Shares,
Principal
Amount
or Contracts
|
|
|
Value
|
|
|
U.S. TREASURY—48.1%
|
|
|
1
|
U.S. Treasury Bills—48.1%
|
|
$50,000,000
|
|
United States Treasury Bill, 4.035%, 10/9/2025
(IDENTIFIED COST $49,439,584)
|
$ 49,419,630
|
|
|
COMMON STOCKS—15.1%
|
|
|
|
Communication Services—1.1%
|
|
1,000
|
|
Alphabet, Inc., Class A
|
176,230
|
2,000
|
2
|
Baidu, Inc., ADR
|
171,520
|
5,000
|
2
|
Criteo S.A., ADR
|
119,800
|
10,000
|
2
|
DoubleVerify Holdings, Inc.
|
149,700
|
15,000
|
2
|
Integral Ad Science Holding Corp.
|
124,650
|
3,600
|
2
|
Match Group Holdings II LLC
|
111,204
|
200
|
|
Meta Platforms, Inc.
|
147,618
|
3,200
|
2
|
Pinterest, Inc.
|
114,752
|
|
|
TOTAL
|
1,115,474
|
|
|
Consumer Discretionary—1.7%
|
|
1,000
|
2
|
Airbnb, Inc.
|
132,340
|
1,500
|
|
Alibaba Group Holding Ltd., ADR
|
170,115
|
1,000
|
2
|
Amazon.com, Inc.
|
219,390
|
3,000
|
2
|
Chagee Holdings Ltd., ADR
|
78,330
|
3,000
|
2
|
Chipotle Mexican Grill, Inc.
|
168,450
|
4,000
|
2
|
DraftKings, Inc.
|
171,560
|
24,000
|
2
|
HBX Group International PLC
|
305,721
|
4,000
|
|
JD.com, Inc., ADR
|
130,560
|
10,000
|
2
|
KinderCare Learning Cos., Inc.
|
101,000
|
2,200
|
|
Nike, Inc., Class B
|
156,288
|
12,000
|
2
|
Savers Value Village, Inc.
|
122,400
|
|
|
TOTAL
|
1,756,154
|
|
|
Consumer Staples—0.7%
|
|
5,000
|
|
Conagra Brands, Inc.
|
102,350
|
40,000
|
2
|
Hain Celestial Group, Inc.
|
60,800
|
1,000
|
|
Kimberly-Clark Corp.
|
128,920
|
7,500
|
2
|
Smithfield Foods, Inc.
|
176,475
|
2,400
|
|
Tyson Foods, Inc., Class A
|
134,256
|
15,000
|
2
|
Zabka Group S.A.
|
90,001
|
|
|
TOTAL
|
692,802
|
|
|
Energy—0.5%
|
|
6,000
|
|
Civitas Resources, Inc.
|
165,120
|
1,400
|
|
ConocoPhillips
|
125,636
|
4,000
|
|
Halliburton Co.
|
81,520
|
8,000
|
2
|
Infinity Natural Resources, Inc.
|
146,480
|
|
|
TOTAL
|
518,756
|
|
|
Financials—2.3%
|
|
300
|
|
American Express Co.
|
95,694
|
16,667
|
2
|
American Integrity Insurance Group, Inc.
|
306,506
|
5,100
|
2
|
Aspen Insurance Holdings Ltd.
|
160,497
|
150
|
|
BlackRock, Inc.
|
157,388
|
Shares,
Principal
Amount
or Contracts
|
|
|
Value
|
|
|
COMMON STOCKS—continued
|
|
|
|
Financials—continued
|
|
4,000
|
|
Corebridge Financial, Inc.
|
$ 142,000
|
2,500
|
|
Fifth Third Bancorp
|
102,825
|
1,400
|
2
|
Fiserv, Inc.
|
241,374
|
200
|
|
Goldman Sachs Group, Inc.
|
141,550
|
600
|
|
JPMorgan Chase & Co.
|
173,946
|
10,000
|
2
|
Oportun Financial Corp.
|
71,600
|
2,600
|
2
|
Oscar Health, Inc.
|
55,744
|
3,000
|
2
|
PayPal Holdings, Inc.
|
222,960
|
1,200
|
|
State Street Corp.
|
127,608
|
500
|
|
The Hartford Insurance Group, Inc.
|
63,435
|
500
|
|
Visa, Inc., Class A
|
177,525
|
8,000
|
2
|
Yuanbao, Inc., ADR
|
168,160
|
|
|
TOTAL
|
2,408,812
|
|
|
Health Care—2.6%
|
|
1,200
|
|
AbbVie, Inc.
|
222,744
|
24,000
|
2
|
AbCellera Biologics, Inc.
|
82,320
|
2,500
|
2
|
Amphastar Pharmaceuticals, Inc.
|
57,400
|
2,800
|
2
|
BioMarin Pharmaceutical, Inc.
|
153,916
|
2,600
|
|
Bristol-Myers Squibb Co.
|
120,354
|
2,028
|
2
|
Caris Life Sciences, Inc.
|
54,188
|
5,100
|
2
|
CG Oncology, Inc.
|
132,600
|
3,500
|
|
Concentra Group Holdings Parent, Inc.
|
71,995
|
4,000
|
2
|
Dynavax Technologies Corp.
|
39,680
|
130
|
|
Eli Lilly & Co.
|
101,339
|
800
|
2
|
Illumina, Inc.
|
76,328
|
4,000
|
2
|
Inmode Ltd.
|
57,760
|
650
|
2
|
IQVIA Holdings, Inc.
|
102,433
|
20,000
|
2
|
Kyverna Therapeutics, Inc.
|
61,400
|
4,000
|
2
|
Legend Biotech Corp., ADR
|
141,960
|
1,200
|
|
Merck & Co., Inc.
|
94,992
|
8,000
|
2
|
Mineralys Therapeutics, Inc.
|
108,240
|
1,500
|
2
|
Mirum Pharmaceuticals, Inc.
|
76,335
|
30,000
|
2
|
Relay Therapeutics, Inc.
|
103,800
|
3,500
|
|
Royalty Pharma PLC
|
126,105
|
3,000
|
2
|
Schrodinger, Inc.
|
60,360
|
8,000
|
|
Simulations Plus, Inc.
|
139,600
|
110,000
|
2
|
Sophia Genetics S.A.
|
341,000
|
2,500
|
2
|
Structure Therapeutics, Inc., ADR
|
51,850
|
2,500
|
2
|
Viking Therapeutics, Inc.
|
66,250
|
|
|
TOTAL
|
2,644,949
|
|
|
Industrials—1.5%
|
|
25,000
|
2
|
Astroscale Holdings, Inc.
|
121,318
|
1,400
|
|
Booz Allen Hamilton Holding Corp.
|
145,782
|
24,000
|
2
|
Ferrari NV
|
252,647
|
10,000
|
2
|
Lyft, Inc.
|
157,600
|
2,000
|
2
|
Parsons Corp.
|
143,540
|
1,700
|
2
|
Pfisterer Holding SE
|
81,603
|
14,000
|
2
|
Sun Country Airlines Holdings, Inc.
|
164,500
|
9,000
|
2
|
Timee, Inc.
|
128,710
|
Shares,
Principal
Amount
or Contracts
|
|
|
Value
|
|
|
COMMON STOCKS—continued
|
|
|
|
Industrials—continued
|
|
1,700
|
2
|
Uber Technologies, Inc.
|
$ 158,610
|
1,600
|
|
Vertiv Holdings Co.
|
205,456
|
|
|
TOTAL
|
1,559,766
|
|
|
Information Technology—3.5%
|
|
500
|
|
Apple, Inc.
|
102,585
|
16,000
|
2
|
Arteris, Inc.
|
152,480
|
1,000
|
2
|
Cirrus Logic, Inc.
|
104,255
|
14,000
|
2
|
Innoscripta SE
|
1,659,026
|
1,500
|
|
Marvell Technology, Inc.
|
116,100
|
600
|
|
NVIDIA Corp.
|
94,794
|
51,032
|
2
|
Qualco Group S.A.
|
354,668
|
1,200
|
|
Qualcomm, Inc.
|
191,112
|
28,000
|
2
|
Rigaku Holdings Corp.
|
148,729
|
90,000
|
2
|
Silvaco Group, Inc.
|
424,800
|
24,000
|
2
|
SimilarWeb Ltd.
|
188,160
|
30,000
|
2
|
Telos Corp.
|
95,100
|
|
|
TOTAL
|
3,631,809
|
|
|
Materials—0.3%
|
|
800
|
|
Aptargroup, Inc.
|
125,144
|
8,000
|
2
|
Ivanhoe Electric, Inc.
|
72,560
|
15,000
|
2
|
Lithium Royalty Corp.
