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      <regCik>0001064046</regCik>
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      <regStreet1>702 King Farm Blvd., Suite 200</regStreet1>
      <regCity>Rockville</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>20850</regZipOrPostalCode>
      <regPhone>301-296-5100</regPhone>
      <seriesName>Global Managed Futures Strategy Fund</seriesName>
      <seriesId>S000023531</seriesId>
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      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-09-30</repPdDate>
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        </fundsDesignatedInfo>

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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minneapolis Grain Exchange</name>
        <lei>N/A</lei>
        <title>Red Spring Wheat Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MWZ2"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13796.47000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <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>
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                <identifiers>
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                  <other otherDesc="Physical Asset" value="Red Spring Wheat"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-14</expDate>
            <notionalAmt>182953.53000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>13796.47000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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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"/>
        </identifiers>
        <balance>4552.18500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109115.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>
        </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 Z2"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.89547000"/>
        <valUSD>-1731.68000000</valUSD>
        <pctVal>-0.00763103708</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">
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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>UK 10yr 4.0 %</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="UK 10yr 4.0 %"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-28</expDate>
            <notionalAmt>427768.24000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-1731.68000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>CME Random Length Lumber Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LBX2"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>10375.95000000</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>CME Random Length Lumber</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="CME Random Length Lumber"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-11-15</expDate>
            <notionalAmt>-57092.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>10375.95000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Endex</name>
        <lei>N/A</lei>
        <title>ECX Emission Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MOZ22"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02030000"/>
        <valUSD>-15949.27000000</valUSD>
        <pctVal>-0.07028404255</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>NL</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>ECX Emission</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="ECX Emission"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-19</expDate>
            <notionalAmt>85435.31000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-15949.27000000</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>Sugar #11 Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBK3"/>
        </identifiers>
        <balance>13.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4120.93000000</valUSD>
        <pctVal>-0.01815980414</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>Sugar</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Sugar"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-04-28</expDate>
            <notionalAmt>250330.53000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4120.93000000</unrealizedAppr>
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        </derivativeInfo>
        <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="IKZ2"/>
        </identifiers>
        <balance>12.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02030000"/>
        <valUSD>-7621.88000000</valUSD>
        <pctVal>-0.03358752709</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>
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            <payOffProf>Long</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>2022-12-08</expDate>
            <notionalAmt>1326996.60000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-7621.88000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cboe Futures Exchange</name>
        <lei>N/A</lei>
        <title>CBOE Volatility Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXH3"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-194.28000000</valUSD>
        <pctVal>-0.00085613848</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">
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Chicago Board Options Exchange SPX Volatility Index</indexName>
                <indexIdentifier>US12497K1007</indexIdentifier>
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            <expDate>2023-03-22</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>-194.28000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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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>
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        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BANK"/>
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        <balance>3342060.14000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3342060.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES, INC."/>
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          <isTriParty>Y</isTriParty>
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          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3831222.79000000</principalAmt>
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              <collateralVal>3408907.10000000</collateralVal>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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 Z2"/>
        </identifiers>
        <balance>8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>12635.37000000</valUSD>
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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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                  <cusip value="N/A"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Russell 2000 Index Mini Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYZ2"/>
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        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DE</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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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - Bund Futures Contracts</title>
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        <identifiers>
          <ticker value="RXZ2"/>
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        <currencyConditional curCd="EUR" exchangeRt="1.02030000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
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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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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>Euro - Schatz Futures Contracts</title>
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          <ticker value="DUZ2"/>
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        <balance>-26.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="1.02030000"/>
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        <isRestrictedSec>N</isRestrictedSec>

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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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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
        <title>Soybean Oil Futures Contracts</title>
        <cusip>N/A</cusip>
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          <ticker value="BOZ2"/>
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        <balance>5.00000000</balance>
        <units>NC</units>
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        <name>Commodity Exchange, Inc.</name>
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          <ticker value="HGZ2"/>
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        <name>Guggenheim Partners Investment Management LLC</name>
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          <ticker value="GFSCX"/>
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        <name>Eurex</name>
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          <ticker value="VGZ2"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>Singapore Exchange (was SIMEX)</name>
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          <ticker value="SCOX2"/>
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        <name>Chicago Board of Trade</name>
        <lei>N/A</lei>
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          <ticker value="DMZ2"/>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
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        <name>ICE Futures US Softs</name>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Board of Trade</name>
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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="US 5yr 6%"/>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>N/A</lei>
        <title>Cocoa Futures Contracts</title>
        <cusip>N/A</cusip>
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          <ticker value="CCZ2"/>
        </identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13407.45000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
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              </otherRefInst>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Lean Hogs Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHZ2"/>
        </identifiers>
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        <units>NC</units>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Live Cattle Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCJ3"/>
        </identifiers>
        <balance>-18.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>23874.09000000</valUSD>
        <pctVal>0.105206542846</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <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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                <issuerName>N/A</issuerName>
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                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Live Cattle"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-04-28</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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="COZ2"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-15621.08000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>GB</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>
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                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Brent Crude"/>
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              </otherRefInst>
            </descRefInstrmnt>
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        </derivativeInfo>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange (was SIMEX)</name>
        <lei>N/A</lei>
        <title>FTSE Taiwan Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TWTV2"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13026.20000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>SG</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Australian Dollar Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ADZ2"/>
        </identifiers>
        <balance>-23.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>92709.33000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
        <title>DAX Index Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GXZ2"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="1.02030000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
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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>Short</payOffProf>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Japanese Yen Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JYZ2"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Indices</name>
        <lei>N/A</lei>
        <title>MSCI EAFE Index Futures Contracts</title>
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        <identifiers>
          <ticker value="MFSZ2"/>
        </identifiers>
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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>
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          <ticker value="SFZ2"/>
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      <invstOrSec>
        <name>OMX Nordic Exchange Stockholm</name>
        <lei>N/A</lei>
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          <ticker value="QCV2"/>
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        <name>Eurex</name>
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          <ticker value="OATZ2"/>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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          <ticker value="LCZ2"/>
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        <name>Montreal Exchange</name>
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          <ticker value="PTZ2"/>
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        <name>Euronext Derivatives Paris</name>
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          <ticker value="CAZ2"/>
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      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
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          <ticker value="QSZ2"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LAX22"/>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>N/A</lei>
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          <ticker value="XBF3"/>
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        <name>Eurex</name>
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        <name>Commodity Exchange, Inc.</name>
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        <name>New York Mercantile Exchange</name>
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          <ticker value="XBZ2"/>
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        <name>Commodity Exchange, Inc.</name>
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        <name>Chicago Mercantile Exchange</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>N/A</lei>
        <title>Mexican Peso Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PEZ2"/>
        </identifiers>
        <balance>29.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4559.11000000</valUSD>
        <pctVal>-0.02009074279</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">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Mexican Peso</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Currency" value="Mexican Peso"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-19</expDate>
            <notionalAmt>714624.11000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-4559.11000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-10-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Jim Howley</ncom:signature>
      <ncom:signerName>Jim Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
