NPORT-P
    false
    
      
      
        
          0001064046
          XXXXXXXX
        
      
      
      
      
        S000003749
        C000010418
      
      
    
  
  
    
      Rydex Variable Trust
      811-08821
      0001064046
      549300LJH0YR8RY3N305
      702 King Farm Blvd., Suite 200
      Rockville
      
      20850
      301-296-5100
      Europe 1.25x Strategy Fund
      S000003749
      54930044GRP1GGC58K12
      2022-12-31
      2022-03-31
      N
    
    
      1631466.92
      26955.89
      1604511.03
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      20724.99000000
      
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        Zurich Insurance Group AG
        989825104
        
          
        
        72.00000000
        NS
        USD
        3543.84000000
        0.220867288148
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        TREASURY BILL
        254900HROIFWPRGM1V77
        U.S. Treasury Bills
        912796P45
        
          
        
        194000.00000000
        PA
        USD
        193972.97000000
        12.08922633582
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-05-05
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Reckitt Benckiser Group PLC
        5493003JFSMOJG48V108
        Reckitt Benckiser Group plc
        756255204
        
          
        
        174.00000000
        NS
        USD
        2686.56000000
        0.167437926556
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Anheuser-Busch InBev SA/NV
        5493008H3828EMEXB082
        Anheuser-Busch InBev S.A.
        03524A108
        
          
        
        43.00000000
        NS
        USD
        2582.58000000
        0.160957447578
        Long
        EC
        CORP
        BE
        N
        
        1
        
          N
          N
          
        
      
      
        ABB Ltd
        5493000LKVGOO9PELI61
        ABB Ltd.
        000375204
        
          
        
        75.00000000
        NS
        USD
        2425.50000000
        0.151167549156
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        803054204
        
          
        
        52.00000000
        NS
        USD
        5769.92000000
        0.359606128728
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          
        
      
      
        Eurex
        N/A
        STOXX 50 Index Futures Contracts
        N/A
        
          
        
        43.00000000
        NC
        
        93409.34000000
        5.821670169509
        N/A
        DE
        
        DE
        N
        
        1
        
          
            
              Goldman Sachs & Co. LLC
              FOR8UP27PHTHYVLBNG30
            
            Long
            
              
                STOXX Europe 50 Price EUR
                EU0009658160
              
            
            2022-06-17
            1625434.77000000
            EUR
            93409.34000000
          
        
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        Novartis AG
        66987V109
        
          
        
        116.00000000
        NS
        USD
        10179.00000000
        0.634398879763
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide S.A.
        009126202
        
          
        
        114.00000000
        NS
        USD
        3985.44000000
        0.248389691655
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        TotalEnergies SE
        529900S21EQ1BO4ESM68
        TotalEnergies SE
        89151E109
        
          
        
        125.00000000
        NS
        USD
        6317.50000000
        0.393733659780
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC Holdings PLC
        MLU0ZO3ML4LN2LL2TL39
        HSBC Holdings plc
        404280406
        
          
        
        196.00000000
        NS
        USD
        6707.12000000
        0.418016447041
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        EssilorLuxottica S.A.
        549300M3VH1A3ER1TB49
        EssilorLuxottica S.A.
        297284200
        
          
        
        29.00000000
        NS
        USD
        2654.37000000
        0.165431707876
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          
        
      
      
        Allianz SE
        529900K9B0N5BT694847
        Allianz SE
        018820100
        
          
        
        196.00000000
        NS
        USD
        4660.88000000
        0.290486005571
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Guggenheim Partners Investment Management LLC
        N/A
        Guggenheim Ultra Short Duration Fund - Institutional Class
        40169J523
        
          
        
        41789.52500000
        NS
        USD
        409119.45000000
        25.49807650745
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BASF SE
        529900PM64WH8AF1E917
        BASF SE
        055262505
        
          
        
        176.00000000
        NS
        USD
        2499.20000000
        0.155760848836
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde plc
        N/A
        
          
        
        24.00000000
        NS
        USD
        7666.32000000
        0.477797899588
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        Siemens AG
        826197501
        
          
        
        72.00000000
        NS
        USD
        4978.08000000
        0.310255268235
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        British American Tobacco PLC
        213800FKA5MF17RJKT63
        British American Tobacco plc
        110448107
        
          
        
        100.00000000
        NS
        USD
        4216.00000000
        0.262759178414
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Telekom AG
        549300V9QSIG4WX4GJ96
        Deutsche Telekom AG
        251566105
        
          
        
        166.00000000
        NS
        USD
        3090.92000000
        0.192639373753
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Bayer AG
        549300J4U55H3WP1XT59
        Bayer AG
        072730302
        
          
        
        187.00000000
        NS
        USD
        3201.44000000
        0.199527453544
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle S.A.
        641069406
        
          
        
        134.00000000
        NS
        USD
        17433.40000000
        1.086524160572
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Prosus N.V.
        635400Z5LQ5F9OLVT688
        Prosus N.V.
        74365P108
        
          
        
        209.00000000
        NS
        USD
        2276.01000000
        0.141850692045
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitt
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        502441306
        
          
        
        63.00000000
        NS
        USD
        8982.54000000
        0.559830367760
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Guggenheim Partners Investment Management LLC
        N/A
        Guggenheim Strategy Fund II
        N/A
        
          
        
        16668.85600000
        NS
        USD
        409220.41000000
        25.50436876710
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kering S.A.
        549300VGEJKB7SVUZR78
        Kering S.A.
        492089107
        
          
        
        35.00000000
        NS
        USD
        2212.35000000
        0.137883128170
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Adyen N.V.
        724500973ODKK3IFQ447
        Adyen N.V.
        00783V104
        
          
        
        136.00000000
        NS
        USD
        2688.72000000
        0.167572547008
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        AXA SA
        F5WCUMTUM4RKZ1MAIE39
        AXA S.A.
        054536107
        
          
        
        98.00000000
        NS
        USD
        2858.66000000
        0.178163935713
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Mercedes-Benz Group AG
        529900R27DL06UVNT076
        Mercedes-Benz Group AG
        233825207
        
          
        
        160.00000000
        NS
        USD
        2800.00000000
        0.174507993254
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          
        
      
      
        adidas AG
        549300JSX0Z4CW0V5023
        adidas AG
        00687A107
        
          
        
        17.00000000
        NS
        USD
        1985.94000000
        0.123772287187
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Shell plc
        21380068P1DRHMJ8KU70
        Shell plc
        780259305
        
          
        
        182.00000000
        NS
        USD
        9997.26000000
        0.623072064515
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Intesa Sanpaolo SpA
        2W8N8UU78PMDQKZENC08
        Intesa Sanpaolo SpA
        46115H107
        
          
        
        145.00000000
        NS
        USD
        1987.95000000
        0.123897558996
        Long
        EC
        CORP
        IT
        N
        
        1
        
          N
          N
          N
        
      
      
        L'Oreal SA
        529900JI1GG6F7RKVI53
        L'Oreal S.A.
        502117203
        
          
        
        58.00000000
        NS
        USD
        4648.12000000
        0.289690747716
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        BOFA SECURITIES, INC.
        549300HN4UKV1E2R3U73
        BofA Securities, Inc.
        N/A
        
          
        
        97331.95000000
        PA
        USD
        97331.95000000
        6.066144026445
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.25000000
          2022-04-01
          
            
              100159.51000000
              USD
              99278.71000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        N/A
        Euro FX Futures Contracts
        N/A
        
          
        
        13.00000000
        NC
        USD
        24404.90000000
        1.521017901634
        N/A
        DFE
        
        US
        N
        
        1
        
          
            
              Goldman Sachs & Co. LLC
              FOR8UP27PHTHYVLBNG30
            
            Long
            
              
                N/A
                Euro
                
                  
                  
                
              
            
            2022-06-13
            1778288.85000000
            USD
            24404.90000000
          
        
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        771195104
        
          
        
        268.00000000
        NS
        USD
        13241.88000000
        0.825290680613
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Vinci SA
        213800WFQ334R8UXUG83
        Vinci S.A.
        927320101
        
          
        
        113.00000000
        NS
        USD
        2879.24000000
        0.179446569463
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Post AG
        8ER8GIG7CSMVD8VUFE78
        Deutsche Post AG
        25157Y202
        
          
        
        47.00000000
        NS
        USD
        2248.01000000
        0.140105612112
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        Airbus SE
        009279100
        
          
        
        111.00000000
        NS
        USD
        3354.42000000
        0.209061822404
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        Enel SpA
        29265W207
        
          
        
        374.00000000
        NS
        USD
        2487.10000000
        0.155006725008
        Long
        EC
        CORP
        IT
        N
        
        1
        
          N
          N
          N
        
      
      
        Prudential PLC
        5493001Z3ZE83NGK8Y12
        Prudential plc
        74435K204
        
          
        
        65.00000000
        NS
        USD
        1922.70000000
        0.119830899510
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        J.P. MORGAN SECURITIES LLC
        ZBUT11V806EZRVTWT807
        J.P. Morgan Securities LLC
        N/A
        
          
        
        252708.30000000
        PA
        USD
        252708.30000000
        15.74986368276
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.28000000
          2022-04-01
          
            
              263885.21000000
              USD
              257762.54000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S
        670100205
        
          
        
        79.00000000
        NS
        USD
        8772.95000000
        0.546767821222
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        Cie Financiere Richemont S.A.
        549300YIPGJ6UX2QPS51
        Cie Financiere Richemont S.A.
        204319107
        
          
        
        251.00000000
        NS
        USD
        3165.11000000
        0.197263212332
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        046353108
        
          
        
        149.00000000
        NS
        USD
        9884.66000000
        0.616054350215
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        UBS Group AG
        N/A
        
          
        
        161.00000000
        NS
        USD
        3145.94000000
        0.196068455821
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        80105N105
        
          
        
        109.00000000
        NS
        USD
        5596.06000000
        0.348770428832
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        GlaxoSmithKline PLC
        5493000HZTVUYLO1D793
        GlaxoSmithKline plc
        37733W105
        
          
        
        120.00000000
        NS
        USD
        5227.20000000
        0.325781493692
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        80687P106
        
          
        
        136.00000000
        NS
        USD
        4594.08000000
        0.286322743446
        Long
        EC
        CORP
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BARCLAYS CAPITAL INC.
        AC28XWWI3WIBK2824319
        Barclays Capital, Inc.
        N/A
        
          
        
        25306.31000000
        PA
        USD
        25306.31000000
        1.577197633848
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.24000000
          2022-04-01
          
            
              22364.49000000
              USD
              25812.45000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Banco Santander SA
        5493006QMFDDMYWIAM13
        Banco Santander S.A.
        05964H105
        
          
        
        837.00000000
        NS
        USD
        2829.06000000
        0.176319136927
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Diageo PLC
        213800ZVIELEA55JMJ32
        Diageo plc
        25243Q205
        
          
        
        27.00000000
        NS
        USD
        5484.78000000
        0.341834982586
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever plc
        904767704
        
          
        
        126.00000000
        NS
        USD
        5741.82000000
        0.357854816367
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto PLC
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        767204100
        
          
        
        51.00000000
        NS
        USD
        4100.40000000
        0.255554491264
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding N.V.
        N/A
        
          
        
        19.00000000
        NS
        USD
        12690.67000000
        0.790936912412
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Funds
        N/A
        First American Government Obligations Fund
        N/A
        
          
        
        20439.75000000
        NS
        USD
        20439.75000000
        1.273892769686
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        BP PLC
        213800LH1BZH3DI6G760
        BP plc
        055622104
        
          
        
        155.00000000
        NS
        USD
        4557.00000000
        0.284011759021
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        RELX plc
        549300WSX3VBUFFJOO66
        RELX plc
        759530108
        
          
        
        95.00000000
        NS
        USD
        2954.50000000
        0.184137095025
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Iberdrola S.A.
        5QK37QC7NWOJ8D7WVQ45
        Iberdrola S.A.
        450737101
        
          
        
        70.00000000
        NS
        USD
        3056.20000000
        0.190475474637
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        BNP Paribas SA
        R0MUWSFPU8MPRO8K5P83
        BNP Paribas S.A.
        05565A202
        
          
        
        109.00000000
        NS
        USD
        3107.59000000
        0.193678319556
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Rydex Variable Trust
      John Sullivan
      John Sullivan
      CFO
    
  
  XXXX




Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Banks - 89.8%
JPMorgan Chase & Co.   1,738   $236,924 
Bank of America Corp.   5,620    231,656 
Wells Fargo & Co.   4,662    225,921 
Citigroup, Inc.   3,508    187,327 
U.S. Bancorp   3,052    162,214 
Truist Financial Corp.   2,811    159,384 
PNC Financial Services Group, Inc.   863    159,180 
Bank of New York Mellon Corp.   2,352    116,730 
SVB Financial Group*   189    105,736 
State Street Corp.   1,212    105,589 
First Republic Bank   598    96,936 
Fifth Third Bancorp   2,251    96,883 
Northern Trust Corp.   782    91,064 
Huntington Bancshares, Inc.   5,760    84,211 
M&T Bank Corp.   494    83,733 
Regions Financial Corp.   3,752    83,520 
KeyCorp   3,690    82,582 
Citizens Financial Group, Inc.   1,721    78,013 
Signature Bank   253    74,253 
First Horizon Corp.   2,915    68,473 
ICICI Bank Ltd. ADR   3,542    67,085 
Toronto-Dominion Bank   790    62,742 
HDFC Bank Ltd. ADR   1,013    62,127 
Royal Bank of Canada   563    62,082 
Comerica, Inc.   682    61,673 
HSBC Holdings plc ADR1   1,787    61,151 
East West Bancorp, Inc.   767    60,608 
UBS Group AG   3,073    60,046 
First Citizens BancShares, Inc. — Class A   90    59,904 
Bank of Nova Scotia   824    59,097 
Webster Financial Corp.   1,039    58,309 
Deutsche Bank AG1   4,551    57,570 
Bank of Montreal   484    57,097 
Zions Bancorp North America   862    56,513 
Popular, Inc.   682    55,747 
Cullen/Frost Bankers, Inc.   396    54,810 
Commerce Bancshares, Inc.   764    54,695 
Western Alliance Bancorporation   646    53,502 
Canadian Imperial Bank of Commerce   437    53,179 
Synovus Financial Corp.   1,010    49,490 
Pinnacle Financial Partners, Inc.   519    47,790 
First Financial Bankshares, Inc.   1,045    46,105 
Prosperity Bancshares, Inc.   663    45,999 
BOK Financial Corp.   479    45,002 
SouthState Corp.   543    44,303 
Cadence Bank   1,495    43,744 
ServisFirst Bancshares, Inc.   452    43,071 
Valley National Bancorp   3,291    42,849 
Silvergate Capital Corp. — Class A*   283    42,611 
Bank OZK   995    42,486 
Glacier Bancorp, Inc.   839    42,185 
Wintrust Financial Corp.   449    41,726 
United Bankshares, Inc.   1,162    40,531 
PacWest Bancorp   932    40,197 
UMB Financial Corp.   407    39,544 
Old National Bancorp   2,410   39,476 
Hancock Whitney Corp.   739    38,539 
FNB Corp.   3,080    38,346 
Eastern Bankshares, Inc.   1,744    37,566 
Umpqua Holdings Corp.   1,949    36,758 
First Interstate BancSystem, Inc. — Class A   991    36,439 
BankUnited, Inc.   818    35,959 
Independent Bank Corp.   439    35,862 
Community Bank System, Inc.   511    35,847 
Home BancShares, Inc.   1,584    35,798 
First Hawaiian, Inc.   1,253    34,946 
United Community Banks, Inc.   981    34,139 
CVB Financial Corp.   1,468    34,072 
Associated Banc-Corp.   1,496    34,049 
Bank of Hawaii Corp.   403    33,820 
Cathay General Bancorp   741    33,160 
Simmons First National Corp. — Class A   1,187    31,123 
Ameris Bancorp   709    31,111 
Fulton Financial Corp.   1,803    29,966 
Atlantic Union Bankshares Corp.   812    29,792 
Texas Capital Bancshares, Inc.*   519    29,744 
Columbia Banking System, Inc.   888    28,656 
Hilltop Holdings, Inc.   942    27,695 
Triumph Bancorp, Inc.*   289    27,172 
Customers Bancorp, Inc.*   435    22,681 
Total Banks        5,178,615 
Diversified Financial Services - 4.3%          
Capital One Financial Corp.   1,033    135,622 
Apollo Global Management, Inc.   1,833    113,628 
Total Diversified Financial Services        249,250 
Savings & Loans - 2.8%          
People's United Financial, Inc.   2,661    53,194 
New York Community Bancorp, Inc.   3,831    41,068 
Investors Bancorp, Inc.   2,327    34,742 
Pacific Premier Bancorp, Inc.   948    33,512 
Total Savings & Loans        162,516 
Insurance - 2.6%          
Equitable Holdings, Inc.   2,087    64,509 
Voya Financial, Inc.   748    49,630 
Jackson Financial, Inc. — Class A   831    36,755 
Total Insurance        150,894 
Total Common Stocks          
(Cost $3,178,485)        5,741,275 

 

 

 

Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $24,641   $24,641 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   9,491    9,491 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   2,467    2,467 
Total Repurchase Agreements          
(Cost $36,599)        36,599 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 1.6%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4  91,187   91,187 
Total Securities Lending Collateral          
(Cost $91,187)        91,187 
Total Investments - 101.7%          
(Cost $3,306,271)       $5,869,061 
Other Assets & Liabilities, net - (1.7)%        (98,182)
Total Net Assets - 100.0%       $5,770,879 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $5,741,275   $   $   $5,741,275 
Repurchase Agreements       36,599        36,599 
Securities Lending Collateral   91,187            91,187 
Total Assets  $5,832,462   $36,599   $   $5,869,061 

 

 

 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 98.8%
Chemicals - 44.2%
Sherwin-Williams Co.   1,586   $395,897 
Air Products and Chemicals, Inc.   1,526    381,363 
Ecolab, Inc.   1,982    349,942 
Dow, Inc.   5,381    342,877 
DuPont de Nemours, Inc.   3,989    293,511 
International Flavors & Fragrances, Inc.   2,162    283,935 
LyondellBasell Industries N.V. — Class A   2,752    282,961 
PPG Industries, Inc.   2,059    269,873 
Linde plc   830    265,127 
Mosaic Co.   3,931    261,411 
Albemarle Corp.   1,178    260,515 
CF Industries Holdings, Inc.   2,454    252,909 
FMC Corp.   1,551    204,065 
Westlake Corp.   1,587    195,836 
Celanese Corp. — Class A   1,327    189,588 
Eastman Chemical Co.   1,684    188,709 
Nutrien Ltd.   1,579    164,200 
RPM International, Inc.   1,933    157,424 
Olin Corp.   2,570    134,360 
Huntsman Corp.   3,545    132,973 
Ashland Global Holdings, Inc.   1,199    117,994 
Valvoline, Inc.   3,671    115,857 
Axalta Coating Systems Ltd.*   4,593    112,896 
Element Solutions, Inc.   5,108    111,865 
Chemours Co.   3,551    111,785 
Balchem Corp.   745    101,841 
Cabot Corp.   1,370    93,722 
Sensient Technologies Corp.   1,100    92,345 
HB Fuller Co.   1,353    89,393 
Ingevity Corp.*   1,184    75,859 
Trinseo plc   1,328    63,638 
Total Chemicals        6,094,671 
Mining - 18.5%          
Freeport-McMoRan, Inc.   8,435    419,557 
Newmont Corp.   5,123    407,022 
Alcoa Corp.   2,385    214,722 
BHP Group Ltd. ADR1   2,675    206,644 
Rio Tinto plc ADR1   2,392    192,317 
MP Materials Corp.*   3,015    172,880 
Royal Gold, Inc.   1,080    152,582 
Teck Resources Ltd. — Class B   3,697    149,322 
Agnico Eagle Mines Ltd.   2,188    133,993 
Franco-Nevada Corp.   800    127,616 
Wheaton Precious Metals Corp.   2,616    124,469 
Livent Corp.*   3,918    102,142 
Arconic Corp.*   3,143    80,524 
Compass Minerals International, Inc.   1,162    72,962 
Total Mining        2,556,752 
Packaging & Containers - 12.0%          
Ball Corp.   2,914    262,260 
Crown Holdings, Inc.   1,540    192,639 
Packaging Corporation of America   1,186    185,146 
Westrock Co.   3,587    168,697 
Sealed Air Corp.   2,281    152,736 
AptarGroup, Inc.   1,154    135,595 
Berry Global Group, Inc.*   2,315    134,177 
Sonoco Products Co.   1,996    124,870 
Graphic Packaging Holding Co.   6,003    120,300 
Silgan Holdings, Inc.   2,412    111,507 
O-I Glass, Inc.*   5,051    66,572 
Total Packaging & Containers        1,654,499 
Iron & Steel - 10.2%          
Nucor Corp.   2,181    324,206 
Cleveland-Cliffs, Inc.*   6,793    218,802 
Steel Dynamics, Inc.   2,432    202,902 
United States Steel Corp.   4,309    162,622 
Reliance Steel & Aluminum Co.   881    161,531 
ArcelorMittal S.A.   4,261    136,394 
Commercial Metals Co.   2,655    110,501 
Allegheny Technologies, Inc.*   3,395    91,122 
Total Iron & Steel        1,408,080 
Building Materials - 6.6%          
Vulcan Materials Co.   1,323    243,035 
Martin Marietta Materials, Inc.   627    241,326 
MDU Resources Group, Inc.   4,310    114,861 
Eagle Materials, Inc.   849    108,978 
Louisiana-Pacific Corp.   1,688    104,859 
Summit Materials, Inc. — Class A*   2,992    92,931 
Total Building Materials        905,990 
Biotechnology - 2.4%          
Corteva, Inc.   5,631    323,670 
Forest Products & Paper - 1.5%          
International Paper Co.   4,454    205,552 
Household Products & Housewares - 1.3%          
Avery Dennison Corp.   1,063    184,930 
Housewares - 0.9%          
Scotts Miracle-Gro Co. — Class A   999    122,837 
Distribution & Wholesale - 0.7%          
Avient Corp.   2,028    97,344 
Coal - 0.5%          
Warrior Met Coal, Inc.   1,866    69,247 
Total Common Stocks          
(Cost $8,135,201)        13,623,572 

 

EXCHANGE-TRADED FUNDS - 0.7%
VanEck Junior Gold Miners ETF   1,963    92,006 
Total Exchange-Traded Funds          
(Cost $81,308)        92,006 

 

 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $101,494   $101,494 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   39,091    39,091 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   10,164    10,164 
Total Repurchase Agreements          
(Cost $150,749)        150,749 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 2.0%          
Money Market Fund      
First American Government Obligations Fund — Class Z, 0.15%4   280,774   280,774 
Total Securities Lending Collateral          
(Cost $280,774)       280,774 
Total Investments - 102.6%          
(Cost $8,648,032)       $14,147,101 
Other Assets & Liabilities, net - (2.6)%        (358,896)
Total Net Assets - 100.0%       $13,788,205 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $13,623,572   $   $   $13,623,572 
Exchange-Traded Funds   92,006            92,006 
Repurchase Agreements       150,749        150,749 
Securities Lending Collateral   280,774            280,774 
Total Assets  $13,996,352   $150,749   $   $14,147,101 

 

 

 

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
Biotechnology - 72.0%
Amgen, Inc.   4,106   $992,913 
Gilead Sciences, Inc.   12,352    734,326 
Regeneron Pharmaceuticals, Inc.*   1,051    734,039 
Vertex Pharmaceuticals, Inc.*   2,673    697,573 
Moderna, Inc.*   3,820    658,033 
Illumina, Inc.*   1,795    627,173 
Corteva, Inc.   9,666    555,602 
Biogen, Inc.*   2,214    466,268 
Seagen, Inc.*   2,970    427,829 
Horizon Therapeutics plc*   3,903    410,635 
Royalty Pharma plc — Class A   10,349    403,197 
Alnylam Pharmaceuticals, Inc.*   2,257    368,546 
Incyte Corp.*   4,522    359,137 
BioNTech SE ADR*   2,068    352,718 
BioMarin Pharmaceutical, Inc.*   3,937    303,543 
Exelixis, Inc.*   10,326    234,090 
United Therapeutics Corp.*   1,304    233,951 
Biohaven Pharmaceutical Holding Company Ltd.*   1,967    233,227 
Guardant Health, Inc.*   3,502    231,973 
Halozyme Therapeutics, Inc.*   5,123    204,305 
Ionis Pharmaceuticals, Inc.*   5,302    196,386 
Novavax, Inc.*,1   2,565    188,912 
Ultragenyx Pharmaceutical, Inc.*   2,599    188,739 
Apellis Pharmaceuticals, Inc.*   3,661    186,015 
Arrowhead Pharmaceuticals, Inc.*   3,970    182,580 
Mirati Therapeutics, Inc.*   2,136    175,622 
Denali Therapeutics, Inc.*   5,161    166,029 
Fate Therapeutics, Inc.*   4,272    165,625 
Blueprint Medicines Corp.*   2,583    165,002 
Beam Therapeutics, Inc.*   2,729    156,372 
CRISPR Therapeutics AG*   2,411    151,339 
BioCryst Pharmaceuticals, Inc.*   9,056    147,251 
Iovance Biotherapeutics, Inc.*   8,770    146,021 
Emergent BioSolutions, Inc.*   2,973    122,071 
Veracyte, Inc.*   4,173    115,050 
ChemoCentryx, Inc.*   4,414    110,659 
Editas Medicine, Inc.*   5,237    99,608 
Cassava Sciences, Inc.*,1   2,660    98,792 
TG Therapeutics, Inc.*   10,062    95,690 
NeoGenomics, Inc.*   7,203    87,516 
Total Biotechnology        12,174,357 
Pharmaceuticals - 18.0%          
AbbVie, Inc.   8,912    1,444,724 
AstraZeneca plc ADR   5,223    346,494 
Viatris, Inc.   27,973    304,346 
Neurocrine Biosciences, Inc.*   2,676    250,875 
Sarepta Therapeutics, Inc.*   2,822    220,455 
Intellia Therapeutics, Inc.*   2,650    192,575 
Jazz Pharmaceuticals plc*   1,070    166,567 
Ironwood Pharmaceuticals, Inc. — Class A*   9,386    118,076 
Total Pharmaceuticals        3,044,112 
Healthcare-Products - 5.1%          
Bio-Techne Corp.   789    341,668 
Exact Sciences Corp.*   4,316    301,775 
CareDx, Inc.*   3,203    118,479 
Pacific Biosciences of California, Inc.*   11,617    105,715 
Total Healthcare-Products        867,637 
Healthcare-Services - 4.5%          
Syneos Health, Inc.*   2,974    240,745 
ICON plc*   870    211,601 
Medpace Holdings, Inc.*   1,237    202,361 
Invitae Corp.*   13,582    108,249 
Total Healthcare-Services        762,956 
Total Common Stocks          
(Cost $9,039,873)        16,849,062 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $78,744    78,744 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   30,329    30,329 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   7,886    7,886 
Total Repurchase Agreements          
(Cost $116,959)        116,959 

 

 

 

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 1.0%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   173,678   $173,678 
Total Securities Lending Collateral          
(Cost $173,678)        173,678 
Total Investments - 101.3%          
(Cost $9,330,510)       $17,139,699 
Other Assets & Liabilities, net - (1.3)%        (218,755)
Total Net Assets - 100.0%       $16,920,944 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $16,849,062   $   $   $16,849,062 
Repurchase Agreements       116,959        116,959 
Securities Lending Collateral   173,678            173,678 
Total Assets  $17,022,740   $116,959   $   $17,139,699 

 

 

 

 

 

Commodities Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)                                        March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 22.1%
Guggenheim Strategy Fund II1   89,740   $2,203,120 
Guggenheim Ultra Short Duration Fund — Institutional Class1   224,553    2,198,372 
Total Mutual Funds          
(Cost $4,473,985)        4,401,492 

 

   Face
Amount
     
FEDERAL AGENCY NOTES†† - 32.6%
Federal Home Loan Bank
0.27% (SOFR, Rate Floor: 0.00%) due 04/25/22  $3,000,000    3,000,018 
Freddie Mac          
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   2,000,000    2,000,160 
Federal Farm Credit Bank          
0.30% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/22   1,000,000    999,980 
0.32% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22   500,000    499,957 
Total Federal Agency Notes          
(Cost $6,500,126)        6,500,115 

 

FEDERAL AGENCY DISCOUNT NOTES†† - 17.6%
Federal Home Loan Bank
0.24% due 04/27/222  1,900,000   1,899,671 
0.81% due 09/14/222   1,000,000    996,443 
0.83% due 10/03/222   609,000    606,365 
Total Federal Agency Discount Notes          
(Cost $3,502,338)        3,502,479 

 

U.S. TREASURY BILLS†† - 12.0%
U.S. Treasury Bills
0.12% due 05/05/222,3   2,386,000    2,385,668 
Total U.S. Treasury Bills          
(Cost $2,385,730)        2,385,668 

 

REPURCHASE AGREEMENTS††,4 - 19.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   2,588,873    2,588,873 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   997,118    997,118 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   259,251    259,251 
Total Repurchase Agreements          
(Cost $3,845,242)        3,845,242 
Total Investments - 103.6%          
(Cost $20,707,421)       $20,634,996 
Other Assets & Liabilities, net - (3.6)%        (724,594)
Total Net Assets - 100.0%       $19,910,402 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Commodity Futures Contracts Purchased    
Goldman Sachs Commodity Index Futures Contracts   109   Apr 2022  $19,757,613   $(333,386)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
Variable rate security. Rate indicated is the rate effective at March 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Repurchase Agreements — See Note 4.

