* Based On Net Assets *

Select Appreciation Fund 5/31/2013

Security Holdings Through 5/31/2013
Security DescriptionPercentage
Guggenheim - Equal Weight ETF6.98 %
Emerging Global Shares - Emerg Mkts Cons Titans Idx ETF5.65 %
iShares - Dow Jones US Insurance Index5.60 %
iShares - iShares Dow Jones EPAC5.54 %
Market Vectors - Morningstar Wide Moat Focus5.45 %
SPDR - Oil & Gas Equipment & Services4.77 %
First Trust - Dow Jones Internet Index4.42 %
PowerShares - Dynamic Market Portfolio4.36 %
PowerShares - Golbal Listed Priv Equity Port4.15 %
Guggenheim - Guggenheim Timber Index ETF3.67 %

The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice.