NPORT-EX 2 fp0046036_nportex_nqgmhiss.htm RYDEX VARIABLE TRUST NQ

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.6%
Banks - 92.0%
Wells Fargo & Co.		4,640	$	234,042
Citigroup, Inc.		3,249		224,441
JPMorgan Chase & Co.		1,903		223,964
Bank of America Corp.		7,610		221,984
U.S. Bancorp		3,554		196,678
PNC Financial Services Group, Inc.		1,175		164,688
BB&T Corp.		2,557		136,467
Bank of New York Mellon Corp.		2,993		135,314
SunTrust Banks, Inc.		1,707		117,442
State Street Corp.		1,652		97,782
M&T Bank Corp.		616		97,309
Fifth Third Bancorp		3,436		94,078
Northern Trust Corp.		1,002		93,507
KeyCorp		5,022		89,592
First Republic Bank		876		84,709
Regions Financial Corp.		5,302		83,878
Citizens Financial Group, Inc.		2,370		83,827
Huntington Bancshares, Inc.		5,687		81,153
SVB Financial Group^*		334		69,789
ICICI Bank Ltd. ADR		5,579		67,952
HDFC Bank Ltd. ADR		1,172		66,863
Comerica, Inc.		1,009		66,584
Zions Bancorp North America		1,340		59,657
HSBC Holdings plc ADR		1,490		57,022
Popular, Inc.		1,042		56,351
Toronto-Dominion Bank		967		56,337
Royal Bank of Canada		686		55,676
Signature Bank		456		54,364
Bank of Nova Scotia		956		54,349
Commerce Bancshares, Inc.		896		54,342
Bank of Montreal		725		53,469
UBS Group AG^*		4,707		53,236
East West Bancorp, Inc.		1,194		52,882
Canadian Imperial Bank of Commerce		638		52,673
Credit Suisse Group AG ADR^*		4,221		51,538
TCF Financial Corp.		1,320		50,252
First Citizens BancShares, Inc. — Class A		106		49,984
Cullen/Frost Bankers, Inc.		562		49,765
BOK Financial Corp.		626		49,548
Synovus Financial Corp.		1,381		49,385
First Horizon National Corp.		2,933		47,515
Prosperity Bancshares, Inc.		662		46,757
Western Alliance Bancorporation		1,009		46,495
First Financial Bankshares, Inc.		1,354		45,129
Pinnacle Financial Partners, Inc.		784		44,492
CIT Group, Inc.		966		43,769
Webster Financial Corp.		930		43,589
PacWest Bancorp		1,197		43,499
IBERIABANK Corp.		551		41,623
FNB Corp.		3,588		41,370
United Bankshares, Inc.		1,084		41,051
Glacier Bancorp, Inc.		995		40,258
Umpqua Holdings Corp.		2,424		39,899
Wintrust Financial Corp.		617		39,877
First Hawaiian, Inc.		1,478		39,463
Bank OZK		1,447		39,460
Associated Banc-Corp.		1,911		38,698
Hancock Whitney Corp.		995		38,104
UMB Financial Corp.		580		37,456
Home BancShares, Inc.		1,991		37,421
BankUnited, Inc.		1,107		37,217
CenterState Bank Corp.		1,546		37,081
BancorpSouth Bank		1,233		36,509
Old National Bancorp		2,083		35,838
Atlantic Union Bankshares Corp.		959		35,718
CVB Financial Corp.		1,697		35,416
Cathay General Bancorp		998		34,666
Texas Capital Bancshares, Inc.^*		634		34,648
Columbia Banking System, Inc.		937		34,575
Fulton Financial Corp.		2,121		34,318
First Financial Bancorp		1,363		33,359
Simmons First National Corp. — Class A		1,310		32,619
United Community Banks, Inc.		1,135		32,177
Trustmark Corp.		932		31,790
Cadence BanCorp		1,808		31,712
First Midwest Bancorp, Inc.		1,586		30,895
LegacyTexas Financial Group, Inc.		701		30,515
Hope Bancorp, Inc.		1,981		28,408
Total Banks				5,136,259
Savings & Loans - 2.9%
People's United Financial, Inc.		3,365		52,612
Sterling Bancorp		2,133		42,788
Investors Bancorp, Inc.		3,275		37,204
Pacific Premier Bancorp, Inc.		917		28,601
Total Savings & Loans				161,205
Diversified Financial Services - 2.4%
Capital One Financial Corp.		1,503		136,743
Insurance - 2.3%
AXA Equitable Holdings, Inc.		3,093		68,541
Voya Financial, Inc.		1,069		58,196
Total Insurance				126,737
Total Common Stocks
(Cost $3,880,341)				5,560,944

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.1%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	36,445		36,445
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		11,720		11,720
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		10,548		10,548
Total Repurchase Agreements
(Cost $58,713)				58,713
Total Investments - 100.7%
(Cost $3,939,054)			$	5,619,657
Other Assets & Liabilities, net - (0.7)%				(38,363	)
Total Net Assets - 100.0%			$	5,581,294

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,560,944	$	—	$	—	$	5,560,944
Repurchase Agreements		—		58,713		—		58,713
Total Assets	$	5,560,944	$	58,713	$	—	$	5,619,657

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Chemicals - 46.7%
Ecolab, Inc.		1,069	$	211,705
DuPont de Nemours, Inc.		2,899		206,728
Sherwin-Williams Co.		356		195,754
Air Products & Chemicals, Inc.		869		192,796
Dow, Inc.		3,562		169,729
Linde plc		820		158,850
LyondellBasell Industries N.V. — Class A		1,743		155,946
PPG Industries, Inc.		1,223		144,938
Celanese Corp. — Class A		898		109,816
International Flavors & Fragrances, Inc.¹		837		102,691
FMC Corp.		1,082		94,870
CF Industries Holdings, Inc.		1,885		92,742
Eastman Chemical Co.		1,243		91,771
RPM International, Inc.		1,219		83,879
Westlake Chemical Corp.		1,280		83,866
Mosaic Co.		3,986		81,713
Albemarle Corp.¹		1,126		78,279
Axalta Coating Systems Ltd.^*		2,452		73,928
Huntsman Corp.		2,855		66,407
Ashland Global Holdings, Inc.		794		61,178
Nutrien Ltd.		1,191		59,407
WR Grace & Co.		884		59,016
Valvoline, Inc.		2,614		57,586
Ingevity Corp.^*		620		52,601
Balchem Corp.		513		50,884
Olin Corp.		2,687		50,301
Sensient Technologies Corp.		705		48,398
Cabot Corp.		1,021		46,272
Element Solutions, Inc.^*		4,453		45,331
Methanex Corp.		1,246		44,196
Sociedad Quimica y Minera de Chile S.A. ADR		1,583		43,992
HB Fuller Co.		923		42,975
Chemours Co.		2,873		42,923
GCP Applied Technologies, Inc.^*		1,695		32,629
Total Chemicals				3,134,097
Mining - 17.3%
Newmont Goldcorp Corp.		4,029		152,780
Barrick Gold Corp.		6,908		119,716
Freeport-McMoRan, Inc.		10,544		100,906
Rio Tinto plc ADR		1,770		92,199
Royal Gold, Inc.		641		78,978
BHP Group Ltd. ADR¹		1,446		71,403
Wheaton Precious Metals Corp.		2,414		63,343
Agnico Eagle Mines Ltd.		1,159		62,134
Teck Resources Ltd. — Class B		3,485		56,561
Franco-Nevada Corp.		591		53,876
AngloGold Ashanti Ltd. ADR		2,945		53,805
Alcoa Corp.^*		2,637		52,925
Pan American Silver Corp.		3,235		50,725
Kirkland Lake Gold Ltd.		1,120		50,176
Compass Minerals International, Inc.		690		38,978
Kaiser Aluminum Corp.		353		34,936
Livent Corp.^*		4,129		27,623
Total Mining				1,161,064
Packaging & Containers - 12.2%
Ball Corp.		1,873		136,373
Packaging Corporation of America		873		92,625
Westrock Co.		2,447		89,193
Crown Holdings, Inc.^*		1,309		86,473
Sealed Air Corp.		1,710		70,982
Sonoco Products Co.		1,177		68,513
Berry Global Group, Inc.^*		1,679		65,934
Graphic Packaging Holding Co.		4,070		60,032
Amcor plc		5,412		52,767
Silgan Holdings, Inc.		1,737		52,171
Owens-Illinois, Inc.		3,676		37,753
Total Packaging & Containers				812,816
Iron & Steel - 8.4%
Vale S.A. ADR^*		11,296		129,904
Nucor Corp.		2,150		109,456
Steel Dynamics, Inc.		2,425		72,265
Reliance Steel & Aluminum Co.		707		70,460
ArcelorMittal¹		3,448		49,100
Allegheny Technologies, Inc.^*		2,285		46,271
Carpenter Technology Corp.		839		43,343
Commercial Metals Co.		2,289		39,783
Total Iron & Steel				560,582
Building Materials - 6.2%
Vulcan Materials Co.		829		125,378
Martin Marietta Materials, Inc.		417		114,300
Eagle Materials, Inc.		600		54,006
Louisiana-Pacific Corp.		1,973		48,496
Summit Materials, Inc. — Class A^*		2,031		45,088
US Concrete, Inc.^*		530		29,299
Total Building Materials				416,567
Forest Products & Paper - 2.4%
International Paper Co.		2,821		117,974
Domtar Corp.		1,223		43,796
Total Forest Products & Paper				161,770
Biotechnology - 1.9%
Corteva, Inc.		4,519		126,532
Miscellaneous Manufacturing - 1.7%
AptarGroup, Inc.		654		77,466
Trinseo S.A.		868		37,281
Total Miscellaneous Manufacturing				114,747
Household Products & Housewares - 1.3%
Avery Dennison Corp.		767		87,108
Housewares - 1.0%
Scotts Miracle-Gro Co. — Class A		670		68,220
Coal - 0.4%
Warrior Met Coal, Inc.		1,485		28,987
Total Common Stocks
(Cost $3,870,998)				6,672,490

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 1.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	59,196	$	59,196
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		19,035		19,035
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		17,132		17,132
Total Repurchase Agreements
(Cost $95,363)				95,363

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		124,524		124,524
Total Securities Lending Collateral
(Cost $124,524)				124,524
Total Investments - 102.8%
(Cost $4,090,885)			$	6,892,377
Other Assets & Liabilities, net - (2.8)%				(185,299	)
Total Net Assets - 100.0%			$	6,707,078

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	6,672,490	$	—	$	—	$	6,672,490
Repurchase Agreements		—		95,363		—		95,363
Securities Lending Collateral		124,524		—		—		124,524
Total Assets	$	6,797,014	$	95,363	$	—	$	6,892,377

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 100.0%
Biotechnology - 73.3%
Amgen, Inc.		7,240	$	1,401,012
Gilead Sciences, Inc.		18,172		1,151,741
Celgene Corp.^*		11,049		1,097,166
Illumina, Inc.^*		2,874		874,328
Vertex Pharmaceuticals, Inc.^*		5,114		866,414
Biogen, Inc.^*		3,661		852,354
Regeneron Pharmaceuticals, Inc.^*		2,571		713,195
Alexion Pharmaceuticals, Inc.^*		6,129		600,274
Seattle Genetics, Inc.^*		6,241		532,981
Incyte Corp.^*		6,833		507,214
BioMarin Pharmaceutical, Inc.^*		6,334		426,912
Exact Sciences Corp.^*		4,606		416,244
Alnylam Pharmaceuticals, Inc.^*		4,739		381,110
Ionis Pharmaceuticals, Inc.^*		6,295		377,134
Sage Therapeutics, Inc.^*		2,204		309,199
Exelixis, Inc.^*		15,979		282,589
ACADIA Pharmaceuticals, Inc.^*		7,847		282,414
Bluebird Bio, Inc.^*		3,004		275,827
Medicines Co.^*		5,414		270,700
Spark Therapeutics, Inc.^*		2,573		249,530
United Therapeutics Corp.^*		2,905		231,674
FibroGen, Inc.^*		6,166		228,019
Amarin Corporation plc ADR^*,1		14,237		215,833
Ultragenyx Pharmaceutical, Inc.^*		4,768		203,975
Intercept Pharmaceuticals, Inc.^*		2,876		190,851
Myriad Genetics, Inc.^*		6,641		190,132
Immunomedics, Inc.^*		13,782		182,749
PTC Therapeutics, Inc.^*		5,323		180,024
Ligand Pharmaceuticals, Inc. — Class B^*		1,741		173,299
REGENXBIO, Inc.^*		3,997		142,293
Total Biotechnology				13,807,187
Pharmaceuticals - 23.2%
AbbVie, Inc.		18,681		1,414,525
Mylan N.V.^*		20,787		411,167
Neurocrine Biosciences, Inc.^*		3,860		347,825
PRA Health Sciences, Inc.^*		3,246		322,101
Sarepta Therapeutics, Inc.^*		3,910		294,501
Jazz Pharmaceuticals plc^*		2,021		258,971
Nektar Therapeutics^*		12,478		227,287
Global Blood Therapeutics, Inc.^*		4,378		212,420
Alkermes plc^*		9,687		188,993
Portola Pharmaceuticals, Inc.^*,1		6,622		177,602
Agios Pharmaceuticals, Inc.^*		5,304		171,850
Heron Therapeutics, Inc.^*		8,166		151,071
Madrigal Pharmaceuticals, Inc.^*		1,614		139,159
Clovis Oncology, Inc.^*,1		14,578		57,291
Total Pharmaceuticals				4,374,763
Healthcare-Products - 1.9%
Bio-Techne Corp.		1,831		358,272
Healthcare-Services - 1.6%
Syneos Health, Inc.^*		5,680		302,233
Total Common Stocks
(Cost $8,710,294)				18,842,455

RIGHTS^†††,2 - 0.0%
Biotechnology
Clinical Data, Inc.^*		4,730		–
Total Rights
(Cost $–)				–

		Face Amount
REPURCHASE AGREEMENTS^††,3 - 0.5%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	57,949		57,949
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		18,634		18,634
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		16,771		16,771
Total Repurchase Agreements
(Cost $93,354)				93,354

		Shares
SECURITIES LENDING COLLATERAL^†,4 - 1.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁵		326,227		326,227
Total Securities Lending Collateral
(Cost $326,227)				326,227
Total Investments - 102.2%
(Cost $9,129,875)			$	19,262,036
Other Assets & Liabilities, net - (2.2)%				(415,405	)
Total Net Assets - 100.0%			$	18,846,631

^*	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, 2019 — See Note 5.
²	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
³	Repurchase Agreements — See Note 4.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of September 30, 2019.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	18,842,455	$	—	$	—		$	18,842,455
Rights		—		—		—	*		—
Repurchase Agreements		—		93,354		—			93,354
Securities Lending Collateral		326,227		—		—			326,227
Total Assets	$	19,168,682	$	93,354	$	—		$	19,262,036

^*	Security has a market value of $0.

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 57.0%
Guggenheim Strategy Fund II¹		42,118	$	1,045,801
Guggenheim Ultra Short Duration Fund — Institutional Class¹		78,855		785,391
Total Mutual Funds
(Cost $1,827,106)				1,831,192

		Face Amount
FEDERAL AGENCY NOTES^†† - 6.2%
Fannie Mae
1.10% due 10/17/19	$	200,000		199,923
Total Federal Agency Notes
(Cost $199,902)				199,923

U.S. TREASURY BILLS^†† - 6.0%
U.S. Treasury Bills
1.93% due 10/29/19^2,3		191,000		190,722
Total U.S. Treasury Bills
(Cost $190,708)				190,722

FEDERAL AGENCY DISCOUNT NOTES^†† - 4.7%
Federal Home Loan Bank
1.85% due 10/02/19³		152,000		151,992
Total Federal Agency Discount Notes
(Cost $151,992)				151,992

REPURCHASE AGREEMENTS^††,4 - 25.9%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		515,821		515,821
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		165,871		165,871
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		149,284		149,284
Total Repurchase Agreements
(Cost $830,976)				830,976
Total Investments - 99.8%
(Cost $3,200,684)			$	3,204,805
Other Assets & Liabilities, net - 0.2%				6,686
Total Net Assets - 100.0%			$	3,211,491

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Commodity Futures Contracts Purchased^†
Goldman Sachs Commodity Index Futures Contracts	32	Oct 2019	$	3,231,000	$	(50,507	)

^**	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, 2019.
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 September 30, 2019 (See Note 3 in the Notes to Consolidated Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,831,192	$	—	$	—	$	1,831,192
Federal Agency Notes		—		199,923		—		199,923
U.S. Treasury Bills		—		190,722		—		190,722
Federal Agency Discount Notes		—		151,992		—		151,992
Repurchase Agreements		—		830,976		—		830,976
Total Assets	$	1,831,192	$	1,373,613	$	—	$	3,204,805

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Commodity Futures Contracts**		$	50,507			$	—			$	—			$	50,507

^**	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 “Cash Management Funds”), each of which are open-end management investment companies managed by GI. The Cash Management Funds, which launched on March 11, 2014, are offered as cash management options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Cash Management Funds pay no investment management fees. The Cash Management Funds’ annual report on Form N-CSR dated September 30, 2018, 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/1601445/000089180418000513/gug75569-ncsr.htm.

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,063,576	$	953,410	$	(972,000	)	$	(1,743	)	$	2,558	$	1,045,801		42,118	$	23,539
Guggenheim Ultra Short Duration Fund — Institutional Class		838,500		1,346,724		(1,400,000	)		(1,025	)		1,192		785,391		78,855		21,812
	$	1,902,076	$	2,300,134	$	(2,372,000	)	$	(2,768	)	$	3,750	$	1,831,192			$	45,351

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.6%
Food - 39.3%
Mondelez International, Inc. — Class A		12,321	$	681,598
Sysco Corp.		6,164		489,421
Hormel Foods Corp.		11,133		486,846
Kraft Heinz Co.		16,432		459,028
General Mills, Inc.		8,090		445,921
Hershey Co.		2,796		433,352
Tyson Foods, Inc. — Class A		4,877		420,105
Kellogg Co.		5,628		362,162
Kroger Co.		13,577		350,015
McCormick & Company, Inc.		2,200		343,860
Conagra Brands, Inc.		10,066		308,825
Campbell Soup Co.		6,191		290,482
JM Smucker Co.		2,479		272,739
Lamb Weston Holdings, Inc.		3,404		247,539
Beyond Meat, Inc.^*		1,558		231,550
US Foods Holding Corp.^*		5,438		223,502
Pilgrim's Pride Corp.^*		6,859		219,797
Post Holdings, Inc.^*		2,051		217,078
Ingredion, Inc.		2,185		178,602
Flowers Foods, Inc.		7,378		170,653
Performance Food Group Co.^*		3,655		168,166
Lancaster Colony Corp.		1,060		146,969
Sanderson Farms, Inc.		915		138,467
TreeHouse Foods, Inc.^*		2,473		137,128
Hain Celestial Group, Inc.^*		5,536		118,885
Sprouts Farmers Market, Inc.^*		6,107		118,109
Cal-Maine Foods, Inc.		2,602		103,963
Total Food				7,764,762
Beverages - 24.7%
Coca-Cola Co.		21,474		1,169,045
PepsiCo, Inc.		7,803		1,069,791
Constellation Brands, Inc. — Class A		2,323		481,511
Keurig Dr Pepper, Inc.		17,268		471,762
Monster Beverage Corp.^*		7,435		431,676
Brown-Forman Corp. — Class B		6,647		417,299
Molson Coors Brewing Co. — Class B		4,939		283,992
Anheuser-Busch InBev S.A. ADR		2,231		212,280
Coca-Cola European Partners plc		3,531		195,794
Fomento Economico Mexicano SAB de CV ADR		1,638		150,008
Total Beverages				4,883,158
Cosmetics & Personal Care - 14.8%
Procter & Gamble Co.		10,917		1,357,856
Estee Lauder Companies, Inc. — Class A		3,322		660,912
Colgate-Palmolive Co.		8,372		615,426
Unilever N.V. — Class Y		2,812		168,804
Edgewell Personal Care Co.^*		3,457		112,318
Total Cosmetics & Personal Care				2,915,316
Agriculture - 11.0%
Philip Morris International, Inc.		11,429		867,804
Altria Group, Inc.		13,149		537,794
Archer-Daniels-Midland Co.		9,087		373,203
Bunge Ltd.		3,903		220,988
British American Tobacco plc ADR		4,586		169,224
Total Agriculture				2,169,013
Household Products & Housewares - 6.8%
Kimberly-Clark Corp.		3,817		542,205
Church & Dwight Company, Inc.		4,470		336,323
Clorox Co.		2,183		331,532
Spectrum Brands Holdings, Inc.		2,491		131,325
Total Household Products & Housewares				1,341,385
Retail - 1.0%
Casey's General Stores, Inc.		1,142		184,045
Pharmaceuticals - 0.9%
Herbalife Nutrition Ltd.^*		4,754		179,987
Electrical Components & Equipment - 0.7%
Energizer Holdings, Inc.		3,211		139,935
Commercial Services - 0.4%
Medifast, Inc.		802		83,111
Total Common Stocks
(Cost $12,884,526)				19,660,712

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.2%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	28,325		28,325
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		9,108		9,108
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		8,198		8,198
Total Repurchase Agreements
(Cost $45,631)				45,631
Total Investments - 99.8%
(Cost $12,930,157)			$	19,706,343
Other Assets & Liabilities, net - 0.2%				47,703
Total Net Assets - 100.0%			$	19,754,046

^*	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.

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	19,660,712	$	—	$	—	$	19,660,712
Repurchase Agreements		—		45,631		—		45,631
Total Assets	$	19,660,712	$	45,631	$	—	$	19,706,343

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 18.0%
Industrial - 3.7%
Boeing Co.		666	$	253,393
3M Co.		666		109,490
United Technologies Corp.		666		90,922
Caterpillar, Inc.		666		84,123
Total Industrial				537,928
Financial - 3.5%
Goldman Sachs Group, Inc.		666		138,015
Visa, Inc. — Class A		666		114,559
Travelers Companies, Inc.		666		99,027
American Express Co.		666		78,774
JPMorgan Chase & Co.		666		78,382
Total Financial				508,757
Consumer, Cyclical - 3.2%
Home Depot, Inc.		666		154,525
McDonald's Corp.		666		142,997
Walmart, Inc.		666		79,041
NIKE, Inc. — Class B		666		62,551
Walgreens Boots Alliance, Inc.		666		36,836
Total Consumer, Cyclical				475,950
Consumer, Non-cyclical - 2.9%
UnitedHealth Group, Inc.		666		144,735
Johnson & Johnson		666		86,167
Procter & Gamble Co.		666		82,837
Merck & Company, Inc.		666		56,064
Coca-Cola Co.		666		36,257
Pfizer, Inc.		666		23,930
Total Consumer, Non-cyclical				429,990
Technology - 2.5%
Apple, Inc.		666		149,164
International Business Machines Corp.		666		96,850
Microsoft Corp.		666		92,594
Intel Corp.		666		34,319
Total Technology				372,927
Communications - 1.1%
Walt Disney Co.		666		86,793
Verizon Communications, Inc.		666		40,200
Cisco Systems, Inc.		666		32,907
Total Communications				159,900
Energy - 0.9%
Chevron Corp.		666		78,988
Exxon Mobil Corp.		666		47,026
Total Energy				126,014
Basic Materials - 0.2%
Dow, Inc.		666		31,735
Total Common Stocks
(Cost $2,183,793)				2,643,201

MUTUAL FUNDS^† - 67.1%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		497,393		4,954,031
Guggenheim Strategy Fund II¹		199,155		4,945,020
Total Mutual Funds
(Cost $9,901,310)				9,899,051

		Face Amount
U.S. TREASURY BILLS^†† - 7.9%
U.S. Treasury Bills
1.82% due 11/21/19²	$	840,000		837,865
1.77% due 11/21/19²		300,000		299,238
1.93% due 10/29/19^2,3		28,000		27,959
Total U.S. Treasury Bills
(Cost $1,165,006)				1,165,062

REPURCHASE AGREEMENTS^††,4 - 6.2%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		571,292		571,292
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		183,708		183,708
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		165,338		165,338
Total Repurchase Agreements
(Cost $920,338)				920,338
Total Investments - 99.2%
(Cost $14,170,447)			$	14,627,652
Other Assets & Liabilities, net - 0.8%				120,552
Total Net Assets - 100.0%			$	14,748,204

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	2	Dec 2019	$	268,910	$	(126	)

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Equity Index Swap Agreements^††
Barclays Bank plc	Dow Jones Industrial Average Index	2.41%	At Maturity	10/31/19		441	$	11,874,648	$	11,338
BNP Paribas	Dow Jones Industrial Average Index	2.54%	At Maturity	10/29/19		547		14,718,001		(29,467	)
							$	26,592,649	$	(18,129	)

^**	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, 2019.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

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, 2019 (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	$	2,643,201	$	—	$	—	$	2,643,201
Mutual Funds		9,899,051		—		—		9,899,051
U.S. Treasury Bills		—		1,165,062		—		1,165,062
Repurchase Agreements		—		920,338		—		920,338
Equity Index Swap Agreements**		—		11,338		—		11,338
Total Assets	$	12,542,252	$	2,096,738	$	—	$	14,638,990

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	126	$	—	$	—	$	126
Equity Index Swap Agreements**		—		29,467		—		29,467
Total Liabilities	$	126	$	29,467	$	—	$	29,593

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

Affiliated Transactions

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	4,151,762	$	2,593,321	$	(1,800,000	)	$	(11,446	)	$	11,383	$	4,945,020		199,155	$	93,835
Guggenheim Ultra Short Duration Fund — Institutional Class		2,275,396		7,180,765		(4,500,000	)		(6,992	)		4,862		4,954,031		497,393		81,005
	$	6,427,158	$	9,774,086	$	(6,300,000	)	$	(18,438	)	$	16,245	$	9,899,051			$	174,840

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.4%
Semiconductors - 92.5%
Intel Corp.		13,205	$	680,454
Texas Instruments, Inc.		3,802		491,370
NVIDIA Corp.		2,650		461,285
Broadcom, Inc.		1,652		456,068
QUALCOMM, Inc.		5,553		423,583
Applied Materials, Inc.		5,958		297,304
Micron Technology, Inc.^*		6,650		284,952
Analog Devices, Inc.		2,534		283,124
Lam Research Corp.		1,101		254,452
Advanced Micro Devices, Inc.^*		8,572		248,502
NXP Semiconductor N.V.		2,060		224,787
KLA Corp.		1,398		222,911
Xilinx, Inc.		2,212		212,131
Microchip Technology, Inc.		2,281		211,928
Marvell Technology Group Ltd.		7,181		179,310
Maxim Integrated Products, Inc.		3,053		176,799
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,778		175,601
Skyworks Solutions, Inc.		2,110		167,217
Teradyne, Inc.		2,390		138,405
Qorvo, Inc.^*		1,781		132,043
Cypress Semiconductor Corp.		5,652		131,918
ON Semiconductor Corp.^*		6,541		125,653
ASML Holding N.V. — Class G		498		123,713
Monolithic Power Systems, Inc.		748		116,411
Entegris, Inc.		2,385		112,238
Mellanox Technologies Ltd.^*		1,006		110,248
Cree, Inc.^*		2,061		100,989
Silicon Motion Technology Corp. ADR		2,839		100,359
MKS Instruments, Inc.		1,073		99,016
Silicon Laboratories, Inc.^*		876		97,543
STMicroelectronics N.V. — Class Y¹		4,961		95,946
Kulicke & Soffa Industries, Inc.		3,955		92,863
Cabot Microelectronics Corp.		628		88,680
Semtech Corp.^*		1,689		82,102
Cirrus Logic, Inc.^*		1,464		78,441
Power Integrations, Inc.		809		73,158
Inphi Corp.^*		1,198		73,138
Brooks Automation, Inc.		1,865		69,061
Lattice Semiconductor Corp.^*		3,712		67,874
Diodes, Inc.^*		1,611		64,682
Ambarella, Inc.^*		1,012		63,589
MACOM Technology Solutions Holdings, Inc.^*		2,471		53,114
Synaptics, Inc.^*		1,328		53,054
Xperi Corp.		2,220		45,910
Nanometrics, Inc.^*		1,239		40,416
Total Semiconductors				7,882,342
Energy-Alternate Sources - 3.5%
First Solar, Inc.^*		1,725		100,067
SolarEdge Technologies, Inc.^*		1,148		96,111
Enphase Energy, Inc.^*		2,770		61,577
SunPower Corp. — Class A^*		4,026		44,165
Total Energy-Alternate Sources				301,920
Electrical Components & Equipment - 1.4%
Universal Display Corp.		712		119,545
Chemicals - 1.2%
Versum Materials, Inc.		2,039		107,924
Electronics - 0.8%
Advanced Energy Industries, Inc.^*		1,156		66,366
Total Common Stocks
(Cost $4,443,945)				8,478,097

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	8,254		8,254
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		2,654		2,654
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		2,389		2,389
Total Repurchase Agreements
(Cost $13,297)				13,297

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		73,008		73,008
Total Securities Lending Collateral
(Cost $73,008)				73,008
Total Investments - 100.5%
(Cost $4,530,250)			$	8,564,402
Other Assets & Liabilities, net - (0.5)%				(46,491	)
Total Net Assets - 100.0%			$	8,517,911

^*	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, 2019 — 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, 2019.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	8,478,097	$	—	$	—	$	8,478,097
Repurchase Agreements		—		13,297		—		13,297
Securities Lending Collateral		73,008		—		—		73,008
Total Assets	$	8,551,105	$	13,297	$	—	$	8,564,402

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.7%
Oil & Gas - 68.8%
Exxon Mobil Corp.		8,070	$	569,823
Chevron Corp.		4,098		486,023
ConocoPhillips		4,578		260,854
Phillips 66		2,201		225,382
Marathon Petroleum Corp.		3,604		218,943
EOG Resources, Inc.		2,852		211,675
Occidental Petroleum Corp.		4,720		209,898
Valero Energy Corp.		2,310		196,904
Pioneer Natural Resources Co.		1,205		151,553
Hess Corp.		2,348		142,007
Diamondback Energy, Inc.		1,414		127,133
Petroleo Brasileiro S.A. ADR		8,723		126,222
BP plc ADR		3,255		123,658
Concho Resources, Inc.		1,793		121,745
Continental Resources, Inc.		3,742		115,216
Noble Energy, Inc.		4,892		109,874
Apache Corp.		4,226		108,186
Marathon Oil Corp.		8,557		104,994
Devon Energy Corp.		4,299		103,434
HollyFrontier Corp.		1,866		100,092
Royal Dutch Shell plc — Class A ADR		1,689		99,398
Cabot Oil & Gas Corp. — Class A		5,039		88,535
Suncor Energy, Inc.		2,674		84,445
Canadian Natural Resources Ltd.		2,841		75,656
Parsley Energy, Inc. — Class A		4,448		74,726
Cimarex Energy Co.		1,538		73,732
WPX Energy, Inc.^*		6,829		72,319
CVR Energy, Inc.		1,580		69,567
Helmerich & Payne, Inc.		1,736		69,562
Murphy Oil Corp.		2,918		64,517
PBF Energy, Inc. — Class A		2,226		60,525
Ecopetrol S.A. ADR		3,351		57,068
Delek US Holdings, Inc.		1,505		54,632
Equities Corp.		5,005		53,253
PDC Energy, Inc.^*		1,591		44,150
CNX Resources Corp.^*		5,354		38,870
SM Energy Co.		3,781		36,638
Carrizo Oil & Gas, Inc.^*		3,702		31,782
Whiting Petroleum Corp.^*		3,766		30,241
California Resources Corp.^*,1		2,132		21,746
Total Oil & Gas				5,014,978
Pipelines - 15.2%
Kinder Morgan, Inc.		11,023		227,184
ONEOK, Inc.		2,487		183,267
Williams Companies, Inc.		7,311		175,902
Cheniere Energy, Inc.^*		2,078		131,039
Targa Resources Corp.		2,504		100,586
Enbridge, Inc.		2,413		84,648
TC Energy Corp.		1,515		78,462
Equitrans Midstream Corp.		4,582		66,668
Plains GP Holdings, LP — Class A^*		2,904		61,652
Total Pipelines				1,109,408
Oil & Gas Services - 12.9%
Schlumberger Ltd.		6,426		219,577
Baker Hughes a GE Co.		6,995		162,284
Halliburton Co.		6,972		131,422
TechnipFMC plc		3,954		95,450
National Oilwell Varco, Inc.		4,304		91,245
Core Laboratories N.V.		1,310		61,072
Patterson-UTI Energy, Inc.		5,137		43,921
RPC, Inc.¹		7,020		39,382
Oceaneering International, Inc.^*		2,906		39,376
ProPetro Holding Corp.^*		3,574		32,488
US Silica Holdings, Inc.		2,820		26,959
Total Oil & Gas Services				943,176
Metal Fabricate & Hardware - 1.0%
Tenaris S.A. ADR		3,271		69,279
Transportation - 0.9%
Golar LNG Ltd.		5,010		65,080
Coal - 0.5%
Peabody Energy Corp.		2,686		39,538
Energy-Alternate Sources - 0.4%
Renewable Energy Group, Inc.^*		1,780		26,709
Total Common Stocks
(Cost $4,122,785)				7,268,168

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	31,120		31,120
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		10,007		10,007
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		9,006		9,006
Total Repurchase Agreements
(Cost $50,133)				50,133

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		30,526		30,526
Total Securities Lending Collateral
(Cost $30,526)				30,526
Total Investments - 100.8%
(Cost $4,203,444)			$	7,348,827
Other Assets & Liabilities, net - (0.8)%				(59,919	)
Total Net Assets - 100.0%			$	7,288,908

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	7,268,168	$	—	$	—	$	7,268,168
Repurchase Agreements		—		50,133		—		50,133
Securities Lending Collateral		30,526		—		—		30,526
Total Assets	$	7,298,694	$	50,133	$	—	$	7,348,827

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 98.9%
Oil & Gas Services - 81.3%
Schlumberger Ltd.		11,821	$	403,924
Baker Hughes a GE Co.		12,858		298,306
Halliburton Co.		10,675		201,224
National Oilwell Varco, Inc.		7,912		167,734
TechnipFMC plc		5,403		130,428
Apergy Corp.^*		3,249		87,885
Patterson-UTI Energy, Inc.		9,450		80,797
Dril-Quip, Inc.^*		1,569		78,732
Archrock, Inc.		7,544		75,214
Oceaneering International, Inc.^*		5,343		72,398
RPC, Inc.¹		12,895		72,341
Helix Energy Solutions Group, Inc.^*		8,655		69,759
Core Laboratories N.V.		1,483		69,137
Liberty Oilfield Services, Inc. — Class A		6,305		68,283
ProPetro Holding Corp.^*		6,574		59,758
Oil States International, Inc.^*		4,342		57,749
C&J Energy Services, Inc.^*		4,837		51,901
DMC Global, Inc.¹		1,134		49,873
US Silica Holdings, Inc.		5,178		49,502
Keane Group, Inc.^*		8,168		49,498
Solaris Oilfield Infrastructure, Inc. — Class A		2,286		30,678
Matrix Service Co.^*		1,140		19,540
Exterran Corp.^*		1,495		19,525
Total Oil & Gas Services				2,264,186
Oil & Gas - 9.1%
Helmerich & Payne, Inc.		3,198		128,144
Transocean Ltd.^*		17,199		76,880
Diamond Offshore Drilling, Inc.^*		8,734		48,561
Total Oil & Gas				253,585
Machinery-Diversified - 3.1%
Cactus, Inc. — Class A^*		3,016		87,283
Metal Fabricate & Hardware - 3.0%
Tenaris S.A. ADR		3,935		83,343
Transportation - 2.4%
SEACOR Holdings, Inc.^*		790		37,185
Tidewater, Inc.^*		1,897		28,664
Total Transportation				65,849
Total Common Stocks
(Cost $2,291,934)				2,754,246

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	14,319		14,319
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		4,605		4,605
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		4,144		4,144
Total Repurchase Agreements
(Cost $23,068)				23,068

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		88,004		88,004
Total Securities Lending Collateral
(Cost $88,004)				88,004
Total Investments - 102.9%
(Cost $2,403,006)			$	2,865,318
Other Assets & Liabilities, net - (2.9)%				(81,238	)
Total Net Assets - 100.0%			$	2,784,080

^*	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, 2019 — 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, 2019.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	2,754,246	$	—	$	—	$	2,754,246
Repurchase Agreements		—		23,068		—		23,068
Securities Lending Collateral		88,004		—		—		88,004
Total Assets	$	2,842,250	$	23,068	$	—	$	2,865,318

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 20.5%
Consumer, Non-cyclical - 8.8%
Nestle S.A. ADR		801	$	86,828
Novartis AG ADR		639		55,529
Roche Holding AG ADR		1,491		54,347
AstraZeneca plc ADR		695		30,976
GlaxoSmithKline plc ADR		672		28,681
Sanofi ADR		604		27,983
Diageo plc ADR		161		26,327
Novo Nordisk A/S ADR		458		23,679
Unilever N.V. — Class Y		385		23,111
British American Tobacco plc ADR		616		22,730
Anheuser-Busch InBev S.A. ADR		227		21,599
Unilever plc ADR		318		19,112
L'Oreal S.A. ADR		330		18,448
Bayer AG ADR		1,007		17,814
Reckitt Benckiser Group plc ADR¹		974		15,477
RELX plc ADR		540		12,809
Total Consumer, Non-cyclical				485,450
Financial - 3.4%
HSBC Holdings plc ADR		1,106		42,326
Allianz SE ADR		1,130		26,216
Banco Santander S.A. ADR		4,437		17,837
Zurich Insurance Group AG ADR		395		15,131
BNP Paribas S.A. ADR		615		14,926
AXA S.A. ADR		552		14,007
Prudential plc ADR		352		12,809
Lloyds Banking Group plc ADR		4,807		12,690
UBS Group AG^*		973		11,005
ING Groep N.V. ADR		1,047		10,941
Intesa Sanpaolo SpA ADR		723		10,256
Total Financial				188,144
Energy - 2.1%
Total S.A. ADR		707		36,764
BP plc ADR		913		34,685
Royal Dutch Shell plc — Class A ADR		570		33,545
Eni SpA ADR		339		10,336
Total Energy				115,330
Industrial - 1.7%
Siemens AG ADR		427		22,881
Airbus SE ADR		615		19,969
Vinci S.A. ADR		592		15,925
Safran S.A. ADR		384		15,086
Schneider Electric SE ADR		739		12,873
ABB Ltd. ADR		487		9,579
Total Industrial				96,313
Basic Materials - 1.4%
Linde plc		143		27,702
BASF SE ADR		989		17,238
Air Liquide S.A. ADR		567		16,114
Rio Tinto plc ADR		285		14,846
Total Basic Materials				75,900
Technology - 1.1%
SAP SE ADR		288		33,946
ASML Holding N.V. — Class G		109		27,078
Total Technology				61,024
Utilities - 0.8%
Iberdrola S.A. ADR		390		16,212
Enel SpA ADR		2,050		15,293
National Grid plc ADR		182		9,852
Total Utilities				41,357
Consumer, Cyclical - 0.7%
LVMH Moet Hennessy Louis Vuitton SE ADR		357		28,328
Daimler AG ADR		901		11,127
Total Consumer, Cyclical				39,455
Communications - 0.5%
Deutsche Telekom AG ADR		869		14,521
Vodafone Group plc ADR		721		14,355
Total Communications				28,876
Total Common Stocks
(Cost $1,041,501)				1,131,849

MUTUAL FUNDS^† - 67.3%
Guggenheim Strategy Fund II²		76,736		1,905,355
Guggenheim Ultra Short Duration Fund — Institutional Class²		180,903		1,801,797
Total Mutual Funds
(Cost $3,705,355)				3,707,152

		Face Amount
U.S. TREASURY BILLS^†† - 7.7%
U.S. Treasury Bills
1.93% due 10/29/19^3,4	$	427,000		426,380
Total U.S. Treasury Bills
(Cost $426,347)				426,380

REPURCHASE AGREEMENTS^††,5 - 4.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		163,271		163,271
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		52,503		52,503
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		47,252		47,252
Total Repurchase Agreements
(Cost $263,026)				263,026

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁷		11,237		11,237
Total Securities Lending Collateral
(Cost $11,237)				11,237
Total Investments - 100.5%
(Cost $5,447,466)			$	5,539,644
Other Assets & Liabilities, net - (0.5)%				(29,608	)
Total Net Assets - 100.0%			$	5,510,036

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
STOXX Europe 50 Index Futures Contracts	163	Dec 2019	$	5,751,739	$	91,205
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts	42	Dec 2019		5,754,262		(68,484	)

^*	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, 2019 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at September 30, 2019.
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, 2019.

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, 2019 (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	$	1,131,849	$	—	$	—	$	1,131,849
Mutual Funds		3,707,152		—		—		3,707,152
U.S. Treasury Bills		—		426,380		—		426,380
Repurchase Agreements		—		263,026		—		263,026
Securities Lending Collateral		11,237		—		—		11,237
Equity Futures Contracts**		91,205		—		—		91,205
Total Assets	$	4,941,443	$	689,406	$	—	$	5,630,849

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Currency Futures Contracts**		$	68,484			$	—			$	—			$	68,484

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

Affiliated Transactions

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	876,931	$	2,726,510	$	(1,700,000	)	$	(3,806	)	$	5,720	$	1,905,355		76,736	$	26,616
Guggenheim Ultra Short Duration Fund — Institutional Class		696,060		2,935,745		(1,830,000	)		(3,227	)		3,219		1,801,797		180,903		25,817
	$	1,572,991	$	5,662,255	$	(3,530,000	)	$	(7,033	)	$	8,939	$	3,707,152			$	52,433

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
REITs - 29.6%
American Tower Corp. — Class A		717	$	158,550
Crown Castle International Corp.		881		122,468
Prologis, Inc.		1,398		119,138
Equinix, Inc.		206		118,821
Simon Property Group, Inc.		730		113,624
Public Storage		431		105,711
Welltower, Inc.		1,089		98,718
Equity Residential		1,079		93,074
AvalonBay Communities, Inc.		424		91,300
Digital Realty Trust, Inc.		678		88,011
SBA Communications Corp.		347		83,679
Ventas, Inc.		1,144		83,546
Realty Income Corp.		1,050		80,514
Essex Property Trust, Inc.		233		76,109
Boston Properties, Inc.		568		73,647
Weyerhaeuser Co.		2,641		73,156
Alexandria Real Estate Equities, Inc.		441		67,932
HCP, Inc.		1,887		67,234
Invitation Homes, Inc.		2,176		64,431
Extra Space Storage, Inc.		545		63,667
Mid-America Apartment Communities, Inc.		483		62,795
UDR, Inc.		1,277		61,909
Vornado Realty Trust		914		58,194
Host Hotels & Resorts, Inc.		3,331		57,593
Annaly Capital Management, Inc.		6,510		57,288
Duke Realty Corp.		1,678		57,002
Regency Centers Corp.		815		56,634
Camden Property Trust		488		54,173
Federal Realty Investment Trust		387		52,686
VICI Properties, Inc.		2,280		51,642
Omega Healthcare Investors, Inc.		1,213		50,691
National Retail Properties, Inc.		891		50,252
CyrusOne, Inc.		633		50,070
Iron Mountain, Inc.		1,536		49,751
Kimco Realty Corp.		2,318		48,400
STORE Capital Corp.		1,283		47,997
Lamar Advertising Co. — Class A		585		47,929
AGNC Investment Corp.		2,951		47,482
Liberty Property Trust		917		47,070
Kilroy Realty Corp.		595		46,344
Apartment Investment & Management Co. — Class A		883		46,040
American Homes 4 Rent — Class A		1,755		45,437
Gaming and Leisure Properties, Inc.		1,185		45,314
Douglas Emmett, Inc.		1,040		44,543
SL Green Realty Corp.		529		43,246
New Residential Investment Corp.		2,670		41,866
CubeSmart		1,182		41,252
Brixmor Property Group, Inc.		1,971		39,992
Cousins Properties, Inc.		1,010		37,966
Park Hotels & Resorts, Inc.		1,434		35,807
Macerich Co.¹		1,099		34,717
Sabra Health Care REIT, Inc.		1,479		33,958
PotlatchDeltic Corp.		659		27,075
Senior Housing Properties Trust		2,690		24,896
Uniti Group, Inc.		2,542		19,739
Total REITs				3,461,080
Banks - 29.5%
JPMorgan Chase & Co.		2,638		310,466
Bank of America Corp.		9,034		263,522
Wells Fargo & Co.		4,836		243,928
Citigroup, Inc.		2,895		199,987
U.S. Bancorp		2,708		149,861
Goldman Sachs Group, Inc.		679		140,709
Morgan Stanley		3,138		133,898
PNC Financial Services Group, Inc.		917		128,527
BB&T Corp.		1,949		104,018
Bank of New York Mellon Corp.		2,286		103,350
SunTrust Banks, Inc.		1,322		90,954
M&T Bank Corp.		481		75,984
State Street Corp.		1,276		75,526
Northern Trust Corp.		785		73,256
Fifth Third Bancorp		2,629		71,982
KeyCorp		3,830		68,327
ICICI Bank Ltd. ADR		5,551		67,611
HDFC Bank Ltd. ADR		1,174		66,977
First Republic Bank		688		66,530
Regions Financial Corp.		4,039		63,897
Citizens Financial Group, Inc.		1,799		63,631
Huntington Bancshares, Inc.		4,338		61,903
Royal Bank of Canada		680		55,189
Toronto-Dominion Bank		940		54,764
Popular, Inc.		1,007		54,459
SVB Financial Group^*		259		54,118
Comerica, Inc.		781		51,538
Zions Bancorp North America		1,017		45,277
Commerce Bancshares, Inc.		698		42,334
Signature Bank		351		41,846
East West Bancorp, Inc.		927		41,057
Synovus Financial Corp.		1,071		38,299
First Horizon National Corp.		2,236		36,223
Pinnacle Financial Partners, Inc.		612		34,731
PacWest Bancorp		916		33,287
IBERIABANK Corp.		429		32,407
Wintrust Financial Corp.		483		31,216
Bank OZK		1,122		30,597
Umpqua Holdings Corp.		1,845		30,369
Hancock Whitney Corp.		781		29,908
First Hawaiian, Inc.		1,120		29,904
Associated Banc-Corp.		1,456		29,484
Texas Capital Bancshares, Inc.^*		493		26,942
Total Banks				3,448,793
Insurance - 19.8%
Berkshire Hathaway, Inc. — Class B^*		1,757		365,491
Marsh & McLennan Companies, Inc.		1,142		114,257
Chubb Ltd.		681		109,941
Progressive Corp.		1,420		109,695
American International Group, Inc.		1,944		108,281
MetLife, Inc.		2,248		106,016

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Insurance - 19.8% (continued)
Travelers Companies, Inc.		686	$	102,001
Aflac, Inc.		1,902		99,513
Prudential Financial, Inc.		1,097		98,675
Allstate Corp.		895		97,269
Willis Towers Watson plc		416		80,275
Hartford Financial Services Group, Inc.		1,239		75,096
Cincinnati Financial Corp.		613		71,519
Arch Capital Group Ltd.^*		1,595		66,958
Arthur J Gallagher & Co.		741		66,371
Aon plc		342		66,201
Principal Financial Group, Inc.		1,140		65,140
Loews Corp.		1,260		64,865
Everest Re Group Ltd.		224		59,604
Fidelity National Financial, Inc.		1,270		56,401
Lincoln National Corp.		923		55,675
Athene Holding Ltd. — Class A^*		1,283		53,963
AXA Equitable Holdings, Inc.		2,366		52,430
Assurant, Inc.		360		45,295
Voya Financial, Inc.		817		44,477
Unum Group		1,351		40,152
Brighthouse Financial, Inc.^*		824		33,347
Total Insurance				2,308,908
Diversified Financial Services - 15.7%
American Express Co.		1,351		159,796
CME Group, Inc. — Class A		668		141,175
BlackRock, Inc. — Class A		301		134,138
Charles Schwab Corp.		2,848		119,132
Intercontinental Exchange, Inc.		1,262		116,445
Capital One Financial Corp.		1,144		104,081
T. Rowe Price Group, Inc.		740		84,545
Discover Financial Services		989		80,198
TD Ameritrade Holding Corp.		1,705		79,623
Interactive Brokers Group, Inc. — Class A		1,445		77,712
Synchrony Financial		2,243		76,464
Ameriprise Financial, Inc.		490		72,079
Nasdaq, Inc.		636		63,187
Franklin Resources, Inc.		2,122		61,241
Cboe Global Markets, Inc.		501		57,570
Ally Financial, Inc.		1,734		57,499
Raymond James Financial, Inc.		676		55,743
E*TRADE Financial Corp.		1,208		52,777
SEI Investments Co.		828		49,063
Invesco Ltd.		2,682		45,433
LPL Financial Holdings, Inc.		513		42,015
Jefferies Financial Group, Inc.		2,025		37,260
Affiliated Managers Group, Inc.		405		33,757
LendingTree, Inc.^*		105		32,595
Total Diversified Financial Services				1,833,528
Commercial Services - 2.4%
S&P Global, Inc.		501		122,735
Moody's Corp.		481		98,523
MarketAxess Holdings, Inc.		159		52,073
Total Commercial Services				273,331
Savings & Loans - 0.9%
People's United Financial, Inc.		2,562		40,057
Sterling Bancorp		1,627		32,638
Investors Bancorp, Inc.		2,531		28,752
Total Savings & Loans				101,447
Private Equity - 0.6%
KKR & Company, Inc. — Class A		2,710		72,764
Software - 0.6%
MSCI, Inc. — Class A		311		67,720
Media - 0.4%
FactSet Research Systems, Inc.		190		46,164
Household Products & Housewares - 0.0%
Spectrum Brands Holdings, Inc.		54		2,827
Total Common Stocks
(Cost $7,335,237)				11,616,562

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	48,593		48,593
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		15,626		15,626
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		14,064		14,064
Total Repurchase Agreements
(Cost $78,283)				78,283

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		2,013		2,013
Total Securities Lending Collateral
(Cost $2,013)				2,013
Total Investments - 100.2%
(Cost $7,415,533)			$	11,696,858
Other Assets & Liabilities, net - (0.2)%				(22,105	)
Total Net Assets - 100.0%			$	11,674,753

^*	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, 2019 — 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, 2019.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	11,616,562	$	—	$	—	$	11,616,562
Repurchase Agreements		—		78,283		—		78,283
Securities Lending Collateral		2,013		—		—		2,013
Total Assets	$	11,618,575	$	78,283	$	—	$	11,696,858

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 66.7%
Guggenheim Variable Insurance Strategy Fund III¹		206,909	$	5,127,199
Guggenheim Strategy Fund II¹		99,154		2,462,006
Guggenheim Strategy Fund III¹		92,998		2,308,220
Guggenheim Ultra Short Duration Fund — Institutional Class¹		74,410		741,122
Total Mutual Funds
(Cost $10,658,740)				10,638,547

		Face Amount
U.S. TREASURY BILLS^†† - 9.9%
1.93% due 10/29/19^2,3	$	1,586,000		1,583,696
Total U.S. Treasury Bills
(Cost $1,583,576)				1,583,696

REPURCHASE AGREEMENTS^††,4 - 23.5%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		2,321,260		2,321,260
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		746,440		746,440
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		671,796		671,796
Total Repurchase Agreements
(Cost $3,739,496)				3,739,496
Total Investments - 100.1%
(Cost $15,981,812)			$	15,961,739
Other Assets & Liabilities, net - (0.1)%				(18,052	)
Total Net Assets - 100.0%			$	15,943,687

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts	79	Dec 2019	$	1,465,450	$	14,153
CBOE Volatility Index Futures Contracts	18	Mar 2020		346,140		11,060
Amsterdam Index Futures Contracts	8	Oct 2019		1,012,473		8,012
MSCI Taiwan Stock Index Futures Contracts	11	Oct 2019		446,710		3,570
SPI 200 Index Futures Contracts	8	Dec 2019		902,389		2,683
CAC 40 10 Euro Index Futures Contracts	9	Oct 2019		556,416		2,318
CBOE Volatility Index Futures Contracts	9	Oct 2019		156,600		1,302
Nikkei 225 (OSE) Index Futures Contracts	3	Dec 2019		606,316		1,059
S&P/TSX 60 IX Index Futures Contracts	3	Dec 2019		451,614		685
FTSE MIB Index Futures Contracts^††	1	Dec 2019		120,312		193
DAX Index Futures Contracts	1	Dec 2019		338,298		(125	)
Euro STOXX 50 Index Futures Contracts	8	Dec 2019		309,900		(322	)
MSCI EAFE Index Mini Futures Contracts	1	Dec 2019		94,900		(582	)
OMX Stockholm 30 Index Futures Contracts	5	Oct 2019		83,590		(1,037	)
S&P 500 Index Mini Futures Contracts	4	Dec 2019		595,550		(3,148	)
HSCEI Index Futures Contracts^††	3	Oct 2019		195,029		(3,248	)
Dow Jones Industrial Average Index Mini Futures Contracts	4	Dec 2019		537,820		(5,436	)
			$	8,219,507	$	31,137

Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts	1	Dec 2019	$	116,194	$	(463	)
Mexican Peso Futures Contracts	6	Dec 2019		150,180		(1,144	)
Canadian Dollar Futures Contracts	21	Dec 2019		1,586,865		(7,745	)
			$	1,853,239	$	(9,352	)

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Futures Contracts (continued)

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Interest Rate Futures Contracts Purchased^†
Australian Government 10 Year Bond Futures Contracts	57	Dec 2019	$	5,669,603	$	38,838
Australian Government 3 Year Bond Futures Contracts	58	Dec 2019		4,529,513		14,116
U.S. Treasury 10 Year Note Futures Contracts	10	Dec 2019		1,303,281		4,657
Euro - Bund Futures Contracts	7	Dec 2019		1,329,863		2,412
Euro - 30 year Bond Futures Contracts	1	Dec 2019		237,222		(1,815	)
U.S. Treasury 5 Year Note Futures Contracts	9	Dec 2019		1,072,406		(4,160	)
U.S. Treasury 2 Year Note Futures Contracts	10	Dec 2019		2,155,000		(5,422	)
U.S. Treasury Ultra Long Bond Futures Contracts	2	Dec 2019		384,187		(5,535	)
U.S. Treasury Long Bond Futures Contracts	7	Dec 2019		1,136,844		(12,238	)
Euro - OATS Futures Contracts^††	14	Dec 2019		2,599,128		(18,808	)
Euro - Bobl Futures Contracts	39	Dec 2019		5,767,935		(27,135	)
			$	26,184,982	$	(15,090	)

Commodity Futures Contracts Purchased^†
Live Cattle Futures Contracts	32	Dec 2019	$	1,411,840	$	55,821
Gold 100 oz. Futures Contracts	7	Dec 2019		1,035,720		29,799
Cotton #2 Futures Contracts	20	Dec 2019		607,200		18,481
LME Lead Futures Contracts	1	Nov 2019		53,469		1,291
Brent Crude Futures Contracts	1	Oct 2019		59,450		(1,217	)
NY Harbor ULSD Futures Contracts	1	Oct 2019		79,850		(2,065	)
Gasoline RBOB Futures Contracts	1	Oct 2019		66,016		(3,678	)
Platinum Futures Contracts	2	Jan 2020		89,010		(5,924	)
LME Nickel Futures Contracts	2	Nov 2019		205,320		(10,707	)
Silver Futures Contracts	2	Dec 2019		170,750		(11,766	)
WTI Crude Futures Contracts	13	Dec 2019		700,440		(25,598	)
Gasoline RBOB Futures Contracts	12	Nov 2019		772,682		(33,244	)
Natural Gas Futures Contracts	18	Dec 2019		471,780		(46,066	)
			$	5,723,527	$	(34,873	)

Commodity Futures Contracts Sold Short^†
Cotton #2 Futures Contracts	48	May 2020	$	1,497,360	$	39,857
Gasoline RBOB Futures Contracts	13	Dec 2019		826,699		37,641
WTI Crude Futures Contracts	12	Oct 2019		651,600		25,334
Natural Gas Futures Contracts	13	Nov 2019		325,390		21,417
LME Primary Aluminum Futures Contracts	16	Nov 2019		688,700		19,702
Natural Gas Futures Contracts	6	Oct 2019		139,620		18,595
Soybean Meal Futures Contracts	9	Dec 2019		270,540		14,403
Hard Red Winter Wheat Futures Contracts	11	Dec 2019		228,387		5,318
Soybean Futures Contracts	8	Nov 2019		361,700		2,176
Low Sulphur Gas Oil Futures Contracts	2	Nov 2019		116,300		1,537
Copper Futures Contracts	5	Dec 2019		321,687		1,510
Soybean Oil Futures Contracts	6	Dec 2019		104,724		(198	)
Sugar #11 Futures Contracts	25	Feb 2020		355,040		(568	)
Coffee 'C' Futures Contracts	3	Dec 2019		113,231		(1,303	)
Cocoa Futures Contracts	1	Dec 2019		24,460		(2,013	)
Hard Red Winter Wheat Futures Contracts	7	May 2020		152,863		(3,026	)
Corn Futures Contracts	3	Dec 2019		58,050		(3,272	)
Cattle Feeder Futures Contracts	1	Nov 2019		70,825		(4,053	)
Lean Hogs Futures Contracts	3	Dec 2019		87,000		(9,019	)
Live Cattle Futures Contracts	38	Feb 2020		1,772,700		(28,997	)
			$	8,166,876	$	135,041

Currency Futures Contracts Sold Short^†
Euro FX Futures Contracts	22	Dec 2019	$	3,014,138	$	45,048
Swiss Franc Futures Contracts	32	Dec 2019		4,033,600		37,422
Australian Dollar Futures Contracts	30	Dec 2019		2,029,500		31,299
British Pound Futures Contracts	12	Dec 2019		924,900		8,125

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Futures Contracts (concluded)

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Currency Futures Contracts Sold Short^† (continued)
New Zealand Dollar Futures Contracts	4	Dec 2019	$	250,920	$	5,292
			$	10,253,058	$	127,186

Interest Rate Futures Contracts Sold Short^†
Euro - BTP Italian Government Bond Futures Contracts^††	3	Dec 2019	$	476,690	$	299
Long Gilt Futures Contracts^††	4	Dec 2019		660,904		(703	)
Euro - Schatz Futures Contracts	59	Dec 2019		7,225,763		(5,734	)
			$	8,363,357	$	(6,138	)

Equity Futures Contracts Sold Short^†
Russell 2000 Index Mini Futures Contracts	3	Dec 2019	$	228,645	$	5,586
FTSE/JSE TOP 40 Index Futures Contracts^††	1	Dec 2019		32,507		196
MSCI EAFE Index Mini Futures Contracts	1	Dec 2019		50,070		(2	)
CBOE Volatility Index Futures Contracts	4	Jan 2020		75,640		(10	)
CBOE Volatility Index Futures Contracts	5	Feb 2020		95,608		(13	)
IBEX 35 Index Futures Contracts^††	1	Oct 2019		100,622		(821	)
FTSE 100 Index Futures Contracts	2	Dec 2019		181,334		(1,797	)
Tokyo Stock Price Index Futures Contracts	2	Dec 2019		295,989		(15,167	)
CBOE Volatility Index Futures Contracts	78	Nov 2019		1,450,800		(28,359	)
			$	2,511,215	$	(40,387	)

^**	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, 2019.
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.

