbsp;&nbsp;&nbsp;due 09/15/57<sup>7,15</sup> | 1612000 |  | 285837 |
| &nbsp;&nbsp;&nbsp;due 09/15/58<sup>7,15</sup> | 1612000 |  | 269908 |
| &nbsp;&nbsp;&nbsp;due 03/15/59<sup>7,15</sup> | 1612000 |  | 262688 |
| &nbsp;&nbsp;&nbsp;due 09/15/59<sup>7,15</sup> | 1612000 |  | 255662 |
| &nbsp;&nbsp;&nbsp;due 09/15/60<sup>7,15</sup> | 1612000 |  | 242166 |
| &nbsp;&nbsp;&nbsp;due 09/15/54<sup>7,15</sup> | 1020000 |  | 214562 |
| &nbsp;&nbsp;&nbsp;due 03/15/61<sup>7,15</sup> | 1020000 |  | 149133 |
| &nbsp;&nbsp;&nbsp;due 09/15/61<sup>7,15</sup> | 1020000 |  | 145144 |
| &nbsp;&nbsp;&nbsp;due 09/15/62<sup>7,15</sup> | 1020000 |  | 137483 |
| &nbsp;&nbsp;&nbsp;due 03/15/63<sup>7,15</sup> | 1020000 |  | 133805 |
| &nbsp;&nbsp;&nbsp;due 09/15/63<sup>7,15</sup> | 1020000 |  | 129745 |
| &nbsp;&nbsp;&nbsp;due 09/15/64<sup>7,15</sup> | 1020000 |  | 122885 |
| &nbsp;&nbsp;&nbsp;due 03/15/65<sup>7,15</sup> | 1020000 |  | 119133 |
| &nbsp;&nbsp;&nbsp;due 09/15/65<sup>7,15</sup> | 1020000 |  | 115935 |
| Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips |
| &nbsp;&nbsp;&nbsp;due 01/15/48<sup>6,15</sup> | 38804000 |  | 11840381 |
| &nbsp;&nbsp;&nbsp;due 12/15/42<sup>6,15</sup> | 23785000 |  | 9821873 |
| &nbsp;&nbsp;&nbsp;due 01/15/38<sup>15</sup> | 15800000 |  | 8813287 |
| &nbsp;&nbsp;&nbsp;due 09/15/39<sup>6,15</sup> | 8655000 |  | 4387972 |
| &nbsp;&nbsp;&nbsp;due 04/01/56<sup>6,15</sup> | 11415000 |  | 2196531 |
| &nbsp;&nbsp;&nbsp;due 09/15/65<sup>6,15</sup> | 3500000 |  | 400921 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;3.11% due 08/05/48 | 1500000 |  | 1088962 |
| &nbsp;&nbsp;&nbsp;2.69% due 11/29/41 | 350000 |  | 256593 |
| &nbsp;&nbsp;&nbsp;2.58% due 03/15/41 | 350000 |  | 256471 |
| &nbsp;&nbsp;&nbsp;2.40% due 09/16/41 | 350000 |  | 247807 |
| &nbsp;&nbsp;&nbsp;1.99% due 07/30/40 | 300000 |  | 205075 |
| &nbsp;&nbsp;&nbsp;2.60% due 09/06/39 | 250000 |  | 190818 |
| &nbsp;&nbsp;&nbsp;2.90% due 12/09/41 | 220000 |  | 165884 |
| &nbsp;&nbsp;&nbsp;2.59% due 12/30/41 | 180000 |  | 130043 |
| &nbsp;&nbsp;&nbsp;2.74% due 11/01/39 | 144000 |  | 111812 |
| &nbsp;&nbsp;&nbsp;2.84% due 06/01/46 | 140000 |  | 95849 |
| &nbsp;&nbsp;&nbsp;2.59% due 08/24/46 | 140000 |  | 91228 |
| &nbsp;&nbsp;&nbsp;3.67% due 02/26/44 | 70000 |  | 58382 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;2.15% due 02/25/41 | 350000 |  | 241373 |
| &nbsp;&nbsp;&nbsp;2.45% due 08/16/41 | 270000 |  | 192558 |
| &nbsp;&nbsp;&nbsp;3.63% due 06/22/43 | 100000 |  | 83776 |
| Freddie Mac | Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp;2.25% due 09/15/50 | 360000 |  | 204133 |
| **Total Federal Agency Bonds** | **Total Federal Agency Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $426,705,292) |  |  | 312807590 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>3</sup> | 35650000 |  | 36169064 |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| &nbsp;&nbsp;&nbsp;5.38% due 03/12/29 | 9800000 |  | 10068293 |
| &nbsp;&nbsp;&nbsp;5.63% due 02/19/35 | 8750000 |  | 9044840 |
| &nbsp;&nbsp;&nbsp;5.38% due 02/19/30 | 5250000 |  | 5415212 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| &nbsp;&nbsp;&nbsp;4.50% due 04/16/50 | 22700000 |  | 17051559 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| &nbsp;&nbsp;&nbsp;5.63% due 01/13/35<sup>3</sup> | 13900000 |  | 14808313 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $98,164,572) |  |  | 92557281 |
| **MUNICIPAL BONDS<sup>††</sup>** **- 0.1%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.1%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.1%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.1%** |
| **California - 0.1%** |  |  |  |
| California Statewide Communities Development Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% due 08/15/47 | 10150000 |  | 10735563 |
| California Public Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.07% due 10/15/40 | 8000000 |  | 6420414 |
| Hillsborough City School District General Obligation Unlimited |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/01/37<sup>15</sup> | 1000000 |  | 561557 |
| &nbsp;&nbsp;&nbsp;due 09/01/39<sup>15</sup> | 1000000 |  | 496169 |
| Oakland Redevelopment Agency Successor Agency Tax Allocation |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 09/01/39 | 1100000 |  | 984091 |
| **Total California** |  |  | 19197794 |
| **Illinois - 0.0%** |  |  |  |
| State of Illinois General Obligation Unlimited |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 12/01/38 | 4550000 |  | 4707219 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/35 | 1400000 |  | 1488554 |
| City of Chicago Illinois General Obligation Unlimited |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% due 01/01/44 | 4500000 |  | 4783166 |
| **Total Illinois** |  |  | 10978939 |
| **Texas - 0.0%** |  |  |  |
| Central Texas Turnpike System Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.03% due 08/15/41 | 3150000 |  | 2448931 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.42% due 09/01/50 | 2500000 |  | 1805985 |
| **Total Texas** |  |  | 4254916 |
| **Washington - 0.0%** |  |  |  |
| Central Washington University Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 05/01/40 | 1750000 |  | 1929223 |
| **Oklahoma - 0.0%** |  |  |  |
| Tulsa Airports Improvement Trust Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.10% due 06/01/45 | 1000000 |  | 748305 |
| Oklahoma Development Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 08/15/30 | 450000 |  | 445298 |
| **Total Oklahoma** |  |  | 1193603 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,327,557) | &nbsp;&nbsp;&nbsp;(Cost $41,327,557) |  | 37554475 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.91% due 10/30/25<sup>17</sup> |  | 28500000 | $28406923 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,407,458) |  |  | 28406923 |
| **REPURCHASE AGREEMENTS<sup>††,18</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,18</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,18</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,18</sup>** **- 0.7%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.19% due 10/01/25 |  | 73586622 | 73586622 |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 |  | 64388294 | 64388294 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 |  | 45991639 | 45991639 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.18% due 10/01/25 |  | 9198328 | 9198328 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $193,164,883) |  |  | 193164883 |
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** |  |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **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;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 70580000 | 908780 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 56463000 | 727012 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $227,018,225) | EUR | 193207000 | 330120 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $227,018,225) | EUR | 193207000 | 330120 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 22405000 | 660235 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $289,858,400) | EUR | 246688000 | 433236 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $259,430,600) | EUR | 220792000 | 371087 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 139218000 | 294434 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $128,634,300) | EUR | 109476000 | 187054 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 12467000 | 160524 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 5269000 | 155268 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 41765000 | 88329 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 12741000 | 26946 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $332,572,000) | EUR | 283040000 | 711 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $332,572,000) | EUR | 283040000 | 711 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $232,801,575) | EUR | 198129000 | 584 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $109,952,975) | EUR | 93577000 | 276 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $99,769,250) | EUR | 84910000 | 250 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $18,105,575) | EUR | 15409000 | 45 |
| **Total Foreign Exchange Options** |  |  | 4675722 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,620,956) |  |  | 4675722 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value**  |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.1%** |
| **Call Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &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 $440,817,500) | USD | 440817500 | $5563316 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $440,817,500) | USD | 440817500 | 5563315 |
| &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 $440,817,500) | USD | 440817500 | 5563315 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $440,817,500) | USD | 440817500 | 5563315 |
| **Total Interest Rate Swaptions** |  |  | 22253261 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,181,281) |  |  | 22253261 |
| **Total Investments - 119.5%** | **Total Investments - 119.5%** | **Total Investments - 119.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,132,324,298) | &nbsp;&nbsp;&nbsp;(Cost $36,132,324,298) | &nbsp;&nbsp;&nbsp;(Cost $36,132,324,298) | $35331448611 |
| **OTC OPTIONS WRITTEN<sup>††</sup>** **- (0.0)%** | **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 | 12741000 | (1692) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 41765000 | (5544) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 139218000 | (18481) |
| **Total Foreign Exchange Options** |  |  | (25717) |
| **Total OTC Options Written** | **Total OTC Options Written** | **Total OTC Options Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $1,529,741) |  |  | (25717) |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,19</sup>** **- (0.1)%** |
| **Call Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $135,871,875) | USD | 135871875 | (338973) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $135,871,875) | USD | 135871875 | (339945) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% (Notional Value $135,871,875) | USD | 135871875 | (346816) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% (Notional Value $135,871,875) | USD | 135871875 | (399893) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $135,871,875) | USD | 135871875 | (437493) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $135,871,875) | USD | 135871875 | (442377) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $135,871,875) | USD | 135871875 | (393653) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $135,871,875) | USD | 135871875 | (393653) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $135,871,875) | USD | 135871875 | (452621) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $135,871,875) | USD | 135871875 | (452620) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $190,220,625) | USD | 190220625 | (478903) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $190,220,625) | USD | 190220625 | (478903) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $217,395,000) | USD | 217395000 | (593121) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $217,395,000) | USD | 217395000 | (593121) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value**  |
| &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 $440,817,500) | USD | 440817500 | $(1553445) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $440,817,500) | USD | 440817500 | (1553445) |
| &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 $440,817,500) | USD | 440817500 | (1553445) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $440,817,500) | USD | 440817500 | (1553445) |
| **Total Interest Rate Swaptions** |  |  | (12355872) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $135,871,875) | USD | 135871875 | (193798) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $135,871,875) | USD | 135871875 | (196459) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% (Notional Value $135,871,875) | USD | 135871875 | (223960) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% (Notional Value $135,871,875) | USD | 135871875 | (226918) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $135,871,875) | USD | 135871875 | (232530) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $135,871,875) | USD | 135871875 | (233342) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $135,871,875) | USD | 135871875 | (183943) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $135,871,875) | USD | 135871875 | (183943) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $135,871,875) | USD | 135871875 | (286360) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $135,871,875) | USD | 135871875 | (286360) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $190,220,625) | USD | 190220625 | (454772) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $190,220,625) | USD | 190220625 | (454772) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $217,395,000) | USD | 217395000 | (474493) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $217,395,000) | USD | 217395000 | (474493) |
| **Total Interest Rate Swaptions** |  |  | (4106143) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $23,936,314) |  |  | (16462015) |
| **Other Assets & Liabilities, net - (19.4)%** | **Other Assets & Liabilities, net - (19.4)%** | **Other Assets & Liabilities, net - (19.4)%** | (5739365693) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $29575595186 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared 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> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $591600000 | $(13390257) | $(13547530) | $157273 |
| BofA Securities, Inc.<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 295350000 | (23609836) | (22309871) | (1299965) |
|  |  |  |  |  |  | $(37000093) | $(35857401) | $(1142692) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Appreciation <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $44055000 | $(3771686) | $(2361422) | $(1410264) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 44055000 | (6844721) | (5641244) | (1203477) |
|  |  |  |  |  |  | $(10616407) | $(8002666) | $(2613741) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.09% | Annually | 12/23/29 | $584523266 | $16901718 | $2727 | $16898991 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.48% | Annually | 11/02/33 | 214640000 | 14134222 | 1432 | 14132790 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.76% | Annually | 02/06/29 | 650000000 | 8571771 | 2159 | 8569612 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.80% | Annually | 04/01/32 | 175000000 | 3416333 | 1191 | 3415142 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.59% | Annually | 01/02/28 | 660000000 | 3080048 | 1837 | 3078211 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 1337210000 | 337405 | 50 | 337355 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.40% | Annually | 04/04/28 | 900000000 | 296307 | 2176 | 294131 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | 803000000 | (9373250) | 1333 | (9374583) |
|  |  |  |  |  |  |  | $37364554 | $12905 | $37351649 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| JPMorgan Chase Bank, N.A. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Pay | 3.42% (Federal Funds Rate - 0.67%) | At Maturity | 11/05/25 | 1221859 | $136200623 | $1954974 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Barclays Bank plc | GBP | Sell | 43920000 | 59,657,985 USD | 10/17/25 | $583088 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 347816000 | 408,961,705 USD | 10/17/25 | 136851 |
| Morgan Stanley Capital Services LLC | CAD | Sell | 291000 | 210,786 USD | 10/17/25 | 1424 |
| Toronto-Dominion Bank | EUR | Sell | 988000 | 1,161,830 USD | 10/15/25 | 680 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 2363000 | 2,774,254 USD | 10/15/25 | (2868) |
| Barclays Bank plc | EUR | Sell | 1193000 | 1,392,725 USD | 10/15/25 | (9352) |
| Toronto-Dominion Bank | EUR | Buy | 2830000 | 3,340,317 USD | 10/17/25 | (13920) |
| Nomura Global Financial Products, Inc. | EUR | Buy | 8000000 | 9,453,234 USD | 10/17/25 | (49989) |
|  |  |  |  |  |  | $645914 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| 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% | $440817500 | $5563316 |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440817500 | 5563315 |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440817500 | 5563315 |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 440817500 | 5563315 |
|  |  |  |  |  |  |  |  | $22253261 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $135871875 | $(338973) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 135871875 | (339945) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 135871875 | (346816) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 135871875 | (393653) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 135871875 | (393653) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 135871875 | (399893) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 135871875 | (437493) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** | **OTC Interest Rate Swaptions Written (concluded)** |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap  | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | $135871875 | $(442377) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap  | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 135871875 | (452621) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 135871875 | (452620) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 190220625 | (478903) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 190220625 | (478903) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 217395000 | (593121) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 217395000 | (593121) |
| 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% | 440817500 | (1553445) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440817500 | (1553445) |
| The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440817500 | (1553445) |
| BNP Paribas 9-Month/5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 440817500 | (1553445) |
|  |  |  |  |  |  |  |  | $(12355872) |
| **Put** |  |  |  |  |  |  |  |  |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $135871875 | $(183943) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 135871875 | (183943) |
| The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 135871875 | (193798) |
| Barclays Bank plc 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 135871875 | (196459) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 135871875 | (223960) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 135871875 | (226918) |
| Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 135871875 | (232530) |
| BNP Paribas 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 135871875 | (233342) |
| Barclays Bank plc 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 135871875 | (286360) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 135871875 | (286360) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 190220625 | (454772) |
| Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 190220625 | (454772) |
| The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 217395000 | (474493) |
| BNP Paribas 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 217395000 | (474493) |
|  |  |  |  |  |  |  |  | $(4106143) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | |
|:---|:---|
| <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 September 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;Special Purpose Acquisition Company (SPAC). |
| <sup>3</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 $12,928,424,200 (cost $13,055,090,912), or 43.7% of total net assets. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 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 a principal-only strip. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <sup>8</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>9</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 $87,997,503 (cost $112,710,862), or 0.3% of total net assets — See Note 10. |
| <sup>10</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>11</sup> | &nbsp;&nbsp;&nbsp;Perpetual maturity. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Security is in default of interest and/or principal obligations. |
| <sup>13</sup> | &nbsp;&nbsp;&nbsp;Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates. |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at September 30, 2025. |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>17</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>18</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>19</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;CAD — Canadian Dollar |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 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;EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REMIC — Real Estate Mortgage Investment Conduit |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &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. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $1505594 | $185758 | $29896671 | $31588023 |
| Preferred Stocks | 60613376 | 654694431 | 48255899 | 763563706 |
| Warrants | 741 |  | 388 | 1129 |
| Right |  |  | 1 | 1 |
| Mutual Funds | 255160383 |  |  | 255160383 |
| Money Market Funds | 674457866 |  |  | 674457866 |
| Collateralized Mortgage Obligations |  | 13131281239 | 56399501 | 13187680740 |
| Corporate Bonds |  | 6646700041 | 998276608 | 7644976649 |
| Asset-Backed Securities |  | 5340956137 | 1010134871 | 6351091008 |
| U.S. Government Securities |  | 4277856552 |  | 4277856552 |
| Senior Floating Rate Interests |  | 1215176285 | 238476134 | 1453652419 |
| Federal Agency Bonds |  | 312807590 |  | 312807590 |
| Foreign Government Debt |  | 92557281 |  | 92557281 |
| Municipal Bonds |  | 37554475 |  | 37554475 |
| U.S. Treasury Bills |  | 28406923 |  | 28406923 |
| Repurchase Agreements |  | 193164883 |  | 193164883 |
| Options Purchased |  | 4675722 |  | 4675722 |
| Interest Rate Swaptions Purchased |  | 22253261 |  | 22253261 |
| Credit Default Swap Agreements\*\* |  | 157273 |  | 157273 |
| Interest Rate Swap Agreements\*\* |  | 46726232 |  | 46726232 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 722043 |  | 722043 |
| Credit Index Swap Agreements\*\* |  | 1954974 |  | 1954974 |
| Total Assets | $991737960 | $32007831100 | $2381440073 | $35381009133 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $25717 | $— | $25717 |
| Interest Rate Swaptions Written |  | 16462015 |  | 16462015 |
| Credit Default Swap Agreements\*\* |  | 3913706 |  | 3913706 |
| Interest Rate Swap Agreements\*\* |  | 9374583 |  | 9374583 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 76129 |  | 76129 |
| Unfunded Loan Commitments (Note 9) |  |  | 73968 | 73968 |
| Total Liabilities | $— | $29852150 | $73968 | $29926118 |

---

\*\* 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 <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $497653616 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 283906255 | Yield Analysis | Yield | 3.4%-7.2% | 6.3% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> September 30, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| Asset-Backed Securities | $184425000 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 44150000 | Third Party Pricing | Trade Price |  |  |
| Collateralized Mortgage Obligations | 54587313 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Collateralized Mortgage Obligations | 1812188 | Third Party Pricing | Vendor Price |  |  |
| Common Stocks | 29785310 | Third Party Pricing | Trade Price |  |  |
| Common Stocks | 70546 | Model Price | Liquidation Value |  |  |
| Common Stocks | 40815 | Enterprise Value | Valuation Multiple | 2.6x-8.7x | 5.0x |
| Corporate Bonds | 664326169 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 213786500 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 68771261 | Yield Analysis | Yield | 5.5%-9.2% | 7.3% |
| Corporate Bonds | 29296238 | Model Price | Purchase Price |  |  |
| Corporate Bonds | 22096439 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 1 | Model Price | Liquidation Value |  |  |
| Preferred Stocks | 48255899 | Yield Analysis | Yield | 5.8% |  |
| Right | 1 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 206032009 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 32444125 | Third Party Pricing | Broker Quote |  |  |
| Warrants | 388 | Model Price | Liquidation Value |  |  |
| Total Assets | $2381440073 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $73968 | Model Price | Purchase price |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the year ended September 30, 2025, the Fund had securities with a total value of $30,268,006 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $13,655,799 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.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

**Summary of Fair Value Level 3 Activity** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **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** | **Preferred <br> Stocks** | **Right** | <br>**Total Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $796218422 | $54604030 | $586278920 | $122745109 | $388 | $216536 | $48103090 | $— | $1608166495 | $(121352) |
| Purchases/(Receipts) | 408358696 |  | 440505064 | 92258462 |  | 29785310 |  |  | 970907532 | (1210021) |
| (Sales, maturities and paydowns)/Fundings | (187034181) | (845204) | (40202439) | (6090089) |  |  |  |  | (234171913) | 821410 |
| Amortization of premiums/discounts | 385671 | 5922 | (108132) | 451050 |  |  |  |  | 734511 |  |
| Total realized gains (losses) included in earnings | 183948 | (70885) |  | (7685) |  |  |  |  | 105378 | 10663 |
| Total change in unrealized appreciation (depreciation) included in earnings | 5180698 | 893450 | 11803195 | 1160885 |  | (105175) | 152809 | 1 | 19085863 | 425332 |
| Transfers into Level 3 | 497416 | 1812188 |  | 27958402 |  |  |  |  | 30268006 |  |
| Transfers out of Level 3 | (13655799) |  |  |  |  |  |  |  | (13655799) |  |
| &nbsp;&nbsp; Ending Balance  | $1010134871 | $56399501 | $998276608 | $238476134 | $388 | $29896671 | $48255899 | $1 | $2381440073 | $(73968) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $4773479 | $893450 | $11803195 | $1160594 | $— | $(105175) | $152809 | $1 | $18678353 | $893364 |

---

**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 2023-2, 4.65% due 10/25/67 | 5.65% | 02/01/27 | – |  |
| Angel Oak Mortgage Trust 2024-4, 6.50% due 01/25/69 | 7.50% | 03/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-4, 6.40% due 01/25/69 | 7.40% | 03/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-2, 6.19% due 01/25/69 | 7.13% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-2, 5.99% due 01/25/69 | 6.93% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80% | 02/01/28 | – |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80% | 02/01/28 |  |  |
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 |  |  |
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 |  |  |
| Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67 | 5.65% | 02/01/27 |  |  |
| Angel Oak Mortgage Trust 2024-12, 6.01% due 10/25/69 | 7.01% | 11/01/28 |  |  |
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 6.40% due 12/01/63 | 7.40% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |  |  |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |  |  |
| BRAVO Residential Funding Trust 2025-NQM8, 5.59% due 06/25/65 | 6.59% | 08/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM8, 5.29% due 06/25/65 | 6.29% | 08/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM7, 5.81% due 07/25/65 | 6.81% | 07/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM7, 5.66% due 07/25/65 | 6.66% | 07/01/29 |  |  |
| BRAVO Residential Funding Trust 2023-NQM5, 7.01% due 06/25/63 | 8.01% | 07/01/27 |  |  |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91% | 01/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 |  |  |
| BRAVO Residential Funding Trust 2024-NQM3, 6.50% due 03/25/64 | 7.50% | 03/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64 | 7.39% | 03/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM3, 6.19% due 03/25/64 | 7.19% | 03/01/28 |  |  |
| BRAVO Residential Funding Trust 2023-NQM6, 7.06% due 09/25/63 | 8.06% | 08/01/27 |  |  |
| BRAVO Residential Funding Trust 2025-CES2, 4.96% due 07/26/55 | 5.96% | 08/01/29 |  |  |
| BRAVO Residential Funding Trust 2025-NQM2, 5.93% due 11/25/64 | 6.93% | 02/01/29 |  |  |
| CIM TRUST 2025-R1, 5.00% due 02/25/99 | 8.00% | 03/01/28 | 9.00% | 03/01/29 |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 |  |  |
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14% | 01/01/28 |  |  |
| COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68 | 8.18% | 09/01/27 |  |  |
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56% | 02/01/29 |  |  |
| COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68 | 8.58% | 09/01/27 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69 | 7.43% | 03/01/28 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33% | 03/01/28 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 | – |  |
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62% | 10/01/27 | – |  |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 | – |  |
| Cross Mortgage Trust 2025-H6, 5.54% due 07/25/70 | 6.54% | 07/01/29 | – |  |
| Cross Mortgage Trust 2025-H1, 5.99% due 02/25/70 | 6.99% | 01/01/29 | – |  |
| Cross Mortgage Trust 2025-H1, 5.89% due 02/25/70 | 6.89% | 01/01/29 | – |  |
| Cross Mortgage Trust 2025-H2, 5.66% due 03/25/70 | 6.66% | 02/01/29 | – |  |
| Cross Mortgage Trust 2024-H7, 5.97% due 11/25/69 | 6.97% | 10/01/28 | – |  |
| Cross Mortgage Trust 2024-H7, 5.82% due 11/25/69 | 6.82% | 10/01/28 | – |  |
| Cross Mortgage Trust 2024-H5, 6.16% due 08/26/69 | 7.16% | 07/01/28 | – |  |
| EFMT 2025-CES4, 5.43% due 06/25/60 | 6.43% | 07/01/29 | – |  |
| Ellington Financial Mortgage Trust 2024-CES1, 5.52% due 01/26/60 | 6.52% | 12/01/28 | – |  |
| GCAT 2025-NQM4 Trust 2025-NQM4, 5.53% due 06/25/70 | 6.53% | 07/01/29 | – |  |
| GCAT Trust 2024-NQM2, 6.54% due 06/25/59 | 7.71% | 05/01/28 | – |  |
| GCAT Trust 2024-NQM2, 6.44% due 06/25/59 | 7.56% | 05/01/28 | – |  |
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36% | 05/01/28 | – |  |
| GCAT Trust 2025-NQM4, 5.88% due 06/25/70 | 6.88% | 07/01/29 | – |  |
| GCAT Trust 2025-NQM4, 5.73% due 06/25/70 | 6.73% | 07/01/29 | – |  |
| GCAT Trust 2025-NQM3, 5.75% due 05/25/70 | 6.75% | 06/01/29 | – |  |
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89% | 09/01/27 | – |  |
| GCAT Trust 2022-NQM4, 5.73% due 08/25/67 | 6.73% | 08/01/26 | – |  |
| GCAT Trust 2023-NQM3, 7.34% due 08/25/68 | 8.34% | 09/01/27 | – |  |
| GCAT Trust 2025-NQM2, 6.01% due 04/25/70 | 7.01% | 05/01/29 | – |  |
| GCAT Trust 2023-NQM2, 6.24% due 11/25/67 | 7.24% | 01/01/27 | – |  |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 | – |  |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 | – |  |
| GS Mortgage-Backed Securities Trust 2025-NQM3, 5.14% due 11/25/65 | 6.14% | 08/01/29 | – |  |
| GS Mortgage-Backed Securities Trust 2025-NQM3, 5.34% due 11/25/65 | 6.34% | 08/01/29 | – |  |
| HOMES Trust 2025-NQM4, 5.47% due 08/25/70 | 6.47% | 07/01/29 | – |  |
| HOMES Trust 2025-NQM1, 5.86% due 01/25/70 | 6.86% | 01/01/29 | – |  |
| HOMES Trust 2025-NQM1, 5.96% due 01/25/70 | 6.96% | 01/01/29 | – |  |
| HOMES Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47% | 06/01/29 | – |  |
| HOMES Trust 2025-AFC2, 5.57% due 06/25/60 | 6.57% | 06/01/29 | – |  |
| HOMES Trust 2025-AFC3, 5.14% due 08/25/60 | 6.14% | 09/01/29 | – |  |
| HOMES Trust 2024-AFC2, 5.98% due 10/25/59 | 6.98% | 10/01/28 | – |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.85% due 02/25/64 | 6.85% | 12/01/28 | – |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.95% due 02/25/64 | 6.95% | 12/01/28 | – |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59% | 12/01/28 | – |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 | – |  |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 | – |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 | – |  |
| Mill City Securities Ltd. 2024-RS1, 3.00% due 11/01/69 | 6.00% | 10/01/27 | – |  |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69 | 6.35% | 09/01/28 | – |  |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3, 5.76% due 05/25/70 | 6.76% | 05/01/29 | – |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| OBX Trust 2025-NQM16, 5.21% due 08/25/65 | 6.21% | 09/01/29 |  |  |
| OBX Trust 2025-NQM16, 5.06% due 08/25/65 | 6.06% | 09/01/29 |  |  |
| OBX Trust 2025-NQM13, 5.82% due 05/25/65 | 6.82% | 07/01/29 |  |  |
| OBX Trust 2025-NQM13, 5.61% due 05/25/65 | 6.61% | 07/01/29 |  |  |
| OBX Trust 2025-NQM10, 5.71% due 05/25/65 | 6.71% | 05/01/29 |  |  |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 |  |  |
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45% | 05/01/29 |  |  |
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |  |  |
| OBX Trust 2024-NQM16, 5.89% due 10/25/64 | 6.89% | 10/01/28 |  |  |
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73% | 10/01/28 |  |  |
| OBX Trust 2025-NQM10, 5.61% due 05/25/65 | 6.61% | 05/01/29 |  |  |
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86% | 11/01/28 |  |  |
| OBX Trust 2024-NQM15, 5.72% due 10/25/64 | 6.72% | 10/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70% | 12/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85% | 12/01/28 |  |  |
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66% | 10/01/27 |  |  |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |  |  |
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29% | 03/01/28 |  |  |
| OBX Trust 2024-NQM5, 6.39% due 01/25/64 | 7.39% | 03/01/28 |  |  |
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83% | 08/01/28 |  |  |
| OBX Trust 2025-NQM3, 5.85% due 12/01/64 | 6.85% | 02/01/29 |  |  |
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95% | 02/01/29 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM17, 6.02% due 11/25/64 | 7.02% | 11/01/28 |  |  |
| OBX Trust 2024-NQM10, 6.33% due 05/25/64 | 7.33% | 06/01/28 |  |  |
| OBX Trust 2023-NQM2, 6.32% due 01/25/62 | 7.32% | 02/01/27 |  |  |
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45% | 04/01/28 |  |  |
| OBX Trust 2023-NQM2, 6.72% due 01/25/62 | 7.72% | 02/01/27 |  |  |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 |  |  |
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 |  |  |
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13% | 02/01/28 |  |  |
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33% | 02/01/28 |  |  |
| 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 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2024-NQM4, 6.07% due 01/25/64 | 7.07% | 02/01/28 |  |  |
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22% | 02/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45% | 04/01/28 |  |  |
| OBX Trust 2024-NQM4, 6.32% due 01/25/64 | 7.32% | 02/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.44% due 05/25/64 | 7.44% | 05/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 |  |  |
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46% | 06/01/28 |  |  |
| OBX Trust 2024-NQM9, 6.44% due 01/25/64 | 7.66% | 06/01/28 |  |  |
| OBX Trust 2024-NQM11, 5.88% due 06/25/64 | 6.83% | 07/01/28 |  |  |
| OBX Trust 2024-NQM11, 6.13% due 06/25/64 | 7.08% | 07/01/28 |  |  |
| OBX Trust 2024-NQM11, 6.23% due 06/25/64 | 7.18% | 07/01/28 |  |  |
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24% | 04/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70% | 04/01/28 |  |  |
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60% | 04/01/28 |  |  |
| PRPM LLC 2025-5, 5.73% due 07/25/30 | 8.73% | 07/01/28 | 9.73% | 07/01/29 |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69% | 09/25/27 | 9.69% | 09/25/28 |
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00% | 06/25/27 |  |  |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 | – |  |
| RCKT Mortgage Trust 2024-CES4, 6.30% due 06/25/44 | 7.30% | 05/01/28 | – |  |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 | – |  |
| RCKT Mortgage Trust 2025-CES7, 5.38% due 07/25/55 | 6.38% | 07/01/29 | – |  |
| Towd Point Mortgage Trust 2025-FIX1, 5.16% due 07/25/45 | 6.16% | 09/01/29 | – |  |
| Towd Point Mortgage Trust 2025-FIX1, 4.97% due 07/25/45 | 5.97% | 09/01/29 | – |  |
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77% | 01/01/29 | – |  |
| Verus Securitization Trust 2025-5, 5.58% due 06/25/70 | 6.58% | 06/01/29 | – |  |
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43% | 06/01/29 | – |  |
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51% | 03/01/29 | – |  |
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31% | 03/01/29 | – |  |
| Verus Securitization Trust 2025-1, 5.98% due 01/25/70 | 6.98% | 01/01/29 | – |  |
| Verus Securitization Trust 2025-5, 5.68% due 06/25/70 | 6.68% | 06/01/29 | – |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 | – |  |
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45% | 06/01/28 | – |  |
| Verus Securitization Trust 2024-5, 6.65% due 06/25/69 | 7.65% | 06/01/28 | – |  |
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12% | 01/01/28 | – |  |
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42% | 10/01/27 | – |  |
| Verus Securitization Trust 2023-2, 6.85% due 03/25/68 | 7.85% | 03/01/27 | – |  |
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 | – |  |
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 | – |  |
| Verus Securitization Trust 2024-9, 5.69% due 11/25/69 | 6.69% | 12/01/28 | – |  |
| Vista Point Securitization Trust 2024-CES2, 5.25% due 10/25/54 | 6.25% | 09/01/28 | – |  |
| Vista Point Securitization Trust 2024-CES1, 6.68% due 05/25/54 | 7.67% | 04/01/28 | – |  |
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 12/01/28 | – |  |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 | – |  |

---

**Repurchase Agreements** 

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value**  | **Repurchase Price**  | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Bond  |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;2.88% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 73586622 | 73595187 | &nbsp;&nbsp;Due 08/15/45 | $98156100 | $75058375 |
| BNP Paribas |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;3.38% - 4.38% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 64388294 | 64395806 | &nbsp;&nbsp;Due 09/15/28 - 05/31/32 | 64708600 | 65683818 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;3.88% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 45991639 | 45997005 | &nbsp;&nbsp;Due 06/15/28 | 46084000 | 46916948 |
| Bank of Montreal |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;4.18% |  |  | &nbsp;&nbsp;2.38% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 9198328 | 9199396 | &nbsp;&nbsp;Due 11/15/49 | 14117400 | 9383444 |

---

**Affiliated Transactions** 

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

Transactions during the year ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 09/30/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC \* | $645 | $— | $— | $— | $(210) | $435 | 532 | $— |
| &nbsp;&nbsp;FTAI Aircraft Leasing Offshore SPV, LP \* |  | 29785310 |  |  |  | 29785310 | 29785310 |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6 | 131524706 | 5940687 |  |  | 573176 | 138038569 | 5590870 | 5940687 |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | 30712524 | 1562723 | (3200000) | 15490 | 73858 | 29164595 | 1172210 | 1562723 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 16574884 | 43417580 | (4000000) | (22508) | 150314 | 56120270 | 2249309 | 2917580 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 30260817 | 1419553 |  |  | 156579 | 31836949 | 3161564 | 1419553 |
|  | $209073576 | $82125853 | $(7200000) | $(7018) | $953717 | $284946128 |  | $11840543 |

---

\* Non-income producing security.

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

**TOTAL RETURN BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $35,660,128,719) | $34853337600 |
| Investments in affiliated issuers, at value (cost $279,030,696) | 284946128 |
| Repurchase agreements, at value (cost $193,164,883) | 193164883 |
| Foreign currency, at value (cost $2,033,426) | 2030563 |
| Cash | 21770789 |
| Segregated cash with broker | 37325577 |
| Unamortized upfront premiums paid on interest rate swap agreements | 12905 |
| Unrealized appreciation on OTC swap agreements | 1954974 |
| Unrealized appreciation on forward foreign currency exchange contracts | 722043 |
| Prepaid expenses | 288778 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 8490617766 |
| &nbsp;&nbsp;&nbsp;Interest | 242894341 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 39235200 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 2169341 |
| &nbsp;&nbsp;&nbsp;Dividends | 1431906 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 9373 |
| **Total assets** | 44171912167 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $975,788) | 73968 |
| Options written, at value (premiums received $25,466,055) | 16487732 |
| Segregated cash due to broker | 44091203 |
| Unamortized upfront premiums received on credit default swap agreements | 43860067 |
| Unrealized depreciation on OTC swap agreements | 2613741 |
| Unrealized depreciation on forward foreign currency exchange contracts | 76129 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 14368187338 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 67133164 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 9316505 |
| &nbsp;&nbsp;&nbsp;Management fees | 2645557 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1292856 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 733742 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 281009 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 249243 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 115092 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 88622 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 57094 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 17792 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 38996127 |
| **Total liabilities** | 14596316981 |
| **Net assets** | $29575595186 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $33005308911 |
| Total distributable earnings (loss) | (3429713725) |
| Net assets | $29575595186 |
| **Class A:** | **Class A:** |
| Net assets | $491838113 |
| Capital shares outstanding | 20364661 |
| Net asset value per share | $24.15 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $25.16 |
| **Class C:** | **Class C:** |
| Net assets | $125388728 |
| Capital shares outstanding | 5192403 |
| Net asset value per share | $24.15 |
| **Class P:** | **Class P:** |
| Net assets | $259144296 |
| Capital shares outstanding | 10736311 |
| Net asset value per share | $24.14 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $28071839901 |
| Capital shares outstanding | 1161255908 |
| Net asset value per share | $24.17 |
| **Class R6:** | **Class R6:** |
| Net assets | $627384148 |
| Capital shares outstanding | 25938453 |
| Net asset value per share | $24.19 |

---

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

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

**TOTAL RETURN BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $8464006 |
| Dividends from securities of affiliated issuers | 11840543 |
| Interest (net of foreign withholding tax of $35,592) | 1523109581 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1543414130 |
| **Expenses:** | **Expenses:** |
| Management fees | 107402653 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1194467 |
| &nbsp;&nbsp;&nbsp;Class C | 1347165 |
| &nbsp;&nbsp;&nbsp;Class P | 753600 |
| Transfer agent fees: | Transfer agent fees: |
| &nbsp;&nbsp;&nbsp;Class A | 541248 |
| &nbsp;&nbsp;&nbsp;Class C | 137981 |
| &nbsp;&nbsp;&nbsp;Class P | 511087 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 31155283 |
| &nbsp;&nbsp;&nbsp;Class R6 | 38097 |
| Fund accounting/administration fees | 10202800 |
| Interest expense | 1744748 |
| Professional fees | 1314565 |
| Line of credit fees | 1093946 |
| Trustees' fees\* | 387292 |
| Custodian fees | 597857 |
| Miscellaneous | 1752448 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 53168 |
| &nbsp;&nbsp;&nbsp;Class C | 58644 |
| &nbsp;&nbsp;&nbsp;Class P | 53092 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 233629 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2175 |
| &nbsp;&nbsp;&nbsp;Total expenses | 160575945 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (118462) |
| &nbsp;&nbsp;&nbsp;Class C | (62907) |
| &nbsp;&nbsp;&nbsp;Class P | (264189) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (15705612) |
| &nbsp;&nbsp;&nbsp;Class R6 | (22) |
| Expenses waived by Adviser | (9957209) |
| Earnings credits applied | (584863) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (26693264) |
| Net expenses | 133882681 |
| Net investment income | 1409531449 |
| **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 | $(104956868) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (7018) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (54297766) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 19315193 |
| &nbsp;&nbsp;&nbsp;Options purchased | 12974991 |
| &nbsp;&nbsp;&nbsp;Options written | (1076741) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (25174759) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (1312784) |
| Net realized loss | (154535752) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 15676448 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 953717 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (42387120) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (19546778) |
| &nbsp;&nbsp;&nbsp;Options purchased | (23873254) |
| &nbsp;&nbsp;&nbsp;Options written | 8978323 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 1925930 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 551920 |
| Net change in unrealized appreciation (depreciation) | (57720814) |
| Net realized and unrealized loss | (212256566) |
| **Net increase in net assets resulting from operations** | $1197274883 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 251

**TOTAL RETURN BOND FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1409531449 | $1198536871 |
| Net realized loss on investments | (154535752) | (599702405) |
| Net change in unrealized appreciation (depreciation) on investments | (57720814) | 2321481021 |
| Net increase in net assets resulting from operations | 1197274883 | 2920315487 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22715653) | (20333503) |
| &nbsp;&nbsp;&nbsp;Class C | (5382721) | (5628329) |
| &nbsp;&nbsp;&nbsp;Class P | (14306153) | (16104326) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1315189142) | (1049271732) |
| &nbsp;&nbsp;&nbsp;Class R6 | (27757932) | (13354333) |
| Total distributions to shareholders | (1385351601) | (1104692223) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 170984428 | 198179248 |
| &nbsp;&nbsp;&nbsp;Class C | 23906014 | 35001713 |
| &nbsp;&nbsp;&nbsp;Class P | 65948404 | 81643859 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8627128256 | 9959347215 |
| &nbsp;&nbsp;&nbsp;Class R6 | 407584462 | 162553005 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19898916 | 17538129 |
| &nbsp;&nbsp;&nbsp;Class C | 4827635 | 4935617 |
| &nbsp;&nbsp;&nbsp;Class P | 14287220 | 15995894 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1207555453 | 946531735 |
| &nbsp;&nbsp;&nbsp;Class R6 | 27073610 | 12988662 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (182482398) | (208810751) |
| &nbsp;&nbsp;&nbsp;Class C | (50995326) | (60616986) |
| &nbsp;&nbsp;&nbsp;Class P | (138902373) | (197068145) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (7059350316) | (6950231500) |
| &nbsp;&nbsp;&nbsp;Class R6 | (151598327) | (116145057) |
| Net increase from capital share transactions | 2985865658 | 3901842638 |
| Net increase in net assets | 2797788940 | 5717465902 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 26777806246 | 21060340344 |
| &nbsp;&nbsp;&nbsp;End of year | $29575595186 | $26777806246 |

---

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

**TOTAL RETURN BOND FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7206039 | 8481505 |
| &nbsp;&nbsp;&nbsp;Class C | 1007837 | 1485557 |
| &nbsp;&nbsp;&nbsp;Class P | 2775485 | 3498570 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 363159704 | 425314648 |
| &nbsp;&nbsp;&nbsp;Class R6 | 17135269 | 6929297 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 836502 | 749822 |
| &nbsp;&nbsp;&nbsp;Class C | 203015 | 211171 |
| &nbsp;&nbsp;&nbsp;Class P | 601205 | 684908 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 50714987 | 40391299 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1136314 | 553807 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7697299) | (8947515) |
| &nbsp;&nbsp;&nbsp;Class C | (2152757) | (2598329) |
| &nbsp;&nbsp;&nbsp;Class P | (5863952) | (8449692) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (297784445) | (299062138) |
| &nbsp;&nbsp;&nbsp;Class R6 | (6379000) | (5033087) |
| Net increase in shares | 124898904 | 164209823 |

---

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

**TOTAL RETURN BOND FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.35 | $22.52 | $23.12 | $28.94 | $29.76 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.15 | 1.14 | 1.03 | .78 | .72 |
| Net gain (loss) on investments (realized and unrealized) | (.22) | 1.73 | (.65) | (5.53) | (.05) |
| Total from investment operations | .93 | 2.87 | .38 | (4.75) | .67 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.13) | (1.04) | (.98) | (.80) | (.76) |
| Net realized gains |  |  |  | (.27) | (.73) |
| Total distributions | (1.13) | (1.04) | (.98) | (1.07) | (1.49) |
| Net asset value, end of period | $24.15 | $24.35 | $22.52 | $23.12 | $28.94 |
| **Total Return<sup>b</sup>** | **3.98%** | **13.04%** | **1.55%** | **(16.82** **%)** | **2.27%** |
| **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) | $491838 | $487539 | $444454 | $427870 | $677172 |
| 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) | 4.84% | 4.87% | 4.40% | 2.94% | 2.47% |
| Total expenses<sup>c</sup> | 0.83% | 0.88% | 0.96% | 0.85% | 0.84% |
| Net expenses<sup>d,e,f</sup> | 0.77% | 0.84% | 0.91% | 0.81% | 0.79% |
| Portfolio turnover rate | 49% | 70% | 90% | 55% | 92% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.36 | $22.52 | $23.13 | $28.94 | $29.76 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .97 | .96 | .86 | .58 | .50 |
| Net gain (loss) on investments (realized and unrealized) | (.23) | 1.75 | (.67) | (5.52) | (.05) |
| Total from investment operations | .74 | 2.71 | .19 | (4.94) | .45 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.95) | (.87) | (.80) | (.60) | (.54) |
| Net realized gains |  |  |  | (.27) | (.73) |
| Total distributions | (.95) | (.87) | (.80) | (.87) | (1.27) |
| Net asset value, end of period | $24.15 | $24.36 | $22.52 | $23.13 | $28.94 |
| **Total Return<sup>b</sup>** | **3.17%** | **12.25%** | **0.74%** | **(17.41** **%)** | **1.50%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $125389 | $149405 | $158466 | $197933 | $327712 |
| 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) | 4.09% | 4.12% | 3.65% | 2.18% | 1.72% |
| Total expenses<sup>c</sup> | 1.60% | 1.66% | 1.72% | 1.63% | 1.59% |
| Net expenses<sup>d,e,f</sup> | 1.52% | 1.60% | 1.66% | 1.56% | 1.53% |
| Portfolio turnover rate | 49% | 70% | 90% | 55% | 92% |

---

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

**TOTAL RETURN BOND FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class P** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.35 | $22.51 | $23.12 | $28.93 | $29.75 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.15 | 1.14 | 1.03 | .77 | .72 |
| Net gain (loss) on investments (realized and unrealized) | (.23) | 1.74 | (.66) | (5.51) | (.05) |
| Total from investment operations | .92 | 2.88 | .37 | (4.74) | .67 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.13) | (1.04) | (.98) | (.80) | (.76) |
| Net realized gains |  |  |  | (.27) | (.73) |
| Total distributions | (1.13) | (1.04) | (.98) | (1.07) | (1.49) |
| Net asset value, end of period | $24.14 | $24.35 | $22.51 | $23.12 | $28.93 |
| **Total Return** | **3.95%** | **13.09%** | **1.51%** | **(16.79** **%)** | **2.27%** |
| **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) | $259144 | $321931 | $393752 | $572113 | $1043507 |
| 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) | 4.85% | 4.87% | 4.41% | 2.90% | 2.47% |
| Total expenses<sup>c</sup> | 0.89% | 0.91% | 1.06% | 0.93% | 0.87% |
| Net expenses<sup>d,e,f</sup> | 0.77% | 0.85% | 0.91% | 0.81% | 0.79% |
| Portfolio turnover rate | 49% | 70% | 90% | 55% | 92% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.38 | $22.54 | $23.14 | $28.97 | $29.78 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.22 | 1.21 | 1.10 | .86 | .81 |
| Net gain (loss) on investments (realized and unrealized) | (.23) | 1.74 | (.66) | (5.54) | (.05) |
| Total from investment operations | .99 | 2.95 | .44 | (4.68) | .76 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.20) | (1.11) | (1.04) | (.88) | (.84) |
| Net realized gains |  |  |  | (.27) | (.73) |
| Total distributions | (1.20) | (1.11) | (1.04) | (1.15) | (1.57) |
| Net asset value, end of period | $24.17 | $24.38 | $22.54 | $23.14 | $28.97 |
| **Total Return** | **4.24%** | **13.40%** | **1.84%** | **(16.59** **%)** | **2.59%** |
| **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) | $28071840 | $25476353 | $19802142 | $17501690 | $24912049 |
| 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) | 5.13% | 5.16% | 4.69% | 3.23% | 2.76% |
| Total expenses<sup>c</sup> | 0.57% | 0.60% | 0.71% | 0.62% | 0.57% |
| Net expenses<sup>d,e,f</sup> | 0.48% | 0.54% | 0.62% | 0.52% | 0.50% |
| Portfolio turnover rate | 49% | 70% | 90% | 55% | 92% |

---

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

**TOTAL RETURN BOND FUND**<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 a Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.39 | $22.55 | $23.16 | $28.98 | $29.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.23 | 1.22 | 1.11 | .87 | .81 |
| Net gain (loss) on investments (realized and unrealized) | (.22) | 1.74 | (.67) | (5.54) | (.06) |
| Total from investment operations | 1.01 | 2.96 | .44 | (4.67) | .75 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.21) | (1.12) | (1.05) | (.88) | (.84) |
| Net realized gains |  |  |  | (.27) | (.73) |
| Total distributions | (1.21) | (1.12) | (1.05) | (1.15) | (1.57) |
| Net asset value, end of period | $24.19 | $24.39 | $22.55 | $23.16 | $28.98 |
| **Total Return** | **4.33%** | **13.44%** | **1.84%** | **(16.55** **%)** | **2.56%** |
| **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) | $627384 | $342578 | $261527 | $209671 | $247051 |
| 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) | 5.19% | 5.19% | 4.73% | 3.26% | 2.76% |
| Total expenses<sup>c</sup> | 0.46% | 0.53% | 0.62% | 0.53% | 0.50% |
| Net expenses<sup>d,e,f</sup> | 0.42% | 0.49% | 0.58% | 0.52% | 0.50% |
| Portfolio turnover rate | 49% | 70% | 90% | 55% | 92% |

---

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

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.01% | 0.00%\* | 0.01% | 0.01% | 0.00%\* |
| Class C | 0.04% | 0.05% | 0.02% |  | 0.00%\* |
| Class P | 0.02% | 0.03% | 0.00%\* |  |  |
| Institutional Class | 0.00%\* | 0.01% | 0.00%\* |  |  |
| Class R6 | 0.00%\* | 0.00%\* | 0.00%\* | 0.01% | 0.01% |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.76% | 0.76% | 0.76% | 0.77% | 0.78% |
| Class C | 1.51% | 1.51% | 1.52% | 1.52% | 1.53% |
| Class P | 0.76% | 0.76% | 0.76% | 0.77% | 0.78% |
| Institutional Class | 0.47% | 0.47% | 0.47% | 0.48% | 0.49% |
| Class R6 | 0.41% | 0.42% | 0.43% | 0.48% | 0.49% |

---

256 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 9.3%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 9.3%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 9.3%** |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 40000 | $26647200 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF<sup>1</sup> | 38000 | 25433400 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,438,880) |  | 52080600 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.5%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 19868989 | 19868989 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,868,989) |  | 19868989 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 33.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 33.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 33.0%** |
| **Residential Mortgage-Backed Securities - 18.3%** | **Residential Mortgage-Backed Securities - 18.3%** | **Residential Mortgage-Backed Securities - 18.3%** |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-5, 1.37% (WAC) due 09/25/66<sup>◊,3</sup> | 1562961 | 1362580 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,3</sup> | 1407806 | 1239929 |
| &nbsp;&nbsp;&nbsp;2025-7, 5.13% due 08/25/70<sup>3,4</sup> | 990576 | 993769 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>3,4</sup> | 916407 | 921301 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,3</sup> | 903455 | 911743 |
| &nbsp;&nbsp;&nbsp;2021-4, 1.35% (WAC) due 07/25/66<sup>◊,3</sup> | 779764 | 666874 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>3,4</sup> | 446044 | 448654 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,3</sup> | 466147 | 409786 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.43% due 06/25/70<sup>3,4</sup> | 241185 | 243004 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 06/25/55<sup>◊,3</sup> | 4996700 | 5023107 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,3</sup> | 1664593 | 1689993 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.50% (WAC) due 07/25/55<sup>◊,3</sup> | 464156 | 466557 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 5.75% due 07/25/61<sup>3</sup> | 2461134 | 2460926 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 5.65% due 11/25/60<sup>3</sup> | 2416136 | 2417517 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 5.75% due 04/25/61<sup>3</sup> | 1100327 | 1099469 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>3,4</sup> | 732439 | 732352 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM16, 4.91% due 08/25/65<sup>3</sup> | 1350000 | 1349351 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/55<sup>3</sup> | 1300000 | 1295443 |
| &nbsp;&nbsp;&nbsp;2025-NQM13, 5.44% due 05/25/65<sup>3,4</sup> | 1202099 | 1212305 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,3</sup> | 884219 | 891645 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>3,4</sup> | 815378 | 821707 |
| &nbsp;&nbsp;&nbsp;2025-NQM10, 5.45% due 05/25/65<sup>3,4</sup> | 484512 | 489398 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>3,4</sup> | 428393 | 431651 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>3,4</sup> | 1882468 | 1898053 |
| &nbsp;&nbsp;&nbsp;2025-NQM7, 5.46% due 07/25/65<sup>3</sup> | 1267976 | 1277869 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.70% due 02/25/55<sup>3,4</sup> | 928112 | 936734 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>3,4</sup> | 525625 | 529557 |
| &nbsp;&nbsp;&nbsp;2025-CES2, 4.96% due 07/26/55<sup>3,4</sup> | 494820 | 494499 |
| &nbsp;&nbsp;&nbsp;2025-NQM8, 5.08% due 06/25/65<sup>3,4</sup> | 489983 | 490167 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>3,4</sup> | 440359 | 443750 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.53% due 06/25/70<sup>3</sup> | 2160916 | 2179616 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.55% due 05/25/70<sup>3</sup> | 1297907 | 1309263 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,3</sup> | 1185999.0 | 1206502.0 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.60% due 04/25/70<sup>3,4</sup> | 1164286.0 | 1175307.0 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 6.12% due 05/25/65<sup>3</sup> | 5202590.0 | 5204621.0 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 4.93% due 08/25/60<sup>3,4</sup> | 1600000.0 | 1593550.0 |
| &nbsp;&nbsp;&nbsp;2025-AFC2, 5.47% due 06/25/60<sup>3,4</sup> | 1426538.0 | 1436594.0 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,3</sup> | 851470.0 | 857833.0 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.22% due 08/25/70<sup>3</sup> | 746195.0 | 748983.0 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.20% (WAC) due 07/27/61<sup>◊,3</sup> | 1686885.0 | 1679097.0 |
| &nbsp;&nbsp;&nbsp;2021-NQM8, 2.41% (WAC) due 10/25/66<sup>◊,3</sup> | 1273367.0 | 1124655.0 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.14% (WAC) due 12/27/60<sup>◊,3</sup> | 1022152.0 | 1018006.0 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.21% due 05/25/65<sup>3</sup> | 583122.0 | 557494.0 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 4.77% (WAC) due 06/25/65<sup>◊,3</sup> | 2495963.0 | 2510691.0 |
| &nbsp;&nbsp;&nbsp;2025-FIX1, 4.97% due 07/25/45<sup>3,4</sup> | 1400000.0 | 1399283.0 |
| &nbsp;&nbsp;&nbsp;2017-6, 2.75% (WAC) due 10/25/57<sup>◊,3</sup> | 153960.0 | 151558.0 |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,3</sup> | 136657.0 | 135164.0 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES6, 5.47% due 06/25/55<sup>3,4</sup> | 1436978.0 | 1451362.0 |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.15% (WAC) due 08/25/55<sup>◊,3</sup> | 993865.0 | 999497.0 |
| &nbsp;&nbsp;&nbsp;2025-CES5, 5.69% due 05/25/55<sup>3,4</sup> | 712666.0 | 722438.0 |
| &nbsp;&nbsp;&nbsp;2025-CES7, 5.38% due 07/25/55<sup>3,4</sup> | 488661.0 | 493130.0 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV2, 5.00% due 10/25/60<sup>3</sup> | 2500000.0 | 2497627.0 |
| &nbsp;&nbsp;&nbsp;2025-CP1, 3.75% (WAC) due 11/25/69<sup>◊,3</sup> | 930290.0 | 892182.0 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>3,4</sup> | 1195748.0 | 1197484.0 |
| &nbsp;&nbsp;&nbsp;2025-RCF3, 5.25% due 07/25/55<sup>3,4</sup> | 1071093.0 | 1078474.0 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>3,4</sup> | 714350.0 | 715092.0 |
| &nbsp;&nbsp;&nbsp;2025-5, 5.73% due 07/25/30<sup>3,4</sup> | 344589.0 | 344913.0 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,3</sup> | 2746519.0 | 2767324.0 |
| &nbsp;&nbsp;&nbsp;2025-INV7, 6.00% (WAC) due 06/25/56<sup>◊,3</sup> | 533496.0 | 542561.0 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,3</sup> | 3491830.0 | 3297055.0 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.74% (WAC) due 02/25/70<sup>◊,3</sup> | 1874350.0 | 1893457.0 |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.18% (WAC) due 07/25/70<sup>◊,3</sup> | 1184477.0 | 1187550.0 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>3,4</sup> | 1950000.0 | 1957551.0 |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>3</sup> | 750000.0 | 751996.0 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.91% (30 Day Average SOFR + 1.55%, Rate Floor: 1.55%) due 10/25/55<sup>◊,3</sup> | 1581944.0 | 1586399.0 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.14% due 11/25/65<sup>3,4</sup> | 772464.0 | 773291.0 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.38% (WAC) due 09/27/60<sup>◊,3</sup> | 200966.0 | 190539.0 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.02% (WAC) due 10/25/55<sup>◊,3</sup> | 1000000.0 | 999058.0 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,3</sup> | 801725.0 | 810502.0 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,3</sup> | 429485.0 | 435623.0 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-5, 5.50% (WAC) due 04/25/56<sup>◊,3</sup> | 2001759.0 | 2013849.0 |

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SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 257

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Provident Funding Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,3</sup> | 1350000 | $| 1349568 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,3</sup> | 550256 |  | 553167 |
| EFMT |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES4, 5.43% due 06/25/60<sup>3,4</sup> | 1635304 |  | 1647771 |
| New Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.50% (WAC) due 10/25/59<sup>◊,3</sup> | 785851 |  | 740656 |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,3</sup> | 424515 |  | 405384 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>3</sup> | 275257 |  | 277965 |
| Saluda Grade Alternative Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-LOC4, 6.11% (30 Day Average SOFR + 1.75%, Rate Floor: 0.00%) due 06/25/55<sup>◊,3</sup> | 1256494 |  | 1258601 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 4.90% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | 1181233 |  | 1148937 |
| CFMT LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,3</sup> | 1164874 |  | 1147488 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 9.17% due 09/25/62<sup>3,4</sup> | 1108295 |  | 1111317 |
| Angel Oak Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.29% (WAC) due 12/25/66<sup>◊,3</sup> | 1173658 |  | 1051627 |
| JP Morgan Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,3</sup> | 834637 |  | 846481 |
| COLT Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>3,4</sup> | 769784 |  | 774013 |
| Credit Suisse Mortgage Capital Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.86% (WAC) due 02/25/61<sup>◊,3</sup> | 662846 |  | 659620 |
| Soundview Home Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.55% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | 649653 |  | 633617 |
| SG Residential Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.68% (WAC) due 03/27/62<sup>◊,3</sup> | 382419 |  | 351102 |
| Barclays Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM1, 6.03% due 01/25/63<sup>3,4</sup> | 341334 |  | 343443 |
| Ellington Financial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-2, 1.49% (WAC) due 10/25/65<sup>◊,3</sup> | 223681 |  | 210311 |
| &nbsp;&nbsp;&nbsp;2020-2, 1.64% (WAC) due 10/25/65<sup>◊,3</sup> | 128849 |  | 121360 |
| Vista Point Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>3,4</sup> | 311548 |  | 313568 |
| Mill City Securities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>3,4</sup> | 187207 |  | 176443 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.01% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> | 111632 |  | 110499 |
| Banc of America Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.53% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37<sup>◊,3</sup> | 86511 |  | 86292 |
| Residential Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,3</sup> | 50618 |  | 50207 |
| Starwood Mortgage Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,3</sup> | 37383 |  | 35455 |
| **Total Residential Mortgage-Backed Securities** |  |  | 102941753 |
| **Government Agency - 10.4%** |  |  |  |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/25/51 | 12337403 |  | 12351059 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/25/51 | 3100277 |  | 3140557 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/25/53 | 2707975 |  | 2715020 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/51 | 2647044 |  | 2650276 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/25/53 | 2409174 |  | 2443985 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 2289694 |  | 2281617 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51 | 1822774 |  | 1843266 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/25/52 | 1563421 |  | 1564283 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/25/53 | 1431367 |  | 1445107 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/52 | 976933 |  | 978264 |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/54 | 2851678 |  | 2853310 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 2770685 |  | 2773930 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/25/53 | 2715863 |  | 2721074 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/25/51 | 2683024 |  | 2716005 |
| &nbsp;&nbsp;&nbsp;5.00% due 09/25/55 | 2735237 |  | 2713070 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/53 | 2563490 |  | 2565220 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 2378467 |  | 2383078 |
| &nbsp;&nbsp;&nbsp;5.50% due 12/25/50 | 1786688 |  | 1804722 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/25/52 | 1403989 |  | 1405554 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 1399349 |  | 1402141 |
| Ginnie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/20/52 | 2091290 |  | 2112777 |
| Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/20/55 | 1423173 |  | 1418129 |
| **Total Government Agency** |  |  | 58282444 |
| **Commercial Mortgage-Backed Securities - 4.3%** | **Commercial Mortgage-Backed Securities - 4.3%** | **Commercial Mortgage-Backed Securities - 4.3%** | **Commercial Mortgage-Backed Securities - 4.3%** |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.92% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,3</sup> | 9930488 |  | 9899456 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.71% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,3</sup> | 1855000 |  | 1852681 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.06% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38<sup>◊,3</sup> | 2700000 |  | 2432664 |
| WMRK Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-WMRK, 7.59% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27<sup>◊,3</sup> | 2100000 |  | 2105257 |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,3</sup> | 1500000 |  | 1370327 |

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258 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| MILE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-STNE, 5.65% (1 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 07/15/42<sup>◊,3</sup> | 1350000 | $| 1350422 |
| MHP |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39<sup>◊,3</sup> | 1200000 |  | 1200000 |
| VDCM Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-AZ, 5.23% (WAC) due 07/13/44<sup>◊,3</sup> | 700000 |  | 707057 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC41, 1.16% (WAC) due 08/10/56<sup>◊,5</sup> | 22831029 |  | 672002 |
| BENCHMARK Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.89% (WAC) due 12/15/62<sup>◊,5</sup> | 30157057 |  | 629643 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-H3, 0.94% (WAC) due 07/15/51<sup>◊,5</sup> | 33132814 |  | 579990 |
| RWC Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>3,6</sup> | 500000 |  | 499363 |
| Life Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.37% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 03/15/38<sup>◊,3</sup> | 261660 |  | 260515 |
| JPMDB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.75% (WAC) due 06/15/51<sup>◊,5</sup> | 19698976 |  | 240676 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 23800053 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $186,610,106) | &nbsp;&nbsp;&nbsp;(Cost $186,610,106) |  | 185024250 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 24.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 24.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 24.7%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 24.7%** |
| **Collateralized Loan Obligations - 17.2%** | **Collateralized Loan Obligations - 17.2%** | **Collateralized Loan Obligations - 17.2%** | **Collateralized Loan Obligations - 17.2%** |
| BCC Middle Market CLO 2019-1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1RR, 5.72% (3 Month Term SOFR + 1.45%, Rate Floor: 1.45%) due 07/15/36<sup>◊,3</sup> | 10750000 |  | 10764598 |
| BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.66% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,3</sup> | 2550000 |  | 2519472 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.51% (1 Month Term SOFR + 2.36%, Rate Floor: 2.36%) due 11/15/37<sup>◊,3</sup> | 2500000 |  | 2490782 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.41% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,3</sup> | 797918 |  | 794322 |
| Cerberus Loan Funding 51 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A, 5.64% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,3</sup> | 5500000 |  | 5519093 |
| Eldridge CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1, due 10/20/38<sup>◊,3</sup> | 5500000 |  | 5500000 |
| FS Rialto |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.06% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,3</sup> | 5500000 |  | 5489267 |
| Golub Capital Partners CLO 54M, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A A1R, 5.80% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 08/05/37<sup>◊,3</sup> | 5250000 |  | 5249913 |
| Owl Rock CLO IV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.07% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,3</sup> | 4500000 |  | 4520679 |
| BRSP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.15% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38<sup>◊,3</sup> | 4250000 |  | 4239853 |
| Madison Park Funding XLVIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.04% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,3</sup> | 4000000 |  | 4002960 |
| Ares Direct Lending CLO 6 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A A1, due 10/16/37<sup>◊,3</sup> | 3800000 |  | 3800000 |
| Madison Park Funding LXV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-65A B, 6.02% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/16/38<sup>◊,3</sup> | 2500000 |  | 2514775 |
| JCP Direct Lending CLO 2023-1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A1R, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,3</sup> | 2500000 |  | 2506270 |
| CIFC Funding 2013-III-R Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3RA A2R, 5.52% (3 Month Term SOFR + 1.20%, Rate Floor: 1.20%) due 04/24/31<sup>◊,3</sup> | 2500000 |  | 2495662 |
| Cerberus Loan Funding XXXII, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.20% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,3</sup> | 2440774 |  | 2447495 |
| OWL Rock CLO XXI LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-21A A, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 07/24/34<sup>◊,3</sup> | 2250000 |  | 2252841 |
| Greystone CRE Notes LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL4 A, 5.63% (1 Month Term SOFR + 1.48%, Rate Floor: 1.48%) due 01/15/43<sup>◊,3</sup> | 2250000 |  | 2250849 |
| Cerberus Loan Funding 52 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.49% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 10/15/37<sup>◊,3</sup> | 2000000 |  | 2006941 |
| Golub Capital Partners CLO 49M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-49A A1R2, 5.84% (3 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 07/20/38<sup>◊,3</sup> | 2000000 |  | 2003003 |
| OWL Rock CLO XXII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,3</sup> | 2000000 |  | 2002786 |

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SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 259

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,3</sup> | 1919118 | $1924867 |
| Madison Park Funding LIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-53A B, 6.08% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 1750000 | 1749808 |
| Hlend CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A B, 6.07% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/15/37<sup>◊,3</sup> | 1050000 | 1046465 |
| &nbsp;&nbsp;&nbsp;2025-3A A, 5.67% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 01/20/37<sup>◊,3</sup> | 500000 | 500632 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-12 A, 5.63% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 12/18/42<sup>◊,3</sup> | 1500000 | 1500488 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-47A BR, due 04/16/35<sup>◊,3</sup> | 1400000 | 1400000 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A A, 5.97% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/15/37<sup>◊,3</sup> | 1350000 | 1358885 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.73% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,3</sup> | 1350000 | 1343250 |
| Golub Capital Partners CLO 16M-R3 |  |  |
| &nbsp;&nbsp;&nbsp;2025-16A A1R3, 5.95% (3 Month Term SOFR + 1.63%, Rate Floor: 1.63%) due 08/09/39<sup>◊,3</sup> | 900000 | 885346 |
| &nbsp;&nbsp;&nbsp;2025-16A A2R3, 6.07% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/09/39<sup>◊,3</sup> | 400000 | 400670 |
| BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 A, 5.85% (1 Month Term SOFR + 1.52%, Rate Floor: 1.52%) due 12/15/42<sup>◊,3</sup> | 1250000 | 1249771 |
| AGL CLO 42 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-42A B, 5.92% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/22/38<sup>◊,3</sup> | 1000000 | 1003740 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 AS, 5.78% (1 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 03/19/43<sup>◊,3</sup> | 1000000 | 1000855 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.05% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38<sup>◊,3</sup> | 1000000 | 998647 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 5.92% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39<sup>◊,3</sup> | 1000000 | 997216 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,3</sup> | 900000 | 898514 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 A, due 01/17/43<sup>◊,3</sup> | 900000 | 898388 |
| Neuberger Berman CLO 32R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-32RA A, 5.64% (3 Month Term SOFR + 1.31%, Rate Floor: 1.31%) due 07/20/39<sup>◊,3</sup> | 500000 | 500897 |
| &nbsp;&nbsp;&nbsp;2025-32RA B, 5.98% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/39<sup>◊,3</sup> | 300000 | 300819 |
| Madison Park Funding LXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-71A B, 5.77% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 04/23/38<sup>◊,3</sup> | 550000 | 549175 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A B, 6.12% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/17/35<sup>◊,3</sup> | 500000 | 500760 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,3</sup> | 150000 | 149323 |
| **Total Collateralized Loan Obligations** |  | 96530077 |
| **Transport-Container - 2.0%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>3</sup> | 4476875 | 4133753 |
| Triton Container Finance IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.43% due 06/20/50<sup>3</sup> | 2639250 | 2671348 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>3</sup> | 1330000 | 1239131 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>3</sup> | 393262 | 378324 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>3</sup> | 1633899 | 1509698 |
| CLI Funding IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.35% due 06/20/50<sup>3</sup> | 1072042 | 1086736 |
| **Total Transport-Container** |  | 11018990 |
| **Whole Business - 1.7%** |  |  |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.33% due 07/25/48<sup>3</sup> | 4254275 | 4243096 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>3</sup> | 3193125 | 3083637 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>3</sup> | 1329750 | 1283742 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>3</sup> | 942500 | 933370 |
| **Total Whole Business** |  | 9543845 |
| **Net Lease - 1.4%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>3</sup> | 5852143 | 5587101 |

---

260 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>3</sup> | 2120507 | 1638132 |
| STORE Master Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.95% due 10/20/55<sup>3</sup> | 800000 | 801304 |
| **Total Net Lease** |  | 8026537 |
| **Financial - 1.1%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SP2, 5.31% (1 Month Term SOFR + 1.15%, Rate Floor: 1.15%) due 09/25/26<sup>◊,†††,3</sup> | 2700000 | 2700000 |
| &nbsp;&nbsp;&nbsp;2025-SP1, 5.57% (1 Month Term SOFR + 1.30%, Rate Floor: 0.00%) due 07/02/26<sup>◊,†††,3</sup> | 900000 | 900000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 5.87% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,3</sup> | 900000 | 900000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> | 675000 | 675000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.45% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> | 325000 | 325000 |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 600000 | 600000 |
| **Total Financial** |  | 6100000 |
| **Single Family Residence - 0.7%** |  |  |
| STAR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR6, 5.55% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/17/42<sup>◊,3</sup> | 2750000 | 2755735 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.25% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,3</sup> | 994858 | 996762 |
| **Total Single Family Residence** |  | 3752497 |
| **Infrastructure - 0.6%** |  |  |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>3</sup> | 1350000 | 1356838 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>3</sup> | 1300000 | 1327751 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.00% due 05/25/50<sup>3</sup> | 700000 | 697083 |
| **Total Infrastructure** |  | 3381672 |
| **Unsecured Consumer Loans - 0.0%** |  |  |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>3</sup> | 288791 | 289784 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $140,113,899) | &nbsp;&nbsp;&nbsp;(Cost $140,113,899) | 138643402 |
| **CORPORATE BONDS<sup>††</sup>** **- 18.2%** | **CORPORATE BONDS<sup>††</sup>** **- 18.2%** | **CORPORATE BONDS<sup>††</sup>** **- 18.2%** |
| **Financial - 10.1%** |  |  |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 04/09/27<sup>3</sup> | 3900000 | 3965436 |
| AEGON Funding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/16/27<sup>3</sup> | 3750000 | 3815587 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 06/01/29 | 2700000 | 2725153 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.27% due 07/02/27<sup>3</sup> | 2600000 | 2660040 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>3</sup> | 2650000 | 2595752 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% due 01/19/28<sup>3,7</sup> | 1300000 | 1317394 |
| &nbsp;&nbsp;&nbsp;5.81% (SOFR + 1.42%) due 05/22/29<sup>◊,3</sup> | 1200000 | 1208354 |
| Morgan Stanley Bank North America |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/30/26 | 2400000 | 2446916 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.09% due 11/26/28<sup>7</sup> | 2300000 | 2340957 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;4.48% due 11/11/29<sup>7</sup> | 1350000 | 1352385 |
| &nbsp;&nbsp;&nbsp;4.94% due 09/10/30<sup>7</sup> | 850000 | 862635 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 2150000 | 2167659 |
| CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/04/27<sup>3</sup> | 1660000 | 1703037 |
| &nbsp;&nbsp;&nbsp;4.88% due 12/10/27<sup>3</sup> | 450000 | 455814 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 11/19/28<sup>7</sup> | 2100000 | 2137436 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>3</sup> | 2000000 | 2077417 |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 07/14/29<sup>3,7</sup> | 2000000 | 2016341 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.72% due 01/18/30<sup>3,7</sup> | 1800000 | 1861469 |
| Fortitude Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/06/28<sup>3</sup> | 1750000 | 1751105 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.03% due 07/17/30<sup>3</sup> | 1350000 | 1371587 |
| Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 09/11/30<sup>7</sup> | 1300000 | 1314774 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 06/05/28<sup>3</sup> | 1300000 | 1314647 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>3</sup> | 1300000 | 1289509 |
| VICI Properties Limited Partnership / VICI Note Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/29<sup>3</sup> | 1300000 | 1287196 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 05/20/27 | 1200000 | 1222624 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/15/27 | 1150000 | 1123921 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 01/21/29<sup>3,7</sup> | 1000000 | 1024337 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 261

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.62% (SOFR + 1.17%) due 09/11/31<sup>◊</sup> | 1000000 | $1001250 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/15/28<sup>3</sup> | 1000000 | 1000289 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>3</sup> | 1000000 | 999442 |
| Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/28/28<sup>3</sup> | 900000 | 909243 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>3</sup> | 700000 | 676329 |
| NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.49% (SOFR + 1.10%) due 05/23/29<sup>◊</sup> | 650000 | 652701 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 12/23/26 | 600000 | 603141 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/30<sup>3</sup> | 500000 | 501840 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>3</sup> | 500000 | 497619 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>3</sup> | 250000 | 249272 |
| **Total Financial** |  | 56500608 |
| **Consumer, Non-cyclical - 1.9%** |  |  |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/28 | 2250000 | 2291406 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>3</sup> | 2200000 | 2172320 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 07/15/28<sup>3</sup> | 1400000 | 1377121 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 08/15/28<sup>3</sup> | 1400000 | 1376466 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 1300000 | 1365208 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 06/26/26<sup>3</sup> | 1200000 | 1215527 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>3</sup> | 700000 | 681978 |
| **Total Consumer, Non-cyclical** |  | 10480026 |
| **Industrial - 1.4%** |  |  |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>3</sup> | 2350000 | 2313067 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | 2150000 | 2120301 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | 650000 | 641281 |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/27 | 600000 | 600049 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.65% due 01/15/27 | 1100000 | 1065565 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>3</sup> | 700000 | 694322 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>3</sup> | 440000 | 432982 |
| **Total Industrial** |  | 7867567 |
| **Technology - 1.4%** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | 4300000 | 4218412 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 03/15/28 | 2200000 | 2232287 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 09/26/30 | 1400000 | 1399313 |
| **Total Technology** |  | 7850012 |
| **Consumer, Cyclical - 1.1%** |  |  |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 1300000 | 1380010 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 05/01/29<sup>3</sup> | 1300000 | 1300000 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>3</sup> | 1000000 | 1018663 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/01/28<sup>3</sup> | 950000 | 1004849 |
| VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/28<sup>3</sup> | 650000 | 648232 |
| LG Energy Solution Ltd. |  |  |
| 5.38% due 07/02/29 | 450000 | 460495 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/15/29<sup>3</sup> | 200000 | 191281 |
| **Total Consumer, Cyclical** |  | 6003530 |
| **Energy - 0.8%** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>3</sup> | 1400000 | 1378477 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/29 | 1300000 | 1295836 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/15/29<sup>3</sup> | 1300000 | 1268363 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 500000 | 509342 |
| **Total Energy** |  | 4452018 |
| **Utilities - 0.6%** |  |  |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.69% due 09/01/27 | 1800000 | 1819574 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 06/15/29<sup>3</sup> | 1300000 | 1289067 |
| Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 05/15/28 | 450000 | 457156 |
| **Total Utilities** |  | 3565797 |
| **Communications - 0.6%** |  |  |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 04/15/26 | 1600000 | 1586920 |
| &nbsp;&nbsp;&nbsp;2.25% due 02/15/26 | 600000 | 595286 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.62% due 07/16/28<sup>3</sup> | 1350000 | 1363349 |
| **Total Communications** |  | 3545555 |

---

262 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Basic Materials - 0.3%** |  |  |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>3</sup> | 1400000 | $1384322 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 07/01/30<sup>3</sup> | 550000 | 574848 |
| **Total Basic Materials** |  | 1959170 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $101,930,630) | &nbsp;&nbsp;&nbsp;(Cost $101,930,630) | 102224283 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 9.8%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 9.8%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 9.8%** |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| &nbsp;&nbsp;&nbsp;0.50% due 02/27/26 | ILS 91,000,000 | 27113924 |
| Government of Japan | Government of Japan | Government of Japan |
| &nbsp;&nbsp;&nbsp;0.42% due 12/08/25 | JPY 3,980,000,000 | 26891951 |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>3</sup> | 700000 | 710192 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,430,767) |  | 54716067 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.2%** |
| **Industrial - 0.3%** |  |  |
| SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 10/20/28 | 1400000 | 1400182 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/22/30 | 350000 | 349580 |
| **Total Industrial** |  | 1749762 |
| **Consumer, Non-cyclical - 0.3%** |  |  |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/13/29 | 850000 | 850264 |
| Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/16/32 | 700000 | 698831 |
| **Total Consumer, Non-cyclical** |  | 1549095 |
| **Financial - 0.2%** |  |  |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 1138309 | 1128827 |
| **Energy - 0.1%** |  |  |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;due 11/22/32 | 500000 | 500180 |
| Meade Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 09/22/32 | 250000 | 249687 |
| Whitewater Whistler Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 02/15/30 | 125000 | 124625 |
| **Total Energy** |  | 874492 |
| **Basic Materials - 0.1%** |  |  |
| Novelis Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/11/32 | 650000 | 650956 |
| **Consumer, Cyclical - 0.1%** |  |  |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 600000 | 600000 |
| **Communications - 0.1%** |  |  |
| Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 09/16/32 | 400000 | 399752 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,957,445) | &nbsp;&nbsp;&nbsp;(Cost $6,957,445) | 6952884 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.95% due 10/23/25<sup>8</sup> | 1182000 | 1179091 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,179,069) |  | 1179091 |
| **REPURCHASE AGREEMENTS<sup>††,9</sup>** **- 3.7%** | **REPURCHASE AGREEMENTS<sup>††,9</sup>** **- 3.7%** | **REPURCHASE AGREEMENTS<sup>††,9</sup>** **- 3.7%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.19% due 10/01/25 | 7994000 | 7994000 |
| BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 | 6994750 | 6994750 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% due 10/01/25 | 4996250 | 4996250 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.18% due 10/01/25 | 999250 | 999250 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,984,250) |  | 20984250 |
| **Total Investments - 103.6%** | **Total Investments - 103.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $583,514,035) | &nbsp;&nbsp;&nbsp;(Cost $583,514,035) | $581673816 |
| **Other Assets & Liabilities, net - (3.6)%** | **Other Assets & Liabilities, net - (3.6)%** | (20160388) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $561513428 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 263

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Type** | **Floating <br> Rate Index** | **Fixed <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.33% | Annually | 09/23/27 | $20000000 | $23642 | $346 | $23296 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.85% | Annually | 11/27/39 | 1000000 | (833) | 293 | (1126) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.29% | Annually | 09/08/30 | 5000000 | (5021) | (2405) | (2616) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.26% | Annually | 09/08/28 | 20000000 | (16083) | (7305) | (8778) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.88% | Annually | 07/22/35 | 5000000 | (94326) | 333 | (94659) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.58% | Annually | 07/22/30 | 12500000 | (102682) | 342 | (103024) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.83% | Annually | 11/27/31 | 8200000 | (168569) | 307 | (168876) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.87% | Annually | 11/27/29 | 9000000 | (171516) | 283 | (171799) |
|  |  |  |  |  |  |  | $(535388) | $(7806) | $(527582) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Citibank, N.A. | iShares Core S&P 500 ETF | Receive | 4.85% (Federal Funds Rate + 0.76%) | At Maturity | 01/12/26 | 38000 | $25433400 | $(317300) |
| Toronto-Dominion Bank | SPDR S&P 500 ETF Trust | Receive | 4.86% (Federal Funds Rate + 0.77%) | At Maturity | 01/26/26 | 40000 | 26647200 | (325200) |
|  |  |  |  |  |  |  | $52080600 | $(642500) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Toronto-Dominion Bank | JPY | Sell | 3980000000 | 27,246,576 USD | 12/08/25 | $141586 |
| Goldman Sachs International | ILS | Sell | 91453753 | 27,274,389 USD | 02/27/26 | (414075) |
|  |  |  |  |  |  | $(272489) |

---

264 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \*\* | &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 — 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 September 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;All or a portion of this security is pledged as equity index swap collateral at September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>3</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 $319,714,325 (cost $322,082,803), or 56.9% of total net assets. |
| <sup>4</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 September 30, 2025. See table below for additional step information for each security. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and may not have a stated effective rate. |
| <sup>7</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>8</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>9</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. |
|  | &nbsp;&nbsp;&nbsp;BofA — Bank of America |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;ILS — Israeli New Shekel |
|  | &nbsp;&nbsp;&nbsp;JPY — Japanese Yen |
|  | &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;WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 265

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Exchange-Traded Funds | $52080600 | $— | $— | $52080600 |
| Money Market Fund | 19868989 |  |  | 19868989 |
| Collateralized Mortgage Obligations |  | 185024250 |  | 185024250 |
| Asset-Backed Securities |  | 133143402 | 5500000 | 138643402 |
| Corporate Bonds |  | 102224283 |  | 102224283 |
| Foreign Government Debt |  | 54716067 |  | 54716067 |
| Senior Floating Rate Interests |  | 6952884 |  | 6952884 |
| U.S. Treasury Bills |  | 1179091 |  | 1179091 |
| Repurchase Agreements |  | 20984250 |  | 20984250 |
| Interest Rate Swap Agreements\*\* |  | 23296 |  | 23296 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 141586 |  | 141586 |
| Total Assets | $71949589 | $504389109 | $5500000 | $581838698 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Interest Rate Swap Agreements\*\* | $— | $550878 | $— | $550878 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 414075 |  | 414075 |
| Equity Index Swap Agreements\*\* |  | 642500 |  | 642500 |
| Total Liabilities | $— | $1607453 | $— | $1607453 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**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** |
| Barclays Mortgage Loan Trust 2023-NQM1, 6.03% due 01/25/63 | 7.03% | 04/01/27 | – |  |
| BRAVO Residential Funding Trust 2025-CES2, 4.96% due 07/26/55 | 5.96% | 08/01/29 | – |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 | – |  |
| BRAVO Residential Funding Trust 2025-CES1, 5.70% due 02/25/55 | 6.70% | 03/01/29 | – |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 | – |  |
| BRAVO Residential Funding Trust 2025-NQM8, 5.08% due 06/25/65 | 6.08% | 08/01/29 | – |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 | – |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 9.17% due 09/25/62 | 10.17% | 08/25/26 | – |  |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 | – |  |

---

266 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| EFMT 2025-CES4, 5.43% due 06/25/60 | 6.43% | 07/01/29 |  |  |
| GCAT Trust 2025-NQM2, 5.60% due 04/25/70 | 6.60% | 06/26/29 |  |  |
| GS Mortgage-Backed Securities Trust 2025-NQM3, 5.14% due 11/25/65 | 6.14% | 08/01/29 |  |  |
| HOMES Trust 2025-AFC2, 5.47% due 06/25/60 | 6.47% | 06/01/29 |  |  |
| HOMES Trust 2025-AFC3, 4.93% due 08/25/60 | 10.17% | 09/01/29 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 |  |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |  |  |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 |  |  |
| OBX Trust 2025-NQM10, 5.45% due 05/25/65 | 6.45% | 05/01/29 |  |  |
| OBX Trust 2025-NQM13, 5.44% due 05/25/65 | 6.44% | 07/01/29 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |
| PRPM LLC 2025-RCF3, 5.25% due 07/25/55 | 6.25% | 07/01/29 |  |  |
| PRPM LLC 2025-5, 5.73% due 07/25/30 | 8.73% | 07/01/28 | 9.73% | 07/01/29 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| RCKT Mortgage Trust 2025-CES7, 5.38% due 07/25/55 | 6.38% | 07/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES6, 5.47% due 06/25/55 | 6.47% | 06/01/29 |  |  |
| RCKT Mortgage Trust 2025-CES5, 5.69% due 05/25/55 | 6.69% | 05/01/29 |  |  |
| Towd Point Mortgage Trust 2025-FIX1, 4.97% due 07/25/45 | 5.97% | 09/01/29 |  |  |
| Verus Securitization Trust 2025-5, 5.43% due 06/25/70 | 6.43% | 06/01/29 |  |  |
| Verus Securitization Trust 2025-7, 5.13% due 08/25/70 | 6.13% | 08/01/29 |  |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |  |  |
| Verus Securitization Trust 2025-2, 5.31% due 03/25/70 | 6.31% | 03/01/29 |  |  |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 |  |  |

---

**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.

In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund's custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund's right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 267

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | September 30, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

At September 30, 2025, the repurchase agreements in the account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value**  | **Repurchase Price**  | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;3.63% - 3.75% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | $7994000 | $7994930 | &nbsp;&nbsp;Due 08/31/29 - 06/30/30 | $8076400 | $8153962 |
| BNP Paribas |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 6994750 | 6995566 | &nbsp;&nbsp;Due 02/15/36 - 02/15/52 | 20218400 | 7135480 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;4.25% - 4.63% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 4996250 | 4996833 | &nbsp;&nbsp;Due 06/30/29 - 04/30/31 | 4804700 | 5096776 |
| Bank of Montreal |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;4.18% |  |  | &nbsp;&nbsp;2.38% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 999250 | 999366 | &nbsp;&nbsp;Due 11/15/49 | 1533700 | 1019408 |

---

268 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ULTRA SHORT DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $562,529,785) | $560689566 |
| Repurchase agreements, at value (cost $20,984,250) | 20984250 |
| Segregated cash with broker | 350000 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1904 |
| Unrealized appreciation on forward foreign currency exchange contracts | 141586 |
| Prepaid expenses | 47199 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 9390644 |
| &nbsp;&nbsp;&nbsp;Interest | 2991985 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2015788 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 10565 |
| **Total assets** | 596623487 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 27710 |
| Segregated cash due to broker | 44192 |
| Unamortized upfront premiums received on interest rate swap agreements | 9710 |
| Unrealized depreciation on OTC swap agreements | 642500 |
| Unrealized depreciation on forward foreign currency exchange contracts | 414075 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 32972482 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 470164 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 263484 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 70447 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 21388 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 17333 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 15106 |
| &nbsp;&nbsp;&nbsp;Management fees | 3306 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2465 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 135697 |
| **Total liabilities** | 35110059 |
| **Net assets** | $561513428 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $570200714 |
| Total distributable earnings (loss) | (8687286) |
| Net assets | $561513428 |
| **Class A:** | **Class A:** |
| Net assets | $79270017 |
| Capital shares outstanding | 7878013 |
| Net asset value per share | $10.06 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $482243411 |
| Capital shares outstanding | 47911287 |
| Net asset value per share | $10.07 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $90148 |
| Interest | 23085954 |
| &nbsp;&nbsp;&nbsp;Total investment income | 23176102 |
| **Expenses:** | **Expenses:** |
| Management fees | 1220887 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 184467 |
| Transfer agent and administrative fees | 12001 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 53957 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 236379 |
| Fund accounting/administration fees | 156070 |
| Professional fees | 78477 |
| Custodian fees | 24080 |
| Trustees' fees\* | 29582 |
| Line of credit fees | 442 |
| Miscellaneous | 100071 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 28821 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 9590 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2134824 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (64541) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (206929) |
| Expenses waived by Adviser | (46555) |
| Earning credits applied  | (31097) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (349122) |
| Net expenses | 1785702 |
| Net investment income | 21390400 |
| **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 | 48625 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 940172 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 38631 |
| Net realized gain | 1027428 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 4215457 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1774752) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (272489) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 1037 |
| Net change in unrealized appreciation (depreciation) | 2169253 |
| Net realized and unrealized gain | 3196681 |
| **Net increase in net assets resulting from operations** | $24587081 |

---

\* 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 ANNUAL FINANCIAL REPORT \| 269

**ULTRA SHORT DURATION FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> September 30, <br> 2025** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $21390400 | $23452943 |
| Net realized gain on investments | 1027428 | 2626824 |
| Net change in unrealized appreciation (depreciation) on investments | 2169253 | 14534043 |
| Net increase in net assets resulting from operations | 24587081 | 40613810 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3231204) | (4254223) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (18953215) | (22827310) |
| Total distributions to shareholders | (22184419) | (27081533) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 47231230 | 9023891 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 263279574 | 119245603 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3194234 | 4193730 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 15523148 | 18382654 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (50363254) | (32872998) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (236256972) | (130583325) |
| Net increase (decrease) from capital share transactions | 42607960 | (12610445) |
| Net increase in net assets | 45010622 | 921832 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 516502806 | 515580974 |
| &nbsp;&nbsp;&nbsp;End of year | $561513428 | $516502806 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4705976 | 909121 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 26250212 | 12052468 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 318492 | 423959 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1547227 | 1857271 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5023079) | (3334055) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (23575995) | (13207350) |
| Net increase (decrease) in shares | 4222833 | (1298586) |

---

270 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ULTRA SHORT DURATION FUND**<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.02 | $9.75 | $9.60 | $9.97 | $9.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .42 | .44 | .37 | .12 | .06 |
| Net gain (loss) on investments (realized and unrealized) | .06 | .34 | .23 | (.37) |  |
| Total from investment operations | .48 | .78 | .60 | (.25) | .06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.44) | (.51) | (.45) | (.12) | (.07) |
| Total distributions | (.44) | (.51) | (.45) | (.12) | (.07) |
| Net asset value, end of period | $10.06 | $10.02 | $9.75 | $9.60 | $9.97 |
| **Total Return<sup>b</sup>** | **4.88%** | **8.16%** | **6.32%** | **(2.49** **%)** | **0.62%** |
| **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) | $79270 | $78904 | $96348 | $132518 | $188416 |
| 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) | 4.17% | 4.43% | 3.80% | 1.18% | 0.63% |
| Total expenses<sup>c</sup> | 0.70% | 0.63% | 0.68% | 0.65% | 0.63% |
| Net expenses<sup>d,e,f</sup> | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| Portfolio turnover rate | 54% | 10% | 2% | 24% | 122% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 271

**ULTRA SHORT DURATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** | **Year Ended <br> September 30, <br> 2023** | **Year Ended <br> September 30, <br> 2022** | **Year Ended <br> September 30, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.02 | $9.75 | $9.59 | $9.97 | $9.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .44 | .46 | .39 | .14 | .09 |
| Net gain (loss) on investments (realized and unrealized) | .07 | .34 | .24 | (.37) |  |
| Total from investment operations | .51 | .80 | .63 | (.23) | .09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.46) | (.53) | (.47) | (.15) | (.10) |
| Total distributions | (.46) | (.53) | (.47) | (.15) | (.10) |
| Net asset value, end of period | $10.07 | $10.02 | $9.75 | $9.59 | $9.97 |
| **Total Return** | **5.21%** | **8.43%** | **6.70%** | **(2.34** **%)** | **0.87%** |
| **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) | $482243 | $437599 | $419233 | $617601 | $882047 |
| 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) | 4.42% | 4.68% | 4.03% | 1.44% | 0.88% |
| Total expenses<sup>c</sup> | 0.39% | 0.35% | 0.39% | 0.36% | 0.34% |
| Net expenses<sup>d,e,f</sup> | 0.33% | 0.33% | 0.34% | 0.34% | 0.34% |
| Portfolio turnover rate | 54% | 10% | 2% | 24% | 122% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the years presented was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.04% | 0.00%\* | 0.00%\* | 0.01% | 0.00%\* |
| Institutional Class | 0.00%\* | 0.00%\* | 0.00%\* | 0.01% | 0.01% |

---

\* Less than 0.01%.

<sup>f</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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09/30/25** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** |
| Class A | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Institutional Class | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |

---

272 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOTES TO FINANCIAL STATEMENTS**<br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust may issue an unlimited number of authorized shares. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of six separate classes of shares: Class A shares, Class C shares, Class P shares, Class R6 shares, SMA Class shares and Institutional Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge ("CDSC"), if shares are redeemed within 12 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. Class R6 shares are offered primarily through qualified retirement and benefit plans. Class R6 shares are also offered through certain other plans and platforms sponsored by financial intermediaries. Certain institutional investors and others deemed appropriate by Guggenheim Investments ("GI" or the "Adviser") may also be eligible to purchase Class R6 shares subject to a $2 million minimum initial investment. SMA Class shares may be purchased only by or on behalf of "wrap" account clients where Guggenheim Investments or an affiliate thereof has an agreement to serve as investment adviser or sub-adviser to the account with the wrap program sponsor (typically a registered investment adviser, bank or broker-dealer) or directly with the client. Certain other funds in the Guggenheim complex may also be eligible to purchase SMA Class shares. At September 30, 2025, SMA Class shares were only offered for Active INvestment Series (GAINS) - Core Plus Fund and Active INvestment Series (GAINS) - Limited Duration Fund. At September 30, 2025 the Trust consisted of ten Funds.

Class A, Class C, Class P, Institutional Class and Class R6 shares of High Yield Fund are subject to a 2% redemption fee when shares are redeemed or exchanged within 90 days of purchase.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| Active INvestment Series (GAINS) - Core Plus Fund | Diversified |
| Active INvestment Series (GAINS) - Limited Duration Fund | Diversified |
| Core Bond Fund | Diversified |
| Floating Rate Strategies Fund | Diversified |
| High Yield Fund | Diversified |
| Limited Duration Fund | Diversified |
| Macro Opportunities Fund | Diversified |
| Municipal Income Fund | Diversified |
| Total Return Bond Fund | Diversified |
| Ultra Short Duration Fund | Diversified |

---

At September 30, 2025, Class A, Class C, Class P, Institutional Class, Class R6 and SMA Class shares have been issued by the Funds.

Guggenheim Partners Investment Management, LLC ("GPIM" or the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Prior to November 29, 2024, Security Investors, LLC ("SI") an affiliate of GPIM, provided advisory services to Core Bond Fund, High Yield Fund and Municipal Income Fund and GPIM served as investment sub-adviser to Municipal Income Fund. In connection with an internal realignment of Guggenheim Investments' lines of business, effective on November 29, 2024, GPIM replaced SI as the Adviser for each such Fund. Guggenheim Funds Distributors, LLC ("GFD") serves as the distributor for the Trust. GI and GFD are affiliated entities.

**Consolidation of Subsidiary** 

The consolidated financial statements of the Macro Opportunities Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the "Subsidiary"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Macro Opportunities Fund. The Notes to Financial Statements presented herein are consolidated with respect to Macro Opportunities Fund and include the accounts of the Subsidiary.

The Macro Opportunities Fund may invest up to 25% of its total assets in its Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund's investment objective and policies while enabling the Fund to satisfy source-of- income requirements that apply to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 273

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

A summary of Macro Opportunities Fund's investment in its Subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception Date <br> of Subsidiary** | **Subsidiary <br> Net Assets at <br> September 30, 2025** | **% of Net Assets <br> of the Fund at <br> September 30, 2025** |
| Macro Opportunities Fund | 01/08/15 | $57767836 | 0.65% |

---

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

**(a) Valuation of Investments** 

The Board of Trustees of the 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 (the "Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment management, fund administration, legal and compliance departments (the "Valuation Committee"), in determining 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 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 prices of securities with comparable maturities and characteristics, or on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. 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

274 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 listed 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. E.T. 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

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 275

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an independent third-party pricing service in valuing foreign securities.

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

276 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

certain restrictions or other limitations on a borrower's operations or assets or (ii) providing certain rights to lenders. The Funds may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Funds are subject to other risks associated with investments in (or exposure to) obligations, including that obligations may not be considered "securities" and, as a result, the Funds may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

**(d) Interest on When-Issued Securities** 

The Funds may purchase and sell interests in securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Funds on such interests or securities in connection with such transactions prior to the date the Funds actually take delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Funds will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

**(e) Short Sales** 

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**(f) Options** 

Upon the purchase of an option, the premium paid is recorded as an investment, the value of which is marked-to-market daily. If a purchased option expires, the Fund realizes a loss in the amount of the cost of the option. When the Fund enters into a closing sale transaction, it realizes a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security purchased by the Fund upon exercise increases by the premium originally paid.

When the Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund's accounting records as an asset and equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires, or if the Fund enters into a closing purchase transaction, it realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold).

The Fund may purchase and write swaptions primarily to preserve a return or spread on a particular investment or portion of the Funds' holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended settlement dates.

**(g) Futures Contracts** 

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 277

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(h) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(i) Forward Foreign Currency Exchange Contracts** 

The change in value of a forward foreign currency exchange contract is recorded as unrealized appreciation or depreciation until the contract is closed. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

**(j) Currency Translations** 

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(k) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(l) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on

278 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and estimated maturity date based on the estimated cash flows. Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.

Certain Funds may receive other income from investments in senior loan interests including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Funds and included in interest income on the Funds' Statements of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Funds' Statements of Operations at the end of the commitment period.

**(m) Distributions** 

The Funds declare dividends from investment income daily. Each Fund pays its shareholders from its net investment income monthly and distributes any net capital gains that it has realized, at least annually. Distributions to shareholders are recorded on the ex-dividend date. Dividends are reinvested in additional shares, unless shareholders request payment in cash. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for U.S. federal income tax purposes.

**(n) Class Allocations** 

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated across share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

**(o) Earnings Credits** 

Under the fee arrangement with the custodian, the Funds may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Funds' Statements of Operations are before the reduction in expense from the related earnings credits, if any. Earnings credits for the year ended September 30, 2025, are disclosed in the Funds' Statements of Operations.

**(p) 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 4.09% at September 30, 2025.

**(q) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 279

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(r) Special Purpose Acquisition Companies** 

The Funds may acquire an interest in a special purpose acquisition company ("SPAC") in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete an acquisition or that any acquisitions that are completed will be profitable.

**Note 2 – Financial Instruments and Derivatives** 

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

**Short Sales** 

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

**Derivatives** 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**Income:** the use of any instrument that distributes cash flows typically based upon some rate of interest.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

280 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**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:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Duration, Hedge, Speculation | $2683852 | $3797818 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge, Speculation | 1614426 | 1305625 |
| Core Bond Fund | Duration, Hedge, Speculation | 157351613 | 213837252 |
| Limited Duration Fund | Duration, Hedge, Speculation | 347229900 | 462877278 |
| Macro Opportunities Fund | Duration, Hedge, Speculation | 576732823 | 838832096 |
| Total Return Bond Fund | Duration, Hedge, Speculation | 1976258874 | 2740912699 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Duration, Hedge, Income | $4583852 | $3679914 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge, Income | 2197759 | 1182759 |
| Core Bond Fund | Duration, Hedge, Income | 187768280 | 135954783 |
| Limited Duration Fund | Duration, Hedge, Income | 415163233 | 284235733 |
| Macro Opportunities Fund | Duration, Hedge, Income | 685316156 | 482558067 |
| Total Return Bond Fund | Duration, Hedge, Income | 2338583874 | 1693750528 |

---

**Futures Contracts** 

A futures contract is an agreement to purchase (long) or sell (short) an agreed upon amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds' Statements of Assets and Liabilities; securities held as collateral are noted on the Funds' Schedules of Investments.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 281

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following table represents the Funds' use and volume of futures on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Active INvestment Series (GAINS) - Core Plus Fund | Duration, Hedge | $342050 | $— |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge | 201166 |  |
| Core Bond Fund | Duration, Hedge | 18948141 |  |
| Limited Duration Fund | Duration, Hedge | 42160921 |  |
| Macro Opportunities Fund | Duration, Hedge | 88629320 |  |
| Total Return Bond Fund | Duration, Hedge | 237159463 |  |

---

**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.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

The following table represents the Funds' use and volume of total return swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
| Core Bond | Index exposure | $2391776 | $— |
| Limited Duration Fund | Duration, Hedge |  | 9480771 |
| Macro Opportunities Fund | Duration, Hedge, Income | 90082611 | 2890940 |
| Total Return Bond Fund | Index exposure  | 30765062 |  |
| Ultra Short Duration Fund | Income |  | 5246971 |

---

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.

282 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Duration | $23318333 | $262500 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration | 3245833 | 3082500 |
| Core Bond Fund | Duration | 567857822 | 2245833 |
| Limited Duration Fund | Duration, Income | 1621800000 | 437431667 |
| Macro Opportunities Fund | Duration | 152530000 | 62225000 |
| Municipal Income Fund | Duration | 3326250 | 2547917 |
| Total Return Bond Fund | Duration | 7480953844 | 28820833 |
| Ultra Short Duration Fund | Duration |  | 40058333 |

---

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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Hedge, Income, Index exposure, Speculation | $49559 | $579167 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Hedge, Income, Index exposure, Speculation | 26500 | 62500 |
| Core Bond Fund | Hedge, Income, Index exposure, Speculation |  | 30551899 |
| Limited Duration Fund | Hedge, Income, Index exposure, Speculation | 3959179 | 64396214 |
| Macro Opportunities Fund | Hedge, Income, Index exposure, Speculation | 13116747 | 167155026 |
| Total Return Bond Fund | Hedge, Income, Index exposure, Speculation | 22082686 | 434513341 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 283

**NOTES TO FINANCIAL STATEMENTS** (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:

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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 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** | <br>**Use** | **Purchased** | **Sold** |
| Active INvestment Series (GAINS) - Core Plus Fund | Hedge | $1142 | $218200 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Hedge | 57 | 120217 |
| Core Bond Fund | Hedge, Duration | 194279 | 4965968 |
| Floating Rate Strategies Fund | Hedge | 399857 | 12853418 |
| High Yield Fund | Hedge | 61356 | 7063781 |
| Limited Duration Fund | Hedge, Duration | 259428 | 16521308 |
| Macro Opportunities Fund | Hedge | 3877150 | 624225513 |
| Total Return Bond Fund | Hedge, Duration | 3722977 | 354805589 |
| Ultra Short Duration Fund | Hedge |  | 4566121 |

---

**Derivative Investment Holdings Categorized by Risk Exposure** 

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Commodity futures contracts  | Variation margin on futures contracts  |  |
| Currency forward contracts  | Unrealized appreciation on forward foreign currency exchange contracts  | Unrealized depreciation on forward foreign currency exchange contracts  |
| Credit/Equity/Interest rate swap agreements  | Unrealized appreciation on OTC swap agreements <br>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 <br>Unamortized upfront premiums received on interest rate swap agreements <br>Variation margin on credit default swap agreements <br>Variation margin on interest rate swap agreements  |
| Currency/Interest rate option contracts  | Investments in unaffiliated issuers, at value  | Options written, at value  |

---

284 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at September 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> Equity <br> Risk** | **Swaps <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> 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 <br> Risk** | **Total <br> Value at <br> September 30, <br> 2025** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $289584 | $— | $436 | $243 | $16468 | $54520 | $361251 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  |  |  |  | 83 | 7084 | 33697 | 40864 |
| Core Bond Fund |  | 3815313 |  | 163527 | 1730 | 383441 | 1815073 | 6179084 |
| Floating Rate Strategies Fund |  |  |  |  | 5792 |  |  | 5792 |
| High Yield Fund |  |  |  |  | 2692 |  |  | 2692 |
| Limited Duration Fund |  | 8070559 |  | 14559 | 26023 | 851287 | 4031350 | 12993778 |
| Macro Opportunities Fund | 5333718 | 2215951 | 3759701 | 46389 | 1424985 | 1393780 | 6660569 | 20835093 |
| Municipal Income Fund |  | 13686 |  |  |  |  |  | 13686 |
| Total Return Bond Fund |  | 46726232 |  | 2112247 | 722043 | 4675722 | 22253261 | 76489505 |
| Ultra Short Duration Fund |  | 23296 |  |  | 141586 |  |  | 164882 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Equity <br> Risk** | **Swaps <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Written <br> Interest <br> Rate <br> Risk** | **Total <br> Value at <br> September 30, <br> 2025** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $— | $— | $14214 | $62 | $73 | $68965 | $83314 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 1046 |  | 1964 | 21 | 39 | 25909 | 28979 |
| Core Bond Fund |  |  |  | 141600 | 7021 | 2103 | 1367148 | 1517872 |
| High Yield Fund |  |  |  |  | 864 |  |  | 864 |
| Limited Duration Fund |  | 16848378 |  | 436464 | 2280 | 4654 | 3047145 | 20338921 |
| Macro Opportunities Fund | 426280 | 3107583 |  | 2022622 | 79514 | 7673 | 4931073 | 10574745 |
| Municipal Income Fund |  | 85801 |  |  |  |  |  | 85801 |
| Total Return Bond Fund |  | 9374583 |  | 3913706 | 76129 | 25717 | 16462015 | 29852150 |
| Ultra Short Duration Fund | 642500 | 550878 |  |  | 414075 |  |  | 1607453 |

---

\* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Funds' 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 ANNUAL FINANCIAL REPORT \| 285

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the year ended September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Commodity/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 |
| 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 year ended September 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** |
| **Fund** | **Swaps <br> Equity <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Swaps <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Options <br> Purchased <br> Equity <br> Risk** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $18513 | $55819 | $— | $10173 | $— | $(2338) |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 11205 | (145088) |  | 5703 |  | (13551) |
| Core Bond Fund | 25516 | 1587156 | (198854) |  | (344570) |  | (236307) |
| Floating Rate Strategies Fund |  |  |  |  |  |  | (254532) |
| High Yield Fund |  |  |  |  |  |  | (374023) |
| Limited Duration Fund | 1423119 | 3510695 | (5019923) |  | 787981 |  | (895650) |
| Macro Opportunities Fund | 5283402 | 5582292 | (1220711) | 6302278 | 5317940 | (15808446) | (41941771) |
| Municipal Income Fund |  |  | 1239030 |  |  |  |  |
| Total Return Bond Fund | 309411 | 19315193 | (57985883) |  | 3378706 |  | (25174759) |
| Ultra Short Duration Fund | 147888 |  | 792284 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate <br> Risk** | **Options <br> Written <br> Equity <br> Risk** | **Options <br> Written <br> Interest <br> Rate <br> Risk** | **Total** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $23111 | $— | $(9572) | $95706 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 23308 |  | (12566) | (130989) |
| Core Bond Fund |  | 1031037 |  | (91216) | 1772762 |
| Floating Rate Strategies Fund |  |  |  |  | (254532) |
| High Yield Fund |  |  |  |  | (374023) |
| Limited Duration Fund |  | 2500395 |  | (495276) | 1811341 |
| Macro Opportunities Fund |  | 4029252 | 3248188 | (560552) | (29768128) |
| Municipal Income Fund |  |  |  |  | 1239030 |
| Total Return Bond Fund |  | 12974991 |  | (1076741) | (48259082) |
| Ultra Short Duration Fund |  |  |  |  | 940172 |

---

286 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Swaps <br> Equity <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Swaps <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Options <br> Purchased <br> Equity <br> Risk** | **Forward <br> Foreign <br> Currency <br> Exchange <br> Risk** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $— | $289584 | $— | $(13778) | $— | $181 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  |  | (1046) |  | (1964) |  | 62 |
| Core Bond Fund |  | (1651819) | (3955540) |  | 21272 |  | 24253 |
| Floating Rate Strategies Fund |  |  |  |  |  |  | 100946 |
| High Yield Fund |  |  |  |  |  |  | 18339 |
| Limited Duration Fund |  | (3634002) | (8578090) |  | (424540) |  | 118606 |
| Macro Opportunities Fund | (504915) | (5438613) | (7779806) | (2921827) | (1979579) | 8539185 | 4316495 |
| Municipal Income Fund |  |  | (1017988) |  |  |  |  |
| Total Return Bond Fund |  | (19546778) | (40569084) |  | (1818036) |  | 1925930 |
| Ultra Short Duration Fund | (642500) |  | (1132252) |  |  |  | (272489) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **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** |
| Active INvestment Series (GAINS) - Core Plus Fund | $(45798) | $2627 | $4269 | $29257 | $266342 |
| Active INvestment Series (GAINS) - Limited Duration Fund | (19626) | 1624 | 2251 | 11692 | (7007) |
| Core Bond Fund | (1978114) | 87435 | 122978 | 618976 | (6710559) |
| Floating Rate Strategies Fund |  |  |  |  | 100946 |
| High Yield Fund |  |  |  |  | 18339 |
| Limited Duration Fund | (4405306) | 194197 | 272197 | 1378844 | (15078094) |
| Macro Opportunities Fund | (7301517) | 320852 | 448721 | 2238592 | (10062412) |
| Municipal Income Fund |  |  |  |  | (1017988) |
| Total Return Bond Fund | (24945234) | 1071980 | 1504024 | 7474299 | (74902899) |
| Ultra Short Duration Fund |  |  |  |  | (2047241) |

---

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but 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 GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 287

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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.

288 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not <br> Offset in the Statements <br> of Assets and Liabilities** | **Gross Amounts Not <br> Offset in the Statements <br> of 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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Forward foreign currency exchange contracts | $243 | $— | $243 | $(18) | $— | $225 |
| Active INvestment Series (GAINS) - Core Plus Fund | Options purchased | 70988 |  | 70988 | (54593) |  | 16395 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Forward foreign currency exchange contracts | 83 |  | 83 | (7) |  | 76 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Options purchased | 40781 |  | 40781 | (23831) |  | 16950 |
| Core Bond Fund | Credit index swap agreements | 150675 |  | 150675 |  |  | 150675 |
| Core Bond Fund | Forward foreign currency exchange contracts | 1730 |  | 1730 | (57) |  | 1673 |
| Core Bond Fund | Options purchased | 2198514 |  | 2198514 | (1570540) | (559813) | 68161 |
| Floating Rate Strategies Fund | Forward foreign currency exchange contracts | 5792 |  | 5792 |  |  | 5792 |
| High Yield Fund | Forward foreign currency exchange contracts | 2692 |  | 2692 | (864) |  | 1828 |
| Limited Duration Fund | Forward foreign currency exchange contracts | 26023 |  | 26023 | (18947) |  | 7076 |
| Limited Duration Fund | Options purchased | 4882637 |  | 4882637 | (3476719) | (1275651) | 130267 |
| Macro Opportunities Fund | Forward foreign currency exchange contracts | 1424985 |  | 1424985 | (789394) | (297393) | 338198 |
| Macro Opportunities Fund | Total return equity swap agreements | 5333718 |  | 5333718 | (3518832) |  | 1814886 |
| Macro Opportunities Fund | Options purchased | 8054349 |  | 8054349 | (6008360) | (1135481) | 910508 |
| Total Return Bond Fund | Credit index swap agreements | 1954974 |  | 1954974 | (1374974) | (580000) |  |
| Total Return Bond Fund | Forward foreign currency exchange contracts | 722043 |  | 722043 | (722043) |  |  |
| Total Return Bond Fund | Options purchased | 26928983 |  | 26928983 | (19049827) | (7066278) | 812878 |
| Ultra Short Duration Fund | Forward foreign currency exchange contracts | 141586 |  | 141586 | (141586) |  |  |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 289

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not <br> Offset in the Statements <br> of Assets and Liabilities** | **Gross Amounts Not <br> Offset in the Statements <br> of 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 Amount <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** |
| Active INvestment Series (GAINS) - Core Plus Fund | Credit default swap agreements | $5575 | $— | $5575 | $(5575) | $— | $— |
| Active INvestment Series (GAINS) - Core Plus Fund | Forward foreign currency exchange contracts | 62 |  | 62 | (15) |  | 47 |
| Active INvestment Series (GAINS) - Core Plus Fund | Options written | 69038 |  | 69038 | (49021) |  | 20017 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Forward foreign currency exchange contracts | 21 |  | 21 | (5) |  | 16 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Options written | 25948 |  | 25948 | (23833) |  | 2115 |
| Core Bond Fund | Credit default swap agreements | 141600 |  | 141600 | (141600) |  |  |
| Core Bond Fund | Forward foreign currency exchange contracts | 7021 |  | 7021 | (6245) |  | 776 |
| Core Bond Fund | Options written | 1369251 |  | 1369251 | (1258946) |  | 110305 |
| High Yield Fund | Forward foreign currency exchange contracts | 864 |  | 864 | (864) |  |  |
| Limited Duration Fund | Credit default swap agreements | 310266 |  | 310266 | (310266) |  |  |
| Limited Duration Fund | Forward foreign currency exchange contracts | 2280 |  | 2280 | (2280) |  |  |
| Limited Duration Fund | Options written | 3051799 |  | 3051799 | (3051799) |  |  |
| Macro Opportunities Fund | Credit default swap agreements | 1634540 |  | 1634540 | (1634540) |  |  |
| Macro Opportunities Fund | Forward foreign currency exchange contracts | 79514 |  | 79514 | (79514) |  |  |
| Macro Opportunities Fund | Total return equity swap agreements | 426280 |  | 426280 | (426280) |  |  |
| Macro Opportunities Fund | Total return interest rate swap agreements | 3107583 |  | 3107583 | (3107583) |  |  |
| Macro Opportunities Fund | Options written | 4938746 |  | 4938746 | (4938746) |  |  |
| Total Return Bond Fund | Credit default swap agreements | 2613741 |  | 2613741 | (2613741) |  |  |
| Total Return Bond Fund | Forward foreign currency exchange contracts | 76129 |  | 76129 | (26140) |  | 49989 |
| Total Return Bond Fund | Options written | 16487732 |  | 16487732 | (16487732) |  |  |
| Ultra Short Duration Fund | Forward foreign currency exchange contracts | 414075 |  | 414075 |  | (350000) | 64075 |
| Ultra Short Duration Fund | Swap equity agreements | 642500 |  | 642500 | (410921) |  | 231579 |

---

<sup>1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

290 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative or other investments as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Active INvestment Series (GAINS) - Core Plus Fund | J.P. Morgan Securities LLC | Credit default swap agreements | $222430 | $— |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements |  | 410020 |
|  |  |  | 222430 | 410020 |
| Active INvestment Series (GAINS) - Limited Duration Fund | J.P. Morgan Securities LLC | Credit default swap agreements |  | 10827 |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements | 155147 |  |
|  |  |  | 155147 | 10827 |
| Core Bond Fund | BNP Paribas | Options |  | 250000 |
|  | BofA Securities, Inc. | Credit default swap agreements | 1125405 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements | 113731 |  |
|  | Goldman Sachs International | Options |  | 180000 |
|  | J.P. Morgan Securities LLC | TBA securities |  | 601000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 2187164 |
|  | The Toronto-Dominion Bank | Swaptions |  | 270000 |
|  |  |  | 1239136 | 3488164 |
| Limited Duration Fund | BNP Paribas | Options |  | 530000 |
|  | BofA Securities, Inc. | Credit default swap agreements | 3429280 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements |  | 1040853 |
|  | Goldman Sachs International | Options |  | 470000 |
|  | J.P. Morgan Securities LLC | TBA securities |  | 393000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 606000 |
|  | The Toronto-Dominion Bank | Swaptions |  | 540000 |
|  |  |  | 3429280 | 3579853 |
| Macro Opportunities Fund | BNP Paribas | Options |  | 930000 |
|  | Goldman Sachs International | TBA securities | 310000 |  |
|  | J.P. Morgan Securities LLC | Credit default swap agreements | 10848779 |  |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements | 15765 |  |
|  | J.P. Morgan Securities LLC | TBA securities |  | 1564000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 2286767 |
|  | Nomura Group | Forward foreign currency exchange contracts |  | 1400000 |
|  | The Toronto-Dominion Bank | Swaptions |  | 400000 |
|  |  |  | 11174544 | 6580767 |
| Municipal Income Fund | BofA Securities, Inc. | Interest rate swap agreements | 365108 |  |
|  |  |  | 365108 |  |
| Total Return Bond Fund | BNP Paribas | Options |  | 3210000 |
|  | BofA Securities, Inc. | Credit default swap agreements | 36800953 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements | 524624 |  |
|  | Goldman Sachs International | Options |  | 2200000 |
|  | J.P. Morgan Securities LLC | TBA securities |  | 6931000 |
|  | J.P. Morgan Securities LLC | Credit default swap agreements |  | 102 |
|  | J.P. Morgan Chase Bank, N.A. | Options |  | 580000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 27730101 |
|  | The Toronto-Dominion Bank | Swaptions |  | 3440000 |
|  |  |  | 37325577 | 44091203 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 291

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Ultra Short Duration Fund | BofA Securities, Inc. | Interest rate swap agreements | $— | $44192 |
|  | Goldman Sachs International | Forward foreign currency exchange contracts | 350000 |  |
|  |  |  | 350000 | 44192 |

---

**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.

292 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (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)** | |
| Core Bond Fund | 0.39 | % |
| Floating Rate Strategies Fund | 0.65 | %\* |
| High Yield Fund | 0.60 | % |
| Limited Duration Fund | 0.39 | % |
| Macro Opportunities Fund | 0.89 | %\*\* |
| Municipal Income Fund | 0.50 | % |
| Total Return Bond Fund | 0.39 | % |
| Ultra Short Duration Fund | 0.25 | % |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Floating Rate Strategies Fund pays GI investment advisory fees on a monthly basis calculated daily at an annualized rate of 0.65% of the average daily net assets of the Fund up to $5 billion; and 0.60% of the average daily net assets in excess of $5 billion. |
| \*\*  | &nbsp;&nbsp;&nbsp;Macro Opportunities Fund pays GI investment advisory fees on a monthly basis calculated daily at an annualized rate of 0.89% based on the average daily net assets of the Fund up to $5 billion; and 0.84% on average daily net assets in excess of $5 billion. |

---

GI has contractually agreed to waive the management fee it receives from the Subsidiary in an amount equal to the management fee paid to GI by the Subsidiary. This undertaking will continue in effect for so long as the Funds invest in the Subsidiary, and may not be terminated by GI unless GI obtains the prior approval of the Funds' Board for such termination. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended September 30, 2025, the Macro Opportunities Fund waived $184,264 related to advisory fees in its Subsidiary.

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted Distribution Plans related to the offering of Class A, Class C and Class P shares pursuant to Rule 12b-1 under the 1940 Act. The plans provide for payments at an annual rate of 0.25% of the average daily net assets of the Fund's Class A and Class P shares, and 1.00% of the average daily net assets of the Fund's Class C shares.

The investment advisory contract for the Funds provides that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends or interest on securities sold short, expenses of other investment companies in which a Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. The limits are listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Limit**  | **Effective <br> Date** | **Contract <br> End Date**  |
| Core Bond Fund – Class A | 0.79% | 11/30/12 | 02/01/27 |
| Core Bond Fund - Class C | 1.54% | 11/30/12 | 02/01/27 |
| Core Bond Fund - Class P | 0.79% | 05/01/15 | 02/01/27 |
| Core Bond Fund - Institutional Class | 0.50% | 11/30/12 | 02/01/27 |
| Floating Rate Strategies Fund – Class A | 1.02% | 11/30/12 | 02/01/27 |
| Floating Rate Strategies Fund – Class C | 1.77% | 11/30/12 | 02/01/27 |
| Floating Rate Strategies Fund– Class P | 1.02% | 05/01/15 | 02/01/27 |
| Floating Rate Strategies Fund– Institutional Class | 0.78% | 11/30/12 | 02/01/27 |
| Floating Rate Strategies Fund – Class R6 | 0.78% | 03/13/19 | 02/01/27 |
| High Yield Fund – Class A | 0.94% | 02/21/24 | 02/01/27 |
| High Yield Fund – Class C | 1.69% | 02/21/24 | 02/01/27 |
| High Yield Fund – Class P | 0.94% | 02/21/24 | 02/01/27 |
| High Yield Fund – Institutional Class | 0.69% | 02/21/24 | 02/01/27 |
| High Yield Fund – Class R6 | 0.69% | 02/21/24 | 02/01/27 |
| Limited Duration Fund – Class A  | 0.75% | 12/01/13 | 02/01/27 |
| Limited Duration Fund – Class C  | 1.50% | 12/01/13 | 02/01/27 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 293

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Limit**  | **Effective <br> Date** | **Contract <br> End Date**  |
| Limited Duration Fund – Class P  | 0.75% | 05/01/15 | 02/01/27 |
| Limited Duration Fund – Institutional Class  | 0.50% | 12/01/13 | 02/01/27 |
| Limited Duration Fund – Class R6  | 0.50% | 03/13/19 | 02/01/27 |
| Macro Opportunities Fund – Class A  | 1.36% | 11/30/12 | 02/01/27 |
| Macro Opportunities Fund – Class C  | 2.11% | 11/30/12 | 02/01/27 |
| Macro Opportunities Fund – Class P  | 1.36% | 05/01/15 | 02/01/27 |
| Macro Opportunities Fund – Institutional Class  | 0.95% | 11/30/12 | 02/01/27 |
| Macro Opportunities Fund – Class R6  | 0.95% | 03/13/19 | 02/01/27 |
| Municipal Income Fund – Class A  | 0.80% | 11/30/12 | 02/01/27 |
| Municipal Income Fund – Class C  | 1.55% | 11/30/12 | 02/01/27 |
| Municipal Income Fund – Class P  | 0.80% | 05/01/15 | 02/01/27 |
| Municipal Income Fund – Institutional Class  | 0.55% | 11/30/12 | 02/01/27 |
| Total Return Bond Fund – Class A  | 0.79% | 11/30/12 | 02/01/27 |
| Total Return Bond Fund – Class C  | 1.54% | 11/30/12 | 02/01/27 |
| Total Return Bond Fund – Class P  | 0.79% | 05/01/15 | 02/01/27 |
| Total Return Bond Fund – Institutional Class  | 0.50% | 11/30/12 | 02/01/27 |
| Total Return Bond Fund – Class R6  | 0.50% | 10/19/16 | 02/01/27 |
| Ultra Short Duration Fund –Class A  | 0.58% | 11/30/18 | 02/01/27 |
| Ultra Short Duration Fund – Institutional Class  | 0.33% | 11/30/18 | 02/01/27 |

---

GPIM has contractually agreed through February 1, 2027, to reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Active INvestment Series (GAINS) - Core Plus Fund and the Active INvestment Series (GAINS) - Limited Duration Fund to the annual percentage of average daily net assets for SMA Class shares to 0.00%. The agreement will expire when it reaches its termination or when GPIM ceases to serve as the Investment Adviser and it can be terminated by the Fund's Board of Trustees.

