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        <name>ICE Futures Europe Financials</name>
        <lei>N/A</lei>
        <title>Long Gilt Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="G Z1"/>
        </identifiers>
        <balance>-6.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74208000"/>
        <valUSD>15002.54000000</valUSD>
        <pctVal>0.139254643745</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>2021-12-29</expDate>
            <notionalAmt>-1048571.96000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>15002.54000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Platinum Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PLF2"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3058.43000000</valUSD>
        <pctVal>-0.02838856487</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>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Platinum</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Platinum"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-01-27</expDate>
            <notionalAmt>-93261.57000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3058.43000000</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="NQZ1"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-52457.70000000</valUSD>
        <pctVal>-0.48691610388</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>N/A</indexIdentifier>
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            <expDate>2021-12-17</expDate>
            <notionalAmt>933062.70000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-52457.70000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
        <title>Brent Crude Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="COZ1"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10525.05000000</valUSD>
        <pctVal>0.097694262982</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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>
                <issueTitle>Brent Crude</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Brent Crude"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-10-29</expDate>
            <notionalAmt>224344.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>10525.05000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. Morgan Securities LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-JP M"/>
        </identifiers>
        <balance>1307472.56000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1307472.56000000</valUSD>
        <pctVal>12.13605333166</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="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.05000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1304498.71000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1333624.14000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <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="LCZ1"/>
        </identifiers>
        <balance>12.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12670.29000000</valUSD>
        <pctVal>-0.11760653330</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>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>2021-12-31</expDate>
            <notionalAmt>616870.29000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-12670.29000000</unrealizedAppr>
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        </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 Strategy Fund II</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GFSBX"/>
        </identifiers>
        <balance>4529.03700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113180.63000000</valUSD>
        <pctVal>1.050550660727</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 - Bund Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RXZ1"/>
        </identifiers>
        <balance>12.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86320000"/>
        <valUSD>-11959.44000000</valUSD>
        <pctVal>-0.11100837302</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>DE</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>
                <issueTitle>Euro-Bund 10yr 6%</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="Euro-Bund 10yr 6%"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-12-08</expDate>
            <notionalAmt>2407841.47000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-11959.44000000</unrealizedAppr>
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        </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>Wheat Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="W Z1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>117.83000000</valUSD>
        <pctVal>0.001093706443</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">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Wheat</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Wheat"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-12-14</expDate>
            <notionalAmt>36169.67000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>117.83000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>New Zealand Dollar Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NVZ1"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-6535.07000000</valUSD>
        <pctVal>-0.06065898472</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</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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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
                  <other otherDesc="Currency" value="New Zealand Dollar"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-12-13</expDate>
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            <unrealizedAppr>-6535.07000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Coffee 'C' Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KCZ1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2753.10000000</valUSD>
        <pctVal>0.025554470089</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">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Coffee 'C'"/>
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              </otherRefInst>
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            <expDate>2021-12-20</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BANK"/>
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        <balance>508019.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508019.74000000</valUSD>
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        <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">
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          <isTriParty>Y</isTriParty>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>536887.72000000</principalAmt>
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              <collateralVal>518182.55000000</collateralVal>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro STOXX 50 Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="VGZ1"/>
        </identifiers>
        <balance>14.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86320000"/>
        <valUSD>-12682.34000000</valUSD>
        <pctVal>-0.11771838225</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>EURO STOXX 50 Price EUR</indexName>
                <indexIdentifier>EU0009658145</indexIdentifier>
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            <expDate>2021-12-17</expDate>
            <notionalAmt>675188.87000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-12682.34000000</unrealizedAppr>
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        </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>Soybean Meal Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SMZ1"/>
        </identifiers>
        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9019.00000000</valUSD>
        <pctVal>0.083714999723</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>ICE Futures US Softs</name>
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          <ticker value="CCZ1"/>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
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        <name>London Metal Exchange</name>
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        <name>Euronext Derivatives Amsterdam</name>
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        <name>Meff Renta Variable (Madrid)</name>
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        <lei>N/A</lei>
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        <name>ICE Futures Europe Financials</name>
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        <title>FTSE 100 Index Futures Contracts</title>
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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LEV1"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="WBSX1"/>
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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>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="WNZ1"/>
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        <balance>3.00000000</balance>
        <units>NC</units>
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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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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Cattle Feeder Futures Contracts</title>
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          <ticker value="FCF2"/>
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        <balance>-3.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Swiss Franc Futures Contracts</title>
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          <ticker value="SFZ1"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 Index Mini Futures Contracts</title>
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        <identifiers>
          <ticker value="ESZ1"/>
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        <balance>5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Russell 2000 Index Mini Futures Contracts</title>
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        <identifiers>
          <ticker value="RTYZ1"/>
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        <balance>3.00000000</balance>
        <units>NC</units>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="BOZ1"/>
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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="GXZ1"/>
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      <invstOrSec>
        <name>Eurex</name>
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          <ticker value="IKZ1"/>
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        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
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            </descRefInstrmnt>
            <expDate>2021-12-29</expDate>
            <notionalAmt>108703.05000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6078.05000000</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 2 Year Note Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TUZ1"/>
        </identifiers>
        <balance>-55.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4606.21000000</valUSD>
        <pctVal>-0.04275516896</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">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>US 2yr 6%</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="US 2yr 6%"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-12-31</expDate>
            <notionalAmt>-12099260.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4606.21000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Natural Gas Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGX21"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>69149.80000000</valUSD>
        <pctVal>0.641853363770</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>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Henry Hub Natural Gas Spot Price</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-10-27</expDate>
            <notionalAmt>163890.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>69149.80000000</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>173740.47100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4353936.20000000</valUSD>
        <pctVal>40.41354560118</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>ASX Trade24</name>
        <lei>N/A</lei>
        <title>SPI 200 Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XPZ1"/>
        </identifiers>
        <balance>5.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.38360000"/>
        <valUSD>-17029.64000000</valUSD>
        <pctVal>-0.15807033017</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/ASX 200</indexName>
                <indexIdentifier>N/A</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-12-16</expDate>
            <notionalAmt>676340.42000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>-17029.64000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Cotton #2 Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CTK2"/>
        </identifiers>
        <balance>25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>36410.19000000</valUSD>
        <pctVal>0.337961974250</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>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Cotton</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Cotton"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-05-06</expDate>
            <notionalAmt>1249214.81000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>36410.19000000</unrealizedAppr>
          </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>508019.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>508019.74000000</valUSD>
        <pctVal>4.715475373477</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>0.03000000</repurchaseRt>
          <maturityDt>2021-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>455095.13000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>518183.39000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>N/A</lei>
        <title>Nikkei 225 (OSE) Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NKZ1"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="111.29200000"/>
        <valUSD>-12152.53000000</valUSD>
        <pctVal>-0.11280064814</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Nikkei 225</indexName>
                <indexIdentifier>JP9010C00002</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-12-09</expDate>
            <notionalAmt>542332.62000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>-12152.53000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-11-01</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>
  <documents>XXXX</documents>
</edgarSubmission>