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	10,638,547	$	—	$	—	$	10,638,547
U.S. Treasury Bills		—		1,583,696		—		1,583,696
Repurchase Agreements		—		3,739,496		—		3,739,496
Equity Futures Contracts**		50,428		389		—		50,817
Currency Futures Contracts**		127,186		—		—		127,186
Interest Rate Futures Contracts**		60,023		299		—		60,322
Commodity Futures Contracts**		292,882		—		—		292,882
Total Assets	$	11,169,066	$	5,323,880	$	—	$	16,492,946

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	55,998	$	4,069	$	—	$	60,067
Currency Futures Contracts**		9,352		—		—		9,352
Interest Rate Futures Contracts**		62,039		19,511		—		81,550
Commodity Futures Contracts**		192,714		—		—		192,714
Total Liabilities	$	320,103	$	23,580	$	—	$	343,683

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	2,410,909	$	50,106	$	–		$	–		$	991		$	2,462,006		99,154	$	50,405
Guggenheim Strategy Fund III		2,258,972		46,477		–			–			2,771			2,308,220		92,998		46,786
Guggenheim Ultra Short Duration Fund — Institutional Class		726,522		14,605		–			–			(5	)		741,122		74,410		14,682
Guggenheim Variable Insurance Strategy Fund III		5,318,567		102,594		(300,000	)		(2,699	)		8,737			5,127,199		206,909		102,735
	$	10,714,970	$	213,782	$	(300,000	)	$	(2,699	)	$	12,494		$	10,638,547			$	214,608

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 28.0%
Guggenheim Strategy Fund II¹		70,848	$	1,759,166
Guggenheim Ultra Short Duration Fund — Institutional Class¹		143,322		1,427,483
Total Mutual Funds
(Cost $3,184,219)				3,186,649

		Face Amount
U.S. GOVERNMENT SECURITIES^†† - 26.3%
U.S. Treasury Bonds
2.25% due 08/15/49	$	2,900,000		2,985,641
Total U.S. Government Securities
(Cost $3,020,395)				2,985,641

FEDERAL AGENCY DISCOUNT NOTES^†† - 9.7%
Federal Home Loan Bank
1.95% due 10/04/19²		1,100,000		1,099,821
Total Federal Agency Discount Notes
(Cost $1,099,821)				1,099,821

U.S. TREASURY BILLS^†† - 3.5%
U.S. Treasury Bills
1.93% due 10/29/19^2,3		392,000		391,431
Total U.S. Treasury Bills
(Cost $391,401)				391,431

FEDERAL AGENCY NOTES^†† - 2.6%
Fannie Mae
1.10% due 10/17/19		300,000		299,884
Total Federal Agency Notes
(Cost $299,852)				299,884

REPURCHASE AGREEMENTS^††,4 - 32.5%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		2,295,221		2,295,221
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		738,066		738,066
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		664,260		664,260
Total Repurchase Agreements
(Cost $3,697,547)				3,697,547
Total Investments - 102.6%
(Cost $11,693,235)			$	11,660,973
Other Assets & Liabilities, net - (2.6)%				(291,517	)
Total Net Assets - 100.0%			$	11,369,456

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	65	Dec 2019	$	12,486,094	$	(121,190	)

^**	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, 2019.
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, 2019 (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	$	3,186,649	$	—	$	—	$	3,186,649
U.S. Government Securities		—		2,985,641		—		2,985,641
Federal Agency Discount Notes		—		1,099,821		—		1,099,821
U.S. Treasury Bills		—		391,431		—		391,431
Federal Agency Notes		—		299,884		—		299,884
Repurchase Agreements		—		3,697,547		—		3,697,547
Total Assets	$	3,186,649	$	8,474,324	$	—	$	11,660,973

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Interest Rate Futures Contracts**		$	121,190			$	—			$	—			$	121,190

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	3,111,413	$	3,699,241	$	(5,050,000	)	$	(19,021	)	$	17,533	$	1,759,166		70,848	$	49,626
Guggenheim Ultra Short Duration Fund — Institutional Class		1,590,738		13,542,721		(13,700,000	)		(12,568	)		6,592		1,427,483		143,322		42,888
	$	4,702,151	$	17,241,962	$	(18,750,000	)	$	(31,589	)	$	24,125	$	3,186,649			$	92,514

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.9%
Pharmaceuticals - 33.0%
Johnson & Johnson		4,511	$	583,633
Merck & Company, Inc.		5,492		462,317
Pfizer, Inc.		12,429		446,574
AbbVie, Inc.		4,534		343,314
Eli Lilly & Co.		2,857		319,498
Bristol-Myers Squibb Co.		5,685		288,286
CVS Health Corp.		4,526		285,455
Zoetis, Inc.		1,934		240,957
Allergan plc		1,414		237,962
Cigna Corp.		1,519		230,569
McKesson Corp.		1,118		152,786
AmerisourceBergen Corp. — Class A		1,564		128,764
Cardinal Health, Inc.		2,522		119,013
DexCom, Inc.^*		762		113,721
Novartis AG ADR		1,261		109,581
AstraZeneca plc ADR		2,441		108,795
Jazz Pharmaceuticals plc^*		825		105,716
Teva Pharmaceutical Industries Ltd. ADR^*		15,278		105,113
Elanco Animal Health, Inc.^*		3,766		100,138
Mylan N.V.^*		5,045		99,790
Perrigo Company plc		1,697		94,845
Canopy Growth Corp.^*,1		3,831		87,845
Alkermes plc^*		4,417		86,176
Bausch Health Companies, Inc.^*		3,920		85,652
Neurocrine Biosciences, Inc.^*		937		84,433
PRA Health Sciences, Inc.^*		779		77,300
Tilray, Inc. — Class 2^*,1		2,915		72,117
Sarepta Therapeutics, Inc.^*		949		71,479
Nektar Therapeutics^*		3,029		55,173
Global Blood Therapeutics, Inc.^*		1,063		51,577
Heron Therapeutics, Inc.^*		1,983		36,686
Total Pharmaceuticals				5,385,265
Healthcare-Products - 29.8%
Abbott Laboratories		4,639		388,145
Thermo Fisher Scientific, Inc.		1,172		341,368
Danaher Corp.		2,187		315,868
Stryker Corp.		1,291		279,243
Becton Dickinson and Co.		1,033		261,308
Medtronic plc		2,334		253,519
Intuitive Surgical, Inc.^*		465		251,067
Boston Scientific Corp.^*		5,685		231,323
Edwards Lifesciences Corp.^*		987		217,051
Baxter International, Inc.		2,419		211,590
Zimmer Biomet Holdings, Inc.		1,207		165,685
IDEXX Laboratories, Inc.^*		558		151,737
ResMed, Inc.		1,034		139,704
Teleflex, Inc.		364		123,669
Cooper Companies, Inc.		410		121,770
Align Technology, Inc.^*		673		121,759
Hologic, Inc.^*		2,310		116,632
Dentsply Sirona, Inc.		2,157		114,990
Varian Medical Systems, Inc.^*		898		106,943
Insulet Corp.^*		615		101,432
Henry Schein, Inc.^*		1,563		99,251
Masimo Corp.^*		598		88,976
LivaNova plc^*		1,201		88,622
Bio-Techne Corp.		445		87,073
Alcon, Inc.^*		1,492		86,969
ABIOMED, Inc.^*		487		86,632
Integra LifeSciences Holdings Corp.^*		1,191		71,543
ICU Medical, Inc.^*		364		58,094
Tandem Diabetes Care, Inc.^*		972		57,329
NuVasive, Inc.^*		900		57,042
Patterson Companies, Inc.		2,414		43,018
Inogen, Inc.^*		687		32,914
Total Healthcare-Products				4,872,266
Biotechnology - 18.5%
Amgen, Inc.		1,758		340,191
Gilead Sciences, Inc.		4,410		279,506
Celgene Corp.^*		2,681		266,223
Illumina, Inc.^*		692		210,520
Vertex Pharmaceuticals, Inc.^*		1,229		208,217
Biogen, Inc.^*		888		206,744
Regeneron Pharmaceuticals, Inc.^*		623		172,820
Alexion Pharmaceuticals, Inc.^*		1,487		145,637
Seattle Genetics, Inc.^*		1,516		129,466
Incyte Corp.^*		1,658		123,073
BioMarin Pharmaceutical, Inc.^*		1,538		103,661
Exact Sciences Corp.^*		1,117		100,943
Alnylam Pharmaceuticals, Inc.^*		1,149		92,403
Ionis Pharmaceuticals, Inc.^*		1,527		91,483
Sage Therapeutics, Inc.^*		534		74,915
Exelixis, Inc.^*		3,877		68,565
ACADIA Pharmaceuticals, Inc.^*		1,905		68,561
Bluebird Bio, Inc.^*		729		66,937
United Therapeutics Corp.^*		705		56,224
Intercept Pharmaceuticals, Inc.^*		697		46,253
Myriad Genetics, Inc.^*		1,613		46,180
Immunomedics, Inc.^*		3,344		44,341
PTC Therapeutics, Inc.^*		1,291		43,662
Ligand Pharmaceuticals, Inc. — Class B^*		422		42,006
Total Biotechnology				3,028,531
Healthcare-Services - 13.4%
UnitedHealth Group, Inc.		2,036		442,464
Anthem, Inc.		1,013		243,221
HCA Healthcare, Inc.		1,653		199,054
Humana, Inc.		702		179,480
IQVIA Holdings, Inc.^*		1,125		168,052
Centene Corp.^*		2,987		129,218
Laboratory Corporation of America Holdings^*		759		127,512
Quest Diagnostics, Inc.		1,132		121,158
Universal Health Services, Inc. — Class B		772		114,835
WellCare Health Plans, Inc.^*		433		112,221
DaVita, Inc.^*		1,566		89,372
Molina Healthcare, Inc.^*		741		81,302
Teladoc Health, Inc.^*,1		1,011		68,465
Amedisys, Inc.^*		492		64,457
Acadia Healthcare Company, Inc.^*		1,653		51,375
Total Healthcare-Services				2,192,186
Electronics - 2.5%
Agilent Technologies, Inc.		1,998		153,107
Mettler-Toledo International, Inc.^*		188		132,427

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.9% (continued)
Electronics - 2.5% (continued)
Waters Corp.^*		547	$	122,107
Total Electronics				407,641
Software - 2.3%
Veeva Systems, Inc. — Class A^*		1,018		155,439
Cerner Corp.		2,172		148,065
Medidata Solutions, Inc.^*		830		75,945
Total Software				379,449
Commercial Services - 0.4%
HealthEquity, Inc.^*		1,081		61,774
Total Common Stocks
(Cost $6,686,757)				16,327,112

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	41,739		41,739
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		13,422		13,422
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		12,079		12,079
Total Repurchase Agreements
(Cost $67,240)				67,240

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		176,735		176,735
Total Securities Lending Collateral
(Cost $176,735)				176,735
Total Investments - 101.4%
(Cost $6,930,732)			$	16,571,087
Other Assets & Liabilities, net - (1.4)%				(229,067	)
Total Net Assets - 100.0%			$	16,342,020

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	16,327,112	$	—	$	—	$	16,327,112
Repurchase Agreements		—		67,240		—		67,240
Securities Lending Collateral		176,735		—		—		176,735
Total Assets	$	16,503,847	$	67,240	$	—	$	16,571,087

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
EXCHANGE-TRADED FUNDS^† - 0.0%
iShares iBoxx High Yield Corporate Bond ETF		20	$	1,744
SPDR Bloomberg Barclays High Yield Bond ETF		15		1,631
Total Exchange-Traded Funds
(Cost $2,949)				3,375

MUTUAL FUNDS^† - 53.4%
Guggenheim Strategy Fund II¹		48,245		1,197,932
Guggenheim Ultra Short Duration Fund — Institutional Class¹		114,905		1,144,454
Total Mutual Funds
(Cost $2,332,470)				2,342,386

		Face Amount
FEDERAL AGENCY NOTES^†† - 16.9%
Fannie Mae
1.10% due 10/17/19	$	350,000		349,865
Federal Home Loan Bank
2.04% (1 Month USD LIBOR - 0.07%, Rate Floor: 0.00%) due 10/01/19²		290,000		290,000
Federal Farm Credit Bank
2.20% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/22²		100,000		100,295
Total Federal Agency Notes
(Cost $739,827)				740,160

U.S. TREASURY BILLS^†† - 0.9%
U.S. Treasury Bills
1.93% due 10/29/19^3,4		40,000		39,942
Total U.S. Treasury Bills
(Cost $39,939)				39,942

REPURCHASE AGREEMENTS^††,5 - 23.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		644,100		644,100
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		207,121		207,121
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		186,409		186,409
Total Repurchase Agreements
(Cost $1,037,630)				1,037,630
Total Investments - 94.9%
(Cost $4,152,815)			$	4,163,493
Other Assets & Liabilities, net - 5.1%				221,937
Total Net Assets - 100.0%			$	4,385,430

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	33	Dec 2019	$	3,932,156	$	(18,709	)

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.33

5.00%

Quarterly

12/20/24

3,900,000

260,988

258,000

2,988

Total Return Swap Agreements

Counterparty

Index

Financing
Rate Pay

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements^††,7

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

2.27%

At Maturity

10/25/19

4,294

374,308

(644

)

^**	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, 2019. 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	All or a portion of this security is pledged as futures collateral at September 30, 2019.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.
⁷	Total return based on iShares iBoxx $ High Yield Corporate Bond ETF +/- financing at a variable rate. Rate indicated is the rate effective September 30, 2019.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

CDX.NA.HY.33 — Credit Default Swap North American High Yield Series 33 Index

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, 2019 (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	$	3,375	$	—	$	—	$	3,375
Mutual Funds		2,342,386		—		—		2,342,386
Federal Agency Notes		—		740,160		—		740,160
U.S. Treasury Bills		—		39,942		—		39,942
Repurchase Agreements		—		1,037,630		—		1,037,630
Credit Default Swap Agreements**		—		2,988		—		2,988
Total Assets	$	2,345,761	$	1,820,720	$	—	$	4,166,481

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	18,709	$	—	$	—	$	18,709
Equity Index Swap Agreements**		—		644		—		644
Total Liabilities	$	18,709	$	644	$	—	$	19,353

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,349,675	$	4,943,830	$	(5,100,000	)	$	4,476	$	(49	)	$	1,197,932		48,245	$	43,997
Guggenheim Ultra Short Duration Fund — Institutional Class		1,002,262		5,441,706	$	(5,300,000	)		344		142			1,144,454		114,905		41,812
	$	2,351,937	$	10,385,536	$	(10,400,000	)	$	4,820	$	93		$	2,342,386			$	85,809

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.8%
Internet - 59.9%
Alphabet, Inc. — Class A^*		499	$	609,349
Amazon.com, Inc.^*		347		602,361
Facebook, Inc. — Class A^*		2,572		458,022
Alibaba Group Holding Ltd. ADR^*		1,787		298,840
Netflix, Inc.^*		841		225,068
Booking Holdings, Inc.^*		97		190,373
eBay, Inc.		3,025		117,915
Baidu, Inc. ADR^*		1,140		117,146
Twitter, Inc.^*		2,840		117,008
JD.com, Inc. ADR^*		3,565		100,569
VeriSign, Inc.^*		521		98,276
Expedia Group, Inc.		699		93,953
Snap, Inc. — Class A^*		5,904		93,283
Match Group, Inc.¹		1,243		88,800
IAC/InterActiveCorp^*		400		87,188
MercadoLibre, Inc.^*		152		83,787
Shopify, Inc. — Class A^*		260		81,032
Pinterest, Inc. — Class A^*,1		2,795		73,928
GoDaddy, Inc. — Class A^*		1,092		72,050
Ctrip.com International Ltd. ADR^*		2,407		70,501
Okta, Inc.^*		710		69,907
Wayfair, Inc. — Class A^*		587		65,814
Chewy, Inc. — Class A^*		2,675		65,752
Spotify Technology S.A.^*		571		65,094
Pinduoduo, Inc. ADR^*		1,978		63,731
F5 Networks, Inc.^*		444		62,346
Weibo Corp. ADR^*		1,316		58,891
Wix.com Ltd.^*		485		56,619
Etsy, Inc.^*		952		53,788
YY, Inc. ADR^*		944		53,081
Zillow Group, Inc. — Class C^*,1		1,777		52,990
Zillow Group, Inc. — Class A^*		1,782		52,649
Baozun, Inc. ADR^*,1		1,219		52,051
Autohome, Inc. ADR^*		616		51,208
Anaplan, Inc.^*		1,068		50,196
SINA Corp.^*		1,274		49,928
TripAdvisor, Inc.^*		1,255		48,543
GrubHub, Inc.^*		862		48,453
58.com, Inc. ADR^*		971		47,880
Cargurus, Inc.^*		1,241		38,409
Yelp, Inc. — Class A^*		960		33,360
Stamps.com, Inc.^*		342		25,462
Total Internet				4,845,601
Software - 20.2%
salesforce.com, Inc.^*		1,599		237,356
Activision Blizzard, Inc.		2,516		133,147
Electronic Arts, Inc.^*		1,145		112,004
Veeva Systems, Inc. — Class A^*		675		103,066
Akamai Technologies, Inc.^*		909		83,064
Twilio, Inc. — Class A^*,1		719		79,061
Take-Two Interactive Software, Inc.^*		614		76,959
Citrix Systems, Inc.		780		75,286
NetEase, Inc. ADR		277		73,732
DocuSign, Inc.^*		1,100		68,112
Sea Ltd. ADR^*		1,929		59,702
Dropbox, Inc. — Class A^*		2,922		58,937
Coupa Software, Inc.^*		448		58,047
Momo, Inc. ADR		1,724		53,409
Bilibili, Inc. ADR^*		3,769		53,218
MongoDB, Inc.^*		439		52,891
HubSpot, Inc.^*		348		52,760
HUYA, Inc. ADR^*		2,084		49,266
j2 Global, Inc.		487		44,229
Cornerstone OnDemand, Inc.^*		708		38,812
New Relic, Inc.^*		628		38,591
Box, Inc. — Class A^*		1,975		32,706
Total Software				1,634,355
Telecommunications - 11.1%
Cisco Systems, Inc.		6,252		308,911
Motorola Solutions, Inc.		661		112,641
Arista Networks, Inc.^*		375		89,595
Juniper Networks, Inc.		2,560		63,360
Ubiquiti, Inc.¹		508		60,076
Ciena Corp.^*		1,331		52,215
GDS Holdings Ltd. ADR^*		1,232		49,379
ViaSat, Inc.^*		599		45,117
LogMeIn, Inc.		575		40,802
Viavi Solutions, Inc.^*		2,661		37,267
CommScope Holding Company, Inc.^*		2,814		33,093
Total Telecommunications				892,456
Commercial Services - 4.3%
PayPal Holdings, Inc.^*		2,229		230,902
CoStar Group, Inc.^*		164		97,285
2U, Inc.^*		1,319		21,473
Total Commercial Services				349,660
Diversified Financial Services - 2.1%
TD Ameritrade Holding Corp.		2,216		103,487
E*TRADE Financial Corp.		1,550		67,720
Total Diversified Financial Services				171,207
Computers - 1.5%
Nutanix, Inc. — Class A^*		1,814		47,618
Lumentum Holdings, Inc.^*		766		41,027
NetScout Systems, Inc.^*		1,202		27,718
Total Computers				116,363
Retail - 0.6%
Qurate Retail, Inc. — Class A^*		4,341		44,777
Electronics - 0.1%
II-VI, Inc.^*		337		11,878
Total Common Stocks
(Cost $3,718,645)				8,066,297

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.5%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	26,286	$	26,286
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		8,453		8,453
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		7,608		7,608
Total Repurchase Agreements
(Cost $42,347)				42,347

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		307,341		307,341
Total Securities Lending Collateral
(Cost $307,341)				307,341
Total Investments - 104.1%
(Cost $4,068,333)			$	8,415,985
Other Assets & Liabilities, net - (4.1)%				(330,045	)
Total Net Assets - 100.0%			$	8,085,940

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	8,066,297	$	—	$	—	$	8,066,297
Repurchase Agreements		—		42,347		—		42,347
Securities Lending Collateral		307,341		—		—		307,341
Total Assets	$	8,373,638	$	42,347	$	—	$	8,415,985

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 41.3%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		75,204	$	749,034
Guggenheim Strategy Fund II¹		30,141		748,395
Total Mutual Funds
(Cost $1,495,841)				1,497,429

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 4.1%
Federal Home Loan Bank
1.78% due 10/02/19²	$	150,000		149,992
Total Federal Agency Discount Notes
(Cost $149,992)				149,992

U.S. TREASURY BILLS^†† - 0.2%
U.S. Treasury Bills
1.93% due 10/29/19^2,3		6,000		5,991
Total U.S. Treasury Bills
(Cost $5,991)				5,991

REPURCHASE AGREEMENTS^††,4 - 54.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		1,224,902		1,224,902
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		393,888		393,888
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		354,499		354,499
Total Repurchase Agreements
(Cost $1,973,289)				1,973,289
Total Investments - 100.0%
(Cost $3,625,113)			$	3,626,701
Other Assets & Liabilities, net - 0.0%				(1,670	)
Total Net Assets - 100.0%			$	3,625,031

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 2019

134,455

942

Total Return Swap Agreements

Counterparty	Index	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Equity Index Swap Agreements Sold Short^††
BNP Paribas	Dow Jones Industrial Average Index	(2.04)%	At Maturity	10/29/19		226	$	6,081,535	$	11,612
Barclays Bank plc	Dow Jones Industrial Average Index	(2.16)%	At Maturity	10/31/19		39		1,039,501		(996	)
							$	7,121,036	$	10,616

^**	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, 2019.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	1,497,429	$	—	$	—	$	1,497,429
Federal Agency Discount Notes		—		149,992		—		149,992
U.S. Treasury Bills		—		5,991		—		5,991
Repurchase Agreements		—		1,973,289		—		1,973,289
Equity Futures Contracts**		942		—		—		942
Equity Index Swap Agreements**		—		11,612		—		11,612
Total Assets	$	1,498,371	$	2,140,884	$	—	$	3,639,255

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	996			$	—			$	996

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	649,397	$	3,066,875	$	(2,970,000	)	$	(1,998	)	$	4,121	$	748,395	$	30,141	$	16,968
Guggenheim Ultra Short Duration Fund — Institutional Class		447,159		3,714,844		(3,415,000	)		(332	)		2,363		749,034		75,204		14,892
	$	1,096,556	$	6,781,719	$	(6,385,000	)	$	(2,330	)	$	6,484	$	1,497,429			$	31,860

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 52.8%
Guggenheim Strategy Fund II¹		29,236	$	725,927
Guggenheim Ultra Short Duration Fund — Institutional Class¹		46,095		459,110
Total Mutual Funds
(Cost $1,181,753)				1,185,037

		Face Amount
FEDERAL AGENCY NOTES^†† - 18.9%
Fannie Mae
1.10% due 10/17/19	$	300,000		299,884
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20²		125,000		124,999
Total Federal Agency Notes
(Cost $424,852)				424,883

FEDERAL AGENCY DISCOUNT NOTES^†† - 4.5%
Federal Home Loan Bank
1.78% due 10/02/19³		100,000		99,995
Total Federal Agency Discount Notes
(Cost $99,995)				99,995

U.S. TREASURY BILLS^†† - 2.2%
U.S. Treasury Bills
1.93% due 10/29/19^3,4		49,000		48,929
Total U.S. Treasury Bills
(Cost $48,925)				48,929

REPURCHASE AGREEMENTS^†† - 59.4%
Individual Repurchase Agreements⁵
Mizuho Financial Group, Inc. issued 09/30/19 at 1.90% due 10/01/19 (secured by a U.S. Treasury Bond, at a rate of 2.25% and maturing 08/15/49 as collateral, with a value of $514,766) to be repurchased at $504,699		504,672		504,672
Barclays Capital issued 09/30/19 at 1.65% due 10/01/19 (secured by a U.S. Treasury Bond, at a rate of 2.25% and maturing 08/15/49 as collateral, with a value of $410,550) to be repurchased at $402,518		402,500		402,500
Joint Repurchase Agreements⁶
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		263,866		263,866
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		84,850		84,850
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		76,365		76,365
Total Repurchase Agreements
(Cost $1,332,253)				1,332,253
Total Investments - 137.8%
(Cost $3,087,778)			$	3,091,097

U.S. GOVERNMENT SECURITIES SOLD SHORT^†† - (41.3)%
U.S. Treasury Bonds
2.25% due 08/15/49		900,000		(926,578	)
Total U.S. Government Securities Sold Short
(Proceeds $939,578)				(926,578	)
Other Assets & Liabilities, net - 3.5%				78,736
Total Net Assets - 100.0%			$	2,243,255

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

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 2019

1,536,750

27,461

^**	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, 2019. 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, 2019.
⁵	All or a portion of this security is pledged as short security collateral at September 30, 2019.
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, 2019 (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	$	1,185,037	$	—	$	—	$	1,185,037
Federal Agency Notes		—		424,883		—		424,883
Federal Agency Discount Notes		—		99,995		—		99,995
U.S. Treasury Bills		—		48,929		—		48,929
Repurchase Agreements		—		1,332,253		—		1,332,253
Interest Rate Futures Contracts**		27,461		—		—		27,461
Total Assets	$	1,212,498	$	1,906,060	$	—	$	3,118,558

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
U.S. Government Securities		$	—			$	926,578			$	—			$	926,578

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,467,994	$	1,082,328	$	(1,825,000	)	$	(3,100	)	$	3,705	$	725,927		29,236	$	22,510
Guggenheim Ultra Short Duration Fund — Institutional Class		1,452,530		1,081,307		(2,075,000	)		(6,630	)		6,903		459,110		46,095		21,460
	$	2,920,524	$	2,163,635	$	(3,900,000	)	$	(9,730	)	$	10,608	$	1,185,037			$	43,970

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 43.0%
Guggenheim Strategy Fund II¹		2,314	$	57,454
Guggenheim Ultra Short Duration Fund — Institutional Class¹		5,709		56,861
Total Mutual Funds
(Cost $114,205)				114,315

		Face Amount
U.S. TREASURY BILLS^†† - 3.8%
U.S. Treasury Bills
1.82% due 11/21/19²	$	10,000		9,975
Total U.S. Treasury Bills
(Cost $9,974)				9,975

REPURCHASE AGREEMENTS^††,3 - 46.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁴		77,383		77,383
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁴		24,884		24,884
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁴		22,395		22,395
Total Repurchase Agreements
(Cost $124,662)				124,662
Total Investments - 93.6%
(Cost $248,841)			$	248,952
Other Assets & Liabilities, net - 6.4%				17,161
Total Net Assets - 100.0%			$	266,113

Total Return Swap Agreements

Counterparty	Index	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements Sold Short^††
BNP Paribas	S&P MidCap 400 Index	(1.99)%	At Maturity	10/29/19		27	$	53,058	$	327
Goldman Sachs International	S&P MidCap 400 Index	(2.01)%	At Maturity	10/28/19		99		191,940		146
Barclays Bank plc	S&P MidCap 400 Index	(2.11)%	At Maturity	10/31/19		10		20,287		16
							$	265,285	$	489

^†	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	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

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, 2019 (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	$	114,315	$	—	$	—	$	114,315
U.S. Treasury Bills		—		9,975		—		9,975
Repurchase Agreements		—		124,662		—		124,662
Equity Index Swap Agreements**		—		489		—		489
Total Assets	$	114,315	$	135,126	$	—	$	249,441

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

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	129,855	$	127,533	$	(200,000	)	$	(267	)	$	333	$	57,454		2,314	$	2,543
Guggenheim Ultra Short Duration Fund — Institutional Class		119,433		142,374		(205,000	)		(270	)		324		56,861		5,709		2,381
	$	249,288	$	269,907	$	(405,000	)	$	(537	)	$	657	$	114,315			$	4,924

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 40.7%
Guggenheim Strategy Fund II¹		9,709	$	241,083
Guggenheim Ultra Short Duration Fund — Institutional Class¹		24,199		241,024
Total Mutual Funds
(Cost $480,996)				482,107

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 8.4%
Federal Home Loan Bank
1.90% due 10/01/19²	$	100,000		100,000
Total Federal Agency Discount Notes
(Cost $100,000)				100,000

FEDERAL AGENCY NOTES^†† - 4.3%
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20³		50,000		50,000
Total Federal Agency Notes
(Cost $50,000)				50,000

REPURCHASE AGREEMENTS^††,4 - 46.9%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		345,160		345,160
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		110,992		110,992
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		99,893		99,893
Total Repurchase Agreements
(Cost $556,045)				556,045
Total Investments - 100.3%
(Cost $1,187,041)			$	1,188,152
Other Assets & Liabilities, net - (0.3)%				(3,522	)
Total Net Assets - 100.0%			$	1,184,630

Total Return Swap Agreements

Counterparty	Index	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements Sold Short^††
BNP Paribas	NASDAQ-100 Index	(2.19)%	At Maturity	10/29/19		36	$	279,055	$	1,949
Goldman Sachs International	NASDAQ-100 Index	(2.16)%	At Maturity	10/28/19		103		796,540		1,728
Barclays Bank plc	NASDAQ-100 Index	(2.26)%	At Maturity	10/31/19		17		128,440		374
							$	1,204,035	$	4,051

^†	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, 2019. 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	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	482,107	$	—	$	—	$	482,107
Federal Agency Discount Notes		—		100,000		—		100,000
Federal Agency Notes		—		50,000		—		50,000
Repurchase Agreements		—		556,045		—		556,045
Equity Index Swap Agreements**		—		4,051		—		4,051
Total Assets	$	482,107	$	710,096	$	—	$	1,192,203

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,919,490	$	1,512,081	$	(3,190,000	)	$	(2,310	)	$	1,822	$	241,083		9,709	$	12,356
Guggenheim Ultra Short Duration Fund — Institutional Class		1,924,597		1,511,100		(3,195,000	)		(1,101	)		1,428		241,024		24,199		11,266
	$	3,844,087	$	3,023,181	$	(6,385,000	)	$	(3,411	)	$	3,250	$	482,107			$	23,622

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 38.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		17,445	$	173,751
Guggenheim Strategy Fund II¹		6,946		172,477
Total Mutual Funds
(Cost $345,442)				346,228

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 2.8%
Fannie Mae
1.98% due 11/01/19²	$	25,000		24,957
Total Federal Agency Discount Notes
(Cost $24,957)				24,957

REPURCHASE AGREEMENTS^††,3 - 75.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁴		420,331		420,331
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁴		135,165		135,165
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁴		121,648		121,648
Total Repurchase Agreements
(Cost $677,144)				677,144
Total Investments - 116.8%
(Cost $1,047,543)			$	1,048,329
Other Assets & Liabilities, net - (16.8)%				(150,849	)
Total Net Assets - 100.0%			$	897,480

Total Return Swap Agreements

Counterparty	Index	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements Sold Short^††
BNP Paribas	Russell 2000 Index	(1.64)%	At Maturity	10/29/19		149	$	227,234	$	4,069
Goldman Sachs International	Russell 2000 Index	(1.86)%	At Maturity	10/28/19		343		523,020		1,551
Barclays Bank plc	Russell 2000 Index	(1.41)%	At Maturity	10/31/19		97		148,268		969
							$	898,522	$	6,589

^†	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	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

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, 2019 (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	$	346,228	$	—	$	—	$	346,228
Federal Agency Discount Notes		—		24,957		—		24,957
Repurchase Agreements		—		677,144		—		677,144
Equity Index Swap Agreements**		—		6,589		—		6,589
Total Assets	$	346,228	$	708,690	$	—	$	1,054,918

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

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,209,164	$	493,942	$	(1,530,000	)	$	(4,096	)	$	3,467	$	172,477		6,946	$	9,092
Guggenheim Ultra Short Duration Fund — Institutional Class		1,060,232		613,417		(1,500,000	)		(606	)		708		173,751		17,445		8,528
	$	2,269,396	$	1,107,359	$	(3,030,000	)	$	(4,702	)	$	4,175	$	346,228			$	17,620

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 63.4%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		73,376	$	730,821
Guggenheim Strategy Fund II¹		29,405		730,138
Total Mutual Funds
(Cost $1,457,131)				1,460,959

		Face Amount
FEDERAL AGENCY NOTES^†† - 13.0%
Fannie Mae
1.10% due 10/17/19	$	200,000		199,922
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20²		100,000		100,000
Total Federal Agency Notes
(Cost $299,901)				299,922

U.S. TREASURY BILLS^†† - 3.0%
U.S. Treasury Bills
1.82% due 11/21/19³		70,000		69,822
Total U.S. Treasury Bills
(Cost $69,817)				69,822

REPURCHASE AGREEMENTS^††,4 - 30.3%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		433,003		433,003
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		139,239		139,239
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		125,316		125,316
Total Repurchase Agreements
(Cost $697,558)				697,558
Total Investments - 109.7%
(Cost $2,524,407)			$	2,528,261
Other Assets & Liabilities, net - (9.7)%				(223,218	)
Total Net Assets - 100.0%			$	2,305,043

Total Return Swap Agreements

Counterparty	Index	Financing Rate Receive	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements Sold Short^††
BNP Paribas	S&P 500 Index	(2.09)%	At Maturity	10/29/19		108	$	322,663	$	881
Goldman Sachs International	S&P 500 Index	(2.26)%	At Maturity	10/28/19		469		1,395,076		402
Barclays Bank plc	S&P 500 Index	(2.21)%	At Maturity	10/31/19		203		604,827		179
							$	2,322,566	$	1,462

^†	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, 2019. 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	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	1,460,959	$	—	$	—	$	1,460,959
Federal Agency Notes		—		299,922		—		299,922
U.S. Treasury Bills		—		69,822		—		69,822
Repurchase Agreements		—		697,558		—		697,558
Equity Index Swap Agreements**		—		1,462		—		1,462
Total Assets	$	1,460,959	$	1,068,764	$	—	$	2,529,723

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,299,238	$	521,075	$	(1,090,000	)	$	(2,717	)	$	2,542	$	730,138		29,405	$	21,224
Guggenheim Ultra Short Duration Fund — Institutional Class		1,185,822		724,353		(1,180,000	)		(1,809	)		2,455		730,821		73,376		19,478
	$	2,485,060	$	1,245,428	$	(2,270,000	)	$	(4,526	)	$	4,997	$	1,460,959			$	40,702

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 60.9%
Guggenheim Strategy Fund II¹		20,363	$	505,610
Guggenheim Ultra Short Duration Fund — Institutional Class¹		48,991		487,952
Total Mutual Funds
(Cost $991,027)				993,562

		Face Amount
FEDERAL AGENCY NOTES^†† - 16.9%
Fannie Mae
1.10% due 10/17/19	$	200,000		199,922
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20²		75,000		75,000
Total Federal Agency Notes
(Cost $274,902)				274,922

U.S. TREASURY BILLS^†† - 7.8%
U.S. Treasury Bills
1.93% due 10/29/19^3,4		128,000		127,814
Total U.S. Treasury Bills
(Cost $127,804)				127,814

FEDERAL AGENCY DISCOUNT NOTES^†† - 6.1%
Federal Home Loan Bank
1.78% due 10/02/19⁴		100,000		99,995
Total Federal Agency Discount Notes
(Cost $99,995)				99,995

REPURCHASE AGREEMENTS^††,5 - 7.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		74,791		74,791
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		24,051		24,051
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		21,645		21,645
Total Repurchase Agreements
(Cost $120,487)				120,487
Total Investments - 99.1%
(Cost $1,614,215)			$	1,616,780
Other Assets & Liabilities, net - 0.9%				15,015
Total Net Assets - 100.0%			$	1,631,795

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
Nikkei-225 (CME) Index Futures Contracts	30	Dec 2019	$	3,281,250	$	49,177
Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts	28	Dec 2019		3,253,425		(10,217	)

^**	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, 2019. 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	All or a portion of this security is pledged as futures collateral at September 30, 2019.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	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, 2019 (See Note 3 in the Notes to Schedule of Investments):

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	993,562	$	—	$	—	$	993,562
Federal Agency Notes		—		274,922		—		274,922
U.S. Treasury Bills		—		127,814		—		127,814
Federal Agency Discount Notes		—		99,995		—		99,995
Repurchase Agreements		—		120,487		—		120,487
Equity Futures Contracts**		49,177		—		—		49,177
Total Assets	$	1,042,739	$	623,218	$	—	$	1,665,957

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Currency Futures Contracts**		$	10,217			$	—			$	—			$	10,217

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	683,491	$	501,859	$	(680,000	)	$	40	$	220	$	505,610		20,363	$	11,919
Guggenheim Ultra Short Duration Fund — Institutional Class		456,957		610,848		(580,000	)		147		–		487,952		48,991		10,896
	$	1,140,448	$	1,112,707	$	(1,260,000	)	$	187	$	220	$	993,562			$	22,815

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 100.1%
Media - 24.5%
Walt Disney Co.		1,303	$	169,807
Comcast Corp. — Class A		3,464		156,157
Charter Communications, Inc. — Class A^*		267		110,036
Fox Corp. — Class A		1,569		49,479
Discovery, Inc. — Class A^*		1,844		49,106
Liberty Broadband Corp. — Class C^*		454		47,520
Altice USA, Inc. — Class A^*		1,640		47,035
DISH Network Corp. — Class A^*		1,323		45,075
CBS Corp. — Class B		1,068		43,115
Viacom, Inc. — Class B		1,441		34,627
Liberty Global plc — Class C^*		1,435		34,139
News Corp. — Class A		2,284		31,793
Cable One, Inc.		22		27,603
World Wrestling Entertainment, Inc. — Class A		374		26,610
Nexstar Media Group, Inc. — Class A		241		24,657
New York Times Co. — Class A		854		24,322
Sinclair Broadcast Group, Inc. — Class A		511		21,840
TEGNA, Inc.		1,391		21,602
AMC Networks, Inc. — Class A^*		381		18,730
Total Media				983,253
Retail - 18.8%
McDonald's Corp.		664		142,567
Starbucks Corp.		1,256		111,056
Yum! Brands, Inc.		568		64,428
Chipotle Mexican Grill, Inc. — Class A^*		65		54,631
Darden Restaurants, Inc.		361		42,677
Restaurant Brands International, Inc.		508		36,139
Yum China Holdings, Inc.		795		36,117
Domino's Pizza, Inc.		143		34,976
Dunkin' Brands Group, Inc.		353		28,014
Wendy's Co.		1,159		23,157
Cracker Barrel Old Country Store, Inc.¹		135		21,958
Texas Roadhouse, Inc. — Class A		415		21,796
Shake Shack, Inc. — Class A^*		210		20,588
Wingstop, Inc.		203		17,718
Jack in the Box, Inc.		190		17,313
Cheesecake Factory, Inc.		378		15,755
Papa John's International, Inc.¹		277		14,501
Brinker International, Inc.		326		13,910
Bloomin' Brands, Inc.		722		13,667
Dave & Buster's Entertainment, Inc.		307		11,958
BJ's Restaurants, Inc.		271		10,526
Total Retail				753,452
Lodging - 12.0%
Las Vegas Sands Corp.		1,310		75,666
Marriott International, Inc. — Class A		564		70,144
Hilton Worldwide Holdings, Inc.		607		56,518
MGM Resorts International		1,495		41,441
Wynn Resorts Ltd.		356		38,704
Melco Resorts & Entertainment Ltd. ADR		1,589		30,843
Huazhu Group Ltd. ADR		920		30,378
Hyatt Hotels Corp. — Class A		412		30,352
Wyndham Hotels & Resorts, Inc.		475		24,577
Choice Hotels International, Inc.		273		24,286
Wyndham Destinations, Inc.		496		22,826
Hilton Grand Vacations, Inc.^*		562		17,984
Boyd Gaming Corp.		733		17,555
Total Lodging				481,274
Agriculture - 8.7%
Altria Group, Inc.		4,690		191,821
Philip Morris International, Inc.		1,655		125,664
British American Tobacco plc ADR		849		31,328
Total Agriculture				348,813
Entertainment - 8.5%
Live Nation Entertainment, Inc.^*		635		42,126
Vail Resorts, Inc.		145		32,996
Stars Group, Inc.^*		2,008		30,080
Madison Square Garden Co. — Class A^*		104		27,406
Churchill Downs, Inc.		202		24,938
Cinemark Holdings, Inc.		628		24,266
Marriott Vacations Worldwide Corp.		227		23,519
Six Flags Entertainment Corp.		446		22,652
Eldorado Resorts, Inc.^*,1		477		19,018
International Game Technology plc		1,318		18,729
Red Rock Resorts, Inc. — Class A		838		17,016
SeaWorld Entertainment, Inc.^*		619		16,292
Penn National Gaming, Inc.^*		874		16,278
Scientific Games Corp. — Class A^*		714		14,530
AMC Entertainment Holdings, Inc. — Class A		1,128		12,070
Total Entertainment				341,916
Software - 7.7%
Activision Blizzard, Inc.		1,329		70,330
Electronic Arts, Inc.^*		607		59,377
NetEase, Inc. ADR		166		44,186
Take-Two Interactive Software, Inc.^*		324		40,610
Sea Ltd. ADR^*		1,112		34,416
Bilibili, Inc. ADR^*		2,156		30,443
HUYA, Inc. ADR^*		1,187		28,061
Total Software				307,423
Leisure Time - 6.6%
Carnival Corp.		1,348		58,921
Royal Caribbean Cruises Ltd.		483		52,324
Norwegian Cruise Line Holdings Ltd.^*		699		36,187
Harley-Davidson, Inc.		755		27,157
Polaris, Inc.		290		25,523
Planet Fitness, Inc. — Class A^*		433		25,058
Brunswick Corp.		450		23,454

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 100.1% (continued)
Leisure Time - 6.6% (continued)
Callaway Golf Co.		748	$	14,519
Total Leisure Time				263,143
Beverages - 6.5%
Constellation Brands, Inc. — Class A		338		70,061
Brown-Forman Corp. — Class B		964		60,520
Molson Coors Brewing Co. — Class B		715		41,112
Anheuser-Busch InBev S.A. ADR		374		35,586
Diageo plc ADR		184		30,088
Boston Beer Company, Inc. — Class A^*		69		25,121
Total Beverages				262,488
Internet - 4.8%
Netflix, Inc.^*		445		119,091
Spotify Technology S.A.^*		338		38,532
iQIYI, Inc. ADR^*		2,090		33,712
Total Internet				191,335
Toys, Games & Hobbies - 1.1%
Hasbro, Inc.		357		42,372
Food Service - 0.9%
Aramark		854		37,217
Total Common Stocks
(Cost $2,157,058)				4,012,686

RIGHTS^†††,2 - 0.0%
Media - 0.0%
Nexstar Media Group, Inc.^*		1,910		–
Total Rights
(Cost $–)				–

		Face Amount
REPURCHASE AGREEMENTS^††,3 - 0.3%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	8,466		8,466
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		2,723		2,723
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		2,450		2,450
Total Repurchase Agreements
(Cost $13,639)				13,639

		Shares
SECURITIES LENDING COLLATERAL^†,4 - 1.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁵		39,214		39,214
Total Securities Lending Collateral
(Cost $39,214)				39,214
Total Investments - 101.4%
(Cost $2,209,911)			$	4,065,539
Other Assets & Liabilities, net - (1.4)%				(54,166	)
Total Net Assets - 100.0%			$	4,011,373

^*	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, 2019 — See Note 5.
²	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
³	Repurchase Agreements — See Note 4.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of September 30, 2019.

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, 2019 (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	$	4,012,686	$	—	$	—		$	4,012,686
Rights		—		—		—	*		—
Repurchase Agreements		—		13,639		—			13,639
Securities Lending Collateral		39,214		—		—			39,214
Total Assets	$	4,051,900	$	13,639	$	—		$	4,065,539

^*	Security has a market value of $0.

