Rydex Precious Metals Fund NPORTP/A NASDAQ-100 Fund (Dec 2023 report)

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.9%
Banks - 92.0%
Bank of America Corp.		8,909	$	299,970
Wells Fargo & Co.		6,088		299,651
JPMorgan Chase & Co.		1,743		296,484
Citigroup, Inc.		5,668		291,562
U.S. Bancorp		5,818		251,803
PNC Financial Services Group, Inc.		1,583		245,128
Truist Financial Corp.		5,821		214,911
Bank of New York Mellon Corp.		3,728		194,042
Fifth Third Bancorp		4,414		152,239
State Street Corp.		1,879		145,547
M&T Bank Corp.		1,040		142,563
Regions Financial Corp.		6,931		134,323
Huntington Bancshares, Inc.		10,281		130,774
Northern Trust Corp.		1,498		126,401
Citizens Financial Group, Inc.		3,673		121,723
NU Holdings Limited/Cayman Islands — Class A^*		14,513		120,893
KeyCorp		7,925		114,120
Toronto-Dominion Bank		1,750		113,085
HDFC Bank Ltd. ADR		1,530		102,678
East West Bancorp, Inc.		1,352		97,276
ICICI Bank Ltd. ADR		3,879		92,475
Webster Financial Corp.		1,794		91,063
Bank of Nova Scotia		1,851		90,125
Royal Bank of Canada		887		89,702
Comerica, Inc.		1,532		85,501
First Horizon Corp.		6,015		85,172
Western Alliance Bancorporation		1,284		84,474
Zions Bancorp North America		1,825		80,063
Pinnacle Financial Partners, Inc.		902		78,673
Cullen/Frost Bankers, Inc.		716		77,679
SouthState Corp.		908		76,681
Prosperity Bancshares, Inc.		1,122		75,993
Commerce Bancshares, Inc.		1,412		75,434
Popular, Inc.		907		74,438
Canadian Imperial Bank of Commerce		1,542		74,232
Bank OZK		1,478		73,649
HSBC Holdings plc ADR¹		1,800		72,972
Columbia Banking System, Inc.		2,728		72,783
Bank of Montreal		725		71,732
Wintrust Financial Corp.		772		71,603
Cadence Bank		2,392		70,779
Synovus Financial Corp.		1,861		70,067
United Bankshares, Inc.		1,833		68,829
FNB Corp.		4,952		68,189
UBS Group AG^*		2,180		67,362
Old National Bancorp		3,988		67,357
Valley National Bancorp		6,154		66,832
Home BancShares, Inc.		2,635		66,745
First Citizens BancShares, Inc. — Class A		45		63,854
First Financial Bankshares, Inc.		2,062		62,479
Hancock Whitney Corp.		1,281		62,244
Ameris Bancorp		1,107		58,726
United Community Banks, Inc.		1,939		56,735
UMB Financial Corp.		679		56,731
Barclays plc ADR		7,153		56,366
Cathay General Bancorp		1,248		55,623
Associated Banc-Corp.		2,600		55,614
Texas Capital Bancshares, Inc.^*		854		55,194
Banco Bradesco S.A. ADR		15,624		54,684
International Bancshares Corp.		1,001		54,374
First Hawaiian, Inc.		2,311		52,830
Bank of Hawaii Corp.¹		720		52,171
First Interstate BancSystem, Inc. — Class A		1,647		50,645
Fulton Financial Corp.		3,049		50,187
CVB Financial Corp.		2,430		49,062
Simmons First National Corp. — Class A		2,463		48,866
Seacoast Banking Corporation of Florida		1,684		47,927
Eastern Bankshares, Inc.		3,258		46,264
BOK Financial Corp.		507		43,425
Bancorp, Inc.^*		1,053		40,604
Independent Bank Corp.		577		37,972
Total Banks				6,948,354
Savings & Loans - 3.0%
New York Community Bancorp, Inc.		7,977		81,605
Pacific Premier Bancorp, Inc.		1,778		51,757
WSFS Financial Corp.		1,008		46,297
WaFd, Inc.		1,356		44,694
Total Savings & Loans				224,353
Diversified Financial Services - 2.9%
Capital One Financial Corp.		1,655		217,004
Total Common Stocks
(Cost $5,321,348)				7,389,711

PREFERRED STOCKS^† - 1.0%
Financial - 1.0%
Itau Unibanco Holding S.A.
ADR		11,349		78,875
Total Preferred Stocks
(Cost $52,619)				78,875

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	19,089	19,089
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		15,384	15,384
Total Repurchase Agreements
(Cost $34,473)			34,473

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares			Value
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	$	53,216	$	53,216
Total Securities Lending Collateral
(Cost $53,216)				53,216
Total Investments - 100.1%
(Cost $5,461,656)			$	7,556,275
Other Assets & Liabilities, net - (0.1)%				(5,598	)
Total Net Assets - 100.0%			$	7,550,677

^*	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 December 31, 2023 — 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 December 31, 2023.

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 December 31, 2023 (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	$	7,389,711	$	—	$	—	$	7,389,711
Preferred Stocks		78,875		—		—		78,875
Repurchase Agreements		—		34,473		—		34,473
Securities Lending Collateral		53,216		—		—		53,216
Total Assets	$	7,521,802	$	34,473	$	—	$	7,556,275

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.7%
Chemicals - 37.0%
Linde plc		3,408	$	1,399,700
Sherwin-Williams Co.		2,771		864,275
Air Products and Chemicals, Inc.		2,852		780,878
Ecolab, Inc.		3,560		706,126
Dow, Inc.		11,482		629,673
PPG Industries, Inc.		3,932		588,031
DuPont de Nemours, Inc.		7,223		555,665
LyondellBasell Industries N.V. — Class A		5,193		493,750
International Flavors & Fragrances, Inc.		5,595		453,027
Albemarle Corp.		2,946		425,638
Celanese Corp. — Class A		2,711		421,208
Nutrien Ltd.		7,162		403,435
CF Industries Holdings, Inc.		4,732		376,194
RPM International, Inc.		3,365		375,635
Eastman Chemical Co.		3,640		326,945
Mosaic Co.		9,123		325,965
FMC Corp.		4,583		288,958
Axalta Coating Systems Ltd.^*		8,005		271,930
Olin Corp.		4,855		261,927
Element Solutions, Inc.		10,152		234,917
Westlake Corp.		1,588		222,257
Chemours Co.		7,019		221,379
Huntsman Corp.		8,039		202,020
Ashland, Inc.		2,313		195,009
Livent Corp.^*		10,693		192,260
Balchem Corp.		845		125,694
Total Chemicals				11,342,496
Mining - 22.8%
Freeport-McMoRan, Inc.		19,507		830,413
Newmont Corp.		16,815		695,973
Barrick Gold Corp.		30,554		552,722
Rio Tinto plc ADR		5,801		431,942
BHP Group Ltd. ADR		6,073		414,847
Agnico Eagle Mines Ltd.		6,477		355,263
Wheaton Precious Metals Corp.		6,039		297,964
Southern Copper Corp.		3,388		291,605
Alcoa Corp.		8,509		289,306
Royal Gold, Inc.		2,290		276,998
Franco-Nevada Corp.		2,359		261,401
Pan American Silver Corp.		15,841		258,684
Kinross Gold Corp.		41,428		250,639
Gold Fields Ltd. ADR		16,784		242,697
Anglogold Ashanti plc		12,940		241,849
Sibanye Stillwater Ltd. ADR		39,591		214,979
Sigma Lithium Corp.^*,1		6,538		206,143
Alamos Gold, Inc. — Class A		14,600		196,662
B2Gold Corp.		59,487		187,979
MP Materials Corp.^*		9,180		182,223
Hecla Mining Co.		34,125		164,141
SSR Mining, Inc.		12,998		139,859
Total Mining				6,984,289
Iron & Steel - 12.4%
Nucor Corp.		3,818		664,485
Vale S.A. ADR		41,228		653,876
Steel Dynamics, Inc.		3,611		426,459
Reliance Steel & Aluminum Co.		1,445		404,138
United States Steel Corp.		7,283		354,318
Cleveland-Cliffs, Inc.^*		16,537		337,685
ArcelorMittal S.A.		9,633		273,481
ATI, Inc.^*		5,537		251,767
Commercial Metals Co.		4,904		245,396
Gerdau S.A. ADR		42,939		208,254
Total Iron & Steel				3,819,859
Packaging & Containers - 11.0%
Ball Corp.		7,283		418,918
Packaging Corporation of America		2,284		372,087
Crown Holdings, Inc.		3,577		329,406
Westrock Co.		7,667		318,334
Amcor plc		30,549		294,492
AptarGroup, Inc.		2,236		276,414
Graphic Packaging Holding Co.		11,186		275,735
Berry Global Group, Inc.		4,053		273,132
Sonoco Products Co.		4,136		231,078
Sealed Air Corp.		6,262		228,688
Silgan Holdings, Inc.		4,265		192,991
O-I Glass, Inc.^*		9,765		159,951
Total Packaging & Containers				3,371,226
Building Materials - 8.0%
Martin Marietta Materials, Inc.		1,132		564,766
Vulcan Materials Co.		2,433		552,316
CRH plc^*		5,357		370,490
Eagle Materials, Inc.		1,330		269,777
Cemex SAB de CV ADR^*		33,160		256,990
Louisiana-Pacific Corp.		3,110		220,281
Summit Materials, Inc. — Class A^*		5,692		218,914
Total Building Materials				2,453,534
Coal - 3.2%
Teck Resources Ltd. — Class B		10,771		455,290
Alpha Metallurgical Resources, Inc.		522		176,916
Warrior Met Coal, Inc.		2,883		175,777
Arch Resources, Inc.		992		164,612
Total Coal				972,595
Biotechnology - 1.9%
Corteva, Inc.		12,275		588,218
Household Products & Housewares - 1.3%
Avery Dennison Corp.		2,001		404,522
Forest Products & Paper - 1.1%
International Paper Co.		9,504		343,570
Housewares - 0.5%
Scotts Miracle-Gro Co. — Class A		2,557		163,009
Healthcare-Services - 0.3%
Ginkgo Bioworks Holdings, Inc.^*,1		45,845		77,478
Environmental Control - 0.2%
PureCycle Technologies, Inc.^*,1		16,615		67,291
Total Common Stocks
(Cost $18,484,951)				30,588,087

