UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 01136

Guggenheim Funds Trust (Exact name of registrant as specified in charter)

805 King Farm Boulevard, Suite 600Rockville, Maryland 20850 (Address of principal executive offices) (Zip code)

Amy J. Lee

Guggenheim Funds Trust805 King Farm Boulevard, Suite 600Rockville, Maryland 20850 (Name and address of agent for service)

Registrant's telephone number, including area code: 1-301-296-5100

Date of fiscal year end: September 30

Date of reporting period: March 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e‑1 under the Investment Company Act of 1940 (17 CFR 270.30e‑1).  The Commission may use the information provided on Form N‑CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N‑CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N‑CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549‑0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Reports to Stockholders.

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:

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim Funds Trust-Equity

Guggenheim Alpha Opportunity Fund

Guggenheim Enhanced World Equity Fund

Guggenheim Large Cap Value Fund

Guggenheim Risk Managed Real Estate Fund

Guggenheim Small Cap Value Fund

Guggenheim StylePlus—Large Core Fund

Guggenheim StylePlus—Mid Growth Fund

Guggenheim World Equity Income Fund

SBE-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
ALPHA OPPORTUNITY FUND	8
ENHANCED WORLD EQUITY FUND	19
LARGE CAP VALUE FUND	25
RISK MANAGED REAL ESTATE FUND	34
SMALL CAP VALUE FUND	42
STYLEPLUS—LARGE CORE FUND	49
STYLEPLUS—MID GROWTH FUND	59
WORLD EQUITY INCOME FUND	68
NOTES TO FINANCIAL STATEMENTS	76
OTHER INFORMATION	91
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	92
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	96

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

 March 31, 2015

Dear Shareholder:

Security Investors, LLC and Guggenheim Partners Investment Management (the “Investment Advisers”) are pleased to present the semi-annual shareholder report for a selection of our Funds (the “Funds”) for the six-month period ended March 31, 2015.

The Investment Advisers are part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Advisers.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges ("CDSC") on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Alpha Opportunity Fund
A-Class	2.66%	4.04%	$1,000.00	$1,040.40	$13.53
C-Class	3.39%	3.67%	1,000.00	1,036.70	17.21
Institutional Class	2.42%	4.17%	1,000.00	1,041.70	12.32
Enhanced World Equity Fund
A-Class	1.26%	(0.84%)	1,000.00	991.60	6.26
C-Class	2.01%	(1.25%)	1,000.00	987.50	9.96
Institutional Class	1.01%	(0.74%)	1,000.00	992.60	5.02
Large Cap Value Fund
A-Class	1.16%	2.18%	1,000.00	1,021.80	5.85
B-Class4	0.91%	2.34%	1,000.00	1,023.40	4.59
C-Class	1.91%	1.84%	1,000.00	1,018.40	9.61
Institutional Class	0.91%	2.34%	1,000.00	1,023.40	4.59
Risk Managed Real Estate Fund
A-Class	1.53%	19.35%	1,000.00	1,193.50	8.37
C-Class	2.27%	18.96%	1,000.00	1,189.60	12.39
Institutional Class	1.24%	19.56%	1,000.00	1,195.60	6.79
Small Cap Value Fund
A-Class	1.34%	7.68%	1,000.00	1,076.80	6.94
C-Class	2.09%	7.33%	1,000.00	1,073.30	10.80
Institutional Class	1.09%	7.85%	1,000.00	1,078.50	5.65
StylePlus—Large Core Fund
A-Class	1.33%	6.15%	1,000.00	1,061.50	6.84
B-Class	2.61%	5.44%	1,000.00	1,054.40	13.37
C-Class	2.25%	5.66%	1,000.00	1,056.60	11.54
Institutional Class	1.21%	6.25%	1,000.00	1,062.50	6.22
StylePlus—Mid Growth Fund
A-Class	1.48%	11.54%	1,000.00	1,115.40	7.81
B-Class	2.86%	10.76%	1,000.00	1,107.60	15.03
C-Class	2.34%	11.05%	1,000.00	1,110.50	12.31
Institutional Class	1.34%	11.60%	1,000.00	1,116.00	7.07
World Equity Income Fund
A-Class	1.48%	0.43%	1,000.00	1,004.30	7.40
B-Class4	1.23%	0.52%	1,000.00	1,005.20	6.15
C-Class	2.23%	0.04%	1,000.00	1,000.40	11.12
Institutional Class	1.22%	0.56%	1,000.00	1,005.60	6.10

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Alpha Opportunity Fund
A-Class	2.66%	5.00%	$1,000.00	$1,011.67	$13.34
C-Class	3.39%	5.00%	1,000.00	1,008.03	16.97
Institutional Class	2.42%	5.00%	1,000.00	1,012.86	12.14
Enhanced World Equity Fund
A-Class	1.26%	5.00%	1,000.00	1,018.65	6.34
C-Class	2.01%	5.00%	1,000.00	1,014.91	10.10
Institutional Class	1.01%	5.00%	1,000.00	1,019.90	5.09
Large Cap Value Fund
A-Class	1.16%	5.00%	1,000.00	1,019.15	5.84
B-Class4	0.91%	5.00%	1,000.00	1,020.39	4.58
C-Class	1.91%	5.00%	1,000.00	1,015.41	9.60
Institutional Class	0.91%	5.00%	1,000.00	1,020.39	4.58
Risk Managed Real Estate Fund
A-Class	1.53%	5.00%	1,000.00	1,017.30	7.70
C-Class	2.27%	5.00%	1,000.00	1,013.61	11.40
Institutional Class	1.24%	5.00%	1,000.00	1,018.75	6.24
Small Cap Value Fund
A-Class	1.34%	5.00%	1,000.00	1,018.25	6.74
C-Class	2.09%	5.00%	1,000.00	1,014.51	10.50
Institutional Class	1.09%	5.00%	1,000.00	1,019.50	5.49
StylePlus—Large Core Fund
A-Class	1.33%	5.00%	1,000.00	1,018.30	6.69
B-Class	2.61%	5.00%	1,000.00	1,011.92	13.09
C-Class	2.25%	5.00%	1,000.00	1,013.71	11.30
Institutional Class	1.21%	5.00%	1,000.00	1,018.90	6.09
StylePlus—Mid Growth Fund
A-Class	1.48%	5.00%	1,000.00	1,017.55	7.44
B-Class	2.86%	5.00%	1,000.00	1,010.67	14.34
C-Class	2.34%	5.00%	1,000.00	1,013.26	11.75
Institutional Class	1.34%	5.00%	1,000.00	1,018.25	6.74
World Equity Income Fund
A-Class	1.48%	5.00%	1,000.00	1,017.55	7.44
B-Class4	1.23%	5.00%	1,000.00	1,018.80	6.19
C-Class	2.23%	5.00%	1,000.00	1,013.81	11.20
Institutional Class	1.22%	5.00%	1,000.00	1,018.85	6.14

1	This ratio represents annualized net expenses, which may include short dividend and interest expenses. Excluding these expenses, the operating expense ratio for the Alpha Opportunity Fund would be 1.79%, 2.54% and 1.54% and the Risk Managed Real Estate Fund would be 1.29%, 2.05% and 1.01% for the A-Class, C-Class and Institutional Class, respectively. Excludes expenses of the underlying funds in which the Funds invest.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.
4	B-Class shares did not charge 12b-1 fees during the period.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

ALPHA OPPORTUNITY FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	July 7, 2003
C-Class	July 7, 2003
Institutional Class	November 7, 2008

Ten Largest Holdings (% of Total Net Assets)
Wal-Mart Stores, Inc.	1.4%
ConAgra Foods, Inc.	1.4%
Merck & Company, Inc.	1.2%
Intel Corp.	1.0%
DaVita HealthCare Partners, Inc.	1.0%
International Business Machines Corp.	1.0%
Brixmor Property Group, Inc.	1.0%
Quest Diagnostics, Inc.	1.0%
Ingredion, Inc.	1.0%
Anthem, Inc.	0.9%
Top Ten Total	10.9%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Value
COMMON STOCKS† - 80.3%
CONSUMER, NON-CYCLICAL - 28.8%
ConAgra Foods, Inc.		4,683	$	171,065
Merck & Company, Inc.		2,578		148,184
DaVita HealthCare Partners, Inc.*		1,588		129,073
Quest Diagnostics, Inc.		1,589		122,115
Ingredion, Inc.		1,566		121,866
Anthem, Inc.		768		118,586
Molson Coors Brewing Co. — Class B		1,508		112,271
Coca-Cola Enterprises, Inc.		2,490		110,058
Baxter International, Inc.		1,602		109,737
UnitedHealth Group, Inc.		856		101,256
HCA Holdings, Inc.*		1,298		97,649
Aetna, Inc.		886		94,386
Gilead Sciences, Inc.		949		93,124
Pfizer, Inc.		2,658		92,473
PepsiCo, Inc.		949		90,743
Cigna Corp.		696		90,090
Campbell Soup Co.		1,848		86,024
Humana, Inc.		463		82,423
Omnicare, Inc.		1,030		79,372
Epizyme, Inc.*		4,077		76,567
Universal Health Services, Inc. — Class B		614		72,274
ManpowerGroup, Inc.		801		69,007
United Rentals, Inc.*		679		61,898
Dr Pepper Snapple Group, Inc.		758		59,488
SUPERVALU, Inc.*		4,980		57,917
Magellan Health, Inc.*		761		53,894
Eli Lilly & Co.		733		53,252
JM Smucker Co.		446		51,615
Tekmira Pharmaceuticals Corp.*		2,951		51,524
Molina Healthcare, Inc.*		727		48,920
Amgen, Inc.		300		47,955
MEDNAX, Inc.*		643		46,624
Cardinal Health, Inc.		511		46,128
Coca-Cola Co.		1,137		46,105
Varian Medical Systems, Inc.*		480		45,163
H&R Block, Inc.		1,400		44,898
Darling Ingredients, Inc.*		3,056		42,815
Hershey Co.		413		41,676
Centene Corp.*		587		41,495
Select Medical Holdings Corp.		2,727		40,441
United Therapeutics Corp.*		232		40,005
Halyard Health, Inc.*		811		39,901
Health Net, Inc.*		647		39,137
Andersons, Inc.		923		38,185
Cal-Maine Foods, Inc.		976		38,123
LifePoint Hospitals, Inc.*		509		37,386
Sanderson Farms, Inc.		467		37,197
Hill-Rom Holdings, Inc.		758		37,142
Chemed Corp.		306		36,536
Total System Services, Inc.		953		36,357
Stryker Corp.		385		35,516
Patterson Companies, Inc.		725		35,373
Medifast, Inc.*		1,142		34,226
Total Consumer, Non-cyclical				3,635,235
INDUSTRIAL - 14.0%
Emerson Electric Co.		2,042		115,618
Fluor Corp.		2,008		114,778
Joy Global, Inc.		2,164		84,786
Energizer Holdings, Inc.		529		73,028
AGCO Corp.		1,489		70,936
Parker-Hannifin Corp.		589		69,961
CSX Corp.		1,977		65,479
Oshkosh Corp.		1,322		64,500
Norfolk Southern Corp.		613		63,090
Terex Corp.		2,359		62,726
Jacobs Engineering Group, Inc.*		1,315		59,386
ITT Corp.		1,462		58,349
Timken Co.		1,341		56,510
Kirby Corp.*		752		56,438
Kennametal, Inc.		1,637		55,150
Jabil Circuit, Inc.		2,247		52,534
Con-way, Inc.		1,138		50,220
Avnet, Inc.		1,113		49,528
Triumph Group, Inc.		800		47,776
Stanley Black & Decker, Inc.		484		46,154
Deere & Co.		505		44,283
Arrow Electronics, Inc.*		666		40,726
Trinity Industries, Inc.		1,132		40,197
Sanmina Corp.*		1,601		38,728
Tech Data Corp.*		659		38,070
Waters Corp.*		304		37,793
Raytheon Co.		336		36,708
TE Connectivity Ltd.		501		35,882
Actuant Corp. — Class A		1,488		35,325
Valmont Industries, Inc.		283		34,775
Lincoln Electric Holdings, Inc.		525		34,330
Union Pacific Corp.		310		33,576
Total Industrial				1,767,340
TECHNOLOGY - 11.7%
Intel Corp.		4,221		131,990
International Business Machines Corp.		801		128,561
Micron Technology, Inc.*		4,317		117,120
NetApp, Inc.		3,226		114,394
SanDisk Corp.		1,678		106,754
EMC Corp.		3,394		86,751
Seagate Technology plc		1,607		83,612
Hewlett-Packard Co.		2,595		80,860
Microsoft Corp.		1,946		79,115
Pitney Bowes, Inc.		3,137		73,155
Oracle Corp.		1,674		72,233
Xilinx, Inc.		1,425		60,278
Accenture plc — Class A		631		59,118
QUALCOMM, Inc.		748		51,866

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Value
Apple, Inc.		348	$	43,302
KLA-Tencor Corp.		740		43,135
Lexmark International, Inc. — Class A		956		40,477
CACI International, Inc. — Class A*		410		36,867
Texas Instruments, Inc.		626		35,798
MKS Instruments, Inc.		1,021		34,520
Total Technology				1,479,906
UTILITIES - 8.9%
Edison International		1,824		113,946
DTE Energy Co.		1,285		103,687
PPL Corp.		2,696		90,747
American Electric Power Company, Inc.		1,604		90,225
PG&E Corp.		1,643		87,194
AGL Resources, Inc.		1,641		81,477
National Fuel Gas Co.		1,156		69,741
OGE Energy Corp.		2,038		64,421
Global Partners, LP		1,648		57,350
Questar Corp.		2,268		54,114
Vectren Corp.		1,221		53,895
MDU Resources Group, Inc.		2,351		50,170
UGI Corp.		1,511		49,243
Great Plains Energy, Inc.		1,585		42,288
PNM Resources, Inc.		1,304		38,077
NextEra Energy, Inc.		358		37,250
Westar Energy, Inc.		952		36,900
Total Utilities				1,120,725
FINANCIAL - 7.8%
Brixmor Property Group, Inc.		4,694		124,626
Hartford Financial Services Group, Inc.		2,540		106,224
Aflac, Inc.		1,500		96,015
Prudential Financial, Inc.		1,034		83,041
American International Group, Inc.		1,401		76,762
MetLife, Inc.		1,317		66,574
Nationstar Mortgage Holdings, Inc.*		2,282		56,526
Principal Financial Group, Inc.		957		49,161
Assurant, Inc.		723		44,399
Berkshire Hathaway, Inc. — Class B*		297		42,863
Regions Financial Corp.		4,464		42,185
Loews Corp.		1,033		42,177
TCF Financial Corp.		2,504		39,363
ProAssurance Corp.		850		39,024
Charles Schwab Corp.		1,221		37,167
Northern Trust Corp.		525		36,566
Total Financial				982,673
CONSUMER, CYCLICAL - 4.1%
Wal-Mart Stores, Inc.		2,202		181,115
CVS Health Corp.		785		81,020
PACCAR, Inc.		1,139		71,916
Ingram Micro, Inc. — Class A*		2,067		51,923
Dana Holding Corp.		2,200		46,552
Costco Wholesale Corp.		275		41,661
WW Grainger, Inc.		155		36,551
Total Consumer, Cyclical				510,738
COMMUNICATIONS - 2.9%
Time Warner, Inc.		1,007		85,032
Scripps Networks Interactive, Inc. — Class A		854		58,550
General Communication, Inc. — Class A*		3,438		54,183
VeriSign, Inc.*		786		52,638
Viacom, Inc. — Class B		728		49,722
NETGEAR, Inc.*		1,131		37,187
Cablevision Systems Corp. — Class A		1,849		33,837
Total Communications				371,149
ENERGY - 1.5%
ConocoPhillips		837		52,111
Chevron Corp.		489		51,335
Marathon Oil Corp.		1,641		42,847
Anadarko Petroleum Corp.		517		42,813
Total Energy				189,106
BASIC MATERIALS - 0.6%
United States Steel Corp.		1,621		39,552
Nucor Corp.		775		36,836
Total Basic Materials				76,388
Total Common Stocks
(Cost $10,118,180)				10,133,260
SHORT TERM INVESTMENTS† - 8.0%
Goldman Sachs Financial Square Funds - Treasury Instruments Fund 0.00%		1,002,886		1,002,886
Total Short Term Investments
(Cost $1,002,886)				1,002,886
Total Investments - 88.3%
(Cost $11,121,066)				11,136,146
COMMON STOCKS SOLD SHORT† - (66.1)%
MIDSTREAM OIL – (0.0)%
Magellan Midstream Partners, LP		36		(2,762	)
UTILITIES - (0.7)%
NiSource, Inc.		1,006		(44,425	)
Dominion Resources, Inc.		633		(44,861	)
Total Utilities				(89,286	)
ENERGY - (1.9)%
Crestwood Equity Partners, LP		230		(1,380	)
Rose Rock Midstream, LP		51		(2,423	)
Holly Energy Partners, LP		79		(2,484	)
NuStar GP Holdings LLC		106		(3,752	)
Tesoro Logistics, LP		97		(5,219	)
Genesis Energy, LP		150		(7,050	)
ONEOK, Inc.		261		(12,591	)
SemGroup Corp. — Class A		156		(12,689	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Value
Williams Companies, Inc.		260	$	(13,153	)
Gulfport Energy Corp.*		887		(40,722	)
Exterran Holdings, Inc.		1,246		(41,828	)
Marathon Petroleum Corp.		429		(43,925	)
Spectra Energy Corp.		1,351		(48,866	)
Total Energy				(236,082	)
TECHNOLOGY - (3.3)%
CommVault Systems, Inc.*		757		(33,081	)
Intuit, Inc.		373		(36,166	)
Allscripts Healthcare Solutions, Inc.*		3,051		(36,490	)
Akamai Technologies, Inc.*		521		(37,014	)
Ultimate Software Group, Inc.*		222		(37,730	)
Cognizant Technology Solutions Corp. — Class A*		675		(42,113	)
Bottomline Technologies de, Inc.*		1,578		(43,190	)
Cerner Corp.*		641		(46,960	)
Solera Holdings, Inc.		920		(47,527	)
Adobe Systems, Inc.*		786		(58,117	)
Total Technology				(418,388	)
COMMUNICATIONS - (3.6)%
Walt Disney Co.		345		(36,187	)
ViaSat, Inc.*		713		(42,502	)
Nielsen N.V.		1,173		(52,281	)
Fortinet, Inc.*		1,601		(55,955	)
Priceline Group, Inc.*		51		(59,372	)
Facebook, Inc. — Class A*		975		(80,160	)
Amazon.com, Inc.*		329		(122,420	)
Total Communications				(448,877	)
BASIC MATERIALS - (5.3)%
HB Fuller Co.		824		(35,325	)
Dow Chemical Co.		756		(36,273	)
RPM International, Inc.		944		(45,303	)
Allegheny Technologies, Inc.		1,661		(49,847	)
Eastman Chemical Co.		730		(50,560	)
Minerals Technologies, Inc.		712		(52,047	)
Cytec Industries, Inc.		1,023		(55,283	)
Valspar Corp.		660		(55,459	)
Praxair, Inc.		487		(58,800	)
Ashland, Inc.		523		(66,583	)
Ecolab, Inc.		616		(70,458	)
Compass Minerals International, Inc.		1,006		(93,769	)
Total Basic Materials				(669,707	)
INDUSTRIAL - (7.5)%
Martin Midstream Partners, LP		20		(709	)
Greif, Inc. — Class A		878		(34,479	)
Graco, Inc.		478		(34,492	)
CH Robinson Worldwide, Inc.		492		(36,024	)
Allegion plc		622		(38,048	)
Kansas City Southern		384		(39,199	)
Knight Transportation, Inc.		1,244		(40,119	)
B/E Aerospace, Inc.		646		(41,099	)
UTI Worldwide, Inc.*		3,665		(45,080	)
TimkenSteel Corp.		1,764		(46,693	)
Lennox International, Inc.		419		(46,798	)
Pall Corp.		467		(46,882	)
Packaging Corporation of America		687		(53,717	)
AMETEK, Inc.		1,050		(55,167	)
Roper Industries, Inc.		322		(55,384	)
Louisiana-Pacific Corp.*		3,537		(58,396	)
Bemis Company, Inc.		1,305		(60,434	)
General Electric Co.		2,573		(63,836	)
Stericycle, Inc.*		456		(64,036	)
Sealed Air Corp.		1,754		(79,911	)
Total Industrial				(940,503	)
CONSUMER, NON-CYCLICAL - (7.8)%
Alkermes plc*		340		(20,730	)
ACADIA Pharmaceuticals, Inc.*		640		(20,858	)
Repligen Corp.*		765		(23,225	)
Halozyme Therapeutics, Inc.*		1,655		(23,633	)
Neurocrine Biosciences, Inc.*		597		(23,707	)
Alnylam Pharmaceuticals, Inc.*		229		(23,912	)
Ultragenyx Pharmaceutical, Inc.*		389		(24,153	)
Biogen, Inc.*		59		(24,912	)
Incyte Corp.*		276		(25,298	)
Medivation, Inc.*		201		(25,943	)
NewLink Genetics Corp.*		491		(26,863	)
Anacor Pharmaceuticals, Inc.*		486		(28,115	)
Insmed, Inc.*		1,444		(30,035	)
Bluebird Bio, Inc.*		249		(30,072	)
Receptos, Inc.*		195		(32,154	)
Brown-Forman Corp. — Class B		400		(36,140	)
Avery Dennison Corp.		686		(36,296	)
Church & Dwight Company, Inc.		427		(36,474	)
Monro Muffler Brake, Inc.		579		(37,664	)
WhiteWave Foods Co. — Class A*		871		(38,620	)
Perrigo Company plc		265		(43,871	)
Robert Half International, Inc.		780		(47,206	)
Cooper Companies, Inc.		260		(48,729	)
Akorn, Inc.*		1,061		(50,408	)
Equifax, Inc.		556		(51,708	)
Endo International plc*		600		(53,820	)
Edwards Lifesciences Corp.*		392		(55,844	)
McGraw Hill Financial, Inc.		655		(67,727	)
Total Consumer, Non-cyclical				(988,117	)
CONSUMER, CYCLICAL - (14.7)%
Polaris Industries, Inc.		236		(33,300	)
Home Depot, Inc.		316		(35,901	)
Johnson Controls, Inc.		718		(36,216	)
Ross Stores, Inc.		346		(36,455	)
Domino’s Pizza, Inc.		368		(37,002	)
Texas Roadhouse, Inc. — Class A		1,019		(37,122	)
Leggett & Platt, Inc.		808		(37,241	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Value
Fastenal Co.		910	$	(37,706	)
L Brands, Inc.		412		(38,847	)
Cinemark Holdings, Inc.		868		(39,121	)
G-III Apparel Group Ltd.*		349		(39,315	)
World Fuel Services Corp.		694		(39,891	)
Carter’s, Inc.		448		(41,427	)
Meritage Homes Corp.*		853		(41,490	)
Marriott International, Inc. — Class A		523		(42,007	)
Standard Pacific Corp.*		4,751		(42,759	)
American Eagle Outfitters, Inc.		2,505		(42,785	)
Whirlpool Corp.		212		(42,837	)
Mohawk Industries, Inc.*		234		(43,466	)
VF Corp.		581		(43,755	)
Tractor Supply Co.		518		(44,061	)
Signet Jewelers Ltd.		319		(44,274	)
Buffalo Wild Wings, Inc.*		251		(45,491	)
Lithia Motors, Inc. — Class A		462		(45,927	)
Carnival Corp.		985		(47,122	)
Thor Industries, Inc.		754		(47,660	)
Kate Spade & Co.*		1,566		(52,289	)
O’Reilly Automotive, Inc.*		259		(56,006	)
Harman International Industries, Inc.		425		(56,793	)
Pinnacle Entertainment, Inc.*		1,628		(58,755	)
NIKE, Inc. — Class B		616		(61,803	)
Skechers U.S.A., Inc. — Class A*		875		(62,921	)
DR Horton, Inc.		2,280		(64,934	)
Yum! Brands, Inc.		843		(66,362	)
Jarden Corp.*		1,330		(70,357	)
Hanesbrands, Inc.		2,326		(77,944	)
Royal Caribbean Cruises Ltd.		965		(78,986	)
Cabela’s, Inc.*		1,439		(80,555	)
Total Consumer, Cyclical				(1,850,883	)
FINANCIAL - (21.3)%
PennyMac Financial Services, Inc. — Class A*		216		(3,666	)
Dime Community Bancshares, Inc.		386		(6,215	)
Essent Group Ltd.*		471		(11,262	)
Capitol Federal Financial, Inc.		903		(11,288	)
MGIC Investment Corp.*		1,364		(13,135	)
Equity One, Inc.		912		(24,341	)
Boston Private Financial Holdings, Inc.		2,913		(35,393	)
Iron Mountain, Inc.		984		(35,896	)
Education Realty Trust, Inc.		1,028		(36,371	)
First Niagara Financial Group, Inc.		4,130		(36,509	)
United Bankshares, Inc.		979		(36,791	)
PNC Financial Services Group, Inc.		395		(36,830	)
Boston Properties, Inc.		264		(37,087	)
First Horizon National Corp.		2,611		(37,311	)
Parkway Properties, Inc.		2,196		(38,101	)
Navient Corp.		1,876		(38,139	)
American Campus Communities, Inc.		936		(40,126	)
Financial Engines, Inc.		996		(41,663	)
National Retail Properties, Inc.		1,031		(42,240	)
Public Storage		217		(42,779	)
E*TRADE Financial Corp.*		1,517		(43,318	)
Medical Properties Trust, Inc.		2,979		(43,910	)
PrivateBancorp, Inc. — Class A		1,251		(43,998	)
Simon Property Group, Inc.		227		(44,410	)
SVB Financial Group*		353		(44,845	)
Alexandria Real Estate Equities, Inc.		458		(44,902	)
HCP, Inc.		1,093		(47,229	)
Kilroy Realty Corp.		623		(47,454	)
Cousins Properties, Inc.		4,538		(48,103	)
Invesco Ltd.		1,229		(48,779	)
Citigroup, Inc.		969		(49,923	)
Equity Residential		653		(50,843	)
Sovran Self Storage, Inc.		544		(51,104	)
Valley National Bancorp		5,465		(51,590	)
Vornado Realty Trust		461		(51,632	)
Sabra Health Care REIT, Inc.		1,601		(53,073	)
Senior Housing Properties Trust		2,397		(53,189	)
Plum Creek Timber Company, Inc.		1,230		(53,444	)
FNB Corp.		4,159		(54,649	)
UDR, Inc.		1,612		(54,856	)
Goldman Sachs Group, Inc.		297		(55,827	)
AvalonBay Communities, Inc.		322		(56,109	)
EPR Properties		947		(56,848	)
BB&T Corp.		1,472		(57,393	)
U.S. Bancorp		1,373		(59,959	)
Crown Castle International Corp.		735		(60,667	)
Ventas, Inc.		832		(60,753	)
Taubman Centers, Inc.		807		(62,244	)
Federal Realty Investment Trust		461		(67,864	)
General Growth Properties, Inc.		2,393		(70,713	)
Regency Centers Corp.		1,094		(74,436	)
Health Care REIT, Inc.		1,000		(77,359	)
Kite Realty Group Trust		2,876		(81,017	)
Morgan Stanley		2,340		(83,515	)
Kimco Realty Corp.		3,160		(84,846	)
Realty Income Corp.		1,782		(91,948	)
Total Financial				(2,687,892	)
Total Common Stocks Sold Short
(Proceeds $8,205,135)				(8,332,497	)
EXCHANGE-TRADED FUNDS SOLD SHORT† - (1.6)%
SPDR S&P Biotech ETF		881		(198,666	)
Total Exchange-Traded Funds Sold Short
(Proceeds $201,023)				(198,666	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Value
CLOSED-END FUNDS SOLD SHORT† - (0.2)%
Herzfeld Caribbean Basin Fund, Inc.		3,390	$	(31,358	)
Total Closed-End Funds Sold Short
(Proceeds $36,671)				(31,358	)
Total Securities Sold Short - (67.9)%
(Proceeds $8,442,829)			$	(8,562,521	)
Other Assets & Liabilities, net - 79.6%				10,038,846
Total Net Assets - 100.0%			$	12,612,471
	Units		Unrealized Gain (Loss)
OTC TOTAL RETURN SWAP AGREEMENTS††
Morgan Stanley February 2016 Alpha Opportunity Short Custom Basket Swap, Terminating 02/03/161 (Notional Value $4,091,459)		74,791	$	(92,111	)
Morgan Stanley February 2016 Alpha Opportunity Long Custom Basket Swap, Terminating 02/03/162 (Notional Value $5,987,766)		155,568	$	(125,698	)
	Shares
CUSTOM BASKET OF LONG SECURITIES2
Kroger Co.		1,704		12,100
Agilent Technologies, Inc.		2,662		8,412
Express Scripts Holding Co.*		1,591		7,145
Telephone & Data Systems, Inc.		4,447		6,896
Valero Energy Corp.		1,390		6,259
AES Corp.		9,417		5,218
General Mills, Inc.		1,431		4,869
PAREXEL International Corp.*		882		3,812
Western Union Co.		2,777		3,125
The Gap, Inc.		2,178		2,742
Allstate Corp.		1,893		2,725
Southwest Gas Corp.		1,011		2,709
CA, Inc.		3,614		2,607
DST Systems, Inc.		569		2,485
Macy’s, Inc.		1,234		2,407
NRG Energy, Inc.		3,619		2,391
Progressive Corp.		2,342		1,772
Atlantic Tele-Network, Inc.		1,245		1,580
Bank of New York Mellon Corp.		1,505		1,236
Clean Harbors, Inc.*		1,281		1,163
Travelers Companies, Inc.		993		1,145
Chubb Corp.		538		520
Alaska Air Group, Inc.		1,068		498

WR Berkley Corp.	1,080	487
Caterpillar, Inc.	1,532	355
DENTSPLY International, Inc.	727	184
Quanta Services, Inc.*	1,915	(144	)
CR Bard, Inc.	384	(227	)
Medtronic plc	1,111	(241	)
Delta Air Lines, Inc.	1,246	(326	)
AT&T, Inc.	1,096	(365	)
General Dynamics Corp.	404	(469	)
Comerica, Inc.	1,431	(670	)
Teradata Corp.*	1,806	(958	)
Northrop Grumman Corp.	333	(990	)
First Solar, Inc.*	925	(1,103	)
Everest Re Group Ltd.	342	(1,326	)
JPMorgan Chase & Co.	1,018	(1,358	)
State Street Corp.	902	(1,394	)
Johnson & Johnson	949	(1,514	)
Archer-Daniels-Midland Co.	3,864	(1,573	)
Fossil Group, Inc.*	618	(1,598	)
Dover Corp.	1,623	(1,611	)
Franklin Resources, Inc.	1,036	(2,117	)
Cummins, Inc.	464	(2,278	)
Symantec Corp.	2,619	(2,386	)
St. Jude Medical, Inc.	1,443	(2,716	)
Juniper Networks, Inc.	4,058	(3,023	)
Computer Sciences Corp.	767	(3,695	)
Kimberly-Clark Corp.	1,270	(3,833	)
Procter & Gamble Co.	1,090	(4,086	)
Murphy Oil Corp.	1,331	(4,178	)
AbbVie, Inc.	974	(4,509	)
Apache Corp.	879	(5,120	)
Public Service Enterprise Group, Inc.	3,011	(5,266	)
Chesapeake Energy Corp.	3,880	(5,406	)
Cisco Systems, Inc.	3,054	(5,481	)
FedEx Corp.	617	(5,738	)
Hess Corp.	881	(5,787	)
Xerox Corp.	11,404	(5,887	)
Windstream Holdings, Inc.	9,585	(7,050	)
Avon Products, Inc.	10,789	(7,476	)
Consolidated Edison, Inc.	836	(8,661	)
Philip Morris International, Inc.	1,516	(9,047	)
Ameren Corp.	2,239	(9,584	)
Pinnacle West Capital Corp.	1,443	(11,110	)
Corning, Inc.	5,524	(11,499	)
CenturyLink, Inc.	4,067	(11,844	)
Western Digital Corp.	987	(13,853	)
CenterPoint Energy, Inc.	5,549	(16,496	)
Entergy Corp.	1,558	(16,547	)
Total Long Swap Holdings		(125,698	)
CUSTOM BASKET OF SHORT SECURITIES1
SunCoke Energy, Inc.	3,569	9,425
TripAdvisor, Inc.*	1,168	7,616

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
ALPHA OPPORTUNITY FUND

	Shares		Unrealized Gain (Loss)
Freeport-McMoRan, Inc.		3,992	$	6,721
Autodesk, Inc.*		1,503		5,613
Discovery Communications, Inc. — Class C*		2,009		5,231
CF Industries Holdings, Inc.		172		3,803
Airgas, Inc.		547		3,773
Vertex Pharmaceuticals, Inc.*		745		2,218
American Tower Corp. — Class A		520		2,216
Mosaic Co.		994		2,083
Air Products & Chemicals, Inc.		448		1,846
Monsanto Co.		304		1,797
Ball Corp.		1,253		1,023
EI du Pont de Nemours & Co.		818		945
Danaher Corp.		751		908
HollyFrontier Corp.		1,928		825
Rayonier, Inc.		2,385		719
BlackRock, Inc. — Class A		171		558
SL Green Realty Corp.		894		295
PPG Industries, Inc.		376		252
Newell Rubbermaid, Inc.		2,002		104
SunTrust Banks, Inc.		2,223		(219	)
FMC Corp.		1,526		(298	)
Intercontinental Exchange, Inc.		412		(363	)
People’s United Financial, Inc.		5,436		(533	)
Essex Property Trust, Inc.		350		(577	)
Associated Banc-Corp.		4,162		(715	)
Extra Space Storage, Inc.		1,066		(835	)
Wabtec Corp.		675		(903	)

New York Community Bancorp, Inc.	6,565	(924	)
Bank of the Ozarks, Inc.	2,007	(1,159	)
Tesoro Corp.	1,152	(1,564	)
salesforce.com, Inc.*	1,328	(2,176	)
Sherwin-Williams Co.	227	(2,197	)
Eagle Materials, Inc.	782	(2,300	)
Mobile Mini, Inc.	1,666	(2,461	)
Starwood Hotels & Resorts Worldwide, Inc.	1,001	(2,511	)
Signature Bank*	526	(2,742	)
Williams Companies, Inc.	1,868	(3,635	)
Men’s Wearhouse, Inc.	749	(3,781	)
Toll Brothers, Inc.*	979	(4,320	)
Starbucks Corp.	768	(4,381	)
Webster Financial Corp.	1,979	(4,492	)
International Flavors & Fragrances, Inc.	515	(5,530	)
AmerisourceBergen Corp. — Class A	670	(6,905	)
CME Group, Inc. — Class A	1,087	(7,212	)
CarMax, Inc.*	1,836	(7,781	)
Skyworks Solutions, Inc.	563	(7,988	)
Lennar Corp. — Class A	1,429	(8,132	)
Avago Technologies Ltd.	423	(8,874	)
Red Hat, Inc.*	1,084	(9,269	)
Under Armour, Inc. — Class A*	1,430	(10,847	)
Vulcan Materials Co.	1,070	(13,936	)
Martin Marietta Materials, Inc.	688	(20,522	)
Total Short Swap Holdings		(92,111	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Total Return is based on the return of the basket of short securities +/- financing at a variable rate.
2	Total Return is based on the return of the basket of long securities +/- financing at a variable rate.
	plc — Public Limited Company
	REIT— Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

ALPHA OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $11,121,066)	$	11,136,146
Segregated cash with broker		10,039,753
Cash		124,249
Prepaid expenses		49,251
Receivables:
Securities sold		446,925
Fund shares sold		28,347
Investment adviser		17,303
Dividends		14,940
Total assets		21,856,914
Liabilities:
Securities sold short, at value (proceeds $8,442,829)		8,562,521
Unrealized depreciation on swap agreements		217,809
Payable for:
Securities purchased		385,804
Swap settlement		23,337
Management fees		13,043
Distribution and service fees		2,939
Transfer agent/maintenance fees		2,381
Fund accounting/administration fees		2,123
Trustees’ fees*		245
Fund shares redeemed		117
Miscellaneous		34,124
Total liabilities		9,244,443
Net assets	$	12,612,471
Net assets consist of:
Paid in capital	$	18,034,229
Accumulated net investment loss		(109,665	)
Accumulated net realized loss on investments		(4,989,672	)
Net unrealized depreciation on investments		(322,421	)
Net assets	$	12,612,471
A-Class:
Net assets	$	9,516,901
Capital shares outstanding		509,455
Net asset value per share	$	18.68
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.61
C-Class:
Net assets	$	1,178,650
Capital shares outstanding		70,191
Net asset value per share	$	16.79
Institutional Class:
Net assets	$	1,916,920
Capital shares outstanding		73,431
Net asset value per share	$	26.11

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $13)	$	43,071
Interest		11
Total investment income		43,082
Expenses:
Management fees		69,724
Transfer agent/maintenance fees:
A-Class		10,214
C-Class		1,943
Institutional Class		1,404
Distribution and service fees:
A-Class		10,439
C-Class		5,306
Fund accounting/administration fees		12,465
Legal fees		53,585
Short sales dividend expense		24,968
Custodian fees		24,256
Professional fees		15,613
Prime broker interest expense		5,718
Trustees’ fees*		566
Tax expense		1
Miscellaneous		23,811
Total expenses		260,013
Less:
Expenses waived by Adviser		(109,823	)
Net expenses		150,190
Net investment loss		(107,108	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		151,962
Swap agreements		546,794
Securities sold short		(74,304	)
Net realized gain		624,452
Net change in unrealized appreciation (depreciation) on:
Investments		15,080
Securities sold short		(119,692	)
Swap agreements		(87,609	)
Futures contracts		32,652
Net change in unrealized appreciation (depreciation)		(159,569	)
Net realized and unrealized gain		464,883
Net increase in net assets resulting from operations	$	357,775

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

ALPHA OPPORTUNITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(107,108	)	$	(88,149	)
Net realized gain on investments		624,452			4,542,329
Net change in unrealized appreciation (depreciation) on investments		(159,569	)		(3,297,136	)
Net increase in net assets resulting from operations		357,775			1,157,044
Distributions to shareholders from:
Net investment income
A-Class		(1,982	)		—
C-Class		(278	)		—
Institutional Class		(297	)		—
Total distributions to shareholders		(2,557	)		—
Capital share transactions:
Proceeds from sale of shares
A-Class		1,827,219			2,752,898
C-Class		173,372			—
Institutional Class		278,496			—
Distributions reinvested
A-Class		1,955			—
C-Class		273			—
Institutional Class		297			—
Cost of shares redeemed
A-Class		(571,211	)		(3,326,323	)
B-Class		—			(628,571	)
C-Class		(138,447	)		(203,390	)
Institutional Class		(65,952	)		(270,604	)
Net increase (decrease) from capital share transactions		1,506,002			(1,675,990	)
Net increase (decrease) in net assets		1,861,220			(518,946	)
Net assets:
Beginning of period		10,751,251			11,270,197
End of period	$	12,612,471		$	10,751,251
Accumulated net investment loss at end of period	$	(109,665	)	$	—
Capital share activity:
Shares sold
A-Class		96,038			151,642
C-Class		10,099			—
Institutional Class		10,169			—
Shares issued from reinvestment of distributions
A-Class		103			—
C-Class		16			—
Institutional Class		11			—
Shares redeemed
A-Class		(30,328	)		(185,854	)
B-Class		—			(39,060	)
C-Class		(8,653	)		(13,056	)
Institutional Class		(2,200	)		(11,612	)
Net increase (decrease) in shares		75,255			(97,940	)

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

ALPHA OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	18.01		$	16.22		$	13.33		$	9.82		$	9.70		$	8.56
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.13	)		.03			(—	)c		(.04	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		.85			1.92			2.86			3.48			.16			1.20
Net increase from payments by affiliates		—			—			—			.03	d		—			—
Total from investment operations		.67			1.79			2.89			3.51			.12			1.14
Less distributions from:
Net investment income		(—	)f		—			—			—			—			—
Total distributions		(—	)f		—			—			—			—			—
Net asset value, end of period	$	18.68		$	18.01		$	16.22		$	13.33		$	9.82		$	9.70
Total Returne		4.04	%		11.04	%		21.38	%		35.74	%d		1.13	%		13.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,517		$	7,989		$	7,749		$	7,250		$	6,708		$	8,138
Ratios to average net assets:
Net investment income (loss)		(1.89	%)		(0.73	%)		0.19	%		(0.01	%)		(0.33	%)		(0.71	%)
Total expenses		4.63	%		3.25	%		3.99	%		2.99	%		3.39	%		3.51	%
Net expensesg,h		2.66	%		2.12	%		2.14	%		2.21	%		2.15	%		2.21	%
Portfolio turnover rate		149	%		—			488	%		707	%		868	%		954	%

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	16.25		$	14.74		$	12.21		$	9.07		$	9.03		$	8.02
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.23	)		(.07	)		(.09	)		(.11	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		.76			1.74			2.60			3.21			.15			1.13
Net increase from payments by affiliates		—			—			—			.02	d		—			—
Total from investment operations		.54			1.51			2.53			3.14			.04			1.01
Less distributions from:
Net investment income		(—	)f		—			—			—			—			—
Total distributions		(—	)f		—			—			—			—			—
Net asset value, end of period	$	16.79		$	16.25		$	14.74		$	12.21		$	9.07		$	9.03
Total Returne		3.67	%		10.24	%		20.48	%		34.62	%d		0.44	%		12.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,179		$	1,117		$	1,206		$	1,497		$	1,292		$	1,490
Ratios to average net assets:
Net investment income (loss)		(2.64	%)		(1.46	%)		(0.56	%)		(0.76	%)		(1.08	%)		(1.46	%)
Total expenses		5.48	%		4.11	%		4.84	%		3.80	%		4.14	%		4.28	%
Net expensesg,h		3.39	%		2.87	%		2.89	%		2.96	%		2.90	%		2.95	%
Portfolio turnover rate		149	%		—			488	%		707	%		868	%		954	%

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

ALPHA OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	25.13		$	22.58		$	18.52		$	13.53		$	13.33		$	11.73
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.12	)		.09			.04			(.01	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		1.19			2.67			3.97			4.82			.21			1.66
Net increase from payments by affiliates		—			—			—			.13	d		—			—
Total from investment operations		.98			2.55			4.06			4.99			.20			1.60
Less distributions from:
Net investment income		(—	)f		—			—			—			—			—
Total distributions		(—	)f		—			—			—			—			—
Net asset value, end of period	$	26.11		$	25.13		$	22.58		$	18.52		$	13.53		$	13.33
Total Returne		4.17	%		11.29	%		21.60	%		36.88	%d		1.50	%		13.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,917		$	1,645		$	1,740		$	1,518		$	1,326		$	1,444
Ratios to average net assets:
Net investment income (loss)		(1.64	%)		(0.48	%)		0.43	%		0.24	%		(0.08	%)		(0.48	%)
Total expenses		4.30	%		2.90	%		3.67	%		2.68	%		3.12	%		3.28	%
Net expensesg,h		2.42	%		1.87	%		1.90	%		1.96	%		1.90	%		1.96	%
Portfolio turnover rate		149	%		—			488	%		707	%		868	%		954	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net investment income (loss) is less than $0.01 per share.
d	For the year ended September 30, 2012, 0.30%, 0.22% and 0.96% of the Fund’s A-Class, C-Class and Institutional Class, respectively, total return consisted of a voluntary reimbursement by the Adviser for losses incurred during fund trading. Excluding this item, total return would have been 35.44%, 34.40% and 35.92% for the Fund’s A-Class, C-Class and Institutional Class, respectively.
e	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
f	Distributions from net investment income are less than $0.01 per share.
g	Net expense information reflects the expense ratios after expense waivers.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14	09/30/13	09/30/12	09/30/11	09/30/10
A-Class	1.79%	2.11%	2.11%	2.11%	2.11%	2.05%
C-Class	2.54%	2.86%	2.86%	2.86%	2.86%	2.80%
Institutional Class	1.54%	1.86%	1.86%	1.86%	1.86%	1.80%

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

FUND PROFILE (Unaudited) March 31, 2015

ENHANCED WORLD EQUITY FUND

OBJECTIVE: Seeks to achieve total return, comprised of capital appreciation and current income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	June 18, 2013
C-Class	June 18, 2013
Institutional Class	June 18, 2013

Ten Largest Holdings (% of Total Net Assets)
SPDR S&P 500 ETF Trust	29.9%
iShares MSCI EAFE ETF	26.5%
Vanguard FTSE Emerging Markets ETF	12.3%
iShares Russell 2000 ETF	9.4%
Powershares QQQ Trust Series 1	8.0%
Materials Select Sector SPDR Fund	3.0%
iShares MSCI United Kingdom ETF	3.0%
iShares MSCI Japan ETF	2.1%
iShares MSCI Brazil Capped ETF	1.9%
Energy Select Sector SPDR Fund	1.9%
Top Ten Total	98.0%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
ENHANCED WORLD EQUITY FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 98.9%
SPDR S&P 500 ETF Trust2		8,400	$	1,734,012
iShares MSCI EAFE ETF3		23,900		1,533,663
Vanguard FTSE Emerging Markets ETF		17,400		711,138
iShares Russell 2000 ETF		4,400		547,140
Powershares QQQ Trust Series 1		4,400		464,640
Materials Select Sector SPDR Fund		3,600		175,608
iShares MSCI United Kingdom ETF		9,600		172,896
iShares MSCI Japan ETF		9,500		119,035
iShares MSCI Brazil Capped ETF		3,600		112,932
Energy Select Sector SPDR Fund1		1,400		108,612
iShares MSCI Mexico Capped ETF		900		52,164
Total Exchange-Traded Funds
(Cost $5,790,443)				5,731,840
SHORT TERM INVESTMENTS† - 1.2%
Dreyfus Treasury Prime Cash Management Fund 0.00%		68,207		68,207
Total Short Term Investments
(Cost $68,207)				68,207
Total Investments - 100.1%
(Cost $5,858,650)			$	5,800,047

	Contracts
OPTIONS WRITTEN† - (0.2)%
Call options on:
iShares MSCI Mexico Capped ETF Expiring April 2015 with strike price of $61.00		6		(36	)
iShares MSCI Japan ETF Expiring April 2015 with strike price of $13.00		71		(213	)
SPDR S&P 500 ETF Trust Expiring April 2015 with strike price of $215.00		63		(378	)
Powershares QQQ Trust Series 1 Expiring April 2015 with strike price of $109.00		33		(594	)
iShares MSCI United Kingdom ETF Expiring April 2015 with strike price of $19.00		72		(720	)
iShares MSCI EAFE ETF Expiring April 2015 with strike price of $67.00		179		(1,253	)
Energy Select Sector SPDR Fund Expiring April 2015 with strike price of $77.00		10		(1,610	)
Materials Select Sector SPDR Fund Expiring April 2015 with strike price of $49.00		27		(1,620	)
iShares MSCI Brazil Capped ETF Expiring April 2015 with strike price of $32.00		27		(1,701	)
Vanguard FTSE Emerging Markets ETF Expiring April 2015 with strike price of $42.00		130		(2,600	)
iShares Russell 2000 ETF Expiring April 2015 with strike price of $126.00		33		(2,772	)
Total Options Written
(Premiums received $30,883)				(13,497	)
Other Assets & Liabilities, net - 0.1%				5,426
Total Net Assets - 100.0%			$	5,791,976

†	Value determined based on Level 1 inputs — See Note 4.
1	All or a portion of this security is pledged as collateral for open call options written contracts at March 31, 2015.
2	More information regarding the SPDR S&P 500 ETF Trust can be found at www.spdrs.com.
3	More information regarding the iShares MSCI EAFE ETF can be found at www.iShares.com.
	See Sector Classification in Other Information section.

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

ENHANCED WORLD EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $5,858,650)	$	5,800,047
Prepaid expenses		17,790
Cash		3,459
Receivables:
Investment adviser		10,118
Dividends		10,110
Total assets		5,841,524
Liabilities:
Options written, at value (premiums received $30,883)		13,497
Payable for:
Professional fees		11,460
Legal fees		9,026
Direct shareholders expense		6,048
Management fees		3,445
Transfer agent/maintenance fees		2,200
Fund accounting/administration fees		2,123
Distribution and service fees		65
Trustees’ fees*		12
Miscellaneous		1,672
Total liabilities		49,548
Net assets	$	5,791,976
Net assets consist of:
Paid in capital	$	5,961,480
Undistributed net investment income		25,975
Accumulated net realized loss on investments		(154,262	)
Net unrealized depreciation on investments		(41,217	)
Net assets	$	5,791,976
A-Class:
Net assets	$	139,822
Capital shares outstanding		5,324
Net asset value per share	$	26.26
Maximum offering price per share (Net asset value divided by 95.25%)	$	27.57
C-Class:
Net assets	$	44,841
Capital shares outstanding		1,848
Net asset value per share	$	24.26
Institutional Class:
Net assets	$	5,607,313
Capital shares outstanding		213,347
Net asset value per share	$	26.28

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends	$	55,256
Total investment income		55,256
Expenses:
Management fees		20,037
Transfer agent/maintenance fees:
A-Class		448
C-Class		339
Institutional Class		11,812
Distribution and service fees:
A-Class		140
C-Class		330
Fund accounting/administration fees		12,465
Registration fees		21,556
Professional fees		10,790
Custodian fees		1,809
Line of credit fees		186
Trustees’ fees*		124
Miscellaneous		3,091
Total expenses		83,127
Less:
Expenses waived by Adviser		(53,846	)
Net expenses		29,281
Net investment income		25,975
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		52,615
Options written		(188,893	)
Net realized loss		(136,278	)
Net change in unrealized appreciation (depreciation) on:
Investments		71,333
Options written		(3,691	)
Net change in unrealized appreciation (depreciation)		67,642
Net realized and unrealized loss		(68,636	)
Net decrease in net assets resulting from operations	$	(42,661	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

ENHANCED WORLD EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	25,975		$	20,211
Net realized gain (loss) on investments		(136,278	)		482,698
Net change in unrealized appreciation (depreciation) on investments		67,642			(46,589	)
Net increase (decrease) in net assets resulting from operations		(42,661	)		456,320
Distributions to shareholders from:
Net investment income
A-Class		(495	)		—
C-Class		(2,456	)		—
Institutional Class		(17,623	)		(28,029	)
Net realized gains
A-Class		(1,012	)		(7,329	)
C-Class		(331	)		(19,881	)
Institutional Class		(54,436	)		(245,722	)
Total distributions to shareholders		(76,353	)		(300,961	)
Capital share transactions:
Proceeds from sale of shares
A-Class		44,034			181,525
C-Class		12,230			1,289,731
Institutional Class		—			5,799,760
Distributions reinvested
A-Class		1,486			7,324
C-Class		2,787			19,881
Institutional Class		72,059			273,751
Cost of shares redeemed
A-Class		(9,750	)		(184,029	)
C-Class		(90,597	)		(1,556,501	)
Institutional Class		(421	)		(5,806,807	)
Net increase from capital share transactions		31,828			24,635
Net increase (decrease) in net assets		(87,186	)		179,994
Net assets:
Beginning of period		5,879,162			5,699,168
End of period	$	5,791,976		$	5,879,162
Undistributed net investment income at end of period	$	25,975		$	20,574
Capital share activity:
Shares sold
A-Class		1,701			6,829
C-Class		496			48,882
Institutional Class		—			210,833
Shares issued from reinvestment of distributions
A-Class		57			283
C-Class		114			773
Institutional Class		2,739			10,631
Shares redeemed
A-Class		(369	)		(7,193	)
C-Class		(3,423	)		(59,526	)
Institutional Class		(16	)		(211,086	)
Net increase in shares		1,299			426

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

ENHANCED WORLD EQUITY FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Period Ended September 30, 2013b
Per Share Data
Net asset value, beginning of period	$	26.87		$	26.03		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.09			.02			(.03	)
Net gain (loss) on investments (realized and unrealized)		(.32	)		2.05			1.06
Total from investment operations		(.23	)		2.07			1.03
Less distributions from:
Net investment income		(.12	)		—			—
Net realized gains		(.26	)		(1.23	)		—
Total distributions		(.38	)		(1.23	)		—
Net asset value, end of period	$	26.26		$	26.87		$	26.03
Total Returnd		(0.84	%)		8.12	%		4.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	140		$	106		$	105
Ratios to average net assets:
Net investment income (loss)		0.68	%		0.07	%		(0.36	%)
Total expensese		3.51	%		4.04	%		7.21	%g
Net expensesf		1.26	%h		1.26	%h		1.25	%
Portfolio turnover rate		246	%		633	%		174	%

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Period Ended September 30, 2013b
Per Share Data
Net asset value, beginning of period	$	26.76		$	25.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		(.12	)		(.24	)		(.03	)
Net gain (loss) on investments (realized and unrealized)		(.20	)		2.27			.99
Total from investment operations		(.32	)		2.03			.96
Less distributions from:
Net investment income		(1.92	)		—			—
Net realized gains		(.26	)		(1.23	)		—
Total distributions		(2.18	)		(1.23	)		—
Net asset value, end of period	$	24.26		$	26.76		$	25.96
Total Returnd		(1.25	%)		8.00	%		4.00	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45		$	125		$	377
Ratios to average net assets:
Net investment income (loss)		(0.94	%)		(0.88	%)		(0.43	%)
Total expensese		4.37	%		4.57	%		9.26	%g
Net expensesf		2.01	%h		2.00	%h		2.00	%
Portfolio turnover rate		246	%		633	%		174	%

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

ENHANCED WORLD EQUITY FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Period Ended September 30, 2013b
Per Share Data
Net asset value, beginning of period	$	26.82		$	26.05		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.12			.11			.14
Net gain (loss) on investments (realized and unrealized)		(.32	)		2.03			.91
Total from investment operations		(.20	)		2.14			1.05
Less distributions from:
Net investment income		(.08	)		(.14	)		—
Net realized gains		(.26	)		(1.23	)		—
Total distributions		(.34	)		(1.37	)		—
Net asset value, end of period	$	26.28		$	26.82		$	26.05
Total Returnd		(0.74	%)		8.42	%		4.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,607		$	5,649		$	5,217
Ratios to average net assets:
Net investment income (loss)		0.93	%		0.40	%		1.96	%
Total expensese		2.87	%		3.59	%		5.11	%g
Net expensesf		1.01	%h		1.01	%h		1.00	%
Portfolio turnover rate		246	%		633	%		174	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: June 18, 2013. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers.
g	Due to limited length of Fund operations, ratios for this period are not indicative of future performance.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14
A-Class	1.25%	1.25%
C-Class	2.00%	2.00%
Institutional Class	1.00%	1.00%

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

FUND PROFILE (Unaudited) March 31, 2015

LARGE CAP VALUE FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	August 7, 1944
B-Class	October 19, 1993
C-Class	January 29, 1999
Institutional Class	June 7, 2013

Ten Largest Holdings (% of Total Net Assets)
Wells Fargo & Co.	3.8%
American International Group, Inc.	3.3%
JPMorgan Chase & Co.	3.0%
Citigroup, Inc.	2.9%
Teva Pharmaceutical Industries Ltd. ADR	2.8%
Wal-Mart Stores, Inc.	2.4%
Dow Chemical Co.	2.3%
Cisco Systems, Inc.	2.3%
Chevron Corp.	2.3%
Republic Services, Inc. — Class A	2.2%
Top Ten Total	27.3%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
LARGE CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 96.5%
FINANCIAL - 26.8%
Wells Fargo & Co.		42,110	$	2,290,784
American International Group, Inc.		36,092		1,977,481
JPMorgan Chase & Co.		29,990		1,816,795
Citigroup, Inc.		33,410		1,721,283
Bank of New York Mellon Corp.		32,570		1,310,617
Reinsurance Group of America, Inc. — Class A		12,165		1,133,656
Allstate Corp.		12,905		918,449
Zions Bancorporation		33,460		903,420
Legg Mason, Inc.		13,420		740,784
NASDAQ OMX Group, Inc.		12,419		632,624
BB&T Corp.		15,700		612,143
Unum Group		17,245		581,674
Assured Guaranty Ltd.		17,540		462,881
Equity Residential		4,090		318,447
Simon Property Group, Inc.		1,620		316,937
Bank of America Corp.		18,990		292,256
Total Financial				16,030,231
CONSUMER, NON-CYCLICAL - 21.1%
Teva Pharmaceutical Industries Ltd. ADR		26,565		1,655,000
Johnson & Johnson		13,180		1,325,908
UnitedHealth Group, Inc.		8,105		958,740
Mondelez International, Inc. — Class A		25,660		926,069
Pfizer, Inc.		24,680		858,617
Kellogg Co.		12,790		843,501
Archer-Daniels-Midland Co.		15,490		734,226
ADT Corp.		17,180		713,314
Philip Morris International, Inc.		8,740		658,384
Quanta Services, Inc.*		23,040		657,331
Medtronic plc		8,030		626,260
Zimmer Holdings, Inc.		5,250		616,980
MasterCard, Inc. — Class A		7,010		605,594
Kraft Foods Group, Inc.		6,741		587,242
DeVry Education Group, Inc.		13,990		466,706
Tenet Healthcare Corp.*		8,760		433,708
Total Consumer, Non-cyclical				12,667,580
INDUSTRIAL - 14.0%
Republic Services, Inc. — Class A		32,860		1,332,801
United Technologies Corp.		9,820		1,150,904
Parker-Hannifin Corp.		8,685		1,031,604
General Electric Co.		35,220		873,808
FLIR Systems, Inc.		27,260		852,693
Covanta Holding Corp.		37,070		831,480
TE Connectivity Ltd.		9,877		707,391
Oshkosh Corp.		14,230		694,282
Rock-Tenn Co. — Class A		9,798		631,971
Huntington Ingalls Industries, Inc.		1,180		165,377
Owens-Illinois, Inc.*		6,450		150,414
Total Industrial				8,422,725
CONSUMER, CYCLICAL - 10.2%
Wal-Mart Stores, Inc.		17,265		1,420,046
CVS Health Corp.		12,230		1,262,258
Kohl’s Corp.		12,370		967,953
PulteGroup, Inc.		42,700		949,221
Lear Corp.		7,470		827,825
WESCO International, Inc.*		9,610		671,643
Total Consumer, Cyclical				6,098,946
ENERGY - 6.4%
Chevron Corp.		12,985		1,363,165
Exxon Mobil Corp.		12,400		1,054,000
Whiting Petroleum Corp.*		15,605		482,195
Patterson-UTI Energy, Inc.		18,410		345,648
Marathon Oil Corp.		10,730		280,160
Superior Energy Services, Inc.		11,440		255,570
Oasis Petroleum, Inc.*		6,310		89,728
Total Energy				3,870,466
COMMUNICATIONS - 6.2%
Cisco Systems, Inc.		50,360		1,386,159
Time Warner, Inc.		10,615		896,331
AT&T, Inc.		19,800		646,470
DigitalGlobe, Inc.*		14,605		497,592
Scripps Networks Interactive, Inc. — Class A		4,290		294,122
Total Communications				3,720,674
TECHNOLOGY - 6.0%
Computer Sciences Corp.		18,845		1,230,202
QUALCOMM, Inc.		12,310		853,575
Microsoft Corp.		19,050		774,478
NetApp, Inc.		14,155		501,936
Stratasys Ltd.*		5,160		272,345
Total Technology				3,632,536
UTILITIES - 3.5%
Edison International		18,675		1,166,627
AGL Resources, Inc.		18,580		922,497
Total Utilities				2,089,124
BASIC MATERIALS - 2.3%
Dow Chemical Co.		29,280		1,404,854
Total Common Stocks
(Cost $50,571,942)				57,937,136
WARRANTS† - 0.3%
American International Group, Inc.
$45.00, 01/19/21		8,920		194,813
Total Warrants
(Cost $167,892)				194,813

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
LARGE CAP VALUE FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 1.2%
iShares Russell 1000 Value ETF		7,010	$	722,591
Total Exchange-Traded Funds
(Cost $712,826)				722,591
SHORT TERM INVESTMENTS† - 1.7%
Dreyfus Treasury Prime Cash Management Fund 0.00%		1,009,562		1,009,562
Total Short Term Investments
(Cost $1,009,562)				1,009,562
Total Investments - 99.7%
(Cost $52,462,222)			$	59,864,102
Other Assets & Liabilities, net - 0.3%				184,650
Total Net Assets - 100.0%			$	60,048,752

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

LARGE CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $52,462,222)	$	59,864,102
Prepaid expenses		28,816
Cash		729
Receivables:
Securities sold		206,593
Dividends		94,006
Investment adviser		7,920
Fund shares sold		2,868
Foreign taxes reclaim		1,461
Total assets		60,206,495
Liabilities:
Payable for:
Direct shareholders expense		37,582
Management fees		33,315
Fund shares redeemed		29,006
Distribution and service fees		14,512
Transfer agent/maintenance fees		14,175
Fund accounting/administration fees		4,869
Trustees’ fees*		776
Miscellaneous		23,508
Total liabilities		157,743
Net assets	$	60,048,752
Net assets consist of:
Paid in capital	$	49,176,804
Undistributed net investment income		237,882
Accumulated net realized gain on investments		3,232,186
Net unrealized appreciation on investments		7,401,880
Net assets	$	60,048,752
A-Class:
Net assets	$	51,754,187
Capital shares outstanding		1,201,774
Net asset value per share	$	43.06
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.21
B-Class:
Net assets	$	1,059,445
Capital shares outstanding		26,818
Net asset value per share	$	39.50
C-Class:
Net assets	$	3,940,528
Capital shares outstanding		97,979
Net asset value per share	$	40.22
Institutional Class:
Net assets	$	3,294,592
Capital shares outstanding		76,467
Net asset value per share	$	43.09

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $306)	$	592,847
Total investment income		592,847
Expenses:
Management fees		193,589
Transfer agent/maintenance fees:
A-Class		34,926
B-Class		6,147
C-Class		4,115
Institutional Class		149
Distribution and service fees:
A-Class		63,620
C-Class		20,736
Fund accounting/administration fees		28,293
Registration fees		34,386
Trustees’ fees*		3,672
Line of credit fees		2,384
Tax expense		90
Custodian fees		73
Miscellaneous		31,115
Total expenses		423,295
Less:
Expenses waived by Adviser		(68,330	)
Net expenses		354,965
Net investment income		237,882
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		6,724,148
Net realized gain		6,724,148
Net change in unrealized appreciation (depreciation) on:
Investments		(6,294,001	)
Net change in unrealized appreciation (depreciation)		(6,294,001	)
Net realized and unrealized gain		430,147
Net increase in net assets resulting from operations	$	668,029

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	237,882		$	462,954
Net realized gain on investments		6,724,148			6,780,018
Net change in unrealized appreciation (depreciation) on investments		(6,294,001	)		1,707,332
Net increase in net assets resulting from operations		668,029			8,950,304
Distributions to shareholders from:
Net investment income
A-Class		(402,108	)		(360,085	)
B-Class		(14,969	)		(19,432	)
C-Class		(10,590	)		(8,265	)
Institutional Class		(35,334	)		(26,519	)
Net realized gains
A-Class		(1,529,881	)		—
B-Class		(41,043	)		—
C-Class		(138,586	)		—
Institutional Class		(102,374	)		—
Total distributions to shareholders		(2,274,885	)		(414,301	)
Capital share transactions:
Proceeds from sale of shares
A-Class		7,399,378			27,638,398
B-Class		61,945			59,007
C-Class		805,840			1,719,770
Institutional Class		161,561			448,328
Distributions reinvested
A-Class		1,855,957			345,368
B-Class		55,872			19,404
C-Class		146,562			8,202
Institutional Class		137,708			26,518
Cost of shares redeemed
A-Class		(16,339,183	)		(22,442,543	)
B-Class		(315,913	)		(973,891	)
C-Class		(900,895	)		(1,715,189	)
Institutional Class		(285,096	)		(374,679	)
Net increase (decrease) from capital share transactions		(7,216,264	)		4,758,693
Net increase (decrease) in net assets		(8,823,120	)		13,294,696
Net assets:
Beginning of period		68,871,872			55,577,176
End of period	$	60,048,752		$	68,871,872
Undistributed net investment income at end of period	$	237,882		$	463,001

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

LARGE CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		171,681			660,974
B-Class		1,563			1,550
C-Class		19,862			42,907
Institutional Class		3,810			10,680
Shares issued from reinvestment of distributions
A-Class		43,212			8,728
B-Class		1,419			533
C-Class		3,646			220
Institutional Class		3,208			670
Shares redeemed
A-Class		(389,519	)		(529,031	)
B-Class		(8,085	)		(25,223	)
C-Class		(22,387	)		(43,704	)
Institutional Class		(6,664	)		(9,126	)
Net increase (decrease) in shares		(178,254	)		119,178

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

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011g			Year Ended September 30, 2010g
Per Share Data
Net asset value, beginning of period	$	43.80		$	38.28		$	31.25		$	24.58		$	26.08		$	24.92
Income (loss) from investment operations:
Net investment income (loss)b		.18			.30			.29			.25			.16			.12
Net gain (loss) on investments (realized and unrealized)		.77			5.51			7.03			6.58			(1.54	)		1.24
Total from investment operations		.95			5.81			7.32			6.83			(1.38	)		1.36
Less distributions from:
Net investment income		(.35	)		(.29	)		(.29	)		(.16	)		(.12	)		(.20	)
Net realized gains		(1.34	)		—			—			—			—			—
Total distributions		(1.69	)		(.29	)		(.29	)		(.16	)		(.12	)		(.20	)
Net asset value, end of period	$	43.06		$	43.80		$	38.28		$	31.25		$	24.58		$	26.08
Total Returnc		2.18	%		15.25	%		23.62	%		27.90	%		(5.38	%)		5.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	51,754		$	60,281		$	47,307		$	41,173		$	41,036		$	47,718
Ratios to average net assets:
Net investment income (loss)		0.83	%		0.72	%		0.82	%		0.86	%		0.56	%		0.46	%
Total expensesd		1.37	%		1.48	%		1.48	%		1.65	%		1.52	%		1.59	%
Net expensese		1.16	%i		1.17	%i		1.15	%		1.18	%		1.15	%		1.18	%
Portfolio turnover rate		42	%		40	%		43	%		16	%		26	%		29	%

B-Class	Period Ended March 31, 2015a,f			Year Ended September 30, 2014f			Year Ended September 30, 2013f			Year Ended September 30, 2012f			Year Ended September 30, 2011f,g			Year Ended September 30, 2010f,g
Per Share Data
Net asset value, beginning of period	$	40.40		$	35.34		$	28.89		$	22.75		$	24.16		$	23.12
Income (loss) from investment operations:
Net investment income (loss)b		.21			.36			.34			.29			.21			.16
Net gain (loss) on investments (realized and unrealized)		.72			5.08			6.49			6.09			(1.46	)		1.16
Total from investment operations		.93			5.44			6.83			6.38			(1.25	)		1.32
Less distributions from:
Net investment income		(.49	)		(.38	)		(.38	)		(.24	)		(.16	)		(.28	)
Net realized gains		(1.34	)		—			—			—			—			—
Total distributions		(1.83	)		(.38	)		(.38	)		(.24	)		(.16	)		(.28	)
Net asset value, end of period	$	39.50		$	40.40		$	35.34		$	28.89		$	22.75		$	24.16
Total Returnc		2.34	%		15.52	%		23.94	%		28.23	%		(5.22	%)		5.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,059		$	1,289		$	1,946		$	2,226		$	2,682		$	4,132
Ratios to average net assets:
Net investment income (loss)		1.07	%		0.95	%		1.07	%		1.10	%		0.78	%		0.68	%
Total expensesd		2.02	%		1.78	%		1.74	%		1.93	%		1.29	%		1.33	%
Net expensese		0.91	%i		0.92	%i		0.90	%		0.93	%		0.90	%		0.94	%
Portfolio turnover rate		42	%		40	%		43	%		16	%		26	%		29	%

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

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011g			Year Ended September 30, 2010g
Per Share Data
Net asset value, beginning of period	$	40.91		$	35.86		$	29.30		$	23.08		$	24.60		$	23.48
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.02	)		.02			.03			(.05	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		.73			5.16			6.62			6.19			(1.47	)		1.20
Total from investment operations		.75			5.14			6.64			6.22			(1.52	)		1.12
Less distributions from:
Net investment income		(.10	)		(.09	)		(.08	)		—			—			—
Net realized gains		(1.34	)		—			—			—			—			—
Total distributions		(1.44	)		(.09	)		(.08	)		—			—			—
Net asset value, end of period	$	40.22		$	40.91		$	35.86		$	29.30		$	23.08		$	24.60
Total Returnc		1.84	%		14.35	%		22.73	%		26.95	%		(6.18	%)		4.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,941		$	3,963		$	3,494		$	2,257		$	2,013		$	2,493
Ratios to average net assets:
Net investment income (loss)		0.09	%		(0.04	%)		0.08	%		0.12	%		(0.20	%)		(0.31	%)
Total expensesd		2.19	%		2.33	%		2.47	%		2.45	%		2.27	%		2.33	%
Net expensese		1.91	%i		1.92	%i		1.90	%		1.93	%		1.90	%		1.94	%
Portfolio turnover rate		42	%		40	%		43	%		16	%		26	%		29	%

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

LARGE CAP VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Period Ended September 30, 2013h
Per Share Data
Net asset value, beginning of period	$	43.87		$	38.32		$	36.84
Income (loss) from investment operations:
Net investment income (loss)b		.23			.40			.13
Net gain (loss) on investments (realized and unrealized)		.79			5.51			1.35
Total from investment operations		1.02			5.91			1.48
Less distributions from:
Net investment income		(.46	)		(.36	)		—
Net realized gains		(1.34	)		—			—
Total distributions		(1.80	)		(.36	)		—
Net asset value, end of period	$	43.09		$	43.87		$	38.32
Total Returnc		2.34	%		15.52	%		4.02	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,295		$	3,339		$	2,831
Ratios to average net assets:
Net investment income (loss)		1.08	%		0.96	%		1.12	%
Total expensesd		1.00	%		1.08	%		1.12	%
Net expensese		0.91	%i		0.92	%i		0.89	%
Portfolio turnover rate		42	%		40	%		43	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Effective August 1, 2007 — B-Class shares ceased charging 12b-1 fees in accordance with FINRA sales cap regulations. Per share information reflects this change. This fee will be reinstated when sales exceed the sales cap limits.
g	Reverse share split — Per share amounts for the periods presented through April 8, 2011 have been restated to reflect a 1:4 reverse share split effective April 8, 2011.
h	Since commencement of operations: June 7, 2013. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14
A-Class	1.15%	1.15%
B-Class	0.90%	0.90%
C-Class	1.90%	1.90%
Institutional Class	0.90%	0.90%

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

FUND PROFILE (Unaudited) March 31, 2015

RISK MANAGED REAL ESTATE FUND

OBJECTIVE: Seeks to provide total return, comprised of capital appreciation and current income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	March 28, 2014
C-Class	March 28, 2014
Institutional Class	March 28, 2014

Ten Largest Holdings (% of Total Net Assets)
Simon Property Group, Inc.	6.9%
Equity Residential	4.0%
Prologis, Inc.	3.9%
Health Care REIT, Inc.	3.8%
General Growth Properties, Inc.	3.0%
NorthStar Realty Finance Corp.	2.9%
Ventas, Inc.	2.9%
Federal Realty Investment Trust	2.8%
Forest City Enterprises, Inc. — Class A	2.8%
Apartment Investment & Management Co. — Class A	2.6%
Top Ten Total	35.6%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
RISK MANAGED REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 96.3%
REITs - 84.4%
REITs-REGIONAL MALLS - 13.8%
Simon Property Group, Inc.		41,979	$	8,212,771
General Growth Properties, Inc.		120,795		3,569,492
Pennsylvania Real Estate Investment Trust		88,449		2,054,670
Macerich Co.		23,508		1,982,430
Taubman Centers, Inc.		6,457		498,028
Total REITs-Regional Malls				16,317,391
REITs-APARTMENTS - 12.5%
Equity Residential		60,852		4,737,938
Apartment Investment & Management Co. — Class A		77,590		3,053,942
AvalonBay Communities, Inc.		14,392		2,507,806
Essex Property Trust, Inc.		9,091		2,090,021
Camden Property Trust		24,190		1,889,965
UDR, Inc.		14,812		504,052
Total REITs-Apartments				14,783,724
REITs-OFFICE PROPERTY - 11.7%
Boston Properties, Inc.		18,814		2,642,990
BioMed Realty Trust, Inc.		111,152		2,518,703
Hudson Pacific Properties, Inc.		68,982		2,289,512
New York REIT, Inc.		179,320		1,879,274
Paramount Group, Inc.		91,265		1,761,415
SL Green Realty Corp.		8,241		1,057,980
Alexandria Real Estate Equities, Inc.		9,417		923,243
American Realty Capital Properties, Inc.		53,803		529,960
Douglas Emmett, Inc.		11,298		336,793
Total REITs-Office Property				13,939,870
REITs-DIVERSIFIED - 9.2%
Gramercy Property Trust, Inc.		88,639		2,488,104
American Tower Corp. — Class A		26,380		2,483,677
Crown Castle International Corp.		26,083		2,152,891
Vornado Realty Trust		15,225		1,705,200
American Assets Trust, Inc.		37,668		1,630,271
Digital Realty Trust, Inc.		8,778		578,997
Total REITs-Diversified				11,039,140
REITs-WAREHOUSE/INDUSTRIES - 9.1%
Prologis, Inc.		106,628		4,644,715
QTS Realty Trust, Inc. — Class A		55,208		2,010,123
First Industrial Realty Trust, Inc.		87,550		1,876,197
DCT Industrial Trust, Inc.		45,900		1,590,894
Rexford Industrial Realty, Inc.		37,213		588,338
Total REITs-Warehouse/Industries				10,710,267
REITs-HEALTH CARE - 6.8%
Health Care REIT, Inc.		58,867		4,553,952
Ventas, Inc.		47,119		3,440,629
HCP, Inc.		715		30,895
Total REITs-Health Care				8,025,476
REITs-SHOPPING CENTERS - 6.5%
Federal Realty Investment Trust		22,711		3,343,286
Regency Centers Corp.		29,319		1,994,865
Kimco Realty Corp.		68,882		1,849,482
DDR Corp.		30,082		560,127
Total REITs-Shopping Centers				7,747,760
REITs-STORAGE - 4.5%
Sovran Self Storage, Inc.		23,748		2,230,888
CubeSmart		73,596		1,777,343
Extra Space Storage, Inc.		10,809		730,364
Public Storage		2,974		586,294
Total REITs-Storage				5,324,889
REITs-HOTELS - 3.7%
Chatham Lodging Trust		68,703		2,020,555
Host Hotels & Resorts, Inc.		79,293		1,600,133
Strategic Hotels & Resorts, Inc.*		55,153		685,552
Total REITs-Hotels				4,306,240
REITs-MANUFACTURED HOMES - 3.5%
Sun Communities, Inc.		36,421		2,430,009
Equity LifeStyle Properties, Inc.		31,687		1,741,201
Total REITs-Manufactured Homes				4,171,210
REITs-MORTGAGE - 2.9%
NorthStar Realty Finance Corp.		190,061		3,443,906
OFFICE REITs - 0.2%
Columbia Property Trust, Inc.		10,129		273,686
Total REITs				100,083,559
LODGING - 4.2%
HOTELS & MOTELS - 4.2%
Starwood Hotels & Resorts Worldwide, Inc.		24,357		2,033,809
Hyatt Hotels Corp. — Class A*		25,495		1,509,814
Wyndham Worldwide Corp.		15,610		1,412,237
Total Hotels & Motels				4,955,860
Total Lodging				4,955,860
REAL ESTATE - 3.3%
REAL ESTATE OPERATIONS/DEVELOPMENT - 2.8%
Forest City Enterprises, Inc. — Class A*		127,989		3,266,279
REAL ESTATE MANAGEMENT/SERVICES - 0.5%
WP Carey, Inc.		8,484		576,912
Total Real Estate				3,843,191

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
RISK MANAGED REAL ESTATE FUND

	Shares			Value
HEALTHCARE-SERVICES - 2.5%
RETIREMENT/AGED CARE - 1.4%
Brookdale Senior Living, Inc. — Class A*		45,230		$	1,707,885
MEDICAL-HOSPITALS - 1.1%
HCA Holdings, Inc.*		16,806			1,264,315
Total Healthcare-Services					2,972,200
DIVERSIFIED FINANCIAL SERVICES - 1.9%
INVESTMENT MANAGEMENT/ADVISORY SERVICES - 1.9%
NorthStar Asset Management Group, Inc.		95,530			2,229,670
Total Diversified Financial Services					2,229,670
Total Common Stocks
(Cost $107,062,690)					114,084,480
SHORT TERM INVESTMENTS† - 6.6%
Dreyfus Treasury Prime Cash Management Fund 0.00%		7,776,694			7,776,694
Total Short Term Investments
(Cost $7,776,694)					7,776,694
Total Investments - 102.9%
(Cost $114,839,384)				$	121,861,174
COMMON STOCKS SOLD SHORT† - (28.9)%
REITs – (28.9)%
REITs-MORTGAGE – (1.0)%
Annaly Capital Management, Inc.		(113,719	)		(1,182,678	)
OFFICE REITs – (1.1)%
Piedmont Office Realty Trust, Inc. — Class A		(71,813	)		(1,336,440	)
REITs-APARTMENTS – (1.2)%
Mid-America Apartment Communities, Inc.		(17,854	)		(1,379,579	)
REITs-STORAGE – (1.2)%
Iron Mountain, Inc.		(38,220	)		(1,394,266	)
RESIDENTIAL REITs – (1.4)%
American Homes 4 Rent — Class A		(98,479	)		(1,629,827	)
REITs-REGIONAL MALLS – (2.0)%
CBL & Associates Properties, Inc.		(54,248	)		(1,074,110	)
Rouse Properties, Inc.		(67,617	)		(1,282,018	)
Total REITs-Regional Malls					(2,356,128	)
REITs-HOTELS – (2.8)%
Ryman Hospitality Properties, Inc.		(15,277	)		(930,522	)
Summit Hotel Properties, Inc.		(82,394	)		(1,159,284	)
Chesapeake Lodging Trust		(35,400	)		(1,197,582	)
Total REITs-Hotels					(3,287,388	)
REITs-SINGLE TENANT – (3.3)%
National Retail Properties, Inc.		(45,029	)		(1,844,838	)
Realty Income Corp.		(39,535	)		(2,040,006	)
Total REITs-Single Tenant					(3,884,844	)
REITs-OFFICE PROPERTY – (3.5)%
Equity Commonwealth*		(46,386	)		(1,231,548	)
Corporate Office Properties Trust		(45,501	)		(1,336,819	)
Government Properties Income Trust		(71,168	)		(1,626,189	)
Total REITs-Office Property					(4,194,556	)
REITs-DIVERSIFIED – (3.7)%
EPR Properties		(21,933	)		(1,316,638	)
Duke Realty Corp.		(66,979	)		(1,458,133	)
Washington Real Estate Investment Trust		(61,759	)		(1,706,401	)
Total REITs-Diversified					(4,481,172	)
REITs-HEALTH CARE – (3.8)%
Omega Healthcare Investors, Inc.		(34,219	)		(1,388,265	)
Healthcare Realty Trust, Inc.		(51,637	)		(1,434,476	)
Medical Properties Trust, Inc.		(112,992	)		(1,665,502	)
Total REITs-Health Care					(4,488,243	)
REITs-SHOPPING CENTERS – (3.9)%
Weingarten Realty Investors		(40,417	)		(1,454,204	)
Brixmor Property Group, Inc.		(55,234	)		(1,466,463	)
WP GLIMCHER, Inc.		(107,932	)		(1,794,909	)
Total REITs-Shopping Centers					(4,715,576	)
Total REITs					(34,330,697	)
Total Common Stocks Sold Short
(Proceeds $33,566,598)					(34,330,697	)
EXCHANGE-TRADED FUNDS SOLD SHORT† - (6.1)%
iShares US Real Estate ETF		91,051			(7,222,165	)
Total Exchange-Traded Funds Sold Short
(Proceeds $7,302,963)					(7,222,165	)
Total Securities Sold Short - (35.0)%
(Proceeds $40,869,561)				$	(41,552,862	)
Other Assets & Liabilities, net - 32.1%					37,997,324
Total Net Assets - 100.0%				$	118,305,636

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
RISK MANAGED REAL ESTATE FUND

	Units		Unrealized Gain
OTC EQUITY INDEX SWAP AGREEMENTS††
Bank of America Merrill Lynch April 2015 Guggenheim Real Estate Investment Trust Basket Total Return Index Swap, Terminating 04/30/151 (Notional Value $35,527,028)		313,483	$	375,381

SECTOR DIVERSIFICATION

Bank of America Merrill Lynch Real Estate Investment Trust Index Swap

Sector	% of Index
REITs-Regional Malls	15.9%
REITs-Apartments	15.1%
REITs-Office Property	12.6%
REITs-Health Care	9.3%
REITs-Diversified	8.9%
REITs-Warehouse/Industries	8.5%
REITs-Shopping Centers	7.2%
REITs-Storage	6.3%
REITs-Hotels	4.5%
Hotels & Motels	2.6%
REITs-Manufactured Homes	2.6%
REITs-Mortgage	2.5%
Real Estate Operations/Development	1.6%
Investment Management/Advisory Services	1.3%
Medical-Hospitals	0.6%
Retirement/Aged Care	0.5%
Total	100.0%

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Customized basket of 57 exchange-traded equity securities. Total Return based on Bank of America Merrill Lynch Guggenheim Real Estate Investment Trust Basket Index +/- financing at a variable rate.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

RISK MANAGED REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $114,839,384)	$	121,861,174
Segregated cash with broker		37,603,910
Unrealized appreciation on swap agreements		375,381
Prepaid expenses		42,625
Cash		22,879
Receivables:
Securities sold		3,695,759
Dividends		170,270
Investment adviser		2,568
Fund shares sold		250
Total assets		163,774,816
Liabilities:
Securities sold short, at value (proceeds $40,869,561)		41,552,862
Payable for:
Securities purchased		3,790,166
Management fees		74,818
Fund accounting/administration fees		9,477
Trustees’ fees*		428
Distribution and service fees		399
Transfer agent/maintenance fees		290
Miscellaneous		40,740
Total liabilities		45,469,180
Net assets	$	118,305,636
Net assets consist of:
Paid in capital	$	100,246,054
Accumulated net investment loss		(510,545	)
Accumulated net realized gain on investments		11,856,257
Net unrealized appreciation on investments		6,713,870
Net assets	$	118,305,636
A-Class:
Net assets	$	1,373,274
Capital shares outstanding		42,889
Net asset value per share	$	32.02
Maximum offering price per share (Net asset value divided by 95.25%)	$	33.62
C-Class:
Net assets	$	164,381
Capital shares outstanding		5,152
Net asset value per share	$	31.91
Institutional Class:
Net assets	$	116,767,981
Capital shares outstanding		3,637,156
Net asset value per share	$	32.10

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends	$	347,506
Interest		24
Total investment income		347,530
Expenses:
Management fees		453,994
Transfer agent/maintenance fees:
A-Class		1,064
C-Class		1,617
Institutional Class		461
Distribution and service fees:
A-Class		1,031
C-Class		397
Fund accounting/administration fees		54,580
Prime broker interest expense		126,592
Registration fees		35,539
Trustees’ fees*		5,189
Line of credit fees		3,614
Custodian fees		2,680
Miscellaneous		27,243
Total expenses		714,001
Net investment loss		(366,471	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8,718,125
Swap agreements		5,721,412
Securities sold short		(2,120,421	)
Net realized gain		12,319,116
Net change in unrealized appreciation (depreciation) on:
Investments		10,175,779
Securities sold short		(2,357,788	)
Swap agreements		375,381
Net change in unrealized appreciation (depreciation)		8,193,372
Net realized and unrealized gain		20,512,488
Net increase in net assets resulting from operations	$	20,146,017

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

RISK MANAGED REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Period Ended September 30, 2014a
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(366,471	)	$	22,934
Net realized gain on investments		12,319,116			214,971
Net change in unrealized appreciation (depreciation) on investments		8,193,372			(1,479,502	)
Net increase (decrease) in net assets resulting from operations		20,146,017			(1,241,597	)
Distributions to shareholders from:
Net investment income
A-Class		(2,130	)		(156	)
C-Class		—			(6	)
Institutional Class		(110,810	)		(191,573	)
Net realized gains
A-Class		(5,715	)		—
C-Class		(362	)		—
Institutional Class		(534,120	)		—
Total distributions to shareholders		(653,137	)		(191,735	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,421,263			110,130
C-Class		169,440			309,239
Institutional Class		192,498			105,276,555
Distributions reinvested
A-Class		6,954			73
C-Class		362			—
Institutional Class		488,786			160,496
Cost of shares redeemed
A-Class		(234,897	)		(105	)
C-Class		(70,592	)		(260,047	)
Institutional Class		(7,312,761	)		(11,306	)
Net increase (decrease) from capital share transactions		(5,338,947	)		105,585,035
Net increase in net assets		14,153,933			104,151,703
Net assets:
Beginning of period		104,151,703			—
End of period	$	118,305,636		$	104,151,703
Accumulated net investment loss at end of period	$	(510,545	)	$	(31,134	)
Capital share activity:
Shares sold
A-Class		46,531			3,971
C-Class		5,497			11,307
Institutional Class		6,259			3,845,861
Shares issued from reinvestment of distributions
A-Class		229			3
C-Class		12			—
Institutional Class		16,219			5,733
Shares redeemed
A-Class		(7,841	)		(4	)
C-Class		(2,288	)		(9,376	)
Institutional Class		(236,499	)		(417	)
Net increase (decrease) in shares		(171,881	)		3,857,078

^a Since commencement of operations: March 28, 2014

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

RISK MANAGED REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	26.99		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		(.11	)		.02
Net gain (loss) on investments (realized and unrealized)		5.33			2.06
Total from investment operations		5.22			2.08
Less distributions from:
Net investment income		(.05	)		(.09	)
Net realized gains		(.14	)		—
Total distributions		(.19	)		(.09	)
Net asset value, end of period	$	32.02		$	26.99
Total Returnd		19.35	%		8.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,373		$	107
Ratios to average net assets:
Net investment income (loss)		(0.69	%)		0.16	%
Total expensese		1.53	%		4.22	%g
Net expensesf,h		1.53	%		3.32	%
Portfolio turnover rate		107	%		57	%

C-Class	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	26.95		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		(.22	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		5.32			2.19
Total from investment operations		5.10			1.96
Less distributions from:
Net investment income		—			(.01	)
Net realized gains		(.14	)		—
Total distributions		(.14	)		(.01	)
Net asset value, end of period	$	31.91		$	26.95
Total Returnd		18.96	%		7.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	164		$	52
Ratios to average net assets:
Net investment income (loss)		(1.45	%)		(1.60	%)
Total expensese		2.27	%		9.33	%g
Net expensesf,h		2.27	%		2.67	%
Portfolio turnover rate		107	%		57	%

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

RISK MANAGED REAL ESTATE FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	27.00		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		(.10	)		.02
Net gain (loss) on investments (realized and unrealized)		5.37			2.09
Total from investment operations		5.27			2.11
Less distributions from:
Net investment income		(.03	)		(.11	)
Net realized gains		(.14	)		—
Total distributions		(.17	)		(.11	)
Net asset value, end of period	$	32.10		$	27.00
Total Returnd		19.56	%		8.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	116,768		$	103,993
Ratios to average net assets:
Net investment income (loss)		(0.64	%)		0.11	%
Total expensese		1.24	%		2.69	%g
Net expensesf,h		1.24	%		2.58	%
Portfolio turnover rate		107	%		57	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: March 28, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
g	Due to limited length of Fund operations, ratios for this period are not indicative of future performance.
h	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14
A-Class	1.29%	1.30%
C-Class	2.05%	2.05%
Institutional Class	1.01%	1.10%

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

FUND PROFILE (Unaudited) March 31, 2015

SMALL CAP VALUE FUND

OBJECTIVE: Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	July 11, 2008
C-Class	July 11, 2008
Institutional Class	July 11, 2008

Ten Largest Holdings (% of Total Net Assets)
Endurance Specialty Holdings Ltd.	3.0%
Hanover Insurance Group, Inc.	3.0%
Diebold, Inc.	2.6%
Covanta Holding Corp.	2.4%
Emergent Biosolutions, Inc.	2.2%
Papa Murphy’s Holdings, Inc.	2.2%
Berkshire Hills Bancorp, Inc.	2.1%
Apartment Investment & Management Co. — Class A	2.1%
Laclede Group, Inc.	2.0%
CubeSmart	2.0%
Top Ten Total	23.6%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
SMALL CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.1%
FINANCIAL - 33.2%
Endurance Specialty Holdings Ltd.		11,844	$	724,142
Hanover Insurance Group, Inc.		9,849		714,840
Berkshire Hills Bancorp, Inc.		18,510		512,727
Apartment Investment & Management Co. — Class A		12,970		510,499
CubeSmart		19,874		479,957
Reinsurance Group of America, Inc. — Class A		5,120		477,133
Navigators Group, Inc.*		5,440		423,450
NorthStar Realty Finance Corp.		21,350		386,862
Sun Communities, Inc.		5,624		375,233
Horace Mann Educators Corp.		10,820		370,044
Camden Property Trust		4,700		367,211
Chatham Lodging Trust		12,230		359,684
OFG Bancorp		21,728		354,601
Symetra Financial Corp.		13,930		326,798
Wintrust Financial Corp.		5,620		267,962
Cathay General Bancorp		7,540		214,513
Argo Group International Holdings Ltd.		4,241		212,686
Acacia Research Corp.		18,150		194,205
1st Source Corp.		5,878		188,860
Ocwen Financial Corp.*		17,170		141,653
BioMed Realty Trust, Inc.		4,740		107,408
Fulton Financial Corp.		6,670		82,308
Trustmark Corp.		2,830		68,712
Radian Group, Inc.		3,720		62,459
Total Financial				7,923,947
CONSUMER, NON-CYCLICAL - 16.1%
Emergent Biosolutions, Inc.*		18,290		526,020
ABM Industries, Inc.		14,190		452,093
Invacare Corp.		18,340		355,980
Global Cash Access Holdings, Inc.*		44,660		340,309
Kindred Healthcare, Inc.		13,454		320,071
Aegerion Pharmaceuticals, Inc.*		7,460		195,228
Darling Ingredients, Inc.*		12,160		170,362
Great Lakes Dredge & Dock Corp.*		28,048		168,568
Navigant Consulting, Inc.*		12,770		165,499
Omega Protein Corp.*		11,330		155,108
Globus Medical, Inc. — Class A*		5,970		150,683
HealthSouth Corp.		3,310		146,832
Greatbatch, Inc.*		2,358		136,410
Depomed, Inc.*		6,022		134,953
ICU Medical, Inc.*		1,415		131,793
DeVry Education Group, Inc.		3,310		110,422
ICF International, Inc.*		1,753		71,610
IPC Healthcare, Inc.*		1,330		62,031
Grand Canyon Education, Inc.*		1,310		56,723
Total Consumer, Non-cyclical				3,850,695
INDUSTRIAL - 14.2%
Covanta Holding Corp.		25,150		564,115
Orbital ATK, Inc.		5,550		425,296
Celadon Group, Inc.		15,000		408,299
PMFG, Inc.*		72,189		335,679
FLIR Systems, Inc.		8,310		259,937
Rofin-Sinar Technologies, Inc.*		9,920		240,362
Marten Transport Ltd.		10,270		238,264
Oshkosh Corp.		3,613		176,278
Gentex Corp.		8,020		146,766
LMI Aerospace, Inc.*		9,970		121,734
Sterling Construction Company, Inc.*		26,248		118,641
Aegion Corp. — Class A*		6,533		117,921
Rand Logistics, Inc.*		34,819		113,161
UTI Worldwide, Inc.*		5,710		70,233
Kirby Corp.*		770		57,789
Total Industrial				3,394,475
TECHNOLOGY - 12.9%
Diebold, Inc.		17,450		618,777
Maxwell Technologies, Inc.*		49,238		396,858
Silicon Graphics International Corp.*		41,420		359,940
ManTech International Corp. — Class A		8,850		300,369
KEYW Holding Corp.*		32,908		270,832
IXYS Corp.		21,765		268,145
Brooks Automation, Inc.		13,660		158,865
Diodes, Inc.*		5,530		157,937
Mercury Systems, Inc.*		10,040		156,122
Cree, Inc.*		3,780		134,152
IGATE Corp.*		1,710		72,949
IPG Photonics Corp.*		770		71,379
Teradyne, Inc.		3,130		59,001
Stratasys Ltd.*		1,020		53,836
Total Technology				3,079,162
CONSUMER, CYCLICAL - 8.4%
Papa Murphy’s Holdings, Inc.*		28,630		519,349
International Speedway Corp. — Class A		10,381		338,524
Chico’s FAS, Inc.		13,150		232,623
Ryland Group, Inc.		3,250		158,405
ScanSource, Inc.*		3,250		132,112
Wendy’s Co.		11,080		120,772
United Stationers, Inc.		2,900		118,871
Iconix Brand Group, Inc.*		3,460		116,498
Crocs, Inc.*		9,010		106,408
Abercrombie & Fitch Co. — Class A		4,570		100,723
WESCO International, Inc.*		1,002		70,030
Total Consumer, Cyclical				2,014,315

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
SMALL CAP VALUE FUND

	Shares		Value
UTILITIES - 4.4%
Laclede Group, Inc.		9,556	$	489,458
PICO Holdings, Inc.*		16,532		267,984
Avista Corp.		4,350		148,683
EnerNOC, Inc.*		7,340		83,676
Portland General Electric Co.		1,630		60,457
Total Utilities				1,050,258
COMMUNICATIONS - 4.3%
DigitalGlobe, Inc.*		13,908		473,845
Finisar Corp.*		12,890		275,073
Scholastic Corp.		3,422		140,097
Liquidity Services, Inc.*		8,935		88,278
NETGEAR, Inc.*		1,690		55,567
Total Communications				1,032,860
ENERGY - 3.2%
Patterson-UTI Energy, Inc.		14,160		265,854
Superior Energy Services, Inc.		8,870		198,156
Oasis Petroleum, Inc.*		13,760		195,667
Sanchez Energy Corp.*		6,288		81,807
Resolute Energy Corp.*		47,930		27,004
Total Energy				768,488
BASIC MATERIALS - 2.4%
Olin Corp.		6,772		216,975
Landec Corp.*		8,836		123,262
Intrepid Potash, Inc.*		10,560		121,968
Luxfer Holdings plc ADR		8,370		111,907
Total Basic Materials				574,112
Total Common Stocks
(Cost $22,193,683)				23,688,312
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,1,2		6,250		18
Total Convertible Preferred Stocks
(Cost $5,968)				18
SHORT TERM INVESTMENTS† - 0.2%
Dreyfus Treasury Prime Cash Management Fund 0.00%		50,348		50,348
Total Short Term Investments
(Cost $50,348)				50,348
Total Investments - 99.3%
(Cost $22,249,999)			$	23,738,678
Other Assets & Liabilities, net - 0.7%				169,993
Total Net Assets - 100.0%			$	23,908,671

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
2	Illiquid security.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SMALL CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $22,249,999)	$	23,738,678
Prepaid expenses		20,967
Receivables:
Securities sold		350,743
Dividends		32,162
Investment adviser		14,679
Fund shares sold		8,637
Total assets		24,165,866
Liabilities:
Payable for:
Securities purchased		159,434
Fund shares redeemed		48,504
Management fees		20,245
Distribution and service fees		9,313
Transfer agent/maintenance fees		2,172
Fund accounting/administration fees		1,923
Trustees’ fees*		486
Miscellaneous		15,118
Total liabilities		257,195
Net assets	$	23,908,671
Net assets consist of:
Paid in capital	$	20,407,492
Distributions in excess of net investment loss		(292,083	)
Accumulated net realized gain on investments		2,304,583
Net unrealized appreciation on investments		1,488,679
Net assets	$	23,908,671
A-Class:
Net assets	$	16,369,158
Capital shares outstanding		1,127,361
Net asset value per share	$	14.52
Maximum offering price per share (Net asset value divided by 95.25%)	$	15.24
C-Class:
Net assets	$	6,840,511
Capital shares outstanding		501,614
Net asset value per share	$	13.64
Institutional Class:
Net assets	$	699,002
Capital shares outstanding		52,088
Net asset value per share	$	13.42

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $412)	$	195,523
Total investment income		195,523
Expenses:
Management fees		124,702
Transfer agent/maintenance fees:
A-Class		15,952
C-Class		6,429
Institutional Class		587
Distribution and service fees:
A-Class		20,727
C-Class		38,263
Fund accounting/administration fees		11,847
Registration fees		26,709
Custodian fees		3,173
Tax expense		3,075
Trustees’ fees*		2,207
Line of credit fees		1,341
Miscellaneous		18,266
Total expenses		273,278
Less:
Expenses waived by Adviser		(78,883	)
Net expenses		194,395
Net investment income		1,128
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,509,891
Net realized gain		2,509,891
Net change in unrealized appreciation (depreciation) on:
Investments		(671,123	)
Net change in unrealized appreciation (depreciation)		(671,123	)
Net realized and unrealized gain		1,838,768
Net increase in net assets resulting from operations	$	1,839,896

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

SMALL CAP VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,128		$	(90,719	)
Net realized gain on investments		2,509,891			8,751,257
Net change in unrealized appreciation (depreciation) on investments		(671,123	)		(7,309,504	)
Net increase in net assets resulting from operations		1,839,896			1,351,034
Distributions to shareholders from:
Net investment income
A-Class		(85,715	)		(33,808	)
Institutional Class		(60,526	)		(89,016	)
Net realized gains
A-Class		(3,174,844	)		(1,236,307	)
C-Class		(1,734,594	)		(508,183	)
Institutional Class		(145,234	)		(1,474,064	)
Total distributions to shareholders		(5,200,913	)		(3,341,378	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,013,452			9,171,920
C-Class		325,629			4,179,080
Institutional Class		369,388			559,915
Distributions reinvested
A-Class		3,225,514			1,239,655
C-Class		1,687,462			485,717
Institutional Class		119,479			25,070
Cost of shares redeemed
A-Class		(5,211,313	)		(8,482,138	)
C-Class		(2,494,065	)		(1,429,909	)
Institutional Class		(388,197	)		(21,823,574	)
Net increase (decrease) from capital share transactions		647,349			(16,074,264	)
Net decrease in net assets		(2,713,668	)		(18,064,608	)
Net assets:
Beginning of period		26,622,339			44,686,947
End of period	$	23,908,671		$	26,622,339
Distributions in excess of net investment loss at end of period	$	(292,083	)	$	(146,970	)
Capital share activity:
Shares sold
A-Class		200,053			506,970
C-Class		23,065			242,648
Institutional Class		28,127			30,658
Shares issued from reinvestment of distributions
A-Class		230,223			71,163
C-Class		127,935			29,190
Institutional Class		9,233			1,422
Shares redeemed
A-Class		(334,091	)		(472,674	)
C-Class		(183,605	)		(82,761	)
Institutional Class		(29,475	)		(1,224,766	)
Net increase (decrease) in shares		71,465			(898,150	)

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

SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	16.82		$	17.81		$	15.04		$	11.66		$	14.35		$	13.24
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.03	)		(—	)c		(.03	)		(.07	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		1.14			.26			4.05			3.73			(.63	)		1.54
Total from investment operations		1.16			.23			4.05			3.70			(.70	)		1.49
Less distributions from:
Net investment income		(.09	)		(.03	)		(.01	)		—			—			—
Net realized gains		(3.37	)		(1.19	)		(1.27	)		(.32	)		(1.99	)		(.38	)
Total distributions		(3.46	)		(1.22	)		(1.28	)		(.32	)		(1.99	)		(.38	)
Net asset value, end of period	$	14.52		$	16.82		$	17.81		$	15.04		$	11.66		$	14.35
Total Returnd		7.68	%		1.07	%		29.39	%		32.19	%		(7.31	%)		11.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,369		$	17,342		$	16,487		$	12,294		$	7,592		$	6,209
Ratios to average net assets:
Net investment income (loss)		0.24	%		(0.14	%)		(0.02	%)		(0.24	%)		(0.52	%)		(0.34	%)
Total expenses		1.98	%		1.85	%		1.91	%		2.14	%		2.33	%		2.45	%
Net expensese		1.34	%f		1.32	%f		1.30	%		1.30	%		1.30	%		1.30	%
Portfolio turnover rate		39	%		45	%		34	%		62	%		70	%		140	%

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	15.96		$	17.05		$	14.54		$	11.36		$	14.13		$	13.11
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.15	)		(.12	)		(.14	)		(.18	)		(.15	)
Net gain (loss) on investments (realized and unrealized)		1.09			.25			3.90			3.64			(.60	)		1.55
Total from investment operations		1.05			.10			3.78			3.50			(.78	)		1.40
Less distributions from:
Net realized gains		(3.37	)		(1.19	)		(1.27	)		(.32	)		(1.99	)		(.38	)
Total distributions		(3.37	)		(1.19	)		(1.27	)		(.32	)		(1.99	)		(.38	)
Net asset value, end of period	$	13.64		$	15.96		$	17.05		$	14.54		$	11.36		$	14.13
Total Returnd		7.33	%		0.30	%		28.34	%		31.35	%		(8.07	%)		10.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,841		$	8,527		$	5,885		$	3,026		$	2,305		$	1,353
Ratios to average net assets:
Net investment income (loss)		(0.53	%)		(0.87	%)		(0.75	%)		(1.00	%)		(1.26	%)		(1.09	%)
Total expenses		2.70	%		2.51	%		2.58	%		2.70	%		3.07	%		3.22	%
Net expensese		2.09	%f		2.07	%f		2.05	%		2.05	%		2.05	%		2.05	%
Portfolio turnover rate		39	%		45	%		34	%		62	%		70	%		140	%

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

SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	17.04		$	18.04		$	15.21		$	11.76		$	14.43		$	13.28
Income (loss) from investment operations:
Net investment income (loss)b		.03			.01			.04			—	c		(.04	)		(.01	)
Net gain (loss) on investments (realized and unrealized)		1.13			.25			4.10			3.77			(.64	)		1.54
Total from investment operations		1.16			.26			4.14			3.77			(.68	)		1.53
Less distributions from:
Net investment income		(1.41	)		(.07	)		(.04	)		—			—			—
Net realized gains		(3.37	)		(1.19	)		(1.27	)		(.32	)		(1.99	)		(.38	)
Total distributions		(4.78	)		(1.26	)		(1.31	)		(.32	)		(1.99	)		(.38	)
Net asset value, end of period	$	13.42		$	17.04		$	18.04		$	15.21		$	11.76		$	14.43
Total Returnd		7.85	%		1.21	%		29.74	%		32.51	%		(7.11	%)		11.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	699		$	753		$	22,315		$	18,591		$	638		$	734
Ratios to average net assets:
Net investment income (loss)		0.45	%		0.05	%		0.23	%		0.02	%		(0.30	%)		(0.08	%)
Total expenses		1.70	%		1.33	%		1.34	%		1.44	%		2.09	%		2.21	%
Net expensese		1.09	%f		1.07	%f		1.05	%		1.05	%		1.05	%		1.05	%
Portfolio turnover rate		39	%		45	%		34	%		62	%		70	%		140	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net investment income (loss) is less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
e	Net expense information reflects the expense ratios after expense waivers.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14
A-Class	1.30%	1.30%
C-Class	2.05%	2.05%
Institutional Class	1.05%	1.05%

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

FUND PROFILE (Unaudited) March 31, 2015

STYLEPLUS—LARGE CORE FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

Portfolio Composition by Quality Rating*
Rating
Fixed Income Instruments
AAA	3.6%
AA	1.6%
A	3.0%
BBB	1.3%
B	0.1%
Other Instruments
Mutual Funds	72.1%
Common Stocks	15.4%
Short Term Investments	2.9%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	September 10, 1962
B-Class	October 19, 1993
C-Class	January 29, 1999
Institutional Class	March 1, 2012

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund III	24.7%
Guggenheim Strategy Fund I	24.1%
Guggenheim Strategy Fund II	22.0%
Duane Street CLO IV Ltd. — Class A1T	0.8%
Goldman Sachs Asset Management CLO plc — Class D	0.7%
Salus CLO Ltd. — Class A2N	0.7%
Black Diamond CLO 2005-1 Delaware Corp. — Class D1	0.6%
Apple, Inc.	0.6%
Cornerstone CLO Ltd. — Class A1S	0.6%
KKR Financial CLO 2007-1 Ltd. — Class D	0.6%
Top Ten Total	75.4%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

* Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
STYLEPLUS—LARGE CORE FUND

	Shares		Value
COMMON STOCKS† - 15.1%
CONSUMER, NON-CYCLICAL - 5.1%
Pfizer, Inc.		19,742	$	686,823
Procter & Gamble Co.		7,689		630,037
UnitedHealth Group, Inc.		4,293		507,818
PepsiCo, Inc.		5,097		487,375
Express Scripts Holding Co.*		5,014		435,065
Johnson & Johnson		4,233		425,840
Mondelez International, Inc. — Class A		11,581		417,958
Anthem, Inc.		2,565		396,061
Aetna, Inc.		3,645		388,302
Cigna Corp.		2,979		385,602
General Mills, Inc.		6,745		381,767
Merck & Company, Inc.		6,617		380,345
Kimberly-Clark Corp.		3,527		377,777
Archer-Daniels-Midland Co.		7,772		368,393
Stryker Corp.		3,908		360,513
Coca-Cola Co.		8,492		344,351
Kroger Co.		3,907		299,511
Kraft Foods Group, Inc.		3,421		298,020
Abbott Laboratories		6,314		292,528
Cardinal Health, Inc.		3,157		284,982
AbbVie, Inc.		4,604		269,518
Humana, Inc.		1,490		265,250
Philip Morris International, Inc.		3,126		235,482
Eli Lilly & Co.		3,148		228,702
McKesson Corp.		994		224,843
Amgen, Inc.		1,396		223,150
HCA Holdings, Inc.*		2,716		204,325
Baxter International, Inc.		2,773		189,951
Medtronic plc		2,399		187,098
Gilead Sciences, Inc.*		1,820		178,597
Actavis plc*		438		130,358
Total Consumer, Non-cyclical				10,486,342
TECHNOLOGY - 2.4%
Apple, Inc.		9,466		1,177,855
Microsoft Corp.		19,492		792,447
International Business Machines Corp.		3,462		555,651
Intel Corp.		17,317		541,503
Hewlett-Packard Co.		12,591		392,336
Oracle Corp.		8,709		375,793
EMC Corp.		14,563		372,230
Micron Technology, Inc.*		11,757		318,967
Western Digital Corp.		3,393		308,797
Total Technology				4,835,579
INDUSTRIAL - 2.4%
General Electric Co.		22,868		567,355
Caterpillar, Inc.		4,841		387,425
Eaton Corporation plc		5,327		361,916
FedEx Corp.		2,157		356,876
Corning, Inc.		15,248		345,825
CSX Corp.		9,843		326,000
Boeing Co.		2,114		317,268
Deere & Co.		3,494		306,389
Waste Management, Inc.		5,542		300,543
Norfolk Southern Corp.		2,793		287,456
General Dynamics Corp.		2,038		276,617
Raytheon Co.		2,438		266,352
Northrop Grumman Corp.		1,608		258,824
Emerson Electric Co.		4,023		227,782
United Technologies Corp.		1,583		185,528
Total Industrial				4,772,156
FINANCIAL - 1.4%
JPMorgan Chase & Co.		7,994		484,277
MetLife, Inc.		7,859		397,272
Bank of New York Mellon Corp.		7,972		320,793
Bank of America Corp.		18,177		279,744
Prudential Financial, Inc.		3,285		263,818
Citigroup, Inc.		4,780		246,266
Wells Fargo & Co.		3,487		189,693
State Street Corp.		2,134		156,913
Berkshire Hathaway, Inc. — Class B*		938		135,372
Allstate Corp.		1,735		123,480
Aflac, Inc.		1,761		112,722
Ameriprise Financial, Inc.		714		93,420
Total Financial				2,803,770
ENERGY - 1.2%
ConocoPhillips		6,733		419,196
Exxon Mobil Corp.		4,892		415,820
Anadarko Petroleum Corp.		4,707		389,786
Occidental Petroleum Corp.		4,854		354,342
Apache Corp.		5,706		344,243
Chevron Corp.		2,491		261,505
Kinder Morgan, Inc.		2,909		122,353
Valero Energy Corp.		1,588		101,029
Devon Energy Corp.		1,603		96,677
Total Energy				2,504,951
COMMUNICATIONS - 1.1%
Cisco Systems, Inc.		19,078		525,122
eBay, Inc.*		6,983		402,779
Comcast Corp. — Class A		6,226		351,582
AT&T, Inc.		7,341		239,684
Google, Inc. — Class C*		419		229,612
Walt Disney Co.		1,768		185,446
Time Warner, Inc.		2,173		183,488
Verizon Communications, Inc.		1,972		95,898
Total Communications				2,213,611
CONSUMER, CYCLICAL - 1.1%
Wal-Mart Stores, Inc.		6,402		526,565
CVS Health Corp.		4,952		511,095
Delta Air Lines, Inc.		6,262		281,540

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
STYLEPLUS—LARGE CORE FUND

	Shares		Value
Southwest Airlines Co.		5,624	$	249,143
Ford Motor Co.		13,235		213,613
General Motors Co.		4,978		186,675
Walgreens Boots Alliance, Inc.		2,123		179,776
Total Consumer, Cyclical				2,148,407
UTILITIES - 0.4%
Duke Energy Corp.		5,273		404,861
American Electric Power Company, Inc.		4,136		232,650
PG&E Corp.		3,798		201,560
Total Utilities				839,071
Total Common Stocks
(Cost $28,347,061)				30,603,887
MUTUAL FUNDS†,1 - 70.8%
Guggenheim Strategy Fund III		2,002,207		49,955,057
Guggenheim Strategy Fund I		1,957,710		48,746,970
Guggenheim Strategy Fund II		1,785,349		44,473,050
Total Mutual Funds
(Cost $143,241,259)				143,175,077
SHORT TERM INVESTMENTS† - 2.9%
Dreyfus Treasury Prime Cash Management Fund 0.00%		5,820,719		5,820,719
Total Short Term Investments
(Cost $5,820,719)				5,820,719
	Face Amount
ASSET-BACKED SECURITIES†† - 8.8%
Duane Street CLO IV Ltd.
2007-4A, 0.49% due 11/14/212,3	$	1,658,526		1,645,092
Goldman Sachs Asset Management CLO plc
2007-1A, 3.00% due 08/01/222,3		1,500,000		1,502,250
Brentwood CLO Corp.
2006-1A, 0.52% due 02/01/222,3		995,529		981,393
2006-1A, 1.07% due 02/01/222,3		500,000		474,650
Salus CLO Ltd.
2013-1AN, 2.48% due 03/05/212,3		1,400,000		1,401,680
Black Diamond CLO 2005-1 Delaware Corp.
2005-1A, 2.17% due 06/20/172,3		1,250,000		1,223,625
Symphony CLO IX, LP
2012-9A, 2.75% due 04/16/222,3		700,000		702,590
2012-9A, 3.50% due 04/16/222,3		500,000		501,700

Cornerstone CLO Ltd.
2007-1A, 0.47% due 07/15/212,3	1,176,825		1,166,705
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.51% due 05/15/212,3	1,150,000		1,145,515
Symphony CLO VII Ltd.
2011-7A, 3.46% due 07/28/212,3	1,000,000		998,800
GSC Group CDO Fund VIII Ltd.
2007-8A, 0.64% due 04/17/212,3	1,000,000		987,100
N-Star REL CDO VIII Ltd.
2006-8A, 0.47% due 02/01/412,3	966,089		948,023
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.64% due 04/29/192,3	900,000		864,180
OFSI Fund V Ltd.
2013-5A, 3.46% due 04/17/252,3	750,000		740,775
Foothill CLO Ltd.
2007-1A, 0.51% due 02/22/212,3	683,593		678,603
Halcyon Loan Advisors Funding 2012-1 Ltd.
2012-1A, 3.26% due 08/15/232,3	500,000		488,250
NewStar Commercial Loan Trust 2007-1
2007-1A, 1.56% due 09/30/222,3	500,000		475,650
Race Point IV CLO Ltd.
2007-4A, 1.00% due 08/01/212,3	450,000		437,670
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.81% due 11/05/412,3	184,525		183,639
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 0.56% due 12/20/182,3	111,923		111,621
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/412,3	94,283		93,708
Golub Capital Partners Fundings Ltd.
2007-1A, 0.52% due 03/15/222,3	90,492		90,084
Total Asset-Backed Securities
(Cost $17,580,127)			17,843,303
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 0.5%
SRERS-2011 Funding Ltd.
2011-RS, 0.43% due 05/09/462,3	1,123,357		1,068,088
Total Collateralized Mortgage Obligations
(Cost $998,385)			1,068,088
Total Investments - 98.1%
(Cost $195,987,551)		$	198,511,074
Other Assets & Liabilities, net - 1.9%			3,944,257
Total Net Assets - 100.0%		$	202,455,331

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
STYLEPLUS—LARGE CORE FUND

	Contracts		Unrealized Gain
EQUITY FUTURES CONTRACTS PURCHASED†
June 2015 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $720,825)		7	$	9,603
	Units
OTC EQUITY INDEX SWAP AGREEMENTS††
Morgan Stanley Capital Services, Inc. June 2015 S&P 500 Total Return Index Swap, Terminating 06/03/154 (Notional Value $108,880,219)		28,613	$	11,116,008
Bank of America August 2015 S&P 500 Total Return Index Swap, Terminating 08/05/154 (Notional Value $42,851,168)		11,261		2,709,977
Goldman Sachs International May 2015 S&P 500 Index Swap, Terminating 05/05/154 (Notional Value $18,499,344)		8,946		—
(Total Notional Value $170,230,731)			$	13,825,985

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer — See Note 10.
2	Variable rate security. Rate indicated is rate effective at March 31, 2015.
3	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $18,911,392 (cost $18,578,513), or 9.3% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
4	Total Return based on S&P 500 Index +/- financing at a variable rate.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

STYLEPLUS—LARGE CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $52,746,292)	$	55,335,997
Investments in affiliated issuers, at value (cost $143,241,259)		143,175,077
Total investments (cost $195,987,551)		198,511,074
Unrealized appreciation on swap agreements		13,825,985
Cash		1,345,808
Segregated cash with broker		332,200
Prepaid expenses		38,963
Receivables:
Securities sold		1,197,060
Dividends		231,188
Interest		34,218
Fund shares sold		7,538
Total assets		215,524,034
Liabilities:
Segregated cash from broker		12,084,000
Payable for:
Swap settlement		483,222
Securities purchased		187,197
Management fees		130,091
Distribution and service fees		47,242
Fund shares redeemed		38,973
Fund accounting/administration fees		16,478
Transfer agent/maintenance fees		13,918
Variation margin		5,635
Trustees’ fees*		3,466
Miscellaneous		58,481
Total liabilities		13,068,703
Net assets	$	202,455,331
Net assets consist of:
Paid in capital	$	181,836,496
Undistributed net investment income		370,126
Accumulated net realized gain on investments		3,889,598
Net unrealized appreciation on investments		16,359,111
Net assets	$	202,455,331
A-Class:
Net assets	$	196,397,388
Capital shares outstanding		8,679,328
Net asset value per share	$	22.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	23.76
B-Class:
Net assets	$	2,621,732
Capital shares outstanding		161,593
Net asset value per share	$	16.22
C-Class:
Net assets	$	3,351,388
Capital shares outstanding		181,528
Net asset value per share	$	18.46
Institutional Class:
Net assets	$	84,823
Capital shares outstanding		3,774
Net asset value per share	$	22.48

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends from securities of affiliated issuers	$	932,994
Interest		637,592
Dividends from securities of unaffiliated issuers		408,045
Total investment income		1,978,631
Expenses:
Management fees		757,980
Transfer agent/maintenance fees:
A-Class		123,100
B-Class		9,505
C-Class		5,027
Institutional Class		123
Distribution and service fees:
A-Class		244,651
B-Class		14,381
C-Class		17,177
Fund accounting/administration fees		96,009
Line of credit fees		14,624
Custodian fees		10,728
Trustees’ fees*		10,039
Tax expense		9
Miscellaneous		74,482
Total expenses		1,377,835
Net investment income		600,796
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		3,342,609
Investments in affiliated issuers		(13,996	)
Swap agreements		1,051,251
Futures contracts		58,473
Net realized gain		4,438,337
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,286,412	)
Investments in affiliated issuers		180,124
Swap agreements		8,144,756
Futures contracts		18,313
Net change in unrealized appreciation (depreciation)		7,056,781
Net realized and unrealized gain		11,495,118
Net increase in net assets resulting from operations	$	12,095,914

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

STYLEPLUS—LARGE CORE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	600,796		$	1,594,339
Net realized gain on investments		4,438,337			32,337,769
Net change in unrealized appreciation (depreciation) on investments		7,056,781			3,604,720
Net increase in net assets resulting from operations		12,095,914			37,536,828
Distributions to shareholders from:
Net investment income
A-Class		(1,732,889	)		(394,204	)
C-Class		(12,770	)		—
Institutional Class		(1,276	)		(125	)
Net realized gains
A-Class		(24,703,723	)		(30,898,467	)
B-Class		(495,180	)		(755,687	)
C-Class		(513,717	)		(490,315	)
Institutional Class		(14,534	)		(4,758	)
Total distributions to shareholders		(27,474,089	)		(32,543,556	)
Capital share transactions:
Proceeds from sale of shares
A-Class		5,001,924			5,232,403
B-Class		73,203			139,271
C-Class		1,065,945			926,456
Institutional Class		34,411			60,516
Distributions reinvested
A-Class		24,669,737			29,159,068
B-Class		493,058			750,686
C-Class		522,705			483,096
Institutional Class		11,270			4,883
Cost of shares redeemed
A-Class		(11,444,337	)		(22,280,678	)
B-Class		(636,719	)		(1,341,102	)
C-Class		(932,608	)		(628,059	)
Institutional Class		(29,777	)		(13,481	)
Net increase from capital share transactions		18,828,812			12,493,059
Net increase in net assets		3,450,637			17,486,331
Net assets:
Beginning of period		199,004,694			181,518,363
End of period	$	202,455,331		$	199,004,694
Undistributed net investment income at end of period	$	370,126		$	1,516,265

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

STYLEPLUS—LARGE CORE FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		213,125			221,145
B-Class		4,604			7,794
C-Class		54,673			45,606
Institutional Class		1,353			2,509
Shares issued from reinvestment of distributions
A-Class		1,097,897			1,349,957
B-Class		30,473			45,857
C-Class		28,423			26,486
Institutional Class		505			227
Shares redeemed
A-Class		(493,862	)		(944,947	)
B-Class		(38,422	)		(75,228	)
C-Class		(49,579	)		(31,801	)
Institutional Class		(1,348	)		(548	)
Net increase in shares		847,842			647,057

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

STYLEPLUS—LARGE CORE FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	24.53		$	24.27		$	21.25		$	16.79		$	17.56		$	16.20
Income (loss) from investment operations:
Net investment income (loss)b		.07			.20			.06			.06			.01			.04
Net gain (loss) on investments (realized and unrealized)		1.41			4.45			3.04			4.42			(.74	)		1.32
Total from investment operations		1.48			4.65			3.10			4.48			(.73	)		1.36
Less distributions from:
Net investment income		(.22	)		(.06	)		(.08	)		(.02	)		(.04	)		—
Net realized gains		(3.16	)		(4.33	)		—			—			—			—
Total distributions		(3.38	)		(4.39	)		(.08	)		(.02	)		(.04	)		—
Net asset value, end of period	$	22.63		$	24.53		$	24.27		$	21.25		$	16.79		$	17.56
Total Returnc		6.15	%		21.59	%		14.64	%		26.71	%		(4.11	%)		8.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	196,397		$	192,850		$	175,601		$	171,907		$	156,232		$	174,371
Ratios to average net assets:
Net investment income (loss)		0.63	%		0.86	%		0.26	%		0.32	%		0.06	%		0.31	%
Total expensesd		1.33	%		1.41	%		1.37	%		1.36	%		1.35	%		1.43	%
Net expensese		1.33	%		1.39	%		1.37	%		1.36	%		1.35	%		1.43	%
Portfolio turnover rate		42	%		107	%		217	%		101	%		92	%		100	%

B-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	18.39		$	19.39		$	17.13		$	13.69		$	14.40		$	13.36
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		(.10	)		(.17	)		(.15	)		(.11	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		1.05			3.43			2.43			3.59			(.60	)		1.12
Total from investment operations		.99			3.33			2.26			3.44			(.71	)		1.04
Less distributions from:
Net realized gains		(3.16	)		(4.33	)		—			—			—			—
Total distributions		(3.16	)		(4.33	)		—			—			—			—
Net asset value, end of period	$	16.22		$	18.39		$	19.39		$	17.13		$	13.69		$	14.40
Total Returnc		5.44	%		19.93	%		13.19	%		25.13	%		(4.93	%)		7.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,622		$	3,033		$	3,617		$	4,714		$	5,121		$	6,817
Ratios to average net assets:
Net investment income (loss)		(0.66	%)		(0.56	%)		(0.94	%)		(0.92	%)		(0.70	%)		(0.48	%)
Total expensesd		2.61	%		2.81	%		2.59	%		2.59	%		2.10	%		2.17	%
Net expensese		2.61	%		2.80	%		2.59	%		2.59	%		2.10	%		2.17	%
Portfolio turnover rate		42	%		107	%		217	%		101	%		92	%		100	%

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

STYLEPLUS—LARGE CORE FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	20.55		$	21.12		$	18.60		$	14.81		$	15.56		$	14.48
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.02	)		(.15	)		(.10	)		(.12	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		1.18			3.78			2.67			3.89			(.63	)		1.16
Total from investment operations		1.15			3.76			2.52			3.79			(.75	)		1.08
Less distributions from:
Net investment income		(.08	)		—			—			—			—			—
Net realized gains		(3.16	)		(4.33	)		—			—			—			—
Total distributions		(3.24	)		(4.33	)		—			—			—			—
Net asset value, end of period	$	18.46		$	20.55		$	21.12		$	18.60		$	14.81		$	15.56
Total Returnc		5.66	%		20.40	%		13.55	%		25.59	%		(4.82	%)		7.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,351		$	3,042		$	2,275		$	1,669		$	1,600		$	2,158
Ratios to average net assets:
Net investment income (loss)		(0.28	%)		(0.08	%)		(0.77	%)		(0.55	%)		(0.70	%)		(0.44	%)
Total expensesd		2.25	%		2.36	%		2.34	%		2.22	%		2.10	%		2.18	%
Net expensese		2.25	%		2.34	%		2.34	%		2.22	%		2.10	%		2.18	%
Portfolio turnover rate		42	%		107	%		217	%		101	%		92	%		100	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

STYLEPLUS—LARGE CORE FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012g
Per Share Data
Net asset value, beginning of period	$	24.42		$	24.25		$	21.28		$	20.84
Income (loss) from investment operations:
Net investment income (loss)b		.09			.23			.06			.07
Net gain (loss) on investments (realized and unrealized)		1.41			4.38			3.06			.37
Total from investment operations		1.50			4.61			3.12			.44
Less distributions from:
Net investment income		(.28	)		(.11	)		(.15	)		—
Net realized gains		(3.16	)		(4.33	)		—			—
Total distributions		(3.44	)		(4.44	)		(.15	)		—
Net asset value, end of period	$	22.48		$	24.42		$	24.25		$	21.28
Total Returnc		6.25	%		21.50	%		14.79	%		2.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	85		$	80		$	26		$	10
Ratios to average net assets:
Net investment income (loss)		0.75	%		0.97	%		0.26	%		0.59	%
Total expensesd		1.21	%		1.39	%		1.25	%		1.12	%
Net expensese		1.21	%		1.37	%		1.25	%		1.12	%
Portfolio turnover rate		42	%		107	%		217	%		101	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Reverse share split — Per share amounts for the periods presented through April 8, 2011 have been restated to reflect a 1:4 reverse share split effective April 8, 2011.
g	Since commencement of operations: March 1, 2012. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

FUND PROFILE (Unaudited) March 31, 2015

STYLEPLUS—MID GROWTH FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

Portfolio Composition by Quality Rating*
Rating
Fixed Income Instruments
AAA	3.4%
AA	1.3%
A	3.6%
BBB	1.1%
B	0.2%
Other Instruments
Mutual Funds	71.4%
Common Stocks	15.5%
Short Term Investments	3.5%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	September 17, 1969
B-Class	October 19, 1993
C-Class	January 29, 1999
Institutional Class	March 1, 2012

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund III	24.1%
Guggenheim Strategy Fund I	23.1%
Guggenheim Strategy Fund II	22.3%
Duane Street CLO IV Ltd. — Class A1T	0.8%
N-Star REL CDO VIII Ltd. — Class A1	0.7%
Salus CLO Ltd. — Class A2N	0.7%
Symphony CLO IX, LP — Class C	0.6%
Goldman Sachs Asset Management CLO plc — Class D	0.6%
Symphony CLO VII Ltd. — Class D	0.6%
KKR Financial CLO 2007-1 Ltd. — Class D	0.6%
Top Ten Total	74.1%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

* Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
STYLEPLUS—MID GROWTH FUND

	Shares		Value
COMMON STOCKS† - 15.1%
CONSUMER, NON-CYCLICAL - 5.7%
Kroger Co.		3,181	$	243,856
Catamaran Corp.*		3,276		195,053
AmerisourceBergen Corp. — Class A		1,674		190,283
Mylan N.V.*		3,058		181,492
Cigna Corp.		1,210		156,622
Constellation Brands, Inc. — Class A*		1,284		149,213
Vertex Pharmaceuticals, Inc.*		1,221		144,041
Archer-Daniels-Midland Co.		2,965		140,541
Hertz Global Holdings, Inc.*		6,294		136,454
Dr Pepper Snapple Group, Inc.		1,695		133,024
Coca-Cola Enterprises, Inc.		2,870		126,854
CR Bard, Inc.		758		126,851
Western Union Co.		5,884		122,446
Boston Scientific Corp.*		6,725		119,369
United Rentals, Inc.*		1,276		116,320
St. Jude Medical, Inc.		1,755		114,777
DaVita HealthCare Partners, Inc.*		1,344		109,240
Kellogg Co.		1,648		108,686
Zoetis, Inc.		2,260		104,615
Mead Johnson Nutrition Co. — Class A		1,035		104,049
Brown-Forman Corp. — Class B		1,116		100,831
Universal Health Services, Inc. — Class B		750		88,283
Cardinal Health, Inc.		976		88,104
Hershey Co.		857		86,480
Illumina, Inc.*		445		82,610
RR Donnelley & Sons Co.		4,275		82,037
Darling Ingredients, Inc.*		5,816		81,482
Henry Schein, Inc.*		578		80,700
HCA Holdings, Inc.*		1,070		80,496
Monster Beverage Corp.*		570		78,885
Ingredion, Inc.		999		77,742
BioMarin Pharmaceutical, Inc.*		620		77,264
Campbell Soup Co.		1,645		76,575
McGraw Hill Financial, Inc.		724		74,862
Quanta Services, Inc.*		2,589		73,864
Clorox Co.		654		72,195
Spectrum Brands Holdings, Inc.		794		71,111
Endo International plc*		785		70,415
Perrigo Company plc		423		70,028
Avis Budget Group, Inc.*		1,132		66,805
Whole Foods Market, Inc.		1,153		60,048
Jazz Pharmaceuticals plc*		338		58,403
Total System Services, Inc.		1,486		56,691
Hologic, Inc.*		1,697		56,043
DENTSPLY International, Inc.		1,100		55,979
Booz Allen Hamilton Holding Corp.		1,913		55,362
Keurig Green Mountain, Inc.		462		51,619
KAR Auction Services, Inc.		1,280		48,550
Vantiv, Inc. — Class A*		1,275		48,068
Incyte Corp.*		503		46,105
Alkermes plc*		708		43,167
Mallinckrodt plc*		337		42,681
Intuitive Surgical, Inc.*		80		40,402
Total Consumer, Non-cyclical				5,067,673
INDUSTRIAL - 2.3%
Parker-Hannifin Corp.		1,400		166,293
Dover Corp.		2,036		140,728
Corning, Inc.		5,789		131,295
Stanley Black & Decker, Inc.		1,366		130,262
Tyco International plc		2,952		127,113
Rockwell Automation, Inc.		1,087		126,081
Pentair plc		1,588		99,869
Huntington Ingalls Industries, Inc.		702		98,385
Fluor Corp.		1,468		83,911
Agilent Technologies, Inc.		1,849		76,826
Triumph Group, Inc.		1,270		75,844
Waste Management, Inc.		1,304		70,716
Trimble Navigation Ltd.*		2,707		68,216
Ingersoll-Rand plc		985		67,059
Roper Industries, Inc.		382		65,704
TransDigm Group, Inc.		292		63,866
Timken Co.		1,420		59,839
Lincoln Electric Holdings, Inc.		889		58,132
Kansas City Southern		568		57,981
Avnet, Inc.		1,294		57,583
Waste Connections, Inc.		1,174		56,516
Xylem, Inc.		1,452		50,849
Clean Harbors, Inc.*		855		48,547
Moog, Inc. — Class A*		584		43,829
B/E Aerospace, Inc.		671		42,689
Total Industrial				2,068,133
CONSUMER, CYCLICAL - 2.2%
United Continental Holdings, Inc.*		3,157		212,309
PACCAR, Inc.		3,066		193,587
Southwest Airlines Co.		4,158		184,199
Macy’s, Inc.		2,207		143,257
WW Grainger, Inc.		521		122,857
PVH Corp.		1,053		112,208
The Gap, Inc.		2,282		98,879
Allison Transmission Holdings, Inc.		2,907		92,850
Harley-Davidson, Inc.		1,512		91,839
Tesla Motors, Inc.*		411		77,584
Kohl’s Corp.		929		72,694
Genuine Parts Co.		770		71,756
Dollar General Corp.*		943		71,083
Dollar Tree, Inc.*		833		67,594
Whirlpool Corp.		315		63,649
Best Buy Company, Inc.		1,635		61,787
O’Reilly Automotive, Inc.*		272		58,817
Hilton Worldwide Holdings, Inc.*		1,459		43,216
Wyndham Worldwide Corp.		454		41,073

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
STYLEPLUS—MID GROWTH FUND

	Shares		Value
Restaurant Brands International, Inc.		1,018	$	39,101
Total Consumer, Cyclical				1,920,339
TECHNOLOGY - 2.1%
Applied Materials, Inc.		5,591		126,132
NetApp, Inc.		3,411		120,954
Avago Technologies Ltd.		888		112,758
IHS, Inc. — Class A*		963		109,551
Citrix Systems, Inc.*		1,687		107,748
Computer Sciences Corp.		1,629		106,341
SanDisk Corp.		1,508		95,939
Fiserv, Inc.*		1,195		94,883
Activision Blizzard, Inc.		4,104		93,263
Intuit, Inc.		927		89,882
Pitney Bowes, Inc.		3,852		89,829
Xilinx, Inc.		2,109		89,211
KLA-Tencor Corp.		1,426		83,122
Teradyne, Inc.		4,103		77,342
Cerner Corp.*		976		71,502
DST Systems, Inc.		570		63,105
Maxim Integrated Products, Inc.		1,750		60,918
Riverbed Technology, Inc.*		2,798		58,506
Workday, Inc. — Class A*		667		56,301
ServiceNow, Inc.*		670		52,783
PTC, Inc.*		1,388		50,204
VeriFone Systems, Inc.*		1,402		48,916
NCR Corp.*		1,616		47,688
Total Technology				1,906,878
COMMUNICATIONS - 1.9%
Omnicom Group, Inc.		2,013		156,974
Twitter, Inc.*		2,909		145,683
LinkedIn Corp. — Class A*		549		137,173
Juniper Networks, Inc.		5,631		127,147
Liberty Interactive Corp. — Class A*		3,599		105,055
Netflix, Inc.*		238		99,172
Alliance Data Systems Corp.*		324		95,985
CenturyLink, Inc.		2,602		89,899
ARRIS Group, Inc.*		2,681		77,468
Harris Corp.		899		70,805
Nielsen N.V.		1,264		56,336
Level 3 Communications, Inc.*		1,020		54,917
Charter Communications, Inc. — Class A*		276		53,298
Interpublic Group of Companies, Inc.		2,407		53,243
Viacom, Inc. — Class B		769		52,523
Discovery Communications, Inc. — Class A*		1,696		52,169
CommScope Holding Company, Inc.*		1,714		48,918
Cablevision Systems Corp. — Class A		2,539		46,464
DISH Network Corp. — Class A*		660		46,240
EchoStar Corp. — Class A*		889		45,979
Sirius XM Holdings, Inc.*		11,177		42,696
Total Communications				1,658,144
ENERGY - 0.7%
Cheniere Energy, Inc.*		1,410		109,134
Valero Energy Corp.		1,560		99,247
Chesapeake Energy Corp.		6,251		88,514
HollyFrontier Corp.		1,727		69,546
Cameron International Corp.*		1,121		50,580
Concho Resources, Inc.*		435		50,425
Nabors Industries Ltd.		3,452		47,120
Superior Energy Services, Inc.		2,093		46,758
ONEOK, Inc.		917		44,236
Southwestern Energy Co.*		1,851		42,925
Total Energy				648,485
FINANCIAL - 0.2%
Ameriprise Financial, Inc.		723		94,598
Crown Castle International Corp.		997		82,292
T. Rowe Price Group, Inc.		498		40,328
Total Financial				217,218
Total Common Stocks
(Cost $12,515,704)				13,486,870
MUTUAL FUNDS†,1 - 69.6%
Guggenheim Strategy Fund III		863,871		21,553,581
Guggenheim Strategy Fund I		828,162		20,621,242
Guggenheim Strategy Fund II		798,656		19,894,512
Total Mutual Funds
(Cost $62,076,029)				62,069,335
SHORT TERM INVESTMENTS† - 3.4%
Dreyfus Treasury Prime Cash Management Fund 0.00%		3,079,435		3,079,435
Total Short Term Investments
(Cost $3,079,435)				3,079,435
	Face Amount
ASSET-BACKED SECURITIES†† - 8.7%
Duane Street CLO IV Ltd.
2007-4A, 0.49% due 11/14/212,3	$	688,445		682,869
N-Star REL CDO VIII Ltd.
2006-8A, 0.47% due 02/01/412,3		666,268		653,809
Brentwood CLO Corp.
2006-1A, 0.52% due 02/01/222,3		408,878		403,072
2006-1A, 1.07% due 02/01/222,3		250,000		237,325
Salus CLO Ltd.
2013-1AN, 2.48% due 03/05/212,3		600,000		600,720
Symphony CLO IX, LP
2012-9A, 3.50% due 04/16/222,3		500,000		501,700
Goldman Sachs Asset Management CLO plc
2007-1A, 3.00% due 08/01/222,3		500,000		500,750

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
STYLEPLUS—MID GROWTH FUND

	Face Amount		Value
Symphony CLO VII Ltd.
2011-7A, 3.46% due 07/28/212,3	$	500,000	$	499,400
KKR Financial CLO 2007-1 Ltd.
2007-1A, 2.51% due 05/15/212,3		500,000		498,050
Black Diamond CLO 2005-1 Delaware Corp.
2005-1A, 2.17% due 06/20/172,3		500,000		489,450
NewStar Commercial Loan Trust 2007-1
2007-1A, 1.56% due 09/30/222,3		500,000		475,650
Cornerstone CLO Ltd.
2007-1A, 0.47% due 07/15/212,3		441,309		437,514
GSC Group CDO Fund VIII Ltd.
2007-8A, 0.64% due 04/17/212,3		400,000		394,840
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.64% due 04/29/192,3		400,000		384,080
OFSI Fund V Ltd.
2013-5A, 3.46% due 04/17/252,3		300,000		296,310
Foothill CLO Ltd.
2007-1A, 0.51% due 02/22/212,3		287,370		285,273
Race Point IV CLO Ltd.
2007-4A, 1.00% due 08/01/212,3		250,000		243,150
Tricadia CDO 2006-6 Ltd.
2006-6A, 0.81% due 11/05/412,3		76,885		76,516
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 0.56% due 12/20/182,3		44,769		44,648
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/412,3		39,889		39,646
Golub Capital Partners Fundings Ltd.
2007-1A, 0.52% due 03/15/222,3		39,590		39,412
Total Asset-Backed Securities
(Cost $7,652,106)				7,784,184
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 0.5%
SRERS-2011 Funding Ltd.
2011-RS, 0.43% due 05/09/462,3		495,599		471,215
Total Collateralized Mortgage Obligations
(Cost $436,487)				471,215
Total Investments - 97.3%
(Cost $85,759,761)			$	86,891,039
Other Assets & Liabilities, net - 2.7%				2,399,933
Total Net Assets - 100.0%			$	89,290,972

	Contracts		Unrealized Gain
EQUITY FUTURES CONTRACTS PURCHASED†
June 2015 S&P MidCap 400 Index Mini Futures Contracts (Aggregate Value of Contracts $760,100)		5	$	20,959
June 2015 S&P 500 Index Mini Futures Contracts (Aggregate Value of Contracts $205,950)		2		2,744
June 2015 NASDAQ-100 Index Mini Futures Contracts (Aggregate Value of Contracts $259,695)		3		1,589
(Total Aggregate Value of Contracts $1,225,745)			$	25,292
	Units
OTC EQUITY INDEX SWAP AGREEMENTS††
Morgan Stanley Capital Services, Inc. June 2015 Russell MidCap Growth Total Return Index Swap, Terminating 06/03/154 (Notional Value $48,670,426)		21,873	$	6,998,418
Bank of America August 2015 Russell MidCap Growth Total Return Index Swap, Terminating 08/05/154 (Notional Value $20,826,812)		9,454		1,971,037
Deutsche Bank May 2015 Russell MidCap Growth Index Swap, Terminating 05/05/154 (Notional Value $3,981,328)		5,089		—
(Total Notional Value $73,478,566)			$	8,969,455

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer — See Note 10.
2	Variable rate security. Rate indicated is rate effective at March 31, 2015.
3	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $8,255,399 (cost $8,088,592), or 9.2% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
4	Total Return based on Russell MidCap Growth Index +/- financing at a variable rate.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

STYLEPLUS—MID GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $23,683,732)	$	24,821,704
Investments in affiliated issuers, at value (cost $62,076,029)		62,069,335
Total investments (cost $85,759,761)		86,891,039
Unrealized appreciation on swap agreements		8,969,455
Cash		566,760
Segregated cash with broker		53,500
Prepaid expenses		33,252
Receivables:
Securities sold		337,113
Dividends		91,415
Fund shares sold		84,190
Interest		14,922
Total assets		97,041,646
Liabilities:
Segregated cash from broker		7,326,010
Payable for:
Fund shares redeemed		123,072
Securities purchased		81,206
Management fees		57,453
Swap settlement		50,913
Distribution and service fees		23,295
Transfer agent/maintenance fees		14,629
Fund accounting/administration fees		7,277
Variation margin		6,415
Trustees’ fees*		142
Miscellaneous		60,262
Total liabilities		7,750,674
Net assets	$	89,290,972
Net assets consist of:
Paid in capital	$	77,438,334
Undistributed net investment income		108,665
Accumulated net realized gain on investments		1,617,948
Net unrealized appreciation on investments		10,126,025
Net assets	$	89,290,972
A-Class:
Net assets	$	82,625,550
Capital shares outstanding		1,804,238
Net asset value per share	$	45.80
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.08
B-Class:
Net assets	$	1,378,479
Capital shares outstanding		46,818
Net asset value per share	$	29.44
C-Class:
Net assets	$	5,231,881
Capital shares outstanding		144,012
Net asset value per share	$	36.33
Institutional Class:
Net assets	$	55,062
Capital shares outstanding		1,198
Net asset value per share	$	45.96

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends from securities of affiliated issuers	$	393,936
Interest		275,598
Dividends from securities of unaffiliated issuers		109,608
Total investment income		779,142
Expenses:
Management fees		323,476
Transfer agent/maintenance fees:
A-Class		66,984
B-Class		6,056
C-Class		6,461
Institutional Class		69
Distribution and service fees:
A-Class		99,944
B-Class		7,608
C-Class		23,669
Fund accounting/administration fees		40,973
Registration fees		35,367
Custodian fees		10,194
Line of credit fees		6,174
Trustees’ fees*		2,319
Tax expense		90
Miscellaneous		41,093
Total expenses		670,477
Net investment income		108,665
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		1,256,145
Investments in affiliated issuers		(11,124	)
Swap agreements		461,455
Futures contracts		14,414
Net realized gain		1,720,890
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		360,225
Investments in affiliated issuers		89,660
Swap agreements		7,065,996
Futures contracts		45,082
Net change in unrealized appreciation (depreciation)		7,560,963
Net realized and unrealized gain		9,281,853
Net increase in net assets resulting from operations	$	9,390,518

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

STYLEPLUS—MID GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	108,665		$	230,175
Net realized gain on investments		1,720,890			12,705,930
Net change in unrealized appreciation (depreciation) on investments		7,560,963			(1,180,565	)
Net increase in net assets resulting from operations		9,390,518			11,755,540
Distributions to shareholders from:
Net realized gains
A-Class		(8,445,226	)		(6,590,240	)
B-Class		(244,616	)		(268,820	)
C-Class		(583,423	)		(456,906	)
Institutional Class		(5,903	)		(2,003	)
Total distributions to shareholders		(9,279,168	)		(7,317,969	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,543,565			4,986,267
B-Class		450			13,919
C-Class		847,090			321,841
Institutional Class		25,396			5,279
Distributions reinvested
A-Class		8,149,102			6,337,566
B-Class		243,630			267,782
C-Class		567,893			436,749
Institutional Class		3,831			2,003
Cost of shares redeemed
A-Class		(6,723,858	)		(9,031,518	)
B-Class		(435,520	)		(801,755	)
C-Class		(422,527	)		(663,153	)
Institutional Class		(3,552	)		—
Net increase from capital share transactions		5,795,500			1,874,980
Net increase in net assets		5,906,850			6,312,551
Net assets:
Beginning of period		83,384,122			77,071,571
End of period	$	89,290,972		$	83,384,122
Undistributed net investment income at end of period	$	108,665		$	—
Capital share activity:
Shares sold
A-Class		78,432			112,690
B-Class		15			438
C-Class		23,949			8,737
Institutional Class		539			114
Shares issued from reinvestment of distributions
A-Class		187,770			152,676
B-Class		8,692			9,321
C-Class		16,446			12,770
Institutional Class		88			48
Shares redeemed
A-Class		(150,259	)		(202,301	)
B-Class		(14,923	)		(26,103	)
C-Class		(11,876	)		(18,028	)
Institutional Class		(81	)		—
Net increase in shares		138,792			50,362

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

STYLEPLUS—MID GROWTH FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	45.82		$	43.54		$	36.40		$	28.67		$	29.44		$	26.16
Income (loss) from investment operations:
Net investment income (loss)b		.07			.16			(.16	)		(.25	)		(.24	)		(.24	)
Net gain (loss) on investments (realized and unrealized)		4.94			6.21			7.30			7.98			(.53	)		3.52
Total from investment operations		5.01			6.37			7.14			7.73			(.77	)		3.28
Less distributions from:
Net realized gains		(5.03	)		(4.09	)		—			—			—			—
Total distributions		(5.03	)		(4.09	)		—			—			—			—
Net asset value, end of period	$	45.80		$	45.82		$	43.54		$	36.40		$	28.67		$	29.44
Total Returnc		11.54	%		15.61	%		19.62	%		26.96	%		(2.62	%)		12.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	82,626		$	77,363		$	70,767		$	65,767		$	62,575		$	71,858
Ratios to average net assets:
Net investment income (loss)		0.32	%		0.36	%		(0.40	%)		(0.74	%)		(0.72	%)		(0.85	%)
Total expensesd		1.48	%		1.67	%		1.57	%		1.62	%		1.49	%		1.67	%
Net expensese		1.48	%		1.65	%		1.57	%		1.62	%		1.49	%		1.67	%
Portfolio turnover rate		49	%		112	%		214	%		149	%		157	%		133	%

B-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	31.35		$	31.43		$	26.68		$	21.30		$	22.04		$	19.72
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(.35	)		(.54	)		(.52	)		(.37	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		3.28			4.36			5.29			5.90			(.37	)		2.64
Total from investment operations		3.12			4.01			4.75			5.38			(.74	)		2.32
Less distributions from:
Net realized gains		(5.03	)		(4.09	)		—			—			—			—
Total distributions		(5.03	)		(4.09	)		—			—			—			—
Net asset value, end of period	$	29.44		$	31.35		$	31.43		$	26.68		$	21.30		$	22.04
Total Returnc		10.76	%		13.95	%		17.80	%		25.26	%		(3.36	%)		11.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,378		$	1,663		$	2,181		$	2,710		$	3,197		$	4,537
Ratios to average net assets:
Net investment income (loss)		(1.05	%)		(1.13	%)		(1.90	%)		(2.08	%)		(1.50	%)		(1.60	%)
Total expensesd		2.86	%		3.13	%		3.07	%		2.95	%		2.26	%		2.42	%
Net expensese		2.86	%		3.11	%		3.07	%		2.95	%		2.26	%		2.42	%
Portfolio turnover rate		49	%		112	%		214	%		149	%		157	%		133	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 65

STYLEPLUS—MID GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011f			Year Ended September 30, 2010f
Per Share Data
Net asset value, beginning of period	$	37.48		$	36.63		$	30.92		$	24.55		$	25.40		$	22.76
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		(.20	)		(.45	)		(.46	)		(.42	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		3.98			5.14			6.16			6.83			(.43	)		3.04
Total from investment operations		3.88			4.94			5.71			6.37			(.85	)		2.64
Less distributions from:
Net realized gains		(5.03	)		(4.09	)		—			—			—			—
Total distributions		(5.03	)		(4.09	)		—			—			—			—
Net asset value, end of period	$	36.33		$	37.48		$	36.63		$	30.92		$	24.55		$	25.40
Total Returnc		11.05	%		14.56	%		18.47	%		25.95	%		(3.35	%)		11.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,232		$	4,329		$	4,103		$	4,346		$	4,162		$	5,339
Ratios to average net assets:
Net investment income (loss)		(0.53	%)		(0.55	%)		(1.36	%)		(1.57	%)		(1.48	%)		(1.60	%)
Total expensesd		2.34	%		2.57	%		2.53	%		2.45	%		2.25	%		2.43	%
Net expensese		2.34	%		2.55	%		2.53	%		2.45	%		2.25	%		2.43	%
Portfolio turnover rate		49	%		112	%		214	%		149	%		157	%		133	%

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

STYLEPLUS—MID GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012g
Per Share Data
Net asset value, beginning of period	$	45.96		$	43.72		$	36.46		$	36.16
Income (loss) from investment operations:
Net investment income (loss)b		.11			.11			(.07	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		4.92			6.22			7.33			.38
Total from investment operations		5.03			6.33			7.26			.30
Less distributions from:
Net realized gains		(5.03	)		(4.09	)		—			—
Total distributions		(5.03	)		(4.09	)		—			—
Net asset value, end of period	$	45.96		$	45.96		$	43.72		$	36.46
Total Returnc		11.60	%		15.42	%		19.91	%		0.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	55		$	30		$	21		$	10
Ratios to average net assets:
Net investment income (loss)		0.48	%		0.24	%		(0.17	%)		(0.41	%)
Total expensesd		1.34	%		1.81	%		1.33	%		1.37	%
Net expensese		1.34	%		1.79	%		1.33	%		1.37	%
Portfolio turnover rate		49	%		112	%		214	%		149	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Reverse share split — Per share amounts for the periods presented through April 8, 2011 have been restated to reflect a 1:4 reverse share split effective April 8, 2011.
g	Since commencement of operations: March 1, 2012. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 67

FUND PROFILE (Unaudited) March 31, 2015

WORLD EQUITY INCOME FUND

OBJECTIVE: Seeks to provide total return, comprised of capital appreciation and income.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

COUNTRY DIVERSIFICATION

At March 31, 2015, the investment diversification of the Fund by country was as follows:

Country	% of Common Stocks	Value
United States	55.6%	$51,844,721
Japan	6.7%	6,265,236
Switzerland	6.5%	6,097,335
Australia	5.8%	5,414,180
United Kingdom	5.8%	5,361,607
Hong Kong	2.8%	2,610,275
Canada	2.6%	2,462,107
Other	14.2%	13,267,730
Total Investments	100.0%	$93,323,191

Inception Dates:
A-Class	October 1, 1993
B-Class	October 19, 1993
C-Class	January 29, 1999
Institutional Class	May 2, 2011

Ten Largest Holdings (% of Total Net Assets)
Pfizer, Inc.	1.7%
Verizon Communications, Inc.	1.6%
Roche Holding AG	1.4%
AT&T, Inc.	1.4%
Merck & Company, Inc.	1.4%
Johnson & Johnson	1.3%
International Business Machines Corp.	1.3%
McDonald’s Corp.	1.3%
Altria Group, Inc.	1.2%
Apple, Inc.	1.2%
Top Ten Total	13.8%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

68 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
WORLD EQUITY INCOME FUND

	Shares		Value
COMMON STOCKS† - 98.4%
CONSUMER, NON-CYCLICAL - 24.1%
Pfizer, Inc.		45,000	$	1,565,550
Roche Holding AG††		5,000		1,373,975
Merck & Company, Inc.		22,600		1,299,048
Johnson & Johnson		12,700		1,277,620
Altria Group, Inc.		23,200		1,160,464
Cardinal Health, Inc.		12,800		1,155,456
Procter & Gamble Co.		13,800		1,130,772
Eli Lilly & Co.		15,500		1,126,075
Koninklijke Ahold N.V.††		53,800		1,059,910
Reynolds American, Inc.		15,000		1,033,650
Dr Pepper Snapple Group, Inc.		12,600		988,848
Nestle S.A.††		12,300		926,230
Baxter International, Inc.		13,400		917,900
Kimberly-Clark Corp.		8,500		910,435
Automatic Data Processing, Inc.		9,800		839,272
Philip Morris International, Inc.		10,300		775,899
Clorox Co.		6,900		761,691
Anthem, Inc.		4,800		741,168
Wesfarmers Ltd.††		21,000		701,266
Novartis AG††		6,600		651,430
Hutchison Port Holdings Trust — Class U††		730,100		506,803
AmerisourceBergen Corp. — Class A		4,200		477,414
Singapore Press Holdings Ltd.††		147,900		451,463
Vertex Pharmaceuticals, Inc.*		2,500		294,925
GlaxoSmithKline plc††		12,100		278,500
PepsiCo, Inc.		2,500		239,050
Sysco Corp.		6,100		230,153
Total Consumer, Non-cyclical				22,874,967
FINANCIAL - 20.7%
Boston Properties, Inc.		7,100		997,408
Swiss Re AG††		9,700		935,652
Wells Fargo & Co.		16,000		870,400
Annaly Capital Management, Inc.		79,200		823,680
Simon Property Group, Inc.		3,800		743,432
Host Hotels & Resorts, Inc.		35,600		718,408
Zurich Insurance Group AG*,††		2,000		676,011
American Capital Agency Corp.		29,400		627,102
National Australia Bank Ltd.††		21,200		620,610
Friends Life Group Ltd.††		100,700		616,595
New York Community Bancorp, Inc.		36,200		605,626
ASX Ltd.††		19,200		604,054
Stockland††		174,800		597,215
Hang Seng Bank Ltd.††		32,200		582,783
Insurance Australia Group Ltd.††		125,300		580,008
Lend Lease Group*,††		45,100		569,635
Iron Mountain, Inc.		15,100		550,848
U.S. Bancorp		11,700		510,939
Novion Property Group††		257,700		490,906
Admiral Group plc††		21,300		482,057
People’s United Financial, Inc.		31,600		480,320
Government Properties Trust, Inc.*,††		138,100		479,666
Gjensidige Forsikring ASA††		27,400		472,685
First Capital Realty, Inc.††		29,600		461,098
CK Hutchison Holdings Ltd.††		21,300		435,170
Hannover Rueck SE††		3,800		392,573
H&R Real Estate Investment Trust††		20,700		381,293
CME Group, Inc. — Class A		4,000		378,840
Bendigo & Adelaide Bank Ltd.††		38,700		368,764
ACE Ltd.		3,000		334,470
Digital Realty Trust, Inc.		4,900		323,204
Suncorp Group Ltd.††		30,100		308,661
JPMorgan Chase & Co.		4,900		296,842
Credit Suisse Group AG*,††		10,100		271,733
Bank of America Corp.		17,300		266,247
Bank of New York Mellon Corp.		6,000		241,440
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen††		1,100		236,311
Marsh & McLennan Companies, Inc.		4,000		224,360
Deutsche Boerse AG††		900		73,430
Total Financial				19,630,476
COMMUNICATIONS - 12.7%
Verizon Communications, Inc.		30,500		1,483,214
AT&T, Inc.		40,400		1,319,060
Vivendi S.A.††		40,000		992,863
Swisscom AG††		1,600		927,834
Lagardere SCA††		18,400		552,880
Windstream Holdings, Inc.		74,600		552,040
Time Warner Cable, Inc.		3,600		539,568
PCCW Ltd.††		859,600		525,279
BCE, Inc.††		12,000		508,022
Bezeq The Israeli Telecommunication Corporation Ltd.††		271,100		504,827
TDC A/S††		69,600		498,591
StarHub Ltd.††		153,200		485,672
CenturyLink, Inc.		13,000		449,150
NTT DOCOMO, Inc.††		25,600		447,368
Belgacom S.A.††		12,512		437,664
Spark New Zealand Ltd.††		191,300		425,431
Elisa Oyj††		16,800		421,802
Singapore Telecommunications Ltd.††		112,600		359,303
Motorola Solutions, Inc.		4,600		306,682
SES S.A.††		7,100		251,633
Total Communications				11,988,883
CONSUMER, CYCLICAL - 12.6%
McDonald’s Corp.		12,300		1,198,512
Wal-Mart Stores, Inc.		14,000		1,151,500
Compass Group plc††		58,700		1,018,296
Sumitomo Corp.††		95,400		1,017,967
LVMH Moet Hennessy Louis Vuitton SE††		5,000		879,694
Costco Wholesale Corp.		5,500		833,223
ITOCHU Corp.††		72,400		783,471
Marubeni Corp.††		130,800		756,188

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
WORLD EQUITY INCOME FUND

	Shares		Value
InterContinental Hotels Group plc††		19,300	$	752,616
Mitsui & Company Ltd.††		54,000		723,148
Persimmon plc*,††		25,200		620,749
Mitsubishi Corp.††		30,500		612,836
Home Depot, Inc.		4,900		556,689
Lawson, Inc.††		6,700		464,424
Toyota Motor Corp.††		5,100		355,984
Fiat Chrysler Automobiles N.V.*,††		15,200		246,696
Persimmon plc*,††		25,200		—
Total Consumer, Cyclical				11,971,993
UTILITIES - 11.6%
Southern Co.		21,800		965,304
CLP Holdings Ltd.††		110,200		963,162
Duke Energy Corp.		12,500		959,750
PPL Corp.		27,700		932,382
Dominion Resources, Inc.		11,900		843,353
Power Assets Holdings Ltd.††		59,700		609,408
CenterPoint Energy, Inc.		28,500		581,685
AGL Energy Ltd.††		49,500		573,061
SSE plc††		23,300		516,840
TransAlta Corp.††		52,000		482,409
Snam SpA††		84,300		409,101
Enagas S.A.††		14,000		400,227
Entergy Corp.		5,100		395,199
Consolidated Edison, Inc.		6,100		372,100
American Electric Power Company, Inc.		6,100		343,125
Ameren Corp.		8,100		341,820
SCANA Corp.		6,100		335,439
Sempra Energy		2,500		272,550
NiSource, Inc.		6,100		269,376
DTE Energy Co.		3,000		242,070
NextEra Energy, Inc.		2,000		208,100
Total Utilities				11,016,461
INDUSTRIAL - 6.2%
Lockheed Martin Corp.		5,300		1,075,689
TransDigm Group, Inc.		4,700		1,027,984
Waste Management, Inc.		14,000		759,220
AP Moeller - Maersk A/S — Class A††		350		710,597
Northrop Grumman Corp.		4,100		659,936
United Parcel Service, Inc. — Class B		5,200		504,088
IMI plc††		22,800		429,979
Melrose Industries plc††		103,442		424,769
Cheung Kong Infrastructure Holdings Ltd.††		33,800		290,301
Total Industrial				5,882,563
TECHNOLOGY - 5.4%
International Business Machines Corp.		7,900		1,267,950
Apple, Inc.		9,300		1,157,199
Canon, Inc.††		31,200		1,103,850
Accenture plc — Class A		7,700		721,413
Microsoft Corp.		11,600		471,598
Paychex, Inc.		7,000		347,305
Total Technology				5,069,315
ENERGY - 2.1%
ConocoPhillips		8,200		510,532
Exxon Mobil Corp.		4,300		365,500
Pembina Pipeline Corp.††		11,400		360,210
Vermilion Energy, Inc.††		6,400		269,075
Royal Dutch Shell plc — Class B††		7,100		221,206
Schlumberger Ltd.		2,600		216,944
Total Energy				1,943,467
BASIC MATERIALS - 2.0%
Dow Chemical Co.		19,300		926,014
Israel Chemicals Ltd.††		60,200		427,557
International Paper Co.		7,000		388,430
ArcelorMittal††		19,700		184,791
Total Basic Materials				1,926,792
DIVERSIFIED - 0.6%
Hutchison Whampoa Ltd.††		43,468		602,504
CONSUMER DISCRETIONARY - 0.4%
Next plc*,††		4,000		415,770
Total Common Stocks
(Cost $92,346,331)				93,323,191
SHORT TERM INVESTMENTS† - 1.0%
Goldman Sachs Financial Square Funds - Treasury Instruments Fund 0.00%		898,350		898,350
Total Short Term Investments
(Cost $898,350)				898,350
Total Investments - 99.4%
(Cost $93,244,681)			$	94,221,541
Other Assets & Liabilities, net - 0.6%				600,027
Total Net Assets - 100.0%			$	94,821,568

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

WORLD EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $93,244,681)	$	94,221,541
Foreign currency, at value (cost $58,666)		58,428
Prepaid expenses		30,329
Receivables:
Dividends		448,397
Fund shares sold		182,140
Foreign taxes reclaim		122,436
Investment adviser		977
Total assets		95,064,248
Liabilities:
Overdraft due to custodian bank		20,995
Payable for:
Management fees		56,285
Fund shares redeemed		43,677
Distributions		34,926
Distribution and service fees		23,006
Fund accounting/administration fees		12,061
Transfer agent/maintenance fees		11,175
Investment adviser		2,991
Trustees’ fees*		665
Miscellaneous		36,899
Total liabilities		242,680
Net assets	$	94,821,568
Net assets consist of:
Paid in capital	$	113,050,550
Distributions in excess of net investment income		(179,718	)
Accumulated net realized loss on investments		(19,008,634	)
Net unrealized appreciation on investments		959,370
Net assets	$	94,821,568
A-Class:
Net assets	$	83,252,128
Capital shares outstanding		6,218,210
Net asset value per share	$	13.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	14.06
B-Class:
Net assets	$	1,518,393
Capital shares outstanding		130,532
Net asset value per share	$	11.63
C-Class:
Net assets	$	6,394,241
Capital shares outstanding		555,989
Net asset value per share	$	11.50
Institutional Class:
Net assets	$	3,656,806
Capital shares outstanding		274,289
Net asset value per share	$	13.33

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $135,278)	$	1,615,801
Other income		99
Total investment income		1,615,900
Expenses:
Management fees		311,669
Transfer agent/maintenance fees:
A-Class		56,575
B-Class		9,011
C-Class		5,465
Institutional Class		848
Distribution and service fees:
A-Class		99,177
C-Class		27,573
Fund accounting/administration fees		66,786
Tax expense		4,720
Trustees’ fees*		4,184
Custodian fees		4,075
Line of credit fees		3,017
Miscellaneous		81,213
Total expenses		674,313
Less:
Expenses waived by Adviser		(979	)
Net expenses		673,334
Net investment income		942,566
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(265,120	)
Foreign currency		(22,632	)
Net realized loss		(287,752	)
Net change in unrealized appreciation (depreciation) on:
Investments		(307,589	)
Foreign currency		(4,798	)
Net change in unrealized appreciation (depreciation)		(312,387	)
Net realized and unrealized loss		(600,139	)
Net increase in net assets resulting from operations	$	342,427

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

WORLD EQUITY INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31,  2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	942,566		$	2,231,596
Net realized gain (loss) on investments		(287,752	)		5,032,043
Net change in unrealized appreciation (depreciation) on investments		(312,387	)		112,540
Net increase in net assets resulting from operations		342,427			7,376,179
Distributions to shareholders from:
Net investment income
A-Class		(1,061,542	)		(2,342,975	)
B-Class		(25,096	)		(82,131	)
C-Class		(57,592	)		(87,065	)
Institutional Class		(42,670	)		(17,450	)
Total distributions to shareholders		(1,186,900	)		(2,529,621	)
Capital share transactions:
Proceeds from sale of shares
A-Class		12,694,196			19,667,007
B-Class		383			316,980
C-Class		2,087,813			2,381,875
Institutional Class		3,146,217			729,944
Distributions reinvested
A-Class		1,039,082			2,327,878
B-Class		25,091			81,697
C-Class		45,060			81,979
Institutional Class		21,259			17,450
Cost of shares redeemed
A-Class		(8,513,219	)		(13,679,896	)
B-Class		(421,394	)		(985,303	)
C-Class		(1,011,408	)		(707,859	)
Institutional Class		(411,132	)		(87,320	)
Net increase from capital share transactions		8,701,948			10,144,432
Net increase in net assets		7,857,475			14,990,990
Net assets:
Beginning of period		86,964,093			71,973,103
End of period	$	94,821,568		$	86,964,093
Distributions in excess of net investment income/Undistributed net investment income at end of period	$	(179,718	)	$	64,616
Capital share activity:
Shares sold
A-Class		945,094			1,436,425
B-Class		33			26,018
C-Class		180,776			202,224
Institutional Class		236,266			52,741
Shares issued from reinvestment of distributions
A-Class		78,045			172,998
B-Class		2,170			7,052
C-Class		3,941			7,031
Institutional Class		1,601			1,301
Shares redeemed
A-Class		(636,215	)		(1,012,114	)
B-Class		(36,192	)		(84,436	)
C-Class		(88,380	)		(62,524	)
Institutional Class		(31,269	)		(6,471	)
Net increase in shares		655,870			740,245

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

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	13.51		$	12.60		$	10.55		$	9.70		$	10.52		$	9.97
Income (loss) from investment operations:
Net investment income (loss)b		.14			.38			.18			.15			.05			.02
Net gain (loss) on investments (realized and unrealized)		(.08	)		.95			2.16			.70			(.81	)		.53
Total from investment operations		.06			1.33			2.34			.85			(.76	)		.55
Less distributions from:
Net investment income		(.18	)		(.42	)		(.29	)		(—	)f		(.06	)		—
Total distributions		(.18	)		(.42	)		(.29	)		(—	)f		(.06	)		—
Net asset value, end of period	$	13.39		$	13.51		$	12.60		$	10.55		$	9.70		$	10.52
Total Returnc		0.43	%		10.62	%		22.58	%		8.82	%		(7.32	%)		5.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	83,252		$	78,783		$	65,966		$	61,838		$	65,573		$	78,201
Ratios to average net assets:
Net investment income (loss)		2.13	%		2.81	%		1.59	%		1.45	%		0.04	%		0.24	%
Total expensesd		1.48	%		1.66	%		1.93	%		2.05	%		1.85	%		1.86	%
Net expensese		1.48	%i		1.49	%i		1.59	%		1.63	%		1.82	%		1.86	%
Portfolio turnover rate		65	%		131	%		154	%		41	%		206	%		288	%

B-Class	Period Ended March 31, 2015a,g			Year Ended September 30, 2014g			Year Ended September 30, 2013g			Year Ended September 30, 2012g			Year Ended September 30, 2011g			Year Ended September 30, 2010g
Per Share Data
Net asset value, beginning of period	$	11.75		$	11.01		$	9.22		$	8.46		$	9.19		$	8.69
Income (loss) from investment operations:
Net investment income (loss)b		.13			.35			.18			.14			.05			.04
Net gain (loss) on investments (realized and unrealized)		(.07	)		.84			1.90			.63			(.69	)		.46
Total from investment operations		.06			1.19			2.08			.77			(.64	)		.50
Less distributions from:
Net investment income		(.18	)		(.45	)		(.29	)		(.01	)		(.09	)		—
Total distributions		(.18	)		(.45	)		(.29	)		(.01	)		(.09	)		—
Net asset value, end of period	$	11.63		$	11.75		$	11.01		$	9.22		$	8.46		$	9.19
Total Returnc		0.52	%		10.91	%		22.95	%		9.07	%		(7.13	%)		5.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,518		$	1,933		$	2,378		$	2,820		$	4,148		$	6,769
Ratios to average net assets:
Net investment income (loss)		2.22	%		2.96	%		1.77	%		1.60	%		0.53	%		0.45	%
Total expensesd		2.11	%		2.24	%		2.43	%		2.34	%		1.61	%		1.61	%
Net expensese		1.23	%i		1.24	%i		1.31	%		1.38	%		1.59	%		1.61	%
Portfolio turnover rate		65	%		131	%		154	%		41	%		206	%		288	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 73

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Year Ended September 30, 2011			Year Ended September 30, 2010
Per Share Data
Net asset value, beginning of period	$	11.61		$	10.79		$	9.01		$	8.33		$	9.06		$	8.66
Income (loss) from investment operations:
Net investment income (loss)b		.08			.25			.08			.06			(.04	)		(.04	)
Net gain (loss) on investments (realized and unrealized)		(.08	)		.81			1.84			.62			(.69	)		.44
Total from investment operations		—			1.06			1.92			.68			(.73	)		.40
Less distributions from:
Net investment income		(.11	)		(.24	)		(.14	)		—			—			—
Total distributions		(.11	)		(.24	)		(.14	)		—			—			—
Net asset value, end of period	$	11.50		$	11.61		$	10.79		$	9.01		$	8.33		$	9.06
Total Returnc		0.04	%		9.79	%		21.57	%		8.16	%		(8.06	%)		4.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,394		$	5,337		$	3,377		$	3,015		$	3,426		$	4,295
Ratios to average net assets:
Net investment income (loss)		1.46	%		2.13	%		0.80	%		0.68	%		(0.37	%)		(0.50	%)
Total expensesd		2.27	%		2.62	%		2.89	%		2.88	%		2.60	%		2.62	%
Net expensese		2.23	%i		2.24	%i		2.35	%		2.38	%		2.58	%		2.62	%
Portfolio turnover rate		65	%		131	%		154	%		41	%		206	%		288	%

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

WORLD EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Year Ended September 30, 2012			Period Ended September 30, 2011h
Per Share Data
Net asset value, beginning of period	$	13.45		$	12.53		$	10.50		$	9.70		$	12.37
Income (loss) from investment operations:
Net investment income (loss)b		.20			.44			.28			.28			.13
Net gain (loss) on investments (realized and unrealized)		(.13	)		.90			2.10			.52			(2.80	)
Total from investment operations		.07			1.34			2.38			.80			(2.67	)
Less distributions from:
Net investment income		(.19	)		(.42	)		(.35	)		(—	)f		—
Total distributions		(.19	)		(.42	)		(.35	)		(—	)f		—
Net asset value, end of period	$	13.33		$	13.45		$	12.53		$	10.50		$	9.70
Total Returnc		0.56	%		10.83	%		23.17	%		8.17	%		(21.58	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,657		$	911		$	252		$	90		$	285
Ratios to average net assets:
Net investment income (loss)		3.01	%		3.27	%		2.42	%		2.70	%		2.99	%
Total expensesd		1.22	%		1.33	%		1.73	%		1.90	%		2.27	%
Net expensese		1.22	%i		1.23	%i		1.26	%		1.32	%		1.36	%
Portfolio turnover rate		65	%		131	%		154	%		41	%		206	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Distributions from net investment income are less than $0.01 per share.
g	Effective August 1, 2007 — B-Class shares ceased charging 12b-1 fees in accordance with FINRA sales cap regulations. Per share information reflects this change. This fee will be reinstated when sales exceed the sales cap limits.
h	Since commencement of operations: May 2, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
i	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods presented would be:

	03/31/15	09/30/14
A-Class	1.46%	1.46%
B-Class	1.21%	1.21%
C-Class	2.21%	2.21%
Institutional Class	1.21%	1.21%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Prior to February 22, 2011, the maximum sales charge was 5.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Alpha Opportunity Fund, Enhanced World Equity Fund, Large Cap Value Fund, Risk Managed Real Estate Fund, Small Cap Value Fund, StylePlus—Large Core Fund, StylePlus—Mid Growth Fund and World Equity Income Fund (the “Funds”).

The Guggenheim Alpha Opportunity Fund, Guggenheim Enhanced World Equity Fund, Guggenheim Large Cap Value Fund, Guggenheim Small Cap Value Fund, Guggenheim StylePlus—Large Core Fund, Guggenheim StylePlus—Mid Growth Fund, and Guggenheim World Equity Income Fund were previously series (the “Predecessor Funds”) of Security Equity Fund, Security Large Cap Value Fund and Security Mid Cap Growth Fund, different registered open-end investment companies, which were organized as Kansas corporations. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Funds approved the reorganization of each Predecessor Fund with and into the Funds, a corresponding “shell” series of the Trust. The Funds succeeded to the accounting and performance history of the Predecessor Funds. Any such historical information provided for the Funds that relates to periods prior to January 28, 2014 (September 23, 2014 for the Guggenheim Alpha Opportunity Fund), therefore, is that of the Predecessor Fund.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

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

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of 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 Class of the Funds is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance

76 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee 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, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds (“ETFs”) and closed-end investment companies (“CEFs”) are valued at the last quoted sales price.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Listed options are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.

The value of futures contracts is accounted for using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price 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.

The value of OTC swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap's value is then adjusted to include dividends accrued, and financing charges and/or interest associated with the swap agreements.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 77

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). In connection with futures contracts and other derivative investments such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

B. 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 Fund 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.

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

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

D. 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).

E. 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 gains or losses. 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.

78 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

G. 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 realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

H. Dividends from net investment income are declared quarterly in the World Equity Income Fund and Risk Managed Real Estate Fund. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared at least annually and recorded on the ex-dividend date and are determined in accordance with income tax regulations which may differ from U.S. GAAP.

I. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

J. 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 Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the 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.

K. The accounting records of the Fund 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 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 and unrealized gain or loss 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 exchange gains and losses 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.

L. Under the Funds’ organizational documents, their 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 Funds enter into contracts that contain a variety of representations and warranties which

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 79

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

2. Financial Instruments

As part of their investment strategy, the Funds utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statements of Assets and Liabilities.

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, that Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, that Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

An option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security (put option) or the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security (call option) at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid. 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 and a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.

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 the 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 the broker on the Statement of Assets and Liabilities; securities held as collateral are noted on the Schedule of Investments.

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. A Fund utilizing OTC swaps 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. Additionally, 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.

Certain Funds use derivative instruments to achieve leveraged exposure to their respective underlying indices. Since these Funds’ investment strategies involve consistently applied 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. In addition, as investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, this creates an opportunity for increased net income but, at the same time, additional leverage risk. The Funds’ use of leverage, through borrowings or instruments such as derivatives, may cause the Funds to be more volatile and riskier than if they had not been leveraged.

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

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

80 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risk 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.