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Non-cyclical - 34.0%
Archer-Daniels-Midland Co.		8,101	$	332,708
Amgen, Inc.¹		1,696		328,193
Merck & Company, Inc.		3,870		325,776
McKesson Corp.		2,135		291,769
PepsiCo, Inc.¹		2,079		285,031
Gilead Sciences, Inc.¹		4,444		281,661
Pfizer, Inc.		7,598		272,996
Molson Coors Brewing Co. — Class B¹		4,592		264,040
Ingredion, Inc.¹		3,080		251,759
Zimmer Biomet Holdings, Inc.¹		1,801		247,223
CVS Health Corp.¹		3,770		237,774
Becton Dickinson and Co.		930		235,253
Kimberly-Clark Corp.¹		1,555		220,888
Johnson & Johnson¹		1,679		217,229
Pilgrim's Pride Corp.^*,1		6,501		208,325
Colgate-Palmolive Co.¹		2,782		204,505
Philip Morris International, Inc.¹		2,510		190,585
Sysco Corp.¹		2,392		189,925
Medtronic plc		1,726		187,478
Thermo Fisher Scientific, Inc.		641		186,704
Cal-Maine Foods, Inc.		4,630		184,992
Baxter International, Inc.¹		2,102		183,862
Eli Lilly & Co.		1,536		171,771
H&R Block, Inc.		7,115		168,056
Tyson Foods, Inc. — Class A		1,948		167,801
Hill-Rom Holdings, Inc.		1,580		166,263
Hologic, Inc.^*,1		3,113		157,175
Darling Ingredients, Inc.^*		8,156		156,024
General Mills, Inc.		2,808		154,777
Kroger Co.¹		5,852		150,865
AMERCO		363		141,585
Hormel Foods Corp.		3,036		132,764
Post Holdings, Inc.^*		1,200		127,008
Biogen, Inc.^*,1		541		125,955
Bio-Rad Laboratories, Inc. — Class A^*		363		120,785
AmerisourceBergen Corp. — Class A		1,444		118,884
Cardinal Health, Inc.¹		2,356		111,180
UnitedHealth Group, Inc.		487		105,835
Jazz Pharmaceuticals plc^*		805		103,153
JM Smucker Co.		919		101,108
ManpowerGroup, Inc.		1,191		100,330
Integer Holdings Corp.^*		1,321		99,815
Regeneron Pharmaceuticals, Inc.^*		353		97,922
Lamb Weston Holdings, Inc.		1,291		93,881
Kellogg Co.		1,366		87,902
US Foods Holding Corp.^*		2,118		87,050
Campbell Soup Co.		1,813		85,066
STERIS plc		583		84,238
Procter & Gamble Co.¹		662		82,339
Alexion Pharmaceuticals, Inc.^*		835		81,780
Herbalife Nutrition Ltd.^*		2,087		79,014
Central Garden & Pet Co. — Class A^*		2,834		78,573
TrueBlue, Inc.^*		3,395		71,634
Innoviva, Inc.^*		6,748		71,124
Mondelez International, Inc. — Class A		1,229		67,988
Coca-Cola Co.		1,228		66,852
Humana, Inc.		261		66,730
Kraft Heinz Co.¹		2,304		64,362
Abbott Laboratories		767		64,175
B&G Foods, Inc.²		3,333		63,027
Bristol-Myers Squibb Co.		1,208		61,258
Clorox Co.		398		60,444
Danaher Corp.		372		53,728
Total Consumer, Non-cyclical				9,578,897
Industrial - 12.5%
United Parcel Service, Inc. — Class B¹		2,521		302,066
FedEx Corp.¹		1,642		239,026
CSX Corp.¹		2,877		199,290
Landstar System, Inc.		1,769		199,154
Cummins, Inc.		1,119		182,028
Norfolk Southern Corp.¹		915		164,389
Knight-Swift Transportation Holdings, Inc.		3,997		145,091
Union Pacific Corp.¹		865		140,113
Forward Air Corp.		2,125		135,405
Werner Enterprises, Inc.		3,728		131,598
Old Dominion Freight Line, Inc.		753		127,987
Schneider National, Inc. — Class B		5,873		127,562
Waters Corp.^*,1		523		116,749
Agilent Technologies, Inc.		1,509		115,635
Kennametal, Inc.		3,608		110,910
Echo Global Logistics, Inc.^*		4,589		103,941
Marten Transport Ltd.		4,820		100,160
Saia, Inc.^*		1,009		94,543
Kansas City Southern¹		709		94,304
Heartland Express, Inc.		4,263		91,697
J.B. Hunt Transport Services, Inc.¹		803		88,852
Avnet, Inc.		1,895		84,299
Caterpillar, Inc.¹		631		79,702
Oshkosh Corp.		1,024		77,619
Vishay Intertechnology, Inc.		4,181		70,784
Parker-Hannifin Corp.		385		69,535
Expeditors International of Washington, Inc.		918		68,198
Textron, Inc.¹		1,308		64,039
Total Industrial				3,524,676
Energy - 11.3%
Exxon Mobil Corp.		5,368		379,034
Chevron Corp.		3,051		361,849
ONEOK, Inc.¹		4,698		346,196
Kinder Morgan, Inc.		15,779		325,205
Phillips 66¹		2,614		267,674
Valero Energy Corp.¹		3,001		255,805
HollyFrontier Corp.¹		4,612		247,388
Marathon Petroleum Corp.		3,899		236,864
Williams Companies, Inc.¹		8,960		215,578
Delek US Holdings, Inc.		5,061		183,714
Targa Resources Corp.		2,518		101,148
Cheniere Energy, Inc.^*		1,392		87,779
Renewable Energy Group, Inc.^*,2		5,780		86,729
PBF Energy, Inc. — Class A		1,658		45,081

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Energy - 11.3% (continued)
Unit Corp.^*		9,727	$	32,877
Total Energy				3,172,921
Communications - 10.9%
Verizon Communications, Inc.		5,903		356,305
AT&T, Inc.¹		8,067		305,255
Alphabet, Inc. — Class C^*		225		274,275
Omnicom Group, Inc.		3,467		271,466
Cogent Communications Holdings, Inc.		3,402		187,450
AMC Networks, Inc. — Class A^*		3,715		182,629
Shenandoah Telecommunications Co.		5,532		175,752
Facebook, Inc. — Class A^*,1		933		166,149
Discovery, Inc. — Class A^*,1		6,232		165,958
Scholastic Corp.		3,789		143,073
Comcast Corp. — Class A¹		3,136		141,371
John Wiley & Sons, Inc. — Class A		2,922		128,393
News Corp. — Class A		7,202		100,252
Amazon.com, Inc.^*		56		97,211
ATN International, Inc.		1,656		96,661
Meredith Corp.		2,418		88,644
Walt Disney Co.¹		455		59,296
TEGNA, Inc.		3,735		58,004
Cisco Systems, Inc.¹		1,106		54,647
Total Communications				3,052,791
Financial - 9.6%
Equity Commonwealth REIT¹		9,623		329,588
Apartment Investment & Management Co. — Class A REIT		6,299		328,430
Medical Properties Trust, Inc. REIT¹		15,633		305,782
HCP, Inc. REIT¹		7,829		278,947
JPMorgan Chase & Co.¹		1,486		174,887
Hartford Financial Services Group, Inc.¹		2,398		145,343
Deluxe Corp.		2,422		119,065
Host Hotels & Resorts, Inc. REIT¹		6,735		116,448
Summit Hotel Properties, Inc. REIT		9,714		112,682
Northern Trust Corp.¹		1,162		108,438
Urban Edge Properties REIT		3,767		74,549
MetLife, Inc.		1,534		72,343
Principal Financial Group, Inc.		1,248		71,311
State Street Corp.		1,135		67,181
Visa, Inc. — Class A¹		387		66,568
Bank of America Corp.		2,239		65,312
Bank of New York Mellon Corp.		1,424		64,379
Berkshire Hathaway, Inc. — Class B^*		307		63,862
Citigroup, Inc.		890		61,481
Comerica, Inc.		921		60,777
Total Financial				2,687,373
Consumer, Cyclical - 8.7%
Delta Air Lines, Inc.		4,242		244,339
Southwest Airlines Co.¹		3,982		215,068
United Airlines Holdings, Inc.^*,1		2,262		199,984
Allison Transmission Holdings, Inc.¹		3,987		187,588
JetBlue Airways Corp.^*,1		9,683		162,190
World Fuel Services Corp.		4,000		159,760
Toll Brothers, Inc.		3,199		131,319
BorgWarner, Inc.		3,428		125,739
Alaska Air Group, Inc.		1,919		124,562
Walgreens Boots Alliance, Inc.		1,917		106,029
General Motors Co.		2,704		101,346
Brinker International, Inc.		2,366		100,957
Lear Corp.¹		815		96,089
PACCAR, Inc.¹		1,339		93,743
DR Horton, Inc.		1,497		78,907
Autoliv, Inc.²		919		72,491
Home Depot, Inc.¹		298		69,142
Walmart, Inc.		557		66,105
Starbucks Corp.		698		61,717
Lions Gate Entertainment Corp. — Class A^*		5,528		51,134
Total Consumer, Cyclical				2,448,209
Utilities - 8.6%
Ameren Corp.¹		3,612		289,141
Pinnacle West Capital Corp.¹		2,938		285,192
Portland General Electric Co.		4,858		273,845
FirstEnergy Corp.¹		5,551		267,725
PPL Corp.¹		8,211		258,564
National Fuel Gas Co.¹		4,825		226,389
Exelon Corp.¹		4,241		204,883
Southern Co.		2,071		127,926
Public Service Enterprise Group, Inc.		2,002		124,284
OGE Energy Corp.		2,717		123,297
Avista Corp.		2,501		121,148
AES Corp.¹		7,349		120,083
Total Utilities				2,422,477
Technology - 3.5%
Apple, Inc.		1,111		248,831
Microsoft Corp.		1,717		238,714
Skyworks Solutions, Inc.¹		1,831		145,107
Oracle Corp.¹		2,199		121,011
Intel Corp.¹		2,202		113,469
Diodes, Inc.^*		1,718		68,978
International Business Machines Corp.		427		62,094
Total Technology				998,204
Basic Materials - 0.4%
Westlake Chemical Corp.¹		937		61,392
Domtar Corp.		1,548		55,434
Total Basic Materials				116,826
Total Common Stocks
(Cost $26,549,853)				28,002,374

MONEY MARKET FUND^† - 2.3%
Invesco Short-Term Investments Trust - Treasury Obligations Portfolio 1.86%³		636,345		636,345
Total Money Market Fund
(Cost $636,345)				636,345

SECURITIES LENDING COLLATERAL^†,4 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%³		169,156		169,156
Total Securities Lending Collateral
(Cost $169,156)				169,156
Total Investments - 102.4%

(Cost $27,355,354)			$	28,807,875
Other Assets & Liabilities, net - (2.4)%				(672,670	)
Total Net Assets - 100.0%			$	28,135,205

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Custom Basket Swap Agreements

Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements ^††
Goldman Sachs International	GS Equity Custom Basket	2.28%	At Maturity	05/06/24	$	5,334,507	$	153,729
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	2.25%	At Maturity	03/27/24		5,331,544		110,469
					$	10,666,051	$	264,198
OTC Custom Basket Swap Agreements Sold Short ^††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	(1.55)%	At Maturity	03/27/24	$	11,983,774	$	(509,795	)
Goldman Sachs International	GS Equity Custom Basket	(1.63)%	At Maturity	05/06/24		11,561,413		(226,981	)
					$	23,545,187	$	(736,776	)

GS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Saia, Inc.^*	357	0.63%	$	12,162
HollyFrontier Corp.	852	0.86%		11,178
United Parcel Service, Inc. — Class B	466	1.05%		9,180
Marathon Petroleum Corp.	721	0.82%		8,706
Phillips 66	483	0.93%		8,544
ONEOK, Inc.	868	1.20%		6,918
J.B. Hunt Transport Services, Inc.	284	0.59%		6,458
CVS Health Corp.	697	0.82%		6,343
Pilgrim's Pride Corp.^*	1,202	0.72%		6,078
Apple, Inc.	205	0.86%		5,978
HCP, Inc.	1,447	0.97%		5,933
Amgen, Inc.	313	1.14%		5,913
Schneider National, Inc. — Class B	1,526	0.62%		5,752
Alphabet, Inc. — Class C^*	41	0.94%		5,751
Zimmer Biomet Holdings, Inc.	333	0.86%		5,724
World Fuel Services Corp.	869	0.65%		5,693
FirstEnergy Corp.	1,026	0.93%		5,622
Molson Coors Brewing Co. — Class B	1,621	1.73%		5,617
Valero Energy Corp.	555	0.89%		4,805
AT&T, Inc.	806	0.57%		4,618
Medical Properties Trust, Inc.	2,891	1.06%		4,452
Werner Enterprises, Inc.	689	0.46%		4,010
Old Dominion Freight Line, Inc.	139	0.44%		3,988
Knight-Swift Transportation Holdings, Inc.	739	0.50%		3,872
Verizon Communications, Inc.	1,091	1.23%		3,851
Baxter International, Inc.	388	0.64%		3,810
Heartland Express, Inc.	1,301	0.52%		3,679
Deluxe Corp.	448	0.41%		3,670
Medtronic plc	319	0.65%		3,528
Ameren Corp.	668	1.00%		3,420
Landstar System, Inc.	327	0.69%		3,354
Scholastic Corp.	700	0.50%		3,328
Sysco Corp.	442	0.66%		2,987
Kansas City Southern	217	0.54%		2,898
News Corp. — Class A	1,331	0.35%		2,822
Cardinal Health, Inc.	800	0.71%		2,772
Becton Dickinson and Co.	172	0.82%		2,742
Southern Co.	383	0.44%		2,699
Toll Brothers, Inc.	591	0.45%		2,667
Marten Transport Ltd.	891	0.35%		2,578
Southwest Airlines Co.	736	0.75%		2,524
Hartford Financial Services Group, Inc.	443	0.50%		2,501
United Airlines Holdings, Inc.^*	418	0.69%		2,358
Allison Transmission Holdings, Inc.	737	0.65%		2,285
Microsoft Corp.	317	0.83%		2,197
Kimberly-Clark Corp.	287	0.76%		2,135
Delta Air Lines, Inc.	784	0.85%		2,132
Tyson Foods, Inc. — Class A	539	0.87%		2,113
Forward Air Corp.	393	0.47%		2,044
DR Horton, Inc.	276	0.27%		2,034
Portland General Electric Co.	898	0.95%		2,021
Diodes, Inc.^*	317	0.24%		1,981
Echo Global Logistics, Inc.^*	848	0.36%		1,964
Intel Corp.	407	0.39%		1,905
Kellogg Co.	252	0.30%		1,893
JPMorgan Chase & Co.	274	0.60%		1,875
Home Depot, Inc.	55	0.24%		1,871
Procter & Gamble Co.	122	0.28%		1,830
Agilent Technologies, Inc.	279	0.40%		1,825
Skyworks Solutions, Inc.	370	0.55%		1,794
Campbell Soup Co.	335	0.29%		1,777
US Foods Holding Corp.^*	391	0.30%		1,703
McKesson Corp.	610	1.56%		1,695
Bristol-Myers Squibb Co.	223	0.21%		1,611
Hologic, Inc.^*	575	0.54%		1,570
Kroger Co.	1,082	0.52%		1,532
PepsiCo, Inc.	384	0.99%		1,526
Urban Edge Properties	696	0.26%		1,501
Waters Corp.^*	96	0.40%		1,473
Alaska Air Group, Inc.	354	0.43%		1,469
General Mills, Inc.	519	0.54%		1,372
PPL Corp.	1,518	0.90%		1,336
Central Garden & Pet Co. — Class A^*	524	0.27%		1,334
Archer-Daniels-Midland Co.	1,498	1.15%		1,323
Equity Commonwealth	1,779	1.14%		1,280
Hormel Foods Corp.	561	0.46%		1,258
OGE Energy Corp.	502	0.43%		1,245
Apartment Investment & Management Co. — Class A	1,164	1.14%		1,218
Brinker International, Inc.	437	0.35%		1,205
Eli Lilly & Co.	284	0.60%		1,204
Walmart, Inc.	103	0.23%		1,106
Renewable Energy Group, Inc.^*	1,069	0.30%		1,085
Autoliv, Inc.	170	0.25%		990
Lamb Weston Holdings, Inc.	238	0.32%		970
Parker-Hannifin Corp.	71	0.24%		961
Avista Corp.	462	0.42%		954
PBF Energy, Inc. — Class A	911	0.46%		902
Northern Trust Corp.	215	0.38%		868
Ingredion, Inc.	569	0.87%		859
Merck & Company, Inc.	715	1.13%		858
Vishay Intertechnology, Inc.	773	0.25%		835
Targa Resources Corp.	465	0.35%		786
Walgreens Boots Alliance, Inc.	354	0.37%		713
Delek US Holdings, Inc.	936	0.64%		655
Coca-Cola Co.	227	0.23%		641
Humana, Inc.	48	0.23%		598
Public Service Enterprise Group, Inc.	370	0.43%		581
TEGNA, Inc.	933	0.27%		569
Westlake Chemical Corp.	173	0.21%		516
Pinnacle West Capital Corp.	543	0.99%		442

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Hill-Rom Holdings, Inc.	292	0.58%	$	441
Bank of America Corp.	414	0.23%		385
Biogen, Inc.^*	100	0.44%		374
Abbott Laboratories	141	0.22%		360
Mondelez International, Inc. — Class A	227	0.24%		302
Thermo Fisher Scientific, Inc.	118	0.64%		178
Danaher Corp.	68	0.18%		132
Colgate-Palmolive Co.	514	0.71%		119
Berkshire Hathaway, Inc. — Class B^*	56	0.22%		78
Textron, Inc.	241	0.22%		72
PACCAR, Inc.	247	0.32%		54
Post Holdings, Inc.^*	222	0.44%		51
Oracle Corp.	406	0.42%		14
AMERCO	67	0.49%		2
Facebook, Inc. — Class A^*	172	0.57%		(3	)
State Street Corp.	209	0.23%		(15	)
Avnet, Inc.	350	0.29%		(26	)
AES Corp.	1,359	0.42%		(54	)
Jazz Pharmaceuticals plc^*	149	0.36%		(61	)
Bank of New York Mellon Corp.	263	0.22%		(76	)
Caterpillar, Inc.	116	0.27%		(113	)
Expeditors International of Washington, Inc.	169	0.24%		(150	)
Summit Hotel Properties, Inc.	1,796	0.39%		(151	)
TrueBlue, Inc.^*	627	0.25%		(207	)
Clorox Co.	73	0.21%		(280	)
Cummins, Inc.	207	0.63%		(319	)
Starbucks Corp.	129	0.21%		(321	)
STERIS plc	107	0.29%		(325	)
Citigroup, Inc.	164	0.21%		(381	)
Visa, Inc. — Class A	48	0.15%		(383	)
Walt Disney Co.	84	0.21%		(400	)
MetLife, Inc.	283	0.25%		(423	)
International Business Machines Corp.	78	0.21%		(449	)
Oshkosh Corp.	189	0.27%		(452	)
Darling Ingredients, Inc.^*	1,508	0.54%		(467	)
Cogent Communications Holdings, Inc.	103	0.11%		(493	)
Kinder Morgan, Inc.	2,918	1.13%		(496	)
Integer Holdings Corp.^*	244	0.35%		(512	)
Omnicom Group, Inc.	641	0.94%		(583	)
Principal Financial Group, Inc.	230	0.25%		(658	)
Comerica, Inc.	170	0.21%		(669	)
Exelon Corp.	784	0.71%		(672	)
John Wiley & Sons, Inc. — Class A	540	0.44%		(729	)
Cal-Maine Foods, Inc.	856	0.64%		(901	)
Kraft Heinz Co.	426	0.22%		(982	)
Philip Morris International, Inc.	464	0.66%		(1,025	)
AmerisourceBergen Corp. — Class A	616	0.95%		(1,041	)
ATN International, Inc.	306	0.33%		(1,086	)
General Motors Co.	500	0.35%		(1,097	)
Host Hotels & Resorts, Inc.	1,245	0.40%		(1,255	)
Regeneron Pharmaceuticals, Inc.^*	65	0.34%		(1,372	)
Chevron Corp.	564	1.25%		(1,449	)
Cisco Systems, Inc.	204	0.19%		(1,549	)
Kennametal, Inc.	667	0.38%		(1,641	)
Union Pacific Corp.	160	0.49%		(1,661	)
Domtar Corp.	843	0.57%		(1,694	)
ManpowerGroup, Inc.	220	0.35%		(1,824	)
JM Smucker Co.	170	0.35%		(2,103	)
Gilead Sciences, Inc.	821	0.98%		(2,233	)
B&G Foods, Inc.	616	0.22%		(2,389	)
BorgWarner, Inc.	634	0.44%		(2,478	)
Discovery, Inc. — Class A^*	1,152	0.58%		(2,696	)
Lear Corp.	150	0.33%		(2,737	)
Alexion Pharmaceuticals, Inc.^*	154	0.28%		(2,957	)
UnitedHealth Group, Inc.	90	0.37%		(2,978	)
Johnson & Johnson	310	0.75%		(3,217	)
Norfolk Southern Corp.	169	0.57%		(3,263	)
Lions Gate Entertainment Corp. — Class A^*	3,159	0.55%		(3,440	)
AMC Networks, Inc. — Class A^*	687	0.63%		(3,730	)
Herbalife Nutrition Ltd.^*	758	0.54%		(4,048	)
JetBlue Airways Corp.^*	1,790	0.56%		(4,139	)
Exxon Mobil Corp.	992	1.31%		(4,196	)
FedEx Corp.	303	0.83%		(4,203	)
Innoviva, Inc.^*	1,247	0.25%		(4,215	)
National Fuel Gas Co.	892	0.78%		(5,379	)
CSX Corp.	674	0.88%		(5,795	)
Williams Companies, Inc.	1,657	0.75%		(5,915	)
H&R Block, Inc.	1,315	0.58%		(6,326	)
Meredith Corp.	447	0.31%		(6,414	)
Shenandoah Telecommunications Co.	1,023	0.61%		(6,512	)
Unit Corp.^*	5,843	0.37%		(9,458	)
Pfizer, Inc.	1,405	0.95%		(9,470	)
Total GS Equity Long Custom Basket			$	153,729

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

GS EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
PTC, Inc.^*	1,432	(0.84)%	$	29,117
Fortive Corp.	2,145	(1.27)%		23,313
Allegheny Technologies, Inc.^*	5,017	(0.88)%		19,703
WR Grace & Co.	2,066	(1.19)%		16,762
International Flavors & Fragrances, Inc.	565	(0.60)%		16,645
Diamondback Energy, Inc.	1,106	(0.86)%		12,752
Autodesk, Inc.^*	669	(0.85)%		12,418
Workday, Inc. — Class A^*	228	(0.34)%		10,720
Transocean Ltd.^*	7,552	(0.29)%		9,525
Wingstop, Inc.	976	(0.74)%		7,203
FireEye, Inc.^*	4,725	(0.55)%		7,012
Roper Technologies, Inc.	358	(1.10)%		6,907
ServiceNow, Inc.^*	174	(0.38)%		6,869
Guardant Health, Inc.^*	454	(0.25)%		6,782
Southern Copper Corp.	2,044	(0.60)%		6,490
Materion Corp.	1,644	(0.87)%		6,338
Schlumberger Ltd.	2,125	(0.63)%		6,126
Linde plc	642	(1.08)%		5,915
Okta, Inc.^*	173	(0.15)%		5,897
Everbridge, Inc.^*	149	(0.08)%		5,528
Rollins, Inc.	1,540	(0.45)%		5,344
Woodward, Inc.	840	(0.78)%		5,230
Core Laboratories N.V.	1,206	(0.49)%		5,032
Fair Isaac Corp.^*	209	(0.55)%		4,839
Hudson Pacific Properties, Inc.	5,861	(1.70)%		4,794
Chegg, Inc.^*	334	(0.09)%		4,630
Pegasystems, Inc.	1,567	(0.92)%		4,383
MongoDB, Inc.^*	90	(0.09)%		3,976
Sensient Technologies Corp.	802	(0.48)%		3,839
Avalara, Inc.^*	313	(0.18)%		3,714
Twilio, Inc. — Class A^*	100	(0.10)%		3,704
Wyndham Hotels & Resorts, Inc.	730	(0.33)%		3,447
AptarGroup, Inc.	807	(0.83)%		3,441
Appian Corp.^*	530	(0.22)%		3,352
Coupa Software, Inc.^*	178	(0.20)%		3,313
Ares Management Corp. — Class A	2,260	(0.52)%		3,236
Trade Desk, Inc. — Class A^*	61	(0.10)%		3,091
Zendesk, Inc.^*	159	(0.10)%		2,952
Universal Display Corp.	71	(0.10)%		2,822
EPAM Systems, Inc.^*	225	(0.35)%		2,730
Planet Fitness, Inc. — Class A^*	192	(0.10)%		2,623
Elastic N.V.^*	150	(0.11)%		2,575
HubSpot, Inc.^*	81	(0.11)%		2,464
Alteryx, Inc. — Class A^*	154	(0.14)%		2,334
Advanced Micro Devices, Inc.^*	664	(0.17)%		2,271
HEICO Corp.	159	(0.17)%		2,205
Alarm.com Holdings, Inc.^*	279	(0.11)%		2,009
MercadoLibre, Inc.^*	23	(0.11)%		1,991
People's United Financial, Inc.	3,168	(0.43)%		1,956
VeriSign, Inc.^*	68	(0.11)%		1,838
Paycom Software, Inc.^*	61	(0.11)%		1,655
Veeva Systems, Inc. — Class A^*	85	(0.11)%		1,586
Mastercard, Inc. — Class A	156	(0.37)%		1,569
Qualys, Inc.^*	166	(0.11)%		1,568
CNO Financial Group, Inc.	3,879	(0.53)%		1,445
CVB Financial Corp.	2,741	(0.49)%		1,371
MSCI, Inc. — Class A	90	(0.17)%		1,262
Aspen Technology, Inc.^*	108	(0.11)%		1,257
Paylocity Holding Corp.^*	139	(0.12)%		1,151
Atlassian Corporation plc — Class A^*	108	(0.12)%		1,133
Charter Communications, Inc. — Class A^*	142	(0.51)%		752
IDEXX Laboratories, Inc.^*	51	(0.12)%		723
PROS Holdings, Inc.^*	218	(0.11)%		675
First Republic Bank	953	(0.80)%		634
Appfolio, Inc. — Class A^*	136	(0.11)%		628
Signature Bank	384	(0.40)%		472
National Oilwell Varco, Inc.	3,879	(0.71)%		458
MarketAxess Holdings, Inc.	59	(0.17)%		383
Blackline, Inc.^*	298	(0.12)%		274
Casella Waste Systems, Inc. — Class A^*	956	(0.36)%		260
Q2 Holdings, Inc.^*	181	(0.12)%		245
California Water Service Group	785	(0.36)%		89
Compass Minerals International, Inc.	1,290	(0.63)%		(4	)
BankUnited, Inc.	1,043	(0.30)%		(125	)
Intuit, Inc.	52	(0.12)%		(347	)
Capitol Federal Financial, Inc.	11,524	(1.37)%		(362	)
Copart, Inc.^*	476	(0.33)%		(372	)
Avery Dennison Corp.	548	(0.54)%		(386	)
Exponent, Inc.	1,047	(0.63)%		(390	)
Toro Co.	639	(0.41)%		(479	)
Synopsys, Inc.^*	463	(0.55)%		(513	)
Glacier Bancorp, Inc.	1,820	(0.64)%		(563	)
Verisk Analytics, Inc. — Class A	378	(0.52)%		(598	)
Intuitive Surgical, Inc.^*	28	(0.13)%		(616	)
Federal Realty Investment Trust	112	(0.13)%		(878	)
McDonald's Corp.	143	(0.27)%		(1,045	)
Palo Alto Networks, Inc.^*	411	(0.72)%		(1,085	)
Five9, Inc.^*	302	(0.14)%		(1,279	)
American Campus Communities, Inc.	1,263	(0.53)%		(1,400	)
ANSYS, Inc.^*	71	(0.14)%		(1,507	)
Bright Horizons Family Solutions, Inc.^*	522	(0.69)%		(1,570	)
Alexandria Real Estate Equities, Inc.	567	(0.76)%		(1,707	)
Healthcare Realty Trust, Inc.	1,442	(0.42)%		(1,752	)
CubeSmart	2,191	(0.66)%		(1,829	)
CoStar Group, Inc.^*	57	(0.29)%		(1,906	)
WesBanco, Inc.	1,325	(0.43)%		(2,066	)
Columbia Financial, Inc.^*	2,916	(0.40)%		(2,457	)
Cintas Corp.	84	(0.19)%		(2,859	)
Balchem Corp.	1,200	(1.03)%		(2,952	)
RealPage, Inc.^*	699	(0.38)%		(3,102	)
Pebblebrook Hotel Trust	3,538	(0.85)%		(3,119	)
Old National Bancorp	5,126	(0.76)%		(3,152	)
Douglas Emmett, Inc.	1,618	(0.60)%		(3,155	)
Fastenal Co.	1,541	(0.44)%		(3,177	)
Tyler Technologies, Inc.^*	116	(0.26)%		(3,285	)
Liberty Property Trust	3,461	(1.54)%		(3,303	)
DocuSign, Inc.^*	276	(0.15)%		(3,359	)
South Jersey Industries, Inc.	3,718	(1.06)%		(3,376	)
Monolithic Power Systems, Inc.	150	(0.20)%		(3,448	)
Valley National Bancorp	8,707	(0.82)%		(3,540	)
BOK Financial Corp.	1,347	(0.92)%		(3,561	)
Pool Corp.	233	(0.41)%		(3,623	)
AMETEK, Inc.	1,501	(1.19)%		(3,880	)
Kaiser Aluminum Corp.	621	(0.53)%		(4,031	)
WEC Energy Group, Inc.	726	(0.60)%		(4,175	)
Crown Castle International Corp.	1,304	(1.57)%		(4,196	)
American Homes 4 Rent — Class A	3,656	(0.82)%		(4,243	)
Atmos Energy Corp.	404	(0.40)%		(4,384	)
Essex Property Trust, Inc.	145	(0.41)%		(4,511	)
Digital Realty Trust, Inc.	431	(0.48)%		(4,564	)
WP Carey, Inc.	937	(0.73)%		(4,591	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Extra Space Storage, Inc.	591	(0.60)%	$	(4,637	)
American States Water Co.	786	(0.61)%		(4,810	)
American Water Works Company, Inc.	765	(0.82)%		(5,110	)
American Tower Corp. — Class A	425	(0.81)%		(5,168	)
Camden Property Trust	1,088	(1.04)%		(5,960	)
Axis Capital Holdings Ltd.	974	(0.56)%		(6,178	)
UDR, Inc.	2,543	(1.07)%		(6,593	)
Everest Re Group Ltd.	404	(0.93)%		(6,833	)
Washington Federal, Inc.	1,795	(0.57)%		(7,072	)
Scotts Miracle-Gro Co. — Class A	901	(0.79)%		(7,424	)
First Industrial Realty Trust, Inc.	2,502	(0.86)%		(7,647	)
Ball Corp.	1,616	(1.02)%		(7,957	)
Vulcan Materials Co.	597	(0.78)%		(8,074	)
First Financial Bankshares, Inc.	2,171	(0.63)%		(8,145	)
NextEra Energy, Inc.	278	(0.56)%		(8,444	)
Equity LifeStyle Properties, Inc.	766	(0.89)%		(8,470	)
Guidewire Software, Inc.^*	1,279	(1.17)%		(8,985	)
STORE Capital Corp.	3,045	(0.99)%		(9,226	)
RLI Corp.	1,788	(1.44)%		(9,337	)
Realty Income Corp.	2,151	(1.43)%		(9,572	)
Equity Residential	1,079	(0.81)%		(9,630	)
Invitation Homes, Inc.	3,647	(0.93)%		(9,647	)
NewMarket Corp.	147	(0.60)%		(9,855	)
Proofpoint, Inc.^*	626	(0.70)%		(11,660	)
RPM International, Inc.	1,651	(0.98)%		(12,448	)
Terreno Realty Corp.	3,306	(1.46)%		(12,635	)
SBA Communications Corp.	736	(1.54)%		(12,657	)
EastGroup Properties, Inc.	1,290	(1.39)%		(13,296	)
New York Community Bancorp, Inc.	6,192	(0.67)%		(13,437	)
Welltower, Inc.	1,999	(1.57)%		(15,842	)
Equinix, Inc.	235	(1.17)%		(16,864	)
Martin Marietta Materials, Inc.	425	(1.01)%		(17,191	)
Agree Realty Corp.	2,512	(1.59)%		(17,219	)
IHS Markit Ltd.^*	3,020	(1.75)%		(20,627	)
Rexford Industrial Realty, Inc.	4,834	(1.84)%		(21,125	)
Sherwin-Williams Co.	250	(1.19)%		(21,467	)
TransDigm Group, Inc.	429	(1.93)%		(22,267	)
TransUnion	2,112	(1.48)%		(22,610	)
Sun Communities, Inc.	1,525	(1.91)%		(29,787	)
Total GS Equity Short Custom Basket			$	(226,981	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

MS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Pilgrim's Pride Corp.^*	1,202	0.72%	$	12,497
Saia, Inc.^*	357	0.63%		11,681
Tyson Foods, Inc. — Class A	539	0.87%		9,435
World Fuel Services Corp.	869	0.65%		8,932
McKesson Corp.	610	1.56%		8,003
Apple, Inc.	205	0.86%		7,278
United Parcel Service, Inc. — Class B	466	1.05%		7,114
Microsoft Corp.	317	0.83%		7,056
CVS Health Corp.	697	0.82%		6,858
FirstEnergy Corp.	1,026	0.93%		6,679
Sysco Corp.	442	0.66%		6,082
Delta Air Lines, Inc.	784	0.85%		5,982
HCP, Inc.	1,447	0.97%		5,962
Medtronic plc	319	0.65%		5,857
PepsiCo, Inc.	384	0.99%		5,841
ONEOK, Inc.	868	1.20%		5,603
Kimberly-Clark Corp.	287	0.76%		5,367
AT&T, Inc.	806	0.57%		5,191
JPMorgan Chase & Co.	274	0.60%		4,749
Hartford Financial Services Group, Inc.	443	0.50%		4,614
Marathon Petroleum Corp.	721	0.82%		4,483
United Airlines Holdings, Inc.^*	418	0.69%		4,130
Portland General Electric Co.	898	0.95%		3,843
Zimmer Biomet Holdings, Inc.	333	0.86%		3,803
Ameren Corp.	668	1.00%		3,781
Kansas City Southern	217	0.54%		3,715
Knight-Swift Transportation Holdings, Inc.	739	0.50%		3,636
Old Dominion Freight Line, Inc.	139	0.44%		3,600
J.B. Hunt Transport Services, Inc.	284	0.59%		3,550
Alaska Air Group, Inc.	354	0.43%		3,512
Omnicom Group, Inc.	641	0.94%		3,487
Colgate-Palmolive Co.	514	0.71%		3,261
Baxter International, Inc.	388	0.64%		3,251
Hologic, Inc.^*	575	0.54%		3,241
Deluxe Corp.	448	0.41%		3,139
Toll Brothers, Inc.	591	0.46%		3,136
Southwest Airlines Co.	736	0.75%		3,076
Heartland Express, Inc.	1,301	0.52%		3,058
Medical Properties Trust, Inc.	2,891	1.06%		3,050
Marten Transport Ltd.	891	0.35%		2,985
Southern Co.	383	0.44%		2,890
HollyFrontier Corp.	852	0.86%		2,833
Equity Commonwealth	1,779	1.14%		2,740
Procter & Gamble Co.	122	0.28%		2,621
US Foods Holding Corp.^*	391	0.30%		2,612
Hill-Rom Holdings, Inc.	292	0.58%		2,583
Skyworks Solutions, Inc.	333	0.49%		2,569
Phillips 66	483	0.93%		2,558
Landstar System, Inc.	327	0.69%		2,526
Agilent Technologies, Inc.	279	0.40%		2,456
Home Depot, Inc.	55	0.24%		2,352
Amgen, Inc.	313	1.14%		2,258
Central Garden & Pet Co. — Class A^*	524	0.27%		2,230
Walmart, Inc.	103	0.23%		2,211
Alphabet, Inc. — Class C^*	41	0.94%		2,196
News Corp. — Class A	1,331	0.35%		2,143
DR Horton, Inc.	276	0.27%		2,140
Molson Coors Brewing Co. — Class B	1,621	1.74%		2,138
Facebook, Inc. — Class A^*	172	0.57%		2,100
Kellogg Co.	252	0.30%		2,045
Apartment Investment & Management Co. — Class A	1,164	1.14%		2,014
Diodes, Inc.^*	317	0.24%		1,994
Campbell Soup Co.	335	0.29%		1,918
Kroger Co.	1,082	0.52%		1,914
General Mills, Inc.	519	0.54%		1,875
Kinder Morgan, Inc.	2,918	1.13%		1,838
Bristol-Myers Squibb Co.	223	0.21%		1,712
Walt Disney Co.	84	0.21%		1,683
AMERCO	67	0.49%		1,649
Schneider National, Inc. — Class B	1,526	0.62%		1,619
Echo Global Logistics, Inc.^*	848	0.36%		1,533
Eli Lilly & Co.	284	0.60%		1,491
Cummins, Inc.	207	0.63%		1,474
TEGNA, Inc.	933	0.27%		1,418
Allison Transmission Holdings, Inc.	737	0.65%		1,393
Werner Enterprises, Inc.	689	0.46%		1,357
Merck & Company, Inc.	715	1.13%		1,351
Hormel Foods Corp.	561	0.46%		1,316
Cardinal Health, Inc.	800	0.71%		1,315
Becton Dickinson and Co.	172	0.82%		1,266
Avista Corp.	462	0.42%		1,259
OGE Energy Corp.	502	0.43%		1,239
MetLife, Inc.	283	0.25%		1,150
Parker-Hannifin Corp.	71	0.24%		1,129
Autoliv, Inc.	170	0.25%		1,110
JetBlue Airways Corp.^*	1,790	0.56%		1,092
Lamb Weston Holdings, Inc.	238	0.32%		1,065
Brinker International, Inc.	437	0.35%		1,012
ManpowerGroup, Inc.	220	0.35%		957
Urban Edge Properties	696	0.26%		940
Thermo Fisher Scientific, Inc.	118	0.64%		919
Public Service Enterprise Group, Inc.	370	0.43%		916
ATN International, Inc.	306	0.34%		783
Mondelez International, Inc. — Class A	227	0.24%		739
Coca-Cola Co.	227	0.23%		723
Abbott Laboratories	141	0.22%		697
Northern Trust Corp.	215	0.38%		676
Avnet, Inc.	350	0.29%		663
PACCAR, Inc.	247	0.32%		541
Oshkosh Corp.	189	0.27%		499
Integer Holdings Corp.^*	244	0.35%		451
Pinnacle West Capital Corp.	543	0.99%		414
Oracle Corp.	406	0.42%		400

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Forward Air Corp.	393	0.47%	$	341
Berkshire Hathaway, Inc. — Class B^*	56	0.22%		336
Summit Hotel Properties, Inc.	1,796	0.39%		333
Bank of America Corp.	414	0.23%		308
Biogen, Inc.^*	100	0.44%		287
Clorox Co.	73	0.21%		257
Caterpillar, Inc.	116	0.27%		193
Danaher Corp.	68	0.18%		169
State Street Corp.	209	0.23%		71
John Wiley & Sons, Inc. — Class A	540	0.45%		49
Bank of New York Mellon Corp.	263	0.22%		22
Expeditors International of Washington, Inc.	169	0.24%		(139	)
AmerisourceBergen Corp. — Class A	616	0.95%		(141	)
Valero Energy Corp.	555	0.89%		(186	)
Textron, Inc.	241	0.22%		(198	)
Westlake Chemical Corp.	173	0.21%		(225	)
Gilead Sciences, Inc.	821	0.98%		(230	)
Citigroup, Inc.	164	0.21%		(288	)
STERIS plc	107	0.29%		(299	)
Verizon Communications, Inc.	1,091	1.24%		(309	)
Humana, Inc.	48	0.23%		(327	)
Starbucks Corp.	129	0.21%		(330	)
Cogent Communications Holdings, Inc.	103	0.11%		(333	)
Visa, Inc. — Class A	48	0.15%		(380	)
International Business Machines Corp.	78	0.21%		(399	)
Principal Financial Group, Inc.	230	0.25%		(445	)
Norfolk Southern Corp.	169	0.57%		(466	)
Intel Corp.	407	0.39%		(479	)
Targa Resources Corp.	465	0.35%		(559	)
Post Holdings, Inc.^*	222	0.44%		(659	)
Delek US Holdings, Inc.	936	0.64%		(693	)
Comerica, Inc.	170	0.21%		(701	)
Union Pacific Corp.	160	0.49%		(758	)
Cisco Systems, Inc.	204	0.19%		(761	)
Scholastic Corp.	700	0.50%		(843	)
JM Smucker Co.	170	0.35%		(843	)
Vishay Intertechnology, Inc.	773	0.25%		(975	)
PPL Corp.	1,518	0.90%		(1,088	)
Regeneron Pharmaceuticals, Inc.^*	65	0.34%		(1,182	)
General Motors Co.	500	0.35%		(1,226	)
TrueBlue, Inc.^*	627	0.25%		(1,241	)
Jazz Pharmaceuticals plc^*	149	0.36%		(1,363	)
Discovery, Inc. — Class A^*	1,152	0.58%		(1,412	)
Host Hotels & Resorts, Inc.	1,245	0.40%		(1,474	)
Exelon Corp.	784	0.71%		(1,617	)
Walgreens Boots Alliance, Inc.	354	0.37%		(1,825	)
Waters Corp.^*	96	0.40%		(1,852	)
Kraft Heinz Co.	426	0.22%		(1,900	)
B&G Foods, Inc.	616	0.22%		(1,940	)
Archer-Daniels-Midland Co.	1,498	1.15%		(2,008	)
Lear Corp.	150	0.33%		(2,255	)
Chevron Corp.	564	1.25%		(2,358	)
AES Corp.	1,359	0.42%		(2,398	)
BorgWarner, Inc.	634	0.44%		(2,441	)
UnitedHealth Group, Inc.	90	0.37%		(2,688	)
CSX Corp.	674	0.88%		(2,840	)
Johnson & Johnson	310	0.75%		(2,882	)
Cal-Maine Foods, Inc.	856	0.64%		(3,033	)
Darling Ingredients, Inc.^*	1,508	0.54%		(3,064	)
Domtar Corp.	843	0.57%		(3,234	)
Kennametal, Inc.	667	0.38%		(3,256	)
Innoviva, Inc.^*	1,247	0.25%		(3,928	)
Alexion Pharmaceuticals, Inc.^*	154	0.28%		(4,351	)
Philip Morris International, Inc.	464	0.66%		(4,853	)
PBF Energy, Inc. — Class A	910	0.46%		(4,923	)
AMC Networks, Inc. — Class A^*	687	0.63%		(5,219	)
Lions Gate Entertainment Corp. — Class A^*	3,159	0.55%		(5,609	)
H&R Block, Inc.	1,315	0.58%		(5,781	)
Ingredion, Inc.	569	0.87%		(5,856	)
Williams Companies, Inc.	1,657	0.75%		(6,369	)
Renewable Energy Group, Inc.^*	1,069	0.30%		(7,793	)
Pfizer, Inc.	1,405	0.95%		(8,556	)
FedEx Corp.	303	0.83%		(8,731	)
Meredith Corp.	447	0.31%		(9,112	)
Exxon Mobil Corp.	992	1.31%		(9,244	)
Herbalife Nutrition Ltd.^*	758	0.54%		(9,248	)
National Fuel Gas Co.	892	0.79%		(11,917	)
Shenandoah Telecommunications Co.	1,023	0.61%		(14,039	)
Unit Corp.^*	5,842	0.37%		(14,048	)
Total MS Equity Long Custom Basket			$	110,469

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

MS EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
PTC, Inc.^*	1,432	(0.81)%	$	31,166
Fortive Corp.	2,145	(1.23)%		26,952
Core Laboratories N.V.	1,206	(0.47)%		23,537
Allegheny Technologies, Inc.^*	5,017	(0.85)%		23,497
Diamondback Energy, Inc.	1,106	(0.83)%		20,031
WR Grace & Co.	2,066	(1.15)%		19,876
National Oilwell Varco, Inc.	3,879	(0.69)%		17,822
Autodesk, Inc.^*	669	(0.82)%		16,363
Palo Alto Networks, Inc.^*	411	(0.70)%		14,640
FireEye, Inc.^*	4,725	(0.53)%		12,347
Transocean Ltd.^*	7,552	(0.28)%		10,241
Guardant Health, Inc.^*	454	(0.24)%		9,877
Southern Copper Corp.	2,044	(0.58)%		9,668
Schlumberger Ltd.	2,125	(0.61)%		9,465
Workday, Inc. — Class A^*	228	(0.32)%		8,940
International Flavors & Fragrances, Inc.	565	(0.58)%		8,555
Roper Technologies, Inc.	358	(1.07)%		6,169
Wingstop, Inc.	976	(0.71)%		6,061
Rollins, Inc.	1,540	(0.44)%		5,309
ServiceNow, Inc.^*	174	(0.37)%		5,237
Okta, Inc.^*	173	(0.14)%		4,365
Hudson Pacific Properties, Inc.	5,861	(1.60)%		4,348
Appian Corp.^*	530	(0.21)%		4,146
Alarm.com Holdings, Inc.^*	279	(0.11)%		4,031
Everbridge, Inc.^*	149	(0.08)%		3,885
Planet Fitness, Inc. — Class A^*	192	(0.09)%		3,353
MongoDB, Inc.^*	90	(0.09)%		3,339
Signature Bank	384	(0.38)%		3,329
Fair Isaac Corp.^*	209	(0.53)%		3,148
Ares Management Corp. — Class A	2,260	(0.51)%		2,917
EPAM Systems, Inc.^*	225	(0.34)%		2,844
Twilio, Inc. — Class A^*	100	(0.09)%		2,744
WesBanco, Inc.	1,325	(0.41)%		2,597
Chegg, Inc.^*	334	(0.08)%		2,488
Trade Desk, Inc. — Class A^*	61	(0.10)%		2,469
People's United Financial, Inc.	3,168	(0.41)%		2,360
Zendesk, Inc.^*	159	(0.10)%		2,336
Kaiser Aluminum Corp.	621	(0.51)%		2,195
First Republic Bank	953	(0.77)%		2,077
Qualys, Inc.^*	166	(0.10)%		1,960
MSCI, Inc. — Class A	90	(0.16)%		1,951
CNO Financial Group, Inc.	3,879	(0.51)%		1,900
HEICO Corp.	159	(0.17)%		1,852
HubSpot, Inc.^*	81	(0.10)%		1,603
PROS Holdings, Inc.^*	218	(0.11)%		1,567
Mastercard, Inc. — Class A	156	(0.35)%		1,548
Blackline, Inc.^*	298	(0.12)%		1,519
MercadoLibre, Inc.^*	23	(0.11)%		1,479
VeriSign, Inc.^*	68	(0.11)%		1,425
Avalara, Inc.^*	313	(0.18)%		1,404
Coupa Software, Inc.^*	178	(0.19)%		1,081
IDEXX Laboratories, Inc.^*	51	(0.12)%		887
Universal Display Corp.	71	(0.10)%		849
Appfolio, Inc. — Class A^*	136	(0.11)%		843
Alteryx, Inc. — Class A^*	154	(0.14)%		790
Intuit, Inc.	52	(0.12)%		741
Paycom Software, Inc.^*	61	(0.11)%		732
Charter Communications, Inc. — Class A^*	142	(0.49)%		647
CVB Financial Corp.	2,741	(0.48)%		521
Veeva Systems, Inc. — Class A^*	85	(0.11)%		510
Casella Waste Systems, Inc. — Class A^*	956	(0.34)%		202
Atlassian Corporation plc — Class A^*	108	(0.11)%		164
Livent Corp.^*	1	0.00%		3
California Water Service Group	785	(0.35)%		(1	)
Aspen Technology, Inc.^*	108	(0.11)%		(196	)
Intuitive Surgical, Inc.^*	28	(0.13)%		(228	)
BOK Financial Corp.	1,347	(0.89)%		(261	)
BankUnited, Inc.	1,043	(0.29)%		(284	)
Copart, Inc.^*	476	(0.32)%		(366	)
Exponent, Inc.	1,047	(0.61)%		(527	)
Toro Co.	639	(0.39)%		(555	)
Paylocity Holding Corp.^*	139	(0.11)%		(568	)
Verisk Analytics, Inc. — Class A	378	(0.50)%		(644	)
Wyndham Hotels & Resorts, Inc.	730	(0.32)%		(664	)
Advanced Micro Devices, Inc.^*	664	(0.16)%		(667	)
Q2 Holdings, Inc.^*	181	(0.12)%		(676	)
ANSYS, Inc.^*	71	(0.13)%		(684	)
Synopsys, Inc.^*	463	(0.53)%		(699	)
Sensient Technologies Corp.	802	(0.46)%		(779	)
Columbia Financial, Inc.^*	2,916	(0.38)%		(836	)
American Campus Communities, Inc.	1,263	(0.51)%		(840	)
Federal Realty Investment Trust	112	(0.13)%		(944	)
Avery Dennison Corp.	548	(0.52)%		(977	)
Elastic N.V.^*	150	(0.10)%		(1,070	)
McDonald's Corp.	143	(0.26)%		(1,246	)
RealPage, Inc.^*	699	(0.37)%		(1,463	)
Healthcare Realty Trust, Inc.	1,442	(0.40)%		(1,633	)
Linde plc	642	(1.04)%		(1,667	)
Five9, Inc.^*	302	(0.14)%		(1,682	)
CoStar Group, Inc.^*	57	(0.28)%		(1,713	)
Glacier Bancorp, Inc.	1,820	(0.61)%		(1,748	)
DocuSign, Inc.^*	276	(0.14)%		(2,037	)
South Jersey Industries, Inc.	3,718	(1.02)%		(2,169	)
Fastenal Co.	1,541	(0.42)%		(2,995	)
Monolithic Power Systems, Inc.	150	(0.19)%		(3,010	)
Cintas Corp.	84	(0.19)%		(3,185	)
Douglas Emmett, Inc.	1,618	(0.58)%		(3,301	)
Tyler Technologies, Inc.^*	116	(0.25)%		(3,355	)
MarketAxess Holdings, Inc.	59	(0.16)%		(3,748	)
Pebblebrook Hotel Trust	3,538	(0.82)%		(4,097	)
Compass Minerals International, Inc.	1,290	(0.61)%		(4,099	)
Atmos Energy Corp.	404	(0.38)%		(4,266	)
Liberty Property Trust	2,876	(1.23)%		(4,266	)
WEC Energy Group, Inc.	726	(0.58)%		(4,279	)
AMETEK, Inc.	1,501	(1.15)%		(4,379	)
Old National Bancorp	5,126	(0.74)%		(4,443	)
Pegasystems, Inc.	1,567	(0.89)%		(4,452	)
Essex Property Trust, Inc.	145	(0.40)%		(4,663	)
Digital Realty Trust, Inc.	431	(0.47)%		(4,743	)
Bright Horizons Family Solutions, Inc.^*	522	(0.66)%		(4,950	)
American States Water Co.	786	(0.59)%		(4,998	)
Capitol Federal Financial, Inc.	11,524	(1.33)%		(5,371	)
New York Community Bancorp, Inc.	6,192	(0.65)%		(5,511	)
CubeSmart	2,191	(0.64)%		(5,784	)
NewMarket Corp.	147	(0.58)%		(5,906	)
Materion Corp.	1,644	(0.84)%		(6,003	)
Alexandria Real Estate Equities, Inc.	567	(0.73)%		(6,186	)
Proofpoint, Inc.^*	626	(0.67)%		(6,354	)
Axis Capital Holdings Ltd.	974	(0.54)%		(6,604	)
Realty Income Corp.	2,151	(1.38)%		(6,948	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
WP Carey, Inc.	937	(0.70)%	$	(7,544	)
UDR, Inc.	2,543	(1.03)%		(7,904	)
Balchem Corp.	1,200	(0.99)%		(8,193	)
AptarGroup, Inc.	807	(0.80)%		(8,237	)
American Tower Corp. — Class A	425	(0.78)%		(8,631	)
Extra Space Storage, Inc.	591	(0.58)%		(8,663	)
Pool Corp.	233	(0.39)%		(8,970	)
American Water Works Company, Inc.	765	(0.79)%		(9,001	)
Camden Property Trust	1,088	(1.01)%		(9,065	)
Agree Realty Corp.	2,512	(1.53)%		(9,074	)
Valley National Bancorp	8,703	(0.79)%		(9,187	)
Equity Residential	1,079	(0.78)%		(9,845	)
STORE Capital Corp.	3,045	(0.95)%		(10,198	)
NextEra Energy, Inc.	278	(0.54)%		(10,314	)
Woodward, Inc.	840	(0.76)%		(10,487	)
First Financial Bankshares, Inc.	2,171	(0.60)%		(10,553	)
First Industrial Realty Trust, Inc.	2,502	(0.83)%		(10,584	)
American Homes 4 Rent — Class A	3,656	(0.79)%		(11,261	)
RPM International, Inc.	1,651	(0.95)%		(11,509	)
Guidewire Software, Inc.^*	1,279	(1.12)%		(11,947	)
Vulcan Materials Co.	597	(0.75)%		(13,130	)
Washington Federal, Inc.	1,795	(0.55)%		(13,350	)
Equity LifeStyle Properties, Inc.	766	(0.85)%		(14,358	)
Crown Castle International Corp.	1,304	(1.51)%		(15,831	)
Dominion Energy, Inc.	3,974	(2.69)%		(16,092	)
EastGroup Properties, Inc.	1,290	(1.35)%		(16,485	)
Ball Corp.	1,616	(0.98)%		(16,921	)
Welltower, Inc.	1,999	(1.51)%		(18,510	)
Invitation Homes, Inc.	3,647	(0.90)%		(18,918	)
Everest Re Group Ltd.	404	(0.90)%		(19,278	)
Scotts Miracle-Gro Co. — Class A	901	(0.77)%		(19,989	)
IHS Markit Ltd.^*	3,020	(1.69)%		(22,603	)
Americold Realty Trust	3,517	(1.09)%		(23,529	)
Martin Marietta Materials, Inc.	425	(0.97)%		(23,869	)
SBA Communications Corp.	736	(1.48)%		(23,974	)
Sherwin-Williams Co.	250	(1.15)%		(26,680	)
Terreno Realty Corp.	3,306	(1.41)%		(27,620	)
Equinix, Inc.	235	(1.13)%		(28,878	)
TransDigm Group, Inc.	429	(1.86)%		(29,263	)
TransUnion	2,112	(1.43)%		(30,092	)
RLI Corp.	1,788	(1.39)%		(32,518	)
Rexford Industrial Realty, Inc.	4,834	(1.78)%		(37,668	)
Sun Communities, Inc.	1,525	(1.89)%		(44,254	)
Total MS Equity Short Custom Basket			$	(509,795	)

^*	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, 2019.
²	All or a portion of this security is on loan at September 30, 2019 — See Note 5.
³	Rate indicated is the 7-day yield as of September 30, 2019.
⁴	Securities lending collateral — See Note 5.

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, 2019 (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	$	28,002,374	$	—	$	—	$	28,002,374
Money Market Fund		636,345		—		—		636,345
Securities Lending Collateral		169,156		—		—		169,156
Custom Basket Swap Agreements**		—		264,198		—		264,198
Total Assets	$	28,807,875	$	264,198	$	—	$	29,072,073

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Custom Basket Swap Agreements**		$	—			$	736,776			$	—			$	736,776

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

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 10.1%
Financial - 2.8%
Alleghany Corp.^*		4	$	3,191
Camden Property Trust REIT		27		2,997
WR Berkley Corp.		40		2,889
Reinsurance Group of America, Inc. — Class A		17		2,718
National Retail Properties, Inc. REIT		48		2,707
Omega Healthcare Investors, Inc. REIT		60		2,507
CyrusOne, Inc. REIT		31		2,452
Medical Properties Trust, Inc. REIT		124		2,425
Brown & Brown, Inc.		65		2,344
RenaissanceRe Holdings Ltd.		12		2,321
American Financial Group, Inc.		21		2,265
Liberty Property Trust REIT		44		2,259
SEI Investments Co.		35		2,074
Kilroy Realty Corp. REIT		26		2,025
Douglas Emmett, Inc. REIT		46		1,970
Lamar Advertising Co. — Class A REIT		24		1,966
Jones Lang LaSalle, Inc.		14		1,947
Old Republic International Corp.		79		1,862
First American Financial Corp.		31		1,829
American Campus Communities, Inc. REIT		38		1,827
Signature Bank		15		1,788
East West Bancorp, Inc.		40		1,772
Brixmor Property Group, Inc. REIT		82		1,664
Park Hotels & Resorts, Inc. REIT		66		1,648
Commerce Bancshares, Inc.		27		1,638
New York Community Bancorp, Inc.		129		1,619
EPR Properties REIT		21		1,614
TCF Financial Corp.		42		1,599
Cousins Properties, Inc. REIT		41		1,541
Synovus Financial Corp.		43		1,538
Primerica, Inc.		12		1,527
Hanover Insurance Group, Inc.		11		1,491
Cullen/Frost Bankers, Inc.		16		1,417
First Horizon National Corp.		87		1,409
Eaton Vance Corp.		31		1,393
First Industrial Realty Trust, Inc. REIT		35		1,385
Life Storage, Inc. REIT		13		1,370
Prosperity Bancshares, Inc.		19		1,342
Kemper Corp.		17		1,325
Highwoods Properties, Inc. REIT		29		1,303
JBG SMITH Properties REIT		33		1,294
Jefferies Financial Group, Inc.		70		1,288
First Financial Bankshares, Inc.		38		1,267
Brighthouse Financial, Inc.^*		31		1,255
EastGroup Properties, Inc. REIT		10		1,250
Webster Financial Corp.		26		1,219
CoreSite Realty Corp. REIT		10		1,219
Healthcare Realty Trust, Inc. REIT		36		1,206
Selective Insurance Group, Inc.		16		1,203
PacWest Bancorp		33		1,199
Spirit Realty Capital, Inc. REIT		25		1,197
Sabra Health Care REIT, Inc.		52		1,194
Service Properties Trust REIT		46		1,186
Sterling Bancorp		57		1,143
Pinnacle Financial Partners, Inc.		20		1,135
Interactive Brokers Group, Inc. — Class A		21		1,130
PS Business Parks, Inc. REIT		6		1,092
Stifel Financial Corp.		19		1,090
United Bankshares, Inc.		28		1,060
SLM Corp.		118		1,041
FNB Corp.		90		1,038
Wintrust Financial Corp.		16		1,034
Rayonier, Inc. REIT		36		1,015
Umpqua Holdings Corp.		61		1,004
Pebblebrook Hotel Trust REIT		36		1,002
Valley National Bancorp		92		1,000
Janus Henderson Group plc		44		988
Weingarten Realty Investors REIT		33		961
Hancock Whitney Corp.		25		957
Bank of Hawaii Corp.		11		945
Corporate Office Properties Trust REIT		31		923
Associated Banc-Corp.		45		911
Bank OZK		33		900
Evercore, Inc. — Class A		11		881
Legg Mason, Inc.		23		878
Federated Investors, Inc. — Class B		27		875
Washington Federal, Inc.		22		814
Home BancShares, Inc.		43		808
PotlatchDeltic Corp. REIT		19		781
UMB Financial Corp.		12		775
BancorpSouth Bank		26		770
Texas Capital Bancshares, Inc.^*		14		765
Fulton Financial Corp.		46		744
Cathay General Bancorp		21		729
Navient Corp.		56		717
Taubman Centers, Inc. REIT		17		694
CNO Financial Group, Inc.		43		681
Urban Edge Properties REIT		32		633
LendingTree, Inc.^*		2		621
International Bancshares Corp.		16		618
Trustmark Corp.		18		614
Genworth Financial, Inc. — Class A^*		139		612
Senior Housing Properties Trust REIT		66		611
Deluxe Corp.		12		590
GEO Group, Inc. REIT		34		590
CoreCivic, Inc. REIT		33		570
Mack-Cali Realty Corp. REIT		25		542
Alexander & Baldwin, Inc. REIT		19		466
Mercury General Corp.		8		447
Uniti Group, Inc. REIT		53		412
Tanger Factory Outlet Centers, Inc. REIT		26		402
Total Financial				131,944

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 10.1% (continued)
Industrial - 2.0%
Teledyne Technologies, Inc.^*		10	$	3,220
Old Dominion Freight Line, Inc.		18		3,059
Trimble, Inc.^*		70		2,717
Lennox International, Inc.		10		2,430
Carlisle Companies, Inc.		16		2,329
Cognex Corp.		47		2,309
AptarGroup, Inc.		18		2,132
Graco, Inc.		46		2,118
Nordson Corp.		14		2,048
Universal Display Corp.		12		2,015
Hubbell, Inc.		15		1,971
Gentex Corp.		71		1,955
Owens Corning		30		1,896
XPO Logistics, Inc.^*		26		1,861
Donaldson Company, Inc.		35		1,823
Genesee & Wyoming, Inc. — Class A^*		16		1,768
Woodward, Inc.		16		1,725
Arrow Electronics, Inc.^*		23		1,715
AECOM^*		44		1,653
Sonoco Products Co.		28		1,630
Curtiss-Wright Corp.		12		1,552
MDU Resources Group, Inc.		55		1,550
Acuity Brands, Inc.		11		1,483
Lincoln Electric Holdings, Inc.		17		1,475
ITT, Inc.		24		1,469
Trex Company, Inc.^*		16		1,455
Oshkosh Corp.		19		1,440
Kirby Corp.^*		17		1,397
Jabil, Inc.		39		1,395
National Instruments Corp.		33		1,386
EMCOR Group, Inc.		16		1,378
AGCO Corp.		18		1,362
Tetra Tech, Inc.		15		1,301
Avnet, Inc.		29		1,290
Stericycle, Inc.^*		25		1,273
SYNNEX Corp.		11		1,242
Littelfuse, Inc.		7		1,241
Landstar System, Inc.		11		1,238
Knight-Swift Transportation Holdings, Inc.		34		1,234
Crane Co.		14		1,129
MasTec, Inc.^*		17		1,104
MSA Safety, Inc.		10		1,091
Clean Harbors, Inc.^*		14		1,081
Eagle Materials, Inc.		12		1,080
Coherent, Inc.^*		7		1,076
Tech Data Corp.^*		10		1,042
KBR, Inc.		39		957
nVent Electric plc		43		948
Axon Enterprise, Inc.^*		16		908
Regal Beloit Corp.		12		874
II-VI, Inc.^*		24		845
Louisiana-Pacific Corp.		34		836
Valmont Industries, Inc.		6		831
Timken Co.		19		827
EnerSys		12		791
Energizer Holdings, Inc.		18		784
Ryder System, Inc.		15		777
GATX Corp.		10		775
Fluor Corp.		39		746
Kennametal, Inc.		23		707
Colfax Corp.^*		23		669
Silgan Holdings, Inc.		22		661
Vishay Intertechnology, Inc.		37		627
Belden, Inc.		11		587
Trinity Industries, Inc.		28		551
Terex Corp.		18		468
Dycom Industries, Inc.^*		9		459
Owens-Illinois, Inc.		43		441
Werner Enterprises, Inc.		12		424
Granite Construction, Inc.		13		418
Worthington Industries, Inc.		10		360
Greif, Inc. — Class A		7		265
Total Industrial				93,674
Consumer, Non-cyclical - 1.5%
STERIS plc		23		3,323
West Pharmaceutical Services, Inc.		20		2,836
WEX, Inc.^*		12		2,425
Service Corporation International		50		2,391
Bio-Techne Corp.		11		2,152
Masimo Corp.^*		14		2,083
Post Holdings, Inc.^*		19		2,011
Bio-Rad Laboratories, Inc. — Class A^*		6		1,996
Catalent, Inc.^*		40		1,906
Hill-Rom Holdings, Inc.		18		1,894
Molina Healthcare, Inc.^*		17		1,865
Charles River Laboratories International, Inc.^*		14		1,853
Haemonetics Corp.^*		14		1,766
Encompass Health Corp.		27		1,709
Sabre Corp.		76		1,702
PRA Health Sciences, Inc.^*		17		1,687
Chemed Corp.		4		1,670
Exelixis, Inc.^*		84		1,486
Ingredion, Inc.		18		1,471
ManpowerGroup, Inc.		17		1,432
Flowers Foods, Inc.		53		1,226
Aaron's, Inc.		19		1,221
Penumbra, Inc.^*,1		9		1,211
Integra LifeSciences Holdings Corp.^*		20		1,202
Amedisys, Inc.^*		9		1,179
Brink's Co.		14		1,161
HealthEquity, Inc.^*		20		1,143
Helen of Troy Ltd.^*		7		1,104
Boston Beer Company, Inc. — Class A^*		3		1,092
Insperity, Inc.		11		1,085
Globus Medical, Inc. — Class A^*		21		1,074
CoreLogic, Inc.^*		22		1,018
Repligen Corp.^*		13		997
LivaNova plc^*		13		959
United Therapeutics Corp.^*		12		957
ASGN, Inc.^*		15		943
Syneos Health, Inc.^*		17		905
NuVasive, Inc.^*		14		887
TreeHouse Foods, Inc.^*		16		887
LiveRamp Holdings, Inc.^*		19		816

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 10.1% (continued)
Consumer, Non-cyclical - 1.5% (continued)
ICU Medical, Inc.^*		5	$	798
Acadia Healthcare Company, Inc.^*		25		777
Sanderson Farms, Inc.		5		757
Cantel Medical Corp.		10		748
Lancaster Colony Corp.		5		693
Graham Holdings Co. — Class B		1		663
Tenet Healthcare Corp.^*		29		642
Sprouts Farmers Market, Inc.^*		33		638
Adtalem Global Education, Inc.^*		15		571
MEDNAX, Inc.^*		23		520
Sotheby's^*		9		513
Healthcare Services Group, Inc.		21		510
Ligand Pharmaceuticals, Inc. — Class B^*		5		498
WW International, Inc.^*		13		492
Edgewell Personal Care Co.^*		15		487
Avanos Medical, Inc.^*		13		487
Prestige Consumer Healthcare, Inc.^*		14		486
Hain Celestial Group, Inc.^*		22		472
Avis Budget Group, Inc.^*		16		452
Pilgrim's Pride Corp.^*		14		449
Patterson Companies, Inc.		24		428
Green Dot Corp. — Class A^*		13		328
Tootsie Roll Industries, Inc.		5		186
Spectrum Brands Holdings, Inc.		2		92
Total Consumer, Non-cyclical				73,412
Consumer, Cyclical - 1.3%
Domino's Pizza, Inc.		11		2,690
Live Nation Entertainment, Inc.^*		38		2,521
Pool Corp.		11		2,219
Toro Co.		30		2,199
Five Below, Inc.^*		15		1,891
Dunkin' Brands Group, Inc.		23		1,825
Caesars Entertainment Corp.^*		154		1,796
Casey's General Stores, Inc.		10		1,612
Watsco, Inc.		9		1,523
Williams-Sonoma, Inc.		22		1,496
Toll Brothers, Inc.		36		1,478
Polaris, Inc.		16		1,408
Wyndham Hotels & Resorts, Inc.		27		1,397
Skechers U.S.A., Inc. — Class A^*		37		1,382
JetBlue Airways Corp.^*		82		1,374
Foot Locker, Inc.		30		1,295
Brunswick Corp.		24		1,251
Churchill Downs, Inc.		10		1,235
Wyndham Destinations, Inc.		26		1,196
Deckers Outdoor Corp.^*		8		1,179
Cinemark Holdings, Inc.		30		1,159
Marriott Vacations Worldwide Corp.		11		1,140
Cracker Barrel Old Country Store, Inc.		7		1,139
Scotts Miracle-Gro Co. — Class A		11		1,120
Six Flags Entertainment Corp.		22		1,117
FirstCash, Inc.		12		1,100
Carter's, Inc.		12		1,094
Mattel, Inc.^*,1		96		1,093
Wendy's Co.		51		1,019
Tempur Sealy International, Inc.^*		13		1,004
Texas Roadhouse, Inc. — Class A		18		945
Goodyear Tire & Rubber Co.		64		922
KAR Auction Services, Inc.		37		908
Ollie's Bargain Outlet Holdings, Inc.^*		15		880
MSC Industrial Direct Company, Inc. — Class A		12		870
Thor Industries, Inc.		15		850
KB Home		24		816
AutoNation, Inc.^*		16		811
Herman Miller, Inc.		16		737
Dick's Sporting Goods, Inc.		18		735
World Fuel Services Corp.		18		719
Eldorado Resorts, Inc.^*,1		18		718
American Eagle Outfitters, Inc.		44		714
Visteon Corp.^*		8		660
Nu Skin Enterprises, Inc. — Class A		15		638
Jack in the Box, Inc.		7		638
TRI Pointe Group, Inc.^*		39		586
Dana, Inc.		40		578
Urban Outfitters, Inc.^*		20		562
Penn National Gaming, Inc.^*		30		559
Adient plc		24		551
Boyd Gaming Corp.		22		527
Sally Beauty Holdings, Inc.^*		33		491
Resideo Technologies, Inc.^*		34		488
Cheesecake Factory, Inc.		11		458
Brinker International, Inc.		10		427
HNI Corp.		12		426
Bed Bath & Beyond, Inc.		35		372
Delphi Technologies plc		24		322
International Speedway Corp. — Class A		7		315
Papa John's International, Inc.¹		6		314
Scientific Games Corp. — Class A^*		15		305
Dillard's, Inc. — Class A¹		3		198
Total Consumer, Cyclical				63,992
Technology - 0.9%
Zebra Technologies Corp. — Class A^*		15		3,095
Tyler Technologies, Inc.^*		11		2,888
Teradyne, Inc.		47		2,722
Fair Isaac Corp.^*		8		2,428
Cypress Semiconductor Corp.		102		2,381
PTC, Inc.^*		29		1,977
Monolithic Power Systems, Inc.		11		1,712
CDK Global, Inc.		34		1,635
CACI International, Inc. — Class A^*		7		1,619
Medidata Solutions, Inc.^*		17		1,555
Cree, Inc.^*		30		1,470
Manhattan Associates, Inc.^*		18		1,452
MAXIMUS, Inc.		18		1,391
MKS Instruments, Inc.		15		1,384
Silicon Laboratories, Inc.^*		12		1,336
Blackbaud, Inc.		14		1,265

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 10.1% (continued)
Technology - 0.9% (continued)
Science Applications International Corp.		14	$	1,223
j2 Global, Inc.		13		1,181
Lumentum Holdings, Inc.^*		21		1,125
NCR Corp.^*		33		1,041
ACI Worldwide, Inc.^*		32		1,002
Perspecta, Inc.		38		992
Teradata Corp.^*		32		992
Semtech Corp.^*		18		875
Cirrus Logic, Inc.^*		16		857
CommVault Systems, Inc.^*		12		537
Allscripts Healthcare Solutions, Inc.^*		46		505
NetScout Systems, Inc.^*		18		415
Synaptics, Inc.^*		9		360
Covetrus, Inc.^*		27		321
Total Technology				41,736
Basic Materials - 0.5%
RPM International, Inc.		36		2,477
Royal Gold, Inc.		18		2,218
Steel Dynamics, Inc.		61		1,818
Reliance Steel & Aluminum Co.		18		1,794
Versum Materials, Inc.		30		1,588
Ashland Global Holdings, Inc.		17		1,310
Valvoline, Inc.		52		1,146
Ingevity Corp.^*		12		1,018
NewMarket Corp.		2		944
Olin Corp.		45		842
Sensient Technologies Corp.		12		824
Cabot Corp.		16		725
Allegheny Technologies, Inc.^*		35		709
PolyOne Corp.		21		686
Chemours Co.		45		672
Carpenter Technology Corp.		13		671
Domtar Corp.		17		609
Commercial Metals Co.		33		573
United States Steel Corp.		47		543
Minerals Technologies, Inc.		10		531
Compass Minerals International, Inc.		9		508
Total Basic Materials				22,206
Utilities - 0.5%
UGI Corp.		58		2,916
Aqua America, Inc.		60		2,690
OGE Energy Corp.		55		2,496
IDACORP, Inc.		14		1,577
ONE Gas, Inc.		15		1,442
Hawaiian Electric Industries, Inc.		30		1,368
Southwest Gas Holdings, Inc.		15		1,366
Black Hills Corp.		17		1,304
ALLETE, Inc.		14		1,224
Spire, Inc.		14		1,221
PNM Resources, Inc.		22		1,146
New Jersey Resources Corp.		25		1,130
National Fuel Gas Co.		24		1,126
NorthWestern Corp.		14		1,051
Total Utilities				22,057
Communications - 0.4%
FactSet Research Systems, Inc.		11		2,673
Etsy, Inc.^*		33		1,865
Ciena Corp.^*		43		1,687
GrubHub, Inc.^*		25		1,405
Cable One, Inc.		1		1,255
ViaSat, Inc.^*		16		1,205
New York Times Co. — Class A		40		1,139
LogMeIn, Inc.		14		993
TEGNA, Inc.		60		932
World Wrestling Entertainment, Inc. — Class A		13		925
Telephone & Data Systems, Inc.		27		697
Yelp, Inc. — Class A^*		18		625
AMC Networks, Inc. — Class A^*		12		590
John Wiley & Sons, Inc. — Class A		12		527
InterDigital, Inc.		9		472
Meredith Corp.		11		403
Plantronics, Inc.		9		336
Total Communications				17,729
Energy - 0.2%
WPX Energy, Inc.^*		117		1,239
First Solar, Inc.^*		21		1,218
Murphy Oil Corp.		43		951
Equitrans Midstream Corp.		56		815
PBF Energy, Inc. — Class A		28		761
Equities Corp.		71		755
Transocean Ltd.^*		159		711
Murphy USA, Inc.^*		8		682
Apergy Corp.^*		21		568
Core Laboratories N.V.		12		559
Antero Midstream Corp.		72		533
Matador Resources Co.^*		30		496
Patterson-UTI Energy, Inc.		56		479
Chesapeake Energy Corp.^*		312		440
CNX Resources Corp.^*		52		378
Oceaneering International, Inc.^*		27		366
NOW, Inc.^*		30		344
Southwestern Energy Co.^*		150		289
Oasis Petroleum, Inc.^*		80		277
Total Energy				11,861
Total Common Stocks
(Cost $391,571)				478,611

MUTUAL FUNDS^† - 66.3%
Guggenheim Strategy Fund II²		65,454		1,625,230
Guggenheim Ultra Short Duration Fund — Institutional Class²		152,999		1,523,868
Total Mutual Funds
(Cost $3,145,849)				3,149,098

		Face Amount
U.S. TREASURY BILLS^†† - 5.1%
U.S. Treasury Bills
1.82% due 11/21/19³	$	245,000		244,377
Total U.S. Treasury Bills
(Cost $244,358)				244,377

FEDERAL AGENCY NOTES^†† - 2.6%
Federal Home Loan Bank
2.10% due 09/11/20		125,000		125,004
Total Federal Agency Notes
(Cost $125,000)				125,004

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 2.1%
Federal Home Loan Bank
1.78% due 10/02/19³	$	100,000	$	99,995
Total Federal Agency Discount Notes
(Cost $99,995)				99,995

REPURCHASE AGREEMENTS^††,4 - 15.0%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		442,409		442,409
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		142,264		142,264
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		128,038		128,038
Total Repurchase Agreements
(Cost $712,711)				712,711

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁷		2,490		2,490
Total Securities Lending Collateral
(Cost $2,490)				2,490
Total Investments - 101.3%
(Cost $4,721,974)			$	4,812,286
Other Assets & Liabilities, net - (1.3)%				(60,324	)
Total Net Assets - 100.0%			$	4,751,962

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	S&P MidCap 400 Index	2.26%	At Maturity	10/31/19		1,302	$	2,520,787	$	(1,941	)
Goldman Sachs International	S&P MidCap 400 Index	2.31%	At Maturity	10/28/19		1,645		3,184,562		(2,451	)
BNP Paribas	S&P MidCap 400 Index	2.49%	At Maturity	10/29/19		492		952,143		(5,879	)
							$	6,657,492	$	(10,271	)

^*	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, 2019 — See Note 5.
²	Affiliated issuer.
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 equity index swap collateral at September 30, 2019.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of September 30, 2019.

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, 2019 (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	$	478,611	$	—	$	—	$	478,611
Mutual Funds		3,149,098		—		—		3,149,098
U.S. Treasury Bills		—		244,377		—		244,377
Federal Agency Notes		—		125,004		—		125,004
Federal Agency Discount Notes		—		99,995		—		99,995
Repurchase Agreements		—		712,711		—		712,711
Securities Lending Collateral		2,490		—		—		2,490
Total Assets	$	3,630,199	$	1,182,087	$	—	$	4,812,286

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	10,271			$	—			$	10,271

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

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,929,681	$	544,214	$	(850,000	)	$	(3,745	)	$	5,080	$	1,625,230		65,454	$	39,675
Guggenheim Ultra Short Duration Fund — Institutional Class		1,183,579		1,544,299		(1,205,000	)		(924	)		1,914		1,523,868		152,999		34,466
	$	3,113,260	$	2,088,513	$	(2,055,000	)	$	(4,669	)	$	6,994	$	3,149,098			$	74,141

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 22.9%
Consumer, Non-cyclical - 6.7%
Celgene Corp.^*		5,063	$	502,756
WellCare Health Plans, Inc.^*,1		1,892		490,350
Spark Therapeutics, Inc.^*		4,245		411,680
Navigant Consulting, Inc.		13,766		384,759
Sotheby's^*		4,064		231,567
Avedro, Inc.^*		6,871		155,972
Cambrex Corp.^*		2,565		152,617
Allergan plc		223		37,529
Pacific Biosciences of California, Inc.^*,1		6,900		35,604
Total Consumer, Non-cyclical				2,402,834
Industrial - 3.9%
Genesee & Wyoming, Inc. — Class A^*,1		3,517		388,664
Advanced Disposal Services, Inc.^*,1		11,536		375,727
Milacron Holdings Corp.^*,1		14,454		240,948
Wesco Aircraft Holdings, Inc.^*		20,562		226,388
II-VI, Inc.^*,1		4,090		143,996
Total Industrial				1,375,723
Financial - 3.2%
SunTrust Banks, Inc.¹		10,240		704,512
LegacyTexas Financial Group, Inc.¹		8,740		380,452
Genworth Financial, Inc. — Class A^*		13,429		59,088
United Financial Bancorp, Inc.		900		12,267
Park Hotels & Resorts, Inc. REIT		68		1,698
Total Financial				1,158,017
Technology - 2.8%
Medidata Solutions, Inc.^*,1		4,113		376,340
Cypress Semiconductor Corp.¹		10,134		236,527
Mellanox Technologies Ltd.^*,1		2,152		235,838
Pivotal Software, Inc. — Class A^*		10,244		152,840
Total Technology				1,001,545
Communications – 2.0%
Zayo Group Holdings, Inc.^*,1		15,728		533,179
Sprint Corp.^*,1		13,690		84,468
Acacia Communications, Inc.^*,1		1,183		77,368
Total Communications				695,015
Basic Materials - 1.8%
Versum Materials, Inc.		9,258		490,026
OMNOVA Solutions, Inc.^*		15,780		158,904
Total Basic Materials				648,930
Consumer, Cyclical - 1.3%
Caesars Entertainment Corp.^*,1		26,607		310,238
WABCO Holdings, Inc.^*,1		1,172		156,755
Total Consumer, Cyclical				466,993
Energy - 0.8%
SRC Energy, Inc.^*		33,320		155,271
Carrizo Oil & Gas, Inc.^*		16,387		140,683
Total Energy				295,954
Utilities - 0.4%
El Paso Electric Co.¹		2,348		157,504
Total Common Stocks
(Cost $8,145,890)				8,202,515

MASTER LIMITED PARTNERSHIPS^† - 0.9%
Energy - 0.9%
Buckeye Partners, LP		7,591		311,914
Total Master Limited Partnerships
(Cost $309,279)				311,914

MUTUAL FUNDS^† - 37.7%
Guggenheim Variable Insurance Strategy Fund III²		155,542		3,854,333
Guggenheim Strategy Fund III²		155,208		3,852,262
Guggenheim Strategy Fund II²		129,199		3,208,014
Guggenheim Ultra Short Duration Fund — Institutional Class²		255,714		2,546,913
Total Mutual Funds
(Cost $13,540,164)				13,461,522

CLOSED-END FUNDS^† - 9.3%
Dividend and Income Fund		8,467		101,181
RMR Real Estate Income Fund		1,783		36,355
GDL Fund		2,771		25,465
Adams Natural Resources Fund, Inc.		1,506		23,840
Boulder Growth & Income Fund, Inc.		2,020		22,624
Morgan Stanley India Investment Fund, Inc.		1,095		20,750
Japan Smaller Capitalization Fund, Inc.		2,335		20,478
BrandywineGLOBAL — Global Income Opportunities Fund, Inc.		1,688		20,425
New Ireland Fund, Inc.		2,386		20,424
Central and Eastern Europe Fund, Inc.		777		20,202
Salient Midstream & MLP Fund		2,559		20,114
General American Investors Company, Inc.		541		19,665
Aberdeen Japan Equity Fund, Inc.		2,634		19,176
Source Capital, Inc.		521		19,024
Herzfeld Caribbean Basin Fund, Inc.		2,930		18,635
Kayne Anderson Midstream/Energy Fund, Inc.		1,689		18,292
Franklin Universal Trust		2,415		18,209
Eagle Growth & Income Opportunities Fund		1,137		18,124
Nuveen Global High Income Fund		1,157		18,003
Aberdeen Asia-Pacific Income Fund, Inc.		4,259		17,845
PGIM High Yield Bond Fund, Inc.		1,187		17,746
First Trust High Income Long/Short Fund		1,161		17,601
Korea Fund, Inc.		641		17,583
Aberdeen Total Dynamic Dividend Fund		2,096		17,481
PGIM Global High Yield Fund, Inc.		1,216		17,474
Eaton Vance Limited Duration Income Fund		1,396		17,450
CBRE Clarion Global Real Estate Income Fund		2,198		17,386

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
CLOSED-END FUNDS^† - 9.3% (continued)
Neuberger Berman MLP & Energy Income Fund, Inc.		2,392	$	17,222
Adams Diversified Equity Fund, Inc.		1,085		17,186
Nuveen Senior Income Fund		2,965		17,108
Nuveen New Jersey Quality Municipal Income Fund		1,178		17,046
Aberdeen Global Dynamic Dividend Fund		1,765		17,032
Western Asset Inflation-Linked Opportunities & Income Fund		1,532		16,975
ClearBridge Energy Midstream Opportunity Fund, Inc.		1,951		16,974
DTF Tax-Free Income, Inc.		1,169		16,915
Neuberger Berman New York Municipal Fund, Inc.		1,350		16,889
Western Asset Emerging Markets Debt Fund, Inc.		1,214		16,863
Cushing MLP & Infrastructure Total Return Fund		1,683		16,851
Gabelli Healthcare & WellnessRx Trust		1,617		16,849
Voya Emerging Markets High Income Dividend Equity Fund		2,348		16,835
Nuveen Maryland Quality Municipal Income Fund		1,256		16,768
Nuveen Floating Rate Income Fund		1,724		16,757
Macquarie Global Infrastructure Total Return Fund, Inc.		695		16,736
Delaware Investments Minnesota Municipal Income Fund II, Inc.		1,275		16,709
Templeton Emerging Markets Fund/United States		1,139		16,698
Western Asset Inflation - Linked Securities & Income Fund		1,440		16,690
Morgan Stanley Emerging Markets Debt Fund, Inc.		1,816		16,689
First Trust Energy Infrastructure Fund		1,010		16,675
ClearBridge MLP & Midstream Total Return Fund, Inc.		1,867		16,635
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		2,524		16,633
Aberdeen Global Premier Properties Fund		2,674		16,632
New Germany Fund, Inc.		1,199		16,618
Delaware Enhanced Global Dividend & Income Fund		1,683		16,594
Royce Value Trust, Inc.		1,203		16,553
Royce Micro-Capital Trust, Inc.		2,058		16,546
Principal Real Estate Income Fund		804		16,538
Swiss Helvetia Fund, Inc.		2,058		16,526
European Equity Fund, Inc.		1,855		16,509
Voya Asia Pacific High Dividend Equity Income Fund		1,946		16,502
Nuveen New Jersey Municipal Value Fund		1,200		16,440
Cushing Renaissance Fund		1,235		16,388
ClearBridge MLP & Midstream Fund, Inc.		1,440		16,387
Brookfield Global Listed Infrastructure Income Fund, Inc.		1,189		16,313
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		1,334		16,302
Aberdeen Australia Equity Fund, Inc.		3,121		16,292
AllianceBernstein Global High Income Fund, Inc.		1,357		16,270
BlackRock Debt Strategies Fund, Inc.		1,510		16,232
India Fund, Inc.		790		16,219
BlackRock Energy and Resources Trust		1,447		16,206
BlackRock Corporate High Yield Fund, Inc.		1,506		16,190
Nuveen Floating Rate Income Opportunity Fund		1,697		16,189
Voya Infrastructure Industrials and Materials Fund		1,412		16,167
Ivy High Income Opportunities Fund		1,176		16,123
Ares Dynamic Credit Allocation Fund, Inc.		1,082		16,122
Pioneer Diversified High Income Trust		1,110		16,095
Sprott Focus Trust, Inc.³		2,390		16,085
BlackRock Resources & Commodities Strategy Trust		2,148		16,067
BlackRock Enhanced Global Dividend Trust		1,539		16,052
Nuveen Real Asset Income and Growth Fund		915		16,022
Tri-Continental Corp.		587		15,996
Aberdeen Emerging Markets Equity Income Fund, Inc.		2,297		15,987
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		1,123		15,980
John Hancock Tax-Advantaged Global Shareholder Yield Fund		2,337		15,962
Nuveen Pennsylvania Quality Municipal Income Fund		1,140		15,960
Eaton Vance Floating-Rate Income Plus Fund		1,049		15,955
Nuveen North Carolina Quality Municipal Income Fund		1,179		15,928
BlackRock MuniYield Pennsylvania Quality Fund		1,117		15,873
Clough Global Opportunities Fund		1,735		15,858
BlackRock Enhanced International Dividend Trust		2,920		15,856
Nuveen Georgia Quality Municipal Income Fund		1,277		15,848
Wells Fargo Income Opportunities Fund		1,920		15,821
Templeton Dragon Fund, Inc.		881		15,779
Eaton Vance New York Municipal Income Trust		1,177		15,772

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
CLOSED-END FUNDS^† - 9.3% (continued)
Eaton Vance New York Municipal Bond Fund		1,264	$	15,724
First Trust Dynamic Europe Equity Income Fund		1,157		15,700
Nuveen Arizona Quality Municipal Income Fund		1,165		15,681
Western Asset High Income Fund II, Inc.		2,312		15,675
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		1,581		15,668
Tortoise Pipeline & Energy Fund, Inc.		1,181		15,660
Lazard Global Total Return and Income Fund, Inc.		1,001		15,646
Western Asset Intermediate Muni Fund, Inc.		1,703		15,634
BlackRock New York Municipal Income Trust II		1,090		15,598
BlackRock MuniYield Michigan Quality Fund, Inc.		1,110		15,595
Kayne Anderson MLP/Midstream Investment Co.		1,074		15,530
Nuveen Michigan Quality Municipal Income Fund		1,110		15,496
Nuveen Credit Strategies Income Fund		2,066		15,454
MFS Multimarket Income Trust		2,606		15,401
BlackRock MuniYield New York Quality Fund, Inc.		1,179		15,398
BlackRock MuniYield Quality Fund III, Inc.		1,132		15,361
Credit Suisse Asset Management Income Fund, Inc.		4,876		15,359
Clough Global Equity Fund		1,335		15,353
BlackRock MuniHoldings New York Quality Fund, Inc.		1,128		15,352
BlackRock Limited Duration Income Trust		982		15,349
BlackRock MuniHoldings California Quality Fund, Inc.		1,087		15,348
Madison Covered Call & Equity Strategy Fund		2,396		15,334
LMP Capital and Income Fund, Inc.		1,086		15,323
Nuveen Quality Municipal Income Fund		1,065		15,293
Bancroft Fund Ltd.		646		15,271
Federated Premier Municipal Income Fund		1,076		15,268
MFS Investment Grade Municipal Trust		1,533		15,225
First Trust New Opportunities MLP & Energy Fund		1,630		15,208
First Trust Aberdeen Emerging Opportunity Fund		1,149		15,201
BlackRock MuniHoldings Quality Fund, Inc.		1,188		15,195
Nuveen New York Quality Municipal Income Fund		1,064		15,173
Clough Global Dividend and Income Fund		1,398		15,168
Tekla Healthcare Investors		827		15,167
Nuveen AMT-Free Quality Municipal Income Fund		1,058		15,140
BlackRock Municipal Income Quality Trust		1,069		15,126
Western Asset Global High Income Fund, Inc.		1,522		15,113
Gabelli Dividend & Income Trust		700		15,057
Eaton Vance Short Duration Diversified Income Fund		1,156		15,040
Tekla Healthcare Opportunities Fund		861		15,033
BlackRock MuniYield Quality Fund II, Inc.		1,159		15,032
BlackRock New York Municipal Income Quality Trust		1,094		15,032
Nuveen Multi-Market Income Fund		2,041		15,001
Nuveen Texas Quality Municipal Income Fund		1,080		15,001
AllianceBernstein National Municipal Income Fund, Inc.		1,087		14,979
Western Asset High Income Opportunity Fund, Inc.		2,961		14,953
BNY Mellon High Yield Strategies Fund		4,880		14,933
Neuberger Berman California Municipal Fund, Inc.		1,067		14,927
Eaton Vance California Municipal Bond Fund		1,314		14,888
Nuveen All Capital Energy MLP Opportunities Fund		2,609		14,871
Western Asset High Yield Defined Opportunity Fund, Inc.		978		14,826
Morgan Stanley China A Share Fund, Inc.		724		14,813
Duff & Phelps Global Utility Income Fund, Inc.		932		14,809
BlackRock Enhanced Capital and Income Fund, Inc.		916		14,803
BlackRock MuniHoldings Investment Quality Fund		1,091		14,761
Nuveen Virginia Quality Municipal Income Fund		1,067		14,757
Cushing Energy Income Fund		2,398		14,756
Nuveen Ohio Quality Municipal Income Fund		933		14,723
BlackRock Municipal 2030 Target Term Trust		622		14,717
First Trust Aberdeen Global Opportunity Income Fund		1,393		14,710
BlackRock Credit Allocation Income Trust		1,080		14,710
Wells Fargo Multi-Sector Income Fund		1,191		14,709
BlackRock MuniHoldings Quality Fund II, Inc.		1,151		14,698
BlackRock Multi-Sector Income Trust		856		14,689

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
CLOSED-END FUNDS^† - 9.3% (continued)
Duff & Phelps Utility and Corporate Bond Trust, Inc.		1,587	$	14,680
Western Asset Municipal Partners Fund, Inc.		958		14,677
DWS Municipal Income Trust		1,261		14,615
AllianzGI Equity & Convertible Income Fund		676		14,595
Pioneer High Income Trust		1,580		14,567
Invesco High Income Trust II		1,017		14,563
Western Asset Global Corporate Defined Opportunity Fund, Inc.		832		14,493
Neuberger Berman High Yield Strategies Fund, Inc.		1,197		14,448
Eaton Vance Tax-Advantaged Global Dividend Income Fund		877		14,435
Eaton Vance Municipal Income Trust		1,120		14,426
BlackRock Core Bond Trust		996		14,392
Eaton Vance Municipal Bond Fund		1,110		14,386
MFS Charter Income Trust		1,731		14,385
BlackRock Enhanced Equity Dividend Trust		1,565		14,367
Virtus Global Multi-Sector Income Fund		1,136		14,314
Mexico Equity & Income Fund, Inc.		1,357		14,273
Gabelli Global Utility & Income Trust		765		14,225
Nuveen Real Estate Income Fund		1,293		14,210
Ellsworth Growth and Income Fund Ltd.		1,354		14,203
Nuveen California AMT-Free Quality Municipal Income Fund		939		14,198
Cohen & Steers REIT and Preferred and Income Fund, Inc.		574		14,126
Liberty All-Star Equity Fund		2,205		14,112
John Hancock Investors Trust		827		14,076
Nuveen Diversified Dividend & Income Fund		1,280		14,042
Templeton Emerging Markets Income Fund		1,546		14,038
Cohen & Steers Global Income Builder, Inc.		1,544		14,035
Brookfield Real Assets Income Fund, Inc.		621		14,028
Nuveen Connecticut Quality Municipal Income Fund		1,045		14,024
Nuveen Energy MLP Total Return Fund		1,619		14,004
Eaton Vance California Municipal Income Trust		1,040		13,978
GAMCO Natural Resources Gold & Income Trust		2,438		13,921
Wells Fargo Global Dividend Opportunity Fund		2,559		13,895
Nuveen Pennsylvania Municipal Value Fund		984		13,815
BNY Mellon Municipal Income, Inc.		1,477		13,810
Goldman Sachs MLP Energy and Renaissance Fund		2,864		13,804
Nuveen Massachusetts Quality Municipal Income Fund		968		13,784
Pioneer Municipal High Income Trust		1,105		13,768
Tortoise Power and Energy Infrastructure Fund, Inc.		762		13,724
Neuberger Berman Real Estate Securities Income Fund, Inc.		2,406		13,642
Voya Global Advantage and Premium Opportunity Fund		1,317		13,618
Delaware Investments National Municipal Income Fund		1,010		13,581
DWS Strategic Municipal Income Trust		1,132		13,493
Nuveen California Quality Municipal Income Fund		899		13,476
Putnam Master Intermediate Income Trust		2,919		13,398
Putnam Municipal Opportunities Trust		1,013		13,240
Voya Global Equity Dividend and Premium Opportunity Fund		2,177		13,062
Advent Convertible and Income		829		12,087
Lazard World Dividend & Income Fund, Inc.		1,043		9,742
Total Closed-End Funds
(Cost $3,080,683)				3,329,231

		Face Amount
U.S. TREASURY BILLS^†† - 13.5%
U.S. Treasury Bills
1.90% due 12/05/19^4,5	$	3,400,000		3,389,042
1.93% due 10/29/19^5,6		1,426,000		1,423,928
Total U.S. Treasury Bills
(Cost $4,812,012)				4,812,970

REPURCHASE AGREEMENTS^††,7 - 7.4%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		1,649,858		1,649,858
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		530,539		530,539
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		477,486		477,486
Total Repurchase Agreements
(Cost $2,657,883)				2,657,883

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
SECURITIES LENDING COLLATERAL^†,8 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁹		9,800	$	9,800
Total Securities Lending Collateral
(Cost $9,800)				9,800
Total Investments - 91.7%
(Cost $32,555,711)			$	32,785,835

COMMON STOCKS SOLD SHORT^† - (6.9)%
Consumer, Cyclical - (0.3)%
Eldorado Resorts, Inc.^*		2,392		(95,369	)
Communications - (0.3)%
T-Mobile US, Inc.^*		1,405		(110,672	)
Industrial - (0.6)%
Hillenbrand, Inc.		2,330		(71,950	)
II-VI, Inc.^*		4,227		(148,833	)
Total Industrial				(220,783	)
Energy - (0.8)%
Callon Petroleum Co.^*		33,593		(145,794	)
PDC Energy, Inc.^*		5,265		(146,104	)
Total Energy				(291,898	)
Consumer, Non-cyclical - (2.0)%
AbbVie, Inc.		193		(14,614	)
Glaukos Corp.^*		2,508		(156,775	)
Bristol-Myers Squibb Co.		5,063		(256,745	)
Centene Corp.^*		6,395		(276,648	)
Total Consumer, Non-cyclical				(704,782	)
Financial - (2.9)%
People's United Financial, Inc.		800		(12,508	)
Prosperity Bancshares, Inc.		4,615		(325,957	)
BB&T Corp.		13,261		(707,740	)
Total Financial				(1,046,205	)
Total Common Stocks Sold Short
(Proceeds $2,458,882)				(2,469,709	)

EXCHANGE-TRADED FUNDS SOLD SHORT^† - (8.8)%
Technology Select Sector SPDR Fund		58		(4,671	)
SPDR S&P 500 ETF Trust		17		(5,045	)
iShares Core U.S. Aggregate Bond ETF		69		(7,809	)
Industrial Select Sector SPDR Fund		148		(11,489	)
Invesco QQQ Trust Series 1		106		(20,014	)
iShares MSCI South Korea ETF		402		(22,648	)
iShares MSCI Taiwan ETF		642		(23,343	)
iShares Russell 1000 Value ETF		193		(24,754	)
Materials Select Sector SPDR Fund		477		(27,761	)
Consumer Discretionary Select Sector SPDR Fund		232		(28,002	)
VanEck Vectors Gold Miners ETF		1,159		(30,957	)
iShares MSCI Mexico ETF		897		(38,320	)
Consumer Staples Select Sector SPDR Fund		690		(42,380	)
Health Care Select Sector SPDR Fund		473		(42,632	)
iShares Russell 1000 Growth ETF		305		(48,687	)
iShares MSCI Emerging Markets ETF		1,329		(54,316	)
iShares China Large-Capital ETF		1,424		(56,675	)
iShares MSCI Japan ETF		1,070		(60,712	)
iShares MSCI EAFE ETF		1,022		(66,645	)
iShares 7-10 Year Treasury Bond ETF		604		(67,932	)
VanEck Vectors Russia ETF		3,006		(68,567	)
iShares MSCI Australia ETF		3,208		(71,378	)
iShares MSCI United Kingdom ETF		3,086		(96,993	)
Financial Select Sector SPDR Fund		3,845		(107,660	)
iShares Russell 2000 Index ETF		848		(128,336	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,085		(138,316	)
iShares U.S. Real Estate ETF		1,704		(159,392	)
iShares 20+ Year Treasury Bond ETF		1,350		(193,158	)
Utilities Select Sector SPDR Fund		3,250		(210,405	)
Energy Select Sector SPDR Fund		5,471		(323,883	)
iShares TIPS Bond ETF		3,379		(392,944	)
SPDR Bloomberg Barclays High Yield Bond ETF		5,178		(563,056	)
Total Exchange-Traded Funds Sold Short
(Proceeds $3,180,128)				(3,138,880	)
Total Securities Sold Short - (15.7)%
(Proceeds $5,639,010)			$	(5,608,589	)
Other Assets & Liabilities, net – 24.0%				8,557,788
Total Net Assets - 100.0%			$	35,735,034

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts	155	Dec 2019	$	2,875,250	$	31,498
CBOE Volatility Index Futures Contracts	34	Mar 2020		653,820		23,555
CBOE Volatility Index Futures Contracts	18	Oct 2019		313,200		2,727

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^† (continued)
Amsterdam Index Futures Contracts	2	Oct 2019	$	253,118	$	1,089
FTSE MIB Index Futures Contracts^††	2	Dec 2019		240,624		387
Tokyo Stock Price Index Futures Contracts	1	Dec 2019		147,995		222
CAC 40 10 Euro Index Futures Contracts	3	Oct 2019		185,472		46
NASDAQ-100 Index Mini Futures Contracts	1	Dec 2019		155,355		(38	)
S&P 500 Index Mini Futures Contracts	1	Dec 2019		148,887		(68	)
FTSE 100 Index Futures Contracts	1	Dec 2019		90,667		(133	)
Euro STOXX 50 Index Futures Contracts	5	Dec 2019		193,687		(201	)
OMX Stockholm 30 Index Futures Contracts	8	Oct 2019		133,744		(1,574	)
S&P/TSX 60 IX Index Futures Contracts	3	Dec 2019		451,614		(2,221	)
SPI 200 Index Futures Contracts	4	Dec 2019		451,195		(2,649	)
			$	6,294,628	$	52,640

Interest Rate Futures Contracts Purchased^†
Australian Government 10 Year Bond Futures Contracts	56	Dec 2019	$	5,570,136	$	39,656
U.S. Treasury Ultra Long Bond Futures Contracts	1	Dec 2019		192,094		2,405
U.S. Treasury Long Bond Futures Contracts	1	Dec 2019		162,406		1,123
Euro - 30 year Bond Futures Contracts	1	Dec 2019		237,222		(1,925	)
Euro - OATS Futures Contracts^††	22	Dec 2019		4,084,344		(30,553	)
			$	10,246,202	$	10,706

Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts	3	Dec 2019	$	348,581	$	(1,631	)
British Pound Futures Contracts	13	Dec 2019		1,001,975		(6,086	)
Canadian Dollar Futures Contracts	53	Dec 2019		4,004,945		(19,324	)
			$	5,355,501	$	(27,041	)

Commodity Futures Contracts Purchased^†
Live Cattle Futures Contracts	54	Dec 2019	$	2,382,480	$	105,014
Gold 100 oz. Futures Contracts	2	Dec 2019		295,920		10,934
Hard Red Winter Wheat Futures Contracts	1	Dec 2019		20,763		509
LME Nickel Futures Contracts	1	Nov 2019		102,660		257
Brent Crude Futures Contracts	1	Oct 2019		59,450		148
Silver Futures Contracts	1	Dec 2019		85,375		(1,663	)
Low Sulphur Gas Oil Futures Contracts	1	Nov 2019		58,150		(3,768	)
NY Harbor ULSD Futures Contracts	1	Oct 2019		79,850		(4,114	)
Cotton #2 Futures Contracts	52	Dec 2019		1,578,720		(12,067	)
WTI Crude Futures Contracts	22	Dec 2019		1,185,360		(43,319	)
Gasoline RBOB Futures Contracts	19	Nov 2019		1,223,414		(52,637	)
Natural Gas Futures Contracts	30	Dec 2019		786,300		(73,697	)
			$	7,858,442	$	(74,403	)

Commodity Futures Contracts Sold Short^†
Cotton #2 Futures Contracts	77	May 2020	$	2,402,015	$	89,945
Gasoline RBOB Futures Contracts	20	Dec 2019		1,271,844		57,909
Natural Gas Futures Contracts	13	Oct 2019		302,510		43,907
WTI Crude Futures Contracts	20	Oct 2019		1,086,000		42,224
Natural Gas Futures Contracts	21	Nov 2019		525,630		34,596
Soybean Meal Futures Contracts	9	Dec 2019		270,540		21,083
LME Primary Aluminum Futures Contracts	5	Nov 2019		215,219		6,129
Soybean Futures Contracts	5	Nov 2019		226,062		2,210
Copper Futures Contracts	2	Dec 2019		128,675		1,294
Soybean Oil Futures Contracts	8	Dec 2019		139,632		184
Sugar #11 Futures Contracts	16	Feb 2020		227,226		(363	)
LME Zinc Futures Contracts	1	Nov 2019		60,287		(2,434	)
Cattle Feeder Futures Contracts	1	Nov 2019		70,825		(4,053	)
Hard Red Winter Wheat Futures Contracts	11	May 2020		240,213		(4,725	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Sold Short^† (continued)
Coffee 'C' Futures Contracts	4	Dec 2019	$	150,975	$	(5,325	)
Wheat Futures Contracts	6	Dec 2019		148,650		(5,962	)
Lean Hogs Futures Contracts	2	Dec 2019		58,000		(6,013	)
Cocoa Futures Contracts	3	Dec 2019		73,380		(7,179	)
Corn Futures Contracts	9	Dec 2019		174,150		(12,827	)
Live Cattle Futures Contracts	61	Feb 2020		2,845,650		(46,548	)
			$	10,617,483	$	204,052

Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts	51	Dec 2019	$	6,428,550	$	59,779
Australian Dollar Futures Contracts	18	Dec 2019		1,217,700		19,550
New Zealand Dollar Futures Contracts	6	Dec 2019		376,380		8,607
Euro FX Futures Contracts	5	Dec 2019		685,031		6,875
			$	8,707,661	$	94,811

Interest Rate Futures Contracts Sold Short^†
Euro - Bund Futures Contracts	10	Dec 2019	$	1,899,804	$	6,760
Canadian Government 10 Year Bond Futures Contracts	12	Dec 2019		1,293,005		3,414
Euro - BTP Italian Government Bond Futures Contracts^††	4	Dec 2019		635,587		398
Long Gilt Futures Contracts^††	11	Dec 2019		1,817,485		(5,389	)
			$	5,645,881	$	5,183

Equity Futures Contracts Sold Short^†
Russell 2000 Index Mini Futures Contracts	2	Dec 2019	$	152,430	$	3,724
CBOE Volatility Index Futures Contracts	8	Jan 2020		151,280		(21	)
CBOE Volatility Index Futures Contracts	10	Feb 2020		191,217		(26	)
IBEX 35 Index Futures Contracts^††	1	Oct 2019		100,621		(821	)
CBOE Volatility Index Futures Contracts	153	Nov 2019		2,845,800		(66,959	)
			$	3,441,348	$	(64,103	)

Custom Basket Swap Agreements

Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements ^††
Morgan Stanley Capital Services LLC	Morgan Stanley Equity Market Neutral Custom Basket	2.30%	At Maturity	08/31/23	$	7,548,890	$	1,100,469
Goldman Sachs International	Goldman Sachs Equity Market Neutral Custom Basket	2.28%	At Maturity	05/06/24		6,984,129		444,943
Morgan Stanley Capital Services LLC	Morgan Stanley Long/Short Equity Custom Basket	2.30%	At Maturity	08/31/23		5,527,829		236,889
Goldman Sachs International	Goldman Sachs Long/Short Equity Custom Basket	2.28%	At Maturity	05/06/24		5,527,702		149,679
					$	25,588,550	$	1,931,980

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Counterparty	Reference Obligation	Financing Rate Pay (Receive)	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized (Depreciation)
OTC Custom Basket Swap Agreements Sold Short ^††
Goldman Sachs International	Goldman Sachs Equity Market Neutral Custom Basket	(1.50)%	At Maturity	05/06/24	$	7,202,987	$	(190,681	)
Morgan Stanley Capital Services LLC	Morgan Stanley Long/Short Equity Custom Basket	(1.60)%	At Maturity	08/31/23		4,502,438		(144,214	)
Goldman Sachs International	Goldman Sachs Long/Short Equity Custom Basket	(1.63)%	At Maturity	05/06/24		4,330,661		(87,230	)
Morgan Stanley Capital Services LLC	Morgan Stanley Equity Market Neutral Custom Basket	(1.49)%	At Maturity	08/31/23		7,202,987		(31,499	)
					$	23,239,073	$	(453,624	)

MS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Americold Realty Trust	15,235	7.49%	$	113,939
American Tower Corp. — Class A	1,493	4.38%		108,477
Sun Communities, Inc.	2,306	4.53%		106,153
Invitation Homes, Inc.	12,214	4.79%		92,446
Equinix, Inc.	558	4.26%		82,308
Equity LifeStyle Properties, Inc.	2,413	4.27%		80,794
Equity Residential	3,525	4.03%		80,381
HCP, Inc.	9,211	4.35%		75,074
Crown Castle International Corp.	2,318	4.27%		60,233
American Homes 4 Rent — Class A	9,742	3.34%		52,874
Ventas, Inc.	4,423	4.28%		51,827
Omega Healthcare Investors, Inc.	7,744	4.29%		43,029
InterXion Holding N.V.^*	4,507	4.86%		36,593
Rexford Industrial Realty, Inc.	2,786	1.62%		32,788
Terreno Realty Corp.	2,412	1.63%		25,277
Extra Space Storage, Inc.	1,843	2.85%		14,641
Spirit Realty Capital, Inc.	6,400	4.06%		14,328
Hudson Pacific Properties, Inc.	4,342	1.92%		14,014
CareTrust REIT, Inc.	7,705	2.40%		13,332
Cousins Properties, Inc.	6,414	3.19%		10,367
Highwoods Properties, Inc.	4,649	2.77%		9,823
JBG SMITH Properties	3,093	1.61%		5,087
Federal Realty Investment Trust	1,185	2.14%		4,420
Safehold, Inc.	11,395	4.60%		3,571
National Retail Properties, Inc.	4,394	3.28%		2,487
Four Corners Property Trust, Inc.	2,847	1.07%		1,148
GEO Group, Inc.	8,902	2.04%		(889	)
Equity Commonwealth	4,733	2.15%		(2,046	)
iStar, Inc.	5,781	1.00%		(2,578	)
Pebblebrook Hotel Trust	6,866	2.53%		(29,429	)
Total MS Equity Market Neutral Long Custom Basket			$	1,100,469

MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Tanger Factory Outlet Centers, Inc.	9,663	(2.08)%		77,282
Hersha Hospitality Trust	14,953	(3.09)%		40,743
Washington Prime Group, Inc.	23,983	(1.38)%		35,467
Service Properties Trust	7,179	(2.57)%		22,973
Brandywine Realty Trust	15,553	(3.27)%		22,796
SL Green Realty Corp.	2,010	(2.28)%		18,695
Physicians Realty Trust	15,092	(3.72)%		16,868
Xenia Hotels & Resorts, Inc.	12,397	(3.63)%		9,666
Vornado Realty Trust	3,459	(3.06)%		7,702
Hyatt Hotels Corp. — Class A	3,229	(3.30)%		2,031
Public Storage	664	(2.26)%		794
Washington Real Estate Investment Trust	7,144	(2.71)%		220
American Finance Trust, Inc.	11,758	(2.28)%		(1,846	)
Marriott International, Inc. — Class A	1,667	(2.88)%		(3,860	)
Cushman & Wakefield plc^*	8,678	(2.23)%		(4,009	)
Marcus & Millichap, Inc.^*	4,327	(2.13)%		(6,356	)
Apollo Commercial Real Estate Finance, Inc.	13,368	(3.56)%		(7,109	)
CBRE Group, Inc. — Class A^*	3,035	(2.23)%		(7,298	)
iShares U.S. Home Construction ETF	1,896	(1.14)%		(7,735	)
Easterly Government Properties, Inc.	7,943	(2.35)%		(7,746	)
Monmouth Real Estate Investment Corp.	11,130	(2.23)%		(8,730	)
Healthcare Realty Trust, Inc.	6,677	(3.11)%		(9,129	)
Piedmont Office Realty Trust, Inc. — Class A	14,351	(4.16)%		(12,937	)
Digital Realty Trust, Inc.	1,949	(3.51)%		(18,252	)
Kimco Realty Corp.	8,224	(2.38)%		(19,950	)
VEREIT, Inc.	27,053	(3.67)%		(25,938	)
NexPoint Residential Trust, Inc.	2,989	(1.94)%		(28,279	)
Independence Realty Trust, Inc.	9,844	(1.96)%		(36,112	)
iShares U.S. Real Estate ETF	6,437	(8.36)%		(36,760	)
Vanguard Real Estate ETF	12,765	(16.53)%		(44,690	)
Total MS Equity Market Neutral Short Custom Basket			$	(31,499	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

