Rydex Variable Trust NPORTP Long Short Equity Fund (Sep 2021 report)

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.8%
Banks - 91.0%
Bank of America Corp.		8,583	$	364,348
JPMorgan Chase & Co.		2,210		361,755
Wells Fargo & Co.		7,513		348,678
Citigroup, Inc.		4,917		345,075
U.S. Bancorp		4,733		281,330
PNC Financial Services Group, Inc.		1,373		268,614
Truist Financial Corp.		4,574		268,265
Bank of New York Mellon Corp.		3,779		195,903
SVB Financial Group^*		279		180,480
First Republic Bank		866		167,034
Fifth Third Bancorp		3,771		160,041
State Street Corp.		1,880		159,274
Huntington Bancshares, Inc.		9,106		140,779
KeyCorp		6,460		139,665
Citizens Financial Group, Inc.		2,921		137,229
Northern Trust Corp.		1,268		136,703
Regions Financial Corp.		6,328		134,850
M&T Bank Corp.		890		132,913
Signature Bank		468		127,427
East West Bancorp, Inc.		1,317		102,120
Western Alliance Bancorporation		938		102,073
Comerica, Inc.		1,230		99,015
Zions Bancorp North America		1,532		94,815
Toronto-Dominion Bank		1,417		93,735
Popular, Inc.		1,188		92,272
First Citizens BancShares, Inc. — Class A		109		91,906
First Horizon Corp.		5,609		91,371
HDFC Bank Ltd. ADR		1,237		90,412
Royal Bank of Canada		894		88,935
Bank of Nova Scotia		1,442		88,726
ICICI Bank Ltd. ADR		4,651		87,764
HSBC Holdings plc ADR		3,303		86,373
Bank of Montreal		862		85,967
Commerce Bancshares, Inc.		1,229		85,637
Cullen/Frost Bankers, Inc.		693		82,204
Pinnacle Financial Partners, Inc.		858		80,721
Canadian Imperial Bank of Commerce		711		79,134
Credit Suisse Group AG ADR¹		8,018		79,057
Deutsche Bank AG^*,1		6,163		78,270
UBS Group AG		4,889		77,931
Prosperity Bancshares, Inc.		1,089		77,461
Synovus Financial Corp.		1,735		76,149
First Financial Bankshares, Inc.		1,649		75,772
Bank OZK		1,714		73,668
Glacier Bancorp, Inc.		1,300		71,955
SouthState Corp.		957		71,459
PacWest Bancorp		1,527		69,204
Webster Financial Corp.		1,248		67,966
UMB Financial Corp.		692		66,923
CIT Group, Inc.		1,285		66,756
United Bankshares, Inc.		1,819		66,175
Wintrust Financial Corp.		802		64,457
Umpqua Holdings Corp.		3,088		62,532
Hancock Whitney Corp.		1,285		60,549
First Hawaiian, Inc.		1,991		58,436
BankUnited, Inc.		1,386		57,963
Ameris Bancorp		1,113		57,742
Home BancShares, Inc.		2,445		57,531
Community Bank System, Inc.		833		56,994
Bank of Hawaii Corp.		667		54,807
Associated Banc-Corp.		2,539		54,385
Texas Capital Bancshares, Inc.^*		895		53,718
Silvergate Capital Corp. — Class A^*		463		53,476
Simmons First National Corp. — Class A		1,800		53,208
BancorpSouth Bank		1,780		53,008
Independent Bank Group, Inc.		745		52,925
United Community Banks, Inc.		1,595		52,348
Columbia Banking System, Inc.		1,350		51,286
Old National Bancorp		2,958		50,138
Cadence BanCorp		2,220		48,751
Hilltop Holdings, Inc.		1,480		48,352
Fulton Financial Corp.		3,043		46,497
First Midwest Bancorp, Inc.		2,319		44,084
Total Banks				7,885,476
Savings & Loans - 3.9%
People's United Financial, Inc.		4,729		82,615
New York Community Bancorp, Inc.		5,561		71,570
Sterling Bancorp		2,680		66,893
Pacific Premier Bancorp, Inc.		1,459		60,461
Investors Bancorp, Inc.		3,825		57,796
Total Savings & Loans				339,335
Diversified Financial Services - 2.9%
Capital One Financial Corp.		1,524		246,843
Insurance - 2.0%
Equitable Holdings, Inc.		3,439		101,932
Voya Financial, Inc.		1,231		75,571
Total Insurance				177,503
Total Common Stocks
(Cost $5,622,206)				8,649,157

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	32,972		32,972
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		12,811		12,811
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		12,811		12,811
Total Repurchase Agreements
(Cost $58,594)				58,594

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴	$	115,631	$	115,631
Total Securities Lending Collateral
(Cost $115,631)				115,631
Total Investments - 101.8%
(Cost $5,796,431)			$	8,823,382
Other Assets & Liabilities, net - (1.8)%				(159,467	)
Total Net Assets - 100.0%			$	8,663,915

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	8,649,157	$	—	$	—	$	8,649,157
Repurchase Agreements		—		58,594		—		58,594
Securities Lending Collateral		115,631		—		—		115,631
Total Assets	$	8,764,788	$	58,594	$	—	$	8,823,382

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 98.9%
Chemicals - 42.5%
Sherwin-Williams Co.		819	$	229,099
Ecolab, Inc.		986		205,699
Air Products and Chemicals, Inc.		795		203,607
Dow, Inc.		3,077		177,112
DuPont de Nemours, Inc.		2,349		159,708
PPG Industries, Inc.		1,090		155,881
LyondellBasell Industries N.V. — Class A		1,641		154,008
International Flavors & Fragrances, Inc.		1,147		153,377
Linde plc		478		140,236
Albemarle Corp.		628		137,513
Celanese Corp. — Class A		731		110,118
Mosaic Co.		2,886		103,088
CF Industries Holdings, Inc.		1,775		99,080
Eastman Chemical Co.		982		98,927
Westlake Chemical Corp.		1,054		96,062
FMC Corp.		999		91,468
RPM International, Inc.		1,105		85,803
Olin Corp.		1,571		75,801
Nutrien Ltd.		1,160		75,203
Huntsman Corp.		2,470		73,087
Axalta Coating Systems Ltd.^*		2,457		71,720
Valvoline, Inc.		2,072		64,605
Element Solutions, Inc.		2,965		64,281
Ashland Global Holdings, Inc.		696		62,028
Chemours Co.		2,016		58,585
Amyris, Inc.^*		4,147		56,938
Sensient Technologies Corp.		585		53,282
HB Fuller Co.		801		51,713
Ingevity Corp.^*		643		45,891
Danimer Scientific, Inc.^*,1		2,066		33,758
Total Chemicals				3,187,678
Mining - 20.2%
Freeport-McMoRan, Inc.		5,910		192,252
Newmont Corp.		3,389		184,023
Barrick Gold Corp.		7,297		131,711
Alcoa Corp.^*		1,727		84,519
Rio Tinto plc ADR¹		1,219		81,454
BHP Group Ltd. ADR¹		1,476		78,996
Teck Resources Ltd. — Class B		2,978		74,182
Royal Gold, Inc.		705		67,320
AngloGold Ashanti Ltd. ADR		4,162		66,550
MP Materials Corp.^*		1,983		63,912
Agnico Eagle Mines Ltd.		1,228		63,672
Wheaton Precious Metals Corp.		1,677		63,022
Franco-Nevada Corp.		485		63,006
Kirkland Lake Gold Ltd.		1,429		59,432
Pan American Silver Corp.		2,325		54,103
First Majestic Silver Corp.¹		4,680		52,884
Livent Corp.^*		2,219		51,281
Arconic Corp.^*		1,599		50,433
Coeur Mining, Inc.^*		6,014		37,106
Total Mining				1,519,858
Packaging & Containers - 12.6%
Ball Corp.		1,628		146,471
Westrock Co.		1,981		98,713
Packaging Corporation of America		705		96,895
Crown Holdings, Inc.		960		96,749
Amcor plc		8,149		94,447
Berry Global Group, Inc.^*		1,281		77,987
AptarGroup, Inc.		638		76,145
Sealed Air Corp.		1,389		76,103
Sonoco Products Co.		1,096		65,300
Graphic Packaging Holding Co.		3,421		65,136
Silgan Holdings, Inc.		1,419		54,433
Total Packaging & Containers				948,379
Iron & Steel - 10.1%
Nucor Corp.		1,425		140,348
Vale S.A. ADR		10,018		139,751
Steel Dynamics, Inc.		1,564		91,463
Reliance Steel & Aluminum Co.		574		81,749
Cleveland-Cliffs, Inc.^*		4,066		80,547
ArcelorMittal S.A.		2,260		68,162
United States Steel Corp.		2,846		62,527
Commercial Metals Co.		1,752		53,366
Allegheny Technologies, Inc.^*		2,383		39,629
Total Iron & Steel				757,542
Building Materials - 5.9%
Vulcan Materials Co.		763		129,069
Martin Marietta Materials, Inc.		365		124,713
Louisiana-Pacific Corp.		1,081		66,341
Eagle Materials, Inc.		487		63,875
Summit Materials, Inc. — Class A^*		1,713		54,765
Total Building Materials				438,763
Forest Products & Paper - 2.3%
International Paper Co.		2,241		125,317
Domtar Corp.^*		913		49,795
Total Forest Products & Paper				175,112
Biotechnology - 2.0%
Corteva, Inc.		3,630		152,750
Household Products & Housewares - 1.5%
Avery Dennison Corp.		530		109,821
Housewares - 1.1%
Scotts Miracle-Gro Co. — Class A		546		79,913
Distribution & Wholesale - 0.7%
Avient Corp.		1,215		56,315
Total Common Stocks
(Cost $3,232,110)				7,426,131

EXCHANGE-TRADED FUNDS^† - 0.8%
VanEck Vectors Junior Gold Miners ETF		1,458		55,900
Total Exchange-Traded Funds
(Cost $61,507)				55,900

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	33,616	$	33,616
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		13,062		13,062
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		13,062		13,062
Total Repurchase Agreements
(Cost $59,740)				59,740

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		141,142		141,142
Total Securities Lending Collateral
(Cost $141,142)				141,142
Total Investments - 102.4%
(Cost $3,494,499)			$	7,682,913
Other Assets & Liabilities, net - (2.4)%				(177,502	)
Total Net Assets - 100.0%			$	7,505,411

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	7,426,131	$	—	$	—	$	7,426,131
Exchange-Traded Funds		55,900		—		—		55,900
Repurchase Agreements		—		59,740		—		59,740
Securities Lending Collateral		141,142		—		—		141,142
Total Assets	$	7,623,173	$	59,740	$	—	$	7,682,913

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Biotechnology - 73.0%
Moderna, Inc.^*		2,759	$	1,061,829
Amgen, Inc.		4,707		1,000,943
Gilead Sciences, Inc.		12,179		850,703
Regeneron Pharmaceuticals, Inc.^*		1,175		711,086
Illumina, Inc.^*		1,710		693,593
Vertex Pharmaceuticals, Inc.^*		3,435		623,075
Biogen, Inc.^*		2,032		575,036
Seagen, Inc.^*		3,183		540,473
Corteva, Inc.		12,090		508,747
Horizon Therapeutics plc^*		4,203		460,397
Alnylam Pharmaceuticals, Inc.^*		2,284		431,242
Bio-Rad Laboratories, Inc. — Class A^*		566		422,208
Royalty Pharma plc — Class A		11,416		412,574
BioNTech SE ADR^*		1,389		379,183
Exact Sciences Corp.^*		3,793		362,042
BioMarin Pharmaceutical, Inc.^*		4,476		345,950
Incyte Corp.^*		4,980		342,524
Acceleron Pharma, Inc.^*		1,977		340,242
Novavax, Inc.^*		1,634		338,744
Guardant Health, Inc.^*		2,615		326,901
Mirati Therapeutics, Inc.^*		1,624		287,302
Biohaven Pharmaceutical Holding Company Ltd.^*		2,003		278,237
CRISPR Therapeutics AG^*		2,459		275,236
BeiGene Ltd. ADR^*		703		255,189
United Therapeutics Corp.^*		1,343		247,891
Exelixis, Inc.^*		11,392		240,827
Bridgebio Pharma, Inc.^*		5,069		237,584
Arrowhead Pharmaceuticals, Inc.^*		3,737		233,301
Blueprint Medicines Corp.^*		2,212		227,416
Zai Lab Ltd. ADR^*		2,107		222,057
Ultragenyx Pharmaceutical, Inc.^*		2,447		220,695
Halozyme Therapeutics, Inc.^*		5,280		214,790
TG Therapeutics, Inc.^*		6,266		208,532
Fate Therapeutics, Inc.^*		3,517		208,452
Twist Bioscience Corp.^*		1,938		207,308
Beam Therapeutics, Inc.^*		2,358		205,169
Pacific Biosciences of California, Inc.^*		7,938		202,816
Ionis Pharmaceuticals, Inc.^*		5,767		193,425
Iovance Biotherapeutics, Inc.^*		7,408		182,681
Arena Pharmaceuticals, Inc.^*		2,943		175,256
Cassava Sciences, Inc.^*,1		2,720		168,858
Veracyte, Inc.^*		3,601		167,266
ACADIA Pharmaceuticals, Inc.^*		9,183		152,530
Apellis Pharmaceuticals, Inc.^*		4,620		152,275
Sage Therapeutics, Inc.^*		3,325		147,331
PTC Therapeutics, Inc.^*		3,841		142,924
Emergent BioSolutions, Inc.^*		2,816		140,997
Amicus Therapeutics, Inc.^*		14,172		135,343
Editas Medicine, Inc.^*		3,085		126,732
Global Blood Therapeutics, Inc.^*		4,519		115,144
Bluebird Bio, Inc.^*		5,743		109,749
Inovio Pharmaceuticals, Inc.^*,1		15,257		109,240
ChemoCentryx, Inc.^*		6,096		104,242
Total Biotechnology				17,024,287
Pharmaceuticals - 16.3%
AbbVie, Inc.		11,728		1,265,099
AstraZeneca plc ADR		9,684		581,621
Viatris, Inc.		27,213		368,736
Jazz Pharmaceuticals plc^*		2,749		357,947
Neurocrine Biosciences, Inc.^*		2,910		279,098
Alkermes plc^*		8,878		273,798
Intellia Therapeutics, Inc.^*		2,005		268,971
Sarepta Therapeutics, Inc.^*		2,799		258,852
Pacira BioSciences, Inc.^*		2,586		144,816
Total Pharmaceuticals				3,798,938
Healthcare-Products - 5.6%
Bio-Techne Corp.		789		382,326
Novocure Ltd.^*		2,572		298,789
Natera, Inc.^*		2,548		283,949
Adaptive Biotechnologies Corp.^*		5,498		186,877
CareDx, Inc.^*		2,555		161,911
Total Healthcare-Products				1,313,852
Healthcare-Services - 4.6%
ICON plc^*		1,264		331,193
Syneos Health, Inc.^*		3,030		265,064
Medpace Holdings, Inc.^*		1,264		239,250
Invitae Corp.^*,1		7,878		223,972
Total Healthcare-Services				1,059,479
Total Common Stocks
(Cost $13,455,426)				23,196,556

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	76,866		76,866
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		29,866		29,866
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		29,866		29,866
Total Repurchase Agreements
(Cost $136,598)				136,598

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		369,049		369,049
Total Securities Lending Collateral
(Cost $369,049)				369,049
Total Investments - 101.7%
(Cost $13,961,073)			$	23,702,203
Other Assets & Liabilities, net - (1.7)%				(387,920	)
Total Net Assets - 100.0%			$	23,314,283

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	23,196,556	$	—	$	—	$	23,196,556
Repurchase Agreements		—		136,598		—		136,598
Securities Lending Collateral		369,049		—		—		369,049
Total Assets	$	23,565,605	$	136,598	$	—	$	23,702,203

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 37.3%
Guggenheim Strategy Fund II¹		72,728	$	1,817,465
Guggenheim Ultra Short Duration Fund — Institutional Class¹		169,007		1,685,001
Total Mutual Funds
(Cost $3,498,250)				3,502,466

		Face Amount
FEDERAL AGENCY NOTES^†† - 14.2%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/22²	$	1,000,000		999,748
0.13% due 11/02/21		100,000		100,006
Fannie Mae
1.38% due 10/07/21		235,000		235,052
Total Federal Agency Notes
(Cost $1,334,867)				1,334,806

FEDERAL AGENCY DISCOUNT NOTES^†† - 10.7%
Federal Farm Credit Bank
0.00% due 10/01/21³		1,000,000		1,000,000
Total Federal Agency Discount Notes
(Cost $1,000,000)				1,000,000
U.S. TREASURY BILLS^†† - 6.3%
U.S. Treasury Bills
0.04% due 10/07/21^3,4		596,000		595,997
Total U.S. Treasury Bills
(Cost $595,996)				595,997

REPURCHASE AGREEMENTS^††,5 - 30.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		1,623,352		1,623,352
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		630,755		630,755
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		630,755		630,755
Total Repurchase Agreements
(Cost $2,884,862)				2,884,862
Total Investments - 99.3%
(Cost $9,313,975)			$	9,318,131
Other Assets & Liabilities, net - 0.7%				61,234
Total Net Assets - 100.0%			$	9,379,365

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Commodity Futures Contracts Purchased^†

Goldman Sachs Commodity Index Futures Contracts

Oct 2021

9,338,125

452,367

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁵	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	3,502,466	$	—	$	—	$	3,502,466
Federal Agency Notes		—		1,334,806		—		1,334,806
Federal Agency Discount Notes		—		1,000,000		—		1,000,000
U.S. Treasury Bills		—		595,997		—		595,997
Repurchase Agreements		—		2,884,862		—		2,884,862
Commodity Futures Contracts**		452,367		—		—		452,367
Total Assets	$	3,954,833	$	5,815,665	$	—	$	9,770,498

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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	507,465	$	1,309,109	$	–		$	–		$	891		$	1,817,465		72,728	$	9,158
Guggenheim Ultra Short Duration Fund — Institutional Class		877,450		1,510,337		(700,000	)		(1,105	)		(1,681	)		1,685,001		169,007		10,384
	$	1,384,915	$	2,819,446	$	(700,000	)	$	(1,105	)	$	(790	)	$	3,502,466			$	19,542

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.3%
Food - 36.0%
Mondelez International, Inc. — Class A		6,413	$	373,108
Kraft Heinz Co.		7,744		285,134
Sysco Corp.		3,428		269,098
General Mills, Inc.		4,312		257,944
Hershey Co.		1,449		245,243
Tyson Foods, Inc. — Class A		2,938		231,926
Kroger Co.		5,704		230,613
Kellogg Co.		3,121		199,494
Hormel Foods Corp.		4,798		196,718
McCormick & Company, Inc.		2,351		190,502
Conagra Brands, Inc.		5,091		172,432
J M Smucker Co.		1,262		151,478
Campbell Soup Co.		3,547		148,300
Lamb Weston Holdings, Inc.		2,050		125,809
US Foods Holding Corp.^*		3,408		118,121
Performance Food Group Co.^*		2,493		115,825
Post Holdings, Inc.^*		1,029		113,355
Beyond Meat, Inc.^*,1		1,071		112,733
Ingredion, Inc.		1,147		102,094
Flowers Foods, Inc.*		4,037		95,394
Hain Celestial Group, Inc.^*		2,122		90,779
Sanderson Farms, Inc.		459		86,384
Sprouts Farmers Market, Inc.^*		2,995		69,394
Grocery Outlet Holding Corp.^*		2,656		57,290
Total Food				4,039,168
Beverages - 26.7%
Coca-Cola Co.		11,874		623,029
PepsiCo, Inc.		4,000		601,640
Keurig Dr Pepper, Inc.		8,470		289,335
Monster Beverage Corp.^*		3,145		279,370
Constellation Brands, Inc. — Class A		1,270		267,576
Brown-Forman Corp. — Class B		3,452		231,319
Molson Coors Beverage Co. — Class B		2,902		134,595
Boston Beer Company, Inc. — Class A^*		205		104,499
Celsius Holdings, Inc.^*		1,152		103,784
Coca-Cola Europacific Partners plc		1,810		100,075
Anheuser-Busch InBev S.A. ADR¹		1,738		97,988
Diageo plc ADR		412		79,516
Fomento Economico Mexicano SAB de CV ADR		878		76,140
Total Beverages				2,988,866
Cosmetics & Personal Care - 13.7%
Procter & Gamble Co.		5,516		771,137
Estee Lauder Companies, Inc. — Class A		1,422		426,500
Colgate-Palmolive Co.		4,452		336,482
Total Cosmetics & Personal Care				1,534,119
Agriculture - 13.2%
Philip Morris International, Inc.		5,241		496,794
Altria Group, Inc.		8,251		375,586
Archer-Daniels-Midland Co.		3,973		238,420
Bunge Ltd.		1,759		143,042
Darling Ingredients, Inc.^*		1,946		139,917
British American Tobacco plc ADR		2,431		85,766
Total Agriculture				1,479,525
Household Products & Housewares - 5.9%
Kimberly-Clark Corp.		2,108		279,184
Clorox Co.		1,157		191,611
Church & Dwight Company, Inc.		2,302		190,076
Total Household Products & Housewares				660,871
Retail - 1.9%
Casey's General Stores, Inc.		584		110,055
Freshpet, Inc.^*		718		102,451
Total Retail				212,506
Pharmaceuticals - 0.8%
Herbalife Nutrition Ltd.^*		2,164		91,710
Electrical Components & Equipment - 0.6%
Energizer Holdings, Inc.		1,791		69,938
Commercial Services - 0.5%
Medifast, Inc.		312		60,104
Total Common Stocks
(Cost $5,232,052)				11,136,807

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	41,527		41,527
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		16,135		16,135
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		16,135		16,135
Total Repurchase Agreements
(Cost $73,797)				73,797

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		149,778		149,778
Total Securities Lending Collateral
(Cost $149,778)				149,778
Total Investments - 101.3%
(Cost $5,455,627)			$	11,360,382
Other Assets & Liabilities, net - (1.3)%				(149,675	)
Total Net Assets - 100.0%			$	11,210,707

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	11,136,807	$	—	$	—	$	11,136,807
Repurchase Agreements		—		73,797		—		73,797
Securities Lending Collateral		149,778		—		—		149,778
Total Assets	$	11,286,585	$	73,797	$	—	$	11,360,382

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 74.8%
Financial - 15.8%
Goldman Sachs Group, Inc.		1,899	$	717,879
Visa, Inc. — Class A		1,899		423,002
American Express Co.		1,899		318,140
JPMorgan Chase & Co.		1,899		310,847
Travelers Companies, Inc.		1,899		288,667
Total Financial				2,058,535
Consumer, Non-cyclical - 15.0%
UnitedHealth Group, Inc.		1,899		742,015
Amgen, Inc.		1,899		403,822
Johnson & Johnson		1,899		306,689
Procter & Gamble Co.		1,899		265,480
Merck & Company, Inc.		1,899		142,634
Coca-Cola Co.		1,899		99,641
Total Consumer, Non-cyclical				1,960,281
Consumer, Cyclical - 13.1%
Home Depot, Inc.		1,899		623,366
McDonald's Corp.		1,899		457,868
NIKE, Inc. — Class B		1,899		275,792
Walmart, Inc.		1,899		264,682
Walgreens Boots Alliance, Inc.		1,899		89,348
Total Consumer, Cyclical				1,711,056
Technology - 12.9%
Microsoft Corp.		1,899		535,366
salesforce.com, Inc.^*		1,899		515,047
Apple, Inc.		1,899		268,708
International Business Machines Corp.		1,899		263,828
Intel Corp.		1,899		101,179
Total Technology				1,684,128
Industrial - 11.6%
Boeing Co.^*		1,899		417,666
Honeywell International, Inc.		1,899		403,120
Caterpillar, Inc.		1,899		364,551
3M Co.		1,899		333,122
Total Industrial				1,518,459
Communications - 4.1%
Walt Disney Co.^*		1,899		321,254
Cisco Systems, Inc.		1,899		103,362
Verizon Communications, Inc.		1,899		102,565
Total Communications				527,181
Energy - 1.5%
Chevron Corp.		1,899		192,654
Basic Materials - 0.8%
Dow, Inc.		1,899		109,306
Total Common Stocks
(Cost $8,546,971)				9,761,600

MUTUAL FUNDS^† - 10.7%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		83,164		829,147
Guggenheim Strategy Fund II¹		22,740		568,268
Total Mutual Funds
(Cost $1,372,498)				1,397,415

		Face Amount
U.S. TREASURY BILLS^†† - 10.5%
U.S. Treasury Bills
0.04% due 12/09/21^2,3	$	1,300,000		1,299,937
0.04% due 10/07/21^3,4		73,000		73,000
Total U.S. Treasury Bills
(Cost $1,372,905)				1,372,937

REPURCHASE AGREEMENTS^††,5 - 6.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21²		473,574		473,574
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21²		184,008		184,008
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21²		184,008		184,008
Total Repurchase Agreements
(Cost $841,590)				841,590
Total Investments - 102.5%
(Cost $12,133,964)			$	13,373,542
Other Assets & Liabilities, net - (2.5)%				(327,426	)
Total Net Assets - 100.0%			$	13,046,116

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Dow Jones Industrial Average Index Mini Futures Contracts		8	Dec 2021	$	1,348,360	$	(35,759	)

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

Dow Jones Industrial Average Index

Pay

0.59% (1 Month USD LIBOR + 0.50%)

At Maturity

11/04/21

133

4,513,635

(63,652

)

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

309

10,471,864

(227,003

)

14,985,499

(290,655

)

^*	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.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁵	Repurchase Agreements — See Note 4.

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	9,761,600	$	—	$	—	$	9,761,600
Mutual Funds		1,397,415		—		—		1,397,415
U.S. Treasury Bills		—		1,372,937		—		1,372,937
Repurchase Agreements		—		841,590		—		841,590
Total Assets	$	11,159,015	$	2,214,527	$	—	$	13,373,542

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	35,759	$	—	$	—	$	35,759
Equity Index Swap Agreements**		—		290,655		—		290,655
Total Liabilities	$	35,759	$	290,655	$	—	$	326,414

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

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	3,308,169	$	354,495	$	(3,100,000	)	$	43,108	$	(37,504	)	$	568,268		22,740	$	19,817
Guggenheim Ultra Short Duration Fund — Institutional Class		3,296,696		2,433,124		(4,900,000	)		17,536		(18,209	)		829,147		83,164		13,298
	$	6,604,865	$	2,787,619	$	(8,000,000	)	$	60,644	$	(55,713	)	$	1,397,415			$	33,115

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4%
Semiconductors - 89.5%
NVIDIA Corp.		5,381	$	1,114,728
Intel Corp.		13,782		734,305
Broadcom, Inc.		1,446		701,209
Texas Instruments, Inc.		3,460		665,047
QUALCOMM, Inc.		4,524		583,506
Advanced Micro Devices, Inc.^*		5,440		559,776
Applied Materials, Inc.		3,942		507,454
Analog Devices, Inc.		2,807		470,116
Micron Technology, Inc.		6,154		436,811
Lam Research Corp.		763		434,261
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,170		353,931
Marvell Technology, Inc.		5,755		347,084
KLA Corp.		1,019		340,866
NXP Semiconductor N.V.		1,618		316,918
Microchip Technology, Inc.		2,060		316,189
Xilinx, Inc.^*		2,024		305,604
Skyworks Solutions, Inc.		1,524		251,125
Monolithic Power Systems, Inc.		484		234,585
ASML Holding N.V. — Class G		306		228,004
ON Semiconductor Corp.^*		4,698		215,027
Qorvo, Inc.^*		1,243		207,817
Entegris, Inc.		1,597		201,062
Teradyne, Inc.		1,837		200,545
Cree, Inc.^*		1,820		146,929
STMicroelectronics N.V. — Class Y¹		3,366		146,859
Lattice Semiconductor Corp.^*		2,257		145,915
Brooks Automation, Inc.		1,421		145,439
MKS Instruments, Inc.		960		144,874
Synaptics, Inc.^*		730		131,203
Silicon Laboratories, Inc.^*		878		123,060
Ambarella, Inc.^*		782		121,789
Power Integrations, Inc.		1,189		117,699
Semtech Corp.^*		1,421		110,795
Cirrus Logic, Inc.^*		1,284		105,737
CMC Materials, Inc.		750		92,422
Total Semiconductors				11,258,691
Energy-Alternate Sources - 7.7%
Enphase Energy, Inc.^*		1,487		223,005
SolarEdge Technologies, Inc.^*		704		186,715
First Solar, Inc.^*		1,622		154,836
JinkoSolar Holding Company Ltd. ADR^*,1		3,324		152,272
Canadian Solar, Inc.^*		4,174		144,379
SunPower Corp. — Class A^*		4,491		101,856
Total Energy-Alternate Sources				963,063
Chemicals - 1.2%
Daqo New Energy Corp. ADR^*		2,764		157,548
Electrical Components & Equipment - 1.0%
Universal Display Corp.		762		130,271
Total Common Stocks
(Cost $4,272,056)				12,509,573

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	56,611		56,611
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		21,996		21,996
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		21,996		21,996
Total Repurchase Agreements
(Cost $100,603)				100,603

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		164,406		164,406
Total Securities Lending Collateral
(Cost $164,406)				164,406
Total Investments - 101.5%
(Cost $4,537,065)			$	12,774,582
Other Assets & Liabilities, net - (1.5)%				(193,702	)
Total Net Assets - 100.0%			$	12,580,880

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	12,509,573	$	—	$	—	$	12,509,573
Repurchase Agreements		—		100,603		—		100,603
Securities Lending Collateral		164,406		—		—		164,406
Total Assets	$	12,673,979	$	100,603	$	—	$	12,774,582

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.2%
Oil & Gas - 64.5%
Exxon Mobil Corp.		18,867	$	1,109,757
Chevron Corp.		9,277		941,152
ConocoPhillips		10,264		695,591
EOG Resources, Inc.		6,118		491,092
Marathon Petroleum Corp.		7,105		439,160
Pioneer Natural Resources Co.		2,607		434,092
Phillips 66		5,554		388,947
Valero Energy Corp.		5,409		381,713
Occidental Petroleum Corp.		12,726		376,435
Devon Energy Corp.		10,305		365,931
Hess Corp.		4,480		349,933
Diamondback Energy, Inc.		3,190		301,997
Petroleo Brasileiro S.A. ADR		28,833		298,133
Continental Resources, Inc.		6,270		289,360
BP plc ADR		8,984		245,533
Cabot Oil & Gas Corp. — Class A		10,066		219,036
Cimarex Energy Co.		2,454		213,989
Ovintiv, Inc.		6,508		213,983
Royal Dutch Shell plc — Class A ADR		4,648		207,161
Texas Pacific Land Corp.		168		203,172
APA Corp.		9,322		199,770
Equities Corp.^*		9,686		198,176
Range Resources Corp.^*		8,159		184,638
HollyFrontier Corp.		4,934		163,463
Chesapeake Energy Corp.		2,654		163,460
Suncor Energy, Inc.		7,467		154,866
Matador Resources Co.		4,046		153,910
PDC Energy, Inc.		3,127		148,188
Murphy Oil Corp.		5,874		146,674
Magnolia Oil & Gas Corp. — Class A		8,164		145,238
Canadian Natural Resources Ltd.		3,657		133,627
SM Energy Co.		5,055		133,351
Denbury, Inc.^*		1,771		124,413
Helmerich & Payne, Inc.		4,348		119,179
CNX Resources Corp.^*		9,312		117,517
Callon Petroleum Co.^*,1		2,328		114,258
PBF Energy, Inc. — Class A^*		7,521		97,547
Equinor ASA ADR¹		3,715		94,732
Delek US Holdings, Inc.^*		4,548		81,728
Total Oil & Gas				10,840,902
Pipelines - 13.3%
Kinder Morgan, Inc.		25,456		425,879
Williams Companies, Inc.		14,832		384,742
ONEOK, Inc.		6,098		353,623
Cheniere Energy, Inc.		3,473		339,208
Targa Resources Corp.		4,790		235,716
Enbridge, Inc.		3,974		158,165
DT Midstream, Inc.		2,969		137,287
TC Energy Corp.		2,626		126,284
Pembina Pipeline Corp.		2,406		76,246
Total Pipelines				2,237,150
Energy-Alternate Sources - 9.4%
Enphase Energy, Inc.^*		1,925		288,692
Plug Power, Inc.^*		10,396		265,514
SolarEdge Technologies, Inc.^*		803		212,972
Sunrun, Inc.^*		4,655		204,820
First Solar, Inc.^*		2,123		202,661
SunPower Corp. — Class A^*,1		6,098		138,303
Renewable Energy Group, Inc.^*		2,098		105,320
Green Plains, Inc.^*		2,553		83,355
TPI Composites, Inc.^*		2,163		73,001
Total Energy-Alternate Sources				1,574,638
Oil & Gas Services - 8.3%
Schlumberger N.V.		15,051		446,112
Baker Hughes Co.		14,252		352,452
Halliburton Co.		14,313		309,447
NOV, Inc.^*		11,678		153,098
ChampionX Corp.^*		6,478		144,848
Total Oil & Gas Services				1,405,957
Retail - 1.4%
Murphy USA, Inc.		831		138,993
World Fuel Services Corp.		2,910		97,834
Total Retail				236,827
Electrical Components & Equipment - 0.7%
EnerSys		1,558		115,977
Mining - 0.6%
Cameco Corp.		4,722		102,609
Coal - 0.5%
Peabody Energy Corp.^*		6,021		89,051
Metal Fabricate & Hardware - 0.5%
Tenaris S.A. ADR		4,170		88,029
Total Common Stocks
(Cost $10,529,205)				16,691,140

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	62,472		62,472
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		24,274		24,274
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		24,274		24,274
Total Repurchase Agreements
(Cost $111,020)				111,020

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		178,863		178,863
Total Securities Lending Collateral
(Cost $178,863)				178,863
Total Investments - 101.0%
(Cost $10,819,088)			$	16,981,023
Other Assets & Liabilities, net - (1.0)%				(166,658	)
Total Net Assets - 100.0%			$	16,814,365

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	16,691,140	$	—	$	—	$	16,691,140
Repurchase Agreements		—		111,020		—		111,020
Securities Lending Collateral		178,863		—		—		178,863
Total Assets	$	16,870,003	$	111,020	$	—	$	16,981,023

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 75.0%
Schlumberger N.V.		44,840	$	1,329,058
Baker Hughes Co.		42,440		1,049,541
Halliburton Co.		42,669		922,504
NOV, Inc.^*		34,758		455,677
ChampionX Corp.^*		19,255		430,542
Liberty Oilfield Services, Inc. — Class A^*		26,497		321,409
TechnipFMC plc^*		37,173		279,913
Oceaneering International, Inc.^*		18,193		242,331
Archrock, Inc.		29,026		239,464
Core Laboratories N.V.		8,320		230,880
National Energy Services Reunited Corp.^*		17,754		222,280
ProPetro Holding Corp.^*		24,323		210,394
Dril-Quip, Inc.^*		7,816		196,807
Bristow Group, Inc.^*		5,932		188,815
DMC Global, Inc.^*		4,415		162,958
US Silica Holdings, Inc.^*		19,823		158,386
Tidewater, Inc.^*		12,435		149,966
Oil States International, Inc.^*		21,475		137,225
Solaris Oilfield Infrastructure, Inc. — Class A		16,048		133,840
Matrix Service Co.^*		10,423		109,025
Total Oil & Gas Services				7,171,015
Oil & Gas - 8.8%
Helmerich & Payne, Inc.		12,978		355,727
Patterson-UTI Energy, Inc.		31,766		285,894
Nabors Industries Ltd.^*		2,038		196,626
Total Oil & Gas				838,247
Energy-Alternate Sources - 6.5%
SolarEdge Technologies, Inc.^*		1,179		312,694
Sunrun, Inc.^*		6,913		304,172
Total Energy-Alternate Sources				616,866
Machinery-Diversified - 3.7%
Cactus, Inc. — Class A		9,541		359,887
Metal Fabricate & Hardware - 2.8%
Tenaris S.A. ADR		12,573		265,416
Retail - 2.7%
Aspen Aerogels, Inc.^*		5,653		260,094
Total Common Stocks
(Cost $7,070,012)				9,511,525

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	35,909		35,909
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		13,953		13,953
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		13,952		13,952
Total Repurchase Agreements
(Cost $63,814)				63,814
Total Investments - 100.2%
(Cost $7,133,826)			$	9,575,339
Other Assets & Liabilities, net - (0.2)%				(18,449	)
Total Net Assets - 100.0%			$	9,556,890

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase 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 September 30, 2021 (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	$	9,511,525	$	—	$	—	$	9,511,525
Repurchase Agreements		—		63,814		—		63,814
Total Assets	$	9,511,525	$	63,814	$	—	$	9,575,339

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 22.0%
Consumer, Non-cyclical - 9.0%
Nestle S.A. ADR		246	$	29,470
Roche Holding AG ADR		490		22,280
Novartis AG ADR		212		17,337
AstraZeneca plc ADR		271		16,276
Novo Nordisk A/S ADR		144		13,825
Unilever plc ADR		229		12,417
Diageo plc ADR		51		9,843
Sanofi ADR		199		9,594
L'Oreal S.A. ADR		106		8,785
GlaxoSmithKline plc ADR		217		8,292
Adyen N.V. ADR^*		246		6,898
British American Tobacco plc ADR		184		6,491
Reckitt Benckiser Group plc ADR		321		5,072
RELX plc ADR		172		4,964
Bayer AG ADR		343		4,665
Anheuser-Busch InBev S.A. ADR¹		74		4,172
Total Consumer, Non-cyclical				180,381
Financial - 2.7%
HSBC Holdings plc ADR		362		9,466
Allianz SE ADR		360		8,086
BNP Paribas S.A. ADR¹		201		6,444
Banco Santander S.A. ADR^*		1,511		5,470
Zurich Insurance Group AG ADR		131		5,379
AXA S.A. ADR		180		5,033
UBS Group AG		303		4,830
Intesa Sanpaolo SpA ADR		265		4,537
Prudential plc ADR¹		114		4,466
Total Financial				53,711
Industrial - 2.1%
Siemens AG ADR		131		10,760
Schneider Electric SE ADR		249		8,273
Airbus SE ADR^*		204		6,812
Vinci S.A. ADR		209		5,436
Deutsche Post AG ADR		86		5,426
ABB Ltd. ADR		147		4,904
Total Industrial				41,611
Technology - 2.0%
ASML Holding N.V. — Class G		37		27,569
SAP SE ADR		95		12,829
Total Technology				40,398
Basic Materials - 1.8%
Linde plc		45		13,202
Air Liquide S.A. ADR		207		6,655
Rio Tinto plc ADR¹		92		6,147
BASF SE ADR		321		6,112
BHP Group plc ADR		92		4,664
Total Basic Materials				36,780
Consumer, Cyclical - 1.7%
LVMH Moet Hennessy Louis Vuitton SE ADR		115		16,477
Daimler AG ADR		293		6,660
adidas AG ADR		33		5,218
Kering S.A. ADR		64		4,566
Total Consumer, Cyclical				32,921
Energy - 1.4%
TotalEnergies SE ADR		230		11,024
BP plc ADR		293		8,008
Royal Dutch Shell plc — Class A ADR		179		7,978
Total Energy				27,010
Communications - 0.8%
Prosus N.V. ADR		389		6,239
Deutsche Telekom AG ADR		282		5,682
Vodafone Group plc ADR		248		3,832
Total Communications				15,753
Utilities - 0.5%
Enel SpA ADR		681		5,203
Iberdrola S.A. ADR		126		5,070
Total Utilities				10,273
Total Common Stocks
(Cost $370,483)				438,838

MUTUAL FUNDS^† - 51.8%
Guggenheim Strategy Fund II²		22,645		565,897
Guggenheim Ultra Short Duration Fund — Institutional Class²		46,849		467,080
Total Mutual Funds
(Cost $1,028,234)				1,032,977

		Face Amount
U.S. TREASURY BILLS^†† - 16.4%
U.S. Treasury Bills
0.04% due 10/07/21^3,4	$	326,000		325,998
Total U.S. Treasury Bills
(Cost $325,998)				325,998

REPURCHASE AGREEMENTS^††,5 - 15.9%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		178,525		178,525
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		69,366		69,366
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		69,366		69,366
Total Repurchase Agreements
(Cost $317,257)				317,257

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁷		16,163		16,163
Total Securities Lending Collateral
(Cost $16,163)				16,163
Total Investments - 106.9%
(Cost $2,058,135)			$	2,131,233
Other Assets & Liabilities, net - (6.9)%				(136,676	)
Total Net Assets - 100.0%			$	1,994,557

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		49	Dec 2021	$	1,972,034	$	(39,027	)

Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		14	Dec 2021		2,029,825		(44,400	)

^*	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.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	438,838	$	—	$	—	$	438,838
Mutual Funds		1,032,977		—		—		1,032,977
U.S. Treasury Bills		—		325,998		—		325,998
Repurchase Agreements		—		317,257		—		317,257
Securities Lending Collateral		16,163		—		—		16,163
Total Assets	$	1,487,978	$	643,255	$	—	$	2,131,233

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	44,400	$	—	$	—	$	44,400
Equity Futures Contracts**		39,027		—		—		39,027
Total Liabilities	$	83,427	$	—	$	—	$	83,427

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

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	429,079	$	686,390	$	(550,000	)	$	(10	)	$	438		$	565,897		22,645	$	6,432
Guggenheim Ultra Short Duration Fund — Institutional Class		543,073		574,353		(650,000	)		(3	)		(343	)		467,080		46,849		4,381
	$	972,152	$	1,260,743	$	(1,200,000	)	$	(13	)	$	95		$	1,032,977			$	10,813

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
REITS - 27.9%
American Tower Corp. — Class A		911	$	241,789
Prologis, Inc.		1,744		218,750
Crown Castle International Corp.		1,112		192,732
Equinix, Inc.		241		190,421
Public Storage		548		162,811
Simon Property Group, Inc.		1,146		148,946
Digital Realty Trust, Inc.		1,015		146,617
SBA Communications Corp.		407		134,542
Welltower, Inc.		1,611		132,746
AvalonBay Communities, Inc.		582		128,994
Equity Residential		1,571		127,125
Alexandria Real Estate Equities, Inc.		642		122,667
Weyerhaeuser Co.		3,357		119,408
Realty Income Corp.		1,744		113,116
Mid-America Apartment Communities, Inc.		570		106,447
Invitation Homes, Inc.		2,771		106,212
Extra Space Storage, Inc.		628		105,498
Ventas, Inc.		1,873		103,408
Sun Communities, Inc.		558		103,286
Essex Property Trust, Inc.		319		101,997
VICI Properties, Inc.		3,533		100,373
Duke Realty Corp.		2,006		96,027
Healthpeak Properties, Inc.		2,864		95,887
Boston Properties, Inc.		866		93,831
UDR, Inc.		1,725		91,391
Camden Property Trust		602		88,777
Equity LifeStyle Properties, Inc.		1,089		85,051
WP Carey, Inc.		1,156		84,434
Kimco Realty Corp.		3,831		79,493
American Homes 4 Rent — Class A		2,076		79,137
Host Hotels & Resorts, Inc.^*		4,837		78,988
Medical Properties Trust, Inc.		3,932		78,915
Lamar Advertising Co. — Class A		695		78,848
Regency Centers Corp.		1,146		77,160
Gaming and Leisure Properties, Inc.		1,613		74,714
VEREIT, Inc.		1,597		72,232
CyrusOne, Inc.		933		72,224
CubeSmart		1,440		69,768
Federal Realty Investment Trust		586		69,142
Life Storage, Inc.		596		68,385
AGNC Investment Corp.		4,181		65,934
Vornado Realty Trust		1,561		65,578
STORE Capital Corp.		2,041		65,373
Kilroy Realty Corp.		972		64,356
Rexford Industrial Realty, Inc.		1,106		62,766
National Retail Properties, Inc.		1,434		61,934
American Campus Communities, Inc.		1,223		59,254
Omega Healthcare Investors, Inc.		1,976		59,201
First Industrial Realty Trust, Inc.		1,134		59,059
CoreSite Realty Corp.		418		57,910
Americold Realty Trust		1,990		57,810
Healthcare Trust of America, Inc. — Class A		1,942		57,600
EastGroup Properties, Inc.		344		57,321
Brixmor Property Group, Inc.		2,588		57,221
Douglas Emmett, Inc.		1,690		53,421
SL Green Realty Corp.		725		51,359
Agree Realty Corp.		721		47,752
Healthcare Realty Trust, Inc.		1,581		47,082
Hudson Pacific Properties, Inc.		1,752		46,025
Total REITS				5,539,245
Banks - 25.9%
JPMorgan Chase & Co.		3,186		521,516
Bank of America Corp.		10,519		446,532
Wells Fargo & Co.		6,932		321,714
Morgan Stanley		3,112		302,829
Citigroup, Inc.		3,930		275,807
Goldman Sachs Group, Inc.		697		263,487
U.S. Bancorp		3,750		222,900
PNC Financial Services Group, Inc.		1,095		214,226
Truist Financial Corp.		3,595		210,847
Bank of New York Mellon Corp.		3,003		155,676
SVB Financial Group^*		225		145,548
First Republic Bank		691		133,280
Fifth Third Bancorp		3,015		127,957
State Street Corp.		1,500		127,080
Huntington Bancshares, Inc.		7,277		112,502
Northern Trust Corp.		1,013		109,212
Regions Financial Corp.		5,055		107,722
Citizens Financial Group, Inc.		2,276		106,926
KeyCorp		4,936		106,716
M&T Bank Corp.		711		106,181
Toronto-Dominion Bank		1,559		103,128
HDFC Bank Ltd. ADR		1,351		98,745
Royal Bank of Canada		982		97,689
Bank of Nova Scotia		1,573		96,787
ICICI Bank Ltd. ADR		5,082		95,897
HSBC Holdings plc ADR		3,559		93,068
Signature Bank		340		92,575
Western Alliance Bancorporation		749		81,506
East West Bancorp, Inc.		1,021		79,168
Zions Bancorp North America		1,225		75,815
First Horizon Corp.		4,372		71,220
Silvergate Capital Corp. — Class A^*		344		39,732
Total Banks				5,143,988
Insurance - 21.5%
Berkshire Hathaway, Inc. — Class B^*		2,098		572,628
Willis Towers Watson plc		868		201,775
Marsh & McLennan Companies, Inc.		1,316		199,282
Aon plc — Class A		646		184,607
MetLife, Inc.		2,713		167,474
Progressive Corp.		1,845		166,770
Chubb Ltd.		949		164,633
American International Group, Inc.		2,906		159,510
Prudential Financial, Inc.		1,416		148,963
Travelers Companies, Inc.		927		140,913
Allstate Corp.		1,097		139,659
Aflac, Inc.		2,568		133,870

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Insurance - 21.5% (continued)
Arthur J Gallagher & Co.		864	$	128,434
Hartford Financial Services Group, Inc.		1,634		114,789
Everest Re Group Ltd.		414		103,823
Athene Holding Ltd. — Class A^*		1,438		99,035
Arch Capital Group Ltd.^*		2,580		98,504
Cincinnati Financial Corp.		858		98,001
Principal Financial Group, Inc.		1,484		95,570
RenaissanceRe Holdings Ltd.		685		95,489
Brown & Brown, Inc.		1,632		90,494
Markel Corp.^*		74		88,440
Loews Corp.		1,603		86,450
Lincoln National Corp.		1,227		84,356
Fidelity National Financial, Inc.		1,818		82,428
Equitable Holdings, Inc.		2,747		81,421
American Financial Group, Inc.		586		73,736
Assurant, Inc.		436		68,779
Globe Life, Inc.		771		68,642
Reinsurance Group of America, Inc. — Class A		566		62,973
First American Financial Corp.		929		62,289
Voya Financial, Inc.		984		60,408
MGIC Investment Corp.		3,466		51,851
Unum Group		2,066		51,774
Lemonade, Inc.^*,1		687		46,036
Total Insurance				4,273,806
Diversified Financial Services - 16.9%
Charles Schwab Corp.		3,794		276,355
American Express Co.		1,613		270,226
BlackRock, Inc. — Class A		298		249,921
Capital One Financial Corp.		1,219		197,441
CME Group, Inc. — Class A		1,011		195,507
Intercontinental Exchange, Inc.		1,597		183,368
T. Rowe Price Group, Inc.		755		148,509
Discover Financial Services		1,130		138,821
Nasdaq, Inc.		678		130,868
Rocket Companies, Inc. — Class A		8,028		128,769
Synchrony Financial		2,483		121,369
Apollo Global Management, Inc.		1,936		119,238
Upstart Holdings, Inc.^*		367		116,133
Futu Holdings Ltd. ADR^*,1		1,271		115,686
Ameriprise Financial, Inc.		385		101,686
Tradeweb Markets, Inc. — Class A		1,211		97,825
Ally Financial, Inc.		1,909		97,454
Franklin Resources, Inc.		2,910		86,485
LPL Financial Holdings, Inc.		545		85,434
Cboe Global Markets, Inc.		681		84,349
Invesco Ltd.		3,160		76,188
Jefferies Financial Group, Inc.		1,909		70,881
Credit Acceptance Corp.^*,1		115		67,310
OneMain Holdings, Inc.		1,130		62,523
SLM Corp.		3,007		52,923
Evercore, Inc. — Class A		390		52,131
LendingTree, Inc.^*		209		29,224
Total Diversified Financial Services				3,356,624
Private Equity - 3.1%
Blackstone, Inc. — Class A		2,211		257,227
KKR & Company, Inc. — Class A		2,660		161,941
Brookfield Asset Management, Inc. — Class A		1,853		99,154
Carlyle Group, Inc.		1,946		92,007
Total Private Equity				610,329
Commercial Services - 2.5%
S&P Global, Inc.		534		226,891
Moody's Corp.		506		179,686
MarketAxess Holdings, Inc.		221		92,972
Total Commercial Services				499,549
Software - 0.8%
MSCI, Inc. — Class A		253		153,910
Media - 0.5%
FactSet Research Systems, Inc.		233		91,984
Savings & Loans - 0.4%
People's United Financial, Inc.		3,780		66,037
Total Common Stocks
(Cost $13,255,649)				19,735,472

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.1%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	127,345		127,345
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		49,480		49,480
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		49,480		49,480
Total Repurchase Agreements
(Cost $226,305)				226,305

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		139,285		139,285
Total Securities Lending Collateral
(Cost $139,285)				139,285
Total Investments - 101.3%
(Cost $13,621,239)			$	20,101,062
Other Assets & Liabilities, net - (1.3)%				(249,515	)
Total Net Assets - 100.0%			$	19,851,547

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

CME — Chicago Mercantile Exchange

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	19,735,472	$	—	$	—	$	19,735,472
Repurchase Agreements		—		226,305		—		226,305
Securities Lending Collateral		139,285		—		—		139,285
Total Assets	$	19,874,757	$	226,305	$	—	$	20,101,062

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 63.0%
Guggenheim Variable Insurance Strategy Fund III¹		173,933	$	4,358,758
Guggenheim Strategy Fund III¹		88,722		2,230,480
Guggenheim Strategy Fund II¹		4,534		113,302
Guggenheim Ultra Short Duration Fund — Institutional Class¹		7,257		72,352
Total Mutual Funds
(Cost $6,712,519)				6,774,892

		Face Amount
U.S. TREASURY BILLS^†† - 12.6%
U.S. Treasury Bills
0.04% due 10/07/21^2,3	$	1,358,000		1,357,993
Total U.S. Treasury Bills
(Cost $1,357,991)				1,357,993

REPURCHASE AGREEMENTS^††,4 - 21.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		1,307,472		1,307,472
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		508,020		508,020
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		508,020		508,020
Total Repurchase Agreements
(Cost $2,323,512)				2,323,512
Total Investments - 97.2%
(Cost $10,394,022)			$	10,456,397
Other Assets & Liabilities, net - 2.8%				302,959
Total Net Assets - 100.0%			$	10,759,356

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Purchased^†
Natural Gas Futures Contracts		4	Oct 2021	$	233,040	$	69,150
Natural Gas Futures Contracts		15	Dec 2021		905,700		60,782
Cotton #2 Futures Contracts		24	May 2022		1,234,200		34,963
Gasoline RBOB Futures Contracts		13	Nov 2021		1,174,774		25,620
Low Sulphur Gas Oil Futures Contracts		4	Nov 2021		268,800		24,743
Gasoline RBOB Futures Contracts		2	Oct 2021		183,859		15,308
NY Harbor ULSD Futures Contracts		3	Oct 2021		294,487		15,041
Brent Crude Futures Contracts		3	Oct 2021		234,870		10,525
LME Primary Aluminum Futures Contracts		4	Nov 2021		285,675		6,478
Oat Futures Contracts		1	Dec 2021		29,100		4,312
Coffee 'C' Futures Contracts		1	Dec 2021		72,881		2,753
Soybean Oil Futures Contracts		3	Dec 2021		105,660		1,557
Black Sea Wheat Financially Settled (Platts) Futures Contracts		3	Oct 2021		46,463		1,155
Dry Whey Futures Contracts		1	Nov 2021		23,980		951
Hard Red Winter Wheat Futures Contracts		2	Dec 2021		73,150		932
Cocoa Futures Contracts		1	Dec 2021		26,390		847
WTI Crude Futures Contracts		3	Oct 2021		224,820		322
CME Nonfat Dry Milk Futures Contracts		1	Nov 2021		58,960		217
Wheat Futures Contracts		1	Dec 2021		36,288		118
Black Sea Wheat Financially Settled (Platts) Futures Contracts		1	Nov 2021		15,763		110
Canadian Canola (WCE) Futures Contracts		2	Nov 2021		28,222		(3	)
CME Cash-Settled Butter Futures Contracts		1	Nov 2021		35,600		(23	)
Lean Hogs Futures Contracts		1	Dec 2021		34,090		(113	)
CBOT Rough Rice Futures Contracts		2	Nov 2021		54,860		(545	)
FCOJ-A Futures Contracts		1	Nov 2021		19,875		(716	)
Sugar #11 Futures Contracts		59	Jun 2022		1,254,859		(2,976	)

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Purchased^† (continued)
LME Zinc Futures Contracts		2	Nov 2021	$	149,587	$	(3,231	)
LME Lead Futures Contracts		1	Nov 2021		52,512		(4,537	)
Copper Futures Contracts		1	Dec 2021		102,625		(6,078	)
Soybean Futures Contracts		2	Nov 2021		125,700		(6,281	)
LME Nickel Futures Contracts		1	Nov 2021		107,643		(10,663	)
Live Cattle Futures Contracts		12	Dec 2021		604,200		(12,670	)
				$	8,098,633	$	228,048

Currency Futures Contracts Purchased^†
Canadian Dollar Futures Contracts		2	Dec 2021	$	157,860	$	428
British Pound Futures Contracts		1	Dec 2021		84,200		(1,494	)
New Zealand Dollar Futures Contracts		2	Dec 2021		137,960		(2,507	)
Mexican Peso Futures Contracts		34	Dec 2021		814,810		(26,104	)
				$	1,194,830	$	(29,677	)

Interest Rate Futures Contracts Purchased^†
U.S. Treasury Long Bond Futures Contracts		1	Dec 2021	$	159,531	$	188
Euro - Bund Futures Contracts		3	Dec 2021		590,790		57
Australian Government 10 Year Bond Futures Contracts		5	Dec 2021		511,456		(792	)
U.S. Treasury Ultra Long Bond Futures Contracts		1	Dec 2021		191,594		(2,958	)
Australian Government 3 Year Bond Futures Contracts		68	Dec 2021		5,721,712		(8,392	)
Euro - OATS Futures Contracts		16	Dec 2021		3,076,923		(18,442	)
				$	10,252,006	$	(30,339	)

Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		17	Oct 2021	$	390,150	$	42,621
FTSE 100 Index Futures Contracts		3	Dec 2021		284,646		7,034
Tokyo Stock Price Index Futures Contracts		3	Dec 2021		543,840		2,288
Russell 2000 Index Mini Futures Contracts		1	Dec 2021		110,020		1,238
IBEX 35 Index Futures Contracts^††		2	Oct 2021		202,964		1,077
Euro STOXX 50 Index Futures Contracts		7	Dec 2021		325,956		(1,159	)
FTSE Taiwan Index Futures Contracts		5	Oct 2021		293,400		(5,279	)
DAX Index Futures Contracts		1	Dec 2021		440,338		(6,798	)
MSCI EAFE Index Futures Contracts		2	Dec 2021		226,630		(7,132	)
S&P MidCap 400 Index Mini Futures Contracts		1	Dec 2021		263,340		(7,212	)
Dow Jones Industrial Average Index Mini Futures Contracts		2	Dec 2021		337,090		(10,463	)
CAC 40 10 Euro Index Futures Contracts		5	Oct 2021		376,709		(10,692	)
Nikkei 225 (OSE) Index Futures Contracts		2	Dec 2021		527,082		(12,152	)
SPI 200 Index Futures Contracts		4	Dec 2021		518,358		(13,624	)
S&P 500 Index Mini Futures Contracts		3	Dec 2021		644,550		(19,905	)
Amsterdam Index Futures Contracts		4	Oct 2021		711,399		(21,457	)
S&P/TSX 60 IX Index Futures Contracts		4	Dec 2021		755,527		(23,795	)
NASDAQ-100 Index Mini Futures Contracts		2	Dec 2021		587,070		(34,972	)
				$	7,539,069	$	(120,382	)

Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts		37	Dec 2021	$	4,971,875	$	103,660
Australian Dollar Futures Contracts		29	Dec 2021		2,096,410		59,418
Euro FX Futures Contracts		18	Dec 2021		2,609,775		45,519
Japanese Yen Futures Contracts		5	Dec 2021		561,844		(1,724	)
				$	10,239,904	$	206,873

Interest Rate Futures Contracts Sold Short^†
Canadian Government 10 Year Bond Futures Contracts		23	Dec 2021	$	2,604,935	$	17,921
Long Gilt Futures Contracts^††		13	Dec 2021		2,197,324		12,363

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Interest Rate Futures Contracts Sold Short^† (continued)
Euro - Schatz Futures Contracts		30	Dec 2021	$	3,899,618	$	(143	)
U.S. Treasury 5 Year Note Futures Contracts		19	Dec 2021		2,333,141		(336	)
Euro - Bobl Futures Contracts		10	Dec 2021		1,563,948		(681	)
U.S. Treasury 2 Year Note Futures Contracts		65	Dec 2021		14,304,570		(4,837	)
				$	26,903,536	$	24,287

Equity Futures Contracts Sold Short^†
FTSE/JSE TOP 40 Index Futures Contracts^††		2	Dec 2021	$	77,124	$	710
CBOE Volatility Index Futures Contracts		13	Mar 2022		334,100		631
CBOE Volatility Index Futures Contracts		21	Feb 2022		530,250		(6,384	)
CBOE Volatility Index Futures Contracts		13	Jan 2022		323,050		(9,779	)
				$	1,264,524	$	(14,822	)

Commodity Futures Contracts Sold Short^†
Live Cattle Futures Contracts		25	Apr 2022	$	1,340,500	$	21,873
Silver Futures Contracts		2	Dec 2021		221,450		10,969
Soybean Meal Futures Contracts		7	Dec 2021		230,160		9,019
Cattle Feeder Futures Contracts		3	Jan 2022		232,275		3,319
Gold 100 oz. Futures Contracts		1	Dec 2021		175,650		527
Sugar #11 Futures Contracts		3	Apr 2022		66,125		189
Corn Futures Contracts		1	Dec 2021		26,875		(1,203	)
Platinum Futures Contracts		2	Jan 2022		96,320		(3,058	)
Sugar #11 Futures Contracts		31	Feb 2022		703,080		(13,269	)
Cotton #2 Futures Contracts		12	Dec 2021		634,140		(22,538	)
Gasoline RBOB Futures Contracts		13	Dec 2021		1,165,601		(27,619	)
Natural Gas Futures Contracts		15	Nov 2021		894,000		(50,905	)
				$	5,786,176	$	(72,696	)

^**	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.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at September 30, 2021.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	6,774,892	$	—	$	—	$	6,774,892
U.S. Treasury Bills		—		1,357,993		—		1,357,993
Repurchase Agreements		—		2,323,512		—		2,323,512
Commodity Futures Contracts**		321,780		—		—		321,780
Currency Futures Contracts**		209,025		—		—		209,025
Equity Futures Contracts**		53,812		1,787		—		55,599
Interest Rate Futures Contracts**		18,166		12,363		—		30,529
Total Assets	$	7,377,675	$	3,695,655	$	—	$	11,073,330

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	190,803	$	—	$	—	$	190,803
Commodity Futures Contracts**		166,428		—		—		166,428
Interest Rate Futures Contracts**		36,581		—		—		36,581
Currency Futures Contracts**		31,829		—		—		31,829
Total Liabilities	$	425,641	$	—	$	—	$	425,641

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	112,043	$	1,124	$	–		$	–	$	135		$	113,302		4,534	$	1,135
Guggenheim Strategy Fund III		2,399,952		26,644		(200,000	)		1,034		2,850			2,230,480		88,722		26,918
Guggenheim Ultra Short Duration Fund — Institutional Class		71,938		487		–			–		(73	)		72,352		7,257		491
Guggenheim Variable Insurance Strategy Fund III		4,305,677		49,663		–			–		3,418			4,358,758		173,933		50,124
	$	6,889,610	$	77,918	$	(200,000	)	$	1,034	$	6,330		$	6,774,892			$	78,668

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 29.1%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		170,590	$	1,700,783
Guggenheim Strategy Fund II¹		47,207		1,179,707
Total Mutual Funds
(Cost $2,852,899)				2,880,490

		Face Amount
U.S. GOVERNMENT SECURITIES^†† - 47.6%
U.S. Treasury Bonds
2.00% due 08/15/51	$	4,800,000		4,717,500
Total U.S. Government Securities
(Cost $4,886,053)				4,717,500

FEDERAL AGENCY DISCOUNT NOTES^†† - 10.1%
Federal Farm Credit Bank
0.00% due 10/01/21²		1,000,000		1,000,000
Total Federal Agency Discount Notes
(Cost $1,000,000)				1,000,000

U.S. TREASURY BILLS^†† - 2.4%
U.S. Treasury Bills
0.04% due 10/07/21^2,3		242,000		241,999
Total U.S. Treasury Bills
(Cost $241,998)				241,999

FEDERAL AGENCY NOTES^†† - 2.0%
Federal Farm Credit Bank
0.13% due 11/02/21		200,000		200,013
Total Federal Agency Notes
(Cost $200,015)				200,013

REPURCHASE AGREEMENTS^††,4 - 19.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		1,074,972		1,074,972
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		417,681		417,681
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		417,681		417,681
Total Repurchase Agreements
(Cost $1,910,334)				1,910,334
Total Investments - 110.5%
(Cost $11,091,299)			$	10,950,336
Other Assets & Liabilities, net - (10.5)%				(1,038,038	)
Total Net Assets - 100.0%			$	9,912,298

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury Ultra Long Bond Futures Contracts		45	Dec 2021	$	8,621,719	$	(165,171	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁴	Repurchase 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 September 30, 2021 (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	$	2,880,490	$	—	$	—	$	2,880,490
U.S. Government Securities		—		4,717,500		—		4,717,500
Federal Agency Discount Notes		—		1,000,000		—		1,000,000
U.S. Treasury Bills		—		241,999		—		241,999
Federal Agency Notes		—		200,013		—		200,013
Repurchase Agreements		—		1,910,334		—		1,910,334
Total Assets	$	2,880,490	$	8,069,846	$	—	$	10,950,336

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Interest Rate Futures Contracts**		$	165,171			$	—			$	—			$	165,171

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,416,232	$	2,711,394	$	(2,950,000	)	$	14,045	$	(11,964	)	$	1,179,707		47,207	$	11,532
Guggenheim Ultra Short Duration Fund — Institutional Class		1,643,816		4,056,861		(4,000,000	)		18,406		(18,300	)		1,700,783		170,590		6,953
	$	3,060,048	$	6,768,255	$	(6,950,000	)	$	32,451	$	(30,264	)	$	2,880,490			$	18,485

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4%
Healthcare-Products - 30.7%
Thermo Fisher Scientific, Inc.		847	$	483,917
Danaher Corp.		1,492		454,224
Abbott Laboratories		3,752		443,224
Medtronic plc		3,040		381,064
Intuitive Surgical, Inc.^*		342		339,999
Stryker Corp.		1,174		309,607
Edwards Lifesciences Corp.^*		2,287		258,911
Boston Scientific Corp.^*		5,634		244,459
IDEXX Laboratories, Inc.^*		362		225,128
Align Technology, Inc.^*		327		217,596
Baxter International, Inc.		2,461		197,938
ResMed, Inc.		719		189,492
Zimmer Biomet Holdings, Inc.		1,189		174,022
West Pharmaceutical Services, Inc.		403		171,090
Avantor, Inc.^*		3,763		153,907
STERIS plc		682		139,319
Insulet Corp.^*		480		136,430
Novocure Ltd.^*		1,172		136,151
PerkinElmer, Inc.		784		135,859
Hologic, Inc.^*		1,819		134,260
Bio-Techne Corp.		274		132,772
Repligen Corp.^*		433		125,133
10X Genomics, Inc. — Class A^*		836		121,705
Masimo Corp.^*		449		121,549
QIAGEN N.V.^*		2,281		117,882
ABIOMED, Inc.^*		359		116,862
Dentsply Sirona, Inc.		1,862		108,089
Henry Schein, Inc.^*		1,331		101,369
Hill-Rom Holdings, Inc.		662		99,300
Natera, Inc.^*		882		98,290
Penumbra, Inc.^*		357		95,141
Tandem Diabetes Care, Inc.^*		710		84,760
Quidel Corp.^*		551		77,774
Nevro Corp.^*		529		61,565
Haemonetics Corp.^*		867		61,202
iRhythm Technologies, Inc.^*		684		40,055
Total Healthcare-Products				6,490,045
Pharmaceuticals - 29.7%
Johnson & Johnson		4,007		647,131
Pfizer, Inc.		11,329		487,260
Eli Lilly & Co.		2,054		474,577
Merck & Company, Inc.		5,967		448,181
AbbVie, Inc.		4,059		437,844
Bristol-Myers Squibb Co.		6,100		360,937
CVS Health Corp.		3,970		336,894
Zoetis, Inc.		1,531		297,228
Cigna Corp.		1,300		260,208
Becton Dickinson and Co.		1,050		258,111
AstraZeneca plc ADR		3,813		229,009
Dexcom, Inc.^*		410		224,213
McKesson Corp.		865		172,464
Jazz Pharmaceuticals plc^*		1,215		158,205
AmerisourceBergen Corp. — Class A		1,292		154,329
GlaxoSmithKline plc ADR		3,769		144,014
Perrigo Company plc		3,037		143,741
Teva Pharmaceutical Industries Ltd. ADR^*		14,653		142,720
Novartis AG ADR		1,679		137,309
Viatris, Inc.		9,418		127,614
Elanco Animal Health, Inc.^*		3,813		121,597
Cardinal Health, Inc.		2,322		114,846
Bausch Health Companies, Inc.^*		3,656		101,820
Neurocrine Biosciences, Inc.^*		1,006		96,485
Intellia Therapeutics, Inc.^*		695		93,234
Sarepta Therapeutics, Inc.^*		969		89,613
Total Pharmaceuticals				6,259,584
Biotechnology - 19.0%
Moderna, Inc.^*		954		367,156
Amgen, Inc.		1,629		346,407
Gilead Sciences, Inc.		4,216		294,488
Regeneron Pharmaceuticals, Inc.^*		407		246,308
Illumina, Inc.^*		592		240,121
Vertex Pharmaceuticals, Inc.^*		1,189		215,673
Biogen, Inc.^*		704		199,225
Seagen, Inc.^*		1,102		187,120
Horizon Therapeutics plc^*		1,455		159,381
BioNTech SE ADR^*		558		152,328
Alnylam Pharmaceuticals, Inc.^*		791		149,349
Royalty Pharma plc — Class A		3,952		142,825
CRISPR Therapeutics AG^*		1,174		131,406
Exact Sciences Corp.^*		1,313		125,326
BioMarin Pharmaceutical, Inc.^*		1,549		119,722
Incyte Corp.^*		1,723		118,508
Novavax, Inc.^*		564		116,923
Guardant Health, Inc.^*		904		113,009
Mirati Therapeutics, Inc.^*		562		99,423
United Therapeutics Corp.^*		466		86,014
Exelixis, Inc.^*		3,944		83,376
Arrowhead Pharmaceuticals, Inc.^*		1,294		80,784
Twist Bioscience Corp.^*		671		71,777
Pacific Biosciences of California, Inc.^*		2,747		70,186
Emergent BioSolutions, Inc.^*		974		48,768
Inovio Pharmaceuticals, Inc.^*,1		5,281		37,812
Total Biotechnology				4,003,415
Healthcare-Services - 15.9%
UnitedHealth Group, Inc.		1,507		588,845
Anthem, Inc.		808		301,222
HCA Healthcare, Inc.		1,104		267,963
Humana, Inc.		569		221,426
IQVIA Holdings, Inc.^*		863		206,723
Centene Corp.^*		3,092		192,663
Laboratory Corporation of America Holdings^*		571		160,702
ICON plc^*		569		149,089
Catalent, Inc.^*		1,113		148,107
Charles River Laboratories International, Inc.^*		340		140,308
Teladoc Health, Inc.^*		1,078		136,701
Quest Diagnostics, Inc.		889		129,181
PPD, Inc.^*		2,745		128,439
Molina Healthcare, Inc.^*		466		126,430
DaVita, Inc.^*		930		108,122
Universal Health Services, Inc. — Class B		756		104,608
Syneos Health, Inc.^*		1,048		91,679
Encompass Health Corp.		1,133		85,020

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Healthcare-Services - 15.9% (continued)
Invitae Corp.^*,1		2,725	$	77,472
Total Healthcare-Services				3,364,700
Electronics - 2.5%
Agilent Technologies, Inc.		1,331		209,672
Mettler-Toledo International, Inc.^*		124		170,792
Waters Corp.^*		396		141,491
Total Electronics				521,955
Software - 1.6%
Veeva Systems, Inc. — Class A^*		712		205,177
Cerner Corp.		2,008		141,604
Total Software				346,781
Total Common Stocks
(Cost $9,103,404)				20,986,480

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	77,550		77,550
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		30,133		30,133
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		30,132		30,132
Total Repurchase Agreements
(Cost $137,815)				137,815

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		83,720		83,720
Total Securities Lending Collateral
(Cost $83,720)				83,720
Total Investments - 100.5%
(Cost $9,324,939)			$	21,208,015
Other Assets & Liabilities, net - (0.5)%				(112,517	)
Total Net Assets - 100.0%			$	21,095,498

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	20,986,480	$	—	$	—	$	20,986,480
Repurchase Agreements		—		137,815		—		137,815
Securities Lending Collateral		83,720		—		—		83,720
Total Assets	$	21,070,200	$	137,815	$	—	$	21,208,015

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
EXCHANGE-TRADED FUNDS^† - 6.3%
SPDR Bloomberg Barclays High Yield Bond ETF¹		1,561	$	170,711
iShares iBoxx High Yield Corporate Bond ETF¹		1,950		170,606
Total Exchange-Traded Funds
(Cost $326,897)				341,317

MUTUAL FUNDS^† - 46.7%
Guggenheim Ultra Short Duration Fund — Institutional Class²		142,637		1,422,093
Guggenheim Strategy Fund II²		45,300		1,132,043
Total Mutual Funds
(Cost $2,529,632)				2,554,136

		Face Amount
FEDERAL AGENCY NOTES^†† - 14.6%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/22³	$	500,000		499,874
0.13% due 11/02/21		200,000		200,013
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/22³		100,000		100,168
Total Federal Agency Notes
(Cost $799,919)				800,055

FEDERAL AGENCY DISCOUNT NOTES^†† - 9.1%
Federal Farm Credit Bank
0.00% due 10/01/21⁴		500,000		500,000
Total Federal Agency Discount Notes
(Cost $500,000)				500,000

U.S. TREASURY BILLS^†† - 0.5%
U.S. Treasury Bills
0.04% due 10/07/21^4,5		26,000		26,000
Total U.S. Treasury Bills
(Cost $26,000)				26,000

REPURCHASE AGREEMENTS^††,6 - 16.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		513,013		513,013
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		199,332		199,332
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		199,332		199,332
Total Repurchase Agreements
(Cost $911,677)				911,677

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 4.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		261,597		261,597
Total Securities Lending Collateral
(Cost $261,597)				261,597
Total Investments - 98.7%
(Cost $5,355,722)			$	5,394,782
Other Assets & Liabilities, net - 1.3%				70,304
Total Net Assets - 100.0%			$	5,465,086

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		36	Dec 2021	$	4,420,688	$	(24,193	)

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty		Exchange			Index			Protection Premium Rate				Payment Frequency		Maturity Date		Notional Amount				Value				Upfront Premiums Paid				Unrealized Depreciation^**
Barclays Bank plc		ICE			CDX.NA.HY.37.V1				5.00	%		Quarterly		12/20/26		$	4,300,000			$	395,600			$	413,422			$	(17,822	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment

Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements^††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

10/28/21

888

77,691

BNP Paribas

SPDR Bloomberg Barclays High Yield Bond ETF

Pay

0.49% (1 Month USD LIBOR + 0.40%)

At Maturity

11/04/21

1,657

181,186

(1,243

)

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Credit Index Swap Agreements^†† (continued)
BNP Paribas	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	0.44% (1 Month USD LIBOR + 0.35%)	At Maturity	11/04/21		4,952	$	433,209	$	(3,218	)
								$	692,086	$	(4,408	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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
Exchange-Traded Funds	$	341,317	$	—	$	—	$	341,317
Mutual Funds		2,554,136		—		—		2,554,136
Federal Agency Notes		—		800,055		—		800,055
Federal Agency Discount Notes		—		500,000		—		500,000
U.S. Treasury Bills		—		26,000		—		26,000
Repurchase Agreements		—		911,677		—		911,677
Securities Lending Collateral		261,597		—		—		261,597
Credit Index Swap Agreements**		—		53		—		53
Total Assets	$	3,157,050	$	2,237,785	$	—	$	5,394,835

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	24,193	$	—	$	—	$	24,193
Credit Default Swap Agreements**		—		17,822		—		17,822
Credit Index Swap Agreements**		—		4,461		—		4,461
Total Liabilities	$	24,193	$	22,283	$	—	$	46,476

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

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	2,245,542	$	183,375	$	(1,300,000	)	$	410	$	2,716		$	1,132,043		45,300	$	13,595
Guggenheim Ultra Short Duration Fund — Institutional Class		2,242,947		680,296		(1,500,000	)		894		(2,044	)		1,422,093		142,637		10,421
	$	4,488,489	$	863,671	$	(2,800,000	)	$	1,304	$	672		$	2,554,136			$	24,016

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4%
Internet - 58.9%
Alphabet, Inc. — Class A^*		252	$	673,727
Amazon.com, Inc.^*		199		653,723
Facebook, Inc. — Class A^*		1,440		488,722
Alibaba Group Holding Ltd. ADR^*		2,086		308,832
Netflix, Inc.^*		455		277,705
Snap, Inc. — Class A^*		2,465		182,090
Booking Holdings, Inc.^*		69		163,797
Uber Technologies, Inc.^*		3,569		159,891
Baidu, Inc. ADR^*		936		143,910
DoorDash, Inc. — Class A^*		624		128,531
JD.com, Inc. ADR^*		1,751		126,492
Sea Ltd. ADR^*		379		120,799
Shopify, Inc. — Class A^*		84		113,886
Pinduoduo, Inc. ADR^*		1,241		112,521
Twitter, Inc.^*		1,851		111,782
eBay, Inc.		1,538		107,152
Match Group, Inc.^*		682		107,067
Roku, Inc.^*		338		105,912
Okta, Inc.^*		409		97,072
MercadoLibre, Inc.^*		55		92,367
Trip.com Group Ltd. ADR^*		2,973		91,420
Pinterest, Inc. — Class A^*		1,793		91,353
Spotify Technology S.A.^*		389		87,657
Expedia Group, Inc.^*		522		85,556
Chewy, Inc. — Class A^*,1		1,219		83,026
Etsy, Inc.^*		390		81,104
Wayfair, Inc. — Class A^*		317		80,997
Zillow Group, Inc. — Class C^*		863		76,065
VeriSign, Inc.^*		368		75,444
Farfetch Ltd. — Class A^*		1,987		74,473
Autohome, Inc. ADR		1,540		72,272
Vipshop Holdings Ltd. ADR^*		6,454		71,898
Coupang, Inc.^*		2,563		71,380
Wix.com Ltd.^*		362		70,941
Lyft, Inc. — Class A^*		1,309		70,149
JOYY, Inc. ADR		1,235		67,715
Jumia Technologies AG ADR^*		3,497		65,009
Fiverr International Ltd.^*		343		62,659
Weibo Corp. ADR^*		1,286		61,072
F5 Networks, Inc.^*		281		55,857
GoDaddy, Inc. — Class A^*		801		55,830
IAC^*		414		53,940
Anaplan, Inc.^*		785		47,799
Stamps.com, Inc.^*		123		40,564
Stitch Fix, Inc. — Class A^*		899		35,915
TripAdvisor, Inc.^*		1,014		34,324
Vimeo, Inc.^*		1,140		33,482
Overstock.com, Inc.^*		400		31,168
Total Internet				6,105,047
Software - 27.8%
salesforce.com, Inc.^*		1,012		274,475
Adobe, Inc.^*		443		255,044
Snowflake, Inc. — Class A^*		506		153,029
Zoom Video Communications, Inc. — Class A^*		542		141,733
Activision Blizzard, Inc.		1,623		125,604
Workday, Inc. — Class A^*		500		124,945
Twilio, Inc. — Class A^*		378		120,601
DocuSign, Inc.^*		441		113,527
Electronic Arts, Inc.		755		107,399
Datadog, Inc. — Class A^*		755		106,719
Veeva Systems, Inc. — Class A^*		370		106,623
ROBLOX Corp. — Class A^*		1,387		104,788
NetEase, Inc. ADR		1,089		93,001
HubSpot, Inc.^*		134		90,596
MongoDB, Inc.^*		189		89,115
Cloudflare, Inc. — Class A^*		786		88,543
Bilibili, Inc. ADR^*		1,272		84,168
ZoomInfo Technologies, Inc. — Class A^*		1,289		78,874
Take-Two Interactive Software, Inc.^*		456		70,256
Akamai Technologies, Inc.^*		629		65,787
Coupa Software, Inc.^*		287		62,905
Citrix Systems, Inc.		560		60,127
Dropbox, Inc. — Class A^*		1,870		54,641
Five9, Inc.^*		331		52,874
Smartsheet, Inc. — Class A^*		670		46,109
Nutanix, Inc. — Class A^*		1,180		44,486
J2 Global, Inc.^*		310		42,352
Fastly, Inc. — Class A^*		856		34,617
New Relic, Inc.^*		469		33,660
Skillz, Inc.^*		3,184		31,267
BigCommerce Holdings, Inc.^*		573		29,017
Total Software				2,886,882
Telecommunications - 6.3%
Cisco Systems, Inc.		4,467		243,139
Motorola Solutions, Inc.		437		101,524
Arista Networks, Inc.^*		238		81,786
GDS Holdings Ltd. ADR^*		1,217		68,894
Telefonaktiebolaget LM Ericsson ADR		5,509		61,701
Juniper Networks, Inc.		1,775		48,848
Ciena Corp.^*		887		45,548
Total Telecommunications				651,440
Commercial Services - 4.9%
PayPal Holdings, Inc.^*		1,061		276,083
CoStar Group, Inc.^*		1,096		94,322
Paylocity Holding Corp.^*		232		65,053
Chegg, Inc.^*		728		49,518
2U, Inc.^*		784		26,319
Total Commercial Services				511,295
Healthcare-Services - 0.7%
Teladoc Health, Inc.^*		560		71,013
Computers - 0.4%
Lumentum Holdings, Inc.^*		480		40,099
Real Estate - 0.4%
Redfin Corp.^*,1		771		38,627
Total Common Stocks
(Cost $4,519,868)				10,304,403

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.9%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	49,936	$	49,936
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		19,403		19,403
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		19,402		19,402
Total Repurchase Agreements
(Cost $88,741)				88,741

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		92,467	$	92,467
Total Securities Lending Collateral
(Cost $92,467)				92,467
Total Investments - 101.2%
(Cost $4,701,076)			$	10,485,611
Other Assets & Liabilities, net - (1.2)%				(124,821	)
Total Net Assets - 100.0%			$	10,360,790

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	10,304,403	$	—	$	—	$	10,304,403
Repurchase Agreements		—		88,741		—		88,741
Securities Lending Collateral		92,467		—		—		92,467
Total Assets	$	10,396,870	$	88,741	$	—	$	10,485,611

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 48.6%
Guggenheim Strategy Fund II¹		25,100	$	627,256
Guggenheim Ultra Short Duration Fund — Institutional Class¹		62,528		623,404
Total Mutual Funds
(Cost $1,228,867)				1,250,660

		Face Amount
U.S. TREASURY BILLS^†† - 12.8%
U.S. Treasury Bills
0.04% due 12/09/21^2,3	$	300,000		299,985
0.04% due 10/07/21^3,4		28,000		28,000
Total U.S. Treasury Bills
(Cost $327,978)				327,985

FEDERAL AGENCY NOTES^†† - 3.9%
Federal Farm Credit Bank
0.13% due 11/02/21		100,000		100,007
Total Federal Agency Notes
(Cost $100,007)				100,007

REPURCHASE AGREEMENTS^††,5 - 30.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21²		437,501		437,501
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21²		169,992		169,992
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21²		169,991		169,991
Total Repurchase Agreements
(Cost $777,484)				777,484
Total Investments - 95.5%
(Cost $2,434,336)			$	2,456,136
Other Assets & Liabilities, net - 4.5%				115,598
Total Net Assets - 100.0%			$	2,571,734

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Sold Short^†

Dow Jones Industrial Average Index Mini Futures Contracts

Dec 2021

337,090

7,827

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 Sold Short^††

BNP Paribas

Dow Jones Industrial Average Index

Receive

0.09% (1 Month USD LIBOR)

At Maturity

11/04/21

2,649,654

66,521

Barclays Bank plc

Dow Jones Industrial Average Index

Receive

0.30% (U.S. Secured Overnight Financing Rate + 0.25%)

At Maturity

11/03/21

2,163,997

46,903

4,813,651

113,424

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁵	Repurchase Agreements — See Note 4.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	1,250,660	$	—	$	—	$	1,250,660
U.S. Treasury Bills		—		327,985		—		327,985
Federal Agency Notes		—		100,007		—		100,007
Repurchase Agreements		—		777,484		—		777,484
Equity Futures Contracts**		7,827		—		—		7,827
Equity Index Swap Agreements**		—		113,424		—		113,424
Total Assets	$	1,258,487	$	1,318,900	$	—	$	2,577,387

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	454,861	$	657,000	$	(485,000	)	$	(153	)	$	548		$	627,256		25,100	$	7,044
Guggenheim Ultra Short Duration Fund — Institutional Class		938,935		305,091		(620,000	)		319			(941	)		623,404		62,528		5,141
	$	1,393,796	$	962,091	$	(1,105,000	)	$	166		$	(393	)	$	1,250,660			$	12,185

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 36.3%
Guggenheim Strategy Fund II¹		85,417	$	2,134,567
Guggenheim Ultra Short Duration Fund — Institutional Class¹		206,810		2,061,894
Total Mutual Funds
(Cost $4,190,625)				4,196,461

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 34.6%
Federal Farm Credit Bank
0.00% due 10/01/21²	$	4,000,000		4,000,000
Total Federal Agency Discount Notes
(Cost $4,000,000)				4,000,000

FEDERAL AGENCY NOTES^†† - 3.3%
Federal Home Loan Bank
3.00% due 10/12/21		135,000		135,122
4.00% due 12/24/30		50,000		50,428
Federal Farm Credit Banks Funding Corp.
0.10% (U.S. Secured Overnight Financing Rate + 0.05%, Rate Floor: 0.00%) due 02/17/23³		100,000		100,043
Federal Farm Credit Bank
0.13% due 11/02/21		100,000		100,006
Total Federal Agency Notes
(Cost $386,190)				385,599

U.S. TREASURY BILLS^†† - 0.5%
U.S. Treasury Bills
0.04% due 10/07/21^2,4		53,000		53,000
Total U.S. Treasury Bills
(Cost $53,000)				53,000

REPURCHASE AGREEMENTS^††,5 - 116.6%
Individual Repurchase Agreements⁵ Mizuho Securities USA LLC issued 09/30/21 at (0.10)% due 10/01/21 (secured by a U.S Treasury Bond, at a rate of 2.00% and maturing 08/15/51 as collateral, with a value of $9,369,375) to be repurchased at $9,185,636		9,185,662		9,185,662
Barclays Capital, Inc. issued 09/30/21 at (0.10)% due 10/01/21 (secured by a U.S. Treasury Bond, at a rate of 2.00% and maturing 08/15 /51 as collateral, with a value of $1,184,220) to be repurchased at $1,160,997		1,161,000		1,161,000
Joint Repurchase Agreements⁶
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		1,766,096		1,766,096
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		686,218		686,218
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		686,218		686,218
Total Repurchase Agreements
(Cost $13,485,194)				13,485,194
Total Investments - 191.3%
(Cost $22,115,009)			$	22,120,254

U.S. Government Securities Sold Short^† - (90.1)%
U.S. Treasury Bonds
2.00% due 08/15/51^††		10,600,000		(10,417,813	)
Total Securities Sold Short - (90.1)%
(Proceeds $10,695,511)			$	(10,417,813	)
Other Assets & Liabilities, net - (1.2)%				(140,488	)
Total Net Assets - 100.0%			$	11,561,953

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Sold Short^†

U.S. Treasury Ultra Long Bond Futures Contracts

Dec 2021

1,341,156

40,113

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
⁴	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁵	All or a portion of this security is pledged as short security collateral at September 30, 2021.
⁶	Repurchase 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 September 30, 2021 (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	$	4,196,461	$	—	$	—	$	4,196,461
Federal Agency Discount Notes		—		4,000,000		—		4,000,000
Federal Agency Notes		—		385,599		—		385,599
U.S. Treasury Bills		—		53,000		—		53,000
Repurchase Agreements		—		13,485,194		—		13,485,194
Interest Rate Futures Contracts**		40,113		—		—		40,113
Total Assets	$	4,236,574	$	17,923,793	$	—	$	22,160,367

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities Sold Short	$	—	$	10,417,813	$	—	$	10,417,813

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

Affiliated Transactions

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	523,908	$	1,709,709	$	(100,000	)	$	(41	)	$	991		$	2,134,567		85,417	$	9,760
Guggenheim Ultra Short Duration Fund — Institutional Class		503,804		3,460,197		(1,900,000	)		(1,908	)		(199	)		2,061,894		206,810		10,225
	$	1,027,712	$	5,169,906	$	(2,000,000	)	$	(1,949	)	$	792		$	4,196,461			$	19,985

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 53.4%
Guggenheim Strategy Fund II¹		1,139	$	28,459
Guggenheim Ultra Short Duration Fund — Institutional Class¹		2,264		22,577
Total Mutual Funds
(Cost $49,778)				51,036

		Face Amount
FEDERAL AGENCY NOTES^†† - 5.3%
Federal Farm Credit Bank
1.88% due 06/14/22	$	5,000		5,062
Total Federal Agency Notes
(Cost $5,058)				5,062

REPURCHASE AGREEMENTS^††,2 - 78.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		41,921		41,921
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		16,289		16,289
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		16,288		16,288
Total Repurchase Agreements
(Cost $74,498)				74,498
Total Investments - 136.7%
(Cost $129,334)			$	130,596
Other Assets & Liabilities, net - (36.7)%				(35,050	)
Total Net Assets - 100.0%			$	95,546

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 Sold Short^††

Goldman Sachs International

S&P MidCap 400 Index

Receive

0.18% (Federal Funds Rate + 0.10%)

At Maturity

11/04/21

45,864

1,061

BNP Paribas

S&P MidCap 400 Index

Receive

0.04% (1 Month USD LIBOR - 0.05%)

At Maturity

11/04/21

24,632

569

Barclays Bank plc

S&P MidCap 400 Index

Receive

0.25% (U.S. Secured Overnight Financing Rate + 0.20%)

At Maturity

11/03/21

24,093

298

94,589

1,928

^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	51,036	$	—	$	—	$	51,036
Federal Agency Notes		—		5,062		—		5,062
Repurchase Agreements		—		74,498		—		74,498
Equity Index Swap Agreements**		—		1,928		—		1,928
Total Assets	$	51,036	$	81,488	$	—	$	132,524

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	36,131	$	5,284	$	(13,000	)	$	435	$	(391	)	$	28,459		1,139	$	287
Guggenheim Ultra Short Duration Fund — Institutional Class		31,450		5,158		(14,000	)		362		(393	)		22,577		2,264		160
	$	67,581	$	10,442	$	(27,000	)	$	797	$	(784	)	$	51,036			$	447

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 28.0%
Guggenheim Strategy Fund II¹		4,057	$	101,372
Guggenheim Ultra Short Duration Fund — Institutional Class¹		8,075		80,512
Total Mutual Funds
(Cost $179,860)				181,884

		Face Amount
FEDERAL AGENCY NOTES^†† - 3.9%
Federal Home Loan Bank
4.00% due 12/24/30	$	25,000		25,214
Total Federal Agency Notes
(Cost $25,641)				25,214

REPURCHASE AGREEMENTS^††,2 - 48.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		177,261		177,261
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		68,875		68,875
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		68,875		68,875
Total Repurchase Agreements
(Cost $315,011)				315,011
Total Investments - 80.3%
(Cost $520,512)			$	522,109
Other Assets & Liabilities, net - 19.7%				127,863
Total Net Assets - 100.0%			$	649,972

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 Sold Short^††

BNP Paribas

NASDAQ-100 Index

Receive

0.24% (1 Month USD LIBOR + 0.15%)

At Maturity

11/04/21

246,759

13,676

Goldman Sachs International

NASDAQ-100 Index

Receive

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

284,066

9,427

Barclays Bank plc

NASDAQ-100 Index

Receive

0.40% (U.S. Secured Overnight Financing Rate + 0.35%)

At Maturity

11/03/21

112,740

5,323

643,565

28,426

^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	181,884	$	—	$	—	$	181,884
Federal Agency Notes		—		25,214		—		25,214
Repurchase Agreements		—		315,011		—		315,011
Equity Index Swap Agreements**		—		28,426		—		28,426
Total Assets	$	181,884	$	368,651	$	—	$	550,535

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	125,045	$	391,159	$	(415,000	)	$	264	$	(96	)	$	101,372		4,057	$	1,172
Guggenheim Ultra Short Duration Fund — Institutional Class		124,929		695,763		(740,000	)		258		(438	)		80,512		8,075		770
	$	249,974	$	1,086,922	$	(1,155,000	)	$	522	$	(534	)	$	181,884			$	1,942

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 41.2%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		6,747	$	67,266
Guggenheim Strategy Fund II¹		2,564		64,085
Total Mutual Funds
(Cost $128,006)				131,351

		Face Amount
FEDERAL AGENCY NOTES^†† - 10.7%
Freddie Mac
2.00% due 12/10/21	$	34,000		34,126
Total Federal Agency Notes
(Cost $34,118)				34,126

REPURCHASE AGREEMENTS^††,2 - 31.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		56,087		56,087
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		21,793		21,793
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		21,793		21,793
Total Repurchase Agreements
(Cost $99,673)				99,673
Total Investments - 83.1%
(Cost $261,797)			$	265,150
Other Assets & Liabilities, net - 16.9%				53,849
Total Net Assets - 100.0%			$	318,999

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Sold Short^†

Russell 2000 Index Mini Futures Contracts

Dec 2021

110,020

1,128

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 Sold Short^††

BNP Paribas

Russell 2000 Index

Pay

(0.31)% (1 Month USD
LIBOR - 0.40%)

At Maturity

11/04/21

93,315

1,273

Goldman Sachs International

Russell 2000 Index

Receive

0.03% (Federal Funds
Rate - 0.05%)

At Maturity

11/04/21

83,079

457

Barclays Bank plc

Russell 2000 Index

Pay

(0.45)% (U.S. Secured Overnight
Financing Rate - 0.50%)

At Maturity

11/03/21

34,371

210,765

1,818

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	131,351	$	—	$	—	$	131,351
Federal Agency Notes		—		34,126		—		34,126
Repurchase Agreements		—		99,673		—		99,673
Equity Futures Contracts**		1,128		—		—		1,128
Equity Index Swap Agreements**		—		1,818		—		1,818
Total Assets	$	132,479	$	135,617	$	—	$	268,096

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

Affiliated Transactions

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	73,033	$	240,994	$	(250,000	)	$	282	$	(224	)	$	64,085		2,564	$	1,001
Guggenheim Ultra Short Duration Fund — Institutional Class		76,710		240,708		(250,000	)		85		(237	)		67,266		6,747		712
	$	149,743	$	481,702	$	(500,000	)	$	367	$	(461	)	$	131,351			$	1,713

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 57.1%
Guggenheim Strategy Fund II¹		24,334	$	608,109
Guggenheim Ultra Short Duration Fund — Institutional Class¹		60,346		601,652
Total Mutual Funds
(Cost $1,202,056)				1,209,761

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 283.1%
Federal Farm Credit Bank
0.00% due 10/01/21²	$	6,000,000		6,000,000
Total Federal Agency Discount Notes
(Cost $6,000,000)				6,000,000

FEDERAL AGENCY NOTES^†† - 4.8%
Federal Home Loan Bank
4.00% due 12/24/30		50,000		50,428
Federal Farm Credit Bank
0.13% due 11/02/21		50,000		50,003
Total Federal Agency Notes
(Cost $101,285)				100,431

U.S. TREASURY BILLS^†† - 4.7%
U.S. Treasury Bills
0.04% due 12/09/21^2,3		100,000		99,995
Total U.S. Treasury Bills
(Cost $99,993)				99,995

REPURCHASE AGREEMENTS^††,4 - 641.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		7,654,281		7,654,281
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		2,974,079		2,974,079
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		2,974,078		2,974,078
Total Repurchase Agreements
(Cost $13,602,438)				13,602,438
Total Investments - 991.5%
(Cost $21,005,772)			$	21,012,625
Other Assets & Liabilities, net - (891.5)%				(18,893,285	)
Total Net Assets - 100.0%			$	2,119,340

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 Sold Short^††

Goldman Sachs International

S&P 500 Index

Receive

0.43% (Federal Funds Rate + 0.35%)

At Maturity

11/04/21

399

1,719,956

61,714

Barclays Bank plc

S&P 500 Index

Receive

0.35% (U.S. Secured Overnight Financing Rate + 0.30%)

At Maturity

11/03/21

107

459,766

14,463

BNP Paribas

S&P 500 Index

Receive

0.14% (1 Month USD LIBOR + 0.05%)

At Maturity

11/04/21

240,864

9,683

2,420,586

85,860

^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Repurchase Agreements — See Note 4.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	1,209,761	$	—	$	—	$	1,209,761
Federal Agency Discount Notes		—		6,000,000		—		6,000,000
Federal Agency Notes		—		100,431		—		100,431
U.S. Treasury Bills		—		99,995		—		99,995
Repurchase Agreements		—		13,602,438		—		13,602,438
Equity Index Swap Agreements**		—		85,860		—		85,860
Total Assets	$	1,209,761	$	19,888,724	$	—	$	21,098,485

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	329,273	$	6,003,470	$	(5,725,000	)	$	180	$	186		$	608,109		24,334	$	3,502
Guggenheim Ultra Short Duration Fund — Institutional Class		306,054		12,303,094		(12,010,000	)		3,452		(948	)		601,652		60,346		3,110
	$	635,327	$	18,306,564	$	(17,735,000	)	$	3,632	$	(762	)	$	1,209,761			$	6,612

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 55.6%
Guggenheim Strategy Fund II¹		24,767	$	618,917
Guggenheim Ultra Short Duration Fund — Institutional Class¹		61,790		616,050
Total Mutual Funds
(Cost $1,225,206)				1,234,967

		Face Amount
U.S. TREASURY BILLS^†† - 10.9%
U.S. Treasury Bills
0.04% due 10/07/21^2,3	$	242,000		241,999
Total U.S. Treasury Bills
(Cost $241,998)				241,999

FEDERAL AGENCY NOTES^†† - 6.7%
Federal Farm Credit Bank
0.13% due 11/02/21		150,000		150,009
Total Federal Agency Notes
(Cost $150,011)				150,009

REPURCHASE AGREEMENTS^††,4 - 25.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		319,729		319,729
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		124,231		124,231
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		124,231		124,231
Total Repurchase Agreements
(Cost $568,191)				568,191
Total Investments - 98.8%
(Cost $2,185,406)			$	2,195,166
Other Assets & Liabilities, net - 1.2%				27,008
Total Net Assets - 100.0%			$	2,222,174

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Nikkei 225 (CME) Index Futures Contracts		30	Dec 2021	$	4,401,750	$	(15,099	)

Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts		40	Dec 2021		4,494,750		(51,827	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at September 30, 2021.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	1,234,967	$	—	$	—	$	1,234,967
U.S. Treasury Bills		—		241,999		—		241,999
Federal Agency Notes		—		150,009		—		150,009
Repurchase Agreements		—		568,191		—		568,191
Total Assets	$	1,234,967	$	960,199	$	—	$	2,195,166

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	51,827	$	—	$	—	$	51,827
Equity Futures Contracts**		15,099		—		—		15,099
Total Liabilities	$	66,926	$	—	$	—	$	66,926

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	496,862	$	306,698	$	(185,000	)	$	(148	)	$	505		$	618,917		24,767	$	6,746
Guggenheim Ultra Short Duration Fund — Institutional Class		592,484		204,561		(180,000	)		(361	)		(634	)		616,050		61,790		4,593
	$	1,089,346	$	511,259	$	(365,000	)	$	(509	)	$	(129	)	$	1,234,967			$	11,339

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Media - 18.4%
Walt Disney Co.^*		1,371	$	231,932
Comcast Corp. — Class A		3,897		217,959
Charter Communications, Inc. — Class A^*		227		165,156
Liberty Broadband Corp. — Class C^*		438		75,643
Fox Corp. — Class A		1,674		67,144
DISH Network Corp. — Class A^*		1,530		66,494
Discovery, Inc. — Class A^*,1		2,169		55,049
News Corp. — Class A		2,169		51,037
Cable One, Inc.		24		43,515
New York Times Co. — Class A		805		39,662
Altice USA, Inc. — Class A^*		1,840		38,125
Nexstar Media Group, Inc. — Class A		227		34,495
World Wrestling Entertainment, Inc. — Class A		517		29,086
ViacomCBS, Inc. — Class B		579		22,876
Total Media				1,138,173
Retail - 16.3%
McDonald's Corp.		756		182,279
Starbucks Corp.		1,394		153,772
Chipotle Mexican Grill, Inc. — Class A^*		53		96,329
Yum! Brands, Inc.		661		80,847
Yum China Holdings, Inc.		1,112		64,618
Darden Restaurants, Inc.		400		60,588
Domino's Pizza, Inc.		117		55,804
Restaurant Brands International, Inc.		691		42,282
Texas Roadhouse, Inc. — Class A		373		34,066
Wendy's Co.		1,366		29,615
Papa John's International, Inc.		228		28,954
Wingstop, Inc.		170		27,868
Cracker Barrel Old Country Store, Inc.		178		24,892
Shake Shack, Inc. — Class A^*		297		23,303
Cheesecake Factory, Inc.^*		459		21,573
Brinker International, Inc.^*		413		20,258
Bloomin' Brands, Inc.^*		805		20,125
Jack in the Box, Inc.		201		19,563
Dave & Buster's Entertainment, Inc.^*		494		18,935
Total Retail				1,005,671
Internet - 16.3%
Netflix, Inc.^*		378		230,709
Airbnb, Inc. — Class A^*		835		140,071
Booking Holdings, Inc.^*		57		135,311
Sea Ltd. ADR^*		329		104,862
Roku, Inc.^*		281		88,051
Expedia Group, Inc.^*		434		71,133
Trip.com Group Ltd. ADR^*		2,222		68,326
Spotify Technology S.A.^*		302		68,053
Tencent Music Entertainment Group ADR^*		7,327		53,121
iQIYI, Inc. ADR^*		5,543		44,510
Total Internet				1,004,147
Lodging - 10.1%
Marriott International, Inc. — Class A^*		649		96,110
Hilton Worldwide Holdings, Inc.^*		627		82,833
Las Vegas Sands Corp.^*		1,986		72,688
MGM Resorts International		1,477		63,732
Wynn Resorts Ltd.^*		519		43,985
Huazhu Group Ltd. ADR^*		920		42,191
Melco Resorts & Entertainment Ltd. ADR^*		4,057		41,544
Hyatt Hotels Corp. — Class A^*		500		38,550
Wyndham Hotels & Resorts, Inc.		482		37,206
Boyd Gaming Corp.^*		579		36,627
Choice Hotels International, Inc.		288		36,395
Travel + Leisure Co.		532		29,010
Total Lodging				620,871
Entertainment - 9.1%
Caesars Entertainment, Inc.^*		607		68,154
Live Nation Entertainment, Inc.^*		699		63,700
DraftKings, Inc. — Class A^*		1,131		54,469
AMC Entertainment Holdings, Inc. — Class A^*,1		1,394		53,056
Vail Resorts, Inc.		158		52,780
Penn National Gaming, Inc.^*		626		45,360
Churchill Downs, Inc.		177		42,494
Scientific Games Corp. — Class A^*		471		39,126
Marriott Vacations Worldwide Corp.		228		35,871
Madison Square Garden Sports Corp. — Class A^*		160		29,752
SeaWorld Entertainment, Inc.^*		512		28,324
Six Flags Entertainment Corp.^*		620		26,350
Cinemark Holdings, Inc.^*		1,126		21,630
Total Entertainment				561,066
Software - 8.7%
Activision Blizzard, Inc.		1,349		104,399
Electronic Arts, Inc.		627		89,191
ROBLOX Corp. — Class A^*		1,154		87,185
NetEase, Inc. ADR		843		71,992
Bilibili, Inc. ADR^*,1		984		65,111
Take-Two Interactive Software, Inc.^*		379		58,393
HUYA, Inc. ADR^*,1		4,253		35,470
Skillz, Inc.^*,1		2,648		26,003
Total Software				537,744
Leisure Time - 8.3%
Norwegian Cruise Line Holdings Ltd.^*		3,806		101,658
Carnival Corp.^*		2,990		74,780
Royal Caribbean Cruises Ltd.^*		759		67,513
Peloton Interactive, Inc. — Class A^*		739		64,330
Brunswick Corp.		383		36,488
Polaris, Inc.		301		36,018
Planet Fitness, Inc. — Class A^*		452		35,505
YETI Holdings, Inc.^*		400		34,276
Harley-Davidson, Inc.		869		31,814
Callaway Golf Co.^*		1,050		29,012
Total Leisure Time				511,394

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Agriculture - 5.2%
Philip Morris International, Inc.		1,694	$	160,574
Altria Group, Inc.		2,667		121,402
British American Tobacco plc ADR		1,115		39,337
Total Agriculture				321,313
Beverages - 5.2%
Constellation Brands, Inc. — Class A		411		86,594
Brown-Forman Corp. — Class B		1,116		74,783
Molson Coors Beverage Co. — Class B		938		43,504
Anheuser-Busch InBev S.A. ADR¹		756		42,623
Diageo plc ADR		203		39,179
Boston Beer Company, Inc. — Class A^*		66		33,644
Total Beverages				320,327
Toys, Games & Hobbies - 1.3%
Hasbro, Inc.		511		45,591
Mattel, Inc.^*		1,794		33,297
Total Toys, Games & Hobbies				78,888
Food Service - 0.6%
Aramark		1,198		39,366
Total Common Stocks
(Cost $3,213,814)				6,138,960

RIGHTS^††† - 0.0%
Media - 0.0%
Nexstar Media Group, Inc.^*		1,910	$	–
Total Rights
(Cost $–)				–

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	14,450		14,450
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		5,615		5,615
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		5,614		5,614
Total Repurchase Agreements
(Cost $25,679)				25,679

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		203,989		203,989
Total Securities Lending Collateral
(Cost $203,989)				203,989
Total Investments - 103.2%
(Cost $3,443,482)			$	6,368,628
Other Assets & Liabilities, net - (3.2)%				(197,482	)
Total Net Assets - 100.0%			$	6,171,146

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	6,138,960	$	—	$	—		$	6,138,960
Rights		—		—		—	*		—
Repurchase Agreements		—		25,679		—			25,679
Securities Lending Collateral		203,989		—		—			203,989
Total Assets	$	6,342,949	$	25,679	$	—		$	6,368,628

Security has a market value of $0.

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 92.3%
Consumer, Non-cyclical - 19.7%
Innoviva, Inc.^*		13,500	$	225,585
Gilead Sciences, Inc.		3,029		211,576
Bristol-Myers Squibb Co.¹		3,418		202,243
H&R Block, Inc.		8,051		201,275
John B Sanfilippo & Son, Inc.¹		2,446		199,887
Quest Diagnostics, Inc.		1,328		192,972
USANA Health Sciences, Inc.^*		1,773		163,471
Eagle Pharmaceuticals, Inc.^*,1		2,845		158,694
Amgen, Inc.¹		739		157,148
EVERTEC, Inc.		3,436		157,094
Hologic, Inc.^*		2,059		151,975
Philip Morris International, Inc.		1,555		147,398
Perdoceo Education Corp.^*		13,672		144,376
Merck & Company, Inc.¹		1,917		143,986
Bio-Rad Laboratories, Inc. — Class A^*		187		139,493
United Therapeutics Corp.^*		615		113,517
Coherus Biosciences, Inc.^*		6,932		111,397
Vanda Pharmaceuticals, Inc.^*		6,326		108,428
Prestige Consumer Healthcare, Inc.^*		1,860		104,365
PerkinElmer, Inc.		577		99,988
Corcept Therapeutics, Inc.^*		4,760		93,677
Blueprint Medicines Corp.^*		908		93,351
Incyte Corp.^*,1		1,310		90,102
Pfizer, Inc.¹		1,979		85,117
Herbalife Nutrition Ltd.^*		1,930		81,793
Amphastar Pharmaceuticals, Inc.^*		4,157		79,024
McKesson Corp.¹		352		70,182
Molson Coors Beverage Co. — Class B¹		1,505		69,802
Exelixis, Inc.^*		3,208		67,817
Vector Group Ltd.		5,226		66,632
Regeneron Pharmaceuticals, Inc.^*,1		109		65,964
Laboratory Corporation of America Holdings^*		233		65,575
Vertex Pharmaceuticals, Inc.^*		346		62,761
Bruker Corp.		695		54,280
Grand Canyon Education, Inc.^*		590		51,897
Sage Therapeutics, Inc.^*		1,144		50,691
Enanta Pharmaceuticals, Inc.^*		881		50,050
Zoetis, Inc.		245		47,564
Johnson & Johnson¹		284		45,866
Hershey Co.		247		41,805
Thermo Fisher Scientific, Inc.		73		41,707
AbbVie, Inc.		374		40,343
Procter & Gamble Co.¹		288		40,262
PepsiCo, Inc.		265		39,858
UnitedHealth Group, Inc.		101		39,465
Coca-Cola Co.		736		38,618
Abbott Laboratories		323		38,156
Danaher Corp.		125		38,055
PayPal Holdings, Inc.^*		144		37,470
Eli Lilly & Co.		160		36,968
Total Consumer, Non-cyclical				4,859,720
Financial - 17.6%
Enstar Group Ltd.^*		934		219,238
Synchrony Financial¹		4,442		217,125
Safety Insurance Group, Inc.		2,584		204,782
Goldman Sachs Group, Inc.		541		204,514
Mercury General Corp.¹		3,567		198,575
Old Republic International Corp.		8,218		190,082
Evercore, Inc. — Class A		1,379		184,331
Hanover Insurance Group, Inc.		1,359		176,154
Raymond James Financial, Inc.		1,907		175,932
Stewart Information Services Corp.		2,704		171,055
AMERISAFE, Inc.		2,747		154,272
OneMain Holdings, Inc.¹		2,296		127,038
Piper Sandler Cos.		869		120,322
Discover Financial Services		973		119,533
Allstate Corp.		936		119,162
BankUnited, Inc.¹		2,795		116,887
Houlihan Lokey, Inc.		1,177		108,402
Interactive Brokers Group, Inc. — Class A		1,710		106,601
Brandywine Realty Trust REIT¹		7,591		101,871
Arch Capital Group Ltd.^*		2,580		98,504
Essent Group Ltd.		2,177		95,810
Everest Re Group Ltd.		338		84,764
Federated Hermes, Inc. — Class B		2,570		83,525
Affiliated Managers Group, Inc.		547		82,646
Radian Group, Inc.¹		3,510		79,747
Janus Henderson Group plc		1,911		78,982
SEI Investments Co.		1,241		73,591
Markel Corp.^*		55		65,732
Jefferies Financial Group, Inc.		1,750		64,977
First American Financial Corp.		861		57,730
Berkshire Hathaway, Inc. — Class B^*,1		207		56,499
MGIC Investment Corp.		3,513		52,554
Capital One Financial Corp.		311		50,373
Artisan Partners Asset Management, Inc. — Class A		931		45,545
Mastercard, Inc. — Class A		121		42,069
Visa, Inc. — Class A¹		186		41,431
Marsh & McLennan Companies, Inc.		262		39,675
Travelers Companies, Inc.¹		261		39,675
Progressive Corp.		437		39,500
Industrial Logistics Properties Trust REIT		1,510		38,369
Total Financial				4,327,574
Consumer, Cyclical - 13.5%
Gentex Corp.¹		6,674		220,109
AutoZone, Inc.^*,1		127		215,645
Yum! Brands, Inc.		1,545		188,969
Cummins, Inc.¹		781		175,382
Allison Transmission Holdings, Inc.¹		4,413		155,867
AutoNation, Inc.^*,1		1,179		143,555
Brunswick Corp.		1,464		139,475
Buckle, Inc.		3,209		127,044
Whirlpool Corp.		609		124,151
Polaris, Inc.		1,002		119,899
Dolby Laboratories, Inc. — Class A		1,340		117,920
Autoliv, Inc.		1,281		109,807

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 92.3% (continued)
Consumer, Cyclical - 13.5% (continued)
Acushnet Holdings Corp.		2,321	$	108,391
MSC Industrial Direct Company, Inc. — Class A¹		1,257		100,799
Dick's Sporting Goods, Inc.		823		98,571
Carter's, Inc.		1,007		97,921
Gentherm, Inc.^*,1		1,125		91,046
Foot Locker, Inc.		1,870		85,384
Sleep Number Corp.^*		856		80,019
Big Lots, Inc.		1,640		71,110
Zumiez, Inc.^*		1,750		69,580
NVR, Inc.^*		14		67,117
Tesla, Inc.^*		84		65,140
WW Grainger, Inc.¹		150		58,959
Hibbett, Inc.		752		53,196
Jack in the Box, Inc.		529		51,488
O'Reilly Automotive, Inc.^*,1		78		47,663
MarineMax, Inc.^*		957		46,434
Tri Pointe Homes, Inc.^*		2,147		45,130
Williams-Sonoma, Inc.		251		44,510
Home Depot, Inc.¹		125		41,032
Costco Wholesale Corp.		90		40,441
Walmart, Inc.		278		38,748
NIKE, Inc. — Class B		253		36,743
PulteGroup, Inc.		799		36,690
Total Consumer, Cyclical				3,313,935
Industrial - 12.3%
Snap-on, Inc.¹		923		192,861
Toro Co.		1,890		184,105
MDU Resources Group, Inc.¹		6,020		178,613
Sturm Ruger & Company, Inc.¹		2,277		167,997
Donaldson Company, Inc.¹		2,718		156,040
Worthington Industries, Inc.		2,935		154,674
Watts Water Technologies, Inc. — Class A		920		154,643
Huntington Ingalls Industries, Inc.		738		142,478
Eagle Materials, Inc.		912		119,618
OSI Systems, Inc.^*		1,193		113,096
Keysight Technologies, Inc.^*		679		111,553
Vishay Intertechnology, Inc.¹		5,396		108,406
3M Co.¹		510		89,464
Owens Corning		996		85,158
Boise Cascade Co.		1,376		74,276
A O Smith Corp.		1,209		73,834
Louisiana-Pacific Corp.		1,121		68,796
Mueller Industries, Inc.		1,637		67,281
Lincoln Electric Holdings, Inc.		507		65,296
Timken Co.		923		60,383
Waters Corp.^*,1		161		57,525
Oshkosh Corp.¹		546		55,894
Albany International Corp. — Class A		693		53,271
Acuity Brands, Inc.		305		52,878
Pentair plc		709		51,495
Hillenbrand, Inc.		1,197		51,052
Sanmina Corp.^*		1,290		49,717
Lockheed Martin Corp.		142		49,004
AGCO Corp.		388		47,541
Northrop Grumman Corp.¹		128		46,100
Fortive Corp.		592		41,777
Sealed Air Corp.		756		41,421
Garmin Ltd.		251		39,021
Masco Corp.¹		670		37,219
Total Industrial				3,042,487
Technology - 11.4%
Apple, Inc.¹		1,656		234,324
Microsoft Corp.¹		816		230,047
CSG Systems International, Inc.		4,281		206,344
Progress Software Corp.		4,082		200,794
Cirrus Logic, Inc.^*,1		2,242		184,629
Rambus, Inc.^*		8,212		182,306
NetApp, Inc.		1,960		175,930
Oracle Corp.¹		1,706		148,644
Intel Corp.¹		2,067		110,130
HP, Inc.¹		3,857		105,527
Qorvo, Inc.^*		590		98,642
Lumentum Holdings, Inc.^*		1,103		92,145
Texas Instruments, Inc.¹		422		81,113
Seagate Technology Holdings plc¹		959		79,137
Xperi Holding Corp.		3,721		70,104
Dropbox, Inc. — Class A^*		2,220		64,868
NVIDIA Corp.		266		55,104
Applied Materials, Inc.		401		51,621
Kulicke & Soffa Industries, Inc.		876		51,053
ExlService Holdings, Inc.^*		410		50,479
salesforce.com, Inc.^*		156		42,310
Broadcom, Inc.¹		83		40,249
Intuit, Inc.		73		39,384
Cerner Corp.¹		550		38,786
Accenture plc — Class A		121		38,710
CommVault Systems, Inc.^*		508		38,257
Cadence Design Systems, Inc.^*		249		37,709
QUALCOMM, Inc.		285		36,759
Adobe, Inc.^*		61		35,119
Total Technology				2,820,224
Communications - 9.1%
Cisco Systems, Inc.¹		3,953		215,162
TEGNA, Inc.		10,797		212,917
Omnicom Group, Inc.¹		2,860		207,236
Viavi Solutions, Inc.^*,1		11,998		188,848
Alphabet, Inc. — Class C^*		66		175,910
Amazon.com, Inc.^*,1		46		151,112
Juniper Networks, Inc.¹		3,325		91,504
Yelp, Inc. — Class A^*,1		2,433		90,605
Facebook, Inc. — Class A^*,1		263		89,259
Cogent Communications Holdings, Inc.		1,170		82,883
InterDigital, Inc.		1,208		81,926
VeriSign, Inc.^*,1		363		74,419
Nexstar Media Group, Inc. — Class A		457		69,445
F5 Networks, Inc.^*		346		68,778
World Wrestling Entertainment, Inc. — Class A		1,181		66,443
Arista Networks, Inc.^*		176		60,481
Verizon Communications, Inc.¹		996		53,794
Fox Corp. — Class A		1,298		52,063
Telephone & Data Systems, Inc.¹		2,536		49,452
Ciena Corp.^*		888		45,599
Netflix, Inc.^*		70		42,724

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 92.3% (continued)
Communications - 9.1% (continued)
Walt Disney Co.^*		234	$	39,586
Comcast Corp. — Class A		674		37,697
Total Communications				2,247,843
Utilities - 6.6%
National Fuel Gas Co.		3,984		209,240
IDACORP, Inc.¹		1,810		187,118
Chesapeake Utilities Corp.		1,475		177,074
MGE Energy, Inc.		2,405		176,768
UGI Corp.¹		4,141		176,489
American States Water Co.		1,919		164,113
CMS Energy Corp.		2,611		155,955
DTE Energy Co.		1,162		129,807
Southern Co.¹		1,586		98,284
Public Service Enterprise Group, Inc.¹		1,535		93,481
Sempra Energy¹		501		63,376
Total Utilities				1,631,705
Basic Materials - 1.5%
Nucor Corp.		973		95,831
NewMarket Corp.		254		86,048
Reliance Steel & Aluminum Co.		442		62,949
Ingevity Corp.^*		662		47,247
Linde plc		132		38,726
Royal Gold, Inc.		368		35,140
Total Basic Materials				365,941
Energy - 0.6%
Equitrans Midstream Corp.		5,702		57,818
Antero Midstream Corp.		4,951		51,590
Exxon Mobil Corp.		760		44,703
Total Energy				154,111
Total Common Stocks
(Cost $21,184,451)				22,763,540

MONEY MARKET FUND^† - 5.3%
Invesco Short-Term Investments Trust Treasury Obligations Portfolio Institutional Class, 0.01%²		1,313,311		1,313,311
Total Money Market Fund
(Cost $1,313,311)				1,313,311
Total Investments - 97.6%
(Cost $22,497,762)			$	24,076,851
Other Assets & Liabilities, net - 2.4%				579,469
Total Net Assets - 100.0%			$	24,656,320

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation

OTC Custom Basket Swap Agreements ^††

Goldman Sachs International

GS Equity Custom Basket

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

10,279,225

325,279

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

03/27/24

10,454,169

322,145

20,733,394

647,424

OTC Custom Basket Swap Agreements Sold Short ^††

Goldman Sachs International

GS Equity Custom Basket

Pay

(0.12)% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

10,028,858

41,714

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

(0.22)% (Federal Funds Rate - 0.30%)

At Maturity

03/27/24

10,028,871

39,277

20,057,729

80,991

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

GS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Non-cyclical
Innoviva, Inc.	6,231	1.04	%	$	13,736
Eagle Pharmaceuticals, Inc.	1,313	0.74	%		12,920
Bio-Rad Laboratories, Inc. — Class A	86	0.62	%		11,070
McKesson Corp.	162	0.31	%		10,818
United Therapeutics Corp.	284	0.51	%		7,320
Pfizer, Inc.	913	0.38	%		7,090
Prestige Consumer Healthcare, Inc.	858	0.47	%		7,013
H&R Block, Inc.	3,715	0.90	%		6,563
Regeneron Pharmaceuticals, Inc.	50	0.29	%		6,177
Enanta Pharmaceuticals, Inc.	407	0.22	%		6,079
Thermo Fisher Scientific, Inc.	33	0.18	%		5,867
Blueprint Medicines Corp.	419	0.42	%		5,809
Molson Coors Beverage Co. — Class B	694	0.31	%		5,518
Coherus Biosciences, Inc.	3,199	0.50	%		4,038
Johnson & Johnson	131	0.21	%		4,009
UnitedHealth Group, Inc.	46	0.17	%		3,701
Procter & Gamble Co.	133	0.18	%		3,623
Abbott Laboratories	149	0.17	%		3,056
PerkinElmer, Inc.	266	0.45	%		2,856
Quest Diagnostics, Inc.	613	0.87	%		2,190
Gilead Sciences, Inc.	1,398	0.95	%		1,715
Hershey Co.	114	0.19	%		1,571
Vector Group Ltd.	1,289	0.16	%		1,332
Zoetis, Inc.	113	0.21	%		955
Hologic, Inc.	950	0.68	%		900
Bruker Corp.	320	0.24	%		655
Amgen, Inc.	341	0.71	%		447
Merck & Company, Inc.	884	0.65	%		84
AbbVie, Inc.	172	0.18	%		(602	)
Exelixis, Inc.	1,480	0.30	%		(609	)
Vanda Pharmaceuticals, Inc.	2,919	0.49	%		(790	)
PepsiCo, Inc.	122	0.18	%		(822	)
EVERTEC, Inc.	1,586	0.71	%		(1,066	)
Grand Canyon Education, Inc.	272	0.23	%		(1,271	)
Sage Therapeutics, Inc.	528	0.23	%		(1,303	)
Coca-Cola Co.	339	0.17	%		(1,564	)
Danaher Corp.	57	0.17	%		(1,590	)
Perdoceo Education Corp.	6,310	0.65	%		(1,755	)
PayPal Holdings, Inc.	66	0.17	%		(1,946	)
Eli Lilly & Co.	73	0.16	%		(2,131	)
Amphastar Pharmaceuticals, Inc.	1,918	0.35	%		(2,234	)
Vertex Pharmaceuticals, Inc.	159	0.28	%		(2,273	)
Laboratory Corporation of America Holdings	107	0.29	%		(2,509	)
Philip Morris International, Inc.	717	0.66	%		(2,731	)
Corcept Therapeutics, Inc.	2,197	0.42	%		(4,445	)
USANA Health Sciences, Inc.	818	0.73	%		(5,243	)
John B Sanfilippo & Son, Inc.	1,129	0.90	%		(5,985	)
Bristol-Myers Squibb Co.	1,577	0.91	%		(6,857	)
Incyte Corp.	604	0.40	%		(7,385	)
Herbalife Nutrition Ltd.	890	0.37	%		(8,662	)
Total Consumer, Non-cyclical					73,339
Consumer, Cyclical
AutoZone, Inc.	58	0.96	%		23,742
AutoNation, Inc.	544	0.64	%		19,550
Gentherm, Inc.	519	0.41	%		18,053
O'Reilly Automotive, Inc.	36	0.21	%		5,235
Brunswick Corp.	676	0.63	%		5,004
Home Depot, Inc.	58	0.19	%		4,950
Gentex Corp.	3,080	0.99	%		3,987
Dick's Sporting Goods, Inc.	380	0.44	%		2,588
Cummins, Inc.	360	0.79	%		1,574
Yum! Brands, Inc.	713	0.85	%		1,543
Tesla, Inc.	38	0.29	%		1,519
PulteGroup, Inc.	369	0.16	%		554
Sleep Number Corp.	395	0.36	%		533
MarineMax, Inc.	442	0.21	%		(173	)
NVR, Inc.	6	0.28	%		(197	)
Buckle, Inc.	1,481	0.57	%		(457	)
Williams-Sonoma, Inc.	116	0.20	%		(484	)
Costco Wholesale Corp.	41	0.18	%		(532	)
MSC Industrial Direct Company, Inc. — Class A	580	0.45	%		(685	)
Zumiez, Inc.	807	0.31	%		(1,065	)
Walmart, Inc.	128	0.17	%		(1,258	)
Tri Pointe Homes, Inc.	991	0.20	%		(1,433	)
Polaris, Inc.	462	0.54	%		(1,905	)
NIKE, Inc. — Class B	117	0.17	%		(2,166	)
WW Grainger, Inc.	69	0.26	%		(2,244	)
Jack in the Box, Inc.	244	0.23	%		(2,630	)
Carter's, Inc.	464	0.44	%		(2,632	)
Dolby Laboratories, Inc. — Class A	618	0.53	%		(3,121	)
Autoliv, Inc.	591	0.49	%		(3,153	)
Big Lots, Inc.	757	0.32	%		(3,441	)
Acushnet Holdings Corp.	1,071	0.49	%		(3,678	)
Whirlpool Corp.	281	0.56	%		(6,295	)
Allison Transmission Holdings, Inc.	2,037	0.70	%		(8,762	)
Hibbett, Inc.	347	0.24	%		(9,494	)
Foot Locker, Inc.	863	0.38	%		(10,192	)
Total Consumer, Cyclical					22,835
Communications
Alphabet, Inc. — Class C	30	0.78	%		37,011
Amazon.com, Inc.	21	0.67	%		18,800
Facebook, Inc. — Class A	121	0.40	%		16,162
Cisco Systems, Inc.	1,824	0.97	%		8,163
Viavi Solutions, Inc.	5,537	0.85	%		5,966
Juniper Networks, Inc.	1,535	0.41	%		5,570
Ciena Corp.	409	0.20	%		2,176
VeriSign, Inc.	167	0.33	%		1,962
Walt Disney Co.	99	0.16	%		1,496
Fox Corp. — Class A	599	0.23	%		1,459
F5 Networks, Inc.	160	0.31	%		999
Netflix, Inc.	32	0.19	%		622
Nexstar Media Group, Inc. — Class A	211	0.31	%		395

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
World Wrestling Entertainment, Inc. — Class A		545		0.30	%	$	(749	)
Verizon Communications, Inc.		460		0.24	%		(846	)
InterDigital, Inc.		557		0.37	%		(897	)
Yelp, Inc. — Class A		1,123		0.41	%		(1,599	)
Arista Networks, Inc.		81		0.27	%		(1,652	)
Comcast Corp. — Class A		311		0.17	%		(1,783	)
Cogent Communications Holdings, Inc.		540		0.37	%		(3,017	)
Telephone & Data Systems, Inc.		1,170		0.22	%		(4,467	)
Omnicom Group, Inc.		1,320		0.93	%		(4,620	)
Total Communications							81,151
Financial
Synchrony Financial		2,050		0.97	%		10,908
Allstate Corp.		432		0.54	%		9,871
Berkshire Hathaway, Inc. — Class B		95		0.25	%		7,307
Houlihan Lokey, Inc.		543		0.49	%		5,407
Travelers Companies, Inc.		120		0.18	%		4,087
Jefferies Financial Group, Inc.		807		0.29	%		4,039
Raymond James Financial, Inc.		879		0.79	%		3,248
Stewart Information Services Corp.		1,248		0.77	%		2,324
Visa, Inc. — Class A		86		0.19	%		2,142
Marsh & McLennan Companies, Inc.		121		0.18	%		1,589
Janus Henderson Group plc		882		0.35	%		1,384
Enstar Group Ltd.		431		0.98	%		847
Mastercard, Inc. — Class A		56		0.19	%		749
MGIC Investment Corp.		1,621		0.24	%		543
Capital One Financial Corp.		143		0.23	%		374
First American Financial Corp.		397		0.26	%		360
Federated Hermes, Inc. — Class B		1,186		0.37	%		99
Markel Corp.		25		0.29	%		(272	)
Discover Financial Services		449		0.54	%		(308	)
Radian Group, Inc.		1,620		0.36	%		(453	)
Everest Re Group Ltd.		156		0.38	%		(536	)
Progressive Corp.		201		0.18	%		(594	)
Safety Insurance Group, Inc.		1,192		0.92	%		(778	)
Industrial Logistics Properties Trust		697		0.17	%		(1,073	)
Arch Capital Group Ltd.		1,191		0.44	%		(1,116	)
Brandywine Realty Trust		3,503		0.46	%		(1,158	)
SEI Investments Co.		572		0.33	%		(1,545	)
Artisan Partners Asset Management, Inc. — Class A		429		0.20	%		(1,649	)
Interactive Brokers Group, Inc. — Class A		789		0.48	%		(2,003	)
Piper Sandler Cos.		401		0.54	%		(2,155	)
BankUnited, Inc.		1,290		0.52	%		(2,161	)
OneMain Holdings, Inc.		1,060		0.57	%		(2,588	)
AMERISAFE, Inc.		1,268		0.69	%		(2,611	)
Essent Group Ltd.		1,004		0.43	%		(3,074	)
Affiliated Managers Group, Inc.		252		0.37	%		(3,097	)
Evercore, Inc. — Class A		636		0.83	%		(3,985	)
Hanover Insurance Group, Inc.		627		0.79	%		(5,301	)
Mercury General Corp.		1,646		0.89	%		(6,744	)
Old Republic International Corp.		3,793		0.85	%		(9,899	)
Total Financial							2,178
Energy
Equitrans Midstream Corp.		2,631		0.26	%		3,001
Exxon Mobil Corp.		350		0.20	%		1,366
Antero Midstream Corp.		2,285		0.23	%		(39	)
Total Energy							4,328
Technology
Apple, Inc.		764		1.06	%		47,850
Microsoft Corp.		376		1.03	%		39,180
NetApp, Inc.		904		0.79	%		13,733
Seagate Technology Holdings plc		442		0.35	%		12,318
Texas Instruments, Inc.		194		0.36	%		9,733
NVIDIA Corp.		122		0.25	%		7,101
HP, Inc.		1,780		0.47	%		6,562
CSG Systems International, Inc.		1,976		0.93	%		5,160
Oracle Corp.		787		0.67	%		4,758
Progress Software Corp.		1,884		0.90	%		4,020
Accenture plc — Class A		56		0.17	%		3,531
ExlService Holdings, Inc.		189		0.23	%		2,972
Cadence Design Systems, Inc.		114		0.17	%		2,576
Broadcom, Inc.		38		0.18	%		2,571
Intel Corp.		954		0.49	%		2,337
Cirrus Logic, Inc.		1,034		0.83	%		1,835
QUALCOMM, Inc.		131		0.16	%		1,594
Intuit, Inc.		33		0.17	%		328
salesforce.com, Inc.		72		0.19	%		314
Cerner Corp.		253		0.17	%		125
Lumentum Holdings, Inc.		509		0.41	%		(410	)
Rambus, Inc.		3,790		0.82	%		(569	)
Applied Materials, Inc.		185		0.23	%		(1,281	)
CommVault Systems, Inc.		234		0.17	%		(2,062	)
Adobe, Inc.		28		0.16	%		(2,658	)
Dropbox, Inc. — Class A		1,025		0.29	%		(3,265	)
Xperi Holding Corp.		1,717		0.31	%		(3,660	)
Qorvo, Inc.		272		0.44	%		(5,409	)
Kulicke & Soffa Industries, Inc.		404		0.23	%		(6,118	)
Total Technology							143,166
Industrial
Watts Water Technologies, Inc. — Class A		424		0.69	%		10,630
Waters Corp.		74		0.26	%		9,745
AGCO Corp.		179		0.21	%		8,863
Acuity Brands, Inc.		141		0.24	%		8,551
Owens Corning		459		0.38	%		6,662
Oshkosh Corp.		252		0.25	%		5,793
Lincoln Electric Holdings, Inc.		234		0.29	%		4,652
Northrop Grumman Corp.		59		0.21	%		3,580
Snap-on, Inc.		426		0.87	%		2,664

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Vishay Intertechnology, Inc.		2,490		0.49	%	$	1,932
Pentair plc		327		0.23	%		1,730
Sealed Air Corp.		349		0.19	%		1,417
Garmin Ltd.		116		0.18	%		1,324
3M Co.		235		0.40	%		1,030
Timken Co.		426		0.27	%		644
Keysight Technologies, Inc.		313		0.50	%		423
Louisiana-Pacific Corp.		517		0.31	%		94
Fortive Corp.		273		0.19	%		23
Masco Corp.		309		0.17	%		(71	)
Lockheed Martin Corp.		65		0.22	%		(119	)
Albany International Corp. — Class A		320		0.24	%		(168	)
Sanmina Corp.		595		0.22	%		(808	)
OSI Systems, Inc.		550		0.51	%		(1,582	)
Mueller Industries, Inc.		755		0.30	%		(1,769	)
Sturm Ruger & Company, Inc.		1,051		0.75	%		(2,843	)
Hillenbrand, Inc.		552		0.23	%		(3,127	)
Boise Cascade Co.		635		0.33	%		(3,981	)
Huntington Ingalls Industries, Inc.		340		0.64	%		(4,165	)
A O Smith Corp.		558		0.33	%		(4,661	)
Donaldson Company, Inc.		1,254		0.70	%		(5,311	)
Worthington Industries, Inc.		1,354		0.69	%		(7,970	)
Toro Co.		872		0.83	%		(7,990	)
Eagle Materials, Inc.		421		0.54	%		(8,207	)
MDU Resources Group, Inc.		2,778		0.80	%		(9,337	)
Total Industrial							7,648
Basic Materials
NewMarket Corp.		117		0.39	%		563
Linde plc		61		0.17	%		(1,362	)
Royal Gold, Inc.		169		0.16	%		(3,038	)
Ingevity Corp.		305		0.21	%		(3,555	)
Reliance Steel & Aluminum Co.		204		0.28	%		(6,211	)
Nucor Corp.		449		0.43	%		(7,383	)
Total Basic Materials							(20,986	)
Utilities
UGI Corp.		1,911		0.79	%		5,218
IDACORP, Inc.		835		0.84	%		4,577
Public Service Enterprise Group, Inc.		708		0.42	%		4,191
Southern Co.		732		0.44	%		3,665
American States Water Co.		886		0.74	%		1,922
Sempra Energy		231		0.28	%		(50	)
DTE Energy Co.		495		0.54	%		(408	)
CMS Energy Corp.		1,205		0.70	%		(1,159	)
National Fuel Gas Co.		1,839		0.94	%		(1,194	)
Chesapeake Utilities Corp.		680		0.79	%		(1,464	)
MGE Energy, Inc.		1,110		0.79	%		(3,678	)
Total Utilities							11,620
Total GS Equity Long Custom Basket						$	325,279

GS EQUITY SHORT CUSTOM BASKET
Industrial
Stericycle, Inc.		2,505		(1.70	)%	$	14,652
Jacobs Engineering Group, Inc.		1,453		(1.92	)%		10,229
US Ecology, Inc.		1,675		(0.54	)%		9,000
Harsco Corp.		4,778		(0.81	)%		5,912
Boeing Co.		711		(1.56	)%		5,314
TransDigm Group, Inc.		105		(0.65	)%		884
General Electric Co.		383		(0.39	)%		(431	)
Waste Management, Inc.		1,244		(1.85	)%		(15,503	)
Republic Services, Inc. — Class A		1,568		(1.88	)%		(17,145	)
Tetra Tech, Inc.		500		(0.74	)%		(21,695	)
Casella Waste Systems, Inc. — Class A		2,293		(1.74	)%		(40,088	)
Total Industrial							(48,871	)
Utilities
ONE Gas, Inc.		2,234		(1.41	)%		30,218
Atmos Energy Corp.		2,035		(1.79	)%		24,870
Edison International		3,362		(1.86	)%		8,097
CenterPoint Energy, Inc.		2,061		(0.51	)%		2,629
Total Utilities							65,814
Financial
Americold Realty Trust		4,562		(1.30	)%		41,121
Digital Realty Trust, Inc.		1,037		(1.46	)%		14,531
JBG SMITH Properties		3,991		(1.18	)%		13,399
Safehold, Inc.		869		(0.62	)%		11,464
Crown Castle International Corp.		257		(0.44	)%		5,378
State Street Corp.		2,122		(1.79	)%		4,219
Equitable Holdings, Inc.		3,017		(0.89	)%		4,104
CyrusOne, Inc.		1,190		(0.92	)%		3,812
Healthpeak Properties, Inc.		3,357		(1.12	)%		3,150
Ventas, Inc.		855		(0.47	)%		3,146
Welltower, Inc.		2,286		(1.88	)%		3,141
Apartment Income REIT Corp.		772		(0.38	)%		2,413
Alexandria Real Estate Equities, Inc.		639		(1.22	)%		2,143
Host Hotels & Resorts, Inc.		11,841		(1.93	)%		376
Wells Fargo & Co.		1,032		(0.48	)%		(1,112	)
Lincoln National Corp.		1,374		(0.94	)%		(1,283	)
Bank of America Corp.		3,117		(1.32	)%		(2,181	)
Outfront Media, Inc.		3,572		(0.90	)%		(2,837	)
JPMorgan Chase & Co.		687		(1.12	)%		(2,869	)
Sunstone Hotel Investors, Inc.		11,704		(1.39	)%		(3,045	)
Pebblebrook Hotel Trust		4,340		(0.97	)%		(3,372	)
Apple Hospitality REIT, Inc.		3,749		(0.59	)%		(3,563	)
Howard Hughes Corp.		1,090		(0.95	)%		(3,710	)
Comerica, Inc.		927		(0.74	)%		(6,334	)
Equinix, Inc.		219		(1.73	)%		(9,561	)
UDR, Inc.		3,233		(1.71	)%		(10,418	)
Western Alliance Bancorporation		973		(1.06	)%		(10,831	)
First Republic Bank		549		(1.06	)%		(10,893	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Rayonier, Inc.		2,445		(0.87	)%	$	(12,147	)
Rexford Industrial Realty, Inc.		1,935		(1.09	)%		(27,126	)
Sun Communities, Inc.		881		(1.63	)%		(36,908	)
Total Financial							(35,793	)
Energy
Schlumberger N.V.		3,651		(1.08	)%		19,522
Sunrun, Inc.		1,156		(0.51	)%		2,015
Helmerich & Payne, Inc.		1,511		(0.41	)%		(956	)
Phillips 66		2,701		(1.89	)%		(2,231	)
NOV, Inc.		3,035		(0.40	)%		(2,637	)
Hess Corp.		610		(0.48	)%		(5,087	)
Pioneer Natural Resources Co.		1,220		(2.03	)%		(9,331	)
Patterson-UTI Energy, Inc.		8,484		(0.76	)%		(10,558	)
Valero Energy Corp.		2,921		(2.06	)%		(18,458	)
Devon Energy Corp.		1,919		(0.68	)%		(19,718	)
Range Resources Corp.		3,934		(0.89	)%		(20,773	)
Halliburton Co.		9,032		(1.95	)%		(21,402	)
Diamondback Energy, Inc.		1,118		(1.06	)%		(22,123	)
Total Energy							(111,737	)
Consumer, Cyclical
United Airlines Holdings, Inc.		4,293		(2.04	)%		18,240
JetBlue Airways Corp.		10,281		(1.57	)%		17,161
Freshpet, Inc.		613		(0.87	)%		10,310
DraftKings, Inc. — Class A		797		(0.38	)%		9,932
Delta Air Lines, Inc.		4,885		(2.08	)%		6,432
Alaska Air Group, Inc.		2,379		(1.39	)%		4,582
Southwest Airlines Co.		3,211		(1.65	)%		3,435
Spirit Airlines, Inc.		2,621		(0.68	)%		3,274
American Airlines Group, Inc.		9,735		(1.99	)%		(10,946	)
Royal Caribbean Cruises Ltd.		1,208		(1.07	)%		(11,922	)
Total Consumer, Cyclical							50,498
Technology
Clarivate plc		4,414		(0.96	)%		20,870
Coupa Software, Inc.		334		(0.73	)%		15,711
DocuSign, Inc.		161		(0.41	)%		8,356
Splunk, Inc.		442		(0.64	)%		6,015
Twilio, Inc. — Class A		125		(0.40	)%		5,975
Everbridge, Inc.		341		(0.51	)%		5,246
KBR, Inc.		4,979		(1.96	)%		3,071
Zscaler, Inc.		205		(0.54	)%		(82	)
Smartsheet, Inc. — Class A		567		(0.39	)%		(2,598	)
Ceridian HCM Holding, Inc.		579		(0.65	)%		(10,989	)
Total Technology							51,575
Consumer, Non-cyclical
Teladoc Health, Inc.		847		(1.07	)%		14,960
ManpowerGroup, Inc.		1,200		(1.30	)%		13,509
Brink's Co.		715		(0.45	)%		9,276
Guardant Health, Inc.		849		(1.06	)%		1,491
CoStar Group, Inc.		2,304		(1.98	)%		1,433
Sysco Corp.		694		(0.54	)%		(690	)
Total Consumer, Non-cyclical							39,979
Communications
Okta, Inc.		362		(0.86	)%		8,467
Uber Technologies, Inc.		2,218		(0.99	)%		5,001
Chewy, Inc. — Class A		543		(0.37	)%		4,738
Anaplan, Inc.		897		(0.54	)%		1,512
Lyft, Inc. — Class A		1,308		(0.70	)%		(7,503	)
Total Communications						$	12,215
Basic Materials
International Flavors & Fragrances, Inc.		1,146		(1.53	)%		18,034
Total GS Equity Short Custom Basket						$	41,714

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

MS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Watts Water Technologies, Inc. — Class A	424	0.68	%	$	10,591
Waters Corp.	74	0.25	%		9,757
AGCO Corp.	179	0.21	%		8,882
Acuity Brands, Inc.	141	0.23	%		8,518
Owens Corning	459	0.38	%		6,631
Oshkosh Corp.	252	0.25	%		6,383
Lincoln Electric Holdings, Inc.	234	0.29	%		4,697
Northrop Grumman Corp.	59	0.20	%		3,576
Snap-on, Inc.	426	0.85	%		2,880
Vishay Intertechnology, Inc.	2,490	0.48	%		1,974
Pentair plc	327	0.23	%		1,748
Sealed Air Corp.	349	0.18	%		1,403
Garmin Ltd.	116	0.17	%		1,292
3M Co.	235	0.39	%		1,019
Timken Co.	426	0.27	%		600
Keysight Technologies, Inc.	313	0.49	%		417
Louisiana-Pacific Corp.	517	0.30	%		109
Fortive Corp.	273	0.18	%		26
Masco Corp.	309	0.16	%		(64	)
Lockheed Martin Corp.	65	0.21	%		(143	)
Albany International Corp. — Class A	320	0.24	%		(162	)
Sanmina Corp.	595	0.22	%		(809	)
OSI Systems, Inc.	550	0.50	%		(1,590	)
Mueller Industries, Inc.	755	0.30	%		(1,718	)
Sturm Ruger & Company, Inc.	1,051	0.74	%		(2,822	)
Hillenbrand, Inc.	552	0.23	%		(3,127	)
Boise Cascade Co.	635	0.33	%		(3,912	)
Huntington Ingalls Industries, Inc.	340	0.63	%		(4,121	)
A O Smith Corp.	558	0.33	%		(4,640	)
Donaldson Company, Inc.	1,254	0.69	%		(5,261	)
Worthington Industries, Inc.	1,354	0.68	%		(7,806	)
Toro Co.	872	0.81	%		(7,898	)
Eagle Materials, Inc.	421	0.53	%		(8,103	)
MDU Resources Group, Inc.	2,778	0.79	%		(9,314	)
Total Industrial					9,013
Consumer, Cyclical
AutoZone, Inc.	58	0.94	%		23,698
AutoNation, Inc.	544	0.63	%		19,559
Gentherm, Inc.	519	0.40	%		18,022
Home Depot, Inc.	58	0.18	%		5,246
O'Reilly Automotive, Inc.	36	0.21	%		5,188
Brunswick Corp.	676	0.62	%		5,034
Gentex Corp.	3,080	0.97	%		3,973
Dick's Sporting Goods, Inc.	380	0.44	%		2,609
Cummins, Inc.	360	0.77	%		1,545
Yum! Brands, Inc.	713	0.83	%		1,496
Tesla, Inc.	38	0.28	%		1,227
PulteGroup, Inc.	369	0.16	%		540
Sleep Number Corp.	395	0.35	%		508
MarineMax, Inc.	442	0.21	%		(154	)
NVR, Inc.	6	0.28	%		(206	)
Buckle, Inc.	1,481	0.56	%		(351	)
Williams-Sonoma, Inc.	116	0.20	%		(466	)
Costco Wholesale Corp.	41	0.18	%		(540	)
MSC Industrial Direct Company, Inc. — Class A	580	0.44	%		(654	)
Zumiez, Inc.	807	0.31	%		(658	)
Walmart, Inc.	128	0.17	%		(1,255	)
Tri Pointe Homes, Inc.	991	0.20	%		(1,401	)
Polaris, Inc.	462	0.53	%		(1,927	)
NIKE, Inc. — Class B	117	0.16	%		(2,159	)
WW Grainger, Inc.	69	0.26	%		(2,289	)
Carter's, Inc.	464	0.43	%		(2,651	)
Jack in the Box, Inc.	244	0.23	%		(2,753	)
Autoliv, Inc.	591	0.48	%		(3,108	)
Dolby Laboratories, Inc. — Class A	618	0.52	%		(3,155	)
Big Lots, Inc.	757	0.31	%		(3,303	)
Acushnet Holdings Corp.	1,071	0.48	%		(3,701	)
Whirlpool Corp.	281	0.55	%		(6,310	)
Allison Transmission Holdings, Inc.	2,037	0.69	%		(8,680	)
Hibbett, Inc.	347	0.23	%		(9,456	)
Foot Locker, Inc.	863	0.38	%		(10,177	)
Total Consumer, Cyclical					23,291
Financial
Synchrony Financial	2,050	0.96	%		10,948
Allstate Corp.	432	0.53	%		9,822
Berkshire Hathaway, Inc. — Class B	95	0.25	%		7,347
Houlihan Lokey, Inc.	543	0.48	%		5,316
Jefferies Financial Group, Inc.	807	0.29	%		4,118
Travelers Companies, Inc.	120	0.17	%		4,117
Raymond James Financial, Inc.	879	0.78	%		3,324
Stewart Information Services Corp.	1,248	0.76	%		2,309
Visa, Inc. — Class A	86	0.18	%		2,111
Marsh & McLennan Companies, Inc.	121	0.18	%		1,579
Janus Henderson Group plc	882	0.35	%		1,378
Mastercard, Inc. — Class A	56	0.19	%		730
MGIC Investment Corp.	1,621	0.23	%		608
Capital One Financial Corp.	143	0.22	%		391
First American Financial Corp.	397	0.25	%		357
Enstar Group Ltd.	371	0.83	%		257
Federated Hermes, Inc. — Class B	1,186	0.37	%		35
Markel Corp.	25	0.29	%		(239	)
Discover Financial Services	449	0.53	%		(250	)
Radian Group, Inc.	1,620	0.35	%		(390	)
Everest Re Group Ltd.	156	0.37	%		(524	)
Progressive Corp.	201	0.17	%		(602	)
Safety Insurance Group, Inc.	1,192	0.90	%		(791	)
Industrial Logistics Properties Trust	697	0.17	%		(1,080	)
Arch Capital Group Ltd.	1,191	0.43	%		(1,088	)
Brandywine Realty Trust	3,503	0.45	%		(1,161	)
SEI Investments Co.	572	0.32	%		(1,547	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Artisan Partners Asset Management, Inc. — Class A		429		0.20	%	$	(1,657	)
Interactive Brokers Group, Inc. — Class A		789		0.47	%		(1,960	)
BankUnited, Inc.		1,290		0.52	%		(2,049	)
Piper Sandler Cos.		401		0.53	%		(2,181	)
OneMain Holdings, Inc.		1,060		0.56	%		(2,560	)
AMERISAFE, Inc.		1,268		0.68	%		(2,611	)
Essent Group Ltd.		1,004		0.42	%		(2,974	)
Affiliated Managers Group, Inc.		252		0.36	%		(3,057	)
Evercore, Inc. — Class A		636		0.81	%		(3,875	)
Hanover Insurance Group, Inc.		627		0.78	%		(5,269	)
Mercury General Corp.		1,646		0.88	%		(6,578	)
Old Republic International Corp.		3,793		0.84	%		(9,892	)
Goldman Sachs Group, Inc.		500		1.81	%		(13,227	)
Total Financial							(10,815	)
Technology
Apple, Inc.		764		1.03	%		48,651
Microsoft Corp.		376		1.01	%		42,653
NetApp, Inc.		904		0.78	%		13,723
Seagate Technology Holdings plc		442		0.35	%		12,320
Texas Instruments, Inc.		194		0.36	%		9,724
NVIDIA Corp.		122		0.24	%		7,120
HP, Inc.		1,780		0.47	%		6,557
CSG Systems International, Inc.		1,976		0.91	%		5,289
Oracle Corp.		787		0.66	%		4,989
Progress Software Corp.		1,884		0.89	%		3,993
Accenture plc — Class A		56		0.17	%		3,600
ExlService Holdings, Inc.		189		0.22	%		3,001
Broadcom, Inc.		38		0.18	%		2,617
Cadence Design Systems, Inc.		114		0.17	%		2,560
Cirrus Logic, Inc.		1,034		0.81	%		1,987
QUALCOMM, Inc.		131		0.16	%		1,623
Intel Corp.		954		0.49	%		1,035
Intuit, Inc.		33		0.17	%		352
salesforce.com, Inc.		72		0.19	%		317
Cerner Corp.		253		0.17	%		121
Lumentum Holdings, Inc.		509		0.41	%		(415	)
Rambus, Inc.		3,790		0.80	%		(453	)
Applied Materials, Inc.		185		0.23	%		(1,269	)
CommVault Systems, Inc.		234		0.17	%		(2,019	)
Adobe, Inc.		28		0.15	%		(2,668	)
Dropbox, Inc. — Class A		1,025		0.29	%		(3,259	)
Xperi Holding Corp.		1,717		0.31	%		(3,467	)
Qorvo, Inc.		272		0.44	%		(5,289	)
Kulicke & Soffa Industries, Inc.		404		0.23	%		(6,157	)
Total Technology							147,236
Consumer, Non-cyclical
Innoviva, Inc.		6,231		1.00	%		13,862
McKesson Corp.		162		0.31	%		13,555
Eagle Pharmaceuticals, Inc.		1,313		0.70	%		13,198
Bio-Rad Laboratories, Inc. — Class A		86		0.61	%		11,105
Pfizer, Inc.		913		0.38	%		8,535
United Therapeutics Corp.		284		0.50	%		7,302
Prestige Consumer Healthcare, Inc.		858		0.46	%		7,023
H&R Block, Inc.		3,715		0.89	%		6,548
Regeneron Pharmaceuticals, Inc.		50		0.29	%		6,179
Enanta Pharmaceuticals, Inc.		407		0.22	%		6,075
Thermo Fisher Scientific, Inc.		33		0.18	%		6,040
Blueprint Medicines Corp.		419		0.41	%		5,810
Molson Coors Beverage Co. — Class B		694		0.31	%		5,558
Procter & Gamble Co.		133		0.18	%		4,393
Johnson & Johnson		131		0.20	%		4,012
Coherus Biosciences, Inc.		3,199		0.49	%		3,991
UnitedHealth Group, Inc.		46		0.17	%		3,725
Abbott Laboratories		149		0.17	%		3,190
PerkinElmer, Inc.		266		0.44	%		2,849
Quest Diagnostics, Inc.		613		0.85	%		2,134
Gilead Sciences, Inc.		1,398		0.93	%		1,692
Hershey Co.		114		0.18	%		1,555
Vector Group Ltd.		1,289		0.16	%		1,338
Zoetis, Inc.		113		0.21	%		937
Hologic, Inc.		950		0.67	%		876
Bruker Corp.		320		0.24	%		653
Merck & Company, Inc.		884		0.64	%		71
AbbVie, Inc.		172		0.18	%		(601	)
Exelixis, Inc.		1,480		0.30	%		(620	)
Vanda Pharmaceuticals, Inc.		2,919		0.48	%		(709	)
PepsiCo, Inc.		122		0.18	%		(805	)
Amgen, Inc.		341		0.69	%		(948	)
EVERTEC, Inc.		1,586		0.69	%		(949	)
Sage Therapeutics, Inc.		528		0.22	%		(1,125	)
Grand Canyon Education, Inc.		272		0.23	%		(1,283	)
Coca-Cola Co.		339		0.17	%		(1,577	)
Danaher Corp.		57		0.17	%		(1,605	)
Perdoceo Education Corp.		6,310		0.64	%		(1,666	)
PayPal Holdings, Inc.		66		0.16	%		(1,929	)
Eli Lilly & Co.		73		0.16	%		(2,126	)
Amphastar Pharmaceuticals, Inc.		1,918		0.35	%		(2,200	)
Vertex Pharmaceuticals, Inc.		159		0.28	%		(2,392	)
Laboratory Corporation of America Holdings		107		0.29	%		(2,608	)
Philip Morris International, Inc.		717		0.65	%		(2,799	)
Corcept Therapeutics, Inc.		2,197		0.41	%		(4,328	)
USANA Health Sciences, Inc.		818		0.72	%		(5,250	)
John B Sanfilippo & Son, Inc.		1,129		0.88	%		(5,934	)
Bristol-Myers Squibb Co.		1,577		0.89	%		(6,909	)
Incyte Corp.		604		0.40	%		(7,411	)
Herbalife Nutrition Ltd.		890		0.36	%		(8,716	)
Total Consumer, Non-cyclical							77,716
Communications
Alphabet, Inc. — Class C		30		0.76	%		35,572
Amazon.com, Inc.		21		0.66	%		18,892

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Facebook, Inc. — Class A		121		0.39	%	$	16,166
Cisco Systems, Inc.		1,824		0.95	%		8,189
Viavi Solutions, Inc.		5,537		0.83	%		6,195
Juniper Networks, Inc.		1,535		0.40	%		5,527
Ciena Corp.		409		0.20	%		2,138
VeriSign, Inc.		167		0.33	%		1,958
Walt Disney Co.		99		0.16	%		1,479
Fox Corp. — Class A		599		0.23	%		1,468
F5 Networks, Inc.		160		0.30	%		1,022
Netflix, Inc.		32		0.19	%		625
Nexstar Media Group, Inc. — Class A		211		0.31	%		408
World Wrestling Entertainment, Inc. — Class A		545		0.29	%		(766	)
Verizon Communications, Inc.		460		0.24	%		(849	)
InterDigital, Inc.		557		0.36	%		(896	)
Arista Networks, Inc.		81		0.27	%		(1,631	)
Yelp, Inc. — Class A		1,123		0.40	%		(1,683	)
Comcast Corp. — Class A		311		0.17	%		(1,761	)
Cogent Communications Holdings, Inc.		540		0.37	%		(3,034	)
Omnicom Group, Inc.		1,320		0.91	%		(3,967	)
Telephone & Data Systems, Inc.		1,170		0.22	%		(4,432	)
Total Communications							80,620
Basic Materials
NewMarket Corp.		117		0.38	%		575
Linde plc		61		0.17	%		(1,343	)
Royal Gold, Inc.		169		0.15	%		(3,034	)
Ingevity Corp.		305		0.21	%		(3,560	)
Reliance Steel & Aluminum Co.		204		0.28	%		(6,219	)
Nucor Corp.		449		0.42	%		(7,347	)
Total Basic Materials							(20,928	)
Utilities
UGI Corp.		1,911		0.78	%		5,232
IDACORP, Inc.		835		0.83	%		4,520
Public Service Enterprise Group, Inc.		708		0.41	%		4,205
Southern Co.		732		0.43	%		3,864
American States Water Co.		886		0.72	%		1,989
Sempra Energy		231		0.28	%		(51	)
DTE Energy Co.		495		0.53	%		(584	)
National Fuel Gas Co.		1,839		0.92	%		(1,133	)
CMS Energy Corp.		1,205		0.69	%		(1,340	)
Chesapeake Utilities Corp.		680		0.78	%		(1,419	)
MGE Energy, Inc.		1,110		0.78	%		(3,630	)
Total Utilities							11,653
Energy
Equitrans Midstream Corp.		2,631		0.26	%		3,019
Exxon Mobil Corp.		350		0.20	%		1,407
Antero Midstream Corp.		2,285		0.23	%		(67	)
Total Energy							4,359
Total MS Equity Long Custom Basket						$	322,145

MS EQUITY SHORT CUSTOM BASKET
Financial
Americold Realty Trust		4,562		(1.29	)%		41,534
Digital Realty Trust, Inc.		1,037		(1.46	)%		14,519
JBG SMITH Properties		3,991		(1.18	)%		13,367
Safehold, Inc.		869		(0.62	)%		11,654
Crown Castle International Corp.		257		(0.44	)%		5,367
State Street Corp.		2,122		(1.79	)%		4,135
Equitable Holdings, Inc.		3,017		(0.89	)%		4,036
CyrusOne, Inc.		1,190		(0.92	)%		3,935
Healthpeak Properties, Inc.		3,357		(1.12	)%		3,181
Welltower, Inc.		2,286		(1.88	)%		3,173
Ventas, Inc.		855		(0.47	)%		3,169
Apartment Income REIT Corp.		772		(0.38	)%		2,414
Alexandria Real Estate Equities, Inc.		639		(1.22	)%		2,226
Host Hotels & Resorts, Inc.		11,841		(1.93	)%		531
Wells Fargo & Co.		1,032		(0.48	)%		(1,114	)
Lincoln National Corp.		1,374		(0.94	)%		(1,587	)
Bank of America Corp.		3,117		(1.32	)%		(2,198	)
Sunstone Hotel Investors, Inc.		11,704		(1.39	)%		(2,671	)
JPMorgan Chase & Co.		687		(1.12	)%		(2,723	)
Outfront Media, Inc.		3,572		(0.90	)%		(2,862	)
Pebblebrook Hotel Trust		4,340		(0.97	)%		(3,262	)
Apple Hospitality REIT, Inc.		3,749		(0.59	)%		(3,580	)
Howard Hughes Corp.		1,090		(0.95	)%		(3,863	)
Comerica, Inc.		927		(0.74	)%		(6,372	)
Equinix, Inc.		219		(1.73	)%		(9,493	)
UDR, Inc.		3,233		(1.71	)%		(10,492	)
Western Alliance Bancorporation		973		(1.06	)%		(10,789	)
First Republic Bank		549		(1.06	)%		(10,813	)
Rayonier, Inc.		2,445		(0.87	)%		(12,185	)
Rexford Industrial Realty, Inc.		1,935		(1.09	)%		(31,004	)
Sun Communities, Inc.		881		(1.63	)%		(41,007	)
Total Financial							(42,774	)
Industrial
Stericycle, Inc.		2,505		(1.70	)%		14,656
Jacobs Engineering Group, Inc.		1,453		(1.92	)%		10,223
US Ecology, Inc.		1,675		(0.54	)%		8,980
Harsco Corp.		4,778		(0.81	)%		5,959
Boeing Co.		711		(1.56	)%		5,451
TransDigm Group, Inc.		105		(0.65	)%		879
General Electric Co.		383		(0.39	)%		(409	)
Waste Management, Inc.		1,244		(1.85	)%		(15,489	)
Republic Services, Inc. — Class A		1,568		(1.88	)%		(16,814	)
Tetra Tech, Inc.		500		(0.74	)%		(21,712	)
Casella Waste Systems, Inc. — Class A		2,293		(1.74	)%		(40,079	)
Total Industrial							(48,355	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Communications
Okta, Inc.		362		(0.86	)%	$	8,514
Uber Technologies, Inc.		2,218		(0.99	)%		4,966
Chewy, Inc. — Class A		543		(0.37	)%		4,781
Anaplan, Inc.		897		(0.54	)%		1,542
Lyft, Inc. — Class A		1,308		(0.70	)%		(7,419	)
Total Communications							12,384
Consumer, Non-cyclical
Teladoc Health, Inc.		847		(1.07	)%		15,015
ManpowerGroup, Inc.		1,200		(1.30	)%		13,584
Brink's Co.		715		(0.45	)%		9,311
CoStar Group, Inc.		2,304		(1.98	)%		1,576
Guardant Health, Inc.		849		(1.06	)%		1,502
Sysco Corp.		694		(0.54	)%		(734	)
Total Consumer, Non-cyclical							40,254
Technology
Clarivate plc		4,414		(0.96	)%		20,878
Coupa Software, Inc.		334		(0.73	)%		15,802
DocuSign, Inc.		161		(0.41	)%		8,465
Splunk, Inc.		442		(0.64	)%		6,054
Twilio, Inc. — Class A		125		(0.40	)%		6,024
Everbridge, Inc.		341		(0.51	)%		5,271
KBR, Inc.		4,979		(1.96	)%		3,273
Zscaler, Inc.		205		(0.54	)%		(62	)
Smartsheet, Inc. — Class A		567		(0.39	)%		(2,553	)
Ceridian HCM Holding, Inc.		579		(0.65	)%		(10,932	)
Total Technology							52,220
Consumer, Cyclical
United Airlines Holdings, Inc.		4,293		(2.04	)%		18,261
JetBlue Airways Corp.		10,281		(1.57	)%		17,190
Freshpet, Inc.		613		(0.87	)%		10,266
DraftKings, Inc. — Class A		797		(0.38	)%		9,904
Delta Air Lines, Inc.		4,885		(2.08	)%		6,464
Alaska Air Group, Inc.		2,379		(1.39	)%		4,666
Spirit Airlines, Inc.		2,621		(0.68	)%		3,442
Southwest Airlines Co.		3,211		(1.65	)%		3,421
American Airlines Group, Inc.		9,735		(1.99	)%		(10,735	)
Royal Caribbean Cruises Ltd.		1,208		(1.07	)%		(11,930	)
Total Consumer, Cyclical							50,949
Energy
Schlumberger N.V.		3,651		(1.08	)%		19,400
Sunrun, Inc.		1,156		(0.51	)%		1,932
Helmerich & Payne, Inc.		1,511		(0.41	)%		(935	)
Phillips 66		2,701		(1.89	)%		(1,615	)
NOV, Inc.		3,035		(0.40	)%		(2,626	)
Hess Corp.		610		(0.48	)%		(4,983	)
Pioneer Natural Resources Co.		1,220		(2.03	)%		(9,214	)
Patterson-UTI Energy, Inc.		8,484		(0.76	)%		(10,601	)
Valero Energy Corp.		2,921		(2.06	)%		(17,683	)
Devon Energy Corp.		1,919		(0.68	)%		(19,582	)
Range Resources Corp.		3,934		(0.89	)%		(21,124	)
Halliburton Co.		9,032		(1.95	)%		(21,279	)
Diamondback Energy, Inc.		1,118		(1.06	)%		(21,663	)
Total Energy							(109,973	)
Utilities
ONE Gas, Inc.		2,234		(1.42	)%		30,233
Atmos Energy Corp.		2,035		(1.79	)%		25,009
Edison International		3,362		(1.86	)%		8,459
CenterPoint Energy, Inc.		2,061		(0.51	)%		2,627
Total Utilities							66,328
Basic Materials
International Flavors & Fragrances, Inc.		1,146		(1.53	)%		18,244
Total Basic Materials							18,244
Total MS Equity Short Custom Basket						$	39,277

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as equity custom basket swap collateral at September 30, 2021.
²	Rate indicated is the 7-day yield as of September 30, 2021.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

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 September 30, 2021 (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	$	22,763,540	$	—	$	—	$	22,763,540
Money Market Fund		1,313,311		—		—		1,313,311
Equity Custom Basket Swap Agreements**		—		728,415		—		728,415
Total Assets	$	24,076,851	$	728,415	$	—	$	24,805,266

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

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 77.4%
Financial - 18.6%
Signature Bank		115	$	31,312
Camden Property Trust REIT		191		28,167
Jones Lang LaSalle, Inc.^*		96		23,817
Medical Properties Trust, Inc. REIT		1,133		22,739
East West Bancorp, Inc.		270		20,936
Lamar Advertising Co. — Class A REIT		165		18,719
CyrusOne, Inc. REIT		236		18,269
Life Storage, Inc. REIT		149		17,096
First Horizon Corp.		1,045		17,023
Alleghany Corp.^*		26		16,235
American Financial Group, Inc.		126		15,855
STORE Capital Corp. REIT		465		14,894
Rexford Industrial Realty, Inc. REIT		262		14,868
Apartment Income REIT Corp		299		14,594
National Retail Properties, Inc. REIT		334		14,425
Reinsurance Group of America, Inc. — Class A		129		14,353
Commerce Bancshares, Inc.		202		14,075
First American Financial Corp.		209		14,014
Jefferies Financial Group, Inc.		376		13,961
Pinnacle Financial Partners, Inc.		145		13,642
Omega Healthcare Investors, Inc. REIT		454		13,602
Janus Henderson Group plc		328		13,556
Stifel Financial Corp.		199		13,524
Kilroy Realty Corp. REIT		199		13,176
American Campus Communities, Inc. REIT		265		12,839
EastGroup Properties, Inc. REIT		77		12,831
First Industrial Realty Trust, Inc. REIT		246		12,812
Cullen/Frost Bankers, Inc.		108		12,811
Prosperity Bancshares, Inc.		177		12,590
RenaissanceRe Holdings Ltd.		90		12,546
Old Republic International Corp.		541		12,513
Brixmor Property Group, Inc. REIT		565		12,492
Synovus Financial Corp.		279		12,245
SEI Investments Co.		204		12,097
Affiliated Managers Group, Inc.		78		11,785
CoreSite Realty Corp. REIT		84		11,637
Primerica, Inc.		75		11,522
Glacier Bancorp, Inc.		206		11,402
New York Community Bancorp, Inc.		885		11,390
First Financial Bankshares, Inc.		244		11,212
Douglas Emmett, Inc. REIT		334		10,558
Cousins Properties, Inc. REIT		283		10,553
Spirit Realty Capital, Inc. REIT		227		10,451
Interactive Brokers Group, Inc. — Class A		166		10,349
Valley National Bancorp		773		10,289
SLM Corp.		582		10,243
PacWest Bancorp		223		10,106
Evercore, Inc. — Class A		75		10,025
Bank OZK		232		9,971
CIT Group, Inc.		189		9,819
Unum Group		389		9,748
MGIC Investment Corp.		645		9,649
Rayonier, Inc. REIT		269		9,598
Alliance Data Systems Corp.		95		9,585
Essent Group Ltd.		213		9,374
Webster Financial Corp.		172		9,367
Sterling Bancorp		367		9,160
SL Green Realty Corp. REIT		128		9,068
United Bankshares, Inc.		246		8,950
Hanover Insurance Group, Inc.		68		8,814
Highwoods Properties, Inc. REIT		198		8,684
Wintrust Financial Corp.		108		8,680
Park Hotels & Resorts, Inc. REIT^*		450		8,613
Selective Insurance Group, Inc.		114		8,610
Umpqua Holdings Corp.		419		8,485
Healthcare Realty Trust, Inc. REIT		277		8,249
National Storage Affiliates Trust REIT		155		8,182
UMB Financial Corp.		82		7,930
Hancock Whitney Corp.		165		7,775
RLI Corp.		76		7,621
Hudson Pacific Properties, Inc. REIT		290		7,618
Kemper Corp.		114		7,614
Physicians Realty Trust REIT		414		7,295
Brighthouse Financial, Inc.^*		158		7,146
FNB Corp.		608		7,065
EPR Properties REIT		142		7,012
Macerich Co. REIT		405		6,768
Home BancShares, Inc.		287		6,753
Kinsale Capital Group, Inc.		41		6,630
PotlatchDeltic Corp. REIT		128		6,602
JBG SMITH Properties REIT		221		6,544
Bank of Hawaii Corp.		77		6,327
Navient Corp.		319		6,294
Associated Banc-Corp.		291		6,233
Sabra Health Care REIT, Inc.		420		6,182
Cathay General Bancorp		149		6,167
BancorpSouth Bank		207		6,164
Federated Hermes, Inc. — Class B		186		6,045
PS Business Parks, Inc. REIT		38		5,956
Corporate Office Properties Trust REIT		214		5,774
Texas Capital Bancshares, Inc.^*		96		5,762
CNO Financial Group, Inc.		243		5,720
Pebblebrook Hotel Trust REIT		250		5,603
Fulton Financial Corp.		310		4,737
Washington Federal, Inc.		129		4,426
International Bancshares Corp.		101		4,206
Urban Edge Properties REIT		209		3,827
LendingTree, Inc.^*		22		3,076
Mercury General Corp.		51		2,839
Total Financial				1,058,467
Industrial - 15.3%
Cognex Corp.		336		26,954

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 77.4% (continued)
Industrial - 15.3% (continued)
Nordson Corp.		103	$	24,529
Graco, Inc.		323		22,600
Trex Company, Inc.^*		219		22,323
Axon Enterprise, Inc.^*		125		21,878
Builders FirstSource, Inc.^*		394		20,386
Toro Co.		204		19,872
Carlisle Companies, Inc.		99		19,680
Lennox International, Inc.		65		19,121
Hubbell, Inc.		103		18,609
Middleby Corp.^*		106		18,074
AECOM^*		274		17,303
Owens Corning		196		16,758
Jabil, Inc.		277		16,168
Knight-Swift Transportation Holdings, Inc.		316		16,163
Arrow Electronics, Inc.^*		137		15,384
Tetra Tech, Inc.		103		15,382
XPO Logistics, Inc.^*		188		14,961
AptarGroup, Inc.		125		14,919
Lincoln Electric Holdings, Inc.		113		14,553
AGCO Corp.		118		14,459
ITT, Inc.		164		14,078
Universal Display Corp.		82		14,019
Donaldson Company, Inc.		239		13,721
Woodward, Inc.		121		13,697
Oshkosh Corp.		131		13,411
TopBuild Corp.^*		63		12,903
Littelfuse, Inc.		47		12,844
Saia, Inc.^*		50		11,902
Stericycle, Inc.^*		175		11,895
II-VI, Inc.^*		200		11,872
Acuity Brands, Inc.		68		11,789
EMCOR Group, Inc.		102		11,769
Coherent, Inc.^*		47		11,754
Regal Beloit Corp.		77		11,576
Landstar System, Inc.		73		11,521
MDU Resources Group, Inc.		385		11,423
Colfax Corp.^*		246		11,291
Sonoco Products Co.		187		11,141
Louisiana-Pacific Corp.		181		11,108
Vontier Corp.		321		10,786
Eagle Materials, Inc.		80		10,493
nVent Electric plc		320		10,346
MSA Safety, Inc.		69		10,053
National Instruments Corp.		253		9,925
Clean Harbors, Inc.^*		95		9,867
Curtiss-Wright Corp.		78		9,842
Hexcel Corp.^*		159		9,443
Valmont Industries, Inc.		40		9,405
MasTec, Inc.^*		109		9,404
Crane Co.		95		9,007
Simpson Manufacturing Company, Inc.		83		8,878
Timken Co.		132		8,635
Flowserve Corp.		248		8,598
Ryder System, Inc.		102		8,436
SYNNEX Corp.		79		8,224
Southwest Gas Holdings, Inc.		112		7,491
Avnet, Inc.		189		6,987
Silgan Holdings, Inc.		160		6,138
GATX Corp.		68		6,090
EnerSys		81		6,029
Terex Corp.		133		5,599
Kirby Corp.^*		114		5,468
Kennametal, Inc.		159		5,443
Werner Enterprises, Inc.		118		5,224
Mercury Systems, Inc.^*		107		5,074
Vishay Intertechnology, Inc.		252		5,063
Belden, Inc.		85		4,952
Energizer Holdings, Inc.		120		4,686
Trinity Industries, Inc.		159		4,320
Fluor Corp.^*		269		4,296
Dycom Industries, Inc.^*		59		4,203
Worthington Industries, Inc.		63		3,320
Greif, Inc. — Class A		51		3,294
Total Industrial				868,809
Consumer, Non-cyclical - 13.4%
Molina Healthcare, Inc.^*		111		30,115
Repligen Corp.^*		97		28,032
Masimo Corp.^*		96		25,988
Darling Ingredients, Inc.^*		308		22,145
Paylocity Holding Corp.^*		75		21,030
Service Corporation International		319		19,223
Hill-Rom Holdings, Inc.		125		18,750
Penumbra, Inc.^*		65		17,323
Neurocrine Biosciences, Inc.^*		180		17,264
Syneos Health, Inc.^*		197		17,234
United Therapeutics Corp.^*		85		15,689
Jazz Pharmaceuticals plc^*		116		15,104
WEX, Inc.^*		85		14,972
GXO Logistics, Inc.^*		188		14,747
Tandem Diabetes Care, Inc.^*		120		14,326
Encompass Health Corp.		189		14,183
Chemed Corp.		30		13,954
Performance Food Group Co.^*		292		13,566
Tenet Healthcare Corp.^*		204		13,554
Envista Holdings Corp.^*		307		12,836
Exelixis, Inc.^*		599		12,663
Arrowhead Pharmaceuticals, Inc.^*		198		12,361
Post Holdings, Inc.^*		111		12,228
Perrigo Company plc		254		12,022
STAAR Surgical Co.^*		90		11,568
ASGN, Inc.^*		101		11,427
Globus Medical, Inc. — Class A^*		149		11,416
Ingredion, Inc.		127		11,304
ManpowerGroup, Inc.		103		11,153
Halozyme Therapeutics, Inc.^*		271		11,024
Acadia Healthcare Company, Inc.^*		171		10,906
Avis Budget Group, Inc.^*		90		10,486
Medpace Holdings, Inc.^*		55		10,410
Helen of Troy Ltd.^*		46		10,335
HealthEquity, Inc.^*		159		10,297
Quidel Corp.^*		72		10,163
Integra LifeSciences Holdings Corp.^*		138		9,450
LHC Group, Inc.^*		60		9,415
Amedisys, Inc.^*		62		9,244
Boston Beer Company, Inc. — Class A^*		18		9,176

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 77.4% (continued)
Consumer, Non-cyclical - 13.4% (continued)
Flowers Foods, Inc.		379	$	8,956
ICU Medical, Inc.^*		38		8,868
Neogen Corp.^*		204		8,860
FTI Consulting, Inc.^*		65		8,756
H&R Block, Inc.		339		8,475
LivaNova plc^*		101		7,998
Grand Canyon Education, Inc.^*		86		7,565
Insperity, Inc.		68		7,530
Sanderson Farms, Inc.		40		7,528
Progyny, Inc.^*		131		7,336
Sabre Corp.^*		614		7,270
Haemonetics Corp.^*		97		6,847
Hain Celestial Group, Inc.^*		159		6,802
Lancaster Colony Corp.		38		6,415
Option Care Health, Inc.^*		263		6,380
Nektar Therapeutics^*		350		6,286
LiveRamp Holdings, Inc.^*		129		6,093
Brink's Co.		95		6,013
NuVasive, Inc.^*		98		5,865
R1 RCM, Inc.^*		255		5,612
PROG Holdings, Inc.^*		126		5,293
Sprouts Farmers Market, Inc.^*		217		5,028
Coty, Inc. — Class A^*		636		4,999
Patterson Companies, Inc.		164		4,943
Graham Holdings Co. — Class B		8		4,713
Emergent BioSolutions, Inc.^*		91		4,557
John Wiley & Sons, Inc. — Class A		83		4,333
Grocery Outlet Holding Corp.^*		166		3,581
Pilgrim's Pride Corp.^*		93		2,704
Tootsie Roll Industries, Inc.		33		1,004
Total Consumer, Non-cyclical				763,693
Consumer, Cyclical - 12.8%
Williams-Sonoma, Inc.		143		25,358
RH^*		32		21,341
GameStop Corp. — Class A^*,1		118		20,705
Deckers Outdoor Corp.^*		53		19,091
Five Below, Inc.^*		107		18,919
Lithia Motors, Inc. — Class A		58		18,388
Lear Corp.		114		17,839
Tempur Sealy International, Inc.		374		17,357
Crocs, Inc.^*		119		17,074
Watsco, Inc.		63		16,671
Churchill Downs, Inc.		66		15,845
Scientific Games Corp. — Class A^*		183		15,202
Gentex Corp.		455		15,006
Dick's Sporting Goods, Inc.		125		14,971
BJ's Wholesale Club Holdings, Inc.^*		261		14,334
YETI Holdings, Inc.^*		166		14,225
Brunswick Corp.		147		14,005
Capri Holdings Ltd.^*		289		13,991
Kohl's Corp.		297		13,986
IAA, Inc.^*		256		13,970
Wyndham Hotels & Resorts, Inc.		178		13,740
Casey's General Stores, Inc.		70		13,192
Polaris, Inc.		108		12,923
Thor Industries, Inc.		105		12,890
Marriott Vacations Worldwide Corp.		81		12,744
Mattel, Inc.^*		664		12,324
Toll Brothers, Inc.		221		12,219
Texas Roadhouse, Inc. — Class A		133		12,147
Fox Factory Holding Corp.^*		80		11,563
Scotts Miracle-Gro Co. — Class A		77		11,270
Skechers USA, Inc. — Class A^*		257		10,825
Harley-Davidson, Inc.		293		10,727
AutoNation, Inc.^*		83		10,106
Boyd Gaming Corp.^*		156		9,868
Goodyear Tire & Rubber Co.^*		534		9,452
Wingstop, Inc.		57		9,344
JetBlue Airways Corp.^*		605		9,250
Travel + Leisure Co.		164		8,943
Carter's, Inc.		84		8,168
Avient Corp.		174		8,065
Victoria's Secret & Co.^*		143		7,902
Papa John's International, Inc.		62		7,873
Choice Hotels International, Inc.		62		7,835
Foot Locker, Inc.		171		7,808
Univar Solutions, Inc.^*		325		7,741
Murphy USA, Inc.		45		7,527
American Eagle Outfitters, Inc.		290		7,482
Adient plc^*		179		7,419
Wendy's Co.		339		7,350
MSC Industrial Direct Company, Inc. — Class A		89		7,137
Ollie's Bargain Outlet Holdings, Inc.^*,1		115		6,932
FirstCash, Inc.		77		6,737
KB Home		171		6,655
Columbia Sportswear Co.		67		6,421
Cracker Barrel Old Country Store, Inc.		45		6,293
Six Flags Entertainment Corp.^*		147		6,247
Callaway Golf Co.^*		223		6,161
Dana, Inc.		276		6,138
Taylor Morrison Home Corp. — Class A^*		238		6,136
Nordstrom, Inc.^*		212		5,607
Herman Miller, Inc.		143		5,386
Visteon Corp.^*		53		5,003
Tri Pointe Homes, Inc.^*		216		4,540
Jack in the Box, Inc.		41		3,991
Nu Skin Enterprises, Inc. — Class A		95		3,845
KAR Auction Services, Inc.^*		227		3,721
Urban Outfitters, Inc.^*		125		3,711
Total Consumer, Cyclical				727,636
Technology - 6.5%
Fair Isaac Corp.^*		54		21,488
Manhattan Associates, Inc.^*		121		18,517
Cree, Inc.^*		220		17,761
Lattice Semiconductor Corp.^*		259		16,744
MKS Instruments, Inc.		105		15,846
Aspen Technology, Inc.^*		129		15,841
Genpact Ltd.		329		15,631
Brooks Automation, Inc.		141		14,431
Concentrix Corp.^*		81		14,337

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 77.4% (continued)
Technology - 6.5% (continued)
J2 Global, Inc.^*		92	$	12,569
Synaptics, Inc.^*		67		12,042
Lumentum Holdings, Inc.^*		144		12,030
Teradata Corp.^*		208		11,929
CACI International, Inc. — Class A^*		45		11,794
Digital Turbine, Inc.^*		166		11,412
Silicon Laboratories, Inc.^*		77		10,792
KBR, Inc.		268		10,559
CDK Global, Inc.		232		9,872
Maximus, Inc.		117		9,734
NCR Corp.^*		250		9,690
Semtech Corp.^*		123		9,590
Science Applications International Corp.		110		9,412
Cirrus Logic, Inc.^*		110		9,059
Envestnet, Inc.^*		104		8,345
Sailpoint Technologies Holdings, Inc.^*		177		7,590
Qualys, Inc.^*		64		7,123
Cerence, Inc.^*		72		6,920
CMC Materials, Inc.		56		6,901
ACI Worldwide, Inc.^*		223		6,853
CommVault Systems, Inc.^*		87		6,552
Blackbaud, Inc.^*		80		5,628
Xerox Holdings Corp.		261		5,264
Amkor Technology, Inc.		191		4,765
NetScout Systems, Inc.^*		141		3,800
Total Technology				370,821
Basic Materials - 3.2%
Steel Dynamics, Inc.		369		21,579
RPM International, Inc.		247		19,179
Reliance Steel & Aluminum Co.		121		17,233
Cleveland-Cliffs, Inc.^*		865		17,136
Olin Corp.		275		13,269
Royal Gold, Inc.		125		11,936
United States Steel Corp.		514		11,292
Valvoline, Inc.		344		10,726
Ashland Global Holdings, Inc.		107		9,536
Chemours Co.		314		9,125
Sensient Technologies Corp.		80		7,286
Commercial Metals Co.		229		6,975
Cabot Corp.		108		5,413
Ingevity Corp.^*		75		5,353
NewMarket Corp.		14		4,743
Minerals Technologies, Inc.		64		4,470
Compass Minerals International, Inc.		65		4,186
Total Basic Materials				179,437
Energy - 3.1%
SolarEdge Technologies, Inc.^*		99		26,257
Targa Resources Corp.		435		21,406
First Solar, Inc.^*		188		17,946
Sunrun, Inc.^*		392		17,248
Cimarex Energy Co.		196		17,091
Equities Corp.^*		575		11,765
NOV, Inc.^*		743		9,741
HollyFrontier Corp.		284		9,409
ChampionX Corp.^*		384		8,586
DT Midstream, Inc.		184		8,508
Equitrans Midstream Corp.		773		7,838
Murphy Oil Corp.		276		6,892
Antero Midstream Corp.		618		6,440
CNX Resources Corp.^*		415		5,237
Total Energy				174,364
Communications - 2.3%
FactSet Research Systems, Inc.		72		28,424
Cable One, Inc.		9		16,318
New York Times Co. — Class A		318		15,668
Ciena Corp.^*		294		15,097
Iridium Communications, Inc.^*		251		10,002
TEGNA, Inc.		421		8,302
Viasat, Inc.^*		139		7,655
Mimecast Ltd.^*		116		7,377
TripAdvisor, Inc.^*		187		6,330
Yelp, Inc. — Class A^*		132		4,916
World Wrestling Entertainment, Inc. — Class A		86		4,839
Telephone & Data Systems, Inc.		188		3,666
Total Communications				128,594
Utilities - 2.2%
Essential Utilities, Inc.		425		19,584
UGI Corp.		398		16,963
OGE Energy Corp.		381		12,558
IDACORP, Inc.		96		9,925
National Fuel Gas Co.		173		9,086
Hawaiian Electric Industries, Inc.		208		8,493
PNM Resources, Inc.		163		8,065
Black Hills Corp.		121		7,594
ONE Gas, Inc.		102		6,464
New Jersey Resources Corp.		183		6,370
Spire, Inc.		98		5,995
ALLETE, Inc.		99		5,892
NorthWestern Corp.		98		5,615
Total Utilities				122,604
Total Common Stocks
(Cost $3,654,740)				4,394,425

MUTUAL FUNDS^† - 10.7%
Guggenheim Ultra Short Duration Fund — Institutional Class²		30,984		308,907
Guggenheim Strategy Fund II²		11,965		299,010
Total Mutual Funds
(Cost $591,407)				607,917

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount		Value
U.S. TREASURY BILLS^†† - 7.1%
U.S. Treasury Bills
0.04% due 12/09/21^3,4	$	400,000	$	399,981
Total U.S. Treasury Bills
(Cost $399,971)				399,981

REPURCHASE AGREEMENTS^††,5 - 6.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		198,587		198,587
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		77,162		77,162
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		77,161		77,161
Total Repurchase Agreements
(Cost $352,910)				352,910

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁷		18,700		18,700
Total Securities Lending Collateral
(Cost $18,700)				18,700
Total Investments - 101.7%
(Cost $5,017,728)			$	5,773,933
Other Assets & Liabilities, net - (1.7)%				(95,135	)
Total Net Assets - 100.0%			$	5,678,798

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
BNP Paribas	S&P MidCap 400 Index	Pay	0.54% (1 Month USD LIBOR + 0.45%)	At Maturity	11/04/21		168	$	442,747	$	(10,244	)
Goldman Sachs International	S&P MidCap 400 Index	Pay	0.48% (Federal Funds Rate + 0.40%)	At Maturity	11/04/21		228		601,270		(13,239	)
Barclays Bank plc	S&P MidCap 400 Index	Pay	0.40% (U.S. Secured Overnight Financing Rate + 0.35%)	At Maturity	11/03/21		1,186		3,131,394		(38,790	)
								$	4,175,411	$	(62,273	)

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	4,394,425	$	—	$	—	$	4,394,425
Mutual Funds		607,917		—		—		607,917
U.S. Treasury Bills		—		399,981		—		399,981
Repurchase Agreements		—		352,910		—		352,910
Securities Lending Collateral		18,700		—		—		18,700
Total Assets	$	5,021,042	$	752,891	$	—	$	5,773,933

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Investments in Securities (Liabilities)			Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	62,273			$	—			$	62,273

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	857,565	$	20,952	$	(580,000	)	$	1,267	$	(774	)	$	299,010		11,965	$	8,036
Guggenheim Ultra Short Duration Fund — Institutional Class		1,134,053		96,243		(920,000	)		4,543		(5,932	)		308,907		30,984		6,340
	$	1,991,618	$	117,195	$	(1,500,000	)	$	5,810	$	(6,706	)	$	607,917			$	14,376

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 46.2%
Technology - 10.9%
Nuance Communications, Inc.^*,1		18,952	$	1,043,118
Xilinx, Inc.^*,1		5,536		835,881
Cloudera, Inc.^*		34,493		550,853
Cornerstone OnDemand, Inc.^*		9,122		522,326
Change Healthcare, Inc.^*,1		21,971		460,073
QAD, Inc. — Class A		3,086		269,686
Medallia, Inc.^*		7,928		268,521
Inovalon Holdings, Inc. — Class A^*		6,528		263,013
ExOne Co.^*		10,918		255,263
Five9, Inc.^*		1,440		230,026
Magnachip Semiconductor Corp.^*		3,150		55,944
Total Technology				4,754,704
Consumer, Non-cyclical - 10.5%
IHS Markit Ltd.¹		7,704		898,441
Magellan Health, Inc.^*,1		6,606		624,597
PPD, Inc.^*,1		11,625		543,934
CAI International, Inc.		9,274		518,509
Soliton, Inc.^*,2		23,847		485,525
Intersect ENT, Inc.^*,1		14,507		394,590
Hill-Rom Holdings, Inc.		1,757		263,550
Sanderson Farms, Inc.		1,354		254,823
Kadmon Holdings, Inc.^*		28,531		248,505
GreenSky, Inc. — Class A^*		17,583		196,578
Trillium Therapeutics, Inc.^*		7,637		134,106
Total Consumer, Non-cyclical				4,563,158
Financial - 8.8%
VEREIT, Inc. REIT¹		11,741		531,045
People's United Financial, Inc.¹		28,915		505,145
Athene Holding Ltd. — Class A^*,1		6,244		430,024
CIT Group, Inc.		7,570		393,262
MGM Growth Properties LLC — Class A REIT		10,133		388,094
Investors Bancorp, Inc.¹		19,273		291,215
Flagstar Bancorp, Inc.¹		5,468		277,665
Columbia Property Trust, Inc. REIT		13,775		262,001
Great Western Bancorp, Inc.		6,329		207,211
Sterling Bancorp		8,188		204,373
State Auto Financial Corp.		3,858		196,565
Retail Properties of America, Inc. — Class A REIT		5,881		75,747
Total Financial				3,762,347
Industrial - 8.0%
Kansas City Southern¹		1,939		524,771
Coherent, Inc.^*,1		2,089		522,438
Forterra, Inc.^*,1		20,929		493,087
Welbilt, Inc.^*,1		17,148		398,520
Raven Industries, Inc.^*		6,872		395,896
Aerojet Rocketdyne Holdings, Inc.		8,378		364,862
Lydall, Inc.^*		4,448		276,176
Covanta Holding Corp.		13,516		271,942
Echo Global Logistics, Inc.^*		5,453		260,163
Total Industrial				3,507,855
Basic Materials - 3.3%
Domtar Corp.^*,1		9,830		536,128
Ferro Corp.^*,1		17,736		360,750
Kraton Corp.^*		5,829		266,036
Atotech Ltd.^*		10,933		264,032
Total Basic Materials				1,426,946
Consumer, Cyclical - 2.3%
Sportsman's Warehouse Holdings, Inc.^*,1		36,081		635,026
Golden Nugget Online Gaming, Inc.^*,1		14,224		247,071
Veoneer, Inc.^*		3,623		123,399
Total Consumer, Cyclical				1,005,496
Communications - 1.2%
Stamps.com, Inc.^*		1,616		532,941
Utilities - 1.2%
PNM Resources, Inc.¹		10,123		500,886
Total Common Stocks
(Cost $19,770,889)				20,054,333

MASTER LIMITED PARTNERSHIPS^† - 0.5%
Energy - 0.5%
Enable Midstream Partners, LP		24,798		201,360
Total Master Limited Partnerships
(Cost $171,565)				201,360

RIGHTS^††† - 0.0%
Consumer, Non-cyclical - 0.0%
Lantheus Holdings, Inc.*		41,807		–
Alexion Pharmaceuticals, Inc.*		32,749		–
Total Consumer, Non-cyclical				–
Financial - 0.0%
Mexico Equity and Income Fund, Inc.*		346		–
Total Rights
(Cost $–)				–

MUTUAL FUNDS^† - 13.6%
Guggenheim Strategy Fund III³		98,821		2,484,349
Guggenheim Variable Insurance Strategy Fund III³		86,257		2,161,595
Guggenheim Strategy Fund II³		27,525		687,842
Guggenheim Ultra Short Duration Fund — Institutional Class³		56,429		562,597
Total Mutual Funds
(Cost $5,874,113)				5,896,383

CLOSED-END FUNDS^† - 7.4%
Invesco Senior Income Trust		22,563		100,405
Nuveen Credit Strategies Income Fund		15,204		99,738
Western Asset Inflation-Linked Opportunities & Income Fund		7,419		98,598
PGIM High Yield Bond Fund, Inc.²		6,063		98,463
Apollo Tactical Income Fund, Inc.		6,223		98,448
Saba Capital Income & Opportunities Fund		21,578		98,180
Nuveen New Jersey Quality Municipal Income Fund		6,339		97,811

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
CLOSED-END FUNDS^† - 7.4% (continued)
BrandywineGLOBAL Global Income Opportunities Fund, Inc.²		7,782	$	97,431
PGIM Global High Yield Fund, Inc.		6,291		96,882
Nuveen New York AMT-Free Quality Municipal Income Fund		6,964		96,312
Delaware Ivy High Income Opportunities Fund		7,004		95,745
Virtus AllianzGI Convertible & Income Fund II		18,369		95,335
General American Investors Company, Inc.		2,196		94,560
Gabelli Dividend & Income Trust²		3,658		94,340
Adams Diversified Equity Fund, Inc.		4,751		94,070
Royce Value Trust, Inc.		5,218		94,028
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.²		16,069		94,004
LMP Capital and Income Fund, Inc.		6,778		93,265
Royce Micro-Capital Trust, Inc.		8,162		93,210
CBRE Clarion Global Real Estate Income Fund		10,730		89,703
BlackRock California Municipal Income Trust		5,963		87,954
Nuveen Pennsylvania Quality Municipal Income Fund		5,484		81,108
Invesco Pennsylvania Value Municipal Income Trust		5,900		78,234
Nuveen Senior Income Fund		13,001		76,056
Gabelli Healthcare & WellnessRx Trust		5,127		67,728
BlackRock MuniYield California Fund, Inc.		4,377		66,487
Tri-Continental Corp.		1,990		66,426
Mexico Fund, Inc.		3,975		59,029
Invesco Trust for Investment Grade New York Municipals		4,178		56,403
Nuveen Real Estate Income Fund		3,846		40,844
Eaton Vance New York Municipal Bond Fund		3,196		39,202
Tortoise Power and Energy Infrastructure Fund, Inc.		2,936		38,873
Nuveen Tax-Advantaged Dividend Growth Fund		2,326		36,844
Nuveen Ohio Quality Municipal Income Fund		1,999		31,684
New Germany Fund, Inc.		1,570		31,007
First Trust Dynamic Europe Equity Income Fund		2,384		30,730
Gabelli Global Small and Mid Capital Value Trust²		1,923		30,636
Korea Fund, Inc.		747		30,590
Western Asset Municipal Partners Fund, Inc.		1,790		28,049
Western Asset Inflation - Linked Securities & Income Fund²		1,958		26,981
Delaware Investments Minnesota Municipal Income Fund II, Inc.		1,901		26,956
Swiss Helvetia Fund, Inc.		2,698		24,768
Sprott Focus Trust, Inc.		2,900		23,838
Western Asset Intermediate Muni Fund, Inc.		2,438		23,770
Herzfeld Caribbean Basin Fund, Inc.		3,620		20,670
New Ireland Fund, Inc.^*		1,660		20,451
Neuberger Berman California Municipal Fund, Inc.		1,417		20,291
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		2,019		19,201
Aberdeen Japan Equity Fund, Inc.		1,676		16,341
Delaware Investments National Municipal Income Fund		1,121		15,802
Neuberger Berman New York Municipal Fund, Inc.²		1,120		14,711
DTF Tax-Free Income, Inc.		726		10,491
Miller/Howard High Dividend Fund		641		6,307
Royce Global Value Trust, Inc.^*		400		6,180
Nuveen Tax-Advantaged Total Return Strategy Fund		551		6,121
Aberdeen Total Dynamic Dividend Fund		617		6,010
Aberdeen Global Dynamic Dividend Fund		517		6,008
Total Closed-End Funds
(Cost $3,074,775)				3,193,309

		Face Amount
U.S. TREASURY BILLS^†† - 17.3%
U.S. Cash Management Bill
0.02% due 01/18/22^4,5	$	4,900,000		4,899,436
U.S. Treasury Bills
0.04% due 10/07/21^5,6		2,596,000		2,595,986
Total U.S. Treasury Bills
(Cost $7,495,649)				7,495,422

REPURCHASE AGREEMENTS^††,7 - 2.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		618,195		618,195
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		240,201		240,201
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		240,200		240,200
Total Repurchase Agreements
(Cost $1,098,596)				1,098,596

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL^†,8 - 1.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁹	$	421,194	$	421,194
Total Securities Lending Collateral
(Cost $421,194)				421,194
Total Investments - 88.5%
(Cost $37,906,781)			$	38,360,597

COMMON STOCKS SOLD SHORT^† - (15.1)%
Consumer, Cyclical - (0.6)%
DraftKings, Inc. — Class A^*		5,192		(250,047	)
Industrial - (1.1)%
II-VI, Inc.^*		1,901		(112,843	)
Canadian Pacific Railway Ltd.		5,592		(363,872	)
Total Industrial				(476,715	)
Consumer, Non-cyclical - (2.1)%
S&P Global, Inc.		2,186		(928,810	)
Technology - (3.2)%
MKS Instruments, Inc.		604		(91,150	)
Desktop Metal, Inc. — Class A^*		16,923		(121,338	)
Zoom Video Communications, Inc. — Class A^*		797		(208,416	)
Advanced Micro Devices, Inc.^*		9,541		(981,769	)
Total Technology				(1,402,673	)
Financial - (8.1)%
Kite Realty Group Trust		3,610		(73,500	)
Goldman Sachs Group, Inc.		527		(199,222	)
Webster Financial Corp.		3,799		(206,894	)
First Interstate BancSystem, Inc. — Class A		5,332		(214,666	)
Citizens Financial Group, Inc.		5,724		(268,913	)
New York Community Bancorp, Inc.		21,955		(282,561	)
VICI Properties, Inc.		13,842		(393,251	)
First Citizens BancShares, Inc. — Class A		469		(395,447	)
Apollo Global Management, Inc.		7,174		(441,847	)
M&T Bank Corp.		3,412		(509,548	)
Realty Income Corp.		8,277		(536,846	)
Total Financial				(3,522,695	)
Total Common Stocks Sold Short
(Proceeds $6,196,482)				(6,580,940	)

MASTER LIMITED PARTNERSHIPS SOLD SHORT^† - (0.5)%
Energy - (0.5)%
Energy Transfer, LP		21,340		(204,437	)
Total Master Limited Partnerships Sold Short
(Proceeds $172,446)				(204,437	)

EXCHANGE-TRADED FUNDS SOLD SHORT^† - (7.9)%
iShares Mortgage Real Estate ETF		43		(1,556	)
SPDR Gold Shares — Class D^*		21		(3,449	)
iShares Preferred & Income Securities ETF		245		(9,508	)
Utilities Select Sector SPDR Fund		158		(10,093	)
iShares Agency Bond ETF		104		(12,322	)
VanEck Vectors Gold Miners ETF		567		(16,709	)
iShares 7-10 Year Treasury Bond ETF		151		(17,398	)
Energy Select Sector SPDR Fund		415		(21,618	)
iShares Core High Dividend ETF		244		(23,000	)
Health Care Select Sector SPDR Fund		380		(48,374	)
iShares Russell 1000 Growth ETF		186		(50,971	)
iShares TIPS Bond ETF		530		(67,676	)
SPDR Bloomberg Barclays Convertible Securities ETF		814		(69,475	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		618		(82,213	)
VanEck High Yield Muni ETF		1,670		(104,341	)
iShares U.S. Real Estate ETF		1,359		(139,148	)
iShares Floating Rate Bond ETF		2,880		(146,419	)
iShares National Muni Bond ETF		2,387		(277,298	)
iShares Russell 2000 Index ETF		1,367		(299,031	)
iShares Russell 1000 Value ETF		1,963		(307,229	)
SPDR S&P 500 ETF Trust		794		(340,737	)
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		6,798		(350,573	)
Invesco Senior Loan ETF		16,367		(361,874	)
iShares iBoxx High Yield Corporate Bond ETF		7,397		(647,164	)
Total Exchange-Traded Funds Sold Short
(Proceeds $3,410,738)				(3,408,176	)
Total Securities Sold Short - (23.5)%
(Proceeds $9,779,666)			$	(10,193,553	)
Other Assets & Liabilities, net - 35.0%				15,159,587
Total Net Assets - 100.0%			$	43,326,631

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Purchased^†
Natural Gas Futures Contracts		26	Dec 2021	$	1,569,880	$	105,739
Natural Gas Futures Contracts		5	Oct 2021		291,300		86,077
Cotton #2 Futures Contracts		41	May 2022		2,108,425		59,731

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Purchased^† (continued)
Gasoline RBOB Futures Contracts		21	Nov 2021	$	1,897,711	$	46,692
Gasoline RBOB Futures Contracts		4	Oct 2021		367,718		35,080
Low Sulphur Gas Oil Futures Contracts		5	Nov 2021		336,000		34,492
NY Harbor ULSD Futures Contracts		4	Oct 2021		392,650		22,451
Brent Crude Futures Contracts		4	Oct 2021		313,160		14,033
Soybean Oil Futures Contracts		8	Dec 2021		281,760		4,152
LME Primary Aluminum Futures Contracts		1	Nov 2021		71,419		1,620
WTI Crude Futures Contracts		4	Oct 2021		299,760		430
LME Zinc Futures Contracts		1	Nov 2021		74,794		(1,753	)
Sugar #11 Futures Contracts		101	Jun 2022		2,148,149		(3,182	)
LME Lead Futures Contracts		1	Nov 2021		52,512		(4,537	)
Live Cattle Futures Contracts		24	Dec 2021		1,208,400		(34,394	)
Soybean Futures Contracts		7	Nov 2021		439,950		(36,249	)
				$	11,853,588	$	330,382

Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		69	Oct 2021	$	1,583,550	$	140,877
Tokyo Stock Price Index Futures Contracts		1	Dec 2021		181,280		4,521
FTSE 100 Index Futures Contracts		1	Dec 2021		94,882		2,345
IBEX 35 Index Futures Contracts^††		1	Oct 2021		101,482		538
Euro STOXX 50 Index Futures Contracts		2	Dec 2021		93,130		112
FTSE MIB Index Futures Contracts		1	Dec 2021		146,663		(1,119	)
S&P 500 Index Mini Futures Contracts		1	Dec 2021		214,850		(2,477	)
CAC 40 10 Euro Index Futures Contracts		2	Oct 2021		150,683		(4,277	)
OMX Stockholm 30 Index Futures Contracts^††		3	Oct 2021		76,315		(4,458	)
S&P/TSX 60 IX Index Futures Contracts		1	Dec 2021		188,882		(5,948	)
NASDAQ-100 Index Mini Futures Contracts		1	Dec 2021		293,535		(6,602	)
Amsterdam Index Futures Contracts		1	Oct 2021		177,850		(6,632	)
SPI 200 Index Futures Contracts		2	Dec 2021		259,179		(6,812	)
				$	3,562,281	$	110,068

Interest Rate Futures Contracts Purchased^†
Euro - Bund Futures Contracts		17	Dec 2021	$	3,347,810	$	2,417
Euro - BTP Italian Government Bond Futures Contracts^††		9	Dec 2021		1,585,009		481
Euro - OATS Futures Contracts		49	Dec 2021		9,423,077		(20,131	)
				$	14,355,896	$	(17,233	)

Currency Futures Contracts Purchased^†
Canadian Dollar Futures Contracts		33	Dec 2021	$	2,604,690	$	8,130
Euro FX Futures Contracts		5	Dec 2021		724,937		(10,432	)
Japanese Yen Futures Contracts		32	Dec 2021		3,595,800		(46,743	)
British Pound Futures Contracts		30	Dec 2021		2,526,000		(48,443	)
New Zealand Dollar Futures Contracts		41	Dec 2021		2,828,180		(72,957	)
				$	12,279,607	$	(170,445	)

Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts		109	Dec 2021	$	14,646,875	$	287,164
Australian Dollar Futures Contracts		28	Dec 2021		2,024,120		62,353
				$	16,670,995	$	349,517

Interest Rate Futures Contracts Sold Short^†
Canadian Government 10 Year Bond Futures Contracts		76	Dec 2021	$	8,607,612	$	53,288
U.S. Treasury 10 Year Note Futures Contracts		2	Dec 2021		263,469		(272	)
Euro - 30 year Bond Futures Contracts		1	Dec 2021		235,959		(400	)
U.S. Treasury Long Bond Futures Contracts		3	Dec 2021		478,594		(965	)
U.S. Treasury Ultra Long Bond Futures Contracts		2	Dec 2021		383,187		(1,075	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Interest Rate Futures Contracts Sold Short^† (continued)
Australian Government 10 Year Bond Futures Contracts		20	Dec 2021	$	2,045,822	$	(1,694	)
Long Gilt Futures Contracts^††		29	Dec 2021		4,901,722		(10,935	)
				$	16,916,365	$	37,947

Equity Futures Contracts Sold Short^†
CBOE Volatility Index Futures Contracts		50	Mar 2022	$	1,285,000	$	219
CBOE Volatility Index Futures Contracts		84	Feb 2022		2,121,000		(23,835	)
CBOE Volatility Index Futures Contracts		52	Jan 2022		1,292,200		(35,188	)
				$	4,698,200	$	(58,804	)

Commodity Futures Contracts Sold Short^†
Live Cattle Futures Contracts		42	Apr 2022	$	2,252,040	$	38,391
Soybean Meal Futures Contracts		15	Dec 2021		493,200		19,335
Corn Futures Contracts		11	Dec 2021		295,625		6,086
Cattle Feeder Futures Contracts		5	Jan 2022		387,125		5,532
Wheat Futures Contracts		6	Dec 2021		217,725		2,545
Silver Futures Contracts		1	Dec 2021		110,725		272
Sugar #11 Futures Contracts		4	Apr 2022		88,166		251
Cocoa Futures Contracts		1	Dec 2021		26,390		(1,943	)
Gold 100 oz. Futures Contracts		1	Dec 2021		175,650		(3,003	)
Hard Red Winter Wheat Futures Contracts		6	Dec 2021		219,450		(3,862	)
Coffee 'C' Futures Contracts		2	Dec 2021		145,763		(5,519	)
Sugar #11 Futures Contracts		53	Feb 2022		1,202,040		(18,737	)
Cotton #2 Futures Contracts		27	Dec 2021		1,426,815		(50,710	)
Gasoline RBOB Futures Contracts		22	Dec 2021		1,972,555		(52,909	)
Natural Gas Futures Contracts		25	Nov 2021		1,490,000		(86,440	)
				$	10,503,269	$	(150,711	)

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation

OTC Custom Basket Swap Agreements ^††

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

08/31/23

10,840,249

644,769

Goldman Sachs International

GS Equity Market Neutral Custom Basket

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

10,857,565

605,549

Goldman Sachs International

GS Long/Short Equity Custom Basket

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

7,644,930

246,220

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

08/31/23

7,785,866

239,627

37,128,610

1,736,165

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements Sold Short ††

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Pay

(0.22)% (Federal Funds Rate - 0.30%)

At Maturity

08/31/23

4,384,636

29,629

Goldman Sachs International

GS Long/Short Equity Custom Basket

Pay

(0.12)% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

4,384,616

27,915

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Pay

(0.22)% (Federal Funds Rate - 0.30%)

At Maturity

08/31/23

10,772,392

(249,093

)

Goldman Sachs International

GS Equity Market Neutral Custom Basket

Pay

(0.12)% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

10,753,254

(254,006

)

30,294,898

(445,555

)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

MS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Sun Communities, Inc.	2,495	4.27	%	$	117,333
AvalonBay Communities, Inc.	2,338	4.78	%		89,350
Innovative Industrial Properties, Inc.	688	1.47	%		88,874
Regency Centers Corp.	6,131	3.81	%		85,817
Equity Residential	5,678	4.24	%		64,376
Jones Lang LaSalle, Inc.	1,106	2.53	%		63,047
Ventas, Inc.	4,751	2.42	%		38,078
Ryman Hospitality Properties, Inc.	3,485	2.69	%		37,981
Alexandria Real Estate Equities, Inc.	1,674	2.95	%		37,922
American Assets Trust, Inc.	6,983	2.41	%		35,973
Gaming and Leisure Properties, Inc.	7,866	3.36	%		33,953
CyrusOne, Inc.	5,220	3.73	%		32,479
Healthpeak Properties, Inc.	7,226	2.23	%		29,125
DiamondRock Hospitality Co.	31,346	2.73	%		26,877
MGM Growth Properties LLC — Class A	4,887	1.73	%		24,621
Prologis, Inc.	1,331	1.54	%		22,062
Invitation Homes, Inc.	7,246	2.56	%		15,019
American Campus Communities, Inc.	6,697	2.99	%		12,100
Brixmor Property Group, Inc.	17,498	3.57	%		12,034
Boston Properties, Inc.	1,202	1.20	%		10,981
VICI Properties, Inc.	9,206	2.41	%		7,543
Highwoods Properties, Inc.	3,231	1.31	%		7,030
National Storage Affiliates Trust	7,731	3.76	%		4,763
Hudson Pacific Properties, Inc.	9,936	2.41	%		1,684
Agree Realty Corp.	5,341	3.26	%		(10,588	)
Medical Properties Trust, Inc.	9,364	1.73	%		(11,634	)
Rexford Industrial Realty, Inc.	4,542	2.38	%		(12,970	)
Four Corners Property Trust, Inc.	12,277	3.04	%		(14,351	)
Acadia Realty Trust	19,316	3.64	%		(17,258	)
Xenia Hotels & Resorts, Inc.	22,780	3.73	%		(24,636	)
Americold Realty Trust	4,821	1.29	%		(37,620	)
Empire State Realty Trust, Inc. — Class A	28,679	2.65	%		(45,325	)
CareTrust REIT, Inc.	15,363	2.88	%		(48,862	)
Total Financial					675,778
Consumer, Cyclical
Hilton Grand Vacations, Inc.	5,161	2.26	%		29,856
DR Horton, Inc.	1,540	1.19	%		(5,177	)
Lennar Corp. — Class A	1,349	1.17	%		(5,253	)
Marriott Vacations Worldwide Corp.	1,334	1.94	%		(18,309	)
PulteGroup, Inc.	4,103	1.74	%		(32,126	)
Total Consumer, Cyclical					(31,009	)
Total MS Equity Market Neutral Long Custom Basket				$	644,769

MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Omega Healthcare Investors, Inc.	14,350	(4.00	)%	$	90,392
LTC Properties, Inc.	7,671	(2.26	)%		68,260
National Health Investors, Inc.	2,030	(1.01	)%		31,516
Broadstone Net Lease, Inc.	9,653	(2.22	)%		27,100
Office Properties Income Trust	10,184	(2.39	)%		24,028
Realty Income Corp.	10,022	(6.03	)%		23,642
Urban Edge Properties	17,214	(2.93	)%		18,804
American Finance Trust, Inc.	16,343	(1.22	)%		17,614
Equity Commonwealth	5,062	(1.22	)%		12,447
Sunstone Hotel Investors, Inc.	20,859	(2.31	)%		10,495
Douglas Emmett, Inc.	8,193	(2.40	)%		6,065
STORE Capital Corp.	15,918	(4.73	)%		4,985
Easterly Government Properties, Inc.	6,197	(1.19	)%		4,969
Healthcare Realty Trust, Inc.	8,748	(2.42	)%		4,734
Corporate Office Properties Trust	9,493	(2.38	)%		(839	)
Digital Realty Trust, Inc.	1,809	(2.43	)%		(1,443	)
RLJ Lodging Trust	28,132	(3.88	)%		(3,002	)
Host Hotels & Resorts, Inc.	12,540	(1.90	)%		(4,911	)
Industrial Logistics Properties Trust	5,894	(1.39	)%		(9,109	)
Cousins Properties, Inc.	9,785	(3.39	)%		(14,687	)
Federal Realty Investment Trust	2,833	(3.10	)%		(27,133	)
Camden Property Trust	2,471	(3.38	)%		(29,482	)
SITE Centers Corp.	22,038	(3.16	)%		(31,633	)
CubeSmart	5,883	(2.65	)%		(32,574	)
Apple Hospitality REIT, Inc.	34,203	(4.99	)%		(32,968	)
Apartment Income REIT Corp.	9,342	(4.23	)%		(34,005	)
STAG Industrial, Inc.	7,601	(2.77	)%		(38,493	)
Washington Real Estate Investment Trust	12,480	(2.87	)%		(39,774	)
Essential Properties Realty Trust, Inc.	15,352	(3.98	)%		(54,769	)
Independence Realty Trust, Inc.	21,198	(4.00	)%		(95,862	)
Mid-America Apartment Communities, Inc.	3,451	(5.98	)%		(139,492	)
Total Financial					(245,125	)
Exchange-Traded Funds
Vanguard Real Estate ETF	7,606	(7.19	)%		(3,968	)
Total MS Equity Market Neutral Short Custom Basket				$	(249,093	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

GS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Innovative Industrial Properties, Inc.	688	1.45	%	$	89,633
AvalonBay Communities, Inc.	2,338	4.77	%		89,334
Sun Communities, Inc.	2,495	4.25	%		87,642
Regency Centers Corp.	6,131	3.80	%		85,881
Equity Residential	5,678	4.23	%		64,133
Jones Lang LaSalle, Inc.	1,106	2.53	%		63,669
Ryman Hospitality Properties, Inc.	3,485	2.69	%		38,889
Ventas, Inc.	4,751	2.42	%		38,547
Alexandria Real Estate Equities, Inc.	1,674	2.95	%		38,088
American Assets Trust, Inc.	6,983	2.41	%		36,192
Gaming and Leisure Properties, Inc.	7,866	3.36	%		33,839
CyrusOne, Inc.	5,220	3.72	%		32,764
DiamondRock Hospitality Co.	31,346	2.73	%		25,980
MGM Growth Properties LLC — Class A	4,887	1.72	%		24,672
Prologis, Inc.	1,331	1.54	%		22,014
Healthpeak Properties, Inc.	7,226	2.23	%		17,146
Invitation Homes, Inc.	7,246	2.56	%		15,260
Brixmor Property Group, Inc.	17,498	3.56	%		12,852
American Campus Communities, Inc.	6,697	2.99	%		11,018
Boston Properties, Inc.	1,202	1.20	%		10,886
VICI Properties, Inc.	9,206	2.41	%		7,385
Highwoods Properties, Inc.	3,231	1.31	%		6,941
National Storage Affiliates Trust	8,059	3.92	%		4,768
Hudson Pacific Properties, Inc.	9,936	2.40	%		1,828
Agree Realty Corp.	5,341	3.26	%		(11,452	)
Medical Properties Trust, Inc.	9,364	1.73	%		(11,699	)
Four Corners Property Trust, Inc.	12,277	3.04	%		(12,804	)
Rexford Industrial Realty, Inc.	4,542	2.37	%		(13,283	)
Acadia Realty Trust	19,316	3.63	%		(16,936	)
Xenia Hotels & Resorts, Inc.	22,780	3.72	%		(25,434	)
Americold Realty Trust	4,821	1.29	%		(37,647	)
Empire State Realty Trust, Inc. — Class A	28,679	2.65	%		(46,787	)
CareTrust REIT, Inc.	15,363	2.88	%		(47,611	)
Total Financial					635,708
Consumer, Cyclical
Hilton Grand Vacations, Inc.	5,161	2.26	%		30,078
Lennar Corp. — Class A	1,349	1.16	%		(5,122	)
DR Horton, Inc.	1,540	1.19	%		(5,423	)
Marriott Vacations Worldwide Corp.	1,334	1.93	%		(17,687	)
PulteGroup, Inc.	4,103	1.74	%		(32,005	)
Total Consumer, Cyclical					(30,159	)
Total GS Equity Market Neutral Long Custom Basket				$	605,549

GS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Omega Healthcare Investors, Inc.	14,350	(4.03	)%	$	91,645
LTC Properties, Inc.	7,671	(2.26	)%		68,013
National Health Investors, Inc.	2,030	(1.01	)%		31,545
Office Properties Income Trust	10,184	(2.40	)%		25,135
Broadstone Net Lease, Inc.	8,890	(2.05	)%		22,635
Realty Income Corp.	10,022	(6.04	)%		21,575
Urban Edge Properties	17,214	(2.93	)%		19,042
American Finance Trust, Inc.	16,343	(1.22	)%		17,796
Equity Commonwealth	5,062	(1.22	)%		12,500
Sunstone Hotel Investors, Inc.	20,859	(2.32	)%		10,037
Douglas Emmett, Inc.	8,193	(2.41	)%		6,631
Easterly Government Properties, Inc.	6,197	(1.19	)%		4,900
STORE Capital Corp.	15,918	(4.74	)%		4,744
Healthcare Realty Trust, Inc.	8,748	(2.42	)%		4,058
Corporate Office Properties Trust	9,493	(2.38	)%		(1,372	)
RLJ Lodging Trust	28,118	(3.89	)%		(1,506	)
Digital Realty Trust, Inc.	1,809	(2.43	)%		(1,701	)
Host Hotels & Resorts, Inc.	12,540	(1.90	)%		(4,728	)
Industrial Logistics Properties Trust	5,894	(1.39	)%		(9,223	)
Cousins Properties, Inc.	9,785	(3.39	)%		(14,641	)
Federal Realty Investment Trust	2,833	(3.11	)%		(26,988	)
Camden Property Trust	2,471	(3.39	)%		(29,501	)
Apple Hospitality REIT, Inc.	34,203	(5.00	)%		(31,274	)
SITE Centers Corp.	22,038	(3.16	)%		(32,192	)
CubeSmart	5,883	(2.65	)%		(33,636	)
Apartment Income REIT Corp.	9,342	(4.24	)%		(34,218	)
STAG Industrial, Inc.	7,601	(2.77	)%		(38,866	)
Washington Real Estate Investment Trust	12,480	(2.87	)%		(40,452	)
Essential Properties Realty Trust, Inc.	15,352	(3.99	)%		(55,761	)
Independence Realty Trust, Inc.	21,198	(4.01	)%		(93,707	)
Mid-America Apartment Communities, Inc.	3,451	(5.99	)%		(140,023	)
Total Financial					(249,533	)
Exchange-Traded Funds
Vanguard Real Estate ETF	7,606	(7.20	)%		(4,473	)
Total GS Equity Market Neutral Short Custom Basket				$	(254,006	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

GS LONG/SHORT EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Cyclical
AutoZone, Inc.	50	1.14	%	$	24,489
Gentherm, Inc.	441	0.50	%		20,271
AutoNation, Inc.	466	0.74	%		19,273
Gentex Corp.	2,686	1.16	%		12,919
Brunswick Corp.	582	0.73	%		7,400
Cummins, Inc.	310	0.91	%		6,062
Dick's Sporting Goods, Inc.	333	0.52	%		4,788
MSC Industrial Direct Company, Inc. — Class A	501	0.53	%		3,580
Yum! Brands, Inc.	607	0.97	%		1,721
Dolby Laboratories, Inc. — Class A	533	0.61	%		976
Sleep Number Corp.	343	0.42	%		463
NVR, Inc.	5	0.31	%		136
MarineMax, Inc.	380	0.24	%		(148	)
Buckle, Inc.	1,263	0.65	%		(390	)
Williams-Sonoma, Inc.	101	0.23	%		(421	)
Zumiez, Inc.	692	0.36	%		(914	)
Tri Pointe Homes, Inc.	840	0.23	%		(918	)
Polaris, Inc.	401	0.63	%		(1,792	)
WW Grainger, Inc.	57	0.29	%		(1,854	)
Jack in the Box, Inc.	211	0.27	%		(2,389	)
Carter's, Inc.	403	0.51	%		(2,482	)
Big Lots, Inc.	646	0.37	%		(2,936	)
Autoliv, Inc.	511	0.57	%		(3,090	)
Acushnet Holdings Corp.	935	0.57	%		(3,211	)
Whirlpool Corp.	241	0.64	%		(5,282	)
Allison Transmission Holdings, Inc.	1,763	0.81	%		(5,728	)
Hibbett, Inc.	300	0.28	%		(8,208	)
Foot Locker, Inc.	738	0.44	%		(8,775	)
Total Consumer, Cyclical					53,540
Financial
Synchrony Financial	1,727	1.10	%		15,951
Allstate Corp.	363	0.60	%		11,903
Houlihan Lokey, Inc.	472	0.57	%		5,922
Jefferies Financial Group, Inc.	700	0.34	%		3,631
Raymond James Financial, Inc.	752	0.91	%		3,116
Stewart Information Services Corp.	1,066	0.88	%		2,198
Janus Henderson Group plc	763	0.41	%		1,846
MGIC Investment Corp.	1,395	0.27	%		697
Enstar Group Ltd.	366	1.12	%		498
First American Financial Corp.	341	0.30	%		470
Federated Hermes, Inc. — Class B	1,020	0.43	%		146
Brandywine Realty Trust	2,978	0.52	%		(184	)
Discover Financial Services	372	0.60	%		(191	)
Markel Corp.	22	0.34	%		(222	)
Radian Group, Inc.	1,391	0.41	%		(411	)
Everest Re Group Ltd.	133	0.44	%		(461	)
Safety Insurance Group, Inc.	1,030	1.07	%		(805	)
Industrial Logistics Properties Trust	599	0.20	%		(896	)
Arch Capital Group Ltd.	1,026	0.51	%		(976	)
SEI Investments Co.	496	0.38	%		(1,274	)
Artisan Partners Asset Management, Inc. — Class A	373	0.24	%		(1,718	)
Piper Sandler Cos.	348	0.63	%		(1,870	)
Interactive Brokers Group, Inc. — Class A	686	0.56	%		(1,925	)
Affiliated Managers Group, Inc.	216	0.43	%		(2,299	)
OneMain Holdings, Inc.	903	0.65	%		(2,359	)
BankUnited, Inc.	1,122	0.61	%		(2,736	)
Essent Group Ltd.	864	0.50	%		(2,850	)
AMERISAFE, Inc.	1,085	0.80	%		(3,018	)
Evercore, Inc. — Class A	545	0.95	%		(3,558	)
Hanover Insurance Group, Inc.	540	0.92	%		(4,943	)
Mercury General Corp.	1,431	1.04	%		(5,864	)
Old Republic International Corp.	3,255	0.98	%		(9,211	)
Total Financial					(1,393	)
Energy
Equitrans Midstream Corp.	2,272	0.30	%		1,670
Antero Midstream Corp.	1,999	0.27	%		(278	)
Total Energy					1,392
Consumer, Non-cyclical
United Therapeutics Corp.	245	0.59	%		14,648
Innoviva, Inc.	5,385	1.18	%		13,720
Eagle Pharmaceuticals, Inc.	1,109	0.81	%		12,261
Bio-Rad Laboratories, Inc. — Class A	73	0.71	%		10,629
H&R Block, Inc.	3,188	1.04	%		10,135
Prestige Consumer Healthcare, Inc.	739	0.54	%		9,930
McKesson Corp.	134	0.35	%		8,949
Molson Coors Beverage Co. — Class B	590	0.36	%		6,785
Gilead Sciences, Inc.	1,153	1.05	%		6,291
Blueprint Medicines Corp.	366	0.49	%		5,415
Enanta Pharmaceuticals, Inc.	348	0.26	%		5,198
Regeneron Pharmaceuticals, Inc.	39	0.31	%		5,161
Pfizer, Inc.	552	0.31	%		3,906
Coherus Biosciences, Inc.	2,726	0.57	%		3,642
Amgen, Inc.	272	0.76	%		2,650
PerkinElmer, Inc.	227	0.51	%		2,502
Vector Group Ltd.	1,525	0.25	%		1,576
Hologic, Inc.	813	0.78	%		1,040
Quest Diagnostics, Inc.	526	1.00	%		97
Merck & Company, Inc.	590	0.58	%		(851	)
EVERTEC, Inc.	1,375	0.82	%		(924	)
Vanda Pharmaceuticals, Inc.	2,486	0.56	%		(1,018	)
Exelixis, Inc.	1,281	0.35	%		(1,063	)
Sage Therapeutics, Inc.	451	0.26	%		(1,113	)
Grand Canyon Education, Inc.	235	0.27	%		(1,161	)
Bruker Corp.	282	0.29	%		(1,255	)
Perdoceo Education Corp.	5,390	0.74	%		(1,499	)
Vertex Pharmaceuticals, Inc.	126	0.30	%		(1,733	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Amphastar Pharmaceuticals, Inc.		1,651		0.41	%	$	(2,016	)
John B Sanfilippo & Son, Inc.		978		1.05	%		(2,033	)
Laboratory Corporation of America Holdings		87		0.32	%		(2,040	)
Corcept Therapeutics, Inc.		1,904		0.49	%		(3,853	)
USANA Health Sciences, Inc.		719		0.87	%		(4,608	)
Bristol-Myers Squibb Co.		1,262		0.98	%		(5,655	)
Incyte Corp.		517		0.47	%		(5,730	)
Philip Morris International, Inc.		555		0.69	%		(5,931	)
Herbalife Nutrition Ltd.		778		0.43	%		(7,564	)
Total Consumer, Non-cyclical							74,488
Basic Materials
NewMarket Corp.		101		0.45	%		408
Royal Gold, Inc.		149		0.19	%		(2,679	)
Ingevity Corp.		263		0.25	%		(3,161	)
Reliance Steel & Aluminum Co.		177		0.33	%		(5,140	)
Nucor Corp.		373		0.48	%		(6,133	)
Total Basic Materials							(16,705	)
Industrial
Owens Corning		395		0.44	%		11,160
Waters Corp.		62		0.29	%		10,028
Snap-on, Inc.		365		1.00	%		9,513
Watts Water Technologies, Inc. — Class A		370		0.81	%		9,488
Vishay Intertechnology, Inc.		2,152		0.57	%		9,360
AGCO Corp.		156		0.25	%		9,226
Acuity Brands, Inc.		121		0.27	%		8,636
Lincoln Electric Holdings, Inc.		202		0.34	%		6,836
Timken Co.		370		0.32	%		6,348
Oshkosh Corp.		217		0.29	%		5,932
Pentair plc		274		0.26	%		1,186
Keysight Technologies, Inc.		266		0.57	%		580
Louisiana-Pacific Corp.		447		0.36	%		307
3M Co.		179		0.41	%		(56	)
Albany International Corp. — Class A		275		0.28	%		(145	)
Sanmina Corp.		518		0.26	%		(554	)
Mueller Industries, Inc.		649		0.35	%		(1,159	)
OSI Systems, Inc.		463		0.57	%		(1,507	)
Sturm Ruger & Company, Inc.		910		0.88	%		(2,643	)
Huntington Ingalls Industries, Inc.		290		0.73	%		(3,168	)
Hillenbrand, Inc.		472		0.26	%		(3,283	)
Boise Cascade Co.		554		0.39	%		(3,852	)
Donaldson Company, Inc.		1,072		0.81	%		(3,942	)
A O Smith Corp.		477		0.38	%		(3,981	)
Toro Co.		766		0.98	%		(6,630	)
Eagle Materials, Inc.		357		0.61	%		(6,798	)
Worthington Industries, Inc.		1,158		0.80	%		(7,178	)
MDU Resources Group, Inc.		2,389		0.93	%		(8,571	)
Total Industrial							35,133
Technology
NetApp, Inc.		791		0.93	%		14,155
Seagate Technology Holdings plc		377		0.41	%		11,986
Texas Instruments, Inc.		130		0.33	%		10,414
HP, Inc.		1,505		0.54	%		9,439
Cirrus Logic, Inc.		900		0.97	%		4,582
CSG Systems International, Inc.		1,709		1.08	%		4,478
Progress Software Corp.		1,636		1.05	%		3,428
ExlService Holdings, Inc.		164		0.26	%		2,950
Rambus, Inc.		3,301		0.96	%		988
Lumentum Holdings, Inc.		445		0.49	%		(97	)
Intel Corp.		650		0.45	%		(210	)
CommVault Systems, Inc.		208		0.20	%		(1,833	)
Oracle Corp.		609		0.69	%		(1,851	)
Dropbox, Inc. — Class A		900		0.34	%		(2,867	)
Xperi Holding Corp.		1,483		0.37	%		(3,161	)
Qorvo, Inc.		234		0.51	%		(4,653	)
Kulicke & Soffa Industries, Inc.		352		0.27	%		(5,331	)
Total Technology							42,417
Communications
Viavi Solutions, Inc.		4,910		1.01	%		17,251
Cisco Systems, Inc.		1,402		1.00	%		6,614
TEGNA, Inc.		2,294		0.59	%		5,158
Juniper Networks, Inc.		1,308		0.47	%		4,723
Omnicom Group, Inc.		1,122		1.06	%		4,220
Ciena Corp.		345		0.23	%		4,040
VeriSign, Inc.		142		0.38	%		1,812
Fox Corp. — Class A		500		0.26	%		1,155
F5 Networks, Inc.		137		0.36	%		961
Nexstar Media Group, Inc. — Class A		178		0.35	%		(118	)
InterDigital, Inc.		480		0.43	%		(1,039	)
Arista Networks, Inc.		68		0.31	%		(1,387	)
Yelp, Inc. — Class A		957		0.47	%		(1,778	)
World Wrestling Entertainment, Inc. — Class A		467		0.34	%		(1,838	)
Cogent Communications Holdings, Inc.		469		0.43	%		(2,682	)
Telephone & Data Systems, Inc.		1,020		0.26	%		(4,174	)
Total Communications							32,918
Utilities
UGI Corp.		1,652		0.92	%		11,500
IDACORP, Inc.		725		0.98	%		6,013
Public Service Enterprise Group, Inc.		594		0.47	%		4,894
Southern Co.		589		0.48	%		3,073
American States Water Co.		768		0.86	%		2,484
DTE Energy Co.		461		0.67	%		1,000
Sempra Energy		186		0.31	%		466
Chesapeake Utilities Corp.		589		0.92	%		(553	)
CMS Energy Corp.		1,031		0.81	%		(596	)
National Fuel Gas Co.		1,592		1.09	%		(1,085	)
MGE Energy, Inc.		955		0.92	%		(2,766	)
Total Utilities							24,430
Total GS Long/Short Equity Long Custom Basket						$	246,220

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

GS LONG/SHORT EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Stericycle, Inc.	1,185	(1.82	)%	$	6,914
Jacobs Engineering Group, Inc.	613	(1.85	)%		4,569
US Ecology, Inc.	695	(0.51	)%		3,543
Harsco Corp.	1,969	(0.76	)%		2,436
Boeing Co.	317	(1.59	)%		2,104
TransDigm Group, Inc.	46	(0.66	)%		461
General Electric Co.	196	(0.46	)%		(237	)
Tetra Tech, Inc.	210	(0.72	)%		(4,758	)
Waste Management, Inc.	536	(1.83	)%		(6,570	)
Republic Services, Inc. — Class A	662	(1.81	)%		(7,239	)
Casella Waste Systems, Inc. — Class A	950	(1.65	)%		(18,588	)
Total Industrial					(17,365	)
Utilities
ONE Gas, Inc.	923	(1.33	)%		12,956
Atmos Energy Corp.	850	(1.71	)%		10,582
Edison International	1,412	(1.79	)%		3,327
CenterPoint Energy, Inc.	883	(0.50	)%		1,123
Total Utilities					27,988
Financial
Americold Realty Trust	2,225	(1.47	)%		19,673
Digital Realty Trust, Inc.	473	(1.56	)%		6,915
JBG SMITH Properties	1,624	(1.10	)%		5,593
Safehold, Inc.	354	(0.58	)%		4,670
Crown Castle International Corp.	126	(0.50	)%		2,666
Equitable Holdings, Inc.	1,252	(0.85	)%		1,768
Ventas, Inc.	369	(0.46	)%		1,733
CyrusOne, Inc.	504	(0.89	)%		1,727
Apartment Income REIT Corp.	321	(0.36	)%		1,005
Healthpeak Properties, Inc.	1,406	(1.07	)%		952
State Street Corp.	901	(1.74	)%		801
Welltower, Inc.	952	(1.79	)%		675
Alexandria Real Estate Equities, Inc.	271	(1.18	)%		398
Host Hotels & Resorts, Inc.	5,056	(1.88	)%		315
Lincoln National Corp.	578	(0.91	)%		(524	)
Wells Fargo & Co.	601	(0.64	)%		(532	)
Outfront Media, Inc.	1,464	(0.84	)%		(1,163	)
Sunstone Hotel Investors, Inc.	4,911	(1.34	)%		(1,278	)
Pebblebrook Hotel Trust	1,776	(0.91	)%		(1,380	)
Bank of America Corp.	2,035	(1.97	)%		(1,424	)
Apple Hospitality REIT, Inc.	1,556	(0.56	)%		(1,486	)
Howard Hughes Corp.	446	(0.89	)%		(1,897	)
JPMorgan Chase & Co.	521	(1.95	)%		(2,175	)
Comerica, Inc.	390	(0.72	)%		(2,597	)
Equinix, Inc.	96	(1.73	)%		(3,308	)
Rayonier, Inc.	1,018	(0.83	)%		(4,102	)
UDR, Inc.	1,349	(1.63	)%		(4,400	)
Western Alliance Bancorporation	405	(1.01	)%		(4,508	)
First Republic Bank	238	(1.05	)%		(5,676	)
Rexford Industrial Realty, Inc.	861	(1.11	)%		(9,099	)
Sun Communities, Inc.	390	(1.65	)%		(16,555	)
Total Financial					(13,213	)
Energy
Schlumberger N.V.	1,555	(1.05	)%		8,314
Sunrun, Inc.	469	(0.47	)%		818
NOV, Inc.	1,261	(0.38	)%		(35	)
Helmerich & Payne, Inc.	617	(0.39	)%		(390	)
Phillips 66	1,194	(1.91	)%		(986	)
Hess Corp.	261	(0.46	)%		(2,177	)
Pioneer Natural Resources Co.	558	(2.12	)%		(3,720	)
Patterson-UTI Energy, Inc.	3,429	(0.70	)%		(4,267	)
Valero Energy Corp.	1,281	(2.06	)%		(8,095	)
Devon Energy Corp.	821	(0.66	)%		(8,436	)
Range Resources Corp.	1,714	(0.88	)%		(9,051	)
Halliburton Co.	3,766	(1.86	)%		(9,195	)
Diamondback Energy, Inc.	465	(1.00	)%		(9,201	)
Total Energy					(46,421	)
Consumer, Cyclical
United Airlines Holdings, Inc.	1,786	(1.94	)%		9,448
JetBlue Airways Corp.	4,676	(1.63	)%		8,662
Freshpet, Inc.	253	(0.82	)%		4,693
DraftKings, Inc. — Class A	328	(0.36	)%		4,087
Delta Air Lines, Inc.	2,045	(1.99	)%		2,775
Spirit Airlines, Inc.	1,085	(0.64	)%		1,932
Alaska Air Group, Inc.	991	(1.32	)%		1,709
Southwest Airlines Co.	1,347	(1.58	)%		1,016
American Airlines Group, Inc.	4,225	(1.98	)%		(4,751	)
Royal Caribbean Cruises Ltd.	496	(1.01	)%		(4,895	)
Total Consumer, Cyclical					24,676
Technology
Clarivate plc	1,839	(0.92	)%		9,452
Coupa Software, Inc.	145	(0.72	)%		6,821
DocuSign, Inc.	71	(0.42	)%		3,685
Twilio, Inc. — Class A	53	(0.39	)%		2,533
Splunk, Inc.	186	(0.61	)%		2,531
Everbridge, Inc.	146	(0.50	)%		2,246
KBR, Inc.	2,088	(1.88	)%		1,256
Zscaler, Inc.	87	(0.52	)%		(64	)
Smartsheet, Inc. — Class A	247	(0.39	)%		(1,370	)
Ceridian HCM Holding, Inc.	245	(0.63	)%		(5,635	)
Total Technology					21,455
Consumer, Non-cyclical
Teladoc Health, Inc.	389	(1.13	)%		6,870
ManpowerGroup, Inc.	496	(1.22	)%		5,989
Brink's Co.	299	(0.43	)%		3,837
CoStar Group, Inc.	958	(1.88	)%		1,000
Guardant Health, Inc.	397	(1.13	)%		792
Sysco Corp.	309	(0.55	)%		(307	)
Total Consumer, Non-cyclical					18,181
Communications
Okta, Inc.	187	(1.01	)%		4,327
Uber Technologies, Inc.	989	(1.01	)%		2,661
Chewy, Inc. — Class A	222	(0.34	)%		1,937

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Anaplan, Inc.		379		(0.53	)%	$	636
Lyft, Inc. — Class A		768		(0.94	)%		(4,405	)
Total Communications							5,156
Basic Materials
International Flavors & Fragrances, Inc.		486		(1.48	)%		7,458
Total GS Long/Short Equity Short Custom Basket						$	27,915

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

MS LONG/SHORT EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Owens Corning	395	0.47	%	$	11,141
Waters Corp.	62	0.32	%		10,037
Snap-on, Inc.	365	0.98	%		9,719
Watts Water Technologies, Inc. — Class A	370	0.80	%		9,459
Vishay Intertechnology, Inc.	2,152	0.56	%		9,419
AGCO Corp.	156	0.25	%		9,243
Acuity Brands, Inc.	121	0.27	%		8,607
Oshkosh Corp.	217	0.29	%		7,047
Lincoln Electric Holdings, Inc.	202	0.33	%		6,888
Timken Co.	370	0.31	%		6,332
Pentair plc	274	0.26	%		1,201
Keysight Technologies, Inc.	266	0.56	%		579
Louisiana-Pacific Corp.	447	0.35	%		312
3M Co.	179	0.40	%		(57	)
Albany International Corp. — Class A	275	0.27	%		(139	)
Sanmina Corp.	518	0.26	%		(546	)
Mueller Industries, Inc.	649	0.34	%		(1,145	)
OSI Systems, Inc.	463	0.56	%		(1,492	)
Sturm Ruger & Company, Inc.	910	0.86	%		(2,628	)
Huntington Ingalls Industries, Inc.	290	0.72	%		(3,137	)
Hillenbrand, Inc.	472	0.26	%		(3,282	)
Boise Cascade Co.	554	0.38	%		(3,779	)
Donaldson Company, Inc.	1,072	0.79	%		(3,893	)
A O Smith Corp.	477	0.37	%		(3,964	)
Toro Co.	766	0.96	%		(6,534	)
Eagle Materials, Inc.	357	0.60	%		(6,713	)
Worthington Industries, Inc.	1,158	0.78	%		(7,054	)
MDU Resources Group, Inc.	2,389	0.91	%		(8,560	)
Total Industrial					37,061
Consumer, Cyclical
AutoZone, Inc.	50	1.09	%		24,429
Gentherm, Inc.	441	0.46	%		20,252
AutoNation, Inc.	466	0.73	%		19,291
Gentex Corp.	2,686	1.14	%		12,896
Brunswick Corp.	582	0.71	%		7,416
Cummins, Inc.	310	0.89	%		6,026
Dick's Sporting Goods, Inc.	333	0.51	%		4,809
MSC Industrial Direct Company, Inc. — Class A	501	0.52	%		3,608
Yum! Brands, Inc.	607	0.95	%		1,695
Dolby Laboratories, Inc. — Class A	533	0.60	%		948
Sleep Number Corp.	343	0.41	%		441
NVR, Inc.	5	0.31	%		127
MarineMax, Inc.	380	0.24	%		(132	)
Buckle, Inc.	1,263	0.64	%		(299	)
Williams-Sonoma, Inc.	101	0.23	%		(406	)
Zumiez, Inc.	692	0.35	%		(564	)
Tri Pointe Homes, Inc.	840	0.23	%		(887	)
Polaris, Inc.	401	0.62	%		(1,813	)
WW Grainger, Inc.	57	0.29	%		(1,891	)
Carter's, Inc.	403	0.50	%		(2,492	)
Jack in the Box, Inc.	211	0.26	%		(2,516	)
Big Lots, Inc.	646	0.36	%		(2,818	)
Autoliv, Inc.	511	0.56	%		(3,052	)
Acushnet Holdings Corp.	935	0.56	%		(3,231	)
Whirlpool Corp.	241	0.63	%		(5,295	)
Allison Transmission Holdings, Inc.	1,763	0.80	%		(5,520	)
Hibbett, Inc.	300	0.27	%		(8,175	)
Foot Locker, Inc.	738	0.43	%		(8,765	)
Total Consumer, Cyclical					54,082
Financial
Synchrony Financial	1,727	1.08	%		15,982
Allstate Corp.	363	0.59	%		11,889
Houlihan Lokey, Inc.	472	0.56	%		5,835
Jefferies Financial Group, Inc.	700	0.33	%		3,693
Raymond James Financial, Inc.	752	0.89	%		3,183
Stewart Information Services Corp.	1,066	0.87	%		2,191
Janus Henderson Group plc	763	0.41	%		1,837
MGIC Investment Corp.	1,395	0.27	%		764
First American Financial Corp.	341	0.29	%		459
Federated Hermes, Inc. — Class B	1,020	0.43	%		67
Enstar Group Ltd.	319	0.96	%		43
Discover Financial Services	372	0.59	%		(141	)
Markel Corp.	22	0.34	%		(194	)
Brandywine Realty Trust	2,978	0.51	%		(199	)
Radian Group, Inc.	1,391	0.41	%		(348	)
Everest Re Group Ltd.	133	0.43	%		(451	)
Safety Insurance Group, Inc.	1,030	1.05	%		(817	)
Industrial Logistics Properties Trust	599	0.20	%		(902	)
Arch Capital Group Ltd.	1,026	0.50	%		(956	)
SEI Investments Co.	496	0.38	%		(1,273	)
Artisan Partners Asset Management, Inc. — Class A	373	0.23	%		(1,719	)
Interactive Brokers Group, Inc. — Class A	686	0.55	%		(1,883	)
Piper Sandler Cos.	348	0.62	%		(1,893	)
Affiliated Managers Group, Inc.	216	0.42	%		(2,267	)
OneMain Holdings, Inc.	903	0.64	%		(2,318	)
BankUnited, Inc.	1,122	0.60	%		(2,614	)
Essent Group Ltd.	864	0.49	%		(2,748	)
AMERISAFE, Inc.	1,085	0.78	%		(3,007	)
Evercore, Inc. — Class A	545	0.94	%		(3,477	)
Hanover Insurance Group, Inc.	540	0.90	%		(4,945	)
Mercury General Corp.	1,431	1.02	%		(5,721	)
Old Republic International Corp.	3,255	0.97	%		(9,202	)
Goldman Sachs Group, Inc.	402	1.95	%		(13,502	)
Total Financial					(14,634	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Non-cyclical
United Therapeutics Corp.		245		0.58	%	$	14,742
Innoviva, Inc.		5,385		1.16	%		13,633
Eagle Pharmaceuticals, Inc.		1,109		0.79	%		12,586
McKesson Corp.		134		0.34	%		11,103
Bio-Rad Laboratories, Inc. — Class A		73		0.70	%		10,662
H&R Block, Inc.		3,188		1.02	%		10,181
Prestige Consumer Healthcare, Inc.		739		0.53	%		9,951
Molson Coors Beverage Co. — Class B		590		0.35	%		6,805
Gilead Sciences, Inc.		1,153		1.03	%		6,493
Blueprint Medicines Corp.		366		0.48	%		5,405
Enanta Pharmaceuticals, Inc.		348		0.25	%		5,194
Regeneron Pharmaceuticals, Inc.		39		0.30	%		5,158
Pfizer, Inc.		552		0.30	%		4,996
Coherus Biosciences, Inc.		2,726		0.56	%		3,596
PerkinElmer, Inc.		227		0.51	%		2,496
Vector Group Ltd.		1,525		0.25	%		1,583
Amgen, Inc.		272		0.74	%		1,557
Hologic, Inc.		813		0.77	%		1,044
Quest Diagnostics, Inc.		526		0.98	%		32
EVERTEC, Inc.		1,375		0.81	%		(823	)
Merck & Company, Inc.		590		0.57	%		(902	)
Vanda Pharmaceuticals, Inc.		2,486		0.55	%		(950	)
Sage Therapeutics, Inc.		451		0.26	%		(961	)
Exelixis, Inc.		1,281		0.35	%		(1,074	)
Grand Canyon Education, Inc.		235		0.27	%		(1,169	)
Bruker Corp.		282		0.28	%		(1,258	)
Perdoceo Education Corp.		5,390		0.73	%		(1,423	)
Vertex Pharmaceuticals, Inc.		126		0.29	%		(1,827	)
Amphastar Pharmaceuticals, Inc.		1,651		0.40	%		(1,984	)
John B Sanfilippo & Son, Inc.		978		1.03	%		(2,057	)
Laboratory Corporation of America Holdings		87		0.31	%		(2,120	)
Corcept Therapeutics, Inc.		1,904		0.48	%		(3,751	)
USANA Health Sciences, Inc.		719		0.85	%		(4,615	)
Bristol-Myers Squibb Co.		1,262		0.96	%		(5,691	)
Incyte Corp.		517		0.46	%		(5,706	)
Philip Morris International, Inc.		555		0.68	%		(6,000	)
Herbalife Nutrition Ltd.		778		0.42	%		(7,611	)
Total Consumer, Non-cyclical							77,295
Communications
Viavi Solutions, Inc.		4,910		0.99	%		17,597
Cisco Systems, Inc.		1,402		0.98	%		6,627
TEGNA, Inc.		2,293		0.58	%		5,162
Juniper Networks, Inc.		1,308		0.46	%		4,672
Omnicom Group, Inc.		1,122		1.04	%		4,341
Ciena Corp.		345		0.23	%		3,989
VeriSign, Inc.		142		0.37	%		1,809
Fox Corp. — Class A		500		0.26	%		1,160
F5 Networks, Inc.		137		0.35	%		985
Nexstar Media Group, Inc. — Class A		178		0.35	%		(101	)
InterDigital, Inc.		480		0.42	%		(1,023	)
Arista Networks, Inc.		68		0.30	%		(1,369	)
World Wrestling Entertainment, Inc. — Class A		467		0.34	%		(1,855	)
Yelp, Inc. — Class A		957		0.46	%		(1,879	)
Cogent Communications Holdings, Inc.		469		0.43	%		(2,699	)
Telephone & Data Systems, Inc.		1,020		0.26	%		(4,134	)
Total Communications							33,282
Technology
NetApp, Inc.		791		0.91	%		14,143
Seagate Technology Holdings plc		377		0.40	%		11,983
Texas Instruments, Inc.		130		0.32	%		10,395
HP, Inc.		1,505		0.53	%		9,421
Cirrus Logic, Inc.		900		0.95	%		4,686
CSG Systems International, Inc.		1,709		1.06	%		4,612
Progress Software Corp.		1,636		1.03	%		3,398
ExlService Holdings, Inc.		164		0.26	%		2,976
Rambus, Inc.		3,301		0.94	%		1,075
Lumentum Holdings, Inc.		445		0.48	%		(94	)
Intel Corp.		650		0.44	%		(169	)
CommVault Systems, Inc.		208		0.20	%		(1,795	)
Oracle Corp.		609		0.68	%		(1,826	)
Dropbox, Inc. — Class A		900		0.34	%		(2,862	)
Xperi Holding Corp.		1,483		0.36	%		(2,994	)
Qorvo, Inc.		234		0.50	%		(4,550	)
Kulicke & Soffa Industries, Inc.		352		0.26	%		(5,365	)
Total Technology							43,034
Basic Materials
NewMarket Corp.		101		0.44	%		417
Royal Gold, Inc.		149		0.18	%		(2,675	)
Ingevity Corp.		263		0.24	%		(3,154	)
Reliance Steel & Aluminum Co.		177		0.32	%		(5,146	)
Nucor Corp.		373		0.47	%		(6,104	)
Total Basic Materials							(16,662	)
Utilities
UGI Corp.		1,652		0.90	%		11,546
IDACORP, Inc.		725		0.96	%		5,980
Public Service Enterprise Group, Inc.		594		0.46	%		4,898
Southern Co.		589		0.47	%		3,251
American States Water Co.		768		0.84	%		2,558
DTE Energy Co.		461		0.66	%		941
Sempra Energy		186		0.30	%		480
Chesapeake Utilities Corp.		589		0.91	%		(464	)
CMS Energy Corp.		1,031		0.79	%		(752	)
National Fuel Gas Co.		1,592		1.07	%		(1,034	)
MGE Energy, Inc.		955		0.90	%		(2,730	)
Total Utilities							24,674
Energy
Equitrans Midstream Corp.		2,272		0.30	%		1,699
Antero Midstream Corp.		1,999		0.27	%		(204	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Total Energy						$	1,495
Total MS Long/Short Equity Long Custom Basket						$	239,627

MS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Financial
Americold Realty Trust		2,225		(1.45	)%	$	20,012
Digital Realty Trust, Inc.		473		(1.56	)%		6,909
JBG SMITH Properties		1,624		(1.10	)%		5,571
Safehold, Inc.		354		(0.58	)%		4,747
Crown Castle International Corp.		126		(0.50	)%		2,661
CyrusOne, Inc.		504		(0.89	)%		1,778
Ventas, Inc.		369		(0.46	)%		1,749
Equitable Holdings, Inc.		1,252		(0.85	)%		1,742
Apartment Income REIT Corp.		321		(0.36	)%		1,003
Healthpeak Properties, Inc.		1,406		(1.07	)%		938
State Street Corp.		901		(1.74	)%		761
Welltower, Inc.		952		(1.79	)%		687
Alexandria Real Estate Equities, Inc.		271		(1.18	)%		415
Host Hotels & Resorts, Inc.		5,056		(1.88	)%		355
Wells Fargo & Co.		601		(0.64	)%		(540	)
Lincoln National Corp.		578		(0.91	)%		(639	)
Sunstone Hotel Investors, Inc.		4,911		(1.34	)%		(1,121	)
Outfront Media, Inc.		1,464		(0.84	)%		(1,173	)
Pebblebrook Hotel Trust		1,776		(0.91	)%		(1,335	)
Bank of America Corp.		2,035		(1.97	)%		(1,435	)
Apple Hospitality REIT, Inc.		1,556		(0.56	)%		(1,493	)
Howard Hughes Corp.		446		(0.89	)%		(1,983	)
JPMorgan Chase & Co.		521		(1.95	)%		(2,065	)
Comerica, Inc.		390		(0.72	)%		(2,672	)
Equinix, Inc.		96		(1.73	)%		(3,205	)
Rayonier, Inc.		1,018		(0.83	)%		(4,115	)
UDR, Inc.		1,349		(1.63	)%		(4,429	)
Western Alliance Bancorporation		405		(1.01	)%		(4,491	)
First Republic Bank		238		(1.05	)%		(5,654	)
Rexford Industrial Realty, Inc.		861		(1.11	)%		(9,660	)
Sun Communities, Inc.		390		(1.65	)%		(16,795	)
Total Financial							(13,477	)
Industrial
Stericycle, Inc.		1,185		(1.84	)%		6,876
Jacobs Engineering Group, Inc.		613		(1.85	)%		4,565
US Ecology, Inc.		695		(0.51	)%		3,535
Harsco Corp.		1,969		(0.76	)%		2,456
Boeing Co.		317		(1.59	)%		2,163
TransDigm Group, Inc.		46		(0.66	)%		447
General Electric Co.		196		(0.46	)%		(229	)
Tetra Tech, Inc.		210		(0.72	)%		(4,775	)
Waste Management, Inc.		536		(1.83	)%		(6,567	)
Republic Services, Inc. — Class A		662		(1.81	)%		(7,099	)
Casella Waste Systems, Inc. — Class A		950		(1.65	)%		(18,557	)
Total Industrial							(17,185	)
Communications
Okta, Inc.		187		(1.01	)%		4,348
Uber Technologies, Inc.		989		(1.01	)%		2,646
Chewy, Inc. — Class A		222		(0.34	)%		1,955
Anaplan, Inc.		379		(0.53	)%		648
Lyft, Inc. — Class A		768		(0.94	)%		(4,356	)
Total Communications							5,241
Consumer, Non-cyclical
Teladoc Health, Inc.		389		(1.13	)%		6,897
ManpowerGroup, Inc.		496		(1.22	)%		6,020
Brink's Co.		299		(0.43	)%		3,856
CoStar Group, Inc.		958		(1.88	)%		1,091
Guardant Health, Inc.		397		(1.13	)%		795
Sysco Corp.		309		(0.55	)%		(327	)
Total Consumer, Non-cyclical							18,332
Technology
Clarivate plc		1,839		(0.92	)%		9,448
Coupa Software, Inc.		145		(0.72	)%		6,860
DocuSign, Inc.		71		(0.42	)%		3,733
Twilio, Inc. — Class A		53		(0.39	)%		2,554
Splunk, Inc.		186		(0.61	)%		2,548
Everbridge, Inc.		146		(0.50	)%		2,257
KBR, Inc.		2,088		(1.88	)%		1,344
Zscaler, Inc.		87		(0.52	)%		(55	)
Smartsheet, Inc. — Class A		247		(0.39	)%		(1,344	)
Ceridian HCM Holding, Inc.		245		(0.63	)%		(5,609	)
Total Technology							21,736
Consumer, Cyclical
United Airlines Holdings, Inc.		1,786		(1.94	)%		9,448
JetBlue Airways Corp.		4,676		(1.63	)%		8,664
Freshpet, Inc.		253		(0.82	)%		4,677
DraftKings, Inc. — Class A		328		(0.36	)%		4,076
Delta Air Lines, Inc.		2,045		(1.99	)%		2,786
Spirit Airlines, Inc.		1,085		(0.64	)%		2,016
Alaska Air Group, Inc.		991		(1.32	)%		1,728
Southwest Airlines Co.		1,347		(1.58	)%		1,046
American Airlines Group, Inc.		4,225		(1.98	)%		(4,659	)
Royal Caribbean Cruises Ltd.		496		(1.01	)%		(4,898	)
Total Consumer, Cyclical							24,884
Energy
Schlumberger N.V.		1,555		(1.05	)%		8,263
Sunrun, Inc.		469		(0.47	)%		784
NOV, Inc.		1,261		(0.38	)%		(34	)
Helmerich & Payne, Inc.		617		(0.39	)%		(382	)
Phillips 66		1,194		(1.91	)%		(714	)
Hess Corp.		261		(0.46	)%		(2,132	)
Pioneer Natural Resources Co.		558		(2.12	)%		(3,672	)
Patterson-UTI Energy, Inc.		3,429		(0.70	)%		(4,285	)
Valero Energy Corp.		1,281		(2.06	)%		(7,755	)
Devon Energy Corp.		821		(0.66	)%		(8,378	)
Diamondback Energy, Inc.		465		(1.00	)%		(9,010	)
Halliburton Co.		3,766		(1.86	)%		(9,165	)
Range Resources Corp.		1,714		(0.88	)%		(9,203	)
Total Energy							(45,683	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation
Utilities
ONE Gas, Inc.		923		(1.33	)%	$	12,976
Atmos Energy Corp.		850		(1.71	)%		10,641
Edison International		1,412		(1.79	)%		3,482
CenterPoint Energy, Inc.		883		(0.50	)%		1,124
Total Utilities							28,223
Basic Materials
International Flavors & Fragrances, Inc.		486		(1.48	)%		7,558
Total Basic Materials							7,558
Total MS Long/Short Equity Short Custom Basket						$	29,629

^*	Non-income producing security.
^**	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.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is pledged as short security collateral at September 30, 2021.
²	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
³	Affiliated issuer.
⁴	All or a portion of this security is pledged as custom basket swap collateral at September 30, 2021.
⁵	Rate indicated is the effective yield at the time of purchase.
⁶	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁷	Repurchase Agreements — See Note 4.
⁸	Securities lending collateral — See Note 5.
⁹	Rate indicated is the 7-day yield as of September 30, 2021.

GS — Goldman Sachs International

JPY — Japanese Yen

MS — Morgan Stanley Capital Services LLC

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 September 30, 2021 (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	$	20,054,333	$	—	$	—		$	20,054,333
Master Limited Partnerships		201,360		—		—			201,360
Rights		—		—		—	*		—
Mutual Funds		5,896,383		—		—			5,896,383
Closed-End Funds		3,193,309		—		—			3,193,309
U.S. Treasury Bills		—		7,495,422		—			7,495,422
Repurchase Agreements		—		1,098,596		—			1,098,596
Securities Lending Collateral		421,194		—		—			421,194
Commodity Futures Contracts**		482,909		—		—			482,909
Currency Futures Contracts**		357,647		—		—			357,647
Equity Futures Contracts**		148,074		538		—			148,612
Interest Rate Futures Contracts**		55,705		481		—			56,186
Equity Custom Basket Swap Agreements**		—		1,793,709		—			1,793,709
Total Assets	$	30,810,914	$	10,388,746	$	—		$	41,199,660

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks Sold Short	$	6,580,940	$	—	$	—		$	6,580,940
Master Limited Partnerships Sold Short		204,437		—		—			204,437
Exchange-Traded Funds Sold Short		3,408,176		—		—			3,408,176
Commodity Futures Contracts**		303,238		—		—			303,238
Currency Futures Contracts**		178,575		—		—			178,575
Equity Futures Contracts**		92,890		4,458		—			97,348
Interest Rate Futures Contracts**		24,537		10,935		—			35,472
Equity Custom Basket Swap Agreements**		—		503,099		—			503,099
Total Liabilities	$	10,792,793	$	518,492	$	—		$	11,311,285

Security has a market value of $0.

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

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	2,167,874	$	17,725	$	(1,500,000	)	$	8,318	$	(6,075	)	$	687,842		27,525	$	17,935
Guggenheim Strategy Fund III		2,452,729		27,732		–			–		3,888			2,484,349		98,821		28,013
Guggenheim Ultra Short Duration Fund — Institutional Class		5,151,197		17,072		(4,600,000	)		22,937		(28,609	)		562,597		56,429		17,344
Guggenheim Variable Insurance Strategy Fund III		2,135,271		24,629		–			–		1,695			2,161,595		86,257		24,857
	$	11,907,071	$	87,158	$	(6,100,000	)	$	31,255	$	(29,101	)	$	5,896,383			$	88,149

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 71.2%
Technology - 31.6%
Apple, Inc.		74,960	$	10,606,840
Microsoft Corp.		34,078		9,607,270
NVIDIA Corp.		17,252		3,573,924
Adobe, Inc.^*		3,287		1,892,392
Intel Corp.		27,996		1,491,627
Broadcom, Inc.		2,831		1,372,837
Texas Instruments, Inc.		6,371		1,224,570
Intuit, Inc.		1,886		1,017,516
QUALCOMM, Inc.		7,784		1,003,980
Advanced Micro Devices, Inc.^*		8,370		861,273
Applied Materials, Inc.		6,231		802,117
Analog Devices, Inc.		3,708		621,016
Lam Research Corp.		980		557,767
Micron Technology, Inc.		7,768		551,373
Fiserv, Inc.^*		4,570		495,845
Zoom Video Communications, Inc. — Class A^*		1,661		434,352
Autodesk, Inc.^*		1,518		432,888
ASML Holding N.V. — Class G		562		418,752
Activision Blizzard, Inc.		5,367		415,352
Atlassian Corporation plc — Class A^*		948		371,066
NXP Semiconductor N.V.		1,830		358,442
KLA Corp.		1,054		352,573
DocuSign, Inc.^*		1,344		345,986
Marvell Technology, Inc.		5,683		342,742
Crowdstrike Holdings, Inc. — Class A^*		1,375		337,947
Workday, Inc. — Class A^*		1,318		329,355
Synopsys, Inc.^*		1,052		314,979
Microchip Technology, Inc.		1,891		290,249
Cadence Design Systems, Inc.^*		1,910		289,250
Electronic Arts, Inc.		1,964		279,379
Paychex, Inc.		2,483		279,213
Cognizant Technology Solutions Corp. — Class A		3,627		269,160
Xilinx, Inc.^*		1,708		257,891
ANSYS, Inc.^*		602		204,951
Skyworks Solutions, Inc.		1,140		187,849
NetEase, Inc. ADR		2,076		177,290
Splunk, Inc.^*		1,131		163,667
Cerner Corp.		2,040		143,861
Check Point Software Technologies Ltd.^*		916		103,545
Total Technology				42,781,086
Communications - 22.0%
Amazon.com, Inc.^*		2,297		7,545,737
Alphabet, Inc. — Class C^*		1,452		3,870,030
Facebook, Inc. — Class A^*		10,810		3,668,806
Alphabet, Inc. — Class A^*		1,365		3,649,355
Netflix, Inc.^*		3,054		1,863,978
Comcast Corp. — Class A		31,607		1,767,779
Cisco Systems, Inc.		29,081		1,582,879
T-Mobile US, Inc.^*		8,612		1,100,269
Charter Communications, Inc. — Class A^*		1,268		922,546
Booking Holdings, Inc.^*		283		671,805
MercadoLibre, Inc.^*		343		576,034
JD.com, Inc. ADR^*		5,447		393,491
eBay, Inc.		4,486		312,540
Match Group, Inc.^*		1,910		299,851
Baidu, Inc. ADR^*		1,744		268,140
Pinduoduo, Inc. ADR^*		2,636		239,006
Okta, Inc.^*		990		234,967
CDW Corp.		949		172,737
Sirius XM Holdings, Inc.¹		27,951		170,501
VeriSign, Inc.^*		772		158,268
Trip.com Group Ltd. ADR^*		3,644		112,053
Fox Corp. — Class A		2,232		89,526
Fox Corp. — Class B		1,735		64,403
Total Communications				29,734,701
Consumer, Non-cyclical - 9.2%
PayPal Holdings, Inc.^*		8,108		2,109,783
PepsiCo, Inc.		9,537		1,434,460
Moderna, Inc.^*		2,785		1,071,835
Amgen, Inc.		3,919		833,375
Intuitive Surgical, Inc.^*		821		816,197
Gilead Sciences, Inc.		8,652		604,342
Automatic Data Processing, Inc.		2,920		583,766
Mondelez International, Inc. — Class A		9,646		561,204
Regeneron Pharmaceuticals, Inc.^*		725		438,755
Illumina, Inc.^*		1,080		438,059
Dexcom, Inc.^*		668		365,302
IDEXX Laboratories, Inc.^*		587		365,055
Align Technology, Inc.^*		545		362,660
Keurig Dr Pepper, Inc.		9,781		334,119
Vertex Pharmaceuticals, Inc.^*		1,790		324,688
Monster Beverage Corp.^*		3,650		324,230
Kraft Heinz Co.		8,442		310,835
Biogen, Inc.^*		1,028		290,914
Cintas Corp.		711		270,649
Verisk Analytics, Inc. — Class A		1,113		222,901
Seagen, Inc.^*		1,255		213,099
Incyte Corp.^*		1,524		104,821
Total Consumer, Non-cyclical				12,381,049
Consumer, Cyclical - 6.7%
Tesla, Inc.^*		5,622		4,359,749
Costco Wholesale Corp.		3,051		1,370,967
Starbucks Corp.		8,137		897,593
Lululemon Athletica, Inc.^*		862		348,851
Marriott International, Inc. — Class A^*		2,247		332,758
O'Reilly Automotive, Inc.^*		476		290,865
Walgreens Boots Alliance, Inc.		5,969		280,842
Ross Stores, Inc.		2,464		268,206
Copart, Inc.^*		1,633		226,530
Fastenal Co.		3,966		204,685
PACCAR, Inc.		2,396		189,092
Peloton Interactive, Inc. — Class A^*		1,874		163,132
Dollar Tree, Inc.^*		1,552		148,557
Total Consumer, Cyclical				9,081,827
Industrial - 1.1%
Honeywell International, Inc.		4,764		1,011,302
CSX Corp.		15,557		462,665
Total Industrial				1,473,967
Utilities - 0.6%
Exelon Corp.		6,748		326,198

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 71.2% (continued)
Utilities - 0.6% (continued)
American Electric Power Company, Inc.		3,452	$	280,234
Xcel Energy, Inc.		3,716		232,250
Total Utilities				838,682
Total Common Stocks
(Cost $70,460,494)				96,291,312

MUTUAL FUNDS^† - 14.2%
Guggenheim Strategy Fund II²		738,339		18,451,093
Guggenheim Ultra Short Duration Fund — Institutional Class²		83,035		827,855
Total Mutual Funds
(Cost $18,996,917)				19,278,948

		Face Amount
U.S. TREASURY BILLS^†† - 9.9%
U.S. Treasury Bills
0.04% due 12/09/21^3,4	$	11,200,000		11,199,458
0.04% due 10/07/21^4,5		2,217,000		2,216,988
Total U.S. Treasury Bills
(Cost $13,416,108)				13,416,446

REPURCHASE AGREEMENTS^††,6 - 9.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		7,069,506		7,069,506
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		2,746,863		2,746,863
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		2,746,863		2,746,863
Total Repurchase Agreements
(Cost $12,563,232)				12,563,232

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		101,425		101,425
Total Securities Lending Collateral
(Cost $101,425)				101,425
Total Investments - 104.7%
(Cost $115,538,176)			$	141,651,363
Other Assets & Liabilities, net - (4.7)%				(6,422,607	)
Total Net Assets - 100.0%			$	135,228,756

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts	166	Dec 2021	$	48,726,810	$	(1,988,547	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

0.63% (Federal Funds Rate + 0.55%)

At Maturity

11/04/21

1,024

15,044,211

(348,008

)

BNP Paribas

NASDAQ-100 Index

Pay

0.74% (1 Month USD LIBOR + 0.65%)

At Maturity

11/04/21

725

10,651,865

(574,325

)

Barclays Bank plc

NASDAQ-100 Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

6,771

99,465,715

(4,688,265

)

125,161,791

(5,610,598

)

^*	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.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

ADR — American Depositary Receipt

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	96,291,312	$	—	$	—	$	96,291,312
Mutual Funds		19,278,948		—		—		19,278,948
U.S. Treasury Bills		—		13,416,446		—		13,416,446
Repurchase Agreements		—		12,563,232		—		12,563,232
Securities Lending Collateral		101,425		—		—		101,425
Total Assets	$	115,671,685	$	25,979,678	$	—	$	141,651,363

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,988,547	$	—	$	—	$	1,988,547
Equity Index Swap Agreements**		—		5,610,598		—		5,610,598
Total Liabilities	$	1,988,547	$	5,610,598	$	—	$	7,599,145

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	19,837,695	$	269,586	$	(1,680,000	)	$	1,949	$	21,863		$	18,451,093		738,339	$	196,513
Guggenheim Ultra Short Duration Fund — Institutional Class		10,913,117		2,716,894		(12,800,000	)		111,921		(114,077	)		827,855		83,035		37,471
	$	30,750,812	$	2,986,480	$	(14,480,000	)	$	113,870	$	(92,214	)	$	19,278,948			$	233,984

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 75.7%
Technology - 33.6%
Apple, Inc.		70,160	$	9,927,640
Microsoft Corp.		31,896		8,992,120
NVIDIA Corp.		16,147		3,345,013
Adobe, Inc.^*		3,077		1,771,490
Intel Corp.		26,203		1,396,096
Broadcom, Inc.		2,650		1,285,064
Texas Instruments, Inc.		5,963		1,146,148
Intuit, Inc.		1,765		952,235
QUALCOMM, Inc.		7,285		939,619
Advanced Micro Devices, Inc.^*		7,834		806,119
Applied Materials, Inc.		5,832		750,753
Analog Devices, Inc.		3,471		581,323
Lam Research Corp.		917		521,911
Micron Technology, Inc.		7,271		516,096
Fiserv, Inc.^*		4,277		464,054
Zoom Video Communications, Inc. — Class A^*		1,555		406,632
Autodesk, Inc.^*		1,421		405,227
ASML Holding N.V. — Class G		526		391,928
Activision Blizzard, Inc.		5,023		388,730
Atlassian Corporation plc — Class A^*		887		347,190
NXP Semiconductor N.V.		1,712		335,329
KLA Corp.		986		329,827
DocuSign, Inc.^*		1,258		323,847
Marvell Technology, Inc.		5,319		320,789
Crowdstrike Holdings, Inc. — Class A^*		1,287		316,319
Workday, Inc. — Class A^*		1,234		308,364
Synopsys, Inc.^*		985		294,919
Microchip Technology, Inc.		1,770		271,677
Cadence Design Systems, Inc.^*		1,788		270,775
Electronic Arts, Inc.		1,838		261,456
Paychex, Inc.		2,324		261,334
Cognizant Technology Solutions Corp. — Class A		3,395		251,943
Xilinx, Inc.^*		1,598		241,282
ANSYS, Inc.^*		564		192,014
Skyworks Solutions, Inc.		1,067		175,820
NetEase, Inc. ADR		1,943		165,932
Splunk, Inc.^*		1,059		153,248
Cerner Corp.		1,909		134,623
Check Point Software Technologies Ltd.^*		858		96,988
Total Technology				40,041,874
Communications - 23.4%
Amazon.com, Inc.^*		2,150		7,062,836
Alphabet, Inc. — Class C^*		1,359		3,622,156
Facebook, Inc. — Class A^*		10,118		3,433,948
Alphabet, Inc. — Class A^*		1,278		3,416,759
Netflix, Inc.^*		2,859		1,744,962
Comcast Corp. — Class A		29,583		1,654,577
Cisco Systems, Inc.		27,218		1,481,476
T-Mobile US, Inc.^*		8,060		1,029,745
Charter Communications, Inc. — Class A^*		1,187		863,614
Booking Holdings, Inc.^*		265		629,076
MercadoLibre, Inc.^*		321		539,087
JD.com, Inc. ADR^*		5,098		368,280
eBay, Inc.		4,199		292,544
Match Group, Inc.^*		1,788		280,698
Baidu, Inc. ADR^*		1,632		250,920
Pinduoduo, Inc. ADR^*		2,467		223,683
Okta, Inc.^*		927		220,014
CDW Corp.		888		161,634
Sirius XM Holdings, Inc.¹		26,161		159,582
VeriSign, Inc.^*		723		148,222
Trip.com Group Ltd. ADR^*		3,411		104,888
Fox Corp. — Class A		2,089		83,790
Fox Corp. — Class B		1,624		60,283
Total Communications				27,832,774
Consumer, Non-cyclical - 9.7%
PayPal Holdings, Inc.^*		7,589		1,974,734
PepsiCo, Inc.		8,927		1,342,710
Moderna, Inc.^*		2,607		1,003,330
Amgen, Inc.		3,668		780,000
Intuitive Surgical, Inc.^*		769		764,502
Gilead Sciences, Inc.		8,098		565,645
Automatic Data Processing, Inc.		2,733		546,381
Mondelez International, Inc. — Class A		9,028		525,249
Regeneron Pharmaceuticals, Inc.^*		679		410,917
Illumina, Inc.^*		1,011		410,072
Dexcom, Inc.^*		625		341,787
IDEXX Laboratories, Inc.^*		549		341,423
Align Technology, Inc.^*		510		339,369
Keurig Dr Pepper, Inc.		9,155		312,735
Vertex Pharmaceuticals, Inc.^*		1,676		304,010
Monster Beverage Corp.^*		3,416		303,443
Kraft Heinz Co.		7,901		290,915
Biogen, Inc.^*		963		272,520
Cintas Corp.		665		253,139
Verisk Analytics, Inc. — Class A		1,042		208,681
Seagen, Inc.^*		1,175		199,515
Incyte Corp.^*		1,426		98,080
Total Consumer, Non-cyclical				11,589,157
Consumer, Cyclical - 7.1%
Tesla, Inc.^*		5,262		4,080,576
Costco Wholesale Corp.		2,855		1,282,894
Starbucks Corp.		7,615		840,011
Lululemon Athletica, Inc.^*		807		326,593
Marriott International, Inc. — Class A^*		2,103		311,433
O'Reilly Automotive, Inc.^*		445		271,922
Walgreens Boots Alliance, Inc.		5,587		262,868
Ross Stores, Inc.		2,307		251,117
Copart, Inc.^*		1,528		211,964
Fastenal Co.		3,712		191,577
PACCAR, Inc.		2,242		176,938
Peloton Interactive, Inc. — Class A^*		1,754		152,686
Dollar Tree, Inc.^*		1,453		139,081
Total Consumer, Cyclical				8,499,660
Industrial - 1.2%
Honeywell International, Inc.		4,459		946,557
CSX Corp.		14,561		433,044
Total Industrial				1,379,601
Utilities - 0.7%
Exelon Corp.		6,316		305,315

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 75.7% (continued)
Utilities - 0.7% (continued)
American Electric Power Company, Inc.		3,231	$	262,293
Xcel Energy, Inc.		3,478		217,375
Total Utilities				784,983
Total Common Stocks
(Cost $50,975,671)				90,128,049

MUTUAL FUNDS^† - 18.7%
Guggenheim Strategy Fund II²		697,216		17,423,424
Guggenheim Ultra Short Duration Fund — Institutional Class²		485,526		4,840,696
Total Mutual Funds
(Cost $22,118,943)				22,264,120

		Face Amount
U.S. TREASURY BILLS^†† - 1.7%
U.S. Treasury Bills
0.04% due 10/07/21^3,4	$	1,223,000		1,222,993
0.04% due 12/09/21^4,5		750,000		749,964
Total U.S. Treasury Bills
(Cost $1,972,935)				1,972,957

REPURCHASE AGREEMENTS^††,6 - 4.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21⁵		2,706,318		2,706,318
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21⁵		1,051,543		1,051,543
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21⁵		1,051,542		1,051,542
Total Repurchase Agreements
(Cost $4,809,403)				4,809,403

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		115,894		115,894
Total Securities Lending Collateral
(Cost $115,894)				115,894
Total Investments - 100.2%
(Cost $79,992,846)			$	119,290,423
Other Assets & Liabilities, net - (0.2)%				(218,272	)
Total Net Assets - 100.0%			$	119,072,151

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts	81	Dec 2021	$	23,776,335	$	(1,077,814	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

NASDAQ-100 Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

1,440,091

(67,966

)

BNP Paribas

NASDAQ-100 Index

Pay

0.74% (1 Month USD LIBOR + 0.65%)

At Maturity

11/04/21

1,358,852

(75,289

)

Goldman Sachs International

NASDAQ-100 Index

Pay

0.63% (Federal Funds Rate + 0.55%)

At Maturity

11/04/21

158

2,324,509

(78,519

)

5,123,452

(221,774

)

^*	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.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

ADR — American Depositary Receipt

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	90,128,049	$	—	$	—	$	90,128,049
Mutual Funds		22,264,120		—		—		22,264,120
U.S. Treasury Bills		—		1,972,957		—		1,972,957
Repurchase Agreements		—		4,809,403		—		4,809,403
Securities Lending Collateral		115,894		—		—		115,894
Total Assets	$	112,508,063	$	6,782,360	$	—	$	119,290,423

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,077,814	$	—	$	—	$	1,077,814
Equity Index Swap Agreements**		—		221,774		—		221,774
Total Liabilities	$	1,077,814	$	221,774	$	—	$	1,299,588

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	16,319,628	$	2,085,079	$	(1,000,000	)	$	(800	)	$	19,517		$	17,423,424		697,216	$	176,663
Guggenheim Ultra Short Duration Fund — Institutional Class		13,384,160		2,571,683	$	(11,100,000	)		13,461			(28,608	)		4,840,696		485,526		72,392
	$	29,703,788	$	4,656,762	$	(12,100,000	)	$	12,661		$	(9,091	)	$	22,264,120			$	249,055

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 80.6%
Technology - 19.0%
Apple, Inc.		17,966	$	2,542,189
Microsoft Corp.		8,598		2,423,948
NVIDIA Corp.		2,851		590,613
Adobe, Inc.^*		545		313,767
salesforce.com, Inc.^*		1,111		301,325
Intel Corp.		4,641		247,273
Accenture plc — Class A		725		231,942
Broadcom, Inc.		469		227,432
Texas Instruments, Inc.		1,056		202,974
Intuit, Inc.		313		168,867
QUALCOMM, Inc.		1,290		166,384
Oracle Corp.		1,885		164,240
Advanced Micro Devices, Inc.^*		1,388		142,825
International Business Machines Corp.		1,025		142,403
ServiceNow, Inc.^*		227		141,255
Applied Materials, Inc.		1,046		134,652
Analog Devices, Inc.		615		103,000
Lam Research Corp.		163		92,772
Micron Technology, Inc.		1,288		91,422
Fidelity National Information Services, Inc.		707		86,028
Fiserv, Inc.^*		682		73,997
Autodesk, Inc.^*		252		71,863
Activision Blizzard, Inc.		890		68,877
NXP Semiconductor N.V.		303		59,349
KLA Corp.		175		58,539
MSCI, Inc. — Class A		94		57,184
Roper Technologies, Inc.		121		53,982
Synopsys, Inc.^*		175		52,397
Microchip Technology, Inc.		314		48,196
Cadence Design Systems, Inc.^*		317		48,006
Electronic Arts, Inc.		326		46,373
Fortinet, Inc.^*		155		45,266
Cognizant Technology Solutions Corp. — Class A		601		44,600
Xilinx, Inc.^*		283		42,730
Paychex, Inc.		366		41,157
HP, Inc.		1,374		37,593
ANSYS, Inc.^*		100		34,045
Zebra Technologies Corp. — Class A^*		61		31,441
Skyworks Solutions, Inc.		189		31,144
Paycom Software, Inc.^*		55		27,266
Cerner Corp.		338		23,836
Monolithic Power Systems, Inc.		49		23,749
NetApp, Inc.		256		22,979
Broadridge Financial Solutions, Inc.		133		22,163
Tyler Technologies, Inc.^*		47		21,557
Hewlett Packard Enterprise Co.		1,494		21,289
Qorvo, Inc.^*		127		21,233
Teradyne, Inc.		189		20,633
Take-Two Interactive Software, Inc.^*		133		20,491
Western Digital Corp.^*		351		19,810
Seagate Technology Holdings plc		240		19,805
Akamai Technologies, Inc.^*		186		19,454
Ceridian HCM Holding, Inc.^*		154		17,343
Leidos Holdings, Inc.		162		15,573
Citrix Systems, Inc.		142		15,247
PTC, Inc.^*		121		14,495
Jack Henry & Associates, Inc.		85		13,945
DXC Technology Co.^*		288		9,680
IPG Photonics Corp.^*		41		6,494
Total Technology				9,839,092
Consumer, Non-cyclical - 16.1%
Johnson & Johnson		3,012		486,438
UnitedHealth Group, Inc.		1,079		421,609
Procter & Gamble Co.		2,777		388,225
PayPal Holdings, Inc.^*		1,344		349,722
Pfizer, Inc.		6,414		275,866
Thermo Fisher Scientific, Inc.		450		257,099
Abbott Laboratories		2,028		239,568
PepsiCo, Inc.		1,581		237,798
Coca-Cola Co.		4,444		233,177
Danaher Corp.		727		221,328
AbbVie, Inc.		2,022		218,113
Merck & Company, Inc.		2,896		217,519
Eli Lilly & Co.		908		209,793
Medtronic plc		1,537		192,663
Philip Morris International, Inc.		1,783		169,011
Moderna, Inc.^*		402		154,714
Bristol-Myers Squibb Co.		2,542		150,410
Amgen, Inc.		650		138,222
Intuitive Surgical, Inc.^*		136		135,204
CVS Health Corp.		1,510		128,139
S&P Global, Inc.		276		117,270
Zoetis, Inc.		542		105,224
Anthem, Inc.		279		104,011
Stryker Corp.		384		101,268
Gilead Sciences, Inc.		1,434		100,165
Automatic Data Processing, Inc.		484		96,761
Altria Group, Inc.		2,110		96,047
Mondelez International, Inc. — Class A		1,599		93,030
Becton Dickinson and Co.		329		80,875
Edwards Lifesciences Corp.^*		713		80,719
Estee Lauder Companies, Inc. — Class A		265		79,481
Cigna Corp.		389		77,862
Colgate-Palmolive Co.		965		72,935
Regeneron Pharmaceuticals, Inc.^*		120		72,622
Boston Scientific Corp.^*		1,629		70,682
HCA Healthcare, Inc.		282		68,447
Illumina, Inc.^*		168		68,142
Moody's Corp.		185		65,695
Dexcom, Inc.^*		111		60,701
IDEXX Laboratories, Inc.^*		97		60,324
Humana, Inc.		147		57,205
Align Technology, Inc.^*		84		55,896
Vertex Pharmaceuticals, Inc.^*		297		53,873
IHS Markit Ltd.		456		53,179
Global Payments, Inc.		336		52,947
IQVIA Holdings, Inc.^*		219		52,459
Kimberly-Clark Corp.		385		50,990
Biogen, Inc.^*		170		48,108
Baxter International, Inc.		572		46,006
Sysco Corp.		585		45,922

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 80.6% (continued)
Consumer, Non-cyclical - 16.1% (continued)
ResMed, Inc.		166	$	43,749
Centene Corp.^*		667		41,561
General Mills, Inc.		694		41,515
Constellation Brands, Inc. — Class A		192		40,452
Archer-Daniels-Midland Co.		640		38,406
Monster Beverage Corp.^*		430		38,197
Cintas Corp.		100		38,066
Verisk Analytics, Inc. — Class A		185		37,050
West Pharmaceutical Services, Inc.		85		36,086
Corteva, Inc.		840		35,347
McKesson Corp.		177		35,290
Equifax, Inc.		139		35,225
Zimmer Biomet Holdings, Inc.		239		34,980
Kroger Co.		778		31,455
Laboratory Corporation of America Holdings^*		111		31,240
Gartner, Inc.^*		96		29,173
United Rentals, Inc.^*		83		29,127
Kraft Heinz Co.		770		28,351
Hershey Co.		166		28,095
Tyson Foods, Inc. — Class A		337		26,603
Catalent, Inc.^*		195		25,949
FleetCor Technologies, Inc.^*		95		24,821
Charles River Laboratories International, Inc.^*		58		23,935
Clorox Co.		141		23,351
STERIS plc		114		23,288
Church & Dwight Company, Inc.		281		23,202
Cooper Companies, Inc.		56		23,145
McCormick & Company, Inc.		285		23,094
PerkinElmer, Inc.		128		22,181
Hologic, Inc.^*		290		21,405
Bio-Techne Corp.		44		21,321
AmerisourceBergen Corp. — Class A		171		20,426
Quest Diagnostics, Inc.		140		20,343
Teleflex, Inc.		54		20,334
Avery Dennison Corp.		95		19,685
Viatris, Inc.		1,383		18,740
Kellogg Co.		292		18,665
Bio-Rad Laboratories, Inc. — Class A^*		25		18,649
Conagra Brands, Inc.		550		18,628
Quanta Services, Inc.		159		18,097
MarketAxess Holdings, Inc.		43		18,090
ABIOMED, Inc.^*		52		16,927
Cardinal Health, Inc.		332		16,421
J M Smucker Co.		124		14,884
Incyte Corp.^*		215		14,788
Dentsply Sirona, Inc.		250		14,513
Brown-Forman Corp. — Class B		209		14,005
Hormel Foods Corp.		322		13,202
Robert Half International, Inc.		128		12,842
Henry Schein, Inc.^*		160		12,186
Universal Health Services, Inc. — Class B		87		12,038
Lamb Weston Holdings, Inc.		166		10,187
Molson Coors Beverage Co. — Class B		216		10,018
Campbell Soup Co.		232		9,700
Organon & Co.		290		9,509
Rollins, Inc.		259		9,150
DaVita, Inc.^*		77		8,952
Nielsen Holdings plc		410		7,868
Total Consumer, Non-cyclical				8,367,971
Communications - 13.2%
Amazon.com, Inc.^*		498		1,635,950
Facebook, Inc. — Class A^*		2,727		925,517
Alphabet, Inc. — Class A^*		344		919,691
Alphabet, Inc. — Class C^*		322		858,230
Walt Disney Co.^*		2,079		351,705
Netflix, Inc.^*		506		308,832
Comcast Corp. — Class A		5,240		293,073
Cisco Systems, Inc.		4,821		262,407
Verizon Communications, Inc.		4,736		255,791
AT&T, Inc.		8,168		220,618
Booking Holdings, Inc.^*		47		111,572
Charter Communications, Inc. — Class A^*		145		105,496
T-Mobile US, Inc.^*		671		85,727
Twitter, Inc.^*		913		55,136
eBay, Inc.		744		51,834
Match Group, Inc.^*		317		49,766
Motorola Solutions, Inc.		194		45,070
Corning, Inc.		879		32,075
Etsy, Inc.^*		145		30,154
CDW Corp.		157		28,577
ViacomCBS, Inc. — Class B		693		27,380
Expedia Group, Inc.^*		166		27,207
VeriSign, Inc.^*		111		22,756
Arista Networks, Inc.^*		64		21,993
Omnicom Group, Inc.		245		17,753
NortonLifeLock, Inc.		665		16,825
Interpublic Group of Companies, Inc.		450		16,501
Fox Corp. — Class A		370		14,841
Lumen Technologies, Inc.		1,138		14,100
F5 Networks, Inc.^*		69		13,716
DISH Network Corp. — Class A^*		285		12,386
News Corp. — Class A		448		10,542
Juniper Networks, Inc.		372		10,237
Discovery, Inc. — Class C^*		347		8,422
Fox Corp. — Class B		170		6,310
Discovery, Inc. — Class A^*,1		193		4,898
News Corp. — Class B		139		3,229
Total Communications				6,876,317
Financial - 12.3%
Berkshire Hathaway, Inc. — Class B^*		2,121		578,906
JPMorgan Chase & Co.		3,419		559,656
Visa, Inc. — Class A		1,931		430,130
Bank of America Corp.		8,472		359,636
Mastercard, Inc. — Class A		997		346,637
Wells Fargo & Co.		4,698		218,034
Citigroup, Inc.		2,319		162,747
Morgan Stanley		1,670		162,508
Goldman Sachs Group, Inc.		386		145,920
American Tower Corp. — Class A REIT		521		138,279
BlackRock, Inc. — Class A		164		137,540

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 80.6% (continued)
Financial - 12.3% (continued)
Charles Schwab Corp.		1,717	$	125,066
American Express Co.		736		123,302
Prologis, Inc. REIT		846		106,114
PNC Financial Services Group, Inc.		486		95,081
U.S. Bancorp		1,544		91,775
Truist Financial Corp.		1,527		89,559
Marsh & McLennan Companies, Inc.		580		87,829
Chubb Ltd.		502		87,087
Crown Castle International Corp. REIT		494		85,620
Capital One Financial Corp.		510		82,605
Equinix, Inc. REIT		103		81,383
CME Group, Inc. — Class A		411		79,479
Intercontinental Exchange, Inc.		644		73,944
Aon plc — Class A		258		73,729
Progressive Corp.		669		60,471
American International Group, Inc.		978		53,682
Public Storage REIT		174		51,695
MetLife, Inc.		833		51,421
T. Rowe Price Group, Inc.		260		51,142
Simon Property Group, Inc. REIT		376		48,869
Bank of New York Mellon Corp.		908		47,071
Digital Realty Trust, Inc. REIT		323		46,657
Prudential Financial, Inc.		443		46,604
SVB Financial Group^*		67		43,341
Travelers Companies, Inc.		285		43,323
Allstate Corp.		338		43,031
Discover Financial Services		343		42,138
SBA Communications Corp. REIT		125		41,321
Welltower, Inc. REIT		483		39,799
First Republic Bank		202		38,962
CBRE Group, Inc. — Class A^*		384		37,386
Aflac, Inc.		706		36,804
AvalonBay Communities, Inc. REIT		160		35,462
State Street Corp.		418		35,413
Arthur J Gallagher & Co.		237		35,230
Willis Towers Watson plc		148		34,404
Ameriprise Financial, Inc.		130		34,336
Fifth Third Bancorp		790		33,528
Synchrony Financial		652		31,870
Equity Residential REIT		390		31,559
Weyerhaeuser Co. REIT		858		30,519
Alexandria Real Estate Equities, Inc. REIT		159		30,380
Realty Income Corp. REIT		445		28,863
Hartford Financial Services Group, Inc.		397		27,889
Huntington Bancshares, Inc.		1,689		26,112
Nasdaq, Inc.		134		25,865
Extra Space Storage, Inc. REIT		153		25,702
Northern Trust Corp.		238		25,659
Ventas, Inc. REIT		450		24,845
Mid-America Apartment Communities, Inc. REIT		133		24,838
Essex Property Trust, Inc. REIT		74		23,661
KeyCorp		1,094		23,652
Regions Financial Corp.		1,092		23,270
Citizens Financial Group, Inc.		487		22,879
M&T Bank Corp.		147		21,953
Duke Realty Corp. REIT		433		20,728
Healthpeak Properties, Inc. REIT		617		20,657
Raymond James Financial, Inc.		212		19,563
Cincinnati Financial Corp.		171		19,532
Principal Financial Group, Inc.		286		18,418
Boston Properties, Inc. REIT		163		17,661
UDR, Inc. REIT		319		16,901
Cboe Global Markets, Inc.		122		15,111
Brown & Brown, Inc.		267		14,805
Kimco Realty Corp. REIT		702		14,566
Iron Mountain, Inc. REIT		331		14,382
Lincoln National Corp.		202		13,887
Host Hotels & Resorts, Inc. REIT^*		817		13,342
Loews Corp.		233		12,566
Comerica, Inc.		153		12,316
Regency Centers Corp. REIT		175		11,783
W R Berkley Corp.		160		11,709
Everest Re Group Ltd.		46		11,536
Zions Bancorp North America		185		11,450
Assurant, Inc.		67		10,569
Franklin Resources, Inc.		322		9,570
Globe Life, Inc.		107		9,526
Federal Realty Investment Trust REIT		80		9,439
Invesco Ltd.		391		9,427
Western Union Co.		465		9,402
People's United Financial, Inc.		490		8,560
Vornado Realty Trust REIT		182		7,646
Total Financial				6,369,224
Consumer, Cyclical - 7.8%
Tesla, Inc.^*		928		719,646
Home Depot, Inc.		1,216		399,164
Walmart, Inc.		1,635		227,886
Costco Wholesale Corp.		506		227,371
NIKE, Inc. — Class B		1,462		212,326
McDonald's Corp.		854		205,908
Lowe's Companies, Inc.		809		164,114
Starbucks Corp.		1,349		148,808
Target Corp.		566		129,484
TJX Companies, Inc.		1,380		91,052
General Motors Co.^*		1,661		87,551
Ford Motor Co.^*		4,489		63,564
Chipotle Mexican Grill, Inc. — Class A^*		32		58,160
Dollar General Corp.		270		57,278
O'Reilly Automotive, Inc.^*		79		48,274
Marriott International, Inc. — Class A^*		313		46,352
Aptiv plc^*		309		46,032
Ross Stores, Inc.		409		44,520
AutoZone, Inc.^*		25		42,450
Hilton Worldwide Holdings, Inc.^*		319		42,143
Yum! Brands, Inc.		338		41,341
Walgreens Boots Alliance, Inc.		821		38,628
Cummins, Inc.		164		36,828
Southwest Airlines Co.^*		677		34,818
Fastenal Co.		658		33,959

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 80.6% (continued)
Consumer, Cyclical - 7.8% (continued)
Copart, Inc.^*		244	$	33,848
PACCAR, Inc.		397		31,331
DR Horton, Inc.		373		31,321
Delta Air Lines, Inc.^*		732		31,191
Lennar Corp. — Class A		314		29,416
Caesars Entertainment, Inc.^*		244		27,396
Best Buy Company, Inc.		258		27,273
Tractor Supply Co.		131		26,542
Dollar Tree, Inc.^*		265		25,366
VF Corp.		373		24,987
CarMax, Inc.^*		186		23,800
Carnival Corp.^*		914		22,859
Royal Caribbean Cruises Ltd.^*		256		22,771
Ulta Beauty, Inc.^*		63		22,738
Darden Restaurants, Inc.		149		22,569
Domino's Pizza, Inc.		42		20,032
Pool Corp.		46		19,983
Genuine Parts Co.		164		19,882
MGM Resorts International		458		19,763
WW Grainger, Inc.		50		19,653
NVR, Inc.^*		4		19,176
Bath & Body Works, Inc.		303		19,098
United Airlines Holdings, Inc.^*		370		17,601
Advance Auto Parts, Inc.		75		15,667
LKQ Corp.^*		309		15,549
American Airlines Group, Inc.^*		741		15,205
Whirlpool Corp.		72		14,678
Las Vegas Sands Corp.^*		393		14,384
Live Nation Entertainment, Inc.^*		151		13,761
PulteGroup, Inc.		297		13,638
Hasbro, Inc.		148		13,204
Penn National Gaming, Inc.^*		179		12,970
BorgWarner, Inc.		274		11,839
Tapestry, Inc.		319		11,809
Mohawk Industries, Inc.^*		64		11,354
Norwegian Cruise Line Holdings Ltd.^*		423		11,299
Wynn Resorts Ltd.^*		120		10,170
Newell Brands, Inc.		433		9,587
PVH Corp.^*		82		8,429
Alaska Air Group, Inc.^*		143		8,380
Hanesbrands, Inc.		399		6,847
Leggett & Platt, Inc.		152		6,816
Ralph Lauren Corp. — Class A		56		6,218
Gap, Inc.		246		5,584
Under Armour, Inc. — Class A^*		216		4,359
Under Armour, Inc. — Class C^*		238		4,170
Total Consumer, Cyclical				4,052,170
Industrial - 6.3%
Honeywell International, Inc.		790		167,701
United Parcel Service, Inc. — Class B		833		151,689
Raytheon Technologies Corp.		1,725		148,281
Union Pacific Corp.		746		146,223
Boeing Co.^*		630		138,562
General Electric Co.		1,256		129,406
Caterpillar, Inc.		626		120,173
3M Co.		662		116,128
Deere & Co.		325		108,898
Lockheed Martin Corp.		282		97,318
CSX Corp.		2,579		76,699
Eaton Corporation plc		456		68,085
Illinois Tool Works, Inc.		328		67,775
Norfolk Southern Corp.		283		67,708
Waste Management, Inc.		443		66,167
Emerson Electric Co.		684		64,433
Northrop Grumman Corp.		172		61,946
FedEx Corp.		281		61,621
Johnson Controls International plc		815		55,485
Agilent Technologies, Inc.		347		54,663
General Dynamics Corp.		265		51,948
TE Connectivity Ltd.		375		51,458
Carrier Global Corp.		993		51,398
L3Harris Technologies, Inc.		230		50,655
Amphenol Corp. — Class A		684		50,089
Trane Technologies plc		272		46,961
Parker-Hannifin Corp.		148		41,384
Otis Worldwide Corp.		488		40,153
Rockwell Automation, Inc.		133		39,107
TransDigm Group, Inc.^*		60		37,474
Mettler-Toledo International, Inc.^*		26		35,811
Keysight Technologies, Inc.^*		211		34,665
Ball Corp.		374		33,649
AMETEK, Inc.		265		32,863
Stanley Black & Decker, Inc.		186		32,607
Old Dominion Freight Line, Inc.		107		30,600
Generac Holdings, Inc.^*		72		29,424
Fortive Corp.		410		28,934
Republic Services, Inc. — Class A		240		28,814
Kansas City Southern		104		28,147
Garmin Ltd.		174		27,050
Vulcan Materials Co.		152		25,712
Dover Corp.		165		25,657
Xylem, Inc.		206		25,478
Waters Corp.^*		70		25,011
Martin Marietta Materials, Inc.		71		24,259
Trimble, Inc.^*		288		23,688
Ingersoll Rand, Inc.^*		464		23,390
Expeditors International of Washington, Inc.		194		23,111
Teledyne Technologies, Inc.^*		53		22,768
Amcor plc		1,764		20,445
Jacobs Engineering Group, Inc.		149		19,747
Westinghouse Air Brake Technologies Corp.		216		18,621
IDEX Corp.		87		18,005
Textron, Inc.		256		17,871
J.B. Hunt Transport Services, Inc.		96		16,053
Masco Corp.		283		15,721
Westrock Co.		305		15,198
Packaging Corporation of America		109		14,981
Fortune Brands Home & Security, Inc.		158		14,128
Pentair plc		190		13,800
Howmet Aerospace, Inc.		442		13,791
Allegion plc		103		13,615
CH Robinson Worldwide, Inc.		151		13,137

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 80.6% (continued)
Industrial - 6.3% (continued)
Snap-on, Inc.		62	$	12,955
Sealed Air Corp.		171		9,369
A O Smith Corp.		152		9,282
Huntington Ingalls Industries, Inc.		46		8,881
Total Industrial				3,256,826
Energy - 2.3%
Exxon Mobil Corp.		4,843		284,865
Chevron Corp.		2,212		224,407
ConocoPhillips		1,532		103,824
EOG Resources, Inc.		668		53,620
Schlumberger N.V.		1,600		47,424
Marathon Petroleum Corp.		730		45,121
Pioneer Natural Resources Co.		260		43,293
Kinder Morgan, Inc.		2,230		37,308
Williams Companies, Inc.		1,390		36,057
Phillips 66		501		35,085
Valero Energy Corp.		468		33,027
Occidental Petroleum Corp.		1,015		30,024
ONEOK, Inc.		510		29,575
Devon Energy Corp.		720		25,567
Hess Corp.		315		24,605
Baker Hughes Co.		948		23,444
Enphase Energy, Inc.^*		154		23,095
Halliburton Co.		1,019		22,031
Diamondback Energy, Inc.		195		18,461
Marathon Oil Corp.		902		12,330
Cabot Oil & Gas Corp. — Class A		457		9,944
APA Corp.		432		9,258
Total Energy				1,172,365
Utilities - 2.0%
NextEra Energy, Inc.		2,244		176,199
Duke Energy Corp.		880		85,879
Southern Co.		1,211		75,046
Dominion Energy, Inc.		925		67,544
Exelon Corp.		1,119		54,093
American Electric Power Company, Inc.		572		46,435
Sempra Energy		365		46,173
Xcel Energy, Inc.		616		38,500
Public Service Enterprise Group, Inc.		578		35,200
American Water Works Company, Inc.		208		35,160
Eversource Energy		393		32,132
WEC Energy Group, Inc.		361		31,840
Consolidated Edison, Inc.		404		29,326
DTE Energy Co.		222		24,800
PPL Corp.		880		24,534
Edison International		434		24,074
Ameren Corp.		294		23,814
Entergy Corp.		230		22,841
FirstEnergy Corp.		623		22,191
CMS Energy Corp.		331		19,771
AES Corp.		762		17,397
CenterPoint Energy, Inc.		678		16,679
Evergy, Inc.		262		16,296
Alliant Energy Corp.		286		16,010
Atmos Energy Corp.		150		13,230
NRG Energy, Inc.		280		11,432
NiSource, Inc.		449		10,879
Pinnacle West Capital Corp.		129		9,334
Total Utilities				1,026,809
Basic Materials - 1.6%
Linde plc		591		173,387
Sherwin-Williams Co.		277		77,485
Air Products and Chemicals, Inc.		253		64,796
Ecolab, Inc.		285		59,457
Freeport-McMoRan, Inc.		1,680		54,651
Newmont Corp.		914		49,630
Dow, Inc.		853		49,099
DuPont de Nemours, Inc.		598		40,658
PPG Industries, Inc.		272		38,899
International Flavors & Fragrances, Inc.		285		38,110
Nucor Corp.		336		33,093
Albemarle Corp.		134		29,342
LyondellBasell Industries N.V. — Class A		302		28,343
International Paper Co.		447		24,996
Celanese Corp. — Class A		127		19,131
Eastman Chemical Co.		155		15,615
Mosaic Co.		395		14,109
CF Industries Holdings, Inc.		246		13,732
FMC Corp.		147		13,459
Total Basic Materials				837,992
Total Common Stocks
(Cost $38,277,865)				41,798,766

MUTUAL FUNDS^† - 10.5%
Guggenheim Strategy Fund II²		184,465		4,609,785
Guggenheim Ultra Short Duration Fund — Institutional Class²		86,439		861,798
Total Mutual Funds
(Cost $5,406,154)				5,471,583

		Face Amount
U.S. TREASURY BILLS^†† - 3.5%
U.S. Treasury Bills
0.04% due 12/09/21^3,4	$	1,800,000		1,799,913
Total U.S. Treasury Bills
(Cost $1,799,862)				1,799,913

REPURCHASE AGREEMENTS^††,5 - 7.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		2,045,365		2,045,365
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		794,728		794,728
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		794,728		794,728
Total Repurchase Agreements
(Cost $3,634,821)				3,634,821

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁷		3,562	$	3,562
Total Securities Lending Collateral
(Cost $3,562)				3,562
Total Investments - 101.6%
(Cost $49,122,264)			$	52,708,645
Other Assets & Liabilities, net - (1.6)%				(833,513	)
Total Net Assets - 100.0%			$	51,875,132

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
S&P 500 Index Mini Futures Contracts	30	Dec 2021	$	6,445,500	$	(227,924	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

S&P 500 Index

Pay

0.64% (1 Month USD LIBOR + 0.55%)

At Maturity

11/04/21

1,555

6,698,192

(269,260

)

Barclays Bank plc

S&P 500 Index

Pay

0.50% (U.S. Secured Overnight Financing Rate + 0.45%)

At Maturity

11/03/21

2,888

12,441,831

(391,405

)

Goldman Sachs International

S&P 500 Index

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

11/04/21

2,410

10,379,248

(397,982

)

29,519,271

(1,058,647

)

^*	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.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	41,798,766	$	—	$	—	$	41,798,766
Mutual Funds		5,471,583		—		—		5,471,583
U.S. Treasury Bills		—		1,799,913		—		1,799,913
Repurchase Agreements		—		3,634,821		—		3,634,821
Securities Lending Collateral		3,562		—		—		3,562
Total Assets	$	47,273,911	$	5,434,734	$	—	$	52,708,645

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	227,924	$	—	$	—	$	227,924
Equity Index Swap Agreements**		—		1,058,647		—		1,058,647
Total Liabilities	$	227,924	$	1,058,647	$	—	$	1,286,571

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,480,042	$	123,561	$	(1,000,000	)	$	3,763	$	2,419		$	4,609,785		184,465	$	49,093
Guggenheim Ultra Short Duration Fund — Institutional Class		6,345,237		10,036,438		(15,500,000	)		43,831		(63,708	)		861,798		86,439		36,774
	$	11,825,279	$	10,159,999	$	(16,500,000	)	$	47,594	$	(61,289	)	$	5,471,583			$	85,867

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 95.4%
Mining - 95.4%
Freeport-McMoRan, Inc.		47,331	$	1,539,677
Newmont Corp.		27,139		1,473,648
Barrick Gold Corp.		69,825		1,260,341
Franco-Nevada Corp.		8,294		1,077,474
Wheaton Precious Metals Corp.		23,700		890,646
Agnico Eagle Mines Ltd.		15,171		786,616
Kirkland Lake Gold Ltd.		18,104		752,945
Sibanye Stillwater Ltd. ADR		54,838		676,701
Gold Fields Ltd. ADR		75,540		613,385
AngloGold Ashanti Ltd. ADR		38,024		608,004
Kinross Gold Corp.		108,923		583,827
Royal Gold, Inc.		5,638		538,373
Pan American Silver Corp.		20,881		485,901
Yamana Gold, Inc.		109,511		433,664
B2Gold Corp.		121,389		415,150
SSR Mining, Inc.¹		27,158		395,149
Hecla Mining Co.		71,359		392,474
First Majestic Silver Corp.¹		33,319		376,505
Alamos Gold, Inc. — Class A		52,057		374,810
Novagold Resources, Inc.^*		49,077		337,650
Harmony Gold Mining Company Ltd. ADR¹		100,296		315,932
Equinox Gold Corp.^*,1		46,876		309,382
Pretium Resources, Inc.^*		30,907		297,943
Coeur Mining, Inc.^*		48,154		297,110
Osisko Gold Royalties Ltd.		26,409		296,573
MAG Silver Corp.^*		16,775		271,755
Eldorado Gold Corp.^*		33,825		261,467
Fortuna Silver Mines, Inc.^*		60,376		237,278
IAMGOLD Corp.^*		102,460		231,560
Sandstorm Gold Ltd.^*		39,776		229,110
Seabridge Gold, Inc.^*		14,661		226,512
SilverCrest Metals, Inc.^*		31,514		219,968
Gatos Silver, Inc.^*		16,525		192,186
Endeavour Silver Corp.^*		46,150		188,753
New Gold, Inc.^*		170,911		181,166
Silvercorp Metals, Inc.		46,886		178,636
Gold Resource Corp.		46,043		72,287
Total Mining				18,020,558
Total Common Stocks
(Cost $8,123,250)				18,020,558

EXCHANGE-TRADED FUNDS^† - 3.9%
VanEck Vectors Junior Gold Miners ETF		19,405		743,987
Total Exchange-Traded Funds
(Cost $439,230)				743,987

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	101,345		101,345
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		39,378		39,378
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		39,377		39,377
Total Repurchase Agreements
(Cost $180,100)				180,100

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		482,222		482,222
Total Securities Lending Collateral
(Cost $482,222)				482,222
Total Investments - 102.9%
(Cost $9,224,802)			$	19,426,867
Other Assets & Liabilities, net - (2.9)%				(556,249	)
Total Net Assets - 100.0%			$	18,870,618

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	18,020,558	$	—	$	—	$	18,020,558
Exchange-Traded Funds		743,987		—		—		743,987
Repurchase Agreements		—		180,100		—		180,100
Securities Lending Collateral		482,222		—		—		482,222
Total Assets	$	19,246,767	$	180,100	$	—	$	19,426,867

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.2%
REITs - 92.6%
REITs-Diversified - 25.1%
American Tower Corp. — Class A		1,354	$	359,365
Crown Castle International Corp.		1,651		286,151
Equinix, Inc.		354		279,706
Digital Realty Trust, Inc.		1,507		217,686
SBA Communications Corp.		605		199,995
Weyerhaeuser Co.		4,988		177,423
VICI Properties, Inc.		5,248		149,096
Duke Realty Corp.		2,980		142,653
WP Carey, Inc.		1,716		125,337
Lamar Advertising Co. — Class A		1,032		117,080
Gaming and Leisure Properties, Inc.		2,396		110,983
CyrusOne, Inc.		1,387		107,368
CoreSite Realty Corp.		629		87,142
New Residential Investment Corp.		7,078		77,858
Rayonier, Inc.		2,127		75,891
PS Business Parks, Inc.		472		73,981
Outfront Media, Inc.		2,702		68,090
EPR Properties		1,334		65,873
Broadstone Net Lease, Inc.		2,651		65,771
PotlatchDeltic Corp.		1,246		64,269
Lexington Realty Trust		4,967		63,329
Uniti Group, Inc.		4,690		58,015
Total REITs-Diversified				2,973,062
REITs-Apartments - 12.0%
AvalonBay Communities, Inc.		863		191,275
Equity Residential		2,333		188,786
Mid-America Apartment Communities, Inc.		849		158,551
Invitation Homes, Inc.		4,117		157,805
Essex Property Trust, Inc.		489		156,353
UDR, Inc.		2,562		135,735
Camden Property Trust		894		131,838
American Homes 4 Rent — Class A		3,082		117,486
Apartment Income REIT Corp.		1,938		94,594
American Campus Communities, Inc.		1,817		88,034
Total REITs-Apartments				1,420,457
REITs-Office Property - 10.9%
Alexandria Real Estate Equities, Inc.		954		182,281
Boston Properties, Inc.		1,285		139,230
VEREIT, Inc.		2,372		107,286
Vornado Realty Trust		2,319		97,421
Kilroy Realty Corp.		1,445		95,673
Cousins Properties, Inc.		2,165		80,733
Douglas Emmett, Inc.		2,512		79,404
SL Green Realty Corp.		1,077		76,295
Highwoods Properties, Inc.		1,652		72,457
Hudson Pacific Properties, Inc.		2,601		68,328
JBG SMITH Properties		2,272		67,274
Equity Commonwealth		2,384		61,936
Corporate Office Properties Trust		2,199		59,329
Brandywine Realty Trust		3,859		51,788
Piedmont Office Realty Trust, Inc. — Class A		2,904		50,617
Total REITs-Office Property				1,290,052
REITs-Health Care - 8.7%
Welltower, Inc.		2,393		197,183
Ventas, Inc.		2,780		153,484
Healthpeak Properties, Inc.		4,256		142,491
Medical Properties Trust, Inc.		5,841		117,229
Omega Healthcare Investors, Inc.		2,935		87,933
Healthcare Trust of America, Inc. — Class A		2,883		85,510
Healthcare Realty Trust, Inc.		2,348		69,923
Physicians Realty Trust		3,716		65,476
Sabra Health Care REIT, Inc.		4,055		59,690
National Health Investors, Inc.		964		51,574
Total REITs-Health Care				1,030,493
REITs-Warehouse/Industries - 7.6%
Prologis, Inc.		2,589		324,738
Rexford Industrial Realty, Inc.		1,641		93,127
EastGroup Properties, Inc.		527		87,814
First Industrial Realty Trust, Inc.		1,684		87,703
Americold Realty Trust		2,958		85,930
STAG Industrial, Inc.		2,178		85,486
Innovative Industrial Properties, Inc.		351		81,141
Terreno Realty Corp.		1,123		71,007
Total REITs-Warehouse/Industries				916,946
REITs-Storage - 6.8%
Public Storage		814		241,839
Extra Space Storage, Inc.		933		156,735
Iron Mountain, Inc.		2,779		120,748
CubeSmart		2,138		103,586
Life Storage, Inc.		885		101,545
National Storage Affiliates Trust		1,580		83,408
Total REITs-Storage				807,861
REITs-Single Tenant - 4.8%
Realty Income Corp.		2,590		167,987
STORE Capital Corp.		3,033		97,147
National Retail Properties, Inc.		2,129		91,952
Spirit Realty Capital, Inc.		1,665		76,657
Agree Realty Corp.		1,069		70,800
Essential Properties Realty Trust, Inc.		2,149		60,000
Total REITs-Single Tenant				564,543
REITs-Hotels - 4.7%
Host Hotels & Resorts, Inc.^*		7,185		117,331
MGM Growth Properties LLC — Class A		2,799		107,202
Ryman Hospitality Properties, Inc.^*		889		74,409
Park Hotels & Resorts, Inc.^*		3,759		71,947
Apple Hospitality REIT, Inc.		4,190		65,909
Pebblebrook Hotel Trust		2,639		59,140
Sunstone Hotel Investors, Inc.^*		4,662		55,664
Total REITs-Hotels				551,602
REITs-Shopping Centers - 4.5%
Kimco Realty Corp.		5,690		118,067

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.2% (continued)
REITs - 92.6% (continued)
REITs-Shopping Centers - 4.5% (continued)
Regency Centers Corp.		1,701	$	114,528
Federal Realty Investment Trust		871		102,769
Brixmor Property Group, Inc.		3,845		85,013
SITE Centers Corp.		3,917		60,478
Retail Opportunity Investments Corp.		2,847		49,595
Total REITs-Shopping Centers				530,450
REITs-Mortgage - 2.7%
AGNC Investment Corp.		6,210		97,932
Starwood Property Trust, Inc.		3,689		90,048
Blackstone Mortgage Trust, Inc. — Class A		2,439		73,950
Chimera Investment Corp.		4,265		63,335
Total REITs-Mortgage				325,265
REITs-Regional Malls - 2.4%
Simon Property Group, Inc.		1,701		221,079
Macerich Co.		3,741		62,512
Total REITs-Regional Malls				283,591
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.		831		153,818
Equity LifeStyle Properties, Inc.		1,618		126,366
Total REITs-Manufactured Homes				280,184
Total REITs				10,974,506
Real Estate - 4.7%
Real Estate Management/Services - 4.1%
CBRE Group, Inc. — Class A^*		2,014		196,083
Jones Lang LaSalle, Inc.^*		495		122,804
Redfin Corp.^*		1,618		81,062
eXp World Holdings, Inc.		1,977		78,625
Total Real Estate Management/Services				478,574
Real Estate Operations/Development - 0.6%
Howard Hughes Corp.^*		854		74,990
Total Real Estate				553,564
Internet - 1.3%
Opendoor Technologies, Inc.^*		7,837		160,893
Diversified Financial Services - 0.6%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,295		69,257
Total Common Stocks
(Cost $6,699,952)				11,758,220

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	38,727		38,727
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		15,047		15,047
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		15,047		15,047
Total Repurchase Agreements
(Cost $68,821)				68,821
Total Investments - 99.8%
(Cost $6,768,773)			$	11,827,041
Other Assets & Liabilities, net - 0.2%				21,452
Total Net Assets - 100.0%			$	11,848,493

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

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 September 30, 2021 (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	$	11,758,220	$	—	$	—	$	11,758,220
Repurchase Agreements		—		68,821		—		68,821
Total Assets	$	11,758,220	$	68,821	$	—	$	11,827,041

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4%
Retail - 59.1%
Walmart, Inc.		1,676	$	233,601
Home Depot, Inc.		673		220,919
Costco Wholesale Corp.		374		168,057
Lowe's Companies, Inc.		693		140,582
Target Corp.		536		122,621
Carvana Co.^*		399		120,314
TJX Companies, Inc.		1,565		103,259
Dollar General Corp.		390		82,735
O'Reilly Automotive, Inc.^*		128		78,216
Walgreens Boots Alliance, Inc.		1,599		75,233
Ross Stores, Inc.		671		73,038
AutoZone, Inc.^*		43		73,014
Best Buy Company, Inc.		571		60,360
Dollar Tree, Inc.^*		602		57,623
Tractor Supply Co.		279		56,528
CarMax, Inc.^*		411		52,592
Ulta Beauty, Inc.^*		143		51,612
Burlington Stores, Inc.^*		180		51,043
Genuine Parts Co.		408		49,462
Bath & Body Works, Inc.		748		47,146
RH^*		69		46,017
Advance Auto Parts, Inc.		209		43,658
Williams-Sonoma, Inc.		237		42,027
Floor & Decor Holdings, Inc. — Class A^*		343		41,431
GameStop Corp. — Class A^*,1		224		39,305
Dick's Sporting Goods, Inc.		310		37,129
Five Below, Inc.^*		209		36,953
Lithia Motors, Inc. — Class A		113		35,825
AutoNation, Inc.^*		292		35,554
Gap, Inc.		1,470		33,369
BJ's Wholesale Club Holdings, Inc.^*		582		31,963
Macy's, Inc.		1,395		31,527
Kohl's Corp.		627		29,525
Murphy USA, Inc.		153		25,591
Victoria's Secret & Co.^*		456		25,199
Foot Locker, Inc.		547		24,976
American Eagle Outfitters, Inc.		943		24,329
Nordstrom, Inc.^*		883		23,355
Ollie's Bargain Outlet Holdings, Inc.^*,1		368		22,183
Vroom, Inc.^*		902		19,907
Big Lots, Inc.		316		13,702
Bed Bath & Beyond, Inc.^*		785		13,561
Total Retail				2,595,041
Internet - 37.4%
Amazon.com, Inc.^*		146		479,616
Booking Holdings, Inc.^*		50		118,693
Alibaba Group Holding Ltd. ADR^*		679		100,526
DoorDash, Inc. — Class A^*		458		94,339
JD.com, Inc. ADR^*		1,123		81,125
eBay, Inc.		1,128		78,588
Expedia Group, Inc.^*		382		62,610
Chewy, Inc. — Class A^*,1		893		60,822
MercadoLibre, Inc.^*		36		60,458
Wayfair, Inc. — Class A^*		233		59,534
Etsy, Inc.^*		286		59,477
Trip.com Group Ltd. ADR^*		1,878		57,748
Farfetch Ltd. — Class A^*		1,251		46,887
Vipshop Holdings Ltd. ADR^*		4,072		45,362
Coupang, Inc.^*		1,610		44,838
Jumia Technologies AG ADR^*,1		2,184		40,601
Fiverr International Ltd.^*		214		39,094
Pinduoduo, Inc. ADR^*		396		35,905
Stamps.com, Inc.^*		90		29,681
Stitch Fix, Inc. — Class A^*		660		26,367
Overstock.com, Inc.^*		293		22,831
Total Internet				1,645,102
Distribution & Wholesale - 2.2%
Pool Corp.		113		49,089
LKQ Corp.^*		907		45,640
Total Distribution & Wholesale				94,729
Apparel - 0.4%
Urban Outfitters, Inc.^*		648		19,239
Electrical Components & Equipment - 0.3%
Blink Charging Co.^*,1		454		12,989
Total Common Stocks
(Cost $2,060,034)				4,367,100

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	19,989		19,989
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		7,767		7,767
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		7,767		7,767
Total Repurchase Agreements
(Cost $35,523)				35,523

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		130,190		130,190
Total Securities Lending Collateral
(Cost $130,190)				130,190
Total Investments - 103.2%
(Cost $2,225,747)			$	4,532,813
Other Assets & Liabilities, net - (3.2)%				(138,504	)
Total Net Assets - 100.0%			$	4,394,309

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	4,367,100	$	—	$	—	$	4,367,100
Repurchase Agreements		—		35,523		—		35,523
Securities Lending Collateral		130,190		—		—		130,190
Total Assets	$	4,497,290	$	35,523	$	—	$	4,532,813

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 0.0%
Consumer, Cyclical - 0.0%
AMC Entertainment Holdings, Inc. — Class A^*		2	$	76
Financial - 0.0%
DigitalBridge Group, Inc. REIT^*		2		12
Genworth Financial, Inc. — Class A^*		2		8
Total Financial				20
Energy - 0.0%
Southwestern Energy Co.^*		2		11
Basic Materials - 0.0%
Hecla Mining Co.		2		11
Communications - 0.0%
Globalstar, Inc.^*,1		2		3
Total Common Stocks
(Cost $126)				121

RIGHTS^††† - 0.0%
Communications - 0.0%
Nexstar Media Group, Inc.^*		132		–
Consumer, Non-cyclical - 0.0%
Omthera Pharmaceuticals, Inc.^*		37		–
Tobira Therapeutics, Inc.^*		8		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $–)				–

EXCHANGE-TRADED FUNDS^† - 14.9%
Vanguard Russell 2000 ETF¹		4,679		413,670
iShares Russell 2000 Index ETF¹		1,889		413,219
Total Exchange-Traded Funds
(Cost $827,474)				826,889

MUTUAL FUNDS^† - 59.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		166,894		1,663,937
Guggenheim Strategy Fund II²		66,405		1,659,465
Total Mutual Funds
(Cost $3,307,492)				3,323,402

		Face Amount
U.S. TREASURY BILLS^†† - 13.5%
U.S. Treasury Bills
0.04% due 12/09/21^3,4	$	750,000		749,964
Total U.S. Treasury Bills
(Cost $749,946)				749,964

FEDERAL AGENCY NOTES^†† - 8.1%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/22⁵		250,000		250,421
Federal Home Loan Bank
4.00% due 12/24/30		200,000		201,711
Total Federal Agency Notes
(Cost $455,126)				452,132

REPURCHASE AGREEMENTS^††,6 - 4.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		151,653		151,653
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		58,925		58,925
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		58,925		58,925
Total Repurchase Agreements
(Cost $269,503)				269,503

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 9.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		544,796		544,796
Total Securities Lending Collateral
(Cost $544,796)				544,796
Total Investments - 110.9%
(Cost $6,154,463)			$	6,166,807
Other Assets & Liabilities, net - (10.9)%				(607,988	)
Total Net Assets - 100.0%			$	5,558,819

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

Russell 2000 Index

Pay

0.19% (1 Month USD LIBOR + 0.10%)

At Maturity

11/04/21

276

609,039

(8,309

)

Barclays Bank plc

Russell 2000 Index

Pay

0.05% (U.S. Secured Overnight Financing Rate)

At Maturity

11/03/21

2,662

5,867,572

(14,853

)

Goldman Sachs International

Russell 2000 Index

Pay

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

483

1,064,402

(17,019

)

7,541,013

(40,181

)

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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	$	121	$	—	$	—		$	121
Rights		—		—		—	*		—
Exchange-Traded Funds		826,889		—		—			826,889
Mutual Funds		3,323,402		—		—			3,323,402
U.S. Treasury Bills		—		749,964		—			749,964
Federal Agency Notes		—		452,132		—			452,132
Repurchase Agreements		—		269,503		—			269,503
Securities Lending Collateral		544,796		—		—			544,796
Total Assets	$	4,695,208	$	1,471,599	$	—		$	6,166,807

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	40,181			$	—			$	40,181

^*	Security has a market value of $0.
^**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,389,548	$	818,828	$	(550,000	)	$	(584	)	$	1,673		$	1,659,465		66,405	$	18,885
Guggenheim Ultra Short Duration Fund — Institutional Class		2,352,432		1,016,371		(1,700,000	)		(2,515	)		(2,351	)		1,663,937		166,894		16,495
	$	3,741,980	$	1,835,199	$	(2,250,000	)	$	(3,099	)	$	(678	)	$	3,323,402			$	35,380

Russell 2000^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
RIGHTS^††† - 0.0%
Communications - 0.0%
Nexstar Media Group, Inc.^*		207	$	–
Consumer, Non-cyclical - 0.0%
Omthera Pharmaceuticals, Inc.^*		10		–
Tobira Therapeutics, Inc.^*		7		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $–)				–

EXCHANGE-TRADED FUNDS^† - 9.1%
Vanguard Russell 2000 ETF		3,544		313,325
iShares Russell 2000 Index ETF¹		1,431		313,031
Total Exchange-Traded Funds
(Cost $628,065)				626,356

MUTUAL FUNDS^† - 29.5%
Guggenheim Strategy Fund II²		61,608		1,539,591
Guggenheim Ultra Short Duration Fund — Institutional Class²		49,421		492,730
Total Mutual Funds
(Cost $2,020,120)				2,032,321

		Face Amount
U.S. TREASURY BILLS^†† - 3.2%
U.S. Treasury Bills
0.05% due 12/09/21³	$	200,000		199,990
0.04% due 10/07/21^3,4		20,000		20,000
Total U.S. Treasury Bills
(Cost $219,982)				219,990

FEDERAL AGENCY NOTES^†† - 0.7%
Federal Home Loan Bank
4.00% due 12/24/30		50,000		50,428
Total Federal Agency Notes
(Cost $51,282)				50,428

REPURCHASE AGREEMENTS^††,5 - 61.1%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21⁶		2,374,034		2,374,034
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21⁶		922,434		922,434
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21⁶		922,433		922,433
Total Repurchase Agreements
(Cost $4,218,901)				4,218,901

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 1.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		80,189		80,189
Total Securities Lending Collateral
(Cost $80,189)				80,189
Total Investments - 104.8%
(Cost $7,218,539)			$	7,228,185
Other Assets & Liabilities, net - (4.8)%				(328,696	)
Total Net Assets - 100.0%			$	6,899,489

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts	3	Dec 2021	$	330,060	$	(3,334	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

Russell 2000 Index

Pay

0.05% (U.S. Secured Overnight Financing Rate)

At Maturity

11/03/21

577

1,271,904

(3,219

)

BNP Paribas

Russell 2000 Index

Pay

0.19% (1 Month USD LIBOR + 0.10%)

At Maturity

11/04/21

311

684,995

(9,344

)

Goldman Sachs International

Russell 2000 Index

Pay

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

4,935

10,878,560

(149,733

)

12,835,459

(162,296

)

*	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.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

Russell 2000^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

LIBOR — London Interbank Offered Rate

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 September 30, 2021 (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
Rights	$	—	$	—		$ — *	$	—
Exchange-Traded Funds		626,356		—		—		626,356
Mutual Funds		2,032,321		—		—		2,032,321
U.S. Treasury Bills		—		219,990		—		219,990
Federal Agency Notes		—		50,428		—		50,428
Repurchase Agreements		—		4,218,901		—		4,218,901
Securities Lending Collateral		80,189		—		—		80,189
Total Assets	$	2,738,866	$	4,489,319	$	—	$	7,228,185

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,334	$	—	$	—	$	3,334
Equity Index Swap Agreements**		—		162,296		—		162,296
Total Liabilities	$	3,334	$	162,296	$	—	$	165,630

^*	Security has a market value of $0.
^**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,822,457	$	1,285,132	$	(1,570,000	)	$	1,515	$	487		$	1,539,591		61,608	$	10,163
Guggenheim Ultra Short Duration Fund — Institutional Class		2,832,155		7,432,839		(9,770,000	)		741		(3,005	)		492,730		49,421		7,962
	$	4,654,612	$	8,717,971	$	(11,340,000	)	$	2,256	$	(2,518	)	$	2,032,321			$	18,125

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 70.8%
Technology - 16.7%
Apple, Inc.		23,202	$	3,283,083
Microsoft Corp.		11,103		3,130,158
NVIDIA Corp.		3,682		762,763
Adobe, Inc.^*		704		405,307
salesforce.com, Inc.^*		1,435		389,201
Intel Corp.		5,994		319,360
Accenture plc — Class A		937		299,765
Broadcom, Inc.		606		293,868
Texas Instruments, Inc.		1,364		262,174
Intuit, Inc.		404		217,962
QUALCOMM, Inc.		1,667		215,010
Oracle Corp.		2,434		212,075
Advanced Micro Devices, Inc.^*		1,792		184,397
International Business Machines Corp.		1,324		183,943
ServiceNow, Inc.^*		293		182,325
Applied Materials, Inc.		1,350		173,786
Analog Devices, Inc.		795		133,147
Lam Research Corp.		211		120,091
Micron Technology, Inc.		1,663		118,040
Fidelity National Information Services, Inc.		913		111,094
Fiserv, Inc.^*		881		95,589
Autodesk, Inc.^*		325		92,680
Activision Blizzard, Inc.		1,149		88,921
NXP Semiconductor N.V.		392		76,781
KLA Corp.		226		75,599
MSCI, Inc. — Class A		122		74,218
Roper Technologies, Inc.		156		69,596
Synopsys, Inc.^*		225		67,367
Microchip Technology, Inc.		405		62,163
Cadence Design Systems, Inc.^*		409		61,939
Electronic Arts, Inc.		420		59,745
Fortinet, Inc.^*		200		58,408
Cognizant Technology Solutions Corp. — Class A		777		57,661
Xilinx, Inc.		366		55,262
Paychex, Inc.		473		53,189
HP, Inc.		1,775		48,564
ANSYS, Inc.^*		129		43,918
Zebra Technologies Corp. — Class A^*		79		40,718
Skyworks Solutions, Inc.		244		40,206
Paycom Software, Inc.^*		71		35,198
Monolithic Power Systems, Inc.		64		31,020
Cerner Corp.		437		30,817
NetApp, Inc.		331		29,711
Broadridge Financial Solutions, Inc.		172		28,662
Tyler Technologies, Inc.^*		60		27,519
Hewlett Packard Enterprise Co.		1,929		27,488
Qorvo, Inc.^*		164		27,419
Teradyne, Inc.		244		26,637
Take-Two Interactive Software, Inc.^*		172		26,500
Western Digital Corp.^*		453		25,567
Seagate Technology Holdings plc		309		25,499
Akamai Technologies, Inc.^*		241		25,206
Ceridian HCM Holding, Inc.^*		199		22,411
Leidos Holdings, Inc.		209		20,091
Citrix Systems, Inc.		184		19,756
PTC, Inc.^*		156		18,687
Jack Henry & Associates, Inc.		110		18,047
DXC Technology Co.^*		372		12,503
IPG Photonics Corp.^*		53		8,395
Total Technology				12,707,206
Consumer, Non-cyclical - 14.2%
Johnson & Johnson		3,889		628,074
UnitedHealth Group, Inc.		1,393		544,301
Procter & Gamble Co.		3,586		501,323
PayPal Holdings, Inc.^*		1,736		451,725
Pfizer, Inc.		8,284		356,295
Thermo Fisher Scientific, Inc.		581		331,943
Abbott Laboratories		2,619		309,382
PepsiCo, Inc.		2,042		307,137
Coca-Cola Co.		5,740		301,178
Danaher Corp.		939		285,869
AbbVie, Inc.		2,611		281,649
Merck & Company, Inc.		3,740		280,911
Eli Lilly & Co.		1,173		271,022
Medtronic plc		1,986		248,945
Philip Morris International, Inc.		2,303		218,302
Moderna, Inc.^*		519		199,742
Bristol-Myers Squibb Co.		3,283		194,255
Amgen, Inc.		839		178,413
Intuitive Surgical, Inc.^*		176		174,970
CVS Health Corp.		1,950		165,477
S&P Global, Inc.		356		151,261
Zoetis, Inc.		700		135,898
Anthem, Inc.		360		134,208
Stryker Corp.		496		130,805
Gilead Sciences, Inc.		1,852		129,362
Automatic Data Processing, Inc.		625		124,950
Altria Group, Inc.		2,725		124,042
Mondelez International, Inc. — Class A		2,065		120,142
Edwards Lifesciences Corp.^*		921		104,266
Becton Dickinson and Co.		424		104,228
Estee Lauder Companies, Inc. — Class A		343		102,876
Cigna Corp.		502		100,480
Colgate-Palmolive Co.		1,246		94,172
Regeneron Pharmaceuticals, Inc.^*		155		93,803
Boston Scientific Corp.^*		2,104		91,293
HCA Healthcare, Inc.		364		88,350
Illumina, Inc.^*		217		88,018
Moody's Corp.		239		84,871
IDEXX Laboratories, Inc.^*		126		78,359
Dexcom, Inc.^*		143		78,201
Humana, Inc.		190		73,938
Align Technology, Inc.^*		109		72,532
Vertex Pharmaceuticals, Inc.^*		383		69,472
IHS Markit Ltd.		589		68,689
Global Payments, Inc.		434		68,390
IQVIA Holdings, Inc.^*		283		67,790
Kimberly-Clark Corp.		498		65,955
Biogen, Inc.^*		220		62,258
Baxter International, Inc.		739		59,438
Sysco Corp.		756		59,346

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 70.8% (continued)
Consumer, Non-cyclical - 14.2% (continued)
ResMed, Inc.		215	$	56,663
Centene Corp.^*		861		53,649
General Mills, Inc.		896		53,599
Constellation Brands, Inc. — Class A		249		52,462
Archer-Daniels-Midland Co.		826		49,568
Monster Beverage Corp.^*		555		49,301
Cintas Corp.		129		49,105
Verisk Analytics, Inc. — Class A		238		47,664
West Pharmaceutical Services, Inc.		109		46,275
McKesson Corp.		229		45,658
Corteva, Inc.		1,085		45,657
Equifax, Inc.		180		45,616
Zimmer Biomet Holdings, Inc.		309		45,225
Kroger Co.		1,005		40,632
Laboratory Corporation of America Holdings^*		143		40,246
Gartner, Inc.^*		124		37,681
United Rentals, Inc.^*		107		37,549
Kraft Heinz Co.		994		36,599
Hershey Co.		215		36,389
Tyson Foods, Inc. — Class A		436		34,418
Catalent, Inc.^*		252		33,534
FleetCor Technologies, Inc.^*		122		31,875
Charles River Laboratories International, Inc.^*		74		30,537
Cooper Companies, Inc.		73		30,172
STERIS plc		147		30,029
Clorox Co.		181		29,975
Church & Dwight Company, Inc.		363		29,973
McCormick & Company, Inc.		368		29,819
PerkinElmer, Inc.		166		28,766
Hologic, Inc.^*		375		27,679
Bio-Techne Corp.		57		27,621
AmerisourceBergen Corp. — Class A		221		26,398
Quest Diagnostics, Inc.		181		26,301
Teleflex, Inc.		69		25,982
Avery Dennison Corp.		122		25,280
Viatris, Inc.		1,787		24,214
Kellogg Co.		378		24,162
Conagra Brands, Inc.		710		24,047
Bio-Rad Laboratories, Inc. — Class A^*		32		23,871
MarketAxess Holdings, Inc.		56		23,559
Quanta Services, Inc.		206		23,447
ABIOMED, Inc.^*		67		21,810
Cardinal Health, Inc.		429		21,218
J M Smucker Co.		160		19,205
Incyte Corp.^*		277		19,052
Dentsply Sirona, Inc.		323		18,750
Brown-Forman Corp. — Class B		270		18,093
Hormel Foods Corp.		416		17,056
Robert Half International, Inc.		165		16,554
Henry Schein, Inc.^*		206		15,689
Universal Health Services, Inc. — Class B		112		15,497
Lamb Weston Holdings, Inc.		214		13,133
Molson Coors Beverage Co. — Class B		278		12,893
Campbell Soup Co.		300		12,543
Organon & Co.		375		12,296
Rollins, Inc.		334		11,800
DaVita, Inc.^*		99		11,510
Nielsen Holdings plc		530		10,171
Total Consumer, Non-cyclical				10,806,773
Communications - 11.6%
Amazon.com, Inc.^*		643		2,112,281
Facebook, Inc. — Class A^*		3,522		1,195,332
Alphabet, Inc. — Class A^*		445		1,189,716
Alphabet, Inc. — Class C^*		416		1,108,769
Walt Disney Co.^*		2,685		454,222
Netflix, Inc.^*		654		399,162
Comcast Corp. — Class A		6,767		378,478
Cisco Systems, Inc.		6,226		338,881
Verizon Communications, Inc.		6,117		330,379
AT&T, Inc.		10,549		284,928
Booking Holdings, Inc.^*		61		144,806
Charter Communications, Inc. — Class A^*		187		136,054
T-Mobile US, Inc.^*		867		110,768
Twitter, Inc.^*		1,179		71,200
eBay, Inc.		960		66,883
Match Group, Inc.^*		409		64,209
Motorola Solutions, Inc.		250		58,080
Corning, Inc.		1,136		41,453
Etsy, Inc.^*		187		38,889
CDW Corp.		203		36,950
ViacomCBS, Inc. — Class B		895		35,362
Expedia Group, Inc.^*		215		35,239
VeriSign, Inc.^*		144		29,521
Arista Networks, Inc.^*		83		28,522
Omnicom Group, Inc.		317		22,970
NortonLifeLock, Inc.		859		21,733
Interpublic Group of Companies, Inc.		582		21,342
Fox Corp. — Class A		478		19,173
Lumen Technologies, Inc.		1,470		18,213
F5 Networks, Inc.^*		89		17,691
DISH Network Corp. — Class A^*		368		15,993
News Corp. — Class A		578		13,600
Juniper Networks, Inc.		480		13,210
Discovery, Inc. — Class C^*		449		10,897
Fox Corp. — Class B		219		8,129
Discovery, Inc. — Class A^*,1		250		6,345
News Corp. — Class B		180		4,181
Total Communications				8,883,561
Financial - 10.8%
Berkshire Hathaway, Inc. — Class B^*		2,739		747,583
JPMorgan Chase & Co.		4,415		722,691
Visa, Inc. — Class A		2,493		555,316
Bank of America Corp.		10,941		464,445
Mastercard, Inc. — Class A		1,287		447,464
Wells Fargo & Co.		6,067		281,569
Citigroup, Inc.		2,995		210,189
Morgan Stanley		2,157		209,898
Goldman Sachs Group, Inc.		498		188,259
American Tower Corp. — Class A REIT		672		178,356
BlackRock, Inc. — Class A		211		176,957

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 70.8% (continued)
Financial - 10.8% (continued)
Charles Schwab Corp.		2,218	$	161,559
American Express Co.		951		159,321
Prologis, Inc. REIT		1,092		136,970
PNC Financial Services Group, Inc.		628		122,862
U.S. Bancorp		1,993		118,464
Truist Financial Corp.		1,972		115,658
Marsh & McLennan Companies, Inc.		749		113,421
Chubb Ltd.		648		112,415
Crown Castle International Corp. REIT		639		110,751
Capital One Financial Corp.		659		106,738
Equinix, Inc. REIT		133		105,087
CME Group, Inc. — Class A		531		102,685
Intercontinental Exchange, Inc.		832		95,530
Aon plc — Class A		334		95,447
Progressive Corp.		865		78,187
American International Group, Inc.		1,264		69,381
Public Storage REIT		225		66,847
MetLife, Inc.		1,076		66,422
T. Rowe Price Group, Inc.		335		65,895
Simon Property Group, Inc. REIT		486		63,165
Bank of New York Mellon Corp.		1,173		60,808
Digital Realty Trust, Inc. REIT		418		60,380
Prudential Financial, Inc.		571		60,069
SVB Financial Group^*		87		56,279
Travelers Companies, Inc.		369		56,092
Allstate Corp.		437		55,634
Discover Financial Services		442		54,300
SBA Communications Corp. REIT		162		53,552
Welltower, Inc. REIT		624		51,418
First Republic Bank		260		50,149
CBRE Group, Inc. — Class A^*		496		48,291
Aflac, Inc.		912		47,543
State Street Corp.		540		45,749
AvalonBay Communities, Inc. REIT		206		45,658
Arthur J Gallagher & Co.		305		45,338
Willis Towers Watson plc		191		44,400
Ameriprise Financial, Inc.		168		44,372
Fifth Third Bancorp		1,021		43,331
Synchrony Financial		842		41,157
Equity Residential REIT		503		40,703
Weyerhaeuser Co. REIT		1,108		39,412
Alexandria Real Estate Equities, Inc. REIT		205		39,169
Realty Income Corp. REIT		575		37,295
Hartford Financial Services Group, Inc.		513		36,038
Huntington Bancshares, Inc.		2,182		33,734
Nasdaq, Inc.		173		33,392
Extra Space Storage, Inc. REIT		198		33,262
Northern Trust Corp.		308		33,205
Ventas, Inc. REIT		581		32,077
Mid-America Apartment Communities, Inc. REIT		171		31,934
Essex Property Trust, Inc. REIT		96		30,695
KeyCorp		1,413		30,549
Regions Financial Corp.		1,410		30,047
Citizens Financial Group, Inc.		630		29,597
M&T Bank Corp.		190		28,375
Duke Realty Corp. REIT		559		26,759
Healthpeak Properties, Inc. REIT		796		26,650
Raymond James Financial, Inc.		274		25,285
Cincinnati Financial Corp.		221		25,243
Principal Financial Group, Inc.		369		23,764
Boston Properties, Inc. REIT		210		22,754
UDR, Inc. REIT		412		21,828
Cboe Global Markets, Inc.		158		19,570
Brown & Brown, Inc.		345		19,130
Kimco Realty Corp. REIT		906		18,799
Iron Mountain, Inc. REIT		428		18,597
Lincoln National Corp.		261		17,944
Host Hotels & Resorts, Inc. REIT^*		1,055		17,228
Loews Corp.		300		16,179
Comerica, Inc.		198		15,939
Regency Centers Corp. REIT		226		15,217
W R Berkley Corp.		207		15,148
Everest Re Group Ltd.		59		14,796
Zions Bancorp North America		239		14,792
Assurant, Inc.		87		13,724
Franklin Resources, Inc.		416		12,364
Globe Life, Inc.		138		12,286
Federal Realty Investment Trust REIT		103		12,153
Invesco Ltd.		504		12,151
Western Union Co.		600		12,132
People's United Financial, Inc.		632		11,041
Vornado Realty Trust REIT		235		9,872
Total Financial				8,224,881
Consumer, Cyclical - 6.9%
Tesla, Inc.^*		1,199		929,800
Home Depot, Inc.		1,571		515,696
Walmart, Inc.		2,111		294,231
Costco Wholesale Corp.		653		293,426
NIKE, Inc. — Class B		1,888		274,194
McDonald's Corp.		1,103		265,944
Lowe's Companies, Inc.		1,044		211,786
Starbucks Corp.		1,742		192,160
Target Corp.		731		167,231
TJX Companies, Inc.		1,783		117,642
General Motors Co.^*		2,145		113,063
Ford Motor Co.^*		5,797		82,086
Chipotle Mexican Grill, Inc. — Class A^*		42		76,336
Dollar General Corp.		349		74,037
O'Reilly Automotive, Inc.^*		102		62,328
Marriott International, Inc. — Class A^*		404		59,828
Aptiv plc^*		400		59,588
Ross Stores, Inc.		528		57,473
Hilton Worldwide Holdings, Inc.^*		412		54,429
AutoZone, Inc.^*		32		54,336
Yum! Brands, Inc.		437		53,449
Walgreens Boots Alliance, Inc.		1,061		49,920
Cummins, Inc.		212		47,607
Southwest Airlines Co.^*		874		44,950
Fastenal Co.		849		43,817

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 70.8% (continued)
Consumer, Cyclical - 6.9% (continued)
Copart, Inc.^*		315	$	43,697
PACCAR, Inc.		513		40,486
DR Horton, Inc.		482		40,474
Delta Air Lines, Inc.^*		945		40,266
Lennar Corp. — Class A		406		38,034
Caesars Entertainment, Inc.^*		315		35,368
Best Buy Company, Inc.		333		35,201
Tractor Supply Co.		169		34,241
Dollar Tree, Inc.^*		343		32,832
VF Corp.		481		32,222
CarMax, Inc.^*		241		30,838
Carnival Corp.^*		1,180		29,512
Royal Caribbean Cruises Ltd.^*		331		29,443
Ulta Beauty, Inc.^*		81		29,235
Darden Restaurants, Inc.		193		29,234
Domino's Pizza, Inc.		54		25,756
Genuine Parts Co.		212		25,701
Pool Corp.		59		25,630
WW Grainger, Inc.		65		25,549
MGM Resorts International		591		25,502
Bath & Body Works, Inc.		391		24,645
NVR, Inc.^*		5		23,970
United Airlines Holdings, Inc.^*		478		22,738
Advance Auto Parts, Inc.		97		20,262
LKQ Corp.^*		399		20,078
American Airlines Group, Inc.^*		957		19,638
Whirlpool Corp.		93		18,959
Las Vegas Sands Corp.^*		508		18,593
Live Nation Entertainment, Inc.^*		195		17,770
PulteGroup, Inc.		383		17,587
Hasbro, Inc.		191		17,041
Penn National Gaming, Inc.^*		232		16,811
BorgWarner, Inc.		354		15,296
Tapestry, Inc.		412		15,252
Mohawk Industries, Inc.^*		83		14,724
Norwegian Cruise Line Holdings Ltd.^*		547		14,610
Wynn Resorts Ltd.^*		156		13,221
Newell Brands, Inc.		559		12,376
Alaska Air Group, Inc.^*		185		10,841
PVH Corp.^*		105		10,793
Hanesbrands, Inc.		516		8,855
Leggett & Platt, Inc.		197		8,834
Ralph Lauren Corp. — Class A		72		7,995
Gap, Inc.		318		7,219
Under Armour, Inc. — Class A^*		279		5,630
Under Armour, Inc. — Class C^*		308		5,396
Total Consumer, Cyclical				5,233,712
Industrial - 5.5%
Honeywell International, Inc.		1,020		216,526
United Parcel Service, Inc. — Class B		1,076		195,940
Raytheon Technologies Corp.		2,228		191,519
Union Pacific Corp.		963		188,758
Boeing Co.^*		814		179,031
General Electric Co.		1,622		167,115
Caterpillar, Inc.		809		155,304
3M Co.		855		149,984
Deere & Co.		419		140,394
Lockheed Martin Corp.		364		125,617
CSX Corp.		3,331		99,064
Eaton Corporation plc		589		87,944
Illinois Tool Works, Inc.		423		87,404
Norfolk Southern Corp.		365		87,326
Waste Management, Inc.		572		85,434
Emerson Electric Co.		883		83,179
Northrop Grumman Corp.		222		79,953
FedEx Corp.		363		79,602
Johnson Controls International plc		1,052		71,620
Agilent Technologies, Inc.		448		70,573
General Dynamics Corp.		343		67,238
TE Connectivity Ltd.		485		66,552
Carrier Global Corp.		1,282		66,356
L3Harris Technologies, Inc.		297		65,411
Amphenol Corp. — Class A		884		64,735
Trane Technologies plc		351		60,600
Parker-Hannifin Corp.		191		53,407
Otis Worldwide Corp.		631		51,919
Rockwell Automation, Inc.		171		50,281
TransDigm Group, Inc.^*		77		48,092
Mettler-Toledo International, Inc.^*		34		46,830
Keysight Technologies, Inc.^*		272		44,687
Ball Corp.		483		43,455
AMETEK, Inc.		342		42,411
Stanley Black & Decker, Inc.		241		42,250
Old Dominion Freight Line, Inc.		139		39,751
Generac Holdings, Inc.^*		93		38,006
Fortive Corp.		530		37,402
Republic Services, Inc. — Class A		310		37,219
Kansas City Southern		134		36,266
Garmin Ltd.		224		34,823
Vulcan Materials Co.		196		33,155
Dover Corp.		213		33,121
Xylem, Inc.		266		32,899
Waters Corp.^*		91		32,514
Martin Marietta Materials, Inc.		92		31,435
Trimble, Inc.^*		372		30,597
Ingersoll Rand, Inc.^*		599		30,196
Expeditors International of Washington, Inc.		251		29,902
Teledyne Technologies, Inc.^*		69		29,641
Amcor plc		2,278		26,402
Jacobs Engineering Group, Inc.		193		25,578
Westinghouse Air Brake Technologies Corp.		279		24,053
IDEX Corp.		112		23,178
Textron, Inc.		331		23,107
J.B. Hunt Transport Services, Inc.		124		20,735
Masco Corp.		365		20,276
Westrock Co.		394		19,633
Packaging Corporation of America		140		19,242
Fortune Brands Home & Security, Inc.		204		18,242
Pentair plc		245		17,794
Howmet Aerospace, Inc.		570		17,784
Allegion plc		133		17,580
CH Robinson Worldwide, Inc.		195		16,965

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 70.8% (continued)
Industrial - 5.5% (continued)
Snap-on, Inc.		80	$	16,716
Sealed Air Corp.		221		12,109
A O Smith Corp.		197		12,031
Huntington Ingalls Industries, Inc.		59		11,390
Total Industrial				4,206,253
Energy - 2.0%
Exxon Mobil Corp.		6,255		367,919
Chevron Corp.		2,857		289,843
ConocoPhillips		1,978		134,049
EOG Resources, Inc.		863		69,273
Schlumberger N.V.		2,066		61,236
Marathon Petroleum Corp.		943		58,287
Pioneer Natural Resources Co.		335		55,781
Kinder Morgan, Inc.		2,880		48,182
Williams Companies, Inc.		1,795		46,562
Phillips 66		647		45,310
Valero Energy Corp.		604		42,624
Occidental Petroleum Corp.		1,311		38,779
ONEOK, Inc.		658		38,158
Devon Energy Corp.		930		33,024
Hess Corp.		407		31,791
Baker Hughes Co.		1,224		30,270
Enphase Energy, Inc.^*		199		29,844
Halliburton Co.		1,316		28,452
Diamondback Energy, Inc.		251		23,762
Marathon Oil Corp.		1,165		15,926
Cabot Oil & Gas Corp. — Class A		590		12,838
APA Corp.		559		11,979
Total Energy				1,513,889
Utilities - 1.7%
NextEra Energy, Inc.		2,898		227,551
Duke Energy Corp.		1,137		110,960
Southern Co.		1,564		96,921
Dominion Energy, Inc.		1,195		87,259
Exelon Corp.		1,445		69,851
American Electric Power Company, Inc.		739		59,992
Sempra Energy		472		59,708
Xcel Energy, Inc.		796		49,750
Public Service Enterprise Group, Inc.		747		45,492
American Water Works Company, Inc.		268		45,303
Eversource Energy		508		41,534
WEC Energy Group, Inc.		466		41,101
Consolidated Edison, Inc.		522		37,892
DTE Energy Co.		286		31,949
PPL Corp.		1,137		31,700
Edison International		561		31,119
Ameren Corp.		380		30,780
Entergy Corp.		297		29,495
FirstEnergy Corp.		804		28,638
CMS Energy Corp.		428		25,564
AES Corp.		985		22,488
CenterPoint Energy, Inc.		876		21,550
Evergy, Inc.		339		21,086
Alliant Energy Corp.		370		20,713
Atmos Energy Corp.		193		17,023
NRG Energy, Inc.		362		14,780
NiSource, Inc.		580		14,053
Pinnacle West Capital Corp.		167		12,084
Total Utilities				1,326,336
Basic Materials - 1.4%
Linde plc		763		223,849
Sherwin-Williams Co.		358		100,143
Air Products and Chemicals, Inc.		327		83,748
Ecolab, Inc.		368		76,772
Freeport-McMoRan, Inc.		2,169		70,558
Newmont Corp.		1,181		64,128
Dow, Inc.		1,102		63,431
DuPont de Nemours, Inc.		773		52,556
PPG Industries, Inc.		351		50,197
International Flavors & Fragrances, Inc.		368		49,209
Nucor Corp.		434		42,745
Albemarle Corp.		173		37,882
LyondellBasell Industries N.V. — Class A		390		36,601
International Paper Co.		577		32,266
Celanese Corp. — Class A		164		24,705
Eastman Chemical Co.		201		20,249
Mosaic Co.		511		18,253
CF Industries Holdings, Inc.		318		17,751
FMC Corp.		190		17,396
Total Basic Materials				1,082,439
Total Common Stocks
(Cost $52,623,575)				53,985,050

MUTUAL FUNDS^† - 11.4%
Guggenheim Strategy Fund II²		282,355		7,056,054
Guggenheim Ultra Short Duration Fund — Institutional Class²		159,673		1,591,940
Total Mutual Funds
(Cost $8,601,505)				8,647,994

		Face Amount
U.S. TREASURY BILLS^†† - 2.3%
U.S. Treasury Bills
0.05% due 12/09/21^3,4	$	1,250,000		1,249,940
0.04% due 12/09/21^3,4		391,000		390,981
0.04% due 10/07/21^4,5		144,000		143,999
Total U.S. Treasury Bills
(Cost $1,784,858)				1,784,920

REPURCHASE AGREEMENTS^††,6 - 11.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21³		5,049,472		5,049,472
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21³		1,961,978		1,961,978
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21³		1,961,977		1,961,977
Total Repurchase Agreements
(Cost $8,973,427)				8,973,427

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL^†,7 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁸		2,626	$	2,626
Total Securities Lending Collateral
(Cost $2,626)				2,626
Total Investments - 96.3%
(Cost $71,985,991)			$	73,394,017
Other Assets & Liabilities, net - 3.7%				2,845,900
Total Net Assets - 100.0%			$	76,239,917

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
S&P 500 Index Mini Futures Contracts	32	Dec 2021	$	6,875,200	$	(237,288	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

S&P 500 Index

Pay

0.64% (1 Month USD LIBOR + 0.55%)

At Maturity

11/04/21

718

3,093,579

(124,361

)

Barclays Bank plc

S&P 500 Index

Pay

0.50% (U.S. Secured Overnight Financing Rate + 0.45%)

At Maturity

11/03/21

3,441

14,822,072

(466,285

)

Goldman Sachs International

S&P 500 Index

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

11/04/21

16,959

73,049,649

(1,150,828

)

90,965,300

(1,741,474

)

^*	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.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	53,985,050	$	—	$	—	$	53,985,050
Mutual Funds		8,647,994		—		—		8,647,994
U.S. Treasury Bills		—		1,784,920		—		1,784,920
Repurchase Agreements		—		8,973,427		—		8,973,427
Securities Lending Collateral		2,626		—		—		2,626
Total Assets	$	62,635,670	$	10,758,347	$	—	$	73,394,017

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	237,288	$	—	$	—	$	237,288
Equity Index Swap Agreements**		—		1,741,474		—		1,741,474
Total Liabilities	$	237,288	$	1,741,474	$	—	$	1,978,762

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	3,935,408	$	7,215,688	$	(4,100,000	)	$	56,709	$	(51,751	)	$	7,056,054		282,355	$	41,071
Guggenheim Ultra Short Duration Fund — Institutional Class		4,808,189		20,182,374		(23,400,000	)		69,239		(67,862	)		1,591,940		159,673		22,628
	$	8,743,597	$	27,398,062	$	(27,500,000	)	$	125,948	$	(119,613	)	$	8,647,994			$	63,699

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Technology - 35.9%
Monolithic Power Systems, Inc.		2,236	$	1,083,744
NVIDIA Corp.		5,159		1,068,738
Fortinet, Inc.^*		3,252		949,714
ServiceNow, Inc.^*		1,376		856,243
Adobe, Inc.^*		1,190		685,107
KLA Corp.		1,982		662,999
Advanced Micro Devices, Inc.^*		6,414		660,001
MSCI, Inc. — Class A		1,083		658,832
Teradyne, Inc.		5,989		653,819
Paycom Software, Inc.^*		1,288		638,526
salesforce.com, Inc.^*		2,275		617,025
Apple, Inc.		4,349		615,384
Autodesk, Inc.^*		2,074		591,442
Cadence Design Systems, Inc.^*		3,668		555,482
Lam Research Corp.		968		550,937
Microsoft Corp.		1,905		537,058
Synopsys, Inc.^*		1,756		525,764
Intuit, Inc.		945		509,837
Applied Materials, Inc.		3,704		476,816
QUALCOMM, Inc.		3,204		413,252
Take-Two Interactive Software, Inc.^*		2,581		397,655
Qorvo, Inc.^*		2,215		370,326
Xilinx, Inc.		2,180		329,158
ANSYS, Inc.^*		957		325,811
Tyler Technologies, Inc.^*		664		304,544
PTC, Inc.^*		2,272		272,163
Total Technology				15,310,377
Consumer, Non-cyclical - 28.8%
Align Technology, Inc.^*		1,367		909,643
PayPal Holdings, Inc.^*		3,489		907,873
Dexcom, Inc.^*		1,513		827,399
West Pharmaceutical Services, Inc.		1,877		796,862
IDEXX Laboratories, Inc.^*		1,177		731,976
United Rentals, Inc.^*		2,045		717,652
Charles River Laboratories International, Inc.^*		1,646		679,255
Bio-Rad Laboratories, Inc. — Class A^*		899		670,609
Catalent, Inc.^*		4,750		632,082
Regeneron Pharmaceuticals, Inc.^*		1,017		615,468
DaVita, Inc.^*		5,060		588,276
ABIOMED, Inc.^*		1,540		501,301
Thermo Fisher Scientific, Inc.		849		485,059
PerkinElmer, Inc.		2,646		458,525
ResMed, Inc.		1,566		412,719
Bio-Techne Corp.		823		398,801
Monster Beverage Corp.^*		4,026		357,630
Rollins, Inc.		9,760		344,821
S&P Global, Inc.		793		336,938
MarketAxess Holdings, Inc.		773		325,193
Vertex Pharmaceuticals, Inc.^*		1,657		300,563
Verisk Analytics, Inc. — Class A		1,408		281,980
Total Consumer, Non-cyclical				12,280,625
Communications - 12.8%
Etsy, Inc.^*		4,723		982,195
Netflix, Inc.^*		1,182		721,422
Amazon.com, Inc.^*		218		716,139
Facebook, Inc. — Class A^*		1,777		603,096
eBay, Inc.		8,160		568,507
Charter Communications, Inc. — Class A^*		573		416,892
Arista Networks, Inc.^*		1,169		401,715
Twitter, Inc.^*		6,083		367,352
Alphabet, Inc. — Class C^*		133		354,486
Alphabet, Inc. — Class A^*		129		344,884
Total Communications				5,476,688
Consumer, Cyclical - 9.8%
Tesla, Inc.^*		1,228		952,289
Tractor Supply Co.		3,364		681,580
Domino's Pizza, Inc.		1,248		595,246
Pool Corp.		1,358		589,929
Chipotle Mexican Grill, Inc. — Class A^*		297		539,804
Dollar General Corp.		1,988		421,734
Copart, Inc.^*		2,771		384,393
Total Consumer, Cyclical				4,164,975
Industrial - 5.1%
Generac Holdings, Inc.^*		2,087		852,894
Old Dominion Freight Line, Inc.		1,779		508,759
Trimble, Inc.^*		5,246		431,483
Mettler-Toledo International, Inc.^*		277		381,529
Total Industrial				2,174,665
Financial - 3.3%
SVB Financial Group^*		1,651		1,067,999
Brown & Brown, Inc.		6,242		346,119
Total Financial				1,414,118
Basic Materials - 2.4%
Albemarle Corp.		3,135		686,471
FMC Corp.		3,568		326,686
Total Basic Materials				1,013,157
Energy - 1.4%
Enphase Energy, Inc.^*		4,139		620,726
Total Common Stocks
(Cost $27,063,690)				42,455,331

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	111,819		111,819
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		43,448		43,448
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		43,447		43,447
Total Repurchase Agreements
(Cost $198,714)				198,714
Total Investments - 100.0%
(Cost $27,262,404)			$	42,654,045
Other Assets & Liabilities, net - 0.0%				534
Total Net Assets - 100.0%			$	42,654,579

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase 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 September 30, 2021 (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	$	42,455,331	$	—	$	—	$	42,455,331
Repurchase Agreements		—		198,714		—		198,714
Total Assets	$	42,455,331	$	198,714	$	—	$	42,654,045

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Financial - 45.3%
Berkshire Hathaway, Inc. — Class B^*		2,322	$	633,767
Lincoln National Corp.		8,577		589,669
Prudential Financial, Inc.		5,158		542,622
MetLife, Inc.		8,502		524,828
Hartford Financial Services Group, Inc.		6,957		488,729
Invesco Ltd.		17,145		413,366
Principal Financial Group, Inc.		6,311		406,428
Capital One Financial Corp.		2,400		388,728
Wells Fargo & Co.		8,086		375,271
American International Group, Inc.		6,310		346,356
Fifth Third Bancorp		8,013		340,072
People's United Financial, Inc.		19,102		333,712
Allstate Corp.		2,560		325,914
Citigroup, Inc.		4,592		322,267
Citizens Financial Group, Inc.		6,832		320,967
Comerica, Inc.		3,861		310,811
Loews Corp.		5,680		306,322
Bank of New York Mellon Corp.		5,906		306,167
Goldman Sachs Group, Inc.		793		299,778
Zions Bancorp North America		4,800		297,072
Everest Re Group Ltd.		1,158		290,403
Assurant, Inc.		1,774		279,848
Aflac, Inc.		5,340		278,374
KeyCorp		11,958		258,532
Bank of America Corp.		6,031		256,016
Regions Financial Corp.		11,943		254,505
Travelers Companies, Inc.		1,601		243,368
Morgan Stanley		2,436		237,047
Franklin Resources, Inc.		7,571		225,010
M&T Bank Corp.		1,427		213,108
State Street Corp.		2,513		212,902
Cincinnati Financial Corp.		1,851		211,421
Truist Financial Corp.		3,471		203,574
Kimco Realty Corp. REIT		8,901		184,696
PNC Financial Services Group, Inc.		820		160,425
Chubb Ltd.		924		160,296
Huntington Bancshares, Inc.		10,357		160,119
CBRE Group, Inc. — Class A^*		1,620		157,723
Raymond James Financial, Inc.		1,682		155,169
Globe Life, Inc.		1,626		144,763
Synchrony Financial		2,674		130,705
U.S. Bancorp		2,171		129,044
JPMorgan Chase & Co.		686		112,291
Total Financial				12,532,185
Consumer, Non-cyclical - 15.9%
CVS Health Corp.		5,536		469,785
Kroger Co.		10,073		407,251
Archer-Daniels-Midland Co.		6,765		405,968
Centene Corp.^*		5,997		373,673
Tyson Foods, Inc. — Class A		4,154		327,917
Molson Coors Beverage Co. — Class B		6,609		306,525
McKesson Corp.		1,455		290,098
Cigna Corp.		1,388		277,822
Viatris, Inc.		19,722		267,233
Kraft Heinz Co.		6,528		240,361
Anthem, Inc.		567		211,377
Cardinal Health, Inc.		4,009		198,285
Universal Health Services, Inc. — Class B		1,140		157,742
Corteva, Inc.		3,295		138,654
J M Smucker Co.		997		119,670
AmerisourceBergen Corp. — Class A		913		109,058
Henry Schein, Inc.^*		1,423		108,376
Total Consumer, Non-cyclical				4,409,795
Consumer, Cyclical - 11.0%
Ford Motor Co.^*		41,551		588,362
Walgreens Boots Alliance, Inc.		7,936		373,389
General Motors Co.^*		6,411		337,924
Mohawk Industries, Inc.^*		1,766		313,289
Lennar Corp. — Class A		2,700		252,936
LKQ Corp.^*		3,784		190,411
Whirlpool Corp.		835		170,223
BorgWarner, Inc.		3,425		147,994
Hanesbrands, Inc.		8,406		144,247
CarMax, Inc.^*		1,048		134,102
PVH Corp.^*		1,213		124,684
Advance Auto Parts, Inc.		563		117,605
Gap, Inc.		3,523		79,972
Walmart, Inc.		549		76,520
Total Consumer, Cyclical				3,051,658
Energy - 7.8%
Valero Energy Corp.		6,548		462,092
Exxon Mobil Corp.		6,612		388,918
Phillips 66		4,334		303,510
Marathon Petroleum Corp.		4,085		252,494
Marathon Oil Corp.		17,498		239,198
Kinder Morgan, Inc.		9,252		154,786
Pioneer Natural Resources Co.		753		125,382
EOG Resources, Inc.		1,445		115,990
Chevron Corp.		1,004		101,856
Total Energy				2,144,226
Communications - 6.4%
Lumen Technologies, Inc.		41,659		516,155
ViacomCBS, Inc. — Class B		5,447		215,211
DISH Network Corp. — Class A^*		4,213		183,097
AT&T, Inc.		6,173		166,733
Juniper Networks, Inc.		5,142		141,508
Fox Corp. — Class A		3,274		131,320
Interpublic Group of Companies, Inc.		3,472		127,318
Discovery, Inc. — Class C^*		3,462		84,022
News Corp. — Class A		3,494		82,214
Fox Corp. — Class B		1,508		55,977
Discovery, Inc. — Class A^*,1		1,795		45,557
News Corp. — Class B		1,086		25,228
Total Communications				1,774,340
Industrial - 4.7%
Westrock Co.		5,713		284,679
Textron, Inc.		3,083		215,224
Huntington Ingalls Industries, Inc.		821		158,502
Howmet Aerospace, Inc.		4,811		150,103
Raytheon Technologies Corp.		1,685		144,843

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Industrial - 4.7% (continued)
Westinghouse Air Brake Technologies Corp.		1,502	$	129,488
General Dynamics Corp.		564		110,561
General Electric Co.		899		92,624
Total Industrial				1,286,024
Technology - 3.2%
Hewlett Packard Enterprise Co.		29,200		416,100
Western Digital Corp.^*		3,463		195,452
HP, Inc.		5,951		162,819
DXC Technology Co.^*		3,452		116,022
Total Technology				890,393
Utilities - 2.8%
Exelon Corp.		4,576		221,204
Consolidated Edison, Inc.		1,578		114,547
Evergy, Inc.		1,764		109,721
FirstEnergy Corp.		2,917		103,903
PPL Corp.		2,974		82,915
Pinnacle West Capital Corp.		1,110		80,320
Edison International		1,241		68,838
Total Utilities				781,448
Basic Materials - 2.4%
Nucor Corp.		3,111		306,402
Mosaic Co.		6,992		249,754
International Paper Co.		1,791		100,153
Total Basic Materials				656,309
Total Common Stocks
(Cost $18,060,403)				27,526,378

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	105,026		105,026
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		40,808		40,808
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		40,808		40,808
Total Repurchase Agreements
(Cost $186,642)				186,642

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		34,346		34,346
Total Securities Lending Collateral
(Cost $34,346)				34,346
Total Investments - 100.3%
(Cost $18,281,391)			$	27,747,366
Other Assets & Liabilities, net - (0.3)%				(95,983	)
Total Net Assets - 100.0%			$	27,651,383

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	27,526,378	$	—	$	—	$	27,526,378
Repurchase Agreements		—		186,642		—		186,642
Securities Lending Collateral		34,346		—		—		34,346
Total Assets	$	27,560,724	$	186,642	$	—	$	27,747,366

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.2%
Consumer, Non-cyclical - 31.7%
Repligen Corp.^*		2,017	$	582,893
STAAR Surgical Co.^*		4,025		517,333
Paylocity Holding Corp.^*		1,564		438,546
Medpace Holdings, Inc.^*		2,292		433,830
Syneos Health, Inc.^*		3,530		308,804
R1 RCM, Inc.^*		13,934		306,687
Quidel Corp.^*		2,043		288,369
Darling Ingredients, Inc.^*		3,962		284,868
Halozyme Therapeutics, Inc.^*		5,898		239,931
Penumbra, Inc.^*		867		231,056
ASGN, Inc.^*		1,948		220,397
Exelixis, Inc.^*		10,173		215,057
Masimo Corp.^*		739		200,055
Boston Beer Company, Inc. — Class A^*		388		197,783
HealthEquity, Inc.^*		2,814		182,235
Helen of Troy Ltd.^*		787		176,823
Emergent BioSolutions, Inc.^*		3,375		168,986
Insperity, Inc.		1,417		156,918
FTI Consulting, Inc.^*		1,122		151,133
Neurocrine Biosciences, Inc.^*		1,430		137,151
Amedisys, Inc.^*		773		115,254
Arrowhead Pharmaceuticals, Inc.^*		1,806		112,749
LHC Group, Inc.^*		630		98,853
Chemed Corp.		179		83,257
Jazz Pharmaceuticals plc^*		624		81,251
Total Consumer, Non-cyclical				5,930,219
Consumer, Cyclical - 22.7%
RH^*		800		533,528
Crocs, Inc.^*		2,763		396,436
Wingstop, Inc.		2,289		375,236
YETI Holdings, Inc.^*		4,178		358,013
Williams-Sonoma, Inc.		1,973		349,872
Fox Factory Holding Corp.^*		2,203		318,422
Lithia Motors, Inc. — Class A		959		304,041
Churchill Downs, Inc.		1,192		286,175
Scotts Miracle-Gro Co. — Class A		1,787		261,545
Deckers Outdoor Corp.^*		716		257,903
Tempur Sealy International, Inc.		3,957		183,644
Five Below, Inc.^*		1,033		182,645
Ollie's Bargain Outlet Holdings, Inc.^*,1		2,886		173,968
Texas Roadhouse, Inc. — Class A		1,050		95,897
Mattel, Inc.^*		4,971		92,262
Jack in the Box, Inc.		774		75,333
Total Consumer, Cyclical				4,244,920
Industrial - 15.5%
Axon Enterprise, Inc.^*		2,335		408,672
Trex Company, Inc.^*		3,622		369,191
TopBuild Corp.^*		1,617		331,178
Saia, Inc.^*		1,244		296,109
II-VI, Inc.^*		4,873		289,261
Knight-Swift Transportation Holdings, Inc.		4,873		249,254
Simpson Manufacturing Company, Inc.		1,396		149,330
Tetra Tech, Inc.		980		146,353
Timken Co.		1,979		129,466
Cognex Corp.		1,296		103,965
Graco, Inc.		1,475		103,206
Toro Co.		1,048		102,086
Lincoln Electric Holdings, Inc.		672		86,547
Mercury Systems, Inc.^*		1,470		69,707
Universal Display Corp.		400		68,384
Total Industrial				2,902,709
Technology - 12.4%
Digital Turbine, Inc.^*		7,966		547,662
Brooks Automation, Inc.		4,337		443,892
Cerence, Inc.^*		2,505		240,756
Lattice Semiconductor Corp.^*		3,256		210,500
Sailpoint Technologies Holdings, Inc.^*		4,514		193,560
CMC Materials, Inc.		1,335		164,512
Qualys, Inc.^*		1,441		160,369
Fair Isaac Corp.^*		339		134,898
Lumentum Holdings, Inc.^*		1,574		131,492
MKS Instruments, Inc.		571		86,170
Total Technology				2,313,811
Financial - 6.9%
Brighthouse Financial, Inc.^*		9,188		415,573
SLM Corp.		20,168		354,957
Kinsale Capital Group, Inc.		1,681		271,818
Primerica, Inc.		868		133,351
Interactive Brokers Group, Inc. — Class A		1,678		104,606
Total Financial				1,280,305
Energy - 6.3%
SolarEdge Technologies, Inc.^*		1,337		354,599
Antero Midstream Corp.		24,449		254,759
First Solar, Inc.^*		2,507		239,318
Sunrun, Inc.^*		5,073		223,212
CNX Resources Corp.^*		8,681		109,554
Total Energy				1,181,442
Communications - 2.7%
Mimecast Ltd.^*		2,695		171,402
Cable One, Inc.		80		145,050
FactSet Research Systems, Inc.		306		120,803
New York Times Co. — Class A		1,380		67,993
Total Communications				505,248
Basic Materials - 1.0%
Cleveland-Cliffs, Inc.^*		9,143		181,123
Total Common Stocks
(Cost $13,873,777)				18,539,777

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	82,303		82,303
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		31,979		31,979
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		31,979		31,979
Total Repurchase Agreements
(Cost $146,261)				146,261

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		140,250	$	140,250
Total Securities Lending Collateral
(Cost $140,250)			$	140,250
Total Investments - 100.8%
(Cost $14,160,288)			$	18,826,288
Other Assets & Liabilities, net - (0.8)%				(151,049	)
Total Net Assets - 100.0%			$	18,675,239

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	18,539,777	$	—	$	—	$	18,539,777
Repurchase Agreements		—		146,261		—		146,261
Securities Lending Collateral		140,250		—		—		140,250
Total Assets	$	18,680,027	$	146,261	$	—	$	18,826,288

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.6%
Financial - 41.4%
Unum Group		16,948	$	424,717
Navient Corp.		18,227		359,619
Jefferies Financial Group, Inc.		7,855		291,656
Reinsurance Group of America, Inc. — Class A		2,173		241,768
Old Republic International Corp.		9,443		218,417
Jones Lang LaSalle, Inc.^*		879		218,071
CNO Financial Group, Inc.		9,008		212,048
First American Financial Corp.		2,901		194,512
Associated Banc-Corp.		9,066		194,194
Mercury General Corp.		3,332		185,493
Sterling Bancorp		7,317		182,632
FNB Corp.		14,677		170,547
Wintrust Financial Corp.		2,120		170,384
Macerich Co. REIT		9,970		166,599
Valley National Bancorp		12,020		159,986
New York Community Bancorp, Inc.		12,378		159,305
Pinnacle Financial Partners, Inc.		1,612		151,657
Washington Federal, Inc.		4,395		150,792
Fulton Financial Corp.		9,483		144,900
Bank OZK		3,337		143,424
First Horizon Corp.		8,686		141,495
Hancock Whitney Corp.		3,001		141,407
SL Green Realty Corp. REIT		1,936		137,146
Alleghany Corp.^*		210		131,126
MGIC Investment Corp.		8,728		130,571
Cathay General Bancorp		3,097		128,185
American Financial Group, Inc.		1,016		127,843
Hanover Insurance Group, Inc.		965		125,083
United Bankshares, Inc.		3,287		119,581
Synovus Financial Corp.		2,645		116,089
Kemper Corp.		1,661		110,938
Alliance Data Systems Corp.		1,091		110,071
International Bancshares Corp.		2,532		105,433
BancorpSouth Bank		3,401		101,282
East West Bancorp, Inc.		1,245		96,537
Webster Financial Corp.		1,698		92,473
Prosperity Bancshares, Inc.		1,288		91,616
UMB Financial Corp.		882		85,298
Pebblebrook Hotel Trust REIT		3,588		80,407
CIT Group, Inc.		1,523		79,120
Janus Henderson Group plc		1,742		71,997
Selective Insurance Group, Inc.		924		69,790
Cousins Properties, Inc. REIT		1,683		62,759
Texas Capital Bancshares, Inc.^*		1,007		60,440
Sabra Health Care REIT, Inc.		3,453		50,828
Total Financial				6,708,236
Consumer, Cyclical - 19.7%
AutoNation, Inc.^*		3,108		378,430
Dick's Sporting Goods, Inc.		2,401		287,568
Kohl's Corp.		5,527		260,266
Taylor Morrison Home Corp. — Class A^*		9,043		233,129
Tri Pointe Homes, Inc.^*		10,822		227,478
Univar Solutions, Inc.^*		9,539		227,219
Dana, Inc.		10,068		223,912
Murphy USA, Inc.		1,219		203,890
Foot Locker, Inc.		4,031		184,056
KB Home		4,477		174,245
BJ's Wholesale Club Holdings, Inc.^*		3,009		165,254
Goodyear Tire & Rubber Co.^*		8,419		149,016
Thor Industries, Inc.		1,052		129,143
Lear Corp.		730		114,231
Adient plc^*		2,243		92,973
Urban Outfitters, Inc.^*		2,494		74,047
KAR Auction Services, Inc.^*		3,590		58,840
Total Consumer, Cyclical				3,183,697
Industrial - 14.9%
Avnet, Inc.		8,640		319,421
Arrow Electronics, Inc.^*		2,284		256,470
SYNNEX Corp.		2,380		247,758
Ryder System, Inc.		2,745		227,039
Jabil, Inc.		3,480		203,128
Greif, Inc. — Class A		2,578		166,539
EMCOR Group, Inc.		1,186		136,841
MasTec, Inc.^*		1,518		130,973
MDU Resources Group, Inc.		3,615		107,257
AECOM^*		1,612		101,798
Oshkosh Corp.		958		98,070
Southwest Gas Holdings, Inc.		1,351		90,355
Dycom Industries, Inc.^*		1,147		81,712
Colfax Corp.^*		1,548		71,053
Trinity Industries, Inc.		2,431		66,050
Kirby Corp.^*		1,209		57,984
GATX Corp.		608		54,452
Total Industrial				2,416,900
Consumer, Non-cyclical - 9.4%
Graham Holdings Co. — Class B		465		273,960
Pilgrim's Pride Corp.^*		8,883		258,318
ManpowerGroup, Inc.		1,912		207,031
Sprouts Farmers Market, Inc.^*		8,200		189,994
Performance Food Group Co.^*		3,888		180,636
Tenet Healthcare Corp.^*		2,466		163,841
Perrigo Company plc		3,321		157,183
Ingredion, Inc.		953		84,827
Total Consumer, Non-cyclical				1,515,790
Basic Materials - 4.6%
Commercial Metals Co.		10,979		334,420
Steel Dynamics, Inc.		2,209		129,182
Reliance Steel & Aluminum Co.		825		117,497
United States Steel Corp.		4,302		94,515
Minerals Technologies, Inc.		1,075		75,078
Total Basic Materials				750,692
Technology - 3.4%
Xerox Holdings Corp.		11,994		241,919
NCR Corp.^*		3,271		126,784
NetScout Systems, Inc.^*		3,940		106,183
KBR, Inc.		2,105		82,937
Total Technology				557,823
Communications - 3.1%
Telephone & Data Systems, Inc.		16,126		314,457
Viasat, Inc.^*		3,441		189,496
Total Communications				503,953
Energy - 2.3%
HollyFrontier Corp.		11,141		369,101
Utilities - 0.8%
UGI Corp.		1,764		75,182

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Utilities - 0.8% (continued)
ALLETE, Inc.		895	$	53,270
Total Utilities				128,452
Total Common Stocks
(Cost $11,377,125)				16,134,644

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	57,769		57,769
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		22,446		22,446
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		22,446		22,446
Total Repurchase Agreements
(Cost $102,661)				102,661
Total Investments - 100.2%
(Cost $11,479,786)			$	16,237,305
Other Assets & Liabilities, net - (0.2)%				(38,989	)
Total Net Assets - 100.0%			$	16,198,316

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

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 September 30, 2021 (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	$	16,134,644	$	—	$	—	$	16,134,644
Repurchase Agreements		—		102,661		—		102,661
Total Assets	$	16,134,644	$	102,661	$	—	$	16,237,305

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Non-cyclical - 31.5%
Fulgent Genetics, Inc.^*,1		4,138	$	372,213
Celsius Holdings, Inc.^*		3,825		344,594
Joint Corp.^*		2,197		215,350
Community Health Systems, Inc.^*		18,190		212,823
BioLife Solutions, Inc.^*		4,423		187,181
Medifast, Inc.		963		185,512
Alarm.com Holdings, Inc.^*		2,196		171,705
Coherus Biosciences, Inc.^*		9,989		160,523
Innoviva, Inc.^*		9,553		159,631
Merit Medical Systems, Inc.^*		2,050		147,190
Rent-A-Center, Inc.		2,605		146,427
Meridian Bioscience, Inc.^*		7,356		141,530
Corcept Therapeutics, Inc.^*		7,178		141,263
National Beverage Corp.		2,628		137,944
NeoGenomics, Inc.^*		2,607		125,762
Green Dot Corp. — Class A^*		2,496		125,624
ModivCare, Inc.^*		648		117,690
Avanos Medical, Inc.^*		3,692		115,190
Collegium Pharmaceutical, Inc.^*		5,702		112,558
B&G Foods, Inc.¹		3,760		112,386
Supernus Pharmaceuticals, Inc.^*		4,170		111,214
Zynex, Inc.^*,1		9,556		108,843
Cytokinetics, Inc.^*		2,987		106,755
Ensign Group, Inc.		1,404		105,146
Vericel Corp.^*		2,082		101,601
Pacira BioSciences, Inc.^*		1,807		101,192
REGENXBIO, Inc.^*		1,894		79,396
Pennant Group, Inc.^*		2,749		77,219
Arlo Technologies, Inc.^*		11,890		76,215
Xencor, Inc.^*		2,260		73,812
Omnicell, Inc.^*		462		68,575
Heska Corp.^*		232		59,981
EVERTEC, Inc.		1,290		58,979
LeMaitre Vascular, Inc.		919		48,790
Forrester Research, Inc.^*		951		46,846
Addus HomeCare Corp.^*		552		44,022
WD-40 Co.		177		40,972
Tactile Systems Technology, Inc.^*		854		37,960
Total Consumer, Non-cyclical				4,780,614
Financial - 18.7%
Mr Cooper Group, Inc.^*		9,159		377,076
Innovative Industrial Properties, Inc. REIT		1,235		285,495
St. Joe Co.		4,810		202,501
Brightsphere Investment Group, Inc.		7,031		183,720
StoneX Group, Inc.^*		2,704		178,194
Safehold, Inc. REIT		2,363		169,876
HCI Group, Inc.		1,460		161,724
Triumph Bancorp, Inc.^*		1,586		158,806
Virtus Investment Partners, Inc.		509		157,953
Trupanion, Inc.^*		1,818		141,204
Axos Financial, Inc.^*		2,679		138,075
Palomar Holdings, Inc.^*		1,601		129,409
ServisFirst Bancshares, Inc.		1,621		126,114
Walker & Dunlop, Inc.		892		101,242
Essential Properties Realty Trust, Inc. REIT		3,524		98,390
PRA Group, Inc.^*		1,753		73,871
NMI Holdings, Inc. — Class A^*		2,719		61,477
eHealth, Inc.^*		1,180		47,790
Community Healthcare Trust, Inc. REIT		1,047		47,314
Total Financial				2,840,231
Consumer, Cyclical - 16.3%
Vista Outdoor, Inc.^*		8,341		336,226
MarineMax, Inc.^*		6,108		296,360
Century Communities, Inc.		3,677		225,952
Hibbett, Inc.		3,150		222,831
LGI Homes, Inc.^*		1,367		193,991
Big Lots, Inc.		4,358		188,963
iRobot Corp.^*,1		2,309		181,257
Sleep Number Corp.^*		1,751		163,683
Installed Building Products, Inc.		1,294		138,652
Meritage Homes Corp.^*		1,262		122,414
Dine Brands Global, Inc.^*		1,031		83,728
Lumber Liquidators Holdings, Inc.^*		4,476		83,612
LCI Industries		424		57,083
PetMed Express, Inc.¹		2,004		53,847
Dorman Products, Inc.^*		518		49,039
Shake Shack, Inc. — Class A^*		489		38,367
Tupperware Brands Corp.^*		1,446		30,539
Total Consumer, Cyclical				2,466,544
Industrial - 11.3%
Chart Industries, Inc.^*		1,278		244,239
Vicor Corp.^*		1,467		196,813
Comfort Systems USA, Inc.		1,909		136,150
Patrick Industries, Inc.		1,524		126,949
Advanced Energy Industries, Inc.		1,362		119,515
Matson, Inc.		1,246		100,565
AeroVironment, Inc.^*		1,140		98,405
PGT Innovations, Inc.^*		4,453		85,052
AAON, Inc.		1,249		81,610
Exponent, Inc.		699		79,092
Forward Air Corp.		768		63,759
Alamo Group, Inc.		448		62,509
Federal Signal Corp.		1,544		59,629
Marten Transport Ltd.		3,589		56,311
Gibraltar Industries, Inc.^*		784		54,606
Badger Meter, Inc.		515		52,087
Franklin Electric Company, Inc.		638		50,944
Proto Labs, Inc.^*		603		40,160
Total Industrial				1,708,395
Technology - 10.3%
SPS Commerce, Inc.^*		1,407		226,963
TTEC Holdings, Inc.		1,277		119,438
Onto Innovation, Inc.^*		1,568		113,288
Power Integrations, Inc.		1,049		103,840
Simulations Plus, Inc.		2,436		96,222
FormFactor, Inc.^*		2,533		94,557
LivePerson, Inc.^*		1,599		94,261
Diodes, Inc.^*		1,027		93,036
Ultra Clean Holdings, Inc.^*		2,134		90,908
ExlService Holdings, Inc.^*		684		84,214
Agilysys, Inc.^*		1,536		80,425

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Technology - 10.3% (continued)
CEVA, Inc.^*		1,679	$	71,643
Ebix, Inc.		2,389		64,336
Allscripts Healthcare Solutions, Inc.^*		4,200		56,154
8x8, Inc.^*		2,265		52,978
Cohu, Inc.^*		1,570		50,146
OneSpan, Inc.^*		1,861		34,950
Tabula Rasa HealthCare, Inc.^*		1,184		31,033
Total Technology				1,558,392
Communications - 6.6%
Stamps.com, Inc.^*		844		278,343
TechTarget, Inc.^*		2,647		218,166
Shutterstock, Inc.		1,427		161,707
Perficient, Inc.^*		1,161		134,328
Vonage Holdings Corp.^*		6,089		98,154
QuinStreet, Inc.^*		3,798		66,693
Viavi Solutions, Inc.^*		2,924		46,024
Total Communications				1,003,415
Energy - 3.4%
Bonanza Creek Energy, Inc.		6,327		303,063
Renewable Energy Group, Inc.^*		3,519		176,654
DMC Global, Inc.^*		1,040		38,387
Total Energy				518,104
Basic Materials - 1.4%
Livent Corp.^*		4,826		111,529
Quaker Chemical Corp.		424		100,793
Total Basic Materials				212,322
Total Common Stocks
(Cost $10,833,463)				15,088,017

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	55,497		55,497
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		21,563		21,563
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		21,563		21,563
Total Repurchase Agreements
(Cost $98,623)				98,623

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 4.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		637,010		637,010
Total Securities Lending Collateral
(Cost $637,010)				637,010
Total Investments - 104.4%
(Cost $11,569,096)			$	15,823,650
Other Assets & Liabilities, net - (4.4)%				(673,667	)
Total Net Assets - 100.0%			$	15,149,983

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	15,088,017	$	—	$	—	$	15,088,017
Repurchase Agreements		—		98,623		—		98,623
Securities Lending Collateral		637,010		—		—		637,010
Total Assets	$	15,725,027	$	98,623	$	—	$	15,823,650

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Cyclical - 23.8%
Veritiv Corp.^*		8,811	$	789,113
Conn's, Inc.^*		13,204		301,447
World Fuel Services Corp.		8,862		297,941
Signet Jewelers Ltd.		2,939		232,063
Cato Corp. — Class A		13,944		230,634
G-III Apparel Group Ltd.^*		7,202		203,817
Group 1 Automotive, Inc.		1,015		190,698
M/I Homes, Inc.^*		3,121		180,394
ODP Corp.^*		4,480		179,917
Daktronics, Inc.^*		29,501		160,191
Genesco, Inc.^*		2,725		157,314
Barnes & Noble Education, Inc.^*		15,429		154,136
Abercrombie & Fitch Co. — Class A^*		3,797		142,881
ScanSource, Inc.^*		4,088		142,221
Chico's FAS, Inc.^*		31,147		139,850
GMS, Inc.^*		3,154		138,145
Vera Bradley, Inc.^*		14,659		137,941
Asbury Automotive Group, Inc.^*		673		132,406
Resideo Technologies, Inc.^*		4,643		115,100
Shoe Carnival, Inc.		3,548		115,026
Unifi, Inc.^*		4,807		105,418
Sonic Automotive, Inc. — Class A		1,759		92,418
Interface, Inc. — Class A		5,982		90,627
Sally Beauty Holdings, Inc.^*		5,035		84,840
SkyWest, Inc.^*		1,716		84,667
PC Connection, Inc.		1,897		83,525
Bed Bath & Beyond, Inc.^*		4,794		82,816
Marcus Corp.^*		3,313		57,812
Ethan Allen Interiors, Inc.		2,223		52,685
HNI Corp.		1,301		47,773
Motorcar Parts of America, Inc.^*		2,321		45,259
Total Consumer, Cyclical				4,969,075
Financial - 23.8%
Genworth Financial, Inc. — Class A^*		77,085		289,069
Customers Bancorp, Inc.^*		4,939		212,476
EZCORP, Inc. — Class A^*		25,217		190,893
Realogy Holdings Corp.^*		9,168		160,807
Stewart Information Services Corp.		2,508		158,656
Hanmi Financial Corp.		7,283		146,097
Encore Capital Group, Inc.^*		2,693		132,684
Dime Community Bancshares, Inc.		3,810		124,435
Investors Bancorp, Inc.		7,929		119,807
American Equity Investment Life Holding Co.		4,001		118,309
Employers Holdings, Inc.		2,957		116,772
Universal Insurance Holdings, Inc.		8,891		115,939
Trustmark Corp.		3,505		112,931
Enova International, Inc.^*		3,238		111,873
Assured Guaranty Ltd.		2,255		105,556
Simmons First National Corp. — Class A		3,443		101,775
GEO Group, Inc. REIT¹		13,145		98,193
Hope Bancorp, Inc.		6,799		98,178
First Financial Bancorp		4,120		96,449
RPT Realty REIT		7,522		95,981
Central Pacific Financial Corp.		3,699		94,990
Provident Financial Services, Inc.		3,915		91,885
First BanCorp		6,801		89,433
First Midwest Bancorp, Inc.		4,697		89,290
Service Properties Trust REIT		7,777		87,180
Northfield Bancorp, Inc.		5,069		86,984
SiriusPoint Ltd.^*		9,380		86,859
Office Properties Income Trust REIT		3,286		83,235
United Fire Group, Inc.		3,529		81,520
OFG Bancorp		2,989		75,383
Ameris Bancorp		1,409		73,099
Ready Capital Corp. REIT		5,033		72,626
WSFS Financial Corp.		1,412		72,450
Veritex Holdings, Inc.		1,832		72,108
First Commonwealth Financial Corp.		5,171		70,481
PennyMac Mortgage Investment Trust REIT		3,396		66,867
Banner Corp.		1,187		65,534
Horace Mann Educators Corp.		1,571		62,510
S&T Bancorp, Inc.		2,070		61,003
Renasant Corp.		1,643		59,230
Eagle Bancorp, Inc.		1,011		58,132
Franklin Street Properties Corp. REIT		12,355		57,327
Allegiance Bancshares, Inc.		1,492		56,920
BankUnited, Inc.		1,344		56,206
Acadia Realty Trust REIT		2,595		52,964
Apollo Commercial Real Estate Finance, Inc. REIT		3,557		52,750
Diversified Healthcare Trust REIT		15,529		52,643
HomeStreet, Inc.		1,264		52,014
Old National Bancorp		2,951		50,019
Whitestone REIT — Class B		4,829		47,228
First Bancorp		1,049		45,117
Safety Insurance Group, Inc.		559		44,301
Independent Bank Group, Inc.		606		43,050
DiamondRock Hospitality Co. REIT^*		4,038		38,159
Total Financial				4,956,377
Industrial - 14.5%
Olympic Steel, Inc.		10,307		251,079
ArcBest Corp.		2,874		235,007
Greenbrier Companies, Inc.		4,951		212,844
Granite Construction, Inc.		4,777		188,930
Sanmina Corp.^*		4,190		161,483
Atlas Air Worldwide Holdings, Inc.^*		1,974		161,236
Benchmark Electronics, Inc.		5,648		150,858
Griffon Corp.		5,910		145,386
DXP Enterprises, Inc.^*		4,830		142,823
Haynes International, Inc.		3,732		139,017
O-I Glass, Inc.^*		9,358		133,539
Apogee Enterprises, Inc.		3,325		125,552
Boise Cascade Co.		2,313		124,856
Comtech Telecommunications Corp.		4,818		123,389

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Industrial - 14.5% (continued)
TimkenSteel Corp.^*		9,094	$	118,949
Powell Industries, Inc.		4,188		102,899
TTM Technologies, Inc.^*		7,889		99,165
AAR Corp.^*		2,858		92,685
Hub Group, Inc. — Class A^*		1,328		91,300
Encore Wire Corp.		948		89,899
Matthews International Corp. — Class A		1,626		56,406
Trinseo S.A.		982		53,008
Tredegar Corp.		1,507		18,355
Total Industrial				3,018,665
Consumer, Non-cyclical - 13.6%
Aaron's Company, Inc.		10,681		294,155
Andersons, Inc.		7,318		225,614
Fresh Del Monte Produce, Inc.		6,923		223,059
CoreCivic, Inc.^*		23,489		209,052
SpartanNash Co.		9,414		206,167
Seneca Foods Corp. — Class A^*		4,269		205,851
TreeHouse Foods, Inc.^*		4,238		169,011
Cross Country Healthcare, Inc.^*		7,953		168,922
Magellan Health, Inc.^*		1,636		154,684
Kelly Services, Inc. — Class A		6,635		125,269
Universal Corp.		2,405		116,234
Resources Connection, Inc.		7,195		113,537
Adtalem Global Education, Inc.^*		2,879		108,855
ABM Industries, Inc.		2,187		98,437
Edgewell Personal Care Co.		2,570		93,291
TrueBlue, Inc.^*		2,832		76,690
Prestige Consumer Healthcare, Inc.^*		1,234		69,240
Invacare Corp.^*		13,112		62,413
Deluxe Corp.		1,729		62,054
Strategic Education, Inc.		691		48,715
Total Consumer, Non-cyclical				2,831,250
Energy - 12.8%
CONSOL Energy, Inc.^*		26,278		683,754
Green Plains, Inc.^*		8,834		288,430
SM Energy Co.		8,861		233,753
SunCoke Energy, Inc.		33,236		208,722
Callon Petroleum Co.^*,1		3,560		174,725
ProPetro Holding Corp.^*		17,248		149,195
Matrix Service Co.^*		13,105		137,078
Talos Energy, Inc.^*		9,780		134,670
Helix Energy Solutions Group, Inc.^*		28,571		110,856
Penn Virginia Corp.^*		4,019		107,187
PBF Energy, Inc. — Class A^*		6,253		81,101
Nabors Industries Ltd.^*		731		70,527
US Silica Holdings, Inc.^*		8,334		66,589
Oil States International, Inc.^*		9,753		62,322
Bristow Group, Inc.^*		1,774		56,466
NOW, Inc.^*		6,783		51,890
Warrior Met Coal, Inc.		2,072		48,215
Total Energy				2,665,480
Basic Materials - 6.4%
Domtar Corp.^*		6,488		353,855
AdvanSix, Inc.^*		6,002		238,579
Clearwater Paper Corp.^*		4,029		154,432
Mercer International, Inc.		11,217		130,005
Rayonier Advanced Materials, Inc.^*		16,516		123,870
Koppers Holdings, Inc.^*		3,930		122,852
Carpenter Technology Corp.		3,524		115,376
Allegheny Technologies, Inc.^*		3,486		57,972
Glatfelter Corp.		2,256		31,810
Total Basic Materials				1,328,751
Communications - 3.8%
Consolidated Communications Holdings, Inc.^*		28,546		262,338
Scholastic Corp.		4,848		172,831
EW Scripps Co. — Class A		6,532		117,968
Gannett Company, Inc.^*		12,457		83,213
AMC Networks, Inc. — Class A^*		1,484		69,139
ePlus, Inc.^*		437		44,841
NETGEAR, Inc.^*		1,167		37,239
Total Communications				787,569
Technology - 0.6%
Insight Enterprises, Inc.^*		1,456		131,156
Utilities - 0.2%
Unitil Corp.		1,084		46,373
Total Common Stocks
(Cost $14,694,255)				20,734,696
		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	79,275		79,275
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		30,803		30,803
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		30,802		30,802
Total Repurchase Agreements
(Cost $140,880)				140,880

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		144,637		144,637
Total Securities Lending Collateral
(Cost $144,637)				144,637
Total Investments - 100.9%
(Cost $14,979,772)			$	21,020,213
Other Assets & Liabilities, net - (0.9)%				(189,698	)
Total Net Assets - 100.0%			$	20,830,515

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

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 September 30, 2021 (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	$	20,734,696	$	—	$	—	$	20,734,696
Repurchase Agreements		—		140,880		—		140,880
Securities Lending Collateral		144,637		—		—		144,637
Total Assets	$	20,879,333	$	140,880	$	—	$	21,020,213

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 39.7%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		48,850	$	487,035
Guggenheim Strategy Fund II¹		14,968		374,045
Total Mutual Funds
(Cost $856,444)				861,080

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 23.0%
Federal Farm Credit Bank
0.00% due 10/01/21²	$	500,000		500,000
Total Federal Agency Discount Notes
(Cost $500,000)				500,000

U.S. TREASURY BILLS^†† - 2.7%
U.S. Treasury Bills
0.04% due 10/07/21^2,3		58,000		58,000
Total U.S. Treasury Bills
(Cost $57,999)				58,000

FEDERAL AGENCY NOTES^†† - 2.3%
Federal Farm Credit Bank
0.13% due 11/02/21		50,000		50,003
Total Federal Agency Notes
(Cost $50,004)				50,003

REPURCHASE AGREEMENTS^††,4 - 41.9%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21⁵		511,288		511,288
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21⁵		198,662		198,662
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21⁵		198,662		198,662
Total Repurchase Agreements
(Cost $908,612)				908,612
Total Investments - 109.6%
(Cost $2,373,059)			$	2,377,695
Other Assets & Liabilities, net - (9.6)%				(207,800	)
Total Net Assets - 100.0%			$	2,169,895

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation^**

Currency Futures Contracts Purchased^†

U.S. Dollar Index Futures Contracts

Dec 2021

2,921,595

29,074

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Currency Index Swap Agreements^††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

12/17/21

15,112

1,423,746

19,134

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at September 30, 2021.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as currency index swap collateral at September 30, 2021.

See Sector Classification in Other Information section.

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	861,080	$	—	$	—	$	861,080
Federal Agency Discount Notes		—		500,000		—		500,000
U.S. Treasury Bills		—		58,000		—		58,000
Federal Agency Notes		—		50,003		—		50,003
Repurchase Agreements		—		908,612		—		908,612
Currency Futures Contracts**		29,074		—		—		29,074
Currency Index Swap Agreements**		—		19,134		—		19,134
Total Assets	$	890,154	$	1,535,749	$	—	$	2,425,903

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	319,625	$	403,876	$	(350,000	)	$	139	$	405		$	374,045		14,968	$	3,908
Guggenheim Ultra Short Duration Fund — Institutional Class		434,153		703,017		(650,000	)		367		(502	)		487,035		48,850		3,039
	$	753,778	$	1,106,893	$	(1,000,000	)	$	506	$	(97	)	$	861,080			$	6,947

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4%
Software - 34.0%
Microsoft Corp.		4,192	$	1,181,809
salesforce.com, Inc.^*		1,630		442,089
Adobe, Inc.^*		717		412,791
Oracle Corp.		4,719		411,166
Intuit, Inc.		586		316,153
ServiceNow, Inc.^*		466		289,978
Snowflake, Inc. — Class A^*		820		247,993
Zoom Video Communications, Inc. — Class A^*		880		230,120
Fidelity National Information Services, Inc.		1,856		225,838
Fiserv, Inc.^*		2,069		224,486
VMware, Inc. — Class A^*,1		1,464		217,697
Autodesk, Inc.^*		734		209,315
Workday, Inc. — Class A^*		811		202,661
Activision Blizzard, Inc.		2,616		202,452
Twilio, Inc. — Class A^*		612		195,259
DocuSign, Inc.^*		714		183,805
Electronic Arts, Inc.		1,226		174,398
Datadog, Inc. — Class A^*		1,229		173,719
Paychex, Inc.		1,519		170,812
Synopsys, Inc.^*		569		170,364
ROBLOX Corp. — Class A^*		2,237		169,005
Cadence Design Systems, Inc.^*		1,095		165,827
Palantir Technologies, Inc. — Class A^*		6,845		164,554
NetEase, Inc. ADR		1,904		162,602
Atlassian Corporation plc — Class A^*		415		162,439
Unity Software, Inc.^*		1,218		153,773
Bilibili, Inc. ADR^*,1		2,228		147,427
Cloudflare, Inc. — Class A^*		1,278		143,967
MongoDB, Inc.^*		304		143,339
HubSpot, Inc.^*		212		143,331
ANSYS, Inc.^*		406		138,223
Bill.com Holdings, Inc.^*		476		127,068
Splunk, Inc.^*		871		126,042
Broadridge Financial Solutions, Inc.		697		116,148
RingCentral, Inc. — Class A^*		532		115,710
Take-Two Interactive Software, Inc.^*		740		114,012
Tyler Technologies, Inc.^*		247		113,287
Ceridian HCM Holding, Inc.^*		982		110,593
Nuance Communications, Inc.^*		2,001		110,135
Akamai Technologies, Inc.^*		1,019		106,577
Coupa Software, Inc.^*		463		101,480
Citrix Systems, Inc.		908		97,492
Jack Henry & Associates, Inc.		555		91,053
Dropbox, Inc. — Class A^*		3,014		88,069
Fair Isaac Corp.^*		209		83,167
MicroStrategy, Inc. — Class A^*,1		116		67,094
Alteryx, Inc. — Class A^*		831		60,746
Fastly, Inc. — Class A^*,1		1,378		55,726
Total Software				9,261,791
Semiconductors - 19.5%
NVIDIA Corp.		2,842		588,749
Intel Corp.		7,277		387,719
Broadcom, Inc.		768		372,426
Texas Instruments, Inc.		1,826		350,976
QUALCOMM, Inc.		2,389		308,133
Advanced Micro Devices, Inc.^*		2,873		295,632
Applied Materials, Inc.		2,080		267,758
Analog Devices, Inc.		1,482		248,205
Micron Technology, Inc.		3,250		230,685
Lam Research Corp.		404		229,937
Taiwan Semiconductor Manufacturing Company Ltd. ADR		1,950		217,718
NXP Semiconductor N.V.		1,028		201,354
Marvell Technology, Inc.		3,041		183,403
KLA Corp.		540		180,635
Microchip Technology, Inc.		1,098		168,532
Xilinx, Inc.^*		1,078		162,767
ASML Holding N.V. — Class G		203		151,257
Skyworks Solutions, Inc.		808		133,142
Monolithic Power Systems, Inc.		255		123,593
ON Semiconductor Corp.^*		2,480		113,510
Qorvo, Inc.^*		660		110,345
Entegris, Inc.		848		106,763
Teradyne, Inc.		976		106,550
Cree, Inc.^*		965		77,905
Total Semiconductors				5,317,694
Internet - 17.2%
Alphabet, Inc. — Class A^*		409		1,093,470
Facebook, Inc. — Class A^*		2,322		788,064
Snap, Inc. — Class A^*		3,975		293,633
Baidu, Inc. ADR^*		1,444		222,015
Sea Ltd. ADR^*		609		194,106
Shopify, Inc. — Class A^*		142		192,521
Palo Alto Networks, Inc.^*		378		181,062
Twitter, Inc.^*		2,984		180,204
Match Group, Inc.^*		1,105		173,474
Okta, Inc.^*		663		157,356
Pinterest, Inc. — Class A^*		2,890		147,245
Wix.com Ltd.^*		677		132,672
CDW Corp.		709		129,052
Zillow Group, Inc. — Class C^*		1,406		123,925
VeriSign, Inc.^*		595		121,981
NortonLifeLock, Inc.		3,959		100,163
Zendesk, Inc.^*		828		96,371
GoDaddy, Inc. — Class A^*		1,303		90,819
F5 Networks, Inc.^*		455		90,445
IAC^*		672		87,555
Anaplan, Inc.^*		1,278		77,817
Total Internet				4,673,950
Computers - 13.4%
Apple, Inc.		8,886		1,257,369
International Business Machines Corp.		2,149		298,561
Dell Technologies, Inc. — Class C^*		2,302		239,500
Accenture plc — Class A		731		233,862
Crowdstrike Holdings, Inc. — Class A^*		785		192,937
Fortinet, Inc.^*		620		181,065
Cognizant Technology Solutions Corp. — Class A		2,191		162,594
Zscaler, Inc.^*		609		159,692
HP, Inc.		5,367		146,841
EPAM Systems, Inc.^*		253		144,331

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Computers - 13.4% (continued)
Infosys Ltd. ADR		6,227	$	138,551
Check Point Software Technologies Ltd.^*		1,206		136,326
NetApp, Inc.		1,318		118,304
Seagate Technology Holdings plc		1,363		112,475
Western Digital Corp.^*		1,930		108,929
Total Computers				3,631,337
Commercial Services - 4.9%
PayPal Holdings, Inc.^*		1,710		444,959
Square, Inc. — Class A^*		1,122		269,101
Automatic Data Processing, Inc.		1,238		247,501
Global Payments, Inc.		1,135		178,853
FleetCor Technologies, Inc.^*		470		122,797
Marathon Digital Holdings, Inc.^*		1,395		44,054
Riot Blockchain, Inc.^*,1		1,506		38,704
Total Commercial Services				1,345,969
Diversified Financial Services - 4.0%
Visa, Inc. — Class A		2,627		585,164
Mastercard, Inc. — Class A		1,426		495,792
Total Diversified Financial Services				1,080,956
Telecommunications - 3.1%
Cisco Systems, Inc.		7,196		391,678
Motorola Solutions, Inc.		706		164,018
Arista Networks, Inc.^*		384		131,958
Juniper Networks, Inc.		2,859		78,679
Ciena Corp.^*		1,443		74,098
Total Telecommunications				840,431
Energy-Alternate Sources - 1.2%
SolarEdge Technologies, Inc.^*		529		140,301
Enphase Energy, Inc.^*		791		118,626
First Solar, Inc.^*		862		82,287
Total Energy-Alternate Sources				341,214
Electronics - 1.1%
Amphenol Corp. — Class A		2,346		171,798
TE Connectivity Ltd.		956		131,182
Total Electronics				302,980
Advertising - 0.5%
Trade Desk, Inc. — Class A^*		2,126		149,458
Office & Business Equipment - 0.5%
Zebra Technologies Corp. — Class A^*		253		130,401
Total Common Stocks
(Cost $11,075,319)				27,076,181

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	84,605		84,605
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		32,874		32,874
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		32,873		32,873
Total Repurchase Agreements
(Cost $150,352)				150,352

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		402,203		402,203
Total Securities Lending Collateral
(Cost $402,203)				402,203
Total Investments - 101.5%
(Cost $11,627,874)			$	27,628,736
Other Assets & Liabilities, net - (1.5)%				(412,610	)
Total Net Assets - 100.0%			$	27,216,126

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	27,076,181	$	—	$	—	$	27,076,181
Repurchase Agreements		—		150,352		—		150,352
Securities Lending Collateral		402,203		—		—		402,203
Total Assets	$	27,478,384	$	150,352	$	—	$	27,628,736

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.8%
Telecommunications - 64.6%
Verizon Communications, Inc.		4,445	$	240,074
Cisco Systems, Inc.		4,378		238,295
AT&T, Inc.		8,199		221,455
T-Mobile US, Inc.^*		1,572		200,839
Motorola Solutions, Inc.		428		99,433
Arista Networks, Inc.^*		233		80,068
Ubiquiti, Inc.		229		68,395
Lumen Technologies, Inc.		4,722		58,506
Juniper Networks, Inc.		1,740		47,885
Ciena Corp.^*		869		44,623
Nice Ltd. ADR^*		135		38,345
BCE, Inc.		763		38,196
Vodafone Group plc ADR		2,289		35,365
Iridium Communications, Inc.^*		883		35,188
America Movil SAB de CV — Class L ADR		1,958		34,598
TELUS Corp.¹		1,514		33,247
Viasat, Inc.^*		601		33,097
Rogers Communications, Inc. — Class B		707		32,974
Vonage Holdings Corp.^*		2,006		32,337
Viavi Solutions, Inc.^*		1,925		30,300
Calix, Inc.^*		589		29,114
Gogo, Inc.^*,1		1,523		26,348
CommScope Holding Company, Inc.^*		1,912		25,984
EchoStar Corp. — Class A^*		969		24,719
Telephone & Data Systems, Inc.		1,233		24,044
InterDigital, Inc.		343		23,262
Infinera Corp.^*		2,541		21,141
Shenandoah Telecommunications Co.		663		20,938
Extreme Networks, Inc.^*		1,891		18,626
NETGEAR, Inc.^*		495		15,795
Plantronics, Inc.^*		603		15,503
Total Telecommunications				1,888,694
Media - 25.4%
Comcast Corp. — Class A		3,828		214,100
Charter Communications, Inc. — Class A^*		267		194,259
Liberty Broadband Corp. — Class C^*		516		89,113
DISH Network Corp. — Class A^*		1,803		78,358
Cable One, Inc.		28		50,768
Altice USA, Inc. — Class A^*		2,169		44,942
Liberty Global plc — Class C^*		1,454		42,835
Liberty Latin America Ltd. — Class C^*		2,179		28,588
Total Media				742,963
Internet - 6.5%
Roku, Inc.^*		332		104,032
F5 Networks, Inc.^*		276		54,864
Cogent Communications Holdings, Inc.		419		29,682
Total Internet				188,578
Computers - 2.1%
Lumentum Holdings, Inc.^*		471		39,347
NetScout Systems, Inc.^*		848		22,854
Total Computers				62,201
Software - 1.2%
Bandwidth, Inc. — Class A^*		247		22,299
Inseego Corp.^*		1,911		12,727
Total Software				35,026
Total Common Stocks
(Cost $1,966,207)				2,917,462

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	12,165		12,165
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		4,727		4,727
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		4,726		4,726
Total Repurchase Agreements
(Cost $21,618)				21,618

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		41,592		41,592
Total Securities Lending Collateral
(Cost $41,592)				41,592
Total Investments - 101.9%
(Cost $2,029,417)			$	2,980,672
Other Assets & Liabilities, net - (1.9)%				(56,959	)
Total Net Assets - 100.0%			$	2,923,713

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	2,917,462	$	—	$	—	$	2,917,462
Repurchase Agreements		—		21,618		—		21,618
Securities Lending Collateral		41,592		—		—		41,592
Total Assets	$	2,959,054	$	21,618	$	—	$	2,980,672

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.6%
Transportation - 36.0%
United Parcel Service, Inc. — Class B		2,044	$	372,212
Union Pacific Corp.		1,711		335,373
CSX Corp.		8,176		243,154
Norfolk Southern Corp.		954		228,244
FedEx Corp.		971		212,931
Old Dominion Freight Line, Inc.		602		172,160
Kansas City Southern		545		147,499
Expeditors International of Washington, Inc.		1,113		132,592
J.B. Hunt Transport Services, Inc.		749		125,248
CH Robinson Worldwide, Inc.		1,152		100,224
Canadian National Railway Co.		830		95,990
Canadian Pacific Railway Ltd.		1,418		92,269
ZTO Express Cayman, Inc. ADR		2,934		89,956
XPO Logistics, Inc.^*		1,107		88,095
Knight-Swift Transportation Holdings, Inc.		1,702		87,057
Saia, Inc.^*		318		75,694
Landstar System, Inc.		467		73,702
Ryder System, Inc.		778		64,348
Werner Enterprises, Inc.		1,162		51,442
Kirby Corp.^*		1,033		49,543
Atlas Air Worldwide Holdings, Inc.^*		578		47,211
Total Transportation				2,884,944
Auto Manufacturers - 26.0%
Tesla, Inc.^*		1,106		857,681
General Motors Co.^*		5,106		269,137
Lucid Group, Inc.^*,1		8,054		204,411
NIO, Inc. ADR^*		4,929		175,620
XPeng, Inc. ADR^*		2,793		99,263
Li Auto, Inc. ADR^*		3,357		88,256
Ferrari N.V.		366		76,538
Toyota Motor Corp. ADR		424		75,366
Stellantis N.V.¹		3,724		71,128
Fisker, Inc.^*,1		4,848		71,023
Nikola Corp.^*,1		5,922		63,188
Workhorse Group, Inc.^*,1		3,716		28,427
Total Auto Manufacturers				2,080,038
Auto Parts & Equipment - 13.0%
Aptiv plc^*		772		115,005
QuantumScape Corp.^*		4,232		103,853
BorgWarner, Inc.		2,255		97,439
Lear Corp.		603		94,357
Gentex Corp.		2,619		86,375
Magna International, Inc.		1,107		83,291
Autoliv, Inc.		942		80,748
Fox Factory Holding Corp.^*		517		74,727
Goodyear Tire & Rubber Co.^*		3,931		69,579
Luminar Technologies, Inc.^*,1		4,387		68,437
Adient plc^*		1,513		62,714
Dana, Inc.		2,423		53,888
Visteon Corp.^*		519		48,988
Total Auto Parts & Equipment				1,039,401
Airlines - 12.1%
Southwest Airlines Co.^*		3,289		169,153
Delta Air Lines, Inc.^*		3,780		161,066
United Airlines Holdings, Inc.^*		2,537		120,685
American Airlines Group, Inc.^*		5,398		110,767
Alaska Air Group, Inc.^*		1,399		81,981
Copa Holdings S.A. — Class A^*		955		77,718
Ryanair Holdings plc ADR^*		658		72,420
JetBlue Airways Corp.^*		4,328		66,175
Allegiant Travel Co. — Class A^*		295		57,667
Spirit Airlines, Inc.^*		1,977		51,283
Total Airlines				968,915
Internet - 5.3%
Uber Technologies, Inc.^*		6,563		294,023
Lyft, Inc. — Class A^*		2,404		128,830
Total Internet				422,853
Commercial Services - 3.3%
Avis Budget Group, Inc.^*		752		87,615
GXO Logistics, Inc.^*		1,104		86,598
AMERCO		130		83,984
Total Commercial Services				258,197
Home Builders - 2.3%
Thor Industries, Inc.		677		83,108
LCI Industries		419		56,410
Winnebago Industries, Inc.		668		48,397
Total Home Builders				187,915
Leisure Time - 0.9%
Harley-Davidson, Inc.		1,922		70,364
Investment Companies - 0.7%
Macquarie Infrastructure Holdings LLC		1,418		57,514
Total Common Stocks
(Cost $4,787,373)				7,970,141

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	31,978		31,978
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		12,425		12,425
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		12,425		12,425
Total Repurchase Agreements
(Cost $56,828)				56,828

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%⁴		283,500		283,500
Total Securities Lending Collateral
(Cost $283,500)				283,500
Total Investments - 103.8%
(Cost $5,127,701)			$	8,310,469
Other Assets & Liabilities, net - (3.8)%				(300,737	)
Total Net Assets - 100.0%			$	8,009,732

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2021 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of September 30, 2021.

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 September 30, 2021 (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	$	7,970,141	$	—	$	—	$	7,970,141
Repurchase Agreements		—		56,828		—		56,828
Securities Lending Collateral		283,500		—		—		283,500
Total Assets	$	8,253,641	$	56,828	$	—	$	8,310,469

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS^† - 99.2%
Electric - 82.7%
NextEra Energy, Inc.		9,445	$	741,621
Duke Energy Corp.		5,357		522,790
Southern Co.		7,855		486,774
Dominion Energy, Inc.		6,423		469,007
Exelon Corp.		8,635		417,416
American Electric Power Company, Inc.		4,708		382,195
Sempra Energy		2,986		377,729
Xcel Energy, Inc.		5,606		350,375
Public Service Enterprise Group, Inc.		5,522		336,290
Eversource Energy		3,927		321,072
WEC Energy Group, Inc.		3,599		317,432
Consolidated Edison, Inc.		4,250		308,508
PG&E Corp.^*		31,405		301,488
PPL Corp.		10,035		279,776
DTE Energy Co.		2,495		278,716
Edison International		5,018		278,348
Ameren Corp.		3,357		271,917
FirstEnergy Corp.		7,457		265,618
Avangrid, Inc.		5,379		261,419
Entergy Corp.		2,601		258,305
CMS Energy Corp.		4,182		249,791
CenterPoint Energy, Inc.		9,496		233,602
AES Corp.		10,182		232,455
Evergy, Inc.		3,635		226,097
Alliant Energy Corp.		4,017		224,872
NRG Energy, Inc.		4,687		191,370
Vistra Corp.		10,238		175,070
Pinnacle West Capital Corp.		2,412		174,532
OGE Energy Corp.		4,734		156,033
IDACORP, Inc.		1,368		141,424
PNM Resources, Inc.		2,567		127,015
Portland General Electric Co.		2,614		122,832
Ormat Technologies, Inc.		1,824		121,497
Black Hills Corp.		1,912		119,997
NorthWestern Corp.		1,779		101,937
Total Electric				9,825,320
Gas - 8.7%
Atmos Energy Corp.		2,344		206,741
NiSource, Inc.		7,839		189,939
UGI Corp.		4,276		182,243
National Fuel Gas Co.		2,592		136,132
ONE Gas, Inc.		1,766		111,911
Spire, Inc.		1,755		107,371
South Jersey Industries, Inc.		4,373		92,970
Total Gas				1,027,307
Water - 4.5%
American Water Works Company, Inc.		1,944		328,614
Essential Utilities, Inc.		4,463		205,655
Total Water				534,269
Building Materials - 1.3%
MDU Resources Group, Inc.		5,037		149,448
Engineering & Construction - 1.0%
Southwest Gas Holdings, Inc.		1,811		121,119
Energy-Alternate Sources - 1.0%
Sunnova Energy International, Inc.^*		3,508		115,553
Total Common Stocks
(Cost $6,082,011)				11,773,016

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	68,221		68,221
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		26,508		26,508
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		26,508		26,508
Total Repurchase Agreements
(Cost $121,237)				121,237
Total Investments - 100.2%
(Cost $6,203,248)			$	11,894,253
Other Assets & Liabilities, net - (0.2)%				(20,210	)
Total Net Assets - 100.0%			$	11,874,043

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase 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 September 30, 2021 (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	$	11,773,016	$	—	$	—	$	11,773,016
Repurchase Agreements		—		121,237		—		121,237
Total Assets	$	11,773,016	$	121,237	$	—	$	11,894,253

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
MUTUAL FUNDS^† - 46.5%
Guggenheim Strategy Fund II¹		16,776	$	419,234
Guggenheim Ultra Short Duration Fund — Institutional Class¹		41,823		416,979
Total Mutual Funds
(Cost $832,844)				836,213

		Face Amount
FEDERAL AGENCY NOTES^†† - 8.4%
Fannie Mae
1.38% due 10/07/21	$	100,000		100,022
Federal Farm Credit Bank
0.13% due 11/02/21		50,000		50,003
Total Federal Agency Notes
(Cost $150,025)				150,025

U.S. TREASURY BILLS^†† - 2.2%
U.S. Treasury Bills
0.04% due 10/07/21^2,3		39,000		39,000
Total U.S. Treasury Bills
(Cost $39,000)				39,000

REPURCHASE AGREEMENTS^††,4 - 43.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21⁵		438,726		438,726
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21⁵		170,467		170,467
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21⁵		170,467		170,467
Total Repurchase Agreements
(Cost $779,660)				779,660
Total Investments - 100.5%
(Cost $1,801,529)			$	1,804,898
Other Assets & Liabilities, net - (0.5)%				(8,299	)
Total Net Assets - 100.0%			$	1,796,599

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Sold Short^†
U.S. Dollar Index Futures Contracts	33	Dec 2021	$	3,110,085	$	(52,135	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Currency Index Swap Agreements Sold Short^††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

12/17/21

5,027

473,627

(7,860

)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at September 30, 2021.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as currency index swap collateral at September 30, 2021.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	836,213	$	—	$	—	$	836,213
Federal Agency Notes		—		150,025		—		150,025
U.S. Treasury Bills		—		39,000		—		39,000
Repurchase Agreements		—		779,660		—		779,660
Total Assets	$	836,213	$	968,685	$	—	$	1,804,898

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	52,135	$	—	$	—	$	52,135
Currency Index Swap Agreements**		—		7,860		—		7,860
Total Liabilities	$	52,135	$	7,860	$	—	$	59,995

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

Affiliated Transactions

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	365,606	$	153,162	$	(100,000	)	$	(69	)	$	535		$	419,234		16,776	$	3,197
Guggenheim Ultra Short Duration Fund — Institutional Class		535,187		152,419		(270,000	)		(318	)		(309	)		416,979		41,823		2,448
	$	900,793	$	305,581	$	(370,000	)	$	(387	)	$	226		$	836,213			$	5,645

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies

Organization

The Rydex Variable Trust (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (“1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At September 30, 2021, the Trust consisted of forty-nine funds. The Trust offers shares of the funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-Diversified
Commodities Strategy Fund	Non-Diversified
Consumer Products Fund	Diversified
Dow 2x Strategy Fund	Non-Diversified
Electronics Fund	Non-Diversified
Energy Fund	Diversified
Energy Services Fund	Non-Diversified
Europe 1.25x Strategy Fund	Non-Diversified
Financial Services Fund	Diversified
Global Managed Futures Strategy Fund	Diversified
Government Long Bond 1.2x Strategy Fund	Diversified
Health Care Fund	Diversified
High Yield Strategy Fund	Non-Diversified
Internet Fund	Diversified
Inverse Dow 2x Strategy Fund	Non-Diversified
Inverse Government Long Bond Strategy Fund	Diversified
Inverse Mid-Cap Strategy Fund	Non-Diversified
Inverse NASDAQ-100^{^®} Strategy Fund	Non-Diversified
Inverse Russell 2000^{^®} Strategy Fund	Non-Diversified
Inverse S&P 500^{^®} Strategy Fund	Non-Diversified
Japan 2x Strategy Fund	Non-Diversified
Leisure Fund	Diversified
Long Short Equity Fund	Non-Diversified
Mid-Cap 1.5x Strategy Fund	Non-Diversified
Multi-Hedge Strategies Fund	Diversified
NASDAQ-100^{^®} 2x Strategy Fund	Non-Diversified
NASDAQ-100^{^®} Fund	Non-Diversified
Nova Fund	Non-Diversified
Precious Metals Fund	Non-Diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Russell 2000^{^®} 1.5x Strategy Fund	Non-Diversified
Russell 2000^{^®} 2x Strategy Fund	Non-Diversified
S&P 500^{^®} 2x Strategy Fund	Non-Diversified
S&P 500^{^®} Pure Growth Fund	Non-Diversified
S&P 500^{^®} Pure Value Fund	Non-Diversified
S&P MidCap 400^{^®} Pure Growth Fund	Non-Diversified
S&P MidCap 400^{^®} Pure Value Fund	Non-Diversified
S&P SmallCap 600^{^®} Pure Growth Fund	Non-Diversified
S&P SmallCap 600^{^®} Pure Value Fund	Non-Diversified
Strengthening Dollar 2x Strategy Fund	Non-Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-Diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Weakening Dollar 2x Strategy Fund	Non-Diversified

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

For information on the Funds' policy regarding other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

Consolidation of Subsidiary

Each of the consolidated schedules of investments of the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy Fund includes the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Funds.

Each Fund of the above mentioned Funds may invest up to 25% of its total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Funds’ investment objectives and policies.

Significant Accounting Policies

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

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

(a) Valuation of Investments

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

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

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, the Board has authorized the Valuation Committee and Guggenheim Investments ("GI") to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of currency index swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

The values of other swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the NYSE.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

Liquidity: the ability to buy or sell exposure with little price/market impact.

Speculation: the use of an instrument to express macro-economic and other investment views.

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedules of Investments.

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current index value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing a total return or custom basket swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to theperformance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are

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

Note 3 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Level 1 — quoted prices in active markets for identical assets or liabilities.

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

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

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

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

Note 4 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At September 30, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.25%
Due 10/01/21	$	44,012,106	$	44,012,167	Due 08/31/24	$	43,912,000	$	44,892,419


Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		17,100,947		17,100,961	Due 04/15/22		17,194,341		17,443,076


BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.50%
Due 10/01/21		17,100,947		17,100,956	Due 06/30/27		18,072,700		17,443,047

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

Note 5 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class Z. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At September 30, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Fund	Value of Securities Loaned		Collateral Received
Banking Fund	$	111,058	$	115,631
Basic Materials Fund		139,917		141,142
Biotechnology Fund		359,377		369,049
Consumer Products Fund		144,571		149,778
Electronics Fund		168,213		164,406	*
Energy Fund		177,596		178,863
Europe 1.25x Strategy Fund		15,851		16,163
Financial Services Fund		137,716		139,285
Health Care Fund		81,356		83,720
High Yield Strategy Fund		255,862		261,597
Internet Fund		90,359		92,467
Leisure Fund		201,656		203,989
Mid-Cap 1.5x Strategy Fund		18,094		18,700
Multi-Hedge Strategies Fund		408,952		421,194
NASDAQ-100^{^®} 2x Strategy Fund		98,991		101,425
NASDAQ-100^{^®} Fund		113,112		115,894
Nova Fund		3,477		3,562
Precious Metals Fund		470,321		482,222
Retailing Fund		127,603		130,190
Russell 2000^{^®} 1.5x Strategy Fund		529,201		544,796
Russell 2000^{^®} 2x Strategy Fund		77,875		80,189
S&P 500^® 2x Strategy Fund		2,563		2,626
S&P 500^® Pure Value Fund		33,527		34,346
S&P MidCap 400^{^®} Pure Growth Fund		128,095		140,250
S&P SmallCap 600^{^®} Pure Growth Fund		612,366		637,010
S&P SmallCap 600^{^®} Pure Value Fund		141,366		144,637
Technology Fund		397,796		402,203
Telecommunications Fund		41,124		41,592
Transportation Fund		270,097		283,500

*	Subsequent to September 30, 2021, additional collateral was received.

Note 6 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in the respective Subsidiary which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Funds have received a private letter ruling from the IRS that concludes that the income the Funds receive from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At September 30, 2021, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	6,796,296	$	2,028,141	$	(1,055	)	$	2,027,086
Basic Materials Fund		4,361,813		3,369,992		(48,892	)		3,321,100
Biotechnology Fund		15,580,741		9,410,243		(1,288,781	)		8,121,462
Commodities Strategy Fund		9,620,074		154,850		(4,426	)		150,424
Consumer Products Fund		6,278,491		5,116,696		(34,805	)		5,081,891
Dow 2x Strategy Fund		12,720,538		659,545		(332,955	)		326,590
Electronics Fund		5,239,889		7,565,614		(30,921	)		7,534,693
Energy Fund		13,338,386		3,815,962		(173,325	)		3,642,637
Energy Services Fund		10,156,012		–		(580,673	)		(580,673	)
Europe 1.25x Strategy Fund		2,087,759		48,863		(88,816	)		(39,953	)
Financial Services Fund		15,112,321		5,151,304		(162,563	)		4,988,741
Global Managed Futures Strategy Fund		10,396,182		677,148		(425,641	)		251,507
Government Long Bond 1.2x Strategy Fund		11,316,926		–		(531,761	)		(531,761	)
Health Care Fund		10,546,478		10,868,399		(206,862	)		10,661,537
High Yield Strategy Fund		5,367,174		27,702		(46,517	)		(18,815	)
Internet Fund		5,547,375		5,246,821		(308,585	)		4,938,236
Inverse Dow 2x Strategy Fund		2,450,124		127,265		(2	)		127,263
Inverse Government Long Bond Strategy Fund		11,432,827		310,622		(895	)		309,727
Inverse Mid-Cap Strategy Fund		129,978		2,546		–			2,546
Inverse NASDAQ-100® Strategy Fund		520,512		30,450		(427	)		30,023
Inverse Russell 2000® Strategy Fund		263,075		5,021		–			5,021
Inverse S&P 500® Strategy Fund		21,005,772		93,567		(854	)		92,713
Japan 2x Strategy Fund		2,190,655		4,513		(66,928	)		(62,415	)
Leisure Fund		4,193,022		2,283,225		(107,619	)		2,175,606
Long Short Equity Fund		22,497,762		2,990,503		(682,999	)		2,307,504
Mid-Cap 1.5x Strategy Fund		5,416,984		434,638		(139,962	)		294,676
Multi-Hedge Strategies Fund		28,200,771		3,936,887		(2,249,283	)		1,687,604
NASDAQ-100® 2x Strategy Fund		128,467,111		13,393,731		(7,808,624	)		5,585,107
NASDAQ-100® Fund		82,679,768		36,854,774		(1,543,707	)		35,311,067
Nova Fund		51,145,315		1,751,417		(1,474,658	)		276,759
Precious Metals Fund		14,835,696		5,048,484		(457,313	)		4,591,171
Real Estate Fund		8,258,619		3,602,020		(33,598	)		3,568,422
Retailing Fund		2,619,912		1,967,848		(54,947	)		1,912,901
Russell 2000® 1.5x Strategy Fund		6,157,521		13,892		(44,787	)		(30,895	)
Russell 2000® 2x Strategy Fund		7,219,638		11,301		(168,384	)		(157,083	)
S&P 500® 2x Strategy Fund		75,697,052		–		(4,281,797	)		(4,281,797	)
S&P 500® Pure Growth Fund		28,588,743		14,284,540		(219,238	)		14,065,302
S&P 500® Pure Value Fund		20,878,603		6,936,818		(68,055	)		6,868,763
S&P MidCap 400® Pure Growth Fund		15,096,211		4,385,900		(655,823	)		3,730,077
S&P MidCap 400® Pure Value Fund		12,921,601		3,395,889		(80,185	)		3,315,704
S&P SmallCap 600® Pure Growth Fund		12,655,856		3,627,902		(460,108	)		3,167,794
S&P SmallCap 600® Pure Value Fund		16,892,782		4,248,402		(120,971	)		4,127,431
Strengthening Dollar 2x Strategy Fund		2,373,059		52,844		–			52,844
Technology Fund		12,588,030		15,260,473		(219,767	)		15,040,706
Telecommunications Fund		2,459,785		576,652		(55,765	)		520,887
Transportation Fund		5,667,976		2,672,287		(29,794	)		2,642,493
Utilities Fund		7,448,216		4,481,662		(35,625	)		4,446,037
Weakening Dollar 2x Strategy Fund		1,801,529		3,369		(59,995	)		(56,626	)

Note 7 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

OTHER INFORMATION (Unaudited)

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Rydex Variable Trust NPORT-PLong Short Equity Fund (Sep 2021 report)