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at their annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Alpha Opportunity Fund	1.25%
Enhanced World Equity Fund	0.70%
Large Cap Value Fund	0.65%
Risk Managed Real Estate Fund	0.75%
Small Cap Value Fund	1.00%
StylePlus—Large Core Fund	0.75%
StylePlus—Mid Growth Fund	0.75%
World Equity Income Fund	0.70%

RFS is paid the following for providing transfer agent services to the Funds. Transfer agent fees are assessed to the applicable class of each Fund.

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Funds during first twelve months of operations.

RFS also acts as the administrative agent for the Funds, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for each Fund. For these services, RFS receives the following:

Fund	Fund Accounting/ Administrative Fees (as a % of Net Assets)
Alpha Opportunity Fund†	0.095%
Enhanced World Equity Fund	0.095%
Large Cap Value Fund	0.095%
Risk Managed Real Estate Fund	0.095%
Small Cap Value Fund	0.095%
StylePlus—Large Core Fund	0.095%
StylePlus—Mid Growth Fund	0.095%
World Equity Income Fund	greater of 0.150% or $60,000
Minimum annual charge per Fund	$25,000
Certain out-of-pocket charges	Varies

^† Effective January 28, 2015, the Fund’s fees were reduced from 0.150% to 0.095%.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 81

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The investment advisory contracts for the following Funds provide that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends 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 Date	Contract End Date
Alpha Opportunity Fund – A-Class	2.11%	11/30/12	02/01/16
Alpha Opportunity Fund – C-Class	2.86%	11/30/12	02/01/16
Alpha Opportunity Fund – Institutional Class	1.86%	11/30/12	02/01/16
Enhanced World Equity Fund – A-Class	1.25%	06/05/13	02/01/16
Enhanced World Equity Fund – C-Class	2.00%	06/05/13	02/01/16
Enhanced World Equity Fund – Institutional Class	1.00%	06/05/13	02/01/16
Large Cap Value Fund – A-Class	1.15%	11/30/12	02/01/16
Large Cap Value Fund – B-Class	1.90%	11/30/12	02/01/16
Large Cap Value Fund – C-Class	1.90%	11/30/12	02/01/16
Large Cap Value Fund – Institutional Class	0.90%	06/05/13	02/01/16
Risk Managed Real Estate Fund – A-Class*	1.30%	03/26/14	02/01/16
Risk Managed Real Estate Fund – C-Class*	2.05%	03/26/14	02/01/16
Risk Managed Real Estate Fund – Institutional Class*	1.10%	03/26/14	02/01/16
Small Cap Value Fund – A-Class	1.30%	11/30/12	02/01/16
Small Cap Value Fund – C-Class	2.05%	11/30/12	02/01/16
Small Cap Value Fund – Institutional Class	1.05%	11/30/12	02/01/16
World Equity Income Fund – A-Class	1.46%	08/15/13	02/01/16
World Equity Income Fund – B-Class	2.21%	08/15/13	02/01/16
World Equity Income Fund – C-Class	2.21%	08/15/13	02/01/16
World Equity Income Fund – Institutional Class	1.21%	08/15/13	02/01/16

* Commencement of operations: March 28, 2014.

GI is entitled to reimbursement by the Funds for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. At March 31, 2015, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

Fund	Expires 2015		Expires 2016		Expires 2017		Expires 2018		Total
Alpha Opportunity Fund	$	48,448	$	204,142	$	126,237	$	109,822	$	488,649
Enhanced World Equity Fund		—		61,313		154,250		53,846		269,409
Large Cap Value Fund		111,306		189,178		213,340		68,330		582,154
Risk Managed Real Estate Fund		—		—		3,015		—		3,015
Small Cap Value Fund		81,002		175,376		199,545		78,883		534,806
World Equity Income Fund		114,061		269,453		167,150		979		551,643

For the period ended March 31, 2015, GI recouped $22,132 from the Risk Managed Real Estate Fund.

If a Fund invests in an affiliated fund, the investing Fund’s Adviser will determine whether to waive fees at the investing fund level through February 1, 2016. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI.

82 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Trust has adopted Distribution Plans related to the offering of A-Class, B-Class and C-Class 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 each Fund’s A-Class shares and 1.00% of the average daily net assets of each Fund’s B-Class and C-Class shares. Effective August 1, 2007, the Large Cap Value Fund ceased charging 12b-1 fees on B-Class shares in accordance with the FINRA sales cap regulations. These fees may be reinstated at any time. Effective August 25, 2005, the World Equity Income Fund ceased charging 12b-1 fees on B-Class shares in accordance with the FINRA sales cap regulations. These fees may be reinstated at any time.

For the period ended March 31, 2015, GFD retained sales charges of $42,585 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Funds’ investments at March 31, 2015:

	Level 1 Investments In Securities		Level 1 Other Financial Instruments*		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
Alpha Opportunity Fund	$	11,136,146	$	—	$	—	$	—	$	—	$	11,136,146
Enhanced World Equity Fund		5,800,047		—		—		—		—		5,800,047
Large Cap Value Fund		59,864,102		—		—		—		—		59,864,102
Risk Managed Real Estate Fund		121,861,174		—		—		375,381		—		122,236,555
Small Cap Value Fund		23,738,660		—		—		—		18		23,738,678
StylePlus—Large Core Fund		179,599,683		9,603		18,911,391		13,825,985		—		212,346,662
StylePlus—Mid Growth Fund		78,635,640		25,292		8,255,399		8,969,455		—		95,885,786
World Equity Income Fund		52,668,999		—		41,552,542		—		—		94,221,541
Liabilities
Alpha Opportunity Fund	$	8,562,521	$	—	$	—	$	217,809	$	—	$	8,780,330
Enhanced World Equity Fund		13,497		—		—		—		—		13,497
Risk Managed Real Estate Fund		41,552,862		—		—		—		—		41,552,862

* Other financial instruments may include futures contracts and/or swaps, which are reported as unrealized gain/loss at period end.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 83

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they may be computed by the Funds’ investment adviser or an affiliate. In any event, values may 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 Treasuries, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2 or Level 3, as indicated in this report.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also 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 indicative 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 an indicative quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Funds’ fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognized transfers between the levels as of the beginning of the period. As of March 31, 2015, the World Equity Income Fund had transfers between Level 1 and Level 2 due to utilizing international fair value pricing during the period. There were no other securities that transferred between levels.

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

The Enhanced World Equity Fund utilized options to minimally hedge the Fund’s portfolio to increase returns, to maintain exposure to equity markets and create liquidity.

The following Funds utilized derivatives for the following purposes:

Fund	Index Exposure	Hedge	Leverage	Income	Speculation
Alpha Opportunity Fund	x	x	x	x	x
Risk Managed Real Estate Fund	—	—	x	—	—
StylePlus—Large Core Fund	x	—	—	—	—
StylePlus—Mid Growth Fund	x	—	x	—	—

The following table represents the notional amount of derivative instruments outstanding as an approximate percentage of the Funds’ net assets on a daily basis.

	Approximate percentage of Fund's Net Assets on a quarterly basis
Fund	Long	Short
Alpha Opportunity Fund	70%	25%
Risk Managed Real Estate Fund	30%	—
StylePlus—Large Core Fund	80%	—
StylePlus—Mid Growth Fund	80%	—

84 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of March 31, 2015:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity contracts	Variation margin	Variation margin
	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
		Options written, at value

The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2015:

Asset Derivative Investments Value
Fund	Futures Equity Contracts*		Swaps Equity Contracts		Options Written Equity Contracts		Total Value at March 31, 2015
Risk Managed Real Estate Fund	$	—	$	375,381	$	—	$	375,381
StylePlus—Large Core Fund		9,603		13,825,985		—		13,835,588
StylePlus—Mid Growth Fund		25,292		8,969,455		—		8,994,747

Liability Derivative Investments Value
Fund	Futures Equity Contracts*		Swaps Equity Contracts		Options Written Equity Contracts		Total Value at March 31, 2015
Alpha Opportunity Fund	$	—	$	217,809	$	—	$	217,809
Enhanced World Equity Fund		—		—		13,497		13,497

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended March 31, 2015:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on futures contracts
	Net realized gain (loss) on swap agreements
	Net realized gain (loss) on options written
	Net change in unrealized appreciation (depreciation) on futures contracts
	Net change in unrealized appreciation (depreciation) on swap agreements
	Net change in unrealized appreciation (depreciation) on options written

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 85

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended March 31, 2015:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Contracts		Swaps Equity Contracts		Options Written Equity Contracts			Total
Alpha Opportunity Fund	$	—	$	546,794	$	—		$	546,794
Enhanced World Equity Fund		—		—		(188,893	)		(188,893	)
Risk Managed Real Estate Fund		—		5,721,412		—			5,721,412
StylePlus—Large Core Fund		58,473		1,051,251		—			1,109,724
StylePlus—Mid Growth Fund		14,414		461,455		—			475,869

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Contracts		Swaps Equity Contracts			Options Written Equity Contracts			Total
Alpha Opportunity Fund	$	32,652	$	(87,609	)	$	—		$	(54,957	)
Enhanced World Equity Fund		—		—			(3,691	)		(3,691	)
Risk Managed Real Estate Fund		—		375,381			—			375,381
StylePlus—Large Core Fund		18,313		8,144,756			—			8,163,069
StylePlus—Mid Growth Fund		45,082		7,065,996			—			7,111,078

6. 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 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, is reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. 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.

86 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statements of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset In the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets		Gross Amounts Offset In the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received1		Net Amount
Risk Managed Real Estate Fund	Swap equity contracts	$	375,381	$	—	$	375,381	$	—	$	—	$	375,381
StylePlus—Large Core Fund	Swap equity contracts		13,825,985		—		13,825,985		—		12,051,800		1,774,185
StylePlus—Mid Growth Fund	Swap equity contracts		8,969,455		—		8,969,455		—		7,272,510		1,696,945

¹ Excludes maintenance margin deposits held at the broker related to derivatives. These amounts are reflected as segregated cash with broker on the Statements of Assets and Liabilities.

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 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 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’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain (Loss)
Alpha Opportunity Fund	$	17,243,473	$	385,594	$	(505,152	)	$	(119,558	)
Enhanced World Equity Fund		5,880,609		23,772		(104,334	)		(80,562	)
Large Cap Value Fund		52,588,213		9,291,527		(2,015,638	)		7,275,889
Risk Managed Real Estate Fund		115,214,073		7,543,060		(895,959	)		6,647,101
Small Cap Value Fund		22,336,721		3,317,870		(1,915,913	)		1,401,957
StylePlus—Large Core Fund		196,025,898		3,296,034		(810,858	)		2,485,176
StylePlus—Mid Growth Fund		85,788,948		1,462,952		(360,861	)		1,102,091
World Equity Income Fund		93,526,017		4,554,779		(3,859,255	)		695,524

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 87

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

8. Securities Transactions

For the period ended March 31, 2015, 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
Alpha Opportunity Fund	$	3,555,253	$	1,983,271
Enhanced World Equity Fund		14,158,200		14,353,507
Large Cap Value Fund		24,664,303		33,104,898
Risk Managed Real Estate Fund		70,897,209		80,499,333
Small Cap Value Fund		9,520,953		13,304,936
StylePlus—Large Core Fund		80,018,152		83,834,620
StylePlus—Mid Growth Fund		40,602,301		39,547,685
World Equity Income Fund		66,987,231		57,457,732

9. Options Written

Information as to options written by the Funds during the period ended March 31, 2015, and options outstanding at period end is provided below:

Call Options Written
	Enhanced World Equity Fund
	Number of contracts			Premium amount
Balance at September 30, 2014		503		$	25,930
Options Written		3,998			293,694
Options terminated in closing purchase transactions		(3,094	)		(249,772	)
Options expired		(660	)		(29,005	)
Options exercised		(96	)		(9,964	)
Balance at March 31, 2015		651		$	30,883

10. Affiliated and/or Related Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

The Funds may invest in the Guggenheim Strategy Funds Trust consisting of Guggenheim Strategy Fund I, Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the “Cash Management Funds”), open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2014 is available publicly or upon request. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

88 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Transactions during the period ended March 31, 2015 in which the portfolio company is an “affiliated person” are as follows:

Affiliated issuers by Fund	Value 09/30/14		Additions		Reductions			Value 03/31/15		Shares 03/31/15		Investment Income		Realized Gain (Loss)			Capital Gain Distributions
StylePlus—Large Core Fund
Guggenheim Strategy Fund I	$	23,036,746	$	29,165,634	$	(3,550,000	)	$	48,746,970		1,957,710	$	219,513	$	(13,996	)	$	—
Guggenheim Strategy Fund II		30,278,579		14,107,487		—			44,473,050		1,785,349		259,134		—			—
Guggenheim Strategy Fund III		43,398,278		6,385,028		—			49,955,057		2,002,207		454,347		—			—
	$	96,713,603	$	49,658,149	$	(3,550,000	)	$	143,175,077			$	932,994	$	(13,996	)	$	—
StylePlus—Mid Growth Fund
Guggenheim Strategy Fund I	$	8,517,668	$	14,858,038	$	(2,800,000	)	$	20,621,242		828,162	$	80,857	$	(11,124	)	$	—
Guggenheim Strategy Fund II		13,261,482		6,593,872		—			19,894,512		798,656		117,002		—			—
Guggenheim Strategy Fund III		17,812,592		3,665,941		—			21,553,581		863,871		196,077		—			—
	$	39,591,742	$	25,117,851	$	(2,800,000	)	$	62,069,335			$	393,936	$	(11,124	)	$	—

11. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

12. Other Liabilities

StylePlus—Large Core Fund wrote put option contracts through Lehman Brothers Inc., (“LBI”) that were exercised prior to the option contracts’ expiration and prior to the bankruptcy filing by LBI, during September, 2008. However, these transactions have not settled and the securities have not been delivered to the Fund as of March 31, 2015.

Although the ultimate resolution of these transactions is uncertain, the Fund has recorded a liability on its respective book equal to the difference between the strike price on the put options and the market price of the underlying security on the exercise date. The amount of the liability recorded by the Fund as of March 31, 2015, was $18,615.

13. Alpha Opportunity Fund

As noted in the Fund’s prior shareholder report, the Fund resolved certain outstanding short sale transactions with Lehman Brothers International Europe (“LBIE”) and its administrator in June 2014.

Effective January 28, 2015, the Fund, which had not accepted subscriptions since October 3, 2008, is once again accepting subscriptions for shares from new and existing shareholders.

14. Subsequent Event

P-Class Shares to be Offered

Effective following the close of business on April 30, 2015, or such later date as may be determined appropriate by management, Alpha Opportunity Fund, Large Cap Value fund, Risk Managed Real Estate Fund, Small Cap Value Fund, StylePlus—Large Core Fund, StylePlus—Mid Growth Fund and World Equity Income Fund (collectively, the “Funds”), each of which is a separate series of Guggenheim Funds Trust, will offer P-Class shares.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 89

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

P-Class shares of the Funds are offered primarily through broker/dealers and other financial intermediaries with which Guggenheim Funds Distributors, LLC has an agreement for the use of P-Class shares of the Funds in investment products, programs or accounts. P-Class shares do not have a minimum initial investment amount, subsequent investment amount or a minimum account balance. The Funds reserves the right to modify their minimum investment amount and account balance requirements at any time, with or without prior notice to you.

Shareholders who currently have accounts held directly at Guggenheim Investments will not be permitted to purchase P-Class shares.

For more information, or to request copies of the Fund’s prospectuses, call Client Services at 800.820.0888 or visiting guggenheiminvestments.com.

90 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 91

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946 )	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

92 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 93

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

94 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 95

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

96 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 97

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim High Yield Fund

Guggenheim Investment Grade Bond Fund

Guggenheim Limited Duration Fund

Guggenheim Municipal Income Fund

SBINC-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
HIGH YIELD FUND	8
INVESTMENT GRADE BOND FUND	22
LIMITED DURATION FUND	36
MUNICIPAL INCOME FUND	46
NOTES TO FINANCIAL STATEMENTS	53
OTHER INFORMATION	69
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	70
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	74

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Security Investors, LLC and Guggenheim Partners Investment Management (the “Investment Advisers”) are pleased to present the semi-annual shareholder report for a selection of our Funds (the “Funds”) for the six-month period ended March 31, 2015.

The Investment Advisers are part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Advisers.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges ("CDSC") on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
High Yield Fund
A-Class	1.21%	0.27%	$1,000.00	$1,002.70	$6.04
B-Class	0.96%	0.37%	1,000.00	1,003.70	4.80
C-Class	1.96%	(0.17%)	1,000.00	998.30	9.76
Institutional Class	0.96%	0.30%	1,000.00	1,003.00	4.79
Investment Grade Bond Fund
A-Class	1.04%	2.40%	1,000.00	1,024.00	5.25
B-Class	1.79%	2.08%	1,000.00	1,020.80	9.02
C-Class	1.79%	2.03%	1,000.00	1,020.30	9.02
Institutional Class	0.79%	2.58%	1,000.00	1,025.80	3.99
Limited Duration Fund
A-Class	0.85%	1.51%	1,000.00	1,015.10	4.27
C-Class	1.60%	1.12%	1,000.00	1,011.20	8.02
Institutional Class	0.60%	1.63%	1,000.00	1,016.30	3.02
Municipal Income Fund
A-Class	0.81%	2.87%	1,000.00	1,028.70	4.10
C-Class	1.56%	2.57%	1,000.00	1,025.70	7.88
Institutional Class	0.56%	3.08%	1,000.00	1,030.80	2.84

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
High Yield Fund
A-Class	1.21%	5.00%	$1,000.00	$1,018.90	$6.09
B-Class	0.96%	5.00%	1,000.00	1,020.14	4.84
C-Class	1.96%	5.00%	1,000.00	1,015.16	9.85
Institutional Class	0.96%	5.00%	1,000.00	1,020.14	4.84
Investment Grade Bond Fund
A-Class	1.04%	5.00%	1,000.00	1,019.75	5.24
B-Class	1.79%	5.00%	1,000.00	1,016.01	9.00
C-Class	1.79%	5.00%	1,000.00	1,016.01	9.00
Institutional Class	0.79%	5.00%	1,000.00	1,020.99	3.98
Limited Duration Fund
A-Class	0.85%	5.00%	1,000.00	1,020.69	4.28
C-Class	1.60%	5.00%	1,000.00	1,016.95	8.05
Institutional Class	0.60%	5.00%	1,000.00	1,021.94	3.02
Municipal Income Fund
A-Class	0.81%	5.00%	1,000.00	1,020.89	4.08
C-Class	1.56%	5.00%	1,000.00	1,017.15	7.85
Institutional Class	0.56%	5.00%	1,000.00	1,022.14	2.82

1	Annualized and excludes expenses of the underlying funds in which the Funds invest.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

HIGH YIELD FUND

OBJECTIVE: Seeks high current income. Capital appreciation is a secondary objective.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
BBB	7.1%
BB	32.4%
B	40.1%
CCC	9.1%
NR**	5.3%
Other Instruments
Preferred Stocks	4.4%
Common Stocks	1.6%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

Inception Dates:
A-Class	August 5, 1996
B-Class	August 5, 1996
C-Class	May 1, 2000
Institutional Class	July 11, 2008

Ten Largest Holdings (% of Total Net Assets)
GRD Holdings III Corp.	1.7%
Vector Group Ltd.	1.7%
Central Garden & Pet Co.	1.6%
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.	1.5%
MDC Partners, Inc.	1.5%
Opal Acquisition, Inc.	1.5%
Ineos Finance plc	1.4%
Seaspan Corp.	1.4%
CareCore National LLC	1.3%
ContourGlobal Power Holdings S.A.	1.2%
Top Ten Total	14.8%
“Ten Largest Holdings” exclude any temporary cash or derivative instruments.

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
HIGH YIELD FUND

	Shares		Value
COMMON STOCKS† - 1.8%
CONSUMER DISCRETIONARY - 1.7%
Travelport, LLC*		107,757	$	1,799,543
Metro-Goldwyn-Mayer, Inc.*,††		7,040		527,472
Total Consumer Discretionary				2,327,015
BASIC MATERIALS - 0.1%
Mirabela Nickel Ltd.*,††		1,044,540		111,379
COMMUNICATIONS - 0.0%
Cengage Learning Acquisitions, Inc.*,††		2,107		47,209
ENERGY - 0.0%
Stallion Oilfield Holdings Ltd.*,††		8,257		34,407
DIVERSIFIED - 0.0%
Leucadia National Corp.		81		1,805
CONSUMER, NON-CYCLICAL - 0.0%
Crimson Wine Group Ltd.*		8		73
Total Common Stocks
(Cost $2,800,999)				2,521,888
PREFERRED STOCKS† - 5.1%
FINANCIAL - 3.4%
Goldman Sachs Group, Inc. 5.50%1,2		62,240		1,567,203
Morgan Stanley 6.38%1,2		46,000		1,197,840
Aspen Insurance Holdings Ltd. 5.95% 1,2		40,000		1,027,200
Kemper Corp. 7.38% due 02/27/54		39,000		1,023,750
Total Financial				4,815,993
INDUSTRIAL - 1.4%
Seaspan Corp. 6.38% due 04/30/19		80,000		2,014,400
U.S. Shipping Corp.*,†††,3		14,718		16,484
Total Industrial				2,030,884
CONSUMER DISCRETIONARY - 0.3%
Medianews Group, Inc.*,††		11,074		382,053
Total Preferred Stocks
(Cost $7,170,957)				7,228,930
	Face Amount
CORPORATE BONDS††,7 - 80.3%
ENERGY - 14.9%
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/194	$	2,050,000		2,130,154

6.00% due 12/15/204	500,000	502,500
6.25% due 04/01/23	200,000	202,000
Sabine Pass Liquefaction LLC
6.25% due 03/15/22	1,250,000	1,292,188
5.62% due 03/01/255	900,000	889,875
ContourGlobal Power Holdings S.A.
7.12% due 06/01/195	1,750,000	1,785,000
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
7.75% due 01/15/21	1,450,000	986,000
9.25% due 08/15/21	1,100,000	759,000
CONSOL Energy, Inc.
5.87% due 04/15/22	950,000	859,750
8.00% due 04/01/23	850,000	838,313
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
6.62% due 12/01/21	1,090,000	861,100
8.00% due 12/01/20	965,000	791,300
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.87% due 04/15/22	2,050,000	1,475,999
Unit Corp.
6.62% due 05/15/21	1,350,000	1,269,000
Comstock Resources, Inc.
10.00% due 03/15/205	1,150,000	1,112,625
Antero Resources Corp.
5.63% due 06/01/23	800,000	792,000
5.13% due 12/01/22	300,000	288,000
Keane Group Holdings LLC
8.50% due 08/08/19†††,3	993,750	939,094
FTS International, Inc.
6.25% due 05/01/225	1,000,000	735,000
SandRidge Energy, Inc.
8.12% due 10/15/22	900,000	552,150
7.50% due 03/15/21	250,000	155,000
Odebrecht Offshore Drilling Finance Ltd.
6.62% due 10/01/228	664,300	508,190
TerraForm Power Operating LLC
5.87% due 02/01/235	400,000	415,000
Newfield Exploration Co.
5.38% due 01/01/26	350,000	353,544
Endeavor Energy Resources. LP / EER Finance, Inc.
7.00% due 08/15/215	350,000	337,750
Ultra Petroleum Corp.
5.75% due 12/15/18	350,000	315,875
Schahin II Finance Company SPV Ltd.
5.87% due 09/25/225	217,167	131,277
IronGate Energy Services LLC
11.00% due 07/01/188	120,000	79,200
SemGroup, LP
8.75% due 11/15/15†††,3,6	1,300,000	—
Total Energy		21,356,884

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
HIGH YIELD FUND

	Face Amount		Value
CONSUMER, NON-CYCLICAL - 12.2%
Vector Group Ltd.
7.75% due 02/15/214	$	2,230,000	$	2,372,163
Central Garden & Pet Co.
8.25% due 03/01/184		2,184,000		2,234,516
Opal Acquisition, Inc.
8.87% due 12/15/214,5		2,050,000		2,085,875
VRX Escrow Corp.
5.88% due 05/15/235		950,000		973,750
5.38% due 03/15/205		300,000		302,625
Bumble Bee Holdco SCA
9.63% due 03/15/184,5		1,100,000		1,135,750
ADT Corp.
6.25% due 10/15/214		1,050,000		1,118,250
FTI Consulting, Inc.
6.00% due 11/15/22		1,000,000		1,051,270
KeHE Distributors LLC / KeHE Finance Corp.
7.62% due 08/15/215		945,000		1,002,881
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.87% due 10/01/225		950,000		933,375
WEX, Inc.
4.75% due 02/01/235		800,000		794,000
Physio-Control International, Inc.
9.87% due 01/15/195		700,000		743,750
Halyard Health, Inc.
6.25% due 10/15/22		550,000		576,125
Valeant Pharmaceuticals International, Inc.
5.50% due 03/01/235		550,000		554,125
American Seafoods Group LLC / American Seafoods Finance, Inc.
10.75% due 05/15/164,8		500,000		468,750
US Foods, Inc.
8.50% due 06/30/19		395,000		414,750
Surgical Care Affiliates, Inc.
6.00% due 04/01/235		400,000		403,000
Nathan’s Famous, Inc.
10.00% due 03/15/208		250,000		262,500
Total Consumer, Non-cyclical				17,427,455
FINANCIAL - 11.8%
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.50% due 04/15/215		1,450,000		1,399,250
7.37% due 04/01/205		800,000		776,000
Bank of America Corp.
4.20% due 08/26/24		750,000		775,924
6.10%1,2		700,000		710,063
American Equity Investment Life Holding Co.
6.62% due 07/15/214		1,350,000		1,447,875
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
5.88% due 02/01/224		1,400,000		1,442,000
Credit Acceptance Corp.
6.12% due 02/15/21		1,400,000		1,340,500
Pacific Premier Bancorp, Inc.
5.75% due 09/03/248		1,250,000		1,287,500
HRG Group, Inc.
7.88% due 07/15/19		585,000		615,713
7.75% due 01/15/225		400,000		398,000
Kennedy-Wilson, Inc.
5.88% due 04/01/24		1,000,000		1,002,500
Citigroup, Inc.
6.30%1,2		700,000		714,874
Wilton Re Finance LLC
5.88% due 03/30/331,5		650,000		702,196
Ally Financial, Inc.
4.63% due 03/30/25		650,000		640,250
HSBC Holdings plc
6.38%1,2		500,000		511,250
EPR Properties
5.75% due 08/15/22		450,000		495,405
Lancashire Holdings Ltd.
5.70% due 10/01/225		450,000		493,146
Lock AS
7.00% due 08/15/21		EUR 400,000		463,278
WP Carey, Inc.
4.00% due 02/01/25		450,000		451,264
Fidelity & Guaranty Life Holdings, Inc.
6.37% due 04/01/215		350,000		367,500
Majid AL Futtaim Holding
7.12% due 12/31/49		300,000		319,935
Cabot Financial Luxembourg S.A.
6.50% due 04/01/215		GBP 200,000		279,521
Greystar Real Estate Partners LLC
8.25% due 12/01/225		260,000		272,350
Total Financial				16,906,294
COMMUNICATIONS - 11.5%
MDC Partners, Inc.
6.75% due 04/01/204,5		2,000,000		2,107,500
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/175		1,557,000		1,611,495
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
9.75% due 04/01/21		1,300,000		1,436,500
Sirius XM Radio, Inc.
5.38% due 04/15/255		1,400,000		1,407,000
WMG Acquisition Corp.
6.75% due 04/15/224,5		1,450,000		1,373,875
Unitymedia Hessen GmbH & Company KG / Unitymedia NRW GmbH
5.00% due 01/15/255		1,100,000		1,110,999
Avaya, Inc.
7.00% due 04/01/195		950,000		942,875
DISH DBS Corp.
5.88% due 11/15/24		550,000		550,688
5.87% due 07/15/22		350,000		355,688

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
HIGH YIELD FUND

	Face Amount		Value
CSC Holdings LLC
5.25% due 06/01/24	$	700,000	$	713,999
IAC / InterActive Corp.
4.75% due 12/15/22		600,000		595,500
Sprint Corp.
7.62% due 02/15/25		500,000		497,500
Inmarsat Finance plc
4.88% due 05/15/225		450,000		450,000
Sprint Communications, Inc.
7.00% due 03/01/204,5		400,000		441,000
Level 3 Financing, Inc.
9.38% due 04/01/19		400,000		418,752
UPCB Finance IV Ltd.
5.38% due 01/15/255		400,000		400,000
Cogent Communications Group, Inc.
5.37% due 03/01/225		400,000		399,000
Sirius XM Canada Holdings, Inc.
5.63% due 04/23/215		CAD 500,000		397,810
Alcatel-Lucent USA, Inc.
8.87% due 01/01/205		350,000		381,500
CenturyLink, Inc.
5.63% due 04/01/25		350,000		351,313
GCI, Inc.
6.88% due 04/15/25		250,000		251,875
VeriSign, Inc.
5.25% due 04/01/25		200,000		204,000
Expo Event Transco, Inc.
9.00% due 06/15/215		85,000		86,913
Total Communications				16,485,782
CONSUMER, CYCLICAL - 10.1%
GRD Holdings III Corp.
10.75% due 06/01/194,5		2,250,000		2,446,874
AmeriGas Finance LLC / AmeriGas Finance Corp.
7.00% due 05/20/22		1,320,000		1,415,699
6.75% due 05/20/20		400,000		421,000
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/175		1,500,000		1,632,180
Iron Mountain, Inc.
6.12% due 09/15/22		GBP 850,000		1,328,200
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/255		1,200,000		1,215,000
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.50% due 06/01/24		650,000		666,250
7.37% due 08/01/21		149,000		160,175
5.75% due 03/01/25		100,000		102,000
Rite Aid Corp.
6.13% due 04/01/23		900,000		922,500
WMG Acquisition Corp.
6.00% due 01/15/215		600,000		612,000
5.62% due 04/15/225		150,000		150,563
Petco Animal Supplies, Inc.
9.25% due 12/01/185		550,000		577,500
Ferrellgas Limited Partnership / Ferrellgas Finance Corp.
6.75% due 01/15/22		450,000		457,830
6.50% due 05/01/21		100,000		101,000
Men’s Wearhouse, Inc.
7.00% due 07/01/224,5		400,000		421,000
QVC, Inc.
4.85% due 04/01/24		400,000		415,822
Bumble Bee Holdings, Inc.
9.00% due 12/15/175		324,000		340,200
Seminole Hard Rock Entertainment Incorporated / Seminole Hard Rock International LLC
5.88% due 05/15/215		250,000		250,938
DreamWorks Animation SKG, Inc.
6.87% due 08/15/205		245,000		238,875
Family Tree Escrow LLC
5.75% due 03/01/235		225,000		236,813
Argos Merger Sub, Inc.
7.12% due 03/15/235		150,000		155,438
R&R Ice Cream plc
8.25% due 05/15/208		AUD 200,000		149,690
Guitar Center, Inc.
6.50% due 04/15/195		100,000		87,250
Total Consumer, Cyclical				14,504,797
TECHNOLOGY - 6.7%
NCR Corp.
6.38% due 12/15/234		1,050,000		1,118,250
5.87% due 12/15/21		400,000		417,000
Audatex North America, Inc.
6.13% due 11/01/234,5		1,400,000		1,480,500
Micron Technology, Inc.
5.25% due 08/01/23		1,400,000		1,424,500
Eagle Midco, Inc.
9.00% due 06/15/185		1,300,000		1,324,375
Open Text Corp.
5.63% due 01/15/235		1,050,000		1,089,375
Aspect Software, Inc.
10.62% due 05/15/173		1,235,000		1,074,450
Infor US, Inc.
6.50% due 05/15/22		1,000,000		1,025,000
Epicor Software Corp.
8.62% due 05/01/19		600,000		627,000
Total Technology				9,580,450
INDUSTRIAL - 6.0%
CEVA Group plc
7.00% due 03/01/215		1,450,000		1,406,500
Amsted Industries, Inc.
5.38% due 09/15/245		1,200,000		1,199,999
5.00% due 03/15/225		100,000		100,625

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
HIGH YIELD FUND

	Face Amount		Value
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.87% due 01/15/17	$	755,000	$	778,594
Reliance Intermediate Holdings, LP
6.50% due 04/01/235		650,000		664,625
BMBG Bond Finance SCA
5.07% due 10/15/201,5		EUR 550,000		596,743
Ultra Resources, Inc.
4.51% due 10/12/20†††,3		600,000		549,720
LMI Aerospace, Inc.
7.37% due 07/15/195		511,000		514,833
VWR Funding, Inc.
4.62% due 04/15/22		EUR 450,000		475,880
Actuant Corp.
5.62% due 06/15/22		400,000		414,500
Moto Finance plc
6.37% due 09/01/20		GBP 250,000		374,624
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/195		350,000		351,750
Penske Truck Leasing Company Lp / PTL Finance Corp.
3.38% due 02/01/225		350,000		349,892
Vulcan Materials Co.
4.50% due 04/01/25		300,000		304,500
Novelis, Inc.
8.38% due 12/15/17		250,000		261,250
Moog, Inc.
5.25% due 12/01/225		200,000		206,000
Total Industrial				8,550,035
BASIC MATERIALS - 4.4%
Ineos Finance plc
8.38% due 02/15/195		1,950,000		2,073,240
KGHM International Ltd.
7.75% due 06/15/194,5		1,600,000		1,648,000
TPC Group, Inc.
8.75% due 12/15/205		1,505,000		1,377,075
Eldorado Gold Corp.
6.12% due 12/15/205		975,000		948,188
Mirabela Nickel Ltd.
9.50% due 06/24/19†††,3		241,972		241,972
1.00% due 07/31/44†††,3		5,506		—
Total Basic Materials				6,288,475
UTILITIES - 1.8%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/235		1,250,000		1,278,125
AES Corp.
5.50% due 03/15/24		650,000		648,375
7.38% due 07/01/21		300,000		333,000
4.88% due 05/15/23		250,000		243,750
Total Utilities				2,503,250
DIVERSIFIED - 0.9%
HRG Group, Inc.
7.75% due 01/15/22		1,336,000		1,329,320
Total Corporate Bonds
(Cost $118,202,053)				114,932,742
SENIOR FLOATING RATE INTERESTS††,1,7 - 25.9%
INDUSTRIAL - 6.1%
CareCore National LLC
5.50% due 03/05/21		1,878,015		1,887,405
Flakt Woods
2.63% due 03/20/17†††,3		EUR 1,608,900		1,694,771
Mitchell International, Inc.
8.50% due 10/11/21		1,250,000		1,237,238
API Technologies Corp.
9.00% due 02/06/18†††,3		587,511		583,046
Hardware Holdings LLC
6.75% due 03/30/203		597,000		579,090
Hunter Defense Technologies
6.50% due 08/05/19		487,500		487,500
Mast Global
8.75% due 09/12/19†††,3		428,705		425,463
SIRVA Worldwide, Inc.
7.50% due 03/27/19		392,000		390,040
Hillman Group, Inc.
3.48% due 06/13/193		414,286		375,617
Connolly Corp.
5.00% due 05/14/21		299,246		300,557
Knowledge Learning Corp.
5.25% due 03/18/21		297,000		299,474
OneSky
7.50% due 06/03/193		150,000		154,500
Ceva Logistics US Holdings
6.50% due 03/19/21		97,537		91,156
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		70,714		66,088
NANA Development Corp.
8.00% due 03/15/183		66,667		63,833
Ceva Group plc (United Kingdom)
6.50% due 03/19/21		67,734		63,303
Ceva Logistics Canada, ULC
6.50% due 03/19/21		12,192		11,395
Total Industrial				8,710,476
CONSUMER, CYCLICAL - 5.4%
Sky Bet
6.50% due 02/25/22		GBP 950,000		1,404,188
Fitness International LLC
5.50% due 07/01/20		1,192,119		1,108,671
GCA Services Group, Inc.
9.25% due 11/01/20		800,000		792,000
Eyemart Express
5.00% due 12/18/21		700,000		703,500

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
HIGH YIELD FUND

	Face Amount		Value
IntraWest Holdings S.à r.l.
5.50% due 12/09/20	$	661,972	$	665,904
DLK Acquisitions BV
8.50% due 08/28/19†††,3		EUR 700,000		664,897
Ipreo Holdings
4.25% due 08/06/21		598,875		593,635
Talbots, Inc.
4.75% due 03/19/20		526,015		514,180
Alexander Mann Solutions Ltd.
5.75% due 12/20/19		493,750		488,813
National Vision, Inc.
6.75% due 03/11/22		450,000		437,625
Warner Music Group
3.75% due 07/01/20		200,000		195,000
BBB Industries, LLC
4.18% due 10/17/193		121,429		105,871
Total Consumer, Cyclical				7,674,284
TECHNOLOGY - 4.4%
Sparta Holding Corp.
7.50% due 07/28/20†††		897,750		889,670
Greenway Medical Technologies
9.25% due 11/04/213		550,000		536,250
6.00% due 11/04/203		345,625		345,625
Advanced Computer Software
6.50% due 01/31/22		550,000		542,438
10.50% due 01/31/23		300,000		288,000
TIBCO Software, Inc.
6.50% due 12/04/20		800,000		799,248
Infor, Inc.
3.75% due 06/03/20		600,000		594,096
Micro Focus International plc
5.25% due 11/19/21		400,000		400,600
EIG Investors Corp.
5.00% due 11/09/19		394,000		395,233
Evergreen Skill
5.75% due 04/28/21		396,850		391,889
Telx Group
7.50% due 04/09/21		300,000		295,875
Flexera Software LLC
8.00% due 04/02/21		250,000		243,750
Quorum Business Solutions
5.75% due 08/07/21		219,450		214,512
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		197,500		196,019
Active Network, Inc., The
5.50% due 11/13/20		148,497		147,817
Total Technology				6,281,022
FINANCIAL - 3.5%
York Risk Services
4.75% due 10/01/21		746,250		743,137
Cunningham Lindsey U.S., Inc.
9.25% due 06/10/20		623,636		603,368
Magic Newco, LLC
12.00% due 06/12/19		500,000		543,750
Intertrust Group
7.28% due 04/11/22		500,000		497,710
Expert Global Solutions
8.50% due 04/03/18		477,734		476,339
Lineage Logistics LLC
4.50% due 04/07/21		445,500		441,326
Safe-Guard
6.25% due 08/19/21		441,321		439,115
Transunion Holding Co.
4.00% due 04/09/21		350,000		349,783
Trademonster
7.25% due 08/29/19†††		349,125		347,554
National Financial Partners Corp.
4.50% due 07/01/20		246,263		245,392
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		245,003		243,471
Total Financial				4,930,945
CONSUMER, NON-CYCLICAL - 2.7%
Dollar Tree, Inc.
4.25% due 03/09/22		950,000		959,633
Reddy Ice Holdings, Inc.
6.75% due 04/01/193		588,000		514,500
NES Global Talent
6.50% due 10/03/19		521,442		495,370
AdvancePierre Foods, Inc.
9.50% due 10/10/17		461,000		461,576
CTI Foods Holding Co. LLC
8.25% due 06/28/21		340,000		334,050
Pelican Products, Inc.
9.25% due 04/09/21		300,000		297,000
Performance Food Group
6.25% due 11/14/19		245,625		245,829
Valeant Pharmaceuticals International, Inc.
4.00% due 03/11/22		198,193		199,025
Targus Group International, Inc.
14.75% due 05/24/163		224,526		177,937
Arctic Glacier Holdings, Inc.
6.00% due 05/10/19		169,519		168,248
Total Consumer, Non-cyclical				3,853,168
COMMUNICATIONS - 2.3%
Cartrawler
4.25% due 04/29/21		EUR 650,000		696,116
Lions Gate Entertainment Corp.
5.00% due 03/11/22		550,000		550,457
Anaren, Inc.
9.25% due 08/18/21		500,000		495,000
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		456,597		457,903
Avaya, Inc.
6.50% due 03/31/18		441,769		440,360

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
HIGH YIELD FUND

	Face Amount		Value
Gogo LLC
7.50% due 03/21/18	$	435,463	$	418,045
MergerMarket Ltd.
4.50% due 02/04/21		297,000		288,090
Total Communications				3,345,971
ENERGY - 0.7%
PSS Companies
5.50% due 01/28/20		542,534		425,889
Cactus Wellhead
7.00% due 07/31/20		447,750		273,128
FTS International
5.75% due 04/16/21		261,818		202,092
Magnum Hunter Resources
8.50% due 10/22/19		158,751		156,303
Total Energy				1,057,412
UTILITIES - 0.5%
Veresen Midstream LP
6.00% due 04/01/22		750,000		748,688
BASIC MATERIALS - 0.3%
Atkore International, Inc.
7.75% due 10/09/21		450,000		434,250
Total Senior Floating Rate Interests
(Cost $38,317,368)				37,036,216
ASSET-BACKED SECURITIES†† - 0.5%
ALM XIV Ltd.
2014-14A, 3.71% due 07/28/261,5		800,000		759,680
Total Asset-Backed Securities
(Cost $762,607)				759,680
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 0.3%
SRERS Funding Ltd.
2011-RS, 0.43% due 05/09/461,5		495,599		471,215
Total Collateralized Mortgage Obligations
(Cost $459,230)				471,215
Total Investments - 113.9%
(Cost $167,713,214)			$	162,950,671
Other Assets & Liabilities, net - (13.9)%				(19,829,265	)
Total Net Assets - 100.0%			$	143,121,406

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency	Settlement Date	Settlement Value		Value at March 31, 2015		Net Unrealized Appreciation
BNY Mellon		4,570,000	EUR	04/07/15	$	5,035,500	$	4,913,459	$	122,041
BNY Mellon		2,850,000	GBP	04/07/15		4,301,972		4,228,586		73,387
BNY Mellon		500,000	CAD	04/07/15		400,590		394,774		5,816
BNY Mellon		290,000	AUD	04/07/15		225,350		220,792		4,558
									$	205,802

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Variable rate security. Rate indicated is rate effective at March 31, 2015.
2	Perpetual maturity.
3	Illiquid security.
4	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 12.
5	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $63,956,460 (cost $64,305,720), or 44.7% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
6	Security is in default of interest and/or principal obligations.
7	The face amount is denominated in U.S. Dollars unless otherwise indicated.
8	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $2,755,829 (cost $2,970,974), or 1.9% of total net assets — See Note 14.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

HIGH YIELD FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $167,713,214)	$	162,950,671
Foreign currency, at value (cost $1,239,226)		1,238,199
Cash		956,531
Unrealized appreciation on forward foreign currency exchange contracts		205,802
Prepaid expenses		28,930
Receivables:
Securities sold		2,440,608
Interest		2,353,995
Fund shares sold		627,475
Dividends		14,876
Foreign taxes reclaim		2,954
Total assets		170,820,041
Liabilities:
Reverse Repurchase Agreements		20,355,264
Unfunded loan commitments, at value (Note 10) (proceeds $1,070,063)		925,676
Payable for:
Securities purchased		5,771,389
Fund shares redeemed		335,147
Management fees		60,804
Distribution and service fees		26,567
Fund accounting/administration fees		11,387
Transfer agent/maintenance fees		10,594
Trustees’ fees*		4,835
Miscellaneous		196,972
Total liabilities		27,698,635
Net assets	$	143,121,406
Net assets consist of:
Paid in capital	$	148,228,052
Distributions in excess of net investment income		(884,880	)
Accumulated net realized gain on investments		192,365
Net unrealized depreciation on investments		(4,414,131	)
Net assets	$	143,121,406
A-Class:
Net assets	$	70,523,690
Capital shares outstanding		6,176,841
Net asset value per share	$	11.42
Maximum offering price per share (Net asset value divided by 95.25%)	$	11.99
B-Class:
Net assets	$	904,054
Capital shares outstanding		79,751
Net asset value per share	$	11.34
C-Class:
Net assets	$	13,969,261
Capital shares outstanding		1,213,885
Net asset value per share	$	11.51
Institutional Class:
Net assets	$	57,724,401
Capital shares outstanding		6,194,656
Net asset value per share	$	9.32

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Interest (net of foreign withholding tax of $2,887)	$	4,799,701
Dividends		197,206
Total investment income		4,996,907
Expenses:
Management fees		407,296
Transfer agent/maintenance fees:
A-Class		63,139
B-Class		8,251
C-Class		11,840
Institutional Class		13,479
Distribution and service fees:
A-Class		93,418
C-Class		69,123
Fund accounting/administration fees		64,487
Registration fees		44,946
Interest expense		22,407
Line of credit fees		8,693
Trustees’ fees*		8,453
Custodian fees		910
Tax expense		88
Miscellaneous		55,257
Total expenses		871,787
Less:
Expenses waived by Adviser		(60,245	)
Net expenses		811,542
Net investment income		4,185,365
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(986,423	)
Foreign currency		(530,860	)
Forward foreign currency exchange contracts		1,625,653
Net realized gain		108,370
Net change in unrealized appreciation (depreciation) on:
Investments		(3,764,270	)
Foreign currency		37,685
Forward foreign currency exchange contracts		(266,505	)
Net change in unrealized appreciation (depreciation)		(3,993,090	)
Net realized and unrealized loss		(3,884,720	)
Net increase in net assets resulting from operations	$	300,645

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,185,365		$	7,512,555
Net realized gain on investments		108,370			4,836,256
Net change in unrealized appreciation (depreciation) on investments		(3,993,090	)		(2,985,500	)
Net increase in net assets resulting from operations		300,645			9,363,311
Distributions to shareholders from:
Net investment income
A-Class		(2,640,671	)		(5,820,148	)
B-Class		(37,946	)		(99,790	)
C-Class		(432,399	)		(738,796	)
Institutional Class		(1,695,750	)		(1,911,261	)
Net realized gains
A-Class		(1,532,517	)		—
B-Class		(20,686	)		—
C-Class		(263,520	)		—
Institutional Class		(944,650	)		—
Total distributions to shareholders		(7,568,139	)		(8,569,995	)
Capital share transactions:
Proceeds from sale of shares
A-Class		11,084,739			62,904,723
B-Class		6,837			142,328
C-Class		2,203,161			7,344,432
Institutional Class		37,006,994			28,060,805
Redemption fees collected
A-Class		26,352			66,165
B-Class		364			1,013
C-Class		5,050			9,220
Institutional Class		18,453			19,942
Distributions reinvested
A-Class		3,845,833			5,125,824
B-Class		53,716			93,097
C-Class		534,768			552,770
Institutional Class		1,822,951			1,189,371
Cost of shares redeemed
A-Class		(22,926,563	)		(56,529,637	)
B-Class		(273,840	)		(782,961	)
C-Class		(2,705,903	)		(2,735,624	)
Institutional Class		(15,898,479	)		(11,032,316	)
Net increase from capital share transactions		14,804,433			34,429,152
Net increase in net assets		7,536,939			35,222,468
Net assets:
Beginning of period		135,584,467			100,361,999
End of period	$	143,121,406		$	135,584,467
Distributions in excess of net investment income at end of period	$	(884,880	)	$	(263,479	)

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

HIGH YIELD FUND

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		958,798			5,157,454
B-Class		572			11,694
C-Class		189,934			596,582
Institutional Class		3,948,738			2,794,173
Shares issued from reinvestment of distributions
A-Class		333,717			420,028
B-Class		4,693			7,688
C-Class		46,074			44,965
Institutional Class		194,137			118,766
Shares redeemed
A-Class		(2,007,183	)		(4,630,360	)
B-Class		(23,963	)		(64,801	)
C-Class		(232,907	)		(222,849	)
Institutional Class		(1,686,033	)		(1,101,374	)
Net increase in shares		1,726,577			3,131,966

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012f			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Per Share Data
Net asset value, beginning of period	$	12.02		$	11.85		$	11.95		$	11.12		$	12.89		$	12.07		$	7.70
Income (loss) from investment operations:
Net investment income (loss)c		.36			.72			.81			.58			.87			.96			.90
Net gain (loss) on investments (realized and unrealized)		(.34	)		.27			.27			.84			(1.30	)		.78			4.30
Total from investment operations		.02			.99			1.08			1.42			(.43	)		1.74			5.20
Less distributions from:
Net investment income		(.40	)		(.83	)		(.90	)		(.59	)		(1.07	)		(.92	)		(.83	)
Net realized gains		(.22	)		—			(.29	)		—			(.27	)		—			—
Return of capital		—			—			—			—			—			—			(—	)h
Total distributions		(.62	)		(.83	)		(1.19	)		(.59	)		(1.34	)		(.92	)		(.83	)
Redemption fees collected		—	d		.01			.01			—	d		—			—			—
Net asset value, end of period	$	11.42		$	12.02		$	11.85		$	11.95		$	11.12		$	12.89		$	12.07
Total Returng		0.27	%		9.18	%		9.54	%		12.93	%		(3.50	%)		14.92	%		70.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,524		$	82,854		$	70,451		$	64,174		$	86,041		$	172,443		$	155,899
Ratios to average net assets:
Net investment income (loss)		6.16	%		5.91	%		6.84	%		7.19	%		6.92	%		7.69	%		8.49	%
Total expenses		1.32	%		1.32	%		1.41	%		1.44	%		1.34	%		1.28	%		1.41	%
Net expensese,i		1.21	%		1.26	%		1.18	%		1.17	%		1.18	%		1.14	%		1.10	%
Portfolio turnover rate		32	%		97	%		101	%		55	%		102	%		77	%		53	%

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS (continued)

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.

B-Class	Period Ended March 31, 2015a,b			Year Ended September 30, 2014b			Year Ended September 30, 2013b			Period Ended September 30, 2012b,f			Year Ended December 31, 2011b			Year Ended December 31, 2010b			Year Ended December 31, 2009b
Per Share Data
Net asset value, beginning of period	$	11.94		$	11.77		$	11.89		$	11.07		$	12.84		$	12.05		$	7.67
Income (loss) from investment operations:
Net investment income (loss)c		.37			.75			.84			.62			.92			1.00			.92
Net gain (loss) on investments (realized and unrealized)		(.33	)		.26			.26			.81			(1.32	)		.78			4.30
Total from investment operations		.04			1.01			1.10			1.43			(.40	)		1.78			5.22
Less distributions from:
Net investment income		(.42	)		(.85	)		(.94	)		(.61	)		(1.10	)		(.99	)		(.84	)
Net realized gains		(.22	)		—			(.29	)		—			(.27	)		—			—
Return of capital		—			—			—			—			—			—			(—	)h
Total distributions		(.64	)		(.85	)		(1.23	)		(.61	)		(1.37	)		(.99	)		(.84	)
Redemption fees collected		—	d		.01			.01			—	d		—			—			—
Net asset value, end of period	$	11.34		$	11.94		$	11.77		$	11.89		$	11.07		$	12.84		$	12.05
Total Returng		0.37	%		9.46	%		9.79	%		13.20	%		(3.32	%)		15.28	%		71.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	904		$	1,176		$	1,693		$	2,162		$	2,777		$	4,872		$	6,996
Ratios to average net assets:
Net investment income (loss)		6.40	%		6.17	%		7.10	%		7.43	%		7.38	%		8.01	%		9.08	%
Total expenses		2.48	%		1.87	%		1.89	%		1.62	%		1.10	%		1.04	%		1.19	%
Net expensese,i		0.96	%		1.00	%		0.93	%		0.92	%		0.94	%		0.89	%		0.85	%
Portfolio turnover rate		32	%		97	%		101	%		55	%		102	%		77	%		53	%

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012f			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Per Share Data
Net asset value, beginning of period	$	12.12		$	11.95		$	12.03		$	11.20		$	12.97		$	12.14		$	7.73
Income (loss) from investment operations:
Net investment income (loss)c		.31			.63			.73			.56			.79			.87			.83
Net gain (loss) on investments (realized and unrealized)		(.34	)		.27			.27			.80			(1.32	)		.79			4.33
Total from investment operations		(.03	)		.90			1.00			1.36			(.53	)		1.66			5.16
Less distributions from:
Net investment income		(.36	)		(.74	)		(.80	)		(.53	)		(.97	)		(.83	)		(.75	)
Net realized gains		(.22	)		—			(.29	)		—			(.27	)		—			—
Return of capital		—			—			—			—			—			—			(—	)h
Total distributions		(.58	)		(.74	)		(1.09	)		(.53	)		(1.24	)		(.83	)		(.75	)
Redemption fees collected		—	d		.01			.01			—	d		—			—			—
Net asset value, end of period	$	11.51		$	12.12		$	11.95		$	12.03		$	11.20		$	12.97		$	12.14
Total Returng		(0.17	%)		8.46	%		8.69	%		12.33	%		(4.30	%)		14.07	%		69.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,969		$	14,674		$	9,463		$	9,054		$	7,991		$	10,264		$	8,048
Ratios to average net assets:
Net investment income (loss)		5.40	%		5.14	%		6.10	%		6.37	%		6.32	%		6.92	%		8.11	%
Total expenses		2.07	%		2.09	%		2.17	%		2.19	%		2.08	%		2.04	%		2.19	%
Net expensese,i		1.96	%		2.01	%		1.93	%		1.92	%		1.94	%		1.89	%		1.85	%
Portfolio turnover rate		32	%		97	%		101	%		55	%		102	%		77	%		53	%

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

HIGH YIELD FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012f			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Per Share Data
Net asset value, beginning of period	$	9.87		$	9.74		$	9.90		$	9.26		$	10.96		$	10.47		$	6.74
Income (loss) from investment operations:
Net investment income (loss)c		.30			.61			.70			.55			.79			.86			.81
Net gain (loss) on investments (realized and unrealized)		(.28	)		.23			.22			.64			(1.12	)		.68			3.76
Total from investment operations		.02			.84			.92			1.19			(.33	)		1.54			4.57
Less distributions from:
Net investment income		(.35	)		(.72	)		(.80	)		(.55	)		(1.10	)		(1.05	)		(.84	)
Net realized gains		(.22	)		—			(.29	)		—			(.27	)		—			—
Return of capital		—			—			—			—			—			—			(—	)h
Total distributions		(.57	)		(.72	)		(1.09	)		(.55	)		(1.37	)		(1.05	)		(.84	)
Redemption fees collected		—	d		.01			.01			—	d		—			—			—
Net asset value, end of period	$	9.32		$	9.87		$	9.74		$	9.90		$	9.26		$	10.96		$	10.47
Total Returng		0.30	%		9.50	%		9.97	%		13.17	%		(3.30	%)		15.33	%		71.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	57,724		$	36,880		$	18,755		$	9,974		$	7,900		$	2,785		$	2,649
Ratios to average net assets:
Net investment income (loss)		6.40	%		6.12	%		7.12	%		7.42	%		7.61	%		7.99	%		8.79	%
Total expenses		0.96	%		1.01	%		1.01	%		1.11	%		1.08	%		1.02	%		1.16	%
Net expensese,i		0.96	%		1.01	%		0.93	%		0.92	%		0.95	%		0.89	%		0.85	%
Portfolio turnover rate		32	%		97	%		101	%		55	%		102	%		77	%		53	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Effective December 31, 2006, B-Class shares ceased charging 12b-1 fees in accordance with FINRA (formerly NASD) sales cap regulations. Per share information reflects this change. This fee will be reinstated when sales reach above the sales cap limit.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Redemption fees collected are less than $0.01 per share.
e	Net expense information reflects the expense ratios after expense waivers.
f	The Fund changed its fiscal year end from December 31 to September 30 in 2012.
g	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
h	Distributions from return of capital are less than $0.01 per share.
i	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratio for the periods would be:

	03/31/15	09/30/14
A-Class	1.16%	1.16%
B-Class	0.91%	0.91%
C-Class	1.91%	1.91%
Institutional Class	0.91%	0.91%

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

FUND PROFILE (Unaudited) March 31, 2015

INVESTMENT GRADE BOND FUND

OBJECTIVE: Seeks to provide current income.

Holdings Diversification (Market Exposure as % of Net Assets)

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	4.2%
AA	16.2%
A	21.8%
BBB	36.2%
BB	4.2%
B	5.7%
CCC	4.0%
CC	0.3%
D	0.2%
NR**	1.8%
Other Instruments
Preferred Stocks	2.7%
Mutual Funds	1.3%
Short Term Investments	0.7%
U.S. Government Securities	0.6%
Options Purchased	0.2%
Common Stocks	0.0%
Options Written	-0.1%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	August 15, 1985
B-Class	October 19, 1993
C-Class	May 1, 2000
Institutional Class	January 29, 2013

Ten Largest Holdings (% of Total Net Assets)
Willis Engine Securitization Trust II — 2012-A	1.7%
GCAT LLC — 2014-2	1.7%
LSTAR Securities Investment Trust 2014-1	1.5%
Citigroup, Inc.	1.4%
Guggenheim Strategy Fund I	1.4%
Northwoods Capital VIII Ltd. — 2007-8A	1.4%
Fifth Third Bancorp	1.2%
New Jersey Transportation Trust Fund Authority Revenue Bonds	1.1%
AASET — 2014-1	1.0%
JPMorgan Chase & Co.	1.0%
Top Ten Total	13.4%
“Ten Largest Holdings” exclude any temporary cash or derivative instruments.

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

22 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Shares		Value
COMMON STOCKS† - 0.0%
FINANCIAL - 0.0%
Rescap Liquidating Trust		5,199	$	54,590
MATERIALS - 0.0%
Constar International Holdings LLC*,†††,1		68		—
Total Common Stocks
(Cost $262,501)				54,590
PREFERRED STOCKS† - 2.9%
FINANCIAL - 2.5%
Aspen Insurance Holdings Ltd. 5.95% 2,3		48,000		1,232,640
Woodbourne Capital Trust III 0.01%†††,2,3,4		950,000		451,630
Woodbourne Capital Trust II 0.01%†††,2,3,4		950,000		451,630
Woodbourne Capital Trust I 0.01%†††,2,3,4		950,000		451,630
Woodbourne Capital Trust IV 0.01%†††,2,3,4		950,000		451,630
CoBank ACB 6.20% 2,3		3,000		306,469
AgriBank FCB 6.88% 2,3		1,500		156,000
City National Corp. 6.75% 2,3		4,000		116,520
Total Financial				3,618,149
INDUSTRIAL - 0.4%
Seaspan Corp. 6.38% due 04/30/19		22,000		553,960
MATERIALS – 0.0%
Constar International Holdings LLC*,†††,1		7		—
Total Preferred Stocks
(Cost $6,120,328)				4,172,109
MUTUAL FUNDS† - 1.4%
Guggenheim Strategy Fund I5		80,413		2,002,284
Total Mutual Funds
(Cost $2,000,676)				2,002,284
SHORT TERM INVESTMENTS† - 0.7%
Dreyfus Treasury Prime Cash Management Fund 0.00%		1,028,486		1,028,486
Total Short Term Investments
(Cost $1,028,486)				1,028,486
	Face Amount
ASSET-BACKED SECURITIES†† - 43.5%
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/374	$	2,446,009		2,452,125
GCAT LLC
2014-2, 3.72% due 10/25/194		2,438,188		2,432,519
AASET
2014-1, 5.13% due 12/15/292		1,471,154		1,474,832
2014-1, 7.37% due 12/15/292		735,577		737,416

Telos CLO Ltd.
2013-3A, 3.26% due 01/17/242,4	1,250,000	1,223,625
2007-2A, 2.45% due 04/15/222,4	1,100,000	1,061,390
Northwoods Capital VIII Ltd.
2007-8A, 2.26% due 07/28/222,4	1,950,000	1,944,930
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29	1,048,748	1,040,883
2014-1, 7.50% due 02/15/29	419,499	418,451
Emerald Aviation Finance Ltd.
2013-1, 4.65% due 10/15/384	1,139,323	1,170,654
2013-1, 6.35% due 10/15/384,6	227,865	231,283
CIT Mortgage Loan Trust
2007-1, 1.62% due 10/25/372,4	1,450,000	1,377,680
Grayson CLO Ltd.
2006-1A, 0.66% due 11/01/212,4	1,400,000	1,325,100
Babson CLO Limited
2012-2A, due 05/15/234,14	1,000,000	714,400
2014-IA, due 07/20/254,14	650,000	515,060
Flagship CLO VI
2007-1A, 2.66% due 06/10/212,4	1,250,000	1,226,000
Gramercy Real Estate CDO Ltd.
2007-1A, 0.54% due 08/15/562,4	1,357,668	1,223,259
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/434	1,115,500	1,151,675
Rockwall CDO II Ltd.
2007-1A, 0.80% due 08/01/242,4	1,100,000	1,025,750
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.44% due 07/09/172	1,040,000	1,009,944
Great Lakes CLO Ltd.
2012-1A, 4.35% due 01/15/232,4	1,000,000	1,000,000
Northwoods Capital XIV Ltd.
2014-14A, 2.72% due 11/12/252,4	1,000,000	1,000,000
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/404	994,048	996,632
KKR Financial CLO Ltd.
2007-1A, 2.51% due 05/15/212,4	1,000,000	996,100
Banco Bradesco SA
4.21% due 03/12/26†††,1	983,287	989,973
ALM VII R Ltd.
2013-7RA, 2.86% due 04/24/242,4	1,000,000	986,800
Fortress Credit Opportunities V CLO Ltd.
2014-5A, 2.88% due 10/15/262,4	1,000,000	982,300
Figueroa CLO Ltd.
2013-1A, 3.01% due 03/21/242,4	1,000,000	976,100
New Century Home Equity Loan Trust
2005-3, 0.68% due 07/25/352	1,100,000	973,066
Dryden Senior Loan Fund
2015-37A, due 04/15/27†††,4,14	1,000,000	971,500
Venture XIV CLO Ltd.
2013-14A, 3.01% due 08/28/252,4	1,000,000	969,400
RAIT CRE CDO I Ltd.
2006-1X, 0.49% due 11/20/46	1,005,997	925,920
MCF CLO I LLC
2013-1A, 3.81% due 04/20/232,4	900,000	881,730

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Face Amount		Value
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/484	$	852,067	$	862,973
COA Summit CLO Limited
2014-1A, 3.06% due 04/20/232,4		800,000		792,720
Acis CLO Ltd.
2013-1A, 3.21% due 04/18/242,4		500,000		490,250
2013-2A, 3.46% due 10/14/222,4		250,000		250,100
ICE EM CLO
2007-1A, 0.98% due 08/15/222,4		791,108		769,194
ARES XII CLO Ltd.
2007-12A, 3.51% due 11/25/202,4		750,000		750,000
OZLM Funding Ltd.
2012-2A, 3.50% due 10/30/232,4		750,000		750,000
Newstar Trust
2012-2A, 3.51% due 01/20/232,4		750,000		748,725
KVK CLO Ltd.
2013-1A, due 04/14/254,14		1,000,000		739,000
NRPL Trust
2015-1A, 3.88% due 11/01/544		744,595		738,191
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/344		732,000		733,976
N-Star Real Estate CDO IX Ltd.
0.49% due 02/01/411		732,895		700,354
Icon Brand Holdings LLC
2013-1A, 4.35% due 01/25/434		620,630		626,650
Golub Capital Partners CLO 21M Ltd.
2014-21A, 2.68% due 10/25/262,4		600,000		584,760
Fortress Credit Opportunities III CLO, LP
2014-3A, 2.75% due 04/28/262,4		300,000		294,990
2014-3A, 3.50% due 04/28/262,4		300,000		289,740
Ivy Hill Middle Market Credit Fund VII Ltd.
2013-7A, 3.71% due 10/20/252,4		600,000		580,200
Black Diamond CLO 2012-1 Ltd.
2013-1A, 3.50% due 02/01/232,4		550,000		546,040
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.43% due 04/25/362		600,000		544,483
Nationstar HECM Loan Trust
2014-1A, 4.50% due 11/25/174		528,611		531,413
Cent CLO 16, LP
2014-16AR, 2.50% due 08/01/242,4		500,000		502,300
Oxford Finance Funding Trust
2014-1A, 3.48% due 12/15/224		500,000		500,200
Apidos CLO IX
2012-9A, 4.00% due 07/15/232,4		500,000		500,050
KKR CLO Trust
2012-1A, 3.57% due 12/15/242,4		500,000		498,700
Cerberus Onshore II CLO-2 LLC
2014-1A, 2.98% due 10/15/232,4		500,000		498,700
Apidos CDO III Ltd.
2006-3A, 2.02% due 06/12/202,4		500,000		492,800
Golub Capital Partners Fundings Ltd.
2007-1A, 1.02% due 03/15/222,4		500,000		485,300
Treman Park CLO LLC
2015-1A, 0.00% due 04/20/274,7		500,000		480,050
MCF CLO III LLC
2014-3A, 3.21% due 01/20/242,4		500,000		476,100
N-Star REL CDO VIII Ltd.
2006-8A, 0.54% due 02/01/412,4		500,000		451,000
Eastland CLO Ltd.
2007-1A, 0.65% due 05/01/222,4		450,000		423,090
Westwood CDO I Ltd.
2007-1A, 0.94% due 03/25/212,4		400,000		377,200
Copper River CLO Ltd.
2007-1A, due 01/20/212,4,14		700,000		359,590
Halcyon Loan Advisors Funding Ltd.
2012-2A, 4.77% due 12/20/242,4		350,000		347,165
Saxon Asset Securities Trust
2005-4, 0.61% due 11/25/372		400,000		344,751
NewStar Commercial Loan Funding LLC
2013-1A, 4.80% due 09/20/232,4		350,000		340,270
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		307,108		332,212
DIVCORE CLO Ltd.
2013-1A B, 4.07% due 11/15/32		300,000		301,500
Salus CLO Ltd.
2013-1AN, 3.98% due 03/05/212,4		300,000		300,990
CIFC Funding Ltd.
2012-2A, 4.52% due 12/05/242,4		300,000		300,000
ALM VII R-2 Ltd.
2013-7R2A, 2.86% due 04/24/242,4		300,000		296,040
Neuberger Berman CLO Ltd.
2012-12A, due 07/25/234,14		450,000		289,035
GreenPoint Mortgage Funding Trust
2005-HE4, 0.88% due 07/25/302		264,532		252,835
TICC CLO LLC
2012-1A, 5.01% due 08/25/232,4		250,000		250,025
Dryden XXIII Senior Loan Fund
2014-23RA, 3.20% due 07/17/232,4		250,000		250,000
Cerberus Onshore II CLO LLC
2014-1A, 2.95% due 10/15/232,4		250,000		249,500
Garrison Funding Ltd.
2013-2A, 3.63% due 09/25/232,4		250,000		247,800
Gallatin CLO VII Ltd.
2014-1A, 3.15% due 07/15/232,4		250,000		247,600
ALM XIV Ltd.
2014-14A, 3.21% due 07/28/262,4		250,000		247,525
Golub Capital Partners CLO 17 Ltd.
2013-17A, 4.09% due 10/25/252,4		250,000		246,775
Great Lakes CLO Ltd.
2014-1A, 3.95% due 04/15/252,4		250,000		244,850
Race Point IV CLO Ltd.
2007-4A, 2.25% due 08/01/212,4		250,000		243,775
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.56% due 07/25/252,4		250,000		239,550
Drug Royalty II Limited Partnership 2
2014-1, 3.08% due 07/15/232,4		234,058		237,684

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Face Amount		Value
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 10/04/244,14	$	250,000	$	207,500
Keuka Park CLO Limited
2013-1A, due 10/21/244,14		250,000		197,675
GSAA Home Equity Trust
2007-7, 0.44% due 07/25/372		192,940		162,914
Cerberus Offshore Levered I, LP
2012-1A, 5.02% due 11/30/182,4		125,233		125,221
New Century Home Equity Loan Trust
2005-1, 0.89% due 03/25/352		124,067		107,818
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/412,4		101,536		100,916
First Franklin Mortgage Loan Trust
2006-FF1, 0.51% due 01/25/362		50,000		44,079
Credit-Based Asset Servicing and Securitization LLC
2005-CB5, 0.43% due 08/25/352		28,519		28,470
Total Asset-Backed Securities
(Cost $60,626,013)				61,559,811
CORPORATE BONDS†† - 29.0%
FINANCIAL - 20.1%
Bank of America Corp.
6.10%2,3		1,100,000		1,115,813
5.13%2,3		650,000		638,560
6.25%2,3		400,000		407,500
JPMorgan Chase & Co.
5.00%2,3,8		1,500,000		1,473,675
5.15%2,3		700,000		683,375
Citigroup, Inc.
5.88%2,3		2,000,000		2,020,000
Fifth Third Bancorp
5.10%2,3		1,820,000		1,729,000
Teachers Insurance & Annuity Association of America
4.90% due 09/15/444,8		1,000,000		1,128,919
4.38% due 09/15/542,4		500,000		520,483
EPR Properties
5.25% due 07/15/238		1,000,000		1,079,426
5.75% due 08/15/228		500,000		550,451
Susquehanna Bancshares, Inc.
5.38% due 08/15/228		1,200,000		1,337,113
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/208		800,000		831,040
4.87% due 03/15/19		450,000		458,438
Deutsche Bank AG
4.50% due 04/01/25		1,250,000		1,248,988
AmTrust Financial Services, Inc.
6.13% due 08/15/23		1,000,000		1,066,619
SunTrust Banks, Inc.
5.63%2,3,8		1,000,000		1,019,375
Lancashire Holdings Ltd.
5.70% due 10/01/224		900,000		986,292
Ironshore Holdings US, Inc.
8.50% due 05/15/204		750,000		910,769
WP Carey, Inc.
4.00% due 02/01/258		750,000		752,106
Assured Guaranty US Holdings, Inc.
5.00% due 07/01/248		700,000		749,146
Farmers Exchange Capital III
5.45% due 10/15/542,4,8		750,000		741,695
Nordea Bank AB
6.13%2,3,4		400,000		412,752
5.50%2,3,4		300,000		304,875
Corporation Financiera de Desarrollo S.A.
5.25% due 07/15/292,4		600,000		623,910
First American Financial Corp.
4.60% due 11/15/24		500,000		522,531
Customers Bank
6.13% due 06/26/292,4		500,000		513,750
Wilton Re Finance LLC
5.88% due 03/30/332,4		475,000		513,143
Kemper Corp.
4.35% due 02/15/25		500,000		511,677
American Express Co.
5.20%2,3		500,000		507,500
Morgan Stanley
5.55%2,3		500,000		505,000
Pacific Northwest Communities LLC
5.91% due 06/15/504		400,000		448,472
Atlantic Marine Corporations Communities LLC
5.43% due 12/01/504		387,755		403,234
Royal Bank of Scotland Group plc
5.12% due 05/28/24		350,000		367,189
ACC Group Housing LLC
6.35% due 07/15/54†††,4		300,000		313,350
CIC Receivables Master Trust
4.89% due 10/07/21†††		300,000		306,990
Cadence Bank North America
6.25% due 06/28/292,11		200,000		205,000
HSBC Holdings plc
6.37%2,3		200,000		204,250
Cadence Financial Corp.
4.88% due 06/28/1911		150,000		151,434
Prosight Global Inc.
7.50% due 11/26/20†††,1		100,000		104,810
TIG Holdings, Inc.
8.60% due 01/15/274		34,000		29,198
Total Financial				28,397,848
CONSUMER, CYCLICAL - 2.2%
United Airlines 2014-2 Class B Pass Through Trust
4.63% due 09/03/22		745,000		749,656
Northern Group Housing LLC
6.80% due 08/15/534		600,000		731,934
Sabre GLBL, Inc.
8.50% due 05/15/194,8		680,000		726,546

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Face Amount		Value
Continental Airlines 2012-2 Class B Pass Through Trust
5.50% due 10/29/20	$	362,393	$	385,042
GRD Holdings III Corp.
10.75% due 06/01/194		250,000		271,875
QVC, Inc.
7.38% due 10/15/204		200,000		207,500
Total Consumer, Cyclical				3,072,553
BASIC MATERIALS - 2.1%
Newcrest Finance Pty Ltd.
4.20% due 10/01/224,8		1,200,000		1,129,256
4.45% due 11/15/214		500,000		491,507
Yamana Gold, Inc.
4.95% due 07/15/24		1,150,000		1,130,693
AngloGold Ashanti Holdings plc
5.13% due 08/01/22		240,000		226,204
Mosaic Global Holdings, Inc.
7.38% due 08/01/18		18,000		20,604
Total Basic Materials				2,998,264
COMMUNICATIONS - 1.3%
Avaya, Inc.
7.00% due 04/01/194		650,000		645,125
CBS Corp.
4.60% due 01/15/45		600,000		610,816
Juniper Networks, Inc.
4.35% due 06/15/25		500,000		506,919
Nortel Networks Ltd.
6.88% due 09/01/239		31,000		10,850
Total Communications				1,773,710
CONSUMER, NON-CYCLICAL - 1.2%
CDK Global, Inc.
4.50% due 10/15/248		1,000,000		1,030,693
Actavis Funding SCS
4.75% due 03/15/45		500,000		531,428
ADT Corp.
6.25% due 10/15/218		150,000		159,750
Total Consumer, Non-cyclical				1,721,871
INDUSTRIAL - 1.1%
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,1		750,000		767,926
SBM Baleia Azul
5.50% due 09/15/27†††,1		447,600		336,729
Trimble Navigation Ltd.
4.75% due 12/01/24		300,000		316,300
Skyway Concession Company LLC
0.65% due 06/30/262,4,8		250,000		207,500
Total Industrial				1,628,455
ENERGY - 0.6%
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.87% due 04/15/228		600,000		432,000
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/19		350,000		363,685
Williams Companies, Inc.
8.75% due 03/15/32		12,000		14,361
Total Energy				810,046
DIVERSIFIED - 0.4%
Leucadia National Corp.
5.50% due 10/18/238		600,000		618,971
MATERIALS - 0.0%
Constar International, Inc
11.00% due 12/31/17†††,1		5,747		—
Total Corporate Bonds
(Cost $40,221,825)				41,021,718
MORTGAGE-BACKED SECURITIES†† - 8.0%
Luminent Mortgage Trust
2006-2, 0.37% due 02/25/462		1,581,650		1,183,124
American Home Mortgage Investment Trust
2006-1, 0.57% due 03/25/462		1,391,976		1,156,753
Hilton USA Trust
2013-HLT, 4.41% due 11/05/304		1,100,000		1,132,151
Boca Hotel Portfolio Trust
2013-BOCA, 3.22% due 08/15/262,4		1,000,000		998,818
Banc of America Funding Trust
2014-R7, 0.31% due 09/26/362		1,045,649		964,402
Alternative Loan Trust
2003-18CB, 5.25% due 09/25/33		922,928		958,758
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 0.97% due 11/25/462		720,673		502,329
2006-8, 4.82% due 10/25/36		440,760		350,340
MASTR Adjustable Rate Mortgages Trust
2003-5, 2.13% due 11/25/332		903,639		823,396
American Home Mortgage Assets Trust
2007-1, 0.83% due 02/25/472		1,192,201		758,206
GMAC Commercial Mortgage Asset Corp.
2003-PRES, 6.24% due 10/10/41†††,4		480,176		542,838
LSTAR Commercial Mortgage Trust
2014-2, 5.14% due 01/20/412,4		500,000		515,488
Chase Mortgage Finance Trust Series
2006-S3, 6.00% due 11/25/36		484,519		423,078
Capmark Military Housing Trust
2007-AETC, 5.75% due 02/10/52†††,4		340,664		340,834
Residential Asset Securitization Trust
2006-A12, 6.25% due 11/25/36		476,716		339,402

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Face Amount		Value
GreenPoint Mortgage Funding Trust Series
2007-AR1, 0.25% due 02/25/472	$	233,460	$	218,056
JP Morgan Mortgage Trust
2006-A3, 2.63% due 04/25/362		32,974		28,394
Ginnie Mae
#518436, 7.25% due 09/15/29		9,261		9,826
#1849, 8.50% due 08/20/24		923		974
Fannie Mae13
1990-108, 7.00% due 09/25/20		6,841		7,506
Total Mortgage-Backed Securities
(Cost $11,233,302)				11,254,673
MUNICIPAL BONDS†† - 7.5%
ILLINOIS - 1.5%
State of Illinois General Obligation Unlimited
6.90% due 03/01/35		500,000		591,110
5.65% due 12/01/38		500,000		531,735
Chicago, Illinois, Second Lien Water Revenue Bonds, Taxable Build America Bonds
6.74% due 11/01/40		550,000		714,852
City of Chicago Illinois General Obligation Unlimited
5.00% due 01/01/27		150,000		160,982
0.00% due 01/01/307		150,000		78,825
Total Illinois				2,077,504
FLORIDA - 1.4%
County of Miami-Dade Florida Revenue Bonds
0.00% due 10/01/457,8		5,100,000		1,254,089
0.00% due 10/01/427		2,500,000		706,900
Total Florida				1,960,989
NEW JERSEY - 1.1%
New Jersey Transportation Trust Fund Authority Revenue Bonds
0.00% due 12/15/327,8		3,500,000		1,575,314
CALIFORNIA - 1.1%
Stockton Unified School District General Obligation Unlimited
0.00% due 08/01/367		875,000		375,463
0.00% due 08/01/357		565,000		252,730
Inland Valley Development Agency Tax Allocation
5.50% due 03/01/33		500,000		548,595
San Marcos Unified School District General Obligation Unlimited
0.00% due 08/01/477		1,400,000		351,526
Total California				1,528,314
PUERTO RICO - 0.9%
Commonwealth of Puerto Rico General Obligation Unlimited
5.00% due 07/01/31		500,000		504,185
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds
5.13% due 07/01/47		500,000		498,005
Puerto Rico Highways & Transportation Authority Revenue Bonds
5.50% due 07/01/28		250,000		264,473
Total Puerto Rico				1,266,663
MICHIGAN - 0.7%
Detroit City School District General Obligation Unlimited
7.75% due 05/01/39		850,000		1,040,977
ALABAMA - 0.6%
County of Jefferson Alabama Sewer Revenue Revenue Bonds
0.00% due 10/01/347		775,000		265,035
0.00% due 10/01/367		800,000		240,152
0.00% due 10/01/357		475,000		152,190
0.00% due 10/01/327		300,000		118,158
0.00% due 10/01/317		250,000		105,990
Total Alabama				881,525
NEW YORK - 0.2%
Port Authority NY & NJ-182
5.31% due 08/01/46		310,000		343,251
Total Municipal Bonds
(Cost $10,131,782)				10,674,537
SENIOR FLOATING RATE INTERESTS††,2,10 - 6.7%
CONSUMER, CYCLICAL - 1.4%
Landry’s, Inc.
4.00% due 04/24/18		689,660		690,523
Compucom Systems, Inc.
4.25% due 05/07/20		726,882		676,000
Ollies Bargain Outlet
4.75% due 09/28/19		385,937		382,078
Arby’s
4.75% due 11/15/20		345,625		346,489
Total Consumer, Cyclical				2,095,090
INDUSTRIAL - 1.5%
Rise Ltd.
4.74% due 02/12/39		1,165,365		1,174,105
AABS Ltd.
4.87% due 01/15/38		433,988		441,583
VAT Holding AG
4.75% due 02/11/21		247,500		246,468
CareCore National LLC
5.50% due 03/05/21		198,995		199,990
Total Industrial				2,062,146
TECHNOLOGY - 1.1%
Avago Technologies Ltd.
3.75% due 05/06/21		863,517		864,760

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Face Amount		Value
Greenway Medical Technologies
6.00% due 11/04/201	$	345,625	$	345,625
P2 Energy Solutions
5.00% due 10/30/20		295,877		286,631
Total Technology				1,497,016
BASIC MATERIALS - 0.8%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		1,242,324		1,119,930
CONSUMER, NON-CYCLICAL - 0.7%
Hanesbrands, Inc.
3.50% due 07/30/21		EUR 397,000		428,473
Albertson’s (Safeway) Holdings LLC
5.50% due 08/25/21		400,000		403,168
NES Global Talent
6.50% due 10/03/19		129,861		123,368
Performance Food Group
6.25% due 11/14/19		98,744		98,826
Total Consumer, Non-cyclical				1,053,835
COMMUNICATIONS - 0.7%
MergerMarket Ltd.
4.50% due 02/04/21		594,000		576,180
Asurion Corp.
5.00% due 05/24/19		453,080		454,086
Total Communications				1,030,266
FINANCIAL - 0.5%
Corporate Capital Trust
4.00% due 05/20/19		347,375		347,375
Magic Newco, LLC
5.00% due 12/12/18		245,596		245,771
American Stock Transfer & Trust
5.75% due 06/26/20		96,152		95,671
Total Financial				688,817
Total Senior Floating Rate Interests
(Cost $9,767,292)				9,547,100
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 5.3%
LSTAR Securities Investment Trust
2014-1, 3.28% due 09/01/212,4		2,103,044		2,122,602
2015-2, 2.17% due 01/01/202,4		740,609		736,906
2015-1, 2.18% due 01/01/202,4		741,133		730,980
SRERS Funding Ltd.
2011-RS, 0.43% due 05/09/462,4		1,288,557		1,225,160
Motel 6 Trust
2015-MTL6, 4.53% due 02/05/304		1,000,000		1,010,584
HarborView Mortgage Loan Trust
2006-14, 0.33% due 01/25/472		927,379		711,013
2006-12, 0.37% due 01/19/382		431,251		364,281
Hilton USA Trust
2013-HLT, 5.22% due 11/05/182,4		350,000		359,505
Nomura Resecuritization Trust
2012-1R, 0.62% due 08/27/472,4		282,295		261,123
Total Collateralized Mortgage Obligations
(Cost $7,489,503)				7,522,154
FEDERAL AGENCY DISCOUNT NOTES†† - 2.8%
Federal Home Loan Bank12
0.04% due 04/15/15		3,000,000		2,999,959
0.03% due 04/02/15		1,000,000		999,999
Total Federal Home Loan Bank				3,999,958
Total Federal Agency Discount Notes
(Cost $3,999,958)				3,999,958
U.S. GOVERNMENT SECURITIES†† - 1.4%
U.S. Treasury Bill
0.00% due 04/09/157		1,000,000		999,996
U.S. Treasury Notes
2.25% due 11/15/24		551,000		566,454
U.S. Treasury Bonds
0.00% due 11/15/447		765,000		353,215
Total U.S. Government Securities
(Cost $1,894,602)				1,919,665
FOREIGN GOVERNMENT BONDS†† - 0.7%
Kenya Government International Bond
6.88% due 06/24/244		550,000		574,338
Mexico Government International Bond
4.60% due 01/23/46		400,000		409,000
Total Foreign Government Bonds
(Cost $970,932)				983,338
	Contracts
OPTIONS PURCHASED† - 0.2%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $109.00		1,429		171,480
iShares 20+ Year Treasury Bond ETF Expiring September 2015 with strike price of $134.00		555		111,555
Total Options Purchased
(Cost $321,675)				283,035
Total Investments - 110.1%
(Cost $156,068,875)			$	156,023,458

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
INVESTMENT GRADE BOND FUND

	Contracts		Value
OPTIONS WRITTEN† - (0.1)%
Call options on:
iShares 20+ Year Treasury Bond ETF Expiring September 2015 with strike price of $139.00		555	$	(52,170	)
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $111.00		1,429		(121,465	)
Total Options Written
(Premiums received $150,605)				(173,635	)
Other Assets & Liabilities, net - (10.0)%				(14,130,155	)
Total Net Assets - 100.0%			$	141,719,668

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS††

Counterparty

Floating Rate

Floating Rate Index

Fixed Rate

Maturity Date

Notional Amount

Market Value

Unrealized Appreciation

Merrill Lynch

Pay

3-Month USD-LIBOR

3.65

%

09/26/43

$

450,000

$

122,760

$

122,760

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency	Settlement Date	Settlement Value		Value at March 31, 2015		Net Unrealized Appreciation
BNY Mellon		400,000	EUR	04/07/15	$	441,088	$	430,062	$	11,026

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Illiquid security.
2	Variable rate security. Rate indicated is rate effective at March 31, 2015.
3	Perpetual maturity.
4	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $76,820,535 (cost $77,369,602), or 54.2% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
5	Affiliated issuer — See Note 13.
6	Security is a step up/step down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity.
7	Zero coupon rate security.
8	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 12.
9	Security is in default of interest and/or principal obligations.
10	The face amount is denominated in U.S. Dollars unless otherwise indicated.
11	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $356,434 (cost $350,000), or 0.3% of total net assets — See Note 14.
12	The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
13	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
14	Residual interest.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

INVESTMENT GRADE BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $154,068,199)	$	154,021,174
Investments in affiliated issuers, at value (cost $2,000,676)		2,002,284
Total investments (cost $156,068,875)		156,023,458
Foreign currency, at value (cost $2,406)		2,406
Cash		904,298
Unrealized appreciation on swap agreements		122,760
Prepaid expenses		45,056
Segregated cash with broker		43,770
Unrealized appreciation on forward foreign currency exchange contracts		11,026
Receivables:
Interest		893,456
Fund shares sold		710,854
Securities sold		407,499
Dividends		21,241
Swap settlement		248
Total assets		159,186,072
Liabilities:
Reverse Repurchase Agreements		14,195,563
Options written, at value (premiums received $150,605)		173,635
Segregated cash from broker		125,569
Payable for:
Securities purchased		1,718,556
Fund shares redeemed		1,037,360
Management fees		40,547
Distribution and service fees		45,282
Fund accounting/administration fees		11,443
Transfer agent/maintenance fees		10,750
Trustees’ fees*		2,556
Miscellaneous		105,143
Total liabilities		17,466,404
Net assets	$	141,719,668
Net assets consist of:
Paid in capital	$	172,552,253
Distributions in excess of net investment income		(1,062,291	)
Accumulated net realized loss on investments		(29,835,633	)
Net unrealized appreciation on investments		65,339
Net assets	$	141,719,668
A-Class:
Net assets	$	108,182,989
Capital shares outstanding		5,831,300
Net asset value per share	$	18.55
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.48
B-Class:
Net assets	$	1,658,530
Capital shares outstanding		89,771
Net asset value per share	$	18.48
C-Class:
Net assets	$	24,664,492
Capital shares outstanding		1,335,162
Net asset value per share	$	18.47
Institutional Class:
Net assets	$	7,213,657
Capital shares outstanding		389,397
Net asset value per share	$	18.53

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVESTMENT GRADE BOND FUND

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Interest	$	3,089,205
Dividends from securities of unaffiliated issuers		131,232
Dividends from securities of affiliated issuers		811
Total investment income		3,221,248
Expenses:
Management fees		344,566
Transfer agent/maintenance fees:
A-Class		50,459
B-Class		10,821
C-Class		18,014
Institutional Class		1,723
Distribution and service fees:
A-Class		133,471
B-Class		9,504
C-Class		118,460
Fund accounting/administration fees		65,467
Interest expense		18,790
Custodian fees		8,299
Line of credit fees		8,075
Trustees’ fees*		5,939
Tax expense		3
Miscellaneous		79,757
Total expenses		873,348
Less:
Expenses waived by Adviser		(68,099	)
Net expenses		805,249
Net investment income		2,415,999
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(3,689,890	)
Swap agreements		892,432
Foreign currency		21,863
Forward foreign currency exchange contracts		73,194
Net realized loss		(2,702,401	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		4,031,655
Investments in affiliated issuers		1,608
Swap agreements		(432,905	)
Options purchased		(38,640	)
Options written		(23,030	)
Forward foreign currency exchange contracts		11,026
Net change in unrealized appreciation (depreciation)		3,549,714
Net realized and unrealized gain		847,313
Net increase in net assets resulting from operations	$	3,263,312

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVESTMENT GRADE BOND FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,415,999		$	3,843,638
Net realized gain (loss) on investments		(2,702,401	)		1,203,726
Net change in unrealized appreciation (depreciation) on investments		3,549,714			3,816,359
Net increase in net assets resulting from operations		3,263,312			8,863,723
Distributions to shareholders from:
Net investment income
A-Class		(2,272,331	)		(3,901,798	)
B-Class		(32,848	)		(90,367	)
C-Class		(416,861	)		(663,466	)
Institutional Class		(124,537	)		(43,335	)
Total distributions to shareholders		(2,846,577	)		(4,698,966	)
Capital share transactions:
Proceeds from sale of shares
A-Class		26,302,587			34,856,715
B-Class		52,142			113,376
C-Class		7,402,134			7,556,050
Institutional Class		7,256,165			6,598,753
Distributions reinvested
A-Class		2,138,356			3,669,266
B-Class		32,712			90,089
C-Class		361,363			598,003
Institutional Class		104,844			43,339
Cost of shares redeemed
A-Class		(20,126,348	)		(25,960,887	)
B-Class		(544,109	)		(1,240,203	)
C-Class		(3,839,501	)		(6,049,767	)
Institutional Class		(6,097,316	)		(925,391	)
Net increase from capital share transactions		13,043,029			19,349,343
Net increase in net assets		13,459,764			23,514,100
Net assets:
Beginning of period		128,259,904			104,745,804
End of period	$	141,719,668		$	128,259,904
Distributions in excess of net investment income at end of period	$	(1,062,291	)	$	(620,132	)
Capital share activity:
Shares sold
A-Class		1,419,404			1,908,779
B-Class		2,817			6,183
C-Class		401,284			414,295
Institutional Class		392,605			357,987
Shares issued from reinvestment of distributions
A-Class		115,301			201,435
B-Class		1,771			4,978
C-Class		19,566			33,009
Institutional Class		5,661			2,362
Shares redeemed
A-Class		(1,086,426	)		(1,424,258	)
B-Class		(29,518	)		(68,669	)
C-Class		(208,212	)		(333,003	)
Institutional Class		(328,854	)		(50,139	)
Net increase in shares		705,399			1,052,959

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

INVESTMENT GRADE BOND FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012b			Year Ended December 31, 2011g			Year Ended December 31, 2010g			Year Ended December 31, 2009g
Per Share Data
Net asset value, beginning of period	$	18.50		$	17.81		$	17.92		$	17.41		$	16.71		$	16.20		$	15.12
Income (loss) from investment operations:
Net investment income (loss)c		.33			.65			.61			.27			.42			.40			.48
Net gain (loss) on investments (realized and unrealized)		.11			.83			(.04	)		.51			.74			.59			1.12
Total from investment operations		.44			1.48			.57			.78			1.16			.99			1.60
Less distributions from:
Net investment income		(.39	)		(.79	)		(.68	)		(.27	)		(.46	)		(.48	)		(.52	)
Total distributions		(.39	)		(.79	)		(.68	)		(.27	)		(.46	)		(.48	)		(.52	)
Net asset value, end of period	$	18.55		$	18.50		$	17.81		$	17.92		$	17.41		$	16.71		$	16.20
Total Returnh		2.40	%		8.47	%		3.21	%		4.51	%		6.94	%		6.11	%		10.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	108,183		$	99,565		$	83,642		$	98,063		$	108,999		$	101,971		$	104,972
Ratios to average net assets:
Net investment income (loss)		3.63	%		3.55	%		3.40	%		2.04	%		2.43	%		2.51	%		3.04	%
Total expensesd		1.11	%		1.19	%		1.21	%		1.15	%		1.15	%		1.21	%		1.31	%
Net expensese,i		1.04	%		1.05	%		1.04	%		1.00	%		1.00	%		0.98	%		0.95	%
Portfolio turnover rate		19	%		61	%		119	%		52	%		43	%		39	%		89	%

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

INVESTMENT GRADE BOND FUND

FINANCIAL HIGHLIGHTS (continued)

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.