|
55,737
|
|
|
TOTAL
|
253,441
|
|
|
Real Estate—0.6%
|
|
600
|
|
American Tower Corp.
|
132,612
|
4,000
|
|
Americold Realty Trust, Inc.
|
66,520
|
1,700
|
|
Crown Castle, Inc.
|
174,641
|
6,000
|
|
Host Hotels & Resorts, Inc.
|
92,160
|
500
|
|
Public Storage
|
146,710
|
|
|
TOTAL
|
612,643
|
|
|
Utilities—0.3%
|
|
1,000
|
|
Duke Energy Corp.
|
118,000
|
1,400
|
|
National Fuel Gas Co.
|
118,594
|
3,000
|
|
UGI Corp.
|
109,260
|
|
|
TOTAL
|
345,854
|
|
|
TOTAL COMMON STOCKS
(IDENTIFIED COST $16,390,825)
|
15,540,460
|
|
|
PURCHASED PUT OPTIONS—0.2%
|
|
200
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $12,357,000, Exercise Price $590,
Expiration Date 7/31/2025
|
60,000
|
500
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $540,
Expiration Date 8/15/2025
|
64,250
|
500
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $570,
Expiration Date 7/18/2025
|
27,500
|
500
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580,
Expiration Date 7/18/2025
|
41,500
|
500
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $580,
Expiration Date 7/3/2025
|
1,250
|
500
|
|
SPDR S&P 500 ETF Trust (PUT-Option), Notional Amount $30,892,500, Exercise Price $590,
Expiration Date 7/11/2025
|
24,750
|
|
|
TOTAL PURCHASED PUT OPTIONS
(IDENTIFIED COST $484,420)
|
219,250
|
Shares,
Principal
Amount
or Contracts
|
|
|
Value
|
|
|
INVESTMENT COMPANY—40.1%
|
|
41,138,241
|
|
Federated Hermes Government Obligations Fund, Premier Shares, 4.25%3
(IDENTIFIED COST $41,138,241)
|
41,138,241
|
|
|
TOTAL INVESTMENT IN SECURITIES—103.5%
(IDENTIFIED COST $107,453,070)
|
106,317,581
|
|
|
OTHER ASSETS AND LIABILITIES - NET—(3.5)%4
|
(3,639,837)
|
|
|
NET ASSETS—100%
|
$102,677,744
|
Shares
|
|
|
Value
|
|
|
Broad Equity Index—(68.9)%
|
|
300
|
|
ARK Fintech Innovation ETF
|
$ 15,072
|
200
|
|
ARK Innovation ETF
|
14,058
|
200
|
|
Invesco QQQ Trust Series 1
|
110,328
|
2,000
|
|
iShares FTSE/Xinhua China 25
|
73,520
|
3,000
|
|
iShares MSCI Canada Index Fund
|
138,600
|
6,700
|
|
iShares Russell 2000 ETF
|
1,445,793
|
108,000
|
|
S&P Depositary Receipts Trust
|
66,727,800
|
4,200
|
|
SPDR Dow Jones Industrial Average ETF Trust
|
1,850,730
|
5,000
|
|
Vanguard European ETF
|
387,500
|
|
|
TOTAL
|
70,763,401
|
|
|
Communication Services—(0.4)%
|
|
430
|
2
|
Liberty Media Corp.
|
34,176
|
1,200
|
|
Omnicom Group, Inc.
|
86,328
|
190
|
|
TKO Group Holdings, Inc.
|
34,571
|
900
|
2
|
Trade Desk, Inc./The
|
64,791
|
6,300
|
2
|
TripAdvisor, Inc.
|
82,215
|
2,000
|
|
Verizon Communications, Inc.
|
86,540
|
|
|
TOTAL
|
388,621
|
|
|
Consumer Discretionary—(0.9)%
|
|
2,300
|
2
|
Amer Sports, Inc.
|
89,148
|
600
|
|
Choice Hotels International, Inc.
|
76,128
|
500
|
|
Dick’s Sporting Goods, Inc.
|
98,905
|
11,000
|
|
Ford Motor Co.
|
119,350
|
850
|
|
Genuine Parts Co.
|
103,114
|
1,800
|
|
LKQ Corp.
|
66,618
|
50,000
|
2
|
Lucid Group, Inc.
|
105,500
|
5,000
|
|
Macy’s, Inc.
|
58,300
|
6,000
|
2
|
Rivian Automotive, Inc.
|
82,440
|
1,000
|
2
|
SharkNinja, Inc.
|
98,990
|
150
|
2
|
Tesla, Inc.
|
47,649
|
|
|
TOTAL
|
946,142
|
|
|
Consumer Staples—(0.5)%
|
|
3,000
|
|
Consumer Staples Select Sector SPDR Fund
|
242,910
|
700
|
2
|
elf Beauty, Inc.
|
87,108
|
2,200
|
|
Kraft Heinz Co./The
|
56,804
|
1,100
|
|
Mondelez International, Inc.
|
74,184
|
|
|
TOTAL
|
461,006
|
|
|
Energy—(0.4)%
|
|
4,000
|
|
Devon Energy Corp.
|
127,240
|
570
|
|
Diamondback Energy, Inc.
|
78,318
|
Shares
|
|
|
Value
|
|
|
Energy—continued
|
|
1,300
|
|
ONEOK, Inc.
|
$ 106,119
|
2,100
|
|
Viper Energy Partners LP
|
80,073
|
|
|
TOTAL
|
391,750
|
|
|
Financials—(1.0)%
|
|
10,000
|
|
AGNC Investment Corp.
|
91,900
|
3,000
|
|
Ally Financial, Inc.
|
116,850
|
4,800
|
|
Annaly Capital Management, Inc.
|
90,336
|
5,000
|
|
Franklin Resources, Inc.
|
119,250
|
10,000
|
|
KeyCorp
|
174,200
|
6,200
|
|
Starwood Property Trust, Inc.
|
124,434
|
1,800
|
|
Truist Financial Corp.
|
77,382
|
28,000
|
|
UWM Holdings Corp.
|
115,920
|
300
|
|
Willis Towers Watson PLC
|
91,950
|
|
|
TOTAL
|
1,002,222
|
|
|
Health Care—(1.4)%
|
|
2,000
|
2
|
Acadia Healthcare Co., Inc.
|
45,380
|
1,200
|
|
Bruker Corp.
|
49,440
|
900
|
2
|
Cooper Cos., Inc.
|
64,044
|
1,000
|
2
|
Edwards Lifesciences Corp.
|
78,210
|
3,000
|
|
Health Care Select Sector SPDR Fund
|
404,370
|
3,100
|
2
|
Ionis Pharmaceuticals, Inc.
|
122,481
|
1,700
|
2
|
Moderna, Inc.
|
46,903
|
6,000
|
2
|
Roivant Sciences Ltd.
|
67,620
|
7,200
|
|
SPDR S&P Biotech ETF
|
597,096
|
|
|
TOTAL
|
1,475,544
|
|
|
Industrials—(1.1)%
|
|
500
|
2
|
Boeing Co.
|
104,765
|
1,250
|
|
Carrier Global Corp.
|
91,487
|
20,000
|
2
|
Clarivate PLC
|
86,000
|
300
|
|
Cummins, Inc.
|
98,250
|
2,000
|
|
Ingersoll-Rand, Inc.
|
166,360
|
800
|
|
Nordson Corp.
|
171,496
|
900
|
|
Oshkosh Corp.
|
102,186
|
800
|
|
Simpson Manufacturing Co., Inc.
|
124,248
|
1,700
|
2
|
Trex Co., Inc.
|
92,446
|
900
|
|
Xylem, Inc.
|
116,424
|
|
|
TOTAL
|
1,153,662
|
|
|
Information Technology—(1.1)%
|
|
600
|
|
Amphenol Corp., Class A
|
59,250
|
260
|
|
Analog Devices, Inc.
|
61,885
|
150
|
2
|
Ansys, Inc.
|
52,683
|
180
|
2
|
Autodesk, Inc.
|
55,723
|
1,130
|
|
Bentley Systems, Inc.
|
60,986
|
100
|
2
|
Cadence Design Systems, Inc.
|
30,815
|
2,500
|
2
|
CCC Intelligent Solutions Holdings, Inc.
|
23,525
|
1,350
|
|
Cognex Corp.
|
42,822
|
550
|
2
|
Coherent Corp.
|
49,066
|
920
|
|
Crane NXT Co.
|
49,588
|
480
|
|
Dell Technologies, Inc.
|
58,848
|
300
|
2
|
First Solar, Inc.
|
49,662
|
600
|
2
|
Gitlab, Inc.
|
27,066
|
250
|
2
|
Guidewire Software, Inc.
|
58,862
|
1,200
|
|
Hewlett Packard Enterprise Co.
|
24,540
|
Shares
|
|
|
Value
|
|
|
Information Technology—continued
|
|
1,500
|
|
HP, Inc.
|
$ 36,690
|
1,200
|
2
|
Ingram Micro Holding Corp.
|
25,008
|
300
|
|
MKS, Inc.
|
29,808
|
800
|
2
|
nCino, Inc.
|
22,376
|
80
|
|
Roper Technologies, Inc.
|
45,347
|
100
|
2
|
Synopsys, Inc.
|
51,268
|
380
|
|
Teradyne, Inc.
|
34,170
|
700
|
2
|
Trimble, Inc.
|
53,186
|
80
|
2
|
Tyler Technologies, Inc.
|
47,427
|
800
|
|
Vontier Corp.
|
29,520
|
890
|
|
Western Digital Corp.
|
56,951
|
|
|
TOTAL
|
1,137,072
|
|
|
Materials—(0.3)%
|
|
230
|
|
Air Products & Chemicals, Inc.
|
64,874
|
4,900
|
|
Graphic Packaging Holding Co.
|
103,243
|
130
|
|
Martin Marietta Materials
|
71,365
|
1,600
|
|
Smurfit WestRock PLC
|
69,040
|
|
|
TOTAL
|
308,522
|
|
|
Real Estate—(0.5)%
|
|
1,070
|
2
|
CoStar Group, Inc.
|
86,028
|
2,000
|
|
Cousins Properties, Inc.
|
60,060
|
6,000
|
|
Real Estate Select Sector SPDR Fund
|
248,520
|
1,800
|
|
Rexford Industrial Realty, Inc.
|
64,026
|
|
|
TOTAL
|
458,634
|
|
|
Utilities—(0.4)%
|
|
1,000
|
|
Alliant Energy Corp.
|
60,470
|
2,700
|
|
CenterPoint Energy, Inc.
|
99,198
|
350
|
|
Constellation Energy Corp.
|
112,966
|
1,500
|
|
Essential Utilities, Inc.
|
55,710
|
1,000
|
|
EverSource Energy
|
63,620
|
700
|
|
Sempra Energy
|
53,039
|
|
|
TOTAL
|
445,003
|
|
|
Total Securities Sold Short
(PROCEEDS $43,014,431)
|
$78,931,579
|
Description
|
Number of
Contracts
|
Notional
Value
|
Expiration
Date
|
Value and
Unrealized
(Depreciation)
|
Short Futures:
|
|
|
|
|
S&P 500 E-Mini Short Futures
|
100
|
$31,268,750
|
September 2025
|
$(776,698)
|
|
Federated
Hermes
Government
Obligations Fund,
Premier Shares
|
Value as of 9/30/2024
|
$20,167,456
|
Purchases at Cost
|
$307,362,126
|
Proceeds from Sales
|
$(286,391,341)
|
Change in Unrealized Appreciation/Depreciation
|
$—
|
Net Realized Gain/(Loss)
|
$—
|
Value as of 6/30/2025
|
$41,138,241
|
Shares Held as of 6/30/2025
|
41,138,241
|
Dividend Income
|
$941,388
|
1
|
Discount rate(s) at time of purchase.
|
2
|
Non-income-producing security.
|
3
|
7-day net yield.
|
4
|
Assets, other than investments in securities, less liabilities.
|
Valuation Inputs
|
||||
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
U.S. Treasury
|
$—
|
$49,419,630
|
$—
|
$49,419,630
|
Equity Securities:
|
|
|
|
|
Common Stocks
|
|
|
|
|
Domestic
|
10,354,163
|
—
|
—
|
10,354,163
|
International
|
4,139,171
|
1,047,126
|
—
|
5,186,297
|
Purchased Put Options
|
219,250
|
—
|
—
|
219,250
|
Investment Company
|
41,138,241
|
—
|
—
|
41,138,241
|
TOTAL SECURITIES
|
$55,850,825
|
$50,466,756
|
$—
|
$106,317,581
|
Other Financial Instruments:
|
|
|
|
|
Liabilities
|
|
|
|
|
Securities Sold Short
|
$(78,931,579)
|
$—
|
$—
|
$(78,931,579)
|
Futures Contracts
|
(776,698)
|
—
|
—
|
(776,698)
|
TOTAL OTHER FINANCIAL INSTRUMENTS
|
$(79,708,277)
|
$—
|
$—
|
$(79,708,277)
|