Form NPORT-P Guggenheim Variable Fund For: Mar 31

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May 26, 2022 4:34 PM EDT

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    NPORT-P
    false
    
      
      
        
          0000217087
          XXXXXXXX
        
      
      
      
      
        S000010065
        C000027864
      
      
    
  
  
    
      Guggenheim Variable Funds Trust
      811-02753
      0000217087
      549300QDJHZ1HF5UC735
      702 King Farm Blvd., Suite 200
      Rockville
      
      20850
      301-296-5100
      Series D (World Equity Income Series)
      S000010065
      5493001MQV26KYOSDP36
      2022-12-31
      2022-03-31
      N
    
    
      132208319.27
      320680.12
      131887639.15
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      526939.12000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Sirius XM Holdings Inc
        54930055RWDMVXAGZK98
        Sirius XM Holdings, Inc.
        82968B103
        
          
        
        89900.00000000
        NS
        USD
        595138.00000000
        0.451246230378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        Illinois Tool Works, Inc.
        452308109
        
          
        
        2900.00000000
        NS
        USD
        607260.00000000
        0.460437387395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cummins Inc
        ZUNI8PYC725B6H8JU438
        Cummins, Inc.
        231021106
        
          
        
        3800.00000000
        NS
        USD
        779418.00000000
        0.590971227495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group Inc/The
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38141G104
        
          
        
        2100.00000000
        NS
        USD
        693210.00000000
        0.525606496914
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hewlett Packard Enterprise Co
        549300BX44RGX6ANDV88
        Hewlett Packard Enterprise Co.
        42824C109
        
          
        
        51800.00000000
        NS
        USD
        865578.00000000
        0.656299563460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Union Co/The
        28ID94QU1140NC23S047
        Western Union Co.
        959802109
        
          
        
        20000.00000000
        NS
        USD
        374800.00000000
        0.284181294331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardinal Health Inc
        CCU46N3GJMF4OK4N7U60
        Cardinal Health, Inc.
        14149Y108
        
          
        
        16200.00000000
        NS
        USD
        918540.00000000
        0.696456473040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        N/A
        Japanese Yen Futures Contracts
        N/A
        
          
        
        -70.00000000
        NC
        USD
        178803.64000000
        0.135572705033
        N/A
        DFE
        
        US
        N
        
        1
        
          
            
              BOFA SECURITIES, INC.
              549300HN4UKV1E2R3U73
            
            Short
            
              
                N/A
                Japanese Yen
                
                  
                  
                
              
            
            2022-06-13
            -7380053.64000000
            USD
            178803.64000000
          
        
        
          N
          N
          N
        
      
      
        Steel Dynamics Inc
        549300HGGKEL4FYTTQ83
        Steel Dynamics, Inc.
        858119100
        
          
        
        13800.00000000
        NS
        USD
        1151334.00000000
        0.872965811974
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dexus
        N/A
        Dexus
        N/A
        
          
        
        75800.00000000
        NS
        
        618851.99000000
        0.469226679610
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Eni SpA
        BUCRF72VH5RBN7X3VL35
        Eni SpA
        N/A
        
          
        
        60200.00000000
        NS
        
        878157.80000000
        0.665837834128
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        McKesson Corp
        549300WZWOM80UCFSF54
        McKesson Corp.
        58155Q103
        
          
        
        3700.00000000
        NS
        USD
        1132681.00000000
        0.858822712499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mediobanca Banca di Credito Fi
        PSNL19R2RXX5U3QWHI44
        Mediobanca Banca di Credito Finanziario SpA
        N/A
        
          
        
        32500.00000000
        NS
        
        328521.35000000
        0.249091842205
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Tesla Inc
        54930043XZGB27CTOV49
        Tesla, Inc.
        88160R101
        
          
        
        1034.00000000
        NS
        USD
        1114238.40000000
        0.844839142759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Banco Santander SA
        5493006QMFDDMYWIAM13
        Banco Santander S.A.
        N/A
        
          
        
        224900.00000000
        NS
        
        764859.84000000
        0.579932922394
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Lear Corp
        549300UPNBTXA1SYTQ33
        Lear Corp.
        521865204
        
          
        
        4000.00000000
        NS
        USD
        570360.00000000
        0.432459026240
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Packaging Corp of America
        549300XZP8MFZFY8TJ84
        Packaging Corporation of America
        695156109
        
          
        
        6500.00000000
        NS
        USD
        1014715.00000000
        0.769378394017
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Australia & New Zealand Bankin
        JHE42UYNWWTJB8YTTU19
        Australia & New Zealand Banking Group Ltd.
        N/A
        
          
        
        50200.00000000
        NS
        
        1028850.60000000
        0.780096305181
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076102
        
          
        
        5000.00000000
        NS
        USD
        1496650.00000000
        1.134791713344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BorgWarner Inc
        549300DSFX2IE88NSX47
        BorgWarner, Inc.
        099724106
        
          
        
        12100.00000000
        NS
        USD
        470690.00000000
        0.356887122275
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Swedbank AB
        M312WZV08Y7LYUC71685
        Swedbank AB
        N/A
        
          
        
        45800.00000000
        NS
        
        684039.25000000
        0.518653040124
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Phoenix Group Holdings PLC
        2138001P49OLAEU33T68
        Phoenix Group Holdings plc
        N/A
        
          
        
        76200.00000000
        NS
        
        610305.41000000
        0.462746481727
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong & China Gas Co Ltd
        254900P7BETXGC7YU827
        Hong Kong & China Gas Company Ltd.
        N/A
        
          
        
        621100.00000000
        NS
        
        750279.52000000
        0.568877815112
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        BNP Paribas SA
        R0MUWSFPU8MPRO8K5P83
        BNP Paribas S.A.
        N/A
        
          
        
        16600.00000000
        NS
        
        948868.98000000
        0.719452547725
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        TE Connectivity Ltd.
        N/A
        
          
        
        6600.00000000
        NS
        USD
        864468.00000000
        0.655457937962
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc.
        882508104
        
          
        
        7100.00000000
        NS
        USD
        1302708.00000000
        0.987740783287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mitsubishi Corp
        KVIPTY4PULAPGC1VVD26
        Mitsubishi Corp.
        N/A
        
          
        
        29800.00000000
        NS
        
        1118453.18000000
        0.848034878179
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        GPT Group
        N/A
        GPT Group
        N/A
        
          
        
        152200.00000000
        NS
        USD
        587197.99000000
        0.445225946710
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Intuit Inc
        VI90HBPH7XSFMB9E4M29
        Intuit, Inc.
        461202103
        
          
        
        500.00000000
        NS
        USD
        240420.00000000
        0.182291533573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com, Inc.
        023135106
        
          
        
        779.00000000
        NS
        USD
        2539501.05000000
        1.925503456098
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Whirlpool Corp
        WHENKOULSSK7WUM60H03
        Whirlpool Corp.
        963320106
        
          
        
        3586.00000000
        NS
        USD
        619589.08000000
        0.469785556852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46625H100
        
          
        
        6000.00000000
        NS
        USD
        817920.00000000
        0.620164258964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mizuho Financial Group Inc
        353800CI5L6DDAN5XZ33
        Mizuho Financial Group, Inc.
        N/A
        
          
        
        20300.00000000
        NS
        
        258970.19000000
        0.196356680329
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Endesa SA
        549300LHK07F2CHV4X31
        Endesa S.A.
        N/A
        
          
        
        27600.00000000
        NS
        
        601950.07000000
        0.456411286060
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Gjensidige Forsikring ASA
        5967007LIEEXZX6FAO47
        Gjensidige Forsikring ASA
        N/A
        
          
        
        12300.00000000
        NS
        
        305085.09000000
        0.231321973739
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        NVIDIA Corp
        549300S4KLFTLO7GSQ80
        NVIDIA Corp.
        67066G104
        
          
        
        2600.00000000
        NS
        USD
        709436.00000000
        0.537909393611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HP Inc
        WHKXQACZ14C5XRO8LW03
        HP, Inc.
        40434L105
        
          
        
        28200.00000000
        NS
        USD
        1023660.00000000
        0.776160682378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exelon Corp
        3SOUA6IRML7435B56G12
        Exelon Corp.
        30161N101
        
          
        
        16500.00000000
        NS
        USD
        785895.00000000
        0.595882226010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNP Assurances
        969500QKVPV2H8UXM738
        CNP Assurances
        N/A
        
          
        
        25900.00000000
        NS
        
        623704.16000000
        0.472905697622
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian Apartment Properties
        549300B1MYVTQEB2DI90
        Canadian Apartment Properties REIT
        134921105
        
          
        
        15100.00000000
        NS
        
        648190.52000000
        0.491471774138
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        ITOCHU Corp
        J48DJYXDTLHM30UMYI18
        ITOCHU Corp.
        N/A
        
          
        
        12200.00000000
        NS
        
        412734.35000000
        0.312943921553
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Snam SpA
        8156002278562044AF79
        Snam SpA
        N/A
        
          
        
        79900.00000000
        NS
        
        460877.38000000
        0.349446986063
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Northrop Grumman Corp
        RIMU48P07456QXSO0R61
        Northrop Grumman Corp.
        666807102
        
          
        
        2319.00000000
        NS
        USD
        1037103.18000000
        0.786353586040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CLP Holdings Ltd
        25490002BUTSMP94GO68
        CLP Holdings Ltd.
        N/A
        
          
        
        55100.00000000
        NS
        
        536146.08000000
        0.406517307804
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        TC Energy Corp
        549300UGKOFV2IWJJG27
        TC Energy Corp.
        87807B107
        
          
        
        19000.00000000
        NS
        
        1071914.93000000
        0.812748591837
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        International Paper Co
        824LMFJDH41EY779Q875
        International Paper Co.
        460146103
        
          
        
        20400.00000000
        NS
        USD
        941460.00000000
        0.713834902245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hasbro Inc
        549300NUB6D2R1ITYR45
        Hasbro, Inc.
        418056107
        
          
        
        8700.00000000
        NS
        USD
        712704.00000000
        0.540387260393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen, Inc.
        031162100
        
          
        
        5100.00000000
        NS
        USD
        1233282.00000000
        0.935100520373
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        Accenture plc
        N/A
        
          
        
        3994.00000000
        NS
        USD
        1346896.62000000
        1.021245530423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Financial Grou
        35380028MYWPB6AUO129
        Sumitomo Mitsui Financial Group, Inc.
        N/A
        
          
        
        17600.00000000
        NS
        
        556033.20000000
        0.421596143189
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AmerisourceBergen Corp
        AI8GXW8LG5WK7E9UD086
        AmerisourceBergen Corp.
        03073E105
        
          
        
        7100.00000000
        NS
        USD
        1098441.00000000
        0.832861219655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyson Foods Inc
        WD6L6041MNRW1JE49D58
        Tyson Foods, Inc.
        902494103
        
          
        
        2700.00000000
        NS
        USD
        242001.00000000
        0.183490281242
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        Bristol-Myers Squibb Co.
        110122108
        
          
        
        20394.00000000
        NS
        USD
        1489373.82000000
        1.129274759635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consolidated Edison Inc
        54930033SBW53OO8T749
        Consolidated Edison, Inc.
        209115104
        
          
        
        2900.00000000
        NS
        USD
        274572.00000000
        0.208186302954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kellogg Co
        LONOZNOJYIBXOHXWDB86
        Kellogg Co.
        487836108
        
          
        
        13890.00000000
        NS
        USD
        895766.10000000
        0.679188819947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lawson Inc
        529900IWO8XQO92PR233
        Lawson, Inc.
        N/A
        
          
        
        7800.00000000
        NS
        
        298625.12000000
        0.226423887730
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        KBC Group NV
        213800X3Q9LSAKRUWY91
        KBC Group N.V.
        N/A
        
          
        
        4200.00000000
        NS
        
        301431.71000000
        0.228551903683
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet, Inc.
        02079K107
        
          
        
        1106.00000000
        NS
        USD
        3089046.94000000
        2.342180783512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PACCAR Inc
        KDTEY8BWE486IKZ3CC07
        PACCAR, Inc.
        693718108
        
          
        
        11400.00000000
        NS
        USD
        1003998.00000000
        0.761252537743
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amcor PLC
        549300GSODGFCDQ3DI89
        Amcor plc
        N/A
        
          
        
        66700.00000000
        NS
        USD
        755711.00000000
        0.572996078230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR S&P 500 ETF Trust
        549300NZAMSJ8FXPQQ63
        SPDR S&P 500 ETF Trust
        78462F103
        
          
        
        795.00000000
        NS
        USD
        359053.80000000
        0.272242192152
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genuine Parts Co.
        549300D46DQVEU651W04
        Genuine Parts Co.
        372460105
        
          
        
        7400.00000000
        NS
        USD
        932548.00000000
        0.707077635182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ENEOS Holdings Inc
        3538001KQ5SAOZSQTT44
        ENEOS Holdings, Inc.
        N/A
        
          
        
        198700.00000000
        NS
        
        742988.49000000
        0.563349601818
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AXA SA
        F5WCUMTUM4RKZ1MAIE39
        AXA S.A.
        N/A
        
          
        
        37800.00000000
        NS
        
        1106881.71000000
        0.839261144663
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Company, Inc.
        58933Y105
        
          
        
        16000.00000000
        NS
        USD
        1312800.00000000
        0.995392751330
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Platforms Inc
        BQ4BKCS1HXDV9HN80Z93
        Meta Platforms, Inc.
        30303M102
        
          
        
        844.00000000
        NS
        USD
        187671.84000000
        0.142296762008
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        Phillips 66
        718546104
        
          
        
        4100.00000000
        NS
        USD
        354199.00000000
        0.268561180018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BP PLC
        213800LH1BZH3DI6G760
        BP plc
        N/A
        
          
        
        223700.00000000
        NS
        
        1096513.49000000
        0.831399740769
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389X105
        
          
        
        13200.00000000
        NS
        USD
        1092036.00000000
        0.828004813065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aurizon Holdings Ltd
        5299005PC1O6NOWL3H48
        Aurizon Holdings Ltd.
        N/A
        
          
        
        274900.00000000
        NS
        
        755751.15000000
        0.573026520810
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        UGI Corp
        DX6GCWD4Q1JO9CRE5I40
        UGI Corp.
        902681105
        
          
        
        15900.00000000
        NS
        USD
        575898.00000000
        0.436658055077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travelers Cos Inc/The
        549300Y650407RU8B149
        Travelers Companies, Inc.
        89417E109
        
          
        
        3900.00000000
        NS
        USD
        712647.00000000
        0.540344041786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Public Storage
        549300LMZF40TKJ6DM64
        Public Storage
        74460D109
        
          
        
        800.00000000
        NS
        USD
        312224.00000000
        0.236734846428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NN Group NV
        724500OHYNDT9OY6Q215
        NN Group N.V.
        N/A
        
          
        
        5000.00000000
        NS
        
        253465.31000000
        0.192182763777
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Eastman Chemical Co
        FDPVHDGJ1IQZFK9KH630
        Eastman Chemical Co.
        277432100
        
          
        
        5700.00000000
        NS
        USD
        638742.00000000
        0.484307706254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vornado Realty Trust
        N/A
        Vornado Realty Trust
        929042109
        
          
        
        14800.00000000
        NS
        USD
        670736.00000000
        0.508566234351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Telenor ASA
        549300IM1QSBY4SLPM26
        Telenor ASA
        N/A
        
          
        
        17200.00000000
        NS
        
        246876.15000000
        0.187186723176
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        Zurich Insurance Group AG
        N/A
        
          
        
        700.00000000
        NS
        
        345789.83000000
        0.262185169306
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Lockheed Martin Corp
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corp.
        539830109
        
          
        
        2522.00000000
        NS
        USD
        1113210.80000000
        0.844059994685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares MSCI EAFE ETF
        549300O0XO3KDQV68404
        iShares MSCI EAFE ETF
        464287465
        
          
        
        4746.00000000
        NS
        USD
        349305.60000000
        0.264850900547
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lowe's Cos Inc
        WAFCR4OKGSC504WU3E95
        Lowe's Companies, Inc.
        548661107
        
          
        
        2600.00000000
        NS
        USD
        525694.00000000
        0.398592319483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrow Electronics Inc
        549300YNNLBXT8N8R512
        Arrow Electronics, Inc.
        042735100
        
          
        
        5400.00000000
        NS
        USD
        640602.00000000
        0.485717997629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Japan Tobacco Inc
        353800Z0ENYBQO0XRJ31
        Japan Tobacco, Inc.
        N/A
        
          
        
        51100.00000000
        NS
        
        872786.37000000
        0.661765102192
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EXOR NV
        5493002ENHZ6NYET7405
        EXOR N.V.
        N/A
        
          
        
        8100.00000000
        NS
        
        615933.21000000
        0.467013598825
        Long
        EC
        CORP
        IT
        
        N
        
        2
        
          N
          N
          N
        
      
      
        EDP - Energias de Portugal SA
        529900CLC3WDMGI9VH80
        EDP - Energias de Portugal S.A.
        N/A
        
          
        
        134600.00000000
        NS
        
        662673.02000000
        0.502452712225
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        Liberty Global PLC
        549300BSGXG3QLIQYT84
        Liberty Global plc
        N/A
        
          
        
        28700.00000000
        NS
        USD
        743617.00000000
        0.563826151406
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AbbVie Inc
        FR5LCKFTG8054YNNRU85
        AbbVie, Inc.
        00287Y109
        
          
        
        10108.00000000
        NS
        USD
        1638607.88000000
        1.242427183139
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valero Energy Corp
        549300XTO5VR8SKV1V74
        Valero Energy Corp.
        91913Y100
        
          
        
        4400.00000000
        NS
        USD
        446776.00000000
        0.338755021228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gilead Sciences Inc
        549300WTZWR07K8MNV44
        Gilead Sciences, Inc.
        375558103
        
          
        
        16900.00000000
        NS
        USD
        1004705.00000000
        0.761788600110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cigna Corp
        549300VIWYMSIGT1U456
        Cigna Corp.
        125523100
        
          
        
        5000.00000000
        NS
        USD
        1198050.00000000
        0.908386872129
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp.
        89832Q109
        
          
        
        8800.00000000
        NS
        USD
        498960.00000000
        0.378322034737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square
        549300DAH6N80PM31E83
        Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares
        N/A
        
          
        
        527108.78000000
        NS
        USD
        527108.78000000
        0.399665035629
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NetApp Inc
        QTX3D84DZDD5JYOCYH15
        NetApp, Inc.
        64110D104
        
          
        
        10600.00000000
        NS
        USD
        879800.00000000
        0.667082984933
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thomson Reuters Corp
        549300561UZND4C7B569
        Thomson Reuters Corp.
        884903709
        
          
        
        8300.00000000
        NS
        
        901384.21000000
        0.683448589882
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        KLA Corp
        549300H0BF5JCG96TJ81
        KLA Corp.
        482480100
        
          
        
        1600.00000000
        NS
        USD
        585696.00000000
        0.444087106096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Best Buy Co Inc
        HL5XPTVRV0O8TUN5LL90
        Best Buy Company, Inc.
        086516101
        
          
        
        8100.00000000
        NS
        USD
        736290.00000000
        0.558270664897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kyocera Corp
        N/A
        Kyocera Corp.
        N/A
        
          
        
        9200.00000000
        NS
        
        514898.79000000
        0.390407162732
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Liberty Media Corp-Liberty Sir
        N/A
        Liberty Media Corporation-Liberty SiriusXM
        531229607
        
          
        
        10000.00000000
        NS
        USD
        457300.00000000
        0.346734540816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altria Group Inc
        XSGZFLO9YTNO9VCQV219
        Altria Group, Inc.
        02209S103
        
          
        
        14000.00000000
        NS
        USD
        731500.00000000
        0.554638785495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prudential Financial Inc
        5PRBRS5FEH7NREC8OR45
        Prudential Financial, Inc.
        744320102
        
          
        
        9900.00000000
        NS
        USD
        1169883.00000000
        0.887030056447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SSE PLC
        549300KI75VYLLMSK856
        SSE plc
        N/A
        
          
        
        40000.00000000
        NS
        
        913697.70000000
        0.692784938671
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Credit Agricole SA
        969500TJ5KRTCJQWXH05
        Credit Agricole S.A.
        N/A
        
          
        
        40000.00000000
        NS
        
        478077.11000000
        0.362488185459
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        IBM
        VGRQXHF3J8VDLUA7XE92
        International Business Machines Corp.
        459200101
        
          
        
        8524.00000000
        NS
        USD
        1108290.48000000
        0.840329303900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CDW Corp/DE
        9845001B052ABF0B6755
        CDW Corp.
        12514G108
        
          
        
        1700.00000000
        NS
        USD
        304113.00000000
        0.230584914522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        580135101
        
          
        
        5100.00000000
        NS
        USD
        1261128.00000000
        0.956213947059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        Intel Corp.
        458140100
        
          
        
        28067.00000000
        NS
        USD
        1391000.52000000
        1.054686041061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3M Co
        LUZQVYP4VS22CLWDAR65
        3M Co.
        88579Y101
        
          
        
        6690.00000000
        NS
        USD
        996007.20000000
        0.755193744022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp.
        03027X100
        
          
        
        2900.00000000
        NS
        USD
        728538.00000000
        0.552392934391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Imperial Brands PLC
        549300DFVPOB67JL3A42
        Imperial Brands plc
        N/A
        
          
        
        42500.00000000
        NS
        
        894971.09000000
        0.678586026535
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Power Assets Holdings Ltd
        254900JOWYUW1ZX4DF47
        Power Assets Holdings Ltd.
        N/A
        
          
        
        71500.00000000
        NS
        
        465993.99000000
        0.353326508081
        Long
        EC
        CORP
        HK
        N
        
        1
        
          N
          N
          N
        
      
      
        Corning Inc
        549300X2937PB0CJ7I56
        Corning, Inc.
        219350105
        
          
        
        17300.00000000
        NS
        USD
        638543.00000000
        0.484156820241
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern Co/The
        549300FC3G3YU2FBZD92
        Southern Co.
        842587107
        
          
        
        17500.00000000
        NS
        USD
        1268925.00000000
        0.962125797518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Australia Bank Ltd
        F8SB4JFBSYQFRQEH3Z21
        National Australia Bank Ltd.
        N/A
        
          
        
        30200.00000000
        NS
        
        727204.02000000
        0.551381482515
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        LyondellBasell Industries NV
        BN6WCCZ8OVP3ITUUVN49
        LyondellBasell Industries N.V.
        N/A
        
          
        
        11400.00000000
        NS
        USD
        1172148.00000000
        0.888747427396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp.
        126650100
        
          
        
        9100.00000000
        NS
        USD
        921011.00000000
        0.698330037549
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortescue Metals Group Ltd
        529900VEJFORCO6I4826
        Fortescue Metals Group Ltd.
        N/A
        
          
        
        81700.00000000
        NS
        
        1256126.52000000
        0.952421719044
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Wendel SE
        969500M98ZMIZYJD5O34
        Wendel S.A.
        N/A
        
          
        
        2200.00000000
        NS
        
        224097.74000000
        0.169915650506
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Suncor Energy Inc
        549300W70ZOQDVLCHY06
        Suncor Energy, Inc.
        867224107
        
          
        
        39400.00000000
        NS
        
        1283059.02000000
        0.972842510692
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        NTT
        353800VHQU5VIXVUA841
        Nippon Telegraph & Telephone Corp.
        N/A
        
          
        
        34800.00000000
        NS
        
        1011217.19000000
        0.766726280428
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        Motorola Solutions, Inc.
        620076307
        
          
        
        4300.00000000
        NS
        USD
        1041460.00000000
        0.789657019196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essex Property Trust Inc
        549300TR2H2VEFX0NC60
        Essex Property Trust, Inc.
        297178105
        
          
        
        1100.00000000
        NS
        USD
        380028.00000000
        0.288145274605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Assicurazioni Generali SpA
        549300X5UKJVE386ZB61
        Assicurazioni Generali SpA
        N/A
        
          
        
        40500.00000000
        NS
        
        926583.67000000
        0.702555353914
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Celanese Corp
        549300FHJQTDPPN41627
        Celanese Corp.
        150870103
        
          
        
        6000.00000000
        NS
        USD
        857220.00000000
        0.649962350925
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadridge Financial Solutions
        549300KZDJZQ2YIHRC28
        Broadridge Financial Solutions, Inc.
        11133T103
        
          
        
        6500.00000000
        NS
        USD
        1012115.00000000
        0.767407018976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Waste Connections Inc
        549300HDLRTPBQU69P29
        Waste Connections, Inc.
        94106B101
        
          
        
        8300.00000000
        NS
        USD
        1159510.00000000
        0.879165028256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities, Inc.
        053484101
        
          
        
        1200.00000000
        NS
        USD
        298044.00000000
        0.225983270244
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343V104
        
          
        
        27331.00000000
        NS
        USD
        1392241.14000000
        1.055626705408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever plc
        N/A
        
          
        
        23800.00000000
        NS
        
        1080426.92000000
        0.819202562850
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp.
        594918104
        
          
        
        12565.00000000
        NS
        USD
        3873915.15000000
        2.937284475608
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Solvay SA
        549300MMVL80RTBP3O28
        Solvay S.A.
        N/A
        
          
        
        2700.00000000
        NS
        
        266175.38000000
        0.201819807917
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        National Grid PLC
        8R95QZMKZLJX5Q2XR704
        National Grid plc
        N/A
        
          
        
        64100.00000000
        NS
        
        984931.90000000
        0.746796217104
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CK Infrastructure Holdings Ltd
        5299005U11RQ1C27MR12
        CK Infrastructure Holdings Ltd.
        N/A
        
          
        
        113600.00000000
        NS
        
        759438.35000000
        0.575822233906
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        11100.00000000
        NS
        USD
        1967253.00000000
        1.491612870378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allstate Corp/The
        OBT0W1ED8G0NWVOLOJ77
        Allstate Corp.
        020002101
        
          
        
        8500.00000000
        NS
        USD
        1177335.00000000
        0.892680320603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030N101
        
          
        
        22300.00000000
        NS
        USD
        1044086.00000000
        0.791648107987
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        549300LKFJ962MZ46593
        Cisco Systems, Inc.
        17275R102
        
          
        
        15400.00000000
        NS
        USD
        858704.00000000
        0.651087551141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BAE Systems PLC
        8SVCSVKSGDWMW2QHOH83
        BAE Systems plc
        N/A
        
          
        
        32500.00000000
        NS
        
        305136.34000000
        0.231360832574
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Viatris Inc
        254900ZZTSW7NL773X71
        Viatris, Inc.
        92556V106
        
          
        
        24600.00000000
        NS
        USD
        267648.00000000
        0.202936379576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International In
        HL3H1H2BGXWVG3BSWR90
        Philip Morris International, Inc.
        718172109
        
          
        
        14700.00000000
        NS
        USD
        1380918.00000000
        1.047041260955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Co
        549300LO13MQ9HYSTR83
        Archer-Daniels-Midland Co.
        039483102
        
          
        
        5825.00000000
        NS
        USD
        525764.50000000
        0.398645774075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        N/A
        British Pound Futures Contracts
        N/A
        
          
        
        -88.00000000
        NC
        USD
        20604.15000000
        0.015622502709
        N/A
        DFE
        
        US
        N
        
        1
        
          
            
              BOFA SECURITIES, INC.
              549300HN4UKV1E2R3U73
            
            Short
            
              
                N/A
                British Pound
                
                  
                  
                
              
            
            2022-06-13
            -7243754.15000000
            USD
            20604.15000000
          
        
        
          N
          N
          N
        
      
      
        Medipal Holdings Corp
        353800PJDODZEA4NP730
        Medipal Holdings Corp.
        N/A
        
          
        
        30700.00000000
        NS
        
        505213.01000000
        0.383063199293
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple, Inc.
        037833100
        
          
        
        22277.00000000
        NS
        USD
        3889786.97000000
        2.949318825531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nutrien Ltd
        5493002QQ7GD21OWF963
        Nutrien Ltd.
        67077M108
        
          
        
        7100.00000000
        NS
        
        734081.18000000
        0.556595890813
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Societe Generale SA
        O2RNE8IBXP4R0TD8PU41
        Societe Generale S.A.
        N/A
        
          
        
        12500.00000000
        NS
        
        335186.49000000
        0.254145492451
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Broadcom Inc
        549300WV6GIDOZJTV909
        Broadcom, Inc.
        11135F101
        
          
        
        700.00000000
        NS
        USD
        440776.00000000
        0.334205694211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        Automatic Data Processing, Inc.
        053015103
        
          
        
        2500.00000000
        NS
        USD
        568850.00000000
        0.431314112274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tourmaline Oil Corp
        549300LCHLN94A7Y1572
        Tourmaline Oil Corp.
        89156V106
        
          
        
        20214.00000000
        NS
        
        931602.72000000
        0.706360903875
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        HKT Trust & HKT Ltd
        N/A
        HKT Trust & HKT Ltd.
        N/A
        
          
        
        378600.00000000
        NS
        
        519147.48000000
        0.393628609432
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        Omnicom Group, Inc.
        681919106
        
          
        
        7700.00000000
        NS
        USD
        653576.00000000
        0.495555159082
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KDDI Corp
        5299003FU7V4I45FU310
        KDDI Corp.
        N/A
        
          
        
        9900.00000000
        NS
        
        324633.09000000
        0.246143681160
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Repsol SA
        BSYCX13Y0NOTV14V9N85
        Repsol S.A.
        N/A
        
          
        
        24600.00000000
        NS
        
        322331.22000000
        0.244398354597
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Amundi SA
        96950010FL2T1TJKR531
        Amundi S.A.
        N/A
        
          
        
        8800.00000000
        NS
        
        601921.14000000
        0.456389350722
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Newell Brands Inc
        549300LWGYFM1TVO1Z12
        Newell Brands, Inc.
        651229106
        
          
        
        27200.00000000
        NS
        USD
        582352.00000000
        0.441551614505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Swiss Re AG
        529900PS9YW3YY29F326
        Swiss Re AG
        N/A
        
          
        
        9400.00000000
        NS
        
        894978.16000000
        0.678591387159
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        Dollar General Corp.
        256677105
        
          
        
        3400.00000000
        NS
        USD
        756942.00000000
        0.573929448489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Poste Italiane SpA
        815600354DEDBD0BA991
        Poste Italiane SpA
        N/A
        
          
        
        53200.00000000
        NS
        
        603490.40000000
        0.457579196875
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Chubu Electric Power Co Inc
        529900A76GOP0PGNHT63
        Chubu Electric Power Company, Inc.
        N/A
        
          
        
        22100.00000000
        NS
        
        228763.34000000
        0.173453207195
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Walgreens Boots Alliance Inc
        549300RPTUOIXG4LIH86
        Walgreens Boots Alliance, Inc.
        931427108
        
          
        
        10200.00000000
        NS
        USD
        456654.00000000
        0.346244729940
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto PLC
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        N/A
        
          
        
        16600.00000000
        NS
        
        1326890.84000000
        1.006076724514
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Guggenheim Variable Funds Trust
      John Sullivan
      John Sullivan
      CFO
    
  
  XXXX

Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 17.8%
Technology - 4.9%
Apple, Inc.		19,946	$	3,482,771
Microsoft Corp.		9,886		3,047,953
Broadcom, Inc.		1,077		678,166
Intel Corp.		11,909		590,210
International Business Machines Corp.		4,450		578,589
QUALCOMM, Inc.		3,460		528,757
Akamai Technologies, Inc.^*		4,069		485,798
HP, Inc.		11,876		431,099
Hewlett Packard Enterprise Co.		24,613		411,283
NVIDIA Corp.		1,476		402,741
Texas Instruments, Inc.		2,185		400,904
NetApp, Inc.		4,528		375,824
Skyworks Solutions, Inc.		2,712		361,455
Seagate Technology Holdings plc		3,531		317,437
Advanced Micro Devices, Inc.^*		1,583		173,085
Total Technology				12,266,072
Consumer, Non-cyclical - 4.0%
AbbVie, Inc.		4,351		705,340
Merck & Company, Inc.		8,554		701,856
Bristol-Myers Squibb Co.		8,855		646,681
Amgen, Inc.		2,501		604,792
Vertex Pharmaceuticals, Inc.^*		2,125		554,561
Gilead Sciences, Inc.		8,444		501,996
Hologic, Inc.^*		6,387		490,649
Avery Dennison Corp.		2,613		454,584
Quest Diagnostics, Inc.		3,319		454,239
Laboratory Corporation of America Holdings^*		1,708		450,331
Pfizer, Inc.		8,643		447,448
DaVita, Inc.^*		3,918		443,165
Waters Corp.^*		1,412		438,271
Regeneron Pharmaceuticals, Inc.^*		618		431,623
PerkinElmer, Inc.		2,453		427,950
Johnson & Johnson		2,391		423,757
Incyte Corp.^*		4,421		351,116
HCA Healthcare, Inc.		1,337		335,079
Philip Morris International, Inc.		3,562		334,614
Procter & Gamble Co.		1,397		213,462
FleetCor Technologies, Inc.^*		750		186,795
UnitedHealth Group, Inc.		266		135,652
Coca-Cola Co.		1,381		85,622
Total Consumer, Non-cyclical				9,819,583
Communications - 2.7%
Alphabet, Inc. — Class C^*		606		1,692,552
Amazon.com, Inc.^*		425		1,385,479
Meta Platforms, Inc. — Class A^*		3,549		789,156
Cisco Systems, Inc.		12,563		700,513
Juniper Networks, Inc.		12,941		480,888
Motorola Solutions, Inc.		1,948		471,806
VeriSign, Inc.^*		2,086		464,051
Corning, Inc.		8,754		323,110
AT&T, Inc.		8,142		192,395
F5, Inc.^*		848		177,189
Verizon Communications, Inc.		1,579		80,434
Total Communications				6,757,573
Financial - 2.2%
Prudential Financial, Inc.		4,371		516,521
PNC Financial Services Group, Inc.		2,741		505,577
MetLife, Inc.		7,102		499,129
Morgan Stanley		5,630		492,062
Raymond James Financial, Inc.		4,369		480,197
Everest Re Group Ltd.		1,538		463,522
Berkshire Hathaway, Inc. — Class B^*		1,175		414,669
Visa, Inc. — Class A		1,826		404,952
Fifth Third Bancorp		7,631		328,438
Citigroup, Inc.		6,135		327,609
Travelers Companies, Inc.		1,690		308,814
Capital One Financial Corp.		1,413		185,513
Aflac, Inc.		2,610		168,058
JPMorgan Chase & Co.		936		127,596
Bank of America Corp.		3,047		125,597
Mastercard, Inc. — Class A		253		90,417
Total Financial				5,438,671
Consumer, Cyclical - 1.6%
Tesla, Inc.^*		510		549,576
McDonald's Corp.		2,172		537,092
AutoZone, Inc.^*		252		515,234
Yum! Brands, Inc.		3,953		468,549
NVR, Inc.^*		91		406,521
O'Reilly Automotive, Inc.^*		575		393,852
Whirlpool Corp.		2,129		367,849
Domino's Pizza, Inc.		482		196,179
Home Depot, Inc.		613		183,489
Lowe's Companies, Inc.		762		154,069
Bath & Body Works, Inc.		3,172		151,622
Total Consumer, Cyclical				3,924,032
Industrial - 1.5%
3M Co.		3,576		532,395
Keysight Technologies, Inc.^*		2,992		472,646
Dover Corp.		2,912		456,893
Sealed Air Corp.		6,564		439,526
Snap-on, Inc.		2,109		433,357
Masco Corp.		8,025		409,275
Lockheed Martin Corp.		790		348,706
Otis Worldwide Corp.		4,192		322,574
Northrop Grumman Corp.		287		128,352
Huntington Ingalls Industries, Inc.		613		122,257
Total Industrial				3,665,981
Energy - 0.7%
Exxon Mobil Corp.		6,460		533,532
Williams Companies, Inc.		13,231		442,048
Kinder Morgan, Inc.		23,329		441,151
Chevron Corp.		1,381		224,868
Occidental Petroleum Corp.		2,711		153,822
Total Energy				1,795,421
Basic Materials - 0.2%
LyondellBasell Industries N.V. — Class A		4,614		474,411
Total Common Stocks
(Cost $39,230,484)				44,141,744

MUTUAL FUNDS^† - 80.0%
Guggenheim Strategy Fund III¹			2,970,327				73,188,846

Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
MUTUAL FUNDS^† - 80.0% (continued)
Guggenheim Variable Insurance Strategy Fund III¹		2,714,986	$	66,761,503
Guggenheim Ultra Short Duration Fund — Institutional Class¹		3,123,107		30,575,214
Guggenheim Strategy Fund II¹		1,165,508		28,613,229
Total Mutual Funds
(Cost $202,046,604)				199,138,792

MONEY MARKET FUND^† - 3.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	8,976,084		8,976,084
Total Money Market Fund
(Cost $8,976,084)			8,976,084
Total Investments - 101.4%
(Cost $250,253,172)		$	252,256,620
Other Assets & Liabilities, net - (1.4)%			(3,420,644	)
Total Net Assets - 100.0%		$	248,835,976

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

S&P 500 Index Mini Futures Contracts

Jun 2022

2,490,263

199,994

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Wells Fargo Bank, N.A.

S&P 500 Total Return Index

Pay

0.83% (Federal Funds Rate + 0.50%)

At Maturity

04/07/22

21,398

203,844,837

9,632,631

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

See Sector Classification in Other Information section.

Series A (StylePlus—Large Core Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	44,141,744	$	—	$	—	$	44,141,744
Mutual Funds		199,138,792		—		—		199,138,792
Money Market Fund		8,976,084		—		—		8,976,084
Equity Futures Contracts**		199,994		—		—		199,994
Equity Index Swap Agreements**		—		9,632,631		—		9,632,631
Total Assets	$	252,456,614	$	9,632,631	$	—	$	262,089,245

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

Affiliated Transactions

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

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

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	16,780,495	$	12,058,261	$	–		$	–		$	(225,527	)	$	28,613,229		1,165,508	$	59,384
Guggenheim Strategy Fund III		81,097,553		277,681		(6,981,000	)		(13,914	)		(1,191,474	)		73,188,846		2,970,327		283,330
Guggenheim Ultra Short Duration Fund — Institutional Class		54,253,430		85,674		(23,334,987	)		152,490			(581,393	)		30,575,214		3,123,107		88,365
Guggenheim Variable Insurance Strategy Fund III		67,541,303		222,788		–			–			(1,002,588	)		66,761,503		2,714,986		227,270
	$	219,672,781	$	12,644,404	$	(30,315,987	)	$	138,576		$	(3,000,982	)	$	199,138,792			$	658,349

Series B (Large Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 95.8%
Consumer, Non-cyclical - 21.0%
Tyson Foods, Inc. — Class A		65,226	$	5,846,206
Johnson & Johnson		32,219		5,710,173
McKesson Corp.		14,704		4,501,336
Humana, Inc.		9,178		3,993,990
Medtronic plc		33,173		3,680,544
Quest Diagnostics, Inc.		24,994		3,420,679
Bunge Ltd.		25,800		2,858,898
Ingredion, Inc.		31,921		2,781,915
Henry Schein, Inc.^*		29,932		2,609,771
Archer-Daniels-Midland Co.		27,519		2,483,865
J M Smucker Co.		17,762		2,405,153
Merck & Company, Inc.		29,200		2,395,860
Encompass Health Corp.		25,501		1,813,376
HCA Healthcare, Inc.		6,743		1,689,931
Amgen, Inc.		6,861		1,659,127
Pfizer, Inc.		29,771		1,541,245
Bristol-Myers Squibb Co.		16,678		1,217,994
Total Consumer, Non-cyclical				50,610,063
Financial - 15.8%
Berkshire Hathaway, Inc. — Class B^*		18,228		6,432,843
JPMorgan Chase & Co.		38,094		5,192,974
Bank of America Corp.		105,080		4,331,397
Wells Fargo & Co.		62,015		3,005,247
Allstate Corp.		21,352		2,957,465
STAG Industrial, Inc. REIT		57,864		2,392,677
Charles Schwab Corp.		27,103		2,285,054
Medical Properties Trust, Inc. REIT		87,952		1,859,305
Voya Financial, Inc.		27,419		1,819,251
KeyCorp		64,668		1,447,270
Zions Bancorp North America		20,791		1,363,058
Park Hotels & Resorts, Inc. REIT		64,125		1,252,361
American Tower Corp. — Class A REIT		4,618		1,160,134
Mastercard, Inc. — Class A		3,197		1,142,544
BOK Financial Corp.		9,366		879,936
Gaming and Leisure Properties, Inc. REIT		12,532		588,127
Total Financial				38,109,643
Technology - 10.6%
Micron Technology, Inc.		51,683		4,025,589
Activision Blizzard, Inc.		35,893		2,875,388
Apple, Inc.		16,014		2,796,204
Leidos Holdings, Inc.		23,089		2,494,074
DXC Technology Co.^*		75,160		2,452,471
KLA Corp.		6,419		2,349,739
Qorvo, Inc.^*		12,467		1,547,155
Amdocs Ltd.		15,609		1,283,216
Cerner Corp.		12,890		1,205,989
Teradyne, Inc.		10,123		1,196,842
QUALCOMM, Inc.		7,814		1,194,135
Skyworks Solutions, Inc.		8,084		1,077,436
Intel Corp.		21,442		1,062,665
Total Technology				25,560,903
Energy - 10.3%
Chevron Corp.		36,592		5,958,275
ConocoPhillips		43,888		4,388,800
Marathon Oil Corp.		106,726		2,679,890
Coterra Energy, Inc. — Class A		91,049		2,455,592
Kinder Morgan, Inc.		95,042		1,797,244
Equities Corp.		52,053		1,791,144
Pioneer Natural Resources Co.		7,109		1,777,463
Chesapeake Energy Corp.		15,779		1,372,773
Diamondback Energy, Inc.		9,973		1,367,099
Patterson-UTI Energy, Inc.		73,057		1,130,922
Total Energy				24,719,202
Utilities - 9.9%
Edison International		55,980		3,924,198
Exelon Corp.		76,577		3,647,363
Duke Energy Corp.		28,440		3,175,610
Pinnacle West Capital Corp.		34,050		2,659,305
OGE Energy Corp.		61,949		2,526,280
NiSource, Inc.		65,351		2,078,162
Black Hills Corp.		26,749		2,060,208
Constellation Energy Corp.		25,525		1,435,781
Sempra Energy		8,419		1,415,402
PPL Corp.		33,862		967,099
Total Utilities				23,889,408
Consumer, Cyclical - 8.5%
Walmart, Inc.		25,244		3,759,336
Delta Air Lines, Inc.^*		57,154		2,261,584
Southwest Airlines Co.^*		47,188		2,161,210
Whirlpool Corp.		11,825		2,043,124
LKQ Corp.		40,623		1,844,690
PACCAR, Inc.		20,253		1,783,682
Lear Corp.		12,115		1,727,478
DR Horton, Inc.		20,604		1,535,204
Ralph Lauren Corp. — Class A		11,569		1,312,388
PVH Corp.		14,248		1,091,539
Home Depot, Inc.		2,909		870,751
Total Consumer, Cyclical				20,390,986
Communications - 7.5%
Verizon Communications, Inc.		94,596		4,818,720
Alphabet, Inc. — Class A^*		1,325		3,685,289
Cisco Systems, Inc.		46,985		2,619,884
Comcast Corp. — Class A		47,311		2,215,101
T-Mobile US, Inc.^*		15,182		1,948,610
Juniper Networks, Inc.		43,590		1,619,804
Walt Disney Co.^*		8,284		1,136,233
Total Communications				18,043,641
Industrial - 6.6%
Johnson Controls International plc		46,562		3,053,070
L3Harris Technologies, Inc.		10,969		2,725,468
FedEx Corp.		11,555		2,673,711
Knight-Swift Transportation Holdings, Inc.		46,371		2,339,881
Curtiss-Wright Corp.		14,040		2,108,246
Valmont Industries, Inc.		7,628		1,820,041
Advanced Energy Industries, Inc.		12,693		1,092,614
Total Industrial				15,813,031
Basic Materials - 5.6%
Huntsman Corp.		105,501		3,957,343
Westlake Corp.		30,967		3,821,328
Reliance Steel & Aluminum Co.		10,519		1,928,658
Nucor Corp.		11,318		1,682,421

Series B (Large Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 95.8% (continued)
Basic Materials - 5.6% (continued)
International Flavors & Fragrances, Inc.		6,793	$	892,125
Dow, Inc.		9,877		629,362
DuPont de Nemours, Inc.		8,550		629,109
Total Basic Materials				13,540,346
Total Common Stocks
(Cost $160,417,493)				230,677,223

EXCHANGE-TRADED FUNDS^† - 1.0%
iShares Russell 1000 Value ETF	14,571	2,418,494
Total Exchange-Traded Funds
(Cost $2,304,195)		2,418,494

MONEY MARKET FUND^† - 2.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%¹	5,522,842		5,522,842
Total Money Market Fund
(Cost $5,522,842)			5,522,842
Total Investments - 99.1%
(Cost $168,244,530)		$	238,618,559
Other Assets & Liabilities, net - 0.9%			2,245,287
Total Net Assets - 100.0%		$	240,863,846

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
¹	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	230,677,223	$	—	$	—	$	230,677,223
Exchange-Traded Funds		2,418,494		—		—		2,418,494
Money Market Fund		5,522,842		—		—		5,522,842
Total Assets	$	238,618,559	$	—	$	—	$	238,618,559

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 98.4%
Financial - 17.1%
Allstate Corp.		8,500	$	1,177,335
Prudential Financial, Inc.		9,900		1,169,883
AXA S.A.^††		37,800		1,106,882
Australia & New Zealand Banking Group Ltd.^††		50,200		1,028,851
BNP Paribas S.A.^††		16,600		948,869
Assicurazioni Generali SpA^††		40,500		926,584
Swiss Re AG^††		9,400		894,978
JPMorgan Chase & Co.		6,000		817,920
Banco Santander S.A.^††		224,900		764,860
American Tower Corp. — Class A REIT		2,900		728,538
National Australia Bank Ltd.^††		30,200		727,204
Travelers Companies, Inc.		3,900		712,647
Goldman Sachs Group, Inc.		2,100		693,210
Swedbank AB — Class A^††		45,800		684,039
Vornado Realty Trust REIT		14,800		670,736
Canadian Apartment Properties REIT		15,100		648,190
CNP Assurances^††		25,900		623,704
Dexus REIT^††		75,800		618,852
EXOR N.V.^††		8,100		615,933
Phoenix Group Holdings plc^††		76,200		610,305
Amundi S.A.^††,1		8,800		601,921
GPT Group REIT^††		152,200		587,198
Sumitomo Mitsui Financial Group, Inc.^††		17,600		556,033
Truist Financial Corp.		8,800		498,960
Credit Agricole S.A.^††		40,000		478,077
Essex Property Trust, Inc. REIT		1,100		380,028
Western Union Co.		20,000		374,800
Zurich Insurance Group AG^††		700		345,790
Societe Generale S.A.^††		12,500		335,187
Mediobanca Banca di Credito Finanziario SpA^††		32,500		328,521
Public Storage REIT		800		312,224
Gjensidige Forsikring ASA^††		12,300		305,085
KBC Group N.V.^††		4,200		301,432
AvalonBay Communities, Inc. REIT		1,200		298,044
Mizuho Financial Group, Inc.^††		20,300		258,970
NN Group N.V.^††		5,000		253,465
Wendel S.A.^††		2,200		224,098
Total Financial				22,609,353
Consumer, Non-cyclical - 16.6%
Johnson & Johnson		11,100		1,967,253
AbbVie, Inc.		10,108		1,638,608
Bristol-Myers Squibb Co.		20,394		1,489,374
Philip Morris International, Inc.		14,700		1,380,918
Merck & Company, Inc.		16,000		1,312,800
Amgen, Inc.		5,100		1,233,282
Cigna Corp.		5,000		1,198,050
McKesson Corp.		3,700		1,132,681
AmerisourceBergen Corp. — Class A		7,100		1,098,441
Unilever plc^††		23,800		1,080,427
Gilead Sciences, Inc.		16,900		1,004,705
CVS Health Corp.		9,100		921,011
Cardinal Health, Inc.		16,200		918,540
Kellogg Co.		13,890		895,766
Imperial Brands plc^††		42,500		894,971
Japan Tobacco, Inc.^††		51,100		872,786
Altria Group, Inc.		14,000		731,500
Automatic Data Processing, Inc.		2,500		568,850
Archer-Daniels-Midland Co.		5,825		525,765
Medipal Holdings Corp.^††		30,700		505,213
Viatris, Inc.		24,600		267,648
Tyson Foods, Inc. — Class A		2,700		242,001
Total Consumer, Non-cyclical				21,880,590
Technology - 15.0%
Apple, Inc.		22,277		3,889,787
Microsoft Corp.		12,565		3,873,915
Intel Corp.		28,067		1,391,001
Accenture plc — Class A		3,994		1,346,897
Texas Instruments, Inc.		7,100		1,302,708
International Business Machines Corp.		8,524		1,108,290
Oracle Corp.		13,200		1,092,036
HP, Inc.		28,200		1,023,660
Broadridge Financial Solutions, Inc.		6,500		1,012,115
NetApp, Inc.		10,600		879,800
Hewlett Packard Enterprise Co.		51,800		865,578
NVIDIA Corp.		2,600		709,436
KLA Corp.		1,600		585,696
Broadcom, Inc.		700		440,776
Intuit, Inc.		500		240,420
Total Technology				19,762,115
Communications - 12.6%
Alphabet, Inc. — Class C^*		1,106		3,089,047
Amazon.com, Inc.^*		779		2,539,501
Verizon Communications, Inc.		27,331		1,392,241
Comcast Corp. — Class A		22,300		1,044,086
Motorola Solutions, Inc.		4,300		1,041,460
Nippon Telegraph & Telephone Corp.^††		34,800		1,011,217
Thomson Reuters Corp.		8,300		901,384
Cisco Systems, Inc.		15,400		858,704
Liberty Global plc — Class C^*		28,700		743,617
Omnicom Group, Inc.		7,700		653,576
Corning, Inc.		17,300		638,543
Sirius XM Holdings, Inc.		89,900		595,138
HKT Trust & HKT Ltd.^††		378,600		519,148
Liberty Media Corporation-Liberty SiriusXM — Class C^*		10,000		457,300
KDDI Corp.^††		9,900		324,633
CDW Corp.		1,700		304,113
Telenor ASA^††		17,200		246,876
Meta Platforms, Inc. — Class A^*		844		187,672
Total Communications				16,548,256
Consumer, Cyclical - 10.5%
Home Depot, Inc.		5,000		1,496,650
McDonald's Corp.		5,100		1,261,128
Mitsubishi Corp.^††		29,800		1,118,453
Tesla, Inc.^*		1,034		1,114,238
PACCAR, Inc.		11,400		1,003,998
Genuine Parts Co.		7,400		932,548
Cummins, Inc.		3,800		779,418
Dollar General Corp.		3,400		756,942
Best Buy Company, Inc.		8,100		736,290
Hasbro, Inc.		8,700		712,704

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 98.4% (continued)
Consumer, Cyclical - 10.5% (continued)
Whirlpool Corp.		3,586	$	619,589
Newell Brands, Inc.		27,200		582,352
Lear Corp.		4,000		570,360
Lowe's Companies, Inc.		2,600		525,694
BorgWarner, Inc.		12,100		470,690
Walgreens Boots Alliance, Inc.		10,200		456,654
ITOCHU Corp.^††		12,200		412,735
Lawson, Inc.^††		7,800		298,625
Total Consumer, Cyclical				13,849,068
Industrial - 8.4%
Waste Connections, Inc.		8,300		1,159,510
Lockheed Martin Corp.		2,522		1,113,211
Northrop Grumman Corp.		2,319		1,037,103
Packaging Corporation of America		6,500		1,014,715
3M Co.		6,690		996,007
TE Connectivity Ltd.		6,600		864,468
CK Infrastructure Holdings Ltd.^††		113,600		759,438
Aurizon Holdings Ltd.^††		274,900		755,751
Amcor plc		66,700		755,711
Arrow Electronics, Inc.^*		5,400		640,602
Illinois Tool Works, Inc.		2,900		607,260
Poste Italiane SpA^††,1		53,200		603,491
Kyocera Corp.^††		9,200		514,899
BAE Systems plc^††		32,500		305,136
Total Industrial				11,127,302
Utilities - 6.5%
Southern Co.		17,500		1,268,925
National Grid plc^††		64,100		984,932
SSE plc^††		40,000		913,698
Exelon Corp.		16,500		785,895
Hong Kong & China Gas Company Ltd.^††		621,100		750,280
EDP - Energias de Portugal S.A.^††		134,600		662,673
Endesa S.A.^††		27,600		601,950
UGI Corp.		15,900		575,898
CLP Holdings Ltd.^††		55,100		536,146
Power Assets Holdings Ltd.		71,500		465,994
Snam SpA^††		79,900		460,877
Consolidated Edison, Inc.		2,900		274,572
Chubu Electric Power Company, Inc.^††		22,100		228,763
Total Utilities				8,510,603
Basic Materials - 6.3%
Rio Tinto plc^††		16,600		1,326,891
Fortescue Metals Group Ltd.^††		81,700		1,256,126
LyondellBasell Industries N.V. — Class A		11,400		1,172,148
Steel Dynamics, Inc.		13,800		1,151,334
International Paper Co.		20,400		941,460
Celanese Corp. — Class A		6,000		857,220
Nutrien Ltd.		7,100		734,081
Eastman Chemical Co.		5,700		638,742
Solvay S.A.^*,††		2,700		266,176
Total Basic Materials				8,344,178
Energy - 5.4%
Suncor Energy, Inc.		39,400		1,283,059
BP plc^††		223,700		1,096,514
TC Energy Corp.		19,000		1,071,915
Tourmaline Oil Corp.		20,214		931,603
Eni SpA^††		60,200		878,158
ENEOS Holdings, Inc.^††		198,700		742,988
Valero Energy Corp.		4,400		446,776
Phillips 66		4,100		354,199
Repsol S.A.^††		24,600		322,331
Total Energy				7,127,543
Total Common Stocks
(Cost $121,113,722)				129,759,008

EXCHANGE-TRADED FUNDS^† - 0.5%
SPDR S&P 500 ETF Trust	795	359,054
iShares MSCI EAFE ETF	4,746	349,305
Total Exchange-Traded Funds
(Cost $687,201)		708,359

MONEY MARKET FUND^† - 0.4%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 0.16%²	527,109		527,109
Total Money Market Fund
(Cost $527,109)			527,109
Total Investments - 99.3%
(Cost $122,328,032)		$	130,994,476
Other Assets & Liabilities, net - 0.7%			859,545
Total Net Assets - 100.0%		$	131,854,021

Series D (World Equity Income Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Currency Futures Contracts Sold Short^†
Japanese Yen Futures Contracts		70	Jun 2022	$	7,201,250	$	178,804
British Pound Futures Contracts		88	Jun 2022		7,223,150		20,604
				$	14,424,400	$	199,408

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	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 $1,205,412 (cost $1,401,294), or 0.9% of total net assets.
²	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	94,379,868	$	35,379,140	$	—	$	129,759,008
Exchange-Traded Funds		708,359		—		—		708,359
Money Market Fund		527,109		—		—		527,109
Currency Futures Contracts**		199,408		—		—		199,408
Total Assets	$	95,814,744	$	35,379,140	$	—	$	131,193,884

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

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 1.4%
Financial - 1.4%
Pershing Square Tontine Holdings Ltd. — Class A^*,1		76,590	$	1,523,375
KKR Acquisition Holdings I Corp. — Class A^*,1		33,829		332,539
RXR Acquisition Corp. — Class A^*,1		7,752		75,582
TPG Pace Beneficial II Corp.^*,1		6,675		65,548
MSD Acquisition Corp. — Class A^*,1		4,876		47,883
AfterNext HealthTech Acquisition Corp. — Class A^*,1		4,100		39,688
Conyers Park III Acquisition Corp. — Class A^*,1		3,800		37,050
Waverley Capital Acquisition Corp. 1 — Class A^*,1		3,000		28,860
Colicity, Inc. — Class A^*,1		2,716		26,508
Acropolis Infrastructure Acquisition Corp. — Class A^*,1		2,700		26,217
Blue Whale Acquisition Corp. I — Class A^*,1		2,200		21,340
Total Financial				2,224,590
Communications - 0.0%
Figs, Inc. — Class A^*		1,346		28,966
Vacasa, Inc. — Class A^*		3,356		27,754
Total Communications				56,720
Total Common Stocks
(Cost $2,246,547)				2,281,310

PREFERRED STOCKS^†† - 4.8%
Financial - 4.8%
Wells Fargo & Co.
3.90% due 12/31/70^*	450,000	431,348
4.70%	16,000	352,800
Equitable Holdings, Inc.
4.95% due 12/31/70^*	550,000	540,375
4.30%	12,000	238,560
Citigroup, Inc.
3.88% due 12/31/70^*	600,000	565,500
4.00% due 12/31/70^*	200,000	192,000
Bank of America Corp.
4.13%^*	16,000	340,960
4.38%^*	12,000	259,800
4.38%^*	100,000	93,980
Markel Corp.
6.00% due 12/31/70^*	660,000	683,100
First Republic Bank
4.25%	24,000	498,240
4.13%	6,000	123,720
4.50%	2,000	44,160
Bank of New York Mellon Corp.
3.75% due 12/31/70^*	400,000	369,760
4.70% due 12/31/70^*	140,000	143,360
Charles Schwab Corp.
4.00% due 12/31/70^*	500,000	449,060
JPMorgan Chase & Co.
3.65%	250,000	233,750
4.63%	8,000	176,080
MetLife, Inc.
3.85% due 12/31/70^*	400,000	394,480
Public Storage
4.63%	12,755	296,936
4.13%	2,323	50,549
W R Berkley Corp.
4.13% due 03/30/61	11,288	250,593
4.25% due 09/30/60	1,845	39,225
Arch Capital Group Ltd.
4.55%	10,000	211,100
American Financial Group, Inc.
4.50% due 09/15/60	8,968	204,112
RenaissanceRe Holdings Ltd.
4.20%	8,000	168,880
Goldman Sachs Group, Inc.
3.80%	150,000	139,031
CNO Financial Group, Inc.
5.13% due 11/25/60	6,000	133,200
Kuvare US Holdings, Inc.
7.00% due 02/17/51^*,3	100,000	104,000
Assurant, Inc.
5.25% due 01/15/61	4,000	92,880
Selective Insurance Group, Inc.
4.60%	4,000	83,800
Total Financial		7,905,339
Total Preferred Stocks
(Cost $8,626,177)		7,905,339

WARRANTS^† - 0.0%
Pershing Square Tontine Holdings, Ltd.
Expiring 07/24/25^*,1	8,510	7,999
KKR Acquisition Holdings I Corp.
Expiring 12/31/27^*,1	8,457	5,582
MSD Acquisition Corp.
Expiring 05/13/23^*,1	974	760
RXR Acquisition Corp.
Expiring 03/08/26^*,1	1,547	696
Conyers Park III Acquisition Corp.
Expiring 08/12/28^*	1,266	647
Ginkgo Bioworks Holdings, Inc.
Expiring 12/31/27^*	684	602
AfterNext HealthTech Acquisition Corp.
Expiring 07/09/23^*	1,366	574
Acropolis Infrastructure Acquisition Corp.
Expiring 03/31/26^*,1	900	428
Waverley Capital Acquisition Corp.
Expiring 04/30/27^*,1	1,000	380
Blue Whale Acquisition Corp.
Expiring 07/30/26^*,1	550	276
Colicity, Inc.
Expiring 12/31/27^*,1	542	211
Total Warrants
(Cost $65,470)		18,155

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
MUTUAL FUNDS^† - 4.0%
Guggenheim Total Return Bond Fund — R6-Class⁴		245,584	$	6,515,346
Total Mutual Funds
(Cost $6,540,145)				6,515,346

MONEY MARKET FUND^† - 1.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%⁵	1,713,989	1,713,989
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 0.15%⁵	595,083	595,083
Total Money Market Fund
(Cost $2,309,072)		2,309,072

	Face Amount^~
CORPORATE BONDS^†† - 39.4%
Financial - 16.2%
Pershing Square Holdings Ltd.
3.25% due 11/15/30³		1,000,000	917,580
3.25% due 10/01/31		1,000,000	902,000
Wells Fargo & Co.
3.07% due 04/30/41²		1,100,000	988,873
Nationwide Mutual Insurance Co.
4.35% due 04/30/50³		950,000	945,167
Bank of America Corp.
2.59% due 04/29/31²		890,000	821,084
Liberty Mutual Group, Inc.
4.30% due 02/01/61³		700,000	556,360
3.95% due 05/15/60³		280,000	254,758
Reliance Standard Life Global Funding II
2.75% due 05/07/25³		800,000	784,449
Reinsurance Group of America, Inc.
3.15% due 06/15/30		750,000	722,402
Wilton RE Ltd.
6.00% ^{†††,2,3,6}		700,000	673,960
Macquarie Bank Ltd.
3.05% due 03/03/36^2,3		450,000	396,318
3.62% due 06/03/30³		290,000	273,322
Arch Capital Group Ltd.
3.64% due 06/30/50		700,000	641,229
American International Group, Inc.
4.38% due 06/30/50		550,000	602,811
GLP Capital Limited Partnership / GLP Financing II, Inc.
5.30% due 01/15/29		300,000	315,171
4.00% due 01/15/31		290,000	281,265
Citigroup, Inc.
2.57% due 06/03/31²		590,000	540,503
Intercontinental Exchange, Inc.
2.65% due 09/15/40		600,000	511,962
Nippon Life Insurance Co.
2.75% due 01/21/51^2,3		350,000	314,125
2.90% due 09/16/51^2,3		200,000	181,053
Fidelity National Financial, Inc.
3.40% due 06/15/30		300,000	288,900
2.45% due 03/15/31		230,000	203,706
Deloitte LLP
3.56% due 05/07/30^†††		500,000	478,360
Host Hotels & Resorts, LP
3.50% due 09/15/30		435,000	414,755
2.90% due 12/15/31		50,000	44,693
Iron Mountain, Inc.
4.50% due 02/15/31³		233,000	215,178
5.63% due 07/15/32³		125,000	123,160
5.25% due 07/15/30³		117,000	114,660
Maple Grove Funding Trust I
4.16% due 08/15/51³		500,000	450,801
JPMorgan Chase & Co.
2.96% due 05/13/31²		230,000	215,210
4.49% due 03/24/31²		200,000	211,988
Fairfax Financial Holdings Ltd.
3.38% due 03/03/31		450,000	419,695
Global Atlantic Finance Co.
4.70% due 10/15/51^2,3		250,000	235,625
3.13% due 06/15/31³		200,000	178,954
FS KKR Capital Corp.
2.63% due 01/15/27		250,000	228,945
3.25% due 07/15/27		200,000	184,615
Crown Castle International Corp.
2.90% due 04/01/41		250,000	206,940
3.30% due 07/01/30		201,000	192,222
Macquarie Group Ltd.
2.87% due 01/14/33^2,3		250,000	221,892
2.69% due 06/23/32^2,3		200,000	176,031
Safehold Operating Partnership, LP
2.85% due 01/15/32		271,000	238,763
2.80% due 06/15/31		180,000	158,064
OneAmerica Financial Partners, Inc.
4.25% due 10/15/50³		410,000	394,686
Ares Finance Company II LLC
3.25% due 06/15/30³		410,000	393,156
Massachusetts Mutual Life Insurance Co.
3.20% due 12/01/61³		450,000	367,391
United Wholesale Mortgage LLC
5.50% due 04/15/29³		300,000	267,306
5.50% due 11/15/25³		100,000	97,000
National Australia Bank Ltd.
2.99% due 05/21/31³		400,000	362,967
Standard Chartered plc
4.64% due 04/01/31^2,3		350,000	360,887
First American Financial Corp.
4.00% due 05/15/30		360,000	360,554
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/31³		350,000	316,750

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 39.4% (continued)
Financial - 16.2% (continued)
Brookfield Finance, Inc.
3.50% due 03/30/51		280,000	$	248,984
4.70% due 09/20/47		50,000		52,995
LPL Holdings, Inc.
4.00% due 03/15/29³		300,000		284,694
Belrose Funding Trust
2.33% due 08/15/30³		320,000		280,274
SBA Communications Corp.
3.13% due 02/01/29		250,000		227,405
3.88% due 02/15/27		50,000		48,771
ABN AMRO Bank N.V.
2.47% due 12/13/29^2,3		300,000		274,199
Jefferies Group LLC
2.75% due 10/15/32		300,000		268,463
UBS Group AG
2.10% due 02/11/32^2,3		300,000		262,301
KKR Group Finance Company VIII LLC
3.50% due 08/25/50³		290,000		252,963
Everest Reinsurance Holdings, Inc.
3.50% due 10/15/50		280,000		249,660
Kennedy-Wilson, Inc.
4.75% due 03/01/29		150,000		144,620
4.75% due 02/01/30		100,000		95,091
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/28³		250,000		239,370
Assured Guaranty US Holdings, Inc.
3.15% due 06/15/31		150,000		141,485
3.60% due 09/15/51		100,000		86,274
Stewart Information Services Corp.
3.60% due 11/15/31		250,000		227,529
Societe Generale S.A.
2.89% due 06/09/32^2,3		250,000		224,015
Assurant, Inc.
2.65% due 01/15/32		250,000		218,238
Westpac Banking Corp.
3.02% due 11/18/36²		150,000		133,282
2.96% due 11/16/40		100,000		84,033
Trustage Financial Group, Inc.
4.63% due 04/15/32³		200,000		200,678
NFP Corp.
6.88% due 08/15/28³		200,000		191,000
Hunt Companies, Inc.
5.25% due 04/15/29³		200,000		190,530
AmFam Holdings, Inc.
2.81% due 03/11/31³		200,000		184,650
Primerica, Inc.
2.80% due 11/19/31		200,000		184,506
Americo Life, Inc.
3.45% due 04/15/31³		200,000		180,303
Lincoln National Corp.
4.38% due 06/15/50		150,000		154,411
Corebridge Financial, Inc.
4.35% due 04/05/42³		150,000		149,960
Kemper Corp.
2.40% due 09/30/30		170,000		148,170
Raymond James Financial, Inc.
3.75% due 04/01/51		150,000		146,589
Prudential Financial, Inc.
3.70% due 10/01/50²		130,000		119,132
PartnerRe Finance B LLC
4.50% due 10/01/50²		110,000		106,150
Nasdaq, Inc.
3.25% due 04/28/50		110,000		94,949
Western & Southern Life Insurance Co.
3.75% due 04/28/61³		100,000		90,309
Jefferies Group LLC / Jefferies Group Capital Finance, Inc.
2.63% due 10/15/31		100,000		90,154
Penn Mutual Life Insurance Co.
3.80% due 04/29/61³		100,000		88,829
Apollo Management Holdings, LP
2.65% due 06/05/30³		90,000		83,987
Home Point Capital, Inc.
5.00% due 02/01/26³		100,000		81,931
Brown & Brown, Inc.
2.38% due 03/15/31		90,000		79,067
American Equity Investment Life Holding Co.
5.00% due 06/15/27		69,000		71,989
CNO Financial Group, Inc.
5.25% due 05/30/29		50,000		52,600
Brookfield Finance LLC
3.45% due 04/15/50		50,000		43,904
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/28³		35,000		36,575
Weyerhaeuser Co.
4.00% due 04/15/30		34,000		35,012
Total Financial				26,598,277
Consumer, Non-cyclical - 5.4%
CoStar Group, Inc.
2.80% due 07/15/30³		740,000		676,338
Altria Group, Inc.
3.70% due 02/04/51		550,000		444,252
3.40% due 05/06/30		170,000		163,495
4.45% due 05/06/50		50,000		45,373
Mozart Debt Merger Sub, Inc.
3.88% due 04/01/29³		550,000		508,750
BAT Capital Corp.
3.98% due 09/25/50		300,000		243,117
4.70% due 04/02/27		190,000		194,873
Quanta Services, Inc.
2.90% due 10/01/30		467,000		432,076
Johns Hopkins University
2.81% due 01/01/60		500,000		416,740
Children's Hospital Corp.
2.59% due 02/01/50		500,000		399,991

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 39.4% (continued)
Consumer, Non-cyclical - 5.4% (continued)
Royalty Pharma plc
3.55% due 09/02/50		310,000	$	257,511
2.20% due 09/02/30		160,000		139,887
DaVita, Inc.
3.75% due 02/15/31³		303,000		265,125
4.63% due 06/01/30³		113,000		105,519
Kraft Heinz Foods Co.
4.38% due 06/01/46		180,000		177,775
4.88% due 10/01/49		75,000		79,022
5.50% due 06/01/50		50,000		56,776
5.00% due 06/04/42		50,000		53,405
Global Payments, Inc.
2.90% due 05/15/30		210,000		193,818
2.90% due 11/15/31		140,000		127,549
Smithfield Foods, Inc.
2.63% due 09/13/31³		250,000		219,514
3.00% due 10/15/30³		110,000		99,832
US Foods, Inc.
6.25% due 04/15/25³		200,000		205,000
4.75% due 02/15/29³		89,000		84,884
JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.
3.00% due 05/15/32³		200,000		180,002
4.38% due 02/02/52³		100,000		86,988
Becle, SAB de CV
2.50% due 10/14/31³		250,000		221,775
Post Holdings, Inc.
4.50% due 09/15/31³		250,000		221,498
California Institute of Technology
3.65% due 09/01/19		225,000		192,970
TriNet Group, Inc.
3.50% due 03/01/29³		200,000		183,750
Triton Container International Ltd.
3.15% due 06/15/31³		200,000		182,857
Kimberly-Clark de Mexico SAB de CV
2.43% due 07/01/31³		200,000		181,108
Central Garden & Pet Co.
4.13% due 04/30/31³		100,000		90,000
4.13% due 10/15/30		75,000		67,687
Spectrum Brands, Inc.
5.75% due 07/15/25		150,000		152,813
Hologic, Inc.
3.25% due 02/15/29³		150,000		140,065
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
6.13% due 04/01/29³		150,000		136,875
Universal Health Services, Inc.
2.65% due 10/15/30³		150,000		136,172
Transurban Finance Company Pty Ltd.
2.45% due 03/16/31³		150,000		133,003
Avantor Funding, Inc.
4.63% due 07/15/28³		125,000		123,625
Nielsen Finance LLC / Nielsen Finance Co.
4.50% due 07/15/29³		100,000		99,750
Block, Inc.
2.75% due 06/01/26³		100,000		94,522
Gartner, Inc.
3.75% due 10/01/30³		100,000		93,875
Syneos Health, Inc.
3.63% due 01/15/29³		100,000		92,375
Triton Container International Limited / TAL International Container Corp.
3.25% due 03/15/32		100,000		92,113
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/27³		100,000		91,489
Service Corporation International
3.38% due 08/15/30		100,000		90,088
GXO Logistics, Inc.
2.65% due 07/15/31³		100,000		86,710
Tenet Healthcare Corp.
4.63% due 06/15/28³		75,000		73,594
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
5.00% due 12/31/26³		50,000		46,125
Total Consumer, Non-cyclical				8,882,451
Industrial - 4.3%
Boeing Co.
5.15% due 05/01/30		970,000		1,034,464
5.81% due 05/01/50		490,000		565,821
5.71% due 05/01/40		490,000		547,551
2.20% due 02/04/26		200,000		189,083
Amsted Industries, Inc.
4.63% due 05/15/30³		470,000		445,433
Stadco LA, LLC
3.75% due 05/15/56^†††		500,000		445,307
Crown Americas LLC / Crown Americas Capital Corporation VI
4.75% due 02/01/26		400,000		404,272
Cellnex Finance Company S.A.
3.88% due 07/07/41³		450,000		365,544
TD SYNNEX Corp.
2.65% due 08/09/31³		250,000		214,686
2.38% due 08/09/28³		150,000		135,010
Flowserve Corp.
3.50% due 10/01/30		270,000		255,705
2.80% due 01/15/32		100,000		88,446
Owens Corning
3.88% due 06/01/30		320,000		323,140
Textron, Inc.
2.45% due 03/15/31		350,000		316,876
Vontier Corp.
2.95% due 04/01/31		350,000		310,818
Acuity Brands Lighting, Inc.
2.15% due 12/15/30		350,000		307,303

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 39.4% (continued)
Industrial - 4.3% (continued)
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.13% due 08/15/26³		250,000	$	240,856
Standard Industries, Inc.
4.38% due 07/15/30³		125,000		114,495
3.38% due 01/15/31³		125,000		109,375
GATX Corp.
4.00% due 06/30/30		140,000		141,923
3.50% due 03/15/28		50,000		49,715
Weir Group plc
2.20% due 05/13/26³		200,000		186,785
Howmet Aerospace, Inc.
6.75% due 01/15/28		145,000		157,325
Berry Global, Inc.
1.57% due 01/15/26		50,000		46,579
Norfolk Southern Corp.
4.10% due 05/15/21		50,000		46,532
Graphic Packaging International LLC
3.50% due 03/01/29³		11,000		10,120
Total Industrial				7,053,164
Consumer, Cyclical - 3.7%
Marriott International, Inc.
4.63% due 06/15/30		340,000		352,135
3.50% due 10/15/32		330,000		314,117
5.75% due 05/01/25		250,000		265,434
2.85% due 04/15/31		170,000		155,158
2.75% due 10/15/33		100,000		88,252
Delta Air Lines, Inc.
7.00% due 05/01/25³		1,070,000		1,146,093
Magallanes, Inc.
4.28% due 03/15/32³		400,000		401,779
5.14% due 03/15/52³		200,000		204,619
Hyatt Hotels Corp.
5.38% due 04/23/25		220,000		230,935
5.75% due 04/23/30		190,000		209,938
Hilton Domestic Operating Company, Inc.
3.75% due 05/01/29³		400,000		375,466
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.50% due 06/20/27³		350,000		364,875
Choice Hotels International, Inc.
3.70% due 01/15/31		360,000		350,049
1011778 BC ULC / New Red Finance, Inc.
4.00% due 10/15/30³		300,000		270,611
3.88% due 01/15/28³		55,000		52,114
Delta Air Lines Inc. / SkyMiles IP Ltd.
4.50% due 10/20/25³		300,000		301,743
PetSmart, Inc. / PetSmart Finance Corp.
4.75% due 02/15/28³		250,000		241,601
Walgreens Boots Alliance, Inc.
4.10% due 04/15/50		198,000		192,869
United Airlines, Inc.
4.38% due 04/15/26³		150,000		147,551
Scotts Miracle-Gro Co.
4.00% due 04/01/31		150,000		130,798
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/29³		100,000		94,750
British Airways Class A Pass Through Trust
2.90% due 03/15/35³		99,933		91,819
Allison Transmission, Inc.
3.75% due 01/30/31³		100,000		90,715
WMG Acquisition Corp.
3.00% due 02/15/31³		75,000		67,125
Aramark Services, Inc.
5.00% due 02/01/28³		10,000		9,700
Total Consumer, Cyclical				6,150,246
Communications - 3.6%
Paramount Global
4.95% due 01/15/31		617,000		655,859
4.95% due 05/19/50		320,000		334,448
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% due 04/01/31		625,000		563,309
2.25% due 01/15/29		100,000		89,987
3.90% due 06/01/52		50,000		42,165
Level 3 Financing, Inc.
3.63% due 01/15/29³		330,000		288,750
4.25% due 07/01/28³		288,000		264,386
3.75% due 07/15/29³		100,000		88,623
British Telecommunications plc
4.88% due 11/23/81^2,3		350,000		332,500
9.63% due 12/15/30		100,000		136,436
AT&T, Inc.
2.75% due 06/01/31		410,000		384,449
CSC Holdings LLC
4.13% due 12/01/30³		200,000		175,373
3.38% due 02/15/31³		200,000		168,500
McGraw-Hill Education, Inc.
5.75% due 08/01/28³		300,000		286,131
Virgin Media Secured Finance plc
4.50% due 08/15/30³		300,000		279,750
Cable One, Inc.
4.00% due 11/15/30³		300,000		276,666
UPC Broadband Finco BV
4.88% due 07/15/31³		250,000		234,717
Vodafone Group plc
4.13% due 06/04/81²		250,000		226,985
Virgin Media Vendor Financing Notes IV DAC
5.00% due 07/15/28³		200,000		192,000
Altice France S.A.
5.13% due 07/15/29³		200,000		179,250

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 39.4% (continued)
Communications - 3.6% (continued)
Sirius XM Radio, Inc.
4.13% due 07/01/30³		180,000	$	168,511
Radiate Holdco LLC / Radiate Finance, Inc.
4.50% due 09/15/26³		150,000		144,750
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/29³		150,000		137,920
Lamar Media Corp.
3.63% due 01/15/31		100,000		91,813
Switch Ltd.
3.75% due 09/15/28³		50,000		48,487
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25% due 02/01/31³		50,000		45,375
T-Mobile USA, Inc.
2.88% due 02/15/31		50,000		45,047
Total Communications				5,882,187
Energy - 2.4%
Galaxy Pipeline Assets Bidco Ltd.
3.25% due 09/30/40³		700,000		631,922
2.94% due 09/30/40³		350,000		315,585
BP Capital Markets plc
4.88% ^2,6		880,000		882,200
Qatar Energy
3.30% due 07/12/51³		250,000		229,456
3.13% due 07/12/41³		250,000		227,463
Sabine Pass Liquefaction LLC
4.50% due 05/15/30		400,000		418,307
Occidental Petroleum Corp.
4.63% due 06/15/45		200,000		194,000
3.00% due 02/15/27		70,000		68,425
ITT Holdings LLC
6.50% due 08/01/29³		250,000		230,930
Magellan Midstream Partners, LP
3.25% due 06/01/30		190,000		184,940
Valero Energy Corp.
2.15% due 09/15/27		140,000		130,924
Midwest Connector Capital Company LLC
4.63% due 04/01/29³		110,000		111,161
NuStar Logistics, LP
5.63% due 04/28/27		100,000		97,837
Parkland Corp.
4.63% due 05/01/30³		100,000		93,000
DCP Midstream Operating, LP
3.25% due 02/15/32		100,000		90,000
Total Energy				3,906,150
Technology - 1.8%
Broadcom, Inc.
4.15% due 11/15/30		484,000		490,529
2.45% due 02/15/31³		300,000		267,623
3.19% due 11/15/36³		26,000		22,570
Workday, Inc.
3.80% due 04/01/32		400,000		399,239
NetApp, Inc.
2.70% due 06/22/30		412,000		380,150
Qorvo, Inc.
4.38% due 10/15/29		170,000		170,057
3.38% due 04/01/31³		100,000		90,935
Citrix Systems, Inc.
1.25% due 03/01/26		250,000		243,054
CDW LLC / CDW Finance Corp.
3.57% due 12/01/31		250,000		231,613
Oracle Corp.
3.95% due 03/25/51		250,000		218,554
Leidos, Inc.
2.30% due 02/15/31		250,000		216,713
Boxer Parent Company, Inc.
7.13% due 10/02/25³		100,000		103,654
MSCI, Inc.
3.63% due 09/01/30³		75,000		70,304
3.88% due 02/15/31³		15,000		14,222
Twilio, Inc.
3.63% due 03/15/29		38,000		35,815
Total Technology				2,955,032
Basic Materials - 1.1%
Newcrest Finance Pty Ltd.
3.25% due 05/13/30³		460,000		439,903
4.20% due 05/13/50³		220,000		213,961
Anglo American Capital plc
5.63% due 04/01/30³		200,000		220,438
2.63% due 09/10/30³		200,000		181,342
Alcoa Nederland Holding BV
5.50% due 12/15/27³		200,000		207,016
Minerals Technologies, Inc.
5.00% due 07/01/28³		190,000		180,975
INEOS Quattro Finance 2 plc
3.38% due 01/15/26³		150,000		139,658
Yamana Gold, Inc.
2.63% due 08/15/31		150,000		134,361
Reliance Steel & Aluminum Co.
2.15% due 08/15/30		100,000		89,640
Valvoline, Inc.
4.25% due 02/15/30³		50,000		45,629
Total Basic Materials				1,852,923
Utilities - 0.9%
Cheniere Corpus Christi Holdings LLC
3.52% due 12/31/39^†††		800,000		733,514
AES Corp.
3.95% due 07/15/30³		220,000		217,944
NRG Energy, Inc.
2.45% due 12/02/27³		200,000		184,461
Enel Finance International N.V.
2.88% due 07/12/41³		200,000		164,816
Clearway Energy Operating LLC
3.75% due 02/15/31³		100,000		93,510

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 39.4% (continued)
Utilities - 0.9% (continued)
Xcel Energy, Inc.
2.35% due 11/15/31		60,000	$	54,549
Total Utilities				1,448,794
Total Corporate Bonds
(Cost $69,070,358)				64,729,224

ASSET-BACKED SECURITIES^†† - 20.5%
Collateralized Loan Obligations - 13.0%
Octagon Investment Partners 49 Ltd.
2021-5A, 1.79% (3 Month USD LIBOR + 1.55%, Rate Floor: 1.55%) due 01/15/33^◊,3	1,750,000	1,730,806
BXMT Ltd.
2020-FL2, 1.32% (30 Day Average SOFR + 1.26%, Rate Floor: 1.15%) due 02/15/38^◊	1,000,000	984,385
2020-FL3, 2.72% (30 Day Average SOFR + 2.66%, Rate Floor: 2.55%) due 11/15/37^◊,3	250,000	246,697
LoanCore Issuer Ltd.
2019-CRE2, 1.90% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36^◊,3	550,000	548,773
2021-CRE6, 2.49% (1 Month USD LIBOR + 2.30%, Rate Floor: 2.30%) due 11/15/38^◊,3	500,000	489,309
Cerberus Loan Funding XXX, LP
2020-3A, 2.09% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 01/15/33^◊,3	1,000,000	1,004,481
Woodmont Trust
2020-7A, 2.14% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 01/15/32^◊,3	1,000,000	1,004,162
ABPCI Direct Lending Fund CLO II LLC
2021-1A, 1.85% (3 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 04/20/32^◊,3	1,000,000	1,000,100
Palmer Square Loan Funding Ltd.
2022-1A, 1.74% (3 Month Term SOFR + 1.60%, Rate Floor: 1.60%) due 04/15/30^◊,3	1,000,000	1,000,000
MidOcean Credit CLO VII
2020-7A, 1.69% (3 Month USD LIBOR + 1.45%, Rate Floor: 0.00%) due 07/15/29^◊,3	1,000,000	991,624
LCCM Trust
2021-FL3, 1.85% (1 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 11/15/38^◊,3	600,000	593,604
2021-FL3, 2.20% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 11/15/38^◊,3	400,000	393,999
Golub Capital Partners CLO 36M Ltd.
2018-36A, 1.62% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 02/05/31^◊,3	850,000	837,505
Dryden 37 Senior Loan Fund
2015-37A, due 01/15/31^3,7	1,000,000	820,944
Golub Capital Partners CLO 33M Ltd.
2021-33A, 2.36% (3 Month USD LIBOR + 1.86%, Rate Floor: 1.86%) due 08/25/33^◊,3	750,000	749,638
STWD Ltd.
2019-FL1, 2.02% (1 Month Term SOFR + 1.71%, Rate Floor: 1.60%) due 07/15/38^◊	750,000	743,060
Fortress Credit Opportunities XI CLO Ltd.
2018-11A, 1.54% (3 Month USD LIBOR + 1.30%, Rate Floor: 0.00%) due 04/15/31^◊,3	750,000	738,255
ABPCI Direct Lending Fund CLO I LLC
2021-1A, 1.95% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 07/20/33^◊,3	500,000	502,063
THL Credit Lake Shore MM CLO I Ltd.
2021-1A, 1.94% (3 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 04/15/33^◊,3	500,000	501,155
Golub Capital Partners CLO 16 Ltd.
2021-16A, 1.87% (3 Month USD LIBOR + 1.61%, Rate Floor: 1.61%) due 07/25/33^◊,3	500,000	497,728

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
ASSET-BACKED SECURITIES^†† - 20.5% (continued)
Collateralized Loan Obligations - 13.0% (continued)
Cerberus Loan Funding XXVI, LP
2021-1A, 1.74% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/15/31^◊,3		500,000	$	497,461
GPMT Ltd.
2019-FL2, 2.35% (1 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 02/22/36^◊		500,000		497,459
ABPCI Direct Lending Fund CLO V Ltd.
2021-5A, 1.75% (3 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 04/20/31^◊,3		500,000		496,909
Golub Capital Partners CLO 54M L.P
2021-54A, 2.97% (3 Month USD LIBOR + 2.65%, Rate Floor: 2.65%) due 08/05/33^◊,3		500,000		492,279
Cerberus Loan Funding XXXIII, LP
2021-3A, 2.09% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 07/23/33^◊,3		500,000		491,613
HERA Commercial Mortgage Ltd.
2021-FL1, 2.07% (1 Month USD LIBOR + 1.60%, Rate Floor: 1.60%) due 02/18/38^◊,3		500,000		491,465
CHCP Ltd.
2021-FL1, 2.27% (30 Day Average SOFR + 2.21%, Rate Floor: 2.10%) due 02/15/38^◊		500,000		488,873
KREF
2021-FL2, 2.44% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 02/15/39^◊,3		500,000		483,540
Wellfleet CLO Ltd.
2020-2A, 1.31% (3 Month USD LIBOR + 1.06%, Rate Floor: 0.00%) due 10/20/29^◊,3		477,703		475,842
Cerberus Loan Funding XXXVI, LP
2021-6A, 1.64% (3 Month USD LIBOR + 1.40%, Rate Floor: 1.40%) due 11/22/33^◊,3		393,567		391,481
Treman Park CLO Ltd.
2015-1A, due 10/20/28^3,7		500,000		391,097
ABPCI Direct Lending Fund CLO IV LLC
2.12% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/06/29^{◊,†††}		250,000		250,281
Golub Capital Partners CLO 17 Ltd.
2017-17A, 1.91% (3 Month USD LIBOR + 1.65%, Rate Floor: 0.00%) due 10/25/30^◊,3		250,000		250,034
Diamond CLO Ltd.
2021-1A, 1.71% (3 Month USD LIBOR + 1.45%, Rate Floor: 1.45%) due 04/25/29^◊,3		250,000		249,885
Halcyon Loan Advisors Funding Ltd.
2017-3A, 1.14% (3 Month USD LIBOR + 0.90%, Rate Floor: 0.00%) due 10/18/27^◊,3		44,948		44,932
Copper River CLO Ltd.
2007-1A, due 01/20/21^7,8		600,000		120
Total Collateralized Loan Obligations				21,371,559
Transport-Aircraft - 1.9%
Lunar Structured Aircraft Portfolio Notes
2021-1, 2.64% due 10/15/46³		460,536		421,775
AASET Trust
2021-1A, 2.95% due 11/16/41³		478,812		395,944
WAVE LLC
2019-1, 3.60% due 09/15/44³		429,293		378,482
JOL Air Ltd.
2019-1, 3.97% due 04/15/44³		407,700		371,064
Sapphire Aviation Finance II Ltd.
2020-1A, 3.23% due 03/15/40³		400,402		361,100
Castlelake Aircraft Structured Trust
2021-1A, 3.47% due 01/15/46³		371,590		343,852
Navigator Aircraft ABS Ltd.
2021-1, 2.77% due 11/15/46³		244,792		225,426
Sprite Ltd.
2021-1, 3.75% due 11/15/46³		242,425		223,336

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
ASSET-BACKED SECURITIES^†† - 20.5% (continued)
Transport-Aircraft - 1.9% (continued)
Raspro Trust
2005-1A, 1.18% (3 Month USD LIBOR + 0.93%, Rate Floor: 0.93%) due 03/23/24^◊,3		219,914	$	218,875
Falcon Aerospace Ltd.
2017-1, 4.58% due 02/15/42³		146,628		141,937
Total Transport-Aircraft				3,081,791
Whole Business - 1.6%
Arbys Funding LLC
2020-1A, 3.24% due 07/30/50³		985,000		939,554
Applebee's Funding LLC / IHOP Funding LLC
2019-1A, 4.72% due 06/05/49³		495,000		493,620
Wingstop Funding LLC
2022-1A, 3.73% due 03/05/52³		500,000		478,738
SERVPRO Master Issuer LLC
2021-1A, 2.39% due 04/25/51³		496,250		446,234
ServiceMaster Funding LLC
2020-1, 3.34% due 01/30/51³		247,500		223,800
Taco Bell Funding LLC
2016-1A, 4.97% due 05/25/46³		95,250		96,853
Total Whole Business				2,678,799
Net Lease - 1.5%
STORE Master Funding I-VII
2016-1A, 3.96% due 10/20/46³		1,119,525		1,101,156
Capital Automotive REIT
2021-1A, 2.76% due 08/15/51³		500,000		456,790
CMFT Net Lease Master Issuer LLC
2021-1, 3.44% due 07/20/51³		400,000		365,237
CARS-DB4, LP
2020-1A, 3.81% due 02/15/50³		249,010		246,612
CF Hippolyta LLC
2020-1, 2.28% due 07/15/60³		230,126		217,031
Total Net Lease				2,386,826
Collateralized Debt Obligations - 1.3%
Anchorage Credit Funding Ltd.
2021-13A, 2.88% due 07/27/39³		1,000,000		980,841
Anchorage Credit Funding 4 Ltd.
2021-4A, 2.72% due 04/27/39³		750,000		730,952
Anchorage Credit Funding 3 Ltd.
2021-3A, 2.87% due 01/28/39³		500,000		474,610
Total Collateralized Debt Obligations				2,186,403
Financial - 0.9%
Oxford Finance Funding
2020-1A, 3.10% due 02/15/28³		478,293		478,735
Madison Avenue Secured Funding Trust Series
2021-1, 1.96% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 01/17/23^{◊,†††,3}		450,000		450,000
KKR Core Holding Company LLC
4.00% due 08/12/31^†††		211,867		200,544
Nassau LLC
2019-1, 3.98% due 08/15/34³		177,187		174,076
Lightning A
5.50% due 03/01/37^†††		88,000		88,000
Thunderbird A
5.50% due 03/01/37^†††		80,000		80,000
Total Financial				1,471,355
Infrastructure - 0.2%
VB-S1 Issuer LLC - VBTEL
2022-1A, 4.29% due 02/15/52³		250,000		243,502
Transport-Container - 0.1%
Textainer Marine Containers VII Ltd.
2020-1A, 2.73% due 08/21/45³		209,276		202,729
Total Asset-Backed Securities
(Cost $34,391,669)				33,622,964

U.S. GOVERNMENT SECURITIES^†† - 12.5%
U.S. Treasury Notes
1.88% due 02/15/32⁹	14,500,000	13,924,531
U.S. Treasury Bonds
2.00% due 08/15/51¹⁴	4,500,000	4,059,844
1.88% due 11/15/51	2,250,000	1,973,672
1.88% due 02/15/51	600,000	524,273
Total U.S. Government Securities
(Cost $21,623,793)		20,482,320

COLLATERALIZED MORTGAGE OBLIGATIONS^†† - 11.3%
Residential Mortgage-Backed Securities - 7.2%
PRPM LLC
2022-1, 3.72% due 02/25/27^3,10	500,000	491,146
2021-5, 1.79% due 06/25/26^3,10	456,023	432,199

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS^†† - 11.3% (continued)
Residential Mortgage-Backed Securities - 7.2% (continued)
Starwood Mortgage Residential Trust
2020-1, 2.41% (WAC) due 02/25/50^◊,3		924,890	$	904,491
Legacy Mortgage Asset Trust
2021-GS5, 2.25% due 07/25/67^3,10		468,624		446,333
2021-GS3, 1.75% due 07/25/61^3,10		447,896		426,339
Ameriquest Mortgage Securities Trust
2006-M3, 0.62% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 10/25/36^◊		2,148,405		826,689
JP Morgan Mortgage Acquisition Trust
2006-WMC4, 0.58% (1 Month USD LIBOR + 0.12%, Rate Floor: 0.12%) due 12/25/36^◊		1,302,909		787,065
FKRT
2.21% due 11/30/58^†††,8		750,000		722,250
Home Equity Loan Trust
2007-FRE1, 0.65% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37^◊		627,097		599,648
CSMC Trust
2020-RPL5, 3.02% (WAC) due 08/25/60^◊,3		561,116		549,756
Towd Point Revolving Trust
4.83% due 09/25/64⁸		500,000		500,414
First Franklin Mortgage Loan Trust 2006-FF16
2006-FF16, 0.88% (1 Month USD LIBOR + 0.42%, Rate Floor: 0.42%) due 12/25/36^◊		931,185		495,599
ZH Trust
2021-1, 2.25% due 02/18/27³		500,000		490,919
BRAVO Residential Funding Trust
2022-R1, 3.13% due 01/29/70^3,10		496,856		469,846
LSTAR Securities Investment Ltd.
2021-1, 2.03% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26^◊,8		255,221		253,124
2021-2, 1.93% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26^◊,8		216,229		214,679
NovaStar Mortgage Funding Trust Series
2007-2, 0.66% (1 Month USD LIBOR + 0.20%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37^◊		478,133		466,428
OSAT Trust
2021-RPL1, 2.12% due 05/25/65^3,10		486,559		465,550
Credit Suisse Mortgage Capital Certificates
2021-RPL9, 2.44% (WAC) due 02/25/61^◊,3		483,751		459,907
Master Asset-Backed Securities Trust
2006-WMC4, 0.61% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 10/25/36^◊		1,156,982		454,894
HarborView Mortgage Loan Trust
2006-14, 0.60% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 01/25/47^◊		372,108		344,696
Wachovia Asset Securitization Issuance II LLC Trust
2007-HE2A, 0.59% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 07/25/37^◊,3		337,121		323,882
American Home Mortgage Investment Trust
2007-1, 2.08% due 05/25/47¹¹		1,897,185		297,654
Imperial Fund Mortgage Trust
2022-NQM2, 4.20% (WAC) due 03/25/67^◊,3		200,000		197,382
Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust
2006-AR9, 0.98% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46^◊		217,081		188,020
UCFC Manufactured Housing Contract
1997-2, 7.38% due 10/15/28		49,983		49,414

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
COLLATERALIZED MORTGAGE OBLIGATIONS^†† - 11.3% (continued)
Residential Mortgage-Backed Securities - 7.2% (continued)
Morgan Stanley Re-REMIC Trust
2010-R5, 2.24% due 06/26/36³		44,451	$	40,930
Total Residential Mortgage-Backed Securities				11,899,254
Commercial Mortgage Backed Securities - 1.5%
BX Commercial Mortgage Trust
2022-LP2, 2.01% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39^◊,3		500,000		488,723
2021-VOLT, 2.40% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/15/36^◊,3		350,000		336,711
GS Mortgage Securities Trust
2020-GC45, 0.67% (WAC) due 02/13/53^◊,11		9,968,346		406,116
Extended Stay America Trust
2021-ESH, 2.65% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/15/38^◊,3		248,471		244,727
Life Mortgage Trust
2021-BMR, 2.75% (1 Month USD LIBOR + 2.35%, Rate Floor: 2.35%) due 03/15/38^◊,3		245,743		235,285
Wells Fargo Commercial Mortgage Trust
2016-NXS5, 1.43% (WAC) due 01/15/59^◊,11		3,737,631		158,446
2015-NXS1, 2.63% due 05/15/48		19,865		19,851
CFCRE Commercial Mortgage Trust
2016-C3, 0.99% (WAC) due 01/10/48^◊,11		5,504,127		174,272
Citigroup Commercial Mortgage Trust
2016-GC37, 1.69% (WAC) due 04/10/49^◊,11		3,103,452		164,304
COMM Mortgage Trust
2015-CR26, 0.92% (WAC) due 10/10/48^◊,11		6,075,069		157,537
Total Commercial Mortgage Backed Securities				2,385,972
Government Agency - 1.4%
Fannie Mae
3.83% due 05/01/49		1,000,000		1,055,002
2.41% due 12/01/41		1,000,000		870,696
Fannie Mae-Aces
1.46% (WAC) due 03/25/35^◊,11		3,408,880		400,407
Total Government Agency				2,326,105
Military Housing - 1.2%
Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
2015-R1, 4.66% (WAC) due 11/25/55^{◊,†††,3}		928,075		1,023,275
GMAC Commercial Mortgage Asset Corp.
2007-HCKM, 6.11% due 08/10/52^†††,3		931,438		1,014,252
Total Military Housing				2,037,527
Total Collateralized Mortgage Obligations
(Cost $19,478,608)				18,648,858

SENIOR FLOATING RATE INTERESTS^††,◊ - 5.4%
Consumer, Cyclical - 1.1%
MB2 Dental Solutions LLC
7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/29/27^†††		382,927	376,762
7.16% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/29/27^†††		117,498	115,606
BGIS (BIFM CA Buyer, Inc.)
3.96% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26^†††		294,078	288,932
Zephyr Bidco Ltd.
5.47% (1 Month GBP SONIA + 4.75%, Rate Floor: 5.23%) due 07/23/25	GBP	200,000	256,051
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		199,000	197,480
CNT Holdings I Corp.
4.25% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/08/27		198,000	196,721
Pacific Bells, LLC
5.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 11/10/28^†††		148,082	146,416
SP PF Buyer LLC
4.96% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25		148,092	140,502

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 5.4% (continued)
Consumer, Cyclical - 1.1% (continued)
New Trojan Parent, Inc.
3.75% ((1 Month USD LIBOR + 3.25%) and (3 Month USD LIBOR + 3.25%), Rate Floor: 3.75%) due 01/06/28		99,250	$	95,900
Total Consumer, Cyclical				1,814,370
Industrial - 1.0%
Charter Next Generation, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/01/27		396,000		393,525
Mileage Plus Holdings LLC
6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		250,000		259,063
American Bath Group LLC
4.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27		257,434		249,752
TK Elevator Midco GmbH
4.02% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27		197,512		195,415
Air Canada
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		150,000		148,437
Berry Global, Inc.
2.07% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/01/26		134,041		131,967
TransDigm, Inc.
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 12/09/25		127,714		125,479
Anchor Packaging LLC
4.46% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/20/26		98,481		96,511
Service Logic Acquisition, Inc.
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 10/29/27		91,751		90,680
Total Industrial				1,690,829
Financial - 1.0%
Citadel Securities, LP
2.93% (1 Month USD Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/02/28		446,625		443,673
Jane Street Group LLC
3.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28		296,250		291,622
Higginbotham Insurance Agency, Inc.
6.25% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.25%) due 11/25/26^†††		210,113		207,676
Trans Union LLC
2.75% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 12/01/28		173,694		172,174
HighTower Holding LLC
4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28		149,250		147,757
USI, Inc.
4.26% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 12/02/26		147,739		146,384
Duff & Phelps
4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/09/27		98,496		97,881
AmWINS Group, Inc.
3.00% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.00%) due 02/21/28		98,750		97,022
Total Financial				1,604,189
Consumer, Non-cyclical - 0.9%
Del Monte Foods, Inc.
due 02/16/29		250,000		245,938
Energizer Holdings, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 12/22/27		247,500		243,169
Quirch Foods Holdings LLC
5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 10/27/27		198,992		197,500
Mission Veterinary Partners
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		149,250		147,384
Southern Veterinary Partners LLC
5.00% (6 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27		148,215		146,918
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27		148,550		146,322
Avantor Funding, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 11/08/27		98,754		97,854
Sunshine Investments B.V.
3.22% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/28/25		97,980		97,000

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 5.4% (continued)
Consumer, Non-cyclical - 0.9% (continued)
Elanco Animal Health, Inc.
1.98% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27			94,452	$	92,829
National Mentor Holdings, Inc.
4.64% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.50%) due 03/02/28			94,856		91,602
Total Consumer, Non-cyclical					1,506,516
Technology - 0.8%
Datix Bidco Ltd.
4.96% (6 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25^†††	GBP		300,000		392,368
Planview Parent, Inc.
5.01% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27			246,875		243,480
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28			243,028		240,977
Nielsen Finance LLC
2.31% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 10/04/23			210,946		210,617
Apttus Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28			99,500		99,085
Dun & Bradstreet
3.70% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/06/26			98,502		97,464
Total Technology					1,283,991
Utilities - 0.2%
Hamilton Projects Acquiror LLC
5.51% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/17/27			385,113		377,091
Basic Materials - 0.2%
Illuminate Buyer LLC
3.96% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/30/27			234,976		226,901
GrafTech Finance, Inc.
3.50% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25			71,752		70,765
Total Basic Materials					297,666
Communications - 0.1%
Syndigo LLC
5.25% (6 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27^†††			198,000		195,030
Authentic Brands
due 12/10/28			53,731		52,791
Total Communications					247,821
Energy - 0.1%
ITT Holdings LLC
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 07/10/28			97,510		96,047
Total Senior Floating Rate Interests
(Cost $8,985,672)					8,918,520

FEDERAL AGENCY BONDS^†† - 1.6%
Tennessee Valley Authority
4.25% due 09/15/65	1,000,000	1,215,606
5.38% due 04/01/56	750,000	1,072,408
Tennessee Valley Authority Principal Strips
due 01/15/48^12,13	500,000	207,441
Freddie Mac
due 11/15/38¹²	100,000	59,474
Total Federal Agency Bonds
(Cost $2,625,799)		2,554,929

MUNICIPAL BONDS^†† - 0.8%
New York - 0.3%
Westchester County Local Development Corp. Revenue Bonds
3.85% due 11/01/50	300,000	278,162
Port Authority of New York & New Jersey Revenue Bonds
3.14% due 02/15/51	275,000	247,146
Total New York		525,308
Illinois - 0.3%
State of Illinois General Obligation Unlimited
5.65% due 12/01/38	377,778	426,771
Texas - 0.2%
City of San Antonio Texas Electric & Gas Systems Revenue Bonds
2.91% due 02/01/48	500,000	425,126
Total Municipal Bonds
(Cost $1,459,335)		1,377,205

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Contracts/Notional Value		Value
OTC OPTIONS PURCHASED^†† - 0.0%
Call Options on:
Interest Rate Options
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40	USD	$	40,900,000	$	5,317
Morgan Stanley Capital Services LLC 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.40	USD		16,900,000		2,197
Goldman Sachs International 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61	USD		14,200,000		710
Bank of America, N.A. 2Y-10 CMS CAP Expiring July 2022 with strike price of $0.61	USD		4,500,000		225
Total OTC Options Purchased
(Cost $162,795)					8,449
Total Investments - 103.1%
(Cost $177,585,440)				$	169,371,691

LISTED OPTIONS WRITTEN^† - 0.0%
Call Options on:
Equity Options
Figs, Inc. Expiring December 2022 with strike price of $55.00 (Notional Value $2,152)	1		(50	)
Figs, Inc. Expiring December 2022 with strike price of $50.00 (Notional Value $4,304)	2		(135	)
Total Listed Options Written
(Premiums received $3,216)			(185	)
Other Assets & Liabilities, net - (3.1)%			(5,025,625	)
Total Net Assets - 100.0%		$	164,345,881

Centrally Cleared Interest Rate Swap Agreements^††
Counterparty	Exchange	Floating Rate Type	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid		Unrealized Depreciation^**
BofA Securities, Inc.	CME	Pay	Federal Funds Rate		0.14	%	Annually	05/28/25	$	5,000,000	$	(337,377	)	$	204	$	(337,581	)

Forward Foreign Currency Exchange Contracts^††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Barclays Bank plc

GBP

Sell

500,000

651,393 USD

04/14/22

(5,391

)

^~	The face amount is denominated in U.S. dollars unless otherwise indicated.
^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at March 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	Special Purpose Acquisition Company (SPAC).
²	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
³	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $70,860,151 (cost $74,436,992), or 43.1% of total net assets.
⁴	Affiliated issuer.
⁵	Rate indicated is the 7-day yield as of March 31, 2022.
⁶	Perpetual maturity.
⁷	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
⁸	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,690,587 (cost $1,721,439), or 1.0% of total net assets — See Note 6.
⁹	All or a portion of this security has been physically segregated or earmarked in connection with reverse repurchase agreements. At March 31, 2022, the total market value of segregated or earmarked security was $13,924,531 — See Note 2.
¹⁰	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 March 31, 2022. See table below for additional step information for each security.
¹¹	Security is an interest-only strip.
¹²	Zero coupon rate security.
¹³	Security is a principal-only strip.

¹⁴

All or a portion of this security is pledged as interest rate swap collateral at March 31, 2022.

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

BofA — Bank of America

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

GBP — British Pound

LIBOR — London Interbank Offered Rate

plc — Public Limited Company

REMIC — Real Estate Mortgage Investment Conduit

REIT — Real Estate Investment Trust

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

WAC — Weighted Average Coupon

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,281,310	$	—	$	—	$	2,281,310
Preferred Stocks		—		7,905,339		—		7,905,339
Warrants		18,155		—		—		18,155
Mutual Funds		6,515,346		—		—		6,515,346
Money Market Fund		2,309,072		—		—		2,309,072
Corporate Bonds		—		62,398,083		2,331,141		64,729,224
Asset-Backed Securities		—		32,554,139		1,068,825		33,622,964
U.S. Government Securities		—		20,482,320		—		20,482,320
Collateralized Mortgage Obligations		—		15,889,081		2,759,777		18,648,858
Senior Floating Rate Interests		—		7,195,730		1,722,790		8,918,520
Federal Agency Bonds		—		2,554,929		—		2,554,929
Municipal Bonds		—		1,377,205		—		1,377,205
Options Purchased		—		8,449		—		8,449
Total Assets	$	11,123,883	$	150,365,275	$	7,882,533	$	169,371,691

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Options Written	$	185	$	—	$	—	$	185
Interest Rate Swap Agreements**		—		337,581		—		337,581
Forward Foreign Currency Exchange Contracts**		—		5,391		—		5,391
Unfunded Loan Commitments (Note 5)		—		—		9,111		9,111
Total Liabilities	$	185	$	342,972	$	9,111	$	352,268

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $9,593,773 are categorized as Level 2 within the disclosure hierarchy — See Note 2.

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

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

Category	Ending Balance at March 31, 2022		Valuation Technique	Unobservable Inputs	Input Range	Weighted Average*
Assets:
Asset-Backed Securities	$	450,000	Third Party Pricing	Broker Quote	—	—
Asset-Backed Securities		250,281	Option adjusted spread off third party pricing	Trade Price	—	—
Asset-Backed Securities		200,544	Yield Analysis	Yield	4.8%	—
Asset-Backed Securities		168,000	Third Party Pricing	Trade Price
Collateralized Mortgage Obligations		2,037,527	Option adjusted spread off prior month end broker quote	Broker Quote	—	—
Collateralized Mortgage Obligations		722,250	Model Price	Market Comparable Yields	4.7%	—
Corporate Bonds		1,657,181	Option adjusted spread off prior month end broker quote	Broker Quote	—	—
Corporate Bonds		673,960	Third Party Pricing	Vendor Price	—	—
Senior Floating Rate Interests		1,092,412	Yield Analysis	Yield	5.6%-7.3%	6.6%
Senior Floating Rate Interests		630,378	Third Party Pricing	Broker Quote	—	—
Total Assets	$	7,882,533
Liabilities:
Unfunded Loan Commitments	$	9,111	Model Price	Purchase price	—	—

Inputs are weighted by the fair value of the instruments.

Significant changes in a quote, yield or market comparable yields 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 March 31, 2022, the Fund had securities with a total value of $885,348 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $340,971 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

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

	Assets															Liabilities
	Asset-Backed Securities			Collateralized Mortgage Obligations			Corporate Bonds			Senior Floating Rate Interests			Total Assets			Unfunded Loan Commitments
Beginning Balance	$	357,878		$	2,953,298		$	2,552,806		$	1,609,782		$	7,473,764		$	(4,803	)
Purchases/(Receipts)		278,000			-			-			37,540			315,540			-
(Sales, maturities and paydowns)/Fundings		(8,134	)		(4,639	)		-			(2,027	)		(14,800	)		439
Amortization of premiums/discounts		-			(1,438	)		-			867			(571	)		(1,227	)
Total realized gains (losses) included in earnings		-			-			-			-			-			292
Total change in unrealized appreciation (depreciation) included in earnings		(8,919	)		(187,444	)		(221,665	)		(17,749	)		(435,777	)		(3,812	)
Transfers into Level 3		450,000			-			-			435,348			885,348			-
Transfers out of Level 3		-			-			-			(340,971	)		(340,971	)		-
Ending Balance	$	1,068,825		$	2,759,777		$	2,331,141		$	1,722,790		$	7,882,533		$	(9,111	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2022	$	(8,919	)	$	(187,444	)	$	(221,665	)	$	(14,676	)	$	(432,704	)	$	(5,165	)

Series E (Total Return Bond Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 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 Reset Date	Future Reset Rate(s)			Future Reset Date(s)
BRAVO Residential Funding Trust 2022-R1, 3.13% due 01/29/70		6.13	%	01/30/25		—			—
Legacy Mortgage Asset Trust 2021-GS3, 1.75% due 07/25/61		4.75	%	05/26/24		5.75	%		05/26/25
Legacy Mortgage Asset Trust 2021-GS5, 2.25% due 07/25/67		5.25	%	11/26/24		6.25	%		11/26/25
OSAT Trust 2021-RPL1, 2.12% due 05/25/65		5.12	%	06/26/24		6.12	%		06/26/25
PRPM LLC 2021-5, 1.79% due 06/25/26		4.79	%	06/26/24		5.79	%		06/26/25

Affiliated Transactions

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

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Total Return Bond Fund — R6-Class	$	6,967,697	$	48,637	$	–	$	–	$	(500,988	)	$	6,515,346		245,584	$	49,513

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^††† - 0.0%
Industrial - 0.0%
BP Holdco LLC^*,1		11,609	$	8,184
Vector Phoenix Holdings, LP^*		11,609		3,193
API Heat Transfer Parent LLC^*		292,731		29
Total Industrial				11,406
Total Common Stocks
(Cost $88,565)				11,406

PREFERRED STOCKS^††† - 0.0%
Industrial - 0.0%
API Heat Transfer Intermediate^*	36	–
Total Preferred Stocks
(Cost $28,949)		–

EXCHANGE-TRADED FUNDS^† - 2.0%
SPDR Blackstone Senior Loan ETF	20,200	908,192
Total Exchange-Traded Funds
(Cost $901,253)		908,192

MONEY MARKET FUND^† - 10.0%
Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 0.10%²	4,567,091	4,567,091
Total Money Market Fund
(Cost $4,567,091)		4,567,091

	Face Amount^~
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7%
Industrial - 22.5%
Berry Global, Inc.
2.07% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 07/01/26		547,879	539,403
Quikrete Holdings, Inc.
due 06/11/28		500,000	490,280
Beacon Roofing Supply, Inc.
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/19/28		496,250	488,275
Genesee & Wyoming, Inc.
3.01% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 12/30/26		492,728	486,722
TricorBraun Holdings, Inc.
3.75% (6 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 03/03/28		497,806	484,600
Gardner Denver, Inc.
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/01/27		490,000	481,121
Reynolds Group Holdings, Inc.
3.71% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/05/26		493,927	480,447
TransDigm, Inc.
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/30/25		487,510	478,218
Brown Group Holding LLC
3.51% (3 Month USD LIBOR + 2.50%, Rate Floor: 3.00%) due 06/07/28		484,271	477,007
Arcline FM Holdings LLC
5.50% (6 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28		482,575	475,539
Hunter Douglas, Inc.
4.00% (3 Month USD Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/26/29		450,000	440,437
Park River Holdings, Inc.
4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 12/28/27		448,869	438,370
Cushman & Wakefield US Borrower LLC
3.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 08/21/25		443,216	436,568
Filtration Group Corp.
3.46% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/31/25		432,855	426,046
LTI Holdings, Inc.
3.96% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/08/25		389,939	380,596
WP CPP Holdings LLC
4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/30/25		373,444	352,639
Engineered Machinery Holdings, Inc.
4.76% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 05/19/28		350,000	344,652
Charter Next Generation, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/01/27		282,324	280,560
BWAY Holding Co.
3.48% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24		252,779	248,881
Griffon Corporation
3.27% (3 Month USD Term SOFR + 2.75%, Rate Floor: 3.25%) due 01/24/29		200,000	197,688
STS Operating, Inc. (SunSource)
due 12/11/24		200,000	196,850
DG Investment Intermediate Holdings 2, Inc.
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 03/31/28		198,507	196,273

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7% (continued)
Industrial - 22.5% (continued)
American Bath Group LLC
4.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27		199,021	$	193,082
Titan Acquisition Ltd. (Husky)
3.35% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25		192,499		188,032
Pro Mach Group, Inc.
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/31/28		187,151		186,114
Mileage Plus Holdings LLC
6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27		150,500		155,956
PECF USS Intermediate Holding III Corp.
4.76% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28		154,613		152,957
Berlin Packaging LLC
4.28% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.25%) due 03/13/28		149,625		148,054
Air Canada
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28		100,000		98,958
USIC Holding, Inc.
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 05/12/28		99,500		98,381
TK Elevator Midco GmbH
4.02% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27		98,756		97,707
API Heat Transfer
12.00% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 12.00%) due 01/01/24^†††,3		201,365		60,409
12.00% (3 Month USD LIBOR, Rate Floor: 0.00%) (in-kind rate was 12.00%) due 10/02/23^†††,3		37,003		27,753
United Airlines, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28		80,423		79,351
Total Industrial				10,307,926
Consumer, Non-cyclical - 21.3%
Agiliti
3.00% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/04/26^†††		498,715		494,974
Medline Borrower LP
3.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 10/23/28		500,000		494,750
Electron BidCo, Inc.
3.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 11/01/28		500,000		493,905
KDC US Holdings, Inc.
4.21% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 12/22/25		498,715		489,987
Aramark Services, Inc.
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/11/25		500,000		489,500
Froneri US, Inc.
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/29/27		491,250		481,690
VC GB Holdings I Corp.
4.51% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/21/28		498,750		481,294
Bombardier Recreational Products, Inc.
2.46% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 05/24/27		480,700		470,966
Elanco Animal Health, Inc.
1.98% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 08/02/27		472,262		464,144
Grifols Worldwide Operations USA, Inc.
2.46% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.11%) due 11/15/27		465,476		457,097
Hostess Brands LLC
3.00% ((1 Month USD LIBOR + 2.25%) and (3 Month USD LIBOR + 2.25%), Rate Floor: 3.00%) due 08/04/25		447,704		441,387
National Mentor Holdings, Inc.
4.64% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.50%) due 03/02/28		429,626		414,886
4.76% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28		17,906		17,292
US Foods, Inc.
3.00% (3 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 09/14/26		439,875		430,378

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7% (continued)
Consumer, Non-cyclical - 21.3% (continued)
Medical Solutions Parent Holdings, Inc.
4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/01/28		420,000	$	415,800
Triton Water Holdings, Inc.
4.51% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28		397,000		386,579
Hearthside Group Holdings LLC
4.14% (1 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 05/23/25		381,298		366,702
Phoenix Newco, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/15/28		250,000		247,947
Mission Veterinary Partners
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28		248,750		245,641
Energizer Holdings, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 12/22/27		248,248		243,904
Reynolds Consumer Products LLC
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 02/04/27		222,410		218,438
Sigma Holding BV (Flora Food)
3.35% (6 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 07/02/25		240,625		217,852
Dermatology Intermediate Holdings III, Inc.
due 03/23/29		202,205		199,172
Avantor Funding, Inc.
2.75% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.75%) due 11/08/27		199,000		197,187
Osmosis Holdings Australia II Pty Ltd.
4.25% (1 Week USD LIBOR + 3.75%, Rate Floor: 4.25%) due 07/31/28		100,000		98,969
due 07/31/28		81,481		80,565
Aveanna Healthcare LLC
4.25% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 07/17/28		161,858		157,367
Pearl Intermediate Parent LLC
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 02/14/25		149,235		148,302
Del Monte Foods, Inc.
due 02/16/29		150,000		147,562
Kronos Acquisition Holdings, Inc.
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26		148,500		137,982
Endo Luxembourg Finance Company I SARL
5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 03/27/28		99,000		92,514
Total Consumer, Non-cyclical				9,724,733
Consumer, Cyclical - 13.8%
1011778 BC Unlimited Liability Co.
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/19/26		541,615		529,315
Prime Security Services Borrower LLC
3.50% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.50%) due 09/23/26		500,000		495,835
Hilton Worldwide Finance LLC
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 06/22/26		500,000		494,315
Station Casinos LLC
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.50%) due 02/08/27		497,432		490,110
Wyndham Hotels & Resorts, Inc.
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 05/30/25		492,946		487,928
Go Daddy Operating Company LLC
2.20% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 02/15/24		491,387		487,495
PCI Gaming Authority, Inc.
2.96% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 05/29/26		473,016		468,801
American Tire Distributors, Inc.
7.00% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28		450,000		445,311
Stars Group (Amaya)
3.26% (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/21/26		447,750		443,738
First Brands Group LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27		446,874		442,406

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7% (continued)
Consumer, Cyclical - 13.8% (continued)
PetSmart LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28		348,250	$	346,798
IBC Capital Ltd.
4.67% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23		335,041		327,083
Scientific Games Holdings, LP
due 02/03/29		250,000		247,410
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		149,250		148,110
Thevelia US LLC
due 02/09/29		150,000		147,750
WIRB - Copernicus Group, Inc.
5.01% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27		99,747		99,206
Rent-A-Center, Inc.
3.81% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		99,250		97,079
WW International, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 04/13/28		94,500		85,759
EG Finco Ltd.
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25		37,574		36,903
Total Consumer, Cyclical				6,321,352
Communications - 10.9%
SBA Senior Finance II LLC
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/11/25		548,575		541,186
CSC Holdings LLC
2.65% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 07/17/25		503,039		493,924
Level 3 Financing, Inc.
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 03/01/27		500,000		490,155
SFR Group S.A.
3.93% (3 Month USD LIBOR + 3.69%, Rate Floor: 3.69%) due 02/02/26		475,159		463,727
Playtika Holding Corp.
3.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28		446,617		439,408
Virgin Media Bristol LLC
2.90% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 01/31/28		415,406		409,760
Ziggo Financing Partnership
2.90% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 04/28/28		400,000		393,564
Zayo Group Holdings, Inc.
3.46% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27		401,527		390,384
McGraw Hill LLC
5.55% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28		348,250		344,224
Xplornet Communications, Inc.
4.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28		298,500		292,467
Internet Brands, Inc.
3.96% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/13/24		244,135		240,847
Altice US Finance I Corp.
2.65% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 01/15/26		194,000		191,090
Authentic Brands
4.00% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/27/24		160,683		159,210
Cengage Learning Acquisitions, Inc.
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26		149,250		147,852
Total Communications				4,997,798
Financial - 10.7%
HUB International Ltd.
3.27% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 04/25/25		487,374		481,330
5.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 04/25/25		99,748		99,023
USI, Inc.
4.01% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24		497,396		493,655
Alliant Holdings Intermediate LLC
3.71% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/09/25		497,416		491,377
AmWINS Group, Inc.
3.00% (1 Month USD LIBOR + 2.25%, Rate Floor: 3.00%) due 02/21/28		494,498		485,844
NFP Corp.
3.71% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27		484,206		474,827

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7% (continued)
Financial - 10.7% (continued)
Trans Union LLC
2.21% (1 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 11/13/26			443,022	$	436,044
Virtu Financial
3.50% (1 Month USD Term SOFR + 3.00%, Rate Floor: 3.50%) due 01/13/29			400,000		395,500
FleetCor Technologies Operating Company LLC
2.21% (3 Month USD LIBOR + 1.75%, Rate Floor: 1.75%) due 04/28/28			398,998		391,661
Focus Financial Partners LLC
2.46% (1 Month USD LIBOR + 2.00%, Rate Floor: 2.00%) due 07/03/24			393,862		388,037
Citadel Securities, LP
2.93% (1 Month USD Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/02/28			248,125		246,485
Aretec Group, Inc.
4.71% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25			241,875		239,558
Franchise Group, Inc.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26			203,861		203,352
Jane Street Group LLC
3.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 01/26/28			79,386		78,146
Total Financial					4,904,839
Technology - 9.5%
Emerald TopCo, Inc. (Press Ganey)
3.80% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/24/26			505,707		498,359
Informatica LLC
3.25% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 10/27/28			500,000		494,250
Boxer Parent Company, Inc.
4.76% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/02/25			467,503		464,292
Athenahealth Group, Inc.
4.00% (1 Month USD Term SOFR + 3.50%, Rate Floor: 4.00%) due 02/15/29			427,536		422,299
RealPage, Inc.
3.75% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 04/24/28			399,000		393,973
WEX, Inc.
2.71% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 03/31/28			396,000		390,698
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28			291,634		289,172
Ascend Learning LLC
4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 12/11/28			250,000		246,937
Project Ruby Ultimate Parent Corp.
4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/10/28			198,000		195,822
Polaris Newco LLC
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28			164,007		162,653
Atlas CC Acquisition Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28			148,875		148,084
Sabre GLBL, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 12/17/27			148,875		147,014
Conair Holdings LLC
4.76% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 05/17/28			149,250		146,638
TIBCO Software, Inc.
4.21% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/26			135,585		134,738
Entegris, Inc.
due 03/02/29			100,000		99,667
CoreLogic, Inc.
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28			99,500		98,195
Total Technology					4,332,791
Basic Materials - 3.6%
Diamond BC BV
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 09/29/28			498,750		488,027
Messer Industries USA, Inc.
2.96% (3 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 03/02/26			491,551		484,109
CTEC III GmbH
due 01/19/29	EUR		400,000		438,119
INEOS Ltd.
3.25% (1 Month USD LIBOR + 2.75%, Rate Floor: 3.25%) due 01/29/26			148,875		146,046

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 92.7% (continued)
Basic Materials - 3.6% (continued)
W.R. Grace Holdings LLC
4.81% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 09/22/28		99,750	$	98,753
Total Basic Materials				1,655,054
Energy - 0.4%
TransMontaigne Operating Company LP
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/17/28		199,500		198,045
Total Senior Floating Rate Interests
(Cost $43,103,756)				42,442,538
Total Investments - 104.7%
(Cost $48,689,614)			$	47,929,227
Other Assets & Liabilities, net - (4.7)%				(2,132,124	)
Total Net Assets - 100.0%			$	45,797,103

^~	The face amount is denominated in U.S. dollars unless otherwise indicated.
^*	Non-income producing security.
^†	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 March 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	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.
³	Payment-in-kind security.

EUR — Euro

LIBOR — London Interbank Offered Rate

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	—	$	—	$	11,406		$	11,406
Preferred Stocks		—		—		—	*		—
Exchange-Traded Funds		908,192		—		—			908,192
Money Market Fund		4,567,091		—		—			4,567,091
Senior Floating Rate Interests		—		41,859,402		583,136			42,442,538
Total Assets	$	5,475,283	$	41,859,402	$	594,542		$	47,929,227

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Unfunded Loan Commitments (Note 5)		$	—			$	—			$	3,581			$	3,581

*	Security has a market value of $0.

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

Category

Ending Balance at March 31, 2022

Valuation Technique

Unobservable Inputs

Input Range

Weighted Average*

Assets:

Common Stocks

11,377

Enterprise Value

Valuation Multiple

3.2x - 11.8x

5.6x

Common Stocks

Model Price

Liquidation Value

Senior Floating Rate Interests

583,136

Third Party Pricing

Broker Quote

Total Assets

594,542

Liabilities:

Unfunded Loan Commitments

3,581

Model Price

Purchase price

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

Series F (Floating Rate Strategies Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 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 March 31, 2022:

	Assets								Liabilities
	Senior Floating Rate Interests			Common Stocks		Total Assets			Unfunded Loans Commitments
Beginning Balance	$	88,644		$	11,406	$	100,050		$	(1,735	)
Purchases/(Receipts)		507,069			-		507,069			1,465
(Sales, maturities and paydowns)/Fundings		(1,285	)		-		(1,285	)		47
Amortization of premiums/discounts		21			-		21			362
Total realized gains (losses) included in earnings		-			-		-			45
Total change in unrealized appreciation (depreciation) included in earnings		(11,313	)		-		(11,313	)		(3,765	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Ending Balance	$	583,136		$	11,406	$	594,542		$	(3,581	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2022	$	(11,313	)	$	-	$	(11,313	)	$	(2,511	)

Affiliated Transactions

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name

Value 12/31/21

Additions

Reductions

Realized Gain (Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Value 03/31/22

Shares 03/31/22

Common Stock

BP Holdco LLC^*

8,184

–

8,184

11,609

*	Non-income producing security.

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 17.1%
Technology - 3.5%
Genpact Ltd.		9,854	$	428,768
Maximus, Inc.		5,322		398,884
Power Integrations, Inc.		3,277		303,712
Manhattan Associates, Inc.^*		2,133		295,868
Synaptics, Inc.^*		1,439		287,081
ACI Worldwide, Inc.^*		8,660		272,703
Lumentum Holdings, Inc.^*		2,694		262,934
CDK Global, Inc.		5,333		259,611
Fair Isaac Corp.^*		500		233,230
Semtech Corp.^*		3,357		232,774
NetApp, Inc.		2,773		230,159
Qualys, Inc.^*		1,577		224,581
CommVault Systems, Inc.^*		3,316		220,017
Diodes, Inc.^*		2,490		216,605
Akamai Technologies, Inc.^*		1,776		212,037
Teradata Corp.^*		4,273		210,616
Cirrus Logic, Inc.^*		2,328		197,391
Lattice Semiconductor Corp.^*		3,181		193,882
Concentrix Corp.		1,163		193,709
Envestnet, Inc.^*		2,589		192,725
ExlService Holdings, Inc.^*		1,287		184,388
HP, Inc.		5,079		184,368
Skyworks Solutions, Inc.		1,359		181,128
Azenta, Inc.		2,156		178,689
Blackbaud, Inc.^*		2,884		172,665
Amkor Technology, Inc.		6,450		140,094
Qorvo, Inc.^*		1,073		133,159
MKS Instruments, Inc.		848		127,200
Seagate Technology Holdings plc		908		81,629
Total Technology				6,450,607
Industrial - 3.1%
Builders FirstSource, Inc.^*		7,697		496,764
Jabil, Inc.		6,131		378,467
Littelfuse, Inc.		1,394		347,677
Eagle Materials, Inc.		2,402		308,321
UFP Industries, Inc.		3,703		285,723
nVent Electric plc		8,187		284,744
Trinity Industries, Inc.		8,131		279,381
Crane Co.		2,565		277,738
Toro Co.		3,187		272,457
Louisiana-Pacific Corp.		4,247		263,824
Universal Display Corp.		1,519		253,597
Lincoln Electric Holdings, Inc.		1,811		249,574
National Instruments Corp.		6,100		247,599
Acuity Brands, Inc.		1,166		220,724
Lennox International, Inc.		836		215,571
Simpson Manufacturing Company, Inc.		1,789		195,073
Pentair plc		3,596		194,939
TopBuild Corp.^*		1,005		182,297
Keysight Technologies, Inc.^*		1,034		163,341
Donaldson Company, Inc.		2,921		151,688
Sealed Air Corp.		2,234		149,589
Carlisle Companies, Inc.		421		103,532
II-VI, Inc.^*		1,407		101,993
Masco Corp.		1,705		86,955
Total Industrial				5,711,568
Consumer, Non-cyclical - 3.0%
Halozyme Therapeutics, Inc.^*		8,658		345,281
Service Corporation International		4,966		326,862
Neurocrine Biosciences, Inc.^*		3,445		322,969
Molina Healthcare, Inc.^*		938		312,907
Hologic, Inc.^*		4,037		310,122
Syneos Health, Inc.^*		3,684		298,220
Tenet Healthcare Corp.^*		3,264		280,573
Exelixis, Inc.^*		10,453		236,970
United Therapeutics Corp.^*		1,320		236,821
Tandem Diabetes Care, Inc.^*		2,003		232,929
Globus Medical, Inc. — Class A^*		2,922		215,585
Masimo Corp.^*		1,463		212,925
Incyte Corp.^*		2,405		191,005
Regeneron Pharmaceuticals, Inc.^*		271		189,272
Bruker Corp.		2,852		183,384
Integra LifeSciences Holdings Corp.^*		2,611		167,783
Arrowhead Pharmaceuticals, Inc.^*		3,442		158,298
PerkinElmer, Inc.		886		154,572
Bio-Rad Laboratories, Inc. — Class A^*		243		136,865
H&R Block, Inc.		5,184		134,991
Waters Corp.^*		411		127,570
Vertex Pharmaceuticals, Inc.^*		487		127,092
Quidel Corp.^*		1,105		124,268
Darling Ingredients, Inc.^*		1,215		97,662
Avery Dennison Corp.		554		96,379
Quest Diagnostics, Inc.		700		95,802
Laboratory Corporation of America Holdings^*		351		92,545
Total Consumer, Non-cyclical				5,409,652
Financial - 2.7%
East West Bancorp, Inc.		6,809		538,081
UMB Financial Corp.		4,326		420,314
PacWest Bancorp		8,255		356,038
Interactive Brokers Group, Inc. — Class A		5,346		352,355
ServisFirst Bancshares, Inc.		3,560		339,233
Cathay General Bancorp		6,905		308,999
Hancock Whitney Corp.		5,869		306,068
Bank of Hawaii Corp.		3,586		300,937
Evercore, Inc. — Class A		2,679		298,226
Home BancShares, Inc.		12,155		274,703
Affiliated Managers Group, Inc.		1,662		234,259
Camden Property Trust REIT		1,330		221,046
Janus Henderson Group plc		5,568		194,992
Wintrust Financial Corp.		2,055		190,971
Synovus Financial Corp.		3,452		169,148
Raymond James Financial, Inc.		1,274		140,025
First American Financial Corp.		2,108		136,640
Webster Financial Corp.		2,008		112,689
Life Storage, Inc. REIT		479		67,266
Rexford Industrial Realty, Inc. REIT		891		66,460
Total Financial				5,028,450
Consumer, Cyclical - 2.5%
Gentex Corp.		14,274		416,373

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 17.1%
Consumer, Cyclical - 2.5% (continued)
Jack in the Box, Inc.		3,923	$	366,447
Williams-Sonoma, Inc.		2,330		337,850
Brunswick Corp.		4,096		331,325
Choice Hotels International, Inc.		1,944		275,582
Boyd Gaming Corp.		4,017		264,238
NVR, Inc.^*		57		254,634
Tempur Sealy International, Inc.		8,981		250,749
Dick's Sporting Goods, Inc.		2,503		250,350
Mattel, Inc.^*		10,784		239,513
Deckers Outdoor Corp.^*		840		229,967
RH^*		598		195,002
AutoNation, Inc.^*		1,930		192,189
AutoZone, Inc.^*		81		165,611
YETI Holdings, Inc.^*		2,476		148,511
Scientific Games Corp. — Class A^*		2,496		146,640
Papa John's International, Inc.		1,305		137,390
Wingstop, Inc.		1,170		137,300
Crocs, Inc.^*		1,737		132,707
Yum! Brands, Inc.		794		94,113
Victoria's Secret & Co.^*		1,719		88,288
Total Consumer, Cyclical				4,654,779
Basic Materials - 1.2%
Steel Dynamics, Inc.		7,207		601,280
Cleveland-Cliffs, Inc.^*		13,388		431,228
Olin Corp.		7,083		370,299
Ingevity Corp.^*		5,362		343,543
Valvoline, Inc.		7,139		225,307
Royal Gold, Inc.		1,416		200,052
Total Basic Materials				2,171,709
Energy - 0.6%
Targa Resources Corp.		8,102		611,458
Antero Midstream Corp.		20,068		218,139
CNX Resources Corp.^*		6,020		124,734
Murphy Oil Corp.		2,691		108,690
PDC Energy, Inc.		1,426		103,642
Total Energy				1,166,663
Communications - 0.5%
Ciena Corp.^*		4,811		291,691
Motorola Solutions, Inc.		1,165		282,163
Calix, Inc.^*		2,426		104,100
F5, Inc.^*		492		102,803
VeriSign, Inc.^*		434		96,548
Total Communications				877,305
Total Common Stocks
(Cost $31,815,316)				31,470,733

MUTUAL FUNDS^† - 81.1%
Guggenheim Strategy Fund III¹	2,343,248	57,737,625
Guggenheim Variable Insurance Strategy Fund III¹	1,997,481	49,118,057
Guggenheim Strategy Fund II¹	1,613,655	39,615,240
Guggenheim Ultra Short Duration Fund — Institutional Class¹	274,959	2,691,850
Total Mutual Funds
(Cost $151,156,788)		149,162,772

MONEY MARKET FUND^† - 3.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	5,446,529		5,446,529
Total Money Market Fund
(Cost $5,446,529)			5,446,529
Total Investments - 101.2%
(Cost $188,418,633)		$	186,080,034
Other Assets & Liabilities, net - (1.2)%			(2,168,549	)
Total Net Assets - 100.0%		$	183,911,485

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Equity Futures Contracts Purchased^†
S&P MidCap 400 Index Mini Futures Contracts		9	Jun 2022	$	2,418,930	$	134,291
NASDAQ-100 Index Mini Futures Contracts		2	Jun 2022		594,840		73,109
S&P 500 Index Mini Futures Contracts		3	Jun 2022		679,163		54,544
				$	3,692,933	$	261,944

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements^††

Wells Fargo Bank, N.A.

Russell MidCap Growth Index Total Return

Pay

0.59% (Federal Funds Rate + 0.26%)

At Maturity

04/07/22

30,767

150,288,180

(14,870,351

)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	31,470,733	$	—	$	—	$	31,470,733
Mutual Funds		149,162,772		—		—		149,162,772
Money Market Fund		5,446,529		—		—		5,446,529
Equity Futures Contracts**		261,944		—		—		261,944
Total Assets	$	186,341,978	$	—	$	—	$	186,341,978

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	14,870,351			$	—			$	14,870,351

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

Affiliated Transactions

Series J (StylePlus—Mid Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	31,106,522	$	31,625,283	$	(22,631,974	)	$	(144,640	)	$	(339,951	)	$	39,615,240		1,613,655	$	120,389
Guggenheim Strategy Fund III		58,441,099		208,479		–			–			(911,953	)		57,737,625		2,343,248		212,549
Guggenheim Ultra Short Duration Fund — Institutional Class		18,802,104		11,584		(16,074,987	)		(102,954	)		56,103			2,691,850		274,959		12,516
Guggenheim Variable Insurance Strategy Fund III		45,644,872		4,150,741		–			–			(677,556	)		49,118,057		1,997,481		153,770
	$	153,994,597	$	35,996,087	$	(38,706,961	)	$	(247,594	)	$	(1,873,357	)	$	149,162,772			$	499,224

Series N (Managed Asset Allocation Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
EXCHANGE-TRADED FUNDS^† - 84.1%
Vanguard S&P 500 ETF		22,530	$	9,353,780
Schwab U.S. Aggregate Bond ETF		132,248		6,687,781
SPDR S&P 500 ETF Trust		14,413		6,509,487
iShares Core S&P Mid-Cap ETF		10,558		2,833,134
iShares iBoxx $ Investment Grade Corporate Bond ETF		23,033		2,785,611
iShares MSCI EAFE ETF		36,690		2,700,384
iShares 7-10 Year Treasury Bond ETF		18,601		1,999,050
iShares 1-3 Year Treasury Bond ETF		21,409		1,784,440
iShares Russell 1000 Value ETF		4,533		752,387
iShares TIPS Bond ETF		3,987		496,661
iShares iBoxx High Yield Corporate Bond ETF		5,736		472,016
iShares Core S&P 500 ETF		2		907
Total Exchange-Traded Funds
(Cost $26,011,059)				36,375,638

MUTUAL FUNDS^† - 13.2%
Guggenheim Strategy Fund II¹	63,901	1,568,774
Guggenheim Strategy Fund III¹	63,233	1,558,061
Guggenheim Variable Insurance Strategy Fund III¹	62,230	1,530,241
Guggenheim Ultra Short Duration Fund — Institutional Class¹	105,191	1,029,823
Total Mutual Funds
(Cost $5,778,357)		5,686,899

MONEY MARKET FUND^† - 0.4%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	180,811	180,811
Total Money Market Fund
(Cost $180,811)		180,811

	Face Amount
U.S. TREASURY BILLS^†† - 0.9%
U.S. Treasury Bills
0.12% due 05/05/22^3,4	$	397,000		396,945
Total U.S. Treasury Bills
(Cost $396,955)				396,945
Total Investments - 98.6%
(Cost $32,367,182)			$	42,640,293
Other Assets & Liabilities, net - 1.4%				605,108
Total Net Assets - 100.0%			$	43,245,401

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
MSCI EAFE Index Futures Contracts		38	Jun 2022	$	4,074,740	$	163,787
Russell 2000 Index Mini Futures Contracts		21	Jun 2022		2,168,250		64,303
S&P MidCap 400 Index Mini Futures Contracts		1	Jun 2022		268,770		3,038
CAC 40 10 Euro Index Futures Contracts		2	Apr 2022		146,664		(202	)
S&P/TSX 60 IX Index Futures Contracts		1	Jun 2022		211,264		(530	)
				$	6,869,688	$	230,396

Currency Futures Contracts Purchased^†
British Pound Futures Contracts		5	Jun 2022	$	410,406	$	1,144

Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		1	Jun 2022	$	114,555	$	(1,845	)
U.S. Treasury 2 Year Note Futures Contracts		4	Jun 2022		847,187		(12,006	)
U.S. Treasury 10 Year Note Futures Contracts		19	Jun 2022		2,332,547		(66,970	)
				$	3,294,289	$	(80,821	)

Currency Futures Contracts Sold Short^†
Euro FX Futures Contracts		3	Jun 2022	$	416,006	$	967

Equity Futures Contracts Sold Short^†
S&P 500 Index Mini Futures Contracts		1	Jun 2022	$	226,387	$	2,048
DAX Index Futures Contracts		1	Jun 2022		397,173		772
FTSE 100 Index Futures Contracts		1	Jun 2022		97,847		(3,938	)
SPI 200 Index Futures Contracts		1	Jun 2022		139,155		(6,145	)

Series N (Managed Asset Allocation Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized (Depreciation)^**
Equity Futures Contracts Sold Short^† (continued)
NASDAQ-100 Index Mini Futures Contracts		1	Jun 2022	$	297,420	$	(8,547	)
Nikkei 225 (CME) Index Futures Contracts		1	Jun 2022		137,900		(13,628	)
				$	1,295,882	$	(29,438	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.
³	All or a portion of this security is pledged as futures collateral at March 31, 2022.
⁴	Rate indicated is the effective yield at the time of purchase.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Exchange-Traded Funds	$	36,375,638	$	—	$	—	$	36,375,638
Mutual Funds		5,686,899		—		—		5,686,899
Money Market Fund		180,811		—		—		180,811
U.S. Treasury Bills		—		396,945		—		396,945
Equity Futures Contracts**		233,948		—		—		233,948
Currency Futures Contracts**		2,111		—		—		2,111
Total Assets	$	42,479,407	$	396,945	$	—	$	42,876,352

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	80,821	$	—	$	—	$	80,821
Equity Futures Contracts**		32,990		—		—		32,990
Total Liabilities	$	113,811	$	—	$	—	$	113,811

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

Affiliated Transactions

Series N (Managed Asset Allocation Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,891,803	$	–	$	(300,000	)	$	(3,155	)	$	(19,874	)	$	1,568,774		63,901	$	5,998
Guggenheim Strategy Fund III		1,784,985		–		(200,000	)		(1,100	)		(25,824	)		1,558,061		63,233		6,272
Guggenheim Ultra Short Duration Fund — Institutional Class		1,043,498		–		–			–			(13,675	)		1,029,823		105,191		2,608
Guggenheim Variable Insurance Strategy Fund III		1,853,627		–		(300,000	)		(602	)		(22,784	)		1,530,241		62,230		5,405
	$	6,573,913	$	–	$	(800,000	)	$	(4,857	)	$	(82,157	)	$	5,686,899			$	20,283

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 96.9%
Financial - 19.5%
Berkshire Hathaway, Inc. — Class B^*		6,100	$	2,152,751
JPMorgan Chase & Co.		11,885		1,620,163
Bank of America Corp.		33,505		1,381,076
STAG Industrial, Inc. REIT		25,988		1,074,604
First Horizon Corp.		44,618		1,048,077
Allstate Corp.		6,837		946,993
Alleghany Corp.^*		1,079		913,913
Wells Fargo & Co.		17,301		838,407
Medical Properties Trust, Inc. REIT		39,458		834,142
Voya Financial, Inc.		11,903		789,764
BOK Financial Corp.		7,672		720,784
KeyCorp		30,753		688,252
Zions Bancorp North America		9,860		646,422
Charles Schwab Corp.		7,419		625,496
Park Hotels & Resorts, Inc. REIT		28,247		551,664
Physicians Realty Trust REIT		29,711		521,131
Alexandria Real Estate Equities, Inc. REIT		2,480		499,100
Prosperity Bancshares, Inc.		6,993		485,174
Unum Group		14,944		470,885
VICI Properties, Inc. REIT		13,634		388,023
American Tower Corp. — Class A REIT		1,450		364,269
Sun Communities, Inc. REIT		2,052		359,695
Gaming and Leisure Properties, Inc. REIT		7,190		337,427
Axis Capital Holdings Ltd.		5,505		332,887
Stifel Financial Corp.		4,680		317,772
Apple Hospitality REIT, Inc.		15,426		277,205
Virtu Financial, Inc. — Class A		7,127		265,267
Mastercard, Inc. — Class A		715		255,527
Old Republic International Corp.		9,140		236,452
Heartland Financial USA, Inc.		3,967		189,742
First Hawaiian, Inc.		6,166		171,970
Trustmark Corp.		5,229		158,909
Heritage Insurance Holdings, Inc.		14,156		101,074
Total Financial				20,565,017
Consumer, Non-cyclical - 17.2%
Tyson Foods, Inc. — Class A		22,928		2,055,037
Johnson & Johnson		10,119		1,793,390
Bunge Ltd.		15,296		1,694,950
Ingredion, Inc.		14,206		1,238,053
Henry Schein, Inc.^*		13,673		1,192,149
Quest Diagnostics, Inc.		8,541		1,168,921
J M Smucker Co.		8,301		1,124,038
Medtronic plc		9,686		1,074,662
McKesson Corp.		3,206		981,453
Merck & Company, Inc.		9,829		806,470
Humana, Inc.		1,823		793,315
Archer-Daniels-Midland Co.		7,833		707,007
Encompass Health Corp.		8,850		629,324
HCA Healthcare, Inc.		1,707		427,808
Pfizer, Inc.		7,912		409,604
Amgen, Inc.		1,636		395,618
Bristol-Myers Squibb Co.		5,239		382,604
Central Garden & Pet Co. — Class A^*		7,922		323,059
US Foods Holding Corp.^*		8,453		318,086
Integer Holdings Corp.^*		3,227		259,999
Pacira BioSciences, Inc.^*		2,997		228,731
Emergent BioSolutions, Inc.^*		2,156		88,525
Total Consumer, Non-cyclical				18,092,803
Energy - 10.6%
Chevron Corp.		16,722		2,722,843
Pioneer Natural Resources Co.		8,092		2,023,243
ConocoPhillips		13,850		1,385,000
Equities Corp.		29,794		1,025,212
Chesapeake Energy Corp.		10,123		880,701
Marathon Oil Corp.		33,914		851,581
Coterra Energy, Inc. — Class A		29,092		784,611
Patterson-UTI Energy, Inc.		42,715		661,228
Kinder Morgan, Inc.		28,094		531,257
Diamondback Energy, Inc.		2,614		358,327
Total Energy				11,224,003
Industrial - 10.0%
Johnson Controls International plc		19,318		1,266,681
Knight-Swift Transportation Holdings, Inc.		21,358		1,077,725
Valmont Industries, Inc.		3,681		878,287
FedEx Corp.		3,213		743,456
L3Harris Technologies, Inc.		2,536		630,120
Kirby Corp.^*		6,945		501,359
Advanced Energy Industries, Inc.		5,649		486,266
Littelfuse, Inc.		1,841		459,164
Graphic Packaging Holding Co.		20,768		416,190
Colfax Corp.^*		10,141		403,510
Packaging Corporation of America		2,216		345,940
Terex Corp.		8,905		317,552
Arcosa, Inc.		5,466		312,928
Curtiss-Wright Corp.		2,055		308,579
Daseke, Inc.^*		27,626		278,194
GATX Corp.		2,150	$	265,159
Zurn Water Solutions Corp.		7,322		259,199
Altra Industrial Motion Corp.		5,805		225,989
PGT Innovations, Inc.^*		12,485		224,481
Energizer Holdings, Inc.		7,171		220,580
Stoneridge, Inc.^*		9,825		203,967
EnerSys		2,114		157,641
Plexus Corp.^*		1,806		147,749
Park Aerospace Corp.		10,979		143,276
Kennametal, Inc.		4,942		141,391
ChargePoint Holdings, Inc.^*		6,531		129,836
Smith-Midland Corp.^*		1,059		18,797
Total Industrial				10,564,016
Consumer, Cyclical - 9.6%
Walmart, Inc.		8,159		1,215,038
Whirlpool Corp.		5,238		905,022
DR Horton, Inc.		10,096		752,253
Delta Air Lines, Inc.^*		17,521		693,306
Southwest Airlines Co.^*		14,749		675,504
Ralph Lauren Corp. — Class A		5,600		635,264
LKQ Corp.		13,820		627,566
PACCAR, Inc.		5,968		525,602
Lear Corp.		3,640		519,028
H&E Equipment Services, Inc.		11,692		508,836

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 96.9% (continued)
Consumer, Cyclical - 9.6% (continued)
PVH Corp.		6,578	$	503,940
Avient Corp.		8,639		414,672
MSC Industrial Direct Company, Inc. — Class A		4,351		370,749
Alaska Air Group, Inc.^*		5,933		344,173
Methode Electronics, Inc.		7,815		337,999
Home Depot, Inc.		900		269,397
Marriott Vacations Worldwide Corp.		1,054		166,216
Leggett & Platt, Inc.		4,193		145,916
Newell Brands, Inc.		6,712		143,704
Dana, Inc.		7,474		131,318
Lakeland Industries, Inc.^*		6,577		126,213
La-Z-Boy, Inc.		2,400		63,288
Total Consumer, Cyclical				10,075,004
Technology - 9.1%
Micron Technology, Inc.		16,919		1,317,821
Leidos Holdings, Inc.		10,336		1,116,494
DXC Technology Co.^*		31,741		1,035,709
Activision Blizzard, Inc.		10,921		874,881
Apple, Inc.		4,767		832,366
Evolent Health, Inc. — Class A^*		22,593		729,754
KLA Corp.		1,826		668,425
Teradyne, Inc.		4,416		522,104
Qorvo, Inc.^*		3,457		429,014
QUALCOMM, Inc.		2,738		418,421
Amdocs Ltd.		4,891		402,089
Science Applications International Corp.		4,099		377,805
Skyworks Solutions, Inc.		2,295		305,877
Intel Corp.		5,621		278,577
Cerner Corp.		2,940		275,067
Total Technology				9,584,404
Utilities - 8.5%
Edison International		18,247		1,279,115
Black Hills Corp.		15,762		1,213,989
Pinnacle West Capital Corp.		14,820		1,157,442
Exelon Corp.		23,741		1,130,784
OGE Energy Corp.		27,147		1,107,055
Duke Energy Corp.		9,889		1,104,206
NiSource, Inc.		18,936		602,165
Constellation Energy Corp.		7,913		445,106
Sempra Energy		2,572		432,405
PPL Corp.		9,865		281,744
Spire, Inc.		3,327		238,745
Total Utilities				8,992,756
Basic Materials - 6.2%
Huntsman Corp.		45,965		1,724,147
Westlake Corp.		13,907		1,716,124
Reliance Steel & Aluminum Co.		5,239		960,571
Nucor Corp.		5,050		750,683
Ashland Global Holdings, Inc.		2,721		267,774
Element Solutions, Inc.		11,935		261,376
International Flavors & Fragrances, Inc.		1,983		260,427
Commercial Metals Co.		5,375		223,707
Dow, Inc.		3,272		208,492
DuPont de Nemours, Inc.		2,496		183,656
Total Basic Materials				6,556,957
Communications - 6.2%
Verizon Communications, Inc.		27,789		1,415,572
Alphabet, Inc. — Class A^*		482		1,340,611
Cisco Systems, Inc.		14,121		787,387
Comcast Corp. — Class A		15,643		732,405
T-Mobile US, Inc.^*		4,919		631,354
Juniper Networks, Inc.		13,304		494,376
Infinera Corp.^*		52,464		454,863
TEGNA, Inc.		18,288		409,651
Ciena Corp.^*		4,620		280,110
Total Communications				6,546,329
Total Common Stocks
(Cost $73,507,503)				102,201,289

RIGHTS^† - 0.0%
Basic Materials - 0.0%
Pan American Silver Corp.*	40,146	33,723
Total Rights
(Cost $–)		33,723

MONEY MARKET FUND^† - 2.3%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%¹	2,392,399		2,392,399
Total Money Market Fund
(Cost $2,392,399)			2,392,399
Total Investments - 99.2%
(Cost $75,899,902)		$	104,627,411
Other Assets & Liabilities, net - 0.8%			857,099
Total Net Assets - 100.0%		$	105,484,510

Series O (All Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
¹	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	102,201,289	$	—	$	—	$	102,201,289
Rights		33,723		—		—		33,723
Money Market Fund		2,392,399		—		—		2,392,399
Total Assets	$	104,627,411	$	—	$	—	$	104,627,411

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 1.6%
Financial - 0.7%
KKR Acquisition Holdings I Corp. — Class A^*,1		16,531	$	162,530
TPG Pace Beneficial II Corp.^*,1		5,510		54,108
Acropolis Infrastructure Acquisition Corp. — Class A^*,1		4,900		47,579
Jefferies Financial Group, Inc.		247		8,114
RXR Acquisition Corp. — Class A^*,1		207		2,018
Colicity, Inc. — Class A^*,1		163		1,591
MSD Acquisition Corp. — Class A^*,1		84		825
Total Financial				276,765
Utilities - 0.5%
TexGen Power LLC^*,†††		7,929		184,349
Communications - 0.3%
Vacasa, Inc. — Class A^*		14,083		116,466
Consumer, Non-cyclical - 0.1%
Cengage Learning Holdings II, Inc.^*,††		2,107		36,346
Spectrum Brands Holdings, Inc.		6		532
Crimson Wine Group Ltd.^*		24		194
MEDIQ, Inc.^*,†††		92		–
Total Consumer, Non-cyclical				37,072
Energy - 0.0%
Legacy Reserves, Inc.^*,†††		1,969		12,798
Permian Production Partners LLC^†††		9,124		6,606
Bruin E&P Partnership Units^†††		6,071		316
Total Energy				19,720
Industrial - 0.0%
BP Holdco LLC^{*,†††,2}		523		369
Vector Phoenix Holdings, LP^*,†††		523		144
Total Industrial				513
Consumer, Cyclical - 0.0%
Chorus Aviation, Inc.^*		3		10
Total Common Stocks
(Cost $610,820)				634,895

PREFERRED STOCKS^†† - 1.9%
Financial - 1.9%
Wells Fargo & Co.
4.38%	9,000	188,550
American Equity Investment Life Holding Co.
5.95%	6,000	153,300
Charles Schwab Corp.
4.00%	150,000	134,718
Arch Capital Group Ltd.
4.55%	6,000	126,660
First Republic Bank
4.13%	5,850	120,627
Total Financial		723,855
Industrial - 0.0%
U.S. Shipping Corp.^*,†††	24,529	2
Total Preferred Stocks
(Cost $1,446,250)		723,857

WARRANTS^† - 0.0%
KKR Acquisition Holdings I Corp. - Class A
Expiring 12/31/27^*,1	4,132	2,727
Acropolis Infrastructure Acquisition Corp.
Expiring 03/31/26^*,1	1,632	776
RXR Acquisition Corp.
Expiring 03/08/26^*,1	38	17
MSD Acquisition Corp.
Expiring 05/13/23^*,1	16	12
Colicity, Inc. - Class A
Expiring 12/31/27^*,1	30	12
Total Warrants
(Cost $5,740)		3,544

MONEY MARKET FUND^† - 5.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%³	2,000,922	2,000,922
Total Money Market Fund
(Cost $2,000,922)		2,000,922

	Face Amount^~
CORPORATE BONDS^†† - 77.5%
Communications - 15.1%
Altice France S.A.
5.50% due 10/15/29⁴		325,000	291,616
8.13% due 02/01/27⁴		200,000	206,226
5.13% due 07/15/29⁴		175,000	156,844
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% due 05/01/32		275,000	251,542
4.50% due 06/01/33⁴		250,000	224,375
4.25% due 01/15/34⁴		100,000	86,849
CSC Holdings LLC
4.13% due 12/01/30⁴		225,000	197,295
4.63% due 12/01/30⁴		200,000	167,258
6.50% due 02/01/29⁴		150,000	151,191
3.38% due 02/15/31⁴		50,000	42,125
Level 3 Financing, Inc.
4.25% due 07/01/28⁴		300,000	275,402
3.63% due 01/15/29⁴		300,000	262,500
McGraw-Hill Education, Inc.
5.75% due 08/01/28⁴		375,000	357,664
8.00% due 08/01/29⁴		175,000	165,393
VZ Secured Financing BV
5.00% due 01/15/32⁴		375,000	350,625
UPC Broadband Finco BV
4.88% due 07/15/31⁴		325,000	305,133
Cengage Learning, Inc.
9.50% due 06/15/24⁴		290,000	289,275
LCPR Senior Secured Financing DAC
6.75% due 10/15/27⁴		270,000	277,371
Virgin Media Finance plc
5.00% due 07/15/30⁴		275,000	259,736
Match Group Holdings II LLC
3.63% due 10/01/31⁴		150,000	134,165
4.63% due 06/01/28⁴		100,000	96,875
Houghton Mifflin Harcourt Publishers, Inc.
9.00% due 02/15/25⁴		200,000	209,000
Sirius XM Radio, Inc.
3.88% due 09/01/31⁴		125,000	113,750
4.13% due 07/01/30⁴		100,000	93,617

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Face Amount^~		Value
CORPORATE BONDS^†† - 77.5% (continued)
Communications - 15.1% (continued)
Telenet Finance Luxembourg Notes SARL
5.50% due 03/01/28			200,000	$	193,000
AMC Networks, Inc.
4.25% due 02/15/29			200,000		186,639
Virgin Media Secured Finance plc
4.50% due 08/15/30⁴			200,000		186,500
Vmed O2 UK Financing I plc
4.25% due 01/31/31⁴			200,000		182,924
Go Daddy Operating Company LLC / GD Finance Co., Inc.
3.50% due 03/01/29⁴			75,000		68,960
TripAdvisor, Inc.
7.00% due 07/15/25⁴			50,000		51,648
Total Communications					5,835,498
Consumer, Non-cyclical - 14.7%
Nielsen Finance LLC / Nielsen Finance Co.
5.88% due 10/01/30⁴			275,000		275,687
4.75% due 07/15/31⁴			250,000		249,687
FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.63% due 08/15/26⁴			385,000		379,225
US Foods, Inc.
6.25% due 04/15/25⁴			275,000		281,875
4.63% due 06/01/30⁴			100,000		92,512
Cheplapharm Arzneimittel GmbH
5.50% due 01/15/28⁴			375,000		362,809
Rent-A-Center, Inc.
6.38% due 02/15/29^4,5			375,000		343,125
CPI CG, Inc.
8.63% due 03/15/26⁴			351,000		341,621
Bausch Health Companies, Inc.
4.88% due 06/01/28⁴			325,000		311,187
Sabre GLBL, Inc.
7.38% due 09/01/25⁴			175,000		182,740
9.25% due 04/15/25⁴			100,000		110,864
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38% due 08/31/27⁴			275,000		251,595
BCP V Modular Services Finance II plc
4.75% due 10/30/28⁴	EUR		225,000		238,257
Par Pharmaceutical, Inc.
7.50% due 04/01/27⁴			225,000		209,959
ADT Security Corp.
4.13% due 08/01/29⁴			225,000		208,969
Sotheby's/Bidfair Holdings, Inc.
5.88% due 06/01/29⁴			200,000		193,500
KeHE Distributors LLC / KeHE Finance Corp.
8.63% due 10/15/26⁴			179,000		189,740
Post Holdings, Inc.
4.50% due 09/15/31⁴			175,000		155,048
5.63% due 01/15/28⁴			25,000		24,539
Sotheby's
7.38% due 10/15/27⁴			175,000		179,216
WW International, Inc.
4.50% due 04/15/29⁴			200,000		161,946
Castor S.p.A.
5.25% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29^◊,4	EUR		125,000		137,559
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
7.00% due 12/31/27⁴			107,000		90,415
5.00% due 12/31/26⁴			50,000		46,125
Nathan's Famous, Inc.
6.63% due 11/01/25⁴			127,000		126,365
Endo Luxembourg Finance Company I SARL / Endo US, Inc.
6.13% due 04/01/29⁴			125,000		114,062
Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.
5.00% due 02/01/26⁴			100,000		96,000
Molina Healthcare, Inc.
3.88% due 05/15/32⁴			100,000		95,095
Mozart Debt Merger Sub, Inc.
5.25% due 10/01/29⁴			100,000		92,967
Lamb Weston Holdings, Inc.
4.13% due 01/31/30⁴			75,000		70,038
Central Garden & Pet Co.
4.13% due 04/30/31⁴			75,000		67,500
Total Consumer, Non-cyclical					5,680,227
Financial - 12.4%
NFP Corp.
6.88% due 08/15/28⁴			625,000		596,875
Iron Mountain, Inc.
5.63% due 07/15/32⁴			275,000		270,952
4.88% due 09/15/29⁴			120,000		114,224
5.25% due 07/15/30⁴			75,000		73,500
Hunt Companies, Inc.
5.25% due 04/15/29⁴			450,000		428,693
United Wholesale Mortgage LLC
5.50% due 04/15/29⁴			225,000		200,480
5.75% due 06/15/27⁴			200,000		185,591
OneMain Finance Corp.
3.88% due 09/15/28			175,000		158,155
4.00% due 09/15/30			75,000		66,188
8.88% due 06/01/25			50,000		52,677
6.63% due 01/15/28			50,000		52,375
HUB International Ltd.
5.63% due 12/01/29⁴			200,000		191,000
7.00% due 05/01/26⁴			100,000		101,156
Jefferies Finance LLC / JFIN Company-Issuer Corp.
5.00% due 08/15/28⁴			275,000		263,307
Cushman & Wakefield US Borrower LLC
6.75% due 05/15/28⁴			200,000		209,000
Iron Mountain Information Management Services, Inc.
5.00% due 07/15/32⁴			200,000		187,500

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
CORPORATE BONDS^†† - 77.5% (continued)
Financial - 12.4% (continued)
USI, Inc.
6.88% due 05/01/25⁴		175,000	$	175,579
Starwood Property Trust, Inc.
4.38% due 01/15/27⁴		150,000		145,500
3.75% due 12/31/24⁴		25,000		24,250
Assurant, Inc.
7.00% due 03/27/48⁶		150,000		158,250
Wilton Re Finance LLC
5.88% due 03/30/33^4,6		150,000		151,352
Kennedy-Wilson, Inc.
5.00% due 03/01/31		150,000		144,000
Home Point Capital, Inc.
5.00% due 02/01/26⁴		175,000		143,379
SLM Corp.
3.13% due 11/02/26		150,000		139,125
Jane Street Group / JSG Finance, Inc.
4.50% due 11/15/29⁴		140,000		132,665
Greystar Real Estate Partners LLC
5.75% due 12/01/25⁴		125,000		125,937
Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.
3.88% due 03/01/31⁴		125,000		113,125
LPL Holdings, Inc.
4.38% due 05/15/31⁴		100,000		96,694
Liberty Mutual Group, Inc.
4.30% due 02/01/61⁴		100,000		79,480
Total Financial				4,781,009
Industrial - 9.2%
New Enterprise Stone & Lime Company, Inc.
9.75% due 07/15/28⁴		350,000		353,063
5.25% due 07/15/28⁴		150,000		144,207
Cleaver-Brooks, Inc.
7.88% due 03/01/23⁴		450,000		428,760
GrafTech Finance, Inc.
4.63% due 12/15/28⁴		430,000		399,866
Artera Services LLC
9.03% due 12/04/25⁴		400,000		399,706
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00% due 02/01/26⁴		275,000		264,751
TransDigm, Inc.
6.25% due 03/15/26⁴		125,000		128,330
8.00% due 12/15/25⁴		100,000		104,578
Standard Industries, Inc.
4.38% due 07/15/30⁴		150,000		137,393
5.00% due 02/15/27⁴		50,000		49,564
Howmet Aerospace, Inc.
5.95% due 02/01/37		175,000		186,531
Masonite International Corp.
5.38% due 02/01/28⁴		175,000		176,312
EnerSys
4.38% due 12/15/27⁴		175,000		167,562
Mauser Packaging Solutions Holding Co.
5.50% due 04/15/24⁴		125,000		124,503
Great Lakes Dredge & Dock Corp.
5.25% due 06/01/29⁴		125,000		119,375
Amsted Industries, Inc.
4.63% due 05/15/30⁴		125,000		118,466
Ball Corp.
3.13% due 09/15/31		125,000		111,713
Arcosa, Inc.
4.38% due 04/15/29⁴		75,000		71,156
Hillenbrand, Inc.
3.75% due 03/01/31		50,000		45,750
MIWD Holdco II LLC / MIWD Finance Corp.
5.50% due 02/01/30⁴		25,000		23,344
Total Industrial				3,554,930
Energy - 7.6%
Parkland Corp.
4.63% due 05/01/30⁴		250,000		232,500
4.50% due 10/01/29⁴		225,000		208,608
NuStar Logistics, LP
5.63% due 04/28/27		200,000		195,675
6.38% due 10/01/30		100,000		101,354
6.00% due 06/01/26		75,000		75,843
CVR Energy, Inc.
5.75% due 02/15/28^4,5		325,000		308,233
5.25% due 02/15/25⁴		25,000		24,264
ITT Holdings LLC
6.50% due 08/01/29⁴		325,000		300,209
Global Partners Limited Partnership / GLP Finance Corp.
7.00% due 08/01/27		225,000		225,000
6.88% due 01/15/29		50,000		49,414
Rattler Midstream, LP
5.63% due 07/15/25⁴		250,000		253,750
Exterran Energy Solutions Limited Partnership / EES Finance Corp.
8.13% due 05/01/25		227,000		228,901
Occidental Petroleum Corp.
4.63% due 06/15/45		125,000		121,250
4.10% due 02/15/47		50,000		46,250
Southwestern Energy Co.
5.38% due 02/01/29		150,000		151,875
Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.
5.63% due 05/01/27⁴		150,000		148,626
TransMontaigne Partners Limited Partnership / TLP Finance Corp.
6.13% due 02/15/26		150,000		148,229
PDC Energy, Inc.
6.13% due 09/15/24		126,000		127,542

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Face Amount^~		Value
CORPORATE BONDS^†† - 77.5% (continued)
Energy - 7.6% (continued)
Basic Energy Services, Inc.
due 10/15/23^7,8			175,000	$	3,500
Total Energy					2,951,023
Consumer, Cyclical - 7.2%
Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.
5.88% due 03/01/27			275,000		278,781
5.00% due 06/01/31⁴			150,000		140,625
1011778 BC ULC / New Red Finance, Inc.
3.88% due 01/15/28⁴			150,000		142,130
3.50% due 02/15/29⁴			125,000		115,431
JB Poindexter & Company, Inc.
7.13% due 04/15/26⁴			200,000		203,250
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.
5.75% due 01/20/26⁴			190,000		190,108
Allison Transmission, Inc.
3.75% due 01/30/31⁴			200,000		181,430
CD&R Smokey Buyer, Inc.
6.75% due 07/15/25⁴			175,000		179,813
Clarios Global, LP
6.75% due 05/15/25⁴			151,000		156,365
Wolverine World Wide, Inc.
4.00% due 08/15/29⁴			175,000		155,313
Yum! Brands, Inc.
5.38% due 04/01/32			150,000		150,339
Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.
4.63% due 01/15/29⁴			150,000		142,125
Boyd Gaming Corp.
8.63% due 06/01/25⁴			124,000		130,245
Station Casinos LLC
4.63% due 12/01/31⁴			125,000		114,337
Wabash National Corp.
4.50% due 10/15/28⁴			125,000		112,500
Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.
6.63% due 03/01/30⁴			100,000		98,578
Tempur Sealy International, Inc.
3.88% due 10/15/31⁴			100,000		85,750
Six Flags Theme Parks, Inc.
7.00% due 07/01/25⁴			75,000		78,281
Asbury Automotive Group, Inc.
5.00% due 02/15/32⁴			75,000		69,716
Superior Plus, LP
4.25% due 05/18/28⁴	CAD		75,000		56,559
Ritchie Bros Holdings Ltd.
4.95% due 12/15/29⁴	CAD		25,000		19,503
Total Consumer, Cyclical					2,801,179
Basic Materials - 6.9%
Carpenter Technology Corp.
6.38% due 07/15/28			400,000		401,620
7.63% due 03/15/30			125,000		127,989
Ingevity Corp.
3.88% due 11/01/28⁴			200,000		180,766
4.50% due 02/01/26⁴			100,000		96,500
Minerals Technologies, Inc.
5.00% due 07/01/28⁴			275,000		261,937
SCIL IV LLC / SCIL USA Holdings LLC
5.38% due 11/01/26⁴			225,000		207,000
EverArc Escrow SARL
5.00% due 10/30/29⁴			225,000		205,594
Arconic Corp.
6.00% due 05/15/25⁴			200,000		204,600
Kaiser Aluminum Corp.
4.63% due 03/01/28⁴			110,000		103,330
4.50% due 06/01/31⁴			75,000		67,619
Clearwater Paper Corp.
4.75% due 08/15/28⁴			175,000		162,531
Diamond BC BV
4.63% due 10/01/29⁴			150,000		134,625
Valvoline, Inc.
3.63% due 06/15/31⁴			125,000		107,985
4.25% due 02/15/30⁴			25,000		22,815
Compass Minerals International, Inc.
6.75% due 12/01/27⁴			125,000		126,575
WR Grace Holdings LLC
4.88% due 06/15/27⁴			125,000		122,306
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
9.00% due 07/01/28⁴			100,000		101,250
Mirabela Nickel Ltd.
due 06/24/19^7,8			390,085		19,504
Total Basic Materials					2,654,546
Technology - 2.6%
Minerva Merger Sub, Inc.
6.50% due 02/15/30⁴			400,000		388,050
NCR Corp.
6.13% due 09/01/29⁴			200,000		200,500
Open Text Holdings, Inc.
4.13% due 12/01/31⁴			125,000		117,031
Boxer Parent Company, Inc.
7.13% due 10/02/25⁴			100,000		103,654
MSCI, Inc.
3.88% due 02/15/31⁴			100,000		94,815
CDK Global, Inc.
5.25% due 05/15/29⁴			50,000		50,290
PTC, Inc.
4.00% due 02/15/28⁴			50,000		48,714
Total Technology					1,003,054
Utilities - 1.8%
Terraform Global Operating LLC
6.13% due 03/01/26⁴			695,000		694,513
Total Corporate Bonds
(Cost $31,947,359)					29,955,979

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 14.4%
Consumer, Cyclical - 3.8%
PetSmart LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28		298,500	$	297,255
American Tire Distributors, Inc.
7.00% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.00%) due 10/20/28		175,000		173,177
Blue Nile, Inc.
8.00% (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 02/17/23		174,375		170,234
ScribeAmerica Intermediate Holdco LLC (Healthchannels)
4.96% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25		187,182		169,712
First Brands Group LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27		114,212		113,070
Apro LLC
4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 11/16/26		99,000		98,257
Holding SOCOTEC
5.26% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 06/30/28		75,000		74,438
Mavis Tire Express Services TopCo Corp.
4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 05/04/28		74,625		74,055
CCRR Parent, Inc.
4.76% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/06/28		74,438		73,972
FR Refuel LLC
5.50% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 11/08/28^†††		66,084		64,763
Fertitta Entertainment LLC
4.50% (1 Month USD Term SOFR + 4.00%, Rate Floor: 4.50%) due 01/27/29		62,500		62,109
Sotheby's
5.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 01/15/27		52,012		51,947
Rent-A-Center, Inc.
3.81% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 02/17/28		49,625		48,540
Total Consumer, Cyclical				1,471,529
Consumer, Non-cyclical - 2.9%
HAH Group Holding Co. LLC
6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27		148,550		146,322
SCP Eye Care Services LLC
6.00% (3 Month USD LIBOR + 4.50%, Rate Floor: 6.00%) due 03/16/28		126,882		124,662
Del Monte Foods, Inc.
due 02/16/29		100,000		98,375
Quirch Foods Holdings LLC
5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 10/27/27		98,750		98,009
Women's Care Holdings, Inc.
5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28		99,250		97,761
Blue Ribbon LLC
6.75% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28		97,500		95,452
Gibson Brands, Inc.
5.75% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 08/11/28^†††		97,256		95,311
Kronos Acquisition Holdings, Inc.
4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26		74,250		68,991
7.00% (3 Month USD Term SOFR + 6.00%, Rate Floor: 7.00%) due 12/22/26		25,000		24,761
National Mentor Holdings, Inc.
4.64% ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%), Rate Floor: 4.50%) due 03/02/28		94,856		91,602
Balrog Acquisition, Inc.
4.51% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 09/05/28		74,813		73,363
Confluent Health LLC
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 11/30/28		61,726		60,954

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

		Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 14.4% (continued)
Consumer, Non-cyclical - 2.9% (continued)
Osmosis Holdings Australia II Pty Ltd.
due 07/31/28			61,111	$	60,424
Total Consumer, Non-cyclical					1,135,987
Industrial - 2.5%
Arcline FM Holdings LLC
5.50% (6 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28			174,125		171,586
Dispatch Terra Acquisition LLC
5.26% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28			148,999		145,647
Pelican Products, Inc.
5.26% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28			125,000		122,344
YAK MAT (YAK ACCESS LLC)
10.95% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26			150,000		95,876
Aegion Corp.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28^†††			74,625		74,065
Michael Baker International LLC
5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 12/01/28			74,813		73,690
Pro Mach Group, Inc.
5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/31/28			70,182		69,793
Air Canada
4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28			50,000		49,479
PECF USS Intermediate Holding III Corp.
4.76% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28			49,875		49,341
LTI Holdings, Inc.
5.21% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 07/24/26			49,875		49,252
United Airlines, Inc.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 04/21/28			49,500		48,840
Total Industrial					949,913
Technology - 2.4%
Datix Bidco Ltd.
4.96% (6 Month GBP LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25^†††	GBP		150,000		196,184
8.21% (6 Month GBP LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26^†††	GBP		75,000		97,994
Peraton Corp.
4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28			243,272		241,219
Polaris Newco LLC
4.50% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28			142,139		140,966
Apttus Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28			74,625		74,314
Atlas CC Acquisition Corp.
5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28			74,438		74,042
Taxware Holdings (Sovos Compliance LLC)
5.00% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 08/11/28			63,796		63,597
Planview Parent, Inc.
5.01% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27			49,375		48,696
Total Technology					937,012
Communications - 1.5%
McGraw Hill LLC
5.55% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28			199,125		196,823
Xplornet Communications, Inc.
4.50% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28			124,375		121,861
Playtika Holding Corp.
3.21% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 03/13/28			99,000		97,402
Titan AcquisitionCo New Zealand Ltd. (Trade Me)
5.01% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/18/28			75,000		74,250
Cengage Learning Acquisitions, Inc.
5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26			74,625		73,926
Total Communications					564,262
Financial - 0.6%
Franchise Group, Inc.
5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26			101,931		101,676
Claros Mortgage Trust, Inc.
5.00% (1 Month USD Term SOFR + 4.50%, Rate Floor: 5.00%) due 08/09/26^†††			92,000		91,540

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Face Amount^~		Value
SENIOR FLOATING RATE INTERESTS^††,◊ - 14.4% (continued)
Financial - 0.6% (continued)
Eisner Advisory Group
6.00% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.00%) due 07/28/28		49,750	$	49,315
Total Financial				242,531
Basic Materials - 0.4%
NIC Acquisition Corp.
4.76% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27		99,249		96,271
Ascend Performance Materials Operations LLC
due 08/27/26		50,000		49,771
Total Basic Materials				146,042
Energy - 0.3%
TransMontaigne Operating Company LP
4.00% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/17/28		74,813		74,267
Permian Production Partners LLC
9.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) (in-kind rate was 2.00%) due 11/24/25^†††,9		23,130		22,783
Total Energy				97,050
Total Senior Floating Rate Interests
(Cost $5,637,604)				5,544,326
Total Investments - 100.6%
(Cost $41,648,695)			$	38,863,523
Other Assets & Liabilities, net - (0.6)%				(235,021	)
Total Net Assets - 100.0%			$	38,628,502

Forward Foreign Currency Exchange Contracts^††

Counterparty

Currency

Type

Quantity

Contract Amount

Settlement Date

Unrealized Depreciation

Barclays Bank plc

CAD

Sell

98,000

76,909 USD

04/14/22

(1,499

)

Barclays Bank plc

GBP

Sell

229,000

298,338 USD

04/14/22

(2,469

)

Bank of America, N.A.

EUR

Sell

337,000

368,043 USD

04/14/22

(4,980

)

(8,948

)

^~	The face amount is denominated in U.S. dollars unless otherwise indicated.
^*	Non-income producing security.
^†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
^††	Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at March 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	Special Purpose Acquisition Company (SPAC).
²	Affiliated issuer.
³	Rate indicated is the 7-day yield as of March 31, 2022.
⁴	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 $25,756,968 (cost $27,139,838), or 66.7% of total net assets.
⁵	All or a portion of this security has been physically segregated or earmarked in connection with reverse repurchase agreements. At March 31, 2022, the total market value of segregated or earmarked security was $651,358 . — See Note 2.
⁶	Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
⁷	Security is in default of interest and/or principal obligations.
⁸	Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $23,004 (cost $528,103), or 0.1% of total net assets — See Note 6.
⁹	Payment-in-kind security.

CAD — Canadian Dollar

EUR — Euro

EURIBOR — European Interbank Offered Rate

GBP — British Pound

LIBOR — London Interbank Offered Rate

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

plc — Public Limited Company

SARL — Société à Responsabilité Limitée

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	393,967	$	36,346	$	204,582	$	634,895
Preferred Stocks		—		723,855		2		723,857
Warrants		3,544		—		—		3,544
Money Market Fund		2,000,922		—		—		2,000,922
Corporate Bonds		—		29,955,979		—		29,955,979
Senior Floating Rate Interests		—		4,901,686		642,640		5,544,326
Total Assets	$	2,398,433	$	35,617,866	$	847,224	$	38,863,523

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Forward Foreign Currency Exchange Contracts**	$	—	$	8,948	$	—	$	8,948
Unfunded Loan Commitments (Note 5)		—		—		1,571		1,571
Total Liabilities	$	—	$	8,948	$	1,571	$	10,519

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $377,191 are categorized as Level 2 within the disclosure hierarchy — See Note 2.

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

Category	Ending Balance at March 31, 2022		Valuation Technique	Unobservable Inputs	Input Range	Weighted Average*
Assets:
Common Stocks	$	184,349	Third Party Pricing	Broker Quote	—	—
Common Stocks		19,917	Enterprise Value	Valuation Multiple	3.2x-11.8x	5.0x
Common Stocks		316	Model Price	Liquidation Value	—	—
Preferred Stocks		2	Model Price	Purchase Price	—	—
Senior Floating Rate Interests		348,462	Third Party Pricing	Broker Quote	—	—
Senior Floating Rate Interests		294,178	Yield Analysis	Yield	5.6%-8.9%	6.7%
Total Assets	$	847,224
Liabilities:
Unfunded Loan Commitments	$	1,571	Model Price	Purchase price	—	—

Inputs are weighted by the fair value of the instruments.

Series P (High Yield Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Significant changes in a quote, yield, liquidation value or valuation multiples 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.

Transfer between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment’s valuation changes. For the period ended March 31, 2022, the Fund had securities with a total value of $260,916 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $270,266 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

Summary of Fair Value Level 3 Activity

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

	Assets											Liabilities
	Senior Floating Rate Interests			Common Stocks			Preferred Stocks		Total Assets			Unfunded Loan Commitments
Beginning Balance	$	673,373		$	209,563		$	2	$	882,938		$	(169	)
Purchases/(Receipts)		111			-			-		111			(104	)
(Sales, maturities and paydowns)/Fundings		(11,645	)		-			-		(11,645	)		18
Amortization of premiums/discounts		2,883			-			-		2,883			-
Total realized gains (losses) included in earnings		-			-			-		-			22
Total change in unrealized appreciation (depreciation) included in earnings		(12,732	)		(4,981	)		-		(17,713	)		(1,338	)
Transfers into Level 3		260,916			-			-		260,916			-
Transfers out of Level 3		(270,266	)		-			-		(270,266	)		-
Ending Balance	$	642,640		$	204,582		$	2	$	847,224		$	(1,571	)
Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at March 31, 2022	$	(12,165	)	$	(4,981	)	$	-	$	(17,146	)	$	(1,334	)

Affiliated Transactions

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/22		Shares 03/31/22
Common Stock
BP Holdco LLC^*	$	368	$	–	$	–	$	–	$	1	$	369		523

*	Non-income producing security.

Series Q (Small Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 93.4%
Financial - 26.8%
LXP Industrial Trust REIT		75,011	$	1,177,673
First Horizon Corp.		47,707		1,120,637
Prosperity Bancshares, Inc.		14,976		1,039,035
Physicians Realty Trust REIT		58,390		1,024,161
Unum Group		31,630		996,661
CNO Financial Group, Inc.		38,808		973,693
Cathay General Bancorp		21,370		956,307
Hanmi Financial Corp.		35,569		875,353
Investors Bancorp, Inc.		48,389		722,448
BOK Financial Corp.		7,564		710,638
STAG Industrial, Inc. REIT		17,048		704,935
Axis Capital Holdings Ltd.		11,496		695,163
Stifel Financial Corp.		10,167		690,339
Hancock Whitney Corp.		13,170		686,816
Simmons First National Corp. — Class A		23,197		608,225
Apple Hospitality REIT, Inc.		30,185		542,424
MGIC Investment Corp.		39,769		538,870
Flagstar Bancorp, Inc.		12,439		527,414
Independent Bank Group, Inc.		6,785		482,821
Zions Bancorp North America		7,193		471,573
Virtu Financial, Inc. — Class A		12,488		464,804
Old Republic International Corp.		17,213		445,300
Kennedy-Wilson Holdings, Inc.		17,252		420,776
Sunstone Hotel Investors, Inc. REIT^*		35,434		417,412
Piedmont Office Realty Trust, Inc. — Class A REIT		22,755		391,841
Park Hotels & Resorts, Inc. REIT		19,249		375,933
Heartland Financial USA, Inc.		7,689		367,765
First Hawaiian, Inc.		12,966		361,622
Trustmark Corp.		10,996		334,168
RMR Group, Inc. — Class A		7,220		224,542
Heritage Insurance Holdings, Inc.		29,534		210,873
Total Financial				19,560,222
Industrial - 21.9%
GATX Corp.		8,802		1,085,551
MDU Resources Group, Inc.		38,023		1,013,313
Kirby Corp.^*		13,407		967,851
Littelfuse, Inc.		3,479		867,697
Colfax Corp.^*		21,321		848,363
Graphic Packaging Holding Co.		39,961		800,818
Knight-Swift Transportation Holdings, Inc.		15,260		770,020
Valmont Industries, Inc.		3,161		754,215
Sanmina Corp.^*		18,569		750,559
Terex Corp.		18,854		672,334
Arcosa, Inc.		11,584		663,184
Curtiss-Wright Corp.		4,017		603,193
Daseke, Inc.^*		58,964		593,767
Zurn Water Solutions Corp.		15,500		548,700
Altra Industrial Motion Corp.		12,814		498,849
Energizer Holdings, Inc.		16,081		494,652
PGT Innovations, Inc.^*		25,188		452,880
Stoneridge, Inc.^*		20,250		420,390
Moog, Inc. — Class A		4,732		415,469
Owens Corning		4,194		383,751
Park Aerospace Corp.		27,305		356,330
Advanced Energy Industries, Inc.		3,990		343,459
EnerSys		4,571		340,859
Belden, Inc.		5,787		320,600
Kennametal, Inc.		11,020		315,282
Plexus Corp.^*		3,817		312,269
ChargePoint Holdings, Inc.^*		13,978		277,883
Smith-Midland Corp.^*		9,338		165,750
Total Industrial				16,037,988
Consumer, Cyclical - 12.2%
H&E Equipment Services, Inc.		24,579		1,069,678
Avient Corp.		18,079		867,792
Methode Electronics, Inc.		19,751		854,231
MSC Industrial Direct Company, Inc. — Class A		8,379		713,975
Alaska Air Group, Inc.^*		12,258		711,087
Tenneco, Inc. — Class A^*		36,566		669,889
Whirlpool Corp.		3,814		658,983
Hawaiian Holdings, Inc.^*		31,086		612,394
Meritage Homes Corp.^*		5,862		464,446
Lakeland Industries, Inc.^*		21,184		406,521
Rush Enterprises, Inc. — Class A		6,988		355,759
Marriott Vacations Worldwide Corp.		2,255		355,613
Macy's, Inc.		13,170		320,821
Leggett & Platt, Inc.		8,870		308,676
Newell Brands, Inc.		13,715		293,638
Dana, Inc.		15,507		272,458
Total Consumer, Cyclical				8,935,961
Energy - 8.5%
Pioneer Natural Resources Co.		11,717		2,929,602
Equities Corp.		27,869		958,972
CNX Resources Corp.^*		40,226		833,483
Chesapeake Energy Corp.		9,469		823,803
Patterson-UTI Energy, Inc.		44,494		688,767
Total Energy				6,234,627
Consumer, Non-cyclical - 6.2%
Encompass Health Corp.		14,281		1,015,522
Ingredion, Inc.		9,108		793,762
Central Garden & Pet Co. — Class A^*		16,553		675,031
US Foods Holding Corp.^*		16,542		622,476
Integer Holdings Corp.^*		6,366		512,909
Pacira BioSciences, Inc.^*		6,247		476,771
Perdoceo Education Corp.^*		20,801		238,795
Emergent BioSolutions, Inc.^*		4,706		193,228
Total Consumer, Non-cyclical				4,528,494
Utilities - 4.8%
Black Hills Corp.		17,277		1,330,674
OGE Energy Corp.		19,004		774,983
Spire, Inc.		7,249		520,188
ALLETE, Inc.		6,868		460,019
Avista Corp.		9,559		431,589
Total Utilities				3,517,453
Basic Materials - 4.7%
Huntsman Corp.		32,095		1,203,883
Reliance Steel & Aluminum Co.		3,874		710,298
Ashland Global Holdings, Inc.		6,259		615,948
Element Solutions, Inc.		24,781		542,704

Series Q (Small Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 93.4% (continued)
Basic Materials - 4.7% (continued)
Commercial Metals Co.		8,977	$	373,623
Total Basic Materials				3,446,456
Technology - 4.4%
Science Applications International Corp.		9,254		852,941
DXC Technology Co.^*		24,545		800,904
Amkor Technology, Inc.		24,185		525,298
Evolent Health, Inc. — Class A^*		15,878		512,860
Conduent, Inc.^*		95,977		495,241
Total Technology				3,187,244
Communications - 3.9%
Infinera Corp.^*		87,174		755,799
TEGNA, Inc.		32,594		730,105
Ciena Corp.^*		10,256		621,821
Gray Television, Inc.		25,944		572,584
Audacy, Inc.^*		57,603		166,473
Total Communications				2,846,782
Total Common Stocks
(Cost $56,491,471)				68,295,227

CONVERTIBLE PREFERRED STOCKS^††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.^*,1	116,667	1
Total Convertible Preferred Stocks
(Cost $111,410)		1

RIGHTS^† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp. ^*	81,258	68,257
Total Rights
(Cost $–)		68,257

EXCHANGE-TRADED FUNDS^† - 2.5%
iShares Russell 2000 Value ETF	11,483	1,853,356
Total Exchange-Traded Funds
(Cost $1,301,506)		1,853,356

MONEY MARKET FUND^† - 4.0%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	2,917,595		2,917,595
Total Money Market Fund
(Cost $2,917,595)			2,917,595
Total Investments - 100.0%
(Cost $60,821,982)		$	73,134,436
Other Assets & Liabilities, net - 0.0%			(10,148	)
Total Net Assets - 100.0%		$	73,124,288

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
²	Rate indicated is the 7-day yield as of March 31, 2022.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	68,295,227	$	—	$	—	$	68,295,227
Convertible Preferred Stocks		—		—		1		1
Rights		68,257		—		—		68,257
Exchange-Traded Funds		1,853,356		—		—		1,853,356
Money Market Fund		2,917,595		—		—		2,917,595
Total Assets	$	73,134,435	$	—	$	1	$	73,134,436

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 98.3%
Financial - 25.1%
Alleghany Corp.^*		5,855	$	4,959,185
First Horizon Corp.		202,420		4,754,846
Physicians Realty Trust REIT		164,446		2,884,383
Alexandria Real Estate Equities, Inc. REIT		14,205		2,858,756
Prosperity Bancshares, Inc.		37,832		2,624,784
Unum Group		80,052		2,522,439
BOK Financial Corp.		21,837		2,051,586
VICI Properties, Inc. REIT		70,712		2,012,463
STAG Industrial, Inc. REIT		47,835		1,977,977
Sun Communities, Inc. REIT		10,576		1,853,867
Axis Capital Holdings Ltd.		29,809		1,802,550
Stifel Financial Corp.		26,146		1,775,313
KeyCorp		72,582		1,624,385
Apple Hospitality, Inc. REIT		82,613		1,484,556
Voya Financial, Inc.		21,525		1,428,184
Virtu Financial, Inc. — Class A		36,940		1,374,907
Zions Bancorp North America		18,375		1,204,665
Old Republic International Corp.		46,321		1,198,324
Medical Properties Trust, Inc. REIT		53,620		1,133,527
Heartland Financial USA, Inc.		21,485		1,027,628
Park Hotels & Resorts, Inc. REIT		50,975		995,542
Gaming and Leisure Properties, Inc. REIT		19,571		918,467
First Hawaiian, Inc.		32,761		913,704
Trustmark Corp.		27,785		844,386
Heritage Insurance Holdings, Inc.		74,765		533,822
Total Financial				46,760,246
Industrial - 20.0%
Kirby Corp.^*		38,649		2,790,071
Littelfuse, Inc.		10,214		2,547,474
Graphic Packaging Holding Co.		119,885		2,402,495
Johnson Controls International plc		32,961		2,161,253
Knight-Swift Transportation Holdings, Inc.		42,599		2,149,545
Colfax Corp.^*		53,282		2,120,091
Valmont Industries, Inc.		7,997		1,908,084
Packaging Corporation of America		11,916		1,860,207
Terex Corp.		47,683		1,700,376
Arcosa, Inc.		28,950		1,657,387
Curtiss-Wright Corp.		10,964		1,646,354
Zurn Water Solutions Corp.		42,569		1,506,943
Daseke, Inc.^*		147,451		1,484,832
GATX Corp.		11,670		1,439,261
Altra Industrial Motion Corp.		32,424		1,262,266
Energizer Holdings, Inc.		40,672		1,251,071
PGT Innovations, Inc.^*		68,573		1,232,943
Stoneridge, Inc.^*		51,265		1,064,261
Advanced Energy Industries, Inc.		10,258		883,009
EnerSys		11,333		845,102
Kennametal, Inc.		28,392		812,295
Park Aerospace Corp.		61,229		799,039
Plexus Corp.^*		9,638		788,485
ChargePoint Holdings, Inc.^*		35,037		696,535
Smith-Midland Corp.^*		4,695		83,336
Total Industrial				37,092,715
Consumer, Cyclical - 12.1%
H&E Equipment Services, Inc.		61,426		2,673,259
Avient Corp.		46,496		2,231,808
LKQ Corp.		48,239		2,190,533
MSC Industrial Direct Company, Inc. — Class A		22,407		1,909,300
Methode Electronics, Inc.		43,794		1,894,090
Alaska Air Group, Inc.^*		32,117		1,863,107
Whirlpool Corp.		9,535		1,647,457
Ralph Lauren Corp. — Class A		13,536		1,535,524
DR Horton, Inc.		19,918		1,484,090
PVH Corp.		11,908		912,272
Marriott Vacations Worldwide Corp.		5,658		892,267
Leggett & Platt, Inc.		22,402		779,590
Newell Brands, Inc.		35,094		751,363
Lakeland Industries, Inc.^*		35,963		690,130
Dana, Inc.		38,966		684,633
La-Z-Boy, Inc.		13,202		348,137
Total Consumer, Cyclical				22,487,560
Consumer, Non-cyclical - 12.0%
Bunge Ltd.		40,835		4,524,926
Ingredion, Inc.		25,798		2,248,296
Encompass Health Corp.		31,114		2,212,517
Henry Schein, Inc.^*		25,168		2,194,398
J M Smucker Co.		15,120		2,047,399
Central Garden & Pet Co. — Class A^*		43,114		1,758,189
Tyson Foods, Inc. — Class A		18,994		1,702,432
US Foods Holding Corp.^*		45,191		1,700,538
Integer Holdings Corp.^*		17,381		1,400,387
Pacira BioSciences, Inc.^*		15,959		1,217,991
Quest Diagnostics, Inc.		6,475		886,168
Emergent BioSolutions, Inc.^*		11,690		479,991
Total Consumer, Non-cyclical				22,373,232
Energy - 7.5%
Pioneer Natural Resources Co.		30,929		7,733,178
Equities Corp.		70,073		2,411,212
Chesapeake Energy Corp.		23,809		2,071,383
Patterson-UTI Energy, Inc.		112,085		1,735,075
HydroGen Corp.^{*,†††,1}		672,346		1
Total Energy				13,950,849
Basic Materials - 7.2%
Huntsman Corp.		80,652		3,025,257
Westlake Corp.		23,085		2,848,689
Reliance Steel & Aluminum Co.		9,765		1,790,413
Ashland Global Holdings, Inc.		17,628		1,734,771
Element Solutions, Inc.		67,298		1,473,826
Nucor Corp.		9,527		1,416,188
Commercial Metals Co.		27,772		1,155,871
Total Basic Materials				13,445,015
Technology - 6.4%
Evolent Health, Inc. — Class A^*		129,629		4,187,017
Science Applications International Corp.		23,262		2,144,058
Leidos Holdings, Inc.		19,309		2,085,758
DXC Technology Co.^*		61,893		2,019,569
Teradyne, Inc.		7,769		918,529

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 98.3% (continued)
Technology - 6.4% (continued)
Qorvo, Inc.^*		4,639	$	575,700
Total Technology				11,930,631
Utilities - 4.6%
Black Hills Corp.		43,060		3,316,481
Pinnacle West Capital Corp.		26,160		2,043,096
OGE Energy Corp.		48,097		1,961,396
Spire, Inc.		17,968		1,289,384
Total Utilities				8,610,357
Communications - 3.4%
Infinera Corp.^*		285,587		2,476,039
TEGNA, Inc.		104,531		2,341,494
Ciena Corp.^*		25,828		1,565,952
Total Communications				6,383,485
Total Common Stocks
(Cost $146,609,707)				183,034,090

CONVERTIBLE PREFERRED STOCKS^††† - 0.0%
Industrial - 0.0%
Thermoenergy Corp.^*,2	308,333	1
Total Convertible Preferred Stocks
(Cost $294,438)		1

RIGHTS^† - 0.1%
Basic Materials - 0.1%
Pan American Silver Corp.^*	220,317	185,066
Total Rights
(Cost $–)		185,066

MONEY MARKET FUND^† - 1.2%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%³	2,140,149		2,140,149
Total Money Market Fund
(Cost $2,140,149)			2,140,149
Total Investments - 99.6%
(Cost $149,044,294)		$	185,359,306
Other Assets & Liabilities, net - 0.4%			729,942
Total Net Assets - 100.0%		$	186,089,248

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs, unless otherwise noted— See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	Affiliated issuer.
²	PIPE (Private Investment in Public Equity) - Stock issued by a company in the secondary market as a means of raising capital more quickly and less expensively than through registration of a secondary public offering.
³	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	183,034,089	$	—	$	1	$	183,034,090
Convertible Preferred Stocks		—		—		1		1
Rights		185,066		—		—		185,066
Money Market Fund		2,140,149		—		—		2,140,149
Total Assets	$	185,359,304	$	—	$	2	$	185,359,306

Affiliated Transactions

Series V (SMid Cap Value Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name

Value 12/31/21

Additions

Reductions

Realized Gain (Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Value 03/31/22

Shares 03/31/22

Common Stocks

HydroGen Corp. ^*

–

672,346

Non-income producing security.

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 20.9%
Financial - 4.1%
United Community Banks, Inc.		2,661	$	92,603
First BanCorp		6,957		91,276
Preferred Bank/Los Angeles CA		1,046		77,498
Banner Corp.		1,289		75,445
Central Pacific Financial Corp.		2,537		70,782
National Bank Holdings Corp. — Class A		1,678		67,590
HomeStreet, Inc.		1,414		66,995
Hilltop Holdings, Inc.		2,118		62,269
Meta Financial Group, Inc.		1,109		60,906
Piper Sandler Cos.		458		60,112
Dime Community Bancshares, Inc.		1,704		58,907
Virtus Investment Partners, Inc.		239		57,358
ServisFirst Bancshares, Inc.		592		56,412
Walker & Dunlop, Inc.		435		56,298
Veritex Holdings, Inc.		1,247		47,598
Hanmi Financial Corp.		1,913		47,079
Enova International, Inc.^*		1,078		40,932
Stewart Information Services Corp.		615		37,275
Independence Realty Trust, Inc. REIT		1,406		37,175
Southside Bancshares, Inc.		781		31,888
Triumph Bancorp, Inc.^*		327		30,745
Customers Bancorp, Inc.^*		474		24,714
Independent Bank Corp.		268		21,893
Interactive Brokers Group, Inc. — Class A		327		21,552
Innovative Industrial Properties, Inc. REIT		85		17,459
Total Financial				1,312,761
Industrial - 4.0%
UFP Industries, Inc.		1,204		92,901
Mueller Industries, Inc.		1,662		90,031
Chart Industries, Inc.^*		501		86,057
OSI Systems, Inc.^*		917		78,055
Knowles Corp.^*		3,608		77,680
Tennant Co.		956		75,333
Comfort Systems USA, Inc.		794		70,674
Advanced Energy Industries, Inc.		820		70,586
Hillenbrand, Inc.		1,473		65,062
Fabrinet^*		609		64,024
Encore Wire Corp.		504		57,491
Sturm Ruger & Company, Inc.		808		56,253
Matson, Inc.		456		55,003
Albany International Corp. — Class A		577		48,652
Badger Meter, Inc.		427		42,576
Trinity Industries, Inc.		1,222		41,988
Insteel Industries, Inc.		1,134		41,947
Materion Corp.		474		40,641
Dorian LPG Ltd.		2,268		32,863
Eagle Materials, Inc.		224		28,753
Boise Cascade Co.		369		25,634
Exponent, Inc.		207		22,366
Total Industrial				1,264,570
Technology - 3.8%
Rambus, Inc.^*		2,901		92,513
Diodes, Inc.^*		986		85,772
CSG Systems International, Inc.		1,329		84,484
ExlService Holdings, Inc.^*		572		81,950
Progress Software Corp.		1,636		77,039
Xperi Holding Corp.		4,397		76,156
SPS Commerce, Inc.^*		569		74,653
Onto Innovation, Inc.^*		842		73,161
MaxLinear, Inc. — Class A^*		1,194		69,670
Kulicke & Soffa Industries, Inc.		1,157		64,815
Digi International, Inc.^*		2,667		57,394
Axcelis Technologies, Inc.^*		737		55,666
Veeco Instruments, Inc.^*		1,753		47,664
TTEC Holdings, Inc.		576		47,532
Ultra Clean Holdings, Inc.^*		1,081		45,824
Maximus, Inc.		602		45,120
3D Systems Corp.^*		2,501		41,717
CEVA, Inc.^*		962		39,105
Cohu, Inc.^*		1,165		34,484
Apollo Medical Holdings, Inc.^*		647		31,360
Total Technology				1,226,079
Consumer, Non-cyclical - 3.7%
Alarm.com Holdings, Inc.^*		1,225		81,413
AMN Healthcare Services, Inc.^*		695		72,509
Omnicell, Inc.^*		535		69,277
Prestige Consumer Healthcare, Inc.^*		1,219		64,534
CONMED Corp.		428		63,580
EVERTEC, Inc.		1,534		62,787
Innoviva, Inc.^*		2,952		57,121
Pacira BioSciences, Inc.^*		720		54,951
Amphastar Pharmaceuticals, Inc.^*		1,469		52,737
Tivity Health, Inc.^*		1,533		49,316
Supernus Pharmaceuticals, Inc.^*		1,482		47,898
Coherus Biosciences, Inc.^*		3,679		47,496
Cytokinetics, Inc.^*		1,288		47,411
Ligand Pharmaceuticals, Inc. — Class B^*		396		44,546
LeMaitre Vascular, Inc.		954		44,332
Corcept Therapeutics, Inc.^*		1,779		40,063
Eagle Pharmaceuticals, Inc.^*		809		40,038
Surmodics, Inc.^*		879		39,845
Halozyme Therapeutics, Inc.^*		972		38,764
Varex Imaging Corp.^*		1,718		36,576
Fulgent Genetics, Inc.^*		475		29,645
Vanda Pharmaceuticals, Inc.^*		2,617		29,598
uniQure N.V.^*		1,604		28,984
iTeos Therapeutics, Inc.^*		788		25,358
CorVel Corp.^*		136		22,908
Total Consumer, Non-cyclical				1,191,687
Consumer, Cyclical - 2.4%
Boot Barn Holdings, Inc.^*		619		58,675
Methode Electronics, Inc.		1,265		54,711
Vista Outdoor, Inc.^*		1,348		48,110
Gentherm, Inc.^*		583		42,583
Dine Brands Global, Inc.		540		42,093
Shoe Carnival, Inc.		1,414		41,232
LGI Homes, Inc.^*		421		41,123
Installed Building Products, Inc.		457		38,612
Jack in the Box, Inc.		406		37,924

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 20.9% (continued)
Consumer, Cyclical - 2.4% (continued)
MarineMax, Inc.^*		908	$	36,556
Patrick Industries, Inc.		606		36,542
Cavco Industries, Inc.^*		151		36,368
Oxford Industries, Inc.		381		34,481
Sleep Number Corp.^*		665		33,722
Buckle, Inc.		1,004		33,172
Movado Group, Inc.		806		31,474
Winnebago Industries, Inc.		581		31,392
Kontoor Brands, Inc.		740		30,599
Asbury Automotive Group, Inc.^*		143		22,909
Hibbett, Inc.		458		20,308
Total Consumer, Cyclical				752,586
Energy - 1.3%
Matador Resources Co.		1,382		73,218
SM Energy Co.		1,677		65,319
Civitas Resources, Inc.		957		57,143
Southwestern Energy Co.^*		7,738		55,481
Range Resources Corp.^*		1,647		50,036
PDC Energy, Inc.		541		39,320
Callon Petroleum Co.^*		650		38,402
Antero Midstream Corp.		1,918		20,849
Total Energy				399,768
Communications - 1.0%
Viavi Solutions, Inc.^*		3,896		62,648
Perficient, Inc.^*		533		58,678
InterDigital, Inc.		798		50,912
Extreme Networks, Inc.^*		3,909		47,729
Shutterstock, Inc.		462		43,003
Harmonic, Inc.^*		3,250		30,192
HealthStream, Inc.^*		1,053		20,976
Total Communications				314,138
Basic Materials - 0.6%
Livent Corp.^*		2,438		63,559
Ingevity Corp.^*		810		51,897
AdvanSix, Inc.		851		43,478
Valvoline, Inc.		629		19,851
Balchem Corp.		115		15,720
Total Basic Materials				194,505
Total Common Stocks
(Cost $6,421,318)				6,656,094

MUTUAL FUNDS^† - 77.1%
Guggenheim Variable Insurance Strategy Fund III¹	390,803	9,609,844
Guggenheim Strategy Fund III¹	370,219	9,122,206
Guggenheim Strategy Fund II¹	224,584	5,513,543
Guggenheim Ultra Short Duration Fund — Institutional Class¹	29,322	287,061
Total Mutual Funds
(Cost $24,856,127)		24,532,654

MONEY MARKET FUND^† - 2.8%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	875,989		875,989
Total Money Market Fund
(Cost $875,989)			875,989
Total Investments - 100.8%
(Cost $32,153,434)		$	32,064,737
Other Assets & Liabilities, net - (0.8)%			(263,851	)
Total Net Assets - 100.0%		$	31,800,886

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts		3	Jun 2022	$	309,750	$	19,151
S&P MidCap 400 Index Mini Futures Contracts		1	Jun 2022		268,770		14,922
				$	578,520	$	34,073

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements^††

Wells Fargo Bank, N.A.

Russell 2000 Growth Index

Pay

0.54% (Federal Funds Rate + 0.21%)

At Maturity

04/07/22

18,977

24,682,511

(3,702,299

)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.

Series X (StylePlus—Small Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,656,094	$	—	$	—	$	6,656,094
Mutual Funds		24,532,654		—		—		24,532,654
Money Market Fund		875,989		—		—		875,989
Equity Futures Contracts**		34,073		—		—		34,073
Total Assets	$	32,098,810	$	—	$	—	$	32,098,810

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	3,702,299			$	—			$	3,702,299

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

Affiliated Transactions

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,675,169	$	2,733,762	$	(3,822,927	)	$	(15,979	)	$	(56,482	)	$	5,513,543		224,584	$	19,238
Guggenheim Strategy Fund III		9,233,350		32,938		–			–			(144,082	)		9,122,206		370,219		33,582
Guggenheim Ultra Short Duration Fund — Institutional Class		3,333,685		1,882		(3,041,984	)		(19,829	)		13,307			287,061		29,322		2,047
Guggenheim Variable Insurance Strategy Fund III		8,963,296		779,600		–			–			(133,052	)		9,609,844		390,803		30,194
	$	28,205,500	$	3,548,182	$	(6,864,911	)	$	(35,808	)	$	(320,309	)	$	24,532,654			$	85,061

Series Y (StylePlus—Large Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 18.8%
Technology - 7.8%
Apple, Inc.		8,122	$	1,418,183
Microsoft Corp.		3,532		1,088,951
NVIDIA Corp.		939		256,215
QUALCOMM, Inc.		1,119		171,006
Broadcom, Inc.		244		153,642
KLA Corp.		305		111,648
Akamai Technologies, Inc.^*		864		103,153
NXP Semiconductor N.V.		533		98,648
HP, Inc.		2,541		92,238
Qorvo, Inc.^*		728		90,345
Advanced Micro Devices, Inc.^*		757		82,770
NetApp, Inc.		991		82,253
Skyworks Solutions, Inc.		578		77,036
Seagate Technology Holdings plc		778		69,942
Oracle Corp.		721		59,648
Adobe, Inc.^*		100		45,562
Intuit, Inc.		39		18,753
Total Technology				4,019,993
Communications - 4.1%
Alphabet, Inc. — Class C^*		275		768,072
Amazon.com, Inc.^*		203		661,770
Meta Platforms, Inc. — Class A^*		1,375		305,745
Cisco Systems, Inc.		2,581		143,916
Motorola Solutions, Inc.		424		102,693
F5, Inc.^*		473		98,834
Netflix, Inc.^*		100		37,459
Total Communications				2,118,489
Consumer, Non-cyclical - 3.0%
AbbVie, Inc.		965		156,436
Pfizer, Inc.		2,430		125,801
Amgen, Inc.		510		123,328
Vertex Pharmaceuticals, Inc.^*		467		121,873
Gartner, Inc.^*		371		110,358
Regeneron Pharmaceuticals, Inc.^*		158		110,350
Incyte Corp.^*		1,370		108,805
Hologic, Inc.^*		1,397		107,318
PerkinElmer, Inc.		579		101,012
Laboratory Corporation of America Holdings^*		367		96,763
Quest Diagnostics, Inc.		707		96,760
Moderna, Inc.^*		514		88,542
HCA Healthcare, Inc.		346		86,715
Eli Lilly & Co.		107		30,642
S&P Global, Inc.		72		29,533
Thermo Fisher Scientific, Inc.		49		28,942
UnitedHealth Group, Inc.		56		28,558
Total Consumer, Non-cyclical				1,551,736
Consumer, Cyclical - 1.5%
Tesla, Inc.^*		313		337,289
AutoZone, Inc.^*		59		120,630
LKQ Corp.		2,022		91,819
NVR, Inc.^*		19		84,878
Bath & Body Works, Inc.		1,324		63,287
Home Depot, Inc.		172		51,485
Lowe's Companies, Inc.		122		24,667
Total Consumer, Cyclical				774,055
Financial - 0.9%
Morgan Stanley		1,196		104,530
Raymond James Financial, Inc.		943		103,645
Capital One Financial Corp.		638		83,763
Synchrony Financial		2,060		71,709
JPMorgan Chase & Co.		222		30,263
Visa, Inc. — Class A		133		29,495
Bank of America Corp.		652		26,876
Total Financial				450,281
Industrial - 0.7%
Keysight Technologies, Inc.^*		663		104,734
Sealed Air Corp.		1,408		94,280
Masco Corp.		1,715		87,465
Otis Worldwide Corp.		900		69,255
Total Industrial				355,734
Basic Materials - 0.4%
Nucor Corp.		745		110,744
CF Industries Holdings, Inc.		1,055		108,729
Total Basic Materials				219,473
Energy - 0.4%
Occidental Petroleum Corp.		1,727		97,990
APA Corp.		2,028		83,817
Total Energy				181,807
Total Common Stocks
(Cost $7,955,137)				9,671,568

MUTUAL FUNDS^† - 79.0%
Guggenheim Strategy Fund III¹	619,453	15,263,331
Guggenheim Variable Insurance Strategy Fund III¹	518,059	12,739,076
Guggenheim Strategy Fund II¹	362,759	8,905,736
Guggenheim Ultra Short Duration Fund — Institutional Class¹	380,388	3,724,001
Total Mutual Funds
(Cost $41,204,610)		40,632,144

MONEY MARKET FUND^† - 3.6%
Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 0.12%²	1,863,556		1,863,556
Total Money Market Fund
(Cost $1,863,556)			1,863,556
Total Investments - 101.4%
(Cost $51,023,303)		$	52,167,268
Other Assets & Liabilities, net - (1.4)%			(715,305	)
Total Net Assets - 100.0%		$	51,451,963

Series Y (StylePlus—Large Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts		1	Jun 2022	$	297,420	$	36,554
S&P 500 Index Mini Futures Contracts		1	Jun 2022		226,388		18,182
				$	523,808	$	54,736

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Wells Fargo Bank, N.A.

Russell 1000 Growth Index

Pay

0.82% (Federal Funds Rate + 0.49%)

At Maturity

04/07/22

14,779

41,254,707

420,758

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Rate indicated is the 7-day yield as of March 31, 2022.

plc — Public Limited Company

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	9,671,568	$	—	$	—	$	9,671,568
Mutual Funds		40,632,144		—		—		40,632,144
Money Market Fund		1,863,556		—		—		1,863,556
Equity Futures Contracts**		54,736		—		—		54,736
Equity Index Swap Agreements**		—		420,758		—		420,758
Total Assets	$	52,222,004	$	420,758	$	—	$	52,642,762

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

Affiliated Transactions

Series Y (StylePlus—Large Growth Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Transactions during the period ended March 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/22		Shares 03/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	8,709,839	$	4,810,918	$	(4,504,946	)	$	(19,513	)	$	(90,562	)	$	8,905,736		362,759	$	28,534
Guggenheim Strategy Fund III		14,184,016		1,300,651		–			–			(221,336	)		15,263,331		619,453		51,640
Guggenheim Ultra Short Duration Fund — Institutional Class		9,222,929		11,668		(5,456,983	)		(31,221	)		(22,392	)		3,724,001		380,388		12,125
Guggenheim Variable Insurance Strategy Fund III		12,887,874		42,511		–			–			(191,309	)		12,739,076		518,059		43,366
	$	45,004,658	$	6,165,748	$	(9,961,929	)	$	(50,734	)	$	(525,599	)	$	40,632,144			$	135,665

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 100.1%
Financial - 23.9%
Safety Insurance Group, Inc.		517	$	46,969
Arch Capital Group Ltd.^*		926		44,837
Mercury General Corp.¹		800		44,000
National Bank Holdings Corp. — Class A		1,006		40,522
Enstar Group Ltd.^*,1		155		40,478
Old Republic International Corp.¹		1,391		35,985
Travelers Companies, Inc.		193		35,267
Stewart Information Services Corp.		551		33,396
Preferred Bank/Los Angeles CA		450		33,341
Radian Group, Inc.		1,421		31,560
AMERISAFE, Inc.		615		30,547
Fulton Financial Corp.		1,814		30,149
United Bankshares, Inc.		855		29,822
MGIC Investment Corp.		2,133		28,902
Evercore, Inc. — Class A¹		240		26,717
PS Business Parks, Inc. REIT		155		26,052
BankUnited, Inc.		591		25,980
Everest Re Group Ltd.		86		25,919
Fidelity National Financial, Inc.		522		25,495
HomeStreet, Inc.		517		24,495
Interactive Brokers Group, Inc. — Class A		367		24,189
Piper Sandler Cos.¹		180		23,625
Markel Corp.^*		16		23,604
Raymond James Financial, Inc.¹		212		23,246
Essent Group Ltd.		557		22,954
Equity Commonwealth REIT^*,1		788		22,230
Hilltop Holdings, Inc.		740		21,756
OneMain Holdings, Inc.		443		21,002
Meta Financial Group, Inc.		356		19,552
Janus Henderson Group plc		484		16,950
First American Financial Corp.		252		16,335
Western Union Co.		853		15,985
PotlatchDeltic Corp. REIT¹		268		14,132
Easterly Government Properties, Inc. REIT		653		13,804
Citigroup, Inc.		250		13,350
WP Carey, Inc. REIT		113		9,135
Total Financial				962,282
Consumer, Non-cyclical - 19.5%
Bristol-Myers Squibb Co.¹		627		45,790
Johnson & Johnson¹		257		45,548
John B Sanfilippo & Son, Inc.¹		508		42,388
Gilead Sciences, Inc.¹		702		41,734
Amgen, Inc.¹		156		37,724
AbbVie, Inc.¹		230		37,285
Hologic, Inc.^*,1		477		36,643
Innoviva, Inc.^*,1		1,690		32,702
Perdoceo Education Corp.^*		2,829		32,477
Regeneron Pharmaceuticals, Inc.^*,1		45		31,429
Amphastar Pharmaceuticals, Inc.^*		834		29,941
Incyte Corp.^*,1		332		26,367
Eagle Pharmaceuticals, Inc.^*		530		26,230
Bio-Rad Laboratories, Inc. — Class A^*		44		24,782
Vertex Pharmaceuticals, Inc.^*,1		88		22,965
USANA Health Sciences, Inc.^*		288		22,882
Prestige Consumer Healthcare, Inc.^*,1		385		20,382
Quest Diagnostics, Inc.¹		144		19,708
EVERTEC, Inc.		479		19,605
Abbott Laboratories		159		18,819
Molson Coors Beverage Co. — Class B		340		18,149
Merck & Company, Inc.¹		219		17,969
Vanda Pharmaceuticals, Inc.^*		1,478		16,716
Royalty Pharma plc — Class A		421		16,402
Waters Corp.^*		50		15,520
United Therapeutics Corp.^*,1		82		14,712
Pfizer, Inc.¹		264		13,667
Exelixis, Inc.^*		598		13,557
Laboratory Corporation of America Holdings^*		51		13,446
Halozyme Therapeutics, Inc.^*		276		11,007
Corteva, Inc.		178		10,231
Premier, Inc. — Class A		236		8,399
Total Consumer, Non-cyclical				785,176
Industrial - 14.6%
Vishay Intertechnology, Inc.¹		2,266		44,413
3M Co.¹		292		43,473
Knowles Corp.^*		2,007		43,211
Garmin Ltd.		352		41,751
Mueller Industries, Inc.¹		752		40,736
Snap-on, Inc.¹		175		35,959
Sanmina Corp.^*,1		871		35,206
Sturm Ruger & Company, Inc.		505		35,158
Packaging Corporation of America		200		31,222
TTM Technologies, Inc.^*		2,079		30,811
Hillenbrand, Inc.¹		553		24,426
OSI Systems, Inc.^*		262		22,301
Crane Co.¹		202		21,873
Eagle Materials, Inc.		152		19,511
Encore Wire Corp.¹		156		17,795
Louisiana-Pacific Corp.¹		217		13,480
Owens Corning¹		145		13,267
Vontier Corp.		507		12,873
Albany International Corp. — Class A		151		12,732
Dorian LPG Ltd.		816		11,824
UFP Industries, Inc.		135		10,417
Insteel Industries, Inc.		268		9,913
Keysight Technologies, Inc.^*		55		8,688
Arrow Electronics, Inc.^*		71		8,423
Total Industrial				589,463
Consumer, Cyclical - 11.5%
AutoZone, Inc.^*,1		22		44,981
Gentex Corp.¹		1,475		43,026
Whirlpool Corp.¹		207		35,765
NVR, Inc.^*		7		31,271
Cummins, Inc.¹		142		29,126
Allison Transmission Holdings, Inc.¹		705		27,678
Dolby Laboratories, Inc. — Class A¹		331		25,891
Ethan Allen Interiors, Inc.		814		21,221

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Value
COMMON STOCKS^† - 100.1% (continued)
Consumer, Cyclical - 11.5% (continued)
Acushnet Holdings Corp.¹		480	$	19,325
Columbia Sportswear Co.		185		16,748
Tri Pointe Homes, Inc.^*,1		811		16,285
Brunswick Corp.¹		190		15,369
Methode Electronics, Inc.		322		13,926
LKQ Corp.¹		285		12,942
PulteGroup, Inc.¹		287		12,025
AutoNation, Inc.^*,1		118		11,750
Tapestry, Inc.		311		11,554
Jack in the Box, Inc.¹		121		11,303
Zumiez, Inc.^*		277		10,584
Toll Brothers, Inc.		222		10,438
Autoliv, Inc.		136		10,396
Shoe Carnival, Inc.		299		8,719
MarineMax, Inc.^*		208		8,374
Haverty Furniture Companies, Inc.		298		8,171
Buckle, Inc.		201		6,641
Total Consumer, Cyclical				463,509
Utilities - 10.5%
MGE Energy, Inc.¹		587		46,837
CMS Energy Corp.		664		46,440
National Fuel Gas Co.¹		662		45,479
Duke Energy Corp.¹		385		42,989
IDACORP, Inc.¹		369		42,568
Portland General Electric Co.¹		751		41,418
Chesapeake Utilities Corp.¹		284		39,124
Otter Tail Corp.		383		23,937
PPL Corp.¹		833		23,790
Southern Co.¹		307		22,261
American States Water Co.¹		204		18,160
WEC Energy Group, Inc.		170		16,968
California Water Service Group		201		11,915
Total Utilities				421,886
Communications - 8.1%
Verizon Communications, Inc.¹		793		40,395
Comcast Corp. — Class A		837		39,188
Meta Platforms, Inc. — Class A^*		171		38,024
Cisco Systems, Inc.¹		420		23,419
Yelp, Inc. — Class A^*		686		23,399
Viavi Solutions, Inc.^*,1		1,399		22,496
Nexstar Media Group, Inc. — Class A		107		20,167
Interpublic Group of Companies, Inc.		561		19,887
Alphabet, Inc. — Class C^*		7		19,551
Shenandoah Telecommunications Co.		745		17,567
Omnicom Group, Inc.¹		204		17,316
InterDigital, Inc.¹		252		16,078
Juniper Networks, Inc.¹		316		11,743
F5, Inc.^*		43		8,985
NETGEAR, Inc.^*		321		7,922
Total Communications				326,137
Technology - 6.3%
CSG Systems International, Inc.¹		693		44,054
Rambus, Inc.^*,1		945		30,136
NetApp, Inc.¹		251		20,833
Xperi Holding Corp.		992		17,181
Intel Corp.		333		16,503
Progress Software Corp.		332		15,634
Akamai Technologies, Inc.^*		112		13,372
ExlService Holdings, Inc.^*		90		12,894
Lumentum Holdings, Inc.^*		123		12,005
Ziff Davis, Inc.^*		117		11,323
Dropbox, Inc. — Class A^*		391		9,091
NetScout Systems, Inc.^*		282		9,047
Genpact Ltd.		203		8,832
CommVault Systems, Inc.^*,1		133		8,825
SS&C Technologies Holdings, Inc.		113		8,477
Skyworks Solutions, Inc.		63		8,397
Qorvo, Inc.^*		65		8,067
Total Technology				254,671
Basic Materials - 4.7%
Dow, Inc.¹		547		34,855
LyondellBasell Industries N.V. — Class A		332		34,136
Westlake Corp.¹		249		30,727
International Paper Co.¹		628		28,982
Minerals Technologies, Inc.		284		18,786
AdvanSix, Inc.		320		16,349
Reliance Steel & Aluminum Co.		87		15,952
NewMarket Corp.		34		11,029
Total Basic Materials				190,816
Energy - 1.0%
Kinder Morgan, Inc.		1,259		23,808
Exxon Mobil Corp.		178		14,701
Total Energy				38,509
Total Common Stocks
(Cost $3,996,025)				4,032,449

MONEY MARKET FUND^† - 1.8%
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares, 0.16%²	72,577		72,577
Total Money Market Fund
(Cost $72,577)			72,577
Total Investments - 101.9%
(Cost $4,068,602)		$	4,105,026
Other Assets & Liabilities, net - (1.9)%			(78,447	)
Total Net Assets - 100.0%		$	4,026,579

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements^††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

0.73% (Federal Funds Rate + 0.40%)

At Maturity

02/01/24

859,265

16,263

Goldman Sachs International

GS Equity Custom Basket

Pay

0.78% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

859,268

15,930

1,718,533

32,193

OTC Custom Basket Swap Agreements Sold Short^††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

0.03% (Federal Funds Rate - 0.30%)

At Maturity

02/01/24

1,766,790

(59,307

)

Goldman Sachs International

GS Equity Custom Basket

Receive

0.13% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

1,745,655

(59,445

)

3,512,445

(118,752

)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

MS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Non-cyclical
Amphastar Pharmaceuticals, Inc.	178	0.72	%	$	2,840
AbbVie, Inc.	49	0.92	%		2,144
Innoviva, Inc.	362	0.82	%		2,133
Molson Coors Beverage Co. — Class B	132	0.82	%		1,316
Bristol-Myers Squibb Co.	134	1.14	%		1,273
Vertex Pharmaceuticals, Inc.	18	0.55	%		1,273
Regeneron Pharmaceuticals, Inc.	9	0.73	%		1,245
Johnson & Johnson	55	1.13	%		859
Eagle Pharmaceuticals, Inc.	113	0.65	%		701
Amgen, Inc.	33	0.93	%		561
Hologic, Inc.	102	0.91	%		551
Merck & Company, Inc.	47	0.45	%		471
Exelixis, Inc.	128	0.34	%		435
Corteva, Inc.	38	0.25	%		320
Perdoceo Education Corp.	606	0.81	%		302
Incyte Corp.	71	0.66	%		300
Quest Diagnostics, Inc.	30	0.48	%		199
Prestige Consumer Healthcare, Inc.	82	0.51	%		190
United Therapeutics Corp.	17	0.35	%		168
Halozyme Therapeutics, Inc.	59	0.27	%		115
Royalty Pharma plc — Class A	90	0.41	%		23
Premier, Inc. — Class A	50	0.21	%		(89	)
Waters Corp.	10	0.36	%		(96	)
Abbott Laboratories	34	0.47	%		(104	)
Laboratory Corporation of America Holdings	10	0.31	%		(206	)
John B Sanfilippo & Son, Inc.	108	1.05	%		(299	)
Pfizer, Inc.	56	0.34	%		(350	)
EVERTEC, Inc.	102	0.49	%		(510	)
USANA Health Sciences, Inc.	61	0.56	%		(1,162	)
Gilead Sciences, Inc.	150	1.04	%		(1,250	)
Bio-Rad Laboratories, Inc. — Class A	9	0.59	%		(1,293	)
Vanda Pharmaceuticals, Inc.	316	0.42	%		(1,700	)
Total Consumer, Non-cyclical					10,360
Consumer, Cyclical
AutoZone, Inc.	5	1.19	%		1,954
Ethan Allen Interiors, Inc.	174	0.53	%		360
AutoNation, Inc.	25	0.29	%		276
Allison Transmission Holdings, Inc.	151	0.69	%		156
Methode Electronics, Inc.	69	0.35	%		57
Tapestry, Inc.	66	0.29	%		(2	)
Columbia Sportswear Co.	46	0.48	%		(4	)
Zumiez, Inc.	59	0.26	%		(140	)
Autoliv, Inc.	29	0.26	%		(299	)
MarineMax, Inc.	44	0.21	%		(378	)
Haverty Furniture Companies, Inc.	63	0.20	%		(398	)
Jack in the Box, Inc.	26	0.28	%		(400	)
Tri Pointe Homes, Inc.	173	0.40	%		(493	)
Shoe Carnival, Inc.	64	0.22	%		(534	)
Buckle, Inc.	81	0.31	%		(538	)
Brunswick Corp.	40	0.38	%		(610	)
LKQ Corp.	61	0.32	%		(655	)
PulteGroup, Inc.	61	0.30	%		(692	)
Cummins, Inc.	30	0.72	%		(727	)
NVR, Inc.	2	1.04	%		(910	)
Toll Brothers, Inc.	47	0.26	%		(959	)
Acushnet Holdings Corp.	102	0.48	%		(993	)
Gentex Corp.	316	1.07	%		(1,107	)
Dolby Laboratories, Inc. — Class A	70	0.64	%		(1,197	)
Whirlpool Corp.	44	0.88	%		(2,039	)
Total Consumer, Cyclical					(10,272	)
Basic Materials
Westlake Corp.	53	0.74	%		1,638
LyondellBasell Industries N.V. — Class A	71	0.85	%		868
Dow, Inc.	117	0.87	%		861
AdvanSix, Inc.	68	0.40	%		495
NewMarket Corp.	7	0.26	%		83
Reliance Steel & Aluminum Co.	18	0.38	%		(68	)
Minerals Technologies, Inc.	60	0.46	%		(211	)
International Paper Co.	134	0.72	%		(233	)
Total Basic Materials					3,433
Technology
CSG Systems International, Inc.	148	1.09	%		2,735
Rambus, Inc.	202	0.75	%		2,104
ExlService Holdings, Inc.	19	0.32	%		726
Lumentum Holdings, Inc.	26	0.30	%		415
NetApp, Inc.	53	0.51	%		356
Akamai Technologies, Inc.	24	0.33	%		161
Dropbox, Inc. — Class A	83	0.22	%		118
Genpact Ltd.	43	0.22	%		72
NetScout Systems, Inc.	60	0.22	%		38
Progress Software Corp.	71	0.39	%		32
SS&C Technologies Holdings, Inc.	24	0.21	%		(19	)
Skyworks Solutions, Inc.	13	0.20	%		(24	)
Ziff Davis, Inc.	25	0.28	%		(41	)
Intel Corp.	71	0.41	%		(74	)
Qorvo, Inc.	14	0.20	%		(109	)
CommVault Systems, Inc.	28	0.22	%		(340	)
Xperi Holding Corp.	212	0.43	%		(613	)
Total Technology					5,537
Industrial
Mueller Industries, Inc.	161	1.01	%		1,557

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Packaging Corporation of America	43	0.78	%	$	1,002
Knowles Corp.	430	1.08	%		996
Crane Co.	43	0.54	%		583
Encore Wire Corp.	33	0.44	%		494
TTM Technologies, Inc.	445	0.77	%		412
Dorian LPG Ltd.	174	0.29	%		319
Albany International Corp. — Class A	32	0.31	%		222
Sanmina Corp.	186	0.87	%		177
Owens Corning	31	0.33	%		166
Keysight Technologies, Inc.	11	0.20	%		71
Louisiana-Pacific Corp.	46	0.33	%		(12	)
Insteel Industries, Inc.	57	0.25	%		(119	)
Arrow Electronics, Inc.	15	0.21	%		(145	)
Hillenbrand, Inc.	118	0.61	%		(153	)
Sturm Ruger & Company, Inc.	108	0.88	%		(301	)
UFP Industries, Inc.	28	0.25	%		(301	)
Eagle Materials, Inc.	32	0.48	%		(574	)
OSI Systems, Inc.	56	0.55	%		(629	)
Snap-on, Inc.	37	0.88	%		(672	)
Vontier Corp.	108	0.32	%		(829	)
Vishay Intertechnology, Inc.	485	1.11	%		(997	)
3M Co.	62	1.07	%		(1,320	)
Garmin Ltd.	75	1.04	%		(1,324	)
Total Industrial					(1,377	)
Communications
Cisco Systems, Inc.	90	0.58	%		1,075
Juniper Networks, Inc.	67	0.29	%		864
Omnicom Group, Inc.	43	0.42	%		501
F5, Inc.	9	0.22	%		141
Interpublic Group of Companies, Inc.	120	0.50	%		129
Nexstar Media Group, Inc. — Class A	23	0.50	%		129
Alphabet, Inc. — Class C	1	0.33	%		(24	)
Viavi Solutions, Inc.	299	0.56	%		(57	)
Comcast Corp. — Class A	179	0.98	%		(78	)
Shenandoah Telecommunications Co.	159	0.44	%		(125	)
Meta Platforms, Inc. — Class A	42	1.09	%		(127	)
NETGEAR, Inc.	68	0.20	%		(241	)
InterDigital, Inc.	54	0.40	%		(278	)
Yelp, Inc. — Class A	147	0.58	%		(288	)
Verizon Communications, Inc.	169	1.00	%		(479	)
Total Communications					1,142
Financial
Arch Capital Group Ltd.	198	1.12	%		1,567
Safety Insurance Group, Inc.	110	1.16	%		1,292
Enstar Group Ltd.	33	1.00	%		1,065
Raymond James Financial, Inc.	45	0.58	%		995
Markel Corp.	3	0.52	%		749
Preferred Bank/Los Angeles CA	96	0.83	%		582
Everest Re Group Ltd.	18	0.63	%		581
Travelers Companies, Inc.	41	0.87	%		411
Equity Commonwealth	168	0.55	%		362
BankUnited, Inc.	126	0.64	%		324
Old Republic International Corp.	298	0.90	%		237
PS Business Parks, Inc.	33	0.65	%		223
Western Union Co.	182	0.40	%		154
WP Carey, Inc.	24	0.23	%		88
Easterly Government Properties, Inc.	140	0.34	%		59
United Bankshares, Inc.	183	0.74	%		20
Radian Group, Inc.	304	0.79	%		(26	)
Stewart Information Services Corp.	118	0.83	%		(64	)
Fulton Financial Corp.	388	0.75	%		(102	)
First American Financial Corp.	54	0.41	%		(186	)
Janus Henderson Group plc	103	0.42	%		(198	)
Interactive Brokers Group, Inc. — Class A	78	0.60	%		(203	)
HomeStreet, Inc.	110	0.61	%		(215	)
Fidelity National Financial, Inc.	111	0.63	%		(244	)
Citigroup, Inc.	53	0.33	%		(315	)
PotlatchDeltic Corp.	57	0.35	%		(339	)
Essent Group Ltd.	119	0.57	%		(470	)
OneMain Holdings, Inc.	94	0.52	%		(476	)
Piper Sandler Cos.	38	0.58	%		(481	)
MGIC Investment Corp.	457	0.72	%		(486	)
Mercury General Corp.	171	1.09	%		(569	)
Meta Financial Group, Inc.	76	0.49	%		(643	)
National Bank Holdings Corp. — Class A	215	1.01	%		(655	)
AMERISAFE, Inc.	131	0.76	%		(849	)
Hilltop Holdings, Inc.	158	0.54	%		(1,163	)
Evercore, Inc. — Class A	51	0.66	%		(1,343	)
Total Financial					(318	)
Utilities
National Fuel Gas Co.	141	1.13	%		2,292
IDACORP, Inc.	73	0.98	%		1,259
Chesapeake Utilities Corp.	60	0.96	%		1,044
Portland General Electric Co.	150	0.96	%		781
Southern Co.	65	0.55	%		772
Duke Energy Corp.	77	1.00	%		610
CMS Energy Corp.	142	1.16	%		445
MGE Energy, Inc.	125	1.16	%		419
WEC Energy Group, Inc.	36	0.42	%		204
California Water Service Group	43	0.30	%		57
Otter Tail Corp.	82	0.60	%		(25	)
PPL Corp.	178	0.59	%		(198	)
Total Utilities					7,660

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Energy
Kinder Morgan, Inc.		269		0.59	%	$	93
Exxon Mobil Corp.		38		0.37	%		5
Total Energy							98
Total MS Equity Long Custom Basket						$	16,263

MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Guardant Health, Inc.	157	(0 .59	)%	$	8,352
CoStar Group, Inc.	278	(1 .05	)%		5,489
Viad Corp.	393	(0 .79	)%		3,429
Equifax, Inc.	76	(1 .02	)%		2,288
Driven Brands Holdings, Inc.	798	(1 .19	)%		1,902
TransUnion	134	(0 .78	)%		1,266
ASGN, Inc.	121	(0 .80	)%		1,018
Dun & Bradstreet Holdings, Inc.	572	(0 .57	)%		982
Natera, Inc.	52	(0 .12	)%		863
Cooper Companies, Inc.	15	(0 .35	)%		165
Verisk Analytics, Inc. — Class A	98	(1 .19	)%		(16	)
Intellia Therapeutics, Inc.	35	(0 .14	)%		(28	)
Booz Allen Hamilton Holding Corp.	127	(0 .63	)%		(218	)
UnitedHealth Group, Inc.	17	(0 .49	)%		(427	)
Cintas Corp.	80	(1 .93	)%		(559	)
Rollins, Inc.	471	(0 .93	)%		(956	)
Sysco Corp.	186	(0 .86	)%		(1,191	)
Bunge Ltd.	136	(0 .85	)%		(1,554	)
Quanta Services, Inc.	82	(0 .61	)%		(1,870	)
Total Consumer, Non-cyclical					18,935
Communications
Lyft, Inc. — Class A	387	(0 .84	)%		1,579
Okta, Inc.	19	(0 .16	)%		862
Airbnb, Inc. — Class A	21	(0 .20	)%		439
Trade Desk, Inc. — Class A	62	(0 .24	)%		(146	)
Palo Alto Networks, Inc.	6	(0 .21	)%		(290	)
DoorDash, Inc. — Class A	58	(0 .38	)%		(1,096	)
Total Communications					1,348
Consumer, Cyclical
United Airlines Holdings, Inc.	386	(1 .01	)%		3,985
Delta Air Lines, Inc.	455	(1 .02	)%		2,908
MillerKnoll, Inc.	760	(1 .49	)%		2,025
IAA, Inc.	193	(0 .42	)%		2,008
Freshpet, Inc.	64	(0 .37	)%		1,841
MGM Resorts International	184	(0 .44	)%		282
American Airlines Group, Inc.	1,268	(1 .31	)%		40
Copart, Inc.	208	(1 .48	)%		22
Southwest Airlines Co.	249	(0 .65	)%		(65	)
JetBlue Airways Corp.	451	(0 .38	)%		(181	)
Royal Caribbean Cruises Ltd.	76	(0.36	)%		(314	)
Hilton Worldwide Holdings, Inc.	54	(0.46	)%		(374	)
Carnival Corp.	281	(0.32	)%		(540	)
Lululemon Athletica, Inc.	20	(0.41	)%		(1,040	)
Total Consumer, Cyclical					10,597
Financial
Western Alliance Bancorporation	197	(0.92	)%		3,907
Americold Realty Trust	381	(0.60	)%		3,223
SVB Financial Group	21	(0.66	)%		2,462
Sun Communities, Inc.	129	(1.28	)%		1,924
Equinix, Inc.	30	(1.26	)%		1,403
Bank of New York Mellon Corp.	122	(0.34	)%		1,352
Invitation Homes, Inc.	561	(1.28	)%		1,136
Equitable Holdings, Inc.	787	(1.38	)%		695
Regions Financial Corp.	360	(0.45	)%		512
Signature Bank	44	(0.73	)%		260
RLJ Lodging Trust	1,819	(1.45	)%		254
Northern Trust Corp.	163	(1.07	)%		187
First Republic Bank	57	(0.52	)%		145
Safehold, Inc.	142	(0.45	)%		119
UDR, Inc.	170	(0.55	)%		41
Sunstone Hotel Investors, Inc.	1,396	(0.93	)%		(67	)
Bank of America Corp.	193	(0.45	)%		(81	)
Park Hotels & Resorts, Inc.	1,206	(1.33	)%		(98	)
Wells Fargo & Co.	273	(0.75	)%		(127	)
Zions Bancorp North America	294	(1.09	)%		(136	)
Digital Realty Trust, Inc.	57	(0.46	)%		(151	)
CBRE Group, Inc. — Class A	115	(0.60	)%		(169	)
Goldman Sachs Group, Inc.	64	(1.20	)%		(170	)
State Street Corp.	289	(1.43	)%		(296	)
Crown Castle International Corp.	106	(1.11	)%		(335	)
Lincoln National Corp.	109	(0.40	)%		(368	)
KKR & Company, Inc. — Class A	207	(0.69	)%		(528	)
Apple Hospitality REIT, Inc.	349	(0.35	)%		(692	)
Ryman Hospitality Properties, Inc.	200	(1.05	)%		(864	)
SBA Communications Corp.	46	(0.90	)%		(983	)
Xenia Hotels & Resorts, Inc.	586	(0.64	)%		(1,112	)
Apartment Income REIT Corp.	589	(1.78	)%		(1,349	)
Ventas, Inc.	296	(1.03	)%		(1,776	)
Comerica, Inc.	257	(1.32	)%		(1,839	)
Welltower, Inc.	243	(1.32	)%		(2,233	)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Kennedy-Wilson Holdings, Inc.		1,307		(1.80	)%	$	(2,328	)
Pebblebrook Hotel Trust		840		(1.16	)%		(2,373	)
Iron Mountain, Inc.		419		(1.31	)%		(3,151	)
Outfront Media, Inc.		825		(1.33	)%		(3,355	)
Host Hotels & Resorts, Inc.		1,511		(1.66	)%		(4,074	)
Howard Hughes Corp.		258		(1.51	)%		(4,778	)
Total Financial							(15,813	)
Utilities
Entergy Corp.		171		(1.13	)%		(931	)
Black Hills Corp.		433		(1.89	)%		(3,739	)
ONE Gas, Inc.		361		(1.80	)%		(3,919	)
CenterPoint Energy, Inc.		1,095		(1.90	)%		(4,544	)
Atmos Energy Corp.		273		(1.85	)%		(4,931	)
Edison International		475		(1.88	)%		(5,603	)
Total Utilities							(23,667	)
Technology
Ceridian HCM Holding, Inc.		157		(0.67	)%		3,141
Atlassian Corporation plc — Class A		15		(0.25	)%		93
Datadog, Inc. — Class A		43		(0.37	)%		(261	)
Bill.com Holdings, Inc.		29		(0.37	)%		(374	)
Zscaler, Inc.		29		(0.40	)%		(546	)
Cloudflare, Inc. — Class A		55		(0.37	)%		(603	)
Leidos Holdings, Inc.		80		(0.49	)%		(1,374	)
MongoDB, Inc.		18		(0.45	)%		(1,429	)
Crowdstrike Holdings, Inc. — Class A		32		(0.41	)%		(1,500	)
KBR, Inc.		469		(1.45	)%		(5,438	)
Total Technology							(8,291	)
Industrial
Stericycle, Inc.		370		(1.23	)%		5,647
Boeing Co.		125		(1.35	)%		3,899
MSA Safety, Inc.		75		(0.56	)%		548
Jacobs Engineering Group, Inc.		210		(1.64	)%		459
J.B. Hunt Transport Services, Inc.		54		(0.61	)%		153
CH Robinson Worldwide, Inc.		115		(0.70	)%		(95	)
TransDigm Group, Inc.		16		(0.59	)%		(202	)
General Electric Co.		117		(0.61	)%		(270	)
Republic Services, Inc. — Class A		92		(0.69	)%		(1,467	)
Waste Management, Inc.		89		(0.80	)%		(1,814	)
Howmet Aerospace, Inc.		449		(0.91	)%		(1,888	)
Tetra Tech, Inc.		113		(1.05	)%		(6,363	)
Casella Waste Systems, Inc. — Class A		295		(1.46	)%		(8,851	)
Total Industrial							(10,244	)
Energy
NOV, Inc.		683		(0.76	)%		(3,304	)
Range Resources Corp.		323		(0.56	)%		(4,227	)
Patterson-UTI Energy, Inc.		1,403		(1.23	)%		(10,735	)
Halliburton Co.		929		(1.99	)%		(13,906	)
Total Energy							(32,172	)
Total MS Equity Short Custom Basket						$	(59,307	)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

GS EQUITY LONG CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Non-cyclical
Amphastar Pharmaceuticals, Inc.	178	0.74	%	$	2,837
AbbVie, Inc.	49	0.92	%		2,145
Innoviva, Inc.	362	0.82	%		2,136
Molson Coors Beverage Co. — Class B	132	0.82	%		1,321
Bristol-Myers Squibb Co.	134	1.14	%		1,274
Vertex Pharmaceuticals, Inc.	18	0.55	%		1,264
Regeneron Pharmaceuticals, Inc.	9	0.73	%		1,241
Johnson & Johnson	55	1.13	%		882
Eagle Pharmaceuticals, Inc.	113	0.65	%		674
Hologic, Inc.	102	0.91	%		557
Amgen, Inc.	33	0.93	%		557
Merck & Company, Inc.	47	0.45	%		470
Exelixis, Inc.	128	0.34	%		437
Corteva, Inc.	38	0.25	%		321
Perdoceo Education Corp.	606	0.81	%		299
Incyte Corp.	71	0.66	%		280
Quest Diagnostics, Inc.	30	0.48	%		194
Prestige Consumer Healthcare, Inc.	82	0.51	%		193
United Therapeutics Corp.	17	0.35	%		172
Halozyme Therapeutics, Inc.	59	0.27	%		116
Royalty Pharma plc — Class A	90	0.41	%		27
Premier, Inc. — Class A	50	0.21	%		(90	)
Waters Corp.	10	0.36	%		(95	)
Abbott Laboratories	34	0.47	%		(109	)
Laboratory Corporation of America Holdings	10	0.31	%		(204	)
John B Sanfilippo & Son, Inc.	108	1.05	%		(279	)
Pfizer, Inc.	56	0.34	%		(351	)
EVERTEC, Inc.	102	0.49	%		(517	)
USANA Health Sciences, Inc.	61	0.56	%		(1,162	)
Gilead Sciences, Inc.	150	1.04	%		(1,243	)
Bio-Rad Laboratories, Inc. — Class A	9	0.59	%		(1,297	)
Vanda Pharmaceuticals, Inc.	316	0.42	%		(1,707	)
Total Consumer, Non-cyclical					10,343
Consumer, Cyclical
AutoZone, Inc.	5	1.19	%		1,964
Ethan Allen Interiors, Inc.	174	0.53	%		354
AutoNation, Inc.	25	0.29	%		272
Allison Transmission Holdings, Inc.	151	0.69	%		136
Methode Electronics, Inc.	69	0.35	%		57
Tapestry, Inc.	66	0.29	%		(16	)
Columbia Sportswear Co.	46	0.48	%		(22	)
Zumiez, Inc.	59	0.26	%		(169	)
Autoliv, Inc.	29	0.26	%		(302	)
MarineMax, Inc.	44	0.21	%		(379	)
Jack in the Box, Inc.	26	0.28	%		(386	)
Haverty Furniture Companies, Inc.	63	0.20	%		(400	)
Tri Pointe Homes, Inc.	173	0.40	%		(493	)
Shoe Carnival, Inc.	64	0.22	%		(527	)
Buckle, Inc.	81	0.31	%		(545	)
Brunswick Corp.	40	0.38	%		(603	)
LKQ Corp.	61	0.32	%		(667	)
PulteGroup, Inc.	61	0.30	%		(701	)
Cummins, Inc.	30	0.72	%		(730	)
Toll Brothers, Inc.	47	0.26	%		(956	)
NVR, Inc.	2	1.04	%		(965	)
Acushnet Holdings Corp.	102	0.48	%		(991	)
Gentex Corp.	316	1.07	%		(1,107	)
Dolby Laboratories, Inc. — Class A	70	0.64	%		(1,197	)
Whirlpool Corp.	44	0.88	%		(2,042	)
Total Consumer, Cyclical					(10,415	)
Basic Materials
Westlake Corp.	53	0.76	%		1,620
LyondellBasell Industries N.V. — Class A	71	0.85	%		868
Dow, Inc.	117	0.87	%		866
AdvanSix, Inc.	68	0.40	%		493
NewMarket Corp.	7	0.26	%		85
Reliance Steel & Aluminum Co.	18	0.38	%		(78	)
Minerals Technologies, Inc.	60	0.46	%		(215	)
International Paper Co.	134	0.72	%		(234	)
Total Basic Materials					3,405
Technology
CSG Systems International, Inc.	148	1.09	%		2,720
Rambus, Inc.	202	0.75	%		2,100
ExlService Holdings, Inc.	19	0.32	%		723
Lumentum Holdings, Inc.	26	0.30	%		413
NetApp, Inc.	53	0.51	%		351
Akamai Technologies, Inc.	24	0.33	%		160
Dropbox, Inc. — Class A	83	0.22	%		114
Genpact Ltd.	43	0.22	%		71
Progress Software Corp.	71	0.39	%		34
NetScout Systems, Inc.	60	0.22	%		31
SS&C Technologies Holdings, Inc.	24	0.21	%		(19	)
Skyworks Solutions, Inc.	13	0.20	%		(31	)
Ziff Davis, Inc.	25	0.28	%		(46	)
Intel Corp.	71	0.41	%		(70	)
Qorvo, Inc.	14	0.20	%		(107	)
CommVault Systems, Inc.	28	0.22	%		(344	)
Xperi Holding Corp.	212	0.43	%		(629	)
Total Technology					5,471
Industrial
Mueller Industries, Inc.	161	0.97	%		1,572
Knowles Corp.	430	1.08	%		1,020
Packaging Corporation of America	43	0.78	%		995
Crane Co.	43	0.54	%		587
Encore Wire Corp.	33	0.44	%		548
TTM Technologies, Inc.	445	0.77	%		401
Dorian LPG Ltd.	174	0.29	%		316
Albany International Corp. — Class A	32	0.31	%		222
Sanmina Corp.	186	0.87	%		191

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Owens Corning		31		0.33	%	$	166
Keysight Technologies, Inc.		11		0.20	%		67
Louisiana-Pacific Corp.		46		0.33	%		(16	)
Insteel Industries, Inc.		57		0.25	%		(74	)
Hillenbrand, Inc.		118		0.61	%		(133	)
Arrow Electronics, Inc.		15		0.21	%		(144	)
Sturm Ruger & Company, Inc.		108		0.88	%		(345	)
UFP Industries, Inc.		28		0.25	%		(355	)
Eagle Materials, Inc.		32		0.48	%		(580	)
OSI Systems, Inc.		56		0.55	%		(630	)
Snap-on, Inc.		37		0.88	%		(691	)
Vontier Corp.		108		0.32	%		(823	)
Vishay Intertechnology, Inc.		485		1.11	%		(1,006	)
3M Co.		62		1.07	%		(1,309	)
Garmin Ltd.		75		1.04	%		(1,324	)
Total Industrial							(1,345	)
Communications
Cisco Systems, Inc.		90		0.58	%		1,076
Juniper Networks, Inc.		67		0.29	%		868
Omnicom Group, Inc.		43		0.42	%		503
F5, Inc.		9		0.22	%		140
Nexstar Media Group, Inc. — Class A		23		0.50	%		125
Interpublic Group of Companies, Inc.		120		0.50	%		124
Alphabet, Inc. — Class C		1		0.33	%		(25	)
Viavi Solutions, Inc.		299		0.56	%		(60	)
Comcast Corp. — Class A		179		0.98	%		(89	)
Meta Platforms, Inc. — Class A		42		1.09	%		(125	)
Shenandoah Telecommunications Co.		159		0.44	%		(137	)
NETGEAR, Inc.		68		0.20	%		(249	)
InterDigital, Inc.		54		0.40	%		(281	)
Yelp, Inc. — Class A		147		0.58	%		(295	)
Verizon Communications, Inc.		169		1.00	%		(478	)
Total Communications							1,097
Financial
Arch Capital Group Ltd.		198		1.12	%		1,559
Safety Insurance Group, Inc.		110		1.16	%		1,288
Enstar Group Ltd.		33		1.00	%		1,213
Raymond James Financial, Inc.		45		0.58	%		991
Markel Corp.		3		0.52	%		744
Preferred Bank/Los Angeles CA		96		0.83	%		589
Everest Re Group Ltd.		18		0.63	%		578
Travelers Companies, Inc.		41		0.87	%		414
Equity Commonwealth		168		0.55	%		360
BankUnited, Inc.		126		0.64	%		291
Old Republic International Corp.		298		0.90	%		237
PS Business Parks, Inc.		33		0.65	%		227
Western Union Co.		182		0.40	%		156
WP Carey, Inc.		24		0.23	%		81
Easterly Government Properties, Inc.		140		0.34	%		50
United Bankshares, Inc.		183		0.74	%		11
Douglas Elliman, Inc.		1		0.00	%		1
Radian Group, Inc.		304		0.79	%		(38	)
Stewart Information Services Corp.		118		0.83	%		(63	)
Fulton Financial Corp.		388		0.75	%		(117	)
First American Financial Corp.		54		0.41	%		(189	)
Janus Henderson Group plc		103		0.42	%		(197	)
Interactive Brokers Group, Inc. — Class A		78		0.60	%		(205	)
HomeStreet, Inc.		110		0.61	%		(210	)
Fidelity National Financial, Inc.		111		0.63	%		(260	)
Citigroup, Inc.		53		0.33	%		(312	)
PotlatchDeltic Corp.		57		0.35	%		(380	)
Essent Group Ltd.		119		0.57	%		(474	)
OneMain Holdings, Inc.		94		0.52	%		(474	)
Piper Sandler Cos.		38		0.58	%		(478	)
MGIC Investment Corp.		457		0.72	%		(500	)
Mercury General Corp.		171		1.09	%		(592	)
National Bank Holdings Corp. — Class A		215		1.01	%		(637	)
Meta Financial Group, Inc.		76		0.49	%		(652	)
AMERISAFE, Inc.		131		0.76	%		(843	)
Hilltop Holdings, Inc.		158		0.54	%		(1,165	)
Evercore, Inc. — Class A		51		0.66	%		(1,353	)
Total Financial							(349	)
Utilities
National Fuel Gas Co.		141		1.13	%		2,284
IDACORP, Inc.		73		0.98	%		1,270
Chesapeake Utilities Corp.		60		0.96	%		1,034
Portland General Electric Co.		150		0.96	%		786
Southern Co.		65		0.55	%		778
Duke Energy Corp.		77		1.00	%		577
CMS Energy Corp.		142		1.16	%		437
MGE Energy, Inc.		125		1.16	%		418
WEC Energy Group, Inc.		36		0.42	%		201
California Water Service Group		43		0.30	%		64
Otter Tail Corp.		82		0.60	%		(29	)
PPL Corp.		178		0.59	%		(190	)
Total Utilities							7,630
Energy
Kinder Morgan, Inc.		269		0.59	%		92
Exxon Mobil Corp.		38		0.37	%		1
Total Energy							93
Total GS Equity Long Custom Basket						$	15,930

GS EQUITY SHORT CUSTOM BASKET
	Shares	Percentage Notional Amount			Value and Unrealized Appreciation
Consumer, Non-cyclical
Guardant Health, Inc.	157	(0.60	)%	$	8,360
CoStar Group, Inc.	278	(1.06	)%		5,466
Viad Corp.	393	(0.80	)%		3,398
Equifax, Inc.	76	(1.03	)%		2,267
Driven Brands Holdings, Inc.	798	(1.20	)%		1,922
TransUnion	134	(0.79	)%		1,256

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
ASGN, Inc.		121		(0.81	)%	$	1,006
Dun & Bradstreet Holdings, Inc.		572		(0.57	)%		978
Natera, Inc.		52		(0.12	)%		866
Cooper Companies, Inc.		15		(0.36	)%		169
Verisk Analytics, Inc. — Class A		98		(1.20	)%		(11	)
Intellia Therapeutics, Inc.		35		(0.15	)%		(25	)
Booz Allen Hamilton Holding Corp.		127		(0.64	)%		(212	)
UnitedHealth Group, Inc.		17		(0.50	)%		(432	)
Cintas Corp.		80		(1.95	)%		(580	)
Rollins, Inc.		471		(0.95	)%		(967	)
Sysco Corp.		186		(0.87	)%		(1,146	)
Bunge Ltd.		136		(0.86	)%		(1,538	)
Quanta Services, Inc.		82		(0.62	)%		(1,862	)
Total Consumer, Non-cyclical							18,915
Communications
Lyft, Inc. — Class A		387		(0.85	)%		1,536
Okta, Inc.		19		(0.16	)%		867
Airbnb, Inc. — Class A		21		(0.21	)%		452
Trade Desk, Inc. — Class A		62		(0.25	)%		(142	)
Palo Alto Networks, Inc.		6		(0.21	)%		(288	)
DoorDash, Inc. — Class A		58		(0.39	)%		(1,079	)
Total Communications							1,346
Consumer, Cyclical
United Airlines Holdings, Inc.		386		(1.03	)%		3,993
Delta Air Lines, Inc.		455		(1.03	)%		2,910
MillerKnoll, Inc.		760		(1.50	)%		2,025
IAA, Inc.		193		(0.42	)%		1,992
Freshpet, Inc.		64		(0.38	)%		1,848
MGM Resorts International		184		(0.44	)%		277
American Airlines Group, Inc.		1,268		(1.33	)%		22
Copart, Inc.		208		(1.50	)%		11
Southwest Airlines Co.		249		(0.65	)%		(68	)
JetBlue Airways Corp.		451		(0.39	)%		(189	)
Royal Caribbean Cruises Ltd.		76		(0.36	)%		(314	)
Hilton Worldwide Holdings, Inc.		54		(0.47	)%		(374	)
Carnival Corp.		280		(0.32	)%		(542	)
Lululemon Athletica, Inc.		20		(0.42	)%		(1,037	)
Total Consumer, Cyclical							10,554
Financial
Western Alliance Bancorporation		197		(0.94	)%		3,915
Americold Realty Trust		381		(0.61	)%		3,200
SVB Financial Group		21		(0.67	)%		2,486
Sun Communities, Inc.		129		(1.30	)%		1,909
Equinix, Inc.		30		(1.27	)%		1,368
Bank of New York Mellon Corp.		122		(0.35	)%		1,338
Invitation Homes, Inc.		561		(1.29	)%		1,133
Equitable Holdings, Inc.		787		(1.39	)%		656
Regions Financial Corp.		360		(0.46	)%		541
Signature Bank		44		(0.74	)%		256
RLJ Lodging Trust		1,819		(1.47	)%		172
Safehold, Inc.		142		(0.45	)%		161
First Republic Bank		57		(0.53	)%		160
Northern Trust Corp.		163		(1.09	)%		70
UDR, Inc.		170		(0.56	)%		27
Zions Bancorp North America		294		(1.10	)%		(13	)
Park Hotels & Resorts, Inc.		1,206		(1.35	)%		(71	)
Bank of America Corp.		193		(0.46	)%		(74	)
Sunstone Hotel Investors, Inc.		1,396		(0.94	)%		(113	)
Wells Fargo & Co.		273		(0.76	)%		(137	)
CBRE Group, Inc. — Class A		115		(0.60	)%		(142	)
Digital Realty Trust, Inc.		57		(0.46	)%		(148	)
State Street Corp.		289		(1.44	)%		(286	)
Crown Castle International Corp.		106		(1.12	)%		(353	)
Lincoln National Corp.		109		(0.41	)%		(358	)
KKR & Company, Inc. — Class A		207		(0.69	)%		(491	)
Apple Hospitality REIT, Inc.		349		(0.36	)%		(699	)
Ryman Hospitality Properties, Inc.		200		(1.06	)%		(872	)
Xenia Hotels & Resorts, Inc.		586		(0.65	)%		(952	)
SBA Communications Corp.		46		(0.91	)%		(1,015	)
Apartment Income REIT Corp.		589		(1.80	)%		(1,444	)
Comerica, Inc.		257		(1.33	)%		(1,745	)
Ventas, Inc.		296		(1.05	)%		(1,765	)
Welltower, Inc.		243		(1.34	)%		(2,231	)
Kennedy-Wilson Holdings, Inc.		1,307		(1.83	)%		(2,345	)
Pebblebrook Hotel Trust		840		(1.18	)%		(2,402	)
Iron Mountain, Inc.		419		(1.33	)%		(3,181	)
Outfront Media, Inc.		825		(1.34	)%		(3,354	)
Host Hotels & Resorts, Inc.		1,511		(1.68	)%		(4,088	)
Howard Hughes Corp.		258		(1.53	)%		(4,743	)
Total Financial							(15,630	)
Utilities
Entergy Corp.		171		(1.14	)%		(901	)
Black Hills Corp.		433		(1.91	)%		(3,801	)
ONE Gas, Inc.		361		(1.82	)%		(3,928	)
CenterPoint Energy, Inc.		1,095		(1.92	)%		(4,565	)
Atmos Energy Corp.		273		(1.87	)%		(4,951	)
Edison International		475		(1.91	)%		(5,649	)
Total Utilities							(23,795	)
Technology
Ceridian HCM Holding, Inc.		157		(0.61	)%		3,157
Atlassian Corporation plc — Class A		15		(0.25	)%		62
Datadog, Inc. — Class A		43		(0.37	)%		(258	)
Bill.com Holdings, Inc.		29		(0.38	)%		(424	)
Zscaler, Inc.		29		(0.40	)%		(537	)
Cloudflare, Inc. — Class A		55		(0.38	)%		(599	)
Leidos Holdings, Inc.		80		(0.50	)%		(1,374	)
MongoDB, Inc.		18		(0.46	)%		(1,424	)
Crowdstrike Holdings, Inc. — Class A		32		(0.42	)%		(1,500	)
KBR, Inc.		469		(1.47	)%		(5,424	)
Total Technology							(8,321	)

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Stericycle, Inc.		370		(1.25	)%	$	5,641
Boeing Co.		125		(1.37	)%		3,882
MSA Safety, Inc.		75		(0.57	)%		521
Jacobs Engineering Group, Inc.		210		(1.66	)%		461
J.B. Hunt Transport Services, Inc.		54		(0.62	)%		150
CH Robinson Worldwide, Inc.		115		(0.71	)%		(136	)
TransDigm Group, Inc.		16		(0.60	)%		(204	)
General Electric Co.		117		(0.61	)%		(259	)
Republic Services, Inc. — Class A		92		(0.70	)%		(1,479	)
Waste Management, Inc.		89		(0.81	)%		(1,813	)
Howmet Aerospace, Inc.		449		(0.92	)%		(1,915	)
Tetra Tech, Inc.		113		(1.07	)%		(6,380	)
Casella Waste Systems, Inc. — Class A		295		(1.48	)%		(8,861	)
Total Industrial							(10,392	)
Energy
NOV, Inc.		683		(0.77	)%		(3,330	)
Range Resources Corp.		323		(0.56	)%		(4,200	)
Patterson-UTI Energy, Inc.		1,403		(1.24	)%		(10,729	)
Halliburton Co.		929		(2.02	)%		(13,863	)
Total Energy							(32,122	)
Total GS Equity Short Custom Basket						$	(59,445	)

	^*	Non-income producing security.
	^†	Value determined based on Level 1 inputs — See Note 3.
	^††	Value determined based on Level 2 inputs — See Note 3.
	¹	All or a portion of this security is pledged as custom basket swap collateral at March 31, 2022.
	²	Rate indicated is the 7-day yield as of March 31, 2022.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Series Z (Alpha Opportunity Series)
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2022

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	4,032,449	$	—	$	—	$	4,032,449
Money Market Fund		72,577		—		—		72,577
Equity Custom Basket Swap Agreements**		—		32,193		—		32,193
Total Assets	$	4,105,026	$	32,193	$	—	$	4,137,219

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Custom Basket Swap Agreements**		$	—			$	118,752			$	—			$	118,752

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Guggenheim Variable Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fundseparately. At March 31, 2022, the Trust consisted of fourteen funds. The Trust offers shares of the funds to insurance companies for their variable annunity and variable life insurance contracts.

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

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

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

Significant Accounting Policies

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

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

(a) Valuation of Investments

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

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

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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

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

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

CLOs, CDOs, MBS, ABS, and other structured finance securities are generally valued using a 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 Valuation Committee. Funds that invest in loans or asset-backed securities as part of their investment strategies may have a significant amount of these instruments that are fair valued.

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

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

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

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

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

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

Note 2 – Financial Instruments and Derivatives

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

Short Sales

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

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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

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

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

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

Options Purchased and Written

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

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

Futures Contracts

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

Swap Agreements

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

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or custom basket basket) or a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current index value 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 a total return index or custom basket swap 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 index declines in value.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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

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

Forward Foreign Currency Exchange Contracts

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

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

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

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

Foreign Investments

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

Reverse Repurchase Agreements

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

Note 3 – Fair Value Measurement

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

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

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

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

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

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

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

Note 4 – Federal Income Tax Information

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

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

At March 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)
Series A (StylePlus—Large Core Series)	$	250,469,193	$	15,895,374	$	(4,275,322	)	$	11,620,052
Series B (Large Cap Value Series)		168,250,283		72,148,308		(1,780,032	)		70,368,276
Series D (World Equity Income Series)		122,628,751		15,136,443		(6,571,310	)		8,565,133
Series E (Total Return Bond Series)		177,582,224		1,086,124		(9,639,814	)		(8,553,690	)
Series F (Floating Rate Strategies Series)		48,747,314		32,206		(850,293	)		(818,087	)
Series J (StylePlus—Mid Growth Series)		188,728,337		1,781,886		(19,038,596	)		(17,256,710	)
Series N (Managed Asset Allocation Series)		32,374,520		11,329,198		(941,177	)		10,388,021
Series O (All Cap Value Series)		75,909,705		30,251,816		(1,534,110	)		28,717,706
Series P (High Yield Series)		41,648,695		241,556		(3,035,676	)		(2,794,120	)
Series Q (Small Cap Value Series)		60,848,761		16,166,733		(3,881,058	)		12,285,675
Series V (SMid Cap Value Series)		149,090,299		43,914,221		(7,645,214	)		36,269,007
Series X (StylePlus—Small Growth Series)		32,204,410		602,859		(4,410,758	)		(3,807,899	)
Series Y (StylePlus—Large Growth Series)		51,095,111		2,477,919		(930,268	)		1,547,651
Series Z (Alpha Opportunity Series)		4,084,563		254,222		(320,318	)		(66,096	)

Note 5 – Unfunded Loan Commitments

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

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


Fund	Borrower	Maturity Date		Face Amount	Value
Series E (Total Return Bond Series)
	Authentic Brands	12/10/28	$	396,269	$	6,934
	Higginbotham Insurance Agency, Inc.	11/25/26		82,456		957
	KKR Core Holding Company LLC	07/15/31		330,000		–
	Lightning A	03/01/37		312,000		–
	MB2 Dental Solutions LLC	01/29/27		69,184		1,114
	Pacific Bells, LLC	11/10/28		1,546		17
	Service Logic Acquisition, Inc.	10/29/27		7,612		89
	Thunderbird A	03/01/37		320,000		–
			$	1,519,067	$	9,111
Series F (Floating Rate Strategies Series)
	Athenahealth Group, Inc.	02/15/29		72,464		888
	Aveanna Healthcare LLC	07/17/28		37,736		1,047
	Dermatology Intermediate Holdings III, Inc.	03/23/29		37,795		567
	Medical Solutions Parent Holdings, Inc.	11/01/28		80,000		800
	Osmosis Holdings Australia II Pty Ltd.	07/31/28		18,519		208
	Pro Mach Group, Inc.	08/31/28		12,849		71
			$	259,363	$	3,581
Series P (High Yield Series)
	Boyd Corp.	07/24/26		50,000		625
	Confluent Health LLC	11/30/28		13,274		166
	FR Refuel LLC	11/08/28		8,750		175
	Osmosis Holdings Australia II Pty Ltd.	07/31/28		13,889		156
	Pro Mach Group, Inc.	08/31/28		4,818		27
	SCP Eye Care Services LLC	03/16/28		22,159		388
	Taxware Holdings (Sovos Compliance LLC)	08/11/28		11,045		34
			$	123,935	$	1,571

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 6– Restricted Securities

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

Fund	Restricted Securities	Acquisition Date		Cost	Value
Series E (Total Return Bond Series)
	Copper River CLO Ltd.
	2007-1A, due 01/20/21¹	05/09/14	$	–	$	120
	FKRT
	2.21% due 11/30/58	09/24/21		749,995		722,250
	LSTAR Securities Investment Ltd.
	2021-1, 2.03% (1 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 02/01/26²	02/04/21		255,222		253,124
	LSTAR Securities Investment Ltd.
	2021-2, 1.93% (1 Month USD LIBOR + 1.70%, Rate Floor: 1.70%) due 03/02/26²	03/17/21		216,229		214,679
	Towd Point Revolving Trust
	4.83% due 09/25/64	03/17/22		499,993		500,414
			$	1,721,439	$	1,690,587
Series P (High Yield Series)
	Basic Energy Services, Inc.
	due 10/15/23³	09/25/18		174,194		3,500
	Mirabela Nickel Ltd.
	due 06/24/19³	12/31/13		353,909		19,504
			$	528,103	$	23,004

¹	Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.
²	Variable rate security. Rate indicated is the rate effective at March 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.
³	Security is in default of interest and/or principal obligations.

Note 7 – COVID-19 and Other Market Risks

The outbreak of COVID-19 and the recovery response has caused and continues to cause at times reduced consumer demand and economic output, supply chain disruptions, and market closures, travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded in recent years to this situation with significant fiscal and monetary policy changes. These included providing direct capital infusions into companies, introducing new monetary programs, and lowering interest rates. In some cases, these responses resulted in high inflation, low interest rates, and negative interest rates. Recently, the United States and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. These actions also contribute to a risk that asset prices have a high degree of correlation across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict.

The value of, or income generated by, the investments held by a Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, 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, 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 periods. Changing economic, political, geopolitical, social, or, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by a Fund in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.

OTHER INFORMATION (Unaudited)

Sector Classification

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

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