B-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012b			Year Ended December 31, 2011g			Year Ended December 31, 2010g			Year Ended December 31, 2009g
Per Share Data
Net asset value, beginning of period	$	18.42		$	17.73		$	17.82		$	17.32		$	16.62		$	16.12		$	15.04
Income (loss) from investment operations:
Net investment income (loss)c		.26			.51			.47			.16			.29			.28			.36
Net gain (loss) on investments (realized and unrealized)		.12			.83			(.04	)		.51			.74			.54			1.12
Total from investment operations		.38			1.34			.43			.67			1.03			.82			1.48
Less distributions from:
Net investment income		(.32	)		(.65	)		(.52	)		(.17	)		(.33	)		(.32	)		(.40	)
Total distributions		(.32	)		(.65	)		(.52	)		(.17	)		(.33	)		(.32	)		(.40	)
Net asset value, end of period	$	18.48		$	18.42		$	17.73		$	17.82		$	17.32		$	16.62		$	16.12
Total Returnh		2.08	%		7.68	%		2.42	%		3.91	%		6.35	%		5.08	%		9.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,659		$	2,113		$	3,054		$	5,168		$	6,993		$	11,619		$	16,249
Ratios to average net assets:
Net investment income (loss)		2.84	%		2.82	%		2.64	%		1.29	%		1.72	%		1.76	%		2.31	%
Total expensesd		2.91	%		2.53	%		2.67	%		2.12	%		1.92	%		1.95	%		2.06	%
Net expensese,i		1.79	%		1.80	%		1.79	%		1.75	%		1.75	%		1.73	%		1.70	%
Portfolio turnover rate		19	%		61	%		119	%		52	%		43	%		39	%		89	%

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012b			Year Ended December 31, 2011g			Year Ended December 31, 2010g			Year Ended December 31, 2009g
Per Share Data
Net asset value, beginning of period	$	18.42		$	17.73		$	17.82		$	17.31		$	16.62		$	16.12		$	15.04
Income (loss) from investment operations:
Net investment income (loss)c		.27			.51			.48			.17			.29			.28			.36
Net gain (loss) on investments (realized and unrealized)		.10			.83			(.05	)		.51			.73			.54			1.12
Total from investment operations		.37			1.34			.43			.68			1.02			.82			1.48
Less distributions from:
Net investment income		(.32	)		(.65	)		(.52	)		(.17	)		(.33	)		(.32	)		(.40	)
Total distributions		(.32	)		(.65	)		(.52	)		(.17	)		(.33	)		(.32	)		(.40	)
Net asset value, end of period	$	18.47		$	18.42		$	17.73		$	17.82		$	17.31		$	16.62		$	16.12
Total Returnh		2.03	%		7.69	%		2.42	%		3.95	%		6.32	%		5.05	%		9.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,664		$	20,673		$	17,876		$	20,929		$	22,035		$	19,284		$	20,843
Ratios to average net assets:
Net investment income (loss)		2.90	%		2.80	%		2.65	%		1.29	%		1.68	%		1.76	%		2.28	%
Total expensesd		1.92	%		1.99	%		2.03	%		1.92	%		1.90	%		1.96	%		2.05	%
Net expensese,i		1.79	%		1.80	%		1.79	%		1.75	%		1.75	%		1.73	%		1.70	%
Portfolio turnover rate		19	%		61	%		119	%		52	%		43	%		39	%		89	%

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

INVESTMENT GRADE BOND FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Period Ended September 30, 2013f
Per Share Data
Net asset value, beginning of period	$	18.47		$	17.80		$	18.00
Income (loss) from investment operations:
Net investment income (loss)c		.36			.68			.46
Net gain (loss) on investments (realized and unrealized)		.11			.83			(.21	)
Total from investment operations		.47			1.51			.25
Less distributions from:
Net investment income		(.41	)		(.84	)		(.45	)
Total distributions		(.41	)		(.84	)		(.45	)
Net asset value, end of period	$	18.53		$	18.47		$	17.80
Total Returnh		2.58	%		8.64	%		1.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,214		$	5,909		$	174
Ratios to average net assets:
Net investment income (loss)		3.94	%		3.72	%		3.85	%
Total expensesd		0.84	%		0.88	%		1.17	%
Net expensese,i		0.79	%		0.78	%		0.82	%
Portfolio turnover rate		19	%		61	%		119	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	The Fund changed its fiscal year end from December 31 to September 30 in 2012.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Since commencement of operations: January 29, 2013. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
g	Per share amounts for the periods presented through April 8, 2011 have been restated to reflect a 1:4 reverse share split effective April 8, 2011.
h	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
i	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods would be:

	03/31/15	09/30/14	09/30/13
A-Class	1.00%	1.00%	1.02%
B-Class	1.75%	1.75%	1.77%
C-Class	1.75%	1.75%	1.77%
Institutional Class	0.75%	0.75%	0.77%

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

FUND PROFILE (Unaudited) March 31, 2015

LIMITED DURATION FUND

OBJECTIVE: Seeks to provide a high level of income consistent with preservation of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	2.0%
AA	7.0%
A	21.1%
BBB	31.2%
BB	10.4%
B	8.4%
CCC	1.6%
D	0.3%
NR**	6.3%
Other Instruments
Short Term Investments	5.1%
Repurchase Agreements	4.3%
Mutual Funds	1.8%
Preferred Stocks	0.5%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	December 16, 2013
C-Class	December 16, 2013
Institutional Class	December 16, 2013

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund I	1.9%
LSTAR Securities Investment Trust — 2015-2	1.9%
LSTAR Securities Investment Trust — 2015-1	1.9%
SRERS-2011 Funding Ltd. — 2011-RS	1.4%
Odyssey Re Holdings Corp.	1.3%
AIM Aviation Finance Ltd. — 2015-1A	1.3%
Nomura Resecuritization Trust 2015-4R	1.3%
Vericrest Opportunity Loan Trust 2015-NPL3	1.3%
NRPL Trust 2015-1A	1.3%
LSTAR Securities Investment Trust – 2014-1	1.2%
Top Ten Total	14.8%
“Ten Largest Holdings” exclude any temporary cash or derivative instruments.

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
LIMITED DURATION FUND

	Shares		Value
PREFERRED STOCKS† - 0.5%
INDUSTRIAL - 0.3%
Seaspan Corp. 6.38% due 04/30/19		20,000	$	503,600
FINANCIAL - 0.2%
Goldman Sachs Group, Inc. 5.50% 1,2		13,540		340,937
Total Preferred Stocks
(Cost $829,774)				844,537
MUTUAL FUNDS† - 2.0%
Guggenheim Strategy Fund I3		120,620		3,003,426
Total Mutual Funds
(Cost $3,001,014)				3,003,426
SHORT TERM INVESTMENTS† - 5.7%
Dreyfus Treasury Prime Cash Management Fund 0.00%		8,750,486		8,750,486
Total Short Term Investments
(Cost $8,750,486)				8,750,486
	Face Amount
ASSET-BACKED SECURITIES†† - 54.7%
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/404	$	1,988,095		1,993,265
Vericrest Opportunity Loan Trust
2015-NPL3, 3.38% due 10/25/584		1,980,830		1,977,067
NRPL Trust
2015-1A, 3.88% due 11/01/544		1,985,586		1,968,510
Fortress Credit Opportunities V CLO Ltd.
2014-5A, 2.88% due 10/15/261,4		1,000,000		982,300
2014-5A, 3.78% due 10/15/261,4		1,000,000		971,100
GCAT LLC
2014-2, 3.72% due 10/25/194		1,912,304		1,907,858
Nationstar HECM Loan Trust
2014-1A, 4.50% due 11/25/174		1,806,088		1,815,660
AASET
2014-1, 5.13% due 12/15/291		1,225,962		1,229,026
2014-1, 7.37% due 12/15/291		490,385		491,611
Oak Hill Advisors Residential Loan Trust
2015-NPL1, 3.47% due 01/25/554		1,500,000		1,499,895
VOLT XXXIII LLC
2015-NPL5, 3.50% due 03/25/554		1,500,000		1,498,341
OFSI Fund V Ltd.
2013-5A, 3.46% due 04/17/251,4		1,500,000		1,481,550
Flagship CLO VI
2007-1A, 2.66% due 06/10/211,4		1,500,000		1,471,200
Dryden 37 Senior Loan Fund
2015-37A, due 04/15/27†††,4,11		1,500,000		1,457,250
Cerberus Onshore II CLO LLC
2014-1A, 2.25% due 10/15/231,4		1,000,000		998,200
2014-1A, 2.95% due 10/15/231,4		250,000		249,500

CIT Mortgage Loan Trust
2007-1, 1.62% due 10/25/371,4	1,300,000	1,235,161
Symphony CLO IX, LP
2012-9A, 4.50% due 04/16/221,4	600,000	601,380
2012-9A, 3.50% due 04/16/221,4	500,000	501,700
ACAS CLO Ltd.
2014-1AR, 2.57% due 09/20/231,4	1,000,000	1,004,100
Cent CLO 16, LP
2014-16AR, 2.50% due 08/01/241,4	500,000	502,300
2014-16AR, 3.50% due 08/01/241,4	500,000	500,050
Encore Credit Receivables Trust
2005-4, 0.61% due 01/25/361	1,077,390	1,001,902
Madison Park Funding VIII Ltd.
2014-8AR, 2.46% due 04/22/221,4	500,000	500,500
2014-8AR, 3.06% due 04/22/221,4	500,000	500,000
Voya CLO Ltd.
2015-3AR, 3.21% due 10/15/221,4	1,000,000	1,000,500
Oxford Finance Funding Trust
2014-1A, 3.48% due 12/15/224	1,000,000	1,000,400
Highbridge Loan Management Ltd.
2014-1AR, 2.50% due 09/20/221,4	1,000,000	1,000,200
Ares XXIII CLO Ltd.
2014-1AR, 3.46% due 04/19/231,4	1,000,000	1,000,100
Northwoods Capital XIV Ltd.
2014-14A, 2.72% due 11/12/251,4	1,000,000	1,000,000
Golub Capital Partners CLO 24M Ltd.
2015-24A, 4.02% due 02/05/271,4	1,000,000	1,000,000
Adirondack Park CLO Limited
2013-1A, 3.25% due 04/15/241,4	1,000,000	1,000,000
Oaktree EIF II Series A2 Ltd.
2014-A2, 2.60% due 11/15/251,4	1,000,000	999,900
CIFC Funding 2012-III Ltd.
2013-3A, 3.25% due 01/29/251,4	600,000	596,760
2013-3A, 4.50% due 01/29/251,4	400,000	400,000
Fortress Credit BSL II Ltd.
2013-2A, 1.76% due 10/19/251,4	1,000,000	991,300
Fortress Credit Opportunities VI CLO Ltd.
2015-6A, 2.97% due 10/10/261,4	1,000,000	987,000
H2 Asset Funding Ltd.
2.07% due 03/19/37	1,000,000	985,700
Fortress Credit Opportunities III CLO, LP
2014-3A, 2.75% due 04/28/261,4	1,000,000	983,300
San Gabriel CLO Ltd.
2007-1A, 2.51% due 09/10/211,4	1,000,000	978,000
Battalion CLO Ltd.
2007-1A, 2.40% due 07/14/221,4	1,000,000	976,100
Duane Street CLO IV Ltd.
2007-4A, 2.51% due 11/14/211,4	1,000,000	973,900
Black Diamond CLO Delaware Corp.
2005-2A, 2.07% due 01/07/181,4	1,000,000	972,100
Westbrook CLO Ltd.
2006-1A, 1.97% due 12/20/201,4	1,000,000	964,800
CIFC Funding Ltd.
2007-1A, 1.76% due 05/10/211,4	1,000,000	963,600

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
LIMITED DURATION FUND

	Face Amount		Value
Treman Park CLO LLC
2015-1A, 0.00% due 04/20/274,5	$	1,000,000	$	960,100
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/234		468,116		475,655
2014-1, 3.08% due 07/15/231,4		468,116		475,368
OHA Credit Partners IX Ltd.
2013-9A, 0.00% due 10/20/254,5		1,000,000		946,800
Rockwall CDO II Ltd.
2007-1A, 0.80% due 08/01/241,4		1,000,000		932,500
Structured Asset Investment Loan Trust
2005-2, 0.91% due 03/25/351		1,000,000		929,278
GreenPoint Mortgage Funding Trust
2005-HE4, 0.88% due 07/25/301		969,950		927,062
Connecticut Valley Structured Credit CDO III Ltd.
2006-3A, 0.91% due 03/23/231,4		500,000		484,000
2006-3A, 6.68% due 03/23/234		441,767		439,116
Miramax LLC
2014-1A, 3.34% due 07/20/264		906,000		916,436
First Frankin Mortgage Loan Trust
2006-FF4, 0.36% due 03/25/361		928,558		893,164
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		786,196		850,464
Castlelake Aircraft Securitization Trust
2014-1, 7.50% due 02/15/29		419,499		418,451
2014-1, 5.25% due 02/15/29		419,499		416,353
Venture VI CDO Ltd.
2006-1A, 1.73% due 08/03/201,4		850,000		815,235
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.62% due 07/10/17†††,1		789,676		772,461
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/434		727,500		751,092
Race Point V CLO Ltd.
2014-5AR, 3.99% due 12/15/221,4		750,000		748,425
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/344		732,000		733,976
Gramercy Park CLO Ltd.
2014-1AR, 3.21% due 07/17/231,4		700,000		700,000
Golub Capital Partners CLO 10 Ltd.
2014-10AR, 3.21% due 10/20/211,4		700,000		697,340
Wrightwood Capital Real Estate CDO Ltd.
2005-1A, 0.69% due 11/21/401,4		700,000		664,020
KVK CLO Ltd.
2013-1A, due 04/14/254,11		750,000		554,250
Babson CLO Limited
2012-2A, due 05/15/234,11		750,000		535,800
Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, 0.30% due 02/25/371		600,000		521,988
Structured Asset Investment Loan Trust
2005-1, 0.89% due 02/25/351,4		550,000		514,059
LCM X, LP
2014-10AR, 3.10% due 04/15/221,4		500,000		501,050
Gale Force 4 CLO Ltd.
2007-4A, 3.76% due 08/20/211,4		500,000		500,150
Marine Park CLO Ltd.
2012-1A, 4.76% due 05/18/231,4		500,000		500,100
OZLM Funding Ltd.
2012-2A, 3.50% due 10/30/231,4		500,000		500,000
Cerberus Onshore II CLO-2 LLC
2014-1A, 2.98% due 10/15/231,4		500,000		498,700
COA Summit CLO Limited
2014-1A, 4.10% due 04/20/231,4		500,000		496,350
CIFC Funding B Ltd.
2006-1BA, 4.26% due 12/22/201,4		500,000		496,000
Anchorage Capital CLO 4 Ltd.
2014-4A, 2.42% due 07/28/261,4		500,000		495,850
Gallatin CLO VII Ltd.
2014-1A, 3.15% due 07/15/231,4		500,000		495,200
Katonah Ltd.
2007-10A, 2.26% due 04/17/201,4		500,000		493,800
ALM VII R-2 Ltd.
2013-7R2A, 2.86% due 04/24/241,4		500,000		493,400
Apidos CDO III Ltd.
2006-3A, 2.02% due 06/12/201,4		500,000		492,800
BlueMountain CLO Ltd.
2012-2A, 3.01% due 11/20/241,4		500,000		492,250
Shackleton II CLO Ltd.
2012-2A, 4.31% due 10/20/231,4		500,000		490,800
Halcyon Loan Advisors Funding Ltd.
2012-1A, 3.26% due 08/15/231,4		500,000		488,250
Figueroa CLO Ltd.
2013-1A, 3.01% due 03/21/241,4		500,000		488,050
Race Point IV CLO Ltd.
2007-4A, 2.25% due 08/01/211,4		500,000		487,550
Babson Mid-Market CLO Inc.
2007-2A, 1.95% due 04/15/211,4		500,000		487,400
Golub Capital Partners CLO 21M Ltd.
2014-21A, 2.68% due 10/25/261,4		500,000		487,300
KVK CLO Ltd.
2014-2A, 3.25% due 07/15/261,4		500,000		485,150
ColumbusNova CLO Ltd.
2007-1A, 1.61% due 05/16/191,4		500,000		485,000
Telos CLO Ltd.
2013-4A, 3.00% due 07/17/241,4		500,000		481,950
Madison Park Funding III Ltd.
2006-3A, 1.68% due 10/25/201,4		500,000		481,300
WhiteHorse IV Ltd.
2007-4A, 1.71% due 01/17/201,4		500,000		481,150
Helios Series I Multi Asset CBO Ltd.
2001-1A, 1.19% due 12/13/361,4		512,580		480,903
Shasta CLO Ltd.
2007-1A, 1.66% due 04/20/211,4		500,000		479,700
Katonah IX CLO Ltd.
2006-9A, 1.66% due 01/25/191,4		500,000		478,600
ALM XIV Ltd.
2014-14A, 3.71% due 07/28/261,4		500,000		474,800

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
LIMITED DURATION FUND

	Face Amount		Value
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.76% due 04/25/261,4	$	250,000	$	242,750
2014-18A, 4.26% due 04/25/261,4		250,000		231,100
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.56% due 07/25/251,4		250,000		239,550
2014-1A, 4.51% due 07/25/251,4		250,000		232,750
Icon Brand Holdings LLC
2013-1A, 4.35% due 01/25/434		443,307		447,607
GSAA Home Equity Trust
2006-18, 6.00% due 11/25/366		637,514		426,535
Gramercy Real Estate CDO Ltd.
2007-1A, 0.54% due 08/15/561,4		465,486		419,403
GSAMP Trust 2005-HE6
2005-HE6, 0.61% due 11/25/351		450,000		417,365
Accredited Mortgage Loan Trust
2007-1, 0.30% due 02/25/371		437,821		415,917
Keuka Park CLO Ltd.
2013-1A, due 10/21/244,11		500,000		395,350
Soundview Home Loan Trust
2003-1, 2.42% due 08/25/311		269,972		274,928
Copper River CLO Ltd.
2007-1A, due 01/20/211,4,11		500,000		256,850
ALM IV Ltd.
2011-4A, 3.00% due 07/18/221,4		250,000		250,000
Hewett’s Island CDO Ltd.
2007-6A, 2.51% due 06/09/191,4		250,000		249,950
Great Lakes CLO Ltd.
2014-1A, 3.95% due 04/15/251,4		250,000		244,850
Kingsland IV Ltd.
2007-4A, 1.70% due 04/16/211,4		250,000		233,375
Neuberger Berman CLO Ltd.
2012-12A, due 07/25/234,11		350,000		224,805
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/411,4		224,829		223,458
Tricadia CDO Ltd.
2006-6A, 0.81% due 11/05/411,4		153,771		153,033
Total Asset-Backed Securities
(Cost $84,734,248)				84,479,608
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 17.5%
LSTAR Securities Investment Trust
2015-2, 2.17% due 01/01/201,4,7		2,962,438		2,947,624
2015-1, 2.18% due 01/01/201,4		2,964,533		2,923,919
2014-1, 3.28% due 09/01/211,4,7		1,911,858		1,929,639
2015-3, 2.18% due 03/01/201,4		1,500,000		1,492,500
CSMC Series
2014-ICE, 2.32% due 04/15/271,4		1,500,000		1,495,526
2014-6R, 0.35% due 09/27/361,4		907,596		861,967
2014-2R, 0.37% due 02/27/461,4		503,942		468,760
SRERS Funding Ltd.
2011-RS, 0.43% due 05/09/461,4,7		2,213,675		2,104,762
Motel 6 Trust
2015-MTL6, 4.53% due 02/05/304		1,000,000		1,010,584
2015-MTL6, 5.28% due 02/05/304		1,000,000		1,001,532
Nomura Resecuritization Trust
2015-4R, 0.61% due 03/26/361,4		2,200,000		1,989,625
2012-1R, 0.62% due 08/27/471,4		423,442		391,684
COMM Mortgage Trust
2014-KYO, 2.53% due 06/11/271,4,7		1,500,000		1,498,522
Hilton USA Trust
2013-HLT, 5.22% due 11/05/181,4		1,000,000		1,027,157
Morgan Stanley Capital I Trust
2015-XLF1, 2.35% due 08/13/161,4		1,000,000		1,000,123
Resource Capital Corporation
2015-CRE3, 3.32% due 03/15/321,4		1,000,000		999,998
CSMC Trust
2014-SURF, 2.43% due 02/15/291,4		1,000,000		997,002
JP Morgan Chase Commercial Mortgage Securities Trust
2014-FL5, 2.27% due 07/15/311,4		1,000,000		995,237
LSTAR Commercial Mortgage Trust
2011-1, 5.42% due 06/25/431,4		750,000		761,099
Resource Capital Corporation Ltd.
2014-CRE2, 2.68% due 04/15/321,4		500,000		493,548
HarborView Mortgage Loan Trust
2006-12, 0.37% due 01/19/381		536,668		453,327
Morgan Stanley Re-REMIC Trust
2010-R5, 0.48% due 06/26/361,4		251,918		181,036
Total Collateralized Mortgage Obligations
(Cost $26,931,889)				27,025,171
CORPORATE BONDS†† - 14.0%
FINANCIAL - 11.2%
Citigroup, Inc.
5.80%1,2,7		1,400,000		1,403,500
5.88%1,2		495,000		499,950
5.35%1,2		345,000		333,788
6.30%1,2		30,000		30,638
Odyssey Re Holdings Corp.
6.88% due 05/01/157		2,000,000		2,007,662
Bank of America Corp.
5.13%1,2		1,900,000		1,866,559
SunTrust Banks, Inc.
5.63%1,2		1,500,000		1,529,063
Morgan Stanley
5.55%1,2		1,500,000		1,514,999
JPMorgan Chase & Co.
5.00%1,2		1,280,000		1,257,536
EPR Properties
5.75% due 08/15/227		1,000,000		1,100,901
Nordea Bank AB
5.50% due 09/29/491,2,4,7		1,000,000		1,016,250
Corporation Financiera de Desarrollo S.A.
3.25% due 07/15/194,7		500,000		507,500
5.25% due 07/15/291,4,7		350,000		363,948

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
LIMITED DURATION FUND

	Face Amount		Value
HRG Group, Inc.
7.88% due 07/15/197	$	800,000	$	842,000
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
6.00% due 08/01/207		400,000		415,520
3.50% due 03/15/177		350,000		352,625
HSBC Holdings plc
5.63%1,2,7		750,000		757,031
Ironshore Holdings US, Inc.
8.50% due 05/15/204		500,000		607,180
Cadence Financial Corp.
4.88% due 06/28/1910		500,000		504,780
Assured Guaranty US Holdings, Inc.
5.00% due 07/01/247		300,000		321,063
Total Financial				17,232,493
CONSUMER, CYCLICAL - 0.9%
Bumble Bee Holdings, Inc.
9.00% due 12/15/174		566,000		594,300
United Airlines 2014-2 Class B Pass Through Trust
4.63% due 09/03/22		500,000		503,125
AmeriGas Finance LLC / AmeriGas Finance Corp.
6.75% due 05/20/207		250,000		263,125
Total Consumer, Cyclical				1,360,550
INDUSTRIAL - 0.8%
Quality Distribution LLC / QD Capital Corp.
9.88% due 11/01/18		708,000		741,630
Dynagas LNG Partners Limited Partnership / Dynagas Finance, Inc.
6.25% due 10/30/19		600,000		516,000
Total Industrial				1,257,630
BASIC MATERIALS - 0.6%
Yamana Gold, Inc.
4.95% due 07/15/24		750,000		737,409
KGHM International Ltd.
7.75% due 06/15/194,7		200,000		206,000
Total Basic Materials				943,409
ENERGY - 0.5%
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/197		500,000		519,550
Schahin II Finance Company SPV Ltd.
5.87% due 09/25/224,7		390,900		236,299
Total Energy				755,849
Total Corporate Bonds
(Cost $21,702,194)				21,549,931
SENIOR FLOATING RATE INTERESTS††,1 - 8.7%
CONSUMER, CYCLICAL - 2.3%
Party City Holdings, Inc.
4.00% due 07/27/19		695,183		694,021
American Tire Distributors, Inc.
5.25% due 09/24/21		298,496		299,616
7.00% due 06/01/18		297,744		297,744
BJ’s Wholesale Club, Inc.
4.50% due 09/26/19		496,731		496,508
Hilton Worldwide Holdings, Inc.
3.50% due 10/26/20		475,490		475,923
Hoyts Group Holdings LLC
4.00% due 05/29/20		349,112		347,366
Smart & Final Stores LLC
4.75% due 11/15/19		270,796		271,644
Fitness International LLC
5.50% due 07/01/20		248,125		230,756
Michaels Stores, Inc.
4.00% due 01/28/20		199,000		199,533
Arby’s
4.75% due 11/15/20		197,500		197,994
Total Consumer, Cyclical				3,511,105
INDUSTRIAL - 1.6%
Travelport Holdings LLC
5.75% due 09/02/21		1,097,250		1,106,258
Rise Ltd.
4.74% due 02/12/39		466,146		469,642
AABS Ltd.
4.87% due 01/15/38		433,988		441,583
Dematic S.A.
4.25% due 12/28/19		246,875		246,053
Doncasters Group Ltd.
4.50% due 04/09/20		241,754		241,955
Total Industrial				2,505,491
TECHNOLOGY - 1.2%
Avago Technologies Ltd.
3.75% due 05/06/21		604,462		605,333
Deltek, Inc.
4.50% due 10/10/18		298,473		298,939
Blue Coat Systems, Inc.
4.00% due 05/31/19		297,738		297,490
MSC Software Corp.
5.00% due 05/29/20		266,250		267,581
Sabre, Inc.
4.00% due 02/19/19		197,475		197,475
Epicor Software
4.00% due 05/16/18		96,869		96,772
Total Technology				1,763,590
BASIC MATERIALS - 1.1%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		1,390,336		1,253,360

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
LIMITED DURATION FUND

	Face Amount		Value
Chromaflo Technologies
4.50% due 12/02/19	$	398,990	$	395,000
Total Basic Materials				1,648,360
COMMUNICATIONS - 1.0%
Asurion Corp.
4.25% due 07/08/20		349,112		347,935
5.00% due 05/24/19		195,976		196,411
Univision Communications, Inc.
4.00% due 03/01/20		498,680		497,433
Avaya, Inc.
4.68% due 10/26/17		498,524		490,253
Total Communications				1,532,032
FINANCIAL - 0.9%
First Data Corp.
3.67% due 03/23/18		800,000		799,200
4.17% due 03/24/21		150,000		150,375
USI Holdings Corp.
4.25% due 12/27/19		372,166		372,323
Total Financial				1,321,898
CONSUMER, NON-CYCLICAL - 0.8%
Albertson’s (Safeway) Holdings LLC
5.50% due 08/25/21		700,000		705,544
Diamond Foods, Inc.
4.25% due 08/20/18		495,620		494,847
Total Consumer, Non-cyclical				1,200,391
Total Senior Floating Rate Interests
(Cost $13,482,180)				13,482,867
MORTGAGE-BACKED SECURITIES†† - 2.3%
Hyatt Hotel Portfolio Trust
2015-HYT, 3.22% due 11/15/291,4		1,000,000		1,003,087
CDGJ Commercial Mortgage Trust
2014-BXCH, 0.67% due 12/15/271,4		1,000,000		1,001,399
Structured Asset Mortgage Investments II Trust
2006-AR1, 0.40% due 02/25/361		538,417		448,576
Residential Asset Securitization Trust
2006-A12, 6.25% due 11/25/36		592,673		421,959
First Horizon Alternative Mortgage Securities Trust
2006-FA1, 5.75% due 04/25/36		481,449		393,057
GreenPoint Mortgage Funding Trust Series
2007-AR1, 0.25% due 02/25/471		336,183		314,000
Total Mortgage-Backed Securities
(Cost $3,666,599)				3,582,078
REPURCHASE AGREEMENTS††,8,9 - 4.8%
Jefferies & Company, Inc.
issued 03/30/15 at 3.18% due 04/24/15		2,719,000		2,719,000
issued 03/30/15 at 3.18% due 05/07/15		1,339,000		1,339,000
issued 03/27/15 at 3.18% due 05/01/15		1,250,000		1,250,000
issued 03/30/15 at 2.68% due 05/07/15		973,000		973,000
issued 03/09/15 at 2.43% due 04/05/15		549,000		549,000
issued 03/30/15 at 2.68% due 04/24/15		509,000		509,000
Total Repurchase Agreements
(Cost $7,339,000)				7,339,000
Total Investments - 110.2%
(Cost $170,437,384)			$	170,057,104
Other Assets & Liabilities, net - (10.2)%				(15,671,458	)
Total Net Assets - 100.0%			$	154,385,646

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Variable rate security. Rate indicated is rate effective at March 31, 2015.
2	Perpetual maturity.
3	Affiliated issuer — See Note 13.
4	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $105,615,210 (cost $105,872,770), or 68.4% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
5	Zero coupon rate security.
6	Security is a step up/step down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity.
7	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 12.
8	Illiquid security.
9	Repurchase Agreements — See Note 11.
10	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $504,780 (cost $500,000), or 0.3% of total net assets — See Note 14.
11	Residual interest.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

LIMITED DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $160,097,370)	$	159,714,678
Investments in affiliated issuers, at value (cost $3,001,014)		3,003,426
Repurchase agreements, at value (cost $7,339,000)		7,339,000
Total investments (cost $170,437,384)		170,057,104
Cash		759,949
Prepaid expenses		21,605
Segregated cash with broker		11,000
Receivables:
Fund shares sold		2,782,606
Interest		704,734
Securities sold		231,825
Dividends		1,217
Total assets		174,570,040
Liabilities:
Reverse Repurchase Agreements		14,438,576
Payable for:
Securities purchased		5,470,909
Fund shares redeemed		172,254
Management fees		36,068
Fund accounting/administration fees		11,615
Distribution and service fees		11,427
Transfer agent/maintenance fees		682
Trustees’ fees*		172
Miscellaneous		42,691
Total liabilities		20,184,394
Net assets	$	154,385,646
Net assets consist of:
Paid in capital	$	154,834,331
Undistributed net investment income		31,196
Accumulated net realized loss on investments		(99,601	)
Net unrealized depreciation on investments		(380,280	)
Net assets	$	154,385,646
A-Class:
Net assets	$	49,373,389
Capital shares outstanding		1,985,544
Net asset value per share	$	24.87
Maximum offering price per share (Net asset value divided by 97.75%)	$	25.44
C-Class:
Net assets	$	2,397,251
Capital shares outstanding		96,464
Net asset value per share	$	24.85
Institutional Class:
Net assets	$	102,615,006
Capital shares outstanding		4,127,589
Net asset value per share	$	24.86

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Interest	$	2,507,624
Dividends from securities of unaffiliated issuers		25,246
Dividends from securities of affiliated issuers		1,217
Total investment income		2,534,087
Expenses:
Management fees		257,941
Transfer agent/maintenance fees:
A-Class		4,200
C-Class		873
Institutional Class		857
Distribution and service fees:
A-Class		41,624
C-Class		8,178
Fund accounting/administration fees		54,453
Registration fees		49,692
Interest expense		25,248
Trustees’ fees*		4,603
Line of credit fees		4,274
Custodian fees		1,757
Tax expense		2
Miscellaneous		51,421
Total expenses		505,123
Less:
Expenses waived by Adviser		(110,543	)
Net expenses		394,580
Net investment income		2,139,507
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(63,740	)
Net realized loss		(63,740	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(122,031	)
Investments in affiliated issuers		2,412
Net change in unrealized appreciation (depreciation)		(119,619	)
Net realized and unrealized loss		(183,359	)
Net increase in net assets resulting from operations	$	1,956,148

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

LIMITED DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31,  2015 (Unaudited)			Period Ended September 30, 2014a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,139,507		$	1,097,055
Net realized gain (loss) on investments		(63,740	)		112,474
Net change in unrealized appreciation (depreciation) on investments		(119,619	)		(260,661	)
Net increase in net assets resulting from operations		1,956,148			948,868
Distributions to shareholders from:
Net investment income
A-Class		(624,827	)		(89,880	)
C-Class		(24,949	)		(5,453	)
Institutional Class		(1,579,606	)		(993,125	)
Net realized gains
A-Class		(10,524	)		—
C-Class		(358	)		—
Institutional Class		(24,979	)		—
Total distributions to shareholders		(2,265,243	)		(1,088,458	)
Capital share transactions:
Proceeds from sale of shares
A-Class		40,118,541			25,872,935
C-Class		2,451,481			1,176,069
Institutional Class		47,017,597			85,617,617
Distributions reinvested
A-Class		585,806			71,252
C-Class		22,169			4,971
Institutional Class		1,602,040			802,150
Cost of shares redeemed
A-Class		(8,292,966	)		(8,887,662	)
C-Class		(718,566	)		(537,027	)
Institutional Class		(14,919,573	)		(17,152,503	)
Net increase from capital share transactions		67,866,529			86,967,802
Net increase in net assets		67,557,434			86,828,212
Net assets:
Beginning of period		86,828,212			—
End of period	$	154,385,646		$	86,828,212
Undistributed net investment income at end of period	$	31,196		$	121,071
Capital share activity:
Shares sold
A-Class		1,613,277			1,034,665
C-Class		98,750			47,044
Institutional Class		1,893,199			3,423,937
Shares issued from reinvestment of distributions
A-Class		23,595			2,851
C-Class		894			200
Institutional Class		64,514			32,093
Shares redeemed
A-Class		(333,506	)		(355,338	)
C-Class		(28,959	)		(21,465	)
Institutional Class		(600,008	)		(686,146	)
Net increase in shares		2,731,756			3,477,841

^a Since commencement of operations: December 16, 2013.

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

LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS

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.

A-Class	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.97		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.44			.52
Net gain (loss) on investments (realized and unrealized)		(.07	)		(.08	)
Total from investment operations		.37			.44
Less distributions from:
Net investment income		(.46	)		(.47	)
Net realized gains		(.01	)		—
Total distributions		(.47	)		(.47	)
Net asset value, end of period	$	24.87		$	24.97
Total Returnd		1.51	%		1.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49,373		$	17,035
Ratios to average net assets:
Net investment income (loss)		3.58	%		2.67	%
Total expensese		1.05	%		1.14	%
Net expensesf,g		0.85	%		0.83	%
Portfolio turnover rate		11	%		40	%

C-Class	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.36			.38
Net gain (loss) on investments (realized and unrealized)		(.09	)		(.09	)
Total from investment operations		.27			.29
Less distributions from:
Net investment income		(.37	)		(.33	)
Net realized gains		(.01	)		—
Total distributions		(.38	)		(.33	)
Net asset value, end of period	$	24.85		$	24.96
Total Returnd		1.12	%		1.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,397		$	643
Ratios to average net assets:
Net investment income (loss)		2.94	%		1.93	%
Total expensese		1.88	%		2.14	%
Net expensesf,g		1.60	%		1.56	%
Portfolio turnover rate		11	%		40	%

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

LIMITED DURATION FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.47			.57
Net gain (loss) on investments (realized and unrealized)		(.07	)		(.08	)
Total from investment operations		.40			.49
Less distributions from:
Net investment income		(.49	)		(.53	)
Net realized gains		(.01	)		—
Total distributions		(.50	)		(.53	)
Net asset value, end of period	$	24.86		$	24.96
Total Returnd		1.63	%		1.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	102,615		$	69,150
Ratios to average net assets:
Net investment income (loss)		3.81	%		2.90	%
Total expensese		0.79	%		0.96	%
Net expensesf,g		0.60	%		0.57	%
Portfolio turnover rate		11	%		40	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: December 16, 2013. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Net expense information reflects the expense ratios after expense waivers.
g	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratio for the periods would be:

	03/31/15	09/30/14
A-Class	0.80%	0.79%
C-Class	1.55%	1.52%
Institutional Class	0.55%	0.54%

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

FUND PROFILE (Unaudited) March 31, 2015

MUNICIPAL INCOME FUND

OBJECTIVE: Seeks to provide current income with an emphasis on income exempt from federal income tax, while also considering capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	4.1%
AA	64.2%
A	15.6%
BBB	6.4%
BB	1.7%
B	3.6%
Other Instruments
Short Term Investments	4.4%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

Inception Dates:
A-Class	April 28, 2004
C-Class	January 13, 2012
Institutional Class	January 13, 2012

Ten Largest Holdings (% of Total Net Assets)
North Texas Tollway Authority Revenue Bonds	4.5%
Triborough Bridge & Tunnel Authority Revenue Bonds	4.0%
City of Detroit Michigan Water Supply System Revenue Revenue Bonds	3.9%
Puerto Rico Highways & Transportation Authority Revenue Bonds	3.5%
Metropolitan Transportation Authority Revenue Bonds	3.5%
Michigan Finance Authority Revenue Bonds	3.2%
Tustin Unified School District General Obligation Unlimited	3.2%
County of Wayne Michigan General Obligation Limited	3.0%
Arizona Health Facilities Authority Revenue Bonds	2.9%
Hudson County Improvement Authority Revenue Bonds	2.8%
Top Ten Total	34.5%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

* Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All securities have been rated by Moody’s, Standard & Poor’s (“S&P”), or Fitch, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
MUNICIPAL INCOME FUND

	Shares		Value
SHORT TERM INVESTMENTS† - 4.4%
Fidelity Institutional Tax-Exempt Portfolio 0.00%		2,743,185	$	2,743,185
Total Short Term Investments
(Cost $2,743,185)				2,743,185
	Face Amount
MUNICIPAL BONDS†† - 95.2%
MICHIGAN - 23.8%
Michigan Finance Authority Revenue Bonds
5.00% due 07/01/31	$	1,800,000		2,023,794
5.00% due 07/01/32		1,200,000		1,343,136
5.00% due 07/01/44		1,200,000		1,288,546
5.00% due 10/01/39		1,000,000		1,128,970
5.00% due 07/01/33		400,000		446,040
5.00% due 07/01/34		300,000		327,105
City of Detroit Michigan Water Supply System Revenue Revenue Bonds
5.00% due 07/01/33		2,530,000		2,597,060
4.75% due 07/01/29		230,000		246,197
5.00% due 07/01/41		200,000		211,746
5.00% due 07/01/34		155,000		156,761
4.25% due 07/01/16		125,000		130,193
County of Wayne Michigan General Obligation Ltd.
5.00% due 12/01/30		1,845,000		1,850,018
Detroit City School District General Obligation Unlimited
5.00% due 05/01/32		1,000,000		1,110,570
5.00% due 05/01/30		300,000		334,779
Detroit Wayne County Stadium Authority Revenue Bonds
5.00% due 10/01/26		1,100,000		1,200,441
City of Detroit Michigan Sewage Disposal System Revenue Revenue Bonds
5.00% due 07/01/15		500,000		505,610
Total Michigan				14,900,966
CALIFORNIA - 17.0%
Tustin Unified School District General Obligation Unlimited
6.00% due 08/01/36		1,600,000		1,980,944
Oakland Unified School District/Alameda County General Obligation Unlimited
5.50% due 08/01/321		1,200,000		1,377,384
5.00% due 08/01/221		300,000		348,126
Regents of the University of California Medical Center Pooled Revenue Revenue Bonds
0.91% due 05/15/432		2,000,000		1,695,420
Stockton Public Financing Authority Revenue Bonds
6.25% due 10/01/38		1,000,000		1,187,740

6.25% due 10/01/40	250,000	296,533
San Diego Unified School District General Obligation Unlimited
6.63% due 07/01/413	1,500,000	1,012,320
Metropolitan Water District of Southern California Revenue Bonds
0.01% due 07/01/352	1,000,000	1,000,000
State of California General Obligation Unlimited
0.01% due 05/01/332	1,000,000	1,000,000
College of the Sequoias Tulare Area Improvement District No. 3 General Obligation Unlimited
6.85% due 08/01/423	1,000,000	552,290
Culver Redevelopment Agency Tax Allocation
0.00% due 11/01/234	195,000	141,040
Total California		10,591,797
NEW YORK - 10.3%
Triborough Bridge & Tunnel Authority Revenue Bonds
0.62% due 11/15/272	2,500,000	2,501,949
Metropolitan Transportation Authority Revenue Bonds
0.42% due 11/01/322	2,200,000	2,167,198
New York City Water & Sewer System Revenue Bonds
0.01% due 06/15/452	1,000,000	1,000,000
Long Island Power Authority Revenue Bonds
1.52% due 09/01/152	775,000	778,604
Total New York		6,447,751
TEXAS - 7.5%
North Texas Tollway Authority Revenue Bonds
5.75% due 01/01/40	2,500,000	2,799,524
Texas Water Development Board Revenue Bonds
0.02% due 07/15/192	1,000,000	1,000,000
Harris County-Houston Sports Authority Revenue Bonds
0.00% due 11/15/534	4,000,000	633,920
New Hope Cultural Education Facilities Corp. Revenue Bonds
5.00% due 04/01/46	250,000	275,075
Total Texas		4,708,519
PUERTO RICO - 7.5%
Puerto Rico Electric Power Authority Revenue Bonds
0.70% due 07/01/292	1,470,000	1,092,048
5.00% due 07/01/24	760,000	759,932
5.00% due 07/01/22	620,000	618,388
Puerto Rico Highways & Transportation Authority Revenue Bonds
1.03% due 07/01/272	2,800,000	2,211,916
Total Puerto Rico		4,682,284

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
MUNICIPAL INCOME FUND

	Face Amount		Value
ILLINOIS - 6.9%
Metropolitan Water Reclamation District of Greater Chicago General Obligation Unlimited
5.00% due 12/01/44	$	1,250,000	$	1,434,638
Will County Township High School District No. 204 Joliet General Obligation Limited
6.25% due 01/01/31		1,000,000		1,190,190
Southern Illinois University Revenue Bonds
5.00% due 04/01/32		1,000,000		1,104,440
University of Illinois Revenue Bonds
6.00% due 10/01/29		200,000		237,782
City of Chicago Illinois General Obligation Unlimited
5.00% due 01/01/24		100,000		100,395
5.00% due 01/01/23		70,000		75,123
5.00% due 01/01/22		55,000		56,630
Metropolitan Pier & Exposition Authority Revenue Bonds
0.00% due 06/15/454		500,000		125,465
Total Illinois				4,324,663
NEW JERSEY - 6.0%
Hudson County Improvement Authority Revenue Bonds
6.00% due 01/01/40		1,500,000		1,724,985
New Jersey State Turnpike Authority Revenue Bonds
0.69% due 01/01/242		1,000,000		1,002,120
New Jersey Transportation Trust Fund Authority Revenue Bonds
1.22% due 06/15/342		1,000,000		1,000,430
Total New Jersey				3,727,535
ARIZONA - 2.9%
Arizona Health Facilities Authority Revenue Bonds
0.99% due 01/01/372		2,000,000		1,812,040
OREGON - 2.4%
State of Oregon General Obligation Unlimited
0.01% due 06/01/412		1,500,000		1,500,000
MASSACHUSETTS - 1.9%
Massachusetts Development Finance Agency Revenue Bonds
6.88% due 01/01/41		1,000,000		1,189,820
LOUISIANA - 1.8%
New Orleans Aviation Board Revenue Bonds
5.00% due 01/01/45		1,000,000		1,109,000
WASHINGTON - 1.7%
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds
5.00% due 09/01/271		500,000		537,445
5.25% due 09/01/321		500,000		528,895
Total Washington				1,066,340
PENNSYLVANIA - 1.6%
Pennsylvania Turnpike Commission Revenue Bonds
1.29% due 12/01/202		500,000		511,130
1.00% due 12/01/212		500,000		504,910
Total Pennsylvania				1,016,040
MISSISSIPPI - 1.4%
Mississippi Development Bank Revenue Bonds
6.50% due 10/01/31		500,000		576,485
6.25% due 10/01/26		230,000		266,453
Total Mississippi				842,938
WEST VIRGINIA - 0.9%
West Virginia Higher Education Policy Commission Revenue Bonds
5.00% due 04/01/29		500,000		576,695
INDIANA - 0.8%
County of Knox Indiana Revenue Bonds
5.00% due 04/01/27		470,000		519,580
FLORIDA - 0.8%
County of Miami-Dade Florida Revenue Bonds
0.00% due 10/01/454		2,000,000		491,800
Total Municipal Bonds
(Cost $56,725,451)				59,507,768
Total Investments - 99.6%
(Cost $59,468,636)			$	62,250,953
Other Assets & Liabilities, net - 0.4%				249,178
Total Net Assets - 100.0%			$	62,500,131

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Illiquid security.
2	Variable rate security. Rate indicated is rate effective at March 31, 2015.
3	Security is a step up/step down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity.
4	Zero coupon rate security.
	See Sector Classification in Other Information section.

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

MUNICIPAL INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $59,468,636)	$	62,250,953
Prepaid expenses		24,595
Receivables:
Interest		518,853
Fund shares sold		70,354
Total assets		62,864,755
Liabilities:
Payable for:
Fund shares redeemed		224,282
Distributions to shareholders		41,542
Management fees		7,634
Distribution and service fees		12,716
Trustees’ fees*		5,293
Fund accounting/administration fees		5,058
Transfer agent/maintenance fees		2,796
Miscellaneous		65,303
Total liabilities		364,624
Net assets	$	62,500,131
Net assets consist of:
Paid in capital	$	87,713,622
Undistributed net investment income		—
Accumulated net realized loss on investments		(27,995,808	)
Net unrealized appreciation on investments		2,782,317
Net assets	$	62,500,131
A-Class:
Net assets	$	52,047,209
Capital shares outstanding		4,087,090
Net asset value per share	$	12.73
Maximum offering price per share (Net asset value divided by 95.25%)	$	13.36
C-Class:
Net assets	$	1,983,121
Capital shares outstanding		155,803
Net asset value per share	$	12.73
Institutional Class:
Net assets	$	8,469,801
Capital shares outstanding		664,815
Net asset value per share	$	12.74

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Interest	$	851,569
Total investment income		851,569
Expenses:
Management fees		142,908
Transfer agent/maintenance fees:
A-Class		29,876
Institutional Class		2,683
C-Class		417
Distribution and service fees:
A-Class		60,098
C-Class		7,978
Fund accounting/administration fees		27,152
Registration fees		34,590
Trustees’ fees*		3,841
Line of credit fees		3,556
Custodian fees		739
Tax expense		1
Miscellaneous		34,737
Total expenses		348,576
Less:
Expenses waived by Adviser		(119,693	)
Net expenses		228,883
Net investment income		622,686
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		413,218
Net realized gain		413,218
Net change in unrealized appreciation (depreciation) on:
Investments		565,165
Net change in unrealized appreciation (depreciation)		565,165
Net realized and unrealized gain		978,383
Net increase in net assets resulting from operations	$	1,601,069

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

MUNICIPAL INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	622,686		$	1,630,155
Net realized gain on investments		413,218			597,388
Net change in unrealized appreciation (depreciation) on investments		565,165			3,446,106
Net increase in net assets resulting from operations		1,601,069			5,673,649
Distributions to shareholders from:
Net investment income
A-Class		(521,319	)		(1,390,241	)
C-Class		(11,049	)		(20,717	)
Institutional Class		(90,318	)		(219,197	)
Total distributions to shareholders		(622,686	)		(1,630,155	)
Capital share transactions:
Proceeds from sale of shares
A-Class		12,400,798			7,402,924
C-Class		1,131,358			333,716
Institutional Class		3,093,514			5,038,833
Distributions reinvested
A-Class		301,379			803,386
C-Class		7,856			13,179
Institutional Class		46,917			101,486
Cost of shares redeemed
A-Class		(5,579,894	)		(18,029,547	)
C-Class		(258,915	)		(826,566	)
Institutional Class		(1,243,629	)		(5,559,429	)
Net increase (decrease) from capital share transactions		9,899,384			(10,722,018	)
Net increase (decrease) in net assets		10,877,767			(6,678,524	)
Net assets:
Beginning of period		51,622,364			58,300,888
End of period	$	62,500,131		$	51,622,364
Undistributed net investment income at end of period	$	—		$	—
Capital share activity:
Shares sold
A-Class		978,401			621,507
C-Class		89,108			27,623
Institutional Class		243,870			423,863
Shares issued from reinvestment of distributions
A-Class		23,762			67,225
C-Class		619			1,099
Institutional Class		3,693			8,465
Shares redeemed
A-Class		(440,527	)		(1,515,958	)
C-Class		(20,447	)		(71,141	)
Institutional Class		(98,317	)		(463,637	)
Net increase (decrease) in shares		780,162			(900,954	)

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

MUNICIPAL INCOME FUND

FINANCIAL HIGHLIGHTS

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.

A-Class†	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012*			Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Per Share Data
Net asset value, beginning of period	$	12.51		$	11.59		$	12.59		$	11.82		$	11.54		$	11.01		$	8.47
Income (loss) from investment operations:
Net investment income (loss)c		.14			.36			.38			.26			.64			.71			.75
Distributions to preferred shareholders from:
Net investment income		—			—			—			(.01	)		(.10	)		(.10	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		.22			.92			(1.00	)		.78			.54			.68			2.69
Total from investment operations		.36			1.28			(.62	)		1.03			1.08			1.29			3.33
Less distributions from:
Net investment income		(.14	)		(.36	)		(.38	)		(.26	)		(.80	)		(.76	)		(.79	)
Total distributions		(.14	)		(.36	)		(.38	)		(.26	)		(.80	)		(.76	)		(.79	)
Net asset value, end of period	$	12.73		$	12.51		$	11.59		$	12.59		$	11.82		$	11.54		$	11.01
Total Returne		2.87	%		11.20	%		(5.09	%)		8.91	%		9.64	%		12.03	%		41.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	52,047		$	44,090		$	50,463		$	77,609		$	182,150		$	177,868		$	169,674
Ratios to average net assets:
Net investment income (loss)		2.17	%		3.00	%		3.04	%		2.78	%		4.60	%		5.37	%		6.73	%
Total expenses		1.24	%		1.29	%		1.14	%		1.15	%		2.09	%		1.80	%		1.94	%
Net expensesd,f		0.81	%		0.83	%		0.82	%		0.87	%		2.09	%		1.80	%		1.94	%
Portfolio turnover rate		50	%		173	%		91	%		121	%		104	%		156	%		151	%

C-Class	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012b
Per Share Data
Net asset value, beginning of period	$	12.50		$	11.59		$	12.58		$	11.98
Income (loss) from investment operations:
Net investment income (loss)c		.09			.27			.28			.20
Net gain (loss) on investments (realized and unrealized)		.23			.91			(.98	)		.62
Total from investment operations		.32			1.18			(.70	)		.82
Less distributions from:
Net investment income		(.09	)		(.27	)		(.29	)		(.22	)
Total distributions		(.09	)		(.27	)		(.29	)		(.22	)
Net asset value, end of period	$	12.73		$	12.50		$	11.59		$	12.58
Total Returne		2.57	%		10.28	%		(5.70	%)		7.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,983		$	1,082		$	1,495		$	1,176
Ratios to average net assets:
Net investment income (loss)		1.38	%		2.24	%		2.30	%		2.36	%
Total expenses		1.91	%		2.08	%		1.93	%		1.94	%
Net expensesd,f		1.56	%		1.58	%		1.57	%		1.55	%
Portfolio turnover rate		50	%		173	%		91	%		121	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

MUNICIPAL INCOME FUND

FINANCIAL HIGHLIGHTS (concluded)

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	Period Ended March 31, 2015a			Year Ended September 30, 2014			Year Ended September 30, 2013			Period Ended September 30, 2012b
Per Share Data
Net asset value, beginning of period	$	12.51		$	11.60		$	12.59		$	11.98
Income (loss) from investment operations:
Net investment income (loss)c		.15			.39			.40			.29
Net gain (loss) on investments (realized and unrealized)		.23			.91			(.98	)		.62
Total from investment operations		.38			1.30			(.58	)		.91
Less distributions from:
Net investment income		(.15	)		(.39	)		(.41	)		(.30	)
Total distributions		(.15	)		(.39	)		(.41	)		(.30	)
Net asset value, end of period	$	12.74		$	12.51		$	11.60		$	12.59
Total Returne		3.08	%		11.38	%		(4.76	%)		7.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,470		$	6,451		$	6,343		$	1,051
Ratios to average net assets:
Net investment income (loss)		2.41	%		3.23	%		3.35	%		3.37	%
Total expenses		0.94	%		0.97	%		0.93	%		0.86	%
Net expensesd,f		0.56	%		0.58	%		0.57	%		0.55	%
Portfolio turnover rate		50	%		173	%		91	%		121	%

†	Effective January 13, 2012, the Fund acquired all of the assets and liabilities of the TS&W/Claymore Tax-Advantage Balanced Fund (“TYW”), a registered closed-end management investment company. The A-Class financial highlights for the periods prior to that date reflect performance of TYW.
*	Prior to January 13, 2012, the Fund’s fiscal year end was December 31. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: January 13, 2012. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Net expense information reflects the expense ratios after expense waivers.
e	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratio for the periods would be:

	03/31/15	09/30/14
A-Class	0.80%	0.80%
C-Class	1.55%	1.54%
Institutional Class	0.55%	0.55%

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%, except for Limited Duration Fund which will not exceed 2.25%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

As of January 1, 2012, A-Class, C-Class and Institutional Class 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 High Yield Fund, Investment Grade Bond Fund, Limited Duration Fund and the Municipal Income Fund (the “Funds”), while the other funds are in separate reports.

The Funds were previously series (the “Predecessor Funds”) of Security Income Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Funds approved the reorganization of the Predecessor Funds with and into the Funds, corresponding “shell” series of the Trust. The Funds succeeded to the accounting and performance history of the Predecessor Funds. Any such historical information provided for the Funds that relate to periods prior to January 28, 2014, therefore, is that of the Predecessor Funds.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Guggenheim Partners Investment Management (“GPIM”), an affiliate of GI, serves as investment sub-advisor (the “Sub-Advisor”) to the Municipal Income Fund and is responsible for the day-to-day management of the Fund’s portfolio.

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 and disclosure of 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 Class of the Funds is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities or other assets.

Valuations of the Funds’ securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee 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, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies ("Mutual Funds") are valued at their NAV as of the close of business, on the valuation date.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Repurchase agreements are valued at amortized cost, which approximates market value.

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes in a non-active market.

Listed options are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.

The value of interest rate swap agreements entered into by a Fund are accounted for using the unrealized gain or loss on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange (“CME“) price.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). In connection with derivative investments such factors may include, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

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

C. Senior loans in which the Funds invest 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, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (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 shown. The interest rate indicated is the rate in effect at March 31, 2015.

D. 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 Fund 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. 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).

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

G. Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

H. 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 realized gains in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

I. 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 federal income tax purposes.

J. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

K. 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 Statements of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

L. The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the 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.

M. Under the Funds’ organizational documents, their 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 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.

N. The accounting records of the Fund 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 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 and unrealized gain or loss 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 exchange gains and losses arise from changes in the fair

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

2. Financial Instruments

As part of their investment strategy, the Funds utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statements of Assets and Liabilities.

An option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security (put option) or the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security (call option) at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid. 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 and a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.

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. A Fund utilizing OTC swaps 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. For Funds utilizing interest rate swaps, the exchange bears the risk of loss. Additionally, 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.

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
High Yield Fund	0.60%
Investment Grade Bond Fund	0.50%
Limited Duration Fund	0.45%
Municipal Income Fund	0.50%

RFS provides transfer agent services to the Funds for fees calculated at the rates below which are assessed to the applicable class of the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Funds during first twelve months of operations.

RFS also acts as the administrative agent for the Funds, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for each Fund. For these services, RFS receives the following:

Fund	Fund Accounting/ Administrative Fees (as a % of Net Assets)
High Yield Fund	0.095%
Investment Grade Bond Fund	0.095%
Limited Duration Fund	0.095%
Municipal Income Fund	0.095%
Minimum annual charge per Fund	$25,000
Certain out-of-pocket charges	Varies

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Funds have adopted Distribution Plans related to the offering of A-Class, B-Class and C-Class 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 each Fund’s A-Class shares and 1.00% of the average daily net assets of each Fund’s B-Class and C-Class shares.

Effective December 1, 2006, B-Class shares of the High Yield Fund ceased charging 12b-1 fees in accordance with the FINRA sales cap regulations. These fees may be reinstated at any time.

The investment advisory contracts for the following Funds provide that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends 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 Date	Contract End Date
High Yield Fund - A-Class	1.16%	11/30/12	02/01/16
High Yield Fund - B-Class	1.91%	11/30/12	02/01/16
High Yield Fund - C-Class	1.91%	11/30/12	02/01/16
High Yield Fund - Institutional Class	0.91%	11/30/12	02/01/16
Investment Grade Bond Fund - A-Class	1.00%	11/30/12	02/01/16
Investment Grade Bond Fund - B-Class	1.75%	11/30/12	02/01/16
Investment Grade Bond Fund - C-Class	1.75%	11/30/12	02/01/16
Investment Grade Bond Fund - Institutional Class	0.75%	11/30/12	02/01/16
Limited Duration Fund - A-Class*	0.80%	12/01/13	02/01/16
Limited Duration Fund - C-Class*	1.55%	12/01/13	02/01/16
Limited Duration Fund - Institutional Class*	0.55%	12/01/13	02/01/16
Municipal Income Fund - A-Class	0.80%	11/30/12	02/01/16
Municipal Income Fund - C-Class	1.55%	11/30/12	02/01/16
Municipal Income Fund - Institutional Class	0.55%	11/30/12	02/01/16

GI is entitled to reimbursement by the Funds for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. At March 31, 2015, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

Fund	Expires 2015		Expires 2016		Expires 2017		Expires 2018		Fund Total
High Yield Fund	$	205,368	$	207,619	$	81,112	$	60,245	$	554,344
Investment Grade Bond Fund		165,867		234,110		184,543		68,099		652,619
Limited Duration Fund*		—		—		147,314		110,543		257,857
Municipal Income Fund		192,257		236,488		242,273		119,693		790,711

* Since the commencement of operations: December 16, 2013

For the period ended March 31, 2015, no amounts were recouped by GI.

For the period ended March 31, 2015, GFD retained sales charges of $14,877 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Funds’ investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
High Yield Fund	$	8,631,814	$	147,966,186	$	205,802	$	6,352,671	$	163,156,473
Investment Grade Bond Fund		5,733,984		143,808,004		133,786		6,481,470		156,157,244
Limited Duration Fund		12,598,449		155,228,944		—		2,229,711		170,057,104
Municipal Income Fund		2,743,185		59,507,768		—		—		62,250,953
Liabilities
Investment Grade Bond Fund	$	—	$	173,635	$	—	$	—	$	173,635

* Other financial instruments may include forward foreign currency exchange contracts and/or swaps, which are reported as unrealized gain/loss at period end.

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they may be computed by the Funds’ investment adviser or an affiliate. In any event, values may 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 Treasuries, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2 or Level 3, as indicated in this report.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also 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 indicative 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 an indicative quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Funds’ fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

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:

Fund	Category and Subcategory	Ending Balance at 03/31/15	Valuation Technique	Unobservable Inputs
	Investments, at value
High Yield Fund	Senior Floating Rate Interests	$4,605,401	Model Priced	Purchase Price
	Corporate Bonds	1,181,066	Model Priced	Purchase Price
		549,720	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Total Corporate Bonds	1,730,786
	Preferred Stocks	16,484	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
Investment Grade Bond Fund	Asset-Backed Securities	1,961,473	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Corporate Bonds	1,829,805	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Preferred Stocks	1,806,520	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Mortgage-Backed Securities	883,672	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
Limited Duration Fund	Asset-Backed Securities	2,229,711	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote

Any remaining Level 3 securities held by the Funds and excluded from the tables above, were not considered material to the Funds.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognized transfers between the levels as of the beginning of the period. As of March 31, 2015, the Fund had transfers in/out of Level 3 due to changes in securities valuation method. The High Yield Fund also had transfers between Level 1 and Level 2 due to utilizing international fair value pricing during the period. See the table below for changes to and from Level 2 and Level 3. There were no other securities that transferred between levels.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets and liabilities for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2015:

LEVEL 3 – Fair value measurement using significant unobservable inputs

	Senior Floating Rate Interests			Corporate Bonds			Preferred Stocks			Total
High Yield Fund
Assets:
Beginning Balance	$	1,762,119		$	1,787,125		$	—		$	3,549,244
Purchases		792,161			10,973			—			803,134
Sales		(27,826	)		(6,250	)		—			(34,076	)
Total realized gains or losses included in earnings		—			—			—			—
Total change in unrealized gains or losses included in earnings		(442,963	)		(61,062	)		(883	)		(504,908	)
Transfers in Level 3		2,805,893			—			17,367			2,823,260
Transfers out of Level 3		(283,983	)		—			—			(283,983	)
Ending Balance	$	4,605,401		$	1,730,786		$	16,484		$	6,352,671

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

	Asset-Backed Securities			Mortgage- Backed Securities			Corporate Bonds			Preferred Stocks			Total
Investment Grade Bond Fund
Assets:
Beginning Balance	$	—		$	473,556		$	2,255,460		$	2,142,060		$	4,871,076
Purchases		1,974,283			—			1,209,700			—			3,183,983
Sales		(16,713	)		(4,461	)		(319,600	)		—			(340,774	)
Total realized gains or losses included in earnings		—			—			7,500			—			7,500
Total change in unrealized gains or losses included in earnings		3,903			69,466			(84,805	)		(335,540	)		(346,976	)
Transfers in Level 3		—			345,111			—			—			345,111
Transfers out of Level 3		—			—			(1,238,450	)		—			(1,238,450	)
Ending Balance	$	1,961,473		$	883,672		$	1,829,805		$	1,806,520		$	6,481,470

	Asset-Backed Securities			Total
Limited Duration Fund
Assets:
Beginning Balance	$	888,202		$	888,202
Purchases		1,461,425			1,461,425
Sales		(122,986	)		(122,986	)
Total realized gains or losses included in earnings		—			—
Total change in unrealized gains or losses included in earnings		3,070			3,070
Transfers in Level 3		—			—
Transfers out of Level 3		—			—
Ending Balance	$	2,229,711		$	2,229,711

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

The following Funds utilized derivatives for the following purposes:

Fund	Hedge	Duration
High Yield Fund	x	—
Investment Grade Bond Fund	x	x

The following table represents the notional amount of derivative instruments outstanding as an approximate percentage of the Funds’ net assets on a quarterly basis.

	Approximate percentage of Fund’s Net Assets on a quarterly basis
Fund	Long
High Yield Fund	10%
Investment Grade Bond Fund	—*

* Less than 5%

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of March 31, 2015:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency/Interest Rate contracts	Unrealized appreciation on forward foreign currency exchange contracts	Options written, at value
	Unrealized appreciation on swap agreements
	Investments in unaffiliated issuers, at value

The following table sets forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2015:

Asset Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
High Yield Fund	$	205,802	$	—	$	—	$	—	$	205,802
Investment Grade Bond Fund		11,026		122,760		—		283,035		416,821

Liability Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Investment Grade Bond Fund	$	—	$	—	$	173,635	$	—	$	173,635

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended March 31, 2015:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency/Interest Rate contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on options purchased
	Net change in unrealized appreciation (deprecation) on options written
	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 Statements of Operations categorized by primary risk exposure for the period ended March 31, 2015:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Forward Foreign Currency Exchange Contracts			Swaps Interest Rate Contracts			Options Written Equity Contracts			Options Purchased Equity Contracts			Total
High Yield Fund		$	1,625,653		$	—		$	—		$	—		$	1,625,653
Investment Grade Bond Fund			73,194			892,432			—			—			965,626

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Forward Foreign Currency Exchange Contracts			Swaps Interest Rate Contracts			Options Written Equity Contracts			Options Purchased Equity Contracts			Total
High Yield Fund	$	(266,505	)	$	—		$	—		$	—		$	(266,505	)
Investment Grade Bond Fund		11,026			(432,905	)		(23,030	)		(38,640	)		(483,549	)

6. 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 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 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' federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund Name	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain (Loss)
High Yield Fund	$	167,714,264	$	2,414,630	$	(7,178,223	)	$	(4,763,593	)
Investment Grade Bond Fund		156,087,842		4,155,860		(4,220,244	)		(64,384	)
Limited Duration Fund		170,437,384		898,150		(1,278,430	)		(380,280	)
Municipal Income Fund		59,468,636		2,854,475		(72,158	)		2,782,317

7. Securities Transactions

For the period ended March 31, 2015, 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
High Yield Fund	$	72,081,176	$	47,830,799
Investment Grade Bond Fund		51,053,834		26,428,264
Limited Duration Fund		69,507,153		12,448,036
Municipal Income Fund		36,400,694		26,899,318

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

8. Options Written

Information as to options written by the Funds during the period ended March 31, 2015, and options outstanding at period end is provided below:

Written Call Options

	Investment Grade Bond Fund
	Number of Contracts		Premium Amount
Balance at September 30, 2014		—	$	—
Options Written		1,984		150,605
Options terminated in closing purchase transactions		—		—
Options expired		—		—
Options exercised		—		—
Balance at March 31, 2015		1,984	$	150,605

9. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

10. Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of March 31, 2015. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2015 were as follows:

Borrower	Maturity Date	Face Amount		Value
High Yield Fund
Signode Industrial Group US, Inc.	05/01/19	$	1,800,000	$	183,317
Phillips-Medsize Corp.	06/16/19		1,100,000		110,294
Advantage Sales & Marketing, Inc.	07/21/19		1,100,000		122,516
McGraw-Hill Global Education Holdings LLC	03/22/18		1,000,000		80,796
Acosta, Inc.	09/26/19		1,000,000		—
Wencor Group	06/19/19		950,000		93,895
Pro Mach Group, Inc.	10/22/19		900,000		98,916
BBB Industries, LLC	10/17/19		878,571		112,564
SS&C Technologies, Inc.	02/27/16		700,000		—
Eyemart Express	12/18/19		600,000		68,708
Hillman Group, Inc.	06/13/19		585,714		54,670
Learning Care Group (US), Inc.	05/05/21		500,000		—
Rite Aid Corp.	08/10/15		300,000		—
Valeant Pharmaceuticals International, Inc.	03/11/22		151,807		—
		$	11,566,092	$	925,676

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

11. Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds’ policy that their custodian takes possession of the underlying collateral. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

Fund	Counterparty and Terms of Agreement	Face Value	Repurchase Price	Collateral	Par Value	Fair Value
Limited Duration Fund	Jefferies & Company, Inc.
	2.43% - 3.18%			Nomad CLO Ltd.
	Due 04/05/15			0.00%
	-05/07/15	$7,339,000	$7,358,061	01/15/25	$4,467,500	$3,797,375
				Mc Funding 2006-1
				0.00%
				12/20/20	3,673,009	1,259,658
				Puerto Rico Commonwealth Aqueduct & Sewer Authority
				6.00%
				07/01/38	1,533,000	1,065,496
				Atlas Senior Loan Fund Ltd.
				0.00%
				01/30/24	1,265,823	1,008,217
				Government Development Bank for Puerto Rico
				5.00%
				08/01/23	1,017,250	532,001
				ARES CLO Ltd.
				0.00%
				11/25/20	625,000	250,000
				Commonwealth of Puerto Rico
				5.50%
				07/01/18	315,000	300,831
				Structured Asset Investment Loan Trust
				0.94%
				08/25/35	280,000	193,042

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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 65

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

12. Reverse Repurchase Agreements

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

For the period ended March 31, 2015, the following Funds entered into reverse repurchase agreements as follows:

Fund	Number of Days outstanding		Balance at March 31, 2015		Average balance outstanding		Average interest rate
High Yield Fund		182	$	20,355,264	$	8,945,461		0.50	%
Investment Grade Bond Fund		182		14,195,563		7,380,241		0.27	%
Limited Duration Fund		182		14,438,576		7,593,889		0.67	%

13. Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

The Funds may invest in the Guggenheim Strategy Funds Trust consisting of Guggenheim Strategy Fund I, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III (collectively, the “Cash Management Funds”), open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2014 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Transactions during the period ended March 31, 2015 in which the portfolio company is an “affiliated person” are as follows:

Affiliated issuers by Fund	Value 09/30/14		Additions		Reductions		Value 03/31/15		Shares 03/31/15		Investment Income		Realized Gain (Loss)		Capital Gain Distributions
Investment Grade Bond Fund
Guggenheim Strategy Fund I	$	—	$	2,000,676	$	—	$	2,002,284		80,413	$	811	$	—	$	—
Limited Duration Fund
Guggenheim Strategy Fund I		—		3,001,014		—		3,003,426		120,620		1,217		—		—

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

14. Restricted Securities

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

Fund	Restricted Securities	Acquisition Date	Cost	Value
High Yield Fund	Pacific Premier Bancorp, Inc.
	5.75% due 09/03/24	08/25/14	$1,250,000	$1,287,500
	Odebrecht Offshore Drilling Finance Ltd.
	6.62% due 10/01/22	02/21/14	669,225	508,190
	American Seafoods Group LLC / American Seafoods Finance, Inc.
	10.75% due 05/15/16	07/31/14	497,746	468,750
	Nathan's Famous, Inc.
	10.00% due 03/15/20	02/27/15	252,624	262,500
	R&R Ice Cream plc
	8.25% due 05/15/20	06/19/14	187,926	149,690
	IronGate Energy Services LLC
	11.00% due 07/01/18	07/10/13	113,454	79,200
			2,970,975	2,755,830
Investment Grade Bond Fund	Cadence Bank North America
	6.25% due 06/28/29	06/06/14	200,000	205,000
	Cadence Financial Corp.
	4.88% due 06/28/19	06/06/14	150,000	151,434
			350,000	356,434
Limited Duration Fund	Cadence Financial Corp.
	4.88% due 06/28/19	06/06/14	500,000	504,780

15. Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received 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 Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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 Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 67

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statements of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
High Yield Fund	Forward foreign currency exchange contracts	$	205,802	$	—	$	205,802	$	—	$	—	$	205,802
Investment Grade Bond Fund	Forward foreign currency exchange contracts		11,026		—		11,026		—		—		11,026

¹ Centrally cleared swaps are excluded from these reported amounts.

16. Subsequent Event

P-Class Shares to be Offered

Effective following the close of business on April 30, 2015, or such later date as may be determined appropriate by management, High Yield Fund, Investment Grade Bond Fund, Limited Duration Fund and Municipal Income Fund (collectively, the “Funds”), each of which is a separate series of Guggenheim Funds Trust, will offer P-Class shares.

P-Class shares of the Funds are offered primarily through broker/dealers and other financial intermediaries with which Guggenheim Funds Distributors, LLC has an agreement for the use of P-Class shares of the Funds in investment products, programs or accounts. P-Class shares do not have a minimum initial investment amount, subsequent investment amount or a minimum account balance. The Funds reserves the right to modify their minimum investment amount and account balance requirements at any time, with or without prior notice to you.

Shareholders who currently have accounts held directly at Guggenheim Investments will not be permitted to purchase P-Class shares.

For more information, or to request copies of the Fund’s prospectuses, call Client Services at 800.820.0888 or visiting guggenheiminvestments.com.

68 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address*  and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

70 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).
INTERESTED TRUSTEES
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).

 

72 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 73

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

74 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

This page intentionally left blank.

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Fundamental Alpha

Guggenheim Mid Cap Value Fund

MCV-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
MID CAP VALUE FUND	8
NOTES TO FINANCIAL STATEMENTS	19
OTHER INFORMATION	26
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	27
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	35

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for one of our Funds for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike until later in the year. The Fed for now appears to be focused on wage growth, which is

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Mid Cap Value Fund
A-Class	1.40%	3.82%	$1,000.00	$1,038.20	$7.11
B-Class	2.35%	3.34%	1,000.00	1,033.40	11.91
C-Class	2.08%	3.48%	1,000.00	1,034.80	10.55
Table 2. Based on hypothetical 5% return (before expenses)
Mid Cap Value Fund
A-Class	1.40%	5.00%	$1,000.00	$1,017.95	$7.04
B-Class	2.35%	5.00%	1,000.00	1,013.21	11.80
C-Class	2.08%	5.00%	1,000.00	1,014.56	10.45

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

MID CAP VALUE FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

"Holdings Diversification (Market Exposure as % of Net Assets)" excludes any temporary cash investments.

Inception Dates:
A-Class	May 1, 1997
B-Class	May 1, 1997
C-Class	January 29, 1999

Ten Largest Holdings (% of Total Net Assets)
Hanover Insurance Group, Inc.	3.0%
Zions Bancorporation	2.8%
Computer Sciences Corp.	2.3%
Covanta Holding Corp.	2.2%
Orbital ATK, Inc.	2.2%
Alleghany Corp.	2.1%
Reinsurance Group of America, Inc. — Class A	2.0%
IXYS Corp.	2.0%
DigitalGlobe, Inc.	1.9%
Sonoco Products Co.	1.9%
Top Ten Total	22.4%

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
MID CAP VALUE FUND

	Shares		Value
COMMON STOCKS† - 97.0%
FINANCIAL - 30.2%
Hanover Insurance Group, Inc.		371,360	$	26,953,308
Zions Bancorporation		942,540		25,448,580
Alleghany Corp.*		39,260		19,119,620
Reinsurance Group of America, Inc. — Class A		194,404		18,116,508
FirstMerit Corp.		824,220		15,709,633
American Financial Group, Inc.		222,810		14,293,262
Popular, Inc.*		406,960		13,995,355
Endurance Specialty Holdings Ltd.		176,890		10,815,055
Assured Guaranty Ltd.		406,190		10,719,354
Kilroy Realty Corp.		129,250		9,844,973
Sun Communities, Inc.		145,670		9,719,102
Wintrust Financial Corp.		201,310		9,598,461
Camden Property Trust		117,210		9,157,617
CubeSmart		377,880		9,125,802
Apartment Investment & Management Co. — Class A		230,980		9,091,373
NorthStar Realty Finance Corp.		472,160		8,555,539
Jones Lang LaSalle, Inc.		45,910		7,823,064
Symetra Financial Corp.		300,050		7,039,173
Trustmark Corp.		262,400		6,371,072
Alexandria Real Estate Equities, Inc.		50,890		4,989,256
Ocwen Financial Corp.*		598,340		4,936,305
Home Loan Servicing Solutions Ltd.		275,091		4,550,005
BioMed Realty Trust, Inc.		200,740		4,548,768
OFG Bancorp		223,120		3,641,318
Fulton Financial Corp.		284,752		3,513,840
UDR, Inc.		72,900		2,480,787
Chatham Lodging Trust		68,020		2,000,468
Total Financial				272,157,598
CONSUMER, NON-CYCLICAL - 16.8%
MEDNAX, Inc.*		232,492		16,857,995
Hormel Foods Corp.		256,730		14,595,100
Bunge Ltd.		172,180		14,180,745
HealthSouth Corp.		305,020		13,530,687
Kindred Healthcare, Inc.		552,866		13,152,682
Navigant Consulting, Inc.*		857,822		11,117,373
Hologic, Inc.*		268,441		8,865,264
ICF International, Inc.*		214,910		8,779,074
Quanta Services, Inc.*		302,590		8,632,893
Darling Ingredients, Inc.*		456,071		6,389,555
DeVry Education Group, Inc.		188,220		6,279,019
Apollo Education Group, Inc. — Class A*		312,880		5,919,690
Globus Medical, Inc. — Class A*		229,530		5,793,337
Emergent Biosolutions, Inc.*		193,565		5,566,929
Ingredion, Inc.		69,950		5,443,509
IPC Healthcare, Inc.*		48,450		2,259,708
Grand Canyon Education, Inc.*		47,820		2,070,606
Aegerion Pharmaceuticals, Inc.*		78,265		2,048,195
Total Consumer, Non-cyclical				151,482,361
INDUSTRIAL - 14.3%
Covanta Holding Corp.		884,100		19,830,363
Orbital ATK, Inc.		256,412		19,648,852
Sonoco Products Co.		376,550		17,117,963
FLIR Systems, Inc.		464,090		14,516,735
Owens-Illinois, Inc.*		616,450		14,375,614
Rock-Tenn Co. — Class A		175,790		11,338,455
Gentex Corp.		539,660		9,875,778
Oshkosh Corp.		187,855		9,165,445
Aegion Corp. — Class A*		241,951		4,367,216
Huntington Ingalls Industries, Inc.		28,276		3,962,881
UTI Worldwide, Inc.*		220,850		2,716,455

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MID CAP VALUE FUND

	Shares		Value
Kirby Corp.*		33,450	$	2,510,423
Total Industrial				129,426,180
TECHNOLOGY - 9.4%
Computer Sciences Corp.		314,350		20,520,767
IXYS Corp.		1,446,569		17,821,730
Diebold, Inc.		392,940		13,933,653
Maxwell Technologies, Inc.*		1,330,391		10,722,951
Cree, Inc.*		134,490		4,773,050
KEYW Holding Corp.*		454,620		3,741,523
IPG Photonics Corp.*		36,180		3,353,886
IGATE Corp.*		67,020		2,859,073
ManTech International Corp. — Class A		81,750		2,774,595
Stratasys Ltd.*		42,150		2,224,677
Teradyne, Inc.		113,890		2,146,827
Total Technology				84,872,732
CONSUMER, CYCLICAL - 8.3%
Visteon Corp.*		109,960		10,600,144
Chico’s FAS, Inc.		533,190		9,432,131
Ryland Group, Inc.		168,410		8,208,303
Brown Shoe Company, Inc.		235,925		7,738,340
WESCO International, Inc.*		90,997		6,359,780
DR Horton, Inc.		198,120		5,642,458
Dolby Laboratories, Inc. — Class A		145,418		5,549,151
Iconix Brand Group, Inc.*		142,937		4,812,689
United Stationers, Inc.		104,032		4,264,272
Wendy’s Co.		385,480		4,201,732
Steven Madden Ltd.*		96,780		3,677,640
Ascena Retail Group, Inc.*		193,420		2,806,524
Abercrombie & Fitch Co. — Class A		65,950		1,453,538
Total Consumer, Cyclical				74,746,702
UTILITIES - 7.8%
Pinnacle West Capital Corp.		238,000		15,172,500
AGL Resources, Inc.		228,540		11,347,011
Ameren Corp.		258,641		10,914,650
Westar Energy, Inc.		236,910		9,182,632
Great Plains Energy, Inc.		305,307		8,145,591
Black Hills Corp.		132,143		6,665,293
Avista Corp.		152,550		5,214,159
Portland General Electric Co.		61,548		2,282,815
EnerNOC, Inc.*		146,740		1,672,836
Total Utilities				70,597,487
COMMUNICATIONS - 4.8%
DigitalGlobe, Inc.*		512,877		17,473,720
Scholastic Corp.		257,480		10,541,231
Finisar Corp.*		470,560		10,041,750
Liquidity Services, Inc.*		301,910		2,982,871
NETGEAR, Inc.*		60,260		1,981,349
Total Communications				43,020,921
ENERGY - 3.1%
Sanchez Energy Corp.*		546,800		7,113,868
Whiting Petroleum Corp.*		192,072		5,935,025
Superior Energy Services, Inc.		240,366		5,369,776
Patterson-UTI Energy, Inc.		282,920		5,311,823
Oasis Petroleum, Inc.*		241,830		3,438,823
Resolute Energy Corp.*		1,136,190		640,129
Total Energy				27,809,444
BASIC MATERIALS - 2.3%
Landec Corp.*		588,073		8,203,619
Olin Corp.		255,920		8,199,677
Intrepid Potash, Inc.*		398,619		4,604,049
Total Basic Materials				21,007,345
Total Common Stocks
(Cost $747,693,598)				875,120,770
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,1,2		858,334		2,506
Total Convertible Preferred Stocks
(Cost $819,654)				2,506

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
MID CAP VALUE FUND

	Shares		Value
SHORT TERM INVESTMENTS† - 3.1%
Dreyfus Treasury Prime Cash Management Fund 0.00%		28,120,012	$	28,120,012
Total Short Term Investments
(Cost $28,120,012)				28,120,012
Total Investments - 100.1%
(Cost $776,633,264)			$	903,243,288
Other Assets & Liabilities, net - (0.1)%				(932,061	)
Total Net Assets - 100.0%			$	902,311,227

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
2	Illiquid security.
	See Sector Classification in Other Information section.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MID CAP VALUE FUND

March 31, 2015

Assets:
Investments, at value (cost $776,633,264)	$	903,243,288
Prepaid expenses		106,923
Receivables:
Securities sold		5,082,359
Dividends		1,126,303
Fund shares sold		442,264
Foreign taxes reclaim		13,049
Cash		9,998
Total assets		910,024,184
Liabilities:
Payable for:
Securities purchased		4,080,673
Fund shares redeemed		1,903,745
Management fees		707,101
Distribution and service fees		338,065
Fund accounting/administration fees		84,186
Transfer agent/maintenance fees		64,460
Trustees’ fees*		4,945
Miscellaneous		529,782
Total liabilities		7,712,957
Net assets	$	902,311,227
Net assets consist of:
Paid in capital	$	684,822,567
Undistributed net investment income		995,573
Accumulated net realized gain on investments		89,883,063
Net unrealized appreciation on investments		126,610,024
Net assets	$	902,311,227
A-Class:
Net assets	$	721,064,091
Capital shares outstanding		20,966,958
Net asset value per share	$	34.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.10
B-Class:
Net assets	$	9,644,327
Capital shares outstanding		369,544
Net asset value per share	$	26.10
C-Class:
Net assets	$	171,602,809
Capital shares outstanding		6,251,316
Net asset value per share	$	27.45

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENT OF OPERATIONS (Unaudited)

MID CAP VALUE FUND

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $8,203)	$	10,703,436
Interest		10,319
Total investment income		10,713,755
Expenses:
Management fees		4,592,058
Transfer agent/maintenance fees:
A-Class		914,500
B-Class		21,791
C-Class		109,811
Distribution and service fees:
A-Class		1,206,368
B-Class		55,762
C-Class		909,112
Fund accounting/administration fees		550,075
Trustees’ fees*		57,437
Line of credit fees		42,973
Custodian fees		20,685
Tax expense		52
Miscellaneous		310,691
Total expenses		8,791,315
Net investment income		1,922,440
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	102,487,933
Net realized gain		102,487,933
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(62,971,955	)
Investments in affiliated issuers		589,738
Net change in unrealized appreciation (depreciation)		(62,382,217	)
Net realized and unrealized gain		40,105,716
Net increase in net assets resulting from operations	$	42,028,156

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENTS OF CHANGES IN NET ASSETS

MID CAP VALUE FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,922,440		$	(674,993	)
Net realized gain on investments		102,487,933			183,049,385
Net change in unrealized appreciation (depreciation) on investments		(62,382,217	)		(112,657,063	)
Net increase in net assets resulting from operations		42,028,156			69,717,329
Distributions to shareholders from:
Net realized gains
A-Class		(123,882,978	)		(66,154,623	)
B-Class		(1,863,094	)		(1,531,403	)
C-Class		(28,169,528	)		(16,551,729	)
Total distributions to shareholders		(153,915,600	)		(84,237,755	)
Capital share transactions:
Proceeds from sale of shares
A-Class		71,630,329			212,574,766
B-Class		59,102			89,153
C-Class		7,683,602			26,075,051
Distributions reinvested
A-Class		114,025,165			60,093,834
B-Class		1,753,261			1,462,878
C-Class		24,118,770			12,947,243
Cost of shares redeemed
A-Class		(393,548,200	)		(285,246,325	)
B-Class		(3,471,935	)		(8,904,634	)
C-Class		(31,056,153	)		(60,608,402	)
Net decrease from capital share transactions		(208,806,059	)		(41,516,436	)
Net decrease in net assets		(320,693,503	)		(56,036,862	)
Net assets:
Beginning of period		1,223,004,730			1,279,041,592
End of period	$	902,311,227		$	1,223,004,730
Undistributed net investment income/(Accumulated net investment loss) at end of period	$	995,573		$	(926,867	)

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

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

MID CAP VALUE FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		2,046,809			5,437,655
B-Class		2,300			2,867
C-Class		277,696			808,772
Shares issued from reinvestment of distributions
A-Class		3,380,581			1,617,164
B-Class		68,273			49,371
C-Class		893,950			419,548
Shares redeemed
A-Class		(11,420,532	)		(7,320,216	)
B-Class		(131,402	)		(286,983	)
C-Class		(1,116,402	)		(1,870,843	)
Net decrease in shares		(5,998,727	)		(1,142,665	)

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

FINANCIAL HIGHLIGHTS

MID CAP VALUE FUND

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.

A-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Year Ended Sept. 30, 2012			Year Ended Sept. 30, 2011			Year Ended Sept. 30, 2010
Per Share Data
Net asset value, beginning of period	$	37.73		$	38.15		$	33.05		$	27.13		$	29.55		$	26.58
Income (loss) from investment operations:
Net investment income (loss)b		.08			.03			.04			(.07	)		(.03	)		.11
Net gain (loss) on investments (realized and unrealized)		1.27			2.04			8.59			6.54			(2.31	)		2.90
Total from investment operations		1.35			2.07			8.63			6.47			(2.34	)		3.01
Less distributions from:
Net investment income		—			—			—			—			(.08	)		(.04	)
Net realized gains		(4.69	)		(2.49	)		(3.53	)		(.55	)		—			—
Total distributions		(4.69	)		(2.49	)		(3.53	)		(.55	)		(.08	)		(.04	)
Net asset value, end of period	$	34.39		$	37.73		$	38.15		$	33.05		$	27.13		$	29.55
Total Returnc		3.82	%		5.52	%		28.93	%		24.13	%		(7.98	%)		11.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	721,064		$	1,017,208		$	1,038,762		$	903,221		$	973,467		$	1,056,655
Ratios to average net assets:
Net investment income (loss)		0.45	%		0.08	%		0.11	%		(0.22	%)		(0.10	%)		0.38	%
Total expensesd		1.40	%		1.39	%		1.39	%		1.46	%		1.32	%		1.37	%
Portfolio turnover rate		49	%		35	%		23	%		19	%		28	%		23	%

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

FINANCIAL HIGHLIGHTS (continued)

MID CAP VALUE FUND

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.

B-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Year Ended Sept. 30, 2012			Year Ended Sept. 30, 2011			Year Ended Sept. 30, 2010
Per Share Data
Net asset value, beginning of period	$	29.87		$	30.95		$	27.66		$	22.99		$	25.17		$	22.78
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.25	)		(.19	)		(.29	)		(.24	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		.99			1.66			7.01			5.51			(1.94	)		2.48
Total from investment operations		.92			1.41			6.82			5.22			(2.18	)		2.39
Less distributions from:
Net realized gains		(4.69	)		(2.49	)		(3.53	)		(.55	)		—			—
Total distributions		(4.69	)		(2.49	)		(3.53	)		(.55	)		—			—
Net asset value, end of period	$	26.10		$	29.87		$	30.95		$	27.66		$	22.99		$	25.17
Total Returnc		3.34	%		4.62	%		27.93	%		23.02	%		(8.66	%)		10.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,644		$	12,854		$	20,584		$	23,747		$	27,960		$	42,321
Ratios to average net assets:
Net investment income (loss)		(0.51	%)		(0.80	%)		(0.67	%)		(1.09	%)		(0.86	%)		(0.40	%)
Total expensesd		2.35	%		2.23	%		2.16	%		2.33	%		2.07	%		2.12	%
Portfolio turnover rate		49	%		35	%		23	%		19	%		28	%		23	%

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

FINANCIAL HIGHLIGHTS (concluded)

MID CAP VALUE FUND

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.

C-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Year Ended Sept. 30, 2012			Year Ended Sept. 30, 2011			Year Ended Sept. 30, 2010
Per Share Data
Net asset value, beginning of period	$	31.14		$	32.13		$	28.57		$	23.68		$	25.93		$	23.47
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.21	)		(.18	)		(.25	)		(.24	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		1.03			1.71			7.27			5.69			(2.01	)		2.55
Total from investment operations		1.00			1.50			7.09			5.44			(2.25	)		2.46
Less distributions from:
Net realized gains		(4.69	)		(2.49	)		(3.53	)		(.55	)		—			—
Total distributions		(4.69	)		(2.49	)		(3.53	)		(.55	)		—			—
Net asset value, end of period	$	27.45		$	31.14		$	32.13		$	28.57		$	23.68		$	25.93
Total Returnc		3.48	%		4.74	%		27.98	%		23.28	%		(8.68	%)		10.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	171,603		$	192,942		$	219,695		$	191,249		$	188,745		$	193,986
Ratios to average net assets:
Net investment income (loss)		(0.22	%)		(0.65	%)		(0.62	%)		(0.92	%)		(0.85	%)		(0.37	%)
Total expensesd		2.08	%		2.12	%		2.12	%		2.17	%		2.07	%		2.12	%
Portfolio turnover rate		49	%		35	%		23	%		19	%		28	%		23	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
d	Does not include expenses of the underlying funds in which the Fund invests.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Prior to February 22, 2011, the maximum sales charge was 5.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds (the “Funds”).

This report covers the Mid Cap Value Fund (the “Fund”) while the other funds are in separate reports. Only A-Class, B-Class and C-Class shares had been issued by the Fund.

The Fund was previously a series (the “Predecessor Fund”) of Security Equity Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, a corresponding “shell” series of the Trust. The Fund succeeded to the accounting and performance history of the Predecessor Fund. Any such historical information provided for the Fund that relates to periods prior to January 28, 2014, therefore, is that of the Predecessor Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

20 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 21

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

D. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

E. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

F. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

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

2. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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

22 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
Mid Cap Value Fund	$	778,137,233	$	173,060,235	$	(47,954,180	)	$	125,106,055

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at 1.00% of the average daily net assets of $200 million or less and 0.75% of the average daily net assets of the Fund in excess of $200 million.

RFS is paid the following for providing transfer agent services to the Fund. Transfer agent fees are assessed to the applicable class of the Fund.

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for accounting/administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund has adopted Distribution Plans related to the offering of A-Class, B-Class and C-Class 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 A-Class shares and 1.00% of the average daily net assets of the Fund’s B-Class and C-Class shares.

For the period ended March 31, 2015, GFD retained sales charges of $ relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Assets
Mid Cap Value Fund	$	903,240,782	$	—	$	2,506	$	903,243,288

24 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

For the period ended March 31, 2015, there were no transfers between levels.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

5. Securities Transactions

For the period ended March 31, 2015, 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
Mid Cap Value Fund	$	553,455,434	$	913,349,567

6. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

7. Other Liabilities

The Fund wrote put option contracts through Lehman Brothers Inc., (“LBI”) that were exercised prior to the option contracts’ expiration and prior to the bankruptcy filing by LBI, during September, 2008. However, these transactions have not settled and the securities have not been delivered to the Fund as of March 31, 2015.

Although the ultimate resolution of these transactions is uncertain, the Fund has recorded a liability on its books equal to the difference between the strike price on the put options and the market price of the underlying security on the exercise date. The amount of the liability recorded by the Fund as of March 31, 2015, was $473,594.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 25

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

26 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 27

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

28 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 29

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

30 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 31

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 33

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(continued)

new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

3.31.2015

Guggenheim Funds Semi-Annual Report

Fundamental Alpha

Guggenheim Mid Cap Value Institutional Fund

MCVI-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
MID CAP VALUE INSTITUTIONAL FUND	8
NOTES TO FINANCIAL STATEMENTS	16
OTHER INFORMATION	24
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	25
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	33

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for one of our Funds (the “Fund”) for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Mid Cap Value Institutional Fund	1.07%	4.28%	$1,000.00	$1,042.80	$5.45
Table 2. Based on hypothetical 5% return (before expenses)
Mid Cap Value Institutional Fund	1.07%	5.00%	$1,000.00	$1,019.60	$5.39

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

MID CAP VALUE INSTITUTIONAL FUND

OBJECTIVE: Seeks long-term growth of capital.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Date: July 11, 2008

Ten Largest Holdings (% of Total Net Assets)
Hanover Insurance Group, Inc.	3.0%
Zions Bancorporation	2.9%
Computer Sciences Corp.	2.3%
Orbital ATK, Inc.	2.2%
Covanta Holding Corp.	2.2%
Alleghany Corp.	2.1%
DigitalGlobe, Inc.	2.0%
Reinsurance Group of America, Inc. — Class A	2.0%
IXYS Corp.	2.0%
Sonoco Products Co.	1.9%
Top Ten Total	22.6%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
COMMON STOCKS† - 98.0%
FINANCIAL - 30.6%
Hanover Insurance Group, Inc.		227,457	$	16,508,828
Zions Bancorporation		583,640		15,758,280
Alleghany Corp.*		24,050		11,712,350
Reinsurance Group of America, Inc. — Class A		117,963		10,992,971
FirstMerit Corp.		515,150		9,818,759
American Financial Group, Inc.		136,020		8,725,683
Popular, Inc.*		250,250		8,606,098
Assured Guaranty Ltd.		252,270		6,657,405
Endurance Specialty Holdings Ltd.		106,200		6,493,068
Sun Communities, Inc.		90,800		6,058,176
Kilroy Realty Corp.		78,470		5,977,061
CubeSmart		245,340		5,924,961
Wintrust Financial Corp.		124,110		5,917,565
Apartment Investment & Management Co. — Class A		148,490		5,844,567
Camden Property Trust		71,800		5,609,734
NorthStar Realty Finance Corp.		298,130		5,402,116
Jones Lang LaSalle, Inc.		27,790		4,735,416
Symetra Financial Corp.		192,094		4,506,525
Trustmark Corp.		164,300		3,989,204
Ocwen Financial Corp.*		394,880		3,257,760
Alexandria Real Estate Equities, Inc.		31,710		3,108,848
BioMed Realty Trust, Inc.		120,820		2,737,781
Home Loan Servicing Solutions Ltd.		146,547		2,423,887
OFG Bancorp		138,639		2,262,588
Fulton Financial Corp.		151,625		1,871,053
Chatham Lodging Trust		47,550		1,398,446
UDR, Inc.		40,880		1,391,146
Total Financial				167,690,276
CONSUMER, NON-CYCLICAL - 16.8%
MEDNAX, Inc.*		135,236		9,805,962
Hormel Foods Corp.		157,360		8,945,915
Bunge Ltd.		104,210		8,582,736
HealthSouth Corp.		191,360		8,488,730
Kindred Healthcare, Inc.		303,672		7,224,357
Navigant Consulting, Inc.*		518,780		6,723,388
Hologic, Inc.*		166,232		5,489,812
Quanta Services, Inc.*		192,350		5,487,746
ICF International, Inc.*		131,445		5,369,528
Apollo Education Group, Inc. — Class A*		207,390		3,923,819
Darling Ingredients, Inc.*		277,582		3,888,924
DeVry Education Group, Inc.		113,883		3,799,137
Globus Medical, Inc. — Class A*		146,910		3,708,008
Ingredion, Inc.		43,910		3,417,076
Emergent Biosolutions, Inc.*		112,957		3,248,643
IPC Healthcare, Inc.*		29,840		1,391,738
Aegerion Pharmaceuticals, Inc.*		50,748		1,328,075
Grand Canyon Education, Inc.*		30,000		1,299,000
Total Consumer, Non-cyclical				92,122,594
INDUSTRIAL - 14.6%
Orbital ATK, Inc.		160,208		12,276,739
Covanta Holding Corp.		536,470		12,033,022
Sonoco Products Co.		232,086		10,550,630
FLIR Systems, Inc.		293,620		9,184,434
Owens-Illinois, Inc.*		391,690		9,134,211
Rock-Tenn Co. — Class A		109,120		7,038,240
Gentex Corp.		322,680		5,905,044
Oshkosh Corp.		106,237		5,183,303
Aegion Corp. — Class A*		157,545		2,843,687
Huntington Ingalls Industries, Inc.		17,654		2,474,208
UTI Worldwide, Inc.*		141,060		1,735,038
Kirby Corp.*		18,020		1,352,401
Total Industrial				79,710,957

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
TECHNOLOGY - 9.4%
Computer Sciences Corp.		194,150	$	12,674,111
IXYS Corp.		867,679		10,689,805
Diebold, Inc.		246,000		8,723,160
Maxwell Technologies, Inc.*		785,431		6,330,574
Cree, Inc.*		84,440		2,996,776
KEYW Holding Corp.*		275,670		2,268,764
IPG Photonics Corp.*		20,730		1,921,671
IGATE Corp.*		42,870		1,828,834
ManTech International Corp. — Class A		48,420		1,643,375
Teradyne, Inc.		71,000		1,338,350
Stratasys Ltd.*		23,670		1,249,303
Total Technology				51,664,723
CONSUMER, CYCLICAL - 8.5%
Visteon Corp.*		68,350		6,588,940
Chico’s FAS, Inc.		353,200		6,248,108
Ryland Group, Inc.		105,480		5,141,095
Brown Shoe Company, Inc.		152,378		4,997,998
WESCO International, Inc.*		56,764		3,967,236
Dolby Laboratories, Inc. — Class A		90,292		3,445,543
DR Horton, Inc.		115,300		3,283,744
Wendy’s Co.		249,750		2,722,275
Iconix Brand Group, Inc.*		80,180		2,699,661
United Stationers, Inc.		65,696		2,692,879
Steven Madden Ltd.*		64,643		2,456,434
Ascena Retail Group, Inc.*		119,900		1,739,749
Abercrombie & Fitch Co. — Class A		37,690		830,688
Total Consumer, Cyclical				46,814,350
UTILITIES - 7.8%
Pinnacle West Capital Corp.		146,480		9,338,101
AGL Resources, Inc.		138,680		6,885,462
Ameren Corp.		157,244		6,635,697
Westar Energy, Inc.		154,790		5,999,660
Great Plains Energy, Inc.		176,915		4,720,092
Black Hills Corp.		75,099		3,787,994
Avista Corp.		88,290		3,017,752
Portland General Electric Co.		37,360		1,385,682
EnerNOC, Inc.*		93,180		1,062,252
Total Utilities				42,832,692
COMMUNICATIONS - 4.8%
DigitalGlobe, Inc.*		324,651		11,060,860
Scholastic Corp.		150,480		6,160,651
Finisar Corp.*		277,550		5,922,917
Liquidity Services, Inc.*		167,210		1,652,035
NETGEAR, Inc.*		38,000		1,249,440
Total Communications				26,045,903
ENERGY - 3.1%
Sanchez Energy Corp.*		336,997		4,384,332
Patterson-UTI Energy, Inc.		178,310		3,347,770
Whiting Petroleum Corp.*		108,241		3,344,647
Superior Energy Services, Inc.		149,684		3,343,941
Oasis Petroleum, Inc.*		149,670		2,128,307
Resolute Energy Corp.*		544,250		306,630
HydroGen Corp.*,†††,1		1,265,700		1
Total Energy				16,855,628
BASIC MATERIALS - 2.4%
Landec Corp.*		367,820		5,131,089
Olin Corp.		155,074		4,968,571
Intrepid Potash, Inc.*		241,200		2,785,860
Total Basic Materials				12,885,520
Total Common Stocks
(Cost $462,266,790)				536,622,643
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Thermoenergy Corp.*,2,3		793,750		2,318
Total Convertible Preferred Stocks
(Cost $757,980)				2,318

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
MID CAP VALUE INSTITUTIONAL FUND

	Shares		Value
SHORT TERM INVESTMENTS† - 1.8%
Dreyfus Treasury Prime Cash Management Fund 0.00%		10,015,832	$	10,015,832
Total Short Term Investments
(Cost $10,015,832)				10,015,832
Total Investments - 99.8%
(Cost $473,040,602)			$	546,640,793
Other Assets & Liabilities, net - 0.2%				979,912
Total Net Assets - 100.0%			$	547,620,705

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Affiliated issuer — See Note 6.
2	PIPE (Private Investment in Public Equity) — Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Illiquid security.
	See Sector Classification in Other Information section.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MID CAP VALUE INSTITUTIONAL FUND

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $473,038,071)	$	546,640,792
Investments in affiliated issuers, at value (cost $2,531)		1
Total investments (cost $473,040,602)		546,640,793
Prepaid expenses		36,506
Cash		4,415
Receivables:
Securities sold		3,592,545
Fund shares sold		893,965
Dividends		649,667
Foreign taxes reclaim		10,107
Total assets		551,827,998
Liabilities:
Payable for:
Securities purchased		2,665,846
Fund shares redeemed		1,025,837
Management fees		350,750
Fund accounting/administration fees		44,428
Transfer agent/maintenance fees		35,698
Trustees’ fees*		2,668
Miscellaneous		82,066
Total liabilities		4,207,293
Net assets	$	547,620,705
Net assets consist of:
Paid in capital	$	460,091,903
Undistributed net investment income		1,851,665
Accumulated net realized gain on investments		12,076,946
Net unrealized appreciation on investments		73,600,191
Net assets	$	547,620,705
Capital shares outstanding		47,480,126
Net asset value per share	$	11.53

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENT OF OPERATIONS (Unaudited)

MID CAP VALUE INSTITUTIONAL FUND

Period Ended March 31, 2015

Investment Income:
Dividends (net of foreign withholding tax of $17) from unaffiliated issuers	$	5,142,532
Interest		23,994
Total investment income		5,166,526
Expenses:
Management fees		2,052,498
Transfer agent/maintenance fees		377,680
Fund accounting/administration fees		259,986
Trustees’ fees*		28,763
Line of credit fees		20,928
Custodian fees		10,086
Tax expense		24
Miscellaneous		165,787
Total expenses		2,915,752
Net investment income		2,250,774
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	26,276,272
Net realized gain		26,276,272
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(7,073,377	)
Net change in unrealized appreciation (depreciation)		(7,073,377	)
Net realized and unrealized gain		19,202,895
Net increase in net assets resulting from operations	$	21,453,669

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENTS OF CHANGES IN NET ASSETS

MID CAP VALUE INSTITUTIONAL FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,250,774		$	2,551,218
Net realized gain on investments		26,276,272			73,635,732
Net change in unrealized appreciation (depreciation) on investments		(7,073,377	)		(43,832,495	)
Net increase in net assets resulting from operations		21,453,669			32,354,455
Distributions to shareholders from:
Net investment income		(2,549,762	)		(3,106,999	)
Net realized gains		(71,890,688	)		(35,348,105	)
Total distributions to shareholders		(74,440,450	)		(38,455,104	)
Capital share transactions:
Proceeds from sale of shares		147,904,945			164,229,754
Distributions reinvested		40,920,074			23,335,832
Cost of shares redeemed		(186,318,170	)		(154,829,343	)
Net increase from capital share transactions		2,506,849			32,736,243
Net increase (decrease) in net assets		(50,479,932	)		26,635,594
Net assets:
Beginning of period		598,100,637			571,465,043
End of period	$	547,620,705		$	598,100,637
Undistributed net investment income at end of period	$	1,851,665		$	2,150,653
Capital share activity:
Shares sold		12,919,356			12,370,911
Shares issued from reinvestment of distributions		3,627,666			1,834,578
Shares redeemed		(15,351,226	)		(11,576,179	)
Net increase in shares		1,195,796			2,629,310

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

FINANCIAL HIGHLIGHTS

MID CAP VALUE INSTITUTIONAL FUND

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	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Year Ended Sept. 30, 2012			Year Ended Sept. 30, 2011			Year Ended Sept. 30, 2010
Per Share Data
Net asset value, beginning of period	$	12.92		$	13.09		$	11.29		$	9.97		$	11.34		$	10.49
Income (loss) from investment operations:
Net investment income (loss)b		.05			.06			.06			.03			.04			.08
Net gain (loss) on investments (realized and unrealized)		.47			.65			2.90			2.30			(.87	)		1.13
Total from investment operations		.52			.71			2.96			2.33			(.83	)		1.21
Less distributions from:
Net investment income		(.07	)		(.07	)		(.04	)		(.04	)		(.06	)		(.01	)
Net realized gains		(1.84	)		(.81	)		(1.12	)		(.97	)		(.48	)		(.35	)
Total distributions		(1.91	)		(.88	)		(1.16	)		(1.01	)		(.54	)		(.36	)
Net asset value, end of period	$	11.53		$	12.92		$	13.09		$	11.29		$	9.97		$	11.34
Total Returnc		4.28	%		5.53	%		28.89	%		24.96	%		(8.05	%)		11.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	547,621		$	598,101		$	571,465		$	490,741		$	472,266		$	514,447
Ratios to average net assets:
Net investment income (loss)		0.82	%		0.42	%		0.51	%		0.30	%		0.34	%		0.78	%
Total expensese		1.07	%		1.05	%		1.01	%		1.01	%		0.98	%		0.95	%
Net expenses		1.07	%		1.05	%		1.01	%		0.98	%d		0.90	%d		0.90	%d
Portfolio turnover rate		42	%		41	%		24	%		33	%		38	%		20	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers abs reimbursements, as applicable.
e	Does not include expenses of the underlying funds in which the Fund invests.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Prior to February 22, 2011, the maximum sales charge was 5.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Mid Cap Value Institutional Fund (the “Fund”) while the other funds are contained in separate reports.

The Fund was previously a series (“Predecessor Fund”) of Security Equity Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, a corresponding “shell” series of the Trust. The Fund succeeded to the accounting and performance history of the Predecessor Fund. Any such historical information provided for the Fund that relates to periods prior to January 28, 2014, therefore, is that of the Predecessor Fund.

16 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund’s securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 17

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

D. Certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

E. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

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

2. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund Name	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
Mid Cap Value Institutional Fund	$	473,212,866	$	102,009,040	$	(28,581,113	)	$	73,427,927

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.75% of the average daily net assets of the Fund.

RFS provides transfer agent services to the Fund for fees calculated at the rates below, which are assessed to the applicable class of the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for fund accounting/administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of

20 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Assets
Mid Cap Value Institutional Fund	$	546,638,475	$	—	$	2,318	$	546,640,793

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in the investment’s valuation changes. The Fund recognizes transfers between the levels as of the beginning of the period.

For the period ended March 31, 2015, there were no transfers between levels.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 21

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

5. Securities Transactions

For the period ended March 31, 2015, 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
Mid Cap Value Institutional Fund	$	226,919,642	$	285,554,756

6. Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

Transactions during the period ended March 31, 2015 in which the portfolio company is an “affiliated person” are as follows:

Affiliated issuers by Fund	Value 09/30/14		Additions		Reductions		Value 03/31/15		Shares 03/31/15		Investment Income
Mid Cap Value Institutional Fund
Common Stock:
HydroGen Corp.	$	1	$	—	$	—	$	1		1,265,700	$	—

7. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

8. Other Liabilities

The Fund wrote put option contracts through Lehman Brothers Inc., (“LBI”) that were exercised prior to the option contracts’ expiration and prior to the bankruptcy filing by LBI, during September 2008. However, these transactions have not settled and the securities have not been delivered to the Fund as of March 31, 2015.

22 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Although the ultimate resolution of these transactions is uncertain, the Fund has recorded a liability on its books equal to the difference between the strike price on the put options and the market price of the underlying security on the exercise date. The amount of the liability recorded by the Fund as of March 31, 2015, was $15,940.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

24 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 25

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

26 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 27

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

28 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 29

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

30 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 31

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 33

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(continued)

new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

This page intentionally left blank.

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim Capital Stewardship Fund

CSF-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
CAPITAL STEWARDSHIP FUND	7
NOTES TO FINANCIAL STATEMENTS	13
OTHER INFORMATION	17
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	18
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	22

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Guggenheim Partners Investment Management (the “Investment Adviser”) and Concinnity Advisors, LP, the Fund’s subadviser (the “Sub-Adviser”), are pleased to present the semi-annual shareholder report for one of our Funds (the “Fund”) for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm. The Sub-Adviser is unaffiliated with Guggenheim.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Capital Stewardship Fund	1.13%	3.70%	$1,000.00	$1,037.00	$5.74
Table 2. Based on hypothetical 5% return (before expenses)
Capital Stewardship Fund	1.13%	5.00%	$1,000.00	$1,019.30	$5.69

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

FUND PROFILE (Unaudited) March 31, 2015

CAPITAL STEWARDSHIP FUND

OBJECTIVE: Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Date:
Institutional Class	September 26, 2014

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	3.9%
Pfizer, Inc.	2.3%
Microsoft Corp.	2.2%
JPMorgan Chase & Co.	2.0%
Johnson & Johnson	1.9%
Procter & Gamble Co.	1.9%
General Electric Co.	1.8%
Merck & Company, Inc.	1.6%
CVS Health Corp.	1.6%
Entergy Corp.	1.5%
Top Ten Total	20.7%

“Ten Largest Holdings” exclude any temporary cash or derivative investments.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
CAPITAL STEWARDSHIP FUND

	Shares		Value
COMMON STOCKS† - 99.1%
CONSUMER, NON-CYCLICAL - 28.5%
Pfizer, Inc.		136,450	$	4,747,095
Johnson & Johnson		40,667		4,091,100
Procter & Gamble Co.		49,132		4,025,875
Merck & Company, Inc.		59,357		3,411,840
PepsiCo, Inc.		32,531		3,110,614
Aetna, Inc.		28,793		3,067,318
Coca-Cola Co.		68,294		2,769,322
Mondelez International, Inc. — Class A		73,706		2,660,049
Medtronic plc		31,323		2,442,881
Gilead Sciences, Inc.*		24,740		2,427,736
Amgen, Inc.		14,956		2,390,717
ConAgra Foods, Inc.		64,431		2,353,664
Kimberly-Clark Corp.		21,562		2,309,506
Kroger Co.		28,882		2,214,094
Eli Lilly & Co.		28,512		2,071,397
Kellogg Co.		29,785		1,964,321
AbbVie, Inc.		31,259		1,829,902
Baxter International, Inc.		26,241		1,797,509
Molson Coors Brewing Co. — Class B		22,521		1,676,688
DaVita HealthCare Partners, Inc.*		20,063		1,630,721
ADT Corp.		35,598		1,478,029
HCA Holdings, Inc.*		17,569		1,321,716
Bristol-Myers Squibb Co.		20,490		1,321,605
Colgate-Palmolive Co.		11,681		809,961
Avon Products, Inc.		96,842		773,768
ManpowerGroup, Inc.		7,893		679,982
RR Donnelley & Sons Co.		31,781		609,877
Total Consumer, Non-cyclical				59,987,287
TECHNOLOGY - 17.1%
Apple, Inc.		65,791		8,186,373
Microsoft Corp.		115,444		4,693,376
Intel Corp.		87,271		2,728,964
International Business Machines Corp.		16,875		2,708,438
EMC Corp.		87,783		2,243,734
Hewlett-Packard Co.		70,985		2,211,893
Western Digital Corp.		19,100		1,738,291
Xerox Corp.		131,801		1,693,643
CA, Inc.		37,099		1,209,798
Micron Technology, Inc.*		44,135		1,197,383
NetApp, Inc.		32,070		1,137,202
Computer Sciences Corp.		14,986		978,286
Pitney Bowes, Inc.		40,219		937,907
Teradyne, Inc.		46,847		883,066
SanDisk Corp.		13,161		837,303
QUALCOMM, Inc.		12,002		832,219
Lexmark International, Inc. — Class A		15,842		670,750
NCR Corp.*		21,491		634,199
Applied Materials, Inc.		25,613		577,829
Total Technology				36,100,654
INDUSTRIAL - 15.8%
General Electric Co.		153,750		3,814,537
Corning, Inc.		99,567		2,258,180
FedEx Corp.		9,895		1,637,128
Parker-Hannifin Corp.		13,703		1,627,642
Boeing Co.		10,830		1,625,366
CSX Corp.		48,821		1,616,951
Eaton Corporation plc		22,219		1,509,559
United Technologies Corp.		12,876		1,509,067
Thermo Fisher Scientific, Inc.		9,867		1,325,533
Agilent Technologies, Inc.		31,665		1,315,681
Deere & Co.		14,931		1,309,300
Emerson Electric Co.		22,424		1,269,647
Norfolk Southern Corp.		12,230		1,258,711
Stanley Black & Decker, Inc.		13,197		1,258,466
Raytheon Co.		10,884		1,189,077
Union Pacific Corp.		10,264		1,111,694
3M Co.		6,380		1,052,381
Dover Corp.		14,799		1,022,907
Honeywell International, Inc.		9,735		1,015,458
Ryder System, Inc.		10,118		960,097
United Parcel Service, Inc. — Class B		9,800		950,012
Avnet, Inc.		20,429		909,091
AGCO Corp.		13,008		619,701
Timken Co.		14,703		619,584
Fluor Corp.		10,783		616,356
Total Industrial				33,402,126
FINANCIAL - 11.6%
JPMorgan Chase & Co.		68,768		4,165,965
Wells Fargo & Co.		55,175		3,001,521
Principal Financial Group, Inc.		44,970		2,310,109
Allstate Corp.		29,932		2,130,260
State Street Corp.		28,558		2,099,870
Travelers Companies, Inc.		16,248		1,756,896
Capital One Financial Corp.		20,321		1,601,701
Ameriprise Financial, Inc.		11,862		1,552,024
Visa, Inc. — Class A		18,960		1,240,174
Morgan Stanley		28,459		1,015,702
PNC Financial Services Group, Inc.		10,742		1,001,584
Simon Property Group, Inc.		3,434		671,828
Ventas, Inc.		8,911		650,681
Iron Mountain, Inc.		17,123		624,647
T. Rowe Price Group, Inc.		7,541		610,670
Total Financial				24,433,632
ENERGY - 8.3%
Chevron Corp.		30,693		3,222,152
ConocoPhillips		42,169		2,625,442
Hess Corp.		35,205		2,389,363
Occidental Petroleum Corp.		29,445		2,149,485
Marathon Oil Corp.		75,204		1,963,576
Valero Energy Corp.		24,306		1,546,348
Schlumberger Ltd.		12,762		1,064,861

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
CAPITAL STEWARDSHIP FUND

	Shares		Value
Spectra Energy Corp.		28,431	$	1,028,349
EOG Resources, Inc.		8,423		772,305
First Solar, Inc.*		11,696		699,304
Total Energy				17,461,185
CONSUMER, CYCLICAL - 8.3%
CVS Health Corp.		32,473		3,351,538
Wal-Mart Stores, Inc.		38,767		3,188,586
Ford Motor Co.		118,701		1,915,834
Delta Air Lines, Inc.		41,970		1,886,971
Target Corp.		14,046		1,152,755
Costco Wholesale Corp.		7,307		1,106,974
Macy’s, Inc.		16,696		1,083,737
PVH Corp.		9,332		994,418
Home Depot, Inc.		6,537		742,669
Ingram Micro, Inc. — Class A*		29,559		742,522
The Gap, Inc.		15,078		653,330
Whirlpool Corp.		3,132		632,852
Total Consumer, Cyclical				17,452,186
COMMUNICATIONS - 6.6%
Cisco Systems, Inc.		102,590		2,823,790
Google, Inc. — Class A*		4,595		2,548,847
AT&T, Inc.		67,347		2,198,879
Verizon Communications, Inc.		36,166		1,758,752
CenturyLink, Inc.		42,223		1,458,805
Walt Disney Co.		10,576		1,109,317
Motorola Solutions, Inc.		10,967		731,170
Facebook, Inc. — Class A*		7,940		652,787
Viacom, Inc. — Class B		8,911		608,621
Total Communications				13,890,968
UTILITIES - 2.9%
Entergy Corp.		42,076		3,260,470
Consolidated Edison, Inc.		26,373		1,608,753
CenterPoint Energy, Inc.		63,762		1,301,382
Total Utilities				6,170,605
Total Common Stocks
(Cost $208,262,942)				208,898,643
EXCHANGE-TRADED FUNDS† - 0.6%
SPDR S&P 500 ETF Trust		5,811		1,199,565
Total Exchange-Traded Funds
(Cost $1,205,056)				1,199,565
SHORT TERM INVESTMENTS† - 0.3%
Dreyfus Treasury Prime Cash Management Fund 0.00%		648,241		648,241
Total Short Term Investments
(Cost $648,241)				648,241
Total Investments - 100.0%
(Cost $210,116,239)			$	210,746,449
Other Assets & Liabilities, net - 0.0%				(1,943	)
Total Net Assets - 100.0%			$	210,744,506

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

CAPITAL STEWARDSHIP FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

March 31, 2015

Assets:
Investments, at value (cost $210,116,239)	$	210,746,449
Prepaid expenses		102,285
Cash		4,115
Receivables:
Securities sold		1,034,618
Dividends		307,872
Total assets		212,195,339
Liabilities:
Payable for:
Fund shares redeemed		1,241,403
Management fees		162,851
Fund accounting/administration fees		17,190
Trustees’ fees*		572
Transfer agent/maintenance fees		89
Miscellaneous		28,728
Total liabilities		1,450,833
Net assets	$	210,744,506
Net assets consist of:
Paid in capital	$	205,442,916
Undistributed net investment income		698,840
Accumulated net realized gain on investments		3,972,540
Net unrealized appreciation on investments		630,210
Net assets	$	210,744,506
Capital shares outstanding		8,221,162
Net asset value per share	$	25.63

STATEMENT OF OPERATIONS (Unaudited)

Period Ended March 31, 2015

Investment Income:
Dividends	$	2,521,184
Interest		37
Total investment income		2,521,221
Expenses:
Management fees		948,669
Transfer agent/maintenance fees		772
Fund accounting/administration fees		100,136
Legal fees		85,613
Trustees’ fees*		5,481
Custodian fees		2,992
Miscellaneous		43,049
Total expenses		1,186,712
Net investment income		1,334,509
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,972,540
Net realized gain		3,972,540
Net change in unrealized appreciation (depreciation) on:
Investments		2,413,627
Net change in unrealized appreciation (depreciation)		2,413,627
Net realized and unrealized gain		6,386,167
Net increase in net assets resulting from operations	$	7,720,676

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

CAPITAL STEWARDSHIP FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Period Ended March 31, 2015 (Unaudited)			Period Ended September 30, 2014a
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,334,509		$	1,464
Net realized gain on investments		3,972,540			—
Net change in unrealized appreciation (depreciation) on investments		2,413,627			(1,783,417	)
Net increase (decrease) in net assets resulting from operations		7,720,676			(1,781,953	)
Distributions to shareholders from:
Net investment income		(637,133	)		—
Total distributions to shareholders		(637,133	)		—
Capital share transactions:
Proceeds from sale of shares		38,908,527			297,903,896
Distributions reinvested		476,495			—
Cost of shares redeemed		(44,738,563	)		(87,107,439	)
Net increase (decrease) from capital share transactions		(5,353,541	)		210,796,457
Net increase in net assets		1,730,002			209,014,504
Net assets:
Beginning of period		209,014,504			—
End of period	$	210,744,506		$	209,014,504
Undistributed net investment income at end of period	$	698,840		$	1,464
Capital share activity:
Shares sold		1,485,730			11,928,585
Shares issued from reinvestment of distributions		18,671			—
Shares redeemed		(1,714,722	)		(3,497,102	)
Net increase (decrease) in shares		(210,321	)		8,431,483

^a Since commencement of operations: September 26, 2014.

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

CAPITAL STEWARDSHIP FUND

FINANCIAL HIGHLIGHTS

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	Period Ended March 31, 2015a			Period Ended September 30, 2014b
Per Share Data
Net asset value, beginning of period	$	24.79		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.16			—	d
Net gain (loss) on investments (realized and unrealized)		.76			(.21	)
Total from investment operations		.92			(.21	)
Less distributions from:
Net investment income		(.08	)		—
Total distributions		(.08	)		—
Net asset value, end of period	$	25.63		$	24.79
Total Returnf		3.70	%		(0.84	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	210,745		$	209,015
Ratios to average net assets:
Net investment income (loss)		1.27	%		0.13	%
Total expensese		1.13	%		1.24	%
Portfolio turnover rate		150	%		—

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: September 26, 2014. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Net investment income is less than $0.01 per share.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Total return does not reflect the impact of any applicable sales charge and has not been annualized.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Prior to February 22, 2011, the maximum sales charge was 5.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Capital Stewardship Fund (the “Fund”). As of March 31, 2015, only Institutional Class shares of the Fund were offered for subscription.

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Concinnity Advisors, LP (the “Sub-Adviser”) serves as the sub-adviser to the Fund and is responsible for the day-to-day management of the Fund’s portfolio.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 a fund is calculated by dividing the market value of the fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the fund.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 13

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds (“ETFs”) and closed-end investment companies (“CEFs”) are valued at the last quoted sales price.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. These methods include, but are not limited to: (i) obtaining general information as to how these securities and assets trade; and (ii) obtaining other information and considerations, including current values in related markets.

B. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

D. Certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

E. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

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

14 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

2. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
Capital Stewardship Fund	$	210,342,535	$	8,152,040	$	(7,748,126	)	$	403,914

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.90% of the average daily net assets of the Fund.

RFS is paid the following for providing transfer agent services to the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 15

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 3 Investments In Securities		Total
Assets
Capital Stewardship Fund	$	210,746,449	$	—	$	—	$	210,746,449

For the period ended March 31, 2015, there were no transfers between levels.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

5. Securities Transactions

For the period ended March 31, 2015, 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
Capital Stewardship Fund	$	317,371,728	$	321,903,083

16 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 17

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

18 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 19

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

20 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 21

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

22 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 23

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim Macro Opportunities Fund

MO-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
MACRO OPPORTUNITIES FUND	8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	55
OTHER INFORMATION	80
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	81
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	89

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Guggenheim Partners Investment Management (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for one of our Funds (the “Fund”) for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth, which is key for sustaining the expansion but also an indicator of inflationary

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Macro Opportunities Fund
A-Class	1.32%	2.97%	$1,000.00	$1,029.70	$6.68
C-Class	2.03%	2.60%	1,000.00	1,026.00	10.25
Institutional Class	0.98%	3.14%	1,000.00	1,031.40	4.96
Table 2. Based on hypothetical 5% return (before expenses)
Macro Opportunities Fund
A-Class	1.32%	5.00%	$1,000.00	$1,018.35	$6.64
C-Class	2.03%	5.00%	1,000.00	1,014.81	10.20
Institutional Class	0.98%	5.00%	1,000.00	1,020.04	4.94

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

MACRO OPPORTUNITIES FUND

OBJECTIVE: Seeks to provide total return, comprised of current income and capital appreciation.

Consolidated Holdings Diversification (Market Exposure as % of Net Assets)

“Consolidated Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

FUND PROFILE (Unaudited)(concluded) March 31, 2015

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
Institutional Class	November 30, 2011

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund I	2.2%
Motel 6 Trust 2015-MTL6 — Class E	1.9%
Nationstar HECM Loan Trust 2014-1A — Class A	1.7%
LSTAR Securities Investment Trust 2015-1	1.7%
Guggenheim Limited Duration Fund - Institutional Class	1.5%
LSTAR Securities Investment Trust 2015-2	1.5%
Vericrest Opportunity Loan Trust 2015-NPL3	1.3%
LSTAR Securities Investment Trust 2015-3	1.1%
iShares MSCI Spain Capped ETF	1.1%
Volt XXXIII LLC 2015-NPL5	1.1%
Top Ten Total	15.1%
“Ten Largest Holdings” exclude any temporary cash or derivative investments.

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	0.2%
AA	1.7%
A	11.6%
BBB	20.1%
BB	14.1%
B	20.5%
CCC	9.1%
CC	0.2%
D	0.3%
NR**	5.9%
Other Instruments
Common Stocks	5.2%
Short Term Investments	4.1%
Mutual Funds	3.8%
Exchange-Traded Funds	3.6%
Repurchase Agreements	1.6%
Preferred Stocks	1.5%
Options Purchased	0.4%
Exchange-Traded Funds Sold Short	-0.1%
Options Written	-0.1%
Common Stocks Sold Short	-3.7%
Total Investments	100.0%

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
COMMON STOCKS† - 5.6%
CONSUMER, NON-CYCLICAL - 1.7%
Archer-Daniels-Midland Co.		39,186	$	1,857,416
ConAgra Foods, Inc.		47,486		1,734,663
Merck & Company, Inc.		26,141		1,502,585
Express Scripts Holding Co.*		16,138		1,400,294
Kimberly-Clark Corp.		12,883		1,379,898
Kroger Co.		17,281		1,324,762
DaVita HealthCare Partners, Inc.*		16,108		1,309,258
Quest Diagnostics, Inc.		16,118		1,238,668
Ingredion, Inc.		15,879		1,235,703
Anthem, Inc.		7,791		1,203,008
Philip Morris International, Inc.		15,370		1,157,822
Molson Coors Brewing Co. — Class B		15,290		1,138,341
Coca-Cola Enterprises, Inc.		25,302		1,118,347
Baxter International, Inc.		16,242		1,112,576
UnitedHealth Group, Inc.		8,678		1,026,521
HCA Holdings, Inc.*		13,161		990,102
Johnson & Johnson		9,621		967,873
St. Jude Medical, Inc.		14,635		957,130
Aetna, Inc.		8,982		956,852
Gilead Sciences, Inc.*		9,621		944,108
Pfizer, Inc.		26,950		937,591
PepsiCo, Inc.		9,627		920,534
Cigna Corp.		7,062		914,105
Procter & Gamble Co.		11,051		905,519
Medtronic plc		11,266		878,635
Avon Products, Inc.		109,393		874,050
Campbell Soup Co.		18,743		872,487
Humana, Inc.		4,698		836,338
General Mills, Inc.		14,509		821,209
Omnicare, Inc.		10,444		804,815
Epizyme, Inc.*		40,190		754,769
Universal Health Services, Inc. — Class B		6,229		733,216
ManpowerGroup, Inc.		8,129		700,314
CR Bard, Inc.		3,899		652,498
United Rentals, Inc.*		6,883		627,454
PAREXEL International Corp.*		8,940		616,771
Dr Pepper Snapple Group, Inc.		7,687		603,276
SUPERVALU, Inc.*		50,499		587,303
Western Union Co.		28,157		585,947
AbbVie, Inc.		9,873		577,965
Quanta Services, Inc.*		19,421		554,081
Magellan Health, Inc.*		7,715		546,376
Eli Lilly & Co.		7,430		539,790
JM Smucker Co.		4,526		523,794
Tekmira Pharmaceuticals Corp.*		28,927		505,065
Molina Healthcare, Inc.*		7,369		495,860
Amgen, Inc.		3,044		486,583
MEDNAX, Inc.*		6,517		472,548
Cardinal Health, Inc.		5,186		468,140
Coca-Cola Co.		11,531		467,582
Varian Medical Systems, Inc.*		4,873		458,501
H&R Block, Inc.		14,194		455,202
Darling Ingredients, Inc.*		30,928		433,301
Hershey Co.		4,190		422,813
Centene Corp.*		5,955		420,959
Select Medical Holdings Corp.		27,657		410,153
United Therapeutics Corp.*		2,353		405,740
Halyard Health, Inc.*		8,228		404,818
Health Net, Inc.*		6,563		396,996
Andersons, Inc.		9,361		387,265
Cal-Maine Foods, Inc.		9,896		386,538
LifePoint Hospitals, Inc.*		5,166		379,443
Sanderson Farms, Inc.		4,736		377,222
Hill-Rom Holdings, Inc.		7,688		376,712
DENTSPLY International, Inc.		7,373		375,212
Chemed Corp.		3,107		370,976
Stryker Corp.		4,004		369,369

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
Total System Services, Inc.		9,662	$	368,605
Patterson Companies, Inc.		7,351		358,655
Medifast, Inc.*		11,583		347,143
Total Consumer, Non-cyclical				52,726,165
INDUSTRIAL - 0.9%
Corning, Inc.		56,023		1,270,602
Caterpillar, Inc.		15,536		1,243,346
Emerson Electric Co.		20,704		1,172,261
Fluor Corp.		20,365		1,164,064
Dover Corp.		16,461		1,137,785
Agilent Technologies, Inc.		26,991		1,121,476
FedEx Corp.		6,262		1,036,049
Joy Global, Inc.		21,944		859,766
Energizer Holdings, Inc.		5,369		741,190
Clean Harbors, Inc.*		12,982		737,117
AGCO Corp.		15,097		719,221
Parker-Hannifin Corp.		5,978		710,067
CSX Corp.		20,010		662,731
Oshkosh Corp.		13,409		654,225
Cummins, Inc.		4,709		652,856
Norfolk Southern Corp.		6,237		641,912
Terex Corp.		23,925		636,166
Jacobs Engineering Group, Inc.*		13,332		602,073
ITT Corp.		14,829		591,826
Kirby Corp.*		7,628		572,481
Timken Co.		13,550		570,997
Kennametal, Inc.		16,605		559,422
General Dynamics Corp.		4,098		556,222
Northrop Grumman Corp.		3,379		543,884
Jabil Circuit, Inc.		22,785		532,714
Con-way, Inc.		11,541		509,304
Avnet, Inc.		11,282		502,049
Triumph Group, Inc.		8,109		484,269
Stanley Black & Decker, Inc.		4,911		468,313
Deere & Co.		5,116		448,622
Arrow Electronics, Inc.*		6,753		412,946
Trinity Industries, Inc.		11,479		407,619
Sanmina Corp.*		16,238		392,797
Tech Data Corp.*		6,686		386,250
Waters Corp.*		3,087		383,776
Raytheon Co.		3,425		374,181
TE Connectivity Ltd.		5,081		363,901
Actuant Corp. — Class A		15,088		358,189
Valmont Industries, Inc.		2,873		353,034
Lincoln Electric Holdings, Inc.		5,322		348,006
Union Pacific Corp.		3,147		340,852
Total Industrial				26,224,561
FINANCIAL - 0.7%
California Republic Bancorp*,††		166,500		4,495,500
Allstate Corp.		19,194		1,366,036
Brixmor Property Group, Inc.		45,860		1,217,582
Travelers Companies, Inc.		10,066		1,088,436
Hartford Financial Services Group, Inc.		25,763		1,077,409
Aflac, Inc.		15,213		973,784
Prudential Financial, Inc.		10,481		841,729
American International Group, Inc.		14,203		778,182
MetLife, Inc.		13,354		675,045
State Street Corp.		9,152		672,947
Comerica, Inc.		14,516		655,107
Progressive Corp.		23,754		646,109
JPMorgan Chase & Co.		10,319		625,125
Bank of New York Mellon Corp.		15,263		614,183
Everest Re Group Ltd.		3,470		603,781
WR Berkley Corp.		10,953		553,236
Chubb Corp.		5,459		551,905
Nationstar Mortgage Holdings, Inc.*		22,063		546,500
Franklin Resources, Inc.		10,506		539,168
Principal Financial Group, Inc.		9,707		498,649
Assurant, Inc.		7,334		450,381

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
Berkshire Hathaway, Inc. — Class B*		3,013	$	434,836
Regions Financial Corp.		45,272		427,820
Loews Corp.		10,475		427,694
TCF Financial Corp.		25,389		399,115
ProAssurance Corp.		8,625		395,974
Charles Schwab Corp.		12,382		376,908
Northern Trust Corp.		5,326		370,956
Total Financial				22,304,097
TECHNOLOGY - 0.7%
Xerox Corp.		115,646		1,486,051
Intel Corp.		42,808		1,338,605
International Business Machines Corp.		8,126		1,304,224
CA, Inc.		36,646		1,195,026
Micron Technology, Inc.*		43,775		1,187,616
NetApp, Inc.		32,713		1,160,004
SanDisk Corp.		17,020		1,082,812
Western Digital Corp.		10,011		911,101
EMC Corp.		34,423		879,852
Seagate Technology plc		16,296		847,881
Hewlett-Packard Co.		26,314		819,944
Teradata Corp.*		18,316		808,469
Microsoft Corp.		19,739		802,489
Pitney Bowes, Inc.		31,817		741,972
Oracle Corp.		16,972		732,342
DST Systems, Inc.		5,772		639,018
Xilinx, Inc.		14,450		611,235
Accenture plc — Class A		6,402		599,803
QUALCOMM, Inc.		7,589		526,221
Computer Sciences Corp.		7,783		508,074
Apple, Inc.		3,537		440,109
KLA-Tencor Corp.		7,507		437,583
Lexmark International, Inc. — Class A		9,691		410,317
CACI International, Inc. — Class A*		4,157		373,797
Texas Instruments, Inc.		6,351		363,182
MKS Instruments, Inc.		10,353		350,035
Total Technology				20,557,762
UTILITIES - 0.7%
Public Service Enterprise Group, Inc.		30,535		1,280,027
AES Corp.		95,493		1,227,085
Entergy Corp.		15,804		1,224,652
Edison International		18,492		1,155,195
CenterPoint Energy, Inc.		56,272		1,148,511
DTE Energy Co.		13,032		1,051,552
Ameren Corp.		22,708		958,278
Pinnacle West Capital Corp.		14,634		932,918
NRG Energy, Inc.		36,703		924,549
PPL Corp.		27,338		920,197
American Electric Power Company, Inc.		16,264		914,850
PG&E Corp.		16,657		883,987
AGL Resources, Inc.		16,643		826,325
National Fuel Gas Co.		11,720		707,068
OGE Energy Corp.		20,669		653,347
Southwest Gas Corp.		10,250		596,243
Global Partners, LP		16,102		560,350
Questar Corp.		23,004		548,875
Vectren Corp.		12,380		546,453
Consolidated Edison, Inc.		8,481		517,341
MDU Resources Group, Inc.		23,838		508,703
UGI Corp.		15,328		499,540
Great Plains Energy, Inc.		16,039		427,921
PNM Resources, Inc.		13,227		386,228
NextEra Energy, Inc.		3,629		377,597
Westar Energy, Inc.		9,649		373,995
Total Utilities				20,151,787
COMMUNICATIONS - 0.3%
CenturyLink, Inc.		41,248		1,425,118
Telephone & Data Systems, Inc.		45,093		1,122,816
Juniper Networks, Inc.		41,150		929,167
Atlantic Tele-Network, Inc.		12,627		874,041
Time Warner, Inc.		10,215		862,555
Cisco Systems, Inc.		30,972		852,504

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
Windstream Holdings, Inc.		97,201	$	719,287
Symantec Corp.		26,564		620,668
Scripps Networks Interactive, Inc. — Class A		8,658		593,592
General Communication, Inc. — Class A*		35,000		551,600
VeriSign, Inc.*		7,967		533,550
Viacom, Inc. — Class B		7,387		504,532
Cengage Learning Acquisitions, Inc.*,††		21,660		485,314
NETGEAR, Inc.*		11,468		377,068
AT&T, Inc.		11,118		363,003
Cablevision Systems Corp. — Class A		18,858		345,101
Total Communications				11,159,916
CONSUMER, CYCLICAL - 0.3%
Wal-Mart Stores, Inc.		22,326		1,836,314
The Gap, Inc.		22,085		956,943
CVS Health Corp.		7,957		821,242
Macy’s, Inc.		12,513		812,219
PACCAR, Inc.		11,546		729,014
Alaska Air Group, Inc.		10,832		716,861
Delta Air Lines, Inc.		12,633		567,980
Ingram Micro, Inc. — Class A*		20,965		526,641
Fossil Group, Inc.*		6,263		516,384
Dana Holding Corp.		22,311		472,101
Costco Wholesale Corp.		2,794		423,277
WW Grainger, Inc.		1,573		370,929
Total Consumer, Cyclical				8,749,905
ENERGY - 0.2%
Valero Energy Corp.		14,092		896,533
Murphy Oil Corp.		13,494		628,820
Hess Corp.		8,933		606,282
First Solar, Inc.*		9,380		560,830
Chesapeake Energy Corp.		39,348		557,168
Apache Corp.		8,911		537,601
ConocoPhillips		8,488		528,463
Chevron Corp.		4,957		520,386
Marathon Oil Corp.		16,642		434,523
Anadarko Petroleum Corp.		5,246		434,421
Total Energy				5,705,027
CONSUMER DISCRETIONARY - 0.1%
Travelport, LLC*		204,224		3,410,541
BASIC MATERIALS - 0.0%
Mirabela Nickel Ltd.*,††		7,057,522		752,544
United States Steel Corp.		16,441		401,160
Nucor Corp.		7,856		373,396
Total Basic Materials				1,527,100
Total Common Stocks
(Cost $175,292,878)				172,516,861
PREFERRED STOCKS† - 1.6%
FINANCIAL - 1.2%
Aspen Insurance Holdings Ltd. 5.95%1,2		571,100		14,665,849
Goldman Sachs Group, Inc. 5.50%1,2		260,000		6,546,800
Morgan Stanley 6.38%1,2		200,000		5,208,000
Cent CLO 16, LP due 08/01/24*,†††,3		7,000		4,962,370
CoBank ACB 6.20%1,2		38,000		3,881,939
ALM Loan Funding Ltd. due 06/20/23*,††,1,8		1,373		1,084,505
WhiteHorse II Ltd. due 06/15/17*,††,1,4,8		2,100,000		2
GSC Partners CDO Fund V Ltd. due 11/20/16*,††,1,4,8		5,200		—
Total Financial				36,349,465
INDUSTRIAL - 0.4%
Seaspan Corp. 6.38% due 04/30/19		520,000		13,093,600
Total Preferred Stocks
(Cost $51,600,964)				49,443,065

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
EXCHANGE-TRADED FUNDS† - 4.0%
iShares MSCI Spain Capped ETF		989,142	$	34,402,359
iShares MSCI Italy Capped ETF		2,258,875		33,431,350
SPDR EURO STOXX 50 ETF		848,582		32,941,953
iShares iBoxx $ High Yield Corporate Bond ETF		231,507		20,976,849
Total Exchange-Traded Funds
(Cost $121,230,124)				121,752,511
MUTUAL FUNDS† - 4.2%
Guggenheim Strategy Fund I5		2,731,466		68,013,502
Guggenheim Limited Duration Fund - Institutional Class5		1,860,023		46,240,184
Guggenheim Risk Managed Real Estate Fund - Institutional Class5		403,870		12,964,222
Total Mutual Funds
(Cost $124,638,247)				127,217,908
CLOSED-END FUNDS† - 0.1%
Guggenheim Strategic Opportunities Fund5		156,950		3,350,883
Total Closed-End Funds
(Cost $3,108,835)				3,350,883
SHORT TERM INVESTMENTS† - 4.5%
Federated U.S. Treasury Cash Reserve Fund 0.00%		138,782,438		138,782,438
Total Short Term Investments
(Cost $138,782,438)				138,782,438

	Face Amount
ASSET-BACKED SECURITIES†† - 35.7%
Nationstar HECM Loan Trust
2014-1A, 4.50% due 11/25/174	$	53,129,822	53,411,409
Vericrest Opportunity Loan Trust
2015-NPL3, 3.38% due 10/25/584		39,616,604	39,541,333
AASET
2014-1, 7.37% due 12/15/291		19,370,192	19,418,618
2014-1, 5.13% due 12/15/291		18,389,423	18,435,397
VOLT XXXIII LLC
2015-NPL5, 3.50% due 03/25/554		33,500,000	33,462,949
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/404		19,880,952	19,932,643
2015-1A, 5.07% due 02/15/404		9,194,940	9,280,453
Treman Park CLO LLC
2015-1A, 0.00% due 04/20/273,4		28,400,000	26,289,920
NRPL Trust
2015-1A, 3.88% due 11/01/544		25,002,351	24,787,331
Castlelake Aircraft Securitization Trust
2014-1, 7.50% due 02/15/29		15,837,961	15,798,366
2014-1, 5.25% due 02/15/29		8,625,705	8,561,013
KVK CLO Ltd.
2013-1A, due 04/14/254,8		11,900,000	8,794,100
2014-2A, 3.25% due 07/15/261,4		8,250,000	8,004,975
2014-1A, 3.16% due 05/15/261,4		5,000,000	4,836,000
Avery 2013-3X
due 01/18/258		19,800,000	18,463,500

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
ING IM CLO Ltd.
2013-1X, due 04/15/248	$	20,000,000	$	16,764,000
GCAT LLC
2014-2, 3.72% due 10/25/194		16,756,563		16,717,604
KKR Financial CLO Ltd.
2007-1A, 2.51% due 05/15/211,4		10,850,000		10,807,685
2007-1A, 5.25% due 05/15/211,4		5,000,000		4,994,500
Dryden 37 Senior Loan Fund
2015-37A, due 04/15/27†††,4,8		9,500,000		9,229,250
2015-37A, due 04/15/274,8		6,500,000		5,952,050
Gramercy Real Estate CDO Ltd.
2007-1A, 0.54% due 08/15/561,4		15,205,884		13,700,501
Babson CLO Limited
2012-2A, due 05/15/234,8		11,850,000		8,465,640
2014-IA, due 07/20/254,8		6,400,000		5,071,360
OHA Credit Partners IX Ltd.
2013-9A, 0.00% due 10/20/253,4		14,000,000		13,255,200
Cedar Woods CRE CDO Ltd.
2006-1A, 0.44% due 07/25/51		14,223,386		12,862,208
Gramercy Park CLO Ltd.
2014-1AR, 3.21% due 07/17/231,4		7,500,000		7,500,000
2012-1A, due 07/17/234,8		2,650,000		2,235,540
2014-1AR, 4.30% due 07/17/231,4		1,750,000		1,745,275
due 07/17/238		1,250,000		1,054,500
Fortress Credit Opportunities VI CLO Ltd.
2015-6A, 5.52% due 10/10/261,4		5,400,000		5,182,920
2015-6A, 2.97% due 10/10/261,4		4,000,000		3,948,000
2015-6A, 3.92% due 10/10/261,4		3,000,000		2,946,600
Northwoods Capital XIV Ltd.
2014-14A, 3.61% due 11/12/251,4		6,000,000		5,852,400
2014-14A, 2.72% due 11/12/251,4		5,750,000		5,750,000
RAIT CRE CDO I Ltd.
2006-1X, 0.49% due 11/20/46		12,381,505		11,395,937
NewStar Clarendon Fund CLO LLC
2015-1A, 2.96% due 01/25/271,4		7,000,000		6,990,900
2015-1A, 3.61% due 01/25/271,4		4,000,000		3,896,800
N-Star Real Estate CDO IX Ltd.
0.49% due 02/01/416		10,660,291		10,186,974
Telos CLO Ltd.
2014-6A, 3.23% due 01/17/271,4		5,000,000		4,871,500
2013-3A, 3.26% due 01/17/241,4		2,750,000		2,691,975
2013-3A, 4.51% due 01/17/241,4		2,550,000		2,508,945
Highbridge Loan Management 2012-1 Ltd.
2014-1AR, 3.50% due 09/20/221,4		6,500,000		6,485,700
2014-1AR, 4.50% due 09/20/221,4		3,500,000		3,491,600
Newstar Commercial Loan Funding LLC
2015-1A, 4.12% due 01/20/271,4		5,000,000		4,976,000
2013-1A, 4.80% due 09/20/231,4		3,250,000		3,159,650
2013-1A, 5.55% due 09/20/231,4		750,000		741,075

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
ARES XXVI CLO Ltd.
2013-1A, due 04/15/254,8	$	7,750,000	$	5,266,900
2013-1A, 3.00% due 04/15/251,4		2,000,000		1,951,600
2013-1A, 4.00% due 04/15/251,4		1,500,000		1,461,300
Galaxy XIX CLO Ltd.
2015-19A, due 01/24/274,8		5,500,000		5,280,550
2015-19A, 3.66% due 01/24/271,4		3,000,000		3,019,200
Neuberger Berman CLO Ltd.
2012-12X, due 07/25/238		7,000,000		4,496,100
2012-12A, due 07/25/234,8		5,900,000		3,789,570
Atlas Senior Loan Fund V Ltd.
2014-1A, 3.25% due 07/16/261,4		8,000,000		7,855,200
Stripes
2013-1 A1, 3.84% due 03/20/23		7,898,208		7,838,971
MWAM CBO Ltd.
2001-1A, 5.10% due 01/30/311,4		4,445,663		4,153,138
2001-1A, 14.09% due 01/30/314		3,261,457		3,576,187
Atlas Senior Loan Fund II Ltd.
2012-2A, due 01/30/244,8		9,600,000		7,646,400
Irwin Home Equity Loan Trust
2007-1, 5.85% due 08/25/374		7,403,065		7,574,357
GreenPoint Mortgage Funding Trust
2005-HE4, 0.88% due 07/25/301		7,627,337		7,290,079
Cent CLO 16, LP
2014-16AR, 3.50% due 08/01/241,4		7,250,000		7,250,725
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.62% due 07/10/17†††,1		7,183,502		7,026,902
Jasper CLO Ltd.
2005-1A, 1.15% due 08/01/171,4		7,000,000		6,888,000
N-Star REL CDO VIII Ltd.
2006-8A, 0.54% due 02/01/411,4		5,350,000		4,825,700
2006-8A, 0.47% due 02/01/411,4		2,032,118		1,994,117
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/484		3,976,311		4,027,208
2013-1A, 6.37% due 12/13/484		2,566,214		2,639,351
Emerald Aviation Finance Ltd.
2013-1, 6.35% due 10/15/384,7		6,380,208		6,475,911
Fortress Credit Opportunities V CLO Ltd.
2014-5A, 4.73% due 10/15/261,4		3,500,000		3,306,800
2014-5A, 3.78% due 10/15/261,4		3,000,000		2,913,300
SHACKLETON CLO Ltd.
2013-4A, 3.25% due 01/13/251,4		6,250,000		6,104,375
HSI Asset Securitization Corporation Trust
2005-OPT1, 0.59% due 11/25/351		7,320,000		6,031,892
CIT Mortgage Loan Trust
2007-1, 1.62% due 10/25/371,4		6,330,000		6,014,285

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.43% due 04/25/361	$	6,613,922	$	6,001,949
Dryden XXIII Senior Loan Fund
2014-23RA, 3.20% due 07/17/231,4		6,000,000		6,000,000
ALM VII R-2 Ltd.
2013-7R2A, 2.86% due 04/24/241,4		3,250,000		3,207,100
2013-7R2A, 3.71% due 04/24/241,4		2,500,000		2,453,750
ALM XIV Ltd.
2014-14A, 3.21% due 07/28/261,4		3,100,000		3,069,310
2014-14A, 3.71% due 07/28/261,4		2,500,000		2,374,000
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/374		5,336,747		5,350,089
Fortress Credit Opportunities III CLO, LP
2014-3A, 3.50% due 04/28/261,4		5,500,000		5,311,900
Neuberger Berman CLO XII Ltd.
2014-12AR, 3.36% due 07/25/231,4		5,300,000		5,273,500
Eagle I Ltd.
2014-1A, 5.29% due 12/15/394		5,167,969		5,211,380
Oak Hill Advisors Residential Loan Trust
2015-NPL1, 3.47% due 01/25/554		5,000,000		4,999,650
Atlas Senior Loan Fund IV Ltd.
2014-2A, 2.96% due 02/17/261,4		3,900,000		3,765,060
2014-2A, 3.71% due 02/17/261,4		1,210,000		1,141,998
OCP CLO Ltd.
2014-7A, 3.20% due 10/20/261,4		5,000,000		4,903,500
Mountain Hawk II CLO Ltd.
2013-2A, 3.41% due 07/22/241,4		2,750,000		2,511,300
2013-2A, 2.86% due 07/22/241,4		2,500,000		2,386,000
Golub Capital Partners CLO 24M Ltd.
2015-24A, 4.52% due 02/05/271,4		5,000,000		4,848,038
Cerberus Onshore II CLO-2 LLC
2014-1A, 3.63% due 10/15/231,4		2,500,000		2,440,750
2014-1A, 4.43% due 10/15/231,4		2,500,000		2,390,750
GSAA Home Equity Trust
2006-3, 0.47% due 03/25/361		6,690,102		4,790,595
Wrightwood Capital Real Estate CDO Ltd.
2005-1A, 0.69% due 11/21/401,4		5,000,000		4,743,000
Highland Park CDO I Ltd.
2006-1A, 0.59% due 11/25/511,4		4,875,394		4,656,002
NewStar Commercial Loan Trust
2007-1A, 2.56% due 09/30/221,4		4,000,000		3,693,200
2007-1A, 1.56% due 09/30/221,4		1,000,000		951,300
Soundview Home Loan Trust 2007-1
2007-1, 0.34% due 03/25/371		5,007,954		4,618,511
West CLO Ltd.
2013-1A, due 11/07/254,8		5,300,000		3,643,220

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
2013-1A, 3.16% due 11/07/251,4	$	1,000,000	$	968,200
Battalion CLO Ltd.
2007-1A, 2.40% due 07/14/221,4		4,600,000		4,490,060
NewStar Arlington Senior Loan Program LLC
2014-1A, 4.51% due 07/25/251,4		2,750,000		2,560,250
2014-1A, 3.56% due 07/25/251,4		2,000,000		1,916,400
Great Lakes CLO Ltd.
2014-1A, 3.95% due 04/15/251,4		3,000,000		2,938,200
2014-1A, 4.45% due 04/15/251,4		1,500,000		1,394,400
Copper River CLO Ltd.
2007-1A, due 01/20/211,4,8		8,150,000		4,186,655
Golub Capital Partners CLO 21M Ltd.
2014-21A, 3.53% due 10/25/261,4		4,300,000		4,142,190
Flagship CLO VI
2007-1A, 2.66% due 06/10/211,4		4,200,000		4,119,360
GSAA Home Equity Trust
2007-7, 0.44% due 07/25/371		4,855,654		4,100,003
BlueMountain CLO Ltd.
2012-2A, 4.36% due 11/20/241,4		4,100,000		4,077,860
Voya CLO Ltd.
2015-3AR, 4.21% due 10/15/221,4		4,000,000		4,002,800
Golub Capital Partners CLO 10 Ltd.
2014-10AR, 3.21% due 10/20/211,4		4,000,000		3,984,800
Oaktree EIF II Series A2 Ltd.
2014-A2, 3.50% due 11/15/251,4		4,000,000		3,975,600
Marathon CLO V Ltd.
2013-5A, due 02/21/254,8		4,000,000		3,970,400
Catamaran CLO Ltd.
2015-1A, 3.38% due 04/22/271,4		4,000,000		3,961,600
Saxon Asset Securities Trust
2005-4, 0.61% due 11/25/371		4,550,000		3,921,545
Rockwall CDO II Ltd.
2007-1A, 0.50% due 08/01/241,4		2,459,794		2,370,257
2007-1A, 0.80% due 08/01/241,4		1,500,000		1,398,750
Putnam Structured Product CDO Ltd.
2002-1A, 0.86% due 01/10/381,4		3,989,801		3,714,904
Grayson CLO Ltd.
2006-1A, 0.66% due 11/01/211,4		3,700,000		3,502,050
LCM XII, LP
2012-12A, 4.76% due 10/19/221,4		3,500,000		3,500,350
Banco Bradesco SA
2014-1B, 5.43% due 03/12/26†††,6		3,441,503		3,464,905
AMMC CLO XI Ltd.
2012-11A, due 10/30/234,8		5,650,000		3,436,895
Fifth Street Senior Loan Fund I LLC
2015-1A, 4.01% due 01/20/271,4		3,500,000		3,387,650
ACA CLO Ltd.
2007-1A, 1.20% due 06/15/221,4		3,550,000		3,383,150
First Franklin Mortgage Loan Trust
2006-FF1, 0.51% due 01/25/361		2,750,000		2,424,356

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
2006-FF1, 0.61% due 01/25/361	$	1,225,000	$	931,375
Ivy Hill Middle Market Credit Fund IX Ltd.
2014-9A, 3.54% due 10/18/251,4		3,500,000		3,342,150
Primus CLO II Ltd.
2007-2A, 1.20% due 07/15/211,4		3,500,000		3,267,250
DIVCORE CLO Ltd.
2013-1A B, 4.07% due 11/15/32		3,250,000		3,266,250
CIFC Funding 2012-I Ltd.
2014-1AR, 3.33% due 08/14/241,4		3,250,000		3,261,375
GSAA Home Equity Trust
2006-14, 0.42% due 09/25/361		5,288,848		3,251,758
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.76% due 04/25/261,4		2,200,000		2,136,200
2014-18A, 4.26% due 04/25/261,4		1,200,000		1,109,280
Duane Street CLO II Ltd.
2006-2A, 4.01% due 08/20/181,4		3,250,000		3,201,900
ALM VII R Ltd.
2013-7RA, 3.71% due 04/24/241,4		3,250,000		3,189,875
Oaktree EIF II Series A1 Ltd.
2015-B1A, 3.46% due 02/15/261,4		3,250,000		3,189,225
Drug Royalty II Limited Partnership 2
2014-1, 3.48% due 07/15/234		3,042,754		3,091,760
GSAA Home Equity Trust
2006-18, 6.00% due 11/25/367		4,578,062		3,062,998
Marathon CLO VII Ltd.
2014-7A, 3.73% due 10/28/251,4		3,000,000		3,009,000
Shackleton I CLO Ltd.
2012-1A, 5.01% due 08/14/231,4		3,000,000		2,999,700
CIFC Funding 2012-II Ltd.
2012-2A, 4.52% due 12/05/241,4		2,000,000		2,000,000
2012-2A, 3.27% due 12/05/241,4		1,000,000		986,900
ACIS CLO Ltd.
2015-6A, 3.63% due 05/01/271,4		3,000,000		2,977,800
Carlyle Global Market Strategies CLO 2012-2 Ltd.
2014-2AR, 4.16% due 07/20/231,4		3,000,000		2,977,500
Home Equity Asset Trust
2005-7, 0.62% due 01/25/361		3,250,000		2,939,430
Race Point V CLO Ltd.
2014-5AR, 3.99% due 12/15/221,4		2,900,000		2,893,910
Vibrant CLO II Ltd.
2013-2A, 3.01% due 07/24/241,4		3,000,000		2,891,100
Franklin CLO Ltd.
2007-6A, 2.51% due 08/09/191,4		3,000,000		2,889,000
Helios Series I Multi Asset CBO Ltd.
2001-1A, 1.19% due 12/13/361,4		3,075,483		2,885,418
Mountain Hawk III CLO Ltd.
2014-3A, 2.80% due 04/18/251,4		3,000,000		2,883,000
Sound Point CLO I Ltd.
2012-1A, 4.81% due 10/20/231,4		2,750,000		2,759,900
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 0.31% due 07/25/371,4		3,054,152		2,687,012

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Marathon CLO VI Ltd.
2014-6A, 3.11% due 05/13/251,4	$	2,750,000	$	2,664,200
ShackletonCLO Ltd.
2014-5A, 2.96% due 05/07/261,4		2,750,000		2,633,675
Fortress Credit BSL Ltd.
2013-1A, 3.15% due 01/19/251,4		2,750,000		2,633,400
Callidus Debt Partners CLO Fund VI Ltd.
2007-6A, 3.26% due 10/23/211,4		2,100,000		2,044,350
2007-6A, 1.51% due 10/23/211,4		500,000		480,250
Apidos CLO XX
2015-20A, 3.42% due 01/16/271,4		2,500,000		2,504,000
LCM X, LP
2014-10AR, 4.00% due 04/15/221,4		2,500,000		2,494,250
Gallatin CLO VII Ltd.
2014-1A, 4.01% due 07/15/231,4		2,500,000		2,465,750
Great Lakes CLO Ltd.
2012-1A, due 01/15/234,8		3,250,000		2,436,525
Westwood CDO II Ltd.
2007-2X, 2.05% due 04/25/22		1,550,000		1,476,065
2007-2A, 2.06% due 04/25/221,4		1,000,000		952,300
San Gabriel CLO Ltd.
2007-1A, 2.51% due 09/10/211,4		2,450,000		2,396,100
Finn Square CLO Ltd.
2012-1A, due 12/24/234,8		3,250,000		2,388,425
Keuka Park CLO Limited
2013-1A, due 10/21/244,8		3,000,000		2,372,100
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.26% due 12/20/181,4		2,376,000		2,330,143
Mountain Hawk I CLO Ltd.
2013-1A, 2.98% due 01/20/241,4		2,400,000		2,327,520
Octagon Loan Funding Ltd.
2014-1A, due 11/18/264,8		3,000,000		2,267,400
GSAA Trust
2005-10, 0.82% due 06/25/351		2,462,000		2,231,788
CIFC Funding Ltd.
2013-2A, 3.86% due 04/21/251,4		2,250,000		2,171,700
Venture XII CLO Ltd.
2013-12A, 3.91% due 02/28/241,4		2,250,000		2,163,600
Acis CLO Ltd.
2013-1A, 4.76% due 04/18/241,4		2,100,000		2,105,880
Gale Force 4 CLO Ltd.
2007-4A, 3.76% due 08/20/211,4		2,000,000		2,000,600
Ableco Capital LLC
2013-1, 4.92% due 05/31/191,6		2,000,000		2,000,000
Northwoods Capital VII Ltd.
2006-7A, 3.76% due 10/22/211,4		2,000,000		1,995,000
Neuberger Berman CLO XVIII Ltd.
2014-18A, 3.38% due 11/14/251,4		2,000,000		1,989,600
OHA Credit Partners VII Ltd.
2012-7A, 4.26% due 11/20/231,4		2,000,000		1,989,000
CIFC Funding Ltd.
2006-1BA, 4.26% due 12/22/201,4		2,000,000		1,984,000
OCP CLO Ltd.
2014-6A, 3.36% due 07/17/261,4		2,000,000		1,975,200

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Adirondack Park CLO Ltd.
2013-1A, 3.90% due 04/15/241,4	$	2,000,000	$	1,949,200
Salus CLO Ltd.
2013-1AN, 6.98% due 03/05/211,4		1,200,000		1,187,280
2013-1AN, 4.98% due 03/05/211,4		750,000		754,350
Lime Street CLO Corp.
2007-1A, 2.77% due 06/20/211,4		2,000,000		1,939,000
AMMC CLO XIV Ltd.
2014-14A, 3.06% due 07/27/261,4		2,000,000		1,937,600
Cerberus Onshore II CLO LLC
2014-1A, 3.75% due 10/15/231,4		1,000,000		975,900
2014-1A, 4.25% due 10/15/231,4		1,000,000		947,600
Churchill Financial Cayman Ltd.
2007-1A, 1.50% due 07/10/191,4		1,000,000		960,900
2007-1A, 2.85% due 07/10/191,4		1,000,000		942,600
Kingsland III Ltd.
2006-3A, 1.86% due 08/24/211,4		1,890,000		1,824,984
Regatta Funding Ltd.
2007-1X, 3.57% due 06/15/201		1,800,000		1,781,820
New Century Home Equity Loan Trust
2004-4, 0.97% due 02/25/351		1,974,581		1,770,214
Symphony CLO XV Ltd.
2014-15A, 3.40% due 10/17/261,4		1,750,000		1,749,825
Shackleton II CLO Ltd.
2012-2A, 4.31% due 10/20/231,4		1,750,000		1,717,800
CIFC Funding Ltd.
2014-1A, 3.05% due 04/18/251,4		1,750,000		1,708,000
Canyon Capital CLO Ltd.
2013-1A, 3.05% due 01/15/241,4		1,750,000		1,706,775
Madison Park Funding XI Ltd.
2013-11A, 3.76% due 10/23/251,4		1,750,000		1,683,500
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/411,4		1,692,385		1,682,061
Airplanes Pass Through Trust
2001-1A, 0.72% due 03/15/191		3,903,457		1,600,417
Telos CLO Ltd.
2007-2A, 2.45% due 04/15/221,4		1,650,000		1,592,085
MCF CLO IV LLC
2014-1A, 6.20% due 10/15/251,4		1,750,000		1,573,075
Landmark VIII CLO Ltd.
2006-8A, 1.71% due 10/19/201,4		1,650,000		1,569,810
OHA Park Avenue CLO I Ltd.
2007-1A, 3.52% due 03/14/221,4		1,575,695		1,525,745
Avalon IV Capital Ltd.
2014-1AR, 4.11% due 04/17/231,4		1,500,000		1,496,700
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 10/04/244,8		1,800,000		1,494,000
OZLM Funding V Ltd.
2013-5A, 3.23% due 01/17/261,4		1,500,000		1,482,600

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
New Century Home Equity Loan Trust
2005-1, 0.89% due 03/25/351	$	1,705,915	$	1,482,493
MCF CLO I LLC
2013-1A, 3.81% due 04/20/231,4		1,500,000		1,469,550
Black Diamond CLO Delaware Corp.
2005-1A, 2.17% due 06/20/171,4		1,500,000		1,468,350
Bacchus Ltd.
2006-1A, 1.81% due 01/20/191,4		1,500,000		1,468,050
Sands Point Funding Ltd.
2006-1A, 2.01% due 07/18/201,4		1,500,000		1,464,900
Steele Creek CLO Ltd.
2014-1A, 3.46% due 08/21/261,4		1,500,000		1,463,250
Greywolf CLO III Ltd.
2014-1A, 3.11% due 04/22/261,4		1,500,000		1,460,250
Black Diamond CLO Delaware Corp.
2005-2A, 2.07% due 01/07/181,4		1,500,000		1,458,150
Covenant Credit Partners CLO I Ltd.
2014-1A, 3.18% due 07/20/261,4		1,500,000		1,437,750
Figueroa CLO Ltd.
2013-2A, 4.00% due 12/18/251,4		1,500,000		1,423,950
Connecticut Valley Structured Credit CDO III Ltd.
2006-3A, 0.91% due 03/23/231,4		1,000,000		968,000
2006-3A, 6.68% due 03/23/234		441,767		439,116
TCW Global Project Fund III Ltd.
2005-1A, 0.91% due 09/01/171,4		860,193		834,387
2005-1A, 1.11% due 09/01/17†††,1,4		600,000		569,640
Kingsland IV Ltd.
2007-4A, 1.70% due 04/16/211,4		1,500,000		1,400,250
Structured Asset Investment Loan Trust
2005-2, 0.91% due 03/25/351		1,500,000		1,393,917
Duane Street CLO IV Ltd.
2007-4A, 2.51% due 11/14/211,4		1,400,000		1,363,460
Cerberus Offshore Levered I, LP
2012-1A, 6.27% due 11/30/181,4		1,350,000		1,350,540
Ares XXV CLO Ltd.
2013-3A, due 01/17/244,8		2,000,000		1,343,800
Asset Backed Securities Corporation Home Equity Loan Trust Series OOMC
2006-HE5, 0.31% due 07/25/361		1,471,403		1,317,923
TICP CLO II Ltd.
2014-2A, 3.26% due 07/20/261,4		1,300,000		1,276,080
ALM VI Ltd.
2012-6A, due 06/14/234,8		1,600,000		1,263,840
NewStar Commercial Loan Funding LLC
2014-1A, 5.01% due 04/20/251,4		1,250,000		1,250,000
Galaxy XII CLO Ltd.
2012-12A, 4.26% due 05/19/231,4		1,250,000		1,243,375
COA Summit CLO Ltd.
2014-1A, 4.10% due 04/20/231,4		1,250,000		1,240,875

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
GoldenTree Loan Opportunities III Ltd.
2007-3A, 3.45% due 05/01/221,4	$	1,250,000	$	1,214,500
Halcyon Loan Advisors Funding Ltd.
2012-2A, 3.12% due 12/20/241,4		1,250,000		1,212,500
ColumbusNova CLO Ltd.
2007-1A, 1.61% due 05/16/191,4		1,250,000		1,212,500
ICE EM CLO
2007-1A, 1.23% due 08/15/221,4		1,250,000		1,193,500
ARES CLO Ltd.
2013-1X, due 04/15/258		1,660,000		1,128,136
Tricadia Ltd.
2006-6A, 1.01% due 11/05/411,4		1,150,000		1,119,985
Black Diamond CLO 2006-1 Luxembourg S.A.
2007-1A, 0.94% due 04/29/191,4		1,100,000		1,041,150
Blade Engine Securitization Ltd.
2006-1A, 1.17% due 09/15/411		794,764		604,021
2006-1A, 3.17% due 09/15/411,4		1,029,910		415,981
Marathon CLO Ltd.
due 02/21/258		1,000,000		992,600
Katonah Ltd.
2007-10A, 2.26% due 04/17/201,4		1,000,000		987,600
Halcyon Loan Advisors Funding Ltd.
2012-1A, 3.26% due 08/15/231,4		1,000,000		976,500
Palmer Square CLO Ltd.
2014-1A, 2.81% due 10/17/221,4		1,000,000		975,600
OHA Loan Funding Ltd.
2013-1A, 3.86% due 07/23/251,4		1,000,000		974,400
Gleneagles CLO Ltd.
2005-1A, 1.15% due 11/01/171,4		1,000,000		974,400
Halcyon Loan Investors CLO I, Inc.
2006-1A, 3.76% due 11/20/201,4		1,000,000		970,200
ACAS CLO Ltd.
2013-1A, 3.01% due 04/20/251,4		1,000,000		970,200
Cavalry CLO II
2013-2A, 4.25% due 01/17/241,4		1,000,000		967,800
Pangaea CLO Ltd.
2007-1A, 0.76% due 10/21/211,4		1,000,000		964,400
Halcyon Loan Investors CLO II, Inc.
2007-2A, 1.66% due 04/24/211,4		1,000,000		963,600
CIFC Funding Ltd.
2013-4A, 3.76% due 11/27/241,4		1,000,000		959,000
WhiteHorse VIII Ltd.
2014-1A, 3.01% due 05/01/261,4		1,000,000		943,800
Eastland CLO Ltd.
2007-1A, 0.65% due 05/01/221,4		1,000,000		940,200
MCF CLO III LLC
2014-3A, 3.46% due 01/20/241,4		1,000,000		916,400
Aames Mortgage Investment Trust
2006-1, 0.49% due 04/25/361		919,397		901,379
Fortress Credit Opportunities
2005-1A, 0.59% due 07/15/191,4		940,428		854,379

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.47% due 11/14/331,4	$	945,789	$	803,921
KKR Financial CLO Ltd.
2007-1X, 5.25% due 05/15/21		800,000		799,120
Central Park CLO Ltd.
2011-1A, 3.46% due 07/23/221,4		750,000		749,175
Garrison Funding Ltd.
2013-2A, 4.88% due 09/25/231,4		750,000		743,100
Venture XV CLO Ltd.
2013-15A, 3.35% due 07/15/251,4		750,000		741,600
Octagon Investment Partners XV Ltd.
2013-1A, 3.11% due 01/19/251,4		750,000		739,650
Venture XIV CLO Ltd.
2013-14A, 3.01% due 08/28/251,4		750,000		727,050
Westwood CDO I Ltd.
2007-1A, 0.94% due 03/25/211,4		700,000		660,100
Asset Backed Securities Corporation Home Equity Loan Trust Series
2004-HE8, 1.22% due 12/25/341		680,993		653,827
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/371,4		613,950		558,695
Aerco Ltd.
2000-2A, 0.63% due 07/15/251		1,143,801		465,413
Credit Card Pass-Through Trust
2012-BIZ, 0.00% due 12/15/49†††,3,4		509,332		450,097
TCW Global Project Fund II Ltd.
2004-1A, 1.60% due 06/24/161,4		308,984		297,397
Marathon CLO II Ltd.
2005-2A, due 12/20/194,8		2,250,000		264,150
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.44% due 07/09/171		260,000		252,486
Diversified Asset Securitization Holdings II, LP
2000-1A, 0.76% due 09/15/351,4		230,254		226,316
Drug Royalty Limited Partnership 1
2012-1, 5.50% due 07/15/241,4		188,308		193,759
Vega Containervessel plc
2006-1A, 5.56% due 02/10/214		123,365		122,094
BlackRock Senior Income Series Corp.
2004-1X, due 09/15/16†††,8		2,400,000		240
Total Asset-Backed Securities
(Cost $1,083,048,268)				1,090,960,401
SENIOR FLOATING RATE INTERESTS††,1,11 - 20.0%
INDUSTRIAL - 4.4%
Travelport Holdings LLC
5.75% due 09/02/21		28,827,750		29,064,425
CareCore National LLC
5.50% due 03/05/21		8,004,325		8,044,347
Rise Ltd.
4.74% due 02/12/39		6,526,042		6,574,987
Gates Global, Inc.
4.25% due 07/05/21		6,481,864		6,453,538
Nord Anglia Education Finance LLC
4.50% due 03/31/21		4,122,237		4,122,237

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Connolly Corp.
5.00% due 05/14/21	$	3,991,645	$	4,009,128
SIRVA Worldwide, Inc.
7.50% due 03/27/19		3,822,000		3,802,890
AABS Ltd.
4.87% due 01/15/38		3,428,507		3,488,506
Hardware Holdings LLC
6.75% due 03/30/206		3,482,500		3,378,025
Brickman Group Holdings, Inc.
4.00% due 12/18/20		3,327,067		3,309,500
GYP Holdings III Corp.
4.75% due 04/01/21		3,279,240		3,191,127
NVA Holdings, Inc.
4.99% due 08/14/21		2,347,125		2,347,125
8.00% due 08/14/22		750,000		750,000
Berlin Packaging LLC
4.50% due 10/01/21		2,936,497		2,939,551
Mast Global
8.75% due 09/12/19†††,6		2,915,195		2,893,146
Flakt Woods
2.63% due 03/20/17†††,6	EUR	2,664,741		2,806,965
AlliedBarton Security Services LLC
4.25% due 02/12/21		2,712,378		2,710,127
syncreon
5.25% due 10/28/20		2,814,375		2,694,764
Goodpack Ltd.
4.75% due 09/09/21		2,550,000		2,543,625
Pro Mach Group, Inc.
5.50% due 10/22/21		2,500,000		2,513,750
Knowledge Learning Corp.
5.25% due 03/18/21		2,376,000		2,395,792
Thermasys Corp.
5.25% due 05/03/19		2,319,625		2,313,826
MRC Global, Inc.
5.00% due 11/08/19		2,216,250		2,125,384
SIG Onex Wizard Acquisition
5.25% due 03/11/22		2,000,000		2,016,240
Ceva Logistics US Holdings
6.50% due 03/19/21		1,989,754		1,859,584
Power Borrower, LLC
4.25% due 05/06/20		1,479,176		1,464,385
8.25% due 11/06/20		275,000		267,438
Survitec
8.00% due 02/24/22	GBP	1,125,000		1,671,201
Ceva Group plc (United Kingdom)
6.50% due 03/19/21		1,381,773		1,291,378
due 03/19/198		200,000		167,638
Dematic S.A.
4.25% due 12/28/19		1,418,046		1,413,324
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		1,442,571		1,348,198
CPM Acquisition Corp.
6.25% due 08/29/17		766,545		766,545
10.25% due 03/01/18		450,000		450,000
API Technologies Corp.
9.00% due 02/06/18†††,6		1,199,502		1,190,386
Hillman Group, Inc.
4.50% due 06/30/21		794,000		799,622
3.48% due 06/13/196		414,286		375,617
SI Organization
5.75% due 11/23/19		1,121,958		1,125,885
Constantinople Acquisition GmbH
4.75% due 02/25/22		1,000,000		998,440
Element Materials Technology
5.25% due 08/06/21		995,000		995,000
US Infrastructure Corp.
4.00% due 07/10/20		1,000,000		992,500
Exopack Holdings SA
5.25% due 05/08/19		987,500		991,618
Mitchell International, Inc.
8.50% due 10/11/21		900,000		890,811
V.Group Ltd.
5.00% due 06/25/21		794,000		797,311
Capstone Logistics
5.50% due 10/07/21		798,000		794,010

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Hunter Defense Technologies
6.50% due 08/05/19	$	780,000	$	780,000
NANA Development Corp.
8.00% due 03/15/186		780,000		746,850
Doncasters Group Ltd.
9.50% due 10/09/20		744,828		741,103
Hunter Fan Co.
6.50% due 12/20/176		573,821		568,082
Headwaters, Inc.
4.50% due 03/11/22		500,000		501,875
Tank Holdings Corp.
5.25% due 03/11/22		500,000		501,250
Douglas Dynamics, LLC
5.25% due 12/31/21		498,750		499,997
VAT Holding AG
4.75% due 02/11/21		495,000		492,936
Multiplan, Inc.
3.75% due 03/31/21		483,750		481,936
Waste Industries USA, Inc.
4.25% due 02/27/20		300,000		300,843
Landmark Aviation (US)
4.75% due 10/25/19		288,548		288,692
Ceva Logistics Canada, ULC
6.50% due 03/19/21		248,719		232,448
Camp Systems International
8.25% due 11/29/19		120,000		119,700
Landmark Aviation (CAD)
4.75% due 10/25/19		11,452		11,458
Total Industrial				133,407,066
CONSUMER, CYCLICAL - 3.5%
Sears Holdings Corp.
5.50% due 06/30/18		6,568,335		6,463,635
Sky Bet
6.50% due 02/25/22	GBP	3,700,000		5,468,947
American Tire Distributors, Inc.
5.25% due 09/24/21		2,763,181		2,773,543
7.00% due 06/01/18		2,456,976		2,456,976
Burger King Corp.
4.50% due 10/27/21		4,955,852		5,002,635
Eyemart Express
5.00% due 12/18/21		4,750,000		4,773,750
Neiman Marcus Group, Inc.
4.25% due 10/25/20		4,744,331		4,725,638
National Vision, Inc.
4.00% due 03/12/21		4,076,375		4,027,132
6.75% due 03/11/22		650,000		632,125
Landry’s, Inc.
4.00% due 04/24/18		4,528,384		4,534,045
Advantage Sales & Marketing, Inc.
4.25% due 07/23/216		4,389,000		4,382,899
PetSmart, Inc.
5.00% due 03/11/22		4,000,000		4,028,920
ServiceMaster Co.
4.25% due 07/01/21		3,734,750		3,716,076
Mattress Firm
5.25% due 10/20/21		3,341,625		3,362,510
Hilton Worldwide Holdings, Inc.
3.50% due 10/26/20		3,328,431		3,331,460
Ipreo Holdings
4.25% due 08/06/21		3,096,875		3,069,777
Party City Holdings, Inc.
4.00% due 07/27/19		2,650,000		2,645,575
J. Crew Group, Inc.
4.00% due 03/05/21		2,508,180		2,322,023
CHG Healthcare Services, Inc.
4.25% due 11/19/19		2,288,342		2,292,347
Fitness International LLC
5.50% due 07/01/20		2,382,746		2,215,954
Men’s Wearhouse
4.50% due 06/18/21		2,189,748		2,197,960
Ceridian Corp.
4.50% due 09/15/20		2,213,095		2,178,527
Dealer Tire LLC
5.50% due 12/22/21		1,995,000		2,021,194
IntraWest Holdings S.à r.l.
5.50% due 12/09/20		1,912,497		1,923,858

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
1-800 Contacts, Inc.
4.25% due 01/29/21	$	1,863,496	$	1,856,508
Burlington Coat Factory Warehouse Corp.
4.25% due 08/13/21		1,799,125		1,808,876
Capital Automotive LP
6.00% due 04/30/20		1,770,000		1,796,550
Compucom Systems, Inc.
4.25% due 05/07/20		1,930,000		1,794,900
Stuart Weitzman Acquisition Co.
4.50% due 04/08/206		1,786,500		1,784,267
Nassa Midco AS
4.25% due 05/14/21	EUR	1,650,000		1,779,996
Kate Spade & Co.
4.00% due 04/09/21		1,645,865		1,643,116
Ollies Bargain Outlet
4.75% due 09/28/19		1,502,706		1,487,679
Southern Graphics, Inc.
4.25% due 10/17/19		1,475,063		1,472,304
TI Automotive Ltd.
4.25% due 07/02/21		1,280,325		1,278,725
Alexander Mann Solutions Ltd.
5.75% due 12/20/19		1,283,750		1,270,913
BBB Industries, LLC
6.00% due 11/03/21		1,000,000		998,750
4.18% due 10/17/196		212,500		185,274
Jacobs Entertainment, Inc.
5.25% due 10/29/18		1,204,799		1,168,655
BJ’s Wholesale Club, Inc.
4.50% due 09/26/19		1,147,096		1,146,580
California Pizza Kitchen, Inc.
5.25% due 03/29/18		939,045		913,456
Warner Music Group
3.75% due 07/01/20		848,861		827,639
GCA Services Group, Inc.
9.25% due 11/01/20		440,000		435,600
4.30% due 11/01/19		305,960		305,960
Armored AutoGroup, Inc.
6.00% due 11/05/16		614,197		614,965
Fleetpride Corp.
5.25% due 11/19/19		607,741		602,423
Dave & Busters, Inc.
4.25% due 07/27/20		588,208		589,860
Equinox Fitness
5.00% due 01/31/20		548,618		549,990
Packers Holdings
5.00% due 12/02/21		500,000		503,125
Container Store, Inc.
4.25% due 04/06/19		329,196		327,550
Navistar, Inc.
5.75% due 08/17/17		298,611		299,731
Arby’s
4.75% due 11/15/20		197,500		197,994
CKX Entertainment, Inc.
9.00% due 06/21/176		43,475		30,433
Total Consumer, Cyclical				108,219,325
CONSUMER, NON-CYCLICAL - 3.1%
Albertson’s (Safeway) Holdings LLC
5.50% due 08/25/21		28,500,000		28,725,719
5.00% due 08/26/19		9,000,000		9,052,919
One Call Medical, Inc.
5.00% due 11/27/20		6,174,312		6,171,719
Dollar Tree, Inc.
4.25% due 03/09/22		4,750,000		4,798,165
Performance Food Group
6.25% due 11/14/19		4,052,917		4,056,281
Harvard Drug
5.00% due 08/16/20		3,998,876		3,968,884
Valeant Pharmaceuticals International, Inc.
4.00% due 03/11/22		3,397,590		3,411,860
Grocery Outlet, Inc.
5.75% due 10/21/21		3,042,375		3,051,898
Heinz (H.J.) Co.
3.25% due 06/05/20		2,985,384		2,989,086
Continental Foods
4.27% due 08/20/21	EUR	2,000,000		2,157,700
Dole Food Company, Inc.
4.50% due 11/01/18		1,946,154		1,950,417

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Reddy Ice Holdings, Inc.
6.75% due 04/01/196	$	1,078,491	$	943,680
10.75% due 10/01/196		1,125,000		855,000
AdvancePierre Foods, Inc.
9.50% due 10/10/17		1,006,000		1,007,258
5.75% due 07/10/17		730,680		731,286
Diamond Foods, Inc.
4.25% due 08/20/18		1,731,759		1,729,058
Arctic Glacier Holdings, Inc.
6.00% due 05/10/19		1,538,046		1,526,511
Phillips-Medsize Corp.
4.75% due 06/16/21		1,489,247		1,486,760
Hearthside Foods
4.50% due 06/02/21		1,389,500		1,397,031
Authentic Brands
5.50% due 05/27/21		1,389,500		1,390,653
DJO Finance LLC
4.25% due 09/15/17		1,222,031		1,224,170
CTI Foods Holding Co. LLC
8.25% due 06/28/21		1,205,000		1,183,913
NES Global Talent
6.50% due 10/03/19		1,129,792		1,073,302
Nellson Nutraceutical (US)
6.00% due 12/23/21		1,041,667		1,036,896
INC Research
4.50% due 11/15/21		997,500		1,003,734
Winebow, Inc.
4.75% due 07/01/21		992,500		979,677
Nellson Nutraceutical (CAD)
6.00% due 12/23/21		958,333		953,944
Akorn, Inc.
4.50% due 04/16/21		845,750		848,397
Par Pharmaceuticals
4.25% due 09/30/19		798,250		797,252
Fender Musical Instruments Corp.
5.75% due 04/03/19		614,250		612,205
Mitel Networks Corp.
5.25% due 01/31/20		575,391		575,270
Hostess Brands
6.75% due 04/09/20		559,350		568,439
Catalent Pharma Solutions, Inc.
4.25% due 05/20/21		354,224		355,598
PPDI
4.00% due 12/05/18		349,107		348,961
Targus Group International, Inc.
14.75% due 05/24/166		223,630		177,226
Rite Aid Corp.
5.75% due 08/21/20		100,000		101,000
VWR Funding, Inc.
3.43% due 04/03/17		50,539		50,445
Total Consumer, Non-cyclical				93,292,314
COMMUNICATIONS - 2.8%
Univision Communications, Inc.
4.00% due 03/01/20		22,626,562		22,572,739
Avaya, Inc.
4.68% due 10/26/17		13,877,677		13,647,446
6.50% due 03/31/18		8,757,187		8,729,251
Charter Communications Operating LLC
4.25% due 09/10/21		8,000,000		8,062,240
Ziggo BV
3.50% due 01/15/22		6,450,000		6,406,978
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		6,381,476		6,399,727
Anaren, Inc.
5.50% due 02/18/21		1,975,000		1,970,063
9.25% due 08/18/21		1,500,000		1,485,000
Interactive Data Corp.
4.75% due 05/02/21		2,282,750		2,291,790
Proquest LLC
5.25% due 10/24/21		2,000,000		2,001,880
Cumulus Media, Inc.
4.25% due 12/23/20		1,739,922		1,706,429
Lions Gate Entertainment Corp.
5.00% due 03/11/22		1,700,000		1,701,411

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Springer Science + Business Media SA
4.75% due 08/14/20	$	1,500,000	$	1,501,875
Gogo LLC
11.25% due 03/21/186		1,018,237		1,038,602
7.50% due 03/21/18		475,783		456,752
Bureau van Dijk Electronic Publishing BV
5.06% due 09/20/21	GBP	1,000,000		1,488,479
MergerMarket Ltd.
4.50% due 02/04/21		1,188,995		1,153,325
GCI Holdings
4.75% due 02/02/22		900,000		900,000
Liberty Cablevision of Puerto Rico LLC
4.50% due 01/07/22		600,000		596,628
Asurion Corp.
4.25% due 07/08/20		498,731		497,050
Internet Brands
5.00% due 07/08/21		198,739		198,429
Total Communications				84,806,094
TECHNOLOGY - 2.6%
TIBCO Software, Inc.
6.50% due 12/04/20		8,800,000		8,791,727
Advanced Computer Software
10.50% due 01/31/23		4,750,000		4,560,000
6.50% due 01/31/22		3,500,000		3,451,875
Telx Group
4.50% due 04/09/20		4,848,789		4,816,447
7.50% due 04/09/21		875,000		862,969
Micro Focus International plc
5.25% due 11/19/21		4,692,647		4,699,686
Greenway Medical Technologies
6.00% due 11/04/206		3,604,375		3,604,375
9.25% due 11/04/216		550,000		536,250
Sabre, Inc.
4.00% due 02/19/19		3,305,924		3,305,924
4.50% due 02/19/19		248,737		248,675
Avago Technologies Ltd.
3.75% due 05/06/21		3,462,724		3,467,710
Blue Coat Systems, Inc.
4.00% due 05/31/19		3,215,197		3,212,529
P2 Energy Solutions
5.00% due 10/30/20		2,494,868		2,416,903
9.00% due 04/30/21		600,000		552,000
Deltek, Inc.
4.50% due 10/10/18		2,768,967		2,773,286
Renaissance Learning Corp.
4.50% due 04/09/21		2,831,611		2,770,250
EIG Investors Corp.
5.00% due 11/09/19		2,727,890		2,736,428
Wall Street Systems
4.50% due 04/30/21		2,576,087		2,561,609
LANDesk Group, Inc.
5.00% due 02/25/20		2,415,357		2,409,319
Mirion Technologies
5.75% due 01/26/22		2,250,000		2,257,313
Active Network, Inc., The
5.50% due 11/13/20		2,062,373		2,052,928
Sparta Holding Corp.
7.50% due 07/28/20†††		1,895,250		1,878,193
Sophos
5.00% due 01/29/21		1,576,040		1,579,318
Evergreen Skill
5.75% due 04/28/21		1,551,050		1,531,662
Sophia, LP
4.00% due 07/19/18		1,438,639		1,436,481
Data Device Corp.
5.75% due 07/15/20		1,275,625		1,266,058
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		1,185,000		1,176,113
Flexera Software LLC
4.50% due 04/02/20		828,033		825,963
8.00% due 04/02/21		350,000		341,250
Go Daddy Operating Company, LLC
4.75% due 05/13/21		1,129,894		1,133,770
Aspect Software, Inc.
7.25% due 05/07/16		1,135,931		1,130,251

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Eze Castle Software, Inc.
4.00% due 04/06/20	$	700,000	$	695,919
7.25% due 04/05/21		400,000		376,000
ION Trading Technologies Ltd.
4.50% due 06/10/21	EUR	900,000		972,164
Infor, Inc.
3.75% due 06/03/20		800,000		792,128
Quorum Business Solutions
5.75% due 08/07/21		668,325		653,288
Paradigm Ltd
4.75% due 07/30/196		729,674		653,058
Hyland Software, Inc.
4.75% due 02/19/21		633,600		636,768
CCC Information Services, Inc.
4.00% due 12/20/19		299,235		297,739
Total Technology				79,464,326
FINANCIAL - 1.8%
Intertrust Group
4.53% due 04/16/21		4,760,000		4,752,051
7.28% due 04/11/22		1,900,000		1,891,298
Corporate Capital Trust
4.00% due 05/20/19		4,993,883		4,993,882
National Financial Partners Corp.
4.50% due 07/01/20		3,939,977		3,926,029
4.42% due 07/01/186		703,704		639,323
Magic Newco, LLC
5.00% due 12/12/18		3,389,231		3,391,636
12.00% due 06/12/19		1,075,000		1,169,063
Lineage Logistics LLC
4.50% due 04/07/21		4,399,580		4,358,356
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		2,793,029		2,775,573
10.50% due 08/28/19†††,6		1,400,000		1,390,340
AssuredPartners
5.00% due 04/02/21		3,986,241		3,973,804
7.75% due 04/02/22		199,500		191,520
Hyperion Insurance
5.50% due 03/26/22		3,300,000		3,316,500
First Data Corp.
3.67% due 03/23/18		3,110,000		3,106,890
4.17% due 03/24/21		178,213		178,658
York Risk Services
4.75% due 10/01/21		2,987,743		2,975,284
Transunion Holding Co.
4.00% due 04/09/21		2,772,544		2,770,825
USI Holdings Corp.
4.25% due 12/27/19		2,282,525		2,283,484
Expert Global Solutions
8.50% due 04/03/18		2,152,660		2,146,375
American Stock Transfer & Trust
5.75% due 06/26/20		1,586,512		1,578,579
DTZ US Borrower, LLC
5.50% due 11/04/21		1,000,000		1,005,000
HUB International Ltd.
4.00% due 10/02/20		800,000		792,856
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		684,250		672,276
9.25% due 06/10/20		116,932		113,132
HDV Holdings
5.75% due 09/17/206		790,000		782,179
Genex Services, Inc.
5.25% due 05/28/21		694,750		695,618
Total Financial				55,870,531
BASIC MATERIALS - 1.4%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		34,332,192		30,949,785
Atkore International, Inc.
4.50% due 04/09/21		1,985,000		1,965,150
7.75% due 10/09/21		850,000		820,250
Ennis-Flint
4.25% due 03/31/21		1,980,000		1,942,875
7.75% due 09/30/21		550,000		495,000

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Noranda Aluminum Acquisition Corp.
5.75% due 02/28/19	$	2,382,362	$	2,215,597
Orica Chemicals
7.25% due 02/28/22		1,000,000		980,000
Royal Adhesives and Sealants
5.50% due 07/31/18		900,394		902,645
Hoffmaster Group, Inc.
5.25% due 05/09/20		498,744		500,823
6.37% due 05/09/196		142,857		129,183
INEOS US Finance LLC
4.25% due 03/11/22		600,000		600,150
Chromaflo Technologies
4.50% due 12/02/19		398,990		395,000
Total Basic Materials				41,896,458
UTILITIES - 0.2%
Veresen Midstream LP
6.00% due 04/01/22		2,700,000		2,695,275
Expro Holdings UK 3 Ltd.
5.75% due 09/02/21		1,795,500		1,524,900
Southeast PowerGen LLC
4.50% due 12/02/21		997,500		1,002,488
Panda Temple II Power
7.25% due 04/03/19		1,000,000		975,000
Texas Competitive Electric Holdings Company LLC
3.75% due 05/05/16		733,663		737,104
Total Utilities				6,934,767
ENERGY - 0.2%
Dynegy, Inc.
4.00% due 04/23/20		1,994,924		1,997,736
FTS International
5.75% due 04/16/21		2,572,727		1,985,837
Cactus Wellhead
7.00% due 07/31/20		1,492,500		910,425
PSS Companies
5.50% due 01/28/20		868,253		681,578
Magnum Hunter Resources
8.50% due 10/22/19		456,453		449,415
Total Energy				6,024,991
Total Senior Floating Rate Interests
(Cost $612,341,133)				609,915,872
CORPORATE BONDS††,11 - 19.2%
FINANCIAL - 9.5%
Bank of America Corp.
6.25%1,2,9		19,150,000		19,509,062
5.13%1,2,9		16,450,000		16,160,480
6.10%1,2		15,000,000		15,215,625
6.50%1,2		1,900,000		2,009,250
Citigroup, Inc.
5.88%1,2,9		16,580,000		16,745,799
5.80%1,2,9		14,850,000		14,887,125
6.30%1,2,9		8,000,000		8,170,000
5.35%1,2,9		6,895,000		6,670,913
5.95%1,2		6,300,000		6,378,750
JPMorgan Chase & Co.
5.00%1,2,9		20,490,000		20,130,400
5.15%1,2,9		8,875,000		8,664,219
6.10%1,2		2,000,000		2,060,000
SunTrust Banks, Inc.
5.63%1,2,9		29,000,000		29,561,875
HRG Group, Inc.
7.88% due 07/15/199		15,971,000		16,809,478
Fifth Third Bancorp
5.10%1,2,9		11,720,000		11,134,000
4.90%1,2		3,000,000		2,898,750
HSBC Holdings plc
5.63%1,2,9		8,850,000		8,932,969
6.37%1,2		2,850,000		2,910,563
6.38%1,2		1,500,000		1,533,750
Nordea Bank AB
5.50%1,2,4,9		6,400,000		6,504,000
6.13%1,2,4		5,050,000		5,210,994
Morgan Stanley
5.55%1,2,9		11,000,000		11,110,000
Jefferies Finance LLC / JFIN Company-Issuer Corp.
7.37% due 04/01/204		5,575,000		5,407,750

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
7.50% due 04/15/214	$	2,550,000	$	2,460,750
6.87% due 04/15/224		1,100,000		1,023,000
Oxford Finance LLC / Oxford Finance Company-Issuer, Inc.
7.25% due 01/15/184,9		6,926,000		7,133,780
CIC Receivables Master Trust
4.89% due 10/07/21†††		6,500,000		6,651,450
Wilton Re Finance LLC
5.88% due 03/30/331,4		5,750,000		6,211,731
Customers Bank
6.13% due 06/26/291,4		6,000,000		6,165,000
Citizens Financial Group, Inc.
5.50%1,2,4		5,000,000		5,000,000
Cadence Financial Corp.
4.88% due 06/28/1912		4,000,000		4,038,240
Barclays plc
8.25%1,2		3,150,000		3,374,960
Univest Corporation of Pennsylvania
5.10% due 03/30/251,6		2,500,000		2,500,683
QBE Capital Funding III Ltd.
7.25% due 05/24/411,4		1,650,000		1,835,625
Credit Suisse Group AG
6.25%1,2,4		1,845,000		1,812,713
Jefferies LoanCore LLC / JLC Finance Corp.
6.87% due 06/01/204		1,700,000		1,576,750
Prosight Global Inc.
7.50% due 11/26/20†††,6		850,000		890,885
LCP Dakota Fund
10.00% due 08/17/156		69,000		68,979
Total Financial				289,360,298
ENERGY - 2.0%
ContourGlobal Power Holdings S.A.
7.12% due 06/01/194,9		10,150,000		10,353,000
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/19		7,200,000		7,481,519
6.25% due 04/01/23		1,500,000		1,515,000
Exterran Holdings, Inc.
7.25% due 12/01/189		6,432,000		6,496,320
CONSOL Energy, Inc.
8.00% due 04/01/23		5,950,000		5,868,188
Penn Virginia Resource Partners Limited Partnership / Penn Virginia Resource Finance Corp.
8.37% due 06/01/20		3,999,000		4,358,910
Sabine Pass Liquefaction LLC
5.62% due 03/01/254		3,800,000		3,757,250
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
9.25% due 08/15/21		3,860,000		2,663,400
7.75% due 01/15/21		1,350,000		918,000
Comstock Resources, Inc.
10.00% due 03/15/204		2,800,000		2,709,000
Gibson Energy, Inc.
6.75% due 07/15/214		2,340,000		2,386,800
Schahin II Finance Company SPV Ltd.
5.87% due 09/25/224,9		3,344,367		2,021,670
Unit Corp.
6.62% due 05/15/21		2,100,000		1,974,000
Antero Resources Corp.
5.63% due 06/01/23		1,800,000		1,782,000
TerraForm Power Operating LLC
5.87% due 02/01/234		1,600,000		1,660,000
Carrizo Oil & Gas, Inc.
7.50% due 09/15/20		1,500,000		1,541,250

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Odebrecht Offshore Drilling Finance Ltd.
6.62% due 10/01/2212	$	1,186,250	$	907,481
Sunoco Limited Partnership / Sunoco Finance Corp.
6.38% due 04/01/23		800,000		824,000
Northern Oil and Gas, Inc.
8.00% due 06/01/20		800,000		710,000
IronGate Energy Services LLC
11.00% due 07/01/1812		600,000		396,000
Total Energy				60,323,788
CONSUMER, NON-CYCLICAL - 1.8%
Vector Group Ltd.
7.75% due 02/15/219		17,210,000		18,307,138
FTI Consulting, Inc.
6.75% due 10/01/209		10,634,000		11,218,870
Opal Acquisition, Inc.
8.87% due 12/15/214,9		7,675,000		7,809,313
Central Garden & Pet Co.
8.25% due 03/01/189		7,325,000		7,494,427
VRX Escrow Corp.
5.88% due 05/15/234		3,050,000		3,126,250
5.38% due 03/15/204		2,700,000		2,723,625
Physio-Control International, Inc.
9.87% due 01/15/194		2,358,000		2,505,375
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.
7.87% due 10/01/224		2,000,000		1,965,000
KeHE Distributors LLC / KeHE Finance Corp.
7.62% due 08/15/214		625,000		663,281
Premier Foods Finance plc
5.56% due 03/16/201,12		GBP 150,000		198,068
Total Consumer, Non-cyclical				56,011,347
COMMUNICATIONS - 1.5%
MDC Partners, Inc.
6.75% due 04/01/204,9		9,000,000		9,483,749
Avaya, Inc.
7.00% due 04/01/194,9		8,605,000		8,540,462
Zayo Group LLC / Zayo Capital, Inc.
6.00% due 04/01/239		7,500,000		7,537,500
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
9.75% due 04/01/21		4,775,000		5,276,375
WMG Acquisition Corp.
6.75% due 04/15/224		3,925,000		3,718,938
Sprint Corp.
7.62% due 02/15/25		2,600,000		2,587,000
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/174		2,495,000		2,582,325
Sprint Communications, Inc.
7.00% due 03/01/204		1,900,000		2,094,750
CenturyLink, Inc.
5.63% due 04/01/25		1,150,000		1,154,313
GCI, Inc.
6.88% due 04/15/25		765,000		770,738
Level 3 Financing, Inc.
9.38% due 04/01/19		500,000		523,440
Expo Event Transco, Inc.
9.00% due 06/15/214		400,000		409,000
Altice Financing S.A.
6.63% due 02/15/234		350,000		360,500
Total Communications				45,039,090
INDUSTRIAL - 1.5%
Quality Distribution LLC / QD Capital Corp.
9.88% due 11/01/189		9,551,000		10,004,672
Xefin Lux SCA
3.79% due 06/01/19		EUR 5,000,000		5,381,618

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
7.12% due 04/15/19	$	4,950,000	$	5,129,438
Dynagas LNG Partners Limited Partnership / Dynagas Finance, Inc.
6.25% due 10/30/19		5,950,000		5,117,000
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer
7.87% due 08/15/19		3,500,000		3,696,875
CEVA Group plc
7.00% due 03/01/214		2,625,000		2,546,250
Reliance Intermediate Holdings, LP
6.50% due 04/01/234		2,250,000		2,300,625
Skyway Concession Company LLC
0.65% due 06/30/261,4		2,500,000		2,075,000
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/274		1,928,444		1,957,370
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,6		1,650,000		1,689,435
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.87% due 01/15/17		1,340,000		1,381,875
Ultra Resources, Inc.
4.51% due 10/12/20†††,6		1,500,000		1,374,300
SBM Baleia Azul
5.50% due 09/15/27†††,6		984,720		740,805
LMI Aerospace, Inc.
7.37% due 07/15/194		600,000		604,500
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/194		500,000		502,500
Novelis, Inc.
8.38% due 12/15/17		450,000		470,250
Total Industrial				44,972,513
CONSUMER, CYCLICAL - 1.4%
GRD Holdings III Corp.
10.75% due 06/01/194,9		11,205,000		12,185,437
Bumble Bee Holdings, Inc.
9.00% due 12/15/174,9		6,287,000		6,601,350
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/254,9		6,250,000		6,328,124
Men’s Wearhouse, Inc.
7.00% due 07/01/224,9		3,150,000		3,315,375
Sabre GLBL, Inc.
8.50% due 05/15/194		2,990,000		3,194,666
Rite Aid Corp.
6.13% due 04/01/23		2,500,000		2,562,500
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/196		2,132,423		2,169,740
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/174		1,800,000		1,958,616
WMG Acquisition Corp.
6.00% due 01/15/214		1,450,000		1,479,000
Seminole Hard Rock Entertainment Incorporated / Seminole Hard Rock International LLC
5.88% due 05/15/214		900,000		903,375
Argos Merger Sub, Inc.
7.12% due 03/15/234		500,000		518,125
PF Chang’s China Bistro, Inc.
10.25% due 06/30/204		465,000		481,275

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
Guitar Center, Inc.
6.50% due 04/15/194	$	285,000	$	248,663
Total Consumer, Cyclical				41,946,246
TECHNOLOGY - 0.6%
Infor US, Inc.
9.37% due 04/01/199		8,180,000		8,771,413
6.50% due 05/15/22		2,750,000		2,818,750
First Data Corp.
7.37% due 06/15/194		1,779,000		1,859,055
8.75% due 01/15/224		1,250,000		1,345,313
Eagle Midco, Inc.
9.00% due 06/15/184		3,050,000		3,107,188
Epicor Software Corp.
8.62% due 05/01/19		1,596,000		1,667,820
Open Text Corp.
5.63% due 01/15/234		1,000,000		1,037,500
Total Technology				20,607,039
BASIC MATERIALS - 0.4%
TPC Group, Inc.
8.75% due 12/15/204		5,550,000		5,078,250
Eldorado Gold Corp.
6.12% due 12/15/204,9		2,995,000		2,912,638
KGHM International Ltd.
7.75% due 06/15/194		2,285,000		2,353,550
Mirabela Nickel Ltd.
9.50% due 06/24/19†††,6		1,640,385		1,640,385
1.00% due 07/31/44†††,6		37,316		—
Ineos Finance plc
8.38% due 02/15/194		750,000		797,400
Kaiser Aluminum Corp.
8.25% due 06/01/20		250,000		272,500
Total Basic Materials				13,054,723
GOVERNMENT - 0.4%
Dominican Republic International Bond
6.85% due 01/27/454,9		11,600,000		12,180,000
UTILITIES - 0.1%
AES Corp.
3.26% due 06/01/191		3,900,000		3,880,500
FPL Energy National Wind LLC
5.61% due 03/10/244		48,414		48,414
Total Utilities				3,928,914
Total Corporate Bonds
(Cost $589,367,763)				587,423,958
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.8%
LSTAR Securities Investment Trust
2015-1, 2.18% due 01/01/201,4		52,373,410		51,655,893
2015-2, 2.17% due 01/01/201,4		45,917,782		45,688,193
2015-3, 2.18% due 03/01/201,4		35,000,000		34,825,000
2014-1, 3.28% due 09/01/211,4		26,192,459		26,436,049
Motel 6 Trust
2015-MTL6, 5.28% due 02/05/304		58,000,000		58,088,856
HarborView Mortgage Loan Trust
2006-14, 0.33% due 01/25/471		37,412,685		28,683,969
2006-12, 0.37% due 01/19/381		12,722,857		10,747,087
Nomura Resecuritization Trust
2012-1R, 0.62% due 08/27/471,4		12,646,809		11,698,299
2015-4R, 0.61% due 03/26/361,4		8,496,000		7,683,570
SRERS-2011 Funding Ltd.
2011-RS, 0.43% due 05/09/461,4		19,493,553		18,534,470
CDGJ Commercial Mortgage Trust
2014-BXCH, 4.42% due 12/15/271,4		12,500,000		12,516,763

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
CSMC Trust
2014-SURF, 3.28% due 02/15/291,4	$	9,300,000	$	9,289,138
LSTAR Commercial Mortgage Trust
2011-1, 5.42% due 06/25/431,4		5,139,000		5,215,052
Hilton USA Trust
2013-HLT, 5.22% due 11/05/181,4		4,300,000		4,416,775
Morgan Stanley Capital I Trust
2015-XLF1, 3.15% due 08/13/161,4		3,300,000		3,304,386
Morgan Stanley Re-REMIC Trust
2010-R5, 0.48% due 06/26/361,4		2,739,612		1,968,767
Resource Capital Corporation CRE Notes 2013 Ltd.
2013-CRE1, 3.67% due 12/15/281,4		1,000,000		999,998
Total Collateralized Mortgage Obligations
(Cost $330,525,140)				331,752,265
MORTGAGE-BACKED SECURITIES†† - 5.6%
American Home Mortgage Assets Trust
2007-1, 0.83% due 02/25/471		34,425,425		21,893,573
2006-4, 0.36% due 10/25/461		11,875,163		8,249,225
2006-6, 0.36% due 12/25/461		6,973,634		4,890,191
American Home Mortgage Investment Trust
2006-1, 0.45% due 03/25/461		11,135,804		9,223,051
2006-1,0.57% due 03/25/461		6,758,041		5,616,033
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 0.97% due 11/25/461		11,314,564		7,886,568
2006-8, 4.82% due 10/25/367		4,151,829		2,989,595
2007-OA4, 0.89% due 04/25/471		2,945,139		2,162,836
Lehman XS Trust Series
2006-16N, 0.36% due 11/25/461		14,161,367		11,822,236
IndyMac INDX Mortgage Loan Trust
2006-AR4, 0.38% due 05/25/461		12,341,735		10,454,955
Luminent Mortgage Trust
2006-2, 0.37% due 02/25/461		13,712,635		10,257,489
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA3, 0.90% due 04/25/471		12,540,284		9,921,961
GreenPoint Mortgage Funding Trust
2006-AR1, 0.46% due 02/25/361		9,562,337		8,230,170
Resource Capital Corporation
2015-CRE3, 4.17% due 03/15/321,4		7,000,000		6,999,979
RALI Series Trust
2007-QO3, 0.33% due 03/25/471		7,665,977		6,348,226
HarborView Mortgage Loan Trust
2005-13, 0.46% due 02/19/361		7,938,483		5,939,596
Wells Fargo Alternative Loan Trust
2007-PA3, 6.25% due 07/25/37		6,142,073		5,566,063

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
GreenPoint Mortgage Funding Trust Series
2007-AR1, 0.25% due 02/25/471	$	5,642,266	$	5,269,966
GE Business Loan Trust
2007-1A, 0.62% due 04/16/351,4		5,512,209		5,073,129
Structured Asset Mortgage Investments II Trust
2006-AR1, 0.40% due 02/25/361		5,249,569		4,373,621
Alliance Bancorp Trust
2007-OA1, 0.41% due 07/25/371		5,014,245		3,348,533
Carlyle Global Market Strategies
2013-3X SUB, due 07/15/258		4,000,000		3,116,800
Chase Mortgage Finance Trust Series
2006-S3, 6.00% due 11/25/36		3,203,211		2,797,018
Residential Asset Securitization Trust
2006-A12, 6.25% due 11/25/36		3,865,260		2,751,910
First Horizon Alternative Mortgage Securities Trust
2006-FA1, 5.75% due 04/25/36		2,617,876		2,137,245
Acis CLO Ltd.
2013-2A, 4.10% due 10/14/221,4		1,800,000		1,783,620
Bear Stearns Mortgage Funding Trust
2007-AR5, 0.34% due 06/25/471		1,762,177		1,408,015
Wachovia Bank Commercial Mortgage Trust Series
2007-WHL8, 0.87% due 06/15/201,4		1,256,378		1,222,214
BAMLL-DB Trust
2012-OSI, 6.79% due 04/13/294		550,000		580,300
Total Mortgage-Backed Securities
(Cost $172,163,703)				172,314,118
FOREIGN GOVERNMENT BONDS†† - 0.8%
Kenya Government International Bond
6.88% due 06/24/244,9		23,710,000		24,759,168
Total Foreign Government Bonds
(Cost $24,350,841)				24,759,168
MUNICIPAL BONDS†† - 0.1%
CALIFORNIA - 0.1%
Stockton Public Financing Authority Revenue Bonds
7.94% due 10/01/38		2,000,000		2,288,160
PUERTO RICO - 0.0%
Puerto Rico Highways & Transportation Authority Revenue Bonds
1.03% due 07/01/271		200,000		157,994
Total Municipal Bonds
(Cost $2,432,650)				2,446,154
REPURCHASE AGREEMENTS††,6,10 - 1.8%
Jefferies & Company, Inc. issued 03/06/15 at 3.18%
due 04/06/15		19,793,000		19,793,000
issued 03/19/15 at 3.18% due 04/17/15		11,344,000		11,344,000
issued 03/27/15 at 3.18% due 05/01/15		10,675,000		10,675,000
issued 03/30/15 at 3.18% due 04/24/15		5,600,000		5,600,000
issued 03/11/15 at 3.18% due 04/10/15		2,376,000		2,376,000
issued 03/30/15 at 2.68% due 04/24/15		1,235,000		1,235,000

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Face Amount		Value
issued 03/30/15 at 2.68% due 05/07/15	$	1,072,000	$	1,072,000
issued 03/19/15 at 2.68% due 04/17/15		865,000		865,000
Barclays issued 10/27/14 at (0.10)%
due 10/30/15		368,375		368,375
issued 10/27/14 at (0.10)% due 10/29/15		263,125		263,125
issued 11/12/14 at (0.10)% due 11/13/15		211,000		211,000
issued 10/31/14 at (0.10)% due 11/04/15		209,750		209,750
Total Repurchase Agreements
(Cost $54,012,250)				54,012,250
	Contracts
OPTIONS PURCHASED† - 0.4%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $109.00		33,860		4,063,199
iShares 20+ Year Treasury Bond ETF Expiring June 2015 with strike price of $134.00		12,891		2,591,091
U.S. Dollar/U.A.E. Dirham Expiring February 2016 with strike price of $3.67†††		223,500,000		752,301
U.S. Dollar/U.A.E. Dirham Expiring February 2016 with strike price of $3.67†††		74,500,000		249,054
Total Call options				7,655,645
Put options on:
Crude Oil Expiring June 2015 with strike price of $45.00		1,282		2,922,960

Euro/Danish Krone Expiring July 2015 with strike price of $7.41†††		260,750,000		2,063,706
Total Put options				4,986,666
Total Options Purchased
(Cost $15,729,683)				12,642,311
Total Investments – 114.4%
(Cost $3,498,624,917)			$	3,499,290,163
	Shares
COMMON STOCKS SOLD SHORT† - (4.1)%
MIDSTREAM NATURAL GAS - 0.0%
Crestwood Equity Partners, LP		2,252		(13,512	)
MIDSTREAM OIL - 0.0%
Magellan Midstream Partners, LP		370		(28,383	)
UTILITIES - 0.0%
NiSource, Inc.		10,204		(450,609	)
Dominion Resources, Inc.		6,423		(455,198	)
Total Utilities				(905,807	)
ENERGY - (0.2)%
Rose Rock Midstream, LP		497		(23,608	)
Holly Energy Partners, LP		773		(24,303	)
NuStar GP Holdings LLC		1,031		(36,497	)
Tesoro Logistics, LP		1,001		(53,854	)
Genesis Energy, LP		1,549		(72,803	)
ONEOK, Inc.		2,603		(125,569	)
SemGroup Corp. — Class A		1,548		(125,914	)
Gulfport Energy Corp.*		8,996		(413,006	)
Exterran Holdings, Inc.		12,634		(424,123	)
Marathon Petroleum Corp.		4,349		(445,294	)
Spectra Energy Corp.		13,698		(495,457	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
SunCoke Energy, Inc.		36,190	$	(540,679	)
HollyFrontier Corp.		19,549		(787,238	)
Tesoro Corp.		11,680		(1,066,268	)
Williams Companies, Inc.		21,540		(1,089,708	)
Total Energy				(5,724,321	)
COMMUNICATIONS - (0.2)%
Walt Disney Co.		3,494		(366,486	)
ViaSat, Inc.*		7,232		(431,100	)
Nielsen N.V.		11,897		(530,249	)
Fortinet, Inc.*		16,232		(567,308	)
Discovery Communications, Inc. — Class C*		20,370		(600,405	)
Priceline Group, Inc.*		518		(603,030	)
Facebook, Inc. — Class A*		9,883		(812,531	)
TripAdvisor, Inc.*		11,847		(985,315	)
Amazon.com, Inc.*		3,332		(1,239,837	)
Total Communications				(6,136,261	)
TECHNOLOGY – (0.3)%
CommVault Systems, Inc.*		7,672		(335,266	)
Intuit, Inc.		3,778		(366,315	)
Allscripts Healthcare Solutions, Inc.*		31,070		(371,597	)
Akamai Technologies, Inc.*		5,285		(375,473	)
Ultimate Software Group, Inc.*		2,246		(381,719	)
Cognizant Technology Solutions Corp. — Class A*		6,843		(426,935	)
Bottomline Technologies de, Inc.*		16,006		(438,084	)
Cerner Corp.*		6,502		(476,337	)
Solera Holdings, Inc.		9,327		(481,833	)
Avago Technologies Ltd.		4,292		(544,998	)
Skyworks Solutions, Inc.		5,705		(560,744	)
Adobe Systems, Inc.*		7,967		(589,080	)
Red Hat, Inc.*		10,988		(832,341	)
Autodesk, Inc.*		15,246		(894,025	)
salesforce.com, Inc.*		13,463		(899,463	)
Total Technology				(7,974,210	)
CONSUMER, NON-CYCLICAL - (0.4)%
Exelixis, Inc.*		50,000		(128,500	)
Alkermes plc*		3,444		(209,981	)
ACADIA Pharmaceuticals, Inc.*		6,491		(211,542	)
Repligen Corp.*		7,497		(227,609	)
Halozyme Therapeutics, Inc.*		16,223		(231,664	)
Ultragenyx Pharmaceutical, Inc.*		3,813		(236,749	)
Neurocrine Biosciences, Inc.*		6,058		(240,563	)
Alnylam Pharmaceuticals, Inc.*		2,323		(242,568	)
Biogen, Inc.*		600		(253,344	)
Incyte Corp.*		2,802		(256,831	)
Medivation, Inc.*		2,034		(262,528	)
NewLink Genetics Corp.*		4,815		(263,429	)
Anacor Pharmaceuticals, Inc.*		4,767		(275,771	)
Insmed, Inc.*		14,159		(294,507	)
Bluebird Bio, Inc.*		2,526		(305,065	)
Receptos, Inc.*		1,973		(325,328	)
Brown-Forman Corp. — Class B		4,057		(366,550	)
Avery Dennison Corp.		6,961		(368,307	)
Church & Dwight Company, Inc.		4,332		(370,039	)
Monro Muffler Brake, Inc.		5,876		(382,234	)
WhiteWave Foods Co. — Class A*		8,828		(391,434	)
Perrigo Company plc		2,689		(445,164	)
Robert Half International, Inc.		7,911		(478,774	)
Cooper Companies, Inc.		2,632		(493,289	)
Akorn, Inc.*		10,756		(511,018	)
Equifax, Inc.		5,638		(524,334	)
Endo International plc*		6,087		(546,004	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
Edwards Lifesciences Corp.*		3,975	$	(566,279	)
Danaher Corp.		7,615		(646,514	)
McGraw Hill Financial, Inc.		6,638		(686,369	)
AmerisourceBergen Corp. — Class A		6,790		(771,819	)
Vertex Pharmaceuticals, Inc.*		7,555		(891,263	)
Total Consumer, Non-cyclical				(12,405,370	)
INDUSTRIAL - (0.4)%
Martin Midstream Partners, LP		201		(7,123	)
Greif, Inc. — Class A		8,907		(349,778	)
Graco, Inc.		4,849		(349,904	)
CH Robinson Worldwide, Inc.		4,985		(365,002	)
Allegion plc		6,303		(385,555	)
Kansas City Southern		3,898		(397,908	)
Knight Transportation, Inc.		12,616		(406,866	)
B/E Aerospace, Inc.		6,555		(417,029	)
UTI Worldwide, Inc.*		37,165		(457,130	)
TimkenSteel Corp.		17,888		(473,495	)
Lennox International, Inc.		4,248		(474,459	)
Pall Corp.		4,732		(475,045	)
Packaging Corporation of America		6,969		(544,906	)
AMETEK, Inc.		10,646		(559,341	)
Roper Industries, Inc.		3,265		(561,580	)
Louisiana-Pacific Corp.*		35,865		(592,131	)
Bemis Company, Inc.		13,236		(612,959	)
General Electric Co.		26,097		(647,467	)
Stericycle, Inc.*		4,629		(650,050	)
Wabtec Corp.		6,848		(650,628	)
Eagle Materials, Inc.		7,926		(662,297	)
Sealed Air Corp.		17,783		(810,194	)
Ball Corp.		12,703		(897,340	)
Vulcan Materials Co.		10,853		(914,908	)
Martin Marietta Materials, Inc.		6,973		(974,826	)
Total Industrial				(13,637,921	)
BASIC MATERIALS - (0.5)%
Monsanto Co.		3,079		(346,511	)
HB Fuller Co.		8,357		(358,265	)
Dow Chemical Co.		7,667		(367,863	)
RPM International, Inc.		9,575		(459,504	)
Mosaic Co.		10,081		(464,331	)
CF Industries Holdings, Inc.		1,749		(496,156	)
Allegheny Technologies, Inc.		16,849		(505,638	)
Eastman Chemical Co.		7,400		(512,524	)
Minerals Technologies, Inc.		7,225		(528,148	)
Cytec Industries, Inc.		10,375		(560,665	)
Valspar Corp.		6,697		(562,749	)
Airgas, Inc.		5,545		(588,380	)
EI du Pont de Nemours & Co.		8,292		(592,629	)
Praxair, Inc.		4,941		(596,576	)
International Flavors & Fragrances, Inc.		5,226		(613,532	)
Sherwin-Williams Co.		2,305		(655,773	)
Ashland, Inc.		5,300		(674,743	)
Air Products & Chemicals, Inc.		4,547		(687,870	)
Ecolab, Inc.		6,242		(713,959	)
Freeport-McMoRan, Inc.		40,479		(767,077	)
PPG Industries, Inc.		3,811		(859,533	)
FMC Corp.		15,473		(885,829	)
Compass Minerals International, Inc.		10,203		(951,022	)
Total Basic Materials				(13,749,277	)
CONSUMER, CYCLICAL - (0.8)%
Polaris Industries, Inc.		2,395		(337,935	)
Home Depot, Inc.		3,200		(363,552	)
Johnson Controls, Inc.		7,284		(367,405	)
Ross Stores, Inc.		3,508		(369,603	)
Domino’s Pizza, Inc.		3,732		(375,253	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
Texas Roadhouse, Inc. — Class A		10,335	$	(376,504	)
Leggett & Platt, Inc.		8,199		(377,892	)
Fastenal Co.		9,225		(382,238	)
Toll Brothers, Inc.*		9,933		(390,764	)
L Brands, Inc.		4,176		(393,755	)
Men’s Wearhouse, Inc.		7,598		(396,616	)
Cinemark Holdings, Inc.		8,800		(396,616	)
G-III Apparel Group Ltd.*		3,543		(399,119	)
World Fuel Services Corp.		7,038		(404,544	)
Carter’s, Inc.		4,545		(420,276	)
Meritage Homes Corp.*		8,647		(420,590	)
Marriott International, Inc. — Class A		5,306		(426,178	)
Standard Pacific Corp.*		48,178		(433,602	)
Whirlpool Corp.		2,146		(433,621	)
American Eagle Outfitters, Inc.		25,403		(433,883	)
Mohawk Industries, Inc.*		2,375		(441,156	)
VF Corp.		5,908		(444,931	)
Tractor Supply Co.		5,254		(446,905	)
Signet Jewelers Ltd.		3,235		(448,986	)
Buffalo Wild Wings, Inc.*		2,543		(460,893	)
Lithia Motors, Inc. — Class A		4,685		(465,736	)
Carnival Corp.		9,994		(478,113	)
Thor Industries, Inc.		7,648		(483,430	)
Kate Spade & Co.*		15,882		(530,300	)
O’Reilly Automotive, Inc.*		2,624		(567,414	)
Harman International Industries, Inc.		4,311		(576,079	)
Pinnacle Entertainment, Inc.*		16,520		(596,207	)
NIKE, Inc. — Class B		6,250		(627,063	)
Skechers U.S.A., Inc. — Class A*		8,873		(638,057	)
DR Horton, Inc.		23,123		(658,543	)
Yum! Brands, Inc.		8,546		(672,741	)
Jarden Corp.*		13,492		(713,727	)
Mobile Mini, Inc.		16,890		(720,190	)
Starbucks Corp.		7,789		(737,618	)
Hanesbrands, Inc.		22,108		(740,839	)
Lennar Corp. — Class A		14,494		(750,934	)
Newell Rubbermaid, Inc.		20,299		(793,082	)
Royal Caribbean Cruises Ltd.		9,786		(800,984	)
Cabela’s, Inc.*		14,597		(817,140	)
Starwood Hotels & Resorts Worldwide, Inc.		10,150		(847,525	)
Under Armour, Inc. — Class A*		14,505		(1,171,278	)
CarMax, Inc.*		18,622		(1,285,104	)
Total Consumer, Cyclical				(25,814,921	)
FINANCIAL - (1.3)%
PennyMac Financial Services, Inc. — Class A*		2,086		(35,399	)
Dime Community Bancshares, Inc.		3,728		(60,021	)
Essent Group Ltd.*		4,550		(108,791	)
Capitol Federal Financial, Inc.		8,734		(109,175	)
MGIC Investment Corp.*		13,187		(126,991	)
Equity One, Inc.		8,912		(237,861	)
Boston Private Financial Holdings, Inc.		29,544		(358,960	)
Iron Mountain, Inc.		9,979		(364,034	)
Education Realty Trust, Inc.		10,425		(368,837	)
First Niagara Financial Group, Inc.		41,885		(370,263	)
United Bankshares, Inc.		9,933		(373,282	)
PNC Financial Services Group, Inc.		4,010		(373,892	)
Boston Properties, Inc.		2,680		(376,486	)
First Horizon National Corp.		26,479		(378,385	)
Parkway Properties, Inc.		22,274		(386,454	)
Navient Corp.		19,023		(386,738	)
American Campus Communities, Inc.		9,493		(406,965	)
Financial Engines, Inc.		10,105		(422,692	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares		Value
National Retail Properties, Inc.		10,451	$	(428,177	)
Public Storage		2,202		(434,102	)
E*TRADE Financial Corp.*		15,389		(439,433	)
Medical Properties Trust, Inc.		30,206		(445,236	)
PrivateBancorp, Inc. — Class A		12,684		(446,096	)
Simon Property Group, Inc.		2,300		(449,972	)
SVB Financial Group*		3,580		(454,803	)
Alexandria Real Estate Equities, Inc.		4,647		(455,592	)
HCP, Inc.		11,080		(478,767	)
Kilroy Realty Corp.		6,319		(481,318	)
Cousins Properties, Inc.		46,018		(487,791	)
Invesco Ltd.		12,467		(494,815	)
American Tower Corp. — Class A		5,269		(496,076	)
Citigroup, Inc.		9,826		(506,236	)
Equity Residential		6,625		(515,823	)
Sovran Self Storage, Inc.		5,520		(518,549	)
Valley National Bancorp		55,416		(523,127	)
Vornado Realty Trust		4,677		(523,824	)
Sabra Health Care REIT, Inc.		16,235		(538,190	)
Senior Housing Properties Trust		24,313		(539,505	)
Plum Creek Timber Company, Inc.		12,475		(542,039	)
FNB Corp.		42,176		(554,193	)
UDR, Inc.		16,349		(556,356	)
Goldman Sachs Group, Inc.		3,009		(565,602	)
AvalonBay Communities, Inc.		3,271		(569,972	)
EPR Properties		9,601		(576,348	)
BB&T Corp.		14,930		(582,121	)
U.S. Bancorp		13,924		(608,061	)
Crown Castle International Corp.		7,451		(615,006	)
Ventas, Inc.		8,441		(616,362	)
Taubman Centers, Inc.		8,068		(622,285	)
BlackRock, Inc. — Class A		1,729		(632,538	)
Rayonier, Inc.		24,183		(651,973	)
Federal Realty Investment Trust		4,611		(678,785	)
Signature Bank*		5,330		(690,661	)
General Growth Properties, Inc.		24,272		(717,237	)
Extra Space Storage, Inc.		10,815		(730,770	)
Webster Financial Corp.		20,069		(743,557	)
Regency Centers Corp.		10,958		(745,582	)
Bank of the Ozarks, Inc.		20,350		(751,525	)
Health Care REIT, Inc.		10,138		(784,276	)
Associated Banc-Corp.		42,210		(785,106	)
Essex Property Trust, Inc.		3,551		(816,374	)
Kite Realty Group Trust		29,164		(821,550	)
People’s United Financial, Inc.		54,710		(831,592	)
Morgan Stanley		23,726		(846,780	)
Kimco Realty Corp.		31,711		(851,440	)
SunTrust Banks, Inc.		22,545		(926,374	)
Realty Income Corp.		18,066		(932,206	)
Intercontinental Exchange, Inc.		4,182		(975,535	)
CME Group, Inc. — Class A		11,023		(1,043,988	)
New York Community Bancorp, Inc.		66,573		(1,113,767	)
SL Green Realty Corp.		9,063		(1,163,508	)
Total Financial				(39,546,127	)
Total Common Stocks Sold Short
(Proceeds $123,438,259)				(125,936,110	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Shares			Value
EXCHANGE-TRADED FUNDS SOLD SHORT† - (0.1)%
SPDR S&P Biotech ETF		8,774		$	(1,978,537	)
Total Exchange-Traded Funds Sold Short
(Proceeds $2,001,877)					(1,978,537	)
CLOSED-END FUNDS SOLD SHORT† - 0.0%
Herzfeld Caribbean Basin Fund, Inc.		(34,488	)		(319,014	)
Total Closed-End Funds Sold Short
(Proceeds $373,071)					(319,014	)
	Face Amount
CORPORATE BONDS SOLD SHORT†† - 0.0%
Blackboard, Inc.
7.75% due 11/15/194	$	(1,000,000	)		(960,000	)
Total Corporate Bonds Sold Short
(Proceeds $1,016,500)					(960,000	)

	Contracts
OPTIONS WRITTEN† - (0.2)%
Call options on:
iShares 20+ Year Treasury Bond ETF Expiring June 2015 with strike price of $139.00		12,891		(1,211,754	)
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $111.00		33,860		(2,878,100	)
Total Call options				(4,089,854	)
Put options on:
Crude Oil Expiring June 2015 with strike price of $35.00		1,282		(666,640	)
Total Options Written
(Premiums received $4,475,373)				(4,756,494	)
Total Securities Sold Short- (4.4)%
(Proceeds $131,305,080)			$	(133,950,155	)
Other Assets & Liabilities, net - (10.0)%				(307,470,369	)
Total Net Assets - 100.0%			$	3,057,869,639

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

	Units		Unrealized Gain (Loss)
OTC EQUITY INDEX SWAP AGREEMENTS††
Bank of America April 2015 S&P 500 Homebuilding Index Swap, Terminating 04/13/1515 (Notional Value $53,608,722)		74,496	$	3,858,005
Bank of America July 2015 S&P 500 HomeBuilding Index Swap, Terminating 07/13/1515 (Notional Value $31,910,796)		44,344		1,433,318
Bank of America April 2015 S&P 1500 Education Services Sub-Industry Index Swap, Terminating 04/13/1516 (Notional Value $79,530,410)		1,495,776		(8,188,898	)
(Total Notional Value $165,049,928)			$	(2,897,575	)
OTC CURRENCY SWAP AGREEMENTS††
Bank of America June 2015 U.S. Dollar Index Future Swap, Terminating 06/12/1513 (Notional Value $63,820,080)		647	$	(757,637	)

OTC INTEREST RATE SWAP AGREEMENTS SOLD SHORT††
Bank of America June 2015 Japan Government Bond 10 Year Future Index Swap, Terminating 06/09/1514 (Notional Value $306,778,389)	250	$	402,855
OTC EQUITY SWAP AGREEMENTS SOLD SHORT††
Bank of America Tesla Motors, Inc. September 2015 Swap, Terminating 09/15/15 (Notional Value $33,131,400)	175,512	$	249,810

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
MACRO OPPORTUNITIES FUND

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS††
Counterparty	Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)
Merrill Lynch	Pay	3-Month USD-LIBOR		3.13	%	06/08/25	$	45,300,000		$	4,394,100		$	4,394,100
Merrill Lynch	Pay	3-Month USD-LIBOR		2.93	%	08/24/25		52,200,000			3,821,039			3,821,039
Merrill Lynch	Pay	3-Month USD-LIBOR		2.61	%	12/29/25		30,000,000			1,080,000			1,080,000
Merrill Lynch	Pay	3-Month USD-LIBOR		2.59	%	12/29/25		15,000,000			513,000			513,000
Merrill Lynch	Pay	3-Month USD-LIBOR		2.54	%	12/29/25		15,000,000			450,000			450,000
Merrill Lynch	Receive	6-Month EUR-EURIBOR		0.97	%	12/29/25		(11,350,000	)		(414,835	)		(414,835	)
Merrill Lynch	Receive	3-Month USD-LIBOR		1.59	%	07/02/18		(34,550,000	)		(456,060	)		(456,060	)
Merrill Lynch	Pay	6-Month EUR-EURIBOR		2.16	%	12/29/25		100,000,000			(460,000	)		(460,000	)
Merrill Lynch	Receive	6-Month EUR-EURIBOR		1.05	%	12/29/25		(11,350,000	)		(512,443	)		(512,443	)
Merrill Lynch	Receive	6-Month EUR-EURIBOR		0.99	%	12/29/25		(22,700,000	)		(885,794	)		(885,794	)
Merrill Lynch	Receive	3-Month USD-LIBOR		2.73	%	07/02/23		(23,800,000	)		(1,525,580	)		(1,525,580	)
Merrill Lynch	Receive	6-Month EUR-EURIBOR		0.83	%	12/29/25		(81,750,000	)		(1,775,168	)		(1,775,168	)
Merrill Lynch	Receive	6-Month EUR-EURIBOR		1.42	%	08/24/25		(36,653,000	)		(3,219,081	)		(3,219,081	)
Merrill Lynch	Receive	6-Month EUR-EURIBOR		1.89	%	06/08/25		(31,500,000	)		(4,408,814	)		(4,408,814	)
													$	(3,399,636	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell		Currency	Settlement Date	Settlement Value		Value at March 31, 2015		Net Unrealized Appreciation
Bank of America		1,410,039,200	SUR	05/18/15	$	28,169,797	$	23,743,994	$	4,425,803
BNY Mellon		62,485,973	EUR	06/02/15		69,927,988		67,249,961		2,678,027
Bank of America		322,500,000,000	IDR	07/02/15		25,000,000		23,970,135		1,029,865
BNY Mellon		8,479,319	EUR	04/13/15		10,000,000		9,117,859		882,141
Bank of America		12,200,000	EUR	04/07/15		13,482,098		13,116,894		365,204
BNY Mellon		5,750,000	GBP	04/07/15		8,629,743		8,531,356		98,387
BNY Mellon		600,000	AUD	04/07/15		465,816		456,812		9,004
									$	9,488,431

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
MACRO OPPORTUNITIES FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Variable rate security. Rate indicated is rate effective at March 31, 2015.
2	Perpetual maturity.
3	Zero coupon rate security.
4	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $1,417,179,960 (cost $1,415,599,820), or 46.3% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
5	Affiliated issuer — See Note 10.
6	Illiquid security.
7	Security is a step up/step down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity.
8	Residual interest.
9	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 14.
10	Repurchase Agreements — See Note 13.
11	The face amount is denominated in U.S. Dollars unless otherwise indicated.
12	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $5,539,789 (cost $6,028,311), or 0.2% of total net assets — See Note 15.
13	Total return based on U.S. Dollar Index +/- financing at a variable rate.
14	Total return based on Japan Government Bond 10 Year Future Index +/- financing at a variable rate.
15	Total return based on S&P 500 Home Building Index +/- financing at a variable rate.
16	Total return based on S&P 1500 Education Services Sub-Industry Index +/- financing at a variable rate.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

MACRO OPPORTUNITIES FUND

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $3,316,865,585)	$	3,314,709,122
Investments in affiliated issuers, at value (cost $127,747,082)		130,568,791
Repurchase agreements, at value (cost $54,012,250)		54,012,250
Total investments (cost $3,498,624,917)		3,499,290,163
Foreign currency, at value (cost $1,556,083)		1,553,061
Segregated cash with broker		93,504,366
Cash		16,474,582
Unrealized appreciation on swap agreements		16,202,127
Unrealized appreciation on forward foreign currency exchange contracts		9,488,431
Prepaid expenses		213,837
Receivables:
Fund shares sold		17,099,039
Interest		16,211,090
Securities sold		7,243,503
Dividends		536,061
Swap settlement		390,292
Foreign taxes reclaim		1,697
Total assets		3,678,208,249
Liabilities:
Reverse Repurchase Agreements		294,191,544
Securities sold short, at value (proceeds $126,829,707)		129,193,661
Unrealized depreciation on swap agreements		22,604,310
Options written, at value (premiums received $4,475,373)		4,756,494
Unfunded loan commitments (Note 11) (cost $1,767,101)		1,490,038
Segregated cash from broker		80,000
Payable for:
Securities purchased	$	158,608,609
Fund shares redeemed		5,257,616
Management fees		1,728,635
Distribution and service fees		451,742
Fund accounting/administration fees		238,684
Transfer agent/maintenance fees		84,424
Trustees’ fees*		7,588
Miscellaneous		1,645,265
Total liabilities		620,338,610
Net assets	$	3,057,869,639
Net assets consist of:
Paid in capital	$	3,065,412,498
Distributions in excess of net investment income		(22,371,698	)
Accumulated net realized gain on investments		13,375,585
Net unrealized appreciation on investments		1,453,254
Net assets	$	3,057,869,639
A-Class:
Net assets	$	845,405,630
Capital shares outstanding		31,284,239
Net asset value per share	$	27.02
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.37
C-Class:
Net assets	$	336,373,233
Capital shares outstanding		12,457,612
Net asset value per share	$	27.00
Institutional Class:
Net assets	$	1,876,090,776
Capital shares outstanding		69,346,854
Net asset value per share	$	27.05

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

MACRO OPPORTUNITIES FUND

Period Ended March 31, 2015

Investment Income:
Interest (net of foreign withholding tax of $6,290)	$	50,407,114
Dividends from securities of unaffiliated issuers (net of foreign withholding tax $85)		2,482,169
Dividends from securities of affiliated issuers		1,093,383
Total investment income		53,982,666
Expenses:
Management fees		9,781,237
Transfer agent/maintenance fees:
A-Class		370,081
C-Class		86,467
Institutional Class		251,475
Distribution and service fees:
A-Class		724,377
C-Class		1,411,899
Fund accounting/administration fees		1,043,707
Prime broker interest expense		190,020
Short interest expense		184,803
Line of credit fees		92,026
Trustees’ fees*		90,882
Custodian fees		44,568
Tax expense		45
Miscellaneous		456,230
Total expenses		14,727,817
Less:
Expenses waived by Adviser		(1,141,178	)
Expenses waived by Transfer Agent
A-Class		(116,174	)
C-Class		(4,462	)
Institutional Class		(251,475	)
Total waived expenses		(1,513,289	)
Net expenses		13,214,528
Net investment income		40,768,138
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	7,314,438
Swap agreements		18,386,638
Foreign currency		(1,149,451	)
Forward foreign currency exchange contracts		13,489,769
Securities sold short		(3,611,981	)
Options purchased		(8,895,011	)
Options written		987,331
Realized gain distributions received from investment company shares		72,555
Net realized gain		26,594,288
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(11,004,465	)
Investments in affiliated issuers		2,112,584
Securities sold short		(2,363,954	)
Swap agreements		1,575,999
Options purchased		3,210,122
Options written		(505,539	)
Foreign currency		657,725
Forward foreign currency exchange contracts		7,346,416
Net change in unrealized appreciation (depreciation)		1,028,888
Net realized and unrealized gain		27,623,176
Net increase in net assets resulting from operations	$	68,391,314

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENTS OF CHANGES IN NET ASSETS

MACRO OPPORTUNITIES FUND

	Period Ended March 31, 2015 (Unaudited)*			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	40,768,138		$	46,716,434
Net realized gain on investments		26,594,288			4,333,637
Net change in unrealized appreciation (depreciation) on investments		1,028,888			14,470,302
Net increase in net assets resulting from operations		68,391,314			65,520,373
Distributions to shareholders from:
Net investment income
A-Class		(12,505,047	)		(17,086,055	)
C-Class		(5,037,298	)		(7,695,611	)
Institutional Class		(30,938,170	)		(28,337,889	)
Return of capital
A-Class		—			(289,690	)
C-Class		—			(132,073	)
Institutional Class		—			(511,136	)
Total distributions to shareholders		(48,480,515	)		(54,052,454	)
Capital share transactions:
Proceeds from sale of shares
A-Class		587,343,122			293,031,487
C-Class		104,313,981			122,101,340
Institutional Class		1,110,708,802			693,090,752
Distributions reinvested
A-Class		9,097,357			13,577,467
C-Class		4,050,967			6,480,901
Institutional Class		26,176,521			23,567,363
Cost of shares redeemed
A-Class		(114,381,161	)		(289,559,280	)
C-Class		(22,618,594	)		(45,738,386	)
Institutional Class		(187,221,191	)		(222,136,368	)
Net increase from capital share transactions		1,517,469,804			594,415,276
Net increase in net assets		1,537,380,603			605,883,195
Net assets:
Beginning of period		1,520,489,036			914,605,841
End of period	$	3,057,869,639		$	1,520,489,036
Distributions in excess of net investment income at end of period	$	(22,371,698	)	$	(7,364,111	)

* Consolidated.

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

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

MACRO OPPORTUNITIES FUND

	Period Ended March 31, 2015 (Unaudited)*			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		21,854,444			10,851,399
C-Class		3,877,988			4,522,005
Institutional Class		41,262,389			25,608,053
Shares issued from reinvestment of distributions
A-Class		337,768			503,489
C-Class		150,585			240,545
Institutional Class		970,879			872,812
Shares redeemed
A-Class		(4,251,799	)		(10,733,837	)
C-Class		(841,353	)		(1,696,813	)
Institutional Class		(6,950,891	)		(8,236,308	)
Net increase in shares		56,410,010			21,931,345

* Consolidated.

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

FINANCIAL HIGHLIGHTS

MACRO OPPORTUNITIES FUND

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.

A-Class	Period Ended March 31, 2015a,h			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.81		$	26.31		$	26.53		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.48			1.10			1.37			.99
Net gain (loss) on investments (realized and unrealized)		.31			.69			(.04	)		1.52
Total from investment operations		.79			1.79			1.33			2.51
Less distributions from:
Net investment income		(.58	)		(1.27	)		(1.43	)		(.98	)
Net realized gains		—			—			(.12	)		—
Return of capital		—			(.02	)		—			—
Total distributions		(.58	)		(1.29	)		(1.55	)		(.98	)
Net asset value, end of period	$	27.02		$	26.81		$	26.31		$	26.53
Total Returnf		2.97	%		6.88	%		5.01	%		10.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	845,406		$	357,765		$	334,751		$	83,081
Ratios to average net assets:
Net investment income (loss)		3.61	%		4.08	%		5.11	%		4.61	%
Total expensesd		1.46	%		1.51	%		1.56	%		1.61	%
Net expensese,g		1.32	%		1.36	%		1.41	%		1.37	%
Portfolio turnover rate		14	%		54	%		84	%		46	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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.

C-Class	Period Ended March 31, 2015a,h			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.79		$	26.29		$	26.51		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.38			.90			1.17			.82
Net gain (loss) on investments (realized and unrealized)		.31			.69			(.03	)		1.53
Total from investment operations		.69			1.59			1.14			2.35
Less distributions from:
Net investment income		(.48	)		(1.07	)		(1.24	)		(.84	)
Net realized gains		—			—			(.12	)		—
Return of capital		—			(.02	)		—			—
Total distributions		(.48	)		(1.09	)		(1.36	)		(.84	)
Net asset value, end of period	$	27.00		$	26.79		$	26.29		$	26.51
Total Returnf		2.60	%		6.10	%		4.26	%		9.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	336,373		$	248,359		$	163,129		$	32,711
Ratios to average net assets:
Net investment income (loss)		2.87	%		3.34	%		4.36	%		3.83	%
Total expensesd		2.14	%		2.22	%		2.29	%		2.31	%
Net expensese,g		2.03	%		2.10	%		2.15	%		2.11	%
Portfolio turnover rate		14	%		54	%		84	%		46	%

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

FINANCIAL HIGHLIGHTS (continued)

MACRO OPPORTUNITIES FUND

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	Period Ended March 31, 2015a,h			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.84		$	26.34		$	26.56		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.53			1.18			1.46			1.12
Net gain (loss) on investments (realized and unrealized)		.30			.70			(.04	)		1.47
Total from investment operations		.83			1.88			1.42			2.59
Less distributions from:
Net investment income		(.62	)		(1.36	)		(1.52	)		(1.03	)
Net realized gains		—			—			(.12	)		—
Return of capital		—			(.02	)		—			—
Total distributions		(.62	)		(1.38	)		(1.64	)		(1.03	)
Net asset value, end of period	$	27.05		$	26.84		$	26.34		$	26.56
Total Returnf		3.14	%		7.23	%		5.35	%		10.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,876,091		$	914,366		$	416,727		$	106,716
Ratios to average net assets:
Net investment income (loss)		3.93	%		4.37	%		5.43	%		5.22	%
Total expensesd		1.12	%		1.18	%		1.23	%		1.31	%
Net expensese,g		0.98	%		1.02	%		1.09	%		1.06	%
Portfolio turnover rate		14	%		54	%		84	%		46	%

SEE NOTES TO FINANCIAL STATEMENTS. THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

FINANCIAL HIGHLIGHTS (concluded)

MACRO OPPORTUNITIES FUND

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: November 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
g	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods would be:

	03/31/15	09/30/14	09/30/13	09/30/12
A-Class	1.27%	1.27%	1.29%	1.27%
C-Class	1.99%	2.01%	2.02%	2.01%
Institutional Class	0.94%	0.94%	0.96%	0.95%

^h Consolidated.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. Organization, Consolidation of Subsidiary and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Macro Opportunities Fund (the “Fund”) while the other funds are in separate reports. Only A-Class, C-Class and Institutional Class shares had been issued by the Fund.

The Fund was previously a series (the “Predecessor Fund”) of Security Income Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, corresponding “shell” series of the Trust. The Fund succeeded to the accounting and performance history of the Predecessor Fund. Any such historical information provided for the Fund that relates to periods prior to January 28, 2014, therefore, is that of the Predecessor Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Consolidation of Subsidiary

Each of the consolidated financial statements of the Fund includes 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 Fund.

The Fund may invest up to 25% of its total assets in its Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objective and policies.

A summary of the Fund’s investment in its respective Subsidiary is as follows:

Fund	Inception Date of Subsidiary	Subsidiary Net Assets at March 31, 2015		% of Net Assets of the Fund at March 31, 2015
Macro Opportunities Fund	1/8/2015	$	2,315,863		0.08	%

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee 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, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds (“ETFs”) and closed-end investment companies (“CEFs”) are valued at the last quoted sales price.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Repurchase agreements are valued at amortized cost, which approximates market value.

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes in a non-active market.

Listed options are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.

The value of OTC swap agreements entered into by a Fund is accounted for using the unrealized gain or loss on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap's value is then adjusted to include dividends accrued, and financing charges and/or interest associated with the swap agreements.

The value of interest rate swap agreements entered into by a Fund are accounted for using the unrealized gain or loss on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange ( “CME”) price.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). In connection with derivative investments such factors may include, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

B. Senior loans in which the Fund 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, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (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 shown. The interest rate indicated is the rate in effect at March 31, 2015.

C. The Fund 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 Fund on such interests or securities in connection with such transactions prior to the date the Fund 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 Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

E. 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).

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

G. Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

H. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

I. The Fund declares dividends from investment income daily. The 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 federal income tax purposes.

J. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

K. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

L. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

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

N. The accounting records of the Fund 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 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 and unrealized gain or loss 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 exchange gains and losses 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.

2. Financial Instruments

As part of its investment strategy, the Fund utilizes short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statement of Assets and Liabilities.

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, that Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, that Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

An option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security (put option) or the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security (call option) at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid. 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 and a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.

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. A Fund utilizing OTC swaps 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. For Funds utilizing interest rate swaps, the exchange bears the risk of loss. Additionally, 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.

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

In conjunction with the use short sales and of derivative instruments, the Fund is required to maintain collateral in various forms. The Fund uses, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or the repurchase agreements allocated to the Fund.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.89% of the average daily net assets of the Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

GI has contractually agreed to waive the management fee it receives from the Subsidiary in an amount equal to the management fee paid to GI by the Subsidiary. This undertaking will continue in effect for so long as the Fund invests in the Subsidiary, and may not be terminated by GI unless GI obtains the prior approval of the Fund’s Board of Trustees for such termination.

RFS provides transfer agent services to the Fund for fees calculated at the rates below which are assessed to the applicable class of the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Fund has adopted Distribution Plans related to the offering of A-Class and C-Class 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 A-Class shares and 1.00% of the average daily net assets of the Fund’s C-Class shares.

The investment advisory contract for the following Fund provides that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends 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 Date	Contract End Date
Macro Opportunities Fund - A-Class	1.36%	11/30/12	02/01/16
Macro Opportunities Fund - C-Class	2.11%	11/30/12	02/01/16
Macro Opportunities Fund - Institutional Class	0.95%	11/30/12	02/01/16

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

GI is entitled to reimbursement by the 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. At March 31, 2015, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

Fund	Expires 2015		Expires 2016		Expires 2017		Expires 2018		Fund Total
Macro Opportunities Fund	$	161,466	$	961,870	$	1,692,031	$	1,346,426	$	4,161,793

For the period ended March 31, 2015, no amounts were recouped by GI.

If a Fund invests in an affiliated fund, the investing Fund’s Adviser has agreed to waive fees at the investing fund level through February 1, 2016. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI.

During the period ended March 31, 2015, the following fund waived advisory fees related to investments in the affiliated funds.

Fund	Amount
Macro Opportunities Fund	$	163,681

For the period ended March 31, 2015, GFD retained sales charges of $73,546 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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 REPORT | 65

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
Macro Opportunities Fund	$	610,860,681	$	2,836,514,727	$	25,690,558	$	51,914,755	$	3,524,980,721
Liabilities
Macro Opportunities Fund	$	132,990,155	$	960,000	$	22,604,310	$	—	$	156,554,465

* Other financial instruments may include forward foreign currency exchange contracts and/or swaps, which are reported as unrealized gain/loss at period end.

Independent pricing services are used to value a majority of the Fund's investments. When values are not available from a pricing service, they may be computed by the Fund's investment adviser or an affiliate. In any event, values may 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 Treasuries, and other information and analysis. A significant portion of the Fund's assets and liabilities are categorized as Level 2 or Level 3, as indicated in this report.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also used to value the Fund’s 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 indicative quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in an indicative quote would generally result in significant changes in the fair value of the security.

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Fund's fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

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

Fund	Category and Subcategory	Ending Balance at 03/31/15	Valuation Technique	Unobservable Inputs
	Investments, at value
Macro Opportunities Fund	Asset-Backed Securities	$20,740,794	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		240	Option Adjusted Spread off 60 day or greater broker mark over the 3 month LIBOR	Indicative Quote
	Total Asset-Backed Securities	20,741,034
	Corporate Bonds	11,346,875	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		1,640,385	Model Priced	Purchase Price
	Total Corporate Bonds	12,987,260
	Senior Floating Rate Interests	10,159,030	Model Priced	Purchase Price
	Preferred Stocks	4,962,370	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Options Purchased	3,065,061	Model Priced	Purchase Price

Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognized transfers between the levels as of the beginning of the period. As

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 67

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

of March 31, 2015, the Fund had transfers in/out of Level 3 due to changes in securities valuation method and transfers between Level 1 and Level 2 due to utilizing international fair value pricing during the period. See the table below for changes to and from Level 2 and Level 3. There were no other securities that transferred between levels.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets and liabilities for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2015:

LEVEL 3 – Fair value measurement using significant unobservable inputs

	Senior Floating Rate Interests			Asset-Backed Securities			Corporate Bonds			Preferred Stocks		Options Purchased			Total
Macro Opportunities Fund
Assets:
Beginning Balance	$	8,552,307		$	12,653,156		$	13,095,759		$	—	$	—		$	34,301,222
Purchases		2,517,293			12,755,689			2,735,725			4,910,500		4,596,569			27,515,776
Sales		(215,862	)		(1,298,401	)		(26,620	)		—		—			(1,540,883	)
Total change in unrealized gains or losses included in earnings		(373,799	)		155,107			(93,015	)		51,870		(1,531,508	)		(1,791,345	)
Transfers in Level 3		3,213,135			534,183			—			—		—			3,747,318
Transfers out of Level 3		(3,534,044	)		(4,058,700	)		(2,724,589	)		—		—			(10,317,333	)
Ending Balance	$	10,159,030		$	20,741,034		$	12,987,260		$	4,962,370	$	3,065,061		$	51,914,755

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the 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 Fund utilized derivatives for the following purposes:

Fund	Index	Hedge	Duration
Macro Opportunities Fund	x	x	x

68 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the notional amount of derivative instruments outstanding as an approximate percentage of the Fund’s net assets on a quarterly basis.

	Approximate percentage of Fund's Net Assets on a quarterly basis
Fund	Long	Short
Macro Opportunities Fund	20%	15%

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of March 31, 2015:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Interest Rate/Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Options written, at value
	Unrealized appreciation on swap agreements	Unrealized depreciation on swap agreements
	Investments in unaffiliated issuers, at value

The following table sets forth the fair value of the Fund's derivative investments categorized by primary risk exposure at March 31, 2015:

Asset Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Equity Contracts		Swaps Currency Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Macro Opportunities Fund	$	9,488,431	$	5,541,133	$	—	$	10,660,994	$	—	$	12,642,311	$	38,332,869

Liability Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Equity Contracts		Swaps Currency Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Macro Opportunities Fund	$	—	$	8,188,898	$	757,637	$	13,657,775	$	4,756,494	$	—	$	27,360,804

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the period ended March 31, 2015:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Interest Rate/Currency contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealzed appreciation (depreciation) on forward foreign currency exchange contracts
	Net realized gain (loss) on options purchased
	Net change in unrealized appreciation (deprecitation) on options purchased
	Net realized gain (loss) on options written
	Net change in unrealized appreciation (depreciation) on options written
	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2015:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts		Swaps Equity Contracts		Swaps Currency Contracts		Swaps Interest Rate Contracts			Options Written Equity Contracts		Options Purchased Equity Contracts			Total
Macro Opportunities Fund	$	13,489,769	$	14,093,064	$	7,508,393	$	(3,214,819	)	$	987,331	$	(8,895,011	)	$	23,968,727

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts		Swaps Equity Contracts		Swaps Currency Contracts			Swaps Interest Rate Contracts			Options Written Equity Contracts			Options Purchased Equity Contracts		Total
Macro Opportunities Fund	$	7,346,416	$	3,361,973	$	(1,362,223	)	$	(423,751	)	$	(505,539	)	$	3,210,122	$	11,626,998

70 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

6. Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received 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 Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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 Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts 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 Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statement of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset In the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Macro Opportunities Fund	Swap agreements	$	5,943,988	$	—	$	5,943,988	$	5,943,988	$	—	$	—
	Forward foreign currency exchange contracts		9,488,431		—		9,488,431		—		—		9,488,431

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset In the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Pledged		Net Amount
Macro Opportunities Fund	Swap agreements	$	8,946,535	$	—	$	8,946,535	$	5,943,988	$	—	$	3,002,547

¹ Centrally cleared swaps are excluded from these reported amounts.

72 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

7. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund Name	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Loss
Macro Opportunities Fund	$	3,506,530,745	$	52,820,980	$	(60,061,562	)	$	(7,240,582	)

8. Securities Transactions

For the period ended March 31, 2015, 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
Macro Opportunities Fund	$	1,933,910,314	$	305,390,663

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

9. Options Written

Information as to options written by the Fund during the period ended March 31, 2015, and options outstanding at period end is provided below:

Written Call Options
	Macro Opportunities Fund
	Number of Contracts			Premium Amount
Balance at September 30, 2014		354		$	225,834
Options Written		46,751			3,533,817
Options terminated in closing purchase transactions		—			—
Options expired		(354	)		(225,834	)
Options exercised		—			—
Balance at March 31, 2015		46,751		$	3,533,817

Written Put Options
	Macro Opportunities Fund
	Number of Contracts			Premium Amount
Balance at September 30, 2014		—		$	—
Options Written		2,949			1,735,782
Options terminated in closing purchase transactions		(1,667	)		(794,226	)
Options expired		—			—
Options exercised		—			—
Balance at March 31, 2015		1,282		$	941,556

74 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

10. Affiliated and/or Related Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

The Fund may invest in the Guggenheim Strategy Funds Trust consisting of Guggenheim Strategy Fund I, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III (collectively, the “Cash Management Funds”), open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2014 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at http://www.sec.gov.

Transactions during the period ended March 31, 2015 in which the portfolio company is an “affiliated person” are as follows:

Affiliated issuers	Value 09/30/14		Additions		Reductions		Value 03/31/15		Shares 03/31/15		Investment Income		Realized Gain (Loss)		Capital Gain Distributions
Macro Opportunities Fund
Limited Duration Fund - Institutional Class	$	45,498,128	$	807,643	$	—	$	46,240,184		1,860,023	$	907,938	$	—	$	15,550
Guggenheim Strategy Fund I		—		68,000,542		—		68,013,502		2,731,466		13,502		—		—
Risk Managed Real Estate Fund - Institutional Class		10,843,512		68,832		—		12,964,222		403,870		29,040		—		57,005
Guggenheim Strategic Opportunities Fund		—		3,108,834		—		3,350,883		156,950		142,903		—		—
	$	56,341,640	$	71,985,851	$	—	$	130,568,791			$	1,093,383	$	—	$	72,555

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

11. Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2015. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of March 31, 2015 were as follows:

Borrower	Maturity Date	Face Amount		Value
Cartrawler	06/30/15	$	15,000,000	$	—
Rite Aid Corp.	08/10/15		7,750,000		—
Acosta, Inc.	09/26/19		6,000,000		—
SS&C Technologies, Inc.	02/27/16		4,500,000		—
Signode Industrial Group US, Inc.	05/01/19		3,400,000		346,266
Valeant Pharmaceuticals International, Inc.	03/11/22		2,602,410		—
McGraw-Hill Global Education Holdings LLC	03/22/18		2,000,000		161,592
BBB Industries, LLC	10/17/19		1,537,500		196,986
Advantage Sales & Marketing, Inc.	07/21/19		1,500,000		167,067
Phillips-Medsize Corp.	06/06/19		1,100,000		110,294
Jacobs Douwe Eg	07/23/21		1,000,000		—
Pro Mach Group, Inc.	10/22/19		900,000		98,916
Ceva Group plc (United Kingdom)	03/19/19		800,000		129,447
IntraWest Holdings S.à r.l.	12/10/18		750,000		22,119
Hillman Group, Inc.	06/13/19		585,714		54,670
Learning Care Group (US), Inc.	05/05/21		500,000		—
Wencor Group	06/19/19		500,000		49,419
Eyemart Express	12/18/19		500,000		57,257
American Stock Transfer & Trust	06/11/18		400,000		34,706
Hoffmaster Group, Inc.	05/09/19		357,143		34,185
National Financial Partners Corp.	07/01/18		296,296		27,108
Internet Brands	07/08/21		1,261		6
		$	51,980,324	$	1,490,038

12. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

76 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

13. Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes 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.

Fund	Counterparty and Terms of Agreement	Face Value	Repurchase Price	Collateral	Par Value	Fair Value
Macro Opportunities Fund	Jefferies & Company, Inc.
	2.68% - 3.18%			ACIS CLO 2014-4 Ltd.
	Due 04/06/15			0.00%
	-05/07/15	$52,960,000	$53,102,006	05/01/26	$25,375,000	$20,727,792
				CIFC Funding Ltd.
				0.00%
				01/19/23	12,500,000	9,125,000
				Neuberger Berman CLO Ltd
				0.00%
				01/23/24	11,368,500	7,048,470
				Whitehorse Ltd
				0.00%
				02/03/25	9,025,000	5,987,177
				Ares CLO Ltd
				0.00%
				11/25/20	4,000,000	1,600,000
				Puerto Rico Commonwealth Aqueduct & Sewer Authority
				0.00%
				11/25/20	3,087,000	2,145,588
				Atlas Senior Loan Fund Ltd.
				0.00%
				01/30/24	2,025,765	1,613,504
				Cent CDO x Ltd.
				0.00%
				12/15/17	2,000,000	1,241,831
				Government Development Bank for Puerto Rico
				5.00%
				08/01/23	1,631,500	853,242

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty and Terms of Agreement	Face Value	Repurchase Price	Collateral	Par Value	Fair Value
				Cedar Funding Ltd.
				0.00%
				10/23/26	$1,294,000	$1,103,116
				Commonwealth of Puerto Rico
				5.50%
				07/01/18	332,500	317,544
				Aberdeen Loan Funding Ltd.
				0.00%
				11/01/18	10,250	4,817,500
				Red River CLO Ltd.
				0.00%
				07/27/18	9,000	3,150,000
				Liberty Clo Ltd.
				0.00%
				11/01/17	5,000	1,355,778
	Barclays			Blackboard, Inc.
	(0.10)%			7.75%
	Due 10/29/15 - 11/13/15	$1,052,250	$1,051,175	11/15/19	1,000,000	1,006,250

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

14. Reverse Repurchase Agreements

The Fund 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.

78 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(concluded)

For the period ended March 31, 2015, the Fund entered into reverse repurchase agreements as follows:

Fund	Number of Days outstanding		Balance at March 31, 2015			Average balance outstanding			Average interest rate
Macro Opportunities Fund		182		$	294,191,544		$	62,493,903		0.59	%

15. Restricted Securities

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

Fund	Restricted Securities	Acquisition Date	Cost	Value
Macro Opportunities Fund	Cadence Financial Corp.
	4.88% due 06/28/19	06/06/14	$ 4,000,000	$ 4,038,240
	Odebrecht Offshore Drilling Finance Ltd.
	6.62% due 10/01/22	02/21/14	1,209,975	907,481
	IronGate Energy Services LLC
	11.00% due 07/01/18	07/10/13	567,269	396,000
	Premier Foods Finance plc
	5.56% due 03/16/20	03/06/14	251,067	198,068
			6,028,311	5,539,789

16. Subsequent Events

P-Class Shares to be Offered

Effective following the close of business on April 30, 2015, or such later date as may be determined appropriate by management, Macro Opportunities Fund (the “Fund”), a separate series of Guggenheim Funds Trust, will offer P-Class shares.

P-Class shares of the Fund are offered primarily through broker/dealers and other financial intermediaries with which Guggenheim Funds Distributors, LLC has an agreement for the use of P-Class shares of the Fund in investment products, programs or accounts. P-Class shares do not have a minimum initial investment amount, subsequent investment amount or a minimum account balance. The Fund reserves the right to modify its minimum investment amount and account balance requirements at any time, with or without prior notice to you.

Shareholders who currently have accounts held directly at Guggenheim Investments will not be permitted to purchase P-Class shares.

For more information, or to request copies of the Fund’s prospectuses, call Client Services at 800.820.0888 or visiting guggenheiminvestments.com.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 79

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

80 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946 )	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 81

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

82 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 83

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

84 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 85

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

86 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 87

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

88 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 89

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(continued)

new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

90 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 91

This page intentionally left blank.

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim Floating Rate Strategies Fund

FR-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
FLOATING RATE STRATEGIES FUND	8
NOTES TO FINANCIAL STATEMENTS	31
OTHER INFORMATION	49
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	50
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	58

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Guggenheim Partners Investment Management (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for one of our Funds (the “Fund”) for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

There can be no assurance that any investment product will achieve its investment objective(s). There are risks associated with investing, including the entire loss of principal invested. Investing involves market risks. The investment return and principal value of any investment product will fluctuate with changes in market conditions.

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth,

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges ("CDSC") on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Floating Rate Strategies Fund
A-Class	1.03%	1.86%	$1,000.00	$1,018.60	$5.18
C-Class	1.78%	1.53%	1,000.00	1,015.30	8.94
Institutional Class	0.79%	1.98%	1,000.00	1,019.80	3.98
Table 2. Based on hypothetical 5% return (before expenses)
Floating Rate Strategies Fund
A-Class	1.03%	5.00%	$1,000.00	$1,019.80	$5.19
C-Class	1.78%	5.00%	1,000.00	1,016.06	8.95
Institutional Class	0.79%	5.00%	1,000.00	1,020.99	3.98

1	Annualized.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

FLOATING RATE STRATEGIES FUND

OBJECTIVE: Seeks to provide a high level of current income while maximizing total return.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
Institutional Class	November 30, 2011

Ten Largest Holdings (% of Total Net Assets)
Cartrawler	1.4%
Albertson’s (Safeway) Holdings LLC	1.1%
National Financial Partners Corp.	1.0%
Multiplan, Inc.	1.0%
Gates Global, Inc.	1.0%
Party City Holdings, Inc.	1.0%
Ziggo BV	0.9%
Scout 24 AG	0.9%
Flakt Woods	0.9%
Sears Holding Corp.	0.9%
Top Ten Total	10.1%

“Ten Largest Holdings” exclude any temporary cash or derivative instruments.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

FUND PROFILE (Unaudited)(concluded) March 31, 2015

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	0.2%
AA	2.2%
A	4.2%
BBB	9.9%
BB	24.5%
B	49.1%
CCC	4.4%
CC	0.2%
D	0.1%
NR**	1.0%
Other Instruments
Short Term Investments	4.0%
Common Stocks	0.2%
Total Investments	100.0%

The chart above reflects percentages of the value of total investments.

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Shares		Value
COMMON STOCKS† - 0.3%
CONSUMER DISCRETIONARY - 0.3%
Travelport, LLC*		189,931	$	3,171,847
BASIC MATERIALS - 0.0%
Mirabela Nickel Ltd.*,††		4,755,634		507,094
Total Common Stocks
(Cost $5,290,286)				3,678,941
SHORT TERM INVESTMENTS† - 4.4%
Federated U.S. Treasury Cash Reserve Fund 0.00%		62,035,445		62,035,445
Total Short Term Investments
(Cost $62,035,445)				62,035,445
	Face Amount
SENIOR FLOATING RATE INTERESTS††,3,8 - 74.6%
INDUSTRIAL - 15.3%
Amber Bidco Foster + Partners
4.75% due 06/30/21†††,1	$	10,480,000		10,289,264
5.06% due 06/30/21†††,1		GBP 3,500,000		5,098,292
Multiplan, Inc.
3.75% due 03/31/21		14,000,000		13,947,499
Gates Global, Inc.
4.25% due 07/05/21		13,722,682		13,662,713
Flakt Woods
2.63% due 03/20/17†††,1		EUR 12,183,214		12,833,465
Brickman Group Holdings, Inc.
4.00% due 12/18/20		12,463,027		12,397,222
US Infrastructure Corp.
4.00% due 07/10/20		11,209,364		11,125,294
Crosby Worldwide
3.75% due 11/23/20		10,894,454		10,036,516

Transdigm, Inc.
3.75% due 02/28/20	4,500,000	4,489,335
3.75% due 06/04/21	4,037,150	4,025,240
Rexnord LLC/ RBS Global, Inc.
4.00% due 08/21/20	8,274,000	8,268,208
Thermasys Corp.
5.25% due 05/03/19	6,569,063	6,552,640
CareCore National LLC
5.50% due 03/05/21	6,460,621	6,492,924
Hardware Holdings LLC
6.75% due 03/30/201	6,218,750	6,032,188
SIRVA Worldwide, Inc.
7.50% due 03/27/19	5,880,000	5,850,600
Mitchell International, Inc.
8.50% due 10/11/21	3,050,000	3,018,860
4.50% due 10/13/20	2,802,685	2,802,096
Doncasters Group Ltd.
9.50% due 10/09/20	3,834,483	3,815,310
4.50% due 04/09/20	1,424,971	1,426,153
Connolly Corp.
5.00% due 05/14/21	4,962,500	4,984,236
Berlin Packaging LLC
4.50% due 10/01/21	4,933,230	4,938,361
Mast Global
8.75% due 09/12/19†††,1	4,715,756	4,680,088
Power Borrower, LLC
4.25% due 05/06/20	2,925,868	2,896,610
8.25% due 11/06/20	1,670,000	1,624,075
syncreon
5.25% due 10/28/20	3,752,500	3,593,019
Knowledge Learning Corp.
5.25% due 03/18/21	3,514,500	3,543,776
Ceva Logistics US Holdings
6.50% due 03/19/21	3,745,419	3,500,393
Goodpack Ltd.
4.75% due 09/09/21	3,471,436	3,462,758
NVA Holdings, Inc.
4.99% due 08/14/21	3,300,000	3,300,000
Ceva Group plc (United Kingdom)
6.50% due 03/19/21	2,600,985	2,430,829

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
due 03/19/192	$	600,000	$	502,915
NANA Development Corp.
8.00% due 03/15/181		3,060,000		2,929,950
GYP Holdings III Corp.
4.75% due 04/01/21		2,779,000		2,704,328
Learning Care Group (US), Inc.
5.50% due 05/05/21		2,530,875		2,540,366
Ceva Logistics Holdings BV (Dutch)
6.50% due 03/19/21		2,715,429		2,537,785
SI Organization
5.75% due 11/23/19		2,430,909		2,439,417
Headwaters, Inc.
4.50% due 03/11/22		2,000,000		2,007,500
Tank Holdings Corp.
5.25% due 03/11/22		2,000,000		2,005,000
Berry Plastics Corp.
3.50% due 02/08/20		1,083,417		1,080,167
3.75% due 01/06/21		815,500		815,223
Constantinople Acquisition GmbH
4.75% due 02/25/22		1,850,000		1,847,114
Quikrete Holdings, Inc.
4.00% due 09/28/20		1,750,000		1,756,563
Nord Anglia Education Finance LLC
4.50% due 03/31/21		1,637,625		1,637,625
Dematic S.A.
4.25% due 12/28/19		1,348,030		1,343,541
Braas Monier Buildings Group
4.57% due 10/15/20		EUR 1,216,837		1,317,651
Camp Systems International
8.25% due 11/29/19		1,150,000		1,147,125
Waste Industries USA, Inc.
4.25% due 02/27/20		900,000		902,529
AlliedBarton Security Services LLC
4.25% due 02/12/21		700,000		699,419
CPM Acquisition Corp.
6.25% due 08/29/17		356,533		356,533
10.25% due 03/01/18		325,000		325,000
Wireco Worldgroup, Inc.
6.00% due 02/15/17		482,885		480,470
Ceva Logistics Canada, ULC
6.50% due 03/19/21		468,177		437,549
Omnitracs, Inc.
8.75% due 05/25/21		350,000		341,908
Advanced Disposal Services, Inc.
3.75% due 10/09/19		344,846		340,722
Hunter Fan Co.
6.50% due 12/20/171		220,700		218,493
Total Safety U.S., Inc.
9.25% due 09/13/20		99,750		90,773
Total Industrial				213,923,630
CONSUMER, CYCLICAL - 13.6%
Party City Holdings, Inc.
4.00% due 07/27/19		13,426,618		13,404,195
Sears Holdings Corp.
5.50% due 06/30/18		13,008,740		12,801,381
BJ’s Wholesale Club, Inc.
4.50% due 09/26/19		12,421,889		12,416,299
PetSmart, Inc.
5.00% due 03/11/22		12,000,000		12,086,760
Eyemart Express
5.00% due 12/18/21		12,000,000		12,060,000
Warner Music Group
3.75% due 07/01/20		12,176,221		11,871,815
Ipreo Holdings
4.25% due 08/06/21		8,979,328		8,900,759
Neiman Marcus Group, Inc.
4.25% due 10/25/20		7,927,116		7,895,883
National Vision, Inc.
4.00% due 03/12/21		7,400,000		7,310,608
American Tire Distributors, Inc.
5.25% due 09/24/21		5,050,047		5,068,984
7.00% due 06/01/18		2,188,945		2,188,945

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
ServiceMaster Co.
4.25% due 07/01/21	$	6,234,750	$	6,203,576
Sky Bet
6.50% due 02/25/22		GBP 3,700,000		5,468,947
Smart & Final Stores LLC
4.75% due 11/15/19		5,410,926		5,427,862
Pinnacle Foods Corp.
3.00% due 04/29/20		5,000,000		4,976,550
1-800 Contacts, Inc.
4.25% due 01/29/21		4,696,954		4,679,341
Ceridian Corp.
4.50% due 09/15/20		4,475,325		4,405,421
Ollies Bargain Outlet
4.75% due 09/28/19		4,118,706		4,077,519
Compucom Systems, Inc.
4.25% due 05/07/20		4,340,806		4,036,949
TI Automotive Ltd.
4.25% due 07/02/21		3,900,525		3,895,649
Acosta, Inc.
5.00% due 09/26/21		3,690,750		3,724,779
Nassa Midco AS
4.25% due 05/14/21		EUR 3,300,000		3,559,991
Digital Cinema
3.25% due 05/17/21		3,414,706		3,401,901
Fitness International LLC
5.50% due 07/01/20		3,473,750		3,230,588
Equinox Fitness
5.00% due 01/31/20		3,172,816		3,180,748
Capital Automotive LP
6.00% due 04/30/20		2,830,000		2,872,450
California Pizza Kitchen, Inc.
5.25% due 03/29/18		2,934,517		2,854,551
Pinnacle Entertainment, Inc.
3.75% due 08/13/20		2,830,484		2,828,955
Interline Brands, Inc.
4.00% due 03/17/21		2,660,000		2,645,051
TANK & RAST
3.58% due 12/10/19		EUR 2,340,000		2,520,031
Mattress Firm
5.25% due 10/20/21		2,443,875		2,459,149
SNL Financial
4.50% due 10/23/18		2,029,659		2,029,659
GCA Services Group, Inc.
4.30% due 11/01/19		1,670,981		1,670,981
9.25% due 11/01/20		200,000		198,000
IntraWest Holdings S.à r.l.
5.50% due 12/09/20		1,175,770		1,182,754
Container Store, Inc.
4.25% due 04/06/19		885,480		881,051
Kate Spade & Co.
4.00% due 04/09/21		587,120		586,139
Fleetpride Corp.
5.25% due 11/19/19		572,766		567,754
Advantage Sales & Marketing, Inc.
4.25% due 07/23/211		498,750		498,057
Jacobs Entertainment, Inc.
5.25% due 10/29/18		481,919		467,462
Navistar, Inc.
5.75% due 08/17/17		312,500		313,672
CKX Entertainment, Inc.
9.00% due 06/21/171		145,875		102,113
Total Consumer, Cyclical				190,953,279
TECHNOLOGY - 12.7%
Infor, Inc.
3.75% due 06/03/20		12,238,031		12,113,077
Active Network, Inc., The
5.50% due 11/13/20		12,140,605		12,085,001
Go Daddy Operating Company, LLC
4.75% due 05/13/21		12,010,174		12,051,369
TIBCO Software, Inc.
6.50% due 12/04/20		12,000,000		11,988,720
Sabre, Inc.
4.50% due 02/19/19		8,277,456		8,275,387
4.00% due 02/19/19		2,922,141		2,922,141
Greenway Medical Technologies
6.00% due 11/04/201		9,875,000		9,875,000
Telx Group
4.50% due 04/09/20		9,055,109		8,994,711

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
7.50% due 04/09/21	$	600,000	$	591,750
Micro Focus International plc
5.25% due 11/19/21		9,558,824		9,573,162
GlobalLogic Holdings, Inc.
6.25% due 05/31/19		9,628,125		9,555,914
Advanced Computer Software
6.50% due 01/31/22		6,500,000		6,410,625
10.50% due 01/31/23		2,200,000		2,112,000
LANDesk Group, Inc.
5.00% due 02/25/20		8,372,925		8,351,993
Aspect Software, Inc.
7.25% due 05/07/16		7,785,705		7,746,776
Deltek, Inc.
4.50% due 10/10/18		5,908,820		5,918,038
Banca Civica (UK) - Chambertin
5.07% due 08/12/20†††,1		GBP 3,800,000		5,509,918
EIG Investors Corp.
5.00% due 11/09/19		5,354,955		5,371,716
CDW LLC
3.25% due 04/29/20		4,900,027		4,851,664
Renaissance Learning Corp.
4.50% due 04/09/21		4,656,213		4,555,313
Sophos
5.00% due 01/29/21		4,425,300		4,434,505
Wall Street Systems
4.50% due 04/30/21		4,300,091		4,275,925
American Builders & Contractors Supply Co., Inc.
3.50% due 04/16/20		4,258,226		4,246,515
Blue Coat Systems, Inc.
4.00% due 05/31/19		2,921,728		2,919,303
Evergreen Skill
5.75% due 04/28/21		2,747,250		2,712,909
Eze Castle Software, Inc.
7.25% due 04/05/21		1,441,176		1,354,706
4.00% due 04/06/20		1,000,000		994,170
CCC Information Services, Inc.
4.00% due 12/20/19		1,804,686		1,795,662
Sparta Holding Corp.
7.50% due 07/28/20†††		1,446,375		1,433,358
Applied Systems, Inc.
4.29% due 01/25/21		1,313,977		1,313,162
Paradigm Ltd
4.75% due 07/30/191		1,402,666		1,255,386
Lantiq Deutschland GmbH
11.00% due 11/16/151		1,206,462		1,194,397
Sophia, LP
4.00% due 07/19/18		364,703		364,156
P2 Energy Solutions
9.00% due 04/30/21		390,000		358,800
Total Technology				177,507,229
COMMUNICATIONS - 10.6%
Cartrawler
4.25% due 04/29/21		EUR 17,700,000		18,955,792
Ziggo BV
3.75% due 01/15/22		EUR 12,300,000		13,209,426
Scout24 AG
4.00% due 02/12/21		EUR 12,000,000		12,907,886
Univision Communications, Inc.
4.00% due 03/01/20		12,354,348		12,325,453
Avaya, Inc.
4.68% due 10/26/17		7,396,349		7,273,644
6.50% due 03/31/18		4,875,839		4,860,285
Asurion Corp.
4.25% due 07/08/20		6,580,855		6,558,677
5.00% due 05/24/19		3,822,692		3,831,178
Light Tower Fiber LLC
4.00% due 04/13/20		10,188,199		10,143,677
Zayo Group LLC
4.00% due 07/02/19		8,727,917		8,734,900
Virgin Media Investment Holdings Ltd.
3.50% due 06/07/20		7,552,995		7,538,870

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
Lions Gate Entertainment Corp.
5.00% due 03/11/22	$	7,000,000	$	7,005,810
Cengage Learning Acquisitions, Inc.
7.00% due 03/31/20		6,241,115		6,258,964
Gogo LLC
11.25% due 03/21/181		4,246,177		4,331,101
7.50% due 03/21/18		1,365,007		1,310,406
CBS Outdoor Americas Capital LLC
3.00% due 01/31/21		4,600,000		4,588,500
Springer Science + Business Media SA
4.75% due 08/14/20		4,100,000		4,105,125
Live Nation Worldwide, Inc.
3.50% due 08/14/20		2,955,000		2,947,613
EMI Music Publishing
3.75% due 06/29/18		2,577,845		2,573,179
Interactive Data Corp.
4.75% due 05/02/21		2,260,363		2,269,314
Anaren, Inc.
5.50% due 02/18/21		1,580,000		1,576,050
9.25% due 08/18/21		275,000		272,250
Cumulus Media, Inc.
4.25% due 12/23/20		1,759,229		1,725,364
Internet Brands
5.00% due 07/08/21		1,580,788		1,578,322
Level 3 Communications, Inc.
4.00% due 08/01/19		750,000		751,095
Townsquare Media
4.25% due 03/25/22		700,000		700,441
Clientlogic Corp.
7.50% due 01/30/17		250,000		247,500
Total Communications				148,580,822
FINANCIAL - 9.2%
National Financial Partners Corp.
4.50% due 07/01/20		14,331,896		14,281,160
4.42% due 07/01/181		2,111,111		1,917,968
HUB International Ltd.
4.00% due 10/02/20		12,603,690		12,491,139
Transunion Holding Co.
4.00% due 04/09/21		11,895,252		11,887,877
Hyperion Insurance
5.50% due 03/26/22		11,800,000		11,859,000
York Risk Services
4.75% due 10/01/21		11,610,453		11,562,037
First Data Corp.
3.67% due 03/23/18		8,200,000		8,191,800
4.17% due 03/24/21		1,199,869		1,202,869
3.67% due 09/24/18		400,000		399,416
AssuredPartners
5.00% due 04/02/21		8,281,466		8,255,628
Magic Newco, LLC
5.00% due 12/12/18		7,482,074		7,487,386
12.00% due 06/12/19		500,000		543,750
Intertrust Group
7.28% due 04/11/22		3,300,000		3,284,886
4.53% due 04/16/21		2,616,000		2,611,631
American Stock Transfer & Trust
5.75% due 06/26/20		5,769,134		5,740,288
Expert Global Solutions
8.50% due 04/03/18		4,174,422		4,162,233
8.32% due 04/02/17†††,1		304,167		284,233
STG-Fairway Acquisitions, Inc.
6.25% due 02/28/19		2,940,031		2,921,656
10.50% due 08/28/19†††,1		1,300,000		1,291,030
WTG Holdings
4.75% due 01/15/21		4,178,219		4,178,219
Lineage Logistics LLC
4.50% due 04/07/21		4,049,100		4,011,160
Genex Services, Inc.
5.25% due 05/28/21		2,779,000		2,782,474
Fly Leasing Ltd.
4.50% due 08/09/19		2,525,391		2,531,704
Cunningham Lindsey U.S., Inc.
5.00% due 12/10/19		1,615,080		1,586,816

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
9.25% due 06/10/20	$	194,886	$	188,553
USI Holdings Corp.
4.25% due 12/27/19		1,390,762		1,391,346
AmWINS Group, LLC
5.25% due 09/06/19		1,097,436		1,105,667
Alliant Holdings I, LLC
5.00% due 12/20/19		863,987		866,147
Hamilton Lane Advisors LLC
4.00% due 02/28/18		172,469		171,607
Total Financial				129,189,680
CONSUMER, NON-CYCLICAL - 9.2%
Albertson’s (Safeway) Holdings LLC
5.50% due 08/25/21		15,350,000		15,471,571
Performance Food Group
6.25% due 11/14/19		11,811,362		11,821,164
Dollar Tree, Inc.
4.25% due 03/09/22		11,000,000		11,111,540
CTI Foods Holding Co. LLC
8.25% due 06/28/21		8,650,000		8,498,625
4.50% due 06/28/20		1,329,750		1,325,601
Par Pharmaceuticals
4.25% due 09/30/19		9,541,000		9,529,074
Valeant Pharmaceuticals International, Inc.
4.00% due 03/11/22		5,379,518		5,402,112
3.50% due 08/05/20		4,000,000		4,000,000
Authentic Brands
5.50% due 05/27/21		8,436,250		8,443,252
Dole Food Company, Inc.
4.50% due 11/01/18		7,760,000		7,776,994
Reddy Ice Holdings, Inc.
6.75% due 04/01/191		4,804,456		4,203,899
10.75% due 10/01/191		2,000,000		1,520,000
Arctic Glacier Holdings, Inc.
6.00% due 05/10/19		5,420,421		5,379,768
Pinnacle Foods Corp.
3.00% due 04/29/20		4,700,000		4,677,816
Hostess Brands
6.75% due 04/09/20		2,772,000		2,817,045
Serta Simmons Holdings LLC
4.25% due 10/01/19		2,692,094		2,696,025
Nellson Nutraceutical (US)
6.00% due 12/23/21		2,187,500		2,177,481
Continental Foods
4.27% due 08/20/21		EUR 2,000,000		2,157,700
Post Holdings
3.75% due 06/02/21		2,050,000		2,053,137
Nellson Nutraceutical (CAD)
6.00% due 12/23/21		2,012,500		2,003,283
Akorn, Inc.
4.50% due 04/16/21		1,990,000		1,996,229
AdvancePierre Foods, Inc.
5.75% due 07/10/17		1,451,511		1,452,716
9.50% due 10/10/17		461,000		461,576
DJO Finance LLC
4.25% due 09/15/17		1,895,844		1,899,162
Mitel Networks Corp.
5.25% due 01/31/20		1,879,095		1,878,701
NES Global Talent
6.50% due 10/03/19		1,738,141		1,651,234
Catalent Pharma Solutions, Inc.
4.25% due 05/20/21		1,209,424		1,214,117
Aramark Corp.
3.25% due 02/24/21		1,207,800		1,204,781
Harvard Drug
5.00% due 08/16/20		1,150,000		1,141,375
Fender Musical Instruments Corp.
5.75% due 04/03/19		1,025,667		1,022,252
PPDI
4.00% due 12/05/18		997,449		997,030
Rite Aid Corp.
5.75% due 08/21/20		500,000		505,000
Targus Group International, Inc.
14.75% due 05/24/161		223,630		177,226
Total Consumer, Non-cyclical				128,667,486

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
BASIC MATERIALS - 2.1%
Chromaflo Technologies
4.50% due 12/02/19	$	8,024,779	$	7,944,530
Royal Adhesives and Sealants
5.50% due 07/31/18		5,402,367		5,415,873
INEOS US Finance LLC
4.25% due 03/11/22		4,500,000		4,501,125
Reynolds Group Holdings
4.50% due 12/01/18		3,109,251		3,120,910
Minerals Technologies, Inc.
4.00% due 05/07/21		2,660,089		2,670,065
Ennis-Flint
4.25% due 03/31/21		2,079,000		2,040,019
7.75% due 09/30/21		270,000		243,000
Fortescue Metals Group Ltd.
3.75% due 06/30/19		1,945,000		1,753,379
Hoffmaster Group, Inc.
5.25% due 05/09/20		947,613		951,565
6.37% due 05/09/191		500,000		452,141
Atkore International, Inc.
7.75% due 10/09/21		400,000		386,000
Total Basic Materials				29,478,607
UTILITIES - 1.4%
Veresen Midstream LP
6.00% due 04/01/22		9,900,000		9,882,675
Expro Holdings UK 3 Ltd.
5.75% due 09/02/21		5,935,125		5,040,642
Panda Temple II Power
7.25% due 04/03/19		4,500,000		4,387,500
Total Utilities				19,310,817
ENERGY - 0.5%
PSS Companies
5.50% due 01/28/20		5,697,597		4,472,613
Floatel International Ltd.
6.00% due 06/27/20		3,329,435		2,426,326
Total Energy				6,898,939
Total Senior Floating Rate Interests
(Cost $1,067,785,990)				1,044,510,489
ASSET-BACKED SECURITIES†† - 9.2%
Gramercy Real Estate CDO Ltd.
2007-1A, 0.54% due 08/15/563,4		11,055,298		9,960,823
Cedar Woods CRE CDO Ltd.
2006-1A, 0.44% due 07/25/51		7,578,033		6,852,816
GreenPoint Mortgage Funding Trust
2005-HE4, 0.88% due 07/25/303		6,436,943		6,152,320
RAIT CRE CDO I Ltd.
2006-1X, 0.49% due 11/20/46		6,190,752		5,697,968
OHA Credit Partners IX Ltd.
2013-9A, 0.00% due 10/20/254,7		6,000,000		5,680,799
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.43% due 04/25/363		4,300,000		3,902,130
2007-BC1, 0.30% due 02/25/373		900,000		782,982
N-Star REL CDO VIII Ltd.
2006-8A, 0.54% due 02/01/413,4		3,250,000		2,931,500
2006-8A, 0.47% due 02/01/413,4		1,332,536		1,307,618
KKR Financial CLO Ltd.
2007-1A, 2.51% due 05/15/213,4		4,100,000		4,084,010
Avery 2013-3X
due 01/18/252		4,300,020		4,009,769
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29		3,985,244		3,955,355
Golub Capital Partners CLO 24M Ltd.
2015-24A, 4.02% due 02/05/273,4		3,750,000		3,750,000

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
N-Star Real Estate CDO IX Ltd.
0.49% due 02/01/411	$	3,597,848	$	3,438,104
Fortress Credit Opportunities VI CLO Ltd.
2015-6A, 3.92% due 10/10/263,4		3,500,000		3,437,700
CIT Mortgage Loan Trust
2007-1, 1.62% due 10/25/373,4		3,400,000		3,230,422
Jasper CLO Ltd.
2005-1A, 1.15% due 08/01/173,4		3,000,000		2,952,000
Castlelake Aircraft Securitization Trust
2014-1, 7.50% due 02/15/29		2,936,496		2,929,155
NewStar Commercial Loan Funding LLC
2013-1A, 4.80% due 09/20/233,4		2,750,000		2,673,550
2013-1A, 5.55% due 09/20/233,4		250,000		247,025
Treman Park CLO LLC
2015-1A, 0.00% due 04/20/274,7		3,000,000		2,880,300
Halcyon Loan Advisors Funding Ltd.
2012-1A, 3.26% due 08/15/233,4		2,600,000		2,538,900
ALM XIV Ltd.
2014-14A, 3.71% due 07/28/263,4		2,650,000		2,516,440
Fortress Credit Opportunities V CLO Ltd.
2014-5A, 4.73% due 10/15/263,4		2,500,000		2,362,000
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE1, 0.31% due 07/25/373,4		2,570,900		2,261,852
GSAMP Trust
2005-HE6, 0.61% due 11/25/353		2,250,000		2,086,826
Duane Street CLO IV Ltd.
2007-4A, 2.51% due 11/14/213,4		2,000,000		1,947,800
Highland Park CDO I Ltd.
2006-1A, 0.59% due 11/25/513,4		1,713,528		1,636,419
DIVCORE CLO Ltd.
2013-1A B, 4.07% due 11/15/32		1,600,000		1,608,000
MCF CLO I LLC
2013-1A, 3.81% due 04/20/233,4		1,500,000		1,469,550
TCW Global Project Fund III Ltd.
2005-1A, 0.91% due 09/01/173,4		1,003,559		973,452
2005-1A, 1.11% due 09/01/17†††,3,4		500,000		474,700
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.26% due 12/20/183,4		1,288,000		1,263,142
Grayson CLO Ltd.
2006-1A, 0.66% due 11/01/213,4		1,200,000		1,135,800
GSAA Home Equity Trust
2007-7, 0.44% due 07/25/373		1,286,266		1,086,094
Telos CLO 2007-2 Ltd.
2007-2A, 2.45% due 04/15/223,4		1,100,000		1,061,390
Cerberus Onshore II CLO LLC
2014-1A, 4.25% due 10/15/233,4		600,000		568,560
2014-1A, 3.75% due 10/15/233,4		500,000		487,950
Telos CLO Ltd.
2013-3A, 4.51% due 01/17/243,4		1,050,000		1,033,095

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
Acis CLO Ltd.
2013-1A, 4.76% due 04/18/243,4	$	1,000,000	$	1,002,800
Gramercy Park CLO Ltd.
2014-1AR, 4.30% due 07/17/233,4		1,000,000		997,300
COA Summit CLO Limited
2014-1A, 4.10% due 04/20/233,4		1,000,000		992,700
ACIS CLO Ltd.
2015-6A, 3.63% due 05/01/273,4		1,000,000		992,600
Salus CLO Ltd.
2013-1AN, 6.98% due 03/05/213,4		1,000,000		989,400
Churchill Financial Cayman Ltd.
2007-1A, 2.85% due 07/10/193,4		1,000,000		942,600
NewStar Commercial Loan Trust
2007-1A, 1.56% due 09/30/223,4		500,000		475,650
2007-1A, 2.56% due 09/30/223,4		500,000		461,650
Putnam Structured Product CDO Ltd.
2002-1A, 0.86% due 01/10/383,4		997,450		928,726
ARES XXVI CLO Ltd.
2013-1A, due 04/15/252,4		1,250,000		849,500
Garrison Funding Ltd.
2013-2A, 4.88% due 09/25/233,4		750,000		743,100
Shackleton II CLO Ltd.
2012-2A, 4.31% due 10/20/233,4		750,000		736,200
Westchester CLO Ltd.
2007-1A, 0.59% due 08/01/223,4		750,000		714,300
New Century Home Equity Loan Trust
2004-4, 0.97% due 02/25/353		783,564		702,466
Airplanes Pass Through Trust
2001-1A, 0.72% due 03/15/193		1,668,390		684,040
KKR Financial CLO Ltd.
2007-1X, 5.25% due 05/15/21		650,000		649,285
NewStar Arlington Senior Loan Program LLC
2014-1A, 3.56% due 07/25/253,4		600,000		574,920
ACA CLO Ltd.
2007-1A, 1.20% due 06/15/223,4		575,000		547,975
Tricadia CDO Ltd.
2006-6A, 1.01% due 11/05/413,4		550,000		535,645
CIFC Funding Ltd.
2012-2A, 4.52% due 12/05/243,4		500,000		500,000
Aerco Ltd.
2000-2A, 0.63% due 07/15/253		1,201,286		488,803
Kingsland III Ltd.
2006-3A, 1.86% due 08/24/213,4		500,000		482,800
Pangaea CLO Ltd.
2007-1A, 0.76% due 10/21/213,4		500,000		482,200
Westwood CDO I Ltd.
2007-1A, 0.94% due 03/25/213,4		500,000		471,500
Kingsland IV Ltd.
2007-4A, 1.70% due 04/16/213,4		500,000		466,750
MCF CLO III LLC
2014-3A, 3.46% due 01/20/243,4		500,000		458,200

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.47% due 11/14/333,4	$	449,328	$	381,929
Drug Royalty Limited Partnership 1
2012-1, 5.50% due 07/15/243,4		353,077		363,298
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/373,4		396,990		361,261
Eastland CLO Ltd.
2007-1A, 0.65% due 05/01/223,4		350,000		329,070
Cerberus Offshore Levered I, LP
2012-1A, 6.27% due 11/30/183,4		250,000		250,100
2012-1A, 5.02% due 11/30/183,4		69,574		69,567
Asset Backed Securities Corporation Home Equity Loan Trust Series
2004-HE8, 1.22% due 12/25/343		317,797		305,119
NewStar Commercial Loan Funding LLC
2014-1A, 5.01% due 04/20/253,4		250,000		250,000
Black Diamond CLO Delaware Corp.
2005-2A, 2.07% due 01/07/183,4		250,000		243,025
Great Lakes CLO Ltd.
2014-1A, 4.45% due 04/15/253,4		250,000		232,400
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/413,4		202,346		201,112
Credit Card Pass-Through Trust
2012-BIZ, 0.00% due 12/15/49†††,4,7		219,344		193,834
Diversified Asset Securitization Holdings II, LP
2000-1A, 0.76% due 09/15/353,4		152,543		149,935
Vega Containervessel plc
2006-1A, 5.56% due 02/10/214		33,098		32,757
Total Asset-Backed Securities
(Cost $123,997,699)				128,602,833
CORPORATE BONDS††,8 - 8.7%
ENERGY - 3.2%
Regency Energy Partners Limited Partnership / Regency Energy Finance Corp.
8.37% due 06/01/19		6,540,000		6,850,650
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
6.00% due 12/15/20		6,300,000		6,331,500
CONSOL Energy, Inc.
5.87% due 04/15/22		6,750,000		6,108,750
Ultra Petroleum Corp.
5.75% due 12/15/18		4,680,000		4,223,700
Unit Corp.
6.62% due 05/15/21		4,000,000		3,760,000
ContourGlobal Power Holdings S.A.
7.12% due 06/01/194		3,500,000		3,570,000
Legacy Reserves Limited Partnership / Legacy Reserves Finance Corp.
8.00% due 12/01/20		2,750,000		2,255,000
Gibson Energy, Inc.
6.75% due 07/15/214		1,780,000		1,815,600
Ultra Resources, Inc.
4.66% due 10/12/22†††,1		1,800,000		1,573,740

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
Penn Virginia Resource Partners Limited Partnership / Penn Virginia Resource Finance Corp.
8.37% due 06/01/20	$	1,340,000	$	1,460,600
FTS International, Inc.
6.25% due 05/01/224		1,950,000		1,433,250
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.87% due 04/15/22		1,670,000		1,202,400
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
9.25% due 08/15/21		1,375,000		948,750
7.75% due 01/15/21		125,000		85,000
Precision Drilling Corp.
6.62% due 11/15/20		1,000,000		942,500
Exterran Holdings, Inc.
7.25% due 12/01/18		700,000		707,000
Total Energy				43,268,440
FINANCIAL - 1.9%
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
5.88% due 02/01/22		5,000,000		5,150,000
4.87% due 03/15/19		1,750,000		1,782,813
6.00% due 08/01/20		1,700,000		1,765,960
3.50% due 03/15/17		1,000,000		1,007,500
Kennedy-Wilson, Inc.
5.88% due 04/01/24		6,000,000		6,015,000
Citigroup, Inc.
5.35%3,5		4,000,000		3,870,000
Credit Acceptance Corp.
6.12% due 02/15/21		3,100,000		2,968,250
Cabot Financial Luxembourg S.A.
6.50% due 04/01/214		GBP 1,300,000		1,816,887
Oxford Finance LLC / Oxford Finance Company-Issuer, Inc.
7.25% due 01/15/184		650,000		669,500
HRG Group, Inc.
7.88% due 07/15/19		490,000		515,725
Fidelity & Guaranty Life Holdings, Inc.
6.37% due 04/01/214		450,000		472,500
LCP Dakota Fund
10.00% due 08/17/151		28,800		28,791
Total Financial				26,062,926
CONSUMER, NON-CYCLICAL - 1.0%
Central Garden & Pet Co.
8.25% due 03/01/18		5,206,000		5,326,415
Vector Group Ltd.
7.75% due 02/15/21		4,440,000		4,723,050
Opal Acquisition, Inc.
8.87% due 12/15/214		3,770,000		3,835,975
Premier Foods Finance plc
5.56% due 03/16/203,9		GBP 350,000		462,159
Total Consumer, Non-cyclical				14,347,599
COMMUNICATIONS - 0.9%
Level 3 Financing, Inc.
3.83% due 01/15/183		4,210,000		4,241,575
Alcatel-Lucent USA, Inc.
6.75% due 11/15/204		3,000,000		3,195,000
Virgin Media Secured Finance plc
5.38% due 04/15/214		1,800,000		1,887,750
MDC Partners, Inc.
6.75% due 04/01/204		1,000,000		1,053,750
SITEL LLC / Sitel Finance Corp.
11.00% due 08/01/174		670,000		693,450
CyrusOne Limited Partnership / CyrusOne Finance Corp.
6.37% due 11/15/22		600,000		637,500
Avaya, Inc.
7.00% due 04/01/194		610,000		605,425

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
UPCB Finance VI Ltd.
6.88% due 01/15/224	$	530,000	$	565,775
Total Communications				12,880,225
INDUSTRIAL - 0.8%
CEVA Group plc
7.00% due 03/01/214		5,800,000		5,626,000
BMBG Bond Finance SCA
5.07% due 10/15/203,4		EUR 4,000,000		4,339,952
Unifrax I LLC / Unifrax Holding Co.
7.50% due 02/15/194		1,525,000		1,532,625
Total Industrial				11,498,577
CONSUMER, CYCLICAL - 0.4%
GRD Holdings III Corp.
10.75% due 06/01/194		3,680,000		4,001,999
Checkers Drive-In Restaurants, Inc.
11.00% due 12/01/174		1,000,000		1,088,120
Men’s Wearhouse, Inc.
7.00% due 07/01/224,6		525,000		552,563
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/191		58,109		59,126
Total Consumer, Cyclical				5,701,808
TECHNOLOGY - 0.2%
NCR Corp.
6.38% due 12/15/23		1,800,000		1,917,000
Eagle Midco, Inc.
9.00% due 06/15/184		1,400,000		1,426,250
Total Technology				3,343,250
BASIC MATERIALS - 0.2%
TPC Group, Inc.
8.75% due 12/15/204		1,555,000		1,422,825
Mirabela Nickel Ltd.
9.50% due 06/24/19†††,1		1,113,492		1,113,492
1.00% due 07/31/44†††,1		25,316		—
Total Basic Materials				2,536,317
DIVERSIFIED - 0.1%
HRG Group, Inc.
7.75% due 01/15/22		1,975,000		1,965,125
UTILITIES - 0.0%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/234		630,000		644,175
Total Corporate Bonds
(Cost $127,127,929)				122,248,442
MORTGAGE-BACKED SECURITIES†† - 1.7%
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 0.97% due 11/25/463		4,648,340		3,240,024
2007-OA4, 0.89% due 04/25/473		3,786,607		2,780,789
IndyMac INDX Mortgage Loan Trust
2006-AR4, 0.38% due 05/25/463		3,630,766		3,075,703
HarborView Mortgage Loan Trust
2005-13, 0.46% due 02/19/363		4,089,521		3,059,792
Structured Asset Mortgage Investments II Trust
2006-AR1, 0.40% due 02/25/363		3,567,015		2,971,819
Lehman XS Trust Series
2006-16N, 0.36% due 11/25/463		3,236,884		2,702,225
GreenPoint Mortgage Funding Trust
2006-AR1, 0.46% due 02/25/363		3,029,651		2,607,578
Acis CLO Ltd.
2013-2A, 4.10% due 10/14/223,4		1,800,000		1,783,620

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
FLOATING RATE STRATEGIES FUND

	Face Amount		Value
Bear Stearns Mortgage Funding Trust
2007-AR5, 0.34% due 06/25/473	$	927,462	$	741,060
Alliance Bancorp Trust
2007-OA1, 0.41% due 07/25/373		911,681		608,824
Total Mortgage-Backed Securities
(Cost $23,391,077)				23,571,434
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 1.3%
LSTAR Securities Investment Trust
2014-1, 3.28% due 09/01/213,4		6,213,540		6,271,326
HarborView Mortgage Loan Trust
2006-12, 0.37% due 01/19/383		4,274,175		3,610,425
Nomura Resecuritization Trust
2015-4R, 0.61% due 03/26/363,4		3,300,000		2,984,438
2012-1R, 0.62% due 08/27/473,4		3,133,473		2,898,462
SRERS-2011 Funding Ltd.
2011-RS, 0.43% due 05/09/463,4		1,486,796		1,413,646
Morgan Stanley Re-REMIC Trust
2010-R5, 0.48% due 06/26/363,4		1,417,041		1,018,328
Total Collateralized Mortgage Obligations
(Cost $18,028,352)				18,196,625
COMMERCIAL PAPER†† - 9.9%
VF Corp.
0.40% due 04/13/15		15,750,000		15,747,900
Snap-on, Inc.
0.45% due 04/01/15		15,000,000		15,000,000
General Mills, Inc.
0.45% due 04/22/15		10,000,000		9,997,375
0.48% due 04/22/15		5,000,000		4,998,600
Total General Mills, Inc.				14,995,975
Bacardi Martini BV
0.49% due 04/15/15		13,000,000		12,997,523
Kellog Co.
0.42% due 04/01/15		10,000,000		10,000,000
Philip Morris International, Inc.
0.07% due 04/23/15		10,000,000		9,999,572
American Water Capital Corp.
0.47% due 04/06/15		10,000,000		9,999,347
Aetna, Inc.
0.40% due 04/07/15		10,000,000		9,999,333
MetLife Short Term Funding, LLC
0.12% due 05/06/15		10,000,000		9,998,833
Diageo Capital plc
0.55% due 04/10/15		10,000,000		9,998,625
Reed Elsevier, Inc.
0.52% due 04/20/15		10,000,000		9,997,256
Ryder Sys, Inc.
0.50% due 04/24/15		10,000,000		9,996,806
Total Commercial Paper
(Cost $138,731,170)				138,731,170
Total Investments - 110.1%
(Cost $1,566,387,948)			$	1,541,575,379
Other Assets & Liabilities, net - (10.1)%				(141,753,294	)
Total Net Assets - 100.0%			$	1,399,822,085

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
FLOATING RATE STRATEGIES FUND

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell			Currency	Settlement Date	Settlement Value			Value at March 31, 2015			Net Unrealized Appreciation/ (Depreciation)
BNY Mellon		68,000,000		EUR	04/07/15	$	74,984,960		$	73,110,556		$	1,874,404
BNY Mellon		15,800,000		GBP	04/07/15		23,945,712			23,442,681			503,031
BNY Mellon		400,000		AUD	04/07/15		310,828			304,541			6,287
BNY Mellon		(539,800	)	USD	04/07/15		(539,800	)		(537,578	)		(2,222	)
												$	2,381,500

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Illiquid security.
2	Residual interest.
3	Variable rate security. Rate indicated is rate effective at March 31, 2015.
4	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $152,965,142 (cost $152,624,534), or 10.9% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
5	Perpetual maturity.
6	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 10.
7	Zero coupon rate security.
8	The face amount is denominated in U.S. Dollars unless otherwise indicated.
9	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $462,159 (cost $585,823), or 0.03% of total net assets — See Note 11.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

FLOATING RATE STRATEGIES FUND

March 31, 2015

Assets:
Investments, at value (cost $1,566,387,948)	$	1,541,575,379
Foreign currency, at value (cost $5,782,903)		5,778,408
Unrealized appreciation on forward foreign currency exchange contracts		2,383,722
Cash		2,346,217
Prepaid expenses		83,192
Receivables:
Fund shares sold		6,510,482
Interest		5,864,941
Securities sold		5,803,081
Foreign taxes reclaim		30,563
Total assets		1,570,375,985
Liabilities:
Unfunded loan commitments, at value (Note 8) (proceeds $4,773,294)		3,846,020
Reverse Repurchase Agreements		404,250
Unrealized depreciation on forward foreign currency exchange contracts		2,222
Payable for:
Securities purchased		161,100,915
Fund shares redeemed		3,467,732
Management fees		512,684
Distribution and service fees		164,586
Fund accounting/administration fees		106,838
Transfer agent/maintenance fees		70,201
Trustees’ fees*		3,333
Miscellaneous		875,119
Total liabilities		170,553,900
Net assets	$	1,399,822,085
Net assets consist of:
Paid in capital	$	1,414,401,299
Distributions in excess of net investment income		(6,539,416	)
Accumulated net realized gain on investments		13,471,630
Net unrealized depreciation on investments		(21,511,428	)
Net assets	$	1,399,822,085
A-Class:
Net assets	$	305,986,539
Capital shares outstanding		11,646,925
Net asset value per share	$	26.27
Maximum offering price per share (Net asset value divided by 95.25%)	$	27.58
C-Class:
Net assets	$	121,333,158
Capital shares outstanding		4,620,511
Net asset value per share	$	26.26
Institutional Class:
Net assets	$	972,502,388
Capital shares outstanding		36,989,279
Net asset value per share	$	26.29

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENT OF OPERATIONS (Unaudited)

FLOATING RATE STRATEGIES FUND

Period Ended March 31, 2015

Investment Income:
Interest (net of foreign withholding tax of $26,093)	$	30,427,182
Dividends (net of foreign withholding tax of $2,139)		26,351
Total investment income		30,453,533
Expenses:
Management fees		3,852,828
Transfer agent/maintenance fees:
A-Class		247,651
C-Class		37,516
Institutional Class		177,299
Distribution and service fees:
A-Class		378,159
C-Class		609,048
Fund accounting/administration fees		563,098
Line of credit fees		83,784
Trustees’ fees*		53,208
Custodian fees		44,607
Tax expense		22
Miscellaneous		341,741
Total expenses		6,388,961
Less:
Expenses waived by Adviser		(225,764	)
Expenses waived by Transfer Agent
A-Class		(247,473	)
C-Class		(37,503	)
Institutional Class		(177,161	)
Expenses waived by Distributor
A-Class		(21,678	)
C-Class		(8,888	)
Total waived expenses		(718,467	)
Net expenses		5,670,494
Net investment income		24,783,039
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(638,618	)
Foreign currency		(5,217,434	)
Forward foreign currency exchange contracts		19,767,603
Net realized gain		13,911,551
Net change in unrealized appreciation (depreciation) on:
Investments		(14,214,768	)
Foreign currency		31,603
Forward foreign currency exchange contracts		(1,716,214	)
Net change in unrealized appreciation (depreciation)		(15,899,379	)
Net realized and unrealized loss		(1,987,828	)
Net increase in net assets resulting from operations	$	22,795,211

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

STATEMENTS OF CHANGES IN NET ASSETS

FLOATING RATE STRATEGIES FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	24,783,039		$	51,193,821
Net realized gain on investments		13,911,551			8,475,388
Net change in unrealized appreciation (depreciation) on investments		(15,899,379	)		(8,424,760	)
Net increase in net assets resulting from operations		22,795,211			51,244,449
Distributions to shareholders from:
Net investment income
A-Class		(7,654,230	)		(19,618,301	)
C-Class		(2,640,737	)		(5,268,652	)
Institutional Class		(19,878,223	)		(31,207,426	)
Net realized gains
A-Class		(968,588	)		(760,820	)
C-Class		(397,766	)		(250,718	)
Institutional Class		(2,326,329	)		(1,010,452	)
Total distributions to shareholders		(33,865,873	)		(58,116,369	)
Capital share transactions:
Proceeds from sale of shares
A-Class		91,029,462			346,835,950
C-Class		19,493,889			58,742,934
Institutional Class		459,848,578			664,581,990
Distributions reinvested
A-Class		6,838,268			15,511,424
C-Class		2,482,437			4,571,714
Institutional Class		18,206,437			25,876,740
Cost of shares redeemed
A-Class		(153,814,215	)		(374,228,993	)
C-Class		(31,699,403	)		(51,062,726	)
Institutional Class		(252,545,466	)		(389,646,851	)
Net increase from capital share transactions		159,839,987			301,182,182
Net increase in net assets		148,769,325			294,310,262
Net assets:
Beginning of period		1,251,052,760			956,742,498
End of period	$	1,399,822,085		$	1,251,052,760
Distributions in excess of net investment income at end of period	$	(6,539,416	)	$	(510,475	)

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

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

FLOATING RATE STRATEGIES FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		3,475,569			12,939,395
C-Class		743,073			2,194,462
Institutional Class		17,516,387			24,773,852
Shares issued from reinvestment of distributions
A-Class		260,476			579,106
C-Class		94,631			170,795
Institutional Class		693,147			965,789
Shares redeemed
A-Class		(5,857,702	)		(13,963,500	)
C-Class		(1,209,871	)		(1,905,834	)
Institutional Class		(9,606,704	)		(14,540,760	)
Net increase in shares		6,109,006			11,213,305

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

FINANCIAL HIGHLIGHTS

FLOATING RATE STRATEGIES FUND

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.

A-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.52		$	26.62		$	26.10		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.54			1.10			1.30			1.09
Net gain (loss) on investments (realized and unrealized)		(.05	)		.05			.65			.97
Total from investment operations		.49			1.15			1.95			2.06
Less distributions from:
Net investment income		(.66	)		(1.20	)		(1.37	)		(.96	)
Net realized gains		(.08	)		(.05	)		(.06	)		—
Total distributions		(.74	)		(1.25	)		(1.43	)		(.96	)
Net asset value, end of period	$	26.27		$	26.52		$	26.62		$	26.10
Total Returne		1.86	%		4.42	%		7.61	%		8.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	305,987		$	365,207		$	378,324		$	44,175
Ratios to average net assets:
Net investment income (loss)		4.13	%		4.10	%		4.90	%		5.13	%
Total expenses		1.25	%		1.18	%		1.19	%		1.39	%
Net expensesd,f		1.03	%		1.04	%		1.05	%		1.06	%
Portfolio turnover rate		30	%		58	%		50	%		61	%

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

FINANCIAL HIGHLIGHTS (continued)

FLOATING RATE STRATEGIES FUND

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.

C-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.51		$	26.60		$	26.09		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.44			.90			1.11			.93
Net gain (loss) on investments (realized and unrealized)		(.05	)		.06			.63			.98
Total from investment operations		.39			.96			1.74			1.91
Less distributions from:
Net investment income		(.56	)		(1.00	)		(1.17	)		(.82	)
Net realized gains		(.08	)		(.05	)		(.06	)		—
Total distributions		(.64	)		(1.05	)		(1.23	)		(.82	)
Net asset value, end of period	$	26.26		$	26.51		$	26.60		$	26.09
Total Returne		1.53	%		3.64	%		6.77	%		7.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	121,333		$	132,370		$	120,606		$	24,358
Ratios to average net assets:
Net investment income (loss)		3.38	%		3.35	%		4.19	%		4.36	%
Total expenses		1.90	%		1.89	%		1.93	%		2.06	%
Net expensesd,f		1.78	%		1.79	%		1.81	%		1.80	%
Portfolio turnover rate		30	%		58	%		50	%		61	%

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

FINANCIAL HIGHLIGHTS (concluded)

FLOATING RATE STRATEGIES FUND

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	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.54		$	26.64		$	26.12		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.57			1.16			1.36			1.10
Net gain (loss) on investments (realized and unrealized)		(.05	)		.06			.65			1.02
Total from investment operations		.52			1.22			2.01			2.12
Less distributions from:
Net investment income		(.69	)		(1.27	)		(1.43	)		(1.00	)
Net realized gains		(.08	)		(.05	)		(.06	)		—
Total distributions		(.77	)		(1.32	)		(1.49	)		(1.00	)
Net asset value, end of period	$	26.29		$	26.54		$	26.64		$	26.12
Total Returne		1.98	%		4.67	%		7.86	%		8.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	972,502		$	753,476		$	457,813		$	72,197
Ratios to average net assets:
Net investment income (loss)		4.33	%		4.32	%		5.12	%		5.16	%
Total expenses		0.88	%		0.87	%		0.86	%		0.99	%
Net expensesd,f		0.79	%		0.80	%		0.81	%		0.80	%
Portfolio turnover rate		30	%		58	%		50	%		61	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: November 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Net expense information reflects the expense ratios after expense waivers.
e	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the expense ratios for the periods would be:

	03/31/15	09/30/14	09/30/13	09/30/12
A-Class	1.02%	1.02%	1.03%	1.01%
C-Class	1.77%	1.77%	1.78%	1.76%
Institutional Class	0.78%	0.78%	0.79%	0.77%

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the ”Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Floating Rate Strategies Fund (the “Fund”), while the other funds are in separate reports. Only A-Class, C-Class and Institutional Class shares had been issued by the Fund.

The Fund was previously a series (the “Predecessor Fund”) of Security Income Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, corresponding “shell” series of the Trust. The Fund succeeded to the accounting and performance history of the Predecessor Fund. Any such historical information provided for the Fund that relates to periods prior to January 28, 2014, therefore, is that of the Predecessor Fund.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

If the 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 Valuation Committee.

32 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee 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, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes in a non-active market.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). In connection with derivative investments such factors may include, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

B. Senior loans in which the Fund 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, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (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 shown. The interest rate indicated is the rate in effect at March 31, 2015.

C. The Fund 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 Fund on such interests or securities in connection with such transactions prior to the date the Fund 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 Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

34 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

D. Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

E. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

F. The Fund declares dividends from investment income daily. The 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 federal income tax purposes.

G. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

H. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

I. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

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

K. The accounting records of the Fund 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 Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Fund does 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 and unrealized gain or loss 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 exchange gains and losses 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.

36 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

2. Financial Instruments

As part of its investment strategy, the Fund utilizes derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statement of Assets and Liabilities.

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. 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 Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.65% of the average daily net assets of the Fund.

RFS provides transfer agent services to the Fund for fees calculated at the rates below which are assessed to the applicable class of the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 37

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Fund has adopted Distribution Plans related to the offering of A-Class and C-Class 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 A-Class shares and 1.00% of the average daily net assets of the Fund’s C-Class shares.

The investment advisory contract for the following Fund provides that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends on securities sold short, expenses of other investment companies in which the Fund invests, interest, taxes, litigation, indemnification and extraordinary expenses. The limits are listed below:

	Limit	Effective Date	Contract End Date
Floating Rate Strategies Fund - A-Class	1.02%	11/30/12	02/01/16
Floating Rate Strategies Fund - C-Class	1.77%	11/30/12	02/01/16
Floating Rate Strategies Fund - Institutional Class	0.78%	11/30/12	02/01/16

GI is entitled to reimbursement by the 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. At March 31, 2015, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

Fund	Expires 2015		Expires 2016		Expires 2017		Expires 2018		Fund Total
Floating Rate Strategies Fund	$	127,768	$	430,026	$	1,206,044	$	718,467	$	2,482,305

For the period ended March 31, 2015, no amounts were recouped by GI.

For the period ended March 31, 2015, GFD retained sales charges of $46,666 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

38 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
Floating Rate Strategies Fund	$	65,207,292	$	1,431,592,673	$	2,383,722	$	44,775,414	$	1,543,959,101
Liabilities
Floating Rate Strategies Fund	$	—	$	—	$	2,222	$	—	$	2,222

* Other financial instruments may include forward foreign currency exchange contracts, which are reported as unrealized gain/loss at period end.

Independent pricing services are used to value a majority of the Fund's investments. When values are not available from a pricing service, they may be computed by the Fund's investment adviser or an affiliate. In any event, values may be determined using a variety of sources and techniques, including: market prices;

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 39

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Treasuries, and other information and analysis. A significant portion of the Fund's assets and liabilities are categorized as Level 2 or Level 3, as indicated in this report.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also used to value the Fund’s 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 indicative quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in an indicative quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Fund's fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

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

Fund	Category and Subcategory	Ending Balance at 03/31/15	Valuation Technique	Unobservable Inputs
	Investments, at value
Floating Rate Strategies Fund	Senior Floating Rate Interests	$41,419,648	Model Priced	Purchase Price
	Corporate Bonds	1,573,740	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		1,113,492	Model Priced	Purchase Price
	Total Corporate Bonds	2,687,232
	Asset-Backed Securities	668,534	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognized transfers between the levels as of the beginning of the period. As of March 31, 2015, the Fund had transfers in/out of Level 3 due to changes in securities valuation method and transfers between Level 1 and Level 2 due to utilizing international fair value pricing during the period. See the table below for changes to and from Level 2 and Level 3. There were no other securities that transferred between levels.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets and liabilities for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2015:

LEVEL 3 – Fair value measurement using significant unobservable inputs

	Senior Floating Rate Interests			Asset-Backed Securities			Corporate Bonds			Total
Floating Rate Strategies Fund
Assets:
Beginning Balance	$	27,188,014		$	2,113,450		$	2,729,079		$	32,030,543
Purchases		2,387,260			—			50,494			2,437,754
Sales		(527,856	)		(64,390	)		—			(592,246	)
Total realized gains or losses included in earnings		(11,318	)		—			—			(11,318	)
Total change in unrealized gains or losses included in earnings		(2,861,098	)		63,750			(92,341	)		(2,889,689	)
Transfers in Level 3		15,244,646			240,274			—			15,484,920
Transfers out of Level 3		—			(1,684,550	)		—			(1,684,550	)
Ending Balance	$	41,419,648		$	668,534		$	2,687,232		$	44,775,414

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the 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 Fund utilized derivatives for hedging purposes.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 41

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the notional amount of derivative instruments outstanding as an approximate percentage of the Fund’s net assets on a quarterly basis.

	Approximate percentage of Fund's Net Assets on a quarterly basis
Fund	Long
Floating Rate Strategies Fund	5%

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of March 31, 2015:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency contracts	Unrealized appreciation on forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts

The following table sets forth the fair value of the Fund's derivative investments categorized by primary risk exposure at March 31, 2015:

Asset Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Total
Floating Rate Strategies Fund	$	2,383,722	$	2,383,722

Liability Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Total
Floating Rate Strategies Fund	$	2,222	$	2,222

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the period ended March 31, 2015:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts

The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2015:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts		Total
Floating Rate Strategies Fund	$	19,767,603	$	19,767,603

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts			Total
Floating Rate Strategies Fund	$	(1,716,214	)	$	(1,716,214	)

6. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 43

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost			Tax Unrealized Gain			Tax Unrealized Loss				Net Unrealized Loss
Floating Rate Strategies Fund		$	1,567,070,555		$	12,583,919		$	(38,079,095	)		$	(25,495,176	)

7. Securities Transactions

For the period ended March 31, 2015, 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
Floating Rate Strategies Fund		$	470,995,961		$	337,644,286

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

8. Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2015. The Fund is obligated to fund these loan commitments at the borrower’s discretion. The unfunded loan commitments as of March 31, 2015 were as follows:

Borrower	Maturity Date	Face Amount		Value
Floating Rate Strategies Fund
Signode Industrial Group US, Inc.	05/01/19	$	11,400,000	$	1,161,010
Advantage Sales & Marketing, Inc.	07/21/19		8,000,000		891,024
IntraWest Holdings S.à r.l.	12/10/18		6,900,000		203,495
SS&C Technologies, Inc.	02/27/16		5,400,000		—
Valeant Pharmaceuticals International, Inc.	03/11/22		4,120,482		—
Banca Civica (UK) - Chambertin	08/12/20		3,800,000		151,244
McGraw-Hill Global Education Holdings LLC	03/22/18		3,500,000		282,786
Wencor Group	06/19/19		2,850,000		281,686
Rite Aid Corp.	08/10/15		2,600,000		—
Ceva Group plc (United Kingdom)	03/19/19		2,400,000		388,342
Blue Coat Systems, Inc.	02/15/17		1,500,000		66,240
Intertrust Group	02/15/19		1,475,000		77,565
Hoffmaster Group, Inc.	05/09/19		1,250,000		119,647
National Financial Partners Corp.	07/01/18		888,889		81,323
American Stock Transfer & Trust	06/11/18		800,000		69,413
Expert Global Solutions	04/02/17		552,155		33,587
Kronos, Inc.	10/26/17		500,000		38,609
Internet Brands	07/08/21		10,028		49
		$	57,946,554	$	3,846,020

9. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

10. Reverse Repurchase Agreements

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

For the period ended March 31, 2015, the Fund entered into reverse repurchase agreements as follows:

Fund	Number of Days outstanding		Balance at March 31, 2015			Average balance outstanding			Average interest rate
Floating Rate Strategies Fund		181		$	404,250		$	406,262		(0.80	%)

11. Restricted Securities

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

Fund	Restricted Securities	Acquisition Date	Cost			Value
Floating Rate Strategies Fund	Premier Foods Finance plc
	5.56% due 03/16/20	03/06/14		$	585,823		$	462,159

12. Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received 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 Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts 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 Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statement of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset in the Statement of Assets  and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Floating Rate Strategies Fund	Forward foreign currency exchange contracts	$	2,383,722	$	—	$	2,383,722	$	—	$	—	$	2,383,722

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 47

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Floating Rate Strategies Fund	Forward foreign currency exchange contracts	$	2,222	$	—	$	2,222	$	—	$	—	$	2,222

13. Subsequent Event

P-Class Shares to be Offered

Effective following the close of business on April 30, 2015, or such later date as may be determined appropriate by management, Floating Rate Strategies Fund (the “Fund”), a separate series of Guggenheim Funds Trust, will offer P-Class shares.

P-Class shares of the Fund are offered primarily through broker/dealers and other financial intermediaries with which Guggenheim Funds Distributors, LLC has an agreement for the use of P-Class shares of the Fund in investment products, programs or accounts. P-Class shares do not have a minimum initial investment amount, subsequent investment amount or a minimum account balance. The Fund reserves the right to modify its minimum investment amount and account balance requirements at any time, with or without prior notice to you.

Shareholders who currently have accounts held directly at Guggenheim Investments will not be permitted to purchase P-Class shares.

For more information, or to request copies of the Fund’s prospectuses, call Client Services at 800.820.0888 or visiting guggenheiminvestments.com.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 49

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(continued)

new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

This page intentionally left blank.

3.31.2015

Guggenheim Funds Semi-Annual Report

Guggenheim Total Return Bond Fund

TRB-SEMI-0315x0915 guggenheiminvestments.com

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
TOTAL RETURN BOND FUND	8
NOTES TO FINANCIAL STATEMENTS	40
OTHER INFORMATION	63
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	64
GUGGENHEIM INVESTMENTS PRIVACY POLICIES	72

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 1

March 31, 2015

Dear Shareholder:

Guggenheim Partners Investment Management (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for one of our Funds (the “Fund”) for the six-month period ended March 31, 2015.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Donald C. Cacciapaglia

President

April 30, 2015

2 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2015

The U.S. continued to enjoy a self-sustaining economic expansion for the six-month period ended March 31, 2015, although winter weather was likely to distort first-quarter economic data. In addition, U.S. companies scaled back hiring in the last month of the period, adding to evidence that the domestic economy has lost some momentum since the turn of the year. The March increase in payrolls was the smallest since December 2013 and broke a 12-month run of gains above 200,000.

Despite this short-term dislocation, the economy remains on track. Indeed, many other labor market indicators, such as initial jobless claims and the job openings rate, suggest that the U.S. labor market remains quite strong, supporting the conclusion that March’s payroll report was just a temporary blip, similar to the one witnessed last winter. As soon as temporary seasonal factors have dissipated, economic data is likely to bounce back. The labor market has improved over the past year, as subdued mortgage rates and tight housing inventory continue to point to fairly stable appreciation in the housing market, which is key to the ongoing recovery. Consumers are also being helped by lower fuel prices, which are acting as a tax cut for U.S. consumers, freeing up discretionary spending in other areas and acting as a support for consumption.

In Europe, economic data has been surprisingly good and should continue along that path on the back of the European Central Bank’s program of quantitative easing and depreciation of the euro. Japan’s economy remains weak and, without more structural reform, continued monetary accommodation could lead to stagflation. China’s policymakers appear likely to continue the supply of credit and do whatever else is necessary to maintain growth there at an acceptable pace for the near term.

Given weakness overseas and the effect of a stronger U.S. dollar on international earnings, some stocks could face a more challenging environment in the near term, but our research shows that equity markets tend to perform quite well in the periods leading up to a U.S. Federal Reserve (the “Fed”) rate increase. The yield on the 10-year Treasury note declined in January by more than 50 basis points before rebounding in February, echoing the pattern since 2009—Treasury yields decline and a sell-off ensues, driving rates higher. Then conditions stabilize, and rates test their previous lows. Liquidity from foreign central banks and comparatively attractive U.S. yields continue to push global investors to U.S. Treasuries, which should hold down U.S. interest rates in the near term.

Against this backdrop, the U.S. central bank feels pressure to raise its key rate above zero, but insists the decision will be data-dependent and not occur prematurely. With a secular inflation increase unlikely in the near term, slack in the economy, and disinflation being imported from abroad, the Fed may not hike rates until later in the year. The Fed for now appears to be focused on wage growth,

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2015

which is key for sustaining the expansion but also an indicator of inflationary pressure. The lack of sustained wage growth has been a topic that has confounded the Fed lately. Given the strengthening employment numbers and the apparent reduction in labor market slack, wages should start to increase more steadily across the board. This is one of the most important data points at the moment for the Fed.

The underlying U.S. economy remains strong and investors should avoid being panicked by seasonal setbacks. Indeed, considering the strength of the economy and the wave of liquidity emanating from various central banks around the world, the general investment environment should remain attractive.

For the six months ended March 31, 2015, the Standard & Poor’s 500^® (“S&P 500”) Index* returned 5.93%. The Morgan Stanley Capital International (“MSCI”) Europe-Australasia-Far East (“EAFE”) Index* returned 1.13%. The return of the MSCI Emerging Markets Index* was -2.37%.

In the bond market, the Barclays U.S. Aggregate Bond Index* posted a 3.43% return for the period, while the Barclays U.S. Corporate High Yield Index* returned 1.49%. The return of the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Barclays U.S. Corporate High Yield Index measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

S&P 500^® Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of the U.S. stock market.

4 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a Fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and exchange fees; and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2014 and ending March 31, 2015.

The following tables illustrate a Fund’s costs in two ways:

Table 1. Based on actual Fund return. This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return. This section is intended to help investors compare a Fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about a Fund’s expenses, including annual expense ratios for the past five years, can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

6 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHODLERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2014	Ending Account Value March 31, 2015	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Total Return Bond Fund
A-Class	0.87%	2.95%	$1,000.00	$1,029.50	$4.40
C-Class	1.58%	2.59%	1,000.00	1,025.90	7.98
Institutional Class	0.52%	3.14%	1,000.00	1,031.40	2.63
Table 2. Based on hypothetical 5% return (before expenses)
Total Return Bond Fund
A-Class	0.87%	5.00%	$1,000.00	$1,020.59	$4.38
C-Class	1.58%	5.00%	1,000.00	1,017.05	7.95
Institutional Class	0.52%	5.00%	1,000.00	1,022.34	2.62

1	Annualized and excludes expenses of the underlying funds in which the Fund invests.
2	Expenses are equal to the Fund's annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2014 to March 31, 2015.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 7

FUND PROFILE (Unaudited) March 31, 2015

TOTAL RETURN BOND FUND

OBJECTIVE: Seeks to provide total return, comprised of current income and capital appreciation.

Holdings Diversification

(Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments or investments in Guggenheim Strategy Funds Trust mutual funds. Investments in those Funds do not provide “market exposure” to meet the fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

8 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

FUND PROFILE (Unaudited)(concluded) March 31, 2015

Inception Dates:
A-Class	November 30, 2011
C-Class	November 30, 2011
Institutional Class	November 30, 2011

Portfolio Composition by Quality Rating*
Rating	% of Total Investments
Fixed Income Instruments
AAA	6.7%
AA	13.0%
A	16.4%
BBB	25.8%
BB	7.3%
B	7.6%
CCC	5.3%
CC	0.1%
D	0.3%
NR**	5.1%
Other Instruments
Short Term Investments	7.6%
Mutual Funds	2.0%
Repurchase Agreements	1.5%
Preferred Stocks	0.7%
Exchange-Traded Funds	0.4%
Options Purchased	0.2%
Common Stocks	0.1%
Options Written	-0.1%
Total Investments	100.0%
The chart above reflects percentages of the value of total investments.

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund I	2.3%
AIM Aviation Finance Ltd. — Class A1	2.3%
Nationstar HECM Loan Trust 2014-1A — Class A	1.5%
LMREC 2015-CRE1, Inc. — Class A	1.4%
Vericrest Opportunity Loan Trust 2015-NPL3 — Class A1	1.1%
LSTAR Securities Investment Trust — 2015-2	1.1%
Motel 6 Trust 2015-MTL6 — Class E	1.1%
VOLT XXXIII LLC — Class A1	1.1%
Deutsche Bank AG	1.0%
LSTAR Securities Investment Trust 2015-3	1.0%
Top Ten Total	13.9%

“Ten Largest Holdings” exclude any temporary cash or derivative instruments.

*

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, which are all 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 Moody’s and Fitch ratings to the equivalent S&P rating. Security ratings are determined at the time of purchase and may change thereafter.

**

NR securities do not necessarily indicate low credit quality.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2015
TOTAL RETURN BOND FUND

	Shares		Value
PREFERRED STOCKS† - 0.8%
FINANCIAL - 0.7%
Aspen Insurance Holdings Ltd. 5.95%1,2		193,400	$	4,966,512
CoBank ACB 6.20%1,2		13,000		1,328,032
Goldman Sachs Group, Inc. 5.50%1,2		52,100		1,311,878
Morgan Stanley 6.38%1,2		48,000		1,249,920
Wells Fargo & Co. 5.85%1,2		30,000		795,600
AgriBank FCB 6.88%1,2		2,500		260,000
City National Corp. 6.75%1,2		8,000		233,040
WhiteHorse II Ltd. due 06/15/17*,††,1,3,13		450,000		—
GSC Partners CDO Fund V Ltd. due 11/20/16*,††,1,3,13		1,325		—
Total Financial				10,144,982
INDUSTRIAL - 0.1%
Seaspan Corp. 6.38% due 04/30/19		44,000		1,107,920
Total Preferred Stocks
(Cost $11,616,172)				11,252,902
EXCHANGE-TRADED FUNDS† - 0.5%
iShares iBoxx $ High Yield Corporate Bond ETF		77,193		6,994,458
Total Exchange-Traded Funds
(Cost $6,996,264)				6,994,458
MUTUAL FUNDS† - 2.3%
Guggenheim Strategy Fund I4		1,326,815		33,037,683
Total Mutual Funds
(Cost $33,011,155)				33,037,683
CLOSED-END FUNDS† - 0.1%
Guggenheim Strategic Opportunities Fund4		50,000		1,067,500
Total Closed-End Funds
(Cost $990,390)				1,067,500
SHORT TERM INVESTMENTS† - 8.8%
Federated U.S. Treasury Cash Reserve Fund 0.00%		123,619,761		123,619,761
Total Short Term Investments
(Cost $123,619,761)				123,619,761
	Face Amount
ASSET-BACKED SECURITIES†† - 38.3%
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/403	$	32,803,571		32,888,862
2015-1A, 5.07% due 02/15/403		2,733,631		2,759,054
Nationstar HECM Loan Trust
2014-1A, 4.50% due 11/25/173		21,364,699		21,477,932
Vericrest Opportunity Loan Trust
2015-NPL3, 3.38% due 10/25/583		15,846,642		15,816,533
VOLT XXXIII LLC
2015-NPL5, 3.50% due 03/25/553		15,000,000		14,983,410
Treman Park CLO LLC
2015-1A, 0.00% due 04/20/273,5		13,600,000		12,638,680
AASET
2014-1, 5.13% due 12/15/291		9,562,500		9,586,406
2014-1, 7.37% due 12/15/291		2,942,308		2,949,663
NRPL Trust
2015-1A, 3.88% due 11/01/543		10,920,723		10,826,805
CIT Mortgage Loan Trust
2007-1, 1.62% due 10/25/371,3		10,880,000		10,337,349
Oaktree EIF II Series A2 Ltd.
2014-A2, 2.60% due 11/15/251,3		8,000,000		7,999,200

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
2014-A2, 3.50% due 11/15/251,3	$	2,000,000	$	1,987,800
Fortress Credit BSL II Ltd.
2013-2A, 1.76% due 10/19/251,3		10,000,000		9,913,000
Dryden 37 Senior Loan Fund
2015-37A, due 04/15/27†††,3,13		10,000,000		9,715,000
New Century Home Equity Loan Trust
2005-3, 0.68% due 07/25/351		10,870,000		9,615,666
GCAT LLC
2014-2, 3.72% due 10/25/193		8,605,368		8,585,360
Oak Hill Advisors Residential Loan Trust
2015-NPL1, 3.47% due 01/25/553		8,500,000		8,499,405
ING IM CLO Ltd.
2013-1X, due 04/15/2413		9,500,000		7,962,900
ACIS CLO Ltd.
2015-6A, 2.74% due 05/01/271,3		7,500,000		7,477,500
2013-2A, 3.46% due 10/14/221,3		375,000		375,150
CKE Restaurant Holdings, Inc.
2013-1A, 4.47% due 03/20/433		7,464,150		7,706,205
Spirit Master Funding LLC
2014-2A, 5.76% due 03/20/423		5,084,429		5,608,735
2014-4A, 4.63% due 01/20/453		2,000,000		2,077,500
Avery 2013-3X
due 01/18/2513		7,500,060		6,993,806
Cerberus Onshore II CLO LLC
2014-1A, 2.25% due 10/15/231,3		7,000,000		6,987,400
TICC CLO LLC
2012-1A, 3.76% due 08/25/231,3		6,250,000		6,265,625
2012-1A, 5.01% due 08/25/231,3		350,000		350,035
Marathon CLO VII Ltd.
2014-7A, 3.73% due 10/28/251,3		4,000,000		4,012,000
2014-7A, 2.88% due 10/28/251,3		2,500,000		2,522,000
GreenPoint Mortgage Funding Trust
2005-HE4, 0.88% due 07/25/301		6,570,973		6,280,424
Fifth Street Senior Loan Fund I LLC
2015-1A, 2.26% due 01/20/271,3		5,000,000		4,979,500
2015-1A, 3.26% due 01/20/271,3		1,250,000		1,243,000
Chesterfield Financial Holdings LLC
2014-1A, 4.50% due 12/15/343		6,100,000		6,116,470
Oxford Finance Funding Trust
2014-1A, 3.48% due 12/15/223		6,000,000		6,002,400
Northwoods Capital XIV Ltd.
2014-14A, 2.72% due 11/12/251,3		6,000,000		6,000,000
OHA Credit Partners IX Ltd.
2013-9A, 0.00% due 10/20/253,5		6,000,000		5,680,800
Muir Woods CLO Ltd.
2012-1A, 2.84% due 09/14/231,3		5,500,000		5,501,650
KKR Financial CLO Ltd.
2007-1A, 2.51% due 05/15/211,3		2,900,000		2,888,690
2007-1A, 5.25% due 05/15/211,3		2,500,000		2,497,250
Golub Capital Partners Clo 24M Ltd.
2015-24A, 2.97% due 02/05/271,3		5,000,000		5,000,000

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
SHACKLETON CLO Ltd.
2013-4A, 2.25% due 01/13/251,3	$	5,000,000	$	4,935,500
Fortress Credit Opportunities VI CLO Ltd.
2015-6A, 2.97% due 10/10/261,3		5,000,000		4,935,000
Popular ABS Mortgage Pass-Through Trust
2005-5, 0.61% due 11/25/351		5,082,149		4,764,495
Castlelake Aircraft Securitization Trust
2014-1, 5.25% due 02/15/29		3,037,708		3,014,925
2014-1, 7.50% due 02/15/29		1,510,336		1,506,560
Babson CLO Limited
2012-2A, due 05/15/233,13		4,750,000		3,393,400
2014-IA, due 07/20/253,13		1,300,000		1,030,120
Soundview Home Loan Trust
2007-1, 0.34% due 03/25/371		4,757,557		4,387,585
Park Place Securities Incorporated Asset-Backed Pass-Through Certificates Series
2005-WCW2, 0.70% due 07/25/351		5,000,000		4,368,710
ACAS CLO Ltd.
2014-1AR, 2.57% due 09/20/231,3		4,000,000		4,016,400
Canyon Capital CLO Ltd.
2013-1A, 2.20% due 01/15/241,3		4,000,000		3,949,600
MWAM CBO Ltd.
2001-1A, 5.10% due 01/30/311,3		2,116,982		1,977,685
2001-1A, 14.09% due 01/30/313		1,630,728		1,788,094
Rockwall CDO II Ltd.
2007-1A, 0.80% due 08/01/241,3		2,100,000		1,958,250
2007-1A, 0.50% due 08/01/241,3		1,651,211		1,591,107
Steele Creek CLO Ltd.
2014-1A, 2.48% due 08/21/261,3		3,300,000		3,270,300
2014-1A, 3.46% due 08/21/261,3		250,000		243,875
Cent CLO 16, LP
2014-16AR, 2.50% due 08/01/241,3		1,750,000		1,758,050
2014-16AR, 3.50% due 08/01/241,3		1,750,000		1,750,175
Halcyon Loan Advisors Funding Ltd.
2012-2A, 3.12% due 12/20/241,3		3,000,000		2,910,000
2012-2A, 4.77% due 12/20/241,3		600,000		595,140
Madison Park Funding VIII Ltd.
2014-8AR, 3.06% due 04/22/221,3		2,000,000		2,000,000
2014-8AR, 2.46% due 04/22/221,3		1,500,000		1,501,500
First NLC Trust
2005-1, 0.63% due 05/25/351		4,146,584		3,485,909
OCP CLO Ltd.
2014-7A, 2.30% due 10/20/261,3		3,500,000		3,478,650
Greywolf CLO III Ltd.
2014-1A, 3.11% due 04/22/261,3		2,000,000		1,947,000
2014-1A, 2.31% due 04/22/261,3		1,500,000		1,487,100
Banco Bradesco SA
4.21% due 03/12/26†††,6		3,343,174		3,365,908
Fortress Credit Opportunities V CLO Ltd.
2014-5A, 3.78% due 10/15/261,3		1,750,000		1,699,425
2014-5A, 2.88% due 10/15/261,3		1,500,000		1,473,450

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
CIFC Funding Ltd.
2007-1A, 1.76% due 05/10/211,3	$	3,250,000	$	3,131,700
Rockwall CDO Ltd.
2006-1A, 0.75% due 08/01/211,3		2,900,000		2,828,950
2006-1A, 0.90% due 08/01/211,3		200,000		189,540
GSAA Trust
2005-10, 0.82% due 06/25/351		3,312,000		3,002,308
CIFC Funding Ltd.
2015-1A, 2.47% due 01/22/271,3		3,000,000		2,997,900
Octagon Investment Partners XIX Ltd.
2014-1A, 3.10% due 04/15/261,3		3,000,000		2,936,700
Neuberger Berman CLO Ltd.
2012-12X, due 07/25/2313		3,000,000		1,926,900
2012-12A, due 07/25/233,13		1,500,000		963,450
RAIT CRE CDO I Ltd.
2006-1X, 0.49% due 11/20/46		3,095,376		2,848,984
Irwin Home Equity Loan Trust
2007-1, 5.85% due 08/25/373		2,776,149		2,840,384
KVK CLO Ltd.
2013-1A, due 04/14/253,13		3,800,000		2,808,200
Golub Capital Partners CLO 21M Ltd.
2014-21A, 2.68% due 10/25/261,3		2,700,000		2,631,420
Hana Small Business Lending Loan Trust
2014-2014, 3.07% due 01/25/401,3		2,520,146		2,492,676
Emerald Aviation Finance Ltd.
2013-1, 4.65% due 10/15/383		1,914,062		1,966,699
2013-1, 6.35% due 10/15/383,7		410,156		416,309
Structured Asset Securities Corporation Mortgage Loan Trust
2006-OPT1, 0.43% due 04/25/361		1,400,000		1,270,461
2006-BC6, 0.34% due 01/25/371		1,250,000		1,041,820
Voya CLO Ltd.
2015-3AR, 3.21% due 10/15/221,3		2,250,000		2,251,125
Cerberus Onshore II CLO-2 LLC
2014-1A, 2.98% due 10/15/231,3		2,250,000		2,244,150
St. James River CLO Ltd.
2007-1A, 2.57% due 06/11/211,3		2,250,000		2,204,775
CCR Incorporated MT100 Payment Rights Master Trust
2010-CX, 0.62% due 07/10/17†††,1		1,197,250		1,171,150
2012-CA, 4.75% due 07/10/223		950,000		950,656
Stripes 2013-1 A1
3.84% due 03/20/23		2,088,032		2,072,372
N-Star Real Estate CDO IX Ltd.
0.49% due 02/01/416		2,132,058		2,037,395
Great Lakes CLO Ltd.
2012-1A, 4.35% due 01/15/231,3		1,250,000		1,250,000
2012-1A, due 01/15/233,13		1,000,000		749,700
Avis Budget Rental Car Funding AESOP LLC
2015-1A, 3.96% due 07/20/213		2,000,000		1,994,980
STORE Master Funding LLC
2012-1A, 5.77% due 08/20/423		1,830,891		1,983,826
ALM VII R Ltd.
2013-7RA, 2.86% due 04/24/241,3		2,000,000		1,973,600

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
TICP CLO I Ltd.
2014-1A, 3.26% due 04/26/261,3	$	2,000,000	$	1,964,200
Telos CLO Ltd.
2013-3A, 3.26% due 01/17/241,3		2,000,000		1,957,800
NewStar Clarendon Fund CLO LLC
2015-1A, 3.61% due 01/25/271,3		2,000,000		1,948,400
Duane Street CLO IV Ltd.
2007-4A, 2.51% due 11/14/211,3		2,000,000		1,947,800
Ivy Hill Middle Market Credit Fund IX Ltd.
2014-9A, 2.69% due 10/18/251,3		1,000,000		970,000
2014-9A, 3.54% due 10/18/251,3		1,000,000		954,900
Galaxy XIX CLO Ltd.
2015-19A, due 01/24/273,13		2,000,000		1,920,200
Sound Point CLO IV Ltd.
2013-3A, 2.61% due 01/21/261,3		2,000,000		1,877,000
Newstar Trust
2012-2A, 4.51% due 01/20/231,3		1,000,000		995,900
2012-2A, 3.51% due 01/20/231,3		750,000		748,725
ARES XXVI CLO Ltd.
2013-1A, due 04/15/253,13		2,550,000		1,732,980
Westchester CLO Ltd.
2007-1A, 0.69% due 08/01/221,3		1,850,000		1,709,585
Gramercy Park CLO Ltd.
2014-1AR, 3.21% due 07/17/231,3		1,600,000		1,600,000
Race Point V CLO Ltd.
2014-5AR, 3.09% due 12/15/221,3		1,100,000		1,100,440
2014-5AR, 3.99% due 12/15/221,3		500,000		498,950
NewStar Arlington Senior Loan Program LLC
2014-1A, 4.76% due 07/25/253		700,000		704,760
2014-1A, 2.86% due 07/25/251,3		500,000		489,850
2014-1A, 3.56% due 07/25/251,3		400,000		383,280
Gramercy Real Estate CDO Ltd.
2007-1A, 0.54% due 08/15/561,3		1,706,783		1,537,811
ACA CLO Ltd.
2007-1A, 1.20% due 06/15/221,3		1,575,000		1,500,975
Oaktree EIF II Series A1 Ltd.
2015-B1A, 2.66% due 02/15/261,3		1,500,000		1,500,300
Adirondack Park CLO Limited
2013-1A, 3.25% due 04/15/241,3		1,500,000		1,500,000
Northwoods Capital Ltd.
2006-7X, 1.80% due 10/22/21		1,500,000		1,492,500
OCP CLO Ltd.
2014-6A, 2.31% due 07/17/261,3		1,500,000		1,484,100
Telos CLO Ltd.
2014-6A, 2.33% due 01/17/271,3		1,500,000		1,477,050
MCF CLO I LLC
2013-1A, 3.81% due 04/20/231,3		1,500,000		1,469,550
ING Investment Management CLO IV Ltd.
2007-4A, 2.46% due 06/14/221,3		1,500,000		1,447,350
NYLIM Flatiron CLO Ltd.
2006-1A, 1.73% due 08/08/201,3		1,500,000		1,445,250
Turbine Engines Securitization Ltd.
2013-1A, 5.13% due 12/13/483		1,420,111		1,438,289

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28	$	1,326,706	$	1,435,157
Miramax LLC
2014-1A, 3.34% due 07/20/263		1,359,000		1,374,654
Willis Engine Securitization Trust II
2012-A, 5.50% due 09/15/373		1,334,187		1,337,522
Structured Asset Investment Loan Trust
2005-2, 0.91% due 03/25/351		1,373,500		1,276,363
N-Star REL CDO VIII Ltd.
2006-8A, 0.54% due 02/01/411,3		1,400,000		1,262,800
Dryden XXIII Senior Loan Fund
2014-23RA, 3.20% due 07/17/231,3		1,250,000		1,250,000
COA Summit CLO Limited
2014-1A, 3.06% due 04/20/231,3		1,250,000		1,238,625
Venture XIV CLO Ltd.
2013-14A, 3.01% due 08/28/251,3		1,250,000		1,211,750
Wrightwood Capital Real Estate CDO Ltd.
2005-1A, 0.69% due 11/21/401,3		1,250,000		1,185,750
GSAA Home Equity Trust
2006-18, 6.00% due 11/25/367		1,664,621		1,113,731
Apidos CDO III Ltd.
2006-3A, 2.02% due 06/12/201,3		1,100,000		1,084,160
Telos CLO 2007-2 Ltd.
2007-2A, 2.45% due 04/15/221,3		1,100,000		1,061,390
Drug Royalty II Limited Partnership 2
2014-1, 3.08% due 07/15/231,3		1,029,855		1,045,810
ALM XIV Ltd.
2014-14A, 3.21% due 07/28/261,3		750,000		742,575
2014-14A, 3.71% due 07/28/261,3		300,000		284,880
Fortress Credit Opportunities III CLO, LP
2014-3A, 2.75% due 04/28/261,3		650,000		639,145
2014-3A, 3.50% due 04/28/261,3		400,000		386,320
Global Leveraged Capital Credit Opportunity Fund
2006-1A, 1.26% due 12/20/181,3		1,036,000		1,016,005
Garanti Diversified Payment Rights Finance Co.
2007-A, 0.44% due 07/09/171		1,040,000		1,009,944
Ares XXIII CLO Ltd.
2014-1AR, 3.46% due 04/19/231,3		1,000,000		1,000,100
Symphony CLO XV Ltd.
2014-15A, 3.40% due 10/17/261,3		1,000,000		999,900
Newstar Commercial Loan Funding LLC
2015-1A, 3.07% due 01/20/271,3		1,000,000		996,500
Neuberger Berman CLO XVIII Ltd.
2014-18A, 3.38% due 11/14/251,3		1,000,000		994,800
Catamaran CLO Ltd.
2015-1A, 3.38% due 04/22/271,3		1,000,000		990,400
Gallatin CLO VII Ltd.
2014-1A, 3.15% due 07/15/231,3		1,000,000		990,400

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Flagship CLO VI
2007-1A, 2.66% due 06/10/211,3	$	1,000,000	$	980,800
San Gabriel CLO Ltd.
2007-1A, 2.51% due 09/10/211,3		1,000,000		978,000
Lime Street CLO Corp.
2007-1A, 2.77% due 06/20/211,3		1,000,000		969,500
Ivy Hill Middle Market Credit Fund VII Ltd.
2013-7A, 3.71% due 10/20/251,3		1,000,000		967,000
WhiteHorse IV Ltd.
2007-4A, 1.71% due 01/17/201,3		1,000,000		962,300
Highbridge Loan Management Ltd.
2013-2A, 3.96% due 10/20/241,3		1,000,000		955,900
Atlas Senior Loan Fund II Ltd.
2012-2A, due 01/30/243,13		1,200,000		955,800
Churchill Financial Cayman Ltd.
2007-1A, 2.85% due 07/10/191,3		1,000,000		942,600
Highland Park CDO I Ltd.
2006-1A, 0.59% due 11/25/511,3		938,360		896,134
Icon Brand Holdings LLC
2013-1A, 4.35% due 01/25/433		886,614		895,214
Keuka Park CLO Limited
2013-1A, due 10/21/243,13		1,000,000		790,700
Acis CLO Ltd.
2013-1A, 3.21% due 04/18/241,3		800,000		784,400
Salus CLO 2012-1 Ltd.
2013-1A, 5.77% due 03/05/211,3		750,000		777,000
Copper River CLO Ltd.
2007-1A, due 01/20/211,3,13		1,500,000		770,550
CIFC Funding 2012-I Ltd.
2014-1AR, 3.33% due 08/14/241,3		750,000		752,625
ARES XII CLO Ltd.
2007-12A, 3.51% due 11/25/201,3		750,000		750,000
Central Park CLO Ltd.
2011-1A, 3.46% due 07/23/221,3		750,000		749,175
Golub Capital Partners CLO 10 Ltd.
2014-10AR, 3.21% due 10/20/211,3		750,000		747,150
Carlyle Global Market Strategies CLO 2012-2 Ltd.
2014-2AR, 4.16% due 07/20/231,3		750,000		744,375
GSAMP Trust
2005-HE6, 0.61% due 11/25/351		800,000		741,982
Finn Square CLO Ltd.
2012-1A, due 12/24/233,13		1,000,000		734,900
Venture XII CLO Ltd.
2013-12A, 3.11% due 02/28/241,3		750,000		731,700
Grayson CLO Ltd.
2006-1A, 0.66% due 11/01/211,3		750,000		709,875
NewStar Commercial Loan Funding LLC
2013-1A, 4.80% due 09/20/231,3		700,000		680,540
Saxon Asset Securities Trust
2005-4, 0.61% due 11/25/371		750,000		646,409
Black Diamond CLO 2012-1 Ltd.
2013-1A, 3.50% due 02/01/231,3		650,000		645,320
Blade Engine Securitization Ltd.
2006-1A, 1.17% due 09/15/411		794,764		604,021

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Anchorage Capital CLO 4 Ltd.
2014-4A, 2.42% due 07/28/261,3	$	600,000	$	595,020
Babcock & Brown Air Funding I Ltd.
2007-1A, 0.47% due 11/14/331,3		662,995		563,546
GSAA Home Equity Trust
2007-7, 0.44% due 07/25/371		643,133		543,047
Ares XXV CLO Ltd.
2013-3A, due 1/17/243,13		750,000		503,925
DIVCORE CLO Ltd.
2013-1A B, 4.07% due 11/15/32		500,000		502,500
GoldenTree Credit Opportunities Financing Ltd.
2012-1A, 4.27% due 09/15/241,3		500,000		502,100
Apidos CLO IX
2012-9A, 4.00% due 07/15/231,3		500,000		500,050
KKR CLO Trust
2012-1A, 3.57% due 12/15/241,3		500,000		498,700
NewStar Commercial Loan Funding LLC
2014-1A, 3.86% due 04/20/251,3		500,000		498,650
Garrison Funding Ltd.
2013-2A, 3.63% due 09/25/231,3		500,000		495,600
OZLM Funding V Ltd.
2013-5A, 3.23% due 01/17/261,3		500,000		494,200
CIFC Funding Ltd.
2014-1A, 3.05% due 04/18/251,3		500,000		488,000
Golub Capital Partners CLO 18 Ltd.
2014-18A, 3.76% due 04/25/261,3		500,000		485,500
Golub Capital Partners Fundings Ltd.
2007-1A, 1.02% due 03/15/221,3		500,000		485,300
ColumbusNova CLO Limited
2007-1A, 1.61% due 05/16/191,3		500,000		485,000
AMMC CLO XIV Ltd.
2014-14A, 3.06% due 07/27/261,3		500,000		484,400
NewStar Commercial Loan Trust
2007-1A, 1.56% due 09/30/221,3		500,000		475,650
Westwood CDO I Ltd.
2007-1A, 0.94% due 03/25/211,3		500,000		471,500
ICE EM CLO
2007-1A, 0.98% due 08/15/221,3		465,358		452,467
MCF CLO IV LLC
2014-1A, 6.20% due 10/15/251,3		500,000		449,450
New Century Home Equity Loan Trust
2005-1, 0.89% due 03/25/351		496,266		431,271
Golub Capital Partners CLO 17 Ltd.
2013-17A, 4.09% due 10/25/251,3		400,000		394,840
ALM VII R-2 Ltd.
2013-7R2A, 2.86% due 04/24/241,3		400,000		394,720
Northwind Holdings LLC
2007-1A, 1.01% due 12/01/371,3		396,990		361,261
Covenant Credit Partners CLO I Ltd.
2014-1A, 3.18% due 07/20/261,3		350,000		335,475

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Cerberus Offshore Levered I, LP
2012-1A, 6.27% due 11/30/181,3	$	250,000	$	250,100
2012-1A, 5.02% due 11/30/181,3		69,574		69,567
Airplanes Pass Through Trust
2001-1A, 0.72% due 03/15/191		762,282		312,535
Salus CLO Ltd.
2013-1AN, 3.98% due 03/05/211,3		300,000		300,990
TCW Global Project Fund III Ltd.
2005-1A, 0.91% due 09/01/171,3		286,731		278,129
TICP CLO II Ltd.
2014-2A, 3.26% due 07/20/261,3		250,000		245,400
Great Lakes CLO Ltd.
2014-1A, 3.95% due 04/15/251,3		250,000		244,850
Eastland CLO Ltd.
2007-1A, 0.65% due 05/01/221,3		250,000		235,050
Carlyle Global Market Strategies CLO Ltd.
2012-3A, due 10/04/243,13		250,000		207,500
Aerco Ltd.
2000-2A, 0.63% due 07/15/251		481,251		195,821
West Coast Funding Ltd.
2006-1A, 0.40% due 11/02/411,3		151,579		150,654
First Franklin Mortgage Loan Trust
2006-FF1, 0.51% due 01/25/361		150,000		132,238
Drug Royalty Limited Partnership 1
2012-1, 5.50% due 07/15/241,3		117,692		121,099
Vega Containervessel plc
2006-1A, 5.56% due 02/10/213		70,709		69,981
Marathon CLO II Ltd.
2005-2A, due 12/20/193,13		250,000		29,350
BlackRock Senior Income Series Corp.
2004-1X, due 09/15/16†††,13		500,000		50
Total Asset-Backed Securities
(Cost $534,934,264)				539,197,290
CORPORATE BONDS††,11 - 24.6%
FINANCIAL - 16.8%
Citigroup, Inc.
5.80%1,2,8		8,500,000		8,521,250
5.88%1,2		5,685,000		5,741,850
5.35%1,2,8		4,365,000		4,223,138
6.30%1,2		2,375,000		2,425,469
5.95%1,2		2,000,000		2,025,000
5.37% due 08/09/20		500,000		572,071
Bank of America Corp.
6.25%1,2,8		8,550,000		8,710,312
6.10%1,2		6,800,000		6,897,750
5.13%1,2,8		5,050,000		4,961,120
6.50%1,2		2,000,000		2,115,000
EPR Properties
5.75% due 08/15/228		9,115,000		10,034,712
5.25% due 07/15/238		4,400,000		4,749,474
4.50% due 04/01/25		2,250,000		2,287,413
Deutsche Bank AG
4.50% due 04/01/25		13,750,000		13,738,862
JPMorgan Chase & Co.
5.00%1,2,8		9,750,000		9,578,887
5.15%1,2		2,125,000		2,074,531
6.10%1,2		2,000,000		2,060,000
Teachers Insurance & Annuity Association of America
4.90% due 09/15/443,8		8,900,000		10,047,388
4.38% due 09/15/541,3		1,300,000		1,353,255

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
SunTrust Banks, Inc.
5.63%1,2,8	$	9,900,000	$	10,091,813
Icahn Enterprises Limited Partnership / Icahn Enterprises Finance Corp.
5.88% due 02/01/228		6,100,000		6,283,000
6.00% due 08/01/20		3,100,000		3,220,280
3.50% due 03/15/17		200,000		201,500
Odyssey Re Holdings Corp.
6.88% due 05/01/158		7,775,000		7,804,786
Kemper Corp.
4.35% due 02/15/258		7,500,000		7,675,154
HSBC Holdings plc
6.38%1,2		4,000,000		4,090,000
5.63%1,2		2,200,000		2,220,625
6.37% 1,2		800,000		817,000
Assured Guaranty US Holdings, Inc.
5.00% due 07/01/248		6,100,000		6,528,275
WP Carey, Inc.
4.00% due 02/01/258		6,250,000		6,267,550
HRG Group, Inc.
7.88% due 07/15/198		5,050,000		5,315,125
Morgan Stanley
5.55%1,2		5,250,000		5,302,500
Nippon Life Insurance Co.
5.10% due 10/16/441,3,8		4,750,000		5,147,813
Citizens Financial Group, Inc.
5.50%1,2,3		5,000,000		5,000,000
First American Financial Corp.
4.60% due 11/15/248		4,000,000		4,180,244
4.30% due 02/01/23		500,000		500,658
Fort Benning Family Communities LLC
0.52% due 01/15/361,3		6,000,000		4,657,500
Ironshore Holdings US, Inc.
8.50% due 05/15/203		3,835,000		4,657,067
Fifth Third Bancorp
4.90%1,2		2,000,000		1,932,500
5.10%1,2		1,840,000		1,748,000
Nordea Bank AB
5.50%1,2,3,8		2,000,000		2,032,500
6.13%1,2,3		1,300,000		1,341,444
Corporation Financiera de Desarrollo S.A.
5.25% due 07/15/291,3		3,150,000		3,275,528
Wintrust Financial Corp.
5.00% due 06/13/24		2,700,000		2,888,087
Itau Unibanco Holding S.A./Cayman Island
5.13% due 05/13/233		2,650,000		2,582,955
Susquehanna Bancshares, Inc.
5.38% due 08/15/22		2,300,000		2,562,800
AmTrust Financial Services, Inc.
6.13% due 08/15/23		2,000,000		2,133,240
Montpelier Re Holdings Ltd.
4.70% due 10/15/22		2,000,000		2,108,896
Customers Bank
6.13% due 06/26/291,3		2,000,000		2,055,000
Farmers Exchange Capital III
5.45% due 10/15/541,3		2,000,000		1,977,854
Banco Inbursa S.A. Institucion de Banca Multiple
4.13% due 06/06/243		2,000,000		1,970,000
Ares Finance Company LLC
4.00% due 10/08/243		1,800,000		1,770,521
Cadence Bank North America
6.25% due 06/28/291,12		1,200,000		1,230,000
BBVA Bancomer S.A.
4.38% due 04/10/243		1,150,000		1,191,688
Pacific Northwest Communities LLC
5.91% due 06/15/503		1,000,000		1,121,180
Atlantic Marine Corporations Communities LLC
5.43% due 12/01/503		1,066,327		1,108,894
Univest Corporation of Pennsylvania
5.10% due 03/30/251,6		1,000,000		1,000,273
Wilton Re Finance LLC
5.88% due 03/30/331,3		925,000		999,278

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Dai-ichi Life Insurance Company Ltd.
5.10%1,2,3	$	800,000	$	871,000
Royal Bank of Scotland Group plc
5.12% due 05/28/24		700,000		734,378
ACC Group Housing LLC
6.35% due 07/15/54†††,3		625,000		652,813
Realty Income Corp.
6.75% due 08/15/19		500,000		588,529
Hartford Financial Services Group, Inc.
5.12% due 04/15/22		500,000		569,760
Tri-Command Military Housing LLC
5.38% due 02/15/483		562,305		538,834
CIC Receivables Master Trust
4.89% due 10/07/21†††		500,000		511,650
QBE Capital Funding III Ltd.
7.25% due 05/24/411,3		368,000		409,400
Credit Suisse Group AG
6.25%1,2,3		300,000		294,750
Allstate Corp.
5.75% due 08/15/531		250,000		272,188
Cadence Financial Corp.
4.88% due 06/28/1912		250,000		252,390
Jackson National Life Insurance Co.
8.15% due 03/15/273		125,000		167,699
National Life Insurance Co.
10.50% due 09/15/393		100,000		162,155
MetLife Capital Trust IV
7.88% due 12/15/373		115,000		152,375
Scottrade Financial Services, Inc.
6.13% due 07/11/213		125,000		136,788
Prosight Global Inc.
7.50% due 11/26/20†††,6		100,000		104,810
LCP Dakota Fund
10.00% due 08/17/156		28,800		28,791
Total Financial				235,557,320
CONSUMER, NON-CYCLICAL - 2.0%
Actavis Funding SCS
4.75% due 03/15/45		11,000,000		11,691,415
Vector Group Ltd.
7.75% due 02/15/218		3,850,000		4,095,437
CDK Global, Inc.
4.50% due 10/15/248		3,750,000		3,865,099
Opal Acquisition, Inc.
8.87% due 12/15/213		2,000,000		2,035,000
Central Garden & Pet Co.
8.25% due 03/01/18		1,728,000		1,767,969
FTI Consulting, Inc.
6.75% due 10/01/20		1,000,000		1,055,000
Valeant Pharmaceuticals International, Inc.
5.50% due 03/01/233		1,000,000		1,007,500
Pfizer, Inc.
7.20% due 03/15/39		500,000		735,125
Kraft Foods Group, Inc.
6.88% due 01/26/39		500,000		665,392
Express Scripts Holding Co.
7.25% due 06/15/19		500,000		598,963
Anthem, Inc.
6.38% due 06/15/37		400,000		520,060
Reynolds American, Inc.
6.15% due 09/15/43		400,000		494,234
Total Consumer, Non-cyclical				28,531,194
CONSUMER, CYCLICAL - 1.8%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.50% due 03/01/253,8		6,500,000		6,581,249
QVC, Inc.
4.85% due 04/01/24		2,500,000		2,598,890
4.37% due 03/15/23		1,000,000		1,018,851
7.38% due 10/15/203		650,000		674,375
United Airlines 2014-2 Class B Pass Through Trust
4.63% due 09/03/22		2,875,000		2,892,968
GRD Holdings III Corp.
10.75% due 06/01/193		2,175,000		2,365,313
Bumble Bee Holdings, Inc.
9.00% due 12/15/173		1,791,000		1,880,550

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
7.37% due 08/01/21	$	1,618,000	$	1,739,350
Northern Group Housing LLC
6.80% due 08/15/533		1,200,000		1,463,868
HP Communities LLC
5.62% due 09/15/323		1,000,000		1,049,230
Rite Aid Corp.
6.13% due 04/01/23		1,000,000		1,025,000
Petco Animal Supplies, Inc.
9.25% due 12/01/183		600,000		630,000
Hasbro, Inc.
6.35% due 03/15/40		400,000		474,016
Continental Airlines 2012-2 Class B Pass Through Trust
5.50% due 10/29/20		271,794		288,782
Continental Airlines 2012-1 Class B Pass Through Trust
6.25% due 04/11/20		254,391		271,563
Atlas Air 1999-1 Class A-1 Pass Through Trust
7.20% due 01/02/196		58,109		59,126
Total Consumer, Cyclical				25,013,131
COMMUNICATIONS - 1.1%
CBS Corp.
4.60% due 01/15/458		4,000,000		4,072,107
Juniper Networks, Inc.
4.35% due 06/15/258		3,750,000		3,801,888
Avaya, Inc.
7.00% due 04/01/193		1,700,000		1,687,250
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
9.75% due 04/01/21		1,500,000		1,657,500
Tencent Holdings Ltd.
3.80% due 02/11/253		1,500,000		1,532,861
DISH DBS Corp.
5.88% due 11/15/24		800,000		801,000
Vodafone Group plc
7.88% due 02/15/30		500,000		684,732
Time Warner, Inc.
6.50% due 11/15/36		500,000		648,887
Symantec Corp.
4.20% due 09/15/20		500,000		527,199
Baidu, Inc.
3.25% due 08/06/18		500,000		517,945
Total Communications				15,931,369
INDUSTRIAL - 0.9%
Princess Juliana International Airport Operating Company N.V.
5.50% due 12/20/273		2,915,089		2,958,815
Quality Distribution LLC / QD Capital Corp.
9.88% due 11/01/18		2,360,000		2,472,100
Trimble Navigation Ltd.
4.75% due 12/01/24		1,700,000		1,792,368
Dynagas LNG Partners Limited Partnership / Dynagas Finance, Inc.
6.25% due 10/30/19		1,700,000		1,462,000
Reynolds Group Issuer Incorporated / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
7.12% due 04/15/19		800,000		829,000
Chicago Bridge & Iron Co.
5.15% due 12/27/22†††,6		750,000		767,925
Skyway Concession Company LLC
0.65% due 06/30/261,3		750,000		622,500
L-3 Communications Corp.
4.75% due 07/15/20		450,000		490,543
CEVA Group plc
7.00% due 03/01/213		500,000		485,000
Xefin Lux SCA
3.79% due 06/01/19		EUR 450,000		484,346

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
SBM Baleia Azul
5.50% due 09/15/27†††,6	$	447,600	$	336,729
Marquette Transportation Company LLC / Marquette Transportation Finance Corp.
10.87% due 01/15/17		120,000		123,750
Total Industrial				12,825,076
ENERGY - 0.8%
ContourGlobal Power Holdings S.A.
7.12% due 06/01/193		2,650,000		2,703,000
Sabine Pass Liquefaction LLC
5.62% due 03/01/253		1,500,000		1,483,125
Exterran Holdings, Inc.
7.25% due 12/01/18		1,400,000		1,414,000
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
7.75% due 04/01/19		925,000		961,168
Antero Resources Corp.
5.63% due 06/01/23		750,000		742,499
BreitBurn Energy Partners Limited Partnership / BreitBurn Finance Corp.
7.87% due 04/15/22		1,000,000		720,000
Atlas Energy Holdings Operating Company LLC / Atlas Resource Finance Corp.
9.25% due 08/15/21		1,000,000		690,000
Unit Corp.
6.62% due 05/15/21		700,000		658,000
Baker Hughes, Inc.
5.13% due 09/15/40		450,000		512,504
Marathon Petroleum Corp.
5.13% due 03/01/21		450,000		506,156
Schahin II Finance Company SPV Ltd.
5.87% due 09/25/223,8		781,800		472,598
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35% due 06/30/2112		187,000		161,288
Total Energy				11,024,338
BASIC MATERIALS - 0.6%
Yamana Gold, Inc.
4.95% due 07/15/24		3,750,000		3,687,044
Newcrest Finance Pty Ltd.
4.20% due 10/01/223		850,000		799,890
4.45% due 11/15/213		625,000		614,383
TPC Group, Inc.
8.75% due 12/15/203		745,000		681,675
International Paper Co.
7.30% due 11/15/39		500,000		667,092
Eldorado Gold Corp.
6.12% due 12/15/203		550,000		534,875
LYB International Finance BV
4.00% due 07/15/23		450,000		476,672
AngloGold Ashanti Holdings plc
5.13% due 08/01/22		445,000		419,420
Total Basic Materials				7,881,051
UTILITIES - 0.4%
AES Corp.
3.26% due 06/01/191,8		5,000,000		4,975,000
TECHNOLOGY - 0.1%
NCR Corp.
6.38% due 12/15/23		1,000,000		1,065,000
Open Text Corp.
5.63% due 01/15/233		1,000,000		1,037,500
Total Technology				2,102,500
DIVERSIFIED - 0.1%
Leucadia National Corp.
5.50% due 10/18/23		1,500,000		1,547,429

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
GOVERNMENT - 0.0%
Commonwealth of the Bahamas
6.95% due 11/20/293	$	110,000	$	129,663
Total Corporate Bonds
(Cost $341,619,888)				345,518,071
MORTGAGE-BACKED SECURITIES†† - 12.3%
LMREC, Inc.
2015-CRE1, 1.92% due 02/22/321,3		20,000,000		20,192,000
2015-CRE1, 3.67% due 02/22/321,3		2,000,000		1,995,000
Fannie Mae9
5.00% due 04/14/16		8,500,000		9,449,450
3.00% due 04/14/16		8,500,000		8,656,400
American Home Mortgage Investment Trust
2006-1, 0.45% due 03/25/461		10,022,224		8,300,746
2006-1, 0.57% due 03/25/461		4,496,081		3,736,311
WaMu Mortgage Pass-Through Certificates Series Trust
2007-OA3, 0.90% due 04/25/471		9,151,683		7,240,875
2006-AR11, 1.05% due 09/25/461		2,591,563		1,964,146
American Home Mortgage Assets Trust
2007-1, 0.83% due 02/25/471		14,462,134		9,197,499
Morgan Stanley Resecuritization Trust
2014-R9, 0.31% due 11/26/461,3		9,408,251		8,531,402
Capmark Military Housing Trust
2007-AETC, 5.75% due 02/10/52†††,3		8,419,256		8,423,466
Banc of America Funding Trust
2014-R7, 0.31% due 09/26/361		8,961,209		8,264,924
Lehman XS Trust Series
2005-7N, 0.44% due 12/25/351		4,023,832		3,514,982
2007-15N, 0.42% due 08/25/371		2,807,164		2,275,504
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR1, 0.42% due 02/25/361		4,066,356		3,095,648
2006-8, 4.82% due 10/25/367		1,467,565		1,119,924
2006-AR9, 0.97% due 11/25/461		1,405,312		979,542
Resource Capital Corporation
2015-CRE3, 2.57% due 03/15/321,3		4,500,000		4,499,995
2015-CRE3, 4.17% due 03/15/321,3		2,000,000		1,999,994
BCAP LLC
2014-RR2, 0.43% due 03/26/361,3		6,394,676		5,984,777
Motel 6 Trust
2015-MTL6, 3.64% due 02/05/303		5,000,000		5,045,759
Luminent Mortgage Trust
2006-2, 0.37% due 02/25/461		6,423,056		4,804,652
Comm Mortgage Trust
2013-CR13, 1.01% due 12/10/231		53,198,308		2,998,363
2013-CR13, 3.04% due 12/10/18		450,000		470,145
RALI Series Trust
2005-QO1, 1.63% due 08/25/351		4,030,006		3,425,182

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
RFMSI Series Trust
2006-S11, 6.00% due 11/25/36	$	3,527,036	$	3,296,015
RALI Series Trust
2007-QO3, 0.33% due 03/25/471		3,629,614		3,005,698
CDGJ Commercial Mortgage Trust
2014-BXCH, 2.67% due 12/15/271,3		3,000,000		3,004,197
Freddie Mac Multifamily Structured Pass Through Certificates
2015-K043, 0.68% due 12/25/241		45,000,000		2,039,580
2014-K715, 2.86% due 01/25/21		450,000		474,180
JPMBB Commercial Mortgage Securities Trust
2013-C12, 0.89% due 07/15/451		55,563,813		2,167,211
Hyatt Hotel Portfolio Trust
2015-HYT, 3.22% due 11/15/291,3		2,000,000		2,006,172
Alternative Loan Trust
2003-18CB, 5.25% due 09/25/33		1,845,857		1,917,516
Hilton USA Trust
2013-HLT, 4.41% due 11/05/303		1,750,000		1,801,149
GS Mortgage Securities Trust
2015-GC28, 1.18% due 02/10/481		21,983,011		1,718,104
Boca Hotel Portfolio Trust
2013-BOCA, 3.22% due 08/15/261,3		1,700,000		1,697,991
BLCP Hotel Trust
2014-CLRN, 2.68% due 08/15/291,3		1,500,000		1,502,887
BBCMS Trust
2013-TYSN, 3.71% due 09/05/323		1,500,000		1,495,007
BAMLL Commercial Mortgage Securities Trust
2014-ICTS, 3.12% due 06/15/281,3		1,500,000		1,494,338
BB-UBS Trust
2012-SHOW, 4.03% due 11/05/361,3		1,500,000		1,472,267
WFRBS Commercial Mortgage Trust
2013-C12, 1.49% due 03/15/481,3		14,682,350		1,157,468
GMAC Commercial Mortgage Asset Corp.
2003-PRES, 6.24% due 10/10/41†††,3		960,351		1,085,677
Alliance Bancorp Trust
2007-OA1, 0.41% due 07/25/371		1,367,521		913,236
Chase Mortgage Finance Trust Series
2006-S3, 6.00% due 11/25/36		995,956		869,661
Wells Fargo Alternative Loan Trust
2007-PA3, 6.25% due 07/25/37		935,594		847,853
LSTAR Commercial Mortgage Trust
2014-2, 5.14% due 01/20/411,3		500,000		515,488
Residential Asset Securitization Trust
2006-A12, 6.25% due 11/25/36		721,516		513,690
GreenPoint Mortgage Funding Trust Series
2007-AR1, 0.25% due 02/25/471		504,274		471,000
Structured Asset Mortgage Investments II Trust
2006-AR1, 0.40% due 02/25/361		538,417		448,576

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Citigroup Commercial Mortgage Trust
2013-GC15, 4.37% due 09/10/461	$	380,000	$	429,500
BAMLL-DB Trust
2012-OSI, 5.81% due 04/13/293		200,000		211,361
Total Mortgage-Backed Securities
(Cost $172,166,502)				172,722,508
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 10.0%
LSTAR Securities Investment Trust
2015-2, 2.17% due 01/01/201,3		15,552,797		15,475,033
2015-3, 2.18% due 03/01/201,3		13,750,000		13,681,250
2015-1, 2.18% due 01/01/201,3		11,858,131		11,695,674
2014-1, 3.28% due 09/01/211,3		8,220,991		8,297,446
Motel 6 Trust
2015-MTL6, 5.28% due 02/05/303		15,000,000		15,022,980
2015-MTL6, 4.53% due 02/05/303		10,000,000		10,105,840
CSMC Series
2014-ICE, 2.32% due 04/15/271,3		12,350,000		12,313,160
2014-6R, 0.35% due 09/27/361,3		1,383,003		1,313,474
HarborView Mortgage Loan Trust
2006-14, 0.33% due 01/25/471		12,224,145		9,372,142
2006-12, 0.37% due 01/19/381		3,948,341		3,335,191
Morgan Stanley Capital I Trust
2015-XLF1, 2.35% due 08/13/161,3		7,600,000		7,600,935
COMM Mortgage Trust
2014-KYO, 2.53% due 06/11/271,3		6,000,000		5,994,090
SRERS-2011 Funding Ltd.
2011-RS, 0.43% due 05/09/461,3		5,947,186		5,654,584
Resource Capital Corporation Ltd.
2015-CRE3, 3.32% due 03/15/321,3		3,000,000		2,999,994
2014-CRE2, 2.68% due 04/15/321,3		1,000,000		987,095
Nomura Resecuritization Trust
2015-4R, 0.61% due 03/26/361,3		3,300,000		2,984,438
2012-1R, 0.62% due 08/27/471,3		451,672		417,796
Hilton USA Trust
2013-HLT, 5.22% due 11/05/181,3		3,000,000		3,081,471
CSAIL 2015-C1 Commercial Mortgage Trust
2015-C1, 1.12% due 04/15/501		35,000,000		2,456,230
GAHR Commericial Mortgage Trust
2015-NRF, 3.38% due 12/15/193		2,250,000		2,225,716
CDGJ Commercial Mortgage Trust
2014-BXCH, 4.42% due 12/15/271,3		2,000,000		2,002,682
CSMC Trust
2014-SURF, 3.28% due 02/15/291,3		2,000,000		1,997,664
LSTAR Commercial Mortgage Trust
2011-1, 5.42% due 06/25/431,3		1,000,000		1,014,799

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
Morgan Stanley Re-REMIC Trust
2010-R5, 0.48% due 06/26/361,3	$	629,796	$	452,590
Total Collateralized Mortgage Obligations
(Cost $140,082,743)				140,482,274
SENIOR FLOATING RATE INTERESTS††,1,11 - 6.6%
COMMUNICATIONS - 1.4%
Avaya, Inc.
4.68% due 10/26/17		4,811,236		4,731,418
6.50% due 03/31/18		1,397,494		1,393,036
Univision Communications, Inc.
4.00% due 03/01/20		3,291,344		3,283,618
Charter Communications Operating LLC
4.25% due 09/10/21		3,000,000		3,023,340
Internet Brands
5.00% due 07/08/21		1,885,230		1,882,289
Light Tower Fiber LLC
4.00% due 04/13/20		1,591,223		1,584,270
EMI Music Publishing
3.75% due 06/29/18		1,250,000		1,247,738
Proquest LLC
5.25% due 10/24/21		1,000,000		1,000,940
Ziggo BV
3.50% due 01/15/22		1,000,000		993,330
Interactive Data Corp.
4.75% due 05/02/21		397,000		398,572
Total Communications				19,538,551
CONSUMER, CYCLICAL - 1.2%
Party City Holdings, Inc.
4.00% due 07/27/19		2,300,000		2,296,158
Warner Music Group
3.75% due 07/01/20		2,094,180		2,041,825
Equinox Fitness
5.00% due 01/31/20		1,695,729		1,699,968
Eyemart Express
5.00% due 12/18/21		1,500,000		1,507,500
Burger King Corp.
4.50% due 10/27/21		1,486,756		1,500,791
Mattress Firm
5.25% due 10/20/21		1,246,875		1,254,668
BBB Industries, LLC
6.00% due 11/03/21		1,000,000		998,750
Hilton Worldwide Holdings, Inc.
3.50% due 10/26/20		950,980		951,846
1-800 Contacts, Inc.
4.25% due 01/29/21		746,622		743,822
ServiceMaster Co.
4.25% due 07/01/21		696,500		693,018
Neiman Marcus Group, Inc.
4.25% due 10/25/20		594,000		591,660
Michaels Stores, Inc.
4.00% due 01/28/20		547,250		548,717
Sears Holdings Corp.
5.50% due 06/30/18		497,984		490,046
Compucom Systems, Inc.
4.25% due 05/07/20		300,000		279,000
Container Store, Inc.
4.25% due 04/06/19		259,881		258,581
Fleetpride Corp.
5.25% due 11/19/19		159,075		157,683
Capital Automotive LP
6.00% due 04/30/20		140,000		142,100
Navistar, Inc.
5.75% due 08/17/17		62,500		62,734
Total Consumer, Cyclical				16,218,867
INDUSTRIAL - 1.1%
Travelport Holdings LLC
5.75% due 09/02/21		7,231,875		7,291,249
Rise Ltd.
4.74% due 02/12/39		5,174,219		5,213,025
Brickman Group Holdings, Inc.
4.00% due 12/18/20		895,233		890,506
Hardware Holdings LLC
6.75% due 03/30/206		845,750		820,378

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
CareCore National LLC
5.50% due 03/05/21	$	596,985	$	599,970
AABS Ltd.
4.87% due 01/15/38		433,988		441,583
Wencor Group
4.50% due 06/19/21		298,542		297,049
CPM Acquisition Corp.
6.25% due 08/29/17		160,440		160,440
10.25% due 03/01/18		70,000		70,000
Thermasys Corp.
5.25% due 05/03/19		96,250		96,009
Total Industrial				15,880,209
CONSUMER, NON-CYCLICAL - 0.9%
Albertson’s (Safeway) Holdings LLC
5.50% due 08/25/21		6,850,000		6,904,252
One Call Medical, Inc.
5.00% due 11/27/20		1,695,707		1,694,995
Hanesbrands, Inc.
3.50% due 07/30/21		EUR 1,290,250		1,392,541
Grocery Outlet, Inc.
5.75% due 10/21/21		997,500		1,000,622
Mallinckrodt International Finance
3.25% due 03/19/21		498,741		497,184
Siemens Audiology Solutions
5.50% due 01/17/22		400,000		404,752
Performance Food Group
6.25% due 11/14/19		347,478		347,766
Sage Products, Inc.
5.00% due 12/13/19		187,122		188,759
Arctic Glacier Holdings, Inc.
6.00% due 05/10/19		120,859		119,953
Total Consumer, Non-cyclical				12,550,824
BASIC MATERIALS - 0.9%
Fortescue Metals Group Ltd.
3.75% due 06/30/19		13,017,828		11,735,312
Platform Specialty Products
4.75% due 06/07/20		498,750		501,348
Total Basic Materials				12,236,660
TECHNOLOGY - 0.6%
Avago Technologies Ltd.
3.75% due 05/06/21		2,462,973		2,466,520
TIBCO Software, Inc.
6.50% due 12/04/20		2,000,000		1,998,120
Advanced Computer Software
10.50% due 01/31/23		2,000,000		1,920,000
Micro Focus International plc
5.25% due 11/19/21		661,765		662,757
EIG Investors Corp.
5.00% due 11/09/19		635,448		637,437
Deltek, Inc.
4.50% due 10/10/18		614,767		615,726
Sabre, Inc.
4.00% due 02/19/19		369,816		369,816
Evergreen Skill
5.75% due 04/28/21		171,250		169,109
Aspect Software, Inc.
7.25% due 05/07/16		16,103		16,022
Total Technology				8,855,507
FINANCIAL - 0.5%
Corporate Capital Trust
4.00% due 05/20/19		4,592,500		4,592,499
National Financial Partners Corp.
4.50% due 07/01/20		1,217,518		1,213,208
Hyperion Insurance
5.50% due 03/26/22		1,000,000		1,005,000
First Data Corp.
3.67% due 03/23/18		320,000		319,680
3.67% due 09/24/18		200,000		199,708
American Stock Transfer & Trust
5.75% due 06/26/20		240,381		239,179
Total Financial				7,569,274
Total Senior Floating Rate Interests
(Cost $92,877,544)				92,849,892

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
MUNICIPAL BONDS†† - 6.5%
NEW JERSEY - 1.5%
New Jersey Transportation Trust Fund Authority Revenue Bonds
0.00% due 12/15/305,8	$	14,335,000	$	7,337,369
0.00% due 12/15/325,8		11,750,000		5,288,558
New Jersey Economic Development Authority Revenue Bonds
7.43% due 02/15/29		6,475,000		8,143,736
Total New Jersey				20,769,663
CALIFORNIA - 1.3%
Alhambra Unified School District General Obligation Unlimited
0.00% due 08/01/405		5,850,000		2,063,471
0.00% due 08/01/425		5,760,000		1,844,410
Long Beach Unified School District General Obligation Unlimited
0.00% due 08/01/375		4,700,000		1,879,295
0.00% due 08/01/385		3,000,000		1,144,620
0.00% due 08/01/335		1,300,000		626,288
San Marcos Unified School District General Obligation Unlimited
0.00% due 08/01/475,8		13,100,000		3,289,279
Antelope Valley Community College District General Obligation Unlimited
0.00% due 08/01/345		5,600,000		2,478,896
San Diego Unified School District General Obligation Unlimited
0.00% due 07/01/445		8,000,000		2,351,520
Stockton Unified School District General Obligation Unlimited
0.00% due 08/01/365		1,950,000		836,745
0.00% due 08/01/355		1,265,000		565,847
San Francisco City & County Redevelopment Agency Tax Allocation
4.87% due 08/01/35		500,000		513,780
Inland Valley Development Agency Tax Allocation
5.50% due 03/01/33		400,000		438,876
Total California				18,033,027
ILLINOIS - 1.0%
State of Illinois General Obligation Unlimited
5.65% due 12/01/388		5,350,000		5,689,564
6.90% due 03/01/35		1,600,000		1,891,552
6.63% due 02/01/35		500,000		570,965
County of Cook Illinois General Obligation Unlimited
6.23% due 11/15/348		2,300,000		2,623,725
City of Chicago Illinois General Obligation Unlimited
5.43% due 01/01/42		1,000,000		921,470
6.05% due 01/01/29		500,000		507,915
6.31% due 01/01/44		300,000		307,896
5.00% due 01/01/27		200,000		214,642
0.00% due 01/01/305		310,000		162,905
Chicago Transit Authority Revenue Bonds
6.20% due 12/01/40		1,000,000		1,192,000
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Project Bonds, Taxable Build America Bonds
6.90% due 01/01/40		260,000		341,253
Metropolitan Water Reclamation District of Greater Chicago General Obligation Unlimited
5.00% due 12/01/44		250,000		286,928
Total Illinois				14,710,815

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
TEXAS - 0.8%
Harris County-Houston Sports Authority Revenue Bonds
0.00% due 11/15/465,8	$	15,315,000	$	3,576,359
0.00% due 11/15/425		6,315,000		1,819,604
0.00% due 11/15/485		7,965,000		1,672,252
0.00% due 11/15/445		4,250,000		1,102,875
Dallas, Texas, Convention Center Hotel Development Corporation, Hotel Revenue Bonds, Taxable Build America Bonds
7.09% due 01/01/428		2,000,000		2,644,420
Total Texas				10,815,510
PUERTO RICO - 0.7%
Puerto Rico Highways & Transportation Authority Revenue Bonds
5.25% due 07/01/35		1,250,000		1,283,450
4.95% due 07/01/26		850,000		875,543
5.50% due 07/01/28		800,000		846,312
5.00% due 07/01/29		765,000		764,633
Commonwealth of Puerto Rico General Obligation Unlimited
5.00% due 07/01/31		1,500,000		1,512,555
5.13% due 07/01/30		1,035,000		1,035,145
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds
5.13% due 07/01/47		2,000,000		1,992,020
Puerto Rico Electric Power Authority Revenue Bonds
0.70% due 07/01/291		1,000,000		742,890
5.00% due 07/01/24		400,000		399,964
Puerto Rico Municipal Finance Agency General Obligation Unlimited
5.00% due 08/01/27		550,000		542,003
Total Puerto Rico				9,994,515
FLORIDA - 0.4%
County of Miami-Dade Florida Revenue Bonds
0.00% due 10/01/455,8		13,000,000		3,196,700
0.00% due 10/01/425,8		10,000,000		2,827,600
Total Florida				6,024,300
MICHIGAN - 0.4%
Detroit City School District General Obligation Unlimited
7.75% due 05/01/39		4,900,000		6,000,931
ALABAMA - 0.2%
County of Jefferson Alabama Sewer Revenue Revenue Bonds
0.00% due 10/01/365		2,350,000		705,447
0.00% due 10/01/345		1,800,000		615,564
0.00% due 10/01/355		1,375,000		440,550
0.00% due 10/01/315		725,000		307,371
0.00% due 10/01/325		720,000		283,579
Total Alabama				2,352,511
NEW YORK - 0.1%
Port Auth NY & NJ-182
5.31% due 08/01/46		1,500,000		1,660,890
CONNECTICUT - 0.1%
Town of Hamden Connecticut General Obligation Unlimited
5.20% due 08/15/44		750,000		754,395
MASSACHUSETTS - 0.0%
Massachusetts Housing Finance Agency Revenue Bonds
4.51% due 12/01/40		400,000		401,756
Total Municipal Bonds
(Cost $89,237,800)				91,518,313

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Face Amount		Value
U.S. GOVERNMENT SECURITIES†† - 1.6%
U.S. Treasury Bonds
0.00% due 11/15/445	$	21,525,000	$	9,938,500
8.13% due 05/15/21		1,000,000		1,383,125
4.38% due 05/15/40		1,000,000		1,351,172
8.75% due 08/15/20		500,000		689,805
3.88% due 08/15/40		500,000		629,414
6.13% due 11/15/27		400,000		579,188
Total U.S. Treasury Bonds				14,571,204
U.S. Treasury Notes
1.38% due 12/31/18		1,800,000		1,815,609
2.25% due 11/15/24		1,186,000		1,219,264
3.13% due 05/15/19		1,000,000		1,075,781
2.88% due 03/31/18		1,000,000		1,058,359
2.38% due 06/30/18		800,000		835,250
2.75% due 02/28/18		500,000		527,031
2.38% due 05/31/18		500,000		522,110
1.38% due 09/30/18		500,000		505,313
1.25% due 10/31/18		400,000		402,156
Total U.S. Treasury Notes				7,960,873
Total U.S. Government Securities
(Cost $22,182,212)				22,532,077
FOREIGN GOVERNMENT BONDS†† - 1.2%
Kenya Government International Bond
6.88% due 06/24/243,8		8,950,000		9,346,038
Mexico Government International Bond
4.60% due 01/23/468		7,100,000		7,259,750
Total Foreign Government Bonds
(Cost $16,255,149)				16,605,788
FEDERAL AGENCY NOTES†† - 0.4%
Freddie Mac9
2.38% due 01/13/22		5,000,000		5,170,485
Total Federal Agency Notes
(Cost $5,125,650)				5,170,485
REPURCHASE AGREEMENTS††,6,10 - 1.7%
Jefferies & Company, Inc.
issued 03/06/15 at 3.18% due 04/06/15		14,509,000		14,509,000
issued 03/30/15 at 3.18% due 05/07/15		3,700,000		3,700,000
issued 03/30/15 at 2.68% due 04/24/15		3,692,000		3,692,000
issued 03/30/15 at 3.18% due 04/24/15		1,000,000		1,000,000
issued 03/10/15 at 2.68% due 04/08/15		917,000		917,000
issued 03/30/15 at 2.68% due 05/07/15		395,000		395,000
issued 03/09/15 at 2.43% due 04/05/15		332,290		332,290
Total Repurchase Agreements
(Cost $24,545,290)				24,545,290

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	March 31, 2015
TOTAL RETURN BOND FUND

	Contracts		Value
OPTIONS PURCHASED† - 0.2%
Call options on:
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $109		15,000	$	1,800,000
iShares 20+ Year Treasury Bond ETF Expiring September 2015 with strike price of $134		5,859		1,177,659
Total Options Purchased
(Cost $3,384,288)				2,977,659
Total Investments - 115.9%
(Cost $1,618,645,072)			$	1,630,091,951
OPTIONS WRITTEN† - (0.1)%
Call options on:
iShares 20+ Year Treasury Bond ETF Expiring September 2015 with strike price of $139		5,859		(550,746	)
iShares 7-10 Year Treasury Bond ETF Expiring September 2015 with strike price of $111		15,000		(1,275,000	)
Total Options Written
(Premiums received $1,584,336)			$	(1,825,746	)
Other Assets & Liabilities, net - (15.8)%				(221,953,150	)
Total Net Assets - 100.0%			$	1,406,313,055

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	March 31, 2015
TOTAL RETURN BOND FUND

CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS††
Counterparty	Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date	Notional Amount		Market Value		Unrealized Appreciation
Merrill Lynch	Pay	3-Month USD-LIBOR	2.06	%	12/24/21	$	23,000,000	$	427,800	$	427,800
Merrill Lynch	Pay	3-Month USD-LIBOR	2.23	%	03/13/25		6,000,000		109,800		109,800
Merrill Lynch	Pay	3-Month USD-LIBOR	2.29	%	12/24/24		3,000,000		74,100		74,100
										$	611,700

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS††
Counterparty	Contracts to Sell	Currency	Settlement Date	Settlement Value		Value atMarch 31, 2015		NetUnrealized Appreciation
BNY Mellon	1,800,000	EUR	04/07/15	$	1,984,896	$	1,935,279	$	49,617

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Variable rate security. Rate indicated is rate effective at March 31, 2015.
2	Perpetual maturity.
3	Security is a 144A or Section 4(a)(2) security. The total market value of 144A or Section 4(a)(2) securities is $749,315,015 (cost $745,199,143), or 53.3% of total net assets. These securities have been determined to be liquid under guidelines established by the Board of Trustees.
4	Affiliated issuer — See Note 9.
5	Zero coupon rate security.
6	Illiquid security.
7	Security is a step up/step down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity.
8	Security or a portion thereof is held as collateral for reverse repurchase agreements — See Note 13.
9	On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
10	Repurchase Agreements — See Note 12.
11	The face amount is denominated in U.S. Dollars unless otherwise noted.
12	Security is a 144A or Section 4(a)(2) security. These securities are considered illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $1,643,678 (cost $1,645,579), or 0.1% of total net assets — See Note 14.
13	Residual interest.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

TOTAL RETURN BOND FUND

March 31, 2015

Assets:
Investments in unaffiliated issuers, at value (cost $1,560,098,237)	$	1,571,441,478
Investments in affiliated issuers, at value (cost $34,001,545)		34,105,183
Repurchase agreements, at value (cost $24,545,290)		24,545,290
Total investments (cost $1,618,645,072)		1,630,091,951
Foreign currency, at value (cost $7,820)		7,820
Cash		22,535,281
Segregated cash with broker		1,094,886
Unrealized appreciation on swap agreements		611,700
Prepaid expenses		95,172
Unrealized appreciation on forward foreign currency exchange contracts		49,617
Receivables:
Fund shares sold		12,292,428
Interest		7,407,437
Securities sold		2,396,643
Swap settlement		150,243
Dividends		89,606
Total assets		1,676,822,784
Liabilities:
Reverse Repurchase Agreements		160,566,149
Options written, at value (premiums received $1,584,336)		1,825,746
Segregated cash from broker		697,802
Unfunded loan commitments, at value (Note 10) (proceeds $62)		59
Payable for:
Securities purchased		103,408,229
Fund shares redeemed		2,547,914
Management fees		336,326
Distribution and service fees		120,148
Fund accounting/administration fees		104,887
Transfer agent/maintenance fees		29,634
Trustees’ fees*		2,364
Miscellaneous		870,471
Total liabilities		270,509,729
Net assets	$	1,406,313,055
Net assets consist of:
Paid in capital	$	1,396,537,448
Distributions in excess of net investment income		(6,382,571	)
Accumulated net realized gain on investments		4,291,402
Net unrealized appreciation on investments		11,866,776
Net assets	$	1,406,313,055
A-Class:
Net assets	$	352,955,248
Capital shares outstanding		12,995,526
Net asset value per share	$	27.16
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.51
C-Class:
Net assets	$	62,042,740
Capital shares outstanding		2,284,522
Net asset value per share	$	27.16
Institutional Class:
Net assets	$	991,315,067
Capital shares outstanding		36,458,860
Net asset value per share	$	27.19

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

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

STATEMENT OF OPERATIONS (Unaudited)

TOTAL RETURN BOND FUND

Period Ended March 31, 2015

Investment Income:
Interest	$	15,680,918
Dividends from securities of unaffiliated issuers		312,808
Dividends from securities of affiliated issuers		78,883
Total investment income		16,072,609
Expenses:
Management fees		1,967,081
Transfer agent/maintenance fees:
A-Class		160,803
C-Class		17,166
Institutional Class		109,674
Distribution and service fees:
A-Class		251,810
C-Class		202,388
Fund accounting/administration fees		373,740
Short interest expense		52,558
Trustees’ fees*		25,928
Line of credit fees		21,221
Custodian fees		12,043
Tax expense		14
Miscellaneous		170,680
Total expenses		3,365,106
Less:
Expenses waived by Adviser		(590,995	)
Expenses waived by Transfer Agent
A-Class		(57,158	)
C-Class		(2,525	)
Institutional Class		(109,674	)
Total waived expenses		(760,352	)
Net expenses		2,604,754
Net investment income		13,467,855
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	2,051,653
Investments in affiliated issuers		(22,805	)
Swap agreements		2,333,156
Foreign currency		59,054
Forward foreign currency exchange contracts		353,744
Realized gain distributions received from investment company shares		875
Net realized gain		4,775,677
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		7,036,550
Investments in affiliated issuers		109,328
Swap agreements		(74,350	)
Options purchased		(406,629	)
Options written		(241,410	)
Foreign currency		(101,252	)
Forward foreign currency exchange contracts		25,808
Net change in unrealized appreciation (depreciation)		6,348,045
Net realized and unrealized gain		11,123,722
Net increase in net assets resulting from operations	$	24,591,577

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

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

STATEMENTS OF CHANGES IN NET ASSETS

TOTAL RETURN BOND FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	13,467,855		$	8,940,719
Net realized gain on investments		4,775,677			1,657,336
Net change in unrealized appreciation (depreciation) on investments		6,348,045			6,412,075
Net increase in net assets resulting from operations		24,591,577			17,010,130
Distributions to shareholders from:
Net investment income
A-Class		(3,962,406	)		(4,018,032	)
C-Class		(648,130	)		(745,825	)
Institutional Class		(11,681,408	)		(6,681,315	)
Net realized gains
A-Class		(151,030	)		—
C-Class		(42,876	)		—
Institutional Class		(494,795	)		—
Total distributions to shareholders		(16,980,645	)		(11,445,172	)
Capital share transactions:
Proceeds from sale of shares
A-Class		290,389,691			73,424,986
C-Class		38,468,353			12,451,028
Institutional Class		821,706,177			248,033,503
Distributions reinvested
A-Class		3,760,175			3,570,349
C-Class		530,485			648,333
Institutional Class		9,658,492			5,534,525
Cost of shares redeemed
A-Class		(34,012,918	)		(62,746,577	)
C-Class		(2,437,176	)		(4,094,381	)
Institutional Class		(115,941,832	)		(64,105,887	)
Net increase from capital share transactions		1,012,121,447			212,715,879
Net increase in net assets		1,019,732,379			218,280,837
Net assets:
Beginning of period		386,580,676			168,299,839
End of period	$	1,406,313,055		$	386,580,676
Distributions in excess of net investment income at end of period	$	(6,382,571	)	$	(2,009,658	)

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

STATEMENTS OF CHANGES IN NET ASSETS(concluded)

TOTAL RETURN BOND FUND

	Period Ended March 31, 2015 (Unaudited)			Year Ended September 30, 2014
Capital share activity:
Shares sold
A-Class		10,744,286			2,741,493
C-Class		1,422,968			463,711
Institutional Class		30,350,476			9,217,148
Shares issued from reinvestment of distributions
A-Class		138,754			133,810
C-Class		19,590			24,313
Institutional Class		356,090			206,692
Shares redeemed
A-Class		(1,258,262	)		(2,345,333	)
C-Class		(90,137	)		(154,292	)
Institutional Class		(4,284,893	)		(2,377,106	)
Net increase in shares		37,398,872			7,910,436

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

FINANCIAL HIGHLIGHTS

TOTAL RETURN BOND FUND

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.

A-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.94		$	26.16		$	26.51		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.43			1.01			1.20			1.08
Net gain (loss) on investments (realized and unrealized)		.36			1.13			(.28	)		1.35
Total from investment operations		.79			2.14			.92			2.43
Less distributions from:
Net investment income		(.53	)		(1.36	)		(1.23	)		(.92	)
Net realized gains		(.04	)		—			(.04	)		—
Total distributions		(.57	)		(1.36	)		(1.27	)		(.92	)
Net asset value, end of period	$	27.16		$	26.94		$	26.16		$	26.51
Total Returnf		2.95	%		8.34	%		3.53	%		9.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	352,955		$	90,805		$	74,328		$	30,689
Ratios to average net assets:
Net investment income (loss)		3.22	%		3.80	%		4.47	%		5.10	%
Total expensesd		1.07	%		1.19	%		1.27	%		1.51	%
Net expensese,g		0.87	%		0.94	%		0.98	%		0.85	%
Portfolio turnover rate		22	%		52	%		94	%		69	%

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

FINANCIAL HIGHLIGHTS (continued)

TOTAL RETURN BOND FUND

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.

C-Class	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.94		$	26.16		$	26.50		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.34			.82			.99			.94
Net gain (loss) on investments (realized and unrealized)		.36			1.12			(.27	)		1.32
Total from investment operations		.70			1.94			.72			2.26
Less distributions from:
Net investment income		(.44	)		(1.16	)		(1.02	)		(.76	)
Net realized gains		(.04	)		—			(.04	)		—
Total distributions		(.48	)		(1.16	)		(1.06	)		(.76	)
Net asset value, end of period	$	27.16		$	26.94		$	26.16		$	26.50
Total Returnf		2.59	%		7.58	%		2.77	%		9.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	62,043		$	25,107		$	15,654		$	6,607
Ratios to average net assets:
Net investment income (loss)		2.49	%		3.10	%		3.70	%		4.38	%
Total expensesd		1.75	%		1.90	%		2.07	%		2.26	%
Net expensese,g		1.58	%		1.66	%		1.77	%		1.63	%
Portfolio turnover rate		22	%		52	%		94	%		69	%

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

FINANCIAL HIGHLIGHTS (concluded)

TOTAL RETURN BOND FUND

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	Period Ended March 31, 2015a			Year Ended Sept. 30, 2014			Year Ended Sept. 30, 2013			Period Ended Sept. 30, 2012b
Per Share Data
Net asset value, beginning of period	$	26.97		$	26.19		$	26.54		$	25.00
Income (loss) from investment operations:
Net investment income (loss)c		.48			1.09			1.28			1.06
Net gain (loss) on investments (realized and unrealized)		.36			1.14			(.27	)		1.44
Total from investment operations		.84			2.23			1.01			2.50
Less distributions from:
Net investment income		(.58	)		(1.45	)		(1.32	)		(.96	)
Net realized gains		(.04	)		—			(.04	)		—
Total distributions		(.62	)		(1.45	)		(1.36	)		(.96	)
Net asset value, end of period	$	27.19		$	26.97		$	26.19		$	26.54
Total Returnf		3.14	%		8.74	%		3.88	%		10.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	991,315		$	270,668		$	78,318		$	44,566
Ratios to average net assets:
Net investment income (loss)		3.57	%		4.09	%		4.78	%		4.91	%
Total expensesd		0.71	%		0.81	%		0.89	%		0.99	%
Net expensese,g		0.52	%		0.57	%		0.64	%		0.52	%
Portfolio turnover rate		22	%		52	%		94	%		69	%

a	Unaudited figures for the period ended March 31, 2015. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Since commencement of operations: November 30, 2011. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers.
f	Total return does not reflect the impact of any applicable sales charges and has not been annualized.
g	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the operating expense ratios for the periods would be:

	03/31/15	09/30/14	09/30/13	09/30/12
A-Class	0.85%	0.86%	0.86%	0.82%
C-Class	1.57%	1.58%	1.64%	1.59%
Institutional Class	0.50%	0.50%	0.52%	0.50%

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Significant Accounting Policies

Organization

Guggenheim Funds Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as a non-diversified, open-ended investment company of the series type. Each series, in effect, is representing a separate Fund. The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of four separate classes of shares, A-Class shares, B-Class shares, C-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 A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class 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. B-Class shares were offered without a front-end sales charge, but were subject to a CDSC of up to 5% for five years and convert to A-Class shares after eight years. Effective January 4, 2010, subscriptions for B-Class shares are no longer accepted. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. 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 have a minimum initial investment of $2 million and a minimum account balance of $1 million. Institutional Class shares are offered without a front-end sales charge or a CDSC. At March 31, 2015, the Trust consisted of eighteen funds.

This report covers the Total Return Bond Fund (the “Fund”), while the other funds are in separate reports. Only A-Class, C-Class and Institutional shares had been issued by the Fund.

The Fund was previously a series (the “Predecessor Fund”) of Security Income Fund, a different registered open-end investment company, which was organized as a Kansas corporation. In January 2014, at a special meeting of shareholders, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, corresponding “shell” series of the Trust. The Fund succeeded to the accounting and performance history of the Predecessor Fund. Any such historical information provided for the Fund that relates to periods prior to January 28, 2014, therefore, is that of the Predecessor Fund.

40 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Guggenheim Investments (“GI”) provides advisory services, and Rydex Fund Services, LLC (“RFS”) provides transfer agent, administrative and accounting services to the Trust. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI, RFS and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and accordingly follows 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 and disclosure of 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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

A. The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed and will review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used by, and valuations provided by, the pricing services.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 41

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If the 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 Valuation Committee.

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of business on the NYSE, usually 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the 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 currency are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee 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, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities such as World Equity Benchmark Securities. In addition, the Board of Trustees has authorized the Valuation Committee and GI to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies (“Mutual Funds”) are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds (“ETFs”) and closed-end investment companies (“CEFs”) are valued at the last quoted sales price.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Repurchase agreements are valued at amortized cost, which approximates market value.

42 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Typically loans are valued using information provided by an independent third party pricing service which uses broker quotes in a non-active market.

Listed options are valued at the Official Settlement Price listed by the exchange, usually as of 4:00 p.m. Long options are valued using the bid price and short options are valued using the ask price. In the event that a settlement price is not available, fair valuation is enacted. Over-the-counter options are valued using the average bid price (for long options), or average ask price (for short options) obtained from one or more security dealers.

The value of interest rate swap agreements entered into by a Fund are accounted for using the unrealized gain or loss on the agreements that is determined using the spread priced off the previous day’s Chicago Mercantile Exchange (“CME”) price.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

Investments for which market quotations are not readily available are fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratified by the Board of Trustees. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s) “fair value.” 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: (i) the type of security, (ii) the initial cost of the security, (iii) the existence of any contractual restrictions on the security’s disposition, (iv) the price and extent of public trading in similar securities of the issuer or of comparable companies, (v) quotations or evaluated prices from broker-dealers and/or pricing services, (vi) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (vii) an analysis of the company’s financial statements, and (viii) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold (e.g. the existence of pending merger activity, public offerings or tender offers that might affect the value of the security). In connection with derivative investments such factors may include, obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 43

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

C. Senior loans in which the Fund 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, such as the one-month or three-month London Inter-Bank Offered Rate (LIBOR), (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 shown. The interest rate indicated is the rate in effect at March 31, 2015.

D. The Fund 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 Fund on such interests or securities in connection with such transactions prior to the date the Fund 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 Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities before the settlement date.

E. 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

44 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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).

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

G. Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. The change in value of the contract is recorded as unrealized appreciation or depreciation until the forward foreign currency contract is closed. When the forward foreign currency contract is closed, the Fund records 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.

H. 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 realized gains in the Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Interest income also includes paydown gains and losses on mortgage-backed and asset-backed securities and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement and are recognized when received. Dividend income from 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 capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

I. The Fund declares dividends from investment income daily. The 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 federal income tax purposes.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

J. Interest and dividend income, most expenses, all realized gains and losses, and all unrealized gains and losses are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust on a pro rata basis upon the respective aggregate net assets of each Fund included in the Trust.

K. Under the fee arrangement with the custodian, the Fund may earn credits based on overnight custody cash balances. These credits are utilized to reduce related custodial expenses. The custodian fees disclosed in the Statement of Operations are before the reduction in expense from the related earnings credits, if any. For the period ended March 31, 2015, there were no earnings credits received.

L. The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the 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.

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

N. The accounting records of the Fund 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 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 and unrealized gain or loss on investments.

46 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 exchange gains and losses 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.

2. Financial Instruments

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of the amounts recognized in the Statement of Assets and Liabilities.

An option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security (put option) or the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security (call option) at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid. 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 and a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or, for over-the-counter options, because of the counterparty’s inability to perform.

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. A Fund utilizing OTC swaps 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. For Funds utilizing interest rate swaps, the exchange bears the risk of loss. Additionally, 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.

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. 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 GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 47

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

In conjunction with the use of derivative instruments, the Fund is required to maintain collateral in various forms. The Fund uses, where appropriate, depending on the financial instrument utilized and the broker involved, margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or the repurchase agreements allocated to the Fund.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

3. Fees and Other Transactions with Affiliates

Under the terms of an investment advisory contract, the Fund pays GI investment advisory fees calculated at an annualized rate of 0.50% of the average daily net assets of the Fund.

RFS provides transfer agent services to the Fund for fees calculated at the rates below which are assessed to the applicable class of the Fund. For these services, RFS receives the following:

Annual charge per account	$5.00 – $8.00
Transaction fee	$0.60 – $1.10
Minimum annual charge per Fund†	$25,000
Certain out-of-pocket charges	Varies

^† Not subject to Fund during first twelve months of operations.

RFS also acts as the administrative agent for the Fund, and as such performs administrative functions and the bookkeeping, accounting and pricing functions for the Fund. For these services, RFS receives 0.095% of the average daily net assets of the Fund. The minimum annual charge for administrative fees is $25,000.

RFS engages external service providers to perform other necessary services for the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, etc., on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Fund has adopted Distribution Plans related to the offering of A-Class and C-Class 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 A-Class shares and 1.00% of the average daily net assets of the Fund’s C-Class shares.

48 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The investment advisory contract for the following Fund provides that the total expenses be limited to a percentage of average net assets for each class of shares, exclusive of brokerage costs, dividends 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 Date	Contract End Date
Total Return Bond Fund - A-Class	0.90%	11/30/12	02/01/16
Total Return Bond Fund - C-Class	1.65%	11/30/12	02/01/16
Total Return Bond Fund - Institutional Class	0.50%	11/30/12	02/01/16

GI is entitled to reimbursement by the Funds for fees waived or expenses reimbursed during any of the previous 36 months, beginning on the date of the expense limitation agreement, if on any day the estimated operating expenses are less than the indicated percentages. At March 31, 2015, the amount of fees waived or expenses reimbursed that are subject to recoupment are presented in the following table:

Fund	Expires 2015		Expires 2016		Expires 2017		Expires 2018		Fund Total
Total Return Bond Fund	$	154,714	$	462,339	$	561,202	$	753,086	$	1,931,341

For the period ended March 31, 2015, no amounts were recouped by GI.

If a Fund invests in an affiliated fund, the investing Fund’s Adviser has agreed to waive fees at the investing fund level through February 1, 2016. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI.

During the period ended March 31, 2015, the following fund waived advisory fees related to investments in the affiliated funds.

Fund	Amount
Total Return Bond Fund	$	7,266

For the period ended March 31, 2015, GFD retained sales charges of $3,966 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI, RFS and GFD.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 49

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

4. Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — quoted prices in active markets for identical assets or liabilities.

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

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

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2015:

	Level 1 Investments In Securities		Level 2 Investments In Securities		Level 2 Other Financial Instruments*		Level 3 Investments In Securities		Total
Assets
Total Return Bond Fund	$	178,949,963	$	1,425,006,810	$	661,317	$	26,135,178	$	1,630,753,268
Liabilities
Total Return Bond Fund	$	1,825,746	$	—	$	—	$	—	$	1,825,746

* Other financial instruments may include forward foreign currency exchange contracts and/or swaps, which are reported as unrealized gain/loss at period end.

50 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Independent pricing services are used to value a majority of the Fund's investments. When values are not available from a pricing service, they may be computed by the Fund's investment adviser or an affiliate. In any event, values may 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 Treasuries, and other information and analysis. A significant portion of the Fund's assets and liabilities are categorized as Level 2 or Level 3, as indicated in this report.

Indicative quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may be also used to value the Fund’s 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 indicative quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in an indicative quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly indicative quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. The Fund's fair valuation guidelines were recently revised to transition such monthly indicative quoted securities from Level 2 to Level 3.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 51

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

Fund	Category and Subcategory	Ending Balance at 03/31/15	Valuation Technique	Unobservable Inputs
	Investments, at value
Total Return Bond Fund	Asset-Backed Securities	$14,252,108	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
		50	Option Adjusted Spread off 60 day or greater broker mark over the 3 month LIBOR	Indicative Quote
	Total Asset-Backed Securities	14,252,108
	Mortgage-Backed Securities	9,509,143	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote
	Corporate Bonds	2,373,927	Option Adjusted Spread off the month end broker mark over the 3 month LIBOR	Indicative Quote

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognized transfers between the levels as of the beginning of the period. As of March 31, 2015, the Fund had transfers in/out of Level 3 due to changes in securities valuation method. See the table below for changes to and from Level 2 and Level 3. There were no other securities that transferred between levels.

52 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets and liabilities for which significant unobservable inputs were used to determine fair value for the period ended March 31, 2015:

LEVEL 3 – Fair value measurement using significant unobservable inputs

	Mortgage- Backed Securities			Asset- Backed Securities			Corporate Bonds			Total
Total Return Bond Fund
Assets:
Beginning Balance	$	947,112		$	1,827,929		$	3,121,033		$	5,896,074
Purchases		7,331,908			13,142,830			1,209,700			21,684,438
Sales		(6,386	)		(243,288	)		(652,725	)		(902,399	)
Total realized gains or losses included in earnings		—			—			15,625			15,625
Total change in unrealized gains or losses included in earnings		102,573			5,887			(81,256	)		27,204
Transfers in Level 3		1,133,936			50			—			1,133,986
Transfers out of Level 3		—			(481,300	)		(1,238,450	)		(1,719,750	)
Ending Balance	$	9,509,143		$	14,252,108		$	2,373,927		$	26,135,178

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to better understand how and why the 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 Fund utilized derivatives for hedging and duration purposes.

The following table represents the notional amount of derivative instruments outstanding as an approximate percentage of the Fund’s net assets on a quarterly basis.

	Approximate percentage of Fund's Net Assets on a quarterly basis
Fund	Long
Total Return Bond Fund	5%

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 53

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of March 31, 2015:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency/Interest Rate contracts	Unrealized appreciation on forward foreign currency exchange contracts	Options, written at value
	Unrealized appreciation on swap agreements
	Investments in unaffiliated issuers, at value

The following table sets forth the fair value of the Fund's derivative investments categorized by primary risk exposure at March 31, 2015:

Asset Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Total Return Bond Fund	$	49,617	$	611,700	$	—	$	2,977,659	$	3,638,976

Liability Derivative Investments Value
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Total Return Bond Fund	$	—	$	—	$	1,825,746	$	—	$	1,825,746

The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the period ended March 31, 2015:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency/Interest Rate contracts	Net realized gain (loss) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts
	Net change in unrealized appreciation (depreciation) on options purchased
	Net change in unrealized appreciation (depreciation) on options written
	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

54 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended March 31, 2015:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts		Options Written Equity Contracts		Options Purchased Equity Contracts		Total
Total Return Bond Fund	$	353,744	$	2,333,156	$	—	$	—	$	2,686,900

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
Fund	Forward Foreign Currency Exchange Contracts		Swaps Interest Rate Contracts			Options Written Equity Contracts			Options Purchased Equity Contracts			Total
Total Return Bond Fund	$	25,808	$	(74,350	)	$	(241,410	)	$	(406,629	)	$	(696,581	)

6. Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax is required.

Tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund’s tax positions taken, or to be taken, on Federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At March 31, 2015, the cost of securities for Federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Gain		Tax Unrealized Loss			Net Unrealized Gain
Total Return Bond Fund	$	1,621,733,046	$	19,866,629	$	(11,507,723	)	$	8,358,906

7. Securities Transactions

For the period ended March 31, 2015, 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
Total Return Bond Fund	$	1,233,084,057	$	179,415,496

For the period ended March 31, 2015, the cost of purchases and sales of government securities were:

Fund	Purchases		Sales
Total Return Bond Fund	$	5,010,547	$	2,098,313

8. Options Written

Information as to options written by the Fund during the period ended March 31, 2015, and options outstanding at period end is provided below:

Written Call Options
	Total Return Bond Fund
	Number of Contracts		Premium Amount
Balance at September 30, 2014		—	$	—
Options Written		20,859		1,584,336
Options terminated in closing purchase transactions		—		—
Options expired		—		—
Options exercised		—		—
Balance at March 31, 2015		20,859	$	1,584,336

56 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

9. Affiliated and/or Related Transactions

Investments representing 5% or more of the outstanding voting shares of a portfolio company of a fund, or control of or by, or common control under GI, result in that portfolio company being considered an affiliated company of such fund, as defined in the 1940 Act.

The Fund may invest in the Guggenheim Strategy Funds Trust consisting of Guggenheim Strategy Fund I, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III (collectively, the “Cash Management Funds”), open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2014 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at http://www.sec.gov.

Transactions during the period ended March 31, 2015 in which the portfolio company is an “affiliated person” are as follows:

Affiliated issuers by Fund	Value 09/30/14		Additions		Reductions			Value 03/31/15		Shares 03/31/15		Investment Income		Realized Gain (Loss)			Capital Gain Distributions
Total Return Bond Fund
Limited Duration Fund - Institutional Class	$	2,059,674	$	520,841	$	(2,563,399	)	$	—		—	$	19,975	$	(22,805	)	$	875
Guggenheim Strategy Fund I		—		33,000,448		—			33,037,683		1,326,815		13,383		—			—
Guggenheim Strategic Opportunities Fund		—		990,390		—			1,067,500		50,000		45,525		—			—
	$	2,059,674	$	34,511,679	$	(2,563,399	)	$	34,105,183			$	78,883	$	(22,805	)	$	875

10. Loan Commitments

Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of March 31, 2015. The Fund is obligated to fund these loan commitments at the borrower’s discretion.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 57

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The unfunded loan commitments as of March 31, 2015 were as follows:

Borrower	Maturity Date	Face Amount		Value
Total Return Bond Fund
Cartrawler	06/30/15	$	6,500,000	$	—
Acosta, Inc.	09/26/19		2,200,000		—
SS&C Technologies, Inc.	02/27/16		2,000,000		—
Rite Aid Corp.	08/10/15		1,650,000		—
Internet Brands	07/08/21		11,959		59
		$	12,361,959	$	59

11. Line of Credit

The Trust, with the exception of Alpha Opportunity Fund and Capital Stewardship Fund, secured a committed, $625,000,000 line of credit from Citibank, N.A., good through October 9, 2015, at which time the line of credit may be renewed. This line of credit is reserved for emergency or temporary purposes. Fees related to borrowings, if any, vary under this arrangement between the greater of Citibank’s “base rate”, LIBOR plus 1.0%, and the Fed Funds rate, plus 0.50%. The Trust did not have any borrowings under this agreement as of and for the period-ended March 31, 2015. The Trust also pays a commitment fee at an annualized rate of 0.07% of the average daily amount of their unused commitment amount.

12. Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian takes 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.

Fund	Counterparty and Terms of Agreement	Face Value	Repurchase Price	Collateral	Par Value	Fair Value
Total Return Bond Fund	Jefferies & Company, Inc.
	2.43% - 3.18%			Acis CLO Ltd.
	Due 04/05/15 -			0.00%
	05/07/15	$24,545,290	$24,610,154	02/02/26	$19,875,000	$14,935,653
				Puerto Rico Sales Tax Financing Corp.
				0.00%
				08/01/39	12,317,500	1,243,000

58 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty and Terms of Agreement	Face Value	Repurchase Price	Collateral	Par Value	Fair Value
				Venture CDO Ltd.
				0.00%
				02/28/24	$ 5,000,000	$ 4,050,000
				Government Development Bank for Puerto Rico
				5.00%
				08/01/23	3,802,500	1,988,631
				Countrywide Alternative Loan Trust
				1.51%
				11/25/47	1,922,400	1,458,039
				Aegis Asset Backed Securities Trust
				0.64%
				10/25/35	1,256,250	813,249
				Puerto Rico Public Finance Corp.
				6.00%
				08/01/26	707,000	372,313
				Jasper CLO Ltd.
				6.00%
				08/01/17	2,500	1,200,000

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights. The Fund’s investment adviser, acting under the supervision of the Board of Trustees, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Fund enters into repurchase agreements to evaluate potential risks.

13. Reverse Repurchase Agreements

The Fund 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

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 59

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

For the period ended March 31, 2015, the Fund entered into reverse repurchase agreements as follows:

Fund	Number of Days outstanding		Balance at March 31, 2015		Average balance outstanding		Average interest rate
Total Return Bond Fund		182	$	160,566,149	$	27,394,183		0.38	%

14. Restricted Securities

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

Fund	Restricted Securities	Acquisition Date	Cost	Value
Total Return Bond Fund	Cadence Bank North America
	6.25% due 06/28/29	06/06/14	$1,200,000	$1,230,000
	Cadence Financial Corp.
	4.88% due 06/28/19	06/06/14	250,000	252,390
	Odebrecht Drilling Norbe VIII/IX Ltd.
	6.35% due 06/30/21	12/01/11	195,579	161,288
			1,645,579	1,643,678

15. Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received 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 Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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

60 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts 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 Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements and offset in the Statement of Assets and Liabilities in conformity with U.S. GAAP.

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Total Return Bond Fund	Forward foreign currency exchange contracts	$	49,617	$	—	$	49,617	$	—	$	—	$	49,617

¹ Centrally cleared swaps are excluded from these reported amounts.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 61

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

16. Subsequent Events

P-Class Shares to be Offered

Effective following the close of business on April 30, 2015, or such later date as may be determined appropriate by management, Total Return Bond Fund (the “Fund”), a separate series of Guggenheim Funds Trust, will offer P-Class shares.

P-Class shares of the Fund are offered primarily through broker/dealers and other financial intermediaries with which Guggenheim Funds Distributors, LLC has an agreement for the use of P-Class shares of the Fund in investment products, programs or accounts. P-Class shares do not have a minimum initial investment amount, subsequent investment amount or a minimum account balance. The Fund reserves the right to modify its minimum investment amount and account balance requirements at any time, with or without prior notice to you.

Shareholders who currently have accounts held directly at Guggenheim Investments will not be permitted to purchase P-Class shares.

For more information, or to request copies of the Fund’s prospectuses, call Client Services at 800.820.0888 or visiting guggenheiminvestments.com.

62 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov.

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In each Fund’s registration statement, the Funds have investment policies relating to concentration in specific industries. For purposes of these investment policies, the Funds usually classify 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 on Form N-Q; which are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 63

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee	Since 2014	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	91	Current: Trustee, Purpose Investments Inc. (2014-Present).
Donald A. Chubb, Jr. (1946)	Trustee and Vice Chairman of the Board	Since 1994	Current: Business broker and manager of commercial real estate, Griffith & Blair, Inc. (1997-present).	87	None.
Jerry B. Farley (1946)	Trustee and Vice Chairman of the Audit Committee	Since 2005	Current: President, Washburn University (1997-present).	87	Current: Westar Energy, Inc. (2004-present); CoreFirst Bank & Trust (2000-present).

64 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - continued
Roman Friedrich III (1946)	Trustee and Chairman of the Contracts Review Committee	Since 2014	Current: Founder and President, Roman Friedrich & Company (1998-present). Former: Senior Managing Director, MLV & Co. LLC (2010-2011).	87	Current: Zincore Metals, Inc. (2009-present). Former: Mercator Minerals Ltd. (2013-2014); First Americas Gold Corp. (2012-2014); Blue Sky Uranium Corp. (2011-2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); GFM Resources Ltd. (2005-2010).
Robert B. Karn III (1942)	Trustee and Chairman of the Audit Committee	Since 2014	Current: Consultant (1998-present). Former: Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).	87	Current: Peabody Energy Company (2003-present); GP Natural Resource Partners, LLC (2002- present).
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2014	Current: Partner, Nyberg & Cassioppi, LLC (2000-present). Former: Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	93	Current: Edward-Elmhurst Healthcare System (2012-present).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 65

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INDEPENDENT TRUSTEES - concluded
Maynard F. Oliverius (1943)	Trustee and Vice Chairman of the Contracts Review Committee	Since 1998	Current: Retired. Former: President and CEO, Stormont-Vail HealthCare (1996-2012).	87	Current: Fort Hays State University Foundation (1999-present); Stormont-Vail Foundation (2013-present); University of Minnesota HealthCare Alumni Association Foundation (2009-present).
Ronald E. Toupin, Jr. (1958)	Trustee and Chairman of the Board	Since 2014	Current: Portfolio Consultant (2010-present). Former: Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	90	Former: Bennett Group of Funds (2011-2013).

66 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees
INTERESTED TRUSTEE
Donald C. Cacciapaglia*** (1951)	President, Chief Executive Officer and Trustee	Since 2012	Current: President and CEO, certain other funds in the Fund Complex (2012-present); Vice Chairman, Guggenheim Investments (2010-present). Former: Chairman and CEO, Channel Capital Group, Inc. (2002-2010).	221	Current: Clear Spring Life Insurance Company (2015-present); Guggenheim Partners Japan, Ltd. (2014-present); Delaware Life (2013-present); Guggenheim Life and Annuity Company (2011-present); Paragon Life Insurance Company of Indiana (2011-present).

*	The business address of each Trustee is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each Trustee serves an indefinite term, until his successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of his position with the Funds' Investment Manager and/or the parent of the Investment Manager.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 67

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS
Joseph M. Arruda (1966)	Assistant Treasurer	Since 2010	Current: Assistant Treasurer, certain other funds in the Fund Complex (2006-present); Vice President, Security Investors, LLC (2010-present); CFO and Manager, Guggenheim Specialized Products, LLC (2009-present). Former: Vice President, Security Global Investors, LLC (2010-2011); Vice President, Rydex Advisors, LLC (2010); Vice President, Rydex Advisors II, LLC (2010).
William H. Belden, III (1965)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2006-present); Managing Director, Guggenheim Funds Investment Advisors, LLC (2005-present). Former: Vice President of Management, Northern Trust Global Investments (1999-2005).
Mark J. Furjanic (1959)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2005-present); Assistant Treasurer, certain other funds in the Fund Complex (2008-present). Former: Senior Manager, Ernst & Young LLP (1999-2005).
James M. Howley (1972)	Assistant Treasurer	Since 2014	Current: Director, Guggenheim Investments (2004-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).

68 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Amy J. Lee (1961)	Vice President and Chief Legal Officer	Since 2007 (Vice President) Since 2014 (Chief Legal Officer)	Current: Chief Legal Officer, certain other funds in the Fund Complex (2013-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).
Mark E. Mathiasen (1978)	Secretary	Since 2014	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Associate, Guggenheim Investments (2012-present). Former: J.D., University of Kansas School of Law (2009-2012).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: CCO, certain other funds in the Fund Complex (2012-present); CCO, Security Investors, LLC (2012-present); CCO, Guggenheim Funds Investment Advisors, LLC (2012-present); Managing Director, Guggenheim Investments (2012-present); Vice President, Guggenheim Funds Distributors, LLC (March 2014-present). Former: CCO, Guggenheim Distributors, LLC (2009-March 2014); Senior Manager, Security Investors, LLC (2004-2009); Senior Manager, Guggenheim Distributors, LLC (2004-2009).

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 69

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - continued
Alison Santay (1974)	AML Officer	Since 2013	Current: AML Officer, certain other funds in the Fund Complex (2010-present); Director and AML Officer, Rydex Fund Services, LLC (2010-present); AML Officer, Security Investors, LLC (2010-present); Director, Shareholder Risk and Compliance, Rydex Fund Services, LLC (2004-present). Former: AML Officer, Guggenheim Distributors, LLC (2013-2014).
Kimberly Scott (1974)	Assistant Treasurer	Since 2014	Current: Vice President, Guggenheim Investments (2012-present) ; Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

70 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) held with the Trust	Term of Office and Length of Time Served**	Principal Occupations During Past Five Years
OFFICERS - concluded
John L. Sullivan (1955)	Chief Financial Officer and Treasurer	Since 2014	Current: CFO, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and CCO, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); CFO and Treasurer, Van Kampen Funds (1996-2004).

*	The business address of each officer is c/o Guggenheim Investments, 805 King Farm Boulevard, Suite 600, Rockville, Maryland 20850.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 71

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)

Rydex Funds, Guggenheim Funds, Rydex Investments, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Security Distributors, Inc., Guggenheim Partners Investment Managers, LLC, and Rydex Advisory Services (Collectively “Guggenheim Investments”).

Our Commitment to You

When you become a Guggenheim Investments investor, you entrust us with not only your hard-earned money but also with personal and financial information about you. We recognize that your relationship with us is based on trust and that you expect us to act responsibly and in your best interests. Because we have access to this private information about you, we hold ourselves to the highest standards in its safekeeping and use. This means, most importantly, that we do not sell client information to anyone—whether it is your personal information or if you are a current or former Guggenheim Investments client.

The Information We Collect About You

In the course of doing business with shareholders and investors, we collect nonpublic personal information about you. You typically provide personal information when you complete a Guggenheim Investments account application or when you request a transaction that involves Rydex and Guggenheim Investments funds or one of the Guggenheim Investments affiliated companies. “Nonpublic personal information” is personally identifiable private information about you. For example, it includes information regarding your name and address, Social Security or taxpayer identification number, assets, income, account balance, bank account information and investment activity (e.g., purchase and redemption history).

How We Handle Your Personal Information

As emphasized above, we do not sell information about current or former clients or their accounts to third parties. Nor do we share such information, except when necessary to complete transactions at your request or to make you aware of related investment products and services that we offer. Additional details about how we handle your personal information are provided below. To complete certain transactions or account changes that you direct, it may be necessary to provide identifying information to companies, individuals or groups that are not affiliated with Guggenheim Investments. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we will need to provide certain information about you to that company to complete the transaction. To alert you to other Guggenheim Investments investment products and services, we may share your information within the Guggenheim Investments family of affiliated companies. This would include, for example, sharing your information within Guggenheim Investments so we can make you aware of

72 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(continued)

new Rydex and Guggenheim Investments funds or the services offered through another Guggenheim Investments affiliated company. In certain instances, we may contract with nonaffiliated companies to perform services for us. Where necessary, we will disclose information we have about you to these third parties. In all such cases, we provide the third party with only the information necessary to carry out its assigned responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. In certain instances, we may share information with other financial institutions regarding individuals and entities in response to the U.S.A. Patriot Act. Finally, we will release information about you if you direct us to do so, if we are compelled by law to do so or in other circumstances permitted by law.

Opt Out Provisions

We do not sell your personal information to anyone. The law allows you to “opt out” of only certain kinds of information sharing with third parties. The firm does not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

How We Protect Privacy Online

Our concern for the privacy of our shareholders also extends to those who use our web site, guggenheiminvestments.com. Our web site uses some of the most secure forms of online communication available, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These technologies provide a high level of security and privacy when you access your account information or initiate online transactions. The Guggenheim Investments web site offers customized features that require our use of “http cookies”—tiny pieces of information that we ask your browser to store. However, we make very limited use of these cookies. We only use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your email address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT | 73

GUGGENHEIM INVESTMENTS PRIVACY POLICIES (Unaudited)(concluded)

How We Safeguard Your Personal Information

We restrict access to nonpublic personal information about shareholders to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We’ll Keep You Informed

As required by federal law, we will notify shareholders of our privacy policy annually. We reserve the right to modify this policy at any time, but rest assured that if we do change it, we will tell you promptly. You will also be able to access our privacy policy from our web site at guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us at 800.820.0888 or 301.296.5100.

74 | THE GUGGENHEIM FUNDS SEMI-ANNUAL REPORT

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

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.

Not applicable.

Item 6. Investments.

The Schedule of Investments is included under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.Portfolio Mangers of Closed-end Management Investment Companies

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

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

Item 11. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded 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 timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.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 Act (17 CFR 270.30a-2(a)) are attached.

(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 Act (17 CFR 270.30a-2(b)) is attached.

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/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia, President and Chief Executive Officer
Date	June 9, 2015
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/ Donald C. Cacciapaglia
	Donald C. Cacciapaglia, President and Chief Executive Officer
Date	June 9, 2015
By (Signature and Title)*	/s/ John L. Sullivan
	John L. Sullivan, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	June 9, 2015

^* Print the name and title of each signing officer under his or her signature.