# EDGAR Filing Document

**Accession Number:** 0000088525
**File Stem:** 0001398344-25-011388
**Filing Date:** 2025-6
**Character Count:** 1615770
**Document Hash:** b50b57e891c2dabb909a66149be8365d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011388.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011388

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01136
- **FILM NUMBER:** 251027836

**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'?

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 - March 31, 2025</u>

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

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

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

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

#### SMA Class \| GUCPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Core Plus Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| SMA Class | $1 | 0.02%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (SMA Class shares) returned 3.50%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund, which comprises 40% of a broader retail Core Plus SMA strategy, returned 3.50%. Positive performance was driven by carry (or earned income), while credit positioning was a minor detractor as spreads widened moderately over the period.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-58_sa161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | |
|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **Since Inception<sup>†</sup><br> (8.14.24)**  |
| Active INvestment Series (GAINS) - Core Plus Fund | 3.50% | 4.45% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 0.91% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27741808 |
| Total Number of Portfolio Holdings | 246 |
| Portfolio Turnover Rate | 4% |

---

---

| | |
|:---|:---|
| <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 return. |
| <sup>†</sup> | 6 month and since inception returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Active INvestment Series (GAINS)-Core Plus Fund \| SMA Class \| GUCPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-58_sa162.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 26.7% |
| AA | 18.1% |
| A | 21.8% |
| BBB | 13.0% |
| BB | 9.6% |
| B | 3.3% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Owl Rock CLO X LLC, 6.74% | 6.7% |
| Owl Rock CLO X LLC | 4.7% |
| Uniform MBS 15 Year | 3.5% |
| Slam Ltd., 5.34% | 3.5% |
| Fannie Mae, 7.00% | 2.2% |
| BCRED CLO LLC, 5.98% | 1.8% |
| AGL CLO 39 Ltd. | 1.8% |
| Navigator Aviation Ltd., 5.40% | 1.2% |
| PRPM LLC, 4.74% | 1.1% |
| Cross Mortgage Trust, 5.99% | 1.1% |
| Top 10 Total | 27.6% |

---

<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.

---

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

---

SAR-GUCPX-033125

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

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

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

#### SMA Class \| GULDX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| SMA Class | $1 | 0.02%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (SMA Class shares) returned 1.58%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund, which comprises 40% of a broader retail Limited Duration SMA strategy, returned 1.58%. Positive performance was driven by carry (or earned income), while credit positioning was a minor detractor as spreads widened moderately over the period.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-59_sa161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | |
|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **Since Inception<sup>†</sup><br> (8.14.24)**  |
| Active INvestment Series (GAINS) - Limited Duration Fund | 1.58% | 2.50% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 0.91% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15923726 |
| Total Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 5% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund \| SMA Class \| GULDX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-59_sa162.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 41.8% |
| AA | 13.8% |
| A | 17.6% |
| BBB | 6.6% |
| BB | 5.7% |
| B | 2.2% |
| NR<sup>3</sup> | 2.3% |
| Other Instruments | 10.0% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Owl Rock CLO X LLC, 6.74% | 6.3% |
| Owl Rock CLO X LLC | 4.4% |
| Uniform MBS 15 Year | 3.5% |
| Slam Ltd., 5.34% | 3.0% |
| Owl Rock CLO III Ltd., 6.14% | 1.9% |
| Fannie Mae, 7.00% | 1.8% |
| ALTDE Trust, 5.90% | 1.6% |
| Gilead Aviation LLC, 5.79% | 1.6% |
| AASET, 5.94% | 1.6% |
| BCRED CLO LLC, 5.98% | 1.6% |
| Top 10 Total | 27.3% |

---

<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.

---

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

---

SAR-GULDX-033125

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

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

### Guggenheim Core Bond Fund

#### Class A \| SIUSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $38 | 0.76%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.28%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-60_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.28% | 5.72% | 0.79% | 2.29% |
| Class A (with sales charge)<sup>‡</sup> | -3.71% | 1.51% | -0.03% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2268912549 |
| Total Number of Portfolio Holdings | 966 |
| Portfolio Turnover Rate | 30% |

---

---

| | |
|:---|:---|
| <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 their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.00%. |

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class A \| SIUSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-60_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 54.9% |
| AA | 7.5% |
| A | 16.5% |
| BBB | 17.0% |
| BB | 0.8% |
| B | 0.1% |
| CCC | 0.1% |
| CC\* | 0.0% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 2.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 6/01/2025 | 5.6% |
| U.S. Treasury Notes, 4.13% | 3.8% |
| U.S. Treasury Notes, 4.63% | 2.7% |
| U.S. Treasury Notes, 4.13% | 2.7% |
| Uniform MBS 30 Year, 3.00% due 6/01/2025 | 2.3% |
| U.S. Treasury Bonds due 05/15/51 | 2.2% |
| Uniform MBS 30 Year, 4.50% due 6/01/2025 | 1.9% |
| U.S. Treasury Notes, 3.75% | 1.9% |
| Uniform MBS 15 Year due 6/01/2025 | 1.9% |
| United States Treasury Inflation Indexed Bonds, 1.88% | 1.8% |
| Top 10 Total | 26.8% |

---

\* 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.

---

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

---

SAR-SIUSX-033125

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

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

### Guggenheim Core Bond Fund

#### Class C \| SDICX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $75 | 1.50%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned -0.09%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-62_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.09% | 4.96% | 0.06% | 1.55% |
| Class C (with CDSC)<sup>§</sup> | -1.07% | 3.96% | 0.06% | 1.55% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2268912549 |
| Total Number of Portfolio Holdings | 966 |
| Portfolio Turnover Rate | 30% |

---

---

| | |
|:---|:---|
| <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 their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class C \| SDICX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-62_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 54.9% |
| AA | 7.5% |
| A | 16.5% |
| BBB | 17.0% |
| BB | 0.8% |
| B | 0.1% |
| CCC | 0.1% |
| CC\* | 0.0% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 2.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 6/01/2025 | 5.6% |
| U.S. Treasury Notes, 4.13% | 3.8% |
| U.S. Treasury Notes, 4.63% | 2.7% |
| U.S. Treasury Notes, 4.13% | 2.7% |
| Uniform MBS 30 Year, 3.00% due 6/01/2025 | 2.3% |
| U.S. Treasury Bonds due 05/15/51 | 2.2% |
| Uniform MBS 30 Year, 4.50% due 6/01/2025 | 1.9% |
| U.S. Treasury Notes, 3.75% | 1.9% |
| Uniform MBS 15 Year due 6/01/2025 | 1.9% |
| United States Treasury Inflation Indexed Bonds, 1.88% | 1.8% |
| Top 10 Total | 26.8% |

---

\* 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.

---

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

---

SAR-SDICX-033125

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

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

### Guggenheim Core Bond Fund

#### Class P \| SIUPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $38 | 0.76%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 0.28%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-65_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 0.28% | 5.71% | 0.79% | 2.32% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2268912549 |
| Total Number of Portfolio Holdings | 966 |
| Portfolio Turnover Rate | 30% |

---

---

| | |
|:---|:---|
| <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 their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Class P \| SIUPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-65_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 54.9% |
| AA | 7.5% |
| A | 16.5% |
| BBB | 17.0% |
| BB | 0.8% |
| B | 0.1% |
| CCC | 0.1% |
| CC\* | 0.0% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 2.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 6/01/2025 | 5.6% |
| U.S. Treasury Notes, 4.13% | 3.8% |
| U.S. Treasury Notes, 4.63% | 2.7% |
| U.S. Treasury Notes, 4.13% | 2.7% |
| Uniform MBS 30 Year, 3.00% due 6/01/2025 | 2.3% |
| U.S. Treasury Bonds due 05/15/51 | 2.2% |
| Uniform MBS 30 Year, 4.50% due 6/01/2025 | 1.9% |
| U.S. Treasury Notes, 3.75% | 1.9% |
| Uniform MBS 15 Year due 6/01/2025 | 1.9% |
| United States Treasury Inflation Indexed Bonds, 1.88% | 1.8% |
| Top 10 Total | 26.8% |

---

\* 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.

---

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

---

SAR-SIUPX-033125

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

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

### Guggenheim Core Bond Fund

#### Institutional Class \| GIUSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Core Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $23 | 0.47%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 0.43%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-63_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 0.43% | 6.03% | 1.09% | 2.59% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $2268912549 |
| Total Number of Portfolio Holdings | 966 |
| Portfolio Turnover Rate | 30% |

---

---

| | |
|:---|:---|
| <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 their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Core Bond Fund \| Institutional Class \| GIUSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-63_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 54.9% |
| AA | 7.5% |
| A | 16.5% |
| BBB | 17.0% |
| BB | 0.8% |
| B | 0.1% |
| CCC | 0.1% |
| CC\* | 0.0% |
| C\* | 0.0% |
| NR<sup>3</sup> | 0.2% |
| Other Instruments | 2.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 6/01/2025 | 5.6% |
| U.S. Treasury Notes, 4.13% | 3.8% |
| U.S. Treasury Notes, 4.63% | 2.7% |
| U.S. Treasury Notes, 4.13% | 2.7% |
| Uniform MBS 30 Year, 3.00% due 6/01/2025 | 2.3% |
| U.S. Treasury Bonds due 05/15/51 | 2.2% |
| Uniform MBS 30 Year, 4.50% due 6/01/2025 | 1.9% |
| U.S. Treasury Notes, 3.75% | 1.9% |
| Uniform MBS 15 Year due 6/01/2025 | 1.9% |
| United States Treasury Inflation Indexed Bonds, 1.88% | 1.8% |
| Top 10 Total | 26.8% |

---

\* 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.

---

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

---

SAR-GIUSX-033125

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class A \| GIFAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $52 | 1.03%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 2.19%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.91% for the same period.

The fund's broad-based securities market index was changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Credit selection in the consumer cyclical sector was the main detractor to the fund's performance relative to the S&P UBS Leveraged Loan Index over the reporting period, driven by idiosyncratic credit issues in that space. The fund's high yield bond positions were also a mild detractor to performance. Credit selection in the communications and transportation sectors contributed to relative performance, as did selection in the fund's CCC allocation more broadly. Reorganized equity positions were also a contributor to performance during the period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-67_sa191.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 2.19% | 5.03% | 8.04% | 4.08% |
| Class A (with sales charge)<sup>‡</sup> | -0.88% | 1.88% | 7.39% | 3.57% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| S&P UBS Leveraged Loan Index | 2.91% | 7.02% | 8.90% | 4.98% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $831698944 |
| Total Number of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 28% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-67_sa192.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 7.8% |
| BB | 26.9% |
| B | 51.1% |
| CCC | 5.2% |
| CC | 0.2% |
| D | 0.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 7.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| Arcline FM Holdings, LLC, 8.80% | 1.1% |
| Pelican Products, Inc., 8.81% | 1.0% |
| CSC Holdings LLC, 8.82% | 0.8% |
| Citadel Securities, LP, 6.32% | 0.8% |
| Alimentation Couche-Tard Inc. | 0.8% |
| Allwyn Entertainment Financing US LLC | 0.8% |
| Bombardier Recreational Products, Inc., 7.07% | 0.8% |
| Quirch Foods Holdings LLC, 9.57% | 0.7% |
| Weber-Stephen Products LLC, 7.69% | 0.7% |
| Top 10 Total | 9.9% |

---

<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.

---

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

---

SAR-GIFAX-033125

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class C \| GIFCX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $90 | 1.78%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned 1.81%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.91% for the same period.

The fund's broad-based securities market index was changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Credit selection in the consumer cyclical sector was the main detractor to the fund's performance relative to the S&P UBS Leveraged Loan Index over the reporting period, driven by idiosyncratic credit issues in that space. The fund's high yield bond positions were also a mild detractor to performance. Credit selection in the communications and transportation sectors contributed to relative performance, as did selection in the fund's CCC allocation more broadly. Reorganized equity positions were also a contributor to performance during the period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-68_sa181.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 1.81% | 4.26% | 7.25% | 3.31% |
| Class C (with CDSC)<sup>§</sup> | 0.83% | 3.29% | 7.25% | 3.31% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| S&P UBS Leveraged Loan Index | 2.91% | 7.02% | 8.90% | 4.98% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $831698944 |
| Total Number of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 28% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class C \| GIFCX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-68_sa182.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 7.8% |
| BB | 26.9% |
| B | 51.1% |
| CCC | 5.2% |
| CC | 0.2% |
| D | 0.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 7.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| Arcline FM Holdings, LLC, 8.80% | 1.1% |
| Pelican Products, Inc., 8.81% | 1.0% |
| CSC Holdings LLC, 8.82% | 0.8% |
| Citadel Securities, LP, 6.32% | 0.8% |
| Alimentation Couche-Tard Inc. | 0.8% |
| Allwyn Entertainment Financing US LLC | 0.8% |
| Bombardier Recreational Products, Inc., 7.07% | 0.8% |
| Quirch Foods Holdings LLC, 9.57% | 0.7% |
| Weber-Stephen Products LLC, 7.69% | 0.7% |
| Top 10 Total | 9.9% |

---

<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.

---

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

---

SAR-GIFCX-033125

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class P \| GIFPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $52 | 1.03%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 2.19%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.91% for the same period.

The fund's broad-based securities market index was changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Credit selection in the consumer cyclical sector was the main detractor to the fund's performance relative to the S&P UBS Leveraged Loan Index over the reporting period, driven by idiosyncratic credit issues in that space. The fund's high yield bond positions were also a mild detractor to performance. Credit selection in the communications and transportation sectors contributed to relative performance, as did selection in the fund's CCC allocation more broadly. Reorganized equity positions were also a contributor to performance during the period.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-71_sa201.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 2.19% | 5.03% | 8.04% | 4.04% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |
| S&P UBS Leveraged Loan Index | 2.91% | 7.02% | 8.90% | 4.93% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $831698944 |
| Total Number of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 28% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class P \| GIFPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-71_sa202.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 7.8% |
| BB | 26.9% |
| B | 51.1% |
| CCC | 5.2% |
| CC | 0.2% |
| D | 0.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 7.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| Arcline FM Holdings, LLC, 8.80% | 1.1% |
| Pelican Products, Inc., 8.81% | 1.0% |
| CSC Holdings LLC, 8.82% | 0.8% |
| Citadel Securities, LP, 6.32% | 0.8% |
| Alimentation Couche-Tard Inc. | 0.8% |
| Allwyn Entertainment Financing US LLC | 0.8% |
| Bombardier Recreational Products, Inc., 7.07% | 0.8% |
| Quirch Foods Holdings LLC, 9.57% | 0.7% |
| Weber-Stephen Products LLC, 7.69% | 0.7% |
| Top 10 Total | 9.9% |

---

<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.

---

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

---

SAR-GIFPX-033125

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

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

### Guggenheim Floating Rate Strategies Fund

#### Institutional Class \| GIFIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $40 | 0.79%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 2.31%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.91% for the same period.

The fund's broad-based securities market index was changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Credit selection in the consumer cyclical sector was the main detractor to the fund's performance relative to the S&P UBS Leveraged Loan Index over the reporting period, driven by idiosyncratic credit issues in that space. The fund's high yield bond positions were also a mild detractor to performance. Credit selection in the communications and transportation sectors contributed to relative performance, as did selection in the fund's CCC allocation more broadly. Reorganized equity positions were also a contributor to performance during the period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-69_sa191.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 2.31% | 5.28% | 8.29% | 4.32% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| S&P UBS Leveraged Loan Index | 2.91% | 7.02% | 8.90% | 4.98% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $831698944 |
| Total Number of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 28% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Institutional Class \| GIFIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-69_sa192.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 7.8% |
| BB | 26.9% |
| B | 51.1% |
| CCC | 5.2% |
| CC | 0.2% |
| D | 0.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 7.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| Arcline FM Holdings, LLC, 8.80% | 1.1% |
| Pelican Products, Inc., 8.81% | 1.0% |
| CSC Holdings LLC, 8.82% | 0.8% |
| Citadel Securities, LP, 6.32% | 0.8% |
| Alimentation Couche-Tard Inc. | 0.8% |
| Allwyn Entertainment Financing US LLC | 0.8% |
| Bombardier Recreational Products, Inc., 7.07% | 0.8% |
| Quirch Foods Holdings LLC, 9.57% | 0.7% |
| Weber-Stephen Products LLC, 7.69% | 0.7% |
| Top 10 Total | 9.9% |

---

<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.

---

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

---

SAR-GIFIX-033125

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

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

### Guggenheim Floating Rate Strategies Fund

#### Class R6 \| GIFSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Floating Rate Strategies Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $40 | 0.79%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class R6 shares) returned 2.30%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the S&P UBS Leveraged Loan Index, which returned 2.91% for the same period.

The fund's broad-based securities market index was changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

Credit selection in the consumer cyclical sector was the main detractor to the fund's performance relative to the S&P UBS Leveraged Loan Index over the reporting period, driven by idiosyncratic credit issues in that space. The fund's high yield bond positions were also a mild detractor to performance. Credit selection in the communications and transportation sectors contributed to relative performance, as did selection in the fund's CCC allocation more broadly. Reorganized equity positions were also a contributor to performance during the period.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-70_sa181.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 2.30% | 5.27% | 8.33% | 4.92% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.30% |
| S&P UBS Leveraged Loan Index | 2.91% | 7.02% | 8.90% | 5.52% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $831698944 |
| Total Number of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 28% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Floating Rate Strategies Fund \| Class R6 \| GIFSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-70_sa182.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 7.8% |
| BB | 26.9% |
| B | 51.1% |
| CCC | 5.2% |
| CC | 0.2% |
| D | 0.2% |
| NR<sup>3</sup> | 1.2% |
| Other Instruments | 7.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| SPDR Blackstone Senior Loan ETF | 2.4% |
| Arcline FM Holdings, LLC, 8.80% | 1.1% |
| Pelican Products, Inc., 8.81% | 1.0% |
| CSC Holdings LLC, 8.82% | 0.8% |
| Citadel Securities, LP, 6.32% | 0.8% |
| Alimentation Couche-Tard Inc. | 0.8% |
| Allwyn Entertainment Financing US LLC | 0.8% |
| Bombardier Recreational Products, Inc., 7.07% | 0.8% |
| Quirch Foods Holdings LLC, 9.57% | 0.7% |
| Weber-Stephen Products LLC, 7.69% | 0.7% |
| Top 10 Total | 9.9% |

---

<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.

---

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

---

SAR-GIFSX-033125

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

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

### Guggenheim High Yield Fund

#### Class A \| SIHAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $46 | 0.91%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.66%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 1.18% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The primary contributors to fund performance were strong credit selection in the technology and capital goods sectors as well as in single B-rated credit. This was offset by slightly softer performance by bank loan exposure and in consumer cyclicals.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-74_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.66% | 6.50% | 7.14% | 4.54% |
| Class A (with sales charge)<sup>‡</sup> | -3.36% | 2.25% | 6.26% | 4.04% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 1.18% | 7.69% | 7.29% | 5.01% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $179046959 |
| Total Number of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 18% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 calculate performance for periods based on subscriptions made on or after October 2, 2015. |

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class A \| SIHAX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-74_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 5.0% |
| BB | 43.2% |
| B | 38.2% |
| CCC | 8.7% |
| D | 0.2% |
| NR<sup>3</sup> | 0.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 1.1% |
| Trinity Industries, Inc., 7.75% | 1.0% |
| CPI CG, Inc., 10.00% | 1.0% |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| Enviri Corp., 5.75% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc., 7.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.7% |
| Top 10 Total | 8.8% |

---

<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.

---

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

---

SAR-SIHAX-033125

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

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

### Guggenheim High Yield Fund

#### Class C \| SIHSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $83 | 1.66%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned 0.31%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 1.18% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The primary contributors to fund performance were strong credit selection in the technology and capital goods sectors as well as in single B-rated credit. This was offset by slightly softer performance by bank loan exposure and in consumer cyclicals.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-76_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 0.31% | 5.71% | 6.29% | 3.75% |
| Class C (with CDSC)<sup>§</sup> | -0.67% | 4.72% | 6.29% | 3.75% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 1.18% | 7.69% | 7.29% | 5.01% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $179046959 |
| Total Number of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 18% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class C \| SIHSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-76_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 5.0% |
| BB | 43.2% |
| B | 38.2% |
| CCC | 8.7% |
| D | 0.2% |
| NR<sup>3</sup> | 0.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 1.1% |
| Trinity Industries, Inc., 7.75% | 1.0% |
| CPI CG, Inc., 10.00% | 1.0% |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| Enviri Corp., 5.75% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc., 7.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.7% |
| Top 10 Total | 8.8% |

---

<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.

---

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

---

SAR-SIHSX-033125

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

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

### Guggenheim High Yield Fund

#### Class P \| SIHPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $46 | 0.91%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 0.66%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 1.18% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The primary contributors to fund performance were strong credit selection in the technology and capital goods sectors as well as in single B-rated credit. This was offset by slightly softer performance by bank loan exposure and in consumer cyclicals.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-78_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 0.66% | 6.51% | 7.08% | 4.41% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |
| Bloomberg U.S. Corporate High Yield Index | 1.18% | 7.69% | 7.29% | 4.93% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $179046959 |
| Total Number of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 18% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class P \| SIHPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-78_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 5.0% |
| BB | 43.2% |
| B | 38.2% |
| CCC | 8.7% |
| D | 0.2% |
| NR<sup>3</sup> | 0.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 1.1% |
| Trinity Industries, Inc., 7.75% | 1.0% |
| CPI CG, Inc., 10.00% | 1.0% |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| Enviri Corp., 5.75% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc., 7.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.7% |
| Top 10 Total | 8.8% |

---

<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.

---

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

---

SAR-SIHPX-033125

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

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

### Guggenheim High Yield Fund

#### Institutional Class \| SHYIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $33 | 0.66%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 0.83%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 1.18% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The primary contributors to fund performance were strong credit selection in the technology and capital goods sectors as well as in single B-rated credit. This was offset by slightly softer performance by bank loan exposure and in consumer cyclicals.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-73_sa131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 0.83% | 6.74% | 7.37% | 4.81% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 1.18% | 7.69% | 7.29% | 5.01% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $179046959 |
| Total Number of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 18% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Institutional Class \| SHYIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-73_sa132.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 5.0% |
| BB | 43.2% |
| B | 38.2% |
| CCC | 8.7% |
| D | 0.2% |
| NR<sup>3</sup> | 0.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 1.1% |
| Trinity Industries, Inc., 7.75% | 1.0% |
| CPI CG, Inc., 10.00% | 1.0% |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| Enviri Corp., 5.75% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc., 7.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.7% |
| Top 10 Total | 8.8% |

---

<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.

---

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

---

SAR-SHYIX-033125

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

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

### Guggenheim High Yield Fund

#### Class R6 \| SHYSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim High Yield Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $33 | 0.66%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class R6 shares) returned 0.78%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 1.18% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The primary contributors to fund performance were strong credit selection in the technology and capital goods sectors as well as in single B-rated credit. This was offset by slightly softer performance by bank loan exposure and in consumer cyclicals.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-77_sa131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.15.17)**  |
| Class R6 | 0.78% | 6.78% | 7.45% | 4.29% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Corporate High Yield Index | 1.18% | 7.69% | 7.29% | 4.68% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $179046959 |
| Total Number of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 18% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim High Yield Fund \| Class R6 \| SHYSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-77_sa132.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BBB | 5.0% |
| BB | 43.2% |
| B | 38.2% |
| CCC | 8.7% |
| D | 0.2% |
| NR<sup>3</sup> | 0.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.50% | 1.1% |
| Trinity Industries, Inc., 7.75% | 1.0% |
| CPI CG, Inc., 10.00% | 1.0% |
| GrafTech Finance, Inc., 4.63% | 1.0% |
| Enviri Corp., 5.75% | 0.8% |
| Jones Deslauriers Insurance Management, Inc., 10.50% | 0.8% |
| ITT Holdings LLC, 6.50% | 0.8% |
| Great Lakes Dredge & Dock Corp., 5.25% | 0.8% |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc., 7.00% | 0.8% |
| AMC Networks, Inc., 4.25% | 0.7% |
| Top 10 Total | 8.8% |

---

<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.

---

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

---

SAR-SHYSX-033125

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

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

### Guggenheim Limited Duration Fund

#### Class A \| GILDX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $36 | 0.72%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 1.83%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% 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 1.61% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative performance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within high yield corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg Corporate High Yield Bond Index by 0.8%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-80_sa171.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 1.83% | 6.17% | 3.24% | 2.65% |
| Class A (with sales charge)<sup>‡</sup> | -0.48% | 3.80% | 2.77% | 2.42% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 1.61% | 5.61% | 1.50% | 1.71% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4978025825 |
| Total Number of Portfolio Holdings | 675 |
| Portfolio Turnover Rate | 12% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-80_sa172.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 51.7% |
| AA | 6.4% |
| A | 14.4% |
| BBB | 14.5% |
| BB | 3.4% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.2% |
| NR<sup>3</sup> | 4.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 12.8% |
| U.S. Treasury Notes, 4.75% due 07/31/25 | 4.0% |
| U.S. Treasury Notes, 4.38% due 07/31/25 | 3.3% |
| U.S. Treasury Notes, 4.25% due 02/15/28 | 3.0% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.3% |
| U.S. Treasury Notes, 4.63% due 06/30/25 | 2.0% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.0% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.8% |
| U.S. Treasury Notes, 3.75% due 08/31/26 | 1.4% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Top 10 Total | 33.7% |

---

<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.

---

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

---

SAR-GILDX-033125

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

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

### Guggenheim Limited Duration Fund

#### Class C \| GILFX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $74 | 1.47%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned 1.45%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% 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 1.61% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative performance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within high yield corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg Corporate High Yield Bond Index by 0.8%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-81_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 1.45% | 5.39% | 2.47% | 1.88% |
| Class C (with CDSC)<sup>§</sup> | 0.46% | 4.39% | 2.47% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 1.61% | 5.61% | 1.50% | 1.71% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4978025825 |
| Total Number of Portfolio Holdings | 675 |
| Portfolio Turnover Rate | 12% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class C \| GILFX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-81_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 51.7% |
| AA | 6.4% |
| A | 14.4% |
| BBB | 14.5% |
| BB | 3.4% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.2% |
| NR<sup>3</sup> | 4.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 12.8% |
| U.S. Treasury Notes, 4.75% due 07/31/25 | 4.0% |
| U.S. Treasury Notes, 4.38% due 07/31/25 | 3.3% |
| U.S. Treasury Notes, 4.25% due 02/15/28 | 3.0% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.3% |
| U.S. Treasury Notes, 4.63% due 06/30/25 | 2.0% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.0% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.8% |
| U.S. Treasury Notes, 3.75% due 08/31/26 | 1.4% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Top 10 Total | 33.7% |

---

<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.

---

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

---

SAR-GILFX-033125

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

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

### Guggenheim Limited Duration Fund

#### Class P \| GILPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $36 | 0.72%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 1.79%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% 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 1.61% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative performance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within high yield corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg Corporate High Yield Bond Index by 0.8%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-84_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 1.79% | 6.13% | 3.24% | 2.63% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 1.61% | 5.61% | 1.50% | 1.72% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4978025825 |
| Total Number of Portfolio Holdings | 675 |
| Portfolio Turnover Rate | 12% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class P \| GILPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-84_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 51.7% |
| AA | 6.4% |
| A | 14.4% |
| BBB | 14.5% |
| BB | 3.4% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.2% |
| NR<sup>3</sup> | 4.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 12.8% |
| U.S. Treasury Notes, 4.75% due 07/31/25 | 4.0% |
| U.S. Treasury Notes, 4.38% due 07/31/25 | 3.3% |
| U.S. Treasury Notes, 4.25% due 02/15/28 | 3.0% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.3% |
| U.S. Treasury Notes, 4.63% due 06/30/25 | 2.0% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.0% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.8% |
| U.S. Treasury Notes, 3.75% due 08/31/26 | 1.4% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Top 10 Total | 33.7% |

---

<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.

---

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

---

SAR-GILPX-033125

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

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

### Guggenheim Limited Duration Fund

#### Institutional Class \| GILHX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $24 | 0.47%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 1.92%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% 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 1.61% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative performance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within high yield corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg Corporate High Yield Bond Index by 0.8%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-82_sa161.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 1.92% | 6.40% | 3.49% | 2.91% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 1.61% | 5.61% | 1.50% | 1.71% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4978025825 |
| Total Number of Portfolio Holdings | 675 |
| Portfolio Turnover Rate | 12% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Institutional Class \| GILHX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-82_sa162.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 51.7% |
| AA | 6.4% |
| A | 14.4% |
| BBB | 14.5% |
| BB | 3.4% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.2% |
| NR<sup>3</sup> | 4.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 12.8% |
| U.S. Treasury Notes, 4.75% due 07/31/25 | 4.0% |
| U.S. Treasury Notes, 4.38% due 07/31/25 | 3.3% |
| U.S. Treasury Notes, 4.25% due 02/15/28 | 3.0% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.3% |
| U.S. Treasury Notes, 4.63% due 06/30/25 | 2.0% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.0% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.8% |
| U.S. Treasury Notes, 3.75% due 08/31/26 | 1.4% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Top 10 Total | 33.7% |

---

<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.

---

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

---

SAR-GILHX-033125

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

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

### Guggenheim Limited Duration Fund

#### Class R6 \| GIKRX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Limited Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $21 | 0.42%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class R6 shares) returned 1.94%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% 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 1.61% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund's relative performance was driven by sector allocation, security selection, and the fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within high yield corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg Corporate High Yield Bond Index by 0.8%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-83_sa151.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 1.94% | 6.45% | 3.52% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.30% |
| Bloomberg U.S. Aggregate Bond 1-3 Year Total Return Index | 1.61% | 5.61% | 1.50% | 2.07% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4978025825 |
| Total Number of Portfolio Holdings | 675 |
| Portfolio Turnover Rate | 12% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Limited Duration Fund \| Class R6 \| GIKRX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-83_sa152.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 51.7% |
| AA | 6.4% |
| A | 14.4% |
| BBB | 14.5% |
| BB | 3.4% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.2% |
| NR<sup>3</sup> | 4.5% |
| Other Instruments | 4.2% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 12.8% |
| U.S. Treasury Notes, 4.75% due 07/31/25 | 4.0% |
| U.S. Treasury Notes, 4.38% due 07/31/25 | 3.3% |
| U.S. Treasury Notes, 4.25% due 02/15/28 | 3.0% |
| U.S. Treasury Notes, 4.25% due 11/30/26 | 2.3% |
| U.S. Treasury Notes, 4.63% due 06/30/25 | 2.0% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.0% |
| U.S. Treasury Notes, 4.13% due 10/31/26 | 1.8% |
| U.S. Treasury Notes, 3.75% due 08/31/26 | 1.4% |
| U.S. Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.1% |
| Top 10 Total | 33.7% |

---

<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.

---

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

---

SAR-GIKRX-033125

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

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

### Guggenheim Macro Opportunities Fund

#### Class A \| GIOAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $64 | 1.28%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 1.84%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.22% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index, but outperformed broader credit indexes including the Bloomberg U.S. High Yield Bond Index. Positive performance was driven by carry (or earned income) and the fund's structured credit allocation as securitized spread outperformed corporate credit spreads. Security selection within investment-grade corporates and asset-backed securities was a key contributor to performance as the fund's investment-grade corporate and asset-backed securities holdings outperformed representative indices for each sector. Duration detracted from absolute returns as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-86_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 1.84% | 7.12% | 5.55% | 3.46% |
| Class A (with sales charge)<sup>‡</sup> | -2.25% | 2.85% | 4.70% | 2.96% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.22% | 5.00% | 2.57% | 1.88% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8232128524 |
| Total Number of Portfolio Holdings | 1017 |
| Portfolio Turnover Rate | 8% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 calculate performance for periods based on subscriptions made on or after October 1, 2015. |

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class A \| GIOAX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-86_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 14.6% |
| AA | 1.6% |
| A | 12.6% |
| BBB | 14.7% |
| BB | 15.2% |
| B | 19.4% |
| CCC | 2.9% |
| CC | 1.3% |
| C\* | 0.0% |
| D\* | 0.0% |
| NR<sup>3</sup> | 3.8% |
| Other Instruments | 13.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Notes, 4.25% | 4.4% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| Guggenheim Limited Duration Fund — Class R6 | 1.7% |
| Fannie Mae, 5.50% | 1.2% |
| Fannie Mae, 7.00% | 1.0% |
| Uniform MBS 30 Year, 5.50% due 06/01/25 | 0.9% |
| SPDR S&P 500 ETF Trust | 0.8% |
| Uniform MBS 30 Year, 2.50% due 06/01/25 | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.7% |
| Top 10 Total | 15.5% |

---

\* 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.

---

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

---

SAR-GIOAX-033125

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

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

### Guggenheim Macro Opportunities Fund

#### Class C \| GIOCX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $102 | 2.03%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned 1.51%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.22% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index, but outperformed broader credit indexes including the Bloomberg U.S. High Yield Bond Index. Positive performance was driven by carry (or earned income) and the fund's structured credit allocation as securitized spread outperformed corporate credit spreads. Security selection within investment-grade corporates and asset-backed securities was a key contributor to performance as the fund's investment-grade corporate and asset-backed securities holdings outperformed representative indices for each sector. Duration detracted from absolute returns as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-87_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 1.51% | 6.40% | 4.78% | 2.70% |
| Class C (with CDSC)<sup>§</sup> | 0.51% | 5.40% | 4.78% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.22% | 5.00% | 2.57% | 1.88% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8232128524 |
| Total Number of Portfolio Holdings | 1017 |
| Portfolio Turnover Rate | 8% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class C \| GIOCX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-87_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 14.6% |
| AA | 1.6% |
| A | 12.6% |
| BBB | 14.7% |
| BB | 15.2% |
| B | 19.4% |
| CCC | 2.9% |
| CC | 1.3% |
| C\* | 0.0% |
| D\* | 0.0% |
| NR<sup>3</sup> | 3.8% |
| Other Instruments | 13.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Notes, 4.25% | 4.4% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| Guggenheim Limited Duration Fund — Class R6 | 1.7% |
| Fannie Mae, 5.50% | 1.2% |
| Fannie Mae, 7.00% | 1.0% |
| Uniform MBS 30 Year, 5.50% due 06/01/25 | 0.9% |
| SPDR S&P 500 ETF Trust | 0.8% |
| Uniform MBS 30 Year, 2.50% due 06/01/25 | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.7% |
| Top 10 Total | 15.5% |

---

\* 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.

---

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

---

SAR-GIOCX-033125

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

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

### Guggenheim Macro Opportunities Fund

#### Class P \| GIOPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $66 | 1.32%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 1.81%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.22% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index, but outperformed broader credit indexes including the Bloomberg U.S. High Yield Bond Index. Positive performance was driven by carry (or earned income) and the fund's structured credit allocation as securitized spread outperformed corporate credit spreads. Security selection within investment-grade corporates and asset-backed securities was a key contributor to performance as the fund's investment-grade corporate and asset-backed securities holdings outperformed representative indices for each sector. Duration detracted from absolute returns as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-90_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 1.81% | 7.03% | 5.53% | 3.53% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.22% | 5.00% | 2.57% | 1.88% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8232128524 |
| Total Number of Portfolio Holdings | 1017 |
| Portfolio Turnover Rate | 8% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class P \| GIOPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-90_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 14.6% |
| AA | 1.6% |
| A | 12.6% |
| BBB | 14.7% |
| BB | 15.2% |
| B | 19.4% |
| CCC | 2.9% |
| CC | 1.3% |
| C\* | 0.0% |
| D\* | 0.0% |
| NR<sup>3</sup> | 3.8% |
| Other Instruments | 13.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Notes, 4.25% | 4.4% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| Guggenheim Limited Duration Fund — Class R6 | 1.7% |
| Fannie Mae, 5.50% | 1.2% |
| Fannie Mae, 7.00% | 1.0% |
| Uniform MBS 30 Year, 5.50% due 06/01/25 | 0.9% |
| SPDR S&P 500 ETF Trust | 0.8% |
| Uniform MBS 30 Year, 2.50% due 06/01/25 | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.7% |
| Top 10 Total | 15.5% |

---

\* 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.

---

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

---

SAR-GIOPX-033125

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

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

### Guggenheim Macro Opportunities Fund

#### Institutional Class \| GIOIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $46 | 0.91%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 2.01%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.22% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index, but outperformed broader credit indexes including the Bloomberg U.S. High Yield Bond Index. Positive performance was driven by carry (or earned income) and the fund's structured credit allocation as securitized spread outperformed corporate credit spreads. Security selection within investment-grade corporates and asset-backed securities was a key contributor to performance as the fund's investment-grade corporate and asset-backed securities holdings outperformed representative indices for each sector. Duration detracted from absolute returns as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-88_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 2.01% | 7.50% | 5.95% | 3.85% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.22% | 5.00% | 2.57% | 1.88% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8232128524 |
| Total Number of Portfolio Holdings | 1017 |
| Portfolio Turnover Rate | 8% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Institutional Class \| GIOIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-88_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 14.6% |
| AA | 1.6% |
| A | 12.6% |
| BBB | 14.7% |
| BB | 15.2% |
| B | 19.4% |
| CCC | 2.9% |
| CC | 1.3% |
| C\* | 0.0% |
| D\* | 0.0% |
| NR<sup>3</sup> | 3.8% |
| Other Instruments | 13.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Notes, 4.25% | 4.4% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| Guggenheim Limited Duration Fund — Class R6 | 1.7% |
| Fannie Mae, 5.50% | 1.2% |
| Fannie Mae, 7.00% | 1.0% |
| Uniform MBS 30 Year, 5.50% due 06/01/25 | 0.9% |
| SPDR S&P 500 ETF Trust | 0.8% |
| Uniform MBS 30 Year, 2.50% due 06/01/25 | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.7% |
| Top 10 Total | 15.5% |

---

\* 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.

---

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

---

SAR-GIOIX-033125

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

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

### Guggenheim Macro Opportunities Fund

#### Class R6 \| GIOSX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Macro Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $46 | 0.91%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class R6 shares) returned 2.05%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.22% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index, but outperformed broader credit indexes including the Bloomberg U.S. High Yield Bond Index. Positive performance was driven by carry (or earned income) and the fund's structured credit allocation as securitized spread outperformed corporate credit spreads. Security selection within investment-grade corporates and asset-backed securities was a key contributor to performance as the fund's investment-grade corporate and asset-backed securities holdings outperformed representative indices for each sector. Duration detracted from absolute returns as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-89_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (3.13.19)**  |
| Class R6 | 2.05% | 7.50% | 5.97% | 4.12% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.30% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.22% | 5.00% | 2.57% | 2.52% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $8232128524 |
| Total Number of Portfolio Holdings | 1017 |
| Portfolio Turnover Rate | 8% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Macro Opportunities Fund \| Class R6 \| GIOSX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-89_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 14.6% |
| AA | 1.6% |
| A | 12.6% |
| BBB | 14.7% |
| BB | 15.2% |
| B | 19.4% |
| CCC | 2.9% |
| CC | 1.3% |
| C\* | 0.0% |
| D\* | 0.0% |
| NR<sup>3</sup> | 3.8% |
| Other Instruments | 13.9% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Notes, 4.25% | 4.4% |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 2.1% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| Guggenheim Limited Duration Fund — Class R6 | 1.7% |
| Fannie Mae, 5.50% | 1.2% |
| Fannie Mae, 7.00% | 1.0% |
| Uniform MBS 30 Year, 5.50% due 06/01/25 | 0.9% |
| SPDR S&P 500 ETF Trust | 0.8% |
| Uniform MBS 30 Year, 2.50% due 06/01/25 | 0.7% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.7% |
| Top 10 Total | 15.5% |

---

\* 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.

---

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

---

SAR-GIOSX-033125

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

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

### Guggenheim Municipal Income Fund

#### Class A \| GIJAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $38 | 0.77%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned -1.22%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned -1.44% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -3.09% for the same period.

In addition to the performance of the Bloomberg Municipal Bond Index, the fund's broad-based securities market index, the fund has added the performance of an additional index, the Bloomberg Municipal Long Bond Index. The additional index provides a means to compare the fund's performance to an index that the investment manager believes reflects the market sectors in which the fund invests.

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

The fund's performance was driven by duration positioning. Spreads generally widened during the period due to a range of factors, including tight starting valuations, net new issue supply, and concerns over potential changes to municipal bonds' tax exemption. School districts and tax-exempt agency MBS were the top two detractors to total return during the period; special tax and transportation 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-92_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -1.22% | 2.05% | -0.10% | 1.27% |
| Class A (with sales charge)<sup>‡</sup> | -5.15% | -2.00% | -0.91% | 0.78% |
| Bloomberg Municipal Bond Index | -1.44% | 1.22% | 1.07% | 2.13% |
| Bloomberg Municipal Long Bond Index | -3.09% | 0.67% | 0.46% | 2.31% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $33072655 |
| Total Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 its reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-92_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 45.1% |
| AA | 40.4% |
| A | 10.0% |
| BBB | 2.0% |
| BB | 2.4% |
| NR<sup>3</sup> | 0.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Salt River Project Agricultural Improvement & Power District Revenue Bonds, 5.00% | 3.5% |
| Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15% | 3.4% |
| State of Georgia General Obligation Unlimited, 5.00% | 3.4% |
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds, 5.00% | 3.4% |
| State of Wisconsin General Obligation Unlimited, 5.00% | 3.3% |
| City of State Paul Minnesota General Obligation Unlimited, 5.00% | 3.2% |
| Idaho Housing & Finance Association Revenue Bonds, 5.00% | 3.2% |
| State of Ohio General Obligation Limited, 5.00% | 3.2% |
| Michigan Technological University Revenue Bonds, 5.25% | 3.2% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 3.2% |
| Top 10 Total | 33.0% |

---

<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.

---

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

---

SAR-GIJAX-033125

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

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

### Guggenheim Municipal Income Fund

#### Class C \| GIJCX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $75 | 1.52%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned -1.68%, underperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned -1.44% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -3.09% for the same period.

In addition to the performance of the Bloomberg Municipal Bond Index, the fund's broad-based securities market index, the fund has added the performance of an additional index, the Bloomberg Municipal Long Bond Index. The additional index provides a means to compare the fund's performance to an index that the investment manager believes reflects the market sectors in which the fund invests.

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

The fund's performance was driven by duration positioning. Spreads generally widened during the period due to a range of factors, including tight starting valuations, net new issue supply, and concerns over potential changes to municipal bonds' tax exemption. School districts and tax-exempt agency MBS were the top two detractors to total return during the period; special tax and transportation 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-93_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -1.68% | 1.29% | -0.85% | 0.50% |
| Class C (with CDSC)<sup>§</sup> | -2.65% | 0.30% | -0.85% | 0.50% |
| Bloomberg Municipal Bond Index | -1.44% | 1.22% | 1.07% | 2.13% |
| Bloomberg Municipal Long Bond Index | -3.09% | 0.67% | 0.46% | 2.31% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $33072655 |
| Total Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 its reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Class C \| GIJCX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-93_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 45.1% |
| AA | 40.4% |
| A | 10.0% |
| BBB | 2.0% |
| BB | 2.4% |
| NR<sup>3</sup> | 0.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Salt River Project Agricultural Improvement & Power District Revenue Bonds, 5.00% | 3.5% |
| Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15% | 3.4% |
| State of Georgia General Obligation Unlimited, 5.00% | 3.4% |
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds, 5.00% | 3.4% |
| State of Wisconsin General Obligation Unlimited, 5.00% | 3.3% |
| City of State Paul Minnesota General Obligation Unlimited, 5.00% | 3.2% |
| Idaho Housing & Finance Association Revenue Bonds, 5.00% | 3.2% |
| State of Ohio General Obligation Limited, 5.00% | 3.2% |
| Michigan Technological University Revenue Bonds, 5.25% | 3.2% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 3.2% |
| Top 10 Total | 33.0% |

---

<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.

---

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

---

SAR-GIJCX-033125

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

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

### Guggenheim Municipal Income Fund

#### Class P \| GIJPX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $38 | 0.77%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned -1.30%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned -1.44% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -3.09% for the same period.

In addition to the performance of the Bloomberg Municipal Bond Index, the fund's broad-based securities market index, the fund has added the performance of an additional index, the Bloomberg Municipal Long Bond Index. The additional index provides a means to compare the fund's performance to an index that the investment manager believes reflects the market sectors in which the fund invests.

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

The fund's performance was driven by duration positioning. Spreads generally widened during the period due to a range of factors, including tight starting valuations, net new issue supply, and concerns over potential changes to municipal bonds' tax exemption. School districts and tax-exempt agency MBS were the top two detractors to total return during the period; special tax and transportation were the top two contributors.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-96_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | -1.30% | 1.97% | -0.10% | 1.32% |
| Bloomberg Municipal Bond Index | -1.44% | 1.22% | 1.07% | 2.21% |
| Bloomberg Municipal Long Bond Index | -3.09% | 0.67% | 0.46% | 2.44% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $33072655 |
| Total Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 its reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Class P \| GIJPX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-96_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 45.1% |
| AA | 40.4% |
| A | 10.0% |
| BBB | 2.0% |
| BB | 2.4% |
| NR<sup>3</sup> | 0.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Salt River Project Agricultural Improvement & Power District Revenue Bonds, 5.00% | 3.5% |
| Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15% | 3.4% |
| State of Georgia General Obligation Unlimited, 5.00% | 3.4% |
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds, 5.00% | 3.4% |
| State of Wisconsin General Obligation Unlimited, 5.00% | 3.3% |
| City of State Paul Minnesota General Obligation Unlimited, 5.00% | 3.2% |
| Idaho Housing & Finance Association Revenue Bonds, 5.00% | 3.2% |
| State of Ohio General Obligation Limited, 5.00% | 3.2% |
| Michigan Technological University Revenue Bonds, 5.25% | 3.2% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 3.2% |
| Top 10 Total | 33.0% |

---

<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.

---

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

---

SAR-GIJPX-033125

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

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

### Guggenheim Municipal Income Fund

#### Institutional Class \| GIJIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Municipal Income Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $26 | 0.52%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned -1.17%, outperforming the fund's benchmark, the Bloomberg Municipal Bond Index, which returned -1.44% for the same period and outperforming the fund's secondary index, the Bloomberg Municipal Long Bond Index, which returned -3.09% for the same period.

In addition to the performance of the Bloomberg Municipal Bond Index, the fund's broad-based securities market index, the fund has added the performance of an additional index, the Bloomberg Municipal Long Bond Index. The additional index provides a means to compare the fund's performance to an index that the investment manager believes reflects the market sectors in which the fund invests.

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

The fund's performance was driven by duration positioning. Spreads generally widened during the period due to a range of factors, including tight starting valuations, net new issue supply, and concerns over potential changes to municipal bonds' tax exemption. School districts and tax-exempt agency MBS were the top two detractors to total return during the period; special tax and transportation 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 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-94_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | -1.17% | 2.32% | 0.15% | 1.52% |
| Bloomberg Municipal Bond Index | -1.44% | 1.22% | 1.07% | 2.13% |
| Bloomberg Municipal Long Bond Index | -3.09% | 0.67% | 0.46% | 2.31% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $33072655 |
| Total Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | –% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The 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 its reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Guggenheim Municipal Income Fund \| Institutional Class \| GIJIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-94_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 45.1% |
| AA | 40.4% |
| A | 10.0% |
| BBB | 2.0% |
| BB | 2.4% |
| NR<sup>3</sup> | 0.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Salt River Project Agricultural Improvement & Power District Revenue Bonds, 5.00% | 3.5% |
| Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds, 3.15% | 3.4% |
| State of Georgia General Obligation Unlimited, 5.00% | 3.4% |
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds, 5.00% | 3.4% |
| State of Wisconsin General Obligation Unlimited, 5.00% | 3.3% |
| City of State Paul Minnesota General Obligation Unlimited, 5.00% | 3.2% |
| Idaho Housing & Finance Association Revenue Bonds, 5.00% | 3.2% |
| State of Ohio General Obligation Limited, 5.00% | 3.2% |
| Michigan Technological University Revenue Bonds, 5.25% | 3.2% |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds, 5.25% | 3.2% |
| Top 10 Total | 33.0% |

---

<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.

---

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

---

SAR-GIJIX-033125

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

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

### Guggenheim Total Return Bond Fund

#### Class A \| GIBAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $38 | 0.77%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 0.27%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the Fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-98_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 0.27% | 5.92% | 1.17% | 2.47% |
| Class A (with sales charge)<sup>‡</sup> | -3.73% | 1.68% | 0.35% | 1.98% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27802255417 |
| Total Number of Portfolio Holdings | 1867 |
| Portfolio Turnover Rate | 21% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <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 | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-98_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 46.5% |
| AA | 6.3% |
| A | 14.9% |
| BBB | 16.4% |
| BB | 5.3% |
| B | 2.4% |
| CCC | 0.7% |
| CC | 0.7% |
| C | 0.1% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 5.5% |
| Uniform MBS 30 Year, 3.00% due 06/01/25 | 4.0% |
| Uniform MBS 30 Year, 4.50% due 06/01/25 | 2.3% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/34 | 1.8% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.7% |
| U.S. Treasury Bonds due 05/15/51 | 1.7% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.2% |
| Fannie Mae, 7.00% due 03/01/55 | 1.0% |
| U.S. Treasury Notes, 4.13% due 11/30/29 | 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.

---

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

---

SAR-GIBAX-033125

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

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

### Guggenheim Total Return Bond Fund

#### Class C \| GIBCX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $76 | 1.52%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class C shares) returned -0.10%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the Fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-99_sa131.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.10% | 5.13% | 0.42% | 1.71% |
| Class C (with CDSC)<sup>§</sup> | -1.08% | 4.13% | 0.42% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27802255417 |
| Total Number of Portfolio Holdings | 1867 |
| Portfolio Turnover Rate | 21% |

---

---

| | |
|:---|:---|
| <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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class C \| GIBCX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-99_sa132.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 46.5% |
| AA | 6.3% |
| A | 14.9% |
| BBB | 16.4% |
| BB | 5.3% |
| B | 2.4% |
| CCC | 0.7% |
| CC | 0.7% |
| C | 0.1% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 5.5% |
| Uniform MBS 30 Year, 3.00% due 06/01/25 | 4.0% |
| Uniform MBS 30 Year, 4.50% due 06/01/25 | 2.3% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/34 | 1.8% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.7% |
| U.S. Treasury Bonds due 05/15/51 | 1.7% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.2% |
| Fannie Mae, 7.00% due 03/01/55 | 1.0% |
| U.S. Treasury Notes, 4.13% due 11/30/29 | 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.

---

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

---

SAR-GIBCX-033125

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

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

### Guggenheim Total Return Bond Fund

#### Class P \| GIBLX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class P | $38 | 0.77%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class P shares) returned 0.27%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the Fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-102_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (5.01.15)**  |
| Class P | 0.27% | 5.92% | 1.17% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.55% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27802255417 |
| Total Number of Portfolio Holdings | 1867 |
| Portfolio Turnover Rate | 21% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class P \| GIBLX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-102_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 46.5% |
| AA | 6.3% |
| A | 14.9% |
| BBB | 16.4% |
| BB | 5.3% |
| B | 2.4% |
| CCC | 0.7% |
| CC | 0.7% |
| C | 0.1% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 5.5% |
| Uniform MBS 30 Year, 3.00% due 06/01/25 | 4.0% |
| Uniform MBS 30 Year, 4.50% due 06/01/25 | 2.3% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/34 | 1.8% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.7% |
| U.S. Treasury Bonds due 05/15/51 | 1.7% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.2% |
| Fannie Mae, 7.00% due 03/01/55 | 1.0% |
| U.S. Treasury Notes, 4.13% due 11/30/29 | 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.

---

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

---

SAR-GIBLX-033125

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

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

### Guggenheim Total Return Bond Fund

#### Institutional Class \| GIBIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $24 | 0.48%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 0.42%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the Fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-100_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 0.42% | 6.21% | 1.46% | 2.78% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27802255417 |
| Total Number of Portfolio Holdings | 1867 |
| Portfolio Turnover Rate | 21% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Institutional Class \| GIBIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-100_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 46.5% |
| AA | 6.3% |
| A | 14.9% |
| BBB | 16.4% |
| BB | 5.3% |
| B | 2.4% |
| CCC | 0.7% |
| CC | 0.7% |
| C | 0.1% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 5.5% |
| Uniform MBS 30 Year, 3.00% due 06/01/25 | 4.0% |
| Uniform MBS 30 Year, 4.50% due 06/01/25 | 2.3% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/34 | 1.8% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.7% |
| U.S. Treasury Bonds due 05/15/51 | 1.7% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.2% |
| Fannie Mae, 7.00% due 03/01/55 | 1.0% |
| U.S. Treasury Notes, 4.13% due 11/30/29 | 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.

---

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

---

SAR-GIBIX-033125

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

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

### Guggenheim Total Return Bond Fund

#### Class R6 \| GIBRX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Total Return Bond Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class R6 | $21 | 0.43%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class R6 shares) returned 0.44%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period.

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

The fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index during the reporting period. Relative outperformance was driven by sector allocation, security selection, and the Fund's carry (or earned income) advantage over the benchmark. The fund benefitted from its overweight structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the fund's holdings outperformed the Bloomberg U.S. Corporate Bond Index by 1.4%. Duration detracted from absolute returns, but was neutral relative to the benchmark, as the U.S. Treasury curve bear steepened.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-101_sa121.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (10.19.16)**  |
| Class R6 | 0.44% | 6.31% | 1.49% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.23% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $27802255417 |
| Total Number of Portfolio Holdings | 1867 |
| Portfolio Turnover Rate | 21% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Total Return Bond Fund \| Class R6 \| GIBRX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-101_sa122.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 46.5% |
| AA | 6.3% |
| A | 14.9% |
| BBB | 16.4% |
| BB | 5.3% |
| B | 2.4% |
| CCC | 0.7% |
| CC | 0.7% |
| C | 0.1% |
| NR<sup>3</sup> | 2.6% |
| Other Instruments | 4.1% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| Uniform MBS 30 Year, 5.00% due 06/01/25 | 5.5% |
| Uniform MBS 30 Year, 3.00% due 06/01/25 | 4.0% |
| Uniform MBS 30 Year, 4.50% due 06/01/25 | 2.3% |
| Uniform MBS 15 Year, 5.00% due 06/01/25 | 2.0% |
| United States Treasury Inflation Indexed Bonds, 1.88% due 07/15/34 | 1.8% |
| U.S. Treasury Bonds, 4.38% due 11/15/39 | 1.7% |
| U.S. Treasury Bonds due 05/15/51 | 1.7% |
| United States Treasury Inflation Indexed Bonds, 2.13% due 04/15/29 | 1.2% |
| Fannie Mae, 7.00% due 03/01/55 | 1.0% |
| U.S. Treasury Notes, 4.13% due 11/30/29 | 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.

---

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

---

SAR-GIBRX-033125

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

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

### Guggenheim Ultra Short Duration Fund

#### Class A \| GIYAX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $29 | 0.58%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Class A shares) returned 2.43%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 2.24% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg 1-3 Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Bloomberg 1-3 Month U.S. Treasury Bill Index during the reporting period. Positive performance was driven by sector allocation, security selection, and carry (or earned income). The fund benefitted from its structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the Fund's holdings outperformed the Bloomberg U.S. Corporate 1-3yr Bond Index by 0.8%. Duration detracted from absolute returns as front-end Treasury yields rose approximately 30 basis points.

#### How did the fund perform since inception?
Cumulative performance\* for the fund since inception (as of 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092692-105_sa141.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (11.30.18)**  |
| Class A | 2.43% | 6.14% | 3.46% | 2.86% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.80% |
| Bloomberg 1-3 Month U.S. Treasury Bill Index | 2.24% | 5.03% | 2.60% | 2.51% |

---

**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 3.31.25

---

| | |
|:---|:---|
| Net Assets | $477653350 |
| Total Number of Portfolio Holdings | 188 |
| Portfolio Turnover Rate | 18% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund \| Class A \| GIYAX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-105_sa142.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 22.0% |
| AA | 10.1% |
| A | 13.2% |
| BBB | 13.7% |
| BB | 0.8% |
| NR<sup>3</sup> | 7.8% |
| Other Instruments | 32.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BX Commercial Mortgage Trust, 6.08% | 2.1% |
| Golub Capital Partners CLO 49M Ltd., 6.09% | 1.3% |
| NYMT Loan Trust, 4.67% | 1.3% |
| Oak Street Investment Grade Net Lease Fund Series, 1.85% | 1.3% |
| OSAT Trust, 5.12% | 1.2% |
| FS Rialto, 6.23% | 1.1% |
| Corebridge Financial, Inc., 3.50% | 1.1% |
| Fox Corp., 3.05% | 1.1% |
| Goldman Sachs Group, Inc., 3.50% | 1.1% |
| Cerberus Loan Funding XXXV, LP, 6.06% | 1.0% |
| Top 10 Total | 12.6% |

---

<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.

---

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

---

SAR-GIYAX-033125

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

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

### Guggenheim Ultra Short Duration Fund

#### Institutional Class \| GIYIX
Semi-Annual Shareholder Report \| 3.31.25

This semi-annual shareholder report contains important information about the Guggenheim Ultra Short Duration Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

#### What were the fund costs for the last six months?<sup>1</sup>
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Institutional Class | $17 | 0.33%<sup>2</sup> |

---

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

#### How did the fund perform over the last six months?\*
For the period of October 1, 2024 to March 31, 2025, the fund (Institutional Class shares) returned 2.53%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -0.37% for the same period and outperforming the fund's secondary index, the Bloomberg 1-3 Month U.S. Treasury Bill Index, which returned 2.24% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg 1-3 Month U.S. Treasury Bill Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The fund outperformed the Bloomberg 1-3 Month U.S. Treasury Bill Index during the reporting period. Positive performance was driven by sector allocation, security selection, and carry (or earned income). The fund benefitted from its structured credit allocation as securitized spreads outperformed corporate credit spreads. Security selection within investment-grade corporates was a key contributor to relative performance as the Fund's holdings outperformed the Bloomberg U.S. Corporate 1-3yr Bond Index by 0.8%. Duration detracted from absolute returns as front-end Treasury yields rose approximately 30 basis points.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 3.31.25), assuming a $2,000,000 initial investment.

![Ad2 Performance Graph](fp0092692-106_sa171.jpg)

#### Average Annual Total Returns\* as of 3.31.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Institutional Class | 2.53% | 6.38% | 3.73% | 2.57% |
| Bloomberg U.S. Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| Bloomberg 1-3 Month U.S. Treasury Bill Index | 2.24% | 5.03% | 2.60% | 1.86% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $477653350 |
| Total Number of Portfolio Holdings | 188 |
| Portfolio Turnover Rate | 18% |

---

---

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

---

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

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund \| Institutional Class \| GIYIX | Semi-Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092692-106_sa172.jpg)

#### Portfolio Composition by Quality Rating<sup>2</sup> (% of Total Investments) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| AAA | 22.0% |
| AA | 10.1% |
| A | 13.2% |
| BBB | 13.7% |
| BB | 0.8% |
| NR<sup>3</sup> | 7.8% |
| Other Instruments | 32.4% |

---

#### 10 Largest Holdings<sup>4</sup> (as a % of Net Assets) as of 3.31.25

---

| | |
|:---|:---|
|  |  |
| BX Commercial Mortgage Trust, 6.08% | 2.1% |
| Golub Capital Partners CLO 49M Ltd., 6.09% | 1.3% |
| NYMT Loan Trust, 4.67% | 1.3% |
| Oak Street Investment Grade Net Lease Fund Series, 1.85% | 1.3% |
| OSAT Trust, 5.12% | 1.2% |
| FS Rialto, 6.23% | 1.1% |
| Corebridge Financial, Inc., 3.50% | 1.1% |
| Fox Corp., 3.05% | 1.1% |
| Goldman Sachs Group, Inc., 3.50% | 1.1% |
| Cerberus Loan Funding XXXV, LP, 6.06% | 1.0% |
| Top 10 Total | 12.6% |

---

<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.

---

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

---

SAR-GIYIX-033125

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

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

**Item 2.** **Code of Ethics.**

Not required at this time.

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

Not required at this time.

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

Not required at this time.

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

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

![](fp0092692-109_i.jpg)<br>

**3.31.2025** 

**Guggenheim Funds Semi-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 (SEMI-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  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;CORE BOND FUND  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;FLOATING RATE STRATEGIES FUND  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD FUND  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIMITED DURATION FUND  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACRO OPPORTUNITIES FUND  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;MUNICIPAL INCOME FUND  | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL RETURN BOND FUND  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;ULTRA SHORT DURATION FUND  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 272 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 273 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 274 |
| ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 275 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 276 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 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 - 0.8%** | **Financial - 0.8%** | **Financial - 0.8%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;5.38%<sup>**††**</sup> | 150000 | $149468 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;6.45%<sup>**††**</sup> | 50000 | 49956 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38% | 1000 | 25720 |
| **Total Financial** |  | 225144 |
| **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>1,**††**</sup> | 70000 | 66429 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $294,401) |  | 291573 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>2</sup> | 549619 | 549619 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>2</sup> | 4441 | 4441 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $554,060) |  | 554060 |
|  | **Face<br> Amount** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 51.4%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 51.4%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 51.4%** |
| **Collateralized Loan Obligations - 31.4%** |  |  |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,1</sup> | $1850000 | 1850000 |
| &nbsp;&nbsp;&nbsp;2025-10A AR, due 04/20/37<sup>◊,1</sup> | 1300000 | 1302427 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,1</sup> | 500000 | 500985 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, due 04/20/38<sup>◊,1</sup> | 500000 | 496871 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 6.15% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,1</sup> | 250000 | 246746 |
| &nbsp;&nbsp;&nbsp;2024-FL9 B, 6.61% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39<sup>◊,1</sup> | 100000 | 99763 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.87% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,1</sup> | 200000 | 199587 |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,1</sup> | 100000 | 99768 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A1T, 5.99% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37<sup>◊,1</sup> | 250000 | 250090 |
| Neuberger Berman Loan Advisers Clo 58 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A B, 6.21% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/18/38<sup>◊,1</sup> | 250000 | 249735 |
| 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 | 249490 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,1</sup> | 250000 | 249326 |
| Fortress Credit BSL XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35<sup>◊,1</sup> | 250000 | 248976 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A BR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37<sup>◊,1</sup> | 250000 | 248764 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.37% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37<sup>◊,1</sup> | 250000 | 248216 |
| 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 | 248118 |
| 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>◊,1</sup> | 250000 | 247905 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.29% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,1</sup> | 250000 | 247800 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A C, 6.75% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36<sup>◊,1</sup> | 100000 | 100163 |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 6.10% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,1</sup> | 100000 | 100034 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.71% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,1</sup> | 150000 | 149870 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.39% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,1</sup> | $150000 | $149538 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A A, 6.86% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35<sup>◊,1</sup> | 100000 | 100193 |
| BCRED MML CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A1, 5.94% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35<sup>◊,1</sup> | 100000 | 100005 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,1</sup> | 100000 | 99770 |
| Barings CLO Limited 2022-III |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,1</sup> | 100000 | 99760 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,1</sup> | 100000 | 99755 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A1RR, 6.49% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36<sup>◊,1</sup> | 100000 | 99741 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,1</sup> | 100000 | 99422 |
| Owl Rock CLO XIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-19A B, 6.52% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37<sup>◊,1</sup> | 100000 | 99275 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.19% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36<sup>◊,1</sup> | 100000 | 99093 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.87% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31<sup>◊,1</sup> | 22006 | 22006 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38<sup>◊,1</sup> | 15465 | 15420 |
| **Total Collateralized Loan Obligations** |  | 8718612 |
| **Transport-Aircraft - 9.8%** |  |  |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>1</sup> | 968212 | 959602 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>1</sup> | 335417 | 332461 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>1</sup> | 248716 | 251431 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>1</sup> | 250000 | 251163 |
| AASET |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>1</sup> | 248450 | 250575 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>1</sup> | 248363 | 249800 |
| AASET Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>1</sup> | 241370 | 243572 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>1</sup> | 181548 | 167521 |
| **Total Transport-Aircraft** |  | 2706125 |
| **Infrastructure - 2.1%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>1</sup> | 200000 | 192944 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>1</sup> | 150000 | 153193 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>1</sup> | 100000 | 100927 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>1</sup> | 100000 | 98737 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>1</sup> | 50000 | 49574 |
| **Total Infrastructure** |  | 595375 |
| **Whole Business - 2.0%** |  |  |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>1</sup> | 99750 | 103464 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>1</sup> | 100000 | 101392 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>1</sup> | 99000 | 101219 |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.72% due 06/05/49<sup>1</sup> | 99000 | 97138 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>1</sup> | 95500 | 90917 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>1</sup> | 49875 | 49182 |
| **Total Whole Business** |  | 543312 |
| **Financial - 1.7%** |  |  |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55 | 250000 | 250000 |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,1</sup> | 75000 | 75000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,1</sup> | 50000 | 50000 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 100000 | 101236 |
| **Total Financial** |  | 476236 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| **Unsecured Consumer Loans - 1.4%** |  |  |  |  |
| Foundation Finance Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.55% due 04/15/50<sup>1</sup> | $| 100000 | $| 100331 |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>1</sup> |  | 100000 |  | 99313 |
| GreenSky Home Improvement Issuer Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 5.26% due 10/27/59<sup>1</sup> |  | 100000 |  | 100080 |
| Stream Innovations Issuer Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>1</sup> |  | 84158 |  | 85117 |
| **Total Unsecured Consumer Loans** |  |  |  | 384841 |
| **Net Lease - 1.1%** |  |  |  |  |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>1</sup> |  | 99542 |  | 101605 |
| Tenet Equity Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>1</sup> |  | 99899 |  | 100083 |
| Capital Automotive REIT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>1</sup> |  | 99375 |  | 93558 |
| **Total Net Lease** |  |  |  | 295246 |
| **Single Family Residence - 1.1%** |  |  |  |  |
| Tricon Residential Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.65% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42<sup>◊,1</sup> |  | 100000 |  | 99935 |
| &nbsp;&nbsp;&nbsp;2024-SFR4, 4.65% due 11/17/41<sup>1</sup> |  | 100000 |  | 98181 |
| Invitation Homes Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>1</sup> |  | 100000 |  | 95313 |
| **Total Single Family Residence** |  |  |  | 293429 |
| **Collateralized Debt Obligations - 0.8%** | **Collateralized Debt Obligations - 0.8%** | **Collateralized Debt Obligations - 0.8%** |  |  |
| Anchorage Credit Funding 3 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>1</sup> |  | 250000 |  | 232908 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,249,474) | &nbsp;&nbsp;&nbsp;(Cost $14,249,474) | &nbsp;&nbsp;&nbsp;(Cost $14,249,474) |  | 14246084 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 27.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 27.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 27.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 27.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 27.1%** |
| **Residential Mortgage-Backed Securities - 21.1%** |  |  |  |  |
| OBX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>1,4</sup> |  | 245603 |  | 246469 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>1,4</sup> |  | 96375 |  | 96700 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.70% due 12/25/64<sup>1,4</sup> |  | 96375 |  | 96623 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>1,4</sup> |  | 95711 |  | 96072 |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.72% due 10/25/64<sup>1,4</sup> |  | 94261 |  | 94099 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.73% due 10/25/64<sup>1,4</sup> |  | 91433 |  | 91316 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>1,4</sup> |  | 90339 |  | 90632 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>1,4</sup> |  | 89833 |  | 89509 |
| FIGRE Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,1</sup> |  | 289687 |  | 290240 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,1</sup> |  | 143189 |  | 143667 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,1</sup> |  | 137226 |  | 137158 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,1</sup> |  | 90388 |  | 89913 |
| Cross Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>1,4</sup> |  | 293760 |  | 295208 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>1,4</sup> |  | 249686 |  | 250208 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.97% due 11/25/69<sup>1,4</sup> |  | 94955 |  | 95105 |
| PRPM LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-8, 4.74% (WAC) due 09/25/26<sup>◊,1</sup> |  | 316194 |  | 315377 |
| &nbsp;&nbsp;&nbsp;2024-5, 5.69% due 09/25/29<sup>1,4</sup> |  | 137423 |  | 137244 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>1,4</sup> |  | 95141 |  | 94991 |
| JP Morgan Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,1</sup> |  | 196071 |  | 197145 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>1,4</sup> |  | 143064 |  | 143508 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-3, 6.74% due 03/25/68<sup>1,4</sup> |  | 129506 |  | 129970 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>1,4</sup> |  | 100000 |  | 100317 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>1,4</sup> |  | 97101 |  | 96993 |
| RCKT Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>1,4</sup> |  | 293560 |  | 294644 |
| HOMES Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.96% due 01/25/70<sup>1,4</sup> |  | 197533 |  | 197046 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.98% (WAC) due 10/25/59<sup>◊,1</sup> |  | 94855 |  | 95177 |
| BRAVO Residential Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.91% due 12/25/64<sup>1,4</sup> |  | 143634 |  | 143999 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>1,4</sup> |  | 128077 |  | 128316 |
| Mill City Securities Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>1,4</sup> |  | 98191 |  | 91506 |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>1,4</sup> |  | 97199 |  | 88840 |
| Towd Point Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 4.42% (WAC) due 10/27/64<sup>◊,1</sup> |  | 93653 |  | 93662 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,1</sup> |  | 70782 |  | 71922 |
| NYMT Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 4.67% due 08/25/61<sup>1,4</sup> |  | 156991 |  | 156018 |
| EFMT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>1,4</sup> |  | 148994 |  | 150142 |
| LHOME Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>1,4</sup> |  | 100000 |  | 99510 |
| COLT Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>1,4</sup> |  | 99364 |  | 99479 |
| Mill City Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,1</sup> |  | 120000 |  | 99253 |
| Finance of America HECM Buyout |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 5.00% (WAC) due 10/01/34<sup>◊,1</sup> |  | 100000 |  | 98846 |
| Provident Funding Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,1</sup> |  | 98538 |  | 98365 |
| BRAVO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>1,4</sup> |  | 92209 |  | 91960 |
| ATLX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>1,4</sup> |  | 95080 |  | 91421 |
| New Residential Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>1</sup> |  | 86294 |  | 85636 |
| GCAT Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,1</sup> |  | 82089 |  | 80829 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>1,4</sup> |  | 78639 |  | 78672 |
| **Total Residential Mortgage-Backed Securities** |  |  |  | 5853707 |
| **Government Agency - 5.7%** |  |  |  |  |
| Uniform MBS 15 Year |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/25<sup>3</sup> |  | 980000 |  | 982933 |
| Fannie Mae |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 |  | 576486 |  | 603040 |
| **Total Government Agency** |  |  |  | 1585973 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| **Military Housing - 0.2%** |  |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 10/25/52<sup>◊,5</sup> | $| 910371 | $| 52231 |
| **Commercial Mortgage-Backed Securities - 0.1%** |  |  |  |  |
| BXHPP Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,1</sup> |  | 25000 |  | 23029 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,513,350) | &nbsp;&nbsp;&nbsp;(Cost $7,513,350) | &nbsp;&nbsp;&nbsp;(Cost $7,513,350) |  | 7514940 |
| **CORPORATE BONDS<sup>††</sup>** **- 14.5%** | **CORPORATE BONDS<sup>††</sup>** **- 14.5%** | **CORPORATE BONDS<sup>††</sup>** **- 14.5%** | **CORPORATE BONDS<sup>††</sup>** **- 14.5%** | **CORPORATE BONDS<sup>††</sup>** **- 14.5%** |
| **Financial - 5.5%** |  |  |  |  |
| Pershing Square Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 |  | 250000 |  | 223365 |
| AmFam Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>1</sup> |  | 325000 |  | 205659 |
| Meiji Yasuda Life Insurance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>1,6</sup> |  | 200000 |  | 199297 |
| UWM Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>1</sup> |  | 150000 |  | 148775 |
| Selective Insurance Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 04/15/35 |  | 100000 |  | 100839 |
| IP Lending X Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/02/29<sup>†††,1</sup> |  | 100000 |  | 100000 |
| Equitable Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>6</sup> |  | 75000 |  | 74421 |
| MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>6</sup> |  | 70000 |  | 70137 |
| American National Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 |  | 60000 |  | 60490 |
| PennyMac Financial Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 02/15/33<sup>1</sup> |  | 60000 |  | 59625 |
| Enstar Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>1,6</sup> |  | 50000 |  | 50623 |
| Fortitude Group Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>1</sup> |  | 50000 |  | 50547 |
| OneMain Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/29 |  | 50000 |  | 50093 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>1</sup> |  | 50000 |  | 47922 |
| Reinsurance Group of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>6</sup> |  | 30000 |  | 29540 |
| Ryan Specialty LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>1</sup> |  | 25000 |  | 24692 |
| Focus Financial Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>1</sup> |  | 25000 |  | 24654 |
| Farmers Insurance Exchange |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>1,6</sup> |  | 20000 |  | 20416 |
| **Total Financial** |  |  |  | 1541095 |
| **Industrial - 2.4%** |  |  |  |  |
| Axon Enterprise, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>1</sup> |  | 200000 |  | 201845 |
| Clean Harbors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>1</sup> |  | 150000 |  | 151605 |
| Amsted Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/15/33<sup>1</sup> |  | 150000 |  | 149204 |
| Atkore, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 06/01/31<sup>1</sup> |  | 125000 |  | 110113 |
| Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.53% due 05/01/34 |  | 40000 |  | 42859 |
| **Total Industrial** |  |  |  | 655626 |
| **Consumer, Non-cyclical - 2.0%** |  |  |  |  |
| Becle, SAB de CV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>1</sup> |  | 200000 |  | 161366 |
| Brink's Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>1</sup> |  | 150000 |  | 152085 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>1</sup> |  | 100000 |  | 100974 |
| Health Care Service Corporation A Mutual Legal Reserve Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/54<sup>1</sup> |  | 50000 |  | 49137 |
| Graham Holdings Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>1</sup> |  | 25000 |  | 24997 |
| Performance Food Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/32<sup>1</sup> |  | 25000 |  | 24849 |
| AMN Healthcare, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>1</sup> |  | 25000 |  | 24031 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>1</sup> |  | 15000 |  | 14978 |
| **Total Consumer, Non-cyclical** |  |  |  | 552417 |
| **Utilities - 1.9%** |  |  |  |  |
| ContourGlobal Power Holdings S.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>1</sup> |  | 200000 |  | 200880 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>6</sup> |  | 150000 |  | 150162 |
| Terraform Global Operating, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>1</sup> |  | 72000 |  | 71582 |
| PacifiCorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>6</sup> |  | 50000 |  | 50643 |
| Southern Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>6</sup> |  | 50000 |  | 48585 |
| **Total Utilities** |  |  |  | 521852 |
| **Energy - 1.0%** |  |  |  |  |
| HF Sinclair Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35 |  | 150000 |  | 150752 |
| Buckeye Partners, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/01/30<sup>1</sup> |  | 100000 |  | 101291 |
| Viper Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>1</sup> |  | 25000 |  | 24768 |
| **Total Energy** |  |  |  | 276811 |
| **Technology - 0.8%** |  |  |  |  |
| Foundry JV Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/25/33<sup>1</sup> |  | 200000 |  | 203516 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| ACI Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/26<sup>1</sup> | $| 25000 | $| 25073 |
| **Total Technology** |  |  |  | 228589 |
| **Consumer, Cyclical - 0.5%** |  |  |  |  |
| AS Mileage Plan IP Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.31% due 10/20/31<sup>1</sup> |  | 50000 |  | 48883 |
| Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>1</sup> |  | 25000 |  | 25207 |
| Hilton Domestic Operating Company, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/33<sup>1</sup> |  | 25000 |  | 24754 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 09/15/29<sup>1</sup> |  | 25000 |  | 24748 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>1</sup> |  | 25000 |  | 24348 |
| **Total Consumer, Cyclical** |  |  |  | 147940 |
| **Communications - 0.4%** |  |  |  |  |
| Bell Telephone Company of Canada or Bell Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/55<sup>6</sup> |  | 50000 |  | 49960 |
| Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/15/55<sup>6</sup> |  | 50000 |  | 49830 |
| **Total Communications** |  |  |  | 99790 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,014,607) | &nbsp;&nbsp;&nbsp;(Cost $4,014,607) | &nbsp;&nbsp;&nbsp;(Cost $4,014,607) |  | 4024120 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 11.2%** |
| **Industrial - 2.8%** |  |  |  |  |
| XPO, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/28/31 |  | 200000 |  | 199438 |
| Knife River Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/19/32 |  | 150000 |  | 149438 |
| Hunter Douglas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 |  | 150000 |  | 142913 |
| Jefferies Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/02/32 |  | 50000 |  | 49906 |
| Cognita Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (1 Month SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 |  | 49875 |  | 49782 |
| StandardAero |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 |  | 49875 |  | 49699 |
| United Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 |  | 49874 |  | 49678 |
| Artera Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 |  | 29774 |  | 28170 |
| Service Logic Acquisition, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 |  | 24875 |  | 24782 |
| TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 |  | 24875 |  | 24728 |
| Capstone Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> |  | 9149 |  | 9102 |
| **Total Industrial** |  |  |  | 777636 |
| **Financial - 2.6%** |  |  |  |  |
| Worldpay |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 |  | 150000 |  | 148829 |
| Amwins Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 |  | 149625 |  | 148310 |
| Jane Street Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 |  | 150000 |  | 148110 |
| Ardonagh Midco 3 plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 02/15/31 |  | 100000 |  | 98625 |
| Jefferies Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 |  | 49875 |  | 49667 |
| CPI Holdco B, LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/17/31 |  | 50000 |  | 49594 |
| Alliant Holdings Intermediate LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 |  | 24938 |  | 24768 |
| Duff & Phelps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 |  | 24805 |  | 23484 |
| Asurion LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 |  | 19900 |  | 19620 |
| **Total Financial** |  |  |  | 711007 |
| **Consumer, Cyclical - 1.6%** |  |  |  |  |
| Clarios Global, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 |  | 150000 |  | 147562 |
| Pacific Bells LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 |  | 99743 |  | 99411 |
| Caesars Entertainment, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 |  | 98204 |  | 97467 |
| Belron Finance US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 |  | 59850 |  | 59663 |
| PCI Gaming Authority, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 |  | 29775 |  | 29461 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| Truck Hero, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/28 | $| 9922 | $| 9461 |
| **Total Consumer, Cyclical** |  |  |  | 443025 |
| **Technology - 1.4%** |  |  |  |  |
| CCC Intelligent Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 |  | 149625 |  | 149251 |
| Clearwater Analytics, LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 02/10/32 |  | 150000 |  | 149250 |
| DS Admiral Bidco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 |  | 109975 |  | 105438 |
| **Total Technology** |  |  |  | 403939 |
| **Basic Materials - 0.7%** |  |  |  |  |
| SCIH Salt Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 |  | 100000 |  | 99045 |
| Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 |  | 99750 |  | 98877 |
| **Total Basic Materials** |  |  |  | 197922 |
| **Consumer, Non-cyclical - 0.7%** |  |  |  |  |
| Aramark Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 |  | 148125 |  | 147909 |
| Froneri US, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 |  | 25000 |  | 24813 |
| HAH Group Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 |  | 9975 |  | 9450 |
| **Total Consumer, Non-cyclical** |  |  |  | 182172 |
| **Utilities - 0.6%** |  |  |  |  |
| AL GCX Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 |  | 150000 |  | 148875 |
| Calpine Construction Finance Company, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 |  | 25000 |  | 24915 |
| **Total Utilities** |  |  |  | 173790 |
| **Communications - 0.4%** |  |  |  |  |
| Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 |  | 70000 |  | 69059 |
| Speedster Bidco GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 12/10/31 |  | 50000 |  | 49875 |
| **Total Communications** |  |  |  | 118934 |
| **Energy - 0.4%** |  |  |  |  |
| Par Petroleum LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 |  | 60000 |  | 58825 |
| ITT Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/11/30 |  | 49749 |  | 49734 |
| **Total Energy** |  |  |  | 108559 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,142,775) | &nbsp;&nbsp;&nbsp;(Cost $3,142,775) | &nbsp;&nbsp;&nbsp;(Cost $3,142,775) |  | 3116984 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 2.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>7</sup> |  | 370000 |  | 370000 |
| &nbsp;&nbsp;&nbsp;4.24% due 04/01/25<sup>7</sup> |  | 235000 |  | 235000 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $605,000) |  |  |  | 605000 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 0.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 0.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 0.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 0.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 0.4%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;due 08/15/54<sup>8,9,10</sup> |  | 430000 |  | 113907 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $104,603) |  |  |  | 113907 |
|  | **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;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $110,181) | EUR | 102000 |  | 435 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $110,180) | EUR | 102000 |  | 435 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $76,694) | EUR | 71000 |  | 306 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $33,486) | EUR | 31000 |  | 134 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $32,406) | EUR | 30000 |  | 129 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $5,401) | EUR | 5000 | $22 |
| **Total Foreign Exchange Options** |  |  | 1461 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,701) |  |  | 1461 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** |
| **Call Swaptions on: Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% | USD | 1560000 | 32605 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% | USD | 840000 | 17988 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% | USD | 840000 | 17988 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $258,150) | GBP | 200000 | 1504 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $258,150) | GBP | 200000 | 1138 |
| **Total Interest Rate Call Swaptions** |  |  | 71223 |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $258,150) | GBP | 200000 | 395 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $258,150) | GBP | 200000 | 201 |
| **Total Interest Rate Put Swaptions** |  |  | 596 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,076) |  |  | 71819 |
| **Total Investments - 110.1%** | **Total Investments - 110.1%** | **Total Investments - 110.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,518,047) | &nbsp;&nbsp;&nbsp;(Cost $30,518,047) | &nbsp;&nbsp;&nbsp;(Cost $30,518,047) | $30539948 |
| **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;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $258,150) | GBP | 200000 | (450) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $258,150) | GBP | 200000 | (845) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% | USD | 840000 | (8781) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% | USD | 840000 | (8781) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% | USD | 1560000 | (15855) |
| **Total Interest Rate Call Swaptions** |  |  | (34712) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $258,150) | GBP | 200000 | (605) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $258,150) | GBP | 200000 | (1226) |
| **Total Interest Rate Put Swaptions** |  |  | (1831) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $16,649) |  |  | (36543) |
| **Other Assets & Liabilities, net - (10.0)%** | **Other Assets & Liabilities, net - (10.0)%** | **Other Assets & Liabilities, net - (10.0)%** | (2761597) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $27741808 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 2 | Mar 2027 | $482950 | $3321 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $129000 | $6815 | $6570 | $245 |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.43.V1 | 5.00% | Quarterly | 12/20/29 | 26000 | 1388 | 2112 | (724) |
|  |  |  |  |  |  | $8203 | $8682 | $(479) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $100000 | $(611) | $(6086) | $5475 |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 100000 | (12419) | (14638) | 2219 |
|  |  |  |  |  |  | $(13030) | $(20724) | $7694 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*** |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/30/29 | $7500000 | $135320 | $(5089) | $140409 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.12% | Annually | 12/30/27 | 7700000 | 85997 | 40526 | 45471 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 01/03/27 | 4000000 | 20268 | 228 | 20040 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/30/31 | 800000 | 17695 | 245 | 17450 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.15% | Annually | 12/26/26 | 500000 | 3010 | 218 | 2792 |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.91% | Annually | 12/23/54 | 50000 | 725 | 249 | 476 |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 630000 | (10330) | 245 | (10575) |
|  |  |  |  |  |  |  | $252685 | $36622 | $216063 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS 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> Depreciation** |
| Bank of America, N.A. | EUR | Sell | 3000 | 3,169 USD | 05/27/25 | $(87) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $1560000 | $32605 |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 840000 | 17988 |
| BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 840000 | 17988 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 258150 | 1504 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 258150 | 1138 |
|  |  |  |  |  |  |  |  | $71223 |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 258150 | $395 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 258150 | 201 |
|  |  |  |  |  |  |  |  | $596 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | 258150 | $(450) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 258150 | (845) |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 840000 | (8781) |
| BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 840000 | (8781) |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 1560000 | (15855) |
|  |  |  |  |  |  |  |  | $(34712) |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 258150 | $(605) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 258150 | (1226) |
|  |  |  |  |  |  |  |  | $(1831) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS 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, 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 March 31, 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 $22,710,457 (cost $22,712,678), or 81.9% of total net assets. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and does 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 March 31, 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 has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as swap collateral at March 31, 2025. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Security is a principal-only strip. |
|  | &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;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &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;SONIA — Sterling Overnight Index Average |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $25720 | $265853 | $— | $291573 |
| Money Market Funds | 554060 |  |  | 554060 |
| Asset-Backed Securities |  | 14019848 | 226236 | 14246084 |
| Collateralized Mortgage Obligations |  | 7514940 |  | 7514940 |
| Corporate Bonds |  | 3924120 | 100000 | 4024120 |
| Senior Floating Rate Interests |  | 3107882 | 9102 | 3116984 |
| U.S. Treasury Bills |  | 605000 |  | 605000 |
| U.S. Government Securities |  | 113907 |  | 113907 |
| Options Purchased |  | 1461 |  | 1461 |
| Interest Rate Swaptions Purchased |  | 71819 |  | 71819 |
| Interest Rate Futures Contracts\*\* | 3321 |  |  | 3321 |
| Credit Default Swap Agreements\*\* |  | 7939 |  | 7939 |
| Interest Rate Swap Agreements\*\* |  | 226638 |  | 226638 |
| Total Assets | $583101 | $29859407 | $335338 | $30777846 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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** |
| Interest Rate Swaptions Written | $— | $36543 | $— | $36543 |
| Credit Default Swap Agreements\*\* |  | 724 |  | 724 |
| Interest Rate Swap Agreements\*\* |  | 10575 |  | 10575 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 87 |  | 87 |
| Unfunded Loan Commitments (Note 9) |  |  | 4 | 4 |
| Total Liabilities | $— | $47929 | $4 | $47933 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted <br> Average** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $125000 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 101236 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 100000 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 9102 | Model Price | Purchase Price |  |  |
| Total Assets | $335338 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $4 | 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 period ended March 31, 2025, the Fund had no securities that transferred into or out of Level 3.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 period ended March 31, 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) | 225000 | 100000 |  | 325000 |  |
| (Sales, maturities and paydowns)/Fundings |  |  | (46) | (46) |  |
| Amortization of premiums/discounts |  |  | 7 | 7 |  |
| Total realized gains (losses) included in earnings |  |  |  |  |  |
| Total change in unrealized appreciation (depreciation) included in earnings | 1236 |  | (2) | 1234 | 1 |
| Transfers into Level 3 |  |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |  |
| &nbsp;&nbsp;Ending Balance  | $226236 | $100000 | $9102 | $335338 | $(4) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $1236 | $— | $(2) | $1234 | $1 |

---

**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 2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91% | 01/01/29 |  |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 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-H2, 5.66% due 03/25/70 | 6.66% | 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, 5.96% due 01/25/70 | 6.96% | 01/01/29 |  |  |
| 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-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 2021-SP1, 4.67% due 08/25/61 | 5.67% | 08/01/25 |  |  |
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73% | 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 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |  |  |
| 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-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70% | 12/01/28 |  |  |
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69% | 09/25/27 | 9.69% | 09/25/28 |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 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** |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 | – |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 | – |  |
| 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 | – |  |

---

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

**ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $30,518,047) | $30539948 |
| Cash | 248436 |
| Segregated cash with broker | 368606 |
| Unamortized upfront premiums paid on credit default swap agreements | 8682 |
| Unamortized upfront premiums paid on interest rate swap agreements | 41711 |
| Unrealized appreciation on OTC swap agreements | 7694 |
| Prepaid expenses | 27521 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1612524 |
| &nbsp;&nbsp;&nbsp;Interest | 187233 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 39021 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 23233 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 7681 |
| &nbsp;&nbsp;&nbsp;Dividends | 486 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 221 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 50 |
| **Total assets** | 33113047 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $–) | 4 |
| Options written, at value (premiums received $16,649) | 36543 |
| Segregated cash due to broker | 22339 |
| Unamortized upfront premiums received on credit default swap agreements | 20724 |
| Unamortized upfront premiums received on interest rate swap agreements | 5089 |
| Unrealized depreciation on forward foreign currency exchange contracts | 87 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 4983495 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 224509 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5289 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 3315 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 954 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 575 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 290 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 68026 |
| **Total liabilities** | 5371239 |
| **Net assets** | $27741808 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $27496831 |
| Total distributable earnings (loss) | 244977 |
| Net assets | $27741808 |
| Capital shares outstanding | 1376442 |
| Net asset value per share | $20.15 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $487 |
| Interest | 454226 |
| &nbsp;&nbsp;&nbsp;Total investment income | 454713 |
| **Expenses:** | **Expenses:** |
| Transfer agent fees | 5984 |
| Professional fees | 36022 |
| Fund accounting/administration fees | 28248 |
| Trustees' fees\* | 13115 |
| Printing expenses | 6587 |
| Registration fees | 6045 |
| Custodian fees | 2017 |
| Interest expense | 689 |
| Line of credit fees | 31 |
| Miscellaneous | 1567 |
| &nbsp;&nbsp;&nbsp;Total expenses | 100305 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (99015) |
| Net expenses | 1290 |
| Net investment income | 453423 |
| **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 | 8021 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (12774) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 13647 |
| &nbsp;&nbsp;&nbsp;Options purchased | (2251) |
| &nbsp;&nbsp;&nbsp;Options written | 1831 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 15 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (2) |
| Net realized gain | 8487 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (19209) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 223278 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3321 |
| &nbsp;&nbsp;&nbsp;Options purchased | 33503 |
| &nbsp;&nbsp;&nbsp;Options written | (19894) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (87) |
| Net change in unrealized appreciation (depreciation) | 220912 |
| Net realized and unrealized gain | 229399 |
| **Net increase in net assets resulting from operations** | $682822 |

---

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

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

**ACTIVE INVESTMENT SERIES (GAINS) – CORE PLUS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $453423 | $23254 |
| Net realized gain on investments | 8487 | 37 |
| Net change in unrealized appreciation (depreciation) on investments | 220912 | 7603 |
| Net increase in net assets resulting from operations | 682822 | 30894 |
| Distributions to shareholders | (445307) | (23432) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 28269119 | 8500000 |
| Distributions reinvested | 445307 | 23432 |
| Cost of shares redeemed | (9741027) |  |
| Net increase from capital share transactions | 18973399 | 8523432 |
| Net increase in net assets | 19210914 | 8530894 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8530894 |  |
| &nbsp;&nbsp;&nbsp;End of period | $27741808 | $8530894 |
| **Capital share activity:** |  |  |
| Shares sold | 1416466 | 424451 |
| Shares issued from reinvestment of distributions | 22179 | 1170 |
| Shares redeemed | (487824) |  |
| Net increase in shares | 950821 | 425621 |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

**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.

---

| | | |
|:---|:---|:---|
| **SMA Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **Period Ended <br> September 30, <br> 2024<sup>b</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>c</sup> | .57 | .14 |
| Net gain (loss) on investments (realized and unrealized) | .11 | .04 |
| Total from investment operations | .68 | .18 |
| Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.57) | (.14) |
| Total distributions | (.57) | (.14) |
| Net asset value, end of period | $20.15 | $20.04 |
| **Total Return** | **3.50%** | **0.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $27742 | $8531 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.76% | 0.67% |
| Total expenses | 1.27% | 0.85% |
| Net expenses<sup>d</sup> | 0.02% | — <sup>e</sup> |
| Portfolio turnover rate | 4% | — <sup>f</sup> |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Since commencement of operations: August 14, 2024. 

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

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

<sup>e</sup> Less than 0.01%.

<sup>f</sup> Less than 1.0%.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – 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%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;5.38% | 100000 | $99645 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,601) |  | 99645 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.1%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.1%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.1%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>1</sup> | 314939 | 314939 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>1</sup> | 15737 | 15737 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $330,676) |  | 330676 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 54.8%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 54.8%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 54.8%** |
| **Collateralized Loan Obligations - 35.1%** |  |  |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,2</sup> | $1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;2025-10A AR, due 04/20/37<sup>◊,2</sup> | 700000 | 701307 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 300000 | 300097 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,2</sup> | 250000 | 250493 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A1T, 5.99% (3 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 01/15/37<sup>◊,2</sup> | 250000 | 250090 |
| Golub Capital Partners CLO 46M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A A1R, 6.10% (3 Month Term SOFR + 1.81%, Rate Floor: 1.81%) due 04/20/37<sup>◊,2</sup> | 250000 | 249990 |
| 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 | 249982 |
| 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 | 249490 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,2</sup> | 250000 | 249326 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, due 04/20/38<sup>◊,2</sup> | 250000 | 248435 |
| 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 | 248118 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.87% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,2</sup> | 100000 | 99794 |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,2</sup> | 100000 | 99768 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 AS, 5.94% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42<sup>◊,2</sup> | 100000 | 99730 |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.39% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,2</sup> | 100000 | 99692 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.50% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> | 200000 | 197991 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A A, 6.86% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/20/35<sup>◊,2</sup> | 100000 | 100193 |
| BCRED MML CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A1, 5.94% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 04/20/35<sup>◊,2</sup> | 100000 | 100005 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.71% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,2</sup> | 100000 | 99913 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 100000 | 99770 |
| Barings CLO Limited 2022-III |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,2</sup> | 100000 | 99760 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,2</sup> | 100000 | 99755 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A1RR, 6.49% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 01/20/36<sup>◊,2</sup> | 100000 | 99741 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| LoanCore |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,2</sup> | $| 100000 | $| 99422 |
| Ares Direct Lending CLO 2 LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.19% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/20/36<sup>◊,2</sup> |  | 100000 |  | 99093 |
| FS Rialto Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.89% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> |  | 100000 |  | 98984 |
| **Total Collateralized Loan Obligations** |  |  |  | 5590939 |
| **Transport-Aircraft - 10.8%** |  |  |  |  |
| Slam Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>2</sup> |  | 484106 |  | 479801 |
| ALTDE Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>2</sup> |  | 248716 |  | 251431 |
| Gilead Aviation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>2</sup> |  | 250000 |  | 251163 |
| AASET |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>2</sup> |  | 248450 |  | 250575 |
| Castlelake Aircraft Structured Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>2</sup> |  | 248363 |  | 249800 |
| Navigator Aviation Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>2</sup> |  | 239583 |  | 237472 |
| **Total Transport-Aircraft** |  |  |  | 1720242 |
| **Whole Business - 2.8%** |  |  |  |  |
| Five Guys Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>2</sup> |  | 99750 |  | 103464 |
| SERVPRO Master Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>2</sup> |  | 99000 |  | 101219 |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.72% due 06/05/49<sup>2</sup> |  | 99000 |  | 97139 |
| Arbys Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>2</sup> |  | 95500 |  | 90917 |
| Subway Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.25% due 07/30/54<sup>2</sup> |  | 49875 |  | 49144 |
| **Total Whole Business** |  |  |  | 441883 |
| **Single Family Residence - 1.8%** |  |  |  |  |
| Tricon Residential Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.40% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,2</sup> |  | 200000 |  | 199999 |
| Invitation Homes Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>2</sup> |  | 100000 |  | 95313 |
| **Total Single Family Residence** |  |  |  | 295312 |
| **Infrastructure - 1.6%** |  |  |  |  |
| Hotwire Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>2</sup> |  | 100000 |  | 102128 |
| Switch ABS Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>2</sup> |  | 100000 |  | 96472 |
| SBA Tower Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>2</sup> |  | 50000 |  | 49574 |
| **Total Infrastructure** |  |  |  | 248174 |
| **Collateralized Debt Obligations - 1.5%** |  |  |  |  |
| Anchorage Credit Funding 3 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>2</sup> |  | 250000 |  | 232908 |
| **Net Lease - 0.6%** |  |  |  |  |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>2</sup> |  | 99542 |  | 101604 |
| **Unsecured Consumer Loans - 0.6%** |  |  |  |  |
| Foundation Finance Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>2</sup> |  | 100000 |  | 99313 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,740,582) | &nbsp;&nbsp;&nbsp;(Cost $8,740,582) | &nbsp;&nbsp;&nbsp;(Cost $8,740,582) |  | 8730375 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 30.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 30.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 30.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 30.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 30.5%** |
| **Residential Mortgage-Backed Securities - 23.8%** |  |  |  |  |
| OBX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,2</sup> |  | 192751 |  | 192993 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>2,4</sup> |  | 95711 |  | 96072 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>2,4</sup> |  | 90339 |  | 90632 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>2,4</sup> |  | 89833 |  | 89509 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,2</sup> |  | 198047 |  | 198492 |
| &nbsp;&nbsp;&nbsp;2023-3, 6.74% due 03/25/68<sup>2,4</sup> |  | 129506 |  | 129970 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>2,4</sup> |  | 97101 |  | 96993 |
| &nbsp;&nbsp;&nbsp;2020-5, 2.58% due 05/25/65<sup>2</sup> |  | 18959 |  | 18219 |
| FIGRE Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,2</sup> |  | 144844 |  | 145120 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,2</sup> |  | 143189 |  | 143667 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> |  | 90388 |  | 89913 |
| BRAVO Residential Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>2,4</sup> |  | 147267 |  | 147843 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>2,4</sup> |  | 128077 |  | 128316 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>2,4</sup> |  | 95756 |  | 96002 |
| JP Morgan Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,2</sup> |  | 147053 |  | 147859 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>2,4</sup> |  | 95376 |  | 95672 |
| Sequoia Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,2</sup> |  | 191429 |  | 192696 |
| PRPM LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-8, 4.74% (WAC) due 09/25/26<sup>◊,2</sup> |  | 170258 |  | 169819 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>2,4</sup> |  | 157277 |  | 157343 |
| Cross Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>2,4</sup> |  | 146880 |  | 147604 |
| RCKT Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>2,4</sup> |  | 146780 |  | 147322 |
| EFMT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>2,4</sup> |  | 99330 |  | 100094 |
| COLT Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>2,4</sup> |  | 99364 |  | 99472 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Mill City Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,2</sup> | $| 120000 | $| 99253 |
| HOMES Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.86% due 01/25/70<sup>2,4</sup> |  | 98767 |  | 98602 |
| Provident Funding Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,2</sup> |  | 98538 |  | 98365 |
| BRAVO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>2,4</sup> |  | 92209 |  | 91960 |
| ATLX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>2,4</sup> |  | 95080 |  | 91421 |
| Mill City Securities Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>2,4</sup> |  | 97199 |  | 88840 |
| New Residential Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>2</sup> |  | 86294 |  | 85636 |
| GCAT Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,2</sup> |  | 82089 |  | 80829 |
| Towd Point Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,2</sup> |  | 70782 |  | 71922 |
| NYMT Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 4.67% due 08/25/61<sup>2,4</sup> |  | 62796 |  | 62407 |
| **Total Residential Mortgage-Backed Securities** |  |  |  | 3790857 |
| **Government Agency - 6.6%** |  |  |  |  |
| Uniform MBS 15 Year |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/25<sup>3</sup> |  | 560000 |  | 561676 |
| Fannie Mae |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 |  | 278304 |  | 291123 |
| Freddie Mac |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51 |  | 196461 |  | 198822 |
| **Total Government Agency** |  |  |  | 1051621 |
| **Commercial Mortgage-Backed Securities - 0.1%** |  |  |  |  |
| BXHPP Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,2</sup> |  | 25000 |  | 23029 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,863,490) | &nbsp;&nbsp;&nbsp;(Cost $4,863,490) | &nbsp;&nbsp;&nbsp;(Cost $4,863,490) |  | 4865507 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 8.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.24% due 04/01/25<sup>5</sup> |  | 800000 |  | 800000 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>5</sup> |  | 480000 |  | 480000 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,280,000) |  |  |  | 1280000 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 8.0%** |
| **Financial - 2.5%** |  |  |  |  |
| Worldpay |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 |  | 100000 |  | 99219 |
| Amwins Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 |  | 99750 |  | 98873 |
| Jane Street Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 |  | 100000 |  | 98740 |
| Focus Financial Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 |  | 30000 |  | 29681 |
| Ryan Specialty LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 09/15/31 |  | 24938 |  | 24832 |
| Duff & Phelps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 |  | 24805 |  | 23484 |
| Citadel Securities, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 |  | 20000 |  | 19968 |
| **Total Financial** |  |  |  | 394797 |
| **Industrial - 1.6%** |  |  |  |  |
| XPO, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 |  | 100000 |  | 99788 |
| Hunter Douglas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 |  | 80000 |  | 76220 |
| Service Logic Acquisition, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 |  | 24875 |  | 24782 |
| TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 |  | 24875 |  | 24728 |
| StandardAero |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 |  | 19950 |  | 19880 |
| Capstone Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> |  | 9149 |  | 9102 |
| **Total Industrial** |  |  |  | 254500 |
| **Consumer, Cyclical - 1.5%** |  |  |  |  |
| Clarios Global, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 |  | 100000 |  | 98375 |
| TMF Sapphire Bidco B.V. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 |  | 80000 |  | 79334 |
| PCI Gaming Authority, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 |  | 29775 |  | 29460 |
| Thevelia US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 |  | 25000 |  | 24906 |
| Truck Hero, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/28 |  | 9922 |  | 9461 |
| **Total Consumer, Cyclical** |  |  |  | 241536 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Technology - 1.3%** |  |  |  |  |
| CCC Intelligent Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | $| 99750 | $| 99501 |
| Clearwater Analytics, LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 02/10/32 |  | 100000 |  | 99500 |
| **Total Technology** |  |  |  | 199001 |
| **Consumer, Non-cyclical - 0.8%** |  |  |  |  |
| Aramark Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 |  | 98750 |  | 98606 |
| Froneri US, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 |  | 25000 |  | 24813 |
| HAH Group Holding Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 |  | 9975 |  | 9450 |
| **Total Consumer, Non-cyclical** |  |  |  | 132869 |
| **Utilities - 0.2%** |  |  |  |  |
| Calpine Construction Finance Company, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 |  | 25000 |  | 24915 |
| **Communications - 0.1%** |  |  |  |  |
| Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 |  | 20000 |  | 19731 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,279,092) | &nbsp;&nbsp;&nbsp;(Cost $1,279,092) | &nbsp;&nbsp;&nbsp;(Cost $1,279,092) |  | 1267349 |
| **CORPORATE BONDS<sup>††</sup>** **- 5.0%** | **CORPORATE BONDS<sup>††</sup>** **- 5.0%** | **CORPORATE BONDS<sup>††</sup>** **- 5.0%** | **CORPORATE BONDS<sup>††</sup>** **- 5.0%** | **CORPORATE BONDS<sup>††</sup>** **- 5.0%** |
| **Financial - 1.5%** |  |  |  |  |
| GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40% due 01/13/30<sup>2</sup> |  | 150000 |  | 152830 |
| American National Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 |  | 30000 |  | 30245 |
| F&G Global Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>2</sup> |  | 25000 |  | 25432 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>2</sup> |  | 25000 |  | 23961 |
| Focus Financial Partners LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>2</sup> |  | 10000 |  | 9862 |
| **Total Financial** |  |  |  | 242330 |
| **Utilities - 0.9%** |  |  |  |  |
| ContourGlobal Power Holdings S.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/28/30<sup>2</sup> |  | EUR 100,000 |  | 107267 |
| Terraform Global Operating, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>2</sup> |  | 38000 |  | 37779 |
| **Total Utilities** |  |  |  | 145046 |
| **Industrial - 0.9%** |  |  |  |  |
| Axon Enterprise, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>2</sup> |  | 100000 |  | 100922 |
| Clean Harbors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>2</sup> |  | 30000 |  | 30321 |
| **Total Industrial** |  |  |  | 131243 |
| **Communications - 0.5%** |  |  |  |  |
| Sirius XM Radio LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>2</sup> |  | 85000 |  | 82349 |
| **Consumer, Non-cyclical - 0.4%** |  |  |  |  |
| Graham Holdings Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>2</sup> |  | 25000 |  | 24996 |
| AMN Healthcare, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>2</sup> |  | 25000 |  | 24031 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>2</sup> |  | 15000 |  | 14978 |
| **Total Consumer, Non-cyclical** |  |  |  | 64005 |
| **Energy - 0.3%** |  |  |  |  |
| Buckeye Partners, LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/01/30<sup>2</sup> |  | 25000 |  | 25323 |
| Viper Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>2</sup> |  | 25000 |  | 24768 |
| **Total Energy** |  |  |  | 50091 |
| **Consumer, Cyclical - 0.3%** |  |  |  |  |
| Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>2</sup> |  | 25000 |  | 25207 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 09/15/29<sup>2</sup> |  | 25000 |  | 24748 |
| **Total Consumer, Cyclical** |  |  |  | 49955 |
| **Technology - 0.2%** |  |  |  |  |
| ACI Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/26<sup>2</sup> |  | 25000 |  | 25073 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $782,539) | &nbsp;&nbsp;&nbsp;(Cost $782,539) | &nbsp;&nbsp;&nbsp;(Cost $782,539) |  | 790092 |
|  | **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;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $31,326) | EUR | 29000 |  | 124 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $31,326) | EUR | 29000 |  | 124 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value<sup>~</sup>** | **Contracts/<br> Notional <br> Value<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $35,646) | EUR | 33000 | $142 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $21,604) | EUR | 20000 | 86 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $9,722) | EUR | 9000 | 39 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $6,481) | EUR | 6000 | 26 |
| **Total Foreign Exchange Options** |  |  | 541 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,708) |  |  | 541 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††</sup>** **- 0.3%** |
| **Call Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $510,000) | USD | 510000 | 10921 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $510,000) | USD | 510000 | 10921 |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% (Notional Value $960,000) | USD | 960000 | 20065 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $129,075) | GBP | 100000 | 752 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $129,075) | GBP | 100000 | 569 |
| **Total Interest Rate Call Swaptions** |  |  | 43228 |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $129,075) | GBP | 100000 | 197 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $129,075) | GBP | 100000 | 101 |
| **Total Interest Rate Put Swaptions** |  |  | 298 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,084) |  |  | 43526 |
| **Total Investments - 109.3%** | **Total Investments - 109.3%** | **Total Investments - 109.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,398,772) | &nbsp;&nbsp;&nbsp;(Cost $17,398,772) | &nbsp;&nbsp;&nbsp;(Cost $17,398,772) | 17407711 |
| **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;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $129,075) | GBP | 100000 | (225) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $129,075) | GBP | 100000 | (422) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% (Notional Value $960,000) | USD | 960000 | (9757) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $510,000) | USD | 510000 | (5331) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $510,000) | USD | 510000 | (5331) |
| **Total Interest Rate Call Swaptions** |  |  | (21066) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $129,075) | GBP | 100000 | (303) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $129,075) | GBP | 100000 | (613) |
| **Total Interest Rate Put Swaptions** |  |  | (916) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $9,812) |  |  | $(21982) |
| **Other Assets & Liabilities, net - (9.2)%** | **Other Assets & Liabilities, net - (9.2)%** | **Other Assets & Liabilities, net - (9.2)%** | (1462003) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $15923726 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 1 | Mar 2027 | $241475 | $1661 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <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> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $69000 | $3645 | $3747 | $(102) |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.43.V1 | 5.00% | Quarterly | 12/20/29 | 14000 | 747 | 1251 | (504) |
|  |  |  |  |  |  | $4392 | $4998 | $(606) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Pay | U.S. Secured Overnight Financing Rate | 3.84% | Annually | 03/04/27 | $3700000 | $5665 | $6115 | $(450) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.11% | Annually | 12/23/39 | 90000 | (2125) | 246 | (2371) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.17% | Annually | 01/28/35 | 400000 | (12203) | 249 | (12452) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.07% | Annually | 12/23/31 | 600000 | (12404) | 244 | (12648) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.08% | Annually | 12/23/29 | 1070000 | (18778) | 3929 | (22707) |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 1800000 | (29514) | 2507 | (32021) |
|  |  |  |  |  |  |  | $(69359) | $13290 | $(82649) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | EUR | Sell | 102000 | 111,806 USD | 04/15/25 | $1350 |
| Bank of America, N.A. | EUR | Sell | 1000 | 1,057 USD | 05/27/25 | (29) |
|  |  |  |  |  |  | $1321 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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** | **Buy/Sell <br> Protection** | **Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $960000 | $20065 |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 510000 | 10921 |
| BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 510000 | 10921 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 129075 | 752 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 129075 | 569 |
|  |  |  |  |  |  |  |  | $43228 |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 129075 | $197 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 129075 | 101 |
|  |  |  |  |  |  |  |  | $298 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Buy/Sell <br> Protection** | **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 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | $129075 | $(225) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 129075 | (422) |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 510000 | (5331) |
| BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 510000 | (5331) |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 960000 | (9757) |
|  |  |  |  |  |  |  |  | $(21066) |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 129075 | $(303) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 129075 | (613) |
|  |  |  |  |  |  |  |  | $(916) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 March 31, 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 March 31, 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 $13,304,108 (cost $13,313,034), or 83.5% of total net assets. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Security is unsettled at period end and does 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 March 31, 2025. See table below for additional step information for each security. |
| <sup>5</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;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;SONIA — Sterling Overnight Index Average |
|  | &nbsp;&nbsp;&nbsp;WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $— | $99645 | $— | $99645 |
| Money Market Funds | 330676 |  |  | 330676 |
| Asset-Backed Securities |  | 8730375 |  | 8730375 |
| Collateralized Mortgage Obligations |  | 4865507 |  | 4865507 |
| U.S. Treasury Bills |  | 1280000 |  | 1280000 |
| Senior Floating Rate Interests |  | 1258247 | 9102 | 1267349 |
| Corporate Bonds |  | 790092 |  | 790092 |
| Options Purchased |  | 541 |  | 541 |
| Interest Rate Swaptions Purchased |  | 43526 |  | 43526 |
| Interest Rate Futures Contracts\*\* | 1661 |  |  | 1661 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 1350 |  | 1350 |
| Total Assets | $332337 | $17069283 | $9102 | $17410722 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Swaptions Written | $— | $21982 | $— | $21982 |
| Credit Default Swap Agreements\*\* |  | 606 |  | 606 |
| Interest Rate Swap Agreements\*\* |  | 82649 |  | 82649 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 29 |  | 29 |
| Unfunded Loan Commitments (Note 9) |  |  | 4 | 4 |
| Total Liabilities | $— | $105266 | $4 | $105270 |

---

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND** |  |

---

**Step Coupon Bonds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <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 2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 |  |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 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 |  |  |
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67% | 08/01/25 |  |  |
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83% | 08/01/28 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |  |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |  |  |
| Verus Securitization Trust 2023-3, 6.74% due 03/25/68 | 7.74% | 04/01/27 |  |  |

---

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

**ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $17,398,772) | $17407711 |
| Cash | 799696 |
| Segregated cash with broker | 128163 |
| Unamortized upfront premiums paid on credit default swap agreements | 4998 |
| Unamortized upfront premiums paid on interest rate swap agreements | 13290 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1350 |
| Prepaid expenses | 25553 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 862366 |
| &nbsp;&nbsp;&nbsp;Interest | 87211 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 38544 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 7873 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 25 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 23 |
| **Total assets** | 19376803 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $–) | 4 |
| Options written, at value (premiums received $9,812) | 21982 |
| Segregated cash due to broker | 7910 |
| Unrealized depreciation on forward foreign currency exchange contracts | 29 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 3295956 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 69144 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5289 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 1969 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 954 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 574 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 113 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 49153 |
| **Total liabilities** | 3453077 |
| **Net assets** | $15923726 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $16006936 |
| Total distributable earnings (loss) | (83210) |
| Net assets | $15923726 |
| Capital shares outstanding | 805209 |
| Net asset value per share | $19.78 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $229645 |
| &nbsp;&nbsp;&nbsp;Total investment income | 229645 |
| **Expenses:** | **Expenses:** |
| Professional fees | 35599 |
| Fund accounting/administration fees | 28248 |
| Trustees' fees\* | 13095 |
| Printing expenses | 6587 |
| Registration fees | 6045 |
| Transfer agent fees | 5984 |
| Custodian fees | 1924 |
| Interest expense | 293 |
| Line of credit fees | 23 |
| Miscellaneous | 1356 |
| &nbsp;&nbsp;&nbsp;Total expenses | 99154 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (98462) |
| Net expenses | 692 |
| Net investment income | 228953 |
| **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 | 4702 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2351) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 8784 |
| &nbsp;&nbsp;&nbsp;Options purchased | (1125) |
| &nbsp;&nbsp;&nbsp;Options written | 915 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (5436) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 384 |
| Net realized gain | 5873 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (16644) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (83255) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1661 |
| &nbsp;&nbsp;&nbsp;Options purchased | 21275 |
| &nbsp;&nbsp;&nbsp;Options written | (12170) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 1321 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 14 |
| Net change in unrealized appreciation (depreciation) | (87798) |
| Net realized and unrealized loss | (81925) |
| **Net increase in net assets resulting from operations** | $147028 |

---

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

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

**ACTIVE INVESTMENT SERIES (GAINS) – LIMITED DURATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Period Ended <br> September 30, <br> 2024<sup>a</sup>** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $228953 | $22638 |
| Net realized gain on investments | 5873 | 30 |
| Net change in unrealized appreciation (depreciation) on investments | (87798) | 4304 |
| Net increase in net assets resulting from operations | 147028 | 26972 |
| Distributions to shareholders | (234399) | (22811) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 12460870 | 3500002 |
| Distributions reinvested | 234399 | 22811 |
| Cost of shares redeemed | (211146) |  |
| Net increase from capital share transactions | 12484123 | 3522813 |
| Net increase in net assets | 12396752 | 3526974 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3526974 |  |
| &nbsp;&nbsp;&nbsp;End of period | $15923726 | $3526974 |
| **Capital share activity:** |  |  |
| Shares sold | 627938 | 174962 |
| Shares issued from reinvestment of distributions | 11813 | 1140 |
| Shares redeemed | (10644) |  |
| Net increase in shares | 629107 | 176102 |

---

<sup>a</sup> Since commencement of operations: August 14, 2024.

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

**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.

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **Period Ended <br> September 30, <br> 2024<sup>b</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>c</sup> | .55 | .15 |
| Net gain (loss) on investments (realized and unrealized) | (.24) | .03 |
| Total from investment operations | .31 | .18 |
| Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.56) | (.15) |
| Total distributions | (.56) | (.15) |
| Net asset value, end of period | $19.78 | $20.03 |
| **Total Return** | **1.58%** | **0.90%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $15924 | $3527 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.54% | 0.74% |
| Total expenses | 2.40% | 0.97% |
| Net expenses<sup>d</sup> | 0.02% | — %<sup>e</sup> |
| Portfolio turnover rate | 5% | — %<sup>f</sup> |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Since commencement of operations: August 14, 2024. 

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

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

<sup>e</sup> Less than 0.01%.

<sup>f</sup> Less than 1.0%.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 1596 | $8587 |
| **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 $318,203) |  | 8649 |
| **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 | 7533116 |
| Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 5550000 | 5439418 |
| &nbsp;&nbsp;&nbsp;6.85% | 850000 | 882054 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;6.70%<sup>††</sup> | 4870000 | 4993050 |
| JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.65% | 2350000 | 2297475 |
| &nbsp;&nbsp;&nbsp;6.50% | 1570000 | 1606805 |
| 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 | 3727868 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| &nbsp;&nbsp;&nbsp;3.85%<sup>††</sup> | 3520000 | 3478728 |
| Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| &nbsp;&nbsp;&nbsp;6.00%<sup>††</sup> | 1360000 | 1352544 |
| Kuvare US Holdings, Inc. | Kuvare US Holdings, Inc. | Kuvare US Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;7.00% due 02/17/51<sup>2,††</sup> | 1000000 | 998128 |
| Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
| &nbsp;&nbsp;&nbsp;3.38%<sup>2,††</sup> | 1000000 | 968690 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60<sup>††</sup> | 47725 | 902003 |
| First Republic Bank | First Republic Bank | First Republic Bank |
| &nbsp;&nbsp;&nbsp;4.25%<sup>\*,†††</sup> | 77975 | 31 |
| **Total Financial** |  | 34179910 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| CoBank ACB | CoBank ACB | CoBank ACB |
| &nbsp;&nbsp;&nbsp;7.13%<sup>††</sup> | 500000 | 507814 |
| **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 $37,822,209) |  | 34687724 |
| **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 | 69 |
| 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) |  | 95 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.5%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.5%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.5%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>3</sup> | 33200295 | 33200295 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>3</sup> | 710000 | 710000 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,910,295) |  | 33910295 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 37.0%** |
| **Government Agency - 26.5%** |  |  |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>4</sup> | 130504000 | 127629258 |
| &nbsp;&nbsp;&nbsp;3.00% due 06/01/25<sup>4</sup> | 60720000 | 52548302 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/25<sup>4</sup> | 45750000 | 43696191 |
| &nbsp;&nbsp;&nbsp;2.50% due 06/01/25<sup>4</sup> | 18405000 | 15271236 |
| &nbsp;&nbsp;&nbsp;2.00% due 06/01/25<sup>4</sup> | 15965000 | 12671995 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/53 | 25861786 | 25882936 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 | 20862837 | 21823795 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 17478236 | 15173310 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 12471368 | 12247906 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/54 | 10087467 | 10076845 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/01/54 | 9438853 | 9493054 |
| &nbsp;&nbsp;&nbsp;6.00% due 07/01/54 | 8970003 | 9208592 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 7363161 | 7236365 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 6763913 | 6677207 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 5356058 | 5264791 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 3226871 | 3307732 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 3242913 | 3257028 |
| &nbsp;&nbsp;&nbsp;6.50% due 04/25/49 | 2509861 | 2561534 |
| &nbsp;&nbsp;&nbsp;2.78% due 05/01/51 | 2584515 | 1979468 |
| &nbsp;&nbsp;&nbsp;2.32% due 02/01/51 | 1951196 | 1426697 |
| &nbsp;&nbsp;&nbsp;2.00% due 09/01/50 | 1966521 | 1392010 |
| &nbsp;&nbsp;&nbsp;2.11% due 10/01/50 | 1737192 | 1249525 |
| &nbsp;&nbsp;&nbsp;2.27% due 02/01/51 | 1624267 | 1180617 |
| &nbsp;&nbsp;&nbsp;2.39% due 02/01/51 | 1352318 | 999309 |
| &nbsp;&nbsp;&nbsp;4.24% due 08/01/48 | 976956 | 869857 |
| &nbsp;&nbsp;&nbsp;2.58% due 10/01/51 | 1134126 | 842626 |
| &nbsp;&nbsp;&nbsp;3.46% due 08/01/49 | 903877 | 772942 |
| &nbsp;&nbsp;&nbsp;4.37% due 10/01/48 | 681524 | 643182 |
| &nbsp;&nbsp;&nbsp;4.25% due 05/01/48 | 596642 | 551721 |
| &nbsp;&nbsp;&nbsp;due 12/25/43<sup>5</sup> | 591083 | 442767 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 41623223 | 36109391 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 18300020 | 18784442 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/53 | 14192548 | 14353017 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 11572228 | $11601688 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/54 | 11232781 | 11220953 |
| &nbsp;&nbsp;&nbsp;5.50% due 10/01/54 | 9619587 | 9609459 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 7427696 | 7299979 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 4012367 | 3943997 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 1985236 | 2034981 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 1988741 | 2002005 |
| &nbsp;&nbsp;&nbsp;1.98% due 05/01/50 | 1299611 | 907235 |
| Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/25<sup>4</sup> | 42180000 | 42306245 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;due 05/01/25<sup>4</sup> | 18906548 | 18567043 |
| &nbsp;&nbsp;&nbsp;due 06/01/25<sup>4</sup> | 11129760 | 11129916 |
| &nbsp;&nbsp;&nbsp;due 07/01/25<sup>4</sup> | 10110240 | 10098927 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 589766 | 592523 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 2905995 | 2312025 |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 1099114 | 873924 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;1.49% (WAC) due 03/25/35<sup>◊,6</sup> | 17283158 | 1440644 |
| FARM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.18% (WAC) due 01/25/51<sup>◊,2</sup> | 792989 | 637436 |
| **Total Government Agency** |  | 602204628 |
| **Residential Mortgage-Backed Securities - 8.1%** |  |  |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.57% due 10/25/64<sup>2,7</sup> | 3299121 | 3302260 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, 7.66% due 10/25/63<sup>2,7</sup> | 2885006 | 2945064 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.22% due 01/25/64<sup>2,7</sup> | 2331964 | 2340557 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>2,7</sup> | 1326255 | 1330931 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.29% due 01/25/64<sup>2,7</sup> | 1303899 | 1310141 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.85% due 02/25/64<sup>2,7</sup> | 1205286 | 1220595 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>2,7</sup> | 1117628 | 1127380 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>2,7</sup> | 1108317 | 1112054 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.45% due 02/25/64<sup>2,7</sup> | 933125 | 943227 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.60% due 03/25/64<sup>2,7</sup> | 794819 | 804413 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.24% due 03/25/64<sup>2,7</sup> | 794819 | 801677 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.70% due 02/25/64<sup>2,7</sup> | 777604 | 785422 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.59% due 05/25/64<sup>2,7</sup> | 774155 | 779925 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.39% due 01/25/64<sup>2,7</sup> | 745085 | 751682 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.94% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55<sup>◊,2</sup> | 750000 | 750166 |
| &nbsp;&nbsp;&nbsp;2022-NQM8, 6.10% due 09/25/62<sup>2,7</sup> | 742416 | 741051 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.13% due 12/25/63<sup>2,7</sup> | 733891 | 738756 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.33% due 12/25/63<sup>2,7</sup> | 733891 | 737575 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.43% due 12/25/63<sup>2,7</sup> | 733891 | 737549 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>2,7</sup> | 651920 | 659698 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>2,7</sup> | 488464 | 489953 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.45% due 03/25/64<sup>2,7</sup> | 476891 | 480326 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.18% due 12/25/63<sup>2,7</sup> | 384420 | 385803 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,2</sup> | 2835997 | 2834604 |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,2</sup> | 2721120 | 2761576 |
| &nbsp;&nbsp;&nbsp;2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,2</sup> | 2378843 | 2395803 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,2</sup> | 2338750 | 2339204 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,2</sup> | 1641561 | 1647264 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> | 1491410 | 1483558 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,2</sup> | 1245655 | 1248030 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,2</sup> | 1114485 | 1124740 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,2</sup> | 7198317 | 6690195 |
| &nbsp;&nbsp;&nbsp;2021-13, 2.50% (WAC) due 04/25/52<sup>◊,2</sup> | 3232644 | 3003611 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 02/25/64<sup>2,7</sup> | 1907524 | 1917138 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,2</sup> | 1323478 | 1330730 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-4, 7.62% due 10/25/68<sup>2,7</sup> | 2963857 | 3012785 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,2</sup> | 4000000 | 2809196 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.18% due 09/25/68<sup>2,7</sup> | 2290420 | 2322753 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.14% due 02/25/69<sup>2,7</sup> | 1049331 | 1051825 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>2,7</sup> | 993641 | 994793 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>2,7</sup> | 862231 | 867859 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.58% due 09/25/68<sup>2,7</sup> | 738874 | 750866 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.33% due 04/25/69<sup>2,7</sup> | 391923 | 393746 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.43% due 04/25/69<sup>2,7</sup> | 391923 | 393479 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 6.12% due 01/25/69<sup>2,7</sup> | 3555102 | 3555561 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>2,7</sup> | 2573177 | 2570327 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.98% due 01/25/70<sup>2,7</sup> | 1584380 | 1584792 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>2,7</sup> | 1500000 | 1504756 |
| &nbsp;&nbsp;&nbsp;2023-2, 6.85% due 03/25/68<sup>2,7</sup> | 1281902 | 1289427 |
| &nbsp;&nbsp;&nbsp;2023-7, 7.42% due 10/25/68<sup>2,7</sup> | 1058827 | 1077671 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 6.25% due 01/25/69<sup>2,7</sup> | 4051467 | 4073471 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>2,7</sup> | 2234557 | 2253387 |
| &nbsp;&nbsp;&nbsp;2024-3, 4.80% due 11/26/68<sup>2,7</sup> | 1767640 | 1756004 |
| &nbsp;&nbsp;&nbsp;2023-1, 4.75% due 09/26/67<sup>2,7</sup> | 1321072 | 1295401 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.50% due 01/25/69<sup>2,7</sup> | 678348 | 683291 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.40% due 01/25/69<sup>2,7</sup> | 319222 | 322027 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.77% (WAC) due 12/25/59<sup>◊,2</sup> | 190984 | 183347 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>2,7</sup> | 3500000 | 3509037 |
| &nbsp;&nbsp;&nbsp;2024-CES2, 5.25% due 10/25/54<sup>2,7</sup> | 3016542 | 2997630 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>2,7</sup> | 2568720 | 2572697 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,2</sup> | 4473826 | 4278893 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 7.34% due 08/25/68<sup>2,7</sup> | 1454076 | 1475929 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 6.89% due 08/25/68<sup>2,7</sup> | 1454073 | 1475616 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.54% due 06/25/59<sup>2,7</sup> | 748076 | 755356 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>2,7</sup> | 374035 | 376316 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.59% (WAC) due 11/25/69<sup>◊,2</sup> | 3086039 | 3094574 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.89% due 02/25/70<sup>2,7</sup> | 1419838 | 1426875 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>2,7</sup> | 1028159 | 1033228 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>2,7</sup> | 998745 | 1000833 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, 6.81% (WAC) due 09/25/43<sup>◊,2</sup> | 2712286 | 2741915 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>2,7</sup> | 2415427 | 2436999 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>2,7</sup> | 1272093 | 1276793 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 4.50% due 05/25/62<sup>2,7</sup> | 1648707 | 1626839 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.39% due 03/25/64<sup>2,7</sup> | 1307891 | 1315937 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2023-NQM8, 7.10% due 10/25/63<sup>2,7</sup> | 1138808 | $1155262 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 5.84% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70<sup>◊,2</sup> | 1000000 | 998940 |
| &nbsp;&nbsp;&nbsp;2024-CES1, 6.38% due 04/25/54<sup>2,7</sup> | 823239 | 831571 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>2,7</sup> | 3936576 | 3598031 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>2,7</sup> | 2160200 | 2013127 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 4.42% (WAC) due 10/27/64<sup>◊,2</sup> | 2856420 | 2856675 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 7.29% (WAC) due 10/25/63<sup>◊,2</sup> | 1486426 | 1510358 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,2</sup> | 602569 | 608390 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NMR1, 2.50% (WAC) due 11/25/60<sup>◊,2</sup> | 5810000 | 4916243 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.73% due 01/25/60<sup>2,7</sup> | 4469828 | 4504250 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,2</sup> | 4535167 | 4176986 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.79% (WAC) due 09/27/60<sup>◊,2</sup> | 133109 | 123839 |
| BRAVO Residential Funding Trust 2025-NQM2 |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.83% due 11/25/64<sup>2,7</sup> | 3703272 | 3717004 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.37% due 09/25/64<sup>2</sup> | 1553283 | 1543996 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>2</sup> | 1553283 | 1541445 |
| &nbsp;&nbsp;&nbsp;2019-6A, 3.50% (WAC) due 09/25/59<sup>◊,2</sup> | 345792 | 326774 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,2</sup> | 2857600 | 2852597 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,2</sup> | 1435717 | 1445222 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,2</sup> | 1308826 | 1313617 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>2</sup> | 1895808 | 1822982 |
| &nbsp;&nbsp;&nbsp;2023-RCF1, 4.00% due 06/25/53<sup>2,7</sup> | 732864 | 718882 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>2,7</sup> | 2200000 | 2189226 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.35% due 07/25/69<sup>2,7</sup> | 908294 | 901867 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.04% (WAC) due 07/25/69<sup>◊,2</sup> | 908294 | 901352 |
| OBX 2025-HE1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.30% (30 Day Average SOFR + 1.90%, Rate Floor: 1.90%) due 02/25/55<sup>◊,2</sup> | 1800000 | 1800934 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,2</sup> | 1805445 | 1768907 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,2</sup> | 1444469 | 1488393 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,2</sup> | 760720 | 705508 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,2</sup> | 760720 | 700990 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>2</sup> | 1250000 | 1226441 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.41% (WAC) due 02/25/50<sup>◊,2</sup> | 597827 | 568002 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.56% (WAC) due 02/25/50<sup>◊,2</sup> | 597827 | 567535 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,2</sup> | 1000000 | 1001129 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, 5.52% due 01/26/60<sup>2,7</sup> | 971601 | 974308 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 2.08% due 05/25/47<sup>6</sup> | 5710506 | 896159 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-RPL9, 3.85% (WAC) due 09/25/57<sup>◊,2</sup> | 567901 | 556056 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.72% due 05/25/65<sup>2</sup> | 137788 | 129068 |
| MFRA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-INV1, 2.29% (WAC) due 01/25/56<sup>◊,2</sup> | 700000 | 639862 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE2, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 1324851 | 515166 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.88% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 1487218 | 257313 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 5.48% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 212093 | 176691 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp;&nbsp;2003-5, 3.03% (WAC) due 11/25/33<sup>◊</sup> | 193253 | 170525 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.68% (WAC) due 01/26/60<sup>◊,2</sup> | 37125 | 36540 |
| **Total Residential Mortgage-Backed Securities** |  | 182943052 |
| **Commercial Mortgage-Backed Securities - 1.8%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 09/15/36<sup>◊,2</sup> | 3490000 | 3446375 |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,2</sup> | 3450000 | 3402786 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.01% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,2</sup> | 1050000 | 1050000 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,2</sup> | 1000000 | 999375 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.53% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38<sup>◊,2</sup> | 4000000 | 3654796 |
| &nbsp;&nbsp;&nbsp;2016-JP3, 3.41% (WAC) due 08/15/49<sup>◊</sup> | 4000000 | 3547371 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-GSA2, 2.34% due 12/12/53 | 8000000 | 6333239 |
| &nbsp;&nbsp;&nbsp;2020-GC45, 0.62% (WAC) due 02/13/53<sup>◊,6</sup> | 17679075 | 419319 |
| &nbsp;&nbsp;&nbsp;2019-GC42, 0.81% (WAC) due 09/10/52<sup>◊,6</sup> | 13775841 | 394862 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| DBGS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C1, 4.64% (WAC) due 10/15/51<sup>◊</sup> | 7000000 | $| 6459685 |
| BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29<sup>◊,2</sup> | 1700000 |  | 1687250 |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29<sup>◊,2</sup> | 1450000 |  | 1440031 |
| SMRT |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.27% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,2</sup> | 2000000 |  | 1958895 |
| Life Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38<sup>◊,2</sup> | 1400000 |  | 1379875 |
| BMP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-MF23, 5.96% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41<sup>◊,2</sup> | 1000000 |  | 996875 |
| Extended Stay America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,2</sup> | 952765 |  | 951575 |
| GS Mortgage Securities Corporation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 5.94% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36<sup>◊,2</sup> | 923628 |  | 913387 |
| BENCHMARK Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.74% (WAC) due 12/15/62<sup>◊,6</sup> | 18109389 |  | 400410 |
| &nbsp;&nbsp;&nbsp;2018-B6, 0.40% (WAC) due 10/10/51<sup>◊,6</sup> | 28125885 |  | 256311 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC43, 0.60% (WAC) due 11/10/52<sup>◊,6</sup> | 18500569 |  | 441092 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.65% (WAC) due 08/10/49<sup>◊,6</sup> | 2137605 |  | 28285 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.64% (WAC) due 04/10/49<sup>◊,6</sup> | 2711193 |  | 20469 |
| &nbsp;&nbsp;&nbsp;2016-P5, 1.36% (WAC) due 10/10/49<sup>◊,6</sup> | 1513857 |  | 18886 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 0.99% (WAC) due 03/15/52<sup>◊,6</sup> | 10887505 |  | 332656 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.06% (WAC) due 08/15/50<sup>◊,6</sup> | 7551626 |  | 143038 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C5, 1.82% (WAC) due 10/10/48<sup>◊,6</sup> | 6824157 |  | 98817 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-UB11, 1.43% (WAC) due 08/15/49<sup>◊,6</sup> | 5480226 |  | 73321 |
| JPMDB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.47% (WAC) due 06/15/49<sup>◊,6</sup> | 6043077 |  | 56077 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.77% (WAC) due 12/15/49<sup>◊,6</sup> | 2298324 |  | 21088 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.39% (WAC) due 01/15/59<sup>◊,6</sup> | 2786763 |  | 17711 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.33% (WAC) due 08/10/49<sup>◊,6</sup> | 1997916 |  | 17176 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C3, 0.95% (WAC) due 01/10/48<sup>◊,6</sup> | 4675669 |  | 15200 |
| COMM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-CR26, 0.88% (WAC) due 10/10/48<sup>◊,6</sup> | 7085607 |  | 1292 |
| &nbsp;&nbsp;&nbsp;2015-CR24, 0.67% (WAC) due 08/10/48<sup>◊,6</sup> | 31724059 |  | 317 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 40977842 |
| **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>◊</sup> | 6670538 |  | 5894702 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.45% (WAC) due 11/25/52<sup>◊,2</sup> | 2650015 |  | 2403675 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,6</sup> | 9762841 |  | 553865 |
| Capmark Military Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-RILY, 6.15% due 07/10/51<sup>†††,2</sup> | 2192113 |  | 1953622 |
| &nbsp;&nbsp;&nbsp;2007-ROBS, 6.06% due 10/10/52<sup>†††,2</sup> | 442578 |  | 390678 |
| &nbsp;&nbsp;&nbsp;2007-AETC, 5.75% due 02/10/52<sup>†††,2</sup> | 259803 |  | 226262 |
| GMAC Commercial Mortgage Asset Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HCKM, 6.11% due 08/10/52<sup>†††,2</sup> | 1391055 |  | 1274841 |
| **Total Military Housing** |  |  | 12697645 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $853,238,922) | &nbsp;&nbsp;&nbsp;(Cost $853,238,922) |  | 838823167 |
| **CORPORATE BONDS<sup>††</sup>** **- 24.7%** | **CORPORATE BONDS<sup>††</sup>** **- 24.7%** | **CORPORATE BONDS<sup>††</sup>** **- 24.7%** | **CORPORATE BONDS<sup>††</sup>** **- 24.7%** |
| **Financial - 13.2%** |  |  |  |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>2</sup> | 6200000 |  | 5438053 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 4000000 |  | 3573835 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 11/01/34<sup>8</sup> | 2465000 |  | 2688670 |
| &nbsp;&nbsp;&nbsp;5.94% due 02/07/39<sup>8</sup> | 1950000 |  | 1968243 |
| &nbsp;&nbsp;&nbsp;5.52% due 11/19/55<sup>8</sup> | 1500000 |  | 1465348 |
| &nbsp;&nbsp;&nbsp;5.83% due 04/19/35<sup>8</sup> | 1085000 |  | 1124348 |
| Nippon Life Insurance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 01/21/51<sup>2,8</sup> | 8150000 |  | 7035870 |
| BPCE S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.28% due 01/20/32<sup>2,8</sup> | 8200000 |  | 6936409 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/12/36<sup>8</sup> | 5300000 |  | 5289874 |
| &nbsp;&nbsp;&nbsp;3.56% due 04/23/27<sup>8</sup> | 1020000 |  | 1008944 |
| Brighthouse Financial Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 06/10/29<sup>2</sup> | 5985000 |  | 6082657 |
| American National Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 5036000 |  | 5034731 |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 | 1000000 |  | 1008163 |
| Liberty Mutual Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/15/51<sup>2,8</sup> | 5800000 |  | 5553407 |
| Wilton RE Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% <sup>2,8,9</sup> | 5426000 |  | 5365185 |
| National Australia Bank Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/14/36<sup>2,8</sup> | 3960000 |  | 4018364 |
| &nbsp;&nbsp;&nbsp;2.99% due 05/21/31<sup>2</sup> | 975000 |  | 859744 |
| &nbsp;&nbsp;&nbsp;2.33% due 08/21/30<sup>2</sup> | 502000 |  | 436717 |
| Global Atlantic Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>2</sup> | 3841000 |  | 4330254 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/54<sup>2</sup> | 969000 |  | 983677 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 4650000 |  | 4334849 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 900000 |  | 901281 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.85% due 01/15/32 | 2428000 | $2087909 |
| &nbsp;&nbsp;&nbsp;2.80% due 06/15/31 | 1831000 | 1607233 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/01/34 | 1400000 | 1440892 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/35 | 100000 | 99560 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 08/22/43<sup>†††</sup> | 5000000 | 5205121 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.83% due 02/13/35<sup>8</sup> | 4900000 | 4878931 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 3180000 | 3033006 |
| &nbsp;&nbsp;&nbsp;5.45% due 09/30/34 | 1510000 | 1477454 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/31<sup>2</sup> | 3060000 | 2911518 |
| &nbsp;&nbsp;&nbsp;6.00% due 05/20/34 | 1490000 | 1520684 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;3.20% <sup>2,8,9</sup> | 5000000 | 4356184 |
| Demeter Investments BV |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/52 | 4350000 | 4350000 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 03/03/55 | 1990000 | 1941317 |
| &nbsp;&nbsp;&nbsp;4.70% due 09/20/47 | 650000 | 552389 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/30/51 | 630000 | 433835 |
| &nbsp;&nbsp;&nbsp;3.63% due 02/15/52 | 620000 | 433508 |
| &nbsp;&nbsp;&nbsp;6.35% due 01/05/34 | 300000 | 319523 |
| &nbsp;&nbsp;&nbsp;5.68% due 01/15/35 | 300000 | 306886 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 2310000 | 2204835 |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 1800000 | 1722871 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% due 01/19/28<sup>2,8</sup> | 2750000 | 2777062 |
| &nbsp;&nbsp;&nbsp;3.34% due 01/21/33<sup>2,8</sup> | 1300000 | 1131410 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>2</sup> | 3700000 | 3763989 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>8</sup> | 4040000 | 3753600 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>2,8</sup> | 3750000 | 3736814 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 02/15/31<sup>2</sup> | 1917000 | 1757290 |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/30<sup>2</sup> | 1283000 | 1230182 |
| &nbsp;&nbsp;&nbsp;5.63% due 07/15/32<sup>2</sup> | 750000 | 717000 |
| CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>2</sup> | 4130000 | 3676738 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;3.09% due 05/14/32<sup>2,8</sup> | 2950000 | 2626126 |
| &nbsp;&nbsp;&nbsp;4.28% due 01/09/28<sup>2</sup> | 1020000 | 1007229 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 03/03/31 | 2740000 | 2497127 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/16/32 | 1000000 | 1021343 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;5.93% due 03/14/46<sup>2,8</sup> | 3420000 | 3385216 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 03/15/31 | 3230000 | 3356531 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.62% due 06/03/30<sup>2</sup> | 3570000 | 3307598 |
| Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.16% due 08/15/51<sup>2</sup> | 4750000 | 3285875 |
| Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.35% due 04/30/50<sup>2</sup> | 4277000 | 3274781 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 2410000 | 2513231 |
| &nbsp;&nbsp;&nbsp;5.25% due 05/30/29 | 700000 | 700995 |
| Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/28/34 | 2850000 | 2917203 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/14/34 | 1650000 | 1681887 |
| &nbsp;&nbsp;&nbsp;2.63% due 10/15/31 | 1400000 | 1183531 |
| Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 07/15/36<sup>2</sup> | 2900000 | 2862266 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>2</sup> | 3150000 | 2821770 |
| Host Hotels & Resorts, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 07/01/34 | 2750000 | 2751398 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.01% due 10/15/30<sup>2,8</sup> | 2250000 | 2246246 |
| &nbsp;&nbsp;&nbsp;4.64% due 04/01/31<sup>2,8</sup> | 510000 | 499210 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>8</sup> | 2750000 | 2728758 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.69% due 06/23/32<sup>2,8</sup> | 2000000 | 1741468 |
| &nbsp;&nbsp;&nbsp;2.87% due 01/14/33<sup>2,8</sup> | 980000 | 843204 |
| 200 Park Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/15/55<sup>2</sup> | 2550000 | 2530348 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>2</sup> | 2450000 | 2437773 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>8</sup> | 2350000 | 2354606 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>2,8</sup> | 1300000 | 1316208 |
| &nbsp;&nbsp;&nbsp;3.10% due 09/01/31 | 1170000 | 1008595 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>2</sup> | 2450000 | 2303355 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>8</sup> | 1250000 | 1253864 |
| &nbsp;&nbsp;&nbsp;5.29% due 11/19/30<sup>8</sup> | 1010000 | 1020463 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/34 | 1750000 | 1780053 |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>8</sup> | 500000 | 492325 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>2,8</sup> | 2200000 | 2245782 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/81<sup>2,8</sup> | 2500000 | 2230010 |
| Nuveen LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 04/15/34<sup>2</sup> | 2150000 | 2199773 |
| Dai-ichi Life Insurance Company Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% <sup>2,8,9</sup> | 2150000 | 2156764 |
| TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/05/34 | 2060000 | 2108879 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 02/01/35<sup>8</sup> | 2000000 | 2042095 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.81% due 03/11/31<sup>2</sup> | 1800000 | $1491412 |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>2</sup> | 850000 | 537878 |
| Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45% due 03/01/34 | 1900000 | 1934622 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>2</sup> | 2548000 | 1926122 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% due 11/18/36<sup>8</sup> | 1200000 | 1035595 |
| &nbsp;&nbsp;&nbsp;3.13% due 11/18/41 | 805000 | 585213 |
| &nbsp;&nbsp;&nbsp;2.67% due 11/15/35<sup>8</sup> | 295000 | 255980 |
| ING Groep N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 03/25/29<sup>8</sup> | 1020000 | 1023701 |
| &nbsp;&nbsp;&nbsp;5.53% due 03/25/36<sup>8</sup> | 850000 | 850972 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/34 | 1800000 | 1834218 |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>2</sup> | 2060000 | 1783559 |
| Mid-Atlantic Military Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 08/01/50<sup>2</sup> | 2107717 | 1781219 |
| QBE Insurance Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% <sup>2,8,9</sup> | 1750000 | 1746975 |
| Corebridge Life Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 03/15/46<sup>2</sup> | 1400000 | 1668846 |
| Dyal Capital Partners III |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 06/15/40<sup>†††</sup> | 1750000 | 1644146 |
| Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/32<sup>2</sup> | 1750000 | 1639154 |
| Markel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/16/54 | 1550000 | 1562950 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.57% due 11/25/35<sup>2,8</sup> | 1800000 | 1555607 |
| VICI Properties, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/01/35 | 1550000 | 1541231 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.72% due 03/27/28<sup>8</sup> | 1020000 | 1022745 |
| &nbsp;&nbsp;&nbsp;5.54% (SOFR Compounded Index + 0.86%) due 10/18/28<sup>◊</sup> | 500000 | 501548 |
| Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/15/30<sup>2</sup> | 1599000 | 1489883 |
| HS Wildcat LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 12/31/50<sup>†††</sup> | 1975359 | 1443703 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 05/23/42<sup>2,8</sup> | 1350000 | 1376831 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>2</sup> | 1350000 | 1364779 |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 08/15/54<sup>2</sup> | 1350000 | 1345643 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 12/06/31<sup>2</sup> | 1300000 | 1298760 |
| Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80% due 06/15/46 | 1350000 | 1163660 |
| Brookfield Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 06/14/33 | 1100000 | 1155435 |
| KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 08/25/50<sup>2</sup> | 1650000 | 1126970 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 740000 | 757777 |
| &nbsp;&nbsp;&nbsp;2.15% due 08/15/30 | 420000 | 363951 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;5.40% (SOFR + 1.03%) due 11/20/29<sup>◊,2</sup> | 1040000 | 1051275 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 10/01/50<sup>8</sup> | 1160000 | 1046753 |
| Belrose Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.33% due 08/15/30<sup>2</sup> | 1190000 | 1037779 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 03/30/29<sup>8</sup> | 1020000 | 1023644 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/18/28<sup>8</sup> | 1040000 | 1022016 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.06% due 07/22/32<sup>8</sup> | 1010000 | 1020613 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 05/13/36<sup>8</sup> | 1010000 | 1016789 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;5.72% (SOFR Compounded Index + 1.08%) due 08/01/29<sup>◊</sup> | 1010000 | 1015114 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.39% (SOFR + 1.02%) due 01/30/31<sup>◊</sup> | 1010000 | 1014025 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.07% due 04/30/41<sup>8</sup> | 1360000 | 1013535 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 06/07/31<sup>2</sup> | 590000 | 510112 |
| &nbsp;&nbsp;&nbsp;5.63% (SOFR Compounded Index + 1.21%) due 03/25/27<sup>◊,2</sup> | 500000 | 503250 |
| Citibank North America |  |  |
| &nbsp;&nbsp;&nbsp;5.10% (SOFR + 0.71%) due 11/19/27<sup>◊</sup> | 1010000 | 1012605 |
| BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.79% due 01/13/33<sup>2,8</sup> | 990000 | 1012234 |
| NatWest Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;5.49% (SOFR + 1.14%) due 05/17/29<sup>◊,2</sup> | 1000000 | 1010392 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.40% (SOFR + 1.02%) due 09/10/29<sup>◊,2</sup> | 1000000 | 1009416 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.76% (SOFR + 1.17%) due 07/09/29<sup>◊</sup> | 1000000 | 1009240 |
| Selective Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 04/15/35 | 1000000 | 1008385 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;5.55% (SOFR + 1.06%) due 11/05/30<sup>◊,2</sup> | 1000000 | 1005750 |
| Banco Santander S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% (SOFR + 1.12%) due 07/15/28<sup>◊</sup> | 1000000 | 1004992 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.02% due 10/31/38<sup>8</sup> | 1170000 | 1004777 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/05/29 | 960000 | 1002291 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;5.09% due 02/25/29<sup>8</sup> | 500000 | 503545 |
| &nbsp;&nbsp;&nbsp;5.83% (SOFR + 1.49%) due 03/12/28<sup>◊</sup> | 490000 | 496560 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% (SOFR + 0.98%) due 09/10/27<sup>◊,2</sup> | 990000 | 999919 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.27% (SOFR + 0.89%) due 03/05/27<sup>◊,2</sup> | 990000 | $999039 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.59% (SOFR + 1.21%) due 09/11/28<sup>◊,2</sup> | 990000 | 997990 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/28/53<sup>2</sup> | 860000 | 995528 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/18/34 | 970000 | 993428 |
| BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 05/25/28 | 930000 | 992910 |
| Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/23/51 | 1440000 | 984032 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 1100000 | 982992 |
| Pine Street Trust III |  |  |
| &nbsp;&nbsp;&nbsp;6.22% due 05/15/54<sup>2</sup> | 960000 | 982919 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 12/15/35<sup>2</sup> | 1000000 | 979365 |
| VICI Properties Limited Partnership / VICI Note Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/30<sup>2</sup> | 1000000 | 941339 |
| Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% due 01/16/64<sup>2,8</sup> | 850000 | 864042 |
| Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 06/05/30<sup>2</sup> | 930000 | 842238 |
| Deutsche Bank AG NY |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/18/31<sup>8</sup> | 880000 | 809142 |
| Fort Moore Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 01/15/51<sup>2</sup> | 855037 | 780275 |
| Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 980000 | 984302 |
| Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 770000 | 773323 |
| Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 04/29/61<sup>2</sup> | 950000 | 624298 |
| Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.40% due 09/30/30 | 675000 | 585560 |
| Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 09/15/51 | 800000 | 552090 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 01/15/32 | 623000 | 526526 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/25/35<sup>8</sup> | 470000 | 500106 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.40% due 06/15/30 | 470000 | 433138 |
| &nbsp;&nbsp;&nbsp;2.45% due 03/15/31 | 70000 | 60272 |
| Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 04/28/61<sup>2</sup> | 470000 | 324458 |
| Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/50 | 470000 | 318777 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>2</sup> | 296000 | 296752 |
| Swiss Re Finance Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/02/49<sup>2,8</sup> | 200000 | 197860 |
| KKR Group Finance Company III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/01/44<sup>2</sup> | 100000 | 90474 |
| **Total Financial** |  | 301179521 |
| **Industrial - 2.6%** |  |  |
| AP Grange Holdings |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 12900000 | 12964500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 1400000 | 1400000 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 5000000 | 5078217 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 06/15/31 | 2350000 | 2441566 |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/26<sup>2</sup> | 2156000 | 2152001 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.53% due 05/01/34 | 2770000 | 2968017 |
| &nbsp;&nbsp;&nbsp;6.86% due 05/01/54 | 575000 | 624563 |
| &nbsp;&nbsp;&nbsp;3.75% due 02/01/50 | 841000 | 589463 |
| Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 01/15/29 | 3800000 | 3577716 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 04/12/34 | 1750000 | 1799911 |
| &nbsp;&nbsp;&nbsp;2.38% due 08/09/28 | 1600000 | 1477545 |
| FLNG Liquefaction 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 06/30/39<sup>†††</sup> | 3823365 | 3137716 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/31 | 3450000 | 2994480 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 10/10/42<sup>†††</sup> | 3348792 | 2724061 |
| Penske Truck Leasing Company Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>2</sup> | 2100000 | 2125677 |
| Smurfit Kappa Treasury ULC |  |  |
| &nbsp;&nbsp;&nbsp;5.44% due 04/03/34<sup>2</sup> | 1850000 | 1861373 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 1810000 | 1668362 |
| Cliffwater Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.77% due 08/04/28<sup>†††</sup> | 1550000 | 1602013 |
| Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 05/15/56<sup>†††</sup> | 2000000 | 1395429 |
| Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/15/54 | 1380000 | 1378496 |
| Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 06/19/30 | 1230000 | 1104388 |
| Cellnex Finance Company S.A. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 07/07/41<sup>2</sup> | 1372000 | 1071655 |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/34 | 700000 | 669478 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 06/05/54 | 628000 | 631989 |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 528325 | 528325 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/21/28 | 510000 | 510820 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 05/15/21 | 600000 | 426528 |
| **Total Industrial** |  | 58904289 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Energy - 2.1%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>8,9</sup> | 6348000 | $6071961 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>8,9</sup> | 350000 | 344435 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 09/01/33 | 3800000 | 3956530 |
| &nbsp;&nbsp;&nbsp;5.60% due 04/01/44 | 860000 | 800156 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/01/50 | 850000 | 610554 |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/15/34 | 2850000 | 2878437 |
| &nbsp;&nbsp;&nbsp;4.90% due 02/15/45 | 1140000 | 977495 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 02/23/36<sup>2</sup> | 1500000 | 1517100 |
| &nbsp;&nbsp;&nbsp;6.10% due 08/23/42<sup>2</sup> | 800000 | 802390 |
| &nbsp;&nbsp;&nbsp;6.51% due 02/23/42<sup>2</sup> | 400000 | 417757 |
| &nbsp;&nbsp;&nbsp;6.13% due 02/23/38<sup>2</sup> | 350000 | 359676 |
| Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/01/55 | 1000000 | 991517 |
| &nbsp;&nbsp;&nbsp;7.38% due 02/01/31<sup>2</sup> | 710000 | 745447 |
| &nbsp;&nbsp;&nbsp;6.13% due 12/15/45 | 500000 | 491660 |
| &nbsp;&nbsp;&nbsp;6.05% due 09/01/54 | 500000 | 485515 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 12/15/34<sup>2</sup> | 2450000 | 2461437 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 09/30/40<sup>2</sup> | 2986000 | 2331852 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 04/01/55 | 1300000 | 1252741 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/49 | 1080000 | 982141 |
| Boardwalk Pipelines, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/34 | 2000000 | 2014953 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/05/34 | 1900000 | 1930106 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 1734000 | 1773325 |
| Kinder Morgan Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 11/15/40 | 880000 | 1016462 |
| &nbsp;&nbsp;&nbsp;5.80% due 03/15/35 | 725000 | 741098 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35 | 1500000 | 1507521 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>2</sup> | 1050000 | 1041857 |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 04/15/34 | 1000000 | 1011585 |
| Texas Eastern Transmission, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.15% due 01/15/48<sup>2</sup> | 1260000 | 985526 |
| Western Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 03/01/48 | 1140000 | 978749 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/53 | 930000 | 967167 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 01/15/39 | 830000 | 965419 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/30/33 | 750000 | 770272 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 150000 | 152124 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 11/01/31<sup>2</sup> | 850000 | 888400 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 534000 | 539882 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/01/26 | 200000 | 200875 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 05/15/54<sup>2</sup> | 660000 | 645492 |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/01/41 | 480000 | 497334 |
| DCP Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 11/03/36<sup>2</sup> | 363000 | 379273 |
| **Total Energy** |  | 47486221 |
| **Consumer, Cyclical - 1.8%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 7340000 | 6722491 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/02/30<sup>2</sup> | 2850000 | 2846477 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/02/34<sup>2</sup> | 1600000 | 1562154 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 3010000 | 3093542 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/30/32 | 1000000 | 1005376 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/01/25<sup>2</sup> | 3014000 | 3018056 |
| Smithsonian Institution |  |  |
| &nbsp;&nbsp;&nbsp;2.70% due 09/01/44 | 4000000 | 2741735 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% (0 - —%) due 05/14/31<sup>◊,†††</sup> | 2635859 | 2398695 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>2</sup> | 1764626 | 1698174 |
| &nbsp;&nbsp;&nbsp;2.90% due 03/15/35<sup>2</sup> | 720153 | 645602 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/37 | 1400000 | 1384386 |
| &nbsp;&nbsp;&nbsp;5.10% due 04/15/32 | 600000 | 597875 |
| United Airlines 2023-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 01/15/36 | 1385205 | 1404053 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 03/15/52 | 1640000 | 1195555 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/20/27<sup>2</sup> | 1147500 | 1152446 |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 1050000 | 1101736 |
| Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/29/29<sup>2</sup> | 1050000 | 1069820 |
| AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.89% due 03/15/35 | 1010000 | 1008026 |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 05/14/34 | 980000 | 1005893 |
| Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 01/15/52 | 1380000 | 990789 |
| Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 02/15/48 | 1200000 | 983318 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>2</sup> | 786750 | 784015 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 06/15/28 | 629500 | $599487 |
| Ferguson Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 04/20/32<sup>2</sup> | 600000 | 578464 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/02/43 | 500000 | 481064 |
| LKQ Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/15/33 | 300000 | 311986 |
| **Total Consumer, Cyclical** |  | 40381215 |
| **Consumer, Non-cyclical - 1.7%** |  |  |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 09/13/31<sup>2</sup> | 2500000 | 2125724 |
| &nbsp;&nbsp;&nbsp;5.20% due 04/01/29<sup>2</sup> | 1200000 | 1198173 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>2</sup> | 970000 | 864449 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 02/20/34 | 3000000 | 3126383 |
| &nbsp;&nbsp;&nbsp;4.76% due 09/06/49 | 1040000 | 846255 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/30 | 2200000 | 2234918 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/15/32 | 1750000 | 1505459 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 12/10/54<sup>8</sup> | 2170000 | 2160441 |
| &nbsp;&nbsp;&nbsp;5.05% due 03/25/48 | 580000 | 494940 |
| Flowers Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/15/35 | 2150000 | 2168487 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 1365000 | 1070311 |
| &nbsp;&nbsp;&nbsp;3.70% due 02/04/51 | 1280000 | 881890 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/02/50 | 2690000 | 1803000 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 1250000 | 1289936 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/06/34 | 440000 | 450291 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 03/01/35<sup>2</sup> | 1600000 | 1608011 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% due 12/04/28<sup>2</sup> | 1500000 | 1577322 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 1420000 | 1458410 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 11/15/31 | 1650000 | 1445442 |
| Yale-New Haven Health Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 07/01/50 | 2250000 | 1315283 |
| Highmark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 05/10/31<sup>2</sup> | 1500000 | 1264976 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 10/15/30 | 1320000 | 1157058 |
| Transurban Finance Company Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 03/16/31<sup>2</sup> | 1300000 | 1138416 |
| Imperial Brands Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 07/26/29<sup>2</sup> | 1060000 | 1017654 |
| Tesco plc |  |  |
| &nbsp;&nbsp;&nbsp;6.15% due 11/15/37<sup>2</sup> | 980000 | 1003961 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>2</sup> | 1050000 | 847170 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 06/15/31<sup>2</sup> | 930000 | 806391 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/13/34 | 750000 | 757037 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/01/39<sup>2</sup> | 650000 | 740187 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/15/54 | 330000 | 311280 |
| Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/32 | 200000 | 171579 |
| **Total Consumer, Non-cyclical** |  | 38840834 |
| **Utilities - 1.1%** |  |  |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>8</sup> | 2200000 | 2228308 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 12/02/27<sup>2</sup> | 1750000 | 1641368 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>2</sup> | 480000 | 517486 |
| Liberty Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 01/31/29<sup>2</sup> | 1400000 | 1432893 |
| &nbsp;&nbsp;&nbsp;5.87% due 01/31/34<sup>2</sup> | 550000 | 560281 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/52<sup>2</sup> | 1080000 | 996443 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/32<sup>2</sup> | 850000 | 837014 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>8</sup> | 1800000 | 1754063 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>2</sup> | 1362000 | 1277318 |
| &nbsp;&nbsp;&nbsp;2.45% due 01/15/31 | 438000 | 374416 |
| Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.39% due 09/15/33<sup>2</sup> | 800000 | 843295 |
| &nbsp;&nbsp;&nbsp;4.27% due 03/15/48<sup>2</sup> | 640000 | 501277 |
| Public Service Company of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;5.35% due 05/15/34 | 1100000 | 1105729 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/21/28 | 1020000 | 1023822 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/41 | 1030000 | 1013349 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 12/15/32 | 950000 | 1011950 |
| Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 03/15/53 | 1000000 | 995058 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 05/15/44 | 1200000 | 988364 |
| Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 06/01/49 | 1280000 | 955176 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/53 | 900000 | 943578 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>8</sup> | 920000 | 920991 |
| Central Storage Safety Project Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.82% due 02/01/38<sup>10</sup> | 764480 | 709507 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.84% due 01/10/35<sup>2</sup> | 550000 | 563994 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/01/36 | 500000 | $550857 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>8</sup> | 550000 | 534437 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>2</sup> | 450000 | 478990 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/35 | 320000 | 331207 |
| **Total Utilities** |  | 25091171 |
| **Technology - 0.9%** |  |  |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/25/34<sup>2</sup> | 1900000 | 1904516 |
| &nbsp;&nbsp;&nbsp;6.20% due 01/25/37<sup>2</sup> | 1000000 | 1030641 |
| &nbsp;&nbsp;&nbsp;6.15% due 01/25/32<sup>2</sup> | 600000 | 623769 |
| &nbsp;&nbsp;&nbsp;6.40% due 01/25/38<sup>2</sup> | 550000 | 575809 |
| Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 04/15/29<sup>2</sup> | 3700000 | 3566908 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.93% due 05/15/37<sup>2</sup> | 2306000 | 2217179 |
| &nbsp;&nbsp;&nbsp;3.19% due 11/15/36<sup>2</sup> | 217000 | 178113 |
| Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.30% due 02/15/31 | 1750000 | 1504386 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/15/33 | 500000 | 512643 |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/30 | 200000 | 194383 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 03/25/51 | 2128000 | 1562941 |
| Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/34 | 1450000 | 1472292 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 11/01/31<sup>2</sup> | 1300000 | 1173638 |
| Constellation Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.16% due 02/16/29<sup>2</sup> | 700000 | 710168 |
| &nbsp;&nbsp;&nbsp;5.46% due 02/16/34<sup>2</sup> | 350000 | 356264 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/21/33 | 1000000 | 1029493 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 02/10/28 | 1010000 | 1016448 |
| CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.30% due 09/14/31 | 968000 | 824210 |
| **Total Technology** |  | 20453801 |
| **Communications - 0.9%** |  |  |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>2,8</sup> | 2900000 | 2651872 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/23/81<sup>2,8</sup> | 500000 | 485282 |
| &nbsp;&nbsp;&nbsp;9.63% due 12/15/30 | 150000 | 183137 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/04/81<sup>8</sup> | 2550000 | 2263702 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 1035000 | 800456 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 789000 | 634629 |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 666000 | 595171 |
| &nbsp;&nbsp;&nbsp;2.90% due 01/15/27 | 236000 | 228331 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 3350000 | 2166202 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>2</sup> | 2175000 | 1740000 |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>2</sup> | 359563 | 400748 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/13/33 | 1650000 | 1767254 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 03/15/52 | 2000000 | 1594841 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 01/19/52<sup>2</sup> | 1300000 | 1009682 |
| Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/39 | 980000 | 1006746 |
| Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/40 | 790000 | 800598 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/20/37 | 570000 | 480810 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>2</sup> | 600000 | 434482 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 01/15/29<sup>2</sup> | 250000 | 196401 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/28 | 200000 | 194000 |
| **Total Communications** |  | 19634344 |
| **Basic Materials - 0.3%** |  |  |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/05/34<sup>2</sup> | 1650000 | 1673306 |
| &nbsp;&nbsp;&nbsp;3.95% due 09/10/50<sup>2</sup> | 300000 | 222691 |
| &nbsp;&nbsp;&nbsp;2.63% due 09/10/30<sup>2</sup> | 250000 | 222023 |
| Rio Tinto Finance USA plc |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/14/35 | 1000000 | 1007681 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/14/55 | 1000000 | 1001658 |
| Yamana Gold, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 08/15/31 | 1200000 | 1031771 |
| Fresnillo plc |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/02/50 | 1390000 | 1014390 |
| Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 07/27/35 | 510000 | 579963 |
| **Total Basic Materials** |  | 6753483 |
| **Government - 0.0%** |  |  |
| Amazon Conservation DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.03% due 01/16/42<sup>2</sup> | 1000000 | 997500 |
| **Transporation - 0.1%** |  |  |
| Stolthaven Houston, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.98% due 07/17/34<sup>†††</sup> | 1980000 | 1989900 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $589,610,979) | &nbsp;&nbsp;&nbsp;(Cost $589,610,979) | 561712279 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.5%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.5%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.5%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.13% due 03/31/31<sup>11</sup> | 85832400 | $86258209 |
| &nbsp;&nbsp;&nbsp;4.63% due 04/30/31 | 60000000 | 61879687 |
| &nbsp;&nbsp;&nbsp;4.13% due 11/30/29 | 59600000 | 60060969 |
| &nbsp;&nbsp;&nbsp;3.75% due 08/31/31 | 44220000 | 43444423 |
| &nbsp;&nbsp;&nbsp;4.13% due 11/15/27 | 25000000 | 25143555 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/34 | 25000000 | 25074219 |
| &nbsp;&nbsp;&nbsp;4.13% due 10/31/31 | 21000000 | 21067266 |
| &nbsp;&nbsp;&nbsp;3.63% due 09/30/31 | 7010000 | 6835572 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/34 | 6070000 | 5916353 |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/27 | 3580000 | 3578182 |
| &nbsp;&nbsp;&nbsp;3.50% due 09/30/26 | 3400000 | 3377422 |
| &nbsp;&nbsp;&nbsp;3.63% due 03/31/28 | 3000000 | 2978203 |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/35 | 200000 | 206625 |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;1.88% due 07/15/34 | 39360644 | 39726497 |
| &nbsp;&nbsp;&nbsp;2.13% due 04/15/29 | 23945442 | 24653676 |
| &nbsp;&nbsp;&nbsp;1.63% due 10/15/29 | 20338806 | 20625396 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28 | 10980378 | 10983043 |
| &nbsp;&nbsp;&nbsp;2.13% due 01/15/35 | 7386903 | 7582190 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33 | 2018317 | 1968654 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;due 05/15/51<sup>5,12</sup> | 167110000 | 49412823 |
| &nbsp;&nbsp;&nbsp;due 08/15/54<sup>5,12</sup> | 39610000 | 10492642 |
| &nbsp;&nbsp;&nbsp;due 08/15/53<sup>5,12</sup> | 35000000 | 9557892 |
| &nbsp;&nbsp;&nbsp;due 05/15/44<sup>5,12</sup> | 22950000 | 9144236 |
| &nbsp;&nbsp;&nbsp;due 02/15/54<sup>5,12</sup> | 28290000 | 7603631 |
| &nbsp;&nbsp;&nbsp;due 02/15/52<sup>5,12</sup> | 19980000 | 5723823 |
| &nbsp;&nbsp;&nbsp;due 02/15/55<sup>5,12</sup> | 20000000 | 5231445 |
| &nbsp;&nbsp;&nbsp;due 02/15/46<sup>5,12</sup> | 10550000 | 3870972 |
| &nbsp;&nbsp;&nbsp;due 11/15/44<sup>5,12</sup> | 4600000 | 1789864 |
| &nbsp;&nbsp;&nbsp;due 11/15/53<sup>5,12</sup> | 3330000 | 908122 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $560,393,035) |  | 555095591 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.0%** |
| **Collateralized Loan Obligations - 10.1%** |  |  |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,2</sup> | 8900000 | 8871428 |
| &nbsp;&nbsp;&nbsp;2024-5A B, 7.50% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,2</sup> | 3000000 | 2966534 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE5 C, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36<sup>◊,2</sup> | 7500000 | 7477505 |
| &nbsp;&nbsp;&nbsp;2021-CRE6 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,2</sup> | 4000000 | 4004719 |
| Octagon Investment Partners 49 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A BR, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/15/37<sup>◊,2</sup> | 8500000 | 8494479 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A C, 6.56% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33<sup>◊,2</sup> | 4000000 | 4000077 |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.01% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,2</sup> | 4000000 | 3989186 |
| Cerberus Loan Funding XLV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A, 6.20% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 04/15/36<sup>◊,2</sup> | 6500000 | 6502228 |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36<sup>◊,2</sup> | 1000000 | 992855 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 6.98% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36<sup>◊,2</sup> | 4000000 | 3983818 |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.28% (1 Month Term SOFR + 1.96%, Rate Floor: 1.85%) due 07/16/36<sup>◊,2</sup> | 3400000 | 3384877 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 5500000 | 5501786 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.64% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36<sup>◊,2</sup> | 1250000 | 1241389 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.44% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33<sup>◊,2</sup> | 6500000 | 6510612 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 6.17% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33<sup>◊,2</sup> | 4000000 | 4007477 |
| &nbsp;&nbsp;&nbsp;2021-16A A2R2, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 07/25/33<sup>◊,2</sup> | 2000000 | 2003590 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A C, 7.06% (3 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 07/20/29<sup>◊,2</sup> | 2000000 | 2000835 |
| &nbsp;&nbsp;&nbsp;2023-2A A2, 6.60% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32<sup>◊,2</sup> | 1500000 | 1501209 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/31<sup>◊,2</sup> | 1500000 | 1500896 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2023-2A B, 7.00% (3 Month Term SOFR + 2.70%, Rate Floor: 2.70%) due 01/25/32<sup>◊,2</sup> | 1000000 | $1000476 |
| Owl Rock CLO XVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A A, 6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36<sup>◊,2</sup> | 5000000 | 4999780 |
| &nbsp;&nbsp;&nbsp;2024-16A B, 6.79% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36<sup>◊,2</sup> | 1000000 | 992381 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,2</sup> | 4250000 | 4256874 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.41% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33<sup>◊,2</sup> | 1250000 | 1251321 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 AS, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/15/38<sup>◊,2</sup> | 3950000 | 3938602 |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38<sup>◊,2</sup> | 1447090 | 1443979 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.65% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38<sup>◊,2</sup> | 3092042 | 3084026 |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36<sup>◊,2</sup> | 2000000 | 1996908 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.24% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37<sup>◊,2</sup> | 3000000 | 3009994 |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.69% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37<sup>◊,2</sup> | 2000000 | 2007251 |
| Cerberus Loan Funding XLII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A A1, 6.79% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35<sup>◊,2</sup> | 3750000 | 3750554 |
| &nbsp;&nbsp;&nbsp;2023-3A B, 7.66% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35<sup>◊,2</sup> | 1250000 | 1250190 |
| 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 | 4699665 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,2</sup> | 4500000 | 4508773 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,2</sup> | 3250000 | 3256336 |
| &nbsp;&nbsp;&nbsp;2021-9A A1TR, 6.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33<sup>◊,2</sup> | 1000000 | 1001800 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 4200000 | 4190351 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL9 AS, 6.41% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39<sup>◊,2</sup> | 1800000 | 1797957 |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.89% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> | 1400000 | 1385774 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 6.15% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,2</sup> | 1000000 | 986983 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | 3989149 | 3996855 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 3000000 | 2978274 |
| &nbsp;&nbsp;&nbsp;2024-3A A, 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36<sup>◊,2</sup> | 1000000 | 1000354 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36<sup>◊,2</sup> | 4000000 | 3938492 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33<sup>◊,2</sup> | 3750000 | 3757262 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | 3750000 | 3755934 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A2AR, 6.21% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 06/07/30<sup>◊,2</sup> | 2550000 | 2552094 |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.09% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37<sup>◊,2</sup> | 1000000 | 1003206 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.30% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,2</sup> | 2000000 | 1985863 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 6.10% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,2</sup> | 1500000 | $1500513 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,2</sup> | 3400000 | 3406699 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33<sup>◊,2</sup> | 2000000 | 1999502 |
| &nbsp;&nbsp;&nbsp;2021-3A A, 6.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33<sup>◊,2</sup> | 1250000 | 1252288 |
| Owl Rock CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A ALR, 6.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33<sup>◊,2</sup> | 3000000 | 3000234 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.10% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33<sup>◊,2</sup> | 1500000 | 1500074 |
| &nbsp;&nbsp;&nbsp;2021-54A B, 6.42% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33<sup>◊,2</sup> | 1500000 | 1499645 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,2</sup> | 3000000 | 2991906 |
| Golub Capital Partners CLO 31M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-31A A1RR, 6.21% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 11/05/37<sup>◊,2</sup> | 1750000 | 1747296 |
| &nbsp;&nbsp;&nbsp;2024-31A BRR, 6.46% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37<sup>◊,2</sup> | 1000000 | 990703 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A BR, 5.99% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37<sup>◊,2</sup> | 1450000 | 1450629 |
| &nbsp;&nbsp;&nbsp;2024-4A CR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37<sup>◊,2</sup> | 1250000 | 1250817 |
| 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 | 2494903 |
| Ares LXIX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-69A B, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/36 | 2501502 | 2501502 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,2</sup> | 1500000 | 1468677 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,2</sup> | 1000000 | 988995 |
| Owl Rock CLO XIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-19A A, 6.27% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/22/37<sup>◊,2</sup> | 2400000 | 2399518 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.10% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,2</sup> | 2400000 | 2393316 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A B, due 10/20/38<sup>◊,2,4</sup> | 2250000 | 2250000 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A C, 6.75% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37<sup>◊,2</sup> | 1000000 | 1003686 |
| &nbsp;&nbsp;&nbsp;2024-58A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/25/37<sup>◊,2</sup> | 1000000 | 999506 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-40A C, 6.32% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33<sup>◊,2</sup> | 2000000 | 2000292 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A ANR, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36<sup>◊,2</sup> | 2000000 | 1999865 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A A, 6.15% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36<sup>◊,2</sup> | 1500000 | 1501124 |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.60% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36<sup>◊,2</sup> | 500000 | 496627 |
| Sound Point CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.21% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34<sup>◊,2</sup> | 2000000 | 1983110 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38<sup>◊,2</sup> | 2000000 | 1958050 |
| Canyon Capital CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A2R, 6.05% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 01/30/31<sup>◊,2</sup> | 1900000 | 1896887 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-FL1 D, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/38<sup>◊,2</sup> | 1459000 | 1458998 |
| Ares LVI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-56A CR2, 6.20% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 01/25/38 | 1402419 | 1402419 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Madison Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-69A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/25/37<sup>◊,2</sup> | 1250000 | $1257736 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,2</sup> | 1100000 | 1094576 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33<sup>◊,2</sup> | 1000000 | 1001384 |
| Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37<sup>◊,2</sup> | 1000000 | 1001231 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL7 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38<sup>◊,2</sup> | 1000000 | 1000800 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A A2R, due 04/24/37<sup>◊,2,4</sup> | 1000000 | 1000753 |
| Cerberus Loan Funding XXXVIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A A1, 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34<sup>◊,2</sup> | 1000000 | 1000589 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A B, 7.66% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35<sup>◊,2</sup> | 1000000 | 1000148 |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,2</sup> | 1000000 | 1000000 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.87% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,2</sup> | 1000000 | 997935 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,2</sup> | 1000000 | 997547 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.39% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,2</sup> | 1000000 | 996923 |
| 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 | 992474 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.29% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,2</sup> | 1000000 | 991201 |
| Golub Capital Partners CLO 46 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A BR, 6.59% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37<sup>◊,2</sup> | 1000000 | 991008 |
| KREF Funding V LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26<sup>◊,†††</sup> | 873794 | 870261 |
| &nbsp;&nbsp;&nbsp;0.15% due 06/25/26<sup>†††,6</sup> | 2441709 | 855 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38<sup>◊,2</sup> | 788724 | 786412 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.58% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38<sup>◊,2</sup> | 772959 | 771787 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 D, 7.03% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 12/18/37<sup>◊,2</sup> | 773000 | 753675 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A BR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/18/37<sup>◊,2</sup> | 750000 | 746292 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.50% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> | 750000 | 742467 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,2</sup> | 367868 | 367786 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.81% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,2</sup> | 333333 | 333453 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>2,13</sup> | 298799 | 2529 |
| Sound Point CLO XXIV |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34<sup>◊,2</sup> | 500000 | 495765 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.87% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31<sup>◊,2</sup> | 360898 | 360898 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.83% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,2</sup> | 118807 | 118943 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A BR, 6.16% (3 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 07/15/29<sup>◊,2</sup> | 26557 | 26489 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>2,13</sup> | 162950 | 375 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>10,13</sup> | 700000 | 70 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Babson CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-IA SUB, due 07/20/25<sup>2,13</sup> | 650000 | $65 |
| **Total Collateralized Loan Obligations** |  | 234204017 |
| **Whole Business - 2.0%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>2</sup> | 2743125 | 2704984 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>2</sup> | 2044875 | 2081306 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.27% due 07/30/54<sup>2</sup> | 1596000 | 1619332 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>2</sup> | 798000 | 803736 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>2</sup> | 4186875 | 3857699 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>2</sup> | 1516000 | 1485535 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>2</sup> | 1386000 | 1417065 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>2</sup> | 6446250 | 6136923 |
| Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.85% due 01/20/50<sup>2</sup> | 2170729 | 2112996 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.19% due 08/20/51<sup>2</sup> | 2214675 | 1995228 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/20/50<sup>2</sup> | 954167 | 906962 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>2</sup> | 5076000 | 4983852 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.97% due 05/25/46<sup>2</sup> | 3515625 | 3510978 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>2</sup> | 3761840 | 3473580 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>2</sup> | 1500000 | 1520882 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>2</sup> | 1231250 | 1161901 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.73% due 03/05/52<sup>2</sup> | 248125 | 234828 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>2</sup> | 2044875 | 2121008 |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.72% due 06/05/49<sup>2</sup> | 1732500 | 1699923 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.78% due 06/15/49<sup>2</sup> | 1299158 | 1278085 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>2</sup> | 1181250 | 1169330 |
| **Total Whole Business** |  | 46276133 |
| **Financial - 2.2%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP1, 5.85% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25<sup>◊,†††,2</sup> | 3800000 | 3800000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 6.03% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,2</sup> | 3800000 | 3800000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,2</sup> | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.62% (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;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 4440396 | 4434885 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 4601046 | 4194079 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 2200000 | 2227198 |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> | 1662449 | 1693870 |
| HV Eight LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR 3,530,486 | 3807437 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 3400000 | 3175440 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 3400000 | 3175440 |
| 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> | 3060562 | 3043353 |
| LVNV Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/05/28<sup>†††</sup> | 2900000 | 3040903 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55 | 2400000 | 2400000 |
| HarbourVest Structured Solutions IV Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26<sup>◊,†††</sup> | 1270850 | 1269189 |
| &nbsp;&nbsp;&nbsp;6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26<sup>◊,†††</sup> | EUR 728,947 | 781053 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 1217171 | 1213327 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 533735 | 527539 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>10</sup> | 438499 | 399487 |
| **Total Financial** |  | 47483200 |
| **Transport-Aircraft - 1.9%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>2</sup> | 2820339 | 2881963 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.80% due 01/15/47<sup>2</sup> | 2760368 | 2537843 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>2</sup> | 2266397 | 2140014 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>2</sup> | 624250 | 599349 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>2</sup> | 3388744 | 3358608 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.43% due 06/15/46<sup>2</sup> | 2526480 | 2331126 |
| AASET Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>2</sup> | 3861915 | 3897160 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>2</sup> | 4084302 | 3798192 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>2</sup> | 3593750 | 3562085 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>2</sup> | 1837886 | 1848516 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>2</sup> | 1321821 | 1277009 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>2</sup> | 2723213 | 2512819 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>2</sup> | 2350000 | 2360927 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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> | 2138956 | $2162307 |
| MACH 1 Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.47% due 10/15/39<sup>2</sup> | 1336209 | 1286221 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | 1269788 | 1206286 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>2</sup> | 1216287 | 1167493 |
| AASET |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>2</sup> | 1043489 | 1052416 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>2</sup> | 614753 | 593249 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>2</sup> | 46720 | 46066 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>2</sup> | 539573 | 502558 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>2</sup> | 392418 | 386540 |
| MAPS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.21% due 05/15/43<sup>2</sup> | 322339 | 320737 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>2</sup> | 227672 | 220844 |
| Sapphire Aviation Finance I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.25% due 03/15/40<sup>2</sup> | 151397 | 149087 |
| **Total Transport-Aircraft** |  | 42199415 |
| **Infrastructure - 1.6%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>2</sup> | 4000000 | 3978148 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>2</sup> | 3050000 | 2942402 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.28% due 03/25/54<sup>2</sup> | 800000 | 809624 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A, 5.90% due 10/25/48<sup>2</sup> | 3000000 | 3037058 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.90% due 03/25/49<sup>2</sup> | 1250000 | 1265579 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.90% due 03/25/48<sup>2</sup> | 1000000 | 1008108 |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.89% due 08/25/45<sup>2</sup> | 1000000 | 987192 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>2</sup> | 2500000 | 2421914 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>2</sup> | 2350000 | 2364369 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.64% due 05/15/54<sup>2</sup> | 1250000 | 1274776 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>2</sup> | 1950000 | 1984693 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.31% due 11/20/51<sup>2</sup> | 2000000 | 1914184 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.69% due 05/20/53<sup>2</sup> | 1005000 | 1015046 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>2</sup> | 700000 | 714898 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>2</sup> | 3350000 | 3209481 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.84% due 04/15/27<sup>2</sup> | 3000000 | 2825240 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.65% due 09/15/45<sup>2</sup> | 1366000 | 1343800 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>2</sup> | 1100000 | 1086109 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, due 04/20/55<sup>2,4</sup> | 2000000 | 2013906 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>2</sup> | 1000000 | 1009271 |
| **Total Infrastructure** |  | 37205798 |
| **Net Lease - 1.2%** |  |  |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.81% due 02/15/50<sup>2</sup> | 2207344 | 2052296 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.95% due 02/15/50<sup>2</sup> | 1500000 | 1353252 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 6.11% due 08/15/62<sup>2</sup> | 2687109 | 2700135 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% due 07/15/60<sup>2</sup> | 674589 | 663940 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.15% due 02/20/53<sup>2</sup> | 3216146 | 3180726 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.44% due 07/20/51<sup>2</sup> | 3570000 | 3055688 |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.26% due 11/20/50<sup>2</sup> | 2483333 | 2410263 |
| STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 3.96% due 10/20/46<sup>2</sup> | 2399236 | 2356597 |
| CF Hippolyta LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.60% due 07/15/60<sup>2</sup> | 2479789 | 2203124 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>2</sup> | 1226302 | 1185497 |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>2</sup> | 695625 | 654908 |
| STORE Master Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.96% due 06/20/51<sup>2</sup> | 1962500 | 1660905 |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.70% due 05/20/54<sup>2</sup> | 935692 | 955082 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.69% due 05/20/54<sup>2</sup> | 497708 | 505049 |
| AFN ABSPROP001 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.21% due 05/20/51<sup>2</sup> | 1522195 | 1364546 |
| Tenet Equity Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>2</sup> | 998989 | 1000828 |
| CARS-DB5, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.76% due 08/15/51<sup>2</sup> | 988958 | 828459 |
| **Total Net Lease** |  | 28131295 |
| **Single Family Residence - 0.9%** |  |  |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.65% (1 Month Term SOFR + 1.35%, Rate Floor: 1.35%) due 03/17/42<sup>◊,2</sup> | 3050000 | 3048019 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.34% due 07/17/38<sup>2</sup> | 2850000 | 2757415 |
| &nbsp;&nbsp;&nbsp;2023-SFR1, 5.10% due 07/17/40<sup>2</sup> | 2722000 | 2716513 |
| &nbsp;&nbsp;&nbsp;2023-SFR2, 5.00% due 12/17/40<sup>2</sup> | 2550000 | 2538478 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.70% due 06/17/40<sup>2</sup> | 1500000 | 1490820 |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>2</sup> | 1000000 | 984459 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 2.67% due 10/19/37<sup>2</sup> | 2250000 | 2211624 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>2</sup> | 1400000 | 1379472 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>2</sup> | 1350000 | 1333083 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>2</sup> | 900000 | 884841 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3, 2.80% due 01/17/41<sup>2</sup> | 904277 | 828674 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.40% due 12/17/26<sup>2</sup> | 480042 | 455826 |
| **Total Single Family Residence** |  | 20629224 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Transport-Container - 0.5%** |  |  |  |
| Textainer Marine Containers VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | 2316564 | $| 2222988 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.23% due 04/20/46<sup>2</sup> | 1352733 |  | 1253919 |
| TIF Funding III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.48% due 04/20/49<sup>2</sup> | 2543750 |  | 2558252 |
| MC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.63% due 11/05/35<sup>2</sup> | 2684363 |  | 2503364 |
| Textainer Marine Containers Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, 1.94% due 08/20/46<sup>2</sup> | 1426667 |  | 1272561 |
| CLI Funding VI LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.08% due 09/18/45<sup>2</sup> | 925060 |  | 854448 |
| TIF Funding II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.65% due 02/20/46<sup>2</sup> | 632542 |  | 565458 |
| **Total Transport-Container** |  |  | 11230990 |
| **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 |  | 3563388 |
| GreenSky Home Improvement Issuer Trust 2025-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.39% due 03/25/60<sup>2</sup> | 2350000 |  | 2355714 |
| Foundation Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.95% due 12/15/49<sup>2</sup> | 2080979 |  | 2131626 |
| Service Experts Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.39% due 11/20/35<sup>2</sup> | 1644879 |  | 1669645 |
| Stream Innovations Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>2</sup> | 841583 |  | 851166 |
| **Total Unsecured Consumer Loans** |  |  | 10571539 |
| **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 |  | 6678905 |
| Anchorage Credit Funding 3 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A1R, 2.87% due 01/28/39<sup>2</sup> | 1100000 |  | 1024794 |
| Anchorage Credit Funding 13 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-13A A2, 2.80% due 07/27/39<sup>2</sup> | 1000000 |  | 919567 |
| **Total Collateralized Debt Obligations** |  |  | 8623266 |
| **Insurance - 0.3%** |  |  |  |
| Obra Longevity |  |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 5100000 |  | 5330126 |
| CHEST |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/43<sup>†††</sup> | 900000 |  | 930527 |
| **Total Insurance** |  |  | 6260653 |
| **Asset Backed Securities - 0.1%** |  |  |  |
| Akso Health Group |  |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 2000000 |  | 2051336 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.40% due 09/30/45<sup>†††</sup> | 1300000 |  | 1328048 |
| **Total Asset Backed Securities** |  |  | 3379384 |
| **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 |  | 1886311 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.85% due 06/20/30<sup>2</sup> | 1300000 |  | 1325011 |
| **Total Automotive** |  |  | 3211322 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $502,144,099) | &nbsp;&nbsp;&nbsp;(Cost $502,144,099) |  | 499406236 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.7%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 1.7%** |
| **Industrial - 0.6%** |  |  |  |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/28/31 | 5875000 |  | 5858491 |
| AS Mileage Plan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/15/31 | 5236875 |  | 5230329 |
| United Rentals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 1485000 |  | 1491965 |
| SkyMiles IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/20/27 | 573389 |  | 578481 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 475740 |  | 475183 |
| **Total Industrial** |  |  | 13634449 |
| **Financial - 0.5%** |  |  |  |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 5227543 |  | 5219074 |
| Walker & Dunlop, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/06/32 | 2850000 |  | 2832188 |
| Jefferies Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 1995000 |  | 1986681 |
| Eagle Point Holdings Borrower, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 1150000 |  | 1150000 |
| **Total Financial** |  |  | 11187943 |
| **Consumer, Cyclical - 0.4%** |  |  |  |
| Wyndham Hotels & Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 4962500 |  | 4958976 |
| DK Crown Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/24/32 | 3300000 |  | 3277329 |
| **Total Consumer, Cyclical** |  |  | 8236305 |
| **Utilities - 0.1%** |  |  |  |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 2970000 |  | 2962100 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Consumer, Non-cyclical - 0.1%** |  |  |
| Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 1006918 | 1003505 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 258655 | 245034 |
| **Total Consumer, Non-cyclical** |  | 1248539 |
| **Energy - 0.0%** |  |  |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 346939 | 346793 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,637,167) | &nbsp;&nbsp;&nbsp;(Cost $37,637,167) | 37616129 |
| **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 1.0%** |
| Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips |
| &nbsp;&nbsp;&nbsp;due 06/15/38<sup>5,12</sup> | 9400000 | 4926878 |
| &nbsp;&nbsp;&nbsp;due 01/15/48<sup>5,12</sup> | 9700000 | 2956444 |
| &nbsp;&nbsp;&nbsp;due 01/15/38<sup>5,12</sup> | 4000000 | 2131724 |
| &nbsp;&nbsp;&nbsp;due 09/15/39<sup>5,12</sup> | 4100000 | 2010115 |
| &nbsp;&nbsp;&nbsp;due 06/15/35<sup>5,12</sup> | 1583000 | 993114 |
| &nbsp;&nbsp;&nbsp;due 12/15/42<sup>5,12</sup> | 1600000 | 651194 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/55 | 3600000 | 3598647 |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/65 | 2450000 | 2032782 |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/56 | 600000 | 614003 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;3.51% due 06/11/40 | 3300000 | 2837188 |
| 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>12</sup> | 800000 | 886949 |
| **Total Federal Agency Bonds** | **Total Federal Agency Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,750,402) |  | 23639038 |
| **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** | **MUNICIPAL BONDS<sup>††</sup>** **- 0.2%** |
| **Texas - 0.1%** |  |  |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.29% due 09/01/40 | 2100000 | 1665605 |
| &nbsp;&nbsp;&nbsp;2.78% due 09/01/34 | 700000 | 582243 |
| &nbsp;&nbsp;&nbsp;2.69% due 09/01/33 | 500000 | 422304 |
| &nbsp;&nbsp;&nbsp;2.41% due 09/01/31 | 450000 | 391561 |
| **Total Texas** |  | 3061713 |
| **California - 0.1%** |  |  |
| California Statewide Communities Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;7.14% due 08/15/47 | 1180000 | 1259726 |
| &nbsp;&nbsp;&nbsp;2.68% due 02/01/39 | 1200000 | 923402 |
| **Total California** |  | 2183128 |
| **Illinois - 0.0%** |  |  |
| State of Illinois General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 12/01/38 | 388889 | 398147 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,524,827) | &nbsp;&nbsp;&nbsp;(Cost $6,524,827) | 5642988 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.3%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| &nbsp;&nbsp;&nbsp;4.50% due 01/19/63 | 2600000 | 1578460 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/16/50 | 1450000 | 920242 |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| &nbsp;&nbsp;&nbsp;5.63% due 02/19/35 | 1250000 | 1241940 |
| &nbsp;&nbsp;&nbsp;5.38% due 02/19/30 | 750000 | 755481 |
| 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 | 1131020 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,259,591) |  | 5627143 |
|  | **Notional <br> Value** |  |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** |
| **Put Options on:** |  |  |
| **Foreign Exchange Options** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $23,342,042) | 21609000 | 92259 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $23,342,042) | 21609000 | 92260 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $16,339,105) | 15126000 | 65189 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $8,217,081) | 7607000 | 32784 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $7,002,936) | 6483000 | 27940 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,353,491) | 1253000 | 5400 |
| **Total Foreign Exchange Options** |  | 315832 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,014,303) |  | 315832 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** |
| **Call Swaptions on: Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $33,200,000) | 33200000 | 710949 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% (Notional Value $61,980,000) | USD 61,980,000 | $1295413 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $33,200,000) | USD 33,200,000 | 710949 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $56,793,000) | GBP 44,000,000 | 330979 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $57,567,450) | GBP 44,600,000 | 253740 |
| **Total Interest Rate Swaptions** |  | 3302030 |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $56,793,000) | GBP 44,000,000 | 86785 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $57,567,450) | GBP 44,600,000 | 44875 |
| **Total Interest Rate Swaptions** |  | 131660 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,961,106) |  | 3433690 |
| **Total Investments - 114.6%** | **Total Investments - 114.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,662,600,213) | &nbsp;&nbsp;&nbsp;(Cost $2,662,600,213) | 2599918856 |
| **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 Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $57,567,450) | GBP 44,600,000 | (100374) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $56,793,000) | GBP 44,000,000 | (185939) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $33,200,000) | USD 33,200,000 | (347040) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $33,200,000) | USD 33,200,000 | (347039) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% (Notional Value $61,980,000) | USD 61,980,000 | (629927) |
| **Total Credit Swaptions** |  | (1610319) |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $57,567,450) | GBP 44,600,000 | (134970) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $56,793,000) | GBP 44,000,000 | (269741) |
| **Total Credit Swaptions** |  | (404711) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $1,251,422) |  | $(2015030) |
| **Other Assets & Liabilities, net - (14.5)%** | **Other Assets & Liabilities, net - (14.5)%** | (328991277) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2268912549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 113 | Mar 2027 | $27286675 | $154244 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

**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** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $2320000 | $(14175) | $(138111) | $123936 |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 2320000 | (288121) | (328941) | 40820 |
|  |  |  |  |  |  | $(302296) | $(467052) | $164756 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.06% | Annually | 01/06/28 | $90000000 | $865301 | $483 | $864818 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.90% | Annually | 12/04/27 | 88800000 | 463562 | 465 | 463097 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/23/29 | 25478652 | 453891 | 242 | 453649 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.32% | Annually | 07/02/27 | 32600000 | 419494 | 174 | 419320 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 98748000 | 379395 | 144 | 379251 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.96% | Annually | 10/16/25 | 95000000 | 358729 | 145 | 358584 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.98% | Annually | 02/06/27 | 70000000 | 257365 | 293 | 257072 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.39% | Annually | 08/02/29 | 43670000 | (176161) | 355 | (176516) |
|  |  |  |  |  |  |  | $3021576 | $2301 | $3019275 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Capital Services LLC | EUR | Sell | 3885000 | 4,255,629 USD | 04/15/25 | $48563 |
| Goldman Sachs International | GBP | Buy | 44000 | 56,723 USD | 04/15/25 | 120 |
| Barclays Bank plc | GBP | Sell | 20000 | 25,918 USD | 04/15/25 | 80 |
| Barclays Bank plc | GBP | Buy | 45000 | 58,265 USD | 04/15/25 | (131) |
| Citibank, N.A. | GBP | Sell | 85000 | 109,611 USD | 04/15/25 | (198) |
| Bank of America, N.A. | EUR | Sell | 660000 | 697,270 USD | 05/27/25 | (19163) |
|  |  |  |  |  |  | $29271 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND 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** | **Buy/Sell <br> Protection** | **Index** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Exercise <br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $61980000 | $1295413 |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 33200000 | 710949 |
| BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 33200000 | 710949 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 56793000 | 330979 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 57567450 | 253740 |
|  |  |  |  |  |  |  |  | $3302030 |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 56793000 | $86785 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 57567450 | 44875 |
|  |  |  |  |  |  |  |  | $131660 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Buy/Sell <br> Protection** | **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 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | $57567450 | $(100374) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 56793000 | (185939) |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 33200000 | (347040) |
| BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 33200000 | (347039) |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 61980000 | (629927) |
|  |  |  |  |  |  |  |  | $(1610319) |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 57567450 | $(134970) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 56793000 | (269741) |
|  |  |  |  |  |  |  |  | $(404711) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 March 31, 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 $904,270,357 (cost $923,298,636), or 39.9% of total net assets. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 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 March 31, 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 $1,109,064 (cost $1,218,204), or 0.0% of total net assets — See Note 10. |
| <sup>11</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <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;Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
|  | &nbsp;&nbsp;&nbsp;BofA — Bank of America |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;CMT — Constant Maturity Treasury |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;EURIBOR — European Interbank Offered Rate |
|  | &nbsp;&nbsp;&nbsp;GBP — British Pound |
|  | &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;SONIA — Sterling Overnight Index Average |
|  | &nbsp;&nbsp;&nbsp;WAC — Weighted Average Coupon |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $8587 | $— | $62 | $8649 |
| Preferred Stocks |  | 34687693 | 31 | 34687724 |
| Warrants | 69 |  | 26 | 95 |
| Money Market Funds | 33910295 |  |  | 33910295 |
| Collateralized Mortgage Obligations |  | 834977764 | 3845403 | 838823167 |
| Corporate Bonds |  | 516984418 | 44727861 | 561712279 |
| U.S. Government Securities |  | 555095591 |  | 555095591 |
| Asset-Backed Securities |  | 444211370 | 55194866 | 499406236 |
| Senior Floating Rate Interests |  | 36466129 | 1150000 | 37616129 |
| Federal Agency Bonds |  | 23639038 |  | 23639038 |
| Municipal Bonds |  | 5642988 |  | 5642988 |
| Foreign Government Debt |  | 5627143 |  | 5627143 |
| Options Purchased |  | 315832 |  | 315832 |
| Interest Rate Swaptions Purchased |  | 3433690 |  | 3433690 |
| Interest Rate Futures Contracts\*\* | 154244 |  |  | 154244 |
| Credit Default Swap Agreements\*\* |  | 164756 |  | 164756 |
| Interest Rate Swap Agreements\*\* |  | 3195791 |  | 3195791 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 48763 |  | 48763 |
| Total Assets | $34073195 | $2464490966 | $104918249 | $2603482410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Swaptions Written | $— | $2015030 | $— | $2015030 |
| Interest Rate Swap Agreements\*\* |  | 176516 |  | 176516 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 19492 |  | 19492 |
| Total Liabilities | $— | $2211038 | $— | $2211038 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted<br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $25999841 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 15043928 | Yield Analysis | Yield | 5.2%-7.4% | 6.8% |
| Asset-Backed Securities | 12100855 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 2050242 | Model Price | Purchase Price |  |  |
| Collateralized Mortgage Obligations | 3845403 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Common Stocks | 62 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 27436341 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 14364500 | Third Party Pricing | Broker Quote |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 53

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending<br> Balance at<br> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted<br> Average\*** |
| Corporate Bonds | $2398695 | Yield Analysis | Yield | 6.1% |  |
| Corporate Bonds | 528325 | Third Party Pricing | Trade Price |  |  |
| Preferred Stocks | 31 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 1150000 | Model Price | Purchase Price |  |  |
| Warrants | 26 | Model Price | Liquidation Value |  |  |
| Total Assets | $104918249 |  |  |  |  |

---

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

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

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

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended March 31, 2025, the Fund had securities with a total value of $31 transfer into Level 3 from Level 2 due to a lack of observable inputs and did not have any securities transfer 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 period ended March 31, 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) | 12515556 |  | 5596221 | 383333 |  |  |  | 18495110 |  |
| (Sales, maturities and paydowns)/Fundings | (4443635) | (30255) | (451460) |  |  |  |  | (4925350) |  |
| Amortization of premiums/discounts | (10917) | (7935) | 1606 |  |  |  |  | (17246) |  |
| Total realized gains (losses) included in earnings | 13576 |  |  |  |  |  |  | 13576 |  |
| Total change in unrealized appreciation (depreciation) included in earnings | (199284) | (80649) | (488656) |  |  |  |  | (768589) |  |
| Transfers into Level 3 |  |  |  |  |  |  | 31 | 31 |  |
| &nbsp;&nbsp; Ending Balance  | $55194866 | $3845403 | $44727861 | $1150000 | $26 | $62 | $31 | $104918249 | $— |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $(199284) | $(80649) | $(488656) | $— | $— | $— | $— | $(768589) | $— |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 2024-4, 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 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 |
| BRAVO Residential Funding Trust 2023-NQM8, 7.10% due 10/25/63 | 8.10% | 11/01/27 |
| BRAVO Residential Funding Trust 2024-NQM3, 6.39% due 03/25/64 | 7.39% | 03/01/28 |
| BRAVO Residential Funding Trust 2024-CES1, 6.38% due 04/25/54 | 7.38% | 04/01/28 |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |
| BRAVO Residential Funding Trust 2025-NQM2 2025-NQM2, 5.83% due 11/25/64 | 6.83% | 02/01/29 |
| COLT Mortgage Loan Trust 2023-3, 7.58% due 09/25/68 | 8.58% | 09/01/27 |
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14% | 01/01/28 |
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56% | 02/01/29 |
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62% | 10/01/27 |
| COLT Mortgage Loan Trust 2023-3, 7.18% due 09/25/68 | 8.18% | 09/01/27 |
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33% | 03/01/28 |
| COLT Mortgage Loan Trust 2024-2, 6.43% due 04/25/69 | 7.43% | 03/01/28 |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 |
| 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, 7.34% due 08/25/68 | 8.34% | 09/01/27 |
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36% | 05/01/28 |
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89% | 09/01/27 |
| GCAT Trust 2024-NQM2, 6.54% due 06/25/59 | 7.71% | 05/01/28 |
| 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-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 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-NQM3, 5.35% due 07/25/69 | 6.35% | 09/01/28 |
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66% | 10/01/27 |
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24% | 04/01/28 |
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33% | 02/01/28 |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 |
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 |
| OBX Trust 2024-NQM5, 6.39% due 01/25/64 | 7.39% | 03/01/28 |
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13% | 02/01/28 |
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45% | 04/01/28 |
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29% | 03/01/28 |
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |
| OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43% | 02/01/28 |
| OBX Trust 2024-NQM15, 5.57% due 10/25/64 | 6.57% | 10/01/28 |
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85% | 12/01/28 |
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 |
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60% | 04/01/28 |
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22% | 02/01/28 |
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70% | 04/01/28 |
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45% | 04/01/28 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 55

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **CORE BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** |
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00% | 06/25/27 |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42% | 10/01/27 |
| Verus Securitization Trust 2025-1, 5.98% due 01/25/70 | 6.98% | 01/01/29 |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12% | 01/01/28 |
| Verus Securitization Trust 2025-2, 5.51% due 03/25/70 | 6.51% | 03/01/29 |
| Verus Securitization Trust 2023-2, 6.85% due 03/25/68 | 7.85% | 03/01/27 |
| 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 |

---

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

**CORE BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025  |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $2,662,600,213) | $2599918856 |
| Foreign currency, at value (cost $84,024) | 84024 |
| Cash | 440285 |
| Segregated cash with broker | 279029 |
| Unamortized upfront premiums paid on interest rate swap agreements | 2301 |
| Unrealized appreciation on OTC swap agreements | 164756 |
| Unrealized appreciation on forward foreign currency exchange contracts | 48763 |
| Prepaid expenses | 108842 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 369895194 |
| &nbsp;&nbsp;&nbsp;Interest | 18976008 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2164065 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 9067 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2825 |
| **Total assets** | 2992094015 |
| **Liabilities:** | **Liabilities:** |
| Options written, at value (premiums received $1,251,422) | 2015030 |
| Segregated cash due to broker | 4158366 |
| Unamortized upfront premiums received on credit default swap agreements | 467052 |
| Unrealized depreciation on forward foreign currency exchange contracts | 19492 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 708471760 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4554508 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 680160 |
| &nbsp;&nbsp;&nbsp;Management fees | 597765 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 71740 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 56857 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 49256 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 7733 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 7247 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1502 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 50 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2022948 |
| **Total liabilities** | 723181466 |
| **Net assets** | $2268912549 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $2507628239 |
| Total distributable earnings (loss) | (238715690) |
| Net assets | $2268912549 |
| **Class A:** | **Class A:** |
| Net assets | $135410269 |
| Capital shares outstanding | 8279838 |
| Net asset value per share | $16.35 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $17.03 |
| **Class C:** | **Class C:** |
| Net assets | $22436701 |
| Capital shares outstanding | 1377715 |
| Net asset value per share | $16.29 |
| **Class P:** | **Class P:** |
| Net assets | $21943960 |
| Capital shares outstanding | 1340438 |
| Net asset value per share | $16.37 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $2089121619 |
| Capital shares outstanding | 127877408 |
| Net asset value per share | $16.34 |