MS LONG/SHORT EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation
Pilgrim's Pride Corp.^*	1,604	0.94%	$	21,839
Zimmer Biomet Holdings, Inc.	403	1.01%		14,321
Tyson Foods, Inc. — Class A	514	0.81%		13,357
FirstEnergy Corp.	1,253	1.09%		13,348
ONEOK, Inc.	1,047	1.40%		12,805
Kimberly-Clark Corp.	333	0.86%		12,213
Portland General Electric Co.	1,127	1.15%		11,490
Medical Properties Trust, Inc.	3,449	1.22%		11,364
Pinnacle West Capital Corp.	669	1.17%		11,218
United Parcel Service, Inc. — Class B	510	1.11%		10,951
World Fuel Services Corp.	984	0.71%		10,571
Saia, Inc.^*	350	0.59%		10,518
Apartment Investment & Management Co. — Class A	1,439	1.36%		10,060
AT&T, Inc.	1,214	0.83%		10,004
Merck & Company, Inc.	740	1.13%		9,813
Baxter International, Inc.	435	0.69%		9,733
CVS Health Corp.	867	0.99%		8,669
Kinder Morgan, Inc.	3,329	1.24%		7,445
Verizon Communications, Inc.	1,113	1.22%		6,806
McKesson Corp.	562	1.39%		6,773
Omnicom Group, Inc.	751	1.06%		6,744
Marathon Petroleum Corp.	821	0.90%		6,419
Sysco Corp.	484	0.70%		6,418
Kansas City Southern	186	0.45%		6,230
HCP, Inc.	1,613	1.04%		5,976
Equity Commonwealth	2,213	1.37%		5,601
Phillips 66	576	1.07%		5,475
US Foods Holding Corp.^*	515	0.38%		5,285
AES Corp.	1,817	0.54%		5,233
Delta Air Lines, Inc.	893	0.93%		5,198
Medtronic plc	297	0.58%		5,187
Deluxe Corp.	598	0.53%		5,092
Cummins, Inc.	248	0.73%		5,029
Hartford Financial Services Group, Inc.	524	0.57%		4,867
AMERCO	97	0.68%		4,816
Post Holdings, Inc.^*	311	0.60%		4,551
TEGNA, Inc.	1,128	0.32%		4,522
Ameren Corp.	776	1.12%		4,439
Marten Transport Ltd.	1,128	0.42%		4,428
Knight-Swift Transportation Holdings, Inc.	964	0.63%		4,314
Exelon Corp.	832	0.73%		4,224
Delek US Holdings, Inc.	1,199	0.79%		4,089
Hologic, Inc.^*	720	0.66%		4,059
Old Dominion Freight Line, Inc.	166	0.51%		4,032
Bio-Rad Laboratories, Inc. — Class A^*	61	0.37%		3,888
Toll Brothers, Inc.	701	0.52%		3,720
Norfolk Southern Corp.	172	0.56%		3,613
Colgate-Palmolive Co.	517	0.69%		3,601
J.B. Hunt Transport Services, Inc.	235	0.47%		3,529
CSX Corp.	583	0.73%		3,494
Southwest Airlines Co.	866	0.85%		3,411
Skyworks Solutions, Inc.	235	0.34%		3,242
Hill-Rom Holdings, Inc.	363	0.69%		3,211
Forward Air Corp.	414	0.48%		3,093
Southern Co.	410	0.46%		3,016
Landstar System, Inc.	406	0.83%		2,965
Heartland Express, Inc.	1,434	0.56%		2,907
Agilent Technologies, Inc.	309	0.43%		2,692
Facebook, Inc. — Class A^*	73	0.24%		2,678
General Mills, Inc.	599	0.60%		2,659
Kellogg Co.	324	0.38%		2,630
PepsiCo, Inc.	360	0.89%		2,593
Campbell Soup Co.	449	0.38%		2,571
Diodes, Inc.^*	395	0.29%		2,485
JPMorgan Chase & Co.	149	0.32%		2,426
Becton Dickinson and Co.	175	0.80%		2,258
Allison Transmission Holdings, Inc.	978	0.83%		2,232
Alphabet, Inc. — Class C^*	12	0.26%		2,117
Amgen, Inc.	354	1.24%		2,098
JM Smucker Co.	233	0.46%		1,960
Werner Enterprises, Inc.	1,022	0.65%		1,951
Echo Global Logistics, Inc.^*	1,139	0.47%		1,949
Avista Corp.	673	0.59%		1,834
Alaska Air Group, Inc.	433	0.51%		1,810
Oracle Corp.	252	0.25%		1,780
HollyFrontier Corp.	1,064	1.03%		1,745
Northern Trust Corp.	250	0.42%		1,593
Eli Lilly & Co.	299	0.60%		1,570
Molson Coors Brewing Co. — Class B	1,272	1.32%		1,549
OGE Energy Corp.	623	0.51%		1,538
Hormel Foods Corp.	655	0.52%		1,537
News Corp. — Class A	1,435	0.36%		1,479
Parker-Hannifin Corp.	88	0.29%		1,400
Lamb Weston Holdings, Inc.	310	0.41%		1,387
Chevron Corp.	589	1.26%		1,313
Schneider National, Inc. — Class B	1,660	0.65%		1,277
Brinker International, Inc.	547	0.42%		1,267
Valero Energy Corp.	655	1.01%		1,147
PACCAR, Inc.	212	0.27%		1,115
Oshkosh Corp.	181	0.25%		1,003
Public Service Enterprise Group, Inc.	376	0.42%		930
Philip Morris International, Inc.	476	0.65%		919
Avnet, Inc.	340	0.27%		897
Biogen, Inc.^*	110	0.46%		893
JetBlue Airways Corp.^*	2,449	0.74%		887
Integer Holdings Corp.^*	310	0.42%		858
United Airlines Holdings, Inc.^*	480	0.77%		787
PPL Corp.	1,809	1.03%		595
ManpowerGroup, Inc.	272	0.41%		560
AmerisourceBergen Corp. — Class A	398	0.59%		237
Caterpillar, Inc.	108	0.25%		179

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
State Street Corp.	261	0.28%	$	88
Bank of New York Mellon Corp.	327	0.27%		27
Central Garden & Pet Co. — Class A^*	638	0.32%		(107	)
Jazz Pharmaceuticals plc^*	197	0.46%		(162	)
Thermo Fisher Scientific, Inc.	113	0.60%		(178	)
Textron, Inc.	300	0.27%		(312	)
Citigroup, Inc.	204	0.25%		(358	)
Scholastic Corp.	949	0.65%		(412	)
STERIS plc	153	0.40%		(427	)
John Wiley & Sons, Inc. — Class A	767	0.61%		(434	)
ATN International, Inc.	375	0.40%		(468	)
Waters Corp.^*	109	0.44%		(470	)
Principal Financial Group, Inc.	287	0.30%		(555	)
Cheniere Energy, Inc.^*	231	0.26%		(727	)
Cardinal Health, Inc.	661	0.56%		(785	)
Comerica, Inc.	211	0.25%		(870	)
Targa Resources Corp.	624	0.45%		(927	)
Host Hotels & Resorts, Inc.	1,524	0.48%		(1,059	)
Darling Ingredients, Inc.^*	1,856	0.64%		(1,116	)
Westlake Chemical Corp.	215	0.25%		(1,197	)
Regeneron Pharmaceuticals, Inc.^*	70	0.35%		(1,273	)
Kroger Co.	1,385	0.65%		(1,288	)
General Motors Co.	552	0.37%		(1,354	)
Union Pacific Corp.	121	0.35%		(1,364	)
TrueBlue, Inc.^*	872	0.33%		(1,491	)
Johnson & Johnson	207	0.48%		(1,715	)
Discovery, Inc. — Class A^*	1,399	0.67%		(1,718	)
Cogent Communications Holdings, Inc.	605	0.60%		(1,957	)
Gilead Sciences, Inc.	947	1.09%		(2,195	)
Summit Hotel Properties, Inc.	1,991	0.42%		(2,402	)
B&G Foods, Inc.	762	0.26%		(2,492	)
BorgWarner, Inc.	742	0.49%		(2,857	)
Vishay Intertechnology, Inc.	929	0.28%		(3,084	)
Kennametal, Inc.	808	0.45%		(3,156	)
Domtar Corp.	539	0.35%		(3,360	)
Walgreens Boots Alliance, Inc.	357	0.36%		(3,391	)
Cal-Maine Foods, Inc.	1,187	0.86%		(3,443	)
Alexion Pharmaceuticals, Inc.^*	171	0.30%		(4,776	)
Kraft Heinz Co.	516	0.26%		(4,828	)
PBF Energy, Inc. — Class A	619	0.30%		(5,396	)
Lear Corp.	175	0.37%		(5,506	)
Williams Companies, Inc.	1,882	0.82%		(5,812	)
Herbalife Nutrition Ltd.^*	626	0.43%		(5,988	)
Innoviva, Inc.^*	1,483	0.28%		(6,602	)
H&R Block, Inc.	1,567	0.67%		(6,889	)
Exxon Mobil Corp.	981	1.25%		(7,272	)
AMC Networks, Inc. — Class A^*	868	0.77%		(7,279	)
Shenandoah Telecommunications Co.	1,217	0.70%		(7,838	)
Ingredion, Inc.	776	1.15%		(7,841	)
Pfizer, Inc.	1,404	0.91%		(7,848	)
National Fuel Gas Co.	1,149	0.98%		(9,893	)
Lions Gate Entertainment Corp. — Class A^*	2,041	0.34%		(10,179	)
Meredith Corp.	515	0.34%		(10,566	)
Renewable Energy Group, Inc.^*	1,393	0.38%		(11,572	)
Archer-Daniels-Midland Co.	1,829	1.36%		(12,894	)
FedEx Corp.	371	0.98%		(16,569	)
Unit Corp.^*	3,652	0.22%		(17,175	)
Total MS Long/Short Equity and Long Custom Basket			$	236,889

MS LONG/SHORT EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation
National Oilwell Varco, Inc.	1,401	(0.67)%		35,204
Core Laboratories N.V.	543	(0.56)%		20,120
PTC, Inc.^*	542	(0.82)%		11,569
Fortive Corp.	783	(1.19)%		10,280
Allegheny Technologies, Inc.^*	1,567	(0.70)%		9,542
Diamondback Energy, Inc.	419	(0.84)%		7,738
Southern Copper Corp.	728	(0.55)%		6,944
Autodesk, Inc.^*	254	(0.83)%		6,422
Workday, Inc. — Class A^*	145	(0.55)%		6,071
Old National Bancorp	2,410	(0.92)%		5,807
Palo Alto Networks, Inc.^*	164	(0.74)%		5,495
FireEye, Inc.^*	1,774	(0.53)%		5,292
Balchem Corp.	386	(0.85)%		4,566
People's United Financial, Inc.	1,573	(0.55)%		4,522
Schlumberger Ltd.	969	(0.74)%		4,247
WR Grace & Co.	683	(1.01)%		3,975
ServiceNow, Inc.^*	109	(0.61)%		3,656
Valley National Bancorp	3,016	(0.73)%		3,559
Compass Minerals International, Inc.	492	(0.62)%		3,457
Guardant Health, Inc.^*	160	(0.23)%		3,409
Glacier Bancorp, Inc.	552	(0.50)%		2,877
International Flavors & Fragrances, Inc.	199	(0.54)%		2,869
Amazon.com, Inc.^*	11	(0.42)%		2,493
Roper Technologies, Inc.	130	(1.03)%		2,240
Wingstop, Inc.	332	(0.64)%		2,179
Rollins, Inc.	630	(0.48)%		2,172
Sensient Technologies Corp.	250	(0.38)%		2,109
CNO Financial Group, Inc.	1,015	(0.36)%		2,072
Hudson Pacific Properties, Inc.	1,963	(1.46)%		2,002
EPAM Systems, Inc.^*	129	(0.52)%		1,631
Okta, Inc.^*	59	(0.13)%		1,440
Fair Isaac Corp.^*	93	(0.63)%		1,413
CVB Financial Corp.	1,059	(0.49)%		1,380
Appian Corp.^*	175	(0.18)%		1,369
Alarm.com Holdings, Inc.^*	94	(0.10)%		1,358
Everbridge, Inc.^*	51	(0.07)%		1,292
First Republic Bank	348	(0.75)%		1,222
MongoDB, Inc.^*	31	(0.08)%		1,150
Planet Fitness, Inc. — Class A^*	65	(0.08)%		1,135

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Kaiser Aluminum Corp.	205	(0.45)%	$	968
Ares Management Corp. — Class A	747	(0.44)%		964
Twilio, Inc. — Class A^*	34	(0.08)%		921
Trade Desk, Inc. — Class A^*	21	(0.09)%		817
Chegg, Inc.^*	112	(0.07)%		767
Zendesk, Inc.^*	54	(0.09)%		755
salesforce.com, Inc.^*	67	(0.22)%		681
WesBanco, Inc.	401	(0.33)%		670
Qualys, Inc.^*	56	(0.09)%		661
MSCI, Inc. — Class A	30	(0.15)%		650
HEICO Corp.	54	(0.15)%		629
PayPal Holdings, Inc.^*	62	(0.14)%		590
South Jersey Industries, Inc.	1,371	(1.00)%		567
PROS Holdings, Inc.^*	74	(0.10)%		532
Mastercard, Inc. — Class A	53	(0.32)%		526
HubSpot, Inc.^*	27	(0.09)%		510
Blackline, Inc.^*	100	(0.11)%		510
MercadoLibre, Inc.^*	8	(0.10)%		498
VeriSign, Inc.^*	23	(0.10)%		446
BankUnited, Inc.	487	(0.36)%		396
Avalara, Inc.^*	106	(0.16)%		365
Adobe, Inc.^*	24	(0.15)%		331
IDEXX Laboratories, Inc.^*	17	(0.10)%		296
Coupa Software, Inc.^*	60	(0.17)%		273
Intuit, Inc.	18	(0.11)%		257
Appfolio, Inc. — Class A^*	46	(0.10)%		235
Universal Display Corp.	24	(0.09)%		227
Charter Communications, Inc. — Class A^*	48	(0.44)%		218
Paycom Software, Inc.^*	21	(0.10)%		196
Alteryx, Inc. — Class A^*	52	(0.12)%		178
Accenture plc — Class A	52	(0.22)%		128
Veeva Systems, Inc. — Class A^*	29	(0.10)%		118
Casella Waste Systems, Inc. — Class A^*	326	(0.31)%		71
Livent Corp.^*	1	0.00%		5
Atlassian Corporation plc — Class A^*	37	(0.10)%		2
California Water Service Group	264	(0.31)%		(1	)
Intuitive Surgical, Inc.^*	10	(0.12)%		(81	)
Aspen Technology, Inc.^*	37	(0.10)%		(110	)
Copart, Inc.^*	160	(0.29)%		(124	)
Exponent, Inc.	351	(0.54)%		(179	)
Verisk Analytics, Inc. — Class A	127	(0.45)%		(221	)
ANSYS, Inc.^*	24	(0.12)%		(231	)
Q2 Holdings, Inc.^*	61	(0.11)%		(252	)
Paylocity Holding Corp.^*	47	(0.10)%		(266	)
American Campus Communities, Inc.	344	(0.37)%		(294	)
Monolithic Power Systems, Inc.	51	(0.18)%		(294	)
Boeing Co.	41	(0.35)%		(320	)
S&P Global, Inc.	74	(0.40)%		(353	)
Toro Co.	420	(0.68)%		(365	)
Signature Bank	136	(0.36)%		(368	)
Synopsys, Inc.^*	261	(0.80)%		(394	)
Advanced Micro Devices, Inc.^*	223	(0.14)%		(399	)
Elastic N.V.^*	51	(0.09)%		(401	)
Wyndham Hotels & Resorts, Inc.	373	(0.43)%		(420	)
CME Group, Inc. — Class A	78	(0.37)%		(500	)
Five9, Inc.^*	102	(0.12)%		(568	)
Federal Realty Investment Trust	154	(0.47)%		(640	)
Columbia Financial, Inc.^*	1,008	(0.35)%		(666	)
DocuSign, Inc.^*	93	(0.13)%		(686	)
CoStar Group, Inc.^*	20	(0.26)%		(721	)
Avery Dennison Corp.	184	(0.46)%		(731	)
Healthcare Realty Trust, Inc.	499	(0.37)%		(736	)
BOK Financial Corp.	483	(0.85)%		(892	)
RPM International, Inc.	569	(0.87)%		(1,077	)
Tyler Technologies, Inc.^*	39	(0.23)%		(1,130	)
McDonald's Corp.	96	(0.46)%		(1,200	)
Cintas Corp.	29	(0.17)%		(1,210	)
Pebblebrook Hotel Trust	1,057	(0.65)%		(1,224	)
NIKE, Inc. — Class B	113	(0.24)%		(1,226	)
PPG Industries, Inc.	126	(0.33)%		(1,277	)
New York Community Bancorp, Inc.	1,788	(0.50)%		(1,315	)
WEC Energy Group, Inc.	244	(0.52)%		(1,440	)
Digital Realty Trust, Inc.	129	(0.37)%		(1,589	)
AMETEK, Inc.	548	(1.12)%		(1,599	)
Linde plc	230	(0.99)%		(1,657	)
American States Water Co.	267	(0.53)%		(1,686	)
Washington Federal, Inc.	587	(0.48)%		(1,696	)
Guidewire Software, Inc.^*	494	(1.16)%		(1,776	)
Liberty Property Trust	964	(1.10)%		(1,781	)
Intercontinental Exchange, Inc.	161	(0.33)%		(1,782	)
Douglas Emmett, Inc.	500	(0.48)%		(1,844	)
CubeSmart	725	(0.56)%		(1,991	)
Capitol Federal Financial, Inc.	3,501	(1.07)%		(1,996	)
Fastenal Co.	1,043	(0.76)%		(2,027	)
Assurant, Inc.	141	(0.39)%		(2,032	)
Bright Horizons Family Solutions, Inc.^*	176	(0.60)%		(2,084	)
Atmos Energy Corp.	136	(0.34)%		(2,117	)
American Water Works Company, Inc.	256	(0.71)%		(2,234	)
Pegasystems, Inc.	641	(0.97)%		(2,250	)
WP Carey, Inc.	307	(0.61)%		(2,463	)
First Financial Bankshares, Inc.	1,159	(0.86)%		(2,555	)
Proofpoint, Inc.^*	232	(0.66)%		(2,825	)
Materion Corp.	602	(0.82)%		(2,844	)
Extra Space Storage, Inc.	203	(0.53)%		(3,022	)
NewMarket Corp.	46	(0.48)%		(3,062	)
American Tower Corp. — Class A	151	(0.74)%		(3,143	)
STORE Capital Corp.	954	(0.79)%		(3,450	)
AptarGroup, Inc.	265	(0.70)%		(3,503	)
Equity Residential	379	(0.73)%		(3,562	)
Woodward, Inc.	282	(0.68)%		(3,724	)
Pool Corp.	78	(0.35)%		(3,848	)
Axis Capital Holdings Ltd.	411	(0.61)%		(3,939	)
American Homes 4 Rent — Class A	1,149	(0.66)%		(3,982	)
Camden Property Trust	374	(0.92)%		(4,145	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized (Depreciation)
Air Products & Chemicals, Inc.	82	(0.40)%	$	(4,306	)
First Industrial Realty Trust, Inc.	753	(0.66)%		(4,396	)
Alexandria Real Estate Equities, Inc.	192	(0.66)%		(4,647	)
MarketAxess Holdings, Inc.	61	(0.44)%		(4,750	)
Essex Property Trust, Inc.	61	(0.44)%		(4,807	)
Vulcan Materials Co.	199	(0.67)%		(5,431	)
Agree Realty Corp.	795	(1.29)%		(5,503	)
Crown Castle International Corp.	457	(1.41)%		(5,850	)
NextEra Energy, Inc.	157	(0.81)%		(6,013	)
Welltower, Inc.	681	(1.37)%		(6,373	)
UDR, Inc.	862	(0.93)%		(6,669	)
Dominion Energy, Inc.	1,620	(2.92)%		(6,910	)
Invitation Homes, Inc.	1,123	(0.74)%		(6,979	)
Everest Re Group Ltd.	145	(0.86)%		(7,254	)
Scotts Miracle-Gro Co. — Class A	315	(0.71)%		(7,487	)
Ball Corp.	578	(0.93)%		(7,646	)
Realty Income Corp.	860	(1.46)%		(7,813	)
RLI Corp.	569	(1.17)%		(7,946	)
IHS Markit Ltd.^*	1,026	(1.52)%		(8,159	)
Martin Marietta Materials, Inc.	142	(0.86)%		(8,517	)
SBA Communications Corp.	254	(1.36)%		(8,876	)
EastGroup Properties, Inc.	448	(1.24)%		(9,269	)
Equity LifeStyle Properties, Inc.	286	(0.85)%		(10,406	)
Sherwin-Williams Co.	95	(1.16)%		(10,422	)
Equinix, Inc.	77	(0.99)%		(10,526	)
TransUnion	738	(1.33)%		(11,029	)
Sun Communities, Inc.	512	(1.69)%		(11,167	)
TransDigm Group, Inc.	149	(1.72)%		(11,445	)
Americold Realty Trust	1,622	(1.34)%		(12,533	)
Terreno Realty Corp.	1,111	(1.26)%		(13,609	)
Rexford Industrial Realty, Inc.	1,623	(1.59)%		(15,192	)
Total MS Long/Short Equity Short Custom Basket			$	(144,214	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

GS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Sun Communities, Inc.	2,306	4.91%	$	45,704
Omega Healthcare Investors, Inc.	7,744	4.63%		43,274
Equinix, Inc.	558	4.61%		40,512
HCP, Inc.	9,211	4.70%		37,631
Ventas, Inc.	4,423	4.62%		37,469
InterXion Holding N.V.^*	4,507	5.26%		35,790
Invitation Homes, Inc.	12,214	5.18%		32,472
Equity Residential	3,525	4.35%		29,900
Equity LifeStyle Properties, Inc.	2,413	4.62%		26,558
American Tower Corp. — Class A	1,493	4.73%		18,150
Extra Space Storage, Inc.	1,843	3.08%		14,580
Spirit Realty Capital, Inc.	6,400	4.39%		14,481
CareTrust REIT, Inc.	7,705	2.59%		13,801
Rexford Industrial Realty, Inc.	2,786	1.76%		12,621
American Homes 4 Rent — Class A	9,742	3.61%		11,398
Cousins Properties, Inc.	6,414	3.45%		10,556
Terreno Realty Corp.	2,412	1.76%		9,696
Highwoods Properties, Inc.	4,649	2.99%		9,640
Crown Castle International Corp.	2,318	4.61%		8,077
Federal Realty Investment Trust	1,185	2.31%		4,511
National Retail Properties, Inc.	4,394	3.55%		2,377
Safehold, Inc.	11,395	4.98%		1,920
Four Corners Property Trust, Inc.	2,847	1.15%		1,310
GEO Group, Inc.	8,902	2.21%		(939	)
Equity Commonwealth	4,733	2.32%		(2,008	)
JBG SMITH Properties	3,093	1.74%		(2,505	)
iStar, Inc.	5,781	1.08%		(2,590	)
Hudson Pacific Properties, Inc.	4,342	2.08%		(3,548	)
Pebblebrook Hotel Trust	6,866	2.73%		(5,895	)
Total GS Equity Market Neutral Long Custom Basket			$	444,943

GS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Hersha Hospitality Trust	14,953	(3.09)%		25,476
SL Green Realty Corp.	2,010	(2.28)%		12,379
Vornado Realty Trust	3,459	(3.06)%		10,497
Tanger Factory Outlet Centers, Inc.	9,663	(2.08)%		7,466
Brandywine Realty Trust	15,553	(3.27)%		3,064
Physicians Realty Trust	15,092	(3.72)%		2,387
Hyatt Hotels Corp. — Class A	3,229	(3.30)%		2,050
Washington Prime Group, Inc.	23,983	(1.38)%		887
Public Storage	664	(2.26)%		780
Xenia Hotels & Resorts, Inc.	12,397	(3.63)%		496
Washington Real Estate Investment Trust	7,144	(2.71)%		392
American Finance Trust, Inc.	11,758	(2.28)%		(1,660	)
Marriott International, Inc. — Class A	1,667	(2.88)%		(3,824	)
Piedmont Office Realty Trust, Inc. — Class A	14,351	(4.16)%		(4,691	)
Cushman & Wakefield plc^*	8,678	(2.23)%		(5,291	)
Marcus & Millichap, Inc.^*	4,327	(2.13)%		(6,226	)
Apollo Commercial Real Estate Finance, Inc.	13,368	(3.56)%		(7,141	)
Easterly Government Properties, Inc.	7,943	(2.35)%		(7,559	)
iShares U.S. Home Construction ETF	1,896	(1.14)%		(7,816	)
Healthcare Realty Trust, Inc.	6,677	(3.11)%		(7,869	)
CBRE Group, Inc. — Class A^*	3,035	(2.23)%		(8,312	)
Service Properties Trust	7,179	(2.57)%		(8,471	)
Monmouth Real Estate Investment Corp.	11,130	(2.23)%		(8,757	)
Digital Realty Trust, Inc.	1,949	(3.51)%		(16,602	)
VEREIT, Inc.	27,053	(3.67)%		(18,606	)
NexPoint Residential Trust, Inc.	2,989	(1.94)%		(19,488	)
Kimco Realty Corp.	8,224	(2.38)%		(20,757	)
Independence Realty Trust, Inc.	9,844	(1.96)%		(27,465	)
iShares U.S. Real Estate ETF	6,437	(8.36)%		(28,337	)
Vanguard Real Estate ETF	12,765	(16.53)%		(47,683	)
Total GS Equity Market Neutral Short Custom Basket			$	(190,681	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

GS LONG/SHORT EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
HollyFrontier Corp.	1,064	1.04%	$	13,959
Saia, Inc.^*	350	0.60%		11,924
Phillips 66	576	1.08%		10,188
Marathon Petroleum Corp.	821	0.90%		9,891
United Parcel Service, Inc. — Class B	510	1.11%		9,847
ONEOK, Inc.	1,047	1.40%		8,344
Pilgrim's Pride Corp.^*	1,604	0.93%		8,044
CVS Health Corp.	867	0.99%		7,890
AT&T, Inc.	1,214	0.83%		6,956
FirstEnergy Corp.	1,253	1.09%		6,807
Zimmer Biomet Holdings, Inc.	403	1.00%		6,766
Amgen, Inc.	354	1.24%		6,687
World Fuel Services Corp.	984	0.71%		6,662
HCP, Inc.	1,613	1.04%		6,613
Schneider National, Inc. — Class B	1,660	0.65%		6,242
Werner Enterprises, Inc.	1,022	0.65%		5,948
Valero Energy Corp.	655	1.01%		5,479
J.B. Hunt Transport Services, Inc.	235	0.47%		5,344
Medical Properties Trust, Inc.	3,449	1.22%		5,311
Knight-Swift Transportation Holdings, Inc.	964	0.63%		5,051
Deluxe Corp.	598	0.53%		4,886
Scholastic Corp.	949	0.65%		4,489
Old Dominion Freight Line, Inc.	166	0.51%		4,391
Baxter International, Inc.	435	0.69%		4,272
Molson Coors Brewing Co. — Class B	1,271	1.32%		3,996
Landstar System, Inc.	406	0.83%		3,992
Heartland Express, Inc.	1,434	0.56%		3,987
Verizon Communications, Inc.	1,113	1.22%		3,928
Ameren Corp.	776	1.12%		3,888
Medtronic plc	297	0.58%		3,285
Marten Transport Ltd.	1,128	0.42%		3,239
Sysco Corp.	484	0.70%		3,215
Toll Brothers, Inc.	701	0.52%		3,163
Allison Transmission Holdings, Inc.	978	0.83%		3,032
News Corp. — Class A	1,435	0.36%		3,014
Southwest Airlines Co.	866	0.85%		2,970
Southern Co.	410	0.46%		2,826
Becton Dickinson and Co.	175	0.80%		2,790
United Airlines Holdings, Inc.^*	480	0.77%		2,707
Kansas City Southern	186	0.45%		2,571
Echo Global Logistics, Inc.^*	1,139	0.47%		2,570
Portland General Electric Co.	1,127	1.15%		2,536
Kimberly-Clark Corp.	333	0.86%		2,478
Diodes, Inc.^*	395	0.29%		2,469
Kellogg Co.	324	0.38%		2,434
Delta Air Lines, Inc.	893	0.93%		2,429
Hartford Financial Services Group, Inc.	524	0.57%		2,416
Campbell Soup Co.	449	0.38%		2,382
US Foods Holding Corp.^*	515	0.38%		2,233
Bio-Rad Laboratories, Inc. — Class A^*	61	0.37%		2,233
Forward Air Corp.	414	0.48%		2,153
Tyson Foods, Inc. — Class A	514	0.80%		2,049
Agilent Technologies, Inc.	309	0.43%		2,034
McKesson Corp.	562	1.39%		2,025
Hologic, Inc.^*	720	0.66%		1,966
Cardinal Health, Inc.	661	0.56%		1,924
Alaska Air Group, Inc.	433	0.51%		1,797
Alphabet, Inc. — Class C^*	12	0.26%		1,683
Waters Corp.^*	109	0.44%		1,641
Central Garden & Pet Co. — Class A^*	638	0.32%		1,624
Archer-Daniels-Midland Co.	1,829	1.36%		1,619
PPL Corp.	1,809	1.03%		1,592
General Mills, Inc.	599	0.60%		1,590
Kroger Co.	1,385	0.65%		1,551
OGE Energy Corp.	623	0.51%		1,545
Brinker International, Inc.	547	0.42%		1,509
Hormel Foods Corp.	655	0.52%		1,469
Equity Commonwealth	2,213	1.37%		1,461
Apartment Investment & Management Co. — Class A	1,439	1.36%		1,453
Renewable Energy Group, Inc.^*	1,393	0.38%		1,414
PepsiCo, Inc.	360	0.89%		1,404
Avista Corp.	673	0.59%		1,390
Eli Lilly & Co.	299	0.60%		1,268
Lamb Weston Holdings, Inc.	310	0.41%		1,263
Skyworks Solutions, Inc.	235	0.34%		1,241
Parker-Hannifin Corp.	88	0.29%		1,191
Ingredion, Inc.	776	1.15%		1,095
Targa Resources Corp.	624	0.45%		1,055
Vishay Intertechnology, Inc.	929	0.28%		1,003
JPMorgan Chase & Co.	149	0.32%		991
Northern Trust Corp.	250	0.42%		953
Merck & Company, Inc.	740	1.13%		888
Delek US Holdings, Inc.	1,199	0.79%		750
Walgreens Boots Alliance, Inc.	357	0.36%		742
TEGNA, Inc.	1,128	0.32%		688
Westlake Chemical Corp.	215	0.25%		641
PBF Energy, Inc. — Class A	619	0.30%		613
Public Service Enterprise Group, Inc.	376	0.42%		591
Hill-Rom Holdings, Inc.	363	0.69%		548
Pinnacle West Capital Corp.	669	1.17%		455
Biogen, Inc.^*	110	0.46%		411
Oracle Corp.	252	0.25%		275
Colgate-Palmolive Co.	517	0.69%		92
Textron, Inc.	300	0.27%		90
Post Holdings, Inc.^*	311	0.60%		62
PACCAR, Inc.	212	0.27%		47
Facebook, Inc. — Class A^*	73	0.24%		(1	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
State Street Corp.	261	0.28%	$	(19	)
Avnet, Inc.	340	0.27%		(29	)
AES Corp.	1,817	0.54%		(73	)
Jazz Pharmaceuticals plc^*	197	0.46%		(81	)
Bank of New York Mellon Corp.	327	0.27%		(95	)
Caterpillar, Inc.	108	0.25%		(105	)
Summit Hotel Properties, Inc.	1,991	0.42%		(119	)
AMERCO	97	0.68%		(122	)
Thermo Fisher Scientific, Inc.	113	0.60%		(146	)
TrueBlue, Inc.^*	872	0.33%		(288	)
Cummins, Inc.	248	0.73%		(425	)
Oshkosh Corp.	181	0.25%		(433	)
STERIS plc	153	0.40%		(464	)
Citigroup, Inc.	204	0.25%		(474	)
Kinder Morgan, Inc.	3,329	1.24%		(566	)
Darling Ingredients, Inc.^*	1,856	0.64%		(575	)
Integer Holdings Corp.^*	310	0.42%		(651	)
Omnicom Group, Inc.	751	1.06%		(683	)
Cheniere Energy, Inc.^*	231	0.26%		(714	)
Exelon Corp.	832	0.73%		(749	)
AmerisourceBergen Corp. — Class A	398	0.59%		(808	)
Principal Financial Group, Inc.	287	0.30%		(821	)
Comerica, Inc.	211	0.25%		(831	)
John Wiley & Sons, Inc. — Class A	767	0.61%		(1,033	)
Cal-Maine Foods, Inc.	1,187	0.86%		(1,093	)
Philip Morris International, Inc.	476	0.65%		(1,143	)
Kraft Heinz Co.	516	0.26%		(1,189	)
General Motors Co.	552	0.37%		(1,211	)
Regeneron Pharmaceuticals, Inc.^*	70	0.35%		(1,477	)
ATN International, Inc.	375	0.40%		(1,481	)
Host Hotels & Resorts, Inc.	1,524	0.48%		(1,497	)
Chevron Corp.	589	1.26%		(1,514	)
Union Pacific Corp.	121	0.35%		(1,607	)
Kennametal, Inc.	808	0.45%		(2,005	)
Johnson & Johnson	207	0.48%		(2,153	)
ManpowerGroup, Inc.	272	0.41%		(2,249	)
Domtar Corp.	539	0.35%		(2,467	)
Gilead Sciences, Inc.	947	1.09%		(2,576	)
JM Smucker Co.	233	0.46%		(2,737	)
BorgWarner, Inc.	742	0.49%		(2,900	)
Herbalife Nutrition Ltd.^*	626	0.43%		(2,971	)
B&G Foods, Inc.	762	0.26%		(3,094	)
Cogent Communications Holdings, Inc.	605	0.60%		(3,122	)
Lear Corp.	175	0.37%		(3,191	)
Discovery, Inc. — Class A^*	1,399	0.67%		(3,274	)
Norfolk Southern Corp.	172	0.56%		(3,321	)
Alexion Pharmaceuticals, Inc.^*	171	0.30%		(3,351	)
Exxon Mobil Corp.	981	1.25%		(4,150	)
CSX Corp.	582	0.73%		(4,322	)
AMC Networks, Inc. — Class A^*	868	0.77%		(4,715	)
Innoviva, Inc.^*	1,483	0.28%		(5,001	)
Lions Gate Entertainment Corp. — Class A^*	2,041	0.34%		(5,014	)
FedEx Corp.	371	0.98%		(5,146	)
JetBlue Airways Corp.^*	2,449	0.74%		(5,731	)
Williams Companies, Inc.	1,882	0.82%		(6,719	)
National Fuel Gas Co.	1,149	0.98%		(6,928	)
Meredith Corp.	515	0.34%		(7,414	)
H&R Block, Inc.	1,567	0.67%		(7,538	)
Shenandoah Telecommunications Co.	1,217	0.70%		(7,657	)
Pfizer, Inc.	1,404	0.91%		(9,463	)
Unit Corp.^*	3,652	0.22%		(11,215	)
Total GS Long/Short Equity Long Custom Basket			$	149,679

GS LONG/SHORT EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount	Value and Unrealized Appreciation
PTC, Inc.^*	542	(0.86)%		10,930
Fortive Corp.	783	(1.25)%		8,397
Workday, Inc. — Class A^*	145	(0.58)%		6,817
Allegheny Technologies, Inc.^*	1,567	(0.74)%		6,003
International Flavors & Fragrances, Inc.	199	(0.57)%		5,862
WR Grace & Co.	683	(1.06)%		5,313
Diamondback Energy, Inc.	419	(0.88)%		4,721
ServiceNow, Inc.^*	109	(0.64)%		4,302
Autodesk, Inc.^*	254	(0.87)%		4,084
FireEye, Inc.^*	1,774	(0.55)%		2,596
Roper Technologies, Inc.	130	(1.07)%		2,508
Schlumberger Ltd.	969	(0.76)%		2,442
Guardant Health, Inc.^*	160	(0.24)%		2,323
Materion Corp.	602	(0.85)%		2,294
Wingstop, Inc.	332	(0.67)%		2,252
Southern Copper Corp.	728	(0.57)%		2,242
Rollins, Inc.	630	(0.50)%		2,186
Core Laboratories N.V.	543	(0.58)%		2,177
Fair Isaac Corp.^*	93	(0.65)%		2,144
Linde plc	230	(1.03)%		2,066
Okta, Inc.^*	59	(0.13)%		2,010
Everbridge, Inc.^*	51	(0.07)%		1,892
Woodward, Inc.	282	(0.70)%		1,754
Pegasystems, Inc.	641	(1.01)%		1,673
Hudson Pacific Properties, Inc.	1,963	(1.52)%		1,644
Wyndham Hotels & Resorts, Inc.	373	(0.45)%		1,637
EPAM Systems, Inc.^*	129	(0.54)%		1,565
Chegg, Inc.^*	112	(0.08)%		1,553
MongoDB, Inc.^*	31	(0.09)%		1,369
Amazon.com, Inc.^*	11	(0.44)%		1,301
Twilio, Inc. — Class A^*	34	(0.09)%		1,259
Avalara, Inc.^*	106	(0.16)%		1,259
Sensient Technologies Corp.	250	(0.40)%		1,223
Coupa Software, Inc.^*	60	(0.18)%		1,117
Appian Corp.^*	175	(0.19)%		1,107
AptarGroup, Inc.	265	(0.72)%		1,094
Ares Management Corp. — Class A	747	(0.46)%		1,069
Trade Desk, Inc. — Class A^*	21	(0.09)%		1,064

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
Zendesk, Inc.^*	54	(0.09)%	$	1,003
Universal Display Corp.	24	(0.09)%		954
People's United Financial, Inc.	1,573	(0.57)%		920
Elastic N.V.^*	51	(0.10)%		875
Planet Fitness, Inc. — Class A^*	65	(0.09)%		828
HubSpot, Inc.^*	27	(0.09)%		821
Alteryx, Inc. — Class A^*	52	(0.13)%		778
Advanced Micro Devices, Inc.^*	223	(0.15)%		763
HEICO Corp.	54	(0.16)%		749
MercadoLibre, Inc.^*	8	(0.10)%		693
PayPal Holdings, Inc.^*	62	(0.15)%		683
Alarm.com Holdings, Inc.^*	94	(0.10)%		677
VeriSign, Inc.^*	23	(0.10)%		622
Paycom Software, Inc.^*	21	(0.10)%		570
Veeva Systems, Inc. — Class A^*	29	(0.10)%		541
CVB Financial Corp.	1,059	(0.51)%		530
MarketAxess Holdings, Inc.	61	(0.46)%		510
Qualys, Inc.^*	56	(0.10)%		497
Aspen Technology, Inc.^*	37	(0.11)%		431
Paylocity Holding Corp.^*	47	(0.11)%		389
Atlassian Corporation plc — Class A^*	37	(0.11)%		388
MSCI, Inc. — Class A	30	(0.15)%		371
CNO Financial Group, Inc.	1,015	(0.37)%		335
First Republic Bank	348	(0.78)%		276
Charter Communications, Inc. — Class A^*	48	(0.46)%		254
IDEXX Laboratories, Inc.^*	17	(0.11)%		241
Appfolio, Inc. — Class A^*	46	(0.10)%		213
PROS Holdings, Inc.^*	74	(0.10)%		191
Accenture plc — Class A	52	(0.23)%		155
Signature Bank	136	(0.37)%		150
National Oilwell Varco, Inc.	1,401	(0.69)%		129
salesforce.com, Inc.^*	67	(0.23)%		95
Blackline, Inc.^*	100	(0.11)%		92
Casella Waste Systems, Inc. — Class A^*	326	(0.32)%		91
Q2 Holdings, Inc.^*	61	(0.11)%		83
Compass Minerals International, Inc.	492	(0.64)%		74
California Water Service Group	264	(0.32)%		30
Capitol Federal Financial, Inc.	3,501	(1.11)%		–
Adobe, Inc.^*	24	(0.15)%		(6	)
Visa, Inc. — Class A	56	(0.22)%		(53	)
BankUnited, Inc.	487	(0.38)%		(58	)
Copart, Inc.^*	160	(0.30)%		(126	)
Exponent, Inc.	351	(0.57)%		(133	)
Boeing Co.	41	(0.36)%		(144	)
Intuit, Inc.	18	(0.11)%		(145	)
Glacier Bancorp, Inc.	552	(0.52)%		(161	)
Mastercard, Inc. — Class A	53	(0.33)%		(191	)
Verisk Analytics, Inc. — Class A	127	(0.46)%		(206	)
PPG Industries, Inc.	126	(0.34)%		(209	)
Air Products & Chemicals, Inc.	82	(0.42)%		(230	)
Avery Dennison Corp.	184	(0.48)%		(235	)
Intuitive Surgical, Inc.^*	10	(0.12)%		(246	)
Synopsys, Inc.^*	261	(0.83)%		(289	)
S&P Global, Inc.	74	(0.42)%		(303	)
Toro Co.	420	(0.71)%		(315	)
American Campus Communities, Inc.	344	(0.38)%		(389	)
Five9, Inc.^*	102	(0.13)%		(471	)
Palo Alto Networks, Inc.^*	164	(0.77)%		(499	)
ANSYS, Inc.^*	24	(0.12)%		(551	)
Alexandria Real Estate Equities, Inc.	192	(0.68)%		(578	)
Healthcare Realty Trust, Inc.	499	(0.39)%		(589	)
CubeSmart	725	(0.58)%		(602	)
CoStar Group, Inc.^*	20	(0.27)%		(654	)
WesBanco, Inc.	401	(0.35)%		(698	)
Bright Horizons Family Solutions, Inc.^*	176	(0.62)%		(734	)
Columbia Financial, Inc.^*	1,008	(0.37)%		(867	)
Federal Realty Investment Trust	154	(0.48)%		(915	)
McDonald's Corp.	96	(0.48)%		(919	)
Pebblebrook Hotel Trust	1,057	(0.68)%		(932	)
Douglas Emmett, Inc.	500	(0.49)%		(975	)
Balchem Corp.	386	(0.88)%		(980	)
Cintas Corp.	29	(0.18)%		(1,039	)
CME Group, Inc. — Class A	78	(0.38)%		(1,062	)
Tyler Technologies, Inc.^*	39	(0.24)%		(1,098	)
DocuSign, Inc.^*	93	(0.13)%		(1,132	)
Intercontinental Exchange, Inc.	161	(0.34)%		(1,180	)
NIKE, Inc. — Class B	113	(0.25)%		(1,205	)
BOK Financial Corp.	483	(0.88)%		(1,226	)
Liberty Property Trust	1,159	(1.37)%		(1,226	)
Pool Corp.	78	(0.36)%		(1,238	)
Monolithic Power Systems, Inc.	51	(0.18)%		(1,247	)
Valley National Bancorp	3,016	(0.76)%		(1,327	)
American Homes 4 Rent — Class A	1,149	(0.69)%		(1,344	)
Kaiser Aluminum Corp.	205	(0.47)%		(1,388	)
WEC Energy Group, Inc.	244	(0.54)%		(1,406	)
WP Carey, Inc.	307	(0.63)%		(1,415	)
AMETEK, Inc.	548	(1.16)%		(1,417	)
South Jersey Industries, Inc.	1,371	(1.04)%		(1,453	)
Crown Castle International Corp.	457	(1.47)%		(1,467	)
Digital Realty Trust, Inc.	129	(0.39)%		(1,469	)
Old National Bancorp	2,410	(0.96)%		(1,482	)
Atmos Energy Corp.	136	(0.36)%		(1,533	)
Extra Space Storage, Inc.	203	(0.55)%		(1,565	)
American States Water Co.	267	(0.55)%		(1,622	)
Essex Property Trust, Inc.	61	(0.46)%		(1,685	)
American Water Works Company, Inc.	256	(0.73)%		(1,739	)
American Tower Corp. — Class A	151	(0.77)%		(1,836	)
Assurant, Inc.	141	(0.41)%		(1,979	)
UDR, Inc.	862	(0.96)%		(2,135	)
Camden Property Trust	374	(0.96)%		(2,139	)
Fastenal Co.	1,043	(0.79)%		(2,150	)

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares	Percentage Notional Amount	Value and Unrealized Appreciation (Depreciation)
First Industrial Realty Trust, Inc.	753	(0.69)%	$	(2,349	)
Washington Federal, Inc.	587	(0.50)%		(2,377	)
Everest Re Group Ltd.	145	(0.89)%		(2,471	)
Axis Capital Holdings Ltd.	411	(0.63)%		(2,715	)
Scotts Miracle-Gro Co. — Class A	315	(0.74)%		(2,775	)
STORE Capital Corp.	954	(0.82)%		(2,891	)
RLI Corp.	569	(1.22)%		(2,927	)
Invitation Homes, Inc.	1,123	(0.77)%		(2,998	)
Vulcan Materials Co.	199	(0.69)%		(3,024	)
NewMarket Corp.	46	(0.50)%		(3,084	)
Equity LifeStyle Properties, Inc.	286	(0.88)%		(3,183	)
Equity Residential	379	(0.75)%		(3,274	)
Ball Corp.	578	(0.97)%		(3,418	)
Realty Income Corp.	860	(1.52)%		(3,827	)
New York Community Bancorp, Inc.	1,788	(0.52)%		(3,880	)
Guidewire Software, Inc.^*	494	(1.20)%		(3,895	)
First Financial Bankshares, Inc.	1,159	(0.89)%		(4,404	)
Terreno Realty Corp.	1,111	(1.31)%		(4,466	)
RPM International, Inc.	569	(0.90)%		(4,534	)
SBA Communications Corp.	254	(1.41)%		(4,542	)
Proofpoint, Inc.^*	232	(0.69)%		(4,584	)
EastGroup Properties, Inc.	448	(1.29)%		(4,722	)
NextEra Energy, Inc.	157	(0.84)%		(4,870	)
Agree Realty Corp.	795	(1.34)%		(5,334	)
Welltower, Inc.	681	(1.43)%		(5,433	)
Equinix, Inc.	77	(1.03)%		(5,587	)
Martin Marietta Materials, Inc.	142	(0.90)%		(6,172	)
Rexford Industrial Realty, Inc.	1,623	(1.65)%		(7,352	)
IHS Markit Ltd.^*	1,026	(1.58)%		(7,428	)
TransDigm Group, Inc.	149	(1.79)%		(7,974	)
Sherwin-Williams Co.	95	(1.21)%		(8,088	)
TransUnion	738	(1.38)%		(8,148	)
Sun Communities, Inc.	512	(1.76)%		(10,148	)
Total GS Long/Short Equity Short Custom Basket			$	(87,230	)

^*	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.
¹	All or a portion of this security is pledged as short security collateral at September 30, 2019.
²	Affiliated issuer.
³	All or a portion of this security is on loan at September 30, 2019 — See Note 5.
⁴	All or a portion of this security is pledged as custom basket swap collateral at September 30, 2019.
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, 2019.
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, 2019.

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, 2019 (See Note 3 in the Notes to Consolidated Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,202,515	$	—	$	—	$	8,202,515
Master Limited Partnerships		311,914		—		—		311,914
Mutual Funds		13,461,522		—		—		13,461,522
Closed-End Funds		3,329,231		—		—		3,329,231
U.S. Treasury Bills		—		4,812,970		—		4,812,970
Repurchase Agreements		—		2,657,883		—		2,657,883
Securities Lending Collateral		9,800		—		—		9,800
Equity Futures Contracts**		62,861		387		—		63,248
Interest Rate Futures Contracts**		53,358		398		—		53,756
Currency Futures Contracts**		94,811		—		—		94,811
Commodity Futures Contracts**		416,343		—		—		416,343
Custom Basket Swap Agreements**		—		1,931,980		—		1,931,980
Total Assets	$	25,942,355	$	9,403,618	$	—	$	35,345,973

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,469,709	$	—	$	—	$	2,469,709
Exchange-Traded Funds		3,138,880		—		—		3,138,880
Equity Futures Contracts**		73,890		821		—		74,711
Interest Rate Futures Contracts**		1,925		35,942		—		37,867
Currency Futures Contracts**		27,041		—		—		27,041
Commodity Futures Contracts**		286,694		—		—		286,694
Custom Basket Swap Agreements**		—		453,624		—		453,624
Total Liabilities	$	5,998,139	$	490,387	$	—	$	6,488,526

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

Multi-Hedge Strategies Fund
Consolidated SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,717,144	$	3,092,788	$	(5,600,000	)	$	(22,733	)	$	20,815	$	3,208,014		129,199	$	93,496
Guggenheim Strategy Fund III		4,113,656		83,843		(350,000	)		(3,269	)		8,032		3,852,262		155,208		84,405
Guggenheim Ultra Short Duration Fund — Institutional Class		42,224		2,504,689		–			–			–		2,546,913		255,714		4,695
Guggenheim Variable Insurance Strategy Fund III		4,116,640		82,783		(350,000	)		(4,470	)		9,380		3,854,333		155,542		82,892
	$	13,989,664	$	5,764,103	$	(6,300,000	)	$	(30,472	)	$	38,227	$	13,461,522			$	265,488

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 16.0%
Technology - 6.8%
Microsoft Corp.		11,443	$	1,590,920
Apple, Inc.		6,773		1,516,949
Intel Corp.		7,368		379,673
Adobe, Inc.^*		807		222,934
Texas Instruments, Inc.		1,553		200,710
Broadcom, Inc.		662		182,758
NVIDIA Corp.		1,013		176,333
QUALCOMM, Inc.		2,022		154,238
Fiserv, Inc.^*		1,130		117,057
Intuit, Inc.		433		115,152
Micron Technology, Inc.^*		1,836		78,673
Applied Materials, Inc.		1,536		76,646
Analog Devices, Inc.		614		68,602
Activision Blizzard, Inc.		1,276		67,526
NXP Semiconductor N.V.		547		59,689
Lam Research Corp.		240		55,466
Cognizant Technology Solutions Corp. — Class A		918		55,323
Autodesk, Inc.^*		365		53,911
Advanced Micro Devices, Inc.^*		1,805		52,327
Paychex, Inc.		598		49,496
Electronic Arts, Inc.^*		490		47,932
Workday, Inc. — Class A^*		273		46,399
KLA Corp.		265		42,254
Xilinx, Inc.		420		40,278
Microchip Technology, Inc.		396		36,792
Cerner Corp.		530		36,130
Synopsys, Inc.^*		250		34,313
NetEase, Inc. ADR		121		32,208
Cadence Design Systems, Inc.^*		466		30,793
ASML Holding N.V. — Class G		121		30,059
Western Digital Corp.		492		29,343
Check Point Software Technologies Ltd.^*		253		27,703
Maxim Integrated Products, Inc.		451		26,118
Take-Two Interactive Software, Inc.^*		188		23,564
Skyworks Solutions, Inc.		286		22,666
Citrix Systems, Inc.		218		21,041
NetApp, Inc.		396		20,794
Total Technology				5,822,770
Communications - 5.6%
Amazon.com, Inc.^*		741		1,286,309
Facebook, Inc. — Class A^*		3,639		648,033
Alphabet, Inc. — Class C^*		524		638,756
Alphabet, Inc. — Class A^*		461		562,946
Cisco Systems, Inc.		7,120		351,799
Comcast Corp. — Class A		7,544		340,084
Netflix, Inc.^*		728		194,827
Charter Communications, Inc. — Class A^*		368		151,660
Booking Holdings, Inc.^*		71		139,345
T-Mobile US, Inc.^*		1,421		111,932
eBay, Inc.		1,395		54,377
Baidu, Inc. ADR^*		468		48,092
Sirius XM Holdings, Inc.¹		7,401		46,293
MercadoLibre, Inc.^*		83		45,752
JD.com, Inc. ADR^*		1,539		43,415
VeriSign, Inc.^*		197		37,160
Expedia Group, Inc.		228		30,646
Symantec Corp.		1,028		24,292
Ctrip.com International Ltd. ADR^*		810		23,725
Liberty Global plc — Class C^*		853		20,293
Fox Corp. — Class A		574		18,101
Fox Corp. — Class B		437		13,783
Liberty Global plc — Class A^*		341		8,440
Total Communications				4,840,060
Consumer, Non-cyclical - 2.3%
PepsiCo, Inc.		2,325		318,758
PayPal Holdings, Inc.^*		1,957		202,726
Amgen, Inc.		997		192,929
Gilead Sciences, Inc.		2,106		133,478
Mondelez International, Inc. — Class A		2,398		132,658
Celgene Corp.^*		1,179		117,075
Automatic Data Processing, Inc.		722		116,545
Intuitive Surgical, Inc.^*		192		103,667
Illumina, Inc.^*		244		74,230
Vertex Pharmaceuticals, Inc.^*		427		72,342
Biogen, Inc.^*		307		71,476
Kraft Heinz Co.		2,029		56,680
Monster Beverage Corp.^*		906		52,602
Regeneron Pharmaceuticals, Inc.^*		180		49,932
Cintas Corp.		170		45,577
Verisk Analytics, Inc. — Class A		272		43,014
IDEXX Laboratories, Inc.^*		143		38,886
Alexion Pharmaceuticals, Inc.^*		373		36,532
Incyte Corp.^*		358		26,574
Align Technology, Inc.^*		133		24,062
BioMarin Pharmaceutical, Inc.^*		298		20,085
Mylan N.V.^*		858		16,971
Henry Schein, Inc.^*		247		15,684
Total Consumer, Non-cyclical				1,962,483
Consumer, Cyclical - 1.1%
Costco Wholesale Corp.		731		210,608
Starbucks Corp.		1,991		176,044
Walgreens Boots Alliance, Inc.		1,502		83,076
Tesla, Inc.^*,1		298		71,779
Marriott International, Inc. — Class A		548		68,155
Ross Stores, Inc.		607		66,679
O'Reilly Automotive, Inc.^*		127		50,611
Dollar Tree, Inc.^*		394		44,979
PACCAR, Inc.		576		40,326
Lululemon Athletica, Inc.^*		204		39,276
United Airlines Holdings, Inc.^*		427		37,751
Fastenal Co.		954		31,167
Hasbro, Inc.		210		24,925
Ulta Beauty, Inc.^*		98		24,564
American Airlines Group, Inc.		741		19,985
Wynn Resorts Ltd.		179		19,461
Total Consumer, Cyclical				1,009,386
Industrial - 0.1%
CSX Corp.		1,327		91,921
J.B. Hunt Transport Services, Inc.		178		19,696
Total Industrial				111,617

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 16.0% (continued)
Utilities - 0.1%
Xcel Energy, Inc.		856	$	55,546
Financial - 0.0%
Willis Towers Watson plc		215		41,488
Total Common Stocks
(Cost $13,290,111)				13,843,350

MUTUAL FUNDS^† - 55.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		2,421,938		24,122,507
Guggenheim Strategy Fund II²		965,795		23,980,686
Total Mutual Funds
(Cost $48,193,776)				48,103,193

		Face Amount
U.S. TREASURY BILLS^†† - 11.3%
U.S. Treasury Bills
1.82% due 11/21/19³	$	8,354,000		8,332,768
1.77% due 11/21/19^3,4		1,000,000		997,459
1.93% due 10/29/19^3,5		414,000		413,399
Total U.S. Treasury Bills
(Cost $9,742,986)				9,743,626

REPURCHASE AGREEMENTS^††,6 - 14.9%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁴		7,949,911		7,949,911
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁴		2,556,426		2,556,426
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁴		2,300,783		2,300,783
Total Repurchase Agreements
(Cost $12,807,120)				12,807,120

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁸		131,339		131,339
Total Securities Lending Collateral
(Cost $131,339)				131,339
Total Investments - 98.2%
(Cost $84,165,332)			$	84,628,628
Other Assets & Liabilities, net - 1.8%				1,557,629
Total Net Assets - 100.0%			$	86,186,257

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts	19	Dec 2019	$	2,951,745	$	(20,668	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
BNP Paribas	NASDAQ-100 Index	2.69%	At Maturity	10/29/19		1,343	$	10,404,280	$	(72,626	)
Goldman Sachs International	NASDAQ-100 Index	2.46%	At Maturity	10/28/19		8,016		62,117,174		(170,107	)
Barclays Bank plc	NASDAQ-100 Index	2.41%	At Maturity	10/31/19		10,745		83,268,279		(242,227	)
							$	155,789,733	$	(484,960	)

^*	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, 2019 — 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 equity index swap collateral at September 30, 2019.
⁵	All or a portion of this security is pledged as futures collateral at September 30, 2019.
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, 2019.

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

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, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,843,350	$	—	$	—	$	13,843,350
Mutual Funds		48,103,193		—		—		48,103,193
U.S. Treasury Bills		—		9,743,626		—		9,743,626
Repurchase Agreements		—		12,807,120		—		12,807,120
Securities Lending Collateral		131,339		—		—		131,339
Total Assets	$	62,077,882	$	22,550,746	$	—	$	84,628,628

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	20,668	$	—	$	—	$	20,668
Equity Index Swap Agreements**		—		484,960		—		484,960
Total Liabilities	$	20,668	$	484,960	$	—	$	505,628

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	17,164,426	$	10,805,997	$	(4,000,000	)	$	(27,779	)	$	38,042	$	23,980,686		965,795	$	438,120
Guggenheim Ultra Short Duration Fund — Institutional Class		11,888,529		15,897,630		(3,650,000	)		(18,544	)		4,892		24,122,507		2,421,938		388,881
	$	29,052,955	$	26,703,627	$	(7,650,000	)	$	(46,323	)	$	42,934	$	48,103,193			$	827,001

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 24.5%
Technology - 10.3%
Microsoft Corp.		15,014	$	2,087,396
Apple, Inc.		8,886		1,990,197
Intel Corp.		9,667		498,140
Adobe, Inc.^*		1,059		292,549
Texas Instruments, Inc.		2,037		263,262
Broadcom, Inc.		869		239,905
NVIDIA Corp.		1,329		231,339
QUALCOMM, Inc.		2,653		202,371
Fiserv, Inc.^*		1,483		153,624
Intuit, Inc.		568		151,054
Micron Technology, Inc.^*		2,409		103,226
Applied Materials, Inc.		2,016		100,598
Analog Devices, Inc.		806		90,054
Activision Blizzard, Inc.		1,674		88,588
NXP Semiconductor N.V.		717		78,239
Lam Research Corp.		315		72,800
Cognizant Technology Solutions Corp. — Class A		1,205		72,619
Autodesk, Inc.^*		479		70,748
Advanced Micro Devices, Inc.^*		2,369		68,677
Paychex, Inc.		784		64,892
Electronic Arts, Inc.^*		643		62,898
Workday, Inc. — Class A^*		358		60,846
KLA Corp.		348		55,489
Xilinx, Inc.		551		52,841
Microchip Technology, Inc.		519		48,220
Cerner Corp.		695		47,378
Synopsys, Inc.^*		328		45,018
NetEase, Inc. ADR		159		42,322
Cadence Design Systems, Inc.^*		611		40,375
ASML Holding N.V. — Class G		159		39,499
Western Digital Corp.		646		38,528
Check Point Software Technologies Ltd.^*		332		36,354
Maxim Integrated Products, Inc.		592		34,283
Take-Two Interactive Software, Inc.^*		247		30,959
Skyworks Solutions, Inc.		375		29,719
Citrix Systems, Inc.		286		27,605
NetApp, Inc.		519		27,253
Total Technology				7,639,865
Communications - 8.6%
Amazon.com, Inc.^*		973		1,689,040
Facebook, Inc. — Class A^*		4,775		850,332
Alphabet, Inc. — Class C^*		688		838,672
Alphabet, Inc. — Class A^*		605		738,790
Cisco Systems, Inc.		9,340		461,489
Comcast Corp. — Class A		9,897		446,157
Netflix, Inc.^*		955		255,577
Charter Communications, Inc. — Class A^*		483		199,054
Booking Holdings, Inc.^*		93		182,523
T-Mobile US, Inc.^*		1,865		146,906
eBay, Inc.		1,830		71,333
Baidu, Inc. ADR^*		615		63,197
Sirius XM Holdings, Inc.¹		9,710		60,736
MercadoLibre, Inc.^*		108		59,533
JD.com, Inc. ADR^*		2,019		56,956
VeriSign, Inc.^*		258		48,667
Expedia Group, Inc.		299		40,189
Symantec Corp.		1,349		31,877
Ctrip.com International Ltd. ADR^*		1,063		31,135
Liberty Global plc — Class C^*		1,120		26,645
Fox Corp. — Class A		753		23,746
Fox Corp. — Class B		573		18,072
Liberty Global plc — Class A^*		447		11,063
Total Communications				6,351,689
Consumer, Non-cyclical - 3.5%
PepsiCo, Inc.		3,051		418,292
PayPal Holdings, Inc.^*		2,568		266,019
Amgen, Inc.		1,309		253,304
Gilead Sciences, Inc.		2,764		175,182
Mondelez International, Inc. — Class A		3,147		174,092
Celgene Corp.^*		1,547		153,617
Automatic Data Processing, Inc.		947		152,865
Intuitive Surgical, Inc.^*		252		136,062
Illumina, Inc.^*		321		97,655
Vertex Pharmaceuticals, Inc.^*		561		95,045
Biogen, Inc.^*		402		93,594
Kraft Heinz Co.		2,662		74,363
Monster Beverage Corp.^*		1,189		69,034
Regeneron Pharmaceuticals, Inc.^*		236		65,466
Cintas Corp.		224		60,054
Verisk Analytics, Inc. — Class A		357		56,456
IDEXX Laboratories, Inc.^*		188		51,123
Alexion Pharmaceuticals, Inc.^*		489		47,893
Incyte Corp.^*		469		34,814
Align Technology, Inc.^*		174		31,480
BioMarin Pharmaceutical, Inc.^*		392		26,421
Mylan N.V.^*		1,126		22,272
Henry Schein, Inc.^*		324		20,574
Total Consumer, Non-cyclical				2,575,677
Consumer, Cyclical - 1.7%
Costco Wholesale Corp.		960		276,586
Starbucks Corp.		2,612		230,953
Walgreens Boots Alliance, Inc.		1,971		109,016
Tesla, Inc.^*,1		391		94,180
Marriott International, Inc. — Class A		719		89,422
Ross Stores, Inc.		796		87,441
O'Reilly Automotive, Inc.^*		167		66,551
Dollar Tree, Inc.^*		516		58,906
PACCAR, Inc.		756		52,928
Lululemon Athletica, Inc.^*		268		51,598
United Airlines Holdings, Inc.^*		561		49,598
Fastenal Co.		1,251		40,870
Hasbro, Inc.		275		32,640
Ulta Beauty, Inc.^*		128		32,083
American Airlines Group, Inc.		972		26,215
Wynn Resorts Ltd.		235		25,549
Total Consumer, Cyclical				1,324,536
Industrial - 0.2%
CSX Corp.		1,742		120,668
J.B. Hunt Transport Services, Inc.		233		25,782
Total Industrial				146,450

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 24.5% (continued)
Utilities - 0.1%
Xcel Energy, Inc.		1,124	$	72,936
Financial - 0.1%
Willis Towers Watson plc		281		54,224
Total Common Stocks
(Cost $3,955,743)				18,165,377

MUTUAL FUNDS^† - 59.3%
Guggenheim Strategy Fund II²		901,371		22,381,040
Guggenheim Ultra Short Duration Fund — Institutional Class²		2,162,787		21,541,359
Total Mutual Funds
(Cost $44,066,678)				43,922,399

		Face Amount
U.S. TREASURY BILLS^†† - 1.3%
U.S. Treasury Bills
1.82% due 11/21/19³	$	520,000		518,678
1.93% due 10/29/19^3,4		483,000		482,299
Total U.S. Treasury Bills
(Cost $1,000,900)				1,000,977

REPURCHASE AGREEMENTS^††,5 - 15.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		7,242,839		7,242,839
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		2,329,055		2,329,055
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		2,096,150		2,096,150
Total Repurchase Agreements
(Cost $11,668,044)				11,668,044

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁸		118,242		118,242
Total Securities Lending Collateral
(Cost $118,242)				118,242
Total Investments - 101.0%
(Cost $60,809,607)			$	74,875,039
Other Assets & Liabilities, net - (1.0)%				(756,191	)
Total Net Assets - 100.0%			$	74,118,848

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts	32	Dec 2019	$	4,971,360	$	(41,217	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	NASDAQ-100 Index	2.41%	At Maturity	10/31/19		827	$	6,405,111	$	(18,632	)
Goldman Sachs International	NASDAQ-100 Index	2.46%	At Maturity	10/28/19		3,866		29,957,615		(87,145	)
BNP Paribas	NASDAQ-100 Index	2.69%	At Maturity	10/29/19		1,903		14,744,199		(102,917	)
							$	51,106,925	$	(208,694	)

^*	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, 2019 — 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, 2019.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of September 30, 2019.

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

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, 2019 (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	$	18,165,377	$	—	$	—	$	18,165,377
Mutual Funds		43,922,399		—		—		43,922,399
U.S. Treasury Bills		—		1,000,977		—		1,000,977
Repurchase Agreements		—		11,668,044		—		11,668,044
Securities Lending Collateral		118,242		—		—		118,242
Total Assets	$	62,206,018	$	12,669,021	$	—	$	74,875,039

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	41,217	$	—	$	—	$	41,217
Equity Index Swap Agreements**		—		208,694		—		208,694
Total Liabilities	$	41,217	$	208,694	$	—	$	249,911

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	20,292,487	$	2,430,556	$	(350,000	)	$	(3,023	)	$	11,020	$	22,381,040		901,371	$	433,067
Guggenheim Ultra Short Duration Fund — Institutional Class		11,972,309		14,478,610		(4,900,000	)		(22,926	)		13,366		21,541,359		2,162,787		359,871
	$	32,264,796	$	16,909,166	$	(5,250,000	)	$	(25,949	)	$	24,386	$	43,922,399			$	792,938

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 32.4%
Consumer, Non-cyclical - 7.0%
Johnson & Johnson		1,415	$	183,073
Procter & Gamble Co.		1,342		166,918
Merck & Company, Inc.		1,373		115,579
Coca-Cola Co.		2,063		112,310
UnitedHealth Group, Inc.		508		110,398
Pfizer, Inc.		2,965		106,532
PepsiCo, Inc.		750		102,825
Abbott Laboratories		948		79,319
Medtronic plc		719		78,098
PayPal Holdings, Inc.^*		631		65,365
Philip Morris International, Inc.		834		63,325
Thermo Fisher Scientific, Inc.		215		62,623
Amgen, Inc.		322		62,310
AbbVie, Inc.		793		60,046
Eli Lilly & Co.		455		50,883
Danaher Corp.		342		49,395
Bristol-Myers Squibb Co.		877		44,473
CVS Health Corp.		697		43,960
Gilead Sciences, Inc.		679		43,035
Mondelez International, Inc. — Class A		773		42,762
Altria Group, Inc.		1,002		40,982
Celgene Corp.^*		380		37,734
Automatic Data Processing, Inc.		233		37,611
Stryker Corp.		172		37,204
Becton Dickinson and Co.		145		36,679
Colgate-Palmolive Co.		460		33,815
Intuitive Surgical, Inc.^*		62		33,476
Anthem, Inc.		137		32,894
S&P Global, Inc.		132		32,337
Zoetis, Inc.		256		31,895
Cigna Corp.		202		30,662
Boston Scientific Corp.^*		747		30,395
Allergan plc		176		29,619
Kimberly-Clark Corp.		185		26,279
Global Payments, Inc.		161		25,599
Edwards Lifesciences Corp.^*		111		24,410
Illumina, Inc.^*		79		24,034
Baxter International, Inc.		274		23,967
Estee Lauder Companies, Inc. — Class A		119		23,675
Vertex Pharmaceuticals, Inc.^*		138		23,380
Biogen, Inc.^*		99		23,049
Sysco Corp.		275		21,835
Constellation Brands, Inc. — Class A		90		18,655
Humana, Inc.		72		18,408
General Mills, Inc.		324		17,859
Moody's Corp.		87		17,820
HCA Healthcare, Inc.		143		17,220
Zimmer Biomet Holdings, Inc.		110		15,100
IQVIA Holdings, Inc.^*		98		14,639
IHS Markit Ltd.^*		215		14,379
Verisk Analytics, Inc. — Class A		88		13,916
Tyson Foods, Inc. — Class A		158		13,610
McKesson Corp.		99		13,529
FleetCor Technologies, Inc.^*		46		13,192
IDEXX Laboratories, Inc.^*		46		12,509
Hershey Co.		80		12,399
Archer-Daniels-Midland Co.		299		12,280
Cintas Corp.		45		12,064
Monster Beverage Corp.^*		207		12,018
Regeneron Pharmaceuticals, Inc.^*		43		11,928
Alexion Pharmaceuticals, Inc.^*		120		11,753
Corteva, Inc.		401		11,228
Kroger Co.		428		11,034
ResMed, Inc.		77		10,403
McCormick & Company, Inc.		66		10,316
Clorox Co.		67		10,175
Church & Dwight Company, Inc.		132		9,932
Centene Corp.^*		222		9,604
Kraft Heinz Co.		334		9,330
Equifax, Inc.		65		9,144
Laboratory Corporation of America Holdings^*		52		8,736
Kellogg Co.		133		8,559
Teleflex, Inc.		25		8,494
Cooper Companies, Inc.		27		8,019
Conagra Brands, Inc.		261		8,008
Quest Diagnostics, Inc.		72		7,706
Cardinal Health, Inc.		160		7,550
Hologic, Inc.^*		143		7,220
Incyte Corp.^*		96		7,126
Align Technology, Inc.^*		39		7,056
WellCare Health Plans, Inc.^*		27		6,998
Gartner, Inc.^*		48		6,864
AmerisourceBergen Corp. — Class A		82		6,751
JM Smucker Co.		61		6,711
MarketAxess Holdings, Inc.		20		6,550
Universal Health Services, Inc. — Class B		44		6,545
Hormel Foods Corp.		149		6,516
Dentsply Sirona, Inc.		120		6,397
Brown-Forman Corp. — Class B		98		6,152
Varian Medical Systems, Inc.^*		49		5,835
Molson Coors Brewing Co. — Class B		101		5,808
Lamb Weston Holdings, Inc.		78		5,672
Mylan N.V.^*		277		5,479
Avery Dennison Corp.		45		5,111
United Rentals, Inc.^*		41		5,110
Henry Schein, Inc.^*		79		5,017
ABIOMED, Inc.^*		24		4,269
Campbell Soup Co.		90		4,223
Perrigo Company plc		73		4,080
Nielsen Holdings plc		191		4,059
Robert Half International, Inc.		63		3,507
DaVita, Inc.^*		52		2,968
Quanta Services, Inc.		76		2,873
Rollins, Inc.		75		2,555
H&R Block, Inc.		108		2,551
Nektar Therapeutics^*		94		1,712
Coty, Inc. — Class A		158		1,660
Total Consumer, Non-cyclical				2,879,651
Financial - 5.8%
Berkshire Hathaway, Inc. — Class B^*		1,051		218,629
JPMorgan Chase & Co.		1,714		201,721
Visa, Inc. — Class A		926		159,281

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 32.4% (continued)
Financial - 5.8% (continued)
Bank of America Corp.		4,490	$	130,973
Mastercard, Inc. — Class A		479		130,082
Wells Fargo & Co.		2,150		108,446
Citigroup, Inc.		1,211		83,656
American Tower Corp. — Class A REIT		237		52,408
American Express Co.		365		43,172
U.S. Bancorp		769		42,556
CME Group, Inc. — Class A		192		40,577
Chubb Ltd.		244		39,391
Goldman Sachs Group, Inc.		173		35,851
PNC Financial Services Group, Inc.		239		33,498
Crown Castle International Corp. REIT		223		30,999
Prologis, Inc. REIT		338		28,804
Morgan Stanley		673		28,717
BlackRock, Inc. — Class A		63		28,075
Intercontinental Exchange, Inc.		300		27,681
Marsh & McLennan Companies, Inc.		271		27,114
Charles Schwab Corp.		624		26,102
American International Group, Inc.		466		25,956
Equinix, Inc. REIT		45		25,956
Simon Property Group, Inc. REIT		165		25,682
Aon plc		126		24,390
Progressive Corp.		313		24,179
Capital One Financial Corp.		252		22,927
BB&T Corp.		411		21,935
Travelers Companies, Inc.		140		20,817
Bank of New York Mellon Corp.		460		20,796
Aflac, Inc.		397		20,771
MetLife, Inc.		427		20,137
Welltower, Inc. REIT		217		19,671
Public Storage REIT		80		19,622
Prudential Financial, Inc.		216		19,429
Allstate Corp.		176		19,128
SunTrust Banks, Inc.		238		16,374
AvalonBay Communities, Inc. REIT		75		16,150
Equity Residential REIT		187		16,131
SBA Communications Corp. REIT		61		14,710
Ventas, Inc. REIT		200		14,606
Digital Realty Trust, Inc. REIT		112		14,539
T. Rowe Price Group, Inc.		126		14,396
Discover Financial Services		171		13,866
Willis Towers Watson plc		69		13,315
Realty Income Corp. REIT		171		13,112
State Street Corp.		200		11,838
Hartford Financial Services Group, Inc.		194		11,758
Essex Property Trust, Inc. REIT		35		11,433
M&T Bank Corp.		72		11,374
Synchrony Financial		327		11,147
Weyerhaeuser Co. REIT		399		11,052
Fifth Third Bancorp		392		10,733
Northern Trust Corp.		115		10,732
Ameriprise Financial, Inc.		70		10,297
Boston Properties, Inc. REIT		77		9,984
KeyCorp		538		9,598
CBRE Group, Inc. — Class A^*		180		9,542
Cincinnati Financial Corp.		81		9,450
Alexandria Real Estate Equities, Inc. REIT		61		9,396
HCP, Inc. REIT		263		9,371
Arthur J Gallagher & Co.		100		8,957
First Republic Bank		90		8,703
Citizens Financial Group, Inc.		240		8,489
Regions Financial Corp.		535		8,464
Extra Space Storage, Inc. REIT		69		8,061
Principal Financial Group, Inc.		139		7,943
Huntington Bancshares, Inc.		556		7,934
Mid-America Apartment Communities, Inc. REIT		61		7,931
UDR, Inc. REIT		157		7,611
Loews Corp.		139		7,156
Cboe Global Markets, Inc.		60		6,895
Host Hotels & Resorts, Inc. REIT		391		6,760
Duke Realty Corp. REIT		194		6,590
Lincoln National Corp.		107		6,454
Regency Centers Corp. REIT		90		6,254
Nasdaq, Inc.		62		6,160
Everest Re Group Ltd.		22		5,854
SVB Financial Group^*		28		5,851
E*TRADE Financial Corp.		129		5,636
Raymond James Financial, Inc.		66		5,442
Vornado Realty Trust REIT		85		5,412
Comerica, Inc.		80		5,279
Western Union Co.		227		5,260
Globe Life, Inc.		54		5,171
Federal Realty Investment Trust REIT		37		5,037
Iron Mountain, Inc. REIT		154		4,988
Kimco Realty Corp. REIT		226		4,719
Franklin Resources, Inc.		151		4,358
Zions Bancorp North America		95		4,229
Apartment Investment & Management Co. — Class A REIT		80		4,171
Assurant, Inc.		33		4,152
SL Green Realty Corp. REIT		44		3,597
Invesco Ltd.		207		3,507
People's United Financial, Inc.		214		3,346
Unum Group		112		3,329
Alliance Data Systems Corp.		22		2,819
Affiliated Managers Group, Inc.		27		2,250
Macerich Co. REIT		59		1,864
Total Financial				2,370,666
Technology - 5.6%
Microsoft Corp.		4,092		568,911
Apple, Inc.		2,277		509,980
Intel Corp.		2,375		122,384
Adobe, Inc.^*		260		71,825
salesforce.com, Inc.^*		470		69,767
International Business Machines Corp.		475		69,075
Accenture plc — Class A		342		65,784
Oracle Corp.		1,180		64,935
Texas Instruments, Inc.		501		64,749
Broadcom, Inc.		213		58,803

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 32.4% (continued)
Technology - 5.6% (continued)
NVIDIA Corp.		326	$	56,747
QUALCOMM, Inc.		652		49,735
Fidelity National Information Services, Inc.		329		43,678
Intuit, Inc.		139		36,966
Fiserv, Inc.^*		306		31,698
Micron Technology, Inc.^*		592		25,367
Applied Materials, Inc.		495		24,701
Analog Devices, Inc.		198		22,123
Activision Blizzard, Inc.		411		21,750
Cognizant Technology Solutions Corp. — Class A		296		17,838
Lam Research Corp.		77		17,795
Autodesk, Inc.^*		118		17,429
Advanced Micro Devices, Inc.^*		582		16,872
Electronic Arts, Inc.^*		158		15,456
HP, Inc.		794		15,022
Paychex, Inc.		171		14,154
KLA Corp.		85		13,553
Xilinx, Inc.		135		12,947
Microchip Technology, Inc.		128		11,892
Cerner Corp.		171		11,657
Synopsys, Inc.^*		81		11,117
Hewlett Packard Enterprise Co.		700		10,619
ANSYS, Inc.^*		45		9,961
Cadence Design Systems, Inc.^*		150		9,912
MSCI, Inc. — Class A		45		9,799
Western Digital Corp.		159		9,483
Maxim Integrated Products, Inc.		145		8,397
Akamai Technologies, Inc.^*		88		8,041
Take-Two Interactive Software, Inc.^*		61		7,646
Broadridge Financial Solutions, Inc.		61		7,590
Skyworks Solutions, Inc.		92		7,291
Seagate Technology plc		127		6,831
NetApp, Inc.		128		6,721
Citrix Systems, Inc.		66		6,370
Leidos Holdings, Inc.		72		6,183
Jack Henry & Associates, Inc.		41		5,985
Fortinet, Inc.^*		76		5,834
Qorvo, Inc.^*		63		4,671
DXC Technology Co.		140		4,130
Xerox Holdings Corp.		102		3,051
IPG Photonics Corp.^*		19		2,576
Total Technology				2,295,801
Communications - 4.8%
Amazon.com, Inc.^*		223		387,108
Facebook, Inc. — Class A^*		1,290		229,723
Alphabet, Inc. — Class C^*		162		197,478
Alphabet, Inc. — Class A^*		161		196,603
AT&T, Inc.		3,916		148,181
Verizon Communications, Inc.		2,217		133,818
Walt Disney Co.		966		125,889
Cisco Systems, Inc.		2,276		112,457
Comcast Corp. — Class A		2,432		109,635
Netflix, Inc.^*		235		62,891
Booking Holdings, Inc.^*		23		45,140
Charter Communications, Inc. — Class A^*		87		35,854
Twitter, Inc.^*		414		17,057
eBay, Inc.		423		16,489
Motorola Solutions, Inc.		89		15,167
T-Mobile US, Inc.^*		169		13,312
Corning, Inc.		419		11,950
VeriSign, Inc.^*		56		10,563
Expedia Group, Inc.		75		10,081
CDW Corp.		78		9,613
Omnicom Group, Inc.		117		9,161
Symantec Corp.		305		7,207
CBS Corp. — Class B		175		7,065
Arista Networks, Inc.^*		29		6,929
CenturyLink, Inc.		526		6,564
Fox Corp. — Class A		190		5,992
Discovery, Inc. — Class C^*		186		4,579
Juniper Networks, Inc.		185		4,579
Viacom, Inc. — Class B		190		4,566
F5 Networks, Inc.^*		32		4,493
Interpublic Group of Companies, Inc.		208		4,485
DISH Network Corp. — Class A^*		129		4,395
News Corp. — Class A		207		2,881
Fox Corp. — Class B		87		2,744
Discovery, Inc. — Class A^*		85		2,264
TripAdvisor, Inc.^*		56		2,166
News Corp. — Class B		65		929
Total Communications				1,970,008
Industrial - 3.0%
Boeing Co.		287		109,195
Honeywell International, Inc.		386		65,311
Union Pacific Corp.		378		61,228
United Technologies Corp.		435		59,386
Lockheed Martin Corp.		133		51,878
3M Co.		308		50,635
United Parcel Service, Inc. — Class B		374		44,813
General Electric Co.		4,678		41,821
Caterpillar, Inc.		302		38,146
Northrop Grumman Corp.		84		31,483
CSX Corp.		428		29,648
Raytheon Co.		149		29,232
Deere & Co.		169		28,507
Norfolk Southern Corp.		141		25,332
L3Harris Technologies, Inc.		120		25,037
Illinois Tool Works, Inc.		158		24,726
Waste Management, Inc.		209		24,035
General Dynamics Corp.		125		22,841
Emerson Electric Co.		330		22,064
Roper Technologies, Inc.		56		19,970
FedEx Corp.		129		18,778
Johnson Controls International plc		427		18,741
Eaton Corporation plc		225		18,709
TE Connectivity Ltd.		180		16,772
Ingersoll-Rand plc		130		16,017
Amphenol Corp. — Class A		159		15,344
TransDigm Group, Inc.		27		14,058
Cummins, Inc.		85		13,827
Ball Corp.		178		12,960
Agilent Technologies, Inc.		166		12,721
Parker-Hannifin Corp.		69		12,462
Stanley Black & Decker, Inc.		81		11,697

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 32.4% (continued)
Industrial - 3.0% (continued)
AMETEK, Inc.		122	$	11,202
Fortive Corp.		158		10,833
Vulcan Materials Co.		71		10,738
Rockwell Automation, Inc.		63		10,382
Keysight Technologies, Inc.^*		101		9,822
Republic Services, Inc. — Class A		113		9,780
Mettler-Toledo International, Inc.^*		13		9,157
Martin Marietta Materials, Inc.		33		9,045
Amcor plc		871		8,492
Waters Corp.^*		36		8,036
Dover Corp.		78		7,766
Xylem, Inc.		97		7,723
Kansas City Southern		54		7,182
Wabtec Corp.		98		7,042
Expeditors International of Washington, Inc.		92		6,835
IDEX Corp.		41		6,719
Jacobs Engineering Group, Inc.		73		6,680
Garmin Ltd.		77		6,521
Masco Corp.		155		6,460
CH Robinson Worldwide, Inc.		73		6,189
Textron, Inc.		123		6,022
Packaging Corporation of America		51		5,411
Arconic, Inc.		208		5,408
Allegion plc		50		5,183
PerkinElmer, Inc.		60		5,110
J.B. Hunt Transport Services, Inc.		46		5,090
Westrock Co.		138		5,030
Snap-on, Inc.		30		4,696
Huntington Ingalls Industries, Inc.		22		4,659
Fortune Brands Home & Security, Inc.		75		4,103
FLIR Systems, Inc.		73		3,839
AO Smith Corp.		74		3,531
Sealed Air Corp.		83		3,446
Pentair plc		90		3,402
Flowserve Corp.		70		3,270
Total Industrial				1,222,178
Consumer, Cyclical - 2.8%
Home Depot, Inc.		587		136,196
Walmart, Inc.		762		90,434
McDonald's Corp.		407		87,387
Costco Wholesale Corp.		236		67,994
NIKE, Inc. — Class B		671		63,020
Starbucks Corp.		642		56,766
Lowe's Companies, Inc.		414		45,523
TJX Companies, Inc.		648		36,119
Target Corp.		274		29,293
General Motors Co.		674		25,261
Walgreens Boots Alliance, Inc.		407		22,511
Dollar General Corp.		138		21,934
Ross Stores, Inc.		196		21,531
Ford Motor Co.		2,101		19,245
Yum! Brands, Inc.		163		18,489
Marriott International, Inc. — Class A		147		18,283
Delta Air Lines, Inc.		310		17,856
O'Reilly Automotive, Inc.^*		41		16,339
VF Corp.		175		15,573
Dollar Tree, Inc.^*		127		14,498
Hilton Worldwide Holdings, Inc.		154		14,339
AutoZone, Inc.^*		13		14,100
Southwest Airlines Co.		259		13,989
PACCAR, Inc.		186		13,022
Aptiv plc		137		11,977
Chipotle Mexican Grill, Inc. — Class A^*		14		11,767
United Airlines Holdings, Inc.^*		118		10,432
Fastenal Co.		307		10,030
Royal Caribbean Cruises Ltd.		92		9,966
DR Horton, Inc.		180		9,488
Carnival Corp.		215		9,398
Copart, Inc.^*		108		8,676
Best Buy Company, Inc.		124		8,555
Lennar Corp. — Class A		152		8,489
Ulta Beauty, Inc.^*		32		8,021
CarMax, Inc.^*		89		7,832
Darden Restaurants, Inc.		66		7,803
Genuine Parts Co.		78		7,768
MGM Resorts International		280		7,762
Hasbro, Inc.		63		7,477
NVR, Inc.^*		2		7,435
WW Grainger, Inc.		24		7,131
Advance Auto Parts, Inc.		38		6,285
Norwegian Cruise Line Holdings Ltd.^*		116		6,005
Tractor Supply Co.		64		5,788
American Airlines Group, Inc.		212		5,718
Wynn Resorts Ltd.		52		5,653
Whirlpool Corp.		34		5,384
Tiffany & Co.		58		5,373
LKQ Corp.^*		165		5,189
PulteGroup, Inc.		138		5,044
Alaska Air Group, Inc.		66		4,284
Kohl's Corp.		85		4,221
BorgWarner, Inc.		111		4,071
Tapestry, Inc.		154		4,012
Mohawk Industries, Inc.^*		32		3,970
Newell Brands, Inc.		204		3,819
PVH Corp.		40		3,529
Harley-Davidson, Inc.		84		3,022
Hanesbrands, Inc.		194		2,972
Leggett & Platt, Inc.		70		2,866
Capri Holdings Ltd.^*		81		2,686
Ralph Lauren Corp. — Class A		28		2,673
Macy's, Inc.		166		2,580
L Brands, Inc.		124		2,429
Under Armour, Inc. — Class A^*		101		2,014
Gap, Inc.		115		1,996
Nordstrom, Inc.		57		1,919
Under Armour, Inc. — Class C^*		104		1,886
Total Consumer, Cyclical				1,145,097
Energy - 1.5%
Exxon Mobil Corp.		2,268		160,144
Chevron Corp.		1,018		120,735
ConocoPhillips		595		33,903
Schlumberger Ltd.		741		25,320

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 32.4% (continued)
Energy - 1.5% (continued)
Phillips 66		240	$	24,576
EOG Resources, Inc.		311		23,082
Kinder Morgan, Inc.		1,044		21,517
Marathon Petroleum Corp.		353		21,445
Occidental Petroleum Corp.		480		21,346
Valero Energy Corp.		222		18,923
ONEOK, Inc.		221		16,285
Williams Companies, Inc.		650		15,639
Pioneer Natural Resources Co.		90		11,319
Halliburton Co.		470		8,860
Hess Corp.		139		8,407
Baker Hughes a GE Co.		348		8,074
Diamondback Energy, Inc.		87		7,822
Concho Resources, Inc.		108		7,333
Noble Energy, Inc.		256		5,750
TechnipFMC plc		225		5,431
Marathon Oil Corp.		431		5,288
Devon Energy Corp.		217		5,221
Apache Corp.		202		5,171
National Oilwell Varco, Inc.		207		4,388
HollyFrontier Corp.		81		4,345
Cabot Oil & Gas Corp. — Class A		224		3,936
Cimarex Energy Co.		54		2,589
Helmerich & Payne, Inc.		59		2,364
Total Energy				599,213
Utilities - 1.2%
NextEra Energy, Inc.		262		61,043
Duke Energy Corp.		391		37,481
Dominion Energy, Inc.		441		35,739
Southern Co.		560		34,591
Exelon Corp.		521		25,169
American Electric Power Company, Inc.		265		24,828
Sempra Energy		147		21,699
Xcel Energy, Inc.		281		18,234
Public Service Enterprise Group, Inc.		271		16,824
Consolidated Edison, Inc.		178		16,816
WEC Energy Group, Inc.		169		16,072
Eversource Energy		173		14,786
Edison International		192		14,481
FirstEnergy Corp.		289		13,938
DTE Energy Co.		98		13,030
Entergy Corp.		107		12,558
PPL Corp.		387		12,187
American Water Works Company, Inc.		97		12,050
Ameren Corp.		132		10,567
CMS Energy Corp.		152		9,720
Evergy, Inc.		126		8,387
CenterPoint Energy, Inc.		269		8,118
Atmos Energy Corp.		63		7,175
Alliant Energy Corp.		127		6,849
NiSource, Inc.		200		5,984
Pinnacle West Capital Corp.		60		5,824
AES Corp.		356		5,817
NRG Energy, Inc.		136		5,386
Total Utilities				475,353
Basic Materials - 0.7%
Linde plc		290		56,179
DuPont de Nemours, Inc.		400		28,524
Ecolab, Inc.		134		26,537
Air Products & Chemicals, Inc.		118		26,179
Sherwin-Williams Co.		44		24,194
Dow, Inc.		398		18,965
Newmont Goldcorp Corp.		440		16,685
PPG Industries, Inc.		127		15,051
LyondellBasell Industries N.V. — Class A		138		12,347
International Paper Co.		211		8,824
Nucor Corp.		163		8,298
Celanese Corp. — Class A		66		8,071
Freeport-McMoRan, Inc.		778		7,445
International Flavors & Fragrances, Inc.		57		6,993
FMC Corp.		70		6,138
CF Industries Holdings, Inc.		117		5,756
Eastman Chemical Co.		73		5,390
Albemarle Corp.		57		3,963
Mosaic Co.		190		3,895
Total Basic Materials				289,434
Total Common Stocks
(Cost $12,931,925)				13,247,401

MUTUAL FUNDS^† - 35.3%
Guggenheim Strategy Fund II¹		335,507		8,330,650
Guggenheim Ultra Short Duration Fund — Institutional Class¹		616,053		6,135,885
Total Mutual Funds
(Cost $14,449,212)				14,466,535

		Face Amount
U.S. TREASURY BILLS^†† - 2.5%
U.S. Treasury Bills
1.82% due 11/21/19²	$	630,000		628,399
1.77% due 11/21/19²		300,000		299,237
1.93% due 10/29/19^2,3		89,000		88,871
Total U.S. Treasury Bills
(Cost $1,016,463)				1,016,507

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
FEDERAL AGENCY NOTES^†† - 2.4%
Federal Farm Credit Bank
2.15% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/22⁴	$	1,000,000	$	999,432
Total Federal Agency Notes
(Cost $1,000,000)				999,432

REPURCHASE AGREEMENTS^††,5 - 18.1%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		4,615,626		4,615,626
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		1,484,231		1,484,231
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		1,335,808		1,335,808
Total Repurchase Agreements
(Cost $7,435,665)				7,435,665
Total Investments - 90.7%
(Cost $36,833,265)			$	37,165,540
Other Assets & Liabilities, net - 9.3%				3,822,059
Total Net Assets - 100.0%			$	40,987,599

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	14	Dec 2019	$	2,084,425	$	(16,692	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	S&P 500 Index	2.36%	At Maturity	10/31/19		2,986	$	8,889,171	$	(2,628	)
Goldman Sachs International	S&P 500 Index	2.36%	At Maturity	10/28/19		11,220		33,400,339		(8,115	)
BNP Paribas	S&P 500 Index	2.59%	At Maturity	10/29/19		1,279		3,807,558		(10,398	)
							$	46,097,068	$	(21,141	)

^*	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	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, 2019.
⁴	Variable rate security. Rate indicated is the rate effective at September 30, 2019. 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.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,247,401	$	—	$	—	$	13,247,401
Mutual Funds		14,466,535		—		—		14,466,535
U.S. Treasury Bills		—		1,016,507		—		1,016,507
Federal Agency Notes		—		999,432		—		999,432
Repurchase Agreements		—		7,435,665		—		7,435,665
Total Assets	$	27,713,936	$	9,451,604	$	—	$	37,165,540

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	16,692	$	—	$	—	$	16,692
Equity Index Swap Agreements**		—		21,141		—		21,141
Total Liabilities	$	16,692	$	21,141	$	—	$	37,833

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,405,341	$	6,723,842	$	(8,800,000	)	$	(22,059	)	$	23,526		$	8,330,650		335,507	$	174,696
Guggenheim Ultra Short Duration Fund — Institutional Class		6,167,022		8,670,229		(8,700,000	)		2,300			(3,666	)		6,135,885		616,053		170,878
	$	16,572,363	$	15,394,071	$	(17,500,000	)	$	(19,759	)	$	19,860		$	14,466,535			$	345,574

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 95.5%
Mining - 95.5%
Newmont Goldcorp Corp.		41,388	$	1,569,433
Barrick Gold Corp.		86,818		1,504,556
Franco-Nevada Corp.		12,938		1,179,428
Freeport-McMoRan, Inc.		108,878		1,041,962
Agnico Eagle Mines Ltd.		18,626		998,540
Wheaton Precious Metals Corp.		36,712		963,323
Kirkland Lake Gold Ltd.		18,735		839,328
Royal Gold, Inc.		6,611		814,541
AngloGold Ashanti Ltd. ADR		41,185		752,450
Kinross Gold Corp.^*		142,929		657,473
Gold Fields Ltd. ADR		116,649		573,913
Sibanye Gold Ltd. ADR^*,1		104,557		564,608
B2Gold Corp.^*		171,090		552,621
Yamana Gold, Inc.		166,972		530,971
Pan American Silver Corp.		31,461		493,309
Alamos Gold, Inc. — Class A		71,501		414,706
Pretium Resources, Inc.^*,1		35,894		413,140
Novagold Resources, Inc.^*		65,606		398,228
IAMGOLD Corp.^*		110,502		376,812
First Majestic Silver Corp.^*,1		40,766		370,563
SSR Mining, Inc.^*		24,485		355,522
Eldorado Gold Corp.^*		40,696		316,208
Osisko Gold Royalties Ltd.		31,291		291,006
Coeur Mining, Inc.^*		59,574		286,551
Sandstorm Gold Ltd.^*		50,544		285,068
Hecla Mining Co.		159,855		281,345
MAG Silver Corp.^*		25,688		272,550
Seabridge Gold, Inc.^*,1		19,030		240,920
Fortuna Silver Mines, Inc.^*		64,948		200,689
Gold Resource Corp.		40,023		122,070
Total Mining				17,661,834
Total Common Stocks
(Cost $8,374,917)				17,661,834

RIGHTS^†††,2 - 0.0%
Mining - 0.0%
Pan American Silver Corp.^*		80,321		–
Total Rights
(Cost $–)				–

EXCHANGE-TRADED FUNDS^† - 3.9%
VanEck Vectors Junior Gold Miners ETF		20,162		731,074
Total Exchange-Traded Funds
(Cost $409,961)				731,074

		Face Amount
REPURCHASE AGREEMENTS^††,3 - 1.2%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	132,072		132,072
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		42,470		42,470
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		38,223		38,223
Total Repurchase Agreements
(Cost $212,765)				212,765

		Shares
SECURITIES LENDING COLLATERAL^†,4 - 3.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁵		680,472		680,472
Total Securities Lending Collateral
(Cost $680,472)				680,472
Total Investments - 104.3%
(Cost $9,678,115)			$	19,286,145
Other Assets & Liabilities, net - (4.3)%				(801,456	)
Total Net Assets - 100.0%			$	18,484,689

^*	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, 2019 — See Note 5.
²	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
³	Repurchase Agreements — See Note 4.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of September 30, 2019.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	17,661,834	$	—	$	—		$	17,661,834
Rights		—		—		—	*		—
Exchange-Traded Funds		731,074		—		—			731,074
Repurchase Agreements		—		212,765		—			212,765
Securities Lending Collateral		680,472		—		—			680,472
Total Assets	$	19,073,380	$	212,765	$	—		$	19,286,145

^*	Security has a market value of $0.

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
REITs - 96.1%
REITs-Diversified - 22.6%
American Tower Corp. — Class A		2,213	$	489,361
Crown Castle International Corp.		2,738		380,609
Equinix, Inc.		608		350,694
Digital Realty Trust, Inc.		2,146		278,572
SBA Communications Corp.		1,068		257,548
Weyerhaeuser Co.		8,302		229,965
WP Carey, Inc.		2,221		198,780
Vornado Realty Trust		2,828		180,059
Duke Realty Corp.		5,279		179,328
VICI Properties, Inc.		7,159		162,151
Lamar Advertising Co. — Class A		1,801		147,556
Gaming and Leisure Properties, Inc.		3,750		143,400
New Residential Investment Corp.		8,422		132,057
CoreSite Realty Corp.		1,027		125,140
EPR Properties		1,614		124,052
Outfront Media, Inc.		3,661		101,703
Rayonier, Inc.		3,447		97,205
PotlatchDeltic Corp.		2,037		83,690
GEO Group, Inc.		4,242		73,556
CoreCivic, Inc.		4,241		73,285
Uniti Group, Inc.		8,005		62,159
Total REITs-Diversified				3,870,870
REITs-Apartments - 11.5%
Equity Residential		3,343		288,367
AvalonBay Communities, Inc.		1,303		280,575
Essex Property Trust, Inc.		720		235,188
Invitation Homes, Inc.		6,841		202,562
Mid-America Apartment Communities, Inc.		1,508		196,055
UDR, Inc.		3,970		192,466
Camden Property Trust		1,505		167,070
Apartment Investment & Management Co. — Class A		2,737		142,707
American Homes 4 Rent — Class A		5,506		142,550
American Campus Communities, Inc.		2,743		131,883
Total REITs-Apartments				1,979,423
REITs-Office Property - 11.3%
Boston Properties, Inc.		1,769		229,369
Alexandria Real Estate Equities, Inc.		1,376		211,959
Kilroy Realty Corp.		1,828		142,383
Douglas Emmett, Inc.		3,295		141,125
SL Green Realty Corp.		1,622		132,599
Cousins Properties, Inc.		3,173		119,273
JBG SMITH Properties		2,967		116,336
Hudson Pacific Properties, Inc.		3,455		115,604
Highwoods Properties, Inc.		2,439		109,609
Equity Commonwealth		3,079		105,456
Corporate Office Properties Trust		3,162		94,164
Paramount Group, Inc.		6,817		91,007
Brandywine Realty Trust		5,505		83,401
Piedmont Office Realty Trust, Inc. — Class A		3,988		83,269
Empire State Realty Trust, Inc. — Class A		5,796		82,709
Columbia Property Trust, Inc.		3,807		80,518
Total REITs-Office Property				1,938,781
REITs-Health Care - 9.6%
Welltower, Inc.		3,379		306,306
Ventas, Inc.		3,599		262,835
HCP, Inc.		5,945		211,820
Omega Healthcare Investors, Inc.		3,768		157,465
Medical Properties Trust, Inc.		7,766		151,903
Healthcare Trust of America, Inc. — Class A		4,264		125,276
Sabra Health Care REIT, Inc.		4,663		107,063
Healthcare Realty Trust, Inc.		3,155		105,693
Physicians Realty Trust		5,246		93,117
Senior Housing Properties Trust		8,476		78,445
CareTrust REIT, Inc.		3,251		76,415
Total REITs-Health Care				1,676,338
REITs-Warehouse/Industries - 7.9%
Prologis, Inc.		4,392		374,286
CyrusOne, Inc.		1,955		154,641
Liberty Property Trust		2,835		145,521
Americold Realty Trust		3,680		136,418
First Industrial Realty Trust, Inc.		2,890		114,328
Rexford Industrial Realty, Inc.		2,542		111,899
EastGroup Properties, Inc.		872		109,017
STAG Industrial, Inc.		3,350		98,758
QTS Realty Trust, Inc. — Class A		1,728		88,837
Total REITs-Warehouse/Industries				1,333,705
REITs-Shopping Centers - 6.5%
Regency Centers Corp.		2,531		175,879
Federal Realty Investment Trust		1,193		162,415
Kimco Realty Corp.		7,323		152,904
Brixmor Property Group, Inc.		6,197		125,737
Weingarten Realty Investors		3,399		99,013
SITE Centers Corp.		5,603		84,661
Retail Properties of America, Inc. — Class A		6,793		83,690
Urban Edge Properties		4,023		79,615
Acadia Realty Trust		2,742		78,366
Retail Opportunity Investments Corp.		3,984		72,628
Total REITs-Shopping Centers				1,114,908
REITs-Hotels - 6.1%
Host Hotels & Resorts, Inc.		10,491		181,389
MGM Growth Properties LLC — Class A		4,896		147,125
Park Hotels & Resorts, Inc.		4,522		112,914
Service Properties Trust		4,174		107,648
Ryman Hospitality Properties, Inc.		1,278		104,553
Apple Hospitality REIT, Inc.		5,942		98,518
Pebblebrook Hotel Trust		3,531		98,232
Sunstone Hotel Investors, Inc.		6,501		89,324
RLJ Lodging Trust		5,109		86,802
Total REITs-Hotels				1,026,505

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
REITs - 96.1% (continued)
REITs-Storage - 5.5%
Public Storage		1,329	$	325,964
Extra Space Storage, Inc.		1,696		198,127
Iron Mountain, Inc.		4,819		156,087
CubeSmart		3,721		129,863
Life Storage, Inc.		1,065		112,262
Total REITs-Storage				922,303
REITs-Mortgage - 5.1%
Annaly Capital Management, Inc.		20,474		180,171
AGNC Investment Corp.		9,291		149,492
Starwood Property Trust, Inc.		5,432		131,563
Blackstone Mortgage Trust, Inc. — Class A		3,092		110,848
Chimera Investment Corp.		4,891		95,668
Two Harbors Investment Corp.		7,215		94,733
Apollo Commercial Real Estate Finance, Inc.		4,476		85,805
Total REITs-Mortgage				848,280
REITs-Regional Malls - 4.0%
Simon Property Group, Inc.		2,270		353,326
Macerich Co.¹		3,409		107,690
Taubman Centers, Inc.		1,973		80,558
Brookfield Property REIT, Inc. — Class A		3,112		63,454
Tanger Factory Outlet Centers, Inc.¹		3,947		61,100
Total REITs-Regional Malls				666,128
REITs-Single Tenant - 3.9%
Realty Income Corp.		3,259		249,900
National Retail Properties, Inc.		2,811		158,540
STORE Capital Corp.		3,984		149,041
Spirit Realty Capital, Inc.		2,212		105,866
Total REITs-Single Tenant				663,347
REITs-Manufactured Homes - 2.1%
Sun Communities, Inc.		1,257		186,602
Equity LifeStyle Properties, Inc.		1,329		177,554
Total REITs-Manufactured Homes				364,156
Total REITs				16,404,744
Real Estate - 3.4%
Real Estate Management/Services - 2.7%
CBRE Group, Inc. — Class A^*		4,050		214,690
Jones Lang LaSalle, Inc.		996		138,504
Redfin Corp.^*,1		3,952		66,552
Realogy Holdings Corp.¹		7,116		47,535
Total Real Estate Management/Services				467,281
Real Estate Operations/Development - 0.7%
Howard Hughes Corp.^*		914		118,454
Total Real Estate				585,735
Total Common Stocks
(Cost $11,152,417)				16,990,479

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	89,257		89,257
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		28,702		28,702
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		25,832		25,832
Total Repurchase Agreements
(Cost $143,791)				143,791

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		132,455		132,455
Total Securities Lending Collateral
(Cost $132,455)				132,455
Total Investments - 101.1%
(Cost $11,428,663)			$	17,266,725
Other Assets & Liabilities, net - (1.1)%				(184,107	)
Total Net Assets - 100.0%			$	17,082,618

^*	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, 2019 — 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, 2019.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	16,990,479	$	—	$	—	$	16,990,479
Repurchase Agreements		—		143,791		—		143,791
Securities Lending Collateral		132,455		—		—		132,455
Total Assets	$	17,122,934	$	143,791	$	—	$	17,266,725

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.6%
Retail - 66.3%
Walmart, Inc.		3,193	$	378,945
Home Depot, Inc.		1,436		333,181
Costco Wholesale Corp.		815		234,810
Lowe's Companies, Inc.		1,724		189,571
TJX Companies, Inc.		2,999		167,164
Target Corp.		1,420		151,812
Walgreens Boots Alliance, Inc.		2,680		148,231
Dollar General Corp.		828		131,602
Ross Stores, Inc.		1,187		130,392
O'Reilly Automotive, Inc.^*		286		113,974
Dollar Tree, Inc.^*		940		107,310
AutoZone, Inc.^*		94		101,954
Best Buy Company, Inc.		1,305		90,032
Ulta Beauty, Inc.^*		328		82,213
Genuine Parts Co.		802		79,871
CarMax, Inc.^*		898		79,024
Burlington Stores, Inc.^*		379		75,732
Advance Auto Parts, Inc.		452		74,761
Tiffany & Co.		770		71,325
Tractor Supply Co.		757		68,463
Kohl's Corp.		1,225		60,834
Five Below, Inc.^*		436		54,980
Gap, Inc.		3,120		54,163
Carvana Co.^*		799		52,734
Nordstrom, Inc.		1,503		50,606
Williams-Sonoma, Inc.		730		49,625
L Brands, Inc.		2,522		49,406
Floor & Decor Holdings, Inc. — Class A^*		939		48,030
Macy's, Inc.		3,021		46,946
Foot Locker, Inc.		1,053		45,448
Qurate Retail, Inc. — Class A^*		4,263		43,973
AutoNation, Inc.^*		863		43,754
Dick's Sporting Goods, Inc.		1,033		42,157
Ollie's Bargain Outlet Holdings, Inc.^*		675		39,582
BJ's Wholesale Club Holdings, Inc.^*		1,515		39,193
Urban Outfitters, Inc.^*		1,374		38,596
RH^*		216		36,899
American Eagle Outfitters, Inc.		2,106		34,159
Dillard's, Inc. — Class A¹		436		28,824
Sally Beauty Holdings, Inc.^*		1,885		28,068
Michaels Companies, Inc.^*		2,722		26,648
Bed Bath & Beyond, Inc.		2,434		25,898
Designer Brands, Inc. — Class A		1,351		23,129
Children's Place, Inc.		292		22,481
Big Lots, Inc.		838		20,531
Abercrombie & Fitch Co. — Class A		1,296		20,218
At Home Group, Inc.^*		1,727		16,614
Total Retail				3,853,863
Internet - 30.6%
Amazon.com, Inc.^*		340		590,209
Alibaba Group Holding Ltd. ADR^*		1,309		218,904
Booking Holdings, Inc.^*		94		184,485
eBay, Inc.		2,971		115,810
JD.com, Inc. ADR^*		3,403		95,999
Expedia Group, Inc.		686		92,205
MercadoLibre, Inc.^*		145		79,928
Ctrip.com International Ltd. ADR^*		2,302		67,426
Wayfair, Inc. — Class A^*		576		64,581
Pinduoduo, Inc. ADR^*		1,893		60,992
Etsy, Inc.^*		934		52,771
Baozun, Inc. ADR^*,1		1,168		49,874
GrubHub, Inc.^*		846		47,554
Stitch Fix, Inc. — Class A^*,1		1,552		29,876
Stamps.com, Inc.^*		336		25,015
Total Internet				1,775,629
Distribution & Wholesale - 2.1%
LKQ Corp.^*		2,023		63,623
Pool Corp.		294		59,300
Total Distribution & Wholesale				122,923
Commercial Services - 0.6%
Monro, Inc.		442		34,923
Total Common Stocks
(Cost $4,412,433)				5,787,338

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.9%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	33,831		33,831
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		10,879		10,879
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		9,791		9,791
Total Repurchase Agreements
(Cost $54,501)				54,501

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		84,047		84,047
Total Securities Lending Collateral
(Cost $84,047)				84,047
Total Investments - 101.9%
(Cost $4,550,981)			$	5,925,886
Other Assets & Liabilities, net - (1.9)%				(111,708	)
Total Net Assets - 100.0%			$	5,814,178

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 — 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, 2019.

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, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,787,338	$	—	$	—	$	5,787,338
Repurchase Agreements		—		54,501		—		54,501
Securities Lending Collateral		84,047		—		—		84,047
Total Assets	$	5,871,385	$	54,501	$	—	$	5,925,886

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
WARRANTS^†††,1 - 0.0%
Imperial Holdings, Inc.^*
$10.75, 10/06/19		2	$	–
Total Warrants
(Cost $–)				–

RIGHTS^†††,1 - 0.0%
Tobira Therapeutics, Inc.^*		8		–
Nexstar Media Group, Inc.^*		132		–
Omthera Pharmaceuticals, Inc.^*		37		–
A Schulman, Inc.^*		18		–
Total Rights
(Cost $–)				–

MUTUAL FUNDS^† - 39.3%
Guggenheim Strategy Fund II²		46,080		1,144,167
Guggenheim Ultra Short Duration Fund — Institutional Class²		114,611		1,141,528
Total Mutual Funds
(Cost $2,283,590)				2,285,695

		Face Amount
FEDERAL AGENCY NOTES^†† - 8.5%
Federal Farm Credit Bank
2.20% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/22³	$	250,000		250,738
Fannie Mae
1.33% due 10/24/19		243,000		242,896
Total Federal Agency Notes
(Cost $492,886)				493,634

U.S. TREASURY BILLS^†† - 8.2%
U.S. Treasury Bills
1.77% due 11/21/19⁴		250,000		249,365
1.82% due 11/21/19⁴		230,000		229,415
Total U.S. Treasury Bills
(Cost $478,772)				478,780

FEDERAL AGENCY DISCOUNT NOTES^†† - 3.4%
Federal Home Loan Bank
1.78% due 10/02/19⁴		200,000		199,989
Total Federal Agency Discount Notes
(Cost $199,989)				199,989

REPURCHASE AGREEMENTS^††,5 - 31.5%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		1,137,679		1,137,679
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		365,840		365,840
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		329,256		329,256
Total Repurchase Agreements
(Cost $1,832,775)				1,832,775
Total Investments - 90.9%
(Cost $5,288,012)			$	5,290,873
Other Assets & Liabilities, net - 9.1%				531,733
Total Net Assets - 100.0%			$	5,822,606

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts	5	Dec 2019	$	381,075	$	(3,072	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Goldman Sachs International	Russell 2000 Index	2.16%	At Maturity	10/28/19		1,437	$	2,188,998	$	(8,486	)
BNP Paribas	Russell 2000 Index	2.14%	At Maturity	10/29/19		909		1,385,177		(24,805	)
Barclays Bank plc	Russell 2000 Index	1.91%	At Maturity	10/31/19		3,184		4,850,893		(31,694	)
							$	8,425,068	$	(64,985	)

^*	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	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
²	Affiliated issuer.
³	Variable rate security. Rate indicated is the rate effective at September 30, 2019. 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	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

plc — Public Limited Company

See Sector Classification in Other Information section.

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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
Warrants	$	—	$	—	$	—	*	$	—
Rights		—		—		—	*		—
Mutual Funds		2,285,695		—		—			2,285,695
Federal Agency Notes		—		493,634		—			493,634
U.S. Treasury Bills		—		478,780		—			478,780
Federal Agency Discount Notes		—		199,989		—			199,989
Repurchase Agreements		—		1,832,775		—			1,832,775
Total Assets	$	2,285,695	$	3,005,178	$	—		$	5,290,873

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,072	$	—	$	—	$	3,072
Equity Index Swap Agreements**		—		64,985		—		64,985
Total Liabilities	$	3,072	$	64,985	$	—	$	68,057

^*	Includes securities with 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, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,998,839	$	539,599	$	(1,395,000	)	$	(7,448	)	$	8,177	$	1,144,167		46,080	$	39,846
Guggenheim Ultra Short Duration Fund — Institutional Class		1,893,534		2,237,706		(2,990,000	)		(7,422	)		7,710		1,141,528		114,611		37,905
	$	3,892,373	$	2,777,305	$	(4,385,000	)	$	(14,870	)	$	15,887	$	2,285,695			$	77,751

Russell 2000^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
WARRANTS^†††,1 - 0.0%
Imperial Holdings, Inc.
$10.75, 10/06/19*		1	$	–
Total Warrants
(Cost $–)				–

RIGHTS^†††,1 - 0.0%
Omthera Pharmaceuticals, Inc.*		10		–
Nexstar Media Group, Inc.*		207		–
A Schulman, Inc.*		20		–
Tobira Therapeutics, Inc.*		7		–
Total Rights
(Cost $–)				–

MUTUAL FUNDS^† - 38.3%
Guggenheim Strategy Fund II²		28,864		716,699
Guggenheim Ultra Short Duration Fund — Institutional Class²		71,876		715,883
Total Mutual Funds
(Cost $1,431,714)				1,432,582

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 13.3%
Federal Home Loan Bank
1.85% due 10/02/19³	$	500,000		499,974
Total Federal Agency Discount Notes
(Cost $499,974)				499,974

REPURCHASE AGREEMENTS^††,4 - 33.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁵		784,586		784,586
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁵		252,297		252,297
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁵		227,067		227,067
Total Repurchase Agreements
(Cost $1,263,950)				1,263,950
Total Investments - 85.4%
(Cost $3,195,638)			$	3,196,506
Other Assets & Liabilities, net - 14.6%				547,625
Total Net Assets - 100.0%			$	3,744,131

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 2019	$	228,645	$	(1,843	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	Russell 2000 Index	1.91%	At Maturity	10/31/19		808	$	1,231,484	$	(8,046	)
Goldman Sachs International	Russell 2000 Index	2.16%	At Maturity	10/28/19		2,124		3,235,423		(12,079	)
BNP Paribas	Russell 2000 Index	2.14%	At Maturity	10/29/19		1,850		2,817,875		(50,462	)
							$	7,284,782	$	(70,587	)

^*	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	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
²	Affiliated issuer.
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 equity index swap collateral at September 30, 2019.

plc — Public Limited Company

See Sector Classification in Other Information section.

Russell 2000^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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
Warrants	$	—	$	—	$	—	*	$	—
Rights		—		—		—	*		—
Mutual Funds		1,432,582		—		—			1,432,582
Federal Agency Discount Notes		—		499,974		—			499,974
Repurchase Agreements		—		1,263,950		—			1,263,950
Total Assets	$	1,432,582	$	1,763,924	$	—		$	3,196,506

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,843	$	—	$	—	$	1,843
Equity Index Swap Agreements**		—		70,587		—		70,587
Total Liabilities	$	1,843	$	70,587	$	—	$	72,430

*	Includes securities with 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, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	448,611	$	2,855,905	$	(2,590,000	)	$	(338	)	$	2,521	$	716,699	$	28,864	$	15,961
Guggenheim Ultra Short Duration Fund — Institutional Class		459,770		3,505,006		(3,250,000	)		872			235		715,883		71,876		15,054
	$	908,381	$	6,360,911	$	(5,840,000	)	$	534		$	2,756	$	1,432,582			$	31,015

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 13.9%
Consumer, Non-cyclical - 3.0%
Johnson & Johnson		567	$	73,358
Procter & Gamble Co.		538		66,916
Merck & Company, Inc.		550		46,299
Coca-Cola Co.		827		45,022
UnitedHealth Group, Inc.		204		44,333
Pfizer, Inc.		1,189		42,721
PepsiCo, Inc.		300		41,130
Abbott Laboratories		380		31,795
Medtronic plc		288		31,282
PayPal Holdings, Inc.^*		253		26,208
Philip Morris International, Inc.		334		25,361
Thermo Fisher Scientific, Inc.		86		25,049
Amgen, Inc.		129		24,963
AbbVie, Inc.		318		24,079
Eli Lilly & Co.		183		20,465
Danaher Corp.		137		19,787
Bristol-Myers Squibb Co.		352		17,850
CVS Health Corp.		279		17,597
Gilead Sciences, Inc.		272		17,239
Mondelez International, Inc. — Class A		310		17,149
Altria Group, Inc.		401		16,401
Celgene Corp.^*		152		15,093
Automatic Data Processing, Inc.		93		15,012
Stryker Corp.		69		14,925
Becton Dickinson and Co.		58		14,672
Colgate-Palmolive Co.		184		13,526
Intuitive Surgical, Inc.^*		25		13,498
Anthem, Inc.		55		13,206
S&P Global, Inc.		53		12,984
Zoetis, Inc.		103		12,833
Cigna Corp.		81		12,295
Boston Scientific Corp.^*		299		12,166
Allergan plc		70		11,780
Kimberly-Clark Corp.		74		10,512
Global Payments, Inc.		64		10,176
Edwards Lifesciences Corp.^*		45		9,896
Illumina, Inc.^*		32		9,735
Baxter International, Inc.		110		9,622
Estee Lauder Companies, Inc. — Class A		48		9,550
Vertex Pharmaceuticals, Inc.^*		55		9,318
Biogen, Inc.^*		40		9,313
Sysco Corp.		110		8,734
Constellation Brands, Inc. — Class A		36		7,462
Humana, Inc.		29		7,414
Moody's Corp.		35		7,169
General Mills, Inc.		130		7,166
HCA Healthcare, Inc.		57		6,864
Zimmer Biomet Holdings, Inc.		44		6,040
IQVIA Holdings, Inc.^*		39		5,826
IHS Markit Ltd.^*		86		5,752
Verisk Analytics, Inc. — Class A		35		5,535
McKesson Corp.		40		5,466
FleetCor Technologies, Inc.^*		19		5,449
Tyson Foods, Inc. — Class A		63		5,427
IDEXX Laboratories, Inc.^*		19		5,167
Hershey Co.		32		4,960
Archer-Daniels-Midland Co.		120		4,928
Cintas Corp.		18		4,826
Monster Beverage Corp.^*		83		4,819
Regeneron Pharmaceuticals, Inc.^*		17		4,716
Alexion Pharmaceuticals, Inc.^*		48		4,701
Corteva, Inc.		161		4,508
Kroger Co.		172		4,434
ResMed, Inc.		31		4,188
Clorox Co.		27		4,100
McCormick & Company, Inc.		26		4,064
Church & Dwight Company, Inc.		53		3,988
Centene Corp.^*		89		3,850
Kraft Heinz Co.		134		3,743
Equifax, Inc.		26		3,657
Laboratory Corporation of America Holdings^*		21		3,528
Kellogg Co.		53		3,411
Teleflex, Inc.		10		3,397
Cooper Companies, Inc.		11		3,267
Conagra Brands, Inc.		105		3,221
Quest Diagnostics, Inc.		29		3,104
Cardinal Health, Inc.		64		3,020
Align Technology, Inc.^*		16		2,895
Hologic, Inc.^*		57		2,878
WellCare Health Plans, Inc.^*		11		2,851
Incyte Corp.^*		38		2,821
JM Smucker Co.		25		2,750
AmerisourceBergen Corp. — Class A		33		2,717
Gartner, Inc.^*		19		2,717
Hormel Foods Corp.		60		2,624
MarketAxess Holdings, Inc.		8		2,620
Dentsply Sirona, Inc.		48		2,559
Universal Health Services, Inc. — Class B		17		2,529
Brown-Forman Corp. — Class B		39		2,448
Varian Medical Systems, Inc.^*		20		2,382
Molson Coors Brewing Co. — Class B		40		2,300
Lamb Weston Holdings, Inc.		31		2,254
Mylan N.V.^*		111		2,196
United Rentals, Inc.^*		17		2,119
Avery Dennison Corp.		18		2,044
Henry Schein, Inc.^*		32		2,032
ABIOMED, Inc.^*		10		1,779
Campbell Soup Co.		36		1,689
Perrigo Company plc		29		1,621
Nielsen Holdings plc		76		1,615
Robert Half International, Inc.		25		1,391
DaVita, Inc.^*		21		1,198
Quanta Services, Inc.		31		1,172
Rollins, Inc.		30		1,022
H&R Block, Inc.		43		1,016
Nektar Therapeutics^*		38		692
Coty, Inc. — Class A		63		662
Total Consumer, Non-cyclical				1,154,610
Financial - 2.5%
Berkshire Hathaway, Inc. — Class B^*		421		87,576
JPMorgan Chase & Co.		687		80,853
Visa, Inc. — Class A		371		63,816

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 13.9% (continued)
Financial - 2.5% (continued)
Bank of America Corp.		1,800	$	52,506
Mastercard, Inc. — Class A		192		52,141
Wells Fargo & Co.		862		43,479
Citigroup, Inc.		485		33,504
American Tower Corp. — Class A REIT		95		21,007
American Express Co.		146		17,269
U.S. Bancorp		308		17,045
CME Group, Inc. — Class A		77		16,273
Chubb Ltd.		98		15,821
Goldman Sachs Group, Inc.		70		14,506
PNC Financial Services Group, Inc.		96		13,455
Crown Castle International Corp. REIT		89		12,372
Prologis, Inc. REIT		136		11,590
Morgan Stanley		270		11,521
BlackRock, Inc. — Class A		25		11,141
Intercontinental Exchange, Inc.		120		11,072
Marsh & McLennan Companies, Inc.		109		10,905
Charles Schwab Corp.		250		10,458
American International Group, Inc.		187		10,416
Equinix, Inc. REIT		18		10,382
Simon Property Group, Inc. REIT		66		10,273
Aon plc		51		9,872
Progressive Corp.		126		9,733
Capital One Financial Corp.		101		9,189
BB&T Corp.		165		8,806
Travelers Companies, Inc.		56		8,327
Aflac, Inc.		159		8,319
Bank of New York Mellon Corp.		184		8,319
MetLife, Inc.		171		8,064
Welltower, Inc. REIT		87		7,887
Public Storage REIT		32		7,849
Prudential Financial, Inc.		86		7,736
Allstate Corp.		71		7,716
SunTrust Banks, Inc.		95		6,536
Equity Residential REIT		75		6,470
AvalonBay Communities, Inc. REIT		30		6,460
Ventas, Inc. REIT		80		5,842
Digital Realty Trust, Inc. REIT		45		5,841
T. Rowe Price Group, Inc.		51		5,827
SBA Communications Corp. REIT		24		5,788
Discover Financial Services		68		5,514
Willis Towers Watson plc		28		5,403
Realty Income Corp. REIT		68		5,214
State Street Corp.		80		4,735
Hartford Financial Services Group, Inc.		78		4,728
M&T Bank Corp.		29		4,581
Essex Property Trust, Inc. REIT		14		4,573
Synchrony Financial		131		4,466
Weyerhaeuser Co. REIT		160		4,432
Fifth Third Bancorp		157		4,299
Northern Trust Corp.		46		4,293
Ameriprise Financial, Inc.		28		4,119
Boston Properties, Inc. REIT		31		4,019
KeyCorp		216		3,853
Cincinnati Financial Corp.		33		3,850
CBRE Group, Inc. — Class A^*		72		3,817
HCP, Inc. REIT		106		3,777
Alexandria Real Estate Equities, Inc. REIT		24		3,697
Arthur J Gallagher & Co.		40		3,583
First Republic Bank		36		3,481
Citizens Financial Group, Inc.		96		3,396
Regions Financial Corp.		214		3,385
Extra Space Storage, Inc. REIT		28		3,271
Mid-America Apartment Communities, Inc. REIT		25		3,250
Principal Financial Group, Inc.		56		3,200
Huntington Bancshares, Inc.		223		3,182
UDR, Inc. REIT		63		3,054
Loews Corp.		56		2,883
Cboe Global Markets, Inc.		24		2,758
Host Hotels & Resorts, Inc. REIT		157		2,715
Duke Realty Corp. REIT		78		2,650
Lincoln National Corp.		43		2,594
Regency Centers Corp. REIT		36		2,502
Nasdaq, Inc.		25		2,484
Everest Re Group Ltd.		9		2,395
SVB Financial Group^*		11		2,298
E*TRADE Financial Corp.		52		2,272
Raymond James Financial, Inc.		27		2,226
Vornado Realty Trust REIT		34		2,165
Comerica, Inc.		32		2,112
Western Union Co.		91		2,108
Globe Life, Inc.		22		2,107
Federal Realty Investment Trust REIT		15		2,042
Iron Mountain, Inc. REIT		62		2,008
Kimco Realty Corp. REIT		91		1,900
Franklin Resources, Inc.		61		1,760
Zions Bancorp North America		38		1,692
Apartment Investment & Management Co. — Class A REIT		32		1,668
Assurant, Inc.		13		1,636
SL Green Realty Corp. REIT		18		1,472
Invesco Ltd.		83		1,406
People's United Financial, Inc.		86		1,345
Unum Group		45		1,337
Alliance Data Systems Corp.		9		1,153
Affiliated Managers Group, Inc.		11		917
Macerich Co. REIT		24		758
Total Financial				950,497
Technology - 2.4%
Microsoft Corp.		1,641		228,148
Apple, Inc.		913		204,485
Intel Corp.		952		49,057
Adobe, Inc.^*		104		28,730
salesforce.com, Inc.^*		188		27,907
International Business Machines Corp.		190		27,630
Accenture plc — Class A		137		26,352
Oracle Corp.		473		26,029
Texas Instruments, Inc.		201		25,977
Broadcom, Inc.		86		23,742

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 13.9% (continued)
Technology - 2.4% (continued)
NVIDIA Corp.		131	$	22,803
QUALCOMM, Inc.		261		19,909
Fidelity National Information Services, Inc.		132		17,524
Intuit, Inc.		56		14,893
Fiserv, Inc.^*		123		12,742
Micron Technology, Inc.^*		237		10,155
Applied Materials, Inc.		199		9,930
Analog Devices, Inc.		79		8,827
Activision Blizzard, Inc.		165		8,732
Cognizant Technology Solutions Corp. — Class A		119		7,171
Lam Research Corp.		31		7,164
Autodesk, Inc.^*		47		6,942
Advanced Micro Devices, Inc.^*		233		6,755
Electronic Arts, Inc.^*		63		6,163
HP, Inc.		318		6,017
Paychex, Inc.		69		5,711
KLA Corp.		34		5,421
Xilinx, Inc.		54		5,179
Microchip Technology, Inc.		51		4,738
Cerner Corp.		68		4,636
Synopsys, Inc.^*		32		4,392
Hewlett Packard Enterprise Co.		281		4,263
ANSYS, Inc.^*		18		3,984
Cadence Design Systems, Inc.^*		60		3,965
MSCI, Inc. — Class A		18		3,919
Western Digital Corp.		64		3,817
Maxim Integrated Products, Inc.		58		3,359
Akamai Technologies, Inc.^*		35		3,198
Broadridge Financial Solutions, Inc.		25		3,111
Take-Two Interactive Software, Inc.^*		24		3,008
Skyworks Solutions, Inc.		37		2,932
Seagate Technology plc		51		2,743
NetApp, Inc.		51		2,678
Citrix Systems, Inc.		26		2,510
Leidos Holdings, Inc.		29		2,490
Jack Henry & Associates, Inc.		17		2,481
Fortinet, Inc.^*		30		2,303
Qorvo, Inc.^*		25		1,854
DXC Technology Co.		56		1,652
Xerox Holdings Corp.		41		1,226
IPG Photonics Corp.^*		8		1,085
Total Technology				920,439
Communications - 2.1%
Amazon.com, Inc.^*		89		154,496
Facebook, Inc. — Class A^*		517		92,067
Alphabet, Inc. — Class C^*		65		79,235
Alphabet, Inc. — Class A^*		64		78,153
AT&T, Inc.		1,570		59,409
Verizon Communications, Inc.		889		53,660
Walt Disney Co.		387		50,434
Cisco Systems, Inc.		912		45,062
Comcast Corp. — Class A		975		43,953
Netflix, Inc.^*		94		25,156
Booking Holdings, Inc.^*		9		17,664
Charter Communications, Inc. — Class A^*		35		14,424
Twitter, Inc.^*		166		6,839
eBay, Inc.		169		6,588
Motorola Solutions, Inc.		36		6,135
T-Mobile US, Inc.^*		68		5,356
Corning, Inc.		168		4,791
VeriSign, Inc.^*		22		4,150
Expedia Group, Inc.		30		4,032
CDW Corp.		31		3,820
Omnicom Group, Inc.		47		3,680
Symantec Corp.		122		2,883
Arista Networks, Inc.^*		12		2,867
CBS Corp. — Class B		70		2,826
CenturyLink, Inc.		211		2,633
Fox Corp. — Class A		76		2,397
Discovery, Inc. — Class C^*		75		1,846
Juniper Networks, Inc.		74		1,832
Viacom, Inc. — Class B		76		1,826
F5 Networks, Inc.^*		13		1,826
Interpublic Group of Companies, Inc.		83		1,790
DISH Network Corp. — Class A^*		52		1,772
News Corp. — Class A		83		1,155
Fox Corp. — Class B		35		1,104
Discovery, Inc. — Class A^*		34		905
TripAdvisor, Inc.^*		23		890
News Corp. — Class B		26		372
Total Communications				788,028
Industrial - 1.3%
Boeing Co.		115		43,754
Honeywell International, Inc.		155		26,226
Union Pacific Corp.		151		24,459
United Technologies Corp.		174		23,755
Lockheed Martin Corp.		53		20,673
3M Co.		124		20,386
United Parcel Service, Inc. — Class B		150		17,973
General Electric Co.		1,875		16,762
Caterpillar, Inc.		121		15,283
Northrop Grumman Corp.		34		12,743
CSX Corp.		172		11,914
Raytheon Co.		60		11,771
Deere & Co.		68		11,470
Norfolk Southern Corp.		57		10,240
L3Harris Technologies, Inc.		48		10,015
Illinois Tool Works, Inc.		63		9,859
Waste Management, Inc.		84		9,660
General Dynamics Corp.		50		9,137
Emerson Electric Co.		132		8,826
Roper Technologies, Inc.		22		7,845
FedEx Corp.		52		7,570
Johnson Controls International plc		171		7,505
Eaton Corporation plc		90		7,484
TE Connectivity Ltd.		72		6,709
Ingersoll-Rand plc		52		6,407
Amphenol Corp. — Class A		64		6,176
TransDigm Group, Inc.		11		5,727
Cummins, Inc.		34		5,531
Ball Corp.		71		5,169
Agilent Technologies, Inc.		67		5,134
Parker-Hannifin Corp.		28		5,057
Stanley Black & Decker, Inc.		33		4,766

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 13.9% (continued)
Industrial - 1.3% (continued)
AMETEK, Inc.		49	$	4,499
Fortive Corp.		63		4,319
Vulcan Materials Co.		28		4,235
Rockwell Automation, Inc.		25		4,120
Republic Services, Inc. — Class A		45		3,895
Keysight Technologies, Inc.^*		40		3,890
Martin Marietta Materials, Inc.		13		3,563
Mettler-Toledo International, Inc.^*		5		3,522
Amcor plc		349		3,403
Waters Corp.^*		14		3,125
Xylem, Inc.		39		3,105
Dover Corp.		31		3,086
Kansas City Southern		22		2,926
Wabtec Corp.		39		2,803
Expeditors International of Washington, Inc.		37		2,749
Jacobs Engineering Group, Inc.		29		2,653
Garmin Ltd.		31		2,626
IDEX Corp.		16		2,622
Masco Corp.		62		2,584
CH Robinson Worldwide, Inc.		29		2,459
Textron, Inc.		49		2,399
Arconic, Inc.		83		2,158
Packaging Corporation of America		20		2,122
Allegion plc		20		2,073
PerkinElmer, Inc.		24		2,044
Westrock Co.		55		2,005
J.B. Hunt Transport Services, Inc.		18		1,992
Huntington Ingalls Industries, Inc.		9		1,906
Snap-on, Inc.		12		1,878
Fortune Brands Home & Security, Inc.		30		1,641
FLIR Systems, Inc.		29		1,525
AO Smith Corp.		30		1,431
Sealed Air Corp.		33		1,370
Pentair plc		36		1,361
Flowserve Corp.		28		1,308
Total Industrial				489,383
Consumer, Cyclical - 1.2%
Home Depot, Inc.		235		54,525
Walmart, Inc.		306		36,316
McDonald's Corp.		163		34,998
Costco Wholesale Corp.		95		27,370
NIKE, Inc. — Class B		269		25,265
Starbucks Corp.		257		22,724
Lowe's Companies, Inc.		166		18,253
TJX Companies, Inc.		260		14,492
Target Corp.		110		11,760
General Motors Co.		270		10,119
Walgreens Boots Alliance, Inc.		163		9,016
Dollar General Corp.		55		8,742
Ross Stores, Inc.		78		8,568
Ford Motor Co.		842		7,713
Yum! Brands, Inc.		65		7,373
Marriott International, Inc. — Class A		59		7,338
Delta Air Lines, Inc.		124		7,142
O'Reilly Automotive, Inc.^*		16		6,376
VF Corp.		70		6,229
Dollar Tree, Inc.^*		51		5,822
Hilton Worldwide Holdings, Inc.		62		5,773
Southwest Airlines Co.		104		5,617
AutoZone, Inc.^*		5		5,423
PACCAR, Inc.		74		5,181
Aptiv plc		55		4,808
Chipotle Mexican Grill, Inc. — Class A^*		5		4,202
United Airlines Holdings, Inc.^*		47		4,155
Fastenal Co.		123		4,019
Royal Caribbean Cruises Ltd.		37		4,008
DR Horton, Inc.		72		3,795
Carnival Corp.		86		3,759
NVR, Inc.^*		1		3,717
Copart, Inc.^*		43		3,454
Best Buy Company, Inc.		50		3,450
Lennar Corp. — Class A		61		3,407
Ulta Beauty, Inc.^*		13		3,258
CarMax, Inc.^*		36		3,168
MGM Resorts International		112		3,105
Genuine Parts Co.		31		3,087
Darden Restaurants, Inc.		26		3,074
Hasbro, Inc.		25		2,967
WW Grainger, Inc.		9		2,674
Advance Auto Parts, Inc.		15		2,481
Norwegian Cruise Line Holdings Ltd.^*		46		2,382
Tractor Supply Co.		26		2,351
American Airlines Group, Inc.		85		2,293
Wynn Resorts Ltd.		21		2,283
Whirlpool Corp.		14		2,217
Tiffany & Co.		23		2,131
LKQ Corp.^*		66		2,076
PulteGroup, Inc.		55		2,010
Kohl's Corp.		34		1,688
Alaska Air Group, Inc.		26		1,688
Tapestry, Inc.		62		1,615
BorgWarner, Inc.		44		1,614
Mohawk Industries, Inc.^*		13		1,613
Newell Brands, Inc.		82		1,535
PVH Corp.		16		1,412
Harley-Davidson, Inc.		34		1,223
Hanesbrands, Inc.		78		1,195
Leggett & Platt, Inc.		28		1,146
Capri Holdings Ltd.^*		33		1,094
Ralph Lauren Corp. — Class A		11		1,050
Macy's, Inc.		66		1,026
L Brands, Inc.		50		980
Gap, Inc.		46		799
Under Armour, Inc. — Class A^*		40		798
Nordstrom, Inc.		23		774
Under Armour, Inc. — Class C^*		42		761
Total Consumer, Cyclical				458,477
Energy - 0.6%
Exxon Mobil Corp.		909		64,184
Chevron Corp.		408		48,389
ConocoPhillips		239		13,618
Schlumberger Ltd.		297		10,148

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 13.9% (continued)
Energy - 0.6% (continued)
Phillips 66		96	$	9,830
EOG Resources, Inc.		125		9,278
Kinder Morgan, Inc.		418		8,615
Marathon Petroleum Corp.		141		8,566
Occidental Petroleum Corp.		192		8,538
Valero Energy Corp.		89		7,586
ONEOK, Inc.		89		6,558
Williams Companies, Inc.		260		6,256
Pioneer Natural Resources Co.		36		4,528
Halliburton Co.		188		3,544
Hess Corp.		56		3,387
Baker Hughes a GE Co.		139		3,225
Diamondback Energy, Inc.		35		3,147
Concho Resources, Inc.		43		2,920
Noble Energy, Inc.		103		2,313
TechnipFMC plc		90		2,173
Marathon Oil Corp.		173		2,123
Devon Energy Corp.		87		2,093
Apache Corp.		81		2,074
HollyFrontier Corp.		33		1,770
National Oilwell Varco, Inc.		83		1,759
Cabot Oil & Gas Corp. — Class A		90		1,581
Cimarex Energy Co.		22		1,055
Helmerich & Payne, Inc.		24		962
Total Energy				240,220
Utilities - 0.5%
NextEra Energy, Inc.		105		24,464
Duke Energy Corp.		157		15,050
Dominion Energy, Inc.		177		14,344
Southern Co.		225		13,898
Exelon Corp.		209		10,097
American Electric Power Company, Inc.		106		9,931
Sempra Energy		59		8,709
Xcel Energy, Inc.		113		7,333
Public Service Enterprise Group, Inc.		109		6,767
Consolidated Edison, Inc.		71		6,707
WEC Energy Group, Inc.		68		6,467
Eversource Energy		70		5,983
Edison International		77		5,807
FirstEnergy Corp.		116		5,595
DTE Energy Co.		39		5,185
Entergy Corp.		43		5,046
PPL Corp.		155		4,881
American Water Works Company, Inc.		39		4,845
Ameren Corp.		53		4,243
CMS Energy Corp.		61		3,901
Evergy, Inc.		51		3,395
CenterPoint Energy, Inc.		108		3,259
Atmos Energy Corp.		25		2,847
Alliant Energy Corp.		51		2,750
NiSource, Inc.		80		2,394
AES Corp.		143		2,337
Pinnacle West Capital Corp.		24		2,330
NRG Energy, Inc.		54		2,138
Total Utilities				190,703
Basic Materials - 0.3%
Linde plc		116		22,471
DuPont de Nemours, Inc.		160		11,410
Ecolab, Inc.		54		10,694
Air Products & Chemicals, Inc.		47		10,427
Sherwin-Williams Co.		18		9,898
Dow, Inc.		160		7,624
Newmont Goldcorp Corp.		176		6,674
PPG Industries, Inc.		51		6,044
LyondellBasell Industries N.V. — Class A		55		4,921
International Paper Co.		84		3,513
Nucor Corp.		65		3,309
Celanese Corp. — Class A		27		3,302
Freeport-McMoRan, Inc.		312		2,986
International Flavors & Fragrances, Inc.		23		2,822
FMC Corp.		28		2,455
CF Industries Holdings, Inc.		47		2,312
Eastman Chemical Co.		29		2,141
Albemarle Corp.		23		1,599
Mosaic Co.		76		1,558
Total Basic Materials				116,160
Total Common Stocks
(Cost $5,002,426)				5,308,517

MUTUAL FUNDS^† - 58.0%
Guggenheim Strategy Fund II¹		476,961		11,842,940
Guggenheim Ultra Short Duration Fund — Institutional Class¹		1,029,581		10,254,623
Total Mutual Funds
(Cost $22,114,073)				22,097,563

		Face Amount
U.S. TREASURY BILLS^†† - 4.3%
U.S. Treasury Bills
1.82% due 11/21/19²	$	1,230,000		1,226,874
1.77% due 11/21/19²		300,000		299,238
1.93% due 10/29/19^2,3		121,000		120,824
Total U.S. Treasury Bills
(Cost $1,646,843)				1,646,936

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
FEDERAL AGENCY NOTES^†† - 2.6%
Federal Farm Credit Bank
2.15% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/22⁴	$	1,000,000	$	999,432
Total Federal Agency Notes
(Cost $1,000,000)				999,432

REPURCHASE AGREEMENTS^††,5 - 23.3%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		5,498,614		5,498,614
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		1,768,171		1,768,171
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		1,591,354		1,591,354
Total Repurchase Agreements
(Cost $8,858,139)				8,858,139
Total Investments - 102.1%
(Cost $38,621,481)			$	38,910,587
Other Assets & Liabilities, net - (2.1)%				(814,869	)
Total Net Assets - 100.0%			$	38,095,718

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	7	Dec 2019	$	1,042,213	$	(8,346	)

Total Return Swap Agreements

Counterparty	Index	Financing Rate Pay	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	S&P 500 Index	2.36%	At Maturity	10/31/19		5,024	$	14,954,828	$	(4,422	)
Goldman Sachs International	S&P 500 Index	2.36%	At Maturity	10/28/19		16,003		47,635,694		(14,084	)
BNP Paribas	S&P 500 Index	2.59%	At Maturity	10/29/19		2,449		7,290,129		(19,912	)
							$	69,880,651	$	(38,418	)

^*	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	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, 2019.
⁴	Variable rate security. Rate indicated is the rate effective at September 30, 2019. 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.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as equity index swap collateral at September 30, 2019.

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, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,308,517	$	—	$	—	$	5,308,517
Mutual Funds		22,097,563		—		—		22,097,563
U.S. Treasury Bills		—		1,646,936		—		1,646,936
Federal Agency Notes		—		999,432		—		999,432
Repurchase Agreements		—		8,858,139		—		8,858,139
Total Assets	$	27,406,080	$	11,504,507	$	—	$	38,910,587

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	8,346	$	—	$	—	$	8,346
Equity Index Swap Agreements**		—		38,418		—		38,418
Total Liabilities	$	8,346	$	38,418	$	—	$	46,764

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,456,955	$	5,482,732	$	(4,100,000	)	$	(28,355	)	$	31,608	$	11,842,940		476,961	$	233,901
Guggenheim Ultra Short Duration Fund — Institutional Class		7,299,146		13,454,638		(10,500,000	)		(22,172	)		23,011		10,254,623		1,029,581		205,407
	$	17,756,101	$	18,937,370	$	(14,600,000	)	$	(50,527	)	$	54,619	$	22,097,563			$	439,308

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.3%
Consumer, Non-cyclical - 28.6%
Thermo Fisher Scientific, Inc.		2,421	$	705,165
Vertex Pharmaceuticals, Inc.^*		3,377		572,131
Cintas Corp.		1,960		525,476
Church & Dwight Company, Inc.		6,760		508,623
Edwards Lifesciences Corp.^*		2,176		478,524
Kellogg Co.		7,210		463,963
Constellation Brands, Inc. — Class A		2,058		426,582
DaVita, Inc.^*		7,334		418,551
IHS Markit Ltd.^*		5,991		400,678
WellCare Health Plans, Inc.^*		1,546		400,677
Hormel Foods Corp.		8,871		387,929
McCormick & Company, Inc.		2,458		384,185
Boston Scientific Corp.^*		9,160		372,720
Zimmer Biomet Holdings, Inc.		2,636		361,844
Monster Beverage Corp.^*		6,017		349,347
Abbott Laboratories		4,100		343,047
Global Payments, Inc.		2,138		339,942
Gartner, Inc.^*		2,365		338,171
Eli Lilly & Co.		2,968		331,911
PayPal Holdings, Inc.^*		3,147		325,998
Intuitive Surgical, Inc.^*		590		318,559
Lamb Weston Holdings, Inc.		4,318		314,005
Humana, Inc.		1,076		275,101
Medtronic plc		2,220		241,136
HCA Healthcare, Inc.		1,949		234,699
S&P Global, Inc.		940		230,281
Merck & Company, Inc.		2,670		224,761
Automatic Data Processing, Inc.		1,320		213,075
Pfizer, Inc.		5,750		206,597
Clorox Co.		1,290		195,912
Illumina, Inc.^*		530		161,237
Total Consumer, Non-cyclical				11,050,827
Technology - 15.4%
salesforce.com, Inc.^*		4,293		637,253
Autodesk, Inc.^*		4,284		632,747
Advanced Micro Devices, Inc.^*		18,117		525,212
Take-Two Interactive Software, Inc.^*		3,973		497,976
Intuit, Inc.		1,726		459,012
ANSYS, Inc.^*		1,789		396,013
Adobe, Inc.^*		1,250		345,312
Fortinet, Inc.^*		4,419		339,203
Fidelity National Information Services, Inc.		2,497		331,502
Akamai Technologies, Inc.^*		3,556		324,947
Cerner Corp.		4,574		311,810
Leidos Holdings, Inc.		3,300		283,404
Xilinx, Inc.		2,838		272,164
Broadcom, Inc.		882		243,494
Broadridge Financial Solutions, Inc.		1,845		229,573
NetApp, Inc.		2,638		138,521
Total Technology				5,968,143
Industrial - 12.1%
Keysight Technologies, Inc.^*		10,124		984,559
CSX Corp.		9,857		682,794
Waste Management, Inc.		5,033		578,795
TransDigm Group, Inc.		1,075		559,720
Ingersoll-Rand plc		2,697		332,297
Union Pacific Corp.		1,560		252,689
Xylem, Inc.		3,105		247,220
Expeditors International of Washington, Inc.		3,313		246,123
Roper Technologies, Inc.		589		210,037
Boeing Co.		540		205,454
AMETEK, Inc.		2,230		204,759
IDEX Corp.		1,150		188,462
Total Industrial				4,692,909
Consumer, Cyclical - 12.0%
Ulta Beauty, Inc.^*		2,523		632,390
O'Reilly Automotive, Inc.^*		1,308		521,251
WW Grainger, Inc.		1,662		493,863
Dollar General Corp.		2,670		424,370
Chipotle Mexican Grill, Inc. — Class A^*		456		383,254
Yum! Brands, Inc.		3,330		377,722
Tractor Supply Co.		3,811		344,667
VF Corp.		3,698		329,085
TJX Companies, Inc.		5,718		318,721
Fastenal Co.		9,302		303,897
Hilton Worldwide Holdings, Inc.		2,950		274,674
AutoZone, Inc.^*		220		238,617
Total Consumer, Cyclical				4,642,511
Financial - 9.0%
Intercontinental Exchange, Inc.		5,459		503,702
Welltower, Inc. REIT		5,448		493,861
SVB Financial Group^*		2,262		472,645
U.S. Bancorp		6,657		368,398
Cboe Global Markets, Inc.		2,899		333,124
Apartment Investment & Management Co. — Class A REIT		6,091		317,585
Mastercard, Inc. — Class A		1,160		315,021
First Republic Bank		2,625		253,838
HCP, Inc. REIT		6,577		234,338
Alliance Data Systems Corp.		1,456		186,558
Total Financial				3,479,070
Communications - 8.6%
Netflix, Inc.^*		2,072		554,509
Motorola Solutions, Inc.		3,039		517,876
Verizon Communications, Inc.		6,161		371,878
Twitter, Inc.^*		8,762		360,995
Cisco Systems, Inc.		6,200		306,342
Facebook, Inc. — Class A^*		1,611		286,887
Amazon.com, Inc.^*		140		243,027
VeriSign, Inc.^*		1,251		235,976
Alphabet, Inc. — Class C^*		190		231,610
Alphabet, Inc. — Class A^*		188		229,574
Total Communications				3,338,674
Energy - 7.5%
Devon Energy Corp.		25,945		624,237
ConocoPhillips		8,859		504,786
Diamondback Energy, Inc.		5,316		477,961
HollyFrontier Corp.		8,585		460,499
Apache Corp.		11,907		304,819
Marathon Oil Corp.		24,599		301,830
Occidental Petroleum Corp.		5,400		240,138
Total Energy				2,914,270

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Utilities - 3.9%
Ameren Corp.		5,616	$	449,561
NRG Energy, Inc.		10,001		396,040
Pinnacle West Capital Corp.		3,577		347,219
NextEra Energy, Inc.		1,410		328,516
Total Utilities				1,521,336
Basic Materials - 2.2%
Air Products & Chemicals, Inc.		2,070		459,250
Ecolab, Inc.		1,900		376,276
Total Basic Materials				835,526
Total Common Stocks
(Cost $28,080,370)				38,443,266

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	171,877		171,877
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		55,270		55,270
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		49,743		49,743
Total Repurchase Agreements
(Cost $276,890)				276,890
Total Investments - 100.0%
(Cost $28,357,260)			$	38,720,156
Other Assets & Liabilities, net - 0.0%				(16,089	)
Total Net Assets - 100.0%			$	38,704,067

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 (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	$	38,443,266	$	—	$	—	$	38,443,266
Repurchase Agreements		—		276,890		—		276,890
Total Assets	$	38,443,266	$	276,890	$	—	$	38,720,156

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Financial - 33.8%
MetLife, Inc.		14,988	$	706,834
Prudential Financial, Inc.		7,345		660,683
Assurant, Inc.		4,662		586,573
Lincoln National Corp.		9,206		555,306
Loews Corp.		10,428		536,833
Unum Group		16,962		504,111
Principal Financial Group, Inc.		8,321		475,462
Hartford Financial Services Group, Inc.		7,686		465,848
Allstate Corp.		4,173		453,522
Everest Re Group Ltd.		1,677		446,233
Citizens Financial Group, Inc.		12,002		424,511
American International Group, Inc.		7,235		402,990
Capital One Financial Corp.		4,403		400,585
Invesco Ltd.		22,952		388,807
Goldman Sachs Group, Inc.		1,852		383,790
Morgan Stanley		7,530		321,305
Chubb Ltd.		1,962		316,745
Synchrony Financial		8,750		298,287
Citigroup, Inc.		4,171		288,133
Aflac, Inc.		5,139		268,872
People's United Financial, Inc.		17,136		267,921
Travelers Companies, Inc.		1,772		263,479
Bank of America Corp.		8,838		257,804
SunTrust Banks, Inc.		3,614		248,643
Fifth Third Bancorp		8,944		244,887
Regions Financial Corp.		14,079		222,730
State Street Corp.		3,290		194,735
Kimco Realty Corp. REIT		9,155		191,156
KeyCorp		10,404		185,607
Zions Bancorp North America		3,917		174,385
PNC Financial Services Group, Inc.		1,236		173,238
Bank of New York Mellon Corp.		3,775		170,668
Wells Fargo & Co.		3,208		161,812
Raymond James Financial, Inc.		1,900		156,674
BB&T Corp.		2,885		153,972
Huntington Bancshares, Inc.		9,905		141,344
Affiliated Managers Group, Inc.		1,570		130,860
Total Financial				12,225,345
Consumer, Cyclical - 20.0%
Ford Motor Co.		87,502		801,518
Lennar Corp. — Class A		12,309		687,458
General Motors Co.		14,697		550,844
PulteGroup, Inc.		12,460		455,413
DR Horton, Inc.		8,368		441,077
Target Corp.		4,039		431,809
Mohawk Industries, Inc.^*		2,821		350,001
Best Buy Company, Inc.		4,489		309,696
LKQ Corp.^*		9,539		300,001
PVH Corp.		2,969		261,955
Kohl's Corp.		5,127		254,607
Whirlpool Corp.		1,574		249,259
BorgWarner, Inc.		6,241		228,920
Dollar Tree, Inc.^*		1,920		219,187
PACCAR, Inc.		3,104		217,311
United Airlines Holdings, Inc.^*		2,377		210,151
Walmart, Inc.		1,598		189,651
American Airlines Group, Inc.		6,110		164,787
MGM Resorts International		5,690		157,727
Alaska Air Group, Inc.		2,343		152,084
Gap, Inc.		8,144		141,380
Norwegian Cruise Line Holdings Ltd.^*		2,520		130,461
Delta Air Lines, Inc.		2,184		125,798
Walgreens Boots Alliance, Inc.		2,272		125,664
Carnival Corp.		2,130		93,102
Total Consumer, Cyclical				7,249,861
Consumer, Non-cyclical - 16.4%
Tyson Foods, Inc. — Class A		7,276		626,755
Coty, Inc. — Class A		58,409		613,878
Quanta Services, Inc.		13,957		527,575
Archer-Daniels-Midland Co.		12,417		509,966
McKesson Corp.		3,147		430,069
Kroger Co.		15,653		403,534
AmerisourceBergen Corp. — Class A		4,478		368,674
Cardinal Health, Inc.		7,793		367,752
Allergan plc		2,155		362,665
Molson Coors Brewing Co. — Class B		6,084		349,830
CVS Health Corp.		4,686		295,546
JM Smucker Co.		2,240		246,445
Kraft Heinz Co.		7,350		205,322
Laboratory Corporation of America Holdings^*		1,131		190,008
Centene Corp.^*		3,730		161,360
Anthem, Inc.		558		133,976
Mylan N.V.^*		5,297		104,774
Corteva, Inc.		1,007		28,196
Total Consumer, Non-cyclical				5,926,325
Energy - 11.0%
Valero Energy Corp.		8,274		705,276
Baker Hughes a GE Co.		30,112		698,598
Phillips 66		5,351		547,942
TechnipFMC plc		21,326		514,810
Marathon Petroleum Corp.		7,916		480,897
Noble Energy, Inc.		12,685		284,905
National Oilwell Varco, Inc.		11,207		237,589
Kinder Morgan, Inc.		10,099		208,140
Chevron Corp.		1,651		195,809
Helmerich & Payne, Inc.		2,340		93,764
Total Energy				3,967,730
Technology - 5.6%
Western Digital Corp.		9,701		578,568
Hewlett Packard Enterprise Co.		32,480		492,721
Xerox Holdings Corp.		12,495		373,725
Micron Technology, Inc.^*		7,090		303,807
DXC Technology Co.		5,834		172,103
HP, Inc.		5,440		102,925
Total Technology				2,023,849
Communications - 4.0%
AT&T, Inc.		10,495		397,131
CenturyLink, Inc.		29,574		369,084
DISH Network Corp. — Class A^*		6,596		224,726
Viacom, Inc. — Class B		8,879		213,362
News Corp. — Class A		13,932		193,933
News Corp. — Class B		4,467		63,856
Total Communications				1,462,092

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Industrial - 4.0%
Jacobs Engineering Group, Inc.		4,834	$	442,311
Westrock Co.		10,898		397,232
Johnson Controls International plc		7,354		322,767
Arconic, Inc.		6,680		173,680
Textron, Inc.		2,433		119,120
Total Industrial				1,455,110
Utilities - 2.8%
Exelon Corp.		5,098		246,284
Edison International		2,620		197,600
Consolidated Edison, Inc.		1,710		161,544
CenterPoint Energy, Inc.		4,730		142,751
Evergy, Inc.		2,003		133,320
Duke Energy Corp.		1,380		132,287
Total Utilities				1,013,786
Basic Materials - 1.9%
Nucor Corp.		4,658		237,139
International Paper Co.		4,410		184,426
LyondellBasell Industries N.V. — Class A		1,630		145,836
DuPont de Nemours, Inc.		1,007		71,809
Dow, Inc.		1,001		47,698
Total Basic Materials				686,908
Total Common Stocks
(Cost $29,249,760)				36,011,006

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.1%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	240,806		240,806
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		77,435		77,435
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		69,691		69,691
Total Repurchase Agreements
(Cost $387,932)				387,932
Total Investments - 100.6%
(Cost $29,637,692)			$	36,398,938
Other Assets & Liabilities, net - (0.6)%				(231,369	)
Total Net Assets - 100.0%			$	36,167,569

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 (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	$	36,011,006	$	—	$	—	$	36,011,006
Repurchase Agreements		—		387,932		—		387,932
Total Assets	$	36,011,006	$	387,932	$	—	$	36,398,938

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.3%
Consumer, Non-cyclical - 31.7%
Amedisys, Inc.^*		2,290	$	300,013
Globus Medical, Inc. — Class A^*		5,330		272,470
Penumbra, Inc.^*,1		1,850		248,806
PRA Health Sciences, Inc.^*		2,370		235,175
Helen of Troy Ltd.^*		1,150		181,309
LiveRamp Holdings, Inc.^*		3,971		170,594
Avanos Medical, Inc.^*		4,549		170,405
ASGN, Inc.^*		2,540		159,664
Service Corporation International		3,212		153,566
Molina Healthcare, Inc.^*		1,390		152,511
STERIS plc		1,020		147,380
Post Holdings, Inc.^*		1,291		136,639
Bio-Rad Laboratories, Inc. — Class A^*		410		136,423
Repligen Corp.^*		1,690		129,606
Integra LifeSciences Holdings Corp.^*		2,110		126,748
Insperity, Inc.		1,270		125,247
Encompass Health Corp.		1,960		124,029
Sabre Corp.		5,390		120,709
Boston Beer Company, Inc. — Class A^*		330		120,147
Chemed Corp.		270		112,744
LivaNova plc^*		1,462		107,881
WEX, Inc.^*		490		99,014
Masimo Corp.^*		620		92,250
Haemonetics Corp.^*		650		81,991
Adtalem Global Education, Inc.^*		1,720		65,515
Ligand Pharmaceuticals, Inc. — Class B^*		620		61,715
Lancaster Colony Corp.		387		53,658
WW International, Inc.^*		1,400		52,948
Green Dot Corp. — Class A^*		1,770		44,693
Total Consumer, Non-cyclical				3,983,850
Consumer, Cyclical - 16.8%
Eldorado Resorts, Inc.^*,1		8,228		328,050
Churchill Downs, Inc.		2,655		327,773
Deckers Outdoor Corp.^*		1,480		218,093
Urban Outfitters, Inc.^*		6,445		181,040
Scientific Games Corp. — Class A^*		8,361		170,146
Live Nation Entertainment, Inc.^*		2,343		155,435
Wendy's Co.		7,720		154,245
Domino's Pizza, Inc.		569		139,172
FirstCash, Inc.		1,340		122,838
Brinker International, Inc.		2,820		120,329
Wyndham Hotels & Resorts, Inc.		1,967		101,773
Pool Corp.		498		100,447
Total Consumer, Cyclical				2,119,341
Financial - 15.9%
Primerica, Inc.		2,210		281,178
Medical Properties Trust, Inc. REIT		11,850		231,786
CyrusOne, Inc. REIT		2,620		207,242
American Campus Communities, Inc. REIT		3,790		182,223
LendingTree, Inc.^*		540		167,632
Omega Healthcare Investors, Inc. REIT		3,850		160,892
UMB Financial Corp.		2,304		148,792
SLM Corp.		15,570		137,405
Brown & Brown, Inc.		3,792		136,740
National Retail Properties, Inc. REIT		2,367		133,499
First Financial Bankshares, Inc.		3,853		128,421
Life Storage, Inc. REIT		830		87,490
Total Financial				2,003,300
Technology - 11.7%
Fair Isaac Corp.^*		645		195,770
MAXIMUS, Inc.		2,492		192,532
Cypress Semiconductor Corp.		8,038		187,607
Semtech Corp.^*		3,720		180,829
j2 Global, Inc.		1,939		176,100
Zebra Technologies Corp. — Class A^*		666		137,443
CommVault Systems, Inc.^*		2,930		131,000
PTC, Inc.^*		1,420		96,816
Silicon Laboratories, Inc.^*		832		92,643
ACI Worldwide, Inc.^*		2,414		75,619
Total Technology				1,466,359
Industrial - 7.1%
ITT, Inc.		3,036		185,773
Axon Enterprise, Inc.^*		2,450		139,111
Woodward, Inc.		1,070		115,378
Lennox International, Inc.		460		111,766
Curtiss-Wright Corp.		820		106,083
Kennametal, Inc.		2,760		84,842
Trimble, Inc.^*		2,087		80,997
MSA Safety, Inc.		670		73,104
Total Industrial				897,054
Communications - 6.3%
Ciena Corp.^*		5,150		202,035
World Wrestling Entertainment, Inc. — Class A		2,783		198,011
New York Times Co. — Class A		6,236		177,601
Yelp, Inc. — Class A^*		3,230		112,242
FactSet Research Systems, Inc.		425		103,262
Total Communications				793,151
Energy - 3.9%
Murphy Oil Corp.		8,730		193,020
CNX Resources Corp.^*		21,900		158,994
Equitrans Midstream Corp.		9,720		141,426
Total Energy				493,440
Basic Materials - 3.4%
Allegheny Technologies, Inc.^*		10,709		216,857
RPM International, Inc.		1,810		124,546
Chemours Co.		5,602		83,694
Total Basic Materials				425,097
Utilities - 2.5%
Black Hills Corp.		1,887		144,789
National Fuel Gas Co.		1,862		87,365
UGI Corp.		1,558		78,321
Total Utilities				310,475
Total Common Stocks
(Cost $10,607,786)				12,492,067

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.1%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	7,701	$	7,701
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		2,476		2,476
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		2,229		2,229
Total Repurchase Agreements
(Cost $12,406)				12,406

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		403,128		403,128
Total Securities Lending Collateral
(Cost $403,128)				403,128
Total Investments - 102.6%
(Cost $11,023,320)			$	12,907,601
Other Assets & Liabilities, net - (2.6)%				(328,167	)
Total Net Assets - 100.0%			$	12,579,434

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 — 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, 2019.

plc — Public Limited Company

REIT — Real Estate Investment Fund

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	12,492,067	$	—	$	—	$	12,492,067
Repurchase Agreements		—		12,406		—		12,406
Securities Lending Collateral		403,128		—		—		403,128
Total Assets	$	12,895,195	$	12,406	$	—	$	12,907,601

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.4%
Consumer, Cyclical - 27.8%
KB Home		8,407	$	285,838
World Fuel Services Corp.		6,083		242,955
AutoNation, Inc.^*		4,639		235,197
TRI Pointe Group, Inc.^*		12,077		181,638
Bed Bath & Beyond, Inc.¹		16,465		175,188
Dillard's, Inc. — Class A¹		2,630		173,869
Goodyear Tire & Rubber Co.		10,746		154,796
Dana, Inc.		9,817		141,757
Toll Brothers, Inc.		3,389		139,119
Dick's Sporting Goods, Inc.		2,891		117,982
Thor Industries, Inc.		1,631		92,380
Caesars Entertainment Corp.^*		7,774		90,645
Marriott Vacations Worldwide Corp.		710		73,563
Resideo Technologies, Inc.^*		4,988		71,578
Delphi Technologies plc		5,265		70,551
JetBlue Airways Corp.^*		4,160		69,680
Adient plc		2,933		67,342
Casey's General Stores, Inc.		270		43,513
Total Consumer, Cyclical				2,427,591
Industrial - 26.9%
SYNNEX Corp.		1,777		200,623
Tech Data Corp.^*		1,782		185,756
AECOM^*		4,865		182,730
Ryder System, Inc.		3,358		173,844
Arrow Electronics, Inc.^*		2,095		156,245
Avnet, Inc.		3,461		153,963
Jabil, Inc.		4,263		152,487
AGCO Corp.		1,430		108,251
MasTec, Inc.^*		1,610		104,537
Colfax Corp.^*		3,559		103,425
Trinity Industries, Inc.		5,240		103,123
Knight-Swift Transportation Holdings, Inc.		2,612		94,815
Fluor Corp.		4,726		90,408
Owens Corning		1,250		79,000
EMCOR Group, Inc.		821		70,705
Oshkosh Corp.		794		60,185
Silgan Holdings, Inc.		1,576		47,335
Terex Corp.		1,760		45,707
Belden, Inc.		850		45,339
Timken Co.		970		42,205
Werner Enterprises, Inc.		1,130		39,889
Worthington Industries, Inc.		1,030		37,131
Owens-Illinois, Inc.		3,590		36,870
Granite Construction, Inc.		1,140		36,628
Total Industrial				2,351,201
Financial - 21.4%
Legg Mason, Inc.		4,715		180,066
Brighthouse Financial, Inc.^*		3,862		156,295
Jefferies Financial Group, Inc.		7,834		144,145
Reinsurance Group of America, Inc. — Class A		705		112,715
Navient Corp.		8,526		109,133
Alleghany Corp.^*		115		91,743
New York Community Bancorp, Inc.		7,214		90,535
Janus Henderson Group plc		3,932		88,313
Stifel Financial Corp.		1,420		81,480
Bank OZK		2,865		78,129
First American Financial Corp.		1,310		77,303
Old Republic International Corp.		3,175		74,835
CNO Financial Group, Inc.		4,425		70,048
Alexander & Baldwin, Inc. REIT		2,748		67,353
Sabra Health Care REIT, Inc. REIT		2,863		65,734
PacWest Bancorp		1,397		50,767
Washington Federal, Inc.		1,217		45,017
Jones Lang LaSalle, Inc.		318		44,221
Senior Housing Properties Trust REIT		4,716		43,647
Umpqua Holdings Corp.		2,581		42,483
Associated Banc-Corp.		2,080		42,120
Hancock Whitney Corp.		1,055		40,401
First Horizon National Corp.		2,479		40,160
Pinnacle Financial Partners, Inc.		636		36,093
Total Financial				1,872,736
Consumer, Non-cyclical - 9.1%
ManpowerGroup, Inc.		1,777		149,695
Avis Budget Group, Inc.^*		3,567		100,803
Pilgrim's Pride Corp.^*		2,735		87,643
Patterson Companies, Inc.		4,411		78,604
Sanderson Farms, Inc.		510		77,178
Acadia Healthcare Company, Inc.^*		2,442		75,897
Graham Holdings Co. — Class B		106		70,326
Hain Celestial Group, Inc.^*		2,685		57,660
TreeHouse Foods, Inc.^*		910		50,460
MEDNAX, Inc.^*		1,821		41,191
Spectrum Brands Holdings, Inc.		196		10,325
Total Consumer, Non-cyclical				799,782
Basic Materials - 8.2%
Reliance Steel & Aluminum Co.		1,621		161,549
Olin Corp.		5,550		103,896
United States Steel Corp.¹		8,648		99,884
Commercial Metals Co.		5,151		89,524
Carpenter Technology Corp.		1,672		86,376
Domtar Corp.		2,103		75,309
Minerals Technologies, Inc.		960		50,966
Steel Dynamics, Inc.		1,607		47,889
Total Basic Materials				715,393
Energy - 3.4%
Murphy USA, Inc.^*		1,258		107,307
Patterson-UTI Energy, Inc.		7,280		62,244
Oceaneering International, Inc.^*		4,301		58,278
Equities Corp.		3,195		33,995
Oasis Petroleum, Inc.^*		9,425		32,611
Total Energy				294,435
Technology - 1.6%
CACI International, Inc. — Class A^*		250		57,815
Perspecta, Inc.		1,760		45,971
NetScout Systems, Inc.^*		1,405		32,399
Total Technology				136,185
Communications - 1.0%
Telephone & Data Systems, Inc.		3,425		88,365
Total Common Stocks
(Cost $6,830,503)				8,685,688

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.3%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	18,443	$	18,443
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		5,931		5,931
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		5,337		5,337
Total Repurchase Agreements
(Cost $29,711)				29,711

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		263,761		263,761
Total Securities Lending Collateral
(Cost $263,761)				263,761
Total Investments - 102.7%
(Cost $7,123,975)			$	8,979,160
Other Assets & Liabilities, net - (2.7)%				(238,186	)
Total Net Assets - 100.0%			$	8,740,974

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	8,685,688	$	—	$	—	$	8,685,688
Repurchase Agreements		—		29,711		—		29,711
Securities Lending Collateral		263,761		—		—		263,761
Total Assets	$	8,949,449	$	29,711	$	—	$	8,979,160

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.4%
Consumer, Non-cyclical - 29.7%
Avon Products, Inc.^*		67,970	$	299,068
Medpace Holdings, Inc.^*		2,340		196,654
NeoGenomics, Inc.^*		8,760		167,491
CONMED Corp.		1,630		156,725
Cardiovascular Systems, Inc.^*		2,960		140,659
Xencor, Inc.^*		3,308		111,579
Tactile Systems Technology, Inc.^*		2,379		100,679
Medifast, Inc.		951		98,552
Arrowhead Pharmaceuticals, Inc.^*		3,190		89,894
Career Education Corp.^*		5,640		89,620
Inter Parfums, Inc.		1,242		86,902
Luminex Corp.		4,190		86,523
WD-40 Co.		470		86,264
Supernus Pharmaceuticals, Inc.^*		3,011		82,742
Neogen Corp.^*		1,169		79,620
Eagle Pharmaceuticals, Inc.^*		1,406		79,537
AngioDynamics, Inc.^*		4,255		78,377
Cardtronics plc — Class A^*		2,150		65,016
Innoviva, Inc.^*		5,836		61,512
Integer Holdings Corp.^*		812		61,355
HMS Holdings Corp.^*		1,700		58,590
Harsco Corp.^*		3,039		57,619
Ensign Group, Inc.		1,118		53,027
Corcept Therapeutics, Inc.^*		3,720		52,582
Monro, Inc.		660		52,147
Heska Corp.^*		680		48,192
CorVel Corp.^*		621		47,010
Care.com, Inc.^*		4,480		46,816
Addus HomeCare Corp.^*		490		38,847
AMN Healthcare Services, Inc.^*		671		38,623
Strategic Education, Inc.		280		38,046
Amphastar Pharmaceuticals, Inc.^*		1,840		36,487
American Public Education, Inc.^*		1,615		36,079
Surmodics, Inc.^*		737		33,710
CryoLife, Inc.^*		1,100		29,865
REGENXBIO, Inc.^*		800		28,480
Forrester Research, Inc.		690		22,177
Tivity Health, Inc.^*		1,240		20,621
Spectrum Pharmaceuticals, Inc.^*		2,470		20,489
Merit Medical Systems, Inc.^*		669		20,378
Endo International plc^*		6,190		19,870
BioTelemetry, Inc.^*		482		19,632
Vanda Pharmaceuticals, Inc.^*		1,460		19,389
Meridian Bioscience, Inc.		1,740		16,513
Total Consumer, Non-cyclical				3,073,958
Financial - 16.5%
Innovative Industrial Properties, Inc. REIT¹		1,720		158,876
Agree Realty Corp. REIT		1,570		114,845
RLI Corp.		1,030		95,697
Four Corners Property Trust, Inc. REIT		3,286		92,928
Redwood Trust, Inc. REIT		4,890		80,245
eHealth, Inc.^*		1,150		76,808
Armada Hoffler Properties, Inc. REIT		4,140		74,893
United Fire Group, Inc.		1,524		71,598
Old National Bancorp		4,126		70,988
Triumph Bancorp, Inc.^*		2,210		70,477
Blucora, Inc.^*		3,075		66,543
HCI Group, Inc.		1,490		62,640
Independent Bank Corp.		838		62,557
LegacyTexas Financial Group, Inc.		1,435		62,466
Easterly Government Properties, Inc. REIT		2,862		60,961
Urstadt Biddle Properties, Inc. — Class A REIT		2,250		53,325
Community Bank System, Inc.		850		52,436
Universal Insurance Holdings, Inc.		1,700		50,983
Marcus & Millichap, Inc.^*		1,340		47,556
City Holding Co.		610		46,512
Washington Prime Group, Inc. REIT¹		10,534		43,611
Community Healthcare Trust, Inc. REIT		950		42,322
Seacoast Banking Corporation of Florida^*		1,540		38,977
National Storage Affiliates Trust REIT		1,099		36,674
Glacier Bancorp, Inc.		830		33,582
Westamerica Bancorporation		520		32,334
Total Financial				1,700,834
Consumer, Cyclical - 16.0%
Shake Shack, Inc. — Class A^*		2,593		254,218
Wingstop, Inc.		1,524		133,015
Regis Corp.^*		4,700		95,034
Guess?, Inc.		5,120		94,874
Shoe Carnival, Inc.		2,872		93,081
Sleep Number Corp.^*		2,211		91,359
Cavco Industries, Inc.^*		404		77,604
iRobot Corp.^*,1		1,221		75,299
BJ's Restaurants, Inc.		1,930		74,961
Allegiant Travel Co. — Class A		485		72,585
Marcus Corp.		1,930		71,429
UniFirst Corp.		300		58,536
Mobile Mini, Inc.		1,543		56,875
Crocs, Inc.^*		1,980		54,965
Dorman Products, Inc.^*		690		54,883
Children's Place, Inc.		700		53,893
Ruth's Hospitality Group, Inc.		2,502		51,078
Kontoor Brands, Inc.		1,210		42,471
El Pollo Loco Holdings, Inc.^*		3,636		39,850
Dave & Buster's Entertainment, Inc.		946		36,847
Dine Brands Global, Inc.		480		36,413
Tailored Brands, Inc.¹		7,020		30,888
Total Consumer, Cyclical				1,650,158
Industrial - 10.5%
KEMET Corp.		7,874		143,149
SPX Corp.^*		2,800		112,028
DXP Enterprises, Inc.^*		2,670		92,703
Matson, Inc.		2,360		88,524
Vicor Corp.^*		2,934		86,612

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Industrial - 10.5% (continued)
Franklin Electric Company, Inc.		1,530	$	73,149
Exponent, Inc.		910		63,609
AeroVironment, Inc.^*		1,068		57,202
Mesa Laboratories, Inc.		240		57,065
Proto Labs, Inc.^*		553		56,461
ESCO Technologies, Inc.		690		54,896
Albany International Corp. — Class A		608		54,817
Aerojet Rocketdyne Holdings, Inc.^*		852		43,035
US Ecology, Inc.		560		35,806
National Presto Industries, Inc.		380		33,854
Raven Industries, Inc.		995		33,293
Total Industrial				1,086,203
Technology - 9.1%
Nanometrics, Inc.^*		4,200		137,004
SPS Commerce, Inc.^*		2,280		107,320
Tabula Rasa HealthCare, Inc.^*,1		1,856		101,969
Cabot Microelectronics Corp.		661		93,340
Bottomline Technologies DE, Inc.^*		2,010		79,093
Unisys Corp.^*		9,470		70,362
CTS Corp.		1,920		62,131
Agilysys, Inc.^*		2,410		61,720
Brooks Automation, Inc.		1,544		57,174
Omnicell, Inc.^*		785		56,732
Virtusa Corp.^*		1,269		45,709
3D Systems Corp.^*,1		4,930		40,180
NextGen Healthcare, Inc.^*		1,922		30,118
Total Technology				942,852
Energy - 8.6%
Renewable Energy Group, Inc.^*,1		7,340		110,137
QEP Resources, Inc.		23,970		88,689
Callon Petroleum Co.^*		19,110		82,938
DMC Global, Inc.¹		1,780		78,284
Valaris plc		16,090		77,393
Archrock, Inc.		6,910		68,893
Denbury Resources, Inc.^*		55,760		66,354
SunCoke Energy, Inc.^*		11,320		63,845
Penn Virginia Corp.^*		2,190		63,663
HighPoint Resources Corp.^*		39,442		62,713
ProPetro Holding Corp.^*		6,320		57,449
Carrizo Oil & Gas, Inc.^*		4,330		37,173
KLX Energy Services Holdings, Inc.^*		4,131		35,712
Total Energy				893,243
Communications - 6.3%
Perficient, Inc.^*		4,620		178,240
Iridium Communications, Inc.^*		4,798		102,101
Liquidity Services, Inc.^*		9,378		69,397
Harmonic, Inc.^*		8,277		54,463
8x8, Inc.^*		2,110		43,719
EW Scripps Co. — Class A		3,270		43,426
Viavi Solutions, Inc.^*		3,000		42,015
QuinStreet, Inc.^*		3,210		40,414
Stamps.com, Inc.^*		529		39,384
ATN International, Inc.		660		38,524
Total Communications				651,683
Basic Materials - 2.7%
Kaiser Aluminum Corp.		1,080		106,888
Innospec, Inc.		950		84,683
Hawkins, Inc.		1,530		65,025
Quaker Chemical Corp.		160		25,302
Total Basic Materials				281,898
Total Common Stocks
(Cost $8,617,600)				10,280,829

SECURITIES LENDING COLLATERAL^†,2 - 4.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%³		414,057		414,057
Total Securities Lending Collateral
(Cost $414,057)				414,057
Total Investments - 103.4%
(Cost $9,031,657)			$	10,694,886
Other Assets & Liabilities, net - (3.4)%				(348,057	)
Total Net Assets - 100.0%			$	10,346,829

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
¹	All or a portion of this security is on loan at September 30, 2019 — See Note 5.
²	Securities lending collateral — See Note 5.
³	Rate indicated is the 7-day yield as of September 30, 2019.

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, 2019 (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	$	10,280,829	$	—	$	—	$	10,280,829
Securities Lending Collateral		414,057		—		—		414,057
Total Assets	$	10,694,886	$	—	$	—	$	10,694,886

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.3%
Consumer, Cyclical - 38.8%
Sonic Automotive, Inc. — Class A		8,475	$	266,200
Group 1 Automotive, Inc.		2,226		205,482
William Lyon Homes — Class A^*		10,010		203,804
M/I Homes, Inc.^*		5,135		193,333
Hibbett Sports, Inc.^*		8,086		185,169
Meritage Homes Corp.^*		2,570		180,799
Century Communities, Inc.^*		5,900		180,717
GMS, Inc.^*		6,160		176,915
Lithia Motors, Inc. — Class A		1,105		146,280
Winnebago Industries, Inc.		3,420		131,157
MDC Holdings, Inc.		2,573		110,896
Genesco, Inc.^*		2,381		95,288
Zumiez, Inc.^*		2,915		92,333
Cato Corp. — Class A		5,115		90,075
Anixter International, Inc.^*		1,302		89,994
Vitamin Shoppe, Inc.^*		13,551		88,353
American Axle & Manufacturing Holdings, Inc.^*		10,299		84,658
Red Robin Gourmet Burgers, Inc.^*		2,520		83,815
Conn's, Inc.^*		2,940		73,088
ScanSource, Inc.^*		2,356		71,976
Chico's FAS, Inc.		17,814		71,790
Core-Mark Holding Company, Inc.		2,131		68,437
Express, Inc.^*		19,735		67,888
LGI Homes, Inc.^*		790		65,823
Wabash National Corp.		4,410		63,989
Office Depot, Inc.		36,280		63,671
Veritiv Corp.^*		3,273		59,176
Abercrombie & Fitch Co. — Class A		3,686		57,502
Lumber Liquidators Holdings, Inc.^*,1		5,690		56,160
MarineMax, Inc.^*		3,566		55,202
EZCORP, Inc. — Class A^*		8,319		53,699
Vista Outdoor, Inc.^*		8,216		50,857
Cooper-Standard Holdings, Inc.^*		1,211		49,506
Haverty Furniture Companies, Inc.		2,332		47,270
Big Lots, Inc.		1,840		45,080
J.C. Penney Company, Inc.^*		48,106		42,762
Caleres, Inc.		1,702		39,844
Ethan Allen Interiors, Inc.		1,700		32,470
Titan International, Inc.		11,543		31,166
SkyWest, Inc.		542		31,111
Unifi, Inc.^*		1,409		30,885
Signet Jewelers Ltd.		1,820		30,503
PriceSmart, Inc.		400		28,440
Vera Bradley, Inc.^*		2,763		27,906
Bloomin' Brands, Inc.		1,394		26,389
Motorcar Parts of America, Inc.^*		1,514		25,586
Cooper Tire & Rubber Co.		966		25,232
G-III Apparel Group Ltd.^*		930		23,966
Barnes & Noble Education, Inc.^*		6,940		21,653
Fossil Group, Inc.^*		1,652		20,666
GameStop Corp. — Class A¹		2,166		11,956
Total Consumer, Cyclical				4,076,917
Industrial - 19.1%
Griffon Corp.		9,310		195,231
Boise Cascade Co.		3,575		116,509
TTM Technologies, Inc.^*		8,520		103,901
Universal Forest Products, Inc.		2,600		103,688
Lydall, Inc.^*		3,811		94,932
Olympic Steel, Inc.		6,591		94,910
Benchmark Electronics, Inc.		2,906		84,448
Sanmina Corp.^*		2,513		80,692
MYR Group, Inc.^*		2,370		74,157
Arcosa, Inc.		1,950		66,709
ArcBest Corp.		2,182		66,442
Echo Global Logistics, Inc.^*		2,933		66,432
Patrick Industries, Inc.^*		1,440		61,747
TopBuild Corp.^*		620		59,787
US Concrete, Inc.^*		1,070		59,150
Ichor Holdings Ltd.^*		2,403		58,105
Aegion Corp. — Class A^*		2,644		56,529
TimkenSteel Corp.^*		8,914		56,069
SEACOR Holdings, Inc.^*		1,140		53,660
CIRCOR International, Inc.^*		1,260		47,313
Atlas Air Worldwide Holdings, Inc.^*		1,826		46,070
Powell Industries, Inc.		1,024		40,090
Greenbrier Companies, Inc.		1,272		38,313
Comtech Telecommunications Corp.		1,147		37,278
Encore Wire Corp.		579		32,586
SPX FLOW, Inc.^*		750		29,595
Briggs & Stratton Corp.		4,769		28,900
Mueller Industries, Inc.		990		28,393
Astec Industries, Inc.		910		28,301
Tredegar Corp.		1,359		26,528
Apogee Enterprises, Inc.		670		26,123
Bel Fuse, Inc. — Class B		1,487		22,350
Matthews International Corp. — Class A		620		21,942
Total Industrial				2,006,880
Consumer, Non-cyclical - 13.5%
Kelly Services, Inc. — Class A		5,412		131,079
Fresh Del Monte Produce, Inc.		3,520		120,067
Magellan Health, Inc.^*		1,749		108,613
United Natural Foods, Inc.^*		9,280		106,906
Cross Country Healthcare, Inc.^*		9,427		97,098
ABM Industries, Inc.		2,670		96,974
Rent-A-Center, Inc.		3,430		88,460
Seneca Foods Corp. — Class A^*		2,701		84,217
SpartanNash Co.		6,225		73,642
Andersons, Inc.		3,029		67,941
Lannett Company, Inc.^*		6,060		67,872
Invacare Corp.		7,932		59,490
Quanex Building Products Corp.		2,810		50,805
TrueBlue, Inc.^*		2,300		48,530
Team, Inc.^*		2,569		46,370
Universal Corp.		703		38,531
Owens & Minor, Inc.		6,000		34,860
Dean Foods Co.¹		19,843		23,018
Diplomat Pharmacy, Inc.^*		4,247		20,810
Select Medical Holdings Corp.^*		1,220		20,215
Central Garden & Pet Co. — Class A^*		560		15,526
Assertio Therapeutics, Inc.^*		8,046		10,299

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Consumer, Non-cyclical - 13.5% (continued)
Central Garden & Pet Co.^*		140	$	4,092
Total Consumer, Non-cyclical				1,415,415
Financial - 8.9%
Realogy Holdings Corp.¹		14,630		97,728
Encore Capital Group, Inc.^*		2,824		94,110
INTL FCStone, Inc.^*		1,987		81,586
iStar, Inc. REIT		5,510		71,905
Ambac Financial Group, Inc.^*		3,520		68,816
Customers Bancorp, Inc.^*		2,590		53,717
Stewart Information Services Corp.		1,117		43,328
Third Point Reinsurance Ltd.^*		3,740		37,363
Opus Bank		1,625		35,376
Summit Hotel Properties, Inc. REIT		2,990		34,684
Invesco Mortgage Capital, Inc. REIT		2,085		31,921
Horace Mann Educators Corp.		685		31,736
PRA Group, Inc.^*		930		31,425
CBL & Associates Properties, Inc. REIT		23,857		30,776
PennyMac Mortgage Investment Trust REIT		1,332		29,610
Capstead Mortgage Corp. REIT		3,879		28,511
Pacific Premier Bancorp, Inc.		780		24,328
Hope Bancorp, Inc.		1,666		23,890
Xenia Hotels & Resorts, Inc. REIT		1,130		23,866
Hersha Hospitality Trust REIT		1,520		22,618
Apollo Commercial Real Estate Finance, Inc. REIT		1,082		20,742
Cedar Realty Trust, Inc. REIT		6,806		20,418
Total Financial				938,454
Energy - 6.9%
Par Pacific Holdings, Inc.^*		4,296		98,206
Green Plains, Inc.		6,505		68,921
US Silica Holdings, Inc.		6,243		59,683
Range Resources Corp.		15,330		58,561
Helix Energy Solutions Group, Inc.^*		6,626		53,405
REX American Resources Corp.^*		674		51,446
McDermott International, Inc.^*,1		25,300		51,106
SM Energy Co.		4,550		44,089
Newpark Resources, Inc.^*		5,000		38,100
SRC Energy, Inc.^*		7,632		35,565
Laredo Petroleum, Inc.^*		12,821		30,899
C&J Energy Services, Inc.^*		2,872		30,817
Matrix Service Co.^*		1,509		25,864
Exterran Corp.^*		1,500		19,590
Oil States International, Inc.^*		1,452		19,312
Diamond Offshore Drilling, Inc.^*		3,412		18,971
Gulfport Energy Corp.^*		6,300		17,073
Ring Energy, Inc.^*		3,528		5,786
Total Energy				727,394
Basic Materials - 6.2%
PH Glatfelter Co.		8,401		129,291
Kraton Corp.^*		3,420		110,432
Clearwater Paper Corp.^*		4,236		89,464
Mercer International, Inc.		5,710		71,604
Century Aluminum Co.^*		9,830		65,222
Koppers Holdings, Inc.^*		1,760		51,410
Rayonier Advanced Materials, Inc.		8,594		37,212
Schweitzer-Mauduit International, Inc.		890		33,322
Innophos Holdings, Inc.		1,020		33,109
AdvanSix, Inc.^*		1,259		32,381
Total Basic Materials				653,447
Technology - 4.3%
Ultra Clean Holdings, Inc.^*		13,970		204,451
Insight Enterprises, Inc.^*		1,688		94,004
Photronics, Inc.^*		4,874		53,029
Pitney Bowes, Inc.		6,670		30,482
Sykes Enterprises, Inc.^*		906		27,760
Donnelley Financial Solutions, Inc.^*		1,670		20,574
TiVo Corp.		2,510		19,114
Total Technology				449,414
Communications - 1.6%
Gannett Company, Inc.		7,720		82,913
New Media Investment Group, Inc.¹		5,075		44,711
Digi International, Inc.^*		2,230		30,373
Frontier Communications Corp.^*		11,365		9,853
Total Communications				167,850
Total Common Stocks
(Cost $8,955,576)				10,435,771

RIGHTS^†††,2 - 0.0%
A Schulman, Inc.^*		1,164		–
Total Rights
(Cost $–)				–

		Face Amount
REPURCHASE AGREEMENTS^††,3 - 0.7%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	44,304		44,304
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		14,247		14,247
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		12,822		12,822
Total Repurchase Agreements
(Cost $71,373)				71,373

		Shares
SECURITIES LENDING COLLATERAL^†,4 - 1.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁵		157,570		157,570
Total Securities Lending Collateral
(Cost $157,570)				157,570
Total Investments - 101.5%
(Cost $9,184,519)			$	10,664,714
Other Assets & Liabilities, net - (1.5)%				(152,359	)
Total Net Assets - 100.0%			$	10,512,355

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 — See Note 5.
²	Security was fair valued by the Valuation Committee at September 30, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets.
³	Repurchase Agreements — See Note 4.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of September 30, 2019.

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, 2019 (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	$	10,435,771	$	—	$	—		$	10,435,771
Rights		—		—		—	*		—
Repurchase Agreements		—		71,373		—			71,373
Securities Lending Collateral		157,570		—		—			157,570
Total Assets	$	10,593,341	$	71,373	$	—		$	10,664,714

^*	Security has a market value of $0.

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 53.4%
Guggenheim Strategy Fund II¹		32,634	$	810,297
Guggenheim Ultra Short Duration Fund — Institutional Class¹		81,217		808,918
Total Mutual Funds
(Cost $1,615,538)				1,619,215

		Face Amount
FEDERAL AGENCY NOTES^†† - 9.9%
Fannie Mae
1.10% due 10/17/19	$	200,000		199,922
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20²		100,000		100,000
Total Federal Agency Notes
(Cost $299,902)				299,922

FEDERAL AGENCY DISCOUNT NOTES^†† - 3.3%
Federal Home Loan Bank
1.78% due 10/02/19³		100,000		99,995
Total Federal Agency Discount Notes
(Cost $99,995)				99,995

U.S. TREASURY BILLS^†† - 2.8%
U.S. Treasury Bills
1.93% due 10/29/19^3,4		85,000		84,877
Total U.S. Treasury Bills
(Cost $84,870)				84,877

REPURCHASE AGREEMENTS^††,5 - 29.8%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19		561,463		561,463
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		180,548		180,548
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		162,493		162,493
Total Repurchase Agreements
(Cost $904,504)				904,504
Total Investments - 99.2%
(Cost $3,004,809)			$	3,008,513
Other Assets & Liabilities, net - 0.8%				24,768
Total Net Assets - 100.0%			$	3,033,281

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 2019

5,051,550

44,225

Total Return Swap Agreements

Counterparty

Index

Financing
Rate Pay
(Receive)

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Currency Index Swap Agreements^††

Goldman Sachs International

U.S. Dollar Index

N/A

At Maturity

12/18/19

10,611

1,050,267

7,224

^**	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, 2019. 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, 2019.
⁵	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	1,619,215	$	—	$	—	$	1,619,215
Federal Agency Notes		—		299,922		—		299,922
Federal Agency Discount Notes		—		99,995		—		99,995
U.S. Treasury Bills		—		84,877		—		84,877
Repurchase Agreements		—		904,504		—		904,504
Currency Futures Contracts**		44,225		—		—		44,225
Currency Index Swap Agreements**		—		7,224		—		7,224
Total Assets	$	1,663,440	$	1,396,522	$	—	$	3,059,962

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,112,218	$	498,028	$	(800,000	)	$	(3,493	)	$	3,544	$	810,297		32,634	$	18,159
Guggenheim Ultra Short Duration Fund — Institutional Class		941,620		717,374		(850,000	)		(2,179	)		2,103		808,918		81,217		17,473
	$	2,053,838	$	1,215,402	$	(1,650,000	)	$	(5,672	)	$	5,647	$	1,619,215			$	35,632

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.7%
Software - 28.6%
Microsoft Corp.		6,661	$	926,079
Oracle Corp.		7,174		394,785
Adobe, Inc.^*		1,214		335,367
salesforce.com, Inc.^*		2,201		326,716
Fidelity National Information Services, Inc.		1,963		260,608
Fiserv, Inc.^*		2,318		240,122
Intuit, Inc.		897		238,548
VMware, Inc. — Class A		1,538		230,792
ServiceNow, Inc.^*		767		194,703
Activision Blizzard, Inc.		3,464		183,315
Workday, Inc. — Class A^*		1,055		179,308
Autodesk, Inc.^*		1,102		162,765
Paychex, Inc.		1,897		157,015
Electronic Arts, Inc.^*		1,575		154,067
Synopsys, Inc.^*		952		130,662
ANSYS, Inc.^*		560		123,962
Cadence Design Systems, Inc.^*		1,862		123,041
NetEase, Inc. ADR		445		118,450
Splunk, Inc.^*		1,000		117,860
Akamai Technologies, Inc.^*		1,252		114,408
Atlassian Corporation plc — Class A^*		875		109,760
Twilio, Inc. — Class A^*,1		989		108,750
SS&C Technologies Holdings, Inc.		2,106		108,606
Broadridge Financial Solutions, Inc.		868		108,005
Take-Two Interactive Software, Inc.^*		846		106,038
Citrix Systems, Inc.		1,075		103,759
Paycom Software, Inc.^*		469		98,251
Jack Henry & Associates, Inc.		661		96,486
DocuSign, Inc.^*		1,514		93,747
Momo, Inc. ADR		2,889		89,501
PTC, Inc.^*		1,203		82,021
Aspen Technology, Inc.^*		665		81,848
Dropbox, Inc. — Class A^*		4,023		81,144
Coupa Software, Inc.^*		617		79,945
MongoDB, Inc.^*,1		604		72,770
CDK Global, Inc.		1,472		70,788
Total Software				6,203,992
Semiconductors - 20.3%
Intel Corp.		8,569		441,561
Texas Instruments, Inc.		2,468		318,964
NVIDIA Corp.		1,719		299,226
Broadcom, Inc.		1,071		295,671
QUALCOMM, Inc.		3,602		274,761
Applied Materials, Inc.		3,865		192,863
Micron Technology, Inc.^*		4,314		184,855
Analog Devices, Inc.		1,644		183,684
NXP Semiconductor N.V.		1,542		168,263
Lam Research Corp.		714		165,013
Advanced Micro Devices, Inc.^*		5,561		161,213
KLA Corp.		908		144,781
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,012		139,998
Xilinx, Inc.		1,437		137,808
Microchip Technology, Inc.		1,481		137,600
Marvell Technology Group Ltd.		4,660		116,360
Maxim Integrated Products, Inc.		1,981		114,720
Skyworks Solutions, Inc.		1,368		108,414
ASML Holding N.V. — Class G		434		107,814
Teradyne, Inc.		1,551		89,818
Qorvo, Inc.^*		1,155		85,632
Cypress Semiconductor Corp.		3,666		85,564
ON Semiconductor Corp.^*		4,244		81,527
IPG Photonics Corp.^*		586		79,462
Monolithic Power Systems, Inc.		485		75,481
Entegris, Inc.		1,547		72,802
Cree, Inc.^*		1,337		65,513
MKS Instruments, Inc.		696		64,227
Total Semiconductors				4,393,595
Internet - 17.1%
Alphabet, Inc. — Class A^*		687		838,923
Facebook, Inc. — Class A^*		3,541		630,581
Baidu, Inc. ADR^*		1,675		172,123
Twitter, Inc.^*		3,909		161,051
VeriSign, Inc.^*		718		135,436
Palo Alto Networks, Inc.^*		637		129,840
Shopify, Inc. — Class A^*		408		127,157
Match Group, Inc.¹		1,712		122,305
IAC/InterActiveCorp^*		551		120,101
CDW Corp.		965		118,927
Symantec Corp.		4,687		110,754
GoDaddy, Inc. — Class A^*		1,503		99,168
Weibo Corp. ADR^*		2,177		97,421
Okta, Inc.^*		978		96,294
Wix.com Ltd.^*		822		95,960
YY, Inc. ADR^*		1,604		90,193
Autohome, Inc. ADR^*		1,053		87,536
F5 Networks, Inc.^*		610		85,656
Proofpoint, Inc.^*		619		79,882
Zendesk, Inc.^*		1,088		79,293
Zillow Group, Inc. — Class C^*,1		2,446		72,940
TripAdvisor, Inc.^*		1,727		66,800
FireEye, Inc.^*		3,640		48,558
Yelp, Inc. — Class A^*		1,322		45,940
Total Internet				3,712,839
Computers - 13.0%
Apple, Inc.		4,144		928,132
International Business Machines Corp.		2,276		330,976
Accenture plc — Class A		1,042		200,429
Cognizant Technology Solutions Corp. — Class A		2,715		163,619
HP, Inc.		8,095		153,157
Hewlett Packard Enterprise Co.		8,639		131,054
Western Digital Corp.		1,996		119,041
Check Point Software Technologies Ltd.^*		1,049		114,866
Seagate Technology plc		2,109		113,443
Fortinet, Inc.^*		1,375		105,545
NetApp, Inc.		1,950		102,394
Amdocs Ltd.		1,307		86,406
DXC Technology Co.		2,666		78,647
Zscaler, Inc.^*		1,448		68,432
Nutanix, Inc. — Class A^*		2,496		65,520
Lumentum Holdings, Inc.^*		1,055		56,506
Total Computers				2,818,167

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Diversified Financial Services - 5.9%
Visa, Inc. — Class A		3,085	$	530,651
Mastercard, Inc. — Class A		1,754		476,334
Pagseguro Digital Ltd. — Class A^*		2,049		94,889
Western Union Co.		3,973		92,054
Alliance Data Systems Corp.		573		73,419
Total Diversified Financial Services				1,267,347
Commercial Services - 5.6%
PayPal Holdings, Inc.^*		3,067		317,710
Global Payments, Inc.		1,765		280,635
Automatic Data Processing, Inc.		1,511		243,906
Square, Inc. — Class A^*		2,499		154,813
FleetCor Technologies, Inc.^*		502		143,963
Sabre Corp.		3,166		70,903
Total Commercial Services				1,211,930
Telecommunications - 4.8%
Cisco Systems, Inc.		8,606		425,222
Motorola Solutions, Inc.		910		155,073
Corning, Inc.		5,063		144,397
Arista Networks, Inc.^*		516		123,283
Juniper Networks, Inc.		3,523		87,194
LogMeIn, Inc.		791		56,129
CommScope Holding Company, Inc.^*		3,876		45,582
Total Telecommunications				1,036,880
Electronics - 2.5%
Amphenol Corp. — Class A		1,633		157,584
TE Connectivity Ltd.		1,133		105,573
Trimble, Inc.^*		2,364		91,747
FLIR Systems, Inc.		1,461		76,834
Avnet, Inc.		1,428		63,525
Coherent, Inc.^*		361		55,493
Total Electronics				550,756
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A^*		460		94,930
Machinery-Diversified - 0.4%
Cognex Corp.		1,668		81,949
Advertising - 0.4%
Trade Desk, Inc. — Class A^*		430		80,647
Electrical Components & Equipment - 0.4%
Universal Display Corp.		463		77,737
Energy-Alternate Sources - 0.3%
First Solar, Inc.^*		1,119		64,913
Total Common Stocks
(Cost $10,542,486)				21,595,682

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	89,057		89,057
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		28,638		28,638
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		25,774		25,774
Total Repurchase Agreements
(Cost $143,469)				143,469

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		278,045		278,045
Total Securities Lending Collateral
(Cost $278,045)				278,045
Total Investments - 101.6%
(Cost $10,964,000)			$	22,017,196
Other Assets & Liabilities, net - (1.6)%				(348,734	)
Total Net Assets - 100.0%			$	21,668,462

^*	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, 2019 — 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, 2019.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	21,595,682	$	—	$	—	$	21,595,682
Repurchase Agreements		—		143,469		—		143,469
Securities Lending Collateral		278,045		—		—		278,045
Total Assets	$	21,873,727	$	143,469	$	—	$	22,017,196

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Telecommunications - 91.6%
AT&T, Inc.		10,133	$	383,433
Verizon Communications, Inc.		5,951		359,202
Cisco Systems, Inc.		6,747		333,369
T-Mobile US, Inc.^*		2,326		183,219
Motorola Solutions, Inc.		713		121,502
Sprint Corp.^*		17,854		110,159
Arista Networks, Inc.^*		404		96,524
CenturyLink, Inc.		6,641		82,880
Juniper Networks, Inc.		2,762		68,360
Ubiquiti, Inc.		548		64,806
Zayo Group Holdings, Inc.^*		1,900		64,410
GCI Liberty, Inc. — Class A^*		912		56,608
Ciena Corp.^*		1,437		56,374
ViaSat, Inc.^*		647		48,732
Vodafone Group plc ADR		2,224		44,280
EchoStar Corp. — Class A^*		1,109		43,939
Viavi Solutions, Inc.^*		2,871		40,208
Telephone & Data Systems, Inc.		1,522		39,268
America Movil SAB de CV — Class L ADR		2,625		39,008
Iridium Communications, Inc.^*		1,826		38,857
Acacia Communications, Inc.^*		580		37,932
China Mobile Ltd. ADR		913		37,798
BCE, Inc.		774		37,469
Intelsat S.A.^*		1,600		36,480
Vonage Holdings Corp.^*		3,196		36,115
Telefonica Brasil S.A. ADR		2,739		36,073
CommScope Holding Company, Inc.^*		3,038		35,727
TIM Participacoes S.A. ADR		2,363		33,933
KT Corp. ADR		2,999		33,919
Rogers Communications, Inc. — Class B¹		684		33,331
TELUS Corp.		933		33,233
SK Telecom Company Ltd. ADR		1,495		33,189
InterDigital, Inc.		552		28,963
Shenandoah Telecommunications Co.		892		28,339
Plantronics, Inc.		748		27,915
NETGEAR, Inc.^*		760		24,487
Total Telecommunications				2,810,041
Internet - 3.9%
F5 Networks, Inc.^*		479		67,261
Cogent Communications Holdings, Inc.		661		36,421
Boingo Wireless, Inc.^*		1,348		14,963
Total Internet				118,645
Computers - 2.4%
Lumentum Holdings, Inc.^*		827		44,294
NetScout Systems, Inc.^*		1,296		29,886
Total Computers				74,180
Software - 0.9%
Bandwidth, Inc. — Class A^*		407		26,499
Electronics - 0.7%
II-VI, Inc.^*		359		12,628
Applied Optoelectronics, Inc.^*		990		11,108
Total Electronics				23,736
Total Common Stocks
(Cost $2,253,870)				3,053,101

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.0%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	539		539
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		173		173
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		156		156
Total Repurchase Agreements
(Cost $868)				868

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		16,900		16,900
Total Securities Lending Collateral
(Cost $16,900)				16,900
Total Investments - 100.1%
(Cost $2,271,638)			$	3,070,869
Other Assets & Liabilities, net - (0.1)%				(4,160	)
Total Net Assets - 100.0%			$	3,066,709

^*	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, 2019 — 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, 2019.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	3,053,101	$	—	$	—	$	3,053,101
Repurchase Agreements		—		868		—		868
Securities Lending Collateral		16,900		—		—		16,900
Total Assets	$	3,070,001	$	868	$	—	$	3,070,869

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Transportation - 46.7%
Union Pacific Corp.		1,438	$	232,927
United Parcel Service, Inc. — Class B		1,895		227,059
CSX Corp.		2,365		163,824
Norfolk Southern Corp.		836		150,196
FedEx Corp.		982		142,950
Old Dominion Freight Line, Inc.		479		81,416
Kansas City Southern		604		80,338
Expeditors International of Washington, Inc.		1,056		78,450
J.B. Hunt Transport Services, Inc.		679		75,131
CH Robinson Worldwide, Inc.		870		73,759
Knight-Swift Transportation Holdings, Inc.		1,562		56,701
XPO Logistics, Inc.^*		785		56,182
Genesee & Wyoming, Inc. — Class A^*		501		55,366
Kirby Corp.^*		609		50,035
Landstar System, Inc.		414		46,608
Canadian Pacific Railway Ltd.		201		44,714
Canadian National Railway Co.		491		44,121
ZTO Express Cayman, Inc. ADR		1,982		42,276
Ryder System, Inc.		708		36,653
Werner Enterprises, Inc.		995		35,124
Saia, Inc.^*		359		33,638
Hub Group, Inc. — Class A^*		604		28,086
ArcBest Corp.		641		19,518
Atlas Air Worldwide Holdings, Inc.^*		761		19,200
Total Transportation				1,874,272
Airlines - 18.6%
Delta Air Lines, Inc.		2,316		133,402
Southwest Airlines Co.		2,182		117,850
United Airlines Holdings, Inc.^*		1,168		103,263
American Airlines Group, Inc.		2,723		73,439
Alaska Air Group, Inc.		959		62,249
JetBlue Airways Corp.^*		2,870		48,072
Ryanair Holdings plc ADR^*		634		42,085
Copa Holdings S.A. — Class A		381		37,624
SkyWest, Inc.		647		37,138
Spirit Airlines, Inc.^*		938		34,049
Allegiant Travel Co. — Class A		227		33,973
Hawaiian Holdings, Inc.		933		24,500
Total Airlines				747,644
Auto Manufacturers - 13.5%
General Motors Co.		4,206		157,641
Tesla, Inc.^*,1		588		141,632
Ford Motor Co.		14,565		133,415
Ferrari N.V.		250		38,522
Fiat Chrysler Automobiles N.V.		2,904		37,607
Tata Motors Ltd. ADR^*		4,133		34,676
Total Auto Manufacturers				543,493
Auto Parts & Equipment - 12.0%
Aptiv plc		761		66,527
BorgWarner, Inc.		1,689		61,952
Lear Corp.		504		59,422
Goodyear Tire & Rubber Co.		2,940		42,351
Magna International, Inc.		742		39,571
Autoliv, Inc.¹		492		38,809
Visteon Corp.^*		425		35,079
Delphi Technologies plc		2,410		32,294
Adient plc		1,403		32,213
Dana, Inc.		2,156		31,133
Tenneco, Inc. — Class A		1,781		22,298
American Axle & Manufacturing Holdings, Inc.^*		2,687		22,087
Total Auto Parts & Equipment				483,736
Commercial Services - 4.1%
AMERCO		153		59,676
Macquarie Infrastructure Corp.		1,022		40,338
Hertz Global Holdings, Inc.^*		2,320		32,109
Avis Budget Group, Inc.^*		1,118		31,595
Total Commercial Services				163,718
Leisure Time - 2.2%
Harley-Davidson, Inc.		1,492		53,667
Fox Factory Holding Corp.^*		550		34,232
Total Leisure Time				87,899
Electronics - 1.4%
Gentex Corp.		2,095		57,686
Home Builders - 1.0%
Thor Industries, Inc.		699		39,592
Total Common Stocks
(Cost $1,909,430)				3,998,040

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.0%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	249		249
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		80		80
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		72		72
Total Repurchase Agreements
(Cost $401)				401

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		130,094		130,094
Total Securities Lending Collateral
(Cost $130,094)				130,094
Total Investments - 102.7%
(Cost $2,039,925)			$	4,128,535
Other Assets & Liabilities, net - (2.7)%				(110,330	)
Total Net Assets - 100.0%			$	4,018,205

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

^*	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, 2019 — 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, 2019.

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, 2019 (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	$	3,998,040	$	—	$	—	$	3,998,040
Repurchase Agreements		—		401		—		401
Securities Lending Collateral		130,094		—		—		130,094
Total Assets	$	4,128,134	$	401	$	—	$	4,128,535

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
COMMON STOCKS^† - 99.5%
Electric - 82.5%
NextEra Energy, Inc.		5,452	$	1,270,261
Duke Energy Corp.		10,358		992,918
Southern Co.		15,409		951,814
Dominion Energy, Inc.		11,693		947,601
Exelon Corp.		16,818		812,478
American Electric Power Company, Inc.		8,578		803,673
Sempra Energy		5,260		776,429
Xcel Energy, Inc.		10,530		683,292
Consolidated Edison, Inc.		7,068		667,714
Public Service Enterprise Group, Inc.		10,679		662,952
WEC Energy Group, Inc.		6,822		648,772
Eversource Energy		7,359		628,974
Edison International		8,284		624,779
FirstEnergy Corp.		12,501		602,923
DTE Energy Co.		4,386		583,163
Entergy Corp.		4,907		575,885
PPL Corp.		17,844		561,908
Ameren Corp.		6,693		535,775
CMS Energy Corp.		7,912		505,972
Avangrid, Inc.		9,164		478,819
Evergy, Inc.		7,073		470,779
CenterPoint Energy, Inc.		15,407		464,983
Vistra Energy Corp.		15,980		427,145
Alliant Energy Corp.		7,860		423,890
AES Corp.		24,092		393,663
Pinnacle West Capital Corp.		3,984		386,727
NRG Energy, Inc.		9,563		378,695
OGE Energy Corp.		7,881		357,640
IDACORP, Inc.		2,505		282,238
Hawaiian Electric Industries, Inc.		5,864		267,457
Portland General Electric Co.		4,699		264,883
Black Hills Corp.		3,325		255,127
ALLETE, Inc.		2,883		252,003
PNM Resources, Inc.		4,652		242,276
PG&E Corp.^*		23,750		237,500
NorthWestern Corp.		3,063		229,878
Avista Corp.		4,428		214,492
Total Electric				19,865,478
Gas - 11.1%
Atmos Energy Corp.¹		3,805		433,352
NiSource, Inc.		13,259		396,709
UGI Corp.		7,617		382,907
ONE Gas, Inc.		2,775		266,705
Southwest Gas Holdings, Inc.		2,870		261,285
Spire, Inc.		2,860		249,506
New Jersey Resources Corp.		5,342		241,565
National Fuel Gas Co.		5,072		237,978
South Jersey Industries, Inc.		6,204		204,174
Total Gas				2,674,181
Water - 3.9%
American Water Works Company, Inc.		4,523		561,892
Aqua America, Inc.		8,178		366,620
Total Water				928,512
Building Materials - 1.2%
MDU Resources Group, Inc.		9,978		281,279
Energy-Alternate Sources - 0.8%
Pattern Energy Group, Inc. — Class A		7,053		189,937
Pipelines - 0.0%
Kinder Morgan, Inc.		1		21
Total Common Stocks
(Cost $14,673,388)				23,939,408

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.0%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19	$	152,905		152,905
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19		49,169		49,169
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19		44,253		44,253
Total Repurchase Agreements
(Cost $246,327)				246,327

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 1.83%⁴		145,858		145,858
Total Securities Lending Collateral
(Cost $145,858)				145,858
Total Investments - 101.1%
(Cost $15,065,573)			$	24,331,593
Other Assets & Liabilities, net - (1.1)%				(265,841	)
Total Net Assets - 100.0%			$	24,065,752

^*	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, 2019 — 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, 2019.

See Sector Classification in Other Information section.

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	23,939,408	$	—	$	—	$	23,939,408
Repurchase Agreements		—		246,327		—		246,327
Securities Lending Collateral		145,858		—		—		145,858
Total Assets	$	24,085,266	$	246,327	$	—	$	24,331,593

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

	Shares		Value
MUTUAL FUNDS^† - 50.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		15,211	$	151,504
Guggenheim Strategy Fund II¹		4,501		111,760
Total Mutual Funds
(Cost $261,938)				263,264

		Face Amount
FEDERAL AGENCY NOTES^†† - 9.5%
Farmer Mac
1.98% (U.S. Prime Rate - 3.02%, Rate Floor: 0.00%) due 09/01/20²	$	50,000		50,000
Total Federal Agency Notes
(Cost $50,000)				50,000

U.S. TREASURY BILLS^†† - 2.9%
U.S. Treasury Bills
1.93% due 10/29/19^3,4		15,000		14,978
Total U.S. Treasury Bills
(Cost $14,977)				14,978

REPURCHASE AGREEMENTS^††,5 - 32.3%
JPMorgan Chase & Co. issued 09/30/19 at 2.35% due 10/01/19⁶		105,472		105,472
Bank of America Merrill Lynch issued 09/30/19 at 2.28% due 10/01/19⁶		33,916		33,916
Barclays Capital issued 09/30/19 at 2.00% due 10/01/19⁶		30,525		30,525
Total Repurchase Agreements
(Cost $169,913)				169,913
Total Investments - 94.7%
(Cost $496,828)			$	498,155
Other Assets & Liabilities, net - 5.3%				28,077
Total Net Assets - 100.0%			$	526,232

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	9	Dec 2019	$	891,450	$	(7,853	)

Total Return Swap Agreements

Counterparty

Index

Financing
Rate Pay
(Receive)

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

N/A

At Maturity

12/18/19

1,743

172,527

(249

)

^**	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, 2019. 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	All or a portion of this security is pledged as futures collateral at September 30, 2019.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	All or a portion of this security is pledged as currency index swap collateral at September 30, 2019.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2019

The following table summarizes the inputs used to value the Fund's investments at September 30, 2019 (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	$	263,264	$	—	$	—	$	263,264
Federal Agency Notes		—		50,000		—		50,000
U.S. Treasury Bills		—		14,978		—		14,978
Repurchase Agreements		—		169,913		—		169,913
Total Assets	$	263,264	$	234,891	$	—	$	498,155

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	7,853	$	—	$	—	$	7,853
Currency Index Swap Agreements**		—		249		—		249
Total Liabilities	$	7,853	$	249	$	—	$	8,102

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

Affiliated Transactions

Transactions during the period ended September 30, 2019, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/18		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/19		Shares 09/30/19		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	212,172	$	219,443	$	(320,000	)	$	316	$	(171	)	$	111,760		4,501	$	3,969
Guggenheim Ultra Short Duration Fund — Institutional Class		132,622		263,803		(245,000	)		145		(66	)		151,504		15,211		3,817
	$	344,794	$	483,246	$	(565,000	)	$	461	$	(237	)	$	263,264			$	7,786

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization 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. The Trust is authorized to issue an unlimited number of no par value shares. 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:

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	Non-Diversified
Government Long Bond 1.2x Strategy Fund	Non-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	Non-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	Non-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

The consolidated schedules of investments include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant intercompany accounts and transactions have been eliminated in consolidation for the Funds.

The Funds may invest up to 25% of its total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investmentsconsistent 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 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 on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Open-end investment companies 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 either independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 values of over-the-counter ("OTC") swap agreements and credit default 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 that the swaps pertain to at the close of the NYSE.

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.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Investments, 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 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The Funds may utilize derivatives for the following purposes:

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

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 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. Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin payments or receipts are made or received by the Fund, depending on fluctuations in the fair value of the reference entity. 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 a 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 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 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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. The Funds enter into credit default swaps as a seller of protection primarily to gain exposure similar to the 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. 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 default occurs, an adjustment will be made to any upfront premiums that were received by a reduction of 1.00% per event. 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. 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.

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Foreign Investments

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

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:

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, 2019, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
Bank of America Merrill Lynch					U.S. Treasury Note
2.28%					2.13%
Due 10/01/19	$	15,288,050	$	15,289,018	08/31/20	$	15,529,100	$	15,593,878


Barclays Capital					U.S. Treasury Bond
2.00%					3.00%
Due 10/01/19		13,759,245		13,760,009	05/15/45		11,844,600		14,034,524


JPMorgan Chase & Co.					U.S. Treasury Bill
2.35%					0.00%
Due 10/01/19		47,542,399		47,545,502	08/13/20		800		788

					U.S. Treasury Note
					2.75%
					04/30/23		46,106,200		48,492,492
							46,107,000		48,493,280

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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.

At September 30, 2019, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Fund	Value of Securities Loaned		Collateral Received
Basic Materials Fund	$	123,491	$	124,524
Biotechnology Fund		316,282		326,227
Electronics Fund		72,409		73,008
Energy Fund		29,781		30,526
Energy Services Fund		85,534		88,004
Europe 1.25x Strategy Fund		10,503		11,237
Financial Services Fund		1,927		2,013
Health Care Fund		168,267		176,735
Internet Fund		302,328		307,341
Leisure Fund		39,075		39,214
Long Short Equity Fund		166,651		169,156
Mid-Cap 1.5x Strategy Fund		2,487		2,490
Multi-Hedge Strategies Fund		9,436		9,800
NASDAQ-100^® 2x Strategy Fund		127,457		131,339
NASDAQ-100^® Fund		114,716		118,242
Precious Metals Fund		633,805		680,472
Real Estate Fund		125,603		132,455
Retailing Fund		84,844		84,047	*
S&P MidCap 400^® Pure Growth Fund		404,770		403,128	*
S&P MidCap 400^® Pure Value Fund		272,072		263,761	*
S&P SmallCap 600^® Pure Growth Fund		399,714		414,057
S&P SmallCap 600^® Pure Value Fund		148,495		157,570
Technology Fund		275,139		278,045
Telecommunications Fund		16,471		16,900
Transportation Fund		127,255		130,094
Utilities Fund		142,590		145,858

^*	Subsequent to September 30, 2019, 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 for a period of three years after they are filed.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 Subsidiary which is expected to provide the Funds with exposure to the commodities markets within the limitations of the federal 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.

At September 30, 2019, 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 Unrealized Appreciation (Depreciation)
Banking Fund	$	4,544,350	$	1,077,111	$	(1,804	)	$	1,075,307
Basic Materials Fund		4,943,637		2,003,807		(55,067	)		1,948,740
Biotechnology Fund		10,839,051		8,830,609		(407,624	)		8,422,985
Commodities Strategy Fund		3,403,522		–		(249,224	)		(249,224	)
Consumer Products Fund		14,579,253		5,192,801		(65,711	)		5,127,090
Dow 2x Strategy Fund		14,277,675		366,324		(34,602	)		331,722
Electronics Fund		5,432,652		3,172,975		(41,225	)		3,131,750
Energy Fund		6,042,307		1,677,613		(371,093	)		1,306,520
Energy Services Fund		4,315,889		–		(1,450,571	)		(1,450,571	)
Europe 1.25x Strategy Fund		5,529,010		103,030		(69,675	)		33,355
Financial Services Fund		9,017,735		2,694,568		(15,445	)		2,679,123
Global Managed Futures Strategy Fund		16,174,162		506,591		(531,490	)		(24,899	)
Government Long Bond 1.2x Strategy Fund		12,046,577		–		(506,794	)		(506,794	)
Health Care Fund		8,728,785		8,113,933		(271,631	)		7,842,302
High Yield Strategy Fund		4,158,600		7,881		(19,353	)		(11,472	)
Internet Fund		5,128,560		3,349,473		(62,048	)		3,287,425
Inverse Dow 2x Strategy Fund		3,626,450		12,805		(996	)		11,809
Inverse Government Long Bond Strategy Fund		2,150,481		41,500		(1	)		41,499
Inverse Mid-Cap Strategy Fund		249,138		303		–			303
Inverse NASDAQ-100® Strategy Fund		1,188,277		3,926		–			3,926
Inverse Russell 2000® Strategy Fund		1,048,341		6,577		–			6,577
Inverse S&P 500® Strategy Fund		2,524,499		5,224		–			5,224
Japan 2x Strategy Fund		1,614,225		51,732		(10,217	)		41,515
Leisure Fund		2,596,815		1,518,078		(49,354	)		1,468,724
Long Short Equity Fund		27,696,042		2,447,015		(1,807,760	)		639,255
Mid-Cap 1.5x Strategy Fund		4,748,215		77,811		(24,011	)		53,800
Multi-Hedge Strategies Fund		27,127,866		3,120,394		(1,390,813	)		1,729,581
NASDAQ-100® 2x Strategy Fund		84,364,801		430,723		(672,524	)		(241,801	)
NASDAQ-100® Fund		61,290,368		13,790,395		(455,635	)		13,334,760
Nova Fund		37,927,618		–		(799,911	)		(799,911	)
Precious Metals Fund		16,354,948		2,953,633		(22,436	)		2,931,197
Real Estate Fund		14,022,713		3,277,150		(33,138	)		3,244,012
Retailing Fund		5,326,077		671,742		(71,933	)		599,809
Russell 2000® 1.5x Strategy Fund		5,297,107		–		(74,291	)		(74,291	)
Russell 2000® 2x Strategy Fund		3,196,824		–		(72,748	)		(72,748	)
S&P 500® 2x Strategy Fund		38,731,506		225,905		(93,588	)		132,317
S&P 500® Pure Growth Fund		29,511,227		9,385,814		(176,885	)		9,208,929
S&P 500® Pure Value Fund		33,373,748		3,653,446		(628,256	)		3,025,190
S&P MidCap 400® Pure Growth Fund		11,640,929		1,804,633		(537,961	)		1,266,672
S&P MidCap 400® Pure Value Fund		7,986,666		1,420,917		(428,423	)		992,494
S&P SmallCap 600® Pure Growth Fund		9,752,985		1,544,632		(602,731	)		941,901
S&P SmallCap 600® Pure Value Fund		10,424,741		839,493		(599,520	)		239,973
Strengthening Dollar 2x Strategy Fund		3,011,696		48,266		–			48,266
Technology Fund		12,627,614		9,447,889		(58,307	)		9,389,582
Telecommunications Fund		2,792,855		339,361		(61,347	)		278,014
Transportation Fund		2,368,106		1,779,676		(19,247	)		1,760,429
Utilities Fund		16,743,512		7,823,983		(235,902	)		7,588,081
Weakening Dollar 2x Strategy Fund		497,093		1,062		(8,102	)		(7,040	)

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.