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        <valUSD>2950458.74000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Hong Kong Futures Exchange</name>
        <lei>N/A</lei>
        <title>HSCEI Index Futures Contracts</title>
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          <ticker value="HCF1"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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                <indexName>Hong Kong Stock Exchange Hang Seng China Enterprises Index</indexName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Strategy Fund II</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GFSBX"/>
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        <balance>4482.89500000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Euronext Derivatives Paris</name>
        <lei>N/A</lei>
        <title>CAC 40 10 Euro Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CFF1"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81840000"/>
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        <assetCat>DE</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>CAC 40 Index</indexName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASX Trade24</name>
        <lei>N/A</lei>
        <title>Australian Government 10 Year Bond Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XMH1"/>
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        <balance>40.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29680000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
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            <curCd>AUD</curCd>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>NY Harbor ULSD Futures Contracts</title>
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        <identifiers>
          <ticker value="HOG1"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-166.35000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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        <securityLending>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Gasoline RBOB Futures Contracts</title>
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        <identifiers>
          <ticker value="XBG1"/>
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        <balance>10.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Bloomberg 84 Octane RBOB Gasoline Prompt Month Spot Pipeline Px/New York Harbor</indexName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
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          <other otherDesc="Internal ID" value="REPO-BANK"/>
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        <curCd>USD</curCd>
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        <assetCat>RA</assetCat>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Ultra Short Duration Fund - Institutional Class</title>
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          <isin value="US40169J5231"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Strategy Fund III</title>
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        <identifiers>
          <ticker value="GFSCX"/>
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        <balance>95474.65500000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Japanese Yen Futures Contracts</title>
        <cusip>N/A</cusip>
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          <ticker value="JYH1"/>
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        <balance>17.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Singapore Exchange</name>
        <lei>N/A</lei>
        <title>FTSE Taiwan Index Futures Contracts</title>
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          <ticker value="TWTF1"/>
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        <name>New York Mercantile Exchange</name>
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          <ticker value="PLJ1"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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        <title>S&amp;P 500 Index Mini Futures Contracts</title>
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          <ticker value="ESH1"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
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          <ticker value="SIH1"/>
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        <balance>1.00000000</balance>
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            <payOffProf>Long</payOffProf>
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          <ticker value="YMH1"/>
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        <name>ICE Futures US Softs</name>
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          <ticker value="SBH1"/>
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        <name>ICE Futures US Softs</name>
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        <name>South African Futures Exchange</name>
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          <ticker value="XPH1"/>
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        <name>Euronext Derivatives Amsterdam</name>
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        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="BOH1"/>
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        <balance>8.00000000</balance>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Sugar #11 Futures Contracts</title>
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          <ticker value="SBK1"/>
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        <balance>57.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <name>Montreal Exchange</name>
        <lei>N/A</lei>
        <title>Canadian Government 10 Year Bond Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CNH1"/>
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        <balance>8.00000000</balance>
        <units>NC</units>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OMX Nordic Exchange Stockholm</name>
        <lei>N/A</lei>
        <title>OMX Stockholm 30 Index Futures Contracts</title>
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        <identifiers>
          <ticker value="QCF1"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
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        <assetCat>DE</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Lead Futures Contracts</title>
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          <ticker value="LLG1"/>
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        <balance>3.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Natural Gas Futures Contracts</title>
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          <ticker value="NGG21"/>
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        <balance>-6.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="KWH1"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="S H1"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
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          <ticker value="GCG1"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>Chicago Mercantile Exchange</name>
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          <ticker value="PEH1"/>
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        <name>London Metal Exchange</name>
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        <name>London Metal Exchange</name>
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          <ticker value="LXG1"/>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="NVH1"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="CDH1"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Copper Futures Contracts</title>
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          <ticker value="HGH1"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <cusip value="N/A"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 5 Year Note Futures Contracts</title>
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          <ticker value="FVH1"/>
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        <balance>29.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Coffee 'C' Futures Contracts</title>
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          <ticker value="KCH1"/>
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        <assetCat>DCO</assetCat>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro STOXX 50 Index Futures Contracts</title>
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          <ticker value="VGH1"/>
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        <assetCat>DE</assetCat>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>Eurex</name>
        <lei>N/A</lei>
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          <ticker value="DUH1"/>
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        <name>Montreal Exchange</name>
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          <ticker value="PTH1"/>
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        <name>TREASURY BILL</name>
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        <name>New York Mercantile Exchange</name>
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          <ticker value="NGH21"/>
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        <name>Chicago Mercantile Exchange</name>
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        <name>ICE Futures US Softs</name>
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        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
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        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13336.05000000</valUSD>
        <pctVal>-0.09817485711</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Bloomberg 84 Octane RBOB Gasoline Prompt Month Spot Pipeline Px/New York Harbor</indexName>
                <indexIdentifier>RBOB87PM</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-31</expDate>
            <notionalAmt>-436101.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-13336.05000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Cattle Feeder Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FCH1"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1996.74000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Cattle Feeder</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Cattle Feeder"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-25</expDate>
            <notionalAmt>-208190.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1996.74000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Corn Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="C H1"/>
        </identifiers>
        <balance>9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>23884.74000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Corn"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-12</expDate>
            <notionalAmt>194702.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>23884.74000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>NASDAQ-100 Index Mini Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NQH1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9361.37000000</valUSD>
        <pctVal>0.068914795769</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NASDAQ 100 Stock Index</indexName>
                <indexIdentifier>NDX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-19</expDate>
            <notionalAmt>248023.63000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9361.37000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Financials</name>
        <lei>N/A</lei>
        <title>Long Gilt Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="G H1"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73123000"/>
        <valUSD>-4533.38000000</valUSD>
        <pctVal>-0.03337299528</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>UK 10yr 4.0 %</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="UK 10yr 4.0 %"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-29</expDate>
            <notionalAmt>-540228.85000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-4533.38000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Variable Insurance Strategy Fund III</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GFSVX"/>
        </identifiers>
        <balance>171662.56300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4298430.58000000</valUSD>
        <pctVal>31.64338825930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - BTP Italian Government Bond Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IKH1"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81840000"/>
        <valUSD>-390.73000000</valUSD>
        <pctVal>-0.00287640357</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>BTP 10yr 6% (EUX)</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="BTP 10yr 6% (EUX)"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-08</expDate>
            <notionalAmt>-560691.29000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-390.73000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Lean Hogs Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHG1"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1283.08000000</valUSD>
        <pctVal>-0.00944554014</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME LEAN HOG INDEX</indexName>
                <indexIdentifier>IHX</indexIdentifier>
              </indexBasketInfo>
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            <expDate>2021-02-12</expDate>
            <notionalAmt>-26856.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1283.08000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYH1"/>
        </identifiers>
        <balance>46.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5300.77000000</valUSD>
        <pctVal>0.039022224521</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US 10yr 6%</issueTitle>
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                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="US 10yr 6%"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-22</expDate>
            <notionalAmt>6343417.98000000</notionalAmt>
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          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Live Cattle Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCM1"/>
        </identifiers>
        <balance>26.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>26885.17000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Live Cattle</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Live Cattle"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-30</expDate>
            <notionalAmt>1165734.83000000</notionalAmt>
            <curCd>USD</curCd>
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          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BARC"/>
        </identifiers>
        <balance>1229192.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1229192.77000000</valUSD>
        <pctVal>9.048843140008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.06000000</repurchaseRt>
          <maturityDt>2021-01-04</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1217390.84000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1253782.21000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>John Sullivan</ncom:signature>
      <ncom:signerName>John Sullivan</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
