| Banking Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 97.7% | ||||||||
| Banks - 90.1% | ||||||||
| Citigroup, Inc. | 14,218 | $ | 1,210,236 | |||||
| Wells Fargo & Co. | 15,043 | 1,205,245 | ||||||
| JPMorgan Chase & Co. | 4,140 | 1,200,227 | ||||||
| Bank of America Corp. | 24,851 | 1,175,949 | ||||||
| PNC Financial Services Group, Inc. | 4,904 | 914,204 | ||||||
| U.S. Bancorp | 19,487 | 881,787 | ||||||
| NU Holdings Limited/Cayman Islands — Class A* | 63,754 | 874,705 | ||||||
| Bank of New York Mellon Corp. | 9,293 | 846,685 | ||||||
| Truist Financial Corp. | 18,900 | 812,511 | ||||||
| M&T Bank Corp. | 3,074 | 596,325 | ||||||
| State Street Corp. | 5,469 | 581,573 | ||||||
| Fifth Third Bancorp | 13,625 | 560,396 | ||||||
| Northern Trust Corp. | 4,286 | 543,422 | ||||||
| Huntington Bancshares, Inc. | 31,322 | 524,957 | ||||||
| Regions Financial Corp. | 21,088 | 495,990 | ||||||
| KeyCorp | 27,196 | 473,754 | ||||||
| Citizens Financial Group, Inc. | 10,414 | 466,026 | ||||||
| ICICI Bank Ltd. ADR | 12,637 | 425,109 | ||||||
| East West Bancorp, Inc. | 3,985 | 402,405 | ||||||
| HDFC Bank Ltd. ADR | 5,134 | 393,624 | ||||||
| Toronto-Dominion Bank | 4,893 | 359,391 | ||||||
| First Horizon Corp. | 16,624 | 352,429 | ||||||
| Popular, Inc. | 3,126 | 344,516 | ||||||
| Royal Bank of Canada | 2,531 | 332,953 | ||||||
| SouthState Corp. | 3,531 | 324,958 | ||||||
| Barclays plc ADR | 17,253 | 320,733 | ||||||
| Webster Financial Corp. | 5,862 | 320,065 | ||||||
| Bank of Nova Scotia | 5,721 | 316,200 | ||||||
| Western Alliance Bancorporation | 3,960 | 308,801 | ||||||
| Comerica, Inc. | 5,004 | 298,489 | ||||||
| Zions Bancorp North America | 5,710 | 296,577 | ||||||
| Commerce Bancshares, Inc. | 4,768 | 296,427 | ||||||
| Cullen/Frost Bankers, Inc. | 2,282 | 293,328 | ||||||
| UMB Financial Corp. | 2,700 | 283,932 | ||||||
| Synovus Financial Corp. | 5,466 | 282,866 | ||||||
| Old National Bancorp | 12,983 | 277,057 | ||||||
| Pinnacle Financial Partners, Inc. | 2,509 | 277,019 | ||||||
| Prosperity Bancshares, Inc. | 3,777 | 265,296 | ||||||
| Canadian Imperial Bank of Commerce | 3,650 | 258,529 | ||||||
| Cadence Bank | 7,928 | 253,537 | ||||||
| Wintrust Financial Corp. | 2,002 | 248,208 | ||||||
| First Citizens BancShares, Inc. — Class A | 125 | 244,559 | ||||||
| FNB Corp. | 16,657 | 242,859 | ||||||
| UBS Group AG | 7,158 | 242,084 | ||||||
| Bank OZK | 5,070 | 238,594 | ||||||
| HSBC Holdings plc ADR1 | 3,907 | 237,507 | ||||||
| United Bankshares, Inc. | 6,460 | 235,338 | ||||||
| Hancock Whitney Corp. | 4,059 | 232,987 | ||||||
| Columbia Banking System, Inc. | 9,930 | 232,163 | ||||||
| Bank of Montreal | 1,966 | 217,499 | ||||||
| Valley National Bancorp | 24,233 | 216,401 | ||||||
| First Financial Bankshares, Inc. | 6,009 | 216,204 | ||||||
| Associated Banc-Corp. | 8,681 | 211,730 | ||||||
| Grupo Financiero Galicia S.A. ADR* | 4,195 | 211,386 | ||||||
| Banco Bradesco S.A. ADR | 68,334 | 211,152 | ||||||
| Texas Capital Bancshares, Inc.* | 2,542 | 201,835 | ||||||
| Fulton Financial Corp. | 10,603 | 191,278 | ||||||
| First Hawaiian, Inc. | 7,510 | 187,450 | ||||||
| Cathay General Bancorp | 4,043 | 184,078 | ||||||
| International Bancshares Corp. | 2,758 | 183,572 | ||||||
| Eastern Bankshares, Inc. | 11,839 | 180,782 | ||||||
| Bancorp, Inc.* | 3,096 | 176,379 | ||||||
| First Interstate BancSystem, Inc. — Class A | 6,048 | 174,303 | ||||||
| CVB Financial Corp. | 8,639 | 170,966 | ||||||
| Independent Bank Corp. | 2,650 | 166,645 | ||||||
| Seacoast Banking Corporation of Florida | 5,976 | 165,057 | ||||||
| Simmons First National Corp. — Class A | 8,448 | 160,174 | ||||||
| First Financial Bancorp | 6,446 | 156,380 | ||||||
| Banner Corp. | 1,667 | 106,938 | ||||||
| BOK Financial Corp. | 1,030 | 100,559 | ||||||
| Total Banks | 26,593,300 | |||||||
| Diversified Financial Services - 4.0% | ||||||||
| Capital One Financial Corp. | 5,577 | 1,186,562 | ||||||
| Savings & Loans - 3.6% | ||||||||
| Axos Financial, Inc.* | 2,858 | 217,322 | ||||||
| Flagstar Financial, Inc. | 18,189 | 192,804 | ||||||
| WSFS Financial Corp. | 3,392 | 186,560 | ||||||
| WaFd, Inc. | 5,463 | 159,957 | ||||||
| Pacific Premier Bancorp, Inc. | 6,992 | 147,461 | ||||||
| Banc of California, Inc. | 9,941 | 139,671 | ||||||
| Total Savings & Loans | 1,043,775 | |||||||
| Total Common Stocks | ||||||||
| (Cost $24,919,122) | 28,823,637 | |||||||
| PREFERRED STOCKS† - 1.0% | ||||||||
| Banks - 1.0% | ||||||||
| Itau Unibanco Holding S.A. | ||||||||
| ADR | 43,807 | 297,449 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $199,878) | 297,449 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 73,524 | 73,524 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 31,725 | 31,725 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 30,635 | 30,635 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $135,884) | 135,884 | |||||||
| Banking Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 115,287 | $ | 115,287 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $115,287) | 115,287 | |||||||
| Total Investments - 99.6% | ||||||||
| (Cost $25,370,171) | $ | 29,372,257 | ||||||
| Other Assets & Liabilities, net - 0.4% | 131,641 | |||||||
| Total Net Assets - 100.0% | $ | 29,503,898 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant | Total | ||||||||||||
| Common Stocks | $ | 28,823,637 | $ | — | $ | — | $ | 28,823,637 | ||||||||
| Preferred Stocks | 297,449 | — | — | 297,449 | ||||||||||||
| Repurchase Agreements | — | 135,884 | — | 135,884 | ||||||||||||
| Securities Lending Collateral | 115,287 | — | — | 115,287 | ||||||||||||
| Total Assets | $ | 29,236,373 | $ | 135,884 | $ | — | $ | 29,372,257 | ||||||||
| Basic Materials Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% | ||||||||
| Chemicals - 32.3% | ||||||||
| Linde plc | 2,240 | $ | 1,050,963 | |||||
| Sherwin-Williams Co. | 1,813 | 622,512 | ||||||
| Ecolab, Inc. | 2,172 | 585,224 | ||||||
| Air Products and Chemicals, Inc. | 1,964 | 553,966 | ||||||
| PPG Industries, Inc. | 3,202 | 364,227 | ||||||
| DuPont de Nemours, Inc. | 5,253 | 360,303 | ||||||
| International Flavors & Fragrances, Inc. | 4,065 | 298,981 | ||||||
| Dow, Inc. | 10,945 | 289,824 | ||||||
| CF Industries Holdings, Inc. | 2,976 | 273,792 | ||||||
| LyondellBasell Industries N.V. — Class A | 4,666 | 269,975 | ||||||
| RPM International, Inc. | 2,360 | 259,222 | ||||||
| Nutrien Ltd. | 4,308 | 250,898 | ||||||
| Mosaic Co. | 6,765 | 246,787 | ||||||
| Eastman Chemical Co. | 2,707 | 202,105 | ||||||
| Albemarle Corp. | 3,091 | 193,713 | ||||||
| Axalta Coating Systems Ltd.* | 6,017 | 178,645 | ||||||
| Celanese Corp. — Class A | 3,124 | 172,851 | ||||||
| Element Solutions, Inc. | 7,319 | 165,775 | ||||||
| FMC Corp. | 3,796 | 158,483 | ||||||
| Cabot Corp. | 1,891 | 141,825 | ||||||
| Avient Corp. | 3,586 | 115,864 | ||||||
| Westlake Corp. | 1,500 | 113,895 | ||||||
| Ashland, Inc. | 2,120 | 106,593 | ||||||
| Olin Corp. | 5,282 | 106,115 | ||||||
| Balchem Corp. | 644 | 102,525 | ||||||
| Innospec, Inc. | 1,167 | 98,133 | ||||||
| Chemours Co. | 8,139 | 93,191 | ||||||
| Huntsman Corp. | 8,458 | 88,132 | ||||||
| Hawkins, Inc. | 516 | 73,324 | ||||||
| Total Chemicals | 7,537,843 | |||||||
| Mining - 30.8% | ||||||||
| Newmont Corp. | 9,889 | 576,133 | ||||||
| Freeport-McMoRan, Inc. | 13,148 | 569,966 | ||||||
| Barrick Mining Corp. | 15,796 | 328,873 | ||||||
| Agnico Eagle Mines Ltd. | 2,547 | 302,915 | ||||||
| Teck Resources Ltd. — Class B | 6,982 | 281,933 | ||||||
| Kinross Gold Corp. | 17,946 | 280,496 | ||||||
| Wheaton Precious Metals Corp. | 2,962 | 265,988 | ||||||
| Rio Tinto plc ADR | 4,534 | 264,468 | ||||||
| BHP Group Ltd. ADR1 | 5,185 | 249,347 | ||||||
| Hudbay Minerals, Inc. | 23,235 | 246,523 | ||||||
| Franco-Nevada Corp. | 1,500 | 245,880 | ||||||
| Pan American Silver Corp. | 8,422 | 239,185 | ||||||
| Royal Gold, Inc. | 1,342 | 238,661 | ||||||
| Alamos Gold, Inc. — Class A | 8,797 | 233,648 | ||||||
| B2Gold Corp. | 63,755 | 230,155 | ||||||
| Anglogold Ashanti plc | 5,036 | 229,490 | ||||||
| First Majestic Silver Corp. | 27,632 | 228,517 | ||||||
| IAMGOLD Corp.* | 30,714 | 225,748 | ||||||
| Gold Fields Ltd. ADR | 9,304 | 220,226 | ||||||
| Southern Copper Corp. | 2,151 | 217,571 | ||||||
| Harmony Gold Mining Company Ltd. ADR | 15,513 | 216,717 | ||||||
| Eldorado Gold Corp.* | 10,464 | 212,838 | ||||||
| Equinox Gold Corp.* | 34,689 | 199,462 | ||||||
| Alcoa Corp. | 6,729 | 198,573 | ||||||
| MP Materials Corp.*,1 | 4,933 | 164,121 | ||||||
| Coeur Mining, Inc.* | 17,705 | 156,866 | ||||||
| Hecla Mining Co. | 22,190 | 132,918 | ||||||
| SSR Mining, Inc.* | 8,875 | 113,067 | ||||||
| Century Aluminum Co.* | 3,697 | 66,620 | ||||||
| Kaiser Aluminum Corp. | 394 | 31,481 | ||||||
| Total Mining | 7,168,386 | |||||||
| Packaging & Containers - 10.1% | ||||||||
| Amcor plc | 33,244 | 305,512 | ||||||
| Packaging Corporation of America | 1,526 | 287,575 | ||||||
| Ball Corp. | 5,018 | 281,460 | ||||||
| Smurfit WestRock plc | 6,463 | 278,879 | ||||||
| Crown Holdings, Inc. | 2,396 | 246,740 | ||||||
| AptarGroup, Inc. | 1,452 | 227,136 | ||||||
| Graphic Packaging Holding Co. | 8,385 | 176,672 | ||||||
| Silgan Holdings, Inc. | 2,841 | 153,925 | ||||||
| Sealed Air Corp. | 4,789 | 148,603 | ||||||
| Sonoco Products Co. | 3,289 | 143,269 | ||||||
| O-I Glass, Inc.* | 7,541 | 111,154 | ||||||
| Total Packaging & Containers | 2,360,925 | |||||||
| Iron & Steel - 10.0% | ||||||||
| Nucor Corp. | 3,117 | 403,776 | ||||||
| Vale S.A. ADR | 31,707 | 307,875 | ||||||
| Steel Dynamics, Inc. | 2,290 | 293,143 | ||||||
| Carpenter Technology Corp. | 993 | 274,445 | ||||||
| Reliance, Inc. | 821 | 257,712 | ||||||
| ATI, Inc.* | 2,917 | 251,854 | ||||||
| ArcelorMittal S.A. | 7,585 | 239,534 | ||||||
| Commercial Metals Co. | 3,393 | 165,952 | ||||||
| Cleveland-Cliffs, Inc.* | 18,580 | 141,208 | ||||||
| Total Iron & Steel | 2,335,499 | |||||||
| Building Materials - 9.2% | ||||||||
| CRH plc | 5,998 | 550,616 | ||||||
| Vulcan Materials Co. | 1,570 | 409,487 | ||||||
| Martin Marietta Materials, Inc. | 736 | 404,035 | ||||||
| Cemex SAB de CV ADR | 33,645 | 233,160 | ||||||
| Eagle Materials, Inc. | 898 | 181,495 | ||||||
| Louisiana-Pacific Corp. | 1,867 | 160,543 | ||||||
| Knife River Corp.* | 1,816 | 148,258 | ||||||
| Aspen Aerogels, Inc.* | 7,986 | 47,277 | ||||||
| Total Building Materials | 2,134,871 | |||||||
| Biotechnology - 2.2% | ||||||||
| Corteva, Inc. | 6,894 | 513,810 | ||||||
| Forest Products & Paper - 1.5% | ||||||||
| International Paper Co. | 7,531 | 352,677 | ||||||
| Coal - 1.3% | ||||||||
| Core Natural Resources, Inc. | 1,872 | 130,553 | ||||||
| Warrior Met Coal, Inc. | 2,372 | 108,709 | ||||||
| Alpha Metallurgical Resources, Inc.* | 519 | 58,377 | ||||||
| Total Coal | 297,639 | |||||||
| Household Products & Housewares - 1.1% | ||||||||
| Avery Dennison Corp. | 1,483 | 260,222 | ||||||
| Housewares - 0.5% | ||||||||
| Scotts Miracle-Gro Co. — Class A | 1,837 | 121,169 | ||||||
| Environmental Control - 0.5% | ||||||||
| PureCycle Technologies, Inc.* | 8,144 | 111,573 | ||||||
| Total Common Stocks | ||||||||
| (Cost $13,808,498) | 23,194,614 | |||||||
| Basic Materials Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 60,273 | 60,273 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 26,008 | 26,008 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 25,114 | 25,114 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $111,395) | 111,395 | |||||||
| Shares | Value | |||||||
| SECURITIES LENDING COLLATERAL†,3 - 1.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 318,134 | $ | 318,134 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $318,134) | 318,134 | |||||||
| Total Investments - 101.4% | ||||||||
| (Cost $14,238,027) | $ | 23,624,143 | ||||||
| Other Assets & Liabilities, net - (1.4)% | (327,809 | ) | ||||||
| Total Net Assets - 100.0% | $ | 23,296,334 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 23,194,614 | $ | — | $ | — | $ | 23,194,614 | ||||||||
| Repurchase Agreements | — | 111,395 | — | 111,395 | ||||||||||||
| Securities Lending Collateral | 318,134 | — | — | 318,134 | ||||||||||||
| Total Assets | $ | 23,512,748 | $ | 111,395 | $ | — | $ | 23,624,143 | ||||||||
| Biotechnology Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.7% | ||||||||
| Biotechnology - 76.0% | ||||||||
| Amgen, Inc. | 13,409 | $ | 3,743,927 | |||||
| Gilead Sciences, Inc. | 33,425 | 3,705,830 | ||||||
| Vertex Pharmaceuticals, Inc.* | 7,434 | 3,309,617 | ||||||
| Regeneron Pharmaceuticals, Inc. | 5,595 | 2,937,375 | ||||||
| Corteva, Inc. | 38,327 | 2,856,511 | ||||||
| Alnylam Pharmaceuticals, Inc.* | 8,059 | 2,627,959 | ||||||
| Insmed, Inc.* | 17,054 | 1,716,315 | ||||||
| Royalty Pharma plc — Class A | 47,112 | 1,697,445 | ||||||
| BeOne Medicines Ltd. ADR* | 6,945 | 1,681,176 | ||||||
| Biogen, Inc.* | 13,139 | 1,650,127 | ||||||
| Illumina, Inc.* | 16,472 | 1,571,594 | ||||||
| United Therapeutics Corp.* | 4,886 | 1,403,992 | ||||||
| Exelixis, Inc.* | 31,231 | 1,376,506 | ||||||
| Incyte Corp.* | 18,961 | 1,291,244 | ||||||
| BioMarin Pharmaceutical, Inc.* | 22,683 | 1,246,885 | ||||||
| Moderna, Inc.* | 44,631 | 1,231,369 | ||||||
| Blueprint Medicines Corp.* | 8,818 | 1,130,291 | ||||||
| Bridgebio Pharma, Inc.* | 25,568 | 1,104,026 | ||||||
| CRISPR Therapeutics AG*,1 | 21,763 | 1,058,552 | ||||||
| Argenx SE ADR* | 1,865 | 1,028,025 | ||||||
| Ionis Pharmaceuticals, Inc.* | 25,974 | 1,026,233 | ||||||
| Guardant Health, Inc.* | 19,569 | 1,018,371 | ||||||
| Halozyme Therapeutics, Inc.* | 18,742 | 974,959 | ||||||
| BioNTech SE ADR*,1 | 9,054 | 963,979 | ||||||
| Legend Biotech Corp. ADR* | 26,699 | 947,548 | ||||||
| Revolution Medicines, Inc.* | 25,526 | 939,102 | ||||||
| TG Therapeutics, Inc.* | 24,336 | 875,853 | ||||||
| Roivant Sciences Ltd.* | 73,878 | 832,605 | ||||||
| Akero Therapeutics, Inc.* | 14,734 | 786,206 | ||||||
| Cytokinetics, Inc.* | 23,130 | 764,215 | ||||||
| PTC Therapeutics, Inc.* | 15,527 | 758,339 | ||||||
| ADMA Biologics, Inc.* | 41,323 | 752,492 | ||||||
| SpringWorks Therapeutics, Inc.* | 15,586 | 732,386 | ||||||
| Avidity Biosciences, Inc.* | 23,678 | 672,455 | ||||||
| Axsome Therapeutics, Inc.* | 6,287 | 656,300 | ||||||
| Ultragenyx Pharmaceutical, Inc.* | 18,041 | 655,971 | ||||||
| ACADIA Pharmaceuticals, Inc.* | 29,813 | 643,066 | ||||||
| Viking Therapeutics, Inc.* | 24,134 | 639,551 | ||||||
| Veracyte, Inc.* | 21,678 | 585,956 | ||||||
| Krystal Biotech, Inc.* | 4,042 | 555,613 | ||||||
| Nuvalent, Inc. — Class A* | 7,173 | 547,300 | ||||||
| Recursion Pharmaceuticals, Inc. — Class A*,1 | 107,007 | 541,455 | ||||||
| Arrowhead Pharmaceuticals, Inc.* | 34,091 | 538,638 | ||||||
| Crinetics Pharmaceuticals, Inc.* | 18,396 | 529,069 | ||||||
| Summit Therapeutics, Inc.*,1 | 24,497 | 521,296 | ||||||
| Apellis Pharmaceuticals, Inc.* | 29,940 | 518,261 | ||||||
| Ideaya Biosciences, Inc.* | 24,125 | 507,108 | ||||||
| Amicus Therapeutics, Inc.* | 88,358 | 506,291 | ||||||
| Beam Therapeutics, Inc.* | 29,104 | 495,059 | ||||||
| Denali Therapeutics, Inc.* | 34,243 | 479,060 | ||||||
| Celldex Therapeutics, Inc.* | 22,910 | 466,219 | ||||||
| Arcellx, Inc.* | 7,071 | 465,625 | ||||||
| Immunovant, Inc.* | 26,041 | 416,656 | ||||||
| Dynavax Technologies Corp.* | 41,956 | 416,204 | ||||||
| Intellia Therapeutics, Inc.* | 43,449 | 407,552 | ||||||
| Novavax, Inc.*,1 | 57,356 | 361,343 | ||||||
| Sarepta Therapeutics, Inc.* | 19,771 | 338,084 | ||||||
| Dyne Therapeutics, Inc.* | 32,615 | 310,495 | ||||||
| Geron Corp.* | 125,006 | 176,258 | ||||||
| Iovance Biotherapeutics, Inc.*,1 | 98,290 | 169,059 | ||||||
| Total Biotechnology | 62,860,998 | |||||||
| Pharmaceuticals - 18.1% | ||||||||
| AbbVie, Inc. | 30,252 | 5,615,376 | ||||||
| AstraZeneca plc ADR | 24,868 | 1,737,776 | ||||||
| Neurocrine Biosciences, Inc.* | 11,012 | 1,384,098 | ||||||
| Viatris, Inc. | 141,267 | 1,261,514 | ||||||
| Jazz Pharmaceuticals plc* | 10,810 | 1,147,157 | ||||||
| Alkermes plc* | 31,754 | 908,482 | ||||||
| Vaxcyte, Inc.* | 23,628 | 768,146 | ||||||
| Protagonist Therapeutics, Inc.* | 12,961 | 716,355 | ||||||
| Agios Pharmaceuticals, Inc.* | 15,687 | 521,750 | ||||||
| Ascendis Pharma A/S ADR* | 2,776 | 479,138 | ||||||
| Madrigal Pharmaceuticals, Inc.* | 1,536 | 464,855 | ||||||
| Total Pharmaceuticals | 15,004,647 | |||||||
| Healthcare-Products - 4.5% | ||||||||
| Natera, Inc.* | 11,240 | 1,898,885 | ||||||
| Exact Sciences Corp.* | 23,484 | 1,247,940 | ||||||
| Twist Bioscience Corp.* | 16,438 | 604,754 | ||||||
| Total Healthcare-Products | 3,751,579 | |||||||
| Healthcare-Services - 1.1% | ||||||||
| Medpace Holdings, Inc.* | 2,810 | 881,946 | ||||||
| Total Common Stocks | ||||||||
| (Cost $48,292,314) | 82,499,170 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 206,078 | 206,078 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 88,922 | 88,922 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 85,866 | 85,866 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $380,866) | 380,866 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 3.2% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 2,638,906 | 2,638,906 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $2,638,906) | 2,638,906 | |||||||
| Total Investments - 103.4% | ||||||||
| (Cost $51,312,086) | $ | 85,518,942 | ||||||
| Other Assets & Liabilities, net - (3.4)% | (2,807,921 | ) | ||||||
| Total Net Assets - 100.0% | $ | 82,711,021 | ||||||
| Biotechnology Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 82,499,170 | $ | — | $ | — | $ | 82,499,170 | ||||||||
| Repurchase Agreements | — | 380,866 | — | 380,866 | ||||||||||||
| Securities Lending Collateral | 2,638,906 | — | — | 2,638,906 | ||||||||||||
| Total Assets | $ | 85,138,076 | $ | 380,866 | $ | — | $ | 85,518,942 | ||||||||
| Consumer Products Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 100.0% | ||||||||
| Food - 32.7% | ||||||||
| Mondelez International, Inc. — Class A | 18,315 | $ | 1,235,164 | |||||
| Kroger Co. | 12,895 | 924,958 | ||||||
| Sysco Corp. | 10,627 | 804,889 | ||||||
| Hershey Co. | 4,555 | 755,902 | ||||||
| General Mills, Inc. | 13,316 | 689,902 | ||||||
| Kellanova | 7,891 | 627,571 | ||||||
| Kraft Heinz Co. | 23,721 | 612,476 | ||||||
| McCormick & Company, Inc. | 7,914 | 600,039 | ||||||
| Tyson Foods, Inc. — Class A | 10,615 | 593,803 | ||||||
| US Foods Holding Corp.* | 7,286 | 561,095 | ||||||
| Sprouts Farmers Market, Inc.* | 3,364 | 553,849 | ||||||
| Performance Food Group Co.* | 5,573 | 487,470 | ||||||
| J M Smucker Co. | 4,317 | 423,929 | ||||||
| Conagra Brands, Inc. | 19,650 | 402,236 | ||||||
| Hormel Foods Corp. | 12,895 | 390,074 | ||||||
| Ingredion, Inc. | 2,795 | 379,058 | ||||||
| Albertsons Companies, Inc. — Class A | 16,661 | 358,378 | ||||||
| Lamb Weston Holdings, Inc. | 6,634 | 343,973 | ||||||
| The Campbell’s Co. | 10,303 | 315,787 | ||||||
| Post Holdings, Inc.* | 2,759 | 300,814 | ||||||
| Cal-Maine Foods, Inc. | 2,986 | 297,495 | ||||||
| Flowers Foods, Inc. | 14,608 | 233,436 | ||||||
| Simply Good Foods Co.* | 7,013 | 221,541 | ||||||
| Pilgrim’s Pride Corp. | 4,008 | 180,280 | ||||||
| Grocery Outlet Holding Corp.* | 11,205 | 139,166 | ||||||
| Marzetti Co | 742 | 128,195 | ||||||
| Total Food | 12,561,480 | |||||||
| Beverages - 25.7% | ||||||||
| Coca-Cola Co. | 28,111 | 1,988,853 | ||||||
| PepsiCo, Inc. | 12,494 | 1,649,708 | ||||||
| Keurig Dr Pepper, Inc. | 26,355 | 871,296 | ||||||
| Monster Beverage Corp.* | 13,867 | 868,629 | ||||||
| Coca-Cola Europacific Partners plc | 7,391 | 685,294 | ||||||
| Constellation Brands, Inc. — Class A | 3,837 | 624,203 | ||||||
| Brown-Forman Corp. — Class B | 17,534 | 471,840 | ||||||
| Anheuser-Busch InBev S.A. ADR1 | 6,404 | 440,083 | ||||||
| Celsius Holdings, Inc.* | 8,875 | 411,711 | ||||||
| Diageo plc ADR | 3,926 | 395,898 | ||||||
| Fomento Economico Mexicano SAB de CV ADR | 3,727 | 383,806 | ||||||
| Molson Coors Beverage Co. — Class B | 7,930 | 381,354 | ||||||
| Primo Brands Corp. — Class A | 12,493 | 370,043 | ||||||
| Coca-Cola Consolidated, Inc. | 2,900 | 323,785 | ||||||
| Total Beverages | 9,866,503 | |||||||
| Cosmetics & Personal Care - 16.7% | ||||||||
| Procter & Gamble Co. | 15,227 | 2,425,966 | ||||||
| Colgate-Palmolive Co. | 12,438 | 1,130,614 | ||||||
| Kenvue, Inc. | 39,141 | 819,221 | ||||||
| Estee Lauder Companies, Inc. — Class A | 8,929 | 721,463 | ||||||
| Unilever plc ADR | 7,192 | 439,935 | ||||||
| Haleon plc ADR | 39,071 | 405,166 | ||||||
| elf Beauty, Inc.* | 2,678 | 333,250 | ||||||
| Inter Parfums, Inc. | 894 | 117,391 | ||||||
| Total Cosmetics & Personal Care | 6,393,006 | |||||||
| Agriculture - 14.6% | ||||||||
| Philip Morris International, Inc. | 11,713 | 2,133,289 | ||||||
| Altria Group, Inc. | 22,499 | 1,319,117 | ||||||
| Archer-Daniels-Midland Co. | 12,981 | 685,137 | ||||||
| British American Tobacco plc ADR | 10,736 | 508,135 | ||||||
| Bunge Global S.A. | 5,515 | 442,744 | ||||||
| Darling Ingredients, Inc.* | 8,882 | 336,983 | ||||||
| Vital Farms, Inc.* | 4,243 | 163,440 | ||||||
| Total Agriculture | 5,588,845 | |||||||
| Household Products & Housewares - 6.3% | ||||||||
| Kimberly-Clark Corp. | 6,623 | 853,837 | ||||||
| Church & Dwight Company, Inc. | 6,646 | 638,747 | ||||||
| Clorox Co. | 4,126 | 495,409 | ||||||
| WD-40 Co. | 675 | 153,961 | ||||||
| Spectrum Brands Holdings, Inc. | 2,795 | 148,135 | ||||||
| Reynolds Consumer Products, Inc. | 6,658 | 142,614 | ||||||
| Total Household Products & Housewares | 2,432,703 | |||||||
| Retail - 2.0% | ||||||||
| Casey’s General Stores, Inc. | 1,081 | 551,602 | ||||||
| Freshpet, Inc.* | 3,279 | 222,841 | ||||||
| Total Retail | 774,443 | |||||||
| Internet - 1.1% | ||||||||
| Maplebear, Inc.* | 8,750 | 395,850 | ||||||
| Pharmaceuticals - 0.9% | ||||||||
| BellRing Brands, Inc.* | 6,162 | 356,965 | ||||||
| Total Common Stocks | ||||||||
| (Cost $20,151,512) | 38,369,795 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 23,195 | 23,195 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 10,009 | 10,009 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 9,665 | 9,665 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $42,869) | 42,869 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.9% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 336,210 | 336,210 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $336,210) | 336,210 | |||||||
| Total Investments - 101.0% | ||||||||
| (Cost $20,530,591) | $ | 38,748,874 | ||||||
| Other Assets & Liabilities, net - (1.0)% | (365,624 | ) | ||||||
| Total Net Assets - 100.0% | $ | 38,383,250 |
| Consumer Products Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 38,369,795 | $ | — | $ | — | $ | 38,369,795 | ||||||||
| Repurchase Agreements | — | 42,869 | — | 42,869 | ||||||||||||
| Securities Lending Collateral | 336,210 | — | — | 336,210 | ||||||||||||
| Total Assets | $ | 38,706,005 | $ | 42,869 | $ | — | $ | 38,748,874 | ||||||||
| Electronics Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% | ||||||||
| Semiconductors - 92.9% | ||||||||
| NVIDIA Corp. | 101,166 | $ | 15,983,216 | |||||
| Broadcom, Inc. | 33,840 | 9,327,996 | ||||||
| Advanced Micro Devices, Inc.* | 29,229 | 4,147,595 | ||||||
| Texas Instruments, Inc. | 16,993 | 3,528,087 | ||||||
| QUALCOMM, Inc. | 20,905 | 3,329,330 | ||||||
| Applied Materials, Inc. | 16,985 | 3,109,444 | ||||||
| Micron Technology, Inc. | 24,799 | 3,056,477 | ||||||
| Lam Research Corp. | 29,669 | 2,887,980 | ||||||
| KLA Corp. | 3,091 | 2,768,732 | ||||||
| Analog Devices, Inc. | 11,623 | 2,766,506 | ||||||
| Intel Corp.* | 109,481 | 2,452,374 | ||||||
| Marvell Technology, Inc. | 27,744 | 2,147,386 | ||||||
| Microchip Technology, Inc. | 22,382 | 1,575,021 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 6,813 | 1,543,076 | ||||||
| NXP Semiconductor N.V. | 6,787 | 1,482,892 | ||||||
| Monolithic Power Systems, Inc. | 2,021 | 1,478,119 | ||||||
| ASML Holding N.V. — Class G | 1,710 | 1,370,377 | ||||||
| ARM Holdings plc ADR* | 8,255 | 1,335,164 | ||||||
| ON Semiconductor Corp.* | 22,088 | 1,157,632 | ||||||
| Teradyne, Inc. | 10,923 | 982,196 | ||||||
| STMicroelectronics N.V. — Class Y1 | 29,928 | 910,111 | ||||||
| Entegris, Inc. | 10,932 | 881,666 | ||||||
| ASE Technology Holding Company Ltd. ADR | 84,052 | 868,257 | ||||||
| Skyworks Solutions, Inc. | 11,502 | 857,129 | ||||||
| Astera Labs, Inc.* | 9,429 | 852,570 | ||||||
| Kulicke & Soffa Industries, Inc. | 24,281 | 840,123 | ||||||
| United Microelectronics Corp. ADR1 | 107,029 | 818,772 | ||||||
| MACOM Technology Solutions Holdings, Inc.* | 5,578 | 799,272 | ||||||
| Nova Ltd.*,1 | 2,901 | 798,355 | ||||||
| Qorvo, Inc.* | 8,488 | 720,716 | ||||||
| Rambus, Inc.* | 10,543 | 674,963 | ||||||
| MKS, Inc. | 6,683 | 664,023 | ||||||
| Lattice Semiconductor Corp.* | 13,177 | 645,541 | ||||||
| Cirrus Logic, Inc.* | 5,613 | 585,183 | ||||||
| Onto Innovation, Inc.* | 5,578 | 562,988 | ||||||
| Silicon Laboratories, Inc.* | 3,722 | 548,474 | ||||||
| Allegro MicroSystems, Inc.* | 15,992 | 546,766 | ||||||
| Semtech Corp.* | 11,476 | 518,027 | ||||||
| GLOBALFOUNDRIES, Inc.* | 13,142 | 502,024 | ||||||
| Ambarella, Inc.*,1 | 6,873 | 454,065 | ||||||
| Impinj, Inc.* | 3,929 | 436,394 | ||||||
| Power Integrations, Inc. | 7,754 | 433,449 | ||||||
| FormFactor, Inc.* | 11,959 | 411,509 | ||||||
| Synaptics, Inc.* | 6,148 | 398,513 | ||||||
| Amkor Technology, Inc. | 18,928 | 397,299 | ||||||
| Diodes, Inc.* | 7,495 | 396,411 | ||||||
| Axcelis Technologies, Inc.* | 5,414 | 377,302 | ||||||
| SiTime Corp.* | 1,718 | 366,071 | ||||||
| ACM Research, Inc. — Class A* | 11,605 | 300,570 | ||||||
| MaxLinear, Inc. — Class A* | 19,972 | 283,802 | ||||||
| Veeco Instruments, Inc.* | 13,056 | 265,298 | ||||||
| Penguin Solutions, Inc.* | 12,624 | 250,081 | ||||||
| Wolfspeed, Inc.*,1 | 55,773 | 22,242 | ||||||
| Total Semiconductors | 84,817,566 | |||||||
| Energy-Alternate Sources - 3.6% | ||||||||
| First Solar, Inc.* | 6,252 | 1,034,956 | ||||||
| Canadian Solar, Inc.*,1 | 76,548 | 845,090 | ||||||
| SolarEdge Technologies, Inc.*,1 | 41,067 | 837,767 | ||||||
| Enphase Energy, Inc.* | 13,609 | 539,597 | ||||||
| Total Energy-Alternate Sources | 3,257,410 | |||||||
| Telecommunications - 1.1% | ||||||||
| Credo Technology Group Holding Ltd.* | 10,837 | 1,003,398 | ||||||
| Electronics - 1.0% | ||||||||
| Camtek Ltd.*,1 | 11,381 | 962,377 | ||||||
| Electrical Components & Equipment - 0.7% | ||||||||
| Universal Display Corp. | 4,188 | 646,879 | ||||||
| Computers - 0.5% | ||||||||
| Rigetti Computing, Inc.*,1 | 39,763 | 471,589 | ||||||
| Total Common Stocks | ||||||||
| (Cost $40,613,618) | 91,159,219 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 348,437 | 348,437 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 150,351 | 150,351 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 145,182 | 145,182 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $643,970) | 643,970 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 5.0% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 4,583,497 | 4,583,497 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $4,583,497) | 4,583,497 | |||||||
| Total Investments - 105.5% | ||||||||
| (Cost $45,841,085) | $ | 96,386,686 | ||||||
| Other Assets & Liabilities, net - (5.5)% | (5,058,081 | ) | ||||||
| Total Net Assets - 100.0% | $ | 91,328,605 |
| Electronics Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant | Total | ||||||||||||
| Common Stocks | $ | 91,159,219 | $ | — | $ | — | $ | 91,159,219 | ||||||||
| Repurchase Agreements | — | 643,970 | — | 643,970 | ||||||||||||
| Securities Lending Collateral | 4,583,497 | — | — | 4,583,497 | ||||||||||||
| Total Assets | $ | 95,742,716 | $ | 643,970 | $ | — | $ | 96,386,686 | ||||||||
| Energy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.6% | ||||||||
| Oil & Gas - 62.2% | ||||||||
| Exxon Mobil Corp. | 10,484 | $ | 1,130,175 | |||||
| Chevron Corp. | 5,626 | 805,587 | ||||||
| ConocoPhillips | 6,106 | 547,952 | ||||||
| EOG Resources, Inc. | 3,562 | 426,051 | ||||||
| Marathon Petroleum Corp. | 2,286 | 379,728 | ||||||
| Phillips 66 | 3,056 | 364,581 | ||||||
| Valero Energy Corp. | 2,577 | 346,400 | ||||||
| Hess Corp. | 2,374 | 328,894 | ||||||
| Equities Corp. | 5,503 | 320,935 | ||||||
| Occidental Petroleum Corp. | 6,736 | 282,979 | ||||||
| Expand Energy Corp. | 2,378 | 278,083 | ||||||
| Diamondback Energy, Inc. | 1,889 | 259,549 | ||||||
| BP plc ADR | 8,401 | 251,442 | ||||||
| Shell plc ADR | 3,323 | 233,972 | ||||||
| Devon Energy Corp. | 7,268 | 231,195 | ||||||
| Coterra Energy, Inc. — Class A | 8,914 | 226,237 | ||||||
| Canadian Natural Resources Ltd. | 6,684 | 209,878 | ||||||
| Petroleo Brasileiro S.A. ADR | 16,309 | 204,026 | ||||||
| Suncor Energy, Inc. | 5,108 | 191,295 | ||||||
| Antero Resources Corp.* | 4,534 | 182,630 | ||||||
| Viper Energy, Inc. | 4,451 | 169,717 | ||||||
| Cenovus Energy, Inc. | 12,383 | 168,409 | ||||||
| Range Resources Corp. | 4,064 | 165,283 | ||||||
| Permian Resources Corp. | 11,924 | 162,405 | ||||||
| Ovintiv, Inc. | 4,227 | 160,837 | ||||||
| HF Sinclair Corp. | 3,426 | 140,740 | ||||||
| Equinor ASA ADR1 | 5,488 | 137,968 | ||||||
| APA Corp. | 7,106 | 129,969 | ||||||
| Matador Resources Co. | 2,570 | 122,640 | ||||||
| Chord Energy Corp. | 1,251 | 121,159 | ||||||
| CNX Resources Corp.* | 3,481 | 117,240 | ||||||
| Texas Pacific Land Corp. | 101 | 106,695 | ||||||
| Magnolia Oil & Gas Corp. — Class A | 4,739 | 106,533 | ||||||
| California Resources Corp. | 2,208 | 100,839 | ||||||
| Weatherford International plc | 1,952 | 98,205 | ||||||
| Transocean Ltd.* | 35,976 | 93,178 | ||||||
| Noble Corporation plc | 3,488 | 92,606 | ||||||
| Murphy Oil Corp. | 3,926 | 88,335 | ||||||
| SM Energy Co. | 3,436 | 84,904 | ||||||
| Northern Oil & Gas, Inc. | 2,961 | 83,944 | ||||||
| Comstock Resources, Inc.* | 2,921 | 80,824 | ||||||
| Civitas Resources, Inc. | 2,904 | 79,918 | ||||||
| Valaris Ltd.* | 1,888 | 79,504 | ||||||
| Patterson-UTI Energy, Inc. | 12,969 | 76,906 | ||||||
| PBF Energy, Inc. — Class A | 3,368 | 72,985 | ||||||
| Crescent Energy Co. — Class A | 7,417 | 63,786 | ||||||
| Helmerich & Payne, Inc. | 3,679 | 55,774 | ||||||
| Vital Energy, Inc.*,1 | 2,064 | 33,210 | ||||||
| Total Oil & Gas | 10,196,102 | |||||||
| Pipelines - 18.3% | ||||||||
| Williams Companies, Inc. | 7,577 | 475,911 | ||||||
| Kinder Morgan, Inc. | 14,111 | 414,863 | ||||||
| Cheniere Energy, Inc. | 1,602 | 390,119 | ||||||
| ONEOK, Inc. | 4,612 | 376,478 | ||||||
| Targa Resources Corp. | 1,901 | 330,926 | ||||||
| Enbridge, Inc. | 4,805 | 217,763 | ||||||
| DT Midstream, Inc. | 1,653 | 181,681 | ||||||
| Golar LNG Ltd. | 3,960 | 163,112 | ||||||
| TC Energy Corp. | 3,333 | 162,617 | ||||||
| Antero Midstream Corp. | 7,208 | 136,592 | ||||||
| Pembina Pipeline Corp. | 3,150 | 118,156 | ||||||
| New Fortress Energy, Inc.*,1 | 12,275 | 40,753 | ||||||
| Total Pipelines | 3,008,971 | |||||||
| Oil & Gas Services - 8.6% | ||||||||
| Schlumberger N.V. | 10,427 | 352,433 | ||||||
| Baker Hughes Co. | 8,550 | 327,807 | ||||||
| Halliburton Co. | 10,033 | 204,472 | ||||||
| TechnipFMC plc | 4,847 | 166,931 | ||||||
| ChampionX Corp. | 4,506 | 111,929 | ||||||
| NOV, Inc. | 8,813 | 109,545 | ||||||
| Tidewater, Inc.* | 1,578 | 72,793 | ||||||
| Liberty Energy, Inc. — Class A | 5,850 | 67,158 | ||||||
| Total Oil & Gas Services | 1,413,068 | |||||||
| Energy-Alternate Sources - 3.8% | ||||||||
| First Solar, Inc.* | 1,314 | 217,519 | ||||||
| SolarEdge Technologies, Inc.*,1 | 6,595 | 134,538 | ||||||
| Enphase Energy, Inc.* | 2,861 | 113,439 | ||||||
| Sunrun, Inc.* | 8,512 | 69,628 | ||||||
| Plug Power, Inc.*,1 | 30,160 | 44,938 | ||||||
| Green Plains, Inc.* | 6,120 | 36,904 | ||||||
| Total Energy-Alternate Sources | 616,966 | |||||||
| Mining - 2.4% | ||||||||
| Cameco Corp. | 2,954 | 219,275 | ||||||
| Uranium Energy Corp.* | 13,971 | 95,003 | ||||||
| Centrus Energy Corp. — Class A* | 390 | 71,440 | ||||||
| Total Mining | 385,718 | |||||||
| Transportation - 1.2% | ||||||||
| Scorpio Tankers, Inc. | 2,677 | 104,751 | ||||||
| Frontline plc1 | 6,336 | 103,974 | ||||||
| Total Transportation | 208,725 | |||||||
| Coal - 1.0% | ||||||||
| Core Natural Resources, Inc. | 1,397 | 97,427 | ||||||
| Peabody Energy Corp. | 5,038 | 67,610 | ||||||
| Total Coal | 165,037 | |||||||
| Metal Fabricate & Hardware - 0.8% | ||||||||
| Tenaris S.A. ADR | 3,491 | 130,563 | ||||||
| Retail - 0.7% | ||||||||
| Murphy USA, Inc. | 284 | 115,531 | ||||||
| Machinery-Diversified - 0.6% | ||||||||
| Cactus, Inc. — Class A | 2,202 | 96,272 | ||||||
| Total Common Stocks | ||||||||
| (Cost $7,932,777) | 16,336,953 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 29,637 | 29,637 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 12,788 | 12,788 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 12,349 | 12,349 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $54,774) | 54,774 | |||||||
| Energy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| SECURITIES LENDING COLLATERAL†,3 - 2.2% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 353,890 | $ | 353,890 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $353,890) | 353,890 | |||||||
| Total Investments - 102.1% | ||||||||
| (Cost $8,341,441) | $ | 16,745,617 | ||||||
| Other Assets & Liabilities, net - (2.1)% | (341,555 | ) | ||||||
| Total Net Assets - 100.0% | $ | 16,404,062 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Inputs | Total | ||||||||||||
| Common Stocks | $ | 16,336,953 | $ | — | $ | — | $ | 16,336,953 | ||||||||
| Repurchase Agreements | — | 54,774 | — | 54,774 | ||||||||||||
| Securities Lending Collateral | 353,890 | — | — | 353,890 | ||||||||||||
| Total Assets | $ | 16,690,843 | $ | 54,774 | $ | — | $ | 16,745,617 | ||||||||
| Energy Services Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.4% | ||||||||
| Oil & Gas Services - 72.2% | ||||||||
| Schlumberger N.V. | 17,552 | $ | 593,258 | |||||
| Baker Hughes Co. | 14,394 | 551,866 | ||||||
| Halliburton Co. | 16,889 | 344,198 | ||||||
| TechnipFMC plc | 5,541 | 190,832 | ||||||
| ChampionX Corp. | 7,585 | 188,411 | ||||||
| Archrock, Inc. | 7,491 | 186,002 | ||||||
| NOV, Inc. | 14,835 | 184,399 | ||||||
| Oceaneering International, Inc.* | 6,041 | 125,169 | ||||||
| Kodiak Gas Services, Inc. | 3,642 | 124,811 | ||||||
| Tidewater, Inc.* | 2,657 | 122,567 | ||||||
| Solaris Energy Infrastructure, Inc. — Class A | 4,309 | 121,902 | ||||||
| Liberty Energy, Inc. — Class A | 9,849 | 113,066 | ||||||
| Aris Water Solutions, Inc. — Class A | 4,167 | 98,550 | ||||||
| Atlas Energy Solutions, Inc.1 | 6,276 | 83,910 | ||||||
| Select Water Solutions, Inc. — Class A | 9,388 | 81,112 | ||||||
| Expro Group Holdings N.V.* | 9,310 | 79,973 | ||||||
| Helix Energy Solutions Group, Inc.* | 12,687 | 79,167 | ||||||
| ProPetro Holding Corp.* | 10,555 | 63,013 | ||||||
| RPC, Inc. | 12,871 | 60,880 | ||||||
| ProFrac Holding Corp. — Class A*,1 | 3,433 | 26,640 | ||||||
| Total Oil & Gas Services | 3,419,726 | |||||||
| Oil & Gas - 20.5% | ||||||||
| Weatherford International plc | 3,288 | 165,419 | ||||||
| Noble Corporation plc | 5,873 | 155,928 | ||||||
| Valaris Ltd.* | 3,179 | 133,868 | ||||||
| Patterson-UTI Energy, Inc. | 21,831 | 129,458 | ||||||
| Seadrill Ltd.* | 4,005 | 105,131 | ||||||
| Transocean Ltd.* | 39,230 | 101,606 | ||||||
| Helmerich & Payne, Inc. | 6,194 | 93,901 | ||||||
| Borr Drilling Ltd.* | 29,997 | 54,894 | ||||||
| Nabors Industries Ltd.* | 1,035 | 29,001 | ||||||
| Total Oil & Gas | 969,206 | |||||||
| Machinery-Diversified - 3.4% | ||||||||
| Cactus, Inc. — Class A | 3,707 | 162,070 | ||||||
| Metal Fabricate & Hardware - 3.3% | ||||||||
| Tenaris S.A. ADR | 4,090 | 152,966 | ||||||
| Total Common Stocks | ||||||||
| (Cost $2,739,178) | 4,703,968 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 14,399 | 14,399 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 6,213 | 6,213 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 6,000 | 6,000 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $26,612) | 26,612 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 1.7% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 80,678 | 80,678 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $80,678) | 80,678 | |||||||
| Total Investments - 101.7% | ||||||||
| (Cost $2,846,468) | $ | 4,811,258 | ||||||
| Other Assets & Liabilities, net - (1.7)% | (78,329 | ) | ||||||
| Total Net Assets - 100.0% | $ | 4,732,929 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
| Energy Services Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 4,703,968 | $ | — | $ | — | $ | 4,703,968 | ||||||||
| Repurchase Agreements | — | 26,612 | — | 26,612 | ||||||||||||
| Securities Lending Collateral | 80,678 | — | — | 80,678 | ||||||||||||
| Total Assets | $ | 4,784,646 | $ | 26,612 | $ | — | $ | 4,811,258 | ||||||||
| Financial Services Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.8% | ||||||||
| Banks - 25.6% | ||||||||
| JPMorgan Chase & Co. | 3,258 | $ | 944,527 | |||||
| Bank of America Corp. | 12,628 | 597,557 | ||||||
| Wells Fargo & Co. | 6,800 | 544,816 | ||||||
| Goldman Sachs Group, Inc. | 723 | 511,703 | ||||||
| Morgan Stanley | 3,083 | 434,271 | ||||||
| Citigroup, Inc. | 4,956 | 421,855 | ||||||
| NU Holdings Limited/Cayman Islands — Class A* | 21,104 | 289,547 | ||||||
| PNC Financial Services Group, Inc. | 1,508 | 281,121 | ||||||
| U.S. Bancorp | 5,999 | 271,455 | ||||||
| Bank of New York Mellon Corp. | 2,861 | 260,666 | ||||||
| Truist Financial Corp. | 5,818 | 250,116 | ||||||
| ICICI Bank Ltd. ADR | 5,999 | 201,806 | ||||||
| HDFC Bank Ltd. ADR | 2,570 | 197,042 | ||||||
| Toronto-Dominion Bank | 2,665 | 195,744 | ||||||
| Popular, Inc. | 1,765 | 194,521 | ||||||
| Royal Bank of Canada | 1,442 | 189,695 | ||||||
| Bank of Nova Scotia | 3,372 | 186,370 | ||||||
| M&T Bank Corp. | 947 | 183,709 | ||||||
| State Street Corp. | 1,683 | 178,970 | ||||||
| Fifth Third Bancorp | 4,196 | 172,581 | ||||||
| Northern Trust Corp. | 1,318 | 167,109 | ||||||
| Huntington Bancshares, Inc. | 9,643 | 161,617 | ||||||
| Regions Financial Corp. | 6,493 | 152,715 | ||||||
| KeyCorp | 8,372 | 145,840 | ||||||
| Citizens Financial Group, Inc. | 3,207 | 143,513 | ||||||
| East West Bancorp, Inc. | 1,226 | 123,801 | ||||||
| First Horizon Corp. | 5,118 | 108,502 | ||||||
| Western Alliance Bancorporation | 1,220 | 95,136 | ||||||
| Comerica, Inc. | 1,540 | 91,861 | ||||||
| Zions Bancorp North America | 1,759 | 91,362 | ||||||
| Commerce Bancshares, Inc. | 1,467 | 91,203 | ||||||
| UMB Financial Corp. | 830 | 87,283 | ||||||
| Old National Bancorp | 3,996 | 85,275 | ||||||
| Bank OZK | 1,559 | 73,367 | ||||||
| Columbia Banking System, Inc. | 3,058 | 71,496 | ||||||
| Valley National Bancorp | 7,463 | 66,645 | ||||||
| Pinnacle Financial Partners, Inc. | 558 | 61,609 | ||||||
| First Citizens BancShares, Inc. — Class A | 29 | 56,738 | ||||||
| Wintrust Financial Corp. | 444 | 55,047 | ||||||
| Total Banks | 8,438,191 | |||||||
| Diversified Financial Services - 24.1% | ||||||||
| Visa, Inc. — Class A | 2,342 | 831,527 | ||||||
| Mastercard, Inc. — Class A | 1,198 | 673,204 | ||||||
| American Express Co. | 1,321 | 421,373 | ||||||
| Charles Schwab Corp. | 4,528 | 413,135 | ||||||
| Blackrock, Inc. | 383 | 401,863 | ||||||
| Capital One Financial Corp. | 1,813 | 385,734 | ||||||
| Coinbase Global, Inc. — Class A* | 1,033 | 362,056 | ||||||
| Intercontinental Exchange, Inc. | 1,803 | 330,796 | ||||||
| CME Group, Inc. — Class A | 1,169 | 322,200 | ||||||
| Interactive Brokers Group, Inc. — Class A | 5,742 | 318,164 | ||||||
| Apollo Global Management, Inc. | 1,730 | 245,435 | ||||||
| Ares Management Corp. — Class A | 1,372 | 237,630 | ||||||
| Ameriprise Financial, Inc. | 431 | 230,038 | ||||||
| Nasdaq, Inc. | 2,392 | 213,893 | ||||||
| XP, Inc. — Class A | 10,375 | 209,575 | ||||||
| Tradeweb Markets, Inc. — Class A | 1,258 | 184,171 | ||||||
| Blue Owl Capital, Inc. | 9,057 | 173,985 | ||||||
| Raymond James Financial, Inc. | 1,119 | 171,621 | ||||||
| Synchrony Financial | 2,516 | 167,918 | ||||||
| Cboe Global Markets, Inc. | 684 | 159,516 | ||||||
| SoFi Technologies, Inc.* | 8,442 | 153,729 | ||||||
| T. Rowe Price Group, Inc. | 1,534 | 148,031 | ||||||
| LPL Financial Holdings, Inc. | 393 | 147,363 | ||||||
| TPG, Inc. | 2,579 | 135,269 | ||||||
| Ally Financial, Inc. | 2,789 | 108,632 | ||||||
| SEI Investments Co. | 1,176 | 105,675 | ||||||
| Mr Cooper Group, Inc.* | 624 | 93,107 | ||||||
| Jefferies Financial Group, Inc. | 1,683 | 92,043 | ||||||
| Franklin Resources, Inc. | 3,758 | 89,628 | ||||||
| Invesco Ltd. | 5,536 | 87,303 | ||||||
| Virtu Financial, Inc. — Class A | 1,889 | 84,608 | ||||||
| SLM Corp. | 2,535 | 83,123 | ||||||
| Upstart Holdings, Inc.* | 1,239 | 80,138 | ||||||
| Hamilton Lane, Inc. — Class A | 529 | 75,181 | ||||||
| Total Diversified Financial Services | 7,937,664 | |||||||
| REITs - 17.7% | ||||||||
| American Tower Corp. — Class A | 1,489 | 329,099 | ||||||
| Welltower, Inc. | 2,098 | 322,526 | ||||||
| Prologis, Inc. | 3,001 | 315,465 | ||||||
| Equinix, Inc. | 333 | 264,892 | ||||||
| Digital Realty Trust, Inc. | 1,401 | 244,236 | ||||||
| Realty Income Corp. | 4,002 | 230,555 | ||||||
| Simon Property Group, Inc. | 1,426 | 229,244 | ||||||
| Public Storage | 742 | 217,718 | ||||||
| Crown Castle, Inc. | 2,117 | 217,479 | ||||||
| VICI Properties, Inc. | 5,780 | 188,428 | ||||||
| Extra Space Storage, Inc. | 1,198 | 176,633 | ||||||
| Iron Mountain, Inc. | 1,708 | 175,190 | ||||||
| Ventas, Inc. | 2,697 | 170,316 | ||||||
| AvalonBay Communities, Inc. | 833 | 169,516 | ||||||
| SBA Communications Corp. | 697 | 163,683 | ||||||
| Equity Residential | 2,320 | 156,577 | ||||||
| Invitation Homes, Inc. | 4,154 | 136,251 | ||||||
| Weyerhaeuser Co. | 5,229 | 134,333 | ||||||
| Mid-America Apartment Communities, Inc. | 890 | 131,729 | ||||||
| Sun Communities, Inc. | 1,017 | 128,640 | ||||||
| Kimco Realty Corp. | 5,685 | 119,499 | ||||||
| Regency Centers Corp. | 1,641 | 116,888 | ||||||
| UDR, Inc. | 2,846 | 116,202 | ||||||
| Alexandria Real Estate Equities, Inc. | 1,553 | 112,794 | ||||||
| Lamar Advertising Co. — Class A | 928 | 112,622 | ||||||
| Healthpeak Properties, Inc. | 6,398 | 112,029 | ||||||
| Gaming and Leisure Properties, Inc. | 2,392 | 111,659 | ||||||
| Camden Property Trust | 957 | 107,844 | ||||||
| American Homes 4 Rent — Class A | 2,976 | 107,344 | ||||||
| Financial Services Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.8% | ||||||||
| Annaly Capital Management, Inc. | 5,622 | 105,806 | ||||||
| Equity LifeStyle Properties, Inc. | 1,679 | 103,544 | ||||||
| Host Hotels & Resorts, Inc. | 6,708 | $ | 103,035 | |||||
| BXP, Inc.1 | 1,489 | 100,463 | ||||||
| AGNC Investment Corp.1 | 10,476 | 96,274 | ||||||
| Rexford Industrial Realty, Inc. | 2,557 | 90,953 | ||||||
| Sabra Health Care REIT, Inc. | 3,625 | 66,845 | ||||||
| Lineage, Inc.1 | 1,264 | 55,009 | ||||||
| Total REITs | 5,841,320 | |||||||
| Insurance - 17.5% | ||||||||
| Berkshire Hathaway, Inc. — Class B* | 2,117 | 1,028,375 | ||||||
| Progressive Corp. | 1,496 | 399,223 | ||||||
| Marsh & McLennan Companies, Inc. | 1,515 | 331,240 | ||||||
| Arthur J Gallagher & Co. | 900 | 288,108 | ||||||
| Willis Towers Watson plc | 900 | 275,850 | ||||||
| Arch Capital Group Ltd. | 2,839 | 258,491 | ||||||
| Chubb Ltd. | 862 | 249,739 | ||||||
| Travelers Companies, Inc. | 928 | 248,277 | ||||||
| Aon plc — Class A | 691 | 246,521 | ||||||
| Aflac, Inc. | 2,320 | 244,667 | ||||||
| Allstate Corp. | 1,150 | 231,506 | ||||||
| American International Group, Inc. | 2,621 | 224,331 | ||||||
| MetLife, Inc. | 2,703 | 217,375 | ||||||
| Prudential Financial, Inc. | 1,866 | 200,483 | ||||||
| Hartford Insurance Group, Inc. | 1,518 | 192,589 | ||||||
| Brown & Brown, Inc. | 1,626 | 180,275 | ||||||
| Everest Group Ltd. | 529 | 179,781 | ||||||
| Cincinnati Financial Corp. | 1,033 | 153,834 | ||||||
| W R Berkley Corp. | 1,990 | 146,205 | ||||||
| Equitable Holdings, Inc. | 2,443 | 137,052 | ||||||
| Principal Financial Group, Inc. | 1,724 | 136,937 | ||||||
| Corebridge Financial, Inc. | 2,789 | 99,010 | ||||||
| Erie Indemnity Co. — Class A | 181 | 62,769 | ||||||
| Selective Insurance Group, Inc. | 583 | 50,517 | ||||||
| Total Insurance | 5,783,155 | |||||||
| Commercial Services - 6.6% | ||||||||
| S&P Global, Inc. | 802 | 422,887 | ||||||
| Moody’s Corp. | 570 | 285,906 | ||||||
| PayPal Holdings, Inc.* | 3,628 | 269,633 | ||||||
| Block, Inc. — Class A* | 3,086 | 209,632 | ||||||
| StoneCo Ltd. — Class A* | 13,046 | 209,258 | ||||||
| Toast, Inc. — Class A* | 3,676 | 162,810 | ||||||
| Affirm Holdings, Inc.* | 2,193 | 151,624 | ||||||
| Corpay, Inc.* | 447 | 148,323 | ||||||
| Global Payments, Inc. | 1,797 | 143,832 | ||||||
| Shift4 Payments, Inc. — Class A*,1 | 970 | 96,137 | ||||||
| MarketAxess Holdings, Inc. | 399 | 89,113 | ||||||
| Total Commercial Services | 2,189,155 | |||||||
| Private Equity - 3.3% | ||||||||
| Blackstone, Inc. — Class A | 2,985 | 446,496 | ||||||
| KKR & Company, Inc. — Class A | 2,367 | 314,882 | ||||||
| Brookfield Corp. | 3,144 | 194,456 | ||||||
| Carlyle Group, Inc. | 2,351 | 120,842 | ||||||
| Total Private Equity | 1,076,676 | |||||||
| Software - 2.6% | ||||||||
| Fiserv, Inc.* | 1,841 | 317,407 | ||||||
| MSCI, Inc. — Class A | 374 | 215,701 | ||||||
| Fidelity National Information Services, Inc. | 2,579 | 209,956 | ||||||
| Jack Henry & Associates, Inc. | 643 | 115,849 | ||||||
| Total Software | 858,913 | |||||||
| Internet - 1.0% | ||||||||
| Robinhood Markets, Inc. — Class A* | 3,460 | 323,960 | ||||||
| Investment Companies - 0.4% | ||||||||
| Ares Capital Corp. | 5,666 | 124,425 | ||||||
| Total Common Stocks | ||||||||
| (Cost $25,617,708) | 32,573,459 | |||||||
| PREFERRED STOCKS† - 0.5% | ||||||||
| Banks - 0.5% | ||||||||
| Itau Unibanco Holding S.A. | ||||||||
| ADR | 27,188 | 184,606 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $123,282) | 184,606 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 102,061 | 102,061 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 44,040 | 44,040 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 42,526 | 42,526 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $188,627) | 188,627 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.8% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 249,705 | 249,705 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $249,705) | 249,705 | |||||||
| Total Investments - 100.7% | ||||||||
| (Cost $26,179,322) | $ | 33,196,397 | ||||||
| Other Assets & Liabilities, net - (0.7)% | (237,391 | ) | ||||||
| Total Net Assets - 100.0% | $ | 32,959,006 | ||||||
| Financial Services Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 32,573,459 | $ | — | $ | — | $ | 32,573,459 | ||||||||
| Preferred Stocks | 184,606 | — | — | 184,606 | ||||||||||||
| Repurchase Agreements | — | 188,627 | — | 188,627 | ||||||||||||
| Securities Lending Collateral | 249,705 | — | — | 249,705 | ||||||||||||
| Total Assets | $ | 33,007,770 | $ | 188,627 | $ | — | $ | 33,196,397 | ||||||||
| Health Care Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% | ||||||||
| Pharmaceuticals - 31.5% | ||||||||
| Eli Lilly & Co. | 972 | $ | 757,703 | |||||
| Johnson & Johnson | 3,751 | 572,965 | ||||||
| AbbVie, Inc. | 2,894 | 537,184 | ||||||
| Merck & Company, Inc. | 5,240 | 414,798 | ||||||
| Pfizer, Inc. | 14,332 | 347,408 | ||||||
| CVS Health Corp. | 4,153 | 286,474 | ||||||
| McKesson Corp. | 390 | 285,784 | ||||||
| Bristol-Myers Squibb Co. | 6,030 | 279,129 | ||||||
| Zoetis, Inc. | 1,477 | 230,338 | ||||||
| Cencora, Inc. — Class A | 749 | 224,588 | ||||||
| Becton Dickinson & Co. | 1,216 | 209,456 | ||||||
| AstraZeneca plc ADR | 2,892 | 202,093 | ||||||
| Cardinal Health, Inc. | 1,146 | 192,528 | ||||||
| Dexcom, Inc.* | 2,078 | 181,389 | ||||||
| Novo Nordisk A/S ADR1 | 2,371 | 163,646 | ||||||
| Jazz Pharmaceuticals plc* | 1,427 | 151,433 | ||||||
| Novartis AG ADR | 1,198 | 144,970 | ||||||
| Teva Pharmaceutical Industries Ltd. ADR* | 8,421 | 141,136 | ||||||
| GSK plc ADR1 | 3,499 | 134,362 | ||||||
| Alkermes plc* | 4,479 | 128,144 | ||||||
| Neurocrine Biosciences, Inc.* | 843 | 105,957 | ||||||
| Viatris, Inc. | 10,811 | 96,542 | ||||||
| Henry Schein, Inc.* | 1,159 | 84,665 | ||||||
| Corcept Therapeutics, Inc.* | 1,081 | 79,345 | ||||||
| Option Care Health, Inc.* | 2,143 | 69,605 | ||||||
| Vaxcyte, Inc.* | 1,809 | 58,811 | ||||||
| Madrigal Pharmaceuticals, Inc.* | 123 | 37,225 | ||||||
| Total Pharmaceuticals | 6,117,678 | |||||||
| Healthcare-Products - 29.3% | ||||||||
| Abbott Laboratories | 3,386 | 460,530 | ||||||
| Intuitive Surgical, Inc.* | 804 | 436,902 | ||||||
| Boston Scientific Corp.* | 3,720 | 399,565 | ||||||
| Thermo Fisher Scientific, Inc. | 906 | 367,347 | ||||||
| Stryker Corp. | 919 | 363,584 | ||||||
| Danaher Corp. | 1,711 | 337,991 | ||||||
| Medtronic plc | 2,512 | 218,971 | ||||||
| Edwards Lifesciences Corp.* | 2,629 | 205,614 | ||||||
| IDEXX Laboratories, Inc.* | 373 | 200,055 | ||||||
| ResMed, Inc. | 728 | 187,824 | ||||||
| Agilent Technologies, Inc. | 1,475 | 174,065 | ||||||
| GE HealthCare Technologies, Inc. | 2,350 | 174,064 | ||||||
| STERIS plc | 607 | 145,813 | ||||||
| Natera, Inc.* | 861 | 145,457 | ||||||
| Insulet Corp.* | 459 | 144,209 | ||||||
| Waters Corp.* | 386 | 134,729 | ||||||
| Zimmer Biomet Holdings, Inc. | 1,399 | 127,603 | ||||||
| West Pharmaceutical Services, Inc. | 537 | 117,496 | ||||||
| Baxter International, Inc. | 3,876 | 117,365 | ||||||
| Cooper Companies, Inc.* | 1,602 | 113,998 | ||||||
| Hologic, Inc.* | 1,749 | 113,965 | ||||||
| Align Technology, Inc.* | 597 | 113,030 | ||||||
| Exact Sciences Corp.* | 1,797 | 95,492 | ||||||
| Avantor, Inc.* | 6,600 | 88,836 | ||||||
| Masimo Corp.* | 527 | 88,652 | ||||||
| Bio-Techne Corp. | 1,651 | 84,944 | ||||||
| Lantheus Holdings, Inc.* | 870 | 71,218 | ||||||
| Merit Medical Systems, Inc.* | 757 | 70,764 | ||||||
| Repligen Corp.* | 568 | 70,648 | ||||||
| Bruker Corp. | 1,538 | 63,366 | ||||||
| TransMedics Group, Inc.* | 461 | 61,779 | ||||||
| Dentsply Sirona, Inc. | 3,353 | 53,246 | ||||||
| PROCEPT BioRobotics Corp.* | 882 | 50,803 | ||||||
| Twist Bioscience Corp.* | 1,259 | 46,319 | ||||||
| Tandem Diabetes Care, Inc.* | 1,717 | 32,005 | ||||||
| Total Healthcare-Products | 5,678,249 | |||||||
| Biotechnology - 21.1% | ||||||||
| Amgen, Inc. | 1,282 | 357,947 | ||||||
| Gilead Sciences, Inc. | 3,199 | 354,673 | ||||||
| Vertex Pharmaceuticals, Inc.* | 712 | 316,982 | ||||||
| Regeneron Pharmaceuticals, Inc. | 427 | 224,175 | ||||||
| Alnylam Pharmaceuticals, Inc.* | 617 | 201,198 | ||||||
| CRISPR Therapeutics AG*,1 | 3,173 | 154,335 | ||||||
| Argenx SE ADR* | 252 | 138,908 | ||||||
| BioNTech SE ADR*,1 | 1,288 | 137,133 | ||||||
| Insmed, Inc.* | 1,306 | 131,436 | ||||||
| Royalty Pharma plc — Class A | 3,606 | 129,924 | ||||||
| Biogen, Inc.* | 1,005 | 126,218 | ||||||
| Illumina, Inc.* | 1,261 | 120,312 | ||||||
| United Therapeutics Corp.* | 373 | 107,182 | ||||||
| Exelixis, Inc.* | 2,391 | 105,383 | ||||||
| Incyte Corp.* | 1,450 | 98,745 | ||||||
| BioMarin Pharmaceutical, Inc.* | 1,735 | 95,373 | ||||||
| Moderna, Inc.* | 3,415 | 94,220 | ||||||
| Blueprint Medicines Corp.* | 675 | 86,522 | ||||||
| Bridgebio Pharma, Inc.* | 1,957 | 84,503 | ||||||
| Ionis Pharmaceuticals, Inc.* | 1,989 | 78,585 | ||||||
| Guardant Health, Inc.* | 1,497 | 77,904 | ||||||
| Halozyme Therapeutics, Inc.* | 1,434 | 74,597 | ||||||
| Legend Biotech Corp. ADR* | 2,043 | 72,506 | ||||||
| Revolution Medicines, Inc.* | 1,953 | 71,851 | ||||||
| TG Therapeutics, Inc.* | 1,862 | 67,013 | ||||||
| Roivant Sciences Ltd.* | 5,654 | 63,721 | ||||||
| Cytokinetics, Inc.* | 1,770 | 58,481 | ||||||
| ADMA Biologics, Inc.* | 3,163 | 57,598 | ||||||
| SpringWorks Therapeutics, Inc.* | 1,192 | 56,012 | ||||||
| Axsome Therapeutics, Inc.* | 505 | 52,717 | ||||||
| Avidity Biosciences, Inc.* | 1,813 | 51,489 | ||||||
| Viking Therapeutics, Inc.* | 1,846 | 48,919 | ||||||
| Krystal Biotech, Inc.* | 326 | 44,812 | ||||||
| Crinetics Pharmaceuticals, Inc.* | 1,479 | 42,536 | ||||||
| Apellis Pharmaceuticals, Inc.* | 2,291 | 39,657 | ||||||
| Novavax, Inc.*,1 | 4,389 | 27,651 | ||||||
| Sarepta Therapeutics, Inc.* | 1,514 | 25,889 | ||||||
| Iovance Biotherapeutics, Inc.*,1 | 7,906 | 13,598 | ||||||
| Total Biotechnology | 4,090,705 | |||||||
| Healthcare-Services - 15.7% | ||||||||
| UnitedHealth Group, Inc. | 1,602 | 499,776 | ||||||
| Cigna Group | 878 | 290,249 | ||||||
| Elevance Health, Inc. | 730 | 283,941 | ||||||
| HCA Healthcare, Inc. | 644 | 246,716 | ||||||
| ICON plc* | 1,175 | 170,904 | ||||||
| Humana, Inc. | 681 | 166,491 | ||||||
| Centene Corp.* | 2,884 | 156,544 | ||||||
| IQVIA Holdings, Inc.* | 978 | 154,123 | ||||||
| Labcorp Holdings, Inc. | 543 | 142,543 | ||||||
| Quest Diagnostics, Inc. | 755 | 135,621 | ||||||
| Tenet Healthcare Corp.* | 703 | 123,728 | ||||||
| Health Care Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% (continued) | ||||||||
| Healthcare-Services - 15.7% (continued) | ||||||||
| Molina Healthcare, Inc.* | 412 | $ | 122,735 | |||||
| Universal Health Services, Inc. — Class B | 566 | 102,531 | ||||||
| HealthEquity, Inc.* | 865 | 90,617 | ||||||
| Ensign Group, Inc. | 582 | 89,779 | ||||||
| Charles River Laboratories International, Inc.* | 539 | 81,782 | ||||||
| DaVita, Inc.* | 505 | 71,937 | ||||||
| Medpace Holdings, Inc.* | 226 | 70,932 | ||||||
| Acadia Healthcare Company, Inc.* | 1,930 | 43,792 | ||||||
| Total Healthcare-Services | 3,044,741 | |||||||
| Software - 1.7% | ||||||||
| Veeva Systems, Inc. — Class A* | 691 | 198,994 | ||||||
| Tempus AI, Inc.*,1 | 1,177 | 74,787 | ||||||
| Waystar Holding Corp.* | 1,466 | 59,915 | ||||||
| Total Software | 333,696 | |||||||
| Internet - 0.5% | ||||||||
| Hims & Hers Health, Inc.*,1 | 1,739 | 86,689 | ||||||
| Total Common Stocks | ||||||||
| (Cost $11,775,101) | 19,351,758 | |||||||
| RIGHTS††† - 0.0% | ||||||||
| Pharmaceuticals - 0.0% | ||||||||
| Johnson & Johnson | ||||||||
| Expires 12/31/29 | 752 | – | ||||||
| Total Rights | ||||||||
| (Cost $–) | – | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 61,364 | 61,364 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 26,478 | 26,478 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 25,568 | 25,568 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $113,410) | 113,410 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 3.1% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 601,714 | 601,714 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $601,714) | 601,714 | |||||||
| Total Investments - 103.5% | ||||||||
| (Cost $12,490,225) | $ | 20,066,882 | ||||||
| Other Assets & Liabilities, net - (3.5)% | (672,038 | ) | ||||||
| Total Net Assets - 100.0% | $ | 19,394,844 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| ††† | Value determined based on Level 3 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 19,351,758 | $ | — | $ | — | $ | 19,351,758 | ||||||||
| Rights | — | — | — | * | — | |||||||||||
| Repurchase Agreements | — | 113,410 | — | 113,410 | ||||||||||||
| Securities Lending Collateral | 601,714 | — | — | 601,714 | ||||||||||||
| Total Assets | $ | 19,953,472 | $ | 113,410 | $ | — | $ | 20,066,882 | ||||||||
| * | Security has a market value of $0. |
| Internet Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.2% | ||||||||
| Internet - 55.4% | ||||||||
| Meta Platforms, Inc. — Class A | 1,315 | $ | 970,588 | |||||
| Amazon.com, Inc.* | 4,244 | 931,091 | ||||||
| Alphabet, Inc. — Class A | 5,254 | 925,913 | ||||||
| Netflix, Inc.* | 676 | 905,252 | ||||||
| Uber Technologies, Inc.* | 5,721 | 533,769 | ||||||
| DoorDash, Inc. — Class A* | 1,496 | 368,779 | ||||||
| Airbnb, Inc. — Class A* | 2,283 | 302,132 | ||||||
| Booking Holdings, Inc. | 47 | 272,094 | ||||||
| Coupang, Inc.* | 8,768 | 262,689 | ||||||
| Alibaba Group Holding Ltd. ADR | 2,162 | 245,193 | ||||||
| Spotify Technology S.A.* | 304 | 233,271 | ||||||
| Shopify, Inc. — Class A* | 2,012 | 232,084 | ||||||
| eBay, Inc. | 2,802 | 208,637 | ||||||
| Reddit, Inc. — Class A* | 1,339 | 201,613 | ||||||
| GoDaddy, Inc. — Class A* | 1,020 | 183,661 | ||||||
| Sea Ltd. ADR* | 1,142 | 182,652 | ||||||
| Pinterest, Inc. — Class A* | 5,010 | 179,659 | ||||||
| VeriSign, Inc. | 609 | 175,879 | ||||||
| JD.com, Inc. ADR | 5,354 | 174,755 | ||||||
| MercadoLibre, Inc.* | 64 | 167,272 | ||||||
| Expedia Group, Inc. | 986 | 166,319 | ||||||
| Baidu, Inc. ADR* | 1,840 | 157,799 | ||||||
| Trip.com Group Ltd. ADR | 2,627 | 154,047 | ||||||
| F5, Inc.* | 494 | 145,394 | ||||||
| Chewy, Inc. — Class A* | 3,349 | 142,734 | ||||||
| Bilibili, Inc. ADR* | 6,603 | 141,634 | ||||||
| Roku, Inc.* | 1,605 | 141,064 | ||||||
| Zillow Group, Inc. — Class C* | 1,986 | 139,119 | ||||||
| Wix.com Ltd.* | 809 | 128,194 | ||||||
| Snap, Inc. — Class A* | 14,247 | 123,807 | ||||||
| Match Group, Inc. | 3,261 | 100,732 | ||||||
| Wayfair, Inc. — Class A* | 1,868 | 95,530 | ||||||
| Lyft, Inc. — Class A* | 5,861 | 92,369 | ||||||
| Etsy, Inc.* | 1,494 | 74,939 | ||||||
| Cargurus, Inc.* | 1,980 | 66,271 | ||||||
| IAC, Inc.* | 1,624 | 60,640 | ||||||
| Trump Media & Technology Group Corp.*,1 | 3,271 | 59,009 | ||||||
| TripAdvisor, Inc.* | 3,388 | 44,213 | ||||||
| Ziff Davis, Inc.* | 1,287 | 38,958 | ||||||
| Bumble, Inc. — Class A* | 4,607 | 30,360 | ||||||
| Total Internet | 9,760,115 | |||||||
| Software - 25.6% | ||||||||
| Salesforce, Inc. | 2,136 | 582,466 | ||||||
| Adobe, Inc.* | 1,157 | 447,620 | ||||||
| ROBLOX Corp. — Class A* | 2,961 | 311,497 | ||||||
| Cloudflare, Inc. — Class A* | 1,541 | 301,774 | ||||||
| Snowflake, Inc. — Class A* | 1,334 | 298,509 | ||||||
| Workday, Inc. — Class A* | 1,174 | 281,760 | ||||||
| Datadog, Inc. — Class A* | 1,836 | 246,630 | ||||||
| Take-Two Interactive Software, Inc.* | 990 | 240,422 | ||||||
| Veeva Systems, Inc. — Class A* | 828 | 238,447 | ||||||
| Electronic Arts, Inc. | 1,487 | 237,474 | ||||||
| Zoom Communications, Inc. — Class A* | 2,172 | 169,373 | ||||||
| Nutanix, Inc. — Class A* | 2,147 | 164,117 | ||||||
| Twilio, Inc. — Class A* | 1,258 | 156,445 | ||||||
| MongoDB, Inc.* | 695 | 145,943 | ||||||
| NetEase, Inc. ADR | 1,077 | 144,943 | ||||||
| DocuSign, Inc.* | 1,841 | 143,395 | ||||||
| Akamai Technologies, Inc.* | 1,528 | 121,873 | ||||||
| Dropbox, Inc. — Class A* | 3,517 | 100,586 | ||||||
| Box, Inc. — Class A* | 2,254 | 77,019 | ||||||
| ZoomInfo Technologies, Inc. — Class A* | 6,126 | 61,995 | ||||||
| DigitalOcean Holdings, Inc.* | 1,762 | 50,323 | ||||||
| Total Software | 4,522,611 | |||||||
| Telecommunications - 11.3% | ||||||||
| Cisco Systems, Inc. | 8,468 | 587,510 | ||||||
| Arista Networks, Inc.* | 3,597 | 368,009 | ||||||
| Motorola Solutions, Inc. | 725 | 304,833 | ||||||
| Telefonaktiebolaget LM Ericsson ADR | 16,570 | 140,514 | ||||||
| Juniper Networks, Inc. | 3,472 | 138,637 | ||||||
| Nokia Oyj ADR | 24,782 | 128,371 | ||||||
| Ciena Corp.* | 1,563 | 127,119 | ||||||
| Extreme Networks, Inc.* | 3,172 | 56,937 | ||||||
| Viavi Solutions, Inc.* | 5,505 | 55,435 | ||||||
| Viasat, Inc.* | 3,791 | 55,349 | ||||||
| Applied Digital Corp.*,1 | 4,118 | 41,468 | ||||||
| Total Telecommunications | 2,004,182 | |||||||
| Commercial Services - 2.2% | ||||||||
| PayPal Holdings, Inc.* | 4,113 | 305,678 | ||||||
| Paylocity Holding Corp.* | 450 | 81,536 | ||||||
| Total Commercial Services | 387,214 | |||||||
| Computers - 1.4% | ||||||||
| Okta, Inc.* | 1,507 | 150,655 | ||||||
| Lumentum Holdings, Inc.* | 991 | 94,204 | ||||||
| Total Computers | 244,859 | |||||||
| Real Estate - 1.2% | ||||||||
| CoStar Group, Inc.* | 2,555 | 205,422 | ||||||
| Entertainment - 1.0% | ||||||||
| DraftKings, Inc. — Class A* | 4,077 | 174,863 | ||||||
| Investment Companies - 0.5% | ||||||||
| Core Scientific, Inc.* | 5,311 | 90,659 | ||||||
| Electronics - 0.3% | ||||||||
| Applied Optoelectronics, Inc.* | 1,937 | 49,761 | ||||||
| Healthcare-Services - 0.3% | ||||||||
| Teladoc Health, Inc.* | 5,669 | 49,377 | ||||||
| Total Common Stocks | ||||||||
| (Cost $8,464,342) | 17,489,063 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 62,048 | 62,048 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 26,774 | 26,774 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 25,853 | 25,853 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $114,675) | 114,675 | |||||||
| Internet Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 76,737 | $ | 76,737 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $76,737) | 76,737 | |||||||
| Total Investments - 100.3% | ||||||||
| (Cost $8,655,754) | $ | 17,680,475 | ||||||
| Other Assets & Liabilities, net - (0.3)% | (57,918 | ) | ||||||
| Total Net Assets - 100.0% | $ | 17,622,557 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 17,489,063 | $ | — | $ | — | $ | 17,489,063 | ||||||||
| Repurchase Agreements | — | 114,675 | — | 114,675 | ||||||||||||
| Securities Lending Collateral | 76,737 | — | — | 76,737 | ||||||||||||
| Total Assets | $ | 17,565,800 | $ | 114,675 | $ | — | $ | 17,680,475 | ||||||||
| Leisure Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.4% | ||||||||
| Retail - 19.5% | ||||||||
| McDonald’s Corp. | 1,480 | $ | 432,411 | |||||
| Starbucks Corp. | 3,310 | 303,295 | ||||||
| Chipotle Mexican Grill, Inc. — Class A* | 4,931 | 276,876 | ||||||
| Yum! Brands, Inc. | 1,337 | 198,117 | ||||||
| Darden Restaurants, Inc. | 705 | 153,669 | ||||||
| Restaurant Brands International, Inc. | 1,766 | 117,068 | ||||||
| Yum China Holdings, Inc. | 2,565 | 114,681 | ||||||
| Domino’s Pizza, Inc. | 252 | 113,551 | ||||||
| Texas Roadhouse, Inc. — Class A | 573 | 107,386 | ||||||
| Dutch Bros, Inc. — Class A* | 1,429 | 97,701 | ||||||
| Cava Group, Inc.* | 1,080 | 90,968 | ||||||
| Brinker International, Inc.* | 483 | 87,099 | ||||||
| Wingstop, Inc. | 227 | 76,440 | ||||||
| Shake Shack, Inc. — Class A* | 540 | 75,924 | ||||||
| Cheesecake Factory, Inc.1 | 845 | 52,948 | ||||||
| Cracker Barrel Old Country Store, Inc. | 762 | 46,543 | ||||||
| Wendy’s Co. | 3,630 | 41,455 | ||||||
| Sweetgreen, Inc. — Class A* | 2,685 | 39,953 | ||||||
| Papa John’s International, Inc. | 750 | 36,705 | ||||||
| Dave & Buster’s Entertainment, Inc.* | 894 | 26,891 | ||||||
| Bloomin’ Brands, Inc. | 2,744 | 23,626 | ||||||
| Jack in the Box, Inc.* | 880 | 15,365 | ||||||
| Krispy Kreme, Inc.*,1 | 4,154 | 12,088 | ||||||
| Total Retail | 2,540,760 | |||||||
| Internet - 18.6% | ||||||||
| Netflix, Inc.* | 565 | 756,608 | ||||||
| DoorDash, Inc. — Class A* | 1,249 | 307,891 | ||||||
| Airbnb, Inc. — Class A* | 1,907 | 252,372 | ||||||
| Booking Holdings, Inc. | 42 | 243,148 | ||||||
| Spotify Technology S.A.* | 269 | 206,415 | ||||||
| Sea Ltd. ADR* | 984 | 157,381 | ||||||
| Expedia Group, Inc. | 824 | 138,992 | ||||||
| Trip.com Group Ltd. ADR | 2,236 | 131,119 | ||||||
| Roku, Inc.* | 1,341 | 117,861 | ||||||
| MakeMyTrip Ltd.* | 1,121 | 109,880 | ||||||
| Total Internet | 2,421,667 | |||||||
| Media - 14.3% | ||||||||
| Walt Disney Co. | 3,761 | 466,402 | ||||||
| Comcast Corp. — Class A | 9,841 | 351,225 | ||||||
| Charter Communications, Inc. — Class A* | 485 | 198,273 | ||||||
| Warner Bros Discovery, Inc.* | 14,047 | 160,979 | ||||||
| Fox Corp. — Class A | 2,551 | 142,958 | ||||||
| News Corp. — Class A | 4,449 | 132,224 | ||||||
| Liberty Broadband Corp. — Class C* | 1,147 | 112,842 | ||||||
| New York Times Co. — Class A | 1,595 | 89,288 | ||||||
| Paramount Global — Class B | 6,888 | 88,855 | ||||||
| Sirius XM Holdings, Inc. | 2,849 | 65,442 | ||||||
| Nexstar Media Group, Inc. — Class A | 291 | 50,328 | ||||||
| Total Media | 1,858,816 | |||||||
| Entertainment - 10.6% | ||||||||
| Flutter Entertainment plc* | 772 | 220,607 | ||||||
| TKO Group Holdings, Inc. | 942 | 171,397 | ||||||
| Live Nation Entertainment, Inc.* | 1,024 | 154,911 | ||||||
| DraftKings, Inc. — Class A* | 3,405 | 146,040 | ||||||
| Warner Music Group Corp. — Class A | 4,187 | 114,054 | ||||||
| Light & Wonder, Inc. — Class A* | 947 | 91,158 | ||||||
| Churchill Downs, Inc. | 768 | 77,568 | ||||||
| Vail Resorts, Inc. | 468 | 73,537 | ||||||
| Caesars Entertainment, Inc.* | 2,581 | 73,275 | ||||||
| Red Rock Resorts, Inc. — Class A | 1,296 | 67,431 | ||||||
| Cinemark Holdings, Inc. | 1,801 | 54,354 | ||||||
| Penn Entertainment, Inc.* | 2,883 | 51,519 | ||||||
| Six Flags Entertainment Corp.* | 1,646 | 50,088 | ||||||
| United Parks & Resorts, Inc.* | 763 | 35,975 | ||||||
| Total Entertainment | 1,381,914 | |||||||
| Lodging - 8.2% | ||||||||
| Hilton Worldwide Holdings, Inc. | 923 | 245,832 | ||||||
| Marriott International, Inc. — Class A | 878 | 239,878 | ||||||
| Las Vegas Sands Corp. | 2,676 | 116,433 | ||||||
| Hyatt Hotels Corp. — Class A | 797 | 111,301 | ||||||
| Wynn Resorts Ltd. | 912 | 85,427 | ||||||
| MGM Resorts International* | 2,308 | 79,372 | ||||||
| Wyndham Hotels & Resorts, Inc. | 923 | 74,957 | ||||||
| Boyd Gaming Corp. | 834 | 65,244 | ||||||
| Choice Hotels International, Inc.1 | 386 | 48,975 | ||||||
| Total Lodging | 1,067,419 | |||||||
| Leisure Time - 7.9% | ||||||||
| Royal Caribbean Cruises Ltd. | 906 | 283,705 | ||||||
| Carnival Corp.* | 6,762 | 190,147 | ||||||
| Viking Holdings Ltd.* | 2,489 | 132,639 | ||||||
| Norwegian Cruise Line Holdings Ltd.* | 4,707 | 95,458 | ||||||
| Planet Fitness, Inc. — Class A* | 677 | 73,827 | ||||||
| Brunswick Corp. | 1,031 | 56,952 | ||||||
| Peloton Interactive, Inc. — Class A* | 7,068 | 49,052 | ||||||
| YETI Holdings, Inc.* | 1,548 | 48,793 | ||||||
| Harley-Davidson, Inc. | 2,018 | 47,625 | ||||||
| Polaris, Inc. | 1,074 | 43,658 | ||||||
| Total Leisure Time | 1,021,856 | |||||||
| Agriculture - 7.2% | ||||||||
| Philip Morris International, Inc. | 2,815 | 512,696 | ||||||
| Altria Group, Inc. | 5,125 | 300,479 | ||||||
| British American Tobacco plc ADR | 2,530 | 119,745 | ||||||
| Total Agriculture | 932,920 | |||||||
| Software - 6.0% | ||||||||
| ROBLOX Corp. — Class A* | 2,473 | 260,160 | ||||||
| Take-Two Interactive Software, Inc.* | 827 | 200,837 | ||||||
| Electronic Arts, Inc. | 1,243 | 198,507 | ||||||
| NetEase, Inc. ADR | 899 | 120,987 | ||||||
| Total Software | 780,491 | |||||||
| Beverages - 4.2% | ||||||||
| Constellation Brands, Inc. — Class A | 874 | 142,182 | ||||||
| Leisure Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.4% (continued) | ||||||||
| Beverages - 4.2% (continued) | ||||||||
| Anheuser-Busch InBev S.A. ADR1 | 1,583 | $ | 108,784 | |||||
| Brown-Forman Corp. — Class B | 3,994 | 107,479 | ||||||
| Diageo plc ADR | 1,005 | 101,344 | ||||||
| Molson Coors Beverage Co. — Class B | 1,806 | 86,850 | ||||||
| Total Beverages | 546,639 | |||||||
| Toys, Games & Hobbies - 1.3% | ||||||||
| Hasbro, Inc. | 1,326 | 97,885 | ||||||
| Mattel, Inc.* | 3,902 | 76,948 | ||||||
| Total Toys, Games & Hobbies | 174,833 | |||||||
| Food Service - 0.8% | ||||||||
| Aramark | 2,442 | 102,247 | ||||||
| Telecommunications - 0.8% | ||||||||
| EchoStar Corp. — Class A* | 3,473 | 96,202 | ||||||
| Total Common Stocks | ||||||||
| (Cost $8,708,794) | 12,925,764 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 13,516 | 13,516 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 5,832 | 5,832 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 5,632 | 5,632 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $24,980) | 24,980 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.8% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 106,358 | 106,358 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $106,358) | 106,358 | |||||||
| Total Investments - 100.4% | ||||||||
| (Cost $8,840,132) | $ | 13,057,102 | ||||||
| Other Assets & Liabilities, net - (0.4)% | (47,609 | ) | ||||||
| Total Net Assets - 100.0% | $ | 13,009,493 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 12,925,764 | $ | — | $ | — | $ | 12,925,764 | ||||||||
| Repurchase Agreements | — | 24,980 | — | 24,980 | ||||||||||||
| Securities Lending Collateral | 106,358 | — | — | 106,358 | ||||||||||||
| Total Assets | $ | 13,032,122 | $ | 24,980 | $ | — | $ | 13,057,102 | ||||||||
| Precious Metals Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% | ||||||||
| Mining - 99.5% | ||||||||
| Newmont Corp. | 169,568 | $ | 9,879,032 | |||||
| Freeport-McMoRan, Inc. | 225,435 | 9,772,607 | ||||||
| Agnico Eagle Mines Ltd. | 77,243 | 9,186,510 | ||||||
| Wheaton Precious Metals Corp. | 85,641 | 7,690,562 | ||||||
| Barrick Mining Corp. | 342,346 | 7,127,644 | ||||||
| Kinross Gold Corp. | 308,844 | 4,827,232 | ||||||
| Franco-Nevada Corp. | 28,819 | 4,724,011 | ||||||
| Gold Fields Ltd. ADR | 191,093 | 4,523,171 | ||||||
| Anglogold Ashanti plc | 98,894 | 4,506,600 | ||||||
| Alamos Gold, Inc. — Class A | 148,146 | 3,934,758 | ||||||
| Pan American Silver Corp. | 134,525 | 3,820,510 | ||||||
| Royal Gold, Inc. | 17,556 | 3,122,159 | ||||||
| Coeur Mining, Inc.* | 303,552 | 2,689,473 | ||||||
| Harmony Gold Mining Company Ltd. ADR | 189,517 | 2,647,553 | ||||||
| OR Royalties, Inc. | 100,839 | 2,592,571 | ||||||
| Eldorado Gold Corp.* | 118,107 | 2,402,296 | ||||||
| IAMGOLD Corp.* | 325,629 | 2,393,373 | ||||||
| First Majestic Silver Corp. | 286,007 | 2,365,278 | ||||||
| Hecla Mining Co. | 380,472 | 2,279,027 | ||||||
| New Gold, Inc.* | 440,952 | 2,182,712 | ||||||
| Sibanye Stillwater Ltd. ADR*,1 | 287,549 | 2,076,104 | ||||||
| Sandstorm Gold Ltd. | 211,940 | 1,992,236 | ||||||
| SSR Mining, Inc.* | 152,161 | 1,938,531 | ||||||
| B2Gold Corp. | 505,643 | 1,825,371 | ||||||
| Equinox Gold Corp.* | 312,974 | 1,799,601 | ||||||
| MAG Silver Corp. | 82,523 | 1,743,711 | ||||||
| Fortuna Mining Corp.* | 251,573 | 1,645,287 | ||||||
| Centerra Gold, Inc. | 205,762 | 1,483,544 | ||||||
| Seabridge Gold, Inc.* | 95,570 | 1,387,676 | ||||||
| Endeavour Silver Corp.* | 267,082 | 1,314,043 | ||||||
| Novagold Resources, Inc.* | 258,982 | 1,059,236 | ||||||
| Silvercorp Metals, Inc. | 219,878 | 927,885 | ||||||
| McEwen Mining, Inc.* | 84,353 | 810,632 | ||||||
| Perpetua Resources Corp.* | 47,641 | 578,362 | ||||||
| Total Mining | 113,249,298 | |||||||
| Total Common Stocks | ||||||||
| (Cost $65,476,318) | 113,249,298 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 408,833 | 408,833 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 176,412 | 176,412 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 170,347 | 170,347 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $755,592) | 755,592 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.0% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 167 | 167 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $167) | 167 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $66,232,077) | $ | 114,005,057 | ||||||
| Other Assets & Liabilities, net - (0.2)% | (225,258 | ) | ||||||
| Total Net Assets - 100.0% | $ | 113,779,799 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
| Precious Metals Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 113,249,298 | $ | — | $ | — | $ | 113,249,298 | ||||||||
| Repurchase Agreements | — | 755,592 | — | 755,592 | ||||||||||||
| Securities Lending Collateral | 167 | — | — | 167 | ||||||||||||
| Total Assets | $ | 113,249,465 | $ | 755,592 | $ | — | $ | 114,005,057 | ||||||||
| Real Estate Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.1% | ||||||||
| REITs - 90.2% | ||||||||
| REITs-Diversified - 23.3% | ||||||||
| American Tower Corp. — Class A | 304 | $ | 67,190 | |||||
| Digital Realty Trust, Inc. | 286 | 49,858 | ||||||
| Equinix, Inc. | 56 | 44,546 | ||||||
| Crown Castle, Inc. | 432 | 44,379 | ||||||
| VICI Properties, Inc. | 1,179 | 38,435 | ||||||
| SBA Communications Corp. | 131 | 30,764 | ||||||
| Weyerhaeuser Co. | 1,067 | 27,411 | ||||||
| WP Carey, Inc. | 383 | 23,892 | ||||||
| Lamar Advertising Co. — Class A | 189 | 22,937 | ||||||
| Gaming and Leisure Properties, Inc. | 488 | 22,780 | ||||||
| Vornado Realty Trust | 429 | 16,405 | ||||||
| EPR Properties1 | 235 | 13,691 | ||||||
| National Storage Affiliates Trust | 388 | 12,412 | ||||||
| Broadstone Net Lease, Inc. | 698 | 11,203 | ||||||
| PotlatchDeltic Corp. | 288 | 11,051 | ||||||
| Outfront Media, Inc. | 623 | 10,167 | ||||||
| Uniti Group, Inc.* | 1,410 | 6,091 | ||||||
| Total REITs-Diversified | 453,212 | |||||||
| REITs-Apartments - 11.3% | ||||||||
| AvalonBay Communities, Inc. | 170 | 34,595 | ||||||
| Equity Residential | 473 | 31,923 | ||||||
| Invitation Homes, Inc. | 848 | 27,814 | ||||||
| Mid-America Apartment Communities, Inc. | 182 | 26,938 | ||||||
| UDR, Inc. | 580 | 23,681 | ||||||
| Camden Property Trust | 196 | 22,087 | ||||||
| American Homes 4 Rent — Class A | 607 | 21,895 | ||||||
| Essex Property Trust, Inc. | 65 | 18,421 | ||||||
| Independence Realty Trust, Inc. | 732 | 12,949 | ||||||
| Total REITs-Apartments | 220,303 | |||||||
| REITs-Health Care - 11.0% | ||||||||
| Welltower, Inc. | 428 | 65,796 | ||||||
| Ventas, Inc. | 550 | 34,733 | ||||||
| Healthpeak Properties, Inc. | 1,306 | 22,868 | ||||||
| Omega Healthcare Investors, Inc. | 583 | 21,367 | ||||||
| CareTrust REIT, Inc. | 532 | 16,279 | ||||||
| American Healthcare REIT, Inc. | 438 | 16,092 | ||||||
| Healthcare Realty Trust, Inc. | 1,005 | 15,939 | ||||||
| Sabra Health Care REIT, Inc. | 740 | 13,646 | ||||||
| Medical Properties Trust, Inc.1 | 1,995 | 8,599 | ||||||
| Total REITs-Health Care | 215,319 | |||||||
| REITs-Warehouse/Industries - 8.7% | ||||||||
| Prologis, Inc. | 612 | 64,334 | ||||||
| Rexford Industrial Realty, Inc. | 522 | 18,568 | ||||||
| STAG Industrial, Inc. | 471 | 17,088 | ||||||
| First Industrial Realty Trust, Inc. | 336 | 16,172 | ||||||
| Terreno Realty Corp. | 271 | 15,195 | ||||||
| EastGroup Properties, Inc. | 87 | 14,539 | ||||||
| Americold Realty Trust, Inc. | 838 | 13,936 | ||||||
| Lineage, Inc.1 | 235 | 10,227 | ||||||
| Total REITs-Warehouse/Industries | 170,059 | |||||||
| REITs-Shopping Centers - 7.1% | ||||||||
| Kimco Realty Corp. | 1,160 | 24,383 | ||||||
| Regency Centers Corp. | 335 | 23,862 | ||||||
| Federal Realty Investment Trust | 195 | 18,523 | ||||||
| Brixmor Property Group, Inc. | 709 | 18,462 | ||||||
| Kite Realty Group Trust | 643 | 14,564 | ||||||
| Phillips Edison & Company, Inc. | 409 | 14,327 | ||||||
| Urban Edge Properties | 537 | 10,020 | ||||||
| Acadia Realty Trust | 534 | 9,916 | ||||||
| SITE Centers Corp. | 426 | 4,818 | ||||||
| Total REITs-Shopping Centers | 138,875 | |||||||
| REITs-Storage - 7.0% | ||||||||
| Public Storage | 152 | 44,600 | ||||||
| Extra Space Storage, Inc. | 245 | 36,123 | ||||||
| Iron Mountain, Inc. | 348 | 35,694 | ||||||
| CubeSmart | 474 | 20,145 | ||||||
| Total REITs-Storage | 136,562 | |||||||
| REITs-Office Property - 6.5% | ||||||||
| Alexandria Real Estate Equities, Inc. | 317 | 23,024 | ||||||
| BXP, Inc.1 | 304 | 20,511 | ||||||
| Cousins Properties, Inc. | 485 | 14,565 | ||||||
| SL Green Realty Corp. | 217 | 13,432 | ||||||
| Kilroy Realty Corp.1 | 373 | 12,798 | ||||||
| Highwoods Properties, Inc. | 377 | 11,721 | ||||||
| COPT Defense Properties | 409 | 11,280 | ||||||
| Douglas Emmett, Inc.1 | 676 | 10,167 | ||||||
| LXP Industrial Trust | 1,192 | 9,846 | ||||||
| Total REITs-Office Property | 127,344 | |||||||
| REITs-Single Tenant - 5.1% | ||||||||
| Realty Income Corp. | 817 | 47,067 | ||||||
| NNN REIT, Inc. | 434 | 18,740 | ||||||
| Agree Realty Corp. | 249 | 18,192 | ||||||
| Essential Properties Realty Trust, Inc. | 514 | 16,402 | ||||||
| Total REITs-Single Tenant | 100,401 | |||||||
| REITs-Regional Malls - 3.7% | ||||||||
| Simon Property Group, Inc. | 291 | 46,781 | ||||||
| Macerich Co. | 819 | 13,251 | ||||||
| Tanger, Inc. | 398 | 12,171 | ||||||
| Total REITs-Regional Malls | 72,203 | |||||||
| REITs-Hotels - 3.7% | ||||||||
| Host Hotels & Resorts, Inc. | 1,369 | 21,028 | ||||||
| Ryman Hospitality Properties, Inc. | 162 | 15,985 | ||||||
| Apple Hospitality REIT, Inc.1 | 883 | 10,305 | ||||||
| Park Hotels & Resorts, Inc. | 870 | 8,900 | ||||||
| Sunstone Hotel Investors, Inc. | 972 | 8,437 | ||||||
| Pebblebrook Hotel Trust | 729 | 7,283 | ||||||
| Total REITs-Hotels | 71,938 | |||||||
| REITs-Manufactured Homes - 2.4% | ||||||||
| Sun Communities, Inc. | 208 | 26,310 | ||||||
| Equity LifeStyle Properties, Inc. | 342 | 21,091 | ||||||
| Total REITs-Manufactured Homes | 47,401 | |||||||
| Specialized REITs - 0.4% | ||||||||
| DiamondRock Hospitality Co. | 1,059 | 8,112 | ||||||
| Total REITs | 1,761,729 | |||||||
| Real Estate Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.1% (continued) | ||||||||
| Real Estate - 7.4% | ||||||||
| Real Estate Management/Services - 7.4% | ||||||||
| CBRE Group, Inc. — Class A* | 301 | $ | 42,176 | |||||
| CoStar Group, Inc.* | 460 | 36,984 | ||||||
| Jones Lang LaSalle, Inc.* | 69 | 17,649 | ||||||
| Compass, Inc. — Class A* | 1,896 | 11,907 | ||||||
| Newmark Group, Inc. — Class A | 921 | 11,190 | ||||||
| Cushman & Wakefield plc* | 946 | 10,472 | ||||||
| Redfin Corp.*,1 | 691 | 7,733 | ||||||
| eXp World Holdings, Inc. | 612 | 5,569 | ||||||
| Total Real Estate Management/Services | 143,680 | |||||||
| Total Real Estate | 143,680 | |||||||
| Internet - 1.5% | ||||||||
| E-Commerce/Services - 1.5% | ||||||||
| Zillow Group, Inc. — Class C* | 358 | 25,078 | ||||||
| Opendoor Technologies, Inc.*,1 | 6,674 | 3,557 | ||||||
| Total E-Commerce/Services | 28,635 | |||||||
| Total Internet | 28,635 | |||||||
| Total Common Stocks | ||||||||
| (Cost $1,353,525) | 1,934,044 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 2,235 | 2,235 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 964 | 964 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 931 | 931 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $4,130) | 4,130 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 3.9% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 76,370 | 76,370 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $76,370) | 76,370 | |||||||
| Total Investments - 103.2% | ||||||||
| (Cost $1,434,025) | $ | 2,014,544 | ||||||
| Other Assets & Liabilities, net - (3.2)% | (62,242 | ) | ||||||
| Total Net Assets - 100.0% | $ | 1,952,302 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
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 June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 1,934,044 | $ | — | $ | — | $ | 1,934,044 | ||||||||
| Repurchase Agreements | — | 4,130 | — | 4,130 | ||||||||||||
| Securities Lending Collateral | 76,370 | — | — | 76,370 | ||||||||||||
| Total Assets | $ | 2,010,414 | $ | 4,130 | $ | — | $ | 2,014,544 | ||||||||
| Retailing Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 100.0% | ||||||||
| Retail - 68.7% | ||||||||
| Walmart, Inc. | 3,150 | $ | 308,007 | |||||
| Costco Wholesale Corp. | 308 | 304,902 | ||||||
| TJX Companies, Inc. | 2,306 | 284,768 | ||||||
| Home Depot, Inc. | 763 | 279,746 | ||||||
| Lowe’s Companies, Inc. | 1,221 | 270,903 | ||||||
| O’Reilly Automotive, Inc.* | 2,352 | 211,986 | ||||||
| Carvana Co.* | 617 | 207,904 | ||||||
| Target Corp. | 1,644 | 162,181 | ||||||
| Ross Stores, Inc. | 1,202 | 153,351 | ||||||
| Tractor Supply Co. | 2,446 | 129,075 | ||||||
| Dollar General Corp. | 1,090 | 124,674 | ||||||
| AutoZone, Inc.* | 31 | 115,079 | ||||||
| Ulta Beauty, Inc.* | 242 | 113,212 | ||||||
| Williams-Sonoma, Inc. | 682 | 111,418 | ||||||
| Dollar Tree, Inc.* | 1,107 | 109,637 | ||||||
| Genuine Parts Co. | 823 | 99,838 | ||||||
| Dick’s Sporting Goods, Inc. | 500 | 98,905 | ||||||
| GameStop Corp. — Class A* | 3,821 | 93,194 | ||||||
| Burlington Stores, Inc.* | 399 | 92,823 | ||||||
| BJ’s Wholesale Club Holdings, Inc.* | 843 | 90,901 | ||||||
| Best Buy Company, Inc. | 1,272 | 85,389 | ||||||
| CarMax, Inc.* | 1,173 | 78,837 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc.* | 556 | 73,270 | ||||||
| Walgreens Boots Alliance, Inc.* | 6,113 | 70,177 | ||||||
| Floor & Decor Holdings, Inc. — Class A* | 897 | 68,136 | ||||||
| Bath & Body Works, Inc. | 2,203 | 66,002 | ||||||
| Five Below, Inc.* | 503 | 65,984 | ||||||
| AutoNation, Inc.* | 327 | 64,959 | ||||||
| Gap, Inc. | 2,644 | 57,666 | ||||||
| Murphy USA, Inc. | 136 | 55,325 | ||||||
| Urban Outfitters, Inc.* | 749 | 54,333 | ||||||
| Boot Barn Holdings, Inc.* | 333 | 50,616 | ||||||
| Abercrombie & Fitch Co. — Class A* | 597 | 49,462 | ||||||
| Lithia Motors, Inc. — Class A | 138 | 46,619 | ||||||
| Signet Jewelers Ltd. | 544 | 43,275 | ||||||
| RH* | 226 | 42,716 | ||||||
| Macy’s, Inc. | 3,606 | 42,046 | ||||||
| Academy Sports & Outdoors, Inc. | 921 | 41,270 | ||||||
| Advance Auto Parts, Inc. | 829 | 38,540 | ||||||
| Foot Locker, Inc.* | 1,515 | 37,118 | ||||||
| National Vision Holdings, Inc.* | 1,463 | 33,664 | ||||||
| American Eagle Outfitters, Inc. | 3,057 | 29,408 | ||||||
| Victoria’s Secret & Co.*,1 | 1,548 | 28,669 | ||||||
| Kohl’s Corp.1 | 2,721 | 23,074 | ||||||
| ODP Corp.* | 962 | 17,441 | ||||||
| Total Retail | 4,626,500 | |||||||
| Internet - 26.8% | ||||||||
| Amazon.com, Inc.* | 3,111 | 682,522 | ||||||
| Coupang, Inc.* | 5,893 | 176,554 | ||||||
| PDD Holdings, Inc. ADR* | 1,653 | 173,003 | ||||||
| Alibaba Group Holding Ltd. ADR | 1,407 | 159,568 | ||||||
| MercadoLibre, Inc.* | 56 | 146,363 | ||||||
| eBay, Inc. | 1,883 | 140,208 | ||||||
| JD.com, Inc. ADR | 3,589 | 117,145 | ||||||
| Chewy, Inc. — Class A* | 2,250 | 95,895 | ||||||
| Wayfair, Inc. — Class A* | 1,256 | 64,232 | ||||||
| Etsy, Inc.* | 1,005 | 50,411 | ||||||
| Total Internet | 1,805,901 | |||||||
| Distribution & Wholesale - 2.3% | ||||||||
| Pool Corp. | 264 | 76,951 | ||||||
| LKQ Corp. | 1,984 | 73,428 | ||||||
| Total Distribution & Wholesale | 150,379 | |||||||
| Software - 1.4% | ||||||||
| Global-e Online Ltd* | 2,858 | 95,857 | ||||||
| Commercial Services - 0.8% | ||||||||
| Valvoline, Inc.* | 1,437 | 54,419 | ||||||
| Total Common Stocks | ||||||||
| (Cost $3,719,411) | 6,733,056 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 17,978 | 17,978 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 7,758 | 7,758 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 7,491 | 7,491 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $33,227) | 33,227 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 25,849 | 25,849 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $25,849) | 25,849 | |||||||
| Total Investments - 100.9% | ||||||||
| (Cost $3,778,487) | $ | 6,792,132 | ||||||
| Other Assets & Liabilities, net - (0.9)% | (57,705 | ) | ||||||
| Total Net Assets - 100.0% | $ | 6,734,427 | ||||||
| Retailing Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 6,733,056 | $ | — | $ | — | $ | 6,733,056 | ||||||||
| Repurchase Agreements | — | 33,227 | — | 33,227 | ||||||||||||
| Securities Lending Collateral | 25,849 | — | — | 25,849 | ||||||||||||
| Total Assets | $ | 6,758,905 | $ | 33,227 | $ | — | $ | 6,792,132 | ||||||||
| Technology Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% | ||||||||
| Software - 31.6% | ||||||||
| Microsoft Corp. | 6,731 | $ | 3,348,067 | |||||
| Oracle Corp. | 4,606 | 1,007,010 | ||||||
| Palantir Technologies, Inc. — Class A* | 7,373 | 1,005,087 | ||||||
| Salesforce, Inc. | 3,185 | 868,518 | ||||||
| Intuit, Inc. | 1,015 | 799,444 | ||||||
| ServiceNow, Inc.* | 765 | 786,481 | ||||||
| Adobe, Inc.* | 1,724 | 666,981 | ||||||
| MicroStrategy, Inc. — Class A* | 1,445 | 584,112 | ||||||
| AppLovin Corp. — Class A* | 1,468 | 513,917 | ||||||
| Cadence Design Systems, Inc.* | 1,602 | 493,656 | ||||||
| Synopsys, Inc.* | 951 | 487,559 | ||||||
| ROBLOX Corp. — Class A* | 4,415 | 464,458 | ||||||
| Cloudflare, Inc. — Class A* | 2,297 | 449,822 | ||||||
| Autodesk, Inc.* | 1,439 | 445,471 | ||||||
| Snowflake, Inc. — Class A* | 1,990 | 445,302 | ||||||
| Workday, Inc. — Class A* | 1,753 | 420,720 | ||||||
| Roper Technologies, Inc. | 736 | 417,194 | ||||||
| Atlassian Corp. — Class A* | 2,024 | 411,054 | ||||||
| Datadog, Inc. — Class A* | 2,739 | 367,930 | ||||||
| Take-Two Interactive Software, Inc.* | 1,474 | 357,961 | ||||||
| Electronic Arts, Inc. | 2,216 | 353,895 | ||||||
| NetEase, Inc. ADR | 2,425 | 326,357 | ||||||
| ANSYS, Inc.* | 858 | 301,347 | ||||||
| Zoom Communications, Inc. — Class A* | 3,237 | 252,421 | ||||||
| Samsara, Inc. — Class A* | 6,185 | 246,039 | ||||||
| PTC, Inc.* | 1,422 | 245,067 | ||||||
| Nutanix, Inc. — Class A* | 3,202 | 244,761 | ||||||
| Twilio, Inc. — Class A* | 1,874 | 233,051 | ||||||
| Guidewire Software, Inc.* | 986 | 232,154 | ||||||
| Dynatrace, Inc.* | 3,998 | 220,730 | ||||||
| HubSpot, Inc.* | 395 | 219,869 | ||||||
| MongoDB, Inc.* | 1,038 | 217,970 | ||||||
| DocuSign, Inc.* | 2,744 | 213,730 | ||||||
| Monday.com Ltd.* | 632 | 198,751 | ||||||
| Manhattan Associates, Inc.* | 945 | 186,609 | ||||||
| Akamai Technologies, Inc.* | 2,280 | 181,853 | ||||||
| IonQ, Inc.*,1 | 3,992 | 171,536 | ||||||
| Dropbox, Inc. — Class A* | 5,245 | 150,007 | ||||||
| Confluent, Inc. — Class A* | 5,900 | 147,087 | ||||||
| Unity Software, Inc.* | 5,970 | 144,474 | ||||||
| Gitlab, Inc. — Class A* | 3,081 | 138,984 | ||||||
| SoundHound AI, Inc. — Class A*,1 | 10,971 | 117,719 | ||||||
| ZoomInfo Technologies, Inc. — Class A* | 9,132 | 92,416 | ||||||
| Total Software | 19,177,571 | |||||||
| Semiconductors - 27.3% | ||||||||
| NVIDIA Corp. | 21,682 | 3,425,539 | ||||||
| Broadcom, Inc. | 7,252 | 1,999,014 | ||||||
| Advanced Micro Devices, Inc.* | 6,266 | 889,145 | ||||||
| Texas Instruments, Inc. | 3,643 | 756,360 | ||||||
| QUALCOMM, Inc. | 4,479 | 713,326 | ||||||
| Applied Materials, Inc. | 3,638 | 666,009 | ||||||
| Micron Technology, Inc. | 5,315 | 655,074 | ||||||
| Lam Research Corp. | 6,359 | 618,985 | ||||||
| Analog Devices, Inc. | 2,489 | 592,432 | ||||||
| KLA Corp. | 661 | 592,084 | ||||||
| Intel Corp.* | 23,462 | 525,549 | ||||||
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2,175 | 492,616 | ||||||
| NXP Semiconductor N.V. | 2,164 | 472,812 | ||||||
| Marvell Technology, Inc. | 5,947 | 460,298 | ||||||
| ARM Holdings plc ADR* | 2,785 | 450,446 | ||||||
| ASML Holding N.V. — Class G | 557 | 446,374 | ||||||
| Microchip Technology, Inc. | 4,798 | 337,635 | ||||||
| STMicroelectronics N.V. — Class Y1 | 10,785 | 327,972 | ||||||
| ON Semiconductor Corp.* | 4,734 | 248,109 | ||||||
| Teradyne, Inc. | 2,344 | 210,772 | ||||||
| Monolithic Power Systems, Inc. | 267 | 195,278 | ||||||
| Entegris, Inc. | 2,344 | 189,044 | ||||||
| Skyworks Solutions, Inc. | 2,466 | 183,766 | ||||||
| Astera Labs, Inc.* | 2,019 | 182,558 | ||||||
| Qorvo, Inc.* | 1,822 | 154,706 | ||||||
| Rambus, Inc.* | 2,263 | 144,877 | ||||||
| MKS, Inc. | 1,433 | 142,383 | ||||||
| Lattice Semiconductor Corp.* | 2,826 | 138,446 | ||||||
| Cirrus Logic, Inc.* | 1,096 | 114,264 | ||||||
| GLOBALFOUNDRIES, Inc.* | 2,820 | 107,724 | ||||||
| Axcelis Technologies, Inc.* | 1,160 | 80,840 | ||||||
| Impinj, Inc.* | 517 | 57,423 | ||||||
| Total Semiconductors | 16,571,860 | |||||||
| Computers - 16.5% | ||||||||
| Apple, Inc. | 14,673 | 3,010,459 | ||||||
| International Business Machines Corp. | 3,104 | 914,997 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 1,189 | 605,570 | ||||||
| Dell Technologies, Inc. — Class C | 3,922 | 480,837 | ||||||
| Fortinet, Inc.* | 4,247 | 448,993 | ||||||
| Accenture plc — Class A | 1,195 | 357,174 | ||||||
| Check Point Software Technologies Ltd.* | 1,538 | 340,283 | ||||||
| Cognizant Technology Solutions Corp. — Class A | 4,224 | 329,599 | ||||||
| Infosys Ltd. ADR | 17,748 | 328,870 | ||||||
| Seagate Technology Holdings plc | 2,222 | 320,701 | ||||||
| Zscaler, Inc.* | 963 | 302,324 | ||||||
| Hewlett Packard Enterprise Co. | 14,591 | 298,386 | ||||||
| Super Micro Computer, Inc.* | 5,801 | 284,307 | ||||||
| Western Digital Corp. | 4,253 | 272,149 | ||||||
| HP, Inc. | 10,519 | 257,295 | ||||||
| CyberArk Software Ltd.* | 621 | 252,673 | ||||||
| NetApp, Inc. | 2,367 | 252,204 | ||||||
| Pure Storage, Inc. — Class A* | 4,056 | 233,544 | ||||||
| Okta, Inc.* | 2,245 | 224,433 | ||||||
| Lumentum Holdings, Inc.* | 1,480 | 140,689 | ||||||
| Sandisk Corp.* | 3,064 | 138,952 | ||||||
| Varonis Systems, Inc.* | 2,512 | 127,484 | ||||||
| Rigetti Computing, Inc.*,1 | 8,523 | 101,083 | ||||||
| Total Computers | 10,023,006 | |||||||
| Internet - 14.5% | ||||||||
| Alphabet, Inc. — Class A | 14,244 | 2,510,220 | ||||||
| Meta Platforms, Inc. — Class A | 3,272 | 2,415,031 | ||||||
| Palo Alto Networks, Inc.* | 3,081 | 630,496 | ||||||
| Shopify, Inc. — Class A* | 3,551 | 409,608 | ||||||
| Technology Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% (continued) | ||||||||
| Internet - 14.5% (continued) | ||||||||
| Sea Ltd. ADR* | 2,286 | $ | 365,623 | |||||
| Baidu, Inc. ADR* | 3,853 | 330,433 | ||||||
| Reddit, Inc. — Class A* | 1,995 | 300,387 | ||||||
| GoDaddy, Inc. — Class A* | 1,520 | 273,691 | ||||||
| Pinterest, Inc. — Class A* | 7,473 | 267,982 | ||||||
| CDW Corp. | 1,480 | 264,313 | ||||||
| VeriSign, Inc. | 905 | 261,364 | ||||||
| F5, Inc.* | 754 | 221,917 | ||||||
| Gen Digital, Inc. | 7,142 | 209,975 | ||||||
| Snap, Inc. — Class A* | 21,241 | 184,584 | ||||||
| Match Group, Inc. | 4,862 | 150,187 | ||||||
| Total Internet | 8,795,811 | |||||||
| Telecommunications - 4.2% | ||||||||
| Cisco Systems, Inc. | 12,625 | 875,923 | ||||||
| Arista Networks, Inc.* | 5,367 | 549,098 | ||||||
| Motorola Solutions, Inc. | 1,079 | 453,676 | ||||||
| Corning, Inc. | 6,707 | 352,721 | ||||||
| Credo Technology Group Holding Ltd.* | 2,321 | 214,901 | ||||||
| InterDigital, Inc. | 395 | 88,571 | ||||||
| Total Telecommunications | 2,534,890 | |||||||
| Electronics - 3.6% | ||||||||
| Amphenol Corp. — Class A | 6,069 | 599,314 | ||||||
| TE Connectivity plc | 1,978 | 333,629 | ||||||
| Keysight Technologies, Inc.* | 1,747 | 286,263 | ||||||
| Jabil, Inc. | 1,288 | 280,913 | ||||||
| Flex Ltd.* | 4,955 | 247,354 | ||||||
| Trimble, Inc.* | 3,093 | 235,006 | ||||||
| Coherent Corp.* | 2,338 | 208,573 | ||||||
| Total Electronics | 2,191,052 | |||||||
| Investment Companies - 0.8% | ||||||||
| Core Scientific, Inc.* | 7,920 | 135,194 | ||||||
| MARA Holdings, Inc.* | 7,839 | 122,916 | ||||||
| Riot Platforms, Inc.* | 9,648 | 109,022 | ||||||
| Cleanspark, Inc.*,1 | 9,005 | 99,325 | ||||||
| Total Investment Companies | 466,457 | |||||||
| Energy-Alternate Sources - 0.5% | ||||||||
| First Solar, Inc.* | 1,340 | 221,824 | ||||||
| Enphase Energy, Inc.* | 2,919 | 115,738 | ||||||
| Total Energy-Alternate Sources | 337,562 | |||||||
| Office & Business Equipment - 0.3% | ||||||||
| Zebra Technologies Corp. — Class A* | 678 | 209,068 | ||||||
| Electrical Components & Equipment - 0.2% | ||||||||
| Universal Display Corp. | 702 | 108,431 | ||||||
| Total Common Stocks | ||||||||
| (Cost $28,847,249) | 60,415,708 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 144,266 | 144,266 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 62,251 | 62,251 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 60,111 | 60,111 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $266,628) | 266,628 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 215,245 | 215,245 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $215,245) | 215,245 | |||||||
| Total Investments - 100.3% | ||||||||
| (Cost $29,329,122) | $ | 60,897,581 | ||||||
| Other Assets & Liabilities, net - (0.3)% | (168,687 | ) | ||||||
| Total Net Assets - 100.0% | $ | 60,728,894 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
| Technology Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 60,415,708 | $ | — | $ | — | $ | 60,415,708 | ||||||||
| Repurchase Agreements | — | 266,628 | — | 266,628 | ||||||||||||
| Securities Lending Collateral | 215,245 | — | — | 215,245 | ||||||||||||
| Total Assets | $ | 60,630,953 | $ | 266,628 | $ | — | $ | 60,897,581 | ||||||||
| Telecommunications Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.9% | ||||||||
| Telecommunications - 72.8% | ||||||||
| Cisco Systems, Inc. | 9,399 | $ | 652,103 | |||||
| AT&T, Inc. | 20,437 | 591,447 | ||||||
| Verizon Communications, Inc. | 12,174 | 526,769 | ||||||
| T-Mobile US, Inc. | 1,805 | 430,059 | ||||||
| Arista Networks, Inc.* | 3,994 | 408,626 | ||||||
| Motorola Solutions, Inc. | 747 | 314,084 | ||||||
| Juniper Networks, Inc. | 5,507 | 219,895 | ||||||
| AST SpaceMobile, Inc.*,1 | 4,624 | 216,080 | ||||||
| Ciena Corp.* | 2,480 | 201,698 | ||||||
| EchoStar Corp. — Class A* | 6,597 | 182,737 | ||||||
| Frontier Communications Parent, Inc.* | 4,738 | 172,463 | ||||||
| Telefonaktiebolaget LM Ericsson ADR | 18,893 | 160,213 | ||||||
| Vodafone Group plc ADR | 14,468 | 154,229 | ||||||
| BCE, Inc. | 6,650 | 147,430 | ||||||
| Rogers Communications, Inc. — Class B | 4,862 | 144,207 | ||||||
| TELUS Corp.1 | 8,773 | 140,894 | ||||||
| Nokia Oyj ADR | 26,672 | 138,161 | ||||||
| America Movil SAB de CV ADR | 7,676 | 137,707 | ||||||
| Telephone & Data Systems, Inc. | 3,027 | 107,701 | ||||||
| Calix, Inc.* | 1,985 | 105,582 | ||||||
| Iridium Communications, Inc. | 3,259 | 98,324 | ||||||
| Lumen Technologies, Inc.* | 22,004 | 96,378 | ||||||
| Extreme Networks, Inc.* | 5,031 | 90,306 | ||||||
| Viavi Solutions, Inc.* | 8,731 | 87,921 | ||||||
| Viasat, Inc.* | 6,011 | 87,761 | ||||||
| CommScope Holding Company, Inc.* | 10,355 | 85,739 | ||||||
| InterDigital, Inc. | 327 | 73,323 | ||||||
| Gogo, Inc.* | 4,444 | 65,238 | ||||||
| Harmonic, Inc.* | 6,171 | 58,439 | ||||||
| Globalstar, Inc.* | 2,329 | 54,848 | ||||||
| Total Telecommunications | 5,950,362 | |||||||
| Media - 14.9% | ||||||||
| Comcast Corp. — Class A | 13,098 | 467,468 | ||||||
| Charter Communications, Inc. — Class A* | 829 | 338,903 | ||||||
| Liberty Broadband Corp. — Class C* | 2,178 | 214,272 | ||||||
| Liberty Global Ltd. — Class A* | 14,094 | 141,081 | ||||||
| Liberty Latin America Ltd. — Class C* | 8,967 | 55,775 | ||||||
| Total Media | 1,217,499 | |||||||
| Internet - 6.1% | ||||||||
| Roku, Inc.* | 2,546 | 223,768 | ||||||
| F5, Inc.* | 629 | 185,127 | ||||||
| Cogent Communications Holdings, Inc. | 1,771 | 85,380 | ||||||
| Total Internet | 494,275 | |||||||
| Computers - 2.8% | ||||||||
| Lumentum Holdings, Inc.* | 1,572 | 149,434 | ||||||
| NetScout Systems, Inc.* | 3,113 | 77,234 | ||||||
| Total Computers | 226,668 | |||||||
| Software - 1.3% | ||||||||
| Nice Ltd. ADR* | 656 | 110,805 | ||||||
| Electronics - 1.0% | ||||||||
| Applied Optoelectronics, Inc.* | 3,073 | 78,945 | ||||||
| Total Common Stocks | ||||||||
| (Cost $6,619,208) | 8,078,554 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,2 - 1.6% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%3 | 132,346 | 132,346 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $132,346) | 132,346 | |||||||
| Total Investments - 100.5% | ||||||||
| (Cost $6,751,554) | $ | 8,210,900 | ||||||
| Other Assets & Liabilities, net - (0.5)% | (38,208 | ) | ||||||
| Total Net Assets - 100.0% | $ | 8,172,692 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Securities lending collateral — See Note 5. |
| 3 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
| Telecommunications Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 8,078,554 | $ | — | $ | — | $ | 8,078,554 | ||||||||
| Securities Lending Collateral | 132,346 | — | — | 132,346 | ||||||||||||
| Total Assets | $ | 8,210,900 | $ | — | $ | — | $ | 8,210,900 | ||||||||
| Transportation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.9% | ||||||||
| Transportation - 39.4% | ||||||||
| Union Pacific Corp. | 1,181 | $ | 271,724 | |||||
| United Parcel Service, Inc. — Class B | 2,109 | 212,882 | ||||||
| CSX Corp. | 5,547 | 180,999 | ||||||
| Norfolk Southern Corp. | 689 | 176,363 | ||||||
| FedEx Corp. | 717 | 162,981 | ||||||
| Old Dominion Freight Line, Inc. | 786 | 127,568 | ||||||
| Expeditors International of Washington, Inc. | 792 | 90,486 | ||||||
| XPO, Inc.* | 694 | 87,645 | ||||||
| Canadian Pacific Kansas City Ltd. | 1,061 | 84,105 | ||||||
| Canadian National Railway Co. | 795 | 82,712 | ||||||
| Star Bulk Carriers Corp.1 | 4,710 | 81,247 | ||||||
| ZTO Express Cayman, Inc. ADR | 4,545 | 80,674 | ||||||
| ZIM Integrated Shipping Services Ltd. | 4,972 | 79,999 | ||||||
| TFI International, Inc. | 884 | 79,268 | ||||||
| J.B. Hunt Transport Services, Inc. | 541 | 77,688 | ||||||
| CH Robinson Worldwide, Inc. | 802 | 76,952 | ||||||
| Golden Ocean Group Ltd.1 | 10,086 | 73,830 | ||||||
| Saia, Inc.* | 233 | 63,840 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 1,378 | 60,949 | ||||||
| Ryder System, Inc. | 370 | 58,830 | ||||||
| Kirby Corp.* | 512 | 58,066 | ||||||
| Matson, Inc. | 386 | 42,981 | ||||||
| Landstar System, Inc. | 281 | 39,065 | ||||||
| Hub Group, Inc. — Class A | 971 | 32,461 | ||||||
| ArcBest Corp. | 397 | 30,573 | ||||||
| Werner Enterprises, Inc. | 1,064 | 29,111 | ||||||
| Forward Air Corp.* | 711 | 17,448 | ||||||
| Total Transportation | 2,460,447 | |||||||
| Auto Manufacturers - 24.0% | ||||||||
| Tesla, Inc.* | 2,146 | 681,698 | ||||||
| General Motors Co. | 3,229 | 158,899 | ||||||
| Ford Motor Co. | 14,202 | 154,092 | ||||||
| Ferrari N.V. | 170 | 83,426 | ||||||
| Stellantis N.V.1 | 8,108 | 81,323 | ||||||
| Rivian Automotive, Inc. — Class A* | 5,785 | 79,486 | ||||||
| NIO, Inc. ADR*,1 | 22,674 | 77,772 | ||||||
| Li Auto, Inc. ADR*,1 | 2,864 | 77,643 | ||||||
| Toyota Motor Corp. ADR | 442 | 76,139 | ||||||
| Lucid Group, Inc.*,1 | 13,946 | 29,426 | ||||||
| Total Auto Manufacturers | 1,499,904 | |||||||
| Airlines - 11.5% | ||||||||
| Delta Air Lines, Inc. | 2,673 | 131,458 | ||||||
| United Airlines Holdings, Inc.* | 1,519 | 120,958 | ||||||
| Southwest Airlines Co. | 3,046 | 98,812 | ||||||
| Ryanair Holdings plc ADR | 1,437 | 82,872 | ||||||
| Copa Holdings S.A. — Class A | 746 | 82,038 | ||||||
| American Airlines Group, Inc.* | 5,659 | 63,494 | ||||||
| Alaska Air Group, Inc.* | 1,133 | 56,061 | ||||||
| SkyWest, Inc.* | 429 | 44,174 | ||||||
| JetBlue Airways Corp.* | 5,624 | 23,789 | ||||||
| Allegiant Travel Co. — Class A* | 306 | 16,815 | ||||||
| Total Airlines | 720,471 | |||||||
| Auto Parts & Equipment - 11.3% | ||||||||
| Mobileye Global, Inc. — Class A* | 5,119 | 92,040 | ||||||
| Autoliv, Inc. | 735 | 82,247 | ||||||
| Aptiv plc* | 1,202 | 82,000 | ||||||
| Magna International, Inc. | 2,103 | 81,197 | ||||||
| BorgWarner, Inc. | 1,861 | 62,306 | ||||||
| Lear Corp. | 548 | 52,049 | ||||||
| Gentex Corp. | 2,288 | 50,313 | ||||||
| QuantumScape Corp.* | 7,075 | 47,544 | ||||||
| Goodyear Tire & Rubber Co.* | 3,504 | 36,336 | ||||||
| Visteon Corp.* | 387 | 36,107 | ||||||
| Dorman Products, Inc.* | 264 | 32,385 | ||||||
| Adient plc* | 1,506 | 29,307 | ||||||
| Fox Factory Holding Corp.* | 850 | 22,049 | ||||||
| Total Auto Parts & Equipment | 705,880 | |||||||
| Internet - 7.8% | ||||||||
| Uber Technologies, Inc.* | 3,623 | 338,026 | ||||||
| Grab Holdings Ltd. — Class A* | 18,350 | 92,300 | ||||||
| Lyft, Inc. — Class A* | 3,712 | 58,501 | ||||||
| Total Internet | 488,827 | |||||||
| Commercial Services - 2.0% | ||||||||
| GXO Logistics, Inc.* | 1,159 | 56,443 | ||||||
| Avis Budget Group, Inc.* | 264 | 44,629 | ||||||
| Hertz Global Holdings, Inc.*,1 | 3,256 | 22,239 | ||||||
| Total Commercial Services | 123,311 | |||||||
| Home Builders - 1.1% | ||||||||
| Thor Industries, Inc. | 553 | 49,112 | ||||||
| Winnebago Industries, Inc. | 661 | 19,169 | ||||||
| Total Home Builders | 68,281 | |||||||
| Aerospace & Defense - 0.9% | ||||||||
| Joby Aviation, Inc.*,1 | 5,063 | 53,415 | ||||||
| Building Materials - 0.8% | ||||||||
| Modine Manufacturing Co.* | 522 | 51,417 | ||||||
| Leisure Time - 0.6% | ||||||||
| Harley-Davidson, Inc. | 1,531 | 36,132 | ||||||
| Retail - 0.5% | ||||||||
| Patrick Industries, Inc. | 353 | 32,571 | ||||||
| Total Common Stocks | ||||||||
| (Cost $3,646,597) | 6,240,656 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 22,818 | 22,818 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 9,846 | 9,846 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 9,508 | 9,508 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $42,172) | 42,172 | |||||||
| Transportation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| SECURITIES LENDING COLLATERAL†,3 - 6.1% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 383,865 | $ | 383,865 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $383,865) | 383,865 | |||||||
| Total Investments - 106.7% | ||||||||
| (Cost $4,072,634) | $ | 6,666,693 | ||||||
| Other Assets & Liabilities, net - (6.7)% | (415,804 | ) | ||||||
| Total Net Assets - 100.0% | $ | 6,250,889 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 6,240,656 | $ | — | $ | — | $ | 6,240,656 | ||||||||
| Repurchase Agreements | — | 42,172 | — | 42,172 | ||||||||||||
| Securities Lending Collateral | 383,865 | — | — | 383,865 | ||||||||||||
| Total Assets | $ | 6,624,521 | $ | 42,172 | $ | — | $ | 6,666,693 | ||||||||
| Utilities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% | ||||||||
| Electric - 87.6% | ||||||||
| NextEra Energy, Inc. | 17,869 | $ | 1,240,466 | |||||
| Constellation Energy Corp. | 3,408 | 1,099,966 | ||||||
| Southern Co. | 11,789 | 1,082,584 | ||||||
| Duke Energy Corp. | 8,706 | 1,027,308 | ||||||
| Vistra Corp. | 4,635 | 898,309 | ||||||
| American Electric Power Company, Inc. | 7,674 | 796,254 | ||||||
| Sempra | 9,925 | 752,017 | ||||||
| Dominion Energy, Inc. | 13,263 | 749,625 | ||||||
| Public Service Enterprise Group, Inc. | 8,366 | 704,250 | ||||||
| Exelon Corp. | 16,212 | 703,925 | ||||||
| Xcel Energy, Inc. | 9,773 | 665,541 | ||||||
| Entergy Corp. | 7,671 | 637,614 | ||||||
| Consolidated Edison, Inc. | 6,302 | 632,406 | ||||||
| WEC Energy Group, Inc. | 5,870 | 611,654 | ||||||
| NRG Energy, Inc. | 3,796 | 609,562 | ||||||
| PG&E Corp. | 42,326 | 590,024 | ||||||
| Ameren Corp. | 5,682 | 545,699 | ||||||
| CenterPoint Energy, Inc. | 14,413 | 529,534 | ||||||
| DTE Energy Co. | 3,921 | 519,376 | ||||||
| PPL Corp. | 15,300 | 518,517 | ||||||
| Eversource Energy | 7,969 | 506,988 | ||||||
| FirstEnergy Corp. | 12,336 | 496,647 | ||||||
| Edison International | 9,405 | 485,298 | ||||||
| CMS Energy Corp. | 6,924 | 479,695 | ||||||
| Evergy, Inc. | 6,174 | 425,574 | ||||||
| Alliant Energy Corp. | 6,907 | 417,666 | ||||||
| National Grid plc ADR1 | 5,120 | 380,979 | ||||||
| Fortis, Inc. | 7,769 | 370,814 | ||||||
| Brookfield Renewable Corp. | 10,617 | 348,025 | ||||||
| Pinnacle West Capital Corp. | 3,863 | 345,623 | ||||||
| OGE Energy Corp. | 7,171 | 318,249 | ||||||
| Talen Energy Corp.* | 990 | 287,862 | ||||||
| AES Corp. | 26,129 | 274,877 | ||||||
| IDACORP, Inc. | 2,311 | 266,805 | ||||||
| Clearway Energy, Inc. — Class C | 8,333 | 266,656 | ||||||
| Ormat Technologies, Inc. | 2,919 | 244,496 | ||||||
| Oklo, Inc.*,1 | 4,278 | 239,525 | ||||||
| TXNM Energy, Inc. | 4,105 | 231,194 | ||||||
| Portland General Electric Co. | 5,497 | 223,343 | ||||||
| Northwestern Energy Group, Inc. | 3,648 | 187,142 | ||||||
| Otter Tail Corp. | 2,141 | 165,050 | ||||||
| Hawaiian Electric Industries, Inc.* | 13,681 | 145,429 | ||||||
| MGE Energy, Inc. | 892 | 78,889 | ||||||
| Total Electric | 22,101,457 | |||||||
| Gas - 8.0% | ||||||||
| Atmos Energy Corp. | 3,418 | 526,748 | ||||||
| NiSource, Inc. | 11,617 | 468,630 | ||||||
| UGI Corp. | 8,171 | 297,588 | ||||||
| National Fuel Gas Co. | 3,461 | 293,181 | ||||||
| ONE Gas, Inc. | 3,098 | 222,622 | ||||||
| MDU Resources Group, Inc. | 11,849 | 197,523 | ||||||
| Total Gas | 2,006,292 | |||||||
| Water - 3.5% | ||||||||
| American Water Works Company, Inc. | 3,978 | 553,380 | ||||||
| Essential Utilities, Inc. | 9,125 | 338,902 | ||||||
| Total Water | 892,282 | |||||||
| Energy-Alternate Sources - 0.4% | ||||||||
| XPLR Infrastructure, LP* | 11,077 | 90,831 | ||||||
| Total Common Stocks | ||||||||
| (Cost $18,622,120) | 25,090,862 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 18,312 | 18,312 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 7,902 | 7,902 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 7,630 | 7,630 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $33,844) | 33,844 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 1.5% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 373,971 | 373,971 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $373,971) | 373,971 | |||||||
| Total Investments - 101.1% | ||||||||
| (Cost $19,029,935) | $ | 25,498,677 | ||||||
| Other Assets & Liabilities, net - (1.1)% | (275,205 | ) | ||||||
| Total Net Assets - 100.0% | $ | 25,223,472 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
| Utilities Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 25,090,862 | $ | — | $ | — | $ | 25,090,862 | ||||||||
| Repurchase Agreements | — | 33,844 | — | 33,844 | ||||||||||||
| Securities Lending Collateral | 373,971 | — | — | 373,971 | ||||||||||||
| Total Assets | $ | 25,464,833 | $ | 33,844 | $ | — | $ | 25,498,677 | ||||||||
| Dow Jones Industrial Average® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 90.0% | ||||||||
| Financial - 24.4% | ||||||||
| Goldman Sachs Group, Inc. | 2,583 | $ | 1,828,118 | |||||
| Visa, Inc. — Class A | 2,583 | 917,094 | ||||||
| American Express Co. | 2,583 | 823,925 | ||||||
| JPMorgan Chase & Co. | 2,583 | 748,838 | ||||||
| Travelers Companies, Inc. | 2,583 | 691,056 | ||||||
| Total Financial | 5,009,031 | |||||||
| Technology - 17.9% | ||||||||
| Microsoft Corp. | 2,583 | 1,284,810 | ||||||
| International Business Machines Corp. | 2,583 | 761,417 | ||||||
| Salesforce, Inc. | 2,583 | 704,358 | ||||||
| Apple, Inc. | 2,583 | 529,954 | ||||||
| NVIDIA Corp. | 2,583 | 408,088 | ||||||
| Total Technology | 3,688,627 | |||||||
| Consumer, Non-cyclical - 13.2% | ||||||||
| UnitedHealth Group, Inc. | 2,583 | 805,818 | ||||||
| Amgen, Inc. | 2,583 | 721,199 | ||||||
| Procter & Gamble Co. | 2,583 | 411,524 | ||||||
| Johnson & Johnson | 2,583 | 394,553 | ||||||
| Merck & Company, Inc. | 2,583 | 204,471 | ||||||
| Coca-Cola Co. | 2,583 | 182,747 | ||||||
| Total Consumer, Non-cyclical | 2,720,312 | |||||||
| Industrial - 12.3% | ||||||||
| Caterpillar, Inc. | 2,583 | 1,002,747 | ||||||
| Honeywell International, Inc. | 2,583 | 601,529 | ||||||
| Boeing Co.* | 2,583 | 541,216 | ||||||
| 3M Co. | 2,583 | 393,236 | ||||||
| Total Industrial | 2,538,728 | |||||||
| Consumer, Cyclical - 10.4% | ||||||||
| Home Depot, Inc. | 2,583 | 947,031 | ||||||
| McDonald’s Corp. | 2,583 | 754,675 | ||||||
| Walmart, Inc. | 2,583 | 252,566 | ||||||
| NIKE, Inc. — Class B | 2,583 | 183,496 | ||||||
| Total Consumer, Cyclical | 2,137,768 | |||||||
| Communications - 5.7% | ||||||||
| Amazon.com, Inc.* | 2,583 | 566,684 | ||||||
| Walt Disney Co. | 2,583 | 320,318 | ||||||
| Cisco Systems, Inc. | 2,583 | 179,209 | ||||||
| Verizon Communications, Inc. | 2,583 | 111,766 | ||||||
| Total Communications | 1,177,977 | |||||||
| Basic Materials - 4.3% | ||||||||
| Sherwin-Williams Co. | 2,583 | 886,899 | ||||||
| Energy - 1.8% | ||||||||
| Chevron Corp. | 2,583 | 369,860 | ||||||
| Total Common Stocks | ||||||||
| (Cost $12,473,919) | 18,529,202 | |||||||
| MUTUAL FUNDS† - 6.3% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 67,906 | 682,458 | ||||||
| Guggenheim Strategy Fund II1 | 24,698 | 614,495 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $1,285,414) | 1,296,953 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 0.5% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/252,3 | $ | 54,000 | 53,957 | |||||
| 4.23% due 09/18/253,4 | 50,000 | 49,537 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $103,492) | 103,494 | |||||||
| REPURCHASE AGREEMENTS††,5 - 3.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/254 | 341,411 | 341,411 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/254 | 147,319 | 147,319 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/254 | 142,255 | 142,255 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $630,985) | 630,985 | |||||||
| Total Investments - 99.9% | ||||||||
| (Cost $14,493,810) | $ | 20,560,634 | ||||||
| Other Assets & Liabilities, net - 0.1% | 16,493 | |||||||
| Total Net Assets - 100.0% | $ | 20,577,127 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Equity Futures Contracts Purchased† | ||||||||||||||
| Dow Jones Industrial Average Mini Futures Contracts | 4 | Sep 2025 | $ | 887,520 | $ | 37,034 | ||||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 14 | $ | 605,086 | $ | 15,252 | ||||||||||||
| BNP Paribas | Dow Jones Industrial Average | Pay | 5.23% (Federal Funds Rate + 0.90%) | At Maturity | 09/25/25 | 11 | 502,023 | 12,637 | ||||||||||||||
| $ | 1,107,109 | $ | 27,889 | |||||||||||||||||||
| Dow Jones Industrial Average® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Affiliated issuer. |
| 2 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 18,529,202 | $ | — | $ | — | $ | 18,529,202 | ||||||||
| Mutual Funds | 1,296,953 | — | — | 1,296,953 | ||||||||||||
| U.S. Treasury Bills | — | 103,494 | — | 103,494 | ||||||||||||
| Repurchase Agreements | — | 630,985 | — | 630,985 | ||||||||||||
| Equity Futures Contracts** | 37,034 | — | — | 37,034 | ||||||||||||
| Equity Index Swap Agreements** | — | 27,889 | — | 27,889 | ||||||||||||
| Total Assets | $ | 19,863,189 | $ | 762,368 | $ | — | $ | 20,625,557 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 614,001 | $ | – | $ | – | $ | – | $ | 494 | $ | 614,495 | 24,698 | $ | 8,255 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 681,100 | – | – | – | 1,358 | 682,458 | 67,906 | 7,266 | ||||||||||||||||||||||||
| $ | 1,295,101 | $ | – | $ | – | $ | – | $ | 1,852 | $ | 1,296,953 | $ | 15,521 | |||||||||||||||||||
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 73.7% | ||||||||
| Financial - 17.8% | ||||||||
| Interactive Brokers Group, Inc. — Class A | 1,291 | $ | 71,534 | |||||
| Equitable Holdings, Inc. | 900 | 50,490 | ||||||
| Fidelity National Financial, Inc. | 773 | 43,334 | ||||||
| East West Bancorp, Inc. | 408 | 41,200 | ||||||
| WP Carey, Inc. REIT | 649 | 40,485 | ||||||
| Reinsurance Group of America, Inc. — Class A | 196 | 38,879 | ||||||
| Unum Group | 475 | 38,361 | ||||||
| Gaming and Leisure Properties, Inc. REIT | 814 | 37,998 | ||||||
| Jones Lang LaSalle, Inc.* | 141 | 36,065 | ||||||
| RenaissanceRe Holdings Ltd. | 144 | 34,978 | ||||||
| Equity LifeStyle Properties, Inc. REIT | 566 | 34,905 | ||||||
| American Homes 4 Rent — Class A REIT | 941 | 33,942 | ||||||
| Annaly Capital Management, Inc. REIT | 1,792 | 33,725 | ||||||
| Carlyle Group, Inc. | 631 | 32,433 | ||||||
| Kinsale Capital Group, Inc. | 66 | 31,937 | ||||||
| Ally Financial, Inc. | 819 | 31,900 | ||||||
| First Horizon Corp. | 1,503 | 31,864 | ||||||
| Lamar Advertising Co. — Class A REIT | 261 | 31,675 | ||||||
| Stifel Financial Corp. | 304 | 31,549 | ||||||
| Omega Healthcare Investors, Inc. REIT | 857 | 31,409 | ||||||
| CubeSmart REIT | 675 | 28,687 | ||||||
| Evercore, Inc. — Class A | 106 | 28,622 | ||||||
| Houlihan Lokey, Inc. | 159 | 28,612 | ||||||
| Webster Financial Corp. | 498 | 27,191 | ||||||
| American Financial Group, Inc. | 213 | 26,883 | ||||||
| SouthState Corp. | 292 | 26,873 | ||||||
| Primerica, Inc. | 97 | 26,546 | ||||||
| Jefferies Financial Group, Inc. | 483 | 26,415 | ||||||
| Old Republic International Corp. | 674 | 25,909 | ||||||
| EastGroup Properties, Inc. REIT | 155 | 25,904 | ||||||
| Western Alliance Bancorporation | 323 | 25,187 | ||||||
| Pinnacle Financial Partners, Inc. | 228 | 25,173 | ||||||
| SEI Investments Co. | 280 | 25,161 | ||||||
| Rexford Industrial Realty, Inc. REIT | 699 | 24,863 | ||||||
| Wintrust Financial Corp. | 198 | 24,548 | ||||||
| Cullen/Frost Bankers, Inc. | 190 | 24,422 | ||||||
| NNN REIT, Inc. | 557 | 24,051 | ||||||
| Agree Realty Corp. REIT1 | 325 | 23,744 | ||||||
| Brixmor Property Group, Inc. REIT | 907 | 23,618 | ||||||
| Comerica, Inc. | 389 | 23,204 | ||||||
| Zions Bancorp North America | 437 | 22,698 | ||||||
| Commerce Bancshares, Inc. | 360 | 22,381 | ||||||
| UMB Financial Corp. | 211 | 22,189 | ||||||
| Ryan Specialty Holdings, Inc. | 319 | 21,689 | ||||||
| Synovus Financial Corp. | 412 | 21,321 | ||||||
| Old National Bancorp | 964 | 20,572 | ||||||
| SLM Corp. | 622 | 20,396 | ||||||
| Voya Financial, Inc. | 285 | 20,235 | ||||||
| STAG Industrial, Inc. REIT | 553 | 20,063 | ||||||
| Prosperity Bancshares, Inc. | 282 | 19,808 | ||||||
| MGIC Investment Corp. | 703 | 19,572 | ||||||
| Starwood Property Trust, Inc. REIT | 955 | 19,167 | ||||||
| Vornado Realty Trust REIT | 495 | 18,929 | ||||||
| First Industrial Realty Trust, Inc. REIT | 392 | 18,867 | ||||||
| First American Financial Corp. | 305 | 18,724 | ||||||
| Essent Group Ltd. | 300 | 18,219 | ||||||
| Hamilton Lane, Inc. — Class A | 128 | 18,191 | ||||||
| Hanover Insurance Group, Inc. | 106 | 18,006 | ||||||
| RLI Corp. | 247 | 17,838 | ||||||
| Cadence Bank | 552 | 17,653 | ||||||
| Affiliated Managers Group, Inc. | 84 | 16,529 | ||||||
| Healthcare Realty Trust, Inc. REIT | 1,041 | 16,510 | ||||||
| Selective Insurance Group, Inc. | 180 | 15,597 | ||||||
| FNB Corp. | 1,066 | 15,542 | ||||||
| Home BancShares, Inc. | 544 | 15,482 | ||||||
| United Bankshares, Inc. | 420 | 15,301 | ||||||
| Glacier Bancorp, Inc. | 351 | 15,121 | ||||||
| Cousins Properties, Inc. REIT | 497 | 14,925 | ||||||
| Kite Realty Group Trust REIT | 651 | 14,745 | ||||||
| Bank OZK | 313 | 14,730 | ||||||
| Hancock Whitney Corp. | 254 | 14,580 | ||||||
| Columbia Banking System, Inc. | 623 | 14,566 | ||||||
| Janus Henderson Group plc | 373 | 14,487 | ||||||
| First Financial Bankshares, Inc. | 381 | 13,708 | ||||||
| EPR Properties REIT1 | 225 | 13,109 | ||||||
| Sabra Health Care REIT, Inc. | 705 | 13,000 | ||||||
| Valley National Bancorp | 1,411 | 12,600 | ||||||
| Independence Realty Trust, Inc. REIT | 691 | 12,224 | ||||||
| Associated Banc-Corp. | 484 | 11,805 | ||||||
| Kemper Corp. | 178 | 11,488 | ||||||
| CNO Financial Group, Inc. | 294 | 11,342 | ||||||
| Kilroy Realty Corp. REIT1 | 315 | 10,808 | ||||||
| Texas Capital Bancshares, Inc.* | 136 | 10,798 | ||||||
| International Bancshares Corp. | 158 | 10,516 | ||||||
| Federated Hermes, Inc. — Class B | 224 | 9,928 | ||||||
| Flagstar Financial, Inc. | 898 | 9,519 | ||||||
| COPT Defense Properties REIT | 334 | 9,212 | ||||||
| Rayonier, Inc. REIT | 415 | 9,205 | ||||||
| Brighthouse Financial, Inc.* | 170 | 9,141 | ||||||
| Western Union Co. | 979 | 8,243 | ||||||
| PotlatchDeltic Corp. REIT | 212 | 8,134 | ||||||
| National Storage Affiliates Trust REIT | 208 | 6,654 | ||||||
| Park Hotels & Resorts, Inc. REIT | 592 | 6,056 | ||||||
| Total Financial | 2,076,399 | |||||||
| Industrial - 16.5% | ||||||||
| EMCOR Group, Inc. | 133 | 71,140 | ||||||
| Flex Ltd.* | 1,135 | 56,659 | ||||||
| Comfort Systems USA, Inc. | 104 | 55,766 | ||||||
| Curtiss-Wright Corp. | 112 | 54,717 | ||||||
| Carlisle Companies, Inc. | 128 | 47,795 | ||||||
| AECOM | 392 | 44,241 | ||||||
| XPO, Inc.* | 349 | 44,075 | ||||||
| Woodward, Inc. | 176 | 43,136 | ||||||
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 73.7% (continued) | ||||||||
| Industrial - 16.5% (continued) | ||||||||
| Graco, Inc. | 495 | $ | 42,555 | |||||
| Coherent Corp.* | 460 | 41,036 | ||||||
| BWX Technologies, Inc. | 271 | 39,040 | ||||||
| ITT, Inc. | 233 | 36,542 | ||||||
| RBC Bearings, Inc.* | 93 | 35,786 | ||||||
| nVent Electric plc | 488 | 35,746 | ||||||
| Crown Holdings, Inc. | 341 | 35,116 | ||||||
| Owens Corning | 252 | 34,655 | ||||||
| Clean Harbors, Inc.* | 149 | 34,446 | ||||||
| Lincoln Electric Holdings, Inc. | 165 | 34,208 | ||||||
| CNH Industrial N.V. | 2,591 | 33,579 | ||||||
| Fabrinet* | 106 | 31,236 | ||||||
| MasTec, Inc.* | 182 | 31,018 | ||||||
| AptarGroup, Inc. | 196 | 30,660 | ||||||
| TD SYNNEX Corp. | 221 | 29,990 | ||||||
| Regal Rexnord Corp.1 | 197 | 28,557 | ||||||
| Tetra Tech, Inc. | 781 | 28,085 | ||||||
| Crane Co. | 145 | 27,534 | ||||||
| TopBuild Corp.* | 84 | 27,194 | ||||||
| Acuity, Inc. | 91 | 27,149 | ||||||
| Applied Industrial Technologies, Inc. | 113 | 26,267 | ||||||
| Mueller Industries, Inc. | 328 | 26,066 | ||||||
| Fluor Corp.* | 488 | 25,020 | ||||||
| Donaldson Company, Inc. | 354 | 24,550 | ||||||
| Advanced Drainage Systems, Inc. | 209 | 24,006 | ||||||
| NEXTracker, Inc. — Class A* | 426 | 23,162 | ||||||
| Middleby Corp.* | 158 | 22,752 | ||||||
| Chart Industries, Inc.* | 133 | 21,899 | ||||||
| Oshkosh Corp. | 191 | 21,686 | ||||||
| Saia, Inc.* | 79 | 21,645 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 480 | 21,231 | ||||||
| Toro Co. | 296 | 20,921 | ||||||
| Esab Corp. | 169 | 20,373 | ||||||
| Flowserve Corp. | 387 | 20,260 | ||||||
| Universal Display Corp. | 131 | 20,234 | ||||||
| Eagle Materials, Inc. | 99 | 20,009 | ||||||
| Watts Water Technologies, Inc. — Class A | 81 | 19,917 | ||||||
| Arrow Electronics, Inc.* | 154 | 19,624 | ||||||
| MSA Safety, Inc. | 116 | 19,433 | ||||||
| Ryder System, Inc. | 122 | 19,398 | ||||||
| Valmont Industries, Inc. | 59 | 19,268 | ||||||
| Simpson Manufacturing Company, Inc. | 124 | 19,258 | ||||||
| AGCO Corp. | 183 | 18,878 | ||||||
| Graphic Packaging Holding Co. | 894 | 18,837 | ||||||
| Kirby Corp.* | 166 | 18,826 | ||||||
| Fortune Brands Innovations, Inc. | 356 | 18,327 | ||||||
| UFP Industries, Inc. | 179 | 17,785 | ||||||
| Trex Company, Inc.* | 318 | 17,293 | ||||||
| Littelfuse, Inc. | 73 | 16,551 | ||||||
| GATX Corp. | 106 | 16,277 | ||||||
| Vontier Corp. | 438 | 16,162 | ||||||
| Cognex Corp. | 497 | 15,765 | ||||||
| Louisiana-Pacific Corp. | 183 | 15,736 | ||||||
| AAON, Inc. | 200 | 14,750 | ||||||
| Landstar System, Inc. | 104 | 14,458 | ||||||
| Novanta, Inc.* | 107 | 13,796 | ||||||
| Knife River Corp.* | 168 | 13,716 | ||||||
| Timken Co. | 189 | 13,712 | ||||||
| Belden, Inc. | 117 | 13,549 | ||||||
| Hexcel Corp. | 238 | 13,445 | ||||||
| Avnet, Inc. | 248 | 13,164 | ||||||
| Silgan Holdings, Inc. | 241 | 13,057 | ||||||
| Sensata Technologies Holding plc | 433 | 13,038 | ||||||
| Sonoco Products Co. | 292 | 12,720 | ||||||
| Exponent, Inc. | 150 | 11,207 | ||||||
| EnerSys | 117 | 10,035 | ||||||
| Terex Corp. | 194 | 9,058 | ||||||
| Greif, Inc. — Class A | 77 | 5,004 | ||||||
| Total Industrial | 1,933,786 | |||||||
| Consumer, Non-cyclical - 11.8% | ||||||||
| RB Global, Inc. | 549 | 58,298 | ||||||
| US Foods Holding Corp.* | 685 | 52,752 | ||||||
| Tenet Healthcare Corp.* | 275 | 48,400 | ||||||
| Sprouts Farmers Market, Inc.* | 290 | 47,746 | ||||||
| Illumina, Inc.* | 469 | 44,747 | ||||||
| Performance Food Group Co.* | 462 | 40,411 | ||||||
| United Therapeutics Corp.* | 134 | 38,505 | ||||||
| Neurocrine Biosciences, Inc.* | 293 | 36,827 | ||||||
| Encompass Health Corp. | 299 | 36,666 | ||||||
| API Group Corp.* | 718 | 36,654 | ||||||
| Exelixis, Inc.* | 808 | 35,613 | ||||||
| Service Corporation International | 422 | 34,351 | ||||||
| BioMarin Pharmaceutical, Inc.* | 568 | 31,223 | ||||||
| Penumbra, Inc.* | 115 | 29,512 | ||||||
| Avantor, Inc.* | 2,019 | 27,176 | ||||||
| HealthEquity, Inc.* | 257 | 26,923 | ||||||
| Ensign Group, Inc. | 169 | 26,070 | ||||||
| Ingredion, Inc. | 191 | 25,903 | ||||||
| Albertsons Companies, Inc. — Class A | 1,194 | 25,683 | ||||||
| Morningstar, Inc. | 79 | 24,800 | ||||||
| Paylocity Holding Corp.* | 128 | 23,192 | ||||||
| Masimo Corp.* | 133 | 22,373 | ||||||
| Medpace Holdings, Inc.* | 70 | 21,970 | ||||||
| H&R Block, Inc. | 397 | 21,791 | ||||||
| BellRing Brands, Inc.* | 376 | 21,782 | ||||||
| Celsius Holdings, Inc.* | 466 | 21,618 | ||||||
| Chemed Corp. | 43 | 20,938 | ||||||
| elf Beauty, Inc.* | 167 | 20,782 | ||||||
| Shift4 Payments, Inc. — Class A*,1 | 200 | 19,822 | ||||||
| Globus Medical, Inc. — Class A* | 335 | 19,772 | ||||||
| Coca-Cola Consolidated, Inc. | 174 | 19,427 | ||||||
| Jazz Pharmaceuticals plc* | 183 | 19,420 | ||||||
| Repligen Corp.* | 155 | 19,279 | ||||||
| Halozyme Therapeutics, Inc.* | 365 | 18,987 | ||||||
| Darling Ingredients, Inc.* | 468 | 17,756 | ||||||
| Lantheus Holdings, Inc.* | 205 | 16,781 | ||||||
| GXO Logistics, Inc.* | 339 | 16,509 | ||||||
| FTI Consulting, Inc.* | 100 | 16,150 | ||||||
| Option Care Health, Inc.* | 485 | 15,753 | ||||||
| Grand Canyon Education, Inc.* | 83 | 15,687 | ||||||
| WEX, Inc.* | 101 | 14,836 | ||||||
| Post Holdings, Inc.* | 134 | 14,610 | ||||||
| Valvoline, Inc.* | 377 | 14,277 | ||||||
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 73.7% (continued) | ||||||||
| Consumer, Non-cyclical - 11.8% (continued) | ||||||||
| Roivant Sciences Ltd.* | 1,247 | $ | 14,054 | |||||
| Bruker Corp. | 328 | 13,514 | ||||||
| Bio-Rad Laboratories, Inc. — Class A* | 55 | 13,273 | ||||||
| Euronet Worldwide, Inc.* | 120 | 12,166 | ||||||
| Cytokinetics, Inc.* | 354 | 11,696 | ||||||
| Haemonetics Corp.* | 149 | 11,117 | ||||||
| Brink’s Co. | 124 | 11,072 | ||||||
| Perrigo Company plc | 407 | 10,875 | ||||||
| Marzetti Co | 57 | 9,848 | ||||||
| Envista Holdings Corp.* | 502 | 9,809 | ||||||
| Amedisys, Inc.* | 97 | 9,544 | ||||||
| Graham Holdings Co. — Class B | 10 | 9,462 | ||||||
| Dentsply Sirona, Inc. | 590 | 9,369 | ||||||
| Flowers Foods, Inc. | 582 | 9,300 | ||||||
| Avis Budget Group, Inc.* | 50 | 8,453 | ||||||
| LivaNova plc* | 162 | 7,293 | ||||||
| Insperity, Inc. | 106 | 6,373 | ||||||
| Acadia Healthcare Company, Inc.* | 273 | 6,194 | ||||||
| ManpowerGroup, Inc. | 137 | 5,535 | ||||||
| Pilgrim’s Pride Corp. | 119 | 5,353 | ||||||
| Sotera Health Co.* | 454 | 5,049 | ||||||
| Coty, Inc. — Class A* | 1,085 | 5,045 | ||||||
| Sarepta Therapeutics, Inc.* | 291 | 4,976 | ||||||
| Boston Beer Company, Inc. — Class A* | 24 | 4,579 | ||||||
| Total Consumer, Non-cyclical | 1,375,721 | |||||||
| Consumer, Cyclical - 10.7% | ||||||||
| Casey’s General Stores, Inc. | 110 | 56,130 | ||||||
| Watsco, Inc. | 103 | 45,487 | ||||||
| Burlington Stores, Inc.* | 187 | 43,504 | ||||||
| BJ’s Wholesale Club Holdings, Inc.* | 391 | 42,162 | ||||||
| Somnigroup International, Inc. | 612 | 41,647 | ||||||
| Texas Roadhouse, Inc. — Class A | 197 | 36,920 | ||||||
| Core & Main, Inc. — Class A* | 561 | 33,856 | ||||||
| Toll Brothers, Inc. | 295 | 33,668 | ||||||
| Dick’s Sporting Goods, Inc. | 167 | 33,034 | ||||||
| Aramark | 776 | 32,491 | ||||||
| GameStop Corp. — Class A* | 1,206 | 29,414 | ||||||
| Wingstop, Inc. | 83 | 27,949 | ||||||
| Planet Fitness, Inc. — Class A* | 248 | 27,044 | ||||||
| Lithia Motors, Inc. — Class A | 77 | 26,012 | ||||||
| WESCO International, Inc. | 132 | 24,447 | ||||||
| Skechers USA, Inc. — Class A* | 386 | 24,357 | ||||||
| Floor & Decor Holdings, Inc. — Class A* | 319 | 24,231 | ||||||
| Light & Wonder, Inc. — Class A* | 250 | 24,065 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc.* | 182 | 23,984 | ||||||
| Autoliv, Inc. | 211 | 23,611 | ||||||
| American Airlines Group, Inc.* | 1,954 | 21,924 | ||||||
| Churchill Downs, Inc. | 214 | 21,614 | ||||||
| Murphy USA, Inc. | 53 | 21,560 | ||||||
| Five Below, Inc.* | 163 | 21,382 | ||||||
| Cava Group, Inc.* | 243 | 20,468 | ||||||
| Bath & Body Works, Inc. | 631 | 18,905 | ||||||
| Mattel, Inc.* | 956 | 18,852 | ||||||
| Wyndham Hotels & Resorts, Inc. | 228 | 18,516 | ||||||
| Taylor Morrison Home Corp. — Class A* | 297 | 18,242 | ||||||
| Alaska Air Group, Inc.* | 360 | 17,813 | ||||||
| Vail Resorts, Inc. | 111 | 17,441 | ||||||
| Hyatt Hotels Corp. — Class A | 124 | 17,316 | ||||||
| Crocs, Inc.* | 166 | 16,812 | ||||||
| Whirlpool Corp. | 165 | 16,734 | ||||||
| FirstCash Holdings, Inc. | 114 | 15,406 | ||||||
| Lear Corp. | 158 | 15,007 | ||||||
| AutoNation, Inc.* | 74 | 14,700 | ||||||
| Gentex Corp. | 666 | 14,645 | ||||||
| Gap, Inc. | 658 | 14,351 | ||||||
| Boyd Gaming Corp. | 181 | 14,160 | ||||||
| Thor Industries, Inc. | 158 | 14,032 | ||||||
| Dolby Laboratories, Inc. — Class A | 182 | 13,515 | ||||||
| Warner Music Group Corp. — Class A | 432 | 11,768 | ||||||
| Abercrombie & Fitch Co. — Class A* | 141 | 11,682 | ||||||
| VF Corp. | 981 | 11,527 | ||||||
| KB Home | 212 | 11,230 | ||||||
| MSC Industrial Direct Company, Inc. — Class A | 132 | 11,223 | ||||||
| Brunswick Corp. | 195 | 10,772 | ||||||
| Travel + Leisure Co. | 197 | 10,167 | ||||||
| PVH Corp. | 142 | 9,741 | ||||||
| Macy’s, Inc. | 825 | 9,619 | ||||||
| Penske Automotive Group, Inc. | 55 | 9,450 | ||||||
| Goodyear Tire & Rubber Co.* | 846 | 8,773 | ||||||
| RH* | 45 | 8,505 | ||||||
| Scotts Miracle-Gro Co. — Class A | 128 | 8,443 | ||||||
| Choice Hotels International, Inc.1 | 65 | 8,247 | ||||||
| YETI Holdings, Inc.* | 245 | 7,723 | ||||||
| Harley-Davidson, Inc. | 324 | 7,647 | ||||||
| Visteon Corp.* | 81 | 7,557 | ||||||
| Hilton Grand Vacations, Inc.* | 171 | 7,102 | ||||||
| Marriott Vacations Worldwide Corp. | 94 | 6,797 | ||||||
| Polaris, Inc. | 156 | 6,341 | ||||||
| Capri Holdings Ltd.* | 349 | 6,177 | ||||||
| Columbia Sportswear Co. | 91 | 5,558 | ||||||
| Wendy’s Co. | 478 | 5,459 | ||||||
| Under Armour, Inc. — Class A* | 559 | 3,818 | ||||||
| Under Armour, Inc. — Class C* | 379 | 2,460 | ||||||
| Total Consumer, Cyclical | 1,245,194 | |||||||
| Technology - 7.6% | ||||||||
| Guidewire Software, Inc.* | 248 | 58,392 | ||||||
| Pure Storage, Inc. — Class A* | 921 | 53,031 | ||||||
| Okta, Inc.* | 495 | 49,485 | ||||||
| Dynatrace, Inc.* | 888 | 49,027 | ||||||
| Duolingo, Inc.* | 116 | 47,562 | ||||||
| DocuSign, Inc.* | 600 | 46,734 | ||||||
| Entegris, Inc. | 448 | 36,131 | ||||||
| Manhattan Associates, Inc.* | 180 | 35,545 | ||||||
| CACI International, Inc. — Class A* | 65 | 30,986 | ||||||
| Kyndryl Holdings, Inc.* | 689 | 28,911 | ||||||
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 73.7% (continued) | ||||||||
| Technology - 7.6% (continued) | ||||||||
| MACOM Technology Solutions Holdings, Inc.* | 176 | $ | 25,219 | |||||
| Doximity, Inc. — Class A* | 395 | 24,229 | ||||||
| CommVault Systems, Inc.* | 131 | 22,837 | ||||||
| ExlService Holdings, Inc.* | 482 | 21,107 | ||||||
| Genpact Ltd. | 477 | 20,993 | ||||||
| Rambus, Inc.* | 318 | 20,358 | ||||||
| Lattice Semiconductor Corp.* | 407 | 19,939 | ||||||
| MKS, Inc. | 199 | 19,773 | ||||||
| Lumentum Holdings, Inc.* | 206 | 19,582 | ||||||
| KBR, Inc. | 384 | 18,409 | ||||||
| Dropbox, Inc. — Class A* | 581 | 16,617 | ||||||
| Cirrus Logic, Inc.* | 157 | 16,368 | ||||||
| Science Applications International Corp. | 140 | 15,765 | ||||||
| Appfolio, Inc. — Class A* | 68 | 15,659 | ||||||
| Qualys, Inc.* | 108 | 15,430 | ||||||
| Onto Innovation, Inc.* | 145 | 14,635 | ||||||
| Pegasystems, Inc. | 264 | 14,290 | ||||||
| Silicon Laboratories, Inc.* | 96 | 14,147 | ||||||
| Allegro MicroSystems, Inc.* | 387 | 13,231 | ||||||
| BILL Holdings, Inc.* | 281 | 12,999 | ||||||
| Maximus, Inc. | 167 | 11,723 | ||||||
| Parsons Corp.* | 139 | 9,976 | ||||||
| Power Integrations, Inc. | 167 | 9,335 | ||||||
| Crane NXT Co. | 146 | 7,869 | ||||||
| ZoomInfo Technologies, Inc. — Class A* | 770 | 7,792 | ||||||
| Synaptics, Inc.* | 114 | 7,389 | ||||||
| Blackbaud, Inc.* | 112 | 7,192 | ||||||
| Concentrix Corp. | 136 | 7,188 | ||||||
| Amkor Technology, Inc. | 337 | 7,074 | ||||||
| ASGN, Inc.* | 130 | 6,491 | ||||||
| IPG Photonics Corp.* | 78 | 5,355 | ||||||
| Total Technology | 884,775 | |||||||
| Basic Materials - 2.8% | ||||||||
| Reliance, Inc. | 156 | 48,968 | ||||||
| RPM International, Inc. | 380 | 41,739 | ||||||
| Carpenter Technology Corp. | 147 | 40,628 | ||||||
| ATI, Inc.* | 418 | 36,090 | ||||||
| Royal Gold, Inc. | 195 | 34,679 | ||||||
| Alcoa Corp. | 767 | 22,634 | ||||||
| Axalta Coating Systems Ltd.* | 647 | 19,209 | ||||||
| Commercial Metals Co. | 335 | 16,385 | ||||||
| NewMarket Corp. | 22 | 15,199 | ||||||
| Cabot Corp. | 159 | 11,925 | ||||||
| Cleveland-Cliffs, Inc.* | 1,436 | 10,914 | ||||||
| Avient Corp. | 271 | 8,756 | ||||||
| Westlake Corp. | 99 | 7,517 | ||||||
| Olin Corp. | 341 | 6,851 | ||||||
| Ashland, Inc. | 135 | 6,788 | ||||||
| Total Basic Materials | 328,282 | |||||||
| Energy - 2.7% | ||||||||
| Antero Resources Corp.* | 865 | 34,842 | ||||||
| DT Midstream, Inc. | 301 | 33,083 | ||||||
| Ovintiv, Inc. | 770 | 29,299 | ||||||
| Range Resources Corp. | 708 | 28,794 | ||||||
| Permian Resources Corp. | 1,889 | 25,728 | ||||||
| HF Sinclair Corp. | 474 | 19,472 | ||||||
| Antero Midstream Corp. | 994 | 18,836 | ||||||
| Chord Energy Corp. | 171 | 16,561 | ||||||
| Matador Resources Co. | 345 | 16,463 | ||||||
| Viper Energy, Inc. | 388 | 14,795 | ||||||
| CNX Resources Corp.* | 429 | 14,449 | ||||||
| ChampionX Corp. | 567 | 14,084 | ||||||
| NOV, Inc. | 1,113 | 13,835 | ||||||
| Weatherford International plc | 215 | 10,817 | ||||||
| Murphy Oil Corp. | 397 | 8,933 | ||||||
| Valaris Ltd.* | 194 | 8,169 | ||||||
| Civitas Resources, Inc. | 252 | 6,935 | ||||||
| PBF Energy, Inc. — Class A | 291 | 6,306 | ||||||
| Total Energy | 321,401 | |||||||
| Utilities - 2.1% | ||||||||
| Essential Utilities, Inc. | 764 | 28,375 | ||||||
| OGE Energy Corp. | 596 | 26,450 | ||||||
| UGI Corp. | 635 | 23,127 | ||||||
| National Fuel Gas Co. | 268 | 22,702 | ||||||
| IDACORP, Inc. | 160 | 18,472 | ||||||
| TXNM Energy, Inc. | 274 | 15,432 | ||||||
| Ormat Technologies, Inc. | 171 | 14,323 | ||||||
| Southwest Gas Holdings, Inc. | 179 | 13,316 | ||||||
| New Jersey Resources Corp. | 297 | 13,312 | ||||||
| Portland General Electric Co. | 324 | 13,164 | ||||||
| ONE Gas, Inc. | 178 | 12,791 | ||||||
| Spire, Inc. | 175 | 12,773 | ||||||
| Black Hills Corp. | 215 | 12,061 | ||||||
| ALLETE, Inc. | 172 | 11,020 | ||||||
| Northwestern Energy Group, Inc. | 182 | 9,337 | ||||||
| Total Utilities | 246,655 | |||||||
| Communications - 1.7% | ||||||||
| Ciena Corp.* | 421 | 34,240 | ||||||
| Hims & Hers Health, Inc.*,1 | 581 | 28,963 | ||||||
| Chewy, Inc. — Class A* | 650 | 27,703 | ||||||
| New York Times Co. — Class A | 481 | 26,926 | ||||||
| Frontier Communications Parent, Inc.* | 660 | 24,024 | ||||||
| Maplebear, Inc.* | 487 | 22,032 | ||||||
| Nexstar Media Group, Inc. — Class A | 84 | 14,528 | ||||||
| EchoStar Corp. — Class A* | 397 | 10,997 | ||||||
| Iridium Communications, Inc. | 320 | 9,654 | ||||||
| Total Communications | 199,067 | |||||||
| Total Common Stocks | ||||||||
| (Cost $6,074,526) | 8,611,280 | |||||||
| MUTUAL FUNDS† - 9.7% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 88,750 | 891,941 | ||||||
| Guggenheim Strategy Fund II2 | 9,844 | 244,909 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $1,123,598) | 1,136,850 | |||||||
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| U.S. TREASURY BILLS†† - 0.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23% due 09/18/253,4 | $ | 50,000 | $ | 49,537 | ||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $49,535) | 49,537 | |||||||
| REPURCHASE AGREEMENTS††,5 - 14.8% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | 935,070 | 935,070 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 403,482 | 403,482 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 389,613 | 389,613 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,728,165) | $ | 1,728,165 | ||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,6 - 0.9% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%7 | 101,476 | 101,476 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $101,476) | 101,476 | |||||||
| Total Investments - 99.5% | ||||||||
| (Cost $9,077,300) | $ | 11,627,308 | ||||||
| Other Assets & Liabilities, net - 0.5% | 54,320 | |||||||
| Total Net Assets - 100.0% | $ | 11,681,628 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Equity Futures Contracts Purchased† | ||||||||||||
| S&P MidCap 400 Index Mini Futures Contracts | 2 | Sep 2025 | $ | 625,020 | $ | 2,856 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.58% (Federal Funds Rate + 0.25%) | At Maturity | 09/24/25 | 2,153 | $ | 6,681,452 | $ | 51,658 | ||||||||||||
| Barclays Bank plc | S&P MidCap 400 Index | Pay | 5.24% (SOFR + 0.85%) | At Maturity | 09/25/25 | 314 | 975,507 | 15,294 | ||||||||||||||
| BNP Paribas | S&P MidCap 400 Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 201 | 624,335 | 9,785 | ||||||||||||||
| $ | 8,281,294 | $ | 76,737 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 4 | Rate indicated is the effective yield at the time of purchase. |
| 5 | Repurchase Agreements — See Note 4. |
| 6 | Securities lending collateral — See Note 5. |
| 7 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
| Mid-Cap 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 8,611,280 | $ | — | $ | — | $ | 8,611,280 | ||||||||
| Mutual Funds | 1,136,850 | — | — | 1,136,850 | ||||||||||||
| U.S. Treasury Bills | — | 49,537 | — | 49,537 | ||||||||||||
| Repurchase Agreements | — | 1,728,165 | — | 1,728,165 | ||||||||||||
| Securities Lending Collateral | 101,476 | — | — | 101,476 | ||||||||||||
| Equity Futures Contracts** | 2,856 | — | — | 2,856 | ||||||||||||
| Equity Index Swap Agreements** | — | 76,737 | — | 76,737 | ||||||||||||
| Total Assets | $ | 9,852,462 | $ | 1,854,439 | $ | — | $ | 11,706,901 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 244,712 | $ | – | $ | – | $ | – | $ | 197 | $ | 244,909 | 9,844 | $ | 3,290 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 890,167 | – | – | – | 1,774 | 891,941 | 88,750 | 9,497 | ||||||||||||||||||||||||
| $ | 1,134,879 | $ | – | $ | – | $ | – | $ | 1,971 | $ | 1,136,850 | $ | 12,787 | |||||||||||||||||||
| Inverse Mid-Cap Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 40.9% | ||||||||
| Guggenheim Strategy Fund II1 | 2,020 | $ | 50,257 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 4,630 | 46,532 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $95,671) | 96,789 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 1.3% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.22% due 09/18/252,3 | $ | 3,000 | 2,972 | |||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $2,972) | 2,972 | |||||||
| REPURCHASE AGREEMENTS††,4 - 64.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/252 | 81,947 | 81,947 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/252 | 35,360 | 35,360 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/252 | 34,145 | 34,145 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $151,452) | 151,452 | |||||||
| Total Investments - 106.3% | ||||||||
| (Cost $250,095) | $ | 251,213 | ||||||
| Other Assets & Liabilities, net - (6.3)% | (14,818 | ) | ||||||
| Total Net Assets - 100.0% | $ | 236,395 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P MidCap 400 Index | Receive | 4.28% (Federal Funds Rate - 0.05%) | At Maturity | 09/24/25 | 18 | $ | 57,030 | $ | (404 | ) | |||||||||||
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.94% (SOFR + 0.55%) | At Maturity | 09/25/25 | 25 | 78,972 | (1,238 | ) | |||||||||||||
| BNP Paribas | S&P MidCap 400 Index | Receive | 4.48% (Federal Funds Rate + 0.15%) | At Maturity | 09/25/25 | 32 | 98,231 | (1,538 | ) | |||||||||||||
| $ | 234,233 | $ | (3,180 | ) | ||||||||||||||||||
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Affiliated issuer. |
| 2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
| Inverse Mid-Cap Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 96,789 | $ | — | $ | — | $ | 96,789 | ||||||||
| U.S. Treasury Bills | — | 2,972 | — | 2,972 | ||||||||||||
| Repurchase Agreements | — | 151,452 | — | 151,452 | ||||||||||||
| Total Assets | $ | 96,789 | $ | 154,424 | $ | — | $ | 251,213 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Equity Index Swap Agreements** | $ | — | $ | 3,180 | $ | — | $ | 3,180 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 50,217 | $ | – | $ | – | $ | – | $ | 40 | $ | 50,257 | 2,020 | $ | 675 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 46,439 | – | – | – | 93 | 46,532 | 4,630 | 496 | ||||||||||||||||||||||||
| $ | 96,656 | $ | – | $ | – | $ | – | $ | 133 | $ | 96,789 | $ | 1,171 | |||||||||||||||||||
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 84.5% | ||||||||
| Technology - 42.5% | ||||||||
| NVIDIA Corp. | 445,418 | $ | 70,371,590 | |||||
| Microsoft Corp. | 135,680 | 67,488,589 | ||||||
| Apple, Inc. | 272,651 | 55,939,806 | ||||||
| Broadcom, Inc. | 141,960 | 39,131,274 | ||||||
| Palantir Technologies, Inc. — Class A* | 101,631 | 13,854,338 | ||||||
| Advanced Micro Devices, Inc.* | 72,820 | 10,333,158 | ||||||
| Intuit, Inc. | 12,528 | 9,867,429 | ||||||
| Texas Instruments, Inc. | 40,801 | 8,471,104 | ||||||
| QUALCOMM, Inc. | 49,313 | 7,853,588 | ||||||
| Adobe, Inc.* | 19,141 | 7,405,270 | ||||||
| Applied Materials, Inc. | 36,041 | 6,598,026 | ||||||
| Micron Technology, Inc. | 50,192 | 6,186,164 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 11,186 | 5,697,142 | ||||||
| Lam Research Corp. | 57,447 | 5,591,891 | ||||||
| KLA Corp. | 5,939 | 5,319,800 | ||||||
| Analog Devices, Inc. | 22,287 | 5,304,752 | ||||||
| AppLovin Corp. — Class A* | 13,819 | 4,837,756 | ||||||
| MicroStrategy, Inc. — Class A* | 11,397 | 4,607,009 | ||||||
| Intel Corp.* | 195,904 | 4,388,250 | ||||||
| Cadence Design Systems, Inc.* | 12,263 | 3,778,843 | ||||||
| Fortinet, Inc.* | 34,376 | 3,634,231 | ||||||
| Synopsys, Inc.* | 6,969 | 3,572,867 | ||||||
| ASML Holding N.V. — Class G | 3,926 | 3,146,257 | ||||||
| Marvell Technology, Inc. | 38,723 | 2,997,160 | ||||||
| Autodesk, Inc.* | 9,611 | 2,975,277 | ||||||
| Roper Technologies, Inc. | 4,829 | 2,737,270 | ||||||
| NXP Semiconductor N.V. | 11,346 | 2,478,987 | ||||||
| Paychex, Inc. | 16,177 | 2,353,106 | ||||||
| Workday, Inc. — Class A* | 9,701 | 2,328,240 | ||||||
| Zscaler, Inc.* | 6,993 | 2,195,382 | ||||||
| Take-Two Interactive Software, Inc.* | 8,182 | 1,986,999 | ||||||
| Datadog, Inc. — Class A* | 14,349 | 1,927,501 | ||||||
| Electronic Arts, Inc. | 11,262 | 1,798,541 | ||||||
| Cognizant Technology Solutions Corp. — Class A | 22,139 | 1,727,506 | ||||||
| Microchip Technology, Inc. | 24,225 | 1,704,713 | ||||||
| Atlassian Corp. — Class A* | 7,421 | 1,507,131 | ||||||
| ANSYS, Inc.* | 3,948 | 1,386,617 | ||||||
| ON Semiconductor Corp.* | 18,768 | 983,631 | ||||||
| ARM Holdings plc ADR* | 6,008 | 971,734 | ||||||
| GLOBALFOUNDRIES, Inc.* | 24,832 | 948,582 | ||||||
| Total Technology | 386,387,511 | |||||||
| Communications - 22.9% | ||||||||
| Amazon.com, Inc.* | 193,800 | 42,517,782 | ||||||
| Meta Platforms, Inc. — Class A | 39,634 | 29,253,459 | ||||||
| Netflix, Inc.* | 19,113 | 25,594,792 | ||||||
| Alphabet, Inc. — Class A | 106,243 | 18,723,204 | ||||||
| Alphabet, Inc. — Class C | 99,653 | 17,677,446 | ||||||
| Cisco Systems, Inc. | 177,850 | 12,339,233 | ||||||
| T-Mobile US, Inc. | 50,995 | 12,150,069 | ||||||
| Booking Holdings, Inc. | 1,461 | 8,458,080 | ||||||
| Shopify, Inc. — Class A* | 54,708 | 6,310,568 | ||||||
| Palo Alto Networks, Inc.* | 29,947 | 6,128,354 | ||||||
| Comcast Corp. — Class A | 167,262 | 5,969,581 | ||||||
| MercadoLibre, Inc.* | 2,277 | 5,951,235 | ||||||
| DoorDash, Inc. — Class A* | 17,905 | 4,413,761 | ||||||
| PDD Holdings, Inc. ADR* | 29,998 | 3,139,591 | ||||||
| Charter Communications, Inc. — Class A*,1 | 6,304 | 2,577,138 | ||||||
| Airbnb, Inc. — Class A* | 19,384 | 2,565,278 | ||||||
| Trade Desk, Inc. — Class A* | 20,126 | 1,448,871 | ||||||
| Warner Bros Discovery, Inc.* | 111,115 | 1,273,378 | ||||||
| CDW Corp. | 5,914 | 1,056,181 | ||||||
| Total Communications | 207,548,001 | |||||||
| Consumer, Non-cyclical - 7.9% | ||||||||
| Intuitive Surgical, Inc.* | 16,097 | 8,747,271 | ||||||
| PepsiCo, Inc. | 61,577 | 8,130,627 | ||||||
| Amgen, Inc. | 24,149 | 6,742,642 | ||||||
| Gilead Sciences, Inc. | 55,867 | 6,193,974 | ||||||
| Automatic Data Processing, Inc. | 18,231 | 5,622,440 | ||||||
| Vertex Pharmaceuticals, Inc.* | 11,533 | 5,134,492 | ||||||
| Cintas Corp. | 18,135 | 4,041,748 | ||||||
| Mondelez International, Inc. — Class A | 58,152 | 3,921,771 | ||||||
| PayPal Holdings, Inc.* | 43,678 | 3,246,149 | ||||||
| Monster Beverage Corp.* | 43,800 | 2,743,632 | ||||||
| Regeneron Pharmaceuticals, Inc. | 4,767 | 2,502,675 | ||||||
| Keurig Dr Pepper, Inc. | 60,998 | 2,016,594 | ||||||
| Verisk Analytics, Inc. — Class A | 6,282 | 1,956,843 | ||||||
| IDEXX Laboratories, Inc.* | 3,612 | 1,937,260 | ||||||
| Coca-Cola Europacific Partners plc | 20,626 | 1,912,443 | ||||||
| AstraZeneca plc ADR | 26,767 | 1,870,478 | ||||||
| Dexcom, Inc.* | 17,610 | 1,537,177 | ||||||
| GE HealthCare Technologies, Inc. | 20,564 | 1,523,175 | ||||||
| Kraft Heinz Co. | 53,155 | 1,372,462 | ||||||
| Biogen, Inc.* | 6,581 | 826,508 | ||||||
| Total Consumer, Non-cyclical | 71,980,361 | |||||||
| Consumer, Cyclical - 6.8% | ||||||||
| Tesla, Inc.* | 66,441 | 21,105,648 | ||||||
| Costco Wholesale Corp. | 19,926 | 19,725,544 | ||||||
| Starbucks Corp. | 51,037 | 4,676,520 | ||||||
| O’Reilly Automotive, Inc.* | 38,392 | 3,460,271 | ||||||
| Marriott International, Inc. — Class A | 12,301 | 3,360,756 | ||||||
| PACCAR, Inc. | 23,577 | 2,241,230 | ||||||
| Fastenal Co. | 51,524 | 2,164,008 | ||||||
| Copart, Inc.* | 43,389 | 2,129,098 | ||||||
| Ross Stores, Inc. | 14,768 | 1,884,102 | ||||||
| Lululemon Athletica, Inc.* | 5,166 | 1,227,338 | ||||||
| Total Consumer, Cyclical | 61,974,515 | |||||||
| Industrial - 1.5% | ||||||||
| Honeywell International, Inc. | 28,864 | 6,721,849 | ||||||
| Axon Enterprise, Inc.* | 3,496 | 2,894,478 | ||||||
| CSX Corp. | 84,368 | 2,752,928 | ||||||
| Old Dominion Freight Line, Inc. | 9,491 | 1,540,389 | ||||||
| Total Industrial | 13,909,644 | |||||||
| Utilities - 1.2% | ||||||||
| Constellation Energy Corp. | 14,076 | 4,543,170 | ||||||
| American Electric Power Company, Inc. | 23,992 | 2,489,410 | ||||||
| Exelon Corp. | 45,340 | 1,968,663 | ||||||
| Xcel Energy, Inc. | 25,903 | 1,763,994 | ||||||
| Total Utilities | 10,765,237 | |||||||
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 84.5% (continued) | ||||||||
| Basic Materials - 1.1% | ||||||||
| Linde plc | 21,141 | $ | 9,918,934 | |||||
| Energy - 0.4% | ||||||||
| Diamondback Energy, Inc. | 13,122 | 1,802,963 | ||||||
| Baker Hughes Co. | 44,496 | 1,705,976 | ||||||
| Total Energy | 3,508,939 | |||||||
| Financial - 0.2% | ||||||||
| CoStar Group, Inc.* | 18,948 | 1,523,419 | ||||||
| Total Common Stocks | ||||||||
| (Cost $657,817,745) | 767,516,561 | |||||||
| MUTUAL FUNDS† - 0.6% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 301,467 | 3,029,747 | ||||||
| Guggenheim Strategy Fund II2 | 115,431 | 2,871,935 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $5,770,077) | 5,901,682 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 7.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/253,4 | $ | 40,276,000 | 40,243,539 | |||||
| 4.20% due 09/04/254,5 | 18,000,000 | 17,861,591 | ||||||
| 4.23% due 09/18/254,5 | 3,850,000 | 3,814,359 | ||||||
| 4.20% due 09/18/254,5 | 1,550,000 | 1,535,651 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $63,455,722) | 63,455,140 | |||||||
| REPURCHASE AGREEMENTS††,6 - 5.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/255 | 25,221,982 | 25,221,982 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/255 | 10,883,273 | 10,883,273 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/255 | 10,509,159 | 10,509,159 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $46,614,414) | 46,614,414 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,7 - 0.2% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%8 | 1,562,789 | 1,562,789 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $1,562,789) | 1,562,789 | |||||||
| Total Investments - 97.4% | ||||||||
| (Cost $775,220,747) | $ | 885,050,586 | ||||||
| Other Assets & Liabilities, net - 2.6% | 23,455,943 | |||||||
| Total Net Assets - 100.0% | $ | 908,506,529 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Equity Futures Contracts Purchased† | ||||||||||||||
| NASDAQ-100 Index Mini Futures Contracts | 857 | Sep 2025 | $ | 392,266,040 | $ | 13,394,349 | ||||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 20,625 | $ | 467,760,868 | $ | 5,731,937 | ||||||||||||
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal Funds Rate + 0.90%) | At Maturity | 09/25/25 | 5,466 | 123,953,082 | 2,411,782 | ||||||||||||||
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.39% (SOFR + 1.00%) | At Maturity | 09/25/25 | 2,735 | 62,018,671 | 1,056,892 | ||||||||||||||
| $ | 653,732,621 | $ | 9,200,611 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 4 | Rate indicated is the effective yield at the time of purchase. |
| 5 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 6 | Repurchase Agreements — See Note 4. |
| 7 | Securities lending collateral — See Note 5. |
| 8 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 767,516,561 | $ | — | $ | — | $ | 767,516,561 | ||||||||
| Mutual Funds | 5,901,682 | — | — | 5,901,682 | ||||||||||||
| U.S. Treasury Bills | — | 63,455,140 | — | 63,455,140 | ||||||||||||
| Repurchase Agreements | — | 46,614,414 | — | 46,614,414 | ||||||||||||
| Securities Lending Collateral | 1,562,789 | — | — | 1,562,789 | ||||||||||||
| Equity Futures Contracts** | 13,394,349 | — | — | 13,394,349 | ||||||||||||
| Equity Index Swap Agreements** | — | 9,200,611 | — | 9,200,611 | ||||||||||||
| Total Assets | $ | 788,375,381 | $ | 119,270,165 | $ | — | $ | 907,645,546 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 2,869,626 | $ | – | $ | – | $ | – | $ | 2,309 | $ | 2,871,935 | 115,431 | $ | 38,582 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3,023,718 | – | – | – | 6,029 | 3,029,747 | 301,467 | 32,258 | ||||||||||||||||||||||||
| $ | 5,893,344 | $ | – | $ | – | $ | – | $ | 8,338 | $ | 5,901,682 | $ | 70,840 | |||||||||||||||||||
| NASDAQ-100® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 96.4% | ||||||||
| Technology - 48.5% | ||||||||
| NVIDIA Corp. | 1,070,618 | $ | 169,146,938 | |||||
| Microsoft Corp. | 326,124 | 162,217,339 | ||||||
| Apple, Inc. | 655,351 | 134,458,365 | ||||||
| Broadcom, Inc. | 341,218 | 94,056,742 | ||||||
| Palantir Technologies, Inc. — Class A* | 244,281 | 33,300,386 | ||||||
| Advanced Micro Devices, Inc.* | 175,032 | 24,837,041 | ||||||
| Intuit, Inc. | 30,112 | 23,717,115 | ||||||
| Texas Instruments, Inc. | 98,070 | 20,361,293 | ||||||
| QUALCOMM, Inc. | 118,530 | 18,877,088 | ||||||
| Adobe, Inc.* | 46,009 | 17,799,962 | ||||||
| Applied Materials, Inc. | 86,630 | 15,859,354 | ||||||
| Micron Technology, Inc. | 120,643 | 14,869,250 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 26,886 | 13,693,309 | ||||||
| Lam Research Corp. | 138,082 | 13,440,902 | ||||||
| KLA Corp. | 14,276 | 12,787,584 | ||||||
| Analog Devices, Inc. | 53,570 | 12,750,731 | ||||||
| AppLovin Corp. — Class A* | 33,216 | 11,628,257 | ||||||
| MicroStrategy, Inc. — Class A* | 27,393 | 11,073,072 | ||||||
| Intel Corp.* | 470,878 | 10,547,667 | ||||||
| Cadence Design Systems, Inc.* | 29,475 | 9,082,721 | ||||||
| Fortinet, Inc.* | 82,627 | 8,735,326 | ||||||
| Synopsys, Inc.* | 16,750 | 8,587,390 | ||||||
| ASML Holding N.V. — Class G | 9,436 | 7,561,916 | ||||||
| Marvell Technology, Inc. | 93,075 | 7,204,005 | ||||||
| Autodesk, Inc.* | 23,101 | 7,151,377 | ||||||
| Roper Technologies, Inc. | 11,606 | 6,578,745 | ||||||
| NXP Semiconductor N.V. | 27,271 | 5,958,441 | ||||||
| Paychex, Inc. | 38,883 | 5,655,921 | ||||||
| Workday, Inc. — Class A* | 23,317 | 5,596,080 | ||||||
| Zscaler, Inc.* | 16,807 | 5,276,390 | ||||||
| Take-Two Interactive Software, Inc.* | 19,666 | 4,775,888 | ||||||
| Datadog, Inc. — Class A* | 34,490 | 4,633,042 | ||||||
| Electronic Arts, Inc. | 27,070 | 4,323,079 | ||||||
| Cognizant Technology Solutions Corp. — Class A | 53,213 | 4,152,210 | ||||||
| Microchip Technology, Inc. | 58,229 | 4,097,575 | ||||||
| Atlassian Corp. — Class A* | 17,838 | 3,622,719 | ||||||
| ANSYS, Inc.* | 9,491 | 3,333,429 | ||||||
| ON Semiconductor Corp.* | 45,111 | 2,364,268 | ||||||
| ARM Holdings plc ADR* | 14,442 | 2,335,849 | ||||||
| GLOBALFOUNDRIES, Inc.* | 59,687 | 2,280,043 | ||||||
| Total Technology | 928,728,809 | |||||||
| Communications - 26.1% | ||||||||
| Amazon.com, Inc.* | 465,821 | 102,196,469 | ||||||
| Meta Platforms, Inc. — Class A | 95,265 | 70,314,144 | ||||||
| Netflix, Inc.* | 45,941 | 61,520,971 | ||||||
| Alphabet, Inc. — Class A | 255,369 | 45,003,679 | ||||||
| Alphabet, Inc. — Class C | 239,529 | 42,490,049 | ||||||
| Cisco Systems, Inc. | 427,485 | 29,658,909 | ||||||
| T-Mobile US, Inc. | 122,572 | 29,204,005 | ||||||
| Booking Holdings, Inc. | 3,513 | 20,337,600 | ||||||
| Shopify, Inc. — Class A* | 131,499 | 15,168,410 | ||||||
| Palo Alto Networks, Inc.* | 71,982 | 14,730,397 | ||||||
| Comcast Corp. — Class A | 402,037 | 14,348,701 | ||||||
| MercadoLibre, Inc.* | 5,473 | 14,304,397 | ||||||
| DoorDash, Inc. — Class A* | 43,038 | 10,609,297 | ||||||
| PDD Holdings, Inc. ADR* | 72,103 | 7,546,300 | ||||||
| Charter Communications, Inc. — Class A*,1 | 15,152 | 6,194,289 | ||||||
| Airbnb, Inc. — Class A* | 46,592 | 6,165,985 | ||||||
| Trade Desk, Inc. — Class A* | 48,377 | 3,482,660 | ||||||
| Warner Bros Discovery, Inc.* | 267,076 | 3,060,691 | ||||||
| CDW Corp. | 14,215 | 2,538,657 | ||||||
| Total Communications | 498,875,610 | |||||||
| Consumer, Non-cyclical - 9.0% | ||||||||
| Intuitive Surgical, Inc.* | 38,691 | 21,025,076 | ||||||
| PepsiCo, Inc. | 148,009 | 19,543,108 | ||||||
| Amgen, Inc. | 58,046 | 16,207,024 | ||||||
| Gilead Sciences, Inc. | 134,283 | 14,887,956 | ||||||
| Automatic Data Processing, Inc. | 43,820 | 13,514,088 | ||||||
| Vertex Pharmaceuticals, Inc.* | 27,721 | 12,341,389 | ||||||
| Cintas Corp. | 43,589 | 9,714,680 | ||||||
| Mondelez International, Inc. — Class A | 139,776 | 9,426,493 | ||||||
| PayPal Holdings, Inc.* | 104,986 | 7,802,560 | ||||||
| Monster Beverage Corp.* | 105,279 | 6,594,677 | ||||||
| Regeneron Pharmaceuticals, Inc. | 11,459 | 6,015,975 | ||||||
| Keurig Dr Pepper, Inc. | 146,616 | 4,847,125 | ||||||
| Verisk Analytics, Inc. — Class A | 15,101 | 4,703,961 | ||||||
| IDEXX Laboratories, Inc.* | 8,682 | 4,656,504 | ||||||
| Coca-Cola Europacific Partners plc | 49,576 | 4,596,687 | ||||||
| AstraZeneca plc ADR | 64,338 | 4,495,939 | ||||||
| Dexcom, Inc.* | 42,328 | 3,694,811 | ||||||
| GE HealthCare Technologies, Inc. | 49,429 | 3,661,206 | ||||||
| Kraft Heinz Co. | 127,764 | 3,298,867 | ||||||
| Biogen, Inc.* | 15,818 | 1,986,583 | ||||||
| Total Consumer, Non-cyclical | 173,014,709 | |||||||
| Consumer, Cyclical - 7.8% | ||||||||
| Tesla, Inc.* | 159,701 | 50,730,620 | ||||||
| Costco Wholesale Corp. | 47,896 | 47,414,166 | ||||||
| Starbucks Corp. | 122,675 | 11,240,710 | ||||||
| O’Reilly Automotive, Inc.* | 92,281 | 8,317,287 | ||||||
| Marriott International, Inc. — Class A | 29,567 | 8,078,000 | ||||||
| PACCAR, Inc. | 56,670 | 5,387,050 | ||||||
| Fastenal Co. | 123,846 | 5,201,532 | ||||||
| Copart, Inc.* | 104,290 | 5,117,510 | ||||||
| Ross Stores, Inc. | 35,498 | 4,528,835 | ||||||
| Lululemon Athletica, Inc.* | 12,418 | 2,950,268 | ||||||
| Total Consumer, Cyclical | 148,965,978 | |||||||
| Industrial - 1.8% | ||||||||
| Honeywell International, Inc. | 69,378 | 16,156,749 | ||||||
| Axon Enterprise, Inc.* | 8,404 | 6,958,008 | ||||||
| CSX Corp. | 202,790 | 6,617,037 | ||||||
| Old Dominion Freight Line, Inc. | 22,813 | 3,702,550 | ||||||
| Total Industrial | 33,434,344 | |||||||
| Utilities - 1.4% | ||||||||
| Constellation Energy Corp. | 33,834 | 10,920,262 | ||||||
| American Electric Power Company, Inc. | 57,667 | 5,983,528 | ||||||
| Exelon Corp. | 108,980 | 4,731,911 | ||||||
| Xcel Energy, Inc. | 62,262 | 4,240,042 | ||||||
| Total Utilities | 25,875,743 | |||||||
| NASDAQ-100® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 96.4% (continued) | ||||||||
| Basic Materials - 1.2% | ||||||||
| Linde plc | 50,815 | $ | 23,841,382 | |||||
| Energy - 0.4% | ||||||||
| Diamondback Energy, Inc. | 31,540 | 4,333,596 | ||||||
| Baker Hughes Co. | 106,952 | 4,100,540 | ||||||
| Total Energy | 8,434,136 | |||||||
| Financial - 0.2% | ||||||||
| CoStar Group, Inc.* | 45,542 | 3,661,577 | ||||||
| Total Common Stocks | ||||||||
| (Cost $420,275,055) | 1,844,832,288 | |||||||
| MUTUAL FUNDS† - 2.7% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 2,756,359 | 27,701,411 | ||||||
| Guggenheim Strategy Fund II2 | 575,584 | 14,320,541 | ||||||
| Guggenheim Strategy Fund III2 | 370,504 | 9,251,480 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $51,083,879) | 51,273,432 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 0.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/253,4 | $ | 1,152,000 | 1,151,071 | |||||
| 4.23% due 09/18/254,5 | 300,000 | 297,223 | ||||||
| 4.20% due 09/18/254,5 | 300,000 | 297,223 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $1,745,523) | 1,745,517 | |||||||
| REPURCHASE AGREEMENTS††,6 - 1.3% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/255 | 13,123,005 | 13,123,005 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/255 | 5,662,571 | 5,662,571 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/255 | 5,467,919 | 5,467,919 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $24,253,495) | 24,253,495 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,7 - 0.2% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%8 | 4,647,876 | 4,647,876 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $4,647,876) | 4,647,876 | |||||||
| Total Investments - 100.7% | ||||||||
| (Cost $502,005,828) | $ | 1,926,752,608 | ||||||
| Other Assets & Liabilities, net - (0.7)% | (12,774,894 | ) | ||||||
| Total Net Assets - 100.0% | $ | 1,913,977,714 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Equity Futures Contracts Purchased† | ||||||||||||
| NASDAQ-100 Index Mini Futures Contracts | 27 | Sep 2025 | $ | 12,358,440 | $ | 550,959 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 1,446 | $ | 32,784,757 | $ | 706,156 | ||||||||||||
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal Funds Rate + 0.90%) | At Maturity | 09/25/25 | 820 | 18,601,247 | 361,926 | ||||||||||||||
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.39% (SOFR + 1.00%) | At Maturity | 09/25/25 | 271 | 6,141,564 | 119,515 | ||||||||||||||
| $ | 57,527,568 | $ | 1,187,597 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| NASDAQ-100® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 4 | Rate indicated is the effective yield at the time of purchase. |
| 5 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 6 | Repurchase Agreements — See Note 4. |
| 7 | Securities lending collateral — See Note 5. |
| 8 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 1,844,832,288 | $ | — | $ | — | $ | 1,844,832,288 | ||||||||
| Mutual Funds | 51,273,432 | — | — | 51,273,432 | ||||||||||||
| U.S. Treasury Bills | — | 1,745,517 | — | 1,745,517 | ||||||||||||
| Repurchase Agreements | — | 24,253,495 | — | 24,253,495 | ||||||||||||
| Securities Lending Collateral | 4,647,876 | — | — | 4,647,876 | ||||||||||||
| Equity Futures Contracts** | 550,959 | — | — | 550,959 | ||||||||||||
| Equity Index Swap Agreements** | — | 1,187,597 | — | 1,187,597 | ||||||||||||
| Total Assets | $ | 1,901,304,555 | $ | 27,186,609 | $ | — | $ | 1,928,491,164 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 14,309,030 | $ | – | $ | – | $ | – | $ | 11,511 | $ | 14,320,541 | 575,584 | $ | 192,385 | |||||||||||||||||
| Guggenheim Strategy Fund III | 9,236,660 | – | – | – | 14,820 | 9,251,480 | 370,504 | 125,708 | ||||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 27,646,283 | – | – | – | 55,128 | 27,701,411 | 2,756,359 | 294,936 | ||||||||||||||||||||||||
| $ | 51,191,973 | $ | – | $ | – | $ | – | $ | 81,459 | $ | 51,273,432 | $ | 613,029 | |||||||||||||||||||
| Inverse NASDAQ-100® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| MUTUAL FUNDS† - 21.7% | Shares | Value | ||||||
| Guggenheim Strategy Fund II1 | 49,399 | $ | 1,229,056 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 87,169 | 876,045 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $2,033,556) | 2,105,101 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 38.5% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.22% due 08/19/252 | $ | 2,000,000 | 1,988,261 | |||||
| 4.23% due 09/18/252,3 | 1,450,000 | 1,436,577 | ||||||
| 3.94% due 07/08/252,4 | 149,000 | 148,880 | ||||||
| 4.20% due 09/18/252,3 | 100,000 | 99,074 | ||||||
| 4.22% due 09/18/252,3 | 50,000 | 49,537 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $3,722,561) | 3,722,329 | |||||||
| FEDERAL AGENCY NOTES†† - 20.7% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.39% (SOFR, Rate Floor: 0.00%) due 07/03/25◊ | 2,000,000 | 1,999,998 | ||||||
| Total Federal Agency Notes | ||||||||
| (Cost $1,999,998) | 1,999,998 | |||||||
| REPURCHASE AGREEMENTS††,5 - 21.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | 1,135,059 | 1,135,059 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 489,778 | 489,778 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 472,941 | 472,941 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $2,097,778) | 2,097,778 | |||||||
| Total Investments - 102.6% | ||||||||
| (Cost $9,853,893) | $ | 9,925,206 | ||||||
| Other Assets & Liabilities, net - (2.6)% | (252,262 | ) | ||||||
| Total Net Assets - 100.0% | $ | 9,672,944 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
| Equity Futures Contracts Sold Short† | ||||||||||||
| NASDAQ-100 Index Mini Futures Contracts | 5 | Sep 2025 | $ | 2,288,600 | $ | (102,193 | ) | |||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 09/24/25 | 31 | $ | 692,054 | $ | (25,101 | ) | |||||||||||
| BNP Paribas | NASDAQ-100 Index | Receive | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 09/25/25 | 120 | 2,715,353 | (98,499 | ) | |||||||||||||
| Barclays Bank plc | NASDAQ-100 Index | Receive | 5.04% (SOFR + 0.65%) | At Maturity | 09/25/25 | 174 | 3,937,741 | (142,838 | ) | |||||||||||||
| $ | 7,345,148 | $ | (266,438 | ) | ||||||||||||||||||
| ** | 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 June 30, 2025. 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 equity index swap collateral at June 30, 2025. |
| 4 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
| Inverse NASDAQ-100® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 2,105,101 | $ | — | $ | — | $ | 2,105,101 | ||||||||
| U.S. Treasury Bills | — | 3,722,329 | — | 3,722,329 | ||||||||||||
| Federal Agency Notes | — | 1,999,998 | — | 1,999,998 | ||||||||||||
| Repurchase Agreements | — | 2,097,778 | — | 2,097,778 | ||||||||||||
| Total Assets | $ | 2,105,101 | $ | 7,820,105 | $ | — | $ | 9,925,206 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Equity Futures Contracts** | $ | 102,193 | $ | — | $ | — | $ | 102,193 | ||||||||
| Equity Index Swap Agreements** | — | 266,438 | — | 266,438 | ||||||||||||
| Total Liabilities | $ | 102,193 | $ | 266,438 | $ | — | $ | 368,631 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 1,228,068 | $ | – | $ | – | $ | – | $ | 988 | $ | 1,229,056 | 49,399 | $ | 16,512 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 874,301 | – | – | – | 1,744 | 876,045 | 87,169 | 9,327 | ||||||||||||||||||||||||
| $ | 2,102,369 | $ | – | $ | – | $ | – | $ | 2,732 | $ | 2,105,101 | $ | 25,839 | |||||||||||||||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Financial - 15.2% | ||||||||
| UMB Financial Corp. | 102 | $ | 10,726 | |||||
| Old National Bancorp | 450 | 9,603 | ||||||
| Jackson Financial, Inc. — Class A | 101 | 8,968 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 279 | 8,903 | ||||||
| Essent Group Ltd. | 140 | 8,502 | ||||||
| American Healthcare REIT, Inc. | 224 | 8,230 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 83 | 8,190 | ||||||
| CareTrust REIT, Inc. | 265 | 8,109 | ||||||
| Terreno Realty Corp. REIT | 144 | 8,074 | ||||||
| Cadence Bank | 246 | 7,867 | ||||||
| MARA Holdings, Inc.* | 487 | 7,636 | ||||||
| Upstart Holdings, Inc.* | 118 | 7,632 | ||||||
| Home BancShares, Inc. | 265 | 7,542 | ||||||
| Selective Insurance Group, Inc. | 85 | 7,365 | ||||||
| United Bankshares, Inc. | 199 | 7,250 | ||||||
| Radian Group, Inc. | 199 | 7,168 | ||||||
| Kite Realty Group Trust REIT | 310 | 7,022 | ||||||
| Piper Sandler Cos. | 25 | 6,948 | ||||||
| Hancock Whitney Corp. | 121 | 6,945 | ||||||
| Glacier Bancorp, Inc. | 161 | 6,936 | ||||||
| First Financial Bankshares, Inc. | 189 | 6,800 | ||||||
| Core Scientific, Inc.* | 387 | 6,606 | ||||||
| Moelis & Co. — Class A | 104 | 6,481 | ||||||
| Atlantic Union Bankshares Corp. | 200 | 6,256 | ||||||
| SL Green Realty Corp. REIT | 101 | 6,252 | ||||||
| Phillips Edison & Company, Inc. REIT | 177 | 6,200 | ||||||
| Sabra Health Care REIT, Inc. | 334 | 6,159 | ||||||
| Valley National Bancorp | 681 | 6,081 | ||||||
| Ameris Bancorp | 93 | 6,017 | ||||||
| Independence Realty Trust, Inc. REIT | 327 | 5,785 | ||||||
| Macerich Co. REIT | 357 | 5,776 | ||||||
| StoneX Group, Inc.* | 63 | 5,742 | ||||||
| Enstar Group Ltd.* | 17 | 5,718 | ||||||
| Associated Banc-Corp. | 234 | 5,707 | ||||||
| Palomar Holdings, Inc.* | 37 | 5,707 | ||||||
| ServisFirst Bancshares, Inc. | 72 | 5,581 | ||||||
| Axos Financial, Inc.* | 73 | 5,551 | ||||||
| CNO Financial Group, Inc. | 139 | 5,363 | ||||||
| PJT Partners, Inc. — Class A | 32 | 5,280 | ||||||
| Riot Platforms, Inc.* | 464 | 5,243 | ||||||
| BGC Group, Inc. — Class A | 503 | 5,146 | ||||||
| International Bancshares Corp. | 77 | 5,125 | ||||||
| Texas Capital Bancshares, Inc.* | 64 | 5,082 | ||||||
| United Community Banks, Inc. | 169 | 5,035 | ||||||
| StepStone Group, Inc. — Class A | 88 | 4,884 | ||||||
| Tanger, Inc. REIT | 157 | 4,801 | ||||||
| Renasant Corp. | 132 | 4,743 | ||||||
| First BanCorp | 227 | 4,728 | ||||||
| NMI Holdings, Inc. — Class A* | 110 | 4,641 | ||||||
| HA Sustainable Infrastructure Capital, Inc. | 172 | 4,620 | ||||||
| Fulton Financial Corp. | 256 | 4,618 | ||||||
| National Health Investors, Inc. REIT | 65 | 4,558 | ||||||
| Flagstar Financial, Inc. | 427 | 4,526 | ||||||
| Genworth Financial, Inc. — Class A* | 578 | 4,497 | ||||||
| WSFS Financial Corp. | 81 | 4,455 | ||||||
| COPT Defense Properties REIT | 160 | 4,413 | ||||||
| Blackstone Mortgage Trust, Inc. — Class A REIT1 | 228 | 4,389 | ||||||
| Cathay General Bancorp | 95 | 4,325 | ||||||
| Cleanspark, Inc.*,1 | 390 | 4,302 | ||||||
| Broadstone Net Lease, Inc. REIT | 266 | 4,269 | ||||||
| Baldwin Insurance Group, Inc. — Class A* | 99 | 4,238 | ||||||
| PotlatchDeltic Corp. REIT | 110 | 4,221 | ||||||
| Eastern Bankshares, Inc. | 276 | 4,215 | ||||||
| Community Financial System, Inc. | 74 | 4,208 | ||||||
| WesBanco, Inc. | 133 | 4,207 | ||||||
| PennyMac Financial Services, Inc. | 41 | 4,085 | ||||||
| Compass, Inc. — Class A* | 639 | 4,013 | ||||||
| Victory Capital Holdings, Inc. — Class A | 62 | 3,948 | ||||||
| McGrath RentCorp | 34 | 3,943 | ||||||
| Artisan Partners Asset Management, Inc. — Class A | 88 | 3,901 | ||||||
| Burford Capital Ltd. | 269 | 3,836 | ||||||
| Enova International, Inc.* | 34 | 3,792 | ||||||
| Independent Bank Corp. | 60 | 3,773 | ||||||
| BankUnited, Inc. | 106 | 3,773 | ||||||
| Bread Financial Holdings, Inc. | 66 | 3,770 | ||||||
| Four Corners Property Trust, Inc. REIT | 140 | 3,767 | ||||||
| Bank of Hawaii Corp. | 55 | 3,714 | ||||||
| CVB Financial Corp. | 186 | 3,681 | ||||||
| Apple Hospitality REIT, Inc.1 | 315 | 3,676 | ||||||
| Bancorp, Inc.* | 64 | 3,646 | ||||||
| Cushman & Wakefield plc* | 325 | 3,598 | ||||||
| BancFirst Corp. | 29 | 3,585 | ||||||
| First Interstate BancSystem, Inc. — Class A | 124 | 3,574 | ||||||
| Park National Corp. | 21 | 3,512 | ||||||
| Dave, Inc.* | 13 | 3,489 | ||||||
| Goosehead Insurance, Inc. — Class A | 33 | 3,482 | ||||||
| Acadia Realty Trust REIT | 185 | 3,435 | ||||||
| Douglas Emmett, Inc. REIT1 | 228 | 3,429 | ||||||
| Lemonade, Inc.* | 78 | 3,417 | ||||||
| TowneBank | 99 | 3,384 | ||||||
| LXP Industrial Trust REIT | 409 | 3,378 | ||||||
| Urban Edge Properties REIT | 179 | 3,340 | ||||||
| Simmons First National Corp. — Class A | 176 | 3,337 | ||||||
| WaFd, Inc. | 113 | 3,309 | ||||||
| Seacoast Banking Corporation of Florida | 119 | 3,287 | ||||||
| First Financial Bancorp | 134 | 3,251 | ||||||
| Walker & Dunlop, Inc. | 46 | 3,242 | ||||||
| Outfront Media, Inc. REIT | 196 | 3,199 | ||||||
| Provident Financial Services, Inc. | 181 | 3,173 | ||||||
| First Merchants Corp. | 82 | 3,141 | ||||||
| Curbline Properties Corp. REIT | 137 | 3,128 | ||||||
| Banner Corp. | 48 | 3,079 | ||||||
| InvenTrust Properties Corp. REIT | 110 | 3,014 | ||||||
| NBT Bancorp, Inc. | 72 | 2,992 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Cohen & Steers, Inc. | 39 | $ | 2,939 | |||||
| SiriusPoint Ltd.* | 144 | 2,936 | ||||||
| Stock Yards Bancorp, Inc. | 37 | 2,922 | ||||||
| Trustmark Corp. | 80 | 2,917 | ||||||
| Skyward Specialty Insurance Group, Inc.* | 50 | 2,890 | ||||||
| Trupanion, Inc.* | 52 | 2,878 | ||||||
| Arbor Realty Trust, Inc. REIT1 | 268 | 2,868 | ||||||
| Enterprise Financial Services Corp. | 52 | 2,865 | ||||||
| Pacific Premier Bancorp, Inc. | 135 | 2,847 | ||||||
| First Busey Corp. | 120 | 2,746 | ||||||
| Banc of California, Inc. | 195 | 2,740 | ||||||
| OFG Bancorp | 64 | 2,739 | ||||||
| Bank of NT Butterfield & Son Ltd. | 61 | 2,701 | ||||||
| FB Financial Corp. | 59 | 2,673 | ||||||
| Pathward Financial, Inc. | 33 | 2,611 | ||||||
| Mercury General Corp. | 38 | 2,559 | ||||||
| Stewart Information Services Corp. | 39 | 2,539 | ||||||
| St. Joe Co. | 53 | 2,528 | ||||||
| Farmer Mac — Class C | 13 | 2,526 | ||||||
| First Bancorp | 57 | 2,513 | ||||||
| Customers Bancorp, Inc.* | 42 | 2,467 | ||||||
| Hut 8 Corp.*,1 | 132 | 2,455 | ||||||
| Horace Mann Educators Corp. | 57 | 2,449 | ||||||
| City Holding Co. | 20 | 2,448 | ||||||
| Nelnet, Inc. — Class A | 20 | 2,422 | ||||||
| Pagseguro Digital Ltd. — Class A | 249 | 2,400 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 271 | 2,352 | ||||||
| Nicolet Bankshares, Inc. | 19 | 2,346 | ||||||
| Newmark Group, Inc. — Class A | 191 | 2,321 | ||||||
| First Commonwealth Financial Corp. | 142 | 2,305 | ||||||
| Northwest Bancshares, Inc. | 179 | 2,288 | ||||||
| DiamondRock Hospitality Co. REIT | 293 | 2,244 | ||||||
| LTC Properties, Inc. REIT | 64 | 2,215 | ||||||
| Lakeland Financial Corp. | 36 | 2,212 | ||||||
| Innovative Industrial Properties, Inc. REIT | 39 | 2,154 | ||||||
| Global Net Lease, Inc. REIT | 278 | 2,099 | ||||||
| S&T Bancorp, Inc. | 54 | 2,042 | ||||||
| Getty Realty Corp. REIT | 73 | 2,018 | ||||||
| National Bank Holdings Corp. — Class A | 53 | 1,993 | ||||||
| Hilltop Holdings, Inc. | 65 | 1,973 | ||||||
| Elme Communities REIT | 124 | 1,972 | ||||||
| German American Bancorp, Inc. | 51 | 1,964 | ||||||
| ARMOUR Residential REIT, Inc.1 | 116 | 1,950 | ||||||
| NETSTREIT Corp. REIT | 115 | 1,947 | ||||||
| WisdomTree, Inc. | 169 | 1,945 | ||||||
| Veritex Holdings, Inc. | 74 | 1,931 | ||||||
| Root, Inc. — Class A* | 15 | 1,920 | ||||||
| LendingClub Corp.* | 159 | 1,913 | ||||||
| Apollo Commercial Real Estate Finance, Inc. REIT | 196 | 1,897 | ||||||
| UMH Properties, Inc. REIT | 110 | 1,847 | ||||||
| Stellar Bancorp, Inc. | 66 | 1,847 | ||||||
| Sila Realty Trust, Inc. REIT | 78 | 1,846 | ||||||
| Alexander & Baldwin, Inc. REIT | 103 | 1,837 | ||||||
| HCI Group, Inc. | 12 | 1,826 | ||||||
| Dynex Capital, Inc. REIT | 148 | 1,809 | ||||||
| JBG SMITH Properties REIT | 104 | 1,799 | ||||||
| Xenia Hotels & Resorts, Inc. REIT | 143 | 1,798 | ||||||
| Marex Group plc | 45 | 1,776 | ||||||
| Cipher Mining, Inc.* | 371 | 1,773 | ||||||
| Hope Bancorp, Inc. | 164 | 1,760 | ||||||
| Westamerica BanCorp | 36 | 1,744 | ||||||
| Coastal Financial Corp.* | 18 | 1,744 | ||||||
| TriCo Bancshares | 43 | 1,741 | ||||||
| Ladder Capital Corp. — Class A REIT | 160 | 1,720 | ||||||
| Triumph Financial, Inc.* | 31 | 1,708 | ||||||
| Cannae Holdings, Inc. | 81 | 1,689 | ||||||
| Ellington Financial, Inc. REIT1 | 130 | 1,689 | