NPORT-P
    false
    
      
      
        
          0001064046
          XXXXXXXX
        
      
      
      
      
        S000003723
        C000010392
      
      
    
  
  
    
      Rydex Variable Trust
      811-08821
      0001064046
      549300LJH0YR8RY3N305
      702 King Farm Blvd., Suite 200
      Rockville
      
      20850
      301-296-5100
      Telecommunications Fund
      S000003723
      549300J0GWL34DCN7G96
      2022-12-31
      2022-03-31
      N
    
    
      2597112.75
      7238.73
      2589874.02
      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
      0.00000000
      
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Juniper Networks Inc
        AUHIXNGG7U2U7JEHM527
        Juniper Networks, Inc.
        48203R104
        
          
        
        1484.00000000
        NS
        USD
        55145.44000000
        2.129271137288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vonage Holdings Corp
        529900W7N0N4WLN1JY21
        Vonage Holdings Corp.
        92886T201
        
          
        
        1711.00000000
        NS
        USD
        34716.19000000
        1.340458637443
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030N101
        
          
        
        4505.00000000
        NS
        USD
        210924.10000000
        8.144183785433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Telephone & Data Systems Inc
        N/A
        Telephone & Data Systems, Inc.
        879433829
        
          
        
        1180.00000000
        NS
        USD
        22278.40000000
        0.860211725665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BCE Inc
        5493001I9203PRB5KR45
        BCE, Inc.
        05534B760
        
          
        
        523.00000000
        NS
        USD
        29005.58000000
        1.119961039649
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Roku Inc
        549300KR6ITU0YIR1T71
        Roku, Inc.
        77543R102
        
          
        
        491.00000000
        NS
        USD
        61507.57000000
        2.374925171070
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TELUS Corp
        L2TEUTQ8OSHMJWVLCE40
        TELUS Corp.
        87971M103
        
          
        
        960.00000000
        NS
        USD
        25094.40000000
        0.968942883175
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        Arista Networks, Inc.
        040413106
        
          
        
        748.00000000
        NS
        USD
        103957.04000000
        4.013980571919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altice USA Inc
        54930064K3612MGCER95
        Altice USA, Inc.
        02156K103
        
          
        
        3019.00000000
        NS
        USD
        37677.12000000
        1.454785820045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gogo Inc
        549300VL3DIHSFHYTO04
        Gogo, Inc.
        38046C109
        
          
        
        1206.00000000
        NS
        USD
        22986.36000000
        0.887547418233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BARCLAYS CAPITAL INC.
        AC28XWWI3WIBK2824319
        Barclays Capital, Inc.
        N/A
        
          
        
        1030.34000000
        PA
        USD
        1030.34000000
        0.039783402283
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.24000000
          2022-04-01
          
            
              910.56000000
              USD
              1050.95000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        Bandwidth, Inc.
        05988J103
        
          
        
        430.00000000
        NS
        USD
        13927.70000000
        0.537775192632
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DISH Network Corp
        529900U350CWHH15G169
        DISH Network Corp.
        25470M109
        
          
        
        1952.00000000
        NS
        USD
        61780.80000000
        2.385475105078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ubiquiti Inc
        N/A
        Ubiquiti, Inc.
        90353W103
        
          
        
        227.00000000
        NS
        USD
        66093.32000000
        2.551989768212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cable One Inc
        549300648QS85T0XSH18
        Cable One, Inc.
        12685J105
        
          
        
        31.00000000
        NS
        USD
        45391.44000000
        1.752650501509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EchoStar Corp
        549300EE20907QZ9GT38
        EchoStar Corp.
        278768106
        
          
        
        876.00000000
        NS
        USD
        21321.84000000
        0.823277110598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calix Inc
        5299002RQRZ4SXSCSJ58
        Calix, Inc.
        13100M509
        
          
        
        558.00000000
        NS
        USD
        23943.78000000
        0.924515239548
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        Viavi Solutions, Inc.
        925550105
        
          
        
        1801.00000000
        NS
        USD
        28960.08000000
        1.118204197438
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Latin America Ltd
        213800YWQHEAX7CAVO83
        Liberty Latin America Ltd.
        N/A
        
          
        
        2315.00000000
        NS
        USD
        22200.85000000
        0.857217371522
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        549300LKFJ962MZ46593
        Cisco Systems, Inc.
        17275R102
        
          
        
        3454.00000000
        NS
        USD
        192595.04000000
        7.436463646984
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nice Ltd
        254900YTY4EF5Z4W0A51
        Nice Ltd.
        653656108
        
          
        
        124.00000000
        NS
        USD
        27156.00000000
        1.048545210704
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343V104
        
          
        
        4315.00000000
        NS
        USD
        219806.10000000
        8.487134829824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Frontier Communications Parent
        N/A
        Frontier Communications Parent, Inc.
        35909D109
        
          
        
        1420.00000000
        NS
        USD
        39291.40000000
        1.517116264983
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viasat Inc
        UFC8NYMNFSYIHNSM2I38
        Viasat, Inc.
        92552V100
        
          
        
        568.00000000
        NS
        USD
        27718.40000000
        1.070260552673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        InterDigital Inc
        N/A
        InterDigital, Inc.
        45867G101
        
          
        
        330.00000000
        NS
        USD
        21054.00000000
        0.812935294821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        F5 Inc
        54930015FPK9KT966303
        F5, Inc.
        315616102
        
          
        
        265.00000000
        NS
        USD
        55371.75000000
        2.138009400163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Funds
        N/A
        First American Government Obligations Fund
        N/A
        
          
        
        22062.75000000
        NS
        USD
        22062.75000000
        0.851885065822
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        NetScout Systems Inc
        5493005HZXZ3SPNVCV76
        NetScout Systems, Inc.
        64115T104
        
          
        
        724.00000000
        NS
        USD
        23225.92000000
        0.896797289004
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iridium Communications Inc
        549300U620NVQ4J1CT96
        Iridium Communications, Inc.
        46269C102
        
          
        
        843.00000000
        NS
        USD
        33989.76000000
        1.312409782773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CommScope Holding Co Inc
        254900AW4CEPCQWSRI58
        CommScope Holding Company, Inc.
        20337X109
        
          
        
        2334.00000000
        NS
        USD
        18391.92000000
        0.710147283534
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plantronics Inc
        5493006O3W5M472F6668
        Plantronics, Inc.
        727493108
        
          
        
        598.00000000
        NS
        USD
        23561.20000000
        0.909743092445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BOFA SECURITIES, INC.
        549300HN4UKV1E2R3U73
        BofA Securities, Inc.
        N/A
        
          
        
        3962.86000000
        PA
        USD
        3962.86000000
        0.153013620330
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.25000000
          2022-04-01
          
            
              4077.98000000
              USD
              4042.12000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        America Movil SAB de CV
        5493000FNR3UCEAONM59
        America Movil SAB de CV
        02364W105
        
          
        
        1324.00000000
        NS
        USD
        28002.60000000
        1.081234059408
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Charter Communications Inc
        0J0XRGZE3PBRFEZ7MV65
        Charter Communications, Inc.
        16119P108
        
          
        
        256.00000000
        NS
        USD
        139653.12000000
        5.392274640447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies, Inc.
        550241103
        
          
        
        4672.00000000
        NS
        USD
        52653.44000000
        2.033050240798
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        Motorola Solutions, Inc.
        620076307
        
          
        
        413.00000000
        NS
        USD
        100028.60000000
        3.862295973763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vodafone Group PLC
        213800TB53ELEUKM7Q61
        Vodafone Group plc
        92857W308
        
          
        
        1706.00000000
        NS
        USD
        28353.72000000
        1.094791475610
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        Rogers Communications Inc
        54930030NVF3Y2OL0A78
        Rogers Communications, Inc.
        775109200
        
          
        
        434.00000000
        NS
        USD
        24629.50000000
        0.950992203087
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        T-Mobile US, Inc.
        872590104
        
          
        
        1496.00000000
        NS
        USD
        192011.60000000
        7.413935910288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumentum Holdings Inc
        549300JLWRRC38DWEF52
        Lumentum Holdings, Inc.
        55024U109
        
          
        
        421.00000000
        NS
        USD
        41089.60000000
        1.586548213646
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT&T Inc
        549300Z40J86GGSTL398
        AT&T, Inc.
        00206R102
        
          
        
        8428.00000000
        NS
        USD
        199153.64000000
        7.689703764046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J.P. MORGAN SECURITIES LLC
        ZBUT11V806EZRVTWT807
        J.P. Morgan Securities LLC
        N/A
        
          
        
        10288.98000000
        PA
        USD
        10288.98000000
        0.397277238990
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.28000000
          2022-04-01
          
            
              10744.05000000
              USD
              10494.76000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Liberty Global PLC
        549300BSGXG3QLIQYT84
        Liberty Global plc
        N/A
        
          
        
        1094.00000000
        NS
        USD
        28345.54000000
        1.094475630131
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Broadband Corp
        549300MIX43II8JLN536
        Liberty Broadband Corp.
        530307305
        
          
        
        523.00000000
        NS
        USD
        70772.36000000
        2.732656471066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ciena Corp
        W0CZ7N0GH8UIGXDM1H41
        Ciena Corp.
        171779309
        
          
        
        771.00000000
        NS
        USD
        46745.73000000
        1.804942234217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NETGEAR Inc
        54930067KX3UNRHDWA78
        NETGEAR, Inc.
        64111Q104
        
          
        
        520.00000000
        NS
        USD
        12833.60000000
        0.495529894539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cogent Communications Holdings
        N/A
        Cogent Communications Holdings, Inc.
        19239V302
        
          
        
        419.00000000
        NS
        USD
        27800.65000000
        1.073436382824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extreme Networks Inc
        549300WRECW11X94UB57
        Extreme Networks, Inc.
        30226D106
        
          
        
        1589.00000000
        NS
        USD
        19401.69000000
        0.749136438690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Rydex Variable Trust
      John Sullivan
      John Sullivan
      CFO
    
  
  XXXX




Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Banks - 89.8%
JPMorgan Chase & Co.   1,738   $236,924 
Bank of America Corp.   5,620    231,656 
Wells Fargo & Co.   4,662    225,921 
Citigroup, Inc.   3,508    187,327 
U.S. Bancorp   3,052    162,214 
Truist Financial Corp.   2,811    159,384 
PNC Financial Services Group, Inc.   863    159,180 
Bank of New York Mellon Corp.   2,352    116,730 
SVB Financial Group*   189    105,736 
State Street Corp.   1,212    105,589 
First Republic Bank   598    96,936 
Fifth Third Bancorp   2,251    96,883 
Northern Trust Corp.   782    91,064 
Huntington Bancshares, Inc.   5,760    84,211 
M&T Bank Corp.   494    83,733 
Regions Financial Corp.   3,752    83,520 
KeyCorp   3,690    82,582 
Citizens Financial Group, Inc.   1,721    78,013 
Signature Bank   253    74,253 
First Horizon Corp.   2,915    68,473 
ICICI Bank Ltd. ADR   3,542    67,085 
Toronto-Dominion Bank   790    62,742 
HDFC Bank Ltd. ADR   1,013    62,127 
Royal Bank of Canada   563    62,082 
Comerica, Inc.   682    61,673 
HSBC Holdings plc ADR1   1,787    61,151 
East West Bancorp, Inc.   767    60,608 
UBS Group AG   3,073    60,046 
First Citizens BancShares, Inc. — Class A   90    59,904 
Bank of Nova Scotia   824    59,097 
Webster Financial Corp.   1,039    58,309 
Deutsche Bank AG1   4,551    57,570 
Bank of Montreal   484    57,097 
Zions Bancorp North America   862    56,513 
Popular, Inc.   682    55,747 
Cullen/Frost Bankers, Inc.   396    54,810 
Commerce Bancshares, Inc.   764    54,695 
Western Alliance Bancorporation   646    53,502 
Canadian Imperial Bank of Commerce   437    53,179 
Synovus Financial Corp.   1,010    49,490 
Pinnacle Financial Partners, Inc.   519    47,790 
First Financial Bankshares, Inc.   1,045    46,105 
Prosperity Bancshares, Inc.   663    45,999 
BOK Financial Corp.   479    45,002 
SouthState Corp.   543    44,303 
Cadence Bank   1,495    43,744 
ServisFirst Bancshares, Inc.   452    43,071 
Valley National Bancorp   3,291    42,849 
Silvergate Capital Corp. — Class A*   283    42,611 
Bank OZK   995    42,486 
Glacier Bancorp, Inc.   839    42,185 
Wintrust Financial Corp.   449    41,726 
United Bankshares, Inc.   1,162    40,531 
PacWest Bancorp   932    40,197 
UMB Financial Corp.   407    39,544 
Old National Bancorp   2,410   39,476 
Hancock Whitney Corp.   739    38,539 
FNB Corp.   3,080    38,346 
Eastern Bankshares, Inc.   1,744    37,566 
Umpqua Holdings Corp.   1,949    36,758 
First Interstate BancSystem, Inc. — Class A   991    36,439 
BankUnited, Inc.   818    35,959 
Independent Bank Corp.   439    35,862 
Community Bank System, Inc.   511    35,847 
Home BancShares, Inc.   1,584    35,798 
First Hawaiian, Inc.   1,253    34,946 
United Community Banks, Inc.   981    34,139 
CVB Financial Corp.   1,468    34,072 
Associated Banc-Corp.   1,496    34,049 
Bank of Hawaii Corp.   403    33,820 
Cathay General Bancorp   741    33,160 
Simmons First National Corp. — Class A   1,187    31,123 
Ameris Bancorp   709    31,111 
Fulton Financial Corp.   1,803    29,966 
Atlantic Union Bankshares Corp.   812    29,792 
Texas Capital Bancshares, Inc.*   519    29,744 
Columbia Banking System, Inc.   888    28,656 
Hilltop Holdings, Inc.   942    27,695 
Triumph Bancorp, Inc.*   289    27,172 
Customers Bancorp, Inc.*   435    22,681 
Total Banks        5,178,615 
Diversified Financial Services - 4.3%          
Capital One Financial Corp.   1,033    135,622 
Apollo Global Management, Inc.   1,833    113,628 
Total Diversified Financial Services        249,250 
Savings & Loans - 2.8%          
People's United Financial, Inc.   2,661    53,194 
New York Community Bancorp, Inc.   3,831    41,068 
Investors Bancorp, Inc.   2,327    34,742 
Pacific Premier Bancorp, Inc.   948    33,512 
Total Savings & Loans        162,516 
Insurance - 2.6%          
Equitable Holdings, Inc.   2,087    64,509 
Voya Financial, Inc.   748    49,630 
Jackson Financial, Inc. — Class A   831    36,755 
Total Insurance        150,894 
Total Common Stocks          
(Cost $3,178,485)        5,741,275 

 

 

 

Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $24,641   $24,641 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   9,491    9,491 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   2,467    2,467 
Total Repurchase Agreements          
(Cost $36,599)        36,599 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 1.6%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4  91,187   91,187 
Total Securities Lending Collateral          
(Cost $91,187)        91,187 
Total Investments - 101.7%          
(Cost $3,306,271)       $5,869,061 
Other Assets & Liabilities, net - (1.7)%        (98,182)
Total Net Assets - 100.0%       $5,770,879 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $5,741,275   $   $   $5,741,275 
Repurchase Agreements       36,599        36,599 
Securities Lending Collateral   91,187            91,187 
Total Assets  $5,832,462   $36,599   $   $5,869,061 

 

 

 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 98.8%
Chemicals - 44.2%
Sherwin-Williams Co.   1,586   $395,897 
Air Products and Chemicals, Inc.   1,526    381,363 
Ecolab, Inc.   1,982    349,942 
Dow, Inc.   5,381    342,877 
DuPont de Nemours, Inc.   3,989    293,511 
International Flavors & Fragrances, Inc.   2,162    283,935 
LyondellBasell Industries N.V. — Class A   2,752    282,961 
PPG Industries, Inc.   2,059    269,873 
Linde plc   830    265,127 
Mosaic Co.   3,931    261,411 
Albemarle Corp.   1,178    260,515 
CF Industries Holdings, Inc.   2,454    252,909 
FMC Corp.   1,551    204,065 
Westlake Corp.   1,587    195,836 
Celanese Corp. — Class A   1,327    189,588 
Eastman Chemical Co.   1,684    188,709 
Nutrien Ltd.   1,579    164,200 
RPM International, Inc.   1,933    157,424 
Olin Corp.   2,570    134,360 
Huntsman Corp.   3,545    132,973 
Ashland Global Holdings, Inc.   1,199    117,994 
Valvoline, Inc.   3,671    115,857 
Axalta Coating Systems Ltd.*   4,593    112,896 
Element Solutions, Inc.   5,108    111,865 
Chemours Co.   3,551    111,785 
Balchem Corp.   745    101,841 
Cabot Corp.   1,370    93,722 
Sensient Technologies Corp.   1,100    92,345 
HB Fuller Co.   1,353    89,393 
Ingevity Corp.*   1,184    75,859 
Trinseo plc   1,328    63,638 
Total Chemicals        6,094,671 
Mining - 18.5%          
Freeport-McMoRan, Inc.   8,435    419,557 
Newmont Corp.   5,123    407,022 
Alcoa Corp.   2,385    214,722 
BHP Group Ltd. ADR1   2,675    206,644 
Rio Tinto plc ADR1   2,392    192,317 
MP Materials Corp.*   3,015    172,880 
Royal Gold, Inc.   1,080    152,582 
Teck Resources Ltd. — Class B   3,697    149,322 
Agnico Eagle Mines Ltd.   2,188    133,993 
Franco-Nevada Corp.   800    127,616 
Wheaton Precious Metals Corp.   2,616    124,469 
Livent Corp.*   3,918    102,142 
Arconic Corp.*   3,143    80,524 
Compass Minerals International, Inc.   1,162    72,962 
Total Mining        2,556,752 
Packaging & Containers - 12.0%          
Ball Corp.   2,914    262,260 
Crown Holdings, Inc.   1,540    192,639 
Packaging Corporation of America   1,186    185,146 
Westrock Co.   3,587    168,697 
Sealed Air Corp.   2,281    152,736 
AptarGroup, Inc.   1,154    135,595 
Berry Global Group, Inc.*   2,315    134,177 
Sonoco Products Co.   1,996    124,870 
Graphic Packaging Holding Co.   6,003    120,300 
Silgan Holdings, Inc.   2,412    111,507 
O-I Glass, Inc.*   5,051    66,572 
Total Packaging & Containers        1,654,499 
Iron & Steel - 10.2%          
Nucor Corp.   2,181    324,206 
Cleveland-Cliffs, Inc.*   6,793    218,802 
Steel Dynamics, Inc.   2,432    202,902 
United States Steel Corp.   4,309    162,622 
Reliance Steel & Aluminum Co.   881    161,531 
ArcelorMittal S.A.   4,261    136,394 
Commercial Metals Co.   2,655    110,501 
Allegheny Technologies, Inc.*   3,395    91,122 
Total Iron & Steel        1,408,080 
Building Materials - 6.6%          
Vulcan Materials Co.   1,323    243,035 
Martin Marietta Materials, Inc.   627    241,326 
MDU Resources Group, Inc.   4,310    114,861 
Eagle Materials, Inc.   849    108,978 
Louisiana-Pacific Corp.   1,688    104,859 
Summit Materials, Inc. — Class A*   2,992    92,931 
Total Building Materials        905,990 
Biotechnology - 2.4%          
Corteva, Inc.   5,631    323,670 
Forest Products & Paper - 1.5%          
International Paper Co.   4,454    205,552 
Household Products & Housewares - 1.3%          
Avery Dennison Corp.   1,063    184,930 
Housewares - 0.9%          
Scotts Miracle-Gro Co. — Class A   999    122,837 
Distribution & Wholesale - 0.7%          
Avient Corp.   2,028    97,344 
Coal - 0.5%          
Warrior Met Coal, Inc.   1,866    69,247 
Total Common Stocks          
(Cost $8,135,201)        13,623,572 

 

EXCHANGE-TRADED FUNDS - 0.7%
VanEck Junior Gold Miners ETF   1,963    92,006 
Total Exchange-Traded Funds          
(Cost $81,308)        92,006 

 

 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $101,494   $101,494 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   39,091    39,091 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   10,164    10,164 
Total Repurchase Agreements          
(Cost $150,749)        150,749 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 2.0%          
Money Market Fund      
First American Government Obligations Fund — Class Z, 0.15%4   280,774   280,774 
Total Securities Lending Collateral          
(Cost $280,774)       280,774 
Total Investments - 102.6%          
(Cost $8,648,032)       $14,147,101 
Other Assets & Liabilities, net - (2.6)%        (358,896)
Total Net Assets - 100.0%       $13,788,205 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $13,623,572   $   $   $13,623,572 
Exchange-Traded Funds   92,006            92,006 
Repurchase Agreements       150,749        150,749 
Securities Lending Collateral   280,774            280,774 
Total Assets  $13,996,352   $150,749   $   $14,147,101 

 

 

 

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
Biotechnology - 72.0%
Amgen, Inc.   4,106   $992,913 
Gilead Sciences, Inc.   12,352    734,326 
Regeneron Pharmaceuticals, Inc.*   1,051    734,039 
Vertex Pharmaceuticals, Inc.*   2,673    697,573 
Moderna, Inc.*   3,820    658,033 
Illumina, Inc.*   1,795    627,173 
Corteva, Inc.   9,666    555,602 
Biogen, Inc.*   2,214    466,268 
Seagen, Inc.*   2,970    427,829 
Horizon Therapeutics plc*   3,903    410,635 
Royalty Pharma plc — Class A   10,349    403,197 
Alnylam Pharmaceuticals, Inc.*   2,257    368,546 
Incyte Corp.*   4,522    359,137 
BioNTech SE ADR*   2,068    352,718 
BioMarin Pharmaceutical, Inc.*   3,937    303,543 
Exelixis, Inc.*   10,326    234,090 
United Therapeutics Corp.*   1,304    233,951 
Biohaven Pharmaceutical Holding Company Ltd.*   1,967    233,227 
Guardant Health, Inc.*   3,502    231,973 
Halozyme Therapeutics, Inc.*   5,123    204,305 
Ionis Pharmaceuticals, Inc.*   5,302    196,386 
Novavax, Inc.*,1   2,565    188,912 
Ultragenyx Pharmaceutical, Inc.*   2,599    188,739 
Apellis Pharmaceuticals, Inc.*   3,661    186,015 
Arrowhead Pharmaceuticals, Inc.*   3,970    182,580 
Mirati Therapeutics, Inc.*   2,136    175,622 
Denali Therapeutics, Inc.*   5,161    166,029 
Fate Therapeutics, Inc.*   4,272    165,625 
Blueprint Medicines Corp.*   2,583    165,002 
Beam Therapeutics, Inc.*   2,729    156,372 
CRISPR Therapeutics AG*   2,411    151,339 
BioCryst Pharmaceuticals, Inc.*   9,056    147,251 
Iovance Biotherapeutics, Inc.*   8,770    146,021 
Emergent BioSolutions, Inc.*   2,973    122,071 
Veracyte, Inc.*   4,173    115,050 
ChemoCentryx, Inc.*   4,414    110,659 
Editas Medicine, Inc.*   5,237    99,608 
Cassava Sciences, Inc.*,1   2,660    98,792 
TG Therapeutics, Inc.*   10,062    95,690 
NeoGenomics, Inc.*   7,203    87,516 
Total Biotechnology        12,174,357 
Pharmaceuticals - 18.0%          
AbbVie, Inc.   8,912    1,444,724 
AstraZeneca plc ADR   5,223    346,494 
Viatris, Inc.   27,973    304,346 
Neurocrine Biosciences, Inc.*   2,676    250,875 
Sarepta Therapeutics, Inc.*   2,822    220,455 
Intellia Therapeutics, Inc.*   2,650    192,575 
Jazz Pharmaceuticals plc*   1,070    166,567 
Ironwood Pharmaceuticals, Inc. — Class A*   9,386    118,076 
Total Pharmaceuticals        3,044,112 
Healthcare-Products - 5.1%          
Bio-Techne Corp.   789    341,668 
Exact Sciences Corp.*   4,316    301,775 
CareDx, Inc.*   3,203    118,479 
Pacific Biosciences of California, Inc.*   11,617    105,715 
Total Healthcare-Products        867,637 
Healthcare-Services - 4.5%          
Syneos Health, Inc.*   2,974    240,745 
ICON plc*   870    211,601 
Medpace Holdings, Inc.*   1,237    202,361 
Invitae Corp.*   13,582    108,249 
Total Healthcare-Services        762,956 
Total Common Stocks          
(Cost $9,039,873)        16,849,062 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $78,744    78,744 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   30,329    30,329 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   7,886    7,886 
Total Repurchase Agreements          
(Cost $116,959)        116,959 

 

 

 

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 1.0%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   173,678   $173,678 
Total Securities Lending Collateral          
(Cost $173,678)        173,678 
Total Investments - 101.3%          
(Cost $9,330,510)       $17,139,699 
Other Assets & Liabilities, net - (1.3)%        (218,755)
Total Net Assets - 100.0%       $16,920,944 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $16,849,062   $   $   $16,849,062 
Repurchase Agreements       116,959        116,959 
Securities Lending Collateral   173,678            173,678 
Total Assets  $17,022,740   $116,959   $   $17,139,699 

 

 

 

 

 

Commodities Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)                                        March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 22.1%
Guggenheim Strategy Fund II1   89,740   $2,203,120 
Guggenheim Ultra Short Duration Fund — Institutional Class1   224,553    2,198,372 
Total Mutual Funds          
(Cost $4,473,985)        4,401,492 

 

   Face
Amount
     
FEDERAL AGENCY NOTES†† - 32.6%
Federal Home Loan Bank
0.27% (SOFR, Rate Floor: 0.00%) due 04/25/22  $3,000,000    3,000,018 
Freddie Mac          
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   2,000,000    2,000,160 
Federal Farm Credit Bank          
0.30% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/22   1,000,000    999,980 
0.32% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22   500,000    499,957 
Total Federal Agency Notes          
(Cost $6,500,126)        6,500,115 

 

FEDERAL AGENCY DISCOUNT NOTES†† - 17.6%
Federal Home Loan Bank
0.24% due 04/27/222  1,900,000   1,899,671 
0.81% due 09/14/222   1,000,000    996,443 
0.83% due 10/03/222   609,000    606,365 
Total Federal Agency Discount Notes          
(Cost $3,502,338)        3,502,479 

 

U.S. TREASURY BILLS†† - 12.0%
U.S. Treasury Bills
0.12% due 05/05/222,3   2,386,000    2,385,668 
Total U.S. Treasury Bills          
(Cost $2,385,730)        2,385,668 

 

REPURCHASE AGREEMENTS††,4 - 19.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   2,588,873    2,588,873 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   997,118    997,118 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   259,251    259,251 
Total Repurchase Agreements          
(Cost $3,845,242)        3,845,242 
Total Investments - 103.6%          
(Cost $20,707,421)       $20,634,996 
Other Assets & Liabilities, net - (3.6)%        (724,594)
Total Net Assets - 100.0%       $19,910,402 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Commodity Futures Contracts Purchased    
Goldman Sachs Commodity Index Futures Contracts   109   Apr 2022  $19,757,613   $(333,386)

 

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

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Commodities Strategy Fund  
CONSOLIDATED 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 
Mutual Funds  $4,401,492   $   $   $4,401,492 
Federal Agency Notes       6,500,115        6,500,115 
Federal Agency Discount Notes       3,502,479        3,502,479 
U.S. Treasury Bills       2,385,668        2,385,668 
Repurchase Agreements       3,845,242        3,845,242 
Total Assets  $4,401,492   $16,233,504   $   $20,634,996 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Commodity Futures Contracts**  $333,386   $   $   $333,386 

 

**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  $2,232,735  $  $  $  $(29,615)  $2,203,120   89,740  $7,583 
 Guggenheim Ultra Short Duration Fund — Institutional Class   2,227,564            (29,192)   2,198,372   224,553   5,567 
   $4,460,299  $  $  $  $(58,807)  $4,401,492      $13,150 

 

 

 

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Food - 36.3%
Mondelez International, Inc. — Class A   6,262   $393,128 
Kraft Heinz Co.   7,601    299,403 
Hershey Co.   1,341    290,501 
Kroger Co.   4,921    282,318 
General Mills, Inc.   4,153    281,241 
Sysco Corp.   3,303    269,690 
Tyson Foods, Inc. — Class A   2,691    241,194 
Hormel Foods Corp.   4,415    227,549 
McCormick & Company, Inc.   2,231    222,654 
Kellogg Co.   3,155    203,466 
Conagra Brands, Inc.   5,190    174,228 
J M Smucker Co.   1,219    165,065 
Albertsons Companies, Inc. — Class A   4,946    164,455 
Campbell Soup Co.   3,574    159,293 
Lamb Weston Holdings, Inc.   2,148    128,687 
US Foods Holding Corp.*   3,197    120,303 
Performance Food Group Co.*   2,245    114,293 
Ingredion, Inc.   1,182    103,011 
Flowers Foods, Inc.*   3,822    98,264 
Sanderson Farms, Inc.   471    88,308 
Post Holdings, Inc.*   1,270    87,960 
Sprouts Farmers Market, Inc.*   2,537    81,133 
Grocery Outlet Holding Corp.*   2,301    75,427 
Hain Celestial Group, Inc.*   2,160    74,304 
TreeHouse Foods, Inc.*   1,714    55,294 
Total Food        4,401,169 
Beverages - 25.8%          
Coca-Cola Co.   11,385    705,870 
PepsiCo, Inc.   3,910    654,456 
Keurig Dr Pepper, Inc.   8,179    309,984 
Constellation Brands, Inc. — Class A   1,229    283,063 
Monster Beverage Corp.*   3,439    274,776 
Brown-Forman Corp. — Class B   3,582    240,066 
Molson Coors Beverage Co. — Class B   2,696    143,912 
Coca-Cola Europacific Partners plc   2,442    118,706 
Anheuser-Busch InBev S.A. ADR1   1,910    114,715 
Fomento Economico Mexicano SAB de CV ADR   1,218    100,911 
BRC, Inc. — Class A*   4,591    95,814 
Boston Beer Company, Inc. — Class A*   237    92,067 
Total Beverages        3,134,340 
Agriculture - 14.0%          
Philip Morris International, Inc.   5,382    505,585 
Altria Group, Inc.   7,947    415,231 
Archer-Daniels-Midland Co.   3,527    318,347 
Bunge Ltd.   1,580    175,080 
Darling Ingredients, Inc.*   1,924    154,651 
British American Tobacco plc ADR   2,969    125,173 
Total Agriculture        1,694,067 
Cosmetics & Personal Care - 13.4%          
Procter & Gamble Co.   5,336    815,341 
Estee Lauder Companies, Inc. — Class A   1,497    407,663 
Colgate-Palmolive Co.   4,464    338,505 
Beauty Health Co.*   3,782    63,840 
Total Cosmetics & Personal Care        1,625,349 
Household Products & Housewares - 6.1%          
Kimberly-Clark Corp.   2,216    272,923 
Church & Dwight Company, Inc.   2,126    211,282 
Clorox Co.   1,285    178,653 
Spectrum Brands Holdings, Inc.   875    77,630 
Total Household Products & Housewares        740,488 
Retail - 2.2%          
Casey's General Stores, Inc.   591    117,118 
Freshpet, Inc.*   849    87,141 
Nu Skin Enterprises, Inc. — Class A   1,362    65,213 
Total Retail        269,472 
Pharmaceuticals - 1.2%          
Herbalife Nutrition Ltd.*   2,397    72,773 
BellRing Brands, Inc.*   3,112    71,825 
Total Pharmaceuticals        144,598 
Electrical Components & Equipment - 0.5%          
Energizer Holdings, Inc.   2,016    62,012 
Total Common Stocks          
(Cost $5,356,395)        12,071,495 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $44,831    44,831 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   17,267    17,267 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   4,490    4,490 
Total Repurchase Agreements          
(Cost $66,588)        66,588 

 

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   94,188   $94,188 
Total Securities Lending Collateral          
(Cost $94,188)        94,188 
Total Investments - 100.8%          
(Cost $5,517,171)       $12,232,271 
Other Assets & Liabilities, net - (0.8)%        (99,787)
Total Net Assets - 100.0%       $12,132,484 

  

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $12,071,495   $   $   $12,071,495 
Repurchase Agreements       66,588        66,588 
Securities Lending Collateral   94,188            94,188 
Total Assets  $12,165,683   $66,588   $   $12,232,271 

 

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 63.3%
Consumer, Non-cyclical - 14.8%
UnitedHealth Group, Inc.   1,788   $911,826 
Amgen, Inc.   1,788    432,374 
Johnson & Johnson   1,788    316,887 
Procter & Gamble Co.   1,788    273,206 
Merck & Company, Inc.   1,788    146,706 
Coca-Cola Co.   1,788    110,856 
Total Consumer, Non-cyclical        2,191,855 
Financial - 12.7%          
Goldman Sachs Group, Inc.   1,788    590,219 
Visa, Inc. — Class A   1,788    396,525 
American Express Co.   1,788    334,356 
Travelers Companies, Inc.   1,788    326,721 
JPMorgan Chase & Co.   1,788    243,740 
Total Financial        1,891,561 
Consumer, Cyclical - 10.5%          
Home Depot, Inc.   1,788    535,202 
McDonald's Corp.   1,788    442,137 
Walmart, Inc.   1,788    266,269 
NIKE, Inc. — Class B   1,788    240,593 
Walgreens Boots Alliance, Inc.   1,788    80,049 
Total Consumer, Cyclical        1,564,250 
Technology - 10.5%          
Microsoft Corp.   1,788    551,258 
salesforce.com, Inc.*   1,788    379,628 
Apple, Inc.   1,788    312,203 
International Business Machines Corp.   1,788    232,476 
Intel Corp.   1,788    88,613 
Total Technology        1,564,178 
Industrial - 9.1%          
Caterpillar, Inc.   1,788    398,402 
Honeywell International, Inc.   1,788    347,909 
Boeing Co.*   1,788    342,402 
3M Co.   1,788    266,198 
Total Industrial        1,354,911 
Communications - 2.9%          
Walt Disney Co.*   1,788    245,242 
Cisco Systems, Inc.   1,788    99,699 
Verizon Communications, Inc.   1,788    91,081 
Total Communications        436,022 
Chevron Corp.   1,788   291,140 
Basic Materials - 0.8%          
Dow, Inc.   1,788    113,931 
Total Common Stocks          
(Cost $7,739,276)        9,407,848 

 

MUTUAL FUNDS - 21.6%
Guggenheim Ultra Short Duration Fund — Institutional Class1   264,894    2,593,317 
Guggenheim Strategy Fund II1   24,972    613,060 
Total Mutual Funds          
(Cost $3,232,628)        3,206,377 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 11.8%
U.S. Treasury Bills
0.09% due 06/02/222,3  $1,000,000    999,438 
0.24% due 06/02/223   300,000    299,831 
0.12% due 05/05/223,4   248,000    247,965 
0.29% due 06/02/223   200,000    199,888 
Total U.S. Treasury Bills          
(Cost $1,747,599)        1,747,122 

 

REPURCHASE AGREEMENTS††,5 - 4.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/222
   478,077    478,077 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/222
   184,134    184,134 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/222
   47,875    47,875 
Total Repurchase Agreements          
(Cost $710,086)        710,086 
Total Investments - 101.5%          
(Cost $13,429,589)       $15,071,433 
Other Assets & Liabilities, net - (1.5)%        (217,672)
Total Net Assets - 100.0%       $14,853,761 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased    
Dow Jones Industrial Average Index Mini Futures Contracts   18   Jun 2022  $3,113,370   $61,045 

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

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††                  
Barclays Bank plc  Dow Jones Industrial Average Index   Pay   0.77% (U.S. Secured Overnight Financing Rate + 0.50%)  At Maturity  04/13/22   364   $12,631,013   $571,494 
BNP Paribas  Dow Jones Industrial Average Index   Pay   0.88% (Federal Funds Rate + 0.55%)  At Maturity  04/14/22   141    4,894,655    157,494 
                         $17,525,668   $728,988 

 

*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.
1Affiliated issuer.
2All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
3Rate indicated is the effective yield at the time of purchase.
4All or a portion of this security is pledged as futures collateral at March 31, 2022.
5Repurchase Agreements — See Note 4.

 

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  $9,407,848   $   $   $9,407,848 
Mutual Funds   3,206,377            3,206,377 
U.S. Treasury Bills       1,747,122        1,747,122 
Repurchase Agreements       710,086        710,086 
Equity Futures Contracts**   61,045            61,045 
Equity Index Swap Agreements**       728,988        728,988 
Total Assets  $12,675,270   $3,186,196   $   $15,861,466 

 

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

 

 

 

 

Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

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  $568,050  $350,000  $(300,000)  $4,880  $(9,870)  $613,060   24,972  $1,458 
 Guggenheim Ultra Short Duration Fund — Institutional Class   1,626,744   1,000,000         (33,427)   2,593,317   264,894   6,425 
   $2,194,794  $1,350,000  $(300,000)  $4,880  $(43,297)  $3,206,377      $7,883 

 

 

 

 

 

Electronics Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Semiconductors - 91.8%
NVIDIA Corp.   4,422   $1,206,587 
Broadcom, Inc.   1,158    729,169 
Intel Corp.   13,091    648,790 
Texas Instruments, Inc.   3,233    593,191 
QUALCOMM, Inc.   3,829    585,148 
Advanced Micro Devices, Inc.*   5,225    571,302 
Applied Materials, Inc.   3,631    478,566 
Analog Devices, Inc.   2,533    418,401 
Micron Technology, Inc.   5,132    399,732 
Lam Research Corp.   722    388,154 
Marvell Technology, Inc.   4,898    351,236 
KLA Corp.   912    333,847 
Taiwan Semiconductor Manufacturing Company Ltd. ADR   2,867    298,913 
Microchip Technology, Inc.   3,816    286,734 
NXP Semiconductor N.V.   1,478    273,548 
ASML Holding N.V. — Class G   359    239,787 
ON Semiconductor Corp.*   3,722    233,034 
Monolithic Power Systems, Inc.   454    220,499 
Skyworks Solutions, Inc.   1,554    207,117 
Teradyne, Inc.   1,640    193,897 
Entegris, Inc.   1,385    181,795 
Wolfspeed, Inc.*   1,536    174,889 
STMicroelectronics N.V. — Class Y   3,815    164,884 
Qorvo, Inc.*   1,290    160,089 
Lattice Semiconductor Corp.*   2,131    129,884 
MKS Instruments, Inc.   840    126,000 
Synaptics, Inc.*   573    114,314 
Silicon Laboratories, Inc.*   711    106,792 
Azenta, Inc.   1,283    106,335 
Power Integrations, Inc.   1,128    104,543 
CMC Materials, Inc.   554    102,712 
SiTime Corp.*   408    101,111 
Amkor Technology, Inc.   4,592    99,738 
Cirrus Logic, Inc.*   1,153    97,763 
Semtech Corp.*   1,368    94,857 
MaxLinear, Inc. — Class A*   1,607    93,768 
Ambarella, Inc.*   858   90,021 
Total Semiconductors        10,707,147 
Energy-Alternate Sources - 5.4%          
Enphase Energy, Inc.*   1,197    241,531 
SolarEdge Technologies, Inc.*   509    164,086 
First Solar, Inc.*   1,644    137,669 
SunPower Corp. — Class A*,1   4,074    87,509 
Total Energy-Alternate Sources        630,795 
Chemicals - 1.2%          
Daqo New Energy Corp. ADR*   3,375    139,455 
Electrical Components & Equipment - 1.1%          
Universal Display Corp.   771    128,718 
Total Common Stocks          
(Cost $3,030,396)        11,606,115 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $64,417    64,417 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   24,811    24,811 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,451    6,451 
Total Repurchase Agreements          
(Cost $95,679)        95,679 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   61,512    61,512 
Total Securities Lending Collateral          
(Cost $61,512)        61,512 
Total Investments - 100.8%          
(Cost $3,187,587)       $11,763,306 
Other Assets & Liabilities, net - (0.8)%        (92,696)
Total Net Assets - 100.0%       $11,670,610 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

 

See Sector Classification in Other Information section.

 

 

 

 

Electronics Fund  
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  $11,606,115   $   $   $11,606,115 
Repurchase Agreements       95,679        95,679 
Securities Lending Collateral   61,512            61,512 
Total Assets  $11,667,627   $95,679   $   $11,763,306 

 

 

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Oil & Gas - 65.5%
Exxon Mobil Corp.   37,822   $3,123,719 
Chevron Corp.   17,912    2,916,611 
ConocoPhillips   18,864    1,886,400 
EOG Resources, Inc.   11,622    1,385,691 
Pioneer Natural Resources Co.   5,198    1,299,656 
Occidental Petroleum Corp.   21,673    1,229,726 
Marathon Petroleum Corp.   13,858    1,184,859 
Valero Energy Corp.   11,138    1,130,953 
Devon Energy Corp.   18,201    1,076,225 
Phillips 66   12,095    1,044,887 
Hess Corp.   9,117    975,884 
Petroleo Brasileiro S.A. ADR   62,531    925,459 
Diamondback Energy, Inc.   6,018    824,947 
Coterra Energy, Inc. — Class A   29,935    807,347 
Continental Resources, Inc.   12,830    786,864 
Marathon Oil Corp.   29,647    744,436 
Oasis Petroleum, Inc.   5,041    737,498 
BP plc ADR   23,573    693,046 
Shell plc ADR   12,356    678,715 
Ovintiv, Inc.   12,239    661,763 
Equities Corp.   19,175    659,812 
APA Corp.   15,574    643,673 
Laredo Petroleum, Inc.*   7,218    571,233 
Chesapeake Energy Corp.   6,496    565,152 
Texas Pacific Land Corp.   385    520,562 
Range Resources Corp.*   16,311    495,528 
Suncor Energy, Inc.   14,871    484,646 
PDC Energy, Inc.   6,062    440,586 
HF Sinclair Corp.*   10,918    435,082 
Murphy Oil Corp.   10,410    420,460 
Matador Resources Co.   7,829    414,780 
Canadian Natural Resources Ltd.   6,635    411,237 
Magnolia Oil & Gas Corp. — Class A   16,255    384,431 
Civitas Resources, Inc.   6,243    372,770 
SM Energy Co.   9,518    370,726 
Helmerich & Payne, Inc.   8,463    362,047 
Equinor ASA ADR   9,636    361,446 
CNX Resources Corp.*   16,741    346,874 
Denbury, Inc.*   4,334    340,522 
Callon Petroleum Co.*   5,483    323,936 
California Resources Corp.   6,902    308,727 
PBF Energy, Inc. — Class A*   12,644    308,134 
CVR Energy, Inc.   11,417    291,590 
Northern Oil and Gas, Inc.   8,983    253,231 
Delek US Holdings, Inc.*   10,563    224,147 
Total Oil & Gas        34,426,018 
Pipelines - 13.0%          
Kinder Morgan, Inc.   58,459    1,105,460 
Williams Companies, Inc.   31,620    1,056,424 
Cheniere Energy, Inc.   7,256    1,006,044 
ONEOK, Inc.   13,326    941,215 
Targa Resources Corp.   9,444    712,739 
Enbridge, Inc.   14,151    652,220 
New Fortress Energy, Inc.   13,024    554,953 
TC Energy Corp.   7,569    427,043 
DT Midstream, Inc.   6,844    371,355 
Total Pipelines        6,827,453 
Oil & Gas Services - 7.9%          
Schlumberger N.V.   31,639    1,307,007 
Baker Hughes Co.   28,625    1,042,236 
Halliburton Co.   26,470    1,002,419 
NOV, Inc.   23,636    463,502 
ChampionX Corp.   14,553    356,258 
Total Oil & Gas Services        4,171,422 
Energy-Alternate Sources - 7.5%          
Enphase Energy, Inc.*   4,264    860,390 
Plug Power, Inc.*   24,496    700,830 
SolarEdge Technologies, Inc.*   1,812    584,134 
First Solar, Inc.*   5,850    489,879 
Sunrun, Inc.*   13,364    405,865 
SunPower Corp. — Class A*,1   14,501    311,481 
Renewable Energy Group, Inc.*   4,606    279,354 
Green Plains, Inc.*   6,658    206,465 
TPI Composites, Inc.*   8,012    112,649 
Total Energy-Alternate Sources        3,951,047 
Coal - 1.8%          
Arch Resources, Inc.   4,598    631,673 
Peabody Energy Corp.*   13,354    327,574 
Total Coal        959,247 
Retail - 1.1%          
Murphy USA, Inc.   1,840    367,926 
World Fuel Services Corp.   7,590    205,234 
Total Retail        573,160 
Mining - 0.9%          
Cameco Corp.   16,007    465,804 
Machinery-Diversified - 0.7%          
Cactus, Inc. — Class A   6,482    367,788 
Electric - 0.6%          
Ameresco, Inc. — Class A*   4,176    331,992 
Electrical Components & Equipment - 0.5%          
EnerSys   3,714    276,953 
Total Common Stocks          
(Cost $35,343,826)        52,350,884 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $97,815    97,815 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   37,674    37,674 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   9,795    9,795 
Total Repurchase Agreements          
(Cost $145,284)        145,284 

 

 

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   212,592   $212,592 
Total Securities Lending Collateral          
(Cost $212,592)        212,592 
Total Investments - 100.2%          
(Cost $35,701,702)       $52,708,760 
Other Assets & Liabilities, net - (0.2)%        (112,097)
Total Net Assets - 100.0%       $52,596,663 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $52,350,884   $   $   $52,350,884 
Repurchase Agreements       145,284        145,284 
Securities Lending Collateral   212,592            212,592 
Total Assets  $52,563,476   $145,284   $   $52,708,760 

 

 

 

 

Energy Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Oil & Gas Services - 70.6%
Schlumberger N.V.   40,630   $1,678,425 
Baker Hughes Co.   36,756    1,338,286 
Halliburton Co.   33,985    1,287,012 
NOV, Inc.   30,354    595,242 
ChampionX Corp.   18,684    457,384 
Liberty Oilfield Services, Inc. — Class A*   24,615    364,794 
TechnipFMC plc*   44,171    342,325 
Weatherford International plc*   10,046    334,532 
Expro Group Holdings N.V.*   17,761    315,791 
Core Laboratories N.V.   8,438    266,894 
US Silica Holdings, Inc.*   14,230    265,532 
ProPetro Holding Corp.*   18,752    261,215 
Archrock, Inc.   27,678    255,468 
Oceaneering International, Inc.*   16,829    255,128 
Dril-Quip, Inc.*   6,649    248,340 
NOW, Inc.*   21,533    237,509 
Bristow Group, Inc.*   5,749    213,173 
Tidewater, Inc.*   9,566    207,965 
MRC Global, Inc.*   17,363    206,793 
National Energy Services Reunited Corp.*   21,745    182,658 
DMC Global, Inc.*   4,967    151,493 
Solaris Oilfield Infrastructure, Inc. — Class A   13,219    149,243 
Oil States International, Inc.*   20,505    142,510 
Matrix Service Co.*   11,592    95,286 
Total Oil & Gas Services        9,852,998 
Oil & Gas - 13.5%          
Helmerich & Payne, Inc.   10,872    465,104 
Valaris Ltd.*   8,551    444,396 
Patterson-UTI Energy, Inc.   25,167    389,585 
Noble Corp.*   9,459    331,538 
Nabors Industries Ltd.*   1,668    254,737 
Total Oil & Gas        1,885,360 
Energy-Alternate Sources - 7.8%          
SolarEdge Technologies, Inc.*   1,760    567,371 
Sunrun, Inc.*   17,154    520,967 
Total Energy-Alternate Sources        1,088,338 
Machinery-Diversified - 3.4%          
Cactus, Inc. — Class A   8,316    471,850 
Metal Fabricate & Hardware - 2.6%          
Tenaris S.A. ADR   12,106    364,027 
Retail - 1.6%          
Aspen Aerogels, Inc.*   6,521    224,844 
Total Common Stocks          
(Cost $9,192,329)        13,887,417 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $66,037    66,037 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   25,435    25,435 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,613    6,613 
Total Repurchase Agreements          
(Cost $98,085)        98,085 
Total Investments - 100.2%          
(Cost $9,290,414)       $13,985,502 
Other Assets & Liabilities, net - (0.2)%        (24,595)
Total Net Assets - 100.0%       $13,960,907 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1Repurchase Agreements — See Note 4.

 

ADR — American Depositary Receipt

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  $13,887,417   $   $   $13,887,417 
Repurchase Agreements       98,085        98,085 
Total Assets  $13,887,417   $98,085   $   $13,985,502 

 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 15.3%
Consumer, Non-cyclical - 6.7%
Nestle S.A. ADR   134   $17,434 
Roche Holding AG ADR   268    13,242 
Novartis AG ADR   116    10,179 
AstraZeneca plc ADR   149    9,885 
Novo Nordisk A/S ADR   79    8,773 
Unilever plc ADR   126    5,742 
Sanofi ADR   109    5,596 
Diageo plc ADR   27    5,485 
GlaxoSmithKline plc ADR   120    5,227 
L'Oreal S.A. ADR   58    4,648 
British American Tobacco plc ADR   100    4,216 
Bayer AG ADR   187    3,201 
RELX plc ADR   95    2,954 
Adyen N.V. ADR*   136    2,689 
Reckitt Benckiser Group plc ADR   174    2,687 
EssilorLuxottica S.A. ADR1   29    2,654 
Anheuser-Busch InBev S.A. ADR1   43    2,582 
Total Consumer, Non-cyclical        107,194 
Financial - 1.9%          
HSBC Holdings plc ADR1   196    6,707 
Allianz SE ADR   196    4,661 
Zurich Insurance Group AG ADR   72    3,544 
UBS Group AG   161    3,146 
BNP Paribas S.A. ADR   109    3,108 
AXA S.A. ADR   98    2,858 
Banco Santander S.A. ADR   837    2,829 
Intesa Sanpaolo SpA ADR   145    1,988 
Prudential plc ADR1   65    1,923 
Total Financial        30,764 
Energy - 1.3%          
Shell plc ADR   182    9,997 
TotalEnergies SE ADR   125    6,318 
BP plc ADR   155    4,557 
Total Energy        20,872 
Industrial - 1.3%          
Siemens AG ADR   72    4,978 
Schneider Electric SE ADR   136    4,594 
Airbus SE ADR   111    3,354 
Vinci S.A. ADR   113    2,879 
ABB Ltd. ADR   75    2,426 
Deutsche Post AG ADR   47    2,248 
Total Industrial        20,479 
Consumer, Cyclical - 1.2%          
LVMH Moet Hennessy Louis Vuitton SE ADR   63    8,983 
Cie Financiere Richemont S.A. ADR   251    3,165 
Mercedes-Benz Group AG ADR1   160    2,800 
Kering S.A. ADR   35    2,212 
adidas AG ADR   17    1,986 
Total Consumer, Cyclical        19,146 
Technology - 1.2%          
ASML Holding N.V. — Class G   19    12,691 
SAP SE ADR1   52   5,770 
Total Technology        18,461 
Basic Materials - 1.1%          
Linde plc   24    7,666 
Rio Tinto plc ADR1   51    4,100 
Air Liquide S.A. ADR   114    3,986 
BASF SE ADR   176    2,499 
Total Basic Materials        18,251 
Utilities - 0.3%          
Iberdrola S.A. ADR   70    3,056 
Enel SpA ADR   374    2,487 
Total Utilities        5,543 
Communications - 0.3%          
Deutsche Telekom AG ADR   166    3,091 
Prosus N.V. ADR   209    2,276 
Total Communications        5,367 
Total Common Stocks          
(Cost $197,192)        246,077 

 

MUTUAL FUNDS - 51.0%
Guggenheim Strategy Fund II2   16,669    409,220 
Guggenheim Ultra Short Duration Fund — Institutional Class2   41,790    409,119 
Total Mutual Funds          
(Cost $827,930)        818,339 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 12.1%
U.S. Treasury Bills
0.12% due 05/05/223,4  $194,000    193,973 
Total U.S. Treasury Bills          
(Cost $193,978)        193,973 

 

REPURCHASE AGREEMENTS††,5 - 23.4%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   252,708    252,708 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   97,332    97,332 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   25,307    25,307 
Total Repurchase Agreements          
(Cost $375,347)        375,347 

 

   Shares     
SECURITIES LENDING COLLATERAL†,6 - 1.3%
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%7   20,440    20,440 
Total Securities Lending Collateral          
(Cost $20,440)        20,440 
Total Investments - 103.1%          
(Cost $1,614,887)       $1,654,176 
Other Assets & Liabilities, net - (3.1)%        (49,239)
Total Net Assets - 100.0%       $1,604,937 

 

 

 

 

Europe 1.25x Strategy Fund  
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    
STOXX EUROPE 50 Index Futures Contracts   43   Jun 2022  $1,734,845   $93,409 
Currency Futures Contracts Purchased          
Euro FX Futures Contracts   13   Jun 2022   1,802,694    24,405 

 

*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.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Affiliated issuer.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Rate indicated is the effective yield at the time of purchase.
5Repurchase Agreements — See Note 4.
6Securities lending collateral — See Note 5.
7Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $246,077   $   $   $246,077 
Mutual Funds   818,339            818,339 
U.S. Treasury Bills       193,973        193,973 
Repurchase Agreements       375,347        375,347 
Securities Lending Collateral   20,440            20,440 
Equity Futures Contracts**   93,409            93,409 
Currency Futures Contracts**   24,405            24,405 
Total Assets  $1,202,670   $569,320   $   $1,771,990 

 

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

 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

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  $465,394  $  $(50,000)  $(794)  $(5,380)  $409,220   16,669  $1,579 
 Guggenheim Ultra Short Duration
Fund — Institutional Class
   465,216      (50,000)   (766)   (5,331)   409,119   41,790   1,161 
   $930,610  $  $(100,000)  $(1,560)  $(10,711)  $818,339      $2,740 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
REITS - 29.0%
Prologis, Inc.   1,423   $229,786 
American Tower Corp. — Class A   899    225,847 
Crown Castle International Corp.   1,035    191,061 
Equinix, Inc.   243    180,214 
Public Storage   458    178,748 
Welltower, Inc.   1,455    139,884 
Realty Income Corp.   1,967    136,313 
Digital Realty Trust, Inc.   956    135,561 
Simon Property Group, Inc.   1,030    135,507 
SBA Communications Corp.   376    129,382 
AvalonBay Communities, Inc.   495    122,943 
Equity Residential   1,348    121,212 
Alexandria Real Estate Equities, Inc.   599    120,549 
Extra Space Storage, Inc.   542    111,435 
Weyerhaeuser Co.   2,872    108,849 
Ventas, Inc.   1,712    105,733 
Invitation Homes, Inc.   2,558    102,780 
Mid-America Apartment Communities, Inc.   486    101,793 
Essex Property Trust, Inc.   293    101,226 
Duke Realty Corp.   1,724    100,095 
VICI Properties, Inc.   3,423    97,419 
Boston Properties, Inc.   735    94,668 
Sun Communities, Inc.   531    93,079 
Healthpeak Properties, Inc.   2,631    90,322 
UDR, Inc.   1,550    88,924 
Camden Property Trust   516    85,759 
WP Carey, Inc.   1,021    82,538 
Kimco Realty Corp.   3,325    82,128 
American Homes 4 Rent — Class A   1,967    78,739 
Equity LifeStyle Properties, Inc.   1,028    78,621 
Host Hotels & Resorts, Inc.   3,966    77,059 
Medical Properties Trust, Inc.   3,616    76,442 
Regency Centers Corp.   1,051    74,978 
Rexford Industrial Realty, Inc.   983    73,322 
Life Storage, Inc.   517    72,602 
Gaming and Leisure Properties, Inc.   1,543    72,413 
CubeSmart   1,387    72,166 
Lamar Advertising Co. — Class A   619    71,915 
Federal Realty Investment Trust   535    65,307 
Kilroy Realty Corp.   824    62,970 
Vornado Realty Trust   1,353    61,318 
First Industrial Realty Trust, Inc.   977    60,486 
National Retail Properties, Inc.   1,336    60,040 
STORE Capital Corp.   2,021    59,074 
Omega Healthcare Investors, Inc.   1,889    58,861 
American Campus Communities, Inc.   1,048    58,657 
Brixmor Property Group, Inc.   2,270    58,589 
Americold Realty Trust   2,056    57,321 
Healthcare Trust of America, Inc. — Class A   1,791    56,130 
AGNC Investment Corp.   4,164    54,548 
Spirit Realty Capital, Inc.   1,098    50,530 
SL Green Realty Corp.   584    47,409 
Agree Realty Corp.   689   45,722 
Park Hotels & Resorts, Inc.   2,277    44,470 
Total REITS        5,143,444 
Banks - 24.5%          
JPMorgan Chase & Co.   2,970    404,870 
Bank of America Corp.   8,884    366,198 
Wells Fargo & Co.   5,559    269,389 
Morgan Stanley   2,809    245,507 
Goldman Sachs Group, Inc.   656    216,546 
Citigroup, Inc.   3,814    203,668 
U.S. Bancorp   3,320    176,458 
PNC Financial Services Group, Inc.   949    175,043 
Truist Financial Corp.   3,056    173,275 
Bank of New York Mellon Corp.   2,558    126,954 
SVB Financial Group*   214    119,722 
State Street Corp.   1,317    114,737 
First Republic Bank   658    106,662 
Fifth Third Bancorp   2,448    105,362 
Northern Trust Corp.   860    100,147 
ICICI Bank Ltd. ADR   5,255    99,530 
Royal Bank of Canada   839    92,516 
M&T Bank Corp.   544    92,208 
Huntington Bancshares, Inc.   6,265    91,594 
HDFC Bank Ltd. ADR   1,482    90,891 
Regions Financial Corp.   4,080    90,821 
KeyCorp   4,012    89,789 
Bank of Nova Scotia   1,219    87,427 
Citizens Financial Group, Inc.   1,871    84,812 
Signature Bank   287    84,232 
First Horizon Corp.   3,171    74,487 
Comerica, Inc.   750    67,822 
East West Bancorp, Inc.   845    66,772 
Webster Financial Corp.   1,128    63,303 
Zions Bancorp North America   949    62,216 
Western Alliance Bancorporation   712    58,968 
Synovus Financial Corp.   1,097    53,753 
Silvergate Capital Corp. — Class A*   311    46,827 
Atlantic Union Bankshares Corp.   894    32,801 
Total Banks        4,335,307 
Insurance - 21.7%          
Berkshire Hathaway, Inc. — Class B*   1,676    591,477 
Marsh & McLennan Companies, Inc.   1,161    197,858 
Aon plc — Class A   544    177,143 
Progressive Corp.   1,550    176,684 
Chubb Ltd.   771    164,917 
MetLife, Inc.   2,259    158,762 
Willis Towers Watson plc   660    155,905 
American International Group, Inc.   2,401    150,711 
Travelers Companies, Inc.   764    139,606 
Prudential Financial, Inc.   1,170    138,259 
Allstate Corp.   977    135,324 
Aflac, Inc.   2,094    134,833 
Arthur J Gallagher & Co.   733    127,982 
Hartford Financial Services Group, Inc.   1,414    101,539 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6% (continued)
Insurance - 21.7% (continued)
Cincinnati Financial Corp.   728   $98,979 
Markel Corp.*   66    97,366 
Brown & Brown, Inc.   1,339    96,770 
RenaissanceRe Holdings Ltd.   610    96,691 
Principal Financial Group, Inc.   1,252    91,909 
Loews Corp.   1,294    83,877 
Fidelity National Financial, Inc.   1,557    76,044 
American Financial Group, Inc.   507    73,829 
Equitable Holdings, Inc.   2,270    70,166 
Lincoln National Corp.   1,030    67,321 
Assurant, Inc.   367    66,732 
Globe Life, Inc.   649    65,289 
Old Republic International Corp.   2,247    58,130 
Reinsurance Group of America, Inc. — Class A   523    57,248 
Voya Financial, Inc.   824    54,672 
First American Financial Corp.   831    53,865 
Unum Group   1,686    53,126 
MGIC Investment Corp.   3,068    41,571 
Total Insurance        3,854,585 
Diversified Financial Services - 15.8%          
American Express Co.   1,329    248,523 
Charles Schwab Corp.   2,933    247,281 
BlackRock, Inc. — Class A   305    233,072 
CME Group, Inc. — Class A   784    186,482 
Intercontinental Exchange, Inc.   1,350    178,362 
Capital One Financial Corp.   1,121    147,176 
Coinbase Global, Inc. — Class A*   703    133,472 
Apollo Global Management, Inc.   1,995    123,670 
T. Rowe Price Group, Inc.   806    121,859 
Ameriprise Financial, Inc.   392    117,741 
Nasdaq, Inc.   633    112,801 
Discover Financial Services   1,019    112,284 
Synchrony Financial   2,394    83,335 
LPL Financial Holdings, Inc.   430    78,552 
Ally Financial, Inc.   1,777    77,264 
Franklin Resources, Inc.   2,745    76,640 
Cboe Global Markets, Inc.   628    71,856 
Invesco Ltd.   2,987    68,880 
SoFi Technologies, Inc.*,1   6,626    62,616 
Upstart Holdings, Inc.*   556    60,654 
Jefferies Financial Group, Inc.   1,751    57,520 
Stifel Financial Corp.   801    54,388 
OneMain Holdings, Inc.   1,092    51,772 
SLM Corp.   2,518    46,231 
Evercore, Inc. — Class A   369    41,077 
Total Diversified Financial Services        2,793,508 
Private Equity - 3.9%          
Blackstone, Inc. — Class A   2,053    260,608 
KKR & Company, Inc. — Class A   2,539   148,455 
Ares Management Corp. — Class A   1,257    102,106 
Brookfield Asset Management, Inc. — Class A   1,614    91,304 
Carlyle Group, Inc.   1,791    87,598 
Total Private Equity        690,071 
Commercial Services - 2.8%          
S&P Global, Inc.   619    253,901 
Moody's Corp.   497    167,693 
MarketAxess Holdings, Inc.   219    74,504 
Total Commercial Services        496,098 
Software - 0.8%          
MSCI, Inc. — Class A   269    135,275 
Savings & Loans - 0.6%          
People's United Financial, Inc.   2,893    57,831 
New York Community Bancorp, Inc.   4,165    44,649 
Total Savings & Loans        102,480 
Media - 0.5%          
FactSet Research Systems, Inc.   203    88,132 
Total Common Stocks          
(Cost $10,837,843)        17,638,900 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $61,938    61,938 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   23,856    23,856 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,203    6,203 
Total Repurchase Agreements          
(Cost $91,997)        91,997 

 

 

 

 

Financial Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 0.3%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   49,690   $49,690 
Total Securities Lending Collateral          
(Cost $49,690)        49,690 
Total Investments - 100.4%          
(Cost $10,979,530)       $17,780,587 
Other Assets & Liabilities, net - (0.4)%        (65,132)
Total Net Assets - 100.0%       $17,715,455 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

 

See Sector Classification in Other Information section.

 

The following table summarizes the inputs used to value the Fund's investments at 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  $17,638,900   $   $   $17,638,900 
Repurchase Agreements       91,997        91,997 
Securities Lending Collateral   49,690            49,690 
Total Assets  $17,688,590   $91,997   $   $17,780,587 

 

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)             March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 39.5%
Guggenheim Variable Insurance Strategy Fund III1   134,486   $3,307,001 
Guggenheim Strategy Fund III1   89,107    2,195,594 
Guggenheim Strategy Fund II1   4,552    111,756 
Guggenheim Ultra Short Duration Fund — Institutional Class1   7,274    71,209 
Total Mutual Funds          
(Cost $5,738,109)        5,685,560 

 

   Face
Amount
    
U.S. TREASURY BILLS†† - 10.8%
U.S. Treasury Bills
0.12% due 05/05/222  $1,558,000   1,557,783 
Total U.S. Treasury Bills          
(Cost $1,557,824)        1,557,783 

 

REPURCHASE AGREEMENTS††,3 - 49.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   4,776,972    4,776,972 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   1,839,877    1,839,877 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   478,368    478,368 
Total Repurchase Agreements          
(Cost $7,095,217)        7,095,217 
Total Investments - 99.6%          
(Cost $14,391,150)       $14,338,560 
Other Assets & Liabilities, net - 0.4%        56,381 
Total Net Assets - 100.0%       $14,394,941 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Commodity Futures Contracts Purchased                  
Natural Gas Futures Contracts   6   Apr 2022  $339,120   $64,045 
Cotton #2 Futures Contracts   15   Dec 2022   833,850    63,943 
Corn Futures Contracts   12   Sep 2022   416,700    30,042 
Lean Hogs Futures Contracts   18   Jun 2022   870,840    20,693 
Brent Crude Futures Contracts   2   Apr 2022   209,940    18,657 
Gold 100 oz. Futures Contracts   8   Jun 2022   1,553,360    14,978 
Euro - Rapeseed Futures Contracts   2   Apr 2022   104,127    14,627 
LME Zinc Futures Contracts   2   May 2022   210,125    12,931 
Gasoline RBOB Futures Contracts   1   Apr 2022   131,981    8,360 
Sugar #11 Futures Contracts   9   Apr 2022   196,762    8,252 
Euro - Mill Wheat Futures Contracts   4   May 2022   81,664    8,080 
Canadian Canola (WCE) Futures Contracts   10   May 2022   180,892    7,842 
Red Spring Wheat Futures Contracts   1   May 2022   54,700    7,474 
LME Primary Aluminum Futures Contracts   3   May 2022   261,533    5,693 
Hard Red Winter Wheat Futures Contracts   2   May 2022   103,200    4,775 
Cocoa Futures Contracts   5   May 2022   132,400    4,710 
Live Cattle Futures Contracts   7   Jun 2022   383,670    4,111 
Oat Futures Contracts   5   Jul 2022   171,812    2,760 
LME Lead Futures Contracts   3   May 2022   181,650    2,466 
Copper Futures Contracts   1   May 2022   117,925    (366)
Soybean Oil Futures Contracts   4   May 2022   167,616    (540)
CME Nonfat Dry Milk Futures Contracts   1   May 2022   80,080    (883)
SGX Iron Ore 62% Futures Contracts   7   May 2022   111,748    (1,630)
ECX Emission Futures Contracts   1   Dec 2022   84,630    (1,682)
Cotton #2 Futures Contracts   1   May 2022   67,770    (2,154)
NY Harbor ULSD Futures Contracts   1   Apr 2022   141,137    (4,060)
Silver Futures Contracts   2   May 2022   249,600    (6,781)
Wheat Futures Contracts   2   May 2022   100,800    (11,031)

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)   March 31, 2022
   

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Commodity Futures Contracts Purchased (continued)               
Soybean Futures Contracts   5   May 2022  $404,313   $(17,600)
Soybean Meal Futures Contracts   15   Dec 2022   618,150    (17,909)
LME Nickel Futures Contracts   1   May 2022   192,570    (20,425)
WTI Crude Futures Contracts   3   Apr 2022   302,040    (20,771)
Soybean Futures Contracts   14   Nov 2022   993,125    (29,217)
Coffee 'C' Futures Contracts   6   May 2022   507,937    (35,115)
Low Sulphur Gas Oil Futures Contracts   5   Jul 2022   461,125    (36,383)
           $11,018,892   $97,892 
Equity Futures Contracts Purchased                  
NASDAQ-100 Index Mini Futures Contracts   1   Jun 2022  $297,420   $9,982 
S&P/TSX 60 IX Index Futures Contracts   2   Jun 2022   422,528    8,805 
SPI 200 Index Futures Contracts   1   Jun 2022   139,155    6,888 
CBOE Volatility Index Futures Contracts   14   Jul 2022   365,400    4,940 
CBOE Volatility Index Futures Contracts   11   Sep 2022   292,930    2,315 
Dow Jones Industrial Average Index Mini Futures Contracts   1   Jun 2022   172,965    1,148 
FTSE/JSE TOP 40 Index Futures Contracts††   7   Jun 2022   324,862    (7,314)
           $2,015,260   $26,764 
Currency Futures Contracts Purchased                  
Mexican Peso Futures Contracts   38   Jun 2022  $943,540   $22,940 
Canadian Dollar Futures Contracts   15   Jun 2022   1,199,400    3,333 
British Pound Futures Contracts   11   Jun 2022   902,894    (2,664)
           $3,045,834   $23,609 
Interest Rate Futures Contracts Purchased                  
Euro - BTP Italian Government Bond Futures Contracts††   8   Jun 2022  $1,225,894   $2,732 
Euro - OATS Futures Contracts   8   Jun 2022   1,340,356    (21,909)
           $2,566,250   $(19,177)
Interest Rate Futures Contracts Sold Short                  
Euro - Bund Futures Contracts   20   Jun 2022  $3,511,342   $94,448 
Canadian Government 10 Year Bond Futures Contracts   23   Jun 2022   2,399,541    64,255 
U.S. Treasury 10 Year Note Futures Contracts   19   Jun 2022   2,332,547    42,278 
Euro - Bobl Futures Contracts   20   Jun 2022   2,853,381    36,470 
Long Gilt Futures Contracts††   19   Jun 2022   3,027,560    27,131 
Australian Government 3 Year Bond Futures Contracts   13   Jun 2022   1,068,625    14,304 
U.S. Treasury 5 Year Note Futures Contracts   14   Jun 2022   1,603,766    13,453 
U.S. Treasury 2 Year Note Futures Contracts   6   Jun 2022   1,270,781    6,993 
Euro - Schatz Futures Contracts   3   Jun 2022   367,738    289 
U.S. Treasury Ultra Long Bond Futures Contracts   2   Jun 2022   354,188    33 
U.S. Treasury Long Bond Futures Contracts   2   Jun 2022   300,500    (411)
Australian Government 10 Year Bond Futures Contracts   2   Jun 2022   190,240    (598)
           $19,280,209   $298,645 
Currency Futures Contracts Sold Short                  
Japanese Yen Futures Contracts   22   Jun 2022  $2,263,250   $99,077 
Australian Dollar Futures Contracts   10   Jun 2022   749,150    (12,852)
Swiss Franc Futures Contracts   30   Jun 2022   4,069,875    (14,749)
Euro FX Futures Contracts   17   Jun 2022   2,357,369    (15,828)
           $9,439,644   $55,648 
Equity Futures Contracts Sold Short                  
FTSE 100 Index Futures Contracts   1   Jun 2022  $97,847   $501 
Euro STOXX 50 Index Futures Contracts   1   Jun 2022   42,038    259 

 

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)          March 31, 2022
   

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Equity Futures Contracts Sold Short (continued)    
OMX Stockholm 30 Index Futures Contracts††   1   Apr 2022  $21,878   $(2)
IBEX 35 Index Futures Contracts††   1   Apr 2022   92,218    (1,938)
CBOE Volatility Index Futures Contracts   10   Apr 2022   234,500    (11,848)
           $488,481   $(13,028)
                   
Commodity Futures Contracts Sold Short                  
Soybean Futures Contracts   10   Jul 2022  $798,875   $17,170 
Cattle Feeder Futures Contracts   8   May 2022   665,900    3,901 
Soybean Meal Futures Contracts   7   May 2022   327,530    3,029 
Low Sulphur Gas Oil Futures Contracts   1   May 2022   100,050    673 
Platinum Futures Contracts   1   Jul 2022   49,405    (408)
Corn Futures Contracts   9   May 2022   336,375    (2,033)
Cotton #2 Futures Contracts   8   Jul 2022   527,040    (47,690)
           $2,805,175   $(25,358)

 

**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.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3Repurchase Agreements — See Note 4.

 

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 
Mutual Funds  $5,685,560   $   $   $5,685,560 
U.S. Treasury Bills       1,557,783        1,557,783 
Repurchase Agreements       7,095,217        7,095,217 
Commodity Futures Contracts**   329,212            329,212 
Interest Rate Futures Contracts**   272,523    29,863        302,386 
Currency Futures Contracts**   125,350            125,350 
Equity Futures Contracts**   34,838            34,838 
Total Assets  $6,447,483   $8,682,863   $   $15,130,346 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Commodity Futures Contracts**  $256,678   $   $   $256,678 
Currency Futures Contracts**   46,093            46,093 
Interest Rate Futures Contracts**   22,918            22,918 
Equity Futures Contracts**   11,848    9,254        21,102 
Total Liabilities  $337,537   $9,254   $   $346,791 

 

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

 

 

 

 

Global Managed Futures Strategy Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)           March 31, 2022
   

 

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  $113,258  $  $  $  $(1,502)  $111,756   4,552  $385 
 Guggenheim Strategy Fund III   2,230,346            (34,752)   2,195,594   89,107   8,102 
 Guggenheim Ultra Short Duration Fund — Institutional Class   72,155            (946)   71,209   7,274   180 
 Guggenheim Variable Insurance Strategy Fund III   3,356,761            (49,760)   3,307,001   134,486   11,283 
   $5,772,520  $  $  $  $(86,960)  $5,685,560      $19,950 

 

 

 

 

Government Long Bond 1.2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 13.7%          
Guggenheim Strategy Fund II1   33,338   $818,446 
Guggenheim Ultra Short Duration Fund — Institutional Class1   65,418    640,444 
Total Mutual Funds          
(Cost $1,456,656)        1,458,890 

 

   Face
Amount
     
U.S. GOVERNMENT SECURITIES†† - 44.3%
U.S. Treasury Bonds
2.25% due 02/15/52  $4,900,000    4,701,703 
Total U.S. Government Securities          
(Cost $4,702,439)        4,701,703 

 

FEDERAL AGENCY DISCOUNT NOTES†† - 16.0%
Federal Home Loan Bank
0.15% due 04/05/222   1,700,000    1,699,972 
Total Federal Agency Discount Notes          
(Cost $1,699,972)        1,699,972 

 

FEDERAL AGENCY NOTES†† - 9.4%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   1,000,000    1,000,080 
Total Federal Agency Notes          
(Cost $1,000,073)        1,000,080 

 

U.S. TREASURY BILLS†† - 1.7%
U.S. Treasury Bills
0.12% due 05/05/222,3,4  183,000   182,975 
Total U.S. Treasury Bills          
(Cost $182,979)        182,975 

 

REPURCHASE AGREEMENTS††,4 - 25.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   1,812,850    1,812,850 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   698,229    698,229 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   181,539    181,539 
Total Repurchase Agreements          
(Cost $2,692,618)        2,692,618 
Total Investments - 110.4%          
(Cost $11,734,737)       $11,736,238 
Other Assets & Liabilities, net - (10.4)%        (1,105,667)
Total Net Assets - 100.0%       $10,630,571 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Interest Rate Futures Contracts Purchased    
U.S. Treasury Ultra Long Bond Futures Contracts   53   Jun 2022  $9,385,969   $164,713 

 

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

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Government Long Bond 1.2x Strategy Fund  
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 
Mutual Funds  $1,458,890   $   $   $1,458,890 
U.S. Government Securities       4,701,703        4,701,703 
Federal Agency Discount Notes       1,699,972        1,699,972 
Federal Agency Notes       1,000,080        1,000,080 
U.S. Treasury Bills       182,975        182,975 
Repurchase Agreements       2,692,618        2,692,618 
Interest Rate Futures Contracts**   164,713            164,713 
Total Assets  $1,623,603   $10,277,348   $   $11,900,951 

 

**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  $1,430,596   $   $(600,000)  $(608)  $(11,542)  $818,446    33,338   $3,025 
 Guggenheim Ultra Short Duration Fund — Institutional Class   2,151,720        (1,500,000)   (3,217)   (8,059)   640,444    65,418    1,787 
   $3,582,316   $   $(2,100,000)  $(3,825)  $(19,601)  $1,458,890        $4,812 

 

 

 

 

 

 

 

Health Care Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Healthcare-Products - 31.5%
Thermo Fisher Scientific, Inc.   774   $457,163 
Danaher Corp.   1,484    435,302 
Abbott Laboratories   3,564    421,835 
Medtronic plc   3,475    385,551 
Intuitive Surgical, Inc.*   1,050    316,764 
Stryker Corp.   1,108    296,224 
Edwards Lifesciences Corp.*   2,192    258,042 
Boston Scientific Corp.*   5,264    233,143 
IDEXX Laboratories, Inc.*   380    207,883 
Baxter International, Inc.   2,355    182,607 
Align Technology, Inc.*   401    174,836 
ResMed, Inc.   693    168,059 
West Pharmaceutical Services, Inc.   409    167,980 
Zimmer Biomet Holdings, Inc.   1,213    155,143 
STERIS plc   615    148,689 
Cooper Companies, Inc.   327    136,552 
PerkinElmer, Inc.   776    135,381 
Hologic, Inc.*   1,726    132,591 
Avantor, Inc.*   3,889    131,526 
Insulet Corp.*   480    127,867 
Waters Corp.*   407    126,329 
Teleflex, Inc.   353    125,255 
ABIOMED, Inc.*   374    123,884 
Bio-Techne Corp.   277    119,952 
Exact Sciences Corp.*   1,527    106,768 
Henry Schein, Inc.*   1,180    102,884 
Dentsply Sirona, Inc.   1,960    96,471 
Repligen Corp.*   508    95,550 
10X Genomics, Inc. — Class A*   1,176    89,458 
Bruker Corp.   1,375    88,412 
Inspire Medical Systems, Inc.*   323    82,911 
Envista Holdings Corp.*   1,676    81,638 
Tandem Diabetes Care, Inc.*   693    80,589 
Masimo Corp.*   550    80,047 
Quidel Corp.*   573    64,440 
Natera, Inc.*   1,439    58,538 
Nevro Corp.*   667    48,244 
Total Healthcare-Products        6,244,508 
Pharmaceuticals - 30.5%          
Johnson & Johnson   3,648    646,535 
AbbVie, Inc.   3,148    510,322 
Eli Lilly & Co.   1,732    495,993 
Pfizer, Inc.   9,578    495,853 
Merck & Company, Inc.   5,339    438,065 
Bristol-Myers Squibb Co.   5,236    382,385 
CVS Health Corp.   3,272    331,159 
Zoetis, Inc.   1,458    274,964 
Becton Dickinson and Co.   974    259,084 
Cigna Corp.   1,079    258,539 
Dexcom, Inc.*   429    219,476 
McKesson Corp.   671    205,413 
AstraZeneca plc ADR   2,715    180,113 
AmerisourceBergen Corp. — Class A   1,108    171,419 
GlaxoSmithKline plc ADR   3,356    146,187 
Novartis AG ADR   1,636    143,559 
Perrigo Company plc   3,164    121,593 
Cardinal Health, Inc.   2,127    120,601 
Jazz Pharmaceuticals plc*   768    119,555 
Viatris, Inc.   9,881   107,505 
Elanco Animal Health, Inc.*   3,889    101,464 
Neurocrine Biosciences, Inc.*   945    88,594 
Bausch Health Companies, Inc.*   3,606    82,397 
Sarepta Therapeutics, Inc.*   997    77,886 
Intellia Therapeutics, Inc.*   937    68,092 
Total Pharmaceuticals        6,046,753 
Healthcare-Services - 17.1%          
UnitedHealth Group, Inc.   1,287    656,331 
Anthem, Inc.   669    328,626 
HCA Healthcare, Inc.   999    250,369 
Humana, Inc.   498    216,715 
Centene Corp.*   2,406    202,561 
IQVIA Holdings, Inc.*   862    199,303 
Laboratory Corporation of America Holdings*   544    143,431 
ICON plc*   569    138,392 
Molina Healthcare, Inc.*   403    134,437 
Catalent, Inc.*   1,198    132,858 
Quest Diagnostics, Inc.   850    116,331 
Charles River Laboratories International, Inc.*   405    115,008 
Teladoc Health, Inc.*   1,442    104,012 
DaVita, Inc.*   860    97,275 
Universal Health Services, Inc. — Class B   661    95,812 
Tenet Healthcare Corp.*   1,035    88,969 
Syneos Health, Inc.*   1,052    85,159 
Oak Street Health, Inc.*,1   3,045    81,850 
Encompass Health Corp.   1,113    79,145 
Amedisys, Inc.*   420    72,362 
Invitae Corp.*   4,799    38,248 
Total Healthcare-Services        3,377,194 
Biotechnology - 16.5%          
Amgen, Inc.   1,452    351,123 
Regeneron Pharmaceuticals, Inc.*   380    265,400 
Gilead Sciences, Inc.   4,363    259,380 
Vertex Pharmaceuticals, Inc.*   945    246,617 
Moderna, Inc.*   1,351    232,723 
Illumina, Inc.*   636    222,218 
BioNTech SE ADR*   1,056    180,111 
Biogen, Inc.*   783    164,900 
Seagen, Inc.*   1,050    151,252 
Horizon Therapeutics plc*   1,379    145,085 
Royalty Pharma plc — Class A   3,656    142,438 
Alnylam Pharmaceuticals, Inc.*   799    130,469 
Incyte Corp.*   1,598    126,913 
BioMarin Pharmaceutical, Inc.*   1,393    107,400 
United Therapeutics Corp.*   460    82,529 
Biohaven Pharmaceutical Holding Company Ltd.*   695    82,406 
Guardant Health, Inc.*   1,240    82,138 
Novavax, Inc.*,1   908    66,874 
Apellis Pharmaceuticals, Inc.*   1,295    65,799 
Mirati Therapeutics, Inc.*   757    62,241 
Fate Therapeutics, Inc.*   1,511    58,581 
Cassava Sciences, Inc.*,1   939    34,874 
Total Biotechnology        3,261,471 
Software - 2.1%          
Veeva Systems, Inc. — Class A*   829    176,129 

 

 

 

 

Health Care Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.4% (continued)
Software - 2.1% (continued)
Cerner Corp.   1,657   $155,029 
Doximity, Inc. — Class A*   1,826    95,117 
Total Software        426,275 
Electronics - 1.7%          
Agilent Technologies, Inc.   1,372    181,557 
Mettler-Toledo International, Inc.*   118    162,036 
Total Electronics        343,593 
Total Common Stocks          
(Cost $8,086,659)        19,699,794 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $88,711    88,711 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   34,167    34,167 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   8,883    8,883 
Total Repurchase Agreements          
(Cost $131,761)        131,761 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   133,206   133,206 
Total Securities Lending Collateral          
(Cost $133,206)        133,206 
Total Investments - 100.8%          
(Cost $8,351,626)       $19,964,761 
Other Assets & Liabilities, net - (0.8)%        (155,303)
Total Net Assets - 100.0%       $19,809,458 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $19,699,794   $   $   $19,699,794 
Repurchase Agreements       131,761        131,761 
Securities Lending Collateral   133,206            133,206 
Total Assets  $19,833,000   $131,761   $   $19,964,761 

 

 

 

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
EXCHANGE-TRADED FUNDS - 18.8%
iShares iBoxx High Yield Corporate Bond ETF1   6,544   $538,506 
SPDR Bloomberg High Yield Bond ETF1   5,238    536,895 
Total Exchange-Traded Funds          
(Cost $1,119,723)        1,075,401 
MUTUAL FUNDS - 44.7%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   137,244    1,343,620 
Guggenheim Strategy Fund II2   49,418    1,213,220 
Total Mutual Funds          
(Cost $2,573,777)        2,556,840 

 

   Face
Amount
     
FEDERAL AGENCY NOTES†† - 8.8%
Federal Farm Credit Bank
0.30% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/22  $500,000    499,990 
Total Federal Agency Notes          
(Cost $499,980)        499,990 

 

U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
0.12% due 05/05/223,4  35,000   34,995 
Total U.S. Treasury Bills          
(Cost $34,996)        34,995 

 

REPURCHASE AGREEMENTS††,5 - 20.9%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   804,931    804,931 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   310,023    310,023 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   80,606    80,606 
Total Repurchase Agreements          
(Cost $1,195,560)        1,195,560 

 

   Shares     
SECURITIES LENDING COLLATERAL†,6 - 14.4%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%7   825,939    825,939 
Total Securities Lending Collateral          
(Cost $825,939)        825,939 
Total Investments - 108.2%          
(Cost $6,249,975)       $6,188,725 
Other Assets & Liabilities, net - (8.2)%        (466,714)
Total Net Assets - 100.0%       $5,722,011 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Interest Rate Futures Contracts Purchased    
U.S. Treasury 5 Year Note Futures Contracts   37   Jun 2022  $4,238,523   $(94,552)

 

Centrally Cleared Credit Default Swap Agreements Protection Sold††       
Counterparty  Exchange  Index   Protection Premium Rate  Payment Frequency  Maturity Date  Notional Amount  Value  Upfront Premiums Paid  Unrealized Appreciation** 
Barclays Bank plc   ICE   CDX.NA.HY.38.V1    5.00%  Quarterly  06/20/27  $4,300,000  $231,327  $199,215  $32,112

 

 

 

 

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Total Return Swap Agreements

                      
Counterparty  Reference Obligation  Type  Financing Rate  Payment Frequency  Maturity Date  Units  Notional Amount  Value and Unrealized Appreciation (Depreciation) 
OTC Credit Index Swap Agreements††                
Goldman Sachs International  iShares iBoxx $ High Yield Corporate Bond ETF   Pay  0.73% (Federal Funds Rate + 0.40%)  At Maturity  04/28/22   888  $73,073  $488 
BNP Paribas  iShares iBoxx $ High Yield Corporate Bond ETF   Pay  0.73% (Federal Funds Rate + 0.40%)  At Maturity  04/14/22   364   29,938   (917)
BNP Paribas  SPDR Bloomberg Barclays High Yield Bond ETF   Pay  0.78% (Federal Funds Rate + 0.45%)  At Maturity  04/14/22   738  75,597  (2,456)
                       $178,608  $(2,885)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Affiliated issuer.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Rate indicated is the effective yield at the time of purchase.
5Repurchase Agreements — See Note 4.
6Securities lending collateral — See Note 5.
7Rate indicated is the 7-day yield as of March 31, 2022.

 

CDX.NA.HY.38.V1 — Credit Default Swap North American High Yield Series 38 Index Version 1

ICE — Intercontinental Exchange

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 
Exchange-Traded Funds  $1,075,401   $   $   $1,075,401 
Mutual Funds   2,556,840            2,556,840 
Federal Agency Notes       499,990        499,990 
U.S. Treasury Bills       34,995        34,995 
Repurchase Agreements       1,195,560        1,195,560 
Securities Lending Collateral   825,939            825,939 
Credit Default Swap Agreements**       32,112        32,112 
Credit Index Swap Agreements**       488        488 
Total Assets  $4,458,180   $1,763,145   $   $6,221,325 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Interest Rate Futures Contracts**  $94,552   $   $   $94,552 
Credit Index Swap Agreements**       3,373        3,373 
Total Liabilities  $94,552   $3,373   $   $97,925 

 

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

 

 

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

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  $1,232,538  $700,000  $(700,000)  $(3,773)  $(15,545)  $1,213,220   49,418  $4,906 
 Guggenheim Ultra Short Duration Fund — Institutional Class   1,169,480   800,000   (600,000)   (8,880)   (16,980)   1,343,620   137,244   4,554 
   $2,402,018  $1,500,000  $(1,300,000)  $(12,653)  $(32,525)  $2,556,840      $9,460 

 

 

 

 

 

Internet Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.8%
Internet - 56.5%
Alphabet, Inc. — Class A*   192   $534,019 
Amazon.com, Inc.*   157    511,812 
Meta Platforms, Inc. — Class A*   1,396    310,415 
Netflix, Inc.*   441    165,194 
Airbnb, Inc. — Class A*   776    133,286 
Booking Holdings, Inc.*   52    122,119 
Alibaba Group Holding Ltd. ADR*   991    107,821 
Uber Technologies, Inc.*   2,924    104,328 
Snap, Inc. — Class A*   2,647    95,266 
DoorDash, Inc. — Class A*   732    85,783 
Sea Ltd. ADR*   654    78,343 
Match Group, Inc.*   681    74,052 
eBay, Inc.   1,281    73,350 
Twitter, Inc.*   1,829    70,764 
Shopify, Inc. — Class A*   102    68,948 
Expedia Group, Inc.*   348    68,093 
MercadoLibre, Inc.*   55    65,421 
VeriSign, Inc.*   285    63,401 
Okta, Inc.*   398    60,082 
JD.com, Inc. ADR*   972    56,250 
Baidu, Inc. ADR*   398    52,655 
Spotify Technology S.A.*   336    50,743 
Roku, Inc.*   400    50,108 
GoDaddy, Inc. — Class A*   586    49,048 
Pinterest, Inc. — Class A*   1,988    48,925 
Chewy, Inc. — Class A*,1   1,194    48,691 
Etsy, Inc.*   369    45,859 
Anaplan, Inc.*   701    45,600 
F5, Inc.*   216    45,133 
Lyft, Inc. — Class A*   1,162    44,621 
Pinduoduo, Inc. ADR*   1,099    44,081 
Zillow Group, Inc. — Class C*   847    41,749 
Zillow Group, Inc. — Class A*   864    41,671 
Wayfair, Inc. — Class A*   358    39,659 
IAC*   366    36,702 
Wix.com Ltd.*   346    36,143 
Farfetch Ltd. — Class A*   2,252    34,050 
Coupang, Inc.*   1,879    33,221 
Trip.com Group Ltd. ADR*   1,398    32,322 
Bumble, Inc. — Class A*   1,010    29,270 
Revolve Group, Inc.*   472    25,342 
TripAdvisor, Inc.*   889    24,110 
Vimeo, Inc.*   1,414    16,798 
Overstock.com, Inc.*   371    16,326 
Stitch Fix, Inc. — Class A*   1,178    11,862 
Total Internet        3,793,436 
Software - 29.8%          
salesforce.com, Inc.*   849    180,260 
Adobe, Inc.*   395    179,970 
Snowflake, Inc. — Class A*   466    106,775 
Workday, Inc. — Class A*   420    100,573 
Activision Blizzard, Inc.   1,240    99,336 
Datadog, Inc. — Class A*   577    87,398 
Cloudflare, Inc. — Class A*   698    83,551 
Electronic Arts, Inc.   594    75,147 
Zoom Video Communications, Inc. — Class A*   630    73,855 
Veeva Systems, Inc. — Class A*   346    73,511 
MongoDB, Inc.*   161    71,418 
Twilio, Inc. — Class A*   429   70,703 
ROBLOX Corp. — Class A*   1,413    65,337 
DocuSign, Inc.*   593    63,522 
ZoomInfo Technologies, Inc. — Class A*   1,004    59,979 
HubSpot, Inc.*   121    57,468 
Citrix Systems, Inc.*   548    55,293 
Akamai Technologies, Inc.*   462    55,158 
Take-Two Interactive Software, Inc.*   353    54,270 
Coupa Software, Inc.*   380    38,619 
NetEase, Inc. ADR   427    38,298 
Dropbox, Inc. — Class A*   1,631    37,921 
Smartsheet, Inc. — Class A*   651    35,662 
Five9, Inc.*   322    35,549 
Nutanix, Inc. — Class A*   1,172    31,433 
DigitalOcean Holdings, Inc.*   531    30,718 
Bilibili, Inc. ADR*,1   1,132    28,957 
Box, Inc. — Class A*   934    27,142 
New Relic, Inc.*   395    26,418 
Ziff Davis, Inc.*   263    25,453 
Fastly, Inc. — Class A*   1,079    18,753 
BigCommerce Holdings, Inc.*   708    15,512 
Total Software        2,003,959 
Telecommunications - 7.3%          
Cisco Systems, Inc.   3,393    189,194 
Arista Networks, Inc.*   609    84,639 
Motorola Solutions, Inc.   336    81,379 
Juniper Networks, Inc.   1,215    45,149 
Ciena Corp.*   627    38,015 
Switch, Inc. — Class A   1,169    36,029 
CommScope Holding Company, Inc.*   1,916    15,098 
Total Telecommunications        489,503 
Commercial Services - 4.2%          
PayPal Holdings, Inc.*   1,248    144,331 
CoStar Group, Inc.*   1,003    66,810 
Paylocity Holding Corp.*   202    41,565 
Chegg, Inc.*   793    28,770 
Total Commercial Services        281,476 
Healthcare-Services - 0.7%          
Teladoc Health, Inc.*   614    44,288 
Entertainment - 0.5%          
DraftKings, Inc. — Class A*   1,753    34,131 
Computers - 0.5%          
Lumentum Holdings, Inc.*   342    33,379 
Real Estate - 0.3%          
Redfin Corp.*   905    16,326 
Total Common Stocks          
(Cost $3,530,861)        6,696,498 

 

 

 

 

Internet Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $24,667   $24,667 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   9,500    9,500 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   2,470    2,470 
Total Repurchase Agreements          
(Cost $36,637)        36,637 

 

   Shares    
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   60,584   60,584 
Total Securities Lending Collateral          
(Cost $60,584)        60,584 
Total Investments - 101.2%          
(Cost $3,628,082)       $6,793,719 
Other Assets & Liabilities, net - (1.2)%        (78,811)
Total Net Assets - 100.0%       $6,714,908 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

 

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  $6,696,498   $   $   $6,696,498 
Repurchase Agreements       36,637        36,637 
Securities Lending Collateral   60,584            60,584 
Total Assets  $6,757,082   $36,637   $   $6,793,719 

 

 

 

 

 

Inverse Dow 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 46.5%
Guggenheim Strategy Fund II1   10,212   $250,716 
Guggenheim Ultra Short Duration Fund — Institutional Class1   25,529    249,929 
Total Mutual Funds          
(Cost $495,384)        500,645 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 18.5%
U.S. Treasury Bills
0.29% due 06/02/222,3  $200,000    199,888 
Total U.S. Treasury Bills          
(Cost $199,902)        199,888 

 

FEDERAL AGENCY DISCOUNT NOTES†† - 13.9%
Federal Home Loan Bank
0.18% due 04/01/223   150,000    150,000 
Total Federal Agency Discount Notes          
(Cost $150,000)        150,000 

 

FEDERAL AGENCY NOTES†† - 9.3%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  100,000   100,008 
Total Federal Agency Notes          
(Cost $100,007)        100,008 

 

REPURCHASE AGREEMENTS††,4 - 30.9%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/222
  223,768    223,768 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/222
   86,185    86,185 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/222
   22,408    22,408 
Total Repurchase Agreements          
(Cost $332,361)        332,361 
Total Investments - 119.1%          
(Cost $1,277,654)       $1,282,902 
Other Assets & Liabilities, net - (19.1)%        (205,989)
Total Net Assets - 100.0%       $1,076,913 

 

Total Return Swap Agreements                
Counterparty  Index  Type  Financing Rate  Payment Frequency  Maturity Date  Units  Notional Amount  Value and Unrealized Appreciation (Depreciation) 
OTC Equity Index Swap Agreements Sold Short††                
BNP Paribas  Dow Jones Industrial Average Index   Receive  0.48% (Federal Funds Rate + 0.15%)  At Maturity  04/14/22   6  $217,267  $3,348 
Barclays Bank plc  Dow Jones Industrial Average Index   Receive  0.52% (U.S. Secured Overnight Financing Rate + 0.25%)  At Maturity  04/13/22   56   1,937,833   (33,751)
                       $2,155,100  $(30,403)

 

Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1Affiliated issuer.
2All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
3Rate indicated is the effective yield at the time of purchase.
4Repurchase Agreements — See Note 4.

 

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Inverse Dow 2x Strategy Fund  
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 
Mutual Funds  $500,645   $   $   $500,645 
U.S. Treasury Bills       199,888        199,888 
Federal Agency Discount Notes       150,000        150,000 
Federal Agency Notes       100,008        100,008 
Repurchase Agreements       332,361        332,361 
Equity Index Swap Agreements**       3,348        3,348 
Total Assets  $500,645   $785,605   $   $1,286,250 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Index Swap Agreements**  $   $33,751   $   $33,751 

 

**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  $656,701  $  $(400,000)  $(2,028)  $(3,957)  $250,716   10,212  $1,673 
 Guggenheim Ultra Short Duration Fund — Institutional Class   671,291      (415,000)   (3,138)   (3,224)   249,929   25,529   1,288 
   $1,327,992  $  $(815,000)  $(5,166)  $(7,181)  $500,645      $2,961 

 

 

 

 

 

Inverse Government Long Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 41.4%
Guggenheim Strategy Fund II1   45,576   $1,118,882 
Guggenheim Ultra Short Duration Fund — Institutional Class1   113,687    1,112,995 
Total Mutual Funds          
(Cost $2,251,260)        2,231,877 

 

   Face
Amount
     
FEDERAL AGENCY DISCOUNT NOTES†† - 37.1%
Federal Home Loan Bank
0.15% due 04/05/222  $2,000,000    1,999,967 
Total Federal Agency Discount Notes          
(Cost $1,999,967)        1,999,967 

 

FEDERAL AGENCY NOTES†† - 11.2%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   500,000    500,040 
Federal Farm Credit Bank          
0.32% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/17/23   100,000    100,018 
Total Federal Agency Notes          
(Cost $599,896)        600,058 

 

U.S. TREASURY BILLS†† - 2.2%
U.S. Treasury Bills
0.12% due 05/05/222,3  118,000   117,983 
Total U.S. Treasury Bills          
(Cost $117,987)        117,983 

 

REPURCHASE AGREEMENTS††,5 - 394.1%
Individual Repurchase Agreements4
Mizuho Securities USA LLC
issued 03/31/22 at 0.10%
due 04/01/22 (secured by a U.S. Treasury Bond, at a rate of 2.25% and maturing 02/15/52 as collateral, with a value of $6,503,034) to be repurchased at $6,375,541
   6,375,524    6,375,524 
Barclays Capital, Inc.
issued 03/31/22 at 0.10%
due 04/01/22 (secured by a U.S. Treasury Bond, at a rate of 2.25% and maturing 02/15/52 as collateral, with a value of $6,423,960) to be reupurchased at $6,298,017
   6,298,000    6,298,000 
Joint Repurchase Agreements5          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   5,770,847    5,770,847 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   2,222,673    2,222,673 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   577,895    577,895 
Total Repurchase Agreements          
(Cost $21,244,939)        21,244,939 
Total Investments - 486.0%          
(Cost $26,214,049)       $26,194,824 

 

U.S. GOVERNMENT SECURITIES SOLD SHORT - (89.0)%
U.S. Treasury Bonds
2.25% due 02/15/52††   5,000,000    (4,797,656)
Total Securities Sold Short - (89.0)%          
(Proceeds $4,908,267)       $(4,797,656)
Other Assets & Liabilities, net - (297.0)%        (16,007,074)
Total Net Assets - 100.0%       $5,390,094 

 

 

 

 

 

Inverse Government Long Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Interest Rate Futures Contracts Sold Short    
U.S. Treasury Ultra Long Bond Futures Contracts   4   Jun 2022  $708,375   $17,034 

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4All or a portion of this security is pledged as short security collateral at September 30, 2021.
5Repurchase Agreements — See Note 4.

 

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 
Mutual Funds  $2,231,877   $   $   $2,231,877 
Federal Agency Discount Notes       1,999,967        1,999,967 
Federal Agency Notes       600,058        600,058 
U.S. Treasury Bills       117,983        117,983 
Repurchase Agreements       21,244,938        21,244,938 
Interest Rate Futures Contracts**   17,034            17,034 
Total Assets  $2,248,911   $23,962,946   $   $26,211,857 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
U.S. Government Securities  $   $4,797,656   $   $4,797,656 

 

**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.

 

 

 

 

 

Inverse Government Long Bond Strategy Fund  
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  $1,334,993  $1,000,000  $(1,200,000)  $(15,842)  $(269)  $1,118,882   45,576  $3,905 
   Guggenheim Ultra Short Duration Fund — Institutional Class   1,329,112      (200,000)   (912)   (15,205)   1,112,995   113,687   2,834 
   $2,664,105  $1,000,000  $(1,400,000)  $(16,754)  $(15,474)  $2,231,877      $6,739 

 

 

 

 

 

Inverse Mid-Cap Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 24.4%
Guggenheim Ultra Short Duration Fund — Institutional Class1   3,280   $32,110 
Guggenheim Strategy Fund II1   822    20,174 
Total Mutual Funds          
(Cost $52,024)        52,284 

 

   Face
Amount
     
FEDERAL AGENCY NOTES†† - 21.1%
Federal Farm Credit Bank
0.25% due 04/06/22  $20,000    20,000 
1.88% due 06/14/22   5,000    5,013 
Freddie Mac          
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  20,000   20,001 
Total Federal Agency Notes          
(Cost $45,018)        45,014 

 

REPURCHASE AGREEMENTS††,2 - 62.2%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   89,575    89,575 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   34,500    34,500 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   8,970    8,970 
Total Repurchase Agreements          
(Cost $133,045)        133,045 
Total Investments - 107.7%          
(Cost $230,087)       $230,343 
Other Assets & Liabilities, net - (7.7)%        (16,415)
Total Net Assets - 100.0%       $213,928 

 

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 Sold Short††                  
Barclays Bank plc  S&P MidCap 400 Index   Receive   0.47% (U.S. Secured Overnight Financing Rate + 0.20%)  At Maturity  04/13/22   23   $62,607   $(285)
BNP Paribas  S&P MidCap 400 Index   Receive   0.38% (Federal Funds Rate + 0.05%)  At Maturity  04/14/22   6    14,906    (687)
Goldman Sachs International  S&P MidCap 400 Index   Receive   0.43% (Federal Funds Rate + 0.10%)  At Maturity  04/14/22   51    136,814    (4,209)
                         $214,327   $(5,181)

 

Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1Affiliated issuer.
2Repurchase Agreements — See Note 4.
3All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.

 

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Inverse Mid-Cap Strategy Fund  
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 
Mutual Funds  $52,284   $   $   $52,284 
Federal Agency Notes       45,014        45,014 
Repurchase Agreements       133,045        133,045 
Total Assets  $52,284   $178,059   $   $230,343 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Index Swap Agreements**  $   $5,181   $   $5,181 

 

**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  $20,445  $  $  $  $(271)  $20,174   822  $70 
 Guggenheim Ultra Short Duration Fund — Institutional Class   22,515   10,021         (426)   32,110   3,280   78 
   $42,960  $10,021  $  $  $(697)  $52,284      $148 

 

 

 

 

 

Inverse NASDAQ-100® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 32.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1   53,442   $523,196 
Guggenheim Strategy Fund II1   13,321    327,022 
Total Mutual Funds          
(Cost $860,682)        850,218 

 

   Face
Amount
     
FEDERAL AGENCY DISCOUNT NOTES†† - 15.1%
Federal Home Loan Bank
0.15% due 04/05/222  $400,000    399,993 
Total Federal Agency Discount Notes          
(Cost $399,993)        399,993 

 

FEDERAL AGENCY NOTES†† - 11.3%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   300,000    300,024 
Total Federal Agency Notes          
(Cost $300,022)        300,024 

 

U.S. TREASURY BILLS†† - 0.7%
U.S. Treasury Bills
0.12% due 05/05/222,3  18,000   17,998 
Total U.S. Treasury Bills          
(Cost $17,998)        17,998 

 

REPURCHASE AGREEMENTS††,4 - 41.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/225
   740,698    740,698 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/225
   285,283    285,283 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/225
   74,174    74,174 
Total Repurchase Agreements          
(Cost $1,100,155)        1,100,155 
Total Investments - 100.7%          
(Cost $2,678,850)       $2,668,388 
Other Assets & Liabilities, net - (0.7)%        (19,843)
Total Net Assets - 100.0%       $2,648,545 

 

Total Return Swap Agreements                  
Counterparty  Index   Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
OTC Equity Index Swap Agreements Sold Short††                  
Goldman Sachs International   NASDAQ-100 Index    Receive   0.58% (Federal Funds Rate + 0.25%)  At Maturity  04/14/22   26   $387,881   $7,844 
BNP Paribas   NASDAQ-100 Index    Receive   0.58% (Federal Funds Rate + 0.25%)  At Maturity  04/14/22   96    1,418,071    (32,825)
Barclays Bank plc   NASDAQ-100 Index    Receive   0.62% (U.S. Secured Overnight Financing Rate + 0.35%)  At Maturity  04/13/22   53    791,938    (38,976)
                           $2,597,890   $(63,957)

 

Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as futures collateral at March 31, 2022.
4Repurchase Agreements — See Note 4.
5All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.

 

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Inverse NASDAQ-100® Strategy Fund  
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 
Mutual Funds  $850,218   $   $   $850,218 
Federal Agency Discount Notes       399,993        399,993 
Federal Agency Notes       300,024        300,024 
U.S. Treasury Bills       17,998        17,998 
Repurchase Agreements       1,100,155        1,100,155 
Equity Index Swap Agreements**       7,844        7,844 
Total Assets  $850,218   $1,826,014   $   $2,676,232 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Index Swap Agreements**  $   $71,801   $   $71,801 

 

**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  $131,337  $200,000  $  $  $(4,315)  $327,022   13,321  $1,076 
 Guggenheim Ultra Short Duration Fund — Institutional Class   330,143   200,000         (6,947)   523,196   53,442   1,283 
   $461,480  $400,000  $  $  $(11,262)  $850,218      $2,359 

 

 

 

 

Inverse Russell 2000® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 11.7%
Guggenheim Ultra Short Duration Fund — Institutional Class1   6,762   $66,203 
Guggenheim Strategy Fund II1   2,575    63,211 
Total Mutual Funds          
(Cost $128,417)        129,414 

 

   Face
Amount
    
FEDERAL AGENCY NOTES†† - 17.6%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  $100,000    100,008 
Federal Farm Credit Bank          
0.25% due 04/06/22  95,000   94,998 
Total Federal Agency Notes          
(Cost $195,008)        195,006 

 

REPURCHASE AGREEMENTS††,2 - 50.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   379,411    379,411 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   146,132    146,132 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   37,995    37,995 
Total Repurchase Agreements          
(Cost $563,538)        563,538 
Total Investments - 80.1%          
(Cost $886,963)       $887,958 
Other Assets & Liabilities, net - 19.9%        220,348 
Total Net Assets - 100.0%       $1,108,306 

 

Total Return Swap Agreements                
Counterparty  Index  Type  Financing Rate  Payment Frequency  Maturity Date  Units  Notional Amount  Value and Unrealized Appreciation (Depreciation) 
OTC Equity Index Swap Agreements Sold Short††                
Goldman Sachs International  Russell 2000 Index   Receive  0.28% (Federal Funds Rate - 0.05%)  At Maturity  04/14/22   365  $754,821  $3,319 
BNP Paribas  Russell 2000 Index   Receive  0.13% (Federal Funds Rate - 0.20%)  At Maturity  04/14/22   29   60,221   (2,725)
Barclays Bank plc  Russell 2000 Index   Pay  (0.23)% (U.S. Secured Overnight Financing Rate - 0.50%)  At Maturity  04/13/22   143   296,732   (5,731)
                       $1,111,774  $(5,137)

 

Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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.
1Affiliated issuer.
2Repurchase Agreements — See Note 4.
3All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.

 

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Inverse Russell 2000® Strategy Fund  
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 
Mutual Funds  $129,414   $   $   $129,414 
Federal Agency Notes       195,006        195,006 
Repurchase Agreements       563,538        563,538 
Equity Index Swap Agreements**       3,319        3,319 
Total Assets  $129,414   $761,863   $   $891,277 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Index Swap Agreements**  $   $8,456   $   $8,456 

 

**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  $64,060  $  $  $  $(849)  $63,211   2,575  $217 
 Guggenheim Ultra Short Duration Fund — Institutional Class   67,082            (879)   66,203   6,762   168 
   $131,142  $  $  $  $(1,728)  $129,414      $385 

 

 

 

 

 

Inverse S&P 500® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 25.3%
Guggenheim Ultra Short Duration Fund — Institutional Class1   60,526   $592,549 
Guggenheim Strategy Fund II1   14,382    353,078 
Total Mutual Funds          
(Cost $954,123)        945,627 

 

   Face
Amount
     
FEDERAL AGENCY NOTES†† - 13.4%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  $500,000    500,040 
Total Federal Agency Notes          
(Cost $500,036)        500,040 
 
FEDERAL AGENCY DISCOUNT NOTES†† - 13.4%
Federal Home Loan Bank          
0.15% due 04/05/222   500,000    499,992 
Total Federal Agency Discount Notes          
(Cost $499,992)        499,992 

 

U.S. TREASURY BILLS†† - 2.6%
U.S. Treasury Bills
0.09% due 06/02/222,3  100,000   99,944 
Total U.S. Treasury Bills          
(Cost $99,985)        99,944 

 

REPURCHASE AGREEMENTS††,4 - 45.5%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   1,143,693    1,143,693 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   440,500    440,500 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   114,530    114,530 
Total Repurchase Agreements          
(Cost $1,698,723)        1,698,723 
Total Investments - 100.2%          
(Cost $3,752,859)       $3,744,326 
Other Assets & Liabilities, net - (0.2)%        (6,926)
Total Net Assets - 100.0%       $3,737,400 

 

Total Return Swap Agreements                
Counterparty  Index  Type  Financing Rate  Payment Frequency  Maturity Date  Units  Notional Amount  Value and Unrealized Appreciation (Depreciation) 
OTC Equity Index Swap Agreements Sold Short††                
Goldman Sachs International  S&P 500 Index   Receive  0.68% (Federal Funds Rate + 0.35%)  At Maturity  04/14/22   555  $2,512,366  $23,777 
BNP Paribas  S&P 500 Index   Receive  0.53% (Federal Funds Rate + 0.20%)  At Maturity  04/14/22   56   253,326   (10,092)
Barclays Bank plc  S&P 500 Index   Receive  0.57% (U.S. Secured Overnight Financing Rate + 0.30%)  At Maturity  04/13/22   207   939,293   (48,907)
                       $3,704,985  $(35,222)

 

Value determined based on Level 1 inputs — See Note 3.
††Value determined based on Level 2 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.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4Repurchase Agreements — See Note 4.

 

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

Inverse S&P 500® Strategy Fund  
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 
Mutual Funds  $945,627   $   $   $945,627 
Federal Agency Notes       500,040        500,040 
Federal Agency Discount Notes       499,992        499,992 
U.S. Treasury Bills       99,944        99,944 
Repurchase Agreements       1,698,723        1,698,723 
Equity Index Swap Agreements**       23,777        23,777 
Total Assets  $945,627   $2,822,476   $   $3,768,103 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Index Swap Agreements**  $   $58,999   $   $58,999 

 

**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  $357,825  $  $  $  $(4,747)  $353,078   14,382  $1,222 
 Guggenheim Ultra Short Duration Fund — Institutional Class   350,417   250,000         (7,868)   592,549   60,526   1,429 
   $708,242  $250,000  $  $  $(12,615)  $945,627      $2,651 

 

 

 

 

Japan 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 47.2%
Guggenheim Strategy Fund II1   12,730   $312,524 
Guggenheim Ultra Short Duration Fund — Institutional Class1   31,523    308,609 
Total Mutual Funds          
(Cost $622,559)        621,133 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 20.4%        
U.S. Treasury Bills        
0.12% due 05/05/222,3  $269,000    268,963 
Total U.S. Treasury Bills          
(Cost $268,970)        268,963 

 

FEDERAL AGENCY NOTES†† - 17.1%
Freddie Mac
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22   140,000    140,011 
Federal Farm Credit Bank          
0.25% due 04/06/22  85,000   84,999 
Total Federal Agency Notes          
(Cost $225,011)        225,010 

 

REPURCHASE AGREEMENTS††,4 - 17.1%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
   152,032    152,032 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   58,556    58,556 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   15,225    15,225 
Total Repurchase Agreements          
(Cost $225,813)        225,813 
Total Investments - 101.8%          
(Cost $1,342,353)       $1,340,919 
Other Assets & Liabilities, net - (1.8)%        (23,624)
Total Net Assets - 100.0%       $1,317,295 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Equity Futures Contracts Purchased    
Nikkei 225 (CME) Index Futures Contracts   19   Jun 2022  $2,620,100   $258,456 
Currency Futures Contracts Purchased                  
Japanese Yen Futures Contracts   26   Jun 2022   2,674,750    (20,706)

 

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

 

CME — Chicago Mercantile Exchange

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

 

Japan 2x Strategy Fund  
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 
Mutual Funds  $621,133   $   $   $621,133 
U.S. Treasury Bills       268,963        268,963 
Federal Agency Notes       225,010        225,010 
Repurchase Agreements       225,813        225,813 
Equity Futures Contracts**   258,456            258,456 
Total Assets  $879,589   $719,786   $   $1,599,375 

 

Investments in Securities (Liabilities)   Level 1 Quoted Prices     Level 2 Significant Observable Inputs     Level 3 Significant Unobservable Inputs     Total  
Currency Futures Contracts**  $20,706   $   $   $20,706 

 

**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  $468,690  $  $(150,000)  $(2,402)  $(3,764)  $312,524   12,730  $1,568 
 Guggenheim Ultra Short Duration
Fund — Institutional Class
   464,673      (150,000)   (2,804)   (3,260)   308,609   31,523   1,142 
   $933,363  $  $(300,000)  $(5,206)  $(7,024)  $621,133      $2,710 

 

 

 

Leisure Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
Media - 19.5%
Walt Disney Co.*   1,373   $188,321 
Comcast Corp. — Class A   3,773    176,652 
Charter Communications, Inc. — Class A*   225    122,742 
Paramount Global — Class B   1,605    60,685 
Liberty Broadband Corp. — Class C*   417    56,429 
Fox Corp. — Class A   1,387    54,717 
DISH Network Corp. — Class A*   1,556    49,247 
Discovery, Inc. — Class A*,1   1,935    48,220 
News Corp. — Class A   1,985    43,968 
Cable One, Inc.   25    36,606 
New York Times Co. — Class A   729    33,417 
Nexstar Media Group, Inc. — Class A   175    32,984 
Altice USA, Inc. — Class A*   2,407    30,039 
TEGNA, Inc.   1,205    26,992 
World Wrestling Entertainment, Inc. — Class A1   426    26,600 
Total Media        987,619 
Retail - 16.9%          
McDonald's Corp.   670    165,678 
Starbucks Corp.   1,358    123,537 
Chipotle Mexican Grill, Inc. — Class A*   51    80,684 
Yum! Brands, Inc.   585    69,340 
Darden Restaurants, Inc.   373    49,590 
Yum China Holdings, Inc.   1,138    47,273 
Domino's Pizza, Inc.   112    45,585 
Restaurant Brands International, Inc.   661    38,596 
Texas Roadhouse, Inc. — Class A   343    28,719 
Wendy's Co.   1,297    28,495 
Papa John's International, Inc.   225    23,688 
Jack in the Box, Inc.   245    22,885 
Wingstop, Inc.   180    21,123 
Shake Shack, Inc. — Class A*   292    19,827 
Dave & Buster's Entertainment, Inc.*   395    19,394 
Cracker Barrel Old Country Store, Inc.   163    19,353 
Cheesecake Factory, Inc.*   440    17,508 
Bloomin' Brands, Inc.   745    16,345 
Brinker International, Inc.*   416    15,875 
Total Retail        853,495 
Internet - 14.4%          
Netflix, Inc.*   419    156,953 
Airbnb, Inc. — Class A*   749    128,648 
Booking Holdings, Inc.*   51    119,771 
Sea Ltd. ADR*   827    99,066 
Expedia Group, Inc.*   340    66,528 
Spotify Technology S.A.*   429    64,788 
Roku, Inc.*   391    48,980 
Trip.com Group Ltd. ADR*   1,941    44,876 
Total Internet        729,610 
Entertainment - 11.1%          
Live Nation Entertainment, Inc.*   543    63,879 
Warner Music Group Corp. — Class A   1,453   54,996 
AMC Entertainment Holdings, Inc. — Class A*,1   2,179    53,691 
Caesars Entertainment, Inc.*   613    47,422 
Vail Resorts, Inc.   144    37,479 
Churchill Downs, Inc.   155    34,376 
DraftKings, Inc. — Class A*   1,701    33,118 
Marriott Vacations Worldwide Corp.   195    30,751 
Penn National Gaming, Inc.*   723    30,670 
SeaWorld Entertainment, Inc.*   402    29,925 
Red Rock Resorts, Inc. — Class A   568    27,582 
Scientific Games Corp. — Class A*   468    27,495 
Madison Square Garden Sports Corp. — Class A*   143    25,648 
International Game Technology plc   1,024    25,272 
Six Flags Entertainment Corp.*   528    22,968 
Cinemark Holdings, Inc.*   1,021    17,643 
Total Entertainment        562,915 
Lodging - 10.1%          
Marriott International, Inc. — Class A*   519    91,214 
Hilton Worldwide Holdings, Inc.*   511    77,539 
Las Vegas Sands Corp.*   1,660    64,524 
MGM Resorts International   1,208    50,663 
Hyatt Hotels Corp. — Class A*   407    38,848 
Wynn Resorts Ltd.*   458    36,521 
Wyndham Hotels & Resorts, Inc.   391    33,114 
Choice Hotels International, Inc.   233    33,030 
Boyd Gaming Corp.   478    31,443 
Hilton Grand Vacations, Inc.*   566    29,438 
Travel + Leisure Co.   455    26,363 
Total Lodging        512,697 
Leisure Time - 8.1%          
Norwegian Cruise Line Holdings Ltd.*,1   3,806    83,275 
Royal Caribbean Cruises Ltd.*   693    58,060 
Carnival Corp.*   2,826    57,142 
Peloton Interactive, Inc. — Class A*   1,426    37,675 
Planet Fitness, Inc. — Class A*   386    32,609 
Polaris, Inc.   286    30,121 
Harley-Davidson, Inc.   744    29,314 
Brunswick Corp.   350    28,311 
YETI Holdings, Inc.*   459    27,531 
Callaway Golf Co.*   1,017    23,818 
Total Leisure Time        407,856 
Software - 6.2%          
Activision Blizzard, Inc.   1,208    96,773 
Electronic Arts, Inc.   571    72,237 
NetEase, Inc. ADR   577    51,751 
Take-Two Interactive Software, Inc.*   332    51,042 
Bilibili, Inc. ADR*,1   1,575    40,288 
Total Software        312,091 

 

 

 

Leisure Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 99.6%          
Agriculture - 6.1%          
Philip Morris International, Inc.   1,551   $145,701 
Altria Group, Inc.   2,291    119,705 
British American Tobacco plc ADR   968    40,811 
Total Agriculture        306,217 
Beverages - 5.1%          
Constellation Brands, Inc. — Class A   354    81,533 
Brown-Forman Corp. — Class B   1,032    69,165 
Molson Coors Beverage Co. — Class B   777    41,476 
Anheuser-Busch InBev S.A. ADR1   640    38,438 
Boston Beer Company, Inc. — Class A*   68    26,416 
Total Beverages        257,028 
Toys, Games & Hobbies - 1.4%          
Hasbro, Inc.   471    38,585 
Mattel, Inc.*   1,463    32,493 
Total Toys, Games & Hobbies        71,078 
Food Service - 0.7%          
Aramark   1,007    37,863 
Total Common Stocks          
(Cost $2,765,090)        5,038,469 

 

   Face
Amount
    
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  21,973   21,973 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   8,463    8,463 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   2,201    2,201 
Total Repurchase Agreements          
(Cost $32,637)        32,637 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 4.4%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4   225,217    225,217 
Total Securities Lending Collateral          
(Cost $225,217)        225,217 
Total Investments - 104.6%          
(Cost $3,022,944)       $5,296,323 
Other Assets & Liabilities, net - (4.6)%        (231,591)
Total Net Assets - 100.0%       $5,064,732 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $5,038,469   $   $   $5,038,469 
Repurchase Agreements       32,637        32,637 
Securities Lending Collateral   225,217            225,217 
Total Assets  $5,263,686   $32,637   $   $5,296,323 

 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 93.5%
Financial - 21.7%
Safety Insurance Group, Inc.   2,393   $217,404 
Mercury General Corp.1   3,732    205,260 
Preferred Bank/Los Angeles CA   2,593    192,115 
Enstar Group Ltd.*   729    190,378 
Arch Capital Group Ltd.*   3,735    180,849 
Old Republic International Corp.1   6,942    179,590 
National Bank Holdings Corp. — Class A   4,359    175,580 
Travelers Companies, Inc.1   922    168,477 
AMERISAFE, Inc.   3,037    150,848 
Stewart Information Services Corp.   2,244    136,009 
MGIC Investment Corp.   9,859    133,589 
United Bankshares, Inc.   3,753    130,905 
BankUnited, Inc.1   2,853    125,418 
Evercore, Inc. — Class A   1,122    124,901 
Raymond James Financial, Inc.   1,134    124,638 
Piper Sandler Cos.   937    122,981 
Fidelity National Financial, Inc.   2,510    122,588 
Radian Group, Inc.1   5,450    121,045 
PS Business Parks, Inc. REIT   698    117,320 
Everest Re Group Ltd.   388    116,935 
Markel Corp.*   79    116,544 
Essent Group Ltd.   2,780    114,564 
Hanover Insurance Group, Inc.   742    110,944 
Interactive Brokers Group, Inc. — Class A   1,664    109,674 
OneMain Holdings, Inc.1   2,258    107,052 
National Retail Properties, Inc. REIT   2,245    100,890 
HomeStreet, Inc.   2,092    99,119 
Janus Henderson Group plc   2,726    95,465 
Hilltop Holdings, Inc.   3,164    93,022 
ServisFirst Bancshares, Inc.   919    87,571 
First American Financial Corp.   1,314    85,173 
Spirit Realty Capital, Inc. REIT   1,795    82,606 
LTC Properties, Inc. REIT   2,021    77,748 
Citigroup, Inc.   1,423    75,988 
National Health Investors, Inc. REIT   1,285    75,828 
Meta Financial Group, Inc.   1,358    74,581 
Morgan Stanley   804    70,270 
Western Union Co.   3,702    69,375 
Agree Realty Corp. REIT1   1,017    67,488 
Ameris Bancorp   1,485    65,162 
Washington Federal, Inc.   1,751    57,468 
Trustmark Corp.   1,820    55,310 
Fulton Financial Corp.   3,116    51,788 
SEI Investments Co.   857    51,600 
Omega Healthcare Investors, Inc. REIT   1,624    50,604 
Visa, Inc. — Class A   201    44,576 
Berkshire Hathaway, Inc. — Class B*   123    43,408 
Equity Commonwealth REIT*   1,501    42,343 
Easterly Government Properties, Inc. REIT   1,858    39,278 
Synchrony Financial1   1,090    37,943 
Total Financial        5,290,212 
Consumer, Non-cyclical - 17.1%          
Johnson & Johnson1   1,473   261,060 
Bristol-Myers Squibb Co.1   3,155    230,410 
AbbVie, Inc.1   1,267    205,393 
Amgen, Inc.1   843    203,854 
John B Sanfilippo & Son, Inc.1   2,420    201,925 
Gilead Sciences, Inc.1   3,383    201,119 
Abbott Laboratories1   1,444    170,912 
Innoviva, Inc.*   8,382    162,192 
Perdoceo Education Corp.*   12,996    149,194 
Hologic, Inc.*,1   1,941    149,108 
Regeneron Pharmaceuticals, Inc.*,1   213    148,763 
Amphastar Pharmaceuticals, Inc.*   3,920    140,728 
Vertex Pharmaceuticals, Inc.*   494    128,919 
Merck & Company, Inc.1   1,521    124,798 
Bio-Rad Laboratories, Inc. — Class A*   220    123,911 
Incyte Corp.*,1   1,416    112,459 
Pfizer, Inc.1   1,981    102,556 
Medtronic plc   922    102,296 
EVERTEC, Inc.   2,370    97,004 
Eagle Pharmaceuticals, Inc.*,1   1,960    97,000 
Waters Corp.*,1   303    94,048 
Prestige Consumer Healthcare, Inc.*   1,728    91,480 
Molson Coors Beverage Co. — Class B1   1,680    89,679 
Royalty Pharma plc — Class A   2,119    82,556 
USANA Health Sciences, Inc.*   1,037    82,390 
Quest Diagnostics, Inc.   587    80,337 
United Therapeutics Corp.*   375    67,279 
Philip Morris International, Inc.   699    65,664 
Avery Dennison Corp.   367    63,847 
Corteva, Inc.1   991    56,963 
Vanda Pharmaceuticals, Inc.*   4,934    55,804 
PerkinElmer, Inc.   309    53,908 
Laboratory Corporation of America Holdings*,1   184    48,513 
Coca-Cola Co.   645    39,990 
Procter & Gamble Co.   258    39,422 
Premier, Inc. — Class A   1,088    38,722 
Total Consumer, Non-cyclical        4,164,203 
Industrial - 13.3%          
Garmin Ltd.1   1,836    217,768 
3M Co.1   1,433    213,345 
Vishay Intertechnology, Inc.1   10,798    211,641 
Knowles Corp.*   9,481    204,126 
Snap-on, Inc.1   783    160,891 
Sanmina Corp.*,1   3,850    155,617 
Packaging Corporation of America   955    149,085 
Mueller Industries, Inc.1   2,688    145,609 
TTM Technologies, Inc.*   9,736    144,287 
Sturm Ruger & Company, Inc.1   1,794    124,898 
Keysight Technologies, Inc.*,1   739    116,740 
Crane Co.1   1,067    115,535 
OSI Systems, Inc.*   1,301    110,741 
Eagle Materials, Inc.   724    92,932 
Encore Wire Corp.   752    85,781 
Hillenbrand, Inc.1   1,937    85,558 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 93.5% (continued)
Industrial - 13.3% (continued)
Agilent Technologies, Inc.   630   $83,368 
Vontier Corp.   2,926    74,291 
Owens Corning   782    71,553 
Louisiana-Pacific Corp.1   1,139    70,755 
Textron, Inc.   934    69,471 
Albany International Corp. — Class A1   746    62,903 
Lockheed Martin Corp.   134    59,148 
Dorian LPG Ltd.   3,562    51,613 
UFP Industries, Inc.   628    48,456 
Toro Co.1   541    46,250 
Pentair plc   797    43,205 
Simpson Manufacturing Company, Inc.   393    42,853 
Insteel Industries, Inc.   1,150    42,538 
Donaldson Company, Inc.1   811    42,115 
Arrow Electronics, Inc.*   349    41,402 
Atkore, Inc.*   411    40,459 
Total Industrial        3,224,934 
Consumer, Cyclical - 10.3%          
AutoZone, Inc.*,1   108    220,815 
Gentex Corp.1   7,082    206,582 
Whirlpool Corp.   1,005    173,644 
NVR, Inc.*,1   36    160,822 
Cummins, Inc.1   613    125,733 
Columbia Sportswear Co.   1,248    112,982 
Allison Transmission Holdings, Inc.1   2,874    112,833 
Dolby Laboratories, Inc. — Class A1   1,420    111,073 
Choice Hotels International, Inc.1   720    102,067 
Brunswick Corp.1   1,120    90,597 
LKQ Corp.1   1,876    85,189 
Ethan Allen Interiors, Inc.1   3,160    82,381 
Acushnet Holdings Corp.1   2,024    81,486 
PulteGroup, Inc.1   1,794    75,168 
Tapestry, Inc.   2,002    74,374 
Tesla, Inc.*   69    74,354 
Tri Pointe Homes, Inc.*   3,671    73,714 
Wyndham Hotels & Resorts, Inc.   752    63,687 
Carter's, Inc.   678    62,369 
Autoliv, Inc.   810    61,916 
AutoNation, Inc.*,1   566    56,362 
Methode Electronics, Inc.   1,262    54,582 
Toll Brothers, Inc.   1,148    53,979 
Jack in the Box, Inc.   577    53,898 
MarineMax, Inc.*   1,074    43,239 
Zumiez, Inc.*,1   1,031    39,394 
Las Vegas Sands Corp.*   988    38,404 
Buckle, Inc.1   805    26,597 
Total Consumer, Cyclical        2,518,241 
Communications - 9.3%          
Alphabet, Inc. — Class C*   100    279,299 
Meta Platforms, Inc. — Class A*,1   1,223    271,946 
Comcast Corp. — Class A   4,600    215,372 
Verizon Communications, Inc.1   4,121    209,924 
Cisco Systems, Inc.1   2,954    164,715 
Amazon.com, Inc.*,1   40    130,398 
Viavi Solutions, Inc.*,1   7,148   114,940 
Yelp, Inc. — Class A*,1   3,253    110,960 
Interpublic Group of Companies, Inc.1   2,918    103,443 
Nexstar Media Group, Inc. — Class A   504    94,994 
Omnicom Group, Inc.1   1,041    88,360 
Shenandoah Telecommunications Co.   3,537    83,402 
Juniper Networks, Inc.1   2,191    81,418 
InterDigital, Inc.   1,227    78,283 
VeriSign, Inc.*,1   339    75,414 
F5, Inc.*   230    48,058 
NETGEAR, Inc.*   1,618    39,932 
Corning, Inc.   1,033    38,128 
Ciena Corp.*   605    36,681 
Total Communications        2,265,667 
Utilities - 8.5%          
CMS Energy Corp.   3,067    214,506 
MGE Energy, Inc.1   2,677    213,598 
National Fuel Gas Co.1   3,091    212,352 
Duke Energy Corp.1   1,771    197,750 
IDACORP, Inc.1   1,697    195,766 
Portland General Electric Co.1   3,455    190,543 
Chesapeake Utilities Corp.1   1,323    182,256 
WEC Energy Group, Inc.1   1,348    134,544 
Otter Tail Corp.   2,006    125,375 
Southern Co.1   1,620    117,466 
American States Water Co.1   1,267    112,789 
PPL Corp.1   3,927    112,155 
California Water Service Group   876    51,929 
Total Utilities        2,061,029 
Technology - 8.4%          
Apple, Inc.1   1,625    283,741 
Microsoft Corp.1   742    228,766 
CSG Systems International, Inc.   3,170    201,517 
Rambus, Inc.*,1   3,994    127,369 
NetApp, Inc.1   1,456    120,848 
Intel Corp.1   2,294    113,690 
Akamai Technologies, Inc.*,1   685    81,782 
Xperi Holding Corp.   4,642    80,399 
SS&C Technologies Holdings, Inc.   1,023    76,746 
Progress Software Corp.   1,625    76,521 
Lumentum Holdings, Inc.*   692    67,539 
ExlService Holdings, Inc.*   464    66,477 
Genpact Ltd.   1,404    61,088 
Ziff Davis, Inc.*   552    53,423 
HP, Inc.1   1,435    52,091 
NetScout Systems, Inc.*   1,607    51,553 
Skyworks Solutions, Inc.   360    47,981 
Electronic Arts, Inc.   374    47,315 
Texas Instruments, Inc.1   242    44,402 
CommVault Systems, Inc.*   641    42,530 
Cognizant Technology Solutions Corp. — Class A   460    41,248 
Qorvo, Inc.*   310    38,471 
Micron Technology, Inc.   482    37,543 
Total Technology        2,043,040 
Basic Materials - 3.9%          
Dow, Inc.1   2,742    174,720 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 93.5% (continued)
Basic Materials - 3.9% (continued)
LyondellBasell Industries N.V. — Class A   1,661   $170,784 
Westlake Corp.   1,264    155,978 
International Paper Co.1   2,236    103,191 
Linde plc   314    100,301 
Reliance Steel & Aluminum Co.   447    81,958 
Valvoline, Inc.   1,851    58,417 
NewMarket Corp.   170    55,145 
Air Products and Chemicals, Inc.   198    49,482 
Total Basic Materials        949,976 
Energy - 1.0%          
Exxon Mobil Corp.   1,829    151,057 
Kinder Morgan, Inc.   4,957   93,737 
Total Energy        244,794 
Total Common Stocks          
(Cost $21,170,638)        22,762,096 

 

MONEY MARKET FUND - 4.6%

Invesco Invesco Short-Term Investments Trust Treasury Obligations Portfolio - Institutional class 1.0%2

   1,119,791    1,119,791 
Total Money Market Fund          
(Cost $1,119,791)        1,119,791 
Total Investments - 98.1%          
(Cost $22,290,429)       $23,881,887 
Other Assets & Liabilities, net - 1.9%        462,252 
Total Net Assets - 100.0%       $24,344,139 

 

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  03/27/24  $9,062,572  $512,015 
                          
Goldman Sachs International  GS Equity Custom Basket   Pay  0.78% (Federal Funds Rate + 0.45%)  At Maturity  05/06/24   9,115,697   509,124 
                          
                   $18,178,269  $1,021,139 
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  03/27/24  $10,077,782  $(305,478)
Goldman Sachs International  GS Equity Custom Basket   Receive  0.13% (Federal Funds Rate - 0.20%)  At Maturity  05/06/24   10,077,768   (311,865)
                   $20,155,550  $(617,343)

  

 

 

Long Short Equity Fund  
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.   1,571    0.62%  $24,917 
AbbVie, Inc.   508    0.90%   23,950 
Innoviva, Inc.   3,360    0.70%   18,601 
Bristol-Myers Squibb Co.   1,264    1.01%   14,408 
Johnson & Johnson   590    1.15%   14,255 
Amgen, Inc.   338    0.90%   14,042 
Vertex Pharmaceuticals, Inc.   198    0.57%   13,076 
Regeneron Pharmaceuticals, Inc.   85    0.65%   11,339 
Molson Coors Beverage Co. — Class B   947    0.55%   10,277 
United Therapeutics Corp.   150    0.30%   7,676 
Pfizer, Inc.   794    0.45%   7,452 
Eagle Pharmaceuticals, Inc.   785    0.43%   5,875 
Hologic, Inc.   778    0.66%   5,319 
Prestige Consumer Healthcare, Inc.   693    0.40%   5,063 
Merck & Company, Inc.   609    0.55%   4,812 
Waters Corp.   121    0.41%   3,909 
Perdoceo Education Corp.   5,210    0.66%   3,861 
PerkinElmer, Inc.   124    0.24%   3,489 
Corteva, Inc.   397    0.25%   3,278 
Quest Diagnostics, Inc.   235    0.35%   3,003 
Medtronic plc   369    0.45%   1,982 
Avery Dennison Corp.   147    0.28%   886 
Incyte Corp.   568    0.49%   566 
Royalty Pharma plc — Class A   849    0.36%   312 
Coca-Cola Co.   258    0.18%   (131)
Procter & Gamble Co.   103    0.17%   (225)
Premier, Inc. — Class A   436    0.17%   (784)
Laboratory Corporation of America Holdings   73    0.21%   (1,019)
Philip Morris International, Inc.   280    0.29%   (1,726)
Abbott Laboratories   578    0.75%   (1,806)
John B Sanfilippo & Son, Inc.   970    0.89%   (2,036)
EVERTEC, Inc.   950    0.43%   (4,490)
USANA Health Sciences, Inc.   416    0.36%   (7,501)
Bio-Rad Laboratories, Inc. — Class A   88    0.54%   (9,503)
Vanda Pharmaceuticals, Inc.   1,978    0.25%   (10,378)
Gilead Sciences, Inc.   1,356    0.88%   (10,420)
Total Consumer, Non-cyclical             152,329 
Consumer, Cyclical               
AutoZone, Inc.   43    0.96%   32,954 
AutoNation, Inc.   227    0.25%   7,830 
Tesla, Inc.   27    0.32%   6,800 
Ethan Allen Interiors, Inc.   1,266    0.36%   2,575 
Allison Transmission Holdings, Inc.   1,152    0.50%   1,623 
Cummins, Inc.   246    0.55%   1,015 
Methode Electronics, Inc.   506    0.24%   435 
Wyndham Hotels & Resorts, Inc.   301    0.28%  196 
Columbia Sportswear Co.   526    0.52%   (254)
Brunswick Corp.   449    0.40%   (661)
Choice Hotels International, Inc.   288    0.45%   (788)
Las Vegas Sands Corp.   396    0.17%   (824)
Zumiez, Inc.   413    0.17%   (1,185)
Carter's, Inc.   271    0.27%   (2,507)
Tapestry, Inc.   802    0.33%   (2,966)
Autoliv, Inc.   324    0.27%   (3,218)
Jack in the Box, Inc.   236    0.24%   (3,464)
MarineMax, Inc.   430    0.19%   (3,738)
Buckle, Inc.   605    0.22%   (4,149)
Tri Pointe Homes, Inc.   1,471    0.32%   (4,522)
PulteGroup, Inc.   719    0.33%   (5,160)
Gentex Corp.   2,839    0.90%   (5,201)
Dolby Laboratories, Inc. — Class A   569    0.49%   (6,805)
NVR, Inc.   14    0.69%   (8,003)
Acushnet Holdings Corp.   811    0.36%   (8,008)
LKQ Corp.   752    0.37%   (8,222)
Toll Brothers, Inc.   460    0.24%   (9,443)
Whirlpool Corp.   402    0.76%   (17,996)
Total Consumer, Cyclical             (43,687)
Industrial               
Owens Corning   313    0.31%   10,296 
Packaging Corporation of America   382    0.65%   8,843 
Mueller Industries, Inc.   1,077    0.64%   8,715 
Knowles Corp.   3,801    0.89%   6,939 
TTM Technologies, Inc.   3,903    0.63%   6,439 
Crane Co.   427    0.51%   5,830 
Snap-on, Inc.   313    0.71%   5,824 
Lockheed Martin Corp.   53    0.26%   5,386 
Encore Wire Corp.   301    0.38%   5,003 
Dorian LPG Ltd.   1,428    0.23%   2,550 
Albany International Corp. — Class A   299    0.28%   2,070 
Sanmina Corp.   1,543    0.68%   1,606 
Vishay Intertechnology, Inc.   4,329    0.93%   1,461 
Textron, Inc.   374    0.31%   932 
Agilent Technologies, Inc.   252    0.37%   (315)
Keysight Technologies, Inc.   296    0.51%   (445)
Atkore, Inc.   165    0.18%   (542)
Insteel Industries, Inc.   461    0.19%   (648)
Louisiana-Pacific Corp.   456    0.31%   (865)
Arrow Electronics, Inc.   140    0.18%   (1,346)
Simpson Manufacturing Company, Inc.   157    0.19%   (1,617)
UFP Industries, Inc.   251    0.21%   (1,835)
Hillenbrand, Inc.   776    0.38%   (1,926)
Donaldson Company, Inc.   325    0.19%   (2,387)
Toro Co.   217    0.20%   (3,761)
Pentair plc   319    0.19%   (3,998)
Sturm Ruger & Company, Inc.   719    0.55%   (4,111)
Eagle Materials, Inc.   290    0.41%   (6,130)
OSI Systems, Inc.   521    0.49%   (6,243)
Vontier Corp.   1,173    0.33%   (8,507)
3M Co.   574    0.94%   (9,843)
Garmin Ltd.   736    0.96%   (16,833)

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Percentage Notional Amount   Value and Unrealized
Appreciation (Depreciation)
 
Total Industrial            $542 
Financial               
Travelers Companies, Inc.   369    0.74%   14,669 
Arch Capital Group Ltd.   1,497    0.80%   12,810 
Safety Insurance Group, Inc.   959    0.96%   10,718 
Enstar Group Ltd.   292    0.84%   10,666 
Raymond James Financial, Inc.   454    0.55%   10,333 
Markel Corp.   31    0.50%   8,186 
Berkshire Hathaway, Inc. — Class B   49    0.19%   7,976 
Everest Re Group Ltd.   155    0.51%   7,172 
Preferred Bank/Los Angeles CA   1,039    0.84%   6,370 
ServisFirst Bancshares, Inc.   368    0.38%   4,907 
LTC Properties, Inc.   810    0.34%   4,596 
Hanover Insurance Group, Inc.   297    0.49%   3,876 
Synchrony Financial   437    0.17%   2,837 
Omega Healthcare Investors, Inc.   651    0.22%   2,047 
Visa, Inc. — Class A   80    0.19%   1,675 
BankUnited, Inc.   1,144    0.55%   1,622 
Old Republic International Corp.   2,783    0.78%   1,585 
Western Union Co.   1,484    0.31%   1,285 
Morgan Stanley   608    0.58%   1,024 
Equity Commonwealth   602    0.19%   853 
National Health Investors, Inc.   515    0.33%   488 
Washington Federal, Inc.   702    0.25%   267 
United Bankshares, Inc.   1,504    0.58%   88 
Fidelity National Financial, Inc.   1,006    0.54%   (280)
Stewart Information Services Corp.   899    0.60%   (426)
Easterly Government Properties, Inc.   745    0.17%   (439)
Trustmark Corp.   729    0.24%   (447)
Radian Group, Inc.   2,185    0.53%   (652)
Agree Realty Corp.   407    0.30%   (863)
Fulton Financial Corp.   1,249    0.23%   (872)
Janus Henderson Group plc   1,093    0.42%   (1,080)
National Retail Properties, Inc.   900    0.44%   (1,160)
SEI Investments Co.   343    0.23%   (1,397)
HomeStreet, Inc.   838    0.44%   (1,613)
Interactive Brokers Group, Inc. — Class A   667    0.48%   (1,801)
First American Financial Corp.   526    0.37%   (2,096)
Spirit Realty Capital, Inc.   719    0.36%   (2,661)
PS Business Parks, Inc.   280    0.52%   (2,823)
Citigroup, Inc.   570    0.33%   (3,357)
Ameris Bancorp   595    0.29%   (3,839)
Meta Financial Group, Inc.   544    0.33%   (4,093)
National Bank Holdings Corp. — Class A   1,747    0.77%   (4,790)
Mercury General Corp.   1,496    0.90%   (4,795)
OneMain Holdings, Inc.   905    0.47%   (4,842)
MGIC Investment Corp.   3,952    0.59%  (4,923)
Piper Sandler Cos.   375    0.54%   (5,024)
Essent Group Ltd.   1,114    0.50%   (5,754)
Hilltop Holdings, Inc.   1,268    0.41%   (8,711)
AMERISAFE, Inc.   1,217    0.66%   (9,012)
Evercore, Inc. — Class A   449    0.55%   (12,308)
Total Financial             25,992 
Basic Materials               
Westlake Corp.   507    0.69%   15,499 
Dow, Inc.   1,099    0.77%   10,103 
LyondellBasell Industries N.V. — Class A   666    0.75%   9,332 
NewMarket Corp.   68    0.24%   830 
Reliance Steel & Aluminum Co.   179    0.36%   (776)
International Paper Co.   896    0.45%   (1,566)
Linde plc   125    0.44%   (2,027)
Air Products and Chemicals, Inc.   79    0.22%   (2,546)
Valvoline, Inc.   742    0.26%   (3,330)
Total Basic Materials             25,519 
Technology               
Apple, Inc.   651    1.25%   68,708 
Microsoft Corp.   297    1.00%   44,946 
CSG Systems International, Inc.   1,271    0.89%   23,366 
Rambus, Inc.   1,601    0.56%   14,290 
HP, Inc.   575    0.23%   12,001 
NetApp, Inc.   583    0.53%   11,478 
ExlService Holdings, Inc.   186    0.29%   6,672 
Texas Instruments, Inc.   97    0.20%   6,113 
Lumentum Holdings, Inc.   277    0.30%   4,223 
Akamai Technologies, Inc.   274    0.36%   1,830 
Genpact Ltd.   563    0.27%   926 
Intel Corp.   919    0.50%   800 
Cognizant Technology Solutions Corp. — Class A   184    0.18%   749 
NetScout Systems, Inc.   644    0.23%   740 
Progress Software Corp.   651    0.34%   244 
                
Ziff Davis, Inc.   221    0.23%   (410)
Electronic Arts, Inc.   150    0.21%   (653)
Micron Technology, Inc.   193    0.16%   (886)
Skyworks Solutions, Inc.   144    0.21%   (1,062)
SS&C Technologies Holdings, Inc.   410    0.34%   (1,523)
CommVault Systems, Inc.   257    0.19%   (3,194)
Xperi Holding Corp.   1,861    0.35%   (4,969)
Qorvo, Inc.   124    0.17%   (7,533)
Total Technology             176,856 
Communications               
Alphabet, Inc. — Class C   40    1.23%   39,873 
Amazon.com, Inc.   16    0.57%   19,269 
Cisco Systems, Inc.   1,184    0.72%   13,448 
Juniper Networks, Inc.   878    0.36%   12,989 
Viavi Solutions, Inc.   2,865    0.50%   9,562 
Omnicom Group, Inc.   417    0.39%   7,956 
Nexstar Media Group, Inc. — Class A   202    0.42%   7,794 
Meta Platforms, Inc. — Class A   490    1.20%   2,756 
VeriSign, Inc.   135    0.33%   1,942 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Percentage Notional Amount   Value and Unrealized
Appreciation (Depreciation)
 
F5, Inc.   92    0.21%  $1,569 
Corning, Inc.   414    0.17%   (613)
Ciena Corp.   242    0.16%   (1,143)
InterDigital, Inc.   492    0.34%   (1,314)
Shenandoah Telecommunications Co.   1,418    0.37%   (1,342)
Interpublic Group of Companies, Inc.   1,169    0.45%   (1,979)
NETGEAR, Inc.   648    0.18%   (2,369)
Yelp, Inc. — Class A   1,304    0.49%   (2,721)
Verizon Communications, Inc.   1,652    0.92%   (4,512)
Comcast Corp. — Class A   1,844    0.95%   (4,852)
Total Communications             96,313 
Utilities               
National Fuel Gas Co.   1,239    0.93%   20,073 
IDACORP, Inc.   664    0.84%   12,880 
Southern Co.   649    0.52%   10,298 
Chesapeake Utilities Corp.   530    0.80%   9,131 
Portland General Electric Co.   1,349    0.82%   7,571 
WEC Energy Group, Inc.   540    0.59%   5,295 
Duke Energy Corp.   692    0.85%   5,183 
CMS Energy Corp.   1,229    0.94%   3,780 
MGE Energy, Inc.   1,073    0.94%   3,576 
American States Water Co.   12    0.01%   (82)
Otter Tail Corp.   804    0.55%   (284)
California Water Service Group   351    0.23%   (1,188)
PPL Corp.   1,574    0.49%   (1,684)
Total Utilities             74,549 
Energy               
Kinder Morgan, Inc.   1,987    0.41%   683 
Exxon Mobil Corp.   733    0.66%   29 
Total Energy             711 
Total GS Equity Long Custom Basket            $509,124 

 

GS EQUITY SHORT CUSTOM BASKET      
Consumer, Non-cyclical             
CoStar Group, Inc.     1,553   (1.04)%      30,770 
Insperity, Inc.     412   (0.41)%      8,073 
TransUnion     887   (0.91)%      8,071 
Driven Brands Holdings, Inc.     3,800   (0.99)%      7,649 
Equifax, Inc.     405   (0.95)%      6,815 
ASGN, Inc.     736   (0.85)%      6,209 
Dun & Bradstreet Holdings, Inc.     3,918   (0.68)%      5,341 
Natera, Inc.     312   (0.13)%      5,199 
ABM Industries, Inc.     825   (0.38)%      1,654 
Intellia Therapeutics, Inc.     206   (0.15)%      (146)
Rollins, Inc.     2,867   (1.00)%      (1,091)
Sysco Corp.     1,084   (0.88)%      (2,276)
Cintas Corp.     445   (1.88)%      (2,536)
Verisk Analytics, Inc. — Class A     522   (1.11)%      (3,109)
Guardant Health, Inc.     621   (0.41)%      (4,668)
Booz Allen Hamilton Holding Corp.     731   (0.64)%     (5,089)
Viad Corp.     1,173   (0.41)%      (6,236)
Bunge Ltd.     723   (0.79)%      (15,903)
Total Consumer, Non-cyclical               38,727 
Communications                 
Okta, Inc.     115   (0.17)%      5,449 
Lyft, Inc. — Class A     2,240   (0.85)%      5,283 
Airbnb, Inc. — Class A     129   (0.22)%      2,778 
Trade Desk, Inc. — Class A     368   (0.25)%      (845)
Palo Alto Networks, Inc.     35   (0.22)%      (1,680)
DoorDash, Inc. — Class A     343   (0.40)%      (6,673)
Total Communications               4,312 
Consumer, Cyclical                 
United Airlines Holdings, Inc.     2,392   (1.10)%      22,642 
Delta Air Lines, Inc.     3,029   (1.19)%      19,310 
Southwest Airlines Co.     1,240   (0.56)%      14,558 
IAA, Inc.     1,188   (0.45)%      12,261 
Freshpet, Inc.     377   (0.38)%      11,331 
JetBlue Airways Corp.     2,744   (0.41)%      10,112 
MillerKnoll, Inc.     3,362   (1.15)%      9,035 
Copart, Inc.     1,063   (1.32)%      5,148 
American Airlines Group, Inc.     7,941   (1.45)%      (733)
Royal Caribbean Cruises Ltd.     369   (0.31)%      (1,190)
Carnival Corp.     1,491   (0.30)%      (2,683)
Lululemon Athletica, Inc.     120   (0.43)%      (6,219)
Total Consumer, Cyclical               93,572 
Financial                 
Americold Realty Trust     2,650   (0.73)%      24,744 
Western Alliance Bancorporation     1,172   (0.96)%      19,758 
SVB Financial Group     112   (0.62)%      13,409 
Equinix, Inc.     171   (1.26)%      13,236 
First Republic Bank     487   (0.78)%      11,922 
BOK Financial Corp.     542   (0.51)%      11,037 
CBRE Group, Inc. — Class A     676   (0.61)%      7,645 
Equitable Holdings, Inc.     4,789   (1.47)%      7,484 
Invitation Homes, Inc.     3,758   (1.50)%      5,965 
Crown Castle International Corp.     652   (1.19)%      5,910 
Lincoln National Corp.     776   (0.50)%      4,615 
SBA Communications Corp.     279   (0.95)%      3,160 
Digital Realty Trust, Inc.     415   (0.58)%      2,390 
Ameriprise Financial, Inc.     223   (0.66)%      2,255 
Park Hotels & Resorts, Inc.     7,206   (1.40)%      1,787 
Signature Bank     252   (0.73)%      1,562 
Safehold, Inc.     982   (0.54)%      1,116 
Wells Fargo & Co.     1,479   (0.71)%      754 
State Street Corp.     1,686   (1.46)%      582 
UDR, Inc.     1,381   (0.79)%      220 
Zions Bancorp North America     1,615   (1.05)%      (72)
Sunstone Hotel Investors, Inc.     7,983   (0.93)%      (442)
RLJ Lodging Trust     10,616   (1.48)%      (511)
Sun Communities, Inc.     750   (1.30)%      (1,653)

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Percentage Notional Amount   Value and Unrealized
Appreciation (Depreciation)
 
Boston Properties, Inc.   307     (0.39)%   $(2,055)
KKR & Company, Inc. — Class A   1,076     (0.62)%    (2,555)
Ryman Hospitality Properties, Inc.   1,092     (1.01)%    (3,725)
Apple Hospitality REIT, Inc.   2,219     (0.40)%    (4,446)
Apartment Income REIT Corp.   3,447     (1.83)%    (5,117)
Northern Trust Corp.   1,247     (1.44)%    (5,556)
Comerica, Inc.   1,427     (1.28)%    (6,634)
Xenia Hotels & Resorts, Inc.   3,795     (0.73)%    (7,280)
Ventas, Inc.   1,927     (1.18)%    (11,054)
Pebblebrook Hotel Trust   4,717    

(1.15)%

    (12,961)
Welltower, Inc.   1,417     (1.35)%    (13,251)
Kennedy-Wilson Holdings, Inc.   8,375     (2.03)%    (16,039)
Outfront Media, Inc.   4,827     (1.36)%    (19,171)
Iron Mountain, Inc.   2,503     (1.38)%    (19,650)
Host Hotels & Resorts, Inc.   9,061     (1.76)%    (20,918)
Howard Hughes Corp.   1,557     (1.60)%    (23,931)
Total Financial             (37,470)
Utilities               
Entergy Corp.   848     (0.98)%    (4,795)
Spire, Inc.   990     (0.70)%    (5,477)
ONE Gas, Inc.   2,097     (1.84)%    (23,035)
Black Hills Corp.   2,510     (1.92)%    (25,387)
CenterPoint Energy, Inc.   5,884     (1.79)%    (26,242)
Atmos Energy Corp.   1,537     (1.82)%    (27,945)
Edison International   2,727     (1.90)%    (31,772)
Total Utilities             (144,653)
Technology               
Ceridian HCM Holding, Inc.   819     (0.56)%    20,502 
Atlassian Corporation plc — Class A   90     (0.26)%    374 
Datadog, Inc. — Class A   253     (0.38)%    (1,707)
Bill.com Holdings, Inc.   168     (0.38)%    (3,045)
Zscaler, Inc.   169     (0.40)%    (3,066)
Cloudflare, Inc. — Class A   324     (0.38)%    (3,496)
Leidos Holdings, Inc.   489     (0.52)%    (6,314)
MongoDB, Inc.   109     (0.48)%    (8,620)
Crowdstrike Holdings, Inc. — Class A   185     (0.42)%    (8,742)
KBR, Inc.   2,594     (1.42)%    (34,922)
Total Technology             (49,036)
Industrial               
Stericycle, Inc.   2,089     (1.22)%    31,847 
Boeing Co.   780     (1.48)%    24,373 
MSA Safety, Inc.   481     (0.63)%    3,338 
Jacobs Engineering Group, Inc.   1,227     (1.68)%    2,692 
J.B. Hunt Transport Services, Inc.   242     (0.48)%    1,104 
TransDigm Group, Inc.   97     (0.63)%    517 
CH Robinson Worldwide, Inc.   608     (0.65)%    (719)
General Electric Co.   728     (0.66)%    (1,618)
Waste Management, Inc.   649     (1.02)%    (8,231)
Howmet Aerospace, Inc.   2,929     (1.04)%    (14,637)
Republic Services, Inc. — Class A   815     (1.07)%    (17,271)
Tetra Tech, Inc.   578     (0.95)%    (28,778)
Casella Waste Systems, Inc. — Class A   1,671     (1.45)%   (39,949)
Total Industrial             (47,332)
Energy               
NOV, Inc.   3,380     (0.66)%    (22,967)
Patterson-UTI Energy, Inc.   8,105     (1.25)%    (61,416)
Halliburton Co.   5,307     (1.99)%    (85,602)
Total Energy             (169,985)
Total GS Equity Short Custom Basket            $(311,865)

 

 

 

Long Short Equity Fund  
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.   1,571    0.62%  $24,954 
AbbVie, Inc.   508    0.91%   23,942 
Innoviva, Inc.   3,360    0.72%   18,739 
Bristol-Myers Squibb Co.   1,264    1.02%   14,403 
Johnson & Johnson   590    1.15%   14,031 
Vertex Pharmaceuticals, Inc.   198    0.57%   13,096 
Amgen, Inc.   338    0.90%   12,701 
Regeneron Pharmaceuticals, Inc.   85    0.66%   11,368 
Molson Coors Beverage Co. — Class B   947    0.56%   10,272 
Pfizer, Inc.   794    0.45%   8,092 
United Therapeutics Corp.   150    0.30%   7,650 
Eagle Pharmaceuticals, Inc.   785    0.43%   6,116 
Hologic, Inc.   778    0.66%   5,273 
Prestige Consumer Healthcare, Inc.   693    0.40%   5,060 
Merck & Company, Inc.   609    0.55%   4,796 
Waters Corp.   121    0.41%   3,901 
Perdoceo Education Corp.   5,210    0.66%   3,853 
PerkinElmer, Inc.   124    0.24%   3,482 
Corteva, Inc.   397    0.25%   3,272 
Quest Diagnostics, Inc.   235    0.35%   3,021 
Medtronic plc   369    0.45%   2,074 
Avery Dennison Corp.   147    0.28%   869 
Incyte Corp.   568    0.50%   613 
Royalty Pharma plc — Class A   849    0.36%   283 
Coca-Cola Co.   258    0.18%   (112)
Procter & Gamble Co.   103    0.17%   (221)
Premier, Inc. — Class A   436    0.17%   (779)
Laboratory Corporation of America Holdings   73    0.21%   (1,051)
Abbott Laboratories   578    0.75%   (1,636)
Philip Morris International, Inc.   280    0.29%   (1,695)
John B Sanfilippo & Son, Inc.   970    0.89%   (2,055)
EVERTEC, Inc.   950    0.43%   (4,435)
USANA Health Sciences, Inc.   416    0.36%   (7,514)
Bio-Rad Laboratories, Inc. — Class A   88    0.55%   (9,511)
Vanda Pharmaceuticals, Inc.   1,978    0.25%   (10,372)
Gilead Sciences, Inc.   1,356    0.89%   (10,381)
Total Consumer, Non-cyclical             152,099 
Consumer, Cyclical               
AutoZone, Inc.   43    0.97%   32,897 
AutoNation, Inc.   227    0.25%   7,857 
Tesla, Inc.   27    0.32%   6,687 
Ethan Allen Interiors, Inc.   1,266    0.36%   2,617 
Allison Transmission Holdings, Inc.   1,152    0.50%   1,766 
Cummins, Inc.   246    0.56%   1,014 
Methode Electronics, Inc.   506    0.24%   434 
Wyndham Hotels & Resorts, Inc.   301    0.28%  224 
Columbia Sportswear Co.   526    0.53%   (47)
Brunswick Corp.   449    0.40%   (693)
Las Vegas Sands Corp.   396    0.17%   (746)
Choice Hotels International, Inc.   288    0.45%   (830)
Zumiez, Inc.   413    0.17%   (977)
Carter's, Inc.   271    0.28%   (2,538)
Tapestry, Inc.   802    0.33%   (2,983)
Autoliv, Inc.   324    0.27%   (3,186)
Jack in the Box, Inc.   236    0.24%   (3,582)
MarineMax, Inc.   430    0.19%   (3,719)
Buckle, Inc.   605    0.22%   (4,106)
Tri Pointe Homes, Inc.   1,471    0.33%   (4,471)
PulteGroup, Inc.   719    0.33%   (5,024)
Gentex Corp.   2,839    0.91%   (5,216)
Dolby Laboratories, Inc. — Class A   569    0.49%   (6,775)
NVR, Inc.   14    0.69%   (7,503)
Acushnet Holdings Corp.   811    0.36%   (8,025)
LKQ Corp.   752    0.38%   (8,070)
Toll Brothers, Inc.   460    0.24%   (9,475)
Whirlpool Corp.   402    0.77%   (17,954)
Total Consumer, Cyclical             (42,424)
Industrial               
Owens Corning   313    0.32%   10,271 
Packaging Corporation of America   382    0.66%   8,898 
Mueller Industries, Inc.   1,077    0.64%   8,799 
Knowles Corp.   3,801    0.90%   6,762 
TTM Technologies, Inc.   3,903    0.64%   6,399 
Snap-on, Inc.   313    0.71%   5,912 
Crane Co.   427    0.51%   5,794 
Lockheed Martin Corp.   53    0.26%   5,404 
Encore Wire Corp.   301    0.38%   4,060 
Dorian LPG Ltd.   1,428    0.23%   2,560 
Albany International Corp. — Class A   299    0.28%   2,076 
Vishay Intertechnology, Inc.   4,329    0.94%   1,586 
Sanmina Corp.   1,543    0.69%   1,498 
Textron, Inc.   374    0.31%   816 
Agilent Technologies, Inc.   252    0.37%   (260)
Keysight Technologies, Inc.   296    0.52%   (476)
Atkore, Inc.   165    0.18%   (548)
Louisiana-Pacific Corp.   456    0.31%   (851)
Insteel Industries, Inc.   461    0.19%   (986)
Arrow Electronics, Inc.   140    0.18%   (1,349)
Simpson Manufacturing Company, Inc.   157    0.19%   (1,599)
UFP Industries, Inc.   251    0.21%   (1,830)
Hillenbrand, Inc.   776    0.38%   (1,977)
Donaldson Company, Inc.   325    0.19%   (2,407)
Toro Co.   217    0.20%   (3,742)
Pentair plc   319    0.19%   (3,869)
Sturm Ruger & Company, Inc.   719    0.55%   (4,064)
Eagle Materials, Inc.   290    0.41%   (6,062)
OSI Systems, Inc.   521    0.49%   (6,254)
Vontier Corp.   1,173    0.33%   (8,536)
3M Co.   574    0.94%   (9,857)
Garmin Ltd.   736    0.96%   (16,766)

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Percentage Notational Amount   Value and Unrealized
Appreciation (Depreciation)
 
Total Industrial            $(598)
Financial               
Travelers Companies, Inc.   369    0.74%   14,377 
Arch Capital Group Ltd.   1,497    0.80%   12,882 
Safety Insurance Group, Inc.   959    0.96%   10,725 
Raymond James Financial, Inc.   454    0.55%   10,370 
Enstar Group Ltd.   292    0.84%   9,714 
Markel Corp.   31    0.50%   8,214 
Berkshire Hathaway, Inc. — Class B   49    0.19%   8,003 
Everest Re Group Ltd.   155    0.52%   7,183 
Preferred Bank/Los Angeles CA   1,039    0.85%   6,270 
ServisFirst Bancshares, Inc.   368    0.39%   5,007 
LTC Properties, Inc.   810    0.34%   4,601 
Hanover Insurance Group, Inc.   297    0.49%   3,892 
Synchrony Financial   437    0.17%   2,837 
Omega Healthcare Investors, Inc.   651    0.22%   2,050 
Visa, Inc. — Class A   80    0.20%   1,675 
BankUnited, Inc.   1,144    0.55%   1,674 
Old Republic International Corp.   2,783    0.79%   1,629 
Western Union Co.   1,484    0.31%   1,270 
Equity Commonwealth   602    0.19%   846 
National Health Investors, Inc.   515    0.34%   362 
Washington Federal, Inc.   702    0.25%   272 
United Bankshares, Inc.   1,504    0.58%   164 
Fidelity National Financial, Inc.   1,006    0.54%   (316)
Easterly Government Properties, Inc.   745    0.17%   (428)
Stewart Information Services Corp.   899    0.60%   (432)
Trustmark Corp.   729    0.24%   (456)
Radian Group, Inc.   2,185    0.54%   (569)
Fulton Financial Corp.   1,249    0.23%   (855)
Agree Realty Corp.   407    0.30%   (871)
Janus Henderson Group plc   1,093    0.42%   (1,086)
National Retail Properties, Inc.   900    0.45%   (1,173)
SEI Investments Co.   343    0.23%   (1,405)
HomeStreet, Inc.   838    0.44%   (1,657)
Interactive Brokers Group, Inc. — Class A   667    0.49%   (1,778)
First American Financial Corp.   526    0.38%   (2,082)
Spirit Realty Capital, Inc.   719    0.37%   (2,227)
PS Business Parks, Inc.   280    0.52%   (2,774)
Citigroup, Inc.   570    0.34%   (3,387)
Ameris Bancorp   595    0.29%   (3,884)
Meta Financial Group, Inc.   544    0.33%   (4,046)
Mercury General Corp.   1,496    0.91%   (4,539)
MGIC Investment Corp.   3,952    0.59%   (4,796)
OneMain Holdings, Inc.   905    0.47%   (4,857)
National Bank Holdings Corp. — Class A   1,747    0.78%   (5,017)
Piper Sandler Cos.   375    0.54%  (5,060)
Essent Group Ltd.   1,114    0.51%   (5,692)
Hilltop Holdings, Inc.   1,268    0.41%   (8,667)
AMERISAFE, Inc.   1,217    0.67%   (9,014)
Evercore, Inc. — Class A   449    0.55%   (12,214)
Total Financial             24,735 
Basic Materials               
Westlake Corp.   507    0.69%   15,676 
Dow, Inc.   1,099    0.77%   10,070 
LyondellBasell Industries N.V. — Class A   666    0.76%   9,334 
NewMarket Corp.   68    0.24%   805 
Reliance Steel & Aluminum Co.   179    0.36%   (681)
International Paper Co.   896    0.46%   (1,550)
Linde plc   125    0.44%   (2,057)
Air Products and Chemicals, Inc.   79    0.22%   (2,536)
Valvoline, Inc.   742    0.26%   (3,341)
Total Basic Materials             25,720 
Technology               
Apple, Inc.   651    1.25%   69,492 
Microsoft Corp.   297    1.01%   48,394 
CSG Systems International, Inc.   1,271    0.89%   23,491 
Rambus, Inc.   1,601    0.56%   14,330 
HP, Inc.   575    0.23%   11,977 
NetApp, Inc.   583    0.53%   11,524 
ExlService Holdings, Inc.   186    0.29%   6,694 
Texas Instruments, Inc.   97    0.20%   6,099 
Lumentum Holdings, Inc.   277    0.30%   4,243 
Akamai Technologies, Inc.   274    0.36%   1,836 
NetScout Systems, Inc.   644    0.23%   1,149 
Genpact Ltd.   563    0.27%   947 
Cognizant Technology Solutions Corp. — Class A   184    0.18%   777 
Progress Software Corp.   651    0.34%   250 
Ziff Davis, Inc.   221    0.24%   (359)
Intel Corp.   919    0.50%   (533)
Electronic Arts, Inc.   150    0.21%   (653)
Micron Technology, Inc.   193    0.17%   (891)
Skyworks Solutions, Inc.   144    0.21%   (1,111)
SS&C Technologies Holdings, Inc.   410    0.34%   (1,440)
CommVault Systems, Inc.   257    0.19%   (3,158)
Xperi Holding Corp.   1,861    0.36%   (4,801)
Qorvo, Inc.   124    0.17%   (7,481)
Total Technology             180,766 
Communications               
Alphabet, Inc. — Class C   40    1.23%   38,470 
Amazon.com, Inc.   16    0.58%   19,371 
Cisco Systems, Inc.   1,184    0.73%   13,515 
Juniper Networks, Inc.   878    0.36%   12,950 
Viavi Solutions, Inc.   2,865    0.51%   9,882 
Omnicom Group, Inc.   417    0.39%   8,058 
Nexstar Media Group, Inc. — Class A   202    0.42%   7,804 
Meta Platforms, Inc. — Class A   490    1.20%   2,638 
VeriSign, Inc.   135    0.33%   1,952 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

 

   Shares   Percentage Notational Amount   Value and Unrealized
Appreciation (Depreciation)
 
F5, Inc.   92    0.21%  $1,586 
Corning, Inc.   414    0.17%   (414)
Ciena Corp.   242    0.16%   (1,157)
Shenandoah Telecommunications Co.   1,418    0.37%   (1,198)
InterDigital, Inc.   492    0.35%   (1,305)
Interpublic Group of Companies, Inc.   1,169    0.46%   (1,921)
NETGEAR, Inc.   648    0.18%   (2,296)
Yelp, Inc. — Class A   1,304    0.49%   (2,650)
Verizon Communications, Inc.   1,652    0.93%   (4,531)
Comcast Corp. — Class A   1,844    0.95%   (4,796)
Total Communications             95,958 
Utilities               
National Fuel Gas Co.   1,239    0.94%   20,138 
IDACORP, Inc.   664    0.85%   12,851 
Southern Co.   649    0.52%   10,497 
Chesapeake Utilities Corp.   530    0.81%   9,207 
Portland General Electric Co.   1,349    0.82%   7,420 
Duke Energy Corp.   692    0.85%   5,553 
WEC Energy Group, Inc.   540    0.59%   5,131 
CMS Energy Corp.   1,229    0.95%   3,850 
MGE Energy, Inc.   1,073    0.94%   3,581 
American States Water Co.   12    0.01%   (80)
Otter Tail Corp.   804    0.55%   (244)
California Water Service Group   351    0.23%   (1,177)
PPL Corp.   1,574    0.50%   (1,748)
Total Utilities             74,979 
Energy               
Kinder Morgan, Inc.   1,987    0.41%   684 
Exxon Mobil Corp.   733    0.67%   96 
Total Energy             780 
Total MS Equity Long Custom Basket            $512,015 

 

MS EQUITY SHORT CUSTOM BASKET      
Consumer, Non-cyclical                 
CoStar Group, Inc.     1,553   (1.03)%
    30,779 
TransUnion     887   (0.91)%
    8,123 
Insperity, Inc.     412   (0.41)%
    7,957 
Driven Brands Holdings, Inc.     3,800   (0.99)%
    7,666 
Equifax, Inc.     405   (0.95)%
    6,871 
ASGN, Inc.     736   (0.85)%
    6,281 
Dun & Bradstreet Holdings, Inc.     3,918   (0.68)%
    5,777 
Natera, Inc.     312   (0.13)%
    5,177 
ABM Industries, Inc.     825   (0.38)%
    1,663 
Intellia Therapeutics, Inc.     206   (0.15)%
    (167)
Rollins, Inc.     2,867   (1.00)%
    (634)
Sysco Corp.     1,084   (0.88)%
    (2,273)
Cintas Corp.     445   (1.88)%
    (2,350)
Verisk Analytics, Inc. — Class A     522   (1.11)%
    (2,847)
Guardant Health, Inc.     621   (0.41)%
    (4,920)
Booz Allen Hamilton Holding Corp.     731   (0.64)%
   (5,013)
Viad Corp.     1,173   (0.41)%
    (6,230)
Bunge Ltd.     723   (0.79)%
    (15,702)
Total Consumer, Non-cyclical               40,158 
Communications                 
Lyft, Inc. — Class A     2,240   (0.85)%
    5,574 
Okta, Inc.     115   (0.17)%
    5,426 
Airbnb, Inc. — Class A     129   (0.22)%
    2,694 
Trade Desk, Inc. — Class A     368   (0.25)%
    (868)
Palo Alto Networks, Inc.     35   (0.22)%
    (1,694)
DoorDash, Inc. — Class A     343   (0.40)%
    (6,779)
Total Communications               4,353 
Consumer, Cyclical                 
United Airlines Holdings, Inc.     2,392   (1.10)%
    22,605 
Delta Air Lines, Inc.     3,029   (1.19)%
    19,295 
Southwest Airlines Co.     1,240   (0.56)%
    14,503 
IAA, Inc.     1,188   (0.45)%
    12,360 
Freshpet, Inc.     377   (0.38)%
    11,289 
JetBlue Airways Corp.     2,744   (0.41)%
    10,078 
MillerKnoll, Inc.     3,362   (1.15)%
    9,031 
Copart, Inc.     1,063   (1.32)%
    5,416 
American Airlines Group, Inc.     7,941   (1.45)%
    (663)
Royal Caribbean Cruises Ltd.     369   (0.31)%
    (1,189)
Carnival Corp.     1,491   (0.30)%
    (2,660)
Lululemon Athletica, Inc.     120   (0.43)%
    (6,237)
Total Consumer, Cyclical               93,828 
Financial                 
Americold Realty Trust     2,650   (0.73)%
    24,892 
Western Alliance Bancorporation     1,172   (0.96)%
    19,731 
Equinix, Inc.     171   (1.26)%
    13,541 
SVB Financial Group     112   (0.62)%
    13,282 
First Republic Bank     487   (0.78)%
    11,976 
BOK Financial Corp.     542   (0.51)%
    10,877 
CBRE Group, Inc. — Class A     676   (0.61)%
    7,656 
Equitable Holdings, Inc.     4,789   (1.47)%
    7,515 
Crown Castle International Corp.     652   (1.19)%
    6,418 
Invitation Homes, Inc.     3,758   (1.50)%
    6,007 
Lincoln National Corp.     776   (0.50)%
    4,518 
SBA Communications Corp.     279   (0.95)%
    3,302 
Digital Realty Trust, Inc.     415   (0.58)%
    2,498 
Ameriprise Financial, Inc.     223   (0.66)%
    2,428 
Park Hotels & Resorts, Inc.     7,206   (1.41)%
    1,846 
Signature Bank     252   (0.73)%
    1,587 
Safehold, Inc.     982   (0.54)%
    825 
Wells Fargo & Co.     1,479   (0.71)%
    813 
State Street Corp.     1,686   (1.46)%
    522 
UDR, Inc.     1,381   (0.79)%
    331 
Sunstone Hotel Investors, Inc.     7,983   (0.94)%
    (187)
RLJ Lodging Trust     10,616   (1.48)%
    (195)
Zions Bancorp North America     1,615   (1.05)%
    (746)
Sun Communities, Inc.     750   (1.30)%
    (1,653)

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited)                                                                              March 31, 2022
   

 

   Shares   Percentage Notational Amount   Value and Unrealized
Appreciation (Depreciation)
 
Boston Properties, Inc.   307     (0.39)%   $(2,051)
KKR & Company, Inc. — Class A   1,076     (0.62)%    (2,743)
Ryman Hospitality Properties, Inc.   1,092     (1.01)%    (3,600)
Apple Hospitality REIT, Inc.   2,219     (0.40)%    (4,402)
Northern Trust Corp.   1,247     (1.44)%    (4,470)
Apartment Income REIT Corp.   3,447     (1.83)%    (4,901)
Comerica, Inc.   1,427     (1.28)%    (6,513)
Xenia Hotels & Resorts, Inc.   3,795     (0.73)%    (7,764)
Ventas, Inc.   1,927     (1.18)%    (10,829)
Pebblebrook Hotel Trust   4,717     (1.15)%    (12,738)
Welltower, Inc.   1,417     (1.35)%    (13,225)
Kennedy-Wilson Holdings, Inc.   8,375     (2.04)%    (15,671)
Outfront Media, Inc.   4,827     (1.36)%    (19,169)
Iron Mountain, Inc.   2,503     (1.38)%    (19,461)
Host Hotels & Resorts, Inc.   9,061     (1.75)%    (20,736)
Howard Hughes Corp.   1,557     (1.60)%    (23,995)
Total Financial             (34,484)
Utilities               
Entergy Corp.   848     (0.98)%    (5,062)
Spire, Inc.   990     (0.70)%    (5,597)
ONE Gas, Inc.   2,097     (1.84)%    (22,927)
Black Hills Corp.   2,510     (1.92)%    (25,018)
CenterPoint Energy, Inc.   5,884     (1.80)%    (26,136)
Atmos Energy Corp.   1,537     (1.82)%    (27,834)
Edison International   2,727     (1.90)%    (31,540)
Total Utilities             (144,114)
Technology               
Ceridian HCM Holding, Inc.   819     (0.56)%    20,504 
Atlassian Corporation plc — Class A   90     (0.26)%    593 
Datadog, Inc. — Class A   253     (0.38)%    (1,726)
Bill.com Holdings, Inc.   168     (0.38)%    (2,721)
Zscaler, Inc.   169     (0.40)%    (3,122)
Cloudflare, Inc. — Class A   324     (0.38)%    (3,524)
Leidos Holdings, Inc.   489     (0.52)%    (6,270)
MongoDB, Inc.   109     (0.48)%    (8,649)
Crowdstrike Holdings, Inc. — Class A   185     (0.42)%    (8,744)
KBR, Inc.   2,594     (1.41)%    (34,870)
Total Technology             (48,529)
Industrial               
Stericycle, Inc.   2,089     (1.22)%    31,884 
Boeing Co.   780     (1.48)%    24,489 
MSA Safety, Inc.   481     (0.63)%    3,513 
Jacobs Engineering Group, Inc.   1,227     (1.68)%    2,680 
J.B. Hunt Transport Services, Inc.   242     (0.48)%    1,109 
TransDigm Group, Inc.   97     (0.63)%    465 
CH Robinson Worldwide, Inc.   608     (0.65)%    (505)
General Electric Co.   728     (0.66)%    (1,676)
Waste Management, Inc.   649     (1.02)%    (8,230)
Howmet Aerospace, Inc.   2,929     (1.04)%    (14,498)
Republic Services, Inc. — Class A   815     (1.07)%    (17,116)
Tetra Tech, Inc.   578     (0.95)%    (28,809)
Casella Waste Systems, Inc. — Class A   1,671     (1.45)%   (39,946)
Total Industrial             (46,640)
Energy               
NOV, Inc.   3,380     (0.66)%    (22,911)
Patterson-UTI Energy, Inc.   8,105     (1.24)%    (61,429)
Halliburton Co.   5,307     (1.99)%    (85,710)
Total Energy             (170,050)
Basic Materials               
Total MS Equity Short Custom Basket            $(305,478)

 

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

 

 

 

 

Long Short Equity Fund  
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  $22,762,096   $   $   $22,762,096 
Money Market Fund   1,119,791            1,119,791 
Equity Custom Basket Swap Agreements**       1,021,139        1,021,139 
Total Assets  $23,881,887   $1,021,139   $   $24,903,026 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Equity Custom Basket Swap Agreements**  $   $617,343   $   $617,343 

 

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

 

 

 

 

Mid-Cap 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 84.0%
Financial - 20.6%
Camden Property Trust REIT   202   $33,572 
Medical Properties Trust, Inc. REIT   1,178    24,903 
First Horizon Corp.   1,054    24,758 
Jones Lang LaSalle, Inc.*   100    23,946 
Rexford Industrial Realty, Inc. REIT   314    23,421 
Life Storage, Inc. REIT   162    22,750 
East West Bancorp, Inc.   280    22,126 
Alleghany Corp.*   26    22,022 
Webster Financial Corp.   355    19,923 
Lamar Advertising Co. — Class A REIT   171    19,867 
American Financial Group, Inc.   131    19,076 
Apartment Income REIT Corp.   310    16,573 
EastGroup Properties, Inc. REIT   80    16,262 
First Industrial Realty Trust, Inc. REIT   257    15,911 
Kilroy Realty Corp. REIT   207    15,819 
Commerce Bancshares, Inc.   218    15,607 
National Retail Properties, Inc. REIT   347    15,594 
Cullen/Frost Bankers, Inc.   112    15,502 
American Campus Communities, Inc. REIT   275    15,392 
Brixmor Property Group, Inc. REIT   588    15,176 
Omega Healthcare Investors, Inc. REIT   472    14,708 
Old Republic International Corp.   563    14,565 
Western Union Co.   777    14,561 
Reinsurance Group of America, Inc. — Class A   132    14,449 
STORE Capital Corp. REIT   484    14,147 
Voya Financial, Inc.   213    14,133 
First American Financial Corp.   217    14,066 
Stifel Financial Corp.   206    13,987 
Synovus Financial Corp.   285    13,965 
Pinnacle Financial Partners, Inc.   150    13,812 
RenaissanceRe Holdings Ltd.   87    13,790 
Unum Group   403    12,698 
Prosperity Bancshares, Inc.   182    12,627 
Jefferies Financial Group, Inc.   382    12,549 
SEI Investments Co.   207    12,463 
Cousins Properties, Inc. REIT   293    11,805 
Rayonier, Inc. REIT   286    11,760 
Janus Henderson Group plc   334    11,697 
Douglas Emmett, Inc. REIT   346    11,563 
Spirit Realty Capital, Inc. REIT   250    11,505 
Interactive Brokers Group, Inc. — Class A   172    11,336 
Affiliated Managers Group, Inc.   80    11,276 
First Financial Bankshares, Inc.   253    11,162 
Cadence Bank   371    10,855 
Valley National Bancorp   828    10,781 
Glacier Bancorp, Inc.   214    10,760 
Primerica, Inc.   78    10,672 
Selective Insurance Group, Inc.   118    10,544 
Hanover Insurance Group, Inc.   70    10,466 
Wintrust Financial Corp.   112   10,408 
SL Green Realty Corp. REIT   127    10,310 
Bank OZK   239    10,205 
National Storage Affiliates Trust REIT   162    10,167 
PacWest Bancorp   235    10,136 
SLM Corp.   550    10,098 
New York Community Bancorp, Inc.   918    9,841 
Kite Realty Group Trust REIT   432    9,837 
Kinsale Capital Group, Inc.   42    9,577 
Old National Bancorp   583    9,549 
Highwoods Properties, Inc. REIT   207    9,468 
United Bankshares, Inc.   269    9,383 
Park Hotels & Resorts, Inc. REIT   466    9,101 
Essent Group Ltd.   218    8,984 
Hancock Whitney Corp.   171    8,918 
RLI Corp.   78    8,629 
Evercore, Inc. — Class A   77    8,572 
MGIC Investment Corp.   632    8,564 
Hudson Pacific Properties, Inc. REIT   301    8,353 
FNB Corp.   670    8,341 
UMB Financial Corp.   85    8,259 
EPR Properties REIT   148    8,097 
Umpqua Holdings Corp.   428    8,072 
Healthcare Realty Trust, Inc. REIT   291    7,997 
Brighthouse Financial, Inc.*   154    7,956 
Physicians Realty Trust REIT   435    7,630 
PotlatchDeltic Corp. REIT   136    7,171 
PS Business Parks, Inc. REIT   40    6,723 
Sabra Health Care REIT, Inc.   451    6,715 
Associated Banc-Corp.   295    6,714 
Home BancShares, Inc.   297    6,712 
Kemper Corp.   118    6,672 
Cathay General Bancorp   149    6,668 
Bank of Hawaii Corp.   79    6,630 
JBG SMITH Properties REIT   225    6,575 
Macerich Co. REIT   420    6,569 
Federated Hermes, Inc. — Class B   191    6,505 
Pebblebrook Hotel Trust REIT   259    6,340 
Corporate Office Properties Trust REIT   222    6,336 
CNO Financial Group, Inc.   237    5,946 
Texas Capital Bancshares, Inc.*   100    5,731 
Alliance Data Systems Corp.   98    5,503 
Fulton Financial Corp.   318    5,285 
Navient Corp.   304    5,180 
International Bancshares Corp.   105    4,432 
Washington Federal, Inc.   129    4,234 
Mercury General Corp.   52    2,860 
Total Financial        1,122,855 
Industrial - 16.5%          
Cognex Corp.   349    26,925 
Carlisle Companies, Inc.   103    25,330 
Builders FirstSource, Inc.*   377    24,331 
Graco, Inc.   335    23,356 
AECOM   279    21,430 

 

 

 

Mid-Cap 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 84.0% (continued)          
Industrial - 16.5% (continued)          
Regal Rexnord Corp.   134   $19,937 
Hubbell, Inc.   107    19,663 
Axon Enterprise, Inc.*   134    18,456 
Owens Corning   198    18,117 
Middleby Corp.*   110    18,033 
Toro Co.   207    17,697 
AGCO Corp.   121    17,670 
Tetra Tech, Inc.   106    17,484 
Jabil, Inc.   283    17,470 
Lennox International, Inc.   66    17,019 
Knight-Swift Transportation Holdings, Inc.   328    16,551 
Lincoln Electric Holdings, Inc.   117    16,124 
Arrow Electronics, Inc.*   134    15,897 
Woodward, Inc.   124    15,489 
AptarGroup, Inc.   130    15,275 
II-VI, Inc.*   210    15,223 
Trex Company, Inc.*   227    14,830 
Universal Display Corp.   86    14,358 
XPO Logistics, Inc.*   195    14,196 
Coherent, Inc.*   49    13,395 
Oshkosh Corp.   131    13,185 
Acuity Brands, Inc.   69    13,062 
ITT, Inc.   169    12,710 
Saia, Inc.*   52    12,679 
Donaldson Company, Inc.   244    12,671 
Littelfuse, Inc.   49    12,221 
Sonoco Products Co.   194    12,137 
Chart Industries, Inc.*   69    11,852 
EMCOR Group, Inc.   105    11,826 
TopBuild Corp.*   65    11,790 
Curtiss-Wright Corp.   77    11,562 
nVent Electric plc   332    11,547 
Landstar System, Inc.   74    11,161 
Clean Harbors, Inc.*   99    11,052 
Louisiana-Pacific Corp.   173    10,747 
Crane Co.   99    10,720 
MDU Resources Group, Inc.   401    10,687 
Stericycle, Inc.*   181    10,664 
Colfax Corp.*   268    10,664 
National Instruments Corp.   260    10,553 
MasTec, Inc.*   116    10,104 
Valmont Industries, Inc.   42    10,021 
Eagle Materials, Inc.   78    10,012 
Hexcel Corp.   166    9,872 
MSA Safety, Inc.   72    9,554 
Simpson Manufacturing Company, Inc.   86    9,377 
Flowserve Corp.   257    9,226 
GATX Corp.   70    8,633 
Kirby Corp.*   119    8,591 
Vontier Corp.   334    8,480 
TD SYNNEX Corp.   82    8,463 
Ryder System, Inc.   106    8,409 
Timken Co.   136    8,255 
Fluor Corp.*   278    7,976 
Avnet, Inc.   195    7,915 
Silgan Holdings, Inc.   165    7,628 
Watts Water Technologies, Inc. — Class A   54    7,538 
Mercury Systems, Inc.*   112    7,219 
EnerSys   81   6,040 
Dycom Industries, Inc.*   59    5,620 
Trinity Industries, Inc.   161    5,532 
Vishay Intertechnology, Inc.   262    5,135 
Terex Corp.   138    4,921 
Belden, Inc.   88    4,875 
Werner Enterprises, Inc.   118    4,838 
Kennametal, Inc.   164    4,692 
Energizer Holdings, Inc.   129    3,968 
Greif, Inc. — Class A   52    3,383 
Worthington Industries, Inc.   64    3,290 
Vicor Corp.*   42    2,963 
Total Industrial        900,276 
Consumer, Non-cyclical - 13.4%          
Darling Ingredients, Inc.*   319    25,641 
Service Corporation International   325    21,391 
Avis Budget Group, Inc.*   79    20,801 
Repligen Corp.*   101    18,997 
Jazz Pharmaceuticals plc*   121    18,836 
Tenet Healthcare Corp.*   211    18,138 
Neurocrine Biosciences, Inc.*   187    17,531 
Syneos Health, Inc.*   204    16,514 
Paylocity Holding Corp.*   78    16,050 
United Therapeutics Corp.*   89    15,967 
WEX, Inc.*   88    15,704 
Performance Food Group Co.*   305    15,527 
Envista Holdings Corp.*   318    15,490 
Penumbra, Inc.*   69    15,327 
Chemed Corp.   30    15,196 
Masimo Corp.*   100    14,554 
Tandem Diabetes Care, Inc.*   125    14,536 
Exelixis, Inc.*   624    14,146 
Encompass Health Corp.   196    13,937 
GXO Logistics, Inc.*   195    13,911 
Euronet Worldwide, Inc.*   104    13,536 
Bruker Corp.   200    12,860 
ASGN, Inc.*   103    12,021 
Acadia Healthcare Company, Inc.*   177    11,599 
Globus Medical, Inc. — Class A*   156    11,510 
Ingredion, Inc.   131    11,417 
HealthEquity, Inc.*   165    11,128 
Halozyme Therapeutics, Inc.*   277    11,047 
Amedisys, Inc.*   64    11,026 
LHC Group, Inc.*   63    10,622 
FTI Consulting, Inc.*   67    10,534 
Perrigo Company plc   264    10,146 
Flowers Foods, Inc.   392    10,078 
ManpowerGroup, Inc.   107    10,049 
Arrowhead Pharmaceuticals, Inc.*   208    9,566 
Helen of Troy Ltd.*   48    9,400 
Medpace Holdings, Inc.*   57    9,325 
Integra LifeSciences Holdings Corp.*   144    9,254 
ICU Medical, Inc.*   39    8,683 
LivaNova plc*   105    8,592 
H&R Block, Inc.   324    8,437 
Quidel Corp.*   74    8,322 
Sanderson Farms, Inc.   42    7,875 

 

 

 

Mid-Cap 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 84.0% (continued)          
Consumer, Non-cyclical - 13.4% (continued)          
Option Care Health, Inc.*   273   $7,797 
Post Holdings, Inc.*   112    7,757 
Grand Canyon Education, Inc.*   78    7,574 
STAAR Surgical Co.*   94    7,512 
Boston Beer Company, Inc. — Class A*   19    7,381 
Sabre Corp.*   638    7,292 
Sprouts Farmers Market, Inc.*   222    7,100 
R1 RCM, Inc.*   264    7,065 
Progyny, Inc.*   137    7,042 
Insperity, Inc.   70    7,029 
Brink's Co.   97    6,596 
Neogen Corp.*   212    6,538 
Haemonetics Corp.*   101    6,385 
Hain Celestial Group, Inc.*   180    6,192 
Coty, Inc. — Class A*   676    6,077 
Lancaster Colony Corp.   39    5,817 
NuVasive, Inc.*   102    5,783 
Grocery Outlet Holding Corp.*   172    5,638 
Patterson Companies, Inc.   171    5,535 
BellRing Brands, Inc.*   220    5,078 
LiveRamp Holdings, Inc.*   134    5,010 
Graham Holdings Co. — Class B   8    4,892 
John Wiley & Sons, Inc. — Class A   86    4,561 
PROG Holdings, Inc.*   112    3,222 
Pilgrim's Pride Corp.*   96    2,410 
Total Consumer, Non-cyclical        728,504 
Consumer, Cyclical - 12.9%          
Williams-Sonoma, Inc.   144    20,880 
GameStop Corp. — Class A*   122    20,323 
Watsco, Inc.   65    19,802 
BJ's Wholesale Club Holdings, Inc.*   268    18,119 
Lithia Motors, Inc. — Class A   60    18,007 
Five Below, Inc.*   110    17,421 
Lear Corp.   118    16,826 
Kohl's Corp.   275    16,626 
Wyndham Hotels & Resorts, Inc.   184    15,583 
Mattel, Inc.*   691    15,347 
Churchill Downs, Inc.   68    15,081 
Capri Holdings Ltd.*   291    14,955 
Deckers Outdoor Corp.*   54    14,784 
Casey's General Stores, Inc.   73    14,466 
Macy's, Inc.   591    14,397 
Gentex Corp.   466    13,593 
Marriott Vacations Worldwide Corp.   84    13,247 
Dick's Sporting Goods, Inc.1   124    12,402 
Brunswick Corp.   152    12,295 
Harley-Davidson, Inc.   304    11,978 
Polaris, Inc.   112    11,796 
Texas Roadhouse, Inc. — Class A   137    11,471 
Scientific Games Corp. — Class A*   190    11,162 
RH*   34    11,087 
Skechers USA, Inc. — Class A*   266    10,842 
Univar Solutions, Inc.*   337    10,831 
Boyd Gaming Corp.   162    10,656 
Tempur Sealy International, Inc.   380   10,610 
Toll Brothers, Inc.   221    10,391 
YETI Holdings, Inc.*   173    10,376 
Hanesbrands, Inc.   689    10,259 
IAA, Inc.*   266    10,174 
Travel + Leisure Co.   170    9,850 
Scotts Miracle-Gro Co. — Class A   80    9,837 
JetBlue Airways Corp.*   628    9,389 
Leggett & Platt, Inc.   263    9,152 
Choice Hotels International, Inc.   64    9,073 
Murphy USA, Inc.   45    8,998 
Crocs, Inc.*   116    8,862 
Avient Corp.   181    8,688 
Thor Industries, Inc.   110    8,657 
Fox Factory Holding Corp.*   83    8,130 
Goodyear Tire & Rubber Co.*   555    7,931 
MSC Industrial Direct Company, Inc. — Class A   93    7,925 
AutoNation, Inc.*   79    7,867 
Wendy's Co.   348    7,646 
Carter's, Inc.   83    7,635 
Adient plc*   187    7,624 
Victoria's Secret & Co.*   143    7,344 
Wingstop, Inc.   59    6,924 
Papa John's International, Inc.   64    6,738 
Six Flags Entertainment Corp.*   153    6,656 
Taylor Morrison Home Corp. — Class A*   243    6,615 
Columbia Sportswear Co.   68    6,156 
Visteon Corp.*   55    6,002 
Nordstrom, Inc.   220    5,964 
Gap, Inc.   420    5,914 
FirstCash Holdings, Inc.   79    5,557 
KB Home   169    5,472 
Cracker Barrel Old Country Store, Inc.   46    5,462 
Callaway Golf Co.*   231    5,410 
MillerKnoll, Inc.   149    5,150 
Foot Locker, Inc.   172    5,102 
American Eagle Outfitters, Inc.1   303    5,090 
Dana, Inc.   285    5,007 
Ollie's Bargain Outlet Holdings, Inc.*   116    4,983 
Nu Skin Enterprises, Inc. — Class A   98    4,692 
Tri Pointe Homes, Inc.*   219    4,398 
Urban Outfitters, Inc.*   129    3,239 
Total Consumer, Cyclical        700,926 
Technology - 7.5%          
Wolfspeed, Inc.*   242    27,554 
Fair Isaac Corp.*   52    24,256 
Aspen Technology, Inc.*   132    21,829 
Manhattan Associates, Inc.*   124    17,200 
Lattice Semiconductor Corp.*   270    16,457 
MKS Instruments, Inc.   109    16,350 
Synaptics, Inc.*   78    15,561 
KBR, Inc.   277    15,160 
Genpact Ltd.   337    14,663 
Concentrix Corp.   85    14,158 
Lumentum Holdings, Inc.*   142    13,859 

 

 

 

Mid-Cap 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 84.0% (continued)          
Technology - 7.5% (continued)          
CACI International, Inc. — Class A*   46   $13,858 
Azenta, Inc.   148    12,266 
Silicon Laboratories, Inc.*   75    11,265 
CDK Global, Inc.   230    11,196 
Power Integrations, Inc.   116    10,751 
Teradata Corp.*   214    10,548 
NCR Corp.*   261    10,490 
CMC Materials, Inc.   56    10,382 
Science Applications International Corp.   112    10,323 
Cirrus Logic, Inc.*   113    9,581 
Qualys, Inc.*   66    9,399 
Sailpoint Technologies Holdings, Inc.*   183    9,366 
Ziff Davis, Inc.*   95    9,194 
Maximus, Inc.   122    9,144 
Semtech Corp.*   127    8,806 
Envestnet, Inc.*   108    8,039 
Digital Turbine, Inc.*   174    7,623 
ACI Worldwide, Inc.*   232    7,306 
SiTime Corp.*   29    7,187 
CommVault Systems, Inc.*   88    5,839 
Blackbaud, Inc.*   86    5,149 
Xerox Holdings Corp.   241    4,861 
Kyndryl Holdings, Inc.*   354    4,644 
Amkor Technology, Inc.   198    4,301 
Total Technology        408,565 
Basic Materials - 4.8%          
Alcoa Corp.   363    32,681 
Steel Dynamics, Inc.   372    31,036 
Cleveland-Cliffs, Inc.*   936    30,149 
Reliance Steel & Aluminum Co.   124    22,735 
RPM International, Inc.   256    20,849 
United States Steel Corp.   515    19,436 
Royal Gold, Inc.   130    18,366 
Olin Corp.   279    14,586 
Valvoline, Inc.   354    11,172 
Ashland Global Holdings, Inc.   104    10,235 
Commercial Metals Co.   240    9,989 
Chemours Co.   316    9,948 
Cabot Corp.   111    7,593 
Sensient Technologies Corp.   83    6,968 
Ingevity Corp.*   78    4,997 
Minerals Technologies, Inc.   65    4,300 
NewMarket Corp.   13    4,217 
Total Basic Materials        259,257 
Energy - 3.6%          
Targa Resources Corp.   452    34,112 
Equities Corp.   594    20,439 
First Solar, Inc.*   195    16,329 
NOV, Inc.   774    15,178 
Range Resources Corp.*   493    14,977 
PDC Energy, Inc.   192    13,955 
Sunrun, Inc.*   408    12,391 
HF Sinclair Corp.*   295    11,756 
Murphy Oil Corp.   287    11,592 
DT Midstream, Inc.   191    10,363 
ChampionX Corp.   399    9,768 
CNX Resources Corp.*   400    8,288 
Antero Midstream Corp.   641    6,968 
Equitrans Midstream Corp.   802   6,769 
SunPower Corp. — Class A*   164    3,523 
Total Energy        196,408 
Utilities - 2.8%          
Essential Utilities, Inc.   454    23,213 
OGE Energy Corp.   395    16,108 
UGI Corp.   414    14,995 
National Fuel Gas Co.   180    12,366 
IDACORP, Inc.   100    11,536 
Black Hills Corp.   125    9,628 
ONE Gas, Inc.   106    9,353 
Hawaiian Electric Industries, Inc.   216    9,139 
New Jersey Resources Corp.   190    8,713 
PNM Resources, Inc.   169    8,056 
Southwest Gas Holdings, Inc.   102    7,986 
Spire, Inc.   102    7,320 
ALLETE, Inc.   104    6,966 
NorthWestern Corp.   107    6,472 
Total Utilities        151,851 
Communications - 1.9%          
Ciena Corp.*   305    18,492 
New York Times Co. — Class A   329    15,081 
Cable One, Inc.   10    14,642 
Iridium Communications, Inc.*   261    10,524 
TEGNA, Inc.   437    9,789 
Mimecast Ltd.*   123    9,786 
Viasat, Inc.*   147    7,174 
World Wrestling Entertainment, Inc. — Class A1   86    5,370 
TripAdvisor, Inc.*   195    5,288 
Calix, Inc.*   108    4,634 
Yelp, Inc. — Class A*   135    4,605 
Total Communications        105,385 
Total Common Stocks          
(Cost $3,640,332)        4,574,027 

 

MUTUAL FUNDS - 4.4%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   15,965    156,299 
Guggenheim Strategy Fund II2   3,259    79,997 
Total Mutual Funds          
(Cost $231,938)        236,296 

 

    Face
Amount
      
U.S. TREASURY BILLS†† - 7.6%          
U.S. Treasury Bills          
0.09% due 06/02/223,4  $400,000    399,775 

 

 

 

Mid-Cap 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Face
Amount
    Value 
U.S. TREASURY BILLS†† - 7.6% (continued)          
0.12% due 05/05/224,5  $14,000   $13,998 
Total U.S. Treasury Bills          
(Cost $413,937)        413,773 
           
REPURCHASE AGREEMENTS††,6 - 20.4%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   745,928    745,928 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   287,298    287,298 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   74,698    74,698 
Total Repurchase Agreements          
(Cost $1,107,924)       1,107,924 
           
    Shares     
SECURITIES LENDING COLLATERAL†,7 - 0.2%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   13,425    13,425 
Total Securities Lending Collateral          
(Cost $13,425)        13,425 
Total Investments - 116.6%          
(Cost $5,407,556)       $6,345,445 
Other Assets & Liabilities, net - (16.6)%        (901,229)
Total Net Assets - 100.0%       $5,444,216 

 

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   1   Jun 2022  $268,770   $9,919 

 

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††                  
Barclays Bank plc  S&P MidCap 400 Index  Pay   0.62% (U.S. Secured Overnight Financing Rate + 0.35%)  At Maturity  04/13/22   829   $2,232,516   $79,966 
Goldman Sachs International  S&P MidCap 400 Index  Pay   0.73% (Federal Funds Rate + 0.40%)  At Maturity  04/14/22   307    825,774    14,287 
BNP Paribas  S&P MidCap 400 Index  Pay   0.78% (Federal Funds Rate + 0.45%)  At Maturity  04/14/22   96    257,824    11,881 
                        $3,316,114   $106,134 

 

* 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 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 All or a portion of this security is pledged as futures collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 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.

 

 

 

Mid-Cap 1.5x Strategy Fund  
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  $4,574,027   $   $   $4,574,027 
Mutual Funds   236,296            236,296 
U.S. Treasury Bills       413,773        413,773 
Repurchase Agreements       1,107,924        1,107,924 
Securities Lending Collateral   13,425            13,425 
Equity Futures Contracts**   9,919            9,919 
Equity Index Swap Agreements**       106,134        106,134 
Total Assets  $4,833,667   $1,627,831   $   $6,461,498 

 

**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  $306,899   $   $(225,000)  $2,149   $(4,051)  $79,997    3,259   $593 
  Guggenheim Ultra Short Duration Fund — Institutional Class   158,374                (2,075)   156,299    15,965    396 
   $465,273   $   $(225,000)  $2,149   $(6,126)  $236,296        $989 

 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 39.7%
Financial - 7.4%
People's United Financial, Inc.   28,915   $578,011 
Preferred Apartment Communities, Inc. — Class A REIT   17,409    434,180 
American National Group, Inc.   2,206    417,132 
First Horizon Corp.   17,591    413,213 
Goldman Sachs Group, Inc.   1,224    404,023 
MGM Growth Properties LLC — Class A REIT   10,133    392,147 
TriState Capital Holdings, Inc.*   8,779    291,726 
Investors Bancorp, Inc.   19,273    287,746 
Flagstar Bancorp, Inc.   5,468    231,843 
Umpqua Holdings Corp.   9,435    177,944 
Total Financial        3,627,965 
Communications - 6.9%          
Mimecast Ltd.*   9,524    757,729 
Houghton Mifflin Harcourt Co.*   27,829    584,687 
Vonage Holdings Corp.*   28,729    582,911 
TEGNA, Inc.   19,176    429,543 
NeoPhotonics Corp.*   28,050    426,641 
Anaplan, Inc.*   4,417    287,326 
Mandiant, Inc.*   12,871    287,152 
Total Communications        3,355,989 
Technology - 6.1%          
Cerner Corp.   7,638    714,611 
Zynga, Inc. — Class A*   65,603    606,172 
Bottomline Technologies DE, Inc.*   10,140    574,735 
CMC Materials, Inc.   2,983    553,048 
Activision Blizzard, Inc.   3,554    284,711 
Tower Semiconductor Ltd.*   4,501    217,848 
Total Technology        2,951,125 
Consumer, Non-cyclical - 5.2%          
Ortho Clinical Diagnostics Holdings plc*   30,700    573,024 
MoneyGram International, Inc.*   48,029    507,186 
Sanderson Farms, Inc.   2,446    458,601 
Intersect ENT, Inc.*   14,507    406,341 
Nielsen Holdings plc   10,658    290,324 
LHC Group, Inc.*   1,720    289,992 
Total Consumer, Non-cyclical        2,525,468 
Industrial - 5.2%          
SPX FLOW, Inc.   8,328    718,040 
Coherent, Inc.*   2,089    571,049 
US Ecology, Inc.*   10,477    501,639 
Welbilt, Inc.*   18,765    445,669 
Cornerstone Building Brands, Inc.*   11,698    284,495 
Total Industrial        2,520,892 
Consumer, Cyclical - 4.3%          
Veoneer, Inc.*   19,479    719,749 
Meritor, Inc.*   16,132    573,815 
Tenneco, Inc. — Class A*   28,054    513,950 
Spirit Airlines, Inc.*   8,710    190,488 
Golden Nugget Online Gaming, Inc.*   14,224    101,132 
Total Consumer, Cyclical        2,099,134 
Basic Materials - 3.7%          
Rogers Corp.*   2,615    710,496 
Ferro Corp.*   25,867   562,349 
GCP Applied Technologies, Inc.*   9,215    289,535 
Atotech Ltd.*   10,933    239,979 
Total Basic Materials        1,802,359 
Utilities - 0.9%          
South Jersey Industries, Inc.   12,556    433,810 
Total Common Stocks          
(Cost $19,279,540)        19,316,742 

 

MASTER LIMITED PARTNERSHIPS - 0.0%          
Energy - 0.0%          
Energy Transfer, LP   1    10 
Total Master Limited Partnerships          
(Cost $7)        10 
RIGHTS††† - 0.0%          
Consumer, Non-cyclical - 0.0%          
Lantheus Holdings, Inc.*   41,807     
Alexion Pharmaceuticals, Inc.*   32,749     
Total Consumer, Non-cyclical         
Total Rights          
(Cost $1)         

 

MUTUAL FUNDS - 20.0%          
Guggenheim Strategy Fund II1   108,001    2,651,428 
Guggenheim Ultra Short Duration Fund — Institutional Class1   257,937    2,525,202 
Guggenheim Strategy Fund III1   99,249    2,445,492 
Guggenheim Variable Insurance Strategy Fund III1   86,555    2,128,389 
Total Mutual Funds          
(Cost $9,906,756)        9,750,511 

 

CLOSED-END FUNDS - 5.9%          
CBRE Global Real Estate Income Fund   10,592    95,752 
General American Investors Company, Inc.   2,132    90,546 
Nuveen Real Asset Income and Growth Fund   5,896    90,091 
Adams Diversified Equity Fund, Inc.   4,872    89,840 
LMP Capital and Income Fund, Inc.   6,085    88,963 
BNY Mellon High Yield Strategies Fund   31,168    86,647 
Barings Global Short Duration High Yield Fund   5,525    85,638 
PGIM High Yield Bond Fund, Inc.   5,964    85,583 
Virtus AllianzGI Convertible & Income Fund II   19,764    85,578 
Nuveen California Quality Municipal Income Fund   6,343    83,220 
Nuveen New York AMT-Free Quality Municipal Income Fund   6,853    83,195 
BlackRock California Municipal Income Trust2   6,684    82,080 
Eaton Vance California Municipal Bond Fund   7,821    78,523 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Value 
Nuveen California AMT-Free Quality Municipal Income Fund   5,017   $68,031 
Gabelli Healthcare & WellnessRx Trust   5,192    66,561 
Nuveen New Jersey Quality Municipal Income Fund2   4,940    66,097 
Pioneer Municipal High Income Fund Trust   5,751    60,386 
First Trust Dynamic Europe Equity Income Fund   4,410    55,698 
Apollo Tactical Income Fund, Inc.   3,835    55,071 
Invesco Dynamic Credit Opportunities  Fund*   4,484    54,923 
Invesco Trust for Investment Grade New York Municipals   4,370    50,648 
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.   9,663    48,219 
Western Asset Emerging Markets Debt Fund, Inc.2   4,432    47,555 
Nuveen New York Quality Municipal Income Fund   3,721    46,773 
Eaton Vance New York Municipal Bond Fund   4,456    46,699 
BNY Mellon Municipal Income, Inc.   5,873    44,576 
Invesco California Value Municipal Income Trust   3,480    38,558 
Aberdeen Global Dynamic Dividend Fund   3,335    37,352 
Miller/Howard High Dividend Fund   3,315    36,995 
Saba Capital Income & Opportunities Fund   7,776    35,148 
Bancroft Fund Ltd.   1,500    34,170 
Nuveen Credit Strategies Income Fund   5,405    33,403 
Aberdeen Total Dynamic Dividend Fund   3,431    32,972 
Delaware Investments National Municipal Income Fund   2,586    32,715 
Insight Select Income Fund   1,788    31,952 
BlackRock MuniYield Michigan Quality Fund, Inc.   2,303    29,502 
Invesco Pennsylvania Value Municipal Income Trust   2,449    28,604 
Neuberger Berman California Municipal Fund, Inc.   1,988    24,273 
Tortoise Power and Energy Infrastructure Fund, Inc.   1,671    23,795 
AllianceBernstein National Municipal Income Fund, Inc.   1,836    23,115 
Nuveen Pennsylvania Quality Municipal Income Fund   1,602    21,627 
New Germany Fund, Inc.   1,747    19,968 
Eaton Vance California Municipal Income Trust   1,696    19,470 
Aberdeen Japan Equity Fund, Inc.   2,578    17,943 
BlackRock MuniHoldings Investment Quality Fund   1,454    17,826 
MFS Municipal Income Trust   2,546    15,582 
MFS High Yield Municipal Trust   4,006    15,503 
Western Asset Municipal Partners Fund, Inc.   1,140    15,356 
DWS Strategic Municipal Income Trust   1,467    15,169 
BlackRock MuniYield Pennsylvania Quality Fund   1,160    15,138 
Gabelli Global Small and Mid Capital Value Trust2   962    13,449 
Neuberger Berman New York Municipal Fund, Inc.2   1,065    12,354 
Herzfeld Caribbean Basin Fund, Inc.   2,297    12,197 
European Equity Fund, Inc.   1,329    12,187 
Source Capital, Inc.   236    9,912 
Royce Global Value Trust, Inc.   787    8,940 
Morgan Stanley Emerging Markets Debt Fund, Inc.   1,100    8,558 
BlackRock Resources & Commodities Strategy Trust   567    6,260 
Voya Infrastructure Industrials and Materials Fund2   532    6,187 
Tekla Healthcare Opportunities Fund   273    6,077 
First Trust Intermediate Duration Preferred & Income Fund2   276    6,069 
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.   262    6,005 
Cohen & Steers Select Preferred and Income Fund, Inc.   259    5,978 
Putnam Master Intermediate Income Trust   1,652    5,914 
John Hancock Income Securities Trust   433    5,910 
Nuveen Preferred & Income Opportunities Fund   688    5,903 
Putnam Premier Income Trust   1,478    5,897 
Allspring Global Dividend Oppo   1,112    5,894 
Nuveen Senior Income Fund   1,032    5,851 
Allspring Income Opportunities   740    5,846 
Nuveen Global High Income Fund   410    5,838 
BlackRock Limited Duration Income Trust   407    5,837 
MFS Charter Income Trust   795    5,835 
BlackRock MuniHoldings New York Quality Fund, Inc.   455    5,833 
Nuveen Preferred & Income Securities Fund   694    5,829 
Credit Suisse Asset Management Income Fund, Inc.   1,910    5,825 
MFS Multimarket Income Trust   1,097    5,825 
Invesco Bond Fund   332    5,817 
Western Asset Investment Grade Income Fund, Inc.   426    5,806 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Value 
Credit Suisse High Yield Bond Fund   2,661   $5,801 
BlackRock Debt Strategies Fund, Inc.   555    5,783 
First Trust High Income Long/Short Fund   426    5,734 
Western Asset Inflation-Linked Opportunities & Income Fund   477    5,729 
Pioneer High Income Fund, Inc.   705    5,725 
Nuveen New York Municipal Value Fund   634    5,719 
Invesco High Income Trust II   463    5,718 
Western Asset Municipal High Income Fund, Inc.   811    5,709 
MFS Government Markets Income Trust   1,508    5,700 
Nuveen Select Maturities Municipal Fund   595    5,700 
BNY Mellon Strategic Municipal Bond Fund, Inc.   806    5,698 
Western Asset Global High Income Fund, Inc.   671    5,683 
Pioneer Diversified High Income Fund, Inc.   441    5,676 
BlackRock Core Bond Trust   436    5,668 
Western Asset Inflation - Linked Securities & Income Fund   484    5,663 
Nuveen California Municipal Value Fund, Inc.   617    5,652 
BlackRock MuniYield Quality Fund II, Inc.   465    5,650 
BlackRock MuniHoldings Fund, Inc.   397    5,649 
Putnam Managed Municipal Income Trust   798    5,642 
Nuveen Massachusetts Quality Municipal Income Fund   443    5,635 
Invesco Quality Municipal Income Trust   497    5,631 
Western Asset Premier Bond Fund   467    5,604 
Nuveen Enhanced Municipal Value Fund   428    5,573 
Federated Hermes Premier Municipal Income Fund   438    5,567 
BNY Mellon Strategic Municipals, Inc.   774    5,565 
PIMCO New York Municipal Income Fund   552    5,559 
Western Asset Intermediate Muni Fund, Inc.   647    5,558 
BlackRock MuniYield Quality Fund, Inc.   403    5,557 
BlackRock New York Municipal Income Trust   455    5,542 
Eaton Vance Municipal Bond Fund   479    5,508 
Nuveen Georgia Quality Municipal Income Fund   471    5,482 
PIMCO New York Municipal Income Fund II   577    5,481 

 

CLOSED-END FUNDS - 5.9% (continued)
Pioneer Municipal High Income Advantage Fund, Inc.   557    5,475 
Nuveen AMT-Free Quality Municipal Income Fund   416    5,466 
Nuveen Quality Municipal Income Fund   407    5,438 
New Ireland Fund, Inc.   566    5,236 
First Trust Aberdeen Emerging Opportunity Fund   495    5,094 
Total Closed-End Funds          
(Cost $2,958,637)        2,868,132 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 10.2%
U.S. Treasury Bills
0.16% due 04/05/223,4  $2,800,000    2,799,960 
0.12% due 05/05/224,8   2,168,000    2,167,698 
Total U.S. Treasury Bills          
(Cost $4,967,701)        4,967,658 

 

REPURCHASE AGREEMENTS††,5 - 19.0%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/226
   6,239,543    6,239,543 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/226
   2,403,194    2,403,194 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/226
   624,830    624,830 
Total Repurchase Agreements          
(Cost $9,267,567)        9,267,567 

 

   Shares     
SECURITIES LENDING COLLATERAL†,6 - 0.1%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%7   66,418    66,418 
Total Securities Lending Collateral          
(Cost $66,418)        66,418 
Total Investments - 94.9%          
(Cost $46,446,627)       $46,237,038 

 

COMMON STOCKS SOLD SHORT - (7.5)%
Industrial - (0.3)%
II-VI, Inc.*   1,901    (137,804)
Consumer, Cyclical - (0.6)%          
DraftKings, Inc. — Class A*   5,192    (101,088)
Frontier Group Holdings, Inc.*   16,659    (188,747)
Total Consumer, Cyclical        (289,835)
Consumer, Non-cyclical - (0.7)%          
Quidel Corp.*   3,239    (364,258)
Technology - (1.2)%          
MKS Instruments, Inc.   604    (90,600)
Entegris, Inc.   1,344    (176,413)
Take-Two Interactive Software, Inc.*   1,968    (302,560)
Total Technology        (569,573)
Financial - (4.7)%          
Columbia Banking System, Inc.   5,673    (183,068)

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS SOLD SHORT - (7.5)% (continued)
Financial - (4.7)% (continued)
New York Community Bancorp, Inc.   21,955   $(235,358)
Raymond James Financial, Inc.   2,195    (241,252)
Citizens Financial Group, Inc.   5,724    (259,469)
VICI Properties, Inc.   13,842    (393,943)
Goldman Sachs Group, Inc.   1,224    (404,042)
M&T Bank Corp.   3,412    (578,334)
Total Financial        (2,295,466)
Total Common Stocks Sold Short          
(Proceeds $3,823,007)        (3,656,936)

 

EXCHANGE-TRADED FUNDS SOLD SHORT - (6.6)%
iShares Latin America 40 ETF   47    (1,428)
SPDR Gold Shares — Class D*   26    (4,697)
iShares 7-10 Year Treasury Bond ETF   101    (10,854)
iShares Agency Bond ETF   99    (11,118)
Energy Select Sector SPDR Fund   161    (12,307)
iShares TIPS Bond ETF   178    (22,173)
VanEck High Yield Muni ETF   388    (22,271)
VanEck Gold Miners ETF   648    (24,851)
iShares iBoxx $ Investment Grade Corporate Bond ETF   212    (25,639)
iShares Core High Dividend ETF   265    (28,326)
Health Care Select Sector SPDR Fund   398    (54,522)
iShares Russell 1000 Growth ETF   239   (66,354)
iShares Preferred & Income Securities ETF   1,904    (69,344)
iShares U.S. Real Estate ETF   731    (79,109)
SPDR Bloomberg Convertible Securities ETF   1,273    (97,957)
Invesco Senior Loan ETF   5,905    (128,552)
iShares National Muni Bond ETF   1,636    (179,371)
Schwab U.S. Aggregate Bond ETF   4,170    (210,877)
iShares Russell 1000 Value ETF   1,388    (230,380)
iShares Russell 2000 Index ETF   1,234    (253,303)
SPDR S&P 500 ETF Trust   651    (294,018)
iShares Floating Rate Bond ETF   6,260    (316,255)
SPDR Nuveen Bloomberg Municipal Bond ETF   8,534    (408,608)
iShares iBoxx High Yield Corporate Bond ETF   8,149    (670,581)
Total Exchange-Traded Funds Sold Short          
(Proceeds $3,348,398)        (3,222,895)
Total Securities Sold Short - (14.1)%          
(Proceeds $7,171,405)       $(6,879,831)
Other Assets & Liabilities, net - 19.2%        9,367,343 
Total Net Assets - 100.0%       $48,724,550 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Commodity Futures Contracts Purchased    
Cotton #2 Futures Contracts   36   Dec 2022  $2,001,240   $153,497 
Corn Futures Contracts   28   Sep 2022   972,300    74,518 
Natural Gas Futures Contracts   2   Apr 2022   113,040    21,815 
Sugar #11 Futures Contracts   10   Apr 2022   218,624    9,477 
Brent Crude Futures Contracts   1   Apr 2022   104,970    9,328 
Gasoline RBOB Futures Contracts   1   Apr 2022   131,981    8,376 
Lean Hogs Futures Contracts   2   Jun 2022   96,760    5,565 
LME Lead Futures Contracts   2   May 2022   121,100    857 
Soybean Oil Futures Contracts   4   May 2022   167,616    (540)
Soybean Futures Contracts   1   May 2022   80,862    (1,291)
NY Harbor ULSD Futures Contracts   1   Apr 2022   141,137    (4,060)
Hard Red Winter Wheat Futures Contracts   2   May 2022   103,200    (4,391)
WTI Crude Futures Contracts   1   Apr 2022   100,680    (5,939)
Wheat Futures Contracts   2   May 2022   100,800    (11,031)
Coffee 'C' Futures Contracts   2   May 2022   169,312    (16,881)
Soybean Meal Futures Contracts   36   Dec 2022   1,483,560    (42,981)
Soybean Futures Contracts   33   Nov 2022   2,340,938    (60,943)
Low Sulphur Gas Oil Futures Contracts   11   Jul 2022   1,014,475    (80,043)
           $9,462,595   $55,333 
                   
Equity Futures Contracts Purchased                  
CBOE Volatility Index Futures Contracts   71   Jul 2022  $1,853,100   $23,437 
CBOE Volatility Index Futures Contracts   57   Sep 2022   1,517,910    12,213 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Equity Futures Contracts Purchased (continued)    
S&P/TSX 60 IX Index Futures Contracts   1   Jun 2022  $211,264   $4,402 
FTSE 100 Index Futures Contracts   1   Jun 2022   97,847    687 
           $3,680,121   $40,739 
                   
Currency Futures Contracts Purchased                  
Canadian Dollar Futures Contracts   11   Jun 2022  $879,560   $22,063 
New Zealand Dollar Futures Contracts   20   Jun 2022   1,384,300    21,169 
Euro FX Futures Contracts   4   Jun 2022   554,675    8,288 
British Pound Futures Contracts   23   Jun 2022   1,887,869    (1,396)
Japanese Yen Futures Contracts   19   Jun 2022   1,954,625    (78,068)
           $6,661,029   $(27,944)
                   
Interest Rate Futures Contracts Purchased                  
Australian Government 10 Year Bond Futures Contracts   26   Jun 2022  $2,473,123   $(16,618)
Euro - BTP Italian Government Bond Futures Contracts††   34   Jun 2022  5,210,048   (117,537)
Euro - OATS Futures Contracts   35   Jun 2022   5,864,059    (252,431)
           $13,547,230   $(386,586)
                   
Interest Rate Futures Contracts Sold Short                  
Canadian Government 10 Year Bond Futures Contracts   46   Jun 2022  $4,799,081   $143,337 
U.S. Treasury 10 Year Note Futures Contracts   48   Jun 2022   5,892,750    139,552 
Euro - Bund Futures Contracts   15   Jun 2022   2,633,507    75,651 
Long Gilt Futures Contracts††   28   Jun 2022   4,461,668    33,520 
Euro - 30 year Bond Futures Contracts   1   Jun 2022   205,511    539 
U.S. Treasury Ultra Long Bond Futures Contracts   1   Jun 2022   177,094    17 
U.S. Treasury Long Bond Futures Contracts   1   Jun 2022   150,250    (206)
           $18,319,861   $392,410 
                   
Commodity Futures Contracts Sold Short                  
Low Sulphur Gas Oil Futures Contracts   7   May 2022  $700,350   $96,413 
Soybean Futures Contracts   24   Jul 2022   1,917,300    34,734 
Soybean Meal Futures Contracts   22   May 2022   1,029,380    11,374 
Cattle Feeder Futures Contracts   6   May 2022   499,425    (2,768)
Corn Futures Contracts   16   May 2022   598,000    (8,648)
Cotton #2 Futures Contracts   3   May 2022   203,310    (23,619)
Cotton #2 Futures Contracts   20   Jul 2022   1,317,600    (111,653)
           $6,265,365   $(4,167)
                   
Currency Futures Contracts Sold Short                  
Swiss Franc Futures Contracts   65   Jun 2022  $8,818,063   $(524)
Australian Dollar Futures Contracts   28   Jun 2022   2,097,620    (30,246)
           $10,915,683   $(30,770)
                   
Equity Futures Contracts Sold Short                  
FTSE MIB Index Futures Contracts   1   Jun 2022  $134,226   $745 
Euro STOXX 50 Index Futures Contracts   2   Jun 2022   84,076    519 
OMX Stockholm 30 Index Futures Contracts††   5   Apr 2022   109,390    (13)
Russell 2000 Index Mini Futures Contracts   1   Jun 2022   103,250    (95)
IBEX 35 Index Futures Contracts††   1   Apr 2022   92,218    (1,735)
CAC 40 10 Euro Index Futures Contracts   1   Apr 2022   73,332    (3,488)
SPI 200 Index Futures Contracts   1   Jun 2022   139,155    (7,009)
Nikkei 225 (OSE) Index Futures Contracts   1   Jun 2022   226,251    (10,078)
Tokyo Stock Price Index Futures Contracts   1   Jun 2022   158,310    (15,246)
CBOE Volatility Index Futures Contracts   50   Apr 2022   1,172,500    (59,238)
           $2,292,708   $(95,638)

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED 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 Market Neutral Custom Basket   Pay   0.73% (Federal Funds Rate + 0.40%)  At Maturity  08/31/23  $6,860,659   $890,315 
                            
Goldman Sachs International  GS Equity Market Neutral Custom Basket   Pay   0.78% (Federal Funds Rate + 0.45%)  At Maturity  05/06/24   6,833,939    852,900 
                            
Morgan Stanley Capital Services LLC  MS Long/Short Equity Custom Basket   Pay   0.73% (Federal Funds Rate + 0.40%)  At Maturity  08/31/23   5,008,678    246,136 
                            
Goldman Sachs International  GS Long/Short Equity Custom Basket   Pay   0.78% (Federal Funds Rate + 0.45%)  At Maturity  05/06/24   5,008,656    244,043 
                    $23,711,932   $2,233,394 
OTC Custom Basket Swap Agreements Sold Short††                   
Morgan Stanley Capital Services LLC  MS Long/Short Equity Custom Basket   Receive   0.03% (Federal Funds Rate - 0.30%)  At Maturity  08/31/23  $3,068,398   $(84,307)
Goldman Sachs International  GS Long/Short Equity Custom Basket   Receive   0.13% (Federal Funds Rate - 0.20%)  At Maturity  05/06/24   3,031,405    (84,549)
Morgan Stanley Capital Services LLC  MS Equity Market Neutral Custom Basket   Receive   0.03% (Federal Funds Rate - 0.30%)  At Maturity  08/31/23   7,102,023    (167,737)
Goldman Sachs International  GS Equity Market Neutral Custom Basket   Receive   0.12% (Federal Funds Rate - 0.21%)  At Maturity  05/06/24   7,102,652    (181,697)
                    $20,304,478   $(518,290)

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

MS EQUITY MARKET NEUTRAL  LONG CUSTOM BASKET    
   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Financial            
AvalonBay Communities, Inc.   1,345    4.87%  $93,548 
Sun Communities, Inc.   2,236    5.71%   85,627 
Equity Residential   3,758    4.93%   82,730 
National Storage Affiliates Trust   6,965    6.37%   65,530 
Ryman Hospitality Properties, Inc.   3,155    4.27%   62,470 
Ventas, Inc.   3,322    2.99%   57,225 
Prologis, Inc.   992    2.33%   51,922 
Alexandria Real Estate Equities, Inc.   1,523    4.47%   48,492 
Rexford Industrial Realty, Inc.   3,303    3.59%   47,239 
Gaming and Leisure Properties, Inc.   7,161    4.90%   39,357 
American Assets Trust, Inc.   6,357    3.51%   35,231 
Invitation Homes, Inc.   6,596    3.86%   31,443 
American Campus Communities, Inc.   3,336    2.72%   29,973 
Brixmor Property Group, Inc.   6,385    2.40%   29,662 
DiamondRock Hospitality Co.   17,392    2.56%   26,683 
Healthpeak Properties, Inc.   3,040    1.52%   22,563 
MGM Growth Properties LLC — Class A   3,737    2.11%   20,016 
Kite Realty Group Trust   11,942    3.96%   19,109 
Hudson Pacific Properties, Inc.   9,046    3.66%   18,551 
Xenia Hotels & Resorts, Inc.   17,752    4.99%   17,081 
VICI Properties, Inc.   8,381    3.48%   15,021 
SITE Centers Corp.   9,279    2.26%   8,808 
Acadia Realty Trust   10,753    3.40%   7,993 
NETSTREIT Corp.   4,723    1.54%   4,802 
Agree Realty Corp.   2,860    2.77%   1,923 
PS Business Parks, Inc.   157    0.38%   1,054 
Medical Properties Trust, Inc.   8,525    2.63%   788 
Four Corners Property Trust, Inc.   11,177    4.41%   (7,012)
Empire State Realty Trust, Inc. — Class A   23,821    3.41%   (27,514)
Total Financial             890,315 
Total MS Equity Market Neutral  Long Custom Basket            $890,315 

 

MS EQUITY MARKET NEUTRAL  SHORT CUSTOM BASKET    
Financial            
Broadstone Net Lease, Inc.   14,429    (4.42)%   67,191 
STORE Capital Corp.   9,334    (3.84)%   45,661 
Omega Healthcare Investors, Inc.   8,364    (3.67)%  39,350 
Necessity Retail REIT, Inc.   20,544    (2.29)%   19,595 
Office Properties Income Trust   10,022    (3.63)%   16,752 
RLJ Lodging Trust   21,603    (4.28)%   16,280 
LTC Properties, Inc.   4,557    (2.47)%   13,102 
Industrial Logistics Properties Trust   4,857    (1.55)%   8,575 
National Health Investors, Inc.   483    (0.40)%   7,376 
Easterly Government Properties, Inc.   5,404    (1.61)%   3,174 
Equity Commonwealth   5,716    (2.27)%   (285)
Essential Properties Realty Trust, Inc.   12,001    (4.28)%   (2,376)
Corporate Office Properties Trust   5,789    (2.33)%   (5,799)
Douglas Emmett, Inc.   9,109    (4.29)%   (9,004)
Realty Income Corp.   7,784    (7.60)%   (9,184)
CubeSmart   2,286    (1.67)%   (13,226)
Apartment Income REIT Corp.   3,186    (2.40)%   (18,217)
Phillips Edison & Company, Inc.   11,302    (5.47)%   (19,651)
Camden Property Trust   1,440    (3.37)%   (22,751)
Welltower, Inc.   1,944    (2.63)%   (26,269)
Host Hotels & Resorts, Inc.   12,653    (3.46)%   (27,609)
Washington Real Estate Investment Trust   11,364    (4.08)%   (30,307)
STAG Industrial, Inc.   6,922    (4.03)%   (36,367)
Apple Hospitality REIT, Inc.   28,252    (7.15)%   (69,164)
Mid-America Apartment Communities, Inc.   2,368    (6.98)%   (99,769)
Total Financial             (152,922)
Exchange- Traded Funds               
Vanguard Real Estate ETF   6,440    (9.83)%   (14,815)
Total MS Equity Market Neutral  Short Custom Basket            $(167,737)

 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

GS EQUITY MARKET NEUTRAL  LONG CUSTOM BASKET    
   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Financial               
AvalonBay Communities, Inc.   1,345    4.88%  $93,302 
Equity Residential   3,758    4.94%   82,346 
National Storage Affiliates Trust   6,965    6.40%   65,304 
Ryman Hospitality Properties, Inc.   3,147    4.27%   63,300 
Ventas, Inc.   3,322    3.00%   57,151 
Sun Communities, Inc.   2,236    5.74%   57,108 
Prologis, Inc.   992    2.34%   51,917 
Alexandria Real Estate Equities, Inc.   1,523    4.49%   48,626 
Rexford Industrial Realty, Inc.   3,303    3.61%   47,097 
Gaming and Leisure Properties, Inc.   7,161    4.92%   39,298 
American Assets Trust, Inc.   6,357    3.52%   35,495 
Invitation Homes, Inc.   6,596    3.88%   31,417 
Brixmor Property Group, Inc.   6,385    2.41%   29,689 
American Campus Communities, Inc.   3,336    2.73%   29,416 
DiamondRock Hospitality Co.   17,392    2.57%   26,570 
MGM Growth Properties LLC — Class A   3,737    2.12%   20,044 
Kite Realty Group Trust   11,942    3.98%   19,331 
Hudson Pacific Properties, Inc.   9,046    3.67%   18,508 
Xenia Hotels & Resorts, Inc.   17,752    5.01%   16,694 
Healthpeak Properties, Inc.   3,040    1.53%   15,329 
VICI Properties, Inc.   8,381    3.49%   14,867 
Acadia Realty Trust   10,753    3.41%   8,303 
SITE Centers Corp.   9,279    2.27%   7,063 
NETSTREIT Corp.   4,981    1.64%   4,946 
Agree Realty Corp.   2,740    2.66%   1,333 
Medical Properties Trust, Inc.   8,525    2.64%   720 
PS Business Parks, Inc.   97    0.24%   650 
Four Corners Property Trust, Inc.   11,177    4.42%   (6,541)
Empire State Realty Trust, Inc. — Class A   22,424    3.22%   (26,383)
Total Financial             852,900 
Total GS Equity Market Neutral  Long Custom Basket            $852,900 

 

GS EQUITY MARKET NEUTRAL  SHORT CUSTOM BASKET              
Financial              
Broadstone Net Lease, Inc.   14,429    

(4.43

)%

  $63,747 
STORE Capital Corp.   9,334    

(3.84

)%

   45,747 
Omega Healthcare Investors, Inc.   8,364    

(3.67

)%

   40,543 
Necessity Retail REIT, Inc.   20,544    

(2.29

)%

   19,784 
RLJ Lodging Trust   21,598    

(4.28

)%

   17,933 
Office Properties Income Trust   10,022    

(3.63

)%

   17,759 
LTC Properties, Inc.   4,557    

(2.47

)%

   13,182 
Industrial Logistics Properties Trust   4,857    

(1.55

)%

   8,635 
National Health Investors, Inc.   483    

(0.40

)%

   7,404 
Easterly Government Properties, Inc.   5,404    

(1.61

)%

   3,174 
Equity Commonwealth   5,716    

(2.27

)%

   (229)
Essential Properties Realty Trust, Inc.   12,613    

(4.49

)%

   (4,361)
Corporate Office Properties Trust   5,271    

(2.12

)%

   (5,250)
Douglas Emmett, Inc.   9,109    

(4.29

)%

   (8,415)
Realty Income Corp.   7,784    

(7.59

)%

   (9,772)
CubeSmart   2,286    

(1.67

)%

   (13,317)
Apartment Income REIT Corp.   3,186    

(2.40

)%

   (18,033)
Phillips Edison & Company, Inc.   11,302    

(5.47

)%

   (21,961)
Camden Property Trust   1,440    

(3.37

)%

   (22,794)
Welltower, Inc.   1,944    

(2.63

)%

   (26,570)
Host Hotels & Resorts, Inc.   12,653    

(3.46

)%

   (27,718)
Washington Real Estate Investment Trust   11,364    

(4.08

)%

   (31,036)
STAG Industrial, Inc.   6,922    

(4.03

)%

   (36,804)
Apple Hospitality REIT, Inc.   28,252    

(7.15

)%

   (78,025)
Mid-America Apartment Communities, Inc.   2,368    

(6.98

)%

   (100,334)
Total Financial            (166,711)
Exchange Traded Funds              
Vanguard Real Estate ETF   6,440    

(9.83

)%

   (14,986)
Total GS Equity Market Neutral  Short Custom Basket           $(181,697)

 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

MS LONG/SHORT EQUITY LONG CUSTOM BASKET    
   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Consumer, Non-cyclical               
Amphastar Pharmaceuticals, Inc.   1,035    0.72%  $16,427 
Innoviva, Inc.   2,097    0.79%   14,471 
AbbVie, Inc.   286    0.93%   13,108 
United Therapeutics Corp.   102    0.37%   9,195 
Regeneron Pharmaceuticals, Inc.   56    0.78%   8,612 
Amgen, Inc.   194    0.94%   8,284 
Bristol-Myers Squibb Co.   778    1.13%   8,141 
Prestige Consumer Healthcare, Inc.   478    0.51%   7,996 
Vertex Pharmaceuticals, Inc.   109    0.57%   7,444 
Molson Coors Beverage Co. — Class B   526    0.56%   6,968 
Eagle Pharmaceuticals, Inc.   658    0.65%   5,596 
Johnson & Johnson   319    1.13%   5,577 
Hologic, Inc.   592    0.91%   5,044 
Quest Diagnostics, Inc.   179    0.49%   2,446 
Perdoceo Education Corp.   3,511    0.80%   1,986 
Corteva, Inc.   221    0.25%   1,896 
Exelixis, Inc.   742    0.34%   1,702 
Merck & Company, Inc.   272    0.45%   1,472 
Incyte Corp.   412    0.65%   1,297 
John B Sanfilippo & Son, Inc.   630    1.05%   1,239 
Halozyme Therapeutics, Inc.   342    0.27%   753 
Royalty Pharma plc — Class A   522    0.41%   140 
Premier, Inc. — Class A   293    0.21%   (515)
Abbott Laboratories   197    0.47%   (592)
Waters Corp.   62    0.38%   (593)
Laboratory Corporation of America Holdings   63    0.33%   (878)
Pfizer, Inc.   328    0.34%   (1,730)
Gilead Sciences, Inc.   871    1.03%   (2,450)
EVERTEC, Inc.   594    0.49%   (3,011)
USANA Health Sciences, Inc.   357    0.57%   (6,723)
Bio-Rad Laboratories, Inc. — Class A   55    0.62%   (7,230)
Vanda Pharmaceuticals, Inc.   1,834    0.41%   (9,217)
Total Consumer, Non-cyclical             96,855 
Consumer, Cyclical               
AutoZone, Inc.   28    1.14%   13,992 
Cummins, Inc.   176    0.72%   5,327 
Gentex Corp.   1,830    1.07%   5,109 
AutoNation, Inc.   146    0.29%   4,962 
Brunswick Corp.   236    0.38%   4,781 
Ethan Allen Interiors, Inc.   1,010    0.53%   2,056 
Allison Transmission Holdings, Inc.   875    0.69%   1,783 
Methode Electronics, Inc.   399    0.34%   336 
Tapestry, Inc.   386    0.29%   (2)
Columbia Sportswear Co.   241    0.44%   (3)
Dolby Laboratories, Inc. — Class A   410    0.64%   (430)
Zumiez, Inc.   344    0.26%   (826)
Autoliv, Inc.   168    0.26%   (1,743)
Buckle, Inc.   311    0.21%   (2,010)
MarineMax, Inc.   258    0.21%   (2,142)
Haverty Furniture Companies, Inc.   370    0.20%   (2,263)
Tri Pointe Homes, Inc.   1,007    0.40%   (2,665)
Shoe Carnival, Inc.   371    0.22%   (2,927)
Jack in the Box, Inc.   201    0.37%   (3,184)
LKQ Corp.   354    0.32%   (3,684)
PulteGroup, Inc.   356    0.30%   (4,012)
NVR, Inc.   9    0.80%   (4,774)
Toll Brothers, Inc.   275    0.26%   (5,493)
Acushnet Holdings Corp.   595    0.48%   (5,697)
Whirlpool Corp.   256    0.88%   (11,394)
Total Consumer, Cyclical             (14,903)
Basic Materials               
Westlake Corp.   309    0.76%   9,474 
LyondellBasell Industries N.V. — Class A   412    0.85%   5,104 
Dow, Inc.   679    0.86%   4,865 
AdvanSix, Inc.   397    0.40%   2,873 
NewMarket Corp.   43    0.28%   501 
Reliance Steel & Aluminum Co.   108    0.40%   (412)
Minerals Technologies, Inc.   353    0.47%   (1,210)
International Paper Co.   779    0.72%   (1,286)
Total Basic Materials             19,909 
Technology               
CSG Systems International, Inc.   859    1.09%   15,624 
Rambus, Inc.   1,172    0.75%   13,934 
NetApp, Inc.   312    0.52%   9,929 
ExlService Holdings, Inc.   111    0.32%   4,230 
Lumentum Holdings, Inc.   153    0.30%   2,422 
Akamai Technologies, Inc.   140    0.33%   947 
Dropbox, Inc. — Class A   485    0.23%   695 
Genpact Ltd.   252    0.22%   425 
NetScout Systems, Inc.   350    0.22%   242 
Progress Software Corp.   412    0.39%   225 
SS&C Technologies Holdings, Inc.   140    0.21%   (109)
Skyworks Solutions, Inc.   78    0.21%   (140)
Ziff Davis, Inc.   146    0.28%   (235)
Intel Corp.   413    0.41%   (413)
Qorvo, Inc.   81    0.20%   (637)
CommVault Systems, Inc.   165    0.22%   (2,238)
Xperi Holding Corp.   1,230    0.43%   (3,736)
Total Technology             41,165 
Industrial               
Snap-on, Inc.   217    0.89%   12,004 
Mueller Industries, Inc.   933    1.01%   10,717 
Owens Corning   180    0.33%   9,124 
Knowles Corp.   2,490    1.07%   6,658 
Vishay Intertechnology, Inc.   2,812    1.10%   6,571 
Packaging Corporation of America   248    0.77%   5,728 
Crane Co.   251    0.54%   3,376 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Encore Wire Corp.   193    0.44%  $3,075 
TTM Technologies, Inc.   2,579    0.76%   2,484 
Dorian LPG Ltd.   1,013    0.29%   1,814 
Sanmina Corp.   1,081    0.87%   1,318 
Albany International Corp. — Class A   187    0.31%   1,286 
Louisiana-Pacific Corp.   269    0.33%   728 
Keysight Technologies, Inc.   69    0.22%   451 
Hillenbrand, Inc.   686    0.60%   (608)
Insteel Industries, Inc.   333    0.25%   (664)
Arrow Electronics, Inc.   88    0.21%   (838)
Sturm Ruger & Company, Inc.   626    0.87%   (1,635)
UFP Industries, Inc.   167    0.26%   (1,896)
Eagle Materials, Inc.   188    0.48%   (3,440)
OSI Systems, Inc.   325    0.55%   (3,873)
Vontier Corp.   629    0.32%   (4,888)
3M Co.   362    1.08%   (6,108)
Garmin Ltd.   437    1.03%   (7,921)
Total Industrial             33,463 
Communications               
Cisco Systems, Inc.   521    0.58%   8,716 
Omnicom Group, Inc.   253    0.43%   8,121 
Viavi Solutions, Inc.   1,736    0.56%   7,601 
Juniper Networks, Inc.   393    0.29%   5,899 
F5, Inc.   53    0.22%   859 
Interpublic Group of Companies, Inc.   696    0.49%   760 
Nexstar Media Group, Inc. — Class A   133    0.50%   750 
Alphabet, Inc. — Class C   7    0.39%   116 
InterDigital, Inc.   313    0.40%   (268)
Comcast Corp. — Class A   1,038    0.97%   (423)
Shenandoah Telecommunications Co.   925    0.44%   (537)
NETGEAR, Inc.   398    0.20%   (1,389)
Yelp, Inc. — Class A   851    0.58%   (1,606)
Verizon Communications, Inc.   984    1.00%   (3,009)
Meta Platforms, Inc. — Class A   224    0.99%   (4,499)
Total Communications             21,091 
Utilities               
National Fuel Gas Co.   821    1.13%   13,162 
IDACORP, Inc.   450    1.04%   10,477 
Southern Co.   381    0.55%   6,524 
Chesapeake Utilities Corp.   352    0.97%   6,085 
Portland General Electric Co.   915    1.01%   4,706 
Duke Energy Corp.   469    1.05%   3,736 
MGE Energy, Inc.   728    1.16%   2,661 
CMS Energy Corp.   823    1.15%   2,586 
American States Water Co.   179    0.32%   1,248 
WEC Energy Group, Inc.   211    0.42%   1,195 
California Water Service Group   249    0.29%   332 
Otter Tail Corp.   476    0.59%   (148)
PPL Corp.   1,033    0.59%   (1,089)
Total Utilities             51,475 
Financial               
Arch Capital Group Ltd.   1,149    1.11%   9,843 
Safety Insurance Group, Inc.   642    1.16%   7,154 
Enstar Group Ltd.   192    1.00%   6,685 
Raymond James Financial, Inc.   263    0.58%   6,008 
Markel Corp.   20    0.59%   5,049 
Everest Re Group Ltd.   107    0.64%   3,441 
Preferred Bank/Los Angeles CA   559    0.83%   3,200 
Travelers Companies, Inc.   239    0.87%   2,399 
Equity Commonwealth   978    0.55%   2,099 
BankUnited, Inc.   734    0.64%   1,889 
PS Business Parks, Inc.   192    0.64%   1,300 
Western Union Co.   1,059    0.40%   911 
Old Republic International Corp.   1,726    0.89%   550 
WP Carey, Inc.   140    0.23%   511 
Easterly Government Properties, Inc.   811    0.34%   336 
United Bankshares, Inc.   1,061    0.74%   112 
Stewart Information Services Corp.   684    0.83%   (56)
First American Financial Corp.   312    0.40%   (272)
Fulton Financial Corp.   2,250    0.75%   (616)
Radian Group, Inc.   1,763    0.78%   (1,004)
Janus Henderson Group plc   600    0.42%   (1,078)
HomeStreet, Inc.   641    0.61%   (1,265)
Interactive Brokers Group, Inc. — Class A   455    0.60%   (1,273)
Fidelity National Financial, Inc.   647    0.63%   (1,379)
Citigroup, Inc.   310    0.33%   (1,824)
PotlatchDeltic Corp.   333    0.35%   (1,858)
OneMain Holdings, Inc.   549    0.52%   (2,774)
Piper Sandler Cos.   224    0.59%   (2,780)
Essent Group Ltd.   691    0.57%   (3,307)
MGIC Investment Corp.   2,647    0.72%   (3,382)
Mercury General Corp.   993    1.09%   (3,924)
Meta Financial Group, Inc.   442    0.48%   (3,991)
National Bank Holdings Corp. — Class A   1,249    1.00%   (4,181)
AMERISAFE, Inc.   764    0.76%   (5,450)
Hilltop Holdings, Inc.   918    0.54%   (6,894)
Evercore, Inc. — Class A   297    0.66%   (7,654)
Total Financial             (3,475)
Energy               
Kinder Morgan, Inc.   1,563    0.59%   539 
Exxon Mobil Corp.   221    0.36%   17 
Total Energy             556 
Total MS Long/Short Equity Long Custom Basket            $246,136 

 

MS LONG/SHORT EQUITY SHORT CUSTOM BASKET    
Consumer, Non-cyclical            
Guardant Health, Inc.   272    (0.62)%  $15,322 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
CoStar Group, Inc.   484    (1.05)%  $9,998 
Viad Corp.   682    (0.79)%   6,631 
Equifax, Inc.   133    (1.03)%   3,946 
Driven Brands Holdings, Inc.   1,386    (1.19)%   2,744 
TransUnion   232    (0.78)%   2,194 
ASGN, Inc.   209    (0.79)%   1,766 
Dun & Bradstreet Holdings, Inc.   993    (0.57)%   1,649 
Natera, Inc.   89    (0.12)%   1,477 
Cooper Companies, Inc.   27    (0.37)%   255 
Verisk Analytics, Inc. — Class A   170    (1.19)%   (39)
Intellia Therapeutics, Inc.   61    (0.14)%   (49)
Booz Allen Hamilton Holding Corp.   220    (0.63)%   (382)
UnitedHealth Group, Inc.   30    (0.50)%   (773)
Cintas Corp.   139    (1.93)%   (1,348)
Rollins, Inc.   817    (0.93)%   (1,667)
Sysco Corp.   323    (0.86)%   (2,204)
Bunge Ltd.   236    (0.85)%   (2,654)
Quanta Services, Inc.   142    (0.61)%   (3,214)
Total Consumer, Non-cyclical             33,652 
Communications               
Lyft, Inc. — Class A   673    (0.84)%   2,833 
Okta, Inc.   33    (0.16)%   1,541 
Airbnb, Inc. — Class A   36    (0.20)%   712 
Trade Desk, Inc. — Class A   109    (0.25)%   (257)
Palo Alto Networks, Inc.   10    (0.20)%   (484)
DoorDash, Inc. — Class A   101    (0.39)%   (1,910)
Total Communications             2,435 
Consumer, Cyclical               
United Airlines Holdings, Inc.   671    (1.01)%   6,928 
Delta Air Lines, Inc.   790    (1.02)%   5,447 
MillerKnoll, Inc.   1,320    (1.49)%   3,490 
IAA, Inc.   335    (0.42)%   3,403 
Freshpet, Inc.   112    (0.37)%   3,065 
MGM Resorts International   319    (0.44)%   476 
American Airlines Group, Inc.   2,207    (1.31)%   388 
Copart, Inc.   362    (1.48)%   104 
Southwest Airlines Co.   432    (0.64)%   (134)
JetBlue Airways Corp.   784    (0.38)%   (336)
Royal Caribbean Cruises Ltd.   132    (0.36)%   (626)
Hilton Worldwide Holdings, Inc.   94    (0.46)%   (653)
Carnival Corp.   488    (0.32)%   (850)
Lululemon Athletica, Inc.   36    (0.43)%   (1,891)
Total Consumer, Cyclical             18,811 
Financial               
Americold Realty Trust   661    (0.60)%   5,979 
Western Alliance Bancorporation   341    (0.92)%   5,543 
SVB Financial Group   36    (0.66)%   4,159 
Sun Communities, Inc.   224    (1.28)%   3,413 
Equinix, Inc.   51    (1.23)%   3,147 
Bank of New York Mellon Corp.   212    (0.34)%   2,461 
Invitation Homes, Inc.   974    (1.28)%   2,106 
Equitable Holdings, Inc.   1,367    (1.38)%   1,432 
RLJ Lodging Trust   3,160    (1.45)%   1,198 
Regions Financial Corp.   624    (0.45)%   873 
Park Hotels & Resorts, Inc.   2,094    (1.33)%   649 
Signature Bank   76    (0.73)%   506 
Northern Trust Corp.   284    (1.08)%   314 
First Republic Bank   99    (0.52)%   250 
Safehold, Inc.   247    (0.45)%   214 
State Street Corp.   502    (1.43)%   199 
UDR, Inc.   295    (0.55)%   69 
Bank of America Corp.   335    (0.45)%   (142)
Sunstone Hotel Investors, Inc.   2,424    (0.93)%   (173)
Zions Bancorp North America   510    (1.09)%   (240)
Wells Fargo & Co.   473    (0.75)%   (263)
Digital Realty Trust, Inc.   99    (0.46)%   (270)
Goldman Sachs Group, Inc.   112    (1.20)%   (293)
CBRE Group, Inc. — Class A   200    (0.60)%   (300)
Crown Castle International Corp.   184    (1.11)%   (576)
Lincoln National Corp.   189    (0.40)%   (641)
KKR & Company, Inc. — Class A   359    (0.68)%   (928)
Ryman Hospitality Properties, Inc.   347    (1.05)%   (970)
Apple Hospitality REIT, Inc.   606    (0.35)%   (1,184)
SBA Communications Corp.   80    (0.90)%   (1,697)
Xenia Hotels & Resorts, Inc.   1,018    (0.64)%   (1,775)
Apartment Income REIT Corp.   1,023    (1.78)%   (2,298)
Comerica, Inc.   447    (1.32)%   (2,973)
Ventas, Inc.   514    (1.03)%   (3,061)
Welltower, Inc.   422    (1.32)%   (3,905)
Kennedy-Wilson Holdings, Inc.   2,270    (1.80)%   (4,056)
Pebblebrook Hotel Trust   1,460    (1.16)%   (4,080)
Iron Mountain, Inc.   727    (1.31)%   (5,585)
Outfront Media, Inc.   1,433    (1.33)%   (5,763)
Host Hotels & Resorts, Inc.   2,625    (1.66)%   (6,566)
Howard Hughes Corp.   447    (1.51)%   (6,930)
Total Financial             (22,157)
Utilities               
Entergy Corp.   297    (1.13)%   (1,619)
Black Hills Corp.   753    (1.89)%   (6,469)
ONE Gas, Inc.   628    (1.81)%   (6,688)
CenterPoint Energy, Inc.   1,901    (1.90)%   (7,841)
Atmos Energy Corp.   474    (1.85)%   (8,415)
Edison International   825    (1.88)%   (9,467)
Total Utilities             (40,499)
Technology               
Ceridian HCM Holding, Inc.   272    (0.61)%   5,339 
Atlassian Corporation plc — Class A   26    (0.25)%   127 
Datadog, Inc. — Class A   75    (0.37)%   (419)
Bill.com Holdings, Inc.   50    (0.37)%   (684)
Zscaler, Inc.   50    (0.39)%   (954)

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Cloudflare, Inc. — Class A   95    (0.37)%  $(1,048)
Leidos Holdings, Inc.   139    (0.49)%   (2,306)
Crowdstrike Holdings, Inc. — Class A   55    (0.41)%   (2,550)
MongoDB, Inc.   32    (0.46)%   (2,584)
KBR, Inc.   814    (1.45)%   (10,191)
Total Technology             (15,270)
Industrial               
Stericycle, Inc.   642    (1.23)%   9,615 
Boeing Co.   217    (1.35)%   8,310 
MSA Safety, Inc.   130    (0.56)%   926 
Jacobs Engineering Group, Inc.   365    (1.64)%   720 
J.B. Hunt Transport Services, Inc.   93    (0.61)%   260 
TransDigm Group, Inc.   28    (0.59)%   (177)
CH Robinson Worldwide, Inc.   200    (0.70)%   (180)
General Electric Co.   204    (0.61)%   (460)
Republic Services, Inc. — Class A   160    (0.69)%   (2,367)
Waste Management, Inc.   154    (0.80)%   (2,846)
Howmet Aerospace, Inc.   780    (0.91)%   (3,106)
Tetra Tech, Inc.   196    (1.05)%   (5,638)
Casella Waste Systems, Inc. — Class A   512    (1.46)%   (12,263)
Total Industrial             (7,206)
Energy               
NOV, Inc.   1,187    (0.76)%   (4,681)
Range Resources Corp.   561    (0.56)%   (7,244)
Patterson-UTI Energy, Inc.   2,437    (1.23)%   (18,162)
Halliburton Co.   1,614    (1.99)%   (23,986)
Total Energy             (54,073)
Total MS Long/Short Equity Short Custom Basket            $(84,307)

 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

GS LONG/SHORT EQUITY LONG CUSTOM BASKET    
   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Consumer, Non-cyclical            
Amphastar Pharmaceuticals, Inc.   1,035    0.72%  $16,407 
Innoviva, Inc.   2,097    0.79%   14,563 
AbbVie, Inc.   286    0.93%   13,116 
Amgen, Inc.   194    0.94%   9,534 
United Therapeutics Corp.   102    0.37%   9,128 
Regeneron Pharmaceuticals, Inc.   56    0.78%   8,601 
Bristol-Myers Squibb Co.   778    1.13%   8,170 
Prestige Consumer Healthcare, Inc.   478    0.51%   7,980 
Vertex Pharmaceuticals, Inc.   109    0.57%   7,401 
Molson Coors Beverage Co. — Class B   526    0.56%   6,974 
Johnson & Johnson   319    1.13%   5,742 
Eagle Pharmaceuticals, Inc.   658    0.65%   5,281 
Hologic, Inc.   592    0.91%   5,040 
Quest Diagnostics, Inc.   179    0.49%   2,434 
Perdoceo Education Corp.   3,511    0.80%   1,972 
Corteva, Inc.   221    0.25%   1,905 
Exelixis, Inc.   742    0.34%   1,709 
Merck & Company, Inc.   272    0.45%   1,510 
John B Sanfilippo & Son, Inc.   630    1.05%   1,258 
Incyte Corp.   412    0.65%   1,210 
Halozyme Therapeutics, Inc.   342    0.27%   761 
Royalty Pharma plc — Class A   522    0.41%   161 
Premier, Inc. — Class A   293    0.21%   (519)
Waters Corp.   62    0.38%   (588)
Abbott Laboratories   197    0.47%   (618)
Laboratory Corporation of America Holdings   63    0.33%   (847)
Pfizer, Inc.   328    0.34%   (1,736)
Gilead Sciences, Inc.   871    1.03%   (2,472)
EVERTEC, Inc.   594    0.49%   (3,055)
USANA Health Sciences, Inc.   357    0.57%   (6,716)
Bio-Rad Laboratories, Inc. — Class A   55    0.62%   (7,241)
Vanda Pharmaceuticals, Inc.   1,834    0.41%   (9,226)
Total Consumer, Non-cyclical             97,839 
Consumer, Cyclical               
AutoZone, Inc.   28    1.14%   14,136 
Cummins, Inc.   176    0.72%   5,339 
Gentex Corp.   1,830    1.07%   5,121 
AutoNation, Inc.   146    0.29%   4,945 
Brunswick Corp.   236    0.38%   4,799 
Ethan Allen Interiors, Inc.   1,010    0.53%   2,023 
Allison Transmission Holdings, Inc.   875    0.69%   1,745 
Methode Electronics, Inc.   399    0.34%   337 
Tapestry, Inc.   386    0.29%   (83)
Columbia Sportswear Co.   241    0.44%   (96)
Dolby Laboratories, Inc. — Class A   410    0.64%   (439)
Zumiez, Inc.   344    0.26%   (998)
Autoliv, Inc.   168    0.26%   (1,751)
Buckle, Inc.   311    0.21%   (2,033)
MarineMax, Inc.   258    0.21%   (2,152)
Haverty Furniture Companies, Inc.   370    0.20%   (2,292)
Tri Pointe Homes, Inc.   1,007    0.40%   (2,669)
Shoe Carnival, Inc.   371    0.22%   (2,890)
Jack in the Box, Inc.   201    0.37%   (3,063)
LKQ Corp.   354    0.32%   (3,748)
PulteGroup, Inc.   356    0.30%   (4,092)
NVR, Inc.   9    0.80%   (5,017)
Toll Brothers, Inc.   275    0.26%   (5,476)
Acushnet Holdings Corp.   595    0.48%   (5,686)
Whirlpool Corp.   256    0.88%   (11,415)
Total Consumer, Cyclical             (15,455)
Basic Materials               
Westlake Corp.   309    0.76%   9,345 
LyondellBasell Industries N.V. — Class A   412    0.85%   5,103 
Dow, Inc.   679    0.86%   4,891 
AdvanSix, Inc.   397    0.40%   2,866 
NewMarket Corp.   43    0.28%   516 
Reliance Steel & Aluminum Co.   108    0.40%   (469)
Minerals Technologies, Inc.   353    0.47%   (1,236)
International Paper Co.   779    0.72%   (1,291)
Total Basic Materials             19,725 
Technology               
CSG Systems International, Inc.   859    1.09%   15,537 
Rambus, Inc.   1,172    0.75%   13,929 
NetApp, Inc.   312    0.52%   9,902 
ExlService Holdings, Inc.   111    0.32%   4,212 
Lumentum Holdings, Inc.   153    0.30%   2,411 
Akamai Technologies, Inc.   140    0.33%   944 
Dropbox, Inc. — Class A   485    0.23%   675 
Genpact Ltd.   252    0.22%   416 
Progress Software Corp.   412    0.39%   220 
NetScout Systems, Inc.   350    0.22%   205 
SS&C Technologies Holdings, Inc.   140    0.21%   (109)
Skyworks Solutions, Inc.   78    0.21%   (181)
Ziff Davis, Inc.   146    0.28%   (268)
Intel Corp.   413    0.41%   (390)
Qorvo, Inc.   81    0.20%   (628)
CommVault Systems, Inc.   165    0.22%   (2,265)
Xperi Holding Corp.   1,230    0.43%   (3,857)
Total Technology             40,753 
Industrial               
Snap-on, Inc.   217    0.89%   11,904 
Mueller Industries, Inc.   933    1.01%   10,842 
Owens Corning   180    0.33%   9,141 
Knowles Corp.   2,490    1.07%   6,823 
Vishay Intertechnology, Inc.   2,812    1.10%   6,480 
Packaging Corporation of America   248    0.77%   5,693 
Crane Co.   251    0.54%   3,397 
Encore Wire Corp.   193    0.44%   3,125 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
TTM Technologies, Inc.   2,579    0.76%  $2,424 
Dorian LPG Ltd.   1,013    0.29%   1,808 
Sanmina Corp.   1,081    0.87%   1,374 
Albany International Corp. — Class A   187    0.31%   1,283 
Louisiana-Pacific Corp.   269    0.33%   718 
Keysight Technologies, Inc.   69    0.22%   427 
Insteel Industries, Inc.   333    0.25%   (339)
Hillenbrand, Inc.   686    0.60%   (547)
Arrow Electronics, Inc.   88    0.21%   (836)
Sturm Ruger & Company, Inc.   626    0.87%   (1,928)
UFP Industries, Inc.   167    0.26%   (2,197)
Eagle Materials, Inc.   188    0.48%   (3,485)
OSI Systems, Inc.   325    0.55%   (3,883)
Vontier Corp.   629    0.32%   (4,861)
3M Co.   362    1.08%   (6,089)
Garmin Ltd.   437    1.03%   (7,935)
Total Industrial             33,339 
Communications               
Cisco Systems, Inc.   521    0.58%   8,726 
Omnicom Group, Inc.   253    0.43%   8,119 
Viavi Solutions, Inc.   1,736    0.56%   7,408 
Juniper Networks, Inc.   393    0.29%   5,946 
F5, Inc.   53    0.22%   854 
Interpublic Group of Companies, Inc.   696    0.49%   730 
Nexstar Media Group, Inc. — Class A   133    0.50%   728 
Alphabet, Inc. — Class C   7    0.39%   106 
InterDigital, Inc.   313    0.40%   (289)
Comcast Corp. — Class A   1,038    0.97%   (488)
Shenandoah Telecommunications Co.   925    0.44%   (603)
NETGEAR, Inc.   398    0.20%   (1,434)
Yelp, Inc. — Class A   851    0.58%   (1,644)
Verizon Communications, Inc.   984    1.00%   (2,997)
Meta Platforms, Inc. — Class A   224    0.99%   (4,513)
Total Communications             20,649 
Utilities               
National Fuel Gas Co.   821    1.13%   13,120 
IDACORP, Inc.   450    1.04%   10,462 
Southern Co.   381    0.55%   6,377 
Chesapeake Utilities Corp.   352    0.97%   6,015 
Portland General Electric Co.   915    1.01%   4,736 
Duke Energy Corp.   469    1.05%   3,538 
MGE Energy, Inc.   728    1.16%   2,682 
CMS Energy Corp.   823    1.15%   2,540 
American States Water Co.   179    0.32%   1,231 
WEC Energy Group, Inc.   211    0.42%   1,180 
California Water Service Group   249    0.29%   371 
Otter Tail Corp.   476    0.59%   (172)
PPL Corp.   1,033    0.59%   (1,051)
Total Utilities             51,029 
Financial               
Arch Capital Group Ltd.   1,149    1.11%   9,810 
Safety Insurance Group, Inc.   642    1.16%   7,154 
Enstar Group Ltd.   192    1.00%   7,021 
Raymond James Financial, Inc.   263    0.58%   5,986 
Markel Corp.   20    0.59%   5,019 
Everest Re Group Ltd.   107    0.64%   3,426 
Preferred Bank/Los Angeles CA   559    0.83%   3,126 
Travelers Companies, Inc.   239    0.87%   2,415 
Equity Commonwealth   978    0.55%   2,087 
BankUnited, Inc.   734    0.64%   1,697 
PS Business Parks, Inc.   192    0.64%   1,326 
Western Union Co.   1,059    0.40%   921 
Old Republic International Corp.   1,726    0.89%   546 
WP Carey, Inc.   140    0.23%   468 
Easterly Government Properties, Inc.   811    0.34%   281 
United Bankshares, Inc.   1,061    0.74%   58 
Stewart Information Services Corp.   684    0.83%   (60)
First American Financial Corp.   312    0.40%   (263)
Fulton Financial Corp.   2,250    0.75%   (698)
Janus Henderson Group plc   600    0.42%   (1,074)
Radian Group, Inc.   1,763    0.78%   (1,082)
HomeStreet, Inc.   641    0.61%   (1,234)
Interactive Brokers Group, Inc. — Class A   455    0.60%   (1,290)
Fidelity National Financial, Inc.   647    0.63%   (1,471)
Citigroup, Inc.   310    0.33%   (1,808)
PotlatchDeltic Corp.   333    0.35%   (2,101)
OneMain Holdings, Inc.   549    0.52%   (2,763)
Piper Sandler Cos.   224    0.59%   (2,767)
Essent Group Ltd.   691    0.57%   (3,366)
MGIC Investment Corp.   2,647    0.72%   (3,474)
Meta Financial Group, Inc.   442    0.48%   (4,022)
Mercury General Corp.   993    1.09%   (4,053)
National Bank Holdings Corp. — Class A   1,249    1.00%   (4,095)
AMERISAFE, Inc.   764    0.76%   (5,449)
Hilltop Holdings, Inc.   918    0.54%   (6,924)
Evercore, Inc. — Class A   297    0.66%   (7,717)
Total Financial             (4,370)
Energy               
Kinder Morgan, Inc.   1,563    0.59%   537 
Exxon Mobil Corp.   221    0.36%   (3)
Total Energy             534 
Total GS Long/Short Equity Long Custom Basket            $244,043 

 

GS LONG/SHORT EQUITY SHORT CUSTOM BASKET    
Consumer, Non-cyclical            
Guardant Health, Inc.   272    

(0.62

)%  $15,338 
CoStar Group, Inc.   484    

(1.06

)%   9,951 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
  Value and Unrealized
Appreciation (Depreciation)
 
Viad Corp.   682    

(0.80

)%

  $6,591 
Equifax, Inc.   133    

(1.04

)%

   3,905 
Driven Brands Holdings, Inc.   1,386    

(1.20

)%

   2,734 
TransUnion   232    

(0.79

)%

   2,171 
ASGN, Inc.   209    

(0.80

)%

   1,747 
Dun & Bradstreet Holdings, Inc.   993    

(0.57

)%

   1,606 
Natera, Inc.   89    

(0.12

)%

   1,483 
Cooper Companies, Inc.   27    

(0.37

)%

   261 
Verisk Analytics, Inc. — Class A   170    

(1.20

)%

   (30)
Intellia Therapeutics, Inc.   61    

(0.15

)%

   (43)
Booz Allen Hamilton Holding Corp.   220    

(0.64

)%

   (374)
UnitedHealth Group, Inc.   30    

(0.50

)%

   (784)
Cintas Corp.   139    

(1.95

)%

   (1,403)
Rollins, Inc.   817    

(0.94

)%

   (1,686)
Sysco Corp.   323    

(0.87

)%

   (2,128)
Bunge Ltd.   236    

(0.86

)%

   (2,627)
Quanta Services, Inc.   142    

(0.62

)%

   (3,199)
Total Consumer, Non-cyclical            33,513 
Communications              
Lyft, Inc. — Class A   673    

(0.85

)%

   2,754 
Okta, Inc.   33    

(0.16

)%

   1,547 
Airbnb, Inc. — Class A   36    

(0.20

)%

   735 
Trade Desk, Inc. — Class A   109    

(0.25

)%

   (250)
Palo Alto Networks, Inc.   10    

(0.21

)%

   (480)
DoorDash, Inc. — Class A   101    

(0.39

)%

   (1,881)
Total Communications            2,425 
Consumer, Cyclical              
United Airlines Holdings, Inc.   671    

(1.03

)%

   6,942 
Delta Air Lines, Inc.   790    

(1.03

)%

   5,456 
MillerKnoll, Inc.   1,320    

(1.50

)%

   3,472 
IAA, Inc.   335    

(0.42

)%

   3,376 
Freshpet, Inc.   112    

(0.38

)%

   3,078 
MGM Resorts International   319    

(0.44

)%

   468 
American Airlines Group, Inc.   2,207    

(1.33

)%

   354 
Copart, Inc.   362    

(1.50

)%

   83 
Southwest Airlines Co.   432    

(0.65

)%

   (140)
JetBlue Airways Corp.   784    

(0.39

)%

   (349)
Royal Caribbean Cruises Ltd.   132    

(0.36

)%

   (626)
Hilton Worldwide Holdings, Inc.   94    

(0.47

)%

   (653)
Carnival Corp.   488    

(0.33

)%

   (857)
Lululemon Athletica, Inc.   36    

(0.43

)%

   (1,886)
Total Consumer, Cyclical            18,718 
Financial              
Americold Realty Trust   661    

(0.61

)%

   5,940 
Western Alliance Bancorporation   341    

(0.93

)%

   5,538 
SVB Financial Group   36    

(0.66

)%

   4,200 
Sun Communities, Inc.   224    

(1.30

)%

   3,383 
Equinix, Inc.   51    

(1.25

)%

   3,093 
Bank of New York Mellon Corp.   212    

(0.35

)%

   2,435 
Invitation Homes, Inc.   974    

(1.29

)%

   2,095 
Equitable Holdings, Inc.   1,367    

(1.39

)%

   1,432 
RLJ Lodging Trust   3,160    

(1.47

)%

   1,014 
Regions Financial Corp.   624    

(0.46

)%

   922 
Park Hotels & Resorts, Inc.   2,094    

(1.35

)%

   675 
Signature Bank   76    

(0.74

)%

   499 
Safehold, Inc.   247    

(0.45

)%

   286 
First Republic Bank   99    

(0.53

)%

   277 
State Street Corp.   502    

(1.44

)%

   216 
Northern Trust Corp.   284    

(1.09

)%

   115 
UDR, Inc.   295    

(0.56

)%

   46 
Zions Bancorp North America   510    

(1.10

)%

   (31)
Bank of America Corp.   335    

(0.46

)%

   (129)
CBRE Group, Inc. — Class A   200    

(0.60

)%

   (254)
Sunstone Hotel Investors, Inc.   2,424    

(0.94

)%

   (259)
Digital Realty Trust, Inc.   99    

(0.46

)%

   (265)
Wells Fargo & Co.   473    

(0.76

)%

   (275)
Crown Castle International Corp.   184    

(1.12

)%

   (605)
Lincoln National Corp.   189    

(0.41

)%

   (624)
KKR & Company, Inc. — Class A   359    

(0.69

)%

   (865)
Ryman Hospitality Properties, Inc.   347    

(1.06

)%

   (980)
Apple Hospitality REIT, Inc.   606    

(0.36

)%

   (1,196)
Xenia Hotels & Resorts, Inc.   1,018    

(0.65

)%

   (1,453)
SBA Communications Corp.   80    

(0.91

)%

   (1,751)
Apartment Income REIT Corp.   1,023    

(1.80

)%

   (2,443)
Comerica, Inc.   447    

(1.33

)%

   (2,892)
Ventas, Inc.   514    

(1.05

)%

   (3,041)
Welltower, Inc.   422    

(1.34

)%

   (3,903)
Kennedy-Wilson Holdings, Inc.   2,270    

(1.83

)%

   (4,085)
Pebblebrook Hotel Trust   1,460    

(1.18

)%

   (4,115)
Iron Mountain, Inc.   727    

(1.33

)%

   (5,639)
Outfront Media, Inc.   1,433    

(1.34

)%

   (5,758)
Host Hotels & Resorts, Inc.   2,625    

(1.68

)%

   (6,575)
Howard Hughes Corp.   447    

(1.53

)%

   (6,874)
Total Financial            (21,846)
Utilities              
Entergy Corp.   297    

(1.14

)%

   (1,572)
Black Hills Corp.   753    

(1.91

)%

   (6,574)
ONE Gas, Inc.   628    

(1.83

)%

   (6,700)
CenterPoint Energy, Inc.   1,901    

(1.92

)%

   (7,859)
Atmos Energy Corp.   474    

(1.87

)%

   (8,445)
Edison International   825    

(1.91

)%

   (9,539)
Total Utilities            (40,689)
Technology              
Ceridian HCM Holding, Inc.   272    

(0.61

)%

   5,365 
Atlassian Corporation plc — Class A   26    

(0.25

)%

   76 
Datadog, Inc. — Class A   75    

(0.37

)%

   (413)
Bill.com Holdings, Inc.   50    

(0.37

)%

   (771)
Zscaler, Inc.   50    

(0.40

)%

   (940)
Cloudflare, Inc. — Class A   95    

(0.38

)%

   (1,040)
Leidos Holdings, Inc.   139    

(0.50

)%

   (2,304)

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

   Shares   Percentage
Notional Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Crowdstrike Holdings, Inc. — Class A   55    (0.41)%  $(2,549)
MongoDB, Inc.   32    (0.47)%   (2,575)
KBR, Inc.   814    (1.47)%   (10,195)
Total Technology             (15,346)
Industrial               
Stericycle, Inc.   642    (1.25)%   9,604 
Boeing Co.   217    (1.37)%   8,312 
MSA Safety, Inc.   130    (0.57)%   881 
Jacobs Engineering Group, Inc.   365    (1.66)%   724 
J.B. Hunt Transport Services, Inc.   93    (0.62)%   256 
TransDigm Group, Inc.   28    (0.60)%   (182)
CH Robinson Worldwide, Inc.   200    (0.71)%   (249)
General Electric Co.   204    (0.62)%   (444)
Republic Services, Inc. — Class A   160    (0.70)%   (2,387)
Waste Management, Inc.   154    (0.81)%   (2,842)
Howmet Aerospace, Inc.   780    (0.92)%   (3,153)
Tetra Tech, Inc.   196    (1.07)%   (5,610)
Casella Waste Systems, Inc. — Class A   512    (1.48)%   (12,252)
Total Industrial             (7,342)
Energy               
NOV, Inc.   1,187    (0.77)%   (4,721)
Range Resources Corp.   561    (0.56)%   (7,198)
Patterson-UTI Energy, Inc.   2,437    (1.24)%   (18,155)
Halliburton Co.   1,614    

(2.02

)%   (23,908)
Total Energy             (53,982)
Total GS Long/Short Equity Short Custom Basket            $(84,549)

 

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)  March 31, 2022
   

 

* 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.
††† Value determined based on Level 3 inputs — See Note 3.
1 Affiliated issuer.
2 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
3 All or a portion of this security is pledged as short security and equity custom basket swap collateral collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 Repurchase Agreements — See Note 4.
6 Securities lending collateral — See Note 5.
7 Rate indicated is the 7-day yield as of March 31, 2022.
8 All or a portion of this security is pledged as futures collateral at 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.

 

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  $19,316,742   $   $   $19,316,742 
Master Limited Partnerships   10            10 
Rights           *    
Mutual Funds   9,750,511            9,750,511 
Closed-End Funds   2,868,132            2,868,132 
U.S. Treasury Bills       4,967,658        4,967,658 
Repurchase Agreements       9,267,567        9,267,567 
Securities Lending Collateral   66,418            66,418 
Commodity Futures Contracts**   425,954            425,954 
Interest Rate Futures Contracts**   359,096    33,520        392,616 
Currency Futures Contracts**   51,520            51,520 
Equity Futures Contracts**   42,003            42,003 
Equity Custom Basket Swap Agreements**       2,233,394        2,233,394 
Total Assets  $32,880,386   $16,502,139   $   $49,382,525 

 

Investments in Securities (Liabilities)  Level 1 Quoted Prices   Level 2 Significant Observable Inputs   Level 3 Significant Unobservable Inputs   Total 
Common Stocks Sold Short  $3,656,936   $   $   $3,656,936 
Exchange-Traded Funds Sold Short   3,222,895            3,222,895 
Interest Rate Futures Contracts**   269,255    117,537        386,792 
Commodity Futures Contracts**   374,788            374,788 
Currency Futures Contracts**   110,234            110,234 
Equity Futures Contracts**   95,154    1,748        96,902 
Equity Custom Basket Swap Agreements**       518,290        518,290 
Total Liabilities  $7,729,262   $637,575   $   $8,366,837 

 

* Includes securities with a market value of $0.
** 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.

 

 

 

Multi-Hedge Strategies Fund  
CONSOLIDATED 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  $2,687,069   $   $   $   $(35,641)  $2,651,428    108,001   $9,126 
  Guggenheim Strategy Fund III   2,484,199                (38,707)   2,445,492    99,249    9,024 
  Guggenheim Ultra Short Duration Fund — Institutional Class   2,558,734                (33,532)   2,525,202    257,937    6,395 
  Guggenheim Variable Insurance Strategy Fund III   2,160,414                (32,025)   2,128,389    86,555    7,262 
   $9,890,416   $   $   $   $(139,905)  $9,750,511        $31,807 

 

 

 

 

NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 52.5%
Technology - 24.7%
Apple, Inc.   26,601   $4,644,801 
Microsoft Corp.   12,221    3,767,857 
NVIDIA Corp.   5,735    1,564,852 
Broadcom, Inc.   1,108    697,685 
Adobe, Inc.*   1,278    582,282 
Intel Corp.   11,012    545,755 
Advanced Micro Devices, Inc.*   4,401    481,205 
QUALCOMM, Inc.   3,048    465,795 
Texas Instruments, Inc.   2,498    458,333 
Intuit, Inc.   766    368,323 
Applied Materials, Inc.   2,389    314,870 
Micron Technology, Inc.   3,029    235,929 
Analog Devices, Inc.   1,415    233,730 
Lam Research Corp.   377    202,679 
Fiserv, Inc.*   1,764    178,870 
Activision Blizzard, Inc.   2,108    168,872 
Marvell Technology, Inc.   2,282    163,642 
ASML Holding N.V. — Class G   224    149,616 
KLA Corp.   408    149,353 
Fortinet, Inc.*   435    148,657 
Synopsys, Inc.*   414    137,974 
Paychex, Inc.   976    133,195 
NXP Semiconductor N.V.   710    131,407 
Crowdstrike Holdings, Inc. — Class A*   563    127,846 
Autodesk, Inc.*   595    127,538 
Cognizant Technology Solutions Corp. — Class A   1,419    127,242 
Workday, Inc. — Class A*   530    126,914 
Cadence Design Systems, Inc.*   750    123,345 
Microchip Technology, Inc.   1,504    113,011 
Atlassian Corporation plc — Class A*   382    112,243 
Datadog, Inc. — Class A*   715    108,301 
Electronic Arts, Inc.   761    96,274 
Zscaler, Inc.*   379    91,445 
Zoom Video Communications, Inc. — Class A*   655    76,786 
ANSYS, Inc.*   236    74,965 
Splunk, Inc.*   429    63,754 
Skyworks Solutions, Inc.   444    59,176 
DocuSign, Inc.*   535    57,309 
NetEase, Inc. ADR   567    50,854 
Total Technology        17,462,685 
Communications - 14.8%          
Amazon.com, Inc.*   830    2,705,758 
Alphabet, Inc. — Class C*   515    1,438,390 
Alphabet, Inc. — Class A*   490    1,362,861 
Meta Platforms, Inc. — Class A*   5,636    1,253,221 
Cisco Systems, Inc.   11,235    626,463 
Comcast Corp. — Class A   12,234    572,796 
Netflix, Inc.*   1,201    449,883 
T-Mobile US, Inc.*   3,379    433,695 
Booking Holdings, Inc.*   111    260,678 
Charter Communications, Inc. — Class A*   467    254,758 
Airbnb, Inc. — Class A*   1,004    172,447 
Palo Alto Networks, Inc.*   266    165,588 
MercadoLibre, Inc.*   136    161,769 
JD.com, Inc. ADR*   1,613    93,344 
eBay, Inc.   1,589    90,986 
Baidu, Inc. ADR*   654    86,524 
Match Group, Inc.*   771    83,839 
Sirius XM Holdings, Inc.1   10,677    70,682 
VeriSign, Inc.*   298    66,293 
Okta, Inc.*   402    60,686 
Pinduoduo, Inc. ADR*   1,197    48,012 
Total Communications        10,458,673 
Consumer, Non-cyclical - 6.0%          
PepsiCo, Inc.   3,742    626,336 
Amgen, Inc.   1,507    364,423 
PayPal Holdings, Inc.*   3,151    364,413 
Intuitive Surgical, Inc.*   968    292,026 
Automatic Data Processing, Inc.   1,136    258,485 
Mondelez International, Inc. — Class A   3,755    235,739 
Regeneron Pharmaceuticals, Inc.*   289    201,843 
Gilead Sciences, Inc.   3,391    201,595 
Moderna, Inc.*   1,090    187,764 
Vertex Pharmaceuticals, Inc.*   689    179,808 
Illumina, Inc.*   425    148,495 
Keurig Dr Pepper, Inc.   3,836    145,384 
Dexcom, Inc.*   263    134,551 
Kraft Heinz Co.   3,310    130,381 
IDEXX Laboratories, Inc.*   228    124,730 
Cintas Corp.   281    119,535 
Monster Beverage Corp.*   1,432    114,417 
AstraZeneca plc ADR   1,543    102,362 
Verisk Analytics, Inc. — Class A   436    93,579 
Align Technology, Inc.*   213    92,868 
Biogen, Inc.*   397    83,608 
Seagen, Inc.*   497    71,593 
Total Consumer, Non-cyclical        4,273,935 
Consumer, Cyclical - 5.4%          
Tesla, Inc.*   1,685    1,815,756 
Costco Wholesale Corp.   1,199    690,444 
Starbucks Corp.   3,111    283,007 
Marriott International, Inc. — Class A*   883    155,187 
O'Reilly Automotive, Inc.*   180    123,293 
Lululemon Athletica, Inc.*   334    121,987 
Lucid Group, Inc.*,1   4,470    113,538 
Walgreens Boots Alliance, Inc.   2,335    104,538 
Dollar Tree, Inc.*   608    97,371 
Fastenal Co.   1,557    92,486 
Ross Stores, Inc.   956    86,480 
PACCAR, Inc.   940    82,786 
Copart, Inc.*   642    80,552 
Total Consumer, Cyclical        3,847,425 
Industrial - 1.0%          
Honeywell International, Inc.   1,855    360,946 
CSX Corp.   5,931    222,116 
Old Dominion Freight Line, Inc.   311    92,889 
Total Industrial        675,951 
Utilities - 0.6%          
American Electric Power Company, Inc.   1,364    136,086 
Exelon Corp.   2,651    126,267 
Xcel Energy, Inc.   1,472    106,234 

 

 

 

NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 52.5% (continued)
Utilities - 0.6% (continued)
Constellation Energy Corp.   883   $49,669 
Total Utilities        418,256 
Total Common Stocks          
(Cost $35,548,986)        37,136,925 

 

MUTUAL FUNDS - 30.3%
Guggenheim Strategy Fund II2   639,940    15,710,523 
Guggenheim Ultra Short Duration Fund — Institutional Class2   587,360    5,750,250 
Total Mutual Funds          
(Cost $21,549,533)        21,460,773 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 11.4%
U.S. Treasury Bills
0.24% due 06/02/223,4  $6,903,000    6,899,118 
0.29% due 06/02/224   1,000,000    999,438 
0.12% due 05/05/224,5   171,000    170,976 
Total U.S. Treasury Bills          
(Cost $8,070,666)        8,069,532 

 

REPURCHASE AGREEMENTS††,6 - 8.7%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   4,146,271    4,146,271 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   1,596,959    1,596,959 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   415,209    415,209 
Total Repurchase Agreements          
(Cost $6,158,439)        6,158,439 

 

   Shares     
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   141,582    141,582 
Total Securities Lending Collateral          
(Cost $141,582)        141,582 
Total Investments - 103.1%          
(Cost $71,469,206)       $72,967,251 
Other Assets & Liabilities, net - (3.1)%        (2,211,355)
Total Net Assets - 100.0%       $70,755,896 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased    
NASDAQ-100 Index Mini Futures Contracts   7   Jun 2022  $2,081,940   $69,965 

 

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††                  
Barclays Bank plc  NASDAQ-100 Index   Pay   0.77% (U.S. Secured Overnight Financing Rate + 0.50%)  At Maturity  04/13/22   4,799   $71,204,866   $4,160,603 
Goldman Sachs International  NASDAQ-100 Index   Pay   0.88% (Federal Funds Rate + 0.55%)  At Maturity  04/14/22   1,723    25,574,136    1,867,148 
BNP Paribas  NASDAQ-100 Index   Pay   0.98% (Federal Funds Rate + 0.65%)  At Maturity  04/14/22   381    5,652,693    220,060 
                         $102,431,695   $6,247,811 

 

 

 

NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 All or a portion of this security is pledged as futures collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of March 31, 2022.

 

  ADR — American Depositary Receipt
  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  $37,136,925   $   $   $37,136,925 
Mutual Funds   21,460,773            21,460,773 
U.S. Treasury Bills       8,069,532        8,069,532 
Repurchase Agreements       6,158,439        6,158,439 
Securities Lending Collateral   141,582            141,582 
Equity Futures Contracts**   69,965            69,965 
Equity Index Swap Agreements**       6,247,811        6,247,811 
Total Assets  $58,809,245   $20,475,782   $   $79,285,027 

 

** 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.

 

 

 

NASDAQ-100® 2x Strategy Fund  
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  $18,444,006   $   $(2,500,000)  $(23,471)  $(210,012)  $15,710,523    639,940   $60,040 
  Guggenheim Ultra Short Duration Fund — Institutional Class   825,598    5,000,000            (75,348)   5,750,250    587,360    13,192 
   $19,269,604   $5,000,000   $(2,500,000)  $(23,471)  $(285,360)  $21,460,773        $73,232 

 

 

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 70.5%
Technology - 33.1%
Apple, Inc.   55,244   $9,646,155 
Microsoft Corp.   25,379    7,824,600 
NVIDIA Corp.   11,910    3,249,762 
Broadcom, Inc.   2,300    1,448,264 
Adobe, Inc.*   2,653    1,208,760 
Intel Corp.   22,870    1,133,437 
Advanced Micro Devices, Inc.*   9,139    999,258 
QUALCOMM, Inc.   6,329    967,198 
Texas Instruments, Inc.   5,187    951,711 
Intuit, Inc.   1,590    764,536 
Applied Materials, Inc.   4,961    653,860 
Micron Technology, Inc.   6,289    489,850 
Analog Devices, Inc.   2,939    485,464 
Lam Research Corp.   783    420,949 
Fiserv, Inc.*   3,663    371,428 
Activision Blizzard, Inc.   4,376    350,561 
Marvell Technology, Inc.   4,739    339,834 
ASML Holding N.V. — Class G   465    310,587 
KLA Corp.   846    309,687 
Fortinet, Inc.*   903    308,591 
Synopsys, Inc.*   860    286,612 
Paychex, Inc.   2,026    276,488 
NXP Semiconductor N.V.   1,474    272,808 
Crowdstrike Holdings, Inc. — Class A*   1,169    265,457 
Autodesk, Inc.*   1,235    264,722 
Cognizant Technology Solutions Corp. — Class A   2,945    264,078 
Workday, Inc. — Class A*   1,101    263,645 
Cadence Design Systems, Inc.*   1,558    256,229 
Microchip Technology, Inc.   3,123    234,662 
Atlassian Corporation plc — Class A*   793    233,007 
Datadog, Inc. — Class A*   1,484    224,782 
Electronic Arts, Inc.   1,579    199,759 
Zscaler, Inc.*   787    189,887 
Zoom Video Communications, Inc. — Class A*   1,360    159,433 
ANSYS, Inc.*   490    155,649 
Splunk, Inc.*   891    132,412 
Skyworks Solutions, Inc.   921    122,751 
DocuSign, Inc.*   1,111    119,010 
NetEase, Inc. ADR   1,176    105,475 
Total Technology        36,261,358 
Communications - 19.9%          
Amazon.com, Inc.*   1,723    5,616,894 
Alphabet, Inc. — Class C*   1,068    2,982,913 
Alphabet, Inc. — Class A*   1,018    2,831,414 
Meta Platforms, Inc. — Class A*   11,704    2,602,501 
Cisco Systems, Inc.   23,331    1,300,936 
Comcast Corp. — Class A   25,407    1,189,556 
Netflix, Inc.*   2,494    934,227 
T-Mobile US, Inc.*   7,016    900,504 
Booking Holdings, Inc.*   230    540,144 
Charter Communications, Inc. — Class A*   970    529,155 
Airbnb, Inc. — Class A*   2,085    358,120 
Palo Alto Networks, Inc.*   553    344,248 
MercadoLibre, Inc.*   283    336,623 
JD.com, Inc. ADR*   3,350    193,865 
eBay, Inc.   3,300    188,958 
Baidu, Inc. ADR*   1,358    179,663 
Match Group, Inc.*   1,601    174,093 
Sirius XM Holdings, Inc.1   22,173    146,785 
VeriSign, Inc.*   618    137,480 
Okta, Inc.*   833    125,750 
Pinduoduo, Inc. ADR*   2,484    99,633 
Total Communications        21,713,462 
Consumer, Non-cyclical - 8.1%          
PepsiCo, Inc.   7,770    1,300,543 
PayPal Holdings, Inc.*   6,543    756,698 
Amgen, Inc.   3,128    756,413 
Intuitive Surgical, Inc.*   2,008    605,774 
Automatic Data Processing, Inc.   2,359    536,767 
Mondelez International, Inc. — Class A   7,797    489,496 
Gilead Sciences, Inc.   7,043    418,706 
Regeneron Pharmaceuticals, Inc.*   599    418,354 
Moderna, Inc.*   2,262    389,652 
Vertex Pharmaceuticals, Inc.*   1,429    372,926 
Illumina, Inc.*   882    308,171 
Keurig Dr Pepper, Inc.   7,965    301,873 
Dexcom, Inc.*   545    278,822 
Kraft Heinz Co.   6,872    270,688 
IDEXX Laboratories, Inc.*   473    258,759 
Cintas Corp.   582    247,577 
Monster Beverage Corp.*   2,973    237,543 
AstraZeneca plc ADR   3,204    212,553 
Verisk Analytics, Inc. — Class A   906    194,455 
Align Technology, Inc.*   442    192,712 
Biogen, Inc.*   825    173,745 
Seagen, Inc.*   1,031    148,515 
Total Consumer, Non-cyclical        8,870,742 
Consumer, Cyclical - 7.3%          
Tesla, Inc.*   3,498    3,769,445 
Costco Wholesale Corp.   2,491    1,434,442 
Starbucks Corp.   6,461    587,757 
Marriott International, Inc. — Class A*   1,833    322,150 
O'Reilly Automotive, Inc.*   374    256,175 
Lululemon Athletica, Inc.*   693    253,104 
Lucid Group, Inc.*,1   9,286    235,864 
Walgreens Boots Alliance, Inc.   4,848    217,045 
Dollar Tree, Inc.*   1,263    202,270 
Fastenal Co.   3,232    191,981 
Ross Stores, Inc.   1,984    179,473 
PACCAR, Inc.   1,951    171,825 
Copart, Inc.*   1,332    167,126 
Total Consumer, Cyclical        7,988,657 
Industrial - 1.3%          
Honeywell International, Inc.   3,851    749,327 
CSX Corp.   12,318    461,309 
Old Dominion Freight Line, Inc.   645    192,649 
Total Industrial        1,403,285 
Utilities - 0.8%          
American Electric Power Company, Inc.   2,832    282,549 
Exelon Corp.   5,504    262,155 
Xcel Energy, Inc.   3,057    220,624 

 

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 70.5% (continued)
Utilities - 0.8% (continued)
Constellation Energy Corp.   1,833   $103,106 
Total Utilities        868,434 
Total Common Stocks          
(Cost $46,201,915)        77,105,938 

 

MUTUAL FUNDS - 26.5%
Guggenheim Strategy Fund II2   718,121    17,629,860 
Guggenheim Ultra Short Duration Fund — Institutional Class2   1,166,612    11,421,128 
Total Mutual Funds          
(Cost $29,405,975)        29,050,988 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 1.5%
U.S. Treasury Bills
0.12% due 05/05/223,4  $1,453,000    1,452,798 
0.24% due 06/02/224,5   170,000    169,904 
Total U.S. Treasury Bills          
(Cost $1,622,766)        1,622,702 

 

REPURCHASE AGREEMENTS††,6 - 3.0%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/225
   2,192,452    2,192,452 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/225
   844,434    844,434 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/225
   219,553    219,553 
Total Repurchase Agreements          
(Cost $3,256,439)        3,256,439 

 

   Shares     
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   261,284    261,284 
Total Securities Lending Collateral          
(Cost $261,284)        261,284 
Total Investments - 101.7%          
(Cost $80,748,379)       $111,297,351 
Other Assets & Liabilities, net - (1.7)%        (1,862,099)
Total Net Assets - 100.0%       $109,435,252 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased    
NASDAQ-100 Index Mini Futures Contracts   90   Jun 2022  $26,767,800   $1,948,709 

 

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††                  
Barclays Bank plc  NASDAQ-100 Index   Pay   0.77% (U.S. Secured Overnight Financing Rate + 0.50%)  At Maturity  04/13/22   149   $2,209,071   $228,555 
BNP Paribas  NASDAQ-100 Index   Pay   0.98% (Federal Funds Rate + 0.65%)  At Maturity  04/14/22   123    1,818,739    152,904 
Goldman Sachs International  NASDAQ-100 Index   Pay   0.88% (Federal Funds Rate + 0.55%)  At Maturity  04/14/22   107    1,581,101    136,227 
                         $5,608,911   $517,686 

 

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
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.
5 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of March 31, 2022.

 

  ADR — American Depositary Receipt
  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  $77,105,938   $   $   $77,105,938 
Mutual Funds   29,050,988            29,050,988 
U.S. Treasury Bills       1,622,702        1,622,702 
Repurchase Agreements       3,256,439        3,256,439 
Securities Lending Collateral   261,284            261,284 
Equity Futures Contracts**   1,948,709            1,948,709 
Equity Index Swap Agreements**       517,686        517,686 
Total Assets  $108,366,919   $5,396,827   $   $113,763,746 

 

** 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.

 

 

 

NASDAQ-100® Fund  
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  $17,866,840   $   $   $   $(236,980)  $17,629,860    718,121   $60,680 
  Guggenheim Ultra Short Duration Fund — Institutional Class   8,572,788    3,000,000            (151,660)   11,421,128    1,166,612    28,299 
   $26,439,628   $3,000,000   $   $   $(388,640)  $29,050,988        $88,979 

 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 71.6%
Technology - 17.5%
Apple, Inc.   14,256   $2,489,240 
Microsoft Corp.   6,893    2,125,181 
NVIDIA Corp.   2,299    627,305 
Broadcom, Inc.   380    239,278 
Adobe, Inc.*   434    197,739 
Accenture plc — Class A   581    195,931 
salesforce.com, Inc.*   906    192,362 
Intel Corp.   3,744    185,553 
Advanced Micro Devices, Inc.*   1,503    164,338 
QUALCOMM, Inc.   1,036    158,321 
Texas Instruments, Inc.   849    155,775 
Intuit, Inc.   260    125,018 
Oracle Corp.   1,449    119,876 
Applied Materials, Inc.   817    107,681 
International Business Machines Corp.   825    107,266 
ServiceNow, Inc.*   184    102,468 
Micron Technology, Inc.   1,030    80,227 
Analog Devices, Inc.   483    79,782 
Lam Research Corp.   128    68,814 
Activision Blizzard, Inc.   716    57,359 
Fidelity National Information Services, Inc.   560    56,235 
Fiserv, Inc.*   546    55,364 
KLA Corp.   139    50,882 
Synopsys, Inc.*   141    46,991 
Roper Technologies, Inc.   97    45,806 
NXP Semiconductor N.V.   245    45,345 
Cognizant Technology Solutions Corp. — Class A   483    43,311 
Autodesk, Inc.*   202    43,299 
Fortinet, Inc.*   125    42,717 
Cadence Design Systems, Inc.*   255    41,937 
Paychex, Inc.   295    40,259 
Microchip Technology, Inc.   511    38,397 
MSCI, Inc. — Class A   75    37,716 
HP, Inc.   996    36,155 
Electronic Arts, Inc.   259    32,766 
ANSYS, Inc.*   80    25,412 
Cerner Corp.   271    25,355 
Zebra Technologies Corp. — Class A*   49    20,272 
Skyworks Solutions, Inc.   151    20,125 
Hewlett Packard Enterprise Co.   1,189    19,868 
Monolithic Power Systems, Inc.   40    19,427 
Akamai Technologies, Inc.*   149    17,789 
Teradyne, Inc.   150    17,734 
NetApp, Inc.   204    16,932 
Tyler Technologies, Inc.*   38    16,906 
Broadridge Financial Solutions, Inc.   107    16,661 
Seagate Technology Holdings plc   185    16,631 
Take-Two Interactive Software, Inc.*   106    16,296 
EPAM Systems, Inc.*   52    15,424 
Paycom Software, Inc.*   44    15,241 
Western Digital Corp.*   288    14,299 
Leidos Holdings, Inc.   129    13,935 
Jack Henry & Associates, Inc.   67    13,202 
Qorvo, Inc.*   100    12,410 
Citrix Systems, Inc.*   115    11,604 
PTC, Inc.*   97    10,449 
Ceridian HCM Holding, Inc.*   126    8,613 
DXC Technology Co.*   225    7,342 
IPG Photonics Corp.*   33    3,622 
Total Technology        8,612,243 
Consumer, Non-cyclical - 14.4%          
UnitedHealth Group, Inc.   866    441,634 
Johnson & Johnson   2,421    429,074 
Procter & Gamble Co.   2,204    336,771 
Pfizer, Inc.   5,161    267,185 
AbbVie, Inc.   1,626    263,591 
Coca-Cola Co.   3,575    221,650 
Thermo Fisher Scientific, Inc.   362    213,815 
PepsiCo, Inc.   1,272    212,907 
Eli Lilly & Co.   730    209,050 
Abbott Laboratories   1,626    192,453 
Merck & Company, Inc.   2,323    190,602 
Danaher Corp.   585    171,598 
Bristol-Myers Squibb Co.   2,004    146,352 
Medtronic plc   1,236    137,134 
S&P Global, Inc.   327    134,036 
Philip Morris International, Inc.   1,425    133,864 
Amgen, Inc.   518    125,263 
PayPal Holdings, Inc.*   1,071    123,861 
CVS Health Corp.   1,207    122,160 
Anthem, Inc.   223    109,542 
Intuitive Surgical, Inc.*   329    99,253 
Automatic Data Processing, Inc.   386    87,831 
Altria Group, Inc.   1,676    87,571 
Stryker Corp.   309    82,611 
Zoetis, Inc.   435    82,037 
Mondelez International, Inc. — Class A   1,277    80,170 
Cigna Corp.   297    71,164 
Becton Dickinson and Co.   262    69,692 
Gilead Sciences, Inc.   1,153    68,546 
Regeneron Pharmaceuticals, Inc.*   98    68,445 
Edwards Lifesciences Corp.*   574    67,571 
Vertex Pharmaceuticals, Inc.*   234    61,067 
Colgate-Palmolive Co.   775    58,768 
Estee Lauder Companies, Inc. — Class A   214    58,277 
Boston Scientific Corp.*   1,310    58,020 
Moderna, Inc.*   324    55,812 
HCA Healthcare, Inc.   220    55,136 
Humana, Inc.   118    51,350 
Illumina, Inc.*   144    50,314 
Moody's Corp.   149    50,274 
Archer-Daniels-Midland Co.   515    46,484 
Dexcom, Inc.*   89    45,532 
Centene Corp.*   537    45,210 
IDEXX Laboratories, Inc.*   78    42,671 
McKesson Corp.   138    42,246 
IQVIA Holdings, Inc.*   176    40,693 
Corteva, Inc.   669    38,454 
Kimberly-Clark Corp.   310    38,179 
Sysco Corp.   467    38,131 
General Mills, Inc.   555    37,585 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 71.6% (continued)
Consumer, Non-cyclical - 14.4% (continued)
Global Payments, Inc.   262   $35,852 
Baxter International, Inc.   460    35,668 
Kroger Co.   615    35,283 
Constellation Brands, Inc. — Class A   151    34,778 
Cintas Corp.   81    34,457 
ResMed, Inc.   134    32,496 
Verisk Analytics, Inc. — Class A   148    31,765 
Align Technology, Inc.*   67    29,212 
Hershey Co.   134    29,028 
Biogen, Inc.*   135    28,431 
West Pharmaceutical Services, Inc.   68    27,928 
Monster Beverage Corp.*   345    27,566 
Equifax, Inc.   112    26,555 
Kraft Heinz Co.   653    25,722 
Zimmer Biomet Holdings, Inc.   192    24,557 
Tyson Foods, Inc. — Class A   269    24,110 
United Rentals, Inc.*   67    23,799 
McCormick & Company, Inc.   230    22,954 
Laboratory Corporation of America Holdings*   86    22,675 
Gartner, Inc.*   76    22,607 
STERIS plc   92    22,243 
Church & Dwight Company, Inc.   223    22,162 
AmerisourceBergen Corp. — Class A   138    21,350 
PerkinElmer, Inc.   116    20,237 
Cooper Companies, Inc.   45    18,792 
FleetCor Technologies, Inc.*   75    18,680 
Catalent, Inc.*   165    18,298 
Molina Healthcare, Inc.*   54    18,014 
Hologic, Inc.*   230    17,669 
Waters Corp.*   56    17,382 
Quanta Services, Inc.   131    17,241 
Clorox Co.   113    15,710 
Bio-Techne Corp.   36    15,590 
Teleflex, Inc.   43    15,258 
Kellogg Co.   235    15,155 
Quest Diagnostics, Inc.   109    14,918 
Conagra Brands, Inc.   441    14,804 
Cardinal Health, Inc.   255    14,459 
ABIOMED, Inc.*   42    13,912 
Incyte Corp.*   173    13,740 
J M Smucker Co.   100    13,541 
Hormel Foods Corp.   259    13,349 
Avery Dennison Corp.   76    13,222 
Charles River Laboratories International, Inc.*   46    13,063 
Viatris, Inc.   1,112    12,099 
MarketAxess Holdings, Inc.   35    11,907 
Robert Half International, Inc.   101    11,532 
Bio-Rad Laboratories, Inc. — Class A*   20    11,264 
Brown-Forman Corp. — Class B   168    11,259 
Henry Schein, Inc.*   128    11,160 
Dentsply Sirona, Inc.   201    9,893 
Universal Health Services, Inc. — Class B   67    9,712 
Molson Coors Beverage Co. — Class B   173    9,235 
Nielsen Holdings plc   330    8,989 
Campbell Soup Co.   186    8,290 
Organon & Co.   233    8,139 
Lamb Weston Holdings, Inc.   134    8,028 
Rollins, Inc.   208    7,290 
DaVita, Inc.*   57    6,447 
Total Consumer, Non-cyclical        7,081,112 
Financial - 10.7%          
Berkshire Hathaway, Inc. — Class B*   1,684    594,300 
JPMorgan Chase & Co.   2,717    370,382 
Visa, Inc. — Class A   1,525    338,199 
Mastercard, Inc. — Class A   794    283,760 
Bank of America Corp.   6,536    269,414 
Wells Fargo & Co.   3,573    173,148 
Charles Schwab Corp.   1,382    116,516 
Morgan Stanley   1,303    113,882 
Prologis, Inc. REIT   680    109,806 
American Express Co.   566    105,842 
American Tower Corp. — Class A REIT   419    105,261 
Goldman Sachs Group, Inc.   312    102,991 
BlackRock, Inc. — Class A   131    100,106 
Citigroup, Inc.   1,825    97,455 
Chubb Ltd.   396    84,704 
Marsh & McLennan Companies, Inc.   464    79,075 
CME Group, Inc. — Class A   330    78,494 
Crown Castle International Corp. REIT   397    73,286 
PNC Financial Services Group, Inc.   386    71,198 
Truist Financial Corp.   1,227    69,571 
Intercontinental Exchange, Inc.   517    68,306 
U.S. Bancorp   1,242    66,012 
Aon plc — Class A   198    64,475 
Equinix, Inc. REIT   83    61,554 
Progressive Corp.   537    61,213 
Public Storage REIT   140    54,639 
Capital One Financial Corp.   381    50,022 
American International Group, Inc.   763    47,894 
MetLife, Inc.   645    45,331 
Prudential Financial, Inc.   348    41,123 
Travelers Companies, Inc.   222    40,566 
Simon Property Group, Inc. REIT   302    39,731 
Welltower, Inc. REIT   400    38,456 
Digital Realty Trust, Inc. REIT   261    37,010 
Realty Income Corp. REIT   520    36,036 
Allstate Corp.   258    35,736 
Aflac, Inc.   552    35,543 
SBA Communications Corp. REIT   100    34,410 
Bank of New York Mellon Corp.   680    33,748 
Arthur J Gallagher & Co.   192    33,523 
AvalonBay Communities, Inc. REIT   129    32,040 
T. Rowe Price Group, Inc.   211    31,901 
Ameriprise Financial, Inc.   102    30,637 
SVB Financial Group*   54    30,210 
State Street Corp.   337    29,359 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 71.6% (continued)
Financial - 10.7% (continued)
Discover Financial Services   265   $29,200 
Equity Residential REIT   314    28,235 
CBRE Group, Inc. — Class A*   308    28,188 
Fifth Third Bancorp   629    27,072 
Alexandria Real Estate Equities, Inc. REIT   134    26,967 
First Republic Bank   165    26,747 
Willis Towers Watson plc   112    26,457 
Weyerhaeuser Co. REIT   687    26,037 
Extra Space Storage, Inc. REIT   123    25,289 
Ventas, Inc. REIT   367    22,666 
Northern Trust Corp.   191    22,242 
Mid-America Apartment Communities, Inc. REIT   106    22,202 
Hartford Financial Services Group, Inc.   308    22,117 
Essex Property Trust, Inc. REIT   60    20,729 
Duke Realty Corp. REIT   350    20,321 
M&T Bank Corp.   118    20,001 
Huntington Bancshares, Inc.   1,322    19,328 
Regions Financial Corp.   866    19,277 
Nasdaq, Inc.   108    19,246 
KeyCorp   854    19,113 
Raymond James Financial, Inc.   172    18,905 
Cincinnati Financial Corp.   138    18,762 
Citizens Financial Group, Inc.   392    17,769 
Healthpeak Properties, Inc. REIT   496    17,028 
Signature Bank   58    17,022 
Boston Properties, Inc. REIT   131    16,873 
Synchrony Financial   479    16,674 
Principal Financial Group, Inc.   223    16,370 
UDR, Inc. REIT   275    15,777 
Brown & Brown, Inc.   216    15,610 
Iron Mountain, Inc. REIT   266    14,739 
Kimco Realty Corp. REIT   567    14,005 
W R Berkley Corp.   194    12,885 
Host Hotels & Resorts, Inc. REIT   657    12,765 
Loews Corp.   180    11,668 
Cboe Global Markets, Inc.   98    11,213 
Comerica, Inc.   120    10,852 
Everest Re Group Ltd.   36    10,850 
Regency Centers Corp. REIT   142    10,130 
Lincoln National Corp.   153    10,000 
Assurant, Inc.   52    9,455 
Zions Bancorp North America   139    9,113 
Globe Life, Inc.   85    8,551 
Federal Realty Investment Trust REIT   65    7,935 
People's United Financial, Inc.   393    7,856 
Invesco Ltd.   314    7,241 
Franklin Resources, Inc.   259    7,231 
Vornado Realty Trust REIT   146    6,617 
Total Financial        5,242,195 
Communications - 10.3%          
Amazon.com, Inc.*   402    1,310,500 
Alphabet, Inc. — Class A*   277    770,434 
Alphabet, Inc. — Class C*   255    712,212 
Meta Platforms, Inc. — Class A*   2,123    472,070 
Walt Disney Co.*   1,674    229,606 
Cisco Systems, Inc.   3,878    216,237 
Verizon Communications, Inc.   3,860    196,628 
Comcast Corp. — Class A   4,160    194,771 
AT&T, Inc.   6,566    155,155 
Netflix, Inc.*   408    152,833 
Booking Holdings, Inc.*   38    89,241 
T-Mobile US, Inc.*   540    69,309 
Charter Communications, Inc. — Class A*   110    60,007 
Motorola Solutions, Inc.   155    37,541 
eBay, Inc.   576    32,982 
Arista Networks, Inc.*   206    28,630 
Twitter, Inc.*   735    28,437 
Match Group, Inc.*   260    28,272 
Expedia Group, Inc.*   138    27,003 
Corning, Inc.   687    25,357 
CDW Corp.   125    22,361 
Paramount Global — Class B   558    21,098 
VeriSign, Inc.*   89    19,799 
Omnicom Group, Inc.   192    16,297 
FactSet Research Systems, Inc.   35    15,195 
Etsy, Inc.*   117    14,541 
NortonLifeLock, Inc.   535    14,188 
Interpublic Group of Companies, Inc.   362    12,833 
F5, Inc.*   56    11,701 
Fox Corp. — Class A   290    11,440 
Juniper Networks, Inc.   299    11,111 
Lumen Technologies, Inc.   847    9,546 
News Corp. — Class A   359    7,952 
DISH Network Corp. — Class A*   230    7,279 
Discovery, Inc. — Class C*   279    6,967 
Fox Corp. — Class B   134    4,862 
Discovery, Inc. — Class A*,1   156    3,888 
News Corp. — Class B   111    2,500 
Total Communications        5,050,783 
Consumer, Cyclical - 6.9%          
Tesla, Inc.*   770    829,752 
Home Depot, Inc.   960    287,357 
Costco Wholesale Corp.   408    234,947 
Walmart, Inc.   1,301    193,745 
McDonald's Corp.   687    169,881 
NIKE, Inc. — Class B   1,174    157,973 
Lowe's Companies, Inc.   620    125,358 
Starbucks Corp.   1,058    96,246 
Target Corp.   441    93,589 
TJX Companies, Inc.   1,097    66,456 
Ford Motor Co.   3,617    61,164 
General Motors Co.*   1,336    58,437 
Dollar General Corp.   213    47,420 
Marriott International, Inc. — Class A*   252    44,289 
O'Reilly Automotive, Inc.*   62    42,468 
Chipotle Mexican Grill, Inc. — Class A*   26    41,133 
AutoZone, Inc.*   19    38,847 
Hilton Worldwide Holdings, Inc.*   256    38,845 
Dollar Tree, Inc.*   207    33,151 
Yum! Brands, Inc.   266    31,529 
Fastenal Co.   529    31,423 
Aptiv plc*   249    29,808 
Walgreens Boots Alliance, Inc.   659    29,503 
Ross Stores, Inc.   325    29,399 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 71.6% (continued)
Consumer, Cyclical - 6.9% (continued)          
PACCAR, Inc.   319   $28,094 
Cummins, Inc.   131    26,869 
Southwest Airlines Co.*   545    24,961 
Copart, Inc.*   196    24,592 
Tractor Supply Co.   105    24,504 
Delta Air Lines, Inc.*   588    23,267 
DR Horton, Inc.   297    22,129 
WW Grainger, Inc.   40    20,632 
Ulta Beauty, Inc.*   50    19,911 
Lennar Corp. — Class A   240    19,481 
Best Buy Company, Inc.   199    18,089 
Royal Caribbean Cruises Ltd.*   206    17,259 
VF Corp.   297    16,887 
Genuine Parts Co.   131    16,509 
Pool Corp.   37    15,645 
Darden Restaurants, Inc.   117    15,555 
Caesars Entertainment, Inc.*   197    15,240 
Carnival Corp.*   744    15,043 
Live Nation Entertainment, Inc.*   124    14,588 
MGM Resorts International   346    14,511 
CarMax, Inc.*   149    14,376 
United Airlines Holdings, Inc.*   298    13,816 
Domino's Pizza, Inc.   33    13,431 
NVR, Inc.*   3    13,402 
Las Vegas Sands Corp.*   316    12,283 
Advance Auto Parts, Inc.   57    11,797 
Bath & Body Works, Inc.   237    11,329 
LKQ Corp.   247    11,216 
American Airlines Group, Inc.*   596    10,877 
Hasbro, Inc.   119    9,748 
PulteGroup, Inc.   229    9,595 
Whirlpool Corp.   54    9,330 
Tapestry, Inc.   243    9,027 
BorgWarner, Inc.   220    8,558 
Norwegian Cruise Line Holdings Ltd.*,1   383    8,380 
Wynn Resorts Ltd.*   97    7,735 
Newell Brands, Inc.   348    7,451 
Alaska Air Group, Inc.*   116    6,729 
Penn National Gaming, Inc.*   153    6,490 
PVH Corp.   64    4,903 
Ralph Lauren Corp. — Class A   43    4,878 
Under Armour, Inc. — Class C*   198    3,081 
Under Armour, Inc. — Class A*   173    2,945 
Total Consumer, Cyclical        3,417,863 
Industrial - 5.5%          
Union Pacific Corp.   586    160,101 
United Parcel Service, Inc. — Class B   670    143,688 
Raytheon Technologies Corp.   1,372    135,924 
Honeywell International, Inc.   631    122,780 
Caterpillar, Inc.   497    110,742 
Deere & Co.   258    107,189 
Lockheed Martin Corp.   223    98,432 
Boeing Co.*   504    96,516 
General Electric Co.   1,011    92,506 
3M Co.   525    78,162 
CSX Corp.   2,039    76,361 
Norfolk Southern Corp.   220    62,748 
Northrop Grumman Corp.   135    60,375 
Waste Management, Inc.   354    56,109 
Eaton Corporation plc   367    55,696 
Illinois Tool Works, Inc.   263    55,072 
Emerson Electric Co.   546    53,535 
FedEx Corp.   224    51,831 
General Dynamics Corp.   212    51,130 
L3Harris Technologies, Inc.   180    44,725 
Johnson Controls International plc   646    42,358 
Amphenol Corp. — Class A   551    41,518 
TE Connectivity Ltd.   299    39,163 
Agilent Technologies, Inc.   276    36,523 
Carrier Global Corp.   787    36,100 
Parker-Hannifin Corp.   118    33,484 
Trane Technologies plc   215    32,831 
TransDigm Group, Inc.*   48    31,274 
Otis Worldwide Corp.   391    30,088 
Rockwell Automation, Inc.   107    29,963 
Mettler-Toledo International, Inc.*   21    28,837 
AMETEK, Inc.   213    28,368 
Ball Corp.   298    26,820 
Keysight Technologies, Inc.*   168    26,539 
Old Dominion Freight Line, Inc.   86    25,687 
Republic Services, Inc. — Class A   192    25,440 
Vulcan Materials Co.   122    22,411 
Martin Marietta Materials, Inc.   57    21,939 
Stanley Black & Decker, Inc.   150    20,968 
Dover Corp.   132    20,711 
Teledyne Technologies, Inc.*   43    20,323 
Fortive Corp.   330    20,107 
Ingersoll Rand, Inc.   375    18,881 
Generac Holdings, Inc.*   58    17,241 
Trimble, Inc.*   231    16,664 
Garmin Ltd.   140    16,605 
Westinghouse Air Brake Technologies Corp.   172    16,541 
Jacobs Engineering Group, Inc.   119    16,399 
Expeditors International of Washington, Inc.   156    16,093 
Amcor plc   1,392    15,771 
J.B. Hunt Transport Services, Inc.   77    15,461 
Textron, Inc.   203    15,099 
Xylem, Inc.   166    14,153 
Packaging Corporation of America   87    13,582 
IDEX Corp.   70    13,421 
CH Robinson Worldwide, Inc.   120    12,925 
Howmet Aerospace, Inc.   349    12,543 
Westrock Co.   242    11,381 
Nordson Corp.   50    11,354 
Masco Corp.   221    11,271 
Snap-on, Inc.   49    10,069 
Fortune Brands Home & Security, Inc.   125    9,285 
Sealed Air Corp.   136    9,107 
Allegion plc   82    9,002 
Pentair plc   152    8,240 
A O Smith Corp.   121    7,731 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 71.6% (continued)
Industrial - 5.5% (continued)
Huntington Ingalls Industries, Inc.   37   $7,379 
Mohawk Industries, Inc.*   50    6,210 
Total Industrial        2,687,482 
Energy - 2.8%          
Exxon Mobil Corp.   3,893    321,523 
Chevron Corp.   1,773    288,698 
ConocoPhillips   1,197    119,700 
EOG Resources, Inc.   538    64,146 
Schlumberger N.V.   1,290    53,290 
Pioneer Natural Resources Co.   209    52,256 
Occidental Petroleum Corp.   816    46,300 
Marathon Petroleum Corp.   532    45,486 
Valero Energy Corp.   376    38,179 
Williams Companies, Inc.   1,117    37,319 
Phillips 66   430    37,148 
Devon Energy Corp.   579    34,236 
Kinder Morgan, Inc.   1,793    33,906 
Halliburton Co.   826    31,281 
Baker Hughes Co.   833    30,329 
ONEOK, Inc.   410    28,958 
Hess Corp.   253    27,081 
Enphase Energy, Inc.*   123    24,819 
Diamondback Energy, Inc.   157    21,521 
Coterra Energy, Inc. — Class A   748    20,173 
Marathon Oil Corp.   716    17,979 
SolarEdge Technologies, Inc.*   48    15,474 
APA Corp.   334    13,804 
Total Energy        1,403,606 
Utilities - 2.0%          
NextEra Energy, Inc.   1,804    152,817 
Duke Energy Corp.   707    78,944 
Southern Co.   974    70,625 
Dominion Energy, Inc.   745    63,303 
Sempra Energy   294    49,427 
American Electric Power Company, Inc.   463    46,194 
Exelon Corp.   901    42,915 
Xcel Energy, Inc.   495    35,724 
Public Service Enterprise Group, Inc.   465    32,550 
Consolidated Edison, Inc.   325    30,771 
WEC Energy Group, Inc.   290    28,945 
Eversource Energy   316    27,868 
American Water Works Company, Inc.   167    27,643 
Edison International   349    24,465 
FirstEnergy Corp.   524    24,031 
DTE Energy Co.   178    23,533 
Ameren Corp.   237    22,221 
Entergy Corp.   185    21,599 
PPL Corp.   690    19,706 
CMS Energy Corp.   266    18,604 
CenterPoint Energy, Inc.   578    17,710 
Constellation Energy Corp.   300    16,875 
AES Corp.   613    15,772 
Atmos Energy Corp.   125    14,936 
Evergy, Inc.   211    14,420 
Alliant Energy Corp.   230    14,370 
NiSource, Inc.   361    11,480 
NRG Energy, Inc.   225    8,631 
Pinnacle West Capital Corp.   104    8,122 
Total Utilities        964,201 
Basic Materials - 1.5%          
Linde plc   471    150,452 
Freeport-McMoRan, Inc.   1,350    67,149 
Newmont Corp.   733    58,237 
Sherwin-Williams Co.   222    55,416 
Air Products and Chemicals, Inc.   204    50,982 
Dow, Inc.   677    43,138 
Ecolab, Inc.   229    40,432 
Nucor Corp.   250    37,162 
DuPont de Nemours, Inc.   472    34,730 
International Flavors & Fragrances, Inc.   234    30,731 
PPG Industries, Inc.   218    28,573 
LyondellBasell Industries N.V. — Class A   242    24,882 
Albemarle Corp.   108    23,884 
Mosaic Co.   341    22,677 
CF Industries Holdings, Inc.   197    20,303 
International Paper Co.   356    16,429 
FMC Corp.   117    15,394 
Celanese Corp. — Class A   99    14,144 
Eastman Chemical Co.   119    13,335 
Total Basic Materials        748,050 
Total Common Stocks          
(Cost $30,398,733)        35,207,535 

 

MUTUAL FUNDS - 13.0%
Guggenheim Ultra Short Duration Fund — Institutional Class2   358,560    3,510,302 
Guggenheim Strategy Fund II2   116,588    2,862,246 
Total Mutual Funds          
(Cost $6,426,085)        6,372,548 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 4.2%
U.S. Treasury Bills
0.09% due 06/02/223,4  $1,500,000    1,499,157 
0.12% due 05/05/224,5   543,000    542,924 
Total U.S. Treasury Bills          
(Cost $2,042,711)        2,042,081 

 

REPURCHASE AGREEMENTS††,6 - 12.3%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   4,080,547    4,080,547 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   1,571,644    1,571,644 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   408,628    408,628 
Total Repurchase Agreements          
(Cost $6,060,819)        6,060,819 

 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%8   4,286   $4,286 
Total Securities Lending Collateral          
(Cost $4,286)        4,286 
Total Investments - 101.1%          
(Cost $44,932,634)       $49,687,269 
Other Assets & Liabilities, net - (1.1)%        (526,445)
Total Net Assets - 100.0%       $49,160,824 

 

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   50   Jun 2022  $11,319,375   $571,518 

 

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††                        
Barclays Bank plc  S&P 500 Index  Pay  0.72% (U.S. Secured Overnight Financing Rate + 0.45%)  At Maturity  04/13/22   1,486   $6,731,646   $290,078 
BNP Paribas  S&P 500 Index  Pay  0.93% (Federal Funds Rate + 0.60%)  At Maturity  04/14/22   706    3,198,921    127,439 
Goldman Sachs International  S&P 500 Index  Pay  0.78% (Federal Funds Rate + 0.45%)  At Maturity  04/14/22   3,779    17,122,562    3,908 
                       $27,053,129   $421,425 

 

* 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 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 All or a portion of this security is pledged as futures collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of March 31, 2022.

 

  plc — Public Limited Company
  REIT — Real Estate Investment Trust
  SOFR — Secured Overnight Financing Rate
 
         See Sector Classification in Other Information section.

 

 

 

Nova Fund  
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  $35,207,535   $   $   $35,207,535 
Mutual Funds   6,372,548            6,372,548 
U.S. Treasury Bills       2,042,081        2,042,081 
Repurchase Agreements       6,060,819        6,060,819 
Securities Lending Collateral   4,286            4,286 
Equity Futures Contracts**   571,518            571,518 
Equity Index Swap Agreements**       421,425        421,425 
Total Assets  $42,155,887   $8,524,325   $   $50,680,212 

 

** 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  $5,008,187   $400,000   $(2,500,000)  $(2,226)  $(43,715)  $2,862,246    116,588   $12,854 
  Guggenheim Ultra Short Duration Fund — Institutional Class   3,156,914    400,000            (46,612)   3,510,302    358,560    8,860 
   $8,165,101   $800,000   $(2,500,000)  $(2,226)  $(90,327)  $6,372,548        $21,714 

 

 

 

 

Precious Metals Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 95.9%
Mining - 95.9%
Freeport-McMoRan, Inc.   50,366   $2,505,205 
Newmont Corp.   30,592    2,430,534 
Barrick Gold Corp.   80,238    1,968,238 
Franco-Nevada Corp.   10,271    1,638,430 
Agnico Eagle Mines Ltd.   25,444    1,558,190 
Wheaton Precious Metals Corp.   28,396    1,351,082 
Gold Fields Ltd. ADR   69,821    1,079,433 
Sibanye Stillwater Ltd. ADR1   59,493    965,571 
AngloGold Ashanti Ltd. ADR1   39,517    936,158 
Royal Gold, Inc.   6,449    911,115 
Kinross Gold Corp.   136,663    803,578 
Pan American Silver Corp.   25,546    697,406 
Yamana Gold, Inc.   123,843    691,044 
B2Gold Corp.   144,895    665,074 
SSR Mining, Inc.   30,026    653,065 
Hecla Mining Co.   83,696    549,883 
Alamos Gold, Inc. — Class A   63,759    536,851 
First Majestic Silver Corp.1   40,161    528,519 
Harmony Gold Mining Company Ltd. ADR   104,061    523,427 
Equinox Gold Corp.*   58,082    480,338 
Novagold Resources, Inc.*   61,351    474,243 
Eldorado Gold Corp.*   37,936    425,263 
Osisko Gold Royalties Ltd.1   31,673    417,767 
IAMGOLD Corp.*   113,350    394,458 
Sandstorm Gold Ltd.   45,340    366,347 
Seabridge Gold, Inc.*   19,329    357,586 
MAG Silver Corp.*   21,934    354,673 
SilverCrest Metals, Inc.*   37,117    330,712 
Coeur Mining, Inc.*   68,182    303,410 
Fortuna Silver Mines, Inc.*   76,286    290,650 
Endeavour Silver Corp.*   57,357    266,710 
Silvercorp Metals, Inc.   62,885    227,644 
Gatos Silver, Inc.*   33,576    145,048 
Total Mining        25,827,652 
Total Common Stocks          
(Cost $10,778,840)        25,827,652 

 

EXCHANGE-TRADED FUNDS - 3.6%          
VanEck Junior Gold Miners ETF   20,590    965,054 
Total Exchange-Traded Funds          
(Cost $495,045)        965,054 

 

    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.9%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $157,573    157,573 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   60,690    60,690 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   15,779    15,779 
Total Repurchase Agreements          
(Cost $234,042)        234,042 

 

    Shares      
SECURITIES LENDING COLLATERAL†,3 - 2.3%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   629,123    629,123 
Total Securities Lending Collateral          
(Cost $629,123)        629,123 
Total Investments - 102.7%          
(Cost $12,137,050)       $27,655,871 
Other Assets & Liabilities, net - (2.7)%        (720,428)
Total Net Assets - 100.0%       $26,935,443 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 Rate indicated is the 7-day yield as of March 31, 2022.

 

  ADR — American Depositary Receipt
 
         See Sector Classification in Other Information section.

 

 

 

Precious Metals Fund  
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  $25,827,652   $   $   $25,827,652 
Exchange-Traded Funds   965,054            965,054 
Repurchase Agreements       234,042        234,042 
Securities Lending Collateral   629,123            629,123 
Total Assets  $27,421,829   $234,042   $   $27,655,871 

 

 

 

 

Real Estate Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
REITS - 91.9%
REITs-Diversified - 23.2%
American Tower Corp. — Class A   1,487   $373,564 
Crown Castle International Corp.   1,710    315,666 
Equinix, Inc.   388    287,749 
Digital Realty Trust, Inc.   1,580    224,044 
SBA Communications Corp.   622    214,030 
Weyerhaeuser Co.   4,744    179,798 
Duke Realty Corp.   2,846    165,239 
VICI Properties, Inc.   5,653    160,884 
WP Carey, Inc.   1,687    136,377 
Gaming and Leisure Properties, Inc.   2,551    119,718 
Lamar Advertising Co. — Class A   1,023    118,852 
Rayonier, Inc.   2,055    84,502 
New Residential Investment Corp.   7,155    78,562 
PS Business Parks, Inc.   448    75,300 
LXP Industrial Trust   4,677    73,429 
EPR Properties   1,306    71,451 
Outfront Media, Inc.   2,494    70,904 
Broadstone Net Lease, Inc.   2,991    65,144 
Uniti Group, Inc.   4,640    63,846 
PotlatchDeltic Corp.   1,200    63,276 
Washington Real Estate Investment Trust   2,053    52,352 
Total REITs-Diversified        2,994,687 
REITs-Apartments - 12.4%          
AvalonBay Communities, Inc.   818    203,167 
Equity Residential   2,229    200,432 
Invitation Homes, Inc.   4,226    169,801 
Mid-America Apartment Communities, Inc.   805    168,607 
Essex Property Trust, Inc.   469    162,030 
UDR, Inc.   2,562    146,982 
Camden Property Trust   852    141,602 
American Homes 4 Rent — Class A   3,250    130,097 
Apartment Income REIT Corp.   1,860    99,436 
American Campus Communities, Inc.   1,735    97,108 
Independence Realty Trust, Inc.   3,175    83,947 
Total REITs-Apartments        1,603,209 
REITs-Office Property - 9.4%          
Alexandria Real Estate Equities, Inc.   990    199,237 
Boston Properties, Inc.   1,216    156,621 
Kilroy Realty Corp.   1,363    104,160 
Vornado Realty Trust   2,237    101,381 
Cousins Properties, Inc.   2,112    85,092 
Douglas Emmett, Inc.   2,526    84,419 
SL Green Realty Corp.   966    78,420 
Highwoods Properties, Inc.   1,675    76,614 
Hudson Pacific Properties, Inc.   2,566    71,207 
JBG SMITH Properties   2,289    66,885 
Corporate Office Properties Trust   2,194    62,617 
Equity Commonwealth*   2,192    61,836 
Brandywine Realty Trust   3,843    54,340 
Total REITs-Office Property        1,202,829 
REITs-Health Care - 9.1%          
Welltower, Inc.   2,403    231,024 
Ventas, Inc.   2,827    174,596 
Healthpeak Properties, Inc.   4,345    149,164 
Medical Properties Trust, Inc.   5,974    126,290 
Omega Healthcare Investors, Inc.   3,118    97,157 
Healthcare Trust of America, Inc. — Class A   2,958    92,704 
Healthcare Realty Trust, Inc.   2,565    70,486 
Physicians Realty Trust   3,963    69,511 
Sabra Health Care REIT, Inc.   4,378    65,188 
National Health Investors, Inc.   970    57,240 
CareTrust REIT, Inc.   2,503    48,308 
Total REITs-Health Care        1,181,668 
REITs-Warehouse/Industries - 8.0%          
Prologis, Inc.   2,353    379,962 
Rexford Industrial Realty, Inc.   1,624    121,134 
EastGroup Properties, Inc.   502    102,047 
First Industrial Realty Trust, Inc.   1,615    99,985 
Americold Realty Trust   3,395    94,653 
STAG Industrial, Inc.   2,276    94,113 
Terreno Realty Corp.   1,122    83,084 
Innovative Industrial Properties, Inc.   387    79,490 
Total REITs-Warehouse/Industries        1,054,468 
REITs-Storage - 7.3%          
Public Storage   757    295,442 
Extra Space Storage, Inc.   895    184,012 
Iron Mountain, Inc.   2,625    145,451 
Life Storage, Inc.   856    120,208 
CubeSmart   2,292    119,253 
National Storage Affiliates Trust   1,545    96,964 
Total REITs-Storage        961,330 
REITs-Shopping Centers - 5.4%          
Kimco Realty Corp.   5,493    135,677 
Regency Centers Corp.   1,738    123,989 
Federal Realty Investment Trust   883    107,788 
Brixmor Property Group, Inc.   3,750    96,787 
Kite Realty Group Trust   3,412    77,691 
SITE Centers Corp.   3,954    66,071 
Retail Opportunity Investments Corp.   2,753    53,381 
Acadia Realty Trust   2,223    48,172 
Total REITs-Shopping Centers        709,556 
REITs-Single Tenant - 5.0%          
Realty Income Corp.   3,247    225,017 
National Retail Properties, Inc.   2,209    99,272 
STORE Capital Corp.   3,338    97,570 
Spirit Realty Capital, Inc.   1,817    83,618 
Agree Realty Corp.   1,140    75,650 
Essential Properties Realty Trust, Inc.   2,451    62,010 
Total REITs-Single Tenant        643,137 
REITs-Hotels - 4.9%          
Host Hotels & Resorts, Inc.   6,553    127,325 

 

 

 

Real Estate Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5% (continued)
REITS - 91.9% (continued)
REITs-Hotels - 4.9% (continued)
MGM Growth Properties LLC — Class A   2,894   $111,998 
Ryman Hospitality Properties, Inc.*   834    77,370 
Park Hotels & Resorts, Inc.   3,760    73,433 
Apple Hospitality REIT, Inc.   3,830    68,825 
Pebblebrook Hotel Trust   2,484    60,808 
Sunstone Hotel Investors, Inc.*   4,705    55,425 
RLJ Lodging Trust   3,671    51,688 
Total REITs-Hotels        626,872 
REITs-Mortgage - 2.8%          
Starwood Property Trust, Inc.   3,888    93,973 
AGNC Investment Corp.   6,878    90,102 
Blackstone Mortgage Trust, Inc. — Class A   2,497    79,380 
Chimera Investment Corp.   4,768    57,407 
Arbor Realty Trust, Inc.   3,353    57,202 
Total REITs-Mortgage        378,064 
REITs-Regional Malls - 2.2%          
Simon Property Group, Inc.   1,701    223,784 
Macerich Co.   4,057    63,451 
Total REITs-Regional Malls        287,235 
REITs-Manufactured Homes - 2.2%          
Sun Communities, Inc.   876    153,554 
Equity LifeStyle Properties, Inc.   1,699    129,940 
Total REITs-Manufactured Homes        283,494 
Total REITs        11,926,549 
Real Estate - 4.6%          
Real Estate Management/Services - 4.0%          
CBRE Group, Inc. — Class A*   2,035    186,243 
Jones Lang LaSalle, Inc.*   483    115,659 
Cushman & Wakefield plc*   3,529    72,380 
eXp World Holdings, Inc.   2,553    54,047 
Redfin Corp.*   2,483    44,794 
Realogy Holdings Corp.*   2,843    44,578 
Total Real Estate Management/Services        517,701 
Real Estate Operations/Development - 0.6%          
Howard Hughes Corp.*   803    83,199 
Total Real Estate        600,900 
Internet - 2.4%          
E-Commerce/Services - 2.4%          
Zillow Group, Inc. — Class C*   2,319    114,303 
Zillow Group, Inc. — Class A*   2,367    114,160 
Opendoor Technologies, Inc.*   9,292    80,376 
Total E-Commerce/Services        308,839 
Total Internet        308,839 
Diversified Financial Services - 0.6%          
Finance-Commercial - 0.6%          
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   1,472    69,817 
Total Common Stocks          
(Cost $7,648,227)        12,906,105 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,1 - 0.9%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $82,915    82,915 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   31,935    31,935 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   8,303    8,303 
Total Repurchase Agreements          
(Cost $123,153)        123,153 
Total Investments - 100.4%          
(Cost $7,771,380)       $13,029,258 
Other Assets & Liabilities, net - (0.4)%        (50,665)
Total Net Assets - 100.0%       $12,978,593 

 

* 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 Repurchase Agreements — See Note 4.

 

  plc — Public Limited Company
  REIT — Real Estate Investment Trust
 
         See Sector Classification in Other Information section.

 

 

 

Real Estate Fund  
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  $12,906,105   $   $   $12,906,105 
Repurchase Agreements       123,153        123,153 
Total Assets  $12,906,105   $123,153   $   $13,029,258 

 

 

 

 

Retailing Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 98.8%
Retail - 60.7%
Walmart, Inc.   1,465   $218,168 
Home Depot, Inc.   593    177,503 
Costco Wholesale Corp.   302    173,907 
Lowe's Companies, Inc.   570    115,248 
Target Corp.   490    103,988 
TJX Companies, Inc.   1,453    88,023 
Dollar General Corp.   351    78,143 
O'Reilly Automotive, Inc.*   103    70,551 
AutoZone, Inc.*   34    69,516 
Dollar Tree, Inc.*   406    65,021 
Walgreens Boots Alliance, Inc.   1,441    64,513 
Ross Stores, Inc.   644    58,256 
Tractor Supply Co.   237    55,309 
GameStop Corp. — Class A*   306    50,973 
Ulta Beauty, Inc.*   123    48,981 
Carvana Co.*   399    47,597 
Best Buy Company, Inc.   523    47,541 
Genuine Parts Co.   348    43,855 
CarMax, Inc.*   419    40,425 
Advance Auto Parts, Inc.   180    37,253 
Bath & Body Works, Inc.   757    36,184 
Burlington Stores, Inc.*   192    34,977 
Williams-Sonoma, Inc.   229    33,205 
BJ's Wholesale Club Holdings, Inc.*   487    32,926 
Five Below, Inc.*   196    31,040 
Dick's Sporting Goods, Inc.1   296    29,606 
Lithia Motors, Inc. — Class A   98    29,412 
Kohl's Corp.   459    27,751 
Floor & Decor Holdings, Inc. — Class A*   340    27,540 
RH*   81    26,413 
Macy's, Inc.   1,066    25,968 
AutoNation, Inc.*   239    23,799 
Gap, Inc.   1,585    22,317 
Nordstrom, Inc.   823    22,311 
Victoria's Secret & Co.*   422    21,674 
Academy Sports & Outdoors, Inc.   522    20,567 
Signet Jewelers Ltd.   266    19,338 
Asbury Automotive Group, Inc.*   114    18,263 
Ollie's Bargain Outlet Holdings, Inc.*   405    17,399 
Foot Locker, Inc.   586    17,381 
American Eagle Outfitters, Inc.1   986    16,565 
Bed Bath & Beyond, Inc.*   696    15,681 
Abercrombie & Fitch Co. — Class A*   440    14,075 
Big Lots, Inc.   302    10,449 
Total Retail        2,229,612 
Internet - 35.6%          
Amazon.com, Inc.*   134    436,833 
Booking Holdings, Inc.*   44    103,332 
Alibaba Group Holding Ltd. ADR*   916    99,661 
DoorDash, Inc. — Class A*   617    72,306 
MercadoLibre, Inc.*   55    65,421 
eBay, Inc.   1,088    62,299 
Expedia Group, Inc.*   297    58,114 
JD.com, Inc. ADR*   958    55,440 
Pinduoduo, Inc. ADR*   1,140    45,725 
Chewy, Inc. — Class A*,1   1,014    41,351 
Etsy, Inc.*   315    39,148 
Farfetch Ltd. — Class A*   2,576    38,949 
Fiverr International Ltd.*   488    37,122 
Coupang, Inc.*   2,090    36,951 
Trip.com Group Ltd. ADR*   1,577    36,460 
Wayfair, Inc. — Class A*   306    33,899 
Revolve Group, Inc.*   403    21,637 
Overstock.com, Inc.*   305    13,422 
Stitch Fix, Inc. — Class A*   1,001    10,080 
Total Internet        1,308,150 
Distribution & Wholesale - 2.1%          
Pool Corp.   97    41,017 
LKQ Corp.   810    36,782 
Total Distribution & Wholesale        77,799 
Apparel - 0.4%          
Urban Outfitters, Inc.*   627    15,744 
Total Common Stocks          
(Cost $1,913,095)        3,631,305 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $19,692    19,692 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   7,585    7,585 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   1,972    1,972 
Total Repurchase Agreements          
(Cost $29,249)        29,249 

 

 

 

Retailing Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 1.7%
Money Market Fund        
First American Government Obligations Fund — Class Z, 0.15%4  $60,705   $60,705 
Total Securities Lending Collateral          
(Cost $60,705)        60,705 
Total Investments - 101.3%          
(Cost $2,003,049)        3,721,259 
Other Assets & Liabilities, net - (1.3)%        (48,604)
Total Net Assets - 100.0%       $3,672,655 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 Rate indicated is the 7-day yield as of March 31, 2022.

 

  ADR — American Depositary Receipt
 
         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  $3,631,305   $   $   $3,631,305 
Repurchase Agreements       29,249        29,249 
Securities Lending Collateral   60,705            60,705 
Total Assets  $3,692,010   $29,249   $   $3,721,259 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

   Shares   Value 
COMMON STOCKS - 41.8%
Financial - 9.8%
EastGroup Properties, Inc. REIT   28   $5,692 
STAG Industrial, Inc. REIT   124    5,127 
SouthState Corp.   53    4,324 
Independence Realty Trust, Inc. REIT   153    4,045 
First Financial Bankshares, Inc.   90    3,971 
Glacier Bancorp, Inc.   76    3,821 
Terreno Realty Corp. REIT   51    3,777 
Cadence Bank   126    3,687 
Selective Insurance Group, Inc.   41    3,664 
Valley National Bancorp   278    3,620 
National Storage Affiliates Trust REIT   56    3,515 
Blackstone Mortgage Trust, Inc. — Class A REIT   110    3,497 
Ryman Hospitality Properties, Inc. REIT*   37    3,432 
Kinsale Capital Group, Inc.   15    3,420 
Kite Realty Group Trust REIT   150    3,416 
Old National Bancorp   203    3,325 
Innovative Industrial Properties, Inc. REIT   16    3,286 
ServisFirst Bancshares, Inc.   34    3,240 
Agree Realty Corp. REIT   48    3,185 
United Bankshares, Inc.   91    3,174 
Houlihan Lokey, Inc.   36    3,161 
Hancock Whitney Corp.   60    3,129 
RLI Corp.   28    3,098 
Essent Group Ltd.   75    3,091 
LXP Industrial Trust REIT   193    3,030 
UMB Financial Corp.   30    2,915 
Outfront Media, Inc. REIT   102    2,900 
Silvergate Capital Corp. — Class A*   19    2,861 
Healthcare Realty Trust, Inc. REIT   102    2,803 
Radian Group, Inc.   124    2,754 
Walker & Dunlop, Inc.   21    2,718 
Phillips Edison & Company, Inc. REIT   79    2,717 
Physicians Realty Trust REIT   152    2,666 
Apple Hospitality REIT, Inc.   148    2,660 
Independent Bank Corp.   32    2,614 
Community Bank System, Inc.   37    2,596 
BankUnited, Inc.   59    2,594 
Eastern Bankshares, Inc.   119    2,563 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT   53    2,514 
United Community Banks, Inc.   72    2,506 
PotlatchDeltic Corp. REIT   46    2,426 
DigitalBridge Group, Inc. REIT*   336    2,419 
Home BancShares, Inc.   106    2,396 
Broadstone Net Lease, Inc. REIT   109    2,374 
Investors Bancorp, Inc.   159    2,374 
PS Business Parks, Inc. REIT   14    2,353 
Sabra Health Care REIT, Inc.   158    2,353 
Enstar Group Ltd.*   9    2,350 
Macerich Co. REIT   150    2,346 
Associated Banc-Corp.   103    2,344 
Trupanion, Inc.*   26    2,317 
Pacific Premier Bancorp, Inc.   65    2,298 
Federated Hermes, Inc. — Class B   67    2,282 
American Equity Investment Life Holding Co.   57    2,275 
Corporate Office Properties Trust REIT   79    2,255 
First Interstate BancSystem, Inc. — Class A   61    2,243 
Cathay General Bancorp   50    2,238 
Pebblebrook Hotel Trust REIT   91    2,228 
CVB Financial Corp.   95    2,205 
Equity Commonwealth REIT*   76    2,144 
CNO Financial Group, Inc.   85    2,133 
Essential Properties Realty Trust, Inc. REIT   84    2,125 
WSFS Financial Corp.   45    2,098 
Simmons First National Corp. — Class A   79    2,071 
Focus Financial Partners, Inc. — Class A*   45    2,058 
Ameris Bancorp   46    2,019 
Texas Capital Bancshares, Inc.*   35    2,006 
SITE Centers Corp. REIT   120    2,005 
Kennedy-Wilson Holdings, Inc.   82    2,000 
Atlantic Union Bankshares Corp.   54    1,981 
Chimera Investment Corp. REIT   164    1,975 
Moelis & Co. — Class A   42    1,972 
Cushman & Wakefield plc*   96    1,969 
Mr Cooper Group, Inc.*   43    1,964 
Uniti Group, Inc. REIT   136    1,871 
Newmark Group, Inc. — Class A   117    1,863 
Navient Corp.   109    1,857 
Hamilton Lane, Inc. — Class A   24    1,855 
Independent Bank Group, Inc.   26    1,850 
Fulton Financial Corp.   111    1,845 
First BanCorp   138    1,811 
Axos Financial, Inc.*   39    1,809 
Sunstone Hotel Investors, Inc. REIT*   152    1,791 
National Health Investors, Inc. REIT   30    1,770 
Columbia Banking System, Inc.   54    1,743 
Arbor Realty Trust, Inc. REIT   99    1,689 
Brandywine Realty Trust REIT   118    1,669 
First Merchants Corp.   40    1,664 
Retail Opportunity Investments Corp. REIT   84    1,629 
RLJ Lodging Trust REIT   115    1,619 
Piper Sandler Cos.   12    1,575 
Artisan Partners Asset Management, Inc. — Class A   40    1,574 
International Bancshares Corp.   37    1,562 
Xenia Hotels & Resorts, Inc. REIT*   80    1,543 
Urban Edge Properties REIT   80    1,528 
Flagstar Bancorp, Inc.   36    1,526 
Triumph Bancorp, Inc.*   16    1,504 
Piedmont Office Realty Trust, Inc. — Class A REIT   86    1,481 
Washington Real Estate Investment Trust REIT   58    1,479 
Washington Federal, Inc.   45    1,477 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Financial - 9.8% (continued)
First Financial Bancorp   64   $1,475 
DiamondRock Hospitality Co. REIT*   146   1,475 
Cohen & Steers, Inc.   17    1,460 
McGrath RentCorp   17    1,445 
WesBanco, Inc.   42    1,443 
Four Corners Property Trust, Inc. REIT   53    1,433 
Paramount Group, Inc. REIT   129    1,407 
Banner Corp.   24    1,405 
Sandy Spring Bancorp, Inc.   31    1,393 
Apollo Commercial Real Estate Finance, Inc. REIT   99    1,379 
TowneBank   46    1,377 
St. Joe Co.   23    1,363 
NexPoint Residential Trust, Inc. REIT   15    1,355 
PRA Group, Inc.*   30    1,352 
Heartland Financial USA, Inc.   28    1,339 
Renasant Corp.   40    1,338 
Genworth Financial, Inc. — Class A*   353    1,334 
Seacoast Banking Corporation of Florida   38    1,331 
American Assets Trust, Inc. REIT   35    1,326 
Two Harbors Investment Corp. REIT   238    1,316 
Park National Corp.   10    1,314 
Trustmark Corp.   43    1,307 
Acadia Realty Trust REIT   60    1,300 
CareTrust REIT, Inc.   67    1,293 
Hope Bancorp, Inc.   80    1,286 
Redfin Corp.*   71    1,281 
Easterly Government Properties, Inc. REIT   60    1,268 
Hilltop Holdings, Inc.   43    1,264 
Veritex Holdings, Inc.   33    1,260 
Bank of NT Butterfield & Son Ltd.   35    1,256 
Realogy Holdings Corp.*   80    1,254 
Eagle Bancorp, Inc.   22    1,254 
Lakeland Financial Corp.   17    1,241 
MFA Financial, Inc. REIT   306    1,233 
Tanger Factory Outlet Centers, Inc. REIT   71    1,220 
Provident Financial Services, Inc.   52    1,217 
Horace Mann Educators Corp.   29    1,213 
Meta Financial Group, Inc.   22    1,208 
Virtus Investment Partners, Inc.   5    1,200 
NMI Holdings, Inc. — Class A*   58    1,196 
Flywire Corp.*   39    1,193 
PennyMac Financial Services, Inc.   22    1,170 
Alexander & Baldwin, Inc. REIT   50    1,159 
PennyMac Mortgage Investment Trust REIT   68    1,149 
Northwest Bancshares, Inc.   85    1,148 
Enterprise Financial Services Corp.   24    1,135 
Global Net Lease, Inc. REIT   72    1,133 
Live Oak Bancshares, Inc.   22    1,120 
iStar, Inc. REIT1   47    1,100 
Customers Bancorp, Inc.*   21    1,095 
Stewart Information Services Corp.   18    1,091 
Westamerica BanCorp   18    1,089 
Palomar Holdings, Inc.*   17    1,088 
First Commonwealth Financial Corp.   71    1,076 
LendingClub Corp.*   68    1,073 
Encore Capital Group, Inc.*   17    1,066 
Veris Residential, Inc. REIT*   61    1,061 
StepStone Group, Inc. — Class A   32    1,058 
NBT Bancorp, Inc.   29    1,048 
LTC Properties, Inc. REIT   27    1,039 
FB Financial Corp.   23    1,022 
Industrial Logistics Properties Trust REIT   45    1,020 
Nelnet, Inc. — Class A   12    1,020 
Bancorp, Inc.*   36    1,020 
PJT Partners, Inc. — Class A   16    1,010 
Service Properties Trust REIT   114    1,007 
First Bancorp   24    1,002 
Safety Insurance Group, Inc.   11    999 
BancFirst Corp.   12    999 
ProAssurance Corp.   37    995 
Berkshire Hills Bancorp, Inc.   34    985 
Centerspace REIT   10    981 
B. Riley Financial, Inc.   14    979 
Capitol Federal Financial, Inc.   90    979 
Empire State Realty Trust, Inc. — Class A REIT   99    972 
BGC Partners, Inc. — Class A   220    968 
New York Mortgage Trust, Inc. REIT   265    967 
First Busey Corp.   38    963 
LendingTree, Inc.*   8    957 
Enova International, Inc.*   25    949 
American National Group, Inc.   5    946 
Goosehead Insurance, Inc. — Class A   12    943 
Ladder Capital Corp. — Class A REIT   79    938 
eXp World Holdings, Inc.   43    910 
Argo Group International Holdings Ltd.   22    908 
OFG Bancorp   34    906 
Stock Yards Bancorp, Inc.   17    899 
Southside Bancshares, Inc.   22    898 
Preferred Apartment Communities, Inc. — Class A REIT   36    898 
StoneX Group, Inc.*   12    891 
National Bank Holdings Corp. — Class A   22    886 
BRP Group, Inc. — Class A*   33    885 
Tompkins Financial Corp.   11    861 
First Foundation, Inc.   35    850 
Office Properties Income Trust REIT   33    849 
Marcus & Millichap, Inc.   16    843 
Nicolet Bankshares, Inc.*   9    842 
Brookline Bancorp, Inc.   53    838 
ConnectOne Bancorp, Inc.   26    832 
Redwood Trust, Inc. REIT   79    832 

 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Financial - 9.8% (continued)
Getty Realty Corp. REIT   29   $830 
Dime Community Bancshares, Inc.   24    830 
OceanFirst Financial Corp.   40    804 
Gladstone Land Corp. REIT   22    801 
RPT Realty REIT   58    799 
S&T Bancorp, Inc.   27    799 
Premier Financial Corp.   26    789 
City Holding Co.   10    787 
Employers Holdings, Inc.   19    779 
Broadmark Realty Capital, Inc. REIT   90    779 
Safehold, Inc. REIT   14    776 
Apartment Investment and Management Co. — Class A REIT*   104    761 
TriCo Bancshares   19    761 
Farmer Mac — Class C   7    759 
Preferred Bank/Los Angeles CA   10    741 
Banc of California, Inc.   38    736 
Summit Hotel Properties, Inc. REIT*   72    717 
Radius Global Infrastructure, Inc. — Class A*   50    714 
UMH Properties, Inc. REIT   29    713 
Metropolitan Bank Holding Corp.*   7    712 
Lakeland Bancorp, Inc.   42    701 
Necessity Retail REIT, Inc.   86    680 
Origin Bancorp, Inc.   16    677 
Heritage Financial Corp.   27    677 
Community Healthcare Trust, Inc. REIT   16    675 
Global Medical REIT, Inc.   41    669 
Blucora, Inc.*   34    665 
TriState Capital Holdings, Inc.*   20    665 
HomeStreet, Inc.   14    663 
Ellington Financial, Inc. REIT   37    657 
German American Bancorp, Inc.   17    646 
AMERISAFE, Inc.   13    646 
Washington Trust Bancorp, Inc.   12    630 
QCR Holdings, Inc.   11    623 
James River Group Holdings Ltd.   25    619 
Ready Capital Corp. REIT   41    617 
Armada Hoffler Properties, Inc. REIT   42    613 
NETSTREIT Corp. REIT   27    606 
Columbia Financial, Inc.*   28    602 
Amerant Bancorp, Inc.   19    600 
Plymouth Industrial REIT, Inc.   22    596 
Kearny Financial Corp.   46    592 
Allegiance Bancshares, Inc.   13    581 
World Acceptance Corp.*   3    576 
Gladstone Commercial Corp. REIT   26    573 
Peoples Bancorp, Inc.   18    564 
Horizon Bancorp, Inc.   30    560 
Central Pacific Financial Corp.   20    558 
1st Source Corp.   12    555 
WisdomTree Investments, Inc.   94    552 
Hanmi Financial Corp.   22    541 
BrightSpire Capital, Inc. REIT   58    536 
GEO Group, Inc. REIT*   81    535 
Univest Financial Corp.   20    535 
Brightsphere Investment Group, Inc.   22    534 
Diversified Healthcare Trust REIT   166    531 
City Office REIT, Inc.   30    530 
Universal Health Realty Income Trust REIT   9    525 
CrossFirst Bankshares, Inc.*   33    520 
Northfield Bancorp, Inc.   36    517 
ARMOUR Residential REIT, Inc. 1   61    512 
MBIA, Inc.*   33    508 
Invesco Mortgage Capital, Inc. REIT   217    495 
KKR Real Estate Finance Trust, Inc. REIT   24    495 
Midland States Bancorp, Inc.   17    491 
Cowen, Inc. — Class A   18    488 
Peapack-Gladstone Financial Corp.   14    487 
TPG RE Finance Trust, Inc. REIT   41    484 
Granite Point Mortgage Trust, Inc. REIT   43    478 
Great Southern Bancorp, Inc.   8    472 
First Bancshares, Inc.   14    471 
Camden National Corp.   10    470 
United Fire Group, Inc.   15    466 
Ares Commercial Real Estate Corp. REIT   30    466 
SiriusPoint Ltd.*   62    464 
HarborOne Bancorp, Inc.   33    463 
Bank of Marin Bancorp   13    456 
Chatham Lodging Trust REIT*   33    455 
Franklin Street Properties Corp. REIT   77    454 
Byline Bancorp, Inc.   17    454 
International Money Express, Inc.*   22    453 
Community Trust Bancorp, Inc.   11    453 
Heritage Commerce Corp.   40    450 
Flushing Financial Corp.   20    447 
Mercantile Bank Corp.   12    425 
Cambridge Bancorp   5    425 
Whitestone REIT — Class B   32    424 
First Mid Bancshares, Inc.   11    423 
Saul Centers, Inc. REIT   8    422 
National Western Life Group, Inc. — Class A   2    421 
TrustCo Bank Corporation NY   13    415 
Dynex Capital, Inc. REIT1   25    405 
CBTX, Inc.   13    403 
Urstadt Biddle Properties, Inc. — Class A REIT   21    395 
First Community Bankshares, Inc.   14    395 
Diamond Hill Investment Group, Inc.   2    375 
Douglas Elliman, Inc.   50    365 
MidWestOne Financial Group, Inc.   11    364 
RE/MAX Holdings, Inc. — Class A   13    360 
Bank First Corp.   5    360 
Farmers National Banc Corp.   21    358 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Financial - 9.8% (continued)
Independent Bank Corp.   16   $352 
Franklin BSP Realty Trust, Inc. REIT   25    350 
First Financial Corp.   8    346 
Hingham Institution For Savings The   1    343 
RMR Group, Inc. — Class A   11    342 
One Liberty Properties, Inc. REIT   11    339 
Financial Institutions, Inc.   11    331 
Carter Bankshares, Inc.*   19    330 
Seritage Growth Properties REIT*   26    329 
HomeTrust Bancshares, Inc.   11    325 
Arrow Financial Corp.   10    324 
Equity Bancshares, Inc. — Class A   10    323 
Ambac Financial Group, Inc.*   31    322 
Coastal Financial Corp.*   7    320 
Citizens & Northern Corp.   13    317 
Business First Bancshares, Inc.   13    316 
AssetMark Financial Holdings, Inc.*   14    311 
First of Long Island Corp.   16    311 
Orchid Island Capital, Inc. REIT1   94    306 
Metrocity Bankshares, Inc.   13    305 
Oppenheimer Holdings, Inc. — Class A   7    305 
American National Bankshares, Inc.   8    301 
First Internet Bancorp   7    301 
GCM Grosvenor, Inc. — Class A   31    301 
Southern Missouri Bancorp, Inc.   6    300 
West BanCorp, Inc.   11    299 
Capstar Financial Holdings, Inc.   14    295 
Indus Realty Trust, Inc. REIT   4    292 
Regional Management Corp.   6    291 
MVB Financial Corp.   7    291 
Old Second Bancorp, Inc.   20    290 
Waterstone Financial, Inc.   15    290 
CNB Financial Corp.   11    290 
FRP Holdings, Inc.*   5    289 
Bar Harbor Bankshares   10    286 
CatchMark Timber Trust, Inc. — Class A REIT   34    279 
Alerus Financial Corp.   10    276 
Farmland Partners, Inc. REIT   20    275 
Merchants Bancorp   10    274 
HCI Group, Inc.   4    273 
Blue Foundry Bancorp*   20    271 
Republic Bancorp, Inc. — Class A   6    270 
Mid Penn Bancorp, Inc.   10    268 
CTO Realty Growth, Inc. REIT   4    265 
Civista Bancshares, Inc.   11    265 
Spirit of Texas Bancshares, Inc.   10    263 
Selectquote, Inc.*   94    262 
Atlanticus Holdings Corp.*   5    259 
RBB Bancorp   11    258 
Universal Insurance Holdings, Inc.   19    256 
Alexander's, Inc. REIT   1    256 
SmartFinancial, Inc.   10    256 
Five Star Bancorp   9    255 
Southern First Bancshares, Inc.*   5    254 
Peoples Financial Services Corp.   5    252 
Bridgewater Bancshares, Inc.*   15    250 
Sierra Bancorp   10    250 
Home Bancorp, Inc.   6    245 
Braemar Hotels & Resorts, Inc. REIT   39    241 
Enterprise Bancorp, Inc.   6    241 
Primis Financial Corp.   17    238 
Capital City Bank Group, Inc.   9    237 
Enact Holdings, Inc.   10    223 
Northrim BanCorp, Inc.   5    218 
BRT Apartments Corp. REIT   9    216 
Oportun Financial Corp.*   15    215 
Red River Bancshares, Inc.   4    212 
EZCORP, Inc. — Class A*   35    211 
eHealth, Inc.*   17    211 
First Bancorp, Inc.   7    211 
PCSB Financial Corp.   11    210 
Guaranty Bancshares, Inc.   6    210 
Sculptor Capital Management, Inc.*   15    209 
Curo Group Holdings Corp.   16    209 
Tiptree, Inc. — Class A   16    206 
Summit Financial Group, Inc.   8    205 
Investors Title Co.   1    203 
Greenhill & Company, Inc.   13    201 
Hersha Hospitality Trust REIT*   22    200 
Blue Ridge Bankshares, Inc.   13    197 
South Plains Financial, Inc.   7    186 
FS Bancorp, Inc.   6    186 
Orrstown Financial Services, Inc.   8    183 
Provident Bancorp, Inc.   11    178 
Great Ajax Corp. REIT   15    176 
AFC Gamma, Inc. REIT   9    172 
Macatawa Bank Corp.   19    171 
Amalgamated Financial Corp.   9    162 
Republic First Bancorp, Inc.*   31    160 
Luther Burbank Corp.   12    159 
First Bank/Hamilton NJ   11    156 
Postal Realty Trust, Inc. — Class A REIT   9    151 
Legacy Housing Corp.*   7    150 
Citizens, Inc.*   35    148 
Ocwen Financial Corp.*   6    143 
Fidelity D&D Bancorp, Inc.   3    139 
Heritage Insurance Holdings, Inc.   19    136 
Donegal Group, Inc. — Class A   10    134 
HBT Financial, Inc.   7    127 
Greenlight Capital Re Ltd. — Class A*   18    127 
Ashford Hospitality Trust, Inc. REIT*   12    122 
NI Holdings, Inc.*   7    119 
Maiden Holdings Ltd.*   48    116 
Capital Bancorp, Inc.   5    114 
Pzena Investment Management, Inc. — Class A   14    112 
GAMCO Investors, Inc. — Class A   5    111 
MetroMile, Inc.*   67    88 
Pioneer Bancorp, Inc.*   8    84 
Crawford & Co. — Class A   11    83 
Angel Oak Mortgage, Inc. REIT   5    82 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Financial - 9.8% (continued)
Clipper Realty, Inc. REIT   9   $82 
Finance of America Companies, Inc. — Class A*   23    70 
Velocity Financial, Inc.*   6    66 
Trean Insurance Group, Inc.*   12    56 
United Insurance Holdings Corp.   14    46 
Third Coast Bancshares, Inc.*   2    46 
Fathom Holdings, Inc.*   4    43 
Associated Capital Group, Inc. — Class A   1    42 
Retail Value, Inc. REIT   12    37 
Stronghold Digital Mining, Inc. — Class A*   5    29 
Rafael Holdings, Inc. — Class B*   7    18 
Home Point Capital, Inc.   5    16 
Total Financial        445,480 
Consumer, Non-cyclical - 9.8%          
Avis Budget Group, Inc.*   29    7,636 
Tenet Healthcare Corp.*   73    6,275 
WillScot Mobile Mini Holdings Corp.*   146    5,713 
Performance Food Group Co.*   106    5,397 
Inspire Medical Systems, Inc.*   19    4,877 
Shockwave Medical, Inc.*   23    4,769 
Biohaven Pharmaceutical Holding Company Ltd.*   38    4,506 
ASGN, Inc.*   35    4,085 
Omnicell, Inc.*   30    3,885 
Halozyme Therapeutics, Inc.*   96    3,828 
HealthEquity, Inc.*   56    3,777 
LHC Group, Inc.*   21    3,541 
Intellia Therapeutics, Inc.*   48    3,488 
AMN Healthcare Services, Inc.*   33    3,443 
Intra-Cellular Therapies, Inc.*   55    3,365 
Helen of Troy Ltd.*   17    3,329 
Medpace Holdings, Inc.*   20    3,272 
Ensign Group, Inc.   36    3,240 
Triton International Ltd.   46    3,228 
Arrowhead Pharmaceuticals, Inc.*   70    3,219 
iRhythm Technologies, Inc.*   20    3,149 
Option Care Health, Inc.*   110    3,142 
LivaNova plc*   37    3,028 
CONMED Corp.   20    2,971 
Alkermes plc*   112    2,947 
API Group Corp.*   139    2,923 
Herc Holdings, Inc.   17    2,841 
TriNet Group, Inc.*   28    2,754 
Apellis Pharmaceuticals, Inc.*   54    2,744 
STAAR Surgical Co.*   33    2,637 
Sanderson Farms, Inc.   14    2,625 
Lantheus Holdings, Inc.*   47    2,600 
Blueprint Medicines Corp.*   40    2,555 
Insperity, Inc.   25    2,510 
Sprouts Farmers Market, Inc.*   78    2,494 
Korn Ferry   37    2,403 
Pacira BioSciences, Inc.*   31    2,366 
Merit Medical Systems, Inc.*   35    2,328 
Progyny, Inc.*   45    2,313 
Neogen Corp.*   74    2,282 
Brink's Co.   33    2,244 
Simply Good Foods Co.*   59    2,239 
R1 RCM, Inc.*   83    2,221 
Arvinas, Inc.*   33    2,221 
Haemonetics Corp.*   35    2,213 
Owens & Minor, Inc.   50    2,201 
Alarm.com Holdings, Inc.*   33    2,193 
Inari Medical, Inc.*   24    2,175 
Fate Therapeutics, Inc.*   56    2,171 
ABM Industries, Inc.   47    2,164 
Hostess Brands, Inc.*   95    2,084 
Celsius Holdings, Inc.*   37    2,042 
NuVasive, Inc.*   36    2,041 
AtriCure, Inc.*   31    2,036 
Denali Therapeutics, Inc.*   63    2,027 
Cytokinetics, Inc.*   55    2,025 
BioCryst Pharmaceuticals, Inc.*   124    2,016 
ACADIA Pharmaceuticals, Inc.*   83    2,010 
Beam Therapeutics, Inc.*   35    2,005 
Axonics, Inc.*   32    2,003 
Lancaster Colony Corp.   13    1,939 
Insmed, Inc.*   82    1,927 
Patterson Companies, Inc.   59    1,910 
Karuna Therapeutics, Inc.*   15    1,902 
Twist Bioscience Corp.*   38    1,876 
Integer Holdings Corp.*   23    1,853 
Prestige Consumer Healthcare, Inc.*   35    1,853 
Marathon Digital Holdings, Inc.*,1   66    1,845 
Graham Holdings Co. — Class B   3    1,834 
BellRing Brands, Inc.*   79    1,823 
Select Medical Holdings Corp.   76    1,823 
Glaukos Corp.*   31    1,792 
PTC Therapeutics, Inc.*   48    1,791 
Nevro Corp.*   24    1,736 
Amicus Therapeutics, Inc.*   183    1,733 
LiveRamp Holdings, Inc.*   46    1,720 
EVERTEC, Inc.   42    1,719 
WD-40 Co.   9    1,649 
United Natural Foods, Inc.*   39    1,613 
John Wiley & Sons, Inc. — Class A   30    1,591 
Riot Blockchain, Inc.*,1   75    1,588 
Primo Water Corp.   110    1,567 
J & J Snack Foods Corp.   10    1,551 
Ortho Clinical Diagnostics Holdings plc*   83    1,549 
Cal-Maine Foods, Inc.   28    1,546 
Coca-Cola Consolidated, Inc.   3    1,490 
Global Blood Therapeutics, Inc.*   43    1,490 
Relay Therapeutics, Inc.*   48    1,437 
CBIZ, Inc.*   34    1,427 
Emergent BioSolutions, Inc.*   34    1,396 
Edgewell Personal Care Co.   38    1,394 
Myriad Genetics, Inc.*   55    1,386 
Corcept Therapeutics, Inc.*   61    1,374 
Medifast, Inc.   8    1,366 
IVERIC bio, Inc.*   79    1,330 
Surgery Partners, Inc.*   24    1,321 
Veracyte, Inc.*   47    1,296 
CareDx, Inc.*   35    1,295 
Ironwood Pharmaceuticals, Inc. — Class A*   101    1,271 
Textainer Group Holdings Ltd.   33    1,256 
MEDNAX, Inc.*   53    1,244 
Pacific Biosciences of California, Inc.*   136    1,238 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Non-cyclical - 9.8% (continued)
ICF International, Inc.   13   $1,224 
Vericel Corp.*   32    1,223 
Covetrus, Inc.*   71    1,192 
Vector Group Ltd.   99    1,192 
B&G Foods, Inc.1   44    1,187 
TreeHouse Foods, Inc.*   36    1,161 
Rent-A-Center, Inc.   46    1,159 
Zentalis Pharmaceuticals, Inc.*   25    1,154 
Coursera, Inc.*   50    1,152 
Central Garden & Pet Co. — Class A*   28    1,142 
SpringWorks Therapeutics, Inc.*   20    1,129 
Strategic Education, Inc.   17    1,128 
Ligand Pharmaceuticals, Inc. — Class B*   10    1,125 
PROG Holdings, Inc.*   39    1,122 
Invitae Corp.*   139    1,108 
Agios Pharmaceuticals, Inc.*   38    1,106 
Andersons, Inc.   22    1,106 
Avanos Medical, Inc.*   33    1,106 
Supernus Pharmaceuticals, Inc.*   34    1,099 
Beauty Health Co.*   65    1,097 
Celldex Therapeutics, Inc.*   32    1,090 
Stride, Inc.*   30    1,090 
Vir Biotechnology, Inc.*   42    1,080 
NanoString Technologies, Inc.*   31    1,077 
Multiplan Corp.*   226    1,058 
Inter Parfums, Inc.   12    1,057 
Travere Therapeutics, Inc.*   41    1,057 
REVOLUTION Medicines, Inc.*   41    1,046 
Arcus Biosciences, Inc.*   33    1,041 
Xencor, Inc.*   39    1,041 
ModivCare, Inc.*   9    1,039 
Kforce, Inc.   14    1,036 
Community Health Systems, Inc.*   87    1,033 
Addus HomeCare Corp.*   11    1,026 
Monro, Inc.   23    1,020 
Green Dot Corp. — Class A*   37    1,017 
Kymera Therapeutics, Inc.*   24    1,016 
CorVel Corp.*   6    1,011 
Adtalem Global Education, Inc.*   34    1,010 
Enanta Pharmaceuticals, Inc.*   14    996 
Silk Road Medical, Inc.*   24    991 
Universal Corp.   17    987 
Cerevel Therapeutics Holdings, Inc.*   28    980 
Heska Corp.*   7    968 
Cassava Sciences, Inc.*,1   26    966 
Tivity Health, Inc.*   30    965 
OPKO Health, Inc.*   278    956 
CoreCivic, Inc.*   85    949 
NeoGenomics, Inc.*   78    948 
Revance Therapeutics, Inc.*   48    936 
Amphastar Pharmaceuticals, Inc.*   26    933 
ChemoCentryx, Inc.*   37    928 
Prothena Corporation plc*   25    914 
Brookdale Senior Living, Inc. — Class A*   129    909 
REGENXBIO, Inc.*   27    896 
US Physical Therapy, Inc.   9    895 
Editas Medicine, Inc.*   47    894 
Ingles Markets, Inc. — Class A   10    891 
Repay Holdings Corp.*   60    886 
Deluxe Corp.   29    877 
Krispy Kreme, Inc.   59    876 
Fulgent Genetics, Inc.*   14    874 
Krystal Biotech, Inc.*   13    865 
Turning Point Therapeutics, Inc.*   32    859 
MGP Ingredients, Inc.   10    856 
Avid Bioservices, Inc.*   42    856 
elf Beauty, Inc.*   33    852 
TG Therapeutics, Inc.*   89    846 
Cutera, Inc.*   12    828 
SpartanNash Co.   25    825 
Laureate Education, Inc. — Class A   69    818 
Dynavax Technologies Corp.*,1   74    802 
Prometheus Biosciences, Inc.*   21    793 
Axsome Therapeutics, Inc.*   19    786 
Weis Markets, Inc.   11    786 
AdaptHealth Corp.*   49    785 
Madrigal Pharmaceuticals, Inc.*   8    785 
Harmony Biosciences Holdings, Inc.*   16    778 
First Advantage Corp.*   38    767 
Cimpress plc*   12    763 
Evo Payments, Inc. — Class A*   33    762 
Meridian Bioscience, Inc.*   29    753 
Bridgebio Pharma, Inc.*   73    741 
Protagonist Therapeutics, Inc.*   31    734 
Cytek Biosciences, Inc.*   68    733 
Chefs' Warehouse, Inc.*   22    717 
Atrion Corp.   1    713 
FibroGen, Inc.*   59    709 
Kura Oncology, Inc.*   44    707 
Crinetics Pharmaceuticals, Inc.*   32    702 
National Healthcare Corp.   10    702 
National Beverage Corp.   16    696 
RadNet, Inc.*   31    693 
TrueBlue, Inc.*   24    693 
Huron Consulting Group, Inc.*   15    687 
Vaxcyte, Inc.*   28    676 
Castle Biosciences, Inc.*   15    673 
2U, Inc.*   50    664 
C4 Therapeutics, Inc.*   27    655 
MoneyGram International, Inc.*   62    655 
ImmunoGen, Inc.*   137    652 
Intersect ENT, Inc.*   23    644 
Cerus Corp.*   117    642 
USANA Health Sciences, Inc.*   8    636 
MannKind Corp.*   172    633 
Reata Pharmaceuticals, Inc. — Class A*   19    622 
Accolade, Inc.*   35    615 
Quanterix Corp.*   21    613 
Cardiovascular Systems, Inc.*   27    610 
Utz Brands, Inc.   41    606 
Natus Medical, Inc.*   23    604 
LeMaitre Vascular, Inc.   13    604 
Aclaris Therapeutics, Inc.*   35    603 
Morphic Holding, Inc.*   15    602 
Keros Therapeutics, Inc.*   11    598 
Fresh Del Monte Produce, Inc.   23    596 
Senseonics Holdings, Inc.*   301    593 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Non-cyclical - 9.8% (continued)
Carriage Services, Inc. — Class A   11   $587 
Alector, Inc.*   41    584 
Coherus Biosciences, Inc.*   45    581 
Innoviva, Inc.*   30    580 
Nuvation Bio, Inc.*   110    579 
Recursion Pharmaceuticals, Inc. — Class A*   80    573 
Verve Therapeutics, Inc.*   25    570 
Anavex Life Sciences Corp.*,1   46    566 
Alphatec Holdings, Inc.*   49    564 
Perdoceo Education Corp.*   49    562 
AngioDynamics, Inc.*   26    560 
Atara Biotherapeutics, Inc.*   60    557 
Artivion, Inc.*   26    556 
Catalyst Pharmaceuticals, Inc.*   67    555 
Varex Imaging Corp.*   26    554 
Collegium Pharmaceutical, Inc.*   27    550 
Cross Country Healthcare, Inc.*   25    542 
OrthoPediatrics Corp.*   10    540 
American Well Corp. — Class A*   128    539 
Syndax Pharmaceuticals, Inc.*   31    539 
Kelly Services, Inc. — Class A   24    521 
Lyell Immunopharma, Inc.*,1   103    520 
Bionano Genomics, Inc.*   201    519 
Inovio Pharmaceuticals, Inc.*,1   144    517 
Heidrick & Struggles International, Inc.   13    515 
Arlo Technologies, Inc.*   58    514 
ACCO Brands Corp.   64    512 
LifeStance Health Group, Inc.*   50    505 
Quanex Building Products Corp.   24    504 
SP Plus Corp.*   16    502 
John B Sanfilippo & Son, Inc.   6    501 
Viad Corp.*   14    499 
SI-BONE, Inc.*   22    497 
Sana Biotechnology, Inc.*   60    496 
TransMedics Group, Inc.*   18    485 
Sangamo Therapeutics, Inc.*   83    482 
Avidity Biosciences, Inc.*   26    480 
Sorrento Therapeutics, Inc.*,1   206    480 
Antares Pharma, Inc.*   117    480 
Hanger, Inc.*   26    477 
PetIQ, Inc.*   19    464 
MaxCyte, Inc.*   66    461 
Relmada Therapeutics, Inc.*   17    459 
Duckhorn Portfolio, Inc.*   25    455 
Inogen, Inc.*   14    454 
Surmodics, Inc.*   10    453 
Forrester Research, Inc.*   8    451 
iTeos Therapeutics, Inc.*   14    451 
Fulcrum Therapeutics, Inc.*   19    449 
Pulmonx Corp.*   18    447 
Eagle Pharmaceuticals, Inc.*   9    445 
Rocket Pharmaceuticals, Inc.*   28    444 
Seer, Inc.*   29    442 
Aaron's Company, Inc.   22    442 
Chinook Therapeutics, Inc.*   27    442 
Calavo Growers, Inc.   12    437 
Tootsie Roll Industries, Inc.   12    432 
Vanda Pharmaceuticals, Inc.*   38    430 
Ocugen, Inc.*,1   130    429 
Vaxart, Inc.*,1   85    428 
Allogene Therapeutics, Inc.*   47    428 
Vivint Smart Home, Inc.*   63    426 
Orthofix Medical, Inc.*   13    425 
Inhibrx, Inc.*   19    423 
CRA International, Inc.   5    421 
I3 Verticals, Inc. — Class A*   15    418 
Tattooed Chef, Inc.*   33    415 
Butterfly Network, Inc.*,1   86    409 
Franklin Covey Co.*   9    407 
Cass Information Systems, Inc.   11    406 
Transcat, Inc.*   5    406 
Arcturus Therapeutics Holdings, Inc.*   15    404 
Kezar Life Sciences, Inc.*   24    399 
Instil Bio, Inc.*   37    398 
Treace Medical Concepts, Inc.*   21    397 
National Research Corp. — Class A   10    396 
PMV Pharmaceuticals, Inc.*   19    396 
Hackett Group, Inc.   17    392 
Theravance Biopharma, Inc.*   41    392 
Barrett Business Services, Inc.   5    387 
BrightView Holdings, Inc.*   28    381 
Erasca, Inc.*   44    378 
Resources Connection, Inc.   22    377 
Cara Therapeutics, Inc.*   31    377 
ViewRay, Inc.*   96    376 
Gossamer Bio, Inc.*   43    373 
Agenus, Inc.*   151    371 
Endo International plc*   160    370 
Karyopharm Therapeutics, Inc.*   50    368 
WW International, Inc.*   36    368 
Heron Therapeutics, Inc.*   64    366 
Arcutis Biotherapeutics, Inc.*   19    366 
Organogenesis Holdings, Inc.*   48    366 
MiMedx Group, Inc.*   77    363 
MacroGenics, Inc.*   41    361 
Albireo Pharma, Inc.*   12    358 
Replimune Group, Inc.*   21    357 
Joint Corp.*   10    354 
Rigel Pharmaceuticals, Inc.*   118    353 
Central Garden & Pet Co.*   8    352 
Affimed N.V.*   80    350 
Bright Health Group, Inc.*   180    347 
Paya Holdings, Inc.*   59    346 
Rhythm Pharmaceuticals, Inc.*   30    346 
Seres Therapeutics, Inc.*   48    342 
Turning Point Brands, Inc.   10    340 
Agiliti, Inc.*   16    338 
NGM Biopharmaceuticals, Inc.*   22    335 
Pennant Group, Inc.*   18    335 
Ennis, Inc.   18    332 
OraSure Technologies, Inc.*   49    332 
RAPT Therapeutics, Inc.*   15    330 
Mission Produce, Inc.*   26    329 
Absci Corp.*   39    329 
Atea Pharmaceuticals, Inc.*   45    325 
Bioventus, Inc. — Class A*   23    324 
AnaptysBio, Inc.*   13    322 
Caribou Biosciences, Inc.*   35    321 
Nurix Therapeutics, Inc.*   22    308 
Honest Company, Inc.*   59    307 
Athira Pharma, Inc.*   22    297 
Amneal Pharmaceuticals, Inc.*   70    292 
Radius Health, Inc.*   33    291 
MeiraGTx Holdings plc*   21    291 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Non-cyclical - 9.8% (continued)
Sterling Check Corp.*   11   $291 
Design Therapeutics, Inc.*   18    291 
4D Molecular Therapeutics, Inc.*   19    287 
Vectrus, Inc.*   8    287 
Geron Corp.*   210    286 
Y-mAbs Therapeutics, Inc.*   24    285 
Monte Rosa Therapeutics, Inc.*   20    280 
Adicet Bio, Inc.*   14    280 
Phibro Animal Health Corp. — Class A   14    279 
Provention Bio, Inc.*   38    278 
Intercept Pharmaceuticals, Inc.*   17    277 
Anika Therapeutics, Inc.*   11    276 
American Public Education, Inc.*   13    276 
Tejon Ranch Co.*   15    274 
Stoke Therapeutics, Inc.*   13    274 
2seventy bio, Inc.*   16    273 
Imago Biosciences, Inc.*   14    270 
Mind Medicine MindMed, Inc.*,1   243    270 
Akero Therapeutics, Inc.*   19    270 
Custom Truck One Source, Inc.*   32    268 
SeaSpine Holdings Corp.*   22    268 
European Wax Center, Inc. — Class A*   9    266 
Aerie Pharmaceuticals, Inc.*   29    264 
ImmunityBio, Inc.*,1   47    264 
Ocular Therapeutix, Inc.*   53    262 
Tactile Systems Technology, Inc.*   13    262 
Edgewise Therapeutics, Inc.*   27    262 
Inotiv, Inc.*   10    262 
22nd Century Group, Inc.*   112    260 
Deciphera Pharmaceuticals, Inc.*   28    260 
Evolus, Inc.*   23    258 
AppHarvest, Inc.*   48    258 
Seneca Foods Corp. — Class A*   5    258 
Ideaya Biosciences, Inc.*   23    257 
Omeros Corp.*   42    252 
Bioxcel Therapeutics, Inc.*   12    251 
DermTech, Inc.*,1   17    250 
SIGA Technologies, Inc.*   35    248 
Sutro Biopharma, Inc.*   30    247 
Willdan Group, Inc.*   8    246 
Scholar Rock Holding Corp.*   19    245 
Marinus Pharmaceuticals, Inc.*   26    243 
Berkeley Lights, Inc.*   34    242 
Accuray, Inc.*   72    238 
Tenaya Therapeutics, Inc.*   20    236 
Praxis Precision Medicines, Inc.*   23    235 
Chimerix, Inc.*   50    229 
Bluebird Bio, Inc.*   47    228 
Generation Bio Co.*   31    228 
ANI Pharmaceuticals, Inc.*   8    225 
Forma Therapeutics Holdings, Inc.*   24    223 
Vapotherm, Inc.*   16    222 
KalVista Pharmaceuticals, Inc.*   15    221 
VBI Vaccines, Inc.*,1   130    216 
Axogen, Inc.*   27    214 
Foghorn Therapeutics, Inc.*   14    213 
Veru, Inc.*   44    213 
Vital Farms, Inc.*   17    210 
Kiniksa Pharmaceuticals Ltd. — Class A*   21    209 
Landec Corp.*   18    208 
Singular Genomics Systems, Inc.*   33    208 
G1 Therapeutics, Inc.*   27    205 
Personalis, Inc.*   25    205 
Phathom Pharmaceuticals, Inc.*   15    204 
ALX Oncology Holdings, Inc.*   12    203 
Kinnate Biopharma, Inc.*   18    203 
Dyne Therapeutics, Inc.*   21    202 
Cullinan Oncology, Inc.*   19    199 
Mersana Therapeutics, Inc.*   49    196 
Kronos Bio, Inc.*   27    195 
Cogent Biosciences, Inc.*   26    195 
DICE Therapeutics, Inc.*   10    191 
Adagio Therapeutics, Inc.*,1   41    187 
Whole Earth Brands, Inc.*   26    186 
Esperion Therapeutics, Inc.*   40    186 
Eiger BioPharmaceuticals, Inc.*   22    183 
EyePoint Pharmaceuticals, Inc.*   15    182 
Oramed Pharmaceuticals, Inc.*   21    182 
Utah Medical Products, Inc.   2    180 
iRadimed Corp.   4    179 
Kodiak Sciences, Inc.*   23    178 
Rubius Therapeutics, Inc.*   32    176 
Limoneira Co.   12    176 
PROCEPT BioRobotics Corp.*   5    175 
Village Super Market, Inc. — Class A   7    172 
Verastem, Inc.*   119    168 
Harvard Bioscience, Inc.*   27    168 
VistaGen Therapeutics, Inc.*   135    167 
HF Foods Group, Inc.*   25    167 
ShotSpotter, Inc.*   6    166 
Altimmune, Inc.*   27    164 
Vera Therapeutics, Inc.*   7    164 
Arbutus Biopharma Corp.*   55    164 
Alta Equipment Group, Inc.*   13    161 
IGM Biosciences, Inc.*   6    160 
BioLife Solutions, Inc.*   7    159 
Clovis Oncology, Inc.*   78    158 
Jounce Therapeutics, Inc.*   23    156 
Immunovant, Inc.*   28    154 
Acacia Research Corp.*   34    153 
Aldeyra Therapeutics, Inc.*   34    151 
Cymabay Therapeutics, Inc.*   48    149 
Spero Therapeutics, Inc.*   17    148 
Talaris Therapeutics, Inc.*   15    148 
Spectrum Pharmaceuticals, Inc.*   114    147 
Immunic, Inc.*   13    147 
Aerovate Therapeutics, Inc.*   8    147 
ClearPoint Neuro, Inc.*   14    146 
Avita Medical, Inc.*   17    144 
Apyx Medical Corp.*   22    144 
Curis, Inc.*   60    143 
CorMedix, Inc.*   26    142 
Citius Pharmaceuticals, Inc.*   79    141 
Viking Therapeutics, Inc.*   47    141 
CinCor Pharma, Inc.*   8    140 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Non-cyclical - 9.8% (continued)
Natural Grocers by Vitamin Cottage, Inc.   7   $137 
Precigen, Inc.*   65    137 
Allakos, Inc.*   24    137 
Applied Molecular Transport, Inc.*   18    135 
Allovir, Inc.*   20    135 
Nature's Sunshine Products, Inc.*   8    135 
Lineage Cell Therapeutics, Inc.*   87    134 
Janux Therapeutics, Inc.*   9    129 
InfuSystem Holdings, Inc.*   13    127 
Stereotaxis, Inc.*   34    127 
SOC Telemed, Inc.*   42    126 
Nkarta, Inc.*   11    125 
Udemy, Inc.*   10    125 
Viracta Therapeutics, Inc.*   26    124 
Gritstone bio, Inc.*,1   30    124 
Ikena Oncology, Inc.*   20    122 
CytomX Therapeutics, Inc.*   45    120 
Icosavax, Inc.*   17    120 
Viemed Healthcare, Inc.*   24    120 
Pliant Therapeutics, Inc.*   17    119 
ORIC Pharmaceuticals, Inc.*   22    117 
UroGen Pharma Ltd.*   13    113 
XOMA Corp.*   4    112 
Eargo, Inc.*   21    111 
Outlook Therapeutics, Inc.*   62    110 
Nathan's Famous, Inc.   2    108 
Precision BioSciences, Inc.*   35    108 
Durect Corp.*   158    106 
KemPharm, Inc.*   21    106 
Taysha Gene Therapies, Inc.*   16    104 
TherapeuticsMD, Inc.*   272    103 
Atossa Therapeutics, Inc.*   82    102 
Cue Biopharma, Inc.*   21    102 
Humanigen, Inc.*   34    102 
Asensus Surgical, Inc.*   163    102 
Paratek Pharmaceuticals, Inc.*   34    101 
Tarsus Pharmaceuticals, Inc.*   6    101 
Century Therapeutics, Inc.*   8    101 
Paragon 28, Inc.*   6    100 
Lexicon Pharmaceuticals, Inc.*   48    100 
Akoya Biosciences, Inc.*   9    99 
CEL-SCI Corp.*   25    98 
Nuvalent, Inc. — Class A*   7    97 
Alaunos Therapeutics, Inc.*   147    96 
XBiotech, Inc.   11    95 
Ventyx Biosciences, Inc.*   7    95 
9 Meters Biopharma, Inc.*   156    93 
Zynex, Inc.   15    93 
Oyster Point Pharma, Inc.*   8    93 
Aveanna Healthcare Holdings, Inc.*   27    92 
Amylyx Pharmaceuticals, Inc.*   7    90 
Innovage Holding Corp.*   14    90 
Molecular Templates, Inc.*   26    90 
Poseida Therapeutics, Inc.*   20    90 
CytoSorbents Corp.*   28    89 
Sientra, Inc.*   40    89 
Homology Medicines, Inc.*   29    88 
Akebia Therapeutics, Inc.*   122    88 
Cortexyme, Inc.*   14    87 
Athersys, Inc.*   143    87 
Tyra Biosciences, Inc.*   8    86 
Vor BioPharma, Inc.*   14    85 
Arcellx, Inc.*   6    84 
Sesen Bio, Inc.*   139    84 
Werewolf Therapeutics, Inc.*   19    84 
Alpha Teknova, Inc.*   6    83 
Akouos, Inc.*   17    81 
Theseus Pharmaceuticals, Inc.*   7    81 
Passage Bio, Inc.*   26    81 
Day One Biopharmaceuticals, Inc.*   8    79 
Remitly Global, Inc.*   8    79 
ChromaDex Corp.*   32    79 
Selecta Biosciences, Inc.*   64    79 
Adverum Biotechnologies, Inc.*   60    79 
SQZ Biotechnologies Co.*   16    77 
Shattuck Labs, Inc.*   18    77 
HireQuest, Inc.   4    76 
Rent the Runway, Inc. — Class A*,1   11    76 
RxSight, Inc.*   6    74 
Verrica Pharmaceuticals, Inc.*   9    73 
Epizyme, Inc.*   63    72 
Olema Pharmaceuticals, Inc.*   17    72 
Alpine Immune Sciences, Inc.*   8    72 
Ardelyx, Inc.*   67    72 
Evelo Biosciences, Inc.*   21    71 
Surface Oncology, Inc.*   24    71 
Tonix Pharmaceuticals Holding Corp.*   306    70 
Fortress Biotech, Inc.*   51    69 
Codiak Biosciences, Inc.*   11    69 
Infinity Pharmaceuticals, Inc.*   60    68 
AquaBounty Technologies, Inc.*   36    67 
Biomea Fusion, Inc.*   15    67 
PAVmed, Inc.*   50    66 
Aura Biosciences, Inc.*   3    66 
Celcuity, Inc.*   7    65 
Quotient Ltd.*   54    65 
Harpoon Therapeutics, Inc.*   13    65 
Cue Health, Inc.*,1   10    65 
Cardiff Oncology, Inc.*   26    64 
Aeglea BioTherapeutics, Inc.*   28    64 
iBio, Inc.*   150    64 
Ampio Pharmaceuticals, Inc.*   136    64 
Puma Biotechnology, Inc.*   22    63 
Vita Coco Company, Inc.*,1   7    63 
Oncocyte Corp.*   42    63 
Trevena, Inc.*   113    62 
WaVe Life Sciences Ltd.*   31    62 
Retractable Technologies, Inc.*   13    62 
Emerald Holding, Inc.*   18    61 
Graphite Bio, Inc.*   12    61 
Magenta Therapeutics, Inc.*   21    61 
Annexon, Inc.*   22    60 
Greenwich Lifesciences, Inc.*   3    59 
TCR2 Therapeutics, Inc.*   21    58 
StoneMor, Inc.*   22    57 
Atreca, Inc. — Class A*   18    57 
Seelos Therapeutics, Inc.*   68    57 
Entrada Therapeutics, Inc.*   6    56 
Exagen, Inc.*   7    56 
Rain Therapeutics, Inc.*   11    56 
Clene, Inc.*   14    55 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Non-cyclical - 9.8% (continued)
BioAtla, Inc.*   11   $55 
AirSculpt Technologies, Inc.*   4    55 
NewAge, Inc.*   94    55 
Neuronetics, Inc.*   18    55 
Silverback Therapeutics, Inc.*   15    53 
Aspira Women's Health, Inc.*   50    52 
NexImmune, Inc.*   12    51 
Mustang Bio, Inc.*   50    50 
Athenex, Inc.*   60    50 
Solid Biosciences, Inc.*   41    49 
Pulse Biosciences, Inc.*   10    49 
Prelude Therapeutics, Inc.*   7    48 
Syros Pharmaceuticals, Inc.*   40    48 
Frequency Therapeutics, Inc.*   22    47 
Kala Pharmaceuticals, Inc.*   33    46 
MEI Pharma, Inc.*   75    45 
Neoleukin Therapeutics, Inc.*   24    45 
Black Diamond Therapeutics, Inc.*   16    44 
Summit Therapeutics, Inc.*   18    44 
Mirum Pharmaceuticals, Inc.*   2    44 
Vincerx Pharma, Inc.*   11    44 
Bolt Biotherapeutics, Inc.*   16    44 
Oncternal Therapeutics, Inc.*   31    43 
Brooklyn ImmunoTherapeutics, Inc.*   21    43 
Eliem Therapeutics, Inc.*   5    42 
Rallybio Corp.*   6    42 
NeuroPace, Inc.*   5    41 
Inozyme Pharma, Inc.*   10    41 
Rapid Micro Biosystems, Inc. — Class A*   6    41 
Revlon, Inc. — Class A*   5    40 
Priority Technology Holdings, Inc.*   7    40 
Team, Inc.*   18    40 
Immuneering Corp. — Class A*   6    39 
CVRx, Inc.*   6    36 
Beyondspring, Inc.*   16    35 
GT Biopharma, Inc.*   12    35 
Avrobio, Inc.*   26    34 
Accelerate Diagnostics, Inc.*   23    33 
Invacare Corp.*   23    32 
Sensei Biotherapeutics, Inc.*   14    32 
Aligos Therapeutics, Inc.*   15    32 
Zevia PBC — Class A*   7    32 
Impel Neuropharma, Inc.*   5    32 
Angion Biomedica Corp.*   15    32 
Omega Therapeutics, Inc.*   5    31 
Avalo Therapeutics, Inc.*   43    31 
Cadiz, Inc.*   15    31 
Finch Therapeutics Group, Inc.*   6    30 
Hookipa Pharma, Inc.*,1   13    30 
Pyxis Oncology, Inc.*   7    28 
Xilio Therapeutics, Inc.*   4    28 
Acumen Pharmaceuticals, Inc.*   7    27 
Codex DNA, Inc.*   5    27 
Terns Pharmaceuticals, Inc.*   9    27 
Cyteir Therapeutics, Inc.*   7    26 
89bio, Inc.*   7    26 
Thorne HealthTech, Inc.*   4    25 
Applied Therapeutics, Inc.*   12    25 
Oncorus, Inc.*   14    25 
Kaleido Biosciences, Inc.*   13    21 
Gemini Therapeutics, Inc.*   15    21 
Portage Biotech, Inc.*   3    20 
Acutus Medical, Inc.*   14    19 
Reneo Pharmaceuticals, Inc.*   6    18 
IsoPlexis Corp.*   5    17 
Talis Biomedical Corp.*   11    16 
Biodesix, Inc.*   9    15 
Sera Prognostics, Inc. — Class A*   4    15 
Sigilon Therapeutics, Inc.*   10    15 
Laird Superfood, Inc.*   4    14 
Ontrak, Inc.*   6    14 
Spruce Biosciences, Inc.*   6    12 
Forte Biosciences, Inc.*   8    12 
Lucid Diagnostics, Inc.*   3    10 
Greenlane Holdings, Inc. — Class A*   11    6 
Landos Biopharma, Inc.*   4    6 
MiNK Therapeutics, Inc.*   1    2 
Total Consumer, Non-cyclical        442,225 
Industrial - 5.3%          
Tetra Tech, Inc.   37    6,103 
II-VI, Inc.*   73    5,292 
Saia, Inc.*   18    4,389 
Chart Industries, Inc.*   25    4,294 
EMCOR Group, Inc.   37    4,167 
Exponent, Inc.   36    3,890 
Evoqua Water Technologies Corp.*   81    3,805 
RBC Bearings, Inc.*   19    3,684 
Novanta, Inc.*   25    3,557 
Matson, Inc.   29    3,498 
Simpson Manufacturing Company, Inc.   30    3,271 
UFP Industries, Inc.   42    3,241 
Atkore International Group, Inc.*   32    3,150 
GATX Corp.   25    3,083 
Zurn Water Solutions Corp.   85    3,009 
Casella Waste Systems, Inc. — Class A*   34    2,980 
Fluor Corp.*   99    2,840 
Applied Industrial Technologies, Inc.   27    2,772 
Fabrinet*   26    2,733 
Franklin Electric Company, Inc.   32    2,657 
Watts Water Technologies, Inc. — Class A   19    2,652 
John Bean Technologies Corp.   22    2,606 
Summit Materials, Inc. — Class A*   83    2,578 
SPX FLOW, Inc.   29    2,500 
Bloom Energy Corp. — Class A*   98    2,367 
Advanced Energy Industries, Inc.   26    2,238 
EnerSys   30    2,237 
Comfort Systems USA, Inc.   25    2,225 
Hillenbrand, Inc.   50    2,209 
Cactus, Inc. — Class A   38    2,156 
Welbilt, Inc.*   90    2,137 
Mueller Industries, Inc.   39    2,113 
Aerojet Rocketdyne Holdings, Inc.*   52    2,046 
Badger Meter, Inc.   20    1,994 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Industrial - 5.3% (continued)
Boise Cascade Co.   28   $1,945 
Dycom Industries, Inc.*   20    1,905 
Arcosa, Inc.   33    1,889 
Forward Air Corp.   19    1,858 
Trinity Industries, Inc.   54    1,856 
Vishay Intertechnology, Inc.   93    1,823 
Sanmina Corp.*   44    1,779 
Hub Group, Inc. — Class A*   23    1,776 
Albany International Corp. — Class A   21    1,771 
Helios Technologies, Inc.   22    1,766 
Moog, Inc. — Class A   20    1,756 
Altra Industrial Motion Corp.   45    1,752 
Kratos Defense & Security Solutions, Inc.*   85    1,741 
Golar LNG Ltd.*   70    1,735 
Atlas Air Worldwide Holdings, Inc.*   20    1,727 
Werner Enterprises, Inc.   42    1,722 
Belden, Inc.   31    1,717 
Terex Corp.   47    1,676 
Kennametal, Inc.   58    1,659 
Plexus Corp.*   20    1,636 
Itron, Inc.*   31    1,633 
AAON, Inc.   29    1,616 
Encore Wire Corp.   14    1,597 
Kadant, Inc.   8    1,554 
Brady Corp. — Class A   33    1,527 
Masonite International Corp.*   17    1,512 
AeroVironment, Inc.*   16    1,506 
SPX Corp.*   30    1,482 
ArcBest Corp.   18    1,449 
Energizer Holdings, Inc.   47    1,446 
O-I Glass, Inc.*   109    1,437 
Federal Signal Corp.   42    1,418 
Mueller Water Products, Inc. — Class A   109    1,408 
Air Transport Services Group, Inc.*   41    1,371 
EnPro Industries, Inc.   14    1,368 
GrafTech International Ltd.   139    1,337 
Barnes Group, Inc.   33    1,326 
Knowles Corp.*   61    1,313 
JELD-WEN Holding, Inc.*   63    1,278 
ESCO Technologies, Inc.   18    1,259 
Lindsay Corp.   8    1,256 
Materion Corp.   14    1,200 
NV5 Global, Inc.*   9    1,200 
Greenbrier Companies, Inc.   23    1,185 
Worthington Industries, Inc.   23    1,182 
CSW Industrials, Inc.   10    1,176 
Greif, Inc. — Class A   18    1,171 
MYR Group, Inc.*   12    1,129 
AAR Corp.*   23    1,114 
Triumph Group, Inc.*   44    1,113 
TTM Technologies, Inc.*   72    1,067 
Vicor Corp.*   15    1,058 
US Ecology, Inc.*   22    1,053 
Granite Construction, Inc.   32    1,050 
Tennant Co.   13    1,024 
OSI Systems, Inc.*   12    1,021 
Alamo Group, Inc.   7    1,007 
Montrose Environmental Group, Inc.*   19    1,006 
Proto Labs, Inc.*   19    1,005 
Gibraltar Industries, Inc.*   23    988 
CryoPort, Inc.*   28    978 
TriMas Corp.   30    963 
Cornerstone Building Brands, Inc.*   38    924 
Enerpac Tool Group Corp.   42    920 
Sturm Ruger & Company, Inc.   13    905 
Primoris Services Corp.   37    881 
SFL Corporation Ltd.   86    875 
Kaman Corp.   19    826 
AZZ, Inc.   17    820 
Apogee Enterprises, Inc.   17    807 
Columbus McKinnon Corp.   19    806 
Standex International Corp.   8    799 
CTS Corp.   22    778 
Mesa Laboratories, Inc.   3    765 
GoPro, Inc. — Class A*   89    759 
Construction Partners, Inc. — Class A*   28    733 
Marten Transport Ltd.   41    728 
Scorpio Tankers, Inc.1   34    727 
Frontline Ltd.*   82    722 
PGT Innovations, Inc.*   40    719 
TimkenSteel Corp.*   32    700 
Astec Industries, Inc.   16    688 
Matthews International Corp. — Class A   21    679 
Ichor Holdings Ltd.*   19    677 
Benchmark Electronics, Inc.   27    676 
FARO Technologies, Inc.*   13    675 
Blink Charging Co.*,1   25    661 
Griffon Corp.   33    661 
Harsco Corp.*   54    661 
Energy Recovery, Inc.*   32    645 
Great Lakes Dredge & Dock Corp.*   45    631 
Xometry, Inc. — Class A*   17    625 
Costamare, Inc.   36    614 
American Woodmark Corp.*   12    588 
International Seaways, Inc.   32    577 
DHT Holdings, Inc.   99    574 
Gorman-Rupp Co.   16    574 
Ranpak Holdings Corp.*   27    552 
Myers Industries, Inc.   25    540 
MicroVision, Inc.*   114    532 
nLight, Inc.*   30    520 
Genco Shipping & Trading Ltd.   22    520 
Insteel Industries, Inc.   14    518 
Sterling Construction Company, Inc.*   19    509 
Smith & Wesson Brands, Inc.   33    499 
Heartland Express, Inc.   35    492 
Chase Corp.   5    435 
Ryerson Holding Corp.   12    420 
Ducommun, Inc.*   8    419 
Napco Security Technologies, Inc.*   20    410 
Hydrofarm Holdings Group, Inc.*   27    409 
Eagle Bulk Shipping, Inc.   6    409 
Argan, Inc.   10    406 
Latham Group, Inc.*   30    397 
Haynes International, Inc.   9    383 
DXP Enterprises, Inc.*   14    379 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Industrial - 5.3% (continued)
Stoneridge, Inc.*   18   $374 
Thermon Group Holdings, Inc.*   23    373 
Manitowoc Company, Inc.*   24    362 
CIRCOR International, Inc.*   13    346 
Kimball Electronics, Inc.*   17    340 
UFP Technologies, Inc.*   5    331 
Heritage-Crystal Clean, Inc.*   11    326 
Luxfer Holdings plc   19    319 
Dorian LPG Ltd.   22    319 
Modine Manufacturing Co.*   35    315 
Babcock & Wilcox Enterprises, Inc.*   38    310 
National Presto Industries, Inc.   4    308 
Tutor Perini Corp.*   28    302 
Pactiv Evergreen, Inc.   30    302 
PureCycle Technologies, Inc.*   37    296 
Vishay Precision Group, Inc.*   9    289 
AMMO, Inc.*,1   60    288 
Comtech Telecommunications Corp.   18    282 
Daseke, Inc.*   28    282 
Olympic Steel, Inc.   7    269 
Omega Flex, Inc.   2    260 
Greif, Inc. — Class B   4    255 
908 Devices, Inc.*   13    247 
Nordic American Tankers Ltd.   116    247 
Yellow Corp.*   35    245 
Identiv, Inc.*   15    243 
IES Holdings, Inc.*   6    241 
Allied Motion Technologies, Inc.   8    239 
Centrus Energy Corp. — Class A*   7    236 
Meta Materials, Inc.*   141    236 
Teekay Tankers Ltd. — Class A*   17    235 
Hyster-Yale Materials Handling, Inc.   7    232 
Tredegar Corp.   19    228 
Akoustis Technologies, Inc.*,1   34    221 
Astronics Corp.*   17    220 
Turtle Beach Corp.*   10    213 
Safe Bulkers, Inc.   44    209 
PAM Transportation Services, Inc.*   6    209 
Eastman Kodak Co.*   31    203 
Fluidigm Corp.*   53    190 
Sight Sciences, Inc.*   16    185 
Park Aerospace Corp.   14    183 
Northwest Pipe Co.*   7    178 
View, Inc.*   96    177 
Covenant Logistics Group, Inc. — Class A   8    172 
Radiant Logistics, Inc.*   27    172 
Caesarstone Ltd.   16    168 
Pure Cycle Corp.*   14    168 
NVE Corp.   3    163 
Luna Innovations, Inc.*   21    162 
Teekay Corp.*   48    152 
American Superconductor Corp.*   19    145 
American Outdoor Brands, Inc.*   11    144 
Kopin Corp.*   54    137 
INNOVATE Corp.*   33    122 
Concrete Pumping Holdings, Inc.*   18    121 
Atlas Technical Consultants, Inc.*   10    121 
Powell Industries, Inc.   6    117 
Lawson Products, Inc.*   3    116 
CECO Environmental Corp.*   21    115 
AerSale Corp.*   7    110 
Byrna Technologies, Inc.*   13    106 
Universal Logistics Holdings, Inc.   5    101 
Park-Ohio Holdings Corp.   7    98 
Cadre Holdings, Inc.   4    98 
Mistras Group, Inc.*   14    93 
Iteris, Inc.*   29    87 
NN, Inc.*   30    86 
Sharps Compliance Corp.*   13    77 
US Xpress Enterprises, Inc. — Class A*   19    74 
Willis Lease Finance Corp.*   2    64 
Karat Packaging, Inc.*   3    59 
Mayville Engineering Company, Inc.*   6    56 
AgEagle Aerial Systems, Inc.*   47    56 
NL Industries, Inc.   7    50 
Total Industrial        242,069 
Consumer, Cyclical - 5.3%          
AMC Entertainment Holdings, Inc. — Class A*,1   356    8,772 
BJ's Wholesale Club Holdings, Inc.*   96    6,491 
Macy's, Inc.   209    5,091 
WESCO International, Inc.*   31    4,034 
Texas Roadhouse, Inc. — Class A   48    4,019 
Scientific Games Corp. — Class A*   67    3,936 
Murphy USA, Inc.   16    3,199 
Hilton Grand Vacations, Inc.*   59    3,068 
Crocs, Inc.*   40    3,056 
Avient Corp.   63    3,024 
Fox Factory Holding Corp.*   29    2,841 
Goodyear Tire & Rubber Co.*   191    2,729 
Signet Jewelers Ltd.   37    2,690 
SeaWorld Entertainment, Inc.*   36    2,680 
Adient plc*   65    2,650 
Asbury Automotive Group, Inc.*   16    2,563 
Sonos, Inc.*   89    2,512 
Wingstop, Inc.   21    2,464 
National Vision Holdings, Inc.*   56    2,440 
Papa John's International, Inc.   23    2,421 
Resideo Technologies, Inc.*   100    2,383 
Beacon Roofing Supply, Inc.*   39    2,312 
Taylor Morrison Home Corp. — Class A*   83    2,259 
Steven Madden Ltd.   58    2,241 
Academy Sports & Outdoors, Inc.   54    2,128 
Visteon Corp.*   19    2,073 
Meritage Homes Corp.*   26    2,060 
Group 1 Automotive, Inc.   12    2,014 
Skyline Champion Corp.*   36    1,976 
Cracker Barrel Old Country Store, Inc.   16    1,900 
FirstCash Holdings, Inc.   27    1,899 
Callaway Golf Co.*   81    1,897 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Cyclical - 5.3% (continued)
Boot Barn Holdings, Inc.*   20   $1,896 
UniFirst Corp.   10    1,843 
American Eagle Outfitters, Inc.1   107    1,798 
Red Rock Resorts, Inc. — Class A   37    1,797 
Allegiant Travel Co. — Class A*   11    1,786 
KB Home   55    1,781 
Dana, Inc.   101    1,775 
Shake Shack, Inc. — Class A*   26    1,765 
LCI Industries   17    1,765 
MillerKnoll, Inc.   51    1,762 
International Game Technology plc   70    1,728 
Dorman Products, Inc.*   18    1,711 
Nikola Corp.*,1   158    1,692 
Gentherm, Inc.*   23    1,680 
Meritor, Inc.*   47    1,672 
Nu Skin Enterprises, Inc. — Class A   34    1,628 
Tri Pointe Homes, Inc.*   77    1,546 
Bed Bath & Beyond, Inc.*   67    1,510 
Spirit Airlines, Inc.*   69    1,509 
Madison Square Garden Entertainment Corp.*   18    1,500 
KAR Auction Services, Inc.*   83    1,498 
GMS, Inc.*   30    1,493 
Kontoor Brands, Inc.   36    1,489 
Rush Enterprises, Inc. — Class A   29    1,476 
MDC Holdings, Inc.   39    1,476 
Dave & Buster's Entertainment, Inc.*   30    1,473 
Fisker, Inc.*,1   114    1,471 
ODP Corp.*   32    1,467 
LGI Homes, Inc.*   15    1,465 
Vista Outdoor, Inc.*   41    1,463 
Cavco Industries, Inc.*   6    1,445 
Cannae Holdings, Inc.*   59    1,411 
Jack in the Box, Inc.   15    1,401 
Installed Building Products, Inc.   16    1,352 
Bloomin' Brands, Inc.   61    1,338 
Veritiv Corp.*   10    1,336 
Cinemark Holdings, Inc.*   76    1,313 
Abercrombie & Fitch Co. — Class A*   40    1,280 
Cheesecake Factory, Inc.*   32    1,273 
Wolverine World Wide, Inc.   56    1,263 
PriceSmart, Inc.   16    1,262 
Lions Gate Entertainment Corp. — Class B*   83    1,247 
Everi Holdings, Inc.*   59    1,239 
Sally Beauty Holdings, Inc.*   79    1,235 
Urban Outfitters, Inc.*   48    1,205 
iRobot Corp.*   19    1,205 
Winnebago Industries, Inc.   22    1,189 
Brinker International, Inc.*   31    1,183 
Methode Electronics, Inc.   27    1,168 
World Fuel Services Corp.   43    1,163 
Century Communities, Inc.   21    1,125 
HNI Corp.   30    1,112 
Dillard's, Inc. — Class A   4    1,074 
Oxford Industries, Inc.   11    995 
SkyWest, Inc.*   34    981 
Acushnet Holdings Corp.   24    966 
Healthcare Services Group, Inc.   52    966 
Patrick Industries, Inc.   16    965 
H&E Equipment Services, Inc.   22    957 
M/I Homes, Inc.*   20    887 
Shyft Group, Inc.   24    867 
Tenneco, Inc. — Class A*   47    861 
Clean Energy Fuels Corp.*   108    858 
Dine Brands Global, Inc.   11    857 
Franchise Group, Inc.   20    829 
La-Z-Boy, Inc.   31    817 
Malibu Boats, Inc. — Class A*   14    812 
G-III Apparel Group Ltd.*   30    812 
Camping World Holdings, Inc. — Class A1   29    811 
Monarch Casino & Resort, Inc.*   9    785 
Sleep Number Corp.*   15    761 
Golden Entertainment, Inc.*   13    755 
Tupperware Brands Corp.*   38    739 
Bally's Corp.*   24    738 
Big Lots, Inc.   21    727 
Sonic Automotive, Inc. — Class A   17    723 
Steelcase, Inc. — Class A   59    705 
Liberty Media Corporation-Liberty Braves — Class C*   25    698 
Buckle, Inc.   21    694 
Hawaiian Holdings, Inc.*   35    689 
Denny's Corp.*   47    673 
IMAX Corp.*   35    663 
Lions Gate Entertainment Corp. — Class A*   40    650 
Genesco, Inc.*   10    636 
XPEL, Inc.*   12    631 
Guess?, Inc.1   28    612 
American Axle & Manufacturing Holdings, Inc.*   78    605 
Standard Motor Products, Inc.   14    604 
MarineMax, Inc.*   15    604 
Ruth's Hospitality Group, Inc.   26    595 
ScanSource, Inc.*   17    591 
Sun Country Airlines Holdings, Inc.*   22    576 
Designer Brands, Inc. — Class A*   42    567 
Douglas Dynamics, Inc.   16    553 
Aspen Aerogels, Inc.*   16    552 
Wabash National Corp.   37    549 
Interface, Inc. — Class A   40    543 
Children's Place, Inc.*   11    542 
Workhorse Group, Inc.*   107    535 
Zumiez, Inc.*   14    535 
Titan International, Inc.*   36    530 
Arko Corp.   58    528 
Movado Group, Inc.   13    508 
BlueLinx Holdings, Inc.*   7    503 
OptimizeRx Corp.*   13    490 
Lovesac Co.*   9    486 
Caleres, Inc.   25    483 
Accel Entertainment, Inc.*   39    475 
PC Connection, Inc.   9    472 
A-Mark Precious Metals, Inc.   6    464 
BJ's Restaurants, Inc.*   16    453 
Hibbett, Inc.   10    443 
Winmark Corp.   2    440 
RCI Hospitality Holdings, Inc.   7    430 
Ethan Allen Interiors, Inc.   16    417 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Cyclical - 5.3% (continued)
Green Brick Partners, Inc.*   21   $415 
Clarus Corp.   18    410 
Canoo, Inc.*   74    408 
America's Car-Mart, Inc.*   5    403 
Chico's FAS, Inc.*   83    398 
Portillo's, Inc. — Class A*   16    393 
Life Time Group Holdings, Inc.*   27    393 
TravelCenters of America, Inc.*   9    387 
Chuy's Holdings, Inc.*   14    378 
OneSpaWorld Holdings Ltd.*   37    377 
VSE Corp.   8    369 
Titan Machinery, Inc.*   13    367 
Lordstown Motors Corp. — Class A*   107    365 
PetMed Express, Inc.   14    361 
Hyliion Holdings Corp.*,1   81    359 
Haverty Furniture Companies, Inc.   13    356 
GrowGeneration Corp.*   38    350 
Shoe Carnival, Inc.   12    350 
Ideanomics, Inc.*   304    341 
Rite Aid Corp.*   38    333 
Lindblad Expeditions Holdings, Inc.*   22    332 
Sportsman's Warehouse Holdings, Inc.*   31    331 
Funko, Inc. — Class A*   19    328 
MasterCraft Boat Holdings, Inc.*   13    320 
Beazer Homes USA, Inc.*   21    319 
Fossil Group, Inc.*   33    318 
Aeva Technologies, Inc.*   73    316 
Universal Electronics, Inc.*   10    312 
Johnson Outdoors, Inc. — Class A   4    311 
Rush Street Interactive, Inc.*   42    305 
Bluegreen Vacations Holding Corp.*   10    296 
Global Industrial Co.   9    290 
Sweetgreen, Inc. — Class A*   9    288 
Marcus Corp.*   16    283 
LL Flooring Holdings, Inc.*   20    280 
Party City Holdco, Inc.*   76    272 
Frontier Group Holdings, Inc.*,1   24    272 
REV Group, Inc.   20    268 
PLBY Group, Inc.*   20    262 
Sovos Brands, Inc.*   18    255 
Rush Enterprises, Inc. — Class B   5    242 
OneWater Marine, Inc. — Class A   7    241 
Big 5 Sporting Goods Corp.   14    240 
Century Casinos, Inc.*   20    239 
Hovnanian Enterprises, Inc. — Class A*   4    236 
Purple Innovation, Inc.*   40    234 
Motorcar Parts of America, Inc.*   13    232 
Miller Industries, Inc.   8    225 
Full House Resorts, Inc.*   23    221 
Citi Trends, Inc.*   7    214 
Forestar Group, Inc.*   12    213 
Kimball International, Inc. — Class B   25    211 
Rocky Brands, Inc.   5    208 
Blue Bird Corp.*   11    207 
Cato Corp. — Class A   14    205 
Liberty Media Corporation-Liberty Braves — Class A*   7    201 
Conn's, Inc.*   13    200 
Golden Nugget Online Gaming, Inc.*   28    199 
Commercial Vehicle Group, Inc.*   22    186 
Red Robin Gourmet Burgers, Inc.*   11    185 
Container Store Group, Inc.*   22    180 
Noodles & Co.*   28    167 
Kura Sushi USA, Inc. — Class A*   3    165 
XL Fleet Corp.*,1   83    165 
F45 Training Holdings, Inc.*   15    160 
Hooker Furnishings Corp.   8    151 
El Pollo Loco Holdings, Inc.*   13    151 
Tilly's, Inc. — Class A   16    150 
ONE Group Hospitality, Inc.*   14    147 
Biglari Holdings, Inc. — Class B*   1    145 
Superior Group of Companies, Inc.   8    143 
Xponential Fitness, Inc. — Class A*   6    141 
Vera Bradley, Inc.*   18    138 
GAN Ltd.*   28    135 
Velodyne Lidar, Inc.*   52    133 
Snap One Holdings Corp.*   9    133 
Romeo Power, Inc.*,1   89    133 
Arcimoto, Inc.*   20    132 
Weber, Inc. — Class A   13    128 
Traeger, Inc.*   16    119 
Flexsteel Industries, Inc.   6    116 
Lifetime Brands, Inc.   9    116 
JOANN, Inc.   10    114 
Kirkland's, Inc.*   12    111 
Barnes & Noble Education, Inc.*   31    111 
VOXX International Corp. — Class A*   11    110 
NEOGAMES S.A.*   7    108 
Escalade, Inc.   8    106 
Mesa Air Group, Inc.*   24    106 
Cooper-Standard Holdings, Inc.*   12    105 
First Watch Restaurant Group, Inc.*   8    104 
Liberty TripAdvisor Holdings, Inc. — Class A*   50    102 
Target Hospitality Corp.*   17    102 
Lazydays Holdings, Inc.*   5    101 
Bassett Furniture Industries, Inc.   6    99 
Duluth Holdings, Inc. — Class B*   8    98 
Daktronics, Inc.*   25    96 
Shift Technologies, Inc.*   43    95 
EVI Industries, Inc.*   5    93 
Fiesta Restaurant Group, Inc.*   12    90 
Drive Shack, Inc.*   57    88 
Nautilus, Inc.*   21    87 
Marine Products Corp.   6    69 
CarLotz, Inc.*   49    67 
Regis Corp.*   29    61 
Esports Technologies, Inc.*   9    61 
Landsea Homes Corp.*   7    60 
Hamilton Beach Brands Holding Co. — Class A   5    58 
Torrid Holdings, Inc.*   9    55 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Consumer, Cyclical - 5.3% (continued)
Carrols Restaurant Group, Inc.   23   $52 
Aterian, Inc.*   18    44 
Hall of Fame Resort & Entertainment Co.*   38    42 
Chicken Soup For The Soul Entertainment, Inc.*   5    40 
Eros STX Global Corp.*   12    32 
CompX International, Inc.   1    24 
MedAvail Holdings, Inc.*   8    8 
Total Consumer, Cyclical        238,406 
Technology - 4.5%          
Lattice Semiconductor Corp.*   94    5,729 
Synaptics, Inc.*   28    5,586 
KBR, Inc.   98    5,363 
Rapid7, Inc.*   39    4,338 
Silicon Laboratories, Inc.*   26    3,905 
Power Integrations, Inc.   41    3,800 
CMC Materials, Inc.   20    3,708 
Tenable Holdings, Inc.*   64    3,699 
Workiva, Inc.*   30    3,540 
Varonis Systems, Inc.*   74    3,518 
Qualys, Inc.*   24    3,418 
MicroStrategy, Inc. — Class A*,1   7    3,404 
ExlService Holdings, Inc.*   23    3,295 
SPS Commerce, Inc.*   25    3,280 
Sailpoint Technologies Holdings, Inc.*   64    3,276 
Maximus, Inc.   42    3,148 
Semtech Corp.*   45    3,120 
Onto Innovation, Inc.*   34    2,954 
Ziff Davis, Inc.*   30    2,903 
MaxLinear, Inc. — Class A*   49    2,859 
Envestnet, Inc.*   38    2,829 
Box, Inc. — Class A*   96    2,790 
Digital Turbine, Inc.*   63    2,760 
SiTime Corp.*   11    2,726 
Blackline, Inc.*   37    2,709 
Diodes, Inc.*   30    2,610 
Insight Enterprises, Inc.*   24    2,576 
ACI Worldwide, Inc.*   81    2,551 
Ambarella, Inc.*   24    2,518 
Sprout Social, Inc. — Class A*   31    2,484 
Rambus, Inc.*   75    2,392 
Kulicke & Soffa Industries, Inc.   42    2,353 
Verint Systems, Inc.*   45    2,326 
FormFactor, Inc.*   54    2,270 
Altair Engineering, Inc. — Class A*   33    2,125 
CommVault Systems, Inc.*   32    2,123 
Blackbaud, Inc.*   34    2,036 
MACOM Technology Solutions Holdings, Inc.*   34    2,036 
DigitalOcean Holdings, Inc.*   35    2,025 
Asana, Inc. — Class A*   49    1,959 
PagerDuty, Inc.*   57    1,949 
Allscripts Healthcare Solutions, Inc.*   84    1,892 
Evolent Health, Inc. — Class A*   55    1,776 
Bottomline Technologies DE, Inc.*   31    1,757 
Axcelis Technologies, Inc.*   23    1,737 
Verra Mobility Corp.*   106    1,726 
Appian Corp.*   28    1,703 
ManTech International Corp. — Class A   19    1,638 
Appfolio, Inc. — Class A*   14    1,585 
Amkor Technology, Inc.   71    1,542 
NetScout Systems, Inc.*   48    1,540 
Momentive Global, Inc.*   90    1,463 
Outset Medical, Inc.*   32    1,453 
3D Systems Corp.*   86    1,434 
Progress Software Corp.   30    1,413 
CSG Systems International, Inc.   22    1,399 
Ultra Clean Holdings, Inc.*   31    1,314 
Xperi Holding Corp.   73    1,264 
Apollo Medical Holdings, Inc.*   26    1,260 
Cardlytics, Inc.*   22    1,210 
E2open Parent Holdings, Inc.*   137    1,207 
Zuora, Inc. — Class A*   78    1,168 
Ping Identity Holding Corp.*   42    1,152 
Super Micro Computer, Inc.*   30    1,142 
LivePerson, Inc.*   45    1,099 
TTEC Holdings, Inc.   13    1,073 
Schrodinger Incorporated/United States*   31    1,058 
JFrog Ltd.*   37    997 
8x8, Inc.*   78    982 
Cohu, Inc.*   33    977 
Unisys Corp.*   45    972 
Health Catalyst, Inc.*   37    967 
Domo, Inc. — Class B*   19    961 
Cerence, Inc.*   26    939 
PROS Holdings, Inc.*   28    933 
Veeco Instruments, Inc.*   34    924 
Phreesia, Inc.*   35    923 
1Life Healthcare, Inc.*   81    897 
SMART Global Holdings, Inc.*   34    878 
Avid Technology, Inc.*   25    872 
NextGen Healthcare, Inc.*   40    836 
Impinj, Inc.*   13    826 
Alpha & Omega Semiconductor Ltd.*   15    820 
Privia Health Group, Inc.*   29    775 
Photronics, Inc.*   45    764 
PAR Technology Corp.*   18    726 
BigCommerce Holdings, Inc.*   33    723 
Avaya Holdings Corp.*   57    722 
Sumo Logic, Inc.*   61    712 
Parsons Corp.*   18    697 
Model N, Inc.*   25    672 
Donnelley Financial Solutions, Inc.*   20    665 
Consensus Cloud Solutions, Inc.*   11    661 
CEVA, Inc.*   16    650 
Pitney Bowes, Inc.   122    635 
Desktop Metal, Inc. — Class A*   131    621 
Alignment Healthcare, Inc.*   55    618 
Conduent, Inc.*   117    604 
Agilysys, Inc.*   15    598 
Ebix, Inc.   18    597 
PDF Solutions, Inc.*   21    585 
Simulations Plus, Inc.   11    561 
Yext, Inc.*   78    537 
Sapiens International Corporation N.V.   21    533 
Bandwidth, Inc. — Class A*   16    518 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Technology - 4.5% (continued)
PowerSchool Holdings, Inc. — Class A*   30   $495 
Digi International, Inc.*   23    495 
BTRS Holdings, Inc. — Class 1*   66    494 
Ouster, Inc.*   108    486 
American Software, Inc. — Class A   22    458 
Mitek Systems, Inc.*   30    440 
Grid Dynamics Holdings, Inc.*   31    436 
Rackspace Technology, Inc.*   38    424 
Corsair Gaming, Inc.*,1   19    402 
Computer Programs and Systems, Inc.*   11    379 
CS Disco, Inc.*   11    374 
Porch Group, Inc.*   53    368 
Veritone, Inc.*   20    366 
Upland Software, Inc.*   20    352 
OneSpan, Inc.*   24    346 
Diebold Nixdorf, Inc.*   50    336 
Daily Journal Corp.*   1    312 
Integral Ad Science Holding Corp.*   22    304 
MeridianLink, Inc.*   16    290 
Alkami Technology, Inc.*   20    286 
Telos Corp.*   28    279 
EverCommerce, Inc.*   21    277 
HireRight Holdings Corp.*   16    274 
Cantaloupe, Inc.*   40    271 
Vuzix Corp.*,1   41    271 
EngageSmart, Inc.*   12    256 
ON24, Inc.*   19    250 
Inseego Corp.*,1   59    239 
Digimarc Corp.*   9    237 
Brightcove, Inc.*   28    218 
Benefitfocus, Inc.*   17    215 
Genius Brands International, Inc.*   196    200 
AXT, Inc.*   28    197 
Enfusion, Inc. — Class A*   15    191 
Atomera, Inc.*   14    183 
Outbrain, Inc.*   17    182 
Rimini Street, Inc.*   31    180 
Intapp, Inc.*   7    168 
eGain Corp.*   14    162 
Instructure Holdings, Inc.*   8    160 
CoreCard Corp.*   5    137 
AvidXchange Holdings, Inc.*   17    137 
PlayAGS, Inc.*   19    127 
Smith Micro Software, Inc.*   32    121 
Rekor Systems, Inc.*   23    105 
SecureWorks Corp. — Class A*   7    93 
EMCORE Corp.*   25    92 
Tabula Rasa HealthCare, Inc.*   16    92 
Quantum Corp.*   40    91 
Forian, Inc.*   13    90 
GTY Technology Holdings, Inc.*   22    71 
iCAD, Inc.*   15    67 
Convey Health Solutions Holdings, Inc.*   10    65 
SkyWater Technology, Inc.*   6    65 
IBEX Holdings Ltd.*   4    64 
GreenBox POS*   13    55 
StarTek, Inc.*   12    53 
DarioHealth Corp.*   9    53 
Viant Technology, Inc. — Class A*   8    52 
Arteris, Inc.*   3    39 
Kaltura, Inc.*   12    21 
Weave Communications, Inc.*   3    18 
NantHealth, Inc.*   19    14 
Society Pass, Inc.*   2    6 
Total Technology        204,854 
Energy - 2.7%          
Ovintiv, Inc.   183    9,895 
Chesapeake Energy Corp.   73    6,351 
Antero Resources Corp.*   199    6,075 
Range Resources Corp.*   167    5,073 
Southwestern Energy Co.*   702    5,033 
PDC Energy, Inc.   67    4,870 
Murphy Oil Corp.   102    4,120 
Matador Resources Co.   76    4,026 
ChampionX Corp.   141    3,452 
SM Energy Co.   84    3,272 
Helmerich & Payne, Inc.   73    3,123 
CNX Resources Corp.*   140    2,901 
Denbury, Inc.*   35    2,750 
California Resources Corp.   58    2,594 
Equitrans Midstream Corp.   285    2,405 
Magnolia Oil & Gas Corp. — Class A   100    2,365 
Whiting Petroleum Corp.   28    2,282 
Kosmos Energy Ltd.*   310    2,229 
Oasis Petroleum, Inc.   14    2,048 
Patterson-UTI Energy, Inc.   129    1,997 
Callon Petroleum Co.*   33    1,950 
Renewable Energy Group, Inc.*   31    1,880 
Civitas Resources, Inc.   30    1,791 
PBF Energy, Inc. — Class A*   67    1,633 
Peabody Energy Corp.*   61    1,496 
FuelCell Energy, Inc.*,1   255    1,469 
Arch Resources, Inc.   10    1,374 
Sunnova Energy International, Inc.*   59    1,361 
Tellurian, Inc.*   256    1,357 
Warrior Met Coal, Inc.   36    1,336 
Northern Oil and Gas, Inc.   42    1,184 
SunPower Corp. — Class A*   55    1,181 
NexTier Oilfield Solutions, Inc.*   120    1,109 
Oceaneering International, Inc.*   70    1,061 
Centennial Resource Development, Inc. — Class A*   127    1,025 
Green Plains, Inc.*   33    1,023 
Array Technologies, Inc.*   89    1,003 
Delek US Holdings, Inc.*   45    955 
US Silica Holdings, Inc.*   51    952 
Liberty Oilfield Services, Inc. — Class A*   63    934 
CONSOL Energy, Inc.*   24    903 
Dril-Quip, Inc.*   24    896 
Stem, Inc.*   79    870 
Archrock, Inc.   94    868 
NOW, Inc.*   76    838 
ProPetro Holding Corp.*   60    836 
Comstock Resources, Inc.*   63    822 
Laredo Petroleum, Inc.*   10    791 
Brigham Minerals, Inc. — Class A   30    766 
Nabors Industries Ltd.*   5    764 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Energy - 2.7% (continued)
MRC Global, Inc.*   56   $667 
Gevo, Inc.*   137    641 
Tidewater, Inc.*   28    609 
Bristow Group, Inc.*   16    593 
Expro Group Holdings N.V.*   32    569 
Ranger Oil Corp. — Class A*   15    518 
CVR Energy, Inc.   20    511 
SunCoke Energy, Inc.   57    508 
RPC, Inc.*   47    501 
Berry Corp.   47    485 
Helix Energy Solutions Group, Inc.*   100    478 
Par Pacific Holdings, Inc.*   31    404 
REX American Resources Corp.*   4    398 
DMC Global, Inc.*   13    396 
Talos Energy, Inc.*   25    395 
Select Energy Services, Inc. — Class A*   44    377 
TPI Composites, Inc.*   25    351 
TETRA Technologies, Inc.*   85    349 
Crescent Energy, Inc. — Class A   20    347 
Alto Ingredients, Inc.*   49    334 
Cleanspark, Inc.*   24    297 
Oil States International, Inc.*   42    292 
Solaris Oilfield Infrastructure, Inc. — Class A   22    248 
W&T Offshore, Inc.*   65    248 
Aemetis, Inc.*   19    241 
Aris Water Solution, Inc. — Class A   13    237 
Earthstone Energy, Inc. — Class A*   18    227 
Newpark Resources, Inc.*   62    227 
National Energy Services Reunited Corp.*   27    227 
Infrastructure and Energy Alternatives, Inc.*   19    225 
Falcon Minerals Corp.   28    189 
Riley Exploration Permian, Inc.   7    176 
FutureFuel Corp.   18    175 
Matrix Service Co.*   18    148 
Kinetik Holdings, Inc. — Class A   2    130 
Eos Energy Enterprises, Inc.*   31    130 
Beam Global*   6    123 
HighPeak Energy, Inc.   4    89 
Advent Technologies Holdings, Inc.*   11    26 
Total Energy        124,375 
Communications - 1.7%          
Vonage Holdings Corp.*   176    3,571 
TEGNA, Inc.   155    3,472 
Mimecast Ltd.*   42    3,342 
Iridium Communications, Inc.*   82    3,306 
Cargurus, Inc.*   66    2,802 
Viavi Solutions, Inc.*   165    2,653 
Perficient, Inc.*   22    2,422 
Q2 Holdings, Inc.*   38    2,343 
Maxar Technologies, Inc.   50    1,973 
Cogent Communications Holdings, Inc.   29    1,924 
Upwork, Inc.*   81    1,882 
Houghton Mifflin Harcourt Co.*   89    1,870 
Yelp, Inc. — Class A*   49    1,671 
Calix, Inc.*   38    1,631 
Shutterstock, Inc.   16    1,489 
iHeartMedia, Inc. — Class A*   78    1,476 
TechTarget, Inc.*   18    1,463 
Open Lending Corp. — Class A*   72    1,362 
Revolve Group, Inc.*   25    1,342 
InterDigital, Inc.   21    1,340 
Telephone & Data Systems, Inc.   70    1,322 
Overstock.com, Inc.*   30    1,320 
Gray Television, Inc.   59    1,302 
Magnite, Inc.*   91    1,202 
Plantronics, Inc.*   29    1,143 
Infinera Corp.*   126    1,092 
Extreme Networks, Inc.*   88    1,075 
Liberty Latin America Ltd. — Class C*   107    1,026 
ePlus, Inc.*   18    1,009 
Sinclair Broadcast Group, Inc. — Class A   32    897 
Clear Channel Outdoor Holdings, Inc.*   254    879 
EW Scripps Co. — Class A*   40    832 
AMC Networks, Inc. — Class A*   20    813 
Eventbrite, Inc. — Class A*   53    783 
Gogo, Inc.*   41    781 
Shenandoah Telecommunications Co.   33    778 
Scholastic Corp.   18    725 
Cars.com, Inc.*   47    678 
EchoStar Corp. — Class A*   26    633 
WideOpenWest, Inc.*   36    628 
Globalstar, Inc.*   419    616 
fuboTV, Inc.*   93    611 
ADTRAN, Inc.   33    609 
Harmonic, Inc.*   63    585 
A10 Networks, Inc.   41    572 
Stitch Fix, Inc. — Class A*   56    564 
NeoPhotonics Corp.*   35    532 
Clearfield, Inc.*   8    522 
NETGEAR, Inc.*   20    494 
Tucows, Inc. — Class A*   7    478 
Anterix, Inc.*   8    463 
Limelight Networks, Inc.*   86    449 
Gannett Company, Inc.*   98    442 
QuinStreet, Inc.*   35    406 
RealReal, Inc.*   55    399 
Quotient Technology, Inc.*   62    396 
ATN International, Inc.   9    359 
Boston Omaha Corp. — Class A*   14    355 
IDT Corp. — Class B*   10    341 
HealthStream, Inc.*   17    339 
Advantage Solutions, Inc.*   53    338 
United States Cellular Corp.*   11    333 
ChannelAdvisor Corp.*   20    331 
Liberty Latin America Ltd. — Class A*   34    330 
Liquidity Services, Inc.*   19    325 
Stagwell, Inc.*   43    311 
Groupon, Inc.*,1   16    308 
Consolidated Communications Holdings, Inc.*   50    295 
Couchbase, Inc.*,1   16    279 
Entravision Communications Corp. — Class A   42    269 
MediaAlpha, Inc. — Class A*   15    248 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Communications - 1.7% (continued)
Aviat Networks, Inc.*   8   $246 
Audacy, Inc.*   81    234 
1-800-Flowers.com, Inc. — Class A*   18    230 
Credo Technology Group Holding Ltd.*   15    228 
CarParts.com, Inc.*   34    228 
EverQuote, Inc. — Class A*   14    227 
Ooma, Inc.*   15    225 
Lands' End, Inc.*   11    186 
CalAmp Corp.*   25    183 
DZS, Inc.*   12    166 
Cambium Networks Corp.*   7    165 
Ribbon Communications, Inc.*   49    151 
Telesat Corp.*   9    149 
Thryv Holdings, Inc.*   5    141 
comScore, Inc.*   48    140 
Preformed Line Products Co.   2    127 
National CineMedia, Inc.   42    107 
Casa Systems, Inc.*   22    99 
KVH Industries, Inc.*   10    91 
VirnetX Holding Corp.*,1   44    72 
Solo Brands, Inc. — Class A*,1   8    68 
Value Line, Inc.   1    67 
Fluent, Inc.*   30    62 
CuriosityStream, Inc.*   18    52 
Hemisphere Media Group, Inc.*   11    50 
1stdibs.com, Inc.*   5    40 
LiveOne, Inc.*   41    33 
HyreCar, Inc.*   12    29 
aka Brands Holding Corp.*   6    27 
Lulu's Fashion Lounge Holdings, Inc.*   3    20 
Digital Media Solutions, Inc. — Class A*   2    7 
Total Communications        79,001 
Basic Materials - 1.4%          
Rogers Corp.*   13    3,532 
Commercial Metals Co.   84    3,496 
Balchem Corp.   22    3,007 
MP Materials Corp.*   52    2,982 
Livent Corp.*   112    2,920 
Cabot Corp.   39    2,668 
Sensient Technologies Corp.   29    2,435 
Hecla Mining Co.   368    2,418 
Allegheny Technologies, Inc.*   90    2,416 
HB Fuller Co.   36    2,378 
Arconic Corp.*   74    1,896 
Ingevity Corp.*   28    1,794 
Innospec, Inc.   17    1,573 
Tronox Holdings plc — Class A   79    1,563 
Quaker Chemical Corp.   9    1,555 
Constellium SE*   86    1,548 
Minerals Technologies, Inc.   23    1,521 
Compass Minerals International, Inc.   24    1,507 
Stepan Co.   15    1,482 
GCP Applied Technologies, Inc.*   47    1,477 
Carpenter Technology Corp.   33    1,385 
Trinseo plc   27    1,294 
Novagold Resources, Inc.*   166    1,283 
Ferro Corp.*   57    1,239 
Kaiser Aluminum Corp.   11    1,036 
Energy Fuels, Inc.*   107    979 
AdvanSix, Inc.   19    971 
Schnitzer Steel Industries, Inc. — Class A   18    935 
Century Aluminum Co.*   35    921 
Codexis, Inc.*   42    866 
Uranium Energy Corp.*   177    812 
Coeur Mining, Inc.*   177    788 
Orion Engineered Carbons S.A.   42    671 
Schweitzer-Mauduit International, Inc.   22    605 
Hawkins, Inc.   13    597 
Intrepid Potash, Inc.*   7    575 
Amyris, Inc.*   122    532 
Neenah, Inc.   12    476 
Koppers Holdings, Inc.   15    413 
American Vanguard Corp.   20    406 
Ecovyst, Inc.   35    405 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Basic Materials - 1.4% (continued)
Glatfelter Corp.   31   $384 
Danimer Scientific, Inc.*,1   63    369 
Clearwater Paper Corp.*   11    308 
Rayonier Advanced Materials, Inc.*   43    282 
Kronos Worldwide, Inc.   15    233 
United States Lime & Minerals, Inc.   2    232 
Ur-Energy, Inc.*   126    201 
Unifi, Inc.*   10    181 
Zymergen, Inc.*   55    159 
Gatos Silver, Inc.*   32    138 
Oil-Dri Corporation of America   4    115 
Perpetua Resources Corp.*   22    90 
PolyMet Mining Corp.*   20    84 
Marrone Bio Innovations, Inc.*   70    76 
Valhi, Inc.   2    59 
Total Basic Materials        64,268 
Utilities - 1.3%          
Southwest Gas Holdings, Inc.   46    3,601 
Portland General Electric Co.   62    3,419 
Black Hills Corp.   44    3,389 
Brookfield Infrastructure Corp. — Class A   43    3,244 
ONE Gas, Inc.   36    3,177 
New Jersey Resources Corp.   67    3,073 
PNM Resources, Inc.   59    2,812 
Spire, Inc.   36    2,583 
Ormat Technologies, Inc.   31    2,537 
South Jersey Industries, Inc.   71    2,453 
ALLETE, Inc.   36    2,411 
NorthWestern Corp.   38    2,299 
American States Water Co.   25    2,226 
Avista Corp.   49    2,212 
California Water Service Group   37    2,193 
Clearway Energy, Inc. — Class C   57    2,081 
MGE Energy, Inc.   25    1,995 
Otter Tail Corp.   28    1,750 
Ameresco, Inc. — Class A*   21    1,669 
Chesapeake Utilities Corp.   12    1,653 
SJW Group   19    1,322 
Middlesex Water Co.   12    1,262 
Northwest Natural Holding Co.   22    1,138 
Clearway Energy, Inc. — Class A   24    800 
Unitil Corp.   11    549 
York Water Co.   9    405 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 41.8% (continued)
Utilities - 1.3% (continued)
Artesian Resources Corp. — Class A   6   $291 
Global Water Resources, Inc.   9    150 
FTC Solar, Inc.*   28    138 
Via Renewables, Inc.   8    66 
Total Utilities        56,898 
Government - 0.0%          
Banco Latinoamericano de Comercio Exterior S.A. — Class E   21    327 
Total Common Stocks          
(Cost $1,814,035)        1,897,903 
           
RIGHTS††† - 0.0%          
Technology - 0.0%          
Quantum Corp.          
Expires 04/18/22   40     
Consumer, Non-cyclical - 0.0%          
Tobira Therapeutics, Inc.          
Expires 06/30/22*   8     
UCB          
Expires 12/31/23   39     
Total Consumer, Non-cyclical         
Total Rights          
(Cost $4)         
           
EXCHANGE-TRADED FUNDS - 17.1%          
iShares Russell 2000 Index ETF1   1,889    387,755 
Vanguard Russell 2000 ETF1   4,679    387,655 
Total Exchange-Traded Funds          
(Cost $827,474)        775,410 
           
MUTUAL FUNDS - 18.5%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   43,160    422,539 
Guggenheim Strategy Fund II2   17,040    418,320 
Total Mutual Funds          
(Cost $845,601)        840,859 
           
    Face
Amount
     
U.S. TREASURY BILLS†† - 5.7%          
U.S. Treasury Bills          
0.09% due 06/02/223,4  $232,000    231,870 
0.12% due 05/05/224,5   25,000    24,996 
Total U.S. Treasury Bills          
(Cost $256,961)        256,866 
           
REPURCHASE AGREEMENTS††,6 - 13.5%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
  412,671    412,671 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   158,943    158,943 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   41,325    41,325 
Total Repurchase Agreements          
(Cost $612,939)        612,939 
           
    Shares     
SECURITIES LENDING COLLATERAL†,7 - 11.8%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   537,023    537,023 
Total Securities Lending Collateral          
(Cost $537,023)        537,023 
Total Investments - 108.4%          
(Cost $4,894,037)       $4,921,000 
Other Assets & Liabilities, net - (8.4)%        (380,946)
Total Net Assets - 100.0%       $4,540,054 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
Russell 2000 Index Mini Futures Contracts   4   Jun 2022  $413,000   $10,784 

 

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††                     
Barclays Bank plc  Russell 2000 Index   Pay   0.27% (U.S. Secured Overnight Financing Rate)  At Maturity  04/13/22   1,531   $3,168,806   $56,205 
BNP Paribas  Russell 2000 Index   Pay   0.53% (Federal Funds Rate + 0.20%)  At Maturity  04/14/22   164    340,365    15,400 
Goldman Sachs International  Russell 2000 Index   Pay   0.58% (Federal Funds Rate + 0.25%)  At Maturity  04/14/22   103    213,165    12,969 
                         $3,722,336   $84,574 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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.
††† Value determined based on Level 3 inputs — See Note 3.
1 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 All or a portion of this security is pledged as futures collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 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  $1,897,903   $   $   $1,897,903 
Rights           *    
Exchange-Traded Funds   775,410            775,410 
Mutual Funds   840,859            840,859 
U.S. Treasury Bills       256,866        256,866 
Repurchase Agreements       612,939        612,939 
Securities Lending Collateral   537,023            537,023 
Equity Futures Contracts**   10,784            10,784 
Equity Index Swap Agreements**       84,574        84,574 
Total Assets  $4,061,979   $954,379   $   $5,016,358 

 

*Security has a market value of $0.
**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.

 

 

 

Russell 2000® 1.5x Strategy Fund  
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  $1,224,265   $   $(800,000)  $(400)  $(5,545)  $418,320    17,040   $2,062 
  Guggenheim Ultra Short Duration Fund — Institutional Class   831,794    800,000    (1,200,000)   (4,612)   (4,643)   422,539    43,160    1,824 
   $2,056,059   $800,000   $(2,000,000)  $(5,012)  $(10,188)  $840,859        $3,886 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7%
Financial - 10.2%
EastGroup Properties, Inc. REIT   11   $2,236 
STAG Industrial, Inc. REIT   46    1,902 
SouthState Corp.   20    1,632 
Independence Realty Trust, Inc. REIT   58    1,534 
First Financial Bankshares, Inc.   34    1,500 
Terreno Realty Corp. REIT   20    1,481 
Glacier Bancorp, Inc.   29    1,458 
Selective Insurance Group, Inc.   16    1,430 
Cadence Bank   48    1,404 
National Storage Affiliates Trust REIT   22    1,381 
Valley National Bancorp   106    1,380 
Kinsale Capital Group, Inc.   6    1,368 
Blackstone Mortgage Trust, Inc. — Class A REIT   41    1,303 
Ryman Hospitality Properties, Inc. REIT*   14    1,299 
Kite Realty Group Trust REIT   57    1,298 
Old National Bancorp   77    1,261 
ServisFirst Bancshares, Inc.   13    1,239 
Innovative Industrial Properties, Inc. REIT   6    1,232 
United Bankshares, Inc.   35    1,221 
RLI Corp.   11    1,217 
Hancock Whitney Corp.   23    1,199 
Essent Group Ltd.   29    1,195 
Agree Realty Corp. REIT   18    1,195 
LXP Industrial Trust REIT   73    1,146 
Houlihan Lokey, Inc.   13    1,141 
Outfront Media, Inc. REIT   39    1,109 
Healthcare Realty Trust, Inc. REIT   39    1,072 
UMB Financial Corp.   11    1,069 
Silvergate Capital Corp. — Class A*   7    1,054 
Radian Group, Inc.   47    1,044 
Walker & Dunlop, Inc.   8    1,035 
Phillips Edison & Company, Inc. REIT   30    1,032 
Physicians Realty Trust REIT   58    1,017 
BankUnited, Inc.   23    1,011 
Apple Hospitality REIT, Inc.   56    1,006 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT   21    996 
Community Bank System, Inc.   14    982 
Independent Bank Corp.   12    980 
Eastern Bankshares, Inc.   45    969 
PotlatchDeltic Corp. REIT   18    949 
United Community Banks, Inc.   27    940 
Home BancShares, Inc.   41    927 
DigitalBridge Group, Inc. REIT*   127    914 
Investors Bancorp, Inc.   60    896 
Sabra Health Care REIT, Inc.   60    893 
Broadstone Net Lease, Inc. REIT   41    893 
Trupanion, Inc.*   10    891 
Associated Banc-Corp.   39    888 
Pacific Premier Bancorp, Inc.   25    884 
First Interstate BancSystem, Inc. — Class A   24    882 
American Equity Investment Life Holding Co.   22    878 
Macerich Co. REIT   56    876 
Corporate Office Properties Trust REIT   30    856 
Cathay General Bancorp   19    850 
PS Business Parks, Inc. REIT   5    840 
Pebblebrook Hotel Trust REIT   34    832 
Equity Commonwealth REIT*   29    818 
Federated Hermes, Inc. — Class B   24    817 
Simmons First National Corp. — Class A   31    813 
Essential Properties Realty Trust, Inc. REIT   32    810 
CNO Financial Group, Inc.   32    803 
Texas Capital Bancshares, Inc.*   14    802 
WSFS Financial Corp.   17    792 
Ameris Bancorp   18    790 
CVB Financial Corp.   34    789 
Enstar Group Ltd.*   3    784 
Focus Financial Partners, Inc. — Class A*   17    778 
Atlantic Union Bankshares Corp.   21    771 
SITE Centers Corp. REIT   46    769 
Cushman & Wakefield plc*   37    759 
Kennedy-Wilson Holdings, Inc.   31    756 
Moelis & Co. — Class A   16    751 
Chimera Investment Corp. REIT   62    747 
Mr Cooper Group, Inc.*   16    731 
Navient Corp.   42    716 
Uniti Group, Inc. REIT   52    716 
Independent Bank Group, Inc.   10    712 
First BanCorp   54    708 
Newmark Group, Inc. — Class A   44    700 
Fulton Financial Corp.   42    698 
Axos Financial, Inc.*   15    696 
Hamilton Lane, Inc. — Class A   9    696 
Columbia Banking System, Inc.   21    678 
Sunstone Hotel Investors, Inc. REIT*   57    671 
Piper Sandler Cos.   5    656 
National Health Investors, Inc. REIT   11    649 
Arbor Realty Trust, Inc. REIT   38    648 
International Bancshares Corp.   15    633 
First Merchants Corp.   15    624 
Brandywine Realty Trust REIT   44    622 
Retail Opportunity Investments Corp. REIT   32    620 
RLJ Lodging Trust REIT   43    605 
Cohen & Steers, Inc.   7    601 
Xenia Hotels & Resorts, Inc. REIT*   31    598 
Flagstar Bancorp, Inc.   14    594 
Urban Edge Properties REIT   31    592 
Washington Federal, Inc.   18    591 
Artisan Partners Asset Management, Inc. — Class A   15    590 
Washington Real Estate Investment Trust REIT   23    587 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Financial - 10.2% (continued)
Piedmont Office Realty Trust, Inc. — Class A REIT   33   $568 
Triumph Bancorp, Inc.*   6    564 
DiamondRock Hospitality Co. REIT*   55    556 
First Financial Bancorp   24    553 
WesBanco, Inc.   16    550 
NexPoint Residential Trust, Inc. REIT   6    542 
PRA Group, Inc.*   12    541 
Four Corners Property Trust, Inc. REIT   20    541 
Sandy Spring Bancorp, Inc.   12    539 
TowneBank   18    539 
Paramount Group, Inc. REIT   49    535 
St. Joe Co.   9    533 
American Assets Trust, Inc. REIT   14    530 
Banner Corp.   9    527 
Heartland Financial USA, Inc.   11    526 
Park National Corp.   4    526 
Apollo Commercial Real Estate Finance, Inc. REIT   37    515 
Eagle Bancorp, Inc.   9    513 
Lakeland Financial Corp.   7    511 
McGrath RentCorp   6    510 
Two Harbors Investment Corp. REIT   91    503 
Genworth Financial, Inc. — Class A*   133    503 
CareTrust REIT, Inc.   26    502 
Renasant Corp.   15    502 
Hilltop Holdings, Inc.   17    500 
Acadia Realty Trust REIT   23    498 
Seacoast Banking Corporation of Florida   14    490 
Redfin Corp.*   27    487 
Trustmark Corp.   16    486 
Easterly Government Properties, Inc. REIT   23    486 
Hope Bancorp, Inc.   30    482 
Virtus Investment Partners, Inc.   2    480 
Realogy Holdings Corp.*   30    470 
Provident Financial Services, Inc.   20    468 
MFA Financial, Inc. REIT   116    468 
Bank of NT Butterfield & Son Ltd.   13    466 
Tanger Factory Outlet Centers, Inc. REIT   27    464 
Horace Mann Educators Corp.   11    460 
Flywire Corp.*   15    459 
Veritex Holdings, Inc.   12    458 
NMI Holdings, Inc. — Class A*   22    454 
Alexander & Baldwin, Inc. REIT   19    441 
Global Net Lease, Inc. REIT   28    440 
Meta Financial Group, Inc.   8    439 
PennyMac Mortgage Investment Trust REIT   26    439 
Encore Capital Group, Inc.*   7    439 
Northwest Bancshares, Inc.   32    432 
Enterprise Financial Services Corp.   9    426 
PennyMac Financial Services, Inc.   8    426 
Stewart Information Services Corp.   7    424 
Westamerica BanCorp   7    424 
iStar, Inc. REIT1   18    421 
B. Riley Financial, Inc.   6    420 
Customers Bancorp, Inc.*   8    417 
LendingClub Corp.*   26    410 
Live Oak Bancshares, Inc.   8    407 
Veris Residential, Inc. REIT*   23    400 
FB Financial Corp.   9    400 
NBT Bancorp, Inc.   11    397 
Bancorp, Inc.*   14    397 
Goosehead Insurance, Inc. — Class A   5    393 
Centerspace REIT   4    393 
Industrial Logistics Properties Trust REIT   17    385 
LTC Properties, Inc. REIT   10    385 
Palomar Holdings, Inc.*   6    384 
Enova International, Inc.*   10    380 
Service Properties Trust REIT   43    380 
First Commonwealth Financial Corp.   25    379 
PJT Partners, Inc. — Class A   6    379 
American National Group, Inc.   2    378 
Berkshire Hills Bancorp, Inc.   13    377 
ProAssurance Corp.   14    376 
First Bancorp   9    376 
Empire State Realty Trust, Inc. — Class A REIT   38    373 
Capitol Federal Financial, Inc.   34    370 
Marcus & Millichap, Inc.   7    369 
BGC Partners, Inc. — Class A   83    365 
New York Mortgage Trust, Inc. REIT   100    365 
StepStone Group, Inc. — Class A   11    364 
Safety Insurance Group, Inc.   4    363 
eXp World Holdings, Inc.   17    360 
LendingTree, Inc.*   3    359 
Ladder Capital Corp. — Class A REIT   30    356 
Preferred Apartment Communities, Inc. — Class A REIT   14    349 
OFG Bancorp   13    346 
Nelnet, Inc. — Class A   4    340 
Office Properties Income Trust REIT   13    335 
Premier Financial Corp.   11    334 
BancFirst Corp.   4    333 
Safehold, Inc. REIT   6    333 
Brookline Bancorp, Inc.   21    332 
Argo Group International Holdings Ltd.   8    330 
First Busey Corp.   13    329 
Gladstone Land Corp. REIT   9    328 
Southside Bancshares, Inc.   8    327 
Redwood Trust, Inc. REIT   31    326 
National Bank Holdings Corp. — Class A   8    322 
BRP Group, Inc. — Class A*   12    322 
ConnectOne Bancorp, Inc.   10    320 
Stock Yards Bancorp, Inc.   6    317 
First Foundation, Inc.   13    316 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Financial - 10.2% (continued)
Getty Realty Corp. REIT   11   $315 
City Holding Co.   4    315 
Tompkins Financial Corp.   4    313 
Dime Community Bancshares, Inc.   9    311 
Metropolitan Bank Holding Corp.*   3    305 
RPT Realty REIT   22    303 
OceanFirst Financial Corp.   15    301 
StoneX Group, Inc.*   4    297 
Preferred Bank/Los Angeles CA   4    296 
S&T Bancorp, Inc.   10    296 
Broadmark Realty Capital, Inc. REIT   34    294 
Apartment Investment and Management Co. — Class A REIT*   40    293 
Banc of California, Inc.   15    290 
Employers Holdings, Inc.   7    287 
Nicolet Bankshares, Inc.*   3    281 
TriCo Bancshares   7    280 
UMH Properties, Inc. REIT   11    271 
Summit Hotel Properties, Inc. REIT*   27    269 
Lakeland Bancorp, Inc.   16    267 
TriState Capital Holdings, Inc.*   8    266 
Global Medical REIT, Inc.   16    261 
Necessity Retail REIT, Inc.   33    261 
Alexander's, Inc. REIT   1    256 
Blucora, Inc.*   13    254 
Origin Bancorp, Inc.   6    254 
Community Healthcare Trust, Inc. REIT   6    253 
Ellington Financial, Inc. REIT   14    249 
AMERISAFE, Inc.   5    248 
James River Group Holdings Ltd.   10    247 
Ready Capital Corp. REIT   16    241 
HomeStreet, Inc.   5    237 
Columbia Financial, Inc.*   11    237 
Armada Hoffler Properties, Inc. REIT   16    234 
Kearny Financial Corp.   18    232 
Radius Global Infrastructure, Inc. — Class A*   16    228 
German American Bancorp, Inc.   6    228 
QCR Holdings, Inc.   4    226 
Heritage Financial Corp.   9    226 
NETSTREIT Corp. REIT   10    224 
Horizon Bancorp, Inc.   12    224 
Allegiance Bancshares, Inc.   5    223 
Amerant Bancorp, Inc.   7    221 
Gladstone Commercial Corp. REIT   10    220 
Peoples Bancorp, Inc.   7    219 
Brightsphere Investment Group, Inc.   9    218 
Farmer Mac — Class C   2    217 
Plymouth Industrial REIT, Inc.   8    217 
Univest Financial Corp.   8    214 
WisdomTree Investments, Inc.   36    211 
National Western Life Group, Inc. — Class A   1    210 
Washington Trust Bancorp, Inc.   4    210 
GEO Group, Inc. REIT*   31    205 
BrightSpire Capital, Inc. REIT   22    204 
First Bancshares, Inc.   6    202 
MBIA, Inc.*   13    200 
Diversified Healthcare Trust REIT   62    198 
Hanmi Financial Corp.   8    197 
Central Pacific Financial Corp.   7    195 
City Office REIT, Inc.   11    194 
ARMOUR Residential REIT, Inc.1   23    193 
First Mid Bancshares, Inc.   5    192 
World Acceptance Corp.*   1    192 
Cowen, Inc. — Class A   7    190 
Invesco Mortgage Capital, Inc. REIT   83    189 
CrossFirst Bankshares, Inc.*   12    189 
TPG RE Finance Trust, Inc. REIT   16    189 
Camden National Corp.   4    188 
Diamond Hill Investment Group, Inc.   1    187 
Byline Bancorp, Inc.   7    187 
United Fire Group, Inc.   6    186 
International Money Express, Inc.*   9    185 
KKR Real Estate Finance Trust, Inc. REIT   9    186 
1st Source Corp.   4    185 
HarborOne Bancorp, Inc.   13    182 
SiriusPoint Ltd.*   24    180 
Chatham Lodging Trust REIT*   13    179 
Flushing Financial Corp.   8    179 
Mercantile Bank Corp.   5    177 
Great Southern Bancorp, Inc.   3    177 
Bank of Marin Bancorp   5    175 
Universal Health Realty Income Trust REIT   3    175 
Peapack-Gladstone Financial Corp.   5    174 
Midland States Bancorp, Inc.   6    173 
First Financial Corp.   4    173 
Northfield Bancorp, Inc.   12    172 
Whitestone REIT — Class B   13    172 
Ares Commercial Real Estate Corp. REIT   11    171 
Cambridge Bancorp   2    170 
Heritage Commerce Corp.   15    169 
Community Trust Bancorp, Inc.   4    165 
TrustCo Bank Corporation NY   5    160 
Franklin Street Properties Corp. REIT   27    159 
Saul Centers, Inc. REIT   3    158 
Granite Point Mortgage Trust, Inc. REIT   14    156 
CBTX, Inc.   5    155 
Urstadt Biddle Properties, Inc. — Class A REIT   8    150 
Southern Missouri Bancorp, Inc.   3    150 
Indus Realty Trust, Inc. REIT   2    146 
Dynex Capital, Inc. REIT1   9    146 
Bank First Corp.   2    144 
Douglas Elliman, Inc.   19    139 
RE/MAX Holdings, Inc. — Class A   5    139 
Coastal Financial Corp.*   3    137 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Financial - 10.2% (continued)
Farmers National Banc Corp.   8   $136 
HCI Group, Inc.   2    136 
CTO Realty Growth, Inc. REIT   2    133 
MidWestOne Financial Group, Inc.   4    132 
Arrow Financial Corp.   4    130 
Equity Bancshares, Inc. — Class A   4    129 
Seritage Growth Properties REIT*   10    127 
Capstar Financial Holdings, Inc.   6    126 
Franklin BSP Realty Trust, Inc. REIT   9    126 
Ambac Financial Group, Inc.*   12    125 
MVB Financial Corp.   3    125 
RMR Group, Inc. — Class A   4    124 
One Liberty Properties, Inc. REIT   4    123 
Business First Bancshares, Inc.   5    122 
Carter Bankshares, Inc.*   7    122 
Financial Institutions, Inc.   4    121 
HomeTrust Bancshares, Inc.   4    118 
Metrocity Bankshares, Inc.   5    117 
Orchid Island Capital, Inc. REIT   36    117 
First of Long Island Corp.   6    117 
GCM Grosvenor, Inc. — Class A   12    117 
Waterstone Financial, Inc.   6    116 
FRP Holdings, Inc.*   2    116 
Bar Harbor Bankshares   4    115 
Five Star Bancorp   4    113 
American National Bankshares, Inc.   3    113 
First Community Bankshares, Inc.   4    113 
AssetMark Financial Holdings, Inc.*   5    111 
Alerus Financial Corp.   4    111 
Independent Bank Corp.   5    110 
Merchants Bancorp   4    110 
West BanCorp, Inc.   4    109 
Mid Penn Bancorp, Inc.   4    107 
CatchMark Timber Trust, Inc. — Class A REIT   13    107 
Capital City Bank Group, Inc.   4    105 
CNB Financial Corp.   4    105 
Summit Financial Group, Inc.   4    102 
SmartFinancial, Inc.   4    102 
Southern First Bancshares, Inc.*   2    102 
Old Second Bancorp, Inc.   7    102 
Peoples Financial Services Corp.   2    101 
Bridgewater Bancshares, Inc.*   6    100 
Sierra Bancorp   4    100 
Selectquote, Inc.*   35    98 
Citizens & Northern Corp.   4    98 
Regional Management Corp.   2    97 
Civista Bancshares, Inc.   4    96 
Farmland Partners, Inc. REIT   7    96 
BRT Apartments Corp. REIT   4    96 
Blue Foundry Bancorp*   7    95 
Universal Insurance Holdings, Inc.   7    94 
RBB Bancorp   4    94 
Braemar Hotels & Resorts, Inc. REIT   15    93 
First Bancorp, Inc.   3    90 
Republic Bancorp, Inc. — Class A   2    90 
Enact Holdings, Inc.   4    89 
Oppenheimer Holdings, Inc. — Class A   2    87 
Northrim BanCorp, Inc.   2    87 
Oportun Financial Corp.*   6    86 
First Internet Bancorp   2    86 
Primis Financial Corp.   6    84 
Sculptor Capital Management, Inc.*   6    84 
Hersha Hospitality Trust REIT*   9    82 
Home Bancorp, Inc.   2    82 
Enterprise Bancorp, Inc.   2    80 
South Plains Financial, Inc.   3    80 
Spirit of Texas Bancshares, Inc.   3    79 
EZCORP, Inc. — Class A*   13    78 
Curo Group Holdings Corp.   6    78 
Tiptree, Inc. — Class A   6    77 
Blue Ridge Bankshares, Inc.   5    76 
eHealth, Inc.*   6    75 
Macatawa Bank Corp.   8    72 
Amalgamated Financial Corp.   4    72 
Great Ajax Corp. REIT   6    70 
Guaranty Bancshares, Inc.   2    70 
Orrstown Financial Services, Inc.   3    69 
Postal Realty Trust, Inc. — Class A REIT   4    67 
Provident Bancorp, Inc.   4    65 
FS Bancorp, Inc.   2    62 
Republic First Bancorp, Inc.*   12    62 
Greenhill & Company, Inc.   4    62 
AFC Gamma, Inc. REIT   3    57 
PCSB Financial Corp.   3    57 
First Bank/Hamilton NJ   4    57 
Citizens, Inc.*   13    55 
HBT Financial, Inc.   3    55 
Donegal Group, Inc. — Class A   4    54 
Luther Burbank Corp.   4    53 
Red River Bancshares, Inc.   1    53 
Atlanticus Holdings Corp.*   1    52 
Heritage Insurance Holdings, Inc.   7    50 
Greenlight Capital Re Ltd. — Class A*   7    50 
Ocwen Financial Corp.*   2    48 
Fidelity D&D Bancorp, Inc.   1    46 
Capital Bancorp, Inc.   2    46 
Maiden Holdings Ltd.*   18    43 
Legacy Housing Corp.*   2    43 
Ashford Hospitality Trust, Inc. REIT*   4    41 
Pzena Investment Management, Inc. — Class A   5    40 
Crawford & Co. — Class A   5    38 
MetroMile, Inc.*   26    34 
NI Holdings, Inc.*   2    34 
Angel Oak Mortgage, Inc. REIT   2    33 
Pioneer Bancorp, Inc.*   3    32 
Clipper Realty, Inc. REIT   3    27 
Trean Insurance Group, Inc.*   5    24 
Third Coast Bancshares, Inc.*   1    23 
GAMCO Investors, Inc. — Class A   1    22 
Velocity Financial, Inc.*   2    22 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Financial - 10.2% (continued)
Fathom Holdings, Inc.*   2   $21 
United Insurance Holdings Corp.   5    17 
Retail Value, Inc. REIT   5    15 
Finance of America Companies, Inc. — Class A*   5    15 
Stronghold Digital Mining, Inc. — Class A*   2    12 
Rafael Holdings, Inc. — Class B*   3    8 
Home Point Capital, Inc.   2    6 
Total Financial        169,409 
Consumer, Non-cyclical - 10.2%          
Avis Budget Group, Inc.*   11    2,896 
Tenet Healthcare Corp.*   28    2,407 
WillScot Mobile Mini Holdings Corp.*   56    2,191 
Performance Food Group Co.*   40    2,036 
Shockwave Medical, Inc.*   9    1,866 
Inspire Medical Systems, Inc.*   7    1,797 
Biohaven Pharmaceutical Holding Company Ltd.*   15    1,779 
Omnicell, Inc.*   12    1,554 
ASGN, Inc.*   13    1,517 
Halozyme Therapeutics, Inc.*   37    1,476 
HealthEquity, Inc.*   21    1,416 
LHC Group, Inc.*   8    1,349 
Medpace Holdings, Inc.*   8    1,309 
Intellia Therapeutics, Inc.*   18    1,308 
Intra-Cellular Therapies, Inc.*   21    1,285 
Triton International Ltd.   18    1,263 
Ensign Group, Inc.   14    1,260 
iRhythm Technologies, Inc.*   8    1,260 
AMN Healthcare Services, Inc.*   12    1,252 
Arrowhead Pharmaceuticals, Inc.*   27    1,242 
Option Care Health, Inc.*   42    1,200 
CONMED Corp.   8    1,188 
Helen of Troy Ltd.*   6    1,175 
Herc Holdings, Inc.   7    1,170 
LivaNova plc*   14    1,146 
API Group Corp.*   53    1,115 
Alkermes plc*   42    1,105 
TriNet Group, Inc.*   11    1,082 
Apellis Pharmaceuticals, Inc.*   21    1,067 
STAAR Surgical Co.*   13    1,039 
Insperity, Inc.   10    1,004 
Lantheus Holdings, Inc.*   18    996 
Korn Ferry   15    974 
Sprouts Farmers Market, Inc.*   30    959 
Blueprint Medicines Corp.*   15    958 
Sanderson Farms, Inc.   5    937 
Pacira BioSciences, Inc.*   12    916 
Brink's Co.   13    884 
Owens & Minor, Inc.   20    880 
Arvinas, Inc.*   13    875 
Progyny, Inc.*   17    874 
Merit Medical Systems, Inc.*   13    865 
Neogen Corp.*   28    864 
R1 RCM, Inc.*   32    856 
Simply Good Foods Co.*   22    835 
ABM Industries, Inc.   18    829 
Haemonetics Corp.*   13    822 
Inari Medical, Inc.*   9    816 
Fate Therapeutics, Inc.*   21    814 
Beam Therapeutics, Inc.*   14    802 
Alarm.com Holdings, Inc.*   12    798 
NuVasive, Inc.*   14    794 
Hostess Brands, Inc.*   36    790 
AtriCure, Inc.*   12    788 
ACADIA Pharmaceuticals, Inc.*   32    775 
Cytokinetics, Inc.*   21    773 
Celsius Holdings, Inc.*   14    773 
Denali Therapeutics, Inc.*   24    772 
BioCryst Pharmaceuticals, Inc.*   47    764 
Karuna Therapeutics, Inc.*   6    761 
Axonics, Inc.*   12    751 
Lancaster Colony Corp.   5    746 
Patterson Companies, Inc.   23    744 
Twist Bioscience Corp.*   15    741 
WD-40 Co.   4    733 
Insmed, Inc.*   31    728 
Integer Holdings Corp.*   9    725 
PTC Therapeutics, Inc.*   19    709 
Marathon Digital Holdings, Inc.*,1   25    699 
EVERTEC, Inc.   17    696 
Select Medical Holdings Corp.   29    696 
Glaukos Corp.*   12    694 
BellRing Brands, Inc.*   30    692 
Prestige Consumer Healthcare, Inc.*   13    688 
Amicus Therapeutics, Inc.*   69    653 
Nevro Corp.*   9    651 
John Wiley & Sons, Inc. — Class A   12    636 
LiveRamp Holdings, Inc.*   17    636 
J & J Snack Foods Corp.   4    620 
United Natural Foods, Inc.*   15    620 
Graham Holdings Co. — Class B   1    611 
Cal-Maine Foods, Inc.   11    607 
Primo Water Corp.   42    598 
Ortho Clinical Diagnostics Holdings plc*   32    597 
Corcept Therapeutics, Inc.*   25    563 
Global Blood Therapeutics, Inc.*   16    554 
Edgewell Personal Care Co.   15    550 
CBIZ, Inc.*   13    546 
Relay Therapeutics, Inc.*   18    539 
Emergent BioSolutions, Inc.*   13    534 
Myriad Genetics, Inc.*   21    529 
Veracyte, Inc.*   19    524 
IVERIC bio, Inc.*   31    522 
Medifast, Inc.   3    512 
Coca-Cola Consolidated, Inc.   1    497 
Surgery Partners, Inc.*   9    496 
Textainer Group Holdings Ltd.   13    495 
Riot Blockchain, Inc.*,1   23    487 
CareDx, Inc.*   13    481 
Ironwood Pharmaceuticals, Inc. — Class A*   38    478 
ICF International, Inc.   5    471 
MEDNAX, Inc.*   20    470 
Pacific Biosciences of California, Inc.*   51    464 
Zentalis Pharmaceuticals, Inc.*   10    461 
B&G Foods, Inc.1   17    459 
Vericel Corp.*   12    459 
Vector Group Ltd.   38    458 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Non-cyclical - 10.2% (continued)
Rent-A-Center, Inc.   18   $453 
Covetrus, Inc.*   27    453 
TreeHouse Foods, Inc.*   14    452 
SpringWorks Therapeutics, Inc.*   8    452 
Ligand Pharmaceuticals, Inc. — Class B*   4    450 
Central Garden & Pet Co. — Class A*   11    448 
Kforce, Inc.   6    444 
Inter Parfums, Inc.   5    440 
Coursera, Inc.*   19    438 
Avanos Medical, Inc.*   13    435 
PROG Holdings, Inc.*   15    432 
Invitae Corp.*   53    422 
Supernus Pharmaceuticals, Inc.*   13    420 
NanoString Technologies, Inc.*   12    417 
Heska Corp.*   3    415 
Travere Therapeutics, Inc.*   16    412 
Vir Biotechnology, Inc.*   16    412 
Celldex Therapeutics, Inc.*   12    409 
REVOLUTION Medicines, Inc.*   16    408 
Agios Pharmaceuticals, Inc.*   14    408 
Universal Corp.   7    406 
Multiplan Corp.*   86    402 
Andersons, Inc.   8    402 
Xencor, Inc.*   15    400 
Stride, Inc.*   11    400 
Monro, Inc.   9    399 
Strategic Education, Inc.   6    398 
Amphastar Pharmaceuticals, Inc.*   11    395 
Community Health Systems, Inc.*   33    392 
Beauty Health Co.*   23    388 
Adtalem Global Education, Inc.*   13    386 
Tivity Health, Inc.*   12    386 
Cerevel Therapeutics Holdings, Inc.*   11    385 
Green Dot Corp. — Class A*   14    385 
Kymera Therapeutics, Inc.*   9    381 
Arcus Biosciences, Inc.*   12    379 
ChemoCentryx, Inc.*   15    376 
Addus HomeCare Corp.*   4    373 
Silk Road Medical, Inc.*   9    372 
Cassava Sciences, Inc.*   10    371 
Prothena Corporation plc*   10    366 
NeoGenomics, Inc.*   30    364 
OPKO Health, Inc.*   105    361 
Weis Markets, Inc.   5    357 
Ingles Markets, Inc. — Class A   4    356 
Enanta Pharmaceuticals, Inc.*   5    356 
Revance Therapeutics, Inc.*   18    351 
CoreCivic, Inc.*   31    346 
ModivCare, Inc.*   3    346 
Cutera, Inc.*   5    345 
Editas Medicine, Inc.*   18    342 
MGP Ingredients, Inc.   4    342 
Repay Holdings Corp.*   23    340 
Brookdale Senior Living, Inc. — Class A*   48    338 
CorVel Corp.*   2    337 
elf Beauty, Inc.*   13    336 
TG Therapeutics, Inc.*   35    333 
Krystal Biotech, Inc.*   5    333 
Deluxe Corp.   11    333 
REGENXBIO, Inc.*   10    332 
Krispy Kreme, Inc.   22    327 
Avid Bioservices, Inc.*   16    326 
Turning Point Therapeutics, Inc.*   12    322 
Cimpress plc*   5    318 
Fulgent Genetics, Inc.*   5    312 
Laureate Education, Inc. — Class A   26    308 
AdaptHealth Corp.*   19    305 
Dynavax Technologies Corp.*,1   28    303 
Prometheus Biosciences, Inc.*   8    302 
US Physical Therapy, Inc.   3    298 
SpartanNash Co.   9    297 
Madrigal Pharmaceuticals, Inc.*   3    294 
Chefs' Warehouse, Inc.*   9    293 
Harmony Biosciences Holdings, Inc.*   6    292 
Axsome Therapeutics, Inc.*   7    290 
TrueBlue, Inc.*   10    289 
Meridian Bioscience, Inc.*   11    286 
Bridgebio Pharma, Inc.*   28    284 
Protagonist Therapeutics, Inc.*   12    284 
First Advantage Corp.*   14    283 
National Healthcare Corp.   4    281 
Cytek Biosciences, Inc.*   26    280 
Evo Payments, Inc. — Class A*   12    277 
FibroGen, Inc.*   23    276 
Huron Consulting Group, Inc.*   6    275 
Kura Oncology, Inc.*   17    273 
Castle Biosciences, Inc.*   6    269 
RadNet, Inc.*   12    269 
Vaxcyte, Inc.*   11    266 
Crinetics Pharmaceuticals, Inc.*   12    263 
National Beverage Corp.   6    261 
MoneyGram International, Inc.*   24    253 
2U, Inc.*   19    252 
Intersect ENT, Inc.*   9    252 
ImmunoGen, Inc.*   52    247 
MannKind Corp.*   66    243 
C4 Therapeutics, Inc.*   10    243 
Cerus Corp.*   44    242 
Morphic Holding, Inc.*   6    241 
USANA Health Sciences, Inc.*   3    238 
Natus Medical, Inc.*   9    237 
Utz Brands, Inc.   16    237 
Artivion, Inc.*   11    235 
Quanterix Corp.*   8    234 
Fresh Del Monte Produce, Inc.   9    233 
LeMaitre Vascular, Inc.   5    232 
Innoviva, Inc.*   12    232 
Reata Pharmaceuticals, Inc. — Class A*   7    229 
Accolade, Inc.*   13    228 
Verve Therapeutics, Inc.*   10    228 
Cardiovascular Systems, Inc.*   10    226 
Senseonics Holdings, Inc.*   114    225 
Aclaris Therapeutics, Inc.*   13    224 
Anavex Life Sciences Corp.*,1   18    222 
Nuvation Bio, Inc.*   42    221 
Coherus Biosciences, Inc.*   17    219 
Alphatec Holdings, Inc.*   19    218 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Non-cyclical - 10.2% (continued)
Keros Therapeutics, Inc.*   4   $217 
OrthoPediatrics Corp.*   4    216 
Catalyst Pharmaceuticals, Inc.*   26    216 
AngioDynamics, Inc.*   10    215 
Recursion Pharmaceuticals, Inc. — Class A*   30    215 
Alector, Inc.*   15    214 
Atara Biotherapeutics, Inc.*   23    214 
Carriage Services, Inc. — Class A   4    213 
Varex Imaging Corp.*   10    213 
Syndax Pharmaceuticals, Inc.*   12    209 
Perdoceo Education Corp.*   18    207 
American Well Corp. — Class A*   49    206 
SI-BONE, Inc.*   9    203 
ACCO Brands Corp.   25    200 
Bionano Genomics, Inc.*   77    199 
Heidrick & Struggles International, Inc.   5    198 
Lyell Immunopharma, Inc.*   39    197 
Kelly Services, Inc. — Class A   9    195 
Cross Country Healthcare, Inc.*   9    195 
Arlo Technologies, Inc.*   22    195 
Inovio Pharmaceuticals, Inc.*,1   54    194 
iTeos Therapeutics, Inc.*   6    193 
Sana Biotechnology, Inc.*   23    190 
Fulcrum Therapeutics, Inc.*   8    189 
Quanex Building Products Corp.   9    189 
TransMedics Group, Inc.*   7    189 
SP Plus Corp.*   6    188 
Avidity Biosciences, Inc.*   10    185 
Antares Pharma, Inc.*   45    185 
Hanger, Inc.*   10    183 
Collegium Pharmaceutical, Inc.*   9    183 
Sorrento Therapeutics, Inc.*,1   78    182 
Surmodics, Inc.*   4    181 
Franklin Covey Co.*   4    181 
Sangamo Therapeutics, Inc.*   31    180 
Viad Corp.*   5    178 
MaxCyte, Inc.*   25    175 
Rocket Pharmaceuticals, Inc.*   11    174 
Pulmonx Corp.*   7    174 
PetIQ, Inc.*   7    171 
Vanda Pharmaceuticals, Inc.*   15    170 
Forrester Research, Inc.*   3    169 
CRA International, Inc.   2    169 
Seer, Inc.*   11    168 
I3 Verticals, Inc. — Class A*   6    167 
John B Sanfilippo & Son, Inc.   2    167 
Kezar Life Sciences, Inc.*   10    166 
Allogene Therapeutics, Inc.*   18    164 
Duckhorn Portfolio, Inc.*   9    164 
Chinook Therapeutics, Inc.*   10    164 
Orthofix Medical, Inc.*   5    163 
BrightView Holdings, Inc.*   12    163 
Transcat, Inc.*   2    162 
Vivint Smart Home, Inc.*   24    162 
Inogen, Inc.*   5    162 
Arcturus Therapeutics Holdings, Inc.*   6    162 
Ocugen, Inc.*,1   49    162 
Vaxart, Inc.*,1   32    161 
Aaron's Company, Inc.   8    161 
National Research Corp. — Class A   4    159 
Butterfly Network, Inc.*,1   33    157 
Inhibrx, Inc.*   7    156 
Barrett Business Services, Inc.   2    155 
Theravance Biopharma, Inc.*   16    153 
Treace Medical Concepts, Inc.*   8    151 
Tattooed Chef, Inc.*   12    151 
Instil Bio, Inc.*   14    150 
Eagle Pharmaceuticals, Inc.*   3    148 
AnaptysBio, Inc.*   6    148 
Cass Information Systems, Inc.   4    148 
Erasca, Inc.*   17    146 
Calavo Growers, Inc.   4    146 
Cara Therapeutics, Inc.*   12    146 
PMV Pharmaceuticals, Inc.*   7    146 
ViewRay, Inc.*   37    145 
Tootsie Roll Industries, Inc.   4    144 
WW International, Inc.*   14    143 
Heron Therapeutics, Inc.*   25    143 
Agenus, Inc.*   58    143 
Joint Corp.*   4    142 
MacroGenics, Inc.*   16    141 
Karyopharm Therapeutics, Inc.*   19    140 
Gossamer Bio, Inc.*   16    139 
Endo International plc*   60    139 
Hackett Group, Inc.   6    138 
Rhythm Pharmaceuticals, Inc.*   12    138 
Rigel Pharmaceuticals, Inc.*   46    138 
Resources Connection, Inc.   8    137 
MiMedx Group, Inc.*   29    137 
Turning Point Brands, Inc.   4    136 
Replimune Group, Inc.*   8    136 
Affimed N.V.*   31    135 
Seres Therapeutics, Inc.*   19    135 
Arcutis Biotherapeutics, Inc.*   7    135 
Paya Holdings, Inc.*   23    135 
RAPT Therapeutics, Inc.*   6    132 
Central Garden & Pet Co.*   3    132 
Bright Health Group, Inc.*   68    131 
Pennant Group, Inc.*   7    130 
Ennis, Inc.   7    129 
OraSure Technologies, Inc.*   19    129 
Agiliti, Inc.*   6    127 
Mission Produce, Inc.*   10    127 
Absci Corp.*   15    126 
Nurix Therapeutics, Inc.*   9    126 
Atea Pharmaceuticals, Inc.*   17    123 
NGM Biopharmaceuticals, Inc.*   8    122 
Athira Pharma, Inc.*   9    121 
LifeStance Health Group, Inc.*   12    121 
Caribou Biosciences, Inc.*   13    119 
Albireo Pharma, Inc.*   4    119 
Radius Health, Inc.*   13    115 
Honest Company, Inc.*   22    115 
Intercept Pharmaceuticals, Inc.*   7    114 
Design Therapeutics, Inc.*   7    113 
MeiraGTx Holdings plc*   8    111 
Provention Bio, Inc.*   15    110 
Custom Truck One Source, Inc.*   13    109 
Geron Corp.*   80    109 
Amneal Pharmaceuticals, Inc.*   26    108 
Relmada Therapeutics, Inc.*   4    108 
Vectrus, Inc.*   3    108 
Y-mAbs Therapeutics, Inc.*   9    107 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Non-cyclical - 10.2% (continued)
American Public Education, Inc.*   5   $106 
4D Molecular Therapeutics, Inc.*   7    106 
Sterling Check Corp.*   4    106 
Stoke Therapeutics, Inc.*   5    105 
Inotiv, Inc.*   4    105 
Bioxcel Therapeutics, Inc.*   5    105 
Scholar Rock Holding Corp.*   8    103 
Seneca Foods Corp. — Class A*   2    103 
2seventy bio, Inc.*   6    102 
Mind Medicine MindMed, Inc.*,1   91    101 
Evolus, Inc.*   9    101 
ImmunityBio, Inc.*,1   18    101 
Tactile Systems Technology, Inc.*   5    101 
Ideaya Biosciences, Inc.*   9    101 
Anika Therapeutics, Inc.*   4    100 
Aerie Pharmaceuticals, Inc.*   11    100 
Adicet Bio, Inc.*   5    100 
22nd Century Group, Inc.*   43    100 
Phibro Animal Health Corp. — Class A   5    100 
Akero Therapeutics, Inc.*   7    99 
Ocular Therapeutix, Inc.*   20    99 
Bioventus, Inc. — Class A*   7    99 
Sutro Biopharma, Inc.*   12    99 
SeaSpine Holdings Corp.*   8    97 
Edgewise Therapeutics, Inc.*   10    97 
AppHarvest, Inc.*   18    97 
Omeros Corp.*   16    96 
Marinus Pharmaceuticals, Inc.*   10    94 
Deciphera Pharmaceuticals, Inc.*   10    93 
Landec Corp.*   8    93 
Berkeley Lights, Inc.*   13    92 
SIGA Technologies, Inc.*   13    92 
Willdan Group, Inc.*   3    92 
Praxis Precision Medicines, Inc.*   9    92 
Tejon Ranch Co.*   5    91 
Utah Medical Products, Inc.   1    90 
iRadimed Corp.   2    90 
European Wax Center, Inc. — Class A*   3    89 
KalVista Pharmaceuticals, Inc.*   6    88 
DermTech, Inc.*,1   6    88 
Bluebird Bio, Inc.*   18    87 
Chimerix, Inc.*   19    87 
ALX Oncology Holdings, Inc.*   5    84 
ANI Pharmaceuticals, Inc.*   3    84 
Forma Therapeutics Holdings, Inc.*   9    84 
Vapotherm, Inc.*   6    83 
Veru, Inc.*   17    82 
Personalis, Inc.*   10    82 
Phathom Pharmaceuticals, Inc.*   6    82 
VBI Vaccines, Inc.*,1   49    81 
Generation Bio Co.*   11    81 
Kiniksa Pharmaceuticals Ltd. — Class A*   8    80 
Accuray, Inc.*   24    79 
Axogen, Inc.*   10    79 
Kinnate Biopharma, Inc.*   7    79 
Oramed Pharmaceuticals, Inc.*   9    78 
Dyne Therapeutics, Inc.*   8    77 
DICE Therapeutics, Inc.*   4    76 
Organogenesis Holdings, Inc.*   10    76 
Foghorn Therapeutics, Inc.*   5    76 
G1 Therapeutics, Inc.*   10    76 
Mersana Therapeutics, Inc.*   19    76 
Cogent Biosciences, Inc.*   10    75 
Eiger BioPharmaceuticals, Inc.*   9    75 
Vital Farms, Inc.*   6    74 
Village Super Market, Inc. — Class A   3    74 
Cullinan Oncology, Inc.*   7    73 
EyePoint Pharmaceuticals, Inc.*   6    73 
Kronos Bio, Inc.*   10    72 
Whole Earth Brands, Inc.*   10    72 
Vera Therapeutics, Inc.*   3    70 
PROCEPT BioRobotics Corp.*   2    70 
Kodiak Sciences, Inc.*   9    69 
BioLife Solutions, Inc.*   3    68 
Altimmune, Inc.*   11    67 
Rubius Therapeutics, Inc.*   12    66 
Arbutus Biopharma Corp.*   22    66 
Verastem, Inc.*   46    65 
VistaGen Therapeutics, Inc.*   51    63 
Harvard Bioscience, Inc.*   10    62 
Alta Equipment Group, Inc.*   5    62 
Jounce Therapeutics, Inc.*   9    61 
Spero Therapeutics, Inc.*   7    61 
Immunovant, Inc.*   11    61 
Clovis Oncology, Inc.*   30    61 
HF Foods Group, Inc.*   9    60 
Avita Medical, Inc.*   7    59 
Talaris Therapeutics, Inc.*   6    59 
Apyx Medical Corp.*   9    59 
Limoneira Co.   4    59 
Acacia Research Corp.*   13    59 
Imago Biosciences, Inc.*   3    58 
Aldeyra Therapeutics, Inc.*   13    58 
Allakos, Inc.*   10    57 
Immunic, Inc.*   5    56 
Cymabay Therapeutics, Inc.*   18    56 
XOMA Corp.*   2    56 
Spectrum Pharmaceuticals, Inc.*   43    55 
ShotSpotter, Inc.*   2    55 
Aerovate Therapeutics, Inc.*   3    55 
CorMedix, Inc.*   10    55 
Curis, Inc.*   23    55 
Nathan's Famous, Inc.   1    54 
Allovir, Inc.*   8    54 
Viking Therapeutics, Inc.*   18    54 
Citius Pharmaceuticals, Inc.*   30    54 
IGM Biosciences, Inc.*   2    53 
Precigen, Inc.*   25    53 
Applied Molecular Transport, Inc.*   7    53 
ClearPoint Neuro, Inc.*   5    52 
Lineage Cell Therapeutics, Inc.*   33    51 
Nature's Sunshine Products, Inc.*   3    50 
Tarsus Pharmaceuticals, Inc.*   3    50 
Udemy, Inc.*   4    50 
InfuSystem Holdings, Inc.*   5    49 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Non-cyclical - 10.2% (continued)
Stereotaxis, Inc.*   13   $48 
CytomX Therapeutics, Inc.*   18    48 
SOC Telemed, Inc.*   16    48 
Viracta Therapeutics, Inc.*   10    48 
Tenaya Therapeutics, Inc.*   4    47 
Nkarta, Inc.*   4    46 
Gritstone bio, Inc.*,1   11    45 
Viemed Healthcare, Inc.*   9    45 
Aura Biosciences, Inc.*   2    44 
Akoya Biosciences, Inc.*   4    44 
UroGen Pharma Ltd.*   5    44 
Janux Therapeutics, Inc.*   3    43 
ORIC Pharmaceuticals, Inc.*   8    43 
Ikena Oncology, Inc.*   7    43 
Eargo, Inc.*   8    42 
Monte Rosa Therapeutics, Inc.*   3    42 
Pliant Therapeutics, Inc.*   6    42 
Nuvalent, Inc. — Class A*   3    42 
Outlook Therapeutics, Inc.*   23    41 
Ventyx Biosciences, Inc.*   3    41 
KemPharm, Inc.*   8    40 
Durect Corp.*   60    40 
Precision BioSciences, Inc.*   13    40 
Lexicon Pharmaceuticals, Inc.*   19    40 
CEL-SCI Corp.*   10    39 
Natural Grocers by Vitamin Cottage, Inc.   2    39 
TherapeuticsMD, Inc.*   103    39 
Humanigen, Inc.*   13    39 
Taysha Gene Therapies, Inc.*   6    39 
Cue Biopharma, Inc.*   8    39 
Asensus Surgical, Inc.*   62    39 
Atossa Therapeutics, Inc.*   31    39 
Paratek Pharmaceuticals, Inc.*   13    39 
Century Therapeutics, Inc.*   3    38 
Zynex, Inc.   6    37 
Homology Medicines, Inc.*   12    36 
Alaunos Therapeutics, Inc.*   55    36 
Poseida Therapeutics, Inc.*   8    36 
Sientra, Inc.*   16    36 
9 Meters Biopharma, Inc.*   59    35 
CytoSorbents Corp.*   11    35 
Oyster Point Pharma, Inc.*   3    35 
Theseus Pharmaceuticals, Inc.*   3    35 
XBiotech, Inc.   4    35 
Molecular Templates, Inc.*   10    34 
Rent the Runway, Inc. — Class A*,1   5    34 
Aveanna Healthcare Holdings, Inc.*   10    34 
Paragon 28, Inc.*   2    33 
Akebia Therapeutics, Inc.*   46    33 
Athersys, Inc.*   54    33 
Esperion Therapeutics, Inc.*   7    32 
Tyra Biosciences, Inc.*   3    32 
Innovage Holding Corp.*   5    32 
ChromaDex Corp.*   13    32 
Sesen Bio, Inc.*   53    32 
Passage Bio, Inc.*   10    31 
Cortexyme, Inc.*   5    31 
Werewolf Therapeutics, Inc.*   7    31 
Vor BioPharma, Inc.*   5    30 
Adverum Biotechnologies, Inc.*   23    30 
Shattuck Labs, Inc.*   7    30 
Olema Pharmaceuticals, Inc.*   7    30 
Day One Biopharmaceuticals, Inc.*   3    30 
Remitly Global, Inc.*   3    30 
Selecta Biosciences, Inc.*   24    30 
SQZ Biotechnologies Co.*   6    29 
Akouos, Inc.*   6    28 
Entrada Therapeutics, Inc.*   3    28 
Icosavax, Inc.*   4    28 
Celcuity, Inc.*   3    28 
Ardelyx, Inc.*   26    28 
Alpha Teknova, Inc.*   2    28 
Epizyme, Inc.*   24    28 
AirSculpt Technologies, Inc.*   2    27 
Adagio Therapeutics, Inc.*,1   6    27 
Infinity Pharmaceuticals, Inc.*   24    27 
Fortress Biotech, Inc.*   20    27 
Evelo Biosciences, Inc.*   8    27 
Alpine Immune Sciences, Inc.*   3    27 
Vita Coco Company, Inc.*,1   3    27 
Biomea Fusion, Inc.*   6    27 
Tonix Pharmaceuticals Holding Corp.*   116    27 
Surface Oncology, Inc.*   9    26 
AquaBounty Technologies, Inc.*   14    26 
Cue Health, Inc.*,1   4    26 
Graphite Bio, Inc.*   5    25 
Aeglea BioTherapeutics, Inc.*   11    25 
Quotient Ltd.*   21    25 
PAVmed, Inc.*   19    25 
Codiak Biosciences, Inc.*   4    25 
BioAtla, Inc.*   5    25 
Harpoon Therapeutics, Inc.*   5    25 
Cardiff Oncology, Inc.*   10    25 
RxSight, Inc.*   2    25 
iBio, Inc.*   57    24 
Verrica Pharmaceuticals, Inc.*   3    24 
Exagen, Inc.*   3    24 
WaVe Life Sciences Ltd.*   12    24 
Ampio Pharmaceuticals, Inc.*   51    24 
Oncocyte Corp.*   16    24 
Retractable Technologies, Inc.*   5    24 
Trevena, Inc.*   43    24 
Clene, Inc.*   6    24 
Magenta Therapeutics, Inc.*   8    23 
Puma Biotechnology, Inc.*   8    23 
Atreca, Inc. — Class A*   7    22 
TCR2 Therapeutics, Inc.*   8    22 
Mirum Pharmaceuticals, Inc.*   1    22 
Annexon, Inc.*   8    22 
Seelos Therapeutics, Inc.*   26    22 
Neuronetics, Inc.*   7    21 
Xilio Therapeutics, Inc.*   3    21 
NexImmune, Inc.*   5    21 
NewAge, Inc.*   36    21 
StoneMor, Inc.*   8    21 
Prelude Therapeutics, Inc.*   3    21 
Emerald Holding, Inc.*   6    20 
Rain Therapeutics, Inc.*   4    20 
Vincerx Pharma, Inc.*   5    20 
Aspira Women's Health, Inc.*   19    20 
Greenwich Lifesciences, Inc.*   1    20 
Pulse Biosciences, Inc.*   4    19 
Immuneering Corp. — Class A*   3    19 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Non-cyclical - 10.2% (continued)
Solid Biosciences, Inc.*   16   $19 
Mustang Bio, Inc.*   19    19 
HireQuest, Inc.   1    19 
Athenex, Inc.*   23    19 
Singular Genomics Systems, Inc.*   3    19 
Kala Pharmaceuticals, Inc.*   13    18 
Syros Pharmaceuticals, Inc.*   15    18 
Silverback Therapeutics, Inc.*   5    18 
Priority Technology Holdings, Inc.*   3    17 
Summit Therapeutics, Inc.*   7    17 
Frequency Therapeutics, Inc.*   8    17 
Neoleukin Therapeutics, Inc.*   9    17 
MEI Pharma, Inc.*   28    17 
Eliem Therapeutics, Inc.*   2    17 
Oncternal Therapeutics, Inc.*   12    17 
Black Diamond Therapeutics, Inc.*   6    17 
Bolt Biotherapeutics, Inc.*   6    16 
NeuroPace, Inc.*   2    16 
Brooklyn ImmunoTherapeutics, Inc.*   8    16 
Inozyme Pharma, Inc.*   4    16 
Revlon, Inc. — Class A*   2    16 
Team, Inc.*   7    15 
GT Biopharma, Inc.*   5    14 
Rallybio Corp.*   2    14 
Sensei Biotherapeutics, Inc.*   6    14 
Zevia PBC — Class A*   3    14 
Rapid Micro Biosystems, Inc. — Class A*   2    14 
Avrobio, Inc.*   10    13 
Beyondspring, Inc.*   6    13 
Portage Biotech, Inc.*   2    13 
Accelerate Diagnostics, Inc.*   9    13 
Aligos Therapeutics, Inc.*   6    13 
Angion Biomedica Corp.*   6    13 
Thorne HealthTech, Inc.*   2    13 
Invacare Corp.*   9    13 
Omega Therapeutics, Inc.*   2    12 
Cadiz, Inc.*   6    12 
Pyxis Oncology, Inc.*   3    12 
CVRx, Inc.*   2    12 
Terns Pharmaceuticals, Inc.*   4    12 
Acumen Pharmaceuticals, Inc.*   3    12 
Avalo Therapeutics, Inc.*   16    12 
Hookipa Pharma, Inc.*,1   5    11 
89bio, Inc.*   3    11 
Codex DNA, Inc.*   2    11 
Applied Therapeutics, Inc.*   5    11 
IsoPlexis Corp.*   3    10 
Finch Therapeutics Group, Inc.*   2    10 
Kaleido Biosciences, Inc.*   6    10 
Oncorus, Inc.*   5    9 
Gemini Therapeutics, Inc.*   6    8 
Cyteir Therapeutics, Inc.*   2    8 
Laird Superfood, Inc.*   2    7 
Acutus Medical, Inc.*   5    7 
Impel Neuropharma, Inc.*   1    6 
Reneo Pharmaceuticals, Inc.*   2    6 
Sigilon Therapeutics, Inc.*   4    6 
Talis Biomedical Corp.*   4    6 
Biodesix, Inc.*   3    5 
Ontrak, Inc.*   2    5 
Forte Biosciences, Inc.*   3    4 
Spruce Biosciences, Inc.*   2    4 
Sera Prognostics, Inc. — Class A*   1    4 
Lucid Diagnostics, Inc.*   1    3 
Landos Biopharma, Inc.*   2    3 
Greenlane Holdings, Inc. — Class A*   5    3 
MiNK Therapeutics, Inc.*   1    2 
Total Consumer, Non-cyclical        168,529 
Industrial - 5.6%          
Tetra Tech, Inc.   14    2,309 
II-VI, Inc.*   28    2,030 
Chart Industries, Inc.*   10    1,718 
Saia, Inc.*   7    1,707 
EMCOR Group, Inc.   14    1,577 
Exponent, Inc.   14    1,513 
Evoqua Water Technologies Corp.*   31    1,456 
RBC Bearings, Inc.*   7    1,357 
Matson, Inc.   11    1,327 
Simpson Manufacturing Company, Inc.   12    1,308 
Novanta, Inc.*   9    1,281 
UFP Industries, Inc.   16    1,234 
Atkore, Inc.*   12    1,181 
Casella Waste Systems, Inc. — Class A*   13    1,139 
Zurn Water Solutions Corp.   32    1,133 
GATX Corp.   9    1,110 
Fluor Corp.*   37    1,062 
Fabrinet*   10    1,051 
Applied Industrial Technologies, Inc.   10    1,027 
Franklin Electric Company, Inc.   12    997 
Watts Water Technologies, Inc. — Class A   7    977 
Summit Materials, Inc. — Class A*   31    963 
SPX FLOW, Inc.   11    948 
John Bean Technologies Corp.   8    948 
Bloom Energy Corp. — Class A*   37    894 
Advanced Energy Industries, Inc.   10    861 
Cactus, Inc. — Class A   15    851 
Hillenbrand, Inc.   19    839 
Welbilt, Inc.*   35    831 
EnerSys   11    820 
Mueller Industries, Inc.   15    813 
Comfort Systems USA, Inc.   9    801 
Badger Meter, Inc.   8    798 
Aerojet Rocketdyne Holdings, Inc.*   20    787 
Dycom Industries, Inc.*   8    762 
Arcosa, Inc.   13    744 
Helios Technologies, Inc.   9    722 
Moog, Inc. — Class A   8    703 
Hub Group, Inc. — Class A*   9    695 
Boise Cascade Co.   10    695 
Atlas Air Worldwide Holdings, Inc.*   8    691 
Trinity Industries, Inc.   20    687 
Sanmina Corp.*   17    687 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Industrial - 5.6% (continued)
Vishay Intertechnology, Inc.   35   $686 
Forward Air Corp.   7    684 
Albany International Corp. — Class A   8    674 
Golar LNG Ltd.*   27    669 
AAON, Inc.   12    669 
Belden, Inc.   12    665 
Altra Industrial Motion Corp.   17    662 
Werner Enterprises, Inc.   16    656 
Kratos Defense & Security Solutions, Inc.*   32    655 
Terex Corp.   18    642 
Itron, Inc.*   12    632 
Kennametal, Inc.   22    629 
SPX Corp.*   12    593 
Kadant, Inc.   3    583 
Plexus Corp.*   7    573 
Encore Wire Corp.   5    570 
AeroVironment, Inc.*   6    565 
ArcBest Corp.   7    563 
Brady Corp. — Class A   12    555 
Energizer Holdings, Inc.   18    554 
O-I Glass, Inc.*   41    540 
Federal Signal Corp.   16    540 
Masonite International Corp.*   6    534 
Mueller Water Products, Inc. — Class A   41    530 
Materion Corp.   6    514 
GrafTech International Ltd.   53    510 
Air Transport Services Group, Inc.*   15    502 
Knowles Corp.*   23    495 
ESCO Technologies, Inc.   7    490 
EnPro Industries, Inc.   5    489 
JELD-WEN Holding, Inc.*   24    487 
Barnes Group, Inc.   12    482 
Lindsay Corp.   3    471 
CSW Industrials, Inc.   4    470 
Worthington Industries, Inc.   9    463 
Greif, Inc. — Class A   7    455 
AAR Corp.*   9    436 
Alamo Group, Inc.   3    431 
Triumph Group, Inc.*   17    430 
OSI Systems, Inc.*   5    426 
Vicor Corp.*   6    423 
Proto Labs, Inc.*   8    423 
TTM Technologies, Inc.*   28    415 
Greenbrier Companies, Inc.   8    412 
NV5 Global, Inc.*   3    400 
Tennant Co.   5    394 
Granite Construction, Inc.   12    394 
Gibraltar Industries, Inc.*   9    386 
CryoPort, Inc.*   11    384 
US Ecology, Inc.*   8    383 
MYR Group, Inc.*   4    376 
Montrose Environmental Group, Inc.*   7    371 
Cornerstone Building Brands, Inc.*   15    365 
TriMas Corp.   11    353 
Enerpac Tool Group Corp.   16    350 
AZZ, Inc.   7    338 
Primoris Services Corp.   14    333 
Apogee Enterprises, Inc.   7    332 
SFL Corporation Ltd.   32    326 
Kaman Corp.   7    304 
Standex International Corp.   3    300 
GoPro, Inc. — Class A*   35    299 
Columbus McKinnon Corp.   7    297 
PGT Innovations, Inc.*   16    288 
Ichor Holdings Ltd.*   8    285 
Marten Transport Ltd.   16    284 
CTS Corp.   8    283 
Sturm Ruger & Company, Inc.   4    279 
Scorpio Tankers, Inc.1   13    278 
Frontline Ltd.*   31    273 
Blink Charging Co.*   10    264 
TimkenSteel Corp.*   12    263 
FARO Technologies, Inc.*   5    260 
Matthews International Corp. — Class A   8    259 
Astec Industries, Inc.   6    258 
Xometry, Inc. — Class A*   7    257 
Harsco Corp.*   21    257 
Costamare, Inc.   15    256 
Mesa Laboratories, Inc.   1    255 
American Woodmark Corp.*   5    245 
Griffon Corp.   12    240 
Great Lakes Dredge & Dock Corp.*   17    239 
International Seaways, Inc.   13    234 
Benchmark Electronics, Inc.   9    225 
Energy Recovery, Inc.*   11    222 
Gorman-Rupp Co.   6    215 
DHT Holdings, Inc.   37    215 
Genco Shipping & Trading Ltd.   9    213 
Construction Partners, Inc. — Class A*   8    209 
MicroVision, Inc.*   44    205 
Eagle Bulk Shipping, Inc.   3    204 
Ranpak Holdings Corp.*   10    204 
Smith & Wesson Brands, Inc.   13    197 
Myers Industries, Inc.   9    194 
nLight, Inc.*   11    191 
Sterling Construction Company, Inc.*   7    188 
Insteel Industries, Inc.   5    185 
Heartland Express, Inc.   13    183 
Ryerson Holding Corp.   5    175 
Chase Corp.   2    174 
Haynes International, Inc.   4    170 
Hydrofarm Holdings Group, Inc.*   11    167 
Napco Security Technologies, Inc.*   8    164 
Argan, Inc.   4    162 
Ducommun, Inc.*   3    157 
Heritage-Crystal Clean, Inc.*   5    148 
Thermon Group Holdings, Inc.*   9    146 
Stoneridge, Inc.*   7    145 
Manitowoc Company, Inc.*   9    136 
DXP Enterprises, Inc.*   5    135 
CIRCOR International, Inc.*   5    133 
UFP Technologies, Inc.*   2    132 
Dorian LPG Ltd.   9    130 
Omega Flex, Inc.   1    130 
Greif, Inc. — Class B   2    128 
Babcock & Wilcox Enterprises, Inc.*   15    122 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Industrial - 5.6% (continued)
Kimball Electronics, Inc.*   6   $120 
Tutor Perini Corp.*   11    119 
Luxfer Holdings plc   7    118 
Modine Manufacturing Co.*   13    117 
AMMO, Inc.*,1   24    115 
PureCycle Technologies, Inc.*   14    112 
Daseke, Inc.*   11    111 
Pactiv Evergreen, Inc.   11    111 
Comtech Telecommunications Corp.   7    110 
Latham Group, Inc.*   8    106 
Centrus Energy Corp. — Class A*   3    101 
Hyster-Yale Materials Handling, Inc.   3    100 
Identiv, Inc.*   6    97 
Vishay Precision Group, Inc.*   3    96 
Nordic American Tankers Ltd.   45    96 
908 Devices, Inc.*   5    95 
Yellow Corp.*   13    91 
Astronics Corp.*   7    91 
Meta Materials, Inc.*   54    90 
Allied Motion Technologies, Inc.   3    90 
Turtle Beach Corp.*   4    85 
Akoustis Technologies, Inc.*,1   13    84 
Tredegar Corp.   7    84 
Teekay Tankers Ltd. — Class A*   6    83 
Safe Bulkers, Inc.   17    81 
IES Holdings, Inc.*   2    80 
Eastman Kodak Co.*   12    79 
National Presto Industries, Inc.   1    77 
Olympic Steel, Inc.   2    77 
Northwest Pipe Co.*   3    76 
Pure Cycle Corp.*   6    72 
Fluidigm Corp.*   20    72 
PAM Transportation Services, Inc.*   2    69 
View, Inc.*   37    68 
Park Aerospace Corp.   5    65 
Covenant Logistics Group, Inc. — Class A   3    65 
Radiant Logistics, Inc.*   10    64 
Caesarstone Ltd.   6    63 
Luna Innovations, Inc.*   8    62 
Teekay Corp.*   19    60 
Atlas Technical Consultants, Inc.*   5    60 
NVE Corp.   1    54 
American Superconductor Corp.*   7    53 
Kopin Corp.*   21    53 
American Outdoor Brands, Inc.*   4    53 
CECO Environmental Corp.*   9    49 
Cadre Holdings, Inc.   2    49 
AerSale Corp.*   3    47 
Concrete Pumping Holdings, Inc.*   7    47 
INNOVATE Corp.*   12    44 
Park-Ohio Holdings Corp.   3    42 
Byrna Technologies, Inc.*   5    41 
Universal Logistics Holdings, Inc.   2    40 
Karat Packaging, Inc.*   2    40 
Powell Industries, Inc.   2    39 
Lawson Products, Inc.*   1    38 
Sight Sciences, Inc.*   3    35 
Mistras Group, Inc.*   5    33 
Iteris, Inc.*   11    33 
Willis Lease Finance Corp.*   1    32 
NN, Inc.*   11    32 
Sharps Compliance Corp.*   5    30 
Mayville Engineering Company, Inc.*   3    28 
US Xpress Enterprises, Inc. — Class A*   7    27 
AgEagle Aerial Systems, Inc.*   18    21 
NL Industries, Inc.   2    14 
Total Industrial        92,113 
Consumer, Cyclical - 5.5%          
AMC Entertainment Holdings, Inc. — Class A*,1   136    3,351 
BJ's Wholesale Club Holdings, Inc.*   36    2,434 
Macy's, Inc.   80    1,949 
Texas Roadhouse, Inc. — Class A   19    1,591 
WESCO International, Inc.*   12    1,562 
Scientific Games Corp. — Class A*   25    1,469 
Murphy USA, Inc.   6    1,200 
Hilton Grand Vacations, Inc.*   23    1,196 
Avient Corp.   24    1,152 
Crocs, Inc.*   15    1,146 
Fox Factory Holding Corp.*   11    1,077 
Goodyear Tire & Rubber Co.*   73    1,043 
Adient plc*   25    1,019 
Signet Jewelers Ltd.   14    1,018 
SeaWorld Entertainment, Inc.*   13    968 
Asbury Automotive Group, Inc.*   6    961 
Sonos, Inc.*   34    959 
National Vision Holdings, Inc.*   22    959 
Papa John's International, Inc.   9    948 
Wingstop, Inc.   8    939 
Resideo Technologies, Inc.*   38    905 
Beacon Roofing Supply, Inc.*   15    889 
Taylor Morrison Home Corp. — Class A*   32    871 
Academy Sports & Outdoors, Inc.   21    827 
Steven Madden Ltd.   21    811 
Meritage Homes Corp.*   10    792 
Skyline Champion Corp.*   14    768 
Visteon Corp.*   7    764 
Boot Barn Holdings, Inc.*   8    758 
UniFirst Corp.   4    737 
Callaway Golf Co.*   31    726 
Cracker Barrel Old Country Store, Inc.   6    712 
FirstCash Holdings, Inc.   10    703 
MillerKnoll, Inc.   20    691 
American Eagle Outfitters, Inc.1   41    689 
KB Home   21    680 
Red Rock Resorts, Inc. — Class A   14    680 
Shake Shack, Inc. — Class A*   10    679 
Group 1 Automotive, Inc.   4    671 
Dana, Inc.   38    668 
Dorman Products, Inc.*   7    665 
Gentherm, Inc.*   9    657 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Cyclical - 5.5% (continued)
Allegiant Travel Co. — Class A*   4   $649 
Nikola Corp.*,1   60    643 
International Game Technology plc   26    642 
Meritor, Inc.*   18    640 
LCI Industries   6    623 
Nu Skin Enterprises, Inc. — Class A   13    622 
Bed Bath & Beyond, Inc.*   27    608 
ODP Corp.*   13    596 
LGI Homes, Inc.*   6    586 
Madison Square Garden Entertainment Corp.*   7    583 
Tri Pointe Homes, Inc.*   29    582 
Kontoor Brands, Inc.   14    579 
KAR Auction Services, Inc.*   32    578 
Spirit Airlines, Inc.*   26    569 
MDC Holdings, Inc.   15    568 
Jack in the Box, Inc.   6    561 
Rush Enterprises, Inc. — Class A   11    560 
Fisker, Inc.*,1   43    555 
PriceSmart, Inc.   7    552 
GMS, Inc.*   11    548 
Dave & Buster's Entertainment, Inc.*   11    540 
Vista Outdoor, Inc.*   15    535 
Veritiv Corp.*   4    534 
Cannae Holdings, Inc.*   22    526 
Installed Building Products, Inc.   6    507 
Bloomin' Brands, Inc.   23    505 
Cinemark Holdings, Inc.*   29    501 
Wolverine World Wide, Inc.   22    496 
Everi Holdings, Inc.*   23    483 
Cavco Industries, Inc.*   2    482 
Lions Gate Entertainment Corp. — Class B*   32    481 
Abercrombie & Fitch Co. — Class A*   15    480 
Cheesecake Factory, Inc.*   12    478 
Brinker International, Inc.*   12    458 
Sally Beauty Holdings, Inc.*   29    453 
Urban Outfitters, Inc.*   18    452 
iRobot Corp.*   7    444 
World Fuel Services Corp.   16    433 
Methode Electronics, Inc.   10    433 
Winnebago Industries, Inc.   8    432 
Century Communities, Inc.   8    428 
HNI Corp.   11    407 
SkyWest, Inc.*   13    375 
Healthcare Services Group, Inc.   20    372 
Acushnet Holdings Corp.   9    362 
Oxford Industries, Inc.   4    362 
Patrick Industries, Inc.   6    362 
M/I Homes, Inc.*   8    355 
H&E Equipment Services, Inc.   8    348 
Franchise Group, Inc.   8    332 
Tenneco, Inc. — Class A*   18    330 
Clean Energy Fuels Corp.*   41    326 
Shyft Group, Inc.   9    325 
G-III Apparel Group Ltd.*   12    325 
La-Z-Boy, Inc.   12    316 
Dine Brands Global, Inc.   4    312 
Big Lots, Inc.   9    311 
Camping World Holdings, Inc. — Class A1   11    307 
Sleep Number Corp.*   6    304 
Malibu Boats, Inc. — Class A*   5    290 
Liberty Media Corporation-Liberty Braves — Class C*   10    279 
Bally's Corp.*   9    277 
Steelcase, Inc. — Class A   23    275 
Dillard's, Inc. — Class A   1    268 
IMAX Corp.*   14    265 
Buckle, Inc.   8    264 
XPEL, Inc.*   5    263 
Monarch Casino & Resort, Inc.*   3    262 
Hawaiian Holdings, Inc.*   13    256 
Sonic Automotive, Inc. — Class A   6    255 
Genesco, Inc.*   4    255 
Tupperware Brands Corp.*   13    253 
Lions Gate Entertainment Corp. — Class A*   15    244 
ScanSource, Inc.*   7    243 
Denny's Corp.*   17    243 
MarineMax, Inc.*   6    242 
Guess?, Inc.1   11    240 
Sun Country Airlines Holdings, Inc.*   9    236 
American Axle & Manufacturing Holdings, Inc.*   30    233 
Golden Entertainment, Inc.*   4    232 
Zumiez, Inc.*   6    229 
Winmark Corp.   1    220 
Lovesac Co.*   4    216 
Designer Brands, Inc. — Class A*   16    216 
Standard Motor Products, Inc.   5    216 
Douglas Dynamics, Inc.   6    208 
Aspen Aerogels, Inc.*   6    207 
Titan International, Inc.*   14    206 
Ruth's Hospitality Group, Inc.   9    206 
Interface, Inc. — Class A   15    204 
Arko Corp.   22    200 
Children's Place, Inc.*   4    197 
Movado Group, Inc.   5    195 
Caleres, Inc.   10    193 
Wabash National Corp.   13    193 
Accel Entertainment, Inc.*   15    183 
Hibbett, Inc.   4    177 
Portillo's, Inc. — Class A*   7    172 
TravelCenters of America, Inc.*   4    172 
BJ's Restaurants, Inc.*   6    170 
Titan Machinery, Inc.*   6    170 
America's Car-Mart, Inc.*   2    161 
Workhorse Group, Inc.*   32    160 
Life Time Group Holdings, Inc.*   11    160 
Clarus Corp.   7    160 
Green Brick Partners, Inc.*   8    158 
PC Connection, Inc.   3    157 
Ethan Allen Interiors, Inc.   6    156 
PetMed Express, Inc.   6    155 
A-Mark Precious Metals, Inc.   2    155 
Canoo, Inc.*   28    154 
Chico's FAS, Inc.*   32    154 
OptimizeRx Corp.*   4    151 
Bluegreen Vacations Holding Corp.*   5    148 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Consumer, Cyclical - 5.5% (continued)
Shoe Carnival, Inc.   5   $146 
BlueLinx Holdings, Inc.*   2    144 
OneSpaWorld Holdings Ltd.*   14    143 
Lordstown Motors Corp. — Class A*   41    140 
VSE Corp.   3    138 
Hyliion Holdings Corp.*   31    137 
Haverty Furniture Companies, Inc.   5    137 
Chuy's Holdings, Inc.*   5    135 
Rite Aid Corp.*   15    131 
GrowGeneration Corp.*   14    129 
Ideanomics, Inc.*   115    129 
Universal Electronics, Inc.*   4    125 
MasterCraft Boat Holdings, Inc.*   5    123 
RCI Hospitality Holdings, Inc.   2    123 
Beazer Homes USA, Inc.*   8    122 
Aeva Technologies, Inc.*   28    121 
Funko, Inc. — Class A*   7    121 
Lindblad Expeditions Holdings, Inc.*   8    121 
Sportsman's Warehouse Holdings, Inc.*   11    118 
Fossil Group, Inc.*   12    116 
REV Group, Inc.   8    107 
Marcus Corp.*   6    106 
PLBY Group, Inc.*   8    105 
Party City Holdco, Inc.*   29    104 
OneWater Marine, Inc. — Class A   3    103 
Frontier Group Holdings, Inc.*,1   9    102 
Rush Street Interactive, Inc.*   14    102 
Sovos Brands, Inc.*   7    99 
LL Flooring Holdings, Inc.*   7    98 
Rush Enterprises, Inc. — Class B   2    97 
Global Industrial Co.   3    97 
Motorcar Parts of America, Inc.*   5    89 
Forestar Group, Inc.*   5    89 
Purple Innovation, Inc.*   15    88 
Full House Resorts, Inc.*   9    86 
Liberty Media Corporation-Liberty Braves — Class A*   3    86 
Big 5 Sporting Goods Corp.   5    86 
Miller Industries, Inc.   3    84 
Century Casinos, Inc.*   7    84 
Rocky Brands, Inc.   2    83 
Golden Nugget Online Gaming, Inc.*   11    78 
Johnson Outdoors, Inc. — Class A   1    78 
Conn's, Inc.*   5    77 
Kimball International, Inc. — Class B   9    76 
Blue Bird Corp.*   4    75 
Cato Corp. — Class A   5    73 
Commercial Vehicle Group, Inc.*   8    68 
Red Robin Gourmet Burgers, Inc.*   4    67 
Noodles & Co.*   11    66 
Container Store Group, Inc.*   8    65 
F45 Training Holdings, Inc.*   6    64 
XL Fleet Corp.*,1   32    64 
Citi Trends, Inc.*   2    61 
Hovnanian Enterprises, Inc. — Class A*   1    59 
Snap One Holdings Corp.*   4    59 
El Pollo Loco Holdings, Inc.*   5    58 
Hooker Furnishings Corp.   3    57 
Tilly's, Inc. — Class A   6    56 
Kura Sushi USA, Inc. — Class A*   1    55 
Vera Bradley, Inc.*   7    54 
Superior Group of Companies, Inc.   3    54 
GAN Ltd.*   11    53 
ONE Group Hospitality, Inc.*   5    53 
Lifetime Brands, Inc.   4    51 
Velodyne Lidar, Inc.*   20    51 
Romeo Power, Inc.*   34    51 
Weber, Inc. — Class A   5    49 
Xponential Fitness, Inc. — Class A*   2    47 
NEOGAMES S.A.*   3    46 
Arcimoto, Inc.*   7    46 
JOANN, Inc.   4    46 
Traeger, Inc.*   6    45 
Cooper-Standard Holdings, Inc.*   5    44 
Barnes & Noble Education, Inc.*   12    43 
Target Hospitality Corp.*   7    42 
Lazydays Holdings, Inc.*   2    40 
VOXX International Corp. — Class A*   4    40 
Escalade, Inc.   3    40 
Mesa Air Group, Inc.*   9    40 
First Watch Restaurant Group, Inc.*   3    39 
Liberty TripAdvisor Holdings, Inc. — Class A*   19    39 
Flexsteel Industries, Inc.   2    39 
Daktronics, Inc.*   10    38 
Fiesta Restaurant Group, Inc.*   5    37 
EVI Industries, Inc.*   2    37 
Kirkland's, Inc.*   4    37 
Duluth Holdings, Inc. — Class B*   3    37 
Shift Technologies, Inc.*   16    35 
Hamilton Beach Brands Holding Co. — Class A   3    35 
Drive Shack, Inc.*   22    34 
Bassett Furniture Industries, Inc.   2    33 
Nautilus, Inc.*   8    33 
CarLotz, Inc.*   19    26 
Landsea Homes Corp.*   3    26 
CompX International, Inc.   1    24 
Regis Corp.*   11    23 
Marine Products Corp.   2    23 
Carrols Restaurant Group, Inc.   9    20 
Esports Technologies, Inc.*   3    20 
Torrid Holdings, Inc.*   3    18 
Aterian, Inc.*   7    17 
Hall of Fame Resort & Entertainment Co.*   15    16 
Chicken Soup For The Soul Entertainment, Inc.*   2    16 
Eros STX Global Corp.*   4    11 
MedAvail Holdings, Inc.*   3    3 
Total Consumer, Cyclical        90,295 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Technology - 4.7%          
Lattice Semiconductor Corp.*   36   $2,194 
KBR, Inc.   37    2,025 
Synaptics, Inc.*   10    1,995 
Rapid7, Inc.*   15    1,669 
Silicon Laboratories, Inc.*   10    1,502 
Power Integrations, Inc.   16    1,483 
Tenable Holdings, Inc.*   24    1,387 
Varonis Systems, Inc.*   28    1,331 
SPS Commerce, Inc.*   10    1,312 
Workiva, Inc.*   11    1,298 
CMC Materials, Inc.   7    1,298 
ExlService Holdings, Inc.*   9    1,289 
Qualys, Inc.*   9    1,282 
Sailpoint Technologies Holdings, Inc.*   24    1,228 
Maximus, Inc.   16    1,199 
Semtech Corp.*   17    1,179 
Ziff Davis, Inc.*   12    1,161 
Onto Innovation, Inc.*   13    1,130 
MaxLinear, Inc. — Class A*   19    1,109 
Blackline, Inc.*   15    1,098 
Box, Inc. — Class A*   37    1,075 
Digital Turbine, Inc.*   24    1,052 
Envestnet, Inc.*   14    1,042 
ACI Worldwide, Inc.*   32    1,008 
SiTime Corp.*   4    991 
MicroStrategy, Inc. — Class A*,1   2    973 
Insight Enterprises, Inc.*   9    966 
Sprout Social, Inc. — Class A*   12    961 
Diodes, Inc.*   11    957 
Ambarella, Inc.*   9    944 
Rambus, Inc.*   29    925 
Kulicke & Soffa Industries, Inc.   16    896 
FormFactor, Inc.*   21    883 
Verint Systems, Inc.*   17    879 
DigitalOcean Holdings, Inc.*   14    810 
CommVault Systems, Inc.*   12    796 
Blackbaud, Inc.*   13    778 
MACOM Technology Solutions Holdings, Inc.*   13    778 
Altair Engineering, Inc. — Class A*   12    773 
Asana, Inc. — Class A*   19    759 
Allscripts Healthcare Solutions, Inc.*   32    721 
PagerDuty, Inc.*   21    718 
Bottomline Technologies DE, Inc.*   12    680 
Axcelis Technologies, Inc.*   9    680 
Evolent Health, Inc. — Class A*   21    678 
Appian Corp.*   11    669 
Verra Mobility Corp.*   38    619 
ManTech International Corp. — Class A   7    603 
Amkor Technology, Inc.   27    586 
NetScout Systems, Inc.*   18    578 
CSG Systems International, Inc.   9    572 
Appfolio, Inc. — Class A*   5    566 
Progress Software Corp.   12    565 
Momentive Global, Inc.*   34    553 
3D Systems Corp.*   33    550 
Outset Medical, Inc.*   12    545 
Ultra Clean Holdings, Inc.*   12    509 
Xperi Holding Corp.   28    485 
Apollo Medical Holdings, Inc.*   10    485 
Ping Identity Holding Corp.*   17    466 
E2open Parent Holdings, Inc.*   52    458 
Cardlytics, Inc.*   8    440 
LivePerson, Inc.*   18    440 
Zuora, Inc. — Class A*   29    434 
Super Micro Computer, Inc.*   11    419 
TTEC Holdings, Inc.   5    413 
Schrodinger Incorporated/United States*   12    409 
Unisys Corp.*   18    389 
Cohu, Inc.*   13    385 
8x8, Inc.*   30    378 
JFrog Ltd.*   14    377 
PROS Holdings, Inc.*   11    366 
Health Catalyst, Inc.*   14    366 
Cerence, Inc.*   10    361 
Domo, Inc. — Class B*   7    354 
Veeco Instruments, Inc.*   13    353 
Avid Technology, Inc.*   10    349 
1Life Healthcare, Inc.*   31    344 
Phreesia, Inc.*   13    343 
SMART Global Holdings, Inc.*   13    336 
Alpha & Omega Semiconductor Ltd.*   6    328 
Impinj, Inc.*   5    318 
NextGen Healthcare, Inc.*   15    314 
Privia Health Group, Inc.*   11    294 
BigCommerce Holdings, Inc.*   13    285 
PAR Technology Corp.*   7    282 
Avaya Holdings Corp.*   22    279 
Photronics, Inc.*   16    271 
Parsons Corp.*   7    271 
Sumo Logic, Inc.*   23    268 
Donnelley Financial Solutions, Inc.*   8    266 
Simulations Plus, Inc.   5    255 
Alignment Healthcare, Inc.*   22    247 
Pitney Bowes, Inc.   47    245 
CEVA, Inc.*   6    244 
Model N, Inc.*   9    242 
Consensus Cloud Solutions, Inc.*   4    241 
Agilysys, Inc.*   6    239 
Desktop Metal, Inc. — Class A*   49    232 
Ebix, Inc.   7    232 
PowerSchool Holdings, Inc. — Class A*   14    231 
Conduent, Inc.*   44    227 
PDF Solutions, Inc.*   8    223 
Sapiens International Corporation N.V.   8    203 
Yext, Inc.*   29    200 
Bandwidth, Inc. — Class A*   6    194 
Digi International, Inc.*   9    194 
American Software, Inc. — Class A   9    188 
Ouster, Inc.*   41    184 
Corsair Gaming, Inc.*,1   8    169 
Grid Dynamics Holdings, Inc.*   12    169 
Mitek Systems, Inc.*   11    161 
Rackspace Technology, Inc.*   14    156 
Upland Software, Inc.*   8    141 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Technology - 4.7% (continued)
Porch Group, Inc.*   20   $139 
Computer Programs and Systems, Inc.*   4    138 
OneSpan, Inc.*   9    130 
Veritone, Inc.*   7    128 
Diebold Nixdorf, Inc.*   19    128 
BTRS Holdings, Inc. — Class 1*   17    127 
HireRight Holdings Corp.*   7    120 
Telos Corp.*   11    110 
Cantaloupe, Inc.*   16    108 
Alkami Technology, Inc.*   7    100 
Vuzix Corp.*,1   15    99 
ON24, Inc.*   7    92 
Inseego Corp.*,1   22    89 
Benefitfocus, Inc.*   7    88 
Brightcove, Inc.*   11    86 
EngageSmart, Inc.*   4    85 
Digimarc Corp.*   3    79 
Atomera, Inc.*   6    78 
AXT, Inc.*   11    77 
Genius Brands International, Inc.*   75    77 
Enfusion, Inc. — Class A*   6    76 
Intapp, Inc.*   3    72 
Rimini Street, Inc.*   12    70 
Integral Ad Science Holding Corp.*   5    69 
CS Disco, Inc.*   2    68 
EverCommerce, Inc.*   5    66 
Instructure Holdings, Inc.*   3    60 
eGain Corp.*   5    58 
AvidXchange Holdings, Inc.*   7    56 
CoreCard Corp.*   2    55 
MeridianLink, Inc.*   3    54 
PlayAGS, Inc.*   8    53 
Smith Micro Software, Inc.*   12    45 
Rekor Systems, Inc.*   9    41 
SecureWorks Corp. — Class A*   3    40 
EMCORE Corp.*   10    37 
Forian, Inc.*   5    35 
Tabula Rasa HealthCare, Inc.*   6    35 
Quantum Corp.*   15    34 
IBEX Holdings Ltd.*   2    32 
GTY Technology Holdings, Inc.*   9    29 
iCAD, Inc.*   6    27 
Viant Technology, Inc. — Class A*   4    26 
Convey Health Solutions Holdings, Inc.*   4    26 
DarioHealth Corp.*   4    23 
StarTek, Inc.*   5    22 
SkyWater Technology, Inc.*   2    22 
Outbrain, Inc.*   2    22 
GreenBox POS*   5    21 
Arteris, Inc.*   1    13 
Weave Communications, Inc.*   2    12 
Kaltura, Inc.*   5    9 
NantHealth, Inc.*   7    5 
Society Pass, Inc.*   1    3 
Total Technology        77,344 
Energy - 2.9%          
Ovintiv, Inc.   69    3,731 
Chesapeake Energy Corp.   28    2,436 
Antero Resources Corp.*   76    2,320 
Range Resources Corp.*   64    1,944 
Southwestern Energy Co.*   267    1,914 
PDC Energy, Inc.   26    1,890 
Murphy Oil Corp.   39    1,575 
Matador Resources Co.   29    1,536 
ChampionX Corp.   54    1,322 
SM Energy Co.   32    1,246 
Helmerich & Payne, Inc.   28    1,198 
CNX Resources Corp.*   55    1,140 
Denbury, Inc.*   13    1,021 
California Resources Corp.   21    939 
Equitrans Midstream Corp.   108    911 
Magnolia Oil & Gas Corp. — Class A   38    899 
Kosmos Energy Ltd.*   119    856 
Whiting Petroleum Corp.   10    815 
Patterson-UTI Energy, Inc.   49    759 
Oasis Petroleum, Inc.   5    732 
Renewable Energy Group, Inc.*   12    728 
Civitas Resources, Inc.   12    717 
Callon Petroleum Co.*   12    709 
PBF Energy, Inc. — Class A*   26    634 
Peabody Energy Corp.*   23    564 
FuelCell Energy, Inc.*   97    559 
Arch Resources, Inc.   4    550 
Sunnova Energy International, Inc.*   23    530 
Warrior Met Coal, Inc.   14    520 
Tellurian, Inc.*   97    514 
SunPower Corp. — Class A*,1   21    451 
NexTier Oilfield Solutions, Inc.*   46    425 
Northern Oil and Gas, Inc.   14    395 
Oceaneering International, Inc.*   26    394 
Centennial Resource Development, Inc. — Class A*   48    387 
Array Technologies, Inc.*   34    383 
Delek US Holdings, Inc.*   18    382 
CONSOL Energy, Inc.*   10    376 
US Silica Holdings, Inc.*   20    373 
Green Plains, Inc.*   12    372 
Liberty Oilfield Services, Inc. — Class A*   24    356 
Dril-Quip, Inc.*   9    336 
Stem, Inc.*   30    330 
Archrock, Inc.   35    323 
ProPetro Holding Corp.*   23    320 
NOW, Inc.*   29    320 
Laredo Petroleum, Inc.*   4    317 
Comstock Resources, Inc.*   24    313 
Nabors Industries Ltd.*   2    305 
Brigham Minerals, Inc. — Class A   11    281 
MRC Global, Inc.*   22    262 
Gevo, Inc.*   52    243 
Tidewater, Inc.*   11    239 
Bristow Group, Inc.*   6    223 
Expro Group Holdings N.V.*   12    213 
Ranger Oil Corp. — Class A*   6    207 
CVR Energy, Inc.   8    204 
SunCoke Energy, Inc.   22    196 
RPC, Inc.*   18    192 
Berry Corp.   18    186 
DMC Global, Inc.*   6    183 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Energy - 2.9% (continued)
Helix Energy Solutions Group, Inc.*   37   $177 
Talos Energy, Inc.*   10    158 
Par Pacific Holdings, Inc.*   12    156 
Select Energy Services, Inc. — Class A*   17    146 
TPI Composites, Inc.*   10    141 
Crescent Energy, Inc. — Class A   8    139 
TETRA Technologies, Inc.*   33    136 
Alto Ingredients, Inc.*   19    130 
Oil States International, Inc.*   17    118 
Cleanspark, Inc.*   9    111 
Aris Water Solution, Inc. — Class A   6    109 
REX American Resources Corp.*   1    100 
W&T Offshore, Inc.*   25    96 
Solaris Oilfield Infrastructure, Inc. — Class A   8    90 
Aemetis, Inc.*   7    89 
Earthstone Energy, Inc. — Class A*   7    88 
Newpark Resources, Inc.*   24    88 
National Energy Services Reunited Corp.*   10    84 
Infrastructure and Energy Alternatives, Inc.*   7    83 
FutureFuel Corp.   7    68 
Falcon Minerals Corp.   10    67 
Kinetik Holdings, Inc. — Class A   1    65 
Matrix Service Co.*   7    58 
Eos Energy Enterprises, Inc.*   12    50 
Riley Exploration Permian, Inc.   2    50 
Beam Global*   2    41 
HighPeak Energy, Inc.   1    22 
Advent Technologies Holdings, Inc.*   4    9 
Total Energy        47,365 
Communications - 1.8%          
Mimecast Ltd.*   17    1,353 
TEGNA, Inc.   58    1,299 
Vonage Holdings Corp.*   64    1,299 
Iridium Communications, Inc.*   31    1,250 
Cargurus, Inc.*   25    1,061 
Viavi Solutions, Inc.*   63    1,013 
Perficient, Inc.*   9    991 
Q2 Holdings, Inc.*   15    925 
Maxar Technologies, Inc.   20    789 
Upwork, Inc.*   32    744 
Cogent Communications Holdings, Inc.   11    730 
Houghton Mifflin Harcourt Co.*   33    694 
Yelp, Inc. — Class A*   19    648 
Calix, Inc.*   14    601 
TechTarget, Inc.*   7    569 
iHeartMedia, Inc. — Class A*   30    568 
Shutterstock, Inc.   6    558 
Open Lending Corp. — Class A*   27    511 
InterDigital, Inc.   8    510 
Telephone & Data Systems, Inc.   27    510 
Gray Television, Inc.   23    508 
Overstock.com, Inc.*   11    484 
Revolve Group, Inc.*   9    483 
Magnite, Inc.*   35    462 
Plantronics, Inc.*   11    433 
Infinera Corp.*   48    416 
Extreme Networks, Inc.*   34    415 
Liberty Latin America Ltd. — Class C*   41    393 
ePlus, Inc.*   7    392 
Sinclair Broadcast Group, Inc. — Class A   12    336 
Clear Channel Outdoor Holdings, Inc.*   95    329 
AMC Networks, Inc. — Class A*   8    325 
Scholastic Corp.   8    322 
EW Scripps Co. — Class A*   15    312 
Shenandoah Telecommunications Co.   13    307 
Eventbrite, Inc. — Class A*   20    295 
Gogo, Inc.*   15    286 
Cars.com, Inc.*   18    260 
WideOpenWest, Inc.*   14    244 
EchoStar Corp. — Class A*   10    243 
ADTRAN, Inc.   13    240 
Globalstar, Inc.*   160    235 
fuboTV, Inc.*   35    230 
A10 Networks, Inc.   16    223 
Harmonic, Inc.*   24    223 
Stitch Fix, Inc. — Class A*   22    222 
NeoPhotonics Corp.*   14    213 
Tucows, Inc. — Class A*   3    205 
NETGEAR, Inc.*   8    197 
Clearfield, Inc.*   3    196 
Anterix, Inc.*   3    174 
Limelight Networks, Inc.*   33    172 
IDT Corp. — Class B*   5    170 
Gannett Company, Inc.*   37    167 
Quotient Technology, Inc.*   24    153 
RealReal, Inc.*   21    152 
Boston Omaha Corp. — Class A*   6    152 
United States Cellular Corp.*   5    151 
QuinStreet, Inc.*   13    151 
HealthStream, Inc.*   7    139 
Advantage Solutions, Inc.*   21    134 
ChannelAdvisor Corp.*   8    133 
Stagwell, Inc.*   17    123 
Liquidity Services, Inc.*   7    120 
ATN International, Inc.   3    120 
MediaAlpha, Inc. — Class A*   7    116 
Groupon, Inc.*,1   6    115 
Consolidated Communications Holdings, Inc.*   19    112 
Liberty Latin America Ltd. — Class A*   11    107 
Entravision Communications Corp. — Class A   16    102 
EverQuote, Inc. — Class A*   6    97 
Aviat Networks, Inc.*   3    92 
Credo Technology Group Holding Ltd.*   6    91 
Ooma, Inc.*   6    90 
Audacy, Inc.*   31    90 
1-800-Flowers.com, Inc. — Class A*   7    89 
CarParts.com, Inc.*   13    87 
Cambium Networks Corp.*   3    71 
Lands' End, Inc.*   4    68 
CalAmp Corp.*   9    66 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 43.7% (continued)
Communications - 1.8% (continued)
Preformed Line Products Co.   1   $63 
Thryv Holdings, Inc.*   2    56 
Ribbon Communications, Inc.*   18    56 
DZS, Inc.*   4    56 
comScore, Inc.*   19    55 
Couchbase, Inc.*,1   3    52 
Telesat Corp.*   3    50 
National CineMedia, Inc.   16    41 
KVH Industries, Inc.*   4    36 
Casa Systems, Inc.*   8    36 
VirnetX Holding Corp.*,1   17    28 
Solo Brands, Inc. — Class A*,1   3    26 
Fluent, Inc.*   11    23 
CuriosityStream, Inc.*   7    20 
Hemisphere Media Group, Inc.*   4    18 
1stdibs.com, Inc.*   2    16 
Lulu's Fashion Lounge Holdings, Inc.*   2    14 
aka Brands Holding Corp.*   3    13 
LiveOne, Inc.*   16    13 
HyreCar, Inc.*   5    12 
Digital Media Solutions, Inc. — Class A*   1    4 
Total Communications        30,344 
Basic Materials - 1.5%          
Rogers Corp.*   5    1,359 
Commercial Metals Co.   32    1,332 
Balchem Corp.   9    1,230 
MP Materials Corp.*   20    1,147 
Livent Corp.*   43    1,121 
Cabot Corp.   15    1,026 
HB Fuller Co.   14    925 
Sensient Technologies Corp.   11    923 
Hecla Mining Co.   139    913 
Allegheny Technologies, Inc.*   33    886 
Arconic Corp.*   29    743 
Quaker Chemical Corp.   4    691 
Innospec, Inc.   7    648 
Ingevity Corp.*   10    641 
Minerals Technologies, Inc.   9    595 
Constellium SE*   33    594 
Tronox Holdings plc — Class A   30    594 
Stepan Co.   6    593 
GCP Applied Technologies, Inc.*   18    566 
Compass Minerals International, Inc.   9    565 
Trinseo plc   11    527 
Carpenter Technology Corp.   12    504 
Novagold Resources, Inc.*   62    479 
Ferro Corp.*   22    478 
Kaiser Aluminum Corp.   4    377 
Energy Fuels, Inc.*   41    375 
Century Aluminum Co.*   14    368 
Schnitzer Steel Industries, Inc. — Class A   7    363 
AdvanSix, Inc.   7    358 
Codexis, Inc.*   16    330 
Uranium Energy Corp.*   67    308 
Coeur Mining, Inc.*   68    303 
Orion Engineered Carbons S.A.   16    256 
Schweitzer-Mauduit International, Inc.   9    247 
Intrepid Potash, Inc.*   3    246 
Hawkins, Inc.   5    229 
Amyris, Inc.*   47    205 
American Vanguard Corp.   8    163 
Neenah, Inc.   4    159 
Ecovyst, Inc.   13    150 
Danimer Scientific, Inc.*,1   24    141 
Koppers Holdings, Inc.   5    138 
Glatfelter Corp.   11    136 
United States Lime & Minerals, Inc.   1    116 
Clearwater Paper Corp.*   4    112 
Rayonier Advanced Materials, Inc.*   17    112 
Kronos Worldwide, Inc.   6    93 
Ur-Energy, Inc.*   48    77 
Unifi, Inc.*   4    72 
Zymergen, Inc.*   21    61 
Oil-Dri Corporation of America   2    57 
Gatos Silver, Inc.*   12    52 
PolyMet Mining Corp.*   8    33 
Perpetua Resources Corp.*   8    33 
Valhi, Inc.   1    29 
Marrone Bio Innovations, Inc.*   27    29 
Total Basic Materials        24,808 
Utilities - 1.3%          
Southwest Gas Holdings, Inc.   17    1,331 
Portland General Electric Co.   24    1,323 
Black Hills Corp.   17    1,309 
ONE Gas, Inc.   14    1,235 
Brookfield Infrastructure Corp. — Class A   16    1,207 
New Jersey Resources Corp.   26    1,192 
PNM Resources, Inc.   22    1,049 
Spire, Inc.   14    1,005 
Ormat Technologies, Inc.   12    982 
ALLETE, Inc.   14    938 
South Jersey Industries, Inc.   27    933 
American States Water Co.   10    890 
Avista Corp.   19    858 
NorthWestern Corp.   14    847 
California Water Service Group   14    830 
Clearway Energy, Inc. — Class C   22    803 
MGE Energy, Inc.   10    798 
Chesapeake Utilities Corp.   5    689 
Otter Tail Corp.   11    687 
Ameresco, Inc. — Class A*   8    636 
Middlesex Water Co.   5    526 
SJW Group   7    487 
Northwest Natural Holding Co.   8    414 
Clearway Energy, Inc. — Class A   9    300 
Unitil Corp.   4    199 
York Water Co.   3    135 
Artesian Resources Corp. — Class A   2    97 
Global Water Resources, Inc.   3    50 
Via Renewables, Inc.   3    25 
FTC Solar, Inc.*   5    25 
Total Utilities        21,800 
Government - 0.0%          
Banco Latinoamericano de Comercio Exterior S.A. — Class E   8    125 
Total Common Stocks          
(Cost $652,862)        722,132 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
RIGHTS††† - 0.0%          
Technology - 0.0%          
Quantum Corp.          
Expires 04/18/22   15   $ 
Consumer, Non-cyclical - 0.0%          
Tobira Therapeutics, Inc.          
Expires 06/30/22*   7     
UCB          
Expires 12/31/23   13     
Total Consumer, Non-cyclical         
Total Rights          
(Cost $1)         
           
EXCHANGE-TRADED FUNDS - 23.2%          
iShares Russell 2000 Index ETF1   932    191,311 
Vanguard Russell 2000 ETF1   2,308    191,218 
Total Exchange-Traded Funds          
(Cost $408,358)        382,529 
           
MUTUAL FUNDS - 10.6%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   14,062    137,666 
Guggenheim Strategy Fund II2   1,526    37,458 
Total Mutual Funds          
(Cost $172,885)        175,124 
           
    Face
Amount
     
U.S. TREASURY BILLS†† - 1.1%          
U.S. Treasury Bills          
0.12% due 05/05/223,4  $19,000    18,997 
Total U.S. Treasury Bills          
(Cost $18,998)        18,997 
           
REPURCHASE AGREEMENTS††,5 - 17.3%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/226
  191,942    191,942 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/226
   73,928    73,928 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/226
   19,221    19,221 
Total Repurchase Agreements          
(Cost $285,091)        285,091 
           
    Shares     
SECURITIES LENDING COLLATERAL†,7 - 13.2%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   218,455    218,455 
Total Securities Lending Collateral          
(Cost $218,455)        218,455 
Total Investments - 109.1%          
(Cost $1,756,650)       $1,802,328 
Other Assets & Liabilities, net - (9.1)%        (150,021)
Total Net Assets - 100.0%       $1,652,307 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
Russell 2000 Index Mini Futures Contracts   6   Jun 2022  $619,500   $7,503 

 

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††                         
BNP Paribas  Russell 2000 Index   Pay   0.53% (Federal Funds Rate + 0.20%)  At Maturity  04/14/22   305   $631,059   $28,553 
Goldman Sachs International  Russell 2000 Index   Pay   0.58% (Federal Funds Rate + 0.25%)  At Maturity  04/14/22   142    294,549    15,241 
Barclays Bank plc  Russell 2000 Index   Pay   0.27% (U.S. Secured Overnight Financing Rate)  At Maturity  04/13/22   314    649,516    15,150 
                         $1,575,124   $58,944 

 

 

 

Russell 2000® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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.
††† Value determined based on Level 3 inputs — See Note 3.
1 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
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.
5 Repurchase Agreements — See Note 4.
6 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
7 Securities lending collateral — See Note 5.
8 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  $722,132   $   $   $722,132 
Rights           *    
Exchange-Traded Funds   382,529            382,529 
Mutual Funds   175,124            175,124 
U.S. Treasury Bills       18,997        18,997 
Repurchase Agreements       285,091        285,091 
Securities Lending Collateral   218,455            218,455 
Equity Futures Contracts**   7,503            7,503 
Equity Index Swap Agreements**       58,944        58,944 
Total Assets  $1,505,743   $363,032   $   $1,868,775 

 

*Security has a market value of $0.
**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  $638,809   $   $(600,000)  $1,126   $(2,477)  $37,458    1,526   $410 
  Guggenheim Ultra Short Duration Fund — Institutional Class   689,495        (550,000)   186    (2,015)   137,666    14,062    394 
   $1,328,304   $   $(1,150,000)  $1,312   $(4,492)  $175,124        $804 

 

 

 

S&P 500® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 70.9%
Technology - 17.3%
Apple, Inc.   17,109   $2,987,403 
Microsoft Corp.   8,274    2,550,957 
NVIDIA Corp.   2,759    752,821 
Broadcom, Inc.   456    287,134 
Adobe, Inc.*   521    237,378 
Accenture plc — Class A   697    235,049 
salesforce.com, Inc.*   1,087    230,792 
Intel Corp.   4,494    222,723 
Advanced Micro Devices, Inc.*   1,804    197,249 
QUALCOMM, Inc.   1,244    190,108 
Texas Instruments, Inc.   1,019    186,966 
Intuit, Inc.   313    150,503 
Oracle Corp.   1,739    143,867 
Applied Materials, Inc.   980    129,164 
International Business Machines Corp.   990    128,720 
ServiceNow, Inc.*   221    123,073 
Micron Technology, Inc.   1,236    96,272 
Analog Devices, Inc.   580    95,804 
Lam Research Corp.   154    82,792 
Activision Blizzard, Inc.   860    68,895 
Fidelity National Information Services, Inc.   672    67,482 
Fiserv, Inc.*   656    66,518 
KLA Corp.   166    60,766 
Synopsys, Inc.*   169    56,323 
Roper Technologies, Inc.   116    54,779 
NXP Semiconductor N.V.   293    54,228 
Autodesk, Inc.*   243    52,087 
Cognizant Technology Solutions Corp. — Class A   580    52,009 
Fortinet, Inc.*   150    51,261 
Cadence Design Systems, Inc.*   306    50,325 
Paychex, Inc.   354    48,310 
Microchip Technology, Inc.   614    46,136 
MSCI, Inc. — Class A   90    45,259 
HP, Inc.   1,195    43,379 
Electronic Arts, Inc.   310    39,218 
ANSYS, Inc.*   96    30,494 
Cerner Corp.   325    30,407 
Zebra Technologies Corp. — Class A*   59    24,408 
Skyworks Solutions, Inc.   181    24,124 
Hewlett Packard Enterprise Co.   1,427    23,845 
Monolithic Power Systems, Inc.   48    23,313 
Akamai Technologies, Inc.*   179    21,371 
Teradyne, Inc.   180    21,281 
NetApp, Inc.   245    20,335 
Broadridge Financial Solutions, Inc.   129    20,087 
Tyler Technologies, Inc.*   45    20,020 
Seagate Technology Holdings plc   222    19,958 
Take-Two Interactive Software, Inc.*   127    19,525 
EPAM Systems, Inc.*   63    18,686 
Paycom Software, Inc.*   53    18,358 
Western Digital Corp.*   345    17,129 
Leidos Holdings, Inc.   155    16,743 
Jack Henry & Associates, Inc.   80    15,764 
Qorvo, Inc.*   120   14,892 
Citrix Systems, Inc.*   138    13,924 
PTC, Inc.*   116    12,496 
Ceridian HCM Holding, Inc.*   151    10,322 
DXC Technology Co.*   270    8,810 
IPG Photonics Corp.*   39    4,281 
Total Technology        10,336,323 
Consumer, Non-cyclical - 14.3%          
UnitedHealth Group, Inc.   1,039    529,859 
Johnson & Johnson   2,905    514,853 
Procter & Gamble Co.   2,645    404,156 
Pfizer, Inc.   6,195    320,715 
AbbVie, Inc.   1,951    316,277 
Coca-Cola Co.   4,290    265,980 
Thermo Fisher Scientific, Inc.   435    256,933 
PepsiCo, Inc.   1,527    255,589 
Eli Lilly & Co.   876    250,860 
Abbott Laboratories   1,952    231,039 
Merck & Company, Inc.   2,788    228,756 
Danaher Corp.   702    205,918 
Bristol-Myers Squibb Co.   2,406    175,710 
Medtronic plc   1,484    164,650 
Philip Morris International, Inc.   1,710    160,637 
S&P Global, Inc.   391    160,509 
Amgen, Inc.   622    150,412 
PayPal Holdings, Inc.*   1,286    148,726 
CVS Health Corp.   1,449    146,653 
Anthem, Inc.   268    131,647 
Intuitive Surgical, Inc.*   395    119,163 
Automatic Data Processing, Inc.   464    105,579 
Altria Group, Inc.   2,012    105,127 
Stryker Corp.   371    99,187 
Zoetis, Inc.   522    98,444 
Mondelez International, Inc. — Class A   1,532    96,179 
Cigna Corp.   356    85,301 
Becton Dickinson and Co.   314    83,524 
Regeneron Pharmaceuticals, Inc.*   118    82,414 
Gilead Sciences, Inc.   1,384    82,279 
Edwards Lifesciences Corp.*   689    81,109 
Vertex Pharmaceuticals, Inc.*   281    73,333 
Colgate-Palmolive Co.   930    70,522 
Estee Lauder Companies, Inc. — Class A   257    69,986 
Boston Scientific Corp.*   1,573    69,668 
Moderna, Inc.*   389    67,009 
HCA Healthcare, Inc.   264    66,164 
Humana, Inc.   142    61,794 
Illumina, Inc.*   172    60,097 
Moody's Corp.   178    60,059 
Archer-Daniels-Midland Co.   618    55,781 
Dexcom, Inc.*   107    54,741 
Centene Corp.*   644    54,218 
IDEXX Laboratories, Inc.*   94    51,424 
McKesson Corp.   165    50,512 
IQVIA Holdings, Inc.*   211    48,785 
Corteva, Inc.   802    46,099 
Kimberly-Clark Corp.   372    45,816 
Sysco Corp.   560    45,724 
General Mills, Inc.   666    45,101 

 

 

 

S&P 500® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 70.9% (continued)          
Consumer, Non-cyclical - 14.3% (continued)          
Global Payments, Inc.   314   $42,968 
Baxter International, Inc.   553    42,880 
Kroger Co.   738    42,339 
Constellation Brands, Inc. — Class A   181    41,688 
Cintas Corp.   97    41,263 
ResMed, Inc.   161    39,044 
Verisk Analytics, Inc. — Class A   178    38,204 
Align Technology, Inc.*   81    35,316 
Hershey Co.   160    34,661 
Biogen, Inc.*   162    34,117 
West Pharmaceutical Services, Inc.   82    33,678 
Monster Beverage Corp.*   415    33,159 
Equifax, Inc.   135    32,008 
Kraft Heinz Co.   784    30,882 
Zimmer Biomet Holdings, Inc.   231    29,545 
Tyson Foods, Inc. — Class A   323    28,950 
United Rentals, Inc.*   80    28,417 
McCormick & Company, Inc.   276    27,545 
Laboratory Corporation of America Holdings*   103    27,157 
Gartner, Inc.*   91    27,069 
STERIS plc   111    26,836 
Church & Dwight Company, Inc.   267    26,534 
AmerisourceBergen Corp. — Class A   166    25,682 
PerkinElmer, Inc.   139    24,250 
Cooper Companies, Inc.   54    22,550 
FleetCor Technologies, Inc.*   90    22,415 
Catalent, Inc.*   198    21,958 
Molina Healthcare, Inc.*   64    21,350 
Hologic, Inc.*   276    21,202 
Waters Corp.*   67    20,796 
Quanta Services, Inc.   157    20,663 
Clorox Co.   136    18,908 
Bio-Techne Corp.   43    18,621 
Teleflex, Inc.   52    18,451 
Kellogg Co.   282    18,186 
Quest Diagnostics, Inc.   131    17,929 
Conagra Brands, Inc.   529    17,759 
Cardinal Health, Inc.   306    17,350 
ABIOMED, Inc.*   50    16,562 
Incyte Corp.*   208    16,519 
J M Smucker Co.   120    16,249 
Hormel Foods Corp.   311    16,029 
Charles River Laboratories International, Inc.*   56    15,902 
Avery Dennison Corp.   91    15,831 
Viatris, Inc.   1,335    14,525 
MarketAxess Holdings, Inc.   42    14,288 
Robert Half International, Inc.   121    13,816 
Brown-Forman Corp. — Class B   202    13,538 
Bio-Rad Laboratories, Inc. — Class A*   24    13,517 
Henry Schein, Inc.*   153    13,340 
Dentsply Sirona, Inc.   241    11,862 
Universal Health Services, Inc. — Class B   81    11,741 
Molson Coors Beverage Co. — Class B   208    11,103 
Nielsen Holdings plc   396   10,787 
Campbell Soup Co.   223    9,939 
Organon & Co.   280    9,780 
Lamb Weston Holdings, Inc.   160    9,586 
Rollins, Inc.   250    8,762 
DaVita, Inc.*   68    7,692 
Total Consumer, Non-cyclical        8,498,716 
Financial - 10.6%          
Berkshire Hathaway, Inc. — Class B*   2,021    713,231 
JPMorgan Chase & Co.   3,262    444,676 
Visa, Inc. — Class A   1,830    405,839 
Mastercard, Inc. — Class A   952    340,226 
Bank of America Corp.   7,845    323,371 
Wells Fargo & Co.   4,288    207,796 
Charles Schwab Corp.   1,659    139,870 
Morgan Stanley   1,565    136,781 
Prologis, Inc. REIT   817    131,929 
American Express Co.   679    126,973 
American Tower Corp. — Class A REIT   503    126,364 
Goldman Sachs Group, Inc.   375    123,787 
BlackRock, Inc. — Class A   157    119,975 
Citigroup, Inc.   2,190    116,946 
Chubb Ltd.   475    101,603 
Marsh & McLennan Companies, Inc.   557    94,924 
CME Group, Inc. — Class A   397    94,430 
Crown Castle International Corp. REIT   477    88,054 
PNC Financial Services Group, Inc.   464    85,585 
Truist Financial Corp.   1,473    83,519 
Intercontinental Exchange, Inc.   620    81,914 
U.S. Bancorp   1,490    79,194 
Aon plc — Class A   237    77,174 
Progressive Corp.   645    73,524 
Equinix, Inc. REIT   99    73,420 
Public Storage REIT   168    65,567 
Capital One Financial Corp.   457    60,000 
American International Group, Inc.   916    57,497 
MetLife, Inc.   774    54,397 
Prudential Financial, Inc.   417    49,277 
Travelers Companies, Inc.   266    48,606 
Simon Property Group, Inc. REIT   363    47,756 
Welltower, Inc. REIT   480    46,147 
Digital Realty Trust, Inc. REIT   313    44,383 
Realty Income Corp. REIT   624    43,243 
Allstate Corp.   310    42,938 
Aflac, Inc.   662    42,626 
SBA Communications Corp. REIT   120    41,292 
Bank of New York Mellon Corp.   816    40,498 
Arthur J Gallagher & Co.   230    40,158 
T. Rowe Price Group, Inc.   253    38,251 
AvalonBay Communities, Inc. REIT   154    38,249 
Ameriprise Financial, Inc.   122    36,644 
SVB Financial Group*   65    36,364 
State Street Corp.   404    35,196 

 

 

S&P 500® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

    Shares    Value 
COMMON STOCKS - 70.9% (continued)          
Financial - 10.6% (continued)          
Discover Financial Services   318   $35,040 
Equity Residential REIT   377    33,900 
CBRE Group, Inc. — Class A*   369    33,771 
Fifth Third Bancorp   755    32,495 
Alexandria Real Estate Equities, Inc. REIT   161    32,401 
First Republic Bank   198    32,096 
Willis Towers Watson plc   135    31,890 
Weyerhaeuser Co. REIT   825    31,268 
Extra Space Storage, Inc. REIT   148    30,429 
Ventas, Inc. REIT   441    27,236 
Northern Trust Corp.   229    26,667 
Mid-America Apartment Communities, Inc. REIT   127    26,600 
Hartford Financial Services Group, Inc.   370    26,570 
Essex Property Trust, Inc. REIT   72    24,875 
Duke Realty Corp. REIT   420    24,385 
M&T Bank Corp.   142    24,069 
Huntington Bancshares, Inc.   1,587    23,202 
Regions Financial Corp.   1,040    23,150 
Nasdaq, Inc.   129    22,988 
KeyCorp   1,025    22,940 
Raymond James Financial, Inc.   206    22,641 
Cincinnati Financial Corp.   165    22,434 
Citizens Financial Group, Inc.   470    21,305 
Healthpeak Properties, Inc. REIT   595    20,426 
Signature Bank   69    20,251 
Boston Properties, Inc. REIT   157    20,222 
Synchrony Financial   575    20,016 
Principal Financial Group, Inc.   268    19,674 
UDR, Inc. REIT   330    18,932 
Brown & Brown, Inc.   259    18,718 
Iron Mountain, Inc. REIT   320    17,731 
Kimco Realty Corp. REIT   681    16,821 
W R Berkley Corp.   231    15,382 
Host Hotels & Resorts, Inc. REIT   788    15,311 
Loews Corp.   216    14,001 
Cboe Global Markets, Inc.   118    13,502 
Comerica, Inc.   144    13,022 
Everest Re Group Ltd.   43    12,959 
Regency Centers Corp. REIT   170    12,128 
Lincoln National Corp.   184    12,026 
Assurant, Inc.   63    11,455 
Zions Bancorp North America   167    10,949 
Globe Life, Inc.   103    10,362 
Federal Realty Investment Trust REIT   78    9,522 
People's United Financial, Inc.   472    9,435 
Invesco Ltd.   377    8,694 
Franklin Resources, Inc.   310    8,655 
Vornado Realty Trust REIT   175    7,931 
Total Financial        6,290,671 
Communications - 10.2%          
Amazon.com, Inc.*   483    1,574,556 
Alphabet, Inc. — Class A*   332    923,408 
Alphabet, Inc. — Class C*   307    857,448 
Meta Platforms, Inc. — Class A*   2,548    566,573 
Walt Disney Co.*   2,009    275,554 
Cisco Systems, Inc.   4,655    259,563 
Verizon Communications, Inc.   4,633    236,005 
Comcast Corp. — Class A   4,993   233,772 
AT&T, Inc.   7,881    186,228 
Netflix, Inc.*   490    183,549 
Booking Holdings, Inc.*   45    105,680 
T-Mobile US, Inc.*   648    83,171 
Charter Communications, Inc. — Class A*   132    72,009 
Motorola Solutions, Inc.   186    45,049 
eBay, Inc.   691    39,567 
Arista Networks, Inc.*   248    34,467 
Twitter, Inc.*   882    34,125 
Match Group, Inc.*   312    33,927 
Expedia Group, Inc.*   166    32,481 
Corning, Inc.   824    30,414 
CDW Corp.   150    26,833 
Paramount Global — Class B   670    25,333 
VeriSign, Inc.*   107    23,803 
Omnicom Group, Inc.   231    19,607 
FactSet Research Systems, Inc.   42    18,234 
Etsy, Inc.*   140    17,399 
NortonLifeLock, Inc.   642    17,026 
Interpublic Group of Companies, Inc.   434    15,386 
F5, Inc.*   67    14,000 
Fox Corp. — Class A   349    13,768 
Juniper Networks, Inc.   359    13,340 
Lumen Technologies, Inc.   1,017    11,462 
News Corp. — Class A   431    9,547 
DISH Network Corp. — Class A*   276    8,735 
Discovery, Inc. — Class C*   335    8,365 
Fox Corp. — Class B   161    5,841 
Discovery, Inc. — Class A*,1   187    4,660 
News Corp. — Class B   134    3,018 
Total Communications        6,063,903 
Consumer, Cyclical - 6.9%          
Tesla, Inc.*   924    995,703 
Home Depot, Inc.   1,152    344,828 
Costco Wholesale Corp.   489    281,591 
Walmart, Inc.   1,561    232,464 
McDonald's Corp.   825    204,006 
NIKE, Inc. — Class B   1,409    189,595 
Lowe's Companies, Inc.   744    150,429 
Starbucks Corp.   1,270    115,532 
Target Corp.   529    112,264 
TJX Companies, Inc.   1,316    79,723 
Ford Motor Co.   4,341    73,406 
General Motors Co.*   1,604    70,159 
Dollar General Corp.   256    56,993 
Marriott International, Inc. — Class A*   302    53,076 
O'Reilly Automotive, Inc.*   74    50,687 
Chipotle Mexican Grill, Inc. — Class A*   31    49,043 
AutoZone, Inc.*   23    47,025 
Hilton Worldwide Holdings, Inc.*   308    46,736 
Dollar Tree, Inc.*   248    39,717 
Yum! Brands, Inc.   319    37,811 
Fastenal Co.   635    37,719 
Aptiv plc*   299    35,793 
Walgreens Boots Alliance, Inc.   791    35,413 
Ross Stores, Inc.   390    35,280 

 

 

S&P 500® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

    Shares    Value 
COMMON STOCKS - 70.9% (continued)          
Consumer, Cyclical - 6.9% (continued)          
PACCAR, Inc.   383   $33,731 
Cummins, Inc.   157    32,202 
Southwest Airlines Co.*   654    29,953 
Copart, Inc.*   236    29,611 
Tractor Supply Co.   126    29,405 
Delta Air Lines, Inc.*   706    27,936 
DR Horton, Inc.   356    26,525 
WW Grainger, Inc.   48    24,758 
Ulta Beauty, Inc.*   60    23,893 
Lennar Corp. — Class A   288    23,377 
Best Buy Company, Inc.   239    21,725 
Royal Caribbean Cruises Ltd.*   247    20,694 
VF Corp.   356    20,242 
Genuine Parts Co.   157    19,785 
Darden Restaurants, Inc.   141    18,746 
Pool Corp.   44    18,606 
Caesars Entertainment, Inc.*   236    18,257 
Carnival Corp.*   893    18,056 
NVR, Inc.*   4    17,869 
Live Nation Entertainment, Inc.*   149    17,528 
MGM Resorts International   416    17,447 
CarMax, Inc.*   178    17,174 
United Airlines Holdings, Inc.*   357    16,551 
Domino's Pizza, Inc.   40    16,281 
Las Vegas Sands Corp.*   379    14,732 
Advance Auto Parts, Inc.   69    14,280 
Bath & Body Works, Inc.   284    13,575 
LKQ Corp.   296    13,441 
American Airlines Group, Inc.*   715    13,049 
Hasbro, Inc.   143    11,715 
PulteGroup, Inc.   274    11,481 
Whirlpool Corp.   65    11,231 
Tapestry, Inc.   291    10,811 
BorgWarner, Inc.   265    10,309 
Norwegian Cruise Line Holdings Ltd.*,1   460    10,065 
Wynn Resorts Ltd.*   116    9,250 
Newell Brands, Inc.   418    8,949 
Alaska Air Group, Inc.*   139    8,063 
Penn National Gaming, Inc.*   183    7,763 
PVH Corp.   77    5,899 
Ralph Lauren Corp. — Class A   51    5,785 
Under Armour, Inc. — Class C*   237    3,688 
Under Armour, Inc. — Class A*   208    3,540 
Total Consumer, Cyclical        4,102,971 
Industrial - 5.4%          
Union Pacific Corp.   703    192,067 
United Parcel Service, Inc. — Class B   805    172,640 
Raytheon Technologies Corp.   1,647    163,168 
Honeywell International, Inc.   757    147,297 
Caterpillar, Inc.   597    133,024 
Deere & Co.   310    128,793 
Lockheed Martin Corp.   267    117,854 
Boeing Co.*   605    115,857 
General Electric Co.   1,213    110,990 
3M Co.   630    93,794 
CSX Corp.   2,448    91,678 
Norfolk Southern Corp.   265    75,583 
Northrop Grumman Corp.   162    72,450 
Waste Management, Inc.   425    67,363 
Eaton Corporation plc   440   66,774 
Illinois Tool Works, Inc.   315    65,961 
Emerson Electric Co.   656    64,321 
FedEx Corp.   269    62,244 
General Dynamics Corp.   254    61,260 
L3Harris Technologies, Inc.   217    53,918 
Johnson Controls International plc   775    50,817 
Amphenol Corp. — Class A   661    49,806 
TE Connectivity Ltd.   359    47,022 
Agilent Technologies, Inc.   331    43,801 
Carrier Global Corp.   944    43,301 
Parker-Hannifin Corp.   142    40,294 
Trane Technologies plc   258    39,397 
TransDigm Group, Inc.*   58    37,789 
Otis Worldwide Corp.   469    36,089 
Rockwell Automation, Inc.   128    35,844 
Mettler-Toledo International, Inc.*   25    34,330 
AMETEK, Inc.   255    33,961 
Ball Corp.   357    32,130 
Keysight Technologies, Inc.*   202    31,910 
Old Dominion Freight Line, Inc.   103    30,764 
Republic Services, Inc. — Class A   230    30,475 
Vulcan Materials Co.   146    26,820 
Martin Marietta Materials, Inc.   69    26,558 
Stanley Black & Decker, Inc.   180    25,162 
Dover Corp.   159    24,947 
Fortive Corp.   396    24,128 
Teledyne Technologies, Inc.*   51    24,104 
Ingersoll Rand, Inc.   450    22,657 
Generac Holdings, Inc.*   70    20,808 
Trimble, Inc.*   277    19,983 
Garmin Ltd.   168    19,927 
Westinghouse Air Brake Technologies Corp.   206    19,811 
Jacobs Engineering Group, Inc.   143    19,707 
Expeditors International of Washington, Inc.   187    19,291 
Amcor plc   1,671    18,932 
J.B. Hunt Transport Services, Inc.   93    18,673 
Textron, Inc.   243    18,074 
Xylem, Inc.   199    16,967 
Packaging Corporation of America   105    16,392 
IDEX Corp.   84    16,105 
CH Robinson Worldwide, Inc.   143    15,403 
Howmet Aerospace, Inc.   419    15,059 
Westrock Co.   290    13,639 
Nordson Corp.   60    13,625 
Masco Corp.   265    13,515 
Snap-on, Inc.   59    12,123 
Fortune Brands Home & Security, Inc.   150    11,142 
Sealed Air Corp.   164    10,981 
Allegion plc   99    10,868 
Pentair plc   183    9,920 
A O Smith Corp.   145    9,264 

 

 

S&P 500® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 70.9% (continued)          
Industrial - 5.4% (continued)          
Huntington Ingalls Industries, Inc.   44   $8,775 
Mohawk Industries, Inc.*   61    7,576 
Total Industrial        3,225,702 
Energy - 2.8%          
Exxon Mobil Corp.   4,672    385,860 
Chevron Corp.   2,127    346,339 
ConocoPhillips   1,437    143,700 
EOG Resources, Inc.   646    77,023 
Schlumberger N.V.   1,549    63,989 
Pioneer Natural Resources Co.   251    62,758 
Occidental Petroleum Corp.   979    55,548 
Marathon Petroleum Corp.   639    54,635 
Valero Energy Corp.   451    45,795 
Williams Companies, Inc.   1,341    44,803 
Phillips 66   516    44,577 
Devon Energy Corp.   695    41,095 
Kinder Morgan, Inc.   2,152    40,694 
Halliburton Co.   992    37,567 
Baker Hughes Co.   1,000    36,410 
ONEOK, Inc.   492    34,750 
Hess Corp.   304    32,540 
Enphase Energy, Inc.*   148    29,863 
Diamondback Energy, Inc.   188    25,771 
Coterra Energy, Inc. — Class A   898    24,219 
Marathon Oil Corp.   859    21,570 
SolarEdge Technologies, Inc.*   58    18,698 
APA Corp.   401    16,573 
Total Energy        1,684,777 
Utilities - 1.9%          
NextEra Energy, Inc.   2,165    183,397 
Duke Energy Corp.   849    94,799 
Southern Co.   1,170    84,837 
Dominion Energy, Inc.   894    75,963 
Sempra Energy   352    59,178 
American Electric Power Company, Inc.   556    55,472 
Exelon Corp.   1,081    51,488 
Xcel Energy, Inc.   594    42,869 
Public Service Enterprise Group, Inc.   558    39,060 
Consolidated Edison, Inc.   390    36,925 
WEC Energy Group, Inc.   348    34,734 
Eversource Energy   379    33,424 
American Water Works Company, Inc.   200    33,106 
Edison International   419    29,372 
FirstEnergy Corp.   629    28,846 
DTE Energy Co.   214    28,293 
Ameren Corp.   284    26,628 
Entergy Corp.   222    25,919 
PPL Corp.   829    23,676 
CMS Energy Corp.   320    22,381 
CenterPoint Energy, Inc.   694    21,264 
Constellation Energy Corp.   360    20,250 
AES Corp.   736    18,937 
Atmos Energy Corp.   149    17,804 
Evergy, Inc.   253    17,290 
Alliant Energy Corp.   276    17,245 
NiSource, Inc.   433    13,769 
NRG Energy, Inc.   270    10,357 
Pinnacle West Capital Corp.   125   9,763 
Total Utilities        1,157,046 
Basic Materials - 1.5%          
Linde plc   566    180,797 
Freeport-McMoRan, Inc.   1,620    80,579 
Newmont Corp.   880    69,916 
Sherwin-Williams Co.   266    66,399 
Air Products and Chemicals, Inc.   245    61,228 
Dow, Inc.   812    51,741 
Ecolab, Inc.   275    48,554 
Nucor Corp.   300    44,595 
DuPont de Nemours, Inc.   566    41,646 
International Flavors & Fragrances, Inc.   281    36,904 
PPG Industries, Inc.   262    34,340 
LyondellBasell Industries N.V. — Class A   290    29,818 
Albemarle Corp.   129    28,528 
Mosaic Co.   409    27,198 
CF Industries Holdings, Inc.   237    24,425 
International Paper Co.   427    19,706 
FMC Corp.   140    18,420 
Celanese Corp. — Class A   119    17,002 
Eastman Chemical Co.   142    15,913 
Total Basic Materials        897,709 
Total Common Stocks          
(Cost $41,113,237)        42,257,818 
           
MUTUAL FUNDS - 9.9%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   447,437    4,380,413 
Guggenheim Strategy Fund II2   63,571    1,560,664 
Total Mutual Funds          
(Cost $5,984,850)        5,941,077 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 5.4%          
U.S. Treasury Bills          
0.10% due 06/02/223,4  $2,900,000   $2,898,370 
0.12% due 05/05/224,5   314,000    313,956 
Total U.S. Treasury Bills          
(Cost $3,213,460)        3,212,326 
           
REPURCHASE AGREEMENTS††,6 - 15.2%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/223
   6,093,121    6,093,121 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/223
   2,346,798    2,346,798 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/223
   610,167    610,167 
Total Repurchase Agreements          
(Cost $9,050,086)        9,050,086 
           
    Shares     
SECURITIES LENDING COLLATERAL†,7 - 0.0%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%8   3,694    3,694 
Total Securities Lending Collateral          
(Cost $3,694)        3,694 
Total Investments - 101.4%          
(Cost $59,365,327)       $60,465,001 
Other Assets & Liabilities, net - (1.4)%        (857,517)
Total Net Assets - 100.0%       $59,607,484 

 

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   33   Jun 2022  $7,470,788   $294,971 

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
OTC Equity Index Swap Agreements††                         
Barclays Bank plc  S&P 500 Index   Pay   0.72% (U.S. Secured Overnight Financing Rate + 0.45%)  At Maturity  04/13/22   5,029   $22,783,268   $1,008,097 
BNP Paribas  S&P 500 Index   Pay   0.93% (Federal Funds Rate + 0.60%)  At Maturity  04/14/22   718    3,253,639    129,616 
Goldman Sachs International  S&P 500 Index   Pay   0.78% (Federal Funds Rate + 0.45%)  At Maturity  04/14/22   9,669    43,804,856    (205,468)
                         $69,841,763   $932,245 

 

* 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 All or a portion of this security is on loan at March 31, 2022 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at March 31, 2022.
4 Rate indicated is the effective yield at the time of purchase.
5 All or a portion of this security is pledged as futures collateral at March 31, 2022.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 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  $42,257,818   $   $   $42,257,818 
Mutual Funds   5,941,077            5,941,077 
U.S. Treasury Bills       3,212,326        3,212,326 
Repurchase Agreements       9,050,086        9,050,086 
Securities Lending Collateral   3,694            3,694 
Equity Futures Contracts**   294,971            294,971 
Equity Index Swap Agreements**       1,137,713        1,137,713 
Total Assets  $48,497,560   $13,400,125   $   $61,897,685 
                     
Investments in Securities (Liabilities)   Level 1 Quoted Prices     Level 2 Significant Observable Inputs     Level 3 Significant Unobservable Inputs     Total  
Equity Index Swap Agreements**  $   $205,468   $   $205,468 

 

**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  $8,303,229   $   $(6,700,000)  $(52,340)  $9,775   $1,560,664    63,571   $13,991 
  Guggenheim Ultra Short Duration Fund — Institutional Class   4,438,580                (58,167)   4,380,413    447,437    11,088 
   $12,741,809   $   $(6,700,000)  $(52,340)  $(48,392)  $5,941,077        $25,079 

 

 

 

S&P 500® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Technology - 30.7%
Fortinet, Inc.*   3,342   $1,142,095 
NVIDIA Corp.   3,363    917,628 
Monolithic Power Systems, Inc.   1,669    810,600 
KLA Corp.   2,038    746,030 
Advanced Micro Devices, Inc.*   6,491    709,726 
Applied Materials, Inc.   4,805    633,299 
Intuit, Inc.   1,207    580,374 
QUALCOMM, Inc.   3,586    548,012 
Teradyne, Inc.   4,513    533,572 
Microsoft Corp.   1,726    532,143 
Apple, Inc.   2,854    498,337 
Oracle Corp.   5,959    492,988 
Lam Research Corp.   824    442,991 
ServiceNow, Inc.*   793    441,614 
EPAM Systems, Inc.*   1,477    438,093 
Cadence Design Systems, Inc.*   2,402    395,033 
Adobe, Inc.*   860    391,833 
MSCI, Inc. — Class A   757    380,680 
Total Technology        10,635,048 
Consumer, Non-cyclical - 20.1%          
Dexcom, Inc.*   1,738    889,161 
Regeneron Pharmaceuticals, Inc.*   1,052    734,738 
Eli Lilly & Co.   2,521    721,939 
Moderna, Inc.*   4,166    717,635 
PerkinElmer, Inc.   3,802    663,297 
West Pharmaceutical Services, Inc.   1,423    584,440 
Gartner, Inc.*   1,822    541,972 
Thermo Fisher Scientific, Inc.   813    480,198 
Charles River Laboratories International, Inc.*   1,503    426,807 
Equifax, Inc.   1,740    412,554 
Bio-Techne Corp.   945    409,223 
Align Technology, Inc.*   871    379,756 
Total Consumer, Non-cyclical        6,961,720 
Financial - 11.9%          
SVB Financial Group*   1,563    874,421 
Goldman Sachs Group, Inc.   2,592    855,619 
Signature Bank   2,591    760,433 
Discover Financial Services   6,609    728,246 
Extra Space Storage, Inc. REIT   2,284    469,590 
First Republic Bank   2,703    438,156 
Total Financial        4,126,465 
Consumer, Cyclical - 11.5%          
Tesla, Inc.*   1,003    1,080,833 
Tractor Supply Co.   3,071   716,679 
AutoZone, Inc.*   303    619,508 
Pool Corp.   1,316    556,471 
O'Reilly Automotive, Inc.*   788    539,748 
Lowe's Companies, Inc.   2,314    467,868 
Total Consumer, Cyclical        3,981,107 
Communications - 9.1%          
Arista Networks, Inc.*   4,901    681,141 
Etsy, Inc.*   3,842    477,484 
Alphabet, Inc. — Class A*   156    433,891 
Amazon.com, Inc.*   127    414,014 
Alphabet, Inc. — Class C*   143    399,397 
Netflix, Inc.*   997    373,466 
Meta Platforms, Inc. — Class A*   1,619    360,001 
Total Communications        3,139,394 
Energy - 7.8%          
Diamondback Energy, Inc.   7,061    967,922 
Enphase Energy, Inc.*   4,575    923,144 
Devon Energy Corp.   13,735    812,150 
Total Energy        2,703,216 
Industrial - 5.2%          
Generac Holdings, Inc.*   2,611    776,146 
Expeditors International of Washington, Inc.   5,410    558,095 
Old Dominion Freight Line, Inc.   1,507    450,111 
Total Industrial        1,784,352 
Utilities - 3.1%          
NRG Energy, Inc.   28,039    1,075,576 
Total Common Stocks          
(Cost $26,575,060)        34,406,878 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,1 - 0.8%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $192,282    192,282 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   74,058    74,058 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   19,255    19,255 
Total Repurchase Agreements          
(Cost $285,595)        285,595 
Total Investments - 100.2%          
(Cost $26,860,655)       $34,692,473 
Other Assets & Liabilities, net - (0.2)%        (82,953)
Total Net Assets - 100.0%       $34,609,520 

 

* 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 Repurchase Agreements — See Note 4.

 

REIT — Real Estate Investment Trust

 

See Sector Classification in Other Information section.

 

 

 

S&P 500® Pure Growth Fund  
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  $34,406,878   $   $   $34,406,878 
Repurchase Agreements       285,595        285,595 
Total Assets  $34,406,878   $285,595   $   $34,692,473 

 

 

 

S&P 500® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.1%
Financial - 31.7%
Berkshire Hathaway, Inc. — Class B*   3,006   $1,060,847 
Prudential Financial, Inc.   7,618    900,219 
Allstate Corp.   5,771    799,341 
MetLife, Inc.   11,365    798,732 
American International Group, Inc.   11,236    705,284 
Loews Corp.   10,841    702,714 
Lincoln National Corp.   10,635    695,104 
Everest Re Group Ltd.   2,164    652,186 
Travelers Companies, Inc.   2,849    520,598 
Aflac, Inc.   7,843    505,011 
Invesco Ltd.   21,802    502,754 
Globe Life, Inc.   4,628    465,577 
Assurant, Inc.   2,500    454,575 
Hartford Financial Services Group, Inc.   6,238    447,951 
Principal Financial Group, Inc.   5,999    440,386 
Citigroup, Inc.   7,924    423,142 
Citizens Financial Group, Inc.   8,899    403,392 
People's United Financial, Inc.   18,826    376,332 
Chubb Ltd.   1,748    373,897 
M&T Bank Corp.   1,969    333,745 
Wells Fargo & Co.   6,844    331,660 
KeyCorp   12,345    276,281 
Bank of New York Mellon Corp.   5,159    256,041 
State Street Corp.   2,888    251,603 
W R Berkley Corp.   3,604    239,957 
Huntington Bancshares, Inc.   15,813    231,186 
Truist Financial Corp.   4,030    228,501 
Fifth Third Bancorp   4,842    208,400 
Progressive Corp.   1,793    204,384 
Kimco Realty Corp. REIT   7,734    191,030 
U.S. Bancorp   2,797    148,660 
PNC Financial Services Group, Inc.   674    124,319 
Total Financial        14,253,809 
Consumer, Non-cyclical - 20.9%          
Archer-Daniels-Midland Co.   9,378    846,458 
Cigna Corp.   3,370    807,486 
CVS Health Corp.   6,342    641,874 
Centene Corp.*   7,313    615,681 
Tyson Foods, Inc. — Class A   6,581    589,855 
Kroger Co.   9,274    532,049 
Kraft Heinz Co.   13,456    530,032 
Universal Health Services, Inc. — Class B   3,604    522,400 
Molson Coors Beverage Co. — Class B   9,469    505,455 
Cardinal Health, Inc.   7,357    417,142 
AmerisourceBergen Corp. — Class A   2,554    395,129 
Anthem, Inc.   710    348,766 
Viatris, Inc.   31,326    340,827 
Henry Schein, Inc.*   3,478    303,247 
Humana, Inc.   687    298,962 
Corteva, Inc.   5,172    297,287 
Conagra Brands, Inc.   8,664    290,851 
Nielsen Holdings plc   8,947    243,716 
J M Smucker Co.   1,600    216,656 
Sysco Corp.   2,166   176,854 
DaVita, Inc.*   1,552    175,547 
Global Payments, Inc.   1,251    171,187 
Organon & Co.   4,581    160,014 
Total Consumer, Non-cyclical        9,427,475 
Energy - 8.7%          
Marathon Petroleum Corp.   9,193    786,002 
Valero Energy Corp.   7,133    724,285 
Phillips 66   6,742    582,441 
Baker Hughes Co.   14,067    512,180 
Marathon Oil Corp.   14,233    357,391 
Kinder Morgan, Inc.   18,296    345,977 
Exxon Mobil Corp.   3,748    309,547 
Chevron Corp.   1,862    303,189 
Total Energy        3,921,012 
Consumer, Cyclical - 8.3%          
Walgreens Boots Alliance, Inc.   11,595    519,108 
BorgWarner, Inc.   10,453    406,622 
General Motors Co.*   8,943    391,167 
Ford Motor Co.   22,067    373,153 
Best Buy Company, Inc.   3,712    337,421 
Whirlpool Corp.   1,897    327,764 
PulteGroup, Inc.   6,433    269,543 
PVH Corp.   3,466    265,530 
Lennar Corp. — Class A   2,995    243,104 
Alaska Air Group, Inc.*   4,034    234,012 
Walmart, Inc.   1,503    223,827 
PACCAR, Inc.   1,817    160,023 
Total Consumer, Cyclical        3,751,274 
Communications - 8.0%          
Paramount Global — Class B   21,958    830,232 
DISH Network Corp. — Class A*   17,267    546,500 
AT&T, Inc.   20,609    486,991 
Lumen Technologies, Inc.   38,147    429,917 
Omnicom Group, Inc.   2,514    213,388 
News Corp. — Class A   8,858    196,205 
Fox Corp. — Class A   4,454    175,710 
Discovery, Inc. — Class C*   6,954    173,641 
Verizon Communications, Inc.   3,329    169,579 
T-Mobile US, Inc.*   1,123    144,137 
Discovery, Inc. — Class A*,1   3,873    96,515 
Fox Corp. — Class B   2,063    74,846 
News Corp. — Class B   2,711    61,052 
Total Communications        3,598,713 
Utilities - 6.0%          
Pinnacle West Capital Corp.   4,881    381,206 
Consolidated Edison, Inc.   2,890    273,625 
Entergy Corp.   1,809    211,201 
Exelon Corp.   4,402    209,667 
Atmos Energy Corp.   1,732    206,957 
Evergy, Inc.   2,735    186,910 
PPL Corp.   6,129    175,044 
Edison International   2,382    166,978 
American Electric Power Company, Inc.   1,658    165,419 
Sempra Energy   981    164,926 
Duke Energy Corp.   1,408    157,218 
NiSource, Inc.   4,802    152,703 
DTE Energy Co.   1,144    151,248 

 

 

 

S&P 500® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 99.1% (continued)          
Utilities - 6.0% (continued)          
Constellation Energy Corp.   1,468   $82,575 
Total Utilities        2,685,677 
Industrial - 5.5%          
Westrock Co.   15,823    744,156 
FedEx Corp.   1,469    339,912 
Huntington Ingalls Industries, Inc.   1,645    328,079 
CH Robinson Worldwide, Inc.   2,806    302,234 
Mohawk Industries, Inc.*   2,386    296,341 
Raytheon Technologies Corp.   1,814    179,713 
Westinghouse Air Brake Technologies Corp.   1,671    160,700 
Textron, Inc.   2,017    150,024 
Total Industrial        2,501,159 
Basic Materials - 5.4%          
Mosaic Co.   12,294    817,551 
LyondellBasell Industries N.V. — Class A   4,405    452,922 
Dow, Inc.   6,467    412,077 
International Paper Co.   8,667    399,982 
DuPont de Nemours, Inc.   2,682    197,342 
Eastman Chemical Co.   1,189    133,239 
Total Basic Materials        2,413,113 
Technology - 4.6%          
Hewlett Packard Enterprise Co.   38,066    636,083 
DXC Technology Co.*   18,375    599,576 
Western Digital Corp.*   6,266    311,107 
Leidos Holdings, Inc.   2,416    260,976 
Intel Corp.   2,719    134,754 
Fidelity National Information Services, Inc.   1,127   113,173 
Total Technology        2,055,669 
Total Common Stocks          
(Cost $34,546,628)        44,607,901 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.8%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $236,329    236,329 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   91,024    91,024 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   23,666    23,666 
Total Repurchase Agreements          
(Cost $351,019)        351,019 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.2%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   75,364    75,364 
Total Securities Lending Collateral          
(Cost $75,364)        75,364 
Total Investments - 100.1%          
(Cost $34,973,011)       $45,034,284 
Other Assets & Liabilities, net - (0.1)%        (43,469)
Total Net Assets - 100.0%       $44,990,815 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 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  $44,607,901   $   $   $44,607,901 
Repurchase Agreements       351,019        351,019 
Securities Lending Collateral   75,364            75,364 
Total Assets  $44,683,265   $351,019   $   $45,034,284 

 

 

 

S&P MidCap 400® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Financial - 20.6%
Navient Corp.   17,274   $294,349 
SLM Corp.   15,753    289,225 
Jefferies Financial Group, Inc.   7,287    239,378 
Pinnacle Financial Partners, Inc.   1,823    167,862 
Evercore, Inc. — Class A   1,495    166,423 
PacWest Bancorp   3,592    154,923 
Stifel Financial Corp.   1,961    133,152 
East West Bancorp, Inc.   1,611    127,301 
Life Storage, Inc. REIT   869    122,034 
Affiliated Managers Group, Inc.   740    104,303 
UMB Financial Corp.   1,063    103,281 
National Storage Affiliates Trust REIT   1,644    103,177 
First Financial Bankshares, Inc.   1,751    77,254 
Kinsale Capital Group, Inc.   331    75,475 
Camden Property Trust REIT   389    64,652 
Total Financial        2,222,789 
Consumer, Cyclical - 18.4%          
Dick's Sporting Goods, Inc.1   2,438    243,849 
Williams-Sonoma, Inc.   1,146    166,170 
Tempur Sealy International, Inc.   5,424    151,438 
Fox Factory Holding Corp.*   1,446    141,636 
Crocs, Inc.*   1,752    133,853 
Mattel, Inc.*   5,358    119,001 
Deckers Outdoor Corp.*   408    111,698 
GameStop Corp. — Class A*,1   630    104,945 
Five Below, Inc.*   625    98,981 
Churchill Downs, Inc.   436    96,696 
Boyd Gaming Corp.   1,461    96,105 
YETI Holdings, Inc.*   1,601    96,028 
Wingstop, Inc.   729    85,548 
Avient Corp.   1,697    81,456 
Scientific Games Corp. — Class A*   1,312    77,080 
Brunswick Corp.   861    69,646 
Scotts Miracle-Gro Co. — Class A   470    57,791 
RH*   141    45,979 
Total Consumer, Cyclical        1,977,900 
Consumer, Non-cyclical - 17.3%          
Tenet Healthcare Corp.*   2,129    183,009 
Medpace Holdings, Inc.*   922    150,830 
Option Care Health, Inc.*   5,092    145,427 
Tandem Diabetes Care, Inc.*   1,242    144,432 
Repligen Corp.*   724    136,177 
Avis Budget Group, Inc.*   458    120,592 
FTI Consulting, Inc.*   674    105,966 
Neurocrine Biosciences, Inc.*   1,041    97,594 
ASGN, Inc.*   765    89,283 
STAAR Surgical Co.*   1,113    88,940 
GXO Logistics, Inc.*   1,221    87,106 
Paylocity Holding Corp.*   406    83,543 
Quidel Corp.*   722    81,196 
Darling Ingredients, Inc.*   992    79,737 
Bruker Corp.   1,197    76,967 
Service Corporation International   1,106    72,797 
Arrowhead Pharmaceuticals, Inc.*   1,426    65,582 
Syneos Health, Inc.*   698    56,503 
Total Consumer, Non-cyclical        1,865,681 
Industrial - 13.1%          
Louisiana-Pacific Corp.   4,492   279,043 
Builders FirstSource, Inc.*   2,801    180,777 
Axon Enterprise, Inc.*   958    131,945 
Saia, Inc.*   473    115,327 
Eagle Materials, Inc.   840    107,822 
Trex Company, Inc.*   1,484    96,950 
TopBuild Corp.*   460    83,439 
Carlisle Companies, Inc.   292    71,809 
Valmont Industries, Inc.   285    68,001 
Tetra Tech, Inc.   358    59,048 
Chart Industries, Inc.*,1   329    56,512 
Vicor Corp.*   782    55,170 
Watts Water Technologies, Inc. — Class A   394    54,999 
Simpson Manufacturing Company, Inc.   501    54,629 
Total Industrial        1,415,471 
Technology - 11.3%          
Concentrix Corp.   1,555    259,001 
Azenta, Inc.   1,473    122,082 
Teradata Corp.*   2,299    113,318 
Power Integrations, Inc.   1,187    110,011 
Maximus, Inc.   1,296    97,135 
Digital Turbine, Inc.*   2,216    97,083 
Qualys, Inc.*   627    89,291 
Lattice Semiconductor Corp.*   1,287    78,443 
Ziff Davis, Inc.*   763    73,843 
SiTime Corp.*   271    67,159 
Silicon Laboratories, Inc.*   414    62,183 
Synaptics, Inc.*   232    46,284 
Total Technology        1,215,833 
Basic Materials - 8.8%          
Cleveland-Cliffs, Inc.*   13,596    437,927 
Steel Dynamics, Inc.   3,249    271,064 
Olin Corp.   2,531    132,321 
Valvoline, Inc.   3,188    100,613 
Total Basic Materials        941,925 
Energy - 7.1%          
Antero Midstream Corp.   19,506    212,031 
Targa Resources Corp.   2,745    207,165 
Murphy Oil Corp.   5,129    207,160 
PDC Energy, Inc.   1,950    141,726 
Total Energy        768,082 
Communications - 2.8%          
Mimecast Ltd.*   2,607    207,413 
Calix, Inc.*   2,272    97,491 
Total Communications        304,904 
Total Common Stocks          
(Cost $9,724,721)        10,712,585 

 

 

 

S&P MidCap 400® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Face
Amount
    Value 
REPURCHASE AGREEMENTS††,2 - 0.8%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $56,377   $56,377 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   21,714    21,714 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   5,646    5,646 
Total Repurchase Agreements          
(Cost $83,737)        83,737 
           
    Shares     
SECURITIES LENDING COLLATERAL†,3 - 3.0%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   318,222   $318,222 
Total Securities Lending Collateral          
(Cost $318,222)        318,222 
Total Investments - 103.2%          
(Cost $10,126,680)       $11,114,544 
Other Assets & Liabilities, net - (3.2)%        (345,297)
Total Net Assets - 100.0%       $10,769,247 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 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  $10,712,585   $   $   $10,712,585 
Repurchase Agreements       83,737        83,737 
Securities Lending Collateral   318,222            318,222 
Total Assets  $11,030,807   $83,737   $   $11,114,544 

 

 

 

S&P MidCap 400® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
Financial - 30.1%
Unum Group   11,598   $365,453 
Reinsurance Group of America, Inc. — Class A   2,598    284,377 
CNO Financial Group, Inc.   9,402    235,896 
Alleghany Corp.*   278    235,466 
Kemper Corp.   3,823    216,152 
Old Republic International Corp.   7,368    190,610 
Mercury General Corp.   3,373    185,515 
Voya Financial, Inc.   2,591    171,913 
Hanover Insurance Group, Inc.   1,036    154,903 
First Horizon Corp.   5,866    137,792 
FNB Corp.   9,720    121,014 
Associated Banc-Corp.   5,255    119,604 
SL Green Realty Corp. REIT   1,400    113,652 
Fulton Financial Corp.   6,693    111,238 
Alliance Data Systems Corp.   1,959    109,998 
MGIC Investment Corp.   8,017    108,630 
Texas Capital Bancshares, Inc.*   1,719    98,516 
New York Community Bancorp, Inc.   9,132    97,895 
Cadence Bank   3,147    92,081 
United Bankshares, Inc.   2,360    82,317 
Essent Group Ltd.   1,966    81,019 
Selective Insurance Group, Inc.   896    80,067 
Prosperity Bancshares, Inc.   1,078    74,792 
Old National Bancorp   4,337    71,040 
International Bancshares Corp.   1,619    68,338 
RenaissanceRe Holdings Ltd.   428    67,842 
Washington Federal, Inc.   1,953    64,098 
Valley National Bancorp   4,569    59,488 
Sabra Health Care, Inc. REIT   3,869    57,609 
Total Financial        3,857,315 
Consumer, Cyclical - 23.3%          
Kohl's Corp.   4,085    246,979 
Lithia Motors, Inc. — Class A   630    189,076 
Taylor Morrison Home Corp. — Class A*   6,835    186,049 
Univar Solutions, Inc.*   5,552    178,441 
Adient plc*   4,209    171,601 
Gap, Inc.   10,622    149,558 
Foot Locker, Inc.   4,668    138,453 
KB Home   4,222    136,708 
Thor Industries, Inc.   1,718    135,206 
Dana, Inc.   7,683    134,990 
Tri Pointe Homes, Inc.*   6,535    131,223 
Goodyear Tire & Rubber Co.*   9,126    130,411 
Macy's, Inc.   5,312    129,400 
Lear Corp.   800    114,072 
Murphy USA, Inc.   570    113,977 
Urban Outfitters, Inc.*   4,018    100,892 
Nu Skin Enterprises, Inc. — Class A   2,067    98,968 
JetBlue Airways Corp.*   6,505    97,250 
Nordstrom, Inc.   2,982    80,842 
Callaway Golf Co.*   3,132    73,351 
Toll Brothers, Inc.   1,492    70,154 
BJ's Wholesale Club Holdings, Inc.*   923    62,404 
MillerKnoll, Inc.   1,614    55,780 
Harley-Davidson, Inc.   1,298   51,141 
Total Consumer, Cyclical        2,976,926 
Industrial - 16.8%          
Avnet, Inc.   6,882    279,340 
Arrow Electronics, Inc.*   1,567    185,893 
Ryder System, Inc.   2,182    173,098 
Greif, Inc. — Class A   2,510    163,301 
TD SYNNEX Corp.   1,533    158,221 
Worthington Industries, Inc.   2,732    140,452 
AGCO Corp.   725    105,872 
Fluor Corp.*   3,653    104,805 
Vishay Intertechnology, Inc.   4,808    94,237 
MDU Resources Group, Inc.   3,252    86,666 
XPO Logistics, Inc.*   1,080    78,624 
Owens Corning   828    75,762 
Kirby Corp.*   988    71,324 
EMCOR Group, Inc.   626    70,506 
Silgan Holdings, Inc.   1,405    64,953 
EnerSys   774    57,717 
Oshkosh Corp.   571    57,471 
Terex Corp.   1,417    50,530 
Knight-Swift Transportation Holdings, Inc.   976    49,249 
Werner Enterprises, Inc.   1,064    43,624 
Timken Co.   656    39,819 
Total Industrial        2,151,464 
Consumer, Non-cyclical - 8.5%          
Graham Holdings Co. — Class B   339    207,288 
Sprouts Farmers Market, Inc.*   5,284    168,982 
ManpowerGroup, Inc.   1,719    161,449 
Performance Food Group Co.*   2,977    151,559 
Patterson Companies, Inc.   4,149    134,303 
Perrigo Company plc   2,945    113,177 
Pilgrim's Pride Corp.*   3,970    99,647 
Ingredion, Inc.   619    53,946 
Total Consumer, Non-cyclical        1,090,351 
Basic Materials - 8.1%          
United States Steel Corp.   11,814    445,860 
Commercial Metals Co.   5,632    234,404 
Reliance Steel & Aluminum Co.   894    163,915 
Minerals Technologies, Inc.   1,260    83,349 
Cabot Corp.   1,024    70,052 
Chemours Co.   1,429    44,985 
Total Basic Materials        1,042,565 
Utilities - 4.3%          
Spire, Inc.   1,586    113,811 
Southwest Gas Holdings, Inc.   1,451    113,599 
UGI Corp.   2,173    78,706 
NorthWestern Corp.   1,213    73,374 
ONE Gas, Inc.   685    60,445 
ALLETE, Inc.   882    59,076 
Hawaiian Electric Industries, Inc.   1,166    49,334 
Total Utilities        548,345 
Energy - 4.1%          
HF Sinclair Corp.*   8,152    324,857 
NOV, Inc.   8,112    159,076 
Equitrans Midstream Corp.   5,272    44,496 
Total Energy        528,429 

 

 

 

S&P MidCap 400® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 99.6% (continued)          
Technology - 3.7%          
Xerox Holdings Corp.   12,523   $252,589 
Science Applications International Corp.   978    90,142 
CACI International, Inc. — Class A*   225    67,784 
Kyndryl Holdings, Inc.*   4,709    61,782 
Total Technology        472,297 
Communications - 0.7%          
Viasat, Inc.*   1,788    87,254 
Total Common Stocks          
(Cost $9,977,609)        12,754,946 
           
    Face
Amount
     
REPURCHASE AGREEMENTS††,1 - 0.7%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $61,312   $61,312 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   23,614    23,614 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,140    6,140 
Total Repurchase Agreements          
(Cost $91,066)        91,066 
Total Investments - 100.3%          
(Cost $10,068,675)       $12,846,012 
Other Assets & Liabilities, net - (0.3)%        (37,140)
Total Net Assets - 100.0%       $12,808,872 

 

* 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 Repurchase Agreements — See Note 4.

 

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  $12,754,946   $   $   $12,754,946 
Repurchase Agreements       91,066        91,066 
Total Assets  $12,754,946   $91,066   $   $12,846,012 

 

 

 

S&P SmallCap 600® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.9%
Financial - 27.2%
B. Riley Financial, Inc.   2,810   $196,588 
Customers Bancorp, Inc.*   3,183    165,962 
ServisFirst Bancshares, Inc.   1,436    136,836 
Flagstar Bancorp, Inc.   3,035    128,684 
Piper Sandler Cos.   979    128,494 
First BanCorp   9,683    127,041 
Meta Financial Group, Inc.   2,273    124,833 
St. Joe Co.   2,043    121,027 
Triumph Bancorp, Inc.*   1,186    111,508 
Innovative Industrial Properties, Inc. REIT   505    103,727 
Enova International, Inc.*   2,713    103,013 
Walker & Dunlop, Inc.   783    101,336 
HomeStreet, Inc.   2,100    99,498 
World Acceptance Corp.*   515    98,798 
Preferred Bank/Los Angeles CA   1,321    97,873 
Greenhill & Company, Inc.   6,316    97,708 
Veritex Holdings, Inc.   2,426    92,600 
Axos Financial, Inc.*   1,858    86,192 
Investors Bancorp, Inc.   5,618    83,877 
Virtus Investment Partners, Inc.   347    83,276 
Bancorp, Inc.*   2,819    79,862 
Redwood Trust, Inc. REIT   7,244    76,279 
HCI Group, Inc.   1,047    71,385 
Palomar Holdings, Inc.*   1,037    66,358 
Independence Realty Trust, Inc. REIT   2,482    65,624 
NexPoint Residential Trust, Inc. REIT   721    65,114 
Brightsphere Investment Group, Inc.   1,993    48,330 
Trupanion, Inc.*   419    37,341 
Douglas Elliman, Inc.   1,959    14,301 
Total Financial        2,813,465 
Consumer, Non-cyclical - 25.3%          
Fulgent Genetics, Inc.*   2,452    153,029 
Innoviva, Inc.*   7,496    145,048 
Organogenesis Holdings, Inc.*   16,275    124,015 
Celsius Holdings, Inc.*   2,153    118,803 
Community Health Systems, Inc.*   9,811    116,457 
United Natural Foods, Inc.*   2,779    114,912 
Avid Bioservices, Inc.*   5,611    114,296 
Simply Good Foods Co.*   2,859    108,499 
Cross Country Healthcare, Inc.*   4,545    98,490 
AMN Healthcare Services, Inc.*   914    95,358 
MGP Ingredients, Inc.   1,028    87,986 
Cara Therapeutics, Inc.*   7,175    87,176 
iTeos Therapeutics, Inc.*   2,560    82,381 
Collegium Pharmaceutical, Inc.*   3,843    78,244 
Coca-Cola Consolidated, Inc.   153    76,018 
Joint Corp.*   2,123    75,133 
Ligand Pharmaceuticals, Inc. — Class B*   640    71,994 
Heidrick & Struggles International, Inc.   1,720    68,077 
Vericel Corp.*   1,715    65,547 
Korn Ferry   981    63,706 
AngioDynamics, Inc.*   2,857    61,540 
uniQure N.V.*   3,347    60,480 
Inter Parfums, Inc.   679   59,786 
CorVel Corp.*   339    57,101 
Medifast, Inc.   324    55,333 
Supernus Pharmaceuticals, Inc.*   1,576    50,937 
Vector Group Ltd.   3,917    47,161 
Omnicell, Inc.*   346    44,803 
Endo International plc*   18,904    43,668 
BioLife Solutions, Inc.*   1,685    38,300 
Alarm.com Holdings, Inc.*   546    36,287 
RadNet, Inc.*   1,485    33,219 
Xencor, Inc.*   1,234    32,923 
Heska Corp.*   208    28,762 
Zynex, Inc.1   3,882    24,185 
Total Consumer, Non-cyclical        2,619,654 
Consumer, Cyclical - 13.4%          
XPEL, Inc.*   2,264    119,109 
Hibbett, Inc.   2,501    110,894 
Vista Outdoor, Inc.*   2,922    104,286 
MarineMax, Inc.*   2,436    98,073 
OptimizeRx Corp.*   2,500    94,275 
Signet Jewelers Ltd.   1,271    92,402 
Century Communities, Inc.   1,702    91,176 
Boot Barn Holdings, Inc.*   935    88,629 
Shoe Carnival, Inc.   3,019    88,034 
Movado Group, Inc.   2,117    82,669 
LGI Homes, Inc.*   712    69,548 
Buckle, Inc.   1,925    63,602 
Barnes & Noble Education, Inc.*   17,735    63,491 
Sleep Number Corp.*   1,173    59,483 
Cavco Industries, Inc.*   219    52,746 
Children's Place, Inc.*   917    45,208 
Installed Building Products, Inc.   427    36,078 
Gentherm, Inc.*   421    30,750 
Total Consumer, Cyclical        1,390,453 
Industrial - 12.5%          
Encore Wire Corp.   1,349    153,880 
Dorian LPG Ltd.   9,967    144,422 
Matson, Inc.   1,024    123,515 
MYR Group, Inc.*   1,178    110,779 
UFP Industries, Inc.   1,342    103,549 
Comfort Systems USA, Inc.   1,123    99,958 
Mueller Industries, Inc.   1,823    98,752 
NV5 Global, Inc.*   646    86,112 
Insteel Industries, Inc.   2,248    83,154 
Fabrinet*   676    71,068 
ArcBest Corp.   820    66,010 
Triumph Group, Inc.*   2,112    53,391 
Sturm Ruger & Company, Inc.   741    51,588 
Advanced Energy Industries, Inc.   510    43,901 
Total Industrial        1,290,079 
Technology - 10.5%          
Kulicke & Soffa Industries, Inc.   2,588    144,980 
Onto Innovation, Inc.*   1,404    121,993 
MaxLinear, Inc. — Class A*   2,022    117,984 
Axcelis Technologies, Inc.*   1,064    80,364 
Veeco Instruments, Inc.*   2,938    79,884 
Rambus, Inc.*   2,243    71,529 
Ultra Clean Holdings, Inc.*   1,658    70,283 
Diodes, Inc.*   806    70,114 

 

 

S&P SmallCap 600® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 99.9% (continued)          
Technology - 10.5% (continued)          
ExlService Holdings, Inc.*   420   $60,173 
3D Systems Corp.*   3,197    53,326 
SPS Commerce, Inc.*   347    45,526 
Diebold Nixdorf, Inc.*   6,620    44,553 
Donnelley Financial Solutions, Inc.*   1,295    43,072 
TTEC Holdings, Inc.   514    42,415 
Apollo Medical Holdings, Inc.*   870    42,169 
Total Technology        1,088,365 
Communications - 5.4%          
TechTarget, Inc.*   1,559    126,716 
Perficient, Inc.*   792    87,191 
Thryv Holdings, Inc.*   2,382    66,982 
Extreme Networks, Inc.*   4,681    57,155 
Liquidity Services, Inc.*   3,333    57,061 
Vonage Holdings Corp.*   2,169    44,009 
Shutterstock, Inc.   465    43,282 
Harmonic, Inc.*   4,343    40,347 
ADTRAN, Inc.   1,767    32,601 
Total Communications        555,344 
Energy - 4.8%          
Matador Resources Co.   3,536    187,337 
Civitas Resources, Inc.   1,882    112,374 
Callon Petroleum Co.*   1,514    89,447 
SM Energy Co.   1,569    61,113 
Ranger Oil Corp. — Class A*   1,208    41,712 
Total Energy        491,983 
Basic Materials - 0.8%          
Rogers Corp.*   216    58,687 
Balchem Corp.   214   29,254 
Total Basic Materials        87,941 
Total Common Stocks          
(Cost $9,705,032)        10,337,284 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.9%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $65,716    65,716 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   25,311    25,311 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,581    6,581 
Total Repurchase Agreements          
(Cost $97,608)        97,608 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.2%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   17,275    17,275 
Total Securities Lending Collateral          
(Cost $17,275)        17,275 
Total Investments - 101.0%          
(Cost $9,819,915)       $10,452,167 
Other Assets & Liabilities, net - (1.0)%        (103,916)
Total Net Assets - 100.0%       $10,348,251 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 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  $10,337,284   $   $   $10,337,284 
Repurchase Agreements       97,608        97,608 
Securities Lending Collateral   17,275            17,275 
Total Assets  $10,354,559   $97,608   $   $10,452,167 

 

 

 

S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Consumer, Cyclical - 23.3%          
ScanSource, Inc.*   4,519   $157,216 
World Fuel Services Corp.   5,750    155,480 
Motorcar Parts of America, Inc.*   7,948    141,713 
ODP Corp.*   3,090    141,615 
Vera Bradley, Inc.*   16,749    128,465 
Conn's, Inc.*   8,318    128,180 
G-III Apparel Group Ltd.*   4,631    125,269 
Titan International, Inc.*   8,075    118,945 
PC Connection, Inc.   2,226    116,620 
Cato Corp. — Class A   7,921    116,122 
M/I Homes, Inc.*   2,589    114,822 
Big Lots, Inc.   3,304    114,318 
Meritor, Inc.*   3,099    110,231 
Chico's FAS, Inc.*   22,318    107,126 
Sonic Automotive, Inc. — Class A   2,287    97,220 
Group 1 Automotive, Inc.   572    95,999 
LL Flooring Holdings, Inc.*   6,782    95,084 
Haverty Furniture Companies, Inc.   3,308    90,705 
Fossil Group, Inc.*   8,946    86,240 
America's Car-Mart, Inc.*   1,012    81,527 
Ethan Allen Interiors, Inc.   2,919    76,098 
MDC Holdings, Inc.   1,949    73,750 
SkyWest, Inc.*   2,551    73,596 
Guess?, Inc.1   3,240    70,794 
American Axle & Manufacturing Holdings, Inc.*   8,983    69,708 
Resideo Technologies, Inc.*   2,907    69,274 
KAR Auction Services, Inc.*   3,829    69,113 
Veritiv Corp.*   510    68,131 
Fiesta Restaurant Group, Inc.*   8,911    66,610 
Wabash National Corp.   4,325    64,183 
PriceSmart, Inc.   774    61,045 
Tupperware Brands Corp.*   3,075    59,809 
Bed Bath & Beyond, Inc.*,1   2,440    54,973 
Bloomin' Brands, Inc.   2,407    52,810 
Caleres, Inc.   2,541    49,118 
La-Z-Boy, Inc.   1,752    46,200 
Universal Electronics, Inc.*   1,374    42,924 
Standard Motor Products, Inc.   966    41,673 
Brinker International, Inc.*   1,091    41,633 
El Pollo Loco Holdings, Inc.*   3,419    39,729 
Zumiez, Inc.*   849    32,440 
Total Consumer, Cyclical        3,546,508 
Financial - 22.2%          
United Fire Group, Inc.   6,603    205,155 
Realogy Holdings Corp.*   10,968    171,978 
StoneX Group, Inc.*   2,267    168,280 
Genworth Financial, Inc. — Class A*   43,927    166,044 
SiriusPoint Ltd.*   22,155    165,719 
GEO Group, Inc. REIT*   23,162    153,101 
Universal Insurance Holdings, Inc.   10,923    147,351 
American Equity Investment Life Holding Co.   3,367    134,377 
Mr Cooper Group, Inc.*   2,880    131,530 
EZCORP, Inc. — Class A*   19,179    115,841 
ProAssurance Corp.   4,095    110,074 
Horace Mann Educators Corp.   2,549   106,625 
Employers Holdings, Inc.   2,179    89,383 
Safety Insurance Group, Inc.   834    75,769 
Heritage Financial Corp.   2,738    68,614 
Hope Bancorp, Inc.   4,169    67,037 
Ready Capital Corp. REIT   4,264    64,216 
PennyMac Mortgage Investment Trust REIT   3,556    60,061 
Diversified Healthcare Trust REIT   18,600    59,520 
Two Harbors Investment Corp. REIT   10,643    58,855 
New York Mortgage Trust, Inc. REIT   15,089    55,075 
Apollo Commercial Real Estate Finance, Inc. REIT   3,917    54,564 
Franklin Street Properties Corp. REIT   9,172    54,115 
First Financial Bancorp   2,305    53,130 
Renasant Corp.   1,548    51,781 
Allegiance Bancshares, Inc.   1,148    51,293 
Granite Point Mortgage Trust, Inc. REIT   4,585    50,985 
S&T Bancorp, Inc.   1,712    50,641 
Franklin BSP Realty Trust, Inc. REIT   3,564    49,824 
ARMOUR Residential, Inc. REIT1   5,702    47,897 
Columbia Banking System, Inc.   1,451    46,824 
Northwest Bancshares, Inc.   3,242    43,799 
Berkshire Hills Bancorp, Inc.   1,499    43,426 
NMI Holdings, Inc. — Class A*   2,077    42,828 
Trustmark Corp.   1,392    42,303 
TrustCo Bank Corporation NY   1,287    41,094 
Office Properties Income Trust REIT   1,567    40,319 
Simmons First National Corp. — Class A   1,468    38,491 
PRA Group, Inc.*   830    37,416 
BankUnited, Inc.   842    37,014 
eHealth, Inc.*   2,584    32,067 
Invesco Mortgage Capital, Inc. REIT   13,954    31,815 
RE/MAX Holdings, Inc. — Class A   1,109    30,753 
Orion Office, Inc. REIT   2,063    28,882 
Total Financial        3,375,866 
Consumer, Non-cyclical - 16.9%          
Kelly Services, Inc. — Class A   10,234    221,976 
Andersons, Inc.   4,283    215,264 
Seneca Foods Corp. — Class A*   3,844    198,120 
SpartanNash Co.   5,983    197,379 
Universal Corp.   3,243    188,321 
Fresh Del Monte Produce, Inc.   6,352    164,580 
Aaron's Company, Inc.   7,054    141,644 
TreeHouse Foods, Inc.*   3,427    110,555 
Perdoceo Education Corp.*   8,784    100,840 
TrueBlue, Inc.*   3,407    98,428 
Strategic Education, Inc.   1,428    94,791 
American Public Education, Inc.*   4,379    93,010 

 

 

 

S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

    Shares    Value 
COMMON STOCKS - 99.5% (continued)          
Consumer, Non-cyclical - 16.9% (continued)          
CoreCivic, Inc.*   8,302   $92,733 
ABM Industries, Inc.   1,954    89,962 
Owens & Minor, Inc.   1,683    74,086 
Quanex Building Products Corp.   3,149    66,098 
Covetrus, Inc.*   3,923    65,867 
Hostess Brands, Inc.*   2,715    59,567 
Select Medical Holdings Corp.   2,301    55,201 
Resources Connection, Inc.   3,034    52,003 
Adtalem Global Education, Inc.*   1,466    43,555 
Central Garden & Pet Co. — Class A*   978    39,883 
Emergent BioSolutions, Inc.*   825    33,874 
Edgewell Personal Care Co.   922    33,810 
Deluxe Corp.   956    28,909 
Central Garden & Pet Co.*   240    10,550 
Total Consumer, Non-cyclical        2,571,006 
Industrial - 14.5%          
Olympic Steel, Inc.   7,873    302,796 
TimkenSteel Corp.*   10,230    223,832 
Sanmina Corp.*   3,723    150,484 
Benchmark Electronics, Inc.   6,000    150,240 
AAR Corp.*   3,025    146,501 
Atlas Air Worldwide Holdings, Inc.*   1,673    144,497 
TTM Technologies, Inc.*   8,614    127,659 
Greenbrier Companies, Inc.   2,449    126,148 
Tredegar Corp.   7,796    93,474 
Powell Industries, Inc.   4,316    83,817 
DXP Enterprises, Inc.*   3,024    81,920 
Moog, Inc. — Class A   883    77,527 
American Woodmark Corp.*   1,415    69,264 
Granite Construction, Inc.   2,103    68,978 
Harsco Corp.*   5,252    64,284 
O-I Glass, Inc.*   4,780    63,001 
Griffon Corp.   2,848    57,046 
Hub Group, Inc. — Class A*   635    49,028 
Matthews International Corp. — Class A   1,498    48,475 
Arcosa, Inc.   703    40,247 
Plexus Corp.*   481    39,351 
Total Industrial        2,208,569 
Energy - 9.5%          
SunCoke Energy, Inc.   22,623    201,571 
PBF Energy, Inc. — Class A*   7,643    186,260 
US Silica Holdings, Inc.*   8,254    154,020 
Helix Energy Solutions Group, Inc.*   27,634    132,090 
Renewable Energy Group, Inc.*   1,812    109,897 
Oil States International, Inc.*   13,880    96,466 
NOW, Inc.*   8,090    89,233 
CONSOL Energy, Inc.*   2,072    77,969 
Bristow Group, Inc.*   1,797    66,633 
Nabors Industries Ltd.*   426    65,059 
ProPetro Holding Corp.*   4,572    63,688 
REX American Resources Corp.*   608    60,557 
Oceaneering International, Inc.*   3,968    60,155 
FutureFuel Corp.   5,441    52,941 
Archrock, Inc.   4,231    39,052 
Total Energy        1,455,591 
Basic Materials - 7.7%          
Mercer International, Inc.   13,257   184,935 
Rayonier Advanced Materials, Inc.*   22,232    146,064 
Unifi, Inc.*   6,814    123,333 
American Vanguard Corp.   5,475    111,252 
Koppers Holdings, Inc.   3,752    103,255 
Trinseo plc   2,064    98,907 
Schweitzer-Mauduit International, Inc.   2,796    76,890 
Sylvamo Corp.*   2,138    71,153 
Clearwater Paper Corp.*   2,279    63,880 
Carpenter Technology Corp.   1,462    61,375 
Glatfelter Corp.   4,383    54,262 
Kaiser Aluminum Corp.   413    38,888 
Arconic Corp.*   1,259    32,256 
Total Basic Materials        1,166,450 
Communications - 3.2%          
Telephone & Data Systems, Inc.   8,257    155,892 
NETGEAR, Inc.*   4,376    108,000 
AMC Networks, Inc. — Class A*   2,547    103,485 
Scholastic Corp.   1,594    64,206 
ATN International, Inc.   1,574    62,771 
Total Communications        494,354 
Technology - 2.2%          
Insight Enterprises, Inc.*   796    85,427 
Photronics, Inc.*   4,112    69,781 
Consensus Cloud Solutions, Inc.*   1,140    68,548 
Loyalty Ventures, Inc.*   3,616    59,773 
Ebix, Inc.   1,743    57,780 
Total Technology        341,309 
Total Common Stocks          
(Cost $12,472,168)        15,159,653 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $60,325    60,325 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   23,235    23,235 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,041    6,041 
Total Repurchase Agreements          
(Cost $89,601)        89,601 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.8%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   122,408    122,408 
Total Securities Lending Collateral          
(Cost $122,408)        122,408 
Total Investments - 100.9%          
(Cost $12,684,177)       $15,371,662 
Other Assets & Liabilities, net - (0.9)%        (138,548)
Total Net Assets - 100.0%       $15,233,114 

 

 

 

S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 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  $15,159,653   $   $   $15,159,653 
Repurchase Agreements       89,601        89,601 
Securities Lending Collateral   122,408            122,408 
Total Assets  $15,282,061   $89,601   $   $15,371,662 

 

 

 

Strengthening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 49.4%          
Guggenheim Ultra Short Duration Fund — Institutional Class1   84,919   $831,353 
Guggenheim Strategy Fund II1   33,486    822,090 
Total Mutual Funds          
(Cost $1,675,508)        1,653,443 
           
    Face
Amount
      
FEDERAL AGENCY NOTES†† - 12.0%          
Freddie Mac          
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  $400,000    400,032 
Total Federal Agency Notes          
(Cost $400,029)        400,032 
           
FEDERAL AGENCY DISCOUNT NOTES†† - 7.5%          
Federal Home Loan Bank          
0.18% due 04/01/222   250,000    250,000 
Total Federal Agency Discount Notes          
(Cost $250,000)        250,000 
           
U.S. TREASURY BILLS†† - 3.2%          
U.S. Treasury Bills          
0.12% due 05/05/222,3  106,000   105,985 
Total U.S. Treasury Bills          
(Cost $105,988)        105,985 
           
REPURCHASE AGREEMENTS††,4 - 24.9%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/225
   560,601    560,601 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/225
   215,918    215,918 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/225
   56,139    56,139 
Total Repurchase Agreements          
(Cost $832,658)        832,658 
Total Investments - 97.0%          
(Cost $3,264,183)       $3,242,118 
Other Assets & Liabilities, net - 3.0%        100,742 
Total Net Assets - 100.0%       $3,342,860 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Currency Futures Contracts Purchased                  
U.S. Dollar Index Futures Contracts   58   Jun 2022  $5,707,780   $(55,423)

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Currency Index Swap Agreements††                         
Goldman Sachs International  ICE U.S. Dollar Index  N/A   N/A  At Maturity  06/17/22   10,451   $1,026,838   $(3,697)

 

** Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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 effective yield at the time of purchase.
3 All or a portion of this security is pledged as futures collateral at March 31, 2022.
4 Repurchase Agreements — See Note 4.
5 All or a portion of this security is pledged as currency index swap collateral at March 31, 2022.

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

Strengthening Dollar 2x Strategy Fund  
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 
Mutual Funds  $1,653,443   $   $   $1,653,443 
Federal Agency Notes       400,032        400,032 
Federal Agency Discount Notes       250,000        250,000 
U.S. Treasury Bills       105,985        105,985 
Repurchase Agreements       832,658        832,658 
Total Assets  $1,653,443   $1,588,675   $   $3,242,118 
                     
Investments in Securities (Liabilities)   Level 1 Quoted Prices     Level 2 Significant Observable Inputs     Level 3 Significant Unobservable Inputs     Total  
Currency Futures Contracts**  $55,423   $   $   $55,423 
Currency Index Swap Agreements**       3,697        3,697 
Total Liabilities  $55,423   $3,697   $   $59,120 

 

**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  $1,056,098   $   $(220,000)  $(3,700)  $(10,308)  $822,090    33,486   $3,578 
  Guggenheim Ultra Short Duration Fund — Institutional Class   1,045,048        (200,000)   (3,444)   (10,251)   831,353    84,919    2,606 
   $2,101,146   $   $(420,000)  $(7,144)  $(20,559)  $1,653,443        $6,184 

 

 

 

Technology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Software - 34.9%
Microsoft Corp.   3,315   $1,022,048 
Oracle Corp.   3,860    319,338 
Adobe, Inc.*   663    302,076 
salesforce.com, Inc.*   1,407    298,734 
Intuit, Inc.   505    242,824 
ServiceNow, Inc.*   385    214,403 
Snowflake, Inc. — Class A*   760    174,139 
Fiserv, Inc.*   1,677    170,048 
Activision Blizzard, Inc.   2,081    166,709 
Fidelity National Information Services, Inc.   1,636    164,287 
Workday, Inc. — Class A*   683    163,551 
Synopsys, Inc.*   458    152,638 
Paychex, Inc.   1,105    150,799 
Datadog, Inc. — Class A*   967    146,471 
VMware, Inc. — Class A   1,253    142,679 
Cadence Design Systems, Inc.*   866    142,422 
Autodesk, Inc.*   657    140,828 
Cloudflare, Inc. — Class A*   1,150    137,655 
Atlassian Corporation plc — Class A*   452    132,811 
Zoom Video Communications, Inc. — Class A*   1,058    124,029 
Electronic Arts, Inc.   977    123,600 
MongoDB, Inc.*   270    119,769 
Twilio, Inc. — Class A*   697    114,873 
Palantir Technologies, Inc. — Class A*   8,348    114,618 
Unity Software, Inc.*   1,129    112,008 
Splunk, Inc.*   742    110,269 
ANSYS, Inc.*   341    108,319 
Citrix Systems, Inc.*   1,062    107,156 
DocuSign, Inc.*   973    104,228 
NetEase, Inc. ADR   1,160    104,040 
Bill.com Holdings, Inc.*   446    101,148 
ZoomInfo Technologies, Inc. — Class A*   1,681    100,423 
HubSpot, Inc.*   203    96,413 
Akamai Technologies, Inc.*   775    92,527 
Tyler Technologies, Inc.*   205    91,202 
SS&C Technologies Holdings, Inc.   1,188    89,124 
Broadridge Financial Solutions, Inc.   568    88,443 
Take-Two Interactive Software, Inc.*   566    87,017 
Jack Henry & Associates, Inc.   404    79,608 
Dynatrace, Inc.*   1,642    77,338 
PTC, Inc.*   665    71,634 
Fair Isaac Corp.*   152    70,902 
RingCentral, Inc. — Class A*   600    70,326 
Ceridian HCM Holding, Inc.*   996    68,087 
Dropbox, Inc. — Class A*   2,766    64,310 
Avalara, Inc.*   639    63,587 
Coupa Software, Inc.*   612    62,198 
Elastic N.V.*   687    61,109 
Five9, Inc.*   541    59,726 
UiPath, Inc. — Class A*   2,717    58,660 
Asana, Inc. — Class A*,1   1,407    56,238 
MicroStrategy, Inc. — Class A*,1   103    50,091 
Digital Turbine, Inc.*   967   42,364 
Fastly, Inc. — Class A*   1,808    31,423 
Total Software        7,361,267 
Semiconductors - 20.4%          
NVIDIA Corp.   2,045    557,999 
Broadcom, Inc.   533    335,620 
Intel Corp.   6,097    302,167 
Texas Instruments, Inc.   1,486    272,651 
QUALCOMM, Inc.   1,770    270,491 
Advanced Micro Devices, Inc.*   2,416    264,166 
Applied Materials, Inc.   1,679    221,292 
Analog Devices, Inc.   1,164    192,270 
Micron Technology, Inc.   2,375    184,989 
Lam Research Corp.   331    177,949 
Marvell Technology, Inc.   2,265    162,423 
Taiwan Semiconductor Manufacturing Company Ltd. ADR   1,535    160,039 
KLA Corp.   418    153,013 
NXP Semiconductor N.V.   803    148,619 
ASML Holding N.V. — Class G   201    134,254 
Microchip Technology, Inc.   1,764    132,547 
ON Semiconductor Corp.*   1,721    107,752 
Monolithic Power Systems, Inc.   209    101,507 
Skyworks Solutions, Inc.   714    95,162 
Teradyne, Inc.   754    89,145 
Entegris, Inc.   635    83,350 
Wolfspeed, Inc.*   706    80,385 
Qorvo, Inc.*   592    73,467 
Total Semiconductors        4,301,257 
Internet - 14.8%          
Alphabet, Inc. — Class A*   322    895,595 
Meta Platforms, Inc. — Class A*   2,347    521,879 
Palo Alto Networks, Inc.*   274    170,568 
Snap, Inc. — Class A*   4,481    161,271 
Sea Ltd. ADR*   1,302    155,966 
Shopify, Inc. — Class A*   215    145,331 
Match Group, Inc.*   1,123    122,115 
Twitter, Inc.*   3,101    119,978 
Baidu, Inc. ADR*   866    114,572 
VeriSign, Inc.*   478    106,336 
CDW Corp.   578    103,398 
Okta, Inc.*   643    97,067 
NortonLifeLock, Inc.   3,375    89,505 
Pinterest, Inc. — Class A*   3,347    82,370 
Zendesk, Inc.*   677    81,436 
GoDaddy, Inc. — Class A*   961    80,436 
F5, Inc.*   361    75,431 
Total Internet        3,123,254 
Computers - 13.7%          
Apple, Inc.   6,636    1,158,712 
International Business Machines Corp.   1,748    227,275 
Accenture plc — Class A   574    193,570 
Crowdstrike Holdings, Inc. — Class A*   720    163,498 
Fortinet, Inc.*   472    161,301 
Cognizant Technology Solutions Corp. — Class A   1,575    141,230 
HP, Inc.   3,560    129,228 
Zscaler, Inc.*   529    127,637 

 

 

 

Technology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

  

    Shares    Value 
COMMON STOCKS - 99.5% (continued)          
Computers - 13.7% (continued)          
Dell Technologies, Inc. — Class C   2,537   $127,332 
Infosys Ltd. ADR   4,245    105,658 
Check Point Software Technologies Ltd.*   730    100,930 
Seagate Technology Holdings plc   1,010    90,799 
NetApp, Inc.   1,046    86,818 
Western Digital Corp.*   1,632    81,029 
Total Computers        2,895,017 
Commercial Services - 4.4%          
PayPal Holdings, Inc.*   2,097    242,518 
Automatic Data Processing, Inc.   923    210,020 
Block, Inc. — Class A*   1,383    187,535 
Global Payments, Inc.   935    127,945 
FleetCor Technologies, Inc.*   371    92,401 
Marathon Digital Holdings, Inc.*,1   1,302    36,391 
Riot Blockchain, Inc.*,1   1,681    35,587 
Total Commercial Services        932,397 
Diversified Financial Services - 4.1%          
Visa, Inc. — Class A   2,085    462,390 
Mastercard, Inc. — Class A   1,089    389,187 
Total Diversified Financial Services        851,577 
Telecommunications - 3.1%          
Cisco Systems, Inc.   5,732    319,616 
Arista Networks, Inc.*   1,020    141,760 
Corning, Inc.   3,139    115,861 
Juniper Networks, Inc.   2,039    75,769 
Total Telecommunications        653,006 
Electronics - 1.7%          
Amphenol Corp. — Class A   1,843    138,870 
TE Connectivity Ltd.   1,018    133,338 
Trimble, Inc.*   1,241    89,526 
Total Electronics        361,734 
Energy-Alternate Sources - 1.3%          
Enphase Energy, Inc.*   551    111,181 
SolarEdge Technologies, Inc.*   308   99,290 
First Solar, Inc.*   756    63,307 
Total Energy-Alternate Sources        273,778 
Advertising - 0.6%          
Trade Desk, Inc. — Class A*   1,772    122,711 
Office & Business Equipment - 0.5%          
Zebra Technologies Corp. — Class A*   235    97,219 
Total Common Stocks          
(Cost $7,597,140)        20,973,217 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.8%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $114,019    114,019 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   43,915    43,915 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   11,418    11,418 
Total Repurchase Agreements          
(Cost $169,352)        169,352 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.6%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   116,484    116,484 
Total Securities Lending Collateral          
(Cost $116,484)        116,484 
Total Investments - 100.9%          
(Cost $7,882,976)       $21,259,053 
Other Assets & Liabilities, net - (0.9)%        (182,749)
Total Net Assets - 100.0%       $21,076,304 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

 

 

Technology Fund  
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  $20,973,217   $   $   $20,973,217 
Repurchase Agreements       169,352        169,352 
Securities Lending Collateral   116,484            116,484 
Total Assets  $21,089,701   $169,352   $   $21,259,053 

 

 

 

Telecommunications Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS- 99.6%
Telecommunications - 67.2%
Verizon Communications, Inc.   4,315   $219,806 
AT&T, Inc.   8,428    199,154 
Cisco Systems, Inc.   3,454    192,595 
T-Mobile US, Inc.*   1,496    192,012 
Arista Networks, Inc.*   748    103,957 
Motorola Solutions, Inc.   413    100,029 
Ubiquiti, Inc.   227    66,093 
Juniper Networks, Inc.   1,484    55,145 
Lumen Technologies, Inc.   4,672    52,653 
Ciena Corp.*   771    46,746 
Frontier Communications Parent, Inc.*   1,420    39,291 
Vonage Holdings Corp.*   1,711    34,716 
Iridium Communications, Inc.*   843    33,990 
BCE, Inc.   523    29,006 
Viavi Solutions, Inc.*   1,801    28,960 
Vodafone Group plc ADR1   1,706    28,354 
America Movil SAB de CV — Class L ADR   1,324    28,003 
Viasat, Inc.*   568    27,718 
Nice Ltd. ADR*   124    27,156 
TELUS Corp.   960    25,094 
Rogers Communications, Inc. — Class B   434    24,630 
Calix, Inc.*   558    23,944 
Plantronics, Inc.*   598    23,561 
Gogo, Inc.*   1,206    22,986 
Telephone & Data Systems, Inc.   1,180    22,278 
EchoStar Corp. — Class A*   876    21,322 
InterDigital, Inc.   330    21,054 
Extreme Networks, Inc.*   1,589    19,402 
CommScope Holding Company, Inc.*   2,334    18,392 
NETGEAR, Inc.*   520    12,834 
Total Telecommunications        1,740,881 
Media - 23.8%          
Comcast Corp. — Class A   4,505    210,924 
Charter Communications, Inc. — Class A*   256    139,653 
Liberty Broadband Corp. — Class C*   523    70,772 
DISH Network Corp. — Class A*   1,952    61,781 
Cable One, Inc.   31    45,391 
Altice USA, Inc. — Class A*   3,019    37,677 
Liberty Global plc — Class C*   1,094   28,346 
Liberty Latin America Ltd. — Class C*   2,315    22,201 
Total Media        616,745 
Internet - 5.6%          
Roku, Inc.*   491    61,507 
F5, Inc.*   265    55,372 
Cogent Communications Holdings, Inc.   419    27,801 
Total Internet        144,680 
Computers - 2.5%          
Lumentum Holdings, Inc.*   421    41,089 
NetScout Systems, Inc.*   724    23,226 
Total Computers        64,315 
Software - 0.5%          
Bandwidth, Inc. — Class A*   430    13,928 
Total Common Stocks          
(Cost $1,805,192)        2,580,549 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $10,289    10,289 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   3,963    3,963 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   1,030    1,030 
Total Repurchase Agreements          
(Cost $15,282)        15,282 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.9%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   22,063    22,063 
Total Securities Lending Collateral          
(Cost $22,063)        22,063 
Total Investments - 101.1%          
(Cost $1,842,537)       $2,617,894 
Other Assets & Liabilities, net - (1.1)%        (28,911)
Total Net Assets - 100.0%       $2,588,983 

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

plc — Public Limited Company

 

See Sector Classification in Other Information section.

 

 

 

Telecommunications Fund  
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  $2,580,549   $   $   $2,580,549 
Repurchase Agreements       15,282        15,282 
Securities Lending Collateral   22,063            22,063 
Total Assets  $2,602,612   $15,282   $   $2,617,894 

 

 

 

 

Transportation Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 99.3%
Transportation - 38.7%
United Parcel Service, Inc. — Class B   1,694   $363,295 
Union Pacific Corp.   1,151    314,465 
CSX Corp.   6,650    249,043 
Norfolk Southern Corp.   800    228,176 
FedEx Corp.   914    211,490 
Old Dominion Freight Line, Inc.   502    149,937 
J.B. Hunt Transport Services, Inc.   571    114,651 
Expeditors International of Washington, Inc.   1,081    111,516 
CH Robinson Worldwide, Inc.   952    102,540 
Canadian Pacific Railway Ltd.   1,172    96,737 
Canadian National Railway Co.   623    83,569 
XPO Logistics, Inc.*   1,034    75,275 
Knight-Swift Transportation Holdings, Inc.   1,436    72,461 
ZTO Express Cayman, Inc. ADR   2,891    72,275 
ZIM Integrated Shipping Services Ltd.   868    63,112 
Landstar System, Inc.   411    61,991 
Saia, Inc.*   254    61,930 
Matson, Inc.   509    61,396 
Kirby Corp.*   812    58,618 
Ryder System, Inc.   682    54,103 
Atlas Air Worldwide Holdings, Inc.*   510    44,049 
Werner Enterprises, Inc.   1,033    42,353 
ArcBest Corp.   437    35,179 
Total Transportation        2,728,161 
Auto Manufacturers - 26.2%          
Tesla, Inc.*   935    1,007,556 
General Motors Co.*   4,867    212,883 
Lucid Group, Inc.*,1   6,961    176,809 
NIO, Inc. ADR*   4,600    96,830 
Li Auto, Inc. ADR*   3,145    81,173 
Ferrari N.V.   351    76,550 
Toyota Motor Corp. ADR1   405    73,001 
Stellantis N.V.   4,245    69,066 
Fisker, Inc.*,1   4,206    54,257 
Total Auto Manufacturers        1,848,125 
Auto Parts & Equipment - 11.3%          
Aptiv plc*   876    104,866 
BorgWarner, Inc.   2,116    82,312 
Magna International, Inc.   1,216    78,201 
Lear Corp.   529    75,430 
Gentex Corp.   2,418    70,533 
Autoliv, Inc.   910    69,560 
Luminar Technologies, Inc.*,1   4,191    65,505 
Fox Factory Holding Corp.*   547    53,579 
Adient plc*   1,310    53,409 
Goodyear Tire & Rubber Co.*   3,728    53,273 
Visteon Corp.*   413    45,071 
Dana, Inc.   2,371    41,659 
Total Auto Parts & Equipment        793,398 
Airlines - 11.1%          
Southwest Airlines Co.*   3,158   144,636 
Delta Air Lines, Inc.*   3,489    138,060 
United Airlines Holdings, Inc.*   2,329    107,972 
American Airlines Group, Inc.*   5,265    96,086 
Alaska Air Group, Inc.*   1,273    73,847 
Copa Holdings S.A. — Class A*   882    73,771 
JetBlue Airways Corp.*   3,916    58,544 
Allegiant Travel Co. — Class A*   286    46,444 
Spirit Airlines, Inc.*   1,849    40,438 
Total Airlines        779,798 
Commercial Services - 4.7%          
AMERCO   152    90,735 
Avis Budget Group, Inc.*   342    90,049 
Hertz Global Holdings, Inc.*   3,570    79,075 
GXO Logistics, Inc.*   1,036    73,908 
Total Commercial Services        333,767 
Internet - 4.6%          
Uber Technologies, Inc.*   6,384    227,781 
Lyft, Inc. — Class A*   2,543    97,651 
Total Internet        325,432 
Home Builders - 1.8%          
Thor Industries, Inc.   699    55,011 
LCI Industries   391    40,590 
Winnebago Industries, Inc.   640    34,579 
Total Home Builders        130,180 
Leisure Time - 0.9%          
Harley-Davidson, Inc.   1,673    65,916 
Total Common Stocks          
(Cost $3,794,278)        7,004,777 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.5%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $22,023    22,023 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   8,482    8,482 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   2,206    2,206 
Total Repurchase Agreements          
(Cost $32,711)        32,711 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 4.0%          
Money Market Fund          
First American Government Obligations Fund — Class Z, 0.15%4   281,025    281,025 
Total Securities Lending Collateral          
(Cost $281,025)        281,025 
Total Investments - 103.8%          
(Cost $4,108,014)       $7,318,513 
Other Assets & Liabilities, net - (3.8)%        (267,731)
Total Net Assets - 100.0%       $7,050,782 

 

 

 

 

Transportation Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

* 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 on loan at March 31, 2022 — See Note 5.
2 Repurchase Agreements — See Note 4.
3 Securities lending collateral — See Note 5.
4 Rate indicated is the 7-day yield as of March 31, 2022.

 

ADR — American Depositary Receipt

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  $7,004,777   $   $   $7,004,777 
Repurchase Agreements       32,711        32,711 
Securities Lending Collateral   281,025            281,025 
Total Assets  $7,285,802   $32,711   $   $7,318,513 

 

 

 

Utilities Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
COMMON STOCKS - 100.0%
Electric - 84.3%
NextEra Energy, Inc.   14,166   $1,200,002 
Duke Energy Corp.   7,875    879,323 
Southern Co.   11,470    831,690 
Dominion Energy, Inc.   9,246    785,633 
Sempra Energy   4,175    701,901 
American Electric Power Company, Inc.   6,747    673,148 
Exelon Corp.   13,892    661,676 
Xcel Energy, Inc.   8,226    593,670 
Public Service Enterprise Group, Inc.   7,923    554,610 
Consolidated Edison, Inc.   5,816    550,659 
WEC Energy Group, Inc.   5,320    530,989 
Eversource Energy   5,903    520,586 
Edison International   6,971    488,667 
FirstEnergy Corp.   10,542    483,456 
DTE Energy Co.   3,588    474,369 
Ameren Corp.   4,980    466,925 
Entergy Corp.   3,962    462,564 
PG&E Corp.*   37,064    442,544 
PPL Corp.   15,280    436,397 
CMS Energy Corp.   6,119    427,963 
CenterPoint Energy, Inc.   13,608    416,949 
Constellation Energy Corp.   7,319    411,694 
AES Corp.   15,707    404,141 
Avangrid, Inc.   8,562    400,188 
Evergy, Inc.   5,467    373,615 
Alliant Energy Corp.   5,932    370,631 
Vistra Corp.   12,913    300,227 
Pinnacle West Capital Corp.   3,592    280,535 
NRG Energy, Inc.   7,216    276,806 
OGE Energy Corp.   6,618    269,882 
IDACORP, Inc.   1,970    227,259 
Black Hills Corp.   2,788    214,732 
Portland General Electric Co.   3,746    206,592 
Ormat Technologies, Inc.   2,464    201,629 
Hawaiian Electric Industries, Inc.   4,714    199,449 
PNM Resources, Inc.   3,997    190,537 
Avista Corp.   3,694   166,784 
Total Electric        17,078,422 
Gas - 10.7%          
Atmos Energy Corp.   3,167    378,425 
NiSource, Inc.   10,652    338,734 
UGI Corp.   7,017    254,156 
National Fuel Gas Co.   3,375    231,862 
ONE Gas, Inc.   2,360    208,246 
New Jersey Resources Corp.   4,320    198,115 
Southwest Gas Holdings, Inc.   2,522    197,447 
South Jersey Industries, Inc.   5,347    184,739 
Spire, Inc.   2,572    184,567 
Total Gas        2,176,291 
Water - 4.3%          
American Water Works Company, Inc.   3,142    520,095 
Essential Utilities, Inc.   6,753    345,281 
Total Water        865,376 
Energy-Alternate Sources - 0.7%          
Sunnova Energy International, Inc.*   6,206    143,110 
Total Common Stocks          
(Cost $12,386,936)        20,263,199 
           
    Face
Amount
    Value 
REPURCHASE AGREEMENTS††,1 - 0.5%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/22
  $68,479    68,479 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/22
   26,375    26,375 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/22
   6,858    6,858 
Total Repurchase Agreements          
(Cost $101,712)        101,712 
Total Investments - 100.5%          
(Cost $12,488,648)       $20,364,911 
Other Assets & Liabilities, net - (0.5)%        (104,497)
Total Net Assets - 100.0%       $20,260,414 

 

* 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 Repurchase Agreements — See Note 4.

 

See Sector Classification in Other Information section.

 

 

 

Utilities Fund  
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  $20,263,199   $   $   $20,263,199 
Repurchase Agreements       101,712        101,712 
Total Assets  $20,263,199   $101,712   $   $20,364,911 

 

 

 

Weakening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2022
   

 

   Shares   Value 
MUTUAL FUNDS - 43.6%          
Guggenheim Ultra Short Duration Fund — Institutional Class1   10,433   $102,138 
Guggenheim Strategy Fund II1   3,815    93,651 
Total Mutual Funds          
(Cost $197,500)        195,789 
           
    Face
Amount
      
FEDERAL AGENCY NOTES†† - 22.2%          
Freddie Mac          
0.43% (SOFR + 0.16%, Rate Floor: 0.00%) due 04/18/22  $50,000    50,004 
Federal Farm Credit Bank          
0.25% due 04/06/22   50,000    49,999 
Total Federal Agency Notes          
(Cost $100,004)        100,003 
           
U.S. TREASURY BILLS†† - 2.7%          
U.S. Treasury Bills          
0.12% due 05/05/222,3  12,000   11,998 
Total U.S. Treasury Bills          
(Cost $11,999)        11,998 
           
REPURCHASE AGREEMENTS††,4 - 32.6%          
J.P. Morgan Securities LLC
issued 03/31/22 at 0.28%
due 04/01/225
   98,525    98,525 
BofA Securities, Inc.
issued 03/31/22 at 0.25%
due 04/01/225
   37,947    37,947 
Barclays Capital, Inc.
issued 03/31/22 at 0.24%
due 04/01/225
   9,866    9,866 
Total Repurchase Agreements          
(Cost $146,338)        146,338 
Total Investments - 101.1%          
(Cost $455,841)       $454,128 
Other Assets & Liabilities, net - (1.1)%        (4,879)
Total Net Assets - 100.0%       $449,249 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Currency Futures Contracts Sold Short                  
U.S. Dollar Index Futures Contracts   7   Jun 2022  $688,870   $6,084 

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Currency Index Swap Agreements Sold Short††                  
Goldman Sachs International  ICE U.S. Dollar Index  N/A   N/A  At Maturity  06/17/22   2,100   $206,293   $648 

 

** Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 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 All or a portion of this security is pledged as futures collateral at March 31, 2022.
3 Rate indicated is the effective yield at the time of purchase.
4 Repurchase Agreements — See Note 4.
5 All or a portion of this security is pledged as currency index swap collateral at March 31, 2022.

 

SOFR — Secured Overnight Financing Rate

 

See Sector Classification in Other Information section.

 

 

 

Weakening Dollar 2x Strategy Fund  
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 
Mutual Funds  $195,789   $   $   $195,789 
Federal Agency Notes       100,003        100,003 
U.S. Treasury Bills       11,998        11,998 
Repurchase Agreements       146,338        146,338 
Currency Futures Contracts**   6,084            6,084 
Currency Index Swap Agreements**       648        648 
Total Assets  $201,873   $258,987   $   $460,860 

 

**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  $180,496   $   $(85,000)  $(655)  $(1,190)  $93,651    3,815   $496 
  Guggenheim Ultra Short Duration Fund — Institutional Class   180,052        (76,000)   (635)   (1,279)   102,138    10,433    381 
   $360,548   $   $(161,000)  $(1,290)  $(2,469)  $195,789        $877 

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies

 

Organization

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

 

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

 

Fund Name Investment Company Type
Banking Fund Diversified
Basic Materials Fund Diversified
Biotechnology Fund Non-Diversified
Commodities Strategy Fund Non-Diversified
Consumer Products Fund Diversified
Dow 2x Strategy Fund Non-Diversified
Electronics Fund Non-Diversified
Energy Fund Diversified
Energy Services Fund Non-Diversified
Europe 1.25x Strategy Fund Non-Diversified
Financial Services Fund Diversified
Global Managed Futures Strategy Fund Diversified
Government Long Bond 1.2x Strategy Fund Diversified
Health Care Fund Diversified
High Yield Strategy Fund Non-Diversified
Internet Fund Diversified
Inverse Dow 2x Strategy Fund Non-Diversified
Inverse Government Long Bond Strategy Fund Diversified
Inverse Mid-Cap Strategy Fund Non-Diversified
Inverse NASDAQ-100® Strategy Fund Non-Diversified
Inverse Russell 2000® Strategy Fund Non-Diversified
Inverse S&P 500® Strategy Fund Non-Diversified
Japan 2x Strategy Fund Non-Diversified
Leisure Fund Diversified
Long Short Equity Fund Non-Diversified
Mid-Cap 1.5x Strategy Fund Non-Diversified
Multi-Hedge Strategies Fund Diversified
NASDAQ-100® 2x Strategy Fund Non-Diversified
NASDAQ-100® Fund Non-Diversified
Nova Fund Non-Diversified
Precious Metals Fund Non-Diversified
Real Estate Fund Diversified
Retailing Fund Diversified
Russell 2000® 1.5x Strategy Fund Non-Diversified
Russell 2000® 2x Strategy Fund Non-Diversified
S&P 500® 2x Strategy Fund Non-Diversified
S&P 500® Pure Growth Fund Non-Diversified
S&P 500® Pure Value Fund Non-Diversified
S&P MidCap 400® Pure Growth Fund Non-Diversified
S&P MidCap 400® Pure Value Fund Non-Diversified
S&P SmallCap 600® Pure Growth Fund Non-Diversified
S&P SmallCap 600® Pure Value Fund Non-Diversified
Strengthening Dollar 2x Strategy Fund Non-Diversified
Technology Fund Diversified
Telecommunications Fund Non-Diversified
Transportation Fund Diversified
Utilities Fund Diversified
Weakening Dollar 2x Strategy Fund Non-Diversified

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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

 

Consolidation of Subsidiary

 

Each of the consolidated schedules of investments of the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy Fund includes the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Funds.

 

Each Fund of the above mentioned Funds may invest up to 25% of its total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investments consistent with the Funds’ investment objectives and policies.

 

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.

 

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 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, the Board has authorized the Valuation Committee and Guggenheim Investments ("GI") 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.

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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.

 

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

 

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 currency index 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 broker quote.

 

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.

 

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.

 

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.

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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.

 

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.

 

Liquidity: the ability to buy or sell exposure with little price/market impact.

 

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.

 

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 over-the-counter ("OTC") swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearing house, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

 

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

 

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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

 

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.

 

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

 

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

 

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 are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

 

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

 

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:

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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.

 

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 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies.  The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

 

At March 31, 2022, the repurchase agreements in the joint account were as follows:

 

Counterparty and Terms of Agreement  Face Value   Repurchase Price   Collateral  Par Value   Fair Value 
J.P. Morgan Securities LLC        U.S. Treasury Note          
0.28%            0.13%          
Due 04/01/22  $51,705,541   $51,705,943   Due 07/15/23  $53,627,600   $52,378,398 
                        
             U.S. Treasury Bond          
             2.50%          
             Due 05/15/46   364,800    361,268 
                 53,992,400    52,739,666 
                        
                        
BofA Securities, Inc.            U.S. Treasury Note          
0.25%            2.13%          
Due 04/01/22   19,914,666    19,914,804   Due 09/30/24   20,493,200    20,312,983 
                        
                        
Barclays Capital, Inc.            U.S. Treasury Inflation Indexed Bond      
0.24%            0.13%          
Due 04/01/22   5,177,813    5,177,848   Due 01/15/30   4,998,988    5,281,373 

 

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the credit worthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

 

Note 5 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class Z. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

At March 31, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

 

Fund  Value of
Securities Loaned
   Collateral Received 
Banking Fund  $87,806   $91,187 
Basic Materials Fund   273,080    280,774 
Biotechnology Fund   165,748    173,678 
Consumer Products Fund   90,150    94,188 
Electronics Fund   61,454    61,512 
Energy Fund   212,394    212,592 
Europe 1.25x Strategy Fund   19,696    20,440 
Financial Services Fund   46,957    49,690 
Health Care Fund   128,545    133,206 
High Yield Strategy Fund   806,499    825,939 
Internet Fund   55,239    60,584 
Leisure Fund   215,340    225,217 
Mid-Cap 1.5x Strategy Fund   12,721    13,425 
Multi-Hedge Strategies Fund   65,086    66,418 
NASDAQ-100® 2x Strategy Fund   132,702    141,582 
NASDAQ-100® Fund   244,897    261,284 
Nova Fund   4,211    4,286 
Precious Metals Fund   610,883    629,123 
Retailing Fund   56,811    60,705 
Russell 2000® 1.5x Strategy Fund   519,800    537,023 
Russell 2000® 2x Strategy Fund   211,513    218,455 
S&P 500® 2x Strategy Fund   3,624    3,694 
S&P 500® Pure Value Fund   71,545    75,364 
S&P MidCap 400® Pure Growth Fund   302,452    318,222 
S&P SmallCap 600® Pure Growth Fund   17,220    17,275 
S&P SmallCap 600® Pure Value Fund   116,297    122,408 
Technology Fund   109,411    116,484 
Telecommunications Fund   21,257    22,063 
Transportation Fund   266,762    281,025 
           

 

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

 

Note 6 – 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 ("IRS") for a period of three years after they are filed.

 

The Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in the respective Subsidiary which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. The Funds have received a private letter ruling from the IRS that concludes that the income the Funds receive from the Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. The Subsidiary will be classified as a corporation for U.S. federal income tax purposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. If, during a taxable year, theSubsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)                            

 

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) 
Banking Fund  $4,034,303   $1,858,148   $(23,390)  $1,834,758 
Basic Materials Fund   9,637,502    4,535,113    (25,514)   4,509,599 
Biotechnology Fund   10,509,025    7,901,888    (1,271,214)   6,630,674 
Commodities Strategy Fund   20,771,218    26    (469,634)   (469,608)
Consumer Products Fund   6,546,575    5,720,599    (34,903)   5,685,696 
Dow 2x Strategy Fund   14,245,562    1,665,637    (49,733)   1,615,904 
Electronics Fund   3,857,617    7,937,136    (31,447)   7,905,689 
Energy Fund   39,220,356    13,494,884    (6,480)   13,488,404 
Energy Services Fund   12,305,171    1,713,071    (32,740)   1,680,331 
Europe 1.25x Strategy Fund   1,633,457    157,141    (18,608)   138,533 
Financial Services Fund   12,755,413    5,137,032    (111,858)   5,025,174 
Global Managed Futures Strategy Fund   14,391,150    791,785    (399,380)   392,405 
Government Long Bond 1.2x Strategy Fund   12,557,004        (656,053)   (656,053)
Health Care Fund   9,750,615    10,588,153    (374,007)   10,214,146 
High Yield Strategy Fund   6,276,119    32,607    (185,326)   (152,719)
Internet Fund   4,387,652    2,971,774    (565,707)   2,406,067 
Inverse Dow 2x Strategy Fund   1,288,438        (35,939)   (35,939)
Inverse Government Long Bond Strategy Fund   21,455,052    769    (41,619)   (40,850)
Inverse Mid-Cap Strategy Fund   230,675        (5,513)   (5,513)
Inverse NASDAQ-100® Strategy Fund   2,680,490    7,846    (83,905)   (76,059)
Inverse Russell 2000® Strategy Fund   888,241    3,193    (8,613)   (5,420)
Inverse S&P 500® Strategy Fund   3,757,209    23,779    (71,884)   (48,105)
Japan 2x Strategy Fund   1,347,600    257,945    (26,876)   231,069 
Leisure Fund   3,690,975    1,670,207    (64,859)   1,605,348 
Long Short Equity Fund   22,444,786    3,300,480    (1,459,583)   1,840,897 
Mid-Cap 1.5x Strategy Fund   6,044,890    423,088    (6,480)   416,608 
Multi-Hedge Strategies Fund   39,385,112    3,991,526    (2,360,950)   1,630,576 
NASDAQ-100® 2x Strategy Fund   77,740,039    2,191,681    (646,693)   1,544,988 
NASDAQ-100® Fund   85,436,213    29,110,732    (783,199)   28,327,533 
Nova Fund   48,828,766    1,958,703    (107,257)   1,851,446 
Precious Metals Fund   17,460,258    10,364,039    (168,426)   10,195,613 
Real Estate Fund   9,433,960    3,737,330    (142,032)   3,595,298 
Retailing Fund   2,480,601    1,352,814    (112,156)   1,240,658 
Russell 2000® 1.5x Strategy Fund   5,175,571    112,227    (271,440)   (159,213)
Russell 2000® 2x Strategy Fund   1,803,588    110,821    (45,634)   65,187 
S&P 500® 2x Strategy Fund   59,742,740    2,386,926    (437,449)   1,949,477 
S&P 500® Pure Growth Fund   28,003,883    8,740,813    (2,052,223)   6,688,590 
S&P 500® Pure Value Fund   38,032,933    7,172,561    (171,210)   7,001,351 
S&P MidCap 400® Pure Growth Fund   10,555,780    1,307,380    (748,616)   558,764 
S&P MidCap 400® Pure Value Fund   11,111,544    1,952,049    (217,581)   1,734,468 
S&P SmallCap 600® Pure Growth Fund   10,181,548    1,398,891    (1,128,272)   270,619 
S&P SmallCap 600® Pure Value Fund   14,326,348    1,614,845    (569,531)   1,045,314 
Strengthening Dollar 2x Strategy Fund   3,264,183    3    (81,188)   (81,185)
Technology Fund   8,951,985    12,731,210    (424,142)   12,307,068 
Telecommunications Fund   2,323,187    465,667    (170,960)   294,707 
Transportation Fund   4,677,378    2,664,665    (23,530)   2,641,135 
Utilities Fund   13,817,455    6,571,413    (23,957)   6,547,456 
Weakening Dollar 2x Strategy Fund   455841    6732    -1713    5019 

 

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.