Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Banks - 91.8% | ||||||||
Wells Fargo & Co. | 3,056 | $ | 122,912 | |||||
JPMorgan Chase & Co. | 1,158 | 121,011 | ||||||
Bank of America Corp. | 3,965 | 119,743 | ||||||
Citigroup, Inc. | 2,309 | 96,216 | ||||||
PNC Financial Services Group, Inc. | 589 | 88,008 | ||||||
Truist Financial Corp. | 1,951 | 84,947 | ||||||
U.S. Bancorp | 2,082 | 83,946 | ||||||
M&T Bank Corp. | 361 | 63,652 | ||||||
Bank of New York Mellon Corp. | 1,593 | 61,362 | ||||||
First Republic Bank | 403 | 52,612 | ||||||
Fifth Third Bancorp | 1,636 | 52,287 | ||||||
State Street Corp. | 836 | 50,837 | ||||||
Huntington Bancshares, Inc. | 3,771 | 49,702 | ||||||
Regions Financial Corp. | 2,418 | 48,529 | ||||||
SVB Financial Group* | 139 | 46,673 | ||||||
Northern Trust Corp. | 541 | 46,288 | ||||||
Citizens Financial Group, Inc. | 1,342 | 46,111 | ||||||
First Citizens BancShares, Inc. — Class A | 57 | 45,454 | ||||||
KeyCorp | 2,638 | 42,261 | ||||||
First Horizon Corp. | 1,791 | 41,014 | ||||||
ICICI Bank Ltd. ADR | 1,832 | 38,417 | ||||||
Toronto-Dominion Bank | 622 | 38,147 | ||||||
HDFC Bank Ltd. ADR | 624 | 36,454 | ||||||
Royal Bank of Canada | 396 | 35,656 | ||||||
East West Bancorp, Inc. | 510 | 34,241 | ||||||
Popular, Inc. | 469 | 33,796 | ||||||
Cullen/Frost Bankers, Inc. | 251 | 33,187 | ||||||
Signature Bank | 219 | 33,069 | ||||||
Comerica, Inc. | 464 | 32,990 | ||||||
Bank of Montreal | 376 | 32,953 | ||||||
Bank of Nova Scotia | 679 | 32,300 | ||||||
Commerce Bancshares, Inc. | 485 | 32,088 | ||||||
Webster Financial Corp. | 709 | 32,047 | ||||||
HSBC Holdings plc ADR | 1,211 | 31,571 | ||||||
Canadian Imperial Bank of Commerce | 720 | 31,507 | ||||||
UBS Group AG | 2,144 | 31,109 | ||||||
Zions Bancorp North America | 597 | 30,363 | ||||||
Pinnacle Financial Partners, Inc. | 357 | 28,953 | ||||||
Western Alliance Bancorporation | 439 | 28,860 | ||||||
BOK Financial Corp. | 322 | 28,613 | ||||||
First Financial Bankshares, Inc. | 679 | 28,403 | ||||||
SouthState Corp. | 357 | 28,246 | ||||||
Prosperity Bancshares, Inc. | 423 | 28,206 | ||||||
Glacier Bancorp, Inc. | 546 | 26,825 | ||||||
First Interstate BancSystem, Inc. — Class A | 661 | 26,671 | ||||||
Valley National Bancorp | 2,429 | 26,233 | ||||||
Synovus Financial Corp. | 699 | 26,219 | ||||||
United Bankshares, Inc. | 714 | 25,525 | ||||||
Old National Bancorp | 1,546 | 25,463 | ||||||
Wintrust Financial Corp. | 311 | 25,362 | ||||||
Cadence Bank | 986 | 25,054 | ||||||
Home BancShares, Inc. | 1,099 | 24,738 | ||||||
Bank OZK | 623 | 24,646 | ||||||
ServisFirst Bancshares, Inc. | 298 | 23,840 | ||||||
FNB Corp. | 2,008 | 23,293 | ||||||
UMB Financial Corp. | 273 | 23,011 | ||||||
Hancock Whitney Corp. | 489 | 22,401 | ||||||
United Community Banks, Inc. | 666 | 22,045 | ||||||
CVB Financial Corp. | 868 | 21,978 | ||||||
Umpqua Holdings Corp. | 1,286 | 21,978 | ||||||
Eastern Bankshares, Inc. | 1,102 | 21,643 | ||||||
Independent Bank Corp. | 285 | 21,241 | ||||||
Community Bank System, Inc. | 338 | 20,307 | ||||||
Bank of Hawaii Corp. | 266 | 20,248 | ||||||
Associated Banc-Corp. | 1,006 | 20,200 | ||||||
First Hawaiian, Inc. | 820 | 20,197 | ||||||
Ameris Bancorp | 451 | 20,164 | ||||||
Texas Capital Bancshares, Inc.* | 337 | 19,893 | ||||||
Cathay General Bancorp | 495 | 19,038 | ||||||
Simmons First National Corp. — Class A | 864 | 18,827 | ||||||
Fulton Financial Corp. | 1,191 | 18,818 | ||||||
BankUnited, Inc. | 536 | 18,315 | ||||||
PacWest Bancorp | 779 | 17,605 | ||||||
Columbia Banking System, Inc. | 594 | 17,161 | ||||||
Atlantic Union Bankshares Corp. | 553 | 16,800 | ||||||
Silvergate Capital Corp. — Class A* | 214 | 16,125 | ||||||
Hilltop Holdings, Inc. | 577 | 14,338 | ||||||
Triumph Bancorp, Inc.* | 234 | 12,718 | ||||||
Customers Bancorp, Inc.* | 364 | 10,731 | ||||||
Total Banks | 2,864,392 | |||||||
Diversified Financial Services - 3.8% | ||||||||
Capital One Financial Corp. | 702 | 64,704 | ||||||
Apollo Global Management, Inc. | 1,168 | 54,312 | ||||||
Total Diversified Financial Services | 119,016 | |||||||
Insurance - 2.5% | ||||||||
Equitable Holdings, Inc. | 1,307 | 34,439 | ||||||
Voya Financial, Inc. | 463 | 28,012 | ||||||
Jackson Financial, Inc. — Class A | 597 | 16,567 | ||||||
Total Insurance | 79,018 | |||||||
Savings & Loans - 1.3% | ||||||||
New York Community Bancorp, Inc. | 2,552 | 21,768 | ||||||
Pacific Premier Bancorp, Inc. | 634 | 19,629 | ||||||
Total Savings & Loans | 41,397 | |||||||
Total Common Stocks | ||||||||
(Cost $1,790,222) | 3,103,823 |
Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 1.4% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 24,748 | $ | 24,748 | ||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 9,519 | 9,519 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 9,237 | 9,237 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $43,504) | 43,504 | |||||||
Total Investments - 100.8% | ||||||||
(Cost $1,833,726) | $ | 3,147,327 | ||||||
Other Assets & Liabilities, net - (0.8)% | (25,814 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,121,513 |
* | 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. |
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 September 30, 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 | $ | 3,103,823 | $ | — | $ | — | $ | 3,103,823 | ||||||||
Repurchase Agreements | — | 43,504 | — | 43,504 | ||||||||||||
Total Assets | $ | 3,103,823 | $ | 43,504 | $ | — | $ | 3,147,327 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 98.6% | ||||||||
Chemicals - 45.8% | ||||||||
Air Products and Chemicals, Inc. | 832 | $ | 193,631 | |||||
Sherwin-Williams Co. | 931 | 190,622 | ||||||
Ecolab, Inc. | 1,153 | 166,516 | ||||||
Dow, Inc. | 3,401 | 149,406 | ||||||
Albemarle Corp. | 558 | 147,558 | ||||||
PPG Industries, Inc. | 1,215 | 134,488 | ||||||
DuPont de Nemours, Inc. | 2,649 | 133,510 | ||||||
LyondellBasell Industries N.V. — Class A | 1,767 | 133,020 | ||||||
Linde plc | 466 | 125,629 | ||||||
International Flavors & Fragrances, Inc. | 1,343 | 121,985 | ||||||
CF Industries Holdings, Inc. | 1,244 | 119,735 | ||||||
Mosaic Co. | 2,227 | 107,631 | ||||||
FMC Corp. | 949 | 100,309 | ||||||
Nutrien Ltd. | 1,169 | 97,471 | ||||||
Westlake Corp. | 1,015 | 88,183 | ||||||
RPM International, Inc. | 1,040 | 86,642 | ||||||
Celanese Corp. — Class A | 870 | 78,596 | ||||||
Eastman Chemical Co. | 1,028 | 73,039 | ||||||
Olin Corp. | 1,455 | 62,390 | ||||||
Ashland, Inc. | 654 | 62,110 | ||||||
Huntsman Corp. | 2,452 | 60,172 | ||||||
Valvoline, Inc. | 2,230 | 56,508 | ||||||
Axalta Coating Systems Ltd.* | 2,616 | 55,093 | ||||||
Balchem Corp. | 451 | 54,833 | ||||||
Element Solutions, Inc. | 3,216 | 52,324 | ||||||
Cabot Corp. | 784 | 50,090 | ||||||
HB Fuller Co. | 795 | 47,780 | ||||||
Chemours Co. | 1,867 | 46,022 | ||||||
Sensient Technologies Corp. | 650 | 45,071 | ||||||
Ingevity Corp.* | 660 | 40,016 | ||||||
Avient Corp. | 1,300 | 39,390 | ||||||
Trinseo plc | 1,017 | 18,632 | ||||||
Total Chemicals | 2,938,402 | |||||||
Mining - 17.4% | ||||||||
Freeport-McMoRan, Inc. | 5,989 | 163,679 | ||||||
Newmont Corp. | 3,850 | 161,815 | ||||||
BHP Group Ltd. ADR | 1,777 | 88,921 | ||||||
Rio Tinto plc ADR1 | 1,593 | 87,711 | ||||||
Teck Resources Ltd. — Class B | 2,713 | 82,502 | ||||||
Agnico Eagle Mines Ltd. | 1,925 | 81,293 | ||||||
Wheaton Precious Metals Corp. | 2,389 | 77,308 | ||||||
Royal Gold, Inc. | 741 | 69,521 | ||||||
Franco-Nevada Corp. | 572 | 68,343 | ||||||
Livent Corp.* | 2,064 | 63,262 | ||||||
MP Materials Corp.* | 2,048 | 55,910 | ||||||
Alcoa Corp. | 1,661 | 55,909 | ||||||
Compass Minerals International, Inc. | 825 | 31,787 | ||||||
Arconic Corp.* | 1,760 | 29,990 | ||||||
Total Mining | 1,117,951 | |||||||
Packaging & Containers - 11.7% | ||||||||
Ball Corp. | 2,077 | 100,361 | ||||||
Packaging Corporation of America | 735 | 82,533 | ||||||
Crown Holdings, Inc. | 992 | 80,382 | ||||||
Westrock Co. | 2,252 | 69,564 | ||||||
AptarGroup, Inc. | 703 | 66,806 | ||||||
Graphic Packaging Holding Co. | 3,286 | 64,866 | ||||||
Sealed Air Corp. | 1,452 | 64,628 | ||||||
Sonoco Products Co. | 1,101 | 62,460 | ||||||
Berry Global Group, Inc.* | 1,317 | 61,280 | ||||||
Silgan Holdings, Inc. | 1,362 | 57,258 | ||||||
O-I Glass, Inc.* | 2,957 | 38,293 | ||||||
Total Packaging & Containers | 748,431 | |||||||
Iron & Steel - 9.2% | ||||||||
Nucor Corp. | 1,209 | 129,351 | ||||||
Steel Dynamics, Inc. | 1,302 | 92,377 | ||||||
Reliance Steel & Aluminum Co. | 505 | 88,077 | ||||||
Cleveland-Cliffs, Inc.* | 4,718 | 63,551 | ||||||
ArcelorMittal S.A. | 3,090 | 61,522 | ||||||
Commercial Metals Co. | 1,518 | 53,859 | ||||||
United States Steel Corp. | 2,761 | 50,029 | ||||||
ATI, Inc.* | 1,829 | 48,670 | ||||||
Total Iron & Steel | 587,436 | |||||||
Building Materials - 7.2% | ||||||||
Vulcan Materials Co. | 789 | 124,433 | ||||||
Martin Marietta Materials, Inc. | 384 | 123,683 | ||||||
MDU Resources Group, Inc. | 2,324 | 63,561 | ||||||
Eagle Materials, Inc. | 512 | 54,876 | ||||||
Louisiana-Pacific Corp. | 1,030 | 52,726 | ||||||
Summit Materials, Inc. — Class A* | 1,824 | 43,703 | ||||||
Total Building Materials | 462,982 | |||||||
Biotechnology - 2.7% | ||||||||
Corteva, Inc. | 3,080 | 176,022 | ||||||
Household Products & Housewares - 1.5% | ||||||||
Avery Dennison Corp. | 584 | 95,017 | ||||||
Forest Products & Paper - 1.3% | ||||||||
International Paper Co. | 2,657 | 84,227 | ||||||
Coal - 1.2% | ||||||||
Alpha Metallurgical Resources, Inc. | 320 | 43,789 | ||||||
Warrior Met Coal, Inc. | 1,152 | 32,763 | ||||||
Total Coal | 76,552 | |||||||
Housewares - 0.6% | ||||||||
Scotts Miracle-Gro Co. — Class A | 882 | 37,706 | ||||||
Total Common Stocks | ||||||||
(Cost $3,630,192) | 6,324,726 | |||||||
EXCHANGE-TRADED FUNDS† - 0.9% | ||||||||
VanEck Junior Gold Miners ETF | 1,963 | 57,830 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $81,308) | 57,830 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 34,216 | 34,216 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 13,160 | 13,160 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 12,771 | 12,771 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $60,147) | 60,147 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 11,413 | $ | 11,413 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $11,413) | $ | 11,413 | ||||||
Total Investments - 100.6% | ||||||||
(Cost $3,783,060) | $ | 6,454,116 | ||||||
Other Assets & Liabilities, net - (0.6)% | (38,006 | ) | ||||||
Total Net Assets - 100.0% | $ | 6,416,110 | ||||||
* | 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 September 30, 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 September 30, 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 September 30, 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 | $ | 6,324,726 | $ | — | $ | — | $ | 6,324,726 | ||||||||
Exchange-Traded Funds | 57,830 | — | — | 57,830 | ||||||||||||
Repurchase Agreements | — | 60,147 | — | 60,147 | ||||||||||||
Securities Lending Collateral | 11,413 | — | — | 11,413 | ||||||||||||
Total Assets | $ | 6,393,969 | $ | 60,147 | $ | — | $ | 6,454,116 |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Biotechnology - 75.3% | ||||||||
Amgen, Inc. | 3,566 | $ | 803,776 | |||||
Vertex Pharmaceuticals, Inc.* | 2,268 | 656,677 | ||||||
Gilead Sciences, Inc. | 10,637 | 656,197 | ||||||
Regeneron Pharmaceuticals, Inc.* | 937 | 645,471 | ||||||
Biogen, Inc.* | 2,009 | 536,403 | ||||||
Moderna, Inc.* | 4,017 | 475,010 | ||||||
Corteva, Inc. | 8,292 | 473,888 | ||||||
Illumina, Inc.* | 2,092 | 399,133 | ||||||
Royalty Pharma plc — Class A | 9,065 | 364,232 | ||||||
Seagen, Inc.* | 2,641 | 361,368 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,784 | 357,085 | ||||||
BioMarin Pharmaceutical, Inc.* | 3,426 | 290,422 | ||||||
Incyte Corp.* | 4,263 | 284,086 | ||||||
Horizon Therapeutics plc* | 4,520 | 279,743 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 1,672 | 252,756 | ||||||
Sarepta Therapeutics, Inc.* | 2,082 | 230,144 | ||||||
United Therapeutics Corp.* | 1,096 | 229,480 | ||||||
BioNTech SE ADR | 1,614 | 217,696 | ||||||
Apellis Pharmaceuticals, Inc.* | 3,123 | 213,301 | ||||||
CRISPR Therapeutics AG* | 3,027 | 197,814 | ||||||
Ionis Pharmaceuticals, Inc.* | 4,240 | 187,535 | ||||||
Halozyme Therapeutics, Inc.* | 4,428 | 175,083 | ||||||
Guardant Health, Inc.* | 3,184 | 171,395 | ||||||
Global Blood Therapeutics, Inc.* | 2,424 | 165,074 | ||||||
Exelixis, Inc.* | 10,295 | 161,426 | ||||||
Cytokinetics, Inc.* | 3,186 | 154,362 | ||||||
ChemoCentryx, Inc.* | 2,858 | 147,644 | ||||||
Intellia Therapeutics, Inc.* | 2,637 | 147,567 | ||||||
Denali Therapeutics, Inc.* | 4,801 | 147,343 | ||||||
Blueprint Medicines Corp.* | 2,157 | 142,125 | ||||||
Mirati Therapeutics, Inc.* | 1,974 | 137,864 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 4,029 | 133,158 | ||||||
Beam Therapeutics, Inc.* | 2,681 | 127,723 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 2,884 | 119,426 | ||||||
BioCryst Pharmaceuticals, Inc.* | 9,045 | 113,967 | ||||||
Fate Therapeutics, Inc.* | 4,514 | 101,159 | ||||||
Twist Bioscience Corp.* | 2,741 | 96,593 | ||||||
Iovance Biotherapeutics, Inc.* | 9,113 | 87,303 | ||||||
Veracyte, Inc.* | 4,570 | 75,862 | ||||||
NeoGenomics, Inc.* | 8,461 | 72,849 | ||||||
Emergent BioSolutions, Inc.* | 3,409 | 71,555 | ||||||
Novavax, Inc.* | 3,809 | 69,324 | ||||||
Editas Medicine, Inc.* | 5,042 | 61,714 | ||||||
Total Biotechnology | 10,792,733 | |||||||
Pharmaceuticals - 16.3% | ||||||||
AbbVie, Inc. | 8,574 | 1,150,716 | ||||||
AstraZeneca plc ADR | 7,721 | 423,420 | ||||||
Neurocrine Biosciences, Inc.* | 2,298 | 244,071 | ||||||
Viatris, Inc. | 26,896 | 229,154 | ||||||
Jazz Pharmaceuticals plc* | 1,491 | 198,735 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 9,055 | 93,810 | ||||||
Total Pharmaceuticals | 2,339,906 | |||||||
Healthcare-Products - 4.3% | ||||||||
Bio-Techne Corp. | 817 | 232,028 | ||||||
Exact Sciences Corp.* | 5,067 | 164,627 | ||||||
Natera, Inc.* | 3,287 | 144,036 | ||||||
CareDx, Inc.* | 4,049 | 68,914 | ||||||
Total Healthcare-Products | 609,605 | |||||||
Healthcare-Services - 3.5% | ||||||||
ICON plc* | 1,016 | 186,721 | ||||||
Medpace Holdings, Inc.* | 1,063 | 167,072 | ||||||
Syneos Health, Inc.* | 3,129 | 147,532 | ||||||
Total Healthcare-Services | 501,325 | |||||||
Total Common Stocks | ||||||||
(Cost $7,649,367) | 14,243,569 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 80,146 | 80,146 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 30,826 | 30,826 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 29,913 | 29,913 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $140,885) | 140,885 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $7,790,252) | $ | 14,384,454 | ||||||
Other Assets & Liabilities, net - (0.4)% | (56,481 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,327,973 |
* | 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. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 14,243,569 | $ | — | $ | — | $ | 14,243,569 | ||||||||
Repurchase Agreements | — | 140,885 | — | 140,885 | ||||||||||||
Total Assets | $ | 14,243,569 | $ | 140,885 | $ | — | $ | 14,384,454 |
Commodities Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 32.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 224,553 | $ | 2,153,462 | |||||
Guggenheim Strategy Fund II1 | 89,740 | 2,151,071 | ||||||
Total Mutual Funds | ||||||||
(Cost $4,473,985) | 4,304,533 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 31.4% | ||||||||
Federal Home Loan Bank | ||||||||
3.06% due 11/14/222 | $ | 1,500,000 | 1,494,390 | |||||
0.83% due 10/03/222 | 609,000 | 608,951 | ||||||
Freddie Mac | ||||||||
2.28% due 10/03/222 | 2,000,000 | 1,999,747 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $4,103,109) | 4,103,088 | |||||||
U.S. TREASURY BILLS†† - 12.3% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/222,3 | 1,617,000 | 1,612,620 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,612,306) | 1,612,620 | |||||||
FEDERAL AGENCY NOTES†† - 6.3% | ||||||||
Federal Farm Credit Bank | ||||||||
3.07% (Commercial Prime Lending Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 500,000 | 500,003 | ||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 323,000 | 322,971 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $822,986) | 822,974 | |||||||
REPURCHASE AGREEMENTS††,4 - 19.3% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 1,432,728 | 1,432,728 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 551,049 | 551,049 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 534,739 | 534,739 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,518,516) | 2,518,516 | |||||||
Total Investments - 102.2% | ||||||||
(Cost $13,530,902) | $ | 13,361,731 | ||||||
Other Assets & Liabilities, net - (2.2)% | (284,622 | ) | ||||||
Total Net Assets - 100.0% | $ | 13,077,109 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Commodity Futures Contracts Purchased† | ||||||||||||||
Goldman Sachs Commodity Index Futures Contracts | 85 | Oct 2022 | $ | 12,926,375 | $ | (708,463 | ) |
** | 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 September 30, 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 September 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section.
Commodities Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 4,304,533 | $ | — | $ | — | $ | 4,304,533 | ||||||||
Federal Agency Discount Notes | — | 4,103,088 | — | 4,103,088 | ||||||||||||
U.S. Treasury Bills | — | 1,612,620 | — | 1,612,620 | ||||||||||||
Federal Agency Notes | — | 822,974 | — | 822,974 | ||||||||||||
Repurchase Agreements | — | 2,518,516 | — | 2,518,516 | ||||||||||||
Total Assets | $ | 4,304,533 | $ | 9,057,198 | $ | — | $ | 13,361,731 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Commodity Futures Contracts** | $ | 708,463 | $ | — | $ | — | $ | 708,463 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 2,232,735 | $ | – | $ | – | $ | – | $ | (81,664 | ) | $ | 2,151,071 | 89,740 | $ | 35,916 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,227,564 | – | – | – | (74,102 | ) | 2,153,462 | 224,553 | 27,848 | |||||||||||||||||||||||
$ | 4,460,299 | $ | – | $ | – | $ | – | $ | (155,766 | ) | $ | 4,304,533 | $ | 63,764 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Food - 37.7% | ||||||||
Mondelez International, Inc. — Class A | 6,388 | $ | 350,254 | |||||
General Mills, Inc. | 3,787 | 290,122 | ||||||
Hershey Co. | 1,287 | 283,745 | ||||||
Kraft Heinz Co. | 7,824 | 260,930 | ||||||
Sysco Corp. | 3,322 | 234,899 | ||||||
Kroger Co. | 4,993 | 218,444 | ||||||
Hormel Foods Corp. | 4,617 | 209,796 | ||||||
Kellogg Co. | 2,938 | 204,661 | ||||||
Tyson Foods, Inc. — Class A | 2,946 | 194,230 | ||||||
McCormick & Company, Inc. | 2,482 | 176,892 | ||||||
Conagra Brands, Inc. | 5,055 | 164,945 | ||||||
J M Smucker Co. | 1,181 | 162,281 | ||||||
Campbell Soup Co. | 3,388 | 159,642 | ||||||
Albertsons Companies, Inc. — Class A | 5,715 | 142,075 | ||||||
Lamb Weston Holdings, Inc. | 1,820 | 140,832 | ||||||
Performance Food Group Co.* | 2,330 | 100,073 | ||||||
US Foods Holding Corp.* | 3,613 | 95,528 | ||||||
Ingredion, Inc. | 1,179 | 94,933 | ||||||
Flowers Foods, Inc.* | 3,804 | 93,921 | ||||||
Post Holdings, Inc.* | 1,103 | 90,347 | ||||||
Hostess Brands, Inc.* | 3,236 | 75,205 | ||||||
Grocery Outlet Holding Corp.* | 2,156 | 71,773 | ||||||
Sprouts Farmers Market, Inc.* | 2,528 | 70,152 | ||||||
Cal-Maine Foods, Inc. | 1,240 | 68,932 | ||||||
TreeHouse Foods, Inc.* | 1,518 | 64,393 | ||||||
United Natural Foods, Inc.* | 1,537 | 52,827 | ||||||
Hain Celestial Group, Inc.* | 2,834 | 47,838 | ||||||
Beyond Meat, Inc.*,1 | 2,259 | 32,010 | ||||||
Total Food | 4,151,680 | |||||||
Beverages - 26.7% | ||||||||
Coca-Cola Co. | 11,267 | 631,177 | ||||||
PepsiCo, Inc. | 3,817 | 623,163 | ||||||
Keurig Dr Pepper, Inc. | 8,171 | 292,685 | ||||||
Monster Beverage Corp.* | 3,223 | 280,272 | ||||||
Constellation Brands, Inc. — Class A | 1,190 | 273,319 | ||||||
Brown-Forman Corp. — Class B | 3,445 | 229,334 | ||||||
Molson Coors Beverage Co. — Class B | 2,773 | 133,076 | ||||||
Celsius Holdings, Inc.* | 1,133 | 102,741 | ||||||
Coca-Cola Europacific Partners plc | 2,396 | 102,118 | ||||||
Anheuser-Busch InBev S.A. ADR | 2,096 | 94,655 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 1,430 | 89,733 | ||||||
Boston Beer Company, Inc. — Class A* | 256 | 82,854 | ||||||
Total Beverages | 2,935,127 | |||||||
Agriculture - 13.0% | ||||||||
Philip Morris International, Inc. | 5,404 | 448,586 | ||||||
Altria Group, Inc. | 8,493 | 342,947 | ||||||
Archer-Daniels-Midland Co. | 3,348 | 269,347 | ||||||
Bunge Ltd. | 1,690 | 139,543 | ||||||
Darling Ingredients, Inc.* | 1,929 | 127,604 | ||||||
British American Tobacco plc ADR | 2,886 | 102,453 | ||||||
Total Agriculture | 1,430,480 | |||||||
Cosmetics & Personal Care - 12.9% | ||||||||
Procter & Gamble Co. | 5,586 | 705,232 | ||||||
Estee Lauder Companies, Inc. — Class A | 1,600 | 345,440 | ||||||
Colgate-Palmolive Co. | 4,423 | 310,716 | ||||||
Beauty Health Co.* | 4,665 | 55,000 | ||||||
Total Cosmetics & Personal Care | 1,416,388 | |||||||
Household Products & Housewares - 5.6% | ||||||||
Kimberly-Clark Corp. | 2,207 | 248,376 | ||||||
Church & Dwight Company, Inc. | 2,333 | 166,669 | ||||||
Clorox Co. | 1,233 | 158,305 | ||||||
Spectrum Brands Holdings, Inc. | 1,100 | 42,933 | ||||||
Total Household Products & Housewares | 616,283 | |||||||
Retail - 2.2% | ||||||||
Casey's General Stores, Inc. | 554 | 112,196 | ||||||
Freshpet, Inc.* | 1,480 | 74,133 | ||||||
Nu Skin Enterprises, Inc. — Class A | 1,504 | 50,189 | ||||||
Total Retail | 236,518 | |||||||
Pharmaceuticals - 1.1% | ||||||||
BellRing Brands, Inc.* | 3,152 | 64,963 | ||||||
Herbalife Nutrition Ltd.* | 2,800 | 55,692 | ||||||
Total Pharmaceuticals | 120,655 | |||||||
Electrical Components & Equipment - 0.5% | ||||||||
Energizer Holdings, Inc. | 2,138 | 53,749 | ||||||
Total Common Stocks | ||||||||
(Cost $6,857,383) | 10,960,880 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 49,066 | 49,066 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 18,872 | 18,872 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 18,313 | 18,313 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $86,251) | 86,251 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 24,854 | 24,854 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $24,854) | 24,854 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $6,968,488) | $ | 11,071,985 | ||||||
Other Assets & Liabilities, net - (0.7)% | (73,150 | ) | ||||||
Total Net Assets - 100.0% | $ | 10,998,835 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 September 30, 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 September 30, 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 | $ | 10,960,880 | $ | — | $ | — | $ | 10,960,880 | ||||||||
Repurchase Agreements | — | 86,251 | — | 86,251 | ||||||||||||
Securities Lending Collateral | 24,854 | — | — | 24,854 | ||||||||||||
Total Assets | $ | 10,985,734 | $ | 86,251 | $ | — | $ | 11,071,985 |
Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 74.9% | ||||||||
Consumer, Non-cyclical - 20.0% | ||||||||
UnitedHealth Group, Inc. | 1,318 | $ | 665,643 | |||||
Amgen, Inc. | 1,318 | 297,077 | ||||||
Johnson & Johnson | 1,318 | 215,309 | ||||||
Procter & Gamble Co. | 1,318 | 166,398 | ||||||
Merck & Company, Inc. | 1,318 | 113,506 | ||||||
Coca-Cola Co. | 1,318 | 73,834 | ||||||
Total Consumer, Non-cyclical | 1,531,767 | |||||||
Financial - 14.8% | ||||||||
Goldman Sachs Group, Inc. | 1,318 | 386,240 | ||||||
Visa, Inc. — Class A | 1,318 | 234,143 | ||||||
Travelers Companies, Inc. | 1,318 | 201,918 | ||||||
American Express Co. | 1,318 | 177,811 | ||||||
JPMorgan Chase & Co. | 1,318 | 137,731 | ||||||
Total Financial | 1,137,843 | |||||||
Consumer, Cyclical - 12.9% | ||||||||
Home Depot, Inc. | 1,318 | 363,689 | ||||||
McDonald's Corp. | 1,318 | 304,115 | ||||||
Walmart, Inc. | 1,318 | 170,945 | ||||||
NIKE, Inc. — Class B | 1,318 | 109,552 | ||||||
Walgreens Boots Alliance, Inc. | 1,318 | 41,385 | ||||||
Total Consumer, Cyclical | 989,686 | |||||||
Technology - 11.3% | ||||||||
Microsoft Corp. | 1,318 | 306,962 | ||||||
Salesforce, Inc.* | 1,318 | 189,581 | ||||||
Apple, Inc. | 1,318 | 182,148 | ||||||
International Business Machines Corp. | 1,318 | 156,591 | ||||||
Intel Corp. | 1,318 | 33,965 | ||||||
Total Technology | 869,247 | |||||||
Industrial - 9.7% | ||||||||
Honeywell International, Inc. | 1,318 | 220,067 | ||||||
Caterpillar, Inc. | 1,318 | 216,257 | ||||||
Boeing Co.* | 1,318 | 159,583 | ||||||
3M Co. | 1,318 | 145,639 | ||||||
Total Industrial | 741,546 | |||||||
Communications - 3.0% | ||||||||
Walt Disney Co.* | 1,318 | 124,327 | ||||||
Cisco Systems, Inc. | 1,318 | 52,720 | ||||||
Verizon Communications, Inc. | 1,318 | 50,044 | ||||||
Total Communications | 227,091 | |||||||
Energy - 2.5% | ||||||||
Chevron Corp. | 1,318 | 189,357 | ||||||
Basic Materials - 0.7% | ||||||||
Dow, Inc. | 1,318 | 57,900 | ||||||
Total Common Stocks | ||||||||
(Cost $5,367,322) | 5,744,437 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 20.0% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/221,2 | $ | 1,500,000 | 1,499,900 | |||||
2.70% due 11/08/222,3 | 31,000 | 30,916 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,530,736) | 1,530,816 | |||||||
REPURCHASE AGREEMENTS††,4 - 21.6% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/221 | 940,166 | 940,166 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/221 | 361,602 | 361,602 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/221 | 350,899 | 350,899 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,652,667) | 1,652,667 | |||||||
Total Investments - 116.5% | ||||||||
(Cost $8,550,725) | $ | 8,927,920 | ||||||
Other Assets & Liabilities, net - (16.5)% | (1,266,391 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,661,529 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 2 | Dec 2022 | $ | 287,860 | $ | (9,569 | ) |
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†† | ||||||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Pay | 3.63% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 96 | $ | 2,748,333 | $ | (161,212 | ) |
Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
OTC Equity Index Swap Agreements†† (continued) | ||||||||||||||||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 3.46% (SOFR + 0.50%) | At Maturity | 11/16/22 | 228 | $ | 6,544,619 | $ | (661,777 | ) | |||||||||||||
$ | 9,292,952 | $ | (822,989 | ) |
* | 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 pledged as equity index swap collateral at September 30, 2022. |
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 September 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
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 September 30, 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 | $ | 5,744,437 | $ | — | $ | — | $ | 5,744,437 | ||||||||
U.S. Treasury Bills | — | 1,530,816 | — | 1,530,816 | ||||||||||||
Repurchase Agreements | — | 1,652,667 | — | 1,652,667 | ||||||||||||
Total Assets | $ | 5,744,437 | $ | 3,183,483 | $ | — | $ | 8,927,920 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 9,569 | $ | — | $ | — | $ | 9,569 | ||||||||
Equity Index Swap Agreements** | — | 822,989 | — | 822,989 | ||||||||||||
Total Liabilities | $ | 9,569 | $ | 822,989 | $ | — | $ | 832,558 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Semiconductors - 89.6% | ||||||||
NVIDIA Corp. | 3,783 | $ | 459,218 | |||||
Broadcom, Inc. | 801 | 355,652 | ||||||
Texas Instruments, Inc. | 2,105 | 325,812 | ||||||
QUALCOMM, Inc. | 2,653 | 299,736 | ||||||
Intel Corp. | 10,383 | 267,570 | ||||||
Advanced Micro Devices, Inc.* | 3,944 | 249,892 | ||||||
Analog Devices, Inc. | 1,662 | 231,583 | ||||||
Applied Materials, Inc. | 2,716 | 222,522 | ||||||
Micron Technology, Inc. | 3,983 | 199,548 | ||||||
Lam Research Corp. | 502 | 183,732 | ||||||
KLA Corp. | 571 | 172,802 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2,481 | 170,097 | ||||||
Marvell Technology, Inc. | 3,764 | 161,513 | ||||||
Microchip Technology, Inc. | 2,614 | 159,532 | ||||||
NXP Semiconductor N.V. | 1,028 | 151,640 | ||||||
ON Semiconductor Corp.* | 2,233 | 139,183 | ||||||
GLOBALFOUNDRIES, Inc.*,1 | 2,738 | 132,382 | ||||||
ASML Holding N.V. — Class G | 304 | 126,266 | ||||||
Monolithic Power Systems, Inc. | 294 | 106,840 | ||||||
Wolfspeed, Inc.* | 946 | 97,779 | ||||||
Skyworks Solutions, Inc. | 1,137 | 96,952 | ||||||
STMicroelectronics N.V. — Class Y1 | 3,054 | 94,491 | ||||||
Teradyne, Inc. | 1,210 | 90,932 | ||||||
Entegris, Inc. | 1,095 | 90,907 | ||||||
Qorvo, Inc.* | 955 | 75,837 | ||||||
Lattice Semiconductor Corp.* | 1,431 | 70,420 | ||||||
MKS Instruments, Inc. | 743 | 61,402 | ||||||
Silicon Laboratories, Inc.* | 467 | 57,646 | ||||||
Amkor Technology, Inc. | 3,208 | 54,696 | ||||||
Cirrus Logic, Inc.* | 784 | 53,939 | ||||||
Power Integrations, Inc. | 821 | 52,807 | ||||||
Synaptics, Inc.* | 522 | 51,683 | ||||||
MaxLinear, Inc. — Class A* | 1,305 | 42,569 | ||||||
Ambarella, Inc.* | 670 | 37,641 | ||||||
Semtech Corp.* | 1,229 | 36,145 | ||||||
SiTime Corp.* | 414 | 32,594 | ||||||
Total Semiconductors | 5,213,960 | |||||||
Energy-Alternate Sources - 7.1% | ||||||||
Enphase Energy, Inc.* | 603 | 167,315 | ||||||
First Solar, Inc.* | 805 | 106,477 | ||||||
SolarEdge Technologies, Inc.* | 370 | 85,640 | ||||||
SunPower Corp. — Class A* | 2,253 | 51,909 | ||||||
Total Energy-Alternate Sources | 411,341 | |||||||
Chemicals - 1.4% | ||||||||
Daqo New Energy Corp. ADR* | 1,552 | 82,380 | ||||||
Electrical Components & Equipment - 1.0% | ||||||||
Universal Display Corp. | 602 | 56,799 | ||||||
Healthcare-Products - 0.8% | ||||||||
Azenta, Inc. | 1,077 | 46,160 | ||||||
Total Common Stocks | ||||||||
(Cost $1,735,621) | 5,810,640 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 20,197 | 20,197 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 7,768 | 7,768 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 7,538 | 7,538 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $35,503) | 35,503 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund – Class X, 2.78%4 | 118,152 | 118,152 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $118,152) | 118,152 | |||||||
Total Investments - 102.5% | ||||||||
(Cost $1,889,276) | $ | 5,964,295 | ||||||
Other Assets & Liabilities, net - (2.5)% | (147,649 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,816,646 |
* | 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 September 30, 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 September 30, 2022. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 5,810,640 | $ | — | $ | — | $ | 5,810,640 | ||||||||
Repurchase Agreements | — | 35,503 | — | 35,503 | ||||||||||||
Securities Lending Collateral | 118,152 | — | — | 118,152 | ||||||||||||
Total Assets | $ | 5,928,792 | $ | 35,503 | $ | — | $ | 5,964,295 |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Oil & Gas - 67.7% | ||||||||
Exxon Mobil Corp. | 18,129 | $ | 1,582,843 | |||||
Chevron Corp. | 9,641 | 1,385,122 | ||||||
ConocoPhillips | 9,273 | 948,999 | ||||||
EOG Resources, Inc. | 5,993 | 669,598 | ||||||
Occidental Petroleum Corp. | 10,369 | 637,175 | ||||||
Marathon Petroleum Corp. | 6,147 | 610,582 | ||||||
Pioneer Natural Resources Co. | 2,749 | 595,241 | ||||||
Valero Energy Corp. | 5,138 | 548,995 | ||||||
Phillips 66 | 6,426 | 518,707 | ||||||
Devon Energy Corp. | 8,503 | 511,285 | ||||||
Hess Corp. | 4,368 | 476,068 | ||||||
Continental Resources, Inc. | 6,282 | 419,700 | ||||||
Diamondback Energy, Inc. | 3,162 | 380,895 | ||||||
Petroleo Brasileiro S.A. ADR | 30,235 | 373,100 | ||||||
Coterra Energy, Inc. — Class A | 14,248 | 372,158 | ||||||
BP plc ADR | 11,712 | 334,378 | ||||||
Texas Pacific Land Corp. | 182 | 323,456 | ||||||
Marathon Oil Corp. | 13,975 | 315,556 | ||||||
Equities Corp. | 7,631 | 310,963 | ||||||
HF Sinclair Corp. | 5,565 | 299,620 | ||||||
Chesapeake Energy Corp. | 2,990 | 281,688 | ||||||
Ovintiv, Inc. | 6,082 | 279,772 | ||||||
Shell plc ADR | 5,542 | 275,770 | ||||||
APA Corp. | 8,050 | 275,230 | ||||||
Suncor Energy, Inc. | 8,828 | 248,508 | ||||||
Canadian Natural Resources Ltd. | 4,497 | 209,425 | ||||||
Chord Energy Corp. | 1,510 | 206,523 | ||||||
Range Resources Corp. | 8,050 | 203,343 | ||||||
Equinor ASA ADR | 5,826 | 192,899 | ||||||
PDC Energy, Inc. | 3,322 | 191,978 | ||||||
Matador Resources Co. | 3,921 | 191,815 | ||||||
Murphy Oil Corp. | 5,424 | 190,762 | ||||||
PBF Energy, Inc. — Class A* | 5,253 | 184,695 | ||||||
Civitas Resources, Inc. | 3,126 | 179,401 | ||||||
Denbury, Inc.* | 2,058 | 177,523 | ||||||
SM Energy Co. | 4,497 | 169,132 | ||||||
Comstock Resources, Inc.* | 9,717 | 168,007 | ||||||
Magnolia Oil & Gas Corp. — Class A | 8,449 | 167,375 | ||||||
Valaris Ltd.* | 3,236 | 158,370 | ||||||
Helmerich & Payne, Inc. | 4,199 | 155,237 | ||||||
CNX Resources Corp.* | 9,148 | 142,068 | ||||||
CVR Energy, Inc. | 4,755 | 137,800 | ||||||
California Resources Corp. | 3,538 | 135,965 | ||||||
Patterson-UTI Energy, Inc. | 10,453 | 122,091 | ||||||
Northern Oil and Gas, Inc. | 4,346 | 119,124 | ||||||
Callon Petroleum Co.* | 3,328 | 116,513 | ||||||
Delek US Holdings, Inc. | 4,264 | 115,725 | ||||||
Noble Corporation plc* | 3,803 | 112,493 | ||||||
Talos Energy, Inc.* | 5,528 | 92,041 | ||||||
Laredo Petroleum, Inc.* | 1,301 | 81,768 | ||||||
Total Oil & Gas | 16,897,482 | |||||||
Pipelines - 12.3% | ||||||||
Cheniere Energy, Inc. | 3,446 | 571,726 | ||||||
Kinder Morgan, Inc. | 30,544 | 508,252 | ||||||
Williams Companies, Inc. | 16,794 | 480,812 | ||||||
ONEOK, Inc. | 7,358 | 377,024 | ||||||
Targa Resources Corp. | 4,882 | 294,580 | ||||||
Enbridge, Inc. | 6,939 | 257,437 | ||||||
New Fortress Energy, Inc. | 5,267 | 230,220 | ||||||
DT Midstream, Inc. | 3,576 | 185,559 | ||||||
TC Energy Corp. | 4,453 | 179,411 | ||||||
Total Pipelines | 3,085,021 | |||||||
Energy-Alternate Sources - 7.1% | ||||||||
Enphase Energy, Inc.* | 1,825 | 506,383 | ||||||
First Solar, Inc.* | 2,437 | 322,342 | ||||||
Plug Power, Inc.* | 12,052 | 253,212 | ||||||
SolarEdge Technologies, Inc.* | 1,082 | 250,440 | ||||||
Sunrun, Inc.* | 6,445 | 177,818 | ||||||
Archaea Energy, Inc.* | 6,653 | 119,820 | ||||||
Green Plains, Inc.* | 3,398 | 98,780 | ||||||
TPI Composites, Inc.* | 4,168 | 47,015 | ||||||
Total Energy-Alternate Sources | 1,775,810 | |||||||
Oil & Gas Services - 6.8% | ||||||||
Schlumberger N.V. | 16,412 | 589,191 | ||||||
Halliburton Co. | 15,223 | 374,790 | ||||||
Baker Hughes Co. | 17,443 | 365,605 | ||||||
NOV, Inc. | 13,050 | 211,149 | ||||||
ChampionX Corp. | 8,261 | 161,668 | ||||||
Total Oil & Gas Services | 1,702,403 | |||||||
Coal - 1.7% | ||||||||
Peabody Energy Corp.* | 6,827 | 169,446 | ||||||
Consol Energy, Inc. | 2,004 | 128,897 | ||||||
Arch Resources, Inc. | 1,006 | 119,312 | ||||||
Total Coal | 417,655 | |||||||
Retail - 1.3% | ||||||||
Murphy USA, Inc. | 784 | 215,530 | ||||||
World Fuel Services Corp. | 4,335 | 101,612 | ||||||
Total Retail | 317,142 | |||||||
Mining - 0.8% | ||||||||
Cameco Corp. | 8,011 | 212,372 | ||||||
Electric - 0.6% | ||||||||
Ameresco, Inc. — Class A* | 2,302 | 153,037 | ||||||
Machinery-Diversified - 0.6% | ||||||||
Cactus, Inc. — Class A | 3,606 | 138,579 | ||||||
Electrical Components & Equipment - 0.5% | ||||||||
EnerSys | 2,173 | 126,403 | ||||||
Total Common Stocks | ||||||||
(Cost $14,027,144) | 24,825,904 |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 1.1% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 151,845 | $ | 151,845 | ||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 58,402 | 58,402 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 56,674 | 56,674 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $266,921) | 266,921 | |||||||
Total Investments - 100.5% | ||||||||
(Cost $14,294,065) | $ | 25,092,825 | ||||||
Other Assets & Liabilities, net - (0.5)% | (116,239 | ) | ||||||
Total Net Assets - 100.0% | $ | 24,976,586 |
* | 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. |
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 September 30, 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 | $ | 24,825,904 | $ | — | $ | — | $ | 24,825,904 | ||||||||
Repurchase Agreements | — | 266,921 | — | 266,921 | ||||||||||||
Total Assets | $ | 24,825,904 | $ | 266,921 | $ | — | $ | 25,092,825 |
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas Services - 67.6% | ||||||||
Schlumberger N.V. | 19,296 | $ | 692,726 | |||||
Halliburton Co. | 17,896 | 440,599 | ||||||
Baker Hughes Co. | 20,509 | 429,869 | ||||||
NOV, Inc. | 15,350 | 248,363 | ||||||
ChampionX Corp. | 9,711 | 190,044 | ||||||
Weatherford International plc* | 4,898 | 158,156 | ||||||
Liberty Energy, Inc. — Class A* | 11,444 | 145,110 | ||||||
Expro Group Holdings N.V.* | 8,946 | 113,972 | ||||||
NOW, Inc.* | 10,025 | 100,751 | ||||||
Tidewater, Inc.* | 4,441 | 96,370 | ||||||
Archrock, Inc. | 14,767 | 94,804 | ||||||
ProPetro Holding Corp.* | 10,899 | 87,737 | ||||||
US Silica Holdings, Inc.* | 7,587 | 83,078 | ||||||
Oceaneering International, Inc.* | 10,359 | 82,458 | ||||||
Core Laboratories N.V. | 5,802 | 78,211 | ||||||
Bristow Group, Inc.* | 3,267 | 76,742 | ||||||
Dril-Quip, Inc.* | 3,913 | 76,382 | ||||||
National Energy Services Reunited Corp.* | 11,773 | 69,932 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 6,838 | 64,004 | ||||||
DMC Global, Inc.* | 3,243 | 51,823 | ||||||
Total Oil & Gas Services | 3,381,131 | |||||||
Oil & Gas - 14.6% | ||||||||
Valaris Ltd.* | 3,803 | 186,119 | ||||||
Helmerich & Payne, Inc. | 4,937 | 182,521 | ||||||
Patterson-UTI Energy, Inc. | 12,288 | 143,524 | ||||||
Noble Corporation plc* | 4,471 | 132,252 | ||||||
Nabors Industries Ltd.* | 878 | 89,073 | ||||||
Total Oil & Gas | 733,489 | |||||||
Energy-Alternate Sources - 9.0% | ||||||||
SolarEdge Technologies, Inc.* | 1,037 | 240,024 | ||||||
Sunrun, Inc.* | 7,577 | 209,049 | ||||||
Total Energy-Alternate Sources | 449,073 | |||||||
Machinery-Diversified - 3.3% | ||||||||
Cactus, Inc. — Class A | 4,240 | 162,943 | ||||||
Metal Fabricate & Hardware - 2.6% | ||||||||
Tenaris S.A. ADR | 5,078 | 131,216 | ||||||
Distribution & Wholesale - 1.4% | ||||||||
MRC Global, Inc.* | 9,415 | 67,694 | ||||||
Retail - 1.0% | ||||||||
Aspen Aerogels, Inc.* | 5,561 | 51,272 | ||||||
Total Common Stocks | ||||||||
(Cost $3,468,874) | 4,976,818 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 27,045 | 27,045 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 10,402 | 10,402 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 10,094 | 10,094 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $47,541) | 47,541 | |||||||
Total Investments - 100.5% | ||||||||
(Cost $3,516,415) | $ | 5,024,359 | ||||||
Other Assets & Liabilities, net - (0.5)% | (23,890 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,000,469 | ||||||
* | 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. |
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 September 30, 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 | $ | 4,976,818 | $ | — | $ | — | $ | 4,976,818 | ||||||||
Repurchase Agreements | — | 47,541 | — | 47,541 | ||||||||||||
Total Assets | $ | 4,976,818 | $ | 47,541 | $ | — | $ | 5,024,359 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 28.8% | ||||||||
Consumer, Non-cyclical - 12.8% | ||||||||
Nestle S.A. ADR | 200 | $ | 21,522 | |||||
Roche Holding AG ADR | 410 | 16,654 | ||||||
Novartis AG ADR | 165 | 12,542 | ||||||
AstraZeneca plc ADR | 226 | 12,394 | ||||||
Novo Nordisk A/S ADR | 119 | 11,856 | ||||||
Unilever plc ADR | 191 | 8,373 | ||||||
Diageo plc ADR | 41 | 6,962 | ||||||
Sanofi ADR | 168 | 6,387 | ||||||
L'Oreal S.A. ADR | 89 | 5,672 | ||||||
British American Tobacco plc ADR | 150 | 5,325 | ||||||
GSK plc ADR | 146 | 4,297 | ||||||
Reckitt Benckiser Group plc ADR | 267 | 3,548 | ||||||
RELX plc ADR | 143 | 3,476 | ||||||
Bayer AG ADR | 286 | 3,306 | ||||||
EssilorLuxottica S.A. ADR | 44 | 2,986 | ||||||
Anheuser-Busch InBev S.A. ADR | 65 | 2,936 | ||||||
Adyen N.V. ADR* | 207 | 2,592 | ||||||
Total Consumer, Non-cyclical | 130,828 | |||||||
Financial - 2.9% | ||||||||
HSBC Holdings plc ADR | 293 | 7,639 | ||||||
Allianz SE ADR | 299 | 4,668 | ||||||
Zurich Insurance Group AG ADR | 109 | 4,336 | ||||||
BNP Paribas S.A. ADR | 165 | 3,485 | ||||||
UBS Group AG | 234 | 3,395 | ||||||
AXA S.A. ADR | 144 | 3,136 | ||||||
Banco Santander S.A. ADR | 1,229 | 2,851 | ||||||
Total Financial | 29,510 | |||||||
Energy - 2.8% | ||||||||
Shell plc ADR | 265 | 13,187 | ||||||
TotalEnergies SE ADR | 191 | 8,885 | ||||||
BP plc ADR | 229 | 6,538 | ||||||
Total Energy | 28,610 | |||||||
Basic Materials - 2.4% | ||||||||
Linde plc | 36 | 9,705 | ||||||
Air Liquide S.A. ADR | 191 | 4,340 | ||||||
Rio Tinto plc ADR | 77 | 4,240 | ||||||
Glencore plc ADR | 396 | 4,150 | ||||||
BASF SE ADR | 267 | 2,563 | ||||||
Total Basic Materials | 24,998 | |||||||
Consumer, Cyclical - 2.3% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 95 | 11,163 | ||||||
Cie Financiere Richemont S.A. ADR | 382 | 3,577 | ||||||
Hermes International ADR | 26 | 3,060 | ||||||
Mercedes-Benz Group AG ADR | 230 | 2,896 | ||||||
Kering S.A. ADR | 53 | 2,340 | ||||||
Total Consumer, Cyclical | 23,036 | |||||||
Industrial - 2.2% | ||||||||
Siemens AG ADR | 109 | 5,336 | ||||||
Schneider Electric SE ADR | 208 | 4,680 | ||||||
Airbus SE ADR | 171 | 3,671 | ||||||
Vinci S.A. ADR | 165 | 3,316 | ||||||
ABB Ltd. ADR | 116 | 2,977 | ||||||
Deutsche Post AG ADR | 72 | 2,164 | ||||||
Total Industrial | 22,144 | |||||||
Technology - 1.8% | ||||||||
ASML Holding N.V. — Class G | 30 | 12,460 | ||||||
SAP SE ADR | 79 | 6,419 | ||||||
Total Technology | 18,879 | |||||||
Utilities - 0.9% | ||||||||
Iberdrola S.A. ADR | 105 | 3,907 | ||||||
National Grid plc ADR | 53 | 2,731 | ||||||
Enel SpA ADR | 570 | 2,314 | ||||||
Total Utilities | 8,952 | |||||||
Communications - 0.7% | ||||||||
Deutsche Telekom AG ADR | 252 | 4,299 | ||||||
Prosus N.V. ADR | 317 | 3,306 | ||||||
Total Communications | 7,605 | |||||||
Total Common Stocks | ||||||||
(Cost $282,252) | 294,562 | |||||||
MUTUAL FUNDS† - 43.5% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 23,237 | 222,841 | ||||||
Guggenheim Strategy Fund II1 | 9,255 | 221,846 | ||||||
Total Mutual Funds | ||||||||
(Cost $458,891) | 444,687 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 15.7% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/222,3 | $ | 161,000 | 160,564 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $160,533) | 160,564 | |||||||
REPURCHASE AGREEMENTS††,4 - 11.8% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 68,428 | 68,428 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 26,319 | 26,319 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 25,539 | 25,539 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $120,286) | 120,286 | |||||||
Total Investments - 99.8% | ||||||||
(Cost $1,021,962) | $ | 1,020,099 | ||||||
Other Assets & Liabilities, net - 0.2% | 1,786 | |||||||
Total Net Assets - 100.0% | $ | 1,021,885 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Euro FX Futures Contracts | 8 | Dec 2022 | $ | 985,450 | $ | (35,890 | ) | |||||||
Equity Futures Contracts Purchased† | ||||||||||||||
STOXX Europe 50 Index Futures Contracts | 30 | Dec 2022 | 968,245 | (83,766 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase 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 September 30, 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 | $ | 294,562 | $ | — | $ | — | $ | 294,562 | ||||||||
Mutual Funds | 444,687 | — | — | 444,687 | ||||||||||||
U.S. Treasury Bills | — | 160,564 | — | 160,564 | ||||||||||||
Repurchase Agreements | — | 120,286 | — | 120,286 | ||||||||||||
Total Assets | $ | 739,249 | $ | 280,850 | $ | — | $ | 1,020,099 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 35,890 | — | — | $ | 35,890 | ||||||||||
Equity Futures Contracts** | 83,766 | — | — | 83,766 | ||||||||||||
Total Liabilities | $ | 119,656 | $ | — | $ | — | $ | 119,656 |
** | 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.
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Transactions during the period ended September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 465,394 | $ | – | $ | (230,000 | ) | $ | (5,419 | ) | $ | (8,129 | ) | $ | 221,846 | 9,255 | $ | 5,107 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 465,216 | – | (230,000 | ) | (5,181 | ) | (7,194 | ) | 222,841 | 23,237 | 3,885 | |||||||||||||||||||||
$ | 930,610 | $ | – | $ | (460,000 | ) | $ | (10,600 | ) | $ | (15,323 | ) | $ | 444,687 | $ | 8,992 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
REITS - 27.8% | ||||||||
American Tower Corp. — Class A | 578 | $ | 124,097 | |||||
Prologis, Inc. | 1,046 | 106,274 | ||||||
Crown Castle, Inc. | 683 | 98,728 | ||||||
Public Storage | 321 | 93,992 | ||||||
Equinix, Inc. | 165 | 93,859 | ||||||
Realty Income Corp. | 1,331 | 77,464 | ||||||
SBA Communications Corp. | 254 | 72,301 | ||||||
VICI Properties, Inc. | 2,324 | 69,371 | ||||||
Simon Property Group, Inc. | 769 | 69,018 | ||||||
Welltower, Inc. | 1,070 | 68,822 | ||||||
AvalonBay Communities, Inc. | 361 | 66,493 | ||||||
Digital Realty Trust, Inc. | 664 | 65,855 | ||||||
Equity Residential | 970 | 65,203 | ||||||
Alexandria Real Estate Equities, Inc. | 452 | 63,366 | ||||||
Extra Space Storage, Inc. | 364 | 62,866 | ||||||
Invitation Homes, Inc. | 1,719 | 58,051 | ||||||
Weyerhaeuser Co. | 2,012 | 57,463 | ||||||
Mid-America Apartment Communities, Inc. | 365 | 56,601 | ||||||
Sun Communities, Inc. | 394 | 53,320 | ||||||
Duke Realty Corp. | 1,099 | 52,972 | ||||||
Essex Property Trust, Inc. | 217 | 52,564 | ||||||
Ventas, Inc. | 1,243 | 49,931 | ||||||
UDR, Inc. | 1,141 | 47,591 | ||||||
Camden Property Trust | 397 | 47,422 | ||||||
WP Carey, Inc. | 647 | 45,161 | ||||||
Healthpeak Properties, Inc. | 1,927 | 44,167 | ||||||
American Homes 4 Rent — Class A | 1,345 | 44,129 | ||||||
Boston Properties, Inc. | 586 | 43,932 | ||||||
Gaming and Leisure Properties, Inc. | 993 | 43,930 | ||||||
STORE Capital Corp. | 1,398 | 43,799 | ||||||
Equity LifeStyle Properties, Inc. | 695 | 43,674 | ||||||
Host Hotels & Resorts, Inc. | 2,720 | 43,194 | ||||||
Kimco Realty Corp. | 2,320 | 42,711 | ||||||
Life Storage, Inc. | 362 | 40,095 | ||||||
Regency Centers Corp. | 718 | 38,664 | ||||||
CubeSmart | 960 | 38,458 | ||||||
Lamar Advertising Co. — Class A | 453 | 37,368 | ||||||
Rexford Industrial Realty, Inc. | 702 | 36,504 | ||||||
Healthcare Realty Trust, Inc. | 1,722 | 35,904 | ||||||
Federal Realty Investment Trust | 394 | 35,507 | ||||||
Omega Healthcare Investors, Inc. | 1,174 | 34,621 | ||||||
National Retail Properties, Inc. | 859 | 34,240 | ||||||
Medical Properties Trust, Inc. | 2,762 | 32,757 | ||||||
Americold Realty Trust, Inc. | 1,313 | 32,300 | ||||||
Agree Realty Corp. | 461 | 31,154 | ||||||
First Industrial Realty Trust, Inc. | 682 | 30,560 | ||||||
Brixmor Property Group, Inc. | 1,595 | 29,460 | ||||||
Spirit Realty Capital, Inc. | 783 | 28,313 | ||||||
Kilroy Realty Corp. | 660 | 27,793 | ||||||
Vornado Realty Trust | 1,154 | 26,727 | ||||||
AGNC Investment Corp. | 2,887 | 24,308 | ||||||
Independence Realty Trust, Inc. | 1,451 | 24,275 | ||||||
SL Green Realty Corp. | 517 | 20,763 | ||||||
Park Hotels & Resorts, Inc. | 1,716 | 19,322 | ||||||
Total REITS | 2,727,414 | |||||||
Banks - 25.2% | ||||||||
JPMorgan Chase & Co. | 2,152 | 224,884 | ||||||
Bank of America Corp. | 6,598 | 199,260 | ||||||
Wells Fargo & Co. | 3,988 | 160,397 | ||||||
Morgan Stanley | 1,903 | 150,356 | ||||||
Goldman Sachs Group, Inc. | 456 | 133,631 | ||||||
Citigroup, Inc. | 2,710 | 112,926 | ||||||
PNC Financial Services Group, Inc. | 686 | 102,502 | ||||||
Truist Financial Corp. | 2,280 | 99,271 | ||||||
U.S. Bancorp | 2,432 | 98,058 | ||||||
M&T Bank Corp. | 432 | 76,170 | ||||||
Bank of New York Mellon Corp. | 1,869 | 71,994 | ||||||
First Republic Bank | 483 | 63,056 | ||||||
Fifth Third Bancorp | 1,918 | 61,299 | ||||||
State Street Corp. | 983 | 59,776 | ||||||
Huntington Bancshares, Inc. | 4,434 | 58,440 | ||||||
ICICI Bank Ltd. ADR | 2,743 | 57,521 | ||||||
Regions Financial Corp. | 2,825 | 56,698 | ||||||
SVB Financial Group* | 167 | 56,075 | ||||||
Citizens Financial Group, Inc. | 1,578 | 54,220 | ||||||
Northern Trust Corp. | 629 | 53,817 | ||||||
HDFC Bank Ltd. ADR | 919 | 53,688 | ||||||
Royal Bank of Canada | 580 | 52,223 | ||||||
KeyCorp | 3,106 | 49,758 | ||||||
First Horizon Corp. | 2,106 | 48,227 | ||||||
Bank of Nova Scotia | 1,000 | 47,570 | ||||||
East West Bancorp, Inc. | 592 | 39,747 | ||||||
Comerica, Inc. | 556 | 39,532 | ||||||
Signature Bank | 261 | 39,411 | ||||||
Webster Financial Corp. | 825 | 37,290 | ||||||
Zions Bancorp North America | 695 | 35,348 | ||||||
Western Alliance Bancorporation | 526 | 34,579 | ||||||
Synovus Financial Corp. | 813 | 30,496 | ||||||
Silvergate Capital Corp. — Class A* | 256 | 19,290 | ||||||
Total Banks | 2,477,510 | |||||||
Insurance - 22.8% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 1,216 | 324,696 | ||||||
Marsh & McLennan Companies, Inc. | 750 | 111,967 | ||||||
Progressive Corp. | 934 | 108,540 | ||||||
Chubb Ltd. | 585 | 106,400 | ||||||
Aon plc — Class A | 380 | 101,791 | ||||||
MetLife, Inc. | 1,505 | 91,474 | ||||||
Travelers Companies, Inc. | 537 | 82,268 | ||||||
Arthur J Gallagher & Co. | 471 | 80,645 | ||||||
Allstate Corp. | 635 | 79,076 | ||||||
Aflac, Inc. | 1,402 | 78,792 | ||||||
American International Group, Inc. | 1,631 | 77,440 | ||||||
Prudential Financial, Inc. | 844 | 72,398 | ||||||
Willis Towers Watson plc | 338 | 67,918 | ||||||
Hartford Financial Services Group, Inc. | 953 | 59,029 | ||||||
Principal Financial Group, Inc. | 773 | 55,772 | ||||||
RenaissanceRe Holdings Ltd. | 394 | 55,314 | ||||||
Brown & Brown, Inc. | 910 | 55,037 | ||||||
Markel Corp.* | 48 | 52,043 | ||||||
Cincinnati Financial Corp. | 561 | 50,249 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Insurance - 22.8% (continued) | ||||||||
Alleghany Corp.* | 56 | $ | 47,005 | |||||
Loews Corp. | 901 | 44,906 | ||||||
American Financial Group, Inc. | 359 | 44,132 | ||||||
Globe Life, Inc. | 436 | 43,469 | ||||||
Fidelity National Financial, Inc. | 1,125 | 40,725 | ||||||
Equitable Holdings, Inc. | 1,537 | 40,500 | ||||||
Reinsurance Group of America, Inc. — Class A | 321 | 40,385 | ||||||
Unum Group | 993 | 38,528 | ||||||
Assurant, Inc. | 256 | 37,189 | ||||||
Lincoln National Corp. | 792 | 34,777 | ||||||
Old Republic International Corp. | 1,626 | 34,032 | ||||||
Voya Financial, Inc. | 538 | 32,549 | ||||||
First American Financial Corp. | 602 | 27,752 | ||||||
MGIC Investment Corp. | 2,015 | 25,832 | ||||||
Total Insurance | 2,242,630 | |||||||
Diversified Financial Services - 16.1% | ||||||||
Charles Schwab Corp. | 2,192 | 157,539 | ||||||
American Express Co. | 950 | 128,164 | ||||||
BlackRock, Inc. — Class A | 209 | 115,008 | ||||||
CME Group, Inc. — Class A | 578 | 102,381 | ||||||
Intercontinental Exchange, Inc. | 1,019 | 92,067 | ||||||
Capital One Financial Corp. | 817 | 75,303 | ||||||
Nasdaq, Inc. | 1,221 | 69,206 | ||||||
Ameriprise Financial, Inc. | 274 | 69,034 | ||||||
Discover Financial Services | 706 | 64,190 | ||||||
Apollo Global Management, Inc. | 1,374 | 63,891 | ||||||
T. Rowe Price Group, Inc. | 583 | 61,221 | ||||||
Raymond James Financial, Inc. | 610 | 60,280 | ||||||
LPL Financial Holdings, Inc. | 262 | 57,242 | ||||||
Cboe Global Markets, Inc. | 412 | 48,356 | ||||||
Synchrony Financial | 1,661 | 46,824 | ||||||
Coinbase Global, Inc. — Class A*,1 | 716 | 46,175 | ||||||
Tradeweb Markets, Inc. — Class A | 806 | 45,475 | ||||||
Franklin Resources, Inc. | 1,894 | 40,759 | ||||||
Ally Financial, Inc. | 1,322 | 36,791 | ||||||
Jefferies Financial Group, Inc. | 1,144 | 33,748 | ||||||
Invesco Ltd. | 2,218 | 30,387 | ||||||
Stifel Financial Corp. | 566 | 29,381 | ||||||
SoFi Technologies, Inc.* | 5,207 | 25,410 | ||||||
SLM Corp. | 1,748 | 24,455 | ||||||
OneMain Holdings, Inc. | 785 | 23,173 | ||||||
Evercore, Inc. — Class A | 281 | 23,112 | ||||||
Upstart Holdings, Inc.*,1 | 743 | 15,447 | ||||||
Total Diversified Financial Services | 1,585,019 | |||||||
Private Equity - 3.4% | ||||||||
Blackstone, Inc. — Class A | 1,518 | 127,056 | ||||||
KKR & Company, Inc. — Class A | 1,789 | 76,927 | ||||||
Ares Management Corp. — Class A | 837 | 51,852 | ||||||
Brookfield Asset Management, Inc. — Class A | 1,091 | 44,611 | ||||||
Carlyle Group, Inc. | 1,446 | 37,365 | ||||||
Total Private Equity | 337,811 | |||||||
Commercial Services - 2.5% | ||||||||
S&P Global, Inc. | 425 | 129,774 | ||||||
Moody's Corp. | 349 | 84,846 | ||||||
MarketAxess Holdings, Inc. | 168 | 37,378 | ||||||
Total Commercial Services | 251,998 | |||||||
Software - 0.8% | ||||||||
MSCI, Inc. — Class A | 180 | 75,922 | ||||||
Media - 0.5% | ||||||||
FactSet Research Systems, Inc. | 129 | 51,614 | ||||||
Savings & Loans - 0.3% | ||||||||
New York Community Bancorp, Inc. | 3,005 | 25,633 | ||||||
Total Common Stocks | ||||||||
(Cost $6,141,002) | 9,775,551 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 48,913 | 48,913 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 18,812 | 18,812 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 18,256 | 18,256 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $85,981) | 85,981 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 44,698 | 44,698 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $44,698) | 44,698 | |||||||
Total Investments - 100.8% | ||||||||
(Cost $6,271,681) | $ | 9,906,230 | ||||||
Other Assets & Liabilities, net - (0.8)% | (74,367 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,831,863 | ||||||
* | 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 September 30, 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 September 30, 2022. |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 | $ | 9,775,551 | $ | — | $ | — | $ | 9,775,551 | ||||||||
Repurchase Agreements | — | 85,981 | — | 85,981 | ||||||||||||
Securities Lending Collateral | 44,698 | — | — | 44,698 | ||||||||||||
Total Assets | $ | 9,820,249 | $ | 85,981 | $ | — | $ | 9,906,230 |
Global Managed Futures Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 24.1% | ||||||||
Guggenheim Variable Insurance Strategy Fund III1 | 134,486 | $ | 3,228,999 | |||||
Guggenheim Strategy Fund III1 | 89,107 | 2,140,348 | ||||||
Guggenheim Strategy Fund II1 | 4,552 | 109,116 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 7,274 | 69,755 | ||||||
Total Mutual Funds | ||||||||
(Cost $5,738,109) | 5,548,218 |
Face
Amount | ||||||||
U.S. TREASURY BILLS†† - 7.7% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/222,3 | $ | 1,764,000 | 1,759,222 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,758,880) | 1,759,222 | |||||||
REPURCHASE AGREEMENTS††,4 - 66.4% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 8,689,356 | 8,689,356 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 3,342,060 | 3,342,060 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 3,243,138 | 3,243,138 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $15,274,554) | 15,274,554 | |||||||
Total Investments - 98.2% | ||||||||
(Cost $22,771,543) | $ | 22,581,994 | ||||||
Other Assets & Liabilities, net - 1.8% | 406,602 | |||||||
Total Net Assets - 100.0% | $ | 22,988,596 |
Futures Contracts | |||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | |||||||||
Equity Futures Contracts Purchased† | |||||||||||||
CBOE Volatility Index Futures Contracts | 14 | Dec 2022 | $ | 420,140 | $ | 36,751 | |||||||
Russell 2000 Index Mini Futures Contracts | 3 | Dec 2022 | 250,380 | (260 | ) | ||||||||
NASDAQ-100 Index Mini Futures Contracts | 1 | Dec 2022 | 220,610 | (322 | ) | ||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 2 | Dec 2022 | 287,860 | (413 | ) | ||||||||
S&P 500 Index Mini Futures Contracts | 2 | Dec 2022 | 359,725 | (678 | ) | ||||||||
FTSE 100 Index Futures Contracts | 1 | Dec 2022 | 76,396 | (824 | ) | ||||||||
$ | 1,615,111 | $ | 34,254 | ||||||||||
Interest Rate Futures Contracts Purchased† | |||||||||||||
Euro - BTP Italian Government Bond Futures Contracts†† | 6 | Dec 2022 | $ | 658,747 | $ | 8,066 | |||||||
Euro - OATS Futures Contracts | 4 | Dec 2022 | 517,495 | 3,743 | |||||||||
$ | 1,176,242 | $ | 11,809 | ||||||||||
Currency Futures Contracts Purchased† | |||||||||||||
Mexican Peso Futures Contracts | 31 | Dec 2022 | $ | 759,035 | $ | (4,614 | ) | ||||||
Commodity Futures Contracts Purchased† | |||||||||||||
Red Spring Wheat Futures Contracts | 5 | Dec 2022 | $ | 245,937 | $ | 13,833 | |||||||
Corn Futures Contracts | 8 | Dec 2022 | 271,200 | 12,635 | |||||||||
Euro - Mill Wheat Futures Contracts | 6 | Dec 2022 | 104,896 | 4,062 | |||||||||
Gasoline RBOB Futures Contracts | 4 | Nov 2022 | 382,906 | 973 | |||||||||
Sugar #11 Futures Contracts | 14 | Jun 2023 | 258,877 | (1,403 | ) | ||||||||
Live Cattle Futures Contracts | 6 | Dec 2022 | 352,800 | (1,792 | ) |
Global Managed Futures Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | |||||||||
Commodity Futures Contracts Purchased† (continued) | |||||||||||||
NY Harbor ULSD Futures Contracts | 3 | Oct 2022 | $ | 408,139 | $ | (1,902 | ) | ||||||
Sugar #11 Futures Contracts | 15 | Apr 2023 | 284,088 | (4,181 | ) | ||||||||
Natural Gas Futures Contracts | 5 | Dec 2022 | 362,900 | (4,383 | ) | ||||||||
WTI Crude Futures Contracts | 2 | Oct 2022 | 159,400 | (4,385 | ) | ||||||||
Soybean Oil Futures Contracts | 5 | Dec 2022 | 183,990 | (7,759 | ) | ||||||||
Low Sulphur Gas Oil Futures Contracts | 4 | Dec 2022 | 360,300 | (10,924 | ) | ||||||||
LME Nickel Futures Contracts | 1 | Nov 2022 | 126,330 | (12,379 | ) | ||||||||
Soybean Futures Contracts | 4 | Nov 2022 | 273,200 | (13,200 | ) | ||||||||
Brent Crude Futures Contracts | 2 | Oct 2022 | 170,700 | (15,621 | ) | ||||||||
ECX Emission Futures Contracts | 1 | Dec 2022 | 65,402 | (15,949 | ) | ||||||||
Cotton #2 Futures Contracts | 3 | Dec 2022 | 128,010 | (26,334 | ) | ||||||||
Natural Gas Futures Contracts | 3 | Oct 2022 | 203,850 | (33,188 | ) | ||||||||
$ | 4,342,925 | $ | (121,897 | ) | |||||||||
Currency Futures Contracts Sold Short† | |||||||||||||
Australian Dollar Futures Contracts | 23 | Dec 2022 | $ | 1,472,920 | $ | 92,709 | |||||||
Swiss Franc Futures Contracts | 24 | Dec 2022 | 3,063,450 | 86,322 | |||||||||
Euro FX Futures Contracts | 32 | Dec 2022 | 3,941,800 | 75,166 | |||||||||
Canadian Dollar Futures Contracts | 15 | Dec 2022 | 1,086,150 | 48,298 | |||||||||
Japanese Yen Futures Contracts | 26 | Dec 2022 | 2,263,950 | 3,663 | |||||||||
British Pound Futures Contracts | 2 | Dec 2022 | 139,700 | (6,048 | ) | ||||||||
$ | 11,967,970 | $ | 300,110 | ||||||||||
Interest Rate Futures Contracts Sold Short† | |||||||||||||
U.S. Treasury 2 Year Note Futures Contracts | 38 | Dec 2022 | $ | 7,801,875 | $ | 90,319 | |||||||
U.S. Treasury 5 Year Note Futures Contracts | 19 | Dec 2022 | 2,041,461 | 56,570 | |||||||||
Euro - Bund Futures Contracts | 13 | Dec 2022 | 1,762,638 | 32,453 | |||||||||
Canadian Government 10 Year Bond Futures Contracts | 26 | Dec 2022 | 2,320,447 | 27,592 | |||||||||
U.S. Treasury 10 Year Note Futures Contracts | 19 | Dec 2022 | 2,129,187 | 22,549 | |||||||||
Euro - Bobl Futures Contracts | 10 | Dec 2022 | 1,171,714 | 21,812 | |||||||||
Euro - Schatz Futures Contracts | 27 | Dec 2022 | 2,833,505 | 15,114 | |||||||||
Australian Government 3 Year Bond Futures Contracts | 17 | Dec 2022 | 1,159,867 | 10,339 | |||||||||
U.S. Treasury Long Bond Futures Contracts | 8 | Dec 2022 | 1,012,250 | 6,174 | |||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 6 | Dec 2022 | 819,938 | 5,865 | |||||||||
Long Gilt Futures Contracts | 4 | Dec 2022 | 429,495 | 1,305 | |||||||||
Australian Government 10 Year Bond Futures Contracts | 3 | Dec 2022 | 224,832 | (492 | ) | ||||||||
$ | 23,707,209 | $ | 289,600 | ||||||||||
Commodity Futures Contracts Sold Short† | |||||||||||||
Gold 100 oz. Futures Contracts | 6 | Dec 2022 | $ | 1,001,880 | $ | 57,482 | |||||||
Lean Hogs Futures Contracts | 14 | Dec 2022 | 427,840 | 32,312 | |||||||||
Silver Futures Contracts | 4 | Dec 2022 | 380,200 | 27,523 | |||||||||
Live Cattle Futures Contracts | 22 | Apr 2023 | 1,358,500 | 24,007 | |||||||||
Gasoline RBOB Futures Contracts | 4 | Dec 2022 | 375,463 | 13,514 | |||||||||
Cocoa Futures Contracts | 16 | Dec 2022 | 374,720 | 13,311 | |||||||||
CME Random Length Lumber Futures Contracts | 1 | Nov 2022 | 46,717 | 10,376 | |||||||||
LME Primary Aluminum Futures Contracts | 6 | Nov 2022 | 322,988 | 10,269 | |||||||||
Copper Futures Contracts | 2 | Dec 2022 | 169,900 | 9,419 | |||||||||
Canadian Canola (WCE) Futures Contracts | 2 | Nov 2022 | 24,620 | 5,804 | |||||||||
Euro - Rapeseed Futures Contracts | 3 | Jan 2023 | 93,612 | 5,464 | |||||||||
Natural Gas Futures Contracts | 5 | Nov 2022 | 354,150 | 4,487 | |||||||||
LME Tin Futures Contracts | 1 | Nov 2022 | 103,425 | 3,723 | |||||||||
Low Sulphur Gas Oil Futures Contracts | 3 | Nov 2022 | 282,375 | 2,545 | |||||||||
LME Zinc Futures Contracts | 2 | Nov 2022 | 150,050 | 2,113 | |||||||||
Cattle Feeder Futures Contracts | 4 | Jan 2023 | 350,950 | 1,430 | |||||||||
Oat Futures Contracts | 4 | Dec 2022 | 77,650 | 1,021 | |||||||||
LME Lead Futures Contracts | 2 | Nov 2022 | 95,643 | 586 | |||||||||
Sugar #11 Futures Contracts | 4 | Feb 2023 | 79,072 | 141 |
Global Managed Futures Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | |||||||||
Commodity Futures Contracts Sold Short† (continued) | |||||||||||||
Platinum Futures Contracts | 1 | Jan 2023 | $ | 42,870 | $ | (3 | ) | ||||||
SGX Iron Ore 62% Futures Contracts | 8 | Nov 2022 | 75,320 | (416 | ) | ||||||||
Gasoline RBOB Futures Contracts | 1 | Oct 2022 | 99,624 | (2,686 | ) | ||||||||
$ | 6,287,569 | $ | 222,422 | ||||||||||
Equity Futures Contracts Sold Short† | |||||||||||||
MSCI EAFE Index Futures Contracts | 4 | Dec 2022 | $ | 332,320 | $ | 29,299 | |||||||
DAX Index Futures Contracts | 1 | Dec 2022 | 293,835 | 27,445 | |||||||||
FTSE Taiwan Index Futures Contracts | 5 | Oct 2022 | 232,550 | 13,355 | |||||||||
FTSE/JSE TOP 40 Index Futures Contracts†† | 11 | Dec 2022 | 344,097 | 11,182 | |||||||||
SPI 200 Index Futures Contracts | 2 | Dec 2022 | 207,478 | 10,320 | |||||||||
CAC 40 10 Euro Index Futures Contracts | 5 | Oct 2022 | 278,864 | 9,740 | |||||||||
Euro STOXX 50 Index Futures Contracts | 3 | Dec 2022 | 96,266 | 9,476 | |||||||||
IBEX 35 Index Futures Contracts†† | 1 | Oct 2022 | 71,263 | 7,468 | |||||||||
OMX Stockholm 30 Index Futures Contracts†† | 2 | Oct 2022 | 32,235 | 2,428 | |||||||||
S&P/TSX 60 IX Index Futures Contracts | 1 | Dec 2022 | 161,636 | 2,113 | |||||||||
Amsterdam Index Futures Contracts | 1 | Oct 2022 | 124,120 | 125 | |||||||||
CBOE Volatility Index Futures Contracts | 1 | Mar 2023 | 30,150 | (65 | ) | ||||||||
CBOE Volatility Index Futures Contracts | 4 | Feb 2023 | 121,040 | (531 | ) | ||||||||
CBOE Volatility Index Futures Contracts | 14 | Jan 2023 | 429,380 | (9,467 | ) | ||||||||
$ | 2,755,234 | $ | 112,888 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
CME — Chicago Mercantile Exchange
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1
Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 5,548,218 | $ | — | $ | — | $ | 5,548,218 | ||||||||
U.S. Treasury Bills | — | 1,759,222 | — | 1,759,222 | ||||||||||||
Repurchase Agreements | — | 15,274,554 | — | 15,274,554 | ||||||||||||
Currency Futures Contracts** | 306,158 | — | — | 306,158 | ||||||||||||
Interest Rate Futures Contracts** | 293,835 | 8,066 | — | 301,901 | ||||||||||||
Commodity Futures Contracts** | 257,030 | — | — | 257,030 | ||||||||||||
Equity Futures Contracts** | 138,624 | 21,078 | — | 159,702 | ||||||||||||
Total Assets | $ | 6,543,865 | $ | 17,062,920 | $ | — | $ | 23,606,785 |
Investments in Securities (Liabilities) | Level 1
Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Commodity Futures Contracts** | $ | 156,505 | $ | — | $ | — | $ | 156,505 | ||||||||
Equity Futures Contracts** | 12,560 | — | — | 12,560 | ||||||||||||
Currency Futures Contracts** | 10,662 | — | — | 10,662 | ||||||||||||
Interest Rate Futures Contracts** | 492 | — | — | 492 | ||||||||||||
Total Liabilities | $ | 180,219 | $ | — | $ | — | $ | 180,219 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Global Managed Futures Strategy Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | |||||||||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 113,258 | $ | – | $ | – | $ | – | $ | (4,142 | ) | $ | 109,116 | 4,552 | $ | 1,822 | |||||||||||||||
Guggenheim Strategy Fund III | 2,230,346 | – | – | – | (89,998 | ) | 2,140,348 | 89,107 | 36,569 | ||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 72,155 | – | – | – | (2,400 | ) | 69,755 | 7,274 | 902 | ||||||||||||||||||||||
Guggenheim Variable Insurance Strategy Fund III | 3,356,761 | – | – | – | (127,762 | ) | 3,228,999 | 134,486 | 53,181 | ||||||||||||||||||||||
$ | 5,772,520 | $ | – | $ | – | $ | – | $ | (224,302 | ) | $ | 5,548,218 | $ | 92,474 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 12.8% | ||||||||
Guggenheim Strategy Fund II1 | 19,093 | $ | 457,657 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 44,947 | 431,046 | ||||||
Total Mutual Funds | ||||||||
(Cost $902,682) | 888,703 |
Face Amount | ||||||||
U.S. GOVERNMENT SECURITIES†† - 46.1% | ||||||||
U.S. Treasury Bonds | ||||||||
3.00% due 08/15/52 | $ | 3,700,000 | 3,192,984 | |||||
Total U.S. Government Securities | ||||||||
(Cost $3,434,560) | 3,192,984 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 14.5% | ||||||||
Farmer Mac | ||||||||
2.60% due 10/03/222 | 1,000,000 | 999,920 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $999,856) | 999,920 | |||||||
FEDERAL AGENCY NOTES†† - 4.3% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 300,000 | 299,974 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $299,987) | 299,974 | |||||||
U.S. TREASURY BILLS†† - 1.9% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/222,3 | 132,000 | 131,642 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $131,617) | 131,642 | |||||||
REPURCHASE AGREEMENTS††,4 - 30.7% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 1,210,742 | 1,210,742 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 465,670 | 465,670 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 451,887 | 451,887 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,128,299) | 2,128,299 | |||||||
Total Investments - 110.3% | ||||||||
(Cost $7,897,001) | $ | 7,641,522 | ||||||
Other Assets & Liabilities, net - (10.3)% | (711,854 | ) | ||||||
Total Net Assets - 100.0% | $ | 6,929,668 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 42 | Dec 2022 | $ | 5,739,563 | $ | (135,446 | ) |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
4 | Repurchase 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 September 30, 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 | $ | 888,703 | $ | — | $ | — | $ | 888,703 | ||||||||
U.S. Government Securities | — | 3,192,984 | — | 3,192,984 | ||||||||||||
Federal Agency Discount Notes | — | 999,920 | — | 999,920 | ||||||||||||
Federal Agency Notes | — | 299,974 | — | 299,974 | ||||||||||||
U.S. Treasury Bills | — | 131,642 | — | 131,642 | ||||||||||||
Repurchase Agreements | — | 2,128,299 | — | 2,128,299 | ||||||||||||
Total Assets | $ | 888,703 | $ | 6,752,819 | $ | — | $ | 7,641,522 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 135,446 | $ | — | $ | — | $ | 135,446 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,430,596 | $ | – | $ | (950,000 | ) | $ | (1,511 | ) | $ | (21,428 | ) | $ | 457,657 | 19,093 | $ | 9,092 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,151,720 | – | (1,700,000 | ) | (6,288 | ) | (14,386 | ) | 431,046 | 44,947 | 6,470 | |||||||||||||||||||||
$ | 3,582,316 | $ | – | $ | (2,650,000 | ) | $ | (7,799 | ) | $ | (35,814 | ) | $ | 888,703 | $ | 15,562 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
Pharmaceuticals - 32.0% | ||||||||
Johnson & Johnson | 3,491 | $ | 570,290 | |||||
Eli Lilly & Co. | 1,514 | 489,552 | ||||||
AbbVie, Inc. | 3,093 | 415,112 | ||||||
Pfizer, Inc. | 9,483 | 414,976 | ||||||
Merck & Company, Inc. | 4,719 | 406,400 | ||||||
Bristol-Myers Squibb Co. | 4,837 | 343,862 | ||||||
CVS Health Corp. | 3,144 | 299,843 | ||||||
Cigna Corp. | 894 | 248,058 | ||||||
Zoetis, Inc. | 1,476 | 218,876 | ||||||
Becton Dickinson and Co. | 913 | 203,444 | ||||||
McKesson Corp. | 550 | 186,928 | ||||||
AstraZeneca plc ADR | 3,151 | 172,801 | ||||||
Dexcom, Inc.* | 1,796 | 144,650 | ||||||
AmerisourceBergen Corp. — Class A | 1,038 | 140,473 | ||||||
GSK plc ADR | 4,214 | 124,018 | ||||||
Cardinal Health, Inc. | 1,731 | 115,423 | ||||||
Novartis AG ADR | 1,474 | 112,039 | ||||||
Jazz Pharmaceuticals plc* | 750 | 99,968 | ||||||
Perrigo Company plc | 2,723 | 97,102 | ||||||
Neurocrine Biosciences, Inc.* | 830 | 88,154 | ||||||
Viatris, Inc. | 9,702 | 82,661 | ||||||
Elanco Animal Health, Inc.* | 4,922 | 61,082 | ||||||
Bausch Health Companies, Inc.* | 6,165 | 42,477 | ||||||
Total Pharmaceuticals | 5,078,189 | |||||||
Healthcare-Products - 29.6% | ||||||||
Thermo Fisher Scientific, Inc. | 725 | 367,713 | ||||||
Danaher Corp. | 1,384 | 357,473 | ||||||
Abbott Laboratories | 3,519 | 340,498 | ||||||
Medtronic plc | 3,318 | 267,929 | ||||||
Stryker Corp. | 1,117 | 226,237 | ||||||
Intuitive Surgical, Inc.* | 1,110 | 208,058 | ||||||
Boston Scientific Corp.* | 5,058 | 195,896 | ||||||
Edwards Lifesciences Corp.* | 2,211 | 182,695 | ||||||
ResMed, Inc. | 691 | 150,845 | ||||||
Baxter International, Inc. | 2,549 | 137,289 | ||||||
IDEXX Laboratories, Inc.* | 412 | 134,230 | ||||||
Zimmer Biomet Holdings, Inc. | 1,184 | 123,787 | ||||||
Insulet Corp.* | 480 | 110,112 | ||||||
Hologic, Inc.* | 1,667 | 107,555 | ||||||
West Pharmaceutical Services, Inc. | 426 | 104,830 | ||||||
Waters Corp.* | 384 | 103,500 | ||||||
STERIS plc | 604 | 100,433 | ||||||
PerkinElmer, Inc. | 824 | 99,152 | ||||||
Align Technology, Inc.* | 477 | 98,791 | ||||||
Cooper Companies, Inc. | 346 | 91,309 | ||||||
Avantor, Inc.* | 4,468 | 87,573 | ||||||
Shockwave Medical, Inc.* | 311 | 86,480 | ||||||
ABIOMED, Inc.* | 351 | 86,227 | ||||||
Bio-Techne Corp. | 294 | 83,496 | ||||||
Repligen Corp.* | 426 | 79,709 | ||||||
Henry Schein, Inc.* | 1,184 | 77,872 | ||||||
Teleflex, Inc. | 386 | 77,764 | ||||||
Bruker Corp. | 1,396 | 74,072 | ||||||
Masimo Corp.* | 506 | 71,427 | ||||||
Dentsply Sirona, Inc. | 2,201 | 62,398 | ||||||
Envista Holdings Corp.* | 1,813 | 59,485 | ||||||
Exact Sciences Corp.* | 1,827 | 59,359 | ||||||
Inspire Medical Systems, Inc.* | 325 | 57,645 | ||||||
QuidelOrtho Corp.* | 769 | 54,968 | ||||||
Natera, Inc.* | 1,185 | 51,927 | ||||||
Tandem Diabetes Care, Inc.* | 932 | 44,596 | ||||||
10X Genomics, Inc. — Class A* | 1,551 | 44,172 | ||||||
Nevro Corp.* | 743 | 34,624 | ||||||
Total Healthcare-Products | 4,702,126 | |||||||
Biotechnology - 18.1% | ||||||||
Amgen, Inc. | 1,286 | 289,864 | ||||||
Vertex Pharmaceuticals, Inc.* | 819 | 237,133 | ||||||
Gilead Sciences, Inc. | 3,837 | 236,704 | ||||||
Regeneron Pharmaceuticals, Inc.* | 337 | 232,149 | ||||||
Biogen, Inc.* | 725 | 193,575 | ||||||
Moderna, Inc.* | 1,448 | 171,226 | ||||||
Illumina, Inc.* | 755 | 144,046 | ||||||
Royalty Pharma plc — Class A | 3,271 | 131,429 | ||||||
Seagen, Inc.* | 953 | 130,399 | ||||||
Alnylam Pharmaceuticals, Inc.* | 644 | 128,903 | ||||||
BioNTech SE ADR | 793 | 106,960 | ||||||
BioMarin Pharmaceutical, Inc.* | 1,236 | 104,776 | ||||||
Incyte Corp.* | 1,538 | 102,492 | ||||||
Horizon Therapeutics plc* | 1,631 | 100,943 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 604 | 91,307 | ||||||
Sarepta Therapeutics, Inc.* | 751 | 83,016 | ||||||
United Therapeutics Corp.* | 395 | 82,705 | ||||||
Apellis Pharmaceuticals, Inc.* | 1,126 | 76,906 | ||||||
Guardant Health, Inc.* | 1,149 | 61,851 | ||||||
Intellia Therapeutics, Inc.* | 951 | 53,218 | ||||||
Mirati Therapeutics, Inc.* | 713 | 49,796 | ||||||
Fate Therapeutics, Inc.* | 1,627 | 36,461 | ||||||
Novavax, Inc.* | 1,373 | 24,989 | ||||||
Total Biotechnology | 2,870,848 | |||||||
Healthcare-Services - 16.6% | ||||||||
UnitedHealth Group, Inc. | 1,168 | 589,887 | ||||||
Elevance Health, Inc. | 612 | 277,995 | ||||||
Humana, Inc. | 452 | 219,306 | ||||||
HCA Healthcare, Inc. | 1,004 | 184,525 | ||||||
Centene Corp.* | 2,189 | 170,326 | ||||||
IQVIA Holdings, Inc.* | 802 | 145,274 | ||||||
Molina Healthcare, Inc.* | 358 | 118,083 | ||||||
Laboratory Corporation of America Holdings | 541 | 110,802 | ||||||
Quest Diagnostics, Inc. | 830 | 101,833 | ||||||
ICON plc* | 510 | 93,728 | ||||||
Catalent, Inc.* | 1,194 | 86,398 | ||||||
Charles River Laboratories International, Inc.* | 423 | 83,246 | ||||||
DaVita, Inc.* | 873 | 72,258 | ||||||
Universal Health Services, Inc. — Class B | 737 | 64,989 | ||||||
Oak Street Health, Inc.* | 2,565 | 62,894 | ||||||
Tenet Healthcare Corp.* | 1,154 | 59,523 | ||||||
Encompass Health Corp. | 1,210 | 54,728 | ||||||
Syneos Health, Inc.* | 1,128 | 53,185 | ||||||
Teladoc Health, Inc.* | 1,919 | 48,647 | ||||||
Amedisys, Inc.* | 450 | 43,555 | ||||||
Total Healthcare-Services | 2,641,182 | |||||||
Electronics - 1.8% | ||||||||
Agilent Technologies, Inc. | 1,281 | 155,705 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% (continued) | ||||||||
Electronics - 1.8% (continued) | ||||||||
Mettler-Toledo International, Inc.* | 115 | $ | 124,674 | |||||
Total Electronics | 280,379 | |||||||
Software - 1.2% | ||||||||
Veeva Systems, Inc. — Class A* | 816 | 134,542 | ||||||
Doximity, Inc. — Class A* | 2,102 | 63,522 | ||||||
Total Software | 198,064 | |||||||
Total Common Stocks | ||||||||
(Cost $7,854,773) | 15,770,788 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 74,554 | 74,554 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 28,674 | 28,674 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 27,826 | 27,826 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $131,054) | 131,054 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $7,985,827) | $ | 15,901,842 | ||||||
Other Assets & Liabilities, net - (0.1)% | (19,056 | ) | ||||||
Total Net Assets - 100.0% | $ | 15,882,786 | ||||||
* | 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. |
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 September 30, 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 | $ | 15,770,788 | $ | — | $ | — | $ | 15,770,788 | ||||||||
Repurchase Agreements | — | 131,054 | — | 131,054 | ||||||||||||
Total Assets | $ | 15,770,788 | $ | 131,054 | $ | — | $ | 15,901,842 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
EXCHANGE-TRADED FUNDS†- 7.9% | ||||||||
iShares iBoxx High Yield Corporate Bond ETF | 1,556 | $ | 111,083 | |||||
SPDR Bloomberg High Yield Bond ETF1 | 1,245 | 109,373 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $263,173) | 220,456 | |||||||
MUTUAL FUNDS† - 39.1% | ||||||||
Guggenheim Strategy Fund II2 | 23,000 | 551,301 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 57,301 | 549,514 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,124,043) | 1,100,815 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES††- 7.1% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/223 | $ | 200,000 | 199,958 | |||||
Total Federal Agency Discount Notes | ||||||||
(Cost $199,958) | 199,958 | |||||||
FEDERAL AGENCY NOTES††- 5.3% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 150,000 | 149,986 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $149,994) | 149,986 | |||||||
U.S. TREASURY BILLS††- 1.2% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/223,4 | 34,000 | 33,908 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $33,901) | 33,908 | |||||||
REPURCHASE AGREEMENTS††,5- 30.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 479,546 | 479,546 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 184,441 | 184,441 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 178,982 | 178,982 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $842,969) | 842,969 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6- 2.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%7 | 71,460 | 71,460 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $71,460) | 71,460 | |||||||
Total Investments - 93.1% | ||||||||
(Cost $2,685,498) | $ | 2,619,552 | ||||||
Other Assets & Liabilities, net - 6.9% | 193,925 | |||||||
Total Net Assets - 100.0% | $ | 2,813,477 |
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 | 19 | Dec 2022 | $ | 2,041,461 | $ | (63,811 | ) |
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.39.V1 | 5.00% | Quarterly | 12/20/27 | $ | 2,600,000 | $ | (108,436 | ) | $ | (110,129 | ) | $ | 1,693 | ||||||||||||||
Total Return Swap Agreements
| |||||||||||||||||||||
Counterparty | Index | 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 | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 10/28/22 | 86 | $ | 6,140 | $ | 23 | |||||||||||
BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 192 | 16,878 | (1,740 | ) |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notational Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||||
OTC Credit Index Swap Agreements†† (continued) | |||||||||||||||||||||
BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 11/17/22 | 364 | $ | 25,972 | $ | (3,416 | ) | ||||||||||
$ | 48,990 | $ | (5,133 | ) |
** | 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 September 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of September 30, 2022. |
CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series 37 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 September 30, 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 | $ | 220,456 | $ | — | $ | — | $ | 220,456 | ||||||||
Mutual Funds | 1,100,815 | — | — | 1,100,815 | ||||||||||||
Federal Agency Discount Notes | — | 199,958 | — | 199,958 | ||||||||||||
Federal Agency Notes | — | 149,986 | — | 149,986 | ||||||||||||
U.S. Treasury Bills | — | 33,908 | — | 33,908 | ||||||||||||
Repurchase Agreements | — | 842,969 | — | 842,969 | ||||||||||||
Securities Lending Collateral | 71,460 | — | — | 71,460 | ||||||||||||
Credit Default Swap Agreements** | — | 1,693 | — | 1,693 | ||||||||||||
Credit Index Swap Agreements** | — | 23 | — | 23 | ||||||||||||
Total Assets | $ | 1,392,731 | $ | 1,228,537 | $ | — | $ | 2,621,268 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 63,811 | $ | — | $ | — | $ | 63,811 | ||||||||
Credit Index Swap Agreements** | — | 5,156 | — | 5,156 | ||||||||||||
Total Liabilities | $ | 63,811 | $ | 5,156 | $ | — | $ | 68,967 |
** | 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.
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,232,538 | $ | 700,000 | $ | (1,345,000 | ) | $ | (15,806 | ) | $ | (20,431 | ) | $ | 551,301 | 23,000 | $ | 13,844 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,169,480 | 800,000 | (1,380,000 | ) | (21,582 | ) | (18,384 | ) | 549,514 | 57,301 | 11,485 | |||||||||||||||||||||
$ | 2,402,018 | $ | 1,500,000 | $ | (2,725,000 | ) | $ | (37,388 | ) | $ | (38,815 | ) | $ | 1,100,815 | $ | 25,329 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Internet - 56.4% | ||||||||
Alphabet, Inc. — Class A* | 3,761 | $ | 359,740 | |||||
Amazon.com, Inc.* | 3,019 | 341,147 | ||||||
Meta Platforms, Inc. — Class A* | 1,373 | 186,289 | ||||||
Netflix, Inc.* | 478 | 112,540 | ||||||
Airbnb, Inc. — Class A* | 789 | 82,877 | ||||||
Booking Holdings, Inc.* | 49 | 80,517 | ||||||
Twitter, Inc.* | 1,816 | 79,613 | ||||||
Uber Technologies, Inc.* | 2,728 | 72,292 | ||||||
Alibaba Group Holding Ltd. ADR* | 880 | 70,391 | ||||||
Baidu, Inc. ADR* | 446 | 52,401 | ||||||
Pinduoduo, Inc. ADR* | 786 | 49,188 | ||||||
Shopify, Inc. — Class A* | 1,795 | 48,357 | ||||||
JD.com, Inc. ADR | 945 | 47,534 | ||||||
Sea Ltd. ADR* | 845 | 47,362 | ||||||
MercadoLibre, Inc.* | 57 | 47,184 | ||||||
VeriSign, Inc.* | 259 | 44,988 | ||||||
eBay, Inc. | 1,204 | 44,319 | ||||||
DoorDash, Inc. — Class A* | 846 | 41,835 | ||||||
Trip.com Group Ltd. ADR* | 1,526 | 41,675 | ||||||
Pinterest, Inc. — Class A* | 1,762 | 41,055 | ||||||
Wix.com Ltd.* | 509 | 39,819 | ||||||
Snap, Inc. — Class A* | 3,953 | 38,818 | ||||||
Expedia Group, Inc.* | 413 | 38,694 | ||||||
Etsy, Inc.* | 371 | 37,148 | ||||||
Chewy, Inc. — Class A*,1 | 1,192 | 36,618 | ||||||
Match Group, Inc.* | 735 | 35,096 | ||||||
Spotify Technology S.A.* | 406 | 35,038 | ||||||
GoDaddy, Inc. — Class A* | 488 | 34,589 | ||||||
Coupang, Inc.* | 2,026 | 33,773 | ||||||
Okta, Inc.* | 540 | 30,710 | ||||||
F5, Inc.* | 210 | 30,393 | ||||||
Roku, Inc.* | 479 | 27,016 | ||||||
Zillow Group, Inc. — Class C* | 870 | 24,891 | ||||||
Zillow Group, Inc. — Class A* | 863 | 24,708 | ||||||
IAC, Inc.* | 391 | 21,654 | ||||||
Lyft, Inc. — Class A* | 1,519 | 20,005 | ||||||
Bumble, Inc. — Class A* | 902 | 19,384 | ||||||
Ziff Davis, Inc.* | 268 | 18,353 | ||||||
TripAdvisor, Inc.* | 812 | 17,929 | ||||||
Wayfair, Inc. — Class A* | 491 | 15,982 | ||||||
Revolve Group, Inc.* | 564 | 12,233 | ||||||
Overstock.com, Inc.* | 436 | 10,617 | ||||||
Stitch Fix, Inc. — Class A* | 1,534 | 6,059 | ||||||
Total Internet | 2,500,831 | |||||||
Software - 29.4% | ||||||||
Salesforce, Inc.* | 856 | 123,127 | ||||||
Adobe, Inc.* | 376 | 103,475 | ||||||
Activision Blizzard, Inc. | 1,089 | 80,956 | ||||||
Snowflake, Inc. — Class A* | 450 | 76,482 | ||||||
Workday, Inc. — Class A* | 424 | 64,541 | ||||||
Electronic Arts, Inc. | 507 | 58,665 | ||||||
Datadog, Inc. — Class A* | 611 | 54,245 | ||||||
Veeva Systems, Inc. — Class A* | 322 | 53,091 | ||||||
Zoom Video Communications, Inc. — Class A* | 654 | 48,128 | ||||||
ROBLOX Corp. — Class A* | 1,246 | 44,657 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 1,031 | 42,951 | ||||||
Take-Two Interactive Software, Inc.* | 393 | 42,837 | ||||||
Cloudflare, Inc. — Class A* | 770 | 42,589 | ||||||
Citrix Systems, Inc.*,†† | 382 | 39,728 | ||||||
Twilio, Inc. — Class A* | 549 | 37,958 | ||||||
Akamai Technologies, Inc.* | 456 | 36,626 | ||||||
NetEase, Inc. ADR | 472 | 35,683 | ||||||
HubSpot, Inc.* | 130 | 35,116 | ||||||
MongoDB, Inc.* | 175 | 34,748 | ||||||
DocuSign, Inc.* | 611 | 32,670 | ||||||
Bilibili, Inc. ADR*,1 | 1,895 | 29,031 | ||||||
Dropbox, Inc. — Class A* | 1,391 | 28,821 | ||||||
Five9, Inc.* | 301 | 22,569 | ||||||
Nutanix, Inc. — Class A* | 1,079 | 22,476 | ||||||
Smartsheet, Inc. — Class A* | 638 | 21,922 | ||||||
Coupa Software, Inc.* | 359 | 21,109 | ||||||
New Relic, Inc.* | 353 | 20,255 | ||||||
Box, Inc. — Class A* | 790 | 19,268 | ||||||
DigitalOcean Holdings, Inc.* | 508 | 18,374 | ||||||
Fastly, Inc. — Class A* | 1,260 | 11,542 | ||||||
Total Software | 1,303,640 | |||||||
Telecommunications - 7.3% | ||||||||
Cisco Systems, Inc. | 3,276 | 131,040 | ||||||
Motorola Solutions, Inc. | 282 | 63,159 | ||||||
Arista Networks, Inc.* | 540 | 60,961 | ||||||
Juniper Networks, Inc. | 1,153 | 30,116 | ||||||
Ciena Corp.* | 632 | 25,552 | ||||||
CommScope Holding Company, Inc.* | 1,413 | 13,014 | ||||||
Total Telecommunications | 323,842 | |||||||
Commercial Services - 4.8% | ||||||||
PayPal Holdings, Inc.* | 1,198 | 103,112 | ||||||
CoStar Group, Inc.* | 776 | 54,048 | ||||||
Paylocity Holding Corp.* | 160 | 38,653 | ||||||
Chegg, Inc.* | 813 | 17,130 | ||||||
Total Commercial Services | 212,943 | |||||||
Entertainment - 0.6% | ||||||||
DraftKings, Inc. — Class A* | 1,737 | 26,298 | ||||||
Computers - 0.5% | ||||||||
Lumentum Holdings, Inc.* | 317 | 21,737 | ||||||
Healthcare-Services - 0.4% | ||||||||
Teladoc Health, Inc.* | 758 | 19,215 | ||||||
Real Estate - 0.2% | ||||||||
Redfin Corp.* | 1,233 | 7,201 | ||||||
Total Common Stocks | ||||||||
(Cost $3,162,599) | 4,415,707 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 23,681 | $ | 23,681 | ||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 9,108 | 9,108 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 8,839 | 8,839 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $41,628) | 41,628 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 28,232 | 28,232 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $28,232) | 28,232 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $3,232,459) | $ | 4,485,567 | ||||||
Other Assets & Liabilities, net - (1.1)% | (48,642 | ) | ||||||
Total Net Assets - 100.0% | $ | 4,436,925 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs, unless otherwise noted — 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 September 30, 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 September 30, 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 September 30, 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 | $ | 4,375,979 | $ | 39,728 | $ | — | $ | 4,415,707 | ||||||||
Repurchase Agreements | — | 41,628 | — | 41,628 | ||||||||||||
Securities Lending Collateral | 28,232 | — | — | 28,232 | ||||||||||||
Total Assets | $ | 4,404,211 | $ | 81,356 | $ | — | $ | 4,485,567 |
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 25.8% | ||||||||
Freddie Mac | ||||||||
2.28% due 10/03/221 | $ | 1,000,000 | $ | 999,874 | ||||
2.55% due 10/04/221 | 300,000 | 299,936 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $1,299,810) | 1,299,810 | |||||||
FEDERAL AGENCY NOTES†† - 12.0% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 600,000 | 599,947 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $599,940) | 599,947 | |||||||
U.S. TREASURY BILLS†† - 3.4% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/221,2 | 170,000 | 169,989 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $169,980) | 169,989 | |||||||
REPURCHASE AGREEMENTS††,3 - 51.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/222 | 1,487,140 | 1,487,140 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/222 | 571,977 | 571,977 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/222 | 555,046 | 555,046 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,614,163) | 2,614,163 | |||||||
Total Investments - 93.1% | ||||||||
(Cost $4,683,893) | $ | 4,683,909 | ||||||
Other Assets & Liabilities, net - 6.9% | 349,388 | |||||||
Total Net Assets - 100.0% | $ | 5,033,297 |
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 Sold Short†† | |||||||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Receive | 3.23% (Federal Funds Rate + 0.15%) | At Maturity | 11/17/22 | 290 | $ | 8,335,514 | $ | 721,692 | |||||||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Receive | 3.21% (SOFR + 0.25%) | At Maturity | 11/16/22 | 59 | 1,707,806 | 230,328 | |||||||||||||||||
$ | 10,043,320 | $ | 952,020 |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
3 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company |
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 September 30, 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 | ||||||||||||
Federal Agency Discount Notes | $ | — | $ | 1,299,810 | $ | — | $ | 1,299,810 | ||||||||
Federal Agency Notes | — | 599,947 | — | 599,947 | ||||||||||||
U.S. Treasury Bills | — | 169,989 | — | 169,989 | ||||||||||||
Repurchase Agreements | — | 2,614,163 | — | 2,614,163 | ||||||||||||
Equity Index Swap Agreements** | — | 952,020 | — | 952,020 | ||||||||||||
Total Assets | $ | — | $ | 5,635,929 | $ | — | $ | 5,635,929 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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
09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 656,701 | $ | – | $ | (646,733 | ) | $ | (1,006 | ) | $ | 8,962 | $ | – | – | $ | – | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 671,291 | – | (661,355 | ) | (6,457 | ) | 3,479 | – | – | 2,407 | ||||||||||||||||||||||
$ | 1,327,992 | $ | – | $ | (1,308,088 | ) | $ | (7,463 | ) | $ | 12,441 | $ | – | $ | 2,407 |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 41.0% | ||||||||
Guggenheim Strategy Fund II1 | 45,576 | $ | 1,092,448 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 113,687 | 1,090,258 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,251,259) | 2,182,706 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 27.2% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | $ | 1,350,000 | 1,349,881 | |||||
Federal Farm Credit Bank | ||||||||
3.01% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/17/23◊ | 100,000 | 100,023 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,449,806) | 1,449,904 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 18.8% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/222 | 1,000,000 | 999,788 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $999,788) | 999,788 | |||||||
U.S. TREASURY BILLS†† - 1.3% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/222,3 | 73,000 | 72,802 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $72,788) | 72,802 | |||||||
REPURCHASE AGREEMENTS†† - 96.8% | ||||||||
Individual Repurchase Agreements4 | ||||||||
Barclays Capital, Inc. issued 09/30/22 at 2.00% due 10/03/22 (secured by a U.S. Treasury Bond, at a rate of 3.00% and maturing 08/15/52 as collateral, with a value of $2,371,883) to be reupurchased at $2,325,763 | 2,325,375 | 2,325,375 | ||||||
Mizuho Securities USA LLC issued 09/30/22 at 2.85% due 10/03/22 (secured by a U.S. Treasury Bond, at a rate of 3.00% and maturing 08/15/52 as collateral, with a value of $2,281,094) to be repurchased at $2,236,898 | 2,236,367 | 2,236,367 | ||||||
Joint Repurchase Agreements5 | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 337,992 | 337,992 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 129,997 | 129,997 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 126,149 | 126,149 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,155,880) | 5,155,880 | |||||||
Total Investments - 185.1% | ||||||||
(Cost $9,929,521) | $ | 9,861,080 | ||||||
U.S. GOVERNMENT SECURITIES SOLD SHORT† - (89.1)% | ||||||||
U.S. Treasury Bonds | ||||||||
3.00% due 08/15/52†† | 5,500,000 | (4,746,328 | ) | |||||
Total Securities Sold Short - (89.1)% | ||||||||
(Proceeds $5,321,506) | $ | (4,746,328 | ) | |||||
Other Assets & Liabilities, net - 4.0% | 211,427 | |||||||
Total Net Assets - 100.0% | $ | 5,326,179 |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 | 5 | Dec 2022 | $ | 683,281 | $ | 62,889 |
** | 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 September 30, 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 September 30, 2022. |
4 | All or a portion of this security is pledged as short security collateral at September 30, 2022. |
5 | Repurchase 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 September 30, 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 | $ | 2,182,706 | $ | — | $ | — | $ | 2,182,706 | ||||||||
Federal Agency Notes | — | 1,449,904 | — | 1,449,904 | ||||||||||||
Federal Agency Discount Notes | — | 999,788 | — | 999,788 | ||||||||||||
U.S. Treasury Bills | — | 72,802 | — | 72,802 | ||||||||||||
Repurchase Agreements | — | 5,155,880 | — | 5,155,880 | ||||||||||||
Interest Rate Futures Contracts** | 62,889 | — | — | 62,889 | ||||||||||||
Total Assets | $ | 2,245,595 | $ | 7,678,374 | $ | — | $ | 9,923,969 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
U.S. Government Securities Sold Short | $ | — | $ | 4,746,328 | $ | — | $ | 4,746,328 |
** | 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) | September 30, 2022 |
Transactions during the period ended September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,334,993 | $ | 1,000,000 | $ | (1,200,000 | ) | $ | (15,843 | ) | $ | (26,702 | ) | $ | 1,092,448 | 45,576 | $ | 18,295 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,329,112 | – | (200,000 | ) | (912 | ) | (37,942 | ) | 1,090,258 | 113,687 | 14,113 | |||||||||||||||||||||
$ | 2,664,105 | $ | 1,000,000 | $ | (1,400,000 | ) | $ | (16,755 | ) | $ | (64,644 | ) | $ | 2,182,706 | $ | 32,408 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 9.1% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 3,280 | $ | 31,454 | |||||
Guggenheim Strategy Fund II1 | 822 | 19,697 | ||||||
Total Mutual Funds | ||||||||
(Cost $52,024) | 51,151 | |||||||
Face Amount | ||||||||
FEDERAL AGENCY NOTES††- 10.7% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | $ | 60,000 | 59,995 | |||||
Total Federal Agency Notes | ||||||||
(Cost $59,993) | 59,995 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 8.9% (continued) | ||||||||
Farmer Mac | ||||||||
2.00% due 10/03/222 | 50,000 | 49,996 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $49,994) | 49,996 | |||||||
REPURCHASE AGREEMENTS††,3- 64.6% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 206,351 | 206,351 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 79,366 | 79,366 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 77,017 | 77,017 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $362,734) | 362,734 | |||||||
Total Investments - 93.3% | ||||||||
(Cost $524,745) | $ | 523,876 | ||||||
Other Assets & Liabilities, net - 6.7% | 37,456 | |||||||
Total Net Assets - 100.0% | $ | 561,332 |
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 Sold Short†† | |||||||||||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Receive | 3.18% (Federal Funds Rate + 0.10%) | At Maturity | 11/17/22 | 224 | $ | 492,740 | $ | 51,504 | |||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Receive | 3.16% (SOFR + 0.20%) | At Maturity | 11/16/22 | 23 | 51,215 | 9,267 | |||||||||||||
BNP Paribas | S&P MidCap 400 Index | Receive | 3.13% (Federal Funds Rate + 0.05%) | At Maturity | 11/17/22 | 6 | 12,194 | 2,436 | |||||||||||||
$ | 556,149 | $ | 63,207 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as equity index swap collateral at September 30, 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) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 51,151 | $ | — | $ | — | $ | 51,151 | ||||||||
Federal Agency Notes | — | 59,995 | — | 59,995 | ||||||||||||
Federal Agency Discount Notes | — | 49,996 | — | 49,996 | ||||||||||||
Repurchase Agreements | — | 362,734 | — | 362,734 | ||||||||||||
Equity Index Swap Agreements** | — | 63,207 | — | 63,207 | ||||||||||||
Total Assets | $ | 51,151 | $ | 535,932 | $ | — | $ | 587,083 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 20,445 | $ | – | $ | – | $ | – | $ | (748 | ) | $ | 19,697 | 822 | $ | 329 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 22,515 | 10,021 | – | – | (1,082 | ) | 31,454 | 3,280 | 404 | |||||||||||||||||||||||
$ | 42,960 | $ | 10,021 | $ | – | $ | – | $ | (1,830 | ) | $ | 51,151 | $ | 733 |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 3.6% | ||||||||
Guggenheim Strategy Fund II1 | 10,880 | $ | 260,785 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 22,830 | 218,936 | ||||||
Total Mutual Funds | ||||||||
(Cost $495,910) | 479,721 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 52.7% | ||||||||
Farmer Mac | ||||||||
2.60% due 10/03/222 | $ | 3,000,000 | 2,999,760 | |||||
2.00% due 10/03/222 | 449,000 | 448,964 | ||||||
Freddie Mac | ||||||||
2.28% due 10/03/222 | 3,000,000 | 2,999,620 | ||||||
Federal Home Loan Bank | ||||||||
2.95% due 10/06/222 | 500,000 | 499,795 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $6,947,932) | 6,948,139 | |||||||
FEDERAL AGENCY NOTES†† - 13.6% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 1,800,000 | 1,799,842 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,799,798) | 1,799,842 | |||||||
REPURCHASE AGREEMENTS††,3 - 23.1% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 1,729,079 | 1,729,079 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 665,031 | 665,031 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 645,346 | 645,346 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $3,039,456) | 3,039,456 | |||||||
Total Investments - 93.0% | ||||||||
(Cost $12,283,096) | $ | 12,267,158 | ||||||
Other Assets & Liabilities, net - 7.0% | 917,420 | |||||||
Total Net Assets - 100.0% | $ | 13,184,578 |
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 Sold Short†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Receive | 3.33% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 717 | $ | 7,864,236 | $ | 796,607 | ||||||||||||
BNP Paribas | NASDAQ-100 Index | Receive | 3.33% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 287 | 3,151,413 | 776,209 | ||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Receive | 3.31% (SOFR + 0.35%) | At Maturity | 11/16/22 | 201 | 2,210,634 | 264,409 | ||||||||||||||
$ | 13,226,283 | $ | 1,837,225 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as equity index swap collateral at September 30, 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) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 479,721 | $ | — | $ | — | $ | 479,721 | ||||||||
Federal Agency Discount Notes | — | 6,948,139 | — | 6,948,139 | ||||||||||||
Federal Agency Notes | — | 1,799,842 | — | 1,799,842 | ||||||||||||
Repurchase Agreements | — | 3,039,456 | — | 3,039,456 | ||||||||||||
Equity Index Swap Agreements** | — | 1,837,225 | — | 1,837,225 | ||||||||||||
Total Assets | $ | 479,721 | $ | 13,624,662 | $ | — | $ | 14,104,383 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 131,337 | $ | 200,000 | $ | (60,000 | ) | $ | (796 | ) | $ | (9,756 | ) | $ | 260,785 | 10,880 | $ | 4,519 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 330,143 | 200,000 | (300,000 | ) | (3,977 | ) | (7,230 | ) | 218,936 | 22,830 | 3,575 | |||||||||||||||||||||
$ | 461,480 | $ | 400,000 | $ | (360,000 | ) | $ | (4,773 | ) | $ | (16,986 | ) | $ | 479,721 | $ | 8,094 |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 5.3% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 6,762 | $ | 64,851 | |||||
Guggenheim Strategy Fund II1 | 2,575 | 61,717 | ||||||
Total Mutual Funds | ||||||||
(Cost $128,417) | 126,568 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 13.8% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | $ | 330,000 | 329,971 | |||||
Total Federal Agency Notes | ||||||||
(Cost $329,963) | 329,971 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 8.3% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/222 | 200,000 | 199,958 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $199,958) | 199,958 | |||||||
REPURCHASE AGREEMENTS††,3 - 74.7% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 1,018,762 | 1,018,762 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 391,831 | 391,831 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 380,233 | 380,233 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,790,826) | 1,790,826 | |||||||
Total Investments - 102.1% | ||||||||
(Cost $2,449,164) | $ | 2,447,323 | ||||||
Other Assets & Liabilities, net - (2.1)% | (51,303 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,396,020 |
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 Sold Short†† | ||||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Receive | 3.03% (Federal Funds Rate - 0.05%) | At Maturity | 11/17/22 | 1,036 | $ | 1,724,394 | $ | 133,644 | ||||||||||||||
Barclays Bank plc | Russell 2000 Index | Receive | 2.46% (SOFR - 0.50%) | At Maturity | 11/16/22 | 367 | 611,723 | 62,922 | ||||||||||||||||
BNP Paribas | Russell 2000 Index | Receive | 2.88% (Federal Funds Rate - 0.20%) | At Maturity | 11/17/22 | 29 | 48,427 | 10,483 | ||||||||||||||||
$ | 2,384,544 | $ | 207,049 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
plc — Public Limited Company |
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 September 30, 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 | $ | 126,568 | $ | — | $ | — | $ | 126,568 | ||||||||
Federal Agency Notes | — | 329,971 | — | 329,971 | ||||||||||||
Federal Agency Discount Notes | — | 199,958 | — | 199,958 | ||||||||||||
Repurchase Agreements | — | 1,790,826 | — | 1,790,826 | ||||||||||||
Equity Index Swap Agreements** | — | 207,049 | — | 207,049 | ||||||||||||
Total Assets | $ | 126,568 | $ | 2,527,804 | $ | — | $ | 2,654,372 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 64,060 | $ | – | $ | – | $ | – | $ | (2,343 | ) | $ | 61,717 | 2,575 | $ | 1,030 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 67,082 | – | – | – | (2,231 | ) | 64,851 | 6,762 | 839 | |||||||||||||||||||||||
$ | 131,142 | $ | – | $ | – | $ | – | $ | (4,574 | ) | $ | 126,568 | $ | 1,869 |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 9.1% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 60,526 | $ | 580,444 | |||||
Guggenheim Strategy Fund II1 | 14,382 | 344,737 | ||||||
Total Mutual Funds | ||||||||
(Cost $954,123) | 925,181 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 49.6% | ||||||||
Freddie Mac | ||||||||
2.28% due 10/03/222 | $ | 4,000,000 | 3,999,493 | |||||
2.55% due 10/04/222 | 1,000,000 | 999,788 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $4,999,281) | 4,999,281 | |||||||
FEDERAL AGENCY NOTES†† - 11.9% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 1,200,000 | 1,199,894 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,199,876) | 1,199,894 | |||||||
U.S. TREASURY BILLS†† - 0.9% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/222,3 | 90,000 | 89,994 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $89,990) | 89,994 | |||||||
REPURCHASE AGREEMENTS††,4 - 27.2% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223 | 1,557,696 | 1,557,696 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223 | 599,114 | 599,114 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223 | 581,380 | 581,380 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,738,190) | 2,738,190 | |||||||
Total Investments - 98.7% | ||||||||
(Cost $9,981,460) | $ | 9,952,540 | ||||||
Other Assets & Liabilities, net - 1.3% | 127,821 | |||||||
Total Net Assets - 100.0% | $ | 10,080,361 |
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 Sold Short†† | |||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Receive | 3.43% (Federal Funds Rate + 0.35%) | At Maturity | 11/17/22 | 2,425 | $ | 8,696,075 | $ | 700,267 | |||||||||||
Barclays Bank plc | S&P 500 Index | Receive | 3.26% (SOFR + 0.30%) | At Maturity | 11/16/22 | 338 | 1,212,875 | 198,851 | |||||||||||||
BNP Paribas | S&P 500 Index | Receive | 3.28% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 56 | 200,497 | 48,143 | |||||||||||||
$ | 10,109,447 | $ | 947,261 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
4 | Repurchase 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) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 925,181 | $ | — | $ | — | $ | 925,181 | ||||||||
Federal Agency Discount Notes | — | 4,999,281 | — | 4,999,281 | ||||||||||||
Federal Agency Notes | — | 1,199,894 | — | 1,199,894 | ||||||||||||
U.S. Treasury Bills | — | 89,994 | — | 89,994 | ||||||||||||
Repurchase Agreements | — | 2,738,190 | — | 2,738,190 | ||||||||||||
Equity Index Swap Agreements** | — | 947,261 | — | 947,261 | ||||||||||||
Total Assets | $ | 925,181 | $ | 9,974,620 | $ | — | $ | 10,899,801 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 357,825 | $ | – | $ | – | $ | – | $ | (13,088 | ) | $ | 344,737 | 14,382 | $ | 5,763 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 350,417 | 250,000 | – | – | (19,973 | ) | 580,444 | 60,526 | 7,434 | |||||||||||||||||||||||
$ | 708,242 | $ | 250,000 | $ | – | $ | – | $ | (33,061 | ) | $ | 925,181 | $ | 13,197 |
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 30.6% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/221,2 | $ | 263,000 | $ | 262,288 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $262,237) | 262,288 | |||||||
FEDERAL AGENCY NOTES†† - 22.2% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 190,000 | 189,983 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $189,982) | 189,983 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 11.7% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/222 | 100,000 | 99,979 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $99,979) | 99,979 | |||||||
REPURCHASE AGREEMENTS††,3 - 38.2% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | 185,907 | 185,907 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 71,503 | 71,503 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 69,386 | 69,386 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $326,796) | 326,796 | |||||||
Total Investments - 102.7% | ||||||||
(Cost $878,994) | $ | 879,046 | ||||||
Other Assets & Liabilities, net - (2.7)% | (23,348 | ) | ||||||
Total Net Assets - 100.0% | $ | 855,698 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Japanese Yen Futures Contracts | 20 | Dec 2022 | $ | 1,741,500 | $ | (27,674 | ) | |||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Nikkei 225 (CME) Index Futures Contracts | 13 | Dec 2022 | 1,685,775 | (91,043 | ) |
** | 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 pledged as futures collateral at September 30, 2022. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
CME — Chicago Mercantile Exchange
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | ||||||||||||
U.S. Treasury Bills | $ | — | $ | 262,288 | $ | — | $ | 262,288 | ||||||||
Federal Agency Notes | — | 189,983 | — | 189,983 | ||||||||||||
Federal Agency Discount Notes | — | 99,979 | — | 99,979 | ||||||||||||
Repurchase Agreements | — | 326,796 | — | 326,796 | ||||||||||||
Total Assets | $ | — | $ | 879,046 | $ | — | $ | 879,046 |
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 27,674 | $ | — | $ | — | $ | 27,674 | ||||||||
Equity Futures Contracts** | 91,043 | — | — | 91,043 | ||||||||||||
Total Liabilities | $ | 118,717 | $ | — | $ | — | $ | 118,717 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Retail - 19.0% | ||||||||
McDonald's Corp. | 504 | $ | 116,293 | |||||
Starbucks Corp. | 1,078 | 90,832 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 38 | 57,105 | ||||||
Yum! Brands, Inc. | 470 | 49,980 | ||||||
Restaurant Brands International, Inc. | 821 | 43,661 | ||||||
Darden Restaurants, Inc. | 290 | 36,633 | ||||||
Yum China Holdings, Inc. | 685 | 32,421 | ||||||
Domino's Pizza, Inc. | 94 | 29,159 | ||||||
Texas Roadhouse, Inc. — Class A | 257 | 22,426 | ||||||
Wendy's Co. | 961 | 17,961 | ||||||
Wingstop, Inc. | 136 | 17,057 | ||||||
Papa John's International, Inc. | 194 | 13,582 | ||||||
Cracker Barrel Old Country Store, Inc. | 135 | 12,498 | ||||||
Shake Shack, Inc. — Class A* | 273 | 12,279 | ||||||
Bloomin' Brands, Inc. | 619 | 11,346 | ||||||
Jack in the Box, Inc. | 152 | 11,259 | ||||||
Cheesecake Factory, Inc. | 375 | 10,980 | ||||||
Dave & Buster's Entertainment, Inc.* | 333 | 10,333 | ||||||
Brinker International, Inc.* | 367 | 9,168 | ||||||
Total Retail | 604,973 | |||||||
Media - 18.0% | ||||||||
Walt Disney Co.* | 1,190 | 112,253 | ||||||
Comcast Corp. — Class A | 3,333 | 97,757 | ||||||
Charter Communications, Inc. — Class A* | 202 | 61,277 | ||||||
Warner Bros Discovery, Inc.* | 4,098 | 47,127 | ||||||
Fox Corp. — Class A | 1,177 | 36,110 | ||||||
Paramount Global — Class B | 1,577 | 30,026 | ||||||
Liberty Broadband Corp. — Class C* | 372 | 27,453 | ||||||
News Corp. — Class A | 1,736 | 26,231 | ||||||
Nexstar Media Group, Inc. — Class A | 134 | 22,358 | ||||||
World Wrestling Entertainment, Inc. — Class A | 310 | 21,753 | ||||||
DISH Network Corp. — Class A* | 1,566 | 21,658 | ||||||
TEGNA, Inc. | 957 | 19,791 | ||||||
New York Times Co. — Class A | 684 | 19,665 | ||||||
Cable One, Inc. | 22 | 18,767 | ||||||
Altice USA, Inc. — Class A* | 1,940 | 11,310 | ||||||
Total Media | 573,536 | |||||||
Internet - 12.8% | ||||||||
Netflix, Inc.* | 413 | 97,237 | ||||||
Airbnb, Inc. — Class A* | 683 | 71,742 | ||||||
Booking Holdings, Inc.* | 42 | 69,015 | ||||||
Sea Ltd. ADR* | 787 | 44,111 | ||||||
Trip.com Group Ltd. ADR* | 1,302 | 35,558 | ||||||
Expedia Group, Inc.* | 358 | 33,541 | ||||||
Spotify Technology S.A.* | 360 | 31,068 | ||||||
Roku, Inc.* | 414 | 23,349 | ||||||
Total Internet | 405,621 | |||||||
Lodging - 10.6% | ||||||||
Marriott International, Inc. — Class A | 424 | 59,419 | ||||||
Hilton Worldwide Holdings, Inc. | 427 | 51,505 | ||||||
Las Vegas Sands Corp.* | 1,340 | 50,277 | ||||||
MGM Resorts International | 1,003 | 29,809 | ||||||
Hyatt Hotels Corp. — Class A* | 325 | 26,312 | ||||||
Wynn Resorts Ltd.* | 403 | 25,401 | ||||||
Choice Hotels International, Inc. | 208 | 22,780 | ||||||
Wyndham Hotels & Resorts, Inc. | 343 | 21,043 | ||||||
Boyd Gaming Corp. | 412 | 19,632 | ||||||
Hilton Grand Vacations, Inc.* | 501 | 16,478 | ||||||
Travel + Leisure Co. | 415 | 14,160 | ||||||
Total Lodging | 336,816 | |||||||
Entertainment - 9.9% | ||||||||
Live Nation Entertainment, Inc.* | 470 | 35,739 | ||||||
Warner Music Group Corp. — Class A | 1,280 | 29,709 | ||||||
Vail Resorts, Inc. | 124 | 26,739 | ||||||
Churchill Downs, Inc. | 129 | 23,755 | ||||||
DraftKings, Inc. — Class A* | 1,503 | 22,755 | ||||||
Caesars Entertainment, Inc.* | 627 | 20,227 | ||||||
Marriott Vacations Worldwide Corp. | 156 | 19,010 | ||||||
AMC Entertainment Holdings, Inc. — Class A*,1 | 2,707 | 18,868 | ||||||
Penn Entertainment, Inc.* | 662 | 18,212 | ||||||
Light & Wonder, Inc. — Class A* | 408 | 17,495 | ||||||
Red Rock Resorts, Inc. — Class A | 481 | 16,479 | ||||||
Madison Square Garden Sports Corp. — Class A* | 116 | 15,853 | ||||||
International Game Technology plc | 983 | 15,531 | ||||||
SeaWorld Entertainment, Inc.* | 329 | 14,973 | ||||||
Cinemark Holdings, Inc.* | 875 | 10,596 | ||||||
Six Flags Entertainment Corp.* | 560 | 9,912 | ||||||
Total Entertainment | 315,853 | |||||||
Software - 7.9% | ||||||||
Activision Blizzard, Inc. | 943 | 70,103 | ||||||
Electronic Arts, Inc. | 439 | 50,797 | ||||||
ROBLOX Corp. — Class A* | 1,079 | 38,671 | ||||||
Take-Two Interactive Software, Inc.* | 341 | 37,169 | ||||||
NetEase, Inc. ADR | 411 | 31,072 | ||||||
Bilibili, Inc. ADR*,1 | 1,580 | 24,205 | ||||||
Total Software | 252,017 | |||||||
Leisure Time - 6.7% | ||||||||
Norwegian Cruise Line Holdings Ltd.* | 3,806 | 43,236 | ||||||
Royal Caribbean Cruises Ltd.* | 696 | 26,378 | ||||||
Carnival Corp.* | 3,249 | 22,841 | ||||||
Polaris, Inc. | 218 | 20,852 | ||||||
Brunswick Corp. | 301 | 19,700 | ||||||
Harley-Davidson, Inc. | 564 | 19,672 | ||||||
Planet Fitness, Inc. — Class A* | 337 | 19,431 | ||||||
Topgolf Callaway Brands Corp.* | 848 | 16,333 | ||||||
YETI Holdings, Inc.* | 448 | 12,777 | ||||||
Peloton Interactive, Inc. — Class A* | 1,703 | 11,802 | ||||||
Total Leisure Time | 213,022 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Agriculture - 6.4% | ||||||||
Philip Morris International, Inc. | 1,201 | $ | 99,695 | |||||
Altria Group, Inc. | 1,886 | 76,157 | ||||||
British American Tobacco plc ADR | 733 | 26,021 | ||||||
Total Agriculture | 201,873 | |||||||
Beverages - 5.8% | ||||||||
Constellation Brands, Inc. — Class A | 264 | 60,636 | ||||||
Brown-Forman Corp. — Class B | 765 | 50,926 | ||||||
Molson Coors Beverage Co. — Class B | 619 | 29,706 | ||||||
Anheuser-Busch InBev S.A. ADR | 556 | 25,109 | ||||||
Boston Beer Company, Inc. — Class A* | 57 | 18,448 | ||||||
Total Beverages | 184,825 | |||||||
Toys, Games & Hobbies - 1.5% | ||||||||
Hasbro, Inc. | 389 | 26,227 | ||||||
Mattel, Inc.* | 1,162 | 22,008 | ||||||
Total Toys, Games & Hobbies | 48,235 | |||||||
Food Service - 0.8% | ||||||||
Aramark | 782 | 24,398 | ||||||
Total Common Stocks | ||||||||
(Cost $2,073,888) | 3,161,169 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.3% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 24,269 | 24,269 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 9,335 | 9,335 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 9,058 | 9,058 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $42,662) | 42,662 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 33,381 | 33,381 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $33,381) | 33,381 | |||||||
Total Investments - 101.7% | ||||||||
(Cost $2,149,931) | $ | 3,237,212 | ||||||
Other Assets & Liabilities, net - (1.7)% | (52,821 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,184,391 | ||||||
* | 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 September 30, 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 September 30, 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 September 30, 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 | $ | 3,161,169 | $ | — | $ | — | $ | 3,161,169 | ||||||||
Repurchase Agreements | — | 42,662 | — | 42,662 | ||||||||||||
Securities Lending Collateral | 33,381 | — | — | 33,381 | ||||||||||||
Total Assets | $ | 3,194,550 | $ | 42,662 | $ | — | $ | 3,237,212 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 90.4% | ||||||||
Consumer, Non-cyclical - 25.0% | ||||||||
Johnson & Johnson1 | 1,275 | $ | 208,284 | |||||
Bristol-Myers Squibb Co.1 | 2,599 | 184,763 | ||||||
CVS Health Corp. | 1,776 | 169,377 | ||||||
Amgen, Inc.1 | 732 | 164,993 | ||||||
AbbVie, Inc.1 | 1,218 | 163,468 | ||||||
Conagra Brands, Inc.1 | 4,866 | 158,778 | ||||||
John B Sanfilippo & Son, Inc.1 | 2,088 | 158,124 | ||||||
Mondelez International, Inc. — Class A1 | 2,873 | 157,527 | ||||||
Colgate-Palmolive Co.1 | 2,199 | 154,480 | ||||||
Avery Dennison Corp.1 | 902 | 146,756 | ||||||
Procter & Gamble Co. | 1,131 | 142,789 | ||||||
Archer-Daniels-Midland Co.1 | 1,724 | 138,696 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 12,800 | 132,608 | ||||||
Philip Morris International, Inc.1 | 1,557 | 129,247 | ||||||
Perdoceo Education Corp.* | 12,337 | 127,071 | ||||||
Tyson Foods, Inc. — Class A1 | 1,898 | 125,135 | ||||||
Eli Lilly & Co. | 376 | 121,579 | ||||||
Post Holdings, Inc.* | 1,463 | 119,834 | ||||||
Altria Group, Inc.1 | 2,917 | 117,788 | ||||||
Pilgrim's Pride Corp.*,1 | 5,042 | 116,067 | ||||||
Becton Dickinson and Co. | 502 | 111,861 | ||||||
Henry Schein, Inc.* | 1,667 | 109,638 | ||||||
Hershey Co. | 477 | 105,164 | ||||||
Varex Imaging Corp.* | 4,886 | 103,290 | ||||||
United Therapeutics Corp.*,1 | 472 | 98,827 | ||||||
Integra LifeSciences Holdings Corp.*,1 | 2,299 | 97,386 | ||||||
Hologic, Inc.* | 1,432 | 92,392 | ||||||
Merck & Company, Inc.1 | 1,071 | 92,234 | ||||||
Prestige Consumer Healthcare, Inc.*,1 | 1,743 | 86,854 | ||||||
Ingredion, Inc. | 1,053 | 84,788 | ||||||
Regeneron Pharmaceuticals, Inc.*,1 | 123 | 84,731 | ||||||
Keurig Dr Pepper, Inc.1 | 2,157 | 77,264 | ||||||
Vertex Pharmaceuticals, Inc.* | 262 | 75,859 | ||||||
Reynolds Consumer Products, Inc. | 2,908 | 75,637 | ||||||
USANA Health Sciences, Inc.* | 1,278 | 71,632 | ||||||
Medtronic plc | 857 | 69,203 | ||||||
Universal Corp. | 1,384 | 63,719 | ||||||
SpartanNash Co. | 2,065 | 59,926 | ||||||
Global Payments, Inc. | 544 | 58,779 | ||||||
Abbott Laboratories | 596 | 57,669 | ||||||
Amphastar Pharmaceuticals, Inc.* | 1,791 | 50,327 | ||||||
Pfizer, Inc.1 | 1,117 | 48,880 | ||||||
Eagle Pharmaceuticals, Inc.*,1 | 1,835 | 48,481 | ||||||
Vanda Pharmaceuticals, Inc.* | 4,574 | 45,191 | ||||||
Innoviva, Inc.* | 3,829 | 44,455 | ||||||
Globus Medical, Inc. — Class A*,1 | 745 | 44,380 | ||||||
Kimberly-Clark Corp.1 | 332 | 37,363 | ||||||
Alarm.com Holdings, Inc.* | 535 | 34,700 | ||||||
PayPal Holdings, Inc.* | 390 | 33,567 | ||||||
Viatris, Inc. | 3,909 | 33,305 | ||||||
EVERTEC, Inc.1 | 1,053 | 33,012 | ||||||
Quest Diagnostics, Inc. | 261 | 32,022 | ||||||
MGP Ingredients, Inc. | 301 | 31,954 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 70 | 29,200 | ||||||
Sotera Health Co.* | 3,528 | 24,061 | ||||||
Total Consumer, Non-cyclical | 5,185,115 | |||||||
Industrial - 13.6% | ||||||||
Arrow Electronics, Inc.* | 1,655 | 152,574 | ||||||
Standex International Corp. | 1,755 | 143,296 | ||||||
OSI Systems, Inc.* | 1,951 | 140,589 | ||||||
AptarGroup, Inc.1 | 1,402 | 133,232 | ||||||
Snap-on, Inc.1 | 658 | 132,488 | ||||||
Eagle Materials, Inc.1 | 1,232 | 132,046 | ||||||
Sonoco Products Co. | 2,257 | 128,040 | ||||||
Keysight Technologies, Inc.* | 744 | 117,076 | ||||||
Barnes Group, Inc. | 4,029 | 116,358 | ||||||
Vishay Intertechnology, Inc.1 | 6,501 | 115,653 | ||||||
Westrock Co. | 3,699 | 114,262 | ||||||
Graco, Inc.1 | 1,894 | 113,545 | ||||||
Parker-Hannifin Corp. | 464 | 112,432 | ||||||
Donaldson Company, Inc. | 2,184 | 107,038 | ||||||
EMCOR Group, Inc.1 | 877 | 101,276 | ||||||
Albany International Corp. — Class A1 | 1,182 | 93,177 | ||||||
Sturm Ruger & Company, Inc.1 | 1,805 | 91,676 | ||||||
Energizer Holdings, Inc.1 | 3,313 | 83,289 | ||||||
Timken Co. | 1,346 | 79,468 | ||||||
Lennox International, Inc.1 | 330 | 73,481 | ||||||
Agilent Technologies, Inc. | 547 | 66,488 | ||||||
Packaging Corporation of America1 | 471 | 52,888 | ||||||
Fortive Corp.1 | 892 | 52,004 | ||||||
Huntington Ingalls Industries, Inc. | 228 | 50,502 | ||||||
EnPro Industries, Inc. | 525 | 44,614 | ||||||
Dorian LPG Ltd. | 3,170 | 43,017 | ||||||
Sanmina Corp.* | 890 | 41,011 | ||||||
Mueller Industries, Inc.1 | 635 | 37,744 | ||||||
TTM Technologies, Inc.* | 2,768 | 36,482 | ||||||
Louisiana-Pacific Corp.1 | 698 | 35,731 | ||||||
TopBuild Corp.* | 212 | 34,933 | ||||||
Insteel Industries, Inc. | 1,255 | 33,295 | ||||||
Total Industrial | 2,809,705 | |||||||
Financial - 12.8% | ||||||||
Associated Banc-Corp. | 8,391 | 168,491 | ||||||
S&T Bancorp, Inc. | 5,631 | 165,044 | ||||||
Bank of Hawaii Corp. | 2,157 | 164,191 | ||||||
Preferred Bank/Los Angeles CA | 2,492 | 162,553 | ||||||
Renasant Corp. | 5,125 | 160,310 | ||||||
BankUnited, Inc.1 | 4,657 | 159,130 | ||||||
Eagle Bancorp, Inc. | 3,529 | 158,170 | ||||||
STORE Capital Corp. REIT | 4,495 | 140,828 | ||||||
Global Net Lease, Inc. REIT | 12,091 | 128,769 | ||||||
National Bank Holdings Corp. — Class A | 3,264 | 120,735 | ||||||
Everest Re Group Ltd. | 422 | 110,750 | ||||||
Loews Corp. | 2,195 | 109,399 | ||||||
SEI Investments Co. | 2,046 | 100,356 | ||||||
Apartment Income REIT Corp.1 | 2,503 | 96,666 | ||||||
Office Properties Income Trust REIT | 5,860 | 82,333 | ||||||
Central Pacific Financial Corp. | 3,200 | 66,208 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 90.4% (continued) | ||||||||
Financial - 12.8% (continued) | ||||||||
Stewart Information Services Corp. | 1,437 | $ | 62,710 | |||||
Enstar Group Ltd.* | 352 | 59,696 | ||||||
NMI Holdings, Inc. — Class A* | 2,916 | 59,399 | ||||||
Trustmark Corp. | 1,719 | 52,653 | ||||||
Marcus & Millichap, Inc. | 1,599 | 52,415 | ||||||
First BanCorp1 | 3,522 | 48,181 | ||||||
Hilltop Holdings, Inc. | 1,902 | 47,265 | ||||||
PotlatchDeltic Corp. REIT1 | 1,140 | 46,786 | ||||||
Pathward Financial, Inc. | 1,342 | 44,232 | ||||||
PennyMac Financial Services, Inc.1 | 1,002 | 42,986 | ||||||
Visa, Inc. — Class A | 195 | 34,642 | ||||||
Total Financial | 2,644,898 | |||||||
Technology - 8.5% | ||||||||
SS&C Technologies Holdings, Inc. | 3,004 | 143,441 | ||||||
Texas Instruments, Inc.1 | 892 | 138,064 | ||||||
Diodes, Inc.* | 1,967 | 127,678 | ||||||
Apple, Inc. | 841 | 116,226 | ||||||
Genpact Ltd. | 2,504 | 109,600 | ||||||
Cirrus Logic, Inc.*,1 | 1,507 | 103,681 | ||||||
Rambus, Inc.*,1 | 3,468 | 88,156 | ||||||
Microsoft Corp. | 376 | 87,570 | ||||||
Fiserv, Inc.*,1 | 845 | 79,067 | ||||||
Accenture plc — Class A | 284 | 73,073 | ||||||
Analog Devices, Inc. | 497 | 69,252 | ||||||
IPG Photonics Corp.* | 785 | 66,215 | ||||||
NetApp, Inc.1 | 1,033 | 63,891 | ||||||
Microchip Technology, Inc.1 | 859 | 52,425 | ||||||
NetScout Systems, Inc.*,1 | 1,579 | 49,455 | ||||||
Hewlett Packard Enterprise Co. | 3,793 | 45,440 | ||||||
NXP Semiconductor N.V. | 303 | 44,695 | ||||||
CSG Systems International, Inc. | 794 | 41,987 | ||||||
ACI Worldwide, Inc.*,1 | 1,992 | 41,633 | ||||||
Amkor Technology, Inc. | 2,396 | 40,852 | ||||||
Synaptics, Inc.* | 365 | 36,139 | ||||||
Fidelity National Information Services, Inc. | 471 | 35,593 | ||||||
Lumentum Holdings, Inc.* | 516 | 35,382 | ||||||
Lam Research Corp.1 | 90 | 32,940 | ||||||
Intuit, Inc. | 77 | 29,824 | ||||||
Total Technology | 1,752,279 | |||||||
Energy - 7.1% | ||||||||
Exxon Mobil Corp.1 | 1,944 | 169,731 | ||||||
Chevron Corp. | 1,124 | 161,485 | ||||||
Phillips 661 | 1,714 | 138,354 | ||||||
Kinder Morgan, Inc.1 | 8,296 | 138,045 | ||||||
Marathon Petroleum Corp. | 1,296 | 128,732 | ||||||
Antero Midstream Corp.1 | 13,581 | 124,674 | ||||||
DT Midstream, Inc.1 | 2,042 | 105,959 | ||||||
HF Sinclair Corp.1 | 1,946 | 104,773 | ||||||
Valero Energy Corp. | 840 | 89,754 | ||||||
Targa Resources Corp. | 1,242 | 74,942 | ||||||
Williams Companies, Inc.1 | 2,306 | 66,021 | ||||||
ONEOK, Inc. | 1,112 | 56,979 | ||||||
Equitrans Midstream Corp.1 | 6,483 | 48,493 | ||||||
SunCoke Energy, Inc. | 6,485 | 37,678 | ||||||
Par Pacific Holdings, Inc.* | 1,835 | 30,112 | ||||||
Total Energy | 1,475,732 | |||||||
Utilities - 6.7% | ||||||||
Avista Corp. | 3,265 | 120,968 | ||||||
Chesapeake Utilities Corp.1 | 1,046 | 120,698 | ||||||
Duke Energy Corp. | 1,292 | 120,182 | ||||||
Portland General Electric Co.1 | 2,754 | 119,689 | ||||||
PPL Corp.1 | 4,582 | 116,154 | ||||||
WEC Energy Group, Inc.1 | 1,290 | 115,365 | ||||||
NiSource, Inc. | 4,454 | 112,196 | ||||||
MGE Energy, Inc. | 1,701 | 111,636 | ||||||
UGI Corp.1 | 3,431 | 110,924 | ||||||
Otter Tail Corp.1 | 1,343 | 82,621 | ||||||
NorthWestern Corp.1 | 1,674 | 82,495 | ||||||
IDACORP, Inc.1 | 785 | 77,723 | ||||||
National Fuel Gas Co. | 723 | 44,501 | ||||||
California Water Service Group1 | 837 | 44,102 | ||||||
Total Utilities | 1,379,254 | |||||||
Communications - 6.3% | ||||||||
Alphabet, Inc. — Class C*,1 | 1,977 | 190,089 | ||||||
Meta Platforms, Inc. — Class A*,1 | 1,087 | 147,484 | ||||||
Verizon Communications, Inc.1 | 3,872 | 147,020 | ||||||
VeriSign, Inc.* | 806 | 140,002 | ||||||
T-Mobile US, Inc.*,1 | 980 | 131,487 | ||||||
Amazon.com, Inc.*,1 | 975 | 110,175 | ||||||
InterDigital, Inc. | 2,551 | 103,111 | ||||||
Viavi Solutions, Inc.*,1 | 6,800 | 88,740 | ||||||
Cisco Systems, Inc. | 1,866 | 74,640 | ||||||
Gogo, Inc.*,1 | 5,361 | 64,975 | ||||||
F5, Inc.* | 322 | 46,603 | ||||||
NETGEAR, Inc.* | 1,855 | 37,174 | ||||||
Shutterstock, Inc. | 605 | 30,353 | ||||||
Total Communications | 1,311,853 | |||||||
Consumer, Cyclical - 5.7% | ||||||||
Home Depot, Inc.1 | 666 | 183,776 | ||||||
McDonald's Corp.1 | 713 | 164,518 | ||||||
Brunswick Corp.1 | 1,660 | 108,647 | ||||||
Starbucks Corp. | 1,070 | 90,158 | ||||||
Methode Electronics, Inc. | 2,412 | 89,606 | ||||||
Haverty Furniture Companies, Inc. | 3,132 | 77,987 | ||||||
Boyd Gaming Corp.1 | 1,551 | 73,905 | ||||||
Allison Transmission Holdings, Inc. | 1,711 | 57,763 | ||||||
G-III Apparel Group Ltd.* | 3,457 | 51,682 | ||||||
Papa John's International, Inc. | 626 | 43,826 | ||||||
GMS, Inc.* | 1,032 | 41,290 | ||||||
Tesla, Inc.*,1 | 138 | 36,605 | ||||||
Tapestry, Inc. | 1,207 | 34,315 | ||||||
Deckers Outdoor Corp.*,1 | 100 | 31,261 | ||||||
Tempur Sealy International, Inc.1 | 1,230 | 29,692 | ||||||
Thor Industries, Inc.1 | 424 | 29,672 | ||||||
Target Corp. | 198 | 29,381 | ||||||
Total Consumer, Cyclical | 1,174,084 | |||||||
Basic Materials - 4.7% | ||||||||
Balchem Corp.1 | 1,041 | 126,565 | ||||||
Minerals Technologies, Inc.1 | 2,540 | 125,501 | ||||||
Air Products and Chemicals, Inc. | 509 | 118,460 | ||||||
Eastman Chemical Co.1 | 1,605 | 114,035 | ||||||
Steel Dynamics, Inc. | 1,246 | 88,404 | ||||||
FMC Corp. | 721 | 76,210 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 90.4% (continued) | ||||||||
Basic Materials - 4.7% (continued) | ||||||||
NewMarket Corp.1 | 241 | $ | 72,500 | |||||
LyondellBasell Industries N.V. — Class A1 | 914 | 68,806 | ||||||
Nucor Corp.1 | 569 | 60,877 | ||||||
Ingevity Corp.*,1 | 785 | 47,594 | ||||||
Huntsman Corp.1 | 1,708 | 41,914 | ||||||
Westlake Corp. | 359 | 31,190 | ||||||
Total Basic Materials | 972,056 | |||||||
Total Common Stocks | ||||||||
(Cost $20,559,702) | 18,704,976 | |||||||
MONEY MARKET FUND†† - 2.7% | ||||||||
Invesco Short-Term Investment Trust Treasury Obligations Portfolio – Institutional Class, 0.00%,2 | 561,126 | 561,126 | ||||||
Total Money Market Fund | ||||||||
(Cost $561,126) | 561,126 | |||||||
Total Investments - 93.1% | ||||||||
(Cost $21,120,828) | $ | 19,266,102 | ||||||
Other Assets & Liabilities, net - 6.9% | 1,437,158 | |||||||
Total Net Assets - 100.0% | $ | 20,703,260 |
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 | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 03/27/24 | $ | 8,794,135 | $ | (904,231 | ) | |||||||||
Goldman Sachs International | GS Equity Custom Basket | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 8,900,017 | (917,966 | ) | |||||||||||
$ | 17,694,152 | $ | (1,822,197 | ) | |||||||||||||||
OTC Custom Basket Swap Agreements Sold Short†† | |||||||||||||||||||
Morgan Stanley Capital Services LLC | MS Equity Custom Basket | Receive | 2.78% (Federal Funds Rate - 0.30%) | At Maturity | 03/27/24 | $ | 9,983,412 | $ | 1,898,628 | ||||||||||
Goldman Sachs International | GS Equity Custom Basket | Receive | 2.88% (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | 9,879,822 | 1,880,802 | ||||||||||||
$ | 19,863,234 | $ | 3,779,430 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
GS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Vertex Pharmaceuticals, Inc. | 124 | 0.40 | % | $ | 12,252 | |||||||
Bristol-Myers Squibb Co. | 1,237 | 0.99 | % | 11,795 | ||||||||
AbbVie, Inc. | 579 | 0.87 | % | 9,242 | ||||||||
Regeneron Pharmaceuticals, Inc. | 58 | 0.45 | % | 8,737 | ||||||||
Amphastar Pharmaceuticals, Inc. | 852 | 0.27 | % | 7,390 | ||||||||
Merck & Company, Inc. | 509 | 0.49 | % | 6,346 | ||||||||
Eli Lilly & Co. | 179 | 0.65 | % | 2,283 | ||||||||
Prestige Consumer Healthcare, Inc. | 830 | 0.46 | % | 2,063 | ||||||||
Keurig Dr Pepper, Inc. | 1,027 | 0.41 | % | (244 | ) | |||||||
Globus Medical, Inc. — Class A | 354 | 0.24 | % | (414 | ) | |||||||
MGP Ingredients, Inc. | 143 | 0.17 | % | (523 | ) | |||||||
Alarm.com Holdings, Inc. | 255 | 0.19 | % | (1,091 | ) | |||||||
Varex Imaging Corp. | 2,326 | 0.55 | % | (1,265 | ) | |||||||
PayPal Holdings, Inc. | 185 | 0.18 | % | (1,449 | ) | |||||||
Hershey Co. | 227 | 0.56 | % | (1,479 | ) | |||||||
Archer-Daniels-Midland Co. | 820 | 0.74 | % | (1,574 | ) | |||||||
Quest Diagnostics, Inc. | 124 | 0.17 | % | (1,641 | ) | |||||||
Innoviva, Inc. | 1,823 | 0.24 | % | (1,712 | ) | |||||||
Hologic, Inc. | 682 | 0.49 | % | (1,839 | ) | |||||||
Abbott Laboratories | 283 | 0.31 | % | (1,942 | ) | |||||||
Universal Corp. | 659 | 0.34 | % | (2,180 | ) | |||||||
Medtronic plc | 408 | 0.37 | % | (2,224 | ) | |||||||
Ironwood Pharmaceuticals, Inc. — Class A | 6,092 | 0.71 | % | (2,404 | ) | |||||||
Perdoceo Education Corp. | 5,872 | 0.68 | % | (2,571 | ) | |||||||
Reynolds Consumer Products, Inc. | 1,384 | 0.40 | % | (2,822 | ) | |||||||
Viatris, Inc. | 1,861 | 0.18 | % | (3,328 | ) | |||||||
Pfizer, Inc. | 531 | 0.26 | % | (3,451 | ) | |||||||
Kimberly-Clark Corp. | 158 | 0.20 | % | (3,459 | ) | |||||||
Altria Group, Inc. | 1,388 | 0.63 | % | (3,581 | ) | |||||||
SpartanNash Co. | 983 | 0.32 | % | (3,770 | ) | |||||||
CVS Health Corp. | 845 | 0.91 | % | (4,402 | ) | |||||||
Ingredion, Inc. | 501 | 0.45 | % | (4,547 | ) | |||||||
Bio-Rad Laboratories, Inc. — Class A | 33 | 0.15 | % | (4,620 | ) | |||||||
United Therapeutics Corp. | 224 | 0.53 | % | (4,640 | ) | |||||||
Post Holdings, Inc. | 696 | 0.64 | % | (4,893 | ) | |||||||
Henry Schein, Inc. | 793 | 0.59 | % | (5,109 | ) | |||||||
Conagra Brands, Inc. | 2,316 | 0.85 | % | (5,188 | ) | |||||||
Global Payments, Inc. | 259 | 0.31 | % | (5,422 | ) | |||||||
EVERTEC, Inc. | 501 | 0.18 | % | (6,475 | ) | |||||||
John B Sanfilippo & Son, Inc. | 994 | 0.85 | % | (6,675 | ) | |||||||
Johnson & Johnson | 607 | 1.11 | % | (6,845 | ) | |||||||
Avery Dennison Corp. | 429 | 0.78 | % | (7,093 | ) | |||||||
Amgen, Inc. | 348 | 0.88 | % | (7,165 | ) | |||||||
Becton Dickinson and Co. | 239 | 0.60 | % | (8,171 | ) | |||||||
Mondelez International, Inc. — Class A | 1,367 | 0.84 | % | (11,147 | ) | |||||||
Colgate-Palmolive Co. | 1,046 | 0.83 | % | (11,340 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 2,177 | 0.24 | % | (12,005 | ) | |||||||
Philip Morris International, Inc. | 741 | 0.69 | % | (12,308 | ) | |||||||
Eagle Pharmaceuticals, Inc. | 873 | 0.26 | % | (13,968 | ) | |||||||
Integra LifeSciences Holdings Corp. | 1,094 | 0.52 | % | (14,522 | ) | |||||||
Procter & Gamble Co. | 538 | 0.76 | % | (14,644 | ) | |||||||
Pilgrim's Pride Corp. | 2,400 | 0.62 | % | (14,980 | ) | |||||||
Sotera Health Co. | 1,679 | 0.13 | % | (15,481 | ) | |||||||
USANA Health Sciences, Inc. | 608 | 0.38 | % | (19,234 | ) | |||||||
Tyson Foods, Inc. — Class A | 903 | 0.67 | % | (20,595 | ) | |||||||
Total Consumer, Non-cyclical | (226,324 | ) | ||||||||||
Technology | ||||||||||||
Apple, Inc. | 400 | 0.62 | % | 33,825 | ||||||||
Microsoft Corp. | 179 | 0.47 | % | 18,043 | ||||||||
Rambus, Inc. | 1,651 | 0.47 | % | 7,852 | ||||||||
NetApp, Inc. | 492 | 0.34 | % | 4,279 | ||||||||
CSG Systems International, Inc. | 378 | 0.22 | % | 2,930 | ||||||||
NetScout Systems, Inc. | 751 | 0.26 | % | 187 | ||||||||
Genpact Ltd. | 1,192 | 0.59 | % | (1,326 | ) | |||||||
IPG Photonics Corp. | 374 | 0.35 | % | (1,669 | ) | |||||||
Intuit, Inc. | 37 | 0.16 | % | (1,675 | ) | |||||||
Amkor Technology, Inc. | 1,140 | 0.22 | % | (1,783 | ) | |||||||
Hewlett Packard Enterprise Co. | 1,805 | 0.24 | % | (2,244 | ) | |||||||
Synaptics, Inc. | 174 | 0.19 | % | (2,278 | ) | |||||||
Analog Devices, Inc. | 236 | 0.37 | % | (2,427 | ) | |||||||
Lumentum Holdings, Inc. | 245 | 0.19 | % | (2,527 | ) | |||||||
Accenture plc — Class A | 135 | 0.39 | % | (3,257 | ) | |||||||
Fidelity National Information Services, Inc. | 224 | 0.19 | % | (3,346 | ) | |||||||
Diodes, Inc. | 936 | 0.68 | % | (3,385 | ) | |||||||
NXP Semiconductor N.V. | 144 | 0.24 | % | (4,265 | ) | |||||||
Microchip Technology, Inc. | 409 | 0.28 | % | (4,968 | ) | |||||||
Fiserv, Inc. | 402 | 0.42 | % | (5,256 | ) | |||||||
Lam Research Corp. | 43 | 0.18 | % | (5,546 | ) | |||||||
ACI Worldwide, Inc. | 948 | 0.22 | % | (5,817 | ) | |||||||
Cirrus Logic, Inc. | 717 | 0.55 | % | (9,524 | ) | |||||||
Texas Instruments, Inc. | 424 | 0.74 | % | (12,033 | ) | |||||||
SS&C Technologies Holdings, Inc. | 1,430 | 0.77 | % | (17,368 | ) | |||||||
Total Technology | (23,587 | ) | ||||||||||
Industrial | ||||||||||||
Mueller Industries, Inc. | 302 | 0.20 | % | 5,127 | ||||||||
Keysight Technologies, Inc. | 354 | 0.63 | % | 3,813 | ||||||||
Dorian LPG Ltd. | 1,509 | 0.23 | % | 1,151 | ||||||||
EMCOR Group, Inc. | 417 | 0.54 | % | (104 | ) | |||||||
Sanmina Corp. | 423 | 0.22 | % | (471 | ) | |||||||
Vishay Intertechnology, Inc. | 3,094 | 0.62 | % | (930 | ) | |||||||
Huntington Ingalls Industries, Inc. | 108 | 0.27 | % | (1,108 | ) | |||||||
TopBuild Corp. | 100 | 0.19 | % | (1,611 | ) | |||||||
TTM Technologies, Inc. | 1,317 | 0.20 | % | (2,373 | ) | |||||||
Agilent Technologies, Inc. | 260 | 0.36 | % | (2,482 | ) | |||||||
Louisiana-Pacific Corp. | 332 | 0.19 | % | (2,704 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Fortive Corp. | 424 | 0.28 | % | $ | (2,902 | ) | ||||||
Donaldson Company, Inc. | 1,039 | 0.57 | % | (3,105 | ) | |||||||
Timken Co. | 640 | 0.42 | % | (3,188 | ) | |||||||
Lennox International, Inc. | 157 | 0.39 | % | (3,263 | ) | |||||||
EnPro Industries, Inc. | 249 | 0.24 | % | (3,378 | ) | |||||||
Snap-on, Inc. | 313 | 0.71 | % | (3,977 | ) | |||||||
Packaging Corporation of America | 224 | 0.28 | % | (5,584 | ) | |||||||
Insteel Industries, Inc. | 597 | 0.18 | % | (6,069 | ) | |||||||
Graco, Inc. | 901 | 0.61 | % | (6,237 | ) | |||||||
Parker-Hannifin Corp. | 220 | 0.60 | % | (6,545 | ) | |||||||
Arrow Electronics, Inc. | 788 | 0.82 | % | (6,831 | ) | |||||||
OSI Systems, Inc. | 929 | 0.75 | % | (7,166 | ) | |||||||
Albany International Corp. — Class A | 562 | 0.50 | % | (7,188 | ) | |||||||
Energizer Holdings, Inc. | 1,577 | 0.45 | % | (7,469 | ) | |||||||
Standex International Corp. | 835 | 0.77 | % | (7,546 | ) | |||||||
AptarGroup, Inc. | 667 | 0.71 | % | (7,752 | ) | |||||||
Sonoco Products Co. | 1,074 | 0.68 | % | (8,014 | ) | |||||||
Barnes Group, Inc. | 1,917 | 0.62 | % | (9,517 | ) | |||||||
Eagle Materials, Inc. | 586 | 0.71 | % | (10,167 | ) | |||||||
Sturm Ruger & Company, Inc. | 859 | 0.49 | % | (15,772 | ) | |||||||
Westrock Co. | 1,761 | 0.61 | % | (16,102 | ) | |||||||
Total Industrial | (149,464 | ) | ||||||||||
Basic Materials | ||||||||||||
FMC Corp. | 343 | 0.41 | % | (728 | ) | |||||||
Ingevity Corp. | 373 | 0.25 | % | (965 | ) | |||||||
NewMarket Corp. | 115 | 0.39 | % | (1,067 | ) | |||||||
Westlake Corp. | 171 | 0.17 | % | (1,624 | ) | |||||||
Nucor Corp. | 271 | 0.33 | % | (1,927 | ) | |||||||
Steel Dynamics, Inc. | 593 | 0.47 | % | (3,557 | ) | |||||||
Air Products and Chemicals, Inc. | 242 | 0.63 | % | (4,389 | ) | |||||||
Balchem Corp. | 495 | 0.68 | % | (5,465 | ) | |||||||
Huntsman Corp. | 813 | 0.22 | % | (7,250 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 435 | 0.37 | % | (8,259 | ) | |||||||
Eastman Chemical Co. | 763 | 0.61 | % | (17,027 | ) | |||||||
Minerals Technologies, Inc. | 1,209 | 0.67 | % | (19,427 | ) | |||||||
Total Basic Materials | (71,685 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Deckers Outdoor Corp. | 47 | 0.17 | % | 1,891 | ||||||||
Thor Industries, Inc. | 202 | 0.16 | % | (1,403 | ) | |||||||
Starbucks Corp. | 509 | 0.48 | % | (1,498 | ) | |||||||
Allison Transmission Holdings, Inc. | 814 | 0.31 | % | (1,815 | ) | |||||||
Target Corp. | 94 | 0.16 | % | (2,090 | ) | |||||||
Tempur Sealy International, Inc. | 585 | 0.16 | % | (2,121 | ) | |||||||
GMS, Inc. | 491 | 0.22 | % | (2,405 | ) | |||||||
Tapestry, Inc. | 574 | 0.18 | % | (3,147 | ) | |||||||
Papa John's International, Inc. | 298 | 0.23 | % | (3,402 | ) | |||||||
Boyd Gaming Corp. | 738 | 0.40 | % | (5,636 | ) | |||||||
Haverty Furniture Companies, Inc. | 1,491 | 0.42 | % | (5,751 | ) | |||||||
Home Depot, Inc. | 317 | 0.98 | % | (5,892 | ) | |||||||
Methode Electronics, Inc. | 1,148 | 0.48 | % | (6,121 | ) | |||||||
G-III Apparel Group Ltd. | 1,645 | 0.28 | % | (9,536 | ) | |||||||
Brunswick Corp. | 790 | 0.58 | % | (9,786 | ) | |||||||
McDonald's Corp. | 339 | 0.88 | % | (10,421 | ) | |||||||
Total Consumer, Cyclical | (69,133 | ) | ||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 633 | 0.68 | % | 16,548 | ||||||||
Viavi Solutions, Inc. | 3,236 | 0.47 | % | 2,269 | ||||||||
T-Mobile US, Inc. | 466 | 0.70 | % | 443 | ||||||||
F5, Inc. | 153 | 0.25 | % | (1,789 | ) | |||||||
Shutterstock, Inc. | 288 | 0.16 | % | (2,908 | ) | |||||||
Cisco Systems, Inc. | 888 | 0.40 | % | (4,399 | ) | |||||||
VeriSign, Inc. | 384 | 0.75 | % | (4,839 | ) | |||||||
NETGEAR, Inc. | 883 | 0.20 | % | (4,899 | ) | |||||||
Amazon.com, Inc. | 464 | 0.59 | % | (5,803 | ) | |||||||
Meta Platforms, Inc. — Class A | 442 | 0.67 | % | (10,756 | ) | |||||||
Gogo, Inc. | 2,552 | 0.35 | % | (15,039 | ) | |||||||
Verizon Communications, Inc. | 1,843 | 0.79 | % | (23,071 | ) | |||||||
InterDigital, Inc. | 1,214 | 0.55 | % | (29,333 | ) | |||||||
Total Communications | (83,576 | ) | ||||||||||
Energy | ||||||||||||
HF Sinclair Corp. | 926 | 0.56 | % | 3,752 | ||||||||
Marathon Petroleum Corp. | 617 | 0.69 | % | 1,024 | ||||||||
Equitrans Midstream Corp. | 3,086 | 0.26 | % | 128 | ||||||||
Par Pacific Holdings, Inc. | 873 | 0.16 | % | (1,445 | ) | |||||||
Valero Energy Corp. | 400 | 0.48 | % | (2,074 | ) | |||||||
DT Midstream, Inc. | 972 | 0.57 | % | (3,963 | ) | |||||||
ONEOK, Inc. | 529 | 0.30 | % | (4,648 | ) | |||||||
Targa Resources Corp. | 591 | 0.40 | % | (4,653 | ) | |||||||
Kinder Morgan, Inc. | 3,949 | 0.74 | % | (4,777 | ) | |||||||
Antero Midstream Corp. | 6,464 | 0.67 | % | (5,355 | ) | |||||||
Williams Companies, Inc. | 1,097 | 0.35 | % | (6,080 | ) | |||||||
Exxon Mobil Corp. | 925 | 0.91 | % | (6,195 | ) | |||||||
Phillips 66 | 816 | 0.74 | % | (6,801 | ) | |||||||
SunCoke Energy, Inc. | 3,087 | 0.20 | % | (8,385 | ) | |||||||
Chevron Corp. | 535 | 0.86 | % | (9,710 | ) | |||||||
Total Energy | (59,182 | ) | ||||||||||
Financial | ||||||||||||
STORE Capital Corp. | 2,139 | 0.75 | % | 8,683 | ||||||||
S&T Bancorp, Inc. | 2,680 | 0.88 | % | 2,847 | ||||||||
NMI Holdings, Inc. — Class A | 1,388 | 0.32 | % | 2,477 | ||||||||
Everest Re Group Ltd. | 201 | 0.59 | % | 1,869 | ||||||||
Trustmark Corp. | 818 | 0.28 | % | 26 | ||||||||
Associated Banc-Corp. | 3,994 | 0.90 | % | (510 | ) | |||||||
Bank of Hawaii Corp. | 1,026 | 0.88 | % | (1,685 | ) | |||||||
PennyMac Financial Services, Inc. | 477 | 0.23 | % | (2,121 | ) | |||||||
First BanCorp | 1,676 | 0.26 | % | (2,430 | ) | |||||||
Visa, Inc. — Class A | 92 | 0.18 | % | (2,804 | ) | |||||||
Preferred Bank/Los Angeles CA | 1,186 | 0.87 | % | (2,968 | ) | |||||||
Marcus & Millichap, Inc. | 761 | 0.28 | % | (3,289 | ) | |||||||
Hilltop Holdings, Inc. | 905 | 0.25 | % | (3,362 | ) | |||||||
Renasant Corp. | 2,439 | 0.86 | % | (5,460 | ) | |||||||
Apartment Income REIT Corp. | 1,191 | 0.52 | % | (5,651 | ) | |||||||
PotlatchDeltic Corp. | 542 | 0.25 | % | (6,364 | ) | |||||||
Loews Corp. | 1,044 | 0.58 | % | (6,370 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,553 | 0.65 | % | (6,949 | ) | |||||||
Enstar Group Ltd. | 167 | 0.32 | % | (8,338 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Central Pacific Financial Corp. | 1,523 | 0.35 | % | $ | (9,191 | ) | ||||||
Stewart Information Services Corp. | 684 | 0.34 | % | (9,863 | ) | |||||||
Pathward Financial, Inc. | 639 | 0.24 | % | (9,979 | ) | |||||||
BankUnited, Inc. | 2,217 | 0.85 | % | (10,620 | ) | |||||||
Eagle Bancorp, Inc. | 1,680 | 0.85 | % | (11,272 | ) | |||||||
SEI Investments Co. | 2,159 | 1.19 | % | (15,085 | ) | |||||||
Office Properties Income Trust | 2,789 | 0.44 | % | (18,604 | ) | |||||||
Global Net Lease, Inc. | 5,755 | 0.69 | % | (21,211 | ) | |||||||
Total Financial | (148,224 | ) | ||||||||||
Utilities | ||||||||||||
National Fuel Gas Co. | 344 | 0.24 | % | 3,112 | ||||||||
IDACORP, Inc. | 373 | 0.41 | % | 2,404 | ||||||||
Otter Tail Corp. | 639 | 0.44 | % | (847 | ) | |||||||
Chesapeake Utilities Corp. | 498 | 0.65 | % | (2,544 | ) | |||||||
California Water Service Group | 398 | 0.24 | % | (3,397 | ) | |||||||
Avista Corp. | 1,554 | 0.65 | % | (5,784 | ) | |||||||
PPL Corp. | 2,181 | 0.62 | % | (8,490 | ) | |||||||
MGE Energy, Inc. | 809 | 0.60 | % | (8,551 | ) | |||||||
NorthWestern Corp. | 796 | 0.44 | % | (8,972 | ) | |||||||
Portland General Electric Co. | 1,311 | 0.64 | % | (9,152 | ) | |||||||
WEC Energy Group, Inc. | 614 | 0.62 | % | (9,186 | ) | |||||||
Duke Energy Corp. | 615 | 0.64 | % | (10,198 | ) | |||||||
NiSource, Inc. | 2,120 | 0.60 | % | (10,586 | ) | |||||||
UGI Corp. | 1,633 | 0.59 | % | (14,609 | ) | |||||||
Total Utilities | (86,800 | ) | ||||||||||
Total GS Equity Long Custom Basket | $ | (917,966 | ) |
GS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Consumer, Non-cyclical | ||||||||||||
TransUnion | 2,157 | (1.34 | )% | 73,291 | ||||||||
ASGN, Inc. | 1,332 | (1.22 | )% | 39,457 | ||||||||
Equifax, Inc. | 436 | (0.76 | )% | 33,947 | ||||||||
Verisk Analytics, Inc. — Class A | 728 | (1.26 | )% | 21,653 | ||||||||
Dun & Bradstreet Holdings, Inc. | 3,041 | (0.38 | )% | 20,068 | ||||||||
ABM Industries, Inc. | 2,790 | (1.08 | )% | 19,751 | ||||||||
McCormick & Company, Inc. | 1,143 | (0.82 | )% | 19,470 | ||||||||
Patterson Companies, Inc. | 2,448 | (0.60 | )% | 16,083 | ||||||||
Cintas Corp. | 325 | (1.28 | )% | 11,996 | ||||||||
CoStar Group, Inc. | 553 | (0.39 | )% | 10,474 | ||||||||
FTI Consulting, Inc. | 402 | (0.67 | )% | 7,840 | ||||||||
Elevance Health, Inc. | 136 | (0.63 | )% | 3,920 | ||||||||
Quanta Services, Inc. | 538 | (0.69 | )% | 2,014 | ||||||||
Driven Brands Holdings, Inc. | 2,938 | (0.83 | )% | 1,040 | ||||||||
Robert Half International, Inc. | 884 | (0.68 | )% | 673 | ||||||||
Viad Corp. | 1,390 | (0.44 | )% | (1,723 | ) | |||||||
Total Consumer, Non-cyclical | 279,954 | |||||||||||
Financial | ||||||||||||
Howard Hughes Corp. | 1,615 | (0.91 | )% | 57,789 | ||||||||
Signature Bank | 519 | (0.79 | )% | 50,175 | ||||||||
Equinix, Inc. | 171 | (0.98 | )% | 41,702 | ||||||||
Western Alliance Bancorporation | 1,195 | (0.80 | )% | 40,077 | ||||||||
Welltower, Inc. | 1,734 | (1.13 | )% | 39,136 | ||||||||
Crown Castle, Inc. | 778 | (1.14 | )% | 35,430 | ||||||||
Americold Realty Trust, Inc. | 2,751 | (0.68 | )% | 35,204 | ||||||||
Outfront Media, Inc. | 3,615 | (0.56 | )% | 34,505 | ||||||||
Sun Communities, Inc. | 720 | (0.99 | )% | 32,818 | ||||||||
Invitation Homes, Inc. | 4,222 | (1.44 | )% | 32,121 | ||||||||
Rexford Industrial Realty, Inc. | 2,319 | (1.22 | )% | 31,292 | ||||||||
State Street Corp. | 1,007 | (0.62 | )% | 29,344 | ||||||||
Kite Realty Group Trust | 6,479 | (1.13 | )% | 28,661 | ||||||||
Realty Income Corp. | 2,275 | (1.34 | )% | 28,331 | ||||||||
Bank of America Corp. | 3,039 | (0.93 | )% | 23,451 | ||||||||
Northern Trust Corp. | 961 | (0.83 | )% | 22,550 | ||||||||
Digital Realty Trust, Inc. | 674 | (0.68 | )% | 21,234 | ||||||||
SBA Communications Corp. | 253 | (0.73 | )% | 20,445 | ||||||||
KKR & Company, Inc. — Class A | 1,472 | (0.64 | )% | 19,430 | ||||||||
Ares Management Corp. — Class A | 1,167 | (0.73 | )% | 19,052 | ||||||||
Apollo Global Management, Inc. | 1,574 | (0.74 | )% | 17,389 | ||||||||
Ryman Hospitality Properties, Inc. | 1,063 | (0.79 | )% | 17,339 | ||||||||
First Republic Bank | 526 | (0.70 | )% | 16,986 | ||||||||
BlackRock, Inc. — Class A | 136 | (0.76 | )% | 16,598 | ||||||||
Kennedy-Wilson Holdings, Inc. | 2,199 | (0.34 | )% | 16,171 | ||||||||
Invesco Ltd. | 5,345 | (0.74 | )% | 14,885 | ||||||||
Iron Mountain, Inc. | 2,019 | (0.90 | )% | 14,206 | ||||||||
Xenia Hotels & Resorts, Inc. | 3,665 | (0.51 | )% | 13,845 | ||||||||
Marsh & McLennan Companies, Inc. | 847 | (1.28 | )% | 12,860 | ||||||||
American Tower Corp. — Class A | 326 | (0.71 | )% | 12,552 | ||||||||
SLM Corp. | 3,934 | (0.56 | )% | 12,237 | ||||||||
Equitable Holdings, Inc. | 4,014 | (1.07 | )% | 12,085 | ||||||||
Rayonier, Inc. | 1,054 | (0.32 | )% | 11,203 | ||||||||
EastGroup Properties, Inc. | 471 | (0.69 | )% | 10,448 | ||||||||
Ventas, Inc. | 1,260 | (0.51 | )% | 10,447 | ||||||||
Morgan Stanley | 2,094 | (1.67 | )% | 10,092 | ||||||||
Popular, Inc. | 1,251 | (0.91 | )% | 10,086 | ||||||||
Camden Property Trust | 575 | (0.70 | )% | 9,989 | ||||||||
NexPoint Residential Trust, Inc. | 642 | (0.30 | )% | 9,329 | ||||||||
CBRE Group, Inc. — Class A | 882 | (0.60 | )% | 9,192 | ||||||||
Extra Space Storage, Inc. | 288 | (0.50 | )% | 9,071 | ||||||||
Intercontinental Exchange, Inc. | 785 | (0.72 | )% | 8,837 | ||||||||
UDR, Inc. | 1,766 | (0.75 | )% | 8,679 | ||||||||
Alexandria Real Estate Equities, Inc. | 611 | (0.87 | )% | 8,239 | ||||||||
Public Storage | 181 | (0.54 | )% | 8,019 | ||||||||
Wells Fargo & Co. | 1,938 | (0.79 | )% | 7,912 | ||||||||
Progressive Corp. | 675 | (0.79 | )% | 6,492 | ||||||||
Life Storage, Inc. | 298 | (0.33 | )% | 5,928 | ||||||||
Mid-America Apartment Communities, Inc. | 397 | (0.62 | )% | 5,676 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
KeyCorp | 3,185 | (0.52 | )% | $ | 4,992 | |||||||
Comerica, Inc. | 1,299 | (0.93 | )% | 4,741 | ||||||||
Assurant, Inc. | 319 | (0.47 | )% | 4,495 | ||||||||
JPMorgan Chase & Co. | 474 | (0.50 | )% | 4,241 | ||||||||
American Homes 4 Rent — Class A | 1,071 | (0.36 | )% | 3,952 | ||||||||
Chubb Ltd. | 209 | (0.38 | )% | 2,415 | ||||||||
American Financial Group, Inc. | 292 | (0.36 | )% | 1,784 | ||||||||
Allstate Corp. | 696 | (0.88 | )% | (167 | ) | |||||||
Charles Schwab Corp. | 914 | (0.66 | )% | (419 | ) | |||||||
Cullen/Frost Bankers, Inc. | 526 | (0.70 | )% | (467 | ) | |||||||
Fulton Financial Corp. | 6,457 | (1.03 | )% | (1,943 | ) | |||||||
Arthur J Gallagher & Co. | 424 | (0.73 | )% | (3,599 | ) | |||||||
LPL Financial Holdings, Inc. | 306 | (0.68 | )% | (11,327 | ) | |||||||
Total Financial | 978,237 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 3,381 | (0.53 | )% | 73,102 | ||||||||
American Airlines Group, Inc. | 5,455 | (0.66 | )% | 28,866 | ||||||||
Healthcare Services Group, Inc. | 4,205 | (0.51 | )% | 20,787 | ||||||||
CarMax, Inc. | 512 | (0.34 | )% | 18,457 | ||||||||
Copart, Inc. | 1,360 | (1.46 | )% | 15,526 | ||||||||
Southwest Airlines Co. | 1,656 | (0.52 | )% | 13,562 | ||||||||
Hilton Worldwide Holdings, Inc. | 606 | (0.74 | )% | 13,083 | ||||||||
Dana, Inc. | 3,807 | (0.44 | )% | 11,936 | ||||||||
Hanesbrands, Inc. | 6,716 | (0.47 | )% | 11,484 | ||||||||
Delta Air Lines, Inc. | 2,314 | (0.66 | )% | 10,221 | ||||||||
Lear Corp. | 447 | (0.54 | )% | 7,837 | ||||||||
Planet Fitness, Inc. — Class A | 500 | (0.29 | )% | 7,416 | ||||||||
Fastenal Co. | 1,125 | (0.52 | )% | 5,304 | ||||||||
United Airlines Holdings, Inc. | 867 | (0.29 | )% | 5,126 | ||||||||
Chipotle Mexican Grill, Inc. — Class A | 32 | (0.49 | )% | 5,040 | ||||||||
Genuine Parts Co. | 1,001 | (1.51 | )% | 3,019 | ||||||||
Floor & Decor Holdings, Inc. — Class A | 652 | (0.46 | )% | 2,991 | ||||||||
WESCO International, Inc. | 505 | (0.61 | )% | (175 | ) | |||||||
Las Vegas Sands Corp. | 1,384 | (0.53 | )% | (1,981 | ) | |||||||
Royal Caribbean Cruises Ltd. | 909 | (0.35 | )% | (2,116 | ) | |||||||
Total Consumer, Cyclical | 249,485 | |||||||||||
Energy | ||||||||||||
Baker Hughes Co. | 3,639 | (0.77 | )% | 27,368 | ||||||||
Helmerich & Payne, Inc. | 1,671 | (0.63 | )% | 19,625 | ||||||||
Halliburton Co. | 2,150 | (0.54 | )% | 12,754 | ||||||||
Hess Corp. | 827 | (0.91 | )% | 4,794 | ||||||||
ChampionX Corp. | 2,389 | (0.47 | )% | 4,192 | ||||||||
Equities Corp. | 838 | (0.35 | )% | 4,034 | ||||||||
Continental Resources, Inc. | 700 | (0.47 | )% | 960 | ||||||||
Valaris Ltd. | 947 | (0.47 | )% | 623 | ||||||||
Schlumberger N.V. | 2,618 | (0.95 | )% | 124 | ||||||||
Marathon Oil Corp. | 4,230 | (0.97 | )% | (2,517 | ) | |||||||
EOG Resources, Inc. | 1,042 | (1.18 | )% | (8,641 | ) | |||||||
Total Energy | 63,316 | |||||||||||
Industrial | ||||||||||||
Stanley Black & Decker, Inc. | 862 | (0.66 | )% | 47,084 | ||||||||
Jacobs Solutions, Inc. | 1,061 | (1.17 | )% | 27,745 | ||||||||
Stericycle, Inc. | 799 | (0.34 | )% | 25,612 | ||||||||
Boeing Co. | 524 | (0.64 | )% | 21,186 | ||||||||
CSX Corp. | 2,765 | (0.75 | )% | 15,656 | ||||||||
Old Dominion Freight Line, Inc. | 320 | (0.81 | )% | 14,684 | ||||||||
Trimble, Inc. | 1,756 | (0.96 | )% | 12,520 | ||||||||
MSA Safety, Inc. | 721 | (0.80 | )% | 11,314 | ||||||||
Waste Management, Inc. | 780 | (1.26 | )% | 9,979 | ||||||||
Union Pacific Corp. | 292 | (0.58 | )% | 9,799 | ||||||||
Eaton Corporation plc | 1,122 | (1.51 | )% | 7,502 | ||||||||
Norfolk Southern Corp. | 174 | (0.37 | )% | 6,998 | ||||||||
Howmet Aerospace, Inc. | 2,394 | (0.75 | )% | 4,466 | ||||||||
CH Robinson Worldwide, Inc. | 341 | (0.33 | )% | 4,327 | ||||||||
Caterpillar, Inc. | 249 | (0.41 | )% | 4,021 | ||||||||
Exponent, Inc. | 940 | (0.83 | )% | 2,683 | ||||||||
TransDigm Group, Inc. | 59 | (0.31 | )% | 821 | ||||||||
Casella Waste Systems, Inc. — Class A | 1,403 | (1.08 | )% | (12,548 | ) | |||||||
Total Industrial | 213,849 | |||||||||||
Utilities | ||||||||||||
Public Service Enterprise Group, Inc. | 2,408 | (1.37 | )% | 26,504 | ||||||||
Dominion Energy, Inc. | 1,868 | (1.31 | )% | 26,316 | ||||||||
Total Utilities | 52,820 | |||||||||||
Technology | ||||||||||||
Roper Technologies, Inc. | 259 | (0.94 | )% | 17,945 | ||||||||
Paychex, Inc. | 848 | (0.96 | )% | 10,778 | ||||||||
Synopsys, Inc. | 178 | (0.55 | )% | 4,245 | ||||||||
Veeva Systems, Inc. — Class A | 276 | (0.46 | )% | 3,180 | ||||||||
Total Technology | 36,148 | |||||||||||
Communications | ||||||||||||
Paramount Global — Class B | 2,367 | (0.46 | )% | 9,456 | ||||||||
Uber Technologies, Inc. | 1,918 | (0.51 | )% | (2,463 | ) | |||||||
Total Communications | 6,993 | |||||||||||
Total GS Equity Short Custom Basket | $ | 1,880,802 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
MS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value
and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Vertex Pharmaceuticals, Inc. | 124 | 0.41 | % | $ | 12,313 | |||||||
Bristol-Myers Squibb Co. | 1,237 | 1.00 | % | 11,789 | ||||||||
AbbVie, Inc. | 579 | 0.88 | % | 9,239 | ||||||||
Regeneron Pharmaceuticals, Inc. | 58 | 0.45 | % | 8,723 | ||||||||
Amphastar Pharmaceuticals, Inc. | 852 | 0.27 | % | 7,400 | ||||||||
Merck & Company, Inc. | 509 | 0.50 | % | 6,330 | ||||||||
Eli Lilly & Co. | 179 | 0.66 | % | 2,265 | ||||||||
Prestige Consumer Healthcare, Inc. | 830 | 0.47 | % | 2,066 | ||||||||
Keurig Dr Pepper, Inc. | 1,027 | 0.42 | % | (268 | ) | |||||||
Globus Medical, Inc. — Class A | 354 | 0.24 | % | (428 | ) | |||||||
MGP Ingredients, Inc. | 143 | 0.17 | % | (492 | ) | |||||||
Alarm.com Holdings, Inc. | 255 | 0.19 | % | (1,107 | ) | |||||||
PayPal Holdings, Inc. | 185 | 0.18 | % | (1,419 | ) | |||||||
Varex Imaging Corp. | 2,326 | 0.56 | % | (1,484 | ) | |||||||
Archer-Daniels-Midland Co. | 820 | 0.75 | % | (1,496 | ) | |||||||
Hershey Co. | 227 | 0.57 | % | (1,530 | ) | |||||||
Innoviva, Inc. | 1,823 | 0.24 | % | (1,595 | ) | |||||||
Quest Diagnostics, Inc. | 124 | 0.17 | % | (1,643 | ) | |||||||
Abbott Laboratories | 283 | 0.31 | % | (1,815 | ) | |||||||
Hologic, Inc. | 682 | 0.50 | % | (1,859 | ) | |||||||
Universal Corp. | 659 | 0.35 | % | (2,168 | ) | |||||||
Medtronic plc | 408 | 0.37 | % | (2,242 | ) | |||||||
Ironwood Pharmaceuticals, Inc. — Class A | 6,092 | 0.72 | % | (2,262 | ) | |||||||
Perdoceo Education Corp. | 5,872 | 0.69 | % | (2,516 | ) | |||||||
Reynolds Consumer Products, Inc. | 1,384 | 0.41 | % | (2,831 | ) | |||||||
Viatris, Inc. | 1,861 | 0.18 | % | (3,289 | ) | |||||||
Pfizer, Inc. | 531 | 0.26 | % | (3,425 | ) | |||||||
Kimberly-Clark Corp. | 158 | 0.20 | % | (3,466 | ) | |||||||
Altria Group, Inc. | 1,388 | 0.64 | % | (3,566 | ) | |||||||
SpartanNash Co. | 983 | 0.32 | % | (3,839 | ) | |||||||
CVS Health Corp. | 845 | 0.92 | % | (4,389 | ) | |||||||
Bio-Rad Laboratories, Inc. — Class A | 33 | 0.16 | % | (4,550 | ) | |||||||
United Therapeutics Corp. | 224 | 0.53 | % | (4,586 | ) | |||||||
Ingredion, Inc. | 501 | 0.46 | % | (4,588 | ) | |||||||
Henry Schein, Inc. | 793 | 0.59 | % | (5,239 | ) | |||||||
Conagra Brands, Inc. | 2,316 | 0.86 | % | (5,253 | ) | |||||||
Post Holdings, Inc. | 696 | 0.65 | % | (5,326 | ) | |||||||
Global Payments, Inc. | 259 | 0.32 | % | (5,426 | ) | |||||||
EVERTEC, Inc. | 501 | 0.18 | % | (6,452 | ) | |||||||
John B Sanfilippo & Son, Inc. | 994 | 0.86 | % | (6,699 | ) | |||||||
Johnson & Johnson | 607 | 1.13 | % | (6,828 | ) | |||||||
Amgen, Inc. | 348 | 0.89 | % | (7,035 | ) | |||||||
Avery Dennison Corp. | 429 | 0.79 | % | (7,175 | ) | |||||||
Becton Dickinson and Co. | 239 | 0.61 | % | (8,330 | ) | |||||||
Mondelez International, Inc. — Class A | 1,367 | 0.85 | % | (11,073 | ) | |||||||
Colgate-Palmolive Co. | 1,046 | 0.84 | % | (11,456 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 2,177 | 0.24 | % | (11,988 | ) | |||||||
Philip Morris International, Inc. | 741 | 0.70 | % | (12,257 | ) | |||||||
Eagle Pharmaceuticals, Inc. | 873 | 0.26 | % | (13,716 | ) | |||||||
Integra LifeSciences Holdings Corp. | 1,094 | 0.53 | % | (14,331 | ) | |||||||
Procter & Gamble Co. | 538 | 0.77 | % | (14,685 | ) | |||||||
Pilgrim's Pride Corp. | 2,400 | 0.63 | % | (15,114 | ) | |||||||
Sotera Health Co. | 1,679 | 0.13 | % | (15,560 | ) | |||||||
USANA Health Sciences, Inc. | 608 | 0.39 | % | (19,183 | ) | |||||||
Tyson Foods, Inc. — Class A | 903 | 0.68 | % | (20,664 | ) | |||||||
Total Consumer, Non-cyclical | (226,518 | ) | ||||||||||
Technology | ||||||||||||
Apple, Inc. | 400 | 0.63 | % | 34,423 | ||||||||
Microsoft Corp. | 179 | 0.47 | % | 20,787 | ||||||||
Rambus, Inc. | 1,651 | 0.48 | % | 7,879 | ||||||||
NetApp, Inc. | 492 | 0.35 | % | 4,272 | ||||||||
CSG Systems International, Inc. | 378 | 0.23 | % | 2,979 | ||||||||
NetScout Systems, Inc. | 751 | 0.27 | % | 601 | ||||||||
Genpact Ltd. | 1,192 | 0.59 | % | (1,200 | ) | |||||||
Intuit, Inc. | 37 | 0.16 | % | (1,709 | ) | |||||||
IPG Photonics Corp. | 374 | 0.36 | % | (1,819 | ) | |||||||
Amkor Technology, Inc. | 1,140 | 0.22 | % | (1,992 | ) | |||||||
Hewlett Packard Enterprise Co. | 1,805 | 0.25 | % | (2,274 | ) | |||||||
Synaptics, Inc. | 174 | 0.20 | % | (2,372 | ) | |||||||
Analog Devices, Inc. | 236 | 0.37 | % | (2,465 | ) | |||||||
Lumentum Holdings, Inc. | 245 | 0.19 | % | (2,592 | ) | |||||||
Accenture plc — Class A | 135 | 0.39 | % | (3,269 | ) | |||||||
Fidelity National Information Services, Inc. | 224 | 0.19 | % | (3,308 | ) | |||||||
Diodes, Inc. | 936 | 0.69 | % | (3,366 | ) | |||||||
NXP Semiconductor N.V. | 144 | 0.24 | % | (4,358 | ) | |||||||
Microchip Technology, Inc. | 409 | 0.28 | % | (5,036 | ) | |||||||
Fiserv, Inc. | 402 | 0.43 | % | (5,240 | ) | |||||||
Lam Research Corp. | 43 | 0.18 | % | (5,473 | ) | |||||||
ACI Worldwide, Inc. | 948 | 0.23 | % | (5,870 | ) | |||||||
Cirrus Logic, Inc. | 717 | 0.56 | % | (9,342 | ) | |||||||
Texas Instruments, Inc. | 424 | 0.75 | % | (12,060 | ) | |||||||
SS&C Technologies Holdings, Inc. | 1,430 | 0.78 | % | (17,542 | ) | |||||||
Total Technology | (20,346 | ) | ||||||||||
Industrial | ||||||||||||
Mueller Industries, Inc. | 302 | 0.20 | % | 5,092 | ||||||||
Keysight Technologies, Inc. | 354 | 0.63 | % | 3,811 | ||||||||
Dorian LPG Ltd. | 1,509 | 0.23 | % | 1,162 | ||||||||
EMCOR Group, Inc. | 417 | 0.55 | % | (157 | ) | |||||||
Sanmina Corp. | 423 | 0.22 | % | (613 | ) | |||||||
Vishay Intertechnology, Inc. | 3,094 | 0.63 | % | (858 | ) | |||||||
Huntington Ingalls Industries, Inc. | 108 | 0.27 | % | (1,147 | ) | |||||||
TopBuild Corp. | 100 | 0.19 | % | (1,552 | ) | |||||||
TTM Technologies, Inc. | 1,317 | 0.20 | % | (2,450 | ) | |||||||
Agilent Technologies, Inc. | 260 | 0.36 | % | (2,452 | ) | |||||||
Louisiana-Pacific Corp. | 332 | 0.19 | % | (2,689 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Fortive Corp. | 424 | 0.28 | % | $ | (2,911 | ) | ||||||
Timken Co. | 640 | 0.43 | % | (3,227 | ) | |||||||
Donaldson Company, Inc. | 1,039 | 0.58 | % | (3,297 | ) | |||||||
EnPro Industries, Inc. | 249 | 0.24 | % | (3,338 | ) | |||||||
Lennox International, Inc. | 157 | 0.40 | % | (3,344 | ) | |||||||
Snap-on, Inc. | 313 | 0.72 | % | (3,930 | ) | |||||||
Packaging Corporation of America | 224 | 0.29 | % | (5,553 | ) | |||||||
Insteel Industries, Inc. | 597 | 0.18 | % | (6,380 | ) | |||||||
Parker-Hannifin Corp. | 220 | 0.61 | % | (6,409 | ) | |||||||
Graco, Inc. | 901 | 0.61 | % | (6,433 | ) | |||||||
Arrow Electronics, Inc. | 788 | 0.83 | % | (6,991 | ) | |||||||
OSI Systems, Inc. | 929 | 0.76 | % | (7,068 | ) | |||||||
Albany International Corp. — Class A | 562 | 0.50 | % | (7,144 | ) | |||||||
Energizer Holdings, Inc. | 1,577 | 0.45 | % | (7,282 | ) | |||||||
Standex International Corp. | 835 | 0.78 | % | (7,399 | ) | |||||||
AptarGroup, Inc. | 667 | 0.72 | % | (7,687 | ) | |||||||
Sonoco Products Co. | 1,074 | 0.69 | % | (8,118 | ) | |||||||
Barnes Group, Inc. | 1,917 | 0.63 | % | (9,418 | ) | |||||||
Eagle Materials, Inc. | 586 | 0.71 | % | (10,202 | ) | |||||||
Sturm Ruger & Company, Inc. | 859 | 0.50 | % | (15,635 | ) | |||||||
Westrock Co. | 1,761 | 0.62 | % | (16,509 | ) | |||||||
Total Industrial | (150,128 | ) | ||||||||||
Basic Materials | ||||||||||||
Ingevity Corp. | 373 | 0.26 | % | (875 | ) | |||||||
FMC Corp. | 343 | 0.41 | % | (947 | ) | |||||||
NewMarket Corp. | 115 | 0.39 | % | (1,149 | ) | |||||||
Westlake Corp. | 171 | 0.17 | % | (1,741 | ) | |||||||
Nucor Corp. | 271 | 0.33 | % | (1,984 | ) | |||||||
Steel Dynamics, Inc. | 593 | 0.48 | % | (3,628 | ) | |||||||
Air Products and Chemicals, Inc. | 242 | 0.64 | % | (4,605 | ) | |||||||
Balchem Corp. | 495 | 0.68 | % | (5,502 | ) | |||||||
Huntsman Corp. | 813 | 0.23 | % | (7,171 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 435 | 0.37 | % | (8,240 | ) | |||||||
Eastman Chemical Co. | 763 | 0.62 | % | (17,288 | ) | |||||||
Minerals Technologies, Inc. | 1,209 | 0.68 | % | (19,559 | ) | |||||||
Total Basic Materials | (72,689 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Deckers Outdoor Corp. | 47 | 0.17 | % | 1,878 | ||||||||
Thor Industries, Inc. | 202 | 0.16 | % | (1,415 | ) | |||||||
Starbucks Corp. | 509 | 0.49 | % | (1,532 | ) | |||||||
Allison Transmission Holdings, Inc. | 814 | 0.31 | % | (1,783 | ) | |||||||
Target Corp. | 94 | 0.16 | % | (1,999 | ) | |||||||
Tempur Sealy International, Inc. | 585 | 0.16 | % | (2,147 | ) | |||||||
GMS, Inc. | 491 | 0.22 | % | (2,478 | ) | |||||||
Tapestry, Inc. | 574 | 0.19 | % | (3,155 | ) | |||||||
Papa John's International, Inc. | 298 | 0.24 | % | (3,509 | ) | |||||||
Haverty Furniture Companies, Inc. | 1,491 | 0.42 | % | (5,729 | ) | |||||||
Boyd Gaming Corp. | 738 | 0.40 | % | (5,750 | ) | |||||||
Home Depot, Inc. | 317 | 0.99 | % | (5,863 | ) | |||||||
Methode Electronics, Inc. | 1,148 | 0.48 | % | (6,111 | ) | |||||||
G-III Apparel Group Ltd. | 1,645 | 0.28 | % | (9,479 | ) | |||||||
Brunswick Corp. | 790 | 0.59 | % | (10,003 | ) | |||||||
McDonald's Corp. | 339 | 0.89 | % | (10,469 | ) | |||||||
Total Consumer, Cyclical | (69,544 | ) | ||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 633 | 0.69 | % | 15,118 | ||||||||
Viavi Solutions, Inc. | 3,236 | 0.48 | % | 2,483 | ||||||||
T-Mobile US, Inc. | 466 | 0.71 | % | 508 | ||||||||
F5, Inc. | 153 | 0.25 | % | (1,808 | ) | |||||||
Shutterstock, Inc. | 288 | 0.16 | % | (2,892 | ) | |||||||
Cisco Systems, Inc. | 888 | 0.40 | % | (4,383 | ) | |||||||
NETGEAR, Inc. | 883 | 0.20 | % | (4,806 | ) | |||||||
VeriSign, Inc. | 384 | 0.76 | % | (4,995 | ) | |||||||
Amazon.com, Inc. | 464 | 0.60 | % | (5,747 | ) | |||||||
Meta Platforms, Inc. — Class A | 442 | 0.68 | % | (10,780 | ) | |||||||
Gogo, Inc. | 2,552 | 0.35 | % | (14,822 | ) | |||||||
Verizon Communications, Inc. | 1,843 | 0.80 | % | (23,013 | ) | |||||||
InterDigital, Inc. | 1,214 | 0.56 | % | (29,252 | ) | |||||||
Total Communications | (84,389 | ) | ||||||||||
Energy | ||||||||||||
HF Sinclair Corp. | 926 | 0.57 | % | 3,622 | ||||||||
Marathon Petroleum Corp. | 617 | 0.70 | % | 959 | ||||||||
Equitrans Midstream Corp. | 3,086 | 0.26 | % | 297 | ||||||||
Par Pacific Holdings, Inc. | 873 | 0.16 | % | (1,438 | ) | |||||||
Valero Energy Corp. | 400 | 0.49 | % | (2,153 | ) | |||||||
DT Midstream, Inc. | 972 | 0.57 | % | (3,969 | ) | |||||||
Targa Resources Corp. | 591 | 0.41 | % | (4,600 | ) | |||||||
ONEOK, Inc. | 529 | 0.31 | % | (4,689 | ) | |||||||
Kinder Morgan, Inc. | 3,949 | 0.75 | % | (4,856 | ) | |||||||
Antero Midstream Corp. | 6,464 | 0.67 | % | (5,524 | ) | |||||||
Williams Companies, Inc. | 1,097 | 0.36 | % | (6,015 | ) | |||||||
Exxon Mobil Corp. | 925 | 0.92 | % | (6,173 | ) | |||||||
Phillips 66 | 816 | 0.75 | % | (6,868 | ) | |||||||
SunCoke Energy, Inc. | 3,087 | 0.20 | % | (8,391 | ) | |||||||
Chevron Corp. | 535 | 0.87 | % | (9,686 | ) | |||||||
Total Energy | (59,484 | ) | ||||||||||
Financial | ||||||||||||
STORE Capital Corp. | 2,139 | 0.76 | % | 8,562 | ||||||||
S&T Bancorp, Inc. | 2,680 | 0.89 | % | 2,900 | ||||||||
NMI Holdings, Inc. — Class A | 1,388 | 0.32 | % | 2,407 | ||||||||
Everest Re Group Ltd. | 201 | 0.60 | % | 1,895 | ||||||||
Trustmark Corp. | 818 | 0.28 | % | 19 | ||||||||
Associated Banc-Corp. | 3,994 | 0.91 | % | (644 | ) | |||||||
Bank of Hawaii Corp. | 1,026 | 0.89 | % | (1,663 | ) | |||||||
PennyMac Financial Services, Inc. | 477 | 0.23 | % | (2,180 | ) | |||||||
First BanCorp | 1,676 | 0.26 | % | (2,466 | ) | |||||||
Visa, Inc. — Class A | 92 | 0.19 | % | (2,765 | ) | |||||||
Preferred Bank/Los Angeles CA | 1,186 | 0.88 | % | (3,035 | ) | |||||||
Marcus & Millichap, Inc. | 761 | 0.28 | % | (3,287 | ) | |||||||
Hilltop Holdings, Inc. | 905 | 0.26 | % | (3,357 | ) | |||||||
Renasant Corp. | 2,439 | 0.87 | % | (5,431 | ) | |||||||
Apartment Income REIT Corp. | 1,191 | 0.52 | % | (5,647 | ) | |||||||
PotlatchDeltic Corp. | 542 | 0.25 | % | (6,305 | ) | |||||||
Loews Corp. | 1,044 | 0.59 | % | (6,477 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,553 | 0.65 | % | (7,236 | ) | |||||||
Enstar Group Ltd. | 167 | 0.32 | % | (8,277 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Central Pacific Financial Corp. | 1,523 | 0.36 | % | $ | (9,157 | ) | ||||||
Stewart Information Services Corp. | 684 | 0.34 | % | (9,844 | ) | |||||||
Pathward Financial, Inc. | 639 | 0.24 | % | (9,911 | ) | |||||||
BankUnited, Inc. | 2,217 | 0.86 | % | (10,623 | ) | |||||||
Eagle Bancorp, Inc. | 1,680 | 0.86 | % | (11,247 | ) | |||||||
Office Properties Income Trust | 2,789 | 0.45 | % | (18,610 | ) | |||||||
Global Net Lease, Inc. | 5,755 | 0.70 | % | (21,295 | ) | |||||||
Total Financial | (133,674 | ) | ||||||||||
Utilities | ||||||||||||
National Fuel Gas Co. | 344 | 0.24 | % | 3,133 | ||||||||
IDACORP, Inc. | 373 | 0.42 | % | 2,441 | ||||||||
Otter Tail Corp. | 639 | 0.45 | % | (817 | ) | |||||||
Chesapeake Utilities Corp. | 498 | 0.65 | % | (2,467 | ) | |||||||
California Water Service Group | 398 | 0.24 | % | (3,386 | ) | |||||||
Avista Corp. | 1,554 | 0.65 | % | (5,788 | ) | |||||||
PPL Corp. | 2,181 | 0.63 | % | (8,522 | ) | |||||||
MGE Energy, Inc. | 809 | 0.60 | % | (8,527 | ) | |||||||
NorthWestern Corp. | 796 | 0.45 | % | (8,952 | ) | |||||||
WEC Energy Group, Inc. | 614 | 0.62 | % | (9,230 | ) | |||||||
Portland General Electric Co. | 1,311 | 0.65 | % | (9,366 | ) | |||||||
Duke Energy Corp. | 615 | 0.65 | % | (10,279 | ) | |||||||
NiSource, Inc. | 2,120 | 0.61 | % | (10,894 | ) | |||||||
UGI Corp. | 1,633 | 0.60 | % | (14,805 | ) | |||||||
Total Utilities | (87,459 | ) | ||||||||||
Total MS Equity Long Custom Basket | $ | (904,231 | ) | |||||||||
MS EQUITY SHORT CUSTOM BASKET |
Consumer, Non-cyclical | ||||||||||||
TransUnion | 2,157 | (1.22)% | 73,643 | |||||||||
ASGN, Inc. | 1,332 | (1.21)% | 39,250 | |||||||||
Equifax, Inc. | 436 | (0.75)% | 34,007 | |||||||||
Verisk Analytics, Inc. — Class A | 728 | (1.24)% | 21,945 | |||||||||
Dun & Bradstreet Holdings, Inc. | 3,041 | (0.38)% | 20,320 | |||||||||
ABM Industries, Inc. | 2,790 | (1.07)% | 19,767 | |||||||||
McCormick & Company, Inc. | 1,143 | (0.82)% | 19,349 | |||||||||
Patterson Companies, Inc. | 2,448 | (0.59)% | 16,300 | |||||||||
Cintas Corp. | 325 | (1.26)% | 12,514 | |||||||||
CoStar Group, Inc. | 553 | (0.39)% | 10,452 | |||||||||
FTI Consulting, Inc. | 402 | (0.67)% | 7,850 | |||||||||
Elevance Health, Inc. | 136 | (0.62)% | 3,976 | |||||||||
Quanta Services, Inc. | 538 | (0.69)% | 1,941 | |||||||||
Driven Brands Holdings, Inc. | 2,938 | (0.82)% | 1,049 | |||||||||
Robert Half International, Inc. | 884 | (0.68)% | 755 | |||||||||
Viad Corp. | 1,390 | (0.44)% | (1,650 | ) | ||||||||
Total Consumer, Non-cyclical | 281,468 | |||||||||||
Financial | ||||||||||||
Howard Hughes Corp. | 1,615 | (0.90)% | 57,881 | |||||||||
Signature Bank | 519 | (0.78)% | 50,248 | |||||||||
Equinix, Inc. | 171 | (0.97)% | 41,964 | |||||||||
Western Alliance Bancorporation | 1,195 | (0.79)% | 40,045 | |||||||||
Welltower, Inc. | 1,734 | (1.12)% | 39,083 | |||||||||
Crown Castle, Inc. | 778 | (1.13)% | 35,919 | |||||||||
Americold Realty Trust, Inc. | 2,751 | (0.68)% | 35,352 | |||||||||
Outfront Media, Inc. | 3,615 | (0.55)% | 34,467 | |||||||||
Sun Communities, Inc. | 720 | (0.98)% | 32,777 | |||||||||
Invitation Homes, Inc. | 4,222 | (1.43)% | 32,146 | |||||||||
Rexford Industrial Realty, Inc. | 2,319 | (1.21)% | 30,816 | |||||||||
State Street Corp. | 1,007 | (0.61)% | 29,319 | |||||||||
Kite Realty Group Trust | 6,479 | (1.12)% | 28,575 | |||||||||
Realty Income Corp. | 2,275 | (1.33)% | 28,172 | |||||||||
Bank of America Corp. | 3,039 | (0.92)% | 23,429 | |||||||||
Northern Trust Corp. | 961 | (0.82)% | 23,061 | |||||||||
Digital Realty Trust, Inc. | 674 | (0.67)% | 21,299 | |||||||||
SBA Communications Corp. | 253 | (0.72)% | 20,504 | |||||||||
Goldman Sachs Group, Inc. | 918 | (2.69)% | 20,204 | |||||||||
KKR & Company, Inc. — Class A | 1,472 | (0.63)% | 19,261 | |||||||||
Ares Management Corp. — Class A | 1,167 | (0.72)% | 19,058 | |||||||||
Ryman Hospitality Properties, Inc. | 1,063 | (0.78)% | 17,361 | |||||||||
Apollo Global Management, Inc. | 1,574 | (0.73)% | 17,337 | |||||||||
First Republic Bank | 526 | (0.69)% | 17,028 | |||||||||
BlackRock, Inc. — Class A | 136 | (0.75)% | 16,622 | |||||||||
Kennedy-Wilson Holdings, Inc. | 2,199 | (0.34)% | 16,187 | |||||||||
Invesco Ltd. | 5,345 | (0.73)% | 15,061 | |||||||||
Iron Mountain, Inc. | 2,019 | (0.89)% | 14,194 | |||||||||
Xenia Hotels & Resorts, Inc. | 3,665 | (0.51)% | 13,365 | |||||||||
Marsh & McLennan Companies, Inc. | 847 | (1.27)% | 13,141 | |||||||||
Equitable Holdings, Inc. | 4,014 | (1.06)% | 12,622 | |||||||||
American Tower Corp. — Class A | 326 | (0.70)% | 12,545 | |||||||||
SLM Corp. | 3,934 | (0.55)% | 12,140 | |||||||||
Rayonier, Inc. | 1,054 | (0.32)% | 11,101 | |||||||||
Ventas, Inc. | 1,260 | (0.51)% | 10,703 | |||||||||
EastGroup Properties, Inc. | 471 | (0.68)% | 10,353 | |||||||||
Popular, Inc. | 1,251 | (0.90)% | 10,114 | |||||||||
Camden Property Trust | 575 | (0.69)% | 9,905 | |||||||||
CBRE Group, Inc. — Class A | 882 | (0.60)% | 9,826 | |||||||||
NexPoint Residential Trust, Inc. | 642 | (0.30)% | 9,333 | |||||||||
Extra Space Storage, Inc. | 288 | (0.50)% | 9,161 | |||||||||
Intercontinental Exchange, Inc. | 785 | (0.71)% | 8,909 | |||||||||
Alexandria Real Estate Equities, Inc. | 611 | (0.86)% | 8,617 | |||||||||
UDR, Inc. | 1,766 | (0.74)% | 8,489 | |||||||||
Wells Fargo & Co. | 1,938 | (0.78)% | 7,938 | |||||||||
Public Storage | 181 | (0.53)% | 7,816 | |||||||||
Progressive Corp. | 675 | (0.79)% | 6,666 | |||||||||
Life Storage, Inc. | 298 | (0.33)% | 5,941 | |||||||||
Mid-America Apartment Communities, Inc. | 397 | (0.62)% | 5,672 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
KeyCorp | 3,185 | (0.51)% | $ | 5,128 | ||||||||
Comerica, Inc. | 1,299 | (0.93)% | 4,697 | |||||||||
Assurant, Inc. | 319 | (0.46)% | 4,467 | |||||||||
JPMorgan Chase & Co. | 474 | (0.50)% | 4,293 | |||||||||
American Homes 4 Rent — Class A | 1,071 | (0.35)% | 3,845 | |||||||||
Chubb Ltd. | 209 | (0.38)% | 2,342 | |||||||||
American Financial Group, Inc. | 292 | (0.36)% | 1,781 | |||||||||
Allstate Corp. | 696 | (0.87)% | (33 | ) | ||||||||
Charles Schwab Corp. | 914 | (0.66)% | (260 | ) | ||||||||
Cullen/Frost Bankers, Inc. | 526 | (0.70)% | (458 | ) | ||||||||
Fulton Financial Corp. | 6,457 | (1.02)% | (2,180 | ) | ||||||||
Arthur J Gallagher & Co. | 424 | (0.73)% | (3,742 | ) | ||||||||
LPL Financial Holdings, Inc. | 306 | (0.67)% | (11,438 | ) | ||||||||
Total Financial | 990,169 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 3,381 | (0.53)% | 73,098 | |||||||||
American Airlines Group, Inc. | 5,455 | (0.66)% | 28,769 | |||||||||
Healthcare Services Group, Inc. | 4,205 | (0.51)% | 20,558 | |||||||||
CarMax, Inc. | 512 | (0.34)% | 18,343 | |||||||||
Copart, Inc. | 1,360 | (1.45)% | 16,503 | |||||||||
Southwest Airlines Co. | 1,656 | (0.51)% | 13,561 | |||||||||
Hilton Worldwide Holdings, Inc. | 606 | (0.73)% | 13,069 | |||||||||
Hanesbrands, Inc. | 6,716 | (0.47)% | 11,924 | |||||||||
Dana, Inc. | 3,807 | (0.44)% | 11,718 | |||||||||
Delta Air Lines, Inc. | 2,314 | (0.65)% | 10,219 | |||||||||
Lear Corp. | 447 | (0.54)% | 8,092 | |||||||||
Planet Fitness, Inc. — Class A | 500 | (0.29)% | 7,624 | |||||||||
Fastenal Co. | 1,125 | (0.52)% | 5,384 | |||||||||
United Airlines Holdings, Inc. | 867 | (0.28)% | 5,117 | |||||||||
Chipotle Mexican Grill, Inc. — Class A | 32 | (0.48)% | 4,952 | |||||||||
Genuine Parts Co. | 1,001 | (1.50)% | 3,055 | |||||||||
Floor & Decor Holdings, Inc. — Class A | 652 | (0.46)% | 2,950 | |||||||||
WESCO International, Inc. | 505 | (0.60)% | (385 | ) | ||||||||
Las Vegas Sands Corp. | 1,384 | (0.52)% | (2,007 | ) | ||||||||
Royal Caribbean Cruises Ltd. | 909 | (0.35)% | (2,074 | ) | ||||||||
Total Consumer, Cyclical | 250,470 | |||||||||||
Energy | ||||||||||||
Baker Hughes Co. | 3,639 | (0.76)% | 27,380 | |||||||||
Helmerich & Payne, Inc. | 1,671 | (0.62)% | 19,594 | |||||||||
Halliburton Co. | 2,150 | (0.53)% | 12,925 | |||||||||
Hess Corp. | 827 | (0.90)% | 4,667 | |||||||||
ChampionX Corp. | 2,389 | (0.47)% | 4,362 | |||||||||
Equities Corp. | 838 | (0.34)% | 3,990 | |||||||||
Continental Resources, Inc. | 700 | (0.47)% | 901 | |||||||||
Valaris Ltd. | 947 | (0.46)% | 769 | |||||||||
Schlumberger N.V. | 2,618 | (0.94)% | 224 | |||||||||
Marathon Oil Corp. | 4,230 | (0.96)% | (2,408 | ) | ||||||||
EOG Resources, Inc. | 1,042 | (1.17)% | (8,132 | ) | ||||||||
Total Energy | 64,272 | |||||||||||
Industrial | ||||||||||||
Stanley Black & Decker, Inc. | 862 | (0.65)% | 47,193 | |||||||||
Jacobs Solutions, Inc. | 1,061 | (1.15)% | 27,656 | |||||||||
Stericycle, Inc. | 799 | (0.34)% | 25,626 | |||||||||
Boeing Co. | 524 | (0.64)% | 21,361 | |||||||||
CSX Corp. | 2,765 | (0.74)% | 15,798 | |||||||||
Old Dominion Freight Line, Inc. | 320 | (0.80)% | 14,880 | |||||||||
Trimble, Inc. | 1,756 | (0.95)% | 13,357 | |||||||||
MSA Safety, Inc. | 721 | (0.79)% | 11,306 | |||||||||
Waste Management, Inc. | 780 | (1.25)% | 10,274 | |||||||||
Union Pacific Corp. | 292 | (0.57)% | 9,843 | |||||||||
Eaton Corporation plc | 1,122 | (1.50)% | 8,396 | |||||||||
Norfolk Southern Corp. | 174 | (0.37)% | 7,026 | |||||||||
Howmet Aerospace, Inc. | 2,394 | (0.74)% | 4,604 | |||||||||
CH Robinson Worldwide, Inc. | 341 | (0.33)% | 4,453 | |||||||||
Caterpillar, Inc. | 249 | (0.41)% | 3,981 | |||||||||
Exponent, Inc. | 940 | (0.83)% | 2,707 | |||||||||
TransDigm Group, Inc. | 59 | (0.31)% | 813 | |||||||||
Casella Waste Systems, Inc. — Class A | 1,403 | (1.07)% | (12,571 | ) | ||||||||
Total Industrial | 216,703 | |||||||||||
Utilities | ||||||||||||
Dominion Energy, Inc. | 1,868 | (1.29)% | 26,372 | |||||||||
Public Service Enterprise Group, Inc. | 2,408 | (1.36)% | 25,851 | |||||||||
Total Utilities | 52,223 | |||||||||||
Technology | ||||||||||||
Roper Technologies, Inc. | 259 | (0.93)% | 17,896 | |||||||||
Paychex, Inc. | 848 | (0.95)% | 10,923 | |||||||||
Synopsys, Inc. | 178 | (0.54)% | 4,325 | |||||||||
Veeva Systems, Inc. — Class A | 276 | (0.46)% | 3,253 | |||||||||
Total Technology | 36,397 | |||||||||||
Communications | ||||||||||||
Paramount Global — Class B | 2,367 | (0.45)% | 9,449 | |||||||||
Uber Technologies, Inc. | 1,918 | (0.51)% | (2,523 | ) | ||||||||
Total Communications | 6,926 | |||||||||||
Total MS Equity Short Custom Basket | $ | 1,898,628 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 pledged as equity index swap collateral at September 30, 2022. |
2 | Rate indicated is the 7-day yield as of September 30, 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 September 30, 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 | $ | 18,704,976 | $ | – | $ | – | $ | 18,704,976 | ||||||||
Money Market Fund | – | 561,126 | – | 561,126 | ||||||||||||
Equity Custom Basket Swap Agreements** | – | 3,779,430 | – | 3,779,430 | ||||||||||||
Total Assets | $ | 18,704,976 | $ | 4,340,556 | $ | – | $ | 23,045,532 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Custom Basket Swap Agreements** | $ | – | $ | 1,822,197 | $ | – | $ | 1,822,197 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 84.8% | ||||||||
Financial - 20.4% | ||||||||
First Horizon Corp. | 905 | $ | 20,725 | |||||
Alleghany Corp.* | 23 | 19,305 | ||||||
East West Bancorp, Inc. | 238 | 15,979 | ||||||
Life Storage, Inc. REIT | 142 | 15,728 | ||||||
Rexford Industrial Realty, Inc. REIT | 288 | 14,976 | ||||||
American Financial Group, Inc. | 118 | 14,506 | ||||||
Cullen/Frost Bankers, Inc. | 108 | 14,280 | ||||||
Reinsurance Group of America, Inc. — Class A | 113 | 14,217 | ||||||
STORE Capital Corp. REIT | 448 | 14,036 | ||||||
Healthcare Realty Trust, Inc. REIT | 642 | 13,386 | ||||||
Webster Financial Corp. | 296 | 13,379 | ||||||
Annaly Capital Management, Inc. REIT | 726 | 12,458 | ||||||
Unum Group | 317 | 12,300 | ||||||
Jones Lang LaSalle, Inc.* | 81 | 12,237 | ||||||
Commerce Bancshares, Inc. | 184 | 12,173 | ||||||
Lamar Advertising Co. — Class A REIT | 147 | 12,126 | ||||||
Medical Properties Trust, Inc. REIT | 1,010 | 11,979 | ||||||
National Retail Properties, Inc. REIT | 299 | 11,918 | ||||||
Omega Healthcare Investors, Inc. REIT | 395 | 11,649 | ||||||
Interactive Brokers Group, Inc. — Class A | 173 | 11,057 | ||||||
EastGroup Properties, Inc. REIT | 73 | 10,537 | ||||||
Pinnacle Financial Partners, Inc. | 129 | 10,462 | ||||||
RenaissanceRe Holdings Ltd. | 74 | 10,389 | ||||||
Prosperity Bancshares, Inc. | 154 | 10,269 | ||||||
Old Republic International Corp. | 484 | 10,130 | ||||||
Apartment Income REIT Corp. REIT | 260 | 10,041 | ||||||
First Industrial Realty Trust, Inc. REIT | 223 | 9,993 | ||||||
Voya Financial, Inc. | 165 | 9,982 | ||||||
Brixmor Property Group, Inc. REIT | 505 | 9,327 | ||||||
Stifel Financial Corp. | 179 | 9,292 | ||||||
Jefferies Financial Group, Inc. | 314 | 9,263 | ||||||
Kinsale Capital Group, Inc. | 36 | 9,195 | ||||||
Synovus Financial Corp. | 245 | 9,190 | ||||||
Glacier Bancorp, Inc. | 187 | 9,187 | ||||||
First Financial Bankshares, Inc. | 219 | 9,161 | ||||||
Western Union Co. | 650 | 8,775 | ||||||
SEI Investments Co. | 174 | 8,535 | ||||||
Wintrust Financial Corp. | 102 | 8,318 | ||||||
Spirit Realty Capital, Inc. REIT | 230 | 8,317 | ||||||
Selective Insurance Group, Inc. | 102 | 8,303 | ||||||
Old National Bancorp | 494 | 8,136 | ||||||
United Bankshares, Inc. | 227 | 8,115 | ||||||
First American Financial Corp. | 176 | 8,114 | ||||||
Cadence Bank | 308 | 7,826 | ||||||
Primerica, Inc. | 63 | 7,777 | ||||||
Hanover Insurance Group, Inc. | 60 | 7,688 | ||||||
Valley National Bancorp | 709 | 7,657 | ||||||
Kilroy Realty Corp. REIT | 177 | 7,453 | ||||||
Rayonier, Inc. REIT | 247 | 7,403 | ||||||
Bank OZK | 187 | 7,398 | ||||||
Home BancShares, Inc. | 322 | 7,248 | ||||||
Affiliated Managers Group, Inc. | 64 | 7,158 | ||||||
RLI Corp. | 68 | 6,962 | ||||||
FNB Corp. | 591 | 6,856 | ||||||
New York Community Bancorp, Inc. | 786 | 6,704 | ||||||
Hancock Whitney Corp. | 145 | 6,642 | ||||||
MGIC Investment Corp. | 512 | 6,564 | ||||||
Kite Realty Group Trust REIT | 369 | 6,354 | ||||||
Essent Group Ltd. | 182 | 6,346 | ||||||
Independence Realty Trust, Inc. REIT | 374 | 6,257 | ||||||
Umpqua Holdings Corp. | 366 | 6,255 | ||||||
UMB Financial Corp. | 73 | 6,153 | ||||||
National Storage Affiliates Trust REIT | 144 | 5,988 | ||||||
Cousins Properties, Inc. REIT | 255 | 5,954 | ||||||
SLM Corp. | 424 | 5,932 | ||||||
Physicians Realty Trust REIT | 382 | 5,745 | ||||||
PotlatchDeltic Corp. REIT | 136 | 5,581 | ||||||
Douglas Emmett, Inc. REIT | 296 | 5,307 | ||||||
Brighthouse Financial, Inc.* | 121 | 5,254 | ||||||
Bank of Hawaii Corp. | 68 | 5,176 | ||||||
Sabra Health Care REIT, Inc. REIT | 389 | 5,104 | ||||||
Associated Banc-Corp. | 253 | 5,080 | ||||||
Evercore, Inc. — Class A | 61 | 5,017 | ||||||
Texas Capital Bancshares, Inc.* | 84 | 4,959 | ||||||
Cathay General Bancorp | 125 | 4,808 | ||||||
Highwoods Properties, Inc. REIT | 177 | 4,772 | ||||||
Federated Hermes, Inc. — Class B | 143 | 4,736 | ||||||
Janus Henderson Group plc | 223 | 4,529 | ||||||
EPR Properties REIT | 126 | 4,518 | ||||||
PacWest Bancorp | 199 | 4,497 | ||||||
Kemper Corp. | 108 | 4,456 | ||||||
Fulton Financial Corp. | 282 | 4,456 | ||||||
Corporate Office Properties Trust REIT | 190 | 4,414 | ||||||
SL Green Realty Corp. REIT | 108 | 4,337 | ||||||
Park Hotels & Resorts, Inc. REIT | 379 | 4,268 | ||||||
International Bancshares Corp. | 89 | 3,783 | ||||||
CNO Financial Group, Inc. | 193 | 3,468 | ||||||
Washington Federal, Inc. | 110 | 3,298 | ||||||
Pebblebrook Hotel Trust REIT | 222 | 3,221 | ||||||
JBG SMITH Properties REIT | 168 | 3,121 | ||||||
Macerich Co. REIT | 362 | 2,874 | ||||||
Navient Corp. | 187 | 2,747 | ||||||
Bread Financial Holdings, Inc. | 84 | 2,642 | ||||||
Total Financial | 764,188 | |||||||
Industrial - 16.8% | ||||||||
Carlisle Companies, Inc. | 87 | 24,396 | ||||||
Hubbell, Inc. | 90 | 20,070 | ||||||
Graco, Inc. | 285 | 17,086 | ||||||
AECOM | 235 | 16,067 | ||||||
Regal Rexnord Corp. | 112 | 15,720 | ||||||
Builders FirstSource, Inc.* | 263 | 15,496 | ||||||
Toro Co. | 176 | 15,220 | ||||||
Jabil, Inc. | 232 | 13,389 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 84.8% (continued) | ||||||||
Industrial - 16.8% (continued) | ||||||||
Knight-Swift Transportation Holdings, Inc. | 271 | $ | 13,260 | |||||
Axon Enterprise, Inc.* | 114 | 13,195 | ||||||
Owens Corning | 162 | 12,735 | ||||||
Lincoln Electric Holdings, Inc. | 98 | 12,321 | ||||||
Cognex Corp. | 292 | 12,103 | ||||||
Lennox International, Inc. | 54 | 12,024 | ||||||
Middleby Corp.* | 91 | 11,663 | ||||||
Tetra Tech, Inc. | 90 | 11,568 | ||||||
Chart Industries, Inc.* | 60 | 11,061 | ||||||
AptarGroup, Inc. | 110 | 10,453 | ||||||
Donaldson Company, Inc. | 208 | 10,194 | ||||||
AGCO Corp. | 104 | 10,002 | ||||||
Arrow Electronics, Inc.* | 108 | 9,957 | ||||||
Valmont Industries, Inc. | 36 | 9,670 | ||||||
EMCOR Group, Inc. | 83 | 9,585 | ||||||
MDU Resources Group, Inc. | 343 | 9,381 | ||||||
Clean Harbors, Inc.* | 85 | 9,348 | ||||||
Sonoco Products Co. | 164 | 9,304 | ||||||
ITT, Inc. | 139 | 9,082 | ||||||
TopBuild Corp.* | 55 | 9,063 | ||||||
Curtiss-Wright Corp. | 65 | 9,046 | ||||||
nVent Electric plc | 281 | 8,882 | ||||||
Landstar System, Inc. | 61 | 8,807 | ||||||
Acuity Brands, Inc. | 55 | 8,661 | ||||||
XPO Logistics, Inc.* | 194 | 8,637 | ||||||
Saia, Inc.* | 45 | 8,550 | ||||||
National Instruments Corp. | 223 | 8,416 | ||||||
Littelfuse, Inc. | 42 | 8,345 | ||||||
Trex Company, Inc.* | 186 | 8,173 | ||||||
Woodward, Inc. | 101 | 8,106 | ||||||
Oshkosh Corp. | 110 | 7,732 | ||||||
Coherent Corp.* | 219 | 7,632 | ||||||
Hexcel Corp. | 142 | 7,344 | ||||||
Crane Holdings Co. | 80 | 7,003 | ||||||
Novanta, Inc.* | 60 | 6,939 | ||||||
Universal Display Corp. | 73 | 6,887 | ||||||
Eagle Materials, Inc. | 64 | 6,859 | ||||||
MSA Safety, Inc. | 62 | 6,775 | ||||||
Timken Co. | 113 | 6,672 | ||||||
Stericycle, Inc.* | 155 | 6,527 | ||||||
Ryder System, Inc. | 86 | 6,492 | ||||||
Louisiana-Pacific Corp. | 125 | 6,399 | ||||||
Kirby Corp.* | 101 | 6,138 | ||||||
MasTec, Inc.* | 96 | 6,096 | ||||||
Fluor Corp.* | 240 | 5,974 | ||||||
Silgan Holdings, Inc. | 141 | 5,927 | ||||||
Watts Water Technologies, Inc. — Class A | 46 | 5,784 | ||||||
Avnet, Inc. | 160 | 5,779 | ||||||
TD SYNNEX Corp. | 71 | 5,765 | ||||||
Simpson Manufacturing Company, Inc. | 73 | 5,723 | ||||||
Flowserve Corp. | 220 | 5,346 | ||||||
GATX Corp. | 60 | 5,109 | ||||||
Dycom Industries, Inc.* | 50 | 4,776 | ||||||
Vontier Corp. | 266 | 4,445 | ||||||
Belden, Inc. | 73 | 4,381 | ||||||
EnerSys | 69 | 4,014 | ||||||
Mercury Systems, Inc.* | 97 | 3,938 | ||||||
Vishay Intertechnology, Inc. | 220 | 3,914 | ||||||
Werner Enterprises, Inc. | 99 | 3,722 | ||||||
Enovis Corp.* | 80 | 3,686 | ||||||
Terex Corp. | 114 | 3,390 | ||||||
Kennametal, Inc. | 137 | 2,820 | ||||||
Energizer Holdings, Inc. | 112 | 2,816 | ||||||
Greif, Inc. — Class A | 45 | 2,681 | ||||||
Esab Corp. | 77 | 2,569 | ||||||
Vicor Corp.* | 37 | 2,188 | ||||||
Worthington Industries, Inc. | 51 | 1,945 | ||||||
Total Industrial | 631,223 | |||||||
Consumer, Non-cyclical - 14.5% | ||||||||
Darling Ingredients, Inc.* | 270 | 17,860 | ||||||
Neurocrine Biosciences, Inc.* | 161 | 17,100 | ||||||
Shockwave Medical, Inc.* | 61 | 16,962 | ||||||
Paylocity Holding Corp.* | 69 | 16,669 | ||||||
Repligen Corp.* | 87 | 16,279 | ||||||
United Therapeutics Corp.* | 77 | 16,122 | ||||||
Service Corporation International | 266 | 15,359 | ||||||
Jazz Pharmaceuticals plc* | 106 | 14,129 | ||||||
Penumbra, Inc.* | 64 | 12,134 | ||||||
Acadia Healthcare Company, Inc.* | 153 | 11,962 | ||||||
H&R Block, Inc. | 269 | 11,443 | ||||||
Masimo Corp.* | 81 | 11,434 | ||||||
Performance Food Group Co.* | 261 | 11,210 | ||||||
Chemed Corp. | 25 | 10,914 | ||||||
FTI Consulting, Inc.* | 58 | 9,611 | ||||||
HealthEquity, Inc.* | 142 | 9,538 | ||||||
WEX, Inc.* | 74 | 9,394 | ||||||
Tenet Healthcare Corp.* | 182 | 9,388 | ||||||
Halozyme Therapeutics, Inc.* | 232 | 9,174 | ||||||
Envista Holdings Corp.* | 275 | 9,023 | ||||||
Bruker Corp. | 170 | 9,020 | ||||||
Ingredion, Inc. | 110 | 8,857 | ||||||
Exelixis, Inc.* | 543 | 8,514 | ||||||
LHC Group, Inc.* | 52 | 8,510 | ||||||
Option Care Health, Inc.* | 261 | 8,213 | ||||||
Syneos Health, Inc.* | 173 | 8,157 | ||||||
Perrigo Company plc | 227 | 8,095 | ||||||
Flowers Foods, Inc. | 325 | 8,024 | ||||||
Globus Medical, Inc. — Class A* | 130 | 7,744 | ||||||
ASGN, Inc.* | 85 | 7,681 | ||||||
Encompass Health Corp. | 168 | 7,599 | ||||||
Post Holdings, Inc.* | 92 | 7,536 | ||||||
Avis Budget Group, Inc.* | 49 | 7,275 | ||||||
GXO Logistics, Inc.* | 200 | 7,012 | ||||||
Medpace Holdings, Inc.* | 42 | 6,601 | ||||||
Omnicell, Inc.* | 75 | 6,527 | ||||||
QuidelOrtho Corp.* | 91 | 6,505 | ||||||
Haemonetics Corp.* | 87 | 6,441 | ||||||
Celsius Holdings, Inc.* | 68 | 6,166 | ||||||
Insperity, Inc. | 60 | 6,125 | ||||||
Euronet Worldwide, Inc.* | 79 | 5,985 | ||||||
Inari Medical, Inc.* | 81 | 5,884 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 178 | 5,883 | ||||||
STAAR Surgical Co.* | 81 | 5,715 | ||||||
ManpowerGroup, Inc. | 87 | 5,628 | ||||||
Azenta, Inc. | 126 | 5,400 | ||||||
Amedisys, Inc.* | 55 | 5,323 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 84.8% (continued) | ||||||||
Consumer, Non-cyclical - 14.5% (continued) | ||||||||
Boston Beer Company, Inc. — Class A* | 16 | $ | 5,178 | |||||
Integra LifeSciences Holdings Corp.* | 122 | 5,168 | ||||||
Tandem Diabetes Care, Inc.* | 108 | 5,168 | ||||||
ICU Medical, Inc.* | 34 | 5,120 | ||||||
Neogen Corp.* | 364 | 5,085 | ||||||
Sprouts Farmers Market, Inc.* | 181 | 5,023 | ||||||
Grocery Outlet Holding Corp.* | 149 | 4,960 | ||||||
Lancaster Colony Corp. | 33 | 4,959 | ||||||
BellRing Brands, Inc.* | 228 | 4,699 | ||||||
Progyny, Inc.* | 126 | 4,670 | ||||||
LivaNova plc* | 90 | 4,569 | ||||||
Grand Canyon Education, Inc.* | 54 | 4,442 | ||||||
R1 RCM, Inc.* | 231 | 4,280 | ||||||
Brink's Co. | 80 | 3,875 | ||||||
Helen of Troy Ltd.* | 40 | 3,858 | ||||||
NuVasive, Inc.* | 88 | 3,855 | ||||||
Coty, Inc. — Class A* | 608 | 3,843 | ||||||
Graham Holdings Co. — Class B | 7 | 3,766 | ||||||
Patterson Companies, Inc. | 146 | 3,507 | ||||||
Coca-Cola Consolidated, Inc. | 8 | 3,294 | ||||||
Sabre Corp.* | 553 | 2,848 | ||||||
John Wiley & Sons, Inc. — Class A | 72 | 2,704 | ||||||
Pilgrim's Pride Corp.* | 77 | 1,773 | ||||||
Sotera Health Co.* | 167 | 1,139 | ||||||
Total Consumer, Non-cyclical | 543,908 | |||||||
Consumer, Cyclical - 12.4% | ||||||||
BJ's Wholesale Club Holdings, Inc.* | 228 | 16,601 | ||||||
Watsco, Inc. | 56 | 14,418 | ||||||
Deckers Outdoor Corp.* | 45 | 14,067 | ||||||
Williams-Sonoma, Inc. | 116 | 13,671 | ||||||
Five Below, Inc.* | 94 | 12,941 | ||||||
Casey's General Stores, Inc. | 63 | 12,759 | ||||||
Lear Corp. | 100 | 11,969 | ||||||
Mattel, Inc.* | 596 | 11,288 | ||||||
GameStop Corp. — Class A* | 426 | 10,705 | ||||||
Churchill Downs, Inc. | 56 | 10,312 | ||||||
Dick's Sporting Goods, Inc. | 96 | 10,045 | ||||||
Murphy USA, Inc. | 36 | 9,897 | ||||||
Lithia Motors, Inc. — Class A | 46 | 9,869 | ||||||
Texas Roadhouse, Inc. — Class A | 113 | 9,860 | ||||||
Gentex Corp. | 396 | 9,441 | ||||||
Wyndham Hotels & Resorts, Inc. | 152 | 9,325 | ||||||
Polaris, Inc. | 94 | 8,991 | ||||||
Capri Holdings Ltd.* | 233 | 8,957 | ||||||
RH* | 34 | 8,366 | ||||||
Brunswick Corp. | 125 | 8,181 | ||||||
Marriott Vacations Worldwide Corp. | 66 | 8,043 | ||||||
Harley-Davidson, Inc. | 224 | 7,813 | ||||||
Toll Brothers, Inc. | 180 | 7,560 | ||||||
Leggett & Platt, Inc. | 224 | 7,441 | ||||||
Penn Entertainment, Inc.* | 267 | 7,345 | ||||||
Skechers USA, Inc. — Class A* | 227 | 7,200 | ||||||
IAA, Inc.* | 225 | 7,166 | ||||||
Crocs, Inc.* | 104 | 7,141 | ||||||
Macy's, Inc. | 455 | 7,130 | ||||||
Tempur Sealy International, Inc. | 290 | 7,001 | ||||||
Light & Wonder, Inc. — Class A* | 159 | 6,818 | ||||||
AutoNation, Inc.* | 65 | 6,621 | ||||||
Boyd Gaming Corp. | 137 | 6,528 | ||||||
Thor Industries, Inc. | 92 | 6,438 | ||||||
Univar Solutions, Inc.* | 281 | 6,390 | ||||||
Wingstop, Inc. | 50 | 6,271 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 80 | 5,825 | ||||||
Fox Factory Holding Corp.* | 71 | 5,615 | ||||||
Kohl's Corp. | 217 | 5,458 | ||||||
Choice Hotels International, Inc. | 49 | 5,367 | ||||||
Wendy's Co. | 287 | 5,364 | ||||||
PVH Corp. | 113 | 5,062 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 98 | 5,057 | ||||||
Visteon Corp.* | 47 | 4,985 | ||||||
Goodyear Tire & Rubber Co.* | 477 | 4,813 | ||||||
Travel + Leisure Co. | 141 | 4,811 | ||||||
FirstCash Holdings, Inc. | 64 | 4,694 | ||||||
Topgolf Callaway Brands Corp.* | 234 | 4,507 | ||||||
Taylor Morrison Home Corp. — Class A* | 192 | 4,477 | ||||||
Adient plc* | 160 | 4,440 | ||||||
Carter's, Inc. | 66 | 4,325 | ||||||
Foot Locker, Inc. | 135 | 4,203 | ||||||
YETI Holdings, Inc.* | 145 | 4,136 | ||||||
Hanesbrands, Inc. | 588 | 4,092 | ||||||
Victoria's Secret & Co.* | 140 | 4,077 | ||||||
Columbia Sportswear Co. | 60 | 4,038 | ||||||
Papa John's International, Inc. | 54 | 3,780 | ||||||
KB Home | 142 | 3,681 | ||||||
JetBlue Airways Corp.* | 546 | 3,620 | ||||||
Cracker Barrel Old Country Store, Inc. | 38 | 3,518 | ||||||
Nordstrom, Inc. | 190 | 3,179 | ||||||
Gap, Inc. | 360 | 2,956 | ||||||
Scotts Miracle-Gro Co. — Class A | 68 | 2,907 | ||||||
Nu Skin Enterprises, Inc. — Class A | 85 | 2,836 | ||||||
Dana, Inc. | 215 | 2,457 | ||||||
Under Armour, Inc. — Class A* | 318 | 2,115 | ||||||
Under Armour, Inc. — Class C* | 337 | 2,009 | ||||||
MillerKnoll, Inc. | 128 | 1,997 | ||||||
Total Consumer, Cyclical | 464,970 | |||||||
Technology - 6.7% | ||||||||
Wolfspeed, Inc.* | 208 | 21,499 | ||||||
Fair Isaac Corp.* | 43 | 17,716 | ||||||
Manhattan Associates, Inc.* | 106 | 14,101 | ||||||
Genpact Ltd. | 285 | 12,475 | ||||||
Dynatrace, Inc.* | 339 | 11,801 | ||||||
Aspen Technology, Inc.* | 49 | 11,672 | ||||||
Lattice Semiconductor Corp.* | 232 | 11,417 | ||||||
CACI International, Inc. — Class A* | 39 | 10,181 | ||||||
KBR, Inc. | 234 | 10,114 | ||||||
Science Applications International Corp. | 94 | 8,312 | ||||||
ExlService Holdings, Inc.* | 56 | 8,252 | ||||||
Qualys, Inc.* | 59 | 8,224 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 84.8% (continued) | ||||||||
Technology - 6.7% (continued) | ||||||||
Concentrix Corp. | 72 | $ | 8,037 | |||||
Lumentum Holdings, Inc.* | 116 | 7,954 | ||||||
MKS Instruments, Inc. | 96 | 7,933 | ||||||
Silicon Laboratories, Inc.* | 58 | 7,159 | ||||||
Synaptics, Inc.* | 67 | 6,634 | ||||||
Cirrus Logic, Inc.* | 94 | 6,467 | ||||||
Power Integrations, Inc. | 96 | 6,175 | ||||||
Maximus, Inc. | 102 | 5,903 | ||||||
Teradata Corp.* | 173 | 5,373 | ||||||
IPG Photonics Corp.* | 56 | 4,724 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 86 | 4,454 | ||||||
NCR Corp.* | 231 | 4,391 | ||||||
Envestnet, Inc.* | 93 | 4,129 | ||||||
CommVault Systems, Inc.* | 76 | 4,031 | ||||||
ACI Worldwide, Inc.* | 192 | 4,013 | ||||||
Blackbaud, Inc.* | 75 | 3,305 | ||||||
Semtech Corp.* | 107 | 3,147 | ||||||
Amkor Technology, Inc. | 169 | 2,881 | ||||||
Kyndryl Holdings, Inc.* | 344 | 2,845 | ||||||
Xerox Holdings Corp. | 189 | 2,472 | ||||||
SiTime Corp.* | 27 | 2,126 | ||||||
Total Technology | 249,917 | |||||||
Energy - 4.3% | ||||||||
Targa Resources Corp. | 382 | 23,050 | ||||||
First Solar, Inc.* | 167 | 22,089 | ||||||
HF Sinclair Corp. | 245 | 13,191 | ||||||
Southwestern Energy Co.* | 1,879 | 11,499 | ||||||
NOV, Inc. | 662 | 10,711 | ||||||
Range Resources Corp. | 418 | 10,559 | ||||||
Sunrun, Inc.* | 358 | 9,877 | ||||||
PDC Energy, Inc. | 162 | 9,362 | ||||||
Matador Resources Co. | 189 | 9,246 | ||||||
Murphy Oil Corp. | 246 | 8,652 | ||||||
DT Midstream, Inc. | 163 | 8,458 | ||||||
ChampionX Corp. | 342 | 6,693 | ||||||
Equitrans Midstream Corp. | 730 | 5,460 | ||||||
Antero Midstream Corp. | 565 | 5,187 | ||||||
CNX Resources Corp.* | 319 | 4,954 | ||||||
SunPower Corp. — Class A* | 144 | 3,318 | ||||||
Total Energy | 162,306 | |||||||
Basic Materials - 4.3% | ||||||||
Steel Dynamics, Inc. | 292 | 20,717 | ||||||
RPM International, Inc. | 217 | 18,078 | ||||||
Reliance Steel & Aluminum Co. | 102 | 17,790 | ||||||
Cleveland-Cliffs, Inc.* | 872 | 11,746 | ||||||
Royal Gold, Inc. | 111 | 10,414 | ||||||
Alcoa Corp. | 303 | 10,199 | ||||||
Olin Corp. | 228 | 9,777 | ||||||
Ashland, Inc. | 84 | 7,978 | ||||||
Valvoline, Inc. | 298 | 7,551 | ||||||
United States Steel Corp. | 400 | 7,248 | ||||||
Commercial Metals Co. | 203 | 7,202 | ||||||
Chemours Co. | 262 | 6,458 | ||||||
Cabot Corp. | 95 | 6,070 | ||||||
Sensient Technologies Corp. | 71 | 4,923 | ||||||
Avient Corp. | 144 | 4,363 | ||||||
MP Materials Corp.* | 156 | 4,259 | ||||||
Ingevity Corp.* | 60 | 3,638 | ||||||
NewMarket Corp. | 12 | 3,610 | ||||||
Total Basic Materials | 162,021 | |||||||
Utilities - 3.4% | ||||||||
Essential Utilities, Inc. | 402 | 16,635 | ||||||
OGE Energy Corp. | 338 | 12,323 | ||||||
UGI Corp. | 353 | 11,412 | ||||||
National Fuel Gas Co. | 154 | 9,479 | ||||||
IDACORP, Inc. | 85 | 8,416 | ||||||
Black Hills Corp. | 110 | 7,450 | ||||||
Southwest Gas Holdings, Inc. | 104 | 7,254 | ||||||
PNM Resources, Inc. | 145 | 6,631 | ||||||
Portland General Electric Co. | 150 | 6,519 | ||||||
Ormat Technologies, Inc. | 75 | 6,465 | ||||||
Hawaiian Electric Industries, Inc. | 185 | 6,412 | ||||||
ONE Gas, Inc. | 91 | 6,406 | ||||||
New Jersey Resources Corp. | 162 | 6,269 | ||||||
Spire, Inc. | 88 | 5,485 | ||||||
ALLETE, Inc. | 96 | 4,805 | ||||||
NorthWestern Corp. | 95 | 4,682 | ||||||
Total Utilities | 126,643 | |||||||
Communications - 2.0% | ||||||||
Ciena Corp.* | 252 | 10,188 | ||||||
Iridium Communications, Inc.* | 214 | 9,495 | ||||||
Frontier Communications Parent, Inc.* | 377 | 8,833 | ||||||
New York Times Co. — Class A | 279 | 8,021 | ||||||
TEGNA, Inc. | 376 | 7,776 | ||||||
Cable One, Inc. | 8 | 6,824 | ||||||
Calix, Inc.* | 96 | 5,870 | ||||||
Ziff Davis, Inc.* | 80 | 5,478 | ||||||
World Wrestling Entertainment, Inc. — Class A | 73 | 5,123 | ||||||
TripAdvisor, Inc.* | 176 | 3,886 | ||||||
Viasat, Inc.* | 127 | 3,839 | ||||||
Total Communications | 75,333 | |||||||
Total Common Stocks | ||||||||
(Cost $2,974,103) | 3,180,509 | |||||||
MUTUAL FUNDS† - 6.2% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 15,965 | 153,106 | ||||||
Guggenheim Strategy Fund II1 | 3,259 | 78,107 | ||||||
Total Mutual Funds | ||||||||
(Cost $231,938) | 231,213 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 6.2% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/222,3 | $ | 220,000 | 219,985 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 6.2% (continued) | ||||||||
2.70% due 11/08/223,4 | $ | 14,000 | $ | 13,962 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $233,934) | 233,947 | |||||||
REPURCHASE AGREEMENTS††,5 - 9.3% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/222 | 197,569 | 197,569 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/222 | 75,988 | 75,988 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/222 | 73,739 | 73,739 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $347,296) | 347,296 | |||||||
Total Investments - 106.5% | ||||||||
(Cost $3,787,271) | $ | 3,992,965 | ||||||
Other Assets & Liabilities, net - (6.5)% | (241,969 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,750,995 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P MidCap 400 Index Mini Futures Contracts | 1 | Dec 2022 | $ | 220,780 | $ | (29,781 | ) |
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†† | ||||||||||||||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Pay | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 11/17/22 | 77 | $ | 169,958 | $ | (4,435 | ) | |||||||||||||
BNP Paribas | S&P MidCap 400 Index | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 96 | 210,911 | (42,146 | ) | |||||||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Pay | 3.31% (SOFR + 0.35%) | At Maturity | 11/16/22 | 829 | 1,826,295 | (330,459 | ) | |||||||||||||||
$ | 2,207,164 | $ | (377,040 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 3,180,509 | $ | — | $ | — | $ | 3,180,509 | ||||||||
Mutual Funds | 231,213 | — | — | 231,213 | ||||||||||||
U.S. Treasury Bills | — | 233,947 | — | 233,947 | ||||||||||||
Repurchase Agreements | — | 347,296 | — | 347,296 | ||||||||||||
Total Assets | $ | 3,411,722 | $ | 581,243 | $ | — | $ | 3,992,965 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 29,781 | $ | — | $ | — | $ | 29,781 | ||||||||
Equity Index Swap Agreements** | — | 377,040 | — | 377,040 | ||||||||||||
Total Liabilities | $ | 29,781 | $ | 377,040 | $ | — | $ | 406,821 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 306,899 | $ | – | $ | (225,000 | ) | $ | 2,149 | $ | (5,941 | ) | $ | 78,107 | 3,259 | $ | 1,622 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 158,374 | – | – | – | (5,268 | ) | 153,106 | 15,965 | 1,980 | |||||||||||||||||||||||
$ | 465,273 | $ | – | $ | (225,000 | ) | $ | 2,149 | $ | (11,209 | ) | $ | 231,213 | $ | 3,602 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 32.0% | ||||||||
Consumer, Non-cyclical - 8.6% | ||||||||
MoneyGram International, Inc.*,1 | 56,066 | $ | 583,086 | |||||
LHC Group, Inc.* | 3,315 | 542,533 | ||||||
Covetrus, Inc.* | 25,878 | 540,332 | ||||||
Nielsen Holdings plc | 19,404 | 537,879 | ||||||
Signify Health, Inc. — Class A*,1 | 16,246 | 473,571 | ||||||
ChemoCentryx, Inc.* | 7,790 | 402,432 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.*,1 | 2,149 | 324,864 | ||||||
Global Blood Therapeutics, Inc.* | 4,028 | 274,307 | ||||||
Forma Therapeutics Holdings, Inc.* | 13,532 | 269,963 | ||||||
Evo Payments, Inc. — Class A* | 8,002 | 266,467 | ||||||
Aerie Pharmaceuticals, Inc.* | 13,347 | 201,940 | ||||||
Meridian Bioscience, Inc.* | 6,348 | 200,152 | ||||||
Total Consumer, Non-cyclical | 4,617,526 | |||||||
Technology - 7.1% | ||||||||
Citrix Systems, Inc.*,†† | 7,942 | 825,968 | ||||||
Activision Blizzard, Inc.1 | 8,420 | 625,943 | ||||||
1Life Healthcare, Inc.* | 30,852 | 529,112 | ||||||
VMware, Inc. — Class A1 | 4,176 | 444,577 | ||||||
Tower Semiconductor Ltd.*,1 | 9,649 | 423,977 | ||||||
Ping Identity Holding Corp.* | 14,192 | 398,369 | ||||||
ironSource Ltd. — Class A* | 101,611 | 349,542 | ||||||
Change Healthcare, Inc. | 7,491 | 205,927 | ||||||
Total Technology | 3,803,415 | |||||||
Financial - 4.9% | ||||||||
First Horizon Corp.1 | 27,253 | 624,094 | ||||||
Alleghany Corp.* | 640 | 537,197 | ||||||
STORE Capital Corp. REIT | 12,930 | 405,097 | ||||||
Duke Realty Corp. REIT | 7,586 | 365,645 | ||||||
Cowen, Inc. — Class A1 | 5,587 | 215,882 | ||||||
Flagstar Bancorp, Inc.1 | 5,468 | 182,631 | ||||||
Umpqua Holdings Corp. | 9,435 | 161,244 | ||||||
Bluerock Residential Growth REIT, Inc. | 5,787 | 154,802 | ||||||
Total Financial | 2,646,592 | |||||||
Communications - 4.4% | ||||||||
Switch, Inc. — Class A | 21,521 | 725,043 | ||||||
TEGNA, Inc. | 28,718 | 593,888 | ||||||
Sierra Wireless, Inc.* | 13,309 | 405,126 | ||||||
ChannelAdvisor Corp.* | 17,865 | 404,821 | ||||||
Twitter, Inc.* | 5,781 | 253,439 | ||||||
Total Communications | 2,382,317 | |||||||
Consumer, Cyclical - 2.5% | ||||||||
Tenneco, Inc. — Class A* | 34,941 | 607,624 | ||||||
Spirit Airlines, Inc.*,1 | 25,986 | 489,056 | ||||||
iRobot Corp.*,1 | 4,511 | 254,105 | ||||||
Total Consumer, Cyclical | 1,350,785 | |||||||
Basic Materials - 1.6% | ||||||||
Rogers Corp.*,1 | 2,615 | 632,516 | ||||||
Yamana Gold, Inc. | 56,345 | 255,243 | ||||||
Total Basic Materials | 887,759 | |||||||
Utilities - 1.1% | ||||||||
South Jersey Industries, Inc. | 18,108 | 605,169 | ||||||
Industrial - 1.0% | ||||||||
Atlas Air Worldwide Holdings, Inc.* | 5,349 | 511,204 | ||||||
Energy - 0.8% | ||||||||
Shell Midstream Partners, LP | 16,990 | 268,612 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 11,516 | 155,927 | ||||||
Total Energy | 424,539 | |||||||
Total Common Stocks | ||||||||
(Cost $17,826,294) | 17,229,306 | |||||||
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 $–) | – | |||||||
MUTUAL FUNDS† - 17.7% | ||||||||
Guggenheim Strategy Fund II2 | 108,001 | 2,588,788 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 257,937 | 2,473,614 | ||||||
Guggenheim Strategy Fund III2 | 99,249 | 2,383,958 | ||||||
Guggenheim Variable Insurance Strategy Fund III2 | 86,555 | 2,078,187 | ||||||
Total Mutual Funds | ||||||||
(Cost $9,906,756) | 9,524,547 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
CLOSED-END FUNDS† - 5.6% | ||||||||
Invesco Senior Income Trust | 26,014 | $ | 96,774 | |||||
Nuveen Credit Strategies Income Fund | 18,630 | 95,199 | ||||||
BlackRock Resources & Commodities Strategy Trust | 10,694 | 92,931 | ||||||
Tri-Continental Corp.3 | 3,632 | 92,834 | ||||||
Adams Diversified Equity Fund, Inc. | 6,249 | 91,048 | ||||||
Nuveen New York AMT-Free Quality Municipal Income Fund | 9,162 | 89,971 | ||||||
Aberdeen Total Dynamic Dividend Fund | 12,536 | 89,507 | ||||||
Gabelli Dividend & Income Trust | 4,734 | 88,621 | ||||||
Royce Micro-Capital Trust, Inc. | 11,096 | 87,991 | ||||||
Virtus Convertible & Income Fund II | 29,797 | 84,028 | ||||||
BlackRock California Municipal Income Trust3 | 7,787 | 80,050 | ||||||
General American Investors Company, Inc. | 2,206 | 74,673 | ||||||
Nuveen Real Asset Income and Growth Fund | 6,424 | 71,628 | ||||||
Nuveen Floating Rate Income Opportunity Fund | 8,494 | 68,462 | ||||||
MFS Municipal Income Trust | 13,326 | 64,498 | ||||||
BlackRock MuniYield Fund, Inc. | 6,254 | 62,165 | ||||||
BNY Mellon High Yield Strategies Fund | 29,347 | 61,922 | ||||||
Apollo Senior Floating Rate Fund, Inc. | 4,933 | 61,712 | ||||||
DWS Municipal Income Trust | 6,928 | 57,641 | ||||||
Pioneer Municipal High Income Fund Trust3 | 6,831 | 56,083 | ||||||
Pioneer Municipal High Income Advantage Fund, Inc. | 7,403 | 55,893 | ||||||
PGIM High Yield Bond Fund, Inc. | 4,752 | 54,838 | ||||||
BlackRock MuniHoldings New York Quality Fund, Inc. | 5,441 | 53,322 | ||||||
Eaton Vance California Municipal Bond Fund | 5,775 | 49,145 | ||||||
First Trust Dynamic Europe Equity Income Fund3 | 4,661 | 44,466 | ||||||
LMP Capital and Income Fund, Inc. | 3,923 | 44,212 | ||||||
Ellsworth Growth and Income Fund Ltd. | 5,096 | 40,819 | ||||||
Western Asset Managed Municipals Fund, Inc. | 4,076 | 39,537 | ||||||
abrdn Global Dynamic Dividend | 4,310 | 36,420 | ||||||
Eaton Vance New York Municipal Bond Fund | 4,039 | 34,130 | ||||||
Invesco Trust for Investment Grade New York Municipals | 3,457 | 33,049 | ||||||
Voya Infrastructure Industrials and Materials Fund | 3,660 | 32,354 | ||||||
Nuveen Short Duration Credit Opportunities Fund | 2,381 | 28,167 | ||||||
Bancroft Fund Ltd. | 1,601 | 26,769 | ||||||
Invesco Pennsylvania Value Municipal Income Trust | 2,764 | 26,678 | ||||||
Nuveen Ohio Quality Municipal Income Fund | 2,156 | 25,333 | ||||||
Nuveen New York Quality Municipal Income Fund | 2,378 | 24,898 | ||||||
BlackRock MuniYield New York Quality Fund, Inc. | 2,591 | 24,433 | ||||||
Apollo Tactical Income Fund, Inc. | 2,021 | 23,807 | ||||||
Gabelli Healthcare & WellnessRx Trust | 2,496 | 23,712 | ||||||
Federated Hermes Premier Municipal Income Fund | 2,120 | 21,921 | ||||||
Eaton Vance California Municipal Income Trust | 2,206 | 21,178 | ||||||
MFS High Income Municipal Trust | 6,102 | 20,564 | ||||||
First Trust High Income Long/Short Fund | 1,844 | 19,989 | ||||||
Nuveen New Jersey Quality Municipal Income Fund | 1,726 | 19,003 | ||||||
BNY Mellon Municipal Income, Inc. | 3,083 | 18,529 | ||||||
Nuveen Pennsylvania Quality Municipal Income Fund | 1,598 | 17,530 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc. | 2,621 | 16,145 | ||||||
Neuberger Berman California Municipal Fund, Inc.3 | 1,493 | 15,677 | ||||||
MFS High Yield Municipal Trust | 4,996 | 15,038 | ||||||
Western Asset Municipal Partners Fund, Inc. | 1,275 | 14,280 | ||||||
Swiss Helvetia Fund, Inc. | 1,797 | 12,202 | ||||||
Neuberger Berman New York Municipal Fund, Inc.3 | 1,298 | 12,007 | ||||||
abrdn Japan Equity Fund, Inc. | 2,269 | 11,390 | ||||||
Herzfeld Caribbean Basin Fund, Inc. | 2,932 | 10,644 | ||||||
Tortoise Power and Energy Infrastructure Fund, Inc. | 735 | 9,180 | ||||||
Western Asset Intermediate Muni Fund, Inc. | 1,085 | 7,975 | ||||||
DWS Strategic Municipal Income Trust | 957 | 7,570 | ||||||
Mexico Fund, Inc. | 566 | 7,375 | ||||||
New Germany Fund, Inc. | 1,043 | 7,259 | ||||||
First Trust/abrdn Emerging Opp | 750 | 6,701 | ||||||
MFS Intermediate Income Trust | 2,293 | 6,443 | ||||||
Nuveen New York Municipal Value Fund | 783 | 6,389 | ||||||
MFS Investment Grade Municipal Trust | 945 | 6,360 | ||||||
Putnam Premier Income Trust | 1,776 | 6,358 | ||||||
Insight Select Income Fund | 413 | 6,348 | ||||||
Tekla Life Sciences Investors | 464 | 6,338 | ||||||
Nuveen Select Maturities Municipal Fund | 713 | 6,317 | ||||||
Eaton Vance Floating-Rate Income Trust | 555 | 6,305 | ||||||
Nuveen AMT-Free Municipal Value Fund | 480 | 6,302 | ||||||
Source Capital, Inc. | 180 | 6,300 | ||||||
Saba Capital Income & Opportunities Fund | 796 | 6,296 | ||||||
Nuveen Municipal Income Fund, Inc. | 722 | 6,274 | ||||||
Nuveen Floating Rate Income Fund/Closed-end Fund | 773 | 6,269 | ||||||
Tekla Healthcare Opportunities Fund | 345 | 6,251 | ||||||
Western Asset Municipal High Income Fund, Inc. | 1,002 | 6,212 | ||||||
KKR Income Opportunities Fund | 542 | 6,201 | ||||||
Invesco Bond Fund | 429 | 6,182 | ||||||
Nuveen Massachusetts Quality Municipal Income Fund | 581 | 6,176 | ||||||
Western Asset High Income Opportunity Fund, Inc. | 1,678 | 6,175 | ||||||
Western Asset Investment Grade Income Fund, Inc. | 551 | 6,166 | ||||||
MFS Charter Income Trust | 1,033 | 6,146 | ||||||
MFS Multimarket Income Trust | 1,449 | 6,129 | ||||||
BlackRock Municipal Income Fund, Inc. | 564 | 6,125 | ||||||
Eaton Vance Municipal Bond Fund | 632 | 6,118 | ||||||
BlackRock Floating Rate Income Strategies Fund, Inc. | 555 | 6,111 | ||||||
BNY Mellon Strategic Municipals, Inc. | 1,005 | 6,110 | ||||||
Western Asset Global High Income Fund, Inc. | 927 | 6,081 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
CLOSED-END FUNDS† - 5.6% (continued) | ||||||||
Allspring Income Opportunities | 980 | $ | 6,076 | |||||
BlackRock MuniVest Fund, Inc. | 915 | 6,076 | ||||||
AllianceBernstein National Municipal Income Fund, Inc. | 585 | 6,061 | ||||||
Invesco Quality Municipal Income Trust | 663 | 6,053 | ||||||
Pioneer High Income Fund, Inc. | 936 | 6,047 | ||||||
Nuveen California Quality Municipal Income Fund | 551 | 6,045 | ||||||
BlackRock MuniYield Quality Fund III, Inc. | 579 | 6,039 | ||||||
BlackRock Municipal Income Trust II | 603 | 6,030 | ||||||
PGIM Global High Yield Fund, Inc. | 569 | 6,020 | ||||||
Franklin Limited Duration Income Trust | 972 | 6,007 | ||||||
Pioneer Diversified High Income Fund, Inc. | 582 | 6,001 | ||||||
BlackRock MuniYield Quality Fund, Inc. | 543 | 6,000 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 1,491 | 5,994 | ||||||
Nuveen Quality Municipal Income Fund | 544 | 5,984 | ||||||
Credit Suisse High Yield Bond Fund | 3,398 | 5,980 | ||||||
Miller/Howard High Dividend Fund | 658 | 5,968 | ||||||
Nuveen Preferred & Income Securities Fund | 908 | 5,965 | ||||||
Western Asset Inflation - Linked Securities & Income Fund | 666 | 5,961 | ||||||
BlackRock Municipal Income Trust | 625 | 5,956 | ||||||
BlackRock MuniVest Fund II, Inc. | 590 | 5,953 | ||||||
Barings Global Short Duration High Yield Fund | 487 | 5,951 | ||||||
BlackRock New York Municipal Income Trust | 608 | 5,946 | ||||||
Invesco California Value Municipal Income Trust | 661 | 5,942 | ||||||
Sprott Focus Trust, Inc. | 862 | 5,939 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | 559 | 5,925 | ||||||
Invesco High Income Trust II | 606 | 5,921 | ||||||
Western Asset Inflation-Linked Opportunities & Income Fund | 652 | 5,914 | ||||||
BlackRock MuniHoldings Fund, Inc. | 525 | 5,906 | ||||||
BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 774 | 5,898 | ||||||
First Trust Aberdeen Global Opportunity Income Fund | 1,080 | 5,897 | ||||||
BNY Mellon Strategic Municipal Bond Fund, Inc. | 1,041 | 5,892 | ||||||
Nuveen Georgia Quality Municipal Income Fund | 616 | 5,883 | ||||||
Nuveen Municipal Credit Income Fund | 517 | 5,878 | ||||||
Nuveen Global High Income Fund | 556 | 5,860 | ||||||
DTF Tax-Free Income 2028 Term Fund, Inc. | 527 | 5,850 | ||||||
Western Asset Emerging Markets Debt Fund, Inc. | 731 | 5,833 | ||||||
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund | 733 | 5,810 | ||||||
Delaware Investments Dividend & Income Fund, Inc. | 780 | 5,671 | ||||||
Principal Real Estate Income Fund | 510 | 5,630 | ||||||
Virtus Convertible & Income Fund | 1,730 | 5,536 | ||||||
Virtus Total Return Fund, Inc. | 879 | 5,476 | ||||||
Gabelli Global Small and Mid Capital Value Trust | 547 | 5,213 | ||||||
Korea Fund, Inc. | 254 | 4,879 | ||||||
Nuveen New York Select Tax-Free Income Portfolio | 364 | 4,037 | ||||||
Royce Global Value Trust, Inc. | 473 | 3,793 | ||||||
European Equity Fund, Inc. | 473 | 2,937 | ||||||
New Ireland Fund, Inc. | 127 | 834 | ||||||
Total Closed-End Funds | ||||||||
(Cost $3,537,686) | 3,014,826 | |||||||
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 10.8% | ||||||||
U.S. Treasury Bills | ||||||||
2.30% due 10/04/224 | $ | 3,700,000 | 3,699,752 | |||||
2.70% due 11/08/224,5 | 2,151,000 | 2,145,173 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $5,844,022) | 5,844,925 | |||||||
REPURCHASE AGREEMENTS††,6 - 29.5% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/221 | 9,063,409 | 9,063,409 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/221 | 3,485,927 | 3,485,927 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/221 | 3,382,746 | 3,382,746 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $15,932,082) | 15,932,082 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%8 | 101,801 | 101,801 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $101,801) | 101,801 | |||||||
Total Investments - 95.8% | ||||||||
(Cost $53,148,648) | $ | 51,647,497 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS SOLD SHORT† - (3.0)% | ||||||||
Consumer, Cyclical - 0.0% | ||||||||
DraftKings, Inc. — Class A* | 1 | (15) | ||||||
Consumer, Non-cyclical - 0.0% | ||||||||
QuidelOrtho Corp.* | 1 | (71) | ||||||
Industrial - (0.1)% | ||||||||
Coherent Corp.* | 1 | (35) | ||||||
MasTec, Inc.* | 555 | (35,242) | ||||||
Total Industrial | (35,277) | |||||||
Basic Materials - (0.5)% | ||||||||
Gold Fields Ltd. ADR | 33,807 | (273,499) | ||||||
Technology - (1.1)% | ||||||||
Broadcom, Inc. | 526 | (233,590) | ||||||
Unity Software, Inc.* | 11,065 | (352,531) | ||||||
Total Technology | (586,121) | |||||||
Financial - (1.3)% | ||||||||
Raymond James Financial, Inc. | 1 | (99) | ||||||
Columbia Banking System, Inc. | 5,673 | (163,893) | ||||||
New York Community Bancorp, Inc. | 21,955 | (187,276) | ||||||
Prologis, Inc. | 3,603 | (366,065) | ||||||
Total Financial | (717,333) | |||||||
Total Common Stocks Sold Short | ||||||||
(Proceeds $1,991,676) | (1,612,316) | |||||||
EXCHANGE-TRADED FUNDS SOLD SHORT† - (6.5)% | ||||||||
Financial - (1.3)% (continued) | ||||||||
iShares Mortgage Real Estate ETF | 17 | (356) | ||||||
iShares Latin America 40 ETF | 20 | (474) | ||||||
SPDR Gold Shares — Class D | 6 | (928) | ||||||
iShares U.S. Real Estate ETF | 30 | (2,442) | ||||||
Utilities Select Sector SPDR Fund | 39 | (2,555) | ||||||
SPDR S&P Biotech ETF* | 34 | (2,697) | ||||||
Energy Select Sector SPDR Fund | 48 | (3,457) | ||||||
iShares Preferred & Income Securities ETF | 129 | (4,086) | ||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 74 | $ | (7,581) | |||||
iShares TIPS Bond ETF* | 101 | (10,595) | ||||||
VanEck Gold Miners ETF | 482 | (11,626) | ||||||
iShares Core High Dividend ETF | 180 | (16,432) | ||||||
Health Care Select Sector SPDR Fund | 238 | (28,824) | ||||||
iShares 7-10 Year Treasury Bond ETF | 606 | (58,170) | ||||||
iShares Russell 1000 Growth ETF | 358 | (75,323) | ||||||
iShares Agency Bond ETF | 1,016 | (108,204) | ||||||
iShares Floating Rate Bond ETF | 2,175 | (109,337) | ||||||
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 2,503 | (119,944) | ||||||
SPDR Bloomberg Convertible Securities ETF | 2,285 | (144,641) | ||||||
iShares Russell 2000 Index ETF | 891 | (146,944) | ||||||
iShares National Muni Bond ETF | 1,465 | (150,280) | ||||||
iShares Russell 1000 Value ETF | 1,409 | (191,610) | ||||||
SPDR S&P 500 ETF Trust | 644 | (230,024) | ||||||
SPDR Nuveen Bloomberg Municipal Bond ETF | 5,973 | (262,752) | ||||||
Schwab U.S. Aggregate Bond ETF | 7,259 | (328,905) | ||||||
iShares MSCI EAFE ETF | 6,781 | (379,804) | ||||||
Invesco Senior Loan ETF | 23,806 | (480,643) | ||||||
iShares iBoxx High Yield Corporate Bond ETF | 8,687 | (620,165) | ||||||
Total Exchange-Traded Funds Sold Short | ||||||||
(Proceeds $4,073,410) | (3,498,799) | |||||||
Total Securities Sold Short - (9.5)% | ||||||||
(Proceeds $6,065,086) | $ | (5,111,115) | ||||||
Other Assets & Liabilities, net - 13.7% | 7,398,702 | |||||||
Total Net Assets - 100.0% | $ | 53,935,084 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
CBOE Volatility Index Futures Contracts | 89 | Dec 2022 | $ | 2,670,890 | $ | 246,875 | ||||||||
CBOE Volatility Index Futures Contracts | 3 | Nov 2022 | 93,060 | 10,565 | ||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 14 | Dec 2022 | 2,015,020 | (2,945 | ) | |||||||||
NASDAQ-100 Index Mini Futures Contracts | 5 | Dec 2022 | 1,103,050 | (36,426 | ) | |||||||||
Russell 2000 Index Mini Futures Contracts | 15 | Dec 2022 | 1,251,900 | (38,656 | ) | |||||||||
S&P 500 Index Mini Futures Contracts | 8 | Dec 2022 | 1,438,900 | (43,246 | ) | |||||||||
$ | 8,572,820 | $ | 136,167 | |||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
Euro - OATS Futures Contracts | 16 | Dec 2022 | $ | 2,069,979 | $ | 10,515 | ||||||||
Long Gilt Futures Contracts†† | 2 | Dec 2022 | 214,748 | 6,345 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | ||||||||||
Interest Rate Futures Contracts Purchased† (continued) | ||||||||||||||
Euro - BTP Italian Government Bond Futures Contracts†† | 24 | Dec 2022 | $ | 2,634,990 | $ | (6,517 | ) | |||||||
$ | 4,919,717 | $ | 10,343 | |||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
British Pound Futures Contracts | 24 | Dec 2022 | $ | 1,676,400 | $ | 43,942 | ||||||||
Japanese Yen Futures Contracts | 10 | Dec 2022 | 870,750 | (7,176 | ) | |||||||||
Canadian Dollar Futures Contracts | 11 | Dec 2022 | 796,510 | (9,320 | ) | |||||||||
New Zealand Dollar Futures Contracts | 39 | Dec 2022 | 2,183,220 | (132,545 | ) | |||||||||
$ | 5,526,880 | $ | (105,099 | ) | ||||||||||
Commodity Futures Contracts Purchased† | ||||||||||||||
Hard Red Winter Wheat Futures Contracts | 4 | Dec 2022 | $ | 198,450 | $ | 19,013 | ||||||||
Gasoline RBOB Futures Contracts | 12 | Nov 2022 | 1,148,717 | 18,113 | ||||||||||
Soybean Oil Futures Contracts | 4 | Dec 2022 | 147,192 | 11,076 | ||||||||||
Soybean Meal Futures Contracts | 11 | Dec 2022 | 443,300 | 8,277 | ||||||||||
CBOE Volatility Index Futures Contracts | 2 | Oct 2022 | 62,700 | (5 | ) | |||||||||
Soybean Futures Contracts | 4 | Nov 2022 | 273,200 | (677 | ) | |||||||||
NY Harbor ULSD Futures Contracts | 1 | Oct 2022 | 136,046 | (939 | ) | |||||||||
WTI Crude Futures Contracts | 1 | Oct 2022 | 79,700 | (2,453 | ) | |||||||||
Gasoline RBOB Futures Contracts | 1 | Oct 2022 | 99,624 | (3,770 | ) | |||||||||
Sugar #11 Futures Contracts | 39 | Jun 2023 | 721,157 | (6,293 | ) | |||||||||
Brent Crude Futures Contracts | 1 | Oct 2022 | 85,350 | (7,811 | ) | |||||||||
Sugar #11 Futures Contracts | 43 | Apr 2023 | 814,385 | (13,373 | ) | |||||||||
Natural Gas Futures Contracts | 13 | Dec 2022 | 943,540 | (14,593 | ) | |||||||||
Lean Hogs Futures Contracts | 6 | Dec 2022 | 183,360 | (16,865 | ) | |||||||||
Coffee 'C' Futures Contracts | 3 | Dec 2022 | 248,569 | (20,837 | ) | |||||||||
LME Nickel Futures Contracts | 1 | Nov 2022 | 126,330 | (23,341 | ) | |||||||||
Natural Gas Futures Contracts | 3 | Oct 2022 | 203,850 | (33,188 | ) | |||||||||
Low Sulphur Gas Oil Futures Contracts | 12 | Dec 2022 | 1,080,900 | (40,214 | ) | |||||||||
Live Cattle Futures Contracts | 47 | Dec 2022 | 2,763,600 | (69,850 | ) | |||||||||
$ | 9,759,970 | $ | (197,730 | ) | ||||||||||
Currency Futures Contracts Sold Short† | ||||||||||||||
Swiss Franc Futures Contracts | 70 | Dec 2022 | $ | 8,935,063 | $ | 314,208 | ||||||||
Australian Dollar Futures Contracts | 26 | Dec 2022 | 1,665,040 | 108,107 | ||||||||||
Euro FX Futures Contracts | 5 | Dec 2022 | 615,906 | 3,676 | ||||||||||
$ | 11,216,009 | $ | 425,991 | |||||||||||
Commodity Futures Contracts Sold Short† | ||||||||||||||
Live Cattle Futures Contracts | 61 | Apr 2023 | $ | 3,766,750 | $ | 99,578 | ||||||||
Gasoline RBOB Futures Contracts | 13 | Dec 2022 | 1,220,255 | 43,920 | ||||||||||
Gold 100 oz. Futures Contracts | 5 | Dec 2022 | 834,900 | 38,824 | ||||||||||
Low Sulphur Gas Oil Futures Contracts | 10 | Nov 2022 | 941,250 | 35,543 | ||||||||||
Silver Futures Contracts | 3 | Dec 2022 | 285,150 | 28,176 | ||||||||||
Sugar #11 Futures Contracts | 66 | Feb 2023 | 1,304,688 | 21,592 | ||||||||||
Cocoa Futures Contracts | 23 | Dec 2022 | 538,660 | 21,392 | ||||||||||
Copper Futures Contracts | 3 | Dec 2022 | 254,850 | 19,648 | ||||||||||
LME Primary Aluminum Futures Contracts | 7 | Nov 2022 | 376,819 | 15,423 | ||||||||||
Natural Gas Futures Contracts | 13 | Nov 2022 | 920,790 | 15,177 | ||||||||||
Cattle Feeder Futures Contracts | 20 | Jan 2023 | 1,754,750 | 7,152 | ||||||||||
LME Zinc Futures Contracts | 2 | Nov 2022 | 150,050 | 6,325 | ||||||||||
Corn Futures Contracts | 1 | Dec 2022 | 33,900 | (353 | ) | |||||||||
LME Lead Futures Contracts | 8 | Nov 2022 | 382,570 | (2,775 | ) | |||||||||
Wheat Futures Contracts | 4 | Dec 2022 | 184,650 | (21,412 | ) | |||||||||
$ | 12,950,032 | $ | 328,210 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | ||||||||||
Interest Rate Futures Contracts Sold Short† | ||||||||||||||
Canadian Government 10 Year Bond Futures Contracts | 77 | Dec 2022 | $ | 6,872,092 | $ | 85,362 | ||||||||
U.S. Treasury 10 Year Note Futures Contracts | 30 | Dec 2022 | 3,361,875 | 67,801 | ||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 2 | Dec 2022 | 273,312 | 591 | ||||||||||
Euro - 30 year Bond Futures Contracts | 2 | Dec 2022 | 287,014 | 413 | ||||||||||
Australian Government 10 Year Bond Futures Contracts | 3 | Dec 2022 | 224,832 | (492 | ) | |||||||||
U.S. Treasury Long Bond Futures Contracts | 3 | Dec 2022 | 379,594 | (505 | ) | |||||||||
$ | 11,398,719 | $ | 153,170 | |||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
DAX Index Futures Contracts | 1 | Dec 2022 | $ | 293,835 | $ | 35,438 | ||||||||
SPI 200 Index Futures Contracts | 5 | Dec 2022 | 518,695 | 28,966 | ||||||||||
Euro STOXX 50 Index Futures Contracts | 7 | Dec 2022 | 224,620 | 25,394 | ||||||||||
IBEX 35 Index Futures Contracts†† | 4 | Oct 2022 | 285,053 | 25,326 | ||||||||||
CAC 40 10 Euro Index Futures Contracts | 5 | Oct 2022 | 278,864 | 18,554 | ||||||||||
OMX Stockholm 30 Index Futures Contracts†† | 14 | Oct 2022 | 225,644 | 17,091 | ||||||||||
FTSE MIB Index Futures Contracts | 2 | Dec 2022 | 199,010 | 15,631 | ||||||||||
S&P/TSX 60 IX Index Futures Contracts | 2 | Dec 2022 | 323,271 | 13,320 | ||||||||||
Amsterdam Index Futures Contracts | 1 | Oct 2022 | 124,120 | 10,652 | ||||||||||
CBOE Volatility Index Futures Contracts | 9 | Mar 2023 | 271,350 | (583 | ) | |||||||||
CBOE Volatility Index Futures Contracts | 26 | Feb 2023 | 786,760 | (2,896 | ) | |||||||||
CBOE Volatility Index Futures Contracts | 87 | Jan 2023 | 2,668,290 | (57,652 | ) | |||||||||
$ | 6,199,512 | $ | 129,241 |
Custom Basket Swap Agreement
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 | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/23 | $ | 5,469,964 | $ | (632,944 | ) | ||||||||||
Goldman Sachs International | GS Equity Market Neutral Custom Basket | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 5,470,080 | (656,000 | ) | ||||||||||||
Goldman Sachs International | GS Long/Short Equity Custom Basket | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 5,217,376 | (662,299 | ) | ||||||||||||
Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 3.48% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/23 | 5,217,402 | (665,550 | ) | ||||||||||||
$ | 21,374,822 | $ | (2,616,793 | ) | ||||||||||||||||
OTC Custom Basket Swap Agreements Sold Short†† | ||||||||||||||||||||
Morgan Stanley Capital Services LLC | MS Equity Market Neutral Custom Basket | Receive | 2.78% (Federal Funds Rate - 0.30%) | At Maturity | 08/31/23 | $ | 5,408,240 | $ | 1,373,055 | |||||||||||
Goldman Sachs International | GS Equity Market Neutral Custom Basket | Receive | 2.86% (Federal Funds Rate - 0.22%) | At Maturity | 05/06/24 | $ | 5,380,903 | $ | 1,355,008 | |||||||||||
Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 2.78% (Federal Funds Rate - 0.30%) | At Maturity | 08/31/23 | 3,279,081 | 633,341 | |||||||||||||
Goldman Sachs International | GS Long/Short Equity Custom Basket | Receive | 2.88% (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | 3,214,938 | 625,619 | |||||||||||||
$ | 17,283,162 | $ | 3,987,023 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
MS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Financial | ||||||||||||
Gaming and Leisure Properties, Inc. | 6,388 | 5.16 | % | $ | 19,737 | |||||||
CareTrust REIT, Inc. | 14,117 | 4.67 | % | (3,236 | ) | |||||||
Ryman Hospitality Properties, Inc. | 4,464 | 6.01 | % | (4,941 | ) | |||||||
AvalonBay Communities, Inc. | 2,075 | 6.99 | % | (7,397 | ) | |||||||
Agree Realty Corp. | 4,245 | 5.24 | % | (9,182 | ) | |||||||
InvenTrust Properties Corp. | 4,281 | 1.67 | % | (11,113 | ) | |||||||
SBA Communications Corp. | 374 | 1.95 | % | (14,602 | ) | |||||||
Equity Residential | 5,761 | 7.08 | % | (17,235 | ) | |||||||
Brixmor Property Group, Inc. | 7,756 | 2.62 | % | (18,393 | ) | |||||||
American Tower Corp. — Class A | 473 | 1.86 | % | (18,959 | ) | |||||||
Healthcare Realty Trust, Inc. | 5,405 | 2.06 | % | (19,200 | ) | |||||||
Crown Castle, Inc. | 712 | 1.88 | % | (19,726 | ) | |||||||
Boston Properties, Inc. | 1,439 | 1.97 | % | (20,899 | ) | |||||||
Four Corners Property Trust, Inc. | 9,999 | 4.42 | % | (27,208 | ) | |||||||
Piedmont Office Realty Trust, Inc. — Class A | 9,986 | 1.93 | % | (27,487 | ) | |||||||
Sun Communities, Inc. | 3,401 | 8.41 | % | (32,477 | ) | |||||||
Alexandria Real Estate Equities, Inc. | 2,186 | 5.60 | % | (35,865 | ) | |||||||
Cousins Properties, Inc. | 4,323 | 1.85 | % | (36,908 | ) | |||||||
Ventas, Inc. | 6,306 | 4.63 | % | (36,931 | ) | |||||||
NETSTREIT Corp. | 15,815 | 5.15 | % | (46,388 | ) | |||||||
SITE Centers Corp. | 16,594 | 3.25 | % | (47,799 | ) | |||||||
Rexford Industrial Realty, Inc. | 5,023 | 4.78 | % | (48,785 | ) | |||||||
Xenia Hotels & Resorts, Inc. | 18,437 | 4.65 | % | (67,497 | ) | |||||||
National Storage Affiliates Trust | 8,119 | 6.17 | % | (80,454 | ) | |||||||
Total Financial | (632,944 | ) | ||||||||||
Total MS Equity Market Neutral Long Custom Basket | $ | (632,944 | ) | |||||||||
MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET | ||||||||||||
Financial | ||||||||||||
Office Properties Income Trust | 15,246 | (3.96) | % | 163,870 | ||||||||
Douglas Emmett, Inc. | 13,856 | (4.59) | % | 160,352 | ||||||||
Broadstone Net Lease, Inc. | 16,428 | (4.72) | % | 152,631 | ||||||||
Washington Real Estate Investment Trust | 14,389 | (4.67) | % | 78,535 | ||||||||
Phillips Edison & Company, Inc. | 15,807 | (8.20) | % | 77,959 | ||||||||
Realty Income Corp. | 7,441 | (8.01) | % | 71,550 | ||||||||
Necessity Retail REIT, Inc. | 25,707 | (2.79) | % | 69,534 | ||||||||
STAG Industrial, Inc. | 9,747 | (5.12) | % | 62,191 | ||||||||
Host Hotels & Resorts, Inc. | 25,579 | (7.51) | % | 51,035 | ||||||||
Essex Property Trust, Inc. | 1,345 | (6.02) | % | 45,108 | ||||||||
Apple Hospitality REIT, Inc. | 19,028 | (4.95) | % | 44,769 | ||||||||
Mid-America Apartment Communities, Inc. | 1,593 | (4.57) | % | 44,190 | ||||||||
Equity Commonwealth | 12,410 | (5.59) | % | 39,956 | ||||||||
Camden Property Trust | 1,237 | (2.73) | % | 39,255 | ||||||||
Omega Healthcare Investors, Inc. | 5,190 | (2.83) | % | 36,793 | ||||||||
Apartment Income REIT Corp. | 3,898 | (2.78) | % | 35,068 | ||||||||
Public Storage | 814 | (4.41) | % | 25,327 | ||||||||
LTC Properties, Inc. | 1,250 | (0.87) | % | 6,846 | ||||||||
Extra Space Storage, Inc. | 1,524 | (4.87) | % | 3,032 | ||||||||
Total Financial | 1,208,001 | |||||||||||
Exchange Traded Funds | ||||||||||||
Vanguard Real Estate ETF | 7,290 | (10.81) | % | 165,054 | ||||||||
Total MS Equity Market Neutral Short Custom Basket | $ | 1,373,055 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
GS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Financial | ||||||||||||
Gaming and Leisure Properties, Inc. | 6,388 | 5.17 | % | $ | 19,708 | |||||||
CareTrust REIT, Inc. | 14,117 | 4.67 | % | (3,386 | ) | |||||||
Ryman Hospitality Properties, Inc. | 4,464 | 6.01 | % | (4,256 | ) | |||||||
AvalonBay Communities, Inc. | 2,075 | 6.99 | % | (7,628 | ) | |||||||
InvenTrust Properties Corp. | 4,421 | 1.72 | % | (9,886 | ) | |||||||
Agree Realty Corp. | 4,245 | 5.24 | % | (10,213 | ) | |||||||
SBA Communications Corp. | 374 | 1.95 | % | (14,478 | ) | |||||||
Equity Residential | 5,761 | 7.08 | % | (17,567 | ) | |||||||
Brixmor Property Group, Inc. | 7,756 | 2.62 | % | (18,353 | ) | |||||||
American Tower Corp. — Class A | 473 | 1.86 | % | (18,988 | ) | |||||||
Healthcare Realty Trust, Inc. | 5,405 | 2.06 | % | (19,109 | ) | |||||||
Crown Castle, Inc. | 712 | 1.88 | % | (19,581 | ) | |||||||
Boston Properties, Inc. | 1,439 | 1.97 | % | (21,328 | ) | |||||||
Piedmont Office Realty Trust, Inc. — Class A | 9,986 | 1.93 | % | (25,785 | ) | |||||||
Four Corners Property Trust, Inc. | 9,999 | 4.42 | % | (27,150 | ) | |||||||
Alexandria Real Estate Equities, Inc. | 2,186 | 5.60 | % | (35,606 | ) | |||||||
Cousins Properties, Inc. | 4,323 | 1.85 | % | (36,734 | ) | |||||||
Ventas, Inc. | 6,306 | 4.63 | % | (36,821 | ) | |||||||
SITE Centers Corp. | 16,326 | 3.20 | % | (44,571 | ) | |||||||
NETSTREIT Corp. | 15,815 | 5.15 | % | (46,158 | ) | |||||||
Rexford Industrial Realty, Inc. | 5,023 | 4.77 | % | (48,906 | ) | |||||||
Sun Communities, Inc. | 3,401 | 8.41 | % | (61,017 | ) | |||||||
Xenia Hotels & Resorts, Inc. | 18,437 | 4.65 | % | (67,524 | ) | |||||||
National Storage Affiliates Trust | 8,119 | 6.17 | % | (80,663 | ) | |||||||
Total Financial | (656,000 | ) | ||||||||||
Total GS Equity Market Neutral Long Custom Basket | $ | (656,000 | ) | |||||||||
GS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET | ||||||||||||
Financial | ||||||||||||
Office Properties Income Trust | 15,246 | (3.97) | % | 164,927 | ||||||||
Douglas Emmett, Inc. | 13,856 | (4.62) | % | 161,055 | ||||||||
Broadstone Net Lease, Inc. | 16,428 | (4.74) | % | 148,974 | ||||||||
Washington Real Estate Investment Trust | 14,389 | (4.70) | % | 77,858 | ||||||||
Phillips Edison & Company, Inc. | 15,807 | (8.24) | % | 75,747 | ||||||||
Realty Income Corp. | 7,441 | (8.05) | % | 71,386 | ||||||||
Necessity Retail REIT, Inc. | 25,707 | (2.81) | % | 69,716 | ||||||||
STAG Industrial, Inc. | 9,747 | (5.15) | % | 61,802 | ||||||||
Host Hotels & Resorts, Inc. | 25,579 | (7.55) | % | 51,298 | ||||||||
Mid-America Apartment Communities, Inc. | 1,593 | (4.59) | % | 44,282 | ||||||||
Essex Property Trust, Inc. | 1,345 | (6.05) | % | 43,644 | ||||||||
Equity Commonwealth | 12,410 | (5.62) | % | 40,060 | ||||||||
Camden Property Trust | 1,237 | (2.75) | % | 39,257 | ||||||||
Apple Hospitality REIT, Inc. | 19,028 | (4.97) | % | 37,510 | ||||||||
Apartment Income REIT Corp. | 3,898 | (2.80) | % | 34,992 | ||||||||
Omega Healthcare Investors, Inc. | 4,263 | (2.34) | % | 30,874 | ||||||||
Public Storage | 814 | (4.43) | % | 25,387 | ||||||||
LTC Properties, Inc. | 1,250 | (0.87) | % | 6,838 | ||||||||
Extra Space Storage, Inc. | 1,524 | (4.89) | % | 3,043 | ||||||||
Total Financial | 1,188,650 | |||||||||||
Exchange Traded Funds | ||||||||||||
Vanguard Real Estate ETF | 7,290 | (10.86) | % | 166,358 | ||||||||
Total GS Equity Market Neutral Short Custom Basket | $ | 1,355,008 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
GS LONG/SHORT EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Regeneron Pharmaceuticals, Inc. | 52 | 0.72 | % | $ | 7,824 | |||||||
Bristol-Myers Squibb Co. | 863 | 1.20 | % | 6,210 | ||||||||
Vertex Pharmaceuticals, Inc. | 78 | 0.43 | % | 5,569 | ||||||||
Amphastar Pharmaceuticals, Inc. | 576 | 0.31 | % | 3,702 | ||||||||
AbbVie, Inc. | 376 | 0.97 | % | 3,410 | ||||||||
Merck & Company, Inc. | 311 | 0.51 | % | 1,414 | ||||||||
Eli Lilly & Co. | 73 | 0.45 | % | 931 | ||||||||
Archer-Daniels-Midland Co. | 557 | 0.86 | % | 784 | ||||||||
Prestige Consumer Healthcare, Inc. | 873 | 0.83 | % | 556 | ||||||||
Globus Medical, Inc. — Class A | 201 | 0.23 | % | (132 | ) | |||||||
Innoviva, Inc. | 1,758 | 0.39 | % | (586 | ) | |||||||
Varex Imaging Corp. | 2,232 | 0.90 | % | (632 | ) | |||||||
Medtronic plc | 194 | 0.30 | % | (1,058 | ) | |||||||
Hain Celestial Group, Inc. | 642 | 0.21 | % | (1,152 | ) | |||||||
Quest Diagnostics, Inc. | 94 | 0.22 | % | (1,276 | ) | |||||||
Universal Corp. | 409 | 0.36 | % | (1,353 | ) | |||||||
CVS Health Corp. | 417 | 0.76 | % | (2,172 | ) | |||||||
Global Payments, Inc. | 121 | 0.25 | % | (2,533 | ) | |||||||
Viatris, Inc. | 1,595 | 0.26 | % | (2,820 | ) | |||||||
Altria Group, Inc. | 985 | 0.76 | % | (2,837 | ) | |||||||
Conagra Brands, Inc. | 1,741 | 1.09 | % | (2,867 | ) | |||||||
SpartanNash Co. | 911 | 0.51 | % | (3,084 | ) | |||||||
United Therapeutics Corp. | 190 | 0.76 | % | (3,414 | ) | |||||||
Reynolds Consumer Products, Inc. | 1,679 | 0.84 | % | (3,423 | ) | |||||||
Quanex Building Products Corp. | 775 | 0.27 | % | (3,481 | ) | |||||||
Hologic, Inc. | 888 | 1.10 | % | (3,539 | ) | |||||||
Johnson & Johnson | 365 | 1.14 | % | (3,661 | ) | |||||||
Ingredion, Inc. | 395 | 0.61 | % | (3,760 | ) | |||||||
Perdoceo Education Corp. | 4,881 | 0.96 | % | (3,870 | ) | |||||||
John B Sanfilippo & Son, Inc. | 750 | 1.09 | % | (3,887 | ) | |||||||
Ironwood Pharmaceuticals, Inc. — Class A | 5,618 | 1.12 | % | (3,998 | ) | |||||||
Post Holdings, Inc. | 597 | 0.94 | % | (4,197 | ) | |||||||
EVERTEC, Inc. | 393 | 0.24 | % | (5,062 | ) | |||||||
Amgen, Inc. | 245 | 1.06 | % | (5,389 | ) | |||||||
Avery Dennison Corp. | 314 | 0.98 | % | (6,538 | ) | |||||||
Colgate-Palmolive Co. | 763 | 1.03 | % | (7,957 | ) | |||||||
Philip Morris International, Inc. | 505 | 0.80 | % | (8,091 | ) | |||||||
Mondelez International, Inc. — Class A | 987 | 1.04 | % | (9,305 | ) | |||||||
Sotera Health Co. | 1,082 | 0.14 | % | (9,976 | ) | |||||||
Integra LifeSciences Holdings Corp. | 831 | 0.67 | % | (10,308 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 2,306 | 0.44 | % | (10,874 | ) | |||||||
Pilgrim's Pride Corp. | 1,905 | 0.84 | % | (10,956 | ) | |||||||
Eagle Pharmaceuticals, Inc. | 832 | 0.42 | % | (11,185 | ) | |||||||
Tyson Foods, Inc. — Class A | 708 | 0.89 | % | (14,289 | ) | |||||||
USANA Health Sciences, Inc. | 810 | 0.87 | % | (19,895 | ) | |||||||
Total Consumer, Non-cyclical | (159,154 | ) | ||||||||||
Technology | ||||||||||||
Rambus, Inc. | 1,168 | 0.57 | % | 5,235 | ||||||||
NetApp, Inc. | 274 | 0.32 | % | 1,995 | ||||||||
CSG Systems International, Inc. | 241 | 0.24 | % | 1,871 | ||||||||
IPG Photonics Corp. | 244 | 0.39 | % | (1,089 | ) | |||||||
Amkor Technology, Inc. | 741 | 0.24 | % | (1,159 | ) | |||||||
Synaptics, Inc. | 107 | 0.20 | % | (1,401 | ) | |||||||
Hewlett Packard Enterprise Co. | 1,185 | 0.27 | % | (1,473 | ) | |||||||
Lumentum Holdings, Inc. | 157 | 0.21 | % | (1,620 | ) | |||||||
Fiserv, Inc. | 141 | 0.25 | % | (1,654 | ) | |||||||
Diodes, Inc. | 710 | 0.88 | % | (2,567 | ) | |||||||
ACI Worldwide, Inc. | 804 | 0.32 | % | (4,324 | ) | |||||||
Cirrus Logic, Inc. | 531 | 0.70 | % | (7,053 | ) | |||||||
Texas Instruments, Inc. | 289 | 0.86 | % | (7,821 | ) | |||||||
SS&C Technologies Holdings, Inc. | 1,085 | 0.99 | % | (12,712 | ) | |||||||
Total Technology | (33,772 | ) | ||||||||||
Basic Materials | ||||||||||||
FMC Corp. | 127 | 0.26 | % | (268 | ) | |||||||
NewMarket Corp. | 91 | 0.52 | % | (405 | ) | |||||||
Ingevity Corp. | 260 | 0.30 | % | (863 | ) | |||||||
Westlake Corp. | 137 | 0.23 | % | (1,301 | ) | |||||||
American Vanguard Corp. | 809 | 0.29 | % | (1,760 | ) | |||||||
Nucor Corp. | 185 | 0.38 | % | (1,902 | ) | |||||||
Steel Dynamics, Inc. | 447 | 0.61 | % | (2,966 | ) | |||||||
Balchem Corp. | 318 | 0.74 | % | (3,506 | ) | |||||||
Mercer International, Inc. | 956 | 0.23 | % | (3,619 | ) | |||||||
AdvanSix, Inc. | 505 | 0.31 | % | (5,013 | ) | |||||||
Huntsman Corp. | 629 | 0.30 | % | (5,107 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 344 | 0.50 | % | (6,491 | ) | |||||||
Eastman Chemical Co. | 575 | 0.78 | % | (12,704 | ) | |||||||
Minerals Technologies, Inc. | 919 | 0.87 | % | (15,293 | ) | |||||||
Total Basic Materials | (61,198 | ) | ||||||||||
Industrial | ||||||||||||
Vishay Intertechnology, Inc. | 2,291 | 0.78 | % | 3,052 | ||||||||
Dorian LPG Ltd. | 1,118 | 0.29 | % | 628 | ||||||||
EMCOR Group, Inc. | 232 | 0.51 | % | (58 | ) | |||||||
Sanmina Corp. | 347 | 0.31 | % | (386 | ) | |||||||
EnPro Industries, Inc. | 309 | 0.50 | % | (773 | ) | |||||||
Agilent Technologies, Inc. | 92 | 0.21 | % | (878 | ) | |||||||
Lennox International, Inc. | 47 | 0.20 | % | (977 | ) | |||||||
TTM Technologies, Inc. | 1,044 | 0.26 | % | (1,881 | ) | |||||||
Arrow Electronics, Inc. | 229 | 0.40 | % | (1,985 | ) | |||||||
Louisiana-Pacific Corp. | 282 | 0.28 | % | (1,998 | ) | |||||||
Timken Co. | 512 | 0.58 | % | (2,550 | ) | |||||||
Packaging Corporation of America | 126 | 0.27 | % | (2,733 | ) | |||||||
Snap-on, Inc. | 235 | 0.91 | % | (3,010 | ) | |||||||
AptarGroup, Inc. | 389 | 0.71 | % | (3,882 | ) | |||||||
Insteel Industries, Inc. | 460 | 0.23 | % | (4,142 | ) | |||||||
Energizer Holdings, Inc. | 1,127 | 0.54 | % | (4,791 | ) | |||||||
OSI Systems, Inc. | 690 | 0.95 | % | (5,607 | ) |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Albany International Corp. — Class A | 473 | 0.71 | % | $ | (5,666 | ) | ||||||
Sonoco Products Co. | 815 | 0.89 | % | (6,081 | ) | |||||||
Standex International Corp. | 620 | 0.97 | % | (6,259 | ) | |||||||
Knowles Corp. | 1,463 | 0.34 | % | (7,579 | ) | |||||||
Eagle Materials, Inc. | 445 | 0.91 | % | (7,783 | ) | |||||||
Barnes Group, Inc. | 1,901 | 1.05 | % | (8,963 | ) | |||||||
Westrock Co. | 1,329 | 0.79 | % | (12,152 | ) | |||||||
Sturm Ruger & Company, Inc. | 835 | 0.81 | % | (15,534 | ) | |||||||
Total Industrial | (101,988 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Papa John's International, Inc. | 147 | 0.20 | % | (1,678 | ) | |||||||
GMS, Inc. | 406 | 0.31 | % | (1,989 | ) | |||||||
Allison Transmission Holdings, Inc. | 903 | 0.58 | % | (2,688 | ) | |||||||
McDonald's Corp. | 105 | 0.46 | % | (2,937 | ) | |||||||
Home Depot, Inc. | 170 | 0.90 | % | (3,170 | ) | |||||||
Methode Electronics, Inc. | 877 | 0.62 | % | (3,934 | ) | |||||||
Boyd Gaming Corp. | 545 | 0.50 | % | (4,098 | ) | |||||||
Haverty Furniture Companies, Inc. | 1,219 | 0.58 | % | (4,642 | ) | |||||||
Brunswick Corp. | 600 | 0.75 | % | (7,362 | ) | |||||||
G-III Apparel Group Ltd. | 1,573 | 0.45 | % | (8,613 | ) | |||||||
Total Consumer, Cyclical | (41,111 | ) | ||||||||||
Communications | ||||||||||||
Viavi Solutions, Inc. | 2,887 | 0.72 | % | (99 | ) | |||||||
T-Mobile US, Inc. | 333 | 0.86 | % | (509 | ) | |||||||
Alphabet, Inc. — Class C | 232 | 0.43 | % | (2,071 | ) | |||||||
VeriSign, Inc. | 182 | 0.61 | % | (2,293 | ) | |||||||
Cisco Systems, Inc. | 509 | 0.39 | % | (2,521 | ) | |||||||
Meta Platforms, Inc. — Class A | 289 | 0.75 | % | (5,883 | ) | |||||||
Gogo, Inc. | 1,787 | 0.42 | % | (10,696 | ) | |||||||
Verizon Communications, Inc. | 1,247 | 0.91 | % | (16,588 | ) | |||||||
InterDigital, Inc. | 898 | 0.70 | % | (21,899 | ) | |||||||
Total Communications | (62,559 | ) | ||||||||||
Energy | ||||||||||||
HF Sinclair Corp. | 745 | 0.77 | % | 888 | ||||||||
Marathon Petroleum Corp. | 449 | 0.85 | % | 745 | ||||||||
Equitrans Midstream Corp. | 2,739 | 0.39 | % | (183 | ) | |||||||
REX American Resources Corp. | 597 | 0.32 | % | (611 | ) | |||||||
CVR Energy, Inc. | 462 | 0.26 | % | (1,302 | ) | |||||||
Valero Energy Corp. | 326 | 0.67 | % | (1,690 | ) | |||||||
ONEOK, Inc. | 242 | 0.24 | % | (2,126 | ) | |||||||
Phillips 66 | 574 | 0.89 | % | (2,940 | ) | |||||||
Williams Companies, Inc. | 678 | 0.37 | % | (3,055 | ) | |||||||
Targa Resources Corp. | 413 | 0.48 | % | (3,252 | ) | |||||||
DT Midstream, Inc. | 893 | 0.89 | % | (3,596 | ) | |||||||
Kinder Morgan, Inc. | 2,925 | 0.93 | % | (3,954 | ) | |||||||
Exxon Mobil Corp. | 374 | 0.63 | % | (4,348 | ) | |||||||
Antero Midstream Corp. | 4,906 | 0.86 | % | (5,395 | ) | |||||||
Chevron Corp. | 335 | 0.92 | % | (6,191 | ) | |||||||
SunCoke Energy, Inc. | 2,748 | 0.31 | % | (7,021 | ) | |||||||
Total Energy | (44,031 | ) | ||||||||||
Financial | ||||||||||||
S&T Bancorp, Inc. | 2,034 | 1.14 | % | 1,915 | ||||||||
NMI Holdings, Inc. — Class A | 751 | 0.29 | % | 1,264 | ||||||||
Everest Re Group Ltd. | 82 | 0.41 | % | 568 | ||||||||
Associated Banc-Corp. | 3,031 | 1.17 | % | 336 | ||||||||
Getty Realty Corp. | 932 | 0.48 | % | (17 | ) | |||||||
Bank of Hawaii Corp. | 231 | 0.34 | % | (379 | ) | |||||||
PennyMac Financial Services, Inc. | 320 | 0.26 | % | (1,422 | ) | |||||||
Preferred Bank/Los Angeles CA | 733 | 0.92 | % | (2,136 | ) | |||||||
Marcus & Millichap, Inc. | 537 | 0.34 | % | (2,594 | ) | |||||||
Hilltop Holdings, Inc. | 846 | 0.40 | % | (3,045 | ) | |||||||
Renasant Corp. | 1,851 | 1.11 | % | (3,996 | ) | |||||||
Pathward Financial, Inc. | 380 | 0.24 | % | (5,250 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,168 | 0.83 | % | (5,899 | ) | |||||||
Central Pacific Financial Corp. | 1,228 | 0.49 | % | (6,515 | ) | |||||||
BankUnited, Inc. | 1,682 | 1.10 | % | (6,654 | ) | |||||||
Highwoods Properties, Inc. | 738 | 0.38 | % | (7,474 | ) | |||||||
Stewart Information Services Corp. | 543 | 0.45 | % | (7,545 | ) | |||||||
Eagle Bancorp, Inc. | 1,275 | 1.10 | % | (9,934 | ) | |||||||
Global Net Lease, Inc. | 4,277 | 0.87 | % | (15,390 | ) | |||||||
Office Properties Income Trust | 2,379 | 0.64 | % | (15,471 | ) | |||||||
Total Financial | (89,638 | ) | ||||||||||
Utilities | ||||||||||||
Otter Tail Corp. | 417 | 0.49 | % | (1,152 | ) | |||||||
Chesapeake Utilities Corp. | 330 | 0.73 | % | (2,040 | ) | |||||||
Avista Corp. | 1,179 | 0.84 | % | (4,388 | ) | |||||||
PPL Corp. | 1,629 | 0.79 | % | (6,183 | ) | |||||||
MGE Energy, Inc. | 614 | 0.77 | % | (6,411 | ) | |||||||
Duke Energy Corp. | 439 | 0.78 | % | (7,280 | ) | |||||||
NorthWestern Corp. | 682 | 0.64 | % | (7,302 | ) | |||||||
WEC Energy Group, Inc. | 455 | 0.78 | % | (7,438 | ) | |||||||
Portland General Electric Co. | 995 | 0.83 | % | (7,661 | ) | |||||||
NiSource, Inc. | 1,594 | 0.77 | % | (7,959 | ) | |||||||
UGI Corp. | 1,239 | 0.77 | % | (11,034 | ) | |||||||
Total Utilities | (68,848 | ) | ||||||||||
Total GS Long/Short Equity Long Custom Basket | $ | (662,299 | ) |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
GS LONG/SHORT EQUITY SHORT CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
TransUnion | 799 | (1.48) | % | $ | 24,490 | |||||||
Equifax, Inc. | 198 | (1.06) | % | 14,770 | ||||||||
ASGN, Inc. | 442 | (1.24) | % | 11,552 | ||||||||
Viad Corp. | 873 | (0.86) | % | 10,088 | ||||||||
Verisk Analytics, Inc. — Class A | 275 | (1.46) | % | 8,564 | ||||||||
CoStar Group, Inc. | 356 | (0.77) | % | 6,558 | ||||||||
ABM Industries, Inc. | 1,046 | (1.24) | % | 5,985 | ||||||||
Patterson Companies, Inc. | 930 | (0.69) | % | 5,522 | ||||||||
Cintas Corp. | 124 | (1.50) | % | 4,577 | ||||||||
Quanta Services, Inc. | 210 | (0.83) | % | 1,280 | ||||||||
FTI Consulting, Inc. | 77 | (0.40) | % | 1,273 | ||||||||
Driven Brands Holdings, Inc. | 1,194 | (1.04) | % | 773 | ||||||||
Robert Half International, Inc. | 188 | (0.45) | % | 143 | ||||||||
Total Consumer, Non-cyclical | 95,575 | |||||||||||
Financial | ||||||||||||
Howard Hughes Corp. | 613 | (1.06) | % | 18,871 | ||||||||
Signature Bank | 219 | (1.03) | % | 18,247 | ||||||||
Welltower, Inc. | 757 | (1.51) | % | 17,349 | ||||||||
Equinix, Inc. | 82 | (1.45) | % | 15,696 | ||||||||
Outfront Media, Inc. | 1,529 | (0.72) | % | 14,710 | ||||||||
Sun Communities, Inc. | 278 | (1.17) | % | 13,055 | ||||||||
Western Alliance Bancorporation | 481 | (0.98) | % | 12,988 | ||||||||
Americold Realty Trust, Inc. | 1,281 | (0.98) | % | 12,224 | ||||||||
State Street Corp. | 410 | (0.78) | % | 11,339 | ||||||||
Kite Realty Group Trust | 2,662 | (1.43) | % | 11,184 | ||||||||
Crown Castle, Inc. | 304 | (1.37) | % | 11,028 | ||||||||
Rexford Industrial Realty, Inc. | 831 | (1.34) | % | 10,985 | ||||||||
Invitation Homes, Inc. | 1,563 | (1.64) | % | 10,977 | ||||||||
KKR & Company, Inc. — Class A | 774 | (1.04) | % | 8,808 | ||||||||
Digital Realty Trust, Inc. | 337 | (1.04) | % | 8,588 | ||||||||
Apollo Global Management, Inc. | 740 | (1.07) | % | 8,095 | ||||||||
Realty Income Corp. | 578 | (1.05) | % | 8,094 | ||||||||
Ares Management Corp. — Class A | 494 | (0.95) | % | 7,996 | ||||||||
Ryman Hospitality Properties, Inc. | 505 | (1.16) | % | 7,282 | ||||||||
BlackRock, Inc. — Class A | 59 | (1.01) | % | 7,201 | ||||||||
Bank of America Corp. | 994 | (0.93) | % | 6,663 | ||||||||
Invesco Ltd. | 2,391 | (1.02) | % | 6,659 | ||||||||
SBA Communications Corp. | 123 | (1.09) | % | 5,803 | ||||||||
American Tower Corp. — Class A | 149 | (1.00) | % | 5,436 | ||||||||
Iron Mountain, Inc. | 1,037 | (1.42) | % | 5,351 | ||||||||
Equitable Holdings, Inc. | 1,764 | (1.45) | % | 5,311 | ||||||||
Kennedy-Wilson Holdings, Inc. | 753 | (0.36) | % | 5,188 | ||||||||
Extra Space Storage, Inc. | 156 | (0.84) | % | 4,914 | ||||||||
First Republic Bank | 156 | (0.63) | % | 4,573 | ||||||||
Ventas, Inc. | 526 | (0.66) | % | 4,361 | ||||||||
Northern Trust Corp. | 315 | (0.84) | % | 4,337 | ||||||||
SLM Corp. | 820 | (0.36) | % | 4,331 | ||||||||
Xenia Hotels & Resorts, Inc. | 920 | (0.39) | % | 4,078 | ||||||||
Independence Realty Trust, Inc. | 981 | (0.51) | % | 3,743 | ||||||||
Public Storage | 76 | (0.69) | % | 3,671 | ||||||||
Marsh & McLennan Companies, Inc. | 225 | (1.04) | % | 3,433 | ||||||||
Alexandria Real Estate Equities, Inc. | 245 | (1.07) | % | 3,304 | ||||||||
Wells Fargo & Co. | 761 | (0.95) | % | 3,063 | ||||||||
Life Storage, Inc. | 136 | (0.47) | % | 2,705 | ||||||||
CBRE Group, Inc. — Class A | 259 | (0.54) | % | 2,699 | ||||||||
Morgan Stanley | 546 | (1.34) | % | 2,687 | ||||||||
Intercontinental Exchange, Inc. | 218 | (0.61) | % | 2,454 | ||||||||
Progressive Corp. | 223 | (0.81) | % | 2,145 | ||||||||
Popular, Inc. | 394 | (0.88) | % | 2,117 | ||||||||
Comerica, Inc. | 495 | (1.09) | % | 1,813 | ||||||||
Assurant, Inc. | 99 | (0.45) | % | 1,574 | ||||||||
Mid-America Apartment Communities, Inc. | 74 | (0.36) | % | 1,058 | ||||||||
Allstate Corp. | 131 | (0.51) | % | (32 | ) | |||||||
Cullen/Frost Bankers, Inc. | 147 | (0.60) | % | (85 | ) | |||||||
Charles Schwab Corp. | 365 | (0.82) | % | (167 | ) | |||||||
Arthur J Gallagher & Co. | 101 | (0.54) | % | (598 | ) | |||||||
LPL Financial Holdings, Inc. | 136 | (0.92) | % | (4,404 | ) | |||||||
Total Financial | 332,902 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 1,631 | (0.79) | % | 32,694 | ||||||||
American Airlines Group, Inc. | 2,325 | (0.87) | % | 10,081 | ||||||||
Healthcare Services Group, Inc. | 1,818 | (0.68) | % | 8,162 | ||||||||
CarMax, Inc. | 192 | (0.39) | % | 6,358 | ||||||||
Copart, Inc. | 511 | (1.69) | % | 5,834 | ||||||||
Genuine Parts Co. | 369 | (1.71) | % | 4,332 | ||||||||
Hilton Worldwide Holdings, Inc. | 169 | (0.63) | % | 4,020 | ||||||||
Dana, Inc. | 1,147 | (0.41) | % | 3,720 | ||||||||
Live Nation Entertainment, Inc. | 219 | (0.52) | % | 3,106 | ||||||||
Delta Air Lines, Inc. | 836 | (0.73) | % | 2,933 | ||||||||
Southwest Airlines Co. | 352 | (0.34) | % | 2,829 | ||||||||
Lear Corp. | 133 | (0.50) | % | 2,332 | ||||||||
Tesla, Inc. | 39 | (0.32) | % | 1,619 | ||||||||
Floor & Decor Holdings, Inc. — Class A | 235 | (0.51) | % | 1,328 | ||||||||
WESCO International, Inc. | 190 | (0.71) | % | 512 | ||||||||
Royal Caribbean Cruises Ltd. | 342 | (0.40) | % | (611 | ) | |||||||
Las Vegas Sands Corp. | 616 | (0.72) | % | (873 | ) | |||||||
Total Consumer, Cyclical | 88,376 | |||||||||||
Energy | ||||||||||||
Patterson-UTI Energy, Inc. | 1,763 | (0.64) | % | 9,294 | ||||||||
Helmerich & Payne, Inc. | 713 | (0.82) | % | 6,791 | ||||||||
Baker Hughes Co. | 1,457 | (0.95) | % | 5,686 | ||||||||
Hess Corp. | 325 | (1.10) | % | 3,023 | ||||||||
NexTier Oilfield Solutions, Inc. | 2,135 | (0.49) | % | 2,796 | ||||||||
ChampionX Corp. | 815 | (0.50) | % | 1,430 | ||||||||
Liberty Energy, Inc. — Class A | 1,396 | (0.55) | % | 1,420 | ||||||||
Continental Resources, Inc. | 241 | (0.50) | % | 331 | ||||||||
Valaris Ltd. | 447 | (0.68) | % | 294 | ||||||||
Schlumberger N.V. | 1,074 | (1.20) | % | 199 | ||||||||
Equities Corp. | 406 | (0.51) | % | (1,973 | ) | |||||||
EOG Resources, Inc. | 407 | (1.41) | % | (3,375 | ) | |||||||
Total Energy | 25,916 | |||||||||||
Industrial | ||||||||||||
Stanley Black & Decker, Inc. | 338 | (0.79) | % | 11,750 | ||||||||
Stericycle, Inc. | 300 | (0.39) | % | 9,617 | ||||||||
Boeing Co. | 246 | (0.93) | % | 9,181 | ||||||||
Jacobs Solutions, Inc. | 398 | (1.34) | % | 8,022 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Old Dominion Freight Line, Inc. | 125 | (0.97) | % | $ | 5,178 | |||||||
CSX Corp. | 925 | (0.77) | % | 5,019 | ||||||||
Waste Management, Inc. | 302 | (1.50) | % | 3,863 | ||||||||
Union Pacific Corp. | 103 | (0.62) | % | 3,456 | ||||||||
MSA Safety, Inc. | 217 | (0.74) | % | 3,427 | ||||||||
Eaton Corporation plc | 430 | (1.78) | % | 2,875 | ||||||||
CH Robinson Worldwide, Inc. | 129 | (0.39) | % | 1,637 | ||||||||
Exponent, Inc. | 384 | (1.05) | % | 1,343 | ||||||||
TransDigm Group, Inc. | 23 | (0.38) | % | 320 | ||||||||
Casella Waste Systems, Inc. — Class A | 516 | (1.23) | % | (2,819 | ) | |||||||
Total Industrial | 62,869 | |||||||||||
Utilities | ||||||||||||
Dominion Energy, Inc. | 721 | (1.55) | % | 10,157 | ||||||||
Public Service Enterprise Group, Inc. | 341 | (0.60) | % | 3,167 | ||||||||
Total Utilities | 13,324 | |||||||||||
Technology | ||||||||||||
MSCI, Inc. — Class A | 48 | (0.63) | % | 2,264 | ||||||||
Veeva Systems, Inc. — Class A | 108 | (0.55) | % | 1,091 | ||||||||
Total Technology | 3,355 | |||||||||||
Communications | ||||||||||||
Paramount Global — Class B | 1,184 | (0.70) | % | 4,730 | ||||||||
Uber Technologies, Inc. | 1,002 | (0.83) | % | (1,428 | ) | |||||||
Total Communications | 3,302 | |||||||||||
Total GS Long/Short Equity Short Custom Basket | $ | 625,619 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
MS LONG/SHORT EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Regeneron Pharmaceuticals, Inc. | 52 | 0.72 | % | $ | 7,800 | |||||||
Bristol-Myers Squibb Co. | 863 | 1.20 | % | 6,174 | ||||||||
Vertex Pharmaceuticals, Inc. | 78 | 0.43 | % | 5,603 | ||||||||
Amphastar Pharmaceuticals, Inc. | 576 | 0.31 | % | 3,698 | ||||||||
AbbVie, Inc. | 376 | 0.97 | % | 3,384 | ||||||||
Merck & Company, Inc. | 311 | 0.51 | % | 1,396 | ||||||||
Eli Lilly & Co. | 73 | 0.45 | % | 924 | ||||||||
Archer-Daniels-Midland Co. | 557 | 0.86 | % | 714 | ||||||||
Prestige Consumer Healthcare, Inc. | 873 | 0.83 | % | 612 | ||||||||
Globus Medical, Inc. — Class A | 201 | 0.23 | % | (203 | ) | |||||||
Innoviva, Inc. | 1,758 | 0.39 | % | (558 | ) | |||||||
Varex Imaging Corp. | 2,232 | 0.90 | % | (829 | ) | |||||||
Medtronic plc | 194 | 0.30 | % | (1,066 | ) | |||||||
Hain Celestial Group, Inc. | 642 | 0.21 | % | (1,193 | ) | |||||||
Quest Diagnostics, Inc. | 94 | 0.22 | % | (1,277 | ) | |||||||
Universal Corp. | 409 | 0.36 | % | (1,346 | ) | |||||||
CVS Health Corp. | 417 | 0.76 | % | (2,166 | ) | |||||||
Global Payments, Inc. | 121 | 0.25 | % | (2,535 | ) | |||||||
Viatris, Inc. | 1,595 | 0.26 | % | (2,786 | ) | |||||||
Altria Group, Inc. | 985 | 0.76 | % | (2,825 | ) | |||||||
Conagra Brands, Inc. | 1,741 | 1.09 | % | (2,911 | ) | |||||||
SpartanNash Co. | 911 | 0.51 | % | (3,123 | ) | |||||||
United Therapeutics Corp. | 190 | 0.76 | % | (3,386 | ) | |||||||
Reynolds Consumer Products, Inc. | 1,679 | 0.84 | % | (3,435 | ) | |||||||
Quanex Building Products Corp. | 775 | 0.27 | % | (3,469 | ) | |||||||
Hologic, Inc. | 888 | 1.10 | % | (3,531 | ) | |||||||
Johnson & Johnson | 365 | 1.14 | % | (3,645 | ) | |||||||
Ingredion, Inc. | 395 | 0.61 | % | (3,792 | ) | |||||||
Perdoceo Education Corp. | 4,881 | 0.96 | % | (3,875 | ) | |||||||
Ironwood Pharmaceuticals, Inc. — Class A | 5,618 | 1.12 | % | (3,904 | ) | |||||||
John B Sanfilippo & Son, Inc. | 750 | 1.09 | % | (3,912 | ) | |||||||
Post Holdings, Inc. | 597 | 0.94 | % | (4,569 | ) | |||||||
EVERTEC, Inc. | 393 | 0.24 | % | (5,035 | ) | |||||||
Amgen, Inc. | 245 | 1.06 | % | (5,419 | ) | |||||||
Avery Dennison Corp. | 314 | 0.98 | % | (6,638 | ) | |||||||
Colgate-Palmolive Co. | 763 | 1.03 | % | (8,022 | ) | |||||||
Philip Morris International, Inc. | 505 | 0.80 | % | (8,072 | ) | |||||||
Mondelez International, Inc. — Class A | 987 | 1.04 | % | (9,326 | ) | |||||||
Sotera Health Co. | 1,082 | 0.14 | % | (10,027 | ) | |||||||
Integra LifeSciences Holdings Corp. | 831 | 0.67 | % | (10,170 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 2,306 | 0.44 | % | (10,869 | ) | |||||||
Eagle Pharmaceuticals, Inc. | 832 | 0.42 | % | (10,884 | ) | |||||||
Pilgrim's Pride Corp. | 1,905 | 0.84 | % | (11,103 | ) | |||||||
Tyson Foods, Inc. — Class A | 708 | 0.89 | % | (14,344 | ) | |||||||
USANA Health Sciences, Inc. | 810 | 0.87 | % | (19,907 | ) | |||||||
Total Consumer, Non-cyclical | (159,847 | ) | ||||||||||
Technology | ||||||||||||
Rambus, Inc. | 1,168 | 0.57 | % | 5,259 | ||||||||
NetApp, Inc. | 274 | 0.32 | % | 1,993 | ||||||||
CSG Systems International, Inc. | 241 | 0.24 | % | 1,900 | ||||||||
IPG Photonics Corp. | 244 | 0.39 | % | (1,187 | ) | |||||||
Amkor Technology, Inc. | 741 | 0.24 | % | (1,295 | ) | |||||||
Synaptics, Inc. | 107 | 0.20 | % | (1,458 | ) | |||||||
Hewlett Packard Enterprise Co. | 1,185 | 0.27 | % | (1,493 | ) | |||||||
Fiserv, Inc. | 141 | 0.25 | % | (1,654 | ) | |||||||
Lumentum Holdings, Inc. | 157 | 0.21 | % | (1,661 | ) | |||||||
Diodes, Inc. | 710 | 0.88 | % | (2,554 | ) | |||||||
ACI Worldwide, Inc. | 804 | 0.32 | % | (4,363 | ) | |||||||
Cirrus Logic, Inc. | 531 | 0.70 | % | (6,919 | ) | |||||||
Texas Instruments, Inc. | 289 | 0.86 | % | (7,860 | ) | |||||||
SS&C Technologies Holdings, Inc. | 1,085 | 0.99 | % | (12,851 | ) | |||||||
Total Technology | (34,143 | ) | ||||||||||
Basic Materials | ||||||||||||
FMC Corp. | 127 | 0.26 | % | (324 | ) | |||||||
NewMarket Corp. | 91 | 0.52 | % | (464 | ) | |||||||
Ingevity Corp. | 260 | 0.30 | % | (837 | ) | |||||||
Westlake Corp. | 137 | 0.23 | % | (1,395 | ) | |||||||
American Vanguard Corp. | 809 | 0.29 | % | (1,737 | ) | |||||||
Nucor Corp. | 185 | 0.38 | % | (1,951 | ) | |||||||
Steel Dynamics, Inc. | 447 | 0.61 | % | (3,002 | ) | |||||||
Balchem Corp. | 318 | 0.74 | % | (3,499 | ) | |||||||
Mercer International, Inc. | 956 | 0.23 | % | (3,627 | ) | |||||||
AdvanSix, Inc. | 505 | 0.31 | % | (5,017 | ) | |||||||
Huntsman Corp. | 629 | 0.30 | % | (5,047 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 344 | 0.50 | % | (6,483 | ) | |||||||
Eastman Chemical Co. | 575 | 0.78 | % | (12,930 | ) | |||||||
Minerals Technologies, Inc. | 919 | 0.87 | % | (15,367 | ) | |||||||
Total Basic Materials | (61,680 | ) | ||||||||||
Industrial | ||||||||||||
Vishay Intertechnology, Inc. | 2,291 | 0.78 | % | 3,118 | ||||||||
Dorian LPG Ltd. | 1,118 | 0.29 | % | 632 | ||||||||
EMCOR Group, Inc. | 232 | 0.51 | % | (87 | ) | |||||||
Sanmina Corp. | 347 | 0.31 | % | (503 | ) | |||||||
EnPro Industries, Inc. | 309 | 0.50 | % | (751 | ) | |||||||
Agilent Technologies, Inc. | 92 | 0.21 | % | (868 | ) | |||||||
Lennox International, Inc. | 47 | 0.20 | % | (1,001 | ) | |||||||
TTM Technologies, Inc. | 1,044 | 0.26 | % | (1,942 | ) | |||||||
Louisiana-Pacific Corp. | 282 | 0.28 | % | (1,991 | ) | |||||||
Arrow Electronics, Inc. | 229 | 0.40 | % | (2,032 | ) | |||||||
Timken Co. | 512 | 0.58 | % | (2,582 | ) | |||||||
Packaging Corporation of America | 126 | 0.27 | % | (2,719 | ) | |||||||
Snap-on, Inc. | 235 | 0.91 | % | (2,979 | ) | |||||||
AptarGroup, Inc. | 389 | 0.71 | % | (3,860 | ) | |||||||
Insteel Industries, Inc. | 460 | 0.23 | % | (4,403 | ) | |||||||
Energizer Holdings, Inc. | 1,127 | 0.54 | % | (4,760 | ) |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
OSI Systems, Inc. | 690 | 0.95 | % | $ | (5,548 | ) | ||||||
Albany International Corp. — Class A | 473 | 0.71 | % | (5,616 | ) | |||||||
Sonoco Products Co. | 815 | 0.89 | % | (6,161 | ) | |||||||
Standex International Corp. | 620 | 0.97 | % | (6,161 | ) | |||||||
Knowles Corp. | 1,463 | 0.34 | % | (7,584 | ) | |||||||
Eagle Materials, Inc. | 445 | 0.91 | % | (7,835 | ) | |||||||
Barnes Group, Inc. | 1,901 | 1.05 | % | (8,886 | ) | |||||||
Westrock Co. | 1,329 | 0.79 | % | (12,459 | ) | |||||||
Sturm Ruger & Company, Inc. | 835 | 0.81 | % | (15,225 | ) | |||||||
Total Industrial | (102,203 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Papa John's International, Inc. | 147 | 0.20 | % | (1,731 | ) | |||||||
GMS, Inc. | 406 | 0.31 | % | (2,049 | ) | |||||||
Allison Transmission Holdings, Inc. | 903 | 0.58 | % | (2,666 | ) | |||||||
McDonald's Corp. | 105 | 0.46 | % | (2,922 | ) | |||||||
Home Depot, Inc. | 170 | 0.90 | % | (3,248 | ) | |||||||
Methode Electronics, Inc. | 877 | 0.62 | % | (3,939 | ) | |||||||
Boyd Gaming Corp. | 545 | 0.50 | % | (4,186 | ) | |||||||
Haverty Furniture Companies, Inc. | 1,219 | 0.58 | % | (4,626 | ) | |||||||
Brunswick Corp. | 600 | 0.75 | % | (7,533 | ) | |||||||
G-III Apparel Group Ltd. | 1,573 | 0.45 | % | (8,557 | ) | |||||||
Total Consumer, Cyclical | (41,457 | ) | ||||||||||
Communications | ||||||||||||
Viavi Solutions, Inc. | 2,887 | 0.72 | % | (21 | ) | |||||||
T-Mobile US, Inc. | 333 | 0.86 | % | (497 | ) | |||||||
Alphabet, Inc. — Class C | 232 | 0.43 | % | (2,063 | ) | |||||||
VeriSign, Inc. | 182 | 0.61 | % | (2,368 | ) | |||||||
Cisco Systems, Inc. | 509 | 0.39 | % | (2,512 | ) | |||||||
Meta Platforms, Inc. — Class A | 289 | 0.75 | % | (5,913 | ) | |||||||
Gogo, Inc. | 1,787 | 0.42 | % | (10,574 | ) | |||||||
Verizon Communications, Inc. | 1,247 | 0.91 | % | (16,585 | ) | |||||||
InterDigital, Inc. | 898 | 0.70 | % | (21,822 | ) | |||||||
Total Communications | (62,355 | ) | ||||||||||
Energy | ||||||||||||
HF Sinclair Corp. | 745 | 0.77 | % | 739 | ||||||||
Marathon Petroleum Corp. | 449 | 0.85 | % | 698 | ||||||||
Equitrans Midstream Corp. | 2,739 | 0.39 | % | (22 | ) | |||||||
REX American Resources Corp. | 597 | 0.32 | % | (727 | ) | |||||||
CVR Energy, Inc. | 462 | 0.26 | % | (1,378 | ) | |||||||
Valero Energy Corp. | 326 | 0.67 | % | (1,755 | ) | |||||||
ONEOK, Inc. | 242 | 0.24 | % | (2,145 | ) | |||||||
Phillips 66 | 574 | 0.89 | % | (2,983 | ) | |||||||
Williams Companies, Inc. | 678 | 0.37 | % | (3,076 | ) | |||||||
Targa Resources Corp. | 413 | 0.48 | % | (3,214 | ) | |||||||
DT Midstream, Inc. | 893 | 0.89 | % | (3,615 | ) | |||||||
Kinder Morgan, Inc. | 2,925 | 0.93 | % | (4,008 | ) | |||||||
Exxon Mobil Corp. | 374 | 0.63 | % | (4,339 | ) | |||||||
Antero Midstream Corp. | 4,906 | 0.86 | % | (5,491 | ) | |||||||
Chevron Corp. | 335 | 0.92 | % | (6,216 | ) | |||||||
SunCoke Energy, Inc. | 2,748 | 0.31 | % | (7,028 | ) | |||||||
Total Energy | (44,560 | ) | ||||||||||
Financial | ||||||||||||
S&T Bancorp, Inc. | 2,034 | 1.14 | % | 1,958 | ||||||||
NMI Holdings, Inc. — Class A | 751 | 0.29 | % | 1,227 | ||||||||
Everest Re Group Ltd. | 82 | 0.41 | % | 574 | ||||||||
Associated Banc-Corp. | 3,031 | 1.17 | % | 139 | ||||||||
Getty Realty Corp. | 932 | 0.48 | % | (9 | ) | |||||||
Bank of Hawaii Corp. | 231 | 0.34 | % | (374 | ) | |||||||
PennyMac Financial Services, Inc. | 320 | 0.26 | % | (1,462 | ) | |||||||
Preferred Bank/Los Angeles CA | 733 | 0.92 | % | (2,059 | ) | |||||||
Marcus & Millichap, Inc. | 537 | 0.34 | % | (2,587 | ) | |||||||
Hilltop Holdings, Inc. | 846 | 0.40 | % | (3,043 | ) | |||||||
Renasant Corp. | 1,851 | 1.11 | % | (3,990 | ) | |||||||
Pathward Financial, Inc. | 380 | 0.24 | % | (5,230 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,168 | 0.83 | % | (6,037 | ) | |||||||
Central Pacific Financial Corp. | 1,228 | 0.49 | % | (6,485 | ) | |||||||
BankUnited, Inc. | 1,682 | 1.10 | % | (6,721 | ) | |||||||
Highwoods Properties, Inc. | 738 | 0.38 | % | (7,417 | ) | |||||||
Stewart Information Services Corp. | 543 | 0.45 | % | (7,531 | ) | |||||||
Eagle Bancorp, Inc. | 1,275 | 1.10 | % | (9,871 | ) | |||||||
Global Net Lease, Inc. | 4,277 | 0.87 | % | (15,431 | ) | |||||||
Office Properties Income Trust | 2,379 | 0.64 | % | (15,520 | ) | |||||||
Total Financial | (89,869 | ) | ||||||||||
Utilities | ||||||||||||
Otter Tail Corp. | 417 | 0.49 | % | (1,134 | ) | |||||||
Chesapeake Utilities Corp. | 330 | 0.73 | % | (1,995 | ) | |||||||
Avista Corp. | 1,179 | 0.84 | % | (4,392 | ) | |||||||
PPL Corp. | 1,629 | 0.79 | % | (6,189 | ) | |||||||
MGE Energy, Inc. | 614 | 0.77 | % | (6,443 | ) | |||||||
NorthWestern Corp. | 682 | 0.64 | % | (7,272 | ) | |||||||
Duke Energy Corp. | 439 | 0.78 | % | (7,337 | ) | |||||||
WEC Energy Group, Inc. | 455 | 0.78 | % | (7,526 | ) | |||||||
Portland General Electric Co. | 995 | 0.83 | % | (7,759 | ) | |||||||
NiSource, Inc. | 1,594 | 0.77 | % | (8,191 | ) | |||||||
UGI Corp. | 1,239 | 0.77 | % | (11,198 | ) | |||||||
Total Utilities | (69,437 | ) | ||||||||||
Total MS Long/Short Equity Long Custom Basket | $ | (665,550 | ) |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
MS LONG/SHORT EQUITY SHORT CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
TransUnion | 799 | (1.42) | % | $ | 24,558 | |||||||
Equifax, Inc. | 198 | (1.01) | % | 14,813 | ||||||||
ASGN, Inc. | 442 | (1.22) | % | 11,509 | ||||||||
Viad Corp. | 873 | (0.84) | % | 10,084 | ||||||||
Verisk Analytics, Inc. — Class A | 275 | (1.43) | % | 8,591 | ||||||||
CoStar Group, Inc. | 356 | (0.76) | % | 6,598 | ||||||||
ABM Industries, Inc. | 1,046 | (1.22) | % | 5,977 | ||||||||
Patterson Companies, Inc. | 930 | (0.68) | % | 5,565 | ||||||||
Cintas Corp. | 124 | (1.47) | % | 4,775 | ||||||||
FTI Consulting, Inc. | 77 | (0.39) | % | 1,275 | ||||||||
Quanta Services, Inc. | 210 | (0.82) | % | 1,243 | ||||||||
Driven Brands Holdings, Inc. | 1,194 | (1.02) | % | 751 | ||||||||
Robert Half International, Inc. | 188 | (0.44) | % | 161 | ||||||||
Total Consumer, Non-cyclical | 95,900 | |||||||||||
Financial | ||||||||||||
Howard Hughes Corp. | 613 | (1.04) | % | 18,810 | ||||||||
Signature Bank | 219 | (1.01) | % | 18,373 | ||||||||
Welltower, Inc. | 757 | (1.48) | % | 17,322 | ||||||||
Equinix, Inc. | 82 | (1.42) | % | 15,802 | ||||||||
Outfront Media, Inc. | 1,529 | (0.71) | % | 14,698 | ||||||||
Sun Communities, Inc. | 278 | (1.15) | % | 13,105 | ||||||||
Western Alliance Bancorporation | 481 | (0.96) | % | 12,987 | ||||||||
Americold Realty Trust, Inc. | 1,281 | (0.96) | % | 12,260 | ||||||||
State Street Corp. | 410 | (0.76) | % | 11,338 | ||||||||
Kite Realty Group Trust | 2,662 | (1.40) | % | 11,160 | ||||||||
Crown Castle, Inc. | 304 | (1.34) | % | 11,033 | ||||||||
Invitation Homes, Inc. | 1,563 | (1.61) | % | 10,957 | ||||||||
Rexford Industrial Realty, Inc. | 831 | (1.32) | % | 10,814 | ||||||||
KKR & Company, Inc. — Class A | 774 | (1.01) | % | 8,753 | ||||||||
Digital Realty Trust, Inc. | 337 | (1.02) | % | 8,641 | ||||||||
Goldman Sachs Group, Inc. | 366 | (3.27) | % | 8,204 | ||||||||
Apollo Global Management, Inc. | 740 | (1.05) | % | 8,041 | ||||||||
Realty Income Corp. | 578 | (1.03) | % | 8,010 | ||||||||
Ares Management Corp. — Class A | 494 | (0.93) | % | 7,987 | ||||||||
Ryman Hospitality Properties, Inc. | 505 | (1.13) | % | 7,272 | ||||||||
BlackRock, Inc. — Class A | 59 | (0.99) | % | 7,211 | ||||||||
Invesco Ltd. | 2,391 | (1.00) | % | 6,737 | ||||||||
Bank of America Corp. | 994 | (0.92) | % | 6,633 | ||||||||
SBA Communications Corp. | 123 | (1.07) | % | 5,809 | ||||||||
Equitable Holdings, Inc. | 1,764 | (1.42) | % | 5,547 | ||||||||
American Tower Corp. — Class A | 149 | (0.98) | % | 5,421 | ||||||||
Iron Mountain, Inc. | 1,037 | (1.39) | % | 5,385 | ||||||||
Kennedy-Wilson Holdings, Inc. | 753 | (0.36) | % | 5,182 | ||||||||
Extra Space Storage, Inc. | 156 | (0.82) | % | 4,962 | ||||||||
First Republic Bank | 156 | (0.62) | % | 4,587 | ||||||||
Ventas, Inc. | 526 | (0.64) | % | 4,468 | ||||||||
Northern Trust Corp. | 315 | (0.82) | % | 4,314 | ||||||||
SLM Corp. | 820 | (0.35) | % | 4,297 | ||||||||
Independence Realty Trust, Inc. | 981 | (0.50) | % | 3,759 | ||||||||
Xenia Hotels & Resorts, Inc. | 920 | (0.39) | % | 3,754 | ||||||||
Public Storage | 76 | (0.68) | % | 3,681 | ||||||||
Marsh & McLennan Companies, Inc. | 225 | (1.02) | % | 3,498 | ||||||||
Alexandria Real Estate Equities, Inc. | 245 | (1.05) | % | 3,455 | ||||||||
Wells Fargo & Co. | 761 | (0.93) | % | 3,049 | ||||||||
CBRE Group, Inc. — Class A | 259 | (0.53) | % | 2,885 | ||||||||
Life Storage, Inc. | 136 | (0.46) | % | 2,712 | ||||||||
Intercontinental Exchange, Inc. | 218 | (0.60) | % | 2,474 | ||||||||
Progressive Corp. | 223 | (0.79) | % | 2,202 | ||||||||
Popular, Inc. | 394 | (0.87) | % | 2,112 | ||||||||
Comerica, Inc. | 495 | (1.07) | % | 1,797 | ||||||||
Assurant, Inc. | 99 | (0.44) | % | 1,582 | ||||||||
Mid-America Apartment Communities, Inc. | 74 | (0.35) | % | 1,057 | ||||||||
Allstate Corp. | 131 | (0.50) | % | (6 | ) | |||||||
Cullen/Frost Bankers, Inc. | 147 | (0.59) | % | (55 | ) | |||||||
Charles Schwab Corp. | 365 | (0.80) | % | (104 | ) | |||||||
Arthur J Gallagher & Co. | 101 | (0.53) | % | (611 | ) | |||||||
LPL Financial Holdings, Inc. | 136 | (0.91) | % | (4,439 | ) | |||||||
Total Financial | 338,922 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 1,631 | (0.78) | % | 32,683 | ||||||||
American Airlines Group, Inc. | 2,325 | (0.85) | % | 10,008 | ||||||||
Healthcare Services Group, Inc. | 1,818 | (0.67) | % | 8,074 | ||||||||
CarMax, Inc. | 192 | (0.39) | % | 6,314 | ||||||||
Copart, Inc. | 511 | (1.66) | % | 6,201 | ||||||||
Genuine Parts Co. | 369 | (1.68) | % | 4,430 | ||||||||
Hilton Worldwide Holdings, Inc. | 169 | (0.62) | % | 4,054 | ||||||||
Dana, Inc. | 1,147 | (0.40) | % | 3,635 | ||||||||
Live Nation Entertainment, Inc. | 219 | (0.51) | % | 3,078 | ||||||||
Delta Air Lines, Inc. | 836 | (0.72) | % | 2,951 | ||||||||
Southwest Airlines Co. | 352 | (0.33) | % | 2,840 | ||||||||
Lear Corp. | 133 | (0.49) | % | 2,408 | ||||||||
Tesla, Inc. | 39 | (0.32) | % | 1,619 | ||||||||
Floor & Decor Holdings, Inc. — Class A | 235 | (0.50) | % | 1,358 | ||||||||
WESCO International, Inc. | 190 | (0.69) | % | 491 | ||||||||
Royal Caribbean Cruises Ltd. | 342 | (0.40) | % | (578 | ) | |||||||
Las Vegas Sands Corp. | 616 | (0.70) | % | (892 | ) | |||||||
Total Consumer, Cyclical | 88,674 | |||||||||||
Energy | ||||||||||||
Patterson-UTI Energy, Inc. | 1,763 | (0.63) | % | 9,183 | ||||||||
Helmerich & Payne, Inc. | 713 | (0.80) | % | 6,807 | ||||||||
Baker Hughes Co. | 1,457 | (0.93) | % | 5,723 | ||||||||
Hess Corp. | 325 | (1.08) | % | 2,998 | ||||||||
NexTier Oilfield Solutions, Inc. | 2,135 | (0.48) | % | 2,910 | ||||||||
Liberty Energy, Inc. — Class A | 1,396 | (0.54) | % | 1,524 | ||||||||
ChampionX Corp. | 815 | (0.49) | % | 1,488 | ||||||||
Valaris Ltd. | 447 | (0.67) | % | 363 | ||||||||
Continental Resources, Inc. | 241 | (0.49) | % | 310 | ||||||||
Schlumberger N.V. | 1,074 | (1.18) | % | 239 | ||||||||
Equities Corp. | 406 | (0.50) | % | (1,931 | ) | |||||||
EOG Resources, Inc. | 407 | (1.39) | % | (3,176 | ) | |||||||
Total Energy | 26,438 | |||||||||||
Industrial | ||||||||||||
Stanley Black & Decker, Inc. | 338 | (0.78) | % | 11,796 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Stericycle, Inc. | 300 | (0.39) | % | $ | 9,622 | |||||||
Boeing Co. | 246 | (0.91) | % | 9,248 | ||||||||
Jacobs Solutions, Inc. | 398 | (1.32) | % | 7,961 | ||||||||
Old Dominion Freight Line, Inc. | 125 | (0.95) | % | 5,236 | ||||||||
CSX Corp. | 925 | (0.75) | % | 5,070 | ||||||||
Waste Management, Inc. | 302 | (1.48) | % | 3,978 | ||||||||
Union Pacific Corp. | 103 | (0.61) | % | 3,472 | ||||||||
MSA Safety, Inc. | 217 | (0.72) | % | 3,425 | ||||||||
Eaton Corporation plc | 430 | (1.75) | % | 3,218 | ||||||||
CH Robinson Worldwide, Inc. | 129 | (0.38) | % | 1,685 | ||||||||
Exponent, Inc. | 384 | (1.03) | % | 1,357 | ||||||||
TransDigm Group, Inc. | 23 | (0.37) | % | 317 | ||||||||
Casella Waste Systems, Inc. — Class A | 516 | (1.20) | % | (2,834 | ) | |||||||
Total Industrial | 63,551 | |||||||||||
Utilities | ||||||||||||
Dominion Energy, Inc. | 721 | (1.52) | % | 10,163 | ||||||||
Public Service Enterprise Group, Inc. | 341 | (0.58) | % | 3,118 | ||||||||
Total Utilities | 13,280 | |||||||||||
Technology | ||||||||||||
MSCI, Inc. — Class A | 48 | (0.62) | % | 2,211 | ||||||||
Veeva Systems, Inc. — Class A | 108 | (0.54) | % | 1,114 | ||||||||
Total Technology | 3,326 | |||||||||||
Communications | ||||||||||||
Paramount Global — Class B | 1,184 | (0.69) | % | 4,726 | ||||||||
Uber Technologies, Inc. | 1,002 | (0.81) | % | (1,476 | ) | |||||||
Total Communications | 3,250 | |||||||||||
Total MS Long/Short Equity Short Custom Basket | $ | 633,341 |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 | All or a portion of this security is pledged as short security and equity custom basket swap collateral at September 30, 2022. |
2 | Affiliated issuer. |
3 | All or a portion of this security is on loan at September 30, 2022 — See Note 5. |
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 September 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of September 30, 2022. |
ADR — American Depositary Receipt
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 September 30, 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 | $ | 16,403,338 | $ | 825,968 | $ | — | $ | 17,229,306 | ||||||||
Master Limited Partnerships | 10 | — | — | 10 | ||||||||||||
Rights | — | — | — | * | — | |||||||||||
Mutual Funds | 9,524,547 | — | — | 9,524,547 | ||||||||||||
Closed-End Funds | 3,014,826 | — | — | 3,014,826 | ||||||||||||
U.S. Treasury Bills | — | 5,844,925 | — | 5,844,925 | ||||||||||||
Repurchase Agreements | — | 15,932,082 | — | 15,932,082 | ||||||||||||
Securities Lending Collateral | 101,801 | — | — | 101,801 | ||||||||||||
Currency Futures Contracts** | 469,933 | — | — | 469,933 | ||||||||||||
Equity Futures Contracts** | 405,395 | 42,417 | — | 447,812 | ||||||||||||
Commodity Futures Contracts** | 409,229 | — | — | 409,229 | ||||||||||||
Interest Rate Futures Contracts** | 164,682 | 6,345 | — | 171,027 | ||||||||||||
Equity Custom Basket Swap Agreements** | — | 3,987,023 | — | 3,987,023 | ||||||||||||
Total Assets | $ | 30,493,761 | $ | 26,638,760 | $ | — | $ | 57,132,521 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks Sold Short | $ | 1,612,316 | $ | — | $ | — | $ | 1,612,316 | ||||||||
Exchange-Traded Funds Sold Short | 3,498,799 | — | — | 3,498,799 | ||||||||||||
Commodity Futures Contracts** | 278,749 | — | — | 278,749 | ||||||||||||
Equity Futures Contracts** | 182,404 | — | — | 182,404 | ||||||||||||
Currency Futures Contracts** | 149,041 | — | — | 149,041 | ||||||||||||
Interest Rate Futures Contracts** | 997 | 6,517 | — | 7,514 | ||||||||||||
Equity Custom Basket Swap Agreements** | — | 2,616,793 | — | 2,616,793 | ||||||||||||
Total Liabilities | $ | 5,722,306 | $ | 2,623,310 | $ | — | $ | 8,345,616 |
* | Includes securities with a market value of $0 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Multi-Hedge Strategies Fund | |
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 2,687,069 | $ |
– | $ | – | $ | – | $ | (98,281 | ) | $ | 2,588,788 | 108,001 | $ | 43,223 | ||||||||||||||||
Guggenheim Strategy Fund III | 2,484,199 | – | – | – | (100,241 | ) | 2,383,958 | 99,249 | 40,732 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,558,734 | – | – | – | (85,120 | ) | 2,473,614 | 257,937 | 31,988 | |||||||||||||||||||||||
Guggenheim Variable Insurance Strategy Fund III | 2,160,414 | – | – | – | (82,227 | ) | 2,078,187 | 86,555 | 34,227 | |||||||||||||||||||||||
$ | 9,890,416 | $ | – | $ | – | $ | – | $ | (365,869 | ) | $ | 9,524,547 | $ | 150,170 |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.8% | ||||||||
Technology - 36.0% | ||||||||
Apple, Inc. | 29,007 | $ | 4,008,767 | |||||
Microsoft Corp. | 13,461 | 3,135,067 | ||||||
NVIDIA Corp. | 6,325 | 767,792 | ||||||
Broadcom, Inc. | 1,213 | 538,584 | ||||||
Texas Instruments, Inc. | 2,736 | 423,478 | ||||||
Adobe, Inc.* | 1,401 | 385,555 | ||||||
QUALCOMM, Inc. | 3,363 | 379,952 | ||||||
Intuit, Inc. | 845 | 327,285 | ||||||
Intel Corp. | 12,296 | 316,868 | ||||||
Advanced Micro Devices, Inc.* | 4,834 | 306,282 | ||||||
Analog Devices, Inc. | 1,540 | 214,583 | ||||||
Applied Materials, Inc. | 2,576 | 211,052 | ||||||
Fiserv, Inc.* | 1,915 | 179,187 | ||||||
Activision Blizzard, Inc. | 2,343 | 174,179 | ||||||
Micron Technology, Inc. | 3,303 | 165,480 | ||||||
Lam Research Corp. | 410 | 150,060 | ||||||
Synopsys, Inc.* | 458 | 139,924 | ||||||
Cadence Design Systems, Inc.* | 820 | 134,013 | ||||||
KLA Corp. | 425 | 128,618 | ||||||
Paychex, Inc. | 1,078 | 120,962 | ||||||
Autodesk, Inc.* | 646 | 120,673 | ||||||
Fortinet, Inc.* | 2,361 | 115,996 | ||||||
NXP Semiconductor N.V. | 786 | 115,943 | ||||||
Marvell Technology, Inc. | 2,553 | 109,549 | ||||||
ASML Holding N.V. — Class G | 258 | 107,160 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 643 | 105,973 | ||||||
Microchip Technology, Inc. | 1,654 | 100,944 | ||||||
Electronic Arts, Inc. | 833 | 96,386 | ||||||
Workday, Inc. — Class A* | 602 | 91,636 | ||||||
Atlassian Corporation plc — Class A* | 434 | 91,396 | ||||||
Cognizant Technology Solutions Corp. — Class A | 1,551 | 89,090 | ||||||
Datadog, Inc. — Class A* | 871 | 77,327 | ||||||
Zscaler, Inc.* | 425 | 69,857 | ||||||
ANSYS, Inc.* | 261 | 57,864 | ||||||
Zoom Video Communications, Inc. — Class A* | 752 | 55,340 | ||||||
Skyworks Solutions, Inc. | 480 | 40,930 | ||||||
NetEase, Inc. ADR | 486 | 36,742 | ||||||
Splunk, Inc.* | 487 | 36,622 | ||||||
DocuSign, Inc.* | 599 | 32,028 | ||||||
Total Technology | 13,759,144 | |||||||
Communications - 20.8% | ||||||||
Amazon.com, Inc.* | 18,388 | 2,077,844 | ||||||
Alphabet, Inc. — Class C* | 11,124 | 1,069,573 | ||||||
Alphabet, Inc. — Class A* | 10,823 | 1,035,220 | ||||||
Meta Platforms, Inc. — Class A* | 6,164 | 836,332 | ||||||
T-Mobile US, Inc.* | 3,755 | 503,808 | ||||||
Cisco Systems, Inc. | 12,400 | 496,000 | ||||||
Comcast Corp. — Class A | 13,188 | 386,804 | ||||||
Netflix, Inc.* | 1,332 | 313,606 | ||||||
Booking Holdings, Inc.* | 119 | 195,542 | ||||||
Palo Alto Networks, Inc.* | 895 | 146,592 | ||||||
Charter Communications, Inc. — Class A* | 481 | 145,912 | ||||||
Airbnb, Inc. — Class A* | 1,195 | 125,523 | ||||||
MercadoLibre, Inc.* | 151 | 124,995 | ||||||
Pinduoduo, Inc. ADR* | 1,402 | 87,737 | ||||||
JD.com, Inc. ADR | 1,511 | 76,003 | ||||||
Sirius XM Holdings, Inc.1 | 11,662 | 66,590 | ||||||
Baidu, Inc. ADR* | 545 | 64,032 | ||||||
eBay, Inc. | 1,645 | 60,552 | ||||||
VeriSign, Inc.* | 321 | 55,758 | ||||||
Match Group, Inc.* | 847 | 40,444 | ||||||
Okta, Inc.* | 452 | 25,705 | ||||||
Total Communications | 7,934,572 | |||||||
Consumer, Non-cyclical - 10.6% | ||||||||
PepsiCo, Inc. | 4,132 | 674,590 | ||||||
Amgen, Inc. | 1,602 | 361,091 | ||||||
PayPal Holdings, Inc.* | 3,463 | 298,061 | ||||||
Automatic Data Processing, Inc. | 1,244 | 281,380 | ||||||
Gilead Sciences, Inc. | 3,753 | 231,522 | ||||||
Mondelez International, Inc. — Class A | 4,104 | 225,022 | ||||||
Vertex Pharmaceuticals, Inc.* | 768 | 222,367 | ||||||
Regeneron Pharmaceuticals, Inc.* | 321 | 221,127 | ||||||
Intuitive Surgical, Inc.* | 1,069 | 200,373 | ||||||
Keurig Dr Pepper, Inc. | 4,241 | 151,913 | ||||||
Moderna, Inc.* | 1,171 | 138,471 | ||||||
Monster Beverage Corp.* | 1,578 | 137,223 | ||||||
Kraft Heinz Co. | 3,670 | 122,395 | ||||||
Cintas Corp. | 306 | 118,786 | ||||||
Biogen, Inc.* | 435 | 116,145 | ||||||
AstraZeneca plc ADR | 1,772 | 97,177 | ||||||
Dexcom, Inc.* | 1,176 | 94,715 | ||||||
Illumina, Inc.* | 471 | 89,862 | ||||||
IDEXX Laboratories, Inc.* | 249 | 81,124 | ||||||
Verisk Analytics, Inc. — Class A | 470 | 80,149 | ||||||
Seagen, Inc.* | 552 | 75,530 | ||||||
Align Technology, Inc.* | 234 | 48,464 | ||||||
Total Consumer, Non-cyclical | 4,067,487 | |||||||
Consumer, Cyclical - 8.8% | ||||||||
Tesla, Inc.* | 5,610 | 1,488,053 | ||||||
Costco Wholesale Corp. | 1,326 | 626,230 | ||||||
Starbucks Corp. | 3,436 | 289,517 | ||||||
Marriott International, Inc. — Class A | 972 | 136,216 | ||||||
O'Reilly Automotive, Inc.* | 190 | 133,637 | ||||||
Lululemon Athletica, Inc.* | 366 | 102,319 | ||||||
Dollar Tree, Inc.* | 671 | 91,323 | ||||||
Ross Stores, Inc. | 1,048 | 88,315 | ||||||
PACCAR, Inc. | 1,041 | 87,121 | ||||||
Walgreens Boots Alliance, Inc. | 2,588 | 81,263 | ||||||
Fastenal Co. | 1,721 | 79,235 | ||||||
Copart, Inc.* | 712 | 75,757 | ||||||
Lucid Group, Inc.* | 5,024 | 70,185 | ||||||
Total Consumer, Cyclical | 3,349,171 | |||||||
Industrial - 1.5% | ||||||||
Honeywell International, Inc. | 2,017 | 336,778 | ||||||
CSX Corp. | 6,412 | 170,816 | ||||||
Old Dominion Freight Line, Inc. | 335 | 83,338 | ||||||
Total Industrial | 590,932 | |||||||
Utilities - 1.1% | ||||||||
American Electric Power Company, Inc. | 1,538 | 132,960 | ||||||
Exelon Corp. | 2,975 | 111,443 | ||||||
Xcel Energy, Inc. | 1,638 | 104,832 | ||||||
Constellation Energy Corp. | 978 | 81,360 | ||||||
Total Utilities | 430,595 | |||||||
Total Common Stocks | ||||||||
(Cost $30,811,427) | 30,131,901 |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 38.9% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/222,3 | $ | 6,715,000 | 6,714,549 | |||||
1.78% due 10/04/223 | 4,000,000 | 3,999,732 | ||||||
2.35% due 10/04/223 | 2,500,000 | 2,499,832 | ||||||
2.70% due 11/08/223,4 | 1,636,000 | 1,631,568 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $14,844,389) | 14,845,681 | |||||||
REPURCHASE AGREEMENTS††,5 - 31.4% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/222 | 6,836,641 | 6,836,641 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/222 | 2,629,477 | 2,629,477 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/222 | 2,551,647 | 2,551,647 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $12,017,765) | 12,017,765 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%7 | 49,026 | 49,026 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $49,026) | 49,026 | |||||||
Total Investments - 149.2% | ||||||||
(Cost $57,722,607) | $ | 57,044,373 | ||||||
Other Assets & Liabilities, net - (49.2)% | (18,809,798 | ) | ||||||
Total Net Assets - 100.0% | $ | 38,234,575 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value
and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 78 | Dec 2022 | $ | 17,207,580 | $ | (2,007,304 | ) |
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†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 3.63% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 262 | $ | 2,878,496 | $ | (128,681 | ) | |||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 3.73% (Federal Funds Rate + 0.65%) | At Maturity | 11/17/22 | 545 | 5,981,903 | (682,099 | ) | |||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 3.46% (SOFR + 0.50%) | At Maturity | 11/16/22 | 1,824 | 20,008,268 | (1,771,879 | ) | |||||||||||||
$ | 28,868,667 | $ | (2,582,659 | ) |
* | 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 September 30, 2022 — See Note 5. |
2 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of September 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
SOFR — Secured Overnight Financing Rate |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 30,131,901 | $ | — | $ | — | $ | 30,131,901 | ||||||||
U.S. Treasury Bills | — | 14,845,681 | — | 14,845,681 | ||||||||||||
Repurchase Agreements | — | 12,017,765 | — | 12,017,765 | ||||||||||||
Securities Lending Collateral | 49,026 | — | — | 49,026 | ||||||||||||
Total Assets | $ | 30,180,927 | $ | 26,863,446 | $ | — | $ | 57,044,373 |
Investments in Securities (Liabilities) | Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 2,007,304 | $ | — | $ | — | $ | 2,007,304 | ||||||||
Equity Index Swap Agreements** | — | 2,582,659 | — | 2,582,659 | ||||||||||||
Total Liabilities | $ | 2,007,304 | $ | 2,582,659 | $ | — | $ | 4,589,963 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 58.4% | ||||||||
Technology - 26.7% | ||||||||
Apple, Inc. | 38,114 | $ | 5,267,355 | |||||
Microsoft Corp. | 17,688 | 4,119,535 | ||||||
NVIDIA Corp. | 8,311 | 1,008,872 | ||||||
Broadcom, Inc. | 1,593 | 707,308 | ||||||
Texas Instruments, Inc. | 3,595 | 556,434 | ||||||
Adobe, Inc.* | 1,841 | 506,643 | ||||||
QUALCOMM, Inc. | 4,419 | 499,259 | ||||||
Intuit, Inc. | 1,110 | 429,925 | ||||||
Intel Corp. | 16,156 | 416,340 | ||||||
Advanced Micro Devices, Inc.* | 6,352 | 402,463 | ||||||
Analog Devices, Inc. | 2,024 | 282,024 | ||||||
Applied Materials, Inc. | 3,385 | 277,333 | ||||||
Fiserv, Inc.* | 2,517 | 235,516 | ||||||
Activision Blizzard, Inc. | 3,078 | 228,819 | ||||||
Micron Technology, Inc. | 4,341 | 217,484 | ||||||
Lam Research Corp. | 539 | 197,274 | ||||||
Synopsys, Inc.* | 602 | 183,917 | ||||||
Cadence Design Systems, Inc.* | 1,078 | 176,178 | ||||||
KLA Corp. | 558 | 168,868 | ||||||
Paychex, Inc. | 1,416 | 158,889 | ||||||
Autodesk, Inc.* | 849 | 158,593 | ||||||
NXP Semiconductor N.V. | 1,034 | 152,525 | ||||||
Fortinet, Inc.* | 3,103 | 152,450 | ||||||
Marvell Technology, Inc. | 3,355 | 143,963 | ||||||
ASML Holding N.V. — Class G | 339 | 140,804 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 845 | 139,264 | ||||||
Microchip Technology, Inc. | 2,174 | 132,679 | ||||||
Electronic Arts, Inc. | 1,094 | 126,587 | ||||||
Workday, Inc. — Class A* | 791 | 120,406 | ||||||
Atlassian Corporation plc — Class A* | 571 | 120,247 | ||||||
Cognizant Technology Solutions Corp. — Class A | 2,037 | 117,005 | ||||||
Datadog, Inc. — Class A* | 1,144 | 101,564 | ||||||
Zscaler, Inc.* | 558 | 91,719 | ||||||
ANSYS, Inc.* | 343 | 76,043 | ||||||
Zoom Video Communications, Inc. — Class A* | 988 | 72,707 | ||||||
Skyworks Solutions, Inc. | 632 | 53,891 | ||||||
NetEase, Inc. ADR | 639 | 48,308 | ||||||
Splunk, Inc.* | 640 | 48,128 | ||||||
DocuSign, Inc.* | 787 | 42,081 | ||||||
Total Technology | 18,079,400 | |||||||
Communications - 15.4% | ||||||||
Amazon.com, Inc.* | 24,162 | 2,730,306 | ||||||
Alphabet, Inc. — Class C* | 14,617 | 1,405,425 | ||||||
Alphabet, Inc. — Class A* | 14,221 | 1,360,239 | ||||||
Meta Platforms, Inc. — Class A* | 8,099 | 1,098,872 | ||||||
T-Mobile US, Inc.* | 4,934 | 661,995 | ||||||
Cisco Systems, Inc. | 16,294 | 651,760 | ||||||
Comcast Corp. — Class A | 17,328 | 508,230 | ||||||
Netflix, Inc.* | 1,750 | 412,020 | ||||||
Booking Holdings, Inc.* | 156 | 256,341 | ||||||
Palo Alto Networks, Inc.* | 1,176 | 192,617 | ||||||
Charter Communications, Inc. — Class A* | 632 | 191,717 | ||||||
Airbnb, Inc. — Class A* | 1,571 | 165,018 | ||||||
MercadoLibre, Inc.* | 198 | 163,900 | ||||||
Pinduoduo, Inc. ADR* | 1,842 | 115,272 | ||||||
JD.com, Inc. ADR | 1,986 | 99,896 | ||||||
Sirius XM Holdings, Inc.1 | 15,323 | 87,494 | ||||||
Baidu, Inc. ADR* | 716 | 84,123 | ||||||
eBay, Inc. | 2,162 | 79,583 | ||||||
VeriSign, Inc.* | 422 | 73,301 | ||||||
Match Group, Inc.* | 1,113 | 53,146 | ||||||
Okta, Inc.* | 593 | 33,724 | ||||||
Total Communications | 10,424,979 | |||||||
Consumer, Non-cyclical - 7.9% | ||||||||
PepsiCo, Inc. | 5,430 | 886,502 | ||||||
Amgen, Inc. | 2,105 | 474,467 | ||||||
PayPal Holdings, Inc.* | 4,550 | 391,618 | ||||||
Automatic Data Processing, Inc. | 1,635 | 369,821 | ||||||
Gilead Sciences, Inc. | 4,932 | 304,255 | ||||||
Mondelez International, Inc. — Class A | 5,393 | 295,698 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,009 | 292,146 | ||||||
Regeneron Pharmaceuticals, Inc.* | 422 | 290,703 | ||||||
Intuitive Surgical, Inc.* | 1,406 | 263,541 | ||||||
Keurig Dr Pepper, Inc. | 5,572 | 199,589 | ||||||
Moderna, Inc.* | 1,539 | 181,987 | ||||||
Monster Beverage Corp.* | 2,073 | 180,268 | ||||||
Kraft Heinz Co. | 4,822 | 160,814 | ||||||
Cintas Corp. | 402 | 156,052 | ||||||
Biogen, Inc.* | 571 | 152,457 | ||||||
AstraZeneca plc ADR | 2,329 | 127,723 | ||||||
Dexcom, Inc.* | 1,545 | 124,434 | ||||||
Illumina, Inc.* | 619 | 118,099 | ||||||
IDEXX Laboratories, Inc.* | 328 | 106,862 | ||||||
Verisk Analytics, Inc. — Class A | 618 | 105,388 | ||||||
Seagen, Inc.* | 726 | 99,338 | ||||||
Align Technology, Inc.* | 307 | 63,583 | ||||||
Total Consumer, Non-cyclical | 5,345,345 | |||||||
Consumer, Cyclical - 6.5% | ||||||||
Tesla, Inc.* | 7,371 | 1,955,158 | ||||||
Costco Wholesale Corp. | 1,743 | 823,167 | ||||||
Starbucks Corp. | 4,515 | 380,434 | ||||||
Marriott International, Inc. — Class A | 1,277 | 178,959 | ||||||
O'Reilly Automotive, Inc.* | 250 | 175,838 | ||||||
Lululemon Athletica, Inc.* | 481 | 134,468 | ||||||
Dollar Tree, Inc.* | 881 | 119,904 | ||||||
Ross Stores, Inc. | 1,377 | 116,040 | ||||||
PACCAR, Inc. | 1,368 | 114,488 | ||||||
Walgreens Boots Alliance, Inc. | 3,401 | 106,791 | ||||||
Fastenal Co. | 2,261 | 104,096 | ||||||
Copart, Inc.* | 935 | 99,484 | ||||||
Lucid Group, Inc.* | 6,602 | 92,230 | ||||||
Total Consumer, Cyclical | 4,401,057 | |||||||
Industrial - 1.1% | ||||||||
Honeywell International, Inc. | 2,651 | 442,637 | ||||||
CSX Corp. | 8,425 | 224,442 | ||||||
Old Dominion Freight Line, Inc. | 440 | 109,459 | ||||||
Total Industrial | 776,538 | |||||||
Utilities - 0.8% | ||||||||
American Electric Power Company, Inc. | 2,022 | 174,802 | ||||||
Exelon Corp. | 3,909 | 146,431 | ||||||
Xcel Energy, Inc. | 2,153 | 137,792 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 58.4% (continued) | ||||||||
Utilities - 0.8% (continued) | ||||||||
Constellation Energy Corp. | 1,286 | $ | 106,982 | |||||
Total Utilities | 566,007 | |||||||
Total Common Stocks | ||||||||
(Cost $24,208,669) | 39,593,326 | |||||||
MUTUAL FUNDS† - 34.7% | ||||||||
Guggenheim Strategy Fund II2 | 514,018 | 12,321,021 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 1,166,612 | 11,187,806 | ||||||
Total Mutual Funds | ||||||||
(Cost $24,310,666) | 23,508,827 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 2.9% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/223,4 | $ | 1,318,000 | 1,314,430 | |||||
2.35% due 10/04/224,5 | 500,000 | 499,966 | ||||||
1.34% due 10/04/224 | 170,000 | 169,989 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,984,056) | 1,984,385 | |||||||
REPURCHASE AGREEMENTS††,6 - 4.3% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/225 | 1,659,682 | 1,659,682 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/225 | 638,340 | 638,340 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/225 | 619,445 | 619,445 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,917,467) | 2,917,467 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%8 | 58,572 | 58,572 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $58,572) | 58,572 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $53,479,430) | $ | 68,062,577 | ||||||
Other Assets & Liabilities, net - (0.4)% | (283,044 | ) | ||||||
Total Net Assets - 100.0% | $ | 67,779,533 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value
and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 57 | Dec 2022 | $ | 12,574,770 | $ | (1,872,865 | ) |
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†† | ||||||||||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 3.73% (Federal Funds Rate + 0.65%) | At Maturity | 11/17/22 | 125 | $ | 1,374,889 | $ | (125,814 | ) | |||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 3.63% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 634 | 6,951,685 | (260,619 | ) | |||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 3.46% (SOFR + 0.50%) | At Maturity | 11/16/22 | 673 | 7,389,063 | (693,228 | ) | |||||||||||||
$ | 15,715,637 | $ | (1,079,661 | ) |
* | 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 September 30, 2022 — See Note 5. |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as futures collateral at September 30, 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 September 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of September 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
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 September 30, 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 | $ | 39,593,326 | $ | — | $ | — | $ | 39,593,326 | ||||||||
Mutual Funds | 23,508,827 | — | — | 23,508,827 | ||||||||||||
U.S. Treasury Bills | — | 1,984,385 | — | 1,984,385 | ||||||||||||
Repurchase Agreements | — | 2,917,467 | — | 2,917,467 | ||||||||||||
Securities Lending Collateral | 58,572 | — | — | 58,572 | ||||||||||||
Total Assets | $ | 63,160,725 | $ | 4,901,852 | $ | — | $ | 68,062,577 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 1,872,865 | $ | — | $ | — | $ | 1,872,865 | ||||||||
Equity Index Swap Agreements** | — | 1,079,661 | — | 1,079,661 | ||||||||||||
Total Liabilities | $ | 1,872,865 | $ | 1,079,661 | $ | — | $ | 2,952,526 |
** | 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) | September 30, 2022 |
Transactions during the period ended September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 17,866,840 | $ | – | $ | (5,000,000 | ) | $ | (95,309 | ) | $ | (450,510 | ) | $ | 12,321,021 | 514,018 | $ | 226,899 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | $ | 8,572,788 | $ | 3,000,000 | $ | – | $ | – | $ | (384,982 | ) | $ | 11,187,806 | 1,166,612 | $ | 144,051 | ||||||||||||||||
$ | 26,439,628 | $ | 3,000,000 | $ | (5,000,000 | ) | $ | (95,309 | ) | $ | (835,492 | ) | $ | 23,508,827 | $ | 370,950 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 42.7% | ||||||||
Technology - 9.6% | ||||||||
Apple, Inc. | 3,232 | $ | 446,662 | |||||
Microsoft Corp. | 1,596 | 371,708 | ||||||
NVIDIA Corp. | 535 | 64,944 | ||||||
Broadcom, Inc. | 86 | 38,185 | ||||||
Accenture plc — Class A | 136 | 34,993 | ||||||
Salesforce, Inc.* | 212 | 30,494 | ||||||
Texas Instruments, Inc. | 195 | 30,182 | ||||||
Adobe, Inc.* | 100 | 27,520 | ||||||
QUALCOMM, Inc. | 240 | 27,115 | ||||||
Intuit, Inc. | 60 | 23,239 | ||||||
International Business Machines Corp. | 193 | 22,930 | ||||||
Intel Corp. | 877 | 22,600 | ||||||
Advanced Micro Devices, Inc.* | 346 | 21,923 | ||||||
Oracle Corp. | 325 | 19,848 | ||||||
ServiceNow, Inc.* | 44 | 16,615 | ||||||
Analog Devices, Inc. | 111 | 15,467 | ||||||
Applied Materials, Inc. | 186 | 15,239 | ||||||
Fiserv, Inc.* | 137 | 12,819 | ||||||
Micron Technology, Inc. | 235 | 11,773 | ||||||
Activision Blizzard, Inc. | 152 | 11,300 | ||||||
Lam Research Corp. | 30 | 10,980 | ||||||
Synopsys, Inc.* | 33 | 10,082 | ||||||
Fidelity National Information Services, Inc. | 132 | 9,975 | ||||||
Cadence Design Systems, Inc.* | 58 | 9,479 | ||||||
KLA Corp. | 31 | 9,382 | ||||||
Autodesk, Inc.* | 46 | 8,593 | ||||||
NXP Semiconductor N.V. | 57 | 8,408 | ||||||
Roper Technologies, Inc. | 23 | 8,272 | ||||||
Paychex, Inc. | 69 | 7,742 | ||||||
MSCI, Inc. — Class A | 18 | 7,592 | ||||||
Microchip Technology, Inc. | 117 | 7,140 | ||||||
Fortinet, Inc.* | 139 | 6,829 | ||||||
Electronic Arts, Inc. | 57 | 6,595 | ||||||
Cognizant Technology Solutions Corp. — Class A | 111 | 6,376 | ||||||
ON Semiconductor Corp.* | 93 | 5,797 | ||||||
HP, Inc. | 195 | 4,859 | ||||||
EPAM Systems, Inc.* | 13 | 4,709 | ||||||
ANSYS, Inc.* | 18 | 3,991 | ||||||
Broadridge Financial Solutions, Inc. | 26 | 3,752 | ||||||
Monolithic Power Systems, Inc. | 10 | 3,634 | ||||||
Paycom Software, Inc.* | 11 | 3,630 | ||||||
Take-Two Interactive Software, Inc.* | 33 | 3,597 | ||||||
Hewlett Packard Enterprise Co. | 277 | 3,318 | ||||||
Citrix Systems, Inc.*,†† | 31 | 3,224 | ||||||
Tyler Technologies, Inc.* | 9 | 3,128 | ||||||
Jack Henry & Associates, Inc. | 17 | 3,099 | ||||||
NetApp, Inc. | 47 | 2,907 | ||||||
Skyworks Solutions, Inc. | 34 | 2,899 | ||||||
Zebra Technologies Corp. — Class A* | 11 | 2,882 | ||||||
Akamai Technologies, Inc.* | 35 | 2,811 | ||||||
Leidos Holdings, Inc. | 29 | 2,537 | ||||||
Teradyne, Inc. | 33 | 2,480 | ||||||
PTC, Inc.* | 23 | 2,406 | ||||||
Seagate Technology Holdings plc | 42 | 2,236 | ||||||
Western Digital Corp.* | 68 | 2,213 | ||||||
Ceridian HCM Holding, Inc.* | 32 | 1,788 | ||||||
Qorvo, Inc.* | 22 | 1,747 | ||||||
DXC Technology Co.* | 49 | 1,200 | ||||||
Total Technology | 1,457,845 | |||||||
Consumer, Non-cyclical - 9.6% | ||||||||
UnitedHealth Group, Inc. | 200 | 101,008 | ||||||
Johnson & Johnson | 562 | 91,808 | ||||||
Procter & Gamble Co. | 512 | 64,640 | ||||||
Eli Lilly & Co. | 169 | 54,646 | ||||||
Pfizer, Inc. | 1,200 | 52,512 | ||||||
AbbVie, Inc. | 378 | 50,731 | ||||||
PepsiCo, Inc. | 296 | 48,325 | ||||||
Coca-Cola Co. | 832 | 46,609 | ||||||
Merck & Company, Inc. | 541 | 46,591 | ||||||
Thermo Fisher Scientific, Inc. | 84 | 42,604 | ||||||
Abbott Laboratories | 375 | 36,285 | ||||||
Danaher Corp. | 140 | 36,161 | ||||||
Bristol-Myers Squibb Co. | 456 | 32,417 | ||||||
Philip Morris International, Inc. | 332 | 27,559 | ||||||
CVS Health Corp. | 282 | 26,894 | ||||||
Amgen, Inc. | 115 | 25,921 | ||||||
Elevance Health, Inc. | 52 | 23,620 | ||||||
Medtronic plc | 283 | 22,852 | ||||||
S&P Global, Inc. | 73 | 22,291 | ||||||
PayPal Holdings, Inc.* | 248 | 21,345 | ||||||
Automatic Data Processing, Inc. | 89 | 20,131 | ||||||
Cigna Corp. | 65 | 18,036 | ||||||
Gilead Sciences, Inc. | 268 | 16,533 | ||||||
Regeneron Pharmaceuticals, Inc.* | 24 | 16,533 | ||||||
Mondelez International, Inc. — Class A | 294 | 16,120 | ||||||
Vertex Pharmaceuticals, Inc.* | 55 | 15,925 | ||||||
Altria Group, Inc. | 385 | 15,546 | ||||||
Zoetis, Inc. | 100 | 14,829 | ||||||
Stryker Corp. | 72 | 14,583 | ||||||
Intuitive Surgical, Inc.* | 77 | 14,433 | ||||||
Becton Dickinson and Co. | 61 | 13,593 | ||||||
Humana, Inc. | 27 | 13,100 | ||||||
Colgate-Palmolive Co. | 179 | 12,575 | ||||||
Boston Scientific Corp.* | 305 | 11,813 | ||||||
Edwards Lifesciences Corp.* | 133 | 10,990 | ||||||
Estee Lauder Companies, Inc. — Class A | 50 | 10,795 | ||||||
McKesson Corp. | 31 | 10,536 | ||||||
General Mills, Inc. | 127 | 9,730 | ||||||
Archer-Daniels-Midland Co. | 119 | 9,574 | ||||||
Centene Corp.* | 122 | 9,493 | ||||||
Corteva, Inc. | 155 | 8,858 | ||||||
Biogen, Inc.* | 32 | 8,544 | ||||||
HCA Healthcare, Inc. | 46 | 8,454 | ||||||
Moderna, Inc.* | 71 | 8,396 | ||||||
Moody's Corp. | 34 | 8,266 | ||||||
Kimberly-Clark Corp. | 73 | 8,215 | ||||||
Constellation Brands, Inc. — Class A | 35 | 8,039 | ||||||
Sysco Corp. | 109 | 7,707 | ||||||
Hershey Co. | 33 | 7,276 | ||||||
IQVIA Holdings, Inc.* | 40 | 7,246 | ||||||
Monster Beverage Corp.* | 83 | 7,218 | ||||||
Cintas Corp. | 18 | 6,987 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 42.7% (continued) | ||||||||
Consumer, Non-cyclical - 9.6% (continued) | ||||||||
Dexcom, Inc.* | 85 | $ | 6,846 | |||||
ResMed, Inc. | 31 | 6,767 | ||||||
Keurig Dr Pepper, Inc. | 182 | 6,519 | ||||||
Illumina, Inc.* | 34 | 6,487 | ||||||
Global Payments, Inc. | 60 | 6,483 | ||||||
Kroger Co. | 139 | 6,081 | ||||||
CoStar Group, Inc.* | 85 | 5,920 | ||||||
IDEXX Laboratories, Inc.* | 18 | 5,864 | ||||||
Baxter International, Inc. | 108 | 5,817 | ||||||
Verisk Analytics, Inc. — Class A | 34 | 5,798 | ||||||
Kraft Heinz Co. | 170 | 5,670 | ||||||
Gartner, Inc.* | 18 | 4,980 | ||||||
Zimmer Biomet Holdings, Inc. | 45 | 4,705 | ||||||
AmerisourceBergen Corp. — Class A | 33 | 4,466 | ||||||
Equifax, Inc. | 26 | 4,457 | ||||||
Tyson Foods, Inc. — Class A | 63 | 4,154 | ||||||
United Rentals, Inc.* | 15 | 4,052 | ||||||
Molina Healthcare, Inc.* | 12 | 3,958 | ||||||
Quanta Services, Inc. | 31 | 3,949 | ||||||
West Pharmaceutical Services, Inc. | 16 | 3,937 | ||||||
Cardinal Health, Inc. | 59 | 3,934 | ||||||
Laboratory Corporation of America Holdings | 19 | 3,891 | ||||||
Kellogg Co. | 55 | 3,831 | ||||||
McCormick & Company, Inc. | 53 | 3,777 | ||||||
Church & Dwight Company, Inc. | 52 | 3,715 | ||||||
STERIS plc | 22 | 3,658 | ||||||
Waters Corp.* | 13 | 3,504 | ||||||
Hologic, Inc.* | 53 | 3,419 | ||||||
Conagra Brands, Inc. | 103 | 3,361 | ||||||
Clorox Co. | 26 | 3,338 | ||||||
Align Technology, Inc.* | 16 | 3,314 | ||||||
PerkinElmer, Inc. | 27 | 3,249 | ||||||
Quest Diagnostics, Inc. | 26 | 3,190 | ||||||
J M Smucker Co. | 23 | 3,160 | ||||||
Avery Dennison Corp. | 18 | 2,929 | ||||||
Catalent, Inc.* | 40 | 2,894 | ||||||
FleetCor Technologies, Inc.* | 16 | 2,819 | ||||||
Hormel Foods Corp. | 62 | 2,817 | ||||||
ABIOMED, Inc.* | 11 | 2,702 | ||||||
Brown-Forman Corp. — Class B | 40 | 2,663 | ||||||
Cooper Companies, Inc. | 10 | 2,639 | ||||||
Incyte Corp.* | 39 | 2,599 | ||||||
Lamb Weston Holdings, Inc. | 31 | 2,399 | ||||||
Bio-Techne Corp. | 8 | 2,272 | ||||||
Teleflex, Inc. | 11 | 2,216 | ||||||
Viatris, Inc. | 259 | 2,207 | ||||||
Charles River Laboratories International, Inc.* | 11 | 2,165 | ||||||
Nielsen Holdings plc | 78 | 2,162 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 5 | 2,085 | ||||||
Campbell Soup Co. | 43 | 2,026 | ||||||
Henry Schein, Inc.* | 30 | 1,973 | ||||||
Molson Coors Beverage Co. — Class B | 40 | 1,919 | ||||||
MarketAxess Holdings, Inc. | 8 | 1,780 | ||||||
Robert Half International, Inc. | 23 | 1,760 | ||||||
Rollins, Inc. | 49 | 1,699 | ||||||
Dentsply Sirona, Inc. | 46 | 1,304 | ||||||
Organon & Co. | 54 | 1,264 | ||||||
Universal Health Services, Inc. — Class B | 14 | 1,235 | ||||||
DaVita, Inc.* | 13 | 1,076 | ||||||
Total Consumer, Non-cyclical | 1,454,748 | |||||||
Financial - 6.4% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 386 | 103,070 | ||||||
JPMorgan Chase & Co. | 627 | 65,522 | ||||||
Visa, Inc. — Class A | 349 | 62,000 | ||||||
Mastercard, Inc. — Class A | 183 | 52,034 | ||||||
Bank of America Corp. | 1,496 | 45,179 | ||||||
Wells Fargo & Co. | 810 | 32,578 | ||||||
Charles Schwab Corp. | 326 | 23,430 | ||||||
Morgan Stanley | 286 | 22,597 | ||||||
Goldman Sachs Group, Inc. | 74 | 21,686 | ||||||
American Tower Corp. — Class A REIT | 100 | 21,470 | ||||||
BlackRock, Inc. — Class A | 32 | 17,609 | ||||||
American Express Co. | 128 | 17,268 | ||||||
Citigroup, Inc. | 414 | 17,251 | ||||||
Chubb Ltd. | 90 | 16,369 | ||||||
Prologis, Inc. REIT | 158 | 16,053 | ||||||
Marsh & McLennan Companies, Inc. | 106 | 15,825 | ||||||
Progressive Corp. | 125 | 14,526 | ||||||
CME Group, Inc. — Class A | 77 | 13,639 | ||||||
Crown Castle, Inc. REIT | 92 | 13,299 | ||||||
PNC Financial Services Group, Inc. | 87 | 13,000 | ||||||
Truist Financial Corp. | 284 | 12,365 | ||||||
Aon plc — Class A | 45 | 12,054 | ||||||
U.S. Bancorp | 289 | 11,653 | ||||||
Equinix, Inc. REIT | 20 | 11,377 | ||||||
Intercontinental Exchange, Inc. | 120 | 10,842 | ||||||
Public Storage REIT | 34 | 9,956 | ||||||
MetLife, Inc. | 143 | 8,692 | ||||||
Travelers Companies, Inc. | 51 | 7,813 | ||||||
American International Group, Inc. | 163 | 7,739 | ||||||
Arthur J Gallagher & Co. | 45 | 7,705 | ||||||
Realty Income Corp. REIT | 132 | 7,682 | ||||||
Capital One Financial Corp. | 83 | 7,650 | ||||||
Allstate Corp. | 58 | 7,223 | ||||||
Aflac, Inc. | 123 | 6,913 | ||||||
Prudential Financial, Inc. | 80 | 6,862 | ||||||
SBA Communications Corp. REIT | 23 | 6,547 | ||||||
M&T Bank Corp. | 37 | 6,524 | ||||||
Welltower, Inc. REIT | 98 | 6,303 | ||||||
Simon Property Group, Inc. REIT | 70 | 6,283 | ||||||
Digital Realty Trust, Inc. REIT | 62 | 6,149 | ||||||
VICI Properties, Inc. REIT | 206 | 6,149 | ||||||
Bank of New York Mellon Corp. | 158 | 6,086 | ||||||
Ameriprise Financial, Inc. | 24 | 6,047 | ||||||
AvalonBay Communities, Inc. REIT | 31 | 5,710 | ||||||
Discover Financial Services | 58 | 5,273 | ||||||
T. Rowe Price Group, Inc. | 49 | 5,145 | ||||||
First Republic Bank | 39 | 5,091 | ||||||
Extra Space Storage, Inc. REIT | 29 | 5,009 | ||||||
Equity Residential REIT | 73 | 4,907 | ||||||
State Street Corp. | 79 | 4,804 | ||||||
Fifth Third Bancorp | 146 | 4,666 | ||||||
CBRE Group, Inc. — Class A* | 69 | 4,658 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 42.7% (continued) | ||||||||
Financial - 6.4% (continued) | ||||||||
Alexandria Real Estate Equities, Inc. REIT | 33 | $ | 4,626 | |||||
Willis Towers Watson plc | 23 | 4,622 | ||||||
Weyerhaeuser Co. REIT | 158 | 4,512 | ||||||
SVB Financial Group* | 13 | 4,365 | ||||||
Hartford Financial Services Group, Inc. | 70 | 4,336 | ||||||
Invitation Homes, Inc. REIT | 124 | 4,188 | ||||||
Raymond James Financial, Inc. | 42 | 4,150 | ||||||
Nasdaq, Inc. | 73 | 4,138 | ||||||
Huntington Bancshares, Inc. | 308 | 4,059 | ||||||
Regions Financial Corp. | 200 | 4,014 | ||||||
Duke Realty Corp. REIT | 82 | 3,952 | ||||||
Northern Trust Corp. | 45 | 3,850 | ||||||
Mid-America Apartment Communities, Inc. REIT | 24 | 3,722 | ||||||
Citizens Financial Group, Inc. | 106 | 3,642 | ||||||
Principal Financial Group, Inc. | 49 | 3,535 | ||||||
Ventas, Inc. REIT | 85 | 3,414 | ||||||
Essex Property Trust, Inc. REIT | 14 | 3,391 | ||||||
KeyCorp | 200 | 3,204 | ||||||
Cincinnati Financial Corp. | 34 | 3,045 | ||||||
Brown & Brown, Inc. | 50 | 3,024 | ||||||
W R Berkley Corp. | 45 | 2,906 | ||||||
Synchrony Financial | 103 | 2,904 | ||||||
Iron Mountain, Inc. REIT | 63 | 2,770 | ||||||
UDR, Inc. REIT | 66 | 2,753 | ||||||
Camden Property Trust REIT | 23 | 2,747 | ||||||
Cboe Global Markets, Inc. | 23 | 2,700 | ||||||
Healthpeak Properties, Inc. REIT | 116 | 2,659 | ||||||
Host Hotels & Resorts, Inc. REIT | 153 | 2,430 | ||||||
Kimco Realty Corp. REIT | 131 | 2,412 | ||||||
Everest Re Group Ltd. | 9 | 2,362 | ||||||
Boston Properties, Inc. REIT | 31 | 2,324 | ||||||
Loews Corp. | 43 | 2,143 | ||||||
Comerica, Inc. | 28 | 1,991 | ||||||
Signature Bank | 13 | 1,963 | ||||||
Globe Life, Inc. | 19 | 1,894 | ||||||
Regency Centers Corp. REIT | 33 | 1,777 | ||||||
Assurant, Inc. | 12 | 1,743 | ||||||
Zions Bancorp North America | 32 | 1,628 | ||||||
Lincoln National Corp. | 33 | 1,449 | ||||||
Federal Realty Investment Trust REIT | 16 | 1,442 | ||||||
Invesco Ltd. | 96 | 1,315 | ||||||
Franklin Resources, Inc. | 61 | 1,313 | ||||||
Vornado Realty Trust REIT | 34 | 787 | ||||||
Total Financial | 962,483 | |||||||
Communications - 5.3% | ||||||||
Amazon.com, Inc.* | 1,898 | 214,474 | ||||||
Alphabet, Inc. — Class A* | 1,282 | 122,623 | ||||||
Alphabet, Inc. — Class C* | 1,146 | 110,188 | ||||||
Meta Platforms, Inc. — Class A* | 487 | 66,076 | ||||||
Walt Disney Co.* | 389 | 36,694 | ||||||
Cisco Systems, Inc. | 886 | 35,440 | ||||||
Verizon Communications, Inc. | 897 | 34,059 | ||||||
Comcast Corp. — Class A | 941 | 27,600 | ||||||
AT&T, Inc. | 1,526 | 23,409 | ||||||
Netflix, Inc.* | 95 | 22,367 | ||||||
T-Mobile US, Inc.* | 129 | 17,308 | ||||||
Booking Holdings, Inc.* | 9 | 14,789 | ||||||
Motorola Solutions, Inc. | 36 | 8,063 | ||||||
Charter Communications, Inc. — Class A* | 24 | 7,280 | ||||||
Twitter, Inc.* | 143 | 6,269 | ||||||
Arista Networks, Inc.* | 53 | 5,983 | ||||||
Warner Bros Discovery, Inc.* | 472 | 5,428 | ||||||
Corning, Inc. | 164 | 4,760 | ||||||
CDW Corp. | 29 | 4,526 | ||||||
eBay, Inc. | 117 | 4,307 | ||||||
FactSet Research Systems, Inc. | 9 | 3,601 | ||||||
VeriSign, Inc.* | 20 | 3,474 | ||||||
Expedia Group, Inc.* | 33 | 3,092 | ||||||
Match Group, Inc.* | 60 | 2,865 | ||||||
Omnicom Group, Inc. | 44 | 2,776 | ||||||
Etsy, Inc.* | 27 | 2,704 | ||||||
NortonLifeLock, Inc. | 127 | 2,558 | ||||||
Interpublic Group of Companies, Inc. | 84 | 2,150 | ||||||
Paramount Global — Class B | 109 | 2,075 | ||||||
Fox Corp. — Class A | 65 | 1,994 | ||||||
F5, Inc.* | 13 | 1,881 | ||||||
Juniper Networks, Inc. | 68 | 1,776 | ||||||
Lumen Technologies, Inc. | 204 | 1,485 | ||||||
News Corp. — Class A | 82 | 1,239 | ||||||
Fox Corp. — Class B | 31 | 884 | ||||||
DISH Network Corp. — Class A* | 54 | 747 | ||||||
News Corp. — Class B | 26 | 401 | ||||||
Total Communications | 807,345 | |||||||
Consumer, Cyclical - 4.3% | ||||||||
Tesla, Inc.* | 569 | 150,927 | ||||||
Home Depot, Inc. | 220 | 60,707 | ||||||
Costco Wholesale Corp. | 94 | 44,393 | ||||||
Walmart, Inc. | 305 | 39,559 | ||||||
McDonald's Corp. | 157 | 36,226 | ||||||
Lowe's Companies, Inc. | 136 | 25,542 | ||||||
NIKE, Inc. — Class B | 269 | 22,359 | ||||||
Starbucks Corp. | 245 | 20,644 | ||||||
TJX Companies, Inc. | 251 | 15,592 | ||||||
Target Corp. | 99 | 14,691 | ||||||
Dollar General Corp. | 49 | 11,753 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 7 | 10,519 | ||||||
General Motors Co. | 312 | 10,012 | ||||||
O'Reilly Automotive, Inc.* | 14 | 9,847 | ||||||
Ford Motor Co. | 845 | 9,464 | ||||||
AutoZone, Inc.* | 4 | 8,568 | ||||||
Marriott International, Inc. — Class A | 58 | 8,128 | ||||||
Hilton Worldwide Holdings, Inc. | 59 | 7,117 | ||||||
Yum! Brands, Inc. | 62 | 6,593 | ||||||
Ross Stores, Inc. | 75 | 6,320 | ||||||
Cummins, Inc. | 31 | 6,309 | ||||||
Dollar Tree, Inc.* | 46 | 6,261 | ||||||
PACCAR, Inc. | 74 | 6,193 | ||||||
Fastenal Co. | 124 | 5,709 | ||||||
WW Grainger, Inc. | 10 | 4,892 | ||||||
Walgreens Boots Alliance, Inc. | 153 | 4,804 | ||||||
Copart, Inc.* | 45 | 4,788 | ||||||
Genuine Parts Co. | 31 | 4,629 | ||||||
Aptiv plc* | 58 | 4,536 | ||||||
DR Horton, Inc. | 67 | 4,513 | ||||||
Tractor Supply Co. | 24 | 4,461 | ||||||
Ulta Beauty, Inc.* | 11 | 4,413 | ||||||
Lennar Corp. — Class A | 54 | 4,026 | ||||||
NVR, Inc.* | 1 | 3,987 | ||||||
Southwest Airlines Co.* | 127 | 3,917 | ||||||
Delta Air Lines, Inc.* | 138 | 3,872 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 42.7% (continued) | ||||||||
Consumer, Cyclical - 4.3% (continued) | ||||||||
Darden Restaurants, Inc. | 26 | $ | 3,284 | |||||
Best Buy Company, Inc. | 44 | 2,787 | ||||||
LKQ Corp. | 56 | 2,640 | ||||||
Las Vegas Sands Corp.* | 70 | 2,626 | ||||||
Pool Corp. | 8 | 2,546 | ||||||
Domino's Pizza, Inc. | 8 | 2,482 | ||||||
Live Nation Entertainment, Inc.* | 31 | 2,357 | ||||||
United Airlines Holdings, Inc.* | 71 | 2,310 | ||||||
CarMax, Inc.* | 34 | 2,245 | ||||||
VF Corp. | 71 | 2,124 | ||||||
MGM Resorts International | 70 | 2,080 | ||||||
Advance Auto Parts, Inc. | 13 | 2,032 | ||||||
Hasbro, Inc. | 28 | 1,888 | ||||||
PulteGroup, Inc. | 50 | 1,875 | ||||||
Royal Caribbean Cruises Ltd.* | 47 | 1,781 | ||||||
American Airlines Group, Inc.* | 139 | 1,673 | ||||||
Whirlpool Corp. | 12 | 1,618 | ||||||
BorgWarner, Inc. | 51 | 1,602 | ||||||
Bath & Body Works, Inc. | 49 | 1,597 | ||||||
Tapestry, Inc. | 54 | 1,535 | ||||||
Caesars Entertainment, Inc.* | 46 | 1,484 | ||||||
Carnival Corp.* | 211 | 1,483 | ||||||
Wynn Resorts Ltd.* | 23 | 1,450 | ||||||
Newell Brands, Inc. | 81 | 1,125 | ||||||
Alaska Air Group, Inc.* | 27 | 1,057 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 90 | 1,023 | ||||||
Ralph Lauren Corp. — Class A | 11 | 934 | ||||||
Total Consumer, Cyclical | 647,909 | |||||||
Industrial - 3.3% | ||||||||
Union Pacific Corp. | 134 | 26,106 | ||||||
Raytheon Technologies Corp. | 315 | 25,786 | ||||||
United Parcel Service, Inc. — Class B | 157 | 25,362 | ||||||
Honeywell International, Inc. | 144 | 24,044 | ||||||
Deere & Co. | 60 | 20,033 | ||||||
Lockheed Martin Corp. | 51 | 19,701 | ||||||
Caterpillar, Inc. | 112 | 18,377 | ||||||
Northrop Grumman Corp. | 32 | 15,050 | ||||||
Boeing Co.* | 120 | 14,530 | ||||||
General Electric Co. | 234 | 14,487 | ||||||
3M Co. | 118 | 13,039 | ||||||
Waste Management, Inc. | 80 | 12,817 | ||||||
CSX Corp. | 458 | 12,201 | ||||||
Eaton Corporation plc | 85 | 11,336 | ||||||
Illinois Tool Works, Inc. | 60 | 10,839 | ||||||
Norfolk Southern Corp. | 51 | 10,692 | ||||||
General Dynamics Corp. | 48 | 10,184 | ||||||
Emerson Electric Co. | 126 | 9,226 | ||||||
Amphenol Corp. — Class A | 128 | 8,571 | ||||||
L3Harris Technologies, Inc. | 41 | 8,521 | ||||||
Agilent Technologies, Inc. | 64 | 7,779 | ||||||
FedEx Corp. | 52 | 7,720 | ||||||
TE Connectivity Ltd. | 68 | 7,504 | ||||||
Trane Technologies plc | 50 | 7,240 | ||||||
Johnson Controls International plc | 147 | 7,235 | ||||||
Parker-Hannifin Corp. | 28 | 6,785 | ||||||
Carrier Global Corp. | 180 | 6,401 | ||||||
Republic Services, Inc. — Class A | 44 | 5,986 | ||||||
Keysight Technologies, Inc.* | 38 | 5,980 | ||||||
Otis Worldwide Corp. | 91 | 5,806 | ||||||
TransDigm Group, Inc. | 11 | 5,773 | ||||||
AMETEK, Inc. | 49 | 5,557 | ||||||
Mettler-Toledo International, Inc.* | 5 | 5,421 | ||||||
Rockwell Automation, Inc. | 24 | 5,163 | ||||||
Old Dominion Freight Line, Inc. | 19 | 4,727 | ||||||
Vulcan Materials Co. | 29 | 4,574 | ||||||
Fortive Corp. | 76 | 4,431 | ||||||
Martin Marietta Materials, Inc. | 13 | 4,187 | ||||||
Ingersoll Rand, Inc. | 86 | 3,720 | ||||||
Teledyne Technologies, Inc.* | 11 | 3,712 | ||||||
Dover Corp. | 30 | 3,497 | ||||||
Amcor plc | 321 | 3,444 | ||||||
Xylem, Inc. | 39 | 3,407 | ||||||
IDEX Corp. | 17 | 3,398 | ||||||
Ball Corp. | 67 | 3,238 | ||||||
Westinghouse Air Brake Technologies Corp. | 39 | 3,173 | ||||||
Expeditors International of Washington, Inc. | 35 | 3,091 | ||||||
Jacobs Solutions, Inc. | 27 | 2,929 | ||||||
Trimble, Inc.* | 53 | 2,876 | ||||||
J.B. Hunt Transport Services, Inc. | 18 | 2,816 | ||||||
Garmin Ltd. | 34 | 2,730 | ||||||
Textron, Inc. | 46 | 2,680 | ||||||
CH Robinson Worldwide, Inc. | 26 | 2,504 | ||||||
Generac Holdings, Inc.* | 14 | 2,494 | ||||||
Stanley Black & Decker, Inc. | 33 | 2,482 | ||||||
Howmet Aerospace, Inc. | 79 | 2,443 | ||||||
Snap-on, Inc. | 12 | 2,416 | ||||||
Nordson Corp. | 11 | 2,335 | ||||||
Masco Corp. | 49 | 2,288 | ||||||
Packaging Corporation of America | 20 | 2,246 | ||||||
Huntington Ingalls Industries, Inc. | 8 | 1,772 | ||||||
Allegion plc | 19 | 1,704 | ||||||
Westrock Co. | 54 | 1,668 | ||||||
Fortune Brands Home & Security, Inc. | 28 | 1,503 | ||||||
Pentair plc | 36 | 1,462 | ||||||
Sealed Air Corp. | 32 | 1,424 | ||||||
A O Smith Corp. | 28 | 1,360 | ||||||
Mohawk Industries, Inc.* | 11 | 1,003 | ||||||
Total Industrial | 494,986 | |||||||
Energy - 2.0% | ||||||||
Exxon Mobil Corp. | 890 | 77,706 | ||||||
Chevron Corp. | 385 | 55,313 | ||||||
ConocoPhillips | 273 | 27,939 | ||||||
EOG Resources, Inc. | 125 | 13,966 | ||||||
Pioneer Natural Resources Co. | 51 | 11,043 | ||||||
Schlumberger N.V. | 302 | 10,842 | ||||||
Marathon Petroleum Corp. | 107 | 10,628 | ||||||
Occidental Petroleum Corp. | 160 | 9,832 | ||||||
Valero Energy Corp. | 84 | 8,975 | ||||||
Devon Energy Corp. | 139 | 8,358 | ||||||
Enphase Energy, Inc.* | 30 | 8,324 | ||||||
Phillips 66 | 103 | 8,314 | ||||||
Williams Companies, Inc. | 261 | 7,473 | ||||||
Kinder Morgan, Inc. | 424 | 7,055 | ||||||
Hess Corp. | 60 | 6,540 | ||||||
ONEOK, Inc. | 96 | 4,919 | ||||||
Halliburton Co. | 193 | 4,751 | ||||||
Diamondback Energy, Inc. | 38 | 4,578 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 42.7% (continued) | ||||||||
Energy - 2.0% (continued) | ||||||||
Baker Hughes Co. | 217 | $ | 4,548 | |||||
Coterra Energy, Inc. — Class A | 170 | 4,441 | ||||||
Marathon Oil Corp. | 145 | 3,274 | ||||||
Equities Corp. | 79 | 3,219 | ||||||
SolarEdge Technologies, Inc.* | 13 | 3,009 | ||||||
APA Corp. | 70 | 2,393 | ||||||
Total Energy | 307,440 | |||||||
Utilities - 1.3% | ||||||||
NextEra Energy, Inc. | 420 | 32,932 | ||||||
Southern Co. | 229 | 15,572 | ||||||
Duke Energy Corp. | 164 | 15,255 | ||||||
Dominion Energy, Inc. | 179 | 12,371 | ||||||
Sempra Energy | 67 | 10,046 | ||||||
American Electric Power Company, Inc. | 110 | 9,509 | ||||||
Exelon Corp. | 212 | 7,942 | ||||||
Xcel Energy, Inc. | 117 | 7,488 | ||||||
Consolidated Edison, Inc. | 75 | 6,432 | ||||||
Public Service Enterprise Group, Inc. | 107 | 6,017 | ||||||
WEC Energy Group, Inc. | 67 | 5,992 | ||||||
Eversource Energy | 75 | 5,847 | ||||||
Constellation Energy Corp. | 70 | 5,823 | ||||||
American Water Works Company, Inc. | 39 | 5,077 | ||||||
DTE Energy Co. | 42 | 4,832 | ||||||
Edison International | 81 | 4,583 | ||||||
Ameren Corp. | 56 | 4,511 | ||||||
Entergy Corp. | 44 | 4,428 | ||||||
FirstEnergy Corp. | 116 | 4,292 | ||||||
PG&E Corp.* | 341 | 4,262 | ||||||
PPL Corp. | 157 | 3,980 | ||||||
CenterPoint Energy, Inc. | 136 | 3,832 | ||||||
CMS Energy Corp. | 62 | 3,611 | ||||||
AES Corp. | 143 | 3,232 | ||||||
Atmos Energy Corp. | 30 | 3,055 | ||||||
Evergy, Inc. | 49 | 2,911 | ||||||
Alliant Energy Corp. | 54 | 2,861 | ||||||
NiSource, Inc. | 88 | 2,217 | ||||||
NRG Energy, Inc. | 51 | 1,952 | ||||||
Pinnacle West Capital Corp. | 24 | 1,548 | ||||||
Total Utilities | 202,410 | |||||||
Basic Materials - 0.9% | ||||||||
Linde plc | 106 | 28,577 | ||||||
Air Products and Chemicals, Inc. | 47 | 10,938 | ||||||
Sherwin-Williams Co. | 50 | 10,238 | ||||||
Freeport-McMoRan, Inc. | 305 | 8,336 | ||||||
Ecolab, Inc. | 53 | 7,654 | ||||||
Newmont Corp. | 169 | 7,103 | ||||||
Dow, Inc. | 154 | 6,765 | ||||||
Albemarle Corp. | 25 | 6,611 | ||||||
Nucor Corp. | 56 | 5,991 | ||||||
PPG Industries, Inc. | 50 | 5,535 | ||||||
DuPont de Nemours, Inc. | 108 | 5,443 | ||||||
International Flavors & Fragrances, Inc. | 55 | 4,996 | ||||||
LyondellBasell Industries N.V. — Class A | 55 | 4,140 | ||||||
CF Industries Holdings, Inc. | 43 | 4,139 | ||||||
Mosaic Co. | 73 | 3,528 | ||||||
FMC Corp. | 27 | 2,854 | ||||||
International Paper Co. | 77 | 2,441 | ||||||
Celanese Corp. — Class A | 22 | 1,987 | ||||||
Eastman Chemical Co. | 26 | 1,847 | ||||||
Total Basic Materials | 129,123 | |||||||
Total Common Stocks | ||||||||
(Cost $4,620,165) | 6,464,289 | |||||||
MUTUAL FUNDS† - 37.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 306,854 | 2,942,726 | ||||||
Guggenheim Strategy Fund II1 | 116,588 | 2,794,625 | ||||||
Total Mutual Funds | ||||||||
(Cost $5,911,090) | 5,737,351 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 10.4% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/222,3 | $ | 881,000 | 880,941 | |||||
2.35% due 10/04/223 | 500,000 | 499,966 | ||||||
2.70% due 11/08/223,4 | 202,000 | 201,453 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,582,213) | 1,582,360 | |||||||
REPURCHASE AGREEMENTS††,5 - 46.5% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/222 | 4,011,867 | 4,011,867 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/222 | 1,543,026 | 1,543,026 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/222 | 1,497,354 | 1,497,354 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,052,247) | 7,052,247 | |||||||
Total Investments - 137.5% | ||||||||
(Cost $19,165,715) | $ | 20,836,247 | ||||||
Other Assets & Liabilities, net - (37.5)% | (5,680,875 | ) | ||||||
Total Net Assets - 100.0% | $ | 15,155,372 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
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†† | |||||||||||||||||||||
BNP Paribas | S&P 500 Index | Pay | 3.68% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 340 | $ | 1,220,387 | $ | (293,035 | ) | ||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 2,046 | 7,337,876 | (370,258 | ) | ||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 3.41% (SOFR + 0.45%) | At Maturity | 11/16/22 | 2,144 | 7,686,696 | (1,273,449 | ) | ||||||||||||
$ | 16,244,959 | $ | (1,936,742 | ) |
* | 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 | Affiliated issuer. |
2 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
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 September 30, 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 | $ | 6,461,065 | $ | 3,224 | $ | — | $ | 6,464,289 | ||||||||
Mutual Funds | 5,737,351 | — | — | 5,737,351 | ||||||||||||
U.S. Treasury Bills | — | 1,582,360 | — | 1,582,360 | ||||||||||||
Repurchase Agreements | — | 7,052,247 | — | 7,052,247 | ||||||||||||
Total Assets | $ | 12,198,416 | $ | 8,637,831 | $ | — | $ | 20,836,247 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 1,936,742 | $ | — | $ | 1,936,742 |
** | 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.
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Transactions during the period ended September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,008,187 | $ | 400,000 | $ | (2,500,000 | ) | $ | (2,225 | ) | $ | (111,337 | ) | $ | 2,794,625 | 116,588 | $ | 49,662 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 3,156,914 | 400,000 | (500,000 | ) | (14,995 | ) | (99,193 | ) | 2,942,726 | 306,854 | 43,610 | |||||||||||||||||||||
$ | 8,165,101 | $ | 800,000 | $ | (3,000,000 | ) | $ | (17,220 | ) | $ | (210,530 | ) | $ | 5,737,351 | $ | 93,272 |
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 95.7% | ||||||||
Mining - 95.7% | ||||||||
Freeport-McMoRan, Inc. | 47,270 | $ | 1,291,889 | |||||
Newmont Corp. | 30,401 | 1,277,754 | ||||||
Barrick Gold Corp. | 74,903 | 1,160,997 | ||||||
Franco-Nevada Corp. | 8,751 | 1,045,569 | ||||||
Agnico Eagle Mines Ltd. | 22,816 | 963,520 | ||||||
Wheaton Precious Metals Corp. | 26,283 | 850,518 | ||||||
Gold Fields Ltd. ADR | 72,859 | 589,429 | ||||||
Sibanye Stillwater Ltd. ADR | 60,749 | 566,181 | ||||||
Royal Gold, Inc. | 5,872 | 550,911 | ||||||
AngloGold Ashanti Ltd. ADR | 38,679 | 534,544 | ||||||
Kinross Gold Corp. | 136,019 | 511,431 | ||||||
Yamana Gold, Inc. | 101,765 | 460,995 | ||||||
Pan American Silver Corp. | 25,870 | 410,816 | ||||||
SSR Mining, Inc. | 27,201 | 400,127 | ||||||
B2Gold Corp. | 123,316 | 397,078 | ||||||
Alamos Gold, Inc. — Class A | 51,074 | 378,458 | ||||||
Hecla Mining Co. | 80,378 | 316,689 | ||||||
First Majestic Silver Corp. | 40,524 | 308,793 | ||||||
Osisko Gold Royalties Ltd. | 30,089 | 306,306 | ||||||
Novagold Resources, Inc.* | 60,823 | 285,260 | ||||||
Harmony Gold Mining Company Ltd. ADR | 113,881 | 276,731 | ||||||
Sandstorm Gold Ltd. | 48,041 | 248,372 | ||||||
MAG Silver Corp.* | 19,452 | 242,761 | ||||||
Eldorado Gold Corp.* | 39,545 | 238,456 | ||||||
Equinox Gold Corp.* | 64,692 | 236,126 | ||||||
Coeur Mining, Inc.* | 67,809 | 231,907 | ||||||
Seabridge Gold, Inc.* | 17,708 | 210,194 | ||||||
Fortuna Silver Mines, Inc.* | 76,954 | 193,924 | ||||||
SilverCrest Metals, Inc.* | 35,036 | 193,749 | ||||||
Endeavour Silver Corp.* | 55,317 | 167,057 | ||||||
IAMGOLD Corp.* | 133,448 | 142,789 | ||||||
Silvercorp Metals, Inc. | 60,635 | 141,280 | ||||||
Gatos Silver, Inc.* | 35,534 | 95,231 | ||||||
Total Mining | 15,225,842 | |||||||
Total Common Stocks | ||||||||
(Cost $10,316,620) | 15,225,842 | |||||||
EXCHANGE-TRADED FUNDS† - 3.8% | ||||||||
VanEck Junior Gold Miners ETF | 20,590 | 606,581 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $495,045) | 606,581 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.6% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 143,236 | 143,236 | |||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 55,091 | 55,091 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 53,460 | 53,460 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $251,787) | 251,787 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $11,063,452) | $ | 16,084,210 | ||||||
Other Assets & Liabilities, net - (1.1)% | (179,880 | ) | ||||||
Total Net Assets - 100.0% | $ | 15,904,330 |
* | 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. |
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 September 30, 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 | $ | 15,225,842 | $ | — | $ | — | $ | 15,225,842 | ||||||||
Exchange-Traded Funds | 606,581 | — | — | 606,581 | ||||||||||||
Repurchase Agreements | — | 251,787 | — | 251,787 | ||||||||||||
Total Assets | $ | 15,832,423 | $ | 251,787 | $ | — | $ | 16,084,210 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
REITS - 92.6% | ||||||||
REITs-Diversified - 23.8% | ||||||||
American Tower Corp. — Class A | 748 | $ | 160,596 | |||||
Crown Castle, Inc. | 892 | 128,939 | ||||||
Equinix, Inc. | 214 | 121,732 | ||||||
SBA Communications Corp. | 330 | 93,935 | ||||||
VICI Properties, Inc. | 3,022 | 90,207 | ||||||
Digital Realty Trust, Inc. | 866 | 85,890 | ||||||
Weyerhaeuser Co. | 2,615 | 74,684 | ||||||
Duke Realty Corp. | 1,417 | 68,299 | ||||||
WP Carey, Inc. | 845 | 58,981 | ||||||
Gaming and Leisure Properties, Inc. | 1,280 | 56,627 | ||||||
Lamar Advertising Co. — Class A | 572 | 47,184 | ||||||
Rayonier, Inc. | 1,140 | 34,166 | ||||||
Rithm Capital Corp. | 3,999 | 29,273 | ||||||
PotlatchDeltic Corp. | 676 | 27,743 | ||||||
LXP Industrial Trust | 2,931 | 26,848 | ||||||
EPR Properties | 737 | 26,429 | ||||||
Outfront Media, Inc. | 1,630 | 24,760 | ||||||
Broadstone Net Lease, Inc. | 1,588 | 24,662 | ||||||
Washington Real Estate Investment Trust | 1,170 | 20,545 | ||||||
Uniti Group, Inc. | 2,825 | 19,634 | ||||||
Total REITs-Diversified | 1,221,134 | |||||||
REITs-Apartments - 12.4% | ||||||||
AvalonBay Communities, Inc. | 467 | 86,017 | ||||||
Equity Residential | 1,250 | 84,025 | ||||||
Invitation Homes, Inc. | 2,216 | 74,834 | ||||||
Mid-America Apartment Communities, Inc. | 473 | 73,348 | ||||||
Essex Property Trust, Inc. | 280 | 67,824 | ||||||
Camden Property Trust | 514 | 61,397 | ||||||
UDR, Inc. | 1,472 | 61,397 | ||||||
American Homes 4 Rent — Class A | 1,734 | 56,893 | ||||||
Apartment Income REIT Corp. | 1,071 | 41,362 | ||||||
Independence Realty Trust, Inc. | 1,873 | 31,335 | ||||||
Total REITs-Apartments | 638,432 | |||||||
REITs-Health Care - 8.8% | ||||||||
Welltower, Inc. | 1,379 | 88,697 | ||||||
Ventas, Inc. | 1,604 | 64,433 | ||||||
Healthpeak Properties, Inc. | 2,506 | 57,438 | ||||||
Healthcare Realty Trust, Inc. | 2,222 | 46,329 | ||||||
Omega Healthcare Investors, Inc. | 1,514 | 44,648 | ||||||
Medical Properties Trust, Inc. | 3,589 | 42,566 | ||||||
Physicians Realty Trust | 2,051 | 30,847 | ||||||
Sabra Health Care REIT, Inc. | 2,224 | 29,179 | ||||||
National Health Investors, Inc. | 475 | 26,852 | ||||||
CareTrust REIT, Inc. | 1,215 | 22,004 | ||||||
Total REITs-Health Care | 452,993 | |||||||
REITs-Office Property - 8.5% | ||||||||
Alexandria Real Estate Equities, Inc. | 584 | 81,871 | ||||||
Boston Properties, Inc. | 759 | 56,902 | ||||||
Kilroy Realty Corp. | 859 | 36,172 | ||||||
Vornado Realty Trust | 1,488 | 34,462 | ||||||
Cousins Properties, Inc. | 1,303 | 30,425 | ||||||
Douglas Emmett, Inc. | 1,626 | 29,154 | ||||||
Equity Commonwealth | 1,154 | 28,111 | ||||||
Highwoods Properties, Inc. | 1,035 | 27,904 | ||||||
Corporate Office Properties Trust | 1,163 | 27,016 | ||||||
SL Green Realty Corp. | 652 | 26,184 | ||||||
JBG SMITH Properties | 1,278 | 23,745 | ||||||
Hudson Pacific Properties, Inc. | 1,795 | 19,655 | ||||||
Brandywine Realty Trust | 2,557 | 17,260 | ||||||
Total REITs-Office Property | 438,861 | |||||||
REITs-Warehouse/Industries - 7.9% | ||||||||
Prologis, Inc. | 1,350 | 137,160 | ||||||
Rexford Industrial Realty, Inc. | 915 | 47,580 | ||||||
EastGroup Properties, Inc. | 292 | 42,147 | ||||||
Americold Realty Trust, Inc. | 1,694 | 41,672 | ||||||
First Industrial Realty Trust, Inc. | 890 | 39,881 | ||||||
STAG Industrial, Inc. | 1,352 | 38,437 | ||||||
Terreno Realty Corp. | 613 | 32,483 | ||||||
Innovative Industrial Properties, Inc. | 312 | 27,612 | ||||||
Total REITs-Warehouse/Industries | 406,972 | |||||||
REITs-Storage - 7.8% | ||||||||
Public Storage | 416 | 121,809 | ||||||
Extra Space Storage, Inc. | 472 | 81,519 | ||||||
Iron Mountain, Inc. | 1,296 | 56,985 | ||||||
Life Storage, Inc. | 469 | 51,946 | ||||||
CubeSmart | 1,237 | 49,554 | ||||||
National Storage Affiliates Trust | 882 | 36,674 | ||||||
Total REITs-Storage | 398,487 | |||||||
REITs-Shopping Centers - 6.1% | ||||||||
Kimco Realty Corp. | 2,993 | 55,101 | ||||||
Regency Centers Corp. | 938 | 50,511 | ||||||
Federal Realty Investment Trust | 509 | 45,871 | ||||||
Brixmor Property Group, Inc. | 2,058 | 38,011 | ||||||
Kite Realty Group Trust | 1,873 | 32,253 | ||||||
Phillips Edison & Company, Inc. | 1,114 | 31,248 | ||||||
SITE Centers Corp. | 2,251 | 24,108 | ||||||
Retail Opportunity Investments Corp. | 1,522 | 20,943 | ||||||
Acadia Realty Trust | 1,358 | 17,138 | ||||||
Total REITs-Shopping Centers | 315,184 | |||||||
REITs-Single Tenant - 5.9% | ||||||||
Realty Income Corp. | 1,718 | 99,988 | ||||||
STORE Capital Corp. | 1,803 | 56,488 | ||||||
National Retail Properties, Inc. | 1,118 | 44,563 | ||||||
Agree Realty Corp. | 581 | 39,264 | ||||||
Spirit Realty Capital, Inc. | 1,021 | 36,919 | ||||||
Essential Properties Realty Trust, Inc. | 1,423 | 27,677 | ||||||
Total REITs-Single Tenant | 304,899 | |||||||
REITs-Hotels - 4.2% | ||||||||
Host Hotels & Resorts, Inc. | 3,536 | 56,152 | ||||||
Ryman Hospitality Properties, Inc. | 462 | 33,999 | ||||||
Apple Hospitality REIT, Inc. | 2,126 | 29,892 | ||||||
Park Hotels & Resorts, Inc. | 2,212 | 24,907 | ||||||
Sunstone Hotel Investors, Inc. | 2,447 | 23,051 | ||||||
Pebblebrook Hotel Trust | 1,512 | 21,939 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
REITS - 92.6% (continued) | ||||||||
REITs-Hotels - 4.2% (continued) | ||||||||
RLJ Lodging Trust | 2,040 | $ | 20,645 | |||||
Total REITs-Hotels | 210,585 | |||||||
REITs-Mortgage - 2.6% | ||||||||
Starwood Property Trust, Inc. | 2,055 | 37,442 | ||||||
Blackstone Mortgage Trust, Inc. — Class A | 1,366 | 31,882 | ||||||
AGNC Investment Corp. | 3,749 | 31,567 | ||||||
Arbor Realty Trust, Inc. | 1,990 | 22,885 | ||||||
Chimera Investment Corp. | 2,985 | 15,582 | ||||||
Total REITs-Mortgage | 139,358 | |||||||
REITs-Manufactured Homes - 2.4% | ||||||||
Sun Communities, Inc. | 509 | 68,883 | ||||||
Equity LifeStyle Properties, Inc. | 906 | 56,933 | ||||||
Total REITs-Manufactured Homes | 125,816 | |||||||
REITs-Regional Malls - 2.2% | ||||||||
Simon Property Group, Inc. | 1,003 | 90,019 | ||||||
Macerich Co. | 2,634 | 20,914 | ||||||
Total REITs-Regional Malls | 110,933 | |||||||
Total REITS | 4,763,654 | |||||||
Real Estate - 4.3% | ||||||||
Real Estate Management/Services - 3.8% | ||||||||
CBRE Group, Inc. — Class A* | 1,124 | 75,881 | ||||||
Jones Lang LaSalle, Inc.* | 302 | 45,623 | ||||||
Cushman & Wakefield plc* | 2,160 | 24,732 | ||||||
eXp World Holdings, Inc. | 1,884 | 21,120 | ||||||
Anywhere Real Estate, Inc.* | 1,904 | 15,441 | ||||||
Redfin Corp.* | 2,015 | 11,768 | ||||||
Total Real Estate Management/Services | 194,565 | |||||||
Real Estate Operations/Development - 0.5% | ||||||||
Howard Hughes Corp.* | 494 | 27,363 | ||||||
Total Real Estate | 221,928 | |||||||
Internet - 1.6% | ||||||||
E-Commerce/Services - 1.6% | ||||||||
Zillow Group, Inc. — Class C* | 1,421 | 40,655 | ||||||
Zillow Group, Inc. — Class A* | 1,410 | 40,368 | ||||||
Total E-Commerce/Services | 81,023 | |||||||
Total Internet | 81,023 | |||||||
Diversified Financial Services - 0.5% | ||||||||
Finance-Commercial - 0.5% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 832 | 24,902 | ||||||
Telecommunications - 0.4% | ||||||||
Telecom Services - 0.4% | ||||||||
DigitalBridge Group, Inc. | 1,696 | 21,217 | ||||||
Total Common Stocks | ||||||||
(Cost $2,960,721) | 5,112,724 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.5% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 15,574 | 15,574 | |||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 5,990 | 5,990 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 5,812 | 5,812 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $27,376) | 27,376 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $2,988,097) | $ | 5,140,100 | ||||||
Other Assets & Liabilities, net - (0.1)% | 2,151 | |||||||
Total Net Assets - 100.0% | $ | 5,142,251 |
* | 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 | 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 September 30, 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 | $ | 5,112,724 | $ | — | $ | — | $ | 5,112,724 | ||||||||
Repurchase Agreements | — | 27,376 | — | 27,376 | ||||||||||||
Total Assets | $ | 5,112,724 | $ | 27,376 | $ | — | $ | 5,140,100 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Retail - 65.7% | ||||||||
Walmart, Inc. | 1,555 | $ | 201,684 | |||||
Home Depot, Inc. | 627 | 173,014 | ||||||
Costco Wholesale Corp. | 303 | 143,098 | ||||||
Lowe's Companies, Inc. | 710 | 133,345 | ||||||
TJX Companies, Inc. | 1,707 | 106,039 | ||||||
Target Corp. | 670 | 99,421 | ||||||
Dollar General Corp. | 392 | 94,025 | ||||||
O'Reilly Automotive, Inc.* | 121 | 85,105 | ||||||
AutoZone, Inc.* | 38 | 81,393 | ||||||
Dollar Tree, Inc.* | 513 | 69,819 | ||||||
Ross Stores, Inc. | 790 | 66,573 | ||||||
Walgreens Boots Alliance, Inc. | 2,008 | 63,051 | ||||||
Genuine Parts Co. | 383 | 57,190 | ||||||
Tractor Supply Co. | 305 | 56,693 | ||||||
Ulta Beauty, Inc.* | 138 | 55,364 | ||||||
Best Buy Company, Inc. | 702 | 44,465 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 538 | 39,172 | ||||||
Advance Auto Parts, Inc. | 238 | 37,209 | ||||||
CarMax, Inc.* | 540 | 35,651 | ||||||
Five Below, Inc.* | 257 | 35,381 | ||||||
Dick's Sporting Goods, Inc. | 334 | 34,950 | ||||||
GameStop Corp. — Class A*,1 | 1,315 | 33,046 | ||||||
Williams-Sonoma, Inc. | 274 | 32,291 | ||||||
Bath & Body Works, Inc. | 982 | 32,013 | ||||||
Floor & Decor Holdings, Inc. — Class A* | 454 | 31,898 | ||||||
Murphy USA, Inc. | 116 | 31,890 | ||||||
Burlington Stores, Inc.* | 272 | 30,434 | ||||||
RH* | 120 | 29,528 | ||||||
AutoNation, Inc.* | 285 | 29,033 | ||||||
Lithia Motors, Inc. — Class A | 133 | 28,535 | ||||||
Macy's, Inc. | 1,574 | 24,665 | ||||||
Academy Sports & Outdoors, Inc. | 524 | 22,102 | ||||||
Asbury Automotive Group, Inc.* | 146 | 22,061 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 424 | 21,878 | ||||||
Gap, Inc. | 2,483 | 20,386 | ||||||
Foot Locker, Inc. | 636 | 19,799 | ||||||
Signet Jewelers Ltd. | 345 | 19,731 | ||||||
Nordstrom, Inc. | 1,169 | 19,557 | ||||||
Victoria's Secret & Co.* | 629 | 18,317 | ||||||
American Eagle Outfitters, Inc.* | 1,719 | 16,726 | ||||||
Kohl's Corp. | 462 | 11,619 | ||||||
Abercrombie & Fitch Co. — Class A* | 720 | 11,196 | ||||||
Carvana Co.* | 399 | 8,100 | ||||||
Bed Bath & Beyond, Inc.*,1 | 1,215 | 7,399 | ||||||
Big Lots, Inc. | 460 | 7,181 | ||||||
Total Retail | 2,242,027 | |||||||
Internet - 30.9% | ||||||||
Amazon.com, Inc.* | 3,213 | 363,069 | ||||||
Booking Holdings, Inc.* | 57 | 93,663 | ||||||
Alibaba Group Holding Ltd. ADR* | 939 | 75,111 | ||||||
eBay, Inc. | 1,427 | 52,528 | ||||||
Pinduoduo, Inc. ADR* | 837 | 52,379 | ||||||
JD.com, Inc. ADR | 1,009 | 50,753 | ||||||
MercadoLibre, Inc.* | 61 | 50,495 | ||||||
DoorDash, Inc. — Class A* | 1,002 | 49,549 | ||||||
Expedia Group, Inc.* | 486 | 45,533 | ||||||
Trip.com Group Ltd. ADR* | 1,643 | 44,870 | ||||||
Etsy, Inc.* | 438 | 43,857 | ||||||
Chewy, Inc. — Class A*,1 | 1,412 | 43,377 | ||||||
Coupang, Inc.* | 2,184 | 36,407 | ||||||
Wayfair, Inc. — Class A* | 581 | 18,911 | ||||||
Revolve Group, Inc.* | 668 | 14,489 | ||||||
Overstock.com, Inc.* | 515 | 12,540 | ||||||
Stitch Fix, Inc. — Class A* | 1,817 | 7,177 | ||||||
Total Internet | 1,054,708 | |||||||
Distribution & Wholesale - 2.6% | ||||||||
Pool Corp. | 139 | 44,231 | ||||||
LKQ Corp. | 927 | 43,708 | ||||||
Total Distribution & Wholesale | 87,939 | |||||||
Apparel - 0.5% | ||||||||
Urban Outfitters, Inc.* | 834 | 16,388 | ||||||
Total Common Stocks | ||||||||
(Cost $2,292,662) | 3,401,062 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 17,335 | 17,335 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 6,668 | 6,668 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 6,470 | 6,470 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $30,473) | 30,473 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.9% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 29,505 | 29,505 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $29,505) | 29,505 | |||||||
Total Investments - 101.5% | ||||||||
(Cost $2,352,640) | $ | 3,461,040 | ||||||
Other Assets & Liabilities, net - (1.5)% | (50,873 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,410,167 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 3,401,062 | $ | — | $ | — | $ | 3,401,062 | ||||||||
Repurchase Agreements | — | 30,473 | — | 30,473 | ||||||||||||
Securities Lending Collateral | 29,505 | — | — | 29,505 | ||||||||||||
Total Assets | $ | 3,430,567 | $ | 30,473 | $ | — | $ | 3,461,040 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% | ||||||||
Consumer, Non-cyclical - 12.7% | ||||||||
Shockwave Medical, Inc.* | 35 | $ | 8,352 | |||||
Biohaven Pharmaceutical Holding Company Ltd.* | 43 | 6,500 | ||||||
Karuna Therapeutics, Inc.* | 20 | 4,499 | ||||||
Apellis Pharmaceuticals, Inc.* | 63 | 4,303 | ||||||
HealthEquity, Inc.* | 56 | 3,762 | ||||||
Halozyme Therapeutics, Inc.* | 92 | 3,638 | ||||||
Inspire Medical Systems, Inc.* | 19 | 3,370 | ||||||
Celsius Holdings, Inc.* | 37 | 3,355 | ||||||
Option Care Health, Inc.* | 105 | 3,304 | ||||||
LHC Group, Inc.* | 20 | 3,273 | ||||||
Lantheus Holdings, Inc.* | 46 | 3,235 | ||||||
AMN Healthcare Services, Inc.* | 29 | 3,073 | ||||||
Global Blood Therapeutics, Inc.* | 44 | 2,996 | ||||||
ASGN, Inc.* | 33 | 2,982 | ||||||
Intra-Cellular Therapies, Inc.* | 62 | 2,885 | ||||||
Ensign Group, Inc. | 36 | 2,862 | ||||||
Intellia Therapeutics, Inc.* | 51 | 2,854 | ||||||
Medpace Holdings, Inc.* | 17 | 2,672 | ||||||
Cytokinetics, Inc.* | 55 | 2,665 | ||||||
Blueprint Medicines Corp.* | 40 | 2,636 | ||||||
Omnicell, Inc.* | 30 | 2,611 | ||||||
Insperity, Inc. | 25 | 2,552 | ||||||
Haemonetics Corp.* | 34 | 2,517 | ||||||
iRhythm Technologies, Inc.* | 20 | 2,506 | ||||||
Alkermes plc* | 110 | 2,456 | ||||||
Inari Medical, Inc.* | 33 | 2,397 | ||||||
PTC Therapeutics, Inc.* | 47 | 2,359 | ||||||
Axonics, Inc.* | 33 | 2,325 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 70 | 2,314 | ||||||
Triton International Ltd. | 42 | 2,299 | ||||||
STAAR Surgical Co.* | 32 | 2,258 | ||||||
ChemoCentryx, Inc.* | 43 | 2,221 | ||||||
Merit Medical Systems, Inc.* | 38 | 2,147 | ||||||
Alarm.com Holdings, Inc.* | 33 | 2,140 | ||||||
Hostess Brands, Inc.* | 92 | 2,138 | ||||||
Denali Therapeutics, Inc.* | 67 | 2,056 | ||||||
Beam Therapeutics, Inc.* | 43 | 2,049 | ||||||
Sprouts Farmers Market, Inc.* | 73 | 2,026 | ||||||
Lancaster Colony Corp. | 13 | 1,954 | ||||||
Amicus Therapeutics, Inc.* | 187 | 1,952 | ||||||
Simply Good Foods Co.* | 61 | 1,951 | ||||||
Progyny, Inc.* | 51 | 1,890 | ||||||
R1 RCM, Inc.* | 102 | 1,890 | ||||||
API Group Corp.* | 140 | 1,858 | ||||||
BellRing Brands, Inc.* | 89 | 1,834 | ||||||
LivaNova plc* | 36 | 1,828 | ||||||
StoneCo Ltd. — Class A* | 187 | 1,782 | ||||||
TriNet Group, Inc.* | 25 | 1,781 | ||||||
Chegg, Inc.* | 84 | 1,770 | ||||||
Herc Holdings, Inc. | 17 | 1,766 | ||||||
Insmed, Inc.* | 81 | 1,745 | ||||||
ABM Industries, Inc. | 45 | 1,720 | ||||||
Prestige Consumer Healthcare, Inc.* | 34 | 1,694 | ||||||
Korn Ferry | 36 | 1,690 | ||||||
Alight, Inc. — Class A* | 229 | 1,679 | ||||||
Glaukos Corp.* | 31 | 1,650 | ||||||
Graham Holdings Co. — Class B | 3 | 1,614 | ||||||
Pacira BioSciences, Inc.* | 30 | 1,596 | ||||||
BioCryst Pharmaceuticals, Inc.* | 126 | 1,588 | ||||||
WD-40 Co. | 9 | 1,582 | ||||||
Select Medical Holdings Corp. | 70 | 1,547 | ||||||
Helen of Troy Ltd.* | 16 | 1,543 | ||||||
NuVasive, Inc.* | 35 | 1,533 | ||||||
CONMED Corp. | 19 | 1,523 | ||||||
Covetrus, Inc.* | 72 | 1,503 | ||||||
Brink's Co. | 31 | 1,502 | ||||||
Corcept Therapeutics, Inc.* | 58 | 1,487 | ||||||
Arvinas, Inc.* | 33 | 1,468 | ||||||
Prothena Corporation plc* | 24 | 1,455 | ||||||
Cal-Maine Foods, Inc. | 26 | 1,445 | ||||||
TreeHouse Foods, Inc.* | 34 | 1,442 | ||||||
IVERIC bio, Inc.* | 79 | 1,417 | ||||||
Patterson Companies, Inc. | 59 | 1,417 | ||||||
CBIZ, Inc.* | 33 | 1,412 | ||||||
AbCellera Biologics, Inc.* | 140 | 1,385 | ||||||
Sage Therapeutics, Inc.* | 35 | 1,371 | ||||||
Integer Holdings Corp.* | 22 | 1,369 | ||||||
Primo Water Corp. | 107 | 1,343 | ||||||
United Natural Foods, Inc.* | 39 | 1,340 | ||||||
Twist Bioscience Corp.* | 38 | 1,339 | ||||||
Herbalife Nutrition Ltd.* | 67 | 1,333 | ||||||
ACADIA Pharmaceuticals, Inc.* | 81 | 1,325 | ||||||
Edgewell Personal Care Co. | 35 | 1,309 | ||||||
ICF International, Inc. | 12 | 1,308 | ||||||
Revance Therapeutics, Inc.* | 48 | 1,296 | ||||||
J & J Snack Foods Corp. | 10 | 1,295 | ||||||
EVERTEC, Inc. | 41 | 1,285 | ||||||
Fate Therapeutics, Inc.* | 56 | 1,255 | ||||||
elf Beauty, Inc.* | 33 | 1,241 | ||||||
Coca-Cola Consolidated, Inc. | 3 | 1,235 | ||||||
AtriCure, Inc.* | 31 | 1,212 | ||||||
Owens & Minor, Inc. | 50 | 1,205 | ||||||
Prometheus Biosciences, Inc.* | 20 | 1,180 | ||||||
Relay Therapeutics, Inc.* | 52 | 1,163 | ||||||
Stride, Inc.* | 27 | 1,135 | ||||||
Cytek Biosciences, Inc.* | 77 | 1,133 | ||||||
Sabre Corp.* | 220 | 1,133 | ||||||
Embecta Corp. | 39 | 1,123 | ||||||
Nevro Corp.* | 24 | 1,118 | ||||||
Supernus Pharmaceuticals, Inc.* | 33 | 1,117 | ||||||
Adtalem Global Education, Inc.* | 30 | 1,094 | ||||||
John Wiley & Sons, Inc. — Class A | 29 | 1,089 | ||||||
Cassava Sciences, Inc.* | 26 | 1,087 | ||||||
Evo Payments, Inc. — Class A* | 32 | 1,066 | ||||||
Verve Therapeutics, Inc.* | 31 | 1,065 | ||||||
Agios Pharmaceuticals, Inc.* | 37 | 1,046 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 37 | 1,046 | ||||||
Silk Road Medical, Inc.* | 23 | 1,035 | ||||||
Myriad Genetics, Inc.* | 54 | 1,030 | ||||||
Neogen Corp.* | 73 | 1,020 | ||||||
Xencor, Inc.* | 39 | 1,013 | ||||||
Travere Therapeutics, Inc.* | 41 | 1,010 | ||||||
REVOLUTION Medicines, Inc.* | 50 | 986 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 92 | 979 | ||||||
Iovance Biotherapeutics, Inc.* | 102 | 977 | ||||||
Krystal Biotech, Inc.* | 14 | 976 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Non-cyclical - 12.7% (continued) | ||||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 93 | $ | 964 | |||||
Monro, Inc. | 22 | 956 | ||||||
MGP Ingredients, Inc. | 9 | 956 | ||||||
Cano Health, Inc.* | 110 | 954 | ||||||
Addus HomeCare Corp.* | 10 | 952 | ||||||
Vir Biotechnology, Inc.* | 49 | 945 | ||||||
Huron Consulting Group, Inc.* | 14 | 928 | ||||||
Pediatrix Medical Group, Inc.* | 56 | 925 | ||||||
Central Garden & Pet Co. — Class A* | 27 | 922 | ||||||
Strategic Education, Inc. | 15 | 921 | ||||||
AdaptHealth Corp.* | 49 | 920 | ||||||
Arcus Biosciences, Inc.* | 35 | 916 | ||||||
Meridian Bioscience, Inc.* | 29 | 914 | ||||||
Inter Parfums, Inc. | 12 | 906 | ||||||
ModivCare, Inc.* | 9 | 897 | ||||||
ZipRecruiter, Inc. — Class A* | 54 | 891 | ||||||
Payoneer Global, Inc.* | 147 | 889 | ||||||
Pacific Biosciences of California, Inc.* | 153 | 888 | ||||||
TransMedics Group, Inc.* | 21 | 877 | ||||||
Celldex Therapeutics, Inc.* | 31 | 871 | ||||||
Vaxcyte, Inc.* | 36 | 864 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 10 | 861 | ||||||
Hain Celestial Group, Inc.* | 51 | 861 | ||||||
Lyell Immunopharma, Inc.* | 117 | 858 | ||||||
Vector Group Ltd. | 97 | 855 | ||||||
Axsome Therapeutics, Inc.* | 19 | 848 | ||||||
Syndax Pharmaceuticals, Inc.* | 35 | 841 | ||||||
Dynavax Technologies Corp.* | 80 | 835 | ||||||
Catalyst Pharmaceuticals, Inc.* | 65 | 834 | ||||||
Textainer Group Holdings Ltd. | 31 | 833 | ||||||
CorVel Corp.* | 6 | 831 | ||||||
Kforce, Inc. | 14 | 821 | ||||||
Coursera, Inc.* | 76 | 819 | ||||||
LiveRamp Holdings, Inc.* | 45 | 817 | ||||||
Veracyte, Inc.* | 49 | 813 | ||||||
Marathon Digital Holdings, Inc.*,1 | 75 | 803 | ||||||
Beauty Health Co.* | 68 | 802 | ||||||
Harmony Biosciences Holdings, Inc.* | 18 | 797 | ||||||
Ingles Markets, Inc. — Class A | 10 | 792 | ||||||
Avid Bioservices, Inc.* | 41 | 784 | ||||||
Weis Markets, Inc. | 11 | 784 | ||||||
Laureate Education, Inc. — Class A | 73 | 770 | ||||||
FibroGen, Inc.* | 59 | 768 | ||||||
B&G Foods, Inc. | 46 | 759 | ||||||
Medifast, Inc. | 7 | 759 | ||||||
Remitly Global, Inc.* | 67 | 745 | ||||||
Vericel Corp.* | 32 | 742 | ||||||
Universal Corp. | 16 | 737 | ||||||
Multiplan Corp.* | 256 | 732 | ||||||
Amphastar Pharmaceuticals, Inc.* | 26 | 731 | ||||||
NeoGenomics, Inc.* | 84 | 723 | ||||||
Emergent BioSolutions, Inc.* | 34 | 714 | ||||||
REGENXBIO, Inc.* | 27 | 714 | ||||||
Cross Country Healthcare, Inc.* | 25 | 709 | ||||||
Crinetics Pharmaceuticals, Inc.* | 36 | 707 | ||||||
Bridgebio Pharma, Inc.* | 71 | 706 | ||||||
PROCEPT BioRobotics Corp.* | 17 | 705 | ||||||
Relmada Therapeutics, Inc.* | 19 | 703 | ||||||
CoreCivic, Inc.* | 79 | 698 | ||||||
ImmunoGen, Inc.* | 146 | 698 | ||||||
Avanos Medical, Inc.* | 32 | 697 | ||||||
SpartanNash Co. | 24 | 696 | ||||||
Zentalis Pharmaceuticals, Inc.* | 32 | 693 | ||||||
SpringWorks Therapeutics, Inc.* | 24 | 685 | ||||||
Aurinia Pharmaceuticals, Inc.* | 91 | 684 | ||||||
US Physical Therapy, Inc. | 9 | 684 | ||||||
Andersons, Inc. | 22 | 683 | ||||||
Utz Brands, Inc. | 45 | 680 | ||||||
Amylyx Pharmaceuticals, Inc.* | 24 | 676 | ||||||
Enanta Pharmaceuticals, Inc.* | 13 | 674 | ||||||
EQRx, Inc.* | 136 | 673 | ||||||
RadNet, Inc.* | 33 | 671 | ||||||
Chinook Therapeutics, Inc.* | 34 | 668 | ||||||
Chefs' Warehouse, Inc.* | 23 | 666 | ||||||
MoneyGram International, Inc.* | 64 | 666 | ||||||
LeMaitre Vascular, Inc. | 13 | 659 | ||||||
Akero Therapeutics, Inc.* | 19 | 647 | ||||||
Aclaris Therapeutics, Inc.* | 41 | 645 | ||||||
Cogent Biosciences, Inc.* | 43 | 642 | ||||||
Riot Blockchain, Inc.*,1 | 91 | 638 | ||||||
Surgery Partners, Inc.* | 27 | 632 | ||||||
Rent-A-Center, Inc. | 36 | 630 | ||||||
Green Dot Corp. — Class A* | 33 | 626 | ||||||
National Beverage Corp. | 16 | 617 | ||||||
GEO Group, Inc.* | 80 | 616 | ||||||
SunOpta, Inc.* | 66 | 601 | ||||||
CareDx, Inc.* | 35 | 596 | ||||||
Beyond Meat, Inc.*,1 | 42 | 595 | ||||||
Udemy, Inc.* | 49 | 592 | ||||||
Kura Oncology, Inc.* | 43 | 587 | ||||||
Madrigal Pharmaceuticals, Inc.* | 9 | 585 | ||||||
Allogene Therapeutics, Inc.* | 54 | 583 | ||||||
Editas Medicine, Inc.* | 47 | 575 | ||||||
Deciphera Pharmaceuticals, Inc.* | 31 | 574 | ||||||
Fulgent Genetics, Inc.* | 15 | 572 | ||||||
Geron Corp.* | 244 | 571 | ||||||
Kymera Therapeutics, Inc.* | 26 | 566 | ||||||
Legalzoom.com, Inc.* | 66 | 566 | ||||||
Krispy Kreme, Inc. | 49 | 565 | ||||||
American Well Corp. — Class A* | 155 | 556 | ||||||
Paragon 28, Inc.* | 31 | 552 | ||||||
Varex Imaging Corp.* | 26 | 550 | ||||||
DocGo, Inc.* | 55 | 546 | ||||||
Adaptive Biotechnologies Corp.* | 76 | 541 | ||||||
Avidity Biosciences, Inc.* | 33 | 539 | ||||||
Brookdale Senior Living, Inc. — Class A* | 126 | 538 | ||||||
TG Therapeutics, Inc.* | 90 | 533 | ||||||
Ventyx Biosciences, Inc.* | 15 | 524 | ||||||
BioLife Solutions, Inc.* | 23 | 523 | ||||||
MannKind Corp.* | 169 | 522 | ||||||
OPKO Health, Inc.* | 274 | 518 | ||||||
Gossamer Bio, Inc.* | 43 | 515 | ||||||
First Advantage Corp.* | 40 | 513 | ||||||
AngioDynamics, Inc.* | 25 | 511 | ||||||
Heska Corp.* | 7 | 510 | ||||||
PROG Holdings, Inc.* | 34 | 509 | ||||||
Treace Medical Concepts, Inc.* | 23 | 508 | ||||||
Veru, Inc.* | 44 | 507 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Non-cyclical - 12.7% (continued) | ||||||||
National Healthcare Corp. | 8 | $ | 507 | |||||
Cutera, Inc.* | 11 | 502 | ||||||
SP Plus Corp.* | 16 | 501 | ||||||
Innoviva, Inc.* | 43 | 499 | ||||||
Forma Therapeutics Holdings, Inc.* | 25 | 499 | ||||||
23andMe Holding Co. — Class A* | 174 | 498 | ||||||
Fresh Del Monte Produce, Inc. | 21 | 488 | ||||||
Hanger, Inc.* | 26 | 487 | ||||||
Aerie Pharmaceuticals, Inc.* | 32 | 484 | ||||||
Deluxe Corp. | 29 | 483 | ||||||
Morphic Holding, Inc.* | 17 | 481 | ||||||
Coherus Biosciences, Inc.* | 50 | 481 | ||||||
Rocket Pharmaceuticals, Inc.* | 30 | 479 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 19 | 478 | ||||||
Anavex Life Sciences Corp.* | 46 | 475 | ||||||
Perdoceo Education Corp.* | 46 | 474 | ||||||
Replimune Group, Inc.* | 27 | 466 | ||||||
OrthoPediatrics Corp.* | 10 | 461 | ||||||
CinCor Pharma, Inc.* | 14 | 459 | ||||||
Arcutis Biotherapeutics, Inc.* | 24 | 459 | ||||||
Accolade, Inc.* | 40 | 457 | ||||||
John B Sanfilippo & Son, Inc. | 6 | 454 | ||||||
USANA Health Sciences, Inc.* | 8 | 448 | ||||||
Theravance Biopharma, Inc.* | 44 | 446 | ||||||
CRA International, Inc. | 5 | 444 | ||||||
Viad Corp.* | 14 | 442 | ||||||
Clover Health Investments Corp.* | 258 | 439 | ||||||
RAPT Therapeutics, Inc.* | 18 | 433 | ||||||
Butterfly Network, Inc.* | 90 | 423 | ||||||
Cerus Corp.* | 117 | 421 | ||||||
Vivint Smart Home, Inc.* | 64 | 421 | ||||||
TrueBlue, Inc.* | 22 | 420 | ||||||
Alphatec Holdings, Inc.* | 48 | 420 | ||||||
Castle Biosciences, Inc.* | 16 | 417 | ||||||
Repay Holdings Corp.* | 59 | 417 | ||||||
Keros Therapeutics, Inc.* | 11 | 414 | ||||||
Senseonics Holdings, Inc.* | 311 | 411 | ||||||
Sorrento Therapeutics, Inc.* | 258 | 405 | ||||||
SI-BONE, Inc.* | 23 | 402 | ||||||
Quanex Building Products Corp. | 22 | 399 | ||||||
Oscar Health, Inc. — Class A* | 80 | 399 | ||||||
Mersana Therapeutics, Inc.* | 59 | 399 | ||||||
National Research Corp. — Class A | 10 | 398 | ||||||
Resources Connection, Inc. | 22 | 398 | ||||||
Alector, Inc.* | 42 | 397 | ||||||
Sangamo Therapeutics, Inc.* | 81 | 397 | ||||||
NanoString Technologies, Inc.* | 31 | 396 | ||||||
Nektar Therapeutics* | 123 | 394 | ||||||
Nurix Therapeutics, Inc.* | 30 | 391 | ||||||
Mission Produce, Inc.* | 27 | 390 | ||||||
Caribou Biosciences, Inc.* | 37 | 390 | ||||||
Barrett Business Services, Inc. | 5 | 390 | ||||||
Inogen, Inc.* | 16 | 388 | ||||||
Point Biopharma Global, Inc.* | 50 | 387 | ||||||
DICE Therapeutics, Inc.* | 19 | 385 | ||||||
Design Therapeutics, Inc.* | 23 | 385 | ||||||
Invitae Corp.* | 156 | 384 | ||||||
MaxCyte, Inc.* | 59 | 384 | ||||||
Pulmonx Corp.* | 23 | 383 | ||||||
Calavo Growers, Inc. | 12 | 381 | ||||||
Transcat, Inc.* | 5 | 378 | ||||||
Vanda Pharmaceuticals, Inc.* | 38 | 375 | ||||||
Arcellx, Inc.* | 20 | 375 | ||||||
Agenus, Inc.* | 183 | 375 | ||||||
Cardiovascular Systems, Inc.* | 27 | 374 | ||||||
Collegium Pharmaceutical, Inc.* | 23 | 369 | ||||||
CTI BioPharma Corp.* | 63 | 367 | ||||||
ViewRay, Inc.* | 100 | 364 | ||||||
2seventy bio, Inc.* | 25 | 364 | ||||||
Franklin Covey Co.* | 8 | 363 | ||||||
Bionano Genomics, Inc.* | 198 | 362 | ||||||
Duckhorn Portfolio, Inc.* | 25 | 361 | ||||||
Y-mAbs Therapeutics, Inc.* | 25 | 361 | ||||||
Paya Holdings, Inc.* | 59 | 361 | ||||||
Sana Biotechnology, Inc.* | 60 | 360 | ||||||
Artivion, Inc.* | 26 | 360 | ||||||
Inhibrx, Inc.* | 20 | 359 | ||||||
Ideaya Biosciences, Inc.* | 24 | 358 | ||||||
AnaptysBio, Inc.* | 14 | 357 | ||||||
NGM Biopharmaceuticals, Inc.* | 27 | 353 | ||||||
Viridian Therapeutics, Inc.* | 17 | 349 | ||||||
Erasca, Inc.* | 44 | 343 | ||||||
Ennis, Inc. | 17 | 342 | ||||||
Heidrick & Struggles International, Inc. | 13 | 338 | ||||||
Tootsie Roll Industries, Inc. | 10 | 333 | ||||||
SIGA Technologies, Inc. | 32 | 330 | ||||||
Kelly Services, Inc. — Class A | 24 | 326 | ||||||
LifeStance Health Group, Inc.* | 49 | 324 | ||||||
Axogen, Inc.* | 27 | 322 | ||||||
Nano-X Imaging Ltd.* | 28 | 321 | ||||||
Day One Biopharmaceuticals, Inc.* | 16 | 320 | ||||||
Hackett Group, Inc. | 18 | 319 | ||||||
2U, Inc.* | 51 | 319 | ||||||
Benson Hill, Inc.* | 116 | 318 | ||||||
Paysafe Ltd.* | 228 | 315 | ||||||
ACCO Brands Corp. | 64 | 314 | ||||||
Cass Information Systems, Inc. | 9 | 312 | ||||||
Seres Therapeutics, Inc.* | 48 | 308 | ||||||
ADMA Biologics, Inc.* | 126 | 306 | ||||||
iTeos Therapeutics, Inc.* | 16 | 305 | ||||||
Bluebird Bio, Inc.* | 48 | 304 | ||||||
I3 Verticals, Inc. — Class A* | 15 | 300 | ||||||
PMV Pharmaceuticals, Inc.* | 25 | 298 | ||||||
Atea Pharmaceuticals, Inc.* | 52 | 296 | ||||||
Heron Therapeutics, Inc.* | 70 | 295 | ||||||
Cimpress plc* | 12 | 294 | ||||||
SomaLogic, Inc.* | 101 | 293 | ||||||
Nkarta, Inc.* | 22 | 290 | ||||||
Carriage Services, Inc. — Class A | 9 | 289 | ||||||
ANI Pharmaceuticals, Inc.* | 9 | 289 | ||||||
Esperion Therapeutics, Inc.* | 43 | 288 | ||||||
Forrester Research, Inc.* | 8 | 288 | ||||||
Karyopharm Therapeutics, Inc.* | 52 | 284 | ||||||
CareMax, Inc.* | 40 | 284 | ||||||
V2X, Inc.* | 8 | 283 | ||||||
Sterling Check Corp.* | 16 | 282 | ||||||
Cara Therapeutics, Inc.* | 30 | 281 | ||||||
Kezar Life Sciences, Inc.* | 32 | 276 | ||||||
Surmodics, Inc.* | 9 | 274 | ||||||
ImmunityBio, Inc.*,1 | 55 | 273 | ||||||
Agiliti, Inc.* | 19 | 272 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Non-cyclical - 12.7% (continued) | ||||||||
Imago Biosciences, Inc.* | 18 | $ | 271 | |||||
Seer, Inc.* | 35 | 271 | ||||||
Adicet Bio, Inc.* | 19 | 270 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 21 | 270 | ||||||
Arlo Technologies, Inc.* | 58 | 269 | ||||||
Dyne Therapeutics, Inc.* | 21 | 267 | ||||||
Protagonist Therapeutics, Inc.* | 31 | 261 | ||||||
European Wax Center, Inc. — Class A | 14 | 258 | ||||||
Ocugen, Inc.* | 145 | 258 | ||||||
Inovio Pharmaceuticals, Inc.* | 149 | 257 | ||||||
Cullinan Oncology, Inc.* | 20 | 256 | ||||||
C4 Therapeutics, Inc.* | 29 | 254 | ||||||
Quanterix Corp.* | 23 | 253 | ||||||
Central Garden & Pet Co.* | 7 | 252 | ||||||
Orthofix Medical, Inc.* | 13 | 248 | ||||||
KalVista Pharmaceuticals, Inc.* | 17 | 247 | ||||||
Tricida, Inc.* | 23 | 241 | ||||||
Vital Farms, Inc.* | 20 | 239 | ||||||
Kinnate Biopharma, Inc.* | 20 | 239 | ||||||
BrightView Holdings, Inc.* | 30 | 238 | ||||||
Anika Therapeutics, Inc.* | 10 | 238 | ||||||
Intercept Pharmaceuticals, Inc.* | 17 | 237 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 16 | 237 | ||||||
Atara Biotherapeutics, Inc.* | 62 | 234 | ||||||
Custom Truck One Source, Inc.* | 40 | 233 | ||||||
Albireo Pharma, Inc.* | 12 | 232 | ||||||
Mirum Pharmaceuticals, Inc.* | 11 | 231 | ||||||
Instil Bio, Inc.* | 47 | 227 | ||||||
Cue Health, Inc.* | 73 | 220 | ||||||
MiMedx Group, Inc.* | 76 | 218 | ||||||
Aura Biosciences, Inc.* | 12 | 217 | ||||||
Vita Coco Company, Inc.* | 19 | 216 | ||||||
Ocular Therapeutix, Inc.* | 52 | 216 | ||||||
Nuvalent, Inc. — Class A* | 11 | 214 | ||||||
Turning Point Brands, Inc. | 10 | 212 | ||||||
Eiger BioPharmaceuticals, Inc.* | 28 | 211 | ||||||
Tarsus Pharmaceuticals, Inc.* | 12 | 205 | ||||||
Aaron's Company, Inc. | 21 | 204 | ||||||
Inotiv, Inc.* | 12 | 202 | ||||||
Seneca Foods Corp. — Class A* | 4 | 202 | ||||||
Tejon Ranch Co.* | 14 | 202 | ||||||
Affimed N.V.* | 96 | 198 | ||||||
Edgewise Therapeutics, Inc.* | 20 | 197 | ||||||
Evolus, Inc.* | 24 | 193 | ||||||
Stoke Therapeutics, Inc.* | 15 | 193 | ||||||
Core Scientific, Inc.* | 148 | 192 | ||||||
Vera Therapeutics, Inc.* | 9 | 192 | ||||||
OraSure Technologies, Inc.* | 50 | 190 | ||||||
Pennant Group, Inc.* | 18 | 187 | ||||||
Fulcrum Therapeutics, Inc.* | 23 | 186 | ||||||
Phibro Animal Health Corp. — Class A | 14 | 186 | ||||||
Eagle Pharmaceuticals, Inc.* | 7 | 185 | ||||||
Vaxart, Inc.* | 84 | 183 | ||||||
Community Health Systems, Inc.* | 85 | 183 | ||||||
Kodiak Sciences, Inc.* | 23 | 178 | ||||||
Phathom Pharmaceuticals, Inc.* | 16 | 177 | ||||||
Nuvation Bio, Inc.* | 79 | 177 | ||||||
Liquidia Corp.* | 32 | 174 | ||||||
ShotSpotter, Inc.* | 6 | 173 | ||||||
Provention Bio, Inc.* | 38 | 171 | ||||||
Utah Medical Products, Inc. | 2 | 171 | ||||||
Quantum-Si, Inc.* | 62 | 171 | ||||||
Generation Bio Co.* | 32 | 170 | ||||||
MeiraGTx Holdings plc* | 20 | 168 | ||||||
RxSight, Inc.* | 14 | 168 | ||||||
Sutro Biopharma, Inc.* | 30 | 167 | ||||||
Allovir, Inc.* | 21 | 166 | ||||||
Tattooed Chef, Inc.* | 33 | 164 | ||||||
Janux Therapeutics, Inc.* | 12 | 162 | ||||||
4D Molecular Therapeutics, Inc.* | 20 | 161 | ||||||
Landec Corp.* | 18 | 160 | ||||||
IGM Biosciences, Inc.* | 7 | 159 | ||||||
Rallybio Corp.* | 11 | 159 | ||||||
Joint Corp.* | 10 | 157 | ||||||
Monte Rosa Therapeutics, Inc.* | 19 | 155 | ||||||
Alta Equipment Group, Inc. | 14 | 154 | ||||||
Honest Company, Inc.* | 44 | 154 | ||||||
HilleVax, Inc.* | 9 | 154 | ||||||
Bioxcel Therapeutics, Inc.* | 13 | 154 | ||||||
Organogenesis Holdings, Inc.* | 47 | 152 | ||||||
Immunovant, Inc.* | 27 | 151 | ||||||
iRadimed Corp. | 5 | 150 | ||||||
Bioventus, Inc. — Class A* | 21 | 147 | ||||||
WW International, Inc.* | 37 | 145 | ||||||
Precigen, Inc.* | 68 | 144 | ||||||
ALX Oncology Holdings, Inc.* | 15 | 144 | ||||||
EyePoint Pharmaceuticals, Inc.* | 18 | 142 | ||||||
MacroGenics, Inc.* | 41 | 142 | ||||||
Amneal Pharmaceuticals, Inc.* | 70 | 141 | ||||||
Aadi Bioscience, Inc.* | 10 | 141 | ||||||
Xeris Biopharma Holdings, Inc.* | 90 | 140 | ||||||
Arbutus Biopharma Corp.* | 73 | 139 | ||||||
Century Therapeutics, Inc.* | 14 | 138 | ||||||
Zimvie, Inc.* | 14 | 138 | ||||||
Rigel Pharmaceuticals, Inc.* | 117 | 138 | ||||||
Bright Health Group, Inc.* | 131 | 137 | ||||||
SeaSpine Holdings Corp.* | 24 | 136 | ||||||
Zynex, Inc. | 15 | 136 | ||||||
BRC, Inc. — Class A* | 17 | 131 | ||||||
PetIQ, Inc.* | 19 | 131 | ||||||
Akoya Biosciences, Inc.* | 11 | 129 | ||||||
Vicarious Surgical, Inc.* | 37 | 124 | ||||||
Foghorn Therapeutics, Inc.* | 14 | 120 | ||||||
Universal Technical Institute, Inc.* | 22 | 120 | ||||||
American Public Education, Inc.* | 13 | 119 | ||||||
Willdan Group, Inc.* | 8 | 119 | ||||||
Lexicon Pharmaceuticals, Inc.* | 49 | 118 | ||||||
Village Super Market, Inc. — Class A | 6 | 116 | ||||||
Tango Therapeutics, Inc.* | 32 | 116 | ||||||
Information Services Group, Inc. | 24 | 114 | ||||||
Alico, Inc. | 4 | 113 | ||||||
Absci Corp.* | 36 | 113 | ||||||
Chimerix, Inc.* | 57 | 110 | ||||||
Invivyd, Inc.* | 35 | 110 | ||||||
Berkeley Lights, Inc.* | 38 | 109 | ||||||
Whole Earth Brands, Inc.* | 28 | 108 | ||||||
Celularity, Inc.* | 46 | 106 | ||||||
PFSweb, Inc.* | 11 | 103 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Non-cyclical - 12.7% (continued) | ||||||||
22nd Century Group, Inc.* | 110 | $ | 102 | |||||
Tactile Systems Technology, Inc.* | 13 | 101 | ||||||
Aerovate Therapeutics, Inc.* | 6 | 100 | ||||||
Outlook Therapeutics, Inc.* | 80 | 98 | ||||||
HF Foods Group, Inc.* | 25 | 97 | ||||||
Singular Genomics Systems, Inc.* | 38 | 95 | ||||||
AppHarvest, Inc.* | 48 | 94 | ||||||
Sema4 Holdings Corp.* | 107 | 94 | ||||||
Kronos Bio, Inc.* | 28 | 94 | ||||||
VBI Vaccines, Inc.* | 131 | 92 | ||||||
Spire Global, Inc.* | 85 | 92 | ||||||
Bakkt Holdings, Inc.* | 39 | 89 | ||||||
Moneylion, Inc.* | 98 | 88 | ||||||
Distribution Solutions Group, Inc.* | 3 | 85 | ||||||
Alpine Immune Sciences, Inc.* | 11 | 79 | ||||||
Tyra Biosciences, Inc.* | 9 | 79 | ||||||
P3 Health Partners, Inc.* | 17 | 78 | ||||||
Innovage Holding Corp.* | 13 | 76 | ||||||
Nature's Sunshine Products, Inc.* | 9 | 74 | ||||||
Beachbody Company, Inc.* | 71 | 72 | ||||||
Rent the Runway, Inc. — Class A* | 32 | 70 | ||||||
Theseus Pharmaceuticals, Inc.* | 12 | 70 | ||||||
Athira Pharma, Inc.* | 23 | 68 | ||||||
Jounce Therapeutics, Inc.* | 29 | 68 | ||||||
Nautilus Biotechnology, Inc.* | 32 | 68 | ||||||
Science 37 Holdings, Inc.* | 42 | 68 | ||||||
StoneMor, Inc.* | 19 | 65 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 6 | 65 | ||||||
Quad/Graphics, Inc.* | 24 | 61 | ||||||
Vintage Wine Estates, Inc.* | 22 | 61 | ||||||
Oncology Institute, Inc.* | 13 | 60 | ||||||
Praxis Precision Medicines, Inc.* | 26 | 59 | ||||||
Tenaya Therapeutics, Inc.* | 19 | 55 | ||||||
PepGen, Inc.* | 6 | 54 | ||||||
Priority Technology Holdings, Inc.* | 12 | 54 | ||||||
AN2 Therapeutics, Inc.* | 3 | 52 | ||||||
AirSculpt Technologies, Inc. | 8 | 51 | ||||||
ATI Physical Therapy, Inc.* | 51 | 51 | ||||||
Icosavax, Inc.* | 15 | 47 | ||||||
Aveanna Healthcare Holdings, Inc.* | 30 | 45 | ||||||
Thorne HealthTech, Inc.* | 9 | 43 | ||||||
Bird Global, Inc. — Class A* | 116 | 41 | ||||||
Talaris Therapeutics, Inc.* | 15 | 39 | ||||||
Humacyte, Inc.* | 12 | 39 | ||||||
Local Bounti Corp.* | 13 | 37 | ||||||
Pardes Biosciences, Inc.* | 19 | 35 | ||||||
Babylon Holdings Ltd. — Class A* | 74 | 35 | ||||||
Cipher Mining, Inc.* | 26 | 33 | ||||||
MarketWise, Inc.* | 12 | 27 | ||||||
CompoSecure, Inc.* | 5 | 25 | ||||||
Enochian Biosciences, Inc.* | 13 | 24 | ||||||
GreenLight Biosciences Holdings PBC* | 10 | 23 | ||||||
VistaGen Therapeutics, Inc.* | 132 | 20 | ||||||
Greenidge Generation Holdings, Inc.* | 9 | 18 | ||||||
Wejo Group Ltd.* | 16 | 17 | ||||||
Alpha Teknova, Inc.* | 4 | 13 | ||||||
Owlet, Inc.* | 11 | 12 | ||||||
Gelesis Holdings, Inc.* | 7 | 8 | ||||||
Boxed, Inc.* | 8 | 7 | ||||||
Tenon Medical, Inc.* | 2 | 3 | ||||||
Leafly Holdings, Inc.* | 3 | 2 | ||||||
Total Consumer, Non-cyclical | 378,039 | |||||||
Financial - 11.5% | ||||||||
SouthState Corp. | 51 | 4,035 | ||||||
Kinsale Capital Group, Inc. | 15 | 3,831 | ||||||
Glacier Bancorp, Inc. | 75 | 3,685 | ||||||
First Financial Bankshares, Inc. | 88 | 3,681 | ||||||
Agree Realty Corp. REIT | 53 | 3,582 | ||||||
STAG Industrial, Inc. REIT | 122 | 3,468 | ||||||
Old National Bancorp | 199 | 3,278 | ||||||
Selective Insurance Group, Inc. | 40 | 3,256 | ||||||
Valley National Bancorp | 292 | 3,154 | ||||||
United Bankshares, Inc. | 88 | 3,146 | ||||||
Cadence Bank | 123 | 3,125 | ||||||
Home BancShares, Inc. | 129 | 2,904 | ||||||
ServisFirst Bancshares, Inc. | 34 | 2,720 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 115 | 2,684 | ||||||
RLI Corp. | 26 | 2,662 | ||||||
Hancock Whitney Corp. | 58 | 2,657 | ||||||
Terreno Realty Corp. REIT | 50 | 2,650 | ||||||
Ryman Hospitality Properties, Inc. REIT | 36 | 2,649 | ||||||
Houlihan Lokey, Inc. | 34 | 2,563 | ||||||
Kite Realty Group Trust REIT | 148 | 2,549 | ||||||
UMB Financial Corp. | 30 | 2,529 | ||||||
Independence Realty Trust, Inc. REIT | 150 | 2,510 | ||||||
First Interstate BancSystem, Inc. — Class A | 62 | 2,502 | ||||||
Essent Group Ltd. | 71 | 2,476 | ||||||
United Community Banks, Inc. | 72 | 2,383 | ||||||
Independent Bank Corp. | 31 | 2,310 | ||||||
Physicians Realty Trust REIT | 153 | 2,301 | ||||||
CVB Financial Corp. | 90 | 2,279 | ||||||
Phillips Edison & Company, Inc. REIT | 78 | 2,188 | ||||||
PotlatchDeltic Corp. REIT | 53 | 2,175 | ||||||
Community Bank System, Inc. | 36 | 2,163 | ||||||
Radian Group, Inc. | 110 | 2,122 | ||||||
Eastern Bankshares, Inc. | 105 | 2,062 | ||||||
Apple Hospitality REIT, Inc. | 146 | 2,053 | ||||||
Sabra Health Care REIT, Inc. | 156 | 2,047 | ||||||
Associated Banc-Corp. | 101 | 2,028 | ||||||
Ameris Bancorp | 45 | 2,012 | ||||||
Texas Capital Bancshares, Inc.* | 34 | 2,007 | ||||||
WSFS Financial Corp. | 43 | 1,998 | ||||||
Pacific Premier Bancorp, Inc. | 63 | 1,951 | ||||||
Mr Cooper Group, Inc.* | 48 | 1,944 | ||||||
Federated Hermes, Inc. — Class B | 58 | 1,921 | ||||||
Cathay General Bancorp | 49 | 1,885 | ||||||
Essential Properties Realty Trust, Inc. REIT | 95 | 1,848 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
American Equity Investment Life Holding Co. | 49 | $ | 1,827 | |||||
BankUnited, Inc. | 53 | 1,811 | ||||||
Simmons First National Corp. — Class A | 83 | 1,809 | ||||||
Corporate Office Properties Trust REIT | 76 | 1,765 | ||||||
Walker & Dunlop, Inc. | 21 | 1,758 | ||||||
Broadstone Net Lease, Inc. REIT | 113 | 1,755 | ||||||
Equity Commonwealth REIT | 72 | 1,754 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 58 | 1,736 | ||||||
LXP Industrial Trust REIT | 187 | 1,713 | ||||||
First BanCorp | 125 | 1,710 | ||||||
Innovative Industrial Properties, Inc. REIT | 19 | 1,682 | ||||||
Fulton Financial Corp. | 106 | 1,675 | ||||||
National Health Investors, Inc. REIT | 29 | 1,639 | ||||||
Silvergate Capital Corp. — Class A* | 21 | 1,582 | ||||||
Atlantic Union Bankshares Corp. | 51 | 1,549 | ||||||
Trupanion, Inc.* | 26 | 1,545 | ||||||
Columbia Banking System, Inc. | 53 | 1,531 | ||||||
International Bancshares Corp. | 36 | 1,530 | ||||||
First Merchants Corp. | 39 | 1,509 | ||||||
Outfront Media, Inc. REIT | 99 | 1,504 | ||||||
Independent Bank Group, Inc. | 24 | 1,473 | ||||||
Moelis & Co. — Class A | 43 | 1,454 | ||||||
Hamilton Lane, Inc. — Class A | 24 | 1,431 | ||||||
Jackson Financial, Inc. — Class A | 51 | 1,415 | ||||||
SITE Centers Corp. REIT | 132 | 1,414 | ||||||
CNO Financial Group, Inc. | 77 | 1,384 | ||||||
Banner Corp. | 23 | 1,359 | ||||||
Enstar Group Ltd.* | 8 | 1,357 | ||||||
Sunstone Hotel Investors, Inc. REIT | 143 | 1,347 | ||||||
McGrath RentCorp | 16 | 1,342 | ||||||
Palomar Holdings, Inc.* | 16 | 1,340 | ||||||
Axos Financial, Inc.* | 39 | 1,335 | ||||||
First Financial Bancorp | 63 | 1,328 | ||||||
Washington Federal, Inc. | 44 | 1,319 | ||||||
Four Corners Property Trust, Inc. REIT | 54 | 1,306 | ||||||
WesBanco, Inc. | 39 | 1,301 | ||||||
Stock Yards Bancorp, Inc. | 19 | 1,292 | ||||||
Arbor Realty Trust, Inc. REIT | 112 | 1,288 | ||||||
Pebblebrook Hotel Trust REIT | 88 | 1,277 | ||||||
Trustmark Corp. | 41 | 1,256 | ||||||
Park National Corp. | 10 | 1,245 | ||||||
Seacoast Banking Corporation of Florida | 41 | 1,239 | ||||||
Lakeland Financial Corp. | 17 | 1,238 | ||||||
Kennedy-Wilson Holdings, Inc. | 80 | 1,237 | ||||||
Cushman & Wakefield plc* | 108 | 1,236 | ||||||
TowneBank | 46 | 1,234 | ||||||
Focus Financial Partners, Inc. — Class A* | 39 | 1,229 | ||||||
Heartland Financial USA, Inc. | 28 | 1,214 | ||||||
Genworth Financial, Inc. — Class A* | 339 | 1,186 | ||||||
CareTrust REIT, Inc. | 65 | 1,177 | ||||||
Flagstar Bancorp, Inc. | 35 | 1,169 | ||||||
BancFirst Corp. | 13 | 1,163 | ||||||
NMI Holdings, Inc. — Class A* | 57 | 1,161 | ||||||
Macerich Co. REIT | 146 | 1,159 | ||||||
Renasant Corp. | 37 | 1,157 | ||||||
Piper Sandler Cos. | 11 | 1,152 | ||||||
Retail Opportunity Investments Corp. REIT | 82 | 1,128 | ||||||
Uniti Group, Inc. REIT | 161 | 1,119 | ||||||
Northwest Bancshares, Inc. | 82 | 1,108 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 41 | 1,104 | ||||||
Bank of NT Butterfield & Son Ltd. | 34 | 1,104 | ||||||
Navient Corp. | 75 | 1,102 | ||||||
RLJ Lodging Trust REIT | 108 | 1,093 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 78 | 1,076 | ||||||
Bread Financial Holdings, Inc. | 34 | 1,069 | ||||||
PJT Partners, Inc. — Class A | 16 | 1,069 | ||||||
DiamondRock Hospitality Co. REIT | 142 | 1,066 | ||||||
Cohen & Steers, Inc. | 17 | 1,065 | ||||||
NBT Bancorp, Inc. | 28 | 1,063 | ||||||
Sandy Spring Bancorp, Inc. | 30 | 1,058 | ||||||
Enterprise Financial Services Corp. | 24 | 1,057 | ||||||
BRP Group, Inc. — Class A* | 40 | 1,054 | ||||||
Urban Edge Properties REIT | 78 | 1,041 | ||||||
Washington Real Estate Investment Trust REIT | 59 | 1,036 | ||||||
Hope Bancorp, Inc. | 79 | 999 | ||||||
StoneX Group, Inc.* | 12 | 995 | ||||||
Cannae Holdings, Inc.* | 48 | 992 | ||||||
Horace Mann Educators Corp. | 28 | 988 | ||||||
InvenTrust Properties Corp. REIT | 46 | 981 | ||||||
Easterly Government Properties, Inc. REIT | 62 | 978 | ||||||
LTC Properties, Inc. REIT | 26 | 974 | ||||||
Veritex Holdings, Inc. | 36 | 957 | ||||||
Provident Financial Services, Inc. | 49 | 956 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 69 | 944 | ||||||
Eagle Bancorp, Inc. | 21 | 941 | ||||||
Westamerica BanCorp | 18 | 941 | ||||||
TriCo Bancshares | 21 | 938 | ||||||
FB Financial Corp. | 24 | 917 | ||||||
City Holding Co. | 10 | 887 | ||||||
StepStone Group, Inc. — Class A | 36 | 882 | ||||||
First Bancorp | 24 | 878 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 83 | 876 | ||||||
Triumph Bancorp, Inc.* | 16 | 870 | ||||||
PRA Group, Inc.* | 26 | 854 | ||||||
Flywire Corp.* | 37 | 850 | ||||||
American Assets Trust, Inc. REIT | 33 | 849 | ||||||
Hilltop Holdings, Inc. | 34 | 845 | ||||||
Bancorp, Inc.* | 38 | 835 | ||||||
Chimera Investment Corp. REIT | 157 | 820 | ||||||
Berkshire Hills Bancorp, Inc. | 30 | 819 | ||||||
Safety Insurance Group, Inc. | 10 | 816 | ||||||
PennyMac Financial Services, Inc. | 19 | 815 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
Alexander & Baldwin, Inc. REIT | 49 | $ | 812 | |||||
First Commonwealth Financial Corp. | 63 | 809 | ||||||
OFG Bancorp | 32 | 804 | ||||||
Virtus Investment Partners, Inc. | 5 | 798 | ||||||
Acadia Realty Trust REIT | 63 | 795 | ||||||
Nelnet, Inc. — Class A | 10 | 792 | ||||||
Paramount Group, Inc. REIT | 127 | 791 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 95 | 788 | ||||||
Stewart Information Services Corp. | 18 | 786 | ||||||
Getty Realty Corp. REIT | 29 | 780 | ||||||
Two Harbors Investment Corp. REIT | 234 | 777 | ||||||
Brandywine Realty Trust REIT | 115 | 776 | ||||||
Newmark Group, Inc. — Class A | 96 | 774 | ||||||
First Busey Corp. | 35 | 769 | ||||||
LendingClub Corp.* | 69 | 762 | ||||||
S&T Bancorp, Inc. | 26 | 762 | ||||||
Global Net Lease, Inc. REIT | 71 | 756 | ||||||
Apartment Investment and Management Co. — Class A REIT | 102 | 745 | ||||||
Southside Bancshares, Inc. | 21 | 743 | ||||||
Compass Diversified Holdings | 41 | 740 | ||||||
National Bank Holdings Corp. — Class A | 20 | 740 | ||||||
St. Joe Co. | 23 | 737 | ||||||
Capitol Federal Financial, Inc. | 88 | 730 | ||||||
PennyMac Mortgage Investment Trust REIT | 62 | 730 | ||||||
NETSTREIT Corp. | 41 | 730 | ||||||
Claros Mortgage Trust, Inc. | 62 | 728 | ||||||
Encore Capital Group, Inc.* | 16 | 728 | ||||||
OceanFirst Financial Corp. | 39 | 727 | ||||||
ProAssurance Corp. | 37 | 722 | ||||||
Cowen, Inc. — Class A | 18 | 696 | ||||||
NexPoint Residential Trust, Inc. REIT | 15 | 693 | ||||||
Ladder Capital Corp. — Class A REIT | 77 | 690 | ||||||
BGC Partners, Inc. — Class A | 217 | 681 | ||||||
German American Bancorp, Inc. | 19 | 678 | ||||||
Centerspace REIT | 10 | 673 | ||||||
Live Oak Bancshares, Inc. | 22 | 673 | ||||||
Lakeland Bancorp, Inc. | 42 | 672 | ||||||
Veris Residential, Inc. REIT* | 58 | 659 | ||||||
Lemonade, Inc.* | 31 | 657 | ||||||
Tompkins Financial Corp. | 9 | 654 | ||||||
Dime Community Bancshares, Inc. | 22 | 644 | ||||||
First Foundation, Inc. | 35 | 635 | ||||||
Pathward Financial, Inc. | 19 | 626 | ||||||
B Riley Financial, Inc. | 14 | 623 | ||||||
Employers Holdings, Inc. | 18 | 621 | ||||||
Customers Bancorp, Inc.* | 21 | 619 | ||||||
Blucora, Inc.* | 32 | 619 | ||||||
Premier Financial Corp. | 24 | 617 | ||||||
Anywhere Real Estate, Inc.* | 76 | 616 | ||||||
Enova International, Inc.* | 21 | 615 | ||||||
Franklin BSP Realty Trust, Inc. REIT1 | 57 | 614 | ||||||
Heritage Financial Corp. | 23 | 609 | ||||||
AMERISAFE, Inc. | 13 | 607 | ||||||
New York Mortgage Trust, Inc. REIT | 258 | 604 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 91 | 597 | ||||||
Farmer Mac — Class C | 6 | 595 | ||||||
Brookline Bancorp, Inc. | 51 | 594 | ||||||
Preferred Bank/Los Angeles CA | 9 | 587 | ||||||
Origin Bancorp, Inc. | 15 | 577 | ||||||
ConnectOne Bancorp, Inc. | 25 | 576 | ||||||
Service Properties Trust REIT | 111 | 576 | ||||||
Banc of California, Inc. | 36 | 575 | ||||||
James River Group Holdings Ltd. | 25 | 570 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 35 | 569 | ||||||
Nicolet Bankshares, Inc.* | 8 | 564 | ||||||
QCR Holdings, Inc. | 11 | 560 | ||||||
Washington Trust Bancorp, Inc. | 12 | 558 | ||||||
Marcus & Millichap, Inc. | 17 | 557 | ||||||
Peoples Bancorp, Inc. | 19 | 550 | ||||||
UMH Properties, Inc. REIT | 34 | 549 | ||||||
MFA Financial, Inc. REIT | 70 | 545 | ||||||
Allegiance Bancshares, Inc. | 13 | 541 | ||||||
Necessity Retail REIT, Inc. | 91 | 535 | ||||||
eXp World Holdings, Inc. | 47 | 527 | ||||||
Community Healthcare Trust, Inc. REIT | 16 | 524 | ||||||
Mercury General Corp. | 18 | 512 | ||||||
1st Source Corp. | 11 | 509 | ||||||
Bluerock Residential Growth REIT, Inc. | 19 | 508 | ||||||
Ready Capital Corp. REIT | 50 | 507 | ||||||
International Money Express, Inc.* | 22 | 501 | ||||||
Hanmi Financial Corp. | 21 | 497 | ||||||
Columbia Financial, Inc.* | 23 | 486 | ||||||
Horizon Bancorp, Inc. | 27 | 485 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 51 | 480 | ||||||
Summit Hotel Properties, Inc. REIT | 71 | 477 | ||||||
Amerant Bancorp, Inc. | 19 | 472 | ||||||
Univest Financial Corp. | 20 | 470 | ||||||
Armada Hoffler Properties, Inc. REIT | 45 | 467 | ||||||
Redwood Trust, Inc. REIT | 81 | 465 | ||||||
Goosehead Insurance, Inc. — Class A* | 13 | 463 | ||||||
CBL & Associates Properties, Inc. REIT | 18 | 461 | ||||||
Heritage Commerce Corp. | 40 | 454 | ||||||
Metropolitan Bank Holding Corp.* | 7 | 451 | ||||||
Broadmark Realty Capital, Inc. REIT | 88 | 450 | ||||||
Office Properties Income Trust REIT | 32 | 450 | ||||||
Community Trust Bancorp, Inc. | 11 | 446 | ||||||
Kearny Financial Corp. | 42 | 446 | ||||||
Ellington Financial, Inc. REIT | 39 | 443 | ||||||
Enact Holdings, Inc. | 20 | 443 | ||||||
Plymouth Industrial REIT, Inc. | 26 | 437 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
RPT Realty REIT | 57 | $ | 431 | |||||
WisdomTree Investments, Inc. | 92 | 431 | ||||||
Northfield Bancorp, Inc. | 30 | 429 | ||||||
Camden National Corp. | 10 | 426 | ||||||
Argo Group International Holdings Ltd. | 22 | 424 | ||||||
iStar, Inc. REIT | 45 | 417 | ||||||
HarborOne Bancorp, Inc. | 31 | 416 | ||||||
First Mid Bancshares, Inc. | 13 | 416 | ||||||
Redfin Corp.* | 71 | 415 | ||||||
BrightSpire Capital, Inc. REIT | 65 | 410 | ||||||
TrustCo Bank Corporation NY | 13 | 408 | ||||||
Compass, Inc. — Class A* | 176 | 408 | ||||||
CrossFirst Bankshares, Inc.* | 31 | 405 | ||||||
Peapack-Gladstone Financial Corp. | 12 | 404 | ||||||
Gladstone Commercial Corp. REIT | 26 | 403 | ||||||
United Fire Group, Inc. | 14 | 402 | ||||||
Cambridge Bancorp | 5 | 399 | ||||||
Gladstone Land Corp. REIT | 22 | 398 | ||||||
Brookfield Business Corp. — Class A | 18 | 398 | ||||||
Safehold, Inc. REIT | 15 | 397 | ||||||
Ambac Financial Group, Inc.* | 31 | 395 | ||||||
Farmland Partners, Inc. REIT | 31 | 393 | ||||||
Universal Health Realty Income Trust REIT | 9 | 389 | ||||||
First Bancshares, Inc. | 13 | 388 | ||||||
Flushing Financial Corp. | 20 | 387 | ||||||
Old Second Bancorp, Inc. | 29 | 378 | ||||||
Central Pacific Financial Corp. | 18 | 372 | ||||||
First Community Bankshares, Inc. | 11 | 352 | ||||||
Stellar Bancorp, Inc. | 12 | 351 | ||||||
Global Medical REIT, Inc. REIT | 41 | 349 | ||||||
HomeStreet, Inc. | 12 | 346 | ||||||
Byline Bancorp, Inc. | 17 | 344 | ||||||
Great Southern Bancorp, Inc. | 6 | 342 | ||||||
National Western Life Group, Inc. — Class A | 2 | 342 | ||||||
Orion Office REIT, Inc. REIT | 39 | 341 | ||||||
ARMOUR Residential REIT, Inc. REIT | 70 | 341 | ||||||
Diamond Hill Investment Group, Inc. | 2 | 330 | ||||||
Midland States Bancorp, Inc. | 14 | 330 | ||||||
Bank of Marin Bancorp | 11 | 329 | ||||||
TPG RE Finance Trust, Inc. REIT | 47 | 329 | ||||||
Brightsphere Investment Group, Inc. | 22 | 328 | ||||||
First Financial Corp. | 7 | 316 | ||||||
Chatham Lodging Trust REIT* | 32 | 316 | ||||||
Ares Commercial Real Estate Corp. REIT | 30 | 313 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 20 | 310 | ||||||
SiriusPoint Ltd.* | 62 | 307 | ||||||
Bank First Corp. | 4 | 306 | ||||||
MBIA, Inc.* | 33 | 304 | ||||||
Business First Bancshares, Inc. | 14 | 301 | ||||||
Saul Centers, Inc. REIT | 8 | 300 | ||||||
Mercantile Bank Corp. | 10 | 297 | ||||||
Equity Bancshares, Inc. — Class A | 10 | 296 | ||||||
Dynex Capital, Inc. REIT | 25 | 291 | ||||||
World Acceptance Corp.* | 3 | 290 | ||||||
City Office REIT, Inc. REIT | 29 | 289 | ||||||
Mid Penn Bancorp, Inc. | 10 | 287 | ||||||
Capital City Bank Group, Inc. | 9 | 280 | ||||||
Coastal Financial Corp.* | 7 | 278 | ||||||
Farmers National Banc Corp. | 21 | 275 | ||||||
AssetMark Financial Holdings, Inc.* | 15 | 274 | ||||||
MidWestOne Financial Group, Inc. | 10 | 273 | ||||||
SmartFinancial, Inc. | 11 | 272 | ||||||
FRP Holdings, Inc.* | 5 | 272 | ||||||
Whitestone REIT — Class B REIT | 32 | 271 | ||||||
Independent Bank Corp. | 14 | 267 | ||||||
Arrow Financial Corp. | 9 | 267 | ||||||
Bar Harbor Bankshares | 10 | 265 | ||||||
EZCORP, Inc. — Class A* | 34 | 262 | ||||||
Capstar Financial Holdings, Inc. | 14 | 259 | ||||||
CNB Financial Corp. | 11 | 259 | ||||||
First of Long Island Corp. | 15 | 259 | ||||||
Carter Bankshares, Inc.* | 16 | 258 | ||||||
Victory Capital Holdings, Inc. — Class A | 11 | 256 | ||||||
Metrocity Bankshares, Inc. | 13 | 255 | ||||||
Invesco Mortgage Capital, Inc. REIT | 23 | 255 | ||||||
Five Star Bancorp | 9 | 255 | ||||||
Southern Missouri Bancorp, Inc. | 5 | 255 | ||||||
Merchants Bancorp | 11 | 254 | ||||||
RE/MAX Holdings, Inc. — Class A | 13 | 246 | ||||||
Seritage Growth Properties REIT* | 27 | 244 | ||||||
Industrial Logistics Properties Trust REIT | 44 | 242 | ||||||
Citizens & Northern Corp. | 10 | 242 | ||||||
Financial Institutions, Inc. | 10 | 241 | ||||||
RMR Group, Inc. — Class A | 10 | 237 | ||||||
Peoples Financial Services Corp. | 5 | 234 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 36 | 232 | ||||||
One Liberty Properties, Inc. REIT | 11 | 231 | ||||||
Bridgewater Bancshares, Inc.* | 14 | 231 | ||||||
Republic Bancorp, Inc. — Class A | 6 | 230 | ||||||
West BanCorp, Inc. | 11 | 229 | ||||||
GCM Grosvenor, Inc. — Class A | 29 | 229 | ||||||
Waterstone Financial, Inc. | 14 | 226 | ||||||
Amalgamated Financial Corp. | 10 | 225 | ||||||
CTO Realty Growth, Inc. REIT | 12 | 225 | ||||||
American National Bankshares, Inc. | 7 | 224 | ||||||
Alerus Financial Corp. | 10 | 221 | ||||||
HomeTrust Bancshares, Inc. | 10 | 221 | ||||||
Summit Financial Group, Inc. | 8 | 216 | ||||||
Farmers & Merchants Bancorp Incorporated/Archbold OH | 8 | 215 | ||||||
Indus Realty Trust, Inc. REIT | 4 | 209 | ||||||
Douglas Elliman, Inc. | 51 | 209 | ||||||
Southern First Bancshares, Inc.* | 5 | 208 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
Shore Bancshares, Inc. | 12 | $ | 208 | |||||
RBB Bancorp | 10 | 208 | ||||||
Civista Bancshares, Inc. | 10 | 208 | ||||||
Guaranty Bancshares, Inc. | 6 | 208 | ||||||
First Internet Bancorp | 6 | 203 | ||||||
Blue Foundry Bancorp* | 18 | 201 | ||||||
Hippo Holdings, Inc.* | 11 | 199 | ||||||
Braemar Hotels & Resorts, Inc. REIT | 46 | 198 | ||||||
Orchid Island Capital, Inc. REIT | 24 | 197 | ||||||
John Marshall Bancorp, Inc. | 8 | 196 | ||||||
Home Bancorp, Inc. | 5 | 195 | ||||||
MVB Financial Corp. | 7 | 195 | ||||||
South Plains Financial, Inc. | 7 | 193 | ||||||
First Bancorp, Inc. | 7 | 193 | ||||||
Esquire Financial Holdings, Inc. | 5 | 188 | ||||||
Oppenheimer Holdings, Inc. — Class A | 6 | 186 | ||||||
Primis Financial Corp. | 15 | 182 | ||||||
ACNB Corp. | 6 | 180 | ||||||
Enterprise Bancorp, Inc. | 6 | 179 | ||||||
Sierra Bancorp | 9 | 178 | ||||||
Universal Insurance Holdings, Inc. | 18 | 177 | ||||||
Perella Weinberg Partners | 28 | 177 | ||||||
Franklin Street Properties Corp. REIT | 67 | 176 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 12 | 176 | ||||||
Tiptree, Inc. — Class A | 16 | 172 | ||||||
AFC Gamma, Inc. REIT | 11 | 168 | ||||||
BCB Bancorp, Inc. | 10 | 168 | ||||||
Hersha Hospitality Trust — Class A REIT | 21 | 168 | ||||||
Orrstown Financial Services, Inc. | 7 | 167 | ||||||
LendingTree, Inc.* | 7 | 167 | ||||||
Macatawa Bank Corp. | 18 | 167 | ||||||
BRT Apartments Corp. REIT | 8 | 162 | ||||||
First Business Financial Services, Inc. | 5 | 162 | ||||||
Diversified Healthcare Trust REIT | 161 | 159 | ||||||
Sculptor Capital Management, Inc. | 18 | 159 | ||||||
BayCom Corp. | 9 | 158 | ||||||
HCI Group, Inc. | 4 | 157 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 23 | 157 | ||||||
Third Coast Bancshares, Inc.* | 9 | 154 | ||||||
FVCBankcorp, Inc.* | 8 | 153 | ||||||
Blue Ridge Bankshares, Inc. | 12 | 153 | ||||||
NerdWallet, Inc. — Class A* | 17 | 151 | ||||||
First Bank/Hamilton NJ | 11 | 150 | ||||||
Red River Bancshares, Inc. | 3 | 148 | ||||||
Parke Bancorp, Inc. | 7 | 147 | ||||||
Northeast Bank | 4 | 147 | ||||||
PCB Bancorp | 8 | 145 | ||||||
PCSB Financial Corp. | 8 | 143 | ||||||
Colony Bankcorp, Inc. | 11 | 143 | ||||||
Provident Bancorp, Inc. | 10 | 143 | ||||||
Regional Management Corp. | 5 | 140 | ||||||
Capital Bancorp, Inc. | 6 | 139 | ||||||
Manning & Napier, Inc. — Class A | 11 | 135 | ||||||
Donegal Group, Inc. — Class A | 10 | 135 | ||||||
Greenlight Capital Re Ltd. — Class A* | 18 | 134 | ||||||
HBT Financial, Inc. | 7 | 127 | ||||||
Unity Bancorp, Inc. | 5 | 126 | ||||||
First Western Financial, Inc.* | 5 | 123 | ||||||
Bankwell Financial Group, Inc. | 4 | 116 | ||||||
Luther Burbank Corp. | 10 | 116 | ||||||
Greene County Bancorp, Inc. | 2 | 115 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 7 | 114 | ||||||
Pzena Investment Management, Inc. — Class A | 11 | 104 | ||||||
Legacy Housing Corp.* | 6 | 103 | ||||||
Angel Oak Mortgage, Inc. REIT | 8 | 96 | ||||||
Republic First Bancorp, Inc.* | 33 | 93 | ||||||
Stratus Properties, Inc. | 4 | 93 | ||||||
USCB Financial Holdings, Inc.* | 7 | 92 | ||||||
First Guaranty Bancshares, Inc. | 4 | 88 | ||||||
Oportun Financial Corp.* | 19 | 83 | ||||||
NI Holdings, Inc.* | 6 | 80 | ||||||
Atlanticus Holdings Corp.* | 3 | 79 | ||||||
Pioneer Bancorp, Inc.* | 8 | 76 | ||||||
Nexpoint Real Estate Finance, Inc. REIT | 5 | 75 | ||||||
Sterling Bancorp, Inc.* | 12 | 72 | ||||||
eHealth, Inc.* | 17 | 66 | ||||||
Selectquote, Inc.* | 91 | 66 | ||||||
Velocity Financial, Inc.* | 6 | 65 | ||||||
Crawford & Co. — Class A | 11 | 63 | ||||||
Curo Group Holdings Corp. | 15 | 60 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 4 | 57 | ||||||
Clipper Realty, Inc. REIT | 8 | 56 | ||||||
Offerpad Solutions, Inc.* | 46 | 56 | ||||||
GAMCO Investors, Inc. — Class A | 3 | 51 | ||||||
Trean Insurance Group, Inc.* | 15 | 51 | ||||||
Consumer Portfolio Services, Inc.* | 6 | 44 | ||||||
Doma Holdings, Inc.* | 93 | 41 | ||||||
Root, Inc. — Class A* | 5 | 39 | ||||||
Finance of America Companies, Inc. — Class A* | 26 | 39 | ||||||
SWK Holdings Corp.* | 2 | 34 | ||||||
OppFi, Inc.* | 9 | 21 | ||||||
Sunlight Financial Holdings, Inc.* | 16 | 20 | ||||||
Applied Blockchain, Inc.* | 5 | 9 | ||||||
Cryptyde, Inc.* | 12 | 8 | ||||||
Home Point Capital, Inc. | 5 | 8 | ||||||
Total Financial | 343,893 | |||||||
Industrial - 6.5% | ||||||||
Chart Industries, Inc.* | 25 | 4,609 | ||||||
RBC Bearings, Inc.* | 19 | 3,948 | ||||||
EMCOR Group, Inc. | 33 | 3,811 | ||||||
Saia, Inc.* | 18 | 3,420 | ||||||
Exponent, Inc. | 34 | 2,981 | ||||||
UFP Industries, Inc. | 40 | 2,886 | ||||||
Novanta, Inc.* | 24 | 2,776 | ||||||
Applied Industrial Technologies, Inc. | 26 | 2,672 | ||||||
Evoqua Water Technologies Corp.* | 80 | 2,646 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
Casella Waste Systems, Inc. — Class A* | 34 | $ | 2,597 | |||||
Franklin Electric Company, Inc. | 31 | 2,533 | ||||||
Fluor Corp.* | 96 | 2,389 | ||||||
Fabrinet* | 25 | 2,386 | ||||||
Bloom Energy Corp. — Class A* | 119 | 2,379 | ||||||
Comfort Systems USA, Inc. | 24 | 2,336 | ||||||
Simpson Manufacturing Company, Inc. | 29 | 2,274 | ||||||
Watts Water Technologies, Inc. — Class A | 18 | 2,263 | ||||||
Mueller Industries, Inc. | 38 | 2,259 | ||||||
Atkore, Inc.* | 28 | 2,179 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 54 | 2,159 | ||||||
Zurn Elkay Water Solutions Corp. | 84 | 2,058 | ||||||
GATX Corp. | 24 | 2,044 | ||||||
Advanced Energy Industries, Inc. | 25 | 1,935 | ||||||
Summit Materials, Inc. — Class A* | 80 | 1,917 | ||||||
Dycom Industries, Inc.* | 20 | 1,911 | ||||||
Arcosa, Inc. | 33 | 1,887 | ||||||
Badger Meter, Inc. | 20 | 1,848 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 19 | 1,816 | ||||||
John Bean Technologies Corp. | 21 | 1,806 | ||||||
Sanmina Corp.* | 39 | 1,797 | ||||||
Belden, Inc. | 29 | 1,741 | ||||||
Hillenbrand, Inc. | 47 | 1,726 | ||||||
Golar LNG Ltd.* | 68 | 1,695 | ||||||
Plexus Corp.* | 19 | 1,664 | ||||||
SPX Technologies, Inc.* | 30 | 1,657 | ||||||
Albany International Corp. — Class A | 21 | 1,656 | ||||||
EnerSys | 28 | 1,629 | ||||||
Forward Air Corp. | 18 | 1,625 | ||||||
Werner Enterprises, Inc. | 43 | 1,617 | ||||||
AAON, Inc. | 30 | 1,616 | ||||||
Boise Cascade Co. | 27 | 1,605 | ||||||
Vishay Intertechnology, Inc. | 90 | 1,601 | ||||||
Matson, Inc. | 26 | 1,599 | ||||||
Hub Group, Inc. — Class A* | 23 | 1,587 | ||||||
Cactus, Inc. — Class A | 40 | 1,537 | ||||||
Federal Signal Corp. | 40 | 1,493 | ||||||
Altra Industrial Motion Corp. | 44 | 1,479 | ||||||
Scorpio Tankers, Inc. | 33 | 1,387 | ||||||
Encore Wire Corp. | 12 | 1,386 | ||||||
O-I Glass, Inc.* | 106 | 1,373 | ||||||
Enovix Corp.* | 74 | 1,357 | ||||||
Terex Corp. | 45 | 1,338 | ||||||
Moog, Inc. — Class A | 19 | 1,337 | ||||||
Kadant, Inc. | 8 | 1,335 | ||||||
AeroVironment, Inc.* | 16 | 1,334 | ||||||
Xometry, Inc. — Class A* | 23 | 1,306 | ||||||
Brady Corp. — Class A | 31 | 1,294 | ||||||
Itron, Inc.* | 30 | 1,263 | ||||||
ESCO Technologies, Inc. | 17 | 1,248 | ||||||
ArcBest Corp. | 17 | 1,236 | ||||||
CSW Industrials, Inc. | 10 | 1,198 | ||||||
Trinity Industries, Inc. | 56 | 1,196 | ||||||
EnPro Industries, Inc. | 14 | 1,190 | ||||||
International Seaways, Inc. | 33 | 1,159 | ||||||
Frontdoor, Inc.* | 56 | 1,142 | ||||||
Kennametal, Inc. | 55 | 1,132 | ||||||
Energizer Holdings, Inc. | 45 | 1,131 | ||||||
Materion Corp. | 14 | 1,120 | ||||||
NV5 Global, Inc.* | 9 | 1,114 | ||||||
Helios Technologies, Inc. | 22 | 1,113 | ||||||
Mueller Water Products, Inc. — Class A | 106 | 1,089 | ||||||
Masonite International Corp.* | 15 | 1,069 | ||||||
Greif, Inc. — Class A | 17 | 1,013 | ||||||
Lindsay Corp. | 7 | 1,003 | ||||||
Air Transport Services Group, Inc.* | 40 | 964 | ||||||
Barnes Group, Inc. | 33 | 953 | ||||||
MYR Group, Inc.* | 11 | 932 | ||||||
Frontline Ltd. | 85 | 929 | ||||||
Griffon Corp. | 31 | 915 | ||||||
TTM Technologies, Inc.* | 69 | 909 | ||||||
Vicor Corp.* | 15 | 887 | ||||||
CTS Corp. | 21 | 875 | ||||||
Gibraltar Industries, Inc.* | 21 | 860 | ||||||
Alamo Group, Inc. | 7 | 856 | ||||||
Kratos Defense & Security Solutions, Inc.* | 84 | 853 | ||||||
AAR Corp.* | 23 | 824 | ||||||
PGT Innovations, Inc.* | 39 | 817 | ||||||
Energy Recovery, Inc.* | 37 | 804 | ||||||
Worthington Industries, Inc. | 21 | 801 | ||||||
OSI Systems, Inc.* | 11 | 793 | ||||||
Marten Transport Ltd. | 40 | 766 | ||||||
Granite Construction, Inc. | 30 | 762 | ||||||
Knowles Corp.* | 61 | 742 | ||||||
Tennant Co. | 13 | 735 | ||||||
Joby Aviation, Inc.*,1 | 169 | 732 | ||||||
CryoPort, Inc.* | 30 | 731 | ||||||
TriMas Corp. | 29 | 727 | ||||||
Enerpac Tool Group Corp. | 40 | 713 | ||||||
SFL Corporation Ltd. | 78 | 711 | ||||||
Construction Partners, Inc. — Class A* | 27 | 708 | ||||||
DHT Holdings, Inc. | 93 | 703 | ||||||
Mirion Technologies, Inc.* | 93 | 695 | ||||||
Proto Labs, Inc.* | 19 | 692 | ||||||
Hillman Solutions Corp.* | 91 | 686 | ||||||
Standex International Corp. | 8 | 653 | ||||||
Montrose Environmental Group, Inc.* | 19 | 639 | ||||||
AZZ, Inc. | 17 | 621 | ||||||
Golden Ocean Group Ltd. | 83 | 620 | ||||||
Sturm Ruger & Company, Inc. | 12 | 609 | ||||||
FLEX LNG Ltd. | 19 | 602 | ||||||
Benchmark Electronics, Inc. | 24 | 595 | ||||||
Rocket Lab USA, Inc.* | 145 | 590 | ||||||
Primoris Services Corp. | 36 | 585 | ||||||
Napco Security Technologies, Inc.* | 20 | 582 | ||||||
PureCycle Technologies, Inc.* | 72 | 581 | ||||||
Apogee Enterprises, Inc. | 15 | 573 | ||||||
GrafTech International Ltd. | 133 | 573 | ||||||
Greenbrier Companies, Inc. | 22 | 534 | ||||||
Kaman Corp. | 19 | 531 | ||||||
JELD-WEN Holding, Inc.* | 58 | 508 | ||||||
Columbus McKinnon Corp. | 19 | 497 | ||||||
Janus International Group, Inc.* | 55 | 491 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Financial - 11.5% (continued) | ||||||||
American Woodmark Corp.* | 11 | $ | 482 | |||||
Li-Cycle Holdings Corp.* | 90 | 479 | ||||||
Astec Industries, Inc. | 15 | 468 | ||||||
TimkenSteel Corp.* | 31 | 465 | ||||||
Ichor Holdings Ltd.* | 19 | 460 | ||||||
Heartland Express, Inc. | 32 | 458 | ||||||
Matthews International Corp. — Class A | 20 | 448 | ||||||
Blink Charging Co.* | 25 | 443 | ||||||
Modine Manufacturing Co.* | 34 | 440 | ||||||
GoPro, Inc. — Class A* | 89 | 439 | ||||||
Sterling Infrastructure, Inc.* | 20 | 429 | ||||||
UFP Technologies, Inc.* | 5 | 429 | ||||||
Mesa Laboratories, Inc. | 3 | 422 | ||||||
Chase Corp. | 5 | 418 | ||||||
Teekay Tankers Ltd. — Class A* | 15 | 413 | ||||||
Myers Industries, Inc. | 25 | 412 | ||||||
MicroVision, Inc.* | 112 | 404 | ||||||
Eagle Bulk Shipping, Inc. | 9 | 389 | ||||||
Triumph Group, Inc.* | 43 | 369 | ||||||
Gorman-Rupp Co. | 15 | 357 | ||||||
Insteel Industries, Inc. | 13 | 345 | ||||||
Nordic American Tankers Ltd. | 129 | 344 | ||||||
Thermon Group Holdings, Inc.* | 22 | 339 | ||||||
Great Lakes Dredge & Dock Corp.* | 44 | 333 | ||||||
Costamare, Inc. | 37 | 331 | ||||||
FARO Technologies, Inc.* | 12 | 329 | ||||||
Heritage-Crystal Clean, Inc.* | 11 | 325 | ||||||
Smith & Wesson Brands, Inc. | 31 | 321 | ||||||
Genco Shipping & Trading Ltd. | 25 | 313 | ||||||
Stoneridge, Inc.* | 18 | 305 | ||||||
LSB Industries, Inc.* | 21 | 299 | ||||||
Argan, Inc. | 9 | 290 | ||||||
Centrus Energy Corp. — Class A* | 7 | 287 | ||||||
Dorian LPG Ltd. | 21 | 285 | ||||||
nLight, Inc.* | 30 | 284 | ||||||
Ryerson Holding Corp. | 11 | 283 | ||||||
Haynes International, Inc. | 8 | 281 | ||||||
Ducommun, Inc.* | 7 | 278 | ||||||
Luxfer Holdings plc | 19 | 275 | ||||||
Kimball Electronics, Inc.* | 16 | 274 | ||||||
CyberOptics Corp.* | 5 | 269 | ||||||
Cadre Holdings, Inc. | 11 | 265 | ||||||
Allied Motion Technologies, Inc. | 9 | 258 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 40 | 255 | ||||||
Pactiv Evergreen, Inc. | 29 | 253 | ||||||
908 Devices, Inc.* | 15 | 247 | ||||||
NuScale Power Corp.* | 21 | 245 | ||||||
Greif, Inc. — Class B | 4 | 243 | ||||||
DXP Enterprises, Inc.* | 10 | 237 | ||||||
Vishay Precision Group, Inc.* | 8 | 237 | ||||||
ESS Tech, Inc.* | 55 | 225 | ||||||
Archer Aviation, Inc. — Class A* | 84 | 219 | ||||||
Ardmore Shipping Corp.* | 24 | 219 | ||||||
CIRCOR International, Inc.* | 13 | 214 | ||||||
AerSale Corp.* | 11 | 204 | ||||||
Covenant Logistics Group, Inc. — Class A | 7 | 201 | ||||||
Harsco Corp.* | 53 | 198 | ||||||
Northwest Pipe Co.* | 7 | 197 | ||||||
National Presto Industries, Inc. | 3 | 195 | ||||||
Identiv, Inc.* | 15 | 188 | ||||||
Manitowoc Company, Inc.* | 24 | 186 | ||||||
Omega Flex, Inc. | 2 | 185 | ||||||
SmartRent, Inc.* | 81 | 184 | ||||||
Comtech Telecommunications Corp. | 18 | 180 | ||||||
Eastman Kodak Co.* | 39 | 179 | ||||||
AMMO, Inc.* | 59 | 173 | ||||||
Tredegar Corp. | 18 | 170 | ||||||
Teekay Corp.* | 47 | 169 | ||||||
IES Holdings, Inc.* | 6 | 166 | ||||||
Tutor Perini Corp.* | 29 | 160 | ||||||
Olympic Steel, Inc. | 7 | 160 | ||||||
Universal Logistics Holdings, Inc. | 5 | 159 | ||||||
Daseke, Inc.* | 28 | 151 | ||||||
Hyster-Yale Materials Handling, Inc. | 7 | 151 | ||||||
Radiant Logistics, Inc.* | 26 | 148 | ||||||
Park Aerospace Corp. | 13 | 144 | ||||||
Caesarstone Ltd. | 15 | 140 | ||||||
Astronics Corp.* | 17 | 133 | ||||||
Charge Enterprises, Inc.* | 73 | 128 | ||||||
Powell Industries, Inc. | 6 | 126 | ||||||
PAM Transportation Services, Inc.* | 4 | 124 | ||||||
Safe Bulkers, Inc. | 50 | 123 | ||||||
Evolv Technologies Holdings, Inc.* | 57 | 121 | ||||||
Concrete Pumping Holdings, Inc.* | 18 | 116 | ||||||
Sarcos Technology and Robotics Corp.* | 51 | 113 | ||||||
Pure Cycle Corp.* | 13 | 109 | ||||||
Latham Group, Inc.* | 30 | 108 | ||||||
Akoustis Technologies, Inc.* | 35 | 104 | ||||||
View, Inc.* | 76 | 102 | ||||||
Ranpak Holdings Corp.* | 29 | 99 | ||||||
Sight Sciences, Inc.* | 15 | 95 | ||||||
Atlas Technical Consultants, Inc.* | 12 | 80 | ||||||
Transphorm, Inc.* | 15 | 75 | ||||||
Turtle Beach Corp.* | 10 | 68 | ||||||
Karat Packaging, Inc.* | 4 | 64 | ||||||
Astra Space, Inc.* | 98 | 60 | ||||||
Hydrofarm Holdings Group, Inc.* | 30 | 58 | ||||||
Berkshire Grey, Inc.* | 33 | 56 | ||||||
Momentus, Inc.* | 37 | 51 | ||||||
NL Industries, Inc. | 6 | 46 | ||||||
Redwire Corp.* | 13 | 31 | ||||||
AEye, Inc.* | 18 | 20 | ||||||
Fathom Digital Manufacturing C* | 7 | 14 | ||||||
Total Industrial | 193,714 | |||||||
Consumer, Cyclical - 5.4% | ||||||||
Murphy USA, Inc. | 15 | 4,124 | ||||||
Texas Roadhouse, Inc. — Class A | 45 | 3,927 | ||||||
Crocs, Inc.* | 41 | 2,815 | ||||||
Light & Wonder, Inc. — Class A* | 64 | 2,744 | ||||||
Wingstop, Inc. | 20 | 2,508 | ||||||
Academy Sports & Outdoors, Inc. | 56 | 2,362 | ||||||
Fox Factory Holding Corp.* | 29 | 2,293 | ||||||
Asbury Automotive Group, Inc.* | 15 | 2,266 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Cyclical - 5.4% (continued) | ||||||||
Visteon Corp.* | 19 | $ | 2,015 | |||||
Hilton Grand Vacations, Inc.* | 59 | 1,941 | ||||||
Goodyear Tire & Rubber Co.* | 190 | 1,917 | ||||||
Beacon Roofing Supply, Inc.* | 35 | 1,915 | ||||||
FirstCash Holdings, Inc. | 26 | 1,907 | ||||||
Skyline Champion Corp.* | 36 | 1,903 | ||||||
Resideo Technologies, Inc.* | 98 | 1,868 | ||||||
Topgolf Callaway Brands Corp.* | 95 | 1,830 | ||||||
Adient plc* | 64 | 1,776 | ||||||
Signet Jewelers Ltd. | 31 | 1,773 | ||||||
Meritage Homes Corp.* | 25 | 1,757 | ||||||
National Vision Holdings, Inc.* | 53 | 1,730 | ||||||
Taylor Morrison Home Corp. — Class A* | 74 | 1,726 | ||||||
LCI Industries | 17 | 1,725 | ||||||
Foot Locker, Inc. | 55 | 1,712 | ||||||
UniFirst Corp. | 10 | 1,682 | ||||||
Papa John's International, Inc. | 22 | 1,540 | ||||||
Dorman Products, Inc.* | 18 | 1,478 | ||||||
Group 1 Automotive, Inc. | 10 | 1,429 | ||||||
Steven Madden Ltd. | 53 | 1,414 | ||||||
Spirit Airlines, Inc.* | 74 | 1,393 | ||||||
Cracker Barrel Old Country Store, Inc. | 15 | 1,389 | ||||||
KB Home | 53 | 1,374 | ||||||
Installed Building Products, Inc. | 16 | 1,296 | ||||||
Kontoor Brands, Inc. | 38 | 1,277 | ||||||
SeaWorld Entertainment, Inc.* | 28 | 1,274 | ||||||
Rush Enterprises, Inc. — Class A | 29 | 1,272 | ||||||
Cavco Industries, Inc.* | 6 | 1,235 | ||||||
Sonos, Inc.* | 87 | 1,209 | ||||||
Luminar Technologies, Inc.*,1 | 161 | 1,173 | ||||||
Boot Barn Holdings, Inc.* | 20 | 1,169 | ||||||
Red Rock Resorts, Inc. — Class A | 34 | 1,165 | ||||||
GMS, Inc.* | 29 | 1,160 | ||||||
LGI Homes, Inc.* | 14 | 1,139 | ||||||
Nu Skin Enterprises, Inc. — Class A | 34 | 1,135 | ||||||
Shake Shack, Inc. — Class A* | 25 | 1,124 | ||||||
Winnebago Industries, Inc. | 21 | 1,118 | ||||||
Bloomin' Brands, Inc. | 60 | 1,100 | ||||||
Gentherm, Inc.* | 22 | 1,094 | ||||||
Sweetgreen, Inc. — Class A* | 59 | 1,092 | ||||||
MDC Holdings, Inc. | 39 | 1,069 | ||||||
International Game Technology plc | 66 | 1,043 | ||||||
Jack in the Box, Inc. | 14 | 1,037 | ||||||
Tri Pointe Homes, Inc.* | 68 | 1,028 | ||||||
American Eagle Outfitters, Inc.* | 105 | 1,022 | ||||||
ODP Corp.* | 29 | 1,019 | ||||||
iRobot Corp.* | 18 | 1,014 | ||||||
Dana, Inc. | 88 | 1,006 | ||||||
Acushnet Holdings Corp. | 23 | 1,000 | ||||||
World Fuel Services Corp. | 42 | 984 | ||||||
PriceSmart, Inc. | 17 | 979 | ||||||
Tenneco, Inc. — Class A* | 56 | 974 | ||||||
XPEL, Inc.* | 15 | 967 | ||||||
Cheesecake Factory, Inc. | 33 | 966 | ||||||
Everi Holdings, Inc.* | 58 | 941 | ||||||
Methode Electronics, Inc. | 25 | 929 | ||||||
Vista Outdoor, Inc.* | 38 | 924 | ||||||
Sally Beauty Holdings, Inc.* | 73 | 920 | ||||||
Dave & Buster's Entertainment, Inc.* | 29 | 900 | ||||||
Oxford Industries, Inc. | 10 | 898 | ||||||
Cinemark Holdings, Inc.* | 74 | 896 | ||||||
Veritiv Corp.* | 9 | 880 | ||||||
KAR Auction Services, Inc.* | 78 | 871 | ||||||
Urban Outfitters, Inc.* | 43 | 845 | ||||||
Fisker, Inc.*,1 | 110 | 831 | ||||||
Dillard's, Inc. — Class A | 3 | 818 | ||||||
Century Communities, Inc. | 19 | 813 | ||||||
MillerKnoll, Inc. | 52 | 811 | ||||||
Wolverine World Wide, Inc. | 52 | 800 | ||||||
Warby Parker, Inc. — Class A* | 57 | 760 | ||||||
Madison Square Garden Entertainment Corp.* | 17 | 750 | ||||||
Proterra, Inc.* | 150 | 747 | ||||||
HNI Corp. | 28 | 742 | ||||||
Allegiant Travel Co. — Class A* | 10 | 730 | ||||||
Virgin Galactic Holdings, Inc.* | 154 | 725 | ||||||
Brinker International, Inc.* | 29 | 724 | ||||||
TuSimple Holdings, Inc. — Class A* | 95 | 722 | ||||||
Liberty Media Corporation-Liberty Braves — Class C* | 26 | 715 | ||||||
Nikola Corp.*,1 | 198 | 697 | ||||||
Malibu Boats, Inc. — Class A* | 14 | 672 | ||||||
Camping World Holdings, Inc. — Class A | 26 | 658 | ||||||
Patrick Industries, Inc. | 15 | 658 | ||||||
La-Z-Boy, Inc. | 29 | 655 | ||||||
M/I Homes, Inc.* | 18 | 652 | ||||||
Dine Brands Global, Inc. | 10 | 636 | ||||||
Buckle, Inc. | 20 | 633 | ||||||
H&E Equipment Services, Inc. | 22 | 623 | ||||||
Clean Energy Fuels Corp.* | 115 | 614 | ||||||
Healthcare Services Group, Inc. | 50 | 605 | ||||||
Designer Brands, Inc. — Class A | 39 | 597 | ||||||
Caleres, Inc. | 24 | 581 | ||||||
Sonic Automotive, Inc. — Class A | 13 | 563 | ||||||
SkyWest, Inc.* | 34 | 553 | ||||||
Lions Gate Entertainment Corp. — Class B* | 79 | 549 | ||||||
Arko Corp. | 58 | 545 | ||||||
Abercrombie & Fitch Co. — Class A* | 34 | 529 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 77 | 526 | ||||||
Wabash National Corp. | 33 | 514 | ||||||
Sleep Number Corp.* | 15 | 507 | ||||||
Monarch Casino & Resort, Inc.* | 9 | 505 | ||||||
indie Semiconductor, Inc. — Class A* | 68 | 498 | ||||||
Bally's Corp.* | 25 | 494 | ||||||
Golden Entertainment, Inc.* | 14 | 489 | ||||||
TravelCenters of America, Inc.* | 9 | 485 | ||||||
Qurate Retail, Inc. — Class A | 236 | 474 | ||||||
Shyft Group, Inc. | 23 | 470 | ||||||
Solid Power, Inc.* | 89 | 468 | ||||||
Franchise Group, Inc. | 19 | 462 | ||||||
Standard Motor Products, Inc. | 14 | 455 | ||||||
IMAX Corp.* | 32 | 452 | ||||||
ScanSource, Inc.* | 17 | 449 | ||||||
G-III Apparel Group Ltd.* | 30 | 448 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Cyclical - 5.4% (continued) | ||||||||
Hibbett, Inc. | 9 | $ | 448 | |||||
Hawaiian Holdings, Inc.* | 34 | 447 | ||||||
Funko, Inc. — Class A* | 22 | 445 | ||||||
Winmark Corp. | 2 | 433 | ||||||
Titan International, Inc.* | 35 | 425 | ||||||
Douglas Dynamics, Inc. | 15 | 420 | ||||||
MarineMax, Inc.* | 14 | 417 | ||||||
Green Brick Partners, Inc.* | 19 | 406 | ||||||
MRC Global, Inc.* | 56 | 403 | ||||||
Vizio Holding Corp. — Class A* | 46 | 402 | ||||||
Chico's FAS, Inc.* | 83 | 402 | ||||||
Titan Machinery, Inc.* | 14 | 396 | ||||||
RCI Hospitality Holdings, Inc. | 6 | 392 | ||||||
Steelcase, Inc. — Class A | 58 | 378 | ||||||
OneSpaWorld Holdings Ltd.* | 45 | 378 | ||||||
BlueLinx Holdings, Inc.* | 6 | 373 | ||||||
Ruth's Hospitality Group, Inc. | 22 | 371 | ||||||
Sovos Brands, Inc.* | 26 | 370 | ||||||
EVgo, Inc.*,1 | 46 | 364 | ||||||
PC Connection, Inc. | 8 | 361 | ||||||
Interface, Inc. — Class A | 40 | 360 | ||||||
BJ's Restaurants, Inc.* | 15 | 358 | ||||||
Denny's Corp.* | 38 | 358 | ||||||
Genesco, Inc.* | 9 | 354 | ||||||
Ermenegildo Zegna N.V. | 32 | 344 | ||||||
A-Mark Precious Metals, Inc. | 12 | 341 | ||||||
Guess?, Inc. | 23 | 337 | ||||||
Bed Bath & Beyond, Inc.*,1 | 54 | 329 | ||||||
Bowlero Corp.* | 26 | 320 | ||||||
Ethan Allen Interiors, Inc. | 15 | 317 | ||||||
Accel Entertainment, Inc.* | 40 | 312 | ||||||
Movado Group, Inc. | 11 | 310 | ||||||
Chuy's Holdings, Inc.* | 13 | 301 | ||||||
Sun Country Airlines Holdings, Inc.* | 22 | 299 | ||||||
Lions Gate Entertainment Corp. — Class A* | 40 | 297 | ||||||
Big Lots, Inc. | 19 | 297 | ||||||
Workhorse Group, Inc.* | 99 | 284 | ||||||
Life Time Group Holdings, Inc.* | 29 | 283 | ||||||
Children's Place, Inc.* | 9 | 278 | ||||||
PetMed Express, Inc. | 14 | 273 | ||||||
Clarus Corp. | 20 | 270 | ||||||
Target Hospitality Corp.* | 21 | 265 | ||||||
REV Group, Inc. | 24 | 265 | ||||||
Hyliion Holdings Corp.* | 90 | 258 | ||||||
Shoe Carnival, Inc. | 12 | 257 | ||||||
Portillo's, Inc. — Class A* | 13 | 256 | ||||||
Haverty Furniture Companies, Inc. | 10 | 249 | ||||||
VSE Corp. | 7 | 248 | ||||||
America's Car-Mart, Inc.* | 4 | 244 | ||||||
Frontier Group Holdings, Inc.* | 25 | 243 | ||||||
Global Industrial Co. | 9 | 241 | ||||||
OneWater Marine, Inc. — Class A* | 8 | 241 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 29 | 241 | ||||||
Zumiez, Inc.* | 11 | 237 | ||||||
MasterCraft Boat Holdings, Inc.* | 12 | 226 | ||||||
Marcus Corp. | 16 | 222 | ||||||
Destination XL Group, Inc.* | 41 | 222 | ||||||
Kura Sushi USA, Inc. — Class A* | 3 | 221 | ||||||
Hudson Technologies, Inc.* | 29 | 213 | ||||||
Sonder Holdings, Inc.* | 128 | 212 | ||||||
Microvast Holdings, Inc.* | 116 | 210 | ||||||
Johnson Outdoors, Inc. — Class A | 4 | 205 | ||||||
Tupperware Brands Corp.* | 31 | 203 | ||||||
Xponential Fitness, Inc. — Class A* | 11 | 201 | ||||||
Motorcar Parts of America, Inc.* | 13 | 198 | ||||||
Lordstown Motors Corp. — Class A* | 108 | 198 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 7 | 197 | ||||||
Beazer Homes USA, Inc.* | 20 | 193 | ||||||
Rush Enterprises, Inc. — Class B | 4 | 192 | ||||||
Lovesac Co.* | 9 | 184 | ||||||
Rite Aid Corp.* | 37 | 183 | ||||||
Aspen Aerogels, Inc.* | 19 | 175 | ||||||
Miller Industries, Inc. | 8 | 170 | ||||||
Big 5 Sporting Goods Corp. | 15 | 161 | ||||||
Universal Electronics, Inc.* | 8 | 157 | ||||||
Kimball International, Inc. — Class B | 25 | 157 | ||||||
Rush Street Interactive, Inc.* | 41 | 151 | ||||||
Purple Innovation, Inc.* | 37 | 150 | ||||||
Lindblad Expeditions Holdings, Inc.* | 22 | 149 | ||||||
Dream Finders Homes, Inc. — Class A* | 14 | 148 | ||||||
Canoo, Inc.* | 78 | 146 | ||||||
Holley, Inc.* | 35 | 142 | ||||||
LL Flooring Holdings, Inc.* | 20 | 139 | ||||||
GrowGeneration Corp.* | 39 | 136 | ||||||
Forestar Group, Inc.* | 12 | 134 | ||||||
Build-A-Bear Workshop, Inc. — Class A | 10 | 133 | ||||||
Bluegreen Vacations Holding Corp. | 8 | 132 | ||||||
Noodles & Co.* | 28 | 132 | ||||||
Cenntro Electric Group Ltd.* | 125 | 129 | ||||||
Wheels Up Experience, Inc.* | 108 | 124 | ||||||
Velodyne Lidar, Inc.* | 131 | 124 | ||||||
Full House Resorts, Inc.* | 22 | 124 | ||||||
Aeva Technologies, Inc.* | 66 | 123 | ||||||
Snap One Holdings Corp.* | 12 | 122 | ||||||
Weber, Inc. — Class A* | 18 | 118 | ||||||
Century Casinos, Inc.* | 18 | 118 | ||||||
Party City Holdco, Inc.* | 74 | 117 | ||||||
NEOGAMES S.A.* | 9 | 116 | ||||||
El Pollo Loco Holdings, Inc.* | 13 | 116 | ||||||
Vinco Ventures, Inc.* | 124 | 115 | ||||||
Cato Corp. — Class A | 12 | 114 | ||||||
Tilly's, Inc. — Class A | 16 | 111 | ||||||
Fossil Group, Inc.* | 32 | 109 | ||||||
Container Store Group, Inc.* | 22 | 108 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 3 | 107 | ||||||
Hyzon Motors, Inc.* | 60 | 102 | ||||||
First Watch Restaurant Group, Inc.* | 7 | 101 | ||||||
Volta, Inc.* | 83 | 100 | ||||||
Rocky Brands, Inc. | 5 | 100 | ||||||
Blue Bird Corp.* | 12 | 100 | ||||||
ONE Group Hospitality, Inc.* | 15 | 100 | ||||||
Citi Trends, Inc.* | 6 | 93 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Consumer, Cyclical - 5.4% (continued) | ||||||||
Tile Shop Holdings, Inc. | 25 | $ | 88 | |||||
PLBY Group, Inc.* | 21 | 85 | ||||||
Weyco Group, Inc. | 4 | 81 | ||||||
F45 Training Holdings, Inc.* | 25 | 77 | ||||||
ThredUp, Inc. — Class A* | 40 | 74 | ||||||
Mullen Automotive, Inc.* | 223 | 73 | ||||||
Superior Group of Companies, Inc. | 8 | 71 | ||||||
Reservoir Media, Inc.* | 14 | 68 | ||||||
Conn's, Inc.* | 9 | 64 | ||||||
Duluth Holdings, Inc. — Class B* | 9 | 63 | ||||||
Traeger, Inc.* | 22 | 62 | ||||||
Lifetime Brands, Inc. | 9 | 61 | ||||||
Aterian, Inc.*,1 | 41 | 51 | ||||||
Marine Products Corp. | 6 | 51 | ||||||
Express, Inc.* | 44 | 48 | ||||||
JOANN, Inc. | 7 | 46 | ||||||
Xos, Inc.* | 37 | 44 | ||||||
Lightning eMotors, Inc.* | 27 | 42 | ||||||
Torrid Holdings, Inc.*,1 | 10 | 42 | ||||||
Landsea Homes Corp.* | 7 | 33 | ||||||
Cepton, Inc.* | 5 | 10 | ||||||
Total Consumer, Cyclical | 162,596 | |||||||
Technology - 4.7% | ||||||||
Qualys, Inc.* | 26 | 3,624 | ||||||
ExlService Holdings, Inc.* | 22 | 3,242 | ||||||
SPS Commerce, Inc.* | 25 | 3,106 | ||||||
Silicon Laboratories, Inc.* | 23 | 2,839 | ||||||
Synaptics, Inc.* | 27 | 2,673 | ||||||
Tenable Holdings, Inc.* | 75 | 2,610 | ||||||
Workiva, Inc.* | 32 | 2,490 | ||||||
Power Integrations, Inc. | 38 | 2,444 | ||||||
Maximus, Inc. | 41 | 2,373 | ||||||
Box, Inc. — Class A* | 94 | 2,293 | ||||||
Blackline, Inc.* | 37 | 2,216 | ||||||
Onto Innovation, Inc.* | 34 | 2,178 | ||||||
1Life Healthcare, Inc.* | 122 | 2,092 | ||||||
Evolent Health, Inc. — Class A* | 55 | 1,976 | ||||||
Varonis Systems, Inc.* | 74 | 1,962 | ||||||
Diodes, Inc.* | 30 | 1,947 | ||||||
Rambus, Inc.* | 74 | 1,881 | ||||||
Sprout Social, Inc. — Class A* | 31 | 1,881 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 34 | 1,761 | ||||||
Insight Enterprises, Inc.* | 21 | 1,731 | ||||||
Super Micro Computer, Inc.* | 31 | 1,707 | ||||||
DigitalOcean Holdings, Inc.* | 47 | 1,700 | ||||||
Rapid7, Inc.* | 39 | 1,673 | ||||||
Envestnet, Inc.* | 37 | 1,643 | ||||||
ACI Worldwide, Inc.* | 78 | 1,630 | ||||||
MaxLinear, Inc. — Class A* | 49 | 1,598 | ||||||
CommVault Systems, Inc.* | 30 | 1,591 | ||||||
Altair Engineering, Inc. — Class A* | 35 | 1,548 | ||||||
Duolingo, Inc.* | 16 | 1,524 | ||||||
Kulicke & Soffa Industries, Inc. | 39 | 1,503 | ||||||
Verra Mobility Corp.* | 97 | 1,491 | ||||||
Ping Identity Holding Corp.* | 52 | 1,460 | ||||||
Verint Systems, Inc.* | 43 | 1,444 | ||||||
NetScout Systems, Inc.* | 46 | 1,441 | ||||||
Ambarella, Inc.* | 25 | 1,405 | ||||||
Blackbaud, Inc.* | 31 | 1,366 | ||||||
Appfolio, Inc. — Class A* | 13 | 1,361 | ||||||
PagerDuty, Inc.* | 58 | 1,338 | ||||||
Axcelis Technologies, Inc.* | 22 | 1,332 | ||||||
FormFactor, Inc.* | 52 | 1,303 | ||||||
Progress Software Corp. | 30 | 1,276 | ||||||
MicroStrategy, Inc. — Class A*,1 | 6 | 1,274 | ||||||
Semtech Corp.* | 43 | 1,265 | ||||||
Amkor Technology, Inc. | 69 | 1,176 | ||||||
Allscripts Healthcare Solutions, Inc.* | 74 | 1,127 | ||||||
Impinj, Inc.* | 14 | 1,120 | ||||||
Asana, Inc. — Class A* | 50 | 1,111 | ||||||
CSG Systems International, Inc. | 21 | 1,110 | ||||||
Appian Corp. — Class A* | 27 | 1,102 | ||||||
Xerox Holdings Corp. | 78 | 1,020 | ||||||
KnowBe4, Inc. — Class A* | 49 | 1,020 | ||||||
Apollo Medical Holdings, Inc.* | 26 | 1,014 | ||||||
Xperi Holding Corp. | 71 | 1,004 | ||||||
Privia Health Group, Inc.* | 29 | 988 | ||||||
Clear Secure, Inc. — Class A* | 42 | 960 | ||||||
Schrodinger Incorporated/United States* | 37 | 924 | ||||||
Parsons Corp.* | 23 | 902 | ||||||
Digital Turbine, Inc.* | 62 | 893 | ||||||
SiTime Corp.* | 11 | 866 | ||||||
Cohu, Inc.* | 33 | 851 | ||||||
Phreesia, Inc.* | 33 | 841 | ||||||
Everbridge, Inc.* | 27 | 834 | ||||||
AvidXchange Holdings, Inc.* | 99 | 834 | ||||||
Model N, Inc.* | 24 | 822 | ||||||
E2open Parent Holdings, Inc.* | 135 | 819 | ||||||
Ultra Clean Holdings, Inc.* | 31 | 798 | ||||||
Digi International, Inc.* | 23 | 795 | ||||||
Agilysys, Inc.* | 13 | 720 | ||||||
Fastly, Inc. — Class A* | 76 | 696 | ||||||
PROS Holdings, Inc.* | 28 | 692 | ||||||
3D Systems Corp.* | 86 | 686 | ||||||
Alignment Healthcare, Inc.* | 57 | 675 | ||||||
NextGen Healthcare, Inc.* | 38 | 673 | ||||||
BigCommerce Holdings, Inc.* | 43 | 636 | ||||||
BTRS Holdings, Inc. — Class 1* | 68 | 630 | ||||||
Donnelley Financial Solutions, Inc.* | 17 | 628 | ||||||
Veeco Instruments, Inc.* | 34 | 623 | ||||||
Grid Dynamics Holdings, Inc.* | 33 | 618 | ||||||
Duck Creek Technologies, Inc.* | 52 | 616 | ||||||
Photronics, Inc.* | 41 | 599 | ||||||
Amplitude, Inc. — Class A* | 38 | 588 | ||||||
C3.ai, Inc. — Class A* | 47 | 587 | ||||||
Sumo Logic, Inc.* | 77 | 577 | ||||||
TTEC Holdings, Inc. | 13 | 576 | ||||||
Zuora, Inc. — Class A* | 77 | 568 | ||||||
Matterport, Inc.* | 148 | 561 | ||||||
Avid Technology, Inc.* | 24 | 558 | ||||||
ACV Auctions, Inc. — Class A* | 76 | 546 | ||||||
Simulations Plus, Inc. | 11 | 534 | ||||||
PAR Technology Corp.* | 18 | 532 | ||||||
SMART Global Holdings, Inc.* | 33 | 524 | ||||||
Momentive Global, Inc.* | 90 | 523 | ||||||
Consensus Cloud Solutions, Inc.* | 11 | 520 | ||||||
PowerSchool Holdings, Inc. — Class A* | 31 | 517 | ||||||
Outset Medical, Inc.* | 32 | 510 | ||||||
EngageSmart, Inc.* | 24 | 497 | ||||||
PDF Solutions, Inc.* | 20 | 491 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Technology - 4.7% (continued) | ||||||||
Zeta Global Holdings Corp. — Class A* | 74 | $ | 489 | |||||
Olo, Inc. — Class A* | 61 | 482 | ||||||
PubMatic, Inc. — Class A* | 28 | 466 | ||||||
Desktop Metal, Inc. — Class A* | 179 | 464 | ||||||
Alpha & Omega Semiconductor Ltd.* | 15 | 461 | ||||||
Hims & Hers Health, Inc.* | 82 | 458 | ||||||
LivePerson, Inc.* | 48 | 452 | ||||||
Cerence, Inc.* | 27 | 425 | ||||||
N-able, Inc.* | 46 | 425 | ||||||
ACM Research, Inc. — Class A* | 33 | 411 | ||||||
IonQ, Inc.* | 81 | 411 | ||||||
Sapiens International Corporation N.V. | 21 | 403 | ||||||
CEVA, Inc.* | 15 | 393 | ||||||
Vimeo, Inc.* | 97 | 388 | ||||||
Conduent, Inc.* | 115 | 384 | ||||||
Sharecare, Inc.* | 199 | 378 | ||||||
Domo, Inc. — Class B* | 21 | 378 | ||||||
Alkami Technology, Inc.* | 24 | 361 | ||||||
Health Catalyst, Inc.* | 37 | 359 | ||||||
AvePoint, Inc.* | 87 | 349 | ||||||
Yext, Inc.* | 77 | 343 | ||||||
Ebix, Inc.1 | 18 | 341 | ||||||
Unisys Corp.* | 45 | 340 | ||||||
Telos Corp.* | 37 | 329 | ||||||
American Software, Inc. — Class A | 21 | 322 | ||||||
Corsair Gaming, Inc.* | 26 | 295 | ||||||
Computer Programs and Systems, Inc.* | 10 | 279 | ||||||
Blend Labs, Inc. — Class A* | 125 | 276 | ||||||
ForgeRock, Inc. — Class A* | 19 | 276 | ||||||
Pitney Bowes, Inc. | 117 | 273 | ||||||
Instructure Holdings, Inc.* | 12 | 267 | ||||||
Mitek Systems, Inc.* | 29 | 266 | ||||||
MeridianLink, Inc.* | 16 | 260 | ||||||
8x8, Inc.* | 75 | 259 | ||||||
SolarWinds Corp.* | 33 | 256 | ||||||
ON24, Inc.* | 28 | 246 | ||||||
OneSpan, Inc.* | 27 | 232 | ||||||
Vuzix Corp.* | 40 | 232 | ||||||
HireRight Holdings Corp.* | 14 | 214 | ||||||
Skillz, Inc.* | 206 | 210 | ||||||
Enfusion, Inc. — Class A* | 17 | 210 | ||||||
Cardlytics, Inc.* | 22 | 207 | ||||||
Bandwidth, Inc. — Class A* | 16 | 190 | ||||||
Playstudios, Inc.* | 54 | 188 | ||||||
Integral Ad Science Holding Corp.* | 26 | 188 | ||||||
AXT, Inc.* | 28 | 188 | ||||||
Intapp, Inc.* | 10 | 187 | ||||||
Brightcove, Inc.* | 28 | 176 | ||||||
EverCommerce, Inc.* | 16 | 175 | ||||||
Cvent Holding Corp.* | 31 | 163 | ||||||
Upland Software, Inc.* | 20 | 163 | ||||||
Rackspace Technology, Inc.* | 39 | 159 | ||||||
Rimini Street, Inc.* | 33 | 154 | ||||||
CS Disco, Inc.* | 15 | 150 | ||||||
Velo3D, Inc.* | 38 | 150 | ||||||
Markforged Holding Corp.* | 75 | 148 | ||||||
Atomera, Inc.* | 14 | 142 | ||||||
Cantaloupe, Inc.* | 40 | 139 | ||||||
Inspired Entertainment, Inc.* | 15 | 132 | ||||||
UserTesting, Inc.* | 32 | 125 | ||||||
Porch Group, Inc.* | 55 | 124 | ||||||
Diebold Nixdorf, Inc.* | 50 | 122 | ||||||
Digimarc Corp.* | 9 | 122 | ||||||
Inseego Corp.* | 58 | 120 | ||||||
Veritone, Inc.* | 21 | 118 | ||||||
Convey Health Solutions Holdings, Inc.* | 11 | 116 | ||||||
Benefitfocus, Inc.* | 17 | 108 | ||||||
Weave Communications, Inc.* | 21 | 106 | ||||||
Red Violet, Inc.* | 6 | 104 | ||||||
eGain Corp.* | 14 | 103 | ||||||
Skillsoft Corp.* | 55 | 101 | ||||||
Outbrain, Inc.* | 27 | 99 | ||||||
Pear Therapeutics, Inc.* | 46 | 94 | ||||||
Cerberus Cyber Sentinel Corp.* | 31 | 91 | ||||||
Avaya Holdings Corp.* | 57 | 91 | ||||||
Ouster, Inc.* | 93 | 90 | ||||||
NextNav, Inc.* | 33 | 89 | ||||||
WM Technology, Inc.* | 49 | 79 | ||||||
IBEX Holdings Ltd.* | 4 | 74 | ||||||
Arteris, Inc.* | 11 | 73 | ||||||
SecureWorks Corp. — Class A* | 7 | 56 | ||||||
SkyWater Technology, Inc.* | 7 | 54 | ||||||
Rockley Photonics Holdings Ltd.* | 69 | 49 | ||||||
Latch, Inc.* | 48 | 46 | ||||||
LiveVox Holdings, Inc.* | 15 | 44 | ||||||
Faraday Future Intelligent Electric, Inc.* | 67 | 43 | ||||||
Rigetti Computing, Inc.* | 22 | 41 | ||||||
Nutex Health, Inc.* | 26 | 39 | ||||||
Viant Technology, Inc. — Class A* | 9 | 38 | ||||||
IronNet, Inc.* | 44 | 30 | ||||||
Kaleyra, Inc.* | 20 | 19 | ||||||
Loyalty Ventures, Inc.* | 14 | 17 | ||||||
Total Technology | 141,511 | |||||||
Energy - 3.1% | ||||||||
Chord Energy Corp. | 28 | 3,830 | ||||||
Matador Resources Co. | 76 | 3,718 | ||||||
Murphy Oil Corp. | 100 | 3,517 | ||||||
SM Energy Co. | 82 | 3,084 | ||||||
Denbury, Inc.* | 34 | 2,933 | ||||||
Civitas Resources, Inc. | 50 | 2,869 | ||||||
ChampionX Corp. | 138 | 2,701 | ||||||
Helmerich & Payne, Inc. | 69 | 2,551 | ||||||
PBF Energy, Inc. — Class A* | 66 | 2,321 | ||||||
Magnolia Oil & Gas Corp. — Class A | 113 | 2,238 | ||||||
Equitrans Midstream Corp. | 279 | 2,087 | ||||||
Valaris Ltd.* | 41 | 2,007 | ||||||
Peabody Energy Corp.* | 80 | 1,986 | ||||||
CNX Resources Corp.* | 127 | 1,972 | ||||||
California Resources Corp. | 51 | 1,960 | ||||||
Patterson-UTI Energy, Inc. | 145 | 1,694 | ||||||
Array Technologies, Inc.* | 102 | 1,691 | ||||||
Shoals Technologies Group, Inc. — Class A* | 76 | 1,638 | ||||||
Kosmos Energy Ltd.* | 306 | 1,582 | ||||||
Weatherford International plc* | 48 | 1,550 | ||||||
Alpha Metallurgical Resources, Inc. | 11 | 1,505 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Energy - 3.1% (continued) | ||||||||
Consol Energy, Inc. | 23 | $ | 1,479 | |||||
Sunnova Energy International, Inc.* | 67 | 1,479 | ||||||
Noble Corporation plc* | 50 | 1,479 | ||||||
Stem, Inc.* | 98 | 1,307 | ||||||
Delek US Holdings, Inc. | 48 | 1,303 | ||||||
SunPower Corp. — Class A* | 55 | 1,267 | ||||||
Liberty Energy, Inc. — Class A* | 97 | 1,230 | ||||||
Northern Oil and Gas, Inc. | 44 | 1,206 | ||||||
Arch Resources, Inc. | 10 | 1,186 | ||||||
Callon Petroleum Co.* | 33 | 1,155 | ||||||
Comstock Resources, Inc.* | 62 | 1,072 | ||||||
Green Plains, Inc.* | 36 | 1,047 | ||||||
Warrior Met Coal, Inc. | 35 | 996 | ||||||
Permian Resources Corp.* | 139 | 945 | ||||||
NexTier Oilfield Solutions, Inc.* | 119 | 881 | ||||||
Brigham Minerals, Inc. — Class A | 35 | 863 | ||||||
FuelCell Energy, Inc.* | 250 | 853 | ||||||
Tellurian, Inc.* | 346 | 827 | ||||||
Montauk Renewables, Inc.* | 44 | 767 | ||||||
NOW, Inc.* | 75 | 754 | ||||||
Talos Energy, Inc.* | 45 | 749 | ||||||
Archaea Energy, Inc.* | 40 | 720 | ||||||
Gulfport Energy Corp.* | 8 | 706 | ||||||
Laredo Petroleum, Inc.* | 11 | 691 | ||||||
Expro Group Holdings N.V.* | 53 | 675 | ||||||
Nabors Industries Ltd.* | 6 | 609 | ||||||
Archrock, Inc. | 92 | 591 | ||||||
CVR Energy, Inc. | 20 | 580 | ||||||
Tidewater, Inc.* | 26 | 564 | ||||||
US Silica Holdings, Inc.* | 50 | 547 | ||||||
Par Pacific Holdings, Inc.* | 33 | 541 | ||||||
Oceaneering International, Inc.* | 68 | 541 | ||||||
ProPetro Holding Corp.* | 59 | 475 | ||||||
Diamond Offshore Drilling, Inc.* | 68 | 451 | ||||||
Dril-Quip, Inc.* | 23 | 449 | ||||||
Borr Drilling Ltd.* | 132 | 438 | ||||||
Ranger Oil Corp. — Class A | 13 | 409 | ||||||
Berry Corp. | 54 | 405 | ||||||
Bristow Group, Inc.* | 16 | 376 | ||||||
W&T Offshore, Inc.* | 64 | 375 | ||||||
Helix Energy Solutions Group, Inc.* | 97 | 374 | ||||||
SandRidge Energy, Inc.* | 22 | 359 | ||||||
Kinetik Holdings, Inc. — Class A | 11 | 358 | ||||||
Earthstone Energy, Inc. — Class A* | 29 | 357 | ||||||
Fluence Energy, Inc.* | 24 | 350 | ||||||
RPC, Inc. | 50 | 346 | ||||||
Select Energy Services, Inc. — Class A* | 48 | 335 | ||||||
SunCoke Energy, Inc. | 56 | 325 | ||||||
REX American Resources Corp.* | 11 | 307 | ||||||
Excelerate Energy, Inc. — Class A | 13 | 304 | ||||||
Gevo, Inc.* | 133 | 303 | ||||||
TETRA Technologies, Inc.* | 84 | 302 | ||||||
Crescent Energy Co. — Class A | 22 | 296 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 21 | 284 | ||||||
TPI Composites, Inc.* | 25 | 282 | ||||||
Vertex Energy, Inc.* | 37 | 230 | ||||||
Energy Vault Holdings, Inc.* | 43 | 227 | ||||||
SilverBow Resources, Inc.* | 8 | 215 | ||||||
DMC Global, Inc.* | 13 | 208 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 21 | 197 | ||||||
Aris Water Solution, Inc. — Class A | 15 | 191 | ||||||
Alto Ingredients, Inc.* | 49 | 178 | ||||||
Sitio Royalties Corp. | 8 | 177 | ||||||
VAALCO Energy, Inc. | 40 | 174 | ||||||
Oil States International, Inc.* | 41 | 159 | ||||||
Amplify Energy Corp.* | 24 | 158 | ||||||
National Energy Services Reunited Corp.* | 26 | 154 | ||||||
Newpark Resources, Inc.* | 57 | 144 | ||||||
NACCO Industries, Inc. — Class A | 3 | 141 | ||||||
Ramaco Resources, Inc. | 15 | 138 | ||||||
ProFrac Holding Corp. — Class A* | 9 | 137 | ||||||
Ring Energy, Inc.* | 59 | 137 | ||||||
Riley Exploration Permian, Inc. | 7 | 133 | ||||||
NextDecade Corp.* | 21 | 127 | ||||||
Aemetis, Inc.* | 20 | 123 | ||||||
Heliogen, Inc.* | 61 | 114 | ||||||
FutureFuel Corp. | 18 | 109 | ||||||
Eneti, Inc. | 16 | 107 | ||||||
HighPeak Energy, Inc. | 4 | 87 | ||||||
Cleanspark, Inc.* | 27 | 86 | ||||||
Empire Petroleum Corp.* | 5 | 66 | ||||||
Battalion Oil Corp.* | 2 | 24 | ||||||
Total Energy | 91,245 | |||||||
Communications - 2.1% | ||||||||
Iridium Communications, Inc.* | 86 | 3,816 | ||||||
TEGNA, Inc. | 151 | 3,123 | ||||||
Calix, Inc.* | 38 | 2,323 | ||||||
Ziff Davis, Inc.* | 31 | 2,123 | ||||||
Marqeta, Inc. — Class A* | 293 | 2,086 | ||||||
Viavi Solutions, Inc.* | 154 | 2,010 | ||||||
Yelp, Inc. — Class A* | 47 | 1,594 | ||||||
Cogent Communications Holdings, Inc. | 29 | 1,513 | ||||||
Perficient, Inc.* | 23 | 1,495 | ||||||
DigitalBridge Group, Inc. | 110 | 1,376 | ||||||
CommScope Holding Company, Inc.* | 139 | 1,280 | ||||||
Bumble, Inc. — Class A* | 58 | 1,246 | ||||||
Q2 Holdings, Inc.* | 38 | 1,224 | ||||||
TechTarget, Inc.* | 19 | 1,125 | ||||||
Extreme Networks, Inc.* | 85 | 1,111 | ||||||
Upwork, Inc.* | 81 | 1,103 | ||||||
Cargurus, Inc.* | 69 | 978 | ||||||
Telephone & Data Systems, Inc. | 68 | 945 | ||||||
ADTRAN Holdings, Inc. | 48 | 940 | ||||||
Maxar Technologies, Inc. | 49 | 917 | ||||||
Clearfield, Inc.* | 8 | 837 | ||||||
Harmonic, Inc.* | 62 | 810 | ||||||
InterDigital, Inc. | 20 | 808 | ||||||
Shutterstock, Inc. | 16 | 803 | ||||||
Gray Television, Inc. | 55 | 788 | ||||||
ePlus, Inc.* | 18 | 748 | ||||||
Globalstar, Inc.* | 464 | 738 | ||||||
Credo Technology Group Holding Ltd.* | 65 | 715 | ||||||
Figs, Inc. — Class A* | 86 | 709 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Communications - 2.1% (continued) | ||||||||
Overstock.com, Inc.* | 29 | $ | 706 | |||||
Liberty Latin America Ltd. — Class C* | 101 | 621 | ||||||
Infinera Corp.* | 128 | 620 | ||||||
Revolve Group, Inc.* | 28 | 607 | ||||||
iHeartMedia, Inc. — Class A* | 82 | 601 | ||||||
A10 Networks, Inc. | 45 | 597 | ||||||
Magnite, Inc.* | 89 | 585 | ||||||
Scholastic Corp. | 19 | 585 | ||||||
Open Lending Corp. — Class A* | 72 | 579 | ||||||
Planet Labs PBC* | 105 | 570 | ||||||
Shenandoah Telecommunications Co. | 33 | 562 | ||||||
Cars.com, Inc.* | 47 | 540 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 27 | 488 | ||||||
Poshmark, Inc. — Class A* | 31 | 486 | ||||||
EW Scripps Co. — Class A* | 40 | 451 | ||||||
Squarespace, Inc. — Class A* | 21 | 449 | ||||||
WideOpenWest, Inc.* | 36 | 442 | ||||||
ChannelAdvisor Corp.* | 19 | 430 | ||||||
fuboTV, Inc.* | 121 | 430 | ||||||
Anterix, Inc.* | 12 | 429 | ||||||
AMC Networks, Inc. — Class A* | 21 | 426 | ||||||
Gogo, Inc.* | 34 | 412 | ||||||
Thryv Holdings, Inc.* | 17 | 388 | ||||||
NETGEAR, Inc.* | 19 | 381 | ||||||
EchoStar Corp. — Class A* | 23 | 379 | ||||||
Stagwell, Inc.* | 53 | 368 | ||||||
QuinStreet, Inc.* | 35 | 367 | ||||||
HealthStream, Inc.* | 16 | 340 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 247 | 338 | ||||||
Boston Omaha Corp. — Class A* | 14 | 323 | ||||||
Eventbrite, Inc. — Class A* | 52 | 316 | ||||||
ContextLogic, Inc. — Class A* | 385 | 283 | ||||||
Liquidity Services, Inc.* | 17 | 276 | ||||||
ATN International, Inc. | 7 | 270 | ||||||
Tucows, Inc. — Class A* | 7 | 262 | ||||||
United States Cellular Corp.* | 10 | 260 | ||||||
Edgio, Inc.* | 93 | 258 | ||||||
Couchbase, Inc.* | 18 | 257 | ||||||
IDT Corp. — Class B* | 10 | 248 | ||||||
Vacasa, Inc. — Class A* | 76 | 233 | ||||||
Stitch Fix, Inc. — Class A* | 55 | 217 | ||||||
Rover Group, Inc.* | 63 | 210 | ||||||
Consolidated Communications Holdings, Inc.* | 50 | 208 | ||||||
Ooma, Inc.* | 16 | 197 | ||||||
Allbirds, Inc. — Class A* | 64 | 195 | ||||||
Aviat Networks, Inc.* | 7 | 192 | ||||||
OptimizeRx Corp.* | 12 | 178 | ||||||
CarParts.com, Inc.* | 34 | 176 | ||||||
Liberty Latin America Ltd. — Class A* | 26 | 161 | ||||||
Entravision Communications Corp. — Class A | 40 | 159 | ||||||
DHI Group, Inc.* | 29 | 156 | ||||||
Blade Air Mobility, Inc.* | 38 | 153 | ||||||
Gannett Company, Inc.* | 98 | 150 | ||||||
BARK, Inc.* | 81 | 147 | ||||||
Preformed Line Products Co. | 2 | 142 | ||||||
Innovid Corp.* | 52 | 141 | ||||||
Quotient Technology, Inc.* | 61 | 141 | ||||||
MediaAlpha, Inc. — Class A* | 16 | 140 | ||||||
DZS, Inc.* | 12 | 136 | ||||||
Cambium Networks Corp.* | 8 | 135 | ||||||
Vivid Seats, Inc. — Class A | 17 | 130 | ||||||
Groupon, Inc.* | 15 | 119 | ||||||
Advantage Solutions, Inc.* | 56 | 119 | ||||||
RumbleON, Inc. — Class B* | 7 | 118 | ||||||
1-800-Flowers.com, Inc. — Class A* | 18 | 117 | ||||||
Focus Universal, Inc.* | 12 | 113 | ||||||
Ribbon Communications, Inc.* | 49 | 109 | ||||||
Arena Group Holdings, Inc.* | 8 | 105 | ||||||
Cyxtera Technologies, Inc.* | 25 | 102 | ||||||
1stdibs.com, Inc.* | 16 | 101 | ||||||
Cumulus Media, Inc. — Class A* | 13 | 91 | ||||||
EverQuote, Inc. — Class A* | 13 | 89 | ||||||
RealReal, Inc.* | 58 | 87 | ||||||
Ondas Holdings, Inc.* | 23 | 85 | ||||||
Nerdy, Inc.* | 37 | 78 | ||||||
Lands' End, Inc.* | 10 | 77 | ||||||
Casa Systems, Inc.* | 24 | 75 | ||||||
Solo Brands, Inc. — Class A* | 15 | 57 | ||||||
KORE Group Holdings, Inc.* | 24 | 46 | ||||||
Gambling.com Group Ltd.* | 6 | 46 | ||||||
Urban One, Inc.* | 8 | 34 | ||||||
Urban One, Inc.* | 6 | 32 | ||||||
Audacy, Inc.* | 81 | 31 | ||||||
Terran Orbital Corp.* | 16 | 28 | ||||||
Starry Group Holdings, Inc. — Class A* | 16 | 24 | ||||||
AdTheorent Holding Company, Inc.* | 11 | 24 | ||||||
Lulu's Fashion Lounge Holdings, Inc.* | 4 | 19 | ||||||
Inspirato, Inc.* | 7 | 16 | ||||||
aka Brands Holding Corp.* | 8 | 12 | ||||||
Total Communications | 61,865 | |||||||
Basic Materials - 1.7% | ||||||||
Livent Corp.* | 110 | 3,371 | ||||||
Rogers Corp.* | 13 | 3,144 | ||||||
Commercial Metals Co. | 82 | 2,909 | ||||||
Balchem Corp. | 22 | 2,675 | ||||||
Cabot Corp. | 38 | 2,428 | ||||||
ATI, Inc.* | 84 | 2,235 | ||||||
HB Fuller Co. | 36 | 2,164 | ||||||
Sensient Technologies Corp. | 28 | 1,941 | ||||||
Avient Corp. | 62 | 1,879 | ||||||
Ingevity Corp.* | 26 | 1,576 | ||||||
Innospec, Inc. | 17 | 1,456 | ||||||
Hecla Mining Co. | 363 | 1,430 | ||||||
Stepan Co. | 14 | 1,311 | ||||||
Quaker Chemical Corp. | 9 | 1,299 | ||||||
Arconic Corp.* | 69 | 1,176 | ||||||
Minerals Technologies, Inc. | 22 | 1,087 | ||||||
Carpenter Technology Corp. | 32 | 997 | ||||||
Tronox Holdings plc — Class A | 79 | 968 | ||||||
Compass Minerals International, Inc. | 23 | 886 | ||||||
Constellium SE* | 84 | 852 | ||||||
Sylvamo Corp. | 24 | 814 | ||||||
Mativ Holdings, Inc. | 35 | 773 | ||||||
Uranium Energy Corp.* | 218 | 763 | ||||||
Novagold Resources, Inc.* | 162 | 760 | ||||||
Kaiser Aluminum Corp. | 11 | 675 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 49.4% (continued) | ||||||||
Basic Materials - 1.7% (continued) | ||||||||
Perimeter Solutions S.A.* | 83 | $ | 665 | |||||
Energy Fuels, Inc.* | 106 | 649 | ||||||
Coeur Mining, Inc.* | 189 | 646 | ||||||
Piedmont Lithium, Inc.* | 12 | 642 | ||||||
Resolute Forest Products, Inc.* | 31 | 620 | ||||||
AdvanSix, Inc. | 18 | 578 | ||||||
Lightwave Logic, Inc.* | 76 | 558 | ||||||
Orion Engineered Carbons S.A. | 41 | 547 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 18 | 512 | ||||||
Hawkins, Inc. | 13 | 507 | ||||||
Trinseo plc | 24 | 440 | ||||||
Clearwater Paper Corp.* | 11 | 414 | ||||||
Amyris, Inc.* | 133 | 388 | ||||||
American Vanguard Corp. | 20 | 374 | ||||||
Origin Materials, Inc.* | 72 | 371 | ||||||
Ecovyst, Inc.* | 43 | 363 | ||||||
Intrepid Potash, Inc.* | 8 | 317 | ||||||
Koppers Holdings, Inc. | 14 | 291 | ||||||
Diversey Holdings Ltd.* | 53 | 258 | ||||||
Codexis, Inc.* | 41 | 248 | ||||||
5E Advanced Materials, Inc.* | 22 | 223 | ||||||
Century Aluminum Co.* | 35 | 185 | ||||||
Danimer Scientific, Inc.* | 61 | 180 | ||||||
Ur-Energy, Inc.* | 142 | 155 | ||||||
Kronos Worldwide, Inc. | 15 | 140 | ||||||
Rayonier Advanced Materials, Inc.* | 42 | 132 | ||||||
Dakota Gold Corp.* | 34 | 104 | ||||||
Glatfelter Corp.* | 30 | 93 | ||||||
Unifi, Inc.* | 9 | 86 | ||||||
Ivanhoe Electric Incorporated / US* | 10 | 82 | ||||||
Hycroft Mining Holding Corp.* | 102 | 62 | ||||||
PolyMet Mining Corp.* | 20 | 58 | ||||||
Valhi, Inc. | 2 | 50 | ||||||
Terawulf, Inc.* | 14 | 18 | ||||||
Total Basic Materials | 50,525 | |||||||
Utilities - 1.7% | ||||||||
Southwest Gas Holdings, Inc. | 45 | 3,139 | ||||||
Black Hills Corp. | 44 | 2,980 | ||||||
South Jersey Industries, Inc. | 83 | 2,774 | ||||||
Brookfield Infrastructure Corp. — Class A | 66 | 2,686 | ||||||
Ormat Technologies, Inc. | 31 | 2,672 | ||||||
PNM Resources, Inc. | 58 | 2,652 | ||||||
Portland General Electric Co. | 60 | 2,608 | ||||||
ONE Gas, Inc. | 36 | 2,534 | ||||||
New Jersey Resources Corp. | 65 | 2,515 | ||||||
Spire, Inc. | 34 | 2,119 | ||||||
ALLETE, Inc. | 39 | 1,952 | ||||||
American States Water Co. | 25 | 1,949 | ||||||
California Water Service Group | 36 | 1,897 | ||||||
NorthWestern Corp. | 37 | 1,823 | ||||||
Avista Corp. | 49 | 1,816 | ||||||
Clearway Energy, Inc. — Class C | 55 | 1,752 | ||||||
Otter Tail Corp. | 28 | 1,723 | ||||||
MGE Energy, Inc. | 25 | 1,641 | ||||||
Ameresco, Inc. — Class A* | 21 | 1,396 | ||||||
Chesapeake Utilities Corp. | 12 | 1,385 | ||||||
SJW Group | 18 | 1,037 | ||||||
Northwest Natural Holding Co. | 23 | 998 | ||||||
Middlesex Water Co. | 12 | 926 | ||||||
Clearway Energy, Inc. — Class A | 24 | 698 | ||||||
Unitil Corp. | 11 | 511 | ||||||
York Water Co. | 10 | 384 | ||||||
Altus Power, Inc.* | 28 | 308 | ||||||
Artesian Resources Corp. — Class A | 6 | 289 | ||||||
Global Water Resources, Inc. | 9 | 106 | ||||||
FTC Solar, Inc.* | 28 | 83 | ||||||
Via Renewables, Inc. | 8 | 55 | ||||||
Total Utilities | 49,408 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 19 | 248 | ||||||
Diversified - 0.0% | ||||||||
Professional Holding Corp. — Class A* | 9 | 234 | ||||||
Total Common Stocks | ||||||||
(Cost $1,749,409) | 1,473,278 | |||||||
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Tobira Therapeutics, Inc.††† | 8 | – | ||||||
UCB ††† | 39 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $–) | – | |||||||
EXCHANGE-TRADED FUNDS† - 20.9% | ||||||||
Vanguard Russell 2000 ETF | 4,679 | 311,762 | ||||||
iShares Russell 2000 Index ETF1 | 1,889 | 311,534 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $827,474) | 623,296 | |||||||
MUTUAL FUNDS† - 21.8% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 43,160 | 413,907 | ||||||
Guggenheim Strategy Fund II2 | 9,842 | 235,923 | ||||||
Total Mutual Funds | ||||||||
(Cost $667,545) | 649,830 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 7.8% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/223,4 | $ | 232,000 | 231,984 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $231,973) | 231,984 | |||||||
REPURCHASE AGREEMENTS††,5 - 12.5% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223 | 212,036 | 212,036 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223 | 81,552 | 81,552 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223 | 79,138 | 79,138 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $372,726) | 372,726 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,6 - 5.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund, 2.78%7 | 153,466 | $ | 153,466 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $153,466) | 153,466 | |||||||
Total Investments - 117.5% | ||||||||
(Cost $4,002,593) | $ | 3,504,580 | ||||||
Other Assets & Liabilities, net - (17.5)% | (522,327 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,982,253 |
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†† | |||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 3.33% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 192 | $ | 319,819 | $ | (8,569 | ) | ||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 3.28% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 276 | 459,415 | (73,546 | ) | ||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 2.96% (SOFR) | At Maturity | 11/16/22 | 961 | 1,600,102 | (301,939 | ) | ||||||||||||||
$ | 2,379,336 | $ | (384,054 | ) |
* | Non-income producing security. |
† | 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 September 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
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 September 30, 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 | $ | 1,473,278 | $ | — | $ | — | $ | 1,473,278 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Exchange-Traded Funds | 623,296 | — | — | 623,296 | ||||||||||||
Mutual Funds | 649,830 | — | — | 649,830 | ||||||||||||
U.S. Treasury Bills | — | 231,984 | — | 231,984 | ||||||||||||
Repurchase Agreements | — | 372,726 | — | 372,726 | ||||||||||||
Securities Lending Collateral | 153,466 | — | — | 153,466 | ||||||||||||
Total Assets | $ | 2,899,870 | $ | 604,710 | $ | — | $ | 3,504,580 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 384,054 | $ | — | $ | 384,054 |
* | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,224,265 | $ | – | $ | (975,000 | ) | $ | (3,455 | ) | $ | (9,887 | ) | $ | 235,923 | 9,842 | $ | 5,685 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 831,794 | 800,000 | (1,200,000 | ) | (4,612 | ) | (13,275 | ) | 413,907 | 43,160 | 6,107 | |||||||||||||||||||||
$ | 2,056,059 | $ | 800,000 | $ | (2,175,000 | ) | $ | (8,067 | ) | $ | (23,162 | ) | $ | 649,830 | $ | 11,792 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
RIGHTS†††* - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Tobira Therapeutics, Inc. | 7 | $ | – | |||||
UCB | 13 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $–) | – | |||||||
EXCHANGE-TRADED FUNDS†- 20.1% | ||||||||
Vanguard Russell 2000 ETF | 2,308 | 153,782 | ||||||
iShares Russell 2000 Index ETF | 932 | 153,705 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $408,358) | 307,487 |
FEDERAL AGENCY NOTES††- 20.2% | Face Amount | |||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | $ | 310,000 | 309,973 | |||||
Total Federal Agency Notes | ||||||||
(Cost $309,965) | 309,973 | |||||||
FEDERAL AGENCY DISCOUNT NOTES††- 13.1% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/221 | 200,000 | 199,958 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $199,958) | 199,958 | |||||||
U.S. TREASURY BILLS††- 2.5% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/221,2 | 39,000 | 38,894 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $38,886) | 38,894 | |||||||
REPURCHASE AGREEMENTS††,3- 91.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 791,908 | 791,908 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 304,580 | 304,580 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 295,564 | 295,564 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,392,052) | 1,392,052 | |||||||
Total Investments - 146.9% | ||||||||
(Cost $2,349,219) | $ | 2,248,364 | ||||||
Other Assets & Liabilities, net - (46.9)% | (718,008 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,530,356 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized | |||||||||
Equity Futures Contracts Purchased† | |||||||||||||
Russell 2000 Index Mini Futures Contracts | 7 | Dec 2022 | $ | 584,220 | $ | (46,791 | ) |
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†† | |||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 3.33% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 872 | $ | 1,450,846 | $ | (60,823 | ) | ||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 2.96% (SOFR) | At Maturity | 11/16/22 | 227 | 378,164 | (73,197 | ) | ||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 3.28% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 205 | 341,814 | (73,996 | ) | ||||||||||||
$ | 2,170,824 | $ | (208,016 | ) |
* | 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 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
plc — Public Limited Company
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
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 September 30, 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 | ||||||||||||
Rights | $ | — | $ | — | $ | — | * | $ | — | |||||||
Exchange-Traded Funds | 307,487 | — | — | 307,487 | ||||||||||||
Federal Agency Notes | — | 309,973 | — | 309,973 | ||||||||||||
Federal Agency Discount Notes | — | 199,958 | — | 199,958 | ||||||||||||
U.S. Treasury Bills | — | 38,894 | — | 38,894 | ||||||||||||
Repurchase Agreements | — | 1,392,052 | — | 1,392,052 | ||||||||||||
Total Assets | $ | 307,487 | $ | 1,940,877 | $ | — | $ | 2,248,364 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 46,791 | $ | — | $ | — | $ | 46,791 | ||||||||
Equity Index Swap Agreements** | — | 208,016 | — | 208,016 | ||||||||||||
Total Liabilities | $ | 46,791 | $ | 208,016 | $ | — | $ | 254,807 |
* | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 638,809 | $ | – | $ | (636,863 | ) | $ | 1,645 | $ | (3,591 | ) | $ | – | – | $ | – | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 689,495 | – | (686,109 | ) | (246 | ) | (3,140 | ) | – | – | 869 | |||||||||||||||||||||
$ | 1,328,304 | $ | – | $ | (1,322,972 | ) | $ | 1,399 | $ | (6,731 | ) | $ | – | $ | 869 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.6% | ||||||||
Technology - 16.3% | ||||||||
Apple, Inc. | 5,080 | $ | 702,056 | |||||
Microsoft Corp. | 2,508 | 584,113 | ||||||
NVIDIA Corp. | 843 | 102,332 | ||||||
Broadcom, Inc. | 137 | 60,829 | ||||||
Accenture plc — Class A | 213 | 54,805 | ||||||
Salesforce, Inc.* | 336 | 48,330 | ||||||
Texas Instruments, Inc. | 307 | 47,518 | ||||||
Adobe, Inc.* | 157 | 43,206 | ||||||
QUALCOMM, Inc. | 378 | 42,706 | ||||||
Intuit, Inc. | 96 | 37,183 | ||||||
International Business Machines Corp. | 304 | 36,118 | ||||||
Intel Corp. | 1,381 | 35,588 | ||||||
Advanced Micro Devices, Inc.* | 544 | 34,468 | ||||||
Oracle Corp. | 511 | 31,207 | ||||||
ServiceNow, Inc.* | 68 | 25,677 | ||||||
Analog Devices, Inc. | 175 | 24,385 | ||||||
Applied Materials, Inc. | 292 | 23,924 | ||||||
Fiserv, Inc.* | 215 | 20,118 | ||||||
Micron Technology, Inc. | 371 | 18,587 | ||||||
Activision Blizzard, Inc. | 240 | 17,842 | ||||||
Lam Research Corp. | 46 | 16,836 | ||||||
Synopsys, Inc.* | 51 | 15,581 | ||||||
Fidelity National Information Services, Inc. | 204 | 15,416 | ||||||
Cadence Design Systems, Inc.* | 92 | 15,036 | ||||||
KLA Corp. | 48 | 14,526 | ||||||
Autodesk, Inc.* | 73 | 13,636 | ||||||
NXP Semiconductor N.V. | 89 | 13,128 | ||||||
Roper Technologies, Inc. | 36 | 12,947 | ||||||
Paychex, Inc. | 108 | 12,119 | ||||||
MSCI, Inc. — Class A | 27 | 11,388 | ||||||
Microchip Technology, Inc. | 186 | 11,352 | ||||||
Fortinet, Inc.* | 220 | 10,809 | ||||||
Electronic Arts, Inc. | 89 | 10,298 | ||||||
Cognizant Technology Solutions Corp. — Class A | 175 | 10,052 | ||||||
ON Semiconductor Corp.* | 146 | 9,100 | ||||||
HP, Inc. | 306 | 7,625 | ||||||
EPAM Systems, Inc.* | 20 | 7,244 | ||||||
ANSYS, Inc.* | 29 | 6,429 | ||||||
Take-Two Interactive Software, Inc.* | 53 | 5,777 | ||||||
Broadridge Financial Solutions, Inc. | 39 | 5,629 | ||||||
Monolithic Power Systems, Inc. | 15 | 5,451 | ||||||
Paycom Software, Inc.* | 16 | 5,280 | ||||||
Hewlett Packard Enterprise Co. | 438 | 5,247 | ||||||
Tyler Technologies, Inc.* | 14 | 4,865 | ||||||
Skyworks Solutions, Inc. | 54 | 4,605 | ||||||
NetApp, Inc. | 74 | 4,577 | ||||||
Jack Henry & Associates, Inc. | 25 | 4,557 | ||||||
Zebra Technologies Corp. — Class A* | 17 | 4,454 | ||||||
Citrix Systems, Inc.*,†† | 42 | 4,368 | ||||||
Akamai Technologies, Inc.* | 54 | 4,337 | ||||||
Leidos Holdings, Inc. | 46 | 4,024 | ||||||
Teradyne, Inc. | 53 | 3,983 | ||||||
PTC, Inc.* | 36 | 3,766 | ||||||
Seagate Technology Holdings plc | 66 | 3,513 | ||||||
Western Digital Corp.* | 105 | 3,418 | ||||||
Ceridian HCM Holding, Inc.* | 51 | 2,850 | ||||||
Qorvo, Inc.* | 35 | 2,779 | ||||||
DXC Technology Co.* | 78 | 1,909 | ||||||
Total Technology | 2,289,903 | |||||||
Consumer, Non-cyclical - 16.3% | ||||||||
UnitedHealth Group, Inc. | 315 | 159,088 | ||||||
Johnson & Johnson | 885 | 144,574 | ||||||
Procter & Gamble Co. | 804 | 101,505 | ||||||
Eli Lilly & Co. | 266 | 86,011 | ||||||
Pfizer, Inc. | 1,888 | 82,619 | ||||||
AbbVie, Inc. | 595 | 79,855 | ||||||
PepsiCo, Inc. | 464 | 75,753 | ||||||
Merck & Company, Inc. | 853 | 73,460 | ||||||
Coca-Cola Co. | 1,310 | 73,386 | ||||||
Thermo Fisher Scientific, Inc. | 132 | 66,949 | ||||||
Abbott Laboratories | 589 | 56,992 | ||||||
Danaher Corp. | 220 | 56,824 | ||||||
Bristol-Myers Squibb Co. | 719 | 51,114 | ||||||
Philip Morris International, Inc. | 522 | 43,331 | ||||||
CVS Health Corp. | 442 | 42,153 | ||||||
Amgen, Inc. | 180 | 40,572 | ||||||
Elevance Health, Inc. | 81 | 36,793 | ||||||
Medtronic plc | 447 | 36,095 | ||||||
S&P Global, Inc. | 115 | 35,115 | ||||||
PayPal Holdings, Inc.* | 389 | 33,481 | ||||||
Automatic Data Processing, Inc. | 140 | 31,667 | ||||||
Cigna Corp. | 103 | 28,579 | ||||||
Gilead Sciences, Inc. | 421 | 25,972 | ||||||
Mondelez International, Inc. — Class A | 461 | 25,277 | ||||||
Vertex Pharmaceuticals, Inc.* | 86 | 24,900 | ||||||
Regeneron Pharmaceuticals, Inc.* | 36 | 24,799 | ||||||
Altria Group, Inc. | 605 | 24,430 | ||||||
Zoetis, Inc. | 158 | 23,430 | ||||||
Stryker Corp. | 113 | 22,887 | ||||||
Intuitive Surgical, Inc.* | 120 | 22,493 | ||||||
Becton Dickinson and Co. | 96 | 21,392 | ||||||
Humana, Inc. | 43 | 20,863 | ||||||
Colgate-Palmolive Co. | 281 | 19,740 | ||||||
Boston Scientific Corp.* | 482 | 18,668 | ||||||
Edwards Lifesciences Corp.* | 208 | 17,187 | ||||||
Estee Lauder Companies, Inc. — Class A | 78 | 16,840 | ||||||
McKesson Corp. | 48 | 16,314 | ||||||
General Mills, Inc. | 201 | 15,398 | ||||||
Archer-Daniels-Midland Co. | 188 | 15,125 | ||||||
Centene Corp.* | 193 | 15,017 | ||||||
Corteva, Inc. | 242 | 13,830 | ||||||
Moderna, Inc.* | 114 | 13,481 | ||||||
HCA Healthcare, Inc. | 73 | 13,417 | ||||||
Biogen, Inc.* | 49 | 13,083 | ||||||
Moody's Corp. | 53 | 12,885 | ||||||
Kimberly-Clark Corp. | 114 | 12,830 | ||||||
Constellation Brands, Inc. — Class A | 54 | 12,403 | ||||||
Sysco Corp. | 171 | 12,091 | ||||||
Cintas Corp. | 30 | 11,646 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.6% (continued) | ||||||||
Consumer, Non-cyclical - 16.3% (continued) | ||||||||
IQVIA Holdings, Inc.* | 63 | $ | 11,412 | |||||
Monster Beverage Corp.* | 130 | 11,305 | ||||||
Hershey Co. | 49 | 10,803 | ||||||
ResMed, Inc. | 49 | 10,697 | ||||||
Dexcom, Inc.* | 132 | 10,631 | ||||||
Keurig Dr Pepper, Inc. | 286 | 10,244 | ||||||
Illumina, Inc.* | 53 | 10,112 | ||||||
Global Payments, Inc. | 93 | 10,049 | ||||||
Kroger Co. | 219 | 9,581 | ||||||
CoStar Group, Inc.* | 133 | 9,263 | ||||||
Verisk Analytics, Inc. — Class A | 54 | 9,209 | ||||||
IDEXX Laboratories, Inc.* | 28 | 9,122 | ||||||
Baxter International, Inc. | 169 | 9,102 | ||||||
Kraft Heinz Co. | 268 | 8,938 | ||||||
Gartner, Inc.* | 27 | 7,471 | ||||||
Zimmer Biomet Holdings, Inc. | 71 | 7,423 | ||||||
AmerisourceBergen Corp. — Class A | 52 | 7,037 | ||||||
Equifax, Inc. | 41 | 7,029 | ||||||
Molina Healthcare, Inc.* | 20 | 6,597 | ||||||
United Rentals, Inc.* | 24 | 6,483 | ||||||
Tyson Foods, Inc. — Class A | 98 | 6,461 | ||||||
Quanta Services, Inc. | 49 | 6,242 | ||||||
West Pharmaceutical Services, Inc. | 25 | 6,152 | ||||||
Laboratory Corporation of America Holdings | 30 | 6,144 | ||||||
Cardinal Health, Inc. | 92 | 6,135 | ||||||
McCormick & Company, Inc. | 85 | 6,058 | ||||||
Kellogg Co. | 86 | 5,991 | ||||||
Church & Dwight Company, Inc. | 82 | 5,858 | ||||||
STERIS plc | 34 | 5,653 | ||||||
Hologic, Inc.* | 84 | 5,420 | ||||||
Waters Corp.* | 20 | 5,391 | ||||||
Conagra Brands, Inc. | 162 | 5,286 | ||||||
Clorox Co. | 41 | 5,264 | ||||||
PerkinElmer, Inc. | 42 | 5,054 | ||||||
Align Technology, Inc.* | 24 | 4,971 | ||||||
J M Smucker Co. | 36 | 4,947 | ||||||
Quest Diagnostics, Inc. | 39 | 4,785 | ||||||
Cooper Companies, Inc. | 17 | 4,486 | ||||||
Catalent, Inc.* | 61 | 4,414 | ||||||
Hormel Foods Corp. | 97 | 4,408 | ||||||
FleetCor Technologies, Inc.* | 25 | 4,404 | ||||||
Avery Dennison Corp. | 27 | 4,393 | ||||||
Incyte Corp.* | 63 | 4,198 | ||||||
Brown-Forman Corp. — Class B | 61 | 4,061 | ||||||
ABIOMED, Inc.* | 16 | 3,931 | ||||||
Lamb Weston Holdings, Inc. | 48 | 3,714 | ||||||
Bio-Techne Corp. | 13 | 3,692 | ||||||
Charles River Laboratories International, Inc.* | 18 | 3,542 | ||||||
Viatris, Inc. | 408 | 3,476 | ||||||
Nielsen Holdings plc | 121 | 3,354 | ||||||
Teleflex, Inc. | 16 | 3,223 | ||||||
Campbell Soup Co. | 68 | 3,204 | ||||||
Molson Coors Beverage Co. — Class B | 64 | 3,071 | ||||||
Henry Schein, Inc.* | 46 | 3,025 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 7 | 2,920 | ||||||
MarketAxess Holdings, Inc. | 13 | 2,892 | ||||||
Robert Half International, Inc. | 37 | 2,830 | ||||||
Rollins, Inc. | 78 | 2,705 | ||||||
Dentsply Sirona, Inc. | 72 | 2,041 | ||||||
Organon & Co. | 87 | 2,036 | ||||||
Universal Health Services, Inc. — Class B | 22 | 1,940 | ||||||
DaVita, Inc.* | 19 | 1,573 | ||||||
Total Consumer, Non-cyclical | 2,284,167 | |||||||
Financial - 10.8% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 607 | 162,081 | ||||||
JPMorgan Chase & Co. | 986 | 103,037 | ||||||
Visa, Inc. — Class A | 550 | 97,707 | ||||||
Mastercard, Inc. — Class A | 287 | 81,606 | ||||||
Bank of America Corp. | 2,351 | 71,000 | ||||||
Wells Fargo & Co. | 1,276 | 51,321 | ||||||
Charles Schwab Corp. | 514 | 36,941 | ||||||
Morgan Stanley | 450 | 35,554 | ||||||
American Tower Corp. — Class A REIT | 157 | 33,708 | ||||||
Goldman Sachs Group, Inc. | 115 | 33,701 | ||||||
BlackRock, Inc. — Class A | 52 | 28,614 | ||||||
American Express Co. | 202 | 27,252 | ||||||
Citigroup, Inc. | 652 | 27,169 | ||||||
Chubb Ltd. | 141 | 25,645 | ||||||
Prologis, Inc. REIT | 249 | 25,298 | ||||||
Marsh & McLennan Companies, Inc. | 168 | 25,081 | ||||||
Progressive Corp. | 197 | 22,893 | ||||||
CME Group, Inc. — Class A | 121 | 21,433 | ||||||
Crown Castle, Inc. REIT | 146 | 21,104 | ||||||
PNC Financial Services Group, Inc. | 138 | 20,620 | ||||||
Truist Financial Corp. | 446 | 19,419 | ||||||
Aon plc — Class A | 71 | 19,019 | ||||||
U.S. Bancorp | 455 | 18,346 | ||||||
Equinix, Inc. REIT | 31 | 17,634 | ||||||
Intercontinental Exchange, Inc. | 188 | 16,986 | ||||||
Public Storage REIT | 54 | 15,812 | ||||||
MetLife, Inc. | 226 | 13,736 | ||||||
Travelers Companies, Inc. | 80 | 12,256 | ||||||
Arthur J Gallagher & Co. | 71 | 12,157 | ||||||
American International Group, Inc. | 256 | 12,155 | ||||||
Realty Income Corp. REIT | 208 | 12,106 | ||||||
Capital One Financial Corp. | 129 | 11,890 | ||||||
Allstate Corp. | 91 | 11,332 | ||||||
Aflac, Inc. | 194 | 10,903 | ||||||
Prudential Financial, Inc. | 125 | 10,723 | ||||||
SBA Communications Corp. REIT | 37 | 10,532 | ||||||
M&T Bank Corp. | 59 | 10,403 | ||||||
Welltower, Inc. REIT | 157 | 10,098 | ||||||
Simon Property Group, Inc. REIT | 111 | 9,962 | ||||||
VICI Properties, Inc. REIT | 324 | 9,671 | ||||||
Digital Realty Trust, Inc. REIT | 97 | 9,621 | ||||||
Bank of New York Mellon Corp. | 248 | 9,553 | ||||||
Ameriprise Financial, Inc. | 36 | 9,070 | ||||||
AvalonBay Communities, Inc. REIT | 48 | 8,841 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.6% (continued) | ||||||||
Financial - 10.8% (continued) | ||||||||
Discover Financial Services | 92 | $ | 8,365 | |||||
T. Rowe Price Group, Inc. | 76 | 7,981 | ||||||
First Republic Bank | 61 | 7,964 | ||||||
Extra Space Storage, Inc. REIT | 45 | 7,772 | ||||||
Equity Residential REIT | 115 | 7,730 | ||||||
State Street Corp. | 124 | 7,540 | ||||||
Willis Towers Watson plc | 37 | 7,435 | ||||||
Fifth Third Bancorp | 232 | 7,415 | ||||||
CBRE Group, Inc. — Class A* | 108 | 7,291 | ||||||
Weyerhaeuser Co. REIT | 249 | 7,111 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 50 | 7,010 | ||||||
Hartford Financial Services Group, Inc. | 109 | 6,751 | ||||||
SVB Financial Group* | 20 | 6,716 | ||||||
Invitation Homes, Inc. REIT | 195 | 6,585 | ||||||
Raymond James Financial, Inc. | 66 | 6,522 | ||||||
Nasdaq, Inc. | 114 | 6,461 | ||||||
Huntington Bancshares, Inc. | 485 | 6,392 | ||||||
Regions Financial Corp. | 314 | 6,302 | ||||||
Duke Realty Corp. REIT | 130 | 6,266 | ||||||
Mid-America Apartment Communities, Inc. REIT | 39 | 6,048 | ||||||
Northern Trust Corp. | 70 | 5,989 | ||||||
Citizens Financial Group, Inc. | 168 | 5,772 | ||||||
Principal Financial Group, Inc. | 78 | 5,628 | ||||||
Essex Property Trust, Inc. REIT | 23 | 5,571 | ||||||
Ventas, Inc. REIT | 135 | 5,423 | ||||||
KeyCorp | 314 | 5,030 | ||||||
Cincinnati Financial Corp. | 54 | 4,837 | ||||||
Brown & Brown, Inc. | 79 | 4,778 | ||||||
Synchrony Financial | 163 | 4,595 | ||||||
W R Berkley Corp. | 69 | 4,456 | ||||||
Iron Mountain, Inc. REIT | 98 | 4,309 | ||||||
Camden Property Trust REIT | 36 | 4,300 | ||||||
UDR, Inc. REIT | 103 | 4,296 | ||||||
Cboe Global Markets, Inc. | 36 | 4,225 | ||||||
Healthpeak Properties, Inc. REIT | 182 | 4,172 | ||||||
Kimco Realty Corp. REIT | 209 | 3,848 | ||||||
Host Hotels & Resorts, Inc. REIT | 241 | 3,827 | ||||||
Everest Re Group Ltd. | 14 | 3,674 | ||||||
Boston Properties, Inc. REIT | 48 | 3,599 | ||||||
Loews Corp. | 68 | 3,389 | ||||||
Signature Bank | 21 | 3,171 | ||||||
Comerica, Inc. | 44 | 3,128 | ||||||
Globe Life, Inc. | 31 | 3,091 | ||||||
Regency Centers Corp. REIT | 53 | 2,854 | ||||||
Assurant, Inc. | 19 | 2,760 | ||||||
Zions Bancorp North America | 51 | 2,594 | ||||||
Lincoln National Corp. | 52 | 2,283 | ||||||
Federal Realty Investment Trust REIT | 25 | 2,253 | ||||||
Invesco Ltd. | 154 | 2,110 | ||||||
Franklin Resources, Inc. | 96 | 2,066 | ||||||
Vornado Realty Trust REIT | 55 | 1,274 | ||||||
Total Financial | 1,514,949 | |||||||
Communications - 9.1% | ||||||||
Amazon.com, Inc.* | 2,981 | 336,853 | ||||||
Alphabet, Inc. — Class A* | 2,017 | 192,926 | ||||||
Alphabet, Inc. — Class C* | 1,804 | 173,454 | ||||||
Meta Platforms, Inc. — Class A* | 768 | 104,202 | ||||||
Walt Disney Co.* | 613 | 57,824 | ||||||
Cisco Systems, Inc. | 1,393 | 55,720 | ||||||
Verizon Communications, Inc. | 1,413 | 53,652 | ||||||
Comcast Corp. — Class A | 1,482 | 43,467 | ||||||
AT&T, Inc. | 2,397 | 36,770 | ||||||
Netflix, Inc.* | 150 | 35,316 | ||||||
T-Mobile US, Inc.* | 203 | 27,236 | ||||||
Booking Holdings, Inc.* | 14 | 23,005 | ||||||
Motorola Solutions, Inc. | 56 | 12,542 | ||||||
Charter Communications, Inc. — Class A* | 38 | 11,527 | ||||||
Twitter, Inc.* | 227 | 9,952 | ||||||
Arista Networks, Inc.* | 83 | 9,370 | ||||||
Warner Bros Discovery, Inc.* | 744 | 8,556 | ||||||
Corning, Inc. | 256 | 7,429 | ||||||
CDW Corp. | 45 | 7,023 | ||||||
eBay, Inc. | 186 | 6,847 | ||||||
VeriSign, Inc.* | 31 | 5,385 | ||||||
FactSet Research Systems, Inc. | 13 | 5,201 | ||||||
Expedia Group, Inc.* | 51 | 4,778 | ||||||
Match Group, Inc.* | 95 | 4,536 | ||||||
Omnicom Group, Inc. | 70 | 4,417 | ||||||
Etsy, Inc.* | 44 | 4,406 | ||||||
NortonLifeLock, Inc. | 199 | 4,008 | ||||||
Interpublic Group of Companies, Inc. | 132 | 3,379 | ||||||
Paramount Global — Class B | 170 | 3,237 | ||||||
Fox Corp. — Class A | 104 | 3,191 | ||||||
F5, Inc.* | 20 | 2,895 | ||||||
Juniper Networks, Inc. | 109 | 2,847 | ||||||
Lumen Technologies, Inc. | 321 | 2,337 | ||||||
News Corp. — Class A | 130 | 1,964 | ||||||
Fox Corp. — Class B | 47 | 1,340 | ||||||
DISH Network Corp. — Class A* | 84 | 1,162 | ||||||
News Corp. — Class B | 40 | 617 | ||||||
Total Communications | 1,269,371 | |||||||
Consumer, Cyclical - 7.3% | ||||||||
Tesla, Inc.* | 896 | 237,664 | ||||||
Home Depot, Inc. | 346 | 95,475 | ||||||
Costco Wholesale Corp. | 150 | 70,841 | ||||||
Walmart, Inc. | 479 | 62,126 | ||||||
McDonald's Corp. | 248 | 57,224 | ||||||
Lowe's Companies, Inc. | 216 | 40,567 | ||||||
NIKE, Inc. — Class B | 426 | 35,409 | ||||||
Starbucks Corp. | 387 | 32,609 | ||||||
TJX Companies, Inc. | 395 | 24,537 | ||||||
Target Corp. | 157 | 23,297 | ||||||
Dollar General Corp. | 77 | 18,469 | ||||||
General Motors Co. | 491 | 15,756 | ||||||
O'Reilly Automotive, Inc.* | 22 | 15,474 | ||||||
AutoZone, Inc.* | 7 | 14,994 | ||||||
Ford Motor Co. | 1,329 | 14,885 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 9 | 13,525 | ||||||
Marriott International, Inc. — Class A | 94 | 13,173 | ||||||
Hilton Worldwide Holdings, Inc. | 93 | 11,218 | ||||||
Yum! Brands, Inc. | 96 | 10,209 | ||||||
Ross Stores, Inc. | 118 | 9,944 | ||||||
PACCAR, Inc. | 117 | 9,792 | ||||||
Dollar Tree, Inc.* | 71 | 9,663 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.6% (continued) | ||||||||
Consumer, Cyclical - 7.3% (continued) | ||||||||
Cummins, Inc. | 47 | $ | 9,565 | |||||
Fastenal Co. | 193 | 8,885 | ||||||
Copart, Inc.* | 72 | 7,661 | ||||||
Walgreens Boots Alliance, Inc. | 241 | 7,567 | ||||||
WW Grainger, Inc. | 15 | 7,338 | ||||||
Genuine Parts Co. | 48 | 7,167 | ||||||
DR Horton, Inc. | 106 | 7,139 | ||||||
Aptiv plc* | 91 | 7,117 | ||||||
Tractor Supply Co. | 38 | 7,063 | ||||||
Ulta Beauty, Inc.* | 17 | 6,820 | ||||||
Lennar Corp. — Class A | 86 | 6,411 | ||||||
Southwest Airlines Co.* | 200 | 6,168 | ||||||
Delta Air Lines, Inc.* | 217 | 6,089 | ||||||
Darden Restaurants, Inc. | 41 | 5,179 | ||||||
Best Buy Company, Inc. | 67 | 4,244 | ||||||
LKQ Corp. | 88 | 4,149 | ||||||
Pool Corp. | 13 | 4,137 | ||||||
Las Vegas Sands Corp.* | 110 | 4,127 | ||||||
NVR, Inc.* | 1 | 3,987 | ||||||
Domino's Pizza, Inc. | 12 | 3,722 | ||||||
Live Nation Entertainment, Inc.* | 48 | 3,650 | ||||||
United Airlines Holdings, Inc.* | 110 | 3,578 | ||||||
CarMax, Inc.* | 54 | 3,565 | ||||||
VF Corp. | 112 | 3,350 | ||||||
MGM Resorts International | 110 | 3,269 | ||||||
Advance Auto Parts, Inc. | 20 | 3,127 | ||||||
Hasbro, Inc. | 44 | 2,966 | ||||||
PulteGroup, Inc. | 78 | 2,925 | ||||||
Royal Caribbean Cruises Ltd.* | 74 | 2,805 | ||||||
American Airlines Group, Inc.* | 218 | 2,625 | ||||||
BorgWarner, Inc. | 80 | 2,512 | ||||||
Bath & Body Works, Inc. | 77 | 2,510 | ||||||
Whirlpool Corp. | 18 | 2,427 | ||||||
Tapestry, Inc. | 85 | 2,417 | ||||||
Caesars Entertainment, Inc.* | 73 | 2,355 | ||||||
Carnival Corp.* | 332 | 2,334 | ||||||
Wynn Resorts Ltd.* | 36 | 2,269 | ||||||
Newell Brands, Inc. | 127 | 1,764 | ||||||
Alaska Air Group, Inc.* | 43 | 1,684 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 142 | 1,613 | ||||||
Ralph Lauren Corp. — Class A | 15 | 1,274 | ||||||
Total Consumer, Cyclical | 1,016,405 | |||||||
Industrial - 5.6% | ||||||||
Union Pacific Corp. | 210 | 40,912 | ||||||
Raytheon Technologies Corp. | 497 | 40,684 | ||||||
United Parcel Service, Inc. — Class B | 246 | 39,739 | ||||||
Honeywell International, Inc. | 226 | 37,735 | ||||||
Deere & Co. | 94 | 31,386 | ||||||
Lockheed Martin Corp. | 79 | 30,517 | ||||||
Caterpillar, Inc. | 177 | 29,042 | ||||||
Northrop Grumman Corp. | 49 | 23,046 | ||||||
General Electric Co. | 369 | 22,845 | ||||||
Boeing Co.* | 188 | 22,763 | ||||||
3M Co. | 186 | 20,553 | ||||||
Waste Management, Inc. | 127 | 20,347 | ||||||
CSX Corp. | 721 | 19,208 | ||||||
Eaton Corporation plc | 134 | 17,870 | ||||||
Illinois Tool Works, Inc. | 95 | 17,162 | ||||||
Norfolk Southern Corp. | 79 | 16,562 | ||||||
General Dynamics Corp. | 76 | 16,125 | ||||||
Emerson Electric Co. | 199 | 14,571 | ||||||
Amphenol Corp. — Class A | 200 | 13,392 | ||||||
L3Harris Technologies, Inc. | 64 | 13,301 | ||||||
Agilent Technologies, Inc. | 100 | 12,155 | ||||||
TE Connectivity Ltd. | 109 | 12,029 | ||||||
FedEx Corp. | 81 | 12,026 | ||||||
Johnson Controls International plc | 232 | 11,419 | ||||||
Trane Technologies plc | 78 | 11,295 | ||||||
Parker-Hannifin Corp. | 44 | 10,662 | ||||||
Carrier Global Corp. | 283 | 10,064 | ||||||
Keysight Technologies, Inc.* | 61 | 9,599 | ||||||
Republic Services, Inc. — Class A | 69 | 9,387 | ||||||
Otis Worldwide Corp. | 142 | 9,060 | ||||||
TransDigm Group, Inc. | 17 | 8,922 | ||||||
AMETEK, Inc. | 78 | 8,846 | ||||||
Mettler-Toledo International, Inc.* | 8 | 8,673 | ||||||
Rockwell Automation, Inc. | 39 | 8,389 | ||||||
Old Dominion Freight Line, Inc. | 32 | 7,961 | ||||||
Vulcan Materials Co. | 45 | 7,097 | ||||||
Fortive Corp. | 120 | 6,996 | ||||||
Martin Marietta Materials, Inc. | 21 | 6,764 | ||||||
Ingersoll Rand, Inc. | 136 | 5,883 | ||||||
Dover Corp. | 48 | 5,596 | ||||||
Amcor plc | 505 | 5,419 | ||||||
Teledyne Technologies, Inc.* | 16 | 5,400 | ||||||
Xylem, Inc. | 61 | 5,329 | ||||||
IDEX Corp. | 26 | 5,196 | ||||||
Ball Corp. | 106 | 5,122 | ||||||
Westinghouse Air Brake Technologies Corp. | 61 | 4,962 | ||||||
Expeditors International of Washington, Inc. | 55 | 4,857 | ||||||
Jacobs Solutions, Inc. | 44 | 4,774 | ||||||
J.B. Hunt Transport Services, Inc. | 29 | 4,536 | ||||||
Trimble, Inc.* | 83 | 4,505 | ||||||
Garmin Ltd. | 52 | 4,176 | ||||||
Textron, Inc. | 71 | 4,136 | ||||||
CH Robinson Worldwide, Inc. | 42 | 4,045 | ||||||
Nordson Corp. | 19 | 4,033 | ||||||
Howmet Aerospace, Inc. | 124 | 3,835 | ||||||
Stanley Black & Decker, Inc. | 50 | 3,761 | ||||||
Generac Holdings, Inc.* | 21 | 3,741 | ||||||
Snap-on, Inc. | 18 | 3,624 | ||||||
Packaging Corporation of America | 32 | 3,593 | ||||||
Masco Corp. | 76 | 3,549 | ||||||
Huntington Ingalls Industries, Inc. | 13 | 2,879 | ||||||
Allegion plc | 30 | 2,690 | ||||||
Westrock Co. | 85 | 2,625 | ||||||
Fortune Brands Home & Security, Inc. | 44 | 2,362 | ||||||
Pentair plc | 56 | 2,275 | ||||||
Sealed Air Corp. | 49 | 2,181 | ||||||
A O Smith Corp. | 43 | 2,089 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.6% (continued) | ||||||||
Industrial - 5.6% (continued) | ||||||||
Mohawk Industries, Inc.* | 18 | $ | 1,641 | |||||
Total Industrial | 777,918 | |||||||
Energy - 3.4% | ||||||||
Exxon Mobil Corp. | 1,402 | 122,409 | ||||||
Chevron Corp. | 605 | 86,920 | ||||||
ConocoPhillips | 429 | 43,904 | ||||||
EOG Resources, Inc. | 197 | 22,011 | ||||||
Pioneer Natural Resources Co. | 80 | 17,322 | ||||||
Schlumberger N.V. | 477 | 17,124 | ||||||
Marathon Petroleum Corp. | 168 | 16,687 | ||||||
Occidental Petroleum Corp. | 251 | 15,424 | ||||||
Valero Energy Corp. | 133 | 14,211 | ||||||
Devon Energy Corp. | 221 | 13,289 | ||||||
Phillips 66 | 162 | 13,077 | ||||||
Enphase Energy, Inc.* | 47 | 13,041 | ||||||
Williams Companies, Inc. | 411 | 11,767 | ||||||
Kinder Morgan, Inc. | 667 | 11,099 | ||||||
Hess Corp. | 94 | 10,245 | ||||||
ONEOK, Inc. | 151 | 7,737 | ||||||
Halliburton Co. | 305 | 7,509 | ||||||
Diamondback Energy, Inc. | 60 | 7,227 | ||||||
Baker Hughes Co. | 341 | 7,148 | ||||||
Coterra Energy, Inc. — Class A | 267 | 6,974 | ||||||
Marathon Oil Corp. | 229 | 5,171 | ||||||
Equities Corp. | 125 | 5,094 | ||||||
SolarEdge Technologies, Inc.* | 19 | 4,398 | ||||||
APA Corp. | 110 | 3,761 | ||||||
Total Energy | 483,549 | |||||||
Utilities - 2.3% | ||||||||
NextEra Energy, Inc. | 661 | 51,829 | ||||||
Southern Co. | 358 | 24,344 | ||||||
Duke Energy Corp. | 259 | 24,092 | ||||||
Dominion Energy, Inc. | 281 | 19,420 | ||||||
Sempra Energy | 106 | 15,894 | ||||||
American Electric Power Company, Inc. | 173 | 14,956 | ||||||
Exelon Corp. | 333 | 12,474 | ||||||
Xcel Energy, Inc. | 184 | 11,776 | ||||||
Consolidated Edison, Inc. | 120 | 10,291 | ||||||
WEC Energy Group, Inc. | 106 | 9,479 | ||||||
Public Service Enterprise Group, Inc. | 168 | 9,447 | ||||||
Constellation Energy Corp. | 110 | 9,151 | ||||||
Eversource Energy | 116 | 9,043 | ||||||
American Water Works Company, Inc. | 62 | 8,070 | ||||||
DTE Energy Co. | 65 | 7,478 | ||||||
Edison International | 129 | 7,299 | ||||||
Ameren Corp. | 87 | 7,008 | ||||||
Entergy Corp. | 68 | 6,843 | ||||||
PG&E Corp.* | 542 | 6,775 | ||||||
FirstEnergy Corp. | 183 | 6,771 | ||||||
PPL Corp. | 248 | 6,287 | ||||||
CenterPoint Energy, Inc. | 212 | 5,974 | ||||||
CMS Energy Corp. | 98 | 5,707 | ||||||
AES Corp. | 225 | 5,085 | ||||||
Atmos Energy Corp. | 48 | 4,889 | ||||||
Evergy, Inc. | 78 | 4,633 | ||||||
Alliant Energy Corp. | 84 | 4,451 | ||||||
NiSource, Inc. | 137 | 3,451 | ||||||
NRG Energy, Inc. | 80 | 3,062 | ||||||
Pinnacle West Capital Corp. | 39 | 2,516 | ||||||
Total Utilities | 318,495 | |||||||
Basic Materials - 1.5% | ||||||||
Linde plc | 168 | 45,291 | ||||||
Air Products and Chemicals, Inc. | 75 | 17,455 | ||||||
Sherwin-Williams Co. | 80 | 16,380 | ||||||
Freeport-McMoRan, Inc. | 482 | 13,173 | ||||||
Ecolab, Inc. | 84 | 12,131 | ||||||
Newmont Corp. | 267 | 11,222 | ||||||
Dow, Inc. | 242 | 10,631 | ||||||
Albemarle Corp. | 39 | 10,313 | ||||||
Nucor Corp. | 88 | 9,415 | ||||||
PPG Industries, Inc. | 80 | 8,855 | ||||||
DuPont de Nemours, Inc. | 168 | 8,467 | ||||||
International Flavors & Fragrances, Inc. | 86 | 7,812 | ||||||
LyondellBasell Industries N.V. — Class A | 86 | 6,474 | ||||||
CF Industries Holdings, Inc. | 67 | 6,449 | ||||||
Mosaic Co. | 116 | 5,606 | ||||||
FMC Corp. | 43 | 4,545 | ||||||
International Paper Co. | 122 | 3,867 | ||||||
Celanese Corp. — Class A | 34 | 3,072 | ||||||
Eastman Chemical Co. | 41 | 2,913 | ||||||
Total Basic Materials | 204,071 | |||||||
Total Common Stocks | ||||||||
(Cost $10,295,776) | 10,158,828 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 31.1% | ||||||||
U.S. Treasury Bills | ||||||||
1.34% due 10/04/221,2 | $ | 2,314,000 | 2,313,844 | |||||
1.78% due 10/04/222 | 2,000,000 | 1,999,866 | ||||||
2.70% due 11/08/222,3 | 41,000 | 40,889 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $4,354,316) | 4,354,599 | |||||||
REPURCHASE AGREEMENTS††,4 - 70.7% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/221 | 5,634,315 | 5,634,315 | ||||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/221 | 2,167,044 | 2,167,044 | ||||||
Barclays
Capital, Inc. issued 09/30/22 at 2.92% due 10/03/221 | 2,102,902 | 2,102,902 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $9,904,261) | 9,904,261 | |||||||
Total Investments - 174.4% | ||||||||
(Cost $24,554,353) | $ | 24,417,688 | ||||||
Other Assets & Liabilities, net - (74.4)% | (10,413,369 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,004,319 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value
and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 4 | Dec 2022 | $ | 719,450 | $ | (55,190 | ) |
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†† | ||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 3.53% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 860 | $ | 3,082,577 | $ | (59,272 | ) | |||||||||||
BNP Paribas | S&P 500 Index | Pay | 3.68% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 718 | 2,575,113 | (618,331 | ) | |||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 3.41% (SOFR + 0.45%) | At Maturity | 11/16/22 | 3,194 | 11,450,863 | (901,862 | ) | |||||||||||||
$ | 17,108,553 | $ | (1,579,465 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs, unless otherwise noted — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is pledged as equity index swap collateral at September 30, 2022. |
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 September 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
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 September 30, 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 | $ | 10,154,460 | $ | 4,368 | $ | — | $ | 10,158,828 | ||||||||
U.S. Treasury Bills | — | 4,354,599 | — | 4,354,599 | ||||||||||||
Repurchase Agreements | — | 9,904,261 | — | 9,904,261 | ||||||||||||
Total Assets | $ | 10,154,460 | $ | 14,263,228 | $ | — | $ | 24,417,688 |
Investments in Securities (Liabilities) | Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 55,190 | $ | — | $ | — | $ | 55,190 | ||||||||
Equity Index Swap Agreements** | — | 1,579,465 | — | 1,579,465 | ||||||||||||
Total Liabilities | $ | 55,190 | $ | 1,579,465 | $ | — | $ | 1,634,655 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 8,303,229 | $ | – | $ | – | $ | – | $ | (8,303,229 | ) | $ | – | – | $ | – | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 4,438,580 | – | – | – | (4,438,580 | ) | – | – | – | |||||||||||||||||||||||
$ | 12,741,809 | $ | – | $ | – | $ | – | $ | (12,741,809 | ) | $ | – | $ | – |
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
Technology - 28.2% | ||||||||
Fortinet, Inc.* | 13,307 | $ | 653,773 | |||||
KLA Corp. | 1,609 | 486,931 | ||||||
Monolithic Power Systems, Inc. | 1,318 | 478,961 | ||||||
EPAM Systems, Inc.* | 1,167 | 422,676 | ||||||
Intuit, Inc. | 953 | 369,116 | ||||||
Advanced Micro Devices, Inc.* | 5,169 | 327,508 | ||||||
NVIDIA Corp. | 2,679 | 325,204 | ||||||
QUALCOMM, Inc. | 2,855 | 322,558 | ||||||
Microsoft Corp. | 1,363 | 317,443 | ||||||
Apple, Inc. | 2,272 | 313,990 | ||||||
Applied Materials, Inc. | 3,826 | 313,464 | ||||||
Cadence Design Systems, Inc.* | 1,913 | 312,641 | ||||||
Oracle Corp. | 4,746 | 289,838 | ||||||
Teradyne, Inc. | 3,594 | 270,089 | ||||||
MSCI, Inc. — Class A | 597 | 251,809 | ||||||
Lam Research Corp. | 651 | 238,266 | ||||||
ServiceNow, Inc.* | 626 | 236,384 | ||||||
Adobe, Inc.* | 679 | 186,861 | ||||||
Total Technology | 6,117,512 | |||||||
Consumer, Non-cyclical - 19.6% | ||||||||
Eli Lilly & Co. | 2,008 | 649,287 | ||||||
Regeneron Pharmaceuticals, Inc.* | 831 | 572,451 | ||||||
Dexcom, Inc.* | 5,535 | 445,789 | ||||||
Gartner, Inc.* | 1,438 | 397,880 | ||||||
Moderna, Inc.* | 3,319 | 392,472 | ||||||
PerkinElmer, Inc. | 3,029 | 364,479 | ||||||
Thermo Fisher Scientific, Inc. | 641 | 325,109 | ||||||
West Pharmaceutical Services, Inc. | 1,124 | 276,594 | ||||||
Equifax, Inc. | 1,374 | 235,545 | ||||||
Charles River Laboratories International, Inc.* | 1,187 | 233,601 | ||||||
Bio-Techne Corp. | 746 | 211,864 | ||||||
Align Technology, Inc.* | 688 | 142,492 | ||||||
Total Consumer, Non-cyclical | 4,247,563 | |||||||
Consumer, Cyclical - 12.5% | ||||||||
Tesla, Inc.* | 2,395 | 635,274 | ||||||
AutoZone, Inc.* | 243 | 520,489 | ||||||
Tractor Supply Co. | 2,446 | 454,662 | ||||||
O'Reilly Automotive, Inc.* | 622 | 437,484 | ||||||
Lowe's Companies, Inc. | 1,843 | 346,134 | ||||||
Pool Corp. | 1,039 | 330,620 | ||||||
Total Consumer, Cyclical | 2,724,663 | |||||||
Financial - 11.7% | ||||||||
Goldman Sachs Group, Inc. | 2,063 | 604,562 | ||||||
Discover Financial Services | 5,263 | 478,512 | ||||||
SVB Financial Group* | 1,234 | 414,353 | ||||||
Extra Space Storage, Inc. REIT | 1,820 | 314,332 | ||||||
Signature Bank | 2,064 | 311,664 | ||||||
First Republic Bank | 2,153 | 281,074 | ||||||
Camden Property Trust REIT | 1,117 | 133,426 | ||||||
Total Financial | 2,537,923 | |||||||
Energy - 10.8% | ||||||||
Enphase Energy, Inc.* | 3,644 | 1,011,101 | ||||||
Diamondback Energy, Inc. | 5,622 | 677,226 | ||||||
Devon Energy Corp. | 10,938 | 657,702 | ||||||
Total Energy | 2,346,029 | |||||||
Communications - 8.3% | ||||||||
Arista Networks, Inc.* | 3,903 | 440,609 | ||||||
Etsy, Inc.* | 3,060 | 306,398 | ||||||
Alphabet, Inc. — Class A* | 2,509 | 239,986 | ||||||
Amazon.com, Inc.* | 2,069 | 233,797 | ||||||
Alphabet, Inc. — Class C* | 2,333 | 224,318 | ||||||
Netflix, Inc.* | 787 | 185,291 | ||||||
Meta Platforms, Inc. — Class A* | 1,278 | 173,399 | ||||||
Total Communications | 1,803,798 | |||||||
Industrial - 4.8% | ||||||||
Expeditors International of Washington, Inc. | 4,308 | 380,440 | ||||||
Generac Holdings, Inc.* | 2,080 | 370,531 | ||||||
Old Dominion Freight Line, Inc. | 1,190 | 296,036 | ||||||
Total Industrial | 1,047,007 | |||||||
Utilities - 3.9% | ||||||||
NRG Energy, Inc. | 22,331 | 854,607 | ||||||
Total Common Stocks | ||||||||
(Cost $19,551,775) | 21,679,102 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.3% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 164,721 | 164,721 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 63,355 | 63,355 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 61,479 | 61,479 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $289,555) | 289,555 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $19,841,330) | $ | 21,968,657 | ||||||
Other Assets & Liabilities, net - (1.1)% | (244,368 | ) | ||||||
Total Net Assets - 100.0% | $ | 21,724,289 |
* | 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
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 21,679,102 | $ | — | $ | — | $ | 21,679,102 | ||||||||
Repurchase Agreements | — | 289,555 | — | 289,555 | ||||||||||||
Total Assets | $ | 21,679,102 | $ | 289,555 | $ | — | $ | 21,968,657 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Financial - 31.2% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 2,305 | $ | 615,481 | |||||
Allstate Corp. | 4,423 | 550,796 | ||||||
MetLife, Inc. | 8,711 | 529,455 | ||||||
Prudential Financial, Inc. | 5,840 | 500,955 | ||||||
Everest Re Group Ltd. | 1,658 | 435,126 | ||||||
Loews Corp. | 8,310 | 414,170 | ||||||
American International Group, Inc. | 8,613 | 408,945 | ||||||
Lincoln National Corp. | 8,152 | 357,954 | ||||||
Globe Life, Inc. | 3,548 | 353,736 | ||||||
Aflac, Inc. | 6,012 | 337,874 | ||||||
Travelers Companies, Inc. | 2,184 | 334,589 | ||||||
Principal Financial Group, Inc. | 4,598 | 331,746 | ||||||
Hartford Financial Services Group, Inc. | 4,782 | 296,197 | ||||||
Assurant, Inc. | 1,917 | 278,483 | ||||||
M&T Bank Corp. | 1,509 | 266,067 | ||||||
Citigroup, Inc. | 6,074 | 253,104 | ||||||
Chubb Ltd. | 1,340 | 243,719 | ||||||
Citizens Financial Group, Inc. | 6,822 | 234,404 | ||||||
Invesco Ltd. | 16,712 | 228,954 | ||||||
Wells Fargo & Co. | 5,247 | 211,034 | ||||||
W R Berkley Corp. | 2,762 | 178,370 | ||||||
Huntington Bancshares, Inc. | 12,121 | 159,755 | ||||||
Progressive Corp. | 1,374 | 159,673 | ||||||
Bank of New York Mellon Corp. | 3,954 | 152,308 | ||||||
KeyCorp | 9,464 | 151,613 | ||||||
State Street Corp. | 2,214 | 134,633 | ||||||
Truist Financial Corp. | 3,090 | 134,539 | ||||||
Fifth Third Bancorp | 3,711 | 118,604 | ||||||
Kimco Realty Corp. REIT | 5,930 | 109,171 | ||||||
U.S. Bancorp | 2,145 | 86,486 | ||||||
PNC Financial Services Group, Inc. | 516 | 77,101 | ||||||
Total Financial | 8,645,042 | |||||||
Consumer, Non-cyclical - 23.4% | ||||||||
Cigna Corp. | 2,583 | 716,705 | ||||||
Archer-Daniels-Midland Co. | 7,189 | 578,355 | ||||||
CVS Health Corp. | 4,861 | 463,593 | ||||||
Centene Corp.* | 5,606 | 436,203 | ||||||
Cardinal Health, Inc. | 5,640 | 376,075 | ||||||
Molson Coors Beverage Co. — Class B | 7,259 | 348,359 | ||||||
Kraft Heinz Co. | 10,316 | 344,039 | ||||||
Tyson Foods, Inc. — Class A | 5,045 | 332,617 | ||||||
Kroger Co. | 7,109 | 311,019 | ||||||
AmerisourceBergen Corp. — Class A | 1,958 | 264,976 | ||||||
Humana, Inc. | 526 | 255,210 | ||||||
Elevance Health, Inc. | 543 | 246,652 | ||||||
Universal Health Services, Inc. — Class B | 2,763 | 243,641 | ||||||
Corteva, Inc. | 3,964 | 226,543 | ||||||
Conagra Brands, Inc. | 6,642 | 216,728 | ||||||
Viatris, Inc. | 24,013 | 204,591 | ||||||
Nielsen Holdings plc | 6,859 | 190,132 | ||||||
Henry Schein, Inc.* | 2,667 | 175,409 | ||||||
J M Smucker Co. | 1,227 | 168,602 | ||||||
Sysco Corp. | 1,659 | 117,308 | ||||||
Global Payments, Inc. | 967 | 104,484 | ||||||
DaVita, Inc.* | 1,189 | 98,414 | ||||||
Organon & Co. | 3,512 | 82,181 | ||||||
Total Consumer, Non-cyclical | 6,501,836 | |||||||
Energy - 10.3% | ||||||||
Marathon Petroleum Corp. | 7,047 | 699,979 | ||||||
Valero Energy Corp. | 5,467 | 584,149 | ||||||
Phillips 66 | 5,168 | 417,161 | ||||||
Exxon Mobil Corp. | 2,873 | 250,842 | ||||||
Marathon Oil Corp. | 10,911 | 246,370 | ||||||
Kinder Morgan, Inc. | 14,025 | 233,376 | ||||||
Baker Hughes Co. | 10,783 | 226,011 | ||||||
Chevron Corp. | 1,426 | 204,873 | ||||||
Total Energy | 2,862,761 | |||||||
Consumer, Cyclical - 7.4% | ||||||||
Walgreens Boots Alliance, Inc. | 8,887 | 279,052 | ||||||
BorgWarner, Inc. | 8,013 | 251,608 | ||||||
General Motors Co. | 6,855 | 219,977 | ||||||
Whirlpool Corp. | 1,454 | 196,014 | ||||||
Ford Motor Co. | 16,916 | 189,459 | ||||||
PulteGroup, Inc. | 4,931 | 184,912 | ||||||
Best Buy Company, Inc. | 2,846 | 180,266 | ||||||
Lennar Corp. — Class A | 2,296 | 171,167 | ||||||
Walmart, Inc. | 1,152 | 149,414 | ||||||
Alaska Air Group, Inc.* | 3,093 | 121,091 | ||||||
PACCAR, Inc. | 1,392 | 116,497 | ||||||
Total Consumer, Cyclical | 2,059,457 | |||||||
Utilities - 7.2% | ||||||||
Pinnacle West Capital Corp. | 3,741 | 241,332 | ||||||
PG&E Corp.* | 15,964 | 199,550 | ||||||
Consolidated Edison, Inc. | 2,215 | 189,958 | ||||||
Entergy Corp. | 1,386 | 139,473 | ||||||
Atmos Energy Corp. | 1,327 | 135,155 | ||||||
Exelon Corp. | 3,375 | 126,428 | ||||||
Evergy, Inc. | 2,097 | 124,562 | ||||||
PPL Corp. | 4,698 | 119,094 | ||||||
Sempra Energy | 759 | 113,804 | ||||||
American Electric Power Company, Inc. | 1,271 | 109,878 | ||||||
Edison International | 1,825 | 103,259 | ||||||
DTE Energy Co. | 885 | 101,819 | ||||||
Duke Energy Corp. | 1,089 | 101,299 | ||||||
Constellation Energy Corp. | 1,125 | 93,589 | ||||||
NiSource, Inc. | 3,680 | 92,699 | ||||||
Total Utilities | 1,991,899 | |||||||
Communications - 5.9% | ||||||||
Paramount Global — Class B | 16,832 | 320,481 | ||||||
AT&T, Inc. | 15,797 | 242,326 | ||||||
Lumen Technologies, Inc. | 29,243 | 212,889 | ||||||
DISH Network Corp. — Class A* | 13,237 | 183,068 | ||||||
Omnicom Group, Inc. | 1,927 | 121,574 | ||||||
T-Mobile US, Inc.* | 868 | 116,460 | ||||||
Fox Corp. — Class A | 3,415 | 104,772 | ||||||
News Corp. — Class A | 6,791 | 102,612 | ||||||
Verizon Communications, Inc. | 2,552 | 96,899 | ||||||
Warner Bros Discovery, Inc.* | 5,330 | 61,295 | ||||||
Fox Corp. — Class B | 1,581 | 45,059 | ||||||
News Corp. — Class B | 2,078 | 32,043 | ||||||
Total Communications | 1,639,478 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% (continued) | ||||||||
Industrial - 5.4% | ||||||||
Westrock Co. | 12,129 | $ | 374,665 | |||||
Huntington Ingalls Industries, Inc. | 1,260 | 279,090 | ||||||
CH Robinson Worldwide, Inc. | 2,151 | 207,163 | ||||||
FedEx Corp. | 1,126 | 167,177 | ||||||
Mohawk Industries, Inc.* | 1,828 | 166,695 | ||||||
Raytheon Technologies Corp. | 1,390 | 113,785 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,280 | 104,128 | ||||||
Textron, Inc. | 1,545 | 90,012 | ||||||
Total Industrial | 1,502,715 | |||||||
Basic Materials - 4.7% | ||||||||
Mosaic Co. | 9,423 | 455,414 | ||||||
LyondellBasell Industries N.V. — Class A | 3,377 | 254,220 | ||||||
Dow, Inc. | 4,957 | 217,761 | ||||||
International Paper Co. | 6,644 | 210,615 | ||||||
DuPont de Nemours, Inc. | 2,056 | 103,622 | ||||||
Eastman Chemical Co. | 919 | 65,295 | ||||||
Total Basic Materials | 1,306,927 | |||||||
Technology - 4.1% | ||||||||
Hewlett Packard Enterprise Co. | 29,180 | 349,576 | ||||||
DXC Technology Co.* | 14,086 | 344,825 | ||||||
Leidos Holdings, Inc. | 1,851 | 161,907 | ||||||
Western Digital Corp.* | 4,803 | 156,338 | ||||||
Fidelity National Information Services, Inc. | 871 | 65,821 | ||||||
Intel Corp. | 2,084 | 53,705 | ||||||
Total Technology | 1,132,172 | |||||||
Total Common Stocks | ||||||||
(Cost $23,211,490) | 27,642,287 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 50,081 | 50,081 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 19,262 | 19,262 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 18,692 | 18,692 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $88,035) | 88,035 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $23,299,525) | $ | 27,730,322 | ||||||
Other Assets & Liabilities, net - 0.1% | 33,258 | |||||||
Total Net Assets - 100.0% | $ | 27,763,580 |
* | 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 September 30, 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 | $ | 27,642,287 | $ | — | $ | — | $ | 27,642,287 | ||||||||
Repurchase Agreements | — | 88,035 | — | 88,035 | ||||||||||||
Total Assets | $ | 27,642,287 | $ | 88,035 | $ | — | $ | 27,730,322 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Consumer, Non-cyclical - 27.5% | ||||||||
Shockwave Medical, Inc.* | 2,153 | $ | 598,685 | |||||
Celsius Holdings, Inc.* | 1,646 | 149,259 | ||||||
Option Care Health, Inc.* | 3,979 | 125,219 | ||||||
Medpace Holdings, Inc.* | 729 | 114,577 | ||||||
Repligen Corp.* | 563 | 105,343 | ||||||
Neurocrine Biosciences, Inc.* | 823 | 87,411 | ||||||
FTI Consulting, Inc.* | 524 | 86,832 | ||||||
Tenet Healthcare Corp.* | 1,663 | 85,778 | ||||||
Inari Medical, Inc.* | 1,177 | 85,497 | ||||||
Paylocity Holding Corp.* | 317 | 76,581 | ||||||
STAAR Surgical Co.* | 881 | 62,154 | ||||||
Coca-Cola Consolidated, Inc. | 150 | 61,760 | ||||||
Omnicell, Inc.* | 696 | 60,573 | ||||||
ASGN, Inc.* | 595 | 53,770 | ||||||
Avis Budget Group, Inc.* | 357 | 53,000 | ||||||
Darling Ingredients, Inc.* | 784 | 51,861 | ||||||
Service Corporation International | 875 | 50,523 | ||||||
Bruker Corp. | 946 | 50,195 | ||||||
Azenta, Inc. | 1,165 | 49,932 | ||||||
Tandem Diabetes Care, Inc.* | 982 | 46,989 | ||||||
QuidelOrtho Corp.* | 561 | 40,100 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 1,128 | 37,280 | ||||||
GXO Logistics, Inc.* | 967 | 33,903 | ||||||
Syneos Health, Inc.* | 543 | 25,602 | ||||||
Total Consumer, Non-cyclical | 2,192,824 | |||||||
Financial - 17.8% | ||||||||
Navient Corp. | 13,495 | 198,242 | ||||||
SLM Corp. | 12,306 | 172,161 | ||||||
Jefferies Financial Group, Inc. | 5,693 | 167,943 | ||||||
Pinnacle Financial Partners, Inc. | 1,441 | 116,865 | ||||||
Evercore, Inc. — Class A | 1,182 | 97,219 | ||||||
East West Bancorp, Inc. | 1,274 | 85,536 | ||||||
Stifel Financial Corp. | 1,550 | 80,461 | ||||||
Life Storage, Inc. REIT | 687 | 76,092 | ||||||
UMB Financial Corp. | 841 | 70,888 | ||||||
Affiliated Managers Group, Inc. | 576 | 64,426 | ||||||
PacWest Bancorp | 2,806 | 63,416 | ||||||
Kinsale Capital Group, Inc. | 246 | 62,833 | ||||||
First Financial Bankshares, Inc. | 1,384 | 57,893 | ||||||
National Storage Affiliates Trust REIT | 1,300 | 54,054 | ||||||
Independence Realty Trust, Inc. REIT | 2,884 | 48,249 | ||||||
Total Financial | 1,416,278 | |||||||
Consumer, Cyclical - 15.6% | ||||||||
Dick's Sporting Goods, Inc. | 1,904 | 199,234 | ||||||
Williams-Sonoma, Inc. | 907 | 106,890 | ||||||
Tempur Sealy International, Inc. | 4,236 | 102,257 | ||||||
Deckers Outdoor Corp.* | 317 | 99,097 | ||||||
Crocs, Inc.* | 1,386 | 95,163 | ||||||
Fox Factory Holding Corp.* | 1,144 | 90,468 | ||||||
Mattel, Inc.* | 4,186 | 79,283 | ||||||
Wingstop, Inc. | 567 | 71,113 | ||||||
Five Below, Inc.* | 486 | 66,908 | ||||||
Churchill Downs, Inc. | 339 | 62,427 | ||||||
Boyd Gaming Corp. | 1,156 | 55,083 | ||||||
GameStop Corp. — Class A*,1 | 1,937 | 48,677 | ||||||
Brunswick Corp. | 681 | 44,572 | ||||||
Light & Wonder, Inc. — Class A* | 1,038 | 44,509 | ||||||
YETI Holdings, Inc.* | 1,266 | 36,106 | ||||||
RH* | 116 | 28,544 | ||||||
Scotts Miracle-Gro Co. — Class A | 366 | 15,647 | ||||||
Total Consumer, Cyclical | 1,245,978 | |||||||
Industrial - 12.1% | ||||||||
Louisiana-Pacific Corp. | 3,510 | 179,677 | ||||||
Builders FirstSource, Inc.* | 2,187 | 128,858 | ||||||
Axon Enterprise, Inc.* | 758 | 87,738 | ||||||
Eagle Materials, Inc. | 664 | 71,168 | ||||||
Saia, Inc.* | 368 | 69,920 | ||||||
Carlisle Companies, Inc. | 222 | 62,251 | ||||||
Valmont Industries, Inc. | 230 | 61,783 | ||||||
TopBuild Corp.* | 358 | 58,991 | ||||||
Trex Company, Inc.* | 1,175 | 51,629 | ||||||
Chart Industries, Inc.* | 255 | 47,009 | ||||||
Watts Water Technologies, Inc. — Class A | 307 | 38,599 | ||||||
Vicor Corp.* | 619 | 36,608 | ||||||
Tetra Tech, Inc. | 279 | 35,860 | ||||||
Simpson Manufacturing Company, Inc. | 390 | 30,576 | ||||||
Total Industrial | 960,667 | |||||||
Energy - 8.3% | ||||||||
Matador Resources Co. | 3,336 | 163,197 | ||||||
Murphy Oil Corp. | 4,006 | 140,891 | ||||||
Antero Midstream Corp. | 15,238 | 139,885 | ||||||
Targa Resources Corp. | 2,143 | 129,309 | ||||||
PDC Energy, Inc. | 1,542 | 89,112 | ||||||
Total Energy | 662,394 | |||||||
Technology - 8.3% | ||||||||
Concentrix Corp. | 1,230 | 137,305 | ||||||
Dynatrace, Inc.* | 2,994 | 104,221 | ||||||
Qualys, Inc.* | 488 | 68,022 | ||||||
Power Integrations, Inc. | 939 | 60,396 | ||||||
Maximus, Inc. | 1,025 | 59,317 | ||||||
Teradata Corp.* | 1,795 | 55,753 | ||||||
ExlService Holdings, Inc.* | 348 | 51,281 | ||||||
Lattice Semiconductor Corp.* | 1,018 | 50,096 | ||||||
Silicon Laboratories, Inc.* | 323 | 39,871 | ||||||
Synaptics, Inc.* | 181 | 17,921 | ||||||
SiTime Corp.* | 219 | 17,242 | ||||||
Total Technology | 661,425 | |||||||
Basic Materials - 8.0% | ||||||||
Steel Dynamics, Inc. | 2,539 | 180,142 | ||||||
Cleveland-Cliffs, Inc.* | 10,621 | 143,065 | ||||||
MP Materials Corp.* | 4,485 | 122,440 | ||||||
Olin Corp. | 1,977 | 84,774 | ||||||
Valvoline, Inc. | 2,491 | 63,122 | ||||||
Avient Corp. | 1,343 | 40,693 | ||||||
Total Basic Materials | 634,236 | |||||||
Communications - 1.9% | ||||||||
Calix, Inc.* | 1,774 | 108,463 | ||||||
Ziff Davis, Inc.* | 594 | 40,677 | ||||||
Total Communications | 149,140 | |||||||
Total Common Stocks | ||||||||
(Cost $7,870,796) | 7,922,942 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2- 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 38,865 | $ | 38,865 | ||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 14,948 | 14,948 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 14,505 | 14,505 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $68,318) | 68,318 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3- 0.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 37,674 | 37,674 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $37,674) | 37,674 | |||||||
Total Investments - 100.9% | ||||||||
(Cost $7,976,788) | $ | 8,028,934 | ||||||
Other Assets & Liabilities, net - (0.9)% | (68,047 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,960,887 |
* | 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 September 30, 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 September 30, 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 September 30, 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 | $ | 7,922,942 | $ | — | $ | — | $ | 7,922,942 | ||||||||
Repurchase Agreements | — | 68,318 | — | 68,318 | ||||||||||||
Securities Lending Collateral | 37,674 | — | — | 37,674 | ||||||||||||
Total Assets | $ | 7,960,616 | $ | 68,318 | $ | — | $ | 8,028,934 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Financial - 32.7% | ||||||||
Unum Group | 8,846 | $ | 343,225 | |||||
Reinsurance Group of America, Inc. — Class A | 1,981 | 249,230 | ||||||
Alleghany Corp.* | 205 | 172,071 | ||||||
CNO Financial Group, Inc. | 7,171 | 128,863 | ||||||
Kemper Corp. | 2,916 | 120,314 | ||||||
Voya Financial, Inc. | 1,976 | 119,548 | ||||||
Old Republic International Corp. | 5,620 | 117,627 | ||||||
First Horizon Corp. | 4,474 | 102,454 | ||||||
Hanover Insurance Group, Inc. | 781 | 100,077 | ||||||
FNB Corp. | 7,413 | 85,991 | ||||||
Fulton Financial Corp. | 5,105 | 80,659 | ||||||
Associated Banc-Corp. | 4,009 | 80,501 | ||||||
MGIC Investment Corp. | 6,114 | 78,381 | ||||||
Texas Capital Bancshares, Inc.* | 1,311 | 77,388 | ||||||
Annaly Capital Management, Inc. REIT | 3,945 | 67,696 | ||||||
United Bankshares, Inc. | 1,800 | 64,350 | ||||||
Cadence Bank | 2,400 | 60,984 | ||||||
New York Community Bancorp, Inc. | 6,965 | 59,412 | ||||||
Selective Insurance Group, Inc. | 675 | 54,945 | ||||||
Prosperity Bancshares, Inc. | 823 | 54,878 | ||||||
Old National Bancorp | 3,308 | 54,483 | ||||||
International Bancshares Corp. | 1,235 | 52,487 | ||||||
Essent Group Ltd. | 1,499 | 52,270 | ||||||
Bread Financial Holdings, Inc. | 1,493 | 46,955 | ||||||
RenaissanceRe Holdings Ltd. | 324 | 45,486 | ||||||
Washington Federal, Inc. | 1,489 | 44,640 | ||||||
SL Green Realty Corp. REIT | 1,061 | 42,610 | ||||||
Sabra Health Care, Inc. REIT | 2,942 | 38,599 | ||||||
Valley National Bancorp | 3,485 | 37,638 | ||||||
Total Financial | 2,633,762 | |||||||
Consumer, Cyclical - 20.2% | ||||||||
Taylor Morrison Home Corp. — Class A* | 5,213 | 121,567 | ||||||
Murphy USA, Inc. | 440 | 120,960 | ||||||
Foot Locker, Inc. | 3,561 | 110,854 | ||||||
Lithia Motors, Inc. — Class A | 474 | 101,697 | ||||||
Univar Solutions, Inc.* | 4,235 | 96,304 | ||||||
Thor Industries, Inc. | 1,304 | 91,254 | ||||||
Adient plc* | 3,197 | 88,717 | ||||||
KB Home | 3,220 | 83,462 | ||||||
Kohl's Corp. | 3,116 | 78,367 | ||||||
PVH Corp. | 1,687 | 75,578 | ||||||
Lear Corp. | 593 | 70,976 | ||||||
Goodyear Tire & Rubber Co.* | 6,928 | 69,903 | ||||||
Dana, Inc. | 5,837 | 66,717 | ||||||
Gap, Inc. | 8,102 | 66,517 | ||||||
Macy's, Inc. | 4,052 | 63,495 | ||||||
Nu Skin Enterprises, Inc. — Class A | 1,578 | 52,658 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 695 | 50,603 | ||||||
Toll Brothers, Inc. | 1,130 | 47,460 | ||||||
Topgolf Callaway Brands Corp.* | 2,388 | 45,993 | ||||||
Nordstrom, Inc. | 2,274 | 38,044 | ||||||
Harley-Davidson, Inc. | 984 | 34,322 | ||||||
JetBlue Airways Corp.* | 4,935 | 32,719 | ||||||
MillerKnoll, Inc. | 1,231 | 19,204 | ||||||
Total Consumer, Cyclical | 1,627,371 | |||||||
Industrial - 17.2% | ||||||||
Avnet, Inc. | 5,248 | 189,558 | ||||||
Ryder System, Inc. | 1,658 | 125,162 | ||||||
Greif, Inc. — Class A | 1,914 | 114,017 | ||||||
Arrow Electronics, Inc.* | 1,187 | 109,429 | ||||||
TD SYNNEX Corp. | 1,161 | 94,262 | ||||||
Worthington Industries, Inc. | 2,083 | 79,445 | ||||||
Fluor Corp.* | 2,787 | 69,368 | ||||||
MDU Resources Group, Inc. | 2,481 | 67,855 | ||||||
Vishay Intertechnology, Inc. | 3,667 | 65,236 | ||||||
EMCOR Group, Inc. | 471 | 54,391 | ||||||
AGCO Corp. | 546 | 52,509 | ||||||
Owens Corning | 624 | 49,053 | ||||||
Silgan Holdings, Inc. | 1,064 | 44,731 | ||||||
Kirby Corp.* | 732 | 44,484 | ||||||
XPO Logistics, Inc.* | 811 | 36,106 | ||||||
Knight-Swift Transportation Holdings, Inc. | 722 | 35,328 | ||||||
EnerSys | 584 | 33,971 | ||||||
Terex Corp. | 1,073 | 31,911 | ||||||
Oshkosh Corp. | 432 | 30,365 | ||||||
Werner Enterprises, Inc. | 799 | 30,042 | ||||||
Timken Co. | 494 | 29,166 | ||||||
Total Industrial | 1,386,389 | |||||||
Consumer, Non-cyclical - 8.6% | ||||||||
Graham Holdings Co. — Class B | 257 | 138,261 | ||||||
Sprouts Farmers Market, Inc.* | 4,030 | 111,833 | ||||||
Performance Food Group Co.* | 2,270 | 97,496 | ||||||
ManpowerGroup, Inc. | 1,311 | 84,809 | ||||||
Perrigo Company plc | 2,238 | 79,807 | ||||||
Patterson Companies, Inc. | 3,165 | 76,023 | ||||||
Pilgrim's Pride Corp.* | 3,028 | 69,705 | ||||||
Ingredion, Inc. | 466 | 37,522 | ||||||
Total Consumer, Non-cyclical | 695,456 | |||||||
Basic Materials - 6.3% | ||||||||
United States Steel Corp. | 9,010 | 163,261 | ||||||
Commercial Metals Co. | 4,296 | 152,422 | ||||||
Reliance Steel & Aluminum Co. | 674 | 117,553 | ||||||
Cabot Corp. | 782 | 49,962 | ||||||
Chemours Co. | 1,083 | 26,696 | ||||||
Total Basic Materials | 509,894 | |||||||
Energy - 5.8% | ||||||||
HF Sinclair Corp. | 6,218 | 334,777 | ||||||
NOV, Inc. | 6,187 | 100,106 | ||||||
Equitrans Midstream Corp. | 4,021 | 30,077 | ||||||
Total Energy | 464,960 | |||||||
Utilities - 4.8% | ||||||||
Southwest Gas Holdings, Inc. | 1,099 | 76,655 | ||||||
Spire, Inc. | 1,201 | 74,858 | ||||||
UGI Corp. | 1,647 | 53,248 | ||||||
NorthWestern Corp. | 918 | 45,239 | ||||||
Portland General Electric Co. | 857 | 37,245 | ||||||
ONE Gas, Inc. | 506 | 35,617 | ||||||
ALLETE, Inc. | 665 | 33,284 | ||||||
Hawaiian Electric Industries, Inc. | 882 | 30,570 | ||||||
Total Utilities | 386,716 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Technology - 3.3% | ||||||||
Xerox Holdings Corp. | 9,551 | $ | 124,927 | |||||
Science Applications International Corp. | 737 | 65,173 | ||||||
CACI International, Inc. — Class A* | 170 | 44,380 | ||||||
Kyndryl Holdings, Inc.* | 3,592 | 29,706 | ||||||
Total Technology | 264,186 | |||||||
Communications - 0.5% | ||||||||
Viasat, Inc.* | 1,357 | 41,022 | ||||||
Total Common Stocks | ||||||||
(Cost $7,103,335) | 8,009,756 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1- 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 40,393 | 40,393 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 15,536 | 15,536 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 15,076 | 15,076 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $71,005) | 71,005 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $7,174,340) | $ | 8,080,761 | ||||||
Other Assets & Liabilities, net - (0.3)% | (25,155 | ) | ||||||
Total Net Assets - 100.0% | $ | 8,055,606 |
* | 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 September 30, 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 | $ | 8,009,756 | $ | — | $ | — | $ | 8,009,756 | ||||||||
Repurchase Agreements | — | 71,005 | — | 71,005 | ||||||||||||
Total Assets | $ | 8,009,756 | $ | 71,005 | $ | — | $ | 8,080,761 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Consumer, Non-cyclical - 28.7% | ||||||||
Dynavax Technologies Corp.* | 14,240 | $ | 148,665 | |||||
Vir Biotechnology, Inc.* | 7,708 | 148,610 | ||||||
Cross Country Healthcare, Inc.* | 4,085 | 115,891 | ||||||
MGP Ingredients, Inc. | 930 | 98,729 | ||||||
Avid Bioservices, Inc.* | 5,044 | 96,441 | ||||||
Catalyst Pharmaceuticals, Inc.* | 7,205 | 92,440 | ||||||
AMN Healthcare Services, Inc.* | 827 | 87,629 | ||||||
United Natural Foods, Inc.* | 2,498 | 85,856 | ||||||
Fulgent Genetics, Inc.* | 2,204 | 84,017 | ||||||
Simply Good Foods Co.* | 2,570 | 82,215 | ||||||
Innoviva, Inc.* | 6,738 | 78,228 | ||||||
Cara Therapeutics, Inc.* | 6,449 | 60,363 | ||||||
uniQure N.V.* | 3,009 | 56,449 | ||||||
Collegium Pharmaceutical, Inc.* | 3,453 | 55,317 | ||||||
AngioDynamics, Inc.* | 2,568 | 52,541 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 579 | 49,858 | ||||||
Arcus Biosciences, Inc.* | 1,856 | 48,553 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,417 | 47,965 | ||||||
Organogenesis Holdings, Inc.* | 14,628 | 47,395 | ||||||
Inter Parfums, Inc. | 614 | 46,332 | ||||||
iTeos Therapeutics, Inc.* | 2,301 | 43,834 | ||||||
CorVel Corp.* | 307 | 42,498 | ||||||
Korn Ferry | 888 | 41,692 | ||||||
Heidrick & Struggles International, Inc. | 1,546 | 40,181 | ||||||
Vericel Corp.* | 1,542 | 35,774 | ||||||
BioLife Solutions, Inc.* | 1,514 | 34,444 | ||||||
Alarm.com Holdings, Inc.* | 493 | 31,976 | ||||||
Medifast, Inc. | 293 | 31,749 | ||||||
Zynex, Inc. | 3,489 | 31,645 | ||||||
Vector Group Ltd. | 3,520 | 31,011 | ||||||
Joint Corp.* | 1,909 | 29,990 | ||||||
Xencor, Inc.* | 1,114 | 28,942 | ||||||
RadNet, Inc.* | 1,335 | 27,167 | ||||||
Community Health Systems, Inc.* | 8,819 | 18,961 | ||||||
Heska Corp.* | 194 | 14,147 | ||||||
Total Consumer, Non-cyclical | 2,067,505 | |||||||
Financial - 22.2% | ||||||||
First BanCorp | 8,704 | 119,071 | ||||||
B Riley Financial, Inc. | 2,524 | 112,368 | ||||||
ServisFirst Bancshares, Inc. | 1,291 | 103,280 | ||||||
Piper Sandler Cos. | 885 | 92,695 | ||||||
Flagstar Bancorp, Inc. | 2,729 | 91,149 | ||||||
Customers Bancorp, Inc.* | 2,861 | 84,342 | ||||||
Palomar Holdings, Inc.* | 938 | 78,530 | ||||||
Preferred Bank/Los Angeles CA | 1,187 | 77,428 | ||||||
Enova International, Inc.* | 2,439 | 71,390 | ||||||
Pathward Financial, Inc. | 2,043 | 67,337 | ||||||
Walker & Dunlop, Inc. | 708 | 59,281 | ||||||
St. Joe Co. | 1,836 | 58,807 | ||||||
Triumph Bancorp, Inc.* | 1,070 | 58,155 | ||||||
Veritex Holdings, Inc. | 2,180 | 57,966 | ||||||
Axos Financial, Inc.* | 1,670 | 57,164 | ||||||
Bancorp, Inc.* | 2,533 | 55,675 | ||||||
HomeStreet, Inc. | 1,888 | 54,393 | ||||||
Virtus Investment Partners, Inc. | 314 | 50,089 | ||||||
World Acceptance Corp.* | 466 | 45,118 | ||||||
Innovative Industrial Properties, Inc. REIT | 457 | 40,444 | ||||||
Redwood Trust, Inc. REIT | 6,511 | 37,373 | ||||||
HCI Group, Inc. | 946 | 37,083 | ||||||
NexPoint Residential Trust, Inc. REIT | 661 | 30,545 | ||||||
Brightsphere Investment Group, Inc. | 1,791 | 26,704 | ||||||
Trupanion, Inc.* | 379 | 22,524 | ||||||
Douglas Elliman, Inc. | 1,760 | 7,216 | ||||||
Total Financial | 1,596,127 | |||||||
Industrial - 14.1% | ||||||||
Encore Wire Corp. | 1,212 | 140,034 | ||||||
Dorian LPG Ltd. | 8,959 | 121,574 | ||||||
Comfort Systems USA, Inc. | 1,015 | 98,790 | ||||||
Mueller Industries, Inc. | 1,638 | 97,363 | ||||||
MYR Group, Inc.* | 1,064 | 90,152 | ||||||
UFP Industries, Inc. | 1,205 | 86,953 | ||||||
NV5 Global, Inc.* | 584 | 72,311 | ||||||
Fabrinet* | 611 | 58,320 | ||||||
Matson, Inc. | 926 | 56,967 | ||||||
ArcBest Corp. | 742 | 53,966 | ||||||
Insteel Industries, Inc. | 2,020 | 53,591 | ||||||
Advanced Energy Industries, Inc. | 461 | 35,686 | ||||||
Sturm Ruger & Company, Inc. | 678 | 34,435 | ||||||
Triumph Group, Inc.* | 1,898 | 16,304 | ||||||
Total Industrial | 1,016,446 | |||||||
Consumer, Cyclical - 12.8% | ||||||||
XPEL, Inc.* | 2,035 | 131,135 | ||||||
Hibbett, Inc. | 2,248 | 111,973 | ||||||
Century Communities, Inc. | 1,529 | 65,411 | ||||||
Signet Jewelers Ltd. | 1,142 | 65,311 | ||||||
MarineMax, Inc.* | 2,189 | 65,210 | ||||||
Vista Outdoor, Inc.* | 2,627 | 63,889 | ||||||
Shoe Carnival, Inc. | 2,714 | 58,188 | ||||||
Buckle, Inc. | 1,730 | 54,772 | ||||||
Movado Group, Inc. | 1,903 | 53,627 | ||||||
LGI Homes, Inc.* | 652 | 53,053 | ||||||
Boot Barn Holdings, Inc.* | 846 | 49,457 | ||||||
Cavco Industries, Inc.* | 204 | 41,975 | ||||||
Sleep Number Corp.* | 1,059 | 35,805 | ||||||
Installed Building Products, Inc. | 386 | 31,262 | ||||||
Children's Place, Inc.* | 829 | 25,608 | ||||||
Gentherm, Inc.* | 381 | 18,947 | ||||||
Total Consumer, Cyclical | 925,623 | |||||||
Technology - 9.5% | ||||||||
Kulicke & Soffa Industries, Inc. | 2,327 | 89,659 | ||||||
Onto Innovation, Inc.* | 1,261 | 80,767 | ||||||
MaxLinear, Inc. — Class A* | 1,817 | 59,271 | ||||||
Axcelis Technologies, Inc.* | 961 | 58,198 | ||||||
Rambus, Inc.* | 2,016 | 51,247 | ||||||
Veeco Instruments, Inc.* | 2,641 | 48,383 | ||||||
Diodes, Inc.* | 729 | 47,319 | ||||||
Donnelley Financial Solutions, Inc.* | 1,164 | 43,033 | ||||||
SPS Commerce, Inc.* | 314 | 39,008 | ||||||
Ultra Clean Holdings, Inc.* | 1,490 | 38,368 | ||||||
Digital Turbine, Inc.* | 2,654 | 38,244 | ||||||
Apollo Medical Holdings, Inc.* | 787 | 30,693 | ||||||
3D Systems Corp.* | 2,873 | 22,927 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Technology - 9.5% (continued) | ||||||||
TTEC Holdings, Inc. | 465 | $ | 20,604 | |||||
Diebold Nixdorf, Inc.* | 5,950 | 14,518 | ||||||
Total Technology | 682,239 | |||||||
Communications - 8.0% | ||||||||
Clearfield, Inc.* | 947 | 99,094 | ||||||
TechTarget, Inc.* | 1,401 | 82,939 | ||||||
A10 Networks, Inc. | 4,222 | 56,026 | ||||||
Extreme Networks, Inc.* | 4,207 | 54,986 | ||||||
Harmonic, Inc.* | 3,903 | 51,012 | ||||||
Thryv Holdings, Inc.* | 2,141 | 48,879 | ||||||
Liquidity Services, Inc.* | 2,996 | 48,715 | ||||||
Perficient, Inc.* | 716 | 46,554 | ||||||
OptimizeRx Corp.* | 2,247 | 33,300 | ||||||
ADTRAN Holdings, Inc. | 1,588 | 31,093 | ||||||
Shutterstock, Inc. | 421 | 21,122 | ||||||
Total Communications | 573,720 | |||||||
Energy - 3.2% | ||||||||
Civitas Resources, Inc. | 1,692 | 97,104 | ||||||
SM Energy Co. | 1,410 | 53,030 | ||||||
Callon Petroleum Co.* | 1,360 | 47,614 | ||||||
Ranger Oil Corp. — Class A | 1,085 | 34,123 | ||||||
Total Energy | 231,871 | |||||||
Basic Materials - 1.0% | ||||||||
Rogers Corp.* | 201 | 48,618 | ||||||
Balchem Corp. | 208 | 25,289 | ||||||
Total Basic Materials | 73,907 | |||||||
Total Common Stocks | ||||||||
(Cost $7,029,360) | 7,167,438 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1- 0.8% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 32,871 | 32,871 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 12,643 | 12,643 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 12,268 | 12,268 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $57,782) | 57,782 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $7,087,142) | $ | 7,225,220 | ||||||
Other Assets & Liabilities, net - (0.3)% | (18,314 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,206,906 |
* | 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. |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 7,167,438 | $ | — | $ | — | $ | 7,167,438 | ||||||||
Repurchase Agreements | — | 57,782 | — | 57,782 | ||||||||||||
Total Assets | $ | 7,167,438 | $ | 57,782 | $ | — | $ | 7,225,220 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Financial - 22.3% | ||||||||
United Fire Group, Inc. | 4,446 | $ | 127,733 | |||||
StoneX Group, Inc.* | 1,527 | 126,649 | ||||||
Genworth Financial, Inc. — Class A* | 29,581 | 103,533 | ||||||
EZCORP, Inc. — Class A* | 12,915 | 99,575 | ||||||
American Equity Investment Life Holding Co. | 2,268 | 84,574 | ||||||
Mr Cooper Group, Inc.* | 1,939 | 78,530 | ||||||
SiriusPoint Ltd.* | 14,920 | 73,854 | ||||||
Universal Insurance Holdings, Inc. | 7,356 | 72,457 | ||||||
Mercury General Corp. | 2,333 | 66,304 | ||||||
Horace Mann Educators Corp. | 1,717 | 60,593 | ||||||
Anywhere Real Estate, Inc.* | 7,387 | 59,909 | ||||||
ProAssurance Corp. | 2,757 | 53,789 | ||||||
Employers Holdings, Inc. | 1,468 | 50,631 | ||||||
Heritage Financial Corp. | 1,844 | 48,811 | ||||||
Safety Insurance Group, Inc. | 550 | 44,858 | ||||||
Hope Bancorp, Inc. | 2,807 | 35,481 | ||||||
S&T Bancorp, Inc. | 1,153 | 33,794 | ||||||
First Financial Bancorp | 1,553 | 32,737 | ||||||
Renasant Corp. | 1,042 | 32,594 | ||||||
Northwest Bancshares, Inc. | 2,183 | 29,492 | ||||||
Ready Capital Corp. REIT | 2,871 | 29,112 | ||||||
Trustmark Corp. | 937 | 28,700 | ||||||
NMI Holdings, Inc. — Class A* | 1,399 | 28,498 | ||||||
Columbia Banking System, Inc. | 977 | 28,226 | ||||||
PennyMac Mortgage Investment Trust REIT | 2,395 | 28,213 | ||||||
Berkshire Hills Bancorp, Inc. | 1,010 | 27,573 | ||||||
TrustCo Bank Corporation NY | 866 | 27,210 | ||||||
Franklin BSP Realty Trust, Inc. REIT1 | 2,400 | 25,848 | ||||||
Two Harbors Investment Corp. REIT | 7,167 | 23,794 | ||||||
New York Mortgage Trust, Inc. REIT | 10,161 | 23,777 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 2,637 | 21,887 | ||||||
Simmons First National Corp. — Class A | 989 | 21,550 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 3,087 | 19,880 | ||||||
BankUnited, Inc. | 555 | 18,964 | ||||||
ARMOUR Residential, Inc. REIT | 3,840 | 18,701 | ||||||
PRA Group, Inc.* | 547 | 17,974 | ||||||
Franklin Street Properties Corp. REIT | 6,177 | 16,246 | ||||||
Office Properties Income Trust REIT | 1,056 | 14,837 | ||||||
RE/MAX Holdings, Inc. — Class A | 740 | 13,993 | ||||||
Diversified Healthcare Trust REIT | 12,526 | 12,402 | ||||||
Orion Office, Inc. REIT | 1,390 | 12,162 | ||||||
Invesco Mortgage Capital, Inc. REIT | 939 | 10,423 | ||||||
Total Financial | 1,785,868 | |||||||
Consumer, Cyclical - 21.0% | ||||||||
World Fuel Services Corp. | 3,872 | 90,760 | ||||||
Motorcar Parts of America, Inc.* | 5,353 | 81,473 | ||||||
ScanSource, Inc.* | 3,043 | 80,366 | ||||||
ODP Corp.* | 2,081 | 73,147 | ||||||
Chico's FAS, Inc.* | 15,029 | 72,740 | ||||||
PC Connection, Inc. | 1,499 | 67,590 | ||||||
Sonic Automotive, Inc. — Class A | 1,541 | 66,725 | ||||||
Titan International, Inc.* | 5,438 | 66,017 | ||||||
Tri Pointe Homes, Inc.* | 4,216 | 63,704 | ||||||
M/I Homes, Inc.* | 1,744 | 63,185 | ||||||
Haverty Furniture Companies, Inc. | 2,227 | 55,452 | ||||||
Group 1 Automotive, Inc. | 384 | 54,862 | ||||||
Cato Corp. — Class A | 5,334 | 50,886 | ||||||
G-III Apparel Group Ltd.* | 3,118 | 46,614 | ||||||
Wabash National Corp. | 2,912 | 45,311 | ||||||
Ethan Allen Interiors, Inc. | 1,965 | 41,540 | ||||||
Caleres, Inc. | 1,712 | 41,465 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 6,050 | 41,321 | ||||||
America's Car-Mart, Inc.* | 666 | 40,639 | ||||||
Conn's, Inc.* | 5,602 | 39,662 | ||||||
Resideo Technologies, Inc.* | 1,958 | 37,319 | ||||||
Urban Outfitters, Inc.* | 1,896 | 37,256 | ||||||
MDC Holdings, Inc. | 1,314 | 36,030 | ||||||
Big Lots, Inc. | 2,225 | 34,732 | ||||||
Veritiv Corp.* | 343 | 33,535 | ||||||
Guess?, Inc. | 2,182 | 32,010 | ||||||
LL Flooring Holdings, Inc.* | 4,567 | 31,649 | ||||||
Bloomin' Brands, Inc. | 1,621 | 29,713 | ||||||
PriceSmart, Inc. | 510 | 29,371 | ||||||
KAR Auction Services, Inc.* | 2,578 | 28,796 | ||||||
SkyWest, Inc.* | 1,718 | 27,935 | ||||||
La-Z-Boy, Inc. | 1,180 | 26,633 | ||||||
Standard Motor Products, Inc. | 635 | 20,638 | ||||||
El Pollo Loco Holdings, Inc.* | 2,302 | 20,534 | ||||||
Universal Electronics, Inc.* | 925 | 18,195 | ||||||
Brinker International, Inc.* | 728 | 18,186 | ||||||
Tupperware Brands Corp.* | 2,071 | 13,565 | ||||||
Zumiez, Inc.* | 558 | 12,014 | ||||||
Bed Bath & Beyond, Inc.*,1 | 1,644 | 10,012 | ||||||
Total Consumer, Cyclical | 1,681,582 | |||||||
Consumer, Non-cyclical - 19.3% | ||||||||
Seneca Foods Corp. — Class A* | 2,588 | 130,539 | ||||||
GEO Group, Inc.* | 15,597 | 120,097 | ||||||
SpartanNash Co. | 4,029 | 116,922 | ||||||
Universal Corp. | 2,184 | 100,551 | ||||||
Fresh Del Monte Produce, Inc. | 4,277 | 99,397 | ||||||
TreeHouse Foods, Inc.* | 2,308 | 97,905 | ||||||
Kelly Services, Inc. — Class A | 6,892 | 93,662 | ||||||
Andersons, Inc. | 2,884 | 89,491 | ||||||
Perdoceo Education Corp.* | 5,915 | 60,924 | ||||||
Strategic Education, Inc. | 961 | 59,015 | ||||||
Covetrus, Inc.* | 2,641 | 55,144 | ||||||
ABM Industries, Inc. | 1,316 | 50,311 | ||||||
CoreCivic, Inc.* | 5,591 | 49,424 | ||||||
Aaron's Company, Inc. | 4,749 | 46,160 | ||||||
AdaptHealth Corp.* | 2,354 | 44,208 | ||||||
TrueBlue, Inc.* | 2,294 | 43,770 | ||||||
Hostess Brands, Inc.* | 1,829 | 42,506 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% (continued) | ||||||||
Consumer, Non-cyclical - 19.3% (continued) | ||||||||
Quanex Building Products Corp. | 2,121 | $ | 38,517 | |||||
Resources Connection, Inc. | 2,043 | 36,917 | ||||||
Adtalem Global Education, Inc.* | 988 | 36,013 | ||||||
Select Medical Holdings Corp. | 1,550 | 34,255 | ||||||
Owens & Minor, Inc. | 1,133 | 27,306 | ||||||
Edgewell Personal Care Co. | 606 | 22,664 | ||||||
Central Garden & Pet Co. — Class A* | 653 | 22,307 | ||||||
Emergent BioSolutions, Inc.* | 544 | 11,419 | ||||||
Deluxe Corp. | 629 | 10,473 | ||||||
Central Garden & Pet Co.* | 158 | 5,694 | ||||||
Total Consumer, Non-cyclical | 1,545,591 | |||||||
Industrial - 15.4% | ||||||||
Olympic Steel, Inc. | 5,301 | 120,916 | ||||||
Sanmina Corp.* | 2,507 | 115,523 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,127 | 107,707 | ||||||
TimkenSteel Corp.* | 6,889 | 103,266 | ||||||
Benchmark Electronics, Inc. | 4,041 | 100,136 | ||||||
TTM Technologies, Inc.* | 5,801 | 76,457 | ||||||
AAR Corp.* | 2,037 | 72,965 | ||||||
Powell Industries, Inc. | 2,906 | 61,258 | ||||||
Griffon Corp. | 1,918 | 56,619 | ||||||
Tredegar Corp. | 5,250 | 49,560 | ||||||
DXP Enterprises, Inc.* | 2,036 | 48,212 | ||||||
American Woodmark Corp.* | 952 | 41,755 | ||||||
O-I Glass, Inc.* | 3,218 | 41,673 | ||||||
Moog, Inc. — Class A | 581 | 40,874 | ||||||
Greenbrier Companies, Inc. | 1,650 | 40,046 | ||||||
Granite Construction, Inc. | 1,417 | 35,978 | ||||||
Hub Group, Inc. — Class A* | 427 | 29,455 | ||||||
Plexus Corp.* | 323 | 28,282 | ||||||
Arcosa, Inc. | 463 | 26,474 | ||||||
Matthews International Corp. — Class A | 1,010 | 22,634 | ||||||
Harsco Corp.* | 3,537 | 13,228 | ||||||
Total Industrial | 1,233,018 | |||||||
Energy - 9.5% | ||||||||
PBF Energy, Inc. — Class A* | 5,146 | 180,933 | ||||||
Consol Energy, Inc. | 1,396 | 89,791 | ||||||
SunCoke Energy, Inc. | 15,234 | 88,509 | ||||||
Helix Energy Solutions Group, Inc.* | 18,610 | 71,835 | ||||||
US Silica Holdings, Inc.* | 5,559 | 60,871 | ||||||
NOW, Inc.* | 5,448 | 54,752 | ||||||
Oil States International, Inc.* | 9,346 | 36,356 | ||||||
REX American Resources Corp.* | 1,219 | 34,034 | ||||||
Nabors Industries Ltd.* | 286 | 29,015 | ||||||
Bristow Group, Inc.* | 1,210 | 28,423 | ||||||
ProPetro Holding Corp.* | 3,078 | 24,778 | ||||||
FutureFuel Corp. | 3,664 | 22,131 | ||||||
Oceaneering International, Inc.* | 2,672 | 21,269 | ||||||
Archrock, Inc. | 2,849 | 18,291 | ||||||
Total Energy | 760,988 | |||||||
Basic Materials - 7.3% | ||||||||
Mercer International, Inc. | 8,927 | 109,802 | ||||||
American Vanguard Corp. | 3,687 | 68,947 | ||||||
Clearwater Paper Corp.* | 1,535 | 57,716 | ||||||
Koppers Holdings, Inc. | 2,526 | 52,490 | ||||||
Sylvamo Corp. | 1,440 | 48,816 | ||||||
Rayonier Advanced Materials, Inc.* | 14,971 | 47,159 | ||||||
Unifi, Inc.* | 4,588 | 43,632 | ||||||
Mativ Holdings, Inc. | 1,883 | 41,577 | ||||||
Minerals Technologies, Inc. | 660 | 32,610 | ||||||
Carpenter Technology Corp. | 984 | 30,642 | ||||||
Trinseo plc | 1,391 | 25,483 | ||||||
Kaiser Aluminum Corp. | 277 | 16,994 | ||||||
Arconic Corp.* | 848 | 14,450 | ||||||
Total Basic Materials | 590,318 | |||||||
Communications - 3.0% | ||||||||
Telephone & Data Systems, Inc. | 5,561 | 77,298 | ||||||
NETGEAR, Inc.* | 2,946 | 59,038 | ||||||
ATN International, Inc. | 1,059 | 40,846 | ||||||
AMC Networks, Inc. — Class A* | 1,716 | 34,835 | ||||||
Scholastic Corp. | 1,073 | 33,005 | ||||||
Total Communications | 245,022 | |||||||
Technology - 1.8% | ||||||||
Insight Enterprises, Inc.* | 524 | 43,183 | ||||||
Photronics, Inc.* | 2,769 | 40,483 | ||||||
Consensus Cloud Solutions, Inc.* | 761 | 35,995 | ||||||
Ebix, Inc.1 | 1,174 | 22,271 | ||||||
Total Technology | 141,932 | |||||||
Total Common Stocks | ||||||||
(Cost $7,282,709) | 7,984,319 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2- 0.9% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 43,049 | 43,049 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 16,558 | 16,558 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 16,067 | 16,067 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $75,674) | 75,674 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3- 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 33,952 | 33,952 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $33,952) | 33,952 | |||||||
Total Investments - 100.9% | ||||||||
(Cost $7,392,335) | $ | 8,093,945 | ||||||
Other Assets & Liabilities, net - (0.9)% | (71,300 | ) | ||||||
Total Net Assets - 100.0% | $ | 8,022,645 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 September 30, 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 September 30, 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 | $ | 7,984,319 | $ | — | $ | — | $ | 7,984,319 | ||||||||
Repurchase Agreements | — | 75,674 | — | 75,674 | ||||||||||||
Securities Lending Collateral | 33,952 | — | — | 33,952 | ||||||||||||
Total Assets | $ | 8,018,271 | $ | 75,674 | $ | — | $ | 8,093,945 |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES††- 55.2% | ||||||||
Freddie Mac | ||||||||
2.28% due 10/03/221 | $ | 2,000,000 | $ | 1,999,747 | ||||
2.55% due 10/04/221 | 500,000 | 499,894 | ||||||
Federal Farm Credit Bank | ||||||||
2.60% due 10/03/221 | 2,000,000 | 1,999,711 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $4,499,352) | 4,499,352 | |||||||
FEDERAL AGENCY NOTES†† - 14.7% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 1,200,000 | 1,199,894 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,199,876) | 1,199,894 | |||||||
U.S. TREASURY BILLS†† - 2.4% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/221,2 | 194,000 | 193,474 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $193,436) | 193,474 | |||||||
REPURCHASE AGREEMENTS††,3 - 24.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 1,115,384 | 1,115,384 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 428,994 | 428,994 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 416,296 | 416,296 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,960,674) | 1,960,674 | |||||||
Total Investments - 96.3% | ||||||||
(Cost $7,853,338) | $ | 7,853,394 | ||||||
Other Assets & Liabilities, net - 3.7% | 304,109 | |||||||
Total Net Assets - 100.0% | $ | 8,157,503 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 120 | Dec 2022 | $ | 13,458,600 | $ | 382,377 |
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†† | |||||||||||||||||||||
Goldman Sachs International | U.S. Dollar Index | Receive | (1 Week USD LIBOR - 0.45%) | At Maturity | 12/23/22 | 25,067 | $ | 2,809,555 | $ | 65,829 |
** | 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 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as currency index swap collateral at September 30, 2022. |
LIBOR — London Interbank Offered Rate
See Sector Classification in Other Information section.
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | ||||||||||||
Federal Agency Discount Notes | $ | — | $ | 4,499,352 | $ | — | $ | 4,499,352 | ||||||||
Federal Agency Notes | — | 1,199,894 | — | 1,199,894 | ||||||||||||
U.S. Treasury Bills | — | 193,474 | — | 193,474 | ||||||||||||
Repurchase Agreements | — | 1,960,674 | — | 1,960,674 | ||||||||||||
Currency Futures Contracts** | 382,377 | — | — | 382,377 | ||||||||||||
Currency Index Swap Agreements** | — | 65,829 | — | 65,829 | ||||||||||||
Total Assets | $ | 382,377 | $ | 7,919,223 | $ | — | $ | 8,301,600 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,056,098 | $ | – | $ | (1,030,030 | ) | $ | (25,556 | ) | $ | (512 | ) | $ | – | – | $ | 8,595 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,045,048 | – | (1,020,528 | ) | (26,538 | ) | 2,018 | – | – | 6,026 | ||||||||||||||||||||||
$ | 2,101,146 | $ | – | $ | (2,050,558 | ) | $ | (52,094 | ) | $ | 1,506 | $ | – | $ | 14,621 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
Software - 35.0% | ||||||||
Microsoft Corp. | 3,091 | $ | 719,894 | |||||
Oracle Corp. | 3,443 | 210,264 | ||||||
Salesforce, Inc.* | 1,443 | 207,561 | ||||||
Intuit, Inc. | 462 | 178,942 | ||||||
Adobe, Inc.* | 635 | 174,752 | ||||||
ServiceNow, Inc.* | 381 | 143,869 | ||||||
Activision Blizzard, Inc. | 1,834 | 136,340 | ||||||
Fiserv, Inc.* | 1,427 | 133,524 | ||||||
Snowflake, Inc. — Class A* | 757 | 128,660 | ||||||
Synopsys, Inc.* | 391 | 119,454 | ||||||
Cadence Design Systems, Inc.* | 730 | 119,304 | ||||||
VMware, Inc. — Class A | 1,105 | 117,638 | ||||||
Fidelity National Information Services, Inc. | 1,502 | 113,506 | ||||||
Paychex, Inc. | 982 | 110,190 | ||||||
Autodesk, Inc.* | 588 | 109,838 | ||||||
Workday, Inc. — Class A* | 714 | 108,685 | ||||||
Electronic Arts, Inc. | 854 | 98,816 | ||||||
Datadog, Inc. — Class A* | 1,031 | 91,532 | ||||||
Atlassian Corporation plc — Class A* | 409 | 86,131 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,105 | 81,317 | ||||||
Palantir Technologies, Inc. — Class A* | 9,466 | 76,959 | ||||||
NetEase, Inc. ADR | 997 | 75,373 | ||||||
ROBLOX Corp. — Class A* | 2,100 | 75,264 | ||||||
ANSYS, Inc.* | 337 | 74,713 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 1,737 | 72,364 | ||||||
Take-Two Interactive Software, Inc.* | 662 | 72,158 | ||||||
Cloudflare, Inc. — Class A* | 1,298 | 71,792 | ||||||
Broadridge Financial Solutions, Inc. | 482 | 69,562 | ||||||
Citrix Systems, Inc.*,†† | 644 | 66,976 | ||||||
Tyler Technologies, Inc.* | 191 | 66,373 | ||||||
Jack Henry & Associates, Inc. | 352 | 64,159 | ||||||
Twilio, Inc. — Class A* | 926 | 64,024 | ||||||
Akamai Technologies, Inc.* | 767 | 61,606 | ||||||
Bill.com Holdings, Inc.* | 462 | 61,155 | ||||||
PTC, Inc.* | 578 | 60,459 | ||||||
HubSpot, Inc.* | 219 | 59,156 | ||||||
SS&C Technologies Holdings, Inc. | 1,230 | 58,733 | ||||||
MongoDB, Inc.* | 293 | 58,178 | ||||||
Splunk, Inc.* | 762 | 57,302 | ||||||
Avalara, Inc.* | 623 | 57,191 | ||||||
Fair Isaac Corp.* | 137 | 56,445 | ||||||
DocuSign, Inc.* | 1,031 | 55,128 | ||||||
Dynatrace, Inc.* | 1,548 | 53,886 | ||||||
Ceridian HCM Holding, Inc.* | 901 | 50,348 | ||||||
Unity Software, Inc.* | 1,563 | 49,797 | ||||||
Dropbox, Inc. — Class A* | 2,345 | 48,588 | ||||||
UiPath, Inc. — Class A* | 3,564 | 44,942 | ||||||
Elastic N.V.* | 598 | 42,901 | ||||||
Asana, Inc. — Class A* | 1,849 | 41,103 | ||||||
Five9, Inc.* | 509 | 38,165 | ||||||
Coupa Software, Inc.* | 605 | 35,574 | ||||||
RingCentral, Inc. — Class A* | 839 | 33,527 | ||||||
MicroStrategy, Inc. — Class A*,1 | 118 | 25,047 | ||||||
Fastly, Inc. — Class A* | 2,124 | 19,456 | ||||||
Total Software | 5,108,621 | |||||||
Semiconductors - 19.9% | ||||||||
NVIDIA Corp. | 2,420 | 293,764 | ||||||
Broadcom, Inc. | 514 | 228,221 | ||||||
Texas Instruments, Inc. | 1,349 | 208,798 | ||||||
QUALCOMM, Inc. | 1,698 | 191,840 | ||||||
Intel Corp. | 6,644 | 171,216 | ||||||
Advanced Micro Devices, Inc.* | 2,523 | 159,857 | ||||||
Analog Devices, Inc. | 1,064 | 148,258 | ||||||
Applied Materials, Inc. | 1,738 | 142,394 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 1,937 | 132,801 | ||||||
Micron Technology, Inc. | 2,550 | 127,755 | ||||||
NXP Semiconductor N.V. | 805 | 118,745 | ||||||
Lam Research Corp. | 320 | 117,120 | ||||||
KLA Corp. | 366 | 110,763 | ||||||
Marvell Technology, Inc. | 2,408 | 103,327 | ||||||
Microchip Technology, Inc. | 1,674 | 102,164 | ||||||
ASML Holding N.V. — Class G | 239 | 99,269 | ||||||
ON Semiconductor Corp.* | 1,428 | 89,007 | ||||||
Monolithic Power Systems, Inc. | 187 | 67,956 | ||||||
Wolfspeed, Inc.* | 605 | 62,533 | ||||||
Skyworks Solutions, Inc. | 728 | 62,077 | ||||||
Entegris, Inc. | 701 | 58,197 | ||||||
Teradyne, Inc. | 773 | 58,091 | ||||||
Qorvo, Inc.* | 610 | 48,440 | ||||||
Total Semiconductors | 2,902,593 | |||||||
Internet - 14.2% | ||||||||
Alphabet, Inc. — Class A* | 6,338 | 606,230 | ||||||
Meta Platforms, Inc. — Class A* | 2,314 | 313,964 | ||||||
Twitter, Inc.* | 3,062 | 134,238 | ||||||
Palo Alto Networks, Inc.* | 735 | 120,386 | ||||||
Baidu, Inc. ADR* | 798 | 93,757 | ||||||
Sea Ltd. ADR* | 1,593 | 89,288 | ||||||
Shopify, Inc. — Class A* | 3,194 | 86,046 | ||||||
CDW Corp. | 512 | 79,913 | ||||||
VeriSign, Inc.* | 436 | 75,733 | ||||||
Pinterest, Inc. — Class A* | 2,969 | 69,178 | ||||||
Snap, Inc. — Class A* | 6,661 | 65,411 | ||||||
Match Group, Inc.* | 1,239 | 59,162 | ||||||
NortonLifeLock, Inc. | 2,930 | 59,010 | ||||||
GoDaddy, Inc. — Class A* | 825 | 58,476 | ||||||
Okta, Inc.* | 911 | 51,809 | ||||||
F5, Inc.* | 354 | 51,234 | ||||||
Zendesk, Inc.* | 672 | 51,139 | ||||||
Total Internet | 2,064,974 | |||||||
Computers - 13.9% | ||||||||
Apple, Inc. | 5,883 | 813,031 | ||||||
International Business Machines Corp. | 1,541 | 183,086 | ||||||
Accenture plc — Class A | 520 | 133,796 | ||||||
Fortinet, Inc.* | 2,230 | 109,560 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 640 | 105,478 | ||||||
Cognizant Technology Solutions Corp. — Class A | 1,637 | 94,029 | ||||||
HP, Inc. | 3,472 | 86,522 | ||||||
Dell Technologies, Inc. — Class C | 2,498 | 85,357 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% (continued) | ||||||||
Computers - 13.9% (continued) | ||||||||
Infosys Ltd. ADR | 4,880 | $ | 82,814 | |||||
Zscaler, Inc.* | 502 | 82,514 | ||||||
Check Point Software Technologies Ltd.* | 709 | 79,422 | ||||||
NetApp, Inc. | 1,009 | 62,407 | ||||||
Seagate Technology Holdings plc | 1,012 | 53,869 | ||||||
Western Digital Corp.* | 1,559 | 50,745 | ||||||
Total Computers | 2,022,630 | |||||||
Commercial Services - 4.4% | ||||||||
PayPal Holdings, Inc.* | 2,019 | 173,775 | ||||||
Automatic Data Processing, Inc. | 760 | 171,904 | ||||||
Global Payments, Inc. | 842 | 90,978 | ||||||
Block, Inc. — Class A* | 1,637 | 90,019 | ||||||
FleetCor Technologies, Inc.* | 339 | 59,722 | ||||||
Affirm Holdings, Inc.* | 1,923 | 36,075 | ||||||
Marathon Digital Holdings, Inc.*,1 | 1,679 | 17,982 | ||||||
Total Commercial Services | 640,455 | |||||||
Diversified Financial Services - 4.2% | ||||||||
Visa, Inc. — Class A | 1,894 | 336,469 | ||||||
Mastercard, Inc. — Class A | 994 | 282,634 | ||||||
Total Diversified Financial Services | 619,103 | |||||||
Telecommunications - 3.1% | ||||||||
Cisco Systems, Inc. | 5,520 | 220,800 | ||||||
Arista Networks, Inc.* | 911 | 102,843 | ||||||
Corning, Inc. | 2,919 | 84,709 | ||||||
Juniper Networks, Inc. | 1,944 | 50,777 | ||||||
Total Telecommunications | 459,129 | |||||||
Electronics - 1.9% | ||||||||
Amphenol Corp. — Class A | 1,630 | 109,145 | ||||||
TE Connectivity Ltd. | 915 | 100,979 | ||||||
Trimble, Inc.* | 1,152 | 62,519 | ||||||
Total Electronics | 272,643 | |||||||
Energy-Alternate Sources - 1.7% | ||||||||
Enphase Energy, Inc.* | 386 | 107,104 | ||||||
First Solar, Inc.* | 515 | 68,119 | ||||||
SolarEdge Technologies, Inc.* | 290 | 67,123 | ||||||
Total Energy-Alternate Sources | 242,346 | |||||||
Advertising - 0.6% | ||||||||
Trade Desk, Inc. — Class A* | 1,571 | 93,867 | ||||||
Office & Business Equipment - 0.4% | ||||||||
Zebra Technologies Corp. — Class A* | 239 | 62,620 | ||||||
Total Common Stocks | ||||||||
(Cost $6,973,216) | 14,488,981 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P.
Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 90,028 | 90,028 | |||||
BofA
Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 34,626 | 34,626 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% | 33,602 | 33,602 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $158,256) | 158,256 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 32,663 | 32,663 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $32,663) | 32,663 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $7,164,135) | $ | 14,679,900 | ||||||
Other Assets & Liabilities, net - (0.6)% | (83,298 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,596,602 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs, unless otherwise noted — 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 September 30, 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 September 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 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 | $ | 14,422,005 | $ | 66,976 | $ | — | $ | 14,488,981 | ||||||||
Repurchase Agreements | — | 158,256 | — | 158,256 | ||||||||||||
Securities Lending Collateral | 32,663 | — | — | 32,663 | ||||||||||||
Total Assets | $ | 14,454,668 | $ | 225,232 | $ | — | $ | 14,679,900 |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% | ||||||||
Telecommunications - 70.9% | ||||||||
T-Mobile US, Inc.* | 1,571 | $ | 210,781 | |||||
Verizon Communications, Inc. | 4,853 | 184,268 | ||||||
Cisco Systems, Inc. | 4,233 | 169,320 | ||||||
AT&T, Inc. | 10,963 | 168,172 | ||||||
Motorola Solutions, Inc. | 438 | 98,099 | ||||||
Arista Networks, Inc.* | 838 | 94,602 | ||||||
Ubiquiti, Inc. | 235 | 68,987 | ||||||
Juniper Networks, Inc. | 1,787 | 46,676 | ||||||
Iridium Communications, Inc.* | 899 | 39,889 | ||||||
Lumen Technologies, Inc. | 5,458 | 39,734 | ||||||
Ciena Corp.* | 979 | 39,581 | ||||||
Frontier Communications Parent, Inc.* | 1,630 | 38,191 | ||||||
Calix, Inc.* | 569 | 34,789 | ||||||
America Movil SAB de CV — Class L ADR | 2,038 | 33,566 | ||||||
Vodafone Group plc ADR | 2,945 | 33,367 | ||||||
BCE, Inc. | 776 | 32,546 | ||||||
Nice Ltd. ADR* | 163 | 30,683 | ||||||
TELUS Corp. | 1,534 | 30,465 | ||||||
Rogers Communications, Inc. — Class B | 767 | 29,560 | ||||||
Viavi Solutions, Inc.* | 2,136 | 27,875 | ||||||
Viasat, Inc.* | 758 | 22,914 | ||||||
Extreme Networks, Inc.* | 1,630 | 21,304 | ||||||
CommScope Holding Company, Inc.* | 2,189 | 20,161 | ||||||
Gogo, Inc.* | 1,642 | 19,901 | ||||||
Telephone & Data Systems, Inc. | 1,417 | 19,696 | ||||||
EchoStar Corp. — Class A* | 1,162 | 19,138 | ||||||
InterDigital, Inc. | 421 | 17,017 | ||||||
NETGEAR, Inc.* | 602 | 12,064 | ||||||
Total Telecommunications | 1,603,346 | |||||||
Media - 20.0% | ||||||||
Comcast Corp. — Class A | 5,970 | 175,100 | ||||||
Charter Communications, Inc. — Class A* | 290 | 87,971 | ||||||
Liberty Broadband Corp. — Class C* | 666 | 49,151 | ||||||
DISH Network Corp. — Class A* | 2,791 | 38,600 | ||||||
Cable One, Inc. | 39 | 33,269 | ||||||
Liberty Global plc — Class C* | 1,757 | 28,990 | ||||||
Altice USA, Inc. — Class A* | 3,473 | 20,248 | ||||||
Liberty Latin America Ltd. — Class C* | 3,008 | 18,499 | ||||||
Total Media | 451,828 | |||||||
Internet - 5.1% | ||||||||
F5, Inc.* | 326 | 47,182 | ||||||
Roku, Inc.* | 741 | 41,792 | ||||||
Cogent Communications Holdings, Inc. | 509 | 26,550 | ||||||
Total Internet | 115,524 | |||||||
Computers - 2.6% | ||||||||
Lumentum Holdings, Inc.* | 492 | 33,736 | ||||||
NetScout Systems, Inc.* | 816 | 25,557 | ||||||
Total Computers | 59,293 | |||||||
Software - 0.4% | ||||||||
Bandwidth, Inc. — Class A* | 664 | 7,902 | ||||||
Total Common Stocks | ||||||||
(Cost $1,969,870) | 2,237,893 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 14,481 | 14,481 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 5,570 | 5,570 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 5,405 | 5,405 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $25,456) | 25,456 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $1,995,326) | $ | 2,263,349 | ||||||
Other Assets & Liabilities, net - (0.1)% | (1,336 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,262,013 |
* | 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. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted | Level 2 Significant Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 2,237,893 | $ | — | $ | — | $ | 2,237,893 | ||||||||
Repurchase Agreements | — | 25,456 | — | 25,456 | ||||||||||||
Total Assets | $ | 2,237,893 | $ | 25,456 | $ | — | $ | 2,263,349 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Transportation - 38.7% | ||||||||
United Parcel Service, Inc. — Class B | 1,027 | $ | 165,902 | |||||
Union Pacific Corp. | 808 | 157,415 | ||||||
CSX Corp. | 3,986 | 106,187 | ||||||
Norfolk Southern Corp. | 489 | 102,519 | ||||||
FedEx Corp. | 562 | 83,440 | ||||||
Old Dominion Freight Line, Inc. | 324 | 80,601 | ||||||
J.B. Hunt Transport Services, Inc. | 389 | 60,847 | ||||||
Expeditors International of Washington, Inc. | 633 | 55,900 | ||||||
CH Robinson Worldwide, Inc. | 525 | 50,563 | ||||||
Canadian Pacific Railway Ltd. | 653 | 43,568 | ||||||
Canadian National Railway Co. | 398 | 42,980 | ||||||
Knight-Swift Transportation Holdings, Inc. | 873 | 42,716 | ||||||
ZTO Express Cayman, Inc. ADR | 1,664 | 39,986 | ||||||
Landstar System, Inc. | 252 | 36,381 | ||||||
ZIM Integrated Shipping Services Ltd.1 | 1,523 | 35,791 | ||||||
Saia, Inc.* | 182 | 34,580 | ||||||
XPO Logistics, Inc.* | 736 | 32,767 | ||||||
Ryder System, Inc. | 409 | 30,875 | ||||||
Kirby Corp.* | 470 | 28,562 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 269 | 25,708 | ||||||
Werner Enterprises, Inc. | 634 | 23,838 | ||||||
Matson, Inc. | 363 | 22,332 | ||||||
ArcBest Corp. | 285 | 20,728 | ||||||
Total Transportation | 1,324,186 | |||||||
Auto Manufacturers - 28.9% | ||||||||
Tesla, Inc.* | 1,589 | 421,482 | ||||||
General Motors Co. | 2,947 | 94,569 | ||||||
Ford Motor Co. | 8,023 | 89,858 | ||||||
Rivian Automotive, Inc. — Class A* | 2,451 | 80,662 | ||||||
Lucid Group, Inc.* | 5,204 | 72,700 | ||||||
NIO, Inc. ADR* | 3,122 | 49,234 | ||||||
Li Auto, Inc. ADR* | 1,897 | 43,650 | ||||||
Ferrari N.V. | 219 | 40,515 | ||||||
Stellantis N.V.1 | 3,063 | 36,266 | ||||||
Toyota Motor Corp. ADR | 278 | 36,221 | ||||||
Fisker, Inc.*,1 | 2,938 | 22,182 | ||||||
Total Auto Manufacturers | 987,339 | |||||||
Auto Parts & Equipment - 10.7% | ||||||||
Aptiv plc* | 593 | 46,379 | ||||||
Lear Corp. | 327 | 39,139 | ||||||
BorgWarner, Inc. | 1,217 | 38,214 | ||||||
Autoliv, Inc. | 567 | 37,779 | ||||||
Magna International, Inc. | 736 | 34,901 | ||||||
Gentex Corp. | 1,456 | 34,711 | ||||||
Fox Factory Holding Corp.* | 337 | 26,650 | ||||||
Visteon Corp.* | 237 | 25,136 | ||||||
Adient plc* | 815 | 22,616 | ||||||
Goodyear Tire & Rubber Co.* | 2,203 | 22,228 | ||||||
Luminar Technologies, Inc.*,1 | 3,021 | 22,008 | ||||||
Dana, Inc. | 1,506 | 17,214 | ||||||
Total Auto Parts & Equipment | 366,975 | |||||||
Airlines - 9.8% | ||||||||
Delta Air Lines, Inc.* | 2,201 | 61,760 | ||||||
Southwest Airlines Co.* | 1,955 | 60,292 | ||||||
United Airlines Holdings, Inc.* | 1,436 | 46,713 | ||||||
American Airlines Group, Inc.* | 3,368 | 40,551 | ||||||
Copa Holdings S.A. — Class A* | 548 | 36,721 | ||||||
Alaska Air Group, Inc.* | 810 | 31,711 | ||||||
JetBlue Airways Corp.* | 3,077 | 20,401 | ||||||
Spirit Airlines, Inc.* | 1,079 | 20,307 | ||||||
Allegiant Travel Co. — Class A* | 215 | 15,691 | ||||||
Total Airlines | 334,147 | |||||||
Commercial Services - 4.4% | ||||||||
AMERCO | 96 | 48,885 | ||||||
Avis Budget Group, Inc.* | 269 | 39,936 | ||||||
Hertz Global Holdings, Inc.* | 2,158 | 35,132 | ||||||
GXO Logistics, Inc.* | 785 | 27,522 | ||||||
Total Commercial Services | 151,475 | |||||||
Internet - 3.9% | ||||||||
Uber Technologies, Inc.* | 3,921 | 103,906 | ||||||
Lyft, Inc. — Class A* | 2,186 | 28,790 | ||||||
Total Internet | 132,696 | |||||||
Home Builders - 2.1% | ||||||||
Thor Industries, Inc. | 413 | 28,902 | ||||||
LCI Industries | 232 | 23,539 | ||||||
Winnebago Industries, Inc. | 370 | 19,687 | ||||||
Total Home Builders | 72,128 | |||||||
Leisure Time - 0.9% | ||||||||
Harley-Davidson, Inc. | 926 | 32,299 | ||||||
Total Common Stocks | ||||||||
(Cost $1,740,458) | 3,401,245 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 18,691 | 18,691 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 7,189 | 7,189 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 6,976 | 6,976 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $32,856) | 32,856 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 2.78%4 | 69,655 | 69,655 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $69,655) | 69,655 | |||||||
Total Investments - 102.4% | ||||||||
(Cost $1,842,969) | $ | 3,503,756 | ||||||
Other Assets & Liabilities, net - (2.4)% | (81,177 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,422,579 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 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 September 30, 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 September 30, 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 September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 3,401,245 | $ | — | $ | — | $ | 3,401,245 | ||||||||
Repurchase Agreements | — | 32,856 | — | 32,856 | ||||||||||||
Securities Lending Collateral | 69,655 | — | — | 69,655 | ||||||||||||
Total Assets | $ | 3,470,900 | $ | 32,856 | $ | — | $ | 3,503,756 |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Electric - 84.7% | ||||||||
NextEra Energy, Inc. | 45,807 | $ | 3,591,727 | |||||
Southern Co. | 35,940 | 2,443,920 | ||||||
Duke Energy Corp. | 26,024 | 2,420,753 | ||||||
Dominion Energy, Inc. | 31,102 | 2,149,459 | ||||||
Sempra Energy | 13,214 | 1,981,307 | ||||||
American Electric Power Company, Inc. | 21,756 | 1,880,806 | ||||||
Exelon Corp. | 45,670 | 1,710,798 | ||||||
Xcel Energy, Inc. | 26,182 | 1,675,648 | ||||||
Consolidated Edison, Inc. | 18,444 | 1,581,758 | ||||||
Constellation Energy Corp. | 18,939 | 1,575,535 | ||||||
PG&E Corp.* | 122,436 | 1,530,450 | ||||||
WEC Energy Group, Inc. | 16,912 | 1,512,440 | ||||||
Public Service Enterprise Group, Inc. | 26,635 | 1,497,686 | ||||||
Eversource Energy | 19,131 | 1,491,453 | ||||||
DTE Energy Co. | 11,737 | 1,350,342 | ||||||
FirstEnergy Corp. | 36,394 | 1,346,578 | ||||||
Edison International | 23,117 | 1,307,960 | ||||||
Ameren Corp. | 16,135 | 1,299,674 | ||||||
Entergy Corp. | 12,795 | 1,287,561 | ||||||
PPL Corp. | 48,783 | 1,236,649 | ||||||
CenterPoint Energy, Inc. | 42,977 | 1,211,092 | ||||||
CMS Energy Corp. | 20,025 | 1,166,256 | ||||||
Avangrid, Inc. | 27,425 | 1,143,623 | ||||||
AES Corp. | 48,454 | 1,095,060 | ||||||
Evergy, Inc. | 17,784 | 1,056,370 | ||||||
Alliant Energy Corp. | 19,606 | 1,038,922 | ||||||
NRG Energy, Inc. | 22,890 | 876,000 | ||||||
Vistra Corp. | 39,932 | 838,572 | ||||||
OGE Energy Corp. | 21,530 | 784,984 | ||||||
Pinnacle West Capital Corp. | 11,916 | 768,701 | ||||||
Clearway Energy, Inc. — Class C | 21,887 | 697,101 | ||||||
IDACORP, Inc. | 6,625 | 655,941 | ||||||
Ormat Technologies, Inc. | 7,476 | 644,431 | ||||||
Black Hills Corp. | 8,968 | 607,403 | ||||||
PNM Resources, Inc. | 13,221 | 604,596 | ||||||
Hawaiian Electric Industries, Inc. | 16,259 | 563,537 | ||||||
Portland General Electric Co. | 12,871 | 559,374 | ||||||
Avista Corp. | 13,084 | 484,762 | ||||||
Total Electric | 49,669,229 | |||||||
Gas - 10.0% | ||||||||
Atmos Energy Corp. | 10,692 | 1,088,980 | ||||||
NiSource, Inc. | 35,885 | 903,943 | ||||||
UGI Corp. | 22,540 | 728,718 | ||||||
National Fuel Gas Co. | 11,119 | 684,374 | ||||||
South Jersey Industries, Inc. | 18,520 | 618,938 | ||||||
ONE Gas, Inc. | 8,040 | 565,936 | ||||||
New Jersey Resources Corp. | 14,430 | 558,441 | ||||||
Spire, Inc. | 8,481 | 528,621 | ||||||
Southwest Gas Holdings, Inc. | 2,494 | 173,957 | ||||||
Total Gas | 5,851,908 | |||||||
Water - 4.0% | ||||||||
American Water Works Company, Inc. | 10,658 | 1,387,245 | ||||||
Essential Utilities, Inc. | 23,028 | 952,899 | ||||||
Total Water | 2,340,144 | |||||||
Energy-Alternate Sources - 0.7% | ||||||||
Sunnova Energy International, Inc.* | 19,702 | 435,020 | ||||||
Total Common Stocks | ||||||||
(Cost $58,322,239) | 58,296,301 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22 | $ | 242,378 | 242,378 | |||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22 | 93,222 | 93,222 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22 | 90,463 | 90,463 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $426,063) | 426,063 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $58,748,302) | $ | 58,722,364 | ||||||
Other Assets & Liabilities, net - (0.1)% | (68,571 | ) | ||||||
Total Net Assets - 100.0% | $ | 58,653,793 |
* | 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) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 58,296,301 | $ | — | $ | — | $ | 58,296,301 | ||||||||
Repurchase Agreements | — | 426,063 | — | 426,063 | ||||||||||||
Total Assets | $ | 58,296,301 | $ | 426,063 | $ | — | $ | 58,722,364 |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 34.6% | ||||||||
Freddie Mac | ||||||||
2.55% due 10/04/221 | $ | 100,000 | $ | 99,979 | ||||
Total Federal Agency Discount Notes | ||||||||
(Cost $99,979) | 99,979 | |||||||
FEDERAL AGENCY NOTES†† - 13.8% | ||||||||
Fannie Mae | ||||||||
2.00% due 10/05/22 | 40,000 | 39,996 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $39,995) | 39,996 | |||||||
U.S. TREASURY BILLS†† - 4.8% | ||||||||
U.S. Treasury Bills | ||||||||
2.70% due 11/08/221,2 | 14,000 | 13,962 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $13,959) | 13,962 | |||||||
REPURCHASE AGREEMENTS††,3 - 45.3% | ||||||||
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224 | 74,438 | 74,438 | ||||||
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224 | 28,630 | 28,630 | ||||||
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224 | 27,782 | 27,782 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $130,850) | 130,850 | |||||||
Total Investments - 98.5% | ||||||||
(Cost $284,783) | $ | 284,787 | ||||||
Other Assets & Liabilities, net - 1.5% | 4,316 | |||||||
Total Net Assets - 100.0% | $ | 289,103 |
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 | 4 | Dec 2022 | $ | 448,620 | $ | 7,460 |
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 | U.S. Dollar Index | Pay | (3 Month USD LIBOR - 0.45%) | At Maturity | 12/23/22 | 1,132 | $ | 126,903 | $ | 1,794 |
** | 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 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as futures collateral at September 30, 2022. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as currency index swap collateral at September 30, 2022. |
LIBOR — London Interbank Offered Rate
See Sector Classification in Other Information section.
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | September 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at September 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Federal Agency Discount Notes | $ | — | $ | 99,979 | $ | — | $ | 99,979 | ||||||||
Federal Agency Notes | — | 39,996 | — | 39,996 | ||||||||||||
U.S. Treasury Bills | — | 13,962 | — | 13,962 | ||||||||||||
Repurchase Agreements | — | 130,850 | — | 130,850 | ||||||||||||
Currency Futures Contracts** | 7,460 | — | — | 7,460 | ||||||||||||
Currency Index Swap Agreements** | — | 1,794 | — | 1,794 | ||||||||||||
Total Assets | $ | 7,460 | $ | 286,581 | $ | — | $ | 294,041 |
** | 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 September 30, 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 09/30/22 | Shares 09/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 180,496 | $ | – | $ | (177,377 | ) | $ | (2,401 | ) | $ | (718 | ) | $ | – | – | $ | 1,026 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 180,052 | – | (177,010 | ) | (3,003 | ) | (39 | ) | – | – | 741 | |||||||||||||||||||||
$ | 360,548 | $ | – | $ | (354,387 | ) | $ | (5,404 | ) | $ | (757 | ) | $ | – | $ | 1,767 |
NOTES TO SCHEDULE OF INVESTMENT (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 September 30, 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 INVESTMENT (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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.
Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and/or other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the“Valuation Committee”), in determining the fair value of the Funds' securities and/or other assets.
Valuations of the Funds' securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.
Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Designee Procedures, the Adviser is authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.
Open-end investment companies are valued at their net asset value (“NAV”) as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.
NOTES TO SCHEDULE OF INVESTMENT (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.
Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.
The value of futures contracts are valued on the basis of the last sale price 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 value of other swap agreements entered into by a Fund is generally valued using an evaluated price provided by a third party pricing vendor.
Investments for which market quotations are not readily available are fair-valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.
Note 2 – 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 INVESTMENT (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 clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as 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 INVESTMENT (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 inconnection 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 maybe 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 between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
NOTES TO SCHEDULE OF INVESTMENT (Unaudited)
Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
Rule 2a-5 sets forth a definition of “readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”
Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.
Note 4 – 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 September 30, 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 Strip | |||||||||||||||||||
2.97% | 0.00% | |||||||||||||||||||
Due 10/03/22 | $ | 54,511,144 | $ | 54,524,635 | Due 02/15/27 | $ | 33,662,880 | $ | 28,262,950 | |||||||||||
U.S. Treasury Note | ||||||||||||||||||||
0.38% | ||||||||||||||||||||
Due 08/15/24 | 29,331,500 | 27,338,417 | ||||||||||||||||||
62,994,380 | 55,601,367 | |||||||||||||||||||
BofA Securities, Inc. | U.S. Treasury Note | |||||||||||||||||||
2.91% | 0.25% | |||||||||||||||||||
Due 10/03/22 | 20,965,824 | 20,970,909 | Due 09/30/25 | 24,034,500 | 21,385,177 | |||||||||||||||
Barclays Capital, Inc. | U.S. Treasury Inflation Indexed Bond | |||||||||||||||||||
2.92% | 0.25% | |||||||||||||||||||
Due 10/03/22 | 20,345,253 | 20,350,203 | Due 01/15/25 | 21,629,639 | 20,752,235 |
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 X. 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 INVESTMENT (Unaudited)
At September 30, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Fund | Value of Securities Loaned | Collateral Received | ||||||
Basic Materials Fund | $ | 11,122 | $ | 11,413 | ||||
Consumer Products Fund | 23,876 | 24,854 | ||||||
Electronics Fund | 111,266 | 118,152 | ||||||
Financial Services Fund | 44,999 | 44,698 | * | |||||
High Yield Strategy Fund | 69,138 | 71,460 | ||||||
Internet Fund | 27,353 | 28,232 | ||||||
Leisure Fund | 32,303 | 33,381 | ||||||
Multi-Hedge Strategies Fund | 99,319 | 101,801 | ||||||
NASDAQ-100® 2x Strategy Fund | 46,656 | 49,026 | ||||||
NASDAQ-100® Fund | 55,741 | 58,572 | ||||||
Retailing Fund | 28,364 | 29,505 | ||||||
Russell 2000® 1.5x Strategy Fund | 149,203 | 153,466 | ||||||
S&P MidCap 400® Pure Growth Fund | 36,413 | 37,674 | ||||||
S&P SmallCap 600® Pure Value Fund | 33,450 | 33,952 | ||||||
Technology Fund | 31,951 | 32,663 | ||||||
Transportation Fund | 67,115 | 69,655 |
* | Subsequent to September 30, 2022, additional collateral was received |
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, the Subsidiary’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 INVESTMENT (Unaudited)
At September 30, 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 | $ | 2,643,750 | $ | 536,565 | $ | (32,988 | ) | $ | 503,577 | |||||||
Basic Materials Fund | 4,824,019 | 1,800,745 | (170,648 | ) | 1,630,097 | |||||||||||
Biotechnology Fund | 10,163,374 | 4,889,469 | (668,389 | ) | 4,221,080 | |||||||||||
Commodities Strategy Fund | 13,885,406 | – | (1,232,138 | ) | (1,232,138 | ) | ||||||||||
Consumer Products Fund | 8,006,760 | 3,325,692 | (260,467 | ) | 3,065,225 | |||||||||||
Dow 2x Strategy Fund | 9,390,590 | – | (1,295,228 | ) | (1,295,228 | ) | ||||||||||
Electronics Fund | 2,385,014 | 3,697,323 | (118,042 | ) | 3,579,281 | |||||||||||
Energy Fund | 18,805,778 | 6,512,138 | (225,091 | ) | 6,287,047 | |||||||||||
Energy Services Fund | 5,528,105 | – | (503,746 | ) | (503,746 | ) | ||||||||||
Europe 1.25x Strategy Fund | 1,046,982 | 7,836 | (154,375 | ) | (146,539 | ) | ||||||||||
Financial Services Fund | 7,895,189 | 2,447,947 | (436,906 | ) | 2,011,041 | |||||||||||
Global Managed Futures Strategy Fund | 22,773,713 | 1,025,130 | (372,277 | ) | 652,853 | |||||||||||
Government Long Bond 1.2x Strategy Fund | 8,310,047 | – | (803,971 | ) | (803,971 | ) | ||||||||||
Health Care Fund | 10,359,534 | 6,155,858 | (613,550 | ) | 5,542,308 | |||||||||||
High Yield Strategy Fund | 2,694,984 | 1,721 | (144,404 | ) | (142,683 | ) | ||||||||||
Internet Fund | 4,202,321 | 1,263,506 | (980,260 | ) | 283,246 | |||||||||||
Inverse Dow 2x Strategy Fund | 4,683,893 | 952,036 | – | 952,036 | ||||||||||||
Inverse Government Long Bond Strategy Fund | 4,646,079 | 604,169 | (72,607 | ) | 531,562 | |||||||||||
Inverse Mid-Cap Strategy Fund | 525,333 | 63,208 | (1,458 | ) | 61,750 | |||||||||||
Inverse NASDAQ-100® Strategy Fund | 12,284,735 | 1,837,450 | (17,802 | ) | 1,819,648 | |||||||||||
Inverse Russell 2000® Strategy Fund | 2,450,442 | 207,051 | (3,121 | ) | 203,930 | |||||||||||
Inverse S&P 500® Strategy Fund | 9,985,810 | 947,280 | (33,289 | ) | 913,991 | |||||||||||
Japan 2x Strategy Fund | 878,994 | 52 | (118,717 | ) | (118,665 | ) | ||||||||||
Leisure Fund | 2,834,756 | 689,560 | (287,104 | ) | 402,456 | |||||||||||
Long Short Equity Fund | 21,300,346 | 4,210,719 | (4,287,730 | ) | (77,011 | ) | ||||||||||
Mid-Cap 1.5x Strategy Fund | 4,335,727 | 114,035 | (863,618 | ) | (749,583 | ) | ||||||||||
Multi-Hedge Strategies Fund | 47,254,511 | 6,496,354 | (4,963,960 | ) | 1,532,394 | |||||||||||
NASDAQ-100® 2x Strategy Fund | 70,847,895 | – | (18,393,485 | ) | (18,393,485 | ) | ||||||||||
NASDAQ-100® Fund | 57,784,148 | 11,702,912 | (4,377,009 | ) | 7,325,903 | |||||||||||
Nova Fund | 20,460,860 | 725,432 | (2,286,787 | ) | (1,561,355 | ) | ||||||||||
Precious Metals Fund | 16,988,167 | – | (903,957 | ) | (903,957 | ) | ||||||||||
Real Estate Fund | 4,271,194 | 1,236,437 | (367,531 | ) | 868,906 | |||||||||||
Retailing Fund | 2,912,919 | 662,627 | (114,506 | ) | 548,121 | |||||||||||
Russell 2000® 1.5x Strategy Fund | 4,242,897 | 60,902 | (1,183,273 | ) | (1,122,371 | ) | ||||||||||
Russell 2000® 2x Strategy Fund | 2,349,219 | 15 | (355,677 | ) | (355,662 | ) | ||||||||||
S&P 500® 2x Strategy Fund | 29,497,678 | – | (6,714,645 | ) | (6,714,645 | ) | ||||||||||
S&P 500® Pure Growth Fund | 22,208,165 | 2,833,107 | (3,072,615 | ) | (239,508 | ) | ||||||||||
S&P 500® Pure Value Fund | 27,222,847 | 2,562,168 | (2,054,693 | ) | 507,475 | |||||||||||
S&P MidCap 400® Pure Growth Fund | 9,279,579 | 228,645 | (1,479,290 | ) | (1,250,645 | ) | ||||||||||
S&P MidCap 400® Pure Value Fund | 8,623,260 | 257,578 | (800,077 | ) | (542,499 | ) | ||||||||||
S&P SmallCap 600® Pure Growth Fund | 8,896,202 | – | (1,670,982 | ) | (1,670,982 | ) | ||||||||||
S&P SmallCap 600® Pure Value Fund | 9,378,612 | 57,802 | (1,342,469 | ) | (1,284,667 | ) | ||||||||||
Strengthening Dollar 2x Strategy Fund | 7,853,338 | 448,262 | – | 448,262 | ||||||||||||
Technology Fund | 9,041,713 | 6,469,650 | (831,463 | ) | 5,638,187 | |||||||||||
Telecommunications Fund | 2,672,155 | 114,801 | (523,607 | ) | (408,806 | ) | ||||||||||
Transportation Fund | 2,261,721 | 1,415,185 | (173,150 | ) | 1,242,035 | |||||||||||
Utilities Fund | 60,785,003 | 291,921 | (2,354,560 | ) | (2,062,639 | ) | ||||||||||
Weakening Dollar 2x Strategy Fund | 284,783 | 9,258 | – | 9,258 |
Note 7 – Market Risks
The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.
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.