# EDGAR Filing Document

**Accession Number:** 0001601445
**File Stem:** 0001752724-23-045072
**Filing Date:** 2023-2
**Character Count:** 284002
**Document Hash:** 391a3156b5248482b9570e210d4cf00e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045072.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Strategy Funds Trust
- **CENTRAL INDEX KEY:** 0001601445
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22946
- **FILM NUMBER:** 23680373

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

## Series and Classes Contracts Data

### Guggenheim Variable Insurance Strategy Fund III (Series ID: S000045498)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000141592 | Guggenheim Variable Insurance Strategy Fund III |  |

## Nport-Ex

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND<sup>†</sup> - 7.6%** | **MONEY MARKET FUND<sup>†</sup> - 7.6%** | **MONEY MARKET FUND<sup>†</sup> - 7.6%** |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.17%<sup>1</sup> | 11710166 | $11710166 |
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.90%<sup>1</sup> | 9676326 | 9676326 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,386,492) |  | 21386492 |
|  | **Face<br> Amount** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5%** |
| **Collateralized Loan Obligations - 33.7%** |  |  |
| Lake Shore MM CLO III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A1R, 5.56% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31<sup>◊,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;7650000 | 7495981 |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7750000 | 7482450 |
| ABPCI Direct Lending Fund CLO VII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-7A A1R, 5.79% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | 7227908 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.46% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3750000 | 3608021 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.08% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1671756 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.59% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2452134 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 5.67% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1701088 |
| Sound Point CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A, 5.08% (3 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4135000 | 4079200 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A1R, 5.74% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | 3407953 |
| Woodmont Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1A, 5.98% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32<sup>◊,2</sup> | 3050000 | 3022443 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.83% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | 2937924 |
| Cerberus Loan Funding XXXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-6A A, 5.48% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2908191 | 2895283 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1R, 5.12% (3 Month USD LIBOR + 1.04%, Rate Floor: 0.00%) due 07/15/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2697099 | 2660463 |
| CHCP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.49% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2580518 | 2504047 |
| Fortress Credit Opportunities XI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-11A A1T, 5.38% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2441874 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.77% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | 1342376 |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.22% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 949101 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A AR, 5.77% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/26/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | 2157732 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.28% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | 2054213 |
| Shackleton VIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-8A A2R, 5.16% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2028220 | 2012619 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** |
| **Collateralized Loan Obligations - 33.7% (continued)** |  |  |
| FS Rialto |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 6.13% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/16/36<sup>◊</sup> | $2000000 | $1903462 |
| ABPCI Direct Lending Fund IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A1R, 5.76% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | 1845619 |
| Venture XIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-14A ARR, 5.77% (3 Month USD LIBOR + 1.03%, Rate Floor: 1.03%) due 08/28/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1768152 | 1744469 |
| Parliament CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.03% (3 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 08/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1721451 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.39% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 02/18/38<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1688616 |
| Marathon CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-5A A2R, 6.13% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1618482 | 1607219 |
| &nbsp;&nbsp;&nbsp;2017-5A A1R, 5.55% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74154 | 73981 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 5.97% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1676556 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1668673 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.06% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1668369 |
| Cerberus Loan Funding XXX, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A A, 5.93% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33<sup>◊,2</sup> | 1500000 | 1467268 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.62% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1397280 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.24% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/19/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1395945 |
| Carlyle GMS Finance MM CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A11R, 5.63% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 10/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | 1372697 |
| ABPCI Direct Lending Fund CLO II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.84% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1204305 |
| Denali Capital CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1RR, 5.37% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1013683 | 1008078 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.78% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 975689 |
| Cerberus Loan Funding XXXI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;982035 | 965869 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 5.70% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 961161 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 5.64% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 958521 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** |
| **Collateralized Loan Obligations - 33.7% (continued)** |  |  |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A A1R, 5.30% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/29<sup>◊,2</sup> | $914369 | $903657 |
| Cerberus Loan Funding XXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A AR, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 738955 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 5.94% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 721084 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-CRE1 AS, 5.82% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;592312 | 591121 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 AS, 5.44% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 12/18/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 336145 |
| Golub Capital Partners CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-17A A1R, 6.01% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 295138 |
| Newfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1R, 5.19% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184692 | 184073 |
| **Total Collateralized Loan Obligations** |  | 95179967 |
| **Financial - 1.5%** |  |  |
| Madison Avenue Secured Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1675000 | 1675000 |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-SP1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1675000 | 1675000 |
| Madison Avenue Secured Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.07% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/17/23<sup>◊,†††,2</sup> | 950000 | 950000 |
| **Total Financial** |  | 4300000 |
| **Transport-Container - 1.5%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2553750 | 2129225 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1219321 | 1039684 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725333 | 609229 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;372267 | 337054 |
| **Total Transport-Container** |  | 4115192 |
| **Transport-Aircraft - 1.4%** |  |  |
| Raspro Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1575909 | 1555966 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1236390 | 980248 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1046330 | 917095 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;746631 | 564541 |
| **Total Transport-Aircraft** |  | 4017850 |
| **Net Lease - 1.3%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3372840 | 2993502 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;951720 | 793494 |
| **Total Net Lease** |  | 3786996 |
| **Whole Business - 1.1%** |  |  |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.19% due 06/05/49<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2079000 | 2042800 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 40.5% (continued)** |
| **Whole Business - 1.1% (continued)** |  |  |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>2</sup> | $1237500 | $1045716 |
| **Total Whole Business** |  | 3088516 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $119,307,072) | &nbsp;&nbsp;&nbsp;(Cost $119,307,072) | 114488521 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5%** |
| **Residential Mortgage-Backed Securities - 16.9%** |  |  |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 1.67% (WAC) due 09/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2384961 | 2250021 |
| &nbsp;&nbsp;&nbsp;2020-RPL5, 3.02% (WAC) due 08/25/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1134453 | 1083973 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.21% due 05/25/65<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;813716 | 737706 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 1.93% (WAC) due 07/27/61<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;815135 | 735859 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 1.80% (WAC) due 12/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;595252 | 543834 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, 1.62% due 03/01/61<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1743303 | 1566823 |
| &nbsp;&nbsp;&nbsp;2022-R1, 3.13% due 01/29/70<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1206772 | 1068822 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;436342 | 429894 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220908 | 218346 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-5, 1.79% due 06/25/26<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1435634 | 1299935 |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1332461 | 1245856 |
| &nbsp;&nbsp;&nbsp;2021-8, 1.74% (WAC) due 09/25/26<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;635739 | 569584 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 1.75% due 07/25/61<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1480895 | 1338572 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 1.65% due 11/25/60<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1211066 | 1082562 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 1.75% due 04/25/61<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;586803 | 530406 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 1.67% due 08/25/61<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2298008 | 2059582 |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;819591 | 789072 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-5, 1.22% due 05/25/65<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1237691 | 1122827 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;752596 | 603293 |
| &nbsp;&nbsp;&nbsp;2019-4, 2.85% due 11/25/59<sup>2,3</sup> | 353552 | 335372 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.42% due 01/25/60<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;304999 | 287132 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;259233 | 205014 |
| &nbsp;&nbsp;&nbsp;2019-4, 2.64% due 11/25/59<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;212893 | 201941 |
| NRZ Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.48% due 09/15/53<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2550000 | 2455917 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1048326 | 978747 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.50% (WAC) due 10/25/59<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1030581 | 949240 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.58% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1920204 | 1791474 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;988134 | 893327 |
| &nbsp;&nbsp;&nbsp;2021-HB5, 0.80% (WAC) due 02/25/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;701152 | 676008 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.67% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1602340 | 1511821 |
| FKRT |  |  |
| &nbsp;&nbsp;&nbsp;2.21% due 11/30/58<sup>†††,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | 1487814 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1638885 | 1469846 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.02% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1454640 | 1393849 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.59% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1326407 | 1276549 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 2.12% due 05/25/65<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1373412 | 1267690 |
| GCAT 2022-NQM4 Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM4, 5.73% due 08/25/67<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1267628 | 1231950 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** |
| **Residential Mortgage-Backed Securities - 16.9% (continued)** |  |  |
| Towd Point Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 09/25/64<sup>4</sup> | $1250000 | $1203249 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;717628 | 686792 |
| &nbsp;&nbsp;&nbsp;2017-5, 4.99% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/57<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;453225 | 448521 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 4.96% (1 Month USD LIBOR + 0.57%, Rate Floor: 0.57%) due 12/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;888139 | 872712 |
| Cascade Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-RM2, 4.00% (WAC) due 10/25/68<sup>◊,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;687557 | 661738 |
| &nbsp;&nbsp;&nbsp;2019-RM3, 2.80% (WAC) due 06/25/69<sup>◊,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;171860 | 165893 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, 6.17% due 09/25/62<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;825146 | 806458 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>◊,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460486 | 410610 |
| &nbsp;&nbsp;&nbsp;2021-2, 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>◊,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;378726 | 372275 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.65% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;672477 | 655738 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.67% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 05/25/47<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;711174 | 593929 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.53% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;596576 | 573956 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.64% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;638291 | 544111 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.29% (WAC) due 12/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610916 | 502741 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,2</sup> | 415032 | 395070 |
| Morgan Stanley Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.95% (1 Month USD LIBOR + 0.56%, Rate Floor: 0.56%) due 02/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;307694 | 300376 |
| CSMC Series |  |  |
| &nbsp;&nbsp;&nbsp;2014-2R, 3.34% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/46<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;243293 | 240019 |
| CIT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 5.74% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;203357 | 202196 |
| Nationstar Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-B, 4.61% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;183887 | 182380 |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 03/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93452 | 92487 |
| FBR Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.14% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.75%) due 09/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76748 | 76158 |
| Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.73% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 09/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74858 | 74689 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50788 | 47959 |
| **Total Residential Mortgage-Backed Securities** |  | 47800715 |
| **Commercial Mortgage-Backed Securities - 5.6%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.97% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3750000 | 3508399 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.90% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1021229 | 961662 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 22.5% (continued)** |
| **Commercial Mortgage-Backed Securities - 5.6% (continued)** |  |  |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 5.86% (1 Month USD LIBOR + 1.54%, Rate Floor: 1.54%) due 06/15/38<sup>◊,2</sup> | $3900000 | $3714027 |
| WMRK Commercial Mortgage Trust 2022-WMRK |  |  |
| &nbsp;&nbsp;&nbsp;2022-WMRK, 7.77% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2850000 | 2839272 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C6, 0.77% (WAC) due 11/10/51<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48250142 | 1634715 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 03/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;933822 | 887537 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.78% (WAC) due 12/15/62<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24682537 | 783730 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.67% (WAC) due 06/15/51<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39988197 | 782577 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 08/15/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 449741 |
| KKR Industrial Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-KDIP, 5.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 12/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | 213491 |
| **Total Commercial Mortgage-Backed Securities** |  | 15775151 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,882,742) | &nbsp;&nbsp;&nbsp;(Cost $67,882,742) | 63575866 |
| **CORPORATE BONDS<sup>††</sup> - 20.6%** | **CORPORATE BONDS<sup>††</sup> - 20.6%** | **CORPORATE BONDS<sup>††</sup> - 20.6%** |
| **Financial - 9.1%** |  |  |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR + 1.36%) due 04/11/25<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | 3226615 |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 532692 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.51% due 03/08/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | 3545197 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.90% due 09/20/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3450000 | 3152542 |
| First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 06/19/24<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | 1635662 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | 1626400 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.11% due 08/09/26<sup>2,6</sup> | 1600000 | 1593276 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.06% due 09/12/25<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | 1588591 |
| Credit Suisse AG NY |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR Compounded Index + 1.26%) due 02/21/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | 1437866 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.80% due 09/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | 1183126 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.62% (SOFR + 0.69%) due 01/25/26<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 928615 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/14/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 843581 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;4.66% due 08/22/28<sup>2,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 815813 |
| American Equity Investment Life Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 804861 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 09/13/28<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 800146 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 771446 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 07/24/26<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 636616 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 350004 |
| Peachtree Corners Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.98% due 02/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 241320 |
| **Total Financial** |  | 25714369 |
| **Consumer, Non-cyclical - 3.2%** |  |  |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.80% due 08/01/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | 1013322 |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 782170 |
| &nbsp;&nbsp;&nbsp;1.15% due 06/07/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 739854 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.60% due 04/06/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | 1705173 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95% due 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | 1552004 |
| Bio-Rad Laboratories, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | 970372 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 953300 |
| JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 02/01/28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 757898 |
| Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 346040 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 20.6% (continued)** | **CORPORATE BONDS<sup>††</sup> - 20.6% (continued)** | **CORPORATE BONDS<sup>††</sup> - 20.6% (continued)** |
| **Consumer, Non-cyclical - 3.2% (continued)** |  |  |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 06/01/26 | $150000 | $134010 |
| **Total Consumer, Non-cyclical** |  | 8954143 |
| **Industrial - 3.0%** |  |  |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.82% due 04/15/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2550000 | 2386489 |
| Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 09/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2373402 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 838140 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.25% due 08/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 835866 |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 07/15/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;775000 | 763445 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 718292 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 236394 |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 221536 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 177369 |
| **Total Industrial** |  | 8550933 |
| **Technology - 1.6%** |  |  |
| HCL America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.38% due 03/10/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | 2475789 |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | 1287336 |
| Infor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 07/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;780000 | 761718 |
| **Total Technology** |  | 4524843 |
| **Consumer, Cyclical - 1.2%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.64% due 03/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | 2044569 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | 1124413 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;116000 | 109132 |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;84000 | 83370 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 97855 |
| **Total Consumer, Cyclical** |  | 3459339 |
| **Communications - 1.0%** |  |  |
| FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1361646 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 595667 |
| &nbsp;&nbsp;&nbsp;2.25% due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 227410 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | 354412 |
| Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;289000 | 262540 |
| **Total Communications** |  | 2801675 |
| **Utilities - 0.6%** |  |  |
| Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.84% due 11/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1676416 |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.20% due 03/15/24 | 1650000 | 1567248 |
| **Basic Materials - 0.3%** |  |  |
| Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 849852 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,020,355) | &nbsp;&nbsp;&nbsp;(Cost $62,020,355) | 58098818 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.0%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.0%** |
| **Industrial - 0.6%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.86% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;995000 | 871511 |
| Mileage Plus Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.00% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;765000 | 785846 |
| **Total Industrial** |  | 1657357 |
| **Technology - 0.3%** |  |  |
| Dun & Bradstreet |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;843444 | 834259 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;135980 | 135300 |
| Boxer Parent Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;38115 | 36430 |
| **Total Technology** |  | 1005989 |
| **Energy - 0.1%** |  |  |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.13% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;193550 | 190647 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,999,257) | &nbsp;&nbsp;&nbsp;(Cost $2,999,257) | 2853993 |
| **COMMERCIAL PAPER<sup>††</sup> - 5.1%** | **COMMERCIAL PAPER<sup>††</sup> - 5.1%** | **COMMERCIAL PAPER<sup>††</sup> - 5.1%** |
| Cintas Corporation No. 2 | Cintas Corporation No. 2 | Cintas Corporation No. 2 |
| &nbsp;&nbsp;&nbsp;3.56% due 01/03/23<sup>2,7</sup> | 4300000 | 4298937 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;4.37% due 01/03/23<sup>2,7</sup> | 4160000 | 4158990 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. |
| &nbsp;&nbsp;&nbsp;2.97% due 01/03/23<sup>2,7</sup> | 4160000 | 4158921 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| &nbsp;&nbsp;&nbsp;4.45% due 01/03/23<sup>2,7</sup> | 1820000 | 1819550 |
| **Total Commercial Paper** | **Total Commercial Paper** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,436,398) |  | 14436398 |
| **Total Investments - 97.3%** | **Total Investments - 97.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $288,032,316) | &nbsp;&nbsp;&nbsp;(Cost $288,032,316) | $274840088 |
| **Other Assets & Liabilities, net - 2.7%** | **Other Assets & Liabilities, net - 2.7%** | 7502524 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $282342612 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | | |
| **Counterparty** | **Floating**<br> **Rate**<br> **Type** | **Floating**<br> **Rate**<br> **Index** | **Fixed Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | <br>**Upfront**<br> **Premiums**<br> **Paid**<br> **(Received)** | <br>**Unrealized Appreciation<sup>\*\*</sup>** |
| BofA Securities, Inc. CME | Receive | 3-Month USD LIBOR | 0.94% | Quarterly | 10/26/24 | $30000000 | $1991734 | $227 | $1991507 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 2.65% | Annually | 08/10/27 | 1600000 | 76095 | 283 | 75812 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 3.15% | Annually | 09/09/27 | 800000 | 21557 | 285 | 21272 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 3.24% | Annually | 09/14/27 | 800000 | 18589 | 285 | 18304 |
|  |  |  |  |  |  |  | $2107975 | $1080 | $2106895 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | **Forward Foreign Currency Exchange Contracts<sup>††</sup>** | | |
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract Amount** | <br>**Settlement Date** | <br>**Unrealized Depreciation** |
| Morgan Stanley Capital Services LLC | CZK | Sell | 11783 | 499 USD | 01/20/23 | $(22) |

---

---

| | |
|:---|:---|
| *\*\** | *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.* |
| *◊* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. 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.* |
| *1* | *Rate indicated is the 7-day yield as of December 31, 2022.* |
| *2* | *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 $204,569,943 (cost $214,675,940), or 72.5% of total net assets.* |
| *3* | *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 December 31, 2022. See table below for additional step information for each security.* |
| *4* | *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 $4,301,579 (cost $4,498,022), or 1.5% of total net assets — See Note 6.* |
| *5* | *Security is an interest-only strip.* |
| *6* | *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.* |
| *7* | *Rate indicated is the effective yield at the time of purchase.* |

---

---

| | |
|:---|:---|
|  | *BofA — Bank of America* |
|  | *CME — Chicago Mercantile Exchange* |
|  | *CZK — Czech Koruna* |
|  | *LIBOR — London Interbank Offered Rate* |
|  | *plc — Public Limited Company* |
|  | *SOFR — Secured Overnight Financing Rate* |
|  | *WAC — Weighted Average Coupon* |
| *See Sector Classification in Other Information section.* | *See Sector Classification in Other Information section.* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): |
| **Investments in Securities (Assets)** | **Level 1**<br> **Quoted**<br> **Prices**  | **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**  | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**  | **Total** |
| Money Market Fund | $21386492 | $— | $— | $21386492 |
| Asset-Backed Securities |  | 110188521 | 4300000 | 114488521 |
| Collateralized Mortgage Obligations |  | 62088052 | 1487814 | 63575866 |
| Corporate Bonds |  | 58098818 |  | 58098818 |
| Senior Floating Rate Interests |  | 2853993 |  | 2853993 |
| Commercial Paper |  | 14436398 |  | 14436398 |
| Interest Rate Swap Agreements\*\* |  | 2106895 |  | 2106895 |
| Total Assets | $21386492 | $249772677 | $5787814 | $276946983 |
| **Investments in Securities (Liabilities)** | **Level 1**<br> **Quoted**<br> **Prices**  | **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**  | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**  | **Total** |
| Forward Foreign Currency Exchange Contracts\*\* | $— | $22 | $— | $22 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at<br> December 31, 2022**  | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $4300000 | &nbsp;&nbsp;&nbsp;&nbsp;Third Party Pricing | Broker Quote |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487814 | &nbsp;&nbsp;&nbsp;&nbsp;Model Price | Market Comparable Yields | 7.7% |  |
| Total Assets | $5787814 |  |  |  |  |

---

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

Significant changes in a quote or market comparable yields 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.

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 December 31, 2022, the Fund had securities with a total value of $3,350,000 transfer into Level 3 from Level 2 due to a lack of 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | |
|  | **Asset-Backed Securities** | **Collateralized Mortgage Obligations** | **Foreign<br> Government<br> Debt**  | <br>**Total Assets** |
| Beginning Balance | $2798292 | $1474249 | $3134543 | $7407084 |
| Purchases/(Receipts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (Sales, maturities and paydowns)/Fundings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3182186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5032186) |
| Amortization of premiums/discounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| Total realized gains (losses) included in earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28457 |
| Total change in unrealized appreciation (depreciation) included in earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33349 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Ending Balance | $4300000 | $1487814 | $- | $5787814 |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2022 | $- | $13563 | $- | $13563 |

---

\*Security has a market value of $0.

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund II |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

**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**<br> **Reset Date** | **Future Reset Rate(s)** | **Future Reset Date(s)** |
| BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70 | 6.13% | 01/30/2025 |  |  |
| BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61 | 4.62% | 09/26/2024 | 5.62% | 09/26/2025 |
| Citigroup Mortgage Loan Trust 2022-A, 6.17% due 09/25/62 | 9.17% | 09/25/2025 | 10.17% | 09/25/2026 |
| CSMC Trust 2020-NQM1, 1.21% due 05/25/65 | 2.21% | 09/26/2024 |  |  |
| GCAT 2022-NQM4 Trust 2022-NQM4, 5.73% due 08/25/67 | 6.73% | 08/01/2026 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61 | 4.75% | 05/26/2024 | 5.75% | 05/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS4, 1.65% due 11/25/60 | 4.65% | 08/26/2024 | 5.65% | 08/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61 | 4.75% | 04/26/2024 | 5.75% | 04/26/2025 |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/2025 | 9.25%0 | 07/01/2026 |
| NYMT Loan Trust 2021-SP1, 1.67% due 08/25/61 | 4.67% | 08/26/2024 | 5.67% | 08/26/2025 |
| OSAT Trust 2021-RPL1, 2.12% due 05/25/65 | 5.12% | 06/26/2024 | 6.12% | 06/26/2025 |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 6.72% | 02/25/2025 | 7.72% | 02/25/2026 |
| PRPM LLC 2021-5, 1.79% due 06/25/26 | 4.79% | 06/26/2024 | 5.79% | 06/26/2025 |
| Verus Securitization Trust 2020-1, 2.42% due 01/25/60 | 3.42% | 01/26/2024 |  |  |
| Verus Securitization Trust 2019-4, 2.64% due 11/25/59 | 3.64% | 10/26/2023 |  |  |
| Verus Securitization Trust 2019-4, 2.85% due 11/25/59 | 3.85% | 10/26/2023 |  |  |
| Verus Securitization Trust 2020-5, 1.22% due 05/25/65 | 2.22% | 10/26/2024 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS<sup>†</sup> - 4.1%** | **MONEY MARKET FUNDS<sup>†</sup> - 4.1%** | **MONEY MARKET FUNDS<sup>†</sup> - 4.1%** |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.17%<sup>1</sup> | 9981482 | $9981482 |
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.90%<sup>1</sup> | 2207168 | 2207168 |
| **Total Money Market Funds** | **Total Money Market Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,188,650) |  | 12188650 |
|  | **Face<br> Amount** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** |
| **Collateralized Loan Obligations - 30.1%** |  |  |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33<sup>◊,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;7250000 | 6999711 |
| Lake Shore MM CLO III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A1R, 5.56% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7050000 | 6908061 |
| ABPCI Direct Lending Fund CLO VII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-7A A1R, 5.79% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | 6746048 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.46% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3750000 | 3608021 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.08% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1194112 |
| Sound Point CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A, 5.08% (3 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3750000 | 3699395 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.59% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | 2206921 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 5.67% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1215063 |
| Parliament CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.03% (3 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 08/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | 2951058 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A1R, 5.74% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31<sup>◊,2</sup> | 3000000 | 2921102 |
| Woodmont Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1A, 5.98% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2850000 | 2824250 |
| Cerberus Loan Funding XXXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-6A A, 5.48% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2720566 | 2708491 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.24% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/19/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | 2559232 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.83% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2448270 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1R, 5.12% (3 Month USD LIBOR + 1.04%, Rate Floor: 0.00%) due 07/15/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2247582 | 2217052 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.77% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | 1246492 |
| &nbsp;&nbsp;&nbsp;2021-FL2 B, 6.22% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 12/13/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 949101 |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A AR, 5.77% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/26/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | 2157732 |
| Fortress Credit Opportunities XI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-11A A1T, 5.38% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | 1953499 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** |
| **Collateralized Loan Obligations - 30.1% (continued)** |  |  |
| CHCP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.49% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38<sup>◊,2</sup> | $1876740 | $1821125 |
| ABPCI Direct Lending Fund IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A1R, 5.76% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | 1748481 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1668673 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.06% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1668369 |
| Venture XIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-14A ARR, 5.77% (3 Month USD LIBOR + 1.03%, Rate Floor: 1.03%) due 08/28/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1547133 | 1526410 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 5.97% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1437048 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.28% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1433172 |
| Shackleton VIII CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-8A A2R, 5.16% (3 Month USD LIBOR + 0.92%, Rate Floor: 0.00%) due 10/20/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1352147 | 1341746 |
| Carlyle GMS Finance MM CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A11R, 5.63% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 10/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1323672 |
| Cerberus Loan Funding XXX, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A A, 5.93% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1222724 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.39% (1 Month USD LIBOR + 1.05%, Rate Floor: 1.05%) due 02/18/38<sup>◊</sup> | 1250000 | 1206155 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.62% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1164400 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A AR, 5.14% (3 Month USD LIBOR + 1.06%, Rate Floor: 1.06%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 984382 |
| NewStar Fairfield Fund CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A A1N, 5.51% (3 Month USD LIBOR + 1.27%, Rate Floor: 1.27%) due 04/20/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;989329 | 974943 |
| Cerberus Loan Funding XXXI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;982035 | 965869 |
| ABPCI Direct Lending Fund CLO II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.84% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 963444 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 5.70% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 961161 |
| BDS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL8 C, 5.89% (1 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/18/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 932060 |
| Greystone Commercial Real Estate Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 B, 5.97% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 07/15/39<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 925125 |
| Denali Capital CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1RR, 5.37% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;861630 | 856866 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** |
| **Collateralized Loan Obligations - 30.1% (continued)** |  |  |
| Marathon CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-5A A2R, 6.13% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 11/21/27<sup>◊,2</sup> | $688716 | $683923 |
| &nbsp;&nbsp;&nbsp;2017-5A A1R, 5.55% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63135 | 62988 |
| Cerberus Loan Funding XXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A AR, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 738955 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.78% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 731767 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A A1R, 5.30% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;731495 | 722926 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 5.94% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 721084 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 5.64% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 718891 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-CRE1 AS, 5.82% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;592312 | 591121 |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 AS, 5.44% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 12/18/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 288124 |
| Golub Capital Partners CLO 17 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-17A A1R, 6.01% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 245948 |
| Newfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1R, 5.19% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28<sup>◊,2</sup> | 184692 | 184073 |
| **Total Collateralized Loan Obligations** |  | 88329236 |
| **Whole Business - 1.7%** |  |  |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.19% due 06/05/49<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1980000 | 1945524 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.33% due 07/25/48<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | 1109511 |
| &nbsp;&nbsp;&nbsp;2018-1A, 4.12% due 07/25/48<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;480000 | 454359 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1237500 | 1045716 |
| Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.84% due 12/05/50<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;445500 | 376483 |
| **Total Whole Business** |  | 4931593 |
| **Financial - 1.4%** |  |  |
| Madison Avenue Secured Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | 1600000 |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-SP1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | 1600000 |
| Madison Avenue Secured Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.07% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/17/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 900000 |
| **Total Financial** |  | 4100000 |
| **Transport-Aircraft - 1.3%** |  |  |
| Raspro Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1772897 | 1750461 |
| AASET US Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 4.45% due 11/18/38<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1089201 | 863552 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** |
| **Transport-Aircraft - 1.3% (continued)** |  |  |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>2</sup> | $871942 | $764246 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;746631 | 564541 |
| **Total Transport-Aircraft** |  | 3942800 |
| **Net Lease - 1.3%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2650089 | 2352037 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 1.91% due 10/20/61<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 844970 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;713790 | 595121 |
| **Total Net Lease** |  | 3792128 |
| **Transport-Container - 1.1%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1915313 | 1596919 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;597333 | 501718 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;335041 | 303349 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;812881 | 693122 |
| **Total Transport-Container** |  | 3095108 |
| **Collateralized Debt Obligations - 0.6%** |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | 1918011 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $115,219,317) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $115,219,317) | 110108876 |
| **CORPORATE BONDS<sup>††</sup> - 28.4%** | **CORPORATE BONDS<sup>††</sup> - 28.4%** | **CORPORATE BONDS<sup>††</sup> - 28.4%** |
| **Financial - 12.8%** |  |  |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.38% (SOFR Compounded Index + 0.56%) due 08/19/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3850000 | 3755887 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR + 1.36%) due 04/11/25<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | 3226615 |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;450000 | 399519 |
| Credit Suisse AG NY |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR Compounded Index + 1.26%) due 02/21/25<sup>◊</sup> | 1850000 | 1716162 |
| &nbsp;&nbsp;&nbsp;4.45% (SOFR Compounded Index + 0.39%) due 02/02/24<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | 1674155 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.90% due 09/20/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | 2969786 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;0.73% due 04/05/24<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1330637 |
| &nbsp;&nbsp;&nbsp;4.77% (SOFR + 0.95%) due 02/18/26<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 935111 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.64% (SOFR + 0.69%) due 04/22/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | 2072909 |
| Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 04/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | 1915716 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.23% due 03/21/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1950000 | 1875772 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.76% (SOFR + 0.93%) due 03/04/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | 1798884 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 03/10/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | 1696403 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.20% due 10/14/25<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | 1560075 |
| First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 06/19/24<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1338269 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1318702 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.61% (SOFR + 0.70%) due 01/24/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 985165 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.62% (SOFR + 0.69%) due 01/25/26<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 928615 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 01/12/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 881682 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/14/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 843581 |
| American Equity Investment Life Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 804861 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;4.66% due 08/22/28<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 767824 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.99% due 07/24/26<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 734557 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 728588 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 350004 |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.50% (SOFR + 0.76%) due 04/12/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 297084 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** | **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** | **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** |
| **Financial - 12.8% (continued)** |  |  |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/28<sup>2</sup> | $275000 | $247000 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.68% (3 Month USD LIBOR + 0.94%) due 08/30/23<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 200230 |
| Peachtree Corners Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.98% due 02/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 193056 |
| **Total Financial** |  | 37546849 |
| **Industrial - 3.9%** |  |  |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.95% due 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;3050000 | 2938233 |
| &nbsp;&nbsp;&nbsp;1.43% due 02/04/24 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | 910392 |
| Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 09/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | 1613914 |
| &nbsp;&nbsp;&nbsp;3.75% due 06/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 695904 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.82% due 04/15/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1950000 | 1824962 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.95% due 02/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | 1136892 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.25% due 08/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 789429 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 661689 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 549282 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 177369 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 177229 |
| **Total Industrial** |  | 11475295 |
| **Consumer, Non-cyclical - 2.7%** |  |  |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.80% due 08/01/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | 1013323 |
| &nbsp;&nbsp;&nbsp;1.15% due 06/07/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 647372 |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 608354 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.50% due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | 1670917 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.60% due 04/06/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1278879 |
| Bio-Rad Laboratories, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | 970372 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 953300 |
| FAGE International S.A. / FAGE USA Dairy Industry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 08/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;501000 | 464748 |
| Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 296605 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 06/01/26 | 100000 | 89340 |
| **Total Consumer, Non-cyclical** |  | 7993210 |
| **Technology - 2.5%** |  |  |
| HCL America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.38% due 03/10/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | 1945263 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1820000 | 1786067 |
| Infor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 07/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1470000 | 1435546 |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1198554 |
| Skyworks Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.90% due 06/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 980218 |
| **Total Technology** |  | 7345648 |
| **Utilities - 2.3%** |  |  |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.79% (SOFR Compounded Index + 0.54%) due 03/01/23<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | 2748787 |
| CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.28% (3 Month USD LIBOR + 0.50%) due 03/02/23<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1668000 | 1667152 |
| Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.84% due 11/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1293235 |
| ONE Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.10% due 03/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;946000 | 907086 |
| **Total Utilities** |  | 6616260 |
| **Communications - 1.6%** |  |  |
| eBay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 05/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1330162 |
| FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | 1316258 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 03/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 857534 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 458206 |
| &nbsp;&nbsp;&nbsp;2.25% due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 181928 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | 324877 |
| Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;239000 | 217118 |
| **Total Communications** |  | 4686083 |
| **Energy - 1.1%** |  |  |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.45% (SOFR Compounded Index + 0.63%) due 02/16/24<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1850000 | 1840335 |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.20% due 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | 1282294 |
| **Total Energy** |  | 3122629 |
| **Consumer, Cyclical - 1.1%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.64% due 03/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | 2044569 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** | **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** | **CORPORATE BONDS<sup>††</sup> - 28.4% (continued)** |
| **Consumer, Cyclical - 1.1% (continued)** |  |  |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 10/01/24 | $1150000 | $1077563 |
| **Total Consumer, Cyclical** |  | 3122132 |
| **Basic Materials - 0.4%** |  |  |
| Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/15/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 674563 |
| Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 649886 |
| **Total Basic Materials** |  | 1324449 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $88,023,412) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $88,023,412) | 83232555 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7%** |
| **Residential Mortgage-Backed Securities - 17.3%** |  |  |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3094749 | 2893600 |
| &nbsp;&nbsp;&nbsp;2021-5, 1.79% due 06/25/26<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1230543 | 1114230 |
| &nbsp;&nbsp;&nbsp;2021-8, 1.74% (WAC) due 09/25/26<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600420 | 537941 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 1.67% (WAC) due 09/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1873898 | 1767874 |
| &nbsp;&nbsp;&nbsp;2020-RPL5, 3.02% (WAC) due 08/25/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;810324 | 774266 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 1.93% (WAC) due 07/27/61<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;815135 | 735859 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.21% due 05/25/65<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;667976 | 605579 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 1.80% (WAC) due 12/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;595252 | 543834 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, 1.62% due 03/01/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2711804 | 2437280 |
| &nbsp;&nbsp;&nbsp;2022-R1, 3.13% due 01/29/70<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1206772 | 1068822 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;339377 | 334362 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;193294 | 191053 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-5, 1.22% due 05/25/65<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;979839 | 888905 |
| &nbsp;&nbsp;&nbsp;2021-6, 1.89% (WAC) due 10/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;752596 | 603293 |
| &nbsp;&nbsp;&nbsp;2021-5, 1.37% (WAC) due 09/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;757949 | 574488 |
| &nbsp;&nbsp;&nbsp;2019-4, 2.85% due 11/25/59<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;353552 | 335372 |
| &nbsp;&nbsp;&nbsp;2021-4, 1.35% (WAC) due 07/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;352500 | 262677 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.42% due 01/25/60<sup>2,4</sup> | 254166 | 239276 |
| &nbsp;&nbsp;&nbsp;2019-4, 2.64% due 11/25/59<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;189239 | 179503 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;201626 | 159456 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 1.67% due 08/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2681009 | 2402846 |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;771380 | 742656 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS4, 1.65% due 11/25/60<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1211066 | 1082562 |
| &nbsp;&nbsp;&nbsp;2021-GS3, 1.75% due 07/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1192943 | 1078294 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 1.75% due 04/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;469442 | 424325 |
| NRZ Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.48% due 09/15/53<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2150000 | 2070675 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;882801 | 824208 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.50% (WAC) due 10/25/59<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;866625 | 798225 |
| &nbsp;&nbsp;&nbsp;2017-5A, 5.89% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 06/25/57<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;299182 | 292549 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM3, 4.35% (WAC) due 04/25/67<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1765066 | 1630518 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.53% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1652208 | 1589992 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.58% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1620675 | 1512025 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-6, 1.71% (WAC) due 09/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1301967 | 994426 |
| &nbsp;&nbsp;&nbsp;2022-1, 3.29% (WAC) due 12/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610916 | 502741 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.02% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1545555 | 1480964 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** |
| **Residential Mortgage-Backed Securities - 17.3% (continued)** |  |  |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,2</sup> | $1638885 | $1469846 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;988134 | 893327 |
| &nbsp;&nbsp;&nbsp;2021-HB5, 0.80% (WAC) due 02/25/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;542827 | 523361 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;596839 | 571193 |
| &nbsp;&nbsp;&nbsp;2017-6, 2.75% (WAC) due 10/25/57<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;487343 | 464756 |
| &nbsp;&nbsp;&nbsp;2017-5, 4.99% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/57<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;381284 | 377327 |
| FKRT |  |  |
| &nbsp;&nbsp;&nbsp;2.21% due 11/30/58<sup>†††,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | 1391826 |
| Towd Point Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 09/25/64<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1203249 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 2.12% due 05/25/65<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1137970 | 1050372 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.59% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1080776 | 1040151 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.67% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1068986 | 1008597 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.64% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1053180 | 897783 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;865500 | 838007 |
| Cascade Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-RM2, 4.00% (WAC) due 10/25/68<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;687557 | 661738 |
| &nbsp;&nbsp;&nbsp;2019-RM3, 2.80% (WAC) due 06/25/69<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;171860 | 165893 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 4.96% (1 Month USD LIBOR + 0.57%, Rate Floor: 0.57%) due 12/25/35<sup>◊</sup> | 719699 | 707198 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460486 | 410610 |
| &nbsp;&nbsp;&nbsp;2021-2, 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;262195 | 257729 |
| Encore Credit Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Cap/Floor: 13.00%/0.74%) due 09/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610874 | 599888 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-R2, 4.65% (1 Month USD LIBOR + 0.26%, Rate Floor: 0.26%) due 04/29/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;567402 | 553279 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-OA7, 4.67% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 05/25/47<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;592645 | 494941 |
| Nationstar Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-B, 4.61% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 04/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;373432 | 370372 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;368917 | 351173 |
| Morgan Stanley Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-2, 4.95% (1 Month USD LIBOR + 0.56%, Rate Floor: 0.56%) due 02/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;258463 | 252316 |
| Park Place Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-WHQ3, 5.33% (1 Month USD LIBOR + 0.95%, Rate Floor: 0.95%) due 06/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;182611 | 180534 |
| CSMC Series |  |  |
| &nbsp;&nbsp;&nbsp;2014-2R, 3.34% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/46<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;176584 | 174207 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 21.7% (continued)** |
| **Residential Mortgage-Backed Securities - 17.3% (continued)** |  |  |
| CIT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 5.74% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/37<sup>◊,2</sup> | $127639 | $126910 |
| FBR Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.14% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.75%) due 09/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76748 | 76157 |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 03/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54514 | 53951 |
| Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.73% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 09/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45449 | 45347 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42323 | 39966 |
| **Total Residential Mortgage-Backed Securities** |  | 50926680 |
| **Commercial Mortgage-Backed Securities - 4.4%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.97% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | 3274506 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.90% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;974809 | 917950 |
| WMRK Commercial Mortgage Trust 2022-WMRK |  |  |
| &nbsp;&nbsp;&nbsp;2022-WMRK, 7.77% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | 2889084 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-H3, 0.82% (WAC) due 07/15/51<sup>◊,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51600294 | 1565491 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C6, 0.77% (WAC) due 11/10/51<sup>◊,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42677177 | 1445903 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 5.86% (1 Month USD LIBOR + 1.54%, Rate Floor: 1.54%) due 06/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 809467 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 03/15/38<sup>◊,2</sup> | 737228 | $700687 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-C8, 0.67% (WAC) due 06/15/51<sup>◊,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26724982 | 523013 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 08/15/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 449741 |
| KKR Industrial Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-KDIP, 5.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 12/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187500 | 177909 |
| **Total Commercial Mortgage-Backed Securities** |  | 12753751 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,405,698) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,405,698) | 63680431 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3%** |
| **Technology - 0.7%** |  |  |
| Dun & Bradstreet |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;668996 | 661711 |
| CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;692982 | 576042 |
| VT TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;564561 | 545743 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;226282 | 225151 |
| Boxer Parent Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;31196 | 29817 |
| **Total Technology** |  | 2038464 |
| **Industrial - 0.5%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.86% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;995000 | 871511 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3% (continued)** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3% (continued)** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.3% (continued)** |
| **Industrial - 0.5% (continued)** |  |  |
| Mileage Plus Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.00% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27 | $720000 | $739620 |
| **Total Industrial** |  | 1611131 |
| **Consumer, Non-cyclical - 0.5%** |  |  |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.87% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;680839 | 652645 |
| Pearl Intermediate Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.88% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 02/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;492366 | 461372 |
| Agiliti |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;296154 | 288380 |
| **Total Consumer, Non-cyclical** |  | 1402397 |
| **Energy - 0.2%** |  |  |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.13% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;680388 | 670182 |
| **Financial - 0.2%** |  |  |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.63% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;670344 | 660885 |
| **Basic Materials - 0.1%** |  |  |
| Messer Industries USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.23% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/02/26 | 296910 | 293941 |
| **Communications - 0.1%** |  |  |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.23% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;186047 | 175349 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,207,649) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,207,649) | 6852349 |
| **COMMERCIAL PAPER<sup>††</sup> - 4.9%** | **COMMERCIAL PAPER<sup>††</sup> - 4.9%** | **COMMERCIAL PAPER<sup>††</sup> - 4.9%** |
| Cintas Corporation No. 2 | Cintas Corporation No. 2 | Cintas Corporation No. 2 |
| &nbsp;&nbsp;&nbsp;3.56% due 01/03/23<sup>2,7</sup> | 4800000 | 4798813 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;4.37% due 01/03/23<sup>2,7</sup> | 4400000 | 4398932 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. |
| &nbsp;&nbsp;&nbsp;2.97% due 01/03/23<sup>2,7</sup> | 4400000 | 4398859 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| &nbsp;&nbsp;&nbsp;4.45% due 01/03/23<sup>2,7</sup> | 760000 | 759812 |
| **Total Commercial Paper** | **Total Commercial Paper** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,356,416) |  | 14356416 |
| **Total Investments - 98.9%** | **Total Investments - 98.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $305,401,142) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $305,401,142) | $290419277 |
| **Other Assets & Liabilities, net - 1.1%** | **Other Assets & Liabilities, net - 1.1%** | 3343730 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $293763007 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | | |
| **Counterparty** | **Floating Rate Type** | **Floating**<br> **Rate**<br> **Index** | **Fixed**<br> **Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | <br>**Upfront**<br> **Premiums**<br> **Paid**  | <br>**Unrealized Appreciation<sup>\*\*</sup>** |
| BofA Securities, Inc. CME | Receive | 3-Month USD LIBOR | 0.24% | Quarterly | 09/22/23 | $28300000 | $975378 | $89 | $975289 |
| BofA Securities, Inc. CME | Receive | 3-Month USD LIBOR | 1.66% | Quarterly | 03/16/31 | 3000000 | 455327 | 266 | 455061 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.79% | Annually | 02/17/27 | 1360000 | 106508 | 253 | 106255 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.54% | Annually | 03/07/25 | 1800000 | 105513 | 220 | 105293 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 2.72% | Annually | 06/07/27 | 1800000 | 79324 | 273 | 79051 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.73% | Annually | 02/25/27 | 980000 | 79001 | 253 | 78748 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.47% | Annually | 02/02/27 | 850000 | 76086 | 248 | 75838 |
|  |  |  |  |  |  |  | $1877137 | $1602 | $1875535 |

---

---

| | |
|:---|:---|
| *\*\** | *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.* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | |
|:---|:---|
| *†††* | *Value determined based on Level 3 inputs — See Note 3.* |
| *◊* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. 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.* |
| *1* | *Rate indicated is the 7-day yield as of December 31, 2022.* |
| *2* | *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 $203,013,492 (cost $214,205,519), or 69.1% of total net assets.* |
| *3* | *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.* |
| *4* | *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 December 31, 2022. See table below for additional step information for each security.* |
| *5* | *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 $4,091,045 (cost $4,281,491), or 1.4% of total net assets — See Note 6.* |
| *6* | *Security is an interest-only strip.* |
| *7* | *Rate indicated is the effective yield at the time of purchase.* |

---

---

| | |
|:---|:---|
|  | *BofA — Bank of America* |
|  | *CME — Chicago Mercantile Exchange* |
|  | *LIBOR — London Interbank Offered Rate* |
|  | *plc — Public Limited Company* |
|  | *SOFR — Secured Overnight Financing Rate* |
|  | *WAC — Weighted Average Coupon* |
| *See Sector Classification in Other Information section.* | *See Sector Classification in Other Information section.* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Money Market Funds | $12188650 | $— | $— | $12188650 |
| Asset-Backed Securities |  | 106008876 | 4100000 | 110108876 |
| Corporate Bonds |  | 83232555 |  | 83232555 |
| Collateralized Mortgage Obligations |  | 62288605 | 1391826 | 63680431 |
| Senior Floating Rate Interests |  | 6852349 |  | 6852349 |
| Commercial Paper |  | 14356416 |  | 14356416 |
| Interest Rate Swap Agreements\*\* |  | 1875535 |  | 1875535 |
| Total Assets | $12188650 | $274614336 | $5491826 | $292294812 |
| **Investments in Securities (Liabilities)** | **Level 1**<br> **Quoted**<br> **Prices**  | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Unfunded Loan Commitments (Note 5) | $— | $— | $545 | $545 |

---

---

| |
|:---|
| \*\* This derivative is reported as unrealized appreciation/depreciation at period end. |
| The following is a summary of significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the fair value hierarchy: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at December 31, 2022** | &nbsp;&nbsp;**Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
| **Assets:** | |  |  |  |  |
| Asset-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;Third Party Pricing | Broker Quote |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391826 | &nbsp;&nbsp;Model Price | Market Comparable Yields | 7.7% |  |
| Total Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491826 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;Model Price | Purchase Price |  |  |

---

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

Significant changes in a quote or market comparable 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 December 31, 2022, the Fund had securities with a total value of $3,200,000 transfer into Level 3 from Level 2 due to a lack of observable inputs.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

**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 December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | | |
|  | **Asset-Backed Securities** | **Collateralized Mortgage Obligations** | **Foreign<br> Government<br> Debt** |<br>**Total Assets** | **Liabilities**<br>**Unfunded Loan Commitments** |
| Beginning Balance | $2748291 | $1379136 | $3083869 | $7211296 | $(817) |
| Purchases/(Receipts) | - | - | - | - | - |
| (Sales, maturities and paydowns)/Fundings | (1850000) | - | (3130742) | (4980742) | - |
| Amortization of premiums/discounts | - | 2 | 1090 | 1092 | - |
| Total realized gains (losses) included in earnings | - | - | 27997 | 27997 | - |
| Total change in unrealized appreciation (depreciation) included in earnings | 1709 | 12688 | 17786 | 32183 | 272 |
| Transfers into Level 3 | 3200000 | - | - | 3200000 | - |
| Transfers out of Level 3 | - | - | - | - | - |
| Ending Balance | $4100000 | $1391826 | $- | $5491826 | $(545) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2022 | $- | $12688 | $- | $12688 | $272 |

---

**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**<br> **Reset Date** | **Future Reset Rate(s)** | **Future Reset Date(s)** |
| BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70 | 6.13% | 01/30/2025 |  |  |
| BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61 | 4.62% | 09/26/2024 | 5.62% | 09/26/2025 |
| CSMC Trust 2020-NQM1, 1.21% due 05/25/65 | 2.21% | 09/26/2024 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61 | 4.75% | 05/26/2024 | 5.75% | 05/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS4, 1.65% due 11/25/60 | 4.65% | 08/26/2024 | 5.65% | 08/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61 | 4.75% | 04/26/2024 | 5.75% | 04/26/2025 |
| NYMT Loan Trust 2021-SP1, 1.67% due 08/25/61 | 4.67% | 08/26/2024 | 5.67% | 08/26/2025 |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/2025 | 9.25% | 07/01/2026 |
| OSAT Trust 2021-RPL1, 2.12% due 05/25/65 | 5.12% | 06/26/2024 | 6.12% | 06/26/2025 |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 6.72% | 02/25/2025 | 7.72% | 02/25/2026 |
| PRPM LLC 2021-5, 1.79% due 06/25/26 | 4.79% | 06/26/2024 | 5.79% | 06/26/2025 |
| Verus Securitization Trust 2020-1, 2.42% due 01/25/60 | 3.42% | 01/26/2024 |  |  |
| Verus Securitization Trust 2019-4, 2.64% due 11/25/59 | 3.64% | 10/26/2023 |  |  |
| Verus Securitization Trust 2019-4, 2.85% due 11/25/59 | 3.85% | 10/26/2023 |  |  |
| Verus Securitization Trust 2020-5, 1.22% due 05/25/65 | 2.22% | 10/26/2024 |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND<sup>†</sup> - 9.9%** | **MONEY MARKET FUND<sup>†</sup> - 9.9%** | **MONEY MARKET FUND<sup>†</sup> - 9.9%** |
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.90%<sup>1</sup> | 6350975 | $6350975 |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.17%<sup>1</sup> | 5156507 | 5156507 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,507,482) |  | 11507482 |
|  | **Face<br> Amount** |  |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5%** |
| **Collateralized Loan Obligations - 30.6%** |  |  |
| BCC Middle Market CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 10/15/33<sup>◊,2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2750000 | $2655063 |
| ABPCI Direct Lending Fund CLO VII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-7A A1R, 5.79% (3 Month USD LIBOR + 1.43%, Rate Floor: 1.43%) due 10/20/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | 2650233 |
| Lake Shore MM CLO III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A1R, 5.56% (3 Month USD LIBOR + 1.48%, Rate Floor: 1.48%) due 10/17/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | 2645640 |
| Palmer Square Loan Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A A2, 5.46% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1443208 |
| &nbsp;&nbsp;&nbsp;2021-2A B, 6.08% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 05/20/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 716467 |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.59% (1 Month Term SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 980854 |
| &nbsp;&nbsp;&nbsp;2020-FL3 AS, 5.67% (30 Day Average SOFR + 1.86%, Rate Floor: 1.75%) due 11/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 729038 |
| Sound Point CLO XIX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A, 5.08% (3 Month USD LIBOR + 1.00%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | 1479758 |
| KVK CLO 2013-1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A BR, 5.46% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 01/14/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403147 | 1395214 |
| ABPCI Direct Lending Fund CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A1R, 5.74% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31<sup>◊,2</sup> | 1250000 | 1217126 |
| Woodmont Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1A, 5.98% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | 1090061 |
| Cerberus Loan Funding XXXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-6A A, 5.48% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1031939 | 1027359 |
| Golub Capital Partners CLO 36M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-36A A, 5.83% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 979308 |
| Cerberus Loan Funding XXX, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A A, 5.93% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 978179 |
| ABPCI Direct Lending Fund CLO II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.84% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 963444 |
| Cerberus Loan Funding XXXII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 5.70% (3 Month USD LIBOR + 1.62%, Rate Floor: 1.62%) due 04/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 961161 |
| CHCP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 A, 5.49% (1 Month Term SOFR + 1.16%, Rate Floor: 1.05%) due 02/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;938370 | 910563 |
| MidOcean Credit CLO VII |  |  |
| &nbsp;&nbsp;&nbsp;2020-7A A1R, 5.12% (3 Month USD LIBOR + 1.04%, Rate Floor: 0.00%) due 07/15/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;899033 | 886821 |
| Fortress Credit Opportunities XI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-11A A1T, 5.38% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 830237 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** |
| **Collateralized Loan Obligations - 30.6% (continued)** |  |  |
| Golub Capital Partners CLO 49M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-49A AR, 5.77% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/26/33<sup>◊,2</sup> | $750000 | $719244 |
| Golub Capital Partners CLO 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-16A A1R2, 5.97% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 718524 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.28% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 716586 |
| Cerberus Loan Funding XXXV, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-5A A, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 09/22/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 715145 |
| Golub Capital Partners CLO 54M, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-54A A, 6.06% (3 Month USD LIBOR + 1.53%, Rate Floor: 1.53%) due 08/05/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | 715015 |
| ABPCI Direct Lending Fund IX LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-9A A1R, 5.76% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/18/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 679965 |
| Venture XIV CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-14A ARR, 5.77% (3 Month USD LIBOR + 1.03%, Rate Floor: 1.03%) due 08/28/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;663057 | 654176 |
| Cerberus Loan Funding XXVI, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A AR, 5.58% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 492636 |
| Parliament CLO II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-2A A, 6.03% (3 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 08/20/32<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 491843 |
| Carlyle GMS Finance MM CLO LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A11R, 5.63% (3 Month USD LIBOR + 1.55%, Rate Floor: 0.00%) due 10/15/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 490249 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 5.78% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | 500000 | 487845 |
| ABPCI Direct Lending Fund CLO I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1A2, 5.94% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 480723 |
| LCCM Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL3 A, 5.77% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 479420 |
| Cerberus Loan Funding XXXIII, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A A, 5.64% (3 Month USD LIBOR + 1.56%, Rate Floor: 1.56%) due 07/23/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 479260 |
| Golub Capital Partners CLO 33M Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-33A AR2, 6.62% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 465760 |
| HERA Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 5.94% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 02/18/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 465514 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL1 B, 6.24% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 08/19/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 465315 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A A1R, 5.30% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/29<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;365748 | 361463 |
| Denali Capital CLO XI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1RR, 5.37% (3 Month USD LIBOR + 1.13%, Rate Floor: 0.00%) due 10/20/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;354789 | 352827 |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-CRE1 AS, 5.82% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;296156 | 295561 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** | **ASSET-BACKED SECURITIES<sup>††</sup> - 37.5% (continued)** |
| **Collateralized Loan Obligations - 30.6% (continued)** |  |  |
| ACRE Commercial Mortgage Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL4 AS, 5.44% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 12/18/37<sup>◊,2</sup> | $250000 | $240103 |
| Newfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A A1R, 5.19% (3 Month USD LIBOR + 0.95%, Rate Floor: 0.00%) due 04/20/28<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61564 | 61358 |
| Marathon CLO V Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-5A A1R, 5.55% (3 Month USD LIBOR + 0.87%, Rate Floor: 0.00%) due 11/21/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24672 | 24615 |
| **Total Collateralized Loan Obligations** |  | 35592881 |
| **Transport-Aircraft - 1.3%** |  |  |
| Raspro Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-1A, 5.17% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;689460 | 680735 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;746631 | 564541 |
| Castlelake Aircraft Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, 4.13% due 06/15/43<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;348777 | 305698 |
| **Total Transport-Aircraft** |  | 1550974 |
| **Financial - 1.3%** |  |  |
| Madison Avenue Secured Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 600000 |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-SP1, 6.13% (1 Month Term SOFR + 1.85%, Rate Floor: 0.00%) due 10/12/23<sup>◊,†††,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 600000 |
| Madison Avenue Secured Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.07% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/17/23<sup>◊,†††,2</sup> | 350000 | 350000 |
| **Total Financial** |  | 1550000 |
| **Transport-Container - 1.3%** |  |  |
| Triton Container Finance VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.86% due 03/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;851250 | 709742 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.68% due 02/20/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256000 | 215022 |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186134 | 168527 |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;406440 | 346561 |
| **Total Transport-Container** |  | 1439852 |
| **Net Lease - 1.1%** |  |  |
| Oak Street Investment Grade Net Lease Fund Series |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 1.85% due 11/20/50<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1204586 | 1069108 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.98% due 03/15/61<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285516 | 238048 |
| **Total Net Lease** |  | 1307156 |
| **Whole Business - 1.0%** |  |  |
| Applebee's Funding LLC / IHOP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.19% due 06/05/49<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;792000 | 778210 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.95% due 08/25/51<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;495000 | 418286 |
| **Total Whole Business** |  | 1196496 |
| **Collateralized Debt Obligations - 0.9%** |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1065562 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,680,169) | &nbsp;&nbsp;&nbsp;(Cost $45,680,169) | 43702921 |
| **CORPORATE BONDS<sup>††</sup> - 24.3%** | **CORPORATE BONDS<sup>††</sup> - 24.3%** | **CORPORATE BONDS<sup>††</sup> - 24.3%** |
| **Financial - 10.2%** |  |  |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR + 1.36%) due 04/11/25<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1222203 |
| &nbsp;&nbsp;&nbsp;1.63% due 01/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 177564 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;2.51% due 03/08/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | 1341426 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.90% due 09/20/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1142225 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** | **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** | **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** |
| **Financial - 10.2% (continued)** |  |  |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.18% (SOFR + 1.35%) due 05/09/25<sup>◊</sup> | $750000 | $740949 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.76% (SOFR + 0.93%) due 03/04/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 699566 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.55% due 03/10/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 659712 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.11% due 08/09/26<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 597478 |
| First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 06/19/24<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 594786 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 05/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 571438 |
| Credit Suisse AG NY |  |  |
| &nbsp;&nbsp;&nbsp;5.09% (SOFR Compounded Index + 1.26%) due 02/21/25<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | 556593 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;4.78% (SOFR Compounded Index + 0.96%) due 03/11/24<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 349445 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;4.77% (SOFR + 0.95%) due 02/18/26<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 344515 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.62% (SOFR + 0.69%) due 01/25/26<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 342121 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 02/14/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 328059 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.75% due 01/12/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 324830 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 09/13/28<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 300055 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88% due 10/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 300007 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;4.66% due 08/22/28<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 287934 |
| American Equity Investment Life Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 284069 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;5.68% (3 Month USD LIBOR + 0.94%) due 08/30/23<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 250287 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | 150002 |
| Brighthouse Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.50% (SOFR + 0.76%) due 04/12/24<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | 148542 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/15/28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 112272 |
| Peachtree Corners Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.98% due 02/15/25<sup>2</sup> | 100000 | 96528 |
| **Total Financial** |  | 11922606 |
| **Consumer, Non-cyclical - 3.6%** |  |  |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.80% due 08/01/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 337774 |
| &nbsp;&nbsp;&nbsp;1.15% due 06/07/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 277445 |
| &nbsp;&nbsp;&nbsp;2.05% due 04/15/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 260723 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.50% due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 649801 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.60% due 04/06/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 615757 |
| Bio-Rad Laboratories, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | 369666 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 05/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 343089 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 333655 |
| JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 02/01/28<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 284212 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 12/05/23 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 247167 |
| Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 05/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 244136 |
| Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | 148303 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 89340 |
| **Total Consumer, Non-cyclical** |  | 4201068 |
| **Industrial - 3.0%** |  |  |
| Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.35% due 09/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 759489 |
| &nbsp;&nbsp;&nbsp;3.75% due 06/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 298245 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.82% due 04/15/24<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | 842290 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.95% due 02/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | 426335 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.25% due 08/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 325059 |
| Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.40% due 04/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 308788 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 253515 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 177369 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 88614 |
| **Total Industrial** |  | 3479704 |
| **Technology - 2.7%** |  |  |
| HCL America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.38% due 03/10/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 884210 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** | **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** | **CORPORATE BONDS<sup>††</sup> - 24.3% (continued)** |
| **Technology - 2.7% (continued)** |  |  |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 09/01/23 | $720000 | $706576 |
| Infor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.45% due 07/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;690000 | 673828 |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.67% due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | 488300 |
| Skyworks Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.90% due 06/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | 392087 |
| **Total Technology** |  | 3145001 |
| **Utilities - 1.8%** |  |  |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.79% (SOFR Compounded Index + 0.54%) due 03/01/23<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1249449 |
| Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.84% due 11/15/23<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 622668 |
| OGE Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.70% due 05/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 245569 |
| **Total Utilities** |  | 2117686 |
| **Communications - 1.1%** |  |  |
| FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | 499270 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 03/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 333486 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 183282 |
| &nbsp;&nbsp;&nbsp;2.25% due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 90964 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;132000 | 129951 |
| Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 05/01/26<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102000 | 92661 |
| **Total Communications** |  | 1329614 |
| **Consumer, Cyclical - 1.1%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.64% due 03/15/25<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850000 | 808318 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.80% due 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | 421655 |
| **Total Consumer, Cyclical** |  | 1229973 |
| **Energy - 0.5%** |  |  |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.20% due 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | 617401 |
| **Basic Materials - 0.3%** |  |  |
| Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 04/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | 299947 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,001,379) | &nbsp;&nbsp;&nbsp;(Cost $30,001,379) | 28343000 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8%** |
| **Residential Mortgage-Backed Securities - 16.0%** |  |  |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 1.67% (WAC) due 09/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;851772 | 803579 |
| &nbsp;&nbsp;&nbsp;2020-RPL5, 3.02% (WAC) due 08/25/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;486194 | 464560 |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 1.80% (WAC) due 12/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;396835 | 362556 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.21% due 05/25/65<sup>2,4</sup> | 315770 | 286274 |
| &nbsp;&nbsp;&nbsp;2021-RPL7, 1.93% (WAC) due 07/27/61<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285297 | 257551 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.72% due 02/25/27<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1203513 | 1125289 |
| &nbsp;&nbsp;&nbsp;2021-5, 1.79% due 06/25/26<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;533235 | 482833 |
| &nbsp;&nbsp;&nbsp;2021-8, 1.74% (WAC) due 09/25/26<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;247232 | 221505 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 1.75% due 07/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;534768 | 483373 |
| &nbsp;&nbsp;&nbsp;2021-GS4, 1.65% due 11/25/60<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;403689 | 360854 |
| &nbsp;&nbsp;&nbsp;2021-GS2, 1.75% due 04/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195601 | 176802 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-R1, 3.13% due 01/29/70<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;482709 | 427529 |
| &nbsp;&nbsp;&nbsp;2021-C, 1.62% due 03/01/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;387401 | 348183 |
| &nbsp;&nbsp;&nbsp;2021-HE1, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 01/25/70<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145447 | 143298 |
| &nbsp;&nbsp;&nbsp;2021-HE2, 4.78% (30 Day Average SOFR + 0.85%, Rate Floor: 0.00%) due 11/25/69<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82840 | 81880 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SP1, 1.67% due 08/25/61<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;766003 | 686527 |
| &nbsp;&nbsp;&nbsp;2022-SP1, 5.25% due 07/25/62<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;289268 | 278496 |
| NRZ Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-T2, 1.48% due 09/15/53<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 963105 |
| Bear Stearns Asset-Backed Securities I Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-HE9, 4.53% (1 Month USD LIBOR + 0.14%, Rate Floor: 0.28%) due 11/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;959739 | 923705 |
| CFMT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-HB9, 3.25% (WAC) due 09/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;494067 | 446663 |
| &nbsp;&nbsp;&nbsp;2021-HB5, 0.80% (WAC) due 02/25/31<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;248796 | 239874 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-5, 1.22% due 05/25/65<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;464134 | 421060 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.42% due 01/25/60<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101666 | 95711 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** |
| **Residential Mortgage-Backed Securities - 16.0% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;2019-4, 2.64% due 11/25/59<sup>2,4</sup> | $94619 | $89752 |
| &nbsp;&nbsp;&nbsp;2021-3, 1.44% (WAC) due 06/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86411 | 68338 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2A, 3.50% (WAC) due 02/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;358638 | 334834 |
| &nbsp;&nbsp;&nbsp;2019-1A, 3.50% (WAC) due 10/25/59<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;351334 | 323605 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.02% (WAC) due 03/25/67<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;702379 | 629934 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.58% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;667391 | 622649 |
| Verus Securitization Trust 2022-4 |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, 4.74% (WAC) due 04/25/67<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;658883 | 614042 |
| Structured Asset Securities Corporation Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2008-BC4, 5.02% (1 Month USD LIBOR + 0.63%, Rate Floor: 0.63%) due 11/25/37<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;563673 | 540117 |
| FKRT |  |  |
| &nbsp;&nbsp;&nbsp;2.21% due 11/30/58<sup>†††,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | 527934 |
| Towd Point Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 09/25/64<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 481300 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 2.12% due 05/25/65<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;510125 | 470856 |
| Soundview Home Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-OPT5, 4.67% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 07/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;487768 | 460213 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.64% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;526590 | 448892 |
| Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series |  |  |
| &nbsp;&nbsp;&nbsp;2005-W2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 10/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;432750 | 419003 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.59% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 422485 | 406604 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-2, 3.25% (WAC) due 03/25/58<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;248683 | 237997 |
| &nbsp;&nbsp;&nbsp;2017-5, 4.99% (1 Month USD LIBOR + 0.60%, Rate Floor: 0.00%) due 02/25/57<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;158269 | 156626 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230243 | 205305 |
| &nbsp;&nbsp;&nbsp;2021-2, 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;116531 | 114546 |
| Morgan Stanley ABS Capital I Incorporated Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-NC1, 4.96% (1 Month USD LIBOR + 0.57%, Rate Floor: 0.57%) due 12/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;306255 | 300935 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, 3.29% (WAC) due 12/25/66<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;218184 | 179551 |
| Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.38% (WAC) due 01/26/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184459 | 175586 |
| Cascade Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-RM3, 2.80% (WAC) due 06/25/69<sup>◊,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;171860 | 165893 |
| CSMC Series |  |  |
| &nbsp;&nbsp;&nbsp;2014-2R, 3.34% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 02/27/46<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;149115 | 147108 |
| CIT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 5.74% (1 Month USD LIBOR + 1.35%, Rate Floor: 1.35%) due 10/25/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97352 | 96796 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, 1.38% (WAC) due 09/27/60<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90948 | 79254 |
| FBR Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.14% (1 Month USD LIBOR + 0.75%, Rate Cap/Floor: 14.00%/0.75%) due 09/25/35<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76748 | 76157 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 20.8% (continued)** |
| **Residential Mortgage-Backed Securities - 16.0% (continued)** |  |  |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2005-2, 5.12% (1 Month USD LIBOR + 0.74%, Rate Floor: 0.74%) due 03/25/35<sup>◊</sup> | $54514 | $53951 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% (WAC) due 02/25/50<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33859 | 31973 |
| Countrywide Asset-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2006-6, 4.73% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%) due 09/25/36<sup>◊</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29408 | 29342 |
| **Total Residential Mortgage-Backed Securities** |  | 18570300 |
| **Commercial Mortgage-Backed Securities - 4.8%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 5.97% (1 Month USD LIBOR + 1.65%, Rate Floor: 1.65%) due 09/15/36<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | 1169466 |
| &nbsp;&nbsp;&nbsp;2022-LP2, 5.90% (1 Month Term SOFR + 1.56%, Rate Floor: 1.56%) due 02/15/39<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;464195 | 437119 |
| WMRK Commercial Mortgage Trust 2022-WMRK |  |  |
| &nbsp;&nbsp;&nbsp;2022-WMRK, 7.77% (1 Month Term SOFR + 3.44%, Rate Floor: 3.44%) due 11/15/27<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | 1145671 |
| MTN Commercial Mortgage Trust 2022-LPFL |  |  |
| &nbsp;&nbsp;&nbsp;2022-LPFL, 7.28% (1 Month Term SOFR + 2.94%, Rate Floor: 2.94%) due 03/15/39<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 759992 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-BNK3, 1.01% (WAC) due 02/15/50<sup>◊,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21033816 | 693153 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NYAH, 5.86% (1 Month USD LIBOR + 1.54%, Rate Floor: 1.54%) due 06/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | 333310 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 03/15/38<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;344040 | 326987 |
| BENCHMARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-B14, 0.78% (WAC) due 12/15/62<sup>◊,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9873015 | 313492 |
| BXHPP Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-FILM, 5.42% (1 Month USD LIBOR + 1.10%, Rate Floor: 1.10%) due 08/15/36<sup>◊,2</sup> | 250000 | 224871 |
| KKR Industrial Portfolio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-KDIP, 5.32% (1 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 12/15/37<sup>◊,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187500 | 177909 |
| **Total Commercial Mortgage-Backed Securities** |  | 5581970 |
| **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,668,943) | &nbsp;&nbsp;&nbsp;(Cost $25,668,943) | 24152270 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4%** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4%** |
| **Industrial - 0.5%** |  |  |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.86% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;348250 | 305029 |
| Mileage Plus Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.00% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | 277357 |
| **Total Industrial** |  | 582386 |
| **Technology - 0.5%** |  |  |
| Dun & Bradstreet |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;286713 | 283591 |
| VT TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;217602 | 210349 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/17/24 | &nbsp;&nbsp;&nbsp;&nbsp;54392 | 54120 |
| Boxer Parent Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;17357 | 16590 |
| **Total Technology** |  | 564650 |
| **Financial - 0.2%** |  |  |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.63% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;294656 | 290499 |
| **Consumer, Non-cyclical - 0.1%** |  |  |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.98% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;98210 | 94834 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4% (continued)** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4% (continued)** | **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 1.4% (continued)** |
| **Energy - 0.1%** |  |  |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.13% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/10/28 | $65175 | $64197 |
| **Total Senior Floating Rate Interests** | **Total Senior Floating Rate Interests** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,659,374) | &nbsp;&nbsp;&nbsp;(Cost $1,659,374) | 1596566 |
| **COMMERCIAL PAPER<sup>††</sup> - 5.2%** | **COMMERCIAL PAPER<sup>††</sup> - 5.2%** | **COMMERCIAL PAPER<sup>††</sup> - 5.2%** |
| Cintas Corporation No. 2 | Cintas Corporation No. 2 | Cintas Corporation No. 2 |
| &nbsp;&nbsp;&nbsp;3.56% due 01/03/23<sup>2,7</sup> | 1800000 | 1799555 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;4.37% due 01/03/23<sup>2,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;1739577 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. |
| &nbsp;&nbsp;&nbsp;2.97% due 01/03/23<sup>2,7</sup> | 1740000 | 1739549 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| &nbsp;&nbsp;&nbsp;4.45% due 01/03/23<sup>2,7</sup> | 760000 | 759812 |
| **Total Commercial Paper** | **Total Commercial Paper** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,038,493) |  | 6038493 |
| **Total Investments - 99.1%** | **Total Investments - 99.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $120,555,840) | &nbsp;&nbsp;&nbsp;(Cost $120,555,840) | $115340732 |
| **Other Assets & Liabilities, net - 0.9%** | **Other Assets & Liabilities, net - 0.9%** | 1096609 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $116437341 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | **Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>** | | |
| **Counterparty** | **Floating Rate Type** | **Floating Rate Index** | **Fixed Rate** | **Payment Frequency** | **Maturity**<br> **Date** | **Notional Amount** | **Value** | <br>**Upfront**<br> **Premiums**<br> **Paid**  | <br>**Unrealized Appreciation<sup>\*\*</sup>** |
| BofA Securities, Inc. CME | Receive | 3-Month USD LIBOR | 0.24% | Quarterly | 09/22/23 | $9700000 | $334317 | $78 | $334239 |
| BofA Securities, Inc. CME | Receive | 3-Month USD LIBOR | 1.66% | Quarterly | 03/16/31 | 1300000 | 197308 | 255 | 197053 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.42% | Annually | 03/04/24 | 1400000 | 54631 | 178 | 54453 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.54% | Annually | 03/07/25 | 700000 | 41033 | 219 | 40814 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 1.73% | Annually | 02/25/27 | 380000 | 30633 | 250 | 30383 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 3.15% | Annually | 09/09/27 | 300000 | 8084 | 282 | 7802 |
| BofA Securities, Inc. CME | Receive | U.S. Secured Overnight Financing Rate | 3.24% | Annually | 09/14/27 | 300000 | 6971 | 283 | 6688 |
|  |  |  |  |  |  |  | $672977 | $1545 | $671432 |

---

---

| | |
|:---|:---|
| *\*\** | *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.* |
| *◊* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. 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.* |
| *1* | *Rate indicated is the 7-day yield as of December 31, 2022.* |
| *2* | *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 $80,506,081 (cost $84,585,297), or 69.1% of total net assets.* |
| *3* | *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.* |
| *4* | *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 December 31, 2022. See table below for additional step information for each security.* |
| *5* | *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 $1,494,978 (cost $1,568,610), or 1.3% of total net assets — See Note 6.* |
| *6* | *Security is an interest-only strip.* |
| *7* | *Rate indicated is the effective yield at the time of purchase.* |

---

*BofA — Bank of America* <br> *CME — Chicago Mercantile Exchange*

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | |
|:---|:---|
|  | *LIBOR — London Interbank Offered Rate* |
|  | *plc — Public Limited Company* |
|  | *SOFR — Secured Overnight Financing Rate* |
|  | *WAC — Weighted Average Coupon* |
| *See Sector Classification in Other Information section.* | *See Sector Classification in Other Information section.* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): | The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments): |
| **Investments in Securities (Assets)** | **Level 1**<br> **Quoted**<br> **Prices**  | **Level 2**<br> **Significant Observable**<br> **Inputs**  | **Level 3**<br> **Significant Unobservable Inputs**  | **Total** |
| Money Market Fund | $11507482 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | $11507482 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 42152921 | 1550000 | 43702921 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 28343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 28343000 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 23624336 | 527934 | 24152270 |
| Senior Floating Rate Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1596566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1596566 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6038493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6038493 |
| Interest Rate Swap Agreements\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 671432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 671432 |
| Total Assets | $11507482 | $102426748 | $2077934 | $116012164 |
| **Investments in Securities (Liabilities)** | **Level 1**<br> **Quoted**<br> **Prices**  | **Level 2**<br> **Significant Observable**<br> **Inputs**  | **Level 3**<br> **Significant Unobservable Inputs**  | **Total** |
| Unfunded Loan Commitments (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | $210 | $210 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end. The following is a summary of significant unobservable inputs used in the fair valuation of assets categorized within Level 3 of the value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending<br> Balance at December 31, 2022**  | &nbsp;&nbsp;&nbsp;**Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $1550000 | &nbsp;&nbsp;Third Party Pricing | Broker Quote |  |  |
| Collateralized Mortgage Obligations | 527934 | &nbsp;&nbsp;Model Price | Market Comparable Yields | 7.7% |  |
| Total Assets | $2077934 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $210 | &nbsp;&nbsp;Model Price | Purchase Price |  |  |

---

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

The Fund's fair valuation leveling guidelines were revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, 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 theperiod ended December 31, 2022, the Fund had securities with a total value of $1,200,000 transfer into Level 3 from Level 2 due to alack of observable inputs.

**Summary of Fair Value Level 3 Activity** 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | | | **Liabilities** |
|  | **Asset Backed Securities** | **Collateralized Mortgage Obligations** | **Foreign Government Debt** |<br>**Total Assets** | **Unfunded Loan<br> Commitments**  |
| Beginning Balance | $1099307 | $523121 | $1245130 | $2867558 | $(315) |
| Purchases/(Receipts) |  |  |  |  |  |
| (Sales, maturities and paydowns)/Fundings | (750000) |  | (1264055) | (2014055) |  |
| Amortization of premiums/discounts |  |  | 440 | 440 |  |
| Total realized gains (losses) included in earnings |  |  | 11304 | 11304 |  |
| Total change in unrealized appreciation (depreciation) included in earnings | 693 | 4813 | 7181 | 12687 | 105 |
| Transfers into Level 3 | 1200000 |  |  | 1200000 |  |
| Transfers out of Level 3 |  |  |  |  |  |
| Ending Balance | $1550000 | $527934 | $— | $2077934 | $(210) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at December 31, 2022 | $— | 4813 |  | $4813 | $105 |

---

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.

**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III |  |
| &nbsp;&nbsp;**SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;**December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at Next Reset Date** | **Next Rate**<br> **Reset Date** | **Future Reset Rate(s)** | **Future Reset Date(s)** |
| BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70 | 6.13% | 01/30/2025 |  |  |
| BRAVO Residential Funding Trust 2021-C, 1.62% due 03/01/61 | 4.62% | 09/26/2024 | 5.62% | 09/26/2025 |
| CSMC Trust 2020-NQM1, 1.21% due 05/25/65 | 2.21% | 09/26/2024 |  |  |
| Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61 | 4.75% | 05/26/2024 | 5.75% | 05/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS4, 1.65% due 11/25/60 | 4.65% | 08/26/2024 | 5.65% | 08/26/2025 |
| Legacy Mortgage Asset Trust 2021-GS2, 1.75% due 04/25/61 | 4.75% | 04/26/2024 | 5.75% | 04/26/2025 |
| NYMT Loan Trust 2021-SP1, 1.67% due 08/25/61 | 4.67% | 08/26/2024 | 5.67% | 08/26/2025 |
| NYMT Loan Trust 2022-SP1, 5.25% due 07/25/62 | 8.25% | 07/01/2025 | 9.25% | 07/01/2026 |
| OSAT Trust 2021-RPL1, 2.12% due 05/25/65 | 5.12% | 06/26/2024 | 6.12% | 06/26/2025 |
| PRPM LLC 2022-1, 3.72% due 02/25/27 | 6.72% | 02/25/2025 | 7.72% | 02/25/2026 |
| PRPM LLC 2021-5, 1.79% due 06/25/26 | 4.79% | 06/26/2024 | 5.79% | 06/26/2025 |
| Verus Securitization Trust 2020-1, 2.42% due 01/25/60 | 3.42% | 01/26/2024 |  |  |
| Verus Securitization Trust 2019-4, 2.64% due 11/25/59 | 3.64% | 10/26/2023 |  |  |
| Verus Securitization Trust 2020-5, 1.22% due 05/25/65 | 2.22% | 10/26/2024 |  |  |

---

&nbsp;&nbsp;**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

**Note 1 – Organization and Significant Accounting Policies**

**Organization**

The Guggenheim Strategy Funds Trust (the "Trust"), a Delaware business trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act"), as a non-diversified, open-ended investment company and may issue an unlimited number of authorized shares. Only investment companies, common or commingled trust funds or other organizations, entities or investors that are "accredited investors" within the meaning of Regulation D under the 1933 Act may make investments in the Funds.

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

---

| | |
|:---|:---|
| **Fund Name** | **Investment Company Type** |
| Guggenheim Strategy Fund II | Diversified |
| Guggenheim Strategy Fund III | Diversified |
| Guggenheim Variable Insurance Strategy Fund III | Diversified |

---

Guggenheim Partners Investment Management, LLC ("GPIM" or "the Adviser"), which operates under the name of Guggenheim Investments ("GI"), provides advisory services. Guggenheim Funds Distributors, LLC ("GFD") acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

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") adopted policies and procedures for the valuation of the Funds' investments (the "Valuation Procedures"). The U.S. Securities and Exchange Commission (the "SEC") adopted Rule 2a-5 under the 1940 Act ("Rule 2a-5") which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines "readily available market quotations" for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the "Valuation Designee Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment management, fund administration, legal and compliance departments (the "Valuation Committee"), in 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 Adviser, with the assistance of 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 Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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 Adviser.

&nbsp;&nbsp;**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

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.

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 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 ("NAV") as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

Commercial paper and discount notes 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. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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 Adviser.

The values of 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.

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 close price from the applicable exchange adjusted for the current day's spreads.

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 the Adviser. 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.

**Note 2 – Derivatives**

As part of their investment strategy, the Funds utilize 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.

&nbsp;&nbsp;**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

**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 an instrument that distributes cash flows typically based upon some rate of interest.

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.

**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 over-the-counter ("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 swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return 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 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.

**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.

&nbsp;&nbsp;**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

In conjunction with the use of 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.

**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 between market participants at the measurement date. 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 — unadjusted 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.

Rule 2a-5 sets forth a definition of "readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that "a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable."

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements.

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.<br>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.<br>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.<br>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.<br>

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed 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.

&nbsp;&nbsp;**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 ("IRS") for a period of three years after they are filed.

At December 31, 2022, 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)** |
| Guggenheim Strategy Fund II | $288032369 | $2195605 | $(13281013) | $(11085408) |
| Guggenheim Strategy Fund III | 305401185 | 1948646 | (15055019) | (13106373) |
| Guggenheim Variable Insurance Strategy Fund III | 120555864 | 695120 | (5239030) | (4543910) |

---

**Note 5 – Unfunded Loan Commitments**

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of December 31, 2022. The Funds are obligated to fund these loan commitments at the borrower's discretion.

The unfunded loan commitments as of December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount\*** | **Value** |
| **Guggenheim Strategy Fund III** | **Guggenheim Strategy Fund III** |  |  |  |
|  | VT TopCo, Inc. | 08/01/25 | $16344 | $545 |
| **Guggenheim Variable Insurance Strategy Fund III** | **Guggenheim Variable Insurance Strategy Fund III** |  |  |  |
|  | VT TopCo, Inc. | 08/01/25 | 6300 | 210 |

---

**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** |
| **Guggenheim Strategy Fund II** | **Guggenheim Strategy Fund II** |  |  |  |
|  | Cascade Funding Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-RM2 4.00% (WAC) due 10/25/68<sup>1</sup> | 11/02/18 | $686984 | $661738 |
|  | Cascade Funding Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-RM3 2.80% (WAC) due 06/25/69<sup>1</sup> | 06/25/19 | 171842 | 165893 |
|  | FKRT |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% due 11/30/58 | 09/24/21 | 1549994 | 1487814 |
|  | LSTAR Securities Investment Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-1 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>1</sup> | 02/04/21 | 460486 | 410610 |
|  | LSTAR Securities Investment Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-2 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>1</sup> | 03/17/21 | 378726 | 372275 |
|  | Towd Point Revolving Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 09/25/64 | 03/17/22 | 1249990 | 1203249 |
|  |  |  | $4498022 | $4301579 |
| **Guggenheim Strategy Fund III** | **Guggenheim Strategy Fund III** |  |  |  |
|  | Cascade Funding Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-RM2 4.00% (WAC) due 10/25/68<sup>1</sup> | 11/02/18 | $686984 | $661738 |
|  | Cascade Funding Mortgage Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-RM3 2.80% (WAC) due 06/25/69<sup>1</sup> | 06/25/19 | 171842 | 165893 |
|  | FKRT |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% due 11/30/58 | 09/24/21 | 1449995 | 1391826 |
|  | LSTAR Securities Investment Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-1 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>1</sup> | 02/04/21 | 460486 | 410610 |
|  | LSTAR Securities Investment Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-2 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>1</sup> | 03/17/21 | 262195 | 257729 |
|  | Towd Point Revolving Trust |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 09/25/64 | 03/17/22 | 1249989 | 1203249 |
|  |  |  | $4281491 | $4091045 |

---

&nbsp;&nbsp;**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Guggenheim Variable Insurance Strategy Fund III** |  |  |  |
| Cascade Funding Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-RM3, 2.80% (WAC) due 06/25/69<sup>1</sup> | 06/25/19 | 171842 | 165893 |
| FKRT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% due 11/30/58 | 09/24/21 | 549998 | 527934 |
| LSTAR Securities Investment Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-1, 5.92% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26<sup>1</sup> | 02/04/21 | 230243 | 205305 |
| LSTAR Securities Investment Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-2, 5.82% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26<sup>1</sup> | 03/17/21 | 116531 | 114546 |
| Towd Point Revolving Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83% due 09/25/64 | 03/17/22 | 499996 | 481300 |
|  |  | $1568610 | $1494978 |

---

---

| | |
|:---|:---|
| *1* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. 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.* |

---

**Note 7 – Market Risks**

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended period. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Guggenheim Strategy Funds Trust

- **b. Investment Company Act file number:** 811-22946

- **c. CIK number of Registrant:** 0001601445

- **d. LEI of Registrant:** 5493007THUTJ3GMETL84

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Guggenheim Variable Insurance Strategy Fund III

- **b. EDGAR series identifier (if any):** S000045498

- **c. LEI of Series:** 549300XSJSZ9XNVJEJ14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $116505288.06

**Total Liabilities:** $524103.98

**Net Assets:** $115981184.08

**Cash Not Reported:** $176920.29

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 156.60727870 | **1-Year:** 8215.07026549 | **5-Year:** 10158.83128962 | **10-Year:** -144.61239618 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 13.09407136 | **1-Year:** 714.35788073 | **5-Year:** 1466.26409960 | **10-Year:** 603.75656563 | **30-Year:** 30.09905257

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141592 | -0.06%               | 0.70%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4935.54                | $-424968.49                                |
| Month 2  | $-131026.93              | $664612.38                                 |
| Month 3  | $-39928.42               | $415704.32                                 |

**Designated Index Information**

- **Index Name:** Portfolio (ExDerivative)

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                    | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verus Securitization Trust              | Verus Securitization Trust                                                   | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101666 | PA      | $95710.56     | 0.08%             | 2060-01-25      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Novastar Home Equity Loan               | NovaStar Mortgage Funding Trust Series                                       | CUSIP: 66989EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    422485 | PA      | $406604.35    | 0.35%             | 2037-09-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | U.S. Secured Overnight Financing Rate                                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   -380000 | OU      | $30633.15     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                     | Boxer Parent Company, Inc.                                                   | CUSIP: N/A<br>LEI: 5493006T045HLTF7YX04       | Long             | LON              | CORP              | US        |     17357 | PA      | $16590.20     | 0.01%             | 2025-10-02      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                             | Equinix, Inc.                                                                | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    650000 | PA      | $571437.64    | 0.49%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trus          | Residential Mortgage Loan Trust                                              | CUSIP: 76119CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    184459 | PA      | $175586.45    | 0.15%             | 2060-01-26      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                  | Skyworks Solutions, Inc.                                                     | CUSIP: 83088MAJ1<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392087.30    | 0.34%             | 2023-06-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS                | FactSet Research Systems, Inc.                                               | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |    550000 | PA      | $499270.16    | 0.43%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                | Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.                   | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $300006.83    | 0.26%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO           | ABPCI Direct Lending Fund IX LLC                                             | CUSIP: 000806AJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    700000 | PA      | $679964.81    | 0.59%             | 2031-11-18      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Series                                                                  | CUSIP: 12648ELS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164902 | PA      | $162682.57    | 0.14%             | 2046-02-27      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| Marathon CLO LTD                        | Marathon CLO V Ltd.                                                          | CUSIP: 56576QAN8<br>LEI: 635400LRBGQZIPTCBI09 | Long             | ABS-O            | CORP              | KY        |     24672 | PA      | $24614.80     | 0.02%             | 2027-11-21      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO           | ABPCI Direct Lending Fund CLO I LLC                                          | CUSIP: 00086AAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $480722.65    | 0.41%             | 2033-07-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                           | McKesson Corp.                                                               | CUSIP: N/A<br>LEI: 549300WZWOM80UCFSF54       | Long             | STIV             | CORP              | US        |   1740000 | PA      | $1739548.57   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | U.S. Secured Overnight Financing Rate                                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   -700000 | OU      | $41032.97     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodmont Trust                          | Woodmont Trust                                                               | CUSIP: 97988WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1090061.39   | 0.94%             | 2032-01-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                            | VT TopCo, Inc.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    209887 | PA      | $202891.82    | 0.17%             | 2025-08-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust              | Verus Securitization Trust                                                   | CUSIP: 92539LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86411 | PA      | $68338.13     | 0.06%             | 2066-06-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Trust                                                                   | CUSIP: 12598JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285297 | PA      | $257550.63    | 0.22%             | 2061-07-27      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust          | CFMT LLC                                                                     | CUSIP: 12526PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248796 | PA      | $239873.96    | 0.21%             | 2031-02-25      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan           | New Residential Mortgage Loan Trust                                          | CUSIP: 64830TAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    351334 | PA      | $323604.66    | 0.28%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                | BENCHMARK Mortgage Trust                                                     | CUSIP: 08162YAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9873015 | PA      | $313491.92    | 0.27%             | 2062-12-15      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                | Constellation Brands, Inc.                                                   | CUSIP: 21036PBM9<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343089.48    | 0.30%             | 2024-05-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| OSW Structured Asset Trust              | OSAT Trust                                                                   | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510125 | PA      | $470856.35    | 0.41%             | 2065-05-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXVI, LP                                               | CUSIP: 15673YAN9<br>LEI: 549300U8RSYT04O8Z019 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $492636.30    | 0.42%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag          | PRPM LLC                                                                     | CUSIP: 69358DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    533235 | PA      | $482833.17    | 0.42%             | 2026-06-25      | Variable      | 1.79%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Secured Funding          | Madison Avenue Secured Funding Trust                                         | CUSIP: 55662QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $350000.00    | 0.30%             | 2023-01-17      | Floating      | 5.07%                 | No            |                  3 | On Loan: No      |
| Legacy Mortgage Asset Trust             | Legacy Mortgage Asset Trust                                                  | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    534768 | PA      | $483373.35    | 0.42%             | 2061-07-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VAZ2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $659712.38    | 0.57%             | 2025-03-10      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                     | Global Payments, Inc.                                                        | CUSIP: 37940XAF9<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    700000 | PA      | $649800.99    | 0.56%             | 2024-11-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd          | Palmer Square Loan Funding Ltd.                                              | CUSIP: 69702DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $716466.98    | 0.62%             | 2029-05-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                 | GA Global Funding Trust                                                      | CUSIP: 36143L2K0<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1222202.86   | 1.05%             | 2025-04-11      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Structured Asset Investment Lo          | Structured Asset Investment Loan Trust                                       | CUSIP: 86358ERB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54514 | PA      | $53950.87     | 0.05%             | 2035-03-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I          | Lake Shore MM CLO III LLC                                                    | CUSIP: 510760AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2700000 | PA      | $2645640.36   | 2.28%             | 2031-10-17      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust              | Verus Securitization Trust                                                   | CUSIP: 92538CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    464134 | PA      | $421060.17    | 0.36%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                     | Macquarie Group Ltd.                                                         | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    600000 | PA      | $597478.38    | 0.52%             | 2026-08-09      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                | Rogers Communications, Inc.                                                  | CUSIP: 775109CA7<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $333485.47    | 0.29%             | 2025-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| OUTCOMES GROUP HOLDINGS INC             | Outcomes Group Holdings, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98210 | PA      | $94834.26     | 0.08%             | 2025-10-24      | Variable      | 7.98%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC            | Mileage Plus Holdings LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    270000 | PA      | $277357.50    | 0.24%             | 2027-06-21      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| BXMT Ltd                                | BXMT Ltd.                                                                    | CUSIP: 05608XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $729037.88    | 0.63%             | 2037-11-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co          | Structured Asset Securities Corporation Mortgage Loan Trust                  | CUSIP: 86365DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    563673 | PA      | $540116.38    | 0.47%             | 2037-11-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                          | TD SYNNEX Corp.                                                              | CUSIP: 87162WAD2<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    350000 | PA      | $325058.85    | 0.28%             | 2024-08-09      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                         | CVS Health Corp.                                                             | CUSIP: 126650CC2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247167.29    | 0.21%             | 2023-12-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXXII, LP                                              | CUSIP: 15674LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $961161.10    | 0.83%             | 2033-04-22      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| GreenPoint Mortgage Funding Tr          | GreenPoint Mortgage Funding Trust                                            | CUSIP: 39539KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         0 | PA      | $0.03         | 0.00%             | 2047-02-25      | Floating      | 4.55%                 | No            |                  3 | On Loan: No      |
| WMRK Commercial Mortgage Trust          | WMRK Commercial Mortgage Trust 2022-WMRK                                     | CUSIP: 929342AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1145671.17   | 0.99%             | 2027-11-15      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                        | Ryder System, Inc.                                                           | CUSIP: 78355HKH1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298244.62    | 0.26%             | 2023-06-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LSTAR Securities Investment Lt          | LSTAR Securities Investment Ltd.                                             | CUSIP: 54912PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116531 | PA      | $114546.06    | 0.10%             | 2026-03-02      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust               | Towd Point Mortgage Trust                                                    | CUSIP: 89169EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    158269 | PA      | $156626.33    | 0.14%             | 2057-02-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd          | Golub Capital Partners CLO 16 Ltd.                                           | CUSIP: 38178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $718523.85    | 0.62%             | 2033-07-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                       | Iron Mountain, Inc.                                                          | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $112272.57    | 0.10%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust              | Verus Securitization Trust 2022-4                                            | CUSIP: 92538NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    658883 | PA      | $614042.12    | 0.53%             | 2067-04-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Tru          | Soundview Home Loan Trust                                                    | CUSIP: 83612CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    487768 | PA      | $460212.97    | 0.40%             | 2036-07-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                        | Paramount Global                                                             | CUSIP: 92556HAA5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    132000 | PA      | $129950.98    | 0.11%             | 2025-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust          | KKR Industrial Portfolio Trust                                               | CUSIP: 48254CAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187500 | PA      | $177909.19    | 0.15%             | 2037-12-15      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                       | Wellfleet CLO Ltd.                                                           | CUSIP: 94951MAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    365748 | PA      | $361462.86    | 0.31%             | 2029-10-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                        | Berry Global, Inc.                                                           | CUSIP: 08576PAG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    450000 | PA      | $426334.42    | 0.37%             | 2024-02-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| RELIANCE STEEL & ALUM                   | Reliance Steel & Aluminum Co.                                                | CUSIP: 759509AE2<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299947.61    | 0.26%             | 2023-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                 | GA Global Funding Trust                                                      | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177564.18    | 0.15%             | 2026-01-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Trust                                                                   | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    396835 | PA      | $362556.31    | 0.31%             | 2060-12-27      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| FIRST KEY REVOLVING TRUST 2021-1        | FKRT                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $527934.00    | 0.46%             | 2058-11-30      | Fixed         | 2.21%                 | Yes           |                  3 | On Loan: No      |
| NORDEA BANK ABP                         | Nordea Bank Abp                                                              | CUSIP: 65557CAZ6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    250000 | PA      | $250287.24    | 0.22%             | 2023-08-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust             | Legacy Mortgage Asset Trust                                                  | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    403689 | PA      | $360854.00    | 0.31%             | 2060-11-25      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                     | CDW LLC / CDW Finance Corp.                                                  | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $488299.90    | 0.42%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| AB Private Credit Investors LL          | ABPCI Direct Lending Fund CLO VII, LP                                        | CUSIP: 00085KAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2650233.03   | 2.29%             | 2031-10-20      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                  | Credit Suisse AG NY                                                          | CUSIP: 22550UAF8<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |    600000 | PA      | $556593.17    | 0.48%             | 2025-02-21      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO           | ABPCI Direct Lending Fund CLO II LLC                                         | CUSIP: 000823AJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $963444.30    | 0.83%             | 2032-04-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXXIII, LP                                             | CUSIP: 15674PAA5<br>LEI: 54930000UKAI7FBHXD27 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $479260.50    | 0.41%             | 2033-07-23      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                 | CF Hippolyta Issuer LLC                                                      | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285516 | PA      | $238048.20    | 0.21%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUNDING TRUST                 | Peachtree Corners Funding Trust                                              | CUSIP: 70466WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $96527.96     | 0.08%             | 2025-02-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORPORATION              | Dollar General Corp.                                                         | CUSIP: N/A<br>LEI: OPX52SQVOZI8IVSWYU66       | Long             | STIV             | CORP              | US        |    760000 | PA      | $759812.11    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Textainer Marine Containers Li          | Textainer Marine Containers VII Ltd.                                         | CUSIP: 88315LAE8<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | US        |    186134 | PA      | $168527.20    | 0.15%             | 2045-08-21      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                        | Triton Container International Ltd.                                          | CUSIP: 89680YAD7<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    350000 | PA      | $337774.20    | 0.29%             | 2023-08-01      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus          | BRAVO Residential Funding Trust                                              | CUSIP: 10568PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482709 | PA      | $427528.68    | 0.37%             | 2070-01-29      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                 | Jefferies Financial Group, Inc.                                              | CUSIP: 527288BE3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150001.80    | 0.13%             | 2023-10-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | U.S. Secured Overnight Financing Rate                                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |  -1400000 | OU      | $54631.43     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                  | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KBV1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1249448.79   | 1.08%             | 2023-03-01      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| AMERICAN EQUITY INVESTME                | American Equity Investment Life Holding Co.                                  | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284068.48    | 0.24%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                     | Bank of Nova Scotia                                                          | CUSIP: 06418BAD0<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $349444.42    | 0.30%             | 2024-03-11      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                | BRSP Ltd.                                                                    | CUSIP: 05591XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $465314.85    | 0.40%             | 2038-08-19      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| INFOR INC                               | Infor, Inc.                                                                  | CUSIP: 45674CAB9<br>LEI: 549300Q3IIYBYI4RHD64 | Long             | DBT              | CORP              | US        |    690000 | PA      | $673827.75    | 0.58%             | 2023-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I          | THL Credit Lake Shore MM CLO I Ltd.                                          | CUSIP: 510800AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $487844.60    | 0.42%             | 2033-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Trust                                                                   | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315770 | PA      | $286273.82    | 0.25%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                            | VT TopCo, Inc.                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -6300 | PA      | $-209.97      | -0.00%            | 2025-08-01      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                | Warnermedia Holdings, Inc.                                                   | CUSIP: 55903VAE3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    850000 | PA      | $808318.01    | 0.70%             | 2025-03-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLDINGS LP                     | Alliant Holdings Intermediate LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    294656 | PA      | $290498.88    | 0.25%             | 2025-05-09      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                      | F&G Global Funding                                                           | CUSIP: 30321L2B7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1142225.38   | 0.98%             | 2024-09-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| BIO-RAD LABS                            | Bio-Rad Laboratories, Inc.                                                   | CUSIP: 090572AR9<br>LEI: 549300ZC1GPV35XYDK53 | Long             | DBT              | CORP              | US        |    400000 | PA      | $369665.69    | 0.32%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Parliament CLO Ltd                      | Parliament CLO II Ltd.                                                       | CUSIP: 701631AA1<br>LEI: 5493009BTB3REE8RVW84 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $491843.05    | 0.42%             | 2032-08-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| HCL AMERICA INC                         | HCL America, Inc.                                                            | CUSIP: 40480HAA5<br>LEI: 549300CBM0L7W7N2EB94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $884210.22    | 0.76%             | 2026-03-10      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| RASPRO TRUST                            | Raspro Trust                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    689460 | PA      | $680734.93    | 0.59%             | 2024-03-23      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                     | Silgan Holdings, Inc.                                                        | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    350000 | PA      | $308788.24    | 0.27%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust          | Cascade Funding Mortgage Trust                                               | CUSIP: 147271AA8<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |    171860 | PA      | $165892.63    | 0.14%             | 2069-06-25      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| RYDER SYSTEM INC                        | Ryder System, Inc.                                                           | CUSIP: 78355HKR9<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    800000 | PA      | $759488.79    | 0.65%             | 2025-09-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan           | New Residential Mortgage Loan Trust                                          | CUSIP: 64828CAG4<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |    358638 | PA      | $334834.39    | 0.29%             | 2058-02-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                | Capital One Financial Corp.                                                  | CUSIP: 14040HCR4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740948.55    | 0.64%             | 2025-05-09      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                 | NYMT Loan Trust                                                              | CUSIP: 62955RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    766003 | PA      | $686527.42    | 0.59%             | 2061-08-25      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd          | Golub Capital Partners CLO 36M Ltd.                                          | CUSIP: 38175BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $979307.90    | 0.84%             | 2031-02-05      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag          | PRPM LLC                                                                     | CUSIP: 693582AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1203513 | PA      | $1125288.83   | 0.97%             | 2027-02-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd          | LoanCore Issuer Ltd.                                                         | CUSIP: 53946MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    296156 | PA      | $295560.52    | 0.25%             | 2028-05-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | 3-Month USD LIBOR                                                            | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |  -1300000 | OU      | $197308.47    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| TOWD POINT REVOLVING TRUST TPRT_22-A    | Towd Point Revolving Trust                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $481299.50    | 0.41%             | 2064-09-25      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus          | BRAVO Residential Funding Trust                                              | CUSIP: 10569CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82840 | PA      | $81879.92     | 0.07%             | 2069-11-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| 3G SPECIAL SITUATIONS FUND V LP         | Hunter Douglas, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    349125 | PA      | $305795.10    | 0.26%             | 2029-02-26      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag          | PRPM LLC                                                                     | CUSIP: 69360MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247232 | PA      | $221504.95    | 0.19%             | 2026-09-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| BX Trust                                | BX Commercial Mortgage Trust                                                 | CUSIP: 05610HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    464195 | PA      | $437119.15    | 0.38%             | 2039-02-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO           | ABPCI Direct Lending Fund CLO V Ltd.                                         | CUSIP: 000807AN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1250000 | PA      | $1217126.00   | 1.05%             | 2031-04-20      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities           | GS Mortgage-Backed Securities Trust                                          | CUSIP: 36259WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90948 | PA      | $79253.71     | 0.07%             | 2060-09-27      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust           | MTN Commercial Mortgage Trust 2022-LPFL                                      | CUSIP: 62475WAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $759991.76    | 0.66%             | 2039-03-15      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXXVI, LP                                              | CUSIP: 15674UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1031939 | PA      | $1027358.52   | 0.89%             | 2033-11-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd          | Golub Capital Partners CLO 54M, LP                                           | CUSIP: 381743AA1<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $715015.28    | 0.62%             | 2033-08-05      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | 3-Month USD LIBOR                                                            | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |  -9700000 | OU      | $334316.71    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| IQVIA INC                               | IQVIA, Inc.                                                                  | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    350000 | PA      | $333655.00    | 0.29%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Advance Receiv          | NRZ Advance Receivables Trust                                                | CUSIP: 62942QCW1<br>LEI: 549300RNWDDBV4LFKJ17 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $963104.80    | 0.83%             | 2053-09-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                     | Sound Point CLO XIX Ltd.                                                     | CUSIP: 83610JAA4<br>LEI: 5493001QI7ZD0IPL4A34 | Long             | ABS-O            | CORP              | KY        |   1500000 | PA      | $1479757.95   | 1.28%             | 2031-04-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc              | Morgan Stanley ABS Capital I Incorporated Trust                              | CUSIP: 61744CYB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306255 | PA      | $300935.12    | 0.26%             | 2035-12-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Sapphire Aviation Finance I Li          | Sapphire Aviation Finance II Ltd.                                            | CUSIP: 80307AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    746631 | PA      | $564540.88    | 0.49%             | 2040-03-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| CINTAS CORPORATION                      | Cintas Corporation No. 2                                                     | CUSIP: N/A<br>LEI: 549300QVUQTTKMTE0G41       | Long             | STIV             | CORP              | US        |   1800000 | PA      | $1799555.00   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Structured          | Castlelake Aircraft Securitization Trust                                     | CUSIP: 14856CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348777 | PA      | $305698.29    | 0.26%             | 2043-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DENALI CAPITAL CLO XI LTD               | Denali Capital CLO XI Ltd.                                                   | CUSIP: 24823DAS5<br>LEI: 254900ENG873HFQYVK56 | Long             | ABS-O            | CORP              | KY        |    354789 | PA      | $352827.33    | 0.30%             | 2028-10-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                | BXMT Ltd.                                                                    | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $980853.70    | 0.85%             | 2038-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Argent Securities Inc.                  | Argent Securities Incorporated Asset-Backed Pass-Through Certificates Series | CUSIP: 040104ND9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    432750 | PA      | $419003.29    | 0.36%             | 2035-10-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                         | Venture XIV CLO Ltd.                                                         | CUSIP: 92328GBA3<br>LEI: 5493002O60L75PP6F022 | Long             | ABS-O            | CORP              | KY        |    663057 | PA      | $654175.70    | 0.56%             | 2029-08-28      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CHCP 2021-FL1 Ltd.                      | CHCP Ltd.                                                                    | CUSIP: 12546JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    938370 | PA      | $910562.60    | 0.79%             | 2038-02-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust             | Legacy Mortgage Asset Trust                                                  | CUSIP: 52476DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195601 | PA      | $176801.99    | 0.15%             | 2061-04-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.           | Anchorage Credit Funding 4 Ltd.                                              | CUSIP: 03329TAG9<br>LEI: 549300VR9XUOV1E0U888 | Long             | ABS-O            | CORP              | KY        |   1250000 | PA      | $1065562.00   | 0.92%             | 2039-04-27      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Trust                                                                   | CUSIP: 12597XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486194 | PA      | $464559.82    | 0.40%             | 2060-08-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                            | Stryker Corp.                                                                | CUSIP: 863667AF8<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244135.68    | 0.21%             | 2024-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                       | Imperial Fund Mortgage Trust                                                 | CUSIP: 45276PAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    702379 | PA      | $629934.12    | 0.54%             | 2067-03-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne          | Oak Street Investment Grade Net Lease Fund Series                            | CUSIP: 67181DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1204586 | PA      | $1069107.91   | 0.92%             | 2050-11-20      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | U.S. Secured Overnight Financing Rate                                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   -300000 | OU      | $8083.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu          | Bear Stearns Asset-Backed Securities I Trust                                 | CUSIP: 07389MAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    369309 | PA      | $355305.79    | 0.31%             | 2036-11-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust          | CFMT LLC                                                                     | CUSIP: 12530GAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    494067 | PA      | $446663.36    | 0.39%             | 2037-09-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Triton Container Finance LLC            | Triton Container Finance VIII LLC                                            | CUSIP: 89680HAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    851250 | PA      | $709741.52    | 0.61%             | 2046-03-20      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| ACRE COMMERCIAL MORTGAGE TRUST          | ACRE Commercial Mortgage Ltd.                                                | CUSIP: 00489TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $240103.33    | 0.21%             | 2037-12-18      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                     | American Express Co.                                                         | CUSIP: 025816CR8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    700000 | PA      | $699566.24    | 0.60%             | 2025-03-04      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                        | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183282.22    | 0.16%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                                | BX Commercial Mortgage Trust                                                 | CUSIP: 05609VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1169466.25   | 1.01%             | 2036-09-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GR                | Cogent Communications Group, Inc.                                            | CUSIP: 19240CAC7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    102000 | PA      | $92661.14     | 0.08%             | 2026-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                  | Taco Bell Funding LLC                                                        | CUSIP: 87342RAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $418286.39    | 0.36%             | 2051-08-25      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mort          | LCCM Trust                                                                   | CUSIP: 50190FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $479420.10    | 0.41%             | 2038-11-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                     | MidOcean Credit CLO VII                                                      | CUSIP: 59801WAM8<br>LEI: 5493004MLF21SFT7F415 | Long             | ABS-O            | CORP              | KY        |    899033 | PA      | $886820.95    | 0.76%             | 2029-07-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor          | JP Morgan Chase Commercial Mortgage Securities Trust                         | CUSIP: 46654EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $333310.08    | 0.29%             | 2038-06-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust          | HarborView Mortgage Loan Trust                                               | CUSIP: 41162NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    526590 | PA      | $448891.71    | 0.39%             | 2047-01-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                     | Spectrum Brands, Inc.                                                        | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148302.64    | 0.13%             | 2025-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus          | BRAVO Residential Funding Trust                                              | CUSIP: 105692AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    387401 | PA      | $348182.91    | 0.30%             | 2061-03-01      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| FBR Securitization Trust                | FBR Securitization Trust                                                     | CUSIP: 30246QAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76748 | PA      | $76157.36     | 0.07%             | 2035-09-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential           | Starwood Mortgage Residential Trust                                          | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33859 | PA      | $31972.98     | 0.03%             | 2050-02-25      | Variable      | 2.27%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Secured Funding          | Madison Avenue Secured Funding Trust Series                                  | CUSIP: 55662KAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $600000.00    | 0.52%             | 2023-10-12      | Floating      | 6.13%                 | No            |                  3 | On Loan: No      |
| CARLYLE GMS FINANCE MM CLO LLC          | Carlyle GMS Finance MM CLO LLC                                               | CUSIP: 14310QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $490249.00    | 0.42%             | 2031-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| CIT Mortgage Loan Trust                 | CIT Mortgage Loan Trust                                                      | CUSIP: 12559QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97352 | PA      | $96796.13     | 0.08%             | 2037-10-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                            | VT TopCo, Inc.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      7714 | PA      | $7457.24      | 0.01%             | 2025-08-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                         | CLI Funding VIII LLC                                                         | CUSIP: 12565KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    406440 | PA      | $346561.19    | 0.30%             | 2046-02-18      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                          | Morgan Stanley                                                               | CUSIP: 61747YEN1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    350000 | PA      | $344514.52    | 0.30%             | 2026-02-18      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC | MACOM Technology Solutions Holdings, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     54392 | PA      | $54119.87     | 0.05%             | 2024-05-17      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| STAR INTERMEDIATE III INC               | Dun & Bradstreet                                                             | CUSIP: N/A<br>LEI: RI37BMPWE56BCJ747E14       | Long             | LON              | CORP              | US        |    286713 | PA      | $283590.28    | 0.24%             | 2026-02-06      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                               | Block, Inc.                                                                  | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89340.00     | 0.08%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXXV, LP                                               | CUSIP: 15674RAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $715145.48    | 0.62%             | 2033-09-22      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDR2<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $287934.17    | 0.25%             | 2028-08-22      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                     | FS KKR Capital Corp.                                                         | CUSIP: 30313RAA7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    350000 | PA      | $328059.18    | 0.28%             | 2025-02-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust               | Towd Point Mortgage Trust                                                    | CUSIP: 89175VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248683 | PA      | $237997.11    | 0.21%             | 2058-03-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC (THE)                    | Weir Group plc                                                               | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177369.16    | 0.15%             | 2026-05-13      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                           | Citigroup, Inc.                                                              | CUSIP: 17327CAP8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342121.17    | 0.29%             | 2026-01-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust            | CSMC Trust                                                                   | CUSIP: 12660KAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    851772 | PA      | $803578.92    | 0.69%             | 2060-09-27      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T          | Station Place Securitization Trust                                           | CUSIP: 85778GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $600000.00    | 0.52%             | 2023-10-12      | Floating      | 6.13%                 | No            |                  3 | On Loan: No      |
| HYATT HOTELS CORP                       | Hyatt Hotels Corp.                                                           | CUSIP: 448579AN2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    450000 | PA      | $421654.91    | 0.36%             | 2024-10-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                   | U.S. Secured Overnight Financing Rate                                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   -300000 | OU      | $6970.77      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                                | Cerberus Loan Funding XXX, LP                                                | CUSIP: 15674JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $978178.90    | 0.84%             | 2033-01-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORPORATION                    | Amphenol Corp.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1740000 | PA      | $1739577.57   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus          | BRAVO Residential Funding Trust                                              | CUSIP: 10569QAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145447 | PA      | $143298.10    | 0.12%             | 2070-01-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP                      | Valero Energy Corp.                                                          | CUSIP: 91913YBA7<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    650000 | PA      | $617400.82    | 0.53%             | 2024-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Newfleet CLO, Ltd.                      | Newfleet CLO Ltd.                                                            | CUSIP: 65130PAN0<br>LEI: 5493003RFBB86V8THH68 | Long             | ABS-O            | CORP              | KY        |     61564 | PA      | $61357.80     | 0.05%             | 2028-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                | Microchip Technology, Inc.                                                   | CUSIP: 595017AZ7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    720000 | PA      | $706575.78    | 0.61%             | 2023-09-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                | Element Fleet Management Corp.                                               | CUSIP: 286181AF9<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $615756.78    | 0.53%             | 2024-04-06      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| JABIL INC                               | Jabil, Inc.                                                                  | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88614.60     | 0.08%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                   | Athene Global Funding                                                        | CUSIP: 04685A3J8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1341425.74   | 1.16%             | 2024-03-08      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Textainer Marine Containers Li          | Textainer Marine Containers VII Ltd.                                         | CUSIP: 88315LAL2<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    256000 | PA      | $215022.16    | 0.19%             | 2046-02-20      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| RS IVY HOLDCO INC                       | ITT Holdings LLC                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     65175 | PA      | $64197.38     | 0.06%             | 2028-07-10      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                      | Wind River CLO Ltd.                                                          | CUSIP: 88432GAL1<br>LEI: 2549008107XSHXNMJI27 | Long             | ABS-O            | CORP              | KY        |         0 | PA      | $0.00         | 0.00%             | 2027-10-15      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations C          | Dreyfus Treasury Obligations Cash Management Fund - Institutional Shares     | CUSIP: N/A<br>LEI: 549300MKKM9KT7BF6329       | Long             | STIV             | RF                | US        |   5156507 | NS      | $5156507.11   | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Applebees/IHOP Funding LLC              | Applebee's Funding LLC / IHOP Funding LLC                                    | CUSIP: 03789XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    792000 | PA      | $778209.70    | 0.67%             | 2049-06-05      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO                   | BCC Middle Market CLO LLC                                                    | CUSIP: 05550GAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2750000 | PA      | $2655062.85   | 2.29%             | 2033-10-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                      | Wind River CLO Ltd.                                                          | CUSIP: 88432GAN7<br>LEI: 2549008107XSHXNMJI27 | Long             | ABS-O            | CORP              | KY        |         0 | PA      | $0.00         | 0.00%             | 2027-10-15      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| Home Equity Loan Trust                  | Home Equity Loan Trust                                                       | CUSIP: 43710XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    667391 | PA      | $622649.01    | 0.54%             | 2037-04-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor          | Bank of America Merrill Lynch Commercial Mortgage Trust                      | CUSIP: 06427DAT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21033816 | PA      | $693152.57    | 0.60%             | 2050-02-15      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                             | BXHPP Trust                                                                  | CUSIP: 05609JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $224870.65    | 0.19%             | 2036-08-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                        | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90964.10     | 0.08%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd          | Palmer Square Loan Funding Ltd.                                              | CUSIP: 69701CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1500000 | PA      | $1443208.35   | 1.24%             | 2030-04-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                | Jackson National Life Global Funding                                         | CUSIP: 46849LUV1<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    350000 | PA      | $324830.08    | 0.28%             | 2025-01-12      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LSTAR Securities Investment Lt          | LSTAR Securities Investment Ltd.                                             | CUSIP: 54912MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230243 | PA      | $205305.08    | 0.18%             | 2026-02-01      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi          | Countrywide Asset-Backed Certificates                                        | CUSIP: 126670ZH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29408 | PA      | $29342.25     | 0.03%             | 2036-09-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                | Graphic Packaging International LLC                                          | CUSIP: 38869PAN4<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    900000 | PA      | $842290.34    | 0.73%             | 2024-04-15      | Fixed         | 0.82%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                 | NYMT Loan Trust                                                              | CUSIP: 62956BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    289268 | PA      | $278496.03    | 0.24%             | 2062-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                  | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YCL1<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $300054.84    | 0.26%             | 2028-09-13      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust              | Verus Securitization Trust                                                   | CUSIP: 92537KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94619 | PA      | $89751.72     | 0.08%             | 2059-11-25      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                        | Triton Container International Ltd.                                          | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $260723.22    | 0.22%             | 2026-04-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| HERA Commercial Mortgage Ltd            | HERA Commercial Mortgage Ltd.                                                | CUSIP: 42704RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $465514.50    | 0.40%             | 2038-02-18      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities           | Fortress Credit Opportunities XI CLO Ltd.                                    | CUSIP: 34961WAC9<br>LEI: 254900FRBH7KBHJT7O18 | Long             | ABS-O            | CORP              | KY        |    850000 | PA      | $830237.25    | 0.72%             | 2031-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd          | Golub Capital Partners CLO 33M Ltd.                                          | CUSIP: 38174TAE6<br>LEI: 254900T5KLBL86KP4W68 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $465760.05    | 0.40%             | 2033-08-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL FUND                 | Brighthouse Financial Global Funding                                         | CUSIP: 10921U2B3<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148541.93    | 0.13%             | 2024-04-12      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                    | JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.              | CUSIP: 46590XAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $284211.80    | 0.25%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd          | Golub Capital Partners CLO 49M Ltd.                                          | CUSIP: 38178GAA8<br>LEI: 254900NUVOJAHAT10W61 | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $719243.93    | 0.62%             | 2033-08-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                        | Owl Rock CLO IV Ltd.                                                         | CUSIP: 691200AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $716586.00    | 0.62%             | 2033-08-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust           | Life Mortgage Trust                                                          | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    344040 | PA      | $326987.37    | 0.28%             | 2038-03-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                            | Vontier Corp.                                                                | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    300000 | PA      | $253514.82    | 0.22%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| KVK CLO Ltd                             | KVK CLO 2013-1 Ltd.                                                          | CUSIP: 482739AG4<br>LEI: 5493007VGL59COTLZY21 | Long             | ABS-O            | CORP              | KY        |   1403147 | PA      | $1395213.68   | 1.20%             | 2028-01-14      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST                | First-Citizens Bank & Trust Co.                                              | CUSIP: 125581HA9<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |    600000 | PA      | $594786.13    | 0.51%             | 2024-06-19      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Ca          | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares      | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |   6350975 | NS      | $6350974.51   | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE ENERGY CORP                         | OGE Energy Corp.                                                             | CUSIP: 670837AC7<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245568.86    | 0.21%             | 2023-05-26      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUNDING TRUST                 | Alexander Funding Trust                                                      | CUSIP: 014621AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $622668.67    | 0.54%             | 2023-11-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Secu          | Bear Stearns Asset-Backed Securities I Trust                                 | CUSIP: 07389MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590430 | PA      | $568398.79    | 0.49%             | 2036-11-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                        | Triton Container International Ltd.                                          | CUSIP: 89680YAB1<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $277445.21    | 0.24%             | 2024-06-07      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                | Angel Oak Mortgage Trust                                                     | CUSIP: 03464BAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218184 | PA      | $179550.48    | 0.15%             | 2066-12-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Guggenheim Strategy Funds Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO