Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 16.7%
Technology - 4.8%
Apple, Inc.		17,350	$	2,455,025
Microsoft Corp.		8,245		2,324,430
Oracle Corp.		7,015		611,217
Broadcom, Inc.		1,190		577,067
Texas Instruments, Inc.		2,923		561,830
QUALCOMM, Inc.		4,355		561,708
Intel Corp.		10,402		554,219
Applied Materials, Inc.		3,761		484,153
International Business Machines Corp.		3,058		424,848
NetApp, Inc.		4,192		376,274
HP, Inc.		13,303		363,970
Lam Research Corp.		601		342,059
Qorvo, Inc.*		2,030		339,396
Teradyne, Inc.		2,788		304,366
NVIDIA Corp.		1,300		269,308
KLA Corp.		701		234,491
Cerner Corp.		3,295		232,364
Cognizant Technology Solutions Corp. — Class A		2,498		185,376
Hewlett Packard Enterprise Co.		12,723		181,303
Seagate Technology Holdings plc		2,112		174,282
Advanced Micro Devices, Inc.*		1,410		145,089
Adobe, Inc.*		199		114,568
Total Technology				11,817,343
Consumer, Non-cyclical - 3.2%
Merck & Company, Inc.		8,609		646,622
Amgen, Inc.		2,609		554,804
Bristol-Myers Squibb Co.		9,242		546,849
Gilead Sciences, Inc.		7,541		526,739
AbbVie, Inc.		4,800		517,776
Quest Diagnostics, Inc.		2,998		435,639
Laboratory Corporation of America Holdings*		1,543		434,262
PerkinElmer, Inc.		2,467		427,506
Hologic, Inc.*		5,791		427,434
Pfizer, Inc.		9,099		391,348
Incyte Corp.*		5,106		351,191
Bio-Rad Laboratories, Inc. — Class A*		439		327,472
Philip Morris International, Inc.		3,452		327,215
DaVita, Inc.*		2,719		316,111
Vertex Pharmaceuticals, Inc.*		1,402		254,309
Molson Coors Beverage Co. — Class B		4,689		217,476
McKesson Corp.		1,067		212,738
Regeneron Pharmaceuticals, Inc.*		325		196,683
United Rentals, Inc.*		550		193,012
Johnson & Johnson		1,159		187,179
Moderna, Inc.*		349		134,316
UnitedHealth Group, Inc.		312		121,911
PayPal Holdings, Inc.*		463		120,477
Total Consumer, Non-cyclical				7,869,069
Communications - 2.6%
Alphabet, Inc. — Class C*		573		1,527,223
Amazon.com, Inc.*		394		1,294,306
Facebook, Inc. — Class A*		1,987		674,368
Cisco Systems, Inc.		12,235		665,951
Motorola Solutions, Inc.		1,988		461,852
Arista Networks, Inc.*		1,253		430,581
VeriSign, Inc.*		1,915		392,594
F5 Networks, Inc.*		1,971		391,795
Juniper Networks, Inc.		12,403		341,331
AT&T, Inc.		8,142		219,915
Walt Disney Co.*		721		121,971
Total Communications				6,521,887
Financial - 2.4%
Goldman Sachs Group, Inc.		1,456		550,412
Capital One Financial Corp.		3,284		531,910
MetLife, Inc.		8,015		494,766
Allstate Corp.		3,642		463,663
Travelers Companies, Inc.		3,049		463,479
Raymond James Financial, Inc.		4,940		455,817
Aflac, Inc.		8,621		449,413
Discover Financial Services		3,557		436,977
Everest Re Group Ltd.		1,580		396,232
Synchrony Financial		7,940		388,107
Western Union Co.		18,934		382,845
Berkshire Hathaway, Inc. — Class B*		1,166		318,248
Progressive Corp.		3,208		289,971
JPMorgan Chase & Co.		1,376		225,237
Visa, Inc. — Class A		590		131,423
Total Financial				5,978,500
Consumer, Cyclical - 2.3%
AutoZone, Inc.*		315		534,867
O'Reilly Automotive, Inc.*		845		516,346
Home Depot, Inc.		1,514		496,986
Yum! Brands, Inc.		3,708		453,525
Domino's Pizza, Inc.		898		428,310
Target Corp.		1,788		409,041
Starbucks Corp.		3,693		407,375
Whirlpool Corp.		1,631		332,496
PulteGroup, Inc.		6,562		301,327
McDonald's Corp.		1,111		267,873
BorgWarner, Inc.		5,872		253,729
Tapestry, Inc.		6,669		246,886
Tesla, Inc.*		307		238,072
Newell Brands, Inc.		9,320		206,345
NVR, Inc.*		42		201,351
General Motors Co.*		3,732		196,714
Hasbro, Inc.		1,971		175,853
Total Consumer, Cyclical				5,667,096
Industrial - 1.3%
3M Co.		2,929		513,805
Keysight Technologies, Inc.*		2,660		437,011
Snap-on, Inc.		1,996		417,064
Waters Corp.*		1,118		399,461
Huntington Ingalls Industries, Inc.		1,983		382,838
Sealed Air Corp.		6,614		362,381
Mettler-Toledo International, Inc.*		238		327,812
Masco Corp.		5,719		317,691
Garmin Ltd.		888		138,049
Total Industrial				3,296,112
Energy - 0.1%
ONEOK, Inc.		4,724		273,945

Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 16.7% (continued)
Total Common Stocks
(Cost $37,675,899)			$	41,423,952
MUTUAL FUNDS† - 84.1%
Guggenheim Strategy Fund III1		2,748,732		69,103,118
Guggenheim Variable Insurance Strategy Fund III1		2,477,044		62,074,725
Guggenheim Ultra Short Duration Fund — Institutional Class1		6,133,534		61,151,334
Guggenheim Strategy Fund II1		671,746		16,786,943
Total Mutual Funds
(Cost $207,965,794)				209,116,120
MONEY MARKET FUND† - 0.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		984,445		984,445
Total Money Market Fund
(Cost $984,445)				984,445
Total Investments - 101.2%
(Cost $246,626,138)			$	251,524,517
Other Assets & Liabilities, net - (1.2)%				(2,906,294	)
Total Net Assets - 100.0%			$	248,618,223

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		2	Dec 2021	$	429,700	$	(13,782	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A.

S&P 500 Total Return Index

Pay

0.36% (3 Month USD LIBOR + 0.23%)

At Maturity

10/05/21

23,030

$

207,138,499

$

12,364,646

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	41,423,952	$	—	$	—	$	41,423,952
Mutual Funds		209,116,120		—		—		209,116,120
Money Market Fund		984,445		—		—		984,445
Equity Index Swap Agreements**		—		12,364,646		—		12,364,646
Total Assets	$	251,524,517	$	12,364,646	$	—	$	263,889,163
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	13,782	$	—	$	—	$	13,782

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

Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	16,600,429	$	166,573	$	–		$	–	$	19,941		$	16,786,943		671,746	$	168,185
Guggenheim Strategy Fund III		57,516,275		11,502,376		–			–		84,467			69,103,118		2,748,732		708,984
Guggenheim Ultra Short Duration Fund — Institutional Class		47,177,063		15,398,003		(1,367,999	)		43,946		(99,679	)		61,151,334		6,133,534		396,527
Guggenheim Variable Insurance Strategy Fund III		57,356,264		4,671,337		–			–		47,124			62,074,725		2,477,044		677,497
	$	178,650,031	$	31,738,289	$	(1,367,999	)	$	43,946	$	51,853		$	209,116,120			$	1,951,193

Series B (Large Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.9%
Consumer, Non-cyclical - 21.7%
Johnson & Johnson		32,219	$	5,203,368
Tyson Foods, Inc. — Class A		65,226		5,148,940
Humana, Inc.		9,178		3,571,619
HCA Healthcare, Inc.		13,304		3,229,147
Archer-Daniels-Midland Co.		52,046		3,123,280
McKesson Corp.		14,704		2,931,684
Ingredion, Inc.		31,921		2,841,288
Medtronic plc		21,543		2,700,415
Quest Diagnostics, Inc.		17,401		2,528,539
Henry Schein, Inc.*		29,932		2,279,621
Merck & Company, Inc.		29,200		2,193,212
J M Smucker Co.		17,762		2,131,973
Bunge Ltd.		25,800		2,098,056
Zimmer Biomet Holdings, Inc.		13,693		2,004,108
Encompass Health Corp.		25,501		1,913,595
Amgen, Inc.		6,861		1,458,992
Pfizer, Inc.		29,771		1,280,451
Procter & Gamble Co.		8,583		1,199,903
Bristol-Myers Squibb Co.		16,678		986,837
Total Consumer, Non-cyclical				48,825,028
Financial - 20.1%
JPMorgan Chase & Co.		38,094		6,235,607
Berkshire Hathaway, Inc. — Class B*		18,228		4,975,150
Wells Fargo & Co.		103,435		4,800,419
Bank of America Corp.		105,080		4,460,646
Citigroup, Inc.		40,185		2,820,183
Allstate Corp.		21,352		2,718,323
STAG Industrial, Inc. REIT		57,864		2,271,162
Charles Schwab Corp.		27,103		1,974,182
Voya Financial, Inc.		30,830		1,892,654
Medical Properties Trust, Inc. REIT		87,952		1,765,197
Regions Financial Corp.		70,117		1,494,193
KeyCorp		64,668		1,398,122
Zions Bancorp North America		20,791		1,286,755
Park Hotels & Resorts, Inc. REIT*		64,125		1,227,353
American Tower Corp. — Class A REIT		4,618		1,225,663
Jones Lang LaSalle, Inc.*		4,866		1,207,206
Mastercard, Inc. — Class A		3,197		1,111,533
American International Group, Inc.		18,813		1,032,646
BOK Financial Corp.		9,366		838,725
Gaming and Leisure Properties, Inc. REIT		12,532		580,482
Total Financial				45,316,201
Consumer, Cyclical - 9.7%
Walmart, Inc.		25,244		3,518,509
LKQ Corp.*		49,954		2,513,685
Southwest Airlines Co.*		47,188		2,426,879
Kohl's Corp.		50,896		2,396,692
Home Depot, Inc.		5,978		1,962,338
Lear Corp.		12,115		1,895,755
DR Horton, Inc.		20,604		1,730,118
PACCAR, Inc.		20,253		1,598,367
PVH Corp.*		14,248		1,464,552
Ralph Lauren Corp. — Class A		11,569		1,284,622
Penske Automotive Group, Inc.		10,583		1,064,650
Total Consumer, Cyclical				21,856,167
Communications - 9.6%
Verizon Communications, Inc.		94,596		5,109,130
Comcast Corp. — Class A		82,304		4,603,263
Cisco Systems, Inc.		46,985		2,557,394
Alphabet, Inc. — Class A*		859		2,296,554
T-Mobile US, Inc.*		15,182		1,939,652
FireEye, Inc.*		82,418		1,467,040
Walt Disney Co.*		8,284		1,401,404
Juniper Networks, Inc.		43,590		1,199,597
ViacomCBS, Inc. — Class B		27,281		1,077,872
Total Communications				21,651,906
Technology - 8.2%
Micron Technology, Inc.		64,631		4,587,508
Skyworks Solutions, Inc.		15,817		2,606,325
DXC Technology Co.*		75,160		2,526,128
Apple, Inc.		16,014		2,265,981
Leidos Holdings, Inc.		23,089		2,219,546
Qorvo, Inc.*		12,467		2,084,358
Amdocs Ltd.		15,609		1,181,757
Cerner Corp.		12,890		909,003
Total Technology				18,380,606
Energy - 8.1%
ConocoPhillips		55,659		3,772,010
Chevron Corp.		36,592		3,712,258
Range Resources Corp.*		107,163		2,425,099
Marathon Oil Corp.		158,094		2,161,145
Cabot Oil & Gas Corp. — Class A		91,049		1,981,226
Patterson-UTI Energy, Inc.		176,554		1,588,986
Exxon Mobil Corp.		26,250		1,544,025
Pioneer Natural Resources Co.		7,109		1,183,720
Total Energy				18,368,469
Industrial - 6.8%
Johnson Controls International plc		46,562		3,169,941
L3Harris Technologies, Inc.		10,969		2,415,813
Knight-Swift Transportation Holdings, Inc.		46,371		2,371,877
Valmont Industries, Inc.		7,628		1,793,495
Curtiss-Wright Corp.		14,040		1,771,567
Owens Corning		17,203		1,470,857
FedEx Corp.		6,009		1,317,713
Advanced Energy Industries, Inc.		12,693		1,113,811
Total Industrial				15,425,074
Utilities - 6.8%
Exelon Corp.		76,577		3,701,732
Public Service Enterprise Group, Inc.		48,378		2,946,220
Edison International		48,175		2,672,267
Duke Energy Corp.		21,954		2,142,491
Pinnacle West Capital Corp.		23,291		1,685,337
NiSource, Inc.		51,045		1,236,820
PPL Corp.		33,862		944,073
Total Utilities				15,328,940
Basic Materials - 4.9%
Huntsman Corp.		123,085		3,642,085
Westlake Chemical Corp.		30,967		2,822,332
Reliance Steel & Aluminum Co.		10,519		1,498,116

Series B (Large Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Basic Materials - 4.9% (continued)
Nucor Corp.		11,318	$	1,114,710
International Flavors & Fragrances, Inc.		6,793		908,360
DuPont de Nemours, Inc.		8,550		581,315
Dow, Inc.		9,877		568,520
Total Basic Materials				11,135,438
Total Common Stocks
(Cost $158,905,554)				216,287,829
MONEY MARKET FUND† - 4.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%1		10,283,787		10,283,787
Total Money Market Fund
(Cost $10,283,787)				10,283,787
Total Investments - 100.5%
(Cost $169,189,341)			$	226,571,616
Other Assets & Liabilities, net - (0.5)%				(1,070,044	)
Total Net Assets - 100.0%			$	225,501,572

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of September 30, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	216,287,829	$	—	$	—	$	216,287,829
Money Market Fund		10,283,787		—		—		10,283,787
Total Assets	$	226,571,616	$	—	$	—	$	226,571,616

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 97.8%
Consumer, Non-cyclical - 17.8%
Philip Morris International, Inc.		15,200	$	1,440,808
AbbVie, Inc.		12,408		1,338,451
Bristol-Myers Squibb Co.		21,094		1,248,132
Merck & Company, Inc.		16,500		1,239,315
Anthem, Inc.		3,023		1,126,974
AmerisourceBergen Corp. — Class A		8,977		1,072,303
Archer-Daniels-Midland Co.		17,825		1,069,678
Cigna Corp.		5,100		1,020,816
Johnson & Johnson		6,300		1,017,450
Kimberly-Clark Corp.		7,600		1,006,544
CVS Health Corp.		11,700		992,862
Humana, Inc.		2,331		907,109
Kellogg Co.		14,190		907,025
PepsiCo, Inc.		5,495		826,503
Square, Inc. — Class A*		3,400		815,456
Cardinal Health, Inc.		16,200		801,252
Colgate-Palmolive Co.		9,839		743,632
Bunge Ltd.		8,813		716,673
Campbell Soup Co.		15,200		635,512
Kroger Co.		15,654		632,891
Kesko Oyj — Class B††		18,200		627,850
Tyson Foods, Inc. — Class A		7,100		560,474
Randstad N.V.††		7,800		525,210
Seven & i Holdings Company Ltd.††		10,500		478,020
Quest Diagnostics, Inc.		3,100		450,461
McKesson Corp.		1,800		358,884
Amgen, Inc.		1,300		276,445
J M Smucker Co.		2,300		276,069
Clorox Co.		1,600		264,976
Total Consumer, Non-cyclical				23,377,775
Financial - 16.4%
Citigroup, Inc.		20,179		1,416,162
Commonwealth Bank of Australia††		17,400		1,290,907
Australia & New Zealand Banking Group Ltd.††		52,200		1,048,023
Allianz AG††		4,400		985,912
Alexandria Real Estate Equities, Inc. REIT		4,900		936,243
National Australia Bank Ltd.††		47,000		926,635
Prudential Financial, Inc.		8,800		925,760
Daiwa House REIT Investment Corp. ††		300		881,022
Medical Properties Trust, Inc. REIT		42,500		852,975
Allstate Corp.		6,500		827,515
Admiral Group plc††		18,400		768,662
Westpac Banking Corp.††		40,300		745,084
REA Group Ltd.††		6,200		698,120
EXOR N.V.††		8,300		696,591
RenaissanceRe Holdings Ltd.		4,700		655,180
Western Union Co.		31,500		636,930
Toronto-Dominion Bank		9,100		602,523
Bank of Nova Scotia		9,600		590,979
Voya Financial, Inc.		9,600		589,344
Berkshire Hathaway, Inc. — Class B*		2,100		573,174
Sun Life Financial, Inc.		10,400		535,439
GLP J-REIT		300		493,836
Canadian Apartment Properties REIT		10,400		485,426
Weyerhaeuser Co. REIT		13,200		469,524
Manulife Financial Corp.		23,400		450,483
Power Corporation of Canada		13,000		428,577
Everest Re Group Ltd.		1,600		401,248
AXA S.A.††		13,300		368,628
Goldman Sachs Group, Inc.		800		302,424
BNP Paribas S.A.††		4,700		300,743
Assurant, Inc.		1,800		283,950
NN Group N.V.††		5,200		272,418
American Tower Corp. — Class A REIT		800		212,328
Total Financial				21,652,765
Technology - 16.3%
Apple, Inc.		29,077		4,114,396
Microsoft Corp.		13,965		3,937,013
Accenture plc — Class A		4,894		1,565,688
Intel Corp.		23,667		1,260,978
NetApp, Inc.		13,900		1,247,664
International Business Machines Corp.		8,724		1,212,025
QUALCOMM, Inc.		7,800		1,006,044
Cognizant Technology Solutions Corp. — Class A		13,400		994,414
Seagate Technology Holdings plc		11,700		965,484
VMware, Inc. — Class A*		6,259		930,713
HP, Inc.		31,400		859,104
Citrix Systems, Inc.		6,600		708,642
Texas Instruments, Inc.		3,400		653,514
ASML Holding N.V.††		800		597,714
Lam Research Corp.		800		455,320
Logitech International S.A.††		4,400		391,573
Skyworks Solutions, Inc.		2,100		346,038
NVIDIA Corp.		1,300		269,308
Total Technology				21,515,632
Industrial - 11.4%
Deutsche Post AG††		19,100		1,197,892
3M Co.		6,790		1,191,102
Lockheed Martin Corp.		3,422		1,180,932
Northrop Grumman Corp.		3,119		1,123,308
DSV A/S††		3,900		933,567
Kuehne + Nagel International AG††		2,600		887,910
FedEx Corp.		3,863		847,117
Sika AG††		2,600		822,297
Bouygues S.A.††		18,400		761,245
Arrow Electronics, Inc.*		6,400		718,656
AP Moller - Maersk A/S — Class B††		250		676,808
Lennox International, Inc.		2,300		676,591
Obayashi Corp.††		80,200		661,088
Huntington Ingalls Industries, Inc.		3,400		656,404
CK Infrastructure Holdings Ltd.††		116,600		650,379
Illinois Tool Works, Inc.		3,100		640,553
CRH plc ADR††		13,300		627,762

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 97.8% (continued)
Industrial - 11.4% (continued)
Mitsubishi Heavy Industries Ltd.††		21,100	$	565,369
BAE Systems plc††		27,000		204,452
Total Industrial				15,023,432
Communications - 10.6%
Amazon.com, Inc.*		1,079		3,544,558
Alphabet, Inc. — Class C*		1,106		2,947,833
Verizon Communications, Inc.		28,431		1,535,558
KDDI Corp.††		33,900		1,116,124
Nippon Telegraph & Telephone Corp.††		36,400		1,008,641
Facebook, Inc. — Class A*		2,944		999,164
Juniper Networks, Inc.		26,200		721,024
HKT Trust & HKT Ltd.††		489,400		669,191
Interpublic Group of Companies, Inc.		13,300		487,711
CDW Corp.		2,100		382,242
ViacomCBS, Inc. — Class B		7,800		308,178
Corning, Inc.		7,800		284,622
Total Communications				14,004,846
Consumer, Cyclical - 10.2%
Mitsubishi Corp.††		38,900		1,221,588
Daiwa House Industry Company Ltd.††		33,700		1,123,420
Volvo AB — Class B††		47,300		1,056,514
ITOCHU Corp.††		36,200		1,054,389
Best Buy Company, Inc.		8,400		887,964
Subaru Corp.††		48,000		887,051
Cummins, Inc.		3,900		875,784
BorgWarner, Inc.		17,700		764,817
Home Depot, Inc.		2,300		754,998
Whirlpool Corp.		3,686		751,428
Persimmon plc††		20,900		747,298
Wesfarmers Ltd.††		18,300		727,655
Autoliv, Inc.		7,200		617,184
PACCAR, Inc.		6,000		473,520
Dollar General Corp.		2,100		445,494
Tesla, Inc.*		534		414,106
Kingfisher plc††		78,000		352,020
ABC-Mart, Inc.††		3,900		219,080
Total Consumer, Cyclical				13,374,310
Energy - 7.0%
Exxon Mobil Corp.		28,200		1,658,724
Chevron Corp.		14,900		1,511,605
Suncor Energy, Inc.		57,700		1,196,464
Valero Energy Corp.		16,400		1,157,348
TC Energy Corp.		22,600		1,087,884
Imperial Oil Ltd.		26,100		825,002
Phillips 66		9,400		658,282
Marathon Petroleum Corp.		9,900		611,919
DCC plc††		6,300		525,269
Total Energy				9,232,497
Utilities - 5.8%
Exelon Corp.		22,400		1,082,816
Edison International		17,500		970,725
CLP Holdings Ltd.††		93,200		897,407
Southern Co.		12,000		743,640
Power Assets Holdings Ltd.††		113,600		665,961
NRG Energy, Inc.		16,000		653,280
AGL Energy Ltd.††		143,200		591,208
Fortum Oyj††		15,600		473,764
UGI Corp.		10,800		460,296
Consolidated Edison, Inc.		5,900		428,281
HK Electric Investments & HK Electric Investments Ltd.		388,600		385,888
PPL Corp.		11,000		306,680
Total Utilities				7,659,946
Basic Materials - 2.2%
FMC Corp.		8,900		814,884
Rio Tinto plc††		10,100		662,089
Johnson Matthey plc††		15,500		555,954
Fortescue Metals Group Ltd.††		49,400		526,066
RPM International, Inc.		4,200		326,130
Total Basic Materials				2,885,123
Diversified - 0.1%
CK Hutchison Holdings Ltd.††		19,600		130,760
Total Common Stocks
(Cost $121,304,535)				128,857,086
PREFERRED STOCKS†† - 0.3%
Consumer, Cyclical - 0.3%
Volkswagen AG		2,100		468,148
Total Preferred Stocks
(Cost $379,969)				468,148
EXCHANGE-TRADED FUNDS† - 0.8%
iShares MSCI EAFE ETF		7,172		559,487
SPDR S&P 500 ETF Trust		1,263		542,004
Total Exchange-Traded Funds
(Cost $1,127,187)				1,101,491
MONEY MARKET FUND† - 0.6%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 0.01%1		728,247		728,247
Total Money Market Fund
(Cost $728,247)				728,247
Total Investments - 99.5%
(Cost $123,539,938)			$	131,154,972
Other Assets & Liabilities, net - 0.5%				601,582
Total Net Assets - 100.0%			$	131,756,554

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
British Pound Futures Contracts		23	Dec 2021	$	1,936,600	$	(4,515	)
Canadian Dollar Futures Contracts		79	Dec 2021		6,235,470		(25,739	)
				$	8,172,070	$	(30,254	)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of September 30, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	94,053,756	$	34,803,330	$	—	$	128,857,086
Preferred Stocks		—		468,148		—		468,148
Exchange-Traded Funds		1,101,491		—		—		1,101,491
Money Market Fund		728,247		—		—		728,247
Total Assets	$	95,883,494	$	35,271,478	$	—	$	131,154,972
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	30,254	$	—	$	—	$	30,254

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

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 1.3%
Financial - 1.3%
Pershing Square Tontine Holdings Ltd. — Class A*,1		76,590	$	1,508,823
KKR Acquisition Holdings I Corp. — Class A*,1		33,829		329,833
RXR Acquisition Corp. — Class A*,1		7,156		69,556
TPG Pace Beneficial II Corp.*,1		5,744		56,234
MSD Acquisition Corp. — Class A*,1		4,876		47,297
AfterNext HealthTech Acquisition Corp.*,1		4,100		40,836
Conyers Park III Acquisition Corp.*,1		3,800		38,038
TPG Pace Solutions Corp.*,1		3,356		33,728
Waverley Capital Acquisition Corp. 1*,1		3,000		29,580
Acropolis Infrastructure Acquisition Corp. — Class A*,1		2,700		26,136
Blue Whale Acquisition Corp. I*,1		2,200		21,824
Colicity, Inc. — Class A*,1		2,210		21,592
Colicity, Inc.*,1		434		4,305
RXR Acquisition Corp.*,1		109		1,074
Total Financial				2,228,856
Communications - 0.0%
Figs, Inc. — Class A*		1,346		49,990
Total Common Stocks
(Cost $2,237,511)				2,278,846
PREFERRED STOCKS†† - 2.5%
Financial - 2.5%
First Republic Bank, 4.25%		24,000		602,400
Wells Fargo & Co., 4.70%		16,000		420,480
Bank of America Corp., 4.13%		16,000		411,360
Public Storage, 4.63%		13,639		372,072
Bank of America Corp., 4.38%		12,000		316,200
W R Berkley Corp., 4.13% due 03/30/61		11,368		302,389
Equitable Holdings, Inc., 4.30%		12,000		300,000
Arch Capital Group Ltd., 4.55%		10,000		262,000
American Financial Group, Inc., 4.50% due 09/15/60		8,999		245,583
JPMorgan Chase & Co., 4.63%		8,000		211,200
RenaissanceRe Holdings Ltd., 4.20%		8,000		199,200
CNO Financial Group, Inc., 5.13% due 11/25/60		6,000		159,900
First Republic Bank, 4.13%		6,000		149,940
Assurant, Inc., 5.25% due 01/15/61		4,000		108,080
Selective Insurance Group, Inc., 4.60%		4,000		104,120
Public Storage, 4.13%		2,323		60,630
W R Berkley Corp., 4.25% due 09/30/60		2,075		56,274
Total Financial				4,281,828
Total Preferred Stocks
(Cost $4,110,100)				4,281,828
WARRANTS† - 0.0%
Pershing Square Tontine Holdings, Ltd.
Expiring 07/24/25*,1		8,510		10,978
KKR Acquisition Holdings I Corp. - Class A
Expiring 12/31/27*,1		8,457		8,118
Ginkgo Bioworks Holdings, Inc.
Expiring 12/31/27*		684		2,319
MSD Acquisition Corp.
Expiring 05/13/23*,1		974		1,120
RXR Acquisition Corp.
Expiring 03/08/26*,1		1,428		1,071
Acropolis Infrastructure Acquisition Corp. — Class A
Expiring 03/31/26*,1		900		828
Colicity, Inc.
Expiring 12/31/27*,1		441		366
Total Warrants
(Cost $59,802)				24,800
MUTUAL FUNDS† - 4.1%
Guggenheim Total Return Bond Fund — R6-Class2		239,873		6,951,509
Total Mutual Funds
(Cost $6,378,855)				6,951,509
		Face Amount~
CORPORATE BONDS†† - 42.0%
Financial - 18.3%
Pershing Square Holdings Ltd.
3.25% due 11/15/303		1,000,000		1,006,330
3.25% due 10/01/31		1,000,000		998,330
Wells Fargo & Co.
3.07% due 04/30/414		1,100,000		1,127,906
3.90%4,5		350,000		360,937
Citigroup, Inc.
3.88%4,5		600,000		613,380
2.57% due 06/03/314		590,000		600,744
4.00%4,5		200,000		207,240
Nationwide Mutual Insurance Co.
4.35% due 04/30/503		950,000		1,079,446
Liberty Mutual Group, Inc.
4.30% due 02/01/613		700,000		666,834
3.95% due 05/15/603		280,000		310,042
Bank of America Corp.
2.59% due 04/29/314		890,000		907,394
Reliance Standard Life Global Funding II
2.75% due 05/07/253		800,000		838,378
Reinsurance Group of America, Inc.
3.15% due 06/15/30		750,000		796,490
Wilton RE Ltd.
6.00%†††,3,4,5		700,000		763,455

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 42.0% (continued)
Financial - 18.3% (continued)
Arch Capital Group Ltd.
3.64% due 06/30/50		700,000	$	761,548
Macquarie Bank Ltd.
3.05% due 03/03/363,4		450,000		445,051
3.62% due 06/03/303		290,000		304,090
Markel Corp.
6.00% 4,5		660,000		731,280
JPMorgan Chase & Co.
3.65% 4,5		250,000		250,312
2.96% due 05/13/314		230,000		238,886
4.49% due 03/24/314		200,000		233,143
American International Group, Inc.
4.38% due 06/30/50		550,000		675,539
GLP Capital Limited Partnership / GLP Financing II, Inc.
5.30% due 01/15/29		300,000		350,748
4.00% due 01/15/31		290,000		312,913
Equitable Holdings, Inc.
4.95% 4,5		550,000		596,750
Intercontinental Exchange, Inc.
2.65% due 09/15/40		600,000		573,216
Fidelity National Financial, Inc.
3.40% due 06/15/30		300,000		321,845
2.45% due 03/15/31		230,000		228,498
Nippon Life Insurance Co.
2.75% due 01/21/513,4		350,000		342,562
2.90% due 09/16/513,4		200,000		196,971
Deloitte LLP
3.56% due 05/07/30†††		500,000		520,765
Charles Schwab Corp.
4.00% 4,5		500,000		514,230
Iron Mountain, Inc.
5.25% due 07/15/303		250,000		265,307
5.63% due 07/15/323		125,000		134,062
4.50% due 02/15/313		100,000		101,430
Fairfax Financial Holdings Ltd.
3.38% due 03/03/313		450,000		466,092
Global Atlantic Finance Co.
4.70% due 10/15/513,4		250,000		258,458
3.13% due 06/15/313		200,000		202,566
Crown Castle International Corp.
2.90% due 04/01/41		250,000		240,456
3.30% due 07/01/30		201,000		214,030
Host Hotels & Resorts, LP
3.50% due 09/15/30		435,000		451,409
OneAmerica Financial Partners, Inc.
4.25% due 10/15/503		410,000		435,370
Ares Finance Company II LLC
3.25% due 06/15/303		410,000		427,654
MetLife, Inc.
3.85% 4,5		400,000		419,500
Alleghany Corp.
3.63% due 05/15/30		370,000		405,410
National Australia Bank Ltd.
2.99% due 05/21/313		400,000		404,317
Standard Chartered plc
4.64% due 04/01/313,4		350,000		403,326
First American Financial Corp.
4.00% due 05/15/30		360,000		397,435
United Wholesale Mortgage LLC
5.50% due 04/15/293		300,000		291,271
5.50% due 11/15/253		100,000		100,750
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/313		350,000		353,063
Brookfield Finance, Inc.
3.50% due 03/30/51		280,000		291,817
4.70% due 09/20/47		50,000		60,410
Belrose Funding Trust
2.33% due 08/15/303		320,000		315,312
LPL Holdings, Inc.
4.00% due 03/15/293		300,000		308,130
KKR Group Finance Company VIII LLC
3.50% due 08/25/503		290,000		305,158
Jefferies Group LLC
2.75% due 10/15/32		300,000		300,213
Everest Reinsurance Holdings, Inc.
3.50% due 10/15/50		280,000		297,106
SBA Communications Corp.
3.13% due 02/01/293		250,000		241,563
3.88% due 02/15/27		50,000		51,813
UBS Group AG
2.10% due 02/11/323,4		300,000		291,543
Assured Guaranty US Holdings, Inc.
3.15% due 06/15/31		150,000		157,114
3.60% due 09/15/51		100,000		101,410
Kennedy-Wilson, Inc.
4.75% due 03/01/29		150,000		152,625
4.75% due 02/01/30		100,000		101,750
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/283		250,000		253,750
Societe Generale S.A.
2.89% due 06/09/323,4		250,000		251,122
FS KKR Capital Corp.
2.63% due 01/15/27		250,000		250,492
Assurant, Inc.
2.65% due 01/15/32		250,000		247,495
AmFam Holdings, Inc.
2.81% due 03/11/313		200,000		204,671
NFP Corp.
6.88% due 08/15/283		200,000		204,210
Americo Life, Inc.
3.45% due 04/15/313		200,000		201,211
Safehold Operating Partnership, LP
2.80% due 06/15/31		200,000		200,321
Macquarie Group Ltd.
2.69% due 06/23/323,4		200,000		199,466
Hunt Companies, Inc.
5.25% due 04/15/293		200,000		196,000

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 42.0% (continued)
Financial - 18.3% (continued)
Lincoln National Corp.
4.38% due 06/15/50		150,000	$	181,284
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/283		161,000		174,685
Kemper Corp.
2.40% due 09/30/30		170,000		168,141
Raymond James Financial, Inc.
3.75% due 04/01/51		150,000		166,579
Bank of New York Mellon Corp.
4.70% 4,5		140,000		153,650
Goldman Sachs Group, Inc.
3.80% 4,5		150,000		153,563
Prudential Financial, Inc.
3.70% due 10/01/504		130,000		135,345
PartnerRe Finance B LLC
4.50% due 10/01/504		110,000		115,875
Nasdaq, Inc.
3.25% due 04/28/50		110,000		110,560
Kuvare US Holdings, Inc.
7.00% due 02/17/513,4		100,000		107,844
Western & Southern Life Insurance Co.
3.75% due 04/28/613		100,000		107,587
Penn Mutual Life Insurance Co.
3.80% due 04/29/613		100,000		103,732
Westpac Banking Corp.
2.96% due 11/16/40		100,000		98,815
Apollo Management Holdings, LP
2.65% due 06/05/303		90,000		90,789
Home Point Capital, Inc.
5.00% due 02/01/263		100,000		90,652
Brown & Brown, Inc.
2.38% due 03/15/31		90,000		89,617
American Equity Investment Life Holding Co.
5.00% due 06/15/27		69,000		79,428
CNO Financial Group, Inc.
5.25% due 05/30/29		50,000		58,590
Brookfield Finance LLC
3.45% due 04/15/50		50,000		51,447
Weyerhaeuser Co.
4.00% due 04/15/30		43,000		48,525
Total Financial				31,318,569
Consumer, Non-cyclical - 6.0%
CoStar Group, Inc.
2.80% due 07/15/303		740,000		751,844
Altria Group, Inc.
3.70% due 02/04/51		550,000		519,485
3.40% due 05/06/30		170,000		179,711
4.45% due 05/06/50		50,000		52,426
Mozart Debt Merger Sub, Inc.
3.88% due 04/01/293		550,000		550,000
Sysco Corp.
5.95% due 04/01/30		426,000		541,361
Johns Hopkins University
2.81% due 01/01/60		500,000		507,249
BAT Capital Corp.
3.98% due 09/25/50		300,000		290,160
4.70% due 04/02/27		190,000		214,537
Quanta Services, Inc.
2.90% due 10/01/30		467,000		482,560
Children's Hospital Corp.
2.59% due 02/01/50		500,000		475,677
Royalty Pharma plc
3.55% due 09/02/50		310,000		303,781
2.20% due 09/02/30		160,000		156,235
Kraft Heinz Foods Co.
4.38% due 06/01/46		180,000		204,785
4.88% due 10/01/49		75,000		91,272
5.50% due 06/01/50		50,000		65,824
5.00% due 06/04/42		50,000		61,301
DaVita, Inc.
3.75% due 02/15/313		303,000		295,046
4.63% due 06/01/303		113,000		116,233
Smithfield Foods, Inc.
2.63% due 09/13/313		250,000		242,748
3.00% due 10/15/303		110,000		110,602
Zimmer Biomet Holdings, Inc.
3.55% due 03/20/30		283,000		309,223
US Foods, Inc.
6.25% due 04/15/253		200,000		209,790
4.75% due 02/15/293		89,000		91,336
California Institute of Technology
3.65% due 09/01/19		225,000		253,454
BECLE, S.A.B. DE C.V
2.50% due 10/14/31		250,000		247,440
Post Holdings, Inc.
4.50% due 09/15/313		250,000		247,032
Global Payments, Inc.
2.90% due 05/15/30		210,000		216,451
Triton Container International Ltd.
3.15% due 06/15/313		200,000		201,647
TriNet Group, Inc.
3.50% due 03/01/293		200,000		200,500
Kimberly-Clark de Mexico SAB de CV
2.43% due 07/01/313		200,000		199,340
Central Garden & Pet Co.
4.13% due 04/30/313		100,000		101,553
4.13% due 10/15/30		75,000		76,687
Spectrum Brands, Inc.
5.75% due 07/15/25		150,000		153,750
Universal Health Services, Inc.
2.65% due 10/15/303		150,000		150,681
Hologic, Inc.
3.25% due 02/15/293		150,000		150,565
Transurban Finance Company Pty Ltd.
2.45% due 03/16/313		150,000		150,125
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
6.13% due 04/01/293		150,000		150,000

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 42.0% (continued)
Consumer, Non-cyclical - 6.0% (continued)
Avantor Funding, Inc.
4.63% due 07/15/283		125,000	$	131,569
Gartner, Inc.
3.75% due 10/01/303		100,000		102,920
Square, Inc.
2.75% due 06/01/263		100,000		101,365
Service Corporation International
3.38% due 08/15/30		100,000		99,875
Syneos Health, Inc.
3.63% due 01/15/293		100,000		99,720
GXO Logistics, Inc.
2.65% due 07/15/313		100,000		99,314
Nielsen Finance LLC / Nielsen Finance Co.
4.50% due 07/15/293		100,000		97,780
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/273		100,000		96,150
Tenet Healthcare Corp.
4.63% due 06/15/283		75,000		77,712
Jaguar Holding Company II / PPD Development, LP
4.63% due 06/15/253		50,000		51,938
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
5.00% due 12/31/263		50,000		49,926
Total Consumer, Non-cyclical				10,330,680
Industrial - 4.3%
Boeing Co.
5.15% due 05/01/30		970,000		1,136,064
5.81% due 05/01/50		490,000		650,833
5.71% due 05/01/40		490,000		624,113
2.20% due 02/04/26		200,000		201,738
Amsted Industries, Inc.
4.63% due 05/15/303		470,000		482,925
Crown Americas LLC / Crown Americas Capital Corporation VI
4.75% due 02/01/26		400,000		412,240
SYNNEX Corp.
2.65% due 08/09/313		250,000		244,215
2.38% due 08/09/283		150,000		148,391
Flowserve Corp.
3.50% due 10/01/30		270,000		281,637
2.80% due 01/15/32		100,000		98,838
Owens Corning
3.88% due 06/01/30		320,000		352,444
Textron, Inc.
2.45% due 03/15/31		350,000		350,306
Vontier Corp.
2.95% due 04/01/313		350,000		347,798
Cellnex Finance Company S.A.
3.88% due 07/07/413		350,000		343,774
Acuity Brands Lighting, Inc.
2.15% due 12/15/30		350,000		341,244
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.13% due 08/15/263		250,000		259,358
Standard Industries, Inc.
4.38% due 07/15/303		125,000		127,500
3.38% due 01/15/313		125,000		118,962
GATX Corp.
4.00% due 06/30/30		140,000		156,043
3.50% due 03/15/28		50,000		53,984
Weir Group plc
2.20% due 05/13/263		200,000		201,901
Howmet Aerospace, Inc.
6.75% due 01/15/28		145,000		176,537
Norfolk Southern Corp.
4.10% due 05/15/21		50,000		55,968
Oshkosh Corp.
3.10% due 03/01/30		50,000		52,501
Berry Global, Inc.
1.57% due 01/15/263		50,000		49,987
Graphic Packaging International LLC
3.50% due 03/01/293		34,000		33,830
Total Industrial				7,303,131
Communications - 3.8%
ViacomCBS, Inc.
4.95% due 01/15/31		617,000		736,285
4.95% due 05/19/50		320,000		399,727
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% due 04/01/31		625,000		625,689
2.25% due 01/15/29		100,000		99,828
3.90% due 06/01/52		50,000		49,586
Level 3 Financing, Inc.
3.63% due 01/15/293		330,000		320,008
4.25% due 07/01/283		288,000		290,226
3.75% due 07/15/293		100,000		96,648
T-Mobile USA, Inc.
3.88% due 04/15/30		335,000		370,480
2.88% due 02/15/31		50,000		50,425
AT&T, Inc.
2.75% due 06/01/31		410,000		420,038
CSC Holdings LLC
4.13% due 12/01/303		200,000		196,250
3.38% due 02/15/313		200,000		186,000
Virgin Media Secured Finance plc
4.50% due 08/15/303		300,000		304,875
Altice France S.A.
5.13% due 07/15/293		200,000		196,406
7.38% due 05/01/263		100,000		103,771
Cable One, Inc.
4.00% due 11/15/303		300,000		298,875
Mav Acquisition Corp.
5.75% due 08/01/283		300,000		294,750
UPC Broadband Finco BV
4.88% due 07/15/313		250,000		255,965
Vodafone Group plc
4.13% due 06/04/814		250,000		253,135
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/283		200,000		206,570

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 42.0% (continued)
Communications - 3.8% (continued)
Sirius XM Radio, Inc.
4.13% due 07/01/303		180,000	$	180,835
Radiate Holdco LLC / Radiate Finance, Inc.
4.50% due 09/15/263		150,000		154,875
British Telecommunications plc
9.63% due 12/15/30		100,000		152,906
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/293		150,000		148,688
Lamar Media Corp.
3.63% due 01/15/31		100,000		100,000
Switch Ltd.
3.75% due 09/15/283		50,000		50,750
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25% due 02/01/313		50,000		50,750
Total Communications				6,594,341
Consumer, Cyclical - 3.5%
Marriott International, Inc.
4.63% due 06/15/30		340,000		388,055
3.50% due 10/15/32		330,000		350,169
5.75% due 05/01/25		250,000		285,805
2.85% due 04/15/31		170,000		171,979
2.75% due 10/15/33		100,000		97,678
Delta Air Lines, Inc.
7.00% due 05/01/253		1,070,000		1,247,821
Hyatt Hotels Corp.
5.38% due 04/23/25		220,000		245,648
5.75% due 04/23/30		190,000		227,868
Hilton Domestic Operating Company, Inc.
3.75% due 05/01/293		400,000		404,000
Choice Hotels International, Inc.
3.70% due 01/15/31		360,000		388,192
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/273		350,000		380,502
1011778 BC ULC / New Red Finance, Inc.
4.00% due 10/15/303		300,000		297,000
3.88% due 01/15/283		55,000		55,467
Delta Air Lines Inc. / SkyMiles IP Ltd.
4.50% due 10/20/253		300,000		320,987
PetSmart, Inc. / PetSmart Finance Corp.
4.75% due 02/15/283		250,000		257,656
Walgreens Boots Alliance, Inc.
4.10% due 04/15/50		198,000		218,541
United Airlines, Inc.
4.38% due 04/15/263		150,000		153,937
Scotts Miracle-Gro Co.
4.00% due 04/01/313		150,000		149,718
British Airways Class A Pass Through Trust
2.90% due 03/15/353		100,000		100,391
Allison Transmission, Inc.
3.75% due 01/30/313		100,000		97,250
WMG Acquisition Corp.
3.00% due 02/15/313		75,000		73,219
Hanesbrands, Inc.
5.38% due 05/15/253		55,000		57,579
Aramark Services, Inc.
5.00% due 02/01/283		10,000		10,275
Total Consumer, Cyclical				5,979,737
Energy - 2.4%
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/403		700,000		705,666
2.94% due 09/30/403		350,000		349,270
BP Capital Markets plc
4.88% 4,5		880,000		967,349
Qatar Petroleum
3.30% due 07/12/513		250,000		252,500
3.13% due 07/12/413		250,000		249,880
Sabine Pass Liquefaction LLC
4.50% due 05/15/30		400,000		460,603
Occidental Petroleum Corp.
4.63% due 06/15/45		200,000		204,500
3.00% due 02/15/27		70,000		69,946
ITT Holdings LLC
6.50% due 08/01/293		250,000		252,188
Magellan Midstream Partners, LP
3.25% due 06/01/30		190,000		202,892
Valero Energy Corp.
2.15% due 09/15/27		140,000		140,906
Midwest Connector Capital Company LLC
4.63% due 04/01/293		100,000		107,400
NuStar Logistics, LP
5.63% due 04/28/27		100,000		106,500
Baker Hughes a GE Company LLC / Baker Hughes Co-Obligor, Inc.
4.49% due 05/01/30		50,000		58,434
Total Energy				4,128,034
Technology - 1.3%
Broadcom, Inc.
4.15% due 11/15/30		510,000		564,763
2.45% due 02/15/313		300,000		290,631
NetApp, Inc.
2.70% due 06/22/30		412,000		422,950
Qorvo, Inc.
4.38% due 10/15/29		170,000		185,300
3.38% due 04/01/313		100,000		105,440
Oracle Corp.
3.95% due 03/25/51		250,000		264,921
Leidos, Inc.
2.30% due 02/15/31		250,000		244,263
Boxer Parent Company, Inc.
7.13% due 10/02/253		100,000		106,750
MSCI, Inc.
3.63% due 09/01/303		75,000		77,532
3.88% due 02/15/313		15,000		15,731

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 42.0% (continued)
Technology - 1.3% (continued)
Twilio, Inc.
3.63% due 03/15/29		38,000	$	38,874
Total Technology				2,317,155
Basic Materials - 1.2%
Newcrest Finance Pty Ltd.
3.25% due 05/13/303		460,000		488,361
4.20% due 05/13/503		220,000		251,066
Anglo American Capital plc
5.63% due 04/01/303		200,000		241,158
2.63% due 09/10/303		200,000		198,444
Alcoa Nederland Holding BV
5.50% due 12/15/273		200,000		214,686
Minerals Technologies, Inc.
5.00% due 07/01/283		190,000		197,125
INEOS Quattro Finance 2 plc
3.38% due 01/15/263		150,000		151,500
Yamana Gold, Inc.
2.63% due 08/15/313		150,000		146,367
Reliance Steel & Aluminum Co.
2.15% due 08/15/30		100,000		97,658
Valvoline, Inc.
4.25% due 02/15/303		50,000		51,840
Total Basic Materials				2,038,205
Utilities - 0.9%
Cheniere Corpus Christi Holdings LLC
3.52% due 12/31/39†††		800,000		807,592
AES Corp.
3.95% due 07/15/303		220,000		241,916
NRG Energy, Inc.
2.45% due 12/02/273		200,000		202,809
Enel Finance International N.V.
2.88% due 07/12/413		200,000		194,419
Clearway Energy Operating LLC
3.75% due 02/15/313		100,000		100,250
Total Utilities				1,546,986
Financial Institutions - 0.3%
Stadco LA, LLC
3.75% due 05/15/56†††		500,000		490,155
Total Corporate Bonds
(Cost $68,991,643)				72,046,993
ASSET-BACKED SECURITIES†† - 21.0%
Collateralized Loan Obligations - 13.4%
Octagon Investment Partners 49 Ltd.
2021-5A, 1.68% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/15/333,6		1,750,000		1,748,123
BXMT Ltd.
2020-FL2, 1.24% (30 Day Average U.S. Secured Overnight Financing Rate + 1.26%, Rate Floor: 1.15%) due 02/15/383,6		1,000,000		997,820
2020-FL3, 2.72% (30 Day Average U.S. Secured Overnight Financing Rate + 2.66%, Rate Floor: 2.55%) due 03/15/373,6		250,000		251,204
LoanCore Issuer Ltd.
2019-CRE2, 1.58% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/363,6		550,000		548,454
2018-CRE1, 1.58% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/283,6		500,000		499,827
Woodmont Trust
2020-7A, 2.03% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/323,6		1,000,000		1,005,625
Cerberus Loan Funding XXX, LP
2020-3A, 1.98% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/333,6		1,000,000		1,004,662
Parliament Funding II Ltd.
2020-1A, 2.58% (3 Month USD LIBOR + 2.45%, Rate Floor: 2.45%) due 08/12/303,6		1,000,000		1,003,726
Whitebox CLO II Ltd.
2020-2A, 1.88% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 10/24/313,6		1,000,000		1,002,028
MidOcean Credit CLO VII
2020-7A, 1.58% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 07/15/293,6		1,000,000		1,000,781
ABPCI Direct Lending Fund CLO II LLC
2021-1A, 1.73% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/323,6		1,000,000		998,728
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/313,7		1,000,000		846,924
Golub Capital Partners CLO 36M Ltd.
2018-36A, 1.42% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/313,6		850,000		845,304

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 21.0% (continued)
Collateralized Loan Obligations - 13.4% (continued)
Golub Capital Partners CLO 33M Ltd.
2021-33A, 1.98% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/333,6		750,000	$	749,962
Dryden 33 Senior Loan Fund
2020-33A, 1.53% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 04/15/293,6		750,000		748,574
STWD Ltd.
2019-FL1, 1.68% (30 Day Average U.S. Secured Overnight Financing Rate + 1.71%, Rate Floor: 1.60%) due 07/15/383,6		750,000		746,921
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 1.43% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/313,6		750,000		744,211
Marathon CLO VII Ltd.
2017-7A, 1.78% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/28/253,6		525,603		525,569
ABPCI Direct Lending Fund IX LLC
2020-9A, 2.08% (3 Month USD LIBOR + 1.95%, Rate Floor: 1.95%) due 11/18/313,6		500,000		501,503
ABPCI Direct Lending Fund CLO I LLC
2021-1A, 1.88% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/333,6		500,000		500,916
THL Credit Lake Shore MM CLO I Ltd.
2021-1A, 1.83% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/333,6		500,000		500,790
Golub Capital Partners CLO 16 Ltd.
2021-16A, 1.70% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/333,6		500,000		500,755
CHCP Ltd.
2021-FL1, 2.27% (30 Day Average U.S. Secured Overnight Financing Rate + 2.21%, Rate Floor: 2.10%) due 02/15/383,6		500,000		500,443
Wellfleet CLO Ltd.
2020-2A, 1.19% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/293,6		500,000		500,394
KREF
2021-FL2, 2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/15/393,6		500,000		500,219
Cerberus Loan Funding XXVI, LP
2021-1A, 1.63% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/313,6		500,000		499,999
Cerberus Loan Funding XXXIII, LP
2021-3A, 1.98% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/23/333,6		500,000		499,998
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A, 1.63% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/313,6		500,000		499,202
GPMT Ltd.
2019-FL2, 1.98% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 02/22/363,6		500,000		499,106
HERA Commercial Mortgage Ltd.
2021-FL1, 1.69% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 02/18/383,6		500,000		498,528
Golub Capital Partners CLO 54M L.P
2021-54A, 2.77% (3 Month USD LIBOR + 2.65%, Rate Floor: 2.65%) due 08/05/333,6		500,000		498,438
Treman Park CLO Ltd.
2015-1A, due 10/20/283,7		500,000		408,253
Golub Capital Partners CLO 17 Ltd.
2017-17A, 1.78% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/303,6		250,000		250,034
Diamond CLO Ltd.
2021-1A, 1.58% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/25/293,6		250,000		249,813

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 21.0% (continued)
Collateralized Loan Obligations - 13.4% (continued)
Halcyon Loan Advisors Funding Ltd.
2017-3A, 1.03% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/273,6		193,162	$	193,140
Fortress Credit Opportunities IX CLO Ltd.
2017-9A, 1.68% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 11/15/293,6		109,000		109,000
Copper River CLO Ltd.
2007-1A, due 01/20/217,8		600,000		20,538
Total Collateralized Loan Obligations				22,999,512
Net Lease - 1.5%
Store Master Funding I-VII
2016-1A, 3.96% due 10/20/463		1,132,786		1,189,814
Capital Automotive REIT
2021-1A, 2.76% due 08/15/513		500,000		497,998
CMFT Net Lease Master Issuer LLC
2021-1, 3.44% due 07/20/513		400,000		399,242
CARS-DB4, LP
2020-1A, 3.81% due 02/15/503		249,427		267,700
CF Hippolyta LLC
2020-1, 2.28% due 07/15/603		237,197		240,604
Total Net Lease				2,595,358
Financial - 1.5%
Station Place Securitization Trust
2020-16, 1.08% (1 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 12/22/21†††,3,6		1,500,000		1,500,000
Oxford Finance Funding
2020-1A, 3.10% due 02/15/283		500,000		512,651
Madison Avenue Secured Funding Trust Series
2020-1, 1.71% (1 Month USD LIBOR + 1.63%, Rate Floor: 0.00%) due 12/13/21†††,3,6		250,000		250,000
Nassau LLC
2019-1, 3.98% due 08/15/343		203,487		205,649
KKR Core Holding Company LLC
4.00% due 07/15/31†††		550,000		108,515
Total Financial				2,576,815
Transport-Aircraft - 1.5%
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/463		436,320		450,666
WAVE LLC
2019-1, 3.60% due 09/15/443		449,086		447,250
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/403		423,336		419,751
JOL Air Ltd.
2019-1, 3.97% due 04/15/443		419,947		416,231
AIM Aviation Finance Ltd.
2015-1A, 4.21% due 02/15/403		447,149		379,674
Raspro Trust
2005-1A, 1.06% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/243,6		282,622		282,622
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/423		146,628		146,090
Total Transport-Aircraft				2,542,284
Collateralized Debt Obligations - 1.5%
Anchorage Credit Funding Ltd.
2021-13A, 2.88% due 07/27/393		1,000,000		1,000,187
Anchorage Credit Funding 4 Ltd.
2021-4A, 2.72% due 04/27/393		1,000,000		1,000,141
Anchorage Credit Funding 3 Ltd.
2021-3A, 2.87% due 01/28/393		500,000		500,016
Total Collateralized Debt Obligations				2,500,344
Whole Business - 1.2%
Arbys Funding LLC
2020-1A, 3.24% due 07/30/503		990,000		1,026,303
Taco Bell Funding LLC
2021-1A, 2.29% due 08/25/513		500,000		497,702
2016-1A, 4.97% due 05/25/463		95,750		102,542
ServiceMaster Funding LLC
2020-1, 3.34% due 01/30/513		248,750		257,418

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
ASSET-BACKED SECURITIES†† - 21.0% (continued)
Whole Business - 1.2% (continued)
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/513		249,375	$	250,399
Total Whole Business				2,134,364
Transport-Container - 0.4%
CAL Funding IV Ltd.
2020-1A, 2.22% due 09/25/453		457,500		461,103
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/453		221,899		224,855
Total Transport-Container				685,958
Total Asset-Backed Securities
(Cost $35,874,620)				36,034,635
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 12.8%
Residential Mortgage Backed Securities - 6.2%
FKRT
2.21% due 11/30/58		750,000		750,203
2020-C2A, 3.25% due 12/30/23†††,8		691,721		691,721
Ameriquest Mortgage Securities Trust
2006-M3, 0.25% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/366		2,219,087		952,586
Starwood Mortgage Residential Trust
2020-1, 2.41% (WAC) due 02/25/503,6		924,890		932,330
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 0.21% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/366		1,354,744		868,702
Home Equity Loan Trust
2007-FRE1, 0.28% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/376		705,381		674,043
CSMC Trust
2020-RPL5, 3.02% (WAC) due 08/25/603,6		632,040		640,694
LSTAR Securities Investment Ltd.
2021-1, 1.89% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/266,8		369,919		371,045
2021-2, 1.79% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/266,8		252,268		252,371
NovaStar Mortgage Funding Trust Series
2007-2, 0.29% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/376		560,968		552,619
Master Asset-Backed Securities Trust
2006-WMC4, 0.24% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 10/25/366		1,198,275		530,317
OSAT Trust
2021-RPL1, 2.12% due 05/25/653,9		526,914		526,871
ZH Trust
2021-1, 2.25% due 02/18/273		500,000		500,550
PRPM LLC
2021-5, 1.79% due 06/25/263,9		482,659		483,075
Legacy Mortgage Asset Trust
2021-GS3, 1.75% due 07/25/613,9		477,531		477,919
HarborView Mortgage Loan Trust
2006-14, 0.24% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/476		424,288		403,109
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE2A, 0.22% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 07/25/373,6		419,419		400,752
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/4710		2,033,546		330,499
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 0.93% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/466		245,089		213,356
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		58,235		59,222

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS†† - 12.8% (continued)
Residential Mortgage Backed Securities - 6.2% (continued)
Morgan Stanley Re-REMIC Trust
2010-R5, 1.76% due 06/26/363		48,595	$	45,234
Total Residential Mortgage Backed Securities				10,657,218
Government Agency - 4.0%
Uniform MBS 30 Year
due 11/10/2115		5,250,000		5,399,709
Fannie Mae
3.83% due 05/01/49		1,000,000		1,140,341
Fannie Mae-Aces
2020-M23, 1.58% (WAC) due 03/25/356,10		3,667,444		465,396
Total Government Agency				7,005,446
Military Housing - 1.3%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 3.48% (WAC) due 11/25/553,6		934,690		1,097,638
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/523		936,512		1,084,446
Total Military Housing				2,182,084
Commercial Mortgage Backed Securities - 1.3%
GS Mortgage Securities Trust
2020-GC45, 0.79% (WAC) due 02/13/536,10		9,980,018		458,682
BX Commercial Mortgage Trust
2021-VOLT, 2.10% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/15/363,6		350,000		350,438
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.59% (WAC) due 01/15/596,10		3,782,005		190,225
2015-NXS1, 2.63% due 05/15/48		61,601		61,586
Extended Stay America Trust
2021-ESH, 2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/15/383,6		248,706		251,789
Life Mortgage Trust
2021-BMR, 2.43% (1 Month USD LIBOR + 2.35%, Rate Floor: 2.35%) due 03/15/383,6		250,000		250,625
CFCRE Commercial Mortgage Trust
2016-C3, 1.15% (WAC) due 01/10/486,10		5,615,900		210,448
Citigroup Commercial Mortgage Trust
2016-GC37, 1.85% (WAC) due 04/10/496,10		3,234,452		201,414
COMM Mortgage Trust
2015-CR26, 1.08% (WAC) due 10/10/486,10		6,175,073		192,344
Total Commercial Mortgage Backed Securities				2,167,551
Total Collateralized Mortgage Obligations
(Cost $21,848,526)				22,012,299
U.S. GOVERNMENT SECURITIES†† - 9.2%
U.S. Treasury Notes
1.25% due 08/15/3111		10,500,000		10,232,578
U.S. Treasury Bonds
2.00% due 08/15/51		4,500,000		4,422,656
1.88% due 02/15/51		1,100,000		1,046,031
Total U.S. Government Securities
(Cost $16,115,176)				15,701,265
SENIOR FLOATING RATE INTERESTS††,6 - 5.5%
Industrial - 1.1%
Charter Next Generation, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/01/27		398,000		398,685
Mileage Plus Holdings LLC
6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		250,000		265,470
American Bath Group LLC
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27		258,700		257,730
TK Elevator Midco GmbH
4.00% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27		198,504		198,780
Air Canada
4.25% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		150,000		150,500
Berry Global, Inc.
1.86% (2 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/01/26		134,041		133,203
TransDigm, Inc.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 12/09/25		128,367		126,762
Anchor Packaging LLC
4.08% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/20/26		98,987		98,802

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,6 - 5.5% (continued)
Industrial - 1.1% (continued)
Pelican Products, Inc.
4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25		98,977		$	98,544
Service Logic Acquisition, Inc.
4.75% (2 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 10/29/27		82,635			82,790
Total Industrial					1,811,266
Consumer, Cyclical - 1.1%
MB2 Dental Solutions LLC
7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/29/27†††		330,274			324,408
7.19% (3 Month USD LIBOR + 6.00% and Commercial Prime Lending Rate + 5.00%, Rate Floor: 7.00%) due 01/29/27†††		81,881			80,427
BGIS (BIFM CA Buyer, Inc.)
3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/01/26		296,346			294,865
Zephyr Bidco Ltd.
4.80% (1 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 07/23/25		GBP	200,000		268,044
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		199,500			199,863
CNT Holdings I Corp.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 11/08/27		199,000			199,126
Alterra Mountain Co.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/17/28		198,458			197,713
SP PF Buyer LLC
4.58% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25		148,855			146,138
New Trojan Parent, Inc.
3.75% (1 Week USD LIBOR + 3.25% and 3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 01/06/28		99,750			99,459
Total Consumer, Cyclical					1,810,043
Technology - 1.0%
Ascend Learning LLC
4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/12/24		397,000			397,198
Datix Bidco Ltd.
4.50% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25		GBP	300,000		396,184
Nielsen Finance LLC
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/04/23		249,932			249,465
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28		248,750			248,790
Planview Parent, Inc.
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27		248,125			248,591
Apttus Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28		100,000			100,375
Dun & Bradstreet
3.34% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26		99,001			98,877
Total Technology					1,739,480
Financial - 0.8%
Citadel Securities, LP
2.58% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/02/28		447,750			443,434
Jane Street Group LLC
2.83% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		298,500			295,366
Higginbotham
6.25% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.25%) due 11/25/26†††		191,038			188,584
USI, Inc.
3.38% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 12/02/26		148,493			147,426
HighTower Holding LLC
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28		120,000			119,850
Duff & Phelps
4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/09/27		98,997			99,198
AmWINS Group, Inc.
3.00% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.00%) due 02/21/28		99,500			98,866
Total Financial					1,392,724
Consumer, Non-cyclical - 0.7%
Energizer Holdings, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 12/22/27		248,750			248,439

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,6 - 5.5% (continued)
Consumer, Non-cyclical - 0.7% (continued)
Mission Veterinary Partners
4.75% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		150,000	$	150,000
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27		132,531		132,531
Southern Veterinary Partners LLC
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		131,159		131,651
Avantor Funding, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 11/08/27		99,250		99,374
PPD, Inc.
2.50% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.50%) due 01/13/28		99,500		99,293
Option Care Health, Inc.
3.83% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/26		99,242		99,193
Sunshine Investments B.V.
2.87% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/28/25		98,990		98,278
Elanco Animal Health, Inc.
1.84% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27		96,840		95,595
National Mentor Holdings, Inc.
4.50% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28		95,083		95,059
Southern Veterinary Partners LLC
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27†††		18,182		18,250
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27†††		16,811		16,811
Total Consumer, Non-cyclical				1,284,474
Communications - 0.3%
Syndigo LLC
5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27†††		199,000		199,497
Xplornet Communications, Inc.
4.84% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/10/27		148,125		147,940
ProQuest LLC
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/23/26		133,289		133,135
Total Communications				480,572
Utilities - 0.2%
Hamilton Projects Acquiror LLC
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/17/27		387,068		388,279
Basic Materials - 0.2%
Illuminate Buyer LLC
3.58% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/30/27		236,223		235,732
GrafTech Finance, Inc.
3.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25		97,501		97,501
Total Basic Materials				333,233
Energy - 0.1%
ITT Holdings LLC
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/10/28		120,000		119,750
Total Senior Floating Rate Interests
(Cost $9,294,814)				9,359,821
FEDERAL AGENCY BONDS†† - 3.6%
Tennessee Valley Authority
4.25% due 09/15/65		1,000,000		1,406,984
5.38% due 04/01/56		750,000		1,217,129
Fannie Mae Principal Strips
due 07/15/3712,13		2,500,000		1,761,185
Freddie Mac Principal Strips
due 07/15/3212		1,950,000		1,595,712
Tennessee Valley Authority Principal Strips
due 01/15/4812,13		500,000		245,698
Total Federal Agency Bonds
(Cost $5,404,885)				6,226,708
MUNICIPAL BONDS†† - 1.2%
California - 0.4%
Cypress School District General Obligation Unlimited
due 08/01/4812		1,000,000		406,424
Newport Mesa Unified School District General Obligation Unlimited
due 08/01/4612		700,000		295,383
Total California				701,807
Texas - 0.3%
City of San Antonio Texas Electric & Gas Systems Revenue Revenue Bonds
2.91% due 02/01/48		500,000		500,979

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
MUNICIPAL BONDS†† - 1.2% (continued)
Illinois - 0.3%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38		400,000	$	486,049
New York - 0.2%
Westchester County Local Development Corp. Revenue Bonds
3.85% due 11/01/50		300,000		314,806
Total Municipal Bonds
(Cost $1,792,027)				2,003,641
COMMERCIAL PAPER†† - 1.8%
Societe Generale S.A.
due 10/01/2112		1,500,000		1,500,000
Amphenol Corp.
due 10/01/2112		1,500,000		1,500,000
Total Commercial Paper
(Cost $3,000,000)				3,000,000
		Notional Value~
OTC OPTIONS PURCHASED†† - 0.3%
Call Options on:
Interest Rate Options
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		40,900,000		231,903
Morgan Stanley Capital Services LLC 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40		16,900,000		95,823
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		14,200,000		56,232
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61		4,500,000		17,820
Total Interest Rate Options				401,778
		Contracts
Put Options on:
Equity Options†
Citibank, N.A. S&P 500 Index Expiring November 2021 with strike price of $4,340.00 (Notional Value $5,599,802)		13		174,395
Total Equity Options				174,395
Total OTC Options Purchased
(Cost $322,630)				576,173
Total Investments - 105.3%
(Cost $175,430,589)			$	180,498,518
		Face Amount~
Collateralized Mortgage Obligations Sold Short†† - (3.2)%
Government Agency - (3.2)%
Uniform MBS 30 Year
due 11/10/2115		5,250,000		(5,558,543	)
Total Collateralized Mortgage Obligations
(Proceeds $5,564,391)				(5,558,543	)
		Contracts
LISTED OPTIONS WRITTEN† - 0.0%
Call Options on:
Equity Options
Figs, Inc. Expiring December 2022 with strike price of $55.00 ( Notional value $3,714)		1		(515	)
Figs, Inc. Expiring December 2022 with strike price of $50.00 ( Notional Value $7,428)		2		(1,230	)
Total Equity Options				(1,745	)
Total Listed Options Written
(Premiums received $3,216)				(1,745	)
OTC OPTIONS WRITTEN† - 0.0%
Put Options on:
Equity Options
Citibank, N.A. S&P 500 Index Expiring November 2021 with strike price of $3,980.00 (Notional Value $5,599,802)		13		(60,775	)
Total OTC Options Written
(Premiums received $74,950)				(60,775	)
Other Assets & Liabilities, net - (2.1)%				(3,569,593	)
Total Net Assets - 100.0%			$	171,307,862

Centrally Cleared Credit Default Swap Agreements Protection Purchased^††

Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
BofA Securities, Inc.		ICE		CDX.NA.HY.36.V1		5.00	%	Quarterly	06/20/26	$	1,800,000	$	(165,918	)	$	(162,756	)	$	(3,162	)

Centrally Cleared Interest Rate Swap Agreements^††

Counterparty	Exchange		Floating Rate Type	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid		Unrealized Depreciation**
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		0.76	%	Annually	01/05/31	$	1,600,000	$	(72,269	)	$	135	$	(72,404	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		0.14	%	Annually	05/28/25		5,000,000		(92,380	)		236		(92,616	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		0.68	%	Annually	12/02/30		3,200,000		(164,630	)		299		(164,929	)
BofA Securities, Inc.		CME	Pay	Federal Funds Rate		0.78	%	Annually	12/23/30		4,000,000		(170,614	)		306		(170,920	)
												$	(499,893	)	$	976	$	(500,869	)

Forward Foreign Currency Exchange Contracts††
Counterparty	Currency	Type	Quantity	Contract Amount	Settlement Date		Unrealized Appreciation (Depreciation)
Goldman Sachs International	ILS	Buy	1,751,300	477,073 USD	01/31/22	$	67,690
Goldman Sachs International	JPY	Sell	45,222,600	446,819 USD	12/20/21		40,160
JPMorgan Chase Bank, N.A.	GBP	Sell	294,000	406,006 USD	10/18/21		9,814
Bank of America, N.A.	GBP	Sell	200,000	276,018 USD	10/18/21		6,500
Bank of America, N.A.	ILS	Sell	643,550	190,795 USD	01/31/22		(9,390	)
Goldman Sachs International	ILS	Sell	1,107,750	327,439 USD	01/31/22		(17,140	)
Barclays Bank plc	JPY	Buy	45,222,600	431,061 USD	12/20/21		(24,401	)
						$	73,233

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Special Purpose Acquisition Company (SPAC).
2	Affiliated issuer.
3	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $75,713,243 (cost $74,659,340), or 44.2% of total net assets.
4	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
5	Perpetual maturity.
6	Variable rate security. Rate indicated is the rate effective at September 30, 2021. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
7	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
8	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,335,675 (cost $1,331,537), or 0.8% of total net assets — See Note 6.
9	Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2021. See table below for additional step information for each security.
10	Security is an interest-only strip.
11	All or a portion of this security is pledged as interest rate swap collateral at September 30, 2021.
12	Zero coupon rate security.
13	Security is a principal-only strip.
14	Rate indicated is the effective yield at the time of purchase.
15	Security is unsettled at period end and does not have a stated effective rate.

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

BofA — Bank of America

CDX.NA.HY.36.V1 — Credit Default Swap North American High Yield Series 36 Index Version 1

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

GBP — British Pound

ICE — Intercontinental Exchange

ILS — Israeli New Shekel

JPY — Japanese Yen

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

REMIC — Real Estate Mortgage Investment Conduit

REIT — Real Estate Investment Trust

SARL — Société à Responsabilité Limitée

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,278,846	$	—	$	—	$	2,278,846
Preferred Stocks		—		4,281,828		—		4,281,828
Warrants		24,800		—		—		24,800
Mutual Funds		6,951,509		—		—		6,951,509
Corporate Bonds		—		69,465,026		2,581,967		72,046,993
Asset-Backed Securities		—		34,176,120		1,858,515		36,034,635
Collateralized Mortgage Obligations		—		21,320,578		691,721		22,012,299
U.S. Government Securities		—		15,701,265		—		15,701,265
Senior Floating Rate Interests		—		8,531,844		827,977		9,359,821
Federal Agency Bonds		—		6,226,708		—		6,226,708
Municipal Bonds		—		2,003,641		—		2,003,641
Commercial Paper		—		3,000,000		—		3,000,000
Options Purchased		174,395		401,778		—		576,173
Forward Foreign Currency Exchange Contracts**		—		124,164		—		124,164
Total Assets	$	9,429,550	$	165,232,952	$	5,960,180	$	180,622,682
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Collateralized Mortgage Obligations Sold Short	$	—	$	5,558,543	$	—	$	5,558,543
Options Written		62,520		—		—		62,520
Credit Default Swap Agreements**		—		3,162		—		3,162
Interest Rate Swap Agreements**		—		500,869		—		500,869
Forward Foreign Currency Exchange Contracts**		—		50,931		—		50,931
Unfunded Loan Commitments (Note 5)		—		—		800		800
Total Liabilities	$	62,520	$	6,113,505	$	800	$	6,176,825

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

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category	Ending Balance at September 30, 2021		Valuation Technique	Unobservable Inputs	Input Range	Weighted Average*
Assets:
Asset-Backed Securities	$	1,750,000	Option Adjusted Spread off the prior month end broker quote	Broker Quote	—	—
Asset-Backed Securities		108,515	Yield Analysis	Yield	4.2%	—
Collateralized Mortgage Obligations		691,721	Model Price	Purchase Price	—	—
Corporate Bonds		1,818,512	Option Adjusted Spread off the prior month end broker quote	Broker Quote	—	—
Corporate Bonds		763,455	Third Party Pricing	Vendor Price	—	—
Senior Floating Rate Interests		593,419	Yield Analysis	Yield	6.8%-7.4%	7.2%
Senior Floating Rate Interests		234,558	Third Party Pricing	Broker Quote	—	—
Total Assets	$	5,960,180
Liabilities:
Unfunded Loan Commitments	$	800	Model Price	Purchase Price	—	—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote or yield would generally result in significant changes in the fair value of the security.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended September 30, 2021, the Fund had assets with a total value of $2,544,513 transfer into Level 3 from Level 2 due to a lack of observable inputs and had assets with a total value of $131,651 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.  

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2021:  

	Assets													Liabilities
		Asset-Backed Securities			Collateralized Mortgage Obligations		Corporate Bonds		Senior Floating Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	250,000		$	-	$	2,044,938	$	763,890		$	3,058,828		$	(1,282	)
Purchases/(Receipts)		110,000			-		500,000		480,197			1,090,197			(1,531	)
(Sales, maturities and paydowns)/Fundings		-			-		-		(647,385	)		(647,385	)		1,640
Amortization of premiums/discounts		-			-		-		28,646			28,646			-
Total realized gains (losses) included in earnings		-			-		-		654			654			300
Total change in unrealized appreciation (depreciation) included in earnings		(1,485	)		-		37,029		(19,166	)		16,378			73
Transfers into Level 3		1,500,000			691,721		-		352,792			2,544,513			-
Transfers out of Level 3		-			-		-		(131,651	)		(131,651	)		-
Ending Balance	$	1,858,515		$	691,721	$	2,581,967	$	827,977		$	5,960,180		$	(800	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2021	$	(1,485	)	$	-	$	37,029	$	159		$	35,703		$	89

Step Coupon Bonds

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

Name	Coupon Rate at Next Reset Date	Next Rate Reset Date	Future Reset Rate	Future Reset Date
Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61	4.75%	05/26/24	5.75%	05/26/25
OSAT Trust 2021-RPL1, 2.12% due 05/25/65	4.20%	07/26/24	5.99%	07/26/25
PRPM LLC 2021-5, 1.79% due 06/25/26	4.79%	06/26/24	5.79%	06/26/25

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,097,370	$	4,240	$	(5,111,985	)	$	56,945	$	(46,570	)	$	–		–	$	–
Guggenheim Total Return Bond Fund — R6-Class		6,977,737		147,437		–			–		(173,665	)		6,951,509		239,873		148,832
Guggenheim Ultra Short Duration Fund — Institutional Class		2,084,004		933		(2,087,025	)		9,224		(7,136	)		–		–		1,043
	$	14,159,111	$	152,610	$	(7,199,010	)	$	66,169	$	(227,371	)	$	6,951,509			$	149,875

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS††† - 0.0%
Industrial - 0.0%
BP Holdco LLC*,1		11,609	$	8,184
Vector Phoenix Holdings, LP*		11,609		3,193
API Heat Transfer Parent LLC*		292,731		–
Total Common Stocks
(Cost $88,564)				11,377
PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
API Heat Transfer Intermediate*		36		–
Total Preferred Stocks
(Cost $28,949)				–
EXCHANGE-TRADED FUNDS† - 2.5%
SPDR Blackstone Senior Loan ETF		24,000		1,104,480
Total Exchange-Traded Funds
(Cost $1,099,920)				1,104,480
MONEY MARKET FUND† - 10.6%
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 0.01%2		4,778,850		4,778,850
Total Money Market Fund
(Cost $4,778,850)				4,778,850
		Face Amount
SENIOR FLOATING RATE INTERESTS††,4 - 94.0%
Industrial -  25.6%
Standard Industries, Inc.
due 09/22/28	$	500,000		500,270
Quikrete Holdings, Inc.
due 05/22/28		500,000		498,190
Beacon Roofing Supply, Inc.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/19/28		498,750		495,683
Reynolds Group Holdings, Inc.
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/05/26		497,500		493,769
Gardner Denver, Inc.
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/01/27		492,500		485,521
TransDigm, Inc.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/30/25		490,003		483,829
Atlantic Aviation
3.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 09/22/28		450,000		449,356
Core & Main, LP
2.59% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 07/27/28		450,000		447,750
Gates Global LLC
3.25% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 03/31/27		447,744		446,795
Cushman & Wakefield US Borrower LLC
2.83% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 08/21/25		446,608		442,254
Altra Industrial Motion Corp.
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/01/25		441,418		438,549
American Builders & Contractors Supply Co., Inc.
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 01/15/27		441,000		437,851
Reece Ltd.
2.14% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 01/04/27		411,674		409,101
Genesee & Wyoming, Inc.
2.13% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 12/30/26		394,987		392,384
LTI Holdings, Inc.
3.58% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/08/25		391,959		386,143
Berry Global, Inc.
1.86% (2 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/01/26		372,879		370,548
WP CPP Holdings LLC
4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/30/25		375,288		364,615
Engineered Machinery Holdings, Inc.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 05/19/28		350,000		348,978
Clean Harbors, Inc.
due 09/21/28		300,000		299,874
Charter Next Generation, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/01/27		283,750		284,238
BWAY Holding Co.
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		254,106		248,665
Hillman Group, Inc.
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/14/28		213,778		213,457

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

		Face Amount		Value
SENIOR FLOATING RATE INTERESTS††,4 - 94.0% (continued)
Industrial -  25.6% (continued)
CPG International LLC
3.25% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.25%) due 05/06/24	$	199,652	$	199,616
American Bath Group LLC
due 11/23/27		199,499		198,751
DG Investment Intermediate Holdings 2, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/31/28		196,851		197,518
Titan Acquisition Ltd. (Husky)
3.17% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		193,499		189,850
Brown Group Holding LLC
3.25% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 06/07/28		186,876		186,643
Filtration Group Corp.
3.08% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/31/25		184,521		183,484
TricorBraun Holdings, Inc.
3.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 03/03/28		175,822		174,746
Pro Mach Group, Inc.
5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/31/28		172,067		172,805
Mileage Plus Holdings LLC
6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		150,500		159,813
Savage Enterprises LLC
3.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 09/15/28		150,000		149,788
Berlin Packaging LLC
4.25% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 03/13/28		150,000		149,781
Ravago Holdings America, Inc.
2.64% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/06/28		149,250		148,504
Air Canada
4.25% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		100,000		100,333
USIC Holding, Inc.
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 05/12/28		100,000		99,875
TK Elevator Midco GmbH
4.00% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27		99,252		99,390
API Heat Transfer
12.00% (3 Month USD LIBOR, Rate Floor: 1.00%) (in-kind rate was 11.00%) due 01/01/24†††,3		195,373		68,381
12.00% (3 Month USD LIBOR, Rate Floor: 1.00%) (in-kind rate was 11.00%) due 10/02/23†††,3		33,820		24,519
United Airlines, Inc.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		81,032		81,530
Total Industrial				11,523,147
Consumer, Non-cyclical -  19.5%
Catalent Pharma Solutions, Inc.
due 02/22/28		500,000		499,875
DaVita, Inc.
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/12/26		492,481		489,403
Aramark Services, Inc.
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/11/25		500,000		488,540
Froneri US, Inc.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/29/27		493,750		487,578
Bombardier Recreational Products, Inc.
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27		483,152		478,775
Elanco Animal Health, Inc.
1.84% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27		484,200		477,973
JBS USA Lux SA
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/01/26		466,194		463,914
Hayward Industries, Inc.
3.00% (1 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 05/29/28		448,875		447,475
Cambrex Corp.
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 12/04/26		446,625		447,023

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

		Face Amount		Value
SENIOR FLOATING RATE INTERESTS††,4 - 94.0% (continued)
Consumer, Non-cyclical -  19.5% (continued)
SRAM LLC
3.25% (1 Month USD LIBOR + 2.75% and 3 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 05/18/28	$	435,682	$	434,954
US Foods, Inc.
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/14/26		441,000		434,826
Triton Water Holdings, Inc.
4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28		400,000		399,252
Grifols Worldwide Operations USA, Inc.
2.07% (1 Week USD LIBOR + 2.00%, Rate Floor: 2.00%) due 11/15/27		394,114		387,544
Hearthside Group Holdings LLC
3.77% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		383,279		381,922
Medline Borrower LP
due 09/28/28		350,000		348,250
Phoenix Newco, Inc.
due 08/03/28		250,000		250,040
Sigma Holding BV (Flora Food)
3.16% (6 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 07/02/25		241,875		237,391
Reynolds Consumer Products LLC
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 02/04/27		223,705		223,021
Springs Window Fashions
4.33% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/16/25		106,844		106,844
8.58% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		100,000		100,000
Icon Luxembourg SARL
3.00% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 07/03/28		199,500		200,136
National Mentor Holdings, Inc.
4.50% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28		190,213		190,165
Aveanna Healthcare LLC
4.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 07/17/28		162,264		162,061
MajorDrive Holdings IV LLC
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/01/28		150,000		150,234
Energizer Holdings, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 12/22/27		149,250		149,063
Kronos Acquisition Holdings, Inc.
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26		149,250		145,413
Endo Luxembourg Finance Company I SARL
5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 03/27/28		99,500		97,123
Osmosis Holdings Australia II Pty Ltd.
4.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 07/31/28		88,889		89,133
Total Consumer, Non-cyclical				8,767,928
Communications -  13.9%
Xplornet Communications, Inc.
due 09/28/28		300,000		298,500
4.84% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/10/27		246,875		246,566
CSC Holdings LLC
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/17/25		505,680		498,095
SFR Group S.A.
3.81% (3 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 02/02/26		477,641		473,222
Playtika Holding Corp.
2.83% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28		448,872		448,513
UPC Broadband Holding BV
3.08% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/31/29		450,000		448,407
Virgin Media Bristol LLC
2.58% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/31/28		415,406		412,448
Zayo Group Holdings, Inc.
3.08% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		401,527		397,781
Ziggo Financing Partnership
2.58% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/28/28		400,000		396,668

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

		Face Amount		Value
SENIOR FLOATING RATE INTERESTS††,4 - 94.0% (continued)
Communications -  13.9% (continued)
Radiate Holdco LLC
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 09/25/26	$	397,000	$	396,428
Telenet Financing USD LLC
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 04/28/28		400,000		395,168
McGraw Hill LLC
5.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28		350,000		350,749
GTT Communications, Inc.
2.90% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/30/25		332,940		280,988
ProQuest LLC
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/23/26		251,546		251,254
WMG Acquisition Corp.
2.21% (1 Month USD LIBOR + 2.13%, Rate Floor: 2.13%) due 01/20/28		247,365		245,871
Internet Brands, Inc.
3.58% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/13/24		246,053		245,214
Altice US Finance I Corp.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/26		195,000		192,075
Authentic Brands
4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/27/24		160,683		160,357
Cengage Learning Acquisitions, Inc.
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26		150,000		150,870
Total Communications				6,289,174
Consumer, Cyclical -  11.5%
American Tire Distributors, Inc.
8.50% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		508,657		508,103
7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		57,427		57,312
Power Solutions (Panther)
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/30/26		522,476		519,864
Stars Group (Amaya)
2.38% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/21/26		450,000		448,312
First Brands Group LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27		398,000		401,582
Go Daddy Operating Company LLC
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 02/15/24		395,869		393,347
Alterra Mountain Co.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/17/28		356,766		355,428
PetSmart LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28		350,000		350,501
1011778 BC Unlimited Liability Co.
1.84% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/19/26		343,875		339,432
IBC Capital Ltd.
3.87% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		337,658		332,678
Burlington Stores, Inc.
2.09% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 06/26/28		250,000		248,957
Packers Holdings LLC
4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/09/28		248,760		247,464
CHG Healthcare Services, Inc.
due 09/20/28		150,000		150,161
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		149,625		149,897
Entain Holdings (Gibraltar) Limited
3.00% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 03/29/27		149,625		149,345
Wyndham Hotels & Resorts, Inc.
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 05/30/25		145,500		144,432
Prime Security Services Borrower LLC
3.50% (1 Month USD LIBOR + 2.75% and 3 Month USD LIBOR + 2.75%, Rate Floor: 3.50%) due 09/23/26		133,695		133,498

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

		Face Amount		Value
SENIOR FLOATING RATE INTERESTS††,4 - 94.0% (continued)
Consumer, Cyclical -  11.5% (continued)
Rent-A-Center, Inc.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 02/17/28†††	$	99,750	$	100,373
WW International, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 04/13/28		99,750		99,563
EG Finco Ltd.
4.13% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		37,769		37,622
Total Consumer, Cyclical				5,167,871
Financial -  11.4%
HUB International Ltd.
2.88% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/25/25		489,899		484,951
NFP Corp.
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27		486,676		481,289
Nexus Buyer LLC
3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26		448,861		448,699
AlixPartners, LLP
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 02/04/28		447,750		446,380
Trans Union LLC
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/13/26		445,603		442,608
Virtu Financial, Inc.
3.08% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/01/26		417,000		416,254
AmWINS Group, Inc.
3.00% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.00%) due 02/21/28		398,000		395,465
Ryan Specialty Group LLC
3.75% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.75%) due 09/01/27		395,752		395,356
Focus Financial Partners LLC
2.08% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/03/24		395,908		392,772
LPL Holdings, Inc.
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/12/26		349,549		347,074
Citadel Securities, LP
2.58% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 02/02/28		248,750		246,352
Aretec Group, Inc.
4.33% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25		243,125		242,213
Franchise Group, Inc.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26		203,861		204,626
AqGen Island Holdings, Inc.
4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/02/28		100,000		99,667
Jane Street Group LLC
2.83% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		79,989		79,149
Total Financial				5,122,855
Technology -  5.6%
WEX, Inc.
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/31/28		398,000		396,121
Informatica LLC
3.33% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/25/27		354,600		353,270
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28		298,500		298,548
Epicor Software
4.00% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 07/30/27		249,370		249,258
Project Ruby Ultimate Parent Corp.
4.00% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/10/28		199,000		198,690
Boxer Parent Co., Inc.
3.88% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/25		170,217		169,189
Atlas CC Acquisition Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28		150,000		150,417
Polaris Newco LLC
4.50% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28		150,000		150,282
Conair Holdings LLC
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 05/17/28		150,000		150,063
Sabre GLBL, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 12/17/27		149,625		148,736

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

		Face Amount		Value
SENIOR FLOATING RATE INTERESTS††,4 - 94.0% (continued)
Technology -  5.6% (continued)
Emerald TopCo, Inc. (Press Ganey)
3.63% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26	$	147,375	$	146,363
TIBCO Software, Inc.
3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/26		136,275		135,168
Total Technology				2,546,105
Basic Materials -  4.2%
Asplundh Tree Expert LLC
1.83% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 09/07/27		495,000		493,075
Illuminate Buyer LLC
3.58% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/30/27		427,336		426,447
Messer Industries USA, Inc.
2.58% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/02/26		343,010		341,038
GrafTech Finance, Inc.
3.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25		173,626		173,626
INEOS Ltd.
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 01/29/26		149,625		149,625
W.R. Grace Holdings LLC
due 09/22/28		100,000		100,313
Diamond BC BV
due 09/14/28		100,000		100,069
Alpha 3 BV (Atotech)
3.00% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 03/20/28		99,750		99,604
Total Basic Materials				1,883,797
Energy -  1.9%
DT Midstream, Inc.
2.50% (6 Month USD LIBOR + 2.00%, Rate Floor: 2.50%) due 06/26/28		450,000		449,649
Buckeye Partners LP
2.33% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 11/02/26		395,010		392,893
Total Energy				842,542
Utilities -  0.4%
Hamilton Projects Acquiror LLC
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/17/27		178,200		178,758
Total Senior Floating Rate Interests
(Cost $42,459,650)				42,322,177
Total Investments - 107.1%
(Cost $48,455,933)			$	48,216,884
Other Assets & Liabilities, net - (7.1)%				(3,188,402	)
Total Net Assets - 100.0%			$	45,028,482

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.
3	Payment-in-kind security.
4	Variable rate security. Rate indicated is the rate effective at September 30, 2021. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average

LIBOR — London Interbank Offered Rate

SARL —  Société à Responsabilité Limitée

See Sector Classification in Other Information section.

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	—	$	—	$	11,377		$	11,377
Preferred Stocks		—		—		—	*		—
Exchange-Traded Funds		1,104,480		—		—			1,104,480
Money Market Fund		4,778,850		—		—			4,778,850
Senior Floating Rate Interests		—		42,128,904		193,273			42,322,177
Corporate Bonds		—		—		—			—
Total Assets	$	5,883,330	$	42,128,904	$	204,650		$	48,216,884
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Unfunded Loan Commitments (Note 5)	$	—	$	—	$	342		$	342

* Security has a market value of $0.

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category	Ending Balance at September 30, 2021		Valuation Technique	Unobservable Inputs	Input Range	Weighted Average*
Assets:
Common Stocks	$	11,377	Enterprise Value	Valuation Multiple	2.1x-12.8x	5.1x
Senior Floating Rate Interests		100,373	Third Party Pricing	Vendor Price	—	—
Senior Floating Rate Interests		92,900	Third Party Pricing	Broker Quote	—	—
Total Assets	$	204,650
Liabilities:
Unfunded Loan Commitments	$	342	Model Price	Purchase Price	—	—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote or valuation multiple would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above were not considered material to the Fund.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2021:

	Assets												Liabilities
		Senior Floating Rate Interests			Common Stocks			Preferred Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	432,181		$	20,114		$	18,500		$	470,795		$	(383	)
Purchases/(Receipts)		118,205			138			-			118,343			(603	)
(Sales, maturities and paydowns)/Fundings		(243,014	)		(21,491	)		-			(264,505	)		128
Amortization of premiums/discounts		(35	)		-			-			(35	)		-
Total realized gains (losses) included in earnings		(2,250	)		18,974			-			16,724			669
Total change in unrealized appreciation (depreciation) included in earnings		(111,814	)		(6,358	)		(18,500	)		(136,672	)		(153	)
Ending Balance	$	193,273		$	11,377		$	-		$	204,650		$	(342	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2021	$	(113,206	)	$	(7,184	)	$	(18,500	)	$	(138,890	)	$	134

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Security Name	Value 12/31/20		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21
Common Stocks
BP Holdco LLC*	$	4,093	$	–	$	–	$	–	$	4,091	$	8,184		11,609

* Non-income producing security.

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 15.8%
Consumer, Cyclical - 3.7%
Williams-Sonoma, Inc.		2,916	$	517,094
Gentex Corp.		14,917		491,963
Polaris, Inc.		3,614		432,451
Tempur Sealy International, Inc.		9,118		423,166
Brunswick Corp.		4,403		419,474
MSC Industrial Direct Company, Inc. — Class A		4,690		376,091
Jack in the Box, Inc.		3,842		373,942
AutoZone, Inc.*		220		373,558
O'Reilly Automotive, Inc.*		578		353,193
Deckers Outdoor Corp.*		961		346,152
Yum! Brands, Inc.		2,549		311,768
Crocs, Inc.*		2,172		311,639
Lithia Motors, Inc. — Class A		958		303,724
Boyd Gaming Corp.*		4,681		296,120
RH*		440		293,440
Mattel, Inc.*		15,404		285,898
Wingstop, Inc.		1,272		208,519
Cummins, Inc.		839		188,406
YETI Holdings, Inc.*		2,174		186,290
Toll Brothers, Inc.		2,943		162,718
Papa John's International, Inc.		1,204		152,896
Ollie's Bargain Outlet Holdings, Inc.*		2,279		137,378
LGI Homes, Inc.*		772		109,555
PulteGroup, Inc.		2,242		102,953
Domino's Pizza, Inc.		209		99,685
Five Below, Inc.*		534		94,417
Total Consumer, Cyclical				7,352,490
Technology - 3.3%
Fair Isaac Corp.*		1,312		522,084
Lumentum Holdings, Inc.*		5,428		453,455
Genpact Ltd.		9,458		449,350
Maximus, Inc.		4,939		410,925
CDK Global, Inc.		9,596		408,310
Cirrus Logic, Inc.*		4,709		387,786
Manhattan Associates, Inc.*		2,173		332,534
Qorvo, Inc.*		1,760		294,254
Synaptics, Inc.*		1,631		293,140
CommVault Systems, Inc.*		3,567		268,631
Lattice Semiconductor Corp.*		4,107		265,518
Semtech Corp.*		3,261		254,260
MKS Instruments, Inc.		1,623		244,927
Diodes, Inc.*		2,555		231,457
ACI Worldwide, Inc.*		7,444		228,754
Aspen Technology, Inc.*		1,794		220,303
Qualys, Inc.*		1,655		184,185
Teradata Corp.*		2,908		166,774
Teradyne, Inc.		1,394		152,183
Amkor Technology, Inc.		6,041		150,723
Kulicke & Soffa Industries, Inc.		2,538		147,915
TTEC Holdings, Inc.		1,469		137,395
Silicon Laboratories, Inc.*		792		111,007
J2 Global, Inc.*		796		108,749
Power Integrations, Inc.		948		93,842
Digital Turbine, Inc.*		733		50,394
Total Technology				6,568,855
Consumer, Non-cyclical - 3.1%
Exelixis, Inc.*		18,322		387,327
Molina Healthcare, Inc.*		1,401		380,105
Neurocrine Biosciences, Inc.*		3,455		331,369
United Therapeutics Corp.*		1,724		318,216
Hologic, Inc.*		4,167		307,566
Encompass Health Corp.		3,861		289,730
Hill-Rom Holdings, Inc.		1,770		265,500
Halozyme Therapeutics, Inc.*		6,475		263,403
Masimo Corp.*		970		262,589
PerkinElmer, Inc.		1,417		245,552
Jazz Pharmaceuticals plc*		1,740		226,565
Quidel Corp.*		1,545		218,077
Incyte Corp.*		3,112		214,043
Arrowhead Pharmaceuticals, Inc.*		3,106		193,908
Select Medical Holdings Corp.		5,141		185,950
Grand Canyon Education, Inc.*		2,050		180,318
Emergent BioSolutions, Inc.*		3,600		180,252
Syneos Health, Inc.*		2,039		178,372
Integra LifeSciences Holdings Corp.*		2,397		164,146
Globus Medical, Inc. — Class A*		2,016		154,466
Repligen Corp.*		504		145,651
STAAR Surgical Co.*		1,104		141,897
DaVita, Inc.*		1,196		139,047
Bio-Rad Laboratories, Inc. — Class A*		175		130,541
Medpace Holdings, Inc.*		689		130,414
GXO Logistics, Inc.*		1,528		119,856
Alarm.com Holdings, Inc.*		1,397		109,232
Vertex Pharmaceuticals, Inc.*		587		106,476
Amedisys, Inc.*		702		104,668
Darling Ingredients, Inc.*		1,346		96,777
Tandem Diabetes Care, Inc.*		387		46,200
Total Consumer, Non-cyclical				6,218,213
Industrial - 2.5%
Toro Co.		6,247		608,520
Eagle Materials, Inc.		2,871		376,560
Timken Co.		5,662		370,408
Worthington Industries, Inc.		6,536		344,447
Curtiss-Wright Corp.		2,262		285,419
Cognex Corp.		3,354		269,058
AGCO Corp.		2,144		262,705
Louisiana-Pacific Corp.		4,246		260,577
Terex Corp.		5,847		246,159
Universal Display Corp.		1,353		231,309
Keysight Technologies, Inc.*		1,400		230,006
Littelfuse, Inc.		776		212,057
II-VI, Inc.*		3,161		187,637
Axon Enterprise, Inc.*		1,040		182,021
Simpson Manufacturing Company, Inc.		1,595		170,617
Masco Corp.		2,726		151,429
TopBuild Corp.*		703		143,982
XPO Logistics, Inc.*		1,543		122,792
Waters Corp.*		311		111,120
Sealed Air Corp.		1,980		108,484
Trex Company, Inc.*		879		89,597
Graco, Inc.		1,272		89,002
Total Industrial				5,053,906
Financial - 1.4%
Interactive Brokers Group, Inc. — Class A		7,611		474,470

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 15.8% (continued)
Financial - 1.4% (continued)
Evercore, Inc. — Class A		3,167	$	423,333
Umpqua Holdings Corp.		20,058		406,174
Essent Group Ltd.		8,006		352,344
PacWest Bancorp		7,174		325,126
Federated Hermes, Inc. — Class B		7,542		245,115
Brighthouse Financial, Inc.*		4,335		196,072
SLM Corp.		8,266		145,482
SEI Investments Co.		1,904		112,907
Stifel Financial Corp.		1		34
Total Financial				2,681,057
Communications - 0.8%
Ciena Corp.*		6,825		350,464
Motorola Solutions, Inc.		1,360		315,955
FactSet Research Systems, Inc.		620		244,763
F5 Networks, Inc.*		952		189,239
TEGNA, Inc.		7,653		150,917
VeriSign, Inc.*		712		145,967
Cable One, Inc.		59		106,975
Arista Networks, Inc.*		305		104,810
Total Communications				1,609,090
Energy - 0.5%
SolarEdge Technologies, Inc.*		1,157		306,859
Equitrans Midstream Corp.		27,027		274,054
Antero Midstream Corp.		21,247		221,394
First Solar, Inc.*		1,776		169,537
Total Energy				971,844
Basic Materials - 0.5%
Ingevity Corp.*		3,925		280,127
Valvoline, Inc.		6,506		202,857
NewMarket Corp.		562		190,389
Cleveland-Cliffs, Inc.*		7,251		143,642
Chemours Co.		3,983		115,746
Total Basic Materials				932,761
Total Common Stocks
(Cost $30,431,782)				31,388,216
MUTUAL FUNDS† - 82.5%
Guggenheim Strategy Fund III1		2,324,766		58,444,616
Guggenheim Variable Insurance Strategy Fund III1		1,632,909		40,920,691
Guggenheim Ultra Short Duration Fund — Institutional Class1		3,835,764		38,242,563
Guggenheim Strategy Fund II1		1,033,125		25,817,787
Total Mutual Funds
(Cost $162,852,059)				163,425,657
MONEY MARKET FUND† - 0.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		324,000		324,000
Total Money Market Fund
(Cost $324,000)				324,000
Total Investments - 98.5%
(Cost $193,607,841)			$	195,137,873
Other Assets & Liabilities, net - 1.5%				2,892,888
Total Net Assets - 100.0%			$	198,030,761

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		2	Dec 2021	$	429,700	$	(13,781	)
S&P MidCap 400 Index Mini Futures Contracts		5	Dec 2021		1,316,700		(16,492	)
NASDAQ-100 Index Mini Futures Contracts		2	Dec 2021		587,070		(28,105	)
				$	2,333,470	$	(58,378	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Citibank, N.A.

Russell MidCap Growth Index Total Return

Pay

0.22% (3 Month USD LIBOR + 0.09%)

At Maturity

10/05/21

30,417

$

165,257,690

$

11,542,521

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

See Sector Classification in Other Information section.

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	31,388,216	$	—	$	—	$	31,388,216
Mutual Funds		163,425,657		—		—		163,425,657
Money Market Fund		324,000		—		—		324,000
Equity Index Swap Agreements**		—		11,542,521		—		11,542,521
Total Assets	$	195,137,873	$	11,542,521	$	—	$	206,680,394
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	58,378	$	—	$	—	$	58,378

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	19,620,773	$	6,175,109	$	–		$	–	$	21,905		$	25,817,787		1,033,125	$	253,046
Guggenheim Strategy Fund III		40,513,796		17,878,137		–			–		52,683			58,444,616		2,324,766		532,791
Guggenheim Ultra Short Duration Fund — Institutional Class		53,557,922		13,664,659		(28,937,974	)		448,948		(490,992	)		38,242,563		3,835,764		303,515
Guggenheim Variable Insurance Strategy Fund III		40,422,360		466,246		–			–		32,085			40,920,691		1,632,909		470,588
	$	154,114,851	$	38,184,151	$	(28,937,974	)	$	448,948	$	(384,319	)	$	163,425,657			$	1,559,940

Series N (Managed Asset Allocation Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
EXCHANGE-TRADED FUNDS† - 84.6%
Vanguard S&P 500 ETF		21,820	$	8,605,808
SPDR S&P 500 ETF Trust		19,838		8,513,279
Schwab U.S. Aggregate Bond ETF		132,248		7,175,776
iShares iBoxx $ Investment Grade Corporate Bond ETF		23,033		3,064,080
iShares MSCI EAFE ETF		36,372		2,837,380
iShares Core S&P Mid-Cap ETF		10,147		2,669,371
iShares 7-10 Year Treasury Bond ETF		18,601		2,143,207
iShares 1-3 Year Treasury Bond ETF		23,731		2,044,426
iShares Russell 1000 Value ETF		4,533		709,460
iShares TIPS Bond ETF		3,987		509,100
iShares iBoxx High Yield Corporate Bond ETF		5,736		501,843
iShares Core S&P 500 ETF		2		862
Total Exchange-Traded Funds
(Cost $26,194,018)				38,774,592
MUTUAL FUNDS† - 14.4%
Guggenheim Strategy Fund II1		75,732		1,892,531
Guggenheim Variable Insurance Strategy Fund III1		74,008		1,854,640
Guggenheim Strategy Fund III1		71,006		1,785,092
Guggenheim Ultra Short Duration Fund — Institutional Class1		104,950		1,046,351
Total Mutual Funds
(Cost $6,559,104)				6,578,614
MONEY MARKET FUND† - 0.1%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		65,586		65,586
Total Money Market Fund
(Cost $65,586)				65,586
		Face Amount
U.S. TREASURY BILLS†† - 1.0%
U.S. Treasury Bills
0.04% due 10/07/213,4	$	457,000		456,997
Total U.S. Treasury Bills
(Cost $456,997)				456,997
Total Investments - 100.1%
(Cost $33,275,705)			$	45,875,789
Other Assets & Liabilities, net - (0.1)%				(36,716	)
Total Net Assets - 100.0%			$	45,839,073

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		2	Dec 2021	$	245,594	$	(50	)
U.S. Treasury 2 Year Note Futures Contracts		3	Dec 2021		660,211		(333	)
U.S. Treasury 10 Year Note Futures Contracts		23	Dec 2021		3,029,890		(35,742	)
				$	3,935,695	$	(36,125	)
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		1	Dec 2021	$	293,535	$	(1,977	)
Dow Jones Industrial Average Index Mini Futures Contracts		1	Dec 2021		168,545		(5,232	)
S&P MidCap 400 Index Mini Futures Contracts		1	Dec 2021		263,340		(7,213	)
Russell 2000 Index Mini Futures Contracts		12	Dec 2021		1,320,240		(27,244	)
MSCI EAFE Index Futures Contracts		38	Dec 2021		4,305,970		(219,084	)
				$	6,351,630	$	(260,750	)
Equity Futures Contracts Sold Short†
Nikkei 225 (CME) Index Futures Contracts		1	Dec 2021	$	146,725	$	2,347
FTSE 100 Index Futures Contracts		1	Dec 2021		94,882		197
				$	241,607	$	2,544

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

Series N (Managed Asset Allocation Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Exchange-Traded Funds	$	38,774,592	$	—	$	—	$	38,774,592
Mutual Funds		6,578,614		—		—		6,578,614
Money Market Fund		65,586		—		—		65,586
U.S. Treasury Bills		—		456,997		—		456,997
Equity Futures Contracts**		2,544		—		—		2,544
Total Assets	$	45,421,336	$	456,997	$	—	$	45,878,333
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	260,750	$	—	$	—	$	260,750
Interest Rate Futures Contracts**		36,125		—		—		36,125
Total Liabilities	$	296,875	$	—	$	—	$	296,875

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,871,503	$	18,779	$	–		$	–	$	2,249		$	1,892,531		75,732	$	18,961
Guggenheim Strategy Fund III		2,256,685		24,710		(500,000	)		6,880		(3,183	)		1,785,092		71,006		24,969
Guggenheim Ultra Short Duration Fund — Institutional Class		1,040,355		7,041		–			–		(1,045	)		1,046,351		104,950		7,096
Guggenheim Variable Insurance Strategy Fund III		2,327,726		25,107		(500,000	)		1,556		251			1,854,640		74,008		25,357
	$	7,496,269	$	75,637	$	(1,000,000	)	$	8,436	$	(1,728	)	$	6,578,614			$	76,383

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.3%
Financial - 21.6%
JPMorgan Chase & Co.		11,885	$	1,945,456
Berkshire Hathaway, Inc. — Class B*		6,100		1,664,934
Wells Fargo & Co.		31,201		1,448,039
Bank of America Corp.		33,505		1,422,287
STAG Industrial, Inc. REIT		25,988		1,020,029
Voya Financial, Inc.		16,561		1,016,680
Allstate Corp.		6,837		870,419
Citigroup, Inc.		11,730		823,211
Medical Properties Trust, Inc. REIT		39,458		791,922
First Horizon Corp.		44,618		726,827
BOK Financial Corp.		7,672		687,028
Alleghany Corp.*		1,079		673,738
KeyCorp		30,753		664,880
Zions Bancorp North America		9,860		610,235
Park Hotels & Resorts, Inc. REIT*		28,247		540,647
Charles Schwab Corp.		7,419		540,400
Physicians Realty Trust REIT		29,711		523,508
Alexandria Real Estate Equities, Inc. REIT		2,480		473,854
Regions Financial Corp.		22,189		472,848
VICI Properties, Inc. REIT		13,634		387,342
American Tower Corp. — Class A REIT		1,450		384,844
Sun Communities, Inc. REIT		2,052		379,825
Radian Group, Inc.		14,675		333,416
Gaming and Leisure Properties, Inc. REIT		7,190		333,041
Prosperity Bancshares, Inc.		4,649		330,683
Stifel Financial Corp.		4,680		318,053
American International Group, Inc.		5,605		307,658
Unum Group		10,497		263,055
Axis Capital Holdings Ltd.		5,505		253,450
Mastercard, Inc. — Class A		715		248,591
Apple Hospitality REIT, Inc.		15,426		242,651
GoHealth, Inc. — Class A*		45,621		229,474
Old Republic International Corp.		9,140		211,408
Heartland Financial USA, Inc.		3,967		190,733
Virtu Financial, Inc. — Class A		7,127		174,113
Heritage Insurance Holdings, Inc.		20,639		140,552
Total Financial				21,645,831
Consumer, Non-cyclical - 17.3%
Tyson Foods, Inc. — Class A		22,928		1,809,936
Johnson & Johnson		10,119		1,634,219
Bunge Ltd.		17,942		1,459,043
Ingredion, Inc.		14,206		1,264,476
Henry Schein, Inc.*		13,673		1,041,336
Archer-Daniels-Midland Co.		16,063		963,941
HCA Healthcare, Inc.		3,937		955,589
Quest Diagnostics, Inc.		5,569		809,231
Medtronic plc		6,276		786,696
Merck & Company, Inc.		9,829		738,256
Humana, Inc.		1,823		709,421
J M Smucker Co.		5,869		704,456
Encompass Health Corp.		8,850		664,104
McKesson Corp.		3,206		639,212
Zimmer Biomet Holdings, Inc.		4,163		609,297
Amgen, Inc.		1,636		347,896
Central Garden & Pet Co. — Class A*		7,922		340,646
Pfizer, Inc.		7,912		340,295
Bristol-Myers Squibb Co.		5,239		309,992
US Foods Holding Corp.*		8,453		292,981
Integer Holdings Corp.*		3,227		288,300
Procter & Gamble Co.		1,893		264,641
Emergent BioSolutions, Inc.*		4,318		216,202
Pacira BioSciences, Inc.*		2,997		167,832
Total Consumer, Non-cyclical				17,357,998
Industrial - 10.8%
Johnson Controls International plc		19,318		1,315,169
Knight-Swift Transportation Holdings, Inc.		21,358		1,092,462
Valmont Industries, Inc.		3,681		865,477
Owens Corning		7,635		652,792
L3Harris Technologies, Inc.		2,536		558,529
Advanced Energy Industries, Inc.		5,649		495,700
Jacobs Engineering Group, Inc.		3,679		487,578
Rexnord Corp.		7,322		470,731
Graphic Packaging Holding Co.		20,768		395,423
EnerSys		5,275		392,671
FedEx Corp.		1,764		386,827
Plexus Corp.*		3,908		349,414
Colfax Corp.*		7,300		335,070
Kirby Corp.*		6,945		333,082
Littelfuse, Inc.		1,215		332,023
Altra Industrial Motion Corp.		5,805		321,307
Energizer Holdings, Inc.		7,171		280,028
PGT Innovations, Inc.*		14,325		273,608
Curtiss-Wright Corp.		2,055		259,300
Southwest Gas Holdings, Inc.		3,787		253,274
Terex Corp.		5,590		235,339
GATX Corp.		2,150		192,554
Kennametal, Inc.		4,942		169,165
Park Aerospace Corp.		11,271		154,187
II-VI, Inc.*		2,538		150,656
Howmet Aerospace, Inc.		2,557		79,778
Total Industrial				10,832,144
Consumer, Cyclical - 10.6%
Walmart, Inc.		8,159		1,137,201
Kohl's Corp.		22,521		1,060,514
DR Horton, Inc.		10,096		847,761
PVH Corp.*		7,568		777,915
Southwest Airlines Co.*		14,749		758,541
LKQ Corp.*		13,820		695,422
Ralph Lauren Corp. — Class A		5,600		621,824
Home Depot, Inc.		1,752		575,111
Lear Corp.		3,640		569,587
Penske Automotive Group, Inc.		4,710		473,826
PACCAR, Inc.		5,968		470,994
Avient Corp.		8,639		400,418
MSC Industrial Direct Company, Inc. — Class A		4,351		348,907
Alaska Air Group, Inc.*		5,933		347,674
KAR Auction Services, Inc.*		19,503		319,654

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.3% (continued)
Consumer, Cyclical - 10.6% (continued)
Abercrombie & Fitch Co. — Class A*		6,687	$	251,632
Methode Electronics, Inc.		5,202		218,744
Dana, Inc.		7,474		166,222
Dick's Sporting Goods, Inc.		1,366		163,606
Newell Brands, Inc.		6,712		148,604
Lakeland Industries, Inc.*		6,577		138,117
Zumiez, Inc.*		2,455		97,611
La-Z-Boy, Inc.		2,400		77,352
Total Consumer, Cyclical				10,667,237
Energy - 8.7%
Chevron Corp.		16,722		1,696,447
Range Resources Corp.*		70,480		1,594,962
ConocoPhillips		20,031		1,357,501
Pioneer Natural Resources Co.		8,092		1,347,399
Patterson-UTI Energy, Inc.		108,168		973,512
Marathon Oil Corp.		51,739		707,272
Cabot Oil & Gas Corp. — Class A		29,092		633,042
Exxon Mobil Corp.		6,914		406,682
Total Energy				8,716,817
Technology - 7.8%
Micron Technology, Inc.		19,418		1,378,290
DXC Technology Co.*		31,741		1,066,815
Skyworks Solutions, Inc.		6,298		1,037,784
Leidos Holdings, Inc.		10,336		993,600
Qorvo, Inc.*		5,310		887,779
Evolent Health, Inc. — Class A*		22,593		700,383
Apple, Inc.		4,767		674,530
Amdocs Ltd.		4,891		370,298
Science Applications International Corp.		4,099		350,710
Cerner Corp.		2,940		207,329
Parsons Corp.*		5,277		178,151
Total Technology				7,845,669
Communications - 7.7%
Verizon Communications, Inc.		27,789		1,500,884
Comcast Corp. — Class A		24,742		1,383,820
Cisco Systems, Inc.		14,121		768,606
Alphabet, Inc. — Class A*		257		687,095
FireEye, Inc.*		37,417		666,022
T-Mobile US, Inc.*		4,919		628,451
Infinera Corp.*		52,464		436,501
Juniper Networks, Inc.		13,304		366,126
TEGNA, Inc.		18,288		360,639
Viavi Solutions, Inc.*		22,862		359,848
ViacomCBS, Inc. — Class B		8,646		341,604
Ciena Corp.*		4,620		237,237
Total Communications				7,736,833
Basic Materials - 5.6%
Huntsman Corp.		54,063		1,599,724
Westlake Chemical Corp.		13,907		1,267,484
Reliance Steel & Aluminum Co.		5,239		746,138
Nucor Corp.		5,050		497,374
Kraton Corp.*		5,854		267,177
International Flavors & Fragrances, Inc.		1,983		265,167
Element Solutions, Inc.		11,935		258,751
Ashland Global Holdings, Inc.		2,721		242,495
Dow, Inc.		3,272		188,336
DuPont de Nemours, Inc.		2,496		169,703
Commercial Metals Co.		5,375		163,723
Total Basic Materials				5,666,072
Utilities - 5.2%
Exelon Corp.		23,741		1,147,640
Public Service Enterprise Group, Inc.		16,529		1,006,616
Edison International		14,568		808,087
Pinnacle West Capital Corp.		10,663		771,575
Duke Energy Corp.		6,639		647,900
NiSource, Inc.		14,452		350,172
PPL Corp.		9,865		275,036
Spire, Inc.		3,327		203,546
Total Utilities				5,210,572
Total Common Stocks
(Cost $72,182,373)				95,679,173
RIGHTS† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp.*		40,146		28,905
Total Rights
(Cost $–)				28,905
MONEY MARKET FUND† - 4.9%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%1		4,928,187		4,928,187
Total Money Market Fund
(Cost $4,928,187)				4,928,187
Total Investments - 100.3%
(Cost $77,110,560)			$	100,636,265
Other Assets & Liabilities, net - (0.3)%				(265,533	)
Total Net Assets - 100.0%			$	100,370,732

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of September 30, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	95,679,173	$	—	$	—	$	95,679,173
Rights		28,905		—		—		28,905
Money Market Fund		4,928,187		—		—		4,928,187
Total Assets	$	100,636,265	$	—	$	—	$	100,636,265

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 2.9%
Financial - 0.9%
KKR Acquisition Holdings I Corp. — Class A*,1		16,530	$	161,168
TPG Pace Solutions Corp.*,1		14,083		141,534
TPG Pace Beneficial II Corp.*,1		5,438		53,238
Acropolis Infrastructure Acquisition Corp. — Class A*,1		4,900		47,432
Jefferies Financial Group, Inc.		247		9,171
RXR Acquisition Corp. — Class A*,1		148		1,438
Colicity, Inc. — Class A*,1		112		1,094
MSD Acquisition Corp. — Class A*,1		84		815
Colicity, Inc.*,1		45		446
RXR Acquisition Corp.*,1		8		79
Total Financial				416,415
Energy - 0.8%
Unit Corp.*,††		11,245		342,972
Permian Production Partners LLC*,†††		9,124		11,587
Legacy Reserves, Inc.*,†††		1,969		11,322
Bruin E&P Partnership Units*,†††		6,071		316
Total Energy				366,197
Utilities - 0.7%
TexGen Power LLC*,††		7,929		321,125
Consumer, Non-cyclical - 0.5%
ATD New Holdings, Inc.*,††		3,166		216,871
Cengage Learning Holdings II, Inc.*,††		2,107		46,354
Spectrum Brands Holdings, Inc.		6		574
Crimson Wine Group Ltd.*		24		206
MEDIQ, Inc.*,†††		92		–
Total Consumer, Non-cyclical				264,005
Industrial - 0.0%
BP Holdco LLC*,†††,2		523		368
Vector Phoenix Holdings, LP*,†††		523		144
Total Industrial				512
Consumer, Cyclical - 0.0%
Delta Air Lines, Inc.*		1		43
Chorus Aviation, Inc.*		3		9
Total Consumer, Cyclical				52
Total Common Stocks
(Cost $1,040,889)				1,368,306
PREFERRED STOCKS†† - 3.2%
Financial - 3.2%
JPMorgan Chase & Co.
4.55%		8,000		208,800
4.20%*		6,000		151,500
4.63%		5,000		132,000
Bank of America Corp.
4.38%		6,000		158,100
4.13%		4,000		102,840
Wells Fargo & Co., 4.38%		9,000		229,500
American Equity Investment Life Holding Co., 5.95%		6,000		164,040
Arch Capital Group Ltd., 4.55%		6,000		157,200
First Republic Bank, 4.13%		6,000		149,940
Globe Life, Inc., 4.25% due 06/15/61		2,000		50,940
Total Financial				1,504,860
Industrial - 0.0%
U.S. Shipping Corp.*,†††		24,529		–
Total Preferred Stocks
(Cost $2,075,000)				1,504,860
WARRANTS† - 0.0%
KKR Acquisition Holdings I Corp. - Class A
Expiring 12/31/27*,1		4,132		3,966
Acropolis Infrastructure Acquisition Corp.— Class A
Expiring 03/31/26*,1		1,632		1,502
RXR Acquisition Corp. — Class A
Expiring 03/08/26*,1		27		20
MSD Acquisition Corp.— Class A
Expiring 05/13/23*,1		16		18
Colicity, Inc. - Class A
Expiring 12/31/27*,1		20		17
Total Warrants
(Cost $5,730)				5,523
MONEY MARKET FUND† - 2.1%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%3		969,676		969,676
Total Money Market Fund
(Cost $969,676)				969,676
		Face Amount~
CORPORATE BONDS†† - 87.4%
Consumer, Non-cyclical -  18.5%
Kraft Heinz Foods Co.
5.00% due 06/04/42		275,000		337,154
4.88% due 10/01/49		200,000		243,392
4.38% due 06/01/46		125,000		142,212
5.20% due 07/15/45		25,000		31,310
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/264,5		535,000		550,034
Nielsen Finance LLC / Nielsen Finance Co.
5.88% due 10/01/305		275,000		289,539
4.75% due 07/15/315		250,000		243,190
Mozart Debt Merger Sub, Inc.
3.88% due 04/01/295		300,000		300,000
5.25% due 10/01/29		200,000		200,000
US Foods, Inc.
6.25% due 04/15/255		275,000		288,461
4.75% due 02/15/295		150,000		153,937
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/285		425,000		440,329
Bausch Health Companies, Inc.
4.88% due 06/01/285		375,000		388,594
CPI CG, Inc.
8.63% due 03/15/265		350,000		379,750

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 87.4% (continued)
Consumer, Non-cyclical -  18.5% (continued)
Sabre GLBL, Inc.
9.25% due 04/15/255		175,000	$	202,263
7.38% due 09/01/255		150,000		160,117
Rent-A-Center, Inc.
6.38% due 02/15/295		325,000		350,594
Post Holdings, Inc.
4.50% due 09/15/315		300,000		296,439
DaVita, Inc.
3.75% due 02/15/315		300,000		292,125
Tenet Healthcare Corp.
7.50% due 04/01/255		200,000		212,250
5.13% due 11/01/275		75,000		78,188
Centene Corp.
4.25% due 12/15/27		125,000		130,831
3.00% due 10/15/30		100,000		102,500
Par Pharmaceutical, Inc.
7.50% due 04/01/275		225,000		229,219
ADT Security Corp.
4.13% due 08/01/295		225,000		223,625
AMN Healthcare, Inc.
4.63% due 10/01/275		200,000		207,500
Service Corporation International
4.00% due 05/15/31		200,000		206,750
Sotheby's/Bidfair Holdings, Inc.
5.88% due 06/01/295		200,000		205,750
KeHE Distributors LLC / KeHE Finance Corp.
8.63% due 10/15/265		179,000		193,320
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/275		200,000		192,300
Sotheby's
7.38% due 10/15/275		175,000		185,063
Nathan's Famous, Inc.
6.63% due 11/01/255		175,000		178,500
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
7.00% due 12/31/275		107,000		102,453
5.00% due 12/31/265		50,000		49,926
WW International, Inc.
4.50% due 04/15/295		150,000		146,625
Carriage Services, Inc.
4.25% due 05/15/295		125,000		126,069
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
6.13% due 04/01/295		125,000		125,000
Catalent Pharma Solutions, Inc.
3.50% due 04/01/305		125,000		125,000
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.
5.00% due 02/01/265		100,000		102,500
HealthEquity, Inc.
4.50% due 10/01/295		75,000		76,324
Central Garden & Pet Co.
4.13% due 04/30/315		75,000		76,164
Gartner, Inc.
3.63% due 06/15/295		75,000		75,940
Prestige Brands, Inc.
3.75% due 04/01/315		50,000		48,250
Total Consumer, Non-cyclical				8,689,487
Industrial -  13.5%
New Enterprise Stone & Lime Company, Inc.
9.75% due 07/15/285		350,000		379,750
6.25% due 03/15/265		225,000		232,650
5.25% due 07/15/285		150,000		151,687
Howmet Aerospace, Inc.
5.95% due 02/01/37		275,000		342,375
3.00% due 01/15/29		175,000		176,094
Cleaver-Brooks, Inc.
7.88% due 03/01/235		450,000		443,250
Artera Services LLC
9.03% due 12/04/255		400,000		434,000
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd.
7.38% due 12/15/235		425,000		433,287
TransDigm, Inc.
6.25% due 03/15/265		275,000		287,752
8.00% due 12/15/255		100,000		106,625
Harsco Corp.
5.75% due 07/31/275		377,000		390,666
GrafTech Finance, Inc.
4.63% due 12/15/285		380,000		389,975
Standard Industries, Inc.
3.38% due 01/15/315		175,000		166,548
4.38% due 07/15/305		100,000		102,000
5.00% due 02/15/275		50,000		51,563

Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/265	275,000	286,688
Builders FirstSource, Inc.
4.25% due 02/01/325	275,000	280,851
EnerSys
4.38% due 12/15/275	250,000	263,125
Amsted Industries, Inc.
4.63% due 05/15/305	250,000	256,875
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/295	225,000	232,875
Masonite International Corp.
5.38% due 02/01/285	175,000	184,275
Ball Corp.
3.13% due 09/15/31	150,000	148,137
TopBuild Corp.
4.13% due 02/15/325	75,000	75,750
3.63% due 03/15/295	50,000	50,327
Intertape Polymer Group, Inc.
4.38% due 06/15/295	100,000	101,661
PGT Innovations, Inc.
4.38% due 10/01/295	100,000	100,750
Summit Materials LLC / Summit Materials Finance Corp.
6.50% due 03/15/275	75,000	78,656

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 87.4% (continued)
Industrial -  13.5% (continued)
Arcosa, Inc.
4.38% due 04/15/295		75,000	$	75,937
Atkore, Inc.
4.25% due 06/01/315		50,000		51,500
Hillenbrand, Inc.
3.75% due 03/01/31		50,000		49,635
Total Industrial				6,325,264
Communications -  13.5%
CSC Holdings LLC
4.13% due 12/01/305		225,000		220,781
4.63% due 12/01/305		200,000		189,500
3.38% due 02/15/315		200,000		186,000
6.50% due 02/01/295		150,000		162,443
Altice France S.A.
5.50% due 10/15/295		325,000		321,712
5.13% due 07/15/295		225,000		220,957
8.13% due 02/01/275		200,000		215,200
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 05/01/32		275,000		282,906
4.50% due 06/01/335		250,000		254,430
4.25% due 01/15/345		100,000		99,500
Level 3 Financing, Inc.
4.25% due 07/01/285		300,000		302,319
3.63% due 01/15/295		300,000		290,916
Mav Acquisition Corp.
5.75% due 08/01/285		350,000		343,875
8.00% due 08/01/295		150,000		143,292
UPC Broadband Finco BV
4.88% due 07/15/315		350,000		358,351
Sirius XM Radio, Inc.
5.50% due 07/01/295		125,000		135,156
3.88% due 09/01/315		125,000		122,109
4.13% due 07/01/305		100,000		100,464
Cengage Learning, Inc.
9.50% due 06/15/245		290,000		296,769
Virgin Media Finance plc
5.00% due 07/15/305		275,000		280,874
Match Group Holdings II LLC
3.63% due 10/01/315		150,000		148,065
4.63% due 06/01/285		100,000		104,250
Houghton Mifflin Harcourt Publishers, Inc.
9.00% due 02/15/255		200,000		212,710
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28		200,000		210,100
Virgin Media Secured Finance plc
4.50% due 08/15/305		200,000		203,250
Vmed O2 UK Financing I plc
4.25% due 01/31/315		200,000		199,500
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/295		200,000		198,250
LCPR Senior Secured Financing DAC
6.75% due 10/15/275		175,000		185,500
AMC Networks, Inc.
4.25% due 02/15/29		125,000		124,297
Zayo Group Holdings, Inc.
4.00% due 03/01/275		100,000		99,523
TripAdvisor, Inc.
7.00% due 07/15/255		50,000		53,000
Cogent Communications Group, Inc.
3.50% due 05/01/265		50,000		50,687
Total Communications				6,316,686
Consumer, Cyclical -  13.3%
LBC Tank Terminals Holding Netherlands BV
6.88% due 05/15/235		675,000		674,062
1011778 BC ULC / New Red Finance, Inc.
4.00% due 10/15/305		225,000		222,750
3.88% due 01/15/285		150,000		151,275
3.50% due 02/15/295		125,000		123,962
Hilton Domestic Operating Company, Inc.
3.63% due 02/15/325		250,000		246,250
4.00% due 05/01/315		150,000		152,250
5.75% due 05/01/285		50,000		53,850
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.88% due 03/01/27		275,000		286,688
5.00% due 06/01/315		150,000		155,625
Wabash National Corp.
5.50% due 10/01/255		255,000		258,544
4.50% due 10/15/285		150,000		149,813
JB Poindexter & Company, Inc.
7.13% due 04/15/265		350,000		368,375

Crocs, Inc.
4.13% due 08/15/315	275,000	277,062
Boyd Gaming Corp.
8.63% due 06/01/255	250,000	270,937
Scotts Miracle-Gro Co.
4.00% due 04/01/315	150,000	149,718
4.38% due 02/01/325	100,000	100,813
Clarios Global, LP
6.75% due 05/15/255	201,000	212,055
Air Canada
3.88% due 08/15/265	200,000	201,690
Allison Transmission, Inc.
3.75% due 01/30/315	200,000	194,500
Superior Plus Limited Partnership / Superior General Partner, Inc.
4.50% due 03/15/295	175,000	180,688
Wolverine World Wide, Inc.
4.00% due 08/15/295	175,000	176,750
Murphy Oil USA, Inc.
3.75% due 02/15/315	150,000	150,937
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
5.75% due 01/20/265	140,000	146,475

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~			Value
CORPORATE BONDS†† - 87.4% (continued)
Consumer, Cyclical -  13.3% (continued)
CD&R Smokey Buyer, Inc.
6.75% due 07/15/255		125,000		$	132,031
Powdr Corp.
6.00% due 08/01/255		125,000			131,250
Cedar Fair, LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Operations LLC
5.50% due 05/01/255		125,000			129,844
Live Nation Entertainment, Inc.
6.50% due 05/15/275		100,000			110,000
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/275		100,000			108,715
Aramark Services, Inc.
6.38% due 05/01/255		100,000			105,125
Tempur Sealy International, Inc.
3.88% due 10/15/315		100,000			100,125
Penn National Gaming, Inc.
4.13% due 07/01/295		100,000			98,840
Six Flags Theme Parks, Inc.
7.00% due 07/01/255		75,000			79,875
Yum! Brands, Inc.
4.63% due 01/31/32		74,000			78,995
Beacon Roofing Supply, Inc.
4.13% due 05/15/295		62,000			61,612
Superior Plus, LP
4.25% due 05/18/28†††,5		CAD	75,000		61,000
Hanesbrands, Inc.
5.38% due 05/15/255		50,000			52,344
Williams Scotsman International, Inc.
4.63% due 08/15/285		50,000			52,086
Papa John's International, Inc.
3.88% due 09/15/295		50,000			49,619
Total Consumer, Cyclical					6,256,530
Financial -  13.2%
Iron Mountain, Inc.
5.63% due 07/15/325		475,000			509,438
4.88% due 09/15/295		120,000			125,700
5.25% due 07/15/305		75,000			79,592
Hunt Companies, Inc.
5.25% due 04/15/294,5		550,000			539,000
OneMain Finance Corp.
3.88% due 09/15/28		175,000			173,904
7.13% due 03/15/26		75,000			86,906
3.50% due 01/15/27		75,000			74,822
4.00% due 09/15/30		75,000			74,625
6.63% due 01/15/28		50,000			57,500
8.88% due 06/01/25		50,000			54,250
NFP Corp.
6.88% due 08/15/285		500,000			510,525
Kennedy-Wilson, Inc.
4.75% due 02/01/30		250,000			254,375
5.00% due 03/01/31		150,000			153,375
4.75% due 03/01/29		50,000			50,875
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/285		425,000			431,375
LPL Holdings, Inc.
4.00% due 03/15/295		251,000			257,802
4.38% due 05/15/315		100,000			104,375
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/285		300,000			325,500
United Wholesale Mortgage LLC
5.50% due 04/15/295		225,000			218,453
5.50% due 11/15/255		60,000			60,450
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
2.88% due 10/15/265		140,000			138,950
3.88% due 03/01/315		125,000			126,094
Assurant, Inc.
7.00% due 03/27/486		200,000			233,452
USI, Inc.
6.88% due 05/01/255		175,000			178,101
AmWINS Group, Inc.
4.88% due 06/30/295		175,000			177,625
Home Point Capital, Inc.
5.00% due 02/01/265		175,000			158,641
Wilton Re Finance LLC
5.88% due 03/30/335,6		150,000			156,304
Charles Schwab Corp.
4.00%6,7		150,000			154,269
Greystar Real Estate Partners LLC
5.75% due 12/01/255		125,000			126,875
PHM Group Holding Oy
4.75% due 06/18/265		EUR	100,000		119,092
Goldman Sachs Group, Inc.
5.30%6,7		100,000			110,270
HUB International Ltd.
7.00% due 05/01/265		100,000			103,375
Liberty Mutual Group, Inc.
4.30% due 02/01/615		100,000			95,262
Rocket Mortgage LLC
5.25% due 01/15/285		75,000			80,813
Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer
4.25% due 10/15/275		75,000			75,750
Total Financial					6,177,715
Energy -  7.0%
NuStar Logistics, LP
5.63% due 04/28/27		200,000			213,000
6.38% due 10/01/30		100,000			110,000
6.00% due 06/01/26		75,000			81,000
ITT Holdings LLC
6.50% due 08/01/295		325,000			327,844
CVR Energy, Inc.
5.75% due 02/15/284,5		325,000			322,029

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
CORPORATE BONDS†† - 87.4% (continued)
Energy -  7.0% (continued)
Exterran Energy Solutions Limited Partnership / EES Finance Corp.
8.13% due 05/01/25		325,000	$	310,375
Southwestern Energy Co.
5.38% due 02/01/295		250,000		267,453
Global Partners Limited Partnership / GLP Finance Corp.
7.00% due 08/01/27		200,000		208,500
6.88% due 01/15/29		50,000		51,898
Rattler Midstream, LP
5.63% due 07/15/255		250,000		260,325
PDC Energy, Inc.
6.13% due 09/15/24		250,000		253,750
Parkland Corp.
4.50% due 10/01/295		225,000		228,060
Occidental Petroleum Corp.
4.63% due 06/15/45		125,000		127,812
4.10% due 02/15/47		50,000		47,545
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
5.63% due 05/01/275		150,000		154,380
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		150,000		153,000
Venture Global Calcasieu Pass LLC
4.13% due 08/15/315		100,000		104,250
DT Midstream, Inc.
4.13% due 06/15/295		75,000		76,055
Basic Energy Services, Inc.
due 10/15/23†††,8,9		175,000		13,125
Total Energy				3,310,401
Basic Materials -  5.1%
Carpenter Technology Corp.
6.38% due 07/15/28		400,000		430,176
Minerals Technologies, Inc.
5.00% due 07/01/285		325,000		337,188
Valvoline, Inc.
3.63% due 06/15/315		250,000		246,875
4.25% due 02/15/305		25,000		25,920
Arconic Corp.
6.00% due 05/15/255		200,000		210,136
Alcoa Nederland Holding BV
7.00% due 09/30/265		200,000		207,000
Ingevity Corp.
4.50% due 02/01/265		100,000		101,000
3.88% due 11/01/285		100,000		99,750
Kaiser Aluminum Corp.
4.63% due 03/01/285		110,000		113,575
4.50% due 06/01/315		75,000		76,875
Diamond BC BV
4.63% due 10/01/295		150,000		152,250
Compass Minerals International, Inc.
6.75% due 12/01/275		125,000		132,656
WR Grace Holdings LLC
4.88% due 06/15/275		125,000		128,360
Clearwater Paper Corp.
4.75% due 08/15/285		75,000		77,062
Novelis Corp.
3.88% due 08/15/315		50,000		49,453
Mirabela Nickel Ltd.
due 06/24/198,9		390,085		19,504
Total Basic Materials				2,407,780
Utilities -  1.7%
Terraform Global Operating LLC
6.13% due 03/01/264,5		695,000		714,981
Clearway Energy Operating LLC
3.75% due 01/15/325		75,000		74,906
Total Utilities				789,887
Technology -  1.6%
NCR Corp.
6.13% due 09/01/295		200,000		217,000
5.13% due 04/15/295		75,000		77,344
Boxer Parent Company, Inc.
7.13% due 10/02/255		100,000		106,750
MSCI, Inc.
3.88% due 02/15/315		100,000		104,875
Open Text Holdings, Inc.
4.13% due 02/15/305		100,000		102,750
CDK Global, Inc.
5.25% due 05/15/295		50,000		54,105
PTC, Inc.
4.00% due 02/15/285		50,000		51,313
Playtika Holding Corp.
4.25% due 03/15/295		50,000		50,159
Total Technology				764,296

Total Corporate Bonds
(Cost $40,645,284)		41,038,046
SENIOR FLOATING RATE INTERESTS††,10 - 10.2%
Consumer, Cyclical -  2.8%
PetSmart LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28	300,000	300,429
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
4.58% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25	191,280	181,238
Blue Nile, Inc.
7.50% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23	177,188	168,328
PT Intermediate Holdings III LLC
6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 10/15/25	104,566	104,305
First Brands Group LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27	99,500	100,395

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~			Value
SENIOR FLOATING RATE INTERESTS††,10 - 10.2% (continued)
Consumer, Cyclical -  2.8% (continued)
Apro LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 11/16/26		99,750		$	99,750
CCRR Parent, Inc.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/06/28†††		74,813			75,000
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		74,813			74,949
Holding SOCOTEC
due 06/30/28		75,000			74,875
Sotheby's
5.00% (2 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 01/15/27		52,274			52,404
Rent-A-Center, Inc.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 02/17/28†††		49,875			50,187
American Tire Distributors, Inc.
7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23		29,221			29,162
8.50% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 09/02/24		18,947			18,926
Total Consumer, Cyclical					1,329,948
Consumer, Non-cyclical -  2.2%
Springs Window Fashions
8.58% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26		150,000			150,000
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27		132,531			132,531
SCP Eye Care Services LLC
5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 03/16/28†††		127,521			127,362
Women's Care Holdings, Inc.
5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		100,000			99,844
Quirch Foods Holdings LLC
5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/27/27		99,250			99,561
Blue Ribbon LLC
6.75% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		98,750			96,775
National Mentor Holdings, Inc.
4.50% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28		95,083			95,059
Balrog Acquisition, Inc.
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 09/05/28		75,000			74,813
Gibson Brands, Inc.
5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 08/11/28		75,000			74,250
Kronos Acquisition Holdings, Inc.
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26		74,625			72,706
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27†††		16,811			16,811
Total Consumer, Non-cyclical					1,039,712
Technology -  2.0%
Datix Bidco Ltd.
4.50% (3 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25		GBP	150,000		198,092
7.75% (3 Month GBP LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26		GBP	75,000		99,046
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28		248,999			249,039
Polaris Newco LLC
4.50% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28		130,000			130,245
Apttus Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28		75,000			75,281
Atlas CC Acquisition Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28		75,000			75,209
Taxware Holdings (Sovos Compliance LLC)
5.00% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 08/11/28		63,955			64,302

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Face Amount~		Value
SENIOR FLOATING RATE INTERESTS††,10 - 10.2% (continued)
Technology -  2.0% (continued)
Planview Parent, Inc.
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27		49,625	$	49,718
Total Technology				940,932
Industrial -  1.6%
Diversitech Holdings, Inc.
8.50% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25†††		200,000		199,500
YAK MAT (YAK ACCESS LLC)
10.13% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26		150,000		103,875
Arcline FM Holdings LLC
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28†††		100,000		100,000
Dispatch Terra Acquisition LLC
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28		99,750		99,750
Aegion Corp.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28		75,000		75,469
Pro Mach Group, Inc.
5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/31/28		64,525		64,802
United Airlines, Inc.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		49,875		50,181
Air Canada
4.25% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		50,000		50,167
Total Industrial				743,744
Communications -  1.1%
McGraw Hill LLC
5.25% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28		150,000		150,321
Xplornet Communications, Inc.
due 09/28/28		125,000		124,375
Playtika Holding Corp.
2.83% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28		99,500		99,420
GTT Communications, Inc.
2.90% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/30/25		102,443		86,458
Cengage Learning Acquisitions, Inc.
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26		75,000		75,435
Total Communications				536,009
Financial -  0.3%
Franchise Group, Inc.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26		101,931		102,313
Eisner Advisory Group
due 07/28/28		45,455		45,454
Total Financial				147,767
Basic Materials -  0.1%
NIC Acquisition Corp.
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27		49,750		49,688
Energy -  0.1%
Permian Production Partners LLC
9.00% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) (in-kind rate was 2.00%) due 11/24/25†††,11		33,515		30,163
Total Senior Floating Rate Interests
(Cost $4,846,880)				4,817,963
Total Investments - 105.8%
(Cost $49,583,459)			$	49,704,374
Other Assets & Liabilities, net - (5.8)%				(2,739,026	)
Total Net Assets - 100.0%			$	46,965,348

Forward Foreign Currency Exchange Contracts^††

Counterparty	Currency	Type	Quantity	Contract Amount	Settlement Date	Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	GBP	Sell	220,000	303,814 USD	10/18/21	$	7,344
Morgan Stanley Capital Services LLC	EUR	Sell	103,000	121,658 USD	10/18/21		2,302
Goldman Sachs International	CAD	Sell	78,000	61,463 USD	10/18/21		(128	)
						$	9,518

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Special Purpose Acquisition Company (SPAC).
2	Affiliated issuer.
3	Rate indicated is the 7-day yield as of September 30, 2021.
4	All or a portion of this security has been physically segregated or earmarked in connection with reverse repurchase agreements. At September 30, 2021, the total market value of segregated or earmarked security was $2,126,044 — See Note 2.
5	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $34,446,362 (cost $33,888,204), or 73.3% of total net assets.
6	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
7	Perpetual maturity.
8	Security is in default of interest and/or principal obligations.
9	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $32,629 (cost $528,103), or 0.1% of total net assets — See Note 6.
10	Variable rate security. Rate indicated is the rate effective at September 30, 2021. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
11	Payment-in-kind security.

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

SARL —  Société à Responsabilité Limitée

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	417,247	$	927,322	$	23,737		$	1,368,306
Preferred Stocks		—		1,504,860		—	*		1,504,860
Warrants		5,523		—		—			5,523
Money Market Fund		969,676		—		—			969,676
Corporate Bonds		—		40,963,921		74,125			41,038,046
Senior Floating Rate Interests		—		4,218,940		599,023			4,817,963
Forward Foreign Currency Exchange Contracts**		—		9,646		—			9,646
Total Assets	$	1,392,446	$	47,624,689	$	696,885		$	49,714,020
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Forward Foreign Currency Exchange Contracts**	$	—	$	128	$	—		$	128
Unfunded Loan Commitments (Note 5)		—		—		78			78
Total Liabilities	$	—	$	128	$	78		$	206

* Security has a market value of $0.

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $1,684,053 are categorized as Level 2 within the disclosure hierarchy — See Note 2.

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

Category	Ending Balance at September 30, 2021		Valuation Technique	Unobservable Inputs	Input Range	Weighted Average*
Assets:
Common Stocks	$	11,834	Enterprise Value	Valuation Multiple	2.1x-12.8x	4.6x
Common Stocks		11,587	Model Price	Market Comparable Yields	12.1%	—
Common Stocks		316	Model Price	Liquidation Value	—	—
Corporate Bonds		74,125	Third Party Pricing	Vendor Price	—	—
Senior Floating Rate Interests		518,673	Third Party Pricing	Broker Quote	—	—
Senior Floating Rate Interests		50,187	Third Party Pricing	Vendor Price	—	—
Senior Floating Rate Interests		30,163	Model Price	Market Comparable Yields	12.1%	—
Total Assets	$	696,885
Liabilities:
Unfunded Loan Commitments	$	78	Model Price	Purchase Price	—	—

* Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, market comparable yields, liquidation value or valuation multiple would generally result in significant changes in the fair value of the security. Any remaining Level 3 securities held by the Fund and excluded from the table above, were not considered material to the Fund.

The Fund’s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

Transfer between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended September 30, 2021, the Fund had securities with a total value of $13,125 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of a $342,972 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2021:

	Assets												Liabilities
		Senior Floating Rate Interests			Corporate Bonds			Common Stocks			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	466,283		$	70		$	108,858		$	575,211		$	(408	)
Purchases/(Receipts)		372,144			60,512			3,475			436,131			(295	)
(Sales, maturities and paydowns)/Fundings		(314,972	)		(3,475	)		(7,266	)		(325,713	)		159
Amortization of premiums/discounts		18,255			(1,594	)		-			16,661			-
Total realized gains (losses) included in earnings		(8,440	)		(130,304	)		(2,172	)		(140,916	)		386
Total change in unrealized appreciation (depreciation) included in earnings		65,753			135,791			263,814			465,358			80
Transfers into Level 3		-			13,125			-			13,125			-
Transfers out of Level 3		-			-			(342,972	)		(342,972	)		-
Ending Balance	$	599,023		$	74,125		$	23,737		$	696,885		$	(78	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2021	$	34,904		$	488		$	18,058		$	53,450		$	102

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21
Common Stock
BP Holdco LLC*	$	184	$	–	$	–	$	–	$	184	$	368		523

* Non-income producing security.

Series Q (Small Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.9%
Financial - 28.6%
First Horizon Corp.		89,171	$	1,452,596
Physicians Realty Trust REIT		62,421		1,099,858
Lexington Realty Trust REIT		81,504		1,039,176
CNO Financial Group, Inc.		40,859		961,821
Cathay General Bancorp		21,370		884,504
Investors Bancorp, Inc.		52,455		792,595
BOK Financial Corp.		8,584		768,697
Simmons First National Corp. — Class A		25,348		749,287
Stifel Financial Corp.		10,984		746,473
Prosperity Bancshares, Inc.		10,367		737,405
STAG Industrial, Inc. REIT		18,573		728,990
Radian Group, Inc.		31,547		716,748
MGIC Investment Corp.		47,910		716,733
Hanmi Financial Corp.		35,569		713,514
Flagstar Bancorp, Inc.		12,439		631,653
Hancock Whitney Corp.		13,170		620,570
Berkshire Hills Bancorp, Inc.		21,325		575,348
Unum Group		21,730		544,554
Axis Capital Holdings Ltd.		11,496		529,276
Independent Bank Group, Inc.		6,785		482,006
GoHealth, Inc. — Class A*		95,063		478,167
Apple Hospitality REIT, Inc.		30,185		474,810
Zions Bancorp North America		7,193		445,175
Kennedy-Wilson Holdings, Inc.		20,793		434,990
Sunstone Hotel Investors, Inc. REIT*		35,434		423,082
Old Republic International Corp.		17,213		398,137
Heritage Insurance Holdings, Inc.		58,346		397,336
Piedmont Office Realty Trust, Inc. — Class A REIT		22,755		396,620
Heartland Financial USA, Inc.		7,689		369,687
Park Hotels & Resorts, Inc. REIT*		19,249		368,426
Virtu Financial, Inc. — Class A		14,127		345,122
RMR Group, Inc. — Class A		7,220		241,509
Total Financial				20,264,865
Industrial - 23.2%
MDU Resources Group, Inc.		38,023		1,128,143
Rexnord Corp.		17,141		1,101,995
Owens Corning		10,556		902,538
GATX Corp.		9,649		864,164
Knight-Swift Transportation Holdings, Inc.		16,678		853,080
EnerSys		11,325		843,033
Plexus Corp.*		8,628		771,429
Graphic Packaging Holding Co.		39,961		760,857
Sanmina Corp.*		19,739		760,741
Valmont Industries, Inc.		3,161		743,214
Kirby Corp.*		15,172		727,649
Colfax Corp.*		15,643		718,014
Altra Industrial Motion Corp.		12,814		709,255
Littelfuse, Inc.		2,576		703,944
Energizer Holdings, Inc.		16,081		627,963
PGT Innovations, Inc.*		31,621		603,961
Southwest Gas Holdings, Inc.		8,470		566,474
Terex Corp.		12,374		520,945
Curtiss-Wright Corp.		4,017		506,865
Encore Wire Corp.		5,174		490,650
Kennametal, Inc.		11,020		377,215
Advanced Energy Industries, Inc.		3,990		350,123
II-VI, Inc.*		5,363		318,348
Park Aerospace Corp.		22,473		307,431
Howmet Aerospace, Inc.		6,358		198,369
Total Industrial				16,456,400
Consumer, Cyclical - 10.7%
Avient Corp.		18,079		837,962
Abercrombie & Fitch Co. — Class A*		19,162		721,066
Alaska Air Group, Inc.*		12,258		718,319
KAR Auction Services, Inc.*		43,801		717,898
Hawaiian Holdings, Inc.*		31,086		673,322
MSC Industrial Direct Company, Inc. — Class A		8,379		671,912
Meritage Homes Corp.*		5,862		568,614
Lakeland Industries, Inc.*		23,699		497,679
Methode Electronics, Inc.		9,889		415,832
Dana, Inc.		15,507		344,876
Dick's Sporting Goods, Inc.		2,836		339,668
Penske Automotive Group, Inc.		3,325		334,495
Newell Brands, Inc.		13,715		303,650
Tenneco, Inc. — Class A*		17,087		243,832
Zumiez, Inc.*		5,225		207,746
Total Consumer, Cyclical				7,596,871
Energy - 8.7%
Range Resources Corp.*		118,684		2,685,819
Pioneer Natural Resources Co.		11,717		1,950,998
Patterson-UTI Energy, Inc.		111,109		999,981
CNX Resources Corp.*		40,226		507,652
Total Energy				6,144,450
Consumer, Non-cyclical - 6.7%
Encompass Health Corp.		14,281		1,071,646
Ingredion, Inc.		10,034		893,126
Central Garden & Pet Co. — Class A*		16,553		711,779
US Foods Holding Corp.*		16,542		573,346
Integer Holdings Corp.*		6,366		568,738
Emergent BioSolutions, Inc.*		7,378		369,417
Pacira BioSciences, Inc.*		6,247		349,832
Perdoceo Education Corp.*		20,801		219,659
Total Consumer, Non-cyclical				4,757,543
Communications - 5.4%
Infinera Corp.*		102,982		856,810
TEGNA, Inc.		40,898		806,508
Gray Television, Inc.		25,944		592,042
Ciena Corp.*		10,256		526,646
FireEye, Inc.*		27,506		489,607
Viavi Solutions, Inc.*		24,430		384,528
Entercom Communications Corp.*		57,603		211,979
Total Communications				3,868,120
Technology - 5.3%
Evolent Health, Inc. — Class A*		33,899		1,050,869
DXC Technology Co.*		24,545		824,957
Science Applications International Corp.		9,254		791,772
Conduent, Inc.*		109,019		718,435

Series Q (Small Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Technology - 5.3% (continued)
Parsons Corp.*		11,106	$	374,939
Total Technology				3,760,972
Basic Materials - 5.0%
Huntsman Corp.		34,999		1,035,621
Ashland Global Holdings, Inc.		6,799		605,927
Reliance Steel & Aluminum Co.		3,874		551,735
Element Solutions, Inc.		24,781		537,252
Kraton Corp.*		11,022		503,044
Commercial Metals Co.		10,787		328,572
Total Basic Materials				3,562,151
Utilities - 2.3%
Black Hills Corp.		12,958		813,244
Spire, Inc.		7,249		443,494
ALLETE, Inc.		6,868		408,783
Total Utilities				1,665,521
Total Common Stocks
(Cost $55,978,184)				68,076,893
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,1		116,667		34
Total Convertible Preferred Stocks
(Cost $111,410)				34
RIGHTS† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp.*		81,258		58,506
Total Rights
(Cost $–)				58,506
EXCHANGE-TRADED FUNDS† - 2.6%
iShares Russell 2000 Value ETF		11,483		1,839,921
Total Exchange-Traded Funds
(Cost $1,301,506)				1,839,921
MONEY MARKET FUND† - 0.9%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		623,461		623,461
Total Money Market Fund
(Cost $623,461)				623,461
Total Investments - 99.5%
(Cost $58,014,561)			$	70,598,815
Other Assets & Liabilities, net - 0.5%				348,555
Total Net Assets - 100.0%			$	70,947,370

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
2	Rate indicated is the 7-day yield as of September 30, 2021.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	68,076,893	$	—	$	—	$	68,076,893
Convertible Preferred Stocks		—		—		34		34
Rights		58,506		—		—		58,506
Exchange-Traded Funds		1,839,921		—		—		1,839,921
Money Market Fund		623,461		—		—		623,461
Total Assets	$	70,598,781	$	—	$	34	$	70,598,815

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 98.2%
Financial - 23.5%
First Horizon Corp.		245,918	$	4,006,004
Alleghany Corp.*		5,855		3,655,921
Physicians Realty Trust REIT		164,446		2,897,539
Alexandria Real Estate Equities, Inc. REIT		14,205		2,714,149
Voya Financial, Inc.		37,255		2,287,084
VICI Properties, Inc. REIT		70,712		2,008,928
Sun Communities, Inc. REIT		10,576		1,957,618
BOK Financial Corp.		21,837		1,955,503
Prosperity Bancshares, Inc.		26,579		1,890,564
STAG Industrial, Inc. REIT		47,835		1,877,524
Radian Group, Inc.		81,944		1,861,768
Stifel Financial Corp.		26,146		1,776,882
KeyCorp		72,582		1,569,223
Unum Group		56,247		1,409,550
Axis Capital Holdings Ltd.		29,809		1,372,406
Apple Hospitality REIT, Inc. REIT		82,613		1,299,502
GoHealth, Inc. — Class A*		244,649		1,230,584
Zions Bancorp North America		18,375		1,137,229
Medical Properties Trust, Inc. REIT		53,620		1,076,153
Old Republic International Corp.		46,321		1,071,405
Heartland Financial USA, Inc.		21,485		1,032,999
Park Hotels & Resorts, Inc. REIT*		50,975		975,662
Gaming and Leisure Properties, Inc. REIT		19,571		906,529
Heritage Insurance Holdings, Inc.		124,542		848,131
Total Financial				42,818,857
Industrial - 21.3%
Rexnord Corp.		42,569		2,736,761
Jacobs Engineering Group, Inc.		19,651		2,604,347
Graphic Packaging Holding Co.		119,885		2,282,610
Johnson Controls International plc		32,961		2,243,985
Knight-Swift Transportation Holdings, Inc.		42,599		2,178,939
EnerSys		28,837		2,146,626
Plexus Corp.*		21,533		1,925,266
Valmont Industries, Inc.		7,997		1,880,255
Kirby Corp.*		38,649		1,853,606
Colfax Corp.*		39,965		1,834,393
Littelfuse, Inc.		6,669		1,822,438
Altra Industrial Motion Corp.		32,424		1,794,668
Energizer Holdings, Inc.		40,672		1,588,242
PGT Innovations, Inc.*		79,587		1,520,112
Southwest Gas Holdings, Inc.		21,495		1,437,586
Curtiss-Wright Corp.		10,964		1,383,438
Terex Corp.		31,725		1,335,622
Owens Corning		14,008		1,197,684
Kennametal, Inc.		28,392		971,858
GATX Corp.		10,780		965,457
Advanced Energy Industries, Inc.		10,258		900,139
Park Aerospace Corp.		63,025		862,182
II-VI, Inc.*		13,730		815,013
Howmet Aerospace, Inc.		16,386		511,243
Total Industrial				38,792,470
Consumer, Cyclical - 13.9%
LKQ Corp.*		72,822		3,664,403
Avient Corp.		46,496		2,155,090
Kohl's Corp.		41,202		1,940,202
PVH Corp.*		18,398		1,891,130
Alaska Air Group, Inc.*		32,117		1,882,056
KAR Auction Services, Inc.*		112,121		1,837,663
MSC Industrial Direct Company, Inc. — Class A		22,407		1,796,817
Ralph Lauren Corp. — Class A		13,536		1,503,038
Abercrombie & Fitch Co. — Class A*		37,831		1,423,581
Methode Electronics, Inc.		26,885		1,130,514
DR Horton, Inc.		12,860		1,079,854
Dick's Sporting Goods, Inc.		7,299		874,201
Dana, Inc.		38,966		866,604
Penske Automotive Group, Inc.		8,557		860,834
Newell Brands, Inc.		35,094		776,981
Lakeland Industries, Inc.*		35,963		755,223
Zumiez, Inc.*		13,428		533,897
La-Z-Boy, Inc.		13,202		425,501
Total Consumer, Cyclical				25,397,589
Consumer, Non-cyclical - 11.3%
Bunge Ltd.		54,912		4,465,444
Encompass Health Corp.		31,114		2,334,795
Ingredion, Inc.		25,798		2,296,280
Henry Schein, Inc.*		25,168		1,916,795
Central Garden & Pet Co. — Class A*		43,114		1,853,902
US Foods Holding Corp.*		45,191		1,566,320
Integer Holdings Corp.*		17,381		1,552,818
Tyson Foods, Inc. — Class A		18,994		1,499,386
Emergent BioSolutions, Inc.*		22,794		1,141,296
J M Smucker Co.		8,196		983,766
Pacira BioSciences, Inc.*		15,959		893,704
Total Consumer, Non-cyclical				20,504,506
Technology - 7.6%
Evolent Health, Inc. — Class A*		129,629		4,018,499
DXC Technology Co.*		61,893		2,080,224
Science Applications International Corp.		23,262		1,990,297
Leidos Holdings, Inc.		19,309		1,856,174
Skyworks Solutions, Inc.		8,720		1,436,882
Qorvo, Inc.*		8,592		1,436,496
Parsons Corp.*		28,320		956,083
Total Technology				13,774,655
Basic Materials - 6.9%
Huntsman Corp.		95,151		2,815,518
Westlake Chemical Corp.		23,085		2,103,967
Ashland Global Holdings, Inc.		17,628		1,571,007
Element Solutions, Inc.		67,298		1,459,021
Reliance Steel & Aluminum Co.		9,765		1,390,731
Kraton Corp.*		29,931		1,366,051
Nucor Corp.		9,527		938,314
Commercial Metals Co.		27,772		845,935
Total Basic Materials				12,490,544
Energy - 6.5%
Pioneer Natural Resources Co.		30,929		5,149,988
Range Resources Corp.*		184,618		4,177,905
Patterson-UTI Energy, Inc.		284,964		2,564,676

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 98.2% (continued)
Energy - 6.5% (continued)
HydroGen Corp.*,†††,1		672,346	$	1
Total Energy				11,892,570
Communications - 5.1%
Infinera Corp.*		285,587		2,376,084
TEGNA, Inc.		104,531		2,061,352
Viavi Solutions, Inc.*		121,514		1,912,630
Ciena Corp.*		25,828		1,326,268
FireEye, Inc.*		69,983		1,245,697
ViacomCBS, Inc. — Class B		11,265		445,080
Total Communications				9,367,111
Utilities - 2.1%
Black Hills Corp.		23,547		1,477,810
Pinnacle West Capital Corp.		18,086		1,308,703
Spire, Inc.		17,968		1,099,282
Total Utilities				3,885,795
Total Common Stocks
(Cost $147,340,628)				178,924,097
CONVERTIBLE PREFERRED STOCKS††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.*,2		308,333		90
Total Convertible Preferred Stocks
(Cost $294,438)				90
RIGHTS† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp. *		220,317		158,628
Total Rights
(Cost $–)				158,628
MONEY MARKET FUND† - 1.5%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%3		2,706,149		2,706,149
Total Money Market Fund
(Cost $2,706,149)				2,706,149
Total Investments - 99.8%
(Cost $150,341,215)			$	181,788,964
Other Assets & Liabilities, net - 0.2%				374,164
Total Net Assets - 100.0%			$	182,163,128

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	Affiliated issuer.
2	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
3	Rate indicated is the 7-day yield as of September 30, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	178,924,096	$	—	$	1	$	178,924,097
Convertible Preferred Stocks		—		—		90		90
Rights		158,628		—		—		158,628
Money Market Fund		2,706,149		—		—		2,706,149
Total Assets	$	181,788,873	$	—	$	91	$	181,788,964

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

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, result in that company being considered an affiliated issuer, as defined in the 1940 Act.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21
Common Stocks
HydroGen Corp.*	$	1	$	—	$	—	$	—	$	—	$	1		672,346

^* Non-income producing security.

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 17.5%
Consumer, Non-cyclical - 4.0%
Omnicell, Inc.*		573	$	85,050
EVERTEC, Inc.		1,751		80,056
Innoviva, Inc.*		4,516		75,462
Ensign Group, Inc.		920		68,899
NeoGenomics, Inc.*		1,364		65,800
Alarm.com Holdings, Inc.*		841		65,758
Corcept Therapeutics, Inc.*		3,179		62,563
Amphastar Pharmaceuticals, Inc.*		3,024		57,486
Eagle Pharmaceuticals, Inc.*		1,030		57,453
Rent-A-Center, Inc.		979		55,029
Pacira BioSciences, Inc.*		905		50,680
Coherus Biosciences, Inc.*		3,106		49,914
Select Medical Holdings Corp.		1,341		48,504
Xencor, Inc.*		1,441		47,063
Surmodics, Inc.*		841		46,760
Vanda Pharmaceuticals, Inc.*		2,533		43,416
Supernus Pharmaceuticals, Inc.*		1,491		39,765
Perdoceo Education Corp.*		3,730		39,389
Fulgent Genetics, Inc.*		424		38,139
CorVel Corp.*		194		36,126
Vericel Corp.*		729		35,575
LeMaitre Vascular, Inc.		624		33,128
Collegium Pharmaceutical, Inc.*		1,512		29,847
Tivity Health, Inc.*		1,237		28,525
Enanta Pharmaceuticals, Inc.*		499		28,348
ModivCare, Inc.*		156		28,333
Halozyme Therapeutics, Inc.*		664		27,012
Community Health Systems, Inc.*		2,307		26,992
US Physical Therapy, Inc.		239		26,433
Meridian Bioscience, Inc.*		1,355		26,070
Cara Therapeutics, Inc.*		1,478		22,835
Vector Group Ltd.		1,708		21,777
Owens & Minor, Inc.		666		20,839
Total Consumer, Non-cyclical				1,469,026
Technology - 3.8%
Power Integrations, Inc.		1,006		99,584
SPS Commerce, Inc.*		613		98,883
Progress Software Corp.		1,668		82,049
CSG Systems International, Inc.		1,639		79,000
Diodes, Inc.*		849		76,911
ExlService Holdings, Inc.*		611		75,226
Rambus, Inc.*		2,871		63,736
Onto Innovation, Inc.*		867		62,641
FormFactor, Inc.*		1,659		61,931
MaxLinear, Inc. — Class A*		1,193		58,755
Computer Programs & Systems, Inc.*		1,466		51,984
LivePerson, Inc.*		795		46,865
Kulicke & Soffa Industries, Inc.		730		42,544
Xperi Holding Corp.		2,207		41,580
Cirrus Logic, Inc.*		441		36,316
Axcelis Technologies, Inc.*		753		35,414
TTEC Holdings, Inc.		368		34,419
CTS Corp.		1,103		34,094
Veeco Instruments, Inc.*		1,411		31,338
Photronics, Inc.*		2,280		31,076
CEVA, Inc.*		728		31,064
8x8, Inc.*		1,291		30,197
Agilysys, Inc.*		549		28,746
Cohu, Inc.*		889		28,395
NextGen Healthcare, Inc.*		2,000		28,200
Ultra Clean Holdings, Inc.*		591		25,177
Digi International, Inc.*		1,050		22,071
CDK Global, Inc.		502		21,360
Synaptics, Inc.*		117		21,028
CommVault Systems, Inc.*		269		20,258
Total Technology				1,400,842
Industrial - 3.1%
Chart Industries, Inc.*		445		85,044
Hillenbrand, Inc.		1,988		84,788
OSI Systems, Inc.*		813		77,072
Mueller Industries, Inc.		1,875		77,062
Advanced Energy Industries, Inc.		810		71,078
Worthington Industries, Inc.		1,247		65,717
Tennant Co.		833		61,600
Applied Industrial Technologies, Inc.		677		61,018
Alamo Group, Inc.		419		58,463
Albany International Corp. — Class A		720		55,347
Comfort Systems USA, Inc.		746		53,205
UFP Industries, Inc.		747		50,781
Badger Meter, Inc.		497		50,267
Patrick Industries, Inc.		565		47,065
MYR Group, Inc.*		437		43,481
Sturm Ruger & Company, Inc.		581		42,866
Insteel Industries, Inc.		1,024		38,963
Lincoln Electric Holdings, Inc.		294		37,864
AeroVironment, Inc.*		353		30,471
Dorian LPG Ltd.		2,229		27,662
Itron, Inc.*		359		27,151
Exponent, Inc.		175		19,801
Total Industrial				1,166,766
Consumer, Cyclical - 2.9%
Sleep Number Corp.*		639		59,734
Gentex Corp.		1,807		59,595
Meritage Homes Corp.*		596		57,812
LGI Homes, Inc.*		401		56,906
Gentherm, Inc.*		623		50,419
Vista Outdoor, Inc.*		1,233		49,702
Methode Electronics, Inc.		1,101		46,297
LCI Industries		337		45,370
Century Communities, Inc.		729		44,797
Installed Building Products, Inc.		368		39,431
iRobot Corp.*		499		39,172
MSC Industrial Direct Company, Inc. — Class A		463		37,128
Kontoor Brands, Inc.		738		36,863
Big Lots, Inc.		848		36,769
Winnebago Industries, Inc.		506		36,660
MarineMax, Inc.*		754		36,584
Dorman Products, Inc.*		382		36,164
Buckle, Inc.		888		35,156
Boot Barn Holdings, Inc.*		394		35,015
Dine Brands Global, Inc.*		422		34,271
Hibbett, Inc.		437		30,913
Zumiez, Inc.*		776		30,854

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 17.5% (continued)
Consumer, Cyclical - 2.9% (continued)
Tupperware Brands Corp.*		1,282	$	27,076
Brunswick Corp.		270		25,723
Universal Electronics, Inc.*		477		23,492
Haverty Furniture Companies, Inc.		687		23,159
Polaris, Inc.		174		20,821
Jack in the Box, Inc.		207		20,147
PetMed Express, Inc.		739		19,857
Total Consumer, Cyclical				1,095,887
Financial - 2.6%
Axos Financial, Inc.*		1,969		101,482
National Bank Holdings Corp. — Class A		2,120		85,818
Great Western Bancorp, Inc.		2,197		71,930
ServisFirst Bancshares, Inc.		895		69,631
Piper Sandler Cos.		448		62,030
Innovative Industrial Properties, Inc. REIT		258		59,642
NMI Holdings, Inc. — Class A*		2,610		59,012
Umpqua Holdings Corp.		2,797		56,639
Meta Financial Group, Inc.		1,006		52,795
Virtus Investment Partners, Inc.		168		52,134
AMERISAFE, Inc.		904		50,769
Walker & Dunlop, Inc.		430		48,805
Interactive Brokers Group, Inc. — Class A		613		38,215
Bancorp, Inc.*		1,288		32,779
Evercore, Inc. — Class A		237		31,680
PRA Group, Inc.*		724		30,509
HCI Group, Inc.		225		24,923
World Acceptance Corp.*		114		21,612
Brightsphere Investment Group, Inc.		825		21,557
Total Financial				971,962
Communications - 0.7%
Viavi Solutions, Inc.*		6,998		110,148
Perficient, Inc.*		407		47,090
Shutterstock, Inc.		394		44,648
HealthStream, Inc.*		1,490		42,584
Extreme Networks, Inc.*		2,681		26,408
Total Communications				270,878
Basic Materials - 0.3%
Ingevity Corp.*		601		42,893
Rogers Corp.*		171		31,888
Valvoline, Inc.		753		23,479
Total Basic Materials				98,260
Energy - 0.1%
Equitrans Midstream Corp.		2,582		26,182
Antero Midstream Corp.		2,341		24,393
Total Energy				50,575
Total Common Stocks
(Cost $5,880,727)				6,524,196
MUTUAL FUNDS† - 79.9%
Guggenheim Strategy Fund III1		317,557		7,983,379
Guggenheim Variable Insurance Strategy Fund III1		317,957		7,968,011
Guggenheim Ultra Short Duration Fund — Institutional Class1		712,619		7,104,816
Guggenheim Strategy Fund II1		267,216		6,677,734
Total Mutual Funds
(Cost $29,621,761)				29,733,940
MONEY MARKET FUND† - 3.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		1,426,625		1,426,625
Total Money Market Fund
(Cost $1,426,625)				1,426,625
Total Investments - 101.2%
(Cost $36,929,113)			$	37,684,761
Other Assets & Liabilities, net - (1.2)%				(453,050	)
Total Net Assets - 100.0%			$	37,231,711

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		5	Dec 2021	$	550,100	$	(4,293	)
S&P MidCap 400 Index Mini Futures Contracts		2	Dec 2021		526,680		(8,022	)
				$	1,076,780	$	(12,315	)

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††

Wells Fargo Bank, N.A.

Russell 2000 Growth Index

Pay

0.18% (3 Month USD LIBOR + 0.05%)

At Maturity

10/05/21

20,002

$

29,847,084

$

(1,335,814

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,524,196	$	—	$	—	$	6,524,196
Mutual Funds		29,733,940		—		—		29,733,940
Money Market Fund		1,426,625		—		—		1,426,625
Total Assets	$	37,684,761	$	—	$	—	$	37,684,761
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	12,315	$	—	$	—	$	12,315
Equity Index Swap Agreements**		—		1,335,814		—		1,335,814
Total Liabilities	$	12,315	$	1,335,814	$	—	$	1,348,129

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	4,236,714	$	2,437,027	$	–		$	–	$	3,993		$	6,677,734		267,216	$	64,442
Guggenheim Strategy Fund III		7,881,769		89,115		–			–		12,495			7,983,379		317,557		90,021
Guggenheim Ultra Short Duration Fund — Institutional Class		10,787,486		6,820,705		(10,490,942	)		58,468		(70,901	)		7,104,816		712,619		62,311
Guggenheim Variable Insurance Strategy Fund III	$	7,870,976	$	90,787	$	–		$	–	$	6,248		$	7,968,011		317,957	$	91,632
	$	30,776,945	$	9,437,634	$	(10,490,942	)	$	58,468	$	(48,165	)	$	29,733,940			$	308,406

Series Y (StylePlus—Large Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 17.1%
Technology - 6.8%
Apple, Inc.		6,639	$	939,419
Microsoft Corp.		3,267		921,033
NVIDIA Corp.		818		169,457
QUALCOMM, Inc.		1,134		146,263
Broadcom, Inc.		288		139,660
Oracle Corp.		1,550		135,052
Applied Materials, Inc.		1,004		129,245
Lam Research Corp.		195		110,984
Cognizant Technology Solutions Corp. — Class A		1,382		102,558
KLA Corp.		301		100,688
Cerner Corp.		1,334		94,074
Skyworks Solutions, Inc.		570		93,925
Zebra Technologies Corp. — Class A*		175		90,198
Qorvo, Inc.*		471		78,746
Teradyne, Inc.		720		78,602
Citrix Systems, Inc.		694		74,515
Adobe, Inc.*		121		69,662
Advanced Micro Devices, Inc.*		571		58,756
salesforce.com, Inc.*		184		49,904
Intuit, Inc.		34		18,343
Total Technology				3,601,084
Communications - 3.8%
Alphabet, Inc. — Class C*		252		671,658
Amazon.com, Inc.*		178		584,737
Facebook, Inc. — Class A*		932		316,312
Arista Networks, Inc.*		292		100,343
Motorola Solutions, Inc.		430		99,898
F5 Networks, Inc.*		490		97,402
Corning, Inc.		2,623		95,713
Netflix, Inc.*		66		40,282
Total Communications				2,006,345
Consumer, Non-cyclical - 3.3%
Johnson & Johnson		933		150,679
Merck & Company, Inc.		1,821		136,775
AbbVie, Inc.		1,219		131,494
Amgen, Inc.		563		119,722
Bristol-Myers Squibb Co.		2,010		118,932
Vertex Pharmaceuticals, Inc.*		607		110,104
United Rentals, Inc.*		308		108,087
PerkinElmer, Inc.		567		98,255
Hologic, Inc.*		1,296		95,658
Bio-Rad Laboratories, Inc. — Class A*		127		94,736
Incyte Corp.*		1,314		90,377
DaVita, Inc.*		760		88,358
Moderna, Inc.*		203		78,126
PayPal Holdings, Inc.*		278		72,338
Regeneron Pharmaceuticals, Inc.*		86		52,045
Biogen, Inc.*		182		51,504
S&P Global, Inc.		112		47,588
McKesson Corp.		235		46,854
Thermo Fisher Scientific, Inc.		51		29,138
Total Consumer, Non-cyclical				1,720,770
Consumer, Cyclical - 1.7%
Tesla, Inc.*		228		176,809
AutoZone, Inc.*		69		117,161
O'Reilly Automotive, Inc.*		190		116,101
Cummins, Inc.		439		98,582
Domino's Pizza, Inc.		206		98,254
Yum! Brands, Inc.		800		97,848
PulteGroup, Inc.		1,857		85,274
Best Buy Company, Inc.		805		85,097
Home Depot, Inc.		89		29,215
Total Consumer, Cyclical				904,341
Industrial - 1.1%
Deere & Co.		359		120,290
Mettler-Toledo International, Inc.*		72		99,170
Keysight Technologies, Inc.*		588		96,602
Parker-Hannifin Corp.		343		95,910
Sealed Air Corp.		1,622		88,869
Waters Corp.*		246		87,896
Total Industrial				588,737
Basic Materials - 0.2%
Dow, Inc.		1,723		99,176
Utilities - 0.2%
NRG Energy, Inc.		2,196		89,663
Financial - 0.0%
Visa, Inc. — Class A		130		28,957
Total Common Stocks
(Cost $7,434,243)				9,039,073
MUTUAL FUNDS† - 80.4%
Guggenheim Strategy Fund III1		564,235		14,184,870
Guggenheim Variable Insurance Strategy Fund III1		468,657		11,744,547
Guggenheim Ultra Short Duration Fund — Institutional Class1		927,598		9,248,148
Guggenheim Strategy Fund II1		288,637		7,213,045
Total Mutual Funds
(Cost $42,242,112)				42,390,610
MONEY MARKET FUND† - 3.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.01%2		1,735,661		1,735,661
Total Money Market Fund
(Cost $1,735,661)				1,735,661
Total Investments - 100.8%
(Cost $51,412,016)			$	53,165,344
Other Assets & Liabilities, net - (0.8)%				(433,477	)
Total Net Assets - 100.0%			$	52,731,867

Series Y (StylePlus—Large Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Wells Fargo Bank, N.A.

Russell 1000 Growth Index

Pay

0.35% (3 Month USD LIBOR + 0.22%)

At Maturity

10/05/21

15,979

$

44,089,257

$

3,690,334

*	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	Affiliated issuer.
2	Rate indicated is the 7-day yield as of September 30, 2021.

LIBOR — London Interbank Offered Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	9,039,073	$	—	$	—	$	9,039,073
Mutual Funds		42,390,610		—		—		42,390,610
Money Market Fund		1,735,661		—		—		1,735,661
Equity Index Swap Agreements**		—		3,690,334		—		3,690,334
Total Assets	$	53,165,344	$	3,690,334	$	—	$	56,855,678

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III, and Guggenheim Variable Insurance Strategy Fund III, (collectively, the “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, 2020, 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/1601445/000182126820000133/gug81042-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 September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/20		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,132,904	$	71,574	$	–		$	–	$	8,567		$	7,213,045		288,637	$	72,269
Guggenheim Strategy Fund III		10,533,474		3,636,794		–			–		14,602			14,184,870		564,235		130,024
Guggenheim Ultra Short Duration Fund — Institutional Class		9,026,315		6,452,643		(6,218,961	)		72,369		(84,218	)		9,248,148		927,598		72,145
Guggenheim Variable Insurance Strategy Fund III		11,601,522		133,816		–			–		9,209			11,744,547		468,657		135,061
	$	38,294,215	$	10,294,827	$	(6,218,961	)	$	72,369	$	(51,840	)	$	42,390,610			$	409,499

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.7%
Consumer, Non-cyclical - 20.7%
Innoviva, Inc.*,1		2,857	$	47,741
Gilead Sciences, Inc.1		612		42,748
John B Sanfilippo & Son, Inc.1		519		42,413
H&R Block, Inc.1		1,691		42,275
Quest Diagnostics, Inc.1		279		40,542
Bristol-Myers Squibb Co.1		669		39,585
USANA Health Sciences, Inc.*		381		35,128
EVERTEC, Inc.		729		33,330
Eagle Pharmaceuticals, Inc.*		588		32,798
Hologic, Inc.*,1		431		31,812
Amgen, Inc.1		144		30,622
Perdoceo Education Corp.*		2,860		30,201
Bio-Rad Laboratories, Inc. — Class A*		39		29,092
Philip Morris International, Inc.		294		27,868
United Therapeutics Corp.*,1		130		23,995
Merck & Company, Inc.1		313		23,509
Coherus Biosciences, Inc.*		1,446		23,237
Vanda Pharmaceuticals, Inc.*		1,319		22,608
Prestige Consumer Healthcare, Inc.*,1		392		21,995
PerkinElmer, Inc.		120		20,795
Blueprint Medicines Corp.*		194		19,945
Corcept Therapeutics, Inc.*		1,010		19,877
Incyte Corp.*,1		274		18,846
Herbalife Nutrition Ltd.*		413		17,503
Amphastar Pharmaceuticals, Inc.*		876		16,653
Vector Group Ltd.1		1,168		14,892
Molson Coors Beverage Co. — Class B		313		14,517
Exelixis, Inc.*		679		14,354
McKesson Corp.1		71		14,156
Laboratory Corporation of America Holdings*		46		12,946
Regeneron Pharmaceuticals, Inc.*,1		21		12,709
Pfizer, Inc.1		293		12,602
Vertex Pharmaceuticals, Inc.*		67		12,153
Bruker Corp.		149		11,637
Grand Canyon Education, Inc.*		125		10,995
Sage Therapeutics, Inc.*		239		10,590
Enanta Pharmaceuticals, Inc.*		185		10,510
Total Consumer, Non-cyclical				887,179
Financial - 19.5%
Enstar Group Ltd.*		194		45,538
Synchrony Financial		916		44,774
Safety Insurance Group, Inc.		546		43,270
Mercury General Corp.		759		42,254
Goldman Sachs Group, Inc.		106		40,071
Old Republic International Corp.		1,727		39,945
Evercore, Inc. — Class A		289		38,631
Hanover Insurance Group, Inc.1		286		37,071
Raymond James Financial, Inc.		398		36,681
Stewart Information Services Corp.		565		35,742
AMERISAFE, Inc.		576		32,348
OneMain Holdings, Inc.		479		26,503
Piper Sandler Cos.		184		25,477
BankUnited, Inc.		595		24,883
Allstate Corp.1		192		24,444
Discover Financial Services		197		24,201
Houlihan Lokey, Inc.		250		23,025
Interactive Brokers Group, Inc. — Class A		364		22,692
Brandywine Realty Trust REIT1		1,580		21,204
Arch Capital Group Ltd.*		544		20,770
Essent Group Ltd.		458		20,157
Federated Hermes, Inc. — Class B		541		17,583
Everest Re Group Ltd.		70		17,555
Affiliated Managers Group, Inc.		115		17,375
Radian Group, Inc.		738		16,767
Janus Henderson Group plc		405		16,739
SEI Investments Co.		263		15,596
Jefferies Financial Group, Inc.		371		13,775
Markel Corp.*		11		13,146
First American Financial Corp.		181		12,136
MGIC Investment Corp.		740		11,070
Artisan Partners Asset Management, Inc. — Class A		198		9,686
Industrial Logistics Properties Trust REIT		317		8,055
Total Financial				839,164
Consumer, Cyclical - 14.7%
Gentex Corp.1		1,425		46,996
AutoZone, Inc.*,1		26		44,148
Yum! Brands, Inc.1		322		39,384
Cummins, Inc.1		164		36,828
Allison Transmission Holdings, Inc.1		935		33,024
AutoNation, Inc.*,1		247		30,075
Brunswick Corp.1		309		29,438
Buckle, Inc.		670		26,525
Whirlpool Corp.		127		25,890
Polaris, Inc.		213		25,488
Dolby Laboratories, Inc. — Class A1		283		24,904
Autoliv, Inc.		271		23,230
Acushnet Holdings Corp.		496		23,163
MSC Industrial Direct Company, Inc. — Class A1		266		21,331
Dick's Sporting Goods, Inc.		176		21,079
Carter's, Inc.		214		20,809
Gentherm, Inc.*,1		233		18,857
Foot Locker, Inc.		391		17,853
Sleep Number Corp.*		182		17,014
Big Lots, Inc.		343		14,872
Zumiez, Inc.*		367		14,592
NVR, Inc.*		3		14,382
WW Grainger, Inc.1		30		11,792
Hibbett, Inc.		159		11,248
Jack in the Box, Inc.		112		10,901
MarineMax, Inc.*		201		9,753
Williams-Sonoma, Inc.		53		9,398
Tri Pointe Homes, Inc.*		446		9,375
Total Consumer, Cyclical				632,349
Industrial - 13.6%
Snap-on, Inc.1		194		40,536
Toro Co.1		406		39,548
MDU Resources Group, Inc.1		1,268		37,622

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Value
COMMON STOCKS† - 95.7% (continued)
Industrial - 13.6% (continued)
Sturm Ruger & Company, Inc.		483	$	35,636
Watts Water Technologies, Inc. — Class A		196		32,946
Donaldson Company, Inc.1		568		32,609
Worthington Industries, Inc.		614		32,358
Huntington Ingalls Industries, Inc.		154		29,731
Eagle Materials, Inc.		189		24,789
OSI Systems, Inc.*		246		23,321
Keysight Technologies, Inc.*		141		23,165
Vishay Intertechnology, Inc.1		1,142		22,943
Owens Corning1		209		17,869
3M Co.1		95		16,665
Boise Cascade Co.		294		15,870
A O Smith Corp.		253		15,451
Louisiana-Pacific Corp.		237		14,545
Mueller Industries, Inc.		344		14,138
Lincoln Electric Holdings, Inc.		107		13,781
Timken Co.1		196		12,822
Waters Corp.*,1		33		11,791
Oshkosh Corp.1		115		11,773
Albany International Corp. — Class A		146		11,223
Acuity Brands, Inc.1		64		11,096
Hillenbrand, Inc.1		250		10,662
Sanmina Corp.*,1		275		10,598
Pentair plc		145		10,531
AGCO Corp.1		83		10,170
Total Industrial				584,189
Technology - 9.3%
CSG Systems International, Inc.1		907		43,718
Progress Software Corp.		868		42,697
Cirrus Logic, Inc.*,1		477		39,281
Rambus, Inc.*		1,751		38,872
NetApp, Inc.1		420		37,699
Oracle Corp.		323		28,143
HP, Inc.1		798		21,833
Qorvo, Inc.*		124		20,732
Lumentum Holdings, Inc.*		236		19,715
Intel Corp.		345		18,382
Seagate Technology Holdings plc1		200		16,504
Xperi Holding Corp.		787		14,827
Dropbox, Inc. — Class A*		477		13,938
Texas Instruments, Inc.1		69		13,262
Kulicke & Soffa Industries, Inc.		187		10,898
ExlService Holdings, Inc.*		87		10,712
CommVault Systems, Inc.*		110		8,284
Total Technology				399,497
Utilities - 8.0%
National Fuel Gas Co.		844		44,327
IDACORP, Inc.1		384		39,698
Chesapeake Utilities Corp.		312		37,456
UGI Corp.1		876		37,335
MGE Energy, Inc.1		506		37,191
American States Water Co.1		407		34,807
CMS Energy Corp.		547		32,672
DTE Energy Co.		263		29,380
Southern Co.1		312		19,335
Public Service Enterprise Group, Inc.1		315		19,183
Sempra Energy1		99		12,523
Total Utilities				343,907
Communications - 7.8%
Omnicom Group, Inc.1		595		43,114
Viavi Solutions, Inc.*,1		2,605		41,003
Cisco Systems, Inc.1		744		40,496
TEGNA, Inc.		1,840		36,285
Juniper Networks, Inc.1		694		19,099
Yelp, Inc. — Class A*		507		18,881
Cogent Communications Holdings, Inc.		248		17,568
InterDigital, Inc.1		254		17,226
VeriSign, Inc.*,1		75		15,376
F5 Networks, Inc.*		72		14,312
Nexstar Media Group, Inc. — Class A1		94		14,284
World Wrestling Entertainment, Inc. — Class A		248		13,953
Arista Networks, Inc.*		36		12,371
Fox Corp. — Class A		265		10,629
Telephone & Data Systems, Inc.1		541		10,549
Ciena Corp.*,1		183		9,397
Total Communications				334,543
Basic Materials - 1.6%
Nucor Corp.		198		19,501
NewMarket Corp.		53		17,955
Reliance Steel & Aluminum Co.		94		13,387
Ingevity Corp.*		139		9,920
Royal Gold, Inc.		79		7,544
Total Basic Materials				68,307
Energy - 0.5%
Equitrans Midstream Corp.		1,205		12,219
Antero Midstream Corp.		1,061		11,055
Total Energy				23,274
Total Common Stocks
(Cost $4,048,222)				4,112,409
MONEY MARKET FUND† - 8.5%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 0.01%2		363,047		363,047
Total Money Market Fund
(Cost $363,047)				363,047
Total Investments - 104.2%
(Cost $4,411,269)			$	4,475,456
Other Assets & Liabilities, net - (4.2)%				(181,008	)
Total Net Assets - 100.0%			$	4,294,448

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Depreciation
OTC Custom Basket Swap Agreements††
Goldman Sachs International	GS Equity Custom Basket		Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24	$	1,023,928	$	(22,897	)
Morgan Stanley Capital Services LLC	MS Equity Custom Basket		Pay	0.48% (Federal Funds Rate + 0.40%)	At Maturity	02/01/24		1,042,699		(24,411	)
							$	2,066,627	$	(47,308	)
OTC Custom Basket Swap Agreements Sold Short††
Goldman Sachs International	GS Equity Custom Basket		Pay	(0.12)% (Federal Funds Rate - 0.20%)	At Maturity	05/06/24	$	1,765,642	$	(6,317	)
Morgan Stanley Capital Services LLC	MS Equity Custom Basket		Pay	(0.22)% (Federal Funds Rate - 0.30%)	At Maturity	02/01/24		1,765,642		(7,984	)
							$	3,531,284	$	(14,301	)

MS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Houlihan Lokey, Inc.	64	0.64	%	$	640
Jefferies Financial Group, Inc.	95	0.34	%		485
Synchrony Financial	236	1.11	%		447
Raymond James Financial, Inc.	102	0.90	%		375
Stewart Information Services Corp.	145	0.88	%		277
Allstate Corp.	49	0.60	%		231
Janus Henderson Group plc	104	0.41	%		186
MGIC Investment Corp.	190	0.27	%		108
First American Financial Corp.	46	0.30	%		42
Enstar Group Ltd.	43	0.97	%		20
Federated Hermes, Inc. — Class B	139	0.43	%		10
Markel Corp.	3	0.34	%		(29	)
Discover Financial Services	50	0.59	%		(31	)
Safety Insurance Group, Inc.	140	1.06	%		(36	)
Radian Group, Inc.	190	0.41	%		(44	)
Everest Re Group Ltd.	18	0.43	%		(63	)
Arch Capital Group Ltd.	140	0.51	%		(117	)
Industrial Logistics Properties Trust	81	0.20	%		(128	)
SEI Investments Co.	67	0.38	%		(158	)
BankUnited, Inc.	153	0.61	%		(192	)
Artisan Partners Asset Management, Inc. — Class A	51	0.24	%		(194	)
Interactive Brokers Group, Inc. — Class A	93	0.56	%		(229	)
Piper Sandler Cos.	47	0.62	%		(256	)
AMERISAFE, Inc.	148	0.80	%		(295	)
Essent Group Ltd.	118	0.50	%		(300	)
OneMain Holdings, Inc.	123	0.65	%		(317	)
Brandywine Realty Trust	407	0.52	%		(343	)
Affiliated Managers Group, Inc.	29	0.42	%		(349	)
Evercore, Inc. — Class A	74	0.95	%		(433	)
Hanover Insurance Group, Inc.	73	0.91	%		(594	)
Mercury General Corp.	195	1.04	%		(781	)
Old Republic International Corp.	444	0.98	%		(1,129	)
Goldman Sachs Group, Inc.	54	1.96	%		(1,814	)
Total Financial					(5,011	)
Industrial
Watts Water Technologies, Inc. — Class A	50	0.81	%		1,127
Acuity Brands, Inc.	16	0.27	%		462
Waters Corp.	8	0.27	%		401
Pentair plc	37	0.26	%		162
Louisiana-Pacific Corp.	61	0.36	%		67
Lincoln Electric Holdings, Inc.	27	0.33	%		12
Albany International Corp. — Class A	37	0.27	%		(19	)
Keysight Technologies, Inc.	36	0.57	%		(62	)
Sanmina Corp.	70	0.26	%		(147	)
Mueller Industries, Inc.	88	0.35	%		(165	)
OSI Systems, Inc.	63	0.57	%		(181	)
AGCO Corp.	21	0.25	%		(259	)
Hillenbrand, Inc.	64	0.26	%		(303	)
Sturm Ruger & Company, Inc.	124	0.88	%		(332	)
3M Co.	24	0.40	%		(353	)
Owens Corning	53	0.43	%		(364	)
Huntington Ingalls Industries, Inc.	39	0.72	%		(422	)
Boise Cascade Co.	75	0.39	%		(444	)
Oshkosh Corp.	29	0.28	%		(453	)
A O Smith Corp.	65	0.38	%		(570	)
Donaldson Company, Inc.	146	0.80	%		(671	)
Timken Co.	50	0.31	%		(815	)
Worthington Industries, Inc.	158	0.80	%		(884	)
Eagle Materials, Inc.	48	0.60	%		(909	)
Toro Co.	104	0.97	%		(974	)
Snap-on, Inc.	49	0.98	%		(1,003	)
MDU Resources Group, Inc.	326	0.93	%		(1,070	)
Vishay Intertechnology, Inc.	294	0.57	%		(1,076	)
Total Industrial					(9,245	)
Consumer, Non-cyclical
Innoviva, Inc.	736	1.18	%		1,696
Eagle Pharmaceuticals, Inc.	151	0.81	%		1,540
Bio-Rad Laboratories, Inc. — Class A	10	0.72	%		1,153
Molson Coors Beverage Co. — Class B	80	0.36	%		801
Enanta Pharmaceuticals, Inc.	47	0.26	%		702
Blueprint Medicines Corp.	50	0.49	%		676
Regeneron Pharmaceuticals, Inc.	5	0.29	%		567
Coherus Biosciences, Inc.	372	0.57	%		525
Prestige Consumer Healthcare, Inc.	101	0.54	%		423
Pfizer, Inc.	75	0.31	%		419
McKesson Corp.	18	0.34	%		331
PerkinElmer, Inc.	31	0.52	%		225
Gilead Sciences, Inc.	157	1.05	%		196
Hologic, Inc.	111	0.79	%		120
United Therapeutics Corp.	33	0.58	%		115
H&R Block, Inc.	435	1.04	%		112
Merck & Company, Inc.	80	0.58	%		80

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Vector Group Ltd.		67		0.08	%	$	70
Exelixis, Inc.		175		0.35	%		52
Vanda Pharmaceuticals, Inc.		339		0.56	%		(98	)
EVERTEC, Inc.		188		0.82	%		(112	)
Sage Therapeutics, Inc.		61		0.26	%		(130	)
Grand Canyon Education, Inc.		32		0.27	%		(154	)
Quest Diagnostics, Inc.		71		0.99	%		(154	)
Perdoceo Education Corp.		736		0.75	%		(194	)
Bruker Corp.		38		0.28	%		(197	)
Amphastar Pharmaceuticals, Inc.		225		0.41	%		(249	)
Vertex Pharmaceuticals, Inc.		17		0.30	%		(263	)
Laboratory Corporation of America Holdings		12		0.32	%		(292	)
Corcept Therapeutics, Inc.		260		0.49	%		(512	)
USANA Health Sciences, Inc.		98		0.87	%		(629	)
John B Sanfilippo & Son, Inc.		133		1.04	%		(765	)
Philip Morris International, Inc.		75		0.68	%		(811	)
Incyte Corp.		70		0.46	%		(836	)
Amgen, Inc.		37		0.75	%		(968	)
Bristol-Myers Squibb Co.		172		0.98	%		(984	)
Herbalife Nutrition Ltd.		106		0.43	%		(1,043	)
Total Consumer, Non-cyclical							1,412
Utilities
IDACORP, Inc.		99		0.98	%		322
American States Water Co.		104		0.85	%		204
Public Service Enterprise Group, Inc.		81		0.47	%		150
Southern Co.		80		0.48	%		44
Sempra Energy		25		0.30	%		(75	)
National Fuel Gas Co.		217		1.09	%		(132	)
Chesapeake Utilities Corp.		80		0.92	%		(162	)
CMS Energy Corp.		140		0.80	%		(173	)
DTE Energy Co.		56		0.60	%		(229	)
UGI Corp.		225		0.92	%		(430	)
MGE Energy, Inc.		130		0.92	%		(445	)
Total Utilities							(926	)
Technology
CSG Systems International, Inc.		233		1.08	%		602
NetApp, Inc.		108		0.93	%		488
Progress Software Corp.		223		1.05	%		473
ExlService Holdings, Inc.		22		0.26	%		359
Texas Instruments, Inc.		17		0.31	%		157
Seagate Technology Holdings plc		51		0.40	%		89
Intel Corp.		88		0.45	%		(23	)
Rambus, Inc.		451		0.96	%		(28	)
Cirrus Logic, Inc.		123		0.97	%		(28	)
Lumentum Holdings, Inc.		60		0.48	%		(47	)
CommVault Systems, Inc.		28		0.20	%		(242	)
Oracle Corp.		83		0.69	%		(249	)
Dropbox, Inc. — Class A		123		0.34	%		(391	)
Xperi Holding Corp.		202		0.37	%		(408	)
Qorvo, Inc.		31		0.50	%		(603	)
HP, Inc.		205		0.54	%		(628	)
Kulicke & Soffa Industries, Inc.		48		0.27	%		(732	)
Total Technology							(1,211	)
Communications
Cisco Systems, Inc.		191		1.00	%		442
Juniper Networks, Inc.		178		0.47	%		193
Fox Corp. — Class A		68		0.26	%		169
F5 Networks, Inc.		18		0.34	%		110
Nexstar Media Group, Inc. — Class A		24		0.35	%		64
VeriSign, Inc.		19		0.37	%		20
World Wrestling Entertainment, Inc. — Class A		63		0.34	%		(65	)
Ciena Corp.		47		0.23	%		(72	)
Arista Networks, Inc.		9		0.30	%		(181	)
Yelp, Inc. — Class A		130		0.46	%		(212	)
InterDigital, Inc.		65		0.42	%		(271	)
Cogent Communications Holdings, Inc.		64		0.43	%		(358	)
Telephone & Data Systems, Inc.		139		0.26	%		(531	)
Viavi Solutions, Inc.		671		1.01	%		(717	)
Omnicom Group, Inc.		153		1.06	%		(953	)
Total Communications							(2,362	)
Energy
Equitrans Midstream Corp.		310		0.30	%		304
Antero Midstream Corp.		273		0.27	%		(5	)
Total Energy							299
Consumer, Cyclical
AutoZone, Inc.		6		0.98	%		1,907
AutoNation, Inc.		63		0.74	%		1,513
Dick's Sporting Goods, Inc.		45		0.52	%		427
Gentherm, Inc.		60		0.47	%		314
Yum! Brands, Inc.		83		0.97	%		126
Sleep Number Corp.		46		0.41	%		59
MarineMax, Inc.		52		0.24	%		(18	)
Buckle, Inc.		172		0.65	%		(41	)
Williams-Sonoma, Inc.		13		0.22	%		(52	)
Zumiez, Inc.		94		0.36	%		(77	)
Tri Pointe Homes, Inc.		114		0.23	%		(146	)
Brunswick Corp.		79		0.72	%		(163	)
Polaris, Inc.		54		0.62	%		(223	)
Gentex Corp.		367		1.16	%		(253	)
WW Grainger, Inc.		7		0.26	%		(293	)
Carter's, Inc.		55		0.51	%		(309	)
Jack in the Box, Inc.		28		0.26	%		(322	)
Big Lots, Inc.		88		0.37	%		(384	)
Autoliv, Inc.		69		0.57	%		(387	)
Acushnet Holdings Corp.		127		0.57	%		(439	)
MSC Industrial Direct Company, Inc. — Class A		68		0.52	%		(521	)
Whirlpool Corp.		32		0.63	%		(719	)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Dolby Laboratories, Inc. — Class A		72		0.61	%	$	(775	)
Cummins, Inc.		42		0.90	%		(856	)
Hibbett, Inc.		41		0.28	%		(1,117	)
Allison Transmission Holdings, Inc.		240		0.81	%		(1,150	)
Foot Locker, Inc.		100		0.44	%		(1,183	)
Total Consumer, Cyclical							(5,082	)
Basic Materials
NewMarket Corp.		13		0.42	%		57
Royal Gold, Inc.		20		0.18	%		(359	)
Ingevity Corp.		36		0.25	%		(416	)
Reliance Steel & Aluminum Co.		24		0.33	%		(732	)
Nucor Corp.		51		0.48	%		(835	)
Total Basic Materials							(2,285	)
Total MS Equity Long Custom Basket						$	(24,411	)
MS EQUITY SHORT CUSTOM BASKET
Financial
Americold Realty Trust		895		(1.48	)%	$	8,030
Digital Realty Trust, Inc.		190		(1.55	)%		2,476
JBG SMITH Properties		653		(1.10	)%		2,296
Safehold, Inc.		142		(0.58	)%		1,904
Crown Castle International Corp.		51		(0.50	)%		1,065
CyrusOne, Inc.		203		(0.89	)%		738
Ventas, Inc.		149		(0.47	)%		706
Equitable Holdings, Inc.		504		(0.85	)%		624
Apartment Income REIT Corp.		129		(0.36	)%		403
Welltower, Inc.		383		(1.79	)%		392
State Street Corp.		362		(1.74	)%		307
Alexandria Real Estate Equities, Inc.		109		(1.18	)%		229
Host Hotels & Resorts, Inc.		2,033		(1.88	)%		101
Healthpeak Properties, Inc.		566		(1.07	)%		49
Wells Fargo & Co.		242		(0.64	)%		(221	)
Lincoln National Corp.		233		(0.91	)%		(257	)
Sunstone Hotel Investors, Inc.		1,975		(1.34	)%		(451	)
Outfront Media, Inc.		589		(0.84	)%		(472	)
Pebblebrook Hotel Trust		714		(0.91	)%		(537	)
Bank of America Corp.		818		(1.97	)%		(597	)
Apple Hospitality REIT, Inc.		626		(0.56	)%		(604	)
JPMorgan Chase & Co.		210		(1.95	)%		(832	)
Comerica, Inc.		157		(0.72	)%		(1,075	)
Howard Hughes Corp.		179		(0.89	)%		(1,158	)
Western Alliance Bancorporation		163		(1.00	)%		(1,807	)
UDR, Inc.		542		(1.63	)%		(1,894	)
Rayonier, Inc.		410		(0.83	)%		(2,075	)
First Republic Bank		96		(1.05	)%		(3,445	)
Equinix, Inc.		39		(1.75	)%		(3,865	)
Rexford Industrial Realty, Inc.		346		(1.11	)%		(7,103	)
Sun Communities, Inc.		157		(1.65	)%		(8,134	)
Total Financial							(15,207	)
Utilities
ONE Gas, Inc.		371		(1.33	)%		5,199
Atmos Energy Corp.		342		(1.71	)%		4,298
Edison International		568		(1.78	)%		1,392
CenterPoint Energy, Inc.		355		(0.49	)%		452
Total Utilities							11,341
Industrial
Stericycle, Inc.		477		(1.84	)%		2,652
Jacobs Engineering Group, Inc.		247		(1.85	)%		1,798
US Ecology, Inc.		280		(0.51	)%		1,428
Harsco Corp.		792		(0.76	)%		988
Boeing Co.		128		(1.59	)%		734
TransDigm Group, Inc.		19		(0.67	)%		109
General Electric Co.		79		(0.46	)%		(92	)
Waste Management, Inc.		216		(1.83	)%		(2,728	)
Republic Services, Inc. — Class A		267		(1.82	)%		(2,863	)
Tetra Tech, Inc.		85		(0.72	)%		(4,917	)
Casella Waste Systems, Inc. — Class A		382		(1.64	)%		(8,222	)
Total Industrial							(11,113	)
Technology
Clarivate plc		739		(0.92	)%		3,452
Coupa Software, Inc.		59		(0.73	)%		2,791
DocuSign, Inc.		29		(0.42	)%		1,525
Twilio, Inc. — Class A		22		(0.40	)%		1,060
Splunk, Inc.		75		(0.61	)%		1,027
Everbridge, Inc.		59		(0.50	)%		912
KBR, Inc.		840		(1.87	)%		532
Zscaler, Inc.		35		(0.52	)%		(47	)
Smartsheet, Inc. — Class A		100		(0.39	)%		(617	)
Ceridian HCM Holding, Inc.		99		(0.63	)%		(2,302	)
Total Technology							8,333
Consumer, Non-cyclical
Teladoc Health, Inc.		157		(1.13	)%		2,783
ManpowerGroup, Inc.		200		(1.23	)%		2,269
Brink's Co.		121		(0.43	)%		1,560
Guardant Health, Inc.		160		(1.13	)%		294
CoStar Group, Inc.		385		(1.88	)%		(55	)
Sysco Corp.		125		(0.56	)%		(132	)
Total Consumer, Non-cyclical							6,719
Consumer, Cyclical
United Airlines Holdings, Inc.		718		(1.93	)%		3,414
JetBlue Airways Corp.		1,880		(1.63	)%		3,179
Freshpet, Inc.		102		(0.82	)%		1,947
DraftKings, Inc. — Class A		132		(0.36	)%		1,640
Spirit Airlines, Inc.		437		(0.64	)%		812
Alaska Air Group, Inc.		399		(1.32	)%		642
Delta Air Lines, Inc.		822		(1.98	)%		92

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Southwest Airlines Co.		542		(1.58	)%	$	(1,216	)
American Airlines Group, Inc.		1,699		(1.97	)%		(1,873	)
Royal Caribbean Cruises Ltd.		200		(1.01	)%		(1,975	)
Total Consumer, Cyclical							6,662
Energy
Schlumberger N.V.		625		(1.05	)%		3,321
Sunrun, Inc.		189		(0.47	)%		316
Helmerich & Payne, Inc.		248		(0.39	)%		(154	)
Phillips 66		480		(1.90	)%		(287	)
NOV, Inc.		507		(0.38	)%		(587	)
Hess Corp.		105		(0.46	)%		(858	)
Patterson-UTI Energy, Inc.		1,379		(0.70	)%		(1,723	)
Pioneer Natural Resources Co.		224		(2.11	)%		(2,156	)
Valero Energy Corp.		515		(2.06	)%		(3,117	)
Devon Energy Corp.		330		(0.66	)%		(3,367	)
Diamondback Energy, Inc.		187		(1.00	)%		(3,623	)
Range Resources Corp.		689		(0.88	)%		(3,700	)
Halliburton Co.		1,514		(1.85	)%		(3,814	)
Total Energy							(19,749	)
Communications
Okta, Inc.		75		(1.01	)%		1,598
Uber Technologies, Inc.		398		(1.01	)%		1,108
Chewy, Inc. — Class A		89		(0.34	)%		784
Anaplan, Inc.		153		(0.53	)%		248
Lyft, Inc. — Class A		309		(0.94	)%		(1,753	)
Total Communications							1,985
Basic Materials
International Flavors & Fragrances, Inc.		196		(1.48	)%		3,045
Total MS Equity Short Custom Basket						$	(7,984	)

GS EQUITY LONG CUSTOM BASKET
Industrial
Watts Water Technologies, Inc. — Class A	50	0.84	%	$	1,133
Acuity Brands, Inc.	16	0.27	%		466
Waters Corp.	8	0.28	%		402
Pentair plc	37	0.26	%		160
Louisiana-Pacific Corp.	61	0.37	%		64
Lincoln Electric Holdings, Inc.	27	0.34	%		4
Albany International Corp. — Class A	37	0.28	%		(19	)
Keysight Technologies, Inc.	36	0.58	%		(61	)
Sanmina Corp.	70	0.26	%		(147	)
Mueller Industries, Inc.	88	0.35	%		(168	)
OSI Systems, Inc.	63	0.58	%		(182	)
AGCO Corp.	21	0.25	%		(268	)
Hillenbrand, Inc.	64	0.27	%		(304	)
Sturm Ruger & Company, Inc.	124	0.89	%		(335	)
3M Co.	24	0.41	%		(344	)
Owens Corning	53	0.44	%		(364	)
Huntington Ingalls Industries, Inc.	39	0.74	%		(426	)
Oshkosh Corp.	29	0.29	%		(451	)
Boise Cascade Co.	75	0.40	%		(451	)
A O Smith Corp.	65	0.39	%		(573	)
Donaldson Company, Inc.	146	0.82	%		(676	)
Timken Co.	50	0.32	%		(805	)
Worthington Industries, Inc.	158	0.81	%		(904	)
Eagle Materials, Inc.	48	0.61	%		(920	)
Toro Co.	104	0.99	%		(983	)
Snap-on, Inc.	49	1.00	%		(1,028	)
MDU Resources Group, Inc.	326	0.94	%		(1,072	)
Vishay Intertechnology, Inc.	294	0.58	%		(1,076	)
Total Industrial					(9,328	)
Consumer, Non-cyclical
Innoviva, Inc.	736	1.20	%		1,699
Eagle Pharmaceuticals, Inc.	151	0.82	%		1,510
Bio-Rad Laboratories, Inc. — Class A	10	0.73	%		1,149
Molson Coors Beverage Co. — Class B	80	0.36	%		798
Enanta Pharmaceuticals, Inc.	47	0.26	%		702
Blueprint Medicines Corp.	50	0.50	%		676
Regeneron Pharmaceuticals, Inc.	5	0.30	%		566
Coherus Biosciences, Inc.	372	0.58	%		531
Prestige Consumer Healthcare, Inc.	101	0.55	%		424
Pfizer, Inc.	75	0.32	%		419
McKesson Corp.	18	0.35	%		318
PerkinElmer, Inc.	31	0.52	%		226
Gilead Sciences, Inc.	157	1.07	%		204
H&R Block, Inc.	435	1.06	%		122
Hologic, Inc.	111	0.80	%		121
United Therapeutics Corp.	33	0.59	%		119
Merck & Company, Inc.	80	0.59	%		84
Vector Group Ltd.	67	0.08	%		69
Exelixis, Inc.	175	0.36	%		54
Vanda Pharmaceuticals, Inc.	339	0.57	%		(109	)
EVERTEC, Inc.	188	0.84	%		(126	)
Quest Diagnostics, Inc.	71	1.01	%		(145	)
Sage Therapeutics, Inc.	61	0.26	%		(151	)
Grand Canyon Education, Inc.	32	0.27	%		(153	)
Bruker Corp.	38	0.29	%		(197	)
Perdoceo Education Corp.	736	0.76	%		(205	)
Vertex Pharmaceuticals, Inc.	17	0.30	%		(252	)
Amphastar Pharmaceuticals, Inc.	225	0.42	%		(253	)
Laboratory Corporation of America Holdings	12	0.33	%		(281	)
Corcept Therapeutics, Inc.	260	0.50	%		(526	)
USANA Health Sciences, Inc.	98	0.88	%		(628	)
John B Sanfilippo & Son, Inc.	133	1.06	%		(779	)
Philip Morris International, Inc.	75	0.69	%		(801	)
Incyte Corp.	70	0.47	%		(832	)
Amgen, Inc.	37	0.77	%		(968	)
Bristol-Myers Squibb Co.	172	0.99	%		(979	)
Herbalife Nutrition Ltd.	106	0.44	%		(1,036	)
Total Consumer, Non-cyclical					1,370
Communications
Cisco Systems, Inc.	191	1.02	%		440
Juniper Networks, Inc.	178	0.48	%		197
Fox Corp. — Class A	68	0.27	%		167
F5 Networks, Inc.	18	0.35	%		108
Nexstar Media Group, Inc. — Class A	24	0.36	%		62
VeriSign, Inc.	19	0.38	%		21
World Wrestling Entertainment, Inc. — Class A	63	0.35	%		(63	)
Ciena Corp.	47	0.24	%		(71	)
Arista Networks, Inc.	9	0.30	%		(184	)
Yelp, Inc. — Class A	130	0.47	%		(202	)
InterDigital, Inc.	65	0.43	%		(270	)
Cogent Communications Holdings, Inc.	64	0.44	%		(356	)
Telephone & Data Systems, Inc.	139	0.26	%		(535	)
Viavi Solutions, Inc.	671	1.03	%		(719	)
Omnicom Group, Inc.	153	1.08	%		(949	)
Total Communications					(2,354	)
Financial
Houlihan Lokey, Inc.	64	0.58	%		651
Jefferies Financial Group, Inc.	95	0.34	%		476
Synchrony Financial	236	1.13	%		441
Raymond James Financial, Inc.	102	0.92	%		367
Stewart Information Services Corp.	145	0.90	%		279

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Allstate Corp.		49		0.61	%	$	230
Janus Henderson Group plc		104		0.42	%		187
MGIC Investment Corp.		190		0.28	%		99
Enstar Group Ltd.		50		1.15	%		89
First American Financial Corp.		46		0.30	%		42
Federated Hermes, Inc. — Class B		139		0.44	%		16
Markel Corp.		3		0.35	%		(33	)
Safety Insurance Group, Inc.		140		1.08	%		(36	)
Discover Financial Services		50		0.60	%		(38	)
Radian Group, Inc.		190		0.42	%		(52	)
Everest Re Group Ltd.		18		0.44	%		(65	)
Arch Capital Group Ltd.		140		0.52	%		(121	)
Industrial Logistics Properties Trust		81		0.20	%		(127	)
SEI Investments Co.		67		0.39	%		(159	)
Artisan Partners Asset Management, Inc. — Class A		51		0.24	%		(195	)
BankUnited, Inc.		153		0.62	%		(205	)
Interactive Brokers Group, Inc. — Class A		93		0.57	%		(234	)
Piper Sandler Cos.		47		0.64	%		(253	)
AMERISAFE, Inc.		148		0.81	%		(295	)
Essent Group Ltd.		118		0.51	%		(311	)
OneMain Holdings, Inc.		123		0.66	%		(320	)
Brandywine Realty Trust		407		0.53	%		(346	)
Affiliated Managers Group, Inc.		29		0.43	%		(353	)
Evercore, Inc. — Class A		74		0.97	%		(446	)
Hanover Insurance Group, Inc.		73		0.92	%		(597	)
Mercury General Corp.		195		1.06	%		(801	)
Old Republic International Corp.		444		1.00	%		(1,130	)
Total Financial							(3,240	)
Consumer, Cyclical
AutoZone, Inc.		6		0.99	%		1,897
AutoNation, Inc.		63		0.75	%		1,512
Dick's Sporting Goods, Inc.		45		0.53	%		425
Gentherm, Inc.		60		0.47	%		318
Yum! Brands, Inc.		83		0.99	%		133
Sleep Number Corp.		46		0.42	%		62
MarineMax, Inc.		52		0.25	%		(20	)
Buckle, Inc.		172		0.66	%		(53	)
Williams-Sonoma, Inc.		13		0.23	%		(54	)
Zumiez, Inc.		94		0.36	%		(124	)
Tri Pointe Homes, Inc.		114		0.23	%		(148	)
Brunswick Corp.		79		0.74	%		(172	)
Polaris, Inc.		54		0.63	%		(221	)
Gentex Corp.		367		1.18	%		(255	)
WW Grainger, Inc.		7		0.27	%		(289	)
Jack in the Box, Inc.		28		0.27	%		(307	)
Carter's, Inc.		55		0.52	%		(307	)
Autoliv, Inc.		69		0.58	%		(392	)
Big Lots, Inc.		88		0.37	%		(400	)
Acushnet Holdings Corp.		127		0.58	%		(436	)
MSC Industrial Direct Company, Inc. — Class A		68		0.53	%		(523	)
Whirlpool Corp.		32		0.64	%		(717	)
Dolby Laboratories, Inc. — Class A		72		0.62	%		(770	)
Cummins, Inc.		42		0.92	%		(852	)
Hibbett, Inc.		41		0.28	%		(1,122	)
Allison Transmission Holdings, Inc.		240		0.83	%		(1,168	)
Foot Locker, Inc.		100		0.45	%		(1,185	)
Total Consumer, Cyclical							(5,168	)
Utilities
IDACORP, Inc.		99		1.00	%		336
American States Water Co.		104		0.87	%		197
Public Service Enterprise Group, Inc.		81		0.48	%		154
Southern Co.		80		0.48	%		50
Sempra Energy		25		0.31	%		(74	)
National Fuel Gas Co.		217		1.11	%		(139	)
CMS Energy Corp.		140		0.82	%		(152	)
Chesapeake Utilities Corp.		80		0.94	%		(168	)
DTE Energy Co.		56		0.61	%		(204	)
UGI Corp.		225		0.94	%		(432	)
MGE Energy, Inc.		130		0.93	%		(452	)
Total Utilities							(884	)
Technology
CSG Systems International, Inc.		233		1.10	%		588
NetApp, Inc.		108		0.95	%		488
Progress Software Corp.		223		1.07	%		477
ExlService Holdings, Inc.		22		0.26	%		356
Texas Instruments, Inc.		17		0.32	%		155
Seagate Technology Holdings plc		51		0.41	%		89
Intel Corp.		88		0.46	%		(28	)
Rambus, Inc.		451		0.98	%		(42	)
Lumentum Holdings, Inc.		60		0.49	%		(46	)
Cirrus Logic, Inc.		123		0.99	%		(50	)
CommVault Systems, Inc.		28		0.21	%		(247	)
Oracle Corp.		83		0.71	%		(252	)
Dropbox, Inc. — Class A		123		0.35	%		(392	)
Xperi Holding Corp.		202		0.37	%		(431	)
Qorvo, Inc.		31		0.51	%		(616	)
HP, Inc.		205		0.55	%		(627	)
Kulicke & Soffa Industries, Inc.		48		0.27	%		(727	)
Total Technology							(1,305	)
Basic Materials
NewMarket Corp.		13		0.43	%		57
Royal Gold, Inc.		20		0.19	%		(360	)
Ingevity Corp.		36		0.25	%		(415	)
Reliance Steel & Aluminum Co.		24		0.33	%		(731	)
Nucor Corp.		51		0.49	%		(839	)
Total Basic Materials							(2,288	)
Energy
Equitrans Midstream Corp.		310		0.31	%		302
Antero Midstream Corp.		273		0.28	%		(2	)
Total Energy							300
Total GS Equity Long Custom Basket						$	(22,897	)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

GS EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Cyclical
United Airlines Holdings, Inc.	718	(1.94	)%	$	3,413
JetBlue Airways Corp.	1,880	(1.63	)%		3,175
Freshpet, Inc.	102	(0.82	)%		1,953
DraftKings, Inc. — Class A	132	(0.36	)%		1,645
Spirit Airlines, Inc.	437	(0.64	)%		778
Alaska Air Group, Inc.	399	(1.32	)%		627
Delta Air Lines, Inc.	822	(1.98	)%		95
Southwest Airlines Co.	542	(1.58	)%		(1,213	)
American Airlines Group, Inc.	1,699	(1.97	)%		(1,910	)
Royal Caribbean Cruises Ltd.	200	(1.01	)%		(1,974	)
Total Consumer, Cyclical					6,589
Communications
Okta, Inc.	75	(1.01	)%		1,590
Uber Technologies, Inc.	398	(1.01	)%		1,114
Chewy, Inc. — Class A	89	(0.34	)%		777
Anaplan, Inc.	153	(0.53	)%		243
Lyft, Inc. — Class A	309	(0.94	)%		(1,772	)
Total Communications					1,952
Financial
Americold Realty Trust	895	(1.47	)%		7,742
Digital Realty Trust, Inc.	190	(1.55	)%		2,479
JBG SMITH Properties	653	(1.10	)%		2,299
Safehold, Inc.	142	(0.58	)%		1,873
Crown Castle International Corp.	51	(0.50	)%		1,067
CyrusOne, Inc.	203	(0.89	)%		717
Ventas, Inc.	149	(0.47	)%		700
Equitable Holdings, Inc.	504	(0.85	)%		633
Apartment Income REIT Corp.	129	(0.36	)%		404
Welltower, Inc.	383	(1.79	)%		387
State Street Corp.	362	(1.74	)%		323
Alexandria Real Estate Equities, Inc.	109	(1.18	)%		220
Host Hotels & Resorts, Inc.	2,033	(1.88	)%		87
Healthpeak Properties, Inc.	566	(1.07	)%		52
Lincoln National Corp.	233	(0.91	)%		(211	)
Wells Fargo & Co.	242	(0.64	)%		(218	)
Outfront Media, Inc.	589	(0.84	)%		(468	)
Sunstone Hotel Investors, Inc.	1,975	(1.34	)%		(514	)
Pebblebrook Hotel Trust	714	(0.91	)%		(555	)
Bank of America Corp.	818	(1.97	)%		(593	)
Apple Hospitality REIT, Inc.	626	(0.56	)%		(602	)
JPMorgan Chase & Co.	210	(1.95	)%		(877	)
Comerica, Inc.	157	(0.72	)%		(1,045	)
Howard Hughes Corp.	179	(0.89	)%		(1,127	)
Western Alliance Bancorporation	163	(1.00	)%		(1,814	)
UDR, Inc.	542	(1.63	)%		(1,885	)
Rayonier, Inc.	410	(0.83	)%		(2,064	)
Equinix, Inc.	39	(1.75	)%		(3,341	)
First Republic Bank	96	(1.05	)%		(3,452	)
Rexford Industrial Realty, Inc.	346	(1.11	)%		(5,868	)
Sun Communities, Inc.	157	(1.65	)%		(7,064	)
Total Financial					(12,715	)
Energy
Schlumberger N.V.	625	(1.05	)%		3,342
Sunrun, Inc.	189	(0.47	)%		329
Helmerich & Payne, Inc.	248	(0.39	)%		(157	)
Phillips 66	480	(1.90	)%		(396	)
NOV, Inc.	507	(0.38	)%		(591	)
Hess Corp.	105	(0.46	)%		(876	)
Patterson-UTI Energy, Inc.	1,379	(0.70	)%		(1,716	)
Pioneer Natural Resources Co.	224	(2.11	)%		(2,179	)
Valero Energy Corp.	515	(2.06	)%		(3,254	)
Devon Energy Corp.	330	(0.66	)%		(3,391	)
Range Resources Corp.	689	(0.88	)%		(3,638	)
Diamondback Energy, Inc.	187	(1.00	)%		(3,700	)
Halliburton Co.	1,514	(1.85	)%		(3,833	)
Total Energy					(20,060	)
Basic Materials
International Flavors & Fragrances, Inc.	196	(1.48	)%		3,000
Industrial
Stericycle, Inc.	477	(1.84	)%		2,665
Jacobs Engineering Group, Inc.	247	(1.85	)%		1,801
US Ecology, Inc.	280	(0.51	)%		1,430
Harsco Corp.	792	(0.76	)%		980
Boeing Co.	128	(1.59	)%		710
TransDigm Group, Inc.	19	(0.67	)%		110
General Electric Co.	79	(0.46	)%		(96	)
Waste Management, Inc.	216	(1.83	)%		(2,731	)
Republic Services, Inc. — Class A	267	(1.82	)%		(2,920	)
Tetra Tech, Inc.	85	(0.72	)%		(4,921	)
Casella Waste Systems, Inc. — Class A	382	(1.64	)%		(8,233	)
Total Industrial					(11,205	)
Technology
Clarivate plc	739	(0.92	)%		3,448
Coupa Software, Inc.	59	(0.73	)%		2,775
DocuSign, Inc.	29	(0.42	)%		1,505
Twilio, Inc. — Class A	22	(0.40	)%		1,052
Splunk, Inc.	75	(0.61	)%		1,021
Everbridge, Inc.	59	(0.50	)%		908
KBR, Inc.	840	(1.87	)%		496
Zscaler, Inc.	35	(0.52	)%		(50	)
Smartsheet, Inc. — Class A	100	(0.39	)%		(625	)
Ceridian HCM Holding, Inc.	99	(0.63	)%		(2,314	)
Total Technology					8,216
Consumer, Non-cyclical
Teladoc Health, Inc.	157	(1.13	)%		2,773
ManpowerGroup, Inc.	200	(1.23	)%		2,257
Brink's Co.	121	(0.43	)%		1,553
Guardant Health, Inc.	160	(1.13	)%		292
CoStar Group, Inc.	385	(1.88	)%		(90	)
Sysco Corp.	125	(0.56	)%		(124	)
Total Consumer, Non-cyclical					6,661

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Utilities
ONE Gas, Inc.		371		(1.33	)%	$	5,190
Atmos Energy Corp.		342		(1.71	)%		4,275
Edison International		568		(1.78	)%		1,329
CenterPoint Energy, Inc.		355		(0.49	)%		451
Total Utilities							11,245
Total GS Equity Short Custom Basket						$	(6,317	)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as custom basket swap collateral at September 30, 2021.
2	Rate indicated is the 7-day yield as of September 30, 2021.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at September 30, 2021 (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	$	4,112,409	$	—	$	—	$	4,112,409
Money Market Fund		363,047		—		—		363,047
Total Assets	$	4,475,456	$	—	$	—	$	4,475,456
Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	61,609	$	—	$	61,609

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Variable Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At September 30, 2021, the Trust consisted of fourteen funds. The Trust offers shares of the funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Series A (StylePlus—Large Core Series)	Diversified
Series B (Large Cap Value Series)	Diversified
Series D (World Equity Income Series)	Diversified
Series E (Total Return Bond Series)	Diversified
Series F (Floating Rate Strategies Series)	Diversified
Series J (StylePlus—Mid Growth Series)	Diversified
Series N (Managed Asset Allocation Series)	Diversified
Series O (All Cap Value Series)	Diversified
Series P (High Yield Series)	Diversified
Series Q (Small Cap Value Series)	Diversified
Series V (SMid Cap Value Series)	Diversified
Series X (StylePlus—Small Growth Series)	Diversified
Series Y (StylePlus—Large Growth Series)	Diversified
Series Z (Alpha Opportunity Series)	Diversified

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. 

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

(a) Valuation of Investments 

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and Guggenheim Investments (“GI”) are authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.

Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

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

Typically, loans are valued using information provided by an independent third party pricing service that uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Valuation Committee.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (“OTC”) options are valued using a price provided by a pricing service. 

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of interest rate swap agreements entered into by a fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the previous day’s Chicago Mercantile Exchange close price, adjusted for the current day's spreads.

The value of credit default swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.

The values of other swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the NYSE.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency. 

Investments for which market quotations are not readily available are fair-valued as determined in good faith by GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The Funds may acquire an interest in a special purpose acquisition company (“SPAC”) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete an acquisition or that any acquisitions that are completed will be profitable.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

Income: the use of any instrument that distributes cash flows typically based upon some rate of interest.

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

Speculation: the use of an instrument to express macro-economic and other investment views. 

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Options Purchased and Written 

 A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty’s inability to perform.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedules of Investments.

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

In conjunction with the use of short sales or derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Reverse Repurchase Agreements

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

Note 3 – Fair Value Measurement  

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

Independent pricing services are used to value a majority of the Funds’ investments. When values are not available from a pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds’ assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Funds' assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Funds may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates. Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 4 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At September 30, 2021, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Series A (StylePlus—Large Core Series)	$	246,732,105	$	18,293,070	$	(1,149,794	)	$	17,143,276
Series B (Large Cap Value Series)		169,195,451		59,795,299		(2,419,134	)		57,376,165
Series D (World Equity Income Series)		123,579,533		13,186,385		(5,641,200	)		7,545,185
Series E (Total Return Bond Series)		170,667,661		6,411,283		(2,632,287	)		3,778,996
Series F (Floating Rate Strategies Series)		48,524,693		168,349		(476,158	)		(307,809	)
Series J (StylePlus—Mid Growth Series)		193,797,291		14,452,673		(1,627,948	)		12,824,725
Series N (Managed Asset Allocation Series)		33,283,038		12,773,941		(475,521	)		12,298,420
Series O (All Cap Value Series)		77,122,218		25,117,831		(1,603,784	)		23,514,047
Series P (High Yield Series)		49,618,812		1,589,119		(1,494,039	)		95,080
Series Q (Small Cap Value Series)		58,014,561		16,464,335		(3,880,081	)		12,584,254
Series V (SMid Cap Value Series)		150,424,997		38,980,642		(7,616,675	)		31,363,967
Series X (StylePlus—Small Growth Series)		36,955,487		944,018		(1,562,873	)		(618,855	)
Series Y (StylePlus—Large Growth Series)		51,461,953		5,671,696		(277,971	)		5,393,725
Series Z (Alpha Opportunity Series)		4,417,073		210,144		(213,370	)		(3,226	)

Note 5 – Unfunded Loan Commitments

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of September 30, 2021. The Funds are obligated to fund these loan commitments at the borrower’s discretion.

The unfunded loan commitments as of September 30, 2021, were as follows:

Fund	Borrower	Maturity Date	Face Amount		Value
Series E (Total Return Bond Series)
	Higginbotham	11/25/26	$	8,092	$	104
	HighTower Holding LLC	04/21/28		30,000		38
	MB2 Dental Solutions LLC	12/22/21		158,578		638
	Medline Industries, Inc.	08/06/22		450,000		–
	National Mentor Holdings, Inc.	03/02/28		4,467		20
	Service Logic Acquisition, Inc.	10/29/27		17,164		–
			$	668,301	$	800
Series F (Floating Rate Strategies Series)
	Aveanna Healthcare LLC	07/17/28		37,736		47
	DG Investment Intermediate Holdings 2, Inc.	03/31/28		2,649		–
	Hillman Group, Inc.	07/14/28		46,222		106
	National Mentor Holdings, Inc.	03/02/28		8,933		41
	Osmosis Holdings Australia II Pty Ltd.	07/31/28		11,111		–
	Pro Mach Group, Inc.	08/31/28		27,933		–
	TricorBraun Holdings, Inc.	03/03/28		24,178		148
			$	158,762	$	342

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Fund	Borrower	Maturity Date	Face Amount		Value
Series P (High Yield Series)
	Eisner Advisory Group	07/28/28		4,545		–
	Medline Industries, Inc.	08/06/22		450,000		–
	National Mentor Holdings, Inc.	03/02/28		4,467		20
	Pro Mach Group, Inc.	08/31/28		10,475		–
	PT Intermediate Holdings III LLC	10/15/25		6,332		30
	SCP Eye Care Services LLC	03/16/28		22,159		28
	Taxware Holdings (Sovos Compliance LLC)	08/11/28		11,045		–
			$	509,022	$	78

Note 6 – Restricted Securities

The securities below are considered illiquid and restricted under guidelines established by the Board:

Fund	Restricted Securities	Acquisition Date	Cost		Value
Series E (Total Return Bond Series)
	Copper River CLO Ltd.
	2007-1A, due 01/20/211	05/09/14	$	17,304	$	20,538
	FKRT
	2020-C2A, 3.25% due 12/30/23	12/03/20		692,046		691,721
	LSTAR Securities Investment Ltd.
	2021-1, 1.89% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/262	02/04/21		369,919		371,045
	LSTAR Securities Investment Ltd.
	2021-2, 1.79% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/262	03/17/21		252,268		252,371
			$	1,331,537	$	1,335,675
Series P (High Yield Series)
	Basic Energy Services, Inc.
	due 10/15/233	09/25/18		174,194		13,125
	Mirabela Nickel Ltd.
	due 06/24/193	12/31/13		353,909		19,504
			$	528,103	$	32,629

1	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
3	Security is in default of interest and/or principal obligations.

Note 7 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds' investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

OTHER INFORMATION (Unaudited)   

Sector Classification

Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.