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Commodities Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)                                                  March 31, 2022
   

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Mutual Funds  $4,401,492   $   $   $4,401,492 
Federal Agency Notes       6,500,115        6,500,115 
Federal Agency Discount Notes       3,502,479        3,502,479 
U.S. Treasury Bills       2,385,668        2,385,668 
Repurchase Agreements       3,845,242        3,845,242 
Total Assets  $4,401,492   $16,233,504   $   $20,634,996 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Commodity Futures Contracts**  $333,386   $   $   $333,386 

 

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

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

 

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:  

 

Security Name  Value 12/31/21  Additions  Reductions  Realized Gain (Loss)  Change in Unrealized Appreciation (Depreciation)  Value 03/31/22  Shares 03/31/22  Investment Income 
Mutual Funds                         
 Guggenheim Strategy Fund II  $2,232,735  $  $  $  $(29,615)  $2,203,120   89,740  $7,583 
 Guggenheim Ultra Short Duration Fund — Institutional Class   2,227,564            (29,192)   2,198,372   224,553   5,567 
   $4,460,299  $  $  $  $(58,807)  $4,401,492      $13,150 

 

 

 

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Food - 36.3%
Mondelez International, Inc. — Class A   6,262   $393,128 
Kraft Heinz Co.   7,601    299,403 
Hershey Co.   1,341    290,501 
Kroger Co.   4,921    282,318 
General Mills, Inc.   4,153    281,241 
Sysco Corp.   3,303    269,690 
Tyson Foods, Inc. — Class A   2,691    241,194 
Hormel Foods Corp.   4,415    227,549 
McCormick & Company, Inc.   2,231    222,654 
Kellogg Co.   3,155    203,466 
Conagra Brands, Inc.   5,190    174,228 
J M Smucker Co.   1,219    165,065 
Albertsons Companies, Inc. — Class A   4,946    164,455 
Campbell Soup Co.   3,574    159,293 
Lamb Weston Holdings, Inc.   2,148    128,687 
US Foods Holding Corp.*   3,197    120,303 
Performance Food Group Co.*   2,245    114,293 
Ingredion, Inc.   1,182    103,011 
Flowers Foods, Inc.*   3,822    98,264 
Sanderson Farms, Inc.   471    88,308 
Post Holdings, Inc.*   1,270    87,960 
Sprouts Farmers Market, Inc.*   2,537    81,133 
Grocery Outlet Holding Corp.*   2,301    75,427 
Hain Celestial Group, Inc.*   2,160    74,304 
TreeHouse Foods, Inc.*   1,714    55,294 
Total Food        4,401,169 
Beverages - 25.8%          
Coca-Cola Co.   11,385    705,870 
PepsiCo, Inc.   3,910    654,456 
Keurig Dr Pepper, Inc.   8,179    309,984 
Constellation Brands, Inc. — Class A   1,229    283,063 
Monster Beverage Corp.*   3,439    274,776 
Brown-Forman Corp. — Class B   3,582    240,066 
Molson Coors Beverage Co. — Class B   2,696    143,912 
Coca-Cola Europacific Partners plc   2,442    118,706 
Anheuser-Busch InBev S.A. ADR1   1,910    114,715 
Fomento Economico Mexicano SAB de CV ADR   1,218    100,911 
BRC, Inc. — Class A*   4,591    95,814 
Boston Beer Company, Inc. — Class A*   237    92,067 
Total Beverages        3,134,340 
Agriculture - 14.0%          
Philip Morris International, Inc.   5,382    505,585 
Altria Group, Inc.   7,947    415,231 
Archer-Daniels-Midland Co.   3,527    318,347 
Bunge Ltd.   1,580    175,080 
Darling Ingredients, Inc.*   1,924    154,651 
British American Tobacco plc ADR   2,969    125,173 
Total Agriculture        1,694,067 
Cosmetics & Personal Care - 13.4%          
Procter & Gamble Co.   5,336    815,341 
Estee Lauder Companies, Inc. — Class A   1,497    407,663 
Colgate-Palmolive Co.   4,464    338,505 
Beauty Health Co.*   3,782    63,840 
Total Cosmetics & Personal Care        1,625,349 
Household Products & Housewares - 6.1%          
Kimberly-Clark Corp.   2,216    272,923 
Church & Dwight Company, Inc.   2,126    211,282 
Clorox Co.   1,285    178,653 
Spectrum Brands Holdings, Inc.   875    77,630 
Total Household Products & Housewares        740,488 
Retail - 2.2%          
Casey's General Stores, Inc.   591    117,118 
Freshpet, Inc.*   849    87,141 
Nu Skin Enterprises, Inc. — Class A   1,362    65,213 
Total Retail        269,472 
Pharmaceuticals - 1.2%          
Herbalife Nutrition Ltd.*   2,397    72,773 
BellRing Brands, Inc.*   3,112    71,825 
Total Pharmaceuticals        144,598 
Electrical Components & Equipment - 0.5%          
Energizer Holdings, Inc.   2,016    62,012 
Total Common Stocks          
(Cost $5,356,395)        12,071,495 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $44,831    44,831 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   17,267    17,267 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   4,490    4,490 
Total Repurchase Agreements          
(Cost $66,588)        66,588 

 

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   94,188   $94,188 
Total Securities Lending Collateral          
(Cost $94,188)        94,188 
Total Investments - 100.8%          
(Cost $5,517,171)       $12,232,271 
Other Assets & Liabilities, net - (0.8)%        (99,787)
Total Net Assets - 100.0%       $12,132,484 

  

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $12,071,495   $   $   $12,071,495 
Repurchase Agreements       66,588        66,588 
Securities Lending Collateral   94,188            94,188 
Total Assets  $12,165,683   $66,588   $   $12,232,271 

 

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 63.3%
Consumer, Non-cyclical - 14.8%
UnitedHealth Group, Inc.   1,788   $911,826 
Amgen, Inc.   1,788    432,374 
Johnson & Johnson   1,788    316,887 
Procter & Gamble Co.   1,788    273,206 
Merck & Company, Inc.   1,788    146,706 
Coca-Cola Co.   1,788    110,856 
Total Consumer, Non-cyclical        2,191,855 
Financial - 12.7%          
Goldman Sachs Group, Inc.   1,788    590,219 
Visa, Inc. — Class A   1,788    396,525 
American Express Co.   1,788    334,356 
Travelers Companies, Inc.   1,788    326,721 
JPMorgan Chase & Co.   1,788    243,740 
Total Financial        1,891,561 
Consumer, Cyclical - 10.5%          
Home Depot, Inc.   1,788    535,202 
McDonald's Corp.   1,788    442,137 
Walmart, Inc.   1,788    266,269 
NIKE, Inc. — Class B   1,788    240,593 
Walgreens Boots Alliance, Inc.   1,788    80,049 
Total Consumer, Cyclical        1,564,250 
Technology - 10.5%          
Microsoft Corp.   1,788    551,258 
salesforce.com, Inc.*   1,788    379,628 
Apple, Inc.   1,788    312,203 
International Business Machines Corp.   1,788    232,476 
Intel Corp.   1,788    88,613 
Total Technology        1,564,178 
Industrial - 9.1%          
Caterpillar, Inc.   1,788    398,402 
Honeywell International, Inc.   1,788    347,909 
Boeing Co.*   1,788    342,402 
3M Co.   1,788    266,198 
Total Industrial        1,354,911 
Communications - 2.9%          
Walt Disney Co.*   1,788    245,242 
Cisco Systems, Inc.   1,788    99,699 
Verizon Communications, Inc.   1,788    91,081 
Total Communications        436,022 
Chevron Corp.   1,788   291,140 
Basic Materials - 0.8%          
Dow, Inc.   1,788    113,931 
Total Common Stocks          
(Cost $7,739,276)        9,407,848 

 

MUTUAL FUNDS - 21.6%
Guggenheim Ultra Short Duration Fund — Institutional Class1   264,894    2,593,317 
Guggenheim Strategy Fund II1   24,972    613,060 
Total Mutual Funds          
(Cost $3,232,628)        3,206,377 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 11.8%
U.S. Treasury Bills
0.09% due 06/02/222,3  $1,000,000    999,438 
0.24% due 06/02/223   300,000    299,831 
0.12% due 05/05/223,4   248,000    247,965 
0.29% due 06/02/223   200,000    199,888 
Total U.S. Treasury Bills          
(Cost $1,747,599)        1,747,122 

 

REPURCHASE AGREEMENTS††,5 - 4.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/222
   478,077    478,077 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/222
   184,134    184,134 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/222
   47,875    47,875 
Total Repurchase Agreements          
(Cost $710,086)        710,086 
Total Investments - 101.5%          
(Cost $13,429,589)       $15,071,433 
Other Assets & Liabilities, net - (1.5)%        (217,672)
Total Net Assets - 100.0%       $14,853,761 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased    
Dow Jones Industrial Average Index Mini Futures Contracts   18   Jun 2022  $3,113,370   $61,045 

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††                  
Barclays Bank plc  Dow Jones Industrial Average Index   Pay   0.77% (U.S. Secured Overnight Financing Rate + 0.50%)  At Maturity  04/13/22   364   $12,631,013   $571,494 
BNP Paribas  Dow Jones Industrial Average Index   Pay   0.88% (Federal Funds Rate + 0.55%)  At Maturity  04/14/22   141    4,894,655    157,494 
                         $17,525,668   $728,988 

 

*Non-income producing security.
**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1Affiliated issuer.
2All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
3Rate indicated is the effective yield at the time of purchase.
4All or a portion of this security is pledged as futures collateral at March 31, 2022.
5Repurchase Agreements — See Note 4.

 

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $9,407,848   $   $   $9,407,848 
Mutual Funds   3,206,377            3,206,377 
U.S. Treasury Bills       1,747,122        1,747,122 
Repurchase Agreements       710,086        710,086 
Equity Futures Contracts**   61,045            61,045 
Equity Index Swap Agreements**       728,988        728,988 
Total Assets  $12,675,270   $3,186,196   $   $15,861,466 

 

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

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

 

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value 12/31/21  Additions  Reductions  Realized Gain (Loss)  Change in Unrealized Appreciation (Depreciation)  Value 03/31/22  Shares 03/31/22  Investment Income 
Mutual Funds                         
 Guggenheim Strategy Fund II  $568,050  $350,000  $(300,000)  $4,880  $(9,870)  $613,060   24,972  $1,458 
 Guggenheim Ultra Short Duration Fund — Institutional Class   1,626,744   1,000,000         (33,427)   2,593,317   264,894   6,425 
   $2,194,794  $1,350,000  $(300,000)  $4,880  $(43,297)  $3,206,377      $7,883 

 

 

 

 

 

Electronics Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Semiconductors - 91.8%
NVIDIA Corp.   4,422   $1,206,587 
Broadcom, Inc.   1,158    729,169 
Intel Corp.   13,091    648,790 
Texas Instruments, Inc.   3,233    593,191 
QUALCOMM, Inc.   3,829    585,148 
Advanced Micro Devices, Inc.*   5,225    571,302 
Applied Materials, Inc.   3,631    478,566 
Analog Devices, Inc.   2,533    418,401 
Micron Technology, Inc.   5,132    399,732 
Lam Research Corp.   722    388,154 
Marvell Technology, Inc.   4,898    351,236 
KLA Corp.   912    333,847 
Taiwan Semiconductor Manufacturing Company Ltd. ADR   2,867    298,913 
Microchip Technology, Inc.   3,816    286,734 
NXP Semiconductor N.V.   1,478    273,548 
ASML Holding N.V. — Class G   359    239,787 
ON Semiconductor Corp.*   3,722    233,034 
Monolithic Power Systems, Inc.   454    220,499 
Skyworks Solutions, Inc.   1,554    207,117 
Teradyne, Inc.   1,640    193,897 
Entegris, Inc.   1,385    181,795 
Wolfspeed, Inc.*   1,536    174,889 
STMicroelectronics N.V. — Class Y   3,815    164,884 
Qorvo, Inc.*   1,290    160,089 
Lattice Semiconductor Corp.*   2,131    129,884 
MKS Instruments, Inc.   840    126,000 
Synaptics, Inc.*   573    114,314 
Silicon Laboratories, Inc.*   711    106,792 
Azenta, Inc.   1,283    106,335 
Power Integrations, Inc.   1,128    104,543 
CMC Materials, Inc.   554    102,712 
SiTime Corp.*   408    101,111 
Amkor Technology, Inc.   4,592    99,738 
Cirrus Logic, Inc.*   1,153    97,763 
Semtech Corp.*   1,368    94,857 
MaxLinear, Inc. — Class A*   1,607    93,768 
Ambarella, Inc.*   858   90,021 
Total Semiconductors        10,707,147 
Energy-Alternate Sources - 5.4%          
Enphase Energy, Inc.*   1,197    241,531 
SolarEdge Technologies, Inc.*   509    164,086 
First Solar, Inc.*   1,644    137,669 
SunPower Corp. — Class A*,1   4,074    87,509 
Total Energy-Alternate Sources        630,795 
Chemicals - 1.2%          
Daqo New Energy Corp. ADR*   3,375    139,455 
Electrical Components & Equipment - 1.1%          
Universal Display Corp.   771    128,718 
Total Common Stocks          
(Cost $3,030,396)        11,606,115 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $64,417    64,417 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   24,811    24,811 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,451    6,451 
Total Repurchase Agreements          
(Cost $95,679)        95,679 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   61,512    61,512 
Total Securities Lending Collateral          
(Cost $61,512)        61,512 
Total Investments - 100.8%          
(Cost $3,187,587)       $11,763,306 
Other Assets & Liabilities, net - (0.8)%        (92,696)
Total Net Assets - 100.0%       $11,670,610 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

 

See Sector Classification in Other Information section.

 

 

 

 

Electronics Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $11,606,115   $   $   $11,606,115 
Repurchase Agreements       95,679        95,679 
Securities Lending Collateral   61,512            61,512 
Total Assets  $11,667,627   $95,679   $   $11,763,306 

 

 

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Oil & Gas - 65.5%
Exxon Mobil Corp.   37,822   $3,123,719 
Chevron Corp.   17,912    2,916,611 
ConocoPhillips   18,864    1,886,400 
EOG Resources, Inc.   11,622    1,385,691 
Pioneer Natural Resources Co.   5,198    1,299,656 
Occidental Petroleum Corp.   21,673    1,229,726 
Marathon Petroleum Corp.   13,858    1,184,859 
Valero Energy Corp.   11,138    1,130,953 
Devon Energy Corp.   18,201    1,076,225 
Phillips 66   12,095    1,044,887 
Hess Corp.   9,117    975,884 
Petroleo Brasileiro S.A. ADR   62,531    925,459 
Diamondback Energy, Inc.   6,018    824,947 
Coterra Energy, Inc. — Class A   29,935    807,347 
Continental Resources, Inc.   12,830    786,864 
Marathon Oil Corp.   29,647    744,436 
Oasis Petroleum, Inc.   5,041    737,498 
BP plc ADR   23,573    693,046 
Shell plc ADR   12,356    678,715 
Ovintiv, Inc.   12,239    661,763 
Equities Corp.   19,175    659,812 
APA Corp.   15,574    643,673 
Laredo Petroleum, Inc.*   7,218    571,233 
Chesapeake Energy Corp.   6,496    565,152 
Texas Pacific Land Corp.   385    520,562 
Range Resources Corp.*   16,311    495,528 
Suncor Energy, Inc.   14,871    484,646 
PDC Energy, Inc.   6,062    440,586 
HF Sinclair Corp.*   10,918    435,082 
Murphy Oil Corp.   10,410    420,460 
Matador Resources Co.   7,829    414,780 
Canadian Natural Resources Ltd.   6,635    411,237 
Magnolia Oil & Gas Corp. — Class A   16,255    384,431 
Civitas Resources, Inc.   6,243    372,770 
SM Energy Co.   9,518    370,726 
Helmerich & Payne, Inc.   8,463    362,047 
Equinor ASA ADR   9,636    361,446 
CNX Resources Corp.*   16,741    346,874 
Denbury, Inc.*   4,334    340,522 
Callon Petroleum Co.*   5,483    323,936 
California Resources Corp.   6,902    308,727 
PBF Energy, Inc. — Class A*   12,644    308,134 
CVR Energy, Inc.   11,417    291,590 
Northern Oil and Gas, Inc.   8,983    253,231 
Delek US Holdings, Inc.*   10,563    224,147 
Total Oil & Gas        34,426,018 
Pipelines - 13.0%          
Kinder Morgan, Inc.   58,459    1,105,460 
Williams Companies, Inc.   31,620    1,056,424 
Cheniere Energy, Inc.   7,256    1,006,044 
ONEOK, Inc.   13,326    941,215 
Targa Resources Corp.   9,444    712,739 
Enbridge, Inc.   14,151    652,220 
New Fortress Energy, Inc.   13,024    554,953 
TC Energy Corp.   7,569    427,043 
DT Midstream, Inc.   6,844    371,355 
Total Pipelines        6,827,453 
Oil & Gas Services - 7.9%          
Schlumberger N.V.   31,639    1,307,007 
Baker Hughes Co.   28,625    1,042,236 
Halliburton Co.   26,470    1,002,419 
NOV, Inc.   23,636    463,502 
ChampionX Corp.   14,553    356,258 
Total Oil & Gas Services        4,171,422 
Energy-Alternate Sources - 7.5%          
Enphase Energy, Inc.*   4,264    860,390 
Plug Power, Inc.*   24,496    700,830 
SolarEdge Technologies, Inc.*   1,812    584,134 
First Solar, Inc.*   5,850    489,879 
Sunrun, Inc.*   13,364    405,865 
SunPower Corp. — Class A*,1   14,501    311,481 
Renewable Energy Group, Inc.*   4,606    279,354 
Green Plains, Inc.*   6,658    206,465 
TPI Composites, Inc.*   8,012    112,649 
Total Energy-Alternate Sources        3,951,047 
Coal - 1.8%          
Arch Resources, Inc.   4,598    631,673 
Peabody Energy Corp.*   13,354    327,574 
Total Coal        959,247 
Retail - 1.1%          
Murphy USA, Inc.   1,840    367,926 
World Fuel Services Corp.   7,590    205,234 
Total Retail        573,160 
Mining - 0.9%          
Cameco Corp.   16,007    465,804 
Machinery-Diversified - 0.7%          
Cactus, Inc. — Class A   6,482    367,788 
Electric - 0.6%          
Ameresco, Inc. — Class A*   4,176    331,992 
Electrical Components & Equipment - 0.5%          
EnerSys   3,714    276,953 
Total Common Stocks          
(Cost $35,343,826)        52,350,884 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $97,815    97,815 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   37,674    37,674 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   9,795    9,795 
Total Repurchase Agreements          
(Cost $145,284)        145,284 

 

 

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   212,592   $212,592 
Total Securities Lending Collateral          
(Cost $212,592)        212,592 
Total Investments - 100.2%          
(Cost $35,701,702)       $52,708,760 
Other Assets & Liabilities, net - (0.2)%        (112,097)
Total Net Assets - 100.0%       $52,596,663 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $52,350,884   $   $   $52,350,884 
Repurchase Agreements       145,284        145,284 
Securities Lending Collateral   212,592            212,592 
Total Assets  $52,563,476   $145,284   $   $52,708,760 

 

 

 

 

Energy Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Oil & Gas Services - 70.6%
Schlumberger N.V.   40,630   $1,678,425 
Baker Hughes Co.   36,756    1,338,286 
Halliburton Co.   33,985    1,287,012 
NOV, Inc.   30,354    595,242 
ChampionX Corp.   18,684    457,384 
Liberty Oilfield Services, Inc. — Class A*   24,615    364,794 
TechnipFMC plc*   44,171    342,325 
Weatherford International plc*   10,046    334,532 
Expro Group Holdings N.V.*   17,761    315,791 
Core Laboratories N.V.   8,438    266,894 
US Silica Holdings, Inc.*   14,230    265,532 
ProPetro Holding Corp.*   18,752    261,215 
Archrock, Inc.   27,678    255,468 
Oceaneering International, Inc.*   16,829    255,128 
Dril-Quip, Inc.*   6,649    248,340 
NOW, Inc.*   21,533    237,509 
Bristow Group, Inc.*   5,749    213,173 
Tidewater, Inc.*   9,566    207,965 
MRC Global, Inc.*   17,363    206,793 
National Energy Services Reunited Corp.*   21,745    182,658 
DMC Global, Inc.*   4,967    151,493 
Solaris Oilfield Infrastructure, Inc. — Class A   13,219    149,243 
Oil States International, Inc.*   20,505    142,510 
Matrix Service Co.*   11,592    95,286 
Total Oil & Gas Services        9,852,998 
Oil & Gas - 13.5%          
Helmerich & Payne, Inc.   10,872    465,104 
Valaris Ltd.*   8,551    444,396 
Patterson-UTI Energy, Inc.   25,167    389,585 
Noble Corp.*   9,459    331,538 
Nabors Industries Ltd.*   1,668    254,737 
Total Oil & Gas        1,885,360 
Energy-Alternate Sources - 7.8%          
SolarEdge Technologies, Inc.*   1,760    567,371 
Sunrun, Inc.*   17,154    520,967 
Total Energy-Alternate Sources        1,088,338 
Machinery-Diversified - 3.4%          
Cactus, Inc. — Class A   8,316    471,850 
Metal Fabricate & Hardware - 2.6%          
Tenaris S.A. ADR   12,106    364,027 
Retail - 1.6%          
Aspen Aerogels, Inc.*   6,521    224,844 
Total Common Stocks          
(Cost $9,192,329)        13,887,417 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $66,037    66,037 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   25,435    25,435 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,613    6,613 
Total Repurchase Agreements          
(Cost $98,085)        98,085 
Total Investments - 100.2%          
(Cost $9,290,414)       $13,985,502 
Other Assets & Liabilities, net - (0.2)%        (24,595)
Total Net Assets - 100.0%       $13,960,907 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1Repurchase Agreements — See Note 4.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $13,887,417   $   $   $13,887,417 
Repurchase Agreements       98,085        98,085 
Total Assets  $13,887,417   $98,085   $   $13,985,502 

 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 15.3%
Consumer, Non-cyclical - 6.7%
Nestle S.A. ADR   134   $17,434 
Roche Holding AG ADR   268    13,242 
Novartis AG ADR   116    10,179 
AstraZeneca plc ADR   149    9,885 
Novo Nordisk A/S ADR   79    8,773 
Unilever plc ADR   126    5,742 
Sanofi ADR   109    5,596 
Diageo plc ADR   27    5,485 
GlaxoSmithKline plc ADR   120    5,227 
L'Oreal S.A. ADR   58    4,648 
British American Tobacco plc ADR   100    4,216 
Bayer AG ADR   187    3,201 
RELX plc ADR   95    2,954 
Adyen N.V. ADR*   136    2,689 
Reckitt Benckiser Group plc ADR   174    2,687 
EssilorLuxottica S.A. ADR1   29    2,654 
Anheuser-Busch InBev S.A. ADR1   43    2,582 
Total Consumer, Non-cyclical        107,194 
Financial - 1.9%          
HSBC Holdings plc ADR1   196    6,707 
Allianz SE ADR   196    4,661 
Zurich Insurance Group AG ADR   72    3,544 
UBS Group AG   161    3,146 
BNP Paribas S.A. ADR   109    3,108 
AXA S.A. ADR   98    2,858 
Banco Santander S.A. ADR   837    2,829 
Intesa Sanpaolo SpA ADR   145    1,988 
Prudential plc ADR1   65    1,923 
Total Financial        30,764 
Energy - 1.3%          
Shell plc ADR   182    9,997 
TotalEnergies SE ADR   125    6,318 
BP plc ADR   155    4,557 
Total Energy        20,872 
Industrial - 1.3%          
Siemens AG ADR   72    4,978 
Schneider Electric SE ADR   136    4,594 
Airbus SE ADR   111    3,354 
Vinci S.A. ADR   113    2,879 
ABB Ltd. ADR   75    2,426 
Deutsche Post AG ADR   47    2,248 
Total Industrial        20,479 
Consumer, Cyclical - 1.2%          
LVMH Moet Hennessy Louis Vuitton SE ADR   63    8,983 
Cie Financiere Richemont S.A. ADR   251    3,165 
Mercedes-Benz Group AG ADR1   160    2,800 
Kering S.A. ADR   35    2,212 
adidas AG ADR   17    1,986 
Total Consumer, Cyclical        19,146 
Technology - 1.2%          
ASML Holding N.V. — Class G   19    12,691 
SAP SE ADR1   52   5,770 
Total Technology        18,461 
Basic Materials - 1.1%          
Linde plc   24    7,666 
Rio Tinto plc ADR1   51    4,100 
Air Liquide S.A. ADR   114    3,986 
BASF SE ADR   176    2,499 
Total Basic Materials        18,251 
Utilities - 0.3%          
Iberdrola S.A. ADR   70    3,056 
Enel SpA ADR   374    2,487 
Total Utilities        5,543 
Communications - 0.3%          
Deutsche Telekom AG ADR   166    3,091 
Prosus N.V. ADR   209    2,276 
Total Communications        5,367 
Total Common Stocks          
(Cost $197,192)        246,077 

 

MUTUAL FUNDS - 51.0%
Guggenheim Strategy Fund II2   16,669    409,220 
Guggenheim Ultra Short Duration Fund — Institutional Class2   41,790    409,119 
Total Mutual Funds          
(Cost $827,930)        818,339 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 12.1%
U.S. Treasury Bills
0.12% due 05/05/223,4  $194,000    193,973 
Total U.S. Treasury Bills          
(Cost $193,978)        193,973 

 

REPURCHASE AGREEMENTS††,5 - 23.4%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   252,708    252,708 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   97,332    97,332 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   25,307    25,307 
Total Repurchase Agreements          
(Cost $375,347)        375,347 

 

   Shares     
SECURITIES LENDING COLLATERAL†,6 - 1.3%
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%7   20,440    20,440 
Total Securities Lending Collateral          
(Cost $20,440)        20,440 
Total Investments - 103.1%          
(Cost $1,614,887)       $1,654,176 
Other Assets & Liabilities, net - (3.1)%        (49,239)
Total Net Assets - 100.0%       $1,604,937 

 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased    
STOXX EUROPE 50 Index Futures Contracts   43   Jun 2022  $1,734,845   $93,409 
Currency Futures Contracts Purchased          
Euro FX Futures Contracts   13   Jun 2022   1,802,694    24,405 

 

*Non-income producing security.
**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Affiliated issuer.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Rate indicated is the effective yield at the time of purchase.
5Repurchase Agreements — See Note 4.
6Securities lending collateral — See Note 5.
7Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $246,077   $   $   $246,077 
Mutual Funds   818,339            818,339 
U.S. Treasury Bills       193,973        193,973 
Repurchase Agreements       375,347        375,347 
Securities Lending Collateral   20,440            20,440 
Equity Futures Contracts**   93,409            93,409 
Currency Futures Contracts**   24,405            24,405 
Total Assets  $1,202,670   $569,320   $   $1,771,990 

 

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

 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

 

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value 12/31/21  Additions  Reductions  Realized Gain (Loss)  Change in Unrealized Appreciation (Depreciation)  Value 03/31/22  Shares 03/31/22  Investment Income 
Mutual Funds                         
 Guggenheim Strategy Fund II  $465,394  $  $(50,000)  $(794)  $(5,380)  $409,220   16,669  $1,579 
 Guggenheim Ultra Short Duration
Fund — Institutional Class
   465,216      (50,000)   (766)   (5,331)   409,119   41,790   1,161 
   $930,610  $  $(100,000)  $(1,560)  $(10,711)  $818,339      $2,740 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
REITS - 29.0%
Prologis, Inc.   1,423   $229,786 
American Tower Corp. — Class A   899    225,847 
Crown Castle International Corp.   1,035    191,061 
Equinix, Inc.   243    180,214 
Public Storage   458    178,748 
Welltower, Inc.   1,455    139,884 
Realty Income Corp.   1,967    136,313 
Digital Realty Trust, Inc.   956    135,561 
Simon Property Group, Inc.   1,030    135,507 
SBA Communications Corp.   376    129,382 
AvalonBay Communities, Inc.   495    122,943 
Equity Residential   1,348    121,212 
Alexandria Real Estate Equities, Inc.   599    120,549 
Extra Space Storage, Inc.   542    111,435 
Weyerhaeuser Co.   2,872    108,849 
Ventas, Inc.   1,712    105,733 
Invitation Homes, Inc.   2,558    102,780 
Mid-America Apartment Communities, Inc.   486    101,793 
Essex Property Trust, Inc.   293    101,226 
Duke Realty Corp.   1,724    100,095 
VICI Properties, Inc.   3,423    97,419 
Boston Properties, Inc.   735    94,668 
Sun Communities, Inc.   531    93,079 
Healthpeak Properties, Inc.   2,631    90,322 
UDR, Inc.   1,550    88,924 
Camden Property Trust   516    85,759 
WP Carey, Inc.   1,021    82,538 
Kimco Realty Corp.   3,325    82,128 
American Homes 4 Rent — Class A   1,967    78,739 
Equity LifeStyle Properties, Inc.   1,028    78,621 
Host Hotels & Resorts, Inc.   3,966    77,059 
Medical Properties Trust, Inc.   3,616    76,442 
Regency Centers Corp.   1,051    74,978 
Rexford Industrial Realty, Inc.   983    73,322 
Life Storage, Inc.   517    72,602 
Gaming and Leisure Properties, Inc.   1,543    72,413 
CubeSmart   1,387    72,166 
Lamar Advertising Co. — Class A   619    71,915 
Federal Realty Investment Trust   535    65,307 
Kilroy Realty Corp.   824    62,970 
Vornado Realty Trust   1,353    61,318 
First Industrial Realty Trust, Inc.   977    60,486 
National Retail Properties, Inc.   1,336    60,040 
STORE Capital Corp.   2,021    59,074 
Omega Healthcare Investors, Inc.   1,889    58,861 
American Campus Communities, Inc.   1,048    58,657 
Brixmor Property Group, Inc.   2,270    58,589 
Americold Realty Trust   2,056    57,321 
Healthcare Trust of America, Inc. — Class A   1,791    56,130 
AGNC Investment Corp.   4,164    54,548 
Spirit Realty Capital, Inc.   1,098    50,530 
SL Green Realty Corp.   584    47,409 
Agree Realty Corp.   689   45,722 
Park Hotels & Resorts, Inc.   2,277    44,470 
Total REITS        5,143,444 
Banks - 24.5%          
JPMorgan Chase & Co.   2,970    404,870 
Bank of America Corp.   8,884    366,198 
Wells Fargo & Co.   5,559    269,389 
Morgan Stanley   2,809    245,507 
Goldman Sachs Group, Inc.   656    216,546 
Citigroup, Inc.   3,814    203,668 
U.S. Bancorp   3,320    176,458 
PNC Financial Services Group, Inc.   949    175,043 
Truist Financial Corp.   3,056    173,275 
Bank of New York Mellon Corp.   2,558    126,954 
SVB Financial Group*   214    119,722 
State Street Corp.   1,317    114,737 
First Republic Bank   658    106,662 
Fifth Third Bancorp   2,448    105,362 
Northern Trust Corp.   860    100,147 
ICICI Bank Ltd. ADR   5,255    99,530 
Royal Bank of Canada   839    92,516 
M&T Bank Corp.   544    92,208 
Huntington Bancshares, Inc.   6,265    91,594 
HDFC Bank Ltd. ADR   1,482    90,891 
Regions Financial Corp.   4,080    90,821 
KeyCorp   4,012    89,789 
Bank of Nova Scotia   1,219    87,427 
Citizens Financial Group, Inc.   1,871    84,812 
Signature Bank   287    84,232 
First Horizon Corp.   3,171    74,487 
Comerica, Inc.   750    67,822 
East West Bancorp, Inc.   845    66,772 
Webster Financial Corp.   1,128    63,303 
Zions Bancorp North America   949    62,216 
Western Alliance Bancorporation   712    58,968 
Synovus Financial Corp.   1,097    53,753 
Silvergate Capital Corp. — Class A*   311    46,827 
Atlantic Union Bankshares Corp.   894    32,801 
Total Banks        4,335,307 
Insurance - 21.7%          
Berkshire Hathaway, Inc. — Class B*   1,676    591,477 
Marsh & McLennan Companies, Inc.   1,161    197,858 
Aon plc — Class A   544    177,143 
Progressive Corp.   1,550    176,684 
Chubb Ltd.   771    164,917 
MetLife, Inc.   2,259    158,762 
Willis Towers Watson plc   660    155,905 
American International Group, Inc.   2,401    150,711 
Travelers Companies, Inc.   764    139,606 
Prudential Financial, Inc.   1,170    138,259 
Allstate Corp.   977    135,324 
Aflac, Inc.   2,094    134,833 
Arthur J Gallagher & Co.   733    127,982 
Hartford Financial Services Group, Inc.   1,414    101,539 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6% (continued)
Insurance - 21.7% (continued)
Cincinnati Financial Corp.   728   $98,979 
Markel Corp.*   66    97,366 
Brown & Brown, Inc.   1,339    96,770 
RenaissanceRe Holdings Ltd.   610    96,691 
Principal Financial Group, Inc.   1,252    91,909 
Loews Corp.   1,294    83,877 
Fidelity National Financial, Inc.   1,557    76,044 
American Financial Group, Inc.   507    73,829 
Equitable Holdings, Inc.   2,270    70,166 
Lincoln National Corp.   1,030    67,321 
Assurant, Inc.   367    66,732 
Globe Life, Inc.   649    65,289 
Old Republic International Corp.   2,247    58,130 
Reinsurance Group of America, Inc. — Class A   523    57,248 
Voya Financial, Inc.   824    54,672 
First American Financial Corp.   831    53,865 
Unum Group   1,686    53,126 
MGIC Investment Corp.   3,068    41,571 
Total Insurance        3,854,585 
Diversified Financial Services - 15.8%          
American Express Co.   1,329    248,523 
Charles Schwab Corp.   2,933    247,281 
BlackRock, Inc. — Class A   305    233,072 
CME Group, Inc. — Class A   784    186,482 
Intercontinental Exchange, Inc.   1,350    178,362 
Capital One Financial Corp.   1,121    147,176 
Coinbase Global, Inc. — Class A*   703    133,472 
Apollo Global Management, Inc.   1,995    123,670 
T. Rowe Price Group, Inc.   806    121,859 
Ameriprise Financial, Inc.   392    117,741 
Nasdaq, Inc.   633    112,801 
Discover Financial Services   1,019    112,284 
Synchrony Financial   2,394    83,335 
LPL Financial Holdings, Inc.   430    78,552 
Ally Financial, Inc.   1,777    77,264 
Franklin Resources, Inc.   2,745    76,640 
Cboe Global Markets, Inc.   628    71,856 
Invesco Ltd.   2,987    68,880 
SoFi Technologies, Inc.*,1   6,626    62,616 
Upstart Holdings, Inc.*   556    60,654 
Jefferies Financial Group, Inc.   1,751    57,520 
Stifel Financial Corp.   801    54,388 
OneMain Holdings, Inc.   1,092    51,772 
SLM Corp.   2,518    46,231 
Evercore, Inc. — Class A   369    41,077 
Total Diversified Financial Services        2,793,508 
Private Equity - 3.9%          
Blackstone, Inc. — Class A   2,053    260,608 
KKR & Company, Inc. — Class A   2,539   148,455 
Ares Management Corp. — Class A   1,257    102,106 
Brookfield Asset Management, Inc. — Class A   1,614    91,304 
Carlyle Group, Inc.   1,791    87,598 
Total Private Equity        690,071 
Commercial Services - 2.8%          
S&P Global, Inc.   619    253,901 
Moody's Corp.   497    167,693 
MarketAxess Holdings, Inc.   219    74,504 
Total Commercial Services        496,098 
Software - 0.8%          
MSCI, Inc. — Class A   269    135,275 
Savings & Loans - 0.6%          
People's United Financial, Inc.   2,893    57,831 
New York Community Bancorp, Inc.   4,165    44,649 
Total Savings & Loans        102,480 
Media - 0.5%          
FactSet Research Systems, Inc.   203    88,132 
Total Common Stocks          
(Cost $10,837,843)        17,638,900 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $61,938    61,938 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   23,856    23,856 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,203    6,203 
Total Repurchase Agreements          
(Cost $91,997)        91,997 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 0.3%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   49,690   $49,690 
Total Securities Lending Collateral          
(Cost $49,690)        49,690 
Total Investments - 100.4%          
(Cost $10,979,530)       $17,780,587 
Other Assets & Liabilities, net - (0.4)%        (65,132)
Total Net Assets - 100.0%       $17,715,455 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks  $17,638,900   $   $   $17,638,900 
Repurchase Agreements       91,997        91,997 
Securities Lending Collateral   49,690            49,690 
Total Assets  $17,688,590   $91,997   $   $17,780,587 

 

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)             March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 39.5%
Guggenheim Variable Insurance Strategy Fund III1   134,486   $3,307,001 
Guggenheim Strategy Fund III1   89,107    2,195,594 
Guggenheim Strategy Fund II1   4,552    111,756 
Guggenheim Ultra Short Duration Fund — Institutional Class1   7,274    71,209 
Total Mutual Funds          
(Cost $5,738,109)        5,685,560 

 

   Face
Amount
    
U.S. TREASURY BILLS†† - 10.8%
U.S. Treasury Bills
0.12% due 05/05/222  $1,558,000   1,557,783 
Total U.S. Treasury Bills          
(Cost $1,557,824)        1,557,783 

 

REPURCHASE AGREEMENTS††,3 - 49.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   4,776,972    4,776,972 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   1,839,877    1,839,877 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   478,368    478,368 
Total Repurchase Agreements          
(Cost $7,095,217)        7,095,217 
Total Investments - 99.6%          
(Cost $14,391,150)       $14,338,560 
Other Assets & Liabilities, net - 0.4%        56,381 
Total Net Assets - 100.0%       $14,394,941 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Commodity Futures Contracts Purchased                  
Natural Gas Futures Contracts   6   Apr 2022  $339,120   $64,045 
Cotton #2 Futures Contracts   15   Dec 2022   833,850    63,943 
Corn Futures Contracts   12   Sep 2022   416,700    30,042 
Lean Hogs Futures Contracts   18   Jun 2022   870,840    20,693 
Brent Crude Futures Contracts   2   Apr 2022   209,940    18,657 
Gold 100 oz. Futures Contracts   8   Jun 2022   1,553,360    14,978 
Euro - Rapeseed Futures Contracts   2   Apr 2022   104,127    14,627 
LME Zinc Futures Contracts   2   May 2022   210,125    12,931 
Gasoline RBOB Futures Contracts   1   Apr 2022   131,981    8,360 
Sugar #11 Futures Contracts   9   Apr 2022   196,762    8,252 
Euro - Mill Wheat Futures Contracts   4   May 2022   81,664    8,080 
Canadian Canola (WCE) Futures Contracts   10   May 2022   180,892    7,842 
Red Spring Wheat Futures Contracts   1   May 2022   54,700    7,474 
LME Primary Aluminum Futures Contracts   3   May 2022   261,533    5,693 
Hard Red Winter Wheat Futures Contracts   2   May 2022   103,200    4,775 
Cocoa Futures Contracts   5   May 2022   132,400    4,710 
Live Cattle Futures Contracts   7   Jun 2022   383,670    4,111 
Oat Futures Contracts   5   Jul 2022   171,812    2,760 
LME Lead Futures Contracts   3   May 2022   181,650    2,466 
Copper Futures Contracts   1   May 2022   117,925    (366)
Soybean Oil Futures Contracts   4   May 2022   167,616    (540)
CME Nonfat Dry Milk Futures Contracts   1   May 2022   80,080    (883)
SGX Iron Ore 62% Futures Contracts   7   May 2022   111,748    (1,630)
ECX Emission Futures Contracts   1   Dec 2022   84,630    (1,682)
Cotton #2 Futures Contracts   1   May 2022   67,770    (2,154)
NY Harbor ULSD Futures Contracts   1   Apr 2022   141,137    (4,060)
Silver Futures Contracts   2   May 2022   249,600    (6,781)
Wheat Futures Contracts   2   May 2022   100,800    (11,031)

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)   March 31, 2022
   

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Commodity Futures Contracts Purchased (continued)               
Soybean Futures Contracts   5   May 2022  $404,313   $(17,600)
Soybean Meal Futures Contracts   15   Dec 2022   618,150    (17,909)
LME Nickel Futures Contracts   1   May 2022   192,570    (20,425)
WTI Crude Futures Contracts   3   Apr 2022   302,040    (20,771)
Soybean Futures Contracts   14   Nov 2022   993,125    (29,217)
Coffee 'C' Futures Contracts   6   May 2022   507,937    (35,115)
Low Sulphur Gas Oil Futures Contracts   5   Jul 2022   461,125    (36,383)
           $11,018,892   $97,892 
Equity Futures Contracts Purchased                  
NASDAQ-100 Index Mini Futures Contracts   1   Jun 2022  $297,420   $9,982 
S&P/TSX 60 IX Index Futures Contracts   2   Jun 2022   422,528    8,805 
SPI 200 Index Futures Contracts   1   Jun 2022   139,155    6,888 
CBOE Volatility Index Futures Contracts   14   Jul 2022   365,400    4,940 
CBOE Volatility Index Futures Contracts   11   Sep 2022   292,930    2,315 
Dow Jones Industrial Average Index Mini Futures Contracts   1   Jun 2022   172,965    1,148 
FTSE/JSE TOP 40 Index Futures Contracts††   7   Jun 2022   324,862    (7,314)
           $2,015,260   $26,764 
Currency Futures Contracts Purchased                  
Mexican Peso Futures Contracts   38   Jun 2022  $943,540   $22,940 
Canadian Dollar Futures Contracts   15   Jun 2022   1,199,400    3,333 
British Pound Futures Contracts   11   Jun 2022   902,894    (2,664)
           $3,045,834   $23,609 
Interest Rate Futures Contracts Purchased                  
Euro - BTP Italian Government Bond Futures Contracts††   8   Jun 2022  $1,225,894   $2,732 
Euro - OATS Futures Contracts   8   Jun 2022   1,340,356    (21,909)
           $2,566,250   $(19,177)
Interest Rate Futures Contracts Sold Short                  
Euro - Bund Futures Contracts   20   Jun 2022  $3,511,342   $94,448 
Canadian Government 10 Year Bond Futures Contracts   23   Jun 2022   2,399,541    64,255 
U.S. Treasury 10 Year Note Futures Contracts   19   Jun 2022   2,332,547    42,278 
Euro - Bobl Futures Contracts   20   Jun 2022   2,853,381    36,470 
Long Gilt Futures Contracts††   19   Jun 2022   3,027,560    27,131 
Australian Government 3 Year Bond Futures Contracts   13   Jun 2022   1,068,625    14,304 
U.S. Treasury 5 Year Note Futures Contracts   14   Jun 2022   1,603,766    13,453 
U.S. Treasury 2 Year Note Futures Contracts   6   Jun 2022   1,270,781    6,993 
Euro - Schatz Futures Contracts   3   Jun 2022   367,738    289 
U.S. Treasury Ultra Long Bond Futures Contracts   2   Jun 2022   354,188    33 
U.S. Treasury Long Bond Futures Contracts   2   Jun 2022   300,500    (411)
Australian Government 10 Year Bond Futures Contracts   2   Jun 2022   190,240    (598)
           $19,280,209   $298,645 
Currency Futures Contracts Sold Short                  
Japanese Yen Futures Contracts   22   Jun 2022  $2,263,250   $99,077 
Australian Dollar Futures Contracts   10   Jun 2022   749,150    (12,852)
Swiss Franc Futures Contracts   30   Jun 2022   4,069,875    (14,749)
Euro FX Futures Contracts   17   Jun 2022   2,357,369    (15,828)
           $9,439,644   $55,648 
Equity Futures Contracts Sold Short                  
FTSE 100 Index Futures Contracts   1   Jun 2022  $97,847   $501 
Euro STOXX 50 Index Futures Contracts   1   Jun 2022   42,038    259 

 

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)          March 31, 2022
   

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Equity Futures Contracts Sold Short (continued)    
OMX Stockholm 30 Index Futures Contracts††   1   Apr 2022  $21,878   $(2)
IBEX 35 Index Futures Contracts††   1   Apr 2022   92,218    (1,938)
CBOE Volatility Index Futures Contracts   10   Apr 2022   234,500    (11,848)
           $488,481   $(13,028)
                   
Commodity Futures Contracts Sold Short                  
Soybean Futures Contracts   10   Jul 2022  $798,875   $17,170 
Cattle Feeder Futures Contracts   8   May 2022   665,900    3,901 
Soybean Meal Futures Contracts   7   May 2022   327,530    3,029 
Low Sulphur Gas Oil Futures Contracts   1   May 2022   100,050    673 
Platinum Futures Contracts   1   Jul 2022   49,405    (408)
Corn Futures Contracts   9   May 2022   336,375    (2,033)
Cotton #2 Futures Contracts   8   Jul 2022   527,040    (47,690)
           $2,805,175   $(25,358)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3Repurchase Agreements — See Note 4.

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Mutual Funds  $5,685,560   $   $   $5,685,560 
U.S. Treasury Bills       1,557,783        1,557,783 
Repurchase Agreements       7,095,217        7,095,217 
Commodity Futures Contracts**   329,212            329,212 
Interest Rate Futures Contracts**   272,523    29,863        302,386 
Currency Futures Contracts**   125,350            125,350 
Equity Futures Contracts**   34,838            34,838 
Total Assets  $6,447,483   $8,682,863   $   $15,130,346 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Commodity Futures Contracts**  $256,678   $   $   $256,678 
Currency Futures Contracts**   46,093            46,093 
Interest Rate Futures Contracts**   22,918            22,918 
Equity Futures Contracts**   11,848    9,254        21,102 
Total Liabilities  $337,537   $9,254   $   $346,791 

 

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

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)           March 31, 2022
   

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

 

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value 12/31/21  Additions  Reductions  Realized Gain (Loss)  Change in Unrealized Appreciation (Depreciation)  Value 03/31/22  Shares 03/31/22  Investment Income 
Mutual Funds                         
 Guggenheim Strategy Fund II  $113,258  $  $  $  $(1,502)  $111,756   4,552  $385 
 Guggenheim Strategy Fund III   2,230,346            (34,752)   2,195,594   89,107   8,102 
 Guggenheim Ultra Short Duration Fund — Institutional Class   72,155            (946)   71,209   7,274   180 
 Guggenheim Variable Insurance Strategy Fund III   3,356,761            (49,760)   3,307,001   134,486   11,283 
   $5,772,520  $  $  $  $(86,960)  $5,685,560      $19,950 

 

 

 

 

Government Long Bond 1.2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 13.7%          
Guggenheim Strategy Fund II1   33,338   $818,446 
Guggenheim Ultra Short Duration Fund — Institutional Class1   65,418    640,444 
Total Mutual Funds          
(Cost $1,456,656)        1,458,890 

 

   Face
Amount
     
U.S. GOVERNMENT SECURITIES†† - 44.3%
U.S. Treasury Bonds
2.25% due 02/15/52  $4,900,000    4,701,703 
Total U.S. Government Securities          
(Cost $4,702,439)        4,701,703 

 

FEDERAL AGENCY DISCOUNT NOTES†† - 16.0%
Federal Home Loan Bank
0.15% due 04/05/222   1,700,000    1,699,972 
Total Federal Agency Discount Notes          
(Cost $1,699,972)        1,699,972 

 

FEDERAL AGENCY NOTES†† - 9.4%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   1,000,000    1,000,080 
Total Federal Agency Notes          
(Cost $1,000,073)        1,000,080 

 

U.S. TREASURY BILLS†† - 1.7%
U.S. Treasury Bills
0.12% due 05/05/222,3,4  183,000   182,975 
Total U.S. Treasury Bills          
(Cost $182,979)        182,975 

 

REPURCHASE AGREEMENTS††,4 - 25.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   1,812,850    1,812,850 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   698,229    698,229 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   181,539    181,539 
Total Repurchase Agreements          
(Cost $2,692,618)        2,692,618 
Total Investments - 110.4%          
(Cost $11,734,737)       $11,736,238 
Other Assets & Liabilities, net - (10.4)%        (1,105,667)
Total Net Assets - 100.0%       $10,630,571 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Interest Rate Futures Contracts Purchased    
U.S. Treasury Ultra Long Bond Futures Contracts   53   Jun 2022  $9,385,969   $164,713 

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
Variable rate security. Rate indicated is the rate effective at March 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Repurchase Agreements — See Note 4.

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Government Long Bond 1.2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

The following table summarizes the inputs used to value the Fund's investments at March 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Mutual Funds  $1,458,890   $   $   $1,458,890 
U.S. Government Securities       4,701,703        4,701,703 
Federal Agency Discount Notes       1,699,972        1,699,972 
Federal Agency Notes       1,000,080        1,000,080 
U.S. Treasury Bills       182,975        182,975 
Repurchase Agreements       2,692,618        2,692,618 
Interest Rate Futures Contracts**   164,713            164,713 
Total Assets  $1,623,603   $10,277,348   $   $11,900,951 

 

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

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

 

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value 12/31/21   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value 03/31/22   Shares 03/31/22   Investment Income 
Mutual Funds                                
 Guggenheim Strategy Fund II  $1,430,596   $   $(600,000)  $(608)  $(11,542)  $818,446    33,338   $3,025 
 Guggenheim Ultra Short Duration Fund — Institutional Class   2,151,720        (1,500,000)   (3,217)   (8,059)   640,444    65,418    1,787 
   $3,582,316   $   $(2,100,000)  $(3,825)  $(19,601)  $1,458,890        $4,812 

 

 

 

 

 

 

 

Health Care Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Healthcare-Products - 31.5%
Thermo Fisher Scientific, Inc.   774   $457,163 
Danaher Corp.   1,484    435,302 
Abbott Laboratories   3,564    421,835 
Medtronic plc   3,475    385,551 
Intuitive Surgical, Inc.*   1,050    316,764 
Stryker Corp.   1,108    296,224 
Edwards Lifesciences Corp.*   2,192    258,042 
Boston Scientific Corp.*   5,264    233,143 
IDEXX Laboratories, Inc.*   380    207,883 
Baxter International, Inc.   2,355    182,607 
Align Technology, Inc.*   401    174,836 
ResMed, Inc.   693    168,059 
West Pharmaceutical Services, Inc.   409    167,980 
Zimmer Biomet Holdings, Inc.   1,213    155,143 
STERIS plc   615    148,689 
Cooper Companies, Inc.   327    136,552 
PerkinElmer, Inc.   776    135,381 
Hologic, Inc.*   1,726    132,591 
Avantor, Inc.*   3,889    131,526 
Insulet Corp.*   480    127,867 
Waters Corp.*   407    126,329 
Teleflex, Inc.   353    125,255 
ABIOMED, Inc.*   374    123,884 
Bio-Techne Corp.   277    119,952 
Exact Sciences Corp.*   1,527    106,768 
Henry Schein, Inc.*   1,180    102,884 
Dentsply Sirona, Inc.   1,960    96,471 
Repligen Corp.*   508    95,550 
10X Genomics, Inc. — Class A*   1,176    89,458 
Bruker Corp.   1,375    88,412 
Inspire Medical Systems, Inc.*   323    82,911 
Envista Holdings Corp.*   1,676    81,638 
Tandem Diabetes Care, Inc.*   693    80,589 
Masimo Corp.*   550    80,047 
Quidel Corp.*   573    64,440 
Natera, Inc.*   1,439    58,538 
Nevro Corp.*   667    48,244 
Total Healthcare-Products        6,244,508 
Pharmaceuticals - 30.5%          
Johnson & Johnson   3,648    646,535 
AbbVie, Inc.   3,148    510,322 
Eli Lilly & Co.   1,732    495,993 
Pfizer, Inc.   9,578    495,853 
Merck & Company, Inc.   5,339    438,065 
Bristol-Myers Squibb Co.   5,236    382,385 
CVS Health Corp.   3,272    331,159 
Zoetis, Inc.   1,458    274,964 
Becton Dickinson and Co.   974    259,084 
Cigna Corp.   1,079    258,539 
Dexcom, Inc.*   429    219,476 
McKesson Corp.   671    205,413 
AstraZeneca plc ADR   2,715    180,113 
AmerisourceBergen Corp. — Class A   1,108    171,419 
GlaxoSmithKline plc ADR   3,356    146,187 
Novartis AG ADR   1,636    143,559 
Perrigo Company plc   3,164    121,593 
Cardinal Health, Inc.   2,127    120,601 
Jazz Pharmaceuticals plc*   768    119,555 
Viatris, Inc.   9,881   107,505 
Elanco Animal Health, Inc.*   3,889    101,464 
Neurocrine Biosciences, Inc.*   945    88,594 
Bausch Health Companies, Inc.*   3,606    82,397 
Sarepta Therapeutics, Inc.*   997    77,886 
Intellia Therapeutics, Inc.*   937    68,092 
Total Pharmaceuticals        6,046,753 
Healthcare-Services - 17.1%          
UnitedHealth Group, Inc.   1,287    656,331 
Anthem, Inc.   669    328,626 
HCA Healthcare, Inc.   999    250,369 
Humana, Inc.   498    216,715 
Centene Corp.*   2,406    202,561 
IQVIA Holdings, Inc.*   862    199,303 
Laboratory Corporation of America Holdings*   544    143,431 
ICON plc*   569    138,392