NPORT-P
    false
    
      
      
        
          0001064046
          XXXXXXXX
        
      
      
      
      
        S000003717
        C000010386
      
      
    
  
  
    
      Rydex Variable Trust
      811-08821
      0001064046
      549300LJH0YR8RY3N305
      702 King Farm Blvd., Suite 200
      Rockville
      
      20850
      301-296-5100
      Health Care Fund
      S000003717
      5493001VKGTEDLOTHU44
      2022-12-31
      2022-03-31
      N
    
    
      20443623.92
      49975.03
      20393648.89
      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
      0.00000000
      
        
        
        
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Doximity Inc
        N/A
        Doximity, Inc.
        26622P107
        
          
        
        1826.00000000
        NS
        USD
        95116.34000000
        0.466401772988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mirati Therapeutics Inc
        529900GYRW59IDQV6N54
        Mirati Therapeutics, Inc.
        60468T105
        
          
        
        757.00000000
        NS
        USD
        62240.54000000
        0.305195702523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Scientific Corp
        Y6ZDD9FP4P8JSSJMW954
        Boston Scientific Corp.
        101137107
        
          
        
        5264.00000000
        NS
        USD
        233142.56000000
        1.143211601109
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viatris Inc
        254900ZZTSW7NL773X71
        Viatris, Inc.
        92556V106
        
          
        
        9881.00000000
        NS
        USD
        107505.28000000
        0.527150783951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sarepta Therapeutics Inc
        549300IKDPIED8J8IG21
        Sarepta Therapeutics, Inc.
        803607100
        
          
        
        997.00000000
        NS
        USD
        77885.64000000
        0.381911252959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insulet Corp
        549300TZTYD2PYN92D43
        Insulet Corp.
        45784P101
        
          
        
        480.00000000
        NS
        USD
        127867.20000000
        0.626995201739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biogen Inc
        W8J5WZB5IY3K0NDQT671
        Biogen, Inc.
        09062X103
        
          
        
        783.00000000
        NS
        USD
        164899.80000000
        0.808584088553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PerkinElmer Inc
        549300IKL1SDPFI7N655
        PerkinElmer, Inc.
        714046109
        
          
        
        776.00000000
        NS
        USD
        135380.96000000
        0.663838829089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitae Corp
        549300MYI59DZW1WIX92
        Invitae Corp.
        46185L103
        
          
        
        4799.00000000
        NS
        USD
        38248.03000000
        0.187548732481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardinal Health Inc
        CCU46N3GJMF4OK4N7U60
        Cardinal Health, Inc.
        14149Y108
        
          
        
        2127.00000000
        NS
        USD
        120600.90000000
        0.591364991377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group, Inc.
        91324P102
        
          
        
        1287.00000000
        NS
        USD
        656331.39000000
        3.218312689112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Incyte Corp
        549300Z4WN6JVZ3T4680
        Incyte Corp.
        45337C102
        
          
        
        1598.00000000
        NS
        USD
        126913.16000000
        0.622317078638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bausch Health Cos Inc
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies, Inc.
        071734107
        
          
        
        3606.00000000
        NS
        USD
        82397.10000000
        0.404033140142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        West Pharmaceutical Services I
        5493007NKRGM1RJQ1P16
        West Pharmaceutical Services, Inc.
        955306105
        
          
        
        409.00000000
        NS
        USD
        167980.39000000
        0.823689722746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inspire Medical Systems Inc
        549300XQQCQ7HCJKTW25
        Inspire Medical Systems, Inc.
        457730109
        
          
        
        323.00000000
        NS
        USD
        82910.87000000
        0.406552404855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biohaven Pharmaceutical Holdin
        5299007STZTNN32O9920
        Biohaven Pharmaceutical Holding Company Ltd.
        N/A
        
          
        
        695.00000000
        NS
        USD
        82406.15000000
        0.404077516703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perrigo Co PLC
        549300IFOQS6R1QLY196
        Perrigo Company plc
        N/A
        
          
        
        3164.00000000
        NS
        USD
        121592.52000000
        0.596227387535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        Hologic, Inc.
        436440101
        
          
        
        1726.00000000
        NS
        USD
        132591.32000000
        0.650159864549
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charles River Laboratories Int
        549300BSQ0R4UZ5KX287
        Charles River Laboratories International, Inc.
        159864107
        
          
        
        405.00000000
        NS
        USD
        115007.85000000
        0.563939541277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        Tandem Diabetes Care, Inc.
        875372203
        
          
        
        693.00000000
        NS
        USD
        80588.97000000
        0.395166997503
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royalty Pharma PLC
        549300FGFN7VOK8BZR03
        Royalty Pharma plc
        N/A
        
          
        
        3656.00000000
        NS
        USD
        142437.76000000
        0.698441758845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        Bristol-Myers Squibb Co.
        110122108
        
          
        
        5236.00000000
        NS
        USD
        382385.08000000
        1.875020414750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fate Therapeutics Inc
        549300L14Q4UHOODLA90
        Fate Therapeutics, Inc.
        31189P102
        
          
        
        1511.00000000
        NS
        USD
        58581.47000000
        0.287253498949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DaVita Inc
        M2XHYMU3TZNEZURC6H66
        DaVita, Inc.
        23918K108
        
          
        
        860.00000000
        NS
        USD
        97274.60000000
        0.476984773664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        Guardant Health, Inc.
        40131M109
        
          
        
        1240.00000000
        NS
        USD
        82137.60000000
        0.402760685167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific, Inc.
        883556102
        
          
        
        774.00000000
        NS
        USD
        457163.10000000
        2.241693492252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ABIOMED Inc
        5493001EZN4ZTB4Z5887
        ABIOMED, Inc.
        003654100
        
          
        
        374.00000000
        NS
        USD
        123883.76000000
        0.607462453964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        Zimmer Biomet Holdings, Inc.
        98956P102
        
          
        
        1213.00000000
        NS
        USD
        155142.70000000
        0.760740271820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        Zoetis, Inc.
        98978V103
        
          
        
        1458.00000000
        NS
        USD
        274964.22000000
        1.348283583203
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alnylam Pharmaceuticals Inc
        529900S3ZI14OWRJII50
        Alnylam Pharmaceuticals, Inc.
        02043Q107
        
          
        
        799.00000000
        NS
        USD
        130468.71000000
        0.639751673198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novavax Inc
        529900J4GJHPEPQ23205
        Novavax, Inc.
        670002401
        
          
        
        908.00000000
        NS
        USD
        66874.20000000
        0.327916795864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Regeneron Pharmaceuticals Inc
        549300RCBFWIRX3HYQ56
        Regeneron Pharmaceuticals, Inc.
        75886F107
        
          
        
        380.00000000
        NS
        USD
        265399.60000000
        1.301383589722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen, Inc.
        031162100
        
          
        
        1452.00000000
        NS
        USD
        351122.64000000
        1.721725434687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nevro Corp
        254900SH91I4BOYKUE38
        Nevro Corp.
        64157F103
        
          
        
        667.00000000
        NS
        USD
        48244.11000000
        0.236564384628
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioNTech SE
        894500UZJ5LG1F8J1U58
        BioNTech SE
        09075V102
        
          
        
        1056.00000000
        NS
        USD
        180111.36000000
        0.883173781070
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        BARCLAYS CAPITAL INC.
        AC28XWWI3WIBK2824319
        Barclays Capital, Inc.
        N/A
        
          
        
        8883.51000000
        PA
        USD
        8883.51000000
        0.043560179190
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.24000000
          2022-04-01
          
            
              7850.82000000
              USD
              9061.19000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Elanco Animal Health Inc
        549300SHPNDCE059M934
        Elanco Animal Health, Inc.
        28414H103
        
          
        
        3889.00000000
        NS
        USD
        101464.01000000
        0.497527492736
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agilent Technologies Inc
        QUIX8Y7A2WP0XRMW7G29
        Agilent Technologies, Inc.
        00846U101
        
          
        
        1372.00000000
        NS
        USD
        181556.76000000
        0.890261281731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Edwards Lifesciences Corp
        YA13X31F3V31L8TMPR58
        Edwards Lifesciences Corp.
        28176E108
        
          
        
        2192.00000000
        NS
        USD
        258042.24000000
        1.265306867799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J.P. MORGAN SECURITIES LLC
        ZBUT11V806EZRVTWT807
        J.P. Morgan Securities LLC
        N/A
        
          
        
        88710.60000000
        PA
        USD
        88710.60000000
        0.434991307727
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.28000000
          2022-04-01
          
            
              92634.14000000
              USD
              90484.84000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        Natera, Inc.
        632307104
        
          
        
        1439.00000000
        NS
        USD
        58538.52000000
        0.287042894166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp.
        88033G407
        
          
        
        1035.00000000
        NS
        USD
        88968.60000000
        0.436256407472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeva Systems Inc
        549300YZEXPDB92M2F02
        Veeva Systems, Inc.
        922475108
        
          
        
        829.00000000
        NS
        USD
        176129.34000000
        0.863647996246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exact Sciences Corp
        549300VM3X1FYD4N9Z14
        Exact Sciences Corp.
        30063P105
        
          
        
        1527.00000000
        NS
        USD
        106767.84000000
        0.523534756216
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cassava Sciences Inc
        529900XA0UG5JXABYF08
        Cassava Sciences, Inc.
        14817C107
        
          
        
        939.00000000
        NS
        USD
        34874.46000000
        0.171006474555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Illumina Inc
        SQ95QG8SR5Q56LSNF682
        Illumina, Inc.
        452327109
        
          
        
        636.00000000
        NS
        USD
        222218.40000000
        1.089645120393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton Dickinson and Co
        ICE2EP6D98PQUILVRZ91
        Becton Dickinson and Co.
        075887109
        
          
        
        974.00000000
        NS
        USD
        259084.00000000
        1.270415124813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalent Inc
        N/A
        Catalent, Inc.
        148806102
        
          
        
        1198.00000000
        NS
        USD
        132858.20000000
        0.651468507262
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baxter International Inc
        J5OIVXX3P24RJRW5CK77
        Baxter International, Inc.
        071813109
        
          
        
        2355.00000000
        NS
        USD
        182606.70000000
        0.895409649273
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Repligen Corp
        54930006QJ0T5AUO1E71
        Repligen Corp.
        759916109
        
          
        
        508.00000000
        NS
        USD
        95549.72000000
        0.468526846349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Pharmaceuticals Inc
        54930015RAQRRZ5ZGJ91
        Vertex Pharmaceuticals, Inc.
        92532F100
        
          
        
        945.00000000
        NS
        USD
        246616.65000000
        1.209281631405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer, Inc.
        717081103
        
          
        
        9578.00000000
        NS
        USD
        495853.06000000
        2.431409222913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amedisys Inc
        5299001RBS9GK9STN379
        Amedisys, Inc.
        023436108
        
          
        
        420.00000000
        NS
        USD
        72361.80000000
        0.354825173220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dexcom Inc
        549300YSK3QDSFR5EU59
        Dexcom, Inc.
        252131107
        
          
        
        429.00000000
        NS
        USD
        219476.40000000
        1.076199757992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp.
        126650100
        
          
        
        3272.00000000
        NS
        USD
        331159.12000000
        1.623834566272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ResMed Inc
        529900T3QE5253CCXF22
        ResMed, Inc.
        761152107
        
          
        
        693.00000000
        NS
        USD
        168059.43000000
        0.824077294389
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic plc
        N/A
        
          
        
        3475.00000000
        NS
        USD
        385551.25000000
        1.890545689393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mettler-Toledo International I
        5493000BD5GJNUDIUG10
        Mettler-Toledo International, Inc.
        592688105
        
          
        
        118.00000000
        NS
        USD
        162036.42000000
        0.794543540854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AbbVie Inc
        FR5LCKFTG8054YNNRU85
        AbbVie, Inc.
        00287Y109
        
          
        
        3148.00000000
        NS
        USD
        510322.28000000
        2.502358860607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        3648.00000000
        NS
        USD
        646535.04000000
        3.170276410500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Cos Inc/The
        QJKMVPIGLH7530PCUE20
        Cooper Companies, Inc.
        216648402
        
          
        
        327.00000000
        NS
        USD
        136551.93000000
        0.669580665708
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences Inc
        549300FECER0XBN49756
        Neurocrine Biosciences, Inc.
        64125C109
        
          
        
        945.00000000
        NS
        USD
        88593.75000000
        0.434418335227
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cigna Corp
        549300VIWYMSIGT1U456
        Cigna Corp.
        125523100
        
          
        
        1079.00000000
        NS
        USD
        258539.19000000
        1.267743655853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerner Corp
        549300L4UJ40IEVVI304
        Cerner Corp.
        156782104
        
          
        
        1657.00000000
        NS
        USD
        155028.92000000
        0.760182353026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jazz Pharmaceuticals PLC
        635400GAUMJCLEZRRV50
        Jazz Pharmaceuticals plc
        N/A
        
          
        
        768.00000000
        NS
        USD
        119554.56000000
        0.586234276390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eli Lilly & Co
        FRDRIPF3EKNDJ2CQJL29
        Eli Lilly & Co.
        532457108
        
          
        
        1732.00000000
        NS
        USD
        495992.84000000
        2.432094632379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apellis Pharmaceuticals Inc
        254900HS0ZFRXXSB9D42
        Apellis Pharmaceuticals, Inc.
        03753U106
        
          
        
        1295.00000000
        NS
        USD
        65798.95000000
        0.322644321057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HCA Healthcare Inc
        529900PH4ZGUH2MNEU89
        HCA Healthcare, Inc.
        40412C101
        
          
        
        999.00000000
        NS
        USD
        250369.38000000
        1.227683095607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oak Street Health Inc
        2549007CJE6GSEURLA30
        Oak Street Health, Inc.
        67181A107
        
          
        
        3045.00000000
        NS
        USD
        81849.60000000
        0.401348480801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Seagen Inc
        N/A
        Seagen, Inc.
        81181C104
        
          
        
        1050.00000000
        NS
        USD
        151252.50000000
        0.741664725208
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AmerisourceBergen Corp
        AI8GXW8LG5WK7E9UD086
        AmerisourceBergen Corp.
        03073E105
        
          
        
        1108.00000000
        NS
        USD
        171418.68000000
        0.840549334376
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        Anthem, Inc.
        036752103
        
          
        
        669.00000000
        NS
        USD
        328626.18000000
        1.611414326943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        10X Genomics Inc
        5493003Z6741WNLG7H43
        10X Genomics, Inc.
        88025U109
        
          
        
        1176.00000000
        NS
        USD
        89458.32000000
        0.438657743312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        Novartis AG
        66987V109
        
          
        
        1636.00000000
        NS
        USD
        143559.00000000
        0.703939745036
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        Molina Healthcare, Inc.
        60855R100
        
          
        
        403.00000000
        NS
        USD
        134436.77000000
        0.659209005338
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioMarin Pharmaceutical Inc
        NSLL8ITTRR0J5HEMR848
        BioMarin Pharmaceutical, Inc.
        09061G101
        
          
        
        1393.00000000
        NS
        USD
        107400.30000000
        0.526636015846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intuitive Surgical Inc
        54930052SRG011710797
        Intuitive Surgical, Inc.
        46120E602
        
          
        
        1050.00000000
        NS
        USD
        316764.00000000
        1.553248276993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DENTSPLY SIRONA Inc
        9NHEHR1SOZCYXDO8HO28
        Dentsply Sirona, Inc.
        24906P109
        
          
        
        1960.00000000
        NS
        USD
        96471.20000000
        0.473045311902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Laboratory Corp of America Hol
        OZ7UA8IXAIFILY2VZH07
        Laboratory Corporation of America Holdings
        50540R409
        
          
        
        544.00000000
        NS
        USD
        143431.04000000
        0.703312294791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STERIS PLC
        N/A
        STERIS plc
        N/A
        
          
        
        615.00000000
        NS
        USD
        148688.55000000
        0.729092428736
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQVIA Holdings Inc
        549300W3R20NM4KQPH86
        IQVIA Holdings, Inc.
        46266C105
        
          
        
        862.00000000
        NS
        USD
        199303.02000000
        0.977279843715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corp
        S4BKK9OTCEWQ3YHPFM11
        Danaher Corp.
        235851102
        
          
        
        1484.00000000
        NS
        USD
        435301.72000000
        2.134496491275
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moderna Inc
        549300EI6OKH5K5Q2G38
        Moderna, Inc.
        60770K107
        
          
        
        1351.00000000
        NS
        USD
        232723.26000000
        1.141155568850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Align Technology Inc
        549300N5YSE0U3LCP840
        Align Technology, Inc.
        016255101
        
          
        
        401.00000000
        NS
        USD
        174836.00000000
        0.857306119876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc
        529900YLDW34GJAO4J06
        Humana, Inc.
        444859102
        
          
        
        498.00000000
        NS
        USD
        216714.66000000
        1.062657600750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quidel Corp
        549300X2FQ6S98OQLQ46
        Quidel Corp.
        74838J101
        
          
        
        573.00000000
        NS
        USD
        64439.58000000
        0.315978667415
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stryker Corp
        5493002F0SC4JTBU5137
        Stryker Corp.
        863667101
        
          
        
        1108.00000000
        NS
        USD
        296223.80000000
        1.452529665474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bruker Corp
        LEBZ6VLQ6I8XB1NHVY15
        Bruker Corp.
        116794108
        
          
        
        1375.00000000
        NS
        USD
        88412.50000000
        0.433529578139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEXX Laboratories Inc
        OGMTXK0LUU1HKV2P0J84
        IDEXX Laboratories, Inc.
        45168D104
        
          
        
        380.00000000
        NS
        USD
        207882.80000000
        1.019350686683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intellia Therapeutics Inc
        5493002T5BCPE5DZC723
        Intellia Therapeutics, Inc.
        45826J105
        
          
        
        937.00000000
        NS
        USD
        68091.79000000
        0.333887233065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Funds
        N/A
        First American Government Obligations Fund
        N/A
        
          
        
        133206.00000000
        NS
        USD
        133206.00000000
        0.653173940173
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Syneos Health Inc
        549300F1ZGKDS8P6GU13
        Syneos Health, Inc.
        87166B102
        
          
        
        1052.00000000
        NS
        USD
        85159.40000000
        0.417578043337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BOFA SECURITIES, INC.
        549300HN4UKV1E2R3U73
        BofA Securities, Inc.
        N/A
        
          
        
        34167.36000000
        PA
        USD
        34167.36000000
        0.167539218627
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.25000000
          2022-04-01
          
            
              35159.94000000
              USD
              34850.75000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        McKesson Corp
        549300WZWOM80UCFSF54
        McKesson Corp.
        58155Q103
        
          
        
        671.00000000
        NS
        USD
        205413.23000000
        1.007241181349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICON PLC
        6354008SRQGEMC4XFI67
        ICON plc
        N/A
        
          
        
        569.00000000
        NS
        USD
        138392.18000000
        0.678604308363
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Company, Inc.
        58933Y105
        
          
        
        5339.00000000
        NS
        USD
        438064.95000000
        2.148045954712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Health Services Inc
        549300YGMGQDO0NMJD09
        Universal Health Services, Inc.
        913903100
        
          
        
        661.00000000
        NS
        USD
        95811.95000000
        0.469812687846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp
        54930073RLKQ51TILZ35
        Bio-Techne Corp.
        09073M104
        
          
        
        277.00000000
        NS
        USD
        119952.08000000
        0.588183510694
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Waters Corp
        5T547R1474YC9HOD8Q74
        Waters Corp.
        941848103
        
          
        
        407.00000000
        NS
        USD
        126328.73000000
        0.619451333507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Inc
        8MCWUBXQ0WE04KMXBX50
        Quest Diagnostics, Inc.
        74834L100
        
          
        
        850.00000000
        NS
        USD
        116331.00000000
        0.570427590606
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masimo Corp
        549300Q4A8JK0PIYCU29
        Masimo Corp.
        574795100
        
          
        
        550.00000000
        NS
        USD
        80047.00000000
        0.392509454447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abbott Laboratories
        HQD377W2YR662HK5JX27
        Abbott Laboratories
        002824100
        
          
        
        3564.00000000
        NS
        USD
        421835.04000000
        2.068462795820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Therapeutics Plc
        529900P0GSQ79OOZEV53
        Horizon Therapeutics plc
        N/A
        
          
        
        1379.00000000
        NS
        USD
        145084.59000000
        0.711420456351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avantor Inc
        N/A
        Avantor, Inc.
        05352A100
        
          
        
        3889.00000000
        NS
        USD
        131525.98000000
        0.644935983302
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envista Holdings Corp
        549300BX623VURJZ5269
        Envista Holdings Corp.
        29415F104
        
          
        
        1676.00000000
        NS
        USD
        81637.96000000
        0.400310706731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        046353108
        
          
        
        2715.00000000
        NS
        USD
        180113.10000000
        0.883182313138
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        GlaxoSmithKline PLC
        5493000HZTVUYLO1D793
        GlaxoSmithKline plc
        37733W105
        
          
        
        3356.00000000
        NS
        USD
        146187.36000000
        0.716827875131
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Encompass Health Corp
        549300FVRPM9DRQZRG64
        Encompass Health Corp.
        29261A100
        
          
        
        1113.00000000
        NS
        USD
        79145.43000000
        0.388088617328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Therapeutics Corp
        5299005C4HZL4UWROC14
        United Therapeutics Corp.
        91307C102
        
          
        
        460.00000000
        NS
        USD
        82528.60000000
        0.404677948733
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gilead Sciences Inc
        549300WTZWR07K8MNV44
        Gilead Sciences, Inc.
        375558103
        
          
        
        4363.00000000
        NS
        USD
        259380.35000000
        1.271868273299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Henry Schein Inc
        VGO3WGL8H45T73F4RR92
        Henry Schein, Inc.
        806407102
        
          
        
        1180.00000000
        NS
        USD
        102884.20000000
        0.504491376481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teladoc Health Inc
        549300I2PVFBC9MFAC61
        Teladoc Health, Inc.
        87918A105
        
          
        
        1442.00000000
        NS
        USD
        104011.46000000
        0.510018881667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teleflex Inc
        UUL85LWXB4NGSWWXIQ25
        Teleflex, Inc.
        879369106
        
          
        
        353.00000000
        NS
        USD
        125254.99000000
        0.614186262966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Centene Corp
        549300Z7JJ4TQSQGT333
        Centene Corp.
        15135B101
        
          
        
        2406.00000000
        NS
        USD
        202561.14000000
        0.993255994023
        Long
        EC
        CORP
        US
        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