SCHEDULE OF INVESTMENTS December 31, 2016

SERIES A (STYLEPLUS—LARGE CORE SERIES)

SHARES VALUE

COMMON STOCKS† - 18.1%

CONSUMER, NON-CYCLICAL - 6.0% Procter & Gamble Co. 10,428 $ 876,786 Pfizer, Inc. 25,541 829,573 Merck & Company, Inc. 12,568 739,878 UnitedHealth Group, Inc. 4,623 739,865 PepsiCo, Inc. 6,926 724,667 Amgen, Inc. 4,321 631,773 AbbVie, Inc. 9,828 615,429 Allergan plc* 2,893 607,559 Medtronic plc 8,485 604,386 Gilead Sciences, Inc. 8,350 597,944 Danaher Corp. 6,467 503,391 Kroger Co. 14,163 488,765 Kimberly-Clark Corp. 4,267 486,950 Biogen, Inc.* 1,704 483,220 Becton Dickinson and Co. 2,885 477,612 Boston Scientific Corp.* 22,068 477,331 Sysco Corp. 8,503 470,811 Archer-Daniels-Midland Co. 10,204 465,813 HCA Holdings, Inc.* 6,260 463,365 McKesson Corp. 3,229 453,513 Express Scripts Holding Co.* 6,550 450,575 Johnson & Johnson 3,251 374,548 General Mills, Inc. 3,377 208,597 Abbott Laboratories 3,572 137,201 Thermo Fisher Scientific, Inc. 951 134,186 Mondelez International, Inc. — Class A 2,960 131,217 Aetna, Inc. 925 114,709 Anthem, Inc. 703 101,070 Total Consumer, Non-cyclical 13,390,734

TECHNOLOGY - 2.5% Apple, Inc. 15,032 1,741,007 Intel Corp. 21,315 773,095 Oracle Corp. 16,426 631,580 International Business Machines Corp. 3,801 630,928 Microsoft Corp. 9,629 598,346 Activision Blizzard, Inc. 12,335 445,417 HP, Inc. 29,116 432,081 QUALCOMM, Inc. 2,482 161,826 Broadcom Ltd. 729 128,865 Hewlett Packard Enterprise Co. 4,273 98,877 Total Technology 5,642,022

CONSUMER, CYCLICAL - 2.0% Wal-Mart Stores, Inc. 8,931 617,311 CVS Health Corp. 7,238 571,151 Walgreens Boots Alliance, Inc. 6,540 541,250 General Motors Co. 14,573 507,723 Ford Motor Co. 40,001 485,212 Target Corp. 6,462 466,750 Delta Air Lines, Inc. 8,029 394,946 American Airlines Group, Inc. 8,020 374,454 Southwest Airlines Co. 7,189 358,300 Lowe’s Companies, Inc. 3,180 226,162 Total Consumer, Cyclical 4,543,259

COMMUNICATIONS - 2.0% Verizon Communications, Inc. 16,530 882,370 Comcast Corp. — Class A 11,042 762,450 Cisco Systems, Inc. 24,394 737,187 AT&T, Inc. 13,403 570,030 Alphabet, Inc. — Class C* 717 553,395 eBay, Inc.* 16,385 486,471 Amazon.com, Inc.* 285 213,713 Facebook, Inc. — Class A* 1,413 162,566 Total Communications 4,368,182

FINANCIAL - 1.8% MetLife, Inc. 9,563 515,350 Prudential Financial, Inc. 4,787 498,135 Travelers Companies, Inc. 4,037 494,210 Allstate Corp. 6,435 476,962 Aflac, Inc. 6,743 469,313 State Street Corp. 5,824 452,641 JPMorgan Chase & Co. 4,131 356,464 Berkshire Hathaway, Inc. — Class B* 1,509 245,937 Wells Fargo & Co. 4,365 240,555 Citigroup, Inc. 2,222 132,053 Chubb Ltd. 924 122,079 Bank of America Corp. 5,430 120,003 Total Financial 4,123,702

INDUSTRIAL - 1.6% Boeing Co. 3,866 601,860 Union Pacific Corp. 5,659 586,726 FedEx Corp. 2,589 482,072 CSX Corp. 13,168 473,126 Waste Management, Inc. 6,631 470,204 Cummins, Inc. 3,141 429,280 United Technologies Corp. 1,837 201,372 General Electric Co. 6,269 198,100 Honeywell International, Inc. 1,697 196,597 Total Industrial 3,639,337

ENERGY - 1.4% Schlumberger Ltd. 7,750 650,613 Valero Energy Corp. 7,103 485,276 Marathon Petroleum Corp. 9,628 484,770 ConocoPhillips 9,585 480,592 Exxon Mobil Corp. 4,180 377,287 Kinder Morgan, Inc. 18,209 377,108 Chevron Corp. 1,066 125,468 Occidental Petroleum Corp. 1,708 121,661 Total Energy 3,102,775

UTILITIES - 0.7% Duke Energy Corp. 6,871 533,327 Exelon Corp. 14,045 498,457 American Electric Power Company, Inc. 7,766 488,947 SCHEDULE OF INVESTMENTS (concluded) December 31, 2016

SERIES A (STYLEPLUS—LARGE CORE SERIES)

SHARES VALUE

NextEra Energy, Inc. 1,149 $ 137,260 Total Utilities 1,657,991

BASIC MATERIALS - 0.1% Dow Chemical Co. 2,012 115,127

Total Common Stocks (Cost $38,321,732) 40,583,129

MUTUAL FUNDS† - 77.7% Guggenheim Variable Insurance Strategy Fund III1 2,338,972 58,544,462 Guggenheim Strategy Fund II1 2,295,013 57,260,566 Guggenheim Strategy Fund III1 1,441,924 36,004,831 Guggenheim Strategy Fund I1 875,888 21,897,209 Total Mutual Funds (Cost $173,121,357) 173,707,068

SHORT-TERM INVESTMENTS† - 4.6% Dreyfus Treasury Securities Cash Management Fund - Institutional Shares 0.31%2 10,205,961 10,205,961 Total Short-Term Investments (Cost $10,205,961) 10,205,961

Total Investments - 100.4% (Cost $221,649,050) $ 224,496,158 Other Assets & Liabilities, net - (0.4)% (791,422) Total Net Assets - 100.0% $ 223,704,736

UNREALIZED UNITS GAIN

OTC EQUITY INDEX SWAP AGREEMENTS†† Bank of America April 2017 S&P 500 Index Swap 0.90%3, Terminating 04/04/17 (Notional Value $184,204,216) 82,277 $ 6,394,335

* Non-income producing security. † Value determined based on Level 1 inputs. †† Value determined based on Level 2 inputs. 1 Affiliated issuer. 2 Rate indicated is the 7 day yield as of December 31, 2016. 3 Total Return based on S&P 500 Index +/- financing at a variable rate. Rate indicated is the rate effective at December 31, 2016. plc — Public Limited Company