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	176,863	$	176,863
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		142,531		142,531
Total Repurchase Agreements
(Cost $319,394)				319,394

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		282,225		282,225
Total Securities Lending Collateral
(Cost $282,225)				282,225
Total Investments - 101.6%
(Cost $19,086,570)			$	31,189,706
Other Assets & Liabilities, net - (1.6)%				(502,383	)
Total Net Assets - 100.0%			$	30,687,323

^*	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 December 31, 2023 — 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 December 31, 2023.

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 December 31, 2023 (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	$	30,588,087	$	—	$	—	$	30,588,087
Repurchase Agreements		—		319,394		—		319,394
Securities Lending Collateral		282,225		—		—		282,225
Total Assets	$	30,870,312	$	319,394	$	—	$	31,189,706

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Biotechnology - 74.6%
Amgen, Inc.		22,947	$	6,609,195
Vertex Pharmaceuticals, Inc.^*		11,916		4,848,501
Regeneron Pharmaceuticals, Inc.^*		5,420		4,760,332
Gilead Sciences, Inc.		58,422		4,732,766
Moderna, Inc.^*		33,946		3,375,930
Biogen, Inc.^*		12,718		3,291,037
Corteva, Inc.		64,623		3,096,734
Illumina, Inc.^*		18,813		2,619,522
Alnylam Pharmaceuticals, Inc.^*		13,656		2,613,895
Cytokinetics, Inc.^*		27,323		2,281,197
BioMarin Pharmaceutical, Inc.^*		23,095		2,226,820
Royalty Pharma plc — Class A		68,419		1,921,890
Incyte Corp.^*		30,192		1,895,756
Legend Biotech Corp. ADR^*		28,526		1,716,409
United Therapeutics Corp.^*		7,160		1,574,412
Sarepta Therapeutics, Inc.^*		16,261		1,568,048
ImmunoGen, Inc.^*		49,427		1,465,511
Exelixis, Inc.^*		60,869		1,460,247
Intra-Cellular Therapies, Inc.^*		19,815		1,419,150
Ionis Pharmaceuticals, Inc.^*		27,460		1,389,201
BioNTech SE ADR^*		12,391		1,307,746
Bridgebio Pharma, Inc.^*		31,868		1,286,511
Karuna Therapeutics, Inc.^*		4,028		1,274,902
Roivant Sciences Ltd.^*		110,138		1,236,850
ACADIA Pharmaceuticals, Inc.^*		38,459		1,204,151
Blueprint Medicines Corp.^*		13,045		1,203,271
Apellis Pharmaceuticals, Inc.^*		20,005		1,197,499
Argenx SE ADR^*		3,121		1,187,322
REVOLUTION Medicines, Inc.^*		41,096		1,178,633
CRISPR Therapeutics AG^*		18,697		1,170,432
Amicus Therapeutics, Inc.^*		82,424		1,169,597
Insmed, Inc.^*		37,152		1,151,341
Halozyme Therapeutics, Inc.^*		29,464		1,088,990
Ultragenyx Pharmaceutical, Inc.^*		22,494		1,075,663
Arrowhead Pharmaceuticals, Inc.^*		33,819		1,034,861
Mirati Therapeutics, Inc.^*		17,168		1,008,620
Guardant Health, Inc.^*		34,283		927,355
Immunovant, Inc.^*		20,363		857,893
Intellia Therapeutics, Inc.^*		27,798		847,561
Axsome Therapeutics, Inc.^*		10,113		804,894
TG Therapeutics, Inc.^*		47,043		803,495
Iovance Biotherapeutics, Inc.^*		95,480		776,252
PTC Therapeutics, Inc.^*		27,608		760,877
Prothena Corporation plc^*		20,627		749,585
Dynavax Technologies Corp.^*		50,798		710,156
Beam Therapeutics, Inc.^*,1		24,560		668,523
Akero Therapeutics, Inc.^*		26,132		610,182
Krystal Biotech, Inc.^*		4,629		574,274
Sage Therapeutics, Inc.^*		26,068		564,894
Novavax, Inc.^*		74,642		358,282
Total Biotechnology				83,657,165
Pharmaceuticals - 18.6%
AbbVie, Inc.		56,397		8,739,843
AstraZeneca plc ADR		43,595		2,936,123
Viatris, Inc.		180,371		1,953,418
Neurocrine Biosciences, Inc.^*		14,605		1,924,355
Alkermes plc^*		55,142		1,529,639
Jazz Pharmaceuticals plc^*		11,642		1,431,966
Vaxcyte, Inc.^*		18,581		1,166,887
Ironwood Pharmaceuticals, Inc. — Class A^*		59,223		677,511
Madrigal Pharmaceuticals, Inc.^*		2,447		566,187
Total Pharmaceuticals				20,925,929
Healthcare-Products - 5.2%
Exact Sciences Corp.^*		27,239		2,015,141
Natera, Inc.^*		22,863		1,432,138
Novocure Ltd.^*		95,849		1,431,026
Pacific Biosciences of California, Inc.^*		92,643		908,828
Total Healthcare-Products				5,787,133
Healthcare-Services - 1.1%
Medpace Holdings, Inc.^*		4,208		1,289,879
Total Common Stocks
(Cost $57,286,458)				111,660,106

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	126,182		126,182
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		101,689		101,689
Total Repurchase Agreements
(Cost $227,871)				227,871

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		565,545		565,545
Total Securities Lending Collateral
(Cost $565,545)				565,545
Total Investments - 100.2%
(Cost $58,079,874)			$	112,453,522
Other Assets & Liabilities, net - (0.2)%				(255,578	)
Total Net Assets - 100.0%			$	112,197,944

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

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 December 31, 2023 (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	$	111,660,106	$	—	$	—	$	111,660,106
Repurchase Agreements		—		227,871		—		227,871
Securities Lending Collateral		565,545		—		—		565,545
Total Assets	$	112,225,651	$	227,871	$	—	$	112,453,522

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.6%
Food - 33.5%
Mondelez International, Inc. — Class A		27,274	$	1,975,456
Hershey Co.		6,449		1,202,352
General Mills, Inc.		18,421		1,199,944
Sysco Corp.		16,149		1,180,976
Kroger Co.		24,110		1,102,068
Kraft Heinz Co.		29,029		1,073,492
Tyson Foods, Inc. — Class A		16,154		868,278
McCormick & Company, Inc.		12,358		845,534
Lamb Weston Holdings, Inc.		7,439		804,082
Kellanova		13,876		775,807
J M Smucker Co.		5,711		721,756
Conagra Brands, Inc.		24,969		715,612
Performance Food Group Co.^*		9,656		667,712
US Foods Holding Corp.^*		14,097		640,145
Hormel Foods Corp.		18,790		603,347
Campbell Soup Co.		13,288		574,440
Albertsons Companies, Inc. — Class A		24,149		555,427
Ingredion, Inc.		4,886		530,278
Sprouts Farmers Market, Inc.^*		9,255		445,258
Post Holdings, Inc.^*		4,655		409,919
Flowers Foods, Inc.		17,612		396,446
Simply Good Foods Co.^*		9,343		369,983
Cal-Maine Foods, Inc.		5,783		331,886
Grocery Outlet Holding Corp.^*		10,922		294,457
Lancaster Colony Corp.		1,634		271,881
Pilgrim’s Pride Corp.^*		7,813		216,108
Total Food				18,772,644
Beverages - 26.3%
PepsiCo, Inc.		17,932		3,045,571
Coca-Cola Co.		50,950		3,002,484
Monster Beverage Corp.^*		23,362		1,345,885
Constellation Brands, Inc. — Class A		5,211		1,259,759
Keurig Dr Pepper, Inc.		34,807		1,159,769
Brown-Forman Corp. — Class B		18,410		1,051,211
Coca-Cola Europacific Partners plc		13,326		889,377
Anheuser-Busch InBev S.A. ADR¹		12,182		787,201
Fomento Economico Mexicano SAB de CV ADR		5,634		734,392
Molson Coors Beverage Co. — Class B		11,208		686,042
Celsius Holdings, Inc.^*		10,647		580,474
Coca-Cola Consolidated, Inc.		171		158,756
Total Beverages				14,700,921
Cosmetics & Personal Care - 16.7%
Procter & Gamble Co.		25,222		3,696,032
Colgate-Palmolive Co.		20,347		1,621,859
Estee Lauder Companies, Inc. — Class A		9,810		1,434,713
Kenvue, Inc.		56,810		1,223,119
Unilever plc ADR		15,786		765,305
elf Beauty, Inc.^*		4,055		585,299
Total Cosmetics & Personal Care				9,326,327
Agriculture - 13.2%
Philip Morris International, Inc.		25,855		2,432,438
Altria Group, Inc.		40,903		1,650,027
Archer-Daniels-Midland Co.		16,600		1,198,852
Bunge Global S.A.		7,703		777,618
British American Tobacco plc ADR		25,855		757,293
Darling Ingredients, Inc.^*		11,208		558,607
Total Agriculture				7,374,835
Household Products & Housewares - 6.6%
Kimberly-Clark Corp.		10,465		1,271,602
Church & Dwight Company, Inc.		10,151		959,879
Clorox Co.		5,838		832,440
Spectrum Brands Holdings, Inc.		4,319		344,527
WD-40 Co.		1,265		302,423
Total Household Products & Housewares				3,710,871
Retail - 1.9%
Casey’s General Stores, Inc.		2,305		633,276
Freshpet, Inc.^*		5,012		434,841
Total Retail				1,068,117
Pharmaceuticals - 1.0%
BellRing Brands, Inc.^*		9,722		538,891
Food Service - 0.4%
Sovos Brands, Inc.^*		9,409		207,280
Total Common Stocks
(Cost $29,333,939)				55,699,886

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	106,264		106,264
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		85,637		85,637
Total Repurchase Agreements
(Cost $191,901)				191,901

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		607,012		607,012
Total Securities Lending Collateral
(Cost $607,012)				607,012
Total Investments - 101.0%
(Cost $30,132,852)			$	56,498,799
Other Assets & Liabilities, net - (1.0)%				(550,988	)
Total Net Assets - 100.0%			$	55,947,811

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	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 December 31, 2023 — 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 December 31, 2023.

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 December 31, 2023 (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	$	55,699,886	$	—	$	—	$	55,699,886
Repurchase Agreements		—		191,901		—		191,901
Securities Lending Collateral		607,012		—		—		607,012
Total Assets	$	56,306,898	$	191,901	$	—	$	56,498,799

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 79.7%
Consumer, Non-cyclical - 17.9%
UnitedHealth Group, Inc.		3,404	$	1,792,104
Amgen, Inc.		3,404		980,420
Johnson & Johnson		3,404		533,543
Procter & Gamble Co.		3,404		498,822
Merck & Company, Inc.		3,404		371,104
Coca-Cola Co.		3,404		200,598
Total Consumer, Non-cyclical				4,376,591
Financial - 16.6%
Goldman Sachs Group, Inc.		3,404		1,313,161
Visa, Inc. — Class A		3,404		886,232
Travelers Companies, Inc.		3,404		648,428
American Express Co.		3,404		637,705
JPMorgan Chase & Co.		3,404		579,020
Total Financial				4,064,546
Technology - 14.6%
Microsoft Corp.		3,404		1,280,040
Salesforce, Inc.^*		3,404		895,729
Apple, Inc.		3,404		655,372
International Business Machines Corp.		3,404		556,724
Intel Corp.		3,404		171,051
Total Technology				3,558,916
Consumer, Cyclical - 13.0%
Home Depot, Inc.		3,404		1,179,656
McDonald’s Corp.		3,404		1,009,320
Walmart, Inc.		3,404		536,641
NIKE, Inc. — Class B		3,404		369,572
Walgreens Boots Alliance, Inc.		3,404		88,879
Total Consumer, Cyclical				3,184,068
Industrial - 12.2%
Caterpillar, Inc.		3,404		1,006,461
Boeing Co.^*		3,404		887,286
Honeywell International, Inc.		3,404		713,853
3M Co.		3,404		372,125
Total Industrial				2,979,725
Communications - 2.5%
Walt Disney Co.		3,404		307,347
Cisco Systems, Inc.		3,404		171,970
Verizon Communications, Inc.		3,404		128,331
Total Communications				607,648
Energy - 2.1%
Chevron Corp.		3,404		507,741
Basic Materials - 0.8%
Dow, Inc.		3,404		186,675
Total Common Stocks
(Cost $15,056,246)				19,465,910

MUTUAL FUNDS^† - 5.2%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		67,906		668,877
Guggenheim Strategy Fund II¹		24,698		605,110
Total Mutual Funds
(Cost $1,285,414)				1,273,987

	Face Amount
U.S. TREASURY BILLS^†† - 2.4%
U.S. Treasury Bills
5.27% due 02/22/24^2,3	$	300,000		297,770
5.23% due 02/22/24³		300,000		297,770
Total U.S. Treasury Bills
(Cost $595,452)				595,540

REPURCHASE AGREEMENTS^††,4 - 9.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24²		1,217,496		1,217,496
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24²		981,163		981,163
Total Repurchase Agreements
(Cost $2,198,659)				2,198,659
Total Investments - 96.3%
(Cost $19,135,771)			$	23,534,096
Other Assets & Liabilities, net - 3.7%				892,921
Total Net Assets - 100.0%			$	24,427,017

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	Mar 2024	$	1,520,120	$	(344	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

5.90% (SOFR + 0.50%)

At Maturity

03/20/24

2,990,454

7,342

BNP Paribas

Dow Jones Industrial Average Index

Pay

5.88% (Federal Funds Rate + 0.55%)

At Maturity

03/21/24

448,890

7,238

3,439,344

14,580

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	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 December 31, 2023.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (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	$	19,465,910	$	—	$	—	$	19,465,910
Mutual Funds		1,273,987		—		—		1,273,987
U.S. Treasury Bills		—		595,540		—		595,540
Repurchase Agreements		—		2,198,659		—		2,198,659
Equity Index Swap Agreements**		—		14,580		—		14,580
Total Assets	$	20,739,897	$	2,808,779	$	—	$	23,548,676

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Futures Contracts**		$	344			$	—			$	—			$	344

**	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 and Guggenheim 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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	897,823	$	–	$	(300,000	)	$	(7,060	)	$	14,347	$	605,110		24,698	$	29,150
Guggenheim Ultra Short Duration Fund — Institutional Class		958,754		–		(300,000	)		(5,796	)		15,919		668,877		67,906		31,514
	$	1,856,577	$	–	$	(600,000	)	$	(12,856	)	$	30,266	$	1,273,987			$	60,664

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.4%
Semiconductors - 92.2%
NVIDIA Corp.		16,606	$	8,223,623
Broadcom, Inc.		5,254		5,864,778
Advanced Micro Devices, Inc.^*		25,593		3,772,664
Intel Corp.		73,834		3,710,159
QUALCOMM, Inc.		21,366		3,090,165
Texas Instruments, Inc.		17,785		3,031,631
Applied Materials, Inc.		17,639		2,858,753
Lam Research Corp.		3,194		2,501,732
Micron Technology, Inc.		28,445		2,427,496
Analog Devices, Inc.		12,125		2,407,540
KLA Corp.		3,695		2,147,904
Marvell Technology, Inc.		29,656		1,788,553
Microchip Technology, Inc.		18,336		1,653,540
NXP Semiconductor N.V.		6,832		1,569,174
ON Semiconductor Corp.^*		17,512		1,462,777
ASML Holding N.V. — Class G		1,768		1,338,235
Monolithic Power Systems, Inc.		2,098		1,323,376
Taiwan Semiconductor Manufacturing Company Ltd. ADR		10,845		1,127,880
Entegris, Inc.		8,759		1,049,503
Skyworks Solutions, Inc.		9,235		1,038,199
Teradyne, Inc.		9,488		1,029,638
STMicroelectronics N.V. — Class Y		17,151		859,780
Qorvo, Inc.^*		7,244		815,747
United Microelectronics Corp. ADR¹		95,174		805,172
ASE Technology Holding Company Ltd. ADR		84,456		794,731
Kulicke & Soffa Industries, Inc.		14,470		791,798
Lattice Semiconductor Corp.^*		11,117		766,962
MKS Instruments, Inc.		6,611		680,074
Rambus, Inc.^*		9,615		656,224
Wolfspeed, Inc.^*		13,190		573,897
GLOBALFOUNDRIES, Inc.^*,1		9,254		560,792
MACOM Technology Solutions Holdings, Inc.^*		5,894		547,847
Synaptics, Inc.^*		4,570		521,346
Amkor Technology, Inc.		15,490		515,352
Power Integrations, Inc.		6,237		512,120
Cirrus Logic, Inc.^*		6,135		510,371
Silicon Laboratories, Inc.^*		3,778		499,716
Axcelis Technologies, Inc.^*		3,816		494,897
Diodes, Inc.^*		5,850		471,042
Allegro MicroSystems, Inc.^*		12,188		368,931
Ambarella, Inc.^*		5,964		365,534
Impinj, Inc.^*		3,080		277,292
Semtech Corp.^*		12,131		265,790
Aehr Test Systems^*		7,295		193,536
Total Semiconductors				66,266,271
Energy-Alternate Sources - 5.7%
Enphase Energy, Inc.^*		8,208		1,084,605
First Solar, Inc.^*		6,256		1,077,784
SolarEdge Technologies, Inc.^*		11,244		1,052,438
Canadian Solar, Inc.^*,1		32,768		859,505
Total Energy-Alternate Sources				4,074,332
Electrical Components & Equipment - 1.0%
Universal Display Corp.		3,682		704,219
Telecommunications - 0.5%
Credo Technology Group Holding Ltd.^*		19,845		386,382
Total Common Stocks
(Cost $35,139,992)				71,431,204

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.1%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	429,411	429,411
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		346,057	346,057
Total Repurchase Agreements
(Cost $775,468)			775,468

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	1,711,563		1,711,563
Total Securities Lending Collateral
(Cost $1,711,563)			1,711,563
Total Investments - 102.9%
(Cost $37,627,023)		$	73,918,235
Other Assets & Liabilities, net - (2.9)%			(2,091,412	)
Total Net Assets - 100.0%		$	71,826,823

^*	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 December 31, 2023 — 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 December 31, 2023.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (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	$	71,431,204	$	—	$	—	$	71,431,204
Repurchase Agreements		—		775,468		—		775,468
Securities Lending Collateral		1,711,563		—		—		1,711,563
Total Assets	$	73,142,767	$	775,468	$	—	$	73,918,235

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 62.4%
Technology - 19.5%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		5,528	$	574,912
Infosys Ltd. ADR		6,880		126,454
NetEase, Inc. ADR		689		64,187
United Microelectronics Corp. ADR		4,602		38,933
ASE Technology Holding Company Ltd. ADR		3,380		31,806
Wipro Ltd. ADR		2,790		15,540
Total Technology				851,832
Communications - 17.8%
Alibaba Group Holding Ltd. ADR		3,605		279,424
PDD Holdings, Inc. ADR^*		1,341		196,202
JD.com, Inc. ADR		2,432		70,260
Baidu, Inc. ADR^*		561		66,810
Trip.com Group Ltd. ADR^*		1,100		39,611
America Movil SAB de CV ADR		2,047		37,910
Chunghwa Telecom Company Ltd. ADR		752		29,381
Telkom Indonesia Persero Tbk PT ADR		941		24,240
Tencent Music Entertainment Group ADR^*		1,276		11,497
Vipshop Holdings Ltd. ADR^*		557		9,892
Full Truck Alliance Company Ltd. ADR^*		1,322		9,267
Total Communications				774,494
Financial - 11.6%
HDFC Bank Ltd. ADR		3,634		243,878
ICICI Bank Ltd. ADR		5,071		120,893
Banco Bradesco S.A. ADR		10,511		36,788
KB Financial Group, Inc. ADR		743		30,738
Shinhan Financial Group Company Ltd. ADR		969		29,826
KE Holdings, Inc. ADR		1,332		21,592
Woori Financial Group, Inc. ADR¹		441		13,327
Banco de Chile ADR		430		9,924
Total Financial				506,966
Basic Materials - 5.8%
Vale S.A. ADR		7,185		113,954
POSCO Holdings, Inc. ADR		589		56,020
Gold Fields Ltd. ADR		1,768		25,565
Sociedad Quimica y Minera de Chile S.A. ADR		283		17,042
Suzano S.A. ADR		1,467		16,665
Sasol Ltd. ADR		1,142		11,352
Gerdau S.A. ADR		2,288		11,097
Total Basic Materials				251,695
Consumer, Non-cyclical - 3.5%
Fomento Economico Mexicano SAB de CV ADR		363		47,317
Ambev S.A. ADR		8,728		24,438
BeiGene Ltd. ADR^*		121		21,823
New Oriental Education & Technology Group, Inc. ADR^*		296		21,691
Dr Reddy’s Laboratories Ltd. ADR		241		16,769
TAL Education Group ADR^*		913		11,531
Coca-Cola Femsa SAB de CV ADR		104		9,843
Total Consumer, Non-cyclical				153,412
Energy - 1.5%
Petroleo Brasileiro S.A. ADR		3,682		58,802
Cosan S.A. ADR		575		9,004
Total Energy				67,806
Industrial - 1.3%
Cemex SAB de CV ADR^*		2,995		23,211
ZTO Express Cayman, Inc. ADR		844		17,961
Grupo Aeroportuario del Pacifico SAB de CV ADR		78		13,667
Total Industrial				54,839
Consumer, Cyclical - 0.8%
NIO, Inc. ADR^*,1		2,766		25,088
H World Group Ltd. ADR		278		9,296
Total Consumer, Cyclical				34,384
Utilities - 0.6%
Centrais Eletricas Brasileiras S.A. ADR		2,046		17,637
Cia de Saneamento Basico do Estado de Sao Paulo ADR		676		10,295
Total Utilities				27,932
Total Common Stocks
(Cost $2,332,968)				2,723,360

PREFERRED STOCKS^† - 3.1%
Energy - 1.6%
Petroleo Brasileiro S.A.
ADR		4,545		69,448
Financial - 1.5%
Itau Unibanco Holding S.A.
ADR		9,588		66,636
Total Preferred Stocks
(Cost $107,355)				136,084

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 28.9%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³	$	697,159		697,159
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		561,831		561,831
Total Repurchase Agreements
(Cost $1,258,990)				1,258,990

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Shares		Value
SECURITIES LENDING COLLATERAL^†,4 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁵	$	29,267	$	29,267
Total Securities Lending Collateral
(Cost $29,267)				29,267
Total Investments - 95.1%
(Cost $3,728,580)			$	4,147,701
Other Assets & Liabilities, net - 4.9%				213,785
Total Net Assets - 100.0%			$	4,361,486

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^††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

03/21/24

1,597

4,384,430

65,432

BNP Paribas

S&P Emerging 50 ADR Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

03/21/24

570

1,565,784

44,063

5,950,214

109,495

^*	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 December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of December 31, 2023.

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 December 31, 2023 (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	$	2,723,360	$	—	$	—	$	2,723,360
Preferred Stocks		136,084		—		—		136,084
Repurchase Agreements		—		1,258,990		—		1,258,990
Securities Lending Collateral		29,267		—		—		29,267
Equity Index Swap Agreements**		—		109,495		—		109,495
Total Assets	$	2,888,711	$	1,368,485	$	—	$	4,257,196

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

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.0%
U.S. Treasury Bills
5.17% due 01/09/24^1,2	$	9,000	$	8,991
Total U.S. Treasury Bills
(Cost $8,989)				8,991

REPURCHASE AGREEMENTS^††,3 - 91.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁴		477,374		477,374
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁴		384,710		384,710
Total Repurchase Agreements
(Cost $862,084)				862,084
Total Investments - 92.0%
(Cost $871,073)			$	871,075
Other Assets & Liabilities, net - 8.0%				75,826
Total Net Assets - 100.0%			$	946,901

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		5	Mar 2024	$	543,867	$	8,312
U.S. Treasury 10 Year Note Futures Contracts		1	Mar 2024		112,875		4,084
				$	656,742	$	12,396

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty		Exchange		Index		Protection Premium Rate				Payment Frequency		Maturity Date		Notional Amount				Value				Upfront Premiums Received				Unrealized Appreciation^**
Barclays Bank plc		ICE		CDX.EM.40.V1			1.00	%		Quarterly		12/20/28		$	720,000			$	(20,800	)		$	(34,086	)		$	13,286

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

01/05/24

17,012

352,148

18,676

**	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 pledged as futures collateral at December 31, 2023.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 4.
4	All or a portion of this security is pledged as credit index swap collateral at December 31, 2023.

CDX.EM.40.V1 — Credit Default Swap Emerging Markets Series 40 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (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
U.S. Treasury Bills	$	—	$	8,991	$	—	$	8,991
Repurchase Agreements		—		862,084		—		862,084
Interest Rate Futures Contracts**		12,396		—		—		12,396
Credit Default Swap Agreements**		—		13,286		—		13,286
Credit Index Swap Agreements**		—		18,676		—		18,676
Total Assets	$	12,396	$	903,037	$	—	$	915,433

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

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas - 64.3%
Exxon Mobil Corp.		30,304	$	3,029,794
Chevron Corp.		17,046		2,542,581
ConocoPhillips		15,675		1,819,397
EOG Resources, Inc.		10,706		1,294,891
Phillips 66		9,014		1,200,124
Marathon Petroleum Corp.		7,837		1,162,697
Pioneer Natural Resources Co.		4,872		1,095,615
Valero Energy Corp.		7,983		1,037,790
Hess Corp.		7,020		1,012,003
Occidental Petroleum Corp.		16,418		980,319
Devon Energy Corp.		18,460		836,238
Diamondback Energy, Inc.		5,280		818,822
Shell plc ADR		11,946		786,047
Petroleo Brasileiro S.A. ADR		47,669		761,274
BP plc ADR		21,076		746,090
Coterra Energy, Inc. — Class A		26,385		673,345
Equities Corp.		16,268		628,921
Suncor Energy, Inc.		19,000		608,760
Canadian Natural Resources Ltd.		9,043		592,497
Marathon Oil Corp.		23,881		576,965
Ovintiv, Inc.		12,393		544,301
Cenovus Energy, Inc.		31,568		525,607
APA Corp.		14,547		521,946
Chesapeake Energy Corp.		6,233		479,567
Permian Resources Corp.		35,088		477,197
HF Sinclair Corp.		7,750		430,668
Equinor ASA ADR¹		13,414		424,419
Southwestern Energy Co.^*		64,428		422,003
Range Resources Corp.		13,642		415,263
Antero Resources Corp.^*		17,551		398,057
Matador Resources Co.		6,899		392,277
Murphy Oil Corp.		9,145		390,126
Civitas Resources, Inc.		5,688		388,945
Weatherford International plc^*		3,948		386,233
Noble Corporation plc		7,915		381,186
Transocean Ltd.^*		54,865		348,393
PBF Energy, Inc. — Class A		7,803		343,020
SM Energy Co.		8,693		336,593
Chord Energy Corp.		2,023		336,283
Valaris Ltd.^*		4,765		326,736
Patterson-UTI Energy, Inc.		29,370		317,196
Magnolia Oil & Gas Corp. — Class A		14,863		316,433
California Resources Corp.		5,625		307,575
Northern Oil and Gas, Inc.		7,614		282,251
Kosmos Energy Ltd.^*		40,995		275,077
Helmerich & Payne, Inc.		7,541		273,135
CNX Resources Corp.^*		13,317		266,340
Callon Petroleum Co.^*		6,811		220,676
Delek US Holdings, Inc.		7,512		193,810
Comstock Resources, Inc.		15,456		136,786
Total Oil & Gas				33,062,269
Pipelines - 14.1%
Williams Companies, Inc.		28,758		1,001,641
ONEOK, Inc.		14,163		994,526
Cheniere Energy, Inc.		5,572		951,196
Kinder Morgan, Inc.		50,722		894,736
Targa Resources Corp.		7,823		679,584
Enbridge, Inc.		16,973		611,368
TC Energy Corp.¹		12,271		479,674
Golar LNG Ltd.		16,039		368,737
DT Midstream, Inc.		6,340		347,432
Pembina Pipeline Corp.		9,665		332,669
Equitrans Midstream Corp.		31,568		321,362
New Fortress Energy, Inc.		7,463		281,579
Total Pipelines				7,264,504
Oil & Gas Services - 9.8%
Schlumberger N.V.		26,103		1,358,400
Baker Hughes Co.		27,251		931,439
Halliburton Co.		23,556		851,550
TechnipFMC plc		25,845		520,518
NOV, Inc.		22,116		448,513
ChampionX Corp.		12,534		366,118
Tidewater, Inc.^*		4,473		322,548
Liberty Energy, Inc. — Class A		14,245		258,404
Total Oil & Gas Services				5,057,490
Energy-Alternate Sources - 6.2%
SolarEdge Technologies, Inc.^*		10,934		1,023,423
Enphase Energy, Inc.^*		5,358		708,006
First Solar, Inc.^*		4,079		702,730
Sunrun, Inc.^*		18,499		363,135
Plug Power, Inc.^*,1		41,471		186,620
Green Plains, Inc.^*		6,923		174,598
Total Energy-Alternate Sources				3,158,512
Transportation - 1.5%
Scorpio Tankers, Inc.		6,452		392,281
Frontline plc		17,833		357,552
Total Transportation				749,833
Mining - 1.4%
Cameco Corp.		11,450		493,495
Uranium Energy Corp.^*		36,658		234,611
Total Mining				728,106
Coal - 0.8%
Peabody Energy Corp.		10,443		253,974
CONSOL Energy, Inc.		1,522		153,006
Total Coal				406,980
Metal Fabricate & Hardware - 0.7%
Tenaris S.A. ADR		10,808		375,686
Retail - 0.7%
Murphy USA, Inc.		1,026		365,831
Total Common Stocks
(Cost $34,951,558)				51,169,211

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	194,688		194,688
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		156,896		156,896
Total Repurchase Agreements
(Cost $351,584)				351,584

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	$	843,448	$	843,448
Total Securities Lending Collateral
(Cost $843,448)				843,448
Total Investments - 101.8%
(Cost $36,146,590)			$	52,364,243
Other Assets & Liabilities, net - (1.8)%				(915,331	)
Total Net Assets - 100.0%			$	51,448,912

^*	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 December 31, 2023 — 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 December 31, 2023.

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 December 31, 2023 (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	$	51,169,211	$	—	$	—	$	51,169,211
Repurchase Agreements		—		351,584		—		351,584
Securities Lending Collateral		843,448		—		—		843,448
Total Assets	$	52,012,659	$	351,584	$	—	$	52,364,243

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 64.9%
Schlumberger N.V.		85,792	$	4,464,616
Baker Hughes Co.		89,555		3,060,990
Halliburton Co.		77,410		2,798,371
NOV, Inc.		72,683		1,474,011
TechnipFMC plc		67,788		1,365,250
ChampionX Corp.		41,193		1,203,248
Tidewater, Inc.^*		14,696		1,059,729
Liberty Energy, Inc. — Class A		46,815		849,224
Archrock, Inc.		51,117		787,202
Oceaneering International, Inc.^*		36,301		772,485
Helix Energy Solutions Group, Inc.^*		61,858		635,900
Expro Group Holdings N.V.^*		39,567		629,907
US Silica Holdings, Inc.^*		41,034		464,095
ProPetro Holding Corp.^*		52,925		443,511
RPC, Inc.		59,056		429,928
Core Laboratories, Inc.		17,396		307,213
ProFrac Holding Corp. — Class A^*		21,887		185,602
Total Oil & Gas Services				20,931,282
Oil & Gas - 28.7%
Weatherford International plc^*		14,519		1,420,394
Noble Corporation plc		26,021		1,253,171
Transocean Ltd.^*		180,308		1,144,956
Valaris Ltd.^*		15,666		1,074,218
Patterson-UTI Energy, Inc.		96,524		1,042,459
Helmerich & Payne, Inc.		24,778		897,459
Seadrill Ltd.^*		17,725		838,038
Borr Drilling Ltd.^*		103,934		764,954
Diamond Offshore Drilling, Inc.^*		46,973		610,649
Nabors Industries Ltd.^*		2,473		201,871
Total Oil & Gas				9,248,169
Machinery-Diversified - 3.1%
Cactus, Inc. — Class A		21,902		994,351
Metal Fabricate & Hardware - 2.8%
Tenaris S.A. ADR		26,560		923,226
Total Common Stocks
(Cost $27,359,051)				32,097,028

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	111,028		111,028
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		89,476		89,476
Total Repurchase Agreements
(Cost $200,504)				200,504
Total Investments - 100.1%
(Cost $27,559,555)			$	32,297,532
Other Assets & Liabilities, net - (0.1)%				(42,412	)
Total Net Assets - 100.0%			$	32,255,120

^*	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 December 31, 2023 (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	$	32,097,028	$	—	$	—	$	32,097,028
Repurchase Agreements		—		200,504		—		200,504
Total Assets	$	32,097,028	$	200,504	$	—	$	32,297,532

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 49.4%
Consumer, Non-cyclical - 19.3%
Novo Nordisk A/S ADR		1,168	$	120,830
Nestle S.A. ADR		959		110,889
AstraZeneca plc ADR		1,109		74,691
Novartis AG ADR		735		74,213
Roche Holding AG ADR		2,012		72,895
Unilever plc ADR		905		43,874
L’Oreal S.A. ADR		436		43,343
Sanofi S.A. ADR		822		40,878
Diageo plc ADR		200		29,132
RELX plc ADR		695		27,564
GSK plc ADR		735		27,239
EssilorLuxottica S.A. ADR		219		22,008
British American Tobacco plc ADR		725		21,235
Anheuser-Busch InBev S.A. ADR¹		321		20,743
Reckitt Benckiser Group plc ADR		1,326		18,219
Bayer AG ADR		1,417		13,079
Total Consumer, Non-cyclical				760,832
Financial - 6.8%
HSBC Holdings plc ADR¹		1,384		56,107
Allianz SE ADR		1,448		38,647
UBS Group AG^*		1,094		33,805
Zurich Insurance Group AG ADR		525		27,450
BNP Paribas S.A. ADR		778		27,028
Banco Santander S.A. ADR		5,860		24,260
AXA S.A. ADR¹		684		22,356
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		488		20,525
ING Groep N.V. ADR		1,230		18,475
Total Financial				268,653
Industrial - 5.5%
Siemens AG ADR		537		50,231
Schneider Electric SE ADR		1,028		41,357
Airbus SE ADR		843		32,514
Vinci S.A. ADR		855		26,967
ABB Ltd. ADR		578		25,605
Safran S.A. ADR		543		23,963
Deutsche Post AG ADR		331		16,400
Total Industrial				217,037
Energy - 4.4%
Shell plc ADR		1,177		77,446
TotalEnergies SE ADR		868		58,486
BP plc ADR		1,012		35,825
Total Energy				171,757
Technology - 4.2%
ASML Holding N.V. — Class G		145		109,753
SAP SE ADR		366		56,580
Total Technology				166,333
Consumer, Cyclical - 3.7%
LVMH Moet Hennessy Louis Vuitton SE ADR		464		75,377
Hermes International SCA ADR		126		26,787
Cie Financiere Richemont S.A. ADR		1,880		25,897
Mercedes-Benz Group AG ADR		1,144		19,723
Total Consumer, Cyclical				147,784
Basic Materials - 2.6%
Air Liquide S.A. ADR		939		36,574
Rio Tinto plc ADR		383		28,518
Glencore plc ADR^*		1,795		21,504
BASF SE ADR		1,282		17,205
Total Basic Materials				103,801
Utilities - 1.7%
Iberdrola S.A. ADR		519		27,247
Enel SpA ADR¹		2,809		20,773
National Grid plc ADR¹		260		17,677
Total Utilities				65,697
Communications - 1.2%
Deutsche Telekom AG ADR		1,243		29,994
Prosus N.V. ADR		2,820		16,779
Total Communications				46,773
Total Common Stocks
(Cost $1,657,399)				1,948,667

MUTUAL FUNDS^† - 3.5%
Guggenheim Ultra Short Duration Fund — Institutional Class²		7,027		69,217
Guggenheim Strategy Fund II²		2,760		67,631
Total Mutual Funds
(Cost $138,226)				136,848

		Face Amount
U.S. TREASURY BILLS^†† - 5.8%
U.S. Treasury Bills
5.17% due 01/09/24^3,4	$	231,000		230,764
Total U.S. Treasury Bills
(Cost $230,730)				230,764

REPURCHASE AGREEMENTS^††,5 - 37.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24		821,394		821,394
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		661,951		661,951
Total Repurchase Agreements
(Cost $1,483,345)				1,483,345

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 2.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁷		107,332		107,332
Total Securities Lending Collateral
(Cost $107,332)				107,332
Total Investments - 99.0%
(Cost $3,617,032)			$	3,906,956
Other Assets & Liabilities, net - 1.0%				39,419
Total Net Assets - 100.0%			$	3,946,375

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		22	Mar 2024	$	3,045,625	$	62,596
Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		63	Mar 2024		2,855,383		1,084

^*	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 December 31, 2023 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at December 31, 2023.
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 December 31, 2023.

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 December 31, 2023 (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	$	1,948,667	$	—	$	—	$	1,948,667
Mutual Funds		136,848		—		—		136,848
U.S. Treasury Bills		—		230,764		—		230,764
Repurchase Agreements		—		1,483,345		—		1,483,345
Securities Lending Collateral		107,332		—		—		107,332
Currency Futures Contracts**		62,596		—		—		62,596
Equity Futures Contracts**		1,084		—		—		1,084
Total Assets	$	2,256,527	$	1,714,109	$	—	$	3,970,636

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

Affiliated Transactions

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	66,830	$	–	$	–	$	–	$	801	$	67,631		2,760	$	2,791
Guggenheim Ultra Short Duration Fund — Institutional Class		68,233		–		–		–		984		69,217		7,027		2,837
	$	135,063	$	–	$	–	$	–	$	1,785	$	136,848			$	5,628

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.2%
Banks - 24.2%
JPMorgan Chase & Co.		1,824	$	310,262
Bank of America Corp.		6,388		215,084
Wells Fargo & Co.		3,833		188,660
Goldman Sachs Group, Inc.		425		163,952
Morgan Stanley		1,684		157,033
Citigroup, Inc.		2,645		136,059
U.S. Bancorp		2,653		114,822
PNC Financial Services Group, Inc.		722		111,802
Truist Financial Corp.		2,655		98,023
Bank of New York Mellon Corp.		1,699		88,433
Toronto-Dominion Bank		1,237		79,935
NU Holdings Limited/Cayman Islands — Class A^*		9,582		79,818
HDFC Bank Ltd. ADR		1,122		75,297
Royal Bank of Canada		720		72,814
Bank of Nova Scotia		1,488		72,451
Fifth Third Bancorp		2,014		69,463
ICICI Bank Ltd. ADR		2,906		69,279
State Street Corp.		857		66,383
M&T Bank Corp.		474		64,976
Regions Financial Corp.		3,160		61,241
Huntington Bancshares, Inc.		4,688		59,631
Northern Trust Corp.		684		57,716
Citizens Financial Group, Inc.		1,674		55,476
KeyCorp		3,613		52,027
East West Bancorp, Inc.		617		44,393
Comerica, Inc.		699		39,011
First Horizon Corp.		2,743		38,841
Western Alliance Bancorporation		586		38,553
Zions Bancorp North America		833		36,544
SouthState Corp.		415		35,047
Bank OZK		674		33,585
Columbia Banking System, Inc.		1,244		33,190
Pinnacle Financial Partners, Inc.		362		31,574
Old National Bancorp		1,819		30,723
Valley National Bancorp		2,806		30,473
Wintrust Financial Corp.		320		29,680
First Citizens BancShares, Inc. — Class A		15		21,284
Total Banks				2,963,535
Diversified Financial Services - 21.3%
Visa, Inc. — Class A		1,217		316,846
Mastercard, Inc. — Class A		609		259,745
BlackRock, Inc. — Class A		183		148,559
Charles Schwab Corp.		2,086		143,517
American Express Co.		758		142,004
Intercontinental Exchange, Inc.		970		124,577
CME Group, Inc. — Class A		563		118,568
Capital One Financial Corp.		755		98,996
Coinbase Global, Inc. — Class A^*		512		89,047
Ameriprise Financial, Inc.		230		87,361
XP, Inc. — Class A		3,286		85,666
Apollo Global Management, Inc.		891		83,032
Ares Management Corp. — Class A		690		82,055
Interactive Brokers Group, Inc. — Class A		970		80,413
Discover Financial Services		666		74,858
T. Rowe Price Group, Inc.		636		68,491
Nasdaq, Inc.		1,174		68,256
Raymond James Financial, Inc.		575		64,112
Tradeweb Markets, Inc. — Class A		691		62,798
Cboe Global Markets, Inc.		333		59,460
LPL Financial Holdings, Inc.		254		57,815
Synchrony Financial		1,463		55,872
Ally Financial, Inc.		1,306		45,606
SoFi Technologies, Inc.^*		4,444		44,218
Franklin Resources, Inc.		1,423		42,391
Invesco Ltd.		2,350		41,924
SEI Investments Co.		607		38,575
Upstart Holdings, Inc.^*		644		26,314
Total Diversified Financial Services				2,611,076

REITS - 21.2%
Prologis, Inc.		1,188		158,360
American Tower Corp. — Class A		635		137,084
Equinix, Inc.		145		116,782
Public Storage		324		98,820
Welltower, Inc.		1,083		97,654
Simon Property Group, Inc.		665		94,856
Crown Castle, Inc.		814		93,765
Realty Income Corp.		1,549		88,944
Digital Realty Trust, Inc.		654		88,015
Extra Space Storage, Inc.		525		84,173
VICI Properties, Inc.		2,514		80,146
Weyerhaeuser Co.		2,075		72,148
AvalonBay Communities, Inc.		382		71,518
SBA Communications Corp.		278		70,526
Equity Residential		1,073		65,625
Alexandria Real Estate Equities, Inc.		505		64,019
Invitation Homes, Inc.		1,865		63,615
Iron Mountain, Inc.		904		63,262
Ventas, Inc.		1,266		63,097
Essex Property Trust, Inc.		228		56,530
Sun Communities, Inc.		417		55,732
Mid-America Apartment Communities, Inc.		410		55,129
Host Hotels & Resorts, Inc.		2,686		52,296
UDR, Inc.		1,315		50,351
Kimco Realty Corp.		2,359		50,270
Gaming and Leisure Properties, Inc.		1,015		50,090
Regency Centers Corp.		738		49,446
Rexford Industrial Realty, Inc.		860		48,246
American Homes 4 Rent — Class A		1,298		46,676
Equity LifeStyle Properties, Inc.		656		46,274
Healthpeak Properties, Inc.		2,325		46,035
CubeSmart		990		45,887
Camden Property Trust		456		45,276
Lamar Advertising Co. — Class A		424		45,063
Boston Properties, Inc.		634		44,488
Annaly Capital Management, Inc.		2,257		43,718
Omega Healthcare Investors, Inc.		1,212		37,160
AGNC Investment Corp.		3,699		36,287

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

		Shares		Value
COMMON STOCKS^† - 99.2% (continued)
REITS - 21.2% (continued)
Sabra Health Care REIT, Inc.		1,700	$	24,259
Total REITS				2,601,622
Insurance - 17.4%
Berkshire Hathaway, Inc. — Class B^*		1,054		375,922
Progressive Corp.		812		129,335
Marsh & McLennan Companies, Inc.		682		129,219
Willis Towers Watson plc		465		112,158
Arch Capital Group Ltd.^*		1,419		105,389
Chubb Ltd.		452		102,152
Aon plc — Class A		332		96,619
American International Group, Inc.		1,408		95,392
Aflac, Inc.		1,137		93,802
Travelers Companies, Inc.		481		91,626
Arthur J Gallagher & Co.		406		91,301
MetLife, Inc.		1,280		84,646
Prudential Financial, Inc.		814		84,420
Allstate Corp.		584		81,748
Hartford Financial Services Group, Inc.		839		67,439
RenaissanceRe Holdings Ltd.		316		61,936
Principal Financial Group, Inc.		765		60,183
Everest Group Ltd.		170		60,109
Cincinnati Financial Corp.		526		54,420
Brown & Brown, Inc.		764		54,328
W R Berkley Corp.		706		49,928
Unum Group		580		26,228
Erie Indemnity Co. — Class A		58		19,425
Total Insurance				2,127,725
Commercial Services - 7.9%
S&P Global, Inc.		372		163,873
PayPal Holdings, Inc.^*		1,861		114,284
Moody's Corp.		277		108,185
Block, Inc. — Class A^*		1,289		99,704
Global Payments, Inc.		639		81,153
StoneCo Ltd. — Class A^*		4,028		72,625
FleetCor Technologies, Inc.^*		220		62,174
Affirm Holdings, Inc.^*		1,137		55,872
Toast, Inc. — Class A^*		2,565		46,837
MarketAxess Holdings, Inc.		140		40,999
Shift4 Payments, Inc. — Class A^*		482		35,832
Euronet Worldwide, Inc.^*		298		30,244
Morningstar, Inc.		90		25,762
Flywire Corp.^*		1,046		24,215
Total Commercial Services				961,759
Private Equity - 3.3%
Blackstone, Inc. — Class A		1,389		181,848
KKR & Company, Inc. — Class A		1,277		105,800
Brookfield Corp.		1,826		73,259
Carlyle Group, Inc.		1,113		45,288
Total Private Equity				406,195
Software - 2.8%
Fiserv, Inc.^*		920		122,213
MSCI, Inc. — Class A		165		93,332
Fidelity National Information Services, Inc.		1,370		82,296
Jack Henry & Associates, Inc.		286		46,735
Total Software				344,576
Media - 0.5%
FactSet Research Systems, Inc.		126		60,108
Internet - 0.3%
Robinhood Markets, Inc. — Class A^*		3,337		42,514
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		3,637		37,207
Total Common Stocks
(Cost $10,162,927)				12,156,317

PREFERRED STOCKS^† - 0.5%
Financial - 0.5%
Itau Unibanco Holding S.A.
ADR		9,836		68,360
Total Preferred Stocks
(Cost $48,648)				68,360

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	32,408		32,408
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		26,118		26,118
Total Repurchase Agreements
(Cost $58,526)				58,526
Total Investments - 100.2%
(Cost $10,270,101)			$	12,283,203
Other Assets & Liabilities, net - (0.2)%				(26,132	)
Total Net Assets - 100.0%			$	12,257,071

*	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

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (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	$	12,156,317	$	—	$	—	$	12,156,317
Preferred Stocks		68,360		—		—		68,360
Repurchase Agreements		—		58,526		—		58,526
Total Assets	$	12,224,677	$	58,526	$	—	$	12,283,203

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 13.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		222,710	$	2,193,695
Guggenheim Strategy Fund II¹		81,235		1,991,070
Total Mutual Funds
(Cost $4,227,653)				4,184,765

	Face Amount
U.S. GOVERNMENT SECURITIES^†† - 79.5%
U.S. Treasury Bonds
4.75% due 11/15/53	$	21,800,000	24,559,063
Total U.S. Government Securities
(Cost $22,276,293)			24,559,063


U.S. TREASURY BILLS^†† - 2.3%
U.S. Treasury Bills
5.17% due 01/09/24^2,3	713,000		712,273
Total U.S. Treasury Bills
(Cost $712,166)			712,273

REPURCHASE AGREEMENTS^††,4 - 5.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	927,991		927,991
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24	747,855		747,855
Total Repurchase Agreements
(Cost $1,675,846)			1,675,846
Total Investments - 100.8%
(Cost $28,891,958)		$	31,131,947
Other Assets & Liabilities, net - (0.8)%			(246,089	)
Total Net Assets - 100.0%		$	30,885,858

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury Ultra Long Bond Futures Contracts

Mar 2024

12,284,875

1,131,122

^**	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 December 31, 2023.
³	Rate indicated is the effective yield at the time of purchase.
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 December 31, 2023 (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	$	4,184,765	$	—	$	—	$	4,184,765
U.S. Government Securities		—		24,559,063		—		24,559,063
U.S. Treasury Bills		—		712,273		—		712,273
Repurchase Agreements		—		1,675,846		—		1,675,846
Interest Rate Futures Contracts**		1,131,122		—		—		1,131,122
Total Assets	$	5,315,887	$	26,947,182	$	—	$	32,263,069

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

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

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.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,966,699	$	–	$	–		$	–		$	24,371	$	1,991,070		81,235	$	82,136
Guggenheim Ultra Short Duration Fund — Institutional Class		2,462,516		–		(300,000	)		(7,724	)		38,903		2,193,695		222,710		92,164
	$	4,429,215	$	–	$	(300,000	)	$	(7,724	)	$	63,274	$	4,184,765			$	174,300

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 100.0%
Pharmaceuticals - 32.8%
Eli Lilly & Co.		1,159	$	675,604
Johnson & Johnson		3,765		590,126
Merck & Company, Inc.		4,726		515,229
AbbVie, Inc.		3,300		511,401
Pfizer, Inc.		13,385		385,354
CVS Health Corp.		3,935		310,708
Bristol-Myers Squibb Co.		5,992		307,450
Cigna Group		1,020		305,439
Zoetis, Inc.		1,456		287,371
Becton Dickinson & Co.		1,071		261,142
AstraZeneca plc ADR		3,863		260,173
McKesson Corp.		512		237,046
Dexcom, Inc.^*		1,719		213,311
Novo Nordisk A/S ADR		1,824		188,693
Cencora, Inc. — Class A		874		179,502
Alkermes plc^*		5,890		163,389
GSK plc ADR		4,208		155,948
Novartis AG ADR		1,524		153,878
Teva Pharmaceutical Industries Ltd. ADR^*		14,376		150,085
Cardinal Health, Inc.		1,458		146,966
Viatris, Inc.		10,548		114,235
Neurocrine Biosciences, Inc.^*		854		112,523
Henry Schein, Inc.^*		1,275		96,530
Jazz Pharmaceuticals plc^*		680		83,640
Option Care Health, Inc.^*		2,321		78,194
Madrigal Pharmaceuticals, Inc.^*		155		35,864
Total Pharmaceuticals				6,519,801
Healthcare-Products - 28.9%
Thermo Fisher Scientific, Inc.		839		445,333
Abbott Laboratories		3,891		428,282
Danaher Corp.		1,685		389,808
Intuitive Surgical, Inc.^*		1,024		345,457
Stryker Corp.		1,042		312,037
Boston Scientific Corp.^*		4,939		285,524
Medtronic plc		2,858		235,442
Edwards Lifesciences Corp.^*		2,834		216,092
IDEXX Laboratories, Inc.^*		381		211,474
Agilent Technologies, Inc.		1,430		198,813
GE HealthCare Technologies, Inc.		2,331		180,233
West Pharmaceutical Services, Inc.		448		157,750
ResMed, Inc.		910		156,538
Zimmer Biomet Holdings, Inc.		1,281		155,898
Align Technology, Inc.^*		552		151,248
Waters Corp.^*		429		141,240
Baxter International, Inc.		3,569		137,978
Cooper Companies, Inc.		362		136,995
Hologic, Inc.^*		1,770		126,466
Insulet Corp.^*		573		124,330
Avantor, Inc.^*		5,427		123,898
Exact Sciences Corp.^*		1,594		117,924
Bio-Techne Corp.		1,447		111,651
Dentsply Sirona, Inc.		3,116		110,898
Penumbra, Inc.^*		391		98,352
Repligen Corp.^*		467		83,967
Natera, Inc.^*		1,338		83,812
Bruker Corp.		1,090		80,093
Shockwave Medical, Inc.^*		420		80,035
Masimo Corp.^*		640		75,014
Inspire Medical Systems, Inc.^*		347		70,590
Azenta, Inc.^*		927		60,385
Lantheus Holdings, Inc.^*		948		58,776
Inari Medical, Inc.^*		840		54,533
Total Healthcare-Products				5,746,866
Biotechnology - 21.1%
Amgen, Inc.		1,341		386,235
Vertex Pharmaceuticals, Inc.^*		816		332,022
Gilead Sciences, Inc.		3,827		310,025
Regeneron Pharmaceuticals, Inc.^*		338		296,862
Moderna, Inc.^*		1,986		197,508
Biogen, Inc.^*		744		192,525
Illumina, Inc.^*		1,101		153,303
Alnylam Pharmaceuticals, Inc.^*		799		152,937
Cytokinetics, Inc.^*		1,598		133,417
BioMarin Pharmaceutical, Inc.^*		1,351		130,263
CRISPR Therapeutics AG^*		2,072		129,707
Argenx SE ADR^*		336		127,824
Royalty Pharma plc — Class A		4,002		112,416
Incyte Corp.^*		1,766		110,887
United Therapeutics Corp.^*		418		91,914
Sarepta Therapeutics, Inc.^*		952		91,801
ImmunoGen, Inc.^*		2,890		85,689
Exelixis, Inc.^*		3,559		85,380
Intra-Cellular Therapies, Inc.^*		1,159		83,008
Ionis Pharmaceuticals, Inc.^*		1,606		81,248
Karuna Therapeutics, Inc.^*		255		80,710
Blueprint Medicines Corp.^*		825		76,098
Bridgebio Pharma, Inc.^*		1,864		75,250
Roivant Sciences Ltd.^*		6,443		72,355
ACADIA Pharmaceuticals, Inc.^*		2,250		70,448
Apellis Pharmaceuticals, Inc.^*		1,171		70,096
REVOLUTION Medicines, Inc.^*		2,405		68,975
Halozyme Therapeutics, Inc.^*		1,723		63,682
Ultragenyx Pharmaceutical, Inc.^*		1,315		62,883
Arrowhead Pharmaceuticals, Inc.^*		1,978		60,527
Mirati Therapeutics, Inc.^*		1,005		59,044
Guardant Health, Inc.^*		2,005		54,235
Axsome Therapeutics, Inc.^*		639		50,858
TG Therapeutics, Inc.^*		2,751		46,987
Total Biotechnology				4,197,119
Healthcare-Services - 15.4%
UnitedHealth Group, Inc.		1,245		655,455
Elevance Health, Inc.		673		317,360
HCA Healthcare, Inc.		840		227,371
Humana, Inc.		490		224,327
IQVIA Holdings, Inc.^*		878		203,152
Centene Corp.^*		2,569		190,645
ICON plc^*		669		189,374
Molina Healthcare, Inc.^*		383		138,382
Laboratory Corporation of America Holdings		595		135,238
Quest Diagnostics, Inc.		871		120,093
Universal Health Services, Inc. — Class B		667		101,677
Catalent, Inc.^*		2,048		92,017
Tenet Healthcare Corp.^*		1,163		87,888

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 100.0% (continued)
Healthcare-Services - 15.4% (continued)
Acadia Healthcare Company, Inc.^*	1,071	$	83,281
Medpace Holdings, Inc.^*	266		81,537
HealthEquity, Inc.^*	1,080		71,604
DaVita, Inc.^*	671		70,294
Teladoc Health, Inc.^*	2,815		60,663
Total Healthcare-Services			3,050,358
Software - 0.9%
Veeva Systems, Inc. — Class A^*	893		171,920
Electronics - 0.7%
Mettler-Toledo International, Inc.^*	123		149,194
Commercial Services - 0.2%
R1 RCM, Inc.^*	3,750		39,638
Total Common Stocks
(Cost $12,102,728)			19,874,896

RIGHTS^††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson
Expires 12/31/29	752		–
Total Rights
(Cost $–)			–

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.2%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	130,152		130,152
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		104,888		104,888
Total Repurchase Agreements
(Cost $235,040)				235,040
Total Investments - 101.2%
(Cost $12,337,768)			$	20,109,936
Other Assets & Liabilities, net - (1.2)%				(240,703	)
Total Net Assets - 100.0%			$	19,869,233

^*	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	Repurchase Agreements — See Note 4.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (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	$	19,874,896	$	—	$	—		$	19,874,896
Rights		—		—		—	*		—
Repurchase Agreements		—		235,040		—			235,040
Total Assets	$	19,874,896	$	235,040	$	—		$	20,109,936

*	Security has a market value of $0.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 9.3%
Guggenheim Strategy Fund III¹		79,841	$	1,960,897
Guggenheim Ultra Short Duration Fund — Institutional Class¹		133,249		1,312,502
Guggenheim Strategy Fund II¹		53,173		1,303,264
Total Mutual Funds
(Cost $4,578,426)				4,576,663

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 45.6%
Farmer Mac
4.59% due 01/05/24²	$	8,650,000		8,644,964
5.20% due 01/02/24²		6,500,000		6,499,061
Federal Home Loan Bank
5.26% due 03/20/24²		4,500,000		4,448,642
5.24% due 01/05/24²		1,650,000		1,649,039
5.29% due 01/12/24²		1,200,000		1,198,060
Total Federal Agency Discount Notes
(Cost $22,439,231)				22,439,766

U.S. TREASURY BILLS^†† - 11.2%
U.S. Treasury Bills
5.26% due 03/26/24²		4,500,000		4,445,361
5.17% due 01/09/24^2,3		1,054,000		1,052,925
Total U.S. Treasury Bills
(Cost $5,496,906)				5,498,286

FEDERAL AGENCY NOTES^†† - 9.1%
Federal Home Loan Bank
5.44% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24^◊		2,500,000		2,500,060
5.66% due 08/26/24		2,000,000		2,000,250
Total Federal Agency Notes
(Cost $4,500,053)				4,500,310

REPURCHASE AGREEMENTS^††,4 - 18.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁵		4,987,228		4,987,228
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁵		4,019,138		4,019,138
Total Repurchase Agreements
(Cost $9,006,366)				9,006,366
Total Investments - 93.5%
(Cost $46,020,982)			$	46,021,391
Other Assets & Liabilities, net - 6.5%				3,220,162
Total Net Assets - 100.0%			$	49,241,553

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury 5 Year Note Futures Contracts

424

Mar 2024

46,119,938

1,056,487

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 Appreciation^**
Barclays Bank plc	ICE	CDX.NA.HY.41.V2		5.00	%	Quarterly	12/20/28	$	38,560,500	$	2,275,070	$	506,606	$	1,768,464
Goldman Sachs International	ICE	CDX.NA.HY.41.V2		5.00	%	Quarterly	12/20/28		6,633,000		391,347		31,065		360,282
										$	2,666,417	$	537,671	$	2,128,746

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

01/05/24

16,337

1,267,751

35,288

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

03/21/24

1,788

169,851

930

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^†† (continued)

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

03/21/24

1,222

94,843

476

1,532,445

36,694

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2023. 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.
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 December 31, 2023.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as credit index swap collateral at December 31, 2023.

CDX.NA.HY.41.V2 — Credit Default Swap North American High Yield Series 41 Index Version 2

ICE — Intercontinental Exchange

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (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	$	4,576,663	$	—	$	—	$	4,576,663
Federal Agency Discount Notes		—		22,439,766		—		22,439,766
U.S. Treasury Bills		—		5,498,286		—		5,498,286
Federal Agency Notes		—		4,500,310		—		4,500,310
Repurchase Agreements		—		9,006,366		—		9,006,366
Interest Rate Futures Contracts**		1,056,487		—		—		1,056,487
Credit Default Swap Agreements**		—		2,128,746		—		2,128,746
Credit Index Swap Agreements**		—		36,694		—		36,694
Total Assets	$	5,633,150	$	43,610,168	$	—	$	49,243,318

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

Affiliated Transactions

Rydex Precious Metals Fund (RYPMX) NPORT-P/ANASDAQ-100 Fund (Dec 2023 report)