---

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

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 57

**CORE BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Six Months Ended March 31, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $35037 |
| Interest (net of foreign withholding tax of $9) | 54466148 |
| &nbsp;&nbsp;&nbsp;Total investment income | 54501185 |
| **Expenses:** | **Expenses:** |
| Management fees | 4128778 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 168321 |
| &nbsp;&nbsp;&nbsp;Class C | 113428 |
| &nbsp;&nbsp;&nbsp;Class P | 29147 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 81449 |
| &nbsp;&nbsp;&nbsp;Class C | 7490 |
| &nbsp;&nbsp;&nbsp;Class P | 11684 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 929180 |
| Fund accounting/administration fees | 397082 |
| Professional fees | 91159 |
| Line of credit fees | 26454 |
| Trustees' fees\* | 25359 |
| Custodian fees | 182 |
| Miscellaneous | 119849 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class C | 2571 |
| &nbsp;&nbsp;&nbsp;Class P | 3073 |
| &nbsp;&nbsp;&nbsp;Total expenses | 6135206 |
| Less: | Less: |
| Expense reimbursed by Adviser: | Expense reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (22446) |
| &nbsp;&nbsp;&nbsp;Class C | (401) |
| &nbsp;&nbsp;&nbsp;Class P | (4506) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (467972) |
| Expenses waived by Adviser | (359588) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (854913) |
| Net expenses | 5280293 |
| Net investment income | 49220892 |
| **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 | $(17296948) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (788725) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1327538 |
| &nbsp;&nbsp;&nbsp;Options purchased | (498480) |
| &nbsp;&nbsp;&nbsp;Options written | 406068 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 80289 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (89632) |
| Net realized loss | (16859890) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (20321980) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (4587477) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1497575) |
| &nbsp;&nbsp;&nbsp;Options purchased | 774113 |
| &nbsp;&nbsp;&nbsp;Options written | (763608) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 58815 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 9315 |
| Net change in unrealized appreciation (depreciation) | (26328397) |
| Net realized and unrealized loss | (43188287) |
| **Net increase in net assets resulting from operations** | $6032605 |

---

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

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

**CORE BOND FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $49220892 | $90283596 |
| Net realized loss on investments | (16859890) | (46494556) |
| Net change in unrealized appreciation (depreciation) on investments | (26328397) | 178347455 |
| Net increase in net assets resulting from operations | 6032605 | 222136495 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2924907) | (5572388) |
| &nbsp;&nbsp;&nbsp;Class C | (410229) | (813243) |
| &nbsp;&nbsp;&nbsp;Class P | (505574) | (1134659) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (44955933) | (81533571) |
| Total distributions to shareholders | (48796643) | (89053861) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 16837179 | 36111802 |
| &nbsp;&nbsp;&nbsp;Class C | 3414593 | 6006562 |
| &nbsp;&nbsp;&nbsp;Class P | 1269161 | 5823351 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 561570269 | 1248197694 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2686304 | 5100462 |
| &nbsp;&nbsp;&nbsp;Class C | 351001 | 724884 |
| &nbsp;&nbsp;&nbsp;Class P | 505574 | 1130342 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 41746490 | 77395407 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (19061331) | (29449474) |
| &nbsp;&nbsp;&nbsp;Class C | (3619288) | (7509799) |
| &nbsp;&nbsp;&nbsp;Class P | (4066190) | (12856110) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (383356902) | (917116326) |
| Net increase from capital share transactions | 218276860 | 413558795 |
| Net increase in net assets | 175512822 | 546641429 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2093399727 | 1546758298 |
| &nbsp;&nbsp;&nbsp;End of period | $2268912549 | $2093399727 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1036331 | 2242770 |
| &nbsp;&nbsp;&nbsp;Class C | 211123 | 372815 |
| &nbsp;&nbsp;&nbsp;Class P | 78438 | 359191 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 34626279 | 78174273 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 165147 | 317202 |
| &nbsp;&nbsp;&nbsp;Class C | 21668 | 45306 |
| &nbsp;&nbsp;&nbsp;Class P | 31047 | 70321 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2568715 | 4816891 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1177176) | (1831649) |
| &nbsp;&nbsp;&nbsp;Class C | (223409) | (471900) |
| &nbsp;&nbsp;&nbsp;Class P | (250908) | (802798) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (23678546) | (57378056) |
| Net increase in shares | 13408709 | 25914366 |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.70 | $15.56 | $15.95 | $20.06 | $20.53 | $18.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .36 | .73 | .67 | .46 | .44 | .37 |
| Net gain (loss) on investments (realized and unrealized) | (.36) | 1.13 | (.41) | (3.84) | (.01) | 1.63 |
| Total from investment operations |  | 1.86 | .26 | (3.38) | .43 | 2.00 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.35) | (.72) | (.65) | (.47) | (.47) | (.41) |
| Net realized gains |  |  |  | (.26) | (.43) |  |
| Total distributions | (.35) | (.72) | (.65) | (.73) | (.90) | (.41) |
| Net asset value, end of period | $16.35 | $16.70 | $15.56 | $15.95 | $20.06 | $20.53 |
| **Total Return<sup>c</sup>** | **0.28%** | **12.27%** | **1.46%** | **(17.30** **%)** | **2.09%** | **10.68%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $135410 | $137883 | $117100 | $112084 | $151026 | $218856 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.38% | 4.54% | 4.12% | 2.53% | 2.20% | 1.87% |
| Total expenses<sup>d</sup> | 0.82% | 0.93% | 0.92% | 0.82% | 0.85% | 0.85% |
| Net expenses<sup>e,f,g</sup> | 0.76% | 0.83% | 0.83% | 0.78% | 0.79% | 0.79% |
| Portfolio turnover rate | 30% | 89% | 88% | 49% | 103% | 126% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.63 | $15.49 | $15.88 | $19.97 | $20.45 | $18.86 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .29 | .60 | .55 | .33 | .29 | .22 |
| Net gain (loss) on investments (realized and unrealized) | (.34) | 1.14 | (.42) | (3.83) | (.03) | 1.64 |
| Total from investment operations | (.05) | 1.74 | .13 | (3.50) | .26 | 1.86 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.29) | (.60) | (.52) | (.33) | (.31) | (.27) |
| Net realized gains |  |  |  | (.26) | (.43) |  |
| Total distributions | (.29) | (.60) | (.52) | (.59) | (.74) | (.27) |
| Net asset value, end of period | $16.29 | $16.63 | $15.49 | $15.88 | $19.97 | $20.45 |
| **Total Return<sup>c</sup>** | **(0.09** **%)** | **11.49%** | **0.68%** | **(17.90** **%)** | **1.34%** | **9.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $22437 | $22759 | $22027 | $20970 | $33407 | $33163 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.66% | 3.80% | 3.39% | 1.78% | 1.46% | 1.13% |
| Total expenses<sup>d</sup> | 1.54% | 1.63% | 1.66% | 1.61% | 1.61% | 1.62% |
| Net expenses<sup>e,f,g</sup> | 1.50% | 1.59% | 1.59% | 1.53% | 1.54% | 1.54% |
| Portfolio turnover rate | 30% | 89% | 88% | 49% | 103% | 126% |

---

60 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.72 | $15.57 | $15.96 | $20.07 | $20.55 | $18.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .35 | .72 | .66 | .46 | .44 | .36 |
| Net gain (loss) on investments (realized and unrealized) | (.35) | 1.15 | (.41) | (3.84) | (.02) | 1.64 |
| Total from investment operations |  | 1.87 | .25 | (3.38) | .42 | 2.00 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.35) | (.72) | (.64) | (.47) | (.47) | (.41) |
| Net realized gains |  |  |  | (.26) | (.43) |  |
| Total distributions | (.35) | (.72) | (.64) | (.73) | (.90) | (.41) |
| Net asset value, end of period | $16.37 | $16.72 | $15.57 | $15.96 | $20.07 | $20.55 |
| **Total Return** | **0.28%** | **12.25%** | **1.50%** | **(17.30** **%)** | **2.04%** | **10.67%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $21944 | $24778 | $28885 | $53203 | $89223 | $60534 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.48% | 4.53% | 4.10% | 2.49% | 2.17% | 1.86% |
| Total expenses<sup>d</sup> | 0.83% | 0.87% | 1.01% | 0.94% | 0.90% | 0.91% |
| Net expenses<sup>e,f,g</sup> | 0.76% | 0.84% | 0.82% | 0.78% | 0.79% | 0.79% |
| Portfolio turnover rate | 30% | 89% | 88% | 49% | 103% | 126% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $16.68 | $15.54 | $15.92 | $20.03 | $20.51 | $18.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .38 | .77 | .71 | .52 | .50 | .42 |
| Net gain (loss) on investments (realized and unrealized) | (.34) | 1.13 | (.40) | (3.85) | (.03) | 1.65 |
| Total from investment operations | .04 | 1.90 | .31 | (3.33) | .47 | 2.07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.38) | (.76) | (.69) | (.52) | (.52) | (.47) |
| Net realized gains |  |  |  | (.26) | (.43) |  |
| Total distributions | (.38) | (.76) | (.69) | (.78) | (.95) | (.47) |
| Net asset value, end of period | $16.34 | $16.68 | $15.54 | $15.92 | $20.03 | $20.51 |
| **Total Return** | **0.43%** | **12.61%** | **1.80%** | **(17.09** **%)** | **2.34%** | **11.07%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2089122 | $1907980 | $1378747 | $1082805 | $1382711 | $1139109 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.68% | 4.84% | 4.43% | 2.84% | 2.49% | 2.17% |
| Total expenses<sup>d</sup> | 0.55% | 0.59% | 0.65% | 0.60% | 0.60% | 0.58% |
| Net expenses<sup>e,f,g</sup> | 0.47% | 0.53% | 0.55% | 0.49% | 0.50% | 0.50% |
| Portfolio turnover rate | 30% | 89% | 88% | 49% | 103% | 126% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A |  |  | 0.01% | 0.01% | 0.01% | 0.00%\* |
| Class C | 0.02% | 0.04% | 0.01% | 0.00%\* |  | 0.00%\* |
| Class P | 0.03% | 0.05% | 0.00%\* |  |  | 0.00%\* |
| Institutional Class |  | 0.01% | 0.00%\* |  |  | 0.00%\* |

---

\* Less than 0.01%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.76%  | 0.76%  | 0.76%  | 0.77%  | 0.78%  | 0.78%  |
| Class C | 1.50%  | 1.51%  | 1.52%  | 1.52%  | 1.53%  | 1.53%  |
| Class P | 0.76%  | 0.76%  | 0.76%  | 0.77%  | 0.78%  | 0.78%  |
| Institutional Class | 0.47%  | 0.47%  | 0.47%  | 0.48%  | 0.49%  | 0.49%  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 1.3%** | **COMMON STOCKS<sup>†</sup>** **- 1.3%** | **COMMON STOCKS<sup>†</sup>** **- 1.3%** |
| **Consumer, Cyclical - 0.8%** | **Consumer, Cyclical - 0.8%** | **Consumer, Cyclical - 0.8%** |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc.\*<sup>,†††</sup> | 372351 | $6329961 |
| &nbsp;&nbsp;&nbsp;SHO Holding I Corp.\*<sup>,†††</sup> | 178 | 140023 |
| **Total Consumer, Cyclical** |  | 6469984 |
| **Industrial - 0.4%** | **Industrial - 0.4%** | **Industrial - 0.4%** |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 2105 | 2871492 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 244278 | 199683 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 15530 | 26257 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 14354 | 24269 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 244278 | 5169 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.<sup>†††</sup> | 12773 | 226 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12773 | 1 |
| **Total Industrial** |  | 3127097 |
| **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** |
| &nbsp;&nbsp;&nbsp;Endo, Inc.\* | 20157 | 483768 |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 114139 | 318951 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 401481 | 3966 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,083,757) |  | 10403766 |
| **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 | 89963 |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2) |  | 89963 |
| **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.4%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.4%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 2.4%** |
| &nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | 487631 | 20056263 |
| **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,187,796) |  | 20056263 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 3.6%** |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.14%<sup>2</sup> | 30304002 | 30304002 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,304,002) |  | 30304002 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 88.0%** |
| **Consumer, Cyclical - 17.9%** |  |  |
| Allwyn Entertainment Financing US LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 06/02/31 | 6381919 | 6299465 |
| PetSmart LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28 | 6127750 | 6017941 |
| Eagle Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29 | 6183750 | 5867946 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 5289028 | 5230478 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.90% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/29<sup>3</sup> | 5969058 | 5193081 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 11/30/30 | 4959900 | 4927115 |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3741725 | 3734728 |
| &nbsp;&nbsp;&nbsp;6.80% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 990000 | 987277 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/17/28 | 4638048 | 4626452 |
| Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31 | 4466250 | 4448385 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/02/31 | 4438178 | 4411815 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 3559450 | 3541653 |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/06/32 | 858256 | 847064 |
| Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.90% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27 | 2626434 | 2625489 |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/31/29 | 1588000 | 1588492 |
| Thevelia US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 3895815 | 3881206 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 2402491 | 2382671 |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 1394000 | 1383545 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 3678373 | 3654353 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 3426413 | 3415722 |
| Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (3 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 07/31/30 | 4034985 | 3373691 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Petco Health And Wellness Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.81% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/03/28 | 3632225 | $3300785 |
| Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 3220000 | 3207925 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/05/31 | 3185000 | 3175445 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 7326320 | 3040423 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.04% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28 | 3011967 | 3000672 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/22/31 | 2938137 | 2932643 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.31% (1 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 2405128 | 1788814 |
| &nbsp;&nbsp;&nbsp;12.29% (3 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 863242 | 841661 |
| Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 2636750 | 2625227 |
| Packers Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 4383745 | 2515174 |
| TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 2472463 | 2472463 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/21/32 | 2400115 | 2388115 |
| Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.49% (3 Month SOFR + 3.15%, Rate Floor: 3.65%) due 11/16/28 | 2128500 | 2121582 |
| &nbsp;&nbsp;&nbsp;7.74% (3 Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 129673 | 129252 |
| Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 2089500 | 2071217 |
| EG Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.86% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 02/07/28 | EUR 1,701,857 | 1841416 |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/07/28 | 207343 | 207196 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 2084762 | 2043317 |
| Holding Socotec SAS |  |  |
| &nbsp;&nbsp;&nbsp;due 06/30/28 | 2020000 | 2017475 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 2031205 | 2000737 |
| Alexander Mann |  |  |
| &nbsp;&nbsp;&nbsp;10.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 1941632 | 1876102 |
| Sweetwater Sound |  |  |
| &nbsp;&nbsp;&nbsp;8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 1871780 | 1862421 |
| Citrin Cooperman Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 03/05/32 | 1756667 | 1742403 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 1873507 | 1735336 |
| Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 1591013 | 1589024 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 1566654 | 1550110 |
| Bulldog Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31 | 1541960 | 1535854 |
| Ontario Gaming GTA, LP |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/01/30 | 1559401 | 1532892 |
| BIFM CA Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/31/28 | 1496078 | 1494837 |
| MX Holdings US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/19/32 | 1486356 | 1480782 |
| Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/09/29 | 1428888 | 1420601 |
| DK Crown Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/24/32 | 1376070 | 1366616 |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/27/29 | 1372923 | 1350311 |
| Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) (in-kind rate was 4.00%) due 02/28/30<sup>3</sup> | 1316132 | 1316132 |
| Mavis Tire Express Services TopCo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/04/28 | 1151714 | 1143226 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 826650 | 821483 |
| 1-800 Contacts |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 3.25%) due 11/08/32 | 677769 | 672896 |
| Dealer Tire LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 557204 | 553721 |
| CHG Healthcare Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 09/29/28 | 510422 | 509432 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Hilton Worldwide Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/08/30 | 427249 | $426642 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28 | 1653750 | 411784 |
| SHO Holding I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.94% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29<sup>†††</sup> | 261960 | 259985 |
| &nbsp;&nbsp;&nbsp;11.44% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) (in-kind rate was 5.00%) due 06/30/29<sup>†††,3</sup> | 96423 | 84852 |
| American Tire Distributors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 10/20/28<sup>†††,5</sup> | 2730000 | 3 |
| **Total Consumer, Cyclical** |  | 148897553 |
| **Industrial - 17.2%** |  |  |
| Arcline FM Holdings, LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 06/23/28 | 9303835 | 9243360 |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 8867645 | 8102810 |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 5934588 | 5654179 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 5892788 | 5391901 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 4912122 | 4754247 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/28/31 | 3183151 | 3163383 |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 1522350 | 1513353 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 4629604 | 4614187 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 2590000 | 2558273 |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 1327477 | 1313459 |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 720000 | 711302 |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/29/31 | 4653070 | 4490213 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (6 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/09/32 | 4499936 | 4490081 |
| Duran Group Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 05/31/26 | EUR 4,527,760 | 4483173 |
| DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 4429790 | 4414551 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/31/28 | 4438219 | 4404932 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 4230367 | 3892995 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 3750362 | 3692532 |
| Engineered Machinery Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/19/28 | 3449301 | 3447162 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 3348266 | 3335107 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 3290057 | 3266237 |
| American Bath Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/23/27 | 3199507 | 2952345 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28<sup>†††</sup> | 2925226 | 2866722 |
| Protective Industrial Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 2896753 | 2780883 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 2676550 | 2650132 |
| Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31<sup>†††</sup> | 2543625 | 2518189 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (1 Month SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 2464324 | 2459715 |
| Cube A&D Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.79% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/17/31 | 2388768 | 2368869 |
| Anchor Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 2218850 | 2215611 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 2255836 | 2176882 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1996443 | 1983406 |

---

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;6.81% ((1 Month Term SOFR + 2.50%) and (3 Month Term SOFR + 2.50%), Rate Floor: 3.00%) due 07/01/31 | 186096 | $184818 |
| API Heat Transfer Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.56% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 1369327 | 1369327 |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27<sup>†††</sup> | 794551 | 794551 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 2164575 | 2146306 |
| Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.29% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 2277000 | 2064488 |
| STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 1995840 | 1911376 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 1935450 | 1831149 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 1825000 | 1806750 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/02/32 | 1735000 | 1731756 |
| Osmose Utility Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 1733776 | 1708636 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 1715350 | 1702485 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 1643400 | 1621313 |
| Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/16/29 | 1604444 | 1602936 |
| NA Rail HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 1515000 | 1515000 |
| Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1361943 | 1358960 |
| ProAmpac PG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28 | 1212598 | 1203503 |
| FCG Acquisitions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 1166977 | 1157127 |
| Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/26/31 | 926945 | 919993 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/22/28 | 834640 | 833664 |
| Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 09/15/28 | 769243 | 767212 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/19/32 | 732082 | 729337 |
| Ring Container Technologies Group, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/28 | 714159 | 712552 |
| MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 724525 | 710339 |
| SiteOne Landscaping Supply Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 03/23/30 | 698250 | 696504 |
| American Residential Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.54% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/02/32 | 562073 | 559262 |
| **Total Industrial** |  | 143549535 |
| **Financial - 13.4%** |  |  |
| Citadel Securities, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 6380856 | 6370519 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 5444407 | 5420615 |
| Corpay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 5124282 | 5106655 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 5127871 | 5094745 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 4917675 | 4879268 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 4777994 | 4717791 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/15/31 | 3559577 | 3532685 |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 745000 | 737088 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 4199682 | 4141937 |
| Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30 | 4139907 | 4134443 |
| Pex Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.97% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/26/31 | 4017253 | 3987123 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 3928319 | $3873087 |
| Duff & Phelps |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 3994467 | 3781841 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.43% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 3665737 | 3648948 |
| GIP Pilot Acquisition Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/04/30 | 3598989 | 3578763 |
| Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 06/24/31 | 3259330 | 3247923 |
| Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 3085000 | 3083087 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 2778783 | 2756220 |
| Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 2769575 | 2751102 |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 2753696 | 2737862 |
| Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26 | 4096986 | 1667474 |
| &nbsp;&nbsp;&nbsp;13.57% (1 Month Term SOFR + 9.11%, Rate Floor: 10.11%) due 04/30/25 | 1026626 | 1026626 |
| Franklin Square Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/25/31 | 2700334 | 2693583 |
| Amwins Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 2600519 | 2577661 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 2514437 | 2508956 |
| Delos Aircraft Leasing |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/31/27 | 2508571 | 2507668 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/22/29 | 2511936 | 2485636 |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 2492159 | 2475188 |
| Harbourvest Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30 | 2447107 | 2444048 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 2374050 | 2364150 |
| Starwood Property Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/02/30 | 2006601 | 1997833 |
| Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 1795500 | 1781477 |
| Alter Domus |  |  |
| &nbsp;&nbsp;&nbsp;7.79% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/30/31 | 1758919 | 1759869 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 1610963 | 1593177 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 1599323 | 1584401 |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 1386324 | 1374624 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/06/32 | 1342037 | 1333649 |
| **Total Financial** |  | 111757722 |
| **Technology - 13.1%** |  |  |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 5878173 | 5615889 |
| CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/30/31 | 5486250 | 5455417 |
| Wrench Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28 | 5329888 | 5050069 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 5119864 | 5024737 |
| DCert Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/16/26 | 5120735 | 4972234 |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 4751629 | 4694609 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | 4689829 | 4591155 |
| Ascend Learning, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/11/28 | 4574379 | 4514729 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.42% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28 | 3296299 | 3165832 |
| &nbsp;&nbsp;&nbsp;10.42% (1 Month Term SOFR + 6.00%, Rate Floor: 7.50%) due 11/15/29 | 1004456 | 977822 |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27 | 343129 | 328975 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| E2open LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 4465187 | $4452194 |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 4622109 | 4431447 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.28% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 4586391 | 4361383 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 4313170 | 4283539 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 3998416 | 3998416 |
| Conair Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28 | 4627097 | 3977638 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/13/32 | 2610000 | 2581943 |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 1232794 | 1225471 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 3629754 | 3592622 |
| Indicor LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 3024208 | 3006396 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 2740681 | 2726484 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 2637804 | 2550967 |
| Instructure Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 11/13/31 | 2531602 | 2510438 |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/15/29 | 2519431 | 2484008 |
| Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/14/32 | 2247291 | 2213581 |
| Project Ruby Ultimate Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/10/28 | 1995000 | 1987020 |
| Kaseya, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/05/32 | 1913705 | 1905342 |
| World Wide Technology Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/01/30<sup>†††</sup> | 1872239 | 1867558 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 2091266 | 1789601 |
| Dun & Bradstreet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/18/29 | 1541923 | 1537821 |
| Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 04/11/31 | 1428214 | 1428214 |
| RealPage, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.56% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/24/28 | 1228016 | 1210369 |
| Storable, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/16/31 | 1167000 | 1159345 |
| Leia Finco US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.54% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 1088047 | 1075806 |
| Waystar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/22/29 | 814032 | 809620 |
| Imprivata, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.79% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/01/27 | 632227 | 631348 |
| Clearwater Analytics, LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 02/10/32 | 500000 | 497500 |
| **Total Technology** |  | 108687539 |
| **Consumer, Non-cyclical -11.9%** |  |  |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 6337922 | 6263198 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27 | 6515848 | 6216510 |
| Weber-Stephen Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 10/30/27 | 6259706 | 6045812 |
| Medical Solutions Parent Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.89% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 9028965 | 5760480 |
| National Mentor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.17% ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate Floor: 4.50%) due 03/02/28 | 5295332 | 5120163 |
| &nbsp;&nbsp;&nbsp;8.15% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/02/28 | 178672 | 172761 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 4809745 | 4803732 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.54% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29 | 5097450 | 4776106 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 4743499 | 4493706 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.72% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/02/28 | 3337747 | $2131986 |
| &nbsp;&nbsp;&nbsp;15.47% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) (in-kind rate was 3.00%) due 08/02/28<sup>3</sup> | 2089941 | 2069042 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 4161561 | 4130515 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 05/06/31 | 3868814 | 3863978 |
| TGP Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 4192130 | 3814335 |
| Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 3550473 | 3538437 |
| Hayward Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.94% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28 | 3528172 | 3515435 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 2636202 | 2632353 |
| Topgolf Callaway Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30 | 2714400 | 2560575 |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>†††</sup> | 2549841 | 2549841 |
| Agiliti |  |  |
| &nbsp;&nbsp;&nbsp;7.28% ((3 Month Term SOFR + 3.00%) and (6 Month Term SOFR + 3.00%), Rate Floor: 3.00%) due 05/01/30 | 2598683 | 2444919 |
| Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 03/15/31 | 2340713 | 2324632 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/07/31 | 2317923 | 2317923 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/23/29 | 2184869 | 2193062 |
| Summit Behavioral Healthcare LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 11/24/28 | 2658115 | 2192945 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.56% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 2455383 | 2130045 |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/22/27 | 1790750 | 1786470 |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 135449 | 135111 |
| Lyons Magnus |  |  |
| &nbsp;&nbsp;&nbsp;10.54% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 05/10/27 | 2056166 | 1912235 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 1842205 | 1839516 |
| Ceva Sante |  |  |
| &nbsp;&nbsp;&nbsp;due 11/08/30 | 1640000 | 1632489 |
| Resonetics LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/18/31 | 1524798 | 1514643 |
| Nomad Foods Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.97% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29 | 1039500 | 1035602 |
| Upstream Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 11/20/26 | 721875 | 591035 |
| MDVIP |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 10/16/28 | 309062 | 308290 |
| **Total Consumer, Non-cyclical** |  | 98817882 |
| **Communications - 7.0%** |  |  |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28 | 6626834 | 6397678 |
| Titan AcquisitionCo New Zealand Ltd. (Trade Me) |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/18/28 | 5883562 | 5865205 |
| Virgin Media Bristol LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.58% (3 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/31/31 | 6016233 | 5780397 |
| McGraw Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 08/06/31 | 5178362 | 5165416 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/09/27 | 3880000 | 3629973 |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1148468 | 1066639 |
| Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.83% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 4426031 | 4385179 |
| Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 4214142 | 4203607 |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30 | 3209375 | 3190985 |
| Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 3000000 | 2963760 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 69

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;9.80% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28 | 3199349 | $2861818 |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.19% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 2584279 | 2556188 |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/31 | 2487500 | 2482326 |
| UPC Financing Partnership |  |  |
| &nbsp;&nbsp;&nbsp;6.79% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 2221614 | 2197021 |
| Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 2024633 | 1581744 |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/29<sup>3</sup> | 566753 | 547625 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 | 1696500 | 1673699 |
| UFC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.58% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/31 | 1425000 | 1420540 |
| **Total Communications** |  | 57969800 |
| **Basic Materials - 3.2%** |  |  |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 4949531 | 4906223 |
| Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 4311017 | 4263855 |
| CTEC III GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/16/29 | EUR 3,557,000 | 3833523 |
| NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 3528762 | 2905335 |
| Vantage Specialty Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.07% (1 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26 | 2223813 | 2139486 |
| Platform Specialty Products |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 12/18/30 | 1880741 | 1874704 |
| Novelis Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/24/32 | 1415872 | 1414103 |
| Nouryon USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/03/28 | 1336101 | 1334372 |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 | 870000 | 861691 |
| TPC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 12/16/31 | 790000 | 772881 |
| Trinseo Materials Operating S.C.A. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 1540000 | 711295 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.30% (3 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 670035 | 683020 |
| A-AP Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.08% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/09/31<sup>†††</sup> | 648375 | 645133 |
| **Total Basic Materials** |  | 26345621 |
| **Energy - 2.9%** |  |  |
| Par Petroleum LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 4426663 | 4339989 |
| BANGL LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 4109014 | 4114150 |
| AL GCX Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 3472926 | 3454936 |
| TransMontaigne Operating Company, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 11/17/28 | 2521201 | 2516991 |
| WhiteWater DBR Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 1855687 | 1846408 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/11/30 | 1778015 | 1777464 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/30/27 | 1685775 | 1685775 |
| Traverse Midstream Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/16/28 | 1626172 | 1622790 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/22/30 | 821378 | 820097 |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/01/26 | 595300 | 594692 |
| Bip PipeCo Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 1279044 | 1273979 |
| Permian Production Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.44% (1 Month Term SOFR + 6.00%, Rate Floor: 7.00%) (in-kind rate was 2.00%) due 11/24/25<sup>†††,3</sup> | 495185 | 490233 |
| **Total Energy** |  | 24537504 |
| **Utilities - 1.4%** |  |  |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 4078531 | 4073433 |
| TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 3830432 | 3837633 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 | 2686046 | $| 2678901 |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 763458 |  | 757732 |
| **Total Utilities** |  |  | 11347699 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $760,227,003) | &nbsp;&nbsp;&nbsp;(Cost $760,227,003) |  | 731910855 |
| **CORPORATE BONDS<sup>††</sup>** **- 4.0%** | **CORPORATE BONDS<sup>††</sup>** **- 4.0%** | **CORPORATE BONDS<sup>††</sup>** **- 4.0%** | **CORPORATE BONDS<sup>††</sup>** **- 4.0%** |
| **Consumer, Non-cyclical -1.6%** |  |  |  |
| Sotheby's |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/15/27<sup>4</sup> | 2875000 |  | 2768081 |
| ADT Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/01/29<sup>4</sup> | 2875000 |  | 2699252 |
| Cheplapharm Arzneimittel GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>4</sup> | 2975000 |  | 2661319 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 01/15/30 | 2800000 |  | 2624796 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 02/15/27 | 1500000 |  | 1494834 |
| WW International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/29<sup>4</sup> | 2875000 |  | 721819 |
| **Total Consumer, Non-cyclical** |  |  | 12970101 |
| **Communications - 0.9%** |  |  |  |
| VZ Secured Financing B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/15/32<sup>4</sup> | 3500000 |  | 3041234 |
| Altice France S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/29<sup>4</sup> | 2850000 |  | 2258213 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>4</sup> | 1575000 |  | 1537877 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>4</sup> | 899070 |  | 1002050 |
| **Total Communications** |  |  | 7839374 |
| **Consumer, Cyclical - 0.6%** |  |  |  |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 01/15/29<sup>4</sup> | 5000000 |  | 4605029 |
| **Industrial - 0.5%** |  |  |  |
| New Enterprise Stone & Lime Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>4</sup> | 2875000 |  | 2778805 |
| GrafTech Global Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>4</sup> | 2120000 |  | 1664200 |
| **Total Industrial** |  |  | 4443005 |
| **Basic Materials - 0.2%** |  |  |  |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/15/27<sup>4</sup> | 1975000 |  | 1907474 |
| Mirabela Nickel Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,5,6</sup> | 1279819 |  | 6399 |
| **Total Basic Materials** |  |  | 1913873 |
| **Financial - 0.2%** |  |  |  |
| Hunt Companies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>4</sup> | 1850000 |  | 1768182 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,033,406) | &nbsp;&nbsp;&nbsp;(Cost $39,033,406) |  | 33539564 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 1.0%** |
| **Residential Mortgage-Backed Securities - 1.0%** |  |  |  |
| RALI Series Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 10472375 |  | 2301839 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.88% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 416751 |  | 72105 |
| Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA6, 5.45% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47<sup>◊</sup> | 1941443 |  | 1618703 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 5.48% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 1368003 |  | 1139659 |
| American Home Mortgage Assets Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-4, 4.65% (1 Month Term SOFR + 0.32%, Rate Floor: 0.32%) due 10/25/46<sup>◊</sup> | 2080176 |  | 1064551 |
| Lehman XS Trust Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-16N, 4.82% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46<sup>◊</sup> | 1059504 |  | 929750 |
| Nomura Resecuritization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 3.07% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,4</sup> | 302015 |  | 292193 |
| Alliance Bancorp Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 308360 |  | 271204 |
| Morgan Stanley Re-REMIC Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 16.90% due 06/26/36<sup>4</sup> | 187684 |  | 179582 |
| GSAA Home Equity Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-7, 4.98% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 57434 |  | 54928 |
| New Century Home Equity Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2004-4, 5.23% (1 Month Term SOFR + 0.91%, Rate Cap/Floor: 12.50%/0.80%) due 02/25/35<sup>◊</sup> | 23447 |  | 25979 |
| **Total Residential Mortgage-Backed Securities** |  |  | 7950493 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,439,556) | &nbsp;&nbsp;&nbsp;(Cost $11,439,556) |  | 7950493 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 0.0%** |
| **Collateralized Loan Obligations - 0.0%** |  |  |
| Octagon Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 11/18/31<sup>4,7</sup> | 2071948 | $111599 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>4,7</sup> | 977702 | 2249 |
| **Total Collateralized Loan Obligations** |  | 113848 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $0) | &nbsp;&nbsp;&nbsp;(Cost $0) | 113848 |
| **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $871,275,522) | &nbsp;&nbsp;&nbsp;(Cost $871,275,522) | $834368754 |
| **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (2669810) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $831698944 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Barclays Bank plc | EUR | Sell | 10751000 | 11,784,601 USD | 04/15/25 | $142344 |

---

---

| | |
|:---|:---|
| <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 March 31, 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 March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <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 $29,999,158 (cost $36,797,806), or 3.6% of total net assets. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Security is in default of interest and/or principal obligations. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $6,399 (cost $1,160,811), or less than 0.1% of total net assets — See Note 10. |
| <sup>7</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;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. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **FLOATING RATE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $483768 | $318951 | $9601047 | $10403766 |
| Rights |  |  | 89963 | 89963 |
| Exchange-Traded Fund | 20056263 |  |  | 20056263 |
| Money Market Fund | 30304002 |  |  | 30304002 |
| Senior Floating Rate Interests |  | 718464461 | 13446394 | 731910855 |
| Corporate Bonds |  | 33533165 | 6399 | 33539564 |
| Collateralized Mortgage Obligations |  | 7950493 |  | 7950493 |
| Asset-Backed Securities |  | 113848 |  | 113848 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 142344 |  | 142344 |
| Total Assets | $50844033 | $760523262 | $23143803 | $834511098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Unfunded Loan Commitments (Note 9) | $– $– $| 3915 | $3915 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Common Stocks | $6384679 | Model Price | Liquidation Value |  |  |
| Common Stocks | 3216368 | Enterprise Value | Valuation Multiple | 2.6x-8.3x | 5.0x |
| Corporate Bonds | 6399 | Third Party Pricing | Trade Price |  |  |
| Right | 89963 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 10937676 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 2228387 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 280328 | Yield Analysis | Yield | 11.1%-15.2% | 12.3% |
| Senior Floating Rate Interests | 3 | Model Price | Liquidation Value |  |  |
| Total Assets | $23143803 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $3915 | 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 SEMI-ANNUAL FINANCIAL REPORT \| 73

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 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 period ended March 31, 2025, the Fund had securities with a total value of $21,168,036 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

**Summary of Fair Value Level 3 Activity** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Corporate <br> Bonds** | **Senior <br> Floating Rate <br> Interests** | **Common <br> Stocks** | **Rights** | <br>**Total <br> Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $6399 | $35335387 | $3525308 | $— | $38867094 | $(20064) |
| Purchases/(Receipts) |  | 1828798 | 5475102 | 2 | 7303902 | (164322) |
| (Sales, maturities and paydowns)/Fundings |  | (3575521) | (563) |  | (3576084) | 127086 |
| Amortization of premiums/discounts |  | 72727 |  |  | 72727 | 90401 |
| Corporate actions |  | 8129506 |  |  | 8129506 |  |
| Total realized gains (losses) including in earnings |  | (3793523) | (190) |  | (3793713) | (43180) |
| Total change in unrealized appreciation (depreciation) included in earnings |  | (3382944) | 601390 | 89961 | (2691593) | 6164 |
| Transfers out of Level 3 |  | (21168036) |  |  | (21168036) |  |
| &nbsp;&nbsp;Ending Balance | $6399 | $13446394 | $9601047 | $89963 | $23143803 | $(3915) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $— | $(2728951) | $601179 | $89961 | $(2037811) | $(3348) |

---

**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 ("affiliate issuer").

Transactions during the period ended March 31, 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> 03/31/25** | **Shares <br> 03/31/25** |
| **Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC \* | $296099 | $— | $— | $— | $(96416) | $199683 | 244278 |

---

\* Non-income producing security.

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

**FLOATING RATE STRATEGIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $871,189,266) | $834169071 |
| Investments in affiliated issuers, at value (cost $86,256) | 199683 |
| Cash | 1518958 |
| Foreign currency, at value (cost 4,596) | 4568 |
| Unrealized appreciation on forward foreign currency exchange contracts | 142344 |
| Prepaid expenses | 126597 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 22170038 |
| &nbsp;&nbsp;&nbsp;Interest | 5027627 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 668364 |
| **Total assets** | 864027250 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $567) | 3915 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 28220625 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2506545 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 733090 |
| &nbsp;&nbsp;&nbsp;Management fees | 410301 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 160805 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 51041 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5594 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 1880 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1333 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 233177 |
| **Total liabilities** | 32328306 |
| **Net assets** | $831698944 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $1062591832 |
| Total distributable earnings (loss) | (230892888) |
| Net assets | $831698944 |
| **Class A:** | **Class A:** |
| Net assets | $131030164 |
| Capital shares outstanding | 5491839 |
| Net asset value per share | $23.86 |
| Maximum offering price per share (Net asset value divided by 97.00%) | $24.60 |
| **Class C:** | **Class C:** |
| Net assets | $20830835 |
| Capital shares outstanding | 873400 |
| Net asset value per share | $23.85 |
| **Class P:** | **Class P:** |
| Net assets | $37957904 |
| Capital shares outstanding | 1590208 |
| Net asset value per share | $23.87 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $638217282 |
| Capital shares outstanding | 26725885 |
| Net asset value per share | $23.88 |
| **Class R6:** | **Class R6:** |
| Net assets | $3662759 |
| Capital shares outstanding | 153316 |
| Net asset value per share | $23.89 |

---

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

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

**FLOATING RATE STRATEGIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $1124195 |
| Interest from securities of unaffiliated issuers | 36984368 |
| &nbsp;&nbsp;&nbsp;Total investment income | 38108563 |
| **Expenses:** | **Expenses:** |
| Management fees | 2958646 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 172832 |
| &nbsp;&nbsp;&nbsp;Class C | 118387 |
| &nbsp;&nbsp;&nbsp;Class P | 49576 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 60280 |
| &nbsp;&nbsp;&nbsp;Class C | 8419 |
| &nbsp;&nbsp;&nbsp;Class P | 33948 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 412057 |
| &nbsp;&nbsp;&nbsp;Class R6 | 361 |
| Line of credit fees | 196029 |
| Fund accounting/administration fees | 173401 |
| Professional fees | 81834 |
| Trustees' fees\* | 18596 |
| Custodian fees | 364 |
| Miscellaneous | 117831 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4712 |
| &nbsp;&nbsp;&nbsp;Class R6 | 317 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4407590 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | $(42002) |
| &nbsp;&nbsp;&nbsp;Class C | (4780) |
| &nbsp;&nbsp;&nbsp;Class P | (27393) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (256475) |
| &nbsp;&nbsp;&nbsp;Class R6 | (54) |
| Expenses waived by Adviser | (154608) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (485312) |
| Net expenses | 3922278 |
| Net investment income | 34186285 |
| **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 | (13454924) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 422179 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (201863) |
| Net realized loss | (13234608) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (563805) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (96416) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 237498 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 55546 |
| Net change in unrealized appreciation (depreciation) | (367177) |
| Net realized and unrealized loss | (13601785) |
| **Net increase in net assets resulting from operations** | $20584500 |

---

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

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

**FLOATING RATE STRATEGIES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $34186285 | $86444372 |
| Net realized loss on investments | (13234608) | (9882233) |
| Net change in unrealized appreciation (depreciation) on investments | (367177) | (2972812) |
| Net increase in net assets resulting from operations | 20584500 | 73589327 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5086320) | (11647241) |
| &nbsp;&nbsp;&nbsp;Class C | (785785) | (2392488) |
| &nbsp;&nbsp;&nbsp;Class P | (1460163) | (3696006) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26802131) | (68865154) |
| &nbsp;&nbsp;&nbsp;Class R6 | (99320) | (111604) |
| Total distributions to shareholders | (34233719) | (86712493) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11580755 | 32935433 |
| &nbsp;&nbsp;&nbsp;Class C | 1442036 | 4255461 |
| &nbsp;&nbsp;&nbsp;Class P | 4910986 | 8843585 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 128550458 | 363619911 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1616480 | 1698695 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4579771 | 10200966 |
| &nbsp;&nbsp;&nbsp;Class C | 670059 | 2062297 |
| &nbsp;&nbsp;&nbsp;Class P | 1459359 | 3686772 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22692470 | 57864332 |
| &nbsp;&nbsp;&nbsp;Class R6 | 98956 | 110482 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24497665) | (38989840) |
| &nbsp;&nbsp;&nbsp;Class C | (8709715) | (14028271) |
| &nbsp;&nbsp;&nbsp;Class P | (10633379) | (13476997) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (237991221) | (469201327) |
| &nbsp;&nbsp;&nbsp;Class R6 | (19100) | (1212290) |
| Net decrease from capital share transactions | (104249750) | (51630791) |
| Net decrease in net assets | (117898969) | (64753957) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 949597913 | 1014351870 |
| &nbsp;&nbsp;&nbsp;End of period | $831698944 | $949597913 |

---

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

**FLOATING RATE STRATEGIES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 478570 | 1348314 |
| &nbsp;&nbsp;&nbsp;Class C | 59663 | 174243 |
| &nbsp;&nbsp;&nbsp;Class P | 203041 | 361398 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 5310167 | 14865436 |
| &nbsp;&nbsp;&nbsp;Class R6 | 66587 | 69319 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 189633 | 418133 |
| &nbsp;&nbsp;&nbsp;Class C | 27747 | 84541 |
| &nbsp;&nbsp;&nbsp;Class P | 60398 | 151019 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 938800 | 2369521 |
| &nbsp;&nbsp;&nbsp;Class R6 | 4097 | 4529 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1015959) | (1596637) |
| &nbsp;&nbsp;&nbsp;Class C | (359821) | (574443) |
| &nbsp;&nbsp;&nbsp;Class P | (440089) | (551414) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (9871560) | (19234875) |
| &nbsp;&nbsp;&nbsp;Class R6 | (792) | (49303) |
| Net decrease in shares | (4349518) | (2160219) |

---

78 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.22 | $24.52 | $23.37 | $25.09 | $24.08 | $25.23 |
| 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: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .89 | 2.05 | 1.88 | .87 | .83 | 1.02 |
| Net gain (loss) on investments (realized and unrealized) | (.36) | (.29) | 1.16 | (1.72) | 1.02 | (1.16) |
| Total from investment operations | .53 | 1.76 | 3.04 | (.85) | 1.85 | (.14) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.89) | (2.06) | (1.89) | (.87) | (.83) | (.83) |
| Return of capital |  |  |  |  | (.01) | (.18) |
| Total distributions | (.89) | (2.06) | (1.89) | (.87) | (.84) | (1.01) |
| Net asset value, end of period | $23.86 | $24.22 | $24.52 | $23.37 | $25.09 | $24.08 |
| **Total Return<sup>c</sup>** | **2.19%** | **7.41%** | **13.47%** | **(3.47** **%)** | **7.83%** | **(0.50** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $131030 | $141422 | $139008 | $154160 | $123392 | $139857 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 7.35% | 8.39% | 7.82% | 3.57% | 3.36% | 4.23% |
| Total expenses<sup>d</sup> | 1.12% | 1.15% | 1.15% | 1.11% | 1.09% | 1.25% |
| Net expenses<sup>e,f,g</sup> | 1.03% | 1.02% | 1.02% | 1.02% | 1.05% | 1.10% |
| Portfolio turnover rate | 28% | 37% | 23% | 30% | 57% | 20% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.21 | $24.51 | $23.36 | $25.08 | $24.07 | $25.22 |
| 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: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .80 | 1.87 | 1.69 | .68 | .65 | .84 |
| Net gain (loss) on investments (realized and unrealized) | (.36) | (.30) | 1.16 | (1.71) | 1.02 | (1.16) |
| Total from investment operations | .44 | 1.57 | 2.85 | (1.03) | 1.67 | (.32) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.80) | (1.87) | (1.70) | (.69) | (.65) | (.68) |
| Return of capital |  |  |  |  | (.01) | (.15) |
| Total distributions | (.80) | (1.87) | (1.70) | (.69) | (.66) | (.83) |
| Net asset value, end of period | $23.85 | $24.21 | $24.51 | $23.36 | $25.08 | $24.07 |
| **Total Return<sup>c</sup>** | **1.81%** | **6.62%** | **12.58%** | **(4.15** **%)** | **7.03%** | **(1.24** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $20831 | $27739 | $35818 | $47183 | $52308 | $63891 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.63% | 7.66% | 7.02% | 2.78% | 2.61% | 3.47% |
| Total expenses<sup>d</sup> | 1.85% | 1.88% | 1.89% | 1.91% | 1.86% | 1.96% |
| Net expenses<sup>e,f,g</sup> | 1.78% | 1.77% | 1.78% | 1.77% | 1.80% | 1.85% |
| Portfolio turnover rate | 28% | 37% | 23% | 30% | 57% | 20% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.23 | $24.53 | $23.38 | $25.10 | $24.09 | $25.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .89 | 2.05 | 1.88 | .88 | .83 | 1.04 |
| Net gain (loss) on investments (realized and unrealized) | (.36) | (.29) | 1.16 | (1.73) | 1.02 | (1.18) |
| Total from investment operations | .53 | 1.76 | 3.04 | (.85) | 1.85 | (.14) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.89) | (2.06) | (1.89) | (.87) | (.83) | (.83) |
| Return of capital |  |  |  |  | (.01) | (.18) |
| Total distributions | (.89) | (2.06) | (1.89) | (.87) | (.84) | (1.01) |
| Net asset value, end of period | $23.87 | $24.23 | $24.53 | $23.38 | $25.10 | $24.09 |
| **Total Return** | **2.19%** | **7.41%** | **13.46%** | **(3.47** **%)** | **7.83%** | **(0.50** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $37958 | $42808 | $44295 | $43603 | $35430 | $33251 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 7.35% | 8.39% | 7.81% | 3.58% | 3.36% | 4.26% |
| Total expenses<sup>d</sup> | 1.20% | 1.18% | 1.18% | 1.14% | 1.06% | 1.37% |
| Net expenses<sup>e,f,g</sup> | 1.03% | 1.02% | 1.02% | 1.02% | 1.05% | 1.10% |
| Portfolio turnover rate | 28% | 37% | 23% | 30% | 57% | 20% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.24 | $24.54 | $23.39 | $25.11 | $24.10 | $25.25 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .92 | 2.11 | 1.93 | .94 | .89 | 1.09 |
| Net gain (loss) on investments (realized and unrealized) | (.36) | (.30) | 1.16 | (1.73) | 1.02 | (1.17) |
| Total from investment operations | .56 | 1.81 | 3.09 | (.79) | 1.91 | (.08) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.92) | (2.11) | (1.94) | (.93) | (.89) | (.88) |
| Return of capital |  |  |  |  | (.01) | (.19) |
| Total distributions | (.92) | (2.11) | (1.94) | (.93) | (.90) | (1.07) |
| Net asset value, end of period | $23.88 | $24.24 | $24.54 | $23.39 | $25.11 | $24.10 |
| **Total Return** | **2.31%** | **7.66%** | **13.68%** | **(3.20** **%)** | **8.08%** | **(0.26** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $638217 | $735606 | $793785 | $979086 | $711583 | $504449 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 7.58% | 8.62% | 8.02% | 3.84% | 3.59% | 4.48% |
| Total expenses<sup>d</sup> | 0.90% | 0.87% | 0.88% | 0.87% | 0.85% | 0.97% |
| Net expenses<sup>e,f,g</sup> | 0.79% | 0.78% | 0.78% | 0.78% | 0.81% | 0.85% |
| Portfolio turnover rate | 28% | 37% | 23% | 30% | 57% | 20% |

---

80 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.25 | $24.55 | $23.38 | $25.11 | $24.10 | $25.25 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .91 | 2.09 | 1.87 | .82 | .91 | 1.13 |
| Net gain (loss) on investments (realized and unrealized) | (.35) | (.27) | 1.27 | (1.62) | 1.01 | (1.21) |
| Total from investment operations | .56 | 1.82 | 3.14 | (.80) | 1.92 | (.08) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.92) | (2.12) | (1.97) | (.93) | (.90) | (.88) |
| Return of capital |  |  |  |  | (.01) | (.19) |
| Total distributions | (.92) | (2.12) | (1.97) | (.93) | (.91) | (1.07) |
| Net asset value, end of period | $23.89 | $24.25 | $24.55 | $23.38 | $25.11 | $24.10 |
| **Total Return** | **2.30%** | **7.67%** | **13.87%** | **(3.25** **%)** | **8.06%** | **(0.22** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3663 | $2023 | $1445 | $1722 | $1257 | $1625 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 7.51% | 8.58% | 7.79% | 3.31% | 3.66% | 4.56% |
| Total expenses<sup>d</sup> | 0.83% | 0.84% | 0.78% | 0.82% | 0.83% | 0.86% |
| Net expenses<sup>e,f,g</sup> | 0.79% | 0.79% | 0.74% | 0.79% | 0.82% | 0.84% |
| Portfolio turnover rate | 28% | 37% | 23% | 30% | 57% | 20% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.01% |  | 0.03% | 0.03% |  | 0.00%\* |
| Class C |  | 0.00%\* | 0.04% | 0.04% |  | 0.00%\* |
| Class P |  |  | 0.03% | 0.04% | 0.00%\* | 0.00%\* |
| Institutional Class |  |  | 0.02% | 0.04% | 0.00%\* | 0.00%\* |
| Class R6 | 0.02% | 0.03% | 0.02% | 0.03% | 0.01% | 0.00%\* |

---

\* Less than 0.01%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.99% | 0.99% | 0.99% | 1.00% | 1.01% | 1.02% |
| Class C | 1.73% | 1.74% | 1.75% | 1.75% | 1.76% | 1.77% |
| Class P | 0.99% | 0.99% | 0.99% | 1.00% | 1.01% | 1.02% |
| Institutional Class | 0.75% | 0.75% | 0.75% | 0.76% | 0.77% | 0.78% |
| Class R6 | 0.75%  | 0.75%  | 0.71%  | 0.76%  | 0.77%  | 0.78%  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** | **COMMON STOCKS<sup>†</sup>** **- 0.8%** |
| **Consumer, Cyclical - 0.5%** | **Consumer, Cyclical - 0.5%** | **Consumer, Cyclical - 0.5%** |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc.\*<sup>,†††</sup> | 49230 | $836910 |
| &nbsp;&nbsp;&nbsp;Accuride Corp<sup>†††</sup> | 282985 | 29 |
| &nbsp;&nbsp;&nbsp;Accuride Liquidating Trust<sup>†††</sup> | 17 |  |
| **Total Consumer, Cyclical**  |  | 836939 |
| **Consumer, Non-cyclical - 0.3%** | **Consumer, Non-cyclical - 0.3%** | **Consumer, Non-cyclical - 0.3%** |
| &nbsp;&nbsp;&nbsp;Endo, Inc.\* | 22747 | 545928 |
| &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** |  | 546009 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 23711 | 19383 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC\*<sup>,†††</sup> | 6243 | 10554 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC\*<sup>,†††</sup> | 5770 | 9755 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 23711 | 502 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12825 | 227 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12825 | 1 |
| **Total Industrial** |  | 40422 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Legacy Reserves, Inc.\*<sup>,†††</sup> | 3452 | 1004 |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 57028 | 563 |
| **Total Energy** |  | 1567 |
| **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.\*<sup>,†††,2</sup> | 1210000 | 121 |
| &nbsp;&nbsp;&nbsp;Endo Luxembourg Finance Co I SARL / Endo US, Inc.\*<sup>,†††,2</sup> | 950000 | 95 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada), Inc.\*<sup>,††</sup> | 132 | 1 |
| **Total Financial** |  | 217 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,246,766) |  | 1425154 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.3%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.3%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.3%** |
| **Financial - 1.0%** | **Financial - 1.0%** | **Financial - 1.0%** |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;7.63%\*<sup>,††</sup> | 775000 | 806282 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.50%\*<sup>,††</sup> | 475000 | 498135 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38%<sup>††</sup> | 18000 | 462960 |
| Avison Young (Canada), Inc.\*<sup>,††</sup> | 185779 | 40314 |
| **Total Financial** |  | 1807691 |
| **Energy - 0.3%** | **Energy - 0.3%** | **Energy - 0.3%** |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;9.00%<sup>3</sup>\*<sup>,††</sup> | 475000 | 450770 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| U.S. Shipping Corp.\*<sup>,†††</sup> | 14718 | 1 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,700,305) |  | 2258462 |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| Asphalt Intermediate Holdco, LLC | 2203 | 11893 |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  | 11893 |
| **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>** **- 2.1%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 2.1%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 2.1%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>4</sup> | 3806668 | 3806668 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,806,668) |  | 3806668 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **CORPORATE BONDS<sup>††</sup>** **- 80.6%** | **CORPORATE BONDS<sup>††</sup>** **- 80.6%** | **CORPORATE BONDS<sup>††</sup>** **- 80.6%** |
| **Consumer, Cyclical - 13.1%** |  |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 10/15/32<sup>3</sup> | 900000 | 840482 |
| &nbsp;&nbsp;&nbsp;8.13% due 07/01/27<sup>3</sup> | 306000 | 308155 |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/32<sup>3</sup> | 150000 | 149514 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/26<sup>3</sup> | 1225000 | 1212624 |
| Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/15/28<sup>3</sup> | 1325000 | 1190485 |
| PetSmart, Inc. / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/15/28<sup>3</sup> | 1150000 | 1075522 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>3</sup> | 1100000 | 1037402 |
| Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/30/29<sup>3</sup> | 1000000 | 1031396 |
| Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>3</sup> | 1094000 | 1016945 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 11/15/31<sup>3</sup> | 1025000 | 1016239 |
| Wolverine World Wide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/15/29<sup>3</sup> | 1200000 | 1015329 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 05/15/27<sup>3</sup> | 475000 | 475112 |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 350000 | 354930 |
| &nbsp;&nbsp;&nbsp;6.25% due 05/15/26<sup>3</sup> | 143000 | 142947 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/27 | 500000 | 501852 |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/32 | 400000 | 388579 |
| Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/01/29<sup>3</sup> | 850000 | 871883 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Ontario Gaming GTA Limited Partnership/OTG Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/30<sup>3</sup> | 845000 | $840402 |
| AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/15/29<sup>3</sup> | EUR 425,000 | 473086 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/31 | EUR 250,000 | 267278 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>3</sup> | 800000 | 722258 |
| Amer Sports Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/16/31<sup>3</sup> | 675000 | 690795 |
| ONE Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 04/02/31<sup>3</sup> | EUR 575,000 | 664899 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>3</sup> | 700000 | 628965 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 550000 | 535664 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/01/29<sup>3</sup> | 675000 | 529678 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>3</sup> | 579000 | 514060 |
| Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>3</sup> | 500000 | 505541 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/32<sup>3</sup> | 550000 | 498784 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/33<sup>3</sup> | 500000 | 495069 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>3</sup> | 475000 | 488147 |
| RB Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 03/15/31<sup>3</sup> | 450000 | 470946 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 02/01/32 | 500000 | 439324 |
| Evergreen Acqco 1 Limited Partnership / TVI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 04/26/28<sup>3</sup> | 414000 | 430687 |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/31<sup>3</sup> | 425000 | 373154 |
| Superior Plus, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/18/28<sup>3</sup> | CAD 550,000 | 365384 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/01/25<sup>2</sup> | 320000 | 320000 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/15/25<sup>2</sup> | 31000 | 30923 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 01/15/29<sup>3</sup> | 325000 | 299327 |
| Ritchie Bros Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/28<sup>3</sup> | 250000 | 255323 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 09/15/29<sup>3</sup> | 200000 | 197987 |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 07/01/25<sup>3</sup> | 117000 | 117135 |
| **Total Consumer, Cyclical** |  | 23784212 |
| **Industrial - 13.1%** |  |  |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/15/28<sup>3</sup> | 1725000 | 1788275 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/23/29<sup>3</sup> | 2500000 | 1715625 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>3</sup> | 1575000 | 1503693 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/15/27<sup>3</sup> | 1025000 | 1004500 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/15/27<sup>3</sup> | 500000 | 471649 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>3</sup> | 1525000 | 1380927 |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>3</sup> | 1225000 | 1231448 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/32<sup>3</sup> | 750000 | 752184 |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>3</sup> | 200000 | 198462 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/01/32<sup>3</sup> | 100000 | 89462 |
| Techem Verwaltungsgesellschaft |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 07/15/29 | EUR 875,000 | 960303 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 12/15/30<sup>3</sup> | 925000 | 945161 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/32<sup>3</sup> | 475000 | 478016 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/01/33<sup>3</sup> | 350000 | 348408 |
| EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/30<sup>3</sup> | 825000 | 825366 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>3</sup> | 800000 | 719074 |
| Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/28<sup>3</sup> | 750000 | 698385 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 02/15/31<sup>3</sup> | 725000 | 676515 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/29<sup>3</sup> | 700000 | 656014 |
| Sealed Air Corporation/Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 350000 | 362303 |
| &nbsp;&nbsp;&nbsp;6.13% due 02/01/28<sup>3</sup> | 250000 | 250360 |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/30<sup>3</sup> | 575000 | 577503 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/01/33<sup>3</sup> | 525000 | 526771 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>3</sup> | 550000 | 507517 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 02/01/32<sup>3</sup> | 525000 | 499987 |
| Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 02/01/37 | 475000 | 497172 |
| Nidda Healthcare Holding |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/21/30 | EUR 450,000 | 494261 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/15/27<sup>3</sup> | 500000 | 493043 |
| Calderys Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.25% due 06/01/28<sup>3</sup> | 425000 | 447601 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 02/15/29 | 425000 | $425782 |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 400000 | 404115 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/15/32<sup>3</sup> | 350000 | 349896 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/15/30<sup>3</sup> | 375000 | 349648 |
| AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.25% due 10/15/28<sup>3</sup> | 300000 | 307907 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>3</sup> | 225000 | 227407 |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 01/15/32<sup>3</sup> | 175000 | 177709 |
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/01/32<sup>3</sup> | 175000 | 173447 |
| **Total Industrial** |  | 23515896 |
| **Consumer, Non-cyclical - 12.9%** |  |  |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 07/15/29<sup>3</sup> | 1650000 | 1756385 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/31 | 675000 | 684643 |
| &nbsp;&nbsp;&nbsp;4.38% due 01/15/30 | 625000 | 585892 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>3</sup> | 1200000 | 1053540 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/01/31<sup>3</sup> | 725000 | 746616 |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/30<sup>3</sup> | 300000 | 303207 |
| HAH Group Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 10/01/31<sup>3</sup> | 1075000 | 1035286 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>3</sup> | 1075000 | 982110 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>3</sup> | 1200000 | 969000 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>3</sup> | 950000 | 964620 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>3</sup> | 989000 | 935072 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/30<sup>3</sup> | 600000 | 560318 |
| &nbsp;&nbsp;&nbsp;6.25% due 10/15/34<sup>3</sup> | 350000 | 344597 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>3</sup> | 850000 | 884795 |
| Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/01/29<sup>3</sup> | 850000 | 815638 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 02/15/28<sup>3</sup> | 475000 | 474769 |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 300000 | 302923 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/30/28<sup>3</sup> | EUR 736,000 | 770598 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>3</sup> | 775000 | 744958 |
| Service Corporation International |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/32 | 425000 | 417663 |
| &nbsp;&nbsp;&nbsp;3.38% due 08/15/30 | 325000 | 289635 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 06/15/30 | 500000 | 477643 |
| &nbsp;&nbsp;&nbsp;6.13% due 09/30/32 | 225000 | 221368 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>3</sup> | 778000 | 695968 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/32<sup>3</sup> | 700000 | 695773 |
| Sammontana Italia S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊</sup> | EUR 625,000 | 678024 |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/29<sup>3</sup> | 675000 | 670275 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 10/15/30 | 711000 | 646405 |
| Grifols S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/15/28<sup>3</sup> | 600000 | 553988 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 01/15/32<sup>3</sup> | 500000 | 519748 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>3</sup> | 475000 | 481603 |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 03/15/33<sup>3</sup> | 450000 | 449557 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>3</sup> | 400000 | 399942 |
| Neogen Food Safety Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 07/20/30<sup>3</sup> | 300000 | 315869 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>3</sup> | 250000 | 252520 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/33<sup>3</sup> | 250000 | 246047 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/29<sup>3</sup> | 690000 | 173237 |
| Ingles Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 06/15/31<sup>3</sup> | 75000 | 67751 |
| **Total Consumer, Non-cyclical** |  | 23167983 |
| **Financial - 12.3%** |  |  |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 12/15/30<sup>3</sup> | 1300000 | 1392051 |
| &nbsp;&nbsp;&nbsp;8.50% due 03/15/30<sup>3</sup> | 200000 | 210104 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>3</sup> | 1000000 | 940145 |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/31<sup>3</sup> | 600000 | 593637 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>3</sup> | 800000 | 787186 |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>3</sup> | 475000 | 487958 |
| Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 02/15/31<sup>3</sup> | 1200000 | 1222386 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>3</sup> | 1225000 | 1170823 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/15/30<sup>3</sup> | 700000 | 693508 |
| &nbsp;&nbsp;&nbsp;7.25% due 04/01/29<sup>3</sup> | 425000 | 435688 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>3</sup> | 675000 | $663684 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>3</sup> | 475000 | 457956 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>3</sup> | 1100000 | 1079852 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>3</sup> | 1000000 | 986176 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>3</sup> | 724000 | 648559 |
| &nbsp;&nbsp;&nbsp;4.00% due 10/15/33<sup>3</sup> | 350000 | 300229 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/32<sup>3</sup> | 1000000 | 923305 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>3</sup> | 850000 | 873440 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 09/15/30 | 525000 | 462501 |
| &nbsp;&nbsp;&nbsp;3.88% due 09/15/28 | 375000 | 346771 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 500000 | 483026 |
| &nbsp;&nbsp;&nbsp;6.50% due 01/31/30 | 300000 | 307830 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 04/01/29<sup>3</sup> | 600000 | 628393 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>3</sup> | 625000 | 619895 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>3</sup> | 575000 | 617318 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 12/01/29<sup>3</sup> | 375000 | 362724 |
| &nbsp;&nbsp;&nbsp;7.38% due 01/31/32<sup>3</sup> | 225000 | 229091 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 | 450000 | 402486 |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 150000 | 137340 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 12/15/29<sup>3</sup> | 325000 | 338098 |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/30<sup>3</sup> | 175000 | 177794 |
| Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.13% due 01/31/30<sup>3</sup> | 475000 | 488767 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/33<sup>3</sup> | 475000 | 473812 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>3</sup> | 475000 | 469150 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>3</sup> | 750000 | 466904 |
| Rfna, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 02/15/30<sup>3</sup> | 425000 | 419815 |
| Sherwood Financing plc |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29<sup>◊</sup> | EUR 375,000 | 405699 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/32<sup>3</sup> | 300000 | 306053 |
| HOWDEN UK REFINANCE / US |  |  |
| 7.25% due 02/15/31 | 200000 | 201847 |
| **Total Financial** |  | 22212001 |
| **Communications - 9.2%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 05/01/32 | 2250000 | 1953131 |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/34<sup>3</sup> | 975000 | 801937 |
| &nbsp;&nbsp;&nbsp;6.38% due 09/01/29<sup>3</sup> | 425000 | 423731 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>3</sup> | 1450000 | 1135833 |
| &nbsp;&nbsp;&nbsp;8.13% due 02/01/27<sup>3</sup> | 900000 | 804743 |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/29<sup>3</sup> | 250000 | 198089 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 02/15/31<sup>3</sup> | 1025000 | 733259 |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>3</sup> | 975000 | 706034 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/30<sup>3</sup> | 950000 | 462306 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>3</sup> | 775000 | 762207 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>3</sup> | 625000 | 610269 |
| &nbsp;&nbsp;&nbsp;7.38% due 09/01/31<sup>3</sup> | 100000 | 100552 |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>3</sup> | 1350000 | 1359206 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 1750000 | 1312774 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 05/15/30<sup>3</sup> | 625000 | 669683 |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>3</sup> | 520747 | 580394 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>3</sup> | 1200000 | 1091238 |
| Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 07/15/31<sup>3</sup> | 850000 | 738191 |
| &nbsp;&nbsp;&nbsp;7.75% due 04/15/32<sup>3</sup> | 350000 | 350843 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/29<sup>3</sup> | 550000 | 510055 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/33<sup>3</sup> | 475000 | 472840 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/01/29<sup>3</sup> | 325000 | 313794 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 03/01/27<sup>3</sup> | 300000 | 273252 |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>3</sup> | 100000 | 100747 |
| **Total Communications** |  | 16465108 |
| **Energy - 7.7%** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>3</sup> | 1179000 | 1098915 |
| &nbsp;&nbsp;&nbsp;8.50% due 01/15/29<sup>3</sup> | 350000 | 336035 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>3</sup> | 1500000 | 1383797 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>3</sup> | 775000 | 787811 |
| &nbsp;&nbsp;&nbsp;3.95% due 12/01/26 | 550000 | 536012 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 08/01/27 | 1075000 | 1071795 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 250000 | $| 249527 |
| TransMontaigne Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/15/30<sup>3</sup> | 1100000 |  | 1108097 |
| Viper Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 11/01/31<sup>3</sup> | 1015000 |  | 1060855 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 06/01/29 | 925000 |  | 938827 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 06/01/28<sup>3</sup> | 525000 |  | 536462 |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/30<sup>3</sup> | 400000 |  | 394075 |
| Parkland Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>3</sup> | 925000 |  | 868100 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>3</sup> | 600000 |  | 632195 |
| NuStar Logistics, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 610000 |  | 607438 |
| Sunoco, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>3</sup> | 500000 |  | 516386 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/30<sup>3</sup> | 500000 |  | 507476 |
| Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 02/01/29 | 425000 |  | 423226 |
| Kinetik Holdings, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/30<sup>3</sup> | 350000 |  | 346354 |
| Hess Midstream Operations, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/28<sup>3</sup> | 300000 |  | 301355 |
| **Total Energy** |  |  | 13704738 |
| **Basic Materials - 6.6%** |  |  |  |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 825000 |  | 822438 |
| &nbsp;&nbsp;&nbsp;7.63% due 03/15/30 | 650000 |  | 669529 |
| INEOS Finance plc |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 1100000 |  | 1100759 |
| Ingevity Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/28<sup>3</sup> | 1150000 |  | 1073371 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>3</sup> | 1022000 |  | 984401 |
| Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 01/30/30<sup>3</sup> | 1025000 |  | 955715 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>3</sup> | 950000 |  | 934425 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 07/01/28<sup>3</sup> | 900000 |  | 894567 |
| Compass Minerals International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 12/01/27<sup>3</sup> | 875000 |  | 839932 |
| Alumina Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>3</sup> | 800000 |  | 786504 |
| SK Invictus Intermediate II SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>3</sup> | 800000 |  | 750336 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>3</sup> | 675000 |  | 688238 |
| Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>3</sup> | 725000 |  | 641644 |
| Alcoa Nederland Holding B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/31<sup>3</sup> | 275000 |  | 283078 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 250000 |  | 257833 |
| Novelis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/30/30<sup>3</sup> | 200000 |  | 202830 |
| Mirabela Nickel Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,2,5</sup> | 278115 |  | 1391 |
| **Total Basic Materials** |  |  | 11886991 |
| **Technology - 4.5%** |  |  |  |
| Dye & Durham Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 04/15/29<sup>3</sup> | 1200000 |  | 1236874 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/30/27<sup>3</sup> | 1075000 |  | 1066869 |
| ACI Worldwide, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/26<sup>3</sup> | 1000000 |  | 1002906 |
| Capstone Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/30<sup>3</sup> | 950000 |  | 975377 |
| Dun & Bradstreet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/15/29<sup>3</sup> | 925000 |  | 926528 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>3</sup> | 800000 |  | 777652 |
| TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,3</sup> | EUR 700,000 |  | 758441 |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 08/01/32<sup>3</sup> | 450000 |  | 442646 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>3</sup> | 500000 |  | 440148 |
| NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 04/15/29<sup>3</sup> | 292000 |  | 278105 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/29<sup>3</sup> | 200000 |  | 175474 |
| **Total Technology** |  |  | 8081020 |
| **Utilities - 0.9%** |  |  |  |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>3</sup> | 983000 |  | 977296 |
| ContourGlobal Power Holdings S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>3</sup> | 550000 |  | 552420 |
| **Total Utilities** |  |  | 1529716 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $149,668,903) | &nbsp;&nbsp;&nbsp;(Cost $149,668,903) |  | 144347665 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.4%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.4%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.4%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 14.4%** |
| **Consumer, Cyclical - 3.1%** |  |  |  |
| Blue Ribbon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;12.31% (1 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 967366 |  | 719478 |
| &nbsp;&nbsp;&nbsp;12.29% (3 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 347204 |  | 338524 |
| Alexander Mann |  |  |  |
| &nbsp;&nbsp;&nbsp;10.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 944465 |  | 912590 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 1514037 | $628326 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/22/31 | 616872 | 615718 |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |
| &nbsp;&nbsp;&nbsp;8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 04/03/25 | 728127 | 554833 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/21/32 | 423925 | 421805 |
| Accuride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 03/07/30<sup>†††</sup> | 203521 | 392133 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 272697 | 252586 |
| Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (3 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 07/31/30 | 247972 | 207332 |
| Holding Socotec SAS |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 200000 | 199750 |
| Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.30% (3 Month Term SOFR + 3.00%, Rate Floor: 7.30%) (in-kind rate was 4.00%) due 02/28/30<sup>6</sup> | 174012 | 174012 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28 | 491625 | 122415 |
| TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/29/30 | 49748 | 49748 |
| American Tire Distributors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; due 10/20/28<sup>†††,5</sup> | 360947 |  |
| **Total Consumer, Cyclical** |  | 5589250 |
| **Technology - 2.7%** |  |  |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 993750 | 952758 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 675000 | 675000 |
| E2open LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 498706 | 497255 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 496256 | 493686 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 498750 | 482331 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/02/28 | 473773 | 452633 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.28% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 432692 | 411464 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 365429 | 361691 |
| Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 04/11/31 | 333250 | 333250 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 273625 | 234154 |
| **Total Technology** |  | 4894222 |
| **Consumer, Non-cyclical - 2.5%** |  |  |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 841725 | 825589 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 595749 | 595004 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.89% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 644925 | 593738 |
| Lyons Magnus |  |  |
| &nbsp;&nbsp;&nbsp;10.54% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 05/10/27 | 599991 | 557991 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/07/31 | 471687 | 471687 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.56% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 495613 | 429944 |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>†††</sup> | 343875 | 343875 |
| TGP Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 360158 | 327701 |
| Moran Foods LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.65% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26<sup>†††</sup> | 796339 | 210292 |
| Florida Food Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 218250 | 182922 |
| **Total Consumer, Non-cyclical** |  | 4538743 |
| **Industrial - 2.5%** |  |  |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 1155603 | 1085643 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 637716 | $582713 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 502600 | 500926 |
| Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.31% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31<sup>†††</sup> | 473813 | 469074 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (1 Month SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 448875 | 448036 |
| STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 396000 | 379241 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 300000 | 297000 |
| Arcline FM Holdings, LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 06/23/28 | 271545 | 269780 |
| Protective Industrial Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.44% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/29/27 | 248708 | 238759 |
| Osmose Utility Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 198458 | 195580 |
| **Total Industrial** |  | 4466752 |
| **Financial - 1.8%** |  |  |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.71% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 600,000 | 649741 |
| Franchise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26 | 972517 | 395814 |
| &nbsp;&nbsp;&nbsp;13.57% (1 Month Term SOFR + 9.11%, Rate Floor: 10.11%) due 04/30/25 | 243694 | 243694 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.43% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 590077 | 587375 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 425657 | 421323 |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 124375 | 122626 |
| Avison Young (Canada), Inc. |  |  |
| &nbsp;&nbsp;&nbsp;12.56% (3 Month Term SOFR + 1.50%, Rate Floor: 6.06%) (in-kind rate was 6.50%) due 03/12/29<sup>6</sup> | 220787 | 174974 |
| &nbsp;&nbsp;&nbsp;10.84% (3 Month Term SOFR + 6.25%, Rate Floor: 8.25%) due 03/12/28 | 83121 | 82705 |
| &nbsp;&nbsp;&nbsp;12.58% (3 Month Term SOFR + 1.50%, Rate Floor: 6.08%) (in-kind rate was 6.50%) due 03/12/29<sup>6</sup> | 38977 | 22510 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 250000 | 246563 |
| Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.93% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/18/28 | 152500 | 152500 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 119400 | 118286 |
| **Total Financial** |  | 3218111 |
| **Basic Materials - 1.3%** |  |  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.30% (3 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 790136 | 805448 |
| Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 772813 | 764359 |
| NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 653766 | 538265 |
| TPC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (6 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 12/16/31 | 200000 | 195666 |
| **Total Basic Materials** |  | 2303738 |
| **Energy - 0.3%** |  |  |
| BANGL LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 371239 | 371703 |
| Permian Production Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.44% (1 Month Term SOFR + 6.00%, Rate Floor: 10.44%) (in-kind rate was 2.00%) due 11/24/25<sup>†††,6</sup> | 70339 | 69635 |
| **Total Energy** |  | 441338 |
| **Communications - 0.2%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 | 375000 | 369960 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,781,369) | &nbsp;&nbsp;&nbsp;(Cost $28,781,369) | 25822114 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **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 | $385832 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $400,000) | &nbsp;&nbsp;&nbsp;(Cost $400,000) | 385832 |
| **Total Investments - 99.4%** | **Total Investments - 99.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $186,604,020) | &nbsp;&nbsp;&nbsp;(Cost $186,604,020) | $178057788 |
| **Other Assets & Liabilities, net - 0.6%** | **Other Assets & Liabilities, net - 0.6%** | 989171 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $179046959 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | EUR | Sell | 5805000 | 6,363,093 USD | 04/15/25 | $76859 |
| Toronto-Dominion Bank | EUR | Buy | 10000 | 10,962 USD | 04/15/25 | (132) |
| Morgan Stanley Capital Services LLC | CAD | Sell | 535000 | 371,948 USD | 04/15/25 | (219) |
|  |  |  |  |  |  | $76508 |

---

---

| | |
|:---|:---|
| <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 March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $352,530 (cost $616,314), or 0.2% of total net assets — See Note 10. |
| <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 $125,523,932 (cost $129,971,275), or 70.1% of total net assets. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 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 SEMI-ANNUAL FINANCIAL REPORT \| 89

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $545928 | $1 | $879225 | $1425154 |
| Preferred Stocks |  | 2258461 | 1 | 2258462 |
| Warrant | — \* |  |  |  |
| Rights |  |  | 11893 | 11893 |
| Money Market Fund | 3806668 |  |  | 3806668 |
| Corporate Bonds |  | 144346274 | 1391 | 144347665 |
| Senior Floating Rate Interests |  | 24337105 | 1485009 | 25822114 |
| Asset-Backed Securities |  | 385832 |  | 385832 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 76859 |  | 76859 |
| Total Assets | $4352596 | $171404532 | $2377519 | $178134647 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $— | $351 | $— | $351 |
| Unfunded Loan Commitments (Note 9) |  |  | 433 | 433 |
| Total Liabilities | $— | $351 | $433 | $784 |

---

---

| | |
|:---|:---|
| \* | &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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Common Stocks | $858336 | Model Price | Liquidation Value |  |  |
| Common Stocks | 20889 | Enterprise Value | Valuation Multiple | 2.6x-8.3x | 2.8x |
| Corporate Bonds | 1391 | Third Party Pricing | Trade Price |  |  |
| Preferred Stocks | 1 | Model Price | Liquidation Value |  |  |
| Right | 11893 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 882584 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 602425 | Model Price | Liquidation Value |  |  |
| Total Assets | $2377519 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $433 | Model Price | Purchase Price |  |  |

---

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **HIGH YIELD FUND** |  |

---

Significant changes in a quote, 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 period ended March 31, 2025, the Fund did not have any securities to transfer into Level 3 from Level 2 and had securities with a total value of $1,644,000 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

**Summary of Fair Value Level 3 Activity** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Corporate <br> Bonds** | **Senior <br> Floating Rate <br> Interests** | **Common <br> Stocks** | **Preferred <br> Stocks** | **Rights** | <br>**Total <br> Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $937391 | $2151745 | $77602 | $2 | $— | $3166740 | $(6186) |
| Purchases/(Receipts) |  | 190430 | 723885 |  |  | 914315 | (34783) |
| (Sales, maturities and paydowns)/Fundings |  | (41213) | (2544) |  |  | (43757) | 28947 |
| Amortization of premiums/discounts | (680) | 47845 |  |  |  | 47165 | 20793 |
| Corporate actions |  | 853578 |  |  |  | 853578 |  |
| Total realized gains (losses) included in earnings |  | (623160) | (2589) |  |  | (625749) | (10033) |
| Total change in unrealized appreciation (depreciation) included in earnings | 33680 | (419216) | 82871 | (1) | 11893 | (290773) | 829 |
| Transfers into Level 3 |  |  |  |  |  |  |  |
| Transfers out of Level 3 | (969000) | (675000) |  |  |  | (1644000) |  |
| &nbsp;&nbsp; Ending Balance  | $1391 | $1485009 | $879225 | $1 | $11893 | $2377519 | $(433) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31 , 2025 | $— | $(419688) | $80966 | $(1) | $11893 | $(326830) | $(433) |

---

**Affiliated Transactions** 

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

Transactions during the period ended March 31, 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> 03/31/25** | **Shares <br> 03/31/25** |
| **Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC \* | $28741 | $— | $— | $— | $(9358) | $19383 | 23711 |

---

\* Non-income producing security.

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

**HIGH YIELD FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited)  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $186,595,647) | $178038405 |
| Investments in affiliated issuers, at value (cost $8,373) | 19383 |
| Foreign currency, at value (cost $1,135) | 1128 |
| Cash | 67439 |
| Unrealized appreciation on forward foreign currency exchange contracts | 76859 |
| Prepaid expenses | 52704 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Interest | 2745837 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 175553 |
| &nbsp;&nbsp;&nbsp;Securities sold | 65547 |
| &nbsp;&nbsp;&nbsp;Dividends | 8758 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 2367 |
| **Total assets** | 181253980 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $–) | 433 |
| Unrealized depreciation on forward foreign currency exchange contracts | 351 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1270869 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 674205 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 91028 |
| &nbsp;&nbsp;&nbsp;Management fees | 57748 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 18716 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 16050 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5405 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 3446 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 68770 |
| **Total liabilities** | 2207021 |
| **Net assets** | $179046959 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $225275682 |
| Total distributable earnings (loss) | (46228723) |
| Net assets | $179046959 |
| **Class A:** | **Class A:** |
| Net assets | $48540482 |
| Capital shares outstanding | 4926508 |
| Net asset value per share | $9.85 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $10.26 |
| **Class C:** | **Class C:** |
| Net assets | $7033403 |
| Capital shares outstanding | 707940 |
| Net asset value per share | $9.94 |
| **Class P:** | **Class P:** |
| Net assets | $3330920 |
| Capital shares outstanding | 338051 |
| Net asset value per share | $9.85 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $119883654 |
| Capital shares outstanding | 14937178 |
| Net asset value per share | $8.03 |
| **Class R6:** | **Class R6:** |
| Net assets | $258500 |
| Capital shares outstanding | 26261 |
| Net asset value per share | $9.84 |

---

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

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

**HIGH YIELD FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited)  |
| Six Months Ended March 31, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $38780 |
| Interest from securities of unaffiliated issuers | 6956246 |
| &nbsp;&nbsp;&nbsp;Total investment income | 6995026 |
| **Expenses:** | **Expenses:** |
| Management fees | 576331 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 61085 |
| &nbsp;&nbsp;&nbsp;Class C | 38382 |
| &nbsp;&nbsp;&nbsp;Class P | 4323 |
| Transfer agent fees: | Transfer agent fees: |
| &nbsp;&nbsp;&nbsp;Class A | 30429 |
| &nbsp;&nbsp;&nbsp;Class C | 5272 |
| &nbsp;&nbsp;&nbsp;Class P | 3908 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 78122 |
| &nbsp;&nbsp;&nbsp;Class R6 | 196 |
| Registration fees | 49980 |
| Fund accounting/administration fees | 40259 |
| Professional fees | 39808 |
| Trustees' fees\* | 11070 |
| Line of credit fees | 6054 |
| Custodian fees | 182 |
| Miscellaneous | 33371 |
| &nbsp;&nbsp;&nbsp;Total expenses | 978772 |
| Less: <br>Expenses reimbursed by Adviser: | Less: <br>Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (30444) |
| &nbsp;&nbsp;&nbsp;Class C | (5302) |
| &nbsp;&nbsp;&nbsp;Class P | (3910) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (77998) |
| &nbsp;&nbsp;&nbsp;Class R6 | (196) |
| Expenses waived by Adviser | (121019) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (238869) |
| Net expenses | 739903 |
| Net investment income | 6255123 |
| **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 | $(3697934) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 13902 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 32982 |
| Net realized loss | (3651050) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (928057) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (9358) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 93019 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 2199 |
| Net change in unrealized appreciation (depreciation) | (842197) |
| Net realized and unrealized loss | (4493247) |
| **Net increase in net assets resulting from operations** | $1761876 |

---

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

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

**HIGH YIELD FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $6255123 | $12687502 |
| Net realized loss on investments | (3651050) | (2299199) |
| Net change in unrealized appreciation (depreciation) on investments | (842197) | 15457890 |
| Net increase in net assets resulting from operations | 1761876 | 25846193 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1554083) | (2951701) |
| &nbsp;&nbsp;&nbsp;Class C | (215278) | (485898) |
| &nbsp;&nbsp;&nbsp;Class P | (109964) | (3040126) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4354983) | (8705844) |
| &nbsp;&nbsp;&nbsp;Class R6 | (8192) | (48082) |
| **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (72997) |
| &nbsp;&nbsp;&nbsp;Class C |  | (12016) |
| &nbsp;&nbsp;&nbsp;Class P |  | (7521) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (215300) |
| &nbsp;&nbsp;&nbsp;Class R6 |  | (1189) |
| Total distributions to shareholders | (6242500) | (12804674) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2594429 | 6794252 |
| &nbsp;&nbsp;&nbsp;Class C | 47177 | 493931 |
| &nbsp;&nbsp;&nbsp;Class P | 32023 | 180785 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 22685665 | 52099287 |
| &nbsp;&nbsp;&nbsp;Class R6 | 35425 | 209532 |
| Redemption fees collected |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 313 | 2150 |
| &nbsp;&nbsp;&nbsp;Class C | 49 | 359 |
| &nbsp;&nbsp;&nbsp;Class P | 22 | 187 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 827 | 5924 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2 | 9 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1413020 | 2716066 |
| &nbsp;&nbsp;&nbsp;Class C | 212128 | 488260 |
| &nbsp;&nbsp;&nbsp;Class P | 109964 | 310713 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3899094 | 7483748 |
| &nbsp;&nbsp;&nbsp;Class R6 | 8185 | 48915 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4649219) | (7158221) |
| &nbsp;&nbsp;&nbsp;Class C | (1307037) | (2714375) |
| &nbsp;&nbsp;&nbsp;Class P | (705186) | (2036439) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (44923584) | (54895756) |
| &nbsp;&nbsp;&nbsp;Class R6 | (19708) | (2075976) |
| Net increase (decrease) from capital share transactions | (20566411) | 1953351 |
| Net increase (decrease) in net assets | (25047035) | 14994870 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 204093994 | 189099124 |
| &nbsp;&nbsp;&nbsp;End of period | $179046959 | $204093994 |

---

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

**HIGH YIELD FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 260292 | 695071 |
| &nbsp;&nbsp;&nbsp;Class C | 4668 | 49214 |
| &nbsp;&nbsp;&nbsp;Class P | 3206 | 18530 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2788422 | 6538845 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3546 | 21520 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 141776 | 277694 |
| &nbsp;&nbsp;&nbsp;Class C | 21109 | 49575 |
| &nbsp;&nbsp;&nbsp;Class P | 11033 | 31816 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 480223 | 938964 |
| &nbsp;&nbsp;&nbsp;Class R6 | 822 | 5091 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (465546) | (737355) |
| &nbsp;&nbsp;&nbsp;Class C | (130000) | (276628) |
| &nbsp;&nbsp;&nbsp;Class P | (70375) | (207810) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (5527623) | (6894574) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1980) | (213252) |
| Net increase (decrease) in shares | (2480427) | 296701 |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.09 | $9.43 | $9.14 | $10.98 | $10.37 | $10.90 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | .32 | .63 | .57 | .56 | .49 | .57 |
| Net gain (loss) on investments (realized and unrealized) | (.24) | .66 | .30 | (1.86) | .63 | (.50) |
| Total from investment operations | .08 | 1.29 | .87 | (1.30) | 1.12 | .07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.32) | (.62) | (.57) | (.52) | (.48) | (.60) |
| Return of capital |  | (.01) | (.01) | (.02) | (.03) |  |
| Total distributions | (.32) | (.63) | (.58) | (.54) | (.51) | (.60) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $9.85 | $10.09 | $9.43 | $9.14 | $10.98 | $10.37 |
| **Total Return<sup>d</sup>** | **0.66%** | **14.08%** | **9.60%** | **(12.10** **%)** | **11.02%** | **0.84%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $48540 | $50332 | $44846 | $43822 | $55550 | $53997 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.37% | 6.40% | 6.07% | 5.46% | 4.51% | 5.44% |
| Total expenses<sup>e</sup> | 1.16% | 1.17% | 1.22% | 1.14% | 1.07% | 1.21% |
| Net expenses<sup>f,g,h</sup> | 0.91% | 1.02% | 1.16% | 1.10% | 1.05% | 1.20% |
| Portfolio turnover rate | 18% | 45% | 31% | 42% | 86% | 81% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.17 | $9.51 | $9.22 | $11.07 | $10.46 | $10.99 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | .28 | .56 | .51 | .47 | .40 | .49 |
| Net gain (loss) on investments (realized and unrealized) | (.23) | .66 | .29 | (1.85) | .64 | (.49) |
| Total from investment operations | .05 | 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: | Less distributions from: |
| Net investment income | (.28) | (.55) | (.50) | (.45) | (.40) | (.53) |
| Return of capital |  | (.01) | (.02) | (.02) | (.03) |  |
| Total distributions | (.28) | (.56) | (.52) | (.47) | (.43) | (.53) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $9.94 | $10.17 | $9.51 | $9.22 | $11.07 | $10.46 |
| **Total Return<sup>d</sup>** | **0.31%** | **13.19%** | **8.75%** | **(12.76** **%)** | **10.04%** | **0.09%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7033 | $8260 | $9417 | $9915 | $16242 | $16437 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.62% | 5.67% | 5.30% | 4.55% | 3.67% | 4.68% |
| Total expenses<sup>e</sup> | 1.93% | 1.95% | 1.97% | 1.94% | 1.91% | 2.00% |
| Net expenses<sup>f,g,h</sup> | 1.66% | 1.78% | 1.92% | 1.90% | 1.89% | 1.99% |
| Portfolio turnover rate | 18% | 45% | 31% | 42% | 86% | 81% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.09 | $9.44 | $9.14 | $10.98 | $10.38 | $10.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | .32 | .63 | .57 | .55 | .48 | .57 |
| Net gain (loss) on investments (realized and unrealized) | (.24) | .65 | .30 | (1.85) | .62 | (.50) |
| Total from investment operations | .08 | 1.28 | .87 | (1.30) | 1.10 | .07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.32) | (.62) | (.56) | (.52) | (.47) | (.60) |
| Return of capital |  | (.01) | (.01) | (.02) | (.03) |  |
| Total distributions | (.32) | (.63) | (.57) | (.54) | (.50) | (.60) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $9.85 | $10.09 | $9.44 | $9.14 | $10.98 | $10.38 |
| **Total Return** | **0.66%** | **14.00%** | **9.71%** | **(12.13** **%)** | **10.80%** | **0.80%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3331 | $3976 | $5205 | $4426 | $5660 | $5837 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.37% | 6.44% | 6.07% | 5.37% | 4.40% | 5.42% |
| Total expenses<sup>e</sup> | 1.26% | 1.19% | 1.22% | 1.28% | 1.20% | 1.26% |
| Net expenses<sup>f,g,h</sup> | 0.91% | 1.03% | 1.16% | 1.15% | 1.16% | 1.25% |
| Portfolio turnover rate | 18% | 45% | 31% | 42% | 86% | 81% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $8.22 | $7.68 | $7.45 | $8.94 | $8.45 | $8.88 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | .27 | .53 | .49 | .47 | .41 | .48 |
| Net gain (loss) on investments (realized and unrealized) | (.19) | .54 | .23 | (1.50) | .51 | (.39) |
| Total from investment operations | .08 | 1.07 | .72 | (1.03) | .92 | .09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.27) | (.52) | (.48) | (.44) | (.40) | (.52) |
| Return of capital |  | (.01) | (.01) | (.02) | (.03) |  |
| Total distributions | (.27) | (.53) | (.49) | (.46) | (.43) | (.52) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $8.03 | $8.22 | $7.68 | $7.45 | $8.94 | $8.45 |
| **Total Return** | **0.83%** | **14.40%** | **9.78%** | **(11.80** **%)** | **11.14%** | **1.14%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $119884 | $141285 | $127649 | $113644 | $167486 | $171641 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.62% | 6.66% | 6.32% | 5.63% | 4.71% | 5.67% |
| Total expenses<sup>e</sup> | 0.91% | 0.89% | 0.95% | 0.95% | 0.88% | 0.98% |
| Net expenses<sup>f,g,h</sup> | 0.66% | 0.77% | 0.91% | 0.88% | 0.85% | 0.96% |
| Portfolio turnover rate | 18% | 45% | 31% | 42% | 86% | 81% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.08 | $9.41 | $9.12 | $10.97 | $10.36 | $10.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | .33 | .66 | .61 | .50 | .52 | .60 |
| Net gain (loss) on investments (realized and unrealized) | (.24) | .66 | .29 | (1.77) | .63 | (.49) |
| Total from investment operations | .09 | 1.32 | .90 | (1.27) | 1.15 | .11 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.33) | (.64) | (.60) | (.56) | (.51) | (.64) |
| Return of capital |  | (.01) | (.01) | (.02) | (.03) |  |
| Total distributions | (.33) | (.65) | (.61) | (.58) | (.54) | (.64) |
| Redemption fees collected | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> | — <sup>b</sup> |
| Net asset value, end of period | $9.84 | $10.08 | $9.41 | $9.12 | $10.97 | $10.36 |
| **Total Return** | **0.78%** | **14.42%** | **10.00%** | **(11.91** **%)** | **11.35%** | **1.19%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $259 | $241 | $1982 | $1905 | $126683 | $127037 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.62% | 6.80% | 6.43% | 4.70% | 4.80% | 5.79% |
| Total expenses<sup>e</sup> | 0.94% | 0.87% | 0.84% | 0.75% | 0.77% | 0.85% |
| Net expenses<sup>f,g,h</sup> | 0.66% | 0.76% | 0.80% | 0.75% | 0.76% | 0.85% |
| Portfolio turnover rate | 18% | 45% | 31% | 42% | 86% | 81% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Redemption fees collected are less than $0.01 per share.

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

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

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

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

<sup>g</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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A |  | 0.02% | 0.04% | 0.01% | 0.00%\* | 0.05% |
| Class C |  | 0.01% | 0.04% | 0.00%\* | 0.01% | 0.04% |
| Class P |  | 0.02% | 0.01% | 0.04% | 0.04% | 0.02% |
| Institutional Class |  | 0.03% | 0.03% | 0.02% | 0.01% | 0.02% |
| Class R6 |  |  |  |  |  | 0.00%\* |

---

\* Less than 0.01%.

<sup>h</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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.91% | 0.99% | 1.13% | 1.09% | 1.03% | 1.12% |
| Class C | 1.66% | 1.75% | 1.89% | 1.89% | 1.87% | 1.90% |
| Class P | 0.91% | 1.00% | 1.13% | 1.14% | 1.14% | 1.16% |
| Institutional Class | 0.66% | 0.74% | 0.88% | 0.87% | 0.83% | 0.87% |
| Class R6 | 0.66% | 0.74% | 0.77% | 0.75% | 0.74% | 0.77% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 4070 | $21897 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $813,037) |  | 21897 |
| **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%** |
| Wells Fargo & Co. <sup>††</sup> | Wells Fargo & Co. <sup>††</sup> | Wells Fargo & Co. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 12100000 | 11858911 |
| Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> | Charles Schwab Corp. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp;5.38% | 8550000 | 8519678 |
| MetLife, Inc. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;3.85% | 4620000 | 4565830 |
| Markel Group, Inc. <sup>††</sup> | Markel Group, Inc. <sup>††</sup> | Markel Group, Inc. <sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.00% | 4085000 | 4062606 |
| **Total Financial** |  | 29007025 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,290,160) |  | 29007025 |
| **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 | 207 |
| **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,531) |  | 207 |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.4%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.4%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.4%** |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 38470 | 21616293 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,937,353) |  | 21616293 |
| **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 1.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3376513 | 33866428 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 1296256 | 32315660 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 1046977 | 26027848 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,675,540) |  | 92209936 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 2.0%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>2</sup> | 98095897 | 98095897 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>2</sup> | 102461 | 102461 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $98,198,358) |  | 98198358 |

---

---

| | | |
|:---|:---|:---|
|  | **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%** |
| **Government Agency - 19.3%** |  |  |
| Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>3</sup> | 634210000 | 636108191 |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>3</sup> | 101744995 | 99503756 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/25<sup>3</sup> | 46170000 | 46029689 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53 | 34422161 | 34630129 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 20758550 | 21308143 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 18328578 | 18076109 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/53 | 16061352 | 15846841 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51 | 7661965 | 7754073 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 | 47083021 | 49251699 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 7260435 | 7136718 |
| &nbsp;&nbsp;&nbsp;6.50% due 04/25/49 | 6274653 | 6403835 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 2518843 | 2475922 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 09/20/45 | 10901228 | 10994857 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 1589804 | 1597236 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 2905995 | 2312025 |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 1648670 | 1310885 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;1.49% (WAC) due 03/25/35<sup>◊,4</sup> | 5936963 | 494878 |
| **Total Government Agency** |  | 961234986 |
| **Residential Mortgage-Backed Securities - 12.0%** |  |  |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 4.08% (WAC) due 09/27/60<sup>◊,5</sup> | 22586980 | 22502281 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.19% (WAC) due 07/27/61<sup>◊,5</sup> | 10088469 | 10051343 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.10% (WAC) due 12/27/60<sup>◊,5</sup> | 9702524 | 9669393 |
| &nbsp;&nbsp;&nbsp;2021-NQM8, 2.41% (WAC) due 10/25/66<sup>◊,5</sup> | 6777365 | 5936002 |
| &nbsp;&nbsp;&nbsp;2018-RPL9, 3.85% (WAC) due 09/25/57<sup>◊,5</sup> | 3407406 | 3336334 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.41% due 05/25/65<sup>5</sup> | 1317691 | 1243646 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-5, 4.79% due 06/25/26<sup>5,6</sup> | 16428549 | 16397157 |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>5,6</sup> | 15690474 | 15698693 |
| &nbsp;&nbsp;&nbsp;2021-8, 4.74% (WAC) due 09/25/26<sup>◊,5</sup> | 7296782 | 7277941 |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>5</sup> | 4152723 | 3993200 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.41% due 08/25/29<sup>5,6</sup> | 2296743 | 2301111 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>5,6</sup> | 1902811 | 1899821 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 4.75% due 07/25/61<sup>5,6</sup> | 17733357 | 17683232 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 4.65% due 11/25/60<sup>5,6</sup> | 14705512 | 14679071 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 4.75% due 04/25/61<sup>5,6</sup> | 6340287 | 6333185 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>5,6</sup> | 4089502 | 4078680 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>5,6</sup> | 16391877 | 16534900 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.66% due 10/25/64<sup>5,6</sup> | 4402688 | 4407912 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>5,6</sup> | 3637003 | 3650734 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>5,6</sup> | 2947234 | 2957718 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>5,6</sup> | 2811406 | 2844949 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.28% due 01/25/64<sup>5,6</sup> | 2388724 | 2414724 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,5</sup> | 2216634 | $2219421 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 5.86% due 11/25/64<sup>5,6</sup> | 1922685 | 1929844 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>5,6</sup> | 1803558 | 1809056 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.85% due 12/01/64<sup>5,6</sup> | 1487076 | 1488830 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.95% due 12/01/64<sup>5,6</sup> | 1487076 | 1487540 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.94% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55<sup>◊,5</sup> | 1000000 | 1000221 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>5,6</sup> | 12500000 | 12537415 |
| &nbsp;&nbsp;&nbsp;2021-4, 1.35% (WAC) due 07/25/66<sup>◊,5</sup> | 5269779 | 4385814 |
| &nbsp;&nbsp;&nbsp;2021-5, 1.37% (WAC) due 09/25/66<sup>◊,5</sup> | 4936329 | 4238718 |
| &nbsp;&nbsp;&nbsp;2020-5, 2.58% due 05/25/65<sup>5</sup> | 3675309 | 3531988 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.45% due 06/25/69<sup>5,6</sup> | 2764189 | 2785896 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,5</sup> | 3041509 | 2622680 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.77% due 01/25/70<sup>5,6</sup> | 2574617 | 2573271 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,5</sup> | 2413025 | 2070118 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>5,6</sup> | 2032324 | 2030073 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,5</sup> | 1287309 | 1290196 |
| &nbsp;&nbsp;&nbsp;2020-1, 3.42% due 01/25/60<sup>5</sup> | 421699 | 410122 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 4.67% due 08/25/61<sup>5,6</sup> | 29200329 | 29019397 |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>5,6</sup> | 8434120 | 8372195 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 5.12% due 05/25/65<sup>5,6</sup> | 34354508 | 34292904 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,5</sup> | 15765135 | 14652290 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,5</sup> | 6862479 | 6900082 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.59% due 02/25/64<sup>5,6</sup> | 2145964 | 2154756 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.74% (WAC) due 02/25/70<sup>◊,5</sup> | 22423652 | 22497731 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>5,6</sup> | 9145259 | 9181041 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>5,6</sup> | 2872681 | 2880050 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.93% due 11/25/64<sup>5,6</sup> | 1975078 | 1982383 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 5.19% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69<sup>◊,5</sup> | 1051566 | 1047966 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 5.39% (30 Day Average SOFR + 1.05%, Rate Floor: 0.00%) due 11/25/69<sup>◊,5</sup> | 965626 | 957229 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 5.29% (30 Day Average SOFR + 0.95%, Rate Floor: 0.00%) due 01/25/70<sup>◊,5</sup> | 809258 | 802246 |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 5.50% (WAC) due 07/25/62<sup>◊,5</sup> | 641093 | 638758 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 5.19% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70<sup>◊,5</sup> | 607630 | 602361 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,5</sup> | 5202527 | 5203536 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,5</sup> | 4972963 | 4990241 |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,5</sup> | 3009724 | 3054471 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,5</sup> | 2515804 | 2514568 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 5.94% (WAC) due 07/25/54<sup>◊,5</sup> | 1500269 | 1509461 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>5,6</sup> | 11953589 | 11958613 |
| &nbsp;&nbsp;&nbsp;2006-WF1, 4.92% due 03/25/36 | 3239192 | 1567955 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>5,6</sup> | 8992454 | 9002223 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>5,6</sup> | 1920424 | 1932960 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,5</sup> | 1500000 | 1053448 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,5</sup> | 7962590 | 7840442 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>5,6</sup> | 2618243 | 2634210 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,5</sup> | 9864815 | 9085707 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.38% (WAC) due 09/27/60<sup>◊,5</sup> | 1461285 | 1374326 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-6, 2.75% (WAC) due 10/25/57<sup>◊,5</sup> | 3979553 | 3882293 |
| &nbsp;&nbsp;&nbsp;2024-4, 4.42% (WAC) due 10/27/64<sup>◊,5</sup> | 3090553 | 3090829 |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,5</sup> | 1739583 | 1708637 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,5</sup> | 903854 | 912586 |
| &nbsp;&nbsp;&nbsp;2018-1, 3.00% (WAC) due 01/25/58<sup>◊,5</sup> | 208279 | 204075 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,5</sup> | 10269719 | 9463369 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,5</sup> | 6700014 | 6744370 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,5</sup> | 2587260 | 2592186 |
| ATLX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.85% due 04/25/63<sup>5,6</sup> | 9666176 | 9275152 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 8581260 | 8170246 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>5,6</sup> | 5182189 | 5228470 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>5,6</sup> | 2886673 | 2897337 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>5,6</sup> | 4908045 | 4949404 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.71% (WAC) due 09/25/66<sup>◊,5</sup> | 2228077 | 1852032 |
| &nbsp;&nbsp;&nbsp;2024-12, 5.86% due 10/25/69<sup>5,6</sup> | 1238749 | 1243444 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.07% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | 7803287 | 7538685 |
| &nbsp;&nbsp;&nbsp;2006-BC4, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 332115 | 323415 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>5,6</sup> | 3850000 | 3859941 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>5,6</sup> | 2811052 | 2815404 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,5</sup> | 4075767 | 3869053 |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.00% (WAC) due 12/25/57<sup>◊,5</sup> | 1339162 | 1298638 |
| &nbsp;&nbsp;&nbsp;2019-6A, 3.50% (WAC) due 09/25/59<sup>◊,5</sup> | 1037375 | 980323 |
| &nbsp;&nbsp;&nbsp;2017-5A, 5.94% (1 Month Term SOFR + 1.61%, Rate Floor: 1.50%) due 06/25/57<sup>◊,5</sup> | 376665 | 374123 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,5</sup> | 6404966 | 6393752 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>5,6</sup> | 4179575 | 3820132 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>5,6</sup> | 2405677 | 2241892 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

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| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | 5268866 | $5098868 |
| &nbsp;&nbsp;&nbsp;2005-OPT3, 5.14% (1 Month Term SOFR + 0.82%, Rate Floor: 0.71%) due 11/25/35<sup>◊</sup> | 391545 | 387696 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 05/25/47<sup>◊</sup> | 3909711 | 3558681 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 5.02% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47<sup>◊</sup> | 1866559 | 1705372 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>5,6</sup> | 4700000 | 4676983 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.64% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 4521220 | 4427529 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 12/25/36<sup>◊</sup> | 4192874 | 2106571 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 12/25/36<sup>◊</sup> | 3003775 | 1509195 |
| &nbsp;&nbsp;&nbsp;2007-HE5, 4.62% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37<sup>◊</sup> | 1502980 | 634327 |
| &nbsp;&nbsp;&nbsp;2006-NC1, 5.01% (1 Month Term SOFR + 0.68%, Rate Floor: 0.57%) due 12/25/35<sup>◊</sup> | 80472 | 79897 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.80% (1 Month Term SOFR + 0.47%, Rate Cap/Floor: 10.50%/0.36%) due 12/25/46<sup>◊</sup> | 4971755 | 4152229 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>5</sup> | 3750000 | 3679323 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,5</sup> | 3557080 | 3555194 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>5,6</sup> | 3600000 | 3537811 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.69% (WAC) due 02/25/61<sup>◊,5</sup> | 3545621 | 3531463 |
| BRAVO |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 5.66% due 08/01/64<sup>5,6</sup> | 3503941 | 3494464 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 1696506 | 1610012 |
| &nbsp;&nbsp;&nbsp;2006-12, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38<sup>◊</sup> | 1351480 | 1207138 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.36% (WAC) due 03/25/70<sup>◊,5</sup> | 2796486 | 2802363 |
| Securitized Asset Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.66% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 12/25/36<sup>◊</sup> | 12499629 | 2658275 |
| IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 5.04% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 4438903 | 2307655 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, 1.29% (WAC) due 06/25/66<sup>◊,5</sup> | 1775500 | 1482451 |
| &nbsp;&nbsp;&nbsp;2020-2, 1.64% (WAC) due 10/25/65<sup>◊,5</sup> | 675603 | 625388 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | 1989035 | 1965575 |
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.08% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36<sup>◊</sup> | 1960177 | 1913286 |
| SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.68% (WAC) due 03/27/62<sup>◊,5</sup> | 1652701 | 1497290 |
| First NLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-4, 5.22% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36<sup>◊</sup> | 1520134 | 1490791 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,5</sup> | 1354084 | 1326680 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37<sup>◊,5</sup> | 1283817 | 1277840 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 3628789 | 1154997 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.17% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> | 1097138 | 1082122 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 5.04% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 2081565 | 1005886 |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-16N, 4.82% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 11/25/46<sup>◊</sup> | 1066734 | 936095 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;2006-CB2, 3.51% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36<sup>◊</sup> | 938151 | $900641 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-8, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 2235535 | 593734 |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 573394 | 551099 |
| Morgan Stanley Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 5.02% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36<sup>◊</sup> | 530924 | 513732 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-HE2, 5.46% (1 Month Term SOFR + 1.13%, Rate Floor: 1.02%) due 04/25/35<sup>◊</sup> | 525676 | 508617 |
| MFRA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-INV1, 1.26% (WAC) due 01/25/56<sup>◊,5</sup> | 381524 | 363555 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,5</sup> | 241933 | 227994 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,5</sup> | 220962 | 217615 |
| Nomura Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 3.07% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,5</sup> | 201343 | 194795 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2004-FF10, 5.71% (1 Month Term SOFR + 1.39%, Rate Floor: 1.28%) due 07/25/34<sup>◊</sup> | 163254 | 160973 |
| Morgan Stanley Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 16.90% due 06/26/36<sup>5</sup> | 33366 | 31926 |
| **Total Residential Mortgage-Backed Securities** |  | 596480696 |
| **Commercial Mortgage-Backed Securities - 1.7%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,5</sup> | 25000000 | 24671875 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,5</sup> | 11410000 | 11367213 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.01% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,5</sup> | 2350000 | 2350000 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.23% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38<sup>◊,5</sup> | 10200000 | 9628952 |
| &nbsp;&nbsp;&nbsp;2016-JP2, 1.79% (WAC) due 08/15/49<sup>◊,4</sup> | 28363993 | 349345 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29<sup>◊,5</sup> | 7800000 | 7746375 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,5</sup> | 8250000 | 7599557 |
| MHP |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39<sup>◊,5</sup> | 7292911 | 7229098 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.40%) due 03/15/38<sup>◊,5</sup> | 4900000 | 4829562 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.13% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38<sup>◊,5</sup> | 3464601 | 3460271 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C38, 0.91% (WAC) due 07/15/50<sup>◊,4</sup> | 21346440 | 320126 |
| &nbsp;&nbsp;&nbsp;2017-C42, 0.86% (WAC) due 12/15/50<sup>◊,4</sup> | 13818906 | 261331 |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.77% (WAC) due 12/15/49<sup>◊,4</sup> | 22894839 | 210069 |
| &nbsp;&nbsp;&nbsp;2017-RB1, 1.19% (WAC) due 03/15/50<sup>◊,4</sup> | 7786780 | 148983 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.39% (WAC) due 01/15/59<sup>◊,4</sup> | 3901468 | 24795 |
| &nbsp;&nbsp;&nbsp;2015-LC22, 0.71% (WAC) due 09/15/58<sup>◊,4</sup> | 14443725 | 13687 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-B2, 0.45% (WAC) due 02/15/51<sup>◊,4</sup> | 83807205 | 821109 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.60% (WAC) due 06/15/51<sup>◊,4</sup> | 28559383 | 417464 |
| &nbsp;&nbsp;&nbsp;2016-C4, 0.70% (WAC) due 12/15/49<sup>◊,4</sup> | 32297695 | 265681 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.47% (WAC) due 06/15/49<sup>◊,4</sup> | 6043077 | 56077 |
| &nbsp;&nbsp;&nbsp;2017-C5, 0.84% (WAC) due 03/15/50<sup>◊,4</sup> | 2941713 | 30218 |
| DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C6, 0.95% (WAC) due 06/10/50<sup>◊,4</sup> | 42893882 | 672053 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C2, 0.75% (WAC) due 12/15/51<sup>◊,4</sup> | 28688473 | 620910 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 0.99% (WAC) due 03/15/52<sup>◊,4</sup> | 17420008 | 532249 |
| &nbsp;&nbsp;&nbsp;2016-C6, 1.85% (WAC) due 01/15/49<sup>◊,4</sup> | 5805295 | 53428 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.06% (WAC) due 08/15/50<sup>◊,4</sup> | 20892831 | 395739 |
| &nbsp;&nbsp;&nbsp;2017-C5, 1.13% (WAC) due 11/15/50<sup>◊,4</sup> | 9374467 | 175389 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK3, 1.00% (WAC) due 02/15/50<sup>◊,4</sup> | 28426734 | 380620 |
| &nbsp;&nbsp;&nbsp;2016-UB10, 1.72% (WAC) due 07/15/49<sup>◊,4</sup> | 9664157 | 80798 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-COR3, 0.44% (WAC) due 05/10/51<sup>◊,4</sup> | 35000899 | 406976 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2015-CR24, 0.67% (WAC) due 08/10/48<sup>◊,4</sup> | 44187082 | $| 442 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C34, 0.77% (WAC) due 11/15/52<sup>◊,4</sup> | 22274236 |  | 312726 |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.83% (WAC) due 12/15/47<sup>◊,4</sup> | 24175130 |  | 21497 |
| CGMS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-B1, 0.72% (WAC) due 08/15/50<sup>◊,4</sup> | 19396225 |  | 264000 |
| CD Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD4, 1.22% (WAC) due 05/10/50<sup>◊,4</sup> | 13034540 |  | 246284 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD6, 0.89% (WAC) due 11/13/50<sup>◊,4</sup> | 11117600 |  | 185184 |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.33% (WAC) due 08/10/49<sup>◊,4</sup> | 5455847 |  | 46903 |
| GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-GS6, 1.00% (WAC) due 05/10/50<sup>◊,4</sup> | 10761576 |  | 169199 |
| BANK |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK6, 0.77% (WAC) due 07/15/60<sup>◊,4</sup> | 11674396 |  | 164569 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.65% (WAC) due 08/10/49<sup>◊,4</sup> | 5814287 |  | 76935 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.64% (WAC) due 04/10/49<sup>◊,4</sup> | 2711193 |  | 20469 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 86628158 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,665,952,225) | &nbsp;&nbsp;&nbsp;(Cost $1,665,952,225) |  | 1644343840 |
| **CORPORATE BONDS<sup>††</sup>** **- 27.6%** | **CORPORATE BONDS<sup>††</sup>** **- 27.6%** | **CORPORATE BONDS<sup>††</sup>** **- 27.6%** | **CORPORATE BONDS<sup>††</sup>** **- 27.6%** |
| **Financial - 15.8%** |  |  |  |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 04/01/25 | 42900000 |  | 42900000 |
| Societe Generale S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.79% due 06/09/27<sup>5,7</sup> | 28000000 |  | 27020713 |
| &nbsp;&nbsp;&nbsp;1.49% due 12/14/26<sup>5,7</sup> | 10500000 |  | 10257561 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 04/21/25 | 36390000 |  | 36365588 |
| AEGON Funding Company LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/16/27<sup>5</sup> | 35000000 |  | 35478574 |
| Brighthouse Financial Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 04/09/27<sup>5</sup> | 34500000 |  | 34952811 |
| Corebridge Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 04/04/25 | 26460000 |  | 26456854 |
| Equitable Financial Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 07/07/25<sup>5</sup> | 15000000 |  | 14877014 |
| &nbsp;&nbsp;&nbsp;1.80% due 03/08/28<sup>5</sup> | 12000000 |  | 11086856 |
| UBS AG/Stamford CT |  |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/09/25 | 24565000 |  | 24554179 |
| Cooperatieve Rabobank UA |  |  |  |
| &nbsp;&nbsp;&nbsp;1.34% due 06/24/26<sup>5,7</sup> | 15000000 |  | 14880682 |
| &nbsp;&nbsp;&nbsp;1.98% due 12/15/27<sup>5,7</sup> | 10000000 |  | 9563483 |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>5</sup> | 25600000 |  | 22453895 |
| CNO Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/04/27<sup>5</sup> | 13100000 |  | 13436680 |
| &nbsp;&nbsp;&nbsp;4.88% due 12/10/27<sup>5</sup> | 8650000 |  | 8670523 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.47% due 09/22/27<sup>7</sup> | 15000000 |  | 14347566 |
| &nbsp;&nbsp;&nbsp;5.04% due 01/23/28<sup>7</sup> | 7600000 |  | 7665967 |
| GA Global Funding Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 09/23/27<sup>5</sup> | 14650000 |  | 14563752 |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>5</sup> | 7300000 |  | 7120122 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 05/20/27 | 14700000 |  | 14942077 |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>5</sup> | 4450000 |  | 4262149 |
| &nbsp;&nbsp;&nbsp;4.63% due 11/15/27<sup>5</sup> | 2000000 |  | 1982692 |
| BNP Paribas S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.32% due 01/13/27<sup>5,7</sup> | 21350000 |  | 20787460 |
| &nbsp;&nbsp;&nbsp;2.22% due 06/09/26<sup>5,7</sup> | 400000 |  | 398022 |
| Reliance Standard Life Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp;5.24% due 02/02/26<sup>5</sup> | 20850000 |  | 20906154 |
| Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;1.73% due 10/02/26<sup>5</sup> | 14700000 |  | 14090363 |
| &nbsp;&nbsp;&nbsp;5.68% due 02/23/26<sup>5</sup> | 4750000 |  | 4798053 |
| Credit Agricole S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.25% due 01/26/27<sup>5,7</sup> | 17950000 |  | 17457901 |
| &nbsp;&nbsp;&nbsp;1.91% due 06/16/26<sup>5,7</sup> | 400000 |  | 397554 |
| Corebridge Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 08/20/27<sup>5</sup> | 9500000 |  | 9531377 |
| &nbsp;&nbsp;&nbsp;5.75% due 07/02/26<sup>5</sup> | 7250000 |  | 7356575 |
| Macquarie Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.63% due 09/23/27<sup>5,7</sup> | 16750000 |  | 16026277 |
| Mutual of Omaha Companies Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/30<sup>5</sup> | 15000000 |  | 15057916 |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/30/25 | 14200000 |  | 14183811 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>5</sup> | 10800000 |  | 10351131 |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>5</sup> | 4100000 |  | 3672779 |
| F&G Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 06/30/26<sup>5</sup> | 14250000 |  | 13737628 |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>5</sup> | 15280000 |  | 13603038 |
| ABN AMRO Bank N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.54% due 06/16/27<sup>5,7</sup> | 14000000 |  | 13487832 |
| American National Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 13075000 |  | 13071704 |
| SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 12096000 |  | 11685353 |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;2.97% due 02/16/28<sup>5,7</sup> | 11300000 |  | 10940742 |
| Standard Chartered plc |  |  |  |
| &nbsp;&nbsp;&nbsp;5.69% due 05/14/28<sup>5,7</sup> | 10600000 |  | 10782241 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/27<sup>5</sup> | 7360000 |  | 7210276 |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/28<sup>5</sup> | 3085000 |  | 2990963 |
| CBS Studio Center |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/09/25<sup>◊,†††</sup> | 10000000 |  | 9984988 |
| ING Groep N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.73% due 04/01/27<sup>7</sup> | 9800000 |  | 9520632 |
| BPCE S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65% due 10/06/26<sup>5,7</sup> | 9500000 |  | 9343819 |
| First American Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 7860000 |  | 7496676 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>5</sup> | 7120000 | $7100508 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>5</sup> | 275000 | 265133 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.27% due 07/02/27<sup>5</sup> | 7100000 | 7240919 |
| Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 05/27/26<sup>5</sup> | 7115000 | 7104678 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 7400000 | 7063109 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>7</sup> | 7000000 | 7021637 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 04/10/26<sup>5</sup> | 6750000 | 6812914 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/15/27 | 7050000 | 6756951 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 50000 | 50734 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 02/01/29 | 6500000 | 5932276 |
| RenaissanceRe Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 04/01/25 | 5662000 | 5662000 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.39% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 5387689 | 5387689 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 10/15/25<sup>5</sup> | 5150000 | 5138010 |
| National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 07/02/27<sup>7</sup> | 4650000 | 4706470 |
| Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25 | 4420000 | 4410787 |
| Deloitte LLP |  |  |
| &nbsp;&nbsp;&nbsp;3.46% due 05/07/27<sup>†††</sup> | 4500000 | 4366975 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>5</sup> | 4300000 | 4042623 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>5</sup> | 3250000 | 3106265 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 01/25/28 | 1400000 | 1375102 |
| AMC East Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 01/15/28<sup>5</sup> | 1290479 | 1302116 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/30/25 | 1200000 | 1200252 |
| Trinity Acquisition plc |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 03/15/26 | 881000 | 877631 |
| Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/26/26 | 700000 | 692113 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 03/15/28 | 700000 | 642299 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;3.77% due 01/24/29<sup>7</sup> | 361000 | 353105 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 03/27/28 | 350000 | 351820 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.03% due 12/15/25<sup>5</sup> | 297303 | 297465 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>5</sup> | 150000 | 148775 |
| **Total Financial** |  | 786121359 |
| **Consumer, Non-cyclical - 2.7%** |  |  |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 05/15/30 | 28801000 | 26111564 |
| &nbsp;&nbsp;&nbsp;3.20% due 08/15/29 | 2199000 | 2058781 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/25 | 16650000 | 16650000 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 15000000 | 15479237 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.64% due 03/13/27<sup>5</sup> | 9925000 | 10088789 |
| &nbsp;&nbsp;&nbsp;6.27% due 06/26/26<sup>5</sup> | 4400000 | 4479235 |
| Laboratory Corporation of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 06/01/26 | 10571000 | 10210989 |
| PRA Health Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 07/15/26<sup>5</sup> | 10280000 | 9961867 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 06/01/26 | 7600000 | 7371303 |
| Danone S.A. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 11/02/26<sup>5</sup> | 6952000 | 6783925 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 06/15/31<sup>5</sup> | 7434000 | 6461970 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 09/02/27 | 5150000 | 4807296 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 04/02/27 | 4220000 | 4226113 |
| &nbsp;&nbsp;&nbsp;3.56% due 08/15/27 | 527000 | 514269 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 02/01/28 | 4306000 | 4349756 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>5</sup> | 2300000 | 2267312 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>5</sup> | 1800000 | 1746584 |
| HAH Group Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 10/01/31<sup>5</sup> | 1780000 | 1714241 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 07/15/28<sup>5</sup> | 1050000 | 1011980 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/01/27<sup>5</sup> | 350000 | 344698 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/27<sup>5</sup> | 100000 | 99044 |
| **Total Consumer, Non-cyclical** |  | 136738953 |
| **Industrial - 2.3%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.57% due 01/15/26 | 11750000 | 11452883 |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/26<sup>5</sup> | 5165000 | 5155421 |
| &nbsp;&nbsp;&nbsp;5.80% due 06/15/31 | 2500000 | 2597410 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.57% due 10/15/26<sup>5</sup> | 16450000 | 15650223 |
| Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/17/25 | 13690000 | 13670953 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>5</sup> | 12600000 | 12159043 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | 7050000 | 6838679 |
| &nbsp;&nbsp;&nbsp;2.40% due 04/01/28 | 3900000 | 3597503 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| 3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 04/15/25 | 8263000 | $8255423 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.51% due 04/15/26<sup>5</sup> | 6500000 | 6273800 |
| Penske Truck Leasing Company LP / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 01/29/26<sup>5</sup> | 5475000 | 5461544 |
| &nbsp;&nbsp;&nbsp;4.20% due 04/01/27<sup>5</sup> | 500000 | 495233 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>5</sup> | 5410000 | 5253357 |
| Penske Truck Leasing Company LP / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>5</sup> | 4750000 | 4808080 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | 3800000 | 3690637 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>5</sup> | 3047000 | 3079594 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 03/30/27 | 2900000 | 2855046 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/15/28 | 200000 | 193866 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 01/15/28<sup>5</sup> | 2671000 | 2585205 |
| Crown Americas LLC / Crown Americas Capital Corporation VI |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/26 | 1038000 | 1029986 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/15/30<sup>5</sup> | 350000 | 326338 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>5</sup> | 125000 | 119341 |
| **Total Industrial** |  | 115549565 |
| **Technology - 1.8%** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | 22350000 | 21557740 |
| &nbsp;&nbsp;&nbsp;3.25% due 02/15/29 | 810000 | 757684 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 04/01/25 | 22221000 | 22221000 |
| NetApp, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.88% due 06/22/25 | 18082000 | 17963928 |
| Infor LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 07/15/25<sup>5</sup> | 13800000 | 13659857 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 02/15/30 | 11000000 | 10983176 |
| Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>5</sup> | 1200000 | 1051985 |
| &nbsp;&nbsp;&nbsp;4.38% due 10/15/29 | 963000 | 918555 |
| Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 03/15/29 | 994000 | 921631 |
| NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 04/15/29<sup>5</sup> | 636000 | 605735 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 02/15/31<sup>5</sup> | 379000 | 352365 |
| **Total Technology** |  | 90993656 |
| **Consumer, Cyclical - 1.6%** |  |  |
| LG Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/24/27<sup>5</sup> | 11000000 | 11203994 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 07/02/27<sup>5</sup> | 9650000 | 9716893 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>5</sup> | 1000000 | 996722 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/26<sup>5</sup> | 8125000 | 7995802 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 05/14/31<sup>◊,†††</sup> | 8237059 | 7495921 |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 7350000 | 6731650 |
| AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.02% due 10/20/29<sup>5</sup> | 6720000 | 6580777 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>5</sup> | 4550000 | 4449361 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 4320000 | 4439901 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/01/25<sup>5</sup> | 4300000 | 4305788 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 2268719 | 2151367 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/28 | 1401791 | 1323497 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/27 | 1548000 | 1553732 |
| &nbsp;&nbsp;&nbsp;5.70% due 04/01/26 | 966000 | 964816 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>5</sup> | 2500500 | 2491807 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 11/15/26<sup>5</sup> | 2404000 | 2399169 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/27 | 2300000 | 2287631 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 06/01/26 | 1650000 | 1619087 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/20/27<sup>5</sup> | 1507500 | 1513998 |
| Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 03/09/26 | 514000 | 513062 |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/29<sup>5</sup> | 375000 | 348269 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 05/01/25<sup>5</sup> | 300000 | 298970 |
| **Total Consumer, Cyclical** |  | 81382214 |
| **Communications - 1.5%** |  |  |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.05% due 04/07/25 | 45864000 | 45855541 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/30<sup>5</sup> | 5070000 | 3826836 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>5</sup> | 2277000 | 1821600 |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>5</sup> | 1570009 | 1749839 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/31<sup>5</sup> | 2150000 | 1612500 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.16% due 04/03/26<sup>5</sup> | 7598000 | 7355002 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/28<sup>5</sup> | 4775000 | 4582001 |

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 04/01/31 | 3250000 | $| 2806015 |
| Cogent Communications Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>5</sup> | 2680000 |  | 2612779 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>5</sup> | 190000 |  | 184075 |
| &nbsp;&nbsp;&nbsp;3.88% due 09/01/31<sup>5</sup> | 75000 |  | 64281 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>5</sup> | 250000 |  | 181034 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 225000 |  | 168785 |
| **Total Communications** |  |  | 72820288 |
| **Utilities - 0.8%** |  |  |  |
| Avangrid, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 04/15/25 | 19179000 |  | 19163499 |
| Algonquin Power & Utilities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.37% due 06/15/26 | 8200000 |  | 8247212 |
| Terraform Global Operating, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>5</sup> | 5754000 |  | 5720608 |
| AES Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 07/15/25<sup>5</sup> | 4250000 |  | 4223630 |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>7</sup> | 1200000 |  | 1166045 |
| **Total Utilities** |  |  | 38520994 |
| **Energy - 0.6%** |  |  |  |
| BP Capital Markets plc |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>7,8</sup> | 7500000 |  | 7173867 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/27 | 6100000 |  | 6120368 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 5844000 |  | 5976535 |
| HF Sinclair Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/15/27 | 5020000 |  | 5085378 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>5</sup> | 4600000 |  | 4932632 |
| Gulfstream Natural Gas System LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 09/15/25<sup>5</sup> | 400000 |  | 398798 |
| Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/15/27 | 300000 |  | 301361 |
| Parkland Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/15/27<sup>5</sup> | 80000 |  | 79717 |
| **Total Energy** |  |  | 30068656 |
| **Basic Materials - 0.4%** |  |  |  |
| Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>5</sup> | 9643000 |  | 9159480 |
| Alumina Pty Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>5</sup> | 4200000 |  | 4189325 |
| International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.23% due 10/01/25<sup>5</sup> | 4130000 |  | 4054141 |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 1145000 |  | 1141444 |
| Anglo American Capital plc |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/25<sup>5</sup> | 600000 |  | 600000 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>5</sup> | 140000 |  | 134849 |
| **Total Basic Materials** |  |  | 19279239 |
| **Transporation - 0.1%** |  |  |  |
| Stolthaven Houston, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/17/31<sup>†††</sup> | 4752000 |  | 4800460 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,399,934,776) | &nbsp;&nbsp;&nbsp;(Cost $1,399,934,776) |  | 1376275384 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.7%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.7%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.7%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 24.7%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.75% due 07/31/25 | 200000000 |  | 200281250 |
| &nbsp;&nbsp;&nbsp;4.38% due 07/31/26 | 161250000 |  | 162056250 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/28 | 150000000 |  | 151476563 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/30/26 | 115100000 |  | 115653020 |
| &nbsp;&nbsp;&nbsp;4.63% due 06/30/25<sup>9</sup> | 100000000 |  | 100067708 |
| &nbsp;&nbsp;&nbsp;4.13% due 10/31/26 | 90000000 |  | 90225000 |
| &nbsp;&nbsp;&nbsp;3.75% due 08/31/26 | 68000000 |  | 67792812 |
| &nbsp;&nbsp;&nbsp;4.13% due 01/31/27 | 50000000 |  | 50169922 |
| &nbsp;&nbsp;&nbsp;4.00% due 12/15/27 | 50000000 |  | 50146484 |
| &nbsp;&nbsp;&nbsp;3.88% due 03/31/27 | 50000000 |  | 49980469 |
| &nbsp;&nbsp;&nbsp;3.38% due 09/15/27 | 47000000 |  | 46441875 |
| &nbsp;&nbsp;&nbsp;4.25% due 01/31/26 | 15700000 |  | 15716313 |
| &nbsp;&nbsp;&nbsp;3.50% due 09/30/26 | 250000 |  | 248340 |
| 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> | 55109429 |  | 56739400 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28<sup>13</sup> | 25274988 |  | 25281121 |
| &nbsp;&nbsp;&nbsp;0.50% due 01/15/28<sup>13</sup> | 23060558 |  | 22648819 |
| &nbsp;&nbsp;&nbsp;0.38% due 01/15/27<sup>13</sup> | 19580201 |  | 19377164 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33<sup>13</sup> | 5406579 |  | 5273545 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,224,450,942) |  |  | 1229576055 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 23.1%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 23.1%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 23.1%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 23.1%** |
| **Collateralized Loan Obligations - 12.8%** |  |  |  |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,5</sup> | 45523231 |  | 45611168 |
| &nbsp;&nbsp;&nbsp;2021-1A A2R, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 04/15/33<sup>◊,5</sup> | 6250000 |  | 6257206 |
| Golub Capital Partners CLO 49M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A AR, 6.09% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33<sup>◊,5</sup> | 36500000 |  | 36564959 |
| Golub Capital Partners CLO 54M, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.10% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33<sup>◊,5</sup> | 29000000 |  | 29001433 |

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,5</sup> | 24250000 | $24288376 |
| &nbsp;&nbsp;&nbsp;2021-4A A2R, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33<sup>◊,5</sup> | 3650000 | 3649133 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 6.17% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33<sup>◊,5</sup> | 27650000 | 27701686 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,5</sup> | 14310000 | 14279993 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.58% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38<sup>◊,5</sup> | 4569005 | 4562077 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.68% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37<sup>◊,5</sup> | 4500000 | 4500418 |
| &nbsp;&nbsp;&nbsp;2020-FL3 B, 7.08% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 11/15/37<sup>◊,5</sup> | 2000000 | 1988943 |
| &nbsp;&nbsp;&nbsp;2020-FL2 B, 6.08% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,5</sup> | 2000000 | 1986446 |
| Parliament CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 08/20/32<sup>◊,5</sup> | 22250000 | 22246636 |
| &nbsp;&nbsp;&nbsp;2021-2A A, 5.93% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32<sup>◊,5</sup> | 639919 | 640864 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.13% (3 Month Term SOFR + 2.81%, Rate Floor: 2.55%) due 08/20/32<sup>◊,5</sup> | 500000 | 500962 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.44% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33<sup>◊,5</sup> | 23000000 | 23037550 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.01% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,5</sup> | 22000000 | 21940523 |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,5</sup> | 20000000 | 19935794 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,5</sup> | 16500000 | 16532168 |
| &nbsp;&nbsp;&nbsp;2023-1A B, 7.90% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35<sup>◊,5</sup> | 3250000 | 3250144 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,5</sup> | 14250000 | 14273047 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.46% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33<sup>◊,5</sup> | 4000000 | 3998910 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.15%) due 08/19/38<sup>◊,5</sup> | 10000000 | 9790251 |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38<sup>◊,5</sup> | 6400000 | 6266097 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-3RA A2R, 5.13% (3 Month Term SOFR + 1.20%, Rate Floor: 1.20%) due 04/24/31<sup>◊,5</sup> | 15560000 | 15595025 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A AR, 5.69% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33<sup>◊,5</sup> | 15000000 | 15009885 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 6.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33<sup>◊,5</sup> | 11500000 | 11521048 |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33<sup>◊,5</sup> | 2250000 | 2249440 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33<sup>◊,5</sup> | 12250000 | 12273722 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.31% (3 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 07/20/29<sup>◊,5</sup> | 5000000 | 4999639 |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,5</sup> | 5000000 | 4995282 |
| &nbsp;&nbsp;&nbsp;2023-2A A2, 6.60% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32<sup>◊,5</sup> | 2000000 | 2001613 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,5</sup> | 11500000 | 11522420 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,5</sup> | 7500000 | 7445546 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38<sup>◊,5</sup> | 3250000 | 3181025 |

---

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Owl Rock CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A ALR, 6.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33<sup>◊,5</sup> | 10500000 | $10500820 |
| KREF |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 02/15/39<sup>◊,5</sup> | 10700000 | 10449135 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,5</sup> | 9250000 | 9228749 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.24% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37<sup>◊,5</sup> | 8250000 | 8277483 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33<sup>◊,5</sup> | 8000000 | 8011071 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE5 B, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.11%) due 07/15/36<sup>◊,5</sup> | 7900000 | 7879960 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.30% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,5</sup> | 4250000 | 4219959 |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 6.10% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,5</sup> | 3250000 | 3251111 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38<sup>◊,5</sup> | 3734839 | 3723892 |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38<sup>◊,5</sup> | 3750000 | 3693451 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,5</sup> | 7400000 | 7414581 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33<sup>◊,5</sup> | 6750000 | 6761827 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,5</sup> | 6750000 | 6731789 |
| Fontainbleau Vegas |  |  |
| &nbsp;&nbsp;&nbsp;9.97% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/26<sup>◊,†††</sup> | 6000000 | 6000000 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-40A B, 5.97% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33<sup>◊,5</sup> | 6000000 | 5994742 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/16/36<sup>◊,5</sup> | 6000000 | 5973982 |
| Cerberus Loan Funding XLII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A A1, 6.79% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35<sup>◊,5</sup> | 5750000 | 5750849 |
| 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 | 5538684 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-FL1 C, 6.38% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 07/15/38<sup>◊,5</sup> | 3200000 | 3200315 |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38<sup>◊,5</sup> | 2187000 | 2176458 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38<sup>◊,5</sup> | 5366293 | 5354754 |
| 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>◊,5</sup> | 5300000 | 5299623 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.10% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,5</sup> | 5150000 | 5135658 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A A, 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36<sup>◊,5</sup> | 5000000 | 5001771 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1B2, 5.81% (3 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 04/20/34<sup>◊,5</sup> | 5000000 | 4991651 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38<sup>◊,5</sup> | 5000000 | 4991193 |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.43% (1 Month Term SOFR + 1.11%, Rate Floor: 1.11%) due 09/17/36<sup>◊,5</sup> | 2964182 | 2953558 |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36<sup>◊,5</sup> | 2000000 | 1984584 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36<sup>◊,5</sup> | 5000000 | $4894922 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A BR, 6.71% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30<sup>◊,5</sup> | 4500000 | 4502629 |
| LCM XXIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-24A AR, 5.54% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30<sup>◊,5</sup> | 4262712 | 4259113 |
| Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-32A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32<sup>◊,5</sup> | 4000000 | 3997554 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 AS, 5.86% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30<sup>◊,5</sup> | 4000000 | 3996958 |
| Cerberus Loan Funding XXXI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A B, 6.46% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 04/15/32<sup>◊,5</sup> | 3397040 | 3396674 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, due 04/20/38<sup>◊,3,5</sup> | 3300000 | 3279349 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,5</sup> | 2450000 | 2437919 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.87% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31<sup>◊,5</sup> | 2420661 | 2420659 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39<sup>◊,5</sup> | 2200000 | 2177470 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.89% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,5</sup> | 1650000 | 1633234 |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,5</sup> | 1250000 | 1250000 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 AS, 5.57% (1 Month Term SOFR + 1.25%, Rate Floor: 1.10%) due 12/18/37<sup>◊,5</sup> | 1208813 | 1212590 |
| KREF Funding V LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26<sup>◊,†††</sup> | 1092243 | 1087826 |
| &nbsp;&nbsp;&nbsp;0.15% due 06/25/26<sup>†††,4</sup> | 3052136 | 1068 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,5</sup> | 551802 | 551680 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.81% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,5</sup> | 500000 | 500180 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>5,10</sup> | 448198 | 3793 |
| 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 | 992474 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.83% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,5</sup> | 784128 | 785026 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>5,10</sup> | 325901 | 750 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>10,11</sup> | 500000 | 50 |
| **Total Collateralized Loan Obligations** |  | 637472997 |
| **Financial - 2.0%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP1, 5.85% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25<sup>◊,†††,5</sup> | 8775000 | 8775000 |
| &nbsp;&nbsp;&nbsp;2024-SP2, 6.03% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,5</sup> | 8775000 | 8775000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,5</sup> | 5675000 | 5675000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.62% (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> | 17534470 | 17438757 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 15994112 | 14579416 |
| HV Eight LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR 9,949,550 | 10730050 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 7595415 | 7585987 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 6400000 | 5977299 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 6400000 | 5977299 |
| Project Onyx |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28<sup>◊,†††</sup> | 5314718 | 5306893 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 2851034 | 2722139 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 109

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 2200000 | $2227198 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 2082003 | 2075429 |
| **Total Financial** |  | 100670467 |
| **Whole Business - 1.6%** |  |  |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>5</sup> | 18421875 | 17443817 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>5</sup> | 11646250 | 10730611 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>5</sup> | 6300875 | 6174254 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>5</sup> | 8877750 | 8941560 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.25% due 07/30/54<sup>5</sup> | 7182000 | 7076792 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>5</sup> | 8699254 | 8032653 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>5</sup> | 7742100 | 7306035 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>5</sup> | 6923750 | 6591510 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>5</sup> | 2835000 | 2806392 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>5</sup> | 1692000 | 1661284 |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.12% due 07/25/48<sup>5</sup> | 947500 | 942824 |
| **Total Whole Business** |  | 77707732 |
| **Net Lease - 1.5%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>5</sup> | 37381131 | 36232446 |
| STORE Master Funding I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A, 4.17% due 04/20/45<sup>5</sup> | 10169458 | 10162286 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.90% due 05/15/54<sup>5</sup> | 5316667 | 5291081 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>5</sup> | 1962083 | 1896795 |
| STORE Master Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.86% due 06/20/51<sup>5</sup> | 6819686 | 6335163 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>5</sup> | 5748930 | 5425970 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.91% due 07/20/51<sup>5</sup> | 3000000 | 2737775 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.51% due 07/20/51<sup>5</sup> | 2500000 | 2266802 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 1.91% due 10/20/61<sup>5</sup> | 2500000 | 2332971 |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.25% due 02/15/50<sup>5</sup> | 882467 | 813110 |
| **Total Net Lease** |  | 73494399 |
| **Transport-Container - 1.4%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>5</sup> | 26730000 | 24193574 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>5</sup> | 7608666 | 6992614 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>5</sup> | 3188389 | 3059596 |
| &nbsp;&nbsp;&nbsp;2020-2A, 2.10% due 09/20/45<sup>5</sup> | 2823501 | 2637578 |
| TIF Funding II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.65% due 02/20/46<sup>5</sup> | 12184750 | 10892506 |
| CLI Funding VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, 2.07% due 10/18/45<sup>5</sup> | 9785000 | 9087949 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.08% due 09/18/45<sup>5</sup> | 1088306 | 1005233 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>5</sup> | 10551340 | 9648878 |
| CAL Funding IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.22% due 09/25/45<sup>5</sup> | 2310938 | 2169671 |
| **Total Transport-Container** |  | 69687599 |
| **Infrastructure - 1.2%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>5</sup> | 11450000 | 11046066 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>5</sup> | 5450000 | 5420227 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>5</sup> | 9250000 | 8961083 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>5</sup> | 4000000 | 4024457 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>5</sup> | 11150000 | 10682302 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.89% due 08/25/45<sup>5</sup> | 5169000 | 5102795 |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.88% due 03/26/46<sup>5</sup> | 2750000 | 2666394 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.63% due 11/15/26<sup>5</sup> | 5723000 | 5434781 |
| &nbsp;&nbsp;&nbsp;1.84% due 04/15/27<sup>5</sup> | 1200000 | 1130096 |
| Crown Castle Towers LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.66% due 05/15/25<sup>5</sup> | 5850000 | 5836441 |
| **Total Infrastructure** |  | 60304642 |
| **Transport-Aircraft - 1.0%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>5</sup> | 8469166 | 7996896 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>5</sup> | 6405515 | 6545476 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>5</sup> | 5250000 | 5274412 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>5</sup> | 4825086 | 4877762 |
| AASET Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>5</sup> | 4199832 | 4238161 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>5</sup> | 4457768 | 4234835 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>5</sup> | 2086249 | 2098316 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>5</sup> | 1762428 | 1702678 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>5</sup> | 3364163 | 3272119 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>5</sup> | 2481118 | 2307313 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>5</sup> | 1820638 | 1793364 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>5</sup> | 1498838 | 1453891 |
| MAPS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.21% due 05/15/43<sup>5</sup> | 1353825 | 1347093 |
| AASET |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>5</sup> | 1142869 | 1152646 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Falcon Aerospace Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>5</sup> | 1024589 | $| 988749 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>5</sup> | 159274 |  | 157045 |
| Sapphire Aviation Finance I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.25% due 03/15/40<sup>5</sup> | 924897 |  | 910783 |
| **Total Transport-Aircraft** |  |  | 50351539 |
| **Single Family Residence - 0.7%** |  |  |  |
| FirstKey Homes Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>5</sup> | 5050000 |  | 4975953 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>5</sup> | 4900000 |  | 4838597 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 1.67% due 10/19/37<sup>5</sup> | 3950000 |  | 3864755 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.19% due 08/17/38<sup>5</sup> | 4000000 |  | 3842113 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>5</sup> | 3200000 |  | 3146102 |
| Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.40% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,5</sup> | 8800000 |  | 8799981 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 4.75% due 06/17/40<sup>5</sup> | 4996892 |  | 4965199 |
| **Total Single Family Residence** |  |  | 34432700 |
| **Collateralized Debt Obligations - 0.5%** |  |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>5</sup> | 24650000 |  | 22708278 |
| **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 |  | 5463562 |
| &nbsp;&nbsp;&nbsp;2020-2A, 2.02% due 02/20/27<sup>5</sup> | 4550000 |  | 4467002 |
| **Total Automotive** |  |  | 9930564 |
| **Insurance - 0.1%** |  |  |  |
| Obra Longevity |  |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 5850000 |  | 6113968 |
| **Unsecured Consumer Loans - 0.1%** |  |  |  |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.39% due 03/25/60<sup>5</sup> | 5213000 |  | 5225675 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,165,451,899) | &nbsp;&nbsp;&nbsp;(Cost $1,165,451,899) |  | 1148100560 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 2.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 2.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 2.6%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 2.6%** |
| **Financial - 0.9%** |  |  |  |
| Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 12061168 |  | 11909197 |
| QTS Good News Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>†††</sup> | 11450000 |  | 11437318 |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7338125 |  | 7326237 |
| Jefferies Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 5187000 |  | 5165370 |
| Corpay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4788000 |  | 4771529 |
| Eagle Point Holdings Borrower, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 2600000 |  | 2600000 |
| Starwood Property Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/02/30 | 300000 |  | 298689 |
| **Total Financial** |  |  | 43508340 |
| **Industrial - 0.3%** |  |  |  |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/28 | 4900000 |  | 4889612 |
| Harsco Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;6.69% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/10/28 | 3973715 |  | 3899208 |
| United Rentals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 3316500 |  | 3332054 |
| Genesee & Wyoming, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 3034750 |  | 3004797 |
| **Total Industrial** |  |  | 15125671 |
| **Consumer, Non-cyclical - 0.3%** |  |  |  |
| Women's Care Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.89% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 4478763 |  | 4123283 |
| Bombardier Recreational Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 4031808 |  | 3984273 |
| Aramark Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/22/30 | 2656375 |  | 2652497 |
| Froneri US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 2310875 |  | 2293636 |
| Eyecare Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00% (3 Month Term SOFR + 1.00%, Rate Floor: 1.00%) (in-kind rate was 3.61%) due 11/30/28<sup>12</sup> | 430175 |  | 334998 |
| &nbsp;&nbsp;&nbsp;10.04% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 100810 |  | 102247 |
| Concentra Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/26/31 | 400000 |  | 399000 |
| **Total Consumer, Non-cyclical** |  |  | 13889934 |
| **Communications - 0.3%** |  |  |  |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.19% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 10176000 |  | 10065387 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1500000 |  | 1393125 |
| SBA Senior Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 | 742500 |  | 741535 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Virgin Media Bristol LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.58% (3 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/31/31 | 600000 | $| 576480 |
| **Total Communications** |  |  | 12776527 |
| **Technology - 0.2%** |  |  |  |
| Dun & Bradstreet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/18/29 | 8365005 |  | 8342754 |
| World Wide Technology Holding Company LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/01/30<sup>†††</sup> | 2600000 |  | 2593500 |
| Datix Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (2 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/25/31<sup>†††</sup> | GBP 968,800 |  | 1242795 |
| &nbsp;&nbsp;&nbsp;9.68% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31<sup>†††</sup> | 275000 |  | 273065 |
| Upland Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 08/06/26 | 268453 |  | 260233 |
| **Total Technology** |  |  | 12712347 |
| **Energy - 0.2%** |  |  |  |
| ITT Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/11/30 | 10195268 |  | 10192107 |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 | 1500000 |  | 1492230 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 346939 |  | 346793 |
| **Total Energy** |  |  | 12031130 |
| **Consumer, Cyclical - 0.2%** |  |  |  |
| Samsonite IP Holdings SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 06/21/30 | 2585112 |  | 2585113 |
| Clarios Global, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.61% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 2,250,000 |  | 2414374 |
| Rent-A-Center, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.04% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28 | 2075651 |  | 2067867 |
| Pacific Bells LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 1544693 |  | 1539549 |
| Entain Holdings (Gibraltar) Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.90% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 03/29/27 | 1443750 |  | 1443230 |
| DK Crown Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/24/32 | 1000000 |  | 993130 |
| Packers Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 1664384 |  | 954940 |
| **Total Consumer, Cyclical** |  |  | 11998203 |
| **Basic Materials - 0.2%** |  |  |  |
| Trinseo Materials Operating S.C.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 10683750 |  | 4934610 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 3500000 |  | 3491250 |
| **Total Basic Materials** |  |  | 8425860 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $137,422,257) | &nbsp;&nbsp;&nbsp;(Cost $137,422,257) |  | 130468012 |
| **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 | 6435000 |  | 6846325 |
| **California - 0.1%** |  |  |  |
| California Public Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;1.55% due 10/15/26 | 3145000 |  | 3010365 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,939,193) | &nbsp;&nbsp;&nbsp;(Cost $9,939,193) |  | 9856690 |
|  | **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;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $52,129,372) | EUR 48,259,000 |  | 206042 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $52,129,372) | EUR 48,259,000 |  | 206042 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $36,490,236) | EUR 33,781,000 |  | 145586 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $18,298,588) | EUR 16,940,000 |  | 73007 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $15,639,135) | EUR 14,478,000 |  | 62396 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Contracts/<br> Notional <br> Value** | **Contracts/<br> Notional <br> Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $3,013,758) | EUR | 2790000 | $12024 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,264,498) |  |  | 705097 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,14</sup>** **- 0.2%** |
| **Call Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% (Notional Value $138,480,000) | USD | 138480000 | 2894301 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $74,190,000) | USD | 74190000 | 1588714 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $74,190,000) | USD | 74190000 | 1588714 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $123,912,000) | GBP | 96000000 | 722135 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $126,493,500) | GBP | 98000000 | 557545 |
| **Total Interest Rate Swaptions** |  |  | 7351409 |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $123,912,000) | GBP | 96000000 | 189350 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $126,493,500) | GBP | 98000000 | 98605 |
| **Total Interest Rate Swaptions** |  |  | 287955 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,350,123) |  |  | 7639364 |
| **Total Investments - 116.3%** | **Total Investments - 116.3%** | **Total Investments - 116.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,851,725,892) | &nbsp;&nbsp;&nbsp;(Cost $5,851,725,892) | &nbsp;&nbsp;&nbsp;(Cost $5,851,725,892) | 5788018718 |
| **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 Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $126,493,500) | GBP | 98000000 | (220553) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $123,912,000) | GBP | 96000000 | (405686) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $74,190,000) | USD | 74190000 | (775507) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $74,190,000) | USD | 74190000 | (775507) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% (Notional Value $138,480,000) | USD | 138480000 | (1407426) |
| **Total Interest Rate Swaptions** |  |  | (3584679) |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $126,493,500) | GBP | 98000000 | (296572) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $123,912,000) | GBP | 96000000 | (588526) |
| **Total Interest Rate Swaptions** |  |  | (885098) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $2,762,520) |  |  | (4469777) |
| **Other Assets & Liabilities, net - (16.2)%** | **Other Assets & Liabilities, net - (16.2)%** | **Other Assets & Liabilities, net - (16.2)%** | (805523116) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4978025825 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 252 | Mar 2027 | $60851700 | $343977 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums Paid <br> (Received)** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $10262000 | $542126 | $483507 | $58619 |
| BofA Securities, Inc.<br> ICE | CDX.NA.HY.43.V1 | 5.00% | Quarterly | 12/20/29 | 2104000 | 112312 | 150688 | (38376) |
|  |  |  |  |  |  | $654438 | $634195 | $20243 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Paid <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 | $(31068) | $(302787) | $271719 |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 5085000 | (631508) | (721008) | 89500 |
|  |  |  |  |  |  | $(662576) | $(1023795) | $361219 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Rate Type** | **Floating <br> Rate<br> Index** | **Fixed Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | <br>**Upfront Premiums Paid (Received)** | <br>**Unrealized Appreciation (Depreciation)\*\*** |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 02/04/27 | $260000000 | $1308955 | $876 | $1308079 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 3.49% | Annually | 08/13/34 | 45000000 | 1021873 | 3455 | 1018418 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 01/03/27 | 190000000 | 962709 | 681 | 962028 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.37% | Annually | 07/03/27 | 60000000 | 838114 | 195 | 837919 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.00% | Annually | 12/03/26 | 220000000 | 682156 | 710 | 681446 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** **(continued)** |
| **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 | 3.55% | Annually | 08/13/39 | $5000000 | $188025 | $288 | $187737 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.55% | Annually | 08/12/34 | 49200000 | 909993 | 836872 | 73121 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.72% | Annually | 04/02/27 | 425000000 | (117262) | 1363 | (118625) |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.85% | Annually | 08/12/26 | 532000000 | (197329) | 1084 | (198413) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.92% | Annually | 12/18/34 | 34100000 | (367579) | 556 | (368135) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.11% | Annually | 12/23/39 | 17000000 | (402732) | 461 | (403193) |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.45% | Annually | 10/01/26 | $185800000 | (1073406) | 574 | (1073980) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 181100000 | (2977465) | 383396 | (3360861) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.36% | Annually | 10/16/30 | 121000000 | (4020553) | 745 | (4021298) |
|  |  |  |  |  |  |  | $(3244501) | $1231256 | $(4475757) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Appreciation** |
| **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>** |
| JPMorgan Chase Bank, N.A. | iShares Core S&P 500 ETF | Receive | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 04/02/25 | 38470 | $21616293 | $982524 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION 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 <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | EUR | Sell | 11650000 | 12,761,410 USD | 04/15/25 | $145626 |
| Barclays Bank plc | GBP | Sell | 1030000 | 1,334,780 USD | 04/15/25 | 4152 |
| Goldman Sachs International | GBP | Buy | 82000 | 105,711 USD | 04/15/25 | 223 |
| Morgan Stanley Capital Services LLC | GBP | Sell | 60000 | 77,648 USD | 04/15/25 | 136 |
| Nomura Global Financial Products, Inc. | GBP | Buy | 65000 | 84,002 USD | 04/15/25 | (31) |
| Citibank, N.A. | GBP | Sell | 183000 | 236,148 USD | 04/15/25 | (265) |
| Barclays Bank plc | GBP | Buy | 100000 | 129,477 USD | 04/15/25 | (290) |
| Bank of America, N.A. | EUR | Sell | 1470000 | 1,553,010 USD | 05/27/25 | (42681) |
|  |  |  |  |  |  | $106870 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $138480000 | $2894301 |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 74190000 | 1588714 |
| BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 74190000 | 1588714 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 123912000 | 722135 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 126493500 | 557545 |
|  |  |  |  |  |  |  |  | $7351409 |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 123912000 | $189350 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 126493500 | 98605 |
|  |  |  |  |  |  |  |  | $287955 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | $126493500 | $(220553) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 123912000 | (405686) |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 74190000 | (775507) |
| BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 74190000 | (775507) |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 138480000 | (1407426) |
|  |  |  |  |  |  |  |  | $(3584679) |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 126493500 | $(296572) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 123912000 | (588526) |
|  |  |  |  |  |  |  |  | $(885098) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 March 31, 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 March 31, 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 $2,401,695,943 (cost $2,440,634,018), or 48.2% 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 March 31, 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;Perpetual maturity. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <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 0.0% 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;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 SEMI-ANNUAL FINANCIAL REPORT \| 117

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $21897 | $— | $— | $21897 |
| Preferred Stocks |  | 29007025 |  | 29007025 |
| Warrants | 207 |  |  | 207 |
| Exchange-Traded Funds | 21616293 |  |  | 21616293 |
| Mutual Funds | 92209936 |  |  | 92209936 |
| Money Market Funds | 98198358 |  |  | 98198358 |
| Collateralized Mortgage Obligations |  | 1644343840 |  | 1644343840 |
| Corporate Bonds |  | 1344239351 | 32036033 | 1376275384 |
| U.S. Government Securities |  | 1229576055 |  | 1229576055 |
| Asset-Backed Securities |  | 1034227231 | 113873329 | 1148100560 |
| Senior Floating Rate Interests |  | 112321334 | 18146678 | 130468012 |
| Municipal Bonds |  | 9856690 |  | 9856690 |
| Options Purchased |  | 705097 |  | 705097 |
| Interest Rate Swaptions Purchased |  | 7639364 |  | 7639364 |
| Interest Rate Futures Contracts\*\* | 343977 |  |  | 343977 |
| Credit Default Swap Agreements\*\* |  | 419838 |  | 419838 |
| Interest Rate Swap Agreements\*\* |  | 5068748 |  | 5068748 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 150137 |  | 150137 |
| Equity Index Swap Agreements\*\* |  | 982524 |  | 982524 |
| Total Assets | $212390668 | $5418537234 | $164056040 | $5794983942 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Swaptions Written | $— | $4469777 | $— | $4469777 |
| Credit Default Swap Agreements\*\* |  | 38376 |  | 38376 |
| Interest Rate Swap Agreements\*\* |  | 9544505 |  | 9544505 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 43267 |  | 43267 |
| Unfunded Loan Commitments (Note 9) |  |  | 2061 | 2061 |
| Total Liabilities | $— | $14095925 | $2061 | $14097986 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $55288247 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 32534014 | Yield Analysis | Yield | 6.2%-7.4% | 6.9% |
| Asset-Backed Securities | 26051068 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 17480909 | Yield Analysis | Yield | 6.1%-6.7% | 6.4% |
| Corporate Bonds | 9167435 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **LIMITED DURATION FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| Corporate Bonds | $5387689 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 12953178 | Yield Analysis | Yield | 6.5%-10.0% | 6.9% |
| Senior Floating Rate Interests | 2600000 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 2593500 | Third Party Pricing | Broker Quote |  |  |
| Total Assets | $164056040 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $2061 | 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 period ended March 31, 2025, the Fund did not have any securities transfer 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 period ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | | **Liabilities** |
|  | **Asset-Backed <br> Securities** | **Corporate <br> Bonds** | **Senior <br> Floating Rate <br> Interests** | <br>**Total Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $127702527 | $27399772 | $3291684 | $158393983 | $(4105) |
| Purchases/(Receipts) | 16382222 | 7540412 | 14916667 | 38839301 | (14703) |
| (Sales, maturities and paydowns)/Fundings | (29640919) | (2796625) |  | (32437544) | 14706 |
| Amortization of premiums/discounts | (4876) | 7597 | 851 | 3572 | 4175 |
| Total realized gains (losses) included in earnings | 46001 |  |  | 46001 | 740 |
| Total change in unrealized appreciation (depreciation) included in earnings | (611626) | (115123) | (62524) | (789273) | (2874) |
| Transfers into Level 3 |  |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |  |
| &nbsp;&nbsp;Ending Balance | $113873329 | $32036033 | $18146678 | $164056040 | $(2061) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $(611626) | $(115123) | $24515 | $(702234) | $30052 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 |  |  |
| Angel Oak Mortgage Trust 2024-12, 5.86% due 10/25/69 | 6.86% | 11/01/28 |  |  |
| ATLX Trust 2024-RPL2, 3.85% due 04/25/63 | 4.85% | 10/01/28 |  |  |
| BRAVO 2024-NQM6, 5.66% due 08/01/64 | 6.66% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 |  |  |
| 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 |  |  |
| 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, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 |  |  |
| GCAT Trust 2024-NQM2, 6.09% due 06/25/59 | 7.36% | 05/01/28 |  |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59% | 12/01/28 |  |  |
| Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61 | 5.75% | 04/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61 | 5.75% | 05/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65% | 08/25/25 |  |  |
| 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 |  |  |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 07/01/26 |
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67% | 08/01/25 |  |  |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 |  |  |
| OBX Trust 2025-NQM3, 5.85% due 12/01/64 | 6.85% | 02/01/29 |  |  |
| OBX Trust 2024-NQM18, 5.66% due 10/25/64 | 6.66% | 11/01/28 |  |  |
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86% | 11/01/28 |  |  |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46% | 06/01/28 |  |  |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |  |  |
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95% | 02/01/29 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| OSAT Trust 2021-RPL1, 5.12% due 05/25/65 | 6.12% | 06/25/25 |  |  |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41% | 08/25/27 | 10.41% | 08/25/28 |
| PRPM LLC 2021-5, 4.79% due 06/25/26 | 5.79% | 06/25/25 |  |  |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 7.72% | 02/25/26 |  |  |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 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>** |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 | – |  |
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45% | 06/01/28 | – |  |
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77% | 01/01/29 | – |  |
| 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 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.

Transactions during the period ended March 31, 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> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II  | $33714995 | $927953 | $(8700000) | $(19340) | $104240 | $26027848 | 1046977 | $927953 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III  | 33817254 | 939295 | (2500000) | 59047 | 64 | 32315660 | 1296256 | 939295 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class  | 33031793 | 800382 |  |  | 34253 | 33866428 | 3376513 | 800382 |
|  | $100564042 | $2667630 | $(11200000) | $39707 | $138557 | $92209936 |  | $2667630 |

---

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

**LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited)  |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $5,761,050,352) | $5695808782 |
| Investments in affiliated issuers, at value (cost $90,675,540) | 92209936 |
| Foreign currency, at value (cost 213,092) | 213092 |
| Segregated cash with broker | 415000 |
| Unamortized upfront premiums paid on credit default swap agreements | 634195 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1231256 |
| Unrealized appreciation on OTC swap agreements | 1343743 |
| Unrealized appreciation on forward foreign currency exchange contracts | 150137 |
| Prepaid expenses | 158598 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 836172975 |
| &nbsp;&nbsp;&nbsp;Interest | 42357648 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 5756428 |
| &nbsp;&nbsp;&nbsp;Dividends | 393797 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 56854 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 6300 |
| **Total assets** | 6676908741 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $32,113) | 2061 |
| Options written, at value (premiums received $2,762,520) | 4469777 |
| Overdraft due to custodian bank | 27159 |
| Segregated cash due to broker | 5858174 |
| Unamortized upfront premiums received on credit default swap agreements | 1023795 |
| Unrealized depreciation on forward foreign currency exchange contracts | 43267 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1663556620 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 14266163 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 1925941 |
| &nbsp;&nbsp;&nbsp;Management fees | 1486291 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 301701 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 232263 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 231887 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 150754 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 24297 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 13443 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 10080 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1587 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5257656 |
| **Total liabilities** | 1698882916 |
| **Net assets** | $4978025825 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $5161058748 |
| Total distributable earnings (loss) | (183032923) |
| Net assets | $4978025825 |
| **Class A:** | **Class A:** |
| Net assets | $531960824 |
| Capital shares outstanding | 21666791 |
| Net asset value per share | $24.55 |
| Maximum offering price per share (Net asset value divided by 97.75%) | $25.12 |
| **Class C:** | **Class C:** |
| Net assets | $50197403 |
| Capital shares outstanding | 2046128 |
| Net asset value per share | $24.53 |
| **Class P:** | **Class P:** |
| Net assets | $28860150 |
| Capital shares outstanding | 1176164 |
| Net asset value per share | $24.54 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $3986895756 |
| Capital shares outstanding | 162435975 |
| Net asset value per share | $24.54 |
| **Class R6:** | **Class R6:** |
| Net assets | $380111692 |
| Capital shares outstanding | 15492947 |
| Net asset value per share | $24.53 |

---

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

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

**LIMITED DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited)  |
| Six Months Ended March 31, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $157007 |
| Dividends from securities of affiliated issuers | 2667630 |
| Interest | 112423980 |
| &nbsp;&nbsp;&nbsp;Total investment income | 115248617 |
| **Expenses:** | **Expenses:** |
| Management fees | 9146691 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 633449 |
| &nbsp;&nbsp;&nbsp;Class C | 255012 |
| &nbsp;&nbsp;&nbsp;Class P | 36292 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 85006 |
| &nbsp;&nbsp;&nbsp;Class C | 12004 |
| &nbsp;&nbsp;&nbsp;Class P | 41454 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1485745 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3708 |
| Fund accounting/administration fees | 883944 |
| Professional fees | 179165 |
| Custodian fees | 120435 |
| Line of credit fees | 51131 |
| Trustees' fees\* | 34421 |
| Miscellaneous | 178223 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 41541 |
| &nbsp;&nbsp;&nbsp;Class C | 1331 |
| &nbsp;&nbsp;&nbsp;Total expenses | 13189552 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (213) |
| &nbsp;&nbsp;&nbsp;Class C | (920) |
| &nbsp;&nbsp;&nbsp;Class P | (34269) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (552993) |
| Expenses waived by Adviser | (838139) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (1426534) |
| Net expenses | 11763018 |
| Net investment income | 103485599 |
| **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 | $(10176809) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 39707 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1408574) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2934140 |
| &nbsp;&nbsp;&nbsp;Options purchased | (1091424) |
| &nbsp;&nbsp;&nbsp;Options written | 889774 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 86739 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (37596) |
| Net realized loss | (8764043) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (459538) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 138557 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2914677) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (3290025) |
| &nbsp;&nbsp;&nbsp;Options purchased | 1729840 |
| &nbsp;&nbsp;&nbsp;Options written | (1707257) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 201733 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 15420 |
| Net change in unrealized appreciation (depreciation) | (6285947) |
| Net realized and unrealized loss | (15049990) |
| **Net increase in net assets resulting from operations** | $88435609 |

---

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

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

**LIMITED DURATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $103485599 | $193726340 |
| Net realized loss on investments | (8764043) | (23915344) |
| Net change in unrealized appreciation (depreciation) on investments | (6285947) | 207456617 |
| Net increase in net assets resulting from operations | 88435609 | 377267613 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10276780) | (17826264) |
| &nbsp;&nbsp;&nbsp;Class C | (843914) | (1871628) |
| &nbsp;&nbsp;&nbsp;Class P | (589047) | (2034505) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (80322857) | (159841168) |
| &nbsp;&nbsp;&nbsp;Class R6 | (8159087) | (15937115) |
| Total distributions to shareholders | (100191685) | (197510680) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 148508553 | 225507616 |
| &nbsp;&nbsp;&nbsp;Class C | 7830545 | 13709872 |
| &nbsp;&nbsp;&nbsp;Class P | 3326150 | 4428844 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1003768281 | 1742700293 |
| &nbsp;&nbsp;&nbsp;Class R6 | 29886654 | 46625759 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8392220 | 15271634 |
| &nbsp;&nbsp;&nbsp;Class C | 773564 | 1661112 |
| &nbsp;&nbsp;&nbsp;Class P | 589026 | 2024993 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 71454478 | 138561310 |
| &nbsp;&nbsp;&nbsp;Class R6 | 8091003 | 15745321 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (77939875) | (196894765) |
| &nbsp;&nbsp;&nbsp;Class C | (9459035) | (19766923) |
| &nbsp;&nbsp;&nbsp;Class P | (4522081) | (33513727) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (646992672) | (1702738590) |
| &nbsp;&nbsp;&nbsp;Class R6 | (26575114) | (15117148) |
| Net increase from capital share transactions | 517131697 | 238205601 |
| Net increase in net assets | 505375621 | 417962534 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4472650204 | 4054687670 |
| &nbsp;&nbsp;&nbsp;End of period | $4978025825 | $4472650204 |

---

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

**LIMITED DURATION FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6069471 | 9346342 |
| &nbsp;&nbsp;&nbsp;Class C | 320361 | 568277 |
| &nbsp;&nbsp;&nbsp;Class P | 136727 | 183397 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 41061449 | 72480726 |
| &nbsp;&nbsp;&nbsp;Class R6 | 1224128 | 1937664 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 342920 | 633797 |
| &nbsp;&nbsp;&nbsp;Class C | 31637 | 69026 |
| &nbsp;&nbsp;&nbsp;Class P | 24080 | 84178 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2920450 | 5751736 |
| &nbsp;&nbsp;&nbsp;Class R6 | 330846 | 653719 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3188680) | (8181737) |
| &nbsp;&nbsp;&nbsp;Class C | (387063) | (822359) |
| &nbsp;&nbsp;&nbsp;Class P | (185203) | (1382825) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (26470193) | (70810858) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1087190) | (628235) |
| Net increase in shares | 21143740 | 9882848 |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 | $24.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .51 | 1.04 | .87 | .42 | .34 | .40 |
| Net gain (loss) on investments (realized and unrealized) | (.09) | 1.03 | .35 | (2.04) | .01 <sup>h</sup> | .94 |
| Total from investment operations | .42 | 2.07 | 1.22 | (1.62) | .35 | 1.34 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.49) | (1.06) | (.89) | (.43) | (.38) | (.45) |
| Net realized gains |  |  |  | (.09) | (.12) |  |
| Total distributions | (.49) | (1.06) | (.89) | (.52) | (.50) | (.45) |
| Net asset value, end of period | $24.55 | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 |
| **Total Return<sup>c</sup>** | **1.83%** | **8.96%** | **5.31%** | **(6.42** **%)** | **1.38%** | **5.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $531961 | $454152 | $392937 | $549667 | $855473 | $625386 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.20% | 4.33% | 3.70% | 1.69% | 1.32% | 1.60% |
| Total expenses<sup>d</sup> | 0.75% | 0.79% | 0.80% | 0.80% | 0.79% | 0.84% |
| Net expenses<sup>e,f,g</sup> | 0.72% | 0.75% | 0.75% | 0.74% | 0.74% | 0.77% |
| Portfolio turnover rate | 12% | 42% | 28% | 23% | 80% | 123% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.61 | $23.59 | $23.27 | $25.41 | $25.55 | $24.66 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .42 | .86 | .70 | .24 | .15 | .21 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | 1.04 | .33 | (2.04) | .02 <sup>h</sup> | .95 |
| Total from investment operations | .32 | 1.90 | 1.03 | (1.80) | .17 | 1.16 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.40) | (.88) | (.71) | (.25) | (.19) | (.27) |
| Net realized gains |  |  |  | (.09) | (.12) |  |
| Total distributions | (.40) | (.88) | (.71) | (.34) | (.31) | (.27) |
| Net asset value, end of period | $24.53 | $24.61 | $23.59 | $23.27 | $25.41 | $25.55 |
| **Total Return<sup>c</sup>** | **1.45%** | **8.20%** | **4.48%** | **(7.13** **%)** | **0.67%** | **4.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $50197 | $51214 | $53465 | $62864 | $90205 | $86143 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.45% | 3.58% | 2.96% | 0.96% | 0.58% | 0.85% |
| Total expenses<sup>d</sup> | 1.50% | 1.55% | 1.60% | 1.58% | 1.58% | 1.61% |
| Net expenses<sup>e,f,g</sup> | 1.47% | 1.50% | 1.50% | 1.49% | 1.49% | 1.52% |
| Portfolio turnover rate | 12% | 42% | 28% | 23% | 80% | 123% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 | $24.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .51 | 1.04 | .87 | .42 | .34 | .40 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | 1.03 | .35 | (2.04) | .01 <sup>h</sup> | .94 |
| Total from investment operations | .41 | 2.07 | 1.22 | (1.62) | .35 | 1.34 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.49) | (1.06) | (.89) | (.43) | (.38) | (.45) |
| Net realized gains |  |  |  | (.09) | (.12) |  |
| Total distributions | (.49) | (1.06) | (.89) | (.52) | (.50) | (.45) |
| Net asset value, end of period | $24.54 | $24.62 | $23.61 | $23.28 | $25.42 | $25.57 |
| **Total Return** | **1.79%** | **8.96%** | **5.31%** | **(6.42** **%)** | **1.38%** | **5.50%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $28860 | $29561 | $54668 | $80735 | $155465 | $150623 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.20% | 4.32% | 3.69% | 1.67% | 1.33% | 1.60% |
| Total expenses<sup>d</sup> | 0.99% | 0.86% | 0.82% | 0.95% | 0.83% | 0.90% |
| Net expenses<sup>e,f,g</sup> | 0.72% | 0.75% | 0.75% | 0.74% | 0.74% | 0.77% |
| Portfolio turnover rate | 12% | 42% | 28% | 23% | 80% | 123% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.62 | $23.60 | $23.28 | $25.42 | $25.56 | $24.67 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .54 | 1.10 | .93 | .49 | .40 | .46 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | 1.04 | .34 | (2.05) | .03 <sup>h</sup> | .95 |
| Total from investment operations | .44 | 2.14 | 1.27 | (1.56) | .43 | 1.41 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.52) | (1.12) | (.95) | (.49) | (.45) | (.52) |
| Net realized gains |  |  |  | (.09) | (.12) |  |
| Total distributions | (.52) | (1.12) | (.95) | (.58) | (.57) | (.52) |
| Net asset value, end of period | $24.54 | $24.62 | $23.60 | $23.28 | $25.42 | $25.56 |
| **Total Return** | **1.92%** | **9.28%** | **5.53%** | **(6.19** **%)** | **1.67%** | **5.77%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3986896 | $3567952 | $3245439 | $3907125 | $4960578 | $2911309 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.45% | 4.58% | 3.96% | 1.97% | 1.58% | 1.85% |
| Total expenses<sup>d</sup> | 0.53% | 0.57% | 0.59% | 0.56% | 0.56% | 0.59% |
| Net expenses<sup>e,f,g</sup> | 0.47% | 0.50% | 0.50% | 0.49% | 0.49% | 0.52% |
| Portfolio turnover rate | 12% | 42% | 28% | 23% | 80% | 123% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 127

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.61 | $23.59 | $23.26 | $25.40 | $25.55 | $24.66 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .55 | 1.11 | 1.00 | .48 | .40 | .48 |
| Net gain (loss) on investments (realized and unrealized) | (.10) | 1.05 | .29 | (2.04) | .02 <sup>h</sup> | .93 |
| Total from investment operations | .45 | 2.16 | 1.29 | (1.56) | .42 | 1.41 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.53) | (1.14) | (.96) | (.49) | (.45) | (.52) |
| Net realized gains |  |  |  | (.09) | (.12) |  |
| Total distributions | (.53) | (1.14) | (.96) | (.58) | (.57) | (.52) |
| Net asset value, end of period | $24.53 | $24.61 | $23.59 | $23.26 | $25.40 | $25.55 |
| **Total Return** | **1.94%** | **9.33%** | **5.60%** | **(6.19** **%)** | **1.64%** | **5.78%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $380112 | $369771 | $308179 | $27499 | $44232 | $31315 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.50% | 4.63% | 4.22% | 1.94% | 1.58% | 1.96% |
| Total expenses<sup>d</sup> | 0.45% | 0.49% | 0.49% | 0.49% | 0.49% | 0.53% |
| Net expenses<sup>e,f,g</sup> | 0.42% | 0.46% | 0.46% | 0.49% | 0.49% | 0.52% |
| Portfolio turnover rate | 12% | 42% | 28% | 23% | 80% | 123% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.02% | 0.01% | 0.01% | 0.00%\* |  | 0.00%\* |
| Class C | 0.01% | 0.01% | 0.01% |  |  | 0.00%\* |
| Class P |  |  | 0.00%\* |  |  | 0.00%\* |
| Institutional Class |  | 0.01% | 0.00%\* |  |  | 0.00%\* |
| Class R6 | 0.00%\* | 0.00%\* | 0.02% | 0.02% | 0.01% | 0.00%\* |

---

\* Less than 0.01%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.71%  | 0.72%  | 0.72%  | 0.73%  | 0.73%  | 0.75%  |
| Class C | 1.46%  | 1.47%  | 1.48%  | 1.48%  | 1.48%  | 1.50%  |
| Class P | 0.71%  | 0.72%  | 0.72%  | 0.73%  | 0.73%  | 0.75%  |
| Institutional Class | 0.46%  | 0.47%  | 0.47%  | 0.48%  | 0.48%  | 0.50%  |
| Class R6 | 0.42%  | 0.42%  | 0.44%  | 0.48%  | 0.48%  | 0.50%  |

---

<sup>h</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.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.1%** | **COMMON STOCKS<sup>†</sup>** **- 0.1%** | **COMMON STOCKS<sup>†</sup>** **- 0.1%** |
| **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** | **Consumer, Non-cyclical - 0.1%** |
| &nbsp;&nbsp;&nbsp;Endo, Inc.\* | 146283 | $3510792 |
| &nbsp;&nbsp;&nbsp;Save-A-Lot\*<sup>,†††</sup> | 1053728 | 105 |
| **Total Consumer, Non-cyclical** |  | 3510897 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 743 | 1013548 |
| &nbsp;&nbsp;&nbsp;Schur Flexibles GesmbH\*<sup>,††</sup> | 1661 | 130089 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 74424 | 125830 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 68788 | 116300 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 37539 | 30686 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 37539 | 794 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12773 | 226 |
| &nbsp;&nbsp;&nbsp;Targus, Inc.\*<sup>,†††</sup> | 12773 | 1 |
| **Total Industrial** |  | 1417474 |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 204119 | 570392 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 25191 | 135527 |
| **Total Communications** |  | 705919 |
| **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>,†††</sup> | 3399497 | 340 |
| &nbsp;&nbsp;&nbsp;ATD New Holdings, Inc.\*<sup>,††</sup> | 42478 | 42 |
| &nbsp;&nbsp;&nbsp;Accuride Liquidating Trust\*<sup>,†††</sup> | 209 |  |
| **Total Consumer, Cyclical** |  | 903780 |
| **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| &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 | 183 |
| **Total Financial** |  | 632617 |
| **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp;Permian Production Partners LLC\*<sup>,†††</sup> | 573522 | 5665 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,489,454) |  | 7176352 |
| **PREFERRED STOCKS<sup>†</sup>** **- 4.5%** | **PREFERRED STOCKS<sup>†</sup>** **- 4.5%** | **PREFERRED STOCKS<sup>†</sup>** **- 4.5%** |
| **Financial - 3.7%** | **Financial - 3.7%** | **Financial - 3.7%** |
| Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.88% | 30600000 | 29892513 |
| &nbsp;&nbsp;&nbsp;4.00% | 13100000 | 12896443 |
| Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.13% | 20500000 | 19858740 |
| &nbsp;&nbsp;&nbsp;7.50% | 10750000 | 11275417 |
| &nbsp;&nbsp;&nbsp;6.85% | 4800000 | 4859986 |
| Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 25750000 | 25236939 |
| &nbsp;&nbsp;&nbsp;6.85% | 8250000 | 8561116 |
| Markel Group, Inc.<sup>††</sup> | Markel Group, Inc.<sup>††</sup> | Markel Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.00% | 29050000 | 28890748 |
| Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.00% | 18700000 | 16572854 |
| &nbsp;&nbsp;&nbsp;5.38% | 7150000 | 7124643 |
| Equitable Holdings, Inc.<sup>††</sup> | Equitable Holdings, Inc.<sup>††</sup> | Equitable Holdings, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.95% | 22819000 | 22730741 |
| JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.50% | 20000000 | 20468858 |
| 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 | 19642995 |
| Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.38% | 13850000 | 13498488 |
| MetLife, Inc.<sup>††</sup> | MetLife, Inc.<sup>††</sup> | MetLife, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.85% | 12200000 | 12056954 |
| State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.70% | 9590000 | 9818520 |
| &nbsp;&nbsp;&nbsp;6.45% | 1100000 | 1099028 |
| American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| &nbsp;&nbsp;&nbsp;7.38% | 369000 | 9490680 |
| 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> | 8450000 | 8434183 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| &nbsp;&nbsp;&nbsp;8.00% | 284000 | 7474880 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 321950 | 6084855 |
| Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
| &nbsp;&nbsp;&nbsp;4.60% | 246000 | 4459980 |
| First Republic Bank<sup>†††</sup> | First Republic Bank<sup>†††</sup> | First Republic Bank<sup>†††</sup> |
| &nbsp;&nbsp;&nbsp;4.25%\* | 803675 | 321 |
| &nbsp;&nbsp;&nbsp;4.50%\* | 238300 | 95 |
| **Total Financial** |  | 300429977 |
| **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 | 19163428 |
| &nbsp;&nbsp;&nbsp;7.13% | 2500000 | 2539073 |
| Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp;5.75% | 272820 | 6165759 |
| **Total Government** |  | 27868260 |
| **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 | 27509490 |
| **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 | 17224147 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $408,024,989) |  | 373031874 |
| **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 | 1350 |
| Pershing Square SPARC Holdings, Ltd.\*<sup>,†††,2</sup> | 1716232 | 172 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| 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) |  |  | 1598 |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 0.8%** |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 125000 |  | 69923750 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,397,500) |  |  | 69923750 |
| **MUTUAL FUNDS<sup>†</sup>** **- 4.4%** | **MUTUAL FUNDS<sup>†</sup>** **- 4.4%** | **MUTUAL FUNDS<sup>†</sup>** **- 4.4%** | **MUTUAL FUNDS<sup>†</sup>** **- 4.4%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6<sup>1</sup> | 5576930 |  | 136802089 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 5414342 |  | 54305848 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 2141133 |  | 53378438 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 2067016 |  | 51386025 |
| &nbsp;&nbsp;&nbsp;NAA Risk Managed Real Estate Fund<sup>18</sup> | 1125825 |  | 36324362 |
| &nbsp;&nbsp;&nbsp;NAA Opportunity Fund<sup>18</sup> | 1032035 |  | 32911594 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $358,309,108) |  |  | 365108356 |
| **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.8%** | **MONEY MARKET FUNDS\*\*\*<sup>,†</sup>** **- 1.8%** |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.14%<sup>5</sup> | 86221631 |  | 86221631 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>5</sup> | 59671651 |  | 59671651 |
| &nbsp;&nbsp;&nbsp;Western Asset Institutional U.S. Treasury Reserves — Institutional Shares, 4.16%<sup>5</sup> | 242171 |  | 242171 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $146,135,453) |  |  | 146135453 |
|  | **Face<br> Amount<sup>~</sup>** |  |  |
| **CORPORATE BONDS<sup>††</sup>** **- 28.7%** | **CORPORATE BONDS<sup>††</sup>** **- 28.7%** | **CORPORATE BONDS<sup>††</sup>** **- 28.7%** | **CORPORATE BONDS<sup>††</sup>** **- 28.7%** |
| **Financial - 9.8%** |  |  |  |
| Jane Street Group / JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>4</sup> | 33375000 |  | 34285470 |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>4</sup> | 5000000 |  | 4919913 |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>4</sup> | 31500000 |  | 27628816 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 12120000 |  | 10828721 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>4</sup> | 21650000 |  | 19394067 |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>4</sup> | 9250000 |  | 8865553 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 22640000 |  | 21105585 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 6950000 |  | 6959890 |
| Wilton RE Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%<sup>4,6,7</sup> | 27267000 |  | 26961390 |
| Liberty Mutual Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>4</sup> | 36940000 |  | 22996583 |
| Host Hotels & Resorts, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 09/15/30 | 24000000 |  | 21989355 |
| CBS Studio Center |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/09/25<sup>◊,†††</sup> | 22000000 |  | 21966975 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>4</sup> | 23000000 |  | 21623333 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/30<sup>4</sup> | 9275000 |  | 9423075 |
| &nbsp;&nbsp;&nbsp;6.88% due 02/15/33<sup>4</sup> | 6440000 |  | 6399750 |
| &nbsp;&nbsp;&nbsp;7.88% due 12/15/29<sup>4</sup> | 3675000 |  | 3823106 |
| &nbsp;&nbsp;&nbsp;5.38% due 10/15/25<sup>4</sup> | 1819000 |  | 1814765 |
| FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 21000000 |  | 20100158 |
| Equitable Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>7</sup> | 20150000 |  | 19994357 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>4</sup> | 14788000 |  | 14163745 |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/31<sup>4</sup> | 5500000 |  | 5233122 |
| United Wholesale Mortgage LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>4</sup> | 8650000 |  | 8339625 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>4</sup> | 6300000 |  | 6282753 |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>4</sup> | 4550000 |  | 4473720 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 01/15/27<sup>4</sup> | 19000000 |  | 18464567 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 02/22/29<sup>7</sup> | 18050000 |  | 18451968 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 01/15/29 | 7150000 |  | 7503288 |
| &nbsp;&nbsp;&nbsp;4.00% due 09/15/30 | 7250000 |  | 6386914 |
| &nbsp;&nbsp;&nbsp;7.88% due 03/15/30 | 2225000 |  | 2306153 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 2000000 |  | 2029343 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>4</sup> | 14770000 |  | 14499470 |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/31<sup>4</sup> | 3475000 |  | 3485627 |
| Encore Capital Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 05/15/30<sup>4</sup> | 12100000 |  | 12471002 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/01/29<sup>4</sup> | 4450000 |  | 4660583 |
| Sherwood Financing plc |  |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 12/15/29<sup>4</sup> | EUR 12,190,000 |  | 13323125 |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month EURIBOR + 5.50%, Rate Floor: 0.00%) due 12/15/29<sup>◊</sup> | EUR 2,882,000 |  | 3117931 |
| Global Atlantic Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/15/51<sup>4,7</sup> | 11350000 |  | 10938118 |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>4</sup> | 2289000 |  | 2580565 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/54<sup>4</sup> | 2091000 |  | 2122671 |
| IP Lending X Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/02/29<sup>†††,4</sup> | 15407121 |  | 15407121 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 07/15/32<sup>4</sup> | 14980000 |  | 14320884 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;4.50% due 02/15/31<sup>4</sup> | 925000 | $847936 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 14787000 | 14284996 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>4</sup> | 14035000 | 13840982 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>4,7</sup> | 13650000 | 13602004 |
| Hampton Roads PPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.62% due 06/15/53<sup>†††,4</sup> | 16455000 | 13520037 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/31 | 14669000 | 12908428 |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 | 250000 | 223603 |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 25000 | 22890 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>4</sup> | 13700000 | 13094104 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.87% due 03/06/29<sup>7</sup> | 12100000 | 12478616 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.81% (1 Month Term SOFR + 3.50%, Rate Floor: 0.00%) due 04/15/27<sup>◊,†††</sup> | 12440000 | 12440000 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 11760000 | 11216401 |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 12/19/29<sup>4</sup> | GBP 7,500,000 | 9964473 |
| Dyal Capital Partners IV |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> | 10950000 | 9798492 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>4,7</sup> | 9650000 | 9770316 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>4</sup> | 9810000 | 9768986 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.39% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 9010851 | 9010851 |
| Dai-ichi Life Insurance Company Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.20%<sup>4,6,7</sup> | 8150000 | 8175640 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>4,7</sup> | 7830000 | 7992944 |
| QBE Insurance Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%<sup>4,6,7</sup> | 7550000 | 7536948 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>4</sup> | 7150000 | 7347176 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 7788000 | 6959583 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>4</sup> | 6950000 | 6864398 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 10/31/82<sup>7</sup> | 6300000 | 6516751 |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>4</sup> | 7470000 | 6467565 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>4</sup> | 6500000 | 6446907 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>7</sup> | 6460000 | 6002044 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 5200000 | 5422739 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>4</sup> | 5303000 | 5316470 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 5000000 | 5110236 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>4</sup> | 4950000 | 5004190 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/33<sup>4</sup> | 4925000 | 4912687 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 10/27/82<sup>7</sup> | 4650000 | 4862798 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>4</sup> | 6412000 | 4847053 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 4813000 | 4811787 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 2780000 | 2846782 |
| &nbsp;&nbsp;&nbsp;2.15% due 08/15/30 | 1560000 | 1351820 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13%<sup>6,7</sup> | 4250000 | 4157012 |
| Rfna, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 02/15/30<sup>4</sup> | 3025000 | 2988095 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>4</sup> | 3000000 | 2985028 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 02/01/29 | 3100000 | 2829239 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/01/52<sup>7</sup> | 2750000 | 2617606 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 12/15/30<sup>4</sup> | 1700000 | 1820374 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>7</sup> | 1800000 | 1772370 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/32<sup>4</sup> | 1726000 | 1593623 |
| Atlas Mara Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/31/21<sup>†††,3,8</sup> | 1183303 | 1 |
| **Total Financial** |  | 803996138 |
| **Communications - 3.6%** |  |  |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>4,7</sup> | 28200000 | 25787163 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/23/81<sup>4,7</sup> | 5250000 | 5095463 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>4</sup> | 19794000 | 15835200 |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>4</sup> | 5431914 | 6054089 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/31<sup>4</sup> | 6716318 | 5037239 |
| &nbsp;&nbsp;&nbsp;10.75% due 12/15/30<sup>4</sup> | 2600000 | 2873000 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>4</sup> | 22634000 | 22260382 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>4</sup> | 4600000 | 4491578 |
| Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/55<sup>7</sup> | 21020000 | 21061630 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>4</sup> | 13250000 | 10379162 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;5.50% due 10/15/29<sup>4</sup> | 11760000 | $9318100 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/15/55<sup>7</sup> | 19450000 | 19525257 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>4</sup> | 20200000 | 18369173 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>4</sup> | 20672000 | 14969366 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/30<sup>4</sup> | 2715000 | 1321221 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/04/81<sup>7</sup> | 16875000 | 12784709 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/33<sup>4</sup> | 14265000 | 12165801 |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/15/30<sup>4</sup> | 12575000 | 9971060 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 10200000 | 7651597 |
| &nbsp;&nbsp;&nbsp;10.25% due 01/15/29<sup>4</sup> | 2125000 | 2202031 |
| Virgin Media Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/30<sup>4</sup> | 11400000 | 9773115 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/30<sup>4</sup> | 8900000 | 7905351 |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>4</sup> | 1550000 | 1501661 |
| Cogent Communications Group Incorporated / Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>4</sup> | 8550000 | 8608303 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 5779000 | 4648313 |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 2765000 | 2470942 |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 1797000 | 1389778 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/28<sup>4</sup> | 7700000 | 7388776 |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>4</sup> | 7250000 | 7304179 |
| Telenet Finance Luxembourg Notes SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/28 | 7000000 | 6790000 |
| Virgin Media Vendor Financing Notes IV DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/28<sup>4</sup> | 3650000 | 3449842 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/33<sup>4</sup> | 2700000 | 2687721 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 3500000 | 2263197 |
| Ziggo B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 01/15/30<sup>4</sup> | 1685000 | 1543523 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 03/01/27<sup>4</sup> | 700000 | 637587 |
| **Total Communications** |  | 295515509 |
| **Industrial - 3.1%** |  |  |
| AP Grange Holdings |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 43700000 | 43918500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 4900000 | 4900000 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 18000000 | 18281582 |
| Great Lakes Dredge & Dock Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>4</sup> | 17160000 | 15538828 |
| XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/01/28<sup>4</sup> | 14085000 | 14240949 |
| New Enterprise Stone & Lime Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/28<sup>4</sup> | 9081000 | 8777156 |
| &nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>4</sup> | 5350000 | 5378162 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>4</sup> | 6200000 | 5721105 |
| &nbsp;&nbsp;&nbsp;3.38% due 01/15/31<sup>4</sup> | 6552000 | 5696744 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 08/15/28<sup>4</sup> | 7000000 | 7102228 |
| &nbsp;&nbsp;&nbsp;6.88% due 12/15/30<sup>4</sup> | 4050000 | 4138270 |
| Sealed Air Corporation/Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 02/01/28<sup>4</sup> | 11105000 | 11120991 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/29<sup>4</sup> | 9400000 | 8809326 |
| &nbsp;&nbsp;&nbsp;6.88% due 08/15/32<sup>4</sup> | 1300000 | 1317958 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 10270000 | 9466343 |
| Pactiv Evergreen Group Issuer Incorporated/Pactiv Evergreen Group Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/15/27<sup>4</sup> | 7943000 | 8022430 |
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/01/32<sup>4</sup> | 7455000 | 7388857 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/23/29<sup>4</sup> | 10000000 | 6862500 |
| Atkore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 06/01/31<sup>4</sup> | 7700000 | 6782963 |
| Deuce FinCo plc |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/27<sup>4</sup> | GBP 5,350,000 | 6782035 |
| TopBuild Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 03/15/29<sup>4</sup> | 5550000 | 5134155 |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>4</sup> | 6520000 | 5118200 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 07/15/32<sup>4</sup> | 5000000 | 5060769 |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/01/33<sup>4</sup> | 4520000 | 4535251 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 02/15/31<sup>4</sup> | 4525000 | 4222386 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 07/15/28 | EUR 3,500,000 | 3971919 |
| Enviri Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>4</sup> | 4125000 | 3938243 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.53% due 05/01/34 | 3250000 | 3482330 |
| Wrangler Holdco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/32<sup>4</sup> | 3350000 | 3410789 |
| TK Elevator US Newco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/27<sup>4</sup> | 3000000 | 2943778 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| AmeriTex HoldCo Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.25% due 10/15/28<sup>4</sup> | 2450000 | $2514577 |
| Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/26 | 2510000 | 2506141 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 03/15/28 | 2077000 | 2123871 |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 1789753 | 1789753 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 02/01/32<sup>4</sup> | 1500000 | 1428535 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/32<sup>4</sup> | 800000 | 802330 |
| **Total Industrial** |  | 253229954 |
| **Energy - 3.0%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88%<sup>6,7</sup> | 39360000 | 37648454 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>4</sup> | 20000000 | 18769722 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>4</sup> | 18763000 | 18617489 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>4</sup> | 19477000 | 17968146 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/39 | 12735000 | 14530469 |
| &nbsp;&nbsp;&nbsp;4.50% due 07/15/44 | 2850000 | 2138948 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 16340000 | 16571320 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 01/15/29<sup>4</sup> | 15975000 | 15337614 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 10145000 | 10375077 |
| &nbsp;&nbsp;&nbsp;4.88% due 02/01/31 | 5000000 | 4894626 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 14506000 | 14665793 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 450000 | 448110 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>4</sup> | 10770000 | 10948028 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/01/30<sup>4</sup> | 1800000 | 1823230 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>4</sup> | 8700000 | 9329107 |
| &nbsp;&nbsp;&nbsp;9.88% due 02/01/32<sup>4</sup> | 3000000 | 3186256 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | 7750000 | 7735332 |
| &nbsp;&nbsp;&nbsp;8.25% due 01/15/32<sup>4</sup> | 2200000 | 2261516 |
| &nbsp;&nbsp;&nbsp;7.00% due 08/01/27 | 2200000 | 2193441 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 11/01/31<sup>4</sup> | 6100000 | 6375580 |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>4</sup> | 4286000 | 4246245 |
| Kinetik Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/30<sup>4</sup> | 6100000 | 6036462 |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/28<sup>4</sup> | 4450000 | 4520768 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>4</sup> | 6550000 | 6901466 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/15/30<sup>4</sup> | 3450000 | 3475394 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/33<sup>4</sup> | 2198000 | 1891710 |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>4</sup> | 760000 | 690536 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/29<sup>4</sup> | 510000 | 472110 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/15/27 | 1571000 | 1591460 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>4</sup> | 1500000 | 1549158 |
| **Total Energy** |  | 247193567 |
| **Consumer, Cyclical - 2.8%** |  |  |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/01/31<sup>4</sup> | 15900000 | 14399317 |
| &nbsp;&nbsp;&nbsp;3.63% due 02/15/32<sup>4</sup> | 4150000 | 3637442 |
| &nbsp;&nbsp;&nbsp;5.75% due 05/01/28<sup>4</sup> | 525000 | 524912 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/26<sup>4</sup> | 16778000 | 16608492 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 06/01/26 | 15450000 | 15160547 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>4</sup> | 11350000 | 10247037 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/27 | 660000 | 656451 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/01/25<sup>4</sup> | 10536000 | 10550180 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/20/27<sup>4</sup> | 8865000 | 8903211 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/15/30<sup>4</sup> | 9333000 | 8446505 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 05/15/29<sup>4</sup> | 4117000 | 4144259 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/15/26<sup>4</sup> | 3730000 | 3722504 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 08/15/29<sup>4</sup> | CAD 5,550,000 | 3796792 |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>4</sup> | 3364000 | 3289594 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 6530000 | 6711239 |
| Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 09/15/29<sup>4</sup> | 7025000 | 6582169 |
| TVL Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.47% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/30<sup>◊</sup> | EUR 6,150,000 | 6573638 |
| QuickTop HoldCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (3 Month EURIBOR + 4.50%, Rate Floor: 0.00%) due 03/31/30<sup>◊</sup> | EUR 6,000,000 | 6550131 |
| Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 02/15/31<sup>4</sup> | 6100000 | 6427670 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>4</sup> | 6624953 | 6375470 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>4</sup> | 6975000 | $6192690 |
| ONE Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 04/02/31<sup>4</sup> | EUR 5,150,000 | 5955186 |
| Six Flags Entertainment Corporation / Six Flags Theme Parks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/01/32<sup>4</sup> | 5450000 | 5495085 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>4</sup> | 5600000 | 5454038 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>4</sup> | 5100000 | 5241158 |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 05/15/29<sup>4</sup> | 5484000 | 5163033 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/15/26<sup>4</sup> | 3675000 | 3673643 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/30<sup>4</sup> | 1050000 | 1060006 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.58% due 01/15/28 | 1940103 | 1875645 |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 1037129 | 983482 |
| &nbsp;&nbsp;&nbsp;3.65% due 02/15/29 | 911430 | 878382 |
| &nbsp;&nbsp;&nbsp;3.15% due 02/15/32 | 874453 | 801021 |
| Superior Plus Limited Partnership / Superior General Partner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/15/29<sup>4</sup> | 4800000 | 4432356 |
| Ontario Gaming GTA Limited Partnership/OTG Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/30<sup>4</sup> | 4371000 | 4347216 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 11/15/29<sup>4</sup> | 4472000 | 4190741 |
| Allwyn Entertainment Financing UK plc |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/30/29<sup>4</sup> | 3450000 | 3558316 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>4</sup> | 3800000 | 3414380 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>4</sup> | 3500000 | 3300825 |
| Ritchie Bros Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/28<sup>4</sup> | 2950000 | 3012816 |
| PetSmart, Inc. / PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/15/28<sup>4</sup> | 2800000 | 2618664 |
| AccorInvest Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/15/29<sup>4</sup> | EUR 2,325,000 | 2588059 |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>4</sup> | 2425000 | 2467011 |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 03/15/27<sup>4</sup> | 2300000 | 2284034 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/29<sup>4</sup> | 1700000 | 1608676 |
| Acushnet Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/15/28<sup>4</sup> | 1500000 | 1552580 |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 07/01/25<sup>4</sup> | 1511000 | 1512741 |
| United Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.15% due 08/25/31 | 854859 | 817678 |
| Air Canada Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/29<sup>4</sup> | 681625 | 684450 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 08/15/28<sup>4</sup> | 700000 | 668547 |
| International Game Technology plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/15/26<sup>4</sup> | 624000 | 616214 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/27<sup>4</sup> | 571000 | 576698 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/32<sup>4</sup> | 400000 | 398703 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 04/01/26 | 280000 | 279657 |
| **Total Consumer, Cyclical** |  | 231011291 |
| **Consumer, Non-cyclical - 2.7%** |  |  |
| Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 04/01/29<sup>4</sup> | 18246000 | 17055146 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/30 | 7050000 | 7161898 |
| &nbsp;&nbsp;&nbsp;4.38% due 02/02/52 | 6500000 | 5045853 |
| &nbsp;&nbsp;&nbsp;3.75% due 12/01/31 | 3400000 | 3103284 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>4</sup> | 15600000 | 12597000 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>4</sup> | 8678000 | 7988721 |
| &nbsp;&nbsp;&nbsp;3.75% due 02/15/31<sup>4</sup> | 4892000 | 4259106 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 11600000 | 11913775 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/15/29<sup>4</sup> | 6550000 | 6312934 |
| &nbsp;&nbsp;&nbsp;6.88% due 09/15/28<sup>4</sup> | 3875000 | 3969245 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 08/31/27<sup>4</sup> | 6861000 | 6501651 |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>4</sup> | 1902000 | 1899215 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/30<sup>4</sup> | EUR 7,450,000 | 8254819 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>4</sup> | 9400000 | 8252727 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/10/55<sup>7</sup> | 7770000 | 7831300 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/30/28<sup>4</sup> | EUR 7,000,000 | 7329055 |
| Nobel Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 06/15/28 | EUR 7,050,000 | 7234035 |
| Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/28<sup>4</sup> | 8085000 | 7232526 |
| Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 10/31/29<sup>4</sup> | 7736000 | 7217749 |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>4</sup> | 7000000 | 6238292 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>4</sup> | 7650000 | 6172239 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/29<sup>4</sup> | 6555000 | $6144588 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>4</sup> | 5275000 | 5490937 |
| Sammontana Italia S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊</sup> | EUR 4,900,000 | 5315713 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 07/15/29<sup>4</sup> | 4685000 | 4987070 |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/32<sup>4</sup> | 5150000 | 4807450 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>4</sup> | 5300000 | 4742680 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>4</sup> | 4561000 | 4560334 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>4</sup> | 4465000 | 4533712 |
| Chrome Bidco |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/31/28<sup>4</sup> | EUR 4,800,000 | 4190549 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>4</sup> | 4575000 | 4179679 |
| CAB SELAS |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 02/01/28<sup>4</sup> | EUR 4,100,000 | 4164666 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 09/30/32 | EUR 3,550,000 | 3897228 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/15/30<sup>4</sup> | 2350000 | 2335758 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/27<sup>4</sup> | 200000 | 198115 |
| Belron UK Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/29<sup>4</sup> | 1700000 | 1688100 |
| &nbsp;&nbsp;&nbsp;4.63% due 10/15/29<sup>4</sup> | EUR 700,000 | 763175 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/29<sup>4</sup> | 6335000 | 1590512 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/15/28 | 975000 | 941038 |
| &nbsp;&nbsp;&nbsp;5.13% due 11/01/27 | 550000 | 541942 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>4</sup> | 1450000 | 1370934 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 1670000 | 1309464 |
| Concentra Escrow Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 07/15/32<sup>4</sup> | 1120000 | 1139607 |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 03/15/33<sup>4</sup> | 600000 | 599409 |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>4</sup> | 620000 | 595967 |
| **Total Consumer, Non-cyclical** |  | 223659197 |
| **Utilities - 1.5%** |  |  |
| AmeriGas Partners Limited Partnership / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/20/26 | 17145000 | 17010304 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>7</sup> | 16200000 | 16408451 |
| Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.37% due 06/15/26 | 12300000 | 12370818 |
| ContourGlobal Power Holdings S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/28/30<sup>4</sup> | EUR 5,900,000 | 6328725 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/28/30<sup>4</sup> | 4800000 | 4821120 |
| Terraform Global Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>4</sup> | 10178000 | 10118934 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>4</sup> | 7554000 | 7084333 |
| &nbsp;&nbsp;&nbsp;2.45% due 01/15/31 | 2426000 | 2073822 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/15/31<sup>4</sup> | 9409000 | 8265986 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>4</sup> | 7750000 | 8249271 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>4</sup> | 6950000 | 7492767 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>7</sup> | 6950000 | 6957485 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>7</sup> | 6710000 | 6538758 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/15/55<sup>7</sup> | 6415000 | 6387656 |
| DPL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/25 | 2334000 | 2321030 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>7</sup> | 1950000 | 1894823 |
| **Total Utilities** |  | 124324283 |
| **Basic Materials - 1.4%** |  |  |
| SNF Group S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/15/32<sup>4</sup> | EUR 12,500,000 | 13475949 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>4</sup> | 13250000 | 11726595 |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>4</sup> | 650000 | 617408 |
| Alcoa Nederland Holding B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/28<sup>4</sup> | 7450000 | 7488561 |
| &nbsp;&nbsp;&nbsp;4.13% due 03/31/29<sup>4</sup> | 4900000 | 4542377 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.23% due 10/01/25<sup>4</sup> | 11950000 | 11730504 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>4</sup> | 11280000 | 10865009 |
| SK Invictus Intermediate II SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>4</sup> | 11525000 | 10809521 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>4</sup> | 10375000 | 10204907 |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 8315000 | 8289174 |
| Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>4</sup> | 6700000 | 6586971 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/26<sup>4</sup> | 5670000 | 5481420 |
| HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/28 | 5250000 | 4978899 |
| Novelis Sheet Ingot GmbH |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/29 | EUR 4,500,000 | 4629483 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>4</sup> | 3800000 | 3874525 |
| Ingevity Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/28<sup>4</sup> | 1000000 | 933367 |
| Mirabela Nickel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,3,8</sup> | 1885418 | 9427 |
| **Total Basic Materials** |  | 116244097 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Technology - 0.8%** |  |  |  |
| Qorvo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>4</sup> | 9225000 | $| 8087137 |
| &nbsp;&nbsp;&nbsp;4.38% due 10/15/29 | 7833000 |  | 7471482 |
| TeamSystem SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 02/15/28<sup>◊</sup> | EUR 11,750,000 |  | 12765935 |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,4</sup> | EUR 350,000 |  | 379220 |
| Dye & Durham Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 04/15/29<sup>4</sup> | 7338000 |  | 7563482 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>4</sup> | 5300000 |  | 5151948 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>4</sup> | 5850000 |  | 5149728 |
| Capstone Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/30<sup>4</sup> | 3525000 |  | 3619163 |
| Twilio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/15/31 | 4000000 |  | 3603286 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/29<sup>4</sup> | 3050000 |  | 2675982 |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 08/01/32<sup>4</sup> | 2630000 |  | 2587021 |
| ACI Worldwide, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/26<sup>4</sup> | 2348000 |  | 2354823 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/30/27<sup>4</sup> | 1570000 |  | 1558125 |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/26<sup>4</sup> | 1375000 |  | 1374371 |
| NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 04/15/29<sup>4</sup> | 1122000 |  | 1068608 |
| MSCI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 02/15/31<sup>4</sup> | 883000 |  | 820946 |
| **Total Technology** |  |  | 66231257 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,487,257,457) | &nbsp;&nbsp;&nbsp;(Cost $2,487,257,457) |  | 2361405293 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 20.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 20.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 20.8%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 20.8%** |
| **Consumer, Cyclical - 6.0%** |  |  |  |
| Zephyr Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (1 Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28 | GBP 20,850,000 |  | 26944595 |
| FR Refuel LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.19% (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28<sup>†††</sup> | 20579245 |  | 20167660 |
| Pacific Bells LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 19432784 |  | 19368073 |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 10102229 |  | 10018885 |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 8838323 |  | 8772036 |
| Fertitta Entertainment LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/27/29 | 18682705 |  | 18375001 |
| B&B Hotels |  |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR 16,996,376 |  | 18293221 |
| MB2 Dental Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 16474981 |  | 16415440 |
| &nbsp;&nbsp;&nbsp;9.83% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 1628816 |  | 1615152 |
| QSRP Finco B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.92% (6 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 06/19/31 | EUR 8,600,000 |  | 9343205 |
| &nbsp;&nbsp;&nbsp;7.87% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 06/19/31 | EUR 6,600,000 |  | 7170367 |
| Citrin Cooperman Advisors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/05/32 | 16580303 |  | 16445671 |
| Blue Ribbon LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;12.31% (1 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 14911795 |  | 11090647 |
| &nbsp;&nbsp;&nbsp;12.29% (3 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 5352101 |  | 5218299 |
| Peer Holding III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 10420000 |  | 10391345 |
| &nbsp;&nbsp;&nbsp;6.80% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 10/28/30 | 3473750 |  | 3467254 |
| &nbsp;&nbsp;&nbsp;5.61% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR 1,000,000 |  | 1079429 |
| &nbsp;&nbsp;&nbsp;5.11% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR 1,000,000 |  | 1076951 |
| Alexander Mann |  |  |  |
| &nbsp;&nbsp;&nbsp;10.44% (1 Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27 | 15824963 |  | 15290870 |
| Tipico |  |  |  |
| &nbsp;&nbsp;&nbsp;due 05/22/28 | EUR 6,900,000 |  | 7405124 |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 05/22/28 | EUR 6,850,000 |  | 7335378 |
| Allwyn Entertainment Financing US LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/19/32 | EUR 11,900,000 |  | 12805023 |
| &nbsp;&nbsp;&nbsp;6.31% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/02/31 | 1956153 |  | 1930879 |
| Clarios Global, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.61% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 7,400,000 |  | 7940606 |
| &nbsp;&nbsp;&nbsp;5.36% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR 4,810,000 |  | 5145675 |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/06/30 | 1167075 |  | 1149569 |
| Betclic Everest Group SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.79% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/10/31 | EUR 13,150,000 |  | 14174707 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| One Hotels GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.18% (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 04/02/31 | EUR 10,400,000 | $11260271 |
| PHM Group Holding OY |  |  |
| &nbsp;&nbsp;&nbsp;due 02/25/32 | EUR 10,000,000 | 10735635 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 10873220 | 10071319 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.04% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28 | 9677819 | 9641527 |
| Drive Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/23/31 | EUR 8,800,000 | 9498972 |
| Oil Changer Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;11.22% ((1 Month Term SOFR + 6.75%) and (3 Month Term SOFR + 6.75%), Rate Floor: 7.75%) due 02/08/27<sup>†††</sup> | 9053920 | 9053920 |
| Shilton BidCo Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 01/14/30 | EUR 8,300,000 | 8994197 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/16/31 | 8668275 | 8641230 |
| Holding Socotec SAS |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month SOFR + 3.75%, Rate Floor: 4.50%) due 06/30/28 | 8650000 | 8639188 |
| Eagle Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.86% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/20/28 | EUR 8,000,000 | 8596732 |
| The Facilities Group |  |  |
| &nbsp;&nbsp;&nbsp;10.16% ((3 Month Term SOFR + 5.75%) and (6 Month Term SOFR + 5.75%), Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 8287101 | 8165438 |
| NFM & J LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.09% (6 Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>†††</sup> | 8152439 | 8032753 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/02/31 | 7242022 | 7199005 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 7146000 | 7070538 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 6920225 | 6875036 |
| Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 6318250 | 6290639 |
| Shaw Development LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.43% (6 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29<sup>†††</sup> | 6104298 | 6011063 |
| Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.62% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR 5,450,000 | 5894268 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 5486216 | 5377150 |
| Packers Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 9057296 | 5196624 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 12220919 | 5071682 |
| Elvis UK HoldCo Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (3 Month EURIBOR + 3.43%, Rate Floor: 3.43%) due 10/19/28 | EUR 4,650,000 | 5020752 |
| Accuride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 03/07/30<sup>†††</sup> | 2444894 | 4710690 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/17/28 | 4425309 | 4414246 |
| Parts Europe SA |  |  |
| &nbsp;&nbsp;&nbsp;5.95% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/03/31 | EUR 3,550,000 | 3834968 |
| Tacala Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/31 | 3565579 | 3560016 |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |
| &nbsp;&nbsp;&nbsp;8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 04/03/25 | 4572797 | 3484471 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/21/32 | 3364624 | 3347801 |
| Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.74% (3 Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 2992463 | 2982738 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.90% (3 Month Term SOFR + 1.50%, Rate Floor: 5.90%) (in-kind rate was 5.00%) due 05/03/29<sup>9</sup> | 2821027 | 2454293 |
| Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 2250000 | 2241563 |
| SHO Holding I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.94% (1 Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29<sup>†††</sup> | 1690162 | 1677422 |
| &nbsp;&nbsp;&nbsp;11.44% (1 Month Term SOFR + 2.00%, Rate Floor: 6.44%) (in-kind rate was 5.00%) due 06/30/29<sup>†††,9</sup> | 622113 | 547460 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/22/31 | 2210000 | 2205867 |
| Dealer Tire LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/02/31 | 1795986 | 1784761 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Checkers Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;13.70% (6 Month Term SOFR + 3.00%, Rate Floor: 7.70%) (in-kind rate was 6.00%) due 06/16/28<sup>†††,9</sup> | 1323297 | $1323297 |
| &nbsp;&nbsp;&nbsp;11.70% (6 Month Term SOFR + 3.00%, Rate Floor: 7.70%) (in-kind rate was 4.00%) due 06/16/27<sup>†††,9</sup> | 182267 | 182267 |
| BIFM CA Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/31/28 | 1271813 | 1270757 |
| TMF Sapphire Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 05/03/28 | 575000 | 570210 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;5.36% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 03/27/28 | EUR 370,000 | 398488 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28 | 750000 | 186750 |
| **Total Consumer, Cyclical** |  | 490947066 |
| **Industrial - 3.8%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.61% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | EUR 16,400,000 | 17303322 |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 4000000 | 3811000 |
| Total Webhosting Solutions B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.86% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/04/31 | EUR 18,000,000 | 19454063 |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 17728123 | 17637412 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (6 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/09/32 | 17529750 | 17491360 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 9089510 | 8945623 |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28<sup>†††</sup> | 8224121 | 8059638 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 7692498 | 7599573 |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 7660000 | 7566165 |
| Arcline FM Holdings, LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 06/23/28 | 13976175 | 13885329 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 12975536 | 12866023 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 11167734 | 10995528 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 10406179 | 10371526 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 10250000 | 10173125 |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 10007285 | 9401444 |
| Inspired Finco Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.61% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/28/31 | EUR 5,385,185 | 5784427 |
| &nbsp;&nbsp;&nbsp;due 02/05/31 | EUR 1,543,210 | 1657619 |
| &nbsp;&nbsp;&nbsp;5.61% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 02/05/31 | EUR 771,605 | 828809 |
| DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 7851048 | 7824040 |
| Boluda Towage S.L. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 01/31/30 | EUR 7,215,385 | 7819569 |
| Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.29% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 8118000 | 7360347 |
| Valcour Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 1.50%, Rate Floor: 5.91%) (in-kind rate was 2.25%) due 10/04/28<sup>9</sup> | 4217771 | 3565324 |
| &nbsp;&nbsp;&nbsp;9.57% (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28 | 3454560 | 3466893 |
| DG Investment Intermediate Holdings 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.19% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/31/28 | 7044305 | 6991472 |
| PointClickCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/03/31 | 6151210 | 6132018 |
| Integrated Power Services Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.94% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28<sup>†††</sup> | 6089327 | 6073467 |
| Apave S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.89% (6 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/09/31 | EUR 4,850,000 | 5287712 |
| Climater Bidco II |  |  |
| &nbsp;&nbsp;&nbsp;due 02/20/32 | EUR 4,700,000 | 5086030 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.82% (1 Month SOFR + 4.00%, Rate Floor: 4.50%) due 10/27/31 | 3167063 | 3161140 |
| &nbsp;&nbsp;&nbsp;6.78% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/25/29 | EUR 1,450,000 | 1569691 |
| Anchor Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/18/29 | 4666550 | 4659737 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 4372736 | 4355551 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| NA Rail HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/26/32 | 4350000 | $4350000 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 4400000 | 4246000 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27 | 4174227 | 4155109 |
| FCG Acquisitions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28 | 4021843 | 3987899 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 4000000 | 3960000 |
| TK Elevator Midco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.16% (6 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 01/29/27<sup>†††</sup> | EUR 3,771,382 | 3953676 |
| MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 3574182 | 3504199 |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.80% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31 | 3584470 | 3391303 |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 2089500 | 2068229 |
| &nbsp;&nbsp;&nbsp;6.93% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 1255315 | 1241908 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 3100907 | 3078456 |
| Cube A&D Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.79% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/17/31 | 2775000 | 2751884 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 1389170 | 1380099 |
| &nbsp;&nbsp;&nbsp;6.81% ((1 Month Term SOFR + 2.50%) and (3 Month Term SOFR + 2.50%), Rate Floor: 3.00%) due 07/01/31 | 1240641 | 1232117 |
| Vista Management Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/26/31 | 2250000 | 2233125 |
| ILPEA Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.33% (1 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 06/22/28 | 2057191 | 2045630 |
| Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 1393000 | 1389949 |
| &nbsp;&nbsp;&nbsp;due 09/26/31 | 125000 | 124726 |
| Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/16/29 | 1366150 | 1364866 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 1296750 | 1255072 |
| Service Logic Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 10/29/27 | 1250000 | 1245313 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 990000 | 976694 |
| API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.56% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 483528 | 483528 |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27<sup>†††</sup> | 280567 | 280567 |
| Pro Mach Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 08/31/28 | 600000 | 598020 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.17% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 497494 | 457819 |
| Gulfside Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 06/17/31 | 363422 | 359788 |
| **Total Industrial** |  | 313300953 |
| **Financial - 3.4%** |  |  |
| Cegid Group |  |  |
| &nbsp;&nbsp;&nbsp;5.86% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/30 | EUR 10,000,000 | 10753706 |
| &nbsp;&nbsp;&nbsp;5.86% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 07/10/28 | EUR 9,725,000 | 10459348 |
| Higginbotham Insurance Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.83% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>†††</sup> | 20775970 | 20631962 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month EURIBOR + 3.63%, Rate Floor: 3.63%) due 02/15/31 | EUR 13,600,000 | 14582067 |
| &nbsp;&nbsp;&nbsp;7.04% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/15/31 | 5670000 | 5592038 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>†††</sup> | 19150000 | 19128789 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.43% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 11392822 | 11340642 |
| &nbsp;&nbsp;&nbsp;6.34% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/29 | EUR 7,000,000 | 7505476 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 15273250 | 15058508 |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 3072855 | 3041573 |

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 16591405 | $16436607 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 15998108 | 15963232 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 13829530 | 13717234 |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 11423944 | 11327526 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 10628875 | 10560212 |
| Duff & Phelps |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27 | 6080169 | 5756522 |
| &nbsp;&nbsp;&nbsp;6.36% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/09/27 | EUR 2,976,563 | 3043882 |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.71% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 7,500,000 | 8121767 |
| Sandy Bidco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.26% (6 Month EURIBOR + 3.85%, Rate Floor: 3.85%) due 08/17/29 | EUR 7,050,000 | 7502936 |
| Pex Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.97% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/26/31 | 6300000 | 6252750 |
| Quimper AB |  |  |
| &nbsp;&nbsp;&nbsp;6.43% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/31/30 | EUR 5,600,000 | 6066556 |
| Cross Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/31/31 | 5813721 | 5806454 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 5700000 | 5639466 |
| Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 5565229 | 5528109 |
| Amwins Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 4289250 | 4251548 |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 3947251 | 3924554 |
| Apleona Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 04/28/28 | EUR 3,200,000 | 3462829 |
| OEG Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31 | 3412850 | 3404318 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 3177375 | 3163490 |
| Alter Domus |  |  |
| &nbsp;&nbsp;&nbsp;7.79% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/30/31 | 3137934 | 3139629 |
| Cervantes Bidco S.L.U. |  |  |
| &nbsp;&nbsp;&nbsp;6.46% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 10/30/31 | EUR 2,800,000 | 3034853 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 2992500 | 2969129 |
| Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30 | 2394000 | 2390840 |
| Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 2194500 | 2177361 |
| Howden Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 02/15/31 | EUR 2,000,000 | 2157515 |
| Hyperion Refinance SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/15/31 | 1845375 | 1830243 |
| Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 1250000 | 1249225 |
| **Total Financial** |  | 276972896 |
| **Technology - 3.1%** |  |  |
| Sitecore Holding III A/S |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 3.58%, Rate Floor: 5.73%) (in-kind rate was 4.33%) due 03/12/29<sup>†††,9</sup> | 14627164 | 14519035 |
| &nbsp;&nbsp;&nbsp;9.01% (3 Month EURIBOR + 3.50%, Rate Floor: 4.76%) (in-kind rate was 4.25%) due 03/12/29<sup>†††,9</sup> | EUR 10,221,425 | 10979185 |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 20580200 | 19731267 |
| Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (2 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/25/31<sup>†††</sup> | GBP 12,072,000 | 15486187 |
| &nbsp;&nbsp;&nbsp;9.68% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31<sup>†††</sup> | 3430000 | 3405873 |
| Visma AS |  |  |
| &nbsp;&nbsp;&nbsp;6.08% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/28<sup>†††</sup> | EUR 16,296,596 | 17546925 |
| Aston FinCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.23% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26 | GBP 12,514,613 | 15217853 |
| Team.Blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 09/30/29 | EUR 7,500,000 | 8087599 |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 03/30/28 | EUR 6,506,144 | 7015878 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 14213146 | $14042589 |
| Precise Midco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/15/30 | EUR 11,400,000 | 12282417 |
| Wrench Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28 | 12870000 | 12194325 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 8670000 | 8508911 |
| &nbsp;&nbsp;&nbsp;6.11% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/30/31 | EUR 3,311,165 | 3562736 |
| Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/14/32 | 11475000 | 11302875 |
| Kaseya, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/05/32 | 10650000 | 10603459 |
| Kerridge Commercial Systems Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.71% (3 Month GBP SONIA + 5.25%, Rate Floor: 6.00%) due 09/07/30<sup>†††</sup> | GBP 7,997,768 | 10177380 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 10393950 | 10051781 |
| Leia Finco US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.54% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 10065000 | 9951769 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/15/31 | 7645000 | 7645000 |
| Finastra |  |  |
| &nbsp;&nbsp;&nbsp;11.43% (6 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29 | 7592310 | 7592310 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.69% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/04/26<sup>†††</sup> | 5775478 | 5605471 |
| &nbsp;&nbsp;&nbsp;6.11% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/02/28 | EUR 994,845 | 1006128 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/13/32 | 5700000 | 5638725 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 4977824 | 4952039 |
| Azalea TopCo |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/30/31 | 3910350 | 3886731 |
| E2open LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/04/28 | 1271700 | 1268000 |
| Central Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29 | 1462650 | 1251663 |
| Redhalo Midco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.11% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/24/31 | EUR 1,000,000 | 1084093 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 03/30/29 | 733373 | 725870 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.28% ((3 Month Term SOFR + 4.00%) and (6 Month Term SOFR + 4.00%), Rate Floor: 4.50%) due 11/17/29 | 432692 | 411464 |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 02/15/29 | 340000 | 335220 |
| Finastra USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.43% (6 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29<sup>†††</sup> | 242894 | 220632 |
| **Total Technology** |  | 256291390 |
| **Consumer, Non-cyclical - 3.0%** |  |  |
| Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 34083687 | 33968144 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.89% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 30205607 | 27808188 |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/21/30 | EUR 16,147,239 | 17440801 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 16550808 | 16530120 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 17249255 | 16340909 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27 | 14943606 | 14257097 |
| LaserAway Intermediate Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.31% (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27 | 12127162 | 11611757 |
| Domidep |  |  |
| &nbsp;&nbsp;&nbsp;6.55% (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 10/30/29 | EUR 10,200,000 | 11036000 |
| Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 03/15/31 | 9900000 | 9831987 |
| Artisan Newco B.V. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/18/32 | EUR 8,825,000 | 9496162 |
| Rainbow Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.70% (6 Month GBP SONIA + 4.25%, Rate Floor: 4.25%) due 02/26/29 | GBP 7,250,000 | 9338502 |
| Eyecare Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.00% (3 Month Term SOFR + 1.00%, Rate Floor: 5.39%) (in-kind rate was 3.61%) due 11/30/28<sup>9</sup> | 8963825 | 6980578 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;10.04% (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28 | 2100649 | $2130583 |
| CHG PPC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 9029255 | 9006682 |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 8030250 | 7876310 |
| Florida Food Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28 | 8623100 | 7227279 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/07/31 | 6811343 | 6811343 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 5147338 | 5139823 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 05/06/31 | 4328277 | 4322867 |
| Aenova Holding Gmbh |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 08/22/31 | EUR 4,000,000 | 4293388 |
| VC GB Holdings I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/21/28 | 4107545 | 3969449 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 3200000 | 3176128 |
| Resonetics LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/18/31 | 2517388 | 2500622 |
| Affidea |  |  |
| &nbsp;&nbsp;&nbsp;6.42% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/22/29 | EUR 2,000,000 | 2155654 |
| Culligan |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 1636724 | 1619915 |
| Medical Solutions Parent Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.89% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 2206417 | 1407694 |
| Bowtie Germany Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/01/31 | EUR 1,000,000 | 1078076 |
| Lyons Magnus |  |  |
| &nbsp;&nbsp;&nbsp;10.54% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 05/10/27 | 871378 | 810382 |
| Weber-Stephen Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 10/30/27 | 412250 | 400295 |
| Moran Foods LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.65% (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26<sup>†††</sup> | 1052019 | 277810 |
| TGP Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28 | 211534 | 192470 |
| **Total Consumer, Non-cyclical** |  | 249037015 |
| **Communications - 0.9%** |  |  |
| Syndigo LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.07% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27 | 21927139 | 21844912 |
| Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/10/31 | EUR 5,700,000 | 6161995 |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 5700000 | 5685750 |
| FirstDigital Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/17/26<sup>†††</sup> | 10391750 | 10157149 |
| MasOrange Finco Plc |  |  |
| &nbsp;&nbsp;&nbsp;due 03/20/31 | EUR 5,900,000 | 6314232 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 6146447 | 5708513 |
| Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.83% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 5668625 | 5616304 |
| UFC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.58% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/31 | 4350000 | 4336385 |
| Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 3620762 | 2828720 |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 1.50%, Rate Floor: 6.05%) (in-kind rate was 3.50%) due 10/23/29<sup>9</sup> | 1013555 | 979348 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 | 2090000 | 2061910 |
| **Total Communications** |  | 71695218 |
| **Energy - 0.3%** |  |  |
| BANGL LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29 | 13582134 | 13599111 |
| Par Petroleum LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 | 8928857 | 8754030 |
| Bip PipeCo Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 | 3557189 | 3543102 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 2255101 | 2254154 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Permian Production Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;12.44% (1 Month Term SOFR + 6.00%, Rate Floor: 10.44%) (in-kind rate was 2.00%) due 11/24/25<sup>†††,9</sup> | 694947 | $| 687998 |
| **Total Energy** |  |  | 28838395 |
| **Basic Materials - 0.3%** |  |  |  |
| Lummus Technology Holdings V LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 12/31/29 | 5785500 |  | 5766929 |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.30% (3 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 5221215 |  | 5322403 |
| Arsenal AIC Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 5146019 |  | 5100991 |
| Discovery Purchaser Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 3447500 |  | 3409784 |
| Eden S.A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.86% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/22/29 | EUR 1,500,000 |  | 1624353 |
| Schur Flexibles GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27 | EUR 787,500 |  | 462308 |
| **Total Basic Materials** |  |  | 21686768 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,725,570,530) | &nbsp;&nbsp;&nbsp;(Cost $1,725,570,530) |  | 1708769701 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.0%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 20.0%** |
| **Collateralized Loan Obligations - 11.2%** |  |  |  |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A CR, 7.36% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 10/15/33<sup>◊,4</sup> | 35000000 |  | 35051055 |
| &nbsp;&nbsp;&nbsp;2021-9A DR, 8.51% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33<sup>◊,4</sup> | 7750000 |  | 7763128 |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,4</sup> | 2950000 |  | 2955751 |
| FS Rialto |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 D, 6.93% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 11/16/36<sup>◊,4</sup> | 36500000 |  | 36082714 |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 7.23% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 05/16/38<sup>◊,4</sup> | 8850000 |  | 8521633 |
| Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A B, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/30<sup>◊,4</sup> | 26200000 |  | 26046146 |
| &nbsp;&nbsp;&nbsp;2021-3A C, 7.06% (3 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 07/20/29<sup>◊,4</sup> | 8300000 |  | 8303464 |
| &nbsp;&nbsp;&nbsp;2022-1A C, 6.90% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 04/15/30<sup>◊,4</sup> | 3400000 |  | 3397943 |
| BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 C, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.76%) due 02/15/38<sup>◊,4</sup> | 15640000 |  | 15477164 |
| &nbsp;&nbsp;&nbsp;2020-FL2 D, 6.38% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 02/15/38<sup>◊,4</sup> | 8000000 |  | 7362661 |
| &nbsp;&nbsp;&nbsp;2020-FL3 D, 7.23% (1 Month Term SOFR + 2.91%, Rate Floor: 2.91%) due 11/15/37<sup>◊,4</sup> | 7350000 |  | 6960156 |
| LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE6 D, 7.28% (1 Month Term SOFR + 2.96%, Rate Floor: 2.85%) due 11/15/38<sup>◊,4</sup> | 11300000 |  | 11217107 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36<sup>◊,4</sup> | 8250000 |  | 8209869 |
| &nbsp;&nbsp;&nbsp;2022-CRE7 D, 7.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/17/37<sup>◊,4</sup> | 6400000 |  | 6374934 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 C, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.46%) due 07/15/36<sup>◊,4</sup> | 3400000 |  | 3389802 |
| LCCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 7.03% (1 Month Term SOFR + 2.71%, Rate Floor: 2.71%) due 11/15/38<sup>◊,4</sup> | 28865000 |  | 28588283 |
| Fontainbleau Vegas |  |  |  |
| &nbsp;&nbsp;&nbsp;9.97% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/26<sup>◊,†††</sup> | 26499999 |  | 26499999 |
| Cerberus Loan Funding XLVII LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A C, 6.85% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 07/15/36<sup>◊,4</sup> | 20150000 |  | 20296730 |
| &nbsp;&nbsp;&nbsp;2024-3A D, 8.65% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36<sup>◊,4</sup> | 3900000 |  | 3959143 |
| Cerberus Loan Funding XLIV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A C, 8.50% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36<sup>◊,4</sup> | 22800000 |  | 23008670 |
| FS Rialto Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL9 C, 6.96% (1 Month Term SOFR + 2.64%, Rate Floor: 2.65%) due 10/19/39<sup>◊,4</sup> | 10450000 |  | 10452109 |
| &nbsp;&nbsp;&nbsp;2025-FL10 C, 6.45% (1 Month Term SOFR + 2.15%, Rate Floor: 2.15%) due 08/19/42<sup>◊,4</sup> | 9800000 |  | 9655503 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 6.15% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,4</sup> | 1500000 |  | 1480474 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 143

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Cerberus Loan Funding XLII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A C, 8.46% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35<sup>◊,4</sup> | 21550000 | $21550724 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37<sup>◊,4</sup> | 21000000 | 21041347 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A CR, 6.76% (3 Month Term SOFR + 2.46%, Rate Floor: 0.00%) due 07/15/29<sup>◊,4</sup> | 21000000 | 21005972 |
| Golub Capital Partners CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A C, 6.67% (3 Month Term SOFR + 2.36%, Rate Floor: 0.00%) due 02/05/31<sup>◊,4</sup> | 20000000 | 20002550 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36<sup>◊,4</sup> | 19975000 | 19555181 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.00%) due 03/15/36<sup>◊,4</sup> | 18425000 | 17885654 |
| &nbsp;&nbsp;&nbsp;2021-FL7 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 12/15/38<sup>◊,4</sup> | 1600000 | 1599140 |
| 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 | 18245779 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A D, 8.41% (3 Month Term SOFR + 4.11%, Rate Floor: 4.11%) due 08/26/33<sup>◊,4</sup> | 18100000 | 18100987 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A C, 8.57% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36<sup>◊,4</sup> | 17250000 | 17446704 |
| Cerberus Loan Funding XLV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A C, 7.45% (3 Month Term SOFR + 3.15%, Rate Floor: 3.15%) due 04/15/36<sup>◊,4</sup> | 17150000 | 17360703 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A CR, 8.16% (3 Month Term SOFR + 3.86%, Rate Floor: 3.60%) due 06/07/30<sup>◊,4</sup> | 16500000 | 16502082 |
| &nbsp;&nbsp;&nbsp;2013-1A INC, due 10/15/30<sup>4,10</sup> | 28970307 | 704558 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 B, 6.38% (1 Month Term SOFR + 2.05%, Rate Floor: 2.05%) due 09/18/42<sup>◊,4</sup> | 17100000 | 17064459 |
| RR 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A SUB, due 04/15/38<sup>4,10,11</sup> | 18750000 | 16996082 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A CR, due 04/24/37<sup>◊,4</sup> | 16000000 | 16021299 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-FL3 D, 7.10% (30 Day Average SOFR + 2.75%, Rate Floor: 2.75%) due 11/15/38<sup>◊,4</sup> | 11900000 | 11134806 |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 7.23% (1 Month Term SOFR + 2.91%, Rate Floor: 2.80%) due 04/18/38<sup>◊,4</sup> | 3750000 | 3686513 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A BR, 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/15/36<sup>◊,4</sup> | 14200000 | 14216473 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A DR, 7.64% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37<sup>◊,4</sup> | 13500000 | 13556658 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A D, 8.19% (3 Month Term SOFR + 3.90%, Rate Floor: 3.90%) due 10/20/36<sup>◊,4</sup> | 13050000 | 13063847 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A BR, 6.02% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/38<sup>◊,4</sup> | 12900000 | 12859636 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A C, 8.70% (3 Month Term SOFR + 4.40%, Rate Floor: 4.40%) due 03/22/35<sup>◊,4</sup> | 12750000 | 12769302 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.82% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/22/37<sup>◊,4</sup> | 12550000 | 12574804 |
| Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-32A DR, 7.26% (3 Month Term SOFR + 2.96%, Rate Floor: 2.70%) due 01/20/32<sup>◊,4</sup> | 11500000 | 11494332 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A CR, 6.89% (3 Month Term SOFR + 2.60%, Rate Floor: 2.60%) due 10/18/33<sup>◊,4</sup> | 11150000 | 11189944 |
| Octagon 74 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A SUB, due 04/22/38<sup>†††,4,10</sup> | 12750000 | 11028026 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,4</sup> | 11000000 | 10770301 |
| Owl Rock CLO XVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A C, 7.59% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36<sup>◊,4</sup> | 10150000 | 10266913 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A CR, 7.56% (3 Month Term SOFR + 3.26%, Rate Floor: 3.00%) due 04/15/33<sup>◊,4</sup> | 9900000 | 9900755 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A CR2, 7.46% (3 Month Term SOFR + 3.16%, Rate Floor: 2.90%) due 07/25/33<sup>◊,4</sup> | 9300000 | $9312677 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A C, 7.35% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%) due 07/15/36<sup>◊,4</sup> | 8000000 | 8079615 |
| &nbsp;&nbsp;&nbsp;2024-2A D, 9.25% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36<sup>◊,4</sup> | 1000000 | 1015231 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33<sup>◊,4</sup> | 9000000 | 9015770 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A E, due 10/20/38<sup>◊,4</sup> | 8650000 | 8669847 |
| Ballyrock CLO 14 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-14A SUB, due 07/20/37<sup>4,10</sup> | 9750000 | 8120629 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A DR, 7.66% (3 Month Term SOFR + 3.36%, Rate Floor: 3.10%) due 04/20/30<sup>◊,4</sup> | 8100000 | 8102962 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 C, 6.96% (1 Month Term SOFR + 2.64%, Rate Floor: 2.64%) due 07/15/39<sup>◊,4</sup> | 7825000 | 7802406 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A D, 7.56% (3 Month Term SOFR + 3.26%, Rate Floor: 3.26%) due 04/19/33<sup>◊,4</sup> | 7500000 | 7505422 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 D, 7.03% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 12/18/37<sup>◊,4</sup> | 7350000 | 7166250 |
| AGL CLO 35 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-35A SUB, due 01/21/38<sup>4,10</sup> | 7750000 | 6809150 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,4</sup> | 3494745 | 3493971 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.81% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,4</sup> | 3166667 | 3167804 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>4,10</sup> | 2838588 | 24022 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A D, 7.95% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37<sup>◊,4</sup> | 6600000 | 6606417 |
| OCP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-38A SUB, due 01/21/38<sup>4,10</sup> | 8250000 | 6523275 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A C, 7.36% (3 Month Term SOFR + 3.06%, Rate Floor: 2.80%) due 07/23/33<sup>◊,4</sup> | 5900000 | 5908306 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 C, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/17/42<sup>◊,4</sup> | 5750000 | 5714292 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A C2, 7.56% (3 Month Term SOFR + 3.26%, Rate Floor: 3.26%) due 07/20/33<sup>◊,4</sup> | 5550000 | 5558071 |
| 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 | 5499777 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A D, 8.30% (3 Month Term SOFR + 3.85%, Rate Floor: 3.85%) due 10/15/36<sup>◊,4</sup> | 5350000 | 5356672 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 01/17/30<sup>◊,4</sup> | 5200000 | 5191653 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A C, 7.16% (3 Month Term SOFR + 2.86%, Rate Floor: 2.60%) due 09/22/33<sup>◊,4</sup> | 5150000 | 5154975 |
| Hamlin Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A SUB, due 10/20/37<sup>4,10</sup> | 5550000 | 4962810 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-40A D, 7.32% (3 Month Term SOFR + 3.01%, Rate Floor: 2.75%) due 04/16/33<sup>◊,4</sup> | 4050000 | 4038667 |
| Elmwood CLO VI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A ERR, 10.19% (3 Month Term SOFR + 5.90%, Rate Floor: 5.90%) due 07/18/37<sup>◊,4</sup> | 4000000 | 3980122 |
| Elmwood CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-4A ER, 9.02% (3 Month Term SOFR + 4.70%, Rate Floor: 4.70%) due 01/20/38<sup>◊,4</sup> | 3750000 | 3685357 |
| Neuberger Berman Loan Advisers CLO 57 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-57A SUB, due 10/24/38<sup>4,10</sup> | 4250000 | 3572159 |
| Neuberger Berman Loan Advisers CLO 38 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-38A ER2, 8.92% (3 Month Term SOFR + 4.60%, Rate Floor: 4.60%) due 10/20/36<sup>◊,4</sup> | 3500000 | 3438920 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A C, 6.81% (3 Month Term SOFR + 2.51%, Rate Floor: 2.25%) due 01/15/35<sup>◊,4</sup> | 3400000 | 3401834 |
| KREF Funding V LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26<sup>◊,†††</sup> | 2949056 | 2937132 |
| &nbsp;&nbsp;&nbsp;0.15% due 06/25/26<sup>†††,12</sup> | 8240767 | 2884 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 D, 6.58% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 09/17/36<sup>◊,4</sup> | 1600000 | $1588531 |
| &nbsp;&nbsp;&nbsp;2021-FL2 E, 6.88% (1 Month Term SOFR + 2.56%, Rate Floor: 2.56%) due 09/17/36<sup>◊,4</sup> | 1200000 | 1188927 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.50% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,4</sup> | 2750000 | 2722379 |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 C, 6.60% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 08/18/42<sup>◊,4</sup> | 2675000 | 2666580 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 E, 7.03% (1 Month Term SOFR + 2.71%, Rate Floor: 2.60%) due 11/16/38<sup>◊,4</sup> | 2700000 | 2585988 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-11 B, 6.81% (1 Month Term SOFR + 2.49%, Rate Floor: 2.49%) due 09/17/39<sup>◊,4</sup> | 2239942 | 2234819 |
| OHA Credit Partners VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A ER4, 8.82% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/20/38<sup>◊,4</sup> | 2250000 | 2199022 |
| GoldenTree Loan Management US CLO 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A DR, 7.71% (3 Month Term SOFR + 3.41%, Rate Floor: 3.15%) due 04/24/31<sup>◊,4</sup> | 2000000 | 2000791 |
| BNPP IP CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-2A E, 9.80% (3 Month Term SOFR + 5.51%, Rate Floor: 0.00%) due 10/30/25<sup>◊,4</sup> | 5778515 | 1609316 |
| Dryden 50 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-50A SUB, due 07/15/30<sup>4,10</sup> | 7895000 | 1303622 |
| Octagon Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 11/18/31<sup>4,10</sup> | 19435737 | 1046846 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-3A SUB, due 01/14/32<sup>4,10</sup> | 6400000 | 849020 |
| &nbsp;&nbsp;&nbsp;2013-3X SUB, due 10/15/30<sup>10</sup> | 4938326 | 46420 |
| Wind River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A ARR, 5.61% (3 Month Term SOFR + 1.31%, Rate Floor: 1.05%) due 07/18/31<sup>◊,4</sup> | 873113 | 872444 |
| Great Lakes CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 10/15/29<sup>4,10</sup> | 1500000 | 651579 |
| AMMC CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-11A SUB, due 04/30/31<sup>4,10</sup> | 5650000 | 459472 |
| Dryden 41 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2015-41A SUB, due 04/15/31<sup>4,10</sup> | 11700000 | 79292 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A SUB, due 10/20/28<sup>4,10</sup> | 18918010 | 43511 |
| Dryden Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2015-37X, due 01/15/31<sup>10</sup> | 1897598 | 16059 |
| Venture XIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-13A SUB, due 09/10/29<sup>4,10</sup> | 13790000 | 1379 |
| Babson CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-IA SUB, due 07/20/25<sup>4,10</sup> | 11900000 | 1190 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>3,10</sup> | 8150000 | 815 |
| Marathon CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-5A SUB, due 11/21/27<sup>4,10</sup> | 5500000 | 550 |
| **Total Collateralized Loan Obligations** |  | 924637600 |
| **Financial - 2.6%** |  |  |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 34800000 | 32501563 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 34800000 | 32501563 |
| HarbourVest Structured Solutions IV Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26<sup>◊,†††</sup> | 16119734 | 16098657 |
| &nbsp;&nbsp;&nbsp;6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26<sup>◊,†††</sup> | EUR 9,403,421 | 10075587 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> | 9185028 | 9358634 |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 6500000 | 6580357 |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 3801378 | 3629518 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 21383908 | 19492480 |
| Metis Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55 | 17900000 | 17900000 |
| Endo Luxembourg Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;I SARL / Endo US, Inc. 7.40% due 09/30/45<sup>†††</sup> | 17000000 | 17366789 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 13438042 | 13421363 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 8166145 | 8071354 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>3</sup> | 7279083 | 6631475 |
| Thunderbird B |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 7000000 | 6600171 |
| Lightning B |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 03/01/37<sup>†††</sup> | 7000000 | 6600171 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 3683543 | 3671912 |
| Akso Health Group |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 2500000 | 2564170 |
| **Total Financial** |  | 213065764 |
| **Transport-Aircraft - 2.6%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>4</sup> | 13719276 | 14007359 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>4</sup> | 11093414 | 10474807 |
| &nbsp;&nbsp;&nbsp;2021-2A, 3.54% due 01/15/47<sup>4</sup> | 10867334 | 10023066 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>4</sup> | 3746749 | 3597293 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/16/40<sup>4</sup> | 2170727 | 1942861 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2019-2, 3.38% due 10/16/39<sup>4</sup> | 1463200 | $1404726 |
| &nbsp;&nbsp;&nbsp;2019-1, 3.84% due 05/15/39<sup>4</sup> | 299062 | 290119 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>4</sup> | 17789694 | 17302968 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 6.09% due 08/15/49<sup>4</sup> | 14375000 | 14280917 |
| AASET Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>4</sup> | 13951167 | 14078489 |
| GAIA Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 12/15/44<sup>4,13</sup> | 10059365 | 9584009 |
| &nbsp;&nbsp;&nbsp;2019-1, 5.19% due 12/15/44<sup>4,13</sup> | 4716821 | 4272219 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>4</sup> | 8617091 | 8540459 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.42% due 06/15/46<sup>4</sup> | 2756160 | 2557561 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>4</sup> | 10811438 | 10377715 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>4</sup> | 8593357 | 8643063 |
| &nbsp;&nbsp;&nbsp;2021-1A, 6.66% due 01/15/46<sup>4</sup> | 545180 | 544839 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>4</sup> | 396546 | 383103 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.97% due 04/15/39<sup>4</sup> | 4609231 | 4332736 |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>4</sup> | 3933658 | 3815698 |
| JOL Air Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 04/15/44<sup>4</sup> | 8079402 | 7917936 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.43% due 10/15/46<sup>4</sup> | 8478709 | 7839067 |
| AASET |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>4</sup> | 7701946 | 7767830 |
| Labrador Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.30% due 01/15/42<sup>4</sup> | 6978444 | 6786386 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.57% due 11/15/46<sup>4</sup> | 6696218 | 6234773 |
| MACH 1 Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.47% due 10/15/39<sup>4</sup> | 5989889 | 5765807 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>4</sup> | 2516390 | 2428367 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>4</sup> | 2301820 | 2269611 |
| &nbsp;&nbsp;&nbsp;2017-1, 6.30% due 02/15/42<sup>4</sup> | 1064106 | 1042912 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 03/15/40<sup>4</sup> | 5312818 | 4834398 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>4</sup> | 405252 | 384985 |
| Project Silver |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 07/15/44<sup>4</sup> | 4911040 | 4739350 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>4</sup> | 4823785 | 4492873 |
| Sapphire Aviation Finance I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.25% due 03/15/40<sup>4</sup> | 2474651 | 2436888 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>4</sup> | 2053351 | 2022591 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.52% due 06/15/46<sup>4</sup> | 1694117 | 1579163 |
| MAPS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.21% due 05/15/43<sup>4</sup> | 1025168 | 1020070 |
| **Total Transport-Aircraft** |  | 210017014 |
| **Infrastructure - 1.6%** |  |  |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 5.27% due 02/15/52<sup>4</sup> | 39650000 | 38263638 |
| &nbsp;&nbsp;&nbsp;2024-1A, 8.87% due 05/15/54<sup>4</sup> | 5950000 | 6173840 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 8.84% due 05/20/53<sup>4</sup> | 20000000 | 20610690 |
| &nbsp;&nbsp;&nbsp;2021-1, 4.46% due 11/20/51<sup>4</sup> | 11750000 | 11333810 |
| &nbsp;&nbsp;&nbsp;2024-1A, 9.19% due 06/20/54<sup>4</sup> | 7250000 | 7603794 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>4</sup> | 17550000 | 17454124 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>4</sup> | 11550000 | 11142538 |
| Vault DI Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.80% due 07/15/46<sup>4</sup> | 7150000 | 6872956 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.90% due 05/20/53<sup>4</sup> | 3400000 | 3462114 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.04% due 11/20/54<sup>4</sup> | 1850000 | 1866916 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.48% due 08/15/46<sup>4</sup> | 4925000 | 4713397 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, due 04/20/55<sup>4,11</sup> | 2100000 | 2114426 |
| **Total Infrastructure** |  | 131612243 |
| **Net Lease - 0.5%** |  |  |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.95% due 02/15/50<sup>4</sup> | 27799000 | 25079365 |
| CARS-DB7, LP |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.50% due 09/15/53<sup>4</sup> | 11088125 | 11242389 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.55% due 02/20/53<sup>4</sup> | 5919010 | 5774868 |
| **Total Net Lease** |  | 42096622 |
| **Insurance - 0.5%** |  |  |
| Obra Longevity |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 34300000 | 35847710 |
| CHEST |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/43<sup>†††</sup> | 5400000 | 5583162 |
| **Total Insurance** |  | 41430872 |
| **Whole Business - 0.5%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>4</sup> | 17705625 | 18021063 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>4</sup> | 9027375 | 8901856 |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.72% due 06/05/49<sup>4</sup> | 9742590 | 9559398 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.97% due 05/25/46<sup>4</sup> | 2648438 | 2644937 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 3.88% due 03/15/48<sup>4</sup> | 129824 | 125658 |
| **Total Whole Business** |  | 39252912 |
| **Single Family Residence - 0.4%** |  |  |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>4</sup> | 13550000 | 13351319 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>4</sup> | 13250000 | 13083961 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>4</sup> | 8550000 | 8405991 |
| **Total Single Family Residence** |  | 34841271 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| **Collateralized Debt Obligations - 0.1%** |  |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A CR, 3.52% due 04/27/39<sup>4</sup> | 4250000 | $| 3829969 |
| **Unsecured Consumer Loans - 0.0%** |  |  |  |
| Regional Management Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.73% due 04/17/34<sup>4</sup> | 1600000 |  | 1606465 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,656,173,972) | &nbsp;&nbsp;&nbsp;(Cost $1,656,173,972) |  | 1642390732 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 17.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 17.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 17.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 17.6%** |
| **Government Agency - 10.1%** |  |  |  |
| Uniform MBS 30 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>11</sup> | 180775000 |  | 176792888 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/25<sup>11</sup> | 76900000 |  | 76666301 |
| &nbsp;&nbsp;&nbsp;2.50% due 06/01/25<sup>11</sup> | 66960000 |  | 55558922 |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/53 | 101230140 |  | 101428583 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 | 78869278 |  | 82502054 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 33295298 |  | 32678480 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 20982148 |  | 20624613 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 7279280 |  | 7155241 |
| Uniform MBS 15 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>11</sup> | 160110000 |  | 160589209 |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53 | 50454935 |  | 50759767 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 26587480 |  | 26221248 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/53 | 23007937 |  | 22700649 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 18126185 |  | 17817317 |
| **Total Government Agency** |  |  | 831495272 |
| **Residential Mortgage-Backed Securities - 5.8%** |  |  |  |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.51% due 01/25/64<sup>4</sup> | 12495000 |  | 12553660 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.92% (WAC) due 02/25/64<sup>◊,4</sup> | 6901000 |  | 6989373 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>4,13</sup> | 6312461 |  | 6315268 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.62% (WAC) due 01/25/64<sup>◊,4</sup> | 5250000 |  | 5281533 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.80% due 01/25/62<sup>4,13</sup> | 5119693 |  | 5130669 |
| &nbsp;&nbsp;&nbsp;2022-NQM8, 6.10% due 09/25/62<sup>4,13</sup> | 3637840 |  | 3629575 |
| Mill City Securities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 4.00% due 11/01/69<sup>4,13</sup> | 23164000 |  | 20836018 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>4,13</sup> | 8002560 |  | 7457721 |
| JP Morgan Mortgage Acquisition Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/36<sup>◊</sup> | 19684238 |  | 10217458 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7642968 |  | 5688833 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36<sup>◊</sup> | 4516300 |  | 4094315 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.68% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 6775488 |  | 3515207 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.60% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 12/25/36<sup>◊</sup> | 2864914 |  | 1484353 |
| Top Pressure Recovery Turbines |  |  |  |
| &nbsp;&nbsp;&nbsp;7.51% due 11/01/69 | 24499168 |  | 24597165 |
| Verus Securitization Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.66% due 03/25/70<sup>4,13</sup> | 19750000 |  | 19735188 |
| &nbsp;&nbsp;&nbsp;2022-8, 6.13% due 09/25/67<sup>4,13</sup> | 3919579 |  | 3915674 |
| Ameriquest Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.61% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 10/25/36<sup>◊</sup> | 17895735 |  | 9797929 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.68% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 10/25/36<sup>◊</sup> | 30355709 |  | 8806938 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.54% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36<sup>◊</sup> | 12619428 |  | 3661429 |
| FIGRE Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.70% (WAC) due 10/25/54<sup>◊,4</sup> | 7217154 |  | 7205783 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.97% (WAC) due 12/25/54<sup>◊,4</sup> | 4339575 |  | 4354083 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 6.03% (WAC) due 01/25/55<sup>◊,4</sup> | 3711859 |  | 3718899 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.25% (WAC) due 09/25/54<sup>◊,4</sup> | 3414876 |  | 3397017 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.30% (WAC) due 09/25/54<sup>◊,4</sup> | 2937625 |  | 2908033 |
| WaMu Asset-Backed Certificates WaMu Series |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.47%) due 04/25/37<sup>◊</sup> | 22436631 |  | 8132574 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37<sup>◊</sup> | 17096514 |  | 6185235 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 5765333 |  | 4275659 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47<sup>◊</sup> | 1835024 |  | 1051711 |
| Long Beach Mortgage Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.94% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36<sup>◊</sup> | 13212481 |  | 5050148 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 15648745 |  | 4156139 |
| &nbsp;&nbsp;&nbsp;2006-1, 4.82% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 02/25/36<sup>◊</sup> | 3463367 |  | 2959232 |
| &nbsp;&nbsp;&nbsp;2006-4, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 05/25/36<sup>◊</sup> | 9595837 |  | 2794636 |

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

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-6, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 4114207 | $1568132 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.62% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36<sup>◊</sup> | 4240516 | 1121164 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.64% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 07/25/36<sup>◊</sup> | 2381627 | 905984 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 30674404 | 6742265 |
| &nbsp;&nbsp;&nbsp;2007-QO2, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47<sup>◊</sup> | 12637606 | 3837270 |
| &nbsp;&nbsp;&nbsp;2006-QO8, 4.84% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 10/25/46<sup>◊</sup> | 2436968 | 2341984 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.90% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 06/25/46<sup>◊</sup> | 7981062 | 1797575 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.96% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 06/25/46<sup>◊</sup> | 5035370 | 1149930 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.98% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46<sup>◊</sup> | 5947913 | 1046219 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 5.12% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46<sup>◊</sup> | 3182638 | 560482 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.88% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 213333 | 36910 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.71% due 03/25/70<sup>4,13</sup> | 14673102 | 14690403 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.65% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 12/25/46<sup>◊</sup> | 6514778 | 5561606 |
| &nbsp;&nbsp;&nbsp;2006-1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/46<sup>◊</sup> | 5271325 | 4779316 |
| &nbsp;&nbsp;&nbsp;2006-3, 5.58% (1 Year CMT Rate + 0.94%, Rate Floor: 0.94%) due 10/25/46<sup>◊</sup> | 4597237 | 3007990 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 7.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,4</sup> | 12764992 | 12780227 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2007-AMC3, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37<sup>◊</sup> | 8734110 | 7460419 |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>4,13</sup> | 5237330 | 5239531 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.66% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 11/25/36<sup>◊</sup> | 20626250 | 6564975 |
| &nbsp;&nbsp;&nbsp;2006-2, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 18137809 | 5773031 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>4,13</sup> | 11537239 | 11452530 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE8, 4.66% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 10/25/36<sup>◊</sup> | 18000043 | 7820144 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.64% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 09/25/36<sup>◊</sup> | 4129931 | 1418778 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.67% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 02/25/37<sup>◊</sup> | 3612620 | 1142396 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM5, 5.71% due 08/25/67<sup>4,13</sup> | 7862837 | 7825913 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.60% due 11/25/67<sup>4,13</sup> | 2469320 | 2471668 |
| GSAMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46<sup>◊</sup> | 16760792 | 8368908 |
| Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36<sup>◊</sup> | 9635248 | 3236520 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 4.64% (1 Month Term SOFR + 0.31%, Rate Floor: 0.20%) due 08/25/36<sup>◊</sup> | 9014043 | 2687214 |
| &nbsp;&nbsp;&nbsp;2006-HE3, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7578657 | 2259381 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,4</sup> | 8650000 | 8106598 |
| IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.60% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37<sup>◊</sup> | 22714345 | 4668797 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.67% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37<sup>◊</sup> | 16092794 | 3307592 |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 6.00% (WAC) due 10/01/34<sup>◊,4</sup> | 8000000 | 7956656 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 6.41% due 08/25/29<sup>4,13</sup> | 7487381 | 7501623 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-3, 5.04% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 9296310 | 4492305 |

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

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-9, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36<sup>◊</sup> | 6880718 | $1759906 |
| &nbsp;&nbsp;&nbsp;2007-7, 4.98% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 216813 | 207354 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS2, 4.75% due 04/25/61<sup>4,13</sup> | 6346185 | 6339077 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>4,13</sup> | 6300000 | 6316267 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 5.12% due 05/25/65<sup>4,13</sup> | 6134734 | 6123733 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>4,13</sup> | 6000000 | 5896351 |
| Argent Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-W5, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 8054846 | 5250562 |
| First NLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/37<sup>◊,4</sup> | 5975158 | 2961422 |
| &nbsp;&nbsp;&nbsp;2007-1, 4.51% (1 Month Term SOFR + 0.18%, Rate Floor: 0.07%) due 08/25/37<sup>◊,4</sup> | 4531154 | 2245899 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 5342845 | 5086940 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47<sup>◊</sup> | 5463571 | 5001441 |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-18N, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36<sup>◊</sup> | 3009672 | 2907775 |
| &nbsp;&nbsp;&nbsp;2006-10N, 4.86% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46<sup>◊</sup> | 1984398 | 1808586 |
| Merrill Lynch Mortgage Investors Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.86% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37<sup>◊</sup> | 6568426 | 1840332 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.96% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37<sup>◊</sup> | 4754599 | 1332075 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.68% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 02/25/37<sup>◊</sup> | 3780394 | 1059242 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 5.28% (1 Month Term SOFR + 0.95%, Rate Floor: 0.84%) due 02/25/37<sup>◊</sup> | 1538377 | 430928 |
| WaMu Asset-Backed Certificates WaMu Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.90% (1 Month Term SOFR + 0.57%, Rate Floor: 0.57%) due 01/25/37<sup>◊</sup> | 6690784 | 3002763 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 2570061 | 1472787 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 7.12% (WAC) due 11/25/53<sup>◊,4</sup> | 3962530 | 4101817 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-ASP1, 5.20% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 03/25/37<sup>◊</sup> | 10072012 | 4025173 |
| HSI Asset Securitization Corporation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 01/25/37<sup>◊</sup> | 5382315 | 3825461 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,4</sup> | 3700000 | 3704178 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 5.48% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 3329868 | 2774053 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-FF16, 4.86% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36<sup>◊</sup> | 6852542 | 2769720 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-9AR, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 08/25/36<sup>◊</sup> | 7686390 | 1788213 |
| Alliance Bancorp Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 1695979 | 1491623 |
| Nomura Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 3.07% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,4</sup> | 777551 | 752264 |
| Morgan Stanley Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 16.90% due 06/26/36<sup>4</sup> | 362855 | 347191 |
| **Total Residential Mortgage-Backed Securities** |  | 478203024 |
| **Commercial Mortgage-Backed Securities - 1.4%** |  |  |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.76% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 07/15/29<sup>◊,4</sup> | 20650000 | 20443500 |

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;2023-DELC, 7.66% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38<sup>◊,4</sup> | 10650000 | $| 10669937 |
| BX Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,4</sup> | 20650000 |  | 20367401 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.91% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39<sup>◊,4</sup> | 6500000 |  | 6495938 |
| BXHPP Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,4</sup> | 21644000 |  | 19937552 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 7.33% (1 Month Term SOFR + 3.00%, Rate Floor: 2.64%) due 06/15/38<sup>◊,4</sup> | 15000000 |  | 12880485 |
| SMRT |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.27% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,4</sup> | 10000000 |  | 9794474 |
| GS Mortgage Securities Corporation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 7.09% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36<sup>◊,4</sup> | 6779433 |  | 6511523 |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 6.49% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36<sup>◊,4</sup> | 2539978 |  | 2464977 |
| MHP |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 6.93% (1 Month Term SOFR + 2.61%, Rate Floor: 2.61%) due 01/15/39<sup>◊,4</sup> | 8204525 |  | 8132736 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 117698523 |
| **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>◊,3,12</sup> | 132459022 |  | 7599704 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/52<sup>◊,3,12</sup> | 146770070 |  | 6993212 |
| &nbsp;&nbsp;&nbsp;2007-AET2, 6.06% due 10/10/52<sup>†††,4</sup> | 5367694 |  | 5155596 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,12</sup> | 62155280 |  | 3526193 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 10/25/52<sup>◊,12</sup> | 22076504 |  | 1266617 |
| **Total Military Housing** |  |  | 24541322 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,595,087,810) | &nbsp;&nbsp;&nbsp;(Cost $1,595,087,810) |  | 1451938141 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 4.4%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/27<sup>14</sup> | 360000000 |  | 362264062 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $359,531,908) |  |  | 362264062 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 2.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 04/01/25<sup>15</sup> | 72705000 |  | 72705000 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>15</sup> | 68040000 |  | 68040000 |
| &nbsp;&nbsp;&nbsp;4.24% due 04/01/25<sup>15</sup> | 51620000 |  | 51620000 |
| &nbsp;&nbsp;&nbsp;4.12% due 04/22/25<sup>15</sup> | 6045000 |  | 6030012 |
| &nbsp;&nbsp;&nbsp;4.05% due 04/03/25<sup>15</sup> | 6025000 |  | 6023580 |
| &nbsp;&nbsp;&nbsp;4.24% due 04/03/25<sup>15</sup> | 410000 |  | 409903 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $204,828,600) |  |  | 204828495 |
| **CONVERTIBLE BONDS<sup>††</sup>** **- 0.3%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.3%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.3%** | **CONVERTIBLE BONDS<sup>††</sup>** **- 0.3%** |
| **Consumer, Non-cyclical - 0.2%** |  |  |  |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 05/01/26<sup>16</sup> | 21951000 |  | 20820524 |
| **Communications - 0.1%** |  |  |  |
| Cable One, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;due 03/15/26<sup>16</sup> | 5750000 |  | 5448125 |
| **Total Convertible Bonds** | **Total Convertible Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,138,995) | &nbsp;&nbsp;&nbsp;(Cost $26,138,995) |  | 26268649 |
| **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%** |  |  |  |
| Schur Flexibles GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;12.10% due 09/30/26 | EUR 438,970 |  | 403770 |
| &nbsp;&nbsp;&nbsp;7.88% due 09/30/26 | EUR 297,969 |  | 274076 |
| &nbsp;&nbsp;&nbsp;12.05% due 09/30/26 | EUR 295,269 |  | 271593 |
| &nbsp;&nbsp;&nbsp;12.05% due 09/30/26 | 2901 |  | 2466 |
| **Total Industrial** |  |  | 951905 |
| **Total Senior Fixed Rate Interests** | **Total Senior Fixed Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,071,498) | &nbsp;&nbsp;&nbsp;(Cost $1,071,498) |  | 951905 |
| **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,17</sup>** **- 0.6%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.35% due 04/01/25 | 13449891 |  | 13449891 |
| BNP Paribas | BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.38% due 04/01/25 | 12227174 |  | 12227174 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.36% due 04/01/25 | 12227174 |  | 12227174 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.33% due 04/01/25 | 9781739 |  | 9781739 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,685,978) |  |  | 47685978 |

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

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts/<br> Notional Value** | **Value** |
| **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** | **OTC OPTIONS PURCHASED<sup>††</sup>** **- 0.0%** |
| **Put Options on:** |  |  |
| **Foreign Exchange Options** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $87,953,124) | EUR 81,423,000 | $347636 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $87,953,125) | EUR 81,423,000 | 347636 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $61,565,999) | EUR 56,995,000 | 245632 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $29,057,380) | EUR 26,900,000 | 115932 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $26,384,965) | EUR 24,426,000 | 105269 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $4,785,286) | EUR 4,430,000 | 19092 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,795,598) |  | 1181197 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** |
| **Call Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% | USD 230,580,000 | 4819237 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% | USD 123,530,000 | 2645288 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% | USD 123,530,000 | 2645288 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $206,390,925) | GBP 159,900,000 | 1202806 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $190,643,775) | GBP 147,700,000 | 840300 |
| **Total Interest Rate Swaptions** |  | 12152919 |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $206,390,925) | GBP 159,900,000 | 315385 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $190,643,775) | GBP 147,700,000 | 148612 |
| **Total Interest Rate Swaptions** |  | 463997 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,137,534) |  | 12616916 |
| **Total Investments - 106.7%** | **Total Investments - 106.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,106,932,787) | &nbsp;&nbsp;&nbsp;(Cost $9,106,932,787) | $8781678452 |
| **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;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $190,643,775) | GBP 147,700,000 | (332405) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $206,390,925) | GBP 159,900,000 | (675720) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% | USD 123,530,000 | (1291258) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% | USD 123,530,000 | (1291258) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% | USD 230,580,000 | (2343474) |
| **Total Interest Rate Swaptions** |  | (5934115) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts/<br> Notional Value** | **Value** |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $190,643,775) | GBP 147,700,000 | $(446975) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $206,390,925) | GBP 159,900,000 | (980264) |
| **Total Interest Rate Swaptions** |  | (1427239) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $4,505,836) |  | (7361354) |
| **Other Assets & Liabilities, net - (6.6)%** | **Other Assets & Liabilities, net - (6.6)%** | (542188574) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8232128524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 432 | Mar 2027 | $104317200 | $589610 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation <br> (Depreciation)\*\*** |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $34077000 | $1800237 | $1603885 | $196352 |
| J.P. Morgan Securities LLC<br> ICE | CDX.NA.HY.43.V1 | 5.00% | Quarterly | 12/20/29 | 6989000 | 373074 | 496382 | (123308) |
|  |  |  |  |  |  | $2173311 | $2100267 | $73044 |

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

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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> Appreciation <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $27695000 | $(169210) | $(1662929) | $1493719 |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 27695000 | (3439450) | (3974946) | 535496 |
|  |  |  |  |  |  | $(3608660) | $(5637875) | $2029215 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*** |
| J.P. Morgan Securities LLC<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.75% | Annually | 08/01/29 | $152530000 | $467916 | $811 | $467105 |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.55% | Annually | 03/14/54 | 3060000 | 152280 | 293 | 151987 |
| J.P. Morgan Securities LLC<br> CME | Receive | U.S. Secured Overnight Financing Rate | 4.05% | Annually | 01/31/30 | 102300000 | (1681914) | 687 | (1682601) |
|  |  |  |  |  |  |  | $(1061718) | $1791 | $(1063509) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 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>** |
| Morgan Stanley Capital Services LLC | Markit iBoxx USD Liquid Leveraged Loans Total Return Index | Pay | 4.36% (SOFR) | At Maturity | 09/20/25 | N/A | $151150000 | $(903150) |
| **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 | 4.97% (Federal <br> Funds Rate + <br> 0.64%) | At Maturity | 06/02/25 | 74100 | 41450799 | 4347536 |
| **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 | 3.33% (Federal <br> Funds Rate - <br> 1.00%) | At Maturity | 04/11/25 | 252444 | 38934401 | 1934401 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES 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>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** |
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract <br> Amount** | **Contract <br> Amount** | **Settlement <br> Date** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | EUR | Sell | 468570000 | 513247287 | USD | 04/15/25 | $5832868 |
| Barclays Bank plc | GBP | Sell | 73873000 | 95732242 | USD | 04/15/25 | 297766 |
| Barclays Bank plc | EUR | Sell | 5300000 | 5740351 | USD | 04/15/25 | 981 |
| Goldman Sachs International | GBP | Buy | 190000 | 246241 | USD | 04/15/25 | (786) |
| Morgan Stanley Capital Services LLC | CAD | Sell | 5545000 | 3855045 | USD | 04/15/25 | (2265) |
| Bank of America, N.A. | EUR | Sell | 2465000 | 2604197 | USD | 05/27/25 | (71571) |
| Barclays Bank plc | EUR | Buy | 11175000 | 12182279 | USD | 04/15/25 | (80872) |
|  |  |  |  |  |  |  | $5976121 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $230580000 | $4819237 |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 123530000 | 2645288 |
| BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 123530000 | 2645288 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 206390925 | 1202806 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 190643775 | 840300 |
|  |  |  |  |  |  |  |  | $12152919 |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 206390925 | $315385 |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 190643775 | 148612 |
|  |  |  |  |  |  |  |  | $463997 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | $190643775 | $(332405) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 206390925 | (675720) |
| BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 123530000 | (1291258) |
| Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 123530000 | (1291258) |
| The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 230580000 | (2343474) |
|  |  |  |  |  |  |  |  | $(5934115) |
| **Put** |  |  |  |  |  |  |  |  |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 190643775 | $(446975) |
| Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 206390925 | (980264) |
|  |  |  |  |  |  |  |  | $(1427239) |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 March 31, 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 $21,235,257 (cost $29,464,142), or 0.3% 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 $3,308,318,179 (cost $3,421,633,960), or 40.2% of total net assets. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Perpetual maturity. |
| <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;Security is in default of interest and/or principal obligations. |
| <sup>9</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <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 unsettled at period end and may not have a stated effective rate. |
| <sup>12</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <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 March 31, 2025. See table below for additional step information for each security. |
| <sup>14</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as collateral for futures and swap agreements at March 31, 2025. |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <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;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. |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $3646319 | $700523 | $2829510 | $7176352 |
| Preferred Stocks | 33676154 | 311845814 | 27509906 | 373031874 |
| Warrants | 1350 |  | 248 | 1598 |
| Exchange-Traded Funds | 69923750 |  |  | 69923750 |
| Mutual Funds | 365108356 |  |  | 365108356 |
| Money Market Funds | 146135453 |  |  | 146135453 |
| Corporate Bonds |  | 2193338543 | 168066750 | 2361405293 |
| Senior Floating Rate Interests |  | 1465554455 | 243215246 | 1708769701 |
| Asset-Backed Securities |  | 1371957530 | 270433202 | 1642390732 |
| Collateralized Mortgage Obligations |  | 1446782545 | 5155596 | 1451938141 |
| U.S. Government Securities |  | 362264062 |  | 362264062 |
| U.S. Treasury Bills |  | 204828495 |  | 204828495 |
| Convertible Bonds |  | 26268649 |  | 26268649 |
| Senior Fixed Rate Interests |  | 951905 |  | 951905 |
| Repurchase Agreements |  | 47685978 |  | 47685978 |
| Options Purchased |  | 1181197 |  | 1181197 |
| Interest Rate Swaptions Purchased |  | 12616916 |  | 12616916 |
| Interest Rate Futures Contracts\*\* | 589610 |  |  | 589610 |
| Credit Default Swap Agreements\*\* |  | 2225567 |  | 2225567 |
| Interest Rate Swap Agreements\*\* |  | 2553493 |  | 2553493 |
| Equity Index Swap Agreements\*\* |  | 4347536 |  | 4347536 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 6131615 |  | 6131615 |
| Total Assets | $619080992 | $7461234823 | $717210458 | $8797526273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Swaptions Written | $— | $7361354 | $— | $7361354 |
| Credit Default Swap Agreements\*\* |  | 123308 |  | 123308 |
| Interest Rate Swap Agreements\*\* |  | 1682601 |  | 1682601 |
| Credit Index Swap Agreements\*\* |  | 903150 |  | 903150 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 155494 |  | 155494 |
| Unfunded Loan Commitments (Note 9) |  |  | 1382217 | 1382217 |
| Total Liabilities | $— | $10225907 | $1382217 | $11608124 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $137850463 | Yield Analysis | Yield | 5.2%-8.9% | 7.0% |
| Asset-Backed Securities | 95377585 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| Asset-Backed Securities | $26174244 | Model Price | Purchase Price |  |  |
| Asset-Backed Securities | 11028026 | Option adjusted spread off prior month end broker quote | Trade Price |  |  |
| Asset-Backed Securities | 2884 | Third Party Pricing | Broker Quote |  |  |
| Collateralized Mortgage Obligations | 5155596 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Common Stocks | 2579734 | Enterprise Value | Valuation Multiple | 2.2x-8.3x | 5.1x |
| Common Stocks | 249776 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 76665621 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 58624122 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 21966975 | Yield Analysis | Yield | 6.7% |  |
| Corporate Bonds | 9010851 | Model Price | Purchase Price |  |  |
| Corporate Bonds | 1799180 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 1 | Model Price | Liquidation Value |  |  |
| Preferred Stocks | 27509490 | Yield Analysis | Yield | 6.0% |  |
| Preferred Stocks | 416 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 124074100 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 67690425 | Yield Analysis | Yield | 6.5%-15.2% | 9.4% |
| Senior Floating Rate Interests | 46462221 | Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 4988500 | Model Price | Liquidation Value |  |  |
| Warrants | 248 | Model Price | Liquidation Value |  |  |
| Total Assets | $717210458 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $1382217 | 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 period ended March 31, 2025, the Fund had securities with a total value of $15,407,537 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $44,797,759 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.

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 period ended March 31, 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 | $239516962 | $5406232 | $137028103 | $267381117 | $286 | $2971450 | $27633690 | $679937840 | $(1325732) |
| Purchases/(Receipts) | 55258888 |  | 32631009 | 57187378 |  |  |  | 145077275 | (2495498) |
| (Sales, maturities and paydowns)/Fundings | (10176768) | (35997) | (3935406) | (53696735) |  | (564) |  | (67845470) | 1302259 |
| Amortization of premiums/discounts | 52474 | (61) | (8760) | 748859 |  |  |  | 792512 | 112121 |
| Corporate actions |  |  |  | (7594782) |  |  |  | (7594782) |  |
| Total realized gains (losses) included in earnings | (77625) | (59) | (16758) | (2326479) |  | (18207) |  | (2439128) | 406467 |
| Total change in unrealized appreciation (depreciation) included in earnings | (1076882) | (214519) | (441559) | 652800 | (38) | (123169) | (124200) | (1327567) | 618166 |
| &nbsp;&nbsp;Transfers into Level 3 |  |  | 15407121 |  |  |  | 416 | 15407537 |  |
| &nbsp;&nbsp;Transfers out of Level 3 | (13063847) |  | (12597000) | (19136912) |  |  |  | (44797759) |  |
| &nbsp;&nbsp;Ending Balance  | $270433202 | $5155596 | $168066750 | $243215246 | $248 | $2829510 | $27509906 | $717210458 | $(1382217) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $(998075) | $(214519) | $(868707) | $2014913 | $(38) | $(123380) | $(124200) | $(314006) | $1250485 |

---

**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** |
| 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, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 2025-3, 5.71% due 03/25/70 | 6.71% | 02/01/29 |  |  |
| GAIA Aviation Ltd. 2019-1, 3.97% due 12/15/44 | 2.00% | 10/15/26 |  |  |
| GAIA Aviation Ltd. 2019-1, 5.19% due 12/15/44 | 2.00% | 10/15/26 |  |  |
| GCAT Trust 2023-NQM2, 6.60% due 11/25/67 | 7.60% | 01/01/27 |  |  |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 |  |  |
| Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61 | 5.75% | 04/25/25 |  |  |
| 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 |  |  |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 07/01/26 |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2023-NQM2, 6.80% due 01/25/62 | 7.80% | 02/01/27 |  |  |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 |  |  |
| OSAT Trust 2021-RPL1, 5.12% due 05/25/65 | 6.12% | 06/25/25 |  |  |
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41% | 08/25/27 | 10.41% | 08/25/28 |
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 |  |  |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| Verus Securitization Trust 2025-2, 5.66% due 03/25/70 | 6.66% | 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. Securities purchased under repurchase agreements are reflected as an asset on the Fund's Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Fund's Consolidated Statement of Operations.

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

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

At March 31, 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;4.35% |  |  | &nbsp;&nbsp;2.38% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | $13449891 | $13451516 | &nbsp;&nbsp;Due 03/31/29 | $14561000 | $13718891 |
| BNP Paribas |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.38% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 12227174 | 12228662 | &nbsp;&nbsp;Due 11/15/33 - 11/15/43 | 22852261 | 12473235 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.36% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 12227174 | 12228655 | &nbsp;&nbsp;Due 08/15/27 - 08/15/29 | 13699269 | 12469180 |
|  |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
|  |  |  | &nbsp;&nbsp;0.50% |  |  |
|  |  |  | &nbsp;&nbsp;Due 01/15/28 | 4120 | 4049 |
|  |  |  |  | 13703389 | 12473229 |
| Bank of Montreal |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;4.33% |  |  | &nbsp;&nbsp;4.13% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 9781739 | 9782916 | &nbsp;&nbsp;Due 03/31/29 | 9909900 | 9978576 |

---

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

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **MACRO OPPORTUNITIES FUND** |  |

---

**Affiliated Transactions** 

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 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> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** | **Capital <br> Gain <br> Distributions** |
| **Common Stocks** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC\* | $45503 | $— | $— | $— | $(14817) | $30686 | 37539 | $— | $— |
| **Mutual Funds** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6 | 134197181 | 2923405 |  |  | (318497) | 136802089 | 5576930 | 2923405 |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | 20765053 | 39462009 | (9000000) | (42644) | 201607 | 51386025 | 2067016 | 1462009 |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 36046213 | 39300514 | (22100000) | 6666 | 125045 | 53378438 | 2141133 | 1800514 |  |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 52967485 | 1283436 |  |  | 54927 | 54305848 | 5414342 | 1283436 |  |
| &nbsp;&nbsp;NAA Opportunity Fund<sup>1</sup> | 33415126 |  |  |  |  |  |  | 291398 |  |
| &nbsp;&nbsp;NAA Risk Managed Real Estate Fund<sup>1</sup> | 38251104 |  |  |  |  |  |  | 510474 | 610464 |
|  | $315687665 | $82969364 | $(31100000) | $(35978) | $48265 | $295903086 |  | $8271236 | $610464 |

---

\* 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.

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

**MACRO OPPORTUNITIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $8,769,064,941) | $8438089388 |
| Investments in affiliated issuers, at value (cost $290,181,868) | 295903086 |
| Repurchase agreements, at value (cost $47,685,978) | 47685978 |
| Foreign currency, at value (cost $1,671,208) | 1671133 |
| Cash | 17792138 |
| Segregated cash with broker | 50449 |
| Unamortized upfront premiums paid on credit default swap agreements | 2100267 |
| Unamortized upfront premiums paid on interest rate swap agreements | 1791 |
| Unrealized appreciation on OTC swap agreements | 8311152 |
| Unrealized appreciation on forward foreign currency exchange contracts | 6131615 |
| Prepaid expenses | 284835 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 561659973 |
| &nbsp;&nbsp;&nbsp;Interest | 69378991 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 12718844 |
| &nbsp;&nbsp;&nbsp;Dividends | 1568489 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 190484 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 29240 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 10800 |
| **Total assets** | 9463578653 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $3,115,980) | 1382217 |
| Options written, at value (premiums received $4,505,836) | 7361354 |
| Segregated cash due to broker | 11620784 |
| Unamortized upfront premiums received on credit default swap agreements | 5637875 |
| Unrealized depreciation on OTC swap agreements | 903150 |
| Unrealized depreciation on forward foreign currency exchange contracts | 155494 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1169734942 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 16663868 |
| &nbsp;&nbsp;&nbsp;Management fees | 5262818 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 4652805 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 4049456 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 191613 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 154450 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 80668 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 26012 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 20917 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 51842 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 385 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3499479 |
| **Total liabilities** | 1231450129 |
| **Net assets** | $8232128524 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $9041670895 |
| Total distributable earnings (loss) | (809542371) |
| Net assets | $8232128524 |
| **Class A:** | **Class A:** |
| Net assets | $325241656 |
| Capital shares outstanding | 13184114 |
| Net asset value per share | $24.67 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $25.70 |
| **Class C:** | **Class C:** |
| Net assets | $107109175 |
| Capital shares outstanding | 4345173 |
| Net asset value per share | $24.65 |
| **Class P:** | **Class P:** |
| Net assets | $21240464 |
| Capital shares outstanding | 860574 |
| Net asset value per share | $24.68 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $7645291197 |
| Capital shares outstanding | 309420859 |
| Net asset value per share | $24.71 |
| **Class R6:** | **Class R6:** |
| Net assets | $133246032 |
| Capital shares outstanding | 5393801 |
| Net asset value per share | $24.70 |

---

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

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

**MACRO OPPORTUNITIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $3819915 |
| Dividends from securities of affiliated issuers | 7469364 |
| Interest from securities of unaffiliated issuers (net of foreign withholding tax of $39) | 245095677 |
| &nbsp;&nbsp;&nbsp;Total investment income | 256384956 |
| **Expenses:** | **Expenses:** |
| Management fees | 34189951 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 399445 |
| &nbsp;&nbsp;&nbsp;Class C | 546086 |
| &nbsp;&nbsp;&nbsp;Class P | 31701 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 124255 |
| &nbsp;&nbsp;&nbsp;Class C | 31710 |
| &nbsp;&nbsp;&nbsp;Class P | 9916 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3061999 |
| &nbsp;&nbsp;&nbsp;Class R6 | 5388 |
| Fund accounting/administration fees | 1456162 |
| Line of credit fees | 289324 |
| Professional fees | 168824 |
| Trustees' fees\* | 56450 |
| Custodian fees | 6345 |
| Miscellaneous | 327254 |
| 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 | 13358 |
| &nbsp;&nbsp;&nbsp;Class R6 | 12127 |
| &nbsp;&nbsp;&nbsp;Total expenses | 40875625 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2121339) |
| &nbsp;&nbsp;&nbsp;Class R6 | (263) |
| Expenses waived by Adviser | (1766025) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (3887627) |
| Net expenses | 36987998 |
| Net investment income | 219396958 |
| **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 | $(22637570) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (35978) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2250684) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 10154918 |
| &nbsp;&nbsp;&nbsp;Options purchased | (12357687) |
| &nbsp;&nbsp;&nbsp;Options written | 1396416 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (3970450) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (591227) |
| Net realized loss | (30292262) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (28463639) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 48265 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (5886336) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (11530531) |
| &nbsp;&nbsp;&nbsp;Options purchased | 11404165 |
| &nbsp;&nbsp;&nbsp;Options written | (2855518) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 8947145 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 76836 |
| Net change in unrealized appreciation (depreciation) | (28259613) |
| Net realized and unrealized loss | (58551875) |
| **Net increase in net assets resulting from operations** | $160845083 |

---

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

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

**MACRO OPPORTUNITIES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $219396958 | $395399021 |
| Net realized loss on investments | (30292262) | (93093580) |
| Net change in unrealized appreciation (depreciation) on investments | (28259613) | 454390955 |
| Net increase in net assets resulting from operations | 160845083 | 756696396 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (8439797) | (18434390) |
| &nbsp;&nbsp;&nbsp;Class C | (2482464) | (5780507) |
| &nbsp;&nbsp;&nbsp;Class P | (663860) | (2980359) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (203328658) | (393918652) |
| &nbsp;&nbsp;&nbsp;Class R6 | (3796057) | (9856861) |
| Total distributions to shareholders | (218710836) | (430970769) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 61273554 | 122660844 |
| &nbsp;&nbsp;&nbsp;Class C | 17021613 | 30464616 |
| &nbsp;&nbsp;&nbsp;Class P | 3421796 | 9692840 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1532841253 | 2655046775 |
| &nbsp;&nbsp;&nbsp;Class R6 | 19645303 | 66002762 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7000602 | 15596676 |
| &nbsp;&nbsp;&nbsp;Class C | 2249874 | 5231832 |
| &nbsp;&nbsp;&nbsp;Class P | 656995 | 2953184 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 178218610 | 342864582 |
| &nbsp;&nbsp;&nbsp;Class R6 | 3785279 | 9703987 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (71104548) | (102590665) |
| &nbsp;&nbsp;&nbsp;Class C | (18706440) | (36716557) |
| &nbsp;&nbsp;&nbsp;Class P | (9778870) | (42732573) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (858830586) | (1676736544) |
| &nbsp;&nbsp;&nbsp;Class R6 | (42648093) | (117211214) |
| Net increase from capital share transactions | 825046342 | 1284230545 |
| Net increase in net assets | 767180589 | 1609956172 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 7464947935 | 5854991763 |
| &nbsp;&nbsp;&nbsp;End of period | $8232128524 | $7464947935 |

---

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

**MACRO OPPORTUNITIES FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** (concluded)<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2479495 | 5055388 |
| &nbsp;&nbsp;&nbsp;Class C | 688786 | 1258346 |
| &nbsp;&nbsp;&nbsp;Class P | 138444 | 400331 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 61910486 | 109467399 |
| &nbsp;&nbsp;&nbsp;Class R6 | 793675 | 2727890 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 283223 | 644458 |
| &nbsp;&nbsp;&nbsp;Class C | 91083 | 216488 |
| &nbsp;&nbsp;&nbsp;Class P | 26569 | 122198 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7198356 | 14136969 |
| &nbsp;&nbsp;&nbsp;Class R6 | 152935 | 401374 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2874771) | (4249244) |
| &nbsp;&nbsp;&nbsp;Class C | (757408) | (1522468) |
| &nbsp;&nbsp;&nbsp;Class P | (395524) | (1754486) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (34696471) | (69266077) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1723185) | (4883357) |
| Net increase in shares | 33315693 | 52755209 |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.86 | $23.66 | $23.36 | $27.19 | $26.31 | $25.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .65 | 1.39 | 1.30 | .89 | .91 | .74 |
| Net gain (loss) on investments (realized and unrealized) | (.19) | 1.34 | .33 | (3.77) | 1.04 | .61 |
| Total from investment operations | .46 | 2.73 | 1.63 | (2.88) | 1.95 | 1.35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.65) | (1.53) | (1.33) | (.95) | (1.07) | (.86) |
| Total distributions | (.65) | (1.53) | (1.33) | (.95) | (1.07) | (.86) |
| Net asset value, end of period | $24.67 | $24.86 | $23.66 | $23.36 | $27.19 | $26.31 |
| **Total Return<sup>c</sup>** | **1.84%** | **11.92%** | **7.09%** | **(10.77** **%)** | **7.49%** | **5.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $325242 | $330519 | $280275 | $327393 | $435293 | $312986 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.28% | 5.76% | 5.46% | 3.46% | 3.35% | 2.90% |
| Total expenses<sup>d</sup> | 1.32% | 1.30% | 1.50% | 1.42% | 1.43% | 1.51% |
| Net expenses<sup>e,f,g</sup> | 1.28% | 1.25% | 1.44% | 1.37% | 1.37% | 1.39% |
| Portfolio turnover rate | 8% | 24% | 32% | 25% | 84% | 130% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.84 | $23.64 | $23.35 | $27.17 | $26.29 | $25.80 |
| 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: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .56 | 1.22 | 1.12 | .70 | .72 | .55 |
| Net gain (loss) on investments (realized and unrealized) | (.19) | 1.34 | .32 | (3.76) | 1.03 | .61 |
| Total from investment operations | .37 | 2.56 | 1.44 | (3.06) | 1.75 | 1.16 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.56) | (1.36) | (1.15) | (.76) | (.87) | (.67) |
| Total distributions | (.56) | (1.36) | (1.15) | (.76) | (.87) | (.67) |
| Net asset value, end of period | $24.65 | $24.84 | $23.64 | $23.35 | $27.17 | $26.29 |
| **Total Return<sup>c</sup>** | **1.51%** | **11.13%** | **6.25%** | **(11.41** **%)** | **6.70%** | **4.60%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $107109 | $107377 | $103332 | $145469 | $207739 | $219866 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.54% | 5.05% | 4.72% | 2.70% | 2.64% | 2.15% |
| Total expenses<sup>d</sup> | 2.08% | 2.03% | 2.27% | 2.17% | 2.18% | 2.25% |
| Net expenses<sup>e,f,g</sup> | 2.03% | 1.97% | 2.21% | 2.12% | 2.12% | 2.15% |
| Portfolio turnover rate | 8% | 24% | 32% | 25% | 84% | 130% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.87 | $23.67 | $23.38 | $27.20 | $26.32 | $25.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .65 | 1.38 | 1.30 | .90 | .91 | .74 |
| Net gain (loss) on investments (realized and unrealized) | (.20) | 1.34 | .32 | (3.77) | 1.04 | .62 |
| Total from investment operations | .45 | 2.72 | 1.62 | (2.87) | 1.95 | 1.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.64) | (1.52) | (1.33) | (.95) | (1.07) | (.86) |
| Total distributions | (.64) | (1.52) | (1.33) | (.95) | (1.07) | (.86) |
| Net asset value, end of period | $24.68 | $24.87 | $23.67 | $23.38 | $27.20 | $26.32 |
| **Total Return** | **1.81%** | **11.84%** | **7.09%** | **(10.77** **%)** | **7.48%** | **5.42%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $21240 | $27135 | $54987 | $161232 | $162928 | $99575 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.26% | 5.70% | 5.49% | 3.51% | 3.33% | 2.91% |
| Total expenses<sup>d</sup> | 1.37% | 1.37% | 1.66% | 1.45% | 1.45% | 1.50% |
| Net expenses<sup>e,f,g</sup> | 1.32% | 1.32% | 1.49% | 1.37% | 1.37% | 1.40% |
| Portfolio turnover rate | 8% | 24% | 32% | 25% | 84% | 130% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.89 | $23.69 | $23.40 | $27.23 | $26.34 | $25.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .70 | 1.47 | 1.40 | .99 | 1.02 | .85 |
| Net gain (loss) on investments (realized and unrealized) | (.19) | 1.35 | .32 | (3.76) | 1.05 | .60 |
| Total from investment operations | .51 | 2.82 | 1.72 | (2.77) | 2.07 | 1.45 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.69) | (1.62) | (1.43) | (1.06) | (1.18) | (.96) |
| Total distributions | (.69) | (1.62) | (1.43) | (1.06) | (1.18) | (.96) |
| Net asset value, end of period | $24.71 | $24.89 | $23.69 | $23.40 | $27.23 | $26.34 |
| **Total Return** | **2.01%** | **12.28%** | **7.47%** | **(10.39** **%)** | **7.91%** | **5.84%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7645291 | $6846334 | $5228680 | $5397131 | $6906534 | $4097303 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.63% | 6.08% | 5.86% | 3.85% | 3.74% | 3.32% |
| Total expenses<sup>d</sup> | 1.02% | 1.03% | 1.18% | 1.09% | 1.08% | 1.17% |
| Net expenses<sup>e,f,g</sup> | 0.91% | 0.91% | 1.03% | 0.96% | 0.96% | 0.99% |
| Portfolio turnover rate | 8% | 24% | 32% | 25% | 84% | 130% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.89 | $23.69 | $23.39 | $27.22 | $26.34 | $25.84 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .70 | 1.48 | 1.40 | .98 | 1.02 | .87 |
| Net gain (loss) on investments (realized and unrealized) | (.20) | 1.34 | .33 | (3.75) | 1.04 | .58 |
| Total from investment operations | .50 | 2.82 | 1.73 | (2.77) | 2.06 | 1.45 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.69) | (1.62) | (1.43) | (1.06) | (1.18) | (.95) |
| Total distributions | (.69) | (1.62) | (1.43) | (1.06) | (1.18) | (.95) |
| Net asset value, end of period | $24.70 | $24.89 | $23.69 | $23.39 | $27.22 | $26.34 |
| **Total Return** | **2.05%** | **12.28%** | **7.51%** | **(10.39** **%)** | **7.91%** | **5.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $133246 | $153582 | $187717 | $124888 | $197067 | $136669 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.64% | 6.10% | 5.85% | 3.79% | 3.74% | 3.41% |
| Total expenses<sup>d</sup> | 0.96% | 0.96% | 1.07% | 1.00% | 1.01% | 1.09% |
| Net expenses<sup>e,f,g</sup> | 0.91% | 0.91% | 1.01% | 0.96% | 0.96% | 0.99% |
| Portfolio turnover rate | 8% | 24% | 32% | 25% | 84% | 130% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The portion of the ratios of net expenses to average net assets attributable to recoupments of prior fee reductions or expense reimbursements for the periods presented was as follows: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.06% | 0.03% | 0.05% | 0.06% | 0.10% | 0.03% |
| Class C | 0.08% | 0.04% | 0.04% | 0.06% | 0.08% | 0.05% |
| Class P | 0.11% | 0.11% | 0.01% | 0.05% | 0.09% | 0.03% |
| Institutional Class |  | 0.00%\* | 0.00%\* |  |  | 0.00%\* |
| Class R6 | 0.02% | 0.01% | 0.01% | 0.00%\* | 0.00%\* | 0.00%\* |

---

\* Less than 0.01%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 1.27% | 1.24% | 1.32% | 1.33% | 1.33% | 1.33% |
| Class C | 2.02% | 1.96% | 2.07% | 2.08% | 2.08% | 2.08% |
| Class P | 1.31% | 1.31% | 1.32% | 1.33% | 1.33% | 1.33% |
| Institutional Class | 0.91% | 0.90% | 0.91% | 0.92% | 0.92% | 0.92% |
| Class R6 | 0.91% | 0.90% | 0.91% | 0.92% | 0.92% | 0.92% |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **MUNICIPAL BONDS<sup>††</sup>** **- 94.9%** | **MUNICIPAL BONDS<sup>††</sup>** **- 94.9%** | **MUNICIPAL BONDS<sup>††</sup>** **- 94.9%** |
| **California - 9.6%** |  |  |
| Newport Mesa Unified School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/39<sup>1</sup> | $1300000 | $704721 |
| California Statewide Communities Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 08/15/52 | 500000 | 521784 |
| Compton Unified School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/40<sup>1</sup> | 1000000 | 500456 |
| Alameda Corridor Transportation Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 10/01/51<sup>1,2</sup> | 500000 | 280725 |
| California Enterprise Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/34<sup>3</sup> | 250000 | 259321 |
| El Monte Union High School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/01/43<sup>1</sup> | 500000 | 211062 |
| Westside Elementary School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/48 | 155000 | 158286 |
| M-S-R Energy Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/29 | 145000 | 153734 |
| Freddie Mac Multifamily VRD Certificates Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.40% due 10/15/29 | 150000 | 140171 |
| Coast Community College District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/40<sup>1</sup> | 250000 | 128387 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 12/01/39 | 110000 | 100020 |
| **Total California** |  | 3158667 |
| **South Carolina - 6.2%** |  |  |
| City of Charleston South Carolina Waterworks & Sewer System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/31 | 1000000 | 1107342 |
| South Carolina Public Service Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/55 | 500000 | 513401 |
| Charleston County Airport District Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/43 | 200000 | 205660 |
| South Carolina State Housing Finance & Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 01/01/55 | 200000 | 196128 |
| **Total South Carolina** |  | 2022531 |
| **Pennsylvania - 6.1%** |  |  |
| Pennsylvania Housing Finance Agency Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 10/01/38 | 1000000 | 1029505 |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/26 | 375000 | 374551 |
| School District of Philadelphia General Obligation Limited |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 09/01/43 | 575000 | 609439 |
| **Total Pennsylvania** |  | 2013495 |
| **Arizona - 5.7%** |  |  |
| Salt River Project Agricultural Improvement & Power District Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/35 | 1000000 | 1151875 |
| Arizona Industrial Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 11/01/48 | 500000 | 520169 |
| Salt Verde Financial Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/32 | 200000 | 211399 |
| **Total Arizona** |  | 1883443 |
| **Georgia - 5.7%** |  |  |
| State of Georgia General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/31 | 1000000 | 1108958 |
| Columbia County Hospital Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/48 | 500000 | 519728 |
| Metropolitan Atlanta Rapid Transit Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28 | 200000 | 213532 |
| **Total Georgia** |  | 1842218 |
| **Oregon - 4.3%** |  |  |
| Clackamas & Washington Counties School District No. 3 General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/15/48<sup>1</sup> | 2000000 | 633145 |
| &nbsp;&nbsp;&nbsp;due 06/15/50<sup>1</sup> | 400000 | 112660 |
| &nbsp;&nbsp;&nbsp;due 06/15/49<sup>1</sup> | 350000 | 104467 |
| Salem-Keizer School District No. 24J General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 06/15/40<sup>1</sup> | 1250000 | 601535 |
| **Total Oregon** |  | 1451807 |
| **Michigan - 4.1%** |  |  |
| Michigan Technological University Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/01/53 | 1000000 | 1056892 |
| Michigan State Housing Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 12/01/34 | 200000 | 184781 |
| Flint Hospital Building Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/25 | 100000 | 100109 |
| **Total Michigan** |  | 1341782 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **New Mexico - 3.9%** |  |  |
| New Mexico Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/26 | $1000000 | $1026327 |
| New Mexico Mortgage Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 09/01/38 | 245000 | 253668 |
| City of Albuquerque New Mexico Gross Receipts Tax Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/25 | 10000 | 9932 |
| **Total New Mexico** |  | 1289927 |
| **Virginia - 3.9%** |  |  |
| Freddie Mac Multifamily Variable Rate Certificate Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 10/15/36 | 1255000 | 1120180 |
| Loudoun County Economic Development Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 07/01/49<sup>1</sup> | 500000 | 152834 |
| **Total Virginia** |  | 1273014 |
| **Ohio - 3.8%** |  |  |
| State of Ohio General Obligation Limited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/28 | 1000000 | 1066360 |
| American Municipal Power, Inc. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/41 | 200000 | 201988 |
| **Total Ohio** |  | 1268348 |
| **Nebraska - 3.7%** |  |  |
| Nebraska Investment Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 09/01/38 | 1000000 | 1035379 |
| Central Plains Energy Project Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/29 | 200000 | 209331 |
| **Total Nebraska** |  | 1244710 |
| **Wisconsin - 3.7%** |  |  |
| State of Wisconsin General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/30 | 1000000 | 1099128 |
| Public Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 07/15/49<sup>3</sup> | 150000 | 139021 |
| **Total Wisconsin** |  | 1238149 |
| **Texas - 3.3%** |  |  |
| Dallas Independent School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/26 | 500000 | 509983 |
| Harris County-Houston Sports Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;due 11/15/53<sup>1</sup> | 1000000 | 229908 |
| Arlington Higher Education Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/46 | 200000 | 197130 |
| Hutto Independent School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/49 | 100000 | 101751 |
| Texas Municipal Gas Acquisition and Supply Corporation I Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 12/15/26 | 65000 | 67076 |
| **Total Texas** |  | 1105848 |
| **New York - 3.3%** |  |  |
| Westchester County Local Development Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 11/01/53 | 750000 | 812235 |
| New York Power Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 11/15/41 | 250000 | 276075 |
| **Total New York** |  | 1088310 |
| **Tennessee - 3.3%** |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.25% due 07/01/45 | 1500000 | 931194 |
| &nbsp;&nbsp;&nbsp;2.48% due 12/01/37 | 200000 | 155609 |
| **Total Tennessee** |  | 1086803 |
| **Minnesota - 3.2%** |  |  |
| City of State Paul Minnesota General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/28 | 1000000 | 1070910 |
| **Idaho - 3.2%** |  |  |
| Idaho Housing & Finance Association Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28 | 1000000 | 1069841 |
| **Maine - 3.2%** |  |  |
| Maine Health & Higher Educational Facilities Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/48 | 1000000 | 1054548 |
| **Missouri - 2.1%** |  |  |
| Missouri Housing Development Commission Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 05/01/30 | 700000 | 701715 |
| Industrial Development Authority of the City of State Louis Missouri Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.22% due 12/01/38 | 9797 | 7257 |
| **Total Missouri** |  | 708972 |
| **Colorado - 2.0%** |  |  |
| City & County of Denver Colorado Airport System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/28 | 200000 | 210038 |
| Canyons Metropolitan District No. 5 General Obligation Limited |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/54 | 200000 | 183214 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** |
| City & County of Denver Colorado Pledged Excise Tax Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;due 08/01/30<sup>1</sup> | $| 200000 | $163252 |
| Colorado School of Mines Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/47 |  | 100000 | 101215 |
| **Total Colorado** |  |  | 657719 |
| **Washington - 2.0%** |  |  |  |
| University of Washington Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/28 |  | 250000 | 265321 |
| Central Puget Sound Regional Transit Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 11/01/41 |  | 200000 | 203362 |
| Washington State Convention Center Public Facilities District Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 07/01/48 |  | 210000 | 188689 |
| **Total Washington** |  |  | 657372 |
| **North Carolina - 1.9%** |  |  |  |
| Inlivian Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.02% due 04/01/42 |  | 1000000 | 632089 |
| **Oklahoma - 1.7%** |  |  |  |
| Oklahoma Development Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28 |  | 350000 | 362375 |
| Oklahoma City Airport Trust Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/30 |  | 200000 | 207892 |
| **Total Oklahoma** |  |  | 570267 |
| **Arkansas - 1.0%** |  |  |  |
| County of Baxter Arkansas Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/26 |  | 330000 | 332237 |
| **West Virginia - 0.9%** |  |  |  |
| West Virginia Hospital Finance Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/42 |  | 300000 | 303384 |
| **Alaska - 0.8%** |  |  |  |
| University of Alaska Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/01/40 |  | 260000 | 261832 |
| **Vermont - 0.6%** |  |  |  |
| Vermont Educational & Health Buildings Financing Agency Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/46 |  | 200000 | 200610 |
| **Connecticut - 0.6%** |  |  |  |
| New Haven Housing Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.26% due 05/01/38 |  | 239476 | 181248 |
| **Massachusetts - 0.5%** |  |  |  |
| Massachusetts Development Finance Agency Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/01/34 |  | 150000 | 157671 |
| **Iowa - 0.3%** |  |  |  |
| PEFA, Inc. Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/26<sup>4</sup> |  | 100000 | 101820 |
| **Kansas - 0.3%** |  |  |  |
| University of Kansas Hospital Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/48 |  | 100000 | 101174 |
| **Louisiana - 0.0%** |  |  |  |
| Louisiana Public Facilities Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/26 |  | 5000 | 5060 |
| **Maryland - 0.0%** |  |  |  |
| Maryland Health & Higher Educational Facilities Authority Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/27 |  | 5000 | 5049 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | 31380855 |
| **Total Investments - 94.9%** | **Total Investments - 94.9%** | **Total Investments - 94.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | &nbsp;&nbsp;&nbsp;(Cost $33,720,098) | $31380855 |
| **Other Assets & Liabilities, net - 5.1%** | **Other Assets & Liabilities, net - 5.1%** | **Other Assets & Liabilities, net - 5.1%** | 1691800 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $33072655 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.02% | Annually | 01/03/32 | $900000 | $16364 | $2907 | $13457 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 4.04% | Annually | 01/02/30 | 600000 | 9458 | 1952 | 7506 |
| BofA Securities, Inc.<br> CME | Pay | U.S. Secured Overnight Financing Rate | 3.82% | Annually | 03/14/27 | 1250000 | 1693 | 295 | 1398 |
|  |  |  |  |  |  |  | $27515 | $5154 | $22361 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **MUNICIPAL INCOME FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Security is a step up/down bond. The coupon rate will increase to 5.20% at 10/01/2037. |
| <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 $398,342 (cost $413,144), or 1.2% of total net assets. |
| <sup>4</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.  |
|  | &nbsp;&nbsp;&nbsp;BofA — Bank of America |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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** |
| Municipal Bonds | $— | $31380855 | $— | $31380855 |
| Interest Rate Swap Agreements\*\* |  | 22361 |  | 22361 |
| Total Assets | $— | $31403216 | $— | $31403216 |

---

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

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

**MUNICIPAL INCOME FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $33,720,098) | $31380855 |
| Cash | 2108503 |
| Segregated cash with broker | 58012 |
| Unamortized upfront premiums paid on interest rate swap agreements | 5154 |
| Prepaid expenses | 60434 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Interest | 257093 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 7858 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2767 |
| **Total assets** | 33880676 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 703350 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 23122 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 6134 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 5340 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 4937 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 4214 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3418 |
| &nbsp;&nbsp;&nbsp;Management fees | 3123 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 2858 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 51525 |
| **Total liabilities** | 808021 |
| **Net assets** | $33072655 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $40361831 |
| Total distributable earnings (loss) | (7289176) |
| Net assets | $33072655 |
| **Class A:** | **Class A:** |
| Net assets | $15192697 |
| Capital shares outstanding | 1350533 |
| Net asset value per share | $11.25 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $11.72 |
| **Class C:** | **Class C:** |
| Net assets | $439971 |
| Capital shares outstanding | 39136 |
| Net asset value per share | $11.24 |
| **Class P:** | **Class P:** |
| Net assets | $126424 |
| Capital shares outstanding | 11244 |
| Net asset value per share | $11.24 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $17313563 |
| Capital shares outstanding | 1538591 |
| Net asset value per share | $11.25 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $438389 |
| &nbsp;&nbsp;&nbsp;Total investment income | 438389 |
| **Expenses:** | **Expenses:** |
| Management fees | 61786 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 19989 |
| &nbsp;&nbsp;&nbsp;Class C | 2714 |
| &nbsp;&nbsp;&nbsp;Class P | 157 |
| Transfer agent/maintenance fees: | Transfer agent/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 10071 |
| &nbsp;&nbsp;&nbsp;Class C | 566 |
| &nbsp;&nbsp;&nbsp;Class P | 246 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6243 |
| Registration fees | 36571 |
| Professional fees | 25666 |
| Trustees' fees\* | 12271 |
| Fund accounting/administration fees | 9222 |
| Custodian fees | 3861 |
| Line of credit fees | 172 |
| Miscellaneous | 8373 |
| &nbsp;&nbsp;&nbsp;Total expenses | 197908 |
| Less: Expenses reimbursed by Adviser: | Less: Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (41543) |
| &nbsp;&nbsp;&nbsp;Class C | (1733) |
| &nbsp;&nbsp;&nbsp;Class P | (485) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (13458) |
| Expenses waived by Adviser | (52918) |
| Earnings credits applied | (1053) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (111190) |
| Net expenses | 86718 |
| Net investment income | 351671 |
| **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 | (18861) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1182499 |
| Net realized gain | 1163638 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (979995) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (923512) |
| Net change in unrealized appreciation (depreciation) | (1903507) |
| Net realized and unrealized loss | (739869) |
| **Net decrease in net assets resulting from operations** | $(388198) |

---

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

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

**MUNICIPAL INCOME FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $351671 | $773563 |
| Net realized gain (loss) on investments | 1163638 | (5058181) |
| Net change in unrealized appreciation (depreciation) on investments | (1903507) | 7849628 |
| Net increase (decrease) in net assets resulting from operations | (388198) | 3565010 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (254890) | (679675) |
| &nbsp;&nbsp;&nbsp;Class C | (6780) | (21144) |
| &nbsp;&nbsp;&nbsp;Class P | (1994) | (4067) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (122458) | (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 | (386122) | (934462) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 516706 | 1462458 |
| &nbsp;&nbsp;&nbsp;Class C | 28136 | 149213 |
| &nbsp;&nbsp;&nbsp;Class P | 3910 | 22902 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 14852172 | 2197008 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 216780 | 604053 |
| &nbsp;&nbsp;&nbsp;Class C | 6353 | 20639 |
| &nbsp;&nbsp;&nbsp;Class P | 1994 | 4160 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 121280 | 207496 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1622782) | (16349357) |
| &nbsp;&nbsp;&nbsp;Class C | (199893) | (457748) |
| &nbsp;&nbsp;&nbsp;Class P | (1386) | (24620) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (970290) | (10268568) |
| Net increase (decrease) from capital share transactions | 12952980 | (22432364) |
| Net increase (decrease) in net assets | 12178660 | (19801816) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 20893995 | 40695811 |
| &nbsp;&nbsp;&nbsp;End of period | $33072655 | $20893995 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 44989 | 129161 |
| &nbsp;&nbsp;&nbsp;Class C | 2483 | 13502 |
| &nbsp;&nbsp;&nbsp;Class P | 341 | 2007 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1301927 | 195626 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19009 | 53576 |
| &nbsp;&nbsp;&nbsp;Class C | 557 | 1828 |
| &nbsp;&nbsp;&nbsp;Class P | 175 | 368 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10660 | 18440 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (142753) | (1437356) |
| &nbsp;&nbsp;&nbsp;Class C | (17609) | (40338) |
| &nbsp;&nbsp;&nbsp;Class P | (121) | (2156) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (85549) | (907439) |
| Net increase (decrease) in shares | 1134109 | (1972781) |

---

174 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.57 | $10.77 | $10.97 | $13.46 | $13.23 | $13.12 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .16 | .32 | .23 | .23 | .25 | .26 |
| Net gain (loss) on investments (realized and unrealized) | (.30) | .86 | (.04) | (2.44) | .23 | .11 |
| Total from investment operations | (.14) | 1.18 | .19 | (2.21) | .48 | .37 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.18) | (.36) | (.25) | (.22) | (.23) | (.26) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |  |
| Return of capital |  | (.02) |  |  |  |  |
| Total distributions | (.18) | (.38) | (.39) | (.28) | (.25) | (.26) |
| Net asset value, end of period | $11.25 | $11.57 | $10.77 | $10.97 | $13.46 | $13.23 |
| **Total Return<sup>c</sup>** | **(1.22** **%)** | **11.10%** | **1.67%** | **(16.67** **%)** | **3.67%** | **2.85%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $15193 | $16541 | $28909 | $43354 | $63359 | $62583 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.87% | 2.83% | 2.06% | 1.84% | 1.82% | 1.95% |
| Total expenses<sup>d</sup> | 1.74% | 1.59% | 1.20% | 1.18% | 1.17% | 1.21% |
| Net expenses<sup>e,f,g</sup> | 0.77% | 0.79% | 0.78% | 0.79% | 0.80% | 0.81% |
| Portfolio turnover rate | — <sup>g</sup> | 59% | 11% | 14% | 22% | 58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.56 | $10.76 | $10.96 | $13.45 | $13.22 | $13.11 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .12 | .24 | .15 | .14 | .15 | .16 |
| Net gain (loss) on investments (realized and unrealized) | (.30) | .86 | (.04) | (2.45) | .23 | .11 |
| Total from investment operations | (.18) | 1.10 | .11 | (2.31) | .38 | .27 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.14) | (.28) | (.17) | (.12) | (.13) | (.16) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |  |
| Return of capital |  | (.02) |  |  |  |  |
| Total distributions | (.14) | (.30) | (.31) | (.18) | (.15) | (.16) |
| Net asset value, end of period | $11.24 | $11.56 | $10.76 | $10.96 | $13.45 | $13.22 |
| **Total Return<sup>c</sup>** | **(1.68** **%)** | **10.38%** | **0.91%** | **(17.23** **%)** | **2.91%** | **2.09%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $440 | $621 | $847 | $1063 | $1769 | $2177 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.16% | 2.10% | 1.30% | 1.08% | 1.08% | 1.23% |
| Total expenses<sup>d</sup> | 2.61% | 2.42% | 2.00% | 1.97% | 1.97% | 1.97% |
| Net expenses<sup>e,f,g</sup> | 1.52% | 1.54% | 1.54% | 1.54% | 1.55% | 1.56% |
| Portfolio turnover rate | — <sup>g</sup> | 59% | 11% | 14% | 22% | 58% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.57 | $10.76 | $10.97 | $13.45 | $13.22 | $13.13 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .16 | .32 | .23 | .23 | .25 | .26 |
| Net gain (loss) on investments (realized and unrealized) | (.31) | .87 | (.05) | (2.43) | .23 | .09 |
| Total from investment operations | (.15) | 1.19 | .18 | (2.20) | .48 | .35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.18) | (.36) | (.25) | (.22) | (.23) | (.26) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |  |
| Return of capital |  | (.02) |  |  |  |  |
| Total distributions | (.18) | (.38) | (.39) | (.28) | (.25) | (.26) |
| Net asset value, end of period | $11.24 | $11.57 | $10.76 | $10.97 | $13.45 | $13.22 |
| **Total Return** | **(1.30** **%)** | **11.20%** | **1.58%** | **(16.61** **%)** | **3.67%** | **2.69%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $126 | $125 | $114 | $129 | $220 | $202 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.86% | 2.84% | 2.04% | 1.81% | 1.83% | 1.96% |
| Total expenses<sup>d</sup> | 1.99% | 1.84% | 1.51% | 1.47% | 1.38% | 1.40% |
| Net expenses<sup>e,f,g</sup> | 0.77% | 0.78% | 0.78% | 0.79% | 0.80% | 0.81% |
| Portfolio turnover rate | — <sup>g</sup> | 59% | 11% | 14% | 22% | 58% |

---

176 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $11.58 | $10.77 | $10.97 | $13.46 | $13.23 | $13.13 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .16 | .34 | .26 | .26 | .28 | .29 |
| Net gain (loss) on investments (realized and unrealized) | (.29) | .88 | (.03) | (2.44) | .24 | .10 |
| Total from investment operations | (.13) | 1.22 | .23 | (2.18) | .52 | .39 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.20) | (.39) | (.29) | (.25) | (.27) | (.29) |
| Net realized gains |  |  | (.14) | (.06) | (.02) |  |
| Return of capital |  | (.02) |  |  |  |  |
| Total distributions | (.20) | (.41) | (.43) | (.31) | (.29) | (.29) |
| Net asset value, end of period | $11.25 | $11.58 | $10.77 | $10.97 | $13.46 | $13.23 |
| **Total Return** | **(1.17** **%)** | **11.48%** | **1.93%** | **(16.46** **%)** | **3.93%** | **3.03%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $17314 | $3606 | $10826 | $4629 | $12772 | $13406 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.85% | 3.06% | 2.30% | 2.04% | 2.08% | 2.23% |
| Total expenses<sup>d</sup> | 1.24% | 1.41% | 0.96% | 0.98% | 0.96% | 1.00% |
| Net expenses<sup>e,f,g</sup> | 0.52% | 0.54% | 0.53% | 0.54% | 0.55% | 0.56% |
| Portfolio turnover rate | — <sup>g</sup> | 59% | 11% | 14% | 22% | 58% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A |  |  | 0.00%\* | 0.02% |  | 0.00%\* |
| Class C |  |  | 0.01% | 0.01% |  | 0.00%\* |
| Class P |  |  | 0.00%\* | 0.01% |  | 0.00%\* |
| Institutional Class |  |  | 0.00%\* | 0.01% |  | 0.00%\* |

---

\* Less than 0.01%.

<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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.77%  | 0.77%  | 0.78%  | 0.78% | 0.79% | 0.80%  |
| Class C | 1.52%  | 1.53%  | 1.53%  | 1.53% | 1.54% | 1.55%  |
| Class P | 0.77%  | 0.77%  | 0.78%  | 0.78% | 0.79% | 0.80%  |
| Institutional Class | 0.52%  | 0.52%  | 0.53%  | 0.53% | 0.54% | 0.55%  |

---

<sup>g</sup> Less than 0.01%.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** | **COMMON STOCKS<sup>†</sup>** **- 0.0%** |
| **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp;Xplore, Inc.\*<sup>,††</sup> | 80273 | $224316 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 18219 | 98018 |
| **Total Communications** |  | 322334 |
| **Industrial - 0.0%** | **Industrial - 0.0%** | **Industrial - 0.0%** |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 44094 | 74549 |
| &nbsp;&nbsp;&nbsp;YAK BLOCKER 2 LLC<sup>†††</sup> | 40754 | 68904 |
| &nbsp;&nbsp;&nbsp;API Heat Transfer Intermediate\*<sup>,†††</sup> | 31 | 42274 |
| &nbsp;&nbsp;&nbsp;BP Holdco LLC\*<sup>,†††,1</sup> | 532 | 435 |
| &nbsp;&nbsp;&nbsp;Vector Phoenix Holdings, LP\*<sup>,†††</sup> | 532 | 11 |
| **Total Industrial** |  | 186173 |
| **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 $4,016,114) |  | 509439 |
| **PREFERRED STOCKS<sup>†</sup>** **- 3.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 3.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 3.0%** |
| **Financial - 2.7%** | **Financial - 2.7%** | **Financial - 2.7%** |
| Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> | Goldman Sachs Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.85% | 29050000 | 29413038 |
| &nbsp;&nbsp;&nbsp;7.50% | 25300000 | 26536563 |
| &nbsp;&nbsp;&nbsp;3.80% | 25830000 | 25185363 |
| &nbsp;&nbsp;&nbsp;3.65% | 2450000 | 2377651 |
| Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> | Wells Fargo & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.90% | 66688000 | 65359262 |
| &nbsp;&nbsp;&nbsp;6.85% | 12840000 | 13324209 |
| &nbsp;&nbsp;&nbsp;7.63% | 4100000 | 4379755 |
| Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> | Charles Schwab Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.00% | 73673000 | 65292615 |
| &nbsp;&nbsp;&nbsp;5.38% | 17550000 | 17487759 |
| Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> | Citigroup, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.88% | 31175000 | 30454218 |
| &nbsp;&nbsp;&nbsp;4.00% | 26571000 | 26158121 |
| &nbsp;&nbsp;&nbsp;6.95% | 19190000 | 19134691 |
| Markel Group, Inc.<sup>††</sup> | Markel Group, Inc.<sup>††</sup> | Markel Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.00% | 72131000 | 71735578 |
| Equitable Holdings, Inc.<sup>††</sup> | Equitable Holdings, Inc.<sup>††</sup> | Equitable Holdings, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.95% | 68525000 | 68259959 |
| 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 | 62322300 |
| JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> | JPMorgan Chase & Co.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.65% | 37412000 | 36575797 |
| &nbsp;&nbsp;&nbsp;6.50% | 20220000 | 20694015 |
| MetLife, Inc.<sup>††</sup> | MetLife, Inc.<sup>††</sup> | MetLife, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;3.85% | 53467000 | 52840095 |
| Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> | Bank of America Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.38% | 27700000 | 26996977 |
| State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> | State Street Corp.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;6.45% | 18790000 | 18773403 |
| &nbsp;&nbsp;&nbsp;6.70% | 2645000 | 2711831 |
| 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> | 15731000 | 15701555 |
| American National Group, Inc.<sup>††</sup> | American National Group, Inc.<sup>††</sup> | American National Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;7.38% | 590500 | 15187660 |
| CNO Financial Group, Inc.<sup>††</sup> | CNO Financial Group, Inc.<sup>††</sup> | CNO Financial Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 710775 | 13433647 |
| Jackson Financial, Inc.<sup>††</sup> | Jackson Financial, Inc.<sup>††</sup> | Jackson Financial, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;8.00% | 472000 | 12423040 |
| Selective Insurance Group, Inc.<sup>††</sup> | Selective Insurance Group, Inc.<sup>††</sup> | Selective Insurance Group, Inc.<sup>††</sup> |
| &nbsp;&nbsp;&nbsp;4.60% | 541225 | 9812409 |
| 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 | 4601278 |
| First Republic Bank<sup>†††</sup> | First Republic Bank<sup>†††</sup> | First Republic Bank<sup>†††</sup> |
| &nbsp;&nbsp;&nbsp;4.25%\* | 2368525 | 947 |
| &nbsp;&nbsp;&nbsp;4.50%\* | 276775 | 111 |
| **Total Financial** |  | 757173847 |
| **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 | 47886890 |
| **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 | 20455455 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| CoBank ACB | CoBank ACB | CoBank ACB |
| &nbsp;&nbsp;&nbsp;7.13% | 8250000 | 8378939 |
| &nbsp;&nbsp;&nbsp;4.25% | 3300000 | 3161966 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $922,360,575) |  | 837057097 |
| **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 | 1071 |
| 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) |  | 1459 |
| **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> | 5465868 | 134077738 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 2188618 | 54562244 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3093264 | 31025436 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 1141301 | 28372755 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $243,201,802) |  | 248038173 |
| **MONEY MARKET FUNDs\*\*\*<sup>,†</sup>** **- 0.8%** | **MONEY MARKET FUNDs\*\*\*<sup>,†</sup>** **- 0.8%** | **MONEY MARKET FUNDs\*\*\*<sup>,†</sup>** **- 0.8%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 4.17%<sup>4</sup> | 201051947 | 201051947 |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>4</sup> | 14368458 | 14368458 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 4.14%<sup>4</sup> | 1035466 | $| 1035466 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $216,455,871) |  |  | 216455871 |
|  | **Face<br> Amount<sup>~</sup>** |  |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 40.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 40.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 40.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 40.8%** |
| **Government Agency - 27.7%** |  |  |  |
| Uniform MBS 30 Year |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>5</sup> | 1558077000 |  | 1523755680 |
| &nbsp;&nbsp;&nbsp;3.00% due 06/01/25<sup>5</sup> | 1274740000 |  | 1103185491 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/25<sup>5</sup> | 675305000 |  | 644989208 |
| &nbsp;&nbsp;&nbsp;2.50% due 06/01/25<sup>5</sup> | 199940000 |  | 165896816 |
| &nbsp;&nbsp;&nbsp;2.00% due 06/01/25<sup>5</sup> | 192250000 |  | 152595746 |
| Fannie Mae |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 | 266515541 |  | 278791439 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 210746345 |  | 207101920 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 185211697 |  | 189852872 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 210070962 |  | 182368045 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/53 | 168328382 |  | 168393828 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 160641534 |  | 161340763 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/54 | 147734520 |  | 147578957 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 142575122 |  | 142735311 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 107619672 |  | 105766429 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 75732970 |  | 74442485 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 26345191 |  | 25896686 |
| &nbsp;&nbsp;&nbsp;due 12/25/43<sup>6</sup> | 8695046 |  | 6513264 |
| &nbsp;&nbsp;&nbsp;3.05% due 03/01/50 | 5701673 |  | 4475105 |
| &nbsp;&nbsp;&nbsp;2.51% due 10/01/46 | 5290589 |  | 4183908 |
| &nbsp;&nbsp;&nbsp;2.49% due 12/01/39 | 4022503 |  | 3189780 |
| &nbsp;&nbsp;&nbsp;4.24% due 08/01/48 | 3321650 |  | 2957515 |
| &nbsp;&nbsp;&nbsp;2.54% due 12/01/39 | 3510826 |  | 2796669 |
| &nbsp;&nbsp;&nbsp;3.00% due 01/01/52 | 2633302 |  | 2290092 |
| &nbsp;&nbsp;&nbsp;3.42% due 10/01/47 | 2586591 |  | 2232211 |
| &nbsp;&nbsp;&nbsp;3.26% due 11/01/46 | 2216376 |  | 1885520 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/55 | 1844368 |  | 1808336 |
| &nbsp;&nbsp;&nbsp;2.69% due 02/01/52 | 2375285 |  | 1789763 |
| &nbsp;&nbsp;&nbsp;2.49% due 09/01/51 | 2406703 |  | 1746340 |
| &nbsp;&nbsp;&nbsp;2.62% due 12/01/51 | 2217883 |  | 1638271 |
| &nbsp;&nbsp;&nbsp;2.93% due 03/01/52 | 1986367 |  | 1555141 |
| &nbsp;&nbsp;&nbsp;3.46% due 08/01/49 | 1581785 |  | 1352648 |
| &nbsp;&nbsp;&nbsp;2.51% due 07/01/50 | 1696307 |  | 1280909 |
| &nbsp;&nbsp;&nbsp;2.43% due 12/01/51 | 1900000 |  | 1225083 |
| &nbsp;&nbsp;&nbsp;3.74% due 02/01/48 | 1177412 |  | 1043609 |
| &nbsp;&nbsp;&nbsp;4.05% due 09/01/48 | 1091938 |  | 995958 |
| &nbsp;&nbsp;&nbsp;2.32% due 07/01/50 | 1298892 |  | 955186 |
| &nbsp;&nbsp;&nbsp;3.96% due 06/01/49 | 907409 |  | 805252 |
| &nbsp;&nbsp;&nbsp;3.60% due 10/01/47 | 867335 |  | 756307 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 861054 |  | 753876 |
| &nbsp;&nbsp;&nbsp;2.65% due 12/01/51 | 952272 |  | 710305 |
| &nbsp;&nbsp;&nbsp;2.34% due 03/01/51 | 833363 |  | 613411 |
| &nbsp;&nbsp;&nbsp;3.91% due 07/01/49 | 636976 |  | 561122 |
| &nbsp;&nbsp;&nbsp;3.18% due 09/01/42 | 607822 |  | 516321 |
| &nbsp;&nbsp;&nbsp;2.56% due 05/01/39 | 577460 |  | 454094 |
| &nbsp;&nbsp;&nbsp;2.51% due 02/01/48 | 550159 |  | 425425 |
| &nbsp;&nbsp;&nbsp;3.00% due 07/01/46 | 408969 |  | 360368 |
| &nbsp;&nbsp;&nbsp;3.51% due 11/01/47 | 349562 |  | 304847 |
| &nbsp;&nbsp;&nbsp;4.33% due 09/01/48 | 313893 |  | 295662 |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/45 | 310803 |  | 287118 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/49 | 311069 |  | 278609 |
| &nbsp;&nbsp;&nbsp;3.77% due 08/01/45 | 282889 |  | 243968 |
| &nbsp;&nbsp;&nbsp;4.23% due 07/01/39 | 263224 |  | 242865 |
| &nbsp;&nbsp;&nbsp;2.00% due 02/25/52 | 383517 |  | 232490 |
| &nbsp;&nbsp;&nbsp;5.00% due 12/01/44 | 206778 |  | 206805 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/48 | 210552 |  | 204130 |
| &nbsp;&nbsp;&nbsp;3.50% due 11/01/47 | 217650 |  | 199258 |
| &nbsp;&nbsp;&nbsp;3.00% due 03/01/52 | 215584 |  | 188543 |
| &nbsp;&nbsp;&nbsp;2.50% due 01/25/52 | 260292 |  | 165765 |
| &nbsp;&nbsp;&nbsp;3.50% due 12/01/45 | 179248 |  | 165686 |
| &nbsp;&nbsp;&nbsp;3.95% due 06/01/49 | 184314 |  | 163940 |
| &nbsp;&nbsp;&nbsp;3.50% due 08/01/43 | 175735 |  | 163802 |
| &nbsp;&nbsp;&nbsp;3.18% due 08/01/42 | 174173 |  | 147940 |
| &nbsp;&nbsp;&nbsp;4.00% due 10/01/45 | 115074 |  | 109006 |
| &nbsp;&nbsp;&nbsp;2.06% due 09/01/36 | 140000 |  | 106282 |
| &nbsp;&nbsp;&nbsp;2.34% due 09/01/39 | 121699 |  | 93692 |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/44 | 92610 |  | 92622 |
| &nbsp;&nbsp;&nbsp;2.50% due 11/25/50 | 141665 |  | 83255 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/44 | 60484 |  | 59925 |
| &nbsp;&nbsp;&nbsp;2.00% due 10/25/51 | 102955 |  | 53668 |
| &nbsp;&nbsp;&nbsp;2.28% due 01/01/51 | 66094 |  | 48556 |
| &nbsp;&nbsp;&nbsp;3.50% due 06/01/46 | 11724 |  | 10764 |
| Freddie Mac |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 243697921 |  | 250148475 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/53 | 183488752 |  | 185563373 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/54 | 174425777 |  | 174242108 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 156626388 |  | 157008008 |
| &nbsp;&nbsp;&nbsp;5.50% due 10/01/54 | 115539348 |  | 115417696 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 108557632 |  | 106691014 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 98347221 |  | 100811571 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 98624355 |  | 99282129 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 64198627 |  | 63104689 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/53 | 11686536 |  | 11757142 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 8206893 |  | 8113169 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/01/53 | 1974780 |  | 1782338 |
| &nbsp;&nbsp;&nbsp;2.50% due 03/25/52 | 2268096 |  | 1440519 |
| &nbsp;&nbsp;&nbsp;1.96% due 05/01/50 | 1485665 |  | 1034185 |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/52 | 914030 |  | 911498 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 780000 |  | 779179 |
| &nbsp;&nbsp;&nbsp;3.00% due 08/01/46 | 435312 |  | 386507 |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 304994 |  | 264592 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/48 | 177864 |  | 173303 |
| &nbsp;&nbsp;&nbsp;3.50% due 12/01/45 | 163522 |  | 150921 |
| &nbsp;&nbsp;&nbsp;4.00% due 11/01/45 | 144983 |  | 137469 |
| &nbsp;&nbsp;&nbsp;2.00% due 10/25/51 | 257387 |  | 133423 |
| &nbsp;&nbsp;&nbsp;4.00% due 08/01/45 | 130992 |  | 124203 |
| &nbsp;&nbsp;&nbsp;4.00% due 09/01/45 | 121048 |  | 114775 |
| &nbsp;&nbsp;&nbsp;2.50% due 02/25/52 | 140698 |  | 84308 |
| &nbsp;&nbsp;&nbsp;2.00% due 09/25/51 | 170803 |  | 84233 |
| &nbsp;&nbsp;&nbsp;4.00% due 05/25/52 | 81000 |  | 65762 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/25<sup>5</sup> | 541660000 | $543281188 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;due 05/01/25<sup>5</sup> | 243328901 | 238959444 |
| &nbsp;&nbsp;&nbsp;due 06/01/25<sup>5</sup> | 141139400 | 141141376 |
| &nbsp;&nbsp;&nbsp;due 07/01/25<sup>5</sup> | 128210600 | 128067132 |
| &nbsp;&nbsp;&nbsp;6.00% due 06/20/47 | 8269543 | 8308203 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;1.49% (WAC) due 03/25/35<sup>◊,7</sup> | 198632735 | 16557111 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.00% due 11/25/59 | 9892023 | 7865311 |
| &nbsp;&nbsp;&nbsp;2.00% due 05/25/60 | 8136786 | 6473671 |
| FARM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.18% (WAC) due 01/25/51<sup>◊,3</sup> | 9662573 | 7767162 |
| **Total Government Agency** |  | 7708939850 |
| **Residential Mortgage-Backed Securities - 11.1%** |  |  |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.39% due 01/25/64<sup>3,8</sup> | 16801674 | 16950433 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.85% due 02/25/64<sup>3,8</sup> | 14454882 | 14638474 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 5.99% due 01/25/64<sup>3,8</sup> | 13597807 | 13716451 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.07% due 01/25/64<sup>3,8</sup> | 12981267 | 13058175 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.95% due 11/25/64<sup>3,8</sup> | 11773217 | 11814719 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.24% due 03/25/64<sup>3,8</sup> | 11365908 | 11463979 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.45% due 02/25/64<sup>3,8</sup> | 11041978 | 11161515 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.44% due 01/25/64<sup>3,8</sup> | 10776079 | 10893180 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.94% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55<sup>◊,3</sup> | 10600000 | 10602347 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 12/25/64<sup>3,8</sup> | 10553107 | 10588692 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>3,8</sup> | 9280812 | 9304211 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.59% due 05/25/64<sup>3,8</sup> | 9049467 | 9116915 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.89% due 10/25/64<sup>3,8</sup> | 8731839 | 8755036 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.70% due 02/25/64<sup>3,8</sup> | 8631405 | 8718188 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.85% due 12/01/64<sup>3,8</sup> | 8426766 | 8436705 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.29% due 01/25/64<sup>3,8</sup> | 8382210 | 8422332 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.60% due 03/25/64<sup>3,8</sup> | 8226374 | 8325679 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.23% due 05/25/64<sup>3,8</sup> | 7945277 | 8040074 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 6.23% due 06/25/64<sup>3,8</sup> | 7909915 | 7941116 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 6.02% due 11/25/64<sup>3,8</sup> | 7883008 | 7905736 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>3,8</sup> | 7656849 | 7685755 |
| &nbsp;&nbsp;&nbsp;2024-NQM10, 6.33% due 05/25/64<sup>3,8</sup> | 7260350 | 7307680 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.32% due 01/25/64<sup>3,8</sup> | 7073624 | 7094885 |
| &nbsp;&nbsp;&nbsp;2024-NQM15, 5.72% due 10/25/64<sup>3,8</sup> | 7069545 | 7057402 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.95% due 12/01/64<sup>3,8</sup> | 6939690 | 6941852 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.44% due 05/25/64<sup>3,8</sup> | 6763672 | 6814381 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 6.13% due 06/25/64<sup>3,8</sup> | 6061402 | 6098901 |
| &nbsp;&nbsp;&nbsp;2024-NQM7, 6.45% due 03/25/64<sup>3,8</sup> | 5722695 | 5763913 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.13% due 12/25/63<sup>3,8</sup> | 5357401 | 5392921 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>3,8</sup> | 5291267 | 5310089 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 5.88% due 06/25/64<sup>3,8</sup> | 5158640 | 5206740 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>3,8</sup> | 5210335 | 5191517 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.32% due 01/25/62<sup>3,8</sup> | 4754001 | 4769261 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, 7.66% due 10/25/63<sup>3,8</sup> | 4495560 | 4589146 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.33% due 12/25/63<sup>3,8</sup> | 4440038 | 4462327 |
| &nbsp;&nbsp;&nbsp;2024-NQM16, 5.73% due 10/25/64<sup>3,8</sup> | 4373234 | 4367660 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.70% due 12/25/64<sup>3,8</sup> | 3662265 | 3671685 |
| &nbsp;&nbsp;&nbsp;2024-NQM17, 5.86% due 11/25/64<sup>3,8</sup> | 3460833 | 3473719 |
| &nbsp;&nbsp;&nbsp;2024-NQM4, 6.22% due 01/25/64<sup>3,8</sup> | 3264750 | 3276780 |
| &nbsp;&nbsp;&nbsp;2022-NQM8, 6.10% due 09/25/62<sup>3,8</sup> | 3155269 | 3149466 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.18% due 12/25/63<sup>3,8</sup> | 3056139 | 3067134 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.28% due 01/25/64<sup>3,8</sup> | 3017336 | 3050178 |
| &nbsp;&nbsp;&nbsp;2024-NQM12, 5.83% due 07/25/64<sup>3,8</sup> | 2800498 | 2809604 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.72% due 01/25/62<sup>3,8</sup> | 2765366 | 2772923 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.43% due 12/25/63<sup>3,8</sup> | 1394392 | 1401344 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,3</sup> | 36941269 | 37490489 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,3</sup> | 32526138 | 32510161 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.72% (WAC) due 12/25/54<sup>◊,3</sup> | 30069649 | 30075482 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,3</sup> | 21002321 | 21075292 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,3</sup> | 19475098 | 19372574 |
| &nbsp;&nbsp;&nbsp;2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,3</sup> | 14114470 | 14215099 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 5.94% (WAC) due 07/25/54<sup>◊,3</sup> | 11144854 | 11213138 |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.59% (WAC) due 10/25/54<sup>◊,3</sup> | 8233539 | 8243578 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.93% (WAC) due 01/25/55<sup>◊,3</sup> | 6952493 | 6965749 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,3</sup> | 4629401 | 4671998 |
| &nbsp;&nbsp;&nbsp;2024-HE6, 5.87% (WAC) due 12/25/54<sup>◊,3</sup> | 3274251 | 3285241 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.23% (WAC) due 07/25/54<sup>◊,3</sup> | 2400430 | 2422409 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,3</sup> | 87506811 | 81329792 |
| &nbsp;&nbsp;&nbsp;2021-13, 2.50% (WAC) due 04/25/52<sup>◊,3</sup> | 39205412 | 36427713 |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,3</sup> | 17180706 | 17274849 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.85% due 02/25/64<sup>3,8</sup> | 7868536 | 7908193 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.95% due 02/25/64<sup>3,8</sup> | 7487031 | 7510237 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.59% due 02/25/64<sup>3,8</sup> | 6437893 | 6464269 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-5, 4.79% due 06/25/26<sup>3,8</sup> | 45677233 | 45589953 |
| &nbsp;&nbsp;&nbsp;2021-8, 4.74% (WAC) due 09/25/26<sup>◊,3</sup> | 30639187 | 30560074 |
| &nbsp;&nbsp;&nbsp;2024-RPL2, 3.50% due 05/25/54<sup>3</sup> | 22954628 | 22072845 |
| &nbsp;&nbsp;&nbsp;2024-6, 5.70% due 11/25/29<sup>3,8</sup> | 13700236 | 13678713 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.41% due 08/25/29<sup>3,8</sup> | 13218213 | 13243357 |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>3,8</sup> | 8886928 | 8891583 |
| &nbsp;&nbsp;&nbsp;2024-5, 5.69% due 09/25/29<sup>3,8</sup> | 7100181 | 7090942 |
| &nbsp;&nbsp;&nbsp;2023-RCF1, 4.00% due 06/25/53<sup>3,8</sup> | 3664320 | 3594409 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>3,8</sup> | 42832000 | 42942592 |
| &nbsp;&nbsp;&nbsp;2024-CES2, 5.25% due 10/25/54<sup>3,8</sup> | 40677611 | 40422590 |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>3,8</sup> | 33005631 | 33056727 |
| &nbsp;&nbsp;&nbsp;2024-CES1, 6.68% due 05/25/54<sup>3,8</sup> | 9625040 | 9731469 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-2, 5.51% due 03/25/70<sup>3,8</sup> | 17900000 | 17956754 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.69% due 11/25/69<sup>3,8</sup> | 15536161 | 15506898 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>3,8</sup> | 14667107 | 14650864 |
| &nbsp;&nbsp;&nbsp;2023-7, 7.42% due 10/25/68<sup>3,8</sup> | 14117692 | 14368946 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.65% due 06/25/69<sup>3,8</sup> | 13196771 | 13308896 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.98% due 01/25/70<sup>3,8</sup> | 12774063 | 12777385 |
| &nbsp;&nbsp;&nbsp;2022-8, 6.13% due 09/25/67<sup>3,8</sup> | 12601447 | 12589560 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.77% due 01/25/70<sup>3,8</sup> | 10385611 | 10380180 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>3,8</sup> | 5000000 | 5014966 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.12% due 01/25/69<sup>3,8</sup> | 2932043 | 2932421 |
| &nbsp;&nbsp;&nbsp;2023-2, 6.85% due 03/25/68<sup>3,8</sup> | 2760575 | 2776781 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2024-5, 6.45% due 06/25/69<sup>3,8</sup> | 2229184 | $2246691 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.10% (WAC) due 12/27/60<sup>◊,3</sup> | 55012214 | 54824370 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.19% (WAC) due 07/27/61<sup>◊,3</sup> | 45368086 | 45201131 |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 4.08% (WAC) due 09/27/60<sup>◊,3</sup> | 20946585 | 20868037 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 6.20% due 01/25/69<sup>3,8</sup> | 26295948 | 26517536 |
| &nbsp;&nbsp;&nbsp;2023-1, 4.75% due 09/26/67<sup>3,8</sup> | 19779756 | 19476908 |
| &nbsp;&nbsp;&nbsp;2023-2, 4.65% due 10/25/67<sup>3,8</sup> | 19332168 | 19163012 |
| &nbsp;&nbsp;&nbsp;2024-2, 5.99% due 01/25/69<sup>3,8</sup> | 16205869 | 16281353 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.50% due 01/25/69<sup>3,8</sup> | 8100270 | 8159302 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.19% due 01/25/69<sup>3,8</sup> | 7940876 | 7988178 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.25% due 01/25/69<sup>3,8</sup> | 7324243 | 7364021 |
| &nbsp;&nbsp;&nbsp;2024-3, 4.80% due 11/26/68<sup>3,8</sup> | 7203133 | 7111287 |
| &nbsp;&nbsp;&nbsp;2024-12, 6.01% due 10/25/69<sup>3,8</sup> | 4049757 | 4068198 |
| &nbsp;&nbsp;&nbsp;2024-4, 6.40% due 01/25/69<sup>3,8</sup> | 3990281 | 4025335 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 4.50% due 05/25/62<sup>3,8</sup> | 27068464 | 26803612 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.19% due 03/25/64<sup>3,8</sup> | 11078604 | 11165087 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.93% due 11/25/64<sup>3,8</sup> | 10862931 | 10903107 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>3,8</sup> | 9426223 | 9450404 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 5.84% (30 Day Average SOFR + 1.50%, Rate Floor: 0.00%) due 01/25/70<sup>◊,3</sup> | 7500000 | 7492052 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.91% due 12/25/64<sup>3,8</sup> | 6805381 | 6822679 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 6.40% due 12/01/63<sup>3,8</sup> | 5682284 | 5702366 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.50% due 03/25/64<sup>3,8</sup> | 5116161 | 5144072 |
| &nbsp;&nbsp;&nbsp;2023-NQM6, 7.06% due 09/25/63<sup>3,8</sup> | 4959864 | 5014311 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, 7.01% due 06/25/63<sup>3,8</sup> | 3138828 | 3170574 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.39% due 03/25/64<sup>3,8</sup> | 1876439 | 1887982 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.59% (WAC) due 11/25/69<sup>◊,3</sup> | 21839660 | 21900060 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.89% due 02/25/70<sup>3,8</sup> | 18042717 | 18132133 |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.99% due 02/25/70<sup>3,8</sup> | 13219184 | 13284356 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.82% due 11/25/69<sup>3,8</sup> | 10255145 | 10287904 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.36% (WAC) due 03/25/70<sup>◊,3</sup> | 10187201 | 10208607 |
| &nbsp;&nbsp;&nbsp;2024-H7, 5.97% due 11/25/69<sup>3,8</sup> | 6504421 | 6514675 |
| &nbsp;&nbsp;&nbsp;2025-H2, 5.66% due 03/25/70<sup>3,8</sup> | 5742785 | 5754790 |
| &nbsp;&nbsp;&nbsp;2024-H5, 6.16% due 08/26/69<sup>3,8</sup> | 5409309 | 5431122 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,3</sup> | 31900433 | 30963202 |
| &nbsp;&nbsp;&nbsp;2022-NQM5, 5.71% due 08/25/67<sup>3,8</sup> | 19704181 | 19632128 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 6.89% due 08/25/68<sup>3,8</sup> | 14722485 | 14940609 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.44% due 06/25/59<sup>3,8</sup> | 10473814 | 10576121 |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 7.34% due 08/25/68<sup>3,8</sup> | 3744245 | 3800518 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.09% due 06/25/59<sup>3,8</sup> | 3051375 | 3069984 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 6.24% due 11/25/67<sup>3,8</sup> | 2360379 | 2359000 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.54% due 06/25/59<sup>3,8</sup> | 2319036 | 2341604 |
| &nbsp;&nbsp;&nbsp;2022-NQM4, 5.73% due 08/25/67<sup>3,8</sup> | 1816798 | 1809874 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-3, 7.18% due 09/25/68<sup>3,8</sup> | 31511745 | 31956590 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.56% due 03/25/70<sup>3,8</sup> | 11994245 | 12008140 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.13% due 04/25/69<sup>3,8</sup> | 10464351 | 10532657 |
| &nbsp;&nbsp;&nbsp;2023-3, 7.58% due 09/25/68<sup>3,8</sup> | 7093193 | 7208317 |
| &nbsp;&nbsp;&nbsp;2021-2, 2.38% (WAC) due 08/25/66<sup>◊,3</sup> | 7108000 | 4991941 |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>3,8</sup> | 4968207 | 4973604 |
| &nbsp;&nbsp;&nbsp;2023-4, 7.62% due 10/25/68<sup>3,8</sup> | 4376875 | 4449130 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.33% due 04/25/69<sup>3,8</sup> | 4311156 | 4331204 |
| &nbsp;&nbsp;&nbsp;2024-2, 6.43% due 04/25/69<sup>3,8</sup> | 3997617 | 4013487 |
| &nbsp;&nbsp;&nbsp;2024-1, 6.14% due 02/25/69<sup>3,8</sup> | 3357859 | 3365840 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS2, 4.75% due 04/25/61<sup>3,8</sup> | 31200110 | 31165163 |
| &nbsp;&nbsp;&nbsp;2021-GS3, 4.75% due 07/25/61<sup>3,8</sup> | 29802339 | 29718100 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>3,8</sup> | 19717693 | 19665512 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 4.65% due 11/25/60<sup>3,8</sup> | 4289108 | 4281396 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS1, 3.00% due 11/01/69<sup>3,8</sup> | 50592298 | 46241360 |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>3,8</sup> | 28865184 | 26899955 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC5, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 10/25/36<sup>◊</sup> | 23990406 | 12398304 |
| &nbsp;&nbsp;&nbsp;2007-HE5, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/37<sup>◊</sup> | 25265514 | 10663166 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 09/25/36<sup>◊</sup> | 22263353 | 7647446 |
| &nbsp;&nbsp;&nbsp;2006-HE5, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 08/25/36<sup>◊</sup> | 12302201 | 6095120 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.55% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 12/25/36<sup>◊</sup> | 10128307 | 5088865 |
| &nbsp;&nbsp;&nbsp;2006-HE4, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 06/25/36<sup>◊</sup> | 7542957 | 3798446 |
| &nbsp;&nbsp;&nbsp;2006-HE5, 4.94% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 08/25/36<sup>◊</sup> | 7371387 | 3651510 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.53% (1 Month Term SOFR + 0.20%, Rate Floor: 0.09%) due 01/25/37<sup>◊</sup> | 7878474 | 3560353 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.57% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 01/25/37<sup>◊</sup> | 7486124 | 3383390 |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.65% (1 Month Term SOFR + 0.32%, Rate Floor: 0.21%) due 01/25/37<sup>◊</sup> | 5894586 | 2664337 |
| &nbsp;&nbsp;&nbsp;2007-NC3, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 05/25/37<sup>◊</sup> | 2958389 | 2260442 |
| &nbsp;&nbsp;&nbsp;2007-HE6, 4.50% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37<sup>◊</sup> | 2117072 | 1897466 |
| &nbsp;&nbsp;&nbsp;2007-HE3, 4.57% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36<sup>◊,3</sup> | 1855605 | 1145902 |

---

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 09/25/36<sup>◊</sup> | 2822115 | $969480 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>3,8</sup> | 28589873 | 28845206 |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.65% due 01/25/45<sup>3,8</sup> | 16096874 | 16156338 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.30% due 06/25/44<sup>3,8</sup> | 5943707 | 6001169 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.52% (WAC) due 06/25/43<sup>◊,3</sup> | 3810666 | 3834381 |
| &nbsp;&nbsp;&nbsp;2023-CES2, 6.81% (WAC) due 09/25/43<sup>◊,3</sup> | 3390357 | 3427394 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>3,8</sup> | 56277856 | 55864653 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-PJ10, 2.50% (WAC) due 03/25/52<sup>◊,3</sup> | 55117171 | 50764099 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 5.12% due 05/25/65<sup>3,8</sup> | 50380458 | 50290116 |
| Top Pressure Recovery Turbines |  |  |
| &nbsp;&nbsp;&nbsp;7.51% due 11/01/69 | 43777750 | 43952861 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 56003901 | 34820711 |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.68% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 11881188 | 6164108 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36<sup>◊</sup> | 1667913 | 1241315 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-4, 4.42% (WAC) due 10/27/64<sup>◊,3</sup> | 36579031 | 36492123 |
| &nbsp;&nbsp;&nbsp;2023-CES1, 6.75% (WAC) due 07/25/63<sup>◊,3</sup> | 4519269 | 4562928 |
| CIM TRUST |  |  |
| &nbsp;&nbsp;&nbsp;2025-R1, 5.00% due 02/25/99<sup>3,8</sup> | 40300000 | 39603828 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.37% due 09/25/64<sup>3</sup> | 22954077 | 22816823 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>3</sup> | 16569219 | 16442937 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 40339289 | 38407170 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,3</sup> | 20441352 | 20430514 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.86% due 01/25/70<sup>3,8</sup> | 8790239 | 8775551 |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.98% (WAC) due 10/25/59<sup>◊,3</sup> | 5454189 | 5472655 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.96% due 01/25/70<sup>3,8</sup> | 3544738 | 3535994 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>3,8</sup> | 14807645 | 14813869 |
| &nbsp;&nbsp;&nbsp;2007-AMC1, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 12/25/36<sup>◊,3</sup> | 19361752 | 10540573 |
| &nbsp;&nbsp;&nbsp;2006-WF1, 4.92% due 03/25/36 | 12805931 | 6198805 |
| &nbsp;&nbsp;&nbsp;2007-AMC3, 4.62% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 03/25/37<sup>◊</sup> | 5332031 | 4554524 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,3</sup> | 35769273 | 35706648 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,3</sup> | 18472896 | 18595192 |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,3</sup> | 15823323 | 15882249 |
| GSAMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/46<sup>◊</sup> | 23377144 | 11672549 |
| &nbsp;&nbsp;&nbsp;2006-HE8, 4.90% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37<sup>◊</sup> | 10107000 | 8623563 |
| &nbsp;&nbsp;&nbsp;2006-NC2, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 10904375 | 6125728 |
| &nbsp;&nbsp;&nbsp;2007-NC1, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 12/25/46<sup>◊</sup> | 6687240 | 3140734 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>3,8</sup> | 28050000 | 27912631 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA4, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 05/25/47<sup>◊</sup> | 12670936 | 11308165 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 5.02% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.00%/0.58%) due 09/25/47<sup>◊</sup> | 5522820 | 5045896 |
| &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> | 5767579 | 2981604 |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 05/25/47<sup>◊</sup> | 2027035 | 1855580 |
| &nbsp;&nbsp;&nbsp;2007-OH3, 4.88% (1 Month Term SOFR + 0.55%, Rate Cap/Floor: 10.00%/0.44%) due 09/25/47<sup>◊</sup> | 548988 | 524970 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,3</sup> | 11012943 | 10148236 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,3</sup> | 10825806 | 10040085 |
| SPS Servicer Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.83% due 11/15/55<sup>3</sup> | 20000000 | 19623058 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 2.08% due 05/25/47<sup>7</sup> | 118705320 | 18628616 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | 18777111 | 18171273 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,3</sup> | 17294588 | 17820485 |
| ACE Securities Corporation Home Equity Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 5.05% (1 Month Term SOFR + 0.73%, Rate Floor: 0.62%) due 12/25/35<sup>◊</sup> | 12734771 | 12005186 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2007-ASP1, 4.84% (1 Month Term SOFR + 0.51%, Rate Floor: 0.40%) due 03/25/37<sup>◊</sup> | 7811078 | $3122083 |
| &nbsp;&nbsp;&nbsp;2007-WM2, 4.86% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 02/25/37<sup>◊</sup> | 5856274 | 2454168 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.64% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 15827550 | 15499566 |
| &nbsp;&nbsp;&nbsp;2007-1, 4.70% (1 Month Term SOFR + 0.37%, Rate Cap/Floor: 11.00%/0.26%) due 03/25/37<sup>◊</sup> | 2468984 | 1595708 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.35% due 07/25/69<sup>3,8</sup> | 8765036 | 8703017 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 5.04% (WAC) due 07/25/69<sup>◊,3</sup> | 8174645 | 8112164 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WM4, 4.60% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 11/25/36<sup>◊</sup> | 28983336 | 8011179 |
| &nbsp;&nbsp;&nbsp;2007-BR2, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37<sup>◊,3</sup> | 8335191 | 7153673 |
| &nbsp;&nbsp;&nbsp;2006-HE2, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 07/25/36<sup>◊</sup> | 3091320 | 1202053 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 5.47% (1 Year CMT Rate + 0.83%, Rate Floor: 0.83%) due 11/25/46<sup>◊</sup> | 7632023 | 6406817 |
| &nbsp;&nbsp;&nbsp;2006-AR10, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 6590046 | 5329076 |
| &nbsp;&nbsp;&nbsp;2006-AR9, 5.48% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 3410463 | 2841196 |
| &nbsp;&nbsp;&nbsp;2006-7, 3.93% due 09/25/36 | 5063094 | 1346050 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.11% due 10/25/36 | 323324 | 107130 |
| IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.55% (1 Month Term SOFR + 0.22%, Rate Floor: 0.11%) due 05/25/37<sup>◊</sup> | 30962916 | 6364496 |
| &nbsp;&nbsp;&nbsp;2006-HE1, 5.04% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 03/25/36<sup>◊</sup> | 10659936 | 5541787 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.67% (1 Month Term SOFR + 0.34%, Rate Floor: 0.23%) due 05/25/37<sup>◊</sup> | 5876319 | 1207775 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.60% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 05/25/37<sup>◊</sup> | 5518935 | 1134384 |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.50% (1 Month Term SOFR + 0.17%, Rate Floor: 0.06%) due 05/25/37<sup>◊</sup> | 4591499 | 943830 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.69% (WAC) due 02/25/61<sup>◊,3</sup> | 15246172 | 15185290 |
| Finance of America HECM Buyout |  |  |
| &nbsp;&nbsp;&nbsp;2024-HB1, 5.00% (WAC) due 10/01/34<sup>◊,3</sup> | 14650000 | 14480899 |
| WaMu Asset-Backed Certificates WaMu Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE1, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.41%) due 01/25/37<sup>◊</sup> | 31068395 | 13932755 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.07% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | 12997623 | 12556886 |
| &nbsp;&nbsp;&nbsp;2006-BC4, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 12/25/36<sup>◊</sup> | 1174553 | 1143784 |
| &nbsp;&nbsp;&nbsp;2006-BC6, 4.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.17%) due 01/25/37<sup>◊</sup> | 30881 | 30661 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.56% (WAC) due 02/25/50<sup>◊,3</sup> | 7771754 | 7377954 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.41% (WAC) due 02/25/50<sup>◊,3</sup> | 5978272 | 5680024 |
| ACHM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.92% (WAC) due 03/25/55<sup>◊,3</sup> | 12538748 | 12552908 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES1, 5.52% due 01/26/60<sup>3,8</sup> | 12387917 | 12422429 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-5, 4.82% (1 Month Term SOFR + 0.49%, Rate Cap/Floor: 99.00%/0.19%) due 06/25/47<sup>◊</sup> | 8014941 | 7410614 |
| &nbsp;&nbsp;&nbsp;2006-4, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 10/25/46<sup>◊</sup> | 6404976 | 3277268 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.63% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 12/25/46<sup>◊</sup> | 1848796 | 1575295 |
| Merrill Lynch Mortgage Investors Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE2, 4.96% (1 Month Term SOFR + 0.63%, Rate Floor: 0.52%) due 02/25/37<sup>◊</sup> | 30171631 | 8453053 |
| &nbsp;&nbsp;&nbsp;2006-HE6, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/37<sup>◊</sup> | 7240589 | 3511359 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 7.45% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,3</sup> | 11419298 | 11432926 |
| RALI Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-QO4, 4.82% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 05/25/47<sup>◊</sup> | 3535136 | 3223128 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.88% (1 Month Term SOFR + 0.55%, Rate Floor: 0.44%) due 02/25/46<sup>◊</sup> | 16536210 | $2861034 |
| &nbsp;&nbsp;&nbsp;2007-QO2, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 02/25/47<sup>◊</sup> | 7285738 | 2212234 |
| &nbsp;&nbsp;&nbsp;2006-QO6, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 06/25/46<sup>◊</sup> | 4715292 | 1036426 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 4.98% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 02/25/46<sup>◊</sup> | 5362610 | 943266 |
| &nbsp;&nbsp;&nbsp;2007-QO3, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 03/25/47<sup>◊</sup> | 749352 | 670587 |
| &nbsp;&nbsp;&nbsp;2006-QO2, 5.12% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 02/25/46<sup>◊</sup> | 1105132 | 194621 |
| Ameriquest Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.60% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36<sup>◊</sup> | 25735112 | 7466780 |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.54% (1 Month Term SOFR + 0.21%, Rate Floor: 0.10%) due 10/25/36<sup>◊</sup> | 10810475 | 3136575 |
| ABFC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-WMC1, 5.69% (1 Month Term SOFR + 1.36%, Rate Floor: 1.25%) due 06/25/37<sup>◊</sup> | 13711502 | 9890465 |
| Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36<sup>◊</sup> | 10208909 | 3292420 |
| &nbsp;&nbsp;&nbsp;2006-NC2, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 08/25/36<sup>◊</sup> | 7141083 | 2605013 |
| &nbsp;&nbsp;&nbsp;2006-WMC3, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 08/25/36<sup>◊</sup> | 5480690 | 1840987 |
| &nbsp;&nbsp;&nbsp;2007-WMC1, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 01/25/37<sup>◊</sup> | 5645722 | 1585106 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.73% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 5614314 | 5328076 |
| &nbsp;&nbsp;&nbsp;2006-12, 4.81% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 01/19/38<sup>◊</sup> | 4043038 | 3611232 |
| Fremont Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-E, 4.56% (1 Month Term SOFR + 0.23%, Rate Floor: 0.12%) due 01/25/37<sup>◊</sup> | 10982602 | 4944709 |
| &nbsp;&nbsp;&nbsp;2006-D, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 9877385 | 3464840 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-FF16, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 12/25/36<sup>◊</sup> | 18788784 | 7575950 |
| Merrill Lynch Alternative Note Asset Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-A1, 4.90% (1 Month Term SOFR + 0.57%, Rate Floor: 0.46%) due 01/25/37<sup>◊</sup> | 18316378 | 5490629 |
| &nbsp;&nbsp;&nbsp;2007-A1, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/37<sup>◊</sup> | 6945876 | 2082183 |
| ATLX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, 3.85% due 04/25/64<sup>3,8</sup> | 7416277 | 7130815 |
| First NLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-4, 5.22% (1 Month Term SOFR + 0.89%, Rate Cap/Floor: 14.00%/0.78%) due 02/25/36<sup>◊</sup> | 5555035 | 5447806 |
| &nbsp;&nbsp;&nbsp;2005-1, 3.87% (1 Month Term SOFR + 0.57%, Rate Cap/Floor: 14.00%/0.46%) due 05/25/35<sup>◊</sup> | 1887285 | 1671050 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-W4, 5.20% (1 Month Term SOFR + 0.87%, Rate Floor: 0.76%) due 02/25/36<sup>◊</sup> | 8831701 | 7054861 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-8, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 09/25/36<sup>◊</sup> | 13937845 | 3701743 |
| &nbsp;&nbsp;&nbsp;2006-6, 4.94% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 07/25/36<sup>◊</sup> | 4372814 | 1671401 |
| &nbsp;&nbsp;&nbsp;2006-8, 4.62% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 09/25/36<sup>◊</sup> | 3719751 | 983477 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | 6220797 | 6147343 |
| Option One Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-5, 4.66% (1 Month Term SOFR + 0.33%, Rate Floor: 0.22%) due 05/25/37<sup>◊</sup> | 6379467 | 3821504 |
| &nbsp;&nbsp;&nbsp;2007-2, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.25%) due 03/25/37<sup>◊</sup> | 4605951 | 2282640 |
| Asset-Backed Securities Corporation Home Equity Loan Trust Series AEG |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 4.08% (1 Month Term SOFR + 0.71%, Rate Floor: 0.60%) due 01/25/36<sup>◊</sup> | 5893405 | 5752423 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,3</sup> | 5566789 | 5454130 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Lehman XS Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2N, 4.62% (1 Month Term SOFR + 0.29%, Rate Floor: 0.18%) due 02/25/37<sup>◊</sup> | 4162540 | $3842820 |
| &nbsp;&nbsp;&nbsp;2007-15N, 4.94% (1 Month Term SOFR + 0.61%, Rate Floor: 0.00%) due 08/25/37<sup>◊</sup> | 1033603 | 1006032 |
| &nbsp;&nbsp;&nbsp;2006-10N, 4.86% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 07/25/46<sup>◊</sup> | 250661 | 228453 |
| Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.59% (1 Month Term SOFR + 0.26%, Rate Floor: 0.15%) due 11/25/36<sup>◊</sup> | 15738314 | 5009303 |
| WaMu Asset-Backed Certificates WaMu Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.61% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>◊</sup> | 4324000 | 3206744 |
| &nbsp;&nbsp;&nbsp;2007-HE4, 4.69% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47<sup>◊</sup> | 3105491 | 1779856 |
| CWABS Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-12, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 5249693 | 4808791 |
| WaMu Mortgage Pass-Through Certificates Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA6, 5.45% (1 Year CMT Rate + 0.81%, Rate Floor: 0.81%) due 07/25/47<sup>◊</sup> | 3876913 | 3232428 |
| &nbsp;&nbsp;&nbsp;2006-AR13, 5.52% (1 Year CMT Rate + 0.88%, Rate Floor: 0.88%) due 10/25/46<sup>◊</sup> | 1253489 | 1073216 |
| &nbsp;&nbsp;&nbsp;2006-AR11, 5.56% (1 Year CMT Rate + 0.92%, Rate Floor: 0.92%) due 09/25/46<sup>◊</sup> | 553241 | 487847 |
| Deutsche Alt-A Securities Mortgage Loan Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR4, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 12/25/36<sup>◊</sup> | 8972584 | 3084373 |
| &nbsp;&nbsp;&nbsp;2007-OA2, 5.41% (1 Year CMT Rate + 0.77%, Rate Floor: 0.77%) due 04/25/47<sup>◊</sup> | 1914013 | 1704079 |
| Credit-Based Asset Servicing and Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;2006-CB2, 3.51% (1 Month Term SOFR + 0.49%, Rate Floor: 0.38%) due 12/25/36<sup>◊</sup> | 4188172 | 4020720 |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-5, 4.80% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 03/25/36<sup>◊</sup> | 11822015 | 3811364 |
| &nbsp;&nbsp;&nbsp;2007-7, 4.98% (1 Month Term SOFR + 0.65%, Rate Floor: 0.54%) due 07/25/37<sup>◊</sup> | 80408 | 76899 |
| Impac Secured Assets CMN Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 4.94% (1 Month Term SOFR + 0.61%, Rate Floor: 0.50%) due 03/25/36<sup>◊</sup> | 3622738 | 3345704 |
| GSAA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-3, 4.78% (1 Month Term SOFR + 0.45%, Rate Floor: 0.34%) due 03/25/47<sup>◊</sup> | 10315724 | 2743983 |
| ASG Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-3, 5.01% (1 Month Term SOFR + 0.40%, Rate Cap/Floor: 10.50%/0.29%) due 12/28/45<sup>◊,3</sup> | 1847777 | 1751274 |
| C-BASS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-CB2, 3.53% due 02/25/37 | 2400173 | 1420823 |
| Securitized Asset Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WM4, 4.76% (1 Month Term SOFR + 0.43%, Rate Floor: 0.32%) due 11/25/36<sup>◊</sup> | 5086537 | 1405819 |
| Morgan Stanley Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE1, 5.02% (1 Month Term SOFR + 0.69%, Rate Floor: 0.58%) due 01/25/36<sup>◊</sup> | 1337142 | 1293843 |
| Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2005-15, 3.55% (1 Month Term SOFR + 0.79%, Rate Floor: 0.68%) due 03/25/36<sup>◊</sup> | 524569 | 515327 |
| Alliance Bancorp Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA1, 4.92% (1 Month Term SOFR + 0.59%, Rate Floor: 0.48%) due 07/25/37<sup>◊</sup> | 462540 | 406806 |
| Impac Secured Assets Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.78% (1 Month Term SOFR + 0.45%, Rate Cap/Floor: 11.50%/0.34%) due 08/25/36<sup>◊</sup> | 389732 | 363454 |
| Nomura Resecuritization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-4R, 3.07% (1 Month Term SOFR + 0.54%, Rate Floor: 0.43%) due 03/26/36<sup>◊,3</sup> | 302015 | 292193 |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2004-BNC2, 5.64% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 12/25/34<sup>◊</sup> | 173286 | 172092 |
| &nbsp;&nbsp;&nbsp;2006-3, 4.74% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 06/25/36<sup>◊</sup> | 116984 | 112436 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.68% (WAC) due 01/26/60<sup>◊,3</sup> | 198618 | 195488 |
| Morgan Stanley Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 16.90% due 06/26/36<sup>3</sup> | 83415 | 79814 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| GreenPoint Mortgage Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR1, 5.02% (1 Month Term SOFR + 0.69%, Rate Cap/Floor: 10.50%/0.58%) due 02/25/36<sup>◊</sup> | 82389 | $72355 |
| **Total Residential Mortgage-Backed Securities** |  | 3085104443 |
| **Commercial Mortgage-Backed Securities - 1.3%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,3</sup> | 60050000 | 59228204 |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,3</sup> | 52000000 | 51317500 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.01% (1 Month Term SOFR + 1.69%, Rate Floor: 1.69%) due 08/15/39<sup>◊,3</sup> | 15850000 | 15850000 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,3</sup> | 11400000 | 11392875 |
| &nbsp;&nbsp;&nbsp;2024-AIR2, 5.81% (1 Month Term SOFR + 1.49%, Rate Floor: 1.49%) due 10/15/41<sup>◊,3</sup> | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 6.28% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39<sup>◊,3</sup> | 4410000 | 4392084 |
| &nbsp;&nbsp;&nbsp;2024-AIR2, 6.11% (1 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 10/15/41<sup>◊,3</sup> | 3800000 | 3797625 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.46% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 07/15/29<sup>◊,3</sup> | 20650000 | 20495125 |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.26% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 07/15/29<sup>◊,3</sup> | 17150000 | 17032094 |
| SMRT |  |  |
| &nbsp;&nbsp;&nbsp;2022-MINI, 6.27% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 01/15/39<sup>◊,3</sup> | 32500000 | 31832040 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.53% (1 Month Term SOFR + 2.20%, Rate Floor: 1.84%) due 06/15/38<sup>◊,3</sup> | 14350000 | 13111581 |
| &nbsp;&nbsp;&nbsp;2016-JP3, 3.41% (WAC) due 08/15/49<sup>◊</sup> | 10290000 | 9125611 |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.88% (1 Month Term SOFR + 2.55%, Rate Floor: 2.19%) due 06/15/38<sup>◊,3</sup> | 8000000 | 7109592 |
| &nbsp;&nbsp;&nbsp;2016-JP3, 1.30% (WAC) due 08/15/49<sup>◊,7</sup> | 48988590 | 609119 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 6.78% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38<sup>◊,3</sup> | 13650000 | 13373422 |
| &nbsp;&nbsp;&nbsp;2021-BMR, 6.18% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 03/15/38<sup>◊,3</sup> | 3675000 | 3592312 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,3</sup> | 10826880 | 10813346 |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.13% (1 Month Term SOFR + 1.81%, Rate Floor: 1.70%) due 07/15/38<sup>◊,3</sup> | 5586670 | 5579687 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC43, 0.60% (WAC) due 11/10/52<sup>◊,7</sup> | 203506256 | 4852016 |
| &nbsp;&nbsp;&nbsp;2019-GC41, 1.03% (WAC) due 08/10/56<sup>◊,7</sup> | 96092400 | 3174902 |
| &nbsp;&nbsp;&nbsp;2015-GC35, 4.35% (WAC) due 11/10/48<sup>◊</sup> | 810679 | 728217 |
| &nbsp;&nbsp;&nbsp;2016-P4, 1.88% (WAC) due 07/10/49<sup>◊,7</sup> | 27681230 | 407241 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.65% (WAC) due 08/10/49<sup>◊,7</sup> | 29584459 | 391462 |
| &nbsp;&nbsp;&nbsp;2016-P5, 1.36% (WAC) due 10/10/49<sup>◊,7</sup> | 24221712 | 302183 |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.64% (WAC) due 04/10/49<sup>◊,7</sup> | 18554263 | 140081 |
| &nbsp;&nbsp;&nbsp;2016-C3, 0.91% (WAC) due 11/15/49<sup>◊,7</sup> | 8853798 | 91660 |
| &nbsp;&nbsp;&nbsp;2015-GC35, 0.71% (WAC) due 11/10/48<sup>◊,7</sup> | 27375632 | 35421 |
| &nbsp;&nbsp;&nbsp;2015-GC29, 0.95% (WAC) due 04/10/48<sup>◊,7</sup> | 4667227 | 47 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-IG3, 3.13% (WAC) due 09/15/48<sup>◊,3</sup> | 5232000 | 3088724 |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.74% (WAC) due 12/15/62<sup>◊,7</sup> | 99601638 | 2202252 |
| &nbsp;&nbsp;&nbsp;2018-B2, 0.45% (WAC) due 02/15/51<sup>◊,7</sup> | 89807882 | 879902 |
| &nbsp;&nbsp;&nbsp;2018-B6, 4.59% (WAC) due 10/10/51<sup>◊</sup> | 750000 | 698520 |
| &nbsp;&nbsp;&nbsp;2018-B6, 0.40% (WAC) due 10/10/51<sup>◊,7</sup> | 58037541 | 528896 |
| DBGS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C1, 4.64% (WAC) due 10/15/51<sup>◊</sup> | 7588000 | 7002299 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-GC45, 0.62% (WAC) due 02/13/53<sup>◊,7</sup> | 143416376 | 3401607 |
| &nbsp;&nbsp;&nbsp;2019-GC42, 0.81% (WAC) due 09/10/52<sup>◊,7</sup> | 64287258 | 1842691 |
| &nbsp;&nbsp;&nbsp;2017-GS6, 1.00% (WAC) due 05/10/50<sup>◊,7</sup> | 39845664 | 626473 |
| &nbsp;&nbsp;&nbsp;2017-GS6, 3.87% due 05/10/50 | 521000 | 454058 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-C4, 3.64% (WAC) due 12/15/49<sup>◊</sup> | 2650000 | 2455810 |
| &nbsp;&nbsp;&nbsp;2017-C7, 0.83% (WAC) due 10/15/50<sup>◊,7</sup> | 111917490 | 1805856 |
| &nbsp;&nbsp;&nbsp;2016-C4, 0.70% (WAC) due 12/15/49<sup>◊,7</sup> | 71054930 | 584498 |
| &nbsp;&nbsp;&nbsp;2016-C2, 1.47% (WAC) due 06/15/49<sup>◊,7</sup> | 22383016 | 207703 |
| &nbsp;&nbsp;&nbsp;2017-C5, 0.84% (WAC) due 03/15/50<sup>◊,7</sup> | 7162058 | 73570 |
| BMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-MF23, 5.96% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 06/15/41<sup>◊,3</sup> | 4900000 | 4884687 |
| GS Mortgage Securities Corporation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 5.94% (1 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 12/15/36<sup>◊,3</sup> | 3463607 | 3425202 |
| &nbsp;&nbsp;&nbsp;2020-DUNE, 6.49% (1 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 12/15/36<sup>◊,3</sup> | 923628 | 896355 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C38, 0.91% (WAC) due 07/15/50<sup>◊,7</sup> | 61576269 | $| 923441 |
| &nbsp;&nbsp;&nbsp;2017-C42, 0.86% (WAC) due 12/15/50<sup>◊,7</sup> | 32704745 |  | 618483 |
| &nbsp;&nbsp;&nbsp;2017-RB1, 1.19% (WAC) due 03/15/50<sup>◊,7</sup> | 32179269 |  | 615680 |
| &nbsp;&nbsp;&nbsp;2016-BNK1, 1.71% (WAC) due 08/15/49<sup>◊,7</sup> | 33245561 |  | 564865 |
| &nbsp;&nbsp;&nbsp;2017-RC1, 1.37% (WAC) due 01/15/60<sup>◊,7</sup> | 15803892 |  | 329231 |
| &nbsp;&nbsp;&nbsp;2016-C35, 1.86% (WAC) due 07/15/48<sup>◊,7</sup> | 19923357 |  | 298970 |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.39% (WAC) due 01/15/59<sup>◊,7</sup> | 17277931 |  | 109808 |
| &nbsp;&nbsp;&nbsp;2016-C37, 0.77% (WAC) due 12/15/49<sup>◊,7</sup> | 9900471 |  | 90841 |
| &nbsp;&nbsp;&nbsp;2015-NXS4, 0.98% (WAC) due 12/15/48<sup>◊,7</sup> | 35015142 |  | 77639 |
| &nbsp;&nbsp;&nbsp;2015-P2, 0.91% (WAC) due 12/15/48<sup>◊,7</sup> | 20707593 |  | 60075 |
| &nbsp;&nbsp;&nbsp;2015-C30, 0.83% (WAC) due 09/15/58<sup>◊,7</sup> | 20185696 |  | 1611 |
| &nbsp;&nbsp;&nbsp;2015-NXS1, 0.78% (WAC) due 05/15/48<sup>◊,7</sup> | 2427201 |  | 24 |
| BANK |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-BN25, 0.44% (WAC) due 01/15/63<sup>◊,7</sup> | 140000000 |  | 2627968 |
| &nbsp;&nbsp;&nbsp;2017-BNK6, 0.77% (WAC) due 07/15/60<sup>◊,7</sup> | 33227128 |  | 468390 |
| &nbsp;&nbsp;&nbsp;2017-BNK4, 1.33% (WAC) due 05/15/50<sup>◊,7</sup> | 10360698 |  | 229408 |
| CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-C15, 0.99% (WAC) due 03/15/52<sup>◊,7</sup> | 84922540 |  | 2594715 |
| &nbsp;&nbsp;&nbsp;2016-C6, 1.85% (WAC) due 01/15/49<sup>◊,7</sup> | 4644236 |  | 42743 |
| &nbsp;&nbsp;&nbsp;2015-C1, 0.18% (WAC) due 04/15/50<sup>◊,7</sup> | 3333242 |  | 33 |
| COMM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-COR3, 0.44% (WAC) due 05/10/51<sup>◊,7</sup> | 194936377 |  | 2266642 |
| &nbsp;&nbsp;&nbsp;2015-CR27, 0.89% (WAC) due 10/10/48<sup>◊,7</sup> | 24093732 |  | 23595 |
| &nbsp;&nbsp;&nbsp;2015-CR26, 0.88% (WAC) due 10/10/48<sup>◊,7</sup> | 65159801 |  | 11885 |
| &nbsp;&nbsp;&nbsp;2015-CR24, 0.67% (WAC) due 08/10/48<sup>◊,7</sup> | 33234728 |  | 332 |
| &nbsp;&nbsp;&nbsp;2015-CR23, 0.82% (WAC) due 05/10/48<sup>◊,7</sup> | 2771930 |  | 28 |
| UBS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C2, 1.06% (WAC) due 08/15/50<sup>◊,7</sup> | 36688314 |  | 694928 |
| &nbsp;&nbsp;&nbsp;2017-C5, 1.13% (WAC) due 11/15/50<sup>◊,7</sup> | 36400855 |  | 681031 |
| BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-C2, 0.75% (WAC) due 12/15/51<sup>◊,7</sup> | 55942522 |  | 1210775 |
| CD Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD6, 0.89% (WAC) due 11/13/50<sup>◊,7</sup> | 35576321 |  | 592588 |
| &nbsp;&nbsp;&nbsp;2016-CD1, 1.33% (WAC) due 08/10/49<sup>◊,7</sup> | 27740294 |  | 238478 |
| &nbsp;&nbsp;&nbsp;2016-CD2, 0.53% (WAC) due 11/10/49<sup>◊,7</sup> | 29107814 |  | 135378 |
| CD Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-CD4, 1.22% (WAC) due 05/10/50<sup>◊,7</sup> | 24637542 |  | 465519 |
| &nbsp;&nbsp;&nbsp;2017-CD3, 0.93% (WAC) due 02/10/50<sup>◊,7</sup> | 28871363 |  | 380692 |
| CGMS Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-B1, 0.72% (WAC) due 08/15/50<sup>◊,7</sup> | 57671441 |  | 784960 |
| JPMCC Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-JP6, 1.01% (WAC) due 07/15/50<sup>◊,7</sup> | 46187227 |  | 664505 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK3, 1.00% (WAC) due 02/15/50<sup>◊,7</sup> | 20628250 |  | 276202 |
| &nbsp;&nbsp;&nbsp;2016-UB10, 1.72% (WAC) due 07/15/49<sup>◊,7</sup> | 1486793 |  | 12430 |
| DBJPM Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-C6, 0.95% (WAC) due 06/10/50<sup>◊,7</sup> | 17062384 |  | 267330 |
| Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-UBS9, 4.59% (WAC) due 03/15/49<sup>◊</sup> | 275000 |  | 250546 |
| CFCRE Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C3, 0.95% (WAC) due 01/10/48<sup>◊,7</sup> | 37934025 |  | 123316 |
| SG Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2016-C5, 1.82% (WAC) due 10/10/48<sup>◊,7</sup> | 4346988 |  | 62946 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.83% (WAC) due 12/15/47<sup>◊,7</sup> | 52793461 |  | 46944 |
| JPMBB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-C27, 0.82% (WAC) due 02/15/48<sup>◊,7</sup> | 13040609 |  | 130 |
| **Total Commercial Mortgage-Backed Securities** |  |  | 352679655 |
| **Military Housing - 0.7%** |  |  |  |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.65% (WAC) due 11/25/55<sup>◊,9</sup> | 108389657 |  | 95771265 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.45% (WAC) due 11/25/52<sup>◊,3</sup> | 20107500 |  | 18238343 |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.31% (WAC) due 10/25/52<sup>◊,3</sup> | 12972791 |  | 10983666 |
| &nbsp;&nbsp;&nbsp;2015-R1, 0.70% (WAC) due 11/25/55<sup>◊,7,9</sup> | 162875990 |  | 9240281 |
| Capmark Military Housing Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-RILY, 6.15% due 07/10/51<sup>†††,3</sup> | 12275835 |  | 10940282 |
| &nbsp;&nbsp;&nbsp;2007-AETC, 5.75% due 02/10/52<sup>†††,3</sup> | 6977579 |  | 6076764 |
| &nbsp;&nbsp;&nbsp;2006-RILY, 4.80% (1 Month Term SOFR + 0.48%, Rate Floor: 0.37%) due 07/10/51<sup>◊,†††,3</sup> | 6612320 |  | 4621217 |
| &nbsp;&nbsp;&nbsp;2007-ROBS, 6.06% due 10/10/52<sup>†††,3</sup> | 4425781 |  | 3906784 |
| &nbsp;&nbsp;&nbsp;2007-AET2, 6.06% due 10/10/52<sup>†††,3</sup> | 2907501 |  | 2792614 |
| GMAC Commercial Mortgage Asset Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2007-HCKM, 6.11% due 08/10/52<sup>†††,3</sup> | 21000445 |  | 19245980 |
| &nbsp;&nbsp;&nbsp;2005-DRUM, 5.47% due 05/10/50<sup>†††,3</sup> | 4235547 |  | 3734231 |
| &nbsp;&nbsp;&nbsp;2005-BLIS, 5.25% due 07/10/50<sup>†††,3</sup> | 2500000 |  | 2035060 |
| **Total Military Housing** |  |  | 187586487 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,584,136,295) | &nbsp;&nbsp;&nbsp;(Cost $11,584,136,295) |  | 11334310435 |
| **CORPORATE BONDS<sup>††</sup>** **- 28.6%** | **CORPORATE BONDS<sup>††</sup>** **- 28.6%** | **CORPORATE BONDS<sup>††</sup>** **- 28.6%** | **CORPORATE BONDS<sup>††</sup>** **- 28.6%** |
| **Financial - 13.5%** |  |  |  |
| Pershing Square Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>3</sup> | 101800000 |  | 89289317 |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/30 | 53530000 |  | 47826852 |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>3</sup> | 91480000 |  | 81440179 |
| Wilton RE Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% <sup>3,10,11</sup> | 80224000 |  | 79324844 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 11/01/34<sup>11</sup> | 21862000 |  | 23845723 |
| &nbsp;&nbsp;&nbsp;5.94% due 02/07/39<sup>11</sup> | 23310000 |  | 23528075 |
| &nbsp;&nbsp;&nbsp;5.52% due 11/19/55<sup>11</sup> | 19150000 |  | 18707611 |
| &nbsp;&nbsp;&nbsp;5.83% due 04/19/35<sup>11</sup> | 9625000 |  | 9974059 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 55868000 |  | 52081574 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 15867000 | $15889579 |
| &nbsp;&nbsp;&nbsp;3.25% due 01/15/32 | 4150000 | 3592063 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/30 | 475000 | 449016 |
| Host Hotels & Resorts, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 09/15/30 | 44753000 | 41003734 |
| &nbsp;&nbsp;&nbsp;2.90% due 12/15/31 | 20200000 | 17513646 |
| &nbsp;&nbsp;&nbsp;5.70% due 07/01/34 | 12075000 | 12081140 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>3</sup> | 46832000 | 45151598 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>3</sup> | 23739000 | 23674010 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 10/15/32 | 40642000 | 33586288 |
| &nbsp;&nbsp;&nbsp;2.63% due 10/15/31 | 27400000 | 23163392 |
| &nbsp;&nbsp;&nbsp;6.20% due 04/14/34 | 9080000 | 9255474 |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/36 | 1000000 | 1024445 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 35801000 | 34171129 |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 30100000 | 28810227 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 01/21/51<sup>3,11</sup> | 45350000 | 39150514 |
| &nbsp;&nbsp;&nbsp;5.95% due 04/16/54<sup>3,11</sup> | 13950000 | 14030338 |
| &nbsp;&nbsp;&nbsp;2.90% due 09/16/51<sup>3,11</sup> | 10380000 | 8940885 |
| Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 06/15/31 | 28877000 | 25347939 |
| &nbsp;&nbsp;&nbsp;2.85% due 01/15/32 | 27008000 | 23224983 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/01/34 | 10480000 | 10786106 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/35 | 1370000 | 1363974 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 40891000 | 39000838 |
| &nbsp;&nbsp;&nbsp;5.45% due 09/30/34 | 10620000 | 10391103 |
| &nbsp;&nbsp;&nbsp;2.40% due 08/15/31 | 11875000 | 10018546 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>3</sup> | 46892000 | 42005848 |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>3</sup> | 17717000 | 16980648 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/15/51<sup>3,11</sup> | 35662000 | 34367857 |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>3</sup> | 12224000 | 13781052 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/54<sup>3</sup> | 8146000 | 8269383 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 01/14/36<sup>3,11</sup> | 23750000 | 24100038 |
| &nbsp;&nbsp;&nbsp;2.99% due 05/21/31<sup>3</sup> | 14525000 | 12807978 |
| &nbsp;&nbsp;&nbsp;3.35% due 01/12/37<sup>3,11</sup> | 14550000 | 12758602 |
| &nbsp;&nbsp;&nbsp;2.33% due 08/21/30<sup>3</sup> | 7498000 | 6522925 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.62% due 06/03/30<sup>3</sup> | 59035000 | 54695806 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.01% due 10/15/30<sup>3,11</sup> | 53518000 | 53428710 |
| &nbsp;&nbsp;&nbsp;4.64% due 04/01/31<sup>3,11</sup> | 1000000 | 978843 |
| Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.16% due 08/15/51<sup>3</sup> | 77700000 | 53750001 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 03/03/31 | 43473000 | 39619564 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/16/32 | 13100000 | 13379589 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>3</sup> | 74981000 | 46678580 |
| &nbsp;&nbsp;&nbsp;4.13% due 12/15/51<sup>3,11</sup> | 3600000 | 3446942 |
| &nbsp;&nbsp;&nbsp;3.95% due 05/15/60<sup>3</sup> | 4064000 | 2768587 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/20/34 | 23920000 | 24412591 |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>3</sup> | 15257000 | 14612947 |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/31<sup>3</sup> | 9541000 | 9078038 |
| &nbsp;&nbsp;&nbsp;5.65% due 03/15/35 | 250000 | 247559 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.69% due 06/23/32<sup>3,11</sup> | 31550000 | 27471663 |
| &nbsp;&nbsp;&nbsp;2.87% due 01/14/33<sup>3,11</sup> | 17431000 | 14997846 |
| &nbsp;&nbsp;&nbsp;1.63% due 09/23/27<sup>3,11</sup> | 4125000 | 3946770 |
| Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.35% due 04/30/50<sup>3</sup> | 60506000 | 46327772 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 08/22/43<sup>†††</sup> | 28550000 | 29721241 |
| &nbsp;&nbsp;&nbsp;7.11% due 08/22/43<sup>†††</sup> | 15200000 | 15535118 |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.81% due 03/03/55 | 12635000 | 12325901 |
| &nbsp;&nbsp;&nbsp;5.68% due 01/15/35 | 9400000 | 9615772 |
| &nbsp;&nbsp;&nbsp;4.70% due 09/20/47 | 9790000 | 8319823 |
| &nbsp;&nbsp;&nbsp;3.50% due 03/30/51 | 9526000 | 6559870 |
| &nbsp;&nbsp;&nbsp;3.63% due 02/15/52 | 9380000 | 6558552 |
| &nbsp;&nbsp;&nbsp;6.35% due 01/05/34 | 1640000 | 1746725 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>3</sup> | 39650000 | 37276745 |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/31<sup>3</sup> | 6850000 | 6777355 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 03/15/31 | 42290000 | 43946655 |
| Bain Capital, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.41% due 04/15/41<sup>†††</sup> | 36000000 | 26623575 |
| &nbsp;&nbsp;&nbsp;3.72% due 04/15/42<sup>†††</sup> | 20300000 | 15427936 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/29 | 30960000 | 31212716 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 8142000 | 8139948 |
| &nbsp;&nbsp;&nbsp;6.14% due 06/13/32<sup>3</sup> | 2000000 | 2027391 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 18872000 | 19148879 |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/29 | 9925000 | 9943550 |
| &nbsp;&nbsp;&nbsp;7.50% due 05/15/31 | 8250000 | 8395117 |
| &nbsp;&nbsp;&nbsp;3.88% due 09/15/28 | 2270000 | 2099119 |
| &nbsp;&nbsp;&nbsp;7.13% due 11/15/31 | 1125000 | 1131687 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>3</sup> | 37865000 | 38519848 |
| &nbsp;&nbsp;&nbsp;2.00% due 09/20/28<sup>3</sup> | 800000 | 721687 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/14/31<sup>3,11</sup> | 20000000 | 20481953 |
| &nbsp;&nbsp;&nbsp;7.00% due 10/19/34<sup>3,11</sup> | 10000000 | 10889302 |
| &nbsp;&nbsp;&nbsp;5.94% due 05/30/35<sup>3,11</sup> | 7750000 | 7806186 |
| Dyal Capital Partners IV |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/22/41<sup>†††</sup> | 41800000 | 37404291 |
| Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/28/34 | 35220000 | 36050488 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/15/81<sup>3,11</sup> | 39900000 | 35590968 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 23390000 | 24391896 |
| &nbsp;&nbsp;&nbsp;5.25% due 05/30/29 | 11125000 | 11140806 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/05/34 | 34270000 | $35083141 |
| Nuveen LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 04/15/34<sup>3</sup> | 25425000 | 26013594 |
| &nbsp;&nbsp;&nbsp;5.55% due 01/15/30<sup>3</sup> | 8075000 | 8325854 |
| CBS Studio Center |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/09/25<sup>◊,†††</sup> | 34100000 | 34048811 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>11</sup> | 33775000 | 33514115 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;3.09% due 05/14/32<sup>3,11</sup> | 33400000 | 29733083 |
| &nbsp;&nbsp;&nbsp;4.28% due 01/09/28<sup>3</sup> | 3350000 | 3308055 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 36711000 | 32806018 |
| Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;5.93% due 03/14/46<sup>3,11</sup> | 29470000 | 29170267 |
| &nbsp;&nbsp;&nbsp;3.61% due 09/12/34<sup>3,11</sup> | 3550000 | 3321164 |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 08/15/54<sup>3</sup> | 31900000 | 31797038 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/12/36<sup>11</sup> | 16850000 | 16817807 |
| &nbsp;&nbsp;&nbsp;5.52% due 10/25/35<sup>11</sup> | 10000000 | 9811487 |
| &nbsp;&nbsp;&nbsp;3.56% due 04/23/27<sup>11</sup> | 3350000 | 3313688 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>11</sup> | 28930000 | 28986703 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;3.34% due 01/21/33<sup>3,11</sup> | 22830000 | 19869309 |
| &nbsp;&nbsp;&nbsp;6.07% due 01/19/35<sup>3,11</sup> | 8750000 | 8885354 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>3,11</sup> | 28140000 | 28725598 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/08/34<sup>11</sup> | 22450000 | 23464327 |
| &nbsp;&nbsp;&nbsp;6.05% due 02/01/35<sup>11</sup> | 2570000 | 2624092 |
| &nbsp;&nbsp;&nbsp;5.88% due 07/26/35<sup>11</sup> | 2280000 | 2301949 |
| VICI Properties, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/01/35 | 28500000 | 28338762 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 03/03/31<sup>11</sup> | 15700000 | 15748529 |
| &nbsp;&nbsp;&nbsp;6.16% due 03/09/29<sup>11</sup> | 8700000 | 9016529 |
| &nbsp;&nbsp;&nbsp;5.29% due 11/19/30<sup>11</sup> | 3290000 | 3324082 |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>3</sup> | 32364000 | 28020920 |
| Dai-ichi Life Insurance Company Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% <sup>3,10,11</sup> | 27750000 | 27837302 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 10/15/25<sup>3</sup> | 27311000 | 27247415 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>3,11</sup> | 22800000 | 22719831 |
| &nbsp;&nbsp;&nbsp;5.80% due 09/11/54<sup>3,11</sup> | 4093000 | 4039451 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/34 | 20050000 | 20394325 |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>11</sup> | 6190000 | 6094984 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% due 11/18/36<sup>11</sup> | 15650000 | 13505886 |
| &nbsp;&nbsp;&nbsp;3.13% due 11/18/41 | 12214000 | 8879244 |
| &nbsp;&nbsp;&nbsp;2.67% due 11/15/35<sup>11</sup> | 4467000 | 3876140 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 02/15/31<sup>3</sup> | 18937000 | 17359308 |
| &nbsp;&nbsp;&nbsp;5.63% due 07/15/32<sup>3</sup> | 6311000 | 6033317 |
| &nbsp;&nbsp;&nbsp;4.88% due 09/15/27<sup>3</sup> | 1938000 | 1898575 |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/30<sup>3</sup> | 74000 | 70954 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>3</sup> | 24480000 | 25147814 |
| Dyal Capital Partners III |  |  |
| &nbsp;&nbsp;&nbsp;4.40% due 06/15/40<sup>†††</sup> | 26750000 | 25131940 |
| Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/32<sup>3</sup> | 26450000 | 24774636 |
| AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.81% due 03/11/31<sup>3</sup> | 19525000 | 16177673 |
| &nbsp;&nbsp;&nbsp;3.83% due 03/11/51<sup>3</sup> | 13118000 | 8301046 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>3</sup> | 25121000 | 24009999 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>3</sup> | 31390000 | 23728791 |
| QTS Good News Facility |  |  |
| &nbsp;&nbsp;&nbsp;7.39% (SOFR + 3.00%, Rate Floor: 0.00%) due 10/09/28<sup>◊,†††</sup> | 23491735 | 23491735 |
| Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45% due 03/01/34 | 22300000 | 22706353 |
| Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 02/15/31<sup>3</sup> | EUR 15,000,000 | 16556650 |
| &nbsp;&nbsp;&nbsp;7.75% due 02/15/31<sup>3</sup> | 5300000 | 5398872 |
| 200 Park Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.74% due 02/15/55<sup>3</sup> | 22000000 | 21830457 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 06/11/34 | 21200000 | 21571656 |
| &nbsp;&nbsp;&nbsp;2.38% due 03/15/31 | 57000 | 48931 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>3,11</sup> | 16125000 | 16326047 |
| &nbsp;&nbsp;&nbsp;3.10% due 09/01/31 | 3840000 | 3310260 |
| &nbsp;&nbsp;&nbsp;4.95% due 06/01/29 | 1250000 | 1242925 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.59% due 11/26/35<sup>11</sup> | 17200000 | 17268560 |
| &nbsp;&nbsp;&nbsp;3.75% due 03/18/28<sup>11</sup> | 3460000 | 3400168 |
| Corebridge Life Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 03/15/46<sup>3</sup> | 17100000 | 20383765 |
| Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/15/30<sup>3</sup> | 21488000 | 20021648 |
| BNP Paribas S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/20/30<sup>3,11</sup> | 15990000 | 16272874 |
| &nbsp;&nbsp;&nbsp;5.79% due 01/13/33<sup>3,11</sup> | 3270000 | 3343438 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>11</sup> | 21056000 | 19563319 |
| Markel Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/16/54 | 18900000 | 19057909 |
| Swiss Re Finance Luxembourg S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/02/49<sup>3,11</sup> | 18300000 | 18104190 |
| Brookfield Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 06/14/33 | 16800000 | 17646641 |
| Equinix Europe 2 Financing Corporation LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/34 | 16600000 | 16915562 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>3</sup> | 16600000 | $16781729 |
| ABN AMRO Bank N.V. |  |  |
| &nbsp;&nbsp;&nbsp;2.47% due 12/13/29<sup>3,11</sup> | 18000000 | 16590655 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/11/31<sup>3</sup> | 12750000 | 13104367 |
| &nbsp;&nbsp;&nbsp;5.05% due 12/06/31<sup>3</sup> | 2700000 | 2697425 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.96% due 05/13/31<sup>11</sup> | 17276000 | 15709022 |
| QBE Insurance Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% <sup>3,10,11</sup> | 15700000 | 15672859 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 10/01/50<sup>11</sup> | 17139000 | 15465779 |
| KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 08/25/50<sup>3</sup> | 22210000 | 15169697 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 9810000 | 10045659 |
| &nbsp;&nbsp;&nbsp;2.15% due 08/15/30 | 5510000 | 4774697 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 15662000 | 14340094 |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/30 | 81000 | 72448 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 01/06/32<sup>3</sup> | 16400000 | 14202668 |
| ING Groep N.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.53% due 03/25/36<sup>11</sup> | 10300000 | 10311780 |
| &nbsp;&nbsp;&nbsp;4.86% due 03/25/29<sup>11</sup> | 3360000 | 3372193 |
| NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;6.02% due 03/02/34<sup>11</sup> | 11740000 | 12239115 |
| &nbsp;&nbsp;&nbsp;4.45% due 05/08/30<sup>11</sup> | 1100000 | 1078412 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.22% due 09/17/31 | 11900000 | 10157039 |
| &nbsp;&nbsp;&nbsp;5.76% (SOFR + 1.17%) due 07/09/29<sup>◊</sup> | 3020000 | 3047905 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>3</sup> | 12675000 | 13024538 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 11/02/26 | 9132000 | 8821978 |
| &nbsp;&nbsp;&nbsp;6.50% due 01/31/30 | 4000000 | 4104400 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% <sup>10,11</sup> | 9350000 | 9145426 |
| &nbsp;&nbsp;&nbsp;4.02% due 10/31/38<sup>11</sup> | 3870000 | 3323493 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 01/28/30<sup>3</sup> | 12225000 | 12450156 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>3</sup> | 11325000 | 11185512 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/30/35<sup>3,11</sup> | 10000000 | 9662316 |
| &nbsp;&nbsp;&nbsp;2.57% due 11/25/35<sup>3,11</sup> | 1600000 | 1382762 |
| Atlantic Marine Corporations Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.34% due 12/01/50<sup>3</sup> | 10677623 | 9999914 |
| &nbsp;&nbsp;&nbsp;5.37% due 12/01/50<sup>3</sup> | 725014 | 630348 |
| Selective Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 04/15/35 | 10410000 | 10497287 |
| Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% due 01/16/64<sup>3,11</sup> | 10150000 | 10317677 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 05/15/30<sup>3</sup> | 9950000 | 10255080 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 04/01/35 | 9900000 | 10139290 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/18/34 | 9880000 | 10118629 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 01/15/32 | 10021000 | 8469216 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34 | 1450000 | 1579425 |
| Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 04/29/61<sup>3</sup> | 14970000 | 9837630 |
| Swiss RE Subordinated Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.19% due 04/01/46<sup>3,11</sup> | 9800000 | 9808164 |
| KKR Group Finance Company X LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 12/15/51<sup>3</sup> | 15150000 | 9631852 |
| Galaxy Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 12/19/29<sup>3</sup> | GBP 7,200,000 | 9565894 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.02% due 01/24/36<sup>11</sup> | 9400000 | 9489779 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.34% due 01/10/30<sup>3,11</sup> | 6050000 | 6138517 |
| &nbsp;&nbsp;&nbsp;5.59% (SOFR + 1.21%) due 09/11/28<sup>◊,3</sup> | 3280000 | 3306472 |
| Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 09/15/51 | 13031000 | 8992853 |
| Accident Fund Insurance Company of America |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 08/01/32<sup>3</sup> | 9000000 | 8955083 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>3</sup> | 8275000 | 8884015 |
| Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.40% due 09/30/30 | 10006000 | 8680175 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>3</sup> | 8600000 | 8442481 |
| Five Corners Funding Trust III |  |  |
| &nbsp;&nbsp;&nbsp;5.79% due 02/15/33<sup>3</sup> | 7550000 | 7788265 |
| CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 10/07/26<sup>3</sup> | 7400000 | 7089523 |
| Ohana Military Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.56% due 10/01/36<sup>3</sup> | 3820000 | 3815829 |
| &nbsp;&nbsp;&nbsp;5.78% due 10/01/36<sup>3</sup> | 2200000 | 2234936 |
| Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 5880000 | 5905811 |
| Mid-Atlantic Military Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 08/01/50<sup>3</sup> | 5732991 | 4844916 |
| &nbsp;&nbsp;&nbsp;5.24% due 08/01/50<sup>3</sup> | 1052876 | 972308 |
| Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 04/28/61<sup>3</sup> | 8263000 | 5704253 |
| Belvoir Land LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 12/15/35<sup>3</sup> | 5600000 | 5484444 |
| Deloitte LLP |  |  |
| &nbsp;&nbsp;&nbsp;7.33% due 11/20/26<sup>†††</sup> | 4800000 | 4957546 |
| Demeter Investments BV |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/52 | 4900000 | 4900000 |
| Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.06% due 02/24/32<sup>11</sup> | 4815000 | 4734003 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>3</sup> | 4710000 | $4721964 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;4.72% due 03/27/28<sup>11</sup> | 3120000 | 3128397 |
| &nbsp;&nbsp;&nbsp;5.54% (SOFR Compounded Index + 0.86%) due 10/18/28<sup>◊</sup> | 1530000 | 1534738 |
| Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/50 | 6852000 | 4647366 |
| Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 4620000 | 4639939 |
| Horace Mann Educators Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 12/01/25 | 4560000 | 4550495 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 04/15/35<sup>3</sup> | 4400000 | 4411033 |
| CBRE Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 08/15/34 | 3500000 | 3659392 |
| HS Wildcat LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.83% due 12/31/50<sup>†††</sup> | 4938396 | 3609257 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>3</sup> | 3500000 | 3471412 |
| VICI Properties Limited Partnership / VICI Note Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/30<sup>3</sup> | 3600000 | 3388822 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.06% due 07/22/32<sup>11</sup> | 3350000 | 3385201 |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 06/10/29<sup>3</sup> | 3330000 | 3384335 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;4.86% due 03/30/29<sup>11</sup> | 3370000 | 3382040 |
| Belrose Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.33% due 08/15/30<sup>3</sup> | 3860000 | 3366243 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 05/13/36<sup>11</sup> | 3340000 | 3362450 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 06/07/31<sup>3</sup> | 2880000 | 2490036 |
| &nbsp;&nbsp;&nbsp;5.63% (SOFR Compounded Index + 1.21%) due 03/25/27<sup>◊,3</sup> | 500000 | 503250 |
| &nbsp;&nbsp;&nbsp;2.65% due 10/04/31<sup>3</sup> | 400000 | 342947 |
| BGC Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 05/25/28 | 3120000 | 3331052 |
| Deutsche Bank AG NY |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/18/31<sup>11</sup> | 3610000 | 3319322 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.40% (SOFR + 1.02%) due 09/10/29<sup>◊,3</sup> | 3280000 | 3310884 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.07% due 04/30/41<sup>11</sup> | 4440000 | 3308894 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.27% (SOFR + 0.89%) due 03/05/27<sup>◊,3</sup> | 3270000 | 3299855 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 04/05/29 | 3150000 | 3288766 |
| Pine Street Trust III |  |  |
| &nbsp;&nbsp;&nbsp;6.22% due 05/15/54<sup>3</sup> | 3200000 | 3276396 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/28/53<sup>3</sup> | 2800000 | 3241255 |
| Banco Santander S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% (SOFR + 1.12%) due 07/15/28<sup>◊</sup> | 2000000 | 2009984 |
| &nbsp;&nbsp;&nbsp;6.94% due 11/07/33 | 1000000 | 1113020 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;5.55% (SOFR + 1.06%) due 11/05/30<sup>◊,3</sup> | 3060000 | 3077595 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;5.72% (SOFR Compounded Index + 1.08%) due 08/01/29<sup>◊</sup> | 3060000 | 3075493 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.39% (SOFR + 1.02%) due 01/30/31<sup>◊</sup> | 3060000 | 3072195 |
| Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;5.40% (SOFR + 1.03%) due 11/20/29<sup>◊,3</sup> | 3020000 | 3052741 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;5.83% (SOFR + 1.49%) due 03/12/28<sup>◊</sup> | 3010000 | 3050299 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% (SOFR + 0.98%) due 09/10/27<sup>◊,3</sup> | 3020000 | 3050257 |
| Citibank North America |  |  |
| &nbsp;&nbsp;&nbsp;5.10% (SOFR + 0.71%) due 11/19/27<sup>◊</sup> | 3030000 | 3037814 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>3</sup> | 2780000 | 2768377 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 03/15/31 | 3130000 | 2695000 |
| KKR Group Finance Company III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 06/01/44<sup>3</sup> | 2710000 | 2451843 |
| Aurora Military Housing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.82% due 07/15/34<sup>3</sup> | 2116841 | 2133036 |
| Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/23/51 | 3110000 | 2125235 |
| Ares Finance Company IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.65% due 02/01/52<sup>3</sup> | 2450000 | 1749466 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/32<sup>3</sup> | 1617000 | 1492983 |
| Blackstone Holdings Finance Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 01/30/52<sup>3</sup> | 2150000 | 1416168 |
| Fort Moore Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 01/15/51<sup>3</sup> | 1530066 | 1346059 |
| Fort Knox Military Housing Privatization Project |  |  |
| &nbsp;&nbsp;&nbsp;4.77% (1 Month Term SOFR + 0.45%) due 02/15/52<sup>◊,3</sup> | 1613561 | 1280630 |
| Midwest Family Housing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 01/01/51<sup>3</sup> | 1250078 | 1069309 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/25/35<sup>11</sup> | 900000 | 957651 |
| Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 07/15/36<sup>3</sup> | 500000 | 493494 |
| Atlas Mara Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 12/31/21<sup>†††,9,12</sup> | 542348 | 1 |
| **Total Financial** |  | 3747647437 |
| **Industrial - 3.2%** |  |  |
| AP Grange Holdings |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 155100000 | 155875500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 16400000 | 16400000 |
| Homestead Spe Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 04/01/55<sup>†††</sup> | 62000000 | 62969894 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 08/09/31 | 34240000 | 29239197 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2.38% due 08/09/28 | 15581000 | $14388516 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/12/34 | 11960000 | 12301104 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.53% due 05/01/34 | 35895000 | 38460999 |
| &nbsp;&nbsp;&nbsp;6.86% due 05/01/54 | 7175000 | 7793454 |
| &nbsp;&nbsp;&nbsp;3.75% due 02/01/50 | 10492000 | 7353918 |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>3</sup> | 52000000 | 51600094 |
| FLNG Liquefaction 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 06/30/39<sup>†††</sup> | 59199135 | 48582871 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/31 | 38322000 | 33262166 |
| &nbsp;&nbsp;&nbsp;2.40% due 04/01/28 | 14150000 | 13052480 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 17421000 | 16057757 |
| &nbsp;&nbsp;&nbsp;2.80% due 01/15/32 | 17350000 | 14840100 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 06/15/31 | 20700000 | 21506556 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/34 | 9050000 | 9181745 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/33<sup>3</sup> | 16200000 | 15943025 |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/32<sup>3</sup> | 7300000 | 7393034 |
| &nbsp;&nbsp;&nbsp;6.88% due 12/15/30<sup>3</sup> | 5375000 | 5492148 |
| Cliffwater Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.77% due 08/04/28<sup>†††</sup> | 22700000 | 23461742 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/15/27<sup>3</sup> | 23759000 | 23283820 |
| Smurfit Kappa Treasury ULC |  |  |
| &nbsp;&nbsp;&nbsp;5.44% due 04/03/34<sup>3</sup> | 22000000 | 22135250 |
| Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 05/15/56<sup>†††</sup> | 31000000 | 21629144 |
| Trinity Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/15/28<sup>3</sup> | 13225000 | 13710106 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/32<sup>3</sup> | 13025000 | 13054710 |
| Crown Americas LLC / Crown Americas Capital Corporation VI |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 02/01/26 | 13079000 | 12978020 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>3</sup> | 13015000 | 12638160 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/15/33<sup>3</sup> | 12100000 | 12035807 |
| TFI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 01/05/33<sup>†††</sup> | 14000000 | 11806510 |
| Hillenbrand, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/01/31 | 7650000 | 6708849 |
| &nbsp;&nbsp;&nbsp;6.25% due 02/15/29 | 4500000 | 4508284 |
| Sealed Air Corporation/Sealed Air Corp US |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 02/01/28<sup>3</sup> | 11046000 | 11061906 |
| Textron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 11/15/33 | 10000000 | 10531504 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/15/32<sup>3</sup> | 9850000 | 9847074 |
| Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/15/54 | 6310000 | 6303124 |
| &nbsp;&nbsp;&nbsp;3.50% due 02/15/30 | 3760000 | 3541976 |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/01/34 | 9000000 | 8607571 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 07/15/32<sup>3</sup> | 8500000 | 8603307 |
| QTS Irving DC3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.96% due 07/09/29<sup>†††</sup> | 7000000 | 7155071 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 05/15/21 | 9100000 | 6469016 |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 6352189 | 6352189 |
| Wrangler Holdco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/32<sup>3</sup> | 5900000 | 6007062 |
| Virgin Media Vendor Financing Notes III DAC |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/28 | GBP 5,000,000 | 5986823 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 10/10/42<sup>†††</sup> | 6488285 | 5277868 |
| Enpro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/26 | 5007000 | 4999302 |
| Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 06/15/29<sup>3</sup> | 5216000 | 4845858 |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 01/15/32<sup>3</sup> | 4725000 | 4798152 |
| GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 06/05/54 | 4428000 | 4456125 |
| &nbsp;&nbsp;&nbsp;4.70% due 04/01/29 | 125000 | 124598 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/15/32<sup>3</sup> | 4425000 | 4421523 |
| Hexcel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 02/26/35 | 3475000 | 3540506 |
| Hope Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.99% due 09/01/33<sup>†††</sup> | 3000000 | 2948619 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 03/15/28 | 2765000 | 2827398 |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>3</sup> | 3100000 | 2433500 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>3</sup> | 2175000 | 2198266 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/21/28 | 1680000 | 1682700 |
| Penske Truck Leasing Company Lp / PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/01/29<sup>3</sup> | 1000000 | 1012227 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.61% due 03/11/34 | 650000 | 666962 |
| Fortune Brands Innovations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 03/25/52 | 300000 | 240405 |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/33 | 119000 | 123618 |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>3</sup> | 250000 | 224710 |
| Virgin Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/31/29 | GBP 150,000 | 174475 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 07/15/30<sup>3</sup> | 101000 | 93199 |
| &nbsp;&nbsp;&nbsp;3.38% due 01/15/31<sup>3</sup> | 81000 | 70427 |
| **Total Industrial** |  | 897272021 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Energy - 2.5%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>10,11</sup> | 75020000 | $71757800 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>10,11</sup> | 9970000 | 9811465 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>3</sup> | 29800000 | 31954873 |
| &nbsp;&nbsp;&nbsp;9.88% due 02/01/32<sup>3</sup> | 10300000 | 10939478 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 08/23/42<sup>3</sup> | 17000000 | 17050796 |
| &nbsp;&nbsp;&nbsp;5.85% due 02/23/36<sup>3</sup> | 11900000 | 12035660 |
| &nbsp;&nbsp;&nbsp;6.51% due 02/23/42<sup>3</sup> | 6500000 | 6788554 |
| &nbsp;&nbsp;&nbsp;6.13% due 02/23/38<sup>3</sup> | 5550000 | 5703438 |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/15/34 | 37730000 | 38106463 |
| &nbsp;&nbsp;&nbsp;4.90% due 02/15/45 | 3770000 | 3232594 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>3</sup> | 38518000 | 35534068 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 09/30/40<sup>3</sup> | 43921000 | 34299155 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 12/15/34<sup>3</sup> | 29400000 | 29537239 |
| &nbsp;&nbsp;&nbsp;4.30% due 04/15/32<sup>3</sup> | 3250000 | 3017266 |
| Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 02/01/29<sup>3</sup> | 11400000 | 11591409 |
| &nbsp;&nbsp;&nbsp;6.20% due 04/01/55 | 8750000 | 8675772 |
| &nbsp;&nbsp;&nbsp;7.38% due 02/01/31<sup>3</sup> | 7610000 | 7989937 |
| &nbsp;&nbsp;&nbsp;6.13% due 12/15/45 | 2840000 | 2792626 |
| &nbsp;&nbsp;&nbsp;6.05% due 09/01/54 | 500000 | 485515 |
| Plains All American Pipeline, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/15/35 | 24100000 | 24563456 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 04/01/55 | 21200000 | 20429314 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/49 | 3250000 | 2955516 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/05/34 | 22300000 | 22653355 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/30/34 | 9937000 | 10610406 |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/35 | 8050000 | 8002378 |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/53 | 2860000 | 2974298 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/55 | 250000 | 248288 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 01/01/32 | 18470000 | 18194847 |
| &nbsp;&nbsp;&nbsp;6.38% due 09/01/28 | 3175000 | 3293316 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/35 | 19065000 | 19160595 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>3</sup> | 15663000 | 14699508 |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>3</sup> | 4200000 | 4197595 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 11/01/31<sup>3</sup> | 11300000 | 11810500 |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>3</sup> | 6141000 | 6084039 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>3</sup> | 17125000 | 17686221 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 12/01/26 | 11100000 | 10817690 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/01/30<sup>3</sup> | 3075000 | 3114684 |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>3</sup> | 2800000 | 2846284 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 09/01/33 | 6350000 | 6611570 |
| &nbsp;&nbsp;&nbsp;5.65% due 09/01/34 | 5050000 | 5089087 |
| &nbsp;&nbsp;&nbsp;5.60% due 04/01/44 | 2330000 | 2167864 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/01/50 | 1600000 | 1149277 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>3</sup> | 14608000 | 14494712 |
| Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/30/31<sup>3</sup> | 13350000 | 13505136 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 11/01/33<sup>3</sup> | 10672000 | 9184861 |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>3</sup> | 2667000 | 2423235 |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/30<sup>3</sup> | 1500000 | 1522428 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/01/30 | 10560000 | 10676325 |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 1880000 | 1872105 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 06/30/33 | 8845000 | 9084079 |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 2950000 | 2991762 |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 04/15/34 | 11550000 | 11683805 |
| Kinetik Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/28<sup>3</sup> | 9625000 | 9778066 |
| Freeport LNG Development, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.92% due 12/31/39 | 8300000 | 8300000 |
| Boardwalk Pipelines, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/34 | 6675000 | 6724905 |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/30 | 5863000 | 5917641 |
| Koninklijke Vopak N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/20/32 | 5500000 | 5500000 |
| CQP Holdco Limited Partnership / BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 12/15/33<sup>3</sup> | 5000000 | 5268295 |
| Texas Eastern Transmission, LP |  |  |
| &nbsp;&nbsp;&nbsp;4.15% due 01/15/48<sup>3</sup> | 4300000 | 3363304 |
| Kinder Morgan Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 11/15/40 | 2910000 | 3361254 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 01/15/39 | 2870000 | 3338257 |
| Western Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.30% due 03/01/48 | 3750000 | 3219568 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 05/15/54<sup>3</sup> | 2020000 | 1975598 |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/01/41 | 1650000 | 1709586 |
| DCP Midstream Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 11/03/36<sup>3</sup> | 1470000 | 1535898 |
| Eastern Gas Transmission & Storage, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 12/15/44 | 500000 | 426629 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 06/01/33 | 126000 | $124863 |
| **Total Energy** |  | 698646508 |
| **Consumer, Non-cyclical - 2.5%** |  |  |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 09/13/31<sup>3</sup> | 45782000 | 38927957 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>3</sup> | 16613000 | 14805248 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/15/32 | 29206000 | 25124827 |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/30 | 15756000 | 16006079 |
| &nbsp;&nbsp;&nbsp;4.38% due 02/02/52 | 9710000 | 7537728 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 11/15/31 | 30265000 | 26512905 |
| &nbsp;&nbsp;&nbsp;2.90% due 05/15/30 | 18405000 | 16686342 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 25185000 | 19747814 |
| &nbsp;&nbsp;&nbsp;3.70% due 02/04/51 | 25038000 | 17250598 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>3</sup> | 22420000 | 22731683 |
| &nbsp;&nbsp;&nbsp;6.50% due 06/15/29<sup>3</sup> | 13500000 | 13685099 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 06/15/31<sup>3</sup> | 33621000 | 29152351 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;3.55% due 09/02/50 | 39920000 | 26756794 |
| &nbsp;&nbsp;&nbsp;1.20% due 09/02/25 | 1875000 | 1845956 |
| Flowers Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 03/15/35 | 27100000 | 27333023 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 10/15/34 | 13850000 | 13131357 |
| &nbsp;&nbsp;&nbsp;2.65% due 10/15/30 | 13757000 | 12058825 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 13120000 | 13539172 |
| &nbsp;&nbsp;&nbsp;6.50% due 05/06/34 | 10485000 | 10730226 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 15425000 | 15575296 |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/26<sup>3</sup> | 5690000 | 5560587 |
| Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/08/34 | 20100000 | 20519571 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 03/01/35<sup>3</sup> | 19775000 | 19874012 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>3</sup> | 10699000 | 10546944 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/15/26<sup>3</sup> | 8700000 | 8637440 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/35 | 9550000 | 9587577 |
| &nbsp;&nbsp;&nbsp;6.00% due 02/20/34 | 5925000 | 6174606 |
| &nbsp;&nbsp;&nbsp;4.76% due 09/06/49 | 3950000 | 3214142 |
| Yale-New Haven Health Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 07/01/50 | 32350000 | 18910842 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% due 12/04/28<sup>3</sup> | 16730000 | 17592395 |
| HAH Group Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 10/01/31<sup>3</sup> | 17915000 | 17253157 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 16480000 | 16925777 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 06/15/31<sup>3</sup> | 18300000 | 15907189 |
| Highmark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 05/10/31<sup>3</sup> | 17850000 | 15053214 |
| Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 04/01/29<sup>3</sup> | 15610000 | 14591188 |
| Transurban Finance Company Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 03/16/31<sup>3</sup> | 14400000 | 12610141 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/15/26<sup>3</sup> | 10926000 | 10910005 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/15/54 | 11200000 | 10564642 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>3</sup> | 13000000 | 10488772 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 07/15/51 | 10580000 | 6976739 |
| &nbsp;&nbsp;&nbsp;5.88% due 02/15/26 | 2775000 | 2785909 |
| &nbsp;&nbsp;&nbsp;3.50% due 09/01/30 | 68000 | 63061 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/32<sup>3</sup> | 9025000 | 8970501 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>3</sup> | 7875000 | 7954388 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/10/55<sup>11</sup> | 4050000 | 4081952 |
| &nbsp;&nbsp;&nbsp;5.05% due 03/25/48 | 1940000 | 1655488 |
| &nbsp;&nbsp;&nbsp;6.75% due 12/10/54<sup>11</sup> | 30000 | 29868 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>3</sup> | 5450000 | 5533870 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>3</sup> | 4767000 | 4766304 |
| Health Care Service Corporation A Mutual Legal Reserve Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/15/54<sup>3</sup> | 4800000 | 4717161 |
| APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/15/29<sup>3</sup> | 4150000 | 3845211 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>3</sup> | 3854000 | 3448734 |
| Sotheby's/Bidfair Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/29<sup>3</sup> | 3900000 | 3424004 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/15/30<sup>3</sup> | 3394000 | 3373430 |
| Tesco plc |  |  |
| &nbsp;&nbsp;&nbsp;6.15% due 11/15/37<sup>3</sup> | 3240000 | 3319216 |
| Imperial Brands Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 07/26/29<sup>3</sup> | 3200000 | 3072164 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/29<sup>3</sup> | 11651000 | 2925186 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>3</sup> | 2600000 | 2706433 |
| Providence St. Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;2.70% due 10/01/51 | 4250000 | 2472515 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/15/28 | 2096000 | $2022991 |
| Beth Israel Lahey Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.08% due 07/01/51 | 2700000 | 1717043 |
| Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/32 | 1850000 | 1587106 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/15/31<sup>3</sup> | 149000 | 129723 |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>3</sup> | 76000 | 69963 |
| **Total Consumer, Non-cyclical** |  | 695710441 |
| **Consumer, Cyclical - 2.3%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 50391000 | 46151644 |
| &nbsp;&nbsp;&nbsp;5.85% due 08/01/34 | 11150000 | 11173372 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/02/30<sup>3</sup> | 27400000 | 27366124 |
| &nbsp;&nbsp;&nbsp;5.38% due 07/02/29<sup>3</sup> | 15000000 | 15097519 |
| &nbsp;&nbsp;&nbsp;5.50% due 07/02/34<sup>3</sup> | 7100000 | 6932060 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>3</sup> | 5400000 | 5382296 |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/01/25<sup>3</sup> | 46883000 | 46946100 |
| Alt-2 Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 05/14/31<sup>◊,†††</sup> | 40526328 | 36879931 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 04/23/30 | 19039000 | 19567425 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/30/32 | 12100000 | 12165052 |
| Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/29/29<sup>3</sup> | 25950000 | 26439832 |
| AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.31% due 10/20/31<sup>3</sup> | 16000000 | 15642398 |
| &nbsp;&nbsp;&nbsp;5.02% due 10/20/29<sup>3</sup> | 9670000 | 9469660 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 04/15/50 | 15203000 | 13092822 |
| &nbsp;&nbsp;&nbsp;3.45% due 06/01/26 | 11825000 | 11603461 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/37 | 13500000 | 13349437 |
| &nbsp;&nbsp;&nbsp;5.35% due 03/15/35 | 7100000 | 7032908 |
| &nbsp;&nbsp;&nbsp;5.10% due 04/15/32 | 4300000 | 4284767 |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 05/14/34 | 23976000 | 24609493 |
| Hilton Domestic Operating Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 04/01/32<sup>3</sup> | 12925000 | 12974183 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/33<sup>3</sup> | 11665000 | 11549959 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>3</sup> | 23429000 | 22910788 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 03/15/52 | 27327000 | 19921293 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% due 05/15/50 | 13326000 | 9981459 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/01/34 | 8070000 | 7908417 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/20/27<sup>3</sup> | 17636614 | 17712633 |
| International Game Technology plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/15/26<sup>3</sup> | 17834000 | 17611491 |
| Ferguson Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/02/30<sup>3</sup> | 12904000 | 11929077 |
| &nbsp;&nbsp;&nbsp;4.65% due 04/20/32<sup>3</sup> | 5200000 | 5013353 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/15/35<sup>3</sup> | 13047486 | 11696785 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/15/32<sup>3</sup> | 4562061 | 4390262 |
| IGT Lottery Holdings B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/30 | EUR 14,500,000 | 15749783 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>3</sup> | 11303250 | 11263954 |
| &nbsp;&nbsp;&nbsp;4.75% due 10/20/28<sup>3</sup> | 3800000 | 3784207 |
| American Airlines Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 10/15/29 | 7282588 | 6905888 |
| &nbsp;&nbsp;&nbsp;3.20% due 06/15/28 | 4658300 | 4436207 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/28 | 3323803 | 3138159 |
| &nbsp;&nbsp;&nbsp;3.15% due 02/15/32 | 134812 | 123491 |
| Polaris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 03/15/29 | 13000000 | 13640538 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/26<sup>3</sup> | 12700000 | 12498054 |
| Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>3</sup> | 11650000 | 11779095 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 11/15/26<sup>3</sup> | 6120000 | 6107701 |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/30<sup>3</sup> | 1925000 | 2025008 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 05/15/26<sup>3</sup> | 7541000 | 7538215 |
| United Airlines 2023-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 01/15/36 | 7117089 | 7213927 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/29/29 | EUR 4,900,000 | 5428390 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/27<sup>3</sup> | 4635000 | 4681256 |
| LKQ Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 06/15/33 | 3412000 | 3548322 |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 03/15/27<sup>3</sup> | 3450000 | 3426051 |
| AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.89% due 03/15/35 | 3330000 | 3323493 |
| Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 01/15/52 | 4540000 | 3259553 |
| Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 02/15/48 | 3970000 | 3253143 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>3</sup> | 3280000 | 3194508 |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 09/15/29<sup>3</sup> | 2950000 | 2920302 |
| JB Poindexter & Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>3</sup> | 1230000 | 1264044 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/02/43 | 1000000 | 962128 |
| JetBlue Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/15/32 | 110738 | 103756 |
| **Total Consumer, Cyclical** |  | 648355174 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Communications - 1.5%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/30<sup>3</sup> | 34939000 | $26371957 |
| &nbsp;&nbsp;&nbsp;10.75% due 12/15/30<sup>3</sup> | 20300000 | 22431500 |
| &nbsp;&nbsp;&nbsp;11.00% due 11/15/29<sup>3</sup> | 19567314 | 21808569 |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/30<sup>3</sup> | 26815000 | 21452000 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/31<sup>3</sup> | 11550000 | 8662500 |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>3,11</sup> | 47450000 | 43390102 |
| &nbsp;&nbsp;&nbsp;4.25% due 11/23/81<sup>3,11</sup> | 8250000 | 8007155 |
| &nbsp;&nbsp;&nbsp;9.63% due 12/15/30 | 2391000 | 2919208 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.13% due 09/01/26<sup>3</sup> | 26975000 | 26133744 |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/30<sup>3</sup> | 12010000 | 10667783 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 20648000 | 18452085 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 15720000 | 12644313 |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 6518000 | 5040941 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/04/81<sup>11</sup> | 40537000 | 35985757 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 03/15/52 | 29725000 | 23703325 |
| &nbsp;&nbsp;&nbsp;7.13% due 04/15/55<sup>11</sup> | 5650000 | 5630829 |
| Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/55<sup>11</sup> | 25250000 | 25229475 |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>3</sup> | 17065000 | 16636970 |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/27<sup>3</sup> | 8285000 | 8346914 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/13/33 | 21050000 | 22545875 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>3</sup> | 17800000 | 13943328 |
| &nbsp;&nbsp;&nbsp;5.13% due 01/15/29<sup>3</sup> | 2290000 | 1799034 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 21690000 | 14025353 |
| Go Daddy Operating Company LLC / GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 03/01/29<sup>3</sup> | 8203000 | 7598853 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>3</sup> | 5772000 | 4179720 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 01/19/52<sup>3</sup> | 4320000 | 3355251 |
| Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/39 | 3240000 | 3328426 |
| Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/40 | 2970000 | 3009844 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 09/20/37 | 2020000 | 1703922 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>3</sup> | 1549000 | 1512490 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 02/15/31<sup>3</sup> | 1450000 | 1510199 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/01/30<sup>3</sup> | 1250000 | 1120267 |
| Virgin Media Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/30<sup>3</sup> | 1050000 | 900155 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>3</sup> | 200000 | 181873 |
| **Total Communications** |  | 424229717 |
| **Technology - 1.1%** |  |  |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 01/25/37<sup>3</sup> | 17300000 | 17830082 |
| &nbsp;&nbsp;&nbsp;5.88% due 01/25/34<sup>3</sup> | 13506000 | 13538104 |
| &nbsp;&nbsp;&nbsp;6.40% due 01/25/38<sup>3</sup> | 10950000 | 11463823 |
| &nbsp;&nbsp;&nbsp;5.90% due 01/25/33<sup>3</sup> | 10100000 | 10277582 |
| &nbsp;&nbsp;&nbsp;6.15% due 01/25/32<sup>3</sup> | 6550000 | 6809483 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.35% due 03/15/31 | 19973000 | 20480802 |
| &nbsp;&nbsp;&nbsp;2.65% due 06/01/30 | 7920000 | 7129879 |
| &nbsp;&nbsp;&nbsp;5.60% due 03/02/33 | 3523000 | 3620157 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/21/33 | 2300000 | 2367835 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.93% due 05/15/37<sup>3</sup> | 33182000 | 31903923 |
| NetApp, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/17/32 | 27000000 | 27208425 |
| Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.30% due 02/15/31 | 15050000 | 12937717 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/15/33 | 9431000 | 9669481 |
| &nbsp;&nbsp;&nbsp;4.38% due 05/15/30 | 2650000 | 2575576 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 03/25/51 | 33794000 | 24820508 |
| Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/34 | 17500000 | 17769045 |
| Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 10/15/29 | 9751000 | 9300960 |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>3</sup> | 8245000 | 7228016 |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/26<sup>3</sup> | 15640000 | 15632842 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 09/01/30<sup>3</sup> | 12718000 | 11764515 |
| &nbsp;&nbsp;&nbsp;3.88% due 02/15/31<sup>3</sup> | 1769000 | 1644681 |
| &nbsp;&nbsp;&nbsp;3.63% due 11/01/31<sup>3</sup> | 1780000 | 1606981 |
| CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.30% due 09/14/31 | 11960000 | 10183417 |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 08/04/33 | 9200000 | 9172633 |
| Constellation Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.46% due 02/16/34<sup>3</sup> | 3850000 | 3918902 |
| &nbsp;&nbsp;&nbsp;5.16% due 02/16/29<sup>3</sup> | 3250000 | 3297207 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/31/29<sup>3</sup> | 7200000 | 6998872 |
| ACI Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/26<sup>3</sup> | 6973000 | 6993263 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 02/10/28 | 2210000 | 2224109 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.15% due 08/12/34 | 947000 | $939278 |
| **Total Technology** |  | 311308098 |
| **Utilities - 1.1%** |  |  |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 12/02/27<sup>3</sup> | 26000000 | 24386032 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>3</sup> | 10440000 | 11255322 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>11</sup> | 27250000 | 27600634 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>3</sup> | 17898000 | 16785200 |
| &nbsp;&nbsp;&nbsp;2.45% due 01/15/31 | 5748000 | 4913574 |
| &nbsp;&nbsp;&nbsp;3.30% due 07/15/25<sup>3</sup> | 3750000 | 3726733 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>11</sup> | 22615000 | 22037854 |
| Liberty Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.58% due 01/31/29<sup>3</sup> | 11600000 | 11872540 |
| &nbsp;&nbsp;&nbsp;5.87% due 01/31/34<sup>3</sup> | 6450000 | 6570573 |
| Terraform Global Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>3</sup> | 16537000 | 16441031 |
| Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.39% due 09/15/33<sup>3</sup> | 12675000 | 13360950 |
| &nbsp;&nbsp;&nbsp;6.42% due 07/18/54<sup>3</sup> | 1180000 | 1235977 |
| &nbsp;&nbsp;&nbsp;4.27% due 03/15/48<sup>3</sup> | 1300000 | 1018219 |
| Central Storage Safety Project Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.82% due 02/01/38<sup>9</sup> | 15671840 | 14544889 |
| Public Service Company of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;5.35% due 05/15/34 | 13400000 | 13469794 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.47% due 07/31/28<sup>3</sup> | 12360000 | 13156257 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>11</sup> | 11740000 | 11752644 |
| AmeriGas Partners Limited Partnership / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/20/26 | 10945000 | 10859013 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/32<sup>3</sup> | 6570000 | 6469625 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/15/52<sup>3</sup> | 3570000 | 3293798 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/35 | 7830000 | 8104228 |
| &nbsp;&nbsp;&nbsp;5.95% due 03/15/28 | 50000 | 51797 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.84% due 01/10/35<sup>3</sup> | 7450000 | 7639557 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.80% due 10/01/35 | 4150000 | 4277394 |
| &nbsp;&nbsp;&nbsp;4.40% due 05/15/44 | 3730000 | 3072163 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>11</sup> | 6620000 | 6432680 |
| Interstate Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 09/30/34 | 6300000 | 6142998 |
| Southern Company Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 09/15/34 | 5900000 | 5743589 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/41 | 3460000 | 3404067 |
| Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/21/28 | 3360000 | 3372591 |
| Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 12/15/32 | 3140000 | 3344760 |
| Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 03/15/53 | 3350000 | 3333444 |
| Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.85% due 06/01/49 | 4410000 | 3290879 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/53 | 1860000 | 1950060 |
| &nbsp;&nbsp;&nbsp;5.75% due 10/01/41 | 1330000 | 1309803 |
| Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.65% due 04/01/36 | 1180000 | 1300023 |
| **Total Utilities** |  | 297520692 |
| **Basic Materials - 0.7%** |  |  |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/01/30<sup>3</sup> | 21300000 | 21900031 |
| &nbsp;&nbsp;&nbsp;2.63% due 09/10/30<sup>3</sup> | 18000000 | 15985634 |
| &nbsp;&nbsp;&nbsp;3.95% due 09/10/50<sup>3</sup> | 14140000 | 10496187 |
| &nbsp;&nbsp;&nbsp;5.75% due 04/05/34<sup>3</sup> | 5550000 | 5628392 |
| Rio Tinto Finance USA plc |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 03/14/35 | 18150000 | 18289404 |
| &nbsp;&nbsp;&nbsp;5.75% due 03/14/55 | 3950000 | 3956549 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.23% due 10/01/25<sup>3</sup> | 21520000 | 21124724 |
| Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 05/15/35 | 13300000 | 13173101 |
| &nbsp;&nbsp;&nbsp;2.40% due 06/15/25 | 5950000 | 5917990 |
| &nbsp;&nbsp;&nbsp;5.75% due 05/15/55 | 1800000 | 1743966 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>3</sup> | 18748000 | 18058261 |
| Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>3</sup> | 10100000 | 9929613 |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>3</sup> | 4400000 | 4388817 |
| Alcoa Nederland Holding B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 03/31/29<sup>3</sup> | 8600000 | 7972335 |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/31<sup>3</sup> | 3200000 | 3293997 |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/28<sup>3</sup> | 2800000 | 2814493 |
| Yamana Gold, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 08/15/31 | 9431000 | 8108857 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/15/27 | 3000000 | 2976702 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 11/15/26<sup>3</sup> | 5923000 | 5726005 |
| Fresnillo plc |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/02/50 | 4590000 | 3349677 |
| Axalta Coating Systems Dutch Holding B B.V. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>3</sup> | 2000000 | 2062666 |
| Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 07/27/35 | 1080000 | 1228158 |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 178000 | 177447 |
| **Total Basic Materials** |  | 188303006 |
| **Transporation - 0.1%** |  |  |
| Stolthaven Houston, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 07/17/31<sup>†††</sup> | 14058000 | 14201361 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;5.98% due 07/17/34<sup>†††</sup> | 12672000 | $| 12735363 |
| **Total Transporation** |  |  | 26936724 |
| **Government - 0.1%** |  |  |  |
| Amazon Conservation DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.03% due 01/16/42<sup>3</sup> | 16700000 |  | 16658250 |
| **Total Government** |  |  | 16658250 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,390,890,235) | &nbsp;&nbsp;&nbsp;(Cost $8,390,890,235) |  | 7952588068 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.4%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.4%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.4%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.4%** |
| **Collateralized Loan Obligations - 11.2%** |  |  |  |
| Cerberus Loan Funding XXXII, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,3</sup> | 65000000 |  | 65105124 |
| &nbsp;&nbsp;&nbsp;2021-2A C, 7.41% (3 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 04/22/33<sup>◊,3</sup> | 20925000 |  | 20947114 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.46% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 04/22/33<sup>◊,3</sup> | 19200000 |  | 19194770 |
| Golub Capital Partners CLO 33M Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.44% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33<sup>◊,3</sup> | 105004127 |  | 105175557 |
| HERA Commercial Mortgage Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 02/18/38<sup>◊,3</sup> | 49562000 |  | 48814620 |
| &nbsp;&nbsp;&nbsp;2021-FL1 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38<sup>◊,3</sup> | 28000000 |  | 27634278 |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.38% (1 Month Term SOFR + 2.06%, Rate Floor: 1.95%) due 02/18/38<sup>◊,3</sup> | 19200000 |  | 18807475 |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38<sup>◊,3</sup> | 2319776 |  | 2312976 |
| Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,3</sup> | 23000000 |  | 22978295 |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.31% (3 Month Term SOFR + 2.01%, Rate Floor: 2.01%) due 07/20/29<sup>◊,3</sup> | 22500000 |  | 22498375 |
| &nbsp;&nbsp;&nbsp;2023-2A A2, 6.60% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 01/25/32<sup>◊,3</sup> | 19500000 |  | 19515723 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/15/31<sup>◊,3</sup> | 16050000 |  | 16059590 |
| &nbsp;&nbsp;&nbsp;2023-2A B, 7.00% (3 Month Term SOFR + 2.70%, Rate Floor: 2.70%) due 01/25/32<sup>◊,3</sup> | 11750000 |  | 11755597 |
| BXMT Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.68% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37<sup>◊,3</sup> | 23550000 |  | 23552188 |
| &nbsp;&nbsp;&nbsp;2020-FL2 B, 6.08% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,3</sup> | 21360000 |  | 21195762 |
| &nbsp;&nbsp;&nbsp;2020-FL3 C, 7.48% (1 Month Term SOFR + 2.66%, Rate Floor: 2.66%) due 11/15/37<sup>◊,3</sup> | 16327000 |  | 16191264 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.58% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38<sup>◊,3</sup> | 13863245 |  | 13842222 |
| &nbsp;&nbsp;&nbsp;2020-FL3 B, 7.08% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 11/15/37<sup>◊,3</sup> | 10600000 |  | 10541399 |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,3</sup> | 6008500 |  | 5995901 |
| LoanCore Issuer Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE6 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/15/38<sup>◊,3</sup> | 44000000 |  | 43779736 |
| &nbsp;&nbsp;&nbsp;2021-CRE6 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,3</sup> | 22825000 |  | 22851929 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 D, 7.43% (1 Month Term SOFR + 3.11%, Rate Floor: 3.11%) due 07/15/36<sup>◊,3</sup> | 14350000 |  | 14280197 |
| &nbsp;&nbsp;&nbsp;2021-CRE5 A, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.41%) due 07/15/36<sup>◊,3</sup> | 9797782 |  | 9794713 |
| Cerberus Loan Funding XLV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A, 6.20% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 04/15/36<sup>◊,3</sup> | 75250000 |  | 75275796 |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/15/36<sup>◊,3</sup> | 12000000 |  | 11914258 |
| LCCM Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 AS, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/15/38<sup>◊,3</sup> | 37152000 |  | 37044794 |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38<sup>◊,3</sup> | 23756400 |  | 23705317 |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.63% (1 Month Term SOFR + 2.31%, Rate Floor: 2.31%) due 11/15/38<sup>◊,3</sup> | 21450000 |  | 21273990 |
| Cerberus Loan Funding XLIV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.65% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,3</sup> | 50000000 |  | 49839485 |
| &nbsp;&nbsp;&nbsp;2024-5A B, 7.50% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,3</sup> | 24950000 |  | 24671675 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Cerberus Loan Funding XLII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A A1, 6.79% (3 Month Term SOFR + 2.48%, Rate Floor: 2.48%) due 09/13/35<sup>◊,3</sup> | 54450000 | $54458037 |
| &nbsp;&nbsp;&nbsp;2023-3A B, 7.66% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/13/35<sup>◊,3</sup> | 15700000 | 15702386 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.70% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,3</sup> | 64859750 | 64986201 |
| &nbsp;&nbsp;&nbsp;2023-1A B, 7.90% (3 Month Term SOFR + 3.60%, Rate Floor: 3.60%) due 03/22/35<sup>◊,3</sup> | 4600000 | 4600204 |
| Owl Rock CLO XVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-16A A, 6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/36<sup>◊,3</sup> | 57300000 | 57297473 |
| &nbsp;&nbsp;&nbsp;2024-16A B, 6.79% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 04/20/36<sup>◊,3</sup> | 9550000 | 9477239 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33<sup>◊,3</sup> | 59500000 | 59615222 |
| &nbsp;&nbsp;&nbsp;2021-1A B12, 6.56% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 07/20/33<sup>◊,3</sup> | 2500000 | 2499943 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,3</sup> | 31443881 | 31504621 |
| &nbsp;&nbsp;&nbsp;2021-1A BR, 6.56% (3 Month Term SOFR + 2.26%, Rate Floor: 2.00%) due 04/15/33<sup>◊,3</sup> | 30400000 | 30396157 |
| 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>◊,3</sup> | 52250000 | 52246280 |
| &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 | 7486719 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 11/16/36<sup>◊,3</sup> | 31150000 | 31101848 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38<sup>◊,3</sup> | 15665000 | 15332539 |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,3</sup> | 8420000 | 8358866 |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.65% (1 Month Term SOFR + 1.33%, Rate Floor: 1.33%) due 05/16/38<sup>◊,3</sup> | 4212347 | 4201427 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A, 6.10% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/25/36<sup>◊,3</sup> | 49000000 | 48886594 |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.50% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,3</sup> | 9750000 | 9652069 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,3</sup> | 40750000 | 40814487 |
| &nbsp;&nbsp;&nbsp;2021-4A A2R, 6.48% (3 Month Term SOFR + 2.16%, Rate Floor: 1.90%) due 08/20/33<sup>◊,3</sup> | 16750000 | 16746022 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 6.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33<sup>◊,3</sup> | 47750000 | 47837397 |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 07/23/33<sup>◊,3</sup> | 9500000 | 9497636 |
| Fortress Credit Opportunities IX CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A2TR, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 10/15/33<sup>◊,3</sup> | 46200000 | 46290071 |
| &nbsp;&nbsp;&nbsp;2021-9A BR, 6.51% (3 Month Term SOFR + 2.21%, Rate Floor: 1.95%) due 10/15/33<sup>◊,3</sup> | 6700000 | 6698139 |
| &nbsp;&nbsp;&nbsp;2021-9A A1TR, 6.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 10/15/33<sup>◊,3</sup> | 3450000 | 3456211 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,3</sup> | 41250000 | 41263394 |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.64% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 04/20/36<sup>◊,3</sup> | 13500000 | 13407000 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.89% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,3</sup> | 17750000 | 17569639 |
| &nbsp;&nbsp;&nbsp;2025-FL10 B, 6.15% (1 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 08/19/42<sup>◊,3</sup> | 12950000 | 12781429 |
| &nbsp;&nbsp;&nbsp;2024-FL9 AS, 6.41% (1 Month Term SOFR + 2.09%, Rate Floor: 2.09%) due 10/19/39<sup>◊,3</sup> | 12150000 | 12136212 |
| &nbsp;&nbsp;&nbsp;2024-FL9 B, 6.61% (1 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/19/39<sup>◊,3</sup> | 10850000 | 10824256 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 AS, 6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/18/42<sup>◊,3</sup> | 26900000 | 26832868 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,3</sup> | 25400000 | $25341646 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33<sup>◊,3</sup> | 41500000 | 41557432 |
| &nbsp;&nbsp;&nbsp;2021-5A B, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 09/22/33<sup>◊,3</sup> | 8000000 | 7998852 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A A, 6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/15/36<sup>◊,3</sup> | 44000000 | 44015585 |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,3</sup> | 5250000 | 5211979 |
| GoldenTree Loan Management US CLO 1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.24% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/20/37<sup>◊,3</sup> | 28900000 | 28996275 |
| &nbsp;&nbsp;&nbsp;2024-9A CR, 6.69% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 04/20/37<sup>◊,3</sup> | 18550000 | 18617255 |
| Cerberus Loan Funding XLVIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A AN, 6.10% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/15/36<sup>◊,3</sup> | 20150000 | 20156887 |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.30% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/15/36<sup>◊,3</sup> | 14700000 | 14596095 |
| &nbsp;&nbsp;&nbsp;2024-4A C, 6.75% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 10/15/36<sup>◊,3</sup> | 10700000 | 10717433 |
| AREIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE10 A, 5.71% (1 Month Term SOFR + 1.39%, Rate Floor: 1.39%) due 12/17/29<sup>◊,3</sup> | 21850000 | 21830997 |
| &nbsp;&nbsp;&nbsp;2025-CRE10 AS, 5.86% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 01/17/30<sup>◊,3</sup> | 18000000 | 17986313 |
| Owl Rock CLO VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,3</sup> | 38050000 | 37947341 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A B, 6.42% (3 Month Term SOFR + 2.11%, Rate Floor: 1.85%) due 08/05/33<sup>◊,3</sup> | 21000000 | 20995023 |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.10% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33<sup>◊,3</sup> | 16700000 | 16700825 |
| LCM XXIV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-24A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 03/20/30<sup>◊,3</sup> | 24200000 | 24108863 |
| &nbsp;&nbsp;&nbsp;2021-24A CR, 6.46% (3 Month Term SOFR + 2.16%, Rate Floor: 0.00%) due 03/20/30<sup>◊,3</sup> | 13050000 | 13055152 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 6.17% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33<sup>◊,3</sup> | 26750000 | 26800004 |
| &nbsp;&nbsp;&nbsp;2021-16A A2R2, 6.36% (3 Month Term SOFR + 2.06%, Rate Floor: 1.80%) due 07/25/33<sup>◊,3</sup> | 9750000 | 9767501 |
| Carlyle Direct Lending CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A11A, 6.10% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/15/36<sup>◊,3</sup> | 28850000 | 28769659 |
| &nbsp;&nbsp;&nbsp;2024-1A A12B, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/15/36<sup>◊,3</sup> | 7500000 | 7476967 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A BR, 5.99% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 10/20/37<sup>◊,3</sup> | 19950000 | 19958660 |
| &nbsp;&nbsp;&nbsp;2024-4A CR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/37<sup>◊,3</sup> | 16250000 | 16260626 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,3</sup> | 19300000 | 18896983 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,3</sup> | 16600000 | 16417315 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A AR, 5.69% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 10/18/33<sup>◊,3</sup> | 35000000 | 35023065 |
| Golub Capital Partners CLO 31M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-31A A1RR, 6.21% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 11/05/37<sup>◊,3</sup> | 23250000 | 23214079 |
| &nbsp;&nbsp;&nbsp;2024-31A BRR, 6.46% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/05/37<sup>◊,3</sup> | 9500000 | 9411678 |
| &nbsp;&nbsp;&nbsp;2024-31A CRR, 6.91% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 11/05/37<sup>◊,3</sup> | 2250000 | 2253140 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A BR, 6.46% (3 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 08/26/33<sup>◊,3</sup> | 21695000 | 21688175 |
| &nbsp;&nbsp;&nbsp;2021-49A CR, 7.16% (3 Month Term SOFR + 2.86%, Rate Floor: 2.86%) due 08/26/33<sup>◊,3</sup> | 12600000 | 12618319 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.01% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,3</sup> | 27500000 | $27425654 |
| &nbsp;&nbsp;&nbsp;2021-48A C, 6.56% (3 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 04/19/33<sup>◊,3</sup> | 6650000 | 6650128 |
| 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 | 31136386 |
| Owl Rock CLO XIX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-19A A, 6.27% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 10/22/37<sup>◊,3</sup> | 18000000 | 17996382 |
| &nbsp;&nbsp;&nbsp;2024-19A B, 6.52% (3 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 10/22/37<sup>◊,3</sup> | 12700000 | 12607945 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33<sup>◊,3</sup> | 30450000 | 30503354 |
| Owl Rock CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A ALR, 6.11% (3 Month Term SOFR + 1.81%, Rate Floor: 1.55%) due 04/20/33<sup>◊,3</sup> | 30350000 | 30352370 |
| Neuberger Berman Loan Advisers CLO 40 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-40A B, 5.97% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 04/16/33<sup>◊,3</sup> | 26700000 | 26676600 |
| &nbsp;&nbsp;&nbsp;2021-40A C, 6.32% (3 Month Term SOFR + 2.01%, Rate Floor: 1.75%) due 04/16/33<sup>◊,3</sup> | 2500000 | 2500364 |
| GoldenTree Loan Management US CLO 24 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-24A B, due 10/20/38<sup>◊,3,5</sup> | 27650000 | 27650000 |
| Fontainbleau Vegas |  |  |
| &nbsp;&nbsp;&nbsp;9.97% (1 Month Term SOFR + 5.65%, Rate Floor: 1.00%) due 01/31/26<sup>◊,†††</sup> | 26250000 | 26250000 |
| STWD Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-FL1 B, 6.03% (1 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 07/15/38<sup>◊,3</sup> | 11210000 | 11209712 |
| &nbsp;&nbsp;&nbsp;2019-FL1 C, 6.38% (1 Month Term SOFR + 2.06%, Rate Floor: 2.06%) due 07/15/38<sup>◊,3</sup> | 8800000 | 8800867 |
| &nbsp;&nbsp;&nbsp;2021-FL2 A, 5.63% (1 Month Term SOFR + 1.31%, Rate Floor: 1.20%) due 04/18/38<sup>◊,3</sup> | 3179026 | 3165697 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.53% (1 Month Term SOFR + 2.21%, Rate Floor: 2.10%) due 04/18/38<sup>◊,3</sup> | 2820000 | 2786751 |
| &nbsp;&nbsp;&nbsp;2019-FL1 AS, 5.83% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 07/15/38<sup>◊,3</sup> | 44499 | 44415 |
| BSPDF Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 C, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 10/15/36<sup>◊,3</sup> | 15300000 | 15064732 |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 10/15/36<sup>◊,3</sup> | 6500000 | 6459628 |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 7.18% (1 Month Term SOFR + 2.86%, Rate Floor: 2.75%) due 10/15/36<sup>◊,3</sup> | 3500000 | 3426440 |
| Madison Park Funding LIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-53A B, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 24000000 | 23963506 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL9 C, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 11/16/38<sup>◊,3</sup> | 19500000 | 19465651 |
| &nbsp;&nbsp;&nbsp;2021-FL9 D, 6.68% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 11/16/38<sup>◊,3</sup> | 4400000 | 4385956 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL14 AS, 5.87% (1 Month Term SOFR + 1.57%, Rate Floor: 1.57%) due 10/21/42<sup>◊,3</sup> | 10200000 | 10178934 |
| &nbsp;&nbsp;&nbsp;2024-FL13 A, 5.89% (1 Month Term SOFR + 1.58%, Rate Floor: 1.58%) due 09/19/39<sup>◊,3</sup> | 5000000 | 4994841 |
| &nbsp;&nbsp;&nbsp;2024-FL13 AS, 6.31% (1 Month Term SOFR + 1.99%, Rate Floor: 1.99%) due 09/19/39<sup>◊,3</sup> | 4000000 | 3990721 |
| &nbsp;&nbsp;&nbsp;2024-FL13 B, 6.56% (1 Month Term SOFR + 2.24%, Rate Floor: 2.24%) due 09/19/39<sup>◊,3</sup> | 3900000 | 3890901 |
| ABPCI Direct Lending Fund CLO II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A A1RR, 5.94% (3 Month Term SOFR + 1.65%, Rate Floor: 1.65%) due 07/20/37<sup>◊,3</sup> | 22500000 | 22467105 |
| Cerberus Loan Funding XLVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A A, 6.15% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 07/15/36<sup>◊,3</sup> | 16500000 | 16512358 |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.60% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 07/15/36<sup>◊,3</sup> | 5900000 | 5860195 |
| Madison Park Funding LVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-58A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/25/37<sup>◊,3</sup> | 11700000 | 11694215 |
| &nbsp;&nbsp;&nbsp;2024-58A C, 6.75% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/25/37<sup>◊,3</sup> | 8250000 | 8280407 |
| VOYA CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A B, 6.09% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 07/20/37<sup>◊,3</sup> | 14750000 | 14797287 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2021-2A BR, 6.71% (3 Month Term SOFR + 2.41%, Rate Floor: 2.15%) due 06/07/30<sup>◊,3</sup> | 4950000 | $4952892 |
| Recette CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A BRR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 0.00%) due 04/20/34<sup>◊,3</sup> | 9800000 | 9777467 |
| &nbsp;&nbsp;&nbsp;2021-1A CRR, 6.31% (3 Month Term SOFR + 2.01%, Rate Floor: 0.00%) due 04/20/34<sup>◊,3</sup> | 9200000 | 9173940 |
| AGL CLO 39 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-39A B, due 04/20/38<sup>◊,3,5</sup> | 18910000 | 18791661 |
| BCRED CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A C, 6.28% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 04/20/37<sup>◊,3</sup> | 11300000 | 11322249 |
| &nbsp;&nbsp;&nbsp;2025-1A B, 5.98% (3 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 04/20/37<sup>◊,3</sup> | 7150000 | 7164088 |
| Neuberger Berman Loan Advisers CLO 32 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-32A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/20/32<sup>◊,3</sup> | 14100000 | 14091378 |
| &nbsp;&nbsp;&nbsp;2021-32A CR, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 01/20/32<sup>◊,3</sup> | 4200000 | 4198160 |
| BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL7 C, 6.73% (1 Month Term SOFR + 2.41%, Rate Floor: 2.41%) due 12/15/38<sup>◊,3</sup> | 7250000 | 7255797 |
| &nbsp;&nbsp;&nbsp;2021-FL6 C, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.05%) due 03/15/36<sup>◊,3</sup> | 5550000 | 5433364 |
| &nbsp;&nbsp;&nbsp;2021-FL7 B, 6.48% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 12/15/38<sup>◊,3</sup> | 4875000 | 4873442 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.91% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,3</sup> | 13700000 | 13632444 |
| &nbsp;&nbsp;&nbsp;2025-CRE8 B, 6.16% (1 Month Term SOFR + 1.84%, Rate Floor: 1.84%) due 08/17/42<sup>◊,3</sup> | 3300000 | 3280938 |
| Cerberus Loan Funding XXXVIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A A1, 7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/15/34<sup>◊,3</sup> | 16570000 | 16579758 |
| Owl Rock CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A ANR, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 02/20/36<sup>◊,3</sup> | 14400000 | 14399029 |
| &nbsp;&nbsp;&nbsp;2024-1A BR, 7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 02/20/36<sup>◊,3</sup> | 1100000 | 1091921 |
| Owl Rock CLO XIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-13A B, 7.66% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 09/20/35<sup>◊,3</sup> | 14750000 | 14752187 |
| Madison Park Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-69A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/25/37<sup>◊,3</sup> | 14500000 | 14589742 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A C, 6.64% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/20/36<sup>◊,3</sup> | 13600000 | 13619798 |
| Octagon Investment Partners 49 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A BR, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 04/15/37<sup>◊,3</sup> | 12800000 | 12791686 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL11 AS, 6.41% (1 Month Term SOFR + 2.10%, Rate Floor: 2.10%) due 07/15/39<sup>◊,3</sup> | 8900000 | 8891783 |
| &nbsp;&nbsp;&nbsp;2024-FL11 B, 6.61% (1 Month Term SOFR + 2.29%, Rate Floor: 2.29%) due 07/15/39<sup>◊,3</sup> | 3800000 | 3790679 |
| KREF Funding V LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 06/25/26<sup>◊,†††</sup> | 12560793 | 12510004 |
| &nbsp;&nbsp;&nbsp;0.15% due 06/25/26<sup>†††,7</sup> | 35099565 | 12285 |
| Cerberus Loan Funding XXXI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A C, 7.16% (3 Month Term SOFR + 2.86%, Rate Floor: 2.60%) due 04/15/32<sup>◊,3</sup> | 12000000 | 12022846 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 C, 6.43% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 07/15/39<sup>◊,3</sup> | 12000000 | 11874308 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-11 A, 6.15% (1 Month Term SOFR + 1.83%, Rate Floor: 1.83%) due 09/17/39<sup>◊,3</sup> | 6829342 | 6832078 |
| &nbsp;&nbsp;&nbsp;2024-11 AS, 6.51% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39<sup>◊,3</sup> | 5009191 | 5003421 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL2 A, 6.26% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37<sup>◊,3</sup> | 5650000 | 5634989 |
| &nbsp;&nbsp;&nbsp;2021-FL1 D, 7.13% (1 Month Term SOFR + 2.81%, Rate Floor: 2.70%) due 08/19/38<sup>◊,3</sup> | 4200000 | 4109427 |
| &nbsp;&nbsp;&nbsp;2024-FL2 AS, 6.70% (1 Month Term SOFR + 2.38%, Rate Floor: 2.38%) due 08/19/37<sup>◊,3</sup> | 1850000 | 1846730 |
| Golub Capital Partners CLO 46 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-46A BR, 6.59% (3 Month Term SOFR + 2.30%, Rate Floor: 2.30%) due 04/20/37<sup>◊,3</sup> | 10300000 | 10207385 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Acrec LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL3 AS, 5.94% (1 Month Term SOFR + 1.64%, Rate Floor: 1.64%) due 08/18/42<sup>◊,3</sup> | 5900000 | $5884033 |
| &nbsp;&nbsp;&nbsp;2025-FL3 B, 6.39% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 08/18/42<sup>◊,3</sup> | 3250000 | 3240001 |
| Neuberger Berman Loan Advisers CLO 47 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-47A B, 6.09% (3 Month Term SOFR + 1.80%, Rate Floor: 1.80%) due 04/14/35<sup>◊,3</sup> | 9000000 | 8995439 |
| Boyce Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A B1, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 8800000 | 8762112 |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,3</sup> | 7300000 | 7300000 |
| Fortress Credit Opportunities XXV CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-25A A2, 6.15% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/15/37<sup>◊,3</sup> | 7200000 | 7203267 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.96% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,3</sup> | 3678679 | 3677864 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.81% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,3</sup> | 3333334 | 3334531 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>3,13</sup> | 2987987 | 25287 |
| Fortress Credit BSL XVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.14% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 10/20/35<sup>◊,3</sup> | 7000000 | 6971324 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.87% (3 Month Term SOFR + 1.56%, Rate Floor: 0.00%) due 02/05/31<sup>◊,3</sup> | 6716233 | 6716228 |
| Owl Rock CLO VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-8A A2R, due 04/24/37<sup>◊,3,5</sup> | 6500000 | 6504892 |
| Owl Rock CLO IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-9A BR, 6.37% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 11/22/37<sup>◊,3</sup> | 6450000 | 6403983 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.40%) due 12/18/37<sup>◊,3</sup> | 3100000 | 3053500 |
| &nbsp;&nbsp;&nbsp;2021-FL4 C, 6.18% (1 Month Term SOFR + 1.86%, Rate Floor: 1.75%) due 12/18/37<sup>◊,3</sup> | 3100000 | 3038000 |
| HGI CRE CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 5.93% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 09/17/36<sup>◊,3</sup> | 5000000 | 4961461 |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 09/17/36<sup>◊,3</sup> | 1000000 | 998451 |
| Barings CLO Limited 2022-III |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A BR, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/20/37<sup>◊,3</sup> | 5950000 | 5935715 |
| 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 | 5458606 |
| Ares Direct Lending CLO 3 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.29% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 01/20/37<sup>◊,3</sup> | 5450000 | 5402045 |
| Sound Point CLO XXIV |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 10/25/34<sup>◊,3</sup> | 5150000 | 5106376 |
| Ares LXVII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-67A BR, 5.85% (3 Month Term SOFR + 1.55%, Rate Floor: 1.55%) due 01/25/38<sup>◊,3</sup> | 5000000 | 4956911 |
| Owl Rock CLO XVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-17A B, 6.25% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,3</sup> | 4300000 | 4267320 |
| MF1 Multifamily Housing Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL6 D, 6.98% (1 Month Term SOFR + 2.66%, Rate Floor: 2.55%) due 07/16/36<sup>◊,3</sup> | 3800000 | 3784627 |
| Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;2024-4A B, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/20/37<sup>◊,3</sup> | 3700000 | 3704554 |
| Dryden XXVI Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2018-26A CR, 6.41% (3 Month Term SOFR + 2.11%, Rate Floor: 0.00%) due 04/15/29<sup>◊,3</sup> | 3500000 | 3502306 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.83% (3 Month Term SOFR + 1.53%, Rate Floor: 1.27%) due 04/20/30<sup>◊,3</sup> | 2542475 | 2545388 |
| Allegro CLO VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A CR, 6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/13/31<sup>◊,3</sup> | 2500000 | 2495000 |
| Sound Point CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A B, 6.21% (3 Month Term SOFR + 1.91%, Rate Floor: 1.65%) due 10/25/34<sup>◊,3</sup> | 2200000 | 2181421 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 203

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2012-3A SUB, due 01/14/32<sup>3,13</sup> | 8920000 | $1183322 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A BR, 6.16% (3 Month Term SOFR + 1.86%, Rate Floor: 0.00%) due 07/15/29<sup>◊,3</sup> | 365156 | 364228 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2013-1A INC, due 10/15/30<sup>3,13</sup> | 10575071 | 257186 |
| Great Lakes CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A SUB, due 10/15/29<sup>3,13</sup> | 461538 | 200486 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A SUB, due 10/20/28<sup>3,13</sup> | 6859005 | 15776 |
| 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** |  | 3123028498 |
| **Financial - 2.5%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP2, 6.03% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,3</sup> | 50500000 | 50500000 |
| &nbsp;&nbsp;&nbsp;2024-SP1, 5.85% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25<sup>◊,†††,3</sup> | 50500000 | 50500000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> | 34275000 | 34275000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.62% (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> | 73441456 | 66945485 |
| HV Eight LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.48% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 12/31/27<sup>◊,†††</sup> | EUR 51,954,306 | 56029897 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 57700000 | 53889086 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 57700000 | 53889086 |
| LVNV Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/05/28<sup>†††</sup> | 39400000 | 41314332 |
| &nbsp;&nbsp;&nbsp;6.84% due 06/12/29<sup>†††</sup> | 11400000 | 11617444 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 28450000 | 28801716 |
| &nbsp;&nbsp;&nbsp;3.69% due 03/24/31<sup>†††</sup> | 14746178 | 14079505 |
| &nbsp;&nbsp;&nbsp;6.92% due 11/15/37<sup>†††</sup> | 6234182 | 6352014 |
| 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> | 47056142 | 46791891 |
| Project Onyx I |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 42884881 | 42831653 |
| Project Onyx |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/28<sup>◊,†††</sup> | 23457521 | 23422267 |
| Metis Issuer, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.89% due 05/15/55 | 29900000 | 29900000 |
| HarbourVest Structured Solutions IV Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (3 Month Term SOFR + 3.05%, Rate Floor: 0.00%) due 09/15/26<sup>◊,†††</sup> | 13845580 | 13827477 |
| &nbsp;&nbsp;&nbsp;6.38% (3 Month EURIBOR + 2.45%, Rate Floor: 2.45%) due 09/15/26<sup>◊,†††</sup> | EUR 8,091,316 | 8669691 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.11% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 11755307 | 11718189 |
| Bib Merchant Voucher Receivables Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.18% due 04/07/28<sup>†††</sup> | 11421928 | 11289345 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>9</sup> | 7629883 | 6951064 |
| Industrial DPR Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 5.24% due 04/15/26<sup>3</sup> | 825073 | 821614 |
| **Total Financial** |  | 681541756 |
| **Transport-Aircraft - 2.2%** |  |  |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>3</sup> | 48614994 | 49637152 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>3</sup> | 37693752 | 35591817 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.80% due 01/15/47<sup>3</sup> | 30512417 | 28052682 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.35% due 01/16/40<sup>3</sup> | 10245505 | 9836816 |
| &nbsp;&nbsp;&nbsp;2019-2, 3.38% due 10/16/39<sup>3</sup> | 911150 | 874738 |
| &nbsp;&nbsp;&nbsp;2019-1, 3.84% due 05/15/39<sup>3</sup> | 297622 | 288721 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>3</sup> | 54126544 | 50334915 |
| AASET Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.93% due 09/16/49<sup>3</sup> | 49673877 | 50127216 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>3</sup> | 34090761 | 33787592 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.43% due 06/15/46<sup>3</sup> | 14871780 | 13721854 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.42% due 06/15/46<sup>3</sup> | 1148400 | 1065650 |
| Next10, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 12/15/30<sup>†††</sup> | 45552531 | 46734760 |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>3</sup> | 46814582 | 46402098 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>3</sup> | 23594478 | 23730953 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>3</sup> | 20372571 | 19681902 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>3</sup> | 36512843 | 33691882 |
| Gilead Aviation LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.79% due 03/15/50<sup>3</sup> | 29250000 | 29386010 |
| ALTDE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.90% due 08/15/50<sup>3</sup> | 27209506 | 27506552 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>3</sup> | 20433617 | 19613882 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>3</sup> | 20127498 | 19120922 |
| AASET |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.94% due 02/16/50<sup>3</sup> | 12969083 | 13080023 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>3</sup> | 12794360 | $11916667 |
| KDAC Aviation Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.21% due 12/15/42<sup>3</sup> | 12110987 | 11779630 |
| MAPS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.52% due 06/15/46<sup>3</sup> | 9188956 | 8565442 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/39<sup>3</sup> | 4941079 | 4768242 |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>3</sup> | 756018 | 745439 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>3</sup> | 5434537 | 5353125 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>3</sup> | 4585052 | 4447558 |
| MAPS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.21% due 05/15/43<sup>3</sup> | 4003453 | 3983548 |
| Sapphire Aviation Finance I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.25% due 03/15/40<sup>3</sup> | 2793961 | 2751325 |
| **Total Transport-Aircraft** |  | 606579113 |
| **Whole Business - 1.7%** |  |  |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>3</sup> | 36109500 | 35607423 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>3</sup> | 28478625 | 28985992 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.27% due 07/30/54<sup>3</sup> | 18852750 | 19128358 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.03% due 07/30/54<sup>3</sup> | 9476250 | 9544361 |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>3</sup> | 93908015 | 89401792 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>3</sup> | 43512700 | 40091692 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.13% due 01/25/52<sup>3</sup> | 22795000 | 21166895 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>3</sup> | 16453800 | 16822590 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>3</sup> | 6496060 | 6365516 |
| Sonic Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.64% due 08/20/51<sup>3</sup> | 23271940 | 19384798 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.85% due 01/20/50<sup>3</sup> | 12107421 | 11785407 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.19% due 08/20/51<sup>3</sup> | 9933710 | 8949402 |
| &nbsp;&nbsp;&nbsp;2020-1A, 4.34% due 01/20/50<sup>3</sup> | 6951104 | 6607217 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>3</sup> | 25117500 | 23702784 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.86% due 12/05/54<sup>3</sup> | 12000000 | 12167054 |
| &nbsp;&nbsp;&nbsp;2022-1A, 3.73% due 03/05/52<sup>3</sup> | 1191000 | 1127173 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 3.34% due 01/30/51<sup>3</sup> | 27705831 | 23851271 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.84% due 01/30/51<sup>3</sup> | 9216507 | 8510270 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>3</sup> | 25381388 | 26326370 |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.72% due 06/05/49<sup>3</sup> | 22918500 | 22487559 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.97% due 05/25/46<sup>3</sup> | 17392559 | 17369570 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>3</sup> | 15828750 | 15669024 |
| Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.78% due 06/15/49<sup>3</sup> | 12006559 | 11811810 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, 4.12% due 07/25/47<sup>3</sup> | 7802000 | 7660365 |
| **Total Whole Business** |  | 484524693 |
| **Infrastructure - 1.6%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>3</sup> | 52900000 | 52611007 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>3</sup> | 35700000 | 34440572 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.28% due 03/25/54<sup>3</sup> | 9550000 | 9664890 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>3</sup> | 40900000 | 39622517 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.59% due 05/15/54<sup>3</sup> | 28950000 | 29127009 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.64% due 05/15/54<sup>3</sup> | 3950000 | 4028291 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-3A, 5.90% due 10/25/48<sup>3</sup> | 31313000 | 31699800 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.90% due 03/25/49<sup>3</sup> | 16250000 | 16452533 |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.89% due 08/25/45<sup>3</sup> | 11624000 | 11475119 |
| &nbsp;&nbsp;&nbsp;2023-2A, 5.90% due 07/25/48<sup>3</sup> | 6000000 | 6069120 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.90% due 03/25/48<sup>3</sup> | 6000000 | 6048648 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 8.84% due 05/20/53<sup>3</sup> | 31200000 | 32152676 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>3</sup> | 22750000 | 23154750 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.31% due 11/20/51<sup>3</sup> | 5350000 | 5120442 |
| &nbsp;&nbsp;&nbsp;2024-1A, 9.19% due 06/20/54<sup>3</sup> | 3860000 | 4048365 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.66% due 11/20/51<sup>3</sup> | 4025000 | 3838434 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.67% due 06/20/54<sup>3</sup> | 3150000 | 3217041 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>3</sup> | 47980000 | 45967431 |
| &nbsp;&nbsp;&nbsp;2023-1A, 6.00% due 08/17/48<sup>3</sup> | 2600000 | 2624532 |
| &nbsp;&nbsp;&nbsp;2023-2A, 6.50% due 11/16/48<sup>3</sup> | 1345000 | 1375046 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.10% due 09/15/54<sup>3</sup> | 30550000 | 30164212 |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.65% due 09/15/45<sup>3</sup> | 3100000 | 3049620 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>3</sup> | 22150000 | 21961134 |
| &nbsp;&nbsp;&nbsp;6.60% due 01/15/28<sup>3</sup> | 3800000 | 3895348 |
| Blue Stream Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.40% due 05/20/53<sup>3</sup> | 6625000 | 6661217 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.41% due 11/20/54<sup>3</sup> | 5100000 | 5147282 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, due 04/20/55<sup>3,5</sup> | 8150000 | 8206667 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.94% due 07/20/54<sup>3</sup> | 1000000 | 1009929 |
| **Total Infrastructure** |  | 442833632 |
| **Net Lease - 0.9%** |  |  |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.48% due 02/15/50<sup>3</sup> | 21824253 | 21098049 |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.25% due 05/15/54<sup>3</sup> | 14052083 | 13937122 |
| &nbsp;&nbsp;&nbsp;2024-3A, 4.55% due 10/15/54<sup>3</sup> | 9788438 | 9215492 |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.90% due 05/15/54<sup>3</sup> | 3383333 | 3367051 |
| STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 3.96% due 10/20/46<sup>3</sup> | 26481157 | 26010539 |
| &nbsp;&nbsp;&nbsp;2016-1A, 4.32% due 10/20/46<sup>3</sup> | 10491016 | 10273398 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 6.11% due 08/15/62<sup>3</sup> | 20275457 | 20373748 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% due 07/15/60<sup>3</sup> | 10075718 | 9916669 |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.81% due 02/15/50<sup>3</sup> | 19887738 | 18490788 |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.25% due 02/15/50<sup>3</sup> | 3371025 | 3106079 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.91% due 07/20/51<sup>3</sup> | 10050000 | 9171548 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| &nbsp;&nbsp;&nbsp;2021-1, 3.04% due 07/20/51<sup>3</sup> | 5050000 | $4304260 |
| &nbsp;&nbsp;&nbsp;2021-1, 3.44% due 07/20/51<sup>3</sup> | 3215000 | 2751831 |
| &nbsp;&nbsp;&nbsp;2021-1, 2.51% due 07/20/51<sup>3</sup> | 3000000 | 2720162 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.15% due 02/20/53<sup>3</sup> | 15190104 | 15022812 |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.55% due 02/20/53<sup>3</sup> | 3481771 | 3396981 |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.26% due 11/20/50<sup>3</sup> | 14900000 | 14461578 |
| STORE Master Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.96% due 06/20/51<sup>3</sup> | 12560000 | 10629789 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.70% due 06/20/51<sup>3</sup> | 3515818 | 3076543 |
| Tenet Equity Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.49% due 10/20/54<sup>3</sup> | 10039839 | 10058324 |
| STORE Master Funding I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A, 4.17% due 04/20/45<sup>3</sup> | 9878194 | 9871227 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.41% due 10/20/61<sup>3</sup> | 10000000 | 9140737 |
| Store Master Funding I-VII XIV XIX XX XXIV XXII |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.69% due 05/20/54<sup>3</sup> | 5972500 | 6060587 |
| CARS-DB5, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.76% due 08/15/51<sup>3</sup> | 6527125 | 5467831 |
| CARS-DB7, LP |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.75% due 09/15/53<sup>3</sup> | 4277000 | 4307273 |
| CF Hippolyta LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.60% due 07/15/60<sup>3</sup> | 4312872 | 3831693 |
| Store Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.74% due 10/20/48<sup>3</sup> | 2794938 | 2762352 |
| **Total Net Lease** |  | 252824463 |
| **Single Family Residence - 0.9%** |  |  |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-SFR2, 5.00% due 12/17/40<sup>3</sup> | 31239000 | 31096146 |
| &nbsp;&nbsp;&nbsp;2024-SFR4, 4.65% due 11/17/41<sup>3</sup> | 10775000 | 10579056 |
| &nbsp;&nbsp;&nbsp;2024-SFR3, 5.00% due 08/17/41<sup>3</sup> | 10500000 | 10391082 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 4.75% due 06/17/40<sup>3</sup> | 9993784 | 9930398 |
| &nbsp;&nbsp;&nbsp;2024-SFR3, 5.25% due 08/17/41<sup>3</sup> | 9550000 | 9416167 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.90% due 06/17/40<sup>3</sup> | 9215000 | 9146065 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.70% due 06/17/40<sup>3</sup> | 7950000 | 7901345 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.59% due 07/17/38<sup>3</sup> | 7000000 | 6755735 |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.75% due 04/17/41<sup>3</sup> | 3600000 | 3544052 |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>3</sup> | 21640000 | 21368825 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>3</sup> | 20340000 | 20041759 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>3</sup> | 13010000 | 12790870 |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 2.19% due 08/17/38<sup>3</sup> | 13174000 | 12654000 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, 2.65% due 12/17/26<sup>3</sup> | 46324046 | 43990856 |
| &nbsp;&nbsp;&nbsp;2021-3, 2.80% due 01/17/41<sup>3</sup> | 15066153 | 13806540 |
| Invitation Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>3</sup> | 13100000 | 12485955 |
| **Total Single Family Residence** |  | 235898851 |
| **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 | 102951065 |
| Anchorage Credit Funding 13 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-13A A2, 2.80% due 07/27/39<sup>3</sup> | 2700000 | 2482830 |
| &nbsp;&nbsp;&nbsp;2021-13A C2, 3.65% due 07/27/39<sup>3</sup> | 1950000 | 1784225 |
| **Total Collateralized Debt Obligations** |  | 107218120 |
| **Transport-Container - 0.4%** |  |  |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>3</sup> | 34673235 | 33272630 |
| &nbsp;&nbsp;&nbsp;2021-2A, 2.23% due 04/20/46<sup>3</sup> | 2231667 | 2068648 |
| TIF Funding III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.48% due 04/20/49<sup>3</sup> | 30802500 | 30978105 |
| Textainer Marine Containers Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, 1.94% due 08/20/46<sup>3</sup> | 22106200 | 19718328 |
| MC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.63% due 11/05/35<sup>3</sup> | 8120200 | 7572677 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>3</sup> | 2279089 | 2084158 |
| **Total Transport-Container** |  | 95694546 |
| **Insurance - 0.3%** |  |  |
| Obra Longevity |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 67000000 | 70023224 |
| CHEST |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/43<sup>†††</sup> | 17190000 | 17773066 |
| JGWPT XXIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2011-1A, 4.70% due 10/15/56<sup>3</sup> | 1875199 | 1840747 |
| JGWPT XXIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2011-2A, 4.94% due 09/15/56<sup>3</sup> | 1368597 | 1344986 |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;2010-1A, 5.56% due 07/15/59<sup>3</sup> | 363713 | 365006 |
| VICOF 2 |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 02/22/30<sup>†††</sup> | 309835 | 306299 |
| SPSS |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 11/15/52<sup>†††,9</sup> | 131876 | 122297 |
| **Total Insurance** |  | 91775625 |
| **Asset Backed Securities - 0.0%** |  |  |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.40% due 09/30/45<sup>†††</sup> | 15650000 | 15987662 |
| Akso Health Group |  |  |
| &nbsp;&nbsp;&nbsp;7.27% due 12/31/44<sup>†††</sup> | 8400000 | 8615609 |
| **Total Asset Backed Securities** |  | 24603271 |
| **Unsecured Consumer Loans - 0.2%** |  |  |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.39% due 11/20/35<sup>3</sup> | 19527660 | 19821684 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 4.93% due 03/15/50<sup>3</sup> | 8200000 | 8143691 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.55% due 04/15/50<sup>3</sup> | 3650000 | 3662084 |
| Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.21% due 02/15/45<sup>3</sup> | 7069299 | 7149800 |

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** | **Value** |
| GreenSky Home Improvement Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 5.26% due 10/27/59<sup>3</sup> | 2700000 | $| 2702168 |
| **Total Unsecured Consumer Loans** |  |  | 41479427 |
| **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 |  | 16086042 |
| &nbsp;&nbsp;&nbsp;2023-8A, 6.02% due 02/20/30<sup>3</sup> | 11000000 |  | 11480342 |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.58% due 12/20/30<sup>3</sup> | 8250000 |  | 8348366 |
| **Total Automotive** |  |  | 35914750 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,275,172,255) | &nbsp;&nbsp;&nbsp;(Cost $6,275,172,255) |  | 6223916745 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.2%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.2%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.2%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 14.2%** |
| 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 |  | 478884650 |
| &nbsp;&nbsp;&nbsp;due 05/15/51<sup>6,15,16</sup> | 1576540000 |  | 466167743 |
| &nbsp;&nbsp;&nbsp;due 08/15/54<sup>6,16</sup> | 615170000 |  | 162957795 |
| &nbsp;&nbsp;&nbsp;due 05/15/44<sup>6,16</sup> | 398930000 |  | 158950327 |
| &nbsp;&nbsp;&nbsp;due 02/15/54<sup>6,16</sup> | 428590000 |  | 115194076 |
| &nbsp;&nbsp;&nbsp;due 02/15/46<sup>6,16</sup> | 290070000 |  | 106431562 |
| &nbsp;&nbsp;&nbsp;due 11/15/51<sup>6,16</sup> | 275000000 |  | 79658477 |
| &nbsp;&nbsp;&nbsp;due 11/15/54<sup>6,16</sup> | 187000000 |  | 49248877 |
| &nbsp;&nbsp;&nbsp;due 11/15/44<sup>6,16</sup> | 75000000 |  | 29182571 |
| United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds | United States Treasury Inflation Indexed Bonds |
| &nbsp;&nbsp;&nbsp;1.88% due 07/15/34<sup>20</sup> | 503679999 |  | 508361650 |
| &nbsp;&nbsp;&nbsp;2.13% due 04/15/29<sup>20</sup> | 313200636 |  | 322464165 |
| &nbsp;&nbsp;&nbsp;1.63% due 10/15/29<sup>20</sup> | 259408090 |  | 263063363 |
| &nbsp;&nbsp;&nbsp;1.25% due 04/15/28<sup>20</sup> | 143528473 |  | 143563299 |
| &nbsp;&nbsp;&nbsp;2.13% due 01/15/35<sup>20</sup> | 92587880 |  | 95035626 |
| &nbsp;&nbsp;&nbsp;1.38% due 07/15/33<sup>20</sup> | 29249907 |  | 28530185 |
| 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 |  | 267351931 |
| &nbsp;&nbsp;&nbsp;3.75% due 08/31/31 | 214220000 |  | 210462782 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/28/31 | 197000000 |  | 199293202 |
| &nbsp;&nbsp;&nbsp;3.63% due 09/30/31 | 180000000 |  | 175521094 |
| &nbsp;&nbsp;&nbsp;3.63% due 08/31/29 | 11450000 |  | 11306428 |
| &nbsp;&nbsp;&nbsp;3.63% due 03/31/28 | 2570000 |  | 2551327 |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/35 | 2400000 |  | 2479500 |
| U.S. Treasury Strip Principal | U.S. Treasury Strip Principal | U.S. Treasury Strip Principal | U.S. Treasury Strip Principal |
| &nbsp;&nbsp;&nbsp;due 02/15/51<sup>6,16</sup> | 235000000 |  | 70096839 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,133,883,310) |  |  | 3946757469 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 5.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 5.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 5.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 5.0%** |
| **Financial - 1.4%** |  |  |  |
| Higginbotham Insurance Agency, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.83% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>†††</sup> | 49722956 |  | 49378304 |
| &nbsp;&nbsp;&nbsp;9.07% (1 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28<sup>†††</sup> | 3314863 |  | 3291886 |
| QTS Good News Facility |  |  |  |
| &nbsp;&nbsp;&nbsp;7.14% (SOFR + 2.75%, Rate Floor: 0.00%) due 10/09/28<sup>†††</sup> | 49925000 |  | 49869701 |
| Jane Street Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 45170171 |  | 44601026 |
| Citadel Securities, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 42675435 |  | 42606301 |
| Asurion LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 23959600 |  | 23622728 |
| Cegid Group |  |  |  |
| &nbsp;&nbsp;&nbsp;5.86% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/17/30 | EUR 18,950,000 |  | 20378273 |
| CPI Holdco B, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/17/31 | 19800000 |  | 19639224 |
| Alliant Holdings Intermediate LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/19/31 | 19615838 |  | 19482254 |
| HighTower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 02/03/32 | 17242912 |  | 17102899 |
| Eisner Advisory Group |  |  |  |
| &nbsp;&nbsp;&nbsp;8.32% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 16737768 |  | 16701280 |
| Eagle Point Holdings Borrower, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/31/28<sup>†††</sup> | 14877692 |  | 14877692 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 14520000 |  | 14365798 |
| Galaxy Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.71% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/19/29 | EUR 13,250,000 |  | 14348455 |
| Jefferies Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.32% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 10/21/31 | 8553563 |  | 8517894 |
| Amwins Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 01/30/32 | 7281750 |  | 7217743 |
| Corpay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 4688250 |  | 4672122 |
| Worldpay |  |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 3937763 |  | 3907009 |
| Virtu Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 2670000 |  | 2668345 |
| Ardonagh Midco 3 plc |  |  |  |
| &nbsp;&nbsp;&nbsp;due 02/15/31 | 1400000 |  | 1380750 |
| CPI Holdco B LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 1147125 |  | 1134461 |
| **Total Financial** |  |  | 379764145 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Consumer, Cyclical - 1.1%** |  |  |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 18990000 | $18937778 |
| &nbsp;&nbsp;&nbsp;5.61% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 11/26/31 | EUR 4,300,000 | 4641543 |
| &nbsp;&nbsp;&nbsp;5.11% (3 Month EURIBOR + 2.75%, Rate Floor: 2.75%) due 07/01/31 | EUR 2,000,000 | 2153901 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/06/32 | 20450000 | 20183332 |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 4991250 | 4966294 |
| MB2 Dental Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.82% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 22579506 | 22497904 |
| &nbsp;&nbsp;&nbsp;9.83% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 2232345 | 2213619 |
| Allwyn Entertainment Financing US LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 06/02/31 | 19160727 | 18913171 |
| &nbsp;&nbsp;&nbsp;due 03/19/32 | EUR 5,000,000 | 5380262 |
| Betclic Everest Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;5.79% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 12/10/31 | EUR 18,200,000 | 19618225 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 19700626 | 19482540 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.05% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 19864838 | 19469925 |
| Clarios Global, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/28/32 | 11750000 | 11559062 |
| &nbsp;&nbsp;&nbsp;5.61% (1 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 01/28/32 | EUR 4,350,000 | 4667789 |
| &nbsp;&nbsp;&nbsp;5.36% (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 07/16/31 | EUR 2,850,870 | 3049823 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.55% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27 | 19624388 | 18177089 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/05/31 | 15000000 | 14955000 |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 14352158 | 14304365 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.31% (1 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 12436875 | 9249926 |
| &nbsp;&nbsp;&nbsp;12.29% (3 Month Term SOFR + 8.00%, Rate Floor: 8.75%) due 05/08/28 | 4463810 | 4352214 |
| PCI Gaming Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/18/31 | 11282046 | 11162908 |
| PHM Group Holding OY |  |  |
| &nbsp;&nbsp;&nbsp;due 02/25/32 | EUR 9,100,000 | 9769428 |
| Entain Holdings (Gibraltar) Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.62% (3 Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28 | EUR 7,800,000 | 8435834 |
| Packers Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.67% (1 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28 | 14324335 | 8218587 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/24/30 | 7562850 | 7557480 |
| Scientific Games Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29 | 4975000 | 4942513 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 4713772 | 4678419 |
| B&B Hotels |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/21/31 | EUR 4,250,000 | 4574280 |
| Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 4477500 | 4438322 |
| Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 05/30/31 | 4237975 | 4212717 |
| MX Holdings US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/19/32 | 2820000 | 2809425 |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/19/32 | 2300000 | 2297125 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 2178000 | 2164387 |
| Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 2094750 | 2092132 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.04% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/17/28 | 456187 | 454476 |
| WW International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.05% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 04/13/28 | 1395000 | 347355 |
| **Total Consumer, Cyclical** |  | 316929150 |
| **Industrial - 0.9%** |  |  |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 11840060 | 11697032 |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 8345000 | 8242774 |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 6547189 | 6478051 |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 14390000 | 13710073 |
| &nbsp;&nbsp;&nbsp;due 01/17/32 | EUR 12,000,000 | 12660967 |

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

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.93% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 18288500 | $18093179 |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/04/31 | 7730897 | 7652197 |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/08/28 | 21905975 | 22049678 |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.92% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 20932526 | 20825419 |
| Total Webhosting Solutions B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.86% (1 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 11/04/31 | EUR 19,000,000 | 20534845 |
| United Rentals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/14/31 | 17696250 | 17779245 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.30% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/22/31 | 17316881 | 17248825 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/06/32 | 17200000 | 17071000 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 15124000 | 14974726 |
| AS Mileage Plan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/15/31 | 11371500 | 11357286 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 07/01/31 | 4933174 | 4900960 |
| &nbsp;&nbsp;&nbsp;6.81% ((1 Month Term SOFR + 2.50%) and (3 Month Term SOFR + 2.50%), Rate Floor: 3.00%) due 07/01/31 | 4444837 | 4414301 |
| StandardAero |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 7910175 | 7882331 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/02/32 | 5050000 | 5040557 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.80% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 4825750 | 4797230 |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.70% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 3747635 | 3520753 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 3416122 | 3370209 |
| CPG International LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/26/31 | 3067313 | 3067312 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/12/31 | 2763075 | 2756167 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/19/32 | 2525000 | 2515531 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/19/28 | 2221875 | 2218409 |
| Hillman Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 07/14/28 | 1535124 | 1527203 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.30% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 608077 | 598451 |
| API Heat Transfer Thermasys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;12.56% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 20063 | 20063 |
| &nbsp;&nbsp;&nbsp;9.56% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/10/27<sup>†††</sup> | 11642 | 11642 |
| **Total Industrial** |  | 267016416 |
| **Consumer, Non-cyclical - 0.5%** |  |  |
| Southern Veterinary Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 12/04/31 | 36564847 | 36440892 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.57% (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27 | 28228342 | 26931532 |
| Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/21/30 | EUR 24,166,306 | 26102278 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.24% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 23715000 | 23538086 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.89% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 15474553 | 14246338 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.82% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 9098146 | 9084863 |
| Reynolds Consumer Products LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/19/32 | 8496705 | 8502057 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.32% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 4442889 | 4208927 |
| CHG PPC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/08/28 | 1528028 | 1524208 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27 | 1144518 | 1141702 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 10/23/28 | 845750 | 843813 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/22/27 | 404893 | $403925 |
| **Total Consumer, Non-cyclical** |  | 152968621 |
| **Technology - 0.5%** |  |  |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.46% (1 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/02/28 | GBP 21,898,730 | 26225855 |
| &nbsp;&nbsp;&nbsp;6.11% (1 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/02/28 | EUR 4,974,227 | 5030638 |
| Visma AS |  |  |
| &nbsp;&nbsp;&nbsp;6.08% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/28<sup>†††</sup> | EUR 23,750,000 | 25572178 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 02/13/32 | 13600000 | 13453800 |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 10587920 | 10525028 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.07% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/27/32 | 17500000 | 17325000 |
| Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.95% (2 Month GBP SONIA + 5.25%, Rate Floor: 5.25%) due 04/25/31<sup>†††</sup> | GBP 10,570,675 | 13560259 |
| &nbsp;&nbsp;&nbsp;9.68% (6 Month Term SOFR + 5.25%, Rate Floor: 5.75%) due 04/30/31<sup>†††</sup> | 2613869 | 2595483 |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.79% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 11371500 | 10997150 |
| Aston FinCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.23% (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26 | GBP 5,583,443 | 6789504 |
| &nbsp;&nbsp;&nbsp;8.69% (1 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 10/09/26 | 732012 | 695412 |
| Dun & Bradstreet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 01/18/29 | 4311534 | 4300065 |
| CCC Intelligent Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/23/32 | 349125 | 348252 |
| **Total Technology** |  | 137418624 |
| **Communications - 0.3%** |  |  |
| Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (6 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/10/31 | EUR 10,200,000 | 11026729 |
| &nbsp;&nbsp;&nbsp;7.55% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 9970000 | 9945075 |
| Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 19300000 | 19066856 |
| SBA Senior Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.08% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/25/31 | 13432161 | 13414699 |
| MasOrange Finco Plc |  |  |
| &nbsp;&nbsp;&nbsp;due 03/20/31 | EUR 10,000,000 | 10702089 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 03/21/32 | 5680000 | 5603661 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.44% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 1652094 | 1534382 |
| Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31 | 1423884 | 1112409 |
| &nbsp;&nbsp;&nbsp;5.00% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/29<sup>17</sup> | 398586 | 385134 |
| UPC Financing Partnership |  |  |
| &nbsp;&nbsp;&nbsp;6.79% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 1300000 | 1285609 |
| **Total Communications** |  | 74076643 |
| **Energy - 0.1%** |  |  |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 10/11/30 | 14940752 | 14936120 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.30% (1 Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26 | 4973580 | 4971491 |
| WhiteWater DBR Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.55% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 | 4577029 | 4554143 |
| **Total Energy** |  | 24461754 |
| **Utilities - 0.1%** |  |  |
| Calpine Construction Finance Company, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 | 10350000 | 10314810 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.82% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 | 3772982 | 3768265 |
| AL GCX Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/30/32 | 2100000 | 2084250 |
| TerraForm Power Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 | 1193646 | 1195891 |
| **Total Utilities** |  | 17363216 |
| **Basic Materials - 0.1%** |  |  |
| Novelis Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/24/32 | 8400000 | 8389500 |
| Trinseo Materials Operating S.C.A. |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (3 Month Term SOFR + 2.50%, Rate Floor: 3.50%) due 05/03/28 | 10683750 | 4934610 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 08/18/30 | 1861532 | 1845243 |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.30% (3 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 979768 | 998756 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.32% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 | 1000000 | 997500 |
| **Total Basic Materials** |  | 17165609 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,410,213,044) | &nbsp;&nbsp;&nbsp;(Cost $1,410,213,044) | 1387164178 |
| **FEDERAL AGENCY BONDS<sup>††</sup>** **- 0.9%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 0.9%** | **FEDERAL AGENCY BONDS<sup>††</sup>** **- 0.9%** |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/65 | 138205000 | 114669656 |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/55 | 45865000 | 45847755 |
| &nbsp;&nbsp;&nbsp;4.63% due 09/15/60 | 42436000 | 38111008 |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/56 | 9283000 | 9499647 |
| &nbsp;&nbsp;&nbsp;due 09/15/53<sup>7,16</sup> | 1612000 | 354661 |
| &nbsp;&nbsp;&nbsp;due 09/15/55<sup>7,16</sup> | 1612000 | 315099 |
| &nbsp;&nbsp;&nbsp;due 09/15/56<sup>7,16</sup> | 1612000 | 296832 |
| &nbsp;&nbsp;&nbsp;due 03/15/57<sup>7,16</sup> | 1612000 | 288954 |
| &nbsp;&nbsp;&nbsp;due 09/15/57<sup>7,16</sup> | 1612000 | 281286 |
| &nbsp;&nbsp;&nbsp;due 09/15/58<sup>7,16</sup> | 1612000 | 265688 |
| &nbsp;&nbsp;&nbsp;due 03/15/59<sup>7,16</sup> | 1612000 | 258624 |
| &nbsp;&nbsp;&nbsp;due 09/15/59<sup>7,16</sup> | 1612000 | 251749 |
| &nbsp;&nbsp;&nbsp;due 09/15/60<sup>7,16</sup> | 1612000 | 238542 |
| &nbsp;&nbsp;&nbsp;due 09/15/54<sup>7,16</sup> | 1020000 | 212175 |
| &nbsp;&nbsp;&nbsp;due 03/15/61<sup>7,16</sup> | 1020000 | 146926 |
| &nbsp;&nbsp;&nbsp;due 09/15/61<sup>7,16</sup> | 1020000 | 143019 |
| &nbsp;&nbsp;&nbsp;due 09/15/62<sup>7,16</sup> | 1020000 | 135516 |
| &nbsp;&nbsp;&nbsp;due 03/15/63<sup>7,16</sup> | 1020000 | 131914 |
| &nbsp;&nbsp;&nbsp;due 09/15/63<sup>7,16</sup> | 1020000 | 127926 |
| &nbsp;&nbsp;&nbsp;due 09/15/64<sup>7,16</sup> | 1020000 | 121204 |
| &nbsp;&nbsp;&nbsp;due 03/15/65<sup>7,16</sup> | 1020000 | 117517 |
| &nbsp;&nbsp;&nbsp;due 09/15/65<sup>7,16</sup> | 1020000 | 114383 |
| Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips | Tennessee Valley Authority Principal Strips |
| &nbsp;&nbsp;&nbsp;due 01/15/48<sup>6,16</sup> | 38804000 | 11826994 |
| &nbsp;&nbsp;&nbsp;due 12/15/42<sup>6,16</sup> | 23785000 | 9680400 |
| &nbsp;&nbsp;&nbsp;due 01/15/38<sup>6,16</sup> | 15800000 | 8420310 |
| &nbsp;&nbsp;&nbsp;due 09/15/39<sup>6,16</sup> | 8655000 | 4243304 |
| &nbsp;&nbsp;&nbsp;due 04/01/56<sup>6,16</sup> | 11415000 | 2160597 |
| &nbsp;&nbsp;&nbsp;due 09/15/65<sup>6,16</sup> | 3500000 | 401874 |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;3.11% due 08/05/48 | 1500000 | 1108221 |
| &nbsp;&nbsp;&nbsp;2.58% due 03/15/41 | 350000 | 257442 |
| &nbsp;&nbsp;&nbsp;2.69% due 11/29/41 | 350000 | 256813 |
| &nbsp;&nbsp;&nbsp;2.40% due 09/16/41 | 350000 | 246836 |
| &nbsp;&nbsp;&nbsp;1.99% due 07/30/40 | 300000 | 204708 |
| &nbsp;&nbsp;&nbsp;2.60% due 09/06/39 | 250000 | 188255 |
| &nbsp;&nbsp;&nbsp;2.90% due 12/09/41 | 220000 | 166475 |
| &nbsp;&nbsp;&nbsp;2.59% due 12/30/41 | 180000 | 129681 |
| &nbsp;&nbsp;&nbsp;2.74% due 11/01/39 | 144000 | 110154 |
| &nbsp;&nbsp;&nbsp;2.84% due 06/01/46 | 140000 | 96050 |
| &nbsp;&nbsp;&nbsp;2.59% due 08/24/46 | 140000 | 91605 |
| &nbsp;&nbsp;&nbsp;3.67% due 02/26/44 | 70000 | 58606 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;2.15% due 02/25/41 | 350000 | 241452 |
| &nbsp;&nbsp;&nbsp;2.45% due 08/16/41 | 270000 | 192262 |
| &nbsp;&nbsp;&nbsp;3.63% due 06/22/43 | 100000 | 83757 |
| Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp;2.25% due 09/15/50 | 360000 | 206629 |
| **Total Federal Agency Bonds** | **Total Federal Agency Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $367,998,549) |  | 252302506 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.2%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.2%** | **FOREIGN GOVERNMENT DEBT<sup>††</sup>** **- 0.2%** |
| Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
| &nbsp;&nbsp;&nbsp;5.38% due 03/12/29 | 9800000 | 9873402 |
| &nbsp;&nbsp;&nbsp;5.63% due 02/19/35 | 8750000 | 8693580 |
| &nbsp;&nbsp;&nbsp;5.38% due 02/19/30 | 5250000 | 5288367 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| &nbsp;&nbsp;&nbsp;4.50% due 04/16/50 | 22700000 | 14406555 |
| 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 | 14291980 |
| **Total Foreign Government Debt** | **Total Foreign Government Debt** |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,614,979) |  | 52553884 |
| **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 | 10335000 | 11033275 |
| California Public Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.07% due 10/15/40 | 8000000 | 6286346 |
| Hillsborough City School District General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;due 09/01/37<sup>16</sup> | 1000000 | 530158 |
| &nbsp;&nbsp;&nbsp;due 09/01/39<sup>16</sup> | 1000000 | 469619 |
| Oakland Redevelopment Agency Successor Agency Tax Allocation |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 09/01/39 | 1100000 | 955709 |
| **Total California** |  | 19275107 |
| **Illinois - 0.0%** |  |  |
| State of Illinois General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 12/01/38 | 4550000 | 4658320 |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/35 | 1400000 | 1480202 |
| City of Chicago Illinois General Obligation Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;6.31% due 01/01/44 | 4500000 | 4705807 |
| **Total Illinois** |  | 10844329 |
| **Texas - 0.0%** |  |  |
| Central Texas Turnpike System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.03% due 08/15/41 | 3150000 | 2386937 |
| Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.42% due 09/01/50 | 2500000 | 1775822 |
| **Total Texas** |  | 4162759 |
| **Washington - 0.0%** |  |  |
| Central Washington University Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.95% due 05/01/40 | 1750000 | 1940164 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount<sup>~</sup>** | **Value** |
| **Oklahoma - 0.0%** |  |  |
| Tulsa Airports Improvement Trust Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;3.10% due 06/01/45 | 1000000 | $739919 |
| Oklahoma Development Finance Authority Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.65% due 08/15/30 | 450000 | 442847 |
| **Total Oklahoma** |  | 1182766 |
| **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,532,313) | &nbsp;&nbsp;&nbsp;(Cost $41,532,313) | 37405125 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.13% due 05/08/25<sup>18</sup> | 12600000 | 12545157 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,545,254) |  | 12545157 |
|  | **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%** |
| **Put Options on:** |  |  |
| **Foreign Exchange Options** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $305,739,808) | EUR 283,040,000 | 1208441 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $305,739,808) | EUR 283,040,000 | 1208441 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $214,018,946) | EUR 198,129,000 | 853880 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $101,081,875) | EUR 93,577,000 | 403291 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $91,719,782) | EUR 84,910,000 | 365938 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $16,644,802) | EUR 15,409,000 | 66408 |
| **Total Foreign Exchange Options** |  | 4106399 |
| **Total OTC Options Purchased** | **Total OTC Options Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,195,203) |  | 4106399 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** | **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,19</sup>** **- 0.2%** |
| **Call Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.80% (Notional Value $777,460,000) | USD 777,460,000 | 16249303 |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $416,490,000) | USD 416,490,000 | 8918771 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.82% (Notional Value $416,490,000) | USD 416,490,000 | 8918771 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.50% (Notional Value $724,239,825) | GBP 561,100,000 | 4220729 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.80% (Notional Value $741,406,800) | GBP 574,400,000 | 3267895 |
| **Total Interest Rate Swaptions** |  | 41575469 |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 5.50% (Notional Value $724,239,825) | GBP 561,100,000 | 1106709 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.85% (Notional Value $741,406,800) | GBP 574,400,000 | 577947 |
| **Total Interest Rate Swaptions** |  | 1684656 |
| **Total OTC Interest Rate Swaptions Purchased** | **Total OTC Interest Rate Swaptions Purchased** |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,784,222) |  | 43260125 |
| **Total Investments - 117.1%** | **Total Investments - 117.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,703,233,856) | &nbsp;&nbsp;&nbsp;(Cost $33,703,233,856) | $32548972130 |
| **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;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 3.30% (Notional Value $741,406,800) | GBP 574,400,000 | (1292710) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.00% (Notional Value $724,239,825) | GBP 561,100,000 | (2371147) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts/<br> Notional Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $416,490,000) | USD 416,490,000 | $(4353566) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.32% (Notional Value $416,490,000) | USD 416,490,000 | (4353566) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap Expiring November 2025 with exercise rate of 3.30% (Notional Value $777,460,000) | USD 777,460,000 | (7901629) |
| **Total Interest Rate Swaptions** |  | (20272618) |
| **Put Swaptions on:** |  |  |
| **Interest Rate Swaptions** |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring October 2025 with exercise rate of 4.35% (Notional Value $741,406,800) | GBP 574,400,000 | (1738271) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 4.50% (Notional Value $724,239,825) | GBP 561,100,000 | (3439814) |
| **Total Interest Rate Swaptions** |  | (5178085) |
| **Total OTC Interest Rate Swaptions Written** | **Total OTC Interest Rate Swaptions Written** |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $15,882,644) |  | (25450703) |
| **Other Assets & Liabilities, net - (17.0)%** | **Other Assets & Liabilities, net - (17.0)%** | (4721266010) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $27802255417 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| 3-Month SOFR Futures Contracts | 1424 | Mar 2027 | $343860400 | $1944277 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <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> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $57228000 | $3023269 | $2693625 | $329644 |
| BofA Securities, Inc.<br> ICE | CDX.NA.HY.43.V1 | 5.00% | Quarterly | 12/20/29 | 11735000 | 626416 | 839227 | (212811) |
|  |  |  |  |  |  | $3649685 | $3532852 | $116833 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $44055000 | $(269166) | $(2641851) | $2372685 |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 44055000 | (5471202) | (6311165) | 839963 |
|  |  |  |  |  |  | $(5740368) | $(8953016) | $3212648 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND 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>** | | | | | | |
| **Counterparty** | **Floating <br> Rate <br> Type** | **Floating <br> Rate <br> Index** | **Fixed<br> Rate** | <br>**Payment<br> Frequency** | <br>**Maturity<br> Date** | <br>**Notional <br> Amount**  | <br>**Value**  | <br>**Upfront <br> Premiums <br> Paid**  | <br>**Unrealized <br> Appreciation <br> (Depreciation)\*\***  |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.48% | Annually | 11/02/33 | $389640000 | $20548651 | $2760 | $20545891 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/23/29 | 584523266 | 10471874 | 3050 | 10468824 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 1337210000 | 5116607 | 959 | 5115648 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.17% | Annually | 01/27/32 | 177500000 | 4822109 | 1329 | 4820780 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.76% | Annually | 02/06/29 | 650000000 | 2099968 | 2482 | 2097486 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.80% | Annually | 04/01/32 | 225000000 | 1032977 | 1649 | 1031328 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.96% | Annually | 04/03/34 | 53740000 | 759777 | 472 | 759305 |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.73% | Annually | 12/04/34 | 313000000 | (1555131) | 2654 | (1557785) |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.59% | Annually | 01/02/28 | 660000000 | (1743245) | 2246 | (1745491) |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.40% | Annually | 04/04/28 | 900000000 | (6926958) | 2611 | (6929569) |
| &nbsp;&nbsp;BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | 1803000000 | (36955712) | 3829 | (36959541) |
|  |  |  |  |  |  |  | $(2329083) | $24041 | $(2353124) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | EUR | Sell | 249880000 | 273,888,964 USD | 04/15/25 | $3293930 |
| Barclays Bank plc | GBP | Sell | 50155000 | 64,996,015 USD | 04/15/25 | 202164 |
| Goldman Sachs International | GBP | Buy | 795000 | 1,024,875 USD | 04/15/25 | 2163 |
| Barclays Bank plc | EUR | Buy | 300000 | 324,447 USD | 04/15/25 | 423 |
| Citibank, N.A. | GBP | Sell | 1045000 | 1,347,570 USD | 04/15/25 | (2437) |
| Toronto-Dominion Bank | EUR | Buy | 200000 | 219,229 USD | 04/15/25 | (2649) |
| Barclays Bank plc | GBP | Buy | 1000000 | 1,294,771 USD | 04/15/25 | (2899) |
| Bank of America, N.A. | EUR | Sell | 8565000 | 9,048,659 USD | 05/27/25 | (248683) |
|  |  |  |  |  |  | $3242012 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | <br>**Payment<br> Frequency** | <br>**Fixed<br> Rate** | <br>**Expiration<br> Date** | <br>**Exercise<br> Rate** | <br>**Swaption <br> Notional <br> Amount**  | <br>**Swaption <br> Value**  |
| **Call** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.80% | 11/19/25 | 3.80% | $777460000 | $16249303 |
| &nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 416490000 | 8918771 |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Pay | 12 Month Term SOFR | Annual | 3.82% | 11/18/25 | 3.82% | 416490000 | 8918771 |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.50% | 08/19/26 | 3.50% | 724239825 | 4220729 |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 3.80% | 10/31/25 | 3.80% | 741406800 | 3267895 |
|  |  |  |  |  |  |  |  | $41575469 |
| **Put** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 5.50% | 08/19/26 | 5.50% | 724239825 | $1106709 |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 4.85% | 10/31/25 | 4.85% | 741406800 | 577947 |
|  |  |  |  |  |  |  |  | $1684656 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | | | | | | | |
| **Counterparty/Description** | **Floating <br> Rate <br> Type** | <br>**Floating <br> Rate <br> Index** | <br>**Payment<br> Frequency** | <br>**Fixed<br> Rate** | <br>**Expiration<br> Date** | <br>**Exercise<br> Rate** | <br>**Swaption <br> Notional <br> Amount**  | <br>**Swaption <br> Value**  |
| **Call** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.30% | 10/31/25 | 3.30% | $741406800 | $(1292710) |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Receive | 12 Month GBP SONIA | Annual | 3.00% | 08/19/26 | 3.00% | 724239825 | (2371147) |
| &nbsp;&nbsp;BNP Paribas 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 416490000 | (4353566) |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.32% | 11/18/25 | 3.32% | 416490000 | (4353566) |
| &nbsp;&nbsp;The Toronto-Dominion Bank 5-Year Interest Rate Swap | Receive | 12 Month Term SOFR | Annual | 3.30% | 11/19/25 | 3.30% | 777460000 | (7901629) |
|  |  |  |  |  |  |  |  | $(20272618) |
| **Put** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.35% | 10/31/25 | 4.35% | 741406800 | $(1738271) |
| &nbsp;&nbsp;Morgan Stanley Capital Services LLC 2-Year Interest Rate Swap | Pay | 12 Month GBP SONIA | Annual | 4.50% | 08/19/26 | 4.50% | 724239825 | (3439814) |
|  |  |  |  |  |  |  |  | $(5178085) |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 March 31, 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 $12,361,812,047 (cost $12,657,435,543), or 44.5% of total net assets. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 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 March 31, 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 $126,629,947 (cost $161,630,552), or 0.5% of total net assets — See Note 10. |
| <sup>10</sup> | &nbsp;&nbsp;&nbsp;Perpetual maturity. |
| <sup>11</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>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 March 31, 2025. |
| <sup>15</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>16</sup> | &nbsp;&nbsp;&nbsp;Zero coupon rate security. |
| <sup>17</sup> | &nbsp;&nbsp;&nbsp;Payment-in-kind security. |
| <sup>18</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>19</sup> | &nbsp;&nbsp;&nbsp;Swaptions — See additional disclosure in the swaptions table above for more information on swaptions. |
| <sup>20</sup> | &nbsp;&nbsp;&nbsp;Face amount of security is adjusted for inflation. |
|  | &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;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. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 | $98018 | $224316 | $187105 | $509439 |
| Preferred Stocks |  | 789169149 | 47887948 | 837057097 |
| Warrants | 1071 |  | 388 | 1459 |
| Mutual Funds | 248038173 |  |  | 248038173 |
| Money Market Funds | 216455871 |  |  | 216455871 |
| Collateralized Mortgage Obligations |  | 11280957503 | 53352932 | 11334310435 |
| Corporate Bonds |  | 7282889027 | 669699041 | 7952588068 |
| Asset-Backed Securities |  | 5381712461 | 842204284 | 6223916745 |
| U.S. Government Securities |  | 3946757469 |  | 3946757469 |
| Senior Floating Rate Interests |  | 1182450028 | 204714150 | 1387164178 |
| Federal Agency Bonds |  | 252302506 |  | 252302506 |
| Foreign Government Debt |  | 52553884 |  | 52553884 |
| Municipal Bonds |  | 37405125 |  | 37405125 |
| U.S. Treasury Bills |  | 12545157 |  | 12545157 |
| Options Purchased |  | 4106399 |  | 4106399 |
| Interest Rate Swaptions Purchased\*\* |  | 43260125 |  | 43260125 |
| Interest Rate Futures Contracts\*\* | 1944277 |  |  | 1944277 |
| Credit Default Swap Agreements\*\* |  | 3542292 |  | 3542292 |
| Interest Rate Swap Agreements\*\* |  | 44839262 |  | 44839262 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 3498680 |  | 3498680 |
| Total Assets | $466537410 | $30318213383 | $1818045848 | $32602796641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Swaptions Written\*\* | $— | $25450703 | $— | $25450703 |
| Credit Default Swap Agreements\*\* |  | 212811 |  | 212811 |
| Interest Rate Swap Agreements\*\* |  | 47192386 |  | 47192386 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 256668 |  | 256668 |
| Unfunded Loan Commitments (Note 9) |  |  | 155049 | 155049 |
| Total Liabilities | $— | $73112568 | $155049 | $73267617 |

---

\*\* 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> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $383898391 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 283396440 | Yield Analysis | Yield | 3.1%-7.4% | 6.7% |
| Asset-Backed Securities | 152412285 | Third Party Pricing | Broker Quote |  |  |
| Asset-Backed Securities | 22497168 | Model Price | Purchase Price |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending <br> Balance at <br> March 31, <br> 2025** | **Valuation <br> Technique** | **Unobservable <br> Inputs** | **Input <br> Range** | **Weighted <br> Average\*** |
| Collateralized Mortgage Obligations | $53352932 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Common Stocks | 144385 | Model Price | Liquidation Value |  |  |
| Common Stocks | 42720 | Enterprise Value | Valuation Multiple | 2.6x-8.3x | 5.0x |
| Corporate Bonds | 396650874 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 172275500 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 70928742 | Yield Analysis | Yield | 6.1%-6.7% | 6.4% |
| Corporate Bonds | 23491735 | Model Price | Purchase Price |  |  |
| Corporate Bonds | 6352189 | Third Party Pricing | Trade Price |  |  |
| Corporate Bonds | 1 | Model Price | Liquidation Value |  |  |
| Preferred Stocks | 47886890 | Yield Analysis | Yield | 6.0% |  |
| Preferred Stocks | 1058 | Model Price | Liquidation Value |  |  |
| Senior Floating Rate Interests | 113116529 | Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 66025443 | Yield Analysis | Yield | 6.5%-10.0% | 7.4% |
| Senior Floating Rate Interests | 25572178 | Third Party Pricing | Broker Quote |  |  |
| Warrants | 388 | Model Price | Liquidation Value |  |  |
| Total Assets | $1818045848 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $155049 | 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 period ended March 31, 2025, the Fund had securities with a total value of $25,573,236 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $16,375,965 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.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 period ended March 31, 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 Assets** | **Unfunded <br> Loan <br> Commitments** |
| Beginning Balance | $796218422 | $54604030 | $586278920 | $122745109 | $388 | $216536 | $48103090 | $1608166495 | $(121352) |
| Purchases/(Receipts) | 145182222 |  | 102046678 | 60675368 |  |  |  | 307904268 | (388596) |
| (Sales, maturities and paydowns)/Fundings | (80827631) | (415960) | (15012284) | (1961491) |  |  |  | (98217366) | 354266 |
| Amortization of premiums/discounts | 225487 | 3140 | (45611) | 154385 |  |  |  | 337401 | 20218 |
| Total realized gains (losses) included in earnings | (330623) | (35038) |  | (5352) |  |  |  | (371013) | 176202 |
| Total change in unrealized appreciation (depreciation) included in earnings | (4643795) | (803240) | (3568662) | 290120 |  | (29431) | (216200) | (8971208) | (195787) |
| Transfers into Level 3 |  |  |  | 25572178 |  |  | 1058 | 25573236 |  |
| Transfers out of Level 3 | (13619798) |  |  | (2756167) |  |  |  | (16375965) |  |
| &nbsp;&nbsp;Ending Balance  | $842204284 | $53352932 | $669699041 | $204714150 | $388 | $187105 | $47887948 | $1818045848 | $(155049) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2025 | $(4588249) | $(803240) | $(3568662) | $1239989 | $— | $(29431) | $(216200) | $(7965793) | $272245 |

---

**Step Coupon Bonds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 | – |  |
| Angel Oak Mortgage Trust 2024-2, 6.19% due 01/25/69 | 7.13% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-4, 6.20% due 01/25/69 | 7.20% | 03/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-2, 5.99% due 01/25/69 | 6.93% | 01/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-3, 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 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 2024-12, 6.01% due 10/25/69 | 7.01% | 11/01/28 | – |  |
| Angel Oak Mortgage Trust 2024-3, 4.80% due 11/26/68 | 5.80% | 02/01/28 | – |  |
| Angel Oak Mortgage Trust 2023-2, 4.65% due 10/25/67 | 5.65% | 02/01/27 | – |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 2023-2, 4.65% due 10/25/67 | 5.65% | 02/01/27 |  |  |
| ATLX Trust 2024-RPL1, 3.85% due 04/25/64 | 4.85% | 08/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM3, 6.50% due 03/25/64 | 7.50% | 03/01/28 |  |  |
| BRAVO Residential Funding Trust 2025-NQM1, 5.91% due 12/25/64 | 6.91% | 01/01/29 |  |  |
| 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 2024-NQM3, 6.39% due 03/25/64 | 7.39% | 03/01/28 |  |  |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |  |  |
| 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-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 2024-NQM1, 6.40% due 12/01/63 | 7.40% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2023-NQM5, 7.01% due 06/25/63 | 8.01% | 07/01/27 |  |  |
| 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, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 2025-3, 5.56% due 03/25/70 | 6.56% | 02/01/29 |  |  |
| COLT Mortgage Loan Trust 2023-4, 7.62% due 10/25/68 | 8.62% | 10/01/27 |  |  |
| COLT Mortgage Loan Trust 2024-1, 6.14% due 02/25/69 | 7.14% | 01/01/28 |  |  |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 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 2024-2, 6.43% due 04/25/69 | 7.43% | 03/01/28 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.33% due 04/25/69 | 7.33% | 03/01/28 |  |  |
| COLT Mortgage Loan Trust 2024-2, 6.13% due 04/25/69 | 7.13% | 03/01/28 |  |  |
| 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-H1, 5.89% due 02/25/70 | 6.89% | 01/01/29 |  |  |
| 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 |  |  |
| Cross Mortgage Trust 2024-H7, 5.97% due 11/25/69 | 6.97% | 10/01/28 |  |  |
| Ellington Financial Mortgage Trust 2024-CES1, 5.52% due 01/26/60 | 6.52% | 12/01/28 |  |  |
| GCAT Trust 2022-NQM4, 5.73% due 08/25/67 | 6.73% | 08/01/26 |  |  |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 |  |  |
| 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 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| GCAT Trust 2022-NQM5, 5.71% due 08/25/67 | 6.71% | 10/01/26 |  |  |
| GCAT Trust 2024-NQM2, 6.44% due 06/25/59 | 7.56% | 05/01/28 |  |  |
| 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 2023-NQM2, 6.24% due 11/25/67 | 7.24% | 01/01/27 |  |  |
| HOMES Trust 2025-NQM1, 5.96% due 01/25/70 | 6.96% | 01/01/29 |  |  |
| 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 |  |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.59% due 02/25/64 | 6.59% | 12/01/28 |  |  |
| JP Morgan Mortgage Trust 2024-NQM1, 5.85% due 02/25/64 | 6.85% | 12/01/28 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65% | 08/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61 | 5.75% | 04/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61 | 5.75% | 05/25/25 |  |  |
| 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 |  |  |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 07/01/26 |
| OBX Trust 2024-NQM11, 5.88% due 06/25/64 | 6.83% | 07/01/28 |  |  |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 |  |  |
| OBX Trust 2024-NQM17, 6.02% due 11/25/64 | 7.02% | 11/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.44% due 05/25/64 | 7.44% | 05/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.45% due 02/25/64 | 7.45% | 04/01/28 |  |  |
| OBX Trust 2024-NQM4, 6.07% due 01/25/64 | 7.07% | 02/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.70% due 12/25/64 | 6.70% | 12/01/28 |  |  |
| OBX Trust 2024-NQM9, 6.28% due 01/25/64 | 7.46% | 06/01/28 |  |  |
| OBX Trust 2024-NQM1, 5.85% due 12/25/64 | 6.85% | 12/01/28 |  |  |
| OBX Trust 2024-NQM15, 5.72% due 10/25/64 | 6.72% | 10/01/28 |  |  |
| 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 2025-NQM3, 5.85% due 12/01/64 | 6.85% | 02/01/29 |  |  |
| OBX Trust 2024-NQM12, 5.83% due 07/25/64 | 6.83% | 08/01/28 |  |  |
| OBX Trust 2024-NQM16, 5.73% due 10/25/64 | 6.73% | 10/01/28 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM9, 6.44% due 01/25/64 | 7.66% | 06/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.70% due 02/25/64 | 7.70% | 04/01/28 |  |  |
| OBX Trust 2024-NQM4, 6.22% due 01/25/64 | 7.22% | 02/01/28 |  |  |
| OBX Trust 2024-NQM3, 6.13% due 12/25/63 | 7.13% | 02/01/28 |  |  |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 |  |  |
| OBX Trust 2024-NQM5, 5.99% due 01/25/64 | 6.99% | 03/01/28 |  |  |
| OBX Trust 2024-NQM3, 6.33% due 12/25/63 | 7.33% | 02/01/28 |  |  |
| OBX Trust 2024-NQM7, 6.24% due 03/25/64 | 7.24% | 04/01/28 |  |  |
| OBX Trust 2024-NQM11, 6.13% due 06/25/64 | 7.08% | 07/01/28 |  |  |
| OBX Trust 2024-NQM7, 6.60% due 03/25/64 | 7.60% | 04/01/28 |  |  |
| OBX Trust 2024-NQM11, 6.23% due 06/25/64 | 7.18% | 07/01/28 |  |  |
| OBX Trust 2022-NQM8, 6.10% due 09/25/62 | 7.10% | 10/01/26 |  |  |
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 2024-NQM8, 6.23% due 05/25/64 | 7.23% | 05/01/28 |  |  |
| OBX Trust 2024-NQM17, 5.86% due 11/25/64 | 6.86% | 11/01/28 |  |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 |  |  |
| OBX Trust 2023-NQM9, 7.66% due 10/25/63 | 8.66% | 10/01/27 |  |  |
| OBX Trust 2025-NQM3, 5.95% due 12/01/64 | 6.95% | 02/01/29 |  |  |
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 |  |  |
| OBX Trust 2023-NQM2, 6.72% due 01/25/62 | 7.72% | 02/01/27 |  |  |
| OBX Trust 2025-NQM2, 5.95% due 11/25/64 | 6.95% | 01/01/29 |  |  |
| OBX Trust 2024-NQM7, 6.45% due 03/25/64 | 7.45% | 04/01/28 |  |  |
| OBX Trust 2024-NQM4, 6.32% due 01/25/64 | 7.32% | 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 2023-NQM2, 6.32% due 01/25/62 | 7.32% | 02/01/27 |  |  |
| OBX Trust 2024-NQM16, 5.89% due 10/25/64 | 6.89% | 10/01/28 |  |  |
| OBX Trust 2024-NQM10, 6.33% due 05/25/64 | 7.33% | 06/01/28 |  |  |
| OSAT Trust 2021-RPL1, 5.12% due 05/25/65 | 6.12% | 06/25/25 |  |  |
| PRPM LLC 2024-6, 5.70% due 11/25/29 | 8.70% | 11/25/27 | 9.70% | 11/25/28 |
| PRPM LLC 2021-5, 4.79% due 06/25/26 | 5.79% | 06/25/25 |  |  |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 7.72% | 02/25/26 |  |  |
| PRPM LLC 2023-RCF1, 4.00% due 06/25/53 | 5.00% | 06/25/27 |  |  |
| PRPM LLC 2024-5, 5.69% due 09/25/29 | 8.69% | 09/25/27 | 9.69% | 09/25/28 |
| PRPM LLC 2024-4, 6.41% due 08/25/29 | 9.41% | 08/25/27 | 10.41% | 08/25/28 |
| RCKT Mortgage Trust 2025-CES1, 5.65% due 01/25/45 | 6.65% | 01/01/29 |  |  |
| 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 |  |  |
| Verus Securitization Trust 2024-9, 5.89% due 11/25/69 | 6.89% | 12/01/28 |  |  |
| Verus Securitization Trust 2024-9, 5.69% due 11/25/69 | 6.69% | 12/01/28 |  |  |
| Verus Securitization Trust 2024-5, 6.65% due 06/25/69 | 7.65% | 06/01/28 |  |  |
| Verus Securitization Trust 2023-7, 7.42% due 10/25/68 | 8.42% | 10/01/27 |  |  |
| Verus Securitization Trust 2022-8, 6.13% due 09/25/67 | 7.13% | 10/01/26 |  |  |
| Verus Securitization Trust 2024-1, 6.12% due 01/25/69 | 7.12% | 01/01/28 |  |  |
| Verus Securitization Trust 2025-1, 5.77% due 01/25/70 | 6.77% | 01/01/29 |  |  |
| 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 |  |  |
| 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 2025-2, 5.31% due 03/25/70 | 6.31% | 03/01/29 |  |  |
| Verus Securitization Trust 2024-5, 6.45% due 06/25/69 | 7.45% | 06/01/28 |  |  |
| Vista Point Securitization Trust 2025-CES1, 5.81% due 04/25/55 | 6.81% | 03/01/29 |  |  |
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 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 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **TOTAL RETURN BOND FUND** |  |

---

**Affiliated Transactions** 

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended March 31, 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> 03/31/25** | **Shares <br> 03/31/25** | **Investment <br> Income** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BP Holdco LLC\* | $645 | $— | $— | $— | $(210) | $435 | 532 | $— |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Limited Duration Fund — Class R6 | 131524706 | 2865186 |  |  | (312154) | 134077738 | 5465868 | 2865186 |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | 30712524 | 794500 | (3200000) | 15490 | 50241 | 28372755 | 1141301 | 794500 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 16574884 | 41904222 | (4000000) | (22508) | 105646 | 54562244 | 2188618 | 1404222 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 30260817 | 733239 |  |  | 31380 | 31025436 | 3093264 | 733239 |
|  | $209073576 | $46297147 | $(7200000) | $(7018) | $(125097) | $248038608 |  | $5797147 |

---

\* Non-income producing security.

