Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
MUTUAL FUNDS^† - 24.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		141,704	$	1,358,941
Guggenheim Strategy Fund II¹		56,518		1,354,744
Total Mutual Funds
(Cost $2,822,291)				2,713,685

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^††- 45.8%
Federal Home Loan Bank
0.83% due 10/03/22²	$	2,000,000		1,999,840
3.06% due 11/21/22²		2,000,000		1,991,550
3.06% due 11/14/22²		1,200,000		1,195,512
Total Federal Agency Discount Notes
(Cost $5,186,750)				5,186,902

U.S. TREASURY BILLS^††- 14.4%
U.S. Treasury Bills
2.70% due 11/08/22^2,3		1,635,000		1,630,571
Total U.S. Treasury Bills
(Cost $1,630,254)				1,630,571

FEDERAL AGENCY NOTES^††- 8.8%
Federal Farm Credit Bank
3.07% (Commercial Prime Lending Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22^◊		1,000,000		1,000,006
Total Federal Agency Notes
(Cost $999,996)				1,000,006

REPURCHASE AGREEMENTS^††,4- 9.0%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		577,320		577,320
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		222,046		222,046
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		215,474		215,474
Total Repurchase Agreements
(Cost $1,014,840)				1,014,840
Total Investments - 102.0%
(Cost $11,654,131)			$	11,546,004
Other Assets & Liabilities, net - (2.0)%				(223,386	)
Total Net Assets - 100.0%			$	11,322,618

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Commodity Futures Contracts Purchased^†
Goldman Sachs Commodity Index Futures Contracts		75	Oct 2022	$	11,405,625	$	(419,700	)

^**	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 Consolidated Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,713,685	$	—	$	—	$	2,713,685
Federal Agency Discount Notes		—		5,186,902		—		5,186,902
U.S. Treasury Bills		—		1,630,571		—		1,630,571
Federal Agency Notes		—		1,000,006		—		1,000,006
Repurchase Agreements		—		1,014,840		—		1,014,840
Total Assets	$	2,713,685	$	8,832,319	$	—	$	11,546,004

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Commodity Futures Contracts**		$	419,700			$	—			$	—			$	419,700

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 and Guggenheim 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	$	1,406,176	$	–	$	–	$	–	$	(51,432	)	$	1,354,744		56,518	$	22,620
Guggenheim Ultra Short Duration Fund — Institutional Class		1,405,703		–		–		–		(46,762	)		1,358,941		141,704		17,573
	$	2,811,879	$	–	$	–	$	–	$	(98,194	)	$	2,713,685			$	40,193

Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
MUTUAL FUNDS^† - 32.3%
Guggenheim Strategy Fund III¹		235,195	$	5,649,389
Guggenheim Strategy Fund II¹		166,856		3,999,535
Guggenheim Ultra Short Duration Fund — Institutional Class¹		257,497		2,469,394
Total Mutual Funds
(Cost $12,548,781)				12,118,318

	Face Amount
U.S. TREASURY BILLS^††- 9.2%
U.S. Treasury Bills
2.70% due 11/08/22^2,3	$	3,480,000		3,470,573
Total U.S. Treasury Bills
(Cost $3,469,898)				3,470,573

REPURCHASE AGREEMENTS^††,4- 57.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		12,303,559		12,303,559
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		4,732,138		4,732,138
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		4,592,071		4,592,071
Total Repurchase Agreements
(Cost $21,627,768)				21,627,768
Total Investments - 99.0%
(Cost $37,646,447)			$	37,216,659
Other Assets & Liabilities, net - 1.0%				377,607
Total Net Assets - 100.0%			$	37,594,266

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		23	Dec 2022	$	690,230	$	62,196
CBOE Volatility Index Futures Contracts		1	Nov 2022		31,020		3,522
Dow Jones Industrial Average Index Mini Futures Contracts		5	Dec 2022		719,650		(1,059	)
FTSE 100 Index Futures Contracts		2	Dec 2022		152,791		(6,947	)
Russell 2000 Index Mini Futures Contracts		5	Dec 2022		417,300		(12,915	)
S&P 500 Index Mini Futures Contracts		4	Dec 2022		719,450		(14,863	)
NASDAQ-100 Index Mini Futures Contracts		3	Dec 2022		661,830		(18,291	)
				$	3,392,271	$	11,643

Interest Rate Futures Contracts Purchased^†
Long Gilt Futures Contracts^††		4	Dec 2022	$	429,495	$	5,572
Euro - OATS Futures Contracts		6	Dec 2022		776,242		4,017
Australian Government 10 Year Bond Futures Contracts		2	Dec 2022		149,888		2,427
Euro - BTP Italian Government Bond Futures Contracts^††		10	Dec 2022		1,097,912		(2,523	)
				$	2,453,537	$	9,493

Currency Futures Contracts Purchased^†
British Pound Futures Contracts		15	Dec 2022	$	1,047,750	$	10,031
Mexican Peso Futures Contracts		53	Dec 2022		1,297,705		(8,586	)
Euro FX Futures Contracts		2	Dec 2022		246,363		(8,917	)
Japanese Yen Futures Contracts		13	Dec 2022		1,131,975		(14,587	)
Canadian Dollar Futures Contracts		5	Dec 2022		362,050		(16,945	)
New Zealand Dollar Futures Contracts		16	Dec 2022		895,680		(62,921	)
				$	4,981,523	$	(101,925	)

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^†
Red Spring Wheat Futures Contracts		8	Dec 2022	$	393,500	$	26,107
Corn Futures Contracts		14	Dec 2022		474,600		22,405
Wheat Futures Contracts		2	Dec 2022		92,325		8,593
Hard Red Winter Wheat Futures Contracts		2	Dec 2022		99,225		7,031
Euro - Mill Wheat Futures Contracts		11	Dec 2022		192,309		6,986
Gasoline RBOB Futures Contracts		7	Nov 2022		670,085		200
Sugar #11 Futures Contracts		16	Feb 2023		316,288		(590	)
Sugar #11 Futures Contracts		23	Jun 2023		425,298		(2,738	)
Soybean Meal Futures Contracts		3	Dec 2022		120,900		(2,789	)
Lean Hogs Futures Contracts		1	Dec 2022		30,560		(2,883	)
Soybean Futures Contracts		6	Nov 2022		409,800		(5,890	)
Sugar #11 Futures Contracts		26	Apr 2023		492,419		(6,036	)
Coffee 'C' Futures Contracts		1	Dec 2022		82,856		(6,946	)
WTI Crude Futures Contracts		4	Oct 2022		318,800		(7,370	)
Natural Gas Futures Contracts		8	Dec 2022		580,640		(7,750	)
Low Sulphur Gas Oil Futures Contracts		1	Nov 2022		94,125		(8,302	)
Soybean Oil Futures Contracts		8	Dec 2022		294,384		(11,358	)
NY Harbor ULSD Futures Contracts		5	Oct 2022		680,232		(12,919	)
ECX Emission Futures Contracts		2	Dec 2022		130,805		(15,405	)
Low Sulphur Gas Oil Futures Contracts		7	Dec 2022		630,525		(20,442	)
Brent Crude Futures Contracts		3	Oct 2022		256,050		(23,334	)
Live Cattle Futures Contracts		18	Dec 2022		1,058,400		(26,757	)
LME Nickel Futures Contracts		2	Nov 2022		252,660		(40,278	)
Cotton #2 Futures Contracts		6	Dec 2022		256,020		(42,314	)
Natural Gas Futures Contracts		5	Oct 2022		339,750		(54,859	)
				$	8,692,556	$	(227,638	)

Interest Rate Futures Contracts Sold Short^†
U.S. Treasury 2 Year Note Futures Contracts		64	Dec 2022	$	13,140,000	$	155,959
U.S. Treasury 5 Year Note Futures Contracts		32	Dec 2022		3,438,250		98,836
Long Gilt Futures Contracts^††		11	Dec 2022		1,181,112		80,792
Euro - Bund Futures Contracts		21	Dec 2022		2,847,339		77,283
Canadian Government 10 Year Bond Futures Contracts		47	Dec 2022		4,194,654		50,622
Euro - Bobl Futures Contracts		17	Dec 2022		1,991,914		38,089
U.S. Treasury 10 Year Note Futures Contracts		31	Dec 2022		3,473,937		36,920
U.S. Treasury Long Bond Futures Contracts		14	Dec 2022		1,771,437		29,218
Euro - Schatz Futures Contracts		45	Dec 2022		4,722,508		26,664
U.S. Treasury Ultra Long Bond Futures Contracts		10	Dec 2022		1,366,562		21,658
Australian Government 3 Year Bond Futures Contracts		29	Dec 2022		1,978,597		17,755
Australian Government 10 Year Bond Futures Contracts		8	Dec 2022		599,552		5,167
Euro - 30 year Bond Futures Contracts		1	Dec 2022		143,507		206
				$	40,849,369	$	639,169

Currency Futures Contracts Sold Short^†
Australian Dollar Futures Contracts		38	Dec 2022	$	2,433,520	$	152,132
Swiss Franc Futures Contracts		40	Dec 2022		5,105,750		142,718
Euro FX Futures Contracts		55	Dec 2022		6,774,969		128,773
Canadian Dollar Futures Contracts		31	Dec 2022		2,244,710		97,179
Japanese Yen Futures Contracts		56	Dec 2022		4,876,200		26,723
New Zealand Dollar Futures Contracts		15	Dec 2022		839,700		15,370
British Pound Futures Contracts		18	Dec 2022		1,257,300		(33,759	)
				$	23,532,149	$	529,136

Commodity Futures Contracts Sold Short^†
Gold 100 oz. Futures Contracts		11	Dec 2022	$	1,836,780	$	82,385
Lean Hogs Futures Contracts		25	Dec 2022		764,000		61,042
Live Cattle Futures Contracts		36	Apr 2023		2,223,000		39,517
Silver Futures Contracts		7	Dec 2022		665,350		32,759

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)
Gasoline RBOB Futures Contracts		8	Dec 2022	$	750,926	$	23,911
Cocoa Futures Contracts		27	Dec 2022		632,340		22,980
Copper Futures Contracts		3	Dec 2022		254,850		19,668
LME Primary Aluminum Futures Contracts		9	Nov 2022		484,481		18,723
Low Sulphur Gas Oil Futures Contracts		6	Nov 2022		564,750		13,390
CME Random Length Lumber Futures Contracts		3	Nov 2022		140,151		12,637
Euro - Rapeseed Futures Contracts		6	Jan 2023		187,224		11,301
Canadian Canola (WCE) Futures Contracts		3	Nov 2022		36,931		8,705
Natural Gas Futures Contracts		8	Nov 2022		566,640		7,990
Sugar #11 Futures Contracts		22	Feb 2023		434,896		7,710
LME Zinc Futures Contracts		3	Nov 2022		225,075		7,260
Soybean Meal Futures Contracts		3	Dec 2022		120,900		5,251
Cattle Feeder Futures Contracts		6	Jan 2023		526,425		2,145
LME Lead Futures Contracts		4	Nov 2022		191,285		1,653
LME Tin Futures Contracts		1	Nov 2022		103,425		1,093
Live Cattle Futures Contracts		8	Dec 2022		470,400		1,050
Platinum Futures Contracts		2	Jan 2023		85,740		365
Oat Futures Contracts		6	Dec 2022		116,475		182
SGX Iron Ore 62% Futures Contracts		15	Nov 2022		141,225		(660	)
Gasoline RBOB Futures Contracts		1	Oct 2022		99,624		(2,686	)
Corn Futures Contracts		1	Dec 2022		33,900		(2,978	)
Wheat Futures Contracts		1	Dec 2022		46,163		(5,353	)
Hard Red Winter Wheat Futures Contracts		1	Dec 2022		49,613		(5,778	)
				$	11,752,569	$	364,262

Equity Futures Contracts Sold Short^†
DAX Index Futures Contracts		2	Dec 2022	$	587,670	$	54,643
MSCI EAFE Index Futures Contracts		7	Dec 2022		581,560		54,448
NASDAQ-100 Index Mini Futures Contracts		1	Dec 2022		220,610		27,331
S&P MidCap 400 Index Mini Futures Contracts		1	Dec 2022		220,780		21,298
S&P 500 Index Mini Futures Contracts		1	Dec 2022		179,863		21,264
FTSE Taiwan Index Futures Contracts		9	Oct 2022		418,590		20,526
FTSE/JSE TOP 40 Index Futures Contracts^††		17	Dec 2022		531,786		18,803
SPI 200 Index Futures Contracts		5	Dec 2022		518,695		18,124
Dow Jones Industrial Average Index Mini Futures Contracts		2	Dec 2022		287,860		15,413
CAC 40 10 Euro Index Futures Contracts		9	Oct 2022		501,955		14,865
Euro STOXX 50 Index Futures Contracts		3	Dec 2022		96,266		9,476
Russell 2000 Index Mini Futures Contracts		1	Dec 2022		83,460		9,123
IBEX 35 Index Futures Contracts^††		2	Oct 2022		142,526		7,544
OMX Stockholm 30 Index Futures Contracts^††		4	Oct 2022		64,470		4,856
Amsterdam Index Futures Contracts		2	Oct 2022		248,241		2,077
S&P/TSX 60 IX Index Futures Contracts		2	Dec 2022		323,271		1,523
Nikkei 225 Index Futures Contracts		1	Dec 2022		181,167		(6	)
CBOE Volatility Index Futures Contracts		2	Mar 2023		60,300		(130	)
CBOE Volatility Index Futures Contracts		7	Feb 2023		211,820		(874	)
CBOE Volatility Index Futures Contracts		23	Jan 2023		705,410		(14,679	)
				$	6,166,300	$	285,625

^**	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	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.

Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

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 Consolidated Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	12,118,318	$	—	$	—	$	12,118,318
U.S. Treasury Bills		—		3,470,573		—		3,470,573
Repurchase Agreements		—		21,627,768		—		21,627,768
Interest Rate Futures Contracts**		564,821		86,364		—		651,185
Currency Futures Contracts**		572,926		—		—		572,926
Commodity Futures Contracts**		453,039		—		—		453,039
Equity Futures Contracts**		335,829		31,203		—		367,032
Total Assets	$	14,044,933	$	25,215,908	$	—	$	39,260,841

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Commodity Futures Contracts**	$	316,415	$	—	$	—	$	316,415
Currency Futures Contracts**		145,715		—		—		145,715
Equity Futures Contracts**		69,764		—		—		69,764
Interest Rate Futures Contracts**		—		2,523		—		2,523
Total Liabilities	$	531,894	$	2,523	$	—	$	534,417

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

Affiliated Transactions

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	$	4,951,696	$	–	$	(800,000	)	$	(3,539	)	$	(148,622	)	$	3,999,535		166,856	$	67,208
Guggenheim Strategy Fund III		5,886,936		–		–			–			(237,547	)		5,649,389		235,195		96,525
Guggenheim Ultra Short Duration Fund — Institutional Class		1,753,560		800,000		–			–			(84,166	)		2,469,394		257,497		31,588
	$	12,592,192	$	800,000	$	(800,000	)	$	(3,539	)	$	(470,335	)	$	12,118,318			$	195,321

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
COMMON STOCKS^† - 32.4%
Consumer, Non-cyclical - 8.7%
LHC Group, Inc.^*,1		8,220	$	1,345,285
MoneyGram International, Inc.^*,1		128,543		1,336,847
Covetrus, Inc.^*		62,481		1,304,603
Nielsen Holdings plc		45,275		1,255,023
Signify Health, Inc. — Class A^*,1		37,906		1,104,960
ChemoCentryx, Inc.^*		18,708		966,455
Biohaven Pharmaceutical Holding Company Ltd.^*,1		5,037		761,443
Global Blood Therapeutics, Inc.^*		9,796		667,108
Forma Therapeutics Holdings, Inc.^*		32,282		644,026
Evo Payments, Inc. — Class A^*		19,215		639,860
Aerie Pharmaceuticals, Inc.^*		31,143		471,194
Meridian Bioscience, Inc.^*		14,850		468,220
Total Consumer, Non-cyclical				10,965,024
Technology - 7.4%
Citrix Systems, Inc.^*,††		19,235		2,000,440
Activision Blizzard, Inc.¹		20,393		1,516,016
1Life Healthcare, Inc.^*		75,244		1,290,435
VMware, Inc. — Class A¹		10,070		1,072,052
Tower Semiconductor Ltd.^*,1		22,123		972,085
Ping Identity Holding Corp.^*		34,080		956,625
ironSource Ltd. — Class A^*		244,005		839,377
Change Healthcare, Inc.		17,745		487,810
Total Technology				9,134,840
Financial - 5.0%
First Horizon Corp.¹		64,930		1,486,897
Alleghany Corp.^*		1,524		1,279,200
STORE Capital Corp. REIT		30,223		946,887
Duke Realty Corp. REIT		18,210		877,722
Cowen, Inc. — Class A¹		13,609		525,852
Flagstar Bancorp, Inc.¹		15,425		515,195
Bluerock Residential Growth REIT, Inc.		13,268		354,919
Umpqua Holdings Corp.		14,485		247,549
Total Financial				6,234,221
Communications - 4.4%
Switch, Inc. — Class A		52,360		1,764,008
TEGNA, Inc.		65,842		1,361,613
Sierra Wireless, Inc.^*		31,107		946,897
ChannelAdvisor Corp.^*		41,757		946,213
Twitter, Inc.^*		12,676		555,716
Total Communications				5,574,447
Consumer, Cyclical - 2.5%
Tenneco, Inc. — Class A^*		83,246		1,447,648
Spirit Airlines, Inc.^*,1		59,579		1,121,277
iRobot Corp.^*,1		11,007		620,024
Total Consumer, Cyclical				3,188,949
Basic Materials - 1.5%
Rogers Corp.^*,1		5,111		1,236,249
Yamana Gold, Inc.		134,978		611,450
Total Basic Materials				1,847,699
Utilities - 1.1%
South Jersey Industries, Inc.¹		41,926		1,401,167
Industrial - 1.0%
Atlas Air Worldwide Holdings, Inc.^*		12,839		1,227,023
Energy - 0.8%
Shell Midstream Partners, LP		41,320		653,269
Infrastructure and Energy Alternatives, Inc.^*		28,464		385,403
Total Energy				1,038,672
Total Common Stocks
(Cost $41,983,079)				40,612,042

MASTER LIMITED PARTNERSHIPS^†- 0.0%
Energy - 0.0%
Energy Transfer, LP		–		5
Total Master Limited Partnerships
(Cost $4)				5

RIGHTS^†††- 0.0%
Consumer, Non-cyclical - 0.0%
Lantheus Holdings, Inc.*		42,000		–
Alexion Pharmaceuticals, Inc.*		34,843		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $1)				–

MUTUAL FUNDS^† - 11.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		674,462		6,468,094
Guggenheim Strategy Fund II²		269,618		6,462,745
Guggenheim Strategy Fund III²		79,031		1,898,331
Total Mutual Funds
(Cost $15,386,814)				14,829,170

CLOSED-END FUNDS^†- 5.8%
Invesco Senior Income Trust		63,438		235,990
Nuveen Credit Strategies Income Fund		45,430		232,147
BlackRock Resources & Commodities Strategy Trust		26,078		226,618
Tri-Continental Corp.		8,856		226,359
Adams Diversified Equity Fund, Inc.		15,238		222,018
Nuveen New York AMT-Free Quality Municipal Income Fund		22,342		219,398
Aberdeen Total Dynamic Dividend Fund		30,570		218,270
Gabelli Dividend & Income Trust		11,545		216,122
Royce Micro-Capital Trust, Inc.		27,057		214,562
Virtus Convertible & Income Fund II³		72,661		204,904
BlackRock California Municipal Income Trust		18,989		195,207
General American Investors Company, Inc.		5,379		182,079
Nuveen Real Asset Income and Growth Fund		15,665		174,665
Nuveen Floating Rate Income Opportunity Fund		20,714		166,955
MFS Municipal Income Trust		32,496		157,281
BlackRock MuniYield Fund, Inc.		15,251		151,595
BNY Mellon High Yield Strategies Fund		71,564		151,000
Apollo Senior Floating Rate Fund, Inc.		12,029		150,483

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
CLOSED-END FUNDS^†- 5.8% (continued)
DWS Municipal Income Trust		16,894	$	140,558
Pioneer Municipal High Income Fund Trust		16,658		136,762
Pioneer Municipal High Income Advantage Fund, Inc.		18,052		136,293
PGIM High Yield Bond Fund, Inc.		11,587		133,714
BlackRock MuniHoldings New York Quality Fund, Inc.		13,268		130,026
Eaton Vance California Municipal Bond Fund		14,084		119,855
First Trust Dynamic Europe Equity Income Fund³		11,365		108,422
LMP Capital and Income Fund, Inc.		9,567		107,820
Ellsworth Growth and Income Fund Ltd.		12,426		99,532
Western Asset Managed Municipals Fund, Inc.		9,940		96,418
abrdn Global Dynamic Dividend		10,510		88,809
Eaton Vance New York Municipal Bond Fund		9,850		83,232
Invesco Trust for Investment Grade New York Municipals		8,431		80,600
Voya Infrastructure Industrials and Materials Fund		8,924		78,888
Nuveen Short Duration Credit Opportunities Fund		5,807		68,697
Bancroft Fund Ltd.		3,905		65,292
Invesco Pennsylvania Value Municipal Income Trust		6,740		65,054
Nuveen Ohio Quality Municipal Income Fund		5,258		61,782
Nuveen New York Quality Municipal Income Fund		5,800		60,726
BlackRock MuniYield New York Quality Fund, Inc.		6,318		59,579
Apollo Tactical Income Fund, Inc.		4,929		58,064
Gabelli Healthcare & WellnessRx Trust		6,086		57,817
Federated Hermes Premier Municipal Income Fund		5,171		53,468
Eaton Vance California Municipal Income Trust		5,380		51,648
MFS High Income Municipal Trust		14,879		50,142
First Trust High Income Long/Short Fund		4,496		48,737
Nuveen New Jersey Quality Municipal Income Fund		4,208		46,330
BNY Mellon Municipal Income, Inc.		7,517		45,177
Nuveen Pennsylvania Quality Municipal Income Fund		3,896		42,739
Morgan Stanley Emerging Markets Debt Fund, Inc.		6,392		39,375
Neuberger Berman California Municipal Fund, Inc.		3,641		38,230
MFS High Yield Municipal Trust		12,183		36,671
Western Asset Municipal Partners Fund, Inc.		3,108		34,810
Swiss Helvetia Fund, Inc.		4,382		29,754
Neuberger Berman New York Municipal Fund, Inc.		3,166		29,285
abrdn Japan Equity Fund, Inc.		5,533		27,776
Herzfeld Caribbean Basin Fund, Inc.		7,151		25,957
Tortoise Power and Energy Infrastructure Fund, Inc.		1,793		22,395
Western Asset Intermediate Muni Fund, Inc.		2,647		19,455
DWS Strategic Municipal Income Trust		2,334		18,462
Mexico Fund, Inc.		1,381		17,994
New Germany Fund, Inc.		2,545		17,713
First Trust/abrdn Emerging Opp		1,830		16,350
MFS Intermediate Income Trust		5,591		15,711
Nuveen New York Municipal Value Fund		1,909		15,577
MFS Investment Grade Municipal Trust		2,304		15,506
Putnam Premier Income Trust		4,330		15,501
Insight Select Income Fund		1,008		15,493
Tekla Life Sciences Investors		1,131		15,449
Nuveen Select Maturities Municipal Fund		1,739		15,407
Source Capital, Inc.		440		15,400
Eaton Vance Floating-Rate Income Trust		1,352		15,359
Saba Capital Income & Opportunities Fund		1,941		15,353
Nuveen AMT-Free Municipal Value Fund		1,169		15,349
Nuveen Municipal Income Fund, Inc.		1,761		15,303
Nuveen Floating Rate Income Fund/Closed-end Fund		1,885		15,287
Tekla Healthcare Opportunities Fund		841		15,239
Western Asset Municipal High Income Fund, Inc.		2,444		15,153
KKR Income Opportunities Fund		1,322		15,124
Invesco Bond Fund		1,046		15,073
Nuveen Massachusetts Quality Municipal Income Fund		1,417		15,063
Western Asset High Income Opportunity Fund, Inc.		4,091		15,055
Western Asset Investment Grade Income Fund, Inc.		1,344		15,039
MFS Charter Income Trust		2,519		14,988
MFS Multimarket Income Trust		3,533		14,945
BlackRock Municipal Income Fund, Inc.		1,375		14,932
Eaton Vance Municipal Bond Fund		1,542		14,926
BlackRock Floating Rate Income Strategies Fund, Inc.		1,354		14,908
BNY Mellon Strategic Municipals, Inc.		2,451		14,902
Western Asset Global High Income Fund, Inc.		2,261		14,832
Allspring Income Opportunities		2,390		14,818
BlackRock MuniVest Fund, Inc.		2,230		14,807

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
CLOSED-END FUNDS^†- 5.8% (continued)
AllianceBernstein National Municipal Income Fund, Inc.		1,426	$	14,773
Invesco Quality Municipal Income Trust		1,618		14,772
Nuveen California Quality Municipal Income Fund		1,345		14,755
Pioneer High Income Fund, Inc.		2,283		14,748
BlackRock MuniYield Quality Fund III, Inc.		1,412		14,727
BlackRock Municipal Income Trust II		1,471		14,710
PGIM Global High Yield Fund, Inc.		1,387		14,674
Franklin Limited Duration Income Trust		2,369		14,640
BlackRock MuniYield Quality Fund, Inc.		1,324		14,630
Pioneer Diversified High Income Fund, Inc.		1,418		14,620
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		3,636		14,617
Nuveen Quality Municipal Income Fund		1,327		14,597
Credit Suisse High Yield Bond Fund		8,287		14,585
Nuveen Preferred & Income Securities Fund		2,215		14,553
Miller/Howard High Dividend Fund		1,604		14,548
Western Asset Inflation - Linked Securities & Income Fund		1,624		14,535
BlackRock Municipal Income Trust		1,524		14,524
Barings Global Short Duration High Yield Fund		1,188		14,518
BlackRock MuniVest Fund II, Inc.		1,438		14,509
BlackRock New York Municipal Income Trust		1,483		14,504
Invesco California Value Municipal Income Trust		1,612		14,492
Sprott Focus Trust, Inc.		2,101		14,476
Invesco High Income Trust II		1,479		14,450
Nuveen AMT-Free Quality Municipal Income Fund		1,363		14,448
Western Asset Inflation-Linked Opportunities & Income Fund		1,591		14,430
BlackRock MuniHoldings Fund, Inc.		1,280		14,400
First Trust Aberdeen Global Opportunity Income Fund		2,634		14,382
BrandywineGLOBAL Global Income Opportunities Fund, Inc.		1,887		14,379
BNY Mellon Strategic Municipal Bond Fund, Inc.		2,539		14,371
Nuveen Georgia Quality Municipal Income Fund		1,502		14,344
Nuveen Municipal Credit Income Fund		1,261		14,338
Nuveen Global High Income Fund		1,356		14,292
DTF Tax-Free Income 2028 Term Fund, Inc.		1,285		14,264
Western Asset Emerging Markets Debt Fund, Inc.		1,782		14,220
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		1,788		14,173
Delaware Investments Dividend & Income Fund, Inc.		1,903		13,835
Principal Real Estate Income Fund		1,243		13,723
Virtus Convertible & Income Fund		4,218		13,498
Virtus Total Return Fund, Inc.		2,142		13,345
Gabelli Global Small and Mid Capital Value Trust		1,333		12,704
Korea Fund, Inc.		620		11,910
Nuveen New York Select Tax-Free Income Portfolio		888		9,848
Royce Global Value Trust, Inc.		1,154		9,255
European Equity Fund, Inc.		1,153		7,160
New Ireland Fund, Inc.		309		2,030
Total Closed-End Funds
(Cost $8,551,029)				7,351,866

	Face Amount
U.S. TREASURY BILLS^††- 11.3%
U.S. Treasury Bills
2.30% due 10/04/22⁴	$	9,000,000	8,999,396
2.70% due 11/08/22^4,5		5,212,000	5,197,882
Total U.S. Treasury Bills
(Cost $14,195,086)			14,197,278

REPURCHASE AGREEMENTS^††,6- 35.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22¹		25,388,735	25,388,735
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22¹		9,764,898	9,764,898
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22¹		9,475,865	9,475,865
Total Repurchase Agreements
(Cost $44,629,498)			44,629,498

	Shares
SECURITIES LENDING COLLATERAL^†,7- 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 2.78%⁸		83,050		83,050
Total Securities Lending Collateral
(Cost $83,050)				83,050
Total Investments - 96.9%
(Cost $124,828,561)			$	121,702,909

COMMON STOCKS SOLD SHORT^†- (3.1)%
Consumer, Cyclical - 0.0%
DraftKings, Inc. — Class A^*	1	(15	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Value
COMMON STOCKS SOLD SHORT^†- (3.1)% (continued)
Consumer, Non-cyclical - 0.0%
QuidelOrtho Corp.^*		1	$	(71	)
Industrial - (0.1)%
Coherent Corp.^*		1		(35	)
MasTec, Inc.^*		1,373		(87,185	)
Total Industrial				(87,220	)
Basic Materials - (0.5)%
Gold Fields Ltd. ADR		80,987		(655,185	)
Technology - (1.2)%
Entegris, Inc.		1		(106	)
Broadcom, Inc.		1,269		(563,449	)
Unity Software, Inc.^*		26,572		(846,584	)
Total Technology				(1,410,139	)
Financial - (1.3)%
Raymond James Financial, Inc.		1		(99	)
Columbia Banking System, Inc.		8,710		(251,632	)
New York Community Bancorp, Inc.		61,933		(528,289	)
Prologis, Inc.		8,650		(878,840	)
Total Financial				(1,658,860	)
Total Common Stocks Sold Short
(Proceeds $4,672,053)				(3,811,490	)

EXCHANGE-TRADED FUNDS SOLD SHORT^†- (6.8)%
iShares Mortgage Real Estate ETF		41		(859	)
iShares Latin America 40 ETF		48		(1,138	)
SPDR Gold Shares — Class D		15		(2,320	)
iShares U.S. Real Estate ETF		74		(6,025	)
Utilities Select Sector SPDR Fund		94		(6,158	)
SPDR S&P Biotech ETF^*		84		(6,663	)
Energy Select Sector SPDR Fund		116		(8,354	)
iShares Preferred & Income Securities ETF		315		(9,976	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		181		(18,544	)
iShares TIPS Bond ETF^*		246		(25,805	)
VanEck Gold Miners ETF		1,176		(28,365	)
iShares Core High Dividend ETF		439		(40,076	)
Health Care Select Sector SPDR Fund		579		(70,123	)
iShares 7-10 Year Treasury Bond ETF		1,479		(141,969	)
iShares Russell 1000 Growth ETF		873		(183,679	)
iShares Agency Bond ETF		2,477		(263,801	)
iShares Floating Rate Bond ETF		5,303		(266,582	)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		6,105		(292,552	)
SPDR Bloomberg Convertible Securities ETF		5,571		(352,644	)
iShares Russell 2000 Index ETF		2,173		(358,371	)
iShares National Muni Bond ETF		3,573		(366,518	)
iShares Russell 1000 Value ETF		3,437		(467,398	)
SPDR S&P 500 ETF Trust		1,570		(560,773	)
SPDR Nuveen Bloomberg Municipal Bond ETF		14,566		(640,758	)
Schwab U.S. Aggregate Bond ETF		17,701		(802,032	)
iShares MSCI EAFE ETF		16,536		(926,181	)
Invesco Senior Loan ETF		58,052		(1,172,070	)
iShares iBoxx High Yield Corporate Bond ETF		21,184		(1,512,326	)
Total Exchange-Traded Funds Sold Short
(Proceeds $9,802,857)				(8,532,060	)
Total Securities Sold Short - (9.9)%
(Proceeds $14,474,910)			$	(12,343,550	)
Other Assets & Liabilities, net - 13.0%				16,308,915
Total Net Assets - 100.0%			$	125,668,274

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		207	Dec 2022	$	6,212,070	$	574,668
CBOE Volatility Index Futures Contracts		6	Nov 2022		186,120		21,130
Dow Jones Industrial Average Index Mini Futures Contracts		33	Dec 2022		4,749,690		(7,043	)
NASDAQ-100 Index Mini Futures Contracts		12	Dec 2022		2,647,320		(72,569	)
Russell 2000 Index Mini Futures Contracts		36	Dec 2022		3,004,560		(84,840	)
S&P 500 Index Mini Futures Contracts		18	Dec 2022		3,237,525		(94,845	)
				$	20,037,285	$	336,501

Interest Rate Futures Contracts Purchased^†
Euro - OATS Futures Contracts		37	Dec 2022	$	4,786,827	$	24,504
Long Gilt Futures Contracts^††		5	Dec 2022		536,869		15,862

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^††		56	Dec 2022	$	6,148,309	$	(22,459	)
				$	11,472,005	$	17,907

Currency Futures Contracts Purchased^†
British Pound Futures Contracts		57	Dec 2022	$	3,981,450	$	102,694
Japanese Yen Futures Contracts		23	Dec 2022		2,002,725		(18,877	)
Canadian Dollar Futures Contracts		27	Dec 2022		1,955,070		(23,440	)
New Zealand Dollar Futures Contracts		91	Dec 2022		5,094,180		(325,323	)
				$	13,033,425	$	(264,946	)

Commodity Futures Contracts Purchased^†
Hard Red Winter Wheat Futures Contracts		10	Dec 2022	$	496,125	$	46,078
Gasoline RBOB Futures Contracts		28	Nov 2022		2,680,339		42,265
Soybean Oil Futures Contracts		10	Dec 2022		367,980		21,234
Soybean Meal Futures Contracts		26	Dec 2022		1,047,800		20,135
WTI Crude Futures Contracts		1	Dec 2022		77,920		387
CBOE Volatility Index Futures Contracts		4	Oct 2022		125,400		(11	)
NY Harbor ULSD Futures Contracts		3	Oct 2022		408,139		(2,817	)
Soybean Futures Contracts		9	Nov 2022		614,700		(4,170	)
WTI Crude Futures Contracts		2	Oct 2022		159,400		(4,905	)
Gasoline RBOB Futures Contracts		2	Oct 2022		199,248		(7,540	)
Sugar #11 Futures Contracts		90	Jun 2023		1,664,208		(14,349	)
Brent Crude Futures Contracts		3	Oct 2022		256,050		(23,432	)
Sugar #11 Futures Contracts		100	Apr 2023		1,893,920		(31,184	)
Natural Gas Futures Contracts		31	Dec 2022		2,249,980		(34,799	)
Lean Hogs Futures Contracts		13	Dec 2022		397,280		(36,293	)
LME Nickel Futures Contracts		2	Nov 2022		252,660		(38,679	)
Coffee 'C' Futures Contracts		8	Dec 2022		662,850		(41,493	)
Natural Gas Futures Contracts		7	Oct 2022		475,650		(77,438	)
Low Sulphur Gas Oil Futures Contracts		29	Dec 2022		2,612,175		(98,092	)
Live Cattle Futures Contracts		109	Dec 2022		6,409,200		(159,141	)
				$	23,051,024	$	(444,244	)

Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts		164	Dec 2022	$	20,933,575	$	744,107
Australian Dollar Futures Contracts		61	Dec 2022		3,906,440		256,358
Euro FX Futures Contracts		11	Dec 2022		1,354,994		5,769
				$	26,195,009	$	1,006,234

Commodity Futures Contracts Sold Short^†
Live Cattle Futures Contracts		142	Apr 2023	$	8,768,500	$	230,128
Gasoline RBOB Futures Contracts		30	Dec 2022		2,815,974		101,354
Low Sulphur Gas Oil Futures Contracts		23	Nov 2022		2,164,875		87,977
Gold 100 oz. Futures Contracts		10	Dec 2022		1,669,800		80,480
Silver Futures Contracts		7	Dec 2022		665,350		57,199
Sugar #11 Futures Contracts		155	Feb 2023		3,064,040		52,663
Cocoa Futures Contracts		54	Dec 2022		1,264,680		51,670
Copper Futures Contracts		7	Dec 2022		594,650		41,142
Natural Gas Futures Contracts		31	Nov 2022		2,195,730		36,191
LME Primary Aluminum Futures Contracts		15	Nov 2022		807,468		33,786
Cattle Feeder Futures Contracts		45	Jan 2023		3,948,187		16,091
LME Zinc Futures Contracts		5	Nov 2022		375,125		9,948
Cotton #2 Futures Contracts		1	Dec 2022		42,670		5,960
Corn Futures Contracts		2	Dec 2022		67,800		(544	)
LME Lead Futures Contracts		19	Nov 2022		908,604		(6,592	)

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)^**
Commodity Futures Contracts Sold Short^†(continued)
Wheat Futures Contracts		10	Dec 2022	$	461,625	$	(53,480	)
				$	29,815,078	$	743,973

Interest Rate Futures Contracts Sold Short^†
Canadian Government 10 Year Bond Futures Contracts		180	Dec 2022	$	16,064,631	$	200,550
U.S. Treasury 10 Year Note Futures Contracts		71	Dec 2022		7,956,437		152,757
U.S. Treasury Ultra Long Bond Futures Contracts		6	Dec 2022		819,938		1,834
Euro - 30 year Bond Futures Contracts		4	Dec 2022		574,027		825
U.S. Treasury Long Bond Futures Contracts		7	Dec 2022		885,719		(1,137	)
Australian Government 10 Year Bond Futures Contracts		7	Dec 2022		524,608		(1,147	)
				$	26,825,360	$	353,682

Equity Futures Contracts Sold Short^†
DAX Index Futures Contracts		2	Dec 2022	$	587,670	$	70,877
SPI 200 Index Futures Contracts		12	Dec 2022		1,244,867		69,518
IBEX 35 Index Futures Contracts^††		10	Oct 2022		712,631		65,481
Euro STOXX 50 Index Futures Contracts		16	Dec 2022		513,418		58,043
CAC 40 10 Euro Index Futures Contracts		11	Oct 2022		613,501		41,802
OMX Stockholm 30 Index Futures Contracts^††		33	Oct 2022		531,875		40,251
FTSE MIB Index Futures Contracts		5	Dec 2022		497,525		39,177
S&P/TSX 60 IX Index Futures Contracts		5	Dec 2022		808,178		33,301
Amsterdam Index Futures Contracts		3	Oct 2022		372,361		22,827
FTSE 100 Index Futures Contracts		1	Dec 2022		76,396		4,452
CBOE Volatility Index Futures Contracts		21	Mar 2023		633,150		(1,360	)
CBOE Volatility Index Futures Contracts		60	Feb 2023		1,815,600		(6,855	)
CBOE Volatility Index Futures Contracts		202	Jan 2023		6,195,340		(131,936	)
				$	14,602,512	$	305,578

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^††

Goldman Sachs International

GS Long/Short Equity Custom Basket

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

12,606,036

(1,624,658

)

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

08/31/23

12,606,076

(1,632,192

)

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

08/31/23

13,230,838

(1,923,679

)

Goldman Sachs International

GS Equity Market Neutral Custom Basket

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

13,231,137

(1,942,312

)

51,674,087

(7,122,841

)

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

13,082,029

3,293,550

Goldman Sachs International

GS Equity Market Neutral Custom Basket

Receive

2.86% (Federal Funds Rate - 0.22%)

At Maturity

05/06/24

13,013,296

3,261,582

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Receive

2.78% (Federal Funds Rate - 0.30%)

At Maturity

08/31/23

7,908,534

1,498,244

Goldman Sachs International

GS Long/Short Equity Custom Basket

Receive

2.88% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

7,754,692

1,480,731

41,758,551

9,534,107

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.	126	0.73	%	$	15,655
Vertex Pharmaceuticals, Inc.	188	0.46	%		12,550
Bristol-Myers Squibb Co.	2,083	1.17	%		9,311
Amphastar Pharmaceuticals, Inc.	1,392	0.31	%		7,946
AbbVie, Inc.	909	0.97	%		5,162
Merck & Company, Inc.	752	0.51	%		4,312
Eli Lilly & Co.	178	0.46	%		2,270
Archer-Daniels-Midland Co.	1,347	0.86	%		1,991
Globus Medical, Inc. — Class A	487	0.23	%		(319	)
Prestige Consumer Healthcare, Inc.	2,108	0.83	%		(587	)
Varex Imaging Corp.	5,390	0.90	%		(1,541	)
Medtronic plc	470	0.30	%		(2,562	)
Hain Celestial Group, Inc.	1,551	0.21	%		(2,784	)
Quest Diagnostics, Inc.	228	0.22	%		(3,092	)
Universal Corp.	988	0.36	%		(3,269	)
Innoviva, Inc.	4,245	0.39	%		(5,155	)
CVS Health Corp.	1,007	0.76	%		(5,245	)
Global Payments, Inc.	294	0.25	%		(6,155	)
Conagra Brands, Inc.	4,203	1.09	%		(6,555	)
Viatris, Inc.	3,852	0.26	%		(6,727	)
Altria Group, Inc.	2,378	0.76	%		(6,842	)
SpartanNash Co.	2,199	0.51	%		(7,511	)
Reynolds Consumer Products, Inc.	4,055	0.84	%		(8,267	)
United Therapeutics Corp.	459	0.76	%		(8,302	)
Quanex Building Products Corp.	1,871	0.27	%		(8,512	)
Ingredion, Inc.	955	0.61	%		(9,040	)
Johnson & Johnson	882	1.14	%		(9,056	)
John B Sanfilippo & Son, Inc.	1,811	1.09	%		(9,581	)
Ironwood Pharmaceuticals, Inc. — Class A	13,565	1.11	%		(9,694	)
Post Holdings, Inc.	1,441	0.94	%		(10,131	)
Perdoceo Education Corp.	11,787	0.96	%		(10,723	)
EVERTEC, Inc.	949	0.24	%		(11,330	)
Hologic, Inc.	2,145	1.10	%		(12,470	)
Amgen, Inc.	592	1.06	%		(13,081	)
Avery Dennison Corp.	760	0.98	%		(15,842	)
Colgate-Palmolive Co.	1,844	1.03	%		(19,336	)
Philip Morris International, Inc.	1,221	0.80	%		(19,714	)
Vanda Pharmaceuticals, Inc.	5,567	0.44	%		(19,718	)
Mondelez International, Inc. — Class A	2,384	1.04	%		(22,678	)
Sotera Health Co.	2,612	0.14	%		(24,083	)
Integra LifeSciences Holdings Corp.	2,008	0.67	%		(25,249	)
Pilgrim's Pride Corp.	4,599	0.84	%		(26,586	)
Eagle Pharmaceuticals, Inc.	2,010	0.42	%		(31,197	)
Tyson Foods, Inc. — Class A	1,710	0.89	%		(34,960	)
USANA Health Sciences, Inc.	1,958	0.87	%		(43,468	)
Total Consumer, Non-cyclical					(402,165	)
Technology
Rambus, Inc.	2,821	0.57	%		12,465
CSG Systems International, Inc.	583	0.24	%		4,520
NetApp, Inc.	662	0.32	%		3,890
IPG Photonics Corp.	590	0.39	%		(2,634	)
Amkor Technology, Inc.	1,790	0.24	%		(2,799	)
Synaptics, Inc.	260	0.20	%		(3,403	)
Hewlett Packard Enterprise Co.	2,861	0.27	%		(3,557	)
Lumentum Holdings, Inc.	381	0.21	%		(3,930	)
Fiserv, Inc.	340	0.25	%		(3,988	)
Diodes, Inc.	1,716	0.88	%		(6,206	)
ACI Worldwide, Inc.	1,942	0.32	%		(10,696	)
Cirrus Logic, Inc.	1,283	0.70	%		(17,043	)
Texas Instruments, Inc.	698	0.86	%		(19,186	)
SS&C Technologies Holdings, Inc.	2,620	0.99	%		(30,942	)
Total Technology					(83,509	)
Basic Materials
FMC Corp.	307	0.26	%		(651	)
NewMarket Corp.	221	0.53	%		(1,387	)
Ingevity Corp.	628	0.30	%		(2,339	)
Westlake Corp.	332	0.23	%		(3,153	)
Nucor Corp.	448	0.38	%		(4,599	)
American Vanguard Corp.	1,954	0.29	%		(4,749	)
Steel Dynamics, Inc.	1,079	0.61	%		(7,115	)
Balchem Corp.	768	0.74	%		(8,467	)
Mercer International, Inc.	2,309	0.23	%		(8,741	)
Huntsman Corp.	1,521	0.30	%		(12,636	)
AdvanSix, Inc.	1,220	0.31	%		(13,136	)
LyondellBasell Industries N.V. — Class A	831	0.50	%		(17,301	)
Eastman Chemical Co.	1,388	0.78	%		(30,778	)
Minerals Technologies, Inc.	2,219	0.87	%		(36,065	)
Total Basic Materials					(151,117	)
Industrial
Vishay Intertechnology, Inc.	5,532	0.78	%		2,696
EMCOR Group, Inc.	562	0.51	%		(140	)
Dorian LPG Ltd.	2,700	0.29	%		(145	)
Sanmina Corp.	839	0.31	%		(934	)
EnPro Industries, Inc.	747	0.50	%		(1,983	)
Agilent Technologies, Inc.	222	0.21	%		(2,120	)
Lennox International, Inc.	114	0.20	%		(2,369	)
TTM Technologies, Inc.	2,523	0.26	%		(4,546	)
Arrow Electronics, Inc.	553	0.40	%		(4,794	)
Louisiana-Pacific Corp.	681	0.28	%		(5,111	)
Timken Co.	1,236	0.58	%		(6,157	)
Packaging Corporation of America	306	0.27	%		(6,991	)
Snap-on, Inc.	569	0.91	%		(7,289	)
AptarGroup, Inc.	941	0.71	%		(9,437	)
Insteel Industries, Inc.	1,112	0.23	%		(10,180	)
Energizer Holdings, Inc.	2,722	0.54	%		(11,854	)

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	1,142	0.71	%	$	(13,827	)
OSI Systems, Inc.	1,666	0.95	%		(14,088	)
Sonoco Products Co.	1,969	0.89	%		(14,692	)
Standex International Corp.	1,498	0.97	%		(15,449	)
Knowles Corp.	3,534	0.34	%		(17,756	)
Eagle Materials, Inc.	1,075	0.91	%		(18,713	)
Barnes Group, Inc.	4,592	1.05	%		(21,890	)
Westrock Co.	3,210	0.79	%		(29,352	)
Sturm Ruger & Company, Inc.	2,016	0.81	%		(37,233	)
Total Industrial					(254,354	)
Consumer, Cyclical
Papa John's International, Inc.	357	0.20	%		(4,075	)
GMS, Inc.	982	0.31	%		(4,811	)
Allison Transmission Holdings, Inc.	2,181	0.58	%		(6,952	)
McDonald's Corp.	254	0.46	%		(7,104	)
Home Depot, Inc.	412	0.90	%		(7,683	)
Boyd Gaming Corp.	1,316	0.50	%		(9,927	)
Methode Electronics, Inc.	2,119	0.62	%		(10,093	)
Haverty Furniture Companies, Inc.	2,945	0.58	%		(11,359	)
Brunswick Corp.	1,448	0.75	%		(17,919	)
G-III Apparel Group Ltd.	3,798	0.45	%		(21,067	)
Total Consumer, Cyclical					(100,990	)
Communications
Viavi Solutions, Inc.	6,971	0.72	%		(212	)
T-Mobile US, Inc.	804	0.86	%		(804	)
Alphabet, Inc. — Class C	562	0.43	%		(5,261	)
VeriSign, Inc.	440	0.61	%		(5,545	)
Cisco Systems, Inc.	1,229	0.39	%		(6,088	)
Meta Platforms, Inc. — Class A	698	0.75	%		(14,218	)
Gogo, Inc.	4,315	0.41	%		(25,740	)
Verizon Communications, Inc.	3,012	0.91	%		(38,396	)
InterDigital, Inc.	2,170	0.70	%		(52,028	)
Total Communications					(148,292	)
Energy
HF Sinclair Corp.	1,799	0.77	%		2,144
Marathon Petroleum Corp.	1,084	0.85	%		1,799
Equitrans Midstream Corp.	6,614	0.39	%		(423	)
REX American Resources Corp.	1,442	0.32	%		(1,478	)
CVR Energy, Inc.	1,116	0.26	%		(3,156	)
Valero Energy Corp.	787	0.67	%		(4,080	)
ONEOK, Inc.	586	0.24	%		(5,149	)
Phillips 66	1,387	0.89	%		(7,099	)
Williams Companies, Inc.	1,638	0.37	%		(7,380	)
Targa Resources Corp.	999	0.48	%		(7,866	)
DT Midstream, Inc.	2,158	0.89	%		(8,651	)
Kinder Morgan, Inc.	7,064	0.93	%		(9,394	)
Exxon Mobil Corp.	904	0.63	%		(10,657	)
Antero Midstream Corp.	11,846	0.86	%		(12,409	)
Chevron Corp.	809	0.92	%		(14,432	)
SunCoke Energy, Inc.	6,637	0.31	%		(16,551	)
Total Energy					(104,782	)
Financial
S&T Bancorp, Inc.	4,912	1.14	%		4,502
NMI Holdings, Inc. — Class A	1,815	0.29	%		3,137
Everest Re Group Ltd.	198	0.41	%		1,508
Associated Banc-Corp.	7,320	1.17	%		810
Getty Realty Corp.	2,251	0.48	%		(35	)
Bank of Hawaii Corp.	558	0.34	%		(916	)
PennyMac Financial Services, Inc.	774	0.26	%		(3,431	)
Preferred Bank/Los Angeles CA	1,770	0.92	%		(6,305	)
Marcus & Millichap, Inc.	1,298	0.34	%		(6,371	)
Hilltop Holdings, Inc.	2,044	0.40	%		(7,520	)
Renasant Corp.	4,470	1.11	%		(9,754	)
National Bank Holdings Corp. — Class A	2,821	0.83	%		(10,801	)
Pathward Financial, Inc.	919	0.24	%		(10,990	)
Central Pacific Financial Corp.	2,965	0.49	%		(15,002	)
BankUnited, Inc.	4,062	1.10	%		(16,317	)
Stewart Information Services Corp.	1,311	0.45	%		(16,669	)
Highwoods Properties, Inc.	1,782	0.38	%		(18,212	)
Eagle Bancorp, Inc.	3,078	1.09	%		(23,006	)
Global Net Lease, Inc.	10,327	0.87	%		(37,481	)
Office Properties Income Trust	5,745	0.64	%		(37,693	)
Total Financial					(210,540	)
Utilities
Otter Tail Corp.	1,009	0.49	%		(2,455	)
Chesapeake Utilities Corp.	798	0.73	%		(6,955	)
Avista Corp.	2,848	0.84	%		(10,600	)
PPL Corp.	3,934	0.79	%		(14,855	)
MGE Energy, Inc.	1,483	0.77	%		(16,234	)
Duke Energy Corp.	1,061	0.78	%		(17,594	)
NorthWestern Corp.	1,646	0.64	%		(17,865	)
WEC Energy Group, Inc.	1,098	0.78	%		(17,950	)
Portland General Electric Co.	2,402	0.83	%		(18,360	)
NiSource, Inc.	3,850	0.77	%		(19,224	)
UGI Corp.	2,993	0.77	%		(26,817	)
Total Utilities					(168,909	)
Total GS Long/Short Equity Long Custom Basket				$	(1,624,658	)

GS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
TransUnion	1,928	(1.47)%	55,450
Equifax, Inc.	477	(1.05)%	30,007
ASGN, Inc.	1,066	(1.24)%	25,947
Verisk Analytics, Inc. — Class A	664	(1.46)%	18,526
Viad Corp.	2,108	(0.86)%	16,675
ABM Industries, Inc.	2,524	(1.24)%	14,402
Patterson Companies, Inc.	2,245	(0.70)%	13,539
CoStar Group, Inc.	858	(0.77)%	12,803
Cintas Corp.	298	(1.49)%	10,999
FTI Consulting, Inc.	185	(0.40)%	3,087

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares	Percentage Notional Amount		Value and Unrealized Appreciation (Depreciation)
Quanta Services, Inc.	506	(0.83)%	$	3,030
Driven Brands Holdings, Inc.	2,883	(1.04)%		676
Robert Half International, Inc.	453	(0.45)%		345
Total Consumer, Non-cyclical				205,486
Financial
Howard Hughes Corp.	1,479	(1.06)%		48,503
Welltower, Inc.	1,827	(1.52)%		43,551
Signature Bank	528	(1.03)%		41,534
Outfront Media, Inc.	3,691	(0.72)%		36,604
Equinix, Inc.	198	(1.45)%		34,222
Sun Communities, Inc.	670	(1.17)%		30,424
Crown Castle, Inc.	733	(1.37)%		26,909
Rexford Industrial Realty, Inc.	2,005	(1.34)%		26,607
Kite Realty Group Trust	6,426	(1.43)%		26,502
Western Alliance Bancorporation	1,160	(0.98)%		26,468
State Street Corp.	989	(0.78)%		26,445
Americold Realty Trust, Inc.	3,092	(0.98)%		25,609
Invitation Homes, Inc.	3,773	(1.64)%		24,736
KKR & Company, Inc. — Class A	1,868	(1.04)%		21,544
Digital Realty Trust, Inc.	813	(1.04)%		20,804
Realty Income Corp.	1,396	(1.05)%		19,719
Apollo Global Management, Inc.	1,787	(1.07)%		19,590
Ares Management Corp. — Class A	1,192	(0.95)%		18,127
BlackRock, Inc. — Class A	141	(1.00)%		17,209
Ryman Hospitality Properties, Inc.	1,218	(1.16)%		17,152
Iron Mountain, Inc.	2,503	(1.42)%		16,900
Invesco Ltd.	5,772	(1.02)%		16,074
Bank of America Corp.	2,400	(0.93)%		15,842
SBA Communications Corp.	297	(1.09)%		14,286
American Tower Corp. — Class A	360	(1.00)%		14,024
Kennedy-Wilson Holdings, Inc.	1,818	(0.36)%		13,778
Equitable Holdings, Inc.	4,259	(1.45)%		12,823
Extra Space Storage, Inc.	375	(0.84)%		11,812
First Republic Bank	376	(0.63)%		11,097
SLM Corp.	1,978	(0.36)%		10,657
Ventas, Inc.	1,270	(0.66)%		10,530
Northern Trust Corp.	760	(0.84)%		10,518
Xenia Hotels & Resorts, Inc.	2,221	(0.39)%		9,649
Independence Realty Trust, Inc.	2,368	(0.51)%		9,097
Public Storage	183	(0.69)%		8,839
Marsh & McLennan Companies, Inc.	544	(1.05)%		8,297
Alexandria Real Estate Equities, Inc.	591	(1.07)%		7,969
Wells Fargo & Co.	1,836	(0.95)%		7,414
CBRE Group, Inc. — Class A	626	(0.54)%		6,524
Life Storage, Inc.	327	(0.47)%		6,505
Morgan Stanley	1,318	(1.34)%		6,490
Intercontinental Exchange, Inc.	527	(0.61)%		5,933
Progressive Corp.	538	(0.81)%		5,174
Popular, Inc.	950	(0.88)%		5,126
Comerica, Inc.	1,195	(1.10)%		4,508
Assurant, Inc.	238	(0.45)%		3,783
Mid-America Apartment Communities, Inc.	178	(0.36)%		2,545
Allstate Corp.	316	(0.51)%		(76	)
Cullen/Frost Bankers, Inc.	355	(0.61)%		(230	)
Charles Schwab Corp.	880	(0.82)%		(403	)
Arthur J Gallagher & Co.	242	(0.53)%		(1,515	)
LPL Financial Holdings, Inc.	327	(0.92)%		(10,885	)
Total Financial				795,344
Consumer, Cyclical
MillerKnoll, Inc.	3,937	(0.79)%		74,878
American Airlines Group, Inc.	5,614	(0.87)%		23,971
Healthcare Services Group, Inc.	4,390	(0.68)%		19,822
CarMax, Inc.	463	(0.39)%		15,317
Copart, Inc.	1,234	(1.69)%		14,087
Genuine Parts Co.	890	(1.71)%		10,448
Hilton Worldwide Holdings, Inc.	407	(0.63)%		9,843
Dana, Inc.	2,769	(0.41)%		9,046
Live Nation Entertainment, Inc.	528	(0.52)%		7,488
Delta Air Lines, Inc.	2,017	(0.73)%		7,141
Southwest Airlines Co.	850	(0.34)%		6,862
Lear Corp.	320	(0.49)%		5,610
Tesla, Inc.	94	(0.32)%		3,902
Floor & Decor Holdings, Inc. — Class A	566	(0.51)%		3,220
WESCO International, Inc.	457	(0.70)%		1,657
Royal Caribbean Cruises Ltd.	825	(0.40)%		(1,616	)
Las Vegas Sands Corp.	1,488	(0.72)%		(2,112	)
Total Consumer, Cyclical				209,564
Energy
Patterson-UTI Energy, Inc.	4,255	(0.64)%		23,342
Helmerich & Payne, Inc.	1,722	(0.82)%		16,973
Baker Hughes Co.	3,517	(0.95)%		13,792
Hess Corp.	785	(1.10)%		7,062
NexTier Oilfield Solutions, Inc.	5,153	(0.49)%		6,705
ChampionX Corp.	1,968	(0.50)%		3,453
Liberty Energy, Inc. — Class A	3,371	(0.55)%		3,369
Continental Resources, Inc.	581	(0.50)%		797
Valaris Ltd.	1,079	(0.68)%		709
Schlumberger N.V.	2,592	(1.20)%		437
Equities Corp.	981	(0.52)%		(4,991	)
EOG Resources, Inc.	982	(1.41)%		(8,144	)
Total Energy				63,504
Industrial
Stanley Black & Decker, Inc.	816	(0.79)%		28,509
Stericycle, Inc.	723	(0.39)%		23,176
Boeing Co.	594	(0.93)%		22,239
Jacobs Solutions, Inc.	960	(1.34)%		19,350

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.	302	(0.97)%	$	12,658
CSX Corp.	2,232	(0.77)%		12,128
Waste Management, Inc.	729	(1.51)%		9,326
Union Pacific Corp.	249	(0.63)%		8,356
MSA Safety, Inc.	523	(0.74)%		8,333
Eaton Corporation plc	1,037	(1.78)%		6,934
CH Robinson Worldwide, Inc.	311	(0.39)%		3,947
Exponent, Inc.	927	(1.05)%		3,313
TransDigm Group, Inc.	54	(0.37)%		751
Casella Waste Systems, Inc. — Class A	1,244	(1.23)%		(44	)
Total Industrial				158,976
Utilities
Dominion Energy, Inc.	1,739	(1.55)%		24,499
Public Service Enterprise Group, Inc.	822	(0.60)%		7,633
Total Utilities				32,132
Technology
MSCI, Inc. — Class A	116	(0.63)%		5,471
Veeva Systems, Inc. — Class A	261	(0.55)%		2,664
Total Technology				8,135
Communications
Paramount Global — Class B	2,857	(0.70)%		11,414
Uber Technologies, Inc.	2,418	(0.83)%		(3,824	)
Total Communications				7,590
Total GS Long/Short Equity Short Custom Basket			$	1,480,731

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.		126		0.73	%	$	15,589
Vertex Pharmaceuticals, Inc.		188		0.46	%		12,637
Bristol-Myers Squibb Co.		2,083		1.17	%		9,287
Amphastar Pharmaceuticals, Inc.		1,392		0.31	%		7,939
AbbVie, Inc.		909		0.97	%		5,125
Merck & Company, Inc.		752		0.51	%		4,304
Eli Lilly & Co.		178		0.46	%		2,253
Archer-Daniels-Midland Co.		1,347		0.86	%		1,825
Prestige Consumer Healthcare, Inc.		2,108		0.83	%		(463	)
Globus Medical, Inc. — Class A		487		0.23	%		(492	)
Varex Imaging Corp.		5,390		0.90	%		(2,013	)
Medtronic plc		470		0.30	%		(2,583	)
Hain Celestial Group, Inc.		1,551		0.21	%		(2,882	)
Quest Diagnostics, Inc.		228		0.22	%		(3,096	)
Universal Corp.		988		0.36	%		(3,251	)
Innoviva, Inc.		4,245		0.39	%		(5,130	)
CVS Health Corp.		1,007		0.76	%		(5,231	)
Global Payments, Inc.		294		0.25	%		(6,159	)
Conagra Brands, Inc.		4,203		1.09	%		(6,644	)
Viatris, Inc.		3,852		0.26	%		(6,645	)
Altria Group, Inc.		2,378		0.76	%		(6,812	)
SpartanNash Co.		2,199		0.51	%		(7,612	)
United Therapeutics Corp.		459		0.76	%		(8,218	)
Reynolds Consumer Products, Inc.		4,055		0.84	%		(8,295	)
Quanex Building Products Corp.		1,871		0.27	%		(8,483	)
Johnson & Johnson		882		1.14	%		(9,020	)
Ingredion, Inc.		955		0.61	%		(9,120	)
Ironwood Pharmaceuticals, Inc. — Class A		13,565		1.11	%		(9,472	)
John B Sanfilippo & Son, Inc.		1,811		1.09	%		(9,687	)
Perdoceo Education Corp.		11,787		0.96	%		(10,644	)
Post Holdings, Inc.		1,441		0.94	%		(11,028	)
EVERTEC, Inc.		949		0.24	%		(11,265	)
Hologic, Inc.		2,145		1.10	%		(12,468	)
Amgen, Inc.		592		1.06	%		(13,137	)
Avery Dennison Corp.		760		0.98	%		(16,076	)
Colgate-Palmolive Co.		1,844		1.03	%		(19,499	)
Philip Morris International, Inc.		1,221		0.80	%		(19,660	)
Vanda Pharmaceuticals, Inc.		5,567		0.44	%		(19,705	)
Mondelez International, Inc. — Class A		2,384		1.04	%		(22,727	)
Sotera Health Co.		2,612		0.14	%		(24,207	)
Integra LifeSciences Holdings Corp.		2,008		0.67	%		(24,912	)
Pilgrim's Pride Corp.		4,599		0.84	%		(26,936	)
Eagle Pharmaceuticals, Inc.		2,010		0.42	%		(30,757	)
Tyson Foods, Inc. — Class A		1,710		0.89	%		(35,081	)
USANA Health Sciences, Inc.		1,958		0.87	%		(43,413	)
Total Consumer, Non-cyclical							(403,864	)
Technology
Rambus, Inc.		2,821		0.57	%		12,524
CSG Systems International, Inc.		583		0.24	%		4,597
NetApp, Inc.		662		0.32	%		3,889
IPG Photonics Corp.		590		0.39	%		(2,870	)
Amkor Technology, Inc.		1,790		0.24	%		(3,128	)
Synaptics, Inc.		260		0.20	%		(3,544	)
Hewlett Packard Enterprise Co.		2,861		0.27	%		(3,605	)
Fiserv, Inc.		340		0.25	%		(3,988	)
Lumentum Holdings, Inc.		381		0.21	%		(4,030	)
Diodes, Inc.		1,716		0.88	%		(6,171	)
ACI Worldwide, Inc.		1,942		0.32	%		(10,803	)
Cirrus Logic, Inc.		1,283		0.70	%		(16,717	)
Texas Instruments, Inc.		698		0.86	%		(19,264	)
SS&C Technologies Holdings, Inc.		2,620		0.99	%		(31,274	)
Total Technology							(84,384	)
Basic Materials
FMC Corp.		307		0.26	%		(820	)
NewMarket Corp.		221		0.53	%		(1,555	)
Ingevity Corp.		628		0.30	%		(2,266	)
Westlake Corp.		332		0.23	%		(3,380	)
American Vanguard Corp.		1,954		0.29	%		(4,691	)
Nucor Corp.		448		0.38	%		(4,713	)
Steel Dynamics, Inc.		1,079		0.61	%		(7,205	)
Balchem Corp.		768		0.74	%		(8,451	)
Mercer International, Inc.		2,309		0.23	%		(8,761	)
Huntsman Corp.		1,521		0.30	%		(12,488	)
AdvanSix, Inc.		1,220		0.31	%		(13,129	)
LyondellBasell Industries N.V. — Class A		831		0.50	%		(17,262	)
Eastman Chemical Co.		1,388		0.78	%		(31,298	)
Minerals Technologies, Inc.		2,219		0.87	%		(36,160	)
Total Basic Materials							(152,179	)
Industrial
Vishay Intertechnology, Inc.		5,532		0.78	%		2,806
Dorian LPG Ltd.		2,700		0.29	%		(135	)
EMCOR Group, Inc.		562		0.51	%		(211	)
Sanmina Corp.		839		0.31	%		(1,216	)
EnPro Industries, Inc.		747		0.50	%		(1,911	)
Agilent Technologies, Inc.		222		0.21	%		(2,094	)
Lennox International, Inc.		114		0.20	%		(2,428	)
TTM Technologies, Inc.		2,523		0.26	%		(4,694	)
Arrow Electronics, Inc.		553		0.40	%		(4,906	)
Louisiana-Pacific Corp.		681		0.28	%		(5,104	)
Timken Co.		1,236		0.58	%		(6,232	)
Packaging Corporation of America		306		0.27	%		(6,959	)
Snap-on, Inc.		569		0.91	%		(7,216	)
AptarGroup, Inc.		941		0.71	%		(9,382	)
Insteel Industries, Inc.		1,112		0.23	%		(10,641	)
Energizer Holdings, Inc.		2,722		0.54	%		(11,768	)

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		1,142		0.71	%	$	(13,712	)
OSI Systems, Inc.		1,666		0.95	%		(13,951	)
Sonoco Products Co.		1,969		0.89	%		(14,884	)
Standex International Corp.		1,498		0.97	%		(15,178	)
Knowles Corp.		3,534		0.34	%		(17,731	)
Eagle Materials, Inc.		1,075		0.91	%		(18,841	)
Barnes Group, Inc.		4,592		1.05	%		(21,698	)
Westrock Co.		3,210		0.79	%		(30,093	)
Sturm Ruger & Company, Inc.		2,016		0.81	%		(36,760	)
Total Industrial							(254,939	)
Consumer, Cyclical
Papa John's International, Inc.		357		0.20	%		(4,191	)
GMS, Inc.		982		0.31	%		(4,956	)
Allison Transmission Holdings, Inc.		2,181		0.58	%		(6,894	)
McDonald's Corp.		254		0.46	%		(7,069	)
Home Depot, Inc.		412		0.90	%		(7,871	)
Methode Electronics, Inc.		2,119		0.62	%		(10,086	)
Boyd Gaming Corp.		1,316		0.50	%		(10,138	)
Haverty Furniture Companies, Inc.		2,945		0.58	%		(11,316	)
Brunswick Corp.		1,448		0.75	%		(18,319	)
G-III Apparel Group Ltd.		3,798		0.45	%		(20,937	)
Total Consumer, Cyclical							(101,777	)
Communications
Viavi Solutions, Inc.		6,971		0.72	%		(34	)
T-Mobile US, Inc.		804		0.86	%		(762	)
Alphabet, Inc. — Class C		562		0.43	%		(5,242	)
VeriSign, Inc.		440		0.61	%		(5,724	)
Cisco Systems, Inc.		1,229		0.39	%		(6,066	)
Meta Platforms, Inc. — Class A		698		0.75	%		(14,290	)
Gogo, Inc.		4,315		0.41	%		(25,465	)
Verizon Communications, Inc.		3,012		0.91	%		(38,384	)
InterDigital, Inc.		2,170		0.70	%		(51,868	)
Total Communications							(147,835	)
Energy
HF Sinclair Corp.		1,799		0.77	%		1,786
Marathon Petroleum Corp.		1,084		0.85	%		1,685
Equitrans Midstream Corp.		6,614		0.39	%		(36	)
REX American Resources Corp.		1,442		0.32	%		(1,755	)
CVR Energy, Inc.		1,116		0.26	%		(3,351	)
Valero Energy Corp.		787		0.67	%		(4,236	)
ONEOK, Inc.		586		0.24	%		(5,195	)
Phillips 66		1,387		0.89	%		(7,207	)
Williams Companies, Inc.		1,638		0.37	%		(7,432	)
Targa Resources Corp.		999		0.48	%		(7,775	)
DT Midstream, Inc.		2,158		0.89	%		(8,711	)
Kinder Morgan, Inc.		7,064		0.93	%		(9,531	)
Exxon Mobil Corp.		904		0.63	%		(10,636	)
Antero Midstream Corp.		11,846		0.86	%		(12,641	)
Chevron Corp.		809		0.92	%		(14,494	)
SunCoke Energy, Inc.		6,637		0.31	%		(16,542	)
Total Energy							(106,071	)
Financial
S&T Bancorp, Inc.		4,912		1.14	%		4,620
NMI Holdings, Inc. — Class A		1,815		0.29	%		3,055
Everest Re Group Ltd.		198		0.41	%		1,525
Associated Banc-Corp.		7,320		1.17	%		337
Getty Realty Corp.		2,251		0.48	%		(28	)
Bank of Hawaii Corp.		558		0.34	%		(904	)
PennyMac Financial Services, Inc.		774		0.26	%		(3,523	)
Preferred Bank/Los Angeles CA		1,770		0.92	%		(6,154	)
Marcus & Millichap, Inc.		1,298		0.34	%		(6,353	)
Hilltop Holdings, Inc.		2,044		0.40	%		(7,510	)
Renasant Corp.		4,470		1.11	%		(9,729	)
Pathward Financial, Inc.		919		0.24	%		(10,963	)
National Bank Holdings Corp. — Class A		2,821		0.83	%		(11,042	)
Central Pacific Financial Corp.		2,965		0.49	%		(14,916	)
BankUnited, Inc.		4,062		1.10	%		(16,456	)
Stewart Information Services Corp.		1,311		0.45	%		(16,592	)
Highwoods Properties, Inc.		1,782		0.38	%		(18,073	)
Eagle Bancorp, Inc.		3,078		1.09	%		(22,847	)
Global Net Lease, Inc.		10,327		0.87	%		(37,578	)
Office Properties Income Trust		5,745		0.64	%		(37,798	)
Total Financial							(210,929	)
Utilities
Otter Tail Corp.		1,009		0.49	%		(2,418	)
Chesapeake Utilities Corp.		798		0.73	%		(6,876	)
Avista Corp.		2,848		0.84	%		(10,608	)
PPL Corp.		3,934		0.79	%		(14,869	)
MGE Energy, Inc.		1,483		0.77	%		(16,188	)
Duke Energy Corp.		1,061		0.78	%		(17,733	)
NorthWestern Corp.		1,646		0.64	%		(17,800	)
WEC Energy Group, Inc.		1,098		0.78	%		(18,160	)
Portland General Electric Co.		2,402		0.83	%		(18,576	)
NiSource, Inc.		3,850		0.77	%		(19,784	)
UGI Corp.		2,993		0.77	%		(27,202	)
Total Utilities							(170,214	)
Total MS Long/Short Equity Long Custom Basket						$	(1,632,192	)

MS LONG/SHORT EQUITY SHORT CUSTOM BASKET

Consumer, Non-cyclical
TransUnion	1,928	(1.42	)%	55,633
Equifax, Inc.	477	(1.03	)%	30,081
ASGN, Inc.	1,066	(1.22	)%	25,806
Verisk Analytics, Inc. — Class A	664	(1.43	)%	18,617
Viad Corp.	2,108	(0.84	)%	16,712
ABM Industries, Inc.	2,524	(1.22	)%	14,391
Patterson Companies, Inc.	2,245	(0.68	)%	13,636
CoStar Group, Inc.	858	(0.76	)%	12,873
Cintas Corp.	298	(1.46	)%	11,474
FTI Consulting, Inc.	185	(0.39	)%	3,092

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Quanta Services, Inc.		506		(0.82	)%	$	2,947
Driven Brands Holdings, Inc.		2,883		(1.02	)%		670
Robert Half International, Inc.		453		(0.44	)%		387
Total Consumer, Non-cyclical							206,319
Financial
Howard Hughes Corp.		1,479		(1.04	)%		48,409
Welltower, Inc.		1,827		(1.49	)%		43,477
Signature Bank		528		(1.01	)%		41,783
Outfront Media, Inc.		3,691		(0.71	)%		36,571
Equinix, Inc.		198		(1.42	)%		34,366
Sun Communities, Inc.		670		(1.15	)%		30,504
Crown Castle, Inc.		733		(1.34	)%		26,895
Kite Realty Group Trust		6,426		(1.40	)%		26,508
State Street Corp.		989		(0.76	)%		26,470
Western Alliance Bancorporation		1,160		(0.96	)%		26,448
Rexford Industrial Realty, Inc.		2,005		(1.32	)%		26,196
Americold Realty Trust, Inc.		3,092		(0.96	)%		25,661
Invitation Homes, Inc.		3,773		(1.61	)%		24,675
KKR & Company, Inc. — Class A		1,868		(1.02	)%		21,410
Digital Realty Trust, Inc.		813		(1.02	)%		20,931
Realty Income Corp.		1,396		(1.03	)%		19,508
Apollo Global Management, Inc.		1,787		(1.05	)%		19,475
Goldman Sachs Group, Inc.		880		(3.26	)%		18,653
Ares Management Corp. — Class A		1,192		(0.93	)%		18,136
BlackRock, Inc. — Class A		141		(0.98	)%		17,233
Ryman Hospitality Properties, Inc.		1,218		(1.13	)%		17,125
Iron Mountain, Inc.		2,503		(1.39	)%		16,940
Invesco Ltd.		5,772		(1.00	)%		16,264
Bank of America Corp.		2,400		(0.92	)%		15,779
SBA Communications Corp.		297		(1.07	)%		14,301
American Tower Corp. — Class A		360		(0.98	)%		13,935
Kennedy-Wilson Holdings, Inc.		1,818		(0.36	)%		13,723
Equitable Holdings, Inc.		4,259		(1.42	)%		13,392
Extra Space Storage, Inc.		375		(0.82	)%		11,928
First Republic Bank		376		(0.62	)%		11,131
Ventas, Inc.		1,270		(0.65	)%		10,788
SLM Corp.		1,978		(0.35	)%		10,577
Northern Trust Corp.		760		(0.82	)%		10,469
Independence Realty Trust, Inc.		2,368		(0.50	)%		9,140
Xenia Hotels & Resorts, Inc.		2,221		(0.39	)%		9,139
Public Storage		183		(0.68	)%		8,863
Marsh & McLennan Companies, Inc.		544		(1.03	)%		8,457
Alexandria Real Estate Equities, Inc.		591		(1.05	)%		8,335
Wells Fargo & Co.		1,836		(0.93	)%		7,394
CBRE Group, Inc. — Class A		626		(0.53	)%		6,974
Life Storage, Inc.		327		(0.46	)%		6,520
Intercontinental Exchange, Inc.		527		(0.60	)%		5,981
Progressive Corp.		538		(0.79	)%		5,313
Popular, Inc.		950		(0.87	)%		5,115
Comerica, Inc.		1,195		(1.07	)%		4,470
Assurant, Inc.		238		(0.44	)%		3,804
Mid-America Apartment Communities, Inc.		178		(0.35	)%		2,543
Allstate Corp.		316		(0.50	)%		(15	)
Cullen/Frost Bankers, Inc.		355		(0.59	)%		(174	)
Charles Schwab Corp.		880		(0.80	)%		(251	)
Arthur J Gallagher & Co.		242		(0.52	)%		(1,555	)
LPL Financial Holdings, Inc.		327		(0.90	)%		(10,976	)
Total Financial							808,738
Consumer, Cyclical
MillerKnoll, Inc.		3,937		(0.78	)%		74,762
American Airlines Group, Inc.		5,614		(0.85	)%		23,810
Healthcare Services Group, Inc.		4,390		(0.67	)%		19,635
CarMax, Inc.		463		(0.39	)%		15,208
Copart, Inc.		1,234		(1.66	)%		14,974
Genuine Parts Co.		890		(1.68	)%		10,686
Hilton Worldwide Holdings, Inc.		407		(0.62	)%		9,904
Dana, Inc.		2,769		(0.40	)%		8,839
Live Nation Entertainment, Inc.		528		(0.51	)%		7,421
Delta Air Lines, Inc.		2,017		(0.72	)%		7,161
Southwest Airlines Co.		850		(0.33	)%		6,881
Lear Corp.		320		(0.48	)%		5,793
Tesla, Inc.		94		(0.32	)%		3,902
Floor & Decor Holdings, Inc. — Class A		566		(0.50	)%		3,291
WESCO International, Inc.		457		(0.69	)%		1,585
Royal Caribbean Cruises Ltd.		825		(0.40	)%		(1,550	)
Las Vegas Sands Corp.		1,488		(0.71	)%		(2,155	)
Total Consumer, Cyclical							210,147
Energy
Patterson-UTI Energy, Inc.		4,255		(0.63	)%		23,095
Helmerich & Payne, Inc.		1,722		(0.80	)%		16,979
Baker Hughes Co.		3,517		(0.93	)%		13,880
Hess Corp.		785		(1.08	)%		7,001
NexTier Oilfield Solutions, Inc.		5,153		(0.48	)%		6,985
Liberty Energy, Inc. — Class A		3,371		(0.54	)%		3,621
ChampionX Corp.		1,968		(0.49	)%		3,593
Valaris Ltd.		1,079		(0.67	)%		876
Continental Resources, Inc.		581		(0.49	)%		748
Schlumberger N.V.		2,592		(1.18	)%		533
Equities Corp.		981		(0.51	)%		(4,887	)
EOG Resources, Inc.		982		(1.39	)%		(7,664	)
Total Energy							64,760

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Stanley Black & Decker, Inc.		816		(0.78	)%	$	28,623
Stericycle, Inc.		723		(0.38	)%		23,189
Boeing Co.		594		(0.91	)%		22,402
Jacobs Solutions, Inc.		960		(1.32	)%		19,202
Old Dominion Freight Line, Inc.		302		(0.95	)%		12,804
CSX Corp.		2,232		(0.75	)%		12,251
Waste Management, Inc.		729		(1.48	)%		9,602
Union Pacific Corp.		249		(0.61	)%		8,393
MSA Safety, Inc.		523		(0.72	)%		8,329
Eaton Corporation plc		1,037		(1.75	)%		7,760
CH Robinson Worldwide, Inc.		311		(0.38	)%		4,061
Exponent, Inc.		927		(1.03	)%		3,345
TransDigm Group, Inc.		54		(0.36	)%		744
Casella Waste Systems, Inc. — Class A		1,244		(1.20	)%		(19	)
Total Industrial							160,686
Utilities
Dominion Energy, Inc.		1,739		(1.52	)%		24,534
Public Service Enterprise Group, Inc.		822		(0.58	)%		7,515
Total Utilities							32,049
Technology
MSCI, Inc. — Class A		116		(0.62	)%		5,344
Veeva Systems, Inc. — Class A		261		(0.54	)%		2,720
Total Technology							8,064
Communications
Paramount Global — Class B		2,857		(0.69	)%		11,405
Uber Technologies, Inc.		2,418		(0.81	)%		(3,924	)
Total Communications							7,480
Total MS Long/Short Equity Short Custom Basket						$	1,498,244

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.		15,450		5.17	%	$	21,294
CareTrust REIT, Inc.		34,143		4.67	%		(8,001	)
Agree Realty Corp.		10,267		5.24	%		(26,383	)
InvenTrust Properties Corp.		10,357		1.67	%		(26,881	)
SBA Communications Corp.		905		1.95	%		(35,519	)
Ryman Hospitality Properties, Inc.		10,799		6.01	%		(39,500	)
American Tower Corp. — Class A		1,144		1.86	%		(46,130	)
Healthcare Realty Trust, Inc.		13,073		2.06	%		(46,848	)
Crown Castle, Inc.		1,723		1.88	%		(48,154	)
Brixmor Property Group, Inc.		18,759		2.62	%		(50,881	)
Boston Properties, Inc.		3,480		1.97	%		(50,897	)
Four Corners Property Trust, Inc.		24,184		4.42	%		(62,214	)
Piedmont Office Realty Trust, Inc. — Class A		24,152		1.93	%		(66,771	)
AvalonBay Communities, Inc.		5,019		6.99	%		(87,282	)
Cousins Properties, Inc.		10,457		1.85	%		(91,325	)
Alexandria Real Estate Equities, Inc.		5,289		5.60	%		(105,810	)
Equity Residential		13,934		7.08	%		(105,846	)
NETSTREIT Corp.		38,252		5.15	%		(115,170	)
SITE Centers Corp.		40,135		3.25	%		(117,067	)
Ventas, Inc.		15,253		4.63	%		(120,015	)
Xenia Hotels & Resorts, Inc.		44,595		4.65	%		(154,618	)
Rexford Industrial Realty, Inc.		12,149		4.77	%		(156,506	)
Sun Communities, Inc.		8,227		8.41	%		(181,099	)
National Storage Affiliates Trust		19,639		6.17	%		(202,056	)
Total Financial							(1,923,679	)
Total MS Equity Market Neutral Long Custom Basket						$	(1,923,679	)

MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		33,512		(4.59	)%		372,970
Office Properties Income Trust		36,872		(3.96	)%		355,186
Broadstone Net Lease, Inc.		39,734		(4.72	)%		322,283
Washington Real Estate Investment Trust		34,800		(4.67	)%		196,146
Phillips Edison & Company, Inc.		38,229		(8.20	)%		193,588
Realty Income Corp.		17,996		(8.01	)%		183,431
Mid-America Apartment Communities, Inc.		3,853		(4.57	)%		156,492
STAG Industrial, Inc.		23,573		(5.12	)%		147,653
Necessity Retail REIT, Inc.		62,173		(2.79	)%		147,182
Host Hotels & Resorts, Inc.		61,864		(7.51	)%		131,288
Apple Hospitality REIT, Inc.		46,023		(4.95	)%		118,088
Essex Property Trust, Inc.		3,252		(6.02	)%		110,308
Camden Property Trust		2,992		(2.73	)%		106,161
Omega Healthcare Investors, Inc.		12,641		(2.85	)%		88,533
Equity Commonwealth		30,014		(5.59	)%		87,593
Apartment Income REIT Corp.		9,428		(2.78	)%		87,202
Public Storage		1,968		(4.40	)%		61,471
LTC Properties, Inc.		3,023		(0.87	)%		16,399
Extra Space Storage, Inc.		3,684		(4.86	)%		7,170
Total Financial							2,889,144
Exchange Traded Funds
Vanguard Real Estate ETF		17,633		(10.81	)%		404,406
Total MS Equity Market Neutral Short Custom Basket						$	3,293,550

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.	15,450	5.17	%	$	21,124
CareTrust REIT, Inc.	34,143	4.67	%		(8,407	)
InvenTrust Properties Corp.	10,695	1.72	%		(23,918	)
Agree Realty Corp.	10,267	5.24	%		(28,072	)
SBA Communications Corp.	905	1.95	%		(35,219	)
Ryman Hospitality Properties, Inc.	10,799	6.01	%		(38,433	)
American Tower Corp. — Class A	1,144	1.86	%		(46,201	)
Healthcare Realty Trust, Inc.	13,073	2.06	%		(46,642	)
Crown Castle, Inc.	1,723	1.88	%		(47,799	)
Brixmor Property Group, Inc.	18,759	2.62	%		(50,470	)
Boston Properties, Inc.	3,480	1.97	%		(51,918	)
Four Corners Property Trust, Inc.	24,184	4.42	%		(62,204	)
Piedmont Office Realty Trust, Inc. — Class A	24,152	1.93	%		(66,085	)
AvalonBay Communities, Inc.	5,019	6.99	%		(87,643	)
Cousins Properties, Inc.	10,457	1.85	%		(90,900	)
Alexandria Real Estate Equities, Inc.	5,289	5.60	%		(105,442	)
Equity Residential	13,934	7.08	%		(106,212	)
SITE Centers Corp.	39,489	3.20	%		(110,873	)
NETSTREIT Corp.	38,252	5.15	%		(114,737	)
Ventas, Inc.	15,253	4.63	%		(119,532	)
Xenia Hotels & Resorts, Inc.	44,595	4.65	%		(154,414	)
Rexford Industrial Realty, Inc.	12,149	4.77	%		(156,672	)
National Storage Affiliates Trust	19,639	6.17	%		(202,329	)
Sun Communities, Inc.	8,227	8.41	%		(209,314	)
Total Financial					(1,942,312	)
Total GS Equity Market Neutral Long Custom Basket				$	(1,942,312	)

GS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.	33,512	(4.61)%			374,218
Office Properties Income Trust	36,872	(3.98)%			357,221
Broadstone Net Lease, Inc.	39,734	(4.74)%			316,413
Washington Real Estate Investment Trust	34,800	(4.70)%			194,831
Phillips Edison & Company, Inc.	38,229	(8.24)%			190,141
Realty Income Corp.	17,996	(8.05)%			183,118
Mid-America Apartment Communities, Inc.	3,853	(4.59)%			156,471
Necessity Retail REIT, Inc.	62,173	(2.81)%			147,479
STAG Industrial, Inc.	23,573	(5.15)%			147,014
Host Hotels & Resorts, Inc.	61,864	(7.55)%			131,978
Apple Hospitality REIT, Inc.	46,023	(4.97)%			107,096
Essex Property Trust, Inc.	3,252	(6.05)%			106,785
Camden Property Trust	2,992	(2.75)%			106,163
Apartment Income REIT Corp.	9,428	(2.80)%			87,821
Equity Commonwealth	30,014	(5.62)%			87,771
Omega Healthcare Investors, Inc.	10,310	(2.34)%			74,460
Public Storage	1,968	(4.43)%			61,614
LTC Properties, Inc.	3,023	(0.87)%			16,384
Extra Space Storage, Inc.	3,684	(4.89)%			7,203
Total Financial					2,854,181
Exchange-Traded Funds
Vanguard Real Estate ETF	17,633	(10.86)%			407,401
Total GS Equity Market Neutral Short Custom Basket				$	3,261,582

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 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 Consolidated Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	38,611,602	$	2,000,440	$	—		$	40,612,042
Master Limited Partnership		5		—		—			5
Rights		—		—		—	*		—
Mutual Funds		14,829,170		—		—			14,829,170
Closed-End Funds		7,351,866		—		—			7,351,866
U.S. Treasury Bills		—		14,197,278		—			14,197,278
Repurchase Agreements		—		44,629,498		—			44,629,498
Securities Lending Collateral		83,050		—		—			83,050
Currency Futures Contracts**		1,108,928		—		—			1,108,928
Equity Futures Contracts**		935,795		105,732		—			1,041,527
Commodity Futures Contracts**		934,688		—		—			934,688
Interest Rate Futures Contracts**		380,470		15,862		—			396,332
Equity Custom Basket Swap Agreements**		—		9,534,107		—			9,534,107
Total Assets	$	64,235,574	$	70,482,917	$	—		$	134,718,491

Multi-Hedge Strategies Fund
CONSOLIDATED 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
Common Stocks Sold Short	$	3,811,490	$	—	$	—	$	3,811,490
Exchange-Traded Funds Sold Short		8,532,060		—		—		8,532,060
Commodity Futures Contracts**		634,959		—		—		634,959
Equity Futures Contracts**		399,448		—		—		399,448
Currency Futures Contracts**		367,640		—		—		367,640
Interest Rate Futures Contracts**		2,284		22,459		—		24,743
Equity Custom Basket Swap Agreements**		—		7,122,841		—		7,122,841
Total Liabilities	$	13,747,881	$	7,145,300	$	—	$	20,893,181

Includes securities with a market value of $0.

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

Affiliated Transactions

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	$	5,207,495	$	1,500,000	$	–	$	–	$	(244,750	)	$	6,462,745		269,618	$	107,439
Guggenheim Strategy Fund III		977,752		1,000,000		–		–		(79,421	)		1,898,331		79,031		32,096
Guggenheim Ultra Short Duration Fund — Institutional Class		3,690,666		3,000,000		–		–		(222,572	)		6,468,094		674,462		82,928
	$	9,875,913	$	5,500,000	$	–	$	–	$	(546,743	)	$	14,829,170			$	222,463

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Organization

The Rydex Series Funds (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.

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

Fund Name	Investment Company Type
Commodities Strategy Fund	Non-diversified
Managed Futures Strategy Fund	Diversified
Multi-Hedge Strategies Fund	Diversified

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

Consolidation of Subsidiary

The consolidated schedules of investments include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”). Significant intercompany accounts and transactions have been eliminated in consolidation for the Funds. Each Fund may invest up to 25% of its total assets in the Subsidiary which acts as an investment vehicle in order to effect certain investmentsconsistent 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 (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-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 Security Investors, LLC (the “Adviser”) as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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.

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

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

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 values of swap agreements entered into by a fund are 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 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 Consolidated 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The Funds may utilize derivatives for the following purposes:

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

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

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 Consolidated 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 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.

Custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as custom basket of securities) for a fixed or variable interest rate. Custom basket swaps will usually be computed based on the current 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 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.

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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.

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:

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:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Repurchase Agreements

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205

BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580

Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244

					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 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 CONSOLIDATED FINANCIAL STATEMENTS (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
Multi-Hedge Strategies Fund			$	81,256			$	83,050

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, 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.

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)

Commodities Strategy Fund $ 11,911,601 $ - $ (785,297 ) $ (785,297 )

Managed Futures Strategy Fund 37,776,008 2,044,654 (1,094,238 ) 950,416

Multi-Hedge Strategies Fund 110,444,719 15,383,388 (12,002,797 ) 3,380,591

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

The value of, or income generated by, the investments held by the Trust are subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (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 Trust in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.

OTHER INFORMATION (Unaudited)

Sector Classification

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

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Commodities Strategy Fund	$	11,911,601	$	-	$	(785,297	)	$	(785,297	)
Managed Futures Strategy Fund		37,776,008		2,044,654		(1,094,238	)		950,416
Multi-Hedge Strategies Fund		110,444,719		15,383,388		(12,002,797	)		3,380,591