GI is entitled to reimbursement by the Funds, excluding Active INvestment Series (GAINS) – Core Plus Fund and Active INvestment Series (GAINS) – Limited Duration Fund, for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. For purposes of this arrangement, GI is entitled to recoupment of previously waived fees or reimbursed expenses for 36 months from the date of the waiver or reimbursement by GI. At September 30, 2025, the amount of fees waived or expenses reimbursed that are subject to recoupment and will expire during the years ended September 30, are presented in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| **Core Bond Fund** |  |  |  |  |
| Class A | $66528 | $80581 | $93356 | $240465 |
| Class C | 7997 | 1505 | 5754 | 15256 |
| Class P | 56610 | 563 | 11414 | 68587 |
| Institutional Class | 773981 | 432527 | 1628872 | 2835380 |
| **Floating Rate Strategies Fund** |  |  |  |  |
| Class A | 134479 | 126706 | 113425 | 374610 |
| Class C | 33051 | 23221 | 15462 | 71734 |
| Class P | 55729 | 54830 | 55431 | 165990 |
| Institutional Class | 582868 | 450359 | 529326 | 1562553 |
| Class R6 | 592 | 338 | 77 | 1007 |
| **High Yield Fund** |  |  |  |  |
| Class A |  | 55626 | 116869 | 172495 |
| Class C | 2409 | 12649 | 16831 | 31889 |
| Class P | 1432 | 6251 | 10890 | 18573 |
| Institutional Class | 6464 | 120649 | 270481 | 397594 |
| Class R6 | 143 | 566 | 1012 | 1721 |
| **Limited Duration Fund** |  |  |  |  |
| Class A | 95368 | 4277 | 88735 | 188380 |
| Class C | 36276 | 3998 | 17822 | 58096 |
| Class P | 28742 | 34279 | 38945 | 101966 |
| Institutional Class | 2123104 | 1020934 | 1999501 | 5143539 |

---

294 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| **Macro Opportunities Fund** |  |  |  |  |
| Class A | $— | $— | $456 | $456 |
| Class P | 99081 | 457 | 1555 | 101093 |
| Institutional Class | 4861940 | 4078154 | 6369857 | 15309951 |
| Class R6 | 9192 | 3753 | 464 | 13409 |
| **Municipal Income Fund** |  |  |  |  |
| Class A | 158775 | 157994 | 128861 | 445630 |
| Class C | 4657 | 7004 | 4521 | 16182 |
| Class P | 1024 | 1263 | 1171 | 3458 |
| Institutional Class | 37249 | 48401 | 95668 | 181318 |
| **Total Return Bond Fund** |  |  |  |  |
| Class A | 56238 | 22931 | 118462 | 197631 |
| Class C | 42447 | 49933 | 62907 | 155287 |
| Class P | 499250 | 81455 | 264189 | 844894 |
| Institutional Class | 10006046 | 5873863 | 15705612 | 31585521 |
| Class R6 |  | 587 | 22 | 609 |
| **Ultra Short Duration Fund** |  |  |  |  |
| Class A | 100752 | 36426 | 80126 | 217304 |
| Institutional Class | 224523 | 82349 | 237900 | 544772 |

---

For the year ended September 30, 2025, GI recouped amounts from the Funds as follows:

---

| | |
|:---|:---|
| Core Bond Fund | $19515 |
| Floating Rate Strategies Fund | 35911 |
| Limited Duration Fund | 81501 |
| Macro Opportunities Fund | 238413 |
| Total Return Bond Fund | 400708 |
| Ultra Short Duration Fund | 38411 |

---

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 year ended September 30, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
| Limited Duration Fund | $84404 |
| Macro Opportunities Fund | 718808 |
| Total Return Bond Fund | 598425 |

---

For the year ended September 30, 2025, GFD retained sales charges of $98,626 relating to sales of Class A shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC ("MUIS") serves as the Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds' securities and cash. The Bank of New York Mellon ("BNY") serves as the Funds' custodian. 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.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 295

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

At September 30, 2025, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of Outstanding <br> Shares Owned** |
| Active INvestment Series (GAINS) - Limited Duration Fund | 71% |
| Ultra Short Duration Fund | 30% |

---

**Note 6 – Reverse Repurchase Agreements** 

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the year ended September 30, 2025, the following Funds entered into reverse repurchase agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Number of Days <br> Outstanding** | **Balance at September <br> 30, 2025** | **Average Balance <br> Outstanding** | **Average Interest Rate** |
| Active INvestment Series (GAINS) - Core Plus Fund | 86 | 2518996 | 2760786 | 4.56% |
| Active INvestment Series (GAINS) - Limited Duration Fund | 65 | 290671 | 487310 | 4.47% |
| Core Bond Fund | 18 |  | 21575337 | 4.44% |
| Total Return Bond Fund | 99 |  | 202571668 | 4.54% |

---

The following table presents reverse repurchase agreements that are subject to netting arrangements and offset in the Funds' Statements of Assets and Liabilities in conformity with U.S. GAAP:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross Amounts <br> of Recognized <br> Liabilities** | <br>**Gross <br> Amounts <br> Offset <br> in the <br> Statements of <br> Assets and <br> Liabilities** | <br>**Net Amount <br> of Liabilities<br> Presented <br> on the <br> Statements of <br> Assets <br> and Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net <br> Amount** |
| Active INvestment Series (GAINS) - Core Plus Fund | Reverse repurchase agreements | $2518996 |  | $2518996 | $(2518996) | $— | $— |
| Active INvestment Series (GAINS) - Limited Duration Fund | Reverse repurchase agreements | 290671 |  | 290671 | (290671) |  |  |

---

296 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

As of September 30, 2025, the Active INvestment Series (GAINS) – Core Plus Fund and the Active INvestment Series (GAINS) – Limited Duration Fund had $2,518,996 and $290,671, respectively, in reverse repurchase agreements outstanding with various counterparties. Details of the reverse repurchase agreement by counterparty is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Interest Rate<sup>(s)</sup>** | | **Maturity Date** | **Face Value** |
| Active INvestment Series (GAINS) - Core Plus Fund | BofA Securities, Inc. | 4.16 | %\* | Open Maturity  | $657400 |
|  | Citigroup Global Markets, Inc. | 4.20% - 4.27% | \* | Open Maturity  | 636623 |
|  | RBC Capital Markets LLC | 4.30 | %\* | Open Maturity  | 142516 |
|  | TD Securities (USA) LLC | 4.33 | %\* | Open Maturity  | 1082457 |
|  |  |  |  |  | 2518996 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Citigroup Global Markets, Inc. | 4.25 | %\* | Open Maturity  | 290671 |

---

\* The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is the rate effective at September 30, 2025.

The following is a summary of the remaining contractual maturities of the reverse repurchase agreement outstanding as of year-end, as aggregated by asset class of the related collateral pledged by the Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Asset Type** | **Overnight and <br> Continuous** | **Total** |
| Active INvestment Series (GAINS) - Core Plus Fund | Corporate Bonds | $1224973 | $1224973 |
|  | Collateralized Mortgage Obligations | 1294023 | 1294023 |
| Gross amount of recoginized liabilities for reverse repurchased agreements |  | 2518996 | 2518996 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Mortgage-Backed Securities | 290671 | 290671 |
| Gross amount of recoginized liabilities for reverse repurchased agreements |  | 290671 | 290671 |

---

**Note 7 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

The Macro Opportunities Fund intends to invest up to 25% of its assets in the Subsidiary which is expected to provide the Fund with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Fund has received a private letter ruling from the IRS that concludes that the income the Fund receives from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 297

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

The tax character of distributions paid during the year ended September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Tax-Exempt <br> Income** | **Return <br> of Capital** | **Total <br> Distributions** |
| Active INvestment Series (GAINS) – Core Plus Fund | $1738448 | $– $|  | $— | $1738448 |
| Active INvestment Series (GAINS) – Limited Duration Fund | 725563 | – |  |  | 725563 |
| Core Bond Fund | 106359194 | – |  |  | 106359194 |
| Floating Rate Strategies Fund | 62460251 | – |  |  | 62460251 |
| High Yield Fund | 12365627 | – |  | 6146 | 12371773 |
| Limited Duration Fund | 215699852 | – |  |  | 215699852 |
| Macro Opportunities Fund | 475229381 | – |  |  | 475229381 |
| Municipal Income Fund | 69550 | – | 846199 |  | 915749 |
| Total Return Bond Fund | 1385351601 | – |  |  | 1385351601 |
| Ultra Short Duration Fund | 22184419 | – |  |  | 22184419 |

---

The tax character of distributions paid during the year ended September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Tax-Exempt <br> Income** | **Return <br> of Capital** | **Total <br> Distributions** |
| Active INvestment Series (GAINS) – Core Plus Fund | $23432 | $– $|  | $— | $23432 |
| Active INvestment Series (GAINS) – Limited Duration Fund | 22811 | – |  |  | 22811 |
| Core Bond Fund | 89053861 | – |  |  | 89053861 |
| Floating Rate Strategies Fund | 86712493 | – |  |  | 86712493 |
| High Yield Fund | 12495651 | – |  | 309023 | 12804674 |
| Limited Duration Fund | 197510680 | – |  |  | 197510680 |
| Macro Opportunities Fund | 430970769 | – |  |  | 430970769 |
| Municipal Income Fund | 164595 | – | 745790 | 24077 | 934462 |
| Total Return Bond Fund | 1104692223 | – |  |  | 1104692223 |
| Ultra Short Duration Fund | 27081533 | – |  |  | 27081533 |

---

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** | **Accumulated <br> Capital and <br> Other Losses** | **Other <br> Temporary <br> Differences** | **Total** |
| Active INvestment Series (GAINS) – Core Plus Fund | $534905 | $– $| 800849 | $— | $(290719) | $1045035 |
| Active INvestment Series (GAINS) – Limited Duration Fund | 76087 | – | 131800 | (91051) | (83685) | 33151 |
| Core Bond Fund | 1708180 | – | (36808872) | (164307894) | (9524221) | (208932807) |
| Floating Rate Strategies Fund | 1337926 | – | (34281300) | (201157340) | (4388687) | (238489401) |
| High Yield Fund |  | – | (3168368) | (39122340) | (956210) | (43246918) |
| Limited Duration Fund | 3376530 | – | (42871664) | (89179494) | (20046251) | (148720879) |
| Macro Opportunities Fund | 15848708 | – | (352148727) | (335520505) | (41400906) | (713221430) |
| Municipal Income Fund | 52327 \* | – | (1644738) | (4957774) | (100232) | (6650417) |
| Total Return Bond Fund | 8694071 | – | (803850263) | (2515435910) | (119121623) | (3429713725) |
| Ultra Short Duration Fund | 504112 | – | (3316440) | (3925576) | (1949382) | (8687286) |

---

\* For Municipal Income Fund, the amount shown represents Undistributed Tax-Exempt Income.

298 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of September 30, 2025, capital loss carryforwards for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | <br>**Total <br> Capital Loss <br> Carryforward** |
| Active INvestment Series (GAINS) – Limited Duration Fund | $(91051) | $— | $(91051) |
| Core Bond Fund | (40928257) | (123379637) | (164307894) |
| Floating Rate Strategies Fund | (7688919) | (193468421) | (201157340) |
| High Yield Fund | (1419688) | (37702652) | (39122340) |
| Limited Duration Fund |  | (89179494) | (89179494) |
| Macro Opportunities Fund | (131287) | (335389218) | (335520505) |
| Municipal Income Fund |  | (4957774) | (4957774) |
| Total Return Bond Fund | (752190578) | (1763208955) | (2515399533) |
| Ultra Short Duration Fund | (1110089) | (2815487) | (3925576) |

---

For the year ended September 30, 2025, the following capital loss carryforward amounts were utilized:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
| Limited Duration Fund | $5697770 |
| Municipal Income Fund | 1015526 |
| Ultra Short Duration Fund | 136586 |

---

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in swap agreements, partnerships, and CLO securities, foreign currency gains and losses, the "mark-to-market" of certain derivatives, losses deferred due to wash sales, distributions in connection with redemption of fund shares, and distributions payable. Additional differences may result from the tax treatment of bond premium/discount amortization, paydown reclasses, income accruals on certain investments, the deferral of losses related to tax straddle investments, and the "mark-to-market" of certain investments denominated in foreign currencies. In Macro Opportunities Fund, differences may also result from transactions with the Fund's wholly owned subsidiary. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities, and with respect to Macro Opportunities Fund on the Consolidated Statement of Assets and Liabilities, as of September 30, 2025 for permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
| Active INvestment Series (GAINS) – Core Plus Fund | $37924 | $(37924) |
| Core Bond Fund | (44738) | 44738 |
| Macro Opportunities Fund | 6134319 | (6134319) |
| Total Return Bond Fund | (247797) | 247797 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 299

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

At September 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)** |
| Active INvestment Series (GAINS) – Core Plus Fund | $82555815 | $961321 | $(161256) | $800065 |
| Active INvestment Series (GAINS) – Limited Duration Fund | 20096134 | 173830 | (42762) | 131068 |
| Core Bond Fund | 2996222284 | 40646730 | (77428880) | (36782150) |
| Floating Rate Strategies Fund | 754146112 | 5933297 | (40214337) | (34281040) |
| High Yield Fund | 192616679 | 4478723 | (7648679) | (3169956) |
| Limited Duration Fund | 6461996565 | 48126173 | (91006482) | (42880309) |
| Macro Opportunities Fund | 9888988451 | 132535990 | (484696923) | (352160933) |
| Municipal Income Fund | 36764486 | 723376 | (2368113) | (1644737) |
| Total Return Bond Fund | 36154665354 | 454938437 | (1259092722) | (804154285) |
| Ultra Short Duration Fund | 583821210 | 2861008 | (6178484) | (3317476) |

---

**Note 8 – Securities Transactions** 

For the year ended September 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** |
| Active INvestment Series (GAINS) - Core Plus Fund | $73292781 | $7779214 |
| Active INvestment Series (GAINS) - Limited Duration Fund | 18686874 | 2877456 |
| Core Bond Fund | 853925761 | 567397766 |
| Floating Rate Strategies Fund | 357996388 | 554302906 |
| High Yield Fund | 89210214 | 101623023 |
| Limited Duration Fund | 3069534322 | 1403423190 |
| Macro Opportunities Fund | 3868250416 | 2192719045 |
| Municipal Income Fund | 25145818 | 10924179 |
| Total Return Bond Fund | 11395666236 | 8134175350 |
| Ultra Short Duration Fund | 344966017 | 169104718 |

---

For the year ended September 30, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Active INvestment Series (GAINS) - Core Plus Fund | $891558 | $897035 |
| Active INvestment Series (GAINS) - Limited Duration Fund | 158719 | 160887 |
| Core Bond Fund | 632809318 | 584019585 |
| Limited Duration Fund | 526861802 | 885297501 |
| Macro Opportunities Fund | 87054121 | 472770078 |
| Total Return Bond Fund | 4603169032 | 5352877286 |

---

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 year ended September 30, 2025, the Funds did not engage in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act.

300 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**Note 9 – Unfunded Loan Commitments** 

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of September 30, 2025. The Funds are obligated to fund these loan commitments at the borrower's discretion.

The unfunded loan commitments as of September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount\*** | **Value** |
| **Active INvestment Series (GAINS) - Core Plus Fund** | **Active INvestment Series (GAINS) - Core Plus Fund** |  |  |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 805 | $4 |
|  | Kroll, Inc. | 09/03/32 | 10000 | 39 |
|  |  |  |  | 43 |
| **Active INvestment Series (GAINS) - Limited Duration Fund** | **Active INvestment Series (GAINS) - Limited Duration Fund** |  |  |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 805 | 4 |
|  | Kroll, Inc. | 09/03/32 | 10000 | 39 |
|  |  |  |  | 43 |
| **Core Bond Fund** |  |  |  |  |
|  | Akso Health Group | 07/20/26 | 1000000 |  |
|  | Cliffwater LLC | 03/19/32 | 150000 |  |
|  | Eagle Point Holdings Borrower, LLC | 03/31/28 | 389526 |  |
| **Floating Rate Strategies Fund** |  |  |  |  |
|  | Aegion Corp. | 05/17/28 | 448701 |  |
|  | AmSpec Parent LLC | 12/22/31 | 271213 |  |
|  | Citrin Cooperman Advisors LLC | 04/01/32 | 113333 | 602 |
|  | GrafTech Finance, Inc. | 11/04/29 | 382877 |  |
|  | Hanger, Inc. | 10/23/31 | 197795 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 289171 | 179 |
|  |  |  |  | 781 |
| **High Yield Fund** |  |  |  |  |
|  | AmSpec Parent LLC | 12/22/31 | 56942 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 451506 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 51075 | 32 |
|  |  |  |  | 32 |
| **Limited Duration Fund** |  |  |  |  |
|  | Datix Bidco Ltd. | 04/25/31 | 539050 |  |
|  | Eagle Point Holdings Borrower, LLC | 03/31/28 | 880667 |  |
|  | Kroll, Inc. | 09/03/32 | 550000 | 2148 |
|  | QTS Good News Facility | 10/09/28 | 4731083 |  |
|  |  |  |  | 2148 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 301

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount\*** | **Value** |
| **Macro Opportunities Fund** |  |  |  |  |
|  | Aegion Corp. | 05/17/28 | 824026 | $— |
|  | Akso Health Group | 07/20/26 | 1000000 |  |
|  | Alter Domus | 10/30/31 | 232066 |  |
|  | AmSpec Parent LLC | 12/22/31 | 232000 |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 483022 | 2203 |
|  | Care BidCo | 05/04/28 | EUR 9,200,000 | 372652 |
|  | Citrin Cooperman Advisors LLC | 04/01/32 | 1069697 | 5680 |
|  | Cliffwater LLC | 03/19/32 | 1380000 |  |
|  | Curriculum Associates LLC | 05/07/32 | 4778959 | 22465 |
|  | Datix Bidco Ltd. | 04/25/31 | 6718000 |  |
|  | Diot Siaci | 07/26/32 | EUR 19,231 |  |
|  | Eagle Point Holdings Borrower, LLC | 03/31/28 | 1050000 |  |
|  | FR Refuel LLC | 11/08/28 | 108696 | 1087 |
|  | FTAI Aircraft Leasing Offshore SPV (2025), LP |  | 7356557 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 2983552 |  |
|  | Hanger, Inc. | 10/23/31 | 552662 |  |
|  | Integrated Power Services Holdings, Inc. | 11/22/28 | 1564832 | 3516 |
|  | Kerridge Commercial Systems Bidco Ltd. | 09/07/30 | GBP 3,920,982 | 70430 |
|  | Kroll, Inc. | 09/03/32 | 2050000 | 8008 |
|  | MB2 Dental Solutions LLC | 02/13/31 | 3748182 | 4278 |
|  | Merative | 09/17/32 | 2357466 | 66847 |
|  | Oil Changer Holding Corp. | 02/08/27 | 913843 |  |
|  | Polaris Newco LLC | 06/04/26 | 2864189 | 97655 |
|  | Powergrid Services LLC | 03/31/30 | 6171690 | 301362 |
|  | QTS Good News Facility | 10/09/28 | 7912685 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 405376 | 251 |
|  |  |  |  | 956434 |
| **Total Return Bond Fund** |  |  |  |  |
|  | Akso Health Group | 07/20/26 | 3775000 |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 1098875 | 5013 |
|  | Cliffwater LLC | 03/19/32 | 1874863 |  |
|  | Datix Bidco Ltd. | 04/25/31 | 5876990 |  |
|  | Eagle Point Holdings Borrower, LLC | 03/31/28 | 5043838 |  |
|  | FR Refuel LLC | 11/08/28 | 3358696 | 32716 |
|  | FTAI Aircraft Leasing Offshore SPV, LP |  | 8714690 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 559867 |  |
|  | Hanger, Inc. | 10/23/31 | 976854 |  |
|  | Higginbotham Insurance Agency, Inc. | 11/24/28 | 3402105 | 19971 |
|  | Kroll, Inc. | 09/03/32 | 2663750 | 10405 |
|  | MB2 Dental Solutions LLC | 02/13/31 | 5122427 | 5863 |
|  | QTS Good News Facility | 10/09/28 | 21033100 |  |
|  |  |  |  | 73968 |

---

\* The face amount is denominated in U.S. dollars unless otherwise indicated. 

EUR – Euro

GBP – British Pound

302 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**Note 10 – Restricted Securities** 

The securities below are considered illiquid and restricted under guidelines established by the Board:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
| **Core Bond Fund** |  |  |  |  |
|  | Central Storage Safety Project Trust |  |  |  |
|  | &nbsp;&nbsp;4.82% due 02/01/38 | 03/20/18 | $749255 | $701770 |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 | 819000 | 70 |
|  | Nassau LLC |  |  |  |
|  | &nbsp;&nbsp;2019-1 3.98% due 08/15/34 | 08/16/19 | 337373 | 321318 |
|  |  |  | 1905628 | 1023158 |
| **Floating Rate Strategies Fund** |  |  |  |  |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 06/24/19<sup>2</sup> | 12/31/13 | 1160811 | 3199 |
|  |  |  | 1160811 | 3199 |
| **High Yield Fund** |  |  |  |  |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.  | 04/23/24 | 7224 | 121 |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.  | 04/23/24 | 5671 | 95 |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 06/24/19<sup>2</sup> | 12/31/13 | 252369 | 695 |
|  |  |  | 265264 | 911 |
| **Limited Duration Fund** |  |  |  |  |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 |  | 50 |
|  |  |  |  | 50 |
| **Macro Opportunities Fund** |  |  |  |  |
|  | Atlas Mara Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 12/31/21<sup>2</sup> | 10/01/15 | 3380072 | 1 |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 |  | 815 |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.  | 05/15/24 | 26268 | 440 |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc.  | 05/15/24 | 10895 | 182 |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 06/24/19<sup>2</sup> | 12/31/13 | 1710483 | 4713 |
|  | Nassau LLC |  |  |  |
|  | &nbsp;&nbsp;2019-1 3.98% due 08/15/34 | 08/16/19 | 5600358 | 5333871 |
|  |  |  | 10728076 | 5340022 |

---

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 303

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
| **Total Return Bond Fund** |  |  |  |  |
|  | Atlas Mara Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 12/31/21<sup>2</sup> | 10/01/15 | $1504389 | $1 |
|  | Central Storage Safety Project Trust |  |  |  |
|  | &nbsp;&nbsp;4.82% due 02/01/38 | 02/02/18 | 15470845 | 14386286 |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 |  | 150 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | &nbsp;&nbsp;2015-R1 4.65% (WAC) due 11/25/55<sup>3</sup> | 03/07/18 | 77125066 | 58841929 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | &nbsp;&nbsp;2015-R1 0.70% (WAC) due 11/25/55<sup>3,4</sup> | 12/16/19 | 12632401 | 9064233 |
|  | Nassau LLC |  |  |  |
|  | &nbsp;&nbsp;2019-1 3.98% due 08/15/34 | 08/16/19 | 5865786 | 5590925 |
|  | SPSS |  |  |  |
|  | &nbsp;&nbsp;5.14% due 11/15/52 | 03/30/23 | 112375 | 113979 |
|  |  |  | 112710862 | 87997503 |

---

<sup>1</sup> Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.

<sup>2</sup> Security is in default of interest and/or principal obligations.

<sup>3</sup> Variable rate security. Rate indicated is the rate effective at September 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>4</sup> Security is an interest-only strip.

**Note 11 – Line of Credit** 

The Trust, along with other affiliated trusts, secured a 364-day committed, $1,115,000,000 line of credit from a syndicated bank group led by Citibank, N.A., which was in place through September 26, 2025, at which time the line of credit was renewed as a 364-day committed, $1,190,000,000 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 year ended September 30, 2025.

**Note 12 – Segment Reporting** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in 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.

304 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (concluded)<br>

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 – Recent Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (the "2023 ASU") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The 2023 ASU is effective for fiscal years beginning after December 15, 2024. At this time, management is evaluating the implications of these changes on the financial statements, though adoption of the new standard is expected to impact financial statement disclosures only and not affect any Fund's financial position or the results of its operations.

**Note 14 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**Note 15 – Subsequent Events** 

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 305

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** <br>

To the Shareholders and the Board of Trustees of Guggenheim Funds Trust

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities of Guggenheim Macro Opportunities Fund (one of the funds constituting Guggenheim Funds Trust (the "Trust")), including the consolidated schedule of investments, as of September 30, 2025, and the related consolidated statements of operations, changes in net assets, and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have also audited the accompanying statements of assets and liabilities of Guggenheim Total Return Bond Fund, Guggenheim High Yield Fund, Guggenheim Core Bond Fund, Guggenheim Floating Rate Strategies Fund, Guggenheim Limited Duration Fund, Guggenheim Ultra Short Duration Fund, Guggenheim Active INvestment Series (GAINS) – Core Plus Fund, Guggenheim Active INvestment Series (GAINS) - Limited Duration Fund, Guggenheim Municipal Income Fund, (nine of the funds constituting the Trust) (collectively, together with Guggenheim Macro Opportunities Fund, referred to as the "Funds"), including the schedules of investments, as of September 30, 2025, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds at September 30, 2025, and the results, or the consolidated results, of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Funds comprising the Guggenheim Funds Trust** | **Statements of <br> operations**  | **Statements of changes in net assets** | **Financial highlights** |
| Guggenheim Macro Opportunities Fund <br>Guggenheim Total Return Bond Fund <br>Guggenheim High Yield Fund <br>Guggenheim Core Bond Fund <br>Guggenheim Floating Rate Strategies Fund <br>Guggenheim Limited Duration Fund <br>Guggenheim Municipal Income Fund <br>Guggenheim Ultra Short Duration Fund | For the year ended September 30, 2025 | For each of the two years in the period ended September 30, 2025 | For each of the five years in the period ended September 30, 2025 |
| Guggenheim Active INvestment Series (GAINS) – Core Plus Fund <br>Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund | For the year ended September 30, 2025 | For the year ended September 30, 2025 and the period from August 14, 2024 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025 and the period from August 14, 2024 (commencement of operations) through September 30, 2024 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent, brokers, and paying agents; when replies were not received from brokers or paying agents,

306 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** (concluded)<br>

we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0095396-55_307.jpg)

We have served as the auditor of one or more Guggenheim investment companies since 1979.

November 26, 2025

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 307

**OTHER INFORMATION** (Unaudited)<br>

**Federal Income Tax Information** 

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2026, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2025.

The Funds' investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Municipal Income Fund designates $846,199 as tax-exempt interest income according to IRC Section 852(b)(5)(A).

Of the taxable ordinary income distributions paid during the fiscal year ended September 30, 2025, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended September 30, 2025, the following funds had the corresponding percentages qualify as interest related dividends as permitted by IRC Section 871(k)(1). See the qualified interest income column in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified <br> Dividend <br> Income**  | **Dividend <br> Received <br> Deduction** | **Qualified <br> Interest <br> Income** |
| Active INvestment Series (GAINS) – Core Plus Fund | 0.07% | 0.07% | 69.79% |
| Active INvestment Series (GAINS) – Limited Duration Fund | 0.00% | 0.00% | 72.49% |
| Core Bond Fund | 0.01% | 0.01% | 83.86% |
| Floating Rate Strategies Fund | 0.00% | 0.00% | 98.78% |
| High Yield Fund | 0.27% | 0.27% | 87.33% |
| Limited Duration Fund | 0.00% | 0.00% | 81.12% |
| Macro Opportunities Fund | 0.50% | 0.50% | 79.87% |
| Municipal Income Fund | 0.00% | 0.00% | 84.14% |
| Total Return Bond Fund | 0.12% | 0.12% | 85.97% |
| Ultra Short Duration Fund | 0.00% | 0.00% | 64.65% |

---

With respect to the taxable year ended September 30, 2025, the Funds hereby designate as capital gain dividends the amount listed below, or, if subsequently determined to be different, the net capital gain of such year:

---

| | | |
|:---|:---|:---|
| **Fund** | **From long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
| Active INvestment Series (GAINS) – Core Plus Fund | $– $| 10859 |

---

**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.

308 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited)(concluded)<br>

**Quarterly Portfolio Schedules Information** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at https://www.sec.gov. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 309

**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.

310 \| THE GUGGENHEIM FUNDS 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 ANNUAL FINANCIAL REPORT \| 311

**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.

312 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**Report of the Guggenheim Funds Trust Board of Trustees** 

The Board of Trustees (the "Board") of Guggenheim Funds Trust (the "Trust"), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the "Advisory Agreement") 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;● Guggenheim Active INvestment Series (GAINS) – Core Plus Fund &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Active INvestment Series (GAINS) – Limited Duration Fund

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 Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees' legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC ("FUSE"), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund's relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. FUSE also made a presentation at the April Meeting. In evaluating the data presented in the FUSE reports, the Committee took into account: (i) the challenges that exist in developing appropriate peer groups for the Funds, considering that each Fund was designed as a "completion" fund to allow Guggenheim to offer its Core Plus strategy or Limited Duration strategy, as applicable, to retail separately managed account ("SMA") clients, with certain investments to be held in the individual SMA and others to be held in the Fund to "complete" the portfolio; and (ii) that each Fund does not pay an advisory fee to the Adviser under the Advisory Agreement, as the SMA clients participating in a "wrap fee" program pay a fee to the program sponsor and the Adviser (or an affiliate) receives an advisory fee from the program sponsor for advising the SMAs. The Committee also considered the discussion by management and FUSE of the data provided in the FUSE reports at the April Meeting. The Committee assessed the data provided in the FUSE reports in light of the foregoing considerations.

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 Advisory Agreement for an additional annual term. Following its review of the Committee's recommendation, the Board unanimously approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2026 at a meeting held on May 21-22, 2025 (the "May Board Meeting" and together with the May Meeting, the "May Meetings") and determined to adopt the Committee's considerations and conclusions, which follow.

*Nature, Extent and Quality of Services Provided by the Adviser:* With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 313

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

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 noted the distinctive nature of the Funds as "completion" funds for retail SMA clients and that the Funds are offered solely for use by (i) retail SMA clients within wrap fee programs sponsored by unaffiliated investment advisers and broker-dealers and (ii) other funds in the Guggenheim fund complex. In this regard, the Committee considered the Adviser's development and implementation of specific technology solutions and operational infrastructure, partnering with a third-party provider, in order to offer the Funds and the corresponding strategies to retail SMA clients. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee's review of the services provided by Guggenheim to the Funds included consideration of Guggenheim's investment processes, 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 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 the Advisory Agreement with respect to the Funds.

*Investment Performance:* With respect to investment performance, the Committee noted that each Fund commenced operations on August 14, 2024 and therefore has a limited operating history. The Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year. The Board considered each Fund's investment objective, strategies and policies and took into account the Adviser's overall performance record in managing other actively-managed fixed-income funds in the Guggenheim fund complex, as well as the portfolio managers' expertise and experience with this type of investment process, and determined that the Adviser's performance was acceptable.

*Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds:* The Committee considered that pursuant to the Advisory Agreement, the Funds do not pay the Adviser an advisory fee. The Committee also took into account each Fund's currently effective expense limitation agreement with the Adviser, pursuant to which the Adviser reimburses all ordinary operating expenses of the Fund, and each Fund's currently effective affiliated fund reimbursement agreement with the Adviser, pursuant to which the Adviser reimburses ordinary operating expenses of the Fund to the extent necessary to offset the proportionate share of any advisory fee paid by the Fund with respect to an investment in an affiliated underlying fund.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee noted that although the Funds do not pay the Adviser an advisory fee, the Adviser (or an affiliate) receives an advisory fee from wrap fee program sponsors for advising the SMAs. The Committee considered information regarding the SMA advisory fees received by the Adviser (or an affiliate). The Committee considered management's statement that, for purposes of analyzing profitability with respect to each Fund,

314 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

revenue will be allocated to the Fund based on the amount of SMA advisory fees received by the Adviser (or an affiliate) attributable to the allocation to the Fund. The Committee noted management's explanation at the April Meeting that, because the Funds commenced operations on August 14, 2024 with internal seed capital and no SMA advisory fees were received by the Adviser (or an affiliate) in 2024, management did not present profitability analyses or data with respect to the Funds for 2024.

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. The Committee also considered Guggenheim's discussion of certain other benefits available to the Adviser from its relationship with the Funds, including the Funds' role in supporting Guggenheim's retail SMA business and overall relationships with the wrap fee program sponsors as well as the advisory fees the Adviser (or an affiliate) receives from advising the SMAs.

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.

*Economies of Scale:* The Committee did not consider economies of scale to be relevant given that no advisory fee was paid by the Funds.

**Overall Conclusions** 

The Committee concluded that the renewal of the Advisory Agreement is in the best interest of each Fund, in light of the extent and quality of the services provided and other benefits received by the Adviser and the advisory fee structure. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee's analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 315

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

**Report of the Guggenheim Funds Trust Board of Trustees** 

The Board of Trustees (the "Board") of Guggenheim 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"):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Core Bond Fund <br> ("Core Bond Fund") | &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Floating Rate Strategies Fund <br> ("Floating Rate Strategies Fund") |
| &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim High Yield Fund <br> ("High Yield Fund") | &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Limited Duration Fund <br> ("Limited Duration Fund") |
| &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Macro Opportunities Fund <br> ("Macro Opportunities Fund")<sup>1</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Municipal Income Fund <br> ("Municipal Income Fund") |
| &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Total Return Bond Fund <br> ("Total Return Bond Fund") | &nbsp;&nbsp;&nbsp;&nbsp;● Guggenheim Ultra Short Duration Fund <br> ("Ultra Short Duration Fund") |

---

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>2</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.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports

<sup>1</sup> GPIM also serves as investment adviser to Guggenheim Macro Opportunities Fund CFC (the "Subsidiary"), a wholly-owned subsidiary of Macro Opportunities Fund that is organized as a limited company under the laws of the Cayman Islands and used by Macro Opportunities Fund to obtain commodities exposure. Pursuant to a separate investment advisory agreement for the Subsidiary (the "Subsidiary Advisory Agreement"), the Subsidiary pays GPIM an advisory fee at the same rate that Macro Opportunities Fund pays GPIM under its Advisory Agreement. The Subsidiary Advisory Agreement does not require annual renewal by the Board and will continue until it is terminated as provided in the Agreement. In addition, GPIM and Macro Opportunities Fund have entered into a separate fee waiver agreement pursuant to which GPIM has contractually agreed to waive the advisory fee it receives from Macro Opportunities Fund in an amount equal to the advisory fee paid to GPIM by the Subsidiary. This undertaking will continue for so long as Macro Opportunities Fund invests in the Subsidiary, and may be terminated only with the approval of the Board. 

<sup>2</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 Core Bond Fund, High Yield Fund and Municipal Income Fund 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. In addition, the investment sub-advisory agreement between Security Investors, LLC and GPIM with respect to Municipal Income Fund was terminated. 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."

316 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

and materials, the "Contract Review Materials"). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that 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.

*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, 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.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 317

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

In seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. Except as to the individual Funds discussed below, the Committee observed that the returns of each Fund's Institutional Class shares ranked in the third quartile or better of such Fund's performance universe for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

**Core Bond Fund:** The returns of the Fund's Institutional Class shares ranked in the 3rd and 76th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee also considered that the returns of the Fund's Institutional Class shares ranked in the 8th percentile of its performance universe for the one-year period ended December 31, 2024.

**Municipal Income Fund:** The returns of the Fund's Institutional Class shares ranked in the 93rd and 94th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management's statement that, as discussed previously with the Board, Guggenheim continues to undertake proactive measures to reduce the Fund's tracking error versus the benchmark and its peer category, as exhibited by the Fund's recent performance improvement. The Committee considered that the returns of the Fund's Institutional Class shares ranked in the 22nd percentile of its performance universe for the one-year period ended December 31, 2024. In addition, the Committee considered management's discussion of the Fund's performance, as well as its distribution prospects, at the April Meeting.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that, with respect to each Fund: (i) the 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>3</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 Funds discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund's Institutional Class shares each rank in the third quartile or better of such Fund's peer group. In addition, the Committee made the following observations:

<sup>3</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.

318 \| THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

**Core Bond Fund:** The contractual advisory fee for the Fund's Institutional Class shares ranks in the fourth quartile (86th percentile) of its peer group. The net effective management fee for the Fund's Institutional Class shares ranks in the fourth quartile (93rd percentile) of its peer group. The total net expense ratio for the Fund's Institutional Class shares ranks in the third quartile (71st percentile) of its peer group. The Committee considered the Adviser's statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund's Institutional Class shares for the five-year period ended December 31, 2024. The Committee also took into account the Fund's currently effective expense limitation agreement with the Adviser.

**Floating Rate Strategies Fund:** The contractual advisory fee and net effective management fee for the Fund's Institutional Class shares each rank in the third quartile (71st percentile) of its peer group. The total net expense ratio for the Fund's Institutional Class shares ranks in the fourth quartile (86th percentile) of its peer group. The Committee considered the Adviser's statement explaining the higher expenses that performance is driven by a unique investment approach that requires significant resources. 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 expenses at the April Meeting.

**Limited Duration Fund:** The contractual advisory fee for the Fund's Institutional Class shares ranks in the fourth quartile (93rd percentile) of its peer group. The net effective management fee for the Fund's Institutional Class shares ranks in the third quartile (57th percentile) of its peer group. The total net expense ratio for the Fund's Institutional Class shares ranks in the second quartile (50th percentile) of its peer group. The Committee considered the Adviser's statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund's Institutional Class shares for the five-year and three-year periods ended December 31, 2024. The Committee also took into account the Fund's currently effective expense limitation agreement with the Adviser.

**Macro Opportunities Fund:** The contractual advisory fee for the Fund's Institutional Class shares ranks in the fourth quartile (83rd percentile) of its peer group. The net effective management fee and total net expense ratio for the Fund's Institutional Class shares each rank in the third quartile (67th percentile) of its peer group. The Committee noted that the Fund is categorized as a non-traditional bond fund which seeks to add value by investing in many non-traditional securities within and outside of fixed income, including equities, currencies, commodities and derivatives, and that peer funds have varying degrees of capability, flexibility and associated fees. The Committee considered the Adviser's statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund's Institutional Class shares for the five-year period ended December 31, 2024. The Committee also took into account the Fund's currently effective expense limitation agreement and contractual advisory fee breakpoint of 5 basis points on average daily net assets above $5 billion.

**Total Return Bond Fund:** The contractual advisory fee for the Fund's Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group. The net effective management fee for the Fund's Institutional Class shares ranks in the third quartile (71st percentile) of its peer group. The total net expense ratio for the Fund's Institutional Class shares ranks in the second quartile (36th percentile) of its peer group. The Committee considered the Adviser's statement explaining the higher fees that performance is driven by a unique investment approach that requires significant resources. In this regard, the Committee took into consideration the strong investment performance of the Fund's Institutional Class shares for the five-year period ended December 31, 2024. The Committee also took into account the Fund's currently effective expense limitation agreement with the Adviser.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 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.

THE GUGGENHEIM FUNDS ANNUAL FINANCIAL REPORT \| 319

**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 breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such breakpoints and expense waivers and limitations. The Committee also noted information from Guggenheim regarding certain challenges and costs associated with managing Funds that have achieved significant scale. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

**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.

320 \| THE GUGGENHEIM FUNDS 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.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

The information is included as part of the material filed under Item 7 of this Form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.**

Not applicable to this registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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) [The registrant's code of ethics pursuant to Item 2 of Form-NSR is attached.](fp0095396-56_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [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.](fp0095396-56_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.](fp0095396-56_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 Funds Trust |
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | December 4, 2025 |
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date | December 4, 2025 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

Procedure Number: IC23.4

**APPENDIX A**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is applicable to Guggenheim Funds (each a "Company" and together the "Companies," each set forth in Exhibit A) and applies to the Companies' President/CEO (Principal Executive Officer), and CFO/Treasurer (Principal Financial and Accounting Officer) (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.**

Page 1 of 5

Procedure Number: IC23.4

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations or other relationships which may give rise to conflicts
of interest with the Funds (provided that annual completion of the Funds' Trustees and Officers Questionnaire shall satisfy the
requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal officer, if material. Examples of these include:<u><sup>1</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-de minimus gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Company's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
and

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<u><sup>1</sup></u> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

Page 2 of 5

Procedure Number: IC23.4

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself
a violation of this Code.

The Secretary, or other designated senior legal officer of the Funds' investment adviser, is responsible for applying this **Code** to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<u><sup>2</sup></u> However, any approvals or waivers<u><sup>3</sup></u> sought by the President/ CEO will be considered by the Audit Committee of the Funds (the "Committee"). The Chair of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chair of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form N-CSR<u><sup>3</sup></u> to the extent required by Securities and Exchange Commission rules.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Secretary or other designated senior legal officer will take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Secretary believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer
as an officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Nothing in this Code, any agreement between the Audit Committee and Covered Officers or any other person serving the Trusts, or any Trust policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

<u><sup>2</sup></u> The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.

<u><sup>3</sup></u> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

Page 3 of 5

Procedure Number: IC23.4

**V.** **Other Policies and Procedures** 

This **Code** shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

**VII** **Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, the Funds' counsel, the Adviser and its counsel and any other advisers, consultants or counsel retained by the Board of Trustees.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Page 4 of 5

Procedure Number: IC23.4

**Exhibit A - Covered Entities**

**Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust**

**Guggenheim Strategic Opportunities Fund**

**Guggenheim Active Allocation Fund**

**Guggenheim Funds Trust**

**Guggenheim Variable Funds Trust**

**Guggenheim Strategy Funds Trust**

**Rydex Series Funds**

**Rydex Dynamic Funds**

**Rydex Variable Trust**

Page 5 of 5

## Ex-99.Cert

EX-19(a)(3)(i)

**<u>CERTIFICATION</u>**

I, Brian E. Binder, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Guggenheim Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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;(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;(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

&nbsp;&nbsp;&nbsp;&nbsp;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;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;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: | December 4, 2025 | /s/ Brian E. Binder |
|  |  | Brian E. Binder<br> President and Chief Executive Officer |

---

EX.-19(a)(3)(ii)

**<u>CERTIFICATION</u>**

I, James Howley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Guggenheim Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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;(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;(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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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;(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;(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: | December 4, 2025 | /s/ James Howley |
|  |  | James Howley<br> 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 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: | December 4, 2025 |  |
|  |  | /s/ Brian E. Binder |
|  |  | Brian E. Binder |
|  |  | President and Chief Executive Officer |
| Date: | December 4, 2025 |  |
|  |  | /s/ James Howley |
|  |  | James Howley |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---