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

**TOTAL RETURN BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $33,460,031,866) | $32300933522 |
| Investments in affiliated issuers, at value (cost $243,201,990) | 248038608 |
| Foreign currency, at value (cost $1,605,785) | 1606664 |
| Cash | 93221 |
| Segregated cash with broker | 581607 |
| Unamortized upfront premiums paid on credit default swap agreements | 3532852 |
| Unamortized upfront premiums paid on interest rate swap agreements | 24041 |
| Unrealized appreciation on OTC swap agreements | 3212648 |
| Unrealized appreciation on forward foreign currency exchange contracts | 3498680 |
| Prepaid expenses | 623841 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 5098344721 |
| &nbsp;&nbsp;&nbsp;Interest | 231923178 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 29254154 |
| &nbsp;&nbsp;&nbsp;Dividends | 1402464 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 788786 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 319802 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 35600 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 9124 |
| **Total assets** | 37924223513 |
| **Liabilities:** | **Liabilities:** |
| Unfunded loan commitments, at value (Note 9) (commitment fees received $435,750) | 155049 |
| Options written, at value (premiums received $15,882,644) | 25450703 |
| Segregated cash due to broker | 58033695 |
| Unamortized upfront premiums received on credit default swap agreements | 8953016 |
| Unrealized depreciation on forward foreign currency exchange contracts | 256668 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 9922462420 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 58987801 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 9410761 |
| &nbsp;&nbsp;&nbsp;Management fees | 7792039 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2693625 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 880242 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 266032 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 127292 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 114216 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 33915 |
| &nbsp;&nbsp;&nbsp;Due to Investment Adviser | 8980 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 26341642 |
| **Total liabilities** | 10121968096 |
| **Net assets** | $27802255417 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $31627504733 |
| Total distributable earnings (loss) | (3825249316) |
| Net assets | $27802255417 |
| **Class A:** | **Class A:** |
| Net assets | $477498606 |
| Capital shares outstanding | 20043776 |
| Net asset value per share | $23.82 |
| Maximum offering price per share (Net asset value divided by 96.00%) | $24.81 |
| **Class C:** | **Class C:** |
| Net assets | $135611364 |
| Capital shares outstanding | 5693201 |
| Net asset value per share | $23.82 |
| **Class P:** | **Class P:** |
| Net assets | $314887255 |
| Capital shares outstanding | 13225764 |
| Net asset value per share | $23.81 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $26299988012 |
| Capital shares outstanding | 1102971997 |
| Net asset value per share | $23.84 |
| **Class R6:** | **Class R6:** |
| Net assets | $574270180 |
| Capital shares outstanding | 24070073 |
| Net asset value per share | $23.86 |

---

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

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

**TOTAL RETURN BOND FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $4489276 |
| Dividends from securities of affiliated issuers | 5797147 |
| Interest (net of foreign withholding tax of $80) | 736664222 |
| &nbsp;&nbsp;&nbsp;Total investment income | 746950645 |
| **Expenses:** | **Expenses:** |
| Management fees | 52473096 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 592801 |
| &nbsp;&nbsp;&nbsp;Class C | 703771 |
| &nbsp;&nbsp;&nbsp;Class P | 399534 |
| Transfer agent fees: | Transfer agent fees: |
| &nbsp;&nbsp;&nbsp;Class A | 215763 |
| &nbsp;&nbsp;&nbsp;Class C | 118982 |
| &nbsp;&nbsp;&nbsp;Class P | 413053 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 12051552 |
| &nbsp;&nbsp;&nbsp;Class R6 | 22747 |
| Fund accounting/administration fees | 5063990 |
| Interest expense | 1680609 |
| Professional fees | 661495 |
| Line of credit fees | 520670 |
| Trustees' fees\* | 152975 |
| Custodian fees | 4550 |
| Miscellaneous | 605057 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 27053 |
| &nbsp;&nbsp;&nbsp;Class C | 14105 |
| &nbsp;&nbsp;&nbsp;Class P | 604 |
| &nbsp;&nbsp;&nbsp;Class R6 | 2175 |
| &nbsp;&nbsp;&nbsp;Total expenses | 75724582 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (4340) |
| &nbsp;&nbsp;&nbsp;Class C | (62907) |
| &nbsp;&nbsp;&nbsp;Class P | (253399) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4240040) |
| &nbsp;&nbsp;&nbsp;Class R6 | (22) |
| Expenses waived by Adviser | (4864170) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (9424878) |
| Net expenses | 66299704 |
| Net investment income | 680650941 |
| **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 | $(112400078) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (7018) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (53552942) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 16046849 |
| &nbsp;&nbsp;&nbsp;Options purchased | (6388072) |
| &nbsp;&nbsp;&nbsp;Options written | 5209421 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (3225256) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 1390513 |
| Net realized loss | (152926583) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (370512249) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (125097) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (76960953) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (17602501) |
| &nbsp;&nbsp;&nbsp;Options purchased | 9387099 |
| &nbsp;&nbsp;&nbsp;Options written | (9568059) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | 4522028 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 648835 |
| Net change in unrealized appreciation (depreciation) | (460210897) |
| Net realized and unrealized loss | (613137480) |
| **Net increase in net assets resulting from operations** | $67513461 |

---

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

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

**TOTAL RETURN BOND FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $680650941 | $1198536871 |
| Net realized loss on investments | (152926583) | (599702405) |
| Net change in unrealized appreciation (depreciation) on investments | (460210897) | 2321481021 |
| Net increase in net assets resulting from operations | 67513461 | 2920315487 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10821259) | (20333503) |
| &nbsp;&nbsp;&nbsp;Class C | (2683681) | (5628329) |
| &nbsp;&nbsp;&nbsp;Class P | (7297108) | (16104326) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (618145384) | (1049271732) |
| &nbsp;&nbsp;&nbsp;Class R6 | (11930541) | (13354333) |
| Total distributions to shareholders | (650877973) | (1104692223) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 93208126 | 198179248 |
| &nbsp;&nbsp;&nbsp;Class C | 16126275 | 35001713 |
| &nbsp;&nbsp;&nbsp;Class P | 45479361 | 81643859 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4845712895 | 9959347215 |
| &nbsp;&nbsp;&nbsp;Class R6 | 320088020 | 162553005 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9447962 | 17538129 |
| &nbsp;&nbsp;&nbsp;Class C | 2407821 | 4935617 |
| &nbsp;&nbsp;&nbsp;Class P | 7288039 | 15995894 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 566665905 | 946531735 |
| &nbsp;&nbsp;&nbsp;Class R6 | 11666129 | 12988662 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (101877811) | (208810751) |
| &nbsp;&nbsp;&nbsp;Class C | (28947023) | (60616986) |
| &nbsp;&nbsp;&nbsp;Class P | (52458350) | (197068145) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4033763990) | (6950231500) |
| &nbsp;&nbsp;&nbsp;Class R6 | (93229676) | (116145057) |
| Net increase from capital share transactions | 1607813683 | 3901842638 |
| Net increase in net assets | 1024449171 | 5717465902 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 26777806246 | 21060340344 |
| &nbsp;&nbsp;&nbsp;End of period | $27802255417 | $26777806246 |

---

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

**TOTAL RETURN BOND FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3932714 | 8481505 |
| &nbsp;&nbsp;&nbsp;Class C | 681006 | 1485557 |
| &nbsp;&nbsp;&nbsp;Class P | 1912392 | 3498570 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 204307636 | 425314648 |
| &nbsp;&nbsp;&nbsp;Class R6 | 13457005 | 6929297 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 398448 | 749822 |
| &nbsp;&nbsp;&nbsp;Class C | 101553 | 211171 |
| &nbsp;&nbsp;&nbsp;Class P | 307530 | 684908 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 23876713 | 40391299 |
| &nbsp;&nbsp;&nbsp;Class R6 | 491454 | 553807 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4306805) | (8947515) |
| &nbsp;&nbsp;&nbsp;Class C | (1223666) | (2598329) |
| &nbsp;&nbsp;&nbsp;Class P | (2217731) | (8449692) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (170378014) | (299062138) |
| &nbsp;&nbsp;&nbsp;Class R6 | (3924256) | (5033087) |
| Net increase in shares | 67415979 | 164209823 |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.35 | $22.52 | $23.12 | $28.94 | $29.76 | $27.42 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .57 | 1.14 | 1.03 | .78 | .72 | .56 |
| Net gain (loss) on investments (realized and unrealized) | (.56) | 1.73 | (.65) | (5.53) | (.05) | 2.41 |
| Total from investment operations | .01 | 2.87 | .38 | (4.75) | .67 | 2.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.54) | (1.04) | (.98) | (.80) | (.76) | (.63) |
| Net realized gains |  |  |  | (.27) | (.73) |  |
| Total distributions | (.54) | (1.04) | (.98) | (1.07) | (1.49) | (.63) |
| Net asset value, end of period | $23.82 | $24.35 | $22.52 | $23.12 | $28.94 | $29.76 |
| **Total Return<sup>c</sup>** | **0.27%** | **13.04%** | **1.55%** | **(16.82** **%)** | **2.27%** | **10.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $477499 | $487539 | $444454 | $427870 | $677172 | $804750 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.79% | 4.87% | 4.40% | 2.94% | 2.47% | 1.99% |
| Total expenses<sup>d</sup> | 0.81% | 0.88% | 0.96% | 0.85% | 0.84% | 0.87% |
| Net expenses<sup>e,f,g</sup> | 0.77% | 0.84% | 0.91% | 0.81% | 0.79% | 0.80% |
| Portfolio turnover rate | 21% | 70% | 90% | 55% | 92% | 116% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.36 | $22.52 | $23.13 | $28.94 | $29.76 | $27.43 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .48 | .96 | .86 | .58 | .50 | .35 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | 1.75 | (.67) | (5.52) | (.05) | 2.40 |
| Total from investment operations | (.09) | 2.71 | .19 | (4.94) | .45 | 2.75 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.45) | (.87) | (.80) | (.60) | (.54) | (.42) |
| Net realized gains |  |  |  | (.27) | (.73) |  |
| Total distributions | (.45) | (.87) | (.80) | (.87) | (1.27) | (.42) |
| Net asset value, end of period | $23.82 | $24.36 | $22.52 | $23.13 | $28.94 | $29.76 |
| **Total Return<sup>c</sup>** | **(0.10** **%)** | **12.25%** | **0.74%** | **(17.41** **%)** | **1.50%** | **10.10%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $135611 | $149405 | $158466 | $197933 | $327712 | $338656 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.04% | 4.12% | 3.65% | 2.18% | 1.72% | 1.24% |
| Total expenses<sup>d</sup> | 1.64% | 1.66% | 1.72% | 1.63% | 1.59% | 1.59% |
| Net expenses<sup>e,f,g</sup> | 1.52% | 1.60% | 1.66% | 1.56% | 1.53% | 1.55% |
| Portfolio turnover rate | 21% | 70% | 90% | 55% | 92% | 116% |

---

228 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.35 | $22.51 | $23.12 | $28.93 | $29.75 | $27.42 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .57 | 1.14 | 1.03 | .77 | .72 | .56 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | 1.74 | (.66) | (5.51) | (.05) | 2.40 |
| Total from investment operations |  | 2.88 | .37 | (4.74) | .67 | 2.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.54) | (1.04) | (.98) | (.80) | (.76) | (.63) |
| Net realized gains |  |  |  | (.27) | (.73) |  |
| Total distributions | (.54) | (1.04) | (.98) | (1.07) | (1.49) | (.63) |
| Net asset value, end of period | $23.81 | $24.35 | $22.51 | $23.12 | $28.93 | $29.75 |
| **Total Return** | **0.27%** | **13.09%** | **1.51%** | **(16.79** **%)** | **2.27%** | **10.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $314887 | $321931 | $393752 | $572113 | $1043507 | $926745 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.79% | 4.87% | 4.41% | 2.90% | 2.47% | 1.98% |
| Total expenses<sup>d</sup> | 0.96% | 0.91% | 1.06% | 0.93% | 0.87% | 0.88% |
| Net expenses<sup>e,f,g</sup> | 0.77% | 0.85% | 0.91% | 0.81% | 0.79% | 0.80% |
| Portfolio turnover rate | 21% | 70% | 90% | 55% | 92% | 116% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.38 | $22.54 | $23.14 | $28.97 | $29.78 | $27.45 |
| 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: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .60 | 1.21 | 1.10 | .86 | .81 | .65 |
| Net gain (loss) on investments (realized and unrealized) | (.57) | 1.74 | (.66) | (5.54) | (.05) | 2.39 |
| Total from investment operations | .03 | 2.95 | .44 | (4.68) | .76 | 3.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.57) | (1.11) | (1.04) | (.88) | (.84) | (.71) |
| Net realized gains |  |  |  | (.27) | (.73) |  |
| Total distributions | (.57) | (1.11) | (1.04) | (1.15) | (1.57) | (.71) |
| Net asset value, end of period | $23.84 | $24.38 | $22.54 | $23.14 | $28.97 | $29.78 |
| **Total Return** | **0.42%** | **13.40%** | **1.84%** | **(16.59** **%)** | **2.59%** | **11.23%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $26299988 | $25476353 | $19802142 | $17501690 | $24912049 | $19152857 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.07% | 5.16% | 4.69% | 3.23% | 2.76% | 2.29% |
| Total expenses<sup>d</sup> | 0.55% | 0.60% | 0.71% | 0.62% | 0.57% | 0.57% |
| Net expenses<sup>e,f,g</sup> | 0.48% | 0.54% | 0.62% | 0.52% | 0.50% | 0.51% |
| Portfolio turnover rate | 21% | 70% | 90% | 55% | 92% | 116% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $24.39 | $22.55 | $23.16 | $28.98 | $29.80 | $27.46 |
| 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: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .61 | 1.22 | 1.11 | .87 | .81 | .65 |
| Net gain (loss) on investments (realized and unrealized) | (.56) | 1.74 | (.67) | (5.54) | (.06) | 2.40 |
| Total from investment operations | .05 | 2.96 | .44 | (4.67) | .75 | 3.05 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.58) | (1.12) | (1.05) | (.88) | (.84) | (.71) |
| Net realized gains |  |  |  | (.27) | (.73) |  |
| Total distributions | (.58) | (1.12) | (1.05) | (1.15) | (1.57) | (.71) |
| Net asset value, end of period | $23.86 | $24.39 | $22.55 | $23.16 | $28.98 | $29.80 |
| **Total Return** | **0.44%** | **13.44%** | **1.84%** | **(16.55** **%)** | **2.56%** | **11.26%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $574270 | $342578 | $261527 | $209671 | $247051 | $167409 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 5.12% | 5.19% | 4.73% | 3.26% | 2.76% | 2.28% |
| Total expenses<sup>d</sup> | 0.47% | 0.53% | 0.62% | 0.53% | 0.50% | 0.52% |
| Net expenses<sup>e,f,g</sup> | 0.43% | 0.49% | 0.58% | 0.52% | 0.50% | 0.51% |
| Portfolio turnover rate | 21% | 70% | 90% | 55% | 92% | 116% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

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

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

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

<sup>f</sup> The 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.01% | 0.00%\* | 0.01% | 0.01% | 0.00%\* | 0.00%\* |
| Class C | 0.02% | 0.05% | 0.02% |  | 0.00%\* | 0.00%\* |
| Class P | 0.00%\* | 0.03% | 0.00%\* |  |  | 0.00%\* |
| Institutional Class |  | 0.01% | 0.00%\* |  |  | 0.00%\* |
| Class R6 | 0.00%\* | 0.00%\* | 0.00%\* | 0.01% | 0.01% | 0.00%\* |

---

\* Less than 0.01%.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.75%  | 0.76%  | 0.76%  | 0.77%  | 0.78%  | 0.79%  |
| Class C | 1.50%  | 1.51%  | 1.52%  | 1.52%  | 1.53%  | 1.54%  |
| Class P | 0.75%  | 0.76%  | 0.76%  | 0.77%  | 0.78%  | 0.79%  |
| Institutional Class | 0.46%  | 0.47%  | 0.47%  | 0.48%  | 0.49%  | 0.50%  |
| Class R6 | 0.41%  | 0.42%  | 0.43%  | 0.48%  | 0.49%  | 0.50%  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.4%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.4%** | **EXCHANGE-TRADED FUND\*\*\*<sup>,†</sup>** **- 0.4%** |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF | 3680 | $2067792 |
| **Total Exchange-Traded Fund** | **Total Exchange-Traded Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,194,163) |  | 2067792 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.7%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.7%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.7%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.21%<sup>1</sup> | 3249691 | 3249691 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,249,691) |  | 3249691 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 26.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 26.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 26.6%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>2</sup> | $73140000 | 73140000 |
| &nbsp;&nbsp;&nbsp;4.20% due 04/01/25<sup>2</sup> | 35895000 | 35895000 |
| &nbsp;&nbsp;&nbsp;4.25% due 04/01/25<sup>2</sup> | 18245000 | 18245000 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $127,280,000) |  | 127280000 |
| **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.5%** | **ASSET-BACKED SECURITIES<sup>††</sup>** **- 22.5%** |
| **Collateralized Loan Obligations - 16.4%** |  |  |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A AR, 6.09% (3 Month Term SOFR + 1.79%, Rate Floor: 1.79%) due 08/26/33<sup>◊,3</sup> | 6250000 | 6261123 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.83% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 02/15/38<sup>◊,3</sup> | 2550000 | 2544653 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 6.68% (1 Month Term SOFR + 1.86%, Rate Floor: 1.86%) due 11/15/37<sup>◊,3</sup> | 2500000 | 2500232 |
| &nbsp;&nbsp;&nbsp;2020-FL2 A, 5.58% (1 Month Term SOFR + 1.01%, Rate Floor: 1.01%) due 02/15/38<sup>◊,3</sup> | 909363 | 907984 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 AS, 5.73% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/18/38<sup>◊,3</sup> | 5000000 | 4934692 |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.48% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/18/38<sup>◊,3</sup> | 657270 | 655343 |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.91%) due 11/16/36<sup>◊,3</sup> | 5500000 | 5460067 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 09/22/33<sup>◊,3</sup> | 5000000 | 5006920 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.10% (3 Month Term SOFR + 1.79%, Rate Floor: 1.53%) due 08/05/33<sup>◊,3</sup> | 4750000 | 4750235 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.18% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,3</sup> | 4500000 | 4507121 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 6.17% (3 Month Term SOFR + 1.87%, Rate Floor: 1.61%) due 07/25/33<sup>◊,3</sup> | 4250000 | 4257945 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.33% (1 Month Term SOFR + 2.01%, Rate Floor: 1.90%) due 08/19/38<sup>◊,3</sup> | 4250000 | 4161080 |
| Madison Park Funding XLVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-48A B, 6.01% (3 Month Term SOFR + 1.71%, Rate Floor: 1.71%) due 04/19/33<sup>◊,3</sup> | 4000000 | 3989186 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.44% (3 Month Term SOFR + 2.12%, Rate Floor: 1.86%) due 08/25/33<sup>◊,3</sup> | 3750000 | 3756122 |
| CIFC Funding 2013-III-R Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-3RA A2R, 5.13% (3 Month Term SOFR + 1.20%, Rate Floor: 1.20%) due 04/24/31<sup>◊,3</sup> | 2500000 | 2505628 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.18% (3 Month Term SOFR + 1.88%, Rate Floor: 1.88%) due 04/22/33<sup>◊,3</sup> | 2500000 | 2504043 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 07/20/33<sup>◊,3</sup> | 2250000 | 2254357 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 6.12% (3 Month Term SOFR + 1.82%, Rate Floor: 1.56%) due 07/23/33<sup>◊,3</sup> | 2250000 | 2254118 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.26% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,3</sup> | 2111902 | 2115982 |
| Owl Rock CLO X LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-10A A, 6.74% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 04/20/35<sup>◊,3</sup> | 2000000 | 2000000 |
| Madison Park Funding LIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-53A B, 6.04% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/21/35<sup>◊,3</sup> | 1750000 | 1747339 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.06% (3 Month Term SOFR + 1.76%, Rate Floor: 1.50%) due 10/15/33<sup>◊,3</sup> | 1250000 | 1252190 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| Palmer Square Loan Funding Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.90% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,3</sup> | $| 1000000 | $| 999056 |
| STWD Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.23% (1 Month Term SOFR + 1.91%, Rate Floor: 1.80%) due 04/18/38<sup>◊,3</sup> |  | 1000000 |  | 995180 |
| Greystone Commercial Real Estate Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 07/15/39<sup>◊,3</sup> |  | 1000000 |  | 989759 |
| LCCM Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 11/15/38<sup>◊,3</sup> |  | 988845 |  | 986719 |
| TRTX Issuer Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.87% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,3</sup> |  | 900000 |  | 897932 |
| LCM XXIV Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-24A AR, 5.54% (3 Month Term SOFR + 1.24%, Rate Floor: 0.98%) due 03/20/30<sup>◊,3</sup> |  | 784339 |  | 783677 |
| Owl Rock CLO VII LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-7A AR, 5.72% (3 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 04/20/38<sup>◊,3</sup> |  | 650000 |  | 648246 |
| Parliament CLO II Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 5.93% (3 Month Term SOFR + 1.61%, Rate Floor: 1.35%) due 08/20/32<sup>◊,3</sup> |  | 548502 |  | 549312 |
| 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 |  | 548879 |
| 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>◊,3</sup> |  | 500000 |  | 499964 |
| ACRE Commercial Mortgage Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 AS, 5.57% (1 Month Term SOFR + 1.25%, Rate Floor: 1.10%) due 12/18/37<sup>◊,3</sup> |  | 228331 |  | 229045 |
| FS Rialto Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.89% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,3</sup> |  | 150000 |  | 148476 |
| **Total Collateralized Loan Obligations** |  |  |  | 78602605 |
| **Whole Business - 2.0%** |  |  |  |  |
| Domino's Pizza Master Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.33% due 07/25/48<sup>3</sup> |  | 4254275 |  | 4203890 |
| Taco Bell Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>3</sup> |  | 3193125 |  | 3023595 |
| Wingstop Funding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>3</sup> |  | 1329750 |  | 1254853 |
| SERVPRO Master Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.88% due 10/25/49<sup>3</sup> |  | 947500 |  | 928459 |
| **Total Whole Business** |  |  |  | 9410797 |
| **Net Lease - 1.7%** |  |  |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>3</sup> |  | 6191966 |  | 6001694 |
| CF Hippolyta Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>3</sup> |  | 2120507 |  | 2001382 |
| **Total Net Lease** |  |  |  | 8003076 |
| **Transport-Container - 1.6%** |  |  |  |  |
| Triton Container Finance VIII LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>3</sup> |  | 4785000 |  | 4330948 |
| Textainer Marine Containers VII Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>3</sup> |  | 1414000 |  | 1299512 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>3</sup> |  | 448367 |  | 430256 |
| CLI Funding VIII LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>3</sup> |  | 1828899 |  | 1672472 |
| **Total Transport-Container** |  |  |  | 7733188 |
| **Financial - 0.6%** |  |  |  |  |
| Station Place Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP2, 6.03% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,3</sup> |  | 900000 |  | 900000 |
| &nbsp;&nbsp;&nbsp;2024-SP1, 5.85% (1 Month Term SOFR + 1.40%, Rate Floor: 1.40%) due 08/12/25<sup>◊,†††,3</sup> |  | 900000 |  | 900000 |
| &nbsp;&nbsp;&nbsp;2024-SP4, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> |  | 675000 |  | 675000 |
| &nbsp;&nbsp;&nbsp;2024-SP3, 5.62% (1 Month Term SOFR + 1.30%, Rate Floor: 1.30%) due 11/17/25<sup>◊,†††,3</sup> |  | 325000 |  | 325000 |
| **Total Financial** |  |  |  | 2800000 |
| **Single Family Residence - 0.2%** |  |  |  |  |
| Tricon Residential Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-SFR1, 5.40% (1 Month Term SOFR + 1.10%, Rate Floor: 1.10%) due 03/17/42<sup>◊,3</sup> |  | 1000000 |  | 999998 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $109,250,839) | &nbsp;&nbsp;&nbsp;(Cost $109,250,839) | &nbsp;&nbsp;&nbsp;(Cost $109,250,839) |  | 107549664 |
| **CORPORATE BONDS<sup>††</sup>** **- 21.6%** | **CORPORATE BONDS<sup>††</sup>** **- 21.6%** | **CORPORATE BONDS<sup>††</sup>** **- 21.6%** | **CORPORATE BONDS<sup>††</sup>** **- 21.6%** | **CORPORATE BONDS<sup>††</sup>** **- 21.6%** |
| **Financial - 12.1%** |  |  |  |  |
| Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 04/04/25 |  | 5150000 |  | 5149388 |
| Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 04/01/25 |  | 5050000 |  | 5050000 |
| Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 04/21/25 |  | 4100000 |  | 4097250 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 04/09/27<sup>3</sup> | $3900000 | $3951187 |
| AEGON Funding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/16/27<sup>3</sup> | 3750000 | 3801276 |
| UBS AG/Stamford CT |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/09/25 | 3800000 | 3798326 |
| Essex Portfolio, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 04/01/25 | 3181000 | 3181000 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.27% due 07/02/27<sup>3</sup> | 2600000 | 2651604 |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/30/25 | 2600000 | 2597036 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>3</sup> | 2650000 | 2539861 |
| Morgan Stanley Bank North America |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/30/26 | 2400000 | 2453067 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.09% due 11/26/28<sup>4</sup> | 2300000 | 2322805 |
| CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/04/27<sup>3</sup> | 1660000 | 1702663 |
| &nbsp;&nbsp;&nbsp;4.88% due 12/10/27<sup>3</sup> | 450000 | 451068 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | 2150000 | 2149458 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 11/19/28<sup>4</sup> | 2100000 | 2116953 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/16/30<sup>3</sup> | 2000000 | 2034588 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.52% due 01/19/28<sup>3,4</sup> | 1300000 | 1312793 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>3</sup> | 1300000 | 1267967 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 05/20/27 | 1200000 | 1219761 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/15/27 | 1150000 | 1102198 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 10/15/25<sup>3</sup> | 1100000 | 1097439 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;5.55% due 01/21/29<sup>3,4</sup> | 1000000 | 1017449 |
| RenaissanceRe Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 04/01/25 | 700000 | 700000 |
| **Total Financial** |  | 57765137 |
| **Industrial - 2.7%** |  |  |
| Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 09/01/25 | 4820000 | 4793273 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>3</sup> | 2350000 | 2267758 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | 2150000 | 2085555 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | 650000 | 631293 |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/27 | 600000 | 595814 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.65% due 01/15/27 | 1100000 | 1043524 |
| 3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 04/15/25 | 1000000 | 999083 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>3</sup> | 440000 | 427260 |
| **Total Industrial** |  | 12843560 |
| **Consumer, Non-cyclical - 2.2%** |  |  |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/01/25 | 5000000 | 5000000 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/28 | 2250000 | 2268326 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>3</sup> | 2200000 | 2134713 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 06/26/26<sup>3</sup> | 1200000 | 1221610 |
| **Total Consumer, Non-cyclical** |  | 10624649 |
| **Technology - 1.9%** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | 4300000 | 4147574 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 04/01/25 | 2650000 | 2650000 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 03/15/28 | 2200000 | 2206577 |
| **Total Technology** |  | 9004151 |
| **Communications - 1.6%** |  |  |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.05% due 04/07/25 | 5100000 | 5099059 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 04/15/26 | 1600000 | 1568308 |
| &nbsp;&nbsp;&nbsp;2.25% due 02/15/26 | 600000 | 587739 |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>3</sup> | 434000 | 423114 |
| **Total Communications** |  | 7678220 |
| **Utilities - 0.6%** |  |  |
| Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.20% due 04/15/25 | 2250000 | 2248181 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 07/15/25<sup>3</sup> | 300000 | 298139 |
| **Total Utilities** |  | 2546320 |
| **Consumer, Cyclical - 0.2%** |  |  |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/02/28<sup>3</sup> | 1000000 | 996722 |
| **Basic Materials - 0.2%** |  |  |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.23% due 10/01/25<sup>3</sup> | 540000 | 530081 |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/25<sup>3</sup> | 450000 | 450000 |
| **Total Basic Materials** |  | 980081 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> Amount** | **Face<br> Amount** | **Value** | **Value** |
| **Energy - 0.1%** |  |  |  |  |
| Targa Resources Partners Limited Partnership / Targa Resources Partners Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 01/15/29 | $| 500000 | $| 511340 |
| **Total Energy** |  |  |  | 511340 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $103,363,910) | &nbsp;&nbsp;&nbsp;(Cost $103,363,910) | &nbsp;&nbsp;&nbsp;(Cost $103,363,910) |  | 102950180 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 21.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup>** **- 21.5%** |
| **Residential Mortgage-Backed Securities - 15.2%** |  |  |  |  |
| CSMC Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 4.08% (WAC) due 09/27/60<sup>◊,3</sup> |  | 4164080 |  | 4148465 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 4.19% (WAC) due 07/27/61<sup>◊,3</sup> |  | 1801512 |  | 1794883 |
| &nbsp;&nbsp;&nbsp;2021-NQM8, 2.41% (WAC) due 10/25/66<sup>◊,3</sup> |  | 1355202 |  | 1186964 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.10% (WAC) due 12/27/60<sup>◊,3</sup> |  | 1093682 |  | 1089948 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 2.21% due 05/25/65<sup>3</sup> |  | 702212 |  | 663312 |
| NYMT Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 4.67% due 08/25/61<sup>3,5</sup> |  | 6279641 |  | 6240731 |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>3,5</sup> |  | 1591343 |  | 1579659 |
| Verus Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-5, 1.37% (WAC) due 09/25/66<sup>◊,3</sup> |  | 1702182 |  | 1461627 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,3</sup> |  | 1534425 |  | 1316373 |
| &nbsp;&nbsp;&nbsp;2025-2, 5.31% due 03/25/70<sup>3,5</sup> |  | 1000000 |  | 1002993 |
| &nbsp;&nbsp;&nbsp;2025-1, 5.62% (WAC) due 01/25/70<sup>◊,3</sup> |  | 990237 |  | 992459 |
| &nbsp;&nbsp;&nbsp;2020-5, 2.22% due 05/25/65<sup>3</sup> |  | 1025105 |  | 987064 |
| &nbsp;&nbsp;&nbsp;2021-4, 1.35% (WAC) due 07/25/66<sup>◊,3</sup> |  | 827714 |  | 688871 |
| &nbsp;&nbsp;&nbsp;2024-9, 5.89% due 11/25/69<sup>3,5</sup> |  | 485505 |  | 484967 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,3</sup> |  | 499677 |  | 430869 |
| &nbsp;&nbsp;&nbsp;2020-1, 3.42% due 01/25/60<sup>3</sup> |  | 173641 |  | 168874 |
| Legacy Mortgage Asset Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 4.75% due 07/25/61<sup>3,5</sup> |  | 2606900 |  | 2599531 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 4.65% due 11/25/60<sup>3,5</sup> |  | 2604101 |  | 2599419 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 4.75% due 04/25/61<sup>3,5</sup> |  | 1179588 |  | 1178267 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>3,5</sup> |  | 786443 |  | 784361 |
| PRPM LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>3,5</sup> |  | 2636781 |  | 2638162 |
| &nbsp;&nbsp;&nbsp;2021-5, 4.79% due 06/25/26<sup>3,5</sup> |  | 2640303 |  | 2635257 |
| &nbsp;&nbsp;&nbsp;2021-8, 4.74% (WAC) due 09/25/26<sup>◊,3</sup> |  | 1289098 |  | 1285770 |
| OSAT Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 5.12% due 05/25/65<sup>3,5</sup> |  | 5521260 |  | 5511359 |
| BRAVO Residential Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.94% due 12/01/63<sup>3,5</sup> |  | 2209000 |  | 2217643 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.16% due 06/25/64<sup>3,5</sup> |  | 595986 |  | 597095 |
| &nbsp;&nbsp;&nbsp;2025-NQM1, 5.81% due 12/25/64<sup>3,5</sup> |  | 478780 |  | 480008 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 5.19% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70<sup>◊,3</sup> |  | 363512 |  | 360359 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 5.19% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69<sup>◊,3</sup> |  | 173813 |  | 173218 |
| Imperial Fund Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,3</sup> |  | 3613420 |  | 3329704 |
| OBX Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 5.55% (WAC) due 12/25/64<sup>◊,3</sup> |  | 963754 |  | 964966 |
| &nbsp;&nbsp;&nbsp;2024-NQM18, 5.87% due 10/25/64<sup>3,5</sup> |  | 957106 |  | 960719 |
| &nbsp;&nbsp;&nbsp;2025-NQM2, 5.75% due 11/25/64<sup>3,5</sup> |  | 491206 |  | 492953 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.94% (30 Day Average SOFR + 1.60%, Rate Floor: 1.60%) due 02/25/55<sup>◊,3</sup> |  | 250000 |  | 250056 |
| Cross 2025-H1 Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-H1, 5.74% (WAC) due 02/25/70<sup>◊,3</sup> |  | 2056317 |  | 2063111 |
| Sequoia Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 01/25/55<sup>◊,3</sup> |  | 1914290 |  | 1926963 |
| CFMT LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊,3</sup> |  | 1504538 |  | 1474089 |
| FIGRE Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-HE5, 5.44% (WAC) due 10/25/54<sup>◊,3</sup> |  | 914838 |  | 914388 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,3</sup> |  | 482812 |  | 484490 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.07% (1 Month Term SOFR + 0.74%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> |  | 1356127 |  | 1310142 |
| New Residential Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.50% (WAC) due 10/25/59<sup>◊,3</sup> |  | 846907 |  | 794182 |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,3</sup> |  | 470977 |  | 447090 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>3,5</sup> |  | 1179579 |  | 1180075 |
| Angel Oak Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.29% (WAC) due 12/25/66<sup>◊,3</sup> |  | 1237551 |  | 1091292 |
| JP Morgan Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 6.00% (WAC) due 06/25/55<sup>◊,3</sup> |  | 980354 |  | 985726 |
| HOMES Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-AFC2, 5.58% (WAC) due 10/25/59<sup>◊,3</sup> |  | 948555 |  | 948052 |
| COLT Mortgage Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-3, 5.35% due 03/25/70<sup>3,5</sup> |  | 844595 |  | 845513 |
| Soundview Home Loan Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.72% (1 Month Term SOFR + 0.39%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> |  | 769178 |  | 744360 |
| Credit Suisse Mortgage Capital Certificates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.69% (WAC) due 02/25/61<sup>◊,3</sup> |  | 709124 |  | 706293 |
| Provident Funding Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.50% (WAC) due 02/25/55<sup>◊,3</sup> |  | 591228 |  | 590193 |
| Towd Point Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2017-6, 2.75% (WAC) due 10/25/57<sup>◊,3</sup> |  | 200906 |  | 195996 |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,3</sup> |  | 195459 |  | 191982 |
| Ellington Financial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2020-2, 1.49% (WAC) due 10/25/65<sup>◊,3</sup> |  | 260633 |  | 241430 |
| &nbsp;&nbsp;&nbsp;2020-2, 1.64% (WAC) due 10/25/65<sup>◊,3</sup> |  | 150134 |  | 138975 |
| SG Residential Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.68% (WAC) due 03/27/62<sup>◊,3</sup> |  | 403098 |  | 365193 |
| Vista Point Securitization Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES1, 5.81% due 04/25/55<sup>3,5</sup> |  | 350000 |  | 350904 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.17% (1 Month Term SOFR + 0.85%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> |  | 234560 |  | 231350 |
| Mill City Securities Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>3,5</sup> |  | 245477 |  | 228764 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.38% (WAC) due 09/27/60<sup>◊,3</sup> | 226205 | $212744 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.70% (1 Month Term SOFR + 0.37%, Rate Floor: 0.26%) due 04/29/37<sup>◊,3</sup> | 149891 | 149193 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 5.01% (1 Month Term SOFR + 0.68%, Rate Floor: 0.57%) due 12/25/35<sup>◊</sup> | 136803 | 135825 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,3</sup> | 101274 | 99740 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,3</sup> | 40322 | 37999 |
| **Total Residential Mortgage-Backed Securities** |  | 72382960 |
| **Commercial Mortgage-Backed Securities - 4.9%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.08% (1 Month Term SOFR + 1.76%, Rate Floor: 1.65%) due 09/15/36<sup>◊,3</sup> | 10250000 | 10115469 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.88% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,3</sup> | 1855000 | 1848044 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 6.23% (1 Month Term SOFR + 1.90%, Rate Floor: 1.54%) due 06/15/38<sup>◊,3</sup> | 2700000 | 2548840 |
| WMRK Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-WMRK, 7.76% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27<sup>◊,3</sup> | 2100000 | 2096062 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 03/15/38<sup>◊,3</sup> | 1715000 | 1696778 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.53% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>◊,3</sup> | 1500000 | 1381738 |
| MHP |  |  |
| &nbsp;&nbsp;&nbsp;2022-MHIL, 5.58% (1 Month Term SOFR + 1.26%, Rate Floor: 1.26%) due 01/15/39<sup>◊,3</sup> | 1367421 | 1355456 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-GC41, 1.03% (WAC) due 08/10/56<sup>◊,6</sup> | 22879143 | 755929 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-H3, 0.80% (WAC) due 07/15/51<sup>◊,6</sup> | 37528675 | 744997 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.74% (WAC) due 12/15/62<sup>◊,6</sup> | 31691430 | 700716 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.60% (WAC) due 06/15/51<sup>◊,6</sup> | 19888150 | 290713 |
| **Total Commercial Mortgage-Backed Securities** |  | 23534742 |
| **Government Agency - 1.4%** |  |  |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/01/55 | 4423041 | 4626769 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/25/51 | 1964606 | 1988224 |
| **Total Government Agency** |  | 6614993 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,141,135) | &nbsp;&nbsp;&nbsp;(Cost $105,141,135) | 102532695 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 0.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 0.2%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup>** **- 0.2%** |
| **Financial - 0.2%** |  |  |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 1147273 | 1132817 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,144,258) | &nbsp;&nbsp;&nbsp;(Cost $1,144,258) | 1132817 |
| **REPURCHASE AGREEMENTS<sup>††,7</sup>** **- 3.8%** | **REPURCHASE AGREEMENTS<sup>††,7</sup>** **- 3.8%** | **REPURCHASE AGREEMENTS<sup>††,7</sup>** **- 3.8%** |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.35% due 04/01/25 | 5054584 | 5054584 |
| BNP Paribas | BNP Paribas | BNP Paribas |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.38% due 04/01/25 | 4595076 | 4595076 |
| J.P. Morgan Securities LLC | J.P. Morgan Securities LLC | J.P. Morgan Securities LLC |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.36% due 04/01/25 | 4595076 | 4595076 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal |
| &nbsp;&nbsp;&nbsp;issued 03/31/25 at 4.33% due 04/01/25 | 3676061 | 3676061 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,920,797) |  | 17920797 |
| **Total Investments - 97.3%** | **Total Investments - 97.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $469,544,793) | &nbsp;&nbsp;&nbsp;(Cost $469,544,793) | $464683636 |
| **Other Assets & Liabilities, net - 2.7%** | **Other Assets & Liabilities, net - 2.7%** | 12969714 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $477653350 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 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 <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 <br> (Depreciation)\*\*** |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.85% | Annually | 11/27/39 | $1000000 | $4959 | $303 | $4656 |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.83% | Annually | 11/27/31 | 8200000 | (53996) | 332 | (54328) |
| BofA Securities, Inc.<br> CME | Receive | U.S. Secured Overnight Financing Rate | 3.87% | Annually | 11/27/29 | 9000000 | (74489) | 317 | (74806) |
|  |  |  |  |  |  |  | $(123526) | $952 | $(124478) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Appreciation** |
| **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>** |  |  |  |  |  |  |
| JPMorgan Chase Bank, N.A. | iShares Core S&P 500 ETF | Receive | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 04/02/25 | 3680 | $2067792 | $93987 |

---

---

| | |
|:---|:---|
| \*\* | &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 March 31, 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 March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <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 $229,130,626 (cost $232,803,531), or 48.0% of total net assets. |
| <sup>4</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>5</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 March 31, 2025. See table below for additional step information for each security. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Security is an interest-only strip. |
| <sup>7</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;plc — Public Limited Company |
|  | &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. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 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 Fund | $2067792 | $— | $— | $2067792 |
| Money Market Fund | 3249691 |  |  | 3249691 |
| U.S. Treasury Bills |  | 127280000 |  | 127280000 |
| Asset-Backed Securities |  | 104749664 | 2800000 | 107549664 |
| Corporate Bonds |  | 102950180 |  | 102950180 |
| Collateralized Mortgage Obligations |  | 102532695 |  | 102532695 |
| Senior Floating Rate Interests |  | 1132817 |  | 1132817 |
| Repurchase Agreements |  | 17920797 |  | 17920797 |
| Interest Rate Swap Agreements\*\* |  | 4656 |  | 4656 |
| Equity Index Swap Agreements\*\* |  | 93987 |  | 93987 |
| Total Assets | $5317483 | $456664796 | $2800000 | $464782279 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 129134 | $– $| 129134 |

---

\*\* 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** |
| BRAVO Residential Funding Trust 2025-NQM1, 5.81% due 12/25/64 | 6.81% | 01/01/29 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 5.94% due 12/01/63 | 6.94% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM5, 6.16% due 06/25/64 | 7.16% | 07/01/28 |  |  |
| Citigroup Mortgage Loan Trust, Inc. 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/25 | 10.17% | 09/25/26 |
| COLT Mortgage Loan Trust 2025-3, 5.35% due 03/25/70 | 6.35% | 02/01/29 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 4.75% due 07/25/61 | 5.75% | 05/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS2, 4.75% due 04/25/61 | 5.75% | 04/25/25 |  |  |
| Legacy Mortgage Asset Trust 2021-GS4, 4.65% due 11/25/60 | 5.65% | 08/25/25 |  |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |  |  |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/25 | 9.25% | 07/01/26 |
| NYMT Loan Trust 2021-SP1, 4.67% due 08/25/61 | 5.67% | 08/01/25 |  |  |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | March 31, 2025 |
| **ULTRA SHORT DURATION FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate** | **Future Reset Date** |
| OBX Trust 2025-NQM2, 5.75% due 11/25/64 | 6.75% | 01/01/29 | – |  |
| OBX Trust 2024-NQM18, 5.87% due 10/25/64 | 6.87% | 11/01/28 | – |  |
| OSAT Trust 2021-RPL1, 5.12% due 05/25/65 | 6.12% | 06/25/25 | – |  |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 7.72% | 02/25/26 | – |  |
| PRPM LLC 2021-5, 4.79% due 06/25/26 | 5.79% | 06/25/25 | – |  |
| 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.

At March 31, 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 Strip |  |  |
| &nbsp;&nbsp;4.35% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | $5054584 | $5055195 | &nbsp;&nbsp;Due 05/15/34 | $7682106 | $5155677 |
| BNP Paribas |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.38% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 4595076 | 4595635 | &nbsp;&nbsp;Due 08/15/35 - 08/15/40 | 7805850 | 4687548 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Strip |  |  |
| &nbsp;&nbsp;4.36% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 4595076 | 4595633 | &nbsp;&nbsp;Due 11/15/28 | 5414503 | 4687546 |
| Bank of Montreal |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;4.33% |  |  | &nbsp;&nbsp;4.13% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 3676061 | 3676503 | &nbsp;&nbsp;Due 03/31/29 | 3724300 | 3750109 |

---

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

**ULTRA SHORT DURATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $451,623,996) | $446762839 |
| Repurchase agreements, at value (cost $17,920,797) | 17920797 |
| Cash | 7387264 |
| Segregated cash with broker | 628703 |
| Unamortized upfront premiums paid on interest rate swap agreements | 952 |
| Unrealized appreciation on OTC swap agreements | 93987 |
| Prepaid expenses | 60010 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 4653031 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 4090383 |
| &nbsp;&nbsp;&nbsp;Interest | 2661838 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 24200 |
| **Total assets** | 484284004 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 5634074 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 440248 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 276974 |
| &nbsp;&nbsp;&nbsp;Management fees | 84903 |
| &nbsp;&nbsp;&nbsp;Due to investment adviser | 26242 |
| &nbsp;&nbsp;&nbsp;Transfer agent/maintenance fees | 19029 |
| &nbsp;&nbsp;&nbsp;Fund accounting/administration fees | 17474 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 15534 |
| &nbsp;&nbsp;&nbsp;Variation margin on interest rate swap agreements | 2471 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1376 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 112329 |
| **Total liabilities** | 6630654 |
| **Net assets** | $477653350 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $488097866 |
| Total distributable earnings (loss) | (10444516) |
| Net assets | $477653350 |
| **Class A:** | **Class A:** |
| Net assets | $74706799 |
| Capital shares outstanding | 7448314 |
| Net asset value per share | $10.03 |
| **Institutional Class:** | **Institutional Class:** |
| Net assets | $402946551 |
| Capital shares outstanding | 40162837 |
| Net asset value per share | $10.03 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $14347 |
| Interest | 10727940 |
| &nbsp;&nbsp;&nbsp;Total investment income | 10742287 |
| **Expenses:** | **Expenses:** |
| Management fees | 559273 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 92322 |
| Transfer agent fees and administrative fees | 5984 |
| Transfer agent fees/maintenance fees: | Transfer agent fees/maintenance fees: |
| &nbsp;&nbsp;&nbsp;Class A | 12221 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 76325 |
| Fund accounting/administration fees | 71663 |
| Professional fees | 45177 |
| Trustees' fees\* | 11293 |
| Custodian fees | 9788 |
| Line of credit fees | 1395 |
| Miscellaneous | 42901 |
| Recoupment of previously waived fees: | Recoupment of previously waived fees: |
| &nbsp;&nbsp;&nbsp;Class A | 27804 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 173 |
| &nbsp;&nbsp;&nbsp;Total expenses | 956319 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | Expenses reimbursed by Adviser: |
| &nbsp;&nbsp;&nbsp;Class A | (25937) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (63661) |
| Expenses waived by Adviser | (36711) |
| Earnings credits applied | (8878) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (135187) |
| Net expenses | 821132 |
| Net investment income | 9921155 |
| **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 | 47040 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 820468 |
| Net realized gain | 867508 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1194519 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (635161) |
| Net change in unrealized appreciation (depreciation) | 559358 |
| Net realized and unrealized gain | 1426866 |
| **Net increase in net assets resulting from operations** | $11348021 |

---

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

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

**ULTRA SHORT DURATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **Year Ended<br> September 30, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $9921155 | $23452943 |
| Net realized gain on investments | 867508 | 2626824 |
| Net change in unrealized appreciation (depreciation) on investments | 559358 | 14534043 |
| Net increase in net assets resulting from operations | 11348021 | 40613810 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1712326) | (4254223) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8990263) | (22827310) |
| Total distributions to shareholders | (10702589) | (27081533) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 16921896 | 9023891 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 105865332 | 119245603 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1692064 | 4193730 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 7168809 | 18382654 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22889655) | (32872998) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (148253334) | (130583325) |
| Net decrease from capital share transactions | (39494888) | (12610445) |
| Net increase (decrease) in net assets | (38849456) | 921832 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 516502806 | 515580974 |
| &nbsp;&nbsp;&nbsp;End of period | $477653350 | $516502806 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1688466 | 909121 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10570742 | 12052468 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 168980 | 423959 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 715869 | 1857271 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2285756) | (3334055) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (14813617) | (13207350) |
| Net decrease in shares | (3955316) | (1298586) |

---

240 \| THE GUGGENHEIM FUNDS SEMI-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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.02 | $9.75 | $9.60 | $9.97 | $9.98 | $9.97 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .21 | .44 | .37 | .12 | .06 | .12 |
| Net gain (loss) on investments (realized and unrealized) | .03 | .34 | .23 | (.37) |  | .03 |
| Total from investment operations | .24 | .78 | .60 | (.25) | .06 | .15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.23) | (.51) | (.45) | (.12) | (.07) | (.14) |
| Total distributions | (.23) | (.51) | (.45) | (.12) | (.07) | (.14) |
| Net asset value, end of period | $10.03 | $10.02 | $9.75 | $9.60 | $9.97 | $9.98 |
| **Total Return** | **2.43%** | **8.16%** | **6.32%** | **(2.49** **%)** | **0.62%** | **1.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $74707 | $78904 | $96348 | $132518 | $188416 | $62956 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.22% | 4.43% | 3.80% | 1.18% | 0.63% | 1.20% |
| Total expenses<sup>c</sup> | 0.69% | 0.63% | 0.68% | 0.65% | 0.63% | 0.65% |
| Net expenses<sup>d,e,f</sup> | 0.58% | 0.59% | 0.59% | 0.59% | 0.59% | 0.61% |
| Portfolio turnover rate | 18% | 10% | 2% | 24% | 122% | 129% |

---

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

**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** | **Six Months Ended <br> March 31, 2025<sup>a</sup>** | **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** | **Year Ended <br> September 30, <br> 2020** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $10.02 | $9.75 | $9.59 | $9.97 | $9.98 | $9.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .22 | .46 | .39 | .14 | .09 | .15 |
| Net gain (loss) on investments (realized and unrealized) | .03 | .34 | .24 | (.37) |  | .04 |
| Total from investment operations | .25 | .80 | .63 | (.23) | .09 | .19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.24) | (.53) | (.47) | (.15) | (.10) | (.17) |
| Total distributions | (.24) | (.53) | (.47) | (.15) | (.10) | (.17) |
| Net asset value, end of period | $10.03 | $10.02 | $9.75 | $9.59 | $9.97 | $9.98 |
| **Total Return** | **2.53%** | **8.43%** | **6.70%** | **(2.34** **%)** | **0.87%** | **1.88%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $402947 | $437599 | $419233 | $617601 | $882047 | $440356 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 4.48% | 4.68% | 4.03% | 1.44% | 0.88% | 1.47% |
| Total expenses<sup>c</sup> | 0.37% | 0.35% | 0.39% | 0.36% | 0.34% | 0.38% |
| Net expenses<sup>d,e,f</sup> | 0.33% | 0.33% | 0.34% | 0.34% | 0.34% | 0.36% |
| Portfolio turnover rate | 18% | 10% | 2% | 24% | 122% | 129% |

---

<sup>a</sup> Unaudited figures for the period ended March 31, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.08% | 0.00%\*  | 0.00%\*  | 0.01%  | 0.00%\*  | 0.00%\*  |
| Institutional Class | 0.00%\*  | 0.00%\*  | 0.00%\*  | 0.01%  | 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03/31/25<sup>a</sup>** | **09/30/24** | **09/30/23** | **09/30/22** | **09/30/21** | **09/30/20** |
| Class A | 0.58% | 0.58%  | 0.58%  | 0.58%  | 0.58%  | 0.58%  |
| Institutional Class | 0.33% | 0.33%  | 0.33%  | 0.33%  | 0.33%  | 0.33%  |

---

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

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

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

**Organization** 

Guggenheim 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 March 31, 2025, SMA Class shares were only offered for Active INvestment Series (GAINS) - Core Plus Fund and Active INvestment Series (GAINS) - Limited Duration Fund. At March 31, 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** | **Investment <br> Company Type** |
| Active INvestment Series (GAINS) - Core Plus Fund | Diversified |
| Active INvestment Series (GAINS) - Limited Duration Fund | Diversified |
| Core Bond Fund | Diversified |
| Floating Rate Strategies Fund | Diversified |
| High Yield Fund | Diversified |
| Limited Duration Fund | Diversified |
| Macro Opportunities Fund | Diversified |
| Municipal Income Fund | Diversified |
| Total Return Bond Fund | Diversified |
| Ultra Short Duration Fund | Diversified |

---

At March 31, 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 Investment's 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 SEMI-ANNUAL FINANCIAL REPORT \| 243

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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> March 31, 2025** | **% of Net Assets <br> of the Fund at <br> March 31, 2025** |
| Macro Opportunities Fund | 01/08/15 | $12191750 | 0.15% |

---

**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

244 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 closed-end investment companies are generally valued at the last quoted sale price.

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

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

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

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

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

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading,

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 245

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

closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by a third-party pricing vendor in valuing foreign securities.

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

246 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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.

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 SEMI-ANNUAL FINANCIAL REPORT \| 247

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 March 31, 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

248 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 period ended March 31, 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 4.33% at March 31, 2025.

**(q) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 249

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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.

250 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. 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  | $1543915 | $815652 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge  | 891958 | 361925 |
| Core Bond Fund | Duration, Hedge | 145486223 | 178700073 |
| Limited Duration Fund | Duration, Hedge | 320404500 | 394471333 |
| Macro Opportunities Fund | Duration, Hedge | 517271046 | 753162980 |
| Total Return Bond Fund | Duration, Hedge | 1852327111 | 2303786637 |

---

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 | $1543915 | $463915 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge | 891958 | 231958 |
| Core Bond Fund | Duration, Hedge | 145486223 | 102692890 |
| Limited Duration Fund | Duration, Hedge | 320404500 | 224784500 |
| Macro Opportunities Fund | Duration, Hedge | 517271046 | 358057713 |
| Total Return Bond Fund | Duration, Hedge | 1852327111 | 1315513778 |

---

**Futures Contracts** 

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 251

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 | $522554 | $— |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration, Hedge | 321558 |  |
| Core Bond Fund | Duration, Hedge | 28768942 |  |
| Limited Duration Fund | Duration, Hedge | 63967067 |  |
| Macro Opportunities Fund | Duration, Hedge | 120386334 |  |
| Total Return Bond Fund | Duration, Hedge | 359298292 |  |

---

**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** |
| Limited Duration Fund | Duration, Hedge | $— | $18961543 |
| Macro Opportunities Fund | Duration, Hedge | 119933469 |  |
| Ultra Short Duration Fund | Income  |  | 1813841 |

---

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.

252 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 | $11550000 | $315000 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Duration | 941667 | 1965000 |
| Core Bond Fund | Duration, Income | 600918993 | 4491667 |
| Limited Duration Fund | Duration, Income | 1213300000 | 319546667 |
| Macro Opportunities Fund | Duration, Income | 152530000 | 54210000 |
| Municipal Income Fund | Duration | 5590000 | 3162500 |
| Total Return Bond Fund | Duration, Income | 8600667755 | 57641667 |
| Ultra Short Duration Fund | Duration |  | 45666667 |

---

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, Index exposure | $25833 | $66667 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Hedge, Index exposure | 13833 |  |
| Core Bond Fund | Hedge, Index exposure |  | 48063798 |
| Limited Duration Fund | Hedge, Index exposure | 2061000 | 104397428 |
| Macro Opportunities Fund | Hedge, Index exposure | 6844333 | 234953386 |
| Total Return Bond Fund | Hedge, Index exposure | 11493833 | 633091683 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 253

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

**Forward Foreign Currency Exchange Contracts** 

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

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

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Value** |
| <br>**Fund** | **Purchased** | **Sold** |
| Active INvestment Series (GAINS) - Core Plus Fund<br> Hedge | $— | $3678 |
| Active INvestment Series (GAINS) - Limited Duration Fund<br> Hedge |  | 37631 |
| Core Bond Fund<br> Hedge | 75025 | 4955127 |
| Floating Rate Strategies Fund<br> Hedge | 557844 | 14077829 |
| High Yield Fund<br> Hedge | 108401 | 5903844 |
| Limited Duration Fund<br> Hedge | 168401 | 13831530 |
| Macro Opportunities Fund<br> Hedge | 4109224 | 466455914 |
| Total Return Bond Fund<br> Hedge | 3232794 | 271034248 |

---

**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 March 31, 2025:

---

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

---

254 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Swaps <br> Equity <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Swaps <br> Interest <br> Rate <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> March 31, <br> 2025** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $3321 | $226638 | $7939 | $— | $1461 | $71819 | $311178 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 1661 |  |  | 1350 | 541 | 43526 | 47078 |
| Core Bond Fund |  | 154244 | 3195791 | 164756 | 48763 | 315832 | 3433690 | 7313076 |
| Floating Rate Strategies Fund |  |  |  |  | 142344 |  |  | 142344 |
| High Yield Fund |  |  |  |  | 76859 |  |  | 76859 |
| Limited Duration Fund | 982524 | 343977 | 5068748 | 419838 | 150137 | 705097 | 7639364 | 15309685 |
| Macro Opportunities Fund | 4347536 | 589610 | 2553493 | 2225567 | 6131615 | 1181197 | 12616916 | 29645934 |
| Municipal Income Fund |  |  | 22361 |  |  |  |  | 22361 |
| Total Return Bond Fund |  | 1944277 | 44839262 | 3542292 | 3498680 | 4106399 | 43260125 | 101191035 |
| Ultra Short Duration Fund | 93987 |  | 4656 |  |  |  |  | 98643 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Swaps <br> Interest <br> Rate <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> March 31, <br> 2025** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $— | $10575 | $724 | $87 | $— | $36543 | $47929 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  |  | 82649 | 606 | 29 |  | 21982 | 105266 |
| Core Bond Fund |  |  | 176516 |  | 19492 |  | 2015030 | 2211038 |
| High Yield Fund |  |  |  |  | 351 |  |  | 351 |
| Limited Duration Fund |  |  | 9544505 | 38376 | 43267 |  | 4469777 | 14095925 |
| Macro Opportunities Fund |  |  | 1682601 | 1026458 | 155494 |  | 7361354 | 10225907 |
| Total Return Bond Fund |  |  | 47192386 | 212811 | 256668 |  | 25450703 | 73112568 |
| Ultra Short Duration Fund |  |  | 129134 |  |  |  |  | 129134 |

---

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 255

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

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

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Commodity/Interest rate futures contracts | Net realized gain (loss) on futures contracts |
| | Net change in unrealized appreciation (depreciation) on futures contracts  |
| Currency forward contracts  | Net realized gain (loss) on forward foreign currency exchange contracts |
| | Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |
| Equity/Foreign currency/Interest rate option contracts  | Net realized gain (loss) on options purchased |
|  | Net change in unrealized appreciation (depreciation) on options purchased |
|  | Net realized gain (loss) on options written  |
| | Net change in unrealized appreciation (depreciation) on options written |
| Credit/Equity/Interest rate swap agreements | Net realized gain (loss) on swap agreements |
| | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **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** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate <br> Risk** | **Options <br> Written <br> Interest <br> Rate <br> Risk** | **Total** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $13647 | $(12165) | $— | $(609) | $— | $15 | $— | $(2251) | $1831 | $468 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 8784 | (2369) |  | 18 |  | (5436) |  | (1125) | 915 | 787 |
| Core Bond Fund | 894 | 1327538 | (533217) |  | (256402) |  | 80289 |  | (498480) | 406068 | 526690 |
| Floating Rate Strategies Fund |  |  |  |  |  |  | 422179 |  |  |  | 422179 |
| High Yield Fund |  |  |  |  |  |  | 13902 |  |  |  | 13902 |
| Limited Duration Fund | 631495 | 2934140 | (1487799) |  | (552270) |  | 86739 |  | (1091424) | 889774 | 1410655 |
| Macro Opportunities Fund | (389191) | 4591100 | (541531) | 5563818 | (1319962) | (10625883) | (3970450) |  | (1731804) | 1396416 | (7027487) |
| Municipal Income Fund |  |  | 1182499 |  |  |  |  |  |  |  | 1182499 |
| Total Return Bond Fund |  | 16046849 | (50181820) |  | (3371122) |  | (3225256) |  | (6388072) | 5209421 | (41910000) |
| Ultra Short Duration Fund | 60406 |  | 760062 |  |  |  |  |  |  |  | 820468 |

---

256 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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** | **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** | **Options <br> Purchased <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Options <br> Purchased <br> Interest <br> Rate <br> Risk** | **Options <br> Written <br> Interest <br> Rate <br> Risk** | **Total** |
| Active INvestment Series (GAINS) - Core Plus Fund | $— | $3321 | $216063 | $— | $7215 | $— | $(87) | $(3240) | $36743 | $(19894) | $240121 |
| Active INvestment Series (GAINS) - Limited Duration Fund |  | 1661 | (82649) |  | (606) |  | 1321 | (1168) | 22443 | (12170) | (71168) |
| Core Bond Fund |  | (1497575) | (4751578) |  | 164101 |  | 58815 | (698471) | 1472584 | (763608) | (6015732) |
| Floating Rate Strategies Fund |  |  |  |  |  |  | 237498 |  |  |  | 237498 |
| High Yield Fund |  |  |  |  |  |  | 93019 |  |  |  | 93019 |
| Limited Duration Fund | 982524 | (3290025) | (4276028) |  | 378827 |  | 201733 | (1559401) | 3289241 | (1707257) | (5980386) |
| Macro Opportunities Fund | (1064817) | (4849003) | (6017281) | (6681528) | 1195762 | 8539184 | 8947145 | (2614401) | 5479382 | (2855518) | 78925 |
| Municipal Income Fund |  |  | (923512) |  |  |  |  |  |  |  | (923512) |
| Total Return Bond Fund |  | (17602501) | (80273857) |  | 3312904 |  | 4522028 | (9088804) | 18475903 | (9568059) | (90222386) |
| Ultra Short Duration Fund | 93987 |  | (729148) |  |  |  |  |  |  |  | (635161) |

---

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 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 257

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

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.

258 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Assets <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net <br> Amount** |
| Active INvestment Series (GAINS) - Core Plus Fund | Credit default swap agreements | $7694 | $— | $7694 | $(7694) | $— | $— |
| Active INvestment Series (GAINS) - Core Plus Fund | Options purchased | 73280 |  | 73280 | (28936) |  | 44344 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Forward foreign currency exchange contracts | 1350 |  | 1350 |  |  | 1350 |
| Active INvestment Series (GAINS) - Limited Duration Fund | Options purchased | 44067 |  | 44067 | (22011) |  | 22056 |
| Core Bond Fund | Forward foreign currency exchange contracts | 48763 |  | 48763 | (48643) |  | 120 |
| Core Bond Fund | Credit default swaps | 164756 |  | 164756 | (164756) |  |  |
| Core Bond Fund | Options purchased | 3749522 |  | 3749522 | (1820874) | (1291893) | 636755 |
| Floating Rate Strategies Fund | Forward foreign currency exchange contracts | 142344 |  | 142344 |  |  | 142344 |
| Limited Duration Fund | Credit default swap agreements | 361219 |  | 361219 | (361219) |  |  |
| Limited Duration Fund | Forward foreign currency exchange contracts | 150137 |  | 150137 | (146052) |  | 4085 |
| Limited Duration Fund | Swap equity agreements | 982524 |  | 982524 |  | (982524) |  |
| Limited Duration Fund | Options purchased | 8344461 |  | 8344461 | (4005477) | (2212834) | 2126150 |
| Macro Opportunities Fund | Credit default swap agreements | 2029215 |  | 2029215 |  | (2029215) |  |
| Macro Opportunities Fund | Forward foreign currency exchange contracts | 6131615 |  | 6131615 | (4712909) | (1200831) | 217875 |
| Macro Opportunities Fund | Options purchased | 13798113 |  | 13798113 | (3706303) | (3247680) | 6844130 |
| Macro Opportunities Fund | Total return equity index swap agreements | 4347536 |  | 4347536 |  | (1799924) | 2547612 |
| Macro Opportunities Fund | Total return interest rate swap agreements | 1934401 |  | 1934401 | (786) |  | 1933615 |
| Total Return Bond Fund | Forward foreign currency exchange contracts | 3498680 |  | 3498680 | (2899) |  | 3495781 |
| Total Return Bond Fund | Credit default <br>swap agreements | 3212648 |  | 3212648 | (3212648) |  |  |
| Total Return Bond Fund | Options purchased | 47366524 |  | 47366524 | (22489387) | (16640804) | 8236333 |
| Ultra Short Duration Fund | Equity index swap agreements | 93987 |  | 93987 |  |  | 93987 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 259

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> of Liabilities <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net <br> Amount** |
| Active INvestment Series (GAINS) - Core Plus Fund | Forward foreign currency exchange contracts | $87 | $— | $87 | $(87) | $— | $— |
| Active INvestment Series (GAINS) - Core Plus Fund | Options written | 36543 |  | 36543 | (36543) |  |  |
| Active INvestment Series (GAINS) - Limited Duration Fund | Forward foreign currency exchange contracts | 29 |  | 29 | (29) |  |  |
| Active INvestment Series (GAINS) - Limited Duration Fund | Options written | 21982 |  | 21982 | (21982) |  |  |
| Core Bond Fund | Forward foreign currency exchange contracts | 19492 |  | 19492 | (19243) |  | 249 |
| Core Bond Fund | Options written | 2015030 |  | 2015030 | (2015030) |  |  |
| Limited Duration Fund | Forward foreign currency exchange contracts | 43267 |  | 43267 | (42971) |  | 296 |
| Limited Duration Fund | Options written | 4469777 |  | 4469777 | (4469777) |  |  |
| Macro Opportunities Fund | Credit index swap agreements | 903150 |  | 903150 | (903150) |  |  |
| Macro Opportunities Fund | Forward foreign currency exchange contracts | 155494 |  | 155494 | (155494) |  |  |
| Macro Opportunities Fund | Options written | 7361354 |  | 7361354 | (7361354) |  |  |
| Total Return Bond Fund | Forward foreign currency exchange contracts | 256668 |  | 256668 | (254231) |  | 2437 |
| Total Return Bond Fund | Options written | 25450703 |  | 25450703 | (25450703) |  |  |

---

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

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative or other investments as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Active INvestment Series (GAINS) - Core Plus Fund | BofA Securities, Inc. | Options | $— | $20215 |
|  | J.P. Morgan Securities LLC | Credit default swap agreements |  | 2124 |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements | 318606 |  |
|  | J.P. Morgan Chase and Co. | Futures contracts | 50000 |  |
|  |  |  | 368606 | 22339 |
| Active INvestment Series (GAINS) - Limited Duration Fund | BofA Securities, Inc. | Options |  | 6821 |
|  | J.P. Morgan Securities LLC | Credit default swap agreements | 435 | 1089 |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements | 117728 |  |
|  | J.P. Morgan Chase and Co. | Futures contracts | 10000 |  |
|  |  |  | 128163 | 7910 |

---

260 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Core Bond Fund | BNP Paribas | Options | $— | $670000 |
|  | BofA Securities, Inc. | Credit default swap agreements |  | 29065 |
|  | BofA Securities, Inc. | Futures contracts | 200000 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements | 79029 |  |
|  | J.P. Morgan Securities LLC | TBA securities |  | 1100000 |
|  | Morgan Stanley Capital Services LLC | Options |  | 80000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 1959301 |
|  | The Toronto-Dominion Bank | Swaptions |  | 320000 |
|  |  |  | 279029 | 4158366 |
| Limited Duration Fund | BNP Paribas | Options |  | 1460000 |
|  | BofA Securities, Inc. | Credit default swap agreements |  | 203194 |
|  | BofA Securities, Inc. | Futures contracts | 415000 |  |
|  | BofA Securities, Inc. | Interest rate swap agreements |  | 983376 |
|  | J.P. Morgan Securities LLC | TBA securities |  | 504001 |
|  | J.P. Morgan Chase Bank, N.A. | Options |  | 1320000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 687603 |
|  | The Toronto-Dominion Bank | Swaptions |  | 700000 |
|  |  |  | 415000 | 5858174 |
| Macro Opportunities Fund | Bank of America, N.A. | Total return swap agreements |  | 1799924 |
|  | BNP Paribas | Options |  | 2440000 |
|  | J.P. Morgan Securities LLC | Credit default swap agreements |  | 462256 |
|  | J.P. Morgan Securities LLC | Interest rate swap agreements | 50449 |  |
|  | J.P. Morgan Securities LLC | TBA securities |  | 1814000 |
|  | Morgan Stanley Capital Services LLC | Forward foreign currency exchange <br>contracts, Options |  | 2300000 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 1644604 |
|  | The Toronto-Dominion Bank | Swaptions |  | 1160000 |
|  |  |  | 50449 | 11620784 |
| Municipal Income Fund | BofA Securities, Inc. | Interest rate swap agreements | 58012 |  |
| Total Return Bond Fund | BNP Paribas | Options |  | 8210000 |
|  | BofA Securities, Inc. | Credit default swap agreements | 63950 | 1274352 |
|  | BofA Securities, Inc. | Interest rate swap agreements | 517657 |  |
|  | J.P. Morgan Securities LLC | TBA securities |  | 20329003 |
|  | Morgan Stanley Capital Services LLC | TBA securities |  | 24320340 |
|  | The Toronto-Dominion Bank | Swaptions |  | 3900000 |
|  |  |  | 581607 | 58033695 |
| Ultra Short Duration Fund | BofA Securities, Inc. | Interest rate swap agreements | 628703 |  |

---

**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.).

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 261

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

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.

**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. |

---

262 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

GI has contractually agreed to waive the management fee it receives from each Subsidiary in an amount equal to the management fee paid to GI by the Subsidiary. This undertaking will continue in effect for so long as the Funds invest in the Subsidiary, and may not be terminated by GI unless GI obtains the prior approval of the Funds' Board for such termination. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended March 31, 2025, the Macro Opportunities Fund waived $56,470 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 | 02/01/26 |
| Core Bond Fund - Class C | 1.54% | 11/30/12 | 02/01/26 |
| Core Bond Fund - Class P | 0.79% | 05/01/15 | 02/01/26 |
| Core Bond Fund - Institutional Class | 0.50% | 11/30/12 | 02/01/26 |
| Floating Rate Strategies Fund – Class A | 1.02% | 11/30/12 | 02/01/26 |
| Floating Rate Strategies Fund – Class C | 1.77% | 11/30/12 | 02/01/26 |
| Floating Rate Strategies Fund– Class P | 1.02% | 05/01/15 | 02/01/26 |
| Floating Rate Strategies Fund– Institutional Class | 0.78% | 11/30/12 | 02/01/26 |
| Floating Rate Strategies Fund – Class R6 | 0.78% | 03/13/19 | 02/01/26 |
| High Yield Fund – Class A | 0.94% | 02/21/24 | 02/01/26 |
| High Yield Fund – Class C | 1.69% | 02/21/24 | 02/01/26 |
| High Yield Fund – Class P | 0.94% | 02/21/24 | 02/01/26 |
| High Yield Fund – Institutional Class | 0.69% | 02/21/24 | 02/01/26 |
| High Yield Fund – Class R6 | 0.69% | 02/21/24 | 02/01/26 |
| Limited Duration Fund – Class A  | 0.75% | 12/01/13 | 02/01/26 |
| Limited Duration Fund – Class C  | 1.50% | 12/01/13 | 02/01/26 |
| Limited Duration Fund – Class P  | 0.75% | 05/01/15 | 02/01/26 |
| Limited Duration Fund – Institutional Class  | 0.50% | 12/01/13 | 02/01/26 |
| Limited Duration Fund – Class R6  | 0.50% | 03/13/19 | 02/01/26 |
| Macro Opportunities Fund – Class A  | 1.36% | 11/30/12 | 02/01/26 |
| Macro Opportunities Fund – Class C  | 2.11% | 11/30/12 | 02/01/26 |
| Macro Opportunities Fund – Class P  | 1.36% | 05/01/15 | 02/01/26 |
| Macro Opportunities Fund – Institutional Class  | 0.95% | 11/30/12 | 02/01/26 |
| Macro Opportunities Fund – Class R6  | 0.95% | 03/13/19 | 02/01/26 |
| Municipal Income Fund – Class A  | 0.80% | 11/30/12 | 02/01/26 |
| Municipal Income Fund – Class C  | 1.55% | 11/30/12 | 02/01/26 |
| Municipal Income Fund – Class P  | 0.80% | 05/01/15 | 02/01/26 |
| Municipal Income Fund – Institutional Class  | 0.55% | 11/30/12 | 02/01/26 |
| Total Return Bond Fund – Class A  | 0.79% | 11/30/12 | 02/01/26 |
| Total Return Bond Fund – Class C  | 1.54% | 11/30/12 | 02/01/26 |
| Total Return Bond Fund – Class P  | 0.79% | 05/01/15 | 02/01/26 |
| Total Return Bond Fund – Institutional Class  | 0.50% | 11/30/12 | 02/01/26 |
| Total Return Bond Fund – Class R6  | 0.50% | 10/19/16 | 02/01/26 |
| Ultra Short Duration Fund –Class A  | 0.58% | 11/30/18 | 02/01/26 |
| Ultra Short Duration Fund – Institutional Class  | 0.33% | 11/30/18 | 02/01/26 |

---

GPIM has contractually agreed through February 1, 2026, to reimburse expenses to the extent necessary to limit the ordinary operating expenses (including distribution (12b-1) fees (if any), but exclusive of brokerage costs, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) of the Active INvestment Series (GAINS) - Core Plus Fund

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 263

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

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 March 31, 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** | **2025** | **2026** | **2027** | **2028** | **Total** |
| **Core Bond Fund** |  |  |  |  |  |
| Class A | $33276 | $66528 | $80581 | $22446 | $202831 |
| Class C | 16697 | 7997 | 1505 | 401 | 26600 |
| Class P | 111628 | 56610 | 563 | 4506 | 173307 |
| Institutional Class | 1255341 | 773981 | 432527 | 467972 | 2929821 |
| **Floating Rate Strategies Fund** |  |  |  |  |  |
| Class A | 110183 | 134479 | 126706 | 42002 | 413370 |
| Class C | 62791 | 33051 | 23221 | 4780 | 123843 |
| Class P | 44189 | 55729 | 54830 | 27393 | 182141 |
| Institutional Class | 700033 | 582868 | 450359 | 256475 | 1989735 |
| Class R6 |  | 694 | 338 | 54 | 1086 |
| **High Yield Fund** |  |  |  |  |  |
| Class A |  |  | 55626 | 52571 | 108197 |
| Class C |  | 2408 | 12649 | 8848 | 23905 |
| Class P | 5764 | 1432 | 6251 | 5479 | 18926 |
| Institutional Class |  | 6465 | 120649 | 139040 | 266154 |
| Class R6 | 151 | 143 | 566 | 304 | 1164 |
| **Limited Duration Fund** |  |  |  |  |  |
| Class A | 359307 | 95368 | 4277 | 213 | 459165 |
| Class C | 66877 | 36276 | 3998 | 920 | 108071 |
| Class P | 202252 | 28742 | 34279 | 34269 | 299542 |
| Institutional Class | 3129027 | 2123104 | 1020934 | 552993 | 6826058 |
| Class R6 |  |  |  |  |  |
| **Macro Opportunities Fund** |  |  |  |  |  |
| Class A |  |  |  |  |  |
| Class C |  |  |  |  |  |
| Class P | 85138 | 99081 | 457 |  | 184676 |
| Institutional Class | 6422335 | 4861940 | 4078154 | 2121339 | 17483768 |
| Class R6 | 26056 | 9192 | 3753 | 263 | 39264 |
| **Municipal Income Fund** |  |  |  |  |  |
| Class A | 135208 | 158775 | 157994 | 74714 | 526691 |
| Class C | 4479 | 4657 | 7004 | 2885 | 19025 |
| Class P | 916 | 1024 | 1263 | 744 | 3947 |
| Institutional Class | 25899 | 37249 | 48401 | 27596 | 139145 |
| **Total Return Bond Fund** |  |  |  |  |  |
| Class A | 169251 | 56238 | 22931 | 4340 | 252760 |
| Class C | 153872 | 42447 | 49933 | 62907 | 309159 |
| Class P | 993401 | 499250 | 81455 | 253399 | 1827505 |
| Institutional Class | 19004971 | 10006046 | 5873863 | 4240040 | 39124920 |
| Class R6 |  |  | 587 | 22 | 609 |
| **Ultra Short Duration Fund** |  |  |  |  |  |
| Class A | 77425 | 100752 | 36426 | 14883 | 229486 |
| Institutional Class | 176869 | 224523 | 82349 | 86156 | 569897 |

---

264 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

For the period ended March 31, 2025, GI recouped amounts from the Funds as follows:

---

| | |
|:---|:---|
| Core Bond Fund | $5644 |
| Floating Rate Strategies Fund | 5029 |
| Limited Duration Fund | 42872 |
| Macro Opportunities Fund | 170815 |
| Total Return Bond Fund | 43937 |
| Ultra Short Duration Fund | 27977 |

---

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

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
| Limited Duration Fund | $41512 |
| Macro Opportunities Fund | 379644 |
| Total Return Bond Fund | 294131 |

---

For the period ended March 31, 2025, GFD retained sales charges of $122,316 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 Corp. ("BNY") serves as the Funds' custodian. As custodian, BNY is responsible for the custody of the Funds' assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds' average daily net assets and out of pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and BNY are entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out of pocket expenses.

At March 31, 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 | 83% |
| Ultra Short Duration Fund | 35% |

---

**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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 265

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

For the period ended March 31, 2025, the following Funds entered into reverse repurchase agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Number of Days <br> Outstanding** | **Balance at <br> March 31, 2025** | **Average Balance <br> Outstanding** | **Average Interest Rate** |
| Active INvestment Series (GAINS) - Core Plus Fund | 6 | $– <sup>\*</sup> | $335275 | 4.62% |
| Active INvestment Series (GAINS) - Limited Duration Fund | 4 | – <sup>\*</sup> | 406299 | 3.56% |
| Total Return Bond Fund | 77 | – <sup>\*</sup> | 215410448 | 4.57% |

---

\* As of March 31, 2025, the Funds had no open reverse repurchase agreements.

**Note 7 – Federal Income Tax Information** 

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

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' 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 its 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 its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. Foreign corporations, 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.

At March 31, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Unrealized <br> Appreciation** | **Tax Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Active INvestment Series (GAINS) - Core Plus Fund | $30501398 | $362583 | $(134064) | $228519 |
| Active INvestment Series (GAINS) - Limited Duration Fund | 17388960 | 65341 | (148845) | (83504) |
| Core Bond Fund | 2662728823 | 24810222 | (86267673) | (61457451) |
| Floating Rate Strategies Fund | 872389214 | 2878951 | (40757067) | (37878116) |
| High Yield Fund | 186627340 | 2351740 | (10844784) | (8493044) |
| Limited Duration Fund | 5848978363 | 29716438 | (97806784) | (68090346) |
| Macro Opportunities Fund | 9102701684 | 90937747 | (406339065) | (315401318) |
| Municipal Income Fund | 33720098 | 353425 | (2670307) | (2316882) |
| Total Return Bond Fund | 33688732524 | 281875966 | (1440924417) | (1159048451) |
| Ultra Short Duration Fund | 469544793 | 770662 | (5662310) | (4891648) |

---

266 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

**Note 8 – Securities Transactions** 

For the period ended March 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Active INvestment Series (GAINS) - Core Plus Fund | $23956632 | $661190 |
| Active INvestment Series (GAINS) - Limited Duration Fund | 12123881 | 369525 |
| Core Bond Fund | 471627094 | 237678327 |
| Floating Rate Strategies Fund | 247677232 | 358197932 |
| High Yield Fund | 34178893 | 52260116 |
| Limited Duration Fund | 520178147 | 415740620 |
| Macro Opportunities Fund | 1690683939 | 575715960 |
| Municipal Income Fund | 11650894 | 44053 |
| Total Return Bond Fund | 4262201167 | 1481440184 |
| Ultra Short Duration Fund | 51509573 | 66338836 |

---

For the period ended March 31, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Core Bond Fund | $443507614 | $393168938 |
| Limited Duration Fund | 507656833 | 86222217 |
| Macro Opportunities Fund |  | 21000000 |
| Total Return Bond Fund | 3172002581 | 4213732744 |

---

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

**Note 9 – Unfunded Loan Commitments** 

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of March 31, 2025. The Funds are obligated to fund these loan commitments at the borrower's discretion.

The unfunded loan commitments as of March 31, 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 |
| **Active INvestment Series (GAINS) - Limited Duration Fund** | **Active INvestment Series (GAINS) - Limited Duration Fund** |  |  |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 805 | 4 |
| **Core Bond Fund** |  |  |  |  |
|  | Akso Health Group | 07/20/26 | 1000000 |  |
|  | Cliffwater LLC | 03/19/32 | 1450000 |  |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 267

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount\*** | **Value** |
| **Floating Rate Strategies Fund** |  |  |  |  |
|  | Alter Domus | 10/30/31 | 130081 | $— |
|  | AmSpec Parent LLC | 12/11/31 | 452021 | 845 |
|  | Citrin Cooperman Advisors LLC | 03/05/32 | 113333 | 920 |
|  | Convergint | 03/31/28 | 55293 | 415 |
|  | Franchise Group, Inc. | 04/30/25 | 371905 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 382877 |  |
|  | Hanger, Inc. | 10/23/31 | 197795 | 289 |
|  | Secretariat Advisors LLC | 02/21/32 | 289171 | 1446 |
|  |  |  |  | 3915 |
| **High Yield Fund** |  |  |  |  |
|  | AmSpec Parent LLC | 12/11/31 | 94903 | 178 |
|  | Franchise Group, Inc. | 04/30/25 | 88281 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 451506 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 51075 | 255 |
|  |  |  |  | 433 |
| **Limited Duration Fund** |  |  |  |  |
|  | Datix Bidco Ltd. | 04/25/31 | 539050 | 2061 |
|  | QTS Good News Facility | 10/09/28 | 6062311 |  |
|  |  |  |  | 2061 |
| **Macro Opportunities Fund** |  |  |  |  |
|  | Akso Health Group | 07/20/26 | 1000000 |  |
|  | Alter Domus | 10/30/31 | 232066 |  |
|  | AmSpec Parent LLC | 12/11/31 | 340000 | 536 |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 483022 | 2471 |
|  | Care BidCo | 05/04/28 | EUR 9,200,000 | 409889 |
|  | Checkers Holdings, Inc. | 06/16/27 | 262053 |  |
|  | Citrin Cooperman Advisors LLC | 03/05/32 | 1069697 | 8686 |
|  | Cliffwater LLC | 03/19/32 | 13240000 |  |
|  | Convergint | 03/31/28 | 569196 | 4269 |
|  | Datix Bidco Ltd. | 10/25/30 | 6718000 | 25604 |
|  | Finastra USA, Inc. | 09/13/29 | 723106 | 66274 |
|  | GrafTech Finance, Inc. | 11/04/29 | 2983552 |  |
|  | Grant Thornton Advisors LLC | 06/02/31 | 195652 | 1162 |
|  | Hanger, Inc. | 10/23/31 | 552662 | 807 |
|  | Integrated Power Services Holdings, Inc. | 11/22/28 | 2151070 | 5603 |
|  | Kerridge Commercial Systems Bidco Ltd. | 09/07/30 | GBP 3,920,982 | 75983 |
|  | MB2 Dental Solutions LLC | 02/13/31 | 3907594 | 68936 |
|  | Oil Changer Holding Corp. | 02/08/27 | 1153628 |  |
|  | Polaris Newco LLC | 06/04/26 | 12855096 | 378402 |
|  | QTS Good News Facility | 10/09/28 | 10139149 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 405376 | 2027 |
|  | Shaw Development LLC | 10/30/29 | 734043 | 11212 |
|  | TK Elevator Midco GmbH | 01/29/27 | EUR 9,478,618 | 320356 |
|  |  |  |  | 1382217 |
| **Total Return Bond Fund** |  |  |  |  |
|  | Akso Health Group | 07/20/26 | 3775000 |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | 1098875 | 5245 |
|  | Cliffwater LLC | 03/19/32 | 17748212 |  |
|  | Datix Bidco Ltd. | 04/25/31 | 5876990 | 22472 |
|  | GrafTech Finance, Inc. | 11/04/29 | 559867 |  |
|  | Hanger, Inc. | 10/23/31 | 976854 | 1426 |
|  | Higginbotham Insurance Agency, Inc. | 11/24/28 | 4665263 | 32337 |
|  | MB2 Dental Solutions LLC | 02/13/31 | 5348196 | 93569 |
|  | QTS Good News Facility | 10/09/28 | 26433265 |  |
|  |  |  |  | 155049 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
|  | &nbsp;&nbsp;EUR - Euro |
|  | &nbsp;&nbsp;GBP - British Pound |

---

268 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 | $779705 | $709507 |
|  | Copper River CLO Ltd. |  |  |  |
|  | 2007-1A INC, (WAC) due 01/20/21<sup>1</sup> | 05/09/14 |  | 70 |
|  | Nassau LLC |  |  |  |
|  | 2019-1 3.98% due 08/15/34 | 08/16/19 | 438499 | 399487 |
|  |  |  | 1218204 | 1109064 |
| **Floating Rate Strategies Fund** |  |  |  |  |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | due 06/24/19<sup>2</sup> | 12/31/13 | 1160811 | 6399 |
| **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. |  |  |  |
|  | due 06/24/19<sup>2</sup> | 12/31/13 | 252369 | 1391 |
|  | Sabre GLBL, Inc. |  |  |  |
|  | 7.38% due 09/01/25 | 08/20/20 | 320050 | 320000 |
|  | Sabre GLBL, Inc. |  |  |  |
|  | 9.25% due 04/15/25 | 01/05/22 | 31000 | 30923 |
|  |  |  | 616314 | 352530 |
| **Limited Duration Fund** |  |  |  |  |
|  | Copper River CLO Ltd. |  |  |  |
|  | 2007-1A, INC, (WAC) due 01/20/21<sup>1</sup> | 05/09/14 |  | 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. |  |  |  |
|  | 2007-1A, INC, (WAC) 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 | 183 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | 2015-R1, 0.70% (WAC) due 10/25/52<sup>3,4</sup> | 09/20/24 | 7862019 | 7599704 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | 2015-R1, 0.70% (WAC) due 11/25/52<sup>3,4</sup> | 01/29/20 | 9195379 | 6993212 |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp;due 06/24/19<sup>2</sup> | 12/31/13 | 1710483 | 9427 |
|  | Nassau LLC |  |  |  |
|  | 2019-1, 3.98% due 08/15/34 | 08/16/19 | 7279026 | 6631475 |
|  |  |  | 29464142 | 21235257 |

---

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 269

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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 | 16103033 | 14544889 |
|  | Copper River CLO Ltd. |  |  |  |
|  | 2007-1A INC, (WAC) due 01/20/21<sup>1</sup> | 05/09/14 |  | 150 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | 2015-R1 4.65% (WAC) due 11/25/55<sup>3</sup> | 03/07/18 | 77924346 | 59742019 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | 2015-R1 4.65% (WAC) due 11/25/55<sup>3</sup> | 11/09/17 | 45695668 | 36029246 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |  |
|  | 2015-R1 0.70% (WAC) due 11/25/55<sup>3,4</sup> | 12/16/19 | 12659928 | 9240281 |
|  | Nassau LLC |  |  |  |
|  | 2019-1 3.98% due 08/15/34 | 08/16/19 | 7623080 | 6951064 |
|  | SPSS |  |  |  |
|  | 5.14% due 11/15/52 | 03/30/23 | 120108 | 122297 |
|  |  |  | 161630552 | 126629947 |

---

\* Non-income producing security.

<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 March 31, 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, $1,165,000,000 line of credit from Citibank, N.A., which was in place through September 29, 2024, at which time the line of credit was renewed as a 364-day committed, $1,115,000,000 line of credit. A Fund may draw (borrow) from the line of credit as a temporary measure for emergency purposes, to facilitate redemption requests, or for other short-term liquidity purposes consistent with the Fund's investment objective and program. For example, it may be advantageous for the Fund to borrow money rather than sell existing portfolio positions to meet redemption requests. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank's "base rate", SOFR plus 1%, or the federal funds rate plus 1/2 of 1%.

The commitment fee that may be paid by the Funds is at an annualized rate of 0.15% of the average daily amount of their allocated unused commitment amount. The commitment fee amount is allocated to the individual Funds based on the respective net assets of each participating Fund and is referenced in the Funds' Statements of Operations under "Line of credit fees". The Funds did not have any borrowings under this agreement as of and for the period ended March 31, 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

270 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

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

by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

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

**Note 13 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**Note 14 – Subsequent Events** 

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 271

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

**Sector Classification** 

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

**Quarterly Portfolio Schedules Information** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. 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.

272 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 273

**ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

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

274 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 275

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**Board Considerations Regarding Approval of Investment Advisory Agreement** 

At a meeting held in person on November 20-21, 2024, the Board of Trustees of Guggenheim Funds Trust (the "Trust"), including the Independent Trustees, unanimously approved an amended and restated investment advisory agreement (the "GPIM Advisory Agreement") with Guggenheim Partners Investment Management, LLC ("GPIM") on behalf of the series of the Trust listed below (each a "Fund" and collectively, the "Funds") for the purpose of transferring to GPIM the duties and responsibilities of Security Investors, LLC ("Security Investors"), as investment adviser to the Funds under the Funds' current investment advisory agreement with Security Investors (the "SI Advisory Agreement"), for the remainder of the current term of the SI Advisory Agreement:

● Guggenheim Core Bond Fund ● Guggenheim High Yield Fund

● Guggenheim Municipal Income Fund

GPIM and Security Investors are each an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm ("Guggenheim Partners"). Guggenheim Partners, Security Investors, GPIM and their affiliates may be referred to herein collectively as "Guggenheim." GPIM and Security Investors are also known as "Guggenheim Investments," the global asset management and investment advisory division of Guggenheim Partners that includes other affiliated investment management businesses.

At a meeting held in person on August 20-21, 2024, Guggenheim had preliminary discussions with the Board regarding the proposed GPIM Advisory Agreement in connection with an internal realignment at Guggenheim to consolidate Guggenheim's fixed-income registered funds under a single investment adviser, GPIM (the "Internal Realignment"). Following those preliminary discussions, independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), on behalf of the Contracts Review Committee of the Board (the "Committee"), consisting solely of the Independent Trustees, submitted formal requests for information to Guggenheim regarding the proposed GPIM Advisory Agreement and the Internal Realignment, and Guggenheim provided information and materials in response to those requests.

At a meeting held in person on November 20, 2024 (the "November Committee Meeting"), the Committee met separately from Guggenheim to consider the proposed GPIM Advisory Agreement. As part of its review process, the Committee was represented by 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 GPIM Advisory Agreement and certain other related contractual arrangements. Counsel to the Trust ("Fund Counsel") also provided a legal opinion to the Board, advising that the proposed GPIM Advisory Agreement and the Internal Realignment should not be deemed to constitute an "assignment" for purposes of the Investment Company Act of 1940, as amended, and should not require approval by shareholder vote. In addition, Guggenheim discussed the proposed GPIM Advisory Agreement and the Internal Realignment at the November 20-21, 2024 Board meeting. The Committee reviewed and considered the various information and materials provided by Guggenheim and Fund Counsel.

The Committee considered Guggenheim's rationale for the proposed GPIM Advisory Agreement and the Internal Realignment, noting Guggenheim's statement that the proposal to consolidate its fixed-income registered funds under a single adviser will benefit GPIM and Guggenheim to the extent it may eliminate the need for certain intercompany arrangements and simplify certain internal financial accounting and allocation processes. The Committee also considered Guggenheim's belief that the proposal is consistent with the best interests of each Fund. The Committee noted Guggenheim's statement that GPIM and Security Investors operate as a single entity, rather than as separate entities with distinct operations and capabilities, and have access to the same personnel, information and other resources. In addition, the Committee considered that Guggenheim had agreed to pay any legal and Board costs associated with the consideration and implementation of the GPIM Advisory Agreement and that the Funds would not bear any costs or expenses in connection with the proposal.

The Committee noted that the Board, including the Independent Trustees, last approved the renewal of the SI Advisory Agreement for each Fund for an additional annual term at a meeting held in person on May 20-21, 2024. The Committee noted that in connection with such approval the Board had concluded for each Fund, based on the information and materials provided by Guggenheim in connection with the 2024 contract review process (the "2024 Contract Review Materials"), 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 SI Advisory Agreement was in the best interest of each Fund.

In reviewing the proposed GPIM Advisory Agreement for each Fund, the Committee considered that the sole purpose of the proposed GPIM Advisory Agreement is to transfer investment adviser duties and responsibilities for each Fund from Security Investors to GPIM in connection with the Internal Realignment. In this regard, the Committee noted Guggenheim's representations with respect to each Fund indicating that, under the proposed GPIM Advisory Agreement: (1) the Fund's contractual investment advisory fee would not change; (2) Guggenheim does not

276 \| THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)

expect that the Fund will experience any material changes in its expenses; (3) Guggenheim does not expect any changes in the overall nature, extent and quality of the services provided to the Fund; (4) because the investment advisers that comprise Guggenheim Investments, including GPIM and Security Investors, effectively function as a single asset manager, the day-to-day management of the Fund would not change and there would be no changes to the Fund's portfolio managers; (5) there are no material differences in the terms of the proposed GPIM Advisory Agreement as compared to the SI Advisory Agreement; and (6) with respect to Guggenheim Municipal Income Fund, its current sub-advisory arrangement with GPIM would be eliminated and GPIM would assume sole responsibility for investment adviser duties and responsibilities. The Committee also noted Guggenheim's statement indicating that, as amended and supplemented by the information and materials provided in connection with the proposed GPIM Advisory Agreement, the Committee and the Board may continue to rely on the 2024 Contract Review Materials in their consideration of the proposed GPIM Advisory Agreement.

Following an analysis and discussion of relevant factors, including those identified above, and in the exercise of its business judgment, the Committee concluded that the proposed investment advisory fees are fair and reasonable in light of the nature, extent and quality of the services expected to be provided and other benefits to be received and that it was in the best interest of each Fund to recommend that the Board approve the GPIM Advisory Agreement for 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 approved the GPIM Advisory Agreement for each Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 277

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

Not applicable.

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

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

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

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

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

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's President (principal executive officer) and Treasurer (principal financial officer)
have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act)
as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment
Company Act, that the registrant's disclosure controls and procedures were effective as of that date in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this
report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant's
internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

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

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

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

(a)(1) Not applicable.

(a)(2) [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.](fp0092692-110_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.](fp0092692-110_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 | June 5, 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 | June 5, 2025 |
| By (Signature and Title) | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date | June 5, 2025 |

---

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

## Ex-99.Cert

EX-19(a)(2)(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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Brian E. Binder |
| | | Brian E. Binder<br> President and Chief Executive Officer |

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EX.-19(a)(2)(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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | June 5, 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: | June 5, 2025 |  |
|  |  | /s/ Brian E. Binder |
|  |  | Brian E. Binder |
|  |  | President and Chief Executive Officer |
| Date: | June 5, 2025 |  |
|  |  | /s/ James Howley |
|  |  | James Howley |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---