NPORT-EX 2 fp0077686_nportex.htm RYDEX SERIES FUNDS NQ

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.7%
Banks - 91.5%
Wells Fargo & Co.		7,422	$	290,720
Bank of America Corp.		8,799		273,913
JPMorgan Chase & Co.		2,417		272,178
Citigroup, Inc.		5,026		231,146
PNC Financial Services Group, Inc.		1,319		208,099
U.S. Bancorp		4,512		207,642
Truist Financial Corp.		4,258		201,957
Bank of New York Mellon Corp.		3,479		145,109
M&T Bank Corp.		849		135,322
First Republic Bank		908		130,934
SVB Financial Group^*		317		125,212
Fifth Third Bancorp		3,629		121,934
State Street Corp.		1,920		118,368
Northern Trust Corp.		1,198		115,583
Regions Financial Corp.		5,707		107,006
Citizens Financial Group, Inc.		2,984		106,499
Huntington Bancshares, Inc.		8,779		105,611
KeyCorp		5,878		101,278
Signature Bank		505		90,501
First Horizon Corp.		4,113		89,910
ICICI Bank Ltd. ADR		4,970		88,168
First Citizens BancShares, Inc. — Class A		132		86,299
HDFC Bank Ltd. ADR		1,559		85,683
Toronto-Dominion Bank		1,229		80,598
Royal Bank of Canada		820		79,392
East West Bancorp, Inc.		1,206		78,149
Comerica, Inc.		1,051		77,122
HSBC Holdings plc ADR		2,359		77,068
Popular, Inc.		982		75,545
UBS Group AG		4,603		74,661
Bank of Montreal		769		73,955
Bank of Nova Scotia		1,249		73,953
Commerce Bancshares, Inc.		1,089		71,493
Western Alliance Bancorporation		1,000		70,600
Webster Financial Corp.		1,650		69,547
Canadian Imperial Bank of Commerce		1,431		69,461
Zions Bancorp North America		1,344		68,410
Cullen/Frost Bankers, Inc.		586		68,240
Prosperity Bancshares, Inc.		927		63,286
SouthState Corp.		817		63,032
Pinnacle Financial Partners, Inc.		849		61,391
First Financial Bankshares, Inc.		1,532		60,162
Synovus Financial Corp.		1,658		59,771
Glacier Bancorp, Inc.		1,234		58,516
BOK Financial Corp.		773		58,423
Valley National Bancorp		5,594		58,233
Wintrust Financial Corp.		717		57,468
First Interstate BancSystem, Inc. — Class A		1,490		56,784
United Bankshares, Inc.		1,598		56,042
Bank OZK		1,490		55,920
Cadence Bank		2,316		54,380
Old National Bancorp		3,605		53,318
UMB Financial Corp.		618		53,210
ServisFirst Bancshares, Inc.		674		53,192
Home BancShares, Inc.		2,473		51,364
FNB Corp.		4,633		50,314
Hancock Whitney Corp.		1,127		49,960
Independent Bank Corp.		623		49,485
Umpqua Holdings Corp.		2,932		49,170
Community Bank System, Inc.		746		47,207
CVB Financial Corp.		1,876		46,544
United Community Banks, Inc.		1,529		46,160
Eastern Bankshares, Inc.		2,499		46,131
PacWest Bancorp		1,716		45,749
Bank of Hawaii Corp.		604		44,938
Cathay General Bancorp		1,120		43,848
First Hawaiian, Inc.		1,924		43,694
BankUnited, Inc.		1,220		43,395
Texas Capital Bancshares, Inc.^*		809		42,586
Ameris Bancorp		1,055		42,390
Associated Banc-Corp.		2,285		41,724
Simmons First National Corp. — Class A		1,949		41,436
Atlantic Union Bankshares Corp.		1,210		41,043
Columbia Banking System, Inc.		1,346		38,563
Fulton Financial Corp.		2,650		38,292
Hilltop Holdings, Inc.		1,413		37,671
Silvergate Capital Corp. — Class A^*		616		32,974
Triumph Bancorp, Inc.^*		507		31,718
Customers Bancorp, Inc.^*		785		26,611
Total Banks				6,543,361
Diversified Financial Services - 4.3%
Capital One Financial Corp.		1,588		165,454
Apollo Global Management, Inc.		2,851		138,216
Total Diversified Financial Services				303,670
Insurance - 2.5%
Equitable Holdings, Inc.		3,092		80,608
Voya Financial, Inc.		1,062		63,221
Jackson Financial, Inc. — Class A		1,406		37,611
Total Insurance				181,440
Savings & Loans - 1.4%
New York Community Bancorp, Inc.		5,875		53,639
Pacific Premier Bancorp, Inc.		1,442		42,164
Total Savings & Loans				95,803
Total Common Stocks
(Cost $6,273,381)				7,124,274

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	23,653	$	23,653
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		9,212		9,212
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		9,120		9,120
Total Repurchase Agreements
(Cost $41,985)				41,985
Total Investments - 100.3%
(Cost $6,315,366)			$	7,166,259
Other Assets & Liabilities, net - (0.3)%				(18,186	)
Total Net Assets - 100.0%			$	7,148,073

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,124,274	$	—	$	—	$	7,124,274
Repurchase Agreements		—		41,985		—		41,985
Total Assets	$	7,124,274	$	41,985	$	—	$	7,166,259

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.0%
Chemicals - 46.4%
Sherwin-Williams Co.		5,531	$	1,238,446
Air Products and Chemicals, Inc.		4,835		1,162,721
Ecolab, Inc.		7,037		1,082,009
Dow, Inc.		18,521		955,869
International Flavors & Fragrances, Inc.		7,741		922,108
LyondellBasell Industries N.V. — Class A		9,723		850,374
DuPont de Nemours, Inc.		15,253		847,762
PPG Industries, Inc.		7,384		844,287
Albemarle Corp.		3,987		833,203
Linde plc		2,581		742,115
CF Industries Holdings, Inc.		7,564		648,462
Mosaic Co.		13,448		635,149
FMC Corp.		5,531		591,872
Westlake Corp.		5,901		578,416
Celanese Corp. — Class A		4,880		573,937
Eastman Chemical Co.		6,270		562,858
Nutrien Ltd.		6,994		557,352
RPM International, Inc.		6,599		519,473
Olin Corp.		9,373		433,782
Huntsman Corp.		13,919		394,604
Ashland Global Holdings, Inc.		3,822		393,857
Chemours Co.		12,001		384,272
Valvoline, Inc.		12,746		367,467
Axalta Coating Systems Ltd.^*		16,053		354,932
Balchem Corp.		2,668		346,146
Element Solutions, Inc.		18,726		333,323
Cabot Corp.		5,008		319,460
Sensient Technologies Corp.		3,782		304,678
HB Fuller Co.		4,726		284,552
Ingevity Corp.^*		4,036		254,833
Trinseo plc		5,169		198,800
Total Chemicals				18,517,119
Mining - 16.5%
Newmont Corp.		17,585		1,049,297
Freeport-McMoRan, Inc.		32,761		958,587
BHP Group Ltd. ADR¹		8,923		501,294
Rio Tinto plc ADR¹		7,870		480,070
Alcoa Corp.		9,386		427,814
Agnico Eagle Mines Ltd.		9,208		421,358
Royal Gold, Inc.		3,762		401,706
Teck Resources Ltd. — Class B		12,906		394,536
MP Materials Corp.^*		12,118		388,745
Wheaton Precious Metals Corp.		10,607		382,170
Franco-Nevada Corp.		2,825		371,714
Livent Corp.^*		14,453		327,939
Arconic Corp.^*		10,326		289,644
Compass Minerals International, Inc.		5,414		191,602
Total Mining				6,586,476
Packaging & Containers - 12.8%
Ball Corp.		11,307		777,582
Packaging Corporation of America		4,107		564,713
Crown Holdings, Inc.		5,731		528,226
Westrock Co.		12,609		502,343
Sealed Air Corp.		8,042		464,184
Berry Global Group, Inc.^*		8,171		446,464
AptarGroup, Inc.		4,196		433,069
Graphic Packaging Holding Co.		20,342		417,011
Sonoco Products Co.		6,918		394,603
Silgan Holdings, Inc.		8,324		344,197
O-I Glass, Inc.^*		16,636		232,904
Total Packaging & Containers				5,105,296
Iron & Steel - 8.9%
Nucor Corp.		7,645		798,214
Steel Dynamics, Inc.		8,139		538,395
Reliance Steel & Aluminum Co.		3,051		518,243
Cleveland-Cliffs, Inc.^*		28,188		433,250
ArcelorMittal S.A.¹		15,844		358,074
United States Steel Corp.		18,292		327,610
Commercial Metals Co.		9,333		308,922
Allegheny Technologies, Inc.^*		11,993		272,361
Total Iron & Steel				3,555,069
Building Materials - 6.7%
Vulcan Materials Co.		4,823		685,348
Martin Marietta Materials, Inc.		2,275		680,771
MDU Resources Group, Inc.		14,027		378,589
Louisiana-Pacific Corp.		6,439		337,468
Eagle Materials, Inc.		3,035		333,668
Summit Materials, Inc. — Class A^*		11,435		266,321
Total Building Materials				2,682,165
Biotechnology - 2.5%
Corteva, Inc.		18,465		999,695
Forest Products & Paper - 1.5%
International Paper Co.		14,754		617,160
Household Products & Housewares - 1.5%
Avery Dennison Corp.		3,705		599,728
Housewares - 0.9%
Scotts Miracle-Gro Co. — Class A		4,393		347,003
Distribution & Wholesale - 0.8%
Avient Corp.		7,713		309,137
Coal - 0.5%
Warrior Met Coal, Inc.		6,081		186,139
Total Common Stocks
(Cost $26,870,380)				39,504,987

EXCHANGE-TRADED FUNDS^† - 0.8%
VanEck Junior Gold Miners ETF	10,328	330,496
Total Exchange-Traded Funds
(Cost $443,979)		330,496

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	162,191	162,191
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		63,163	63,163
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		62,538	62,538
Total Repurchase Agreements
(Cost $287,892)			287,892

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 2.6%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		1,038,522	$	1,038,522
Total Securities Lending Collateral
(Cost $1,038,522)			$	1,038,522
Total Investments - 103.1%
(Cost $28,640,773)			$	41,161,897
Other Assets & Liabilities, net - (3.1)%				(1,231,130	)
Total Net Assets - 100.0%			$	39,930,767

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	39,504,987	$	—	$	—	$	39,504,987
Exchange-Traded Funds		330,496		—		—		330,496
Repurchase Agreements		—		287,892		—		287,892
Securities Lending Collateral		1,038,522		—		—		1,038,522
Total Assets	$	40,874,005	$	287,892	$	—	$	41,161,897

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.9%
Biotechnology - 74.1%
Amgen, Inc.		33,388	$	8,123,300
Gilead Sciences, Inc.		100,580		6,216,850
Vertex Pharmaceuticals, Inc.^*		21,857		6,159,084
Regeneron Pharmaceuticals, Inc.^*		9,748		5,762,335
Moderna, Inc.^*		39,617		5,659,288
Corteva, Inc.		80,993		4,384,961
Seagen, Inc.^*		24,157		4,274,340
Biogen, Inc.^*		19,297		3,935,430
Illumina, Inc.^*		20,037		3,694,021
Royalty Pharma plc — Class A		86,395		3,632,046
Alnylam Pharmaceuticals, Inc.^*		20,425		2,978,986
Horizon Therapeutics plc^*		37,124		2,961,010
Incyte Corp.^*		38,628		2,934,569
BioMarin Pharmaceutical, Inc.^*		34,611		2,868,214
BioNTech SE ADR		16,455		2,453,441
United Therapeutics Corp.^*		9,997		2,355,693
Biohaven Pharmaceutical Holding Company Ltd.^*		15,069		2,195,704
Sarepta Therapeutics, Inc.^*		26,005		1,949,335
Exelixis, Inc.^*		92,861		1,933,366
Halozyme Therapeutics, Inc.^*		39,270		1,727,880
Ionis Pharmaceuticals, Inc.^*		44,583		1,650,463
Novavax, Inc.^*,1		31,443		1,617,113
Mirati Therapeutics, Inc.^*		23,147		1,553,858
Denali Therapeutics, Inc.^*		52,602		1,548,077
Ultragenyx Pharmaceutical, Inc.^*		25,027		1,493,111
Apellis Pharmaceuticals, Inc.^*		32,963		1,490,587
Arrowhead Pharmaceuticals, Inc.^*		42,081		1,481,672
Intellia Therapeutics, Inc.^*		28,506		1,475,471
Guardant Health, Inc.^*		36,384		1,467,731
CRISPR Therapeutics AG^*,1		21,245		1,291,059
Blueprint Medicines Corp.^*		24,276		1,226,181
Beam Therapeutics, Inc.^*,1		31,487		1,218,862
Fate Therapeutics, Inc.^*		47,545		1,178,165
BioCryst Pharmaceuticals, Inc.^*		100,512		1,063,417
Iovance Biotherapeutics, Inc.^*		92,780		1,024,291
ChemoCentryx, Inc.^*		37,299		924,269
Emergent BioSolutions, Inc.^*		29,716		922,385
Veracyte, Inc.^*		43,440		864,456
NeoGenomics, Inc.^*		90,481		737,420
Cassava Sciences, Inc.^*,1		26,053		732,610
Editas Medicine, Inc.^*,1		55,717		659,132
Total Biotechnology				101,820,183
Pharmaceuticals - 16.8%
AbbVie, Inc.		77,199		11,823,799
AstraZeneca plc ADR		58,369		3,856,440
Viatris, Inc.		236,384		2,474,940
Neurocrine Biosciences, Inc.^*		22,736		2,216,305
Jazz Pharmaceuticals plc^*		11,909		1,857,923
Ironwood Pharmaceuticals, Inc. — Class A^*		81,167		935,856
Total Pharmaceuticals				23,165,263
Healthcare-Products - 4.8%
Bio-Techne Corp.		7,666		2,657,342
Exact Sciences Corp.^*		49,142		1,935,703
Natera, Inc.^*		36,692		1,300,365
CareDx, Inc.^*		35,070		753,304
Total Healthcare-Products				6,646,714
Healthcare-Services - 4.2%
ICON plc^*		9,594		2,079,020
Syneos Health, Inc.^*		27,917		2,001,090
Medpace Holdings, Inc.^*		10,876		1,627,811
Total Healthcare-Services				5,707,921
Total Common Stocks
(Cost $85,912,361)				137,340,081

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	149,812	149,812
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		58,342	58,342
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		57,764	57,764
Total Repurchase Agreements
(Cost $265,918)			265,918

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		2,627,203		2,627,203
Total Securities Lending Collateral
(Cost $2,627,203)				2,627,203
Total Investments - 102.0%
(Cost $88,805,482)			$	140,233,202
Other Assets & Liabilities, net - (2.0)%				(2,733,884	)
Total Net Assets - 100.0%			$	137,499,318

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	137,340,081	$	—	$	—	$	137,340,081
Repurchase Agreements		—		265,918		—		265,918
Securities Lending Collateral		2,627,203		—		—		2,627,203
Total Assets	$	139,967,284	$	265,918	$	—	$	140,233,202

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.9%
Food - 37.2%
Mondelez International, Inc. — Class A		43,445	$	2,697,500
General Mills, Inc.		26,799		2,021,984
Kraft Heinz Co.		52,069		1,985,912
Sysco Corp.		23,078		1,954,937
Hershey Co.		9,063		1,949,995
Tyson Foods, Inc. — Class A		18,918		1,628,083
Kroger Co.		33,943		1,606,522
Hormel Foods Corp.		31,060		1,471,002
Kellogg Co.		20,109		1,434,576
McCormick & Company, Inc.		16,184		1,347,318
Conagra Brands, Inc.		34,742		1,189,566
Campbell Soup Co.		23,030		1,106,591
J M Smucker Co.		8,413		1,076,948
Albertsons Companies, Inc. — Class A		38,000		1,015,360
Lamb Weston Holdings, Inc.		13,623		973,500
Performance Food Group Co.^*		17,595		809,018
US Foods Holding Corp.^*		25,467		781,328
Ingredion, Inc.		7,998		705,104
Flowers Foods, Inc.		26,008		684,531
Post Holdings, Inc.^*		8,171		672,882
Sanderson Farms, Inc.		2,935		632,580
Grocery Outlet Holding Corp.^*		13,568		578,404
Hostess Brands, Inc.^*		24,041		509,910
Sprouts Farmers Market, Inc.^*		17,845		451,835
TreeHouse Foods, Inc.^*		10,794		451,405
Hain Celestial Group, Inc.^*		17,719		420,649
Beyond Meat, Inc.^*,1		13,818		330,803
Total Food				30,488,243
Beverages - 26.1%
Coca-Cola Co.		76,839		4,833,942
PepsiCo, Inc.		26,384		4,397,157
Monster Beverage Corp.^*		22,075		2,046,353
Keurig Dr Pepper, Inc.		57,287		2,027,387
Constellation Brands, Inc. — Class A		8,381		1,953,276
Brown-Forman Corp. — Class B		23,696		1,662,511
Molson Coors Beverage Co. — Class B		18,684		1,018,465
Coca-Cola Europacific Partners plc		15,864		818,741
Anheuser-Busch InBev S.A. ADR		13,607		734,098
Celsius Holdings, Inc.^*		11,171		729,019
Fomento Economico Mexicano SAB de CV ADR		9,103		614,361
Boston Beer Company, Inc. — Class A^*		1,846		559,283
Total Beverages				21,394,593
Cosmetics & Personal Care - 13.7%
Procter & Gamble Co.		37,969		5,459,562
Estee Lauder Companies, Inc. — Class A		11,359		2,892,797
Colgate-Palmolive Co.		30,081		2,410,691
Beauty Health Co.^*		33,645		432,675
Total Cosmetics & Personal Care				11,195,725
Agriculture - 12.8%
Philip Morris International, Inc.		35,784		3,533,312
Altria Group, Inc.		57,295		2,393,212
Archer-Daniels-Midland Co.		24,520		1,902,752
Bunge Ltd.		11,217		1,017,270
Darling Ingredients, Inc.^*		13,912		831,938
British American Tobacco plc ADR		18,684		801,730
Total Agriculture				10,480,214
Household Products & Housewares - 6.4%
Kimberly-Clark Corp.		14,962		2,022,114
Church & Dwight Company, Inc.		15,385		1,425,574
Clorox Co.		9,055		1,276,574
Spectrum Brands Holdings, Inc.		6,666		546,745
Total Household Products & Housewares				5,271,007
Retail - 2.0%
Casey's General Stores, Inc.		4,042		747,689
Freshpet, Inc.^*		8,413		436,551
Nu Skin Enterprises, Inc. — Class A		9,644		417,585
Total Retail				1,601,825
Pharmaceuticals - 1.2%
BellRing Brands, Inc.^*		21,801		542,627
Herbalife Nutrition Ltd.^*		19,169		392,006
Total Pharmaceuticals				934,633
Electrical Components & Equipment - 0.5%
Energizer Holdings, Inc.		15,025		425,959
Total Common Stocks
(Cost $44,670,285)				81,792,199

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	190,610	190,610
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		74,230	74,230
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		73,496	73,496
Total Repurchase Agreements
(Cost $338,336)			338,336

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		253,700		253,700
Total Securities Lending Collateral
(Cost $253,700)				253,700
Total Investments - 100.6%
(Cost $45,262,321)			$	82,384,235
Other Assets & Liabilities, net - (0.6)%				(507,213	)
Total Net Assets - 100.0%			$	81,877,022

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	81,792,199	$	—	$	—	$	81,792,199
Repurchase Agreements		—		338,336		—		338,336
Securities Lending Collateral		253,700		—		—		253,700
Total Assets	$	82,045,899	$	338,336	$	—	$	82,384,235

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 82.4%
Consumer, Non-cyclical - 21.8%
UnitedHealth Group, Inc.		2,974	$	1,527,536
Amgen, Inc.		2,974		723,574
Johnson & Johnson		2,974		527,915
Procter & Gamble Co.		2,974		427,632
Merck & Company, Inc.		2,974		271,139
Coca-Cola Co.		2,974		187,094
Total Consumer, Non-cyclical				3,664,890
Financial - 16.1%
Goldman Sachs Group, Inc.		2,974		883,337
Visa, Inc. — Class A		2,974		585,551
Travelers Companies, Inc.		2,974		502,993
American Express Co.		2,974		412,256
JPMorgan Chase & Co.		2,974		334,902
Total Financial				2,719,039
Consumer, Cyclical - 13.8%
Home Depot, Inc.		2,974		815,679
McDonald's Corp.		2,974		734,221
Walmart, Inc.		2,974		361,579
NIKE, Inc. — Class B		2,974		303,943
Walgreens Boots Alliance, Inc.		2,974		112,714
Total Consumer, Cyclical				2,328,136
Technology - 13.0%
Microsoft Corp.		2,974		763,813
Salesforce, Inc.^*		2,974		490,829
International Business Machines Corp.		2,974		419,899
Apple, Inc.		2,974		406,605
Intel Corp.		2,974		111,257
Total Technology				2,192,403
Industrial - 10.9%
Caterpillar, Inc.		2,974		531,632
Honeywell International, Inc.		2,974		516,911
Boeing Co.^*		2,974		406,605
3M Co.		2,974		384,866
Total Industrial				1,840,014
Communications - 3.3%
Walt Disney Co.^*		2,974		280,745
Verizon Communications, Inc.		2,974		150,931
Cisco Systems, Inc.		2,974		126,811
Total Communications				558,487
Energy - 2.6%
Chevron Corp.		2,974		430,576
Basic Materials - 0.9%
Dow, Inc.		2,974		153,488
Total Common Stocks
(Cost $13,963,544)				13,887,033
MUTUAL FUNDS^† - 13.9%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		150,660		1,453,868
Guggenheim Strategy Fund II¹		37,085		895,227
Total Mutual Funds
(Cost $2,413,778)				2,349,095

	Face Amount
U.S. TREASURY BILLS^†† - 1.2%
U.S. Cash Management Bill
1.34% due 10/04/22^2,3	$	121,000	120,423
U.S. Treasury Bills
1.02% due 07/19/22^3,4		73,000	72,963
Total U.S. Treasury Bills
(Cost $193,516)			193,386

REPURCHASE AGREEMENTS^††,5 - 3.8%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22²	357,023		357,023
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22²	139,038		139,038
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22²	137,661		137,661
Total Repurchase Agreements
(Cost $633,722)			633,722
Total Investments - 101.3%
(Cost $17,204,560)		$	17,063,236
Other Assets & Liabilities, net - (1.3)%			(212,371	)
Total Net Assets - 100.0%		$	16,850,865

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Dow Jones Industrial Average Index Mini Futures Contracts		9	Sep 2022	$	1,385,010	$	(26,071	)

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Total Return Swap Agreements

Counterparty	Index	Type		Financing Rate	Payment Frequency	Maturity Date	Units	Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
BNP Paribas	Dow Jones Industrial Average Index		Pay	2.13% (Federal Funds Rate + 0.55%)	At Maturity	11/17/22	30	$	922,361	$	(23,684	)
Barclays Bank plc	Dow Jones Industrial Average Index		Pay	2.01% (SOFR + 0.50%)	At Maturity	11/16/22	22		685,006		(51,320	)
								$	1,607,367	$	(75,004	)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as equity index swap collateral at June 30, 2022.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at June 30, 2022.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,887,033	$	—	$	—	$	13,887,033
Mutual Funds		2,349,095		—		—		2,349,095
U.S. Treasury Bills		—		193,386		—		193,386
Repurchase Agreements		—		633,722		—		633,722
Total Assets	$	16,236,128	$	827,108	$	—	$	17,063,236

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	26,071	$	—	$	—	$	26,071
Equity Index Swap Agreements**		—		75,004		—		75,004
Total Liabilities	$	26,071	$	75,004	$	—	$	101,075

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

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Affiliated Transactions Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 3/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 6/30/22		Shares 6/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	910,432	$	–	$	–		$	–		$	(15,205	)	$	895,227		37,085	$	4,639
Guggenheim Ultra Short Duration Fund — Institutional Class		2,386,129		–		(900,000	)		(26,034	)		(6,227	)		1,453,868		150,660		7,587
	$	3,296,561	$	–	$	(900,000	)	$	(26,034	)	$	(21,432	)	$	2,349,095			$	12,226

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.4%
Semiconductors - 90.7%
NVIDIA Corp.		17,058	$	2,585,822
Broadcom, Inc.		3,909		1,899,031
QUALCOMM, Inc.		13,468		1,720,402
Intel Corp.		44,740		1,673,723
Texas Instruments, Inc.		10,532		1,618,242
Advanced Micro Devices, Inc.^*		19,519		1,492,618
Applied Materials, Inc.		13,687		1,245,243
Analog Devices, Inc.		8,177		1,194,578
Micron Technology, Inc.		19,822		1,095,760
Lam Research Corp.		2,539		1,081,995
KLA Corp.		2,977		949,901
Taiwan Semiconductor Manufacturing Company Ltd. ADR		10,885		889,849
Marvell Technology, Inc.		19,187		835,210
Microchip Technology, Inc.		13,624		791,282
NXP Semiconductor N.V.		5,122		758,210
ASML Holding N.V. — Class G		1,473		700,971
ON Semiconductor Corp.^*		12,677		637,780
GLOBALFOUNDRIES, Inc.^*,1		14,813		597,556
Monolithic Power Systems, Inc.		1,504		577,596
Skyworks Solutions, Inc.		5,779		535,367
Teradyne, Inc.		5,913		529,509
STMicroelectronics N.V. — Class Y¹		15,432		485,645
Entegris, Inc.		5,250		483,683
Qorvo, Inc.^*		4,594		433,306
Wolfspeed, Inc.^*		6,435		408,301
Lattice Semiconductor Corp.^*		7,677		372,335
MKS Instruments, Inc.		3,246		333,137
Azenta, Inc.		4,472		322,431
Silicon Laboratories, Inc.^*		2,280		319,702
Synaptics, Inc.^*		2,567		303,034
CMC Materials, Inc.		1,720		300,123
Amkor Technology, Inc.		16,976		287,743
Power Integrations, Inc.		3,834		287,588
Cirrus Logic, Inc.^*		3,802		275,797
Semtech Corp.^*		4,762		261,767
SiTime Corp.^*		1,598		260,522
MaxLinear, Inc. — Class A^*		6,620		224,948
Ambarella, Inc.^*		3,324		217,589
Total Semiconductors				28,988,296
Energy-Alternate Sources - 6.0%
Enphase Energy, Inc.^*		3,887		758,898
SolarEdge Technologies, Inc.^*		1,998		546,813
First Solar, Inc.^*		5,532		376,895
SunPower Corp. — Class A^*		14,156		223,806
Total Energy-Alternate Sources				1,906,412
Chemicals - 1.8%
Daqo New Energy Corp. ADR^*		8,302		592,597
Electrical Components & Equipment - 0.9%
Universal Display Corp.		2,946		297,958
Total Common Stocks
(Cost $19,252,801)				31,785,263

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	117,490	117,490
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		45,755	45,755
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		45,302	45,302
Total Repurchase Agreements
(Cost $208,547)			208,547

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.7%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		865,986		865,986
Total Securities Lending Collateral
(Cost $865,986)				865,986
Total Investments - 102.8%
(Cost $20,327,334)			$	32,859,796
Other Assets & Liabilities, net - (2.8)%				(884,012	)
Total Net Assets - 100.0%			$	31,975,784

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	31,785,263	$	—	$	—	$	31,785,263
Repurchase Agreements		—		208,547		—		208,547
Securities Lending Collateral		865,986		—		—		865,986
Total Assets	$	32,651,249	$	208,547	$	—	$	32,859,796

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 63.1%
Technology - 19.2%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		11,060	$	904,155
Infosys Ltd. ADR		12,030		222,675
NetEase, Inc. ADR		1,383		129,117
United Microelectronics Corp. ADR¹		14,090		95,389
ASE Technology Holding Company Ltd. ADR		5,664		29,283
Bilibili, Inc. ADR^*,1		708		18,125
Wipro Ltd. ADR		3,404		18,075
Total Technology				1,416,819
Communications - 16.4%
Alibaba Group Holding Ltd. ADR^*		4,817		547,597
JD.com, Inc. ADR		3,216		206,531
Baidu, Inc. ADR^*		766		113,927
Pinduoduo, Inc. ADR^*		1,266		78,239
America Movil SAB de CV — Class L ADR		3,655		74,672
Chunghwa Telecom Company Ltd. ADR		1,236		50,985
Telkom Indonesia Persero Tbk PT ADR		1,735		46,914
Trip.com Group Ltd. ADR^*		1,625		44,606
SK Telecom Company Ltd. ADR		1,209		26,985
Grupo Televisa SAB ADR		2,162		17,685
Total Communications				1,208,141
Financial - 12.5%
HDFC Bank Ltd. ADR		8,333		457,982
ICICI Bank Ltd. ADR		9,479		168,157
KB Financial Group, Inc. ADR		2,442		90,843
Banco Bradesco S.A. ADR		19,669		64,121
Shinhan Financial Group Company Ltd. ADR		1,717		49,037
China Life Insurance Company Ltd. ADR		5,377		46,457
KE Holdings, Inc. ADR^*		1,287		23,102
Woori Financial Group, Inc. ADR¹		727		20,560
Total Financial				920,259
Basic Materials - 6.4%
Vale S.A. ADR		14,462		211,579
POSCO Holdings, Inc. ADR		1,190		52,979
Sasol Ltd. ADR^*		1,843		42,500
Sociedad Quimica y Minera de Chile S.A. ADR		487		40,679
Suzano S.A. ADR¹		3,035		28,772
Gold Fields Ltd. ADR		3,030		27,633
Sibanye Stillwater Ltd. ADR		2,334		23,270
AngloGold Ashanti Ltd. ADR		1,538		22,747
Gerdau S.A. ADR		4,338		18,610
Total Basic Materials				468,769
Energy - 2.6%
Petroleo Brasileiro S.A. ADR		7,040		82,227
China Petroleum & Chemical Corp. ADR		1,671		74,844
PetroChina Company Ltd. ADR¹		754		35,167
Total Energy				192,238

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
Consumer, Non-cyclical - 2.1%
Fomento Economico Mexicano SAB de CV ADR		648	$	43,734
Dr Reddy's Laboratories Ltd. ADR		761		42,152
Ambev S.A. ADR		16,395		41,151
BeiGene Ltd. ADR^*		158		25,572
Total Consumer, Non-cyclical				152,609
Consumer, Cyclical - 2.0%
NIO, Inc. ADR^*		4,370		94,917
Tata Motors Ltd. ADR^*		1,375		35,571
Huazhu Group Ltd. ADR		381		14,516
Total Consumer, Cyclical				145,004
Industrial - 1.7%
ZTO Express Cayman, Inc. ADR		3,079		84,519
Cemex SAB de CV ADR^*		6,707		26,291
Grupo Aeroportuario del Pacifico SAB de CV ADR		121		16,889
Total Industrial				127,699
Utilities - 0.2%
Korea Electric Power Corp. ADR^*		1,792		15,734
Total Common Stocks
(Cost $4,353,352)				4,647,272

PREFERRED STOCKS^† - 2.0%
Financial - 1.0%
Itau Unibanco Holding S.A.
ADR	17,998	77,031
Energy - 1.0%
Petroleo Brasileiro S.A.
ADR	6,728	71,519
Total Preferred Stocks
(Cost $157,007)		148,550

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 47.9%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22³	$	1,984,825	1,984,825
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22³		772,964	772,964
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22³		765,311	765,311
Total Repurchase Agreements
(Cost $3,523,100)			3,523,100

	Shares
SECURITIES LENDING COLLATERAL^†,4 - 2.0%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁵		144,422		144,422
Total Securities Lending Collateral
(Cost $144,422)				144,422
Total Investments - 115.0%
(Cost $8,177,881)			$	8,463,344
Other Assets & Liabilities, net - (15.0)%				(1,106,947	)
Total Net Assets - 100.0%			$	7,356,397

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements^††

Goldman Sachs International

BNY Mellon Emerging Markets 50 ADR Index

Pay

2.13% (Federal Funds Rate + 0.55%)

At Maturity

11/17/22

3,144

7,850,343

110,067

BNP Paribas

BNY Mellon Emerging Markets 50 ADR Index

Pay

2.18% (Federal Funds Rate + 0.60%)

At Maturity

11/17/22

843

2,104,415

(188,783

)

9,954,758

(78,716

)

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at June 30, 2022.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	4,647,272	$	—	$	—	$	4,647,272
Preferred Stocks		148,550		—		—		148,550
Repurchase Agreements		—		3,523,100		—		3,523,100
Securities Lending Collateral		144,422		—		—		144,422
Equity Index Swap Agreements**		—		110,067		—		110,067
Total Assets	$	4,940,244	$	3,633,167	$	—	$	8,573,411

Investments in Securities (Liabilities)		Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Equity Index Swap Agreements**		$	—		$	188,783		$	—		$	188,783

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

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.5%
U.S. Treasury Bills
1.02% due 07/19/22^1,2	$	2,000	$	1,999
Total U.S. Treasury Bills
(Cost $1,999)				1,999

REPURCHASE AGREEMENTS^††,3 - 84.6%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22⁴	67,670		67,670
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22⁴	26,353		26,353
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22⁴	26,093		26,093
Total Repurchase Agreements
(Cost $120,116)			120,116
Total Investments - 86.1%
(Cost $122,115)		$	122,115
Other Assets & Liabilities, net - 13.9%			19,794
Total Net Assets - 100.0%		$	141,909

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		1	Sep 2022	$	112,125	$	(819	)

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty		Exchange			Index			Protection Premium Rate			Payment Frequency		Maturity Date		Notional Amount			Value			Upfront Premiums Paid(Received)			Unrealized Depreciation^**
Barclays Bank plc			ICE			CDX.EM.37.V1			1.00	%	Quarterly		06/20/27		$	100,000		$	(9,998	)	$	(7,374	)	$	(2,624	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements^††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

0.60% (Federal Funds Rate + 0.60%)

At Maturity

07/29/22

539

9,987

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

2.18% (Federal Funds Rate + 0.60%)

At Maturity

07/29/22

2,737

50,717

(821

)

60,704

(818

)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as futures collateral at June 30, 2022.
²	Rate indicated is the effective yield at the time of purchase.
³	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at June 30, 2022.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

CDX.EM.37.V1 — Credit Default Swap Emerging Markets Series 37 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	1,999	$	—	$	1,999
Repurchase Agreements		—		120,116		—		120,116
Credit Index Swap Agreements**		—		3		—		3
Total Assets	$	—	$	122,118	$	—	$	122,118

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	819	$	—	$	—	$	819
Credit Default Swap Agreements**		—		2,624		—		2,624
Credit Index Swap Agreements**		—		821		—		821
Total Liabilities	$	819	$	3,445	$	—	$	4,264

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

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas - 66.0%
Exxon Mobil Corp.		62,544	$	5,356,268
Chevron Corp.		34,765		5,033,277
ConocoPhillips		34,938		3,137,782
EOG Resources, Inc.		21,727		2,399,530
Occidental Petroleum Corp.		40,044		2,357,791
Pioneer Natural Resources Co.		9,851		2,197,561
Marathon Petroleum Corp.		24,074		1,979,124
Valero Energy Corp.		18,576		1,974,257
Phillips 66		21,679		1,777,461
Hess Corp.		16,686		1,767,715
Devon Energy Corp.		31,921		1,759,166
Petroleo Brasileiro S.A. ADR		125,859		1,470,033
Continental Resources, Inc.		22,051		1,441,033
Diamondback Energy, Inc.		11,417		1,383,170
Coterra Energy, Inc. — Class A		51,775		1,335,277
BP plc ADR		45,809		1,298,685
Marathon Oil Corp.		52,348		1,176,783
Equities Corp.		30,098		1,035,371
Texas Pacific Land Corp.		677		1,007,390
Ovintiv, Inc.		22,261		983,714
APA Corp.		28,159		982,749
HF Sinclair Corp.		21,297		961,773
Chesapeake Energy Corp.		11,742		952,276
Shell plc ADR		17,554		917,899
Suncor Energy, Inc.		25,820		905,507
Canadian Natural Resources Ltd.		14,987		804,502
Range Resources Corp.^*		29,010		717,997
PDC Energy, Inc.		11,580		713,444
Equinor ASA ADR¹		19,530		678,863
Helmerich & Payne, Inc.		15,636		673,286
Matador Resources Co.		14,272		664,932
Murphy Oil Corp.		20,829		628,827
Magnolia Oil & Gas Corp. — Class A		28,359		595,255
Civitas Resources, Inc.		11,006		575,504
SM Energy Co.		16,715		571,486
Patterson-UTI Energy, Inc.		35,395		557,825
CVR Energy, Inc.		16,266		544,911
PBF Energy, Inc. — Class A^*		18,327		531,850
Denbury, Inc.^*		8,447		506,736
California Resources Corp.		12,963		499,075
CNX Resources Corp.^*		30,279		498,392
Comstock Resources, Inc.^*		35,958		434,373
Callon Petroleum Co.^*		10,968		429,946
Oasis Petroleum, Inc.		3,494		425,045
Delek US Holdings, Inc.		14,872		384,292
Northern Oil and Gas, Inc.		14,863		375,439
Laredo Petroleum, Inc.^*		4,440		306,094
Talos Energy, Inc.^*		19,569		302,732
Total Oil & Gas				58,012,398
Pipelines - 13.3%
Williams Companies, Inc.		61,340		1,914,421
Kinder Morgan, Inc.		112,724		1,889,254
Cheniere Energy, Inc.		13,660		1,817,190
ONEOK, Inc.		27,521		1,527,416
Enbridge, Inc.		26,776		1,131,554
Targa Resources Corp.		18,528		1,105,566
New Fortress Energy, Inc.		22,107		874,774
TC Energy Corp.		14,320		741,919
DT Midstream, Inc.		13,612		667,260
Total Pipelines				11,669,354
Oil & Gas Services - 7.5%
Schlumberger N.V.		55,183		1,973,344
Baker Hughes Co.		57,408		1,657,369
Halliburton Co.		50,811		1,593,433
NOV, Inc.		45,848		775,290
ChampionX Corp.		29,821		591,947
Total Oil & Gas Services				6,591,383
Energy-Alternate Sources - 7.4%
Enphase Energy, Inc.^*		8,657		1,690,193
SolarEdge Technologies, Inc.^*		4,449		1,217,602
Plug Power, Inc.^*		60,337		999,784
First Solar, Inc.^*		12,333		840,247
Sunrun, Inc.^*		30,165		704,654
SunPower Corp. — Class A^*		31,539		498,632
Green Plains, Inc.^*		12,772		347,015
TPI Composites, Inc.^*		16,285		203,563
Total Energy-Alternate Sources				6,501,690
Coal - 1.6%
Peabody Energy Corp.^*		23,548		502,279
Arch Resources, Inc.¹		3,265		467,189
CONSOL Energy, Inc.^*		7,856		387,929
Total Coal				1,357,397
Retail - 1.2%
Murphy USA, Inc.		3,179		740,294
World Fuel Services Corp.		16,381		335,155
Total Retail				1,075,449
Mining - 0.9%
Cameco Corp.		37,371		785,538
Machinery-Diversified - 0.6%
Cactus, Inc. — Class A		12,925		520,490
Electrical Components & Equipment - 0.5%
EnerSys		7,932		467,671
Electric - 0.5%
Ameresco, Inc. — Class A^*		10,090		459,700
Total Common Stocks
(Cost $71,518,058)				87,441,070

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	108,827	108,827
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		42,381	42,381
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		41,962	41,962
Total Repurchase Agreements
(Cost $193,170)			193,170

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.0%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		895,773	$	895,773
Total Securities Lending Collateral
(Cost $895,773)				895,773
Total Investments - 100.7%
(Cost $72,607,001)			$	88,530,013
Other Assets & Liabilities, net - (0.7)%				(641,228	)
Total Net Assets - 100.0%			$	87,888,785

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	87,441,070	$	—	$	—	$	87,441,070
Repurchase Agreements		—		193,170		—		193,170
Securities Lending Collateral		895,773		—		—		895,773
Total Assets	$	88,336,843	$	193,170	$	—	$	88,530,013

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 68.7%
Schlumberger N.V.		113,332	$	4,052,752
Baker Hughes Co.		117,895		3,403,629
Halliburton Co.		104,354		3,272,542
NOV, Inc.		94,164		1,592,313
ChampionX Corp.		61,251		1,215,832
Liberty Energy, Inc. — Class A^*		71,740		915,402
Expro Group Holdings N.V.^*		65,052		749,399
Archrock, Inc.		86,015		711,344
Weatherford International plc^*		31,818		673,587
Oceaneering International, Inc.^*		61,364		655,368
NOW, Inc.^*		66,844		653,734
Core Laboratories N.V.		31,190		617,874
Dril-Quip, Inc.^*		23,380		603,204
ProPetro Holding Corp.^*		58,049		580,490
MRC Global, Inc.^*		56,819		565,917
US Silica Holdings, Inc.^*		49,247		562,401
Tidewater, Inc.^*		26,560		560,150
Bristow Group, Inc.^*		21,526		503,709
National Energy Services Reunited Corp.^*		73,862		500,784
Solaris Oilfield Infrastructure, Inc. — Class A		37,878		412,113
DMC Global, Inc.^*		20,909		376,989
Oil States International, Inc.^*		63,606		344,745
Matrix Service Co.^*		45,352		229,481
Total Oil & Gas Services				23,753,759
Oil & Gas - 14.2%
Helmerich & Payne, Inc.		32,102		1,382,312
Patterson-UTI Energy, Inc.		72,693		1,145,641
Valaris Ltd.^*		23,800		1,005,312
Noble Corp.^*		27,542		698,190
Nabors Industries Ltd.^*		5,192		695,209
Total Oil & Gas				4,926,664
Energy-Alternate Sources - 10.2%
SolarEdge Technologies, Inc.^*		7,568		2,071,210
Sunrun, Inc.^*		61,960	$	1,447,386
Total Energy-Alternate Sources				3,518,596
Machinery-Diversified - 3.1%
Cactus, Inc. — Class A		26,549		1,069,128
Metal Fabricate & Hardware - 2.4%
Tenaris S.A. ADR		32,979		847,230
Retail - 0.9%
Aspen Aerogels, Inc.^*,1		31,548		311,694
Total Common Stocks
(Cost $34,360,996)				34,427,071

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	113,513		113,513
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		44,206		44,206
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		43,768		43,768
Total Repurchase Agreements
(Cost $201,487)				201,487

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		207,034		207,034
Total Securities Lending Collateral
(Cost $207,034)				207,034
Total Investments - 100.7%
(Cost $34,769,517)			$	34,835,592
Other Assets & Liabilities, net - (0.7)%				(240,342	)
Total Net Assets - 100.0%			$	34,595,250

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	34,427,071	$	—	$	—	$	34,427,071
Repurchase Agreements		—		201,487		—		201,487
Securities Lending Collateral		207,034		—		—		207,034
Total Assets	$	34,634,105	$	201,487	$	—	$	34,835,592

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 13.1%
Consumer, Non-cyclical - 5.9%
Nestle S.A. ADR		500	$	58,195
Roche Holding AG ADR		998		41,627
Novartis AG ADR		426		36,010
AstraZeneca plc ADR		545		36,008
Novo Nordisk A/S ADR		291		32,426
Unilever plc ADR		467		21,402
Sanofi ADR		407		20,362
GSK plc ADR		447		19,458
Diageo plc ADR		101		17,586
British American Tobacco plc ADR		370		15,877
L'Oreal S.A. ADR¹		215		14,846
Bayer AG ADR		696		10,349
Reckitt Benckiser Group plc ADR¹		645		9,823
RELX plc ADR		349		9,402
Anheuser-Busch InBev S.A. ADR		159		8,578
EssilorLuxottica S.A. ADR		107		8,007
Adyen N.V. ADR^*		506		7,393
Total Consumer, Non-cyclical				367,349
Financial - 1.6%
HSBC Holdings plc ADR		728		23,784
Allianz SE ADR		727		13,835
Zurich Insurance Group AG ADR		266		11,584
BNP Paribas S.A. ADR		405		9,720
UBS Group AG		586		9,505
Banco Santander S.A. ADR		3,056		8,557
AXA S.A. ADR		349		7,954
Prudential plc ADR		242		6,076
Intesa Sanpaolo SpA ADR		538		6,031
Total Financial				97,046
Energy - 1.2%
Shell plc ADR		657		34,354
TotalEnergies SE ADR		462		24,320
BP plc ADR		572		16,216
Total Energy				74,890
Basic Materials - 1.1%
Linde plc		89		25,590
Air Liquide S.A. ADR		465		12,465
Rio Tinto plc ADR¹		188		11,468
Glencore plc ADR		970		10,486
BASF SE ADR		655		7,140
Total Basic Materials				67,149
Industrial - 0.9%
Siemens AG ADR¹		266		13,588
Schneider Electric SE ADR		506		11,937
Airbus SE ADR		414		10,056
Vinci S.A. ADR		400		8,928
ABB Ltd. ADR		273		7,297
Deutsche Post AG ADR		175		6,571
Total Industrial				58,377
Consumer, Cyclical - 0.9%
LVMH Moet Hennessy Louis Vuitton SE ADR		233		28,477
Cie Financiere Richemont S.A. ADR¹		930		9,933
Mercedes-Benz Group AG ADR		560		8,103
Kering S.A. ADR		129		6,645
Total Consumer, Cyclical				53,158
Technology - 0.8%
ASML Holding N.V. — Class G		72		34,263
SAP SE ADR		193		17,509
Total Technology				51,772
Communications - 0.4%
Deutsche Telekom AG ADR		614		12,231
Prosus N.V. ADR		776		10,158
Total Communications				22,389
Utilities - 0.3%
Iberdrola S.A. ADR		261		10,798
Enel SpA ADR		1,390		7,575
Total Utilities				18,373
Total Common Stocks
(Cost $809,236)				810,503

MUTUAL FUNDS^† - 8.6%
Guggenheim Ultra Short Duration Fund — Institutional Class²		27,731		267,604
Guggenheim Strategy Fund II²		11,042		266,555
Total Mutual Funds
(Cost $549,966)				534,159

		Face Amount
U.S. TREASURY BILLS^†† - 4.9%

U.S. Treasury Bills
1.02% due 07/19/22^3,4	$	302,000		301,845
Total U.S. Treasury Bills
(Cost $301,839)				301,845

REPURCHASE AGREEMENTS^††,5 - 69.2%

J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22		2,413,992		2,413,992
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		940,097		940,097
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		930,790		930,790
Total Repurchase Agreements
(Cost $4,284,879)				4,284,879

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁷		46,359		46,359
Total Securities Lending Collateral
(Cost $46,359)				46,359
Total Investments - 96.5%
(Cost $5,992,279)			$	5,977,745
Other Assets & Liabilities, net - 3.5%				215,983
Total Net Assets - 100.0%			$	6,193,728

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		53	Sep 2022	$	6,980,763	$	(4,648	)

Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		192	Sep 2022		6,911,034		(21,532	)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at June 30, 2022 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at June 30, 2022.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	Securities lending collateral — See Note 5.
7	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	810,503	$	—	$	—	$	810,503
Mutual Funds		534,159		—		—		534,159
U.S. Treasury Bills		—		301,845		—		301,845
Repurchase Agreements		—		4,284,879		—		4,284,879
Securities Lending Collateral		46,359		—		—		46,359
Total Assets	$	1,391,021	$	4,586,724	$	—	$	5,977,745

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	21,532	$	—	$	—	$	21,532
Currency Futures Contracts**		4,648		—		—		4,648
Total Liabilities	$	26,180	$	—	$	—	$	26,180

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name	Value 3/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 6/30/22		Shares 6/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	271,082	$	–	$	–	$	–	$	(4,527	)	$	266,555		11,042	$	1,381
Guggenheim Ultra Short Duration Fund — Institutional Class		271,487		–		–		–		(3,883	)		267,604		27,731		932
	$	542,569	$	–	$	–	$	–	$	(8,410	)	$	534,159			$	2,313

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.5%
REITs - 29.3%
American Tower Corp. — Class A		716	$	183,002
Prologis, Inc.		1,329		156,357
Crown Castle International Corp.		886		149,185
Equinix, Inc.		200		131,404
Public Storage		396		123,817
Realty Income Corp.		1,574		107,441
Digital Realty Trust, Inc.		795		103,215
Welltower, Inc.		1,252		103,102
SBA Communications Corp.		322		103,056
Simon Property Group, Inc.		992		94,161
VICI Properties, Inc.		2,983		88,864
AvalonBay Communities, Inc.		452		87,801
Equity Residential		1,215		87,747
Alexandria Real Estate Equities, Inc.		595		86,293
Weyerhaeuser Co.		2,549		84,423
Extra Space Storage, Inc.		477		81,147
Invitation Homes, Inc.		2,203		78,383
Duke Realty Corp.		1,396		76,710
Mid-America Apartment Communities, Inc.		439		76,680
Ventas, Inc.		1,482		76,219
Sun Communities, Inc.		462		73,624
Essex Property Trust, Inc.		267		69,823
WP Carey, Inc.		798		66,122
UDR, Inc.		1,413		65,055
Camden Property Trust		474		63,744
Healthpeak Properties, Inc.		2,417		62,624
Boston Properties, Inc.		702		62,464
American Homes 4 Rent — Class A		1,692		59,965
Kimco Realty Corp.		3,022		59,745
Equity LifeStyle Properties, Inc.		844		59,477
Gaming and Leisure Properties, Inc.		1,238		56,775
Host Hotels & Resorts, Inc.		3,427		53,735
Regency Centers Corp.		905		53,676
Medical Properties Trust, Inc.		3,419		52,208
CubeSmart		1,219		52,076
Lamar Advertising Co. — Class A		581		51,111
Rexford Industrial Realty, Inc.		887		51,082
Life Storage, Inc.		457		51,029
American Campus Communities, Inc.^*		772		49,771
Americold Realty Trust, Inc.		1,626		48,845
National Retail Properties, Inc.		1,081		46,483
Federal Realty OP, LP		484		46,338
STORE Capital Corp.		1,728		45,066
Omega Healthcare Investors, Inc.		1,537		43,328
AGNC Investment Corp.		3,868		42,819
First Industrial Realty Trust, Inc.		882		41,877
Brixmor Property Group, Inc.		2,063		41,693
Kilroy Realty Corp.		795		41,602
Healthcare Trust of America, Inc. — Class A		1,488		41,530
Agree Realty Corp.		562		40,537
Vornado Realty Trust		1,389		39,712
Spirit Realty Capital, Inc.		997		37,667
Independence Realty Trust, Inc.		1,707		35,386
Healthcare Realty Trust, Inc.		1,165		31,688
Park Hotels & Resorts, Inc.		2,185		29,650
SL Green Realty Corp.		614		28,336
Total REITs				3,875,670
Banks - 24.6%
JPMorgan Chase & Co.		2,611		294,025
Bank of America Corp.		8,275		257,601
Wells Fargo & Co.		5,217		204,350
Morgan Stanley		2,563		194,942
Goldman Sachs Group, Inc.		586		174,054
Citigroup, Inc.		3,330		153,147
PNC Financial Services Group, Inc.		878		138,522
U.S. Bancorp		2,989		137,554
Truist Financial Corp.		2,820		133,753
Bank of New York Mellon Corp.		2,305		96,141
M&T Bank Corp.		559		89,099
First Republic Bank		608		87,674
SVB Financial Group^*		209		82,553
Fifth Third Bancorp		2,403		80,741
State Street Corp.		1,272		78,419
Northern Trust Corp.		804		77,570
ICICI Bank Ltd. ADR		4,343		77,045
HDFC Bank Ltd. ADR		1,343		73,811
Regions Financial Corp.		3,781		70,894
Citizens Financial Group, Inc.		1,977		70,559
Huntington Bancshares, Inc.		5,816		69,966
Royal Bank of Canada		699		67,677
KeyCorp		3,895		67,111
Bank of Nova Scotia		1,078		63,828
Signature Bank		333		59,677
First Horizon Corp.		2,725		59,568
East West Bancorp, Inc.		809		52,423
Comerica, Inc.		704		51,659
Western Alliance Bancorporation		670		47,302
Webster Financial Corp.		1,105		46,576
Zions Bancorp North America		895		45,555
Synovus Financial Corp.		1,112		40,088
Silvergate Capital Corp. — Class A^*		406		21,733
Total Banks				3,265,617
Insurance - 21.6%
Berkshire Hathaway, Inc. — Class B^*		1,474		402,431
Marsh & McLennan Companies, Inc.		987		153,232
Progressive Corp.		1,205		140,105
Aon plc — Class A		486		131,064
Chubb Ltd.		626		123,059
MetLife, Inc.		1,914		120,180
American International Group, Inc.		2,138		109,316
Travelers Companies, Inc.		646		109,258
Prudential Financial, Inc.		1,084		103,717
Arthur J Gallagher & Co.		629		102,552
Allstate Corp.		803		101,764
Aflac, Inc.		1,831		101,309
Willis Towers Watson plc		456		90,010

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Insurance - 21.6% (continued)
Hartford Financial Services Group, Inc.		1,205	$	78,843
Cincinnati Financial Corp.		637		75,790
Brown & Brown, Inc.		1,223		71,350
Principal Financial Group, Inc.		1,064		71,065
RenaissanceRe Holdings Ltd.		426		66,614
Loews Corp.		1,101		65,245
Markel Corp.^*		47		60,783
American Financial Group, Inc.		429		59,550
Fidelity National Financial, Inc.		1,534		56,697
Equitable Holdings, Inc.		2,049		53,417
Globe Life, Inc.		541		52,731
Assurant, Inc.		301		52,028
Reinsurance Group of America, Inc. — Class A		420		49,262
Lincoln National Corp.		1,027		48,033
Old Republic International Corp.		2,027		45,324
Unum Group		1,326		45,111
First American Financial Corp.		808		42,759
Voya Financial, Inc.		712		42,385
MGIC Investment Corp.		2,811		35,419
Total Insurance				2,860,403
Diversified Financial Services - 16.0%
Charles Schwab Corp.		2,939		185,686
American Express Co.		1,251		173,414
BlackRock, Inc. — Class A		269		163,832
CME Group, Inc. — Class A		680		139,196
Intercontinental Exchange, Inc.		1,256		118,114
Capital One Financial Corp.		1,058		110,233
Apollo Global Management, Inc.		1,888		91,530
Discover Financial Services		948		89,662
T. Rowe Price Group, Inc.		776		88,161
Ameriprise Financial, Inc.		364		86,515
Nasdaq, Inc.		545		83,134
Raymond James Financial, Inc.		832		74,389
Tradeweb Markets, Inc. — Class A		964		65,793
LPL Financial Holdings, Inc.		352		64,937
Synchrony Financial		2,200		60,764
Cboe Global Markets, Inc.		512		57,953
Franklin Resources, Inc.		2,434		56,737
Ally Financial, Inc.		1,691		56,665
Coinbase Global, Inc. — Class A^*		1,094		51,440
Invesco Ltd.		2,836		45,745
Jefferies Financial Group, Inc.		1,600		44,192
Stifel Financial Corp.		726		40,671
OneMain Holdings, Inc.		1,030		38,501
SLM Corp.		2,374		37,842
SoFi Technologies, Inc.^*		6,954		36,648
Evercore, Inc. — Class A		343		32,108
Upstart Holdings, Inc.^*,1		907		28,679
Total Diversified Financial Services				2,122,541
Private Equity - 3.7%
Blackstone, Inc. — Class A		1,998		182,277
KKR & Company, Inc. — Class A		2,348		108,689
Ares Management Corp. — Class A		1,283		72,951
Brookfield Asset Management, Inc. — Class A		1,482		65,905
Carlyle Group, Inc.		1,812		57,368
Total Private Equity				487,190
Commercial Services - 2.7%
S&P Global, Inc.		545		183,698
Moody's Corp.		451		122,658
MarketAxess Holdings, Inc.		197		50,434
Total Commercial Services				356,790
Software - 0.8%
MSCI, Inc. — Class A		243		100,153
Media - 0.5%
FactSet Research Systems, Inc.		174		66,915
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		3,892		35,534
Total Common Stocks
(Cost $15,401,284)				13,170,813

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	46,867		46,867
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		18,251		18,251
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		18,071		18,071
Total Repurchase Agreements
(Cost $83,189)				83,189

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class X, 1.29%⁴		18,711		18,711
Total Securities Lending Collateral
(Cost $18,711)				18,711
Total Investments - 100.2%
(Cost $15,503,184)			$	13,272,713
Other Assets & Liabilities, net - (0.2)%				(28,072	)
Total Net Assets - 100.0%			$	13,244,641

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at June 30, 2022 — See Note 5.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of June 30, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,170,813	$	—	$	—	$	13,170,813
Repurchase Agreements		—		83,189		—		83,189
Securities Lending Collateral		18,711		—		—		18,711
Total Assets	$	13,189,524	$	83,189	$	—	$	13,272,713

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
MUTUAL FUNDS^† - 16.9%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		564,487	$	5,447,299
Guggenheim Strategy Fund II¹		164,119		3,961,842
Total Mutual Funds
(Cost $9,693,263)				9,409,141

		Face Amount
U.S. GOVERNMENT SECURITIES^†† - 78.4%
U.S. Treasury Bonds
2.88% due 05/15/52	$	46,000,000		43,441,250
Total U.S. Government Securities
(Cost $42,708,959)				43,441,250

U.S. TREASURY BILLS^†† - 2.6%
U.S. Treasury Bills
1.02% due 07/19/22^2,3		1,432,000		1,431,268
Total U.S. Treasury Bills
(Cost $1,431,234)				1,431,268

REPURCHASE AGREEMENTS^††,4 - 1.5%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22		464,031		464,031
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		180,711		180,711
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		178,921		178,921
Total Repurchase Agreements
(Cost $823,663)				823,663
Total Investments - 99.4%
(Cost $54,657,119)			$	55,105,322
Other Assets & Liabilities, net - 0.6%				306,704
Total Net Assets - 100.0%			$	55,412,026

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury Ultra Long Bond Futures Contracts

165

Sep 2022

25,275,938

53,663

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at June 30, 2022.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	9,409,141	$	—	$	—	$	9,409,141
U.S. Government Securities		—		43,441,250		—		43,441,250
U.S. Treasury Bills		—		1,431,268		—		1,431,268
Repurchase Agreements		—		823,663		—		823,663
Interest Rate Futures Contracts**		53,663		—		—		53,663
Total Assets	$	9,462,804	$	45,696,181	$	—	$	55,158,985

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

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

Affiliated Transactions

Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name	Value 3/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 6/30/22		Shares 6/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,728,073	$	–	$	(1,700,000	)	$	(26,091	)	$	(40,140	)	$	3,961,842		164,119	$	20,817
Guggenheim Ultra Short Duration Fund — Institutional Class		5,526,328		–		–			–			(79,029	)		5,447,299		564,487		18,961
	$	11,254,401	$	–	$	(1,700,000	)	$	(26,091	)	$	(119,169	)	$	9,409,141			$	39,778

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.4%
Pharmaceuticals - 31.3%
Johnson & Johnson		6,220	$	1,104,112
Eli Lilly & Co.		2,936		951,939
Pfizer, Inc.		17,484		916,686
AbbVie, Inc.		5,676		869,336
Merck & Company, Inc.		8,742		797,008
Bristol-Myers Squibb Co.		8,687		668,899
CVS Health Corp.		6,135		568,469
Cigna Corp.		1,801		474,600
Zoetis, Inc.		2,761		474,588
Becton Dickinson and Co.		1,765		435,125
McKesson Corp.		1,107		361,115
AstraZeneca plc ADR		5,091		336,362
Dexcom, Inc.^*		3,890		289,922
AmerisourceBergen Corp. — Class A		1,949		275,745
GSK plc ADR		5,392		234,714
Novartis AG ADR		2,592		219,102
Jazz Pharmaceuticals plc^*		1,343		209,521
Perrigo Company plc		4,904		198,955
Cardinal Health, Inc.		3,748		195,908
Viatris, Inc.		17,378		181,948
Neurocrine Biosciences, Inc.^*		1,672		162,987
Elanco Animal Health, Inc.^*		7,815		153,408
Bausch Health Companies, Inc.^*		11,346		94,853
Total Pharmaceuticals				10,175,302
Healthcare-Products - 30.3%
Thermo Fisher Scientific, Inc.		1,415		768,741
Abbott Laboratories		6,657		723,283
Danaher Corp.		2,789		707,067
Medtronic plc		6,530		586,068
Stryker Corp.		2,257		448,985
Intuitive Surgical, Inc.^*		2,200		441,562
Edwards Lifesciences Corp.^*		4,224		401,660
Boston Scientific Corp.^*		10,100		376,427
ResMed, Inc.		1,391		291,595
Baxter International, Inc.		4,517		290,127
IDEXX Laboratories, Inc.^*		808		283,390
West Pharmaceutical Services, Inc.		817		247,036
STERIS plc		1,171		241,402
Zimmer Biomet Holdings, Inc.		2,296		241,218
Avantor, Inc.^*		7,598		236,298
Waters Corp.^*		709		234,665
Align Technology, Inc.^*		950		224,837
PerkinElmer, Inc.		1,542		219,303
Hologic, Inc.^*		3,087		213,929
Insulet Corp.^*		970		211,402
Cooper Companies, Inc.		660		206,659
Bio-Techne Corp.		563		195,158
ABIOMED, Inc.^*		746		184,642
Teleflex, Inc.		706		173,570
Henry Schein, Inc.^*		2,245		172,281
Repligen Corp.^*		1,011		164,186
Bruker Corp.		2,565		160,979
Dentsply Sirona, Inc.		4,037		144,242
Exact Sciences Corp.^*		3,615		142,395
Masimo Corp.^*		1,086		141,908
Envista Holdings Corp.^*		3,467		133,618
QuidelOrtho Corp.^*		1,313		127,597
10X Genomics, Inc. — Class A^*		2,810		127,153
Inspire Medical Systems, Inc.^*		679		124,033
Tandem Diabetes Care, Inc.^*		1,771		104,826
Natera, Inc.^*		2,698		95,617
Nevro Corp.^*		1,476		64,693
Total Healthcare-Products				9,852,552
Biotechnology - 17.7%
Amgen, Inc.		2,453		596,815
Gilead Sciences, Inc.		7,394		457,023
Vertex Pharmaceuticals, Inc.^*		1,609		453,400
Regeneron Pharmaceuticals, Inc.^*		712		420,885
Moderna, Inc.^*		2,915		416,408
Seagen, Inc.^*		1,777		314,422
Biogen, Inc.^*		1,419		289,391
Illumina, Inc.^*		1,476		272,115
Royalty Pharma plc — Class A		6,355		267,164
BioNTech SE ADR		1,698		253,172
Alnylam Pharmaceuticals, Inc.^*		1,506		219,650
Horizon Therapeutics plc^*		2,731		217,825
Incyte Corp.^*		2,843		215,983
BioMarin Pharmaceutical, Inc.^*		2,544		210,821
United Therapeutics Corp.^*		740		174,374
Biohaven Pharmaceutical Holding Company Ltd.^*		1,107		161,301
Sarepta Therapeutics, Inc.^*		1,913		143,398
Novavax, Inc.^*		2,311		118,855
Mirati Therapeutics, Inc.^*		1,698		113,987
Apellis Pharmaceuticals, Inc.^*		2,420		109,432
Intellia Therapeutics, Inc.^*		2,097		108,541
Guardant Health, Inc.^*		2,674		107,869
Fate Therapeutics, Inc.^*		3,494		86,581
Total Biotechnology				5,729,412
Healthcare-Services - 17.0%
UnitedHealth Group, Inc.		2,308		1,185,458
Elevance Health, Inc.		1,171		565,101
Humana, Inc.		878		410,965
Centene Corp.^*		4,387		371,184
HCA Healthcare, Inc.		2,154		362,001
IQVIA Holdings, Inc.^*		1,585		343,929
Laboratory Corporation of America Holdings		1,032		241,859
Catalent, Inc.^*		2,157		231,425
ICON plc^*		1,023		221,684
Molina Healthcare, Inc.^*		775		216,698
Quest Diagnostics, Inc.		1,524		202,662
Charles River Laboratories International, Inc.^*		802		171,604
Syneos Health, Inc.^*		2,052		147,087
Universal Health Services, Inc. — Class B		1,406		141,598
DaVita, Inc.^*		1,681		134,413
Teladoc Health, Inc.^*		3,775		125,368
Tenet Healthcare Corp.^*		2,360		124,042
Encompass Health Corp.		2,206		123,646
Oak Street Health, Inc.^*		6,596		108,438
Amedisys, Inc.^*		830		87,250
Total Healthcare-Services				5,516,412
Electronics - 1.8%
Agilent Technologies, Inc.		2,595		308,208

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Electronics - 1.8% (continued)
Mettler-Toledo International, Inc.^*		235	$	269,961
Total Electronics				578,169
Software - 1.3%
Veeva Systems, Inc. — Class A^*		1,509		298,843
Doximity, Inc. — Class A^*		3,932		136,912
Total Software				435,755
Total Common Stocks
(Cost $26,548,060)				32,287,602

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22	$	87,714		87,714
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22		34,159		34,159
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22		33,821		33,821
Total Repurchase Agreements
(Cost $155,694)				155,694
Total Investments - 99.9%
(Cost $26,703,754)			$	32,443,296
Other Assets & Liabilities, net - 0.1%				46,657
Total Net Assets - 100.0%			$	32,489,953

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	32,287,602	$	—	$	—	$	32,287,602
Repurchase Agreements		—		155,694		—		155,694
Total Assets	$	32,287,602	$	155,694	$	—	$	32,443,296

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2022

	Shares		Value
MUTUAL FUNDS^† - 45.5%
Guggenheim Strategy Fund III¹		79,841	$	1,932,952
Guggenheim Ultra Short Duration Fund — Institutional Class¹		133,249		1,285,853
Guggenheim Strategy Fund II¹		53,173		1,283,590
Total Mutual Funds
(Cost $4,578,426)				4,502,395

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 30.2%
Federal Home Loan Bank
1.03% due 07/29/22²	$	2,000,000		1,998,398
0.81% due 09/14/22²		1,000,000		996,338
Total Federal Agency Discount Notes
(Cost $2,996,710)				2,994,736


U.S. TREASURY BILLS^†† - 7.0%
U.S. Treasury Bills
1.02% due 07/19/22^2,3		696,000		695,644
Total U.S. Treasury Bills
(Cost $695,628)				695,644


REPURCHASE AGREEMENTS^††,4 - 15.4%
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22⁵		856,517		856,517
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22⁵		333,559		333,559
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22⁵		330,257		330,257
Total Repurchase Agreements
(Cost $1,520,333)				1,520,333
Total Investments - 98.1%
(Cost $9,791,097)			$	9,713,108
Other Assets & Liabilities, net - 1.9%				185,977
Total Net Assets - 100.0%			$	9,899,085

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		62	Sep 2022	$	6,951,750	$	(6,349	)

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid(Received)			Unrealized Depreciation^**
Barclays Bank plc		ICE		CDX.NA.HY.38.V2		5.00	%	Quarterly	06/20/27	$	2,772,000	$	(80,216	)	$	(27,500	)	$	(52,716	)
Goldman Sachs International		ICE		CDX.NA.HY.38.V2		5.00	%	Quarterly	06/20/27		6,237,000		(180,486	)		275,550			(456,036	)
												$	(260,702	)	$	248,050		$	(508,752	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

1.98% (Federal Funds Rate + 0.40%)

At Maturity

07/29/22

9,924

730,506

(3,672

)

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

1.98% (Federal Funds Rate + 0.40%)

At Maturity

11/17/22

1,222

89,966

(6,688

)

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

2.03% (Federal Funds Rate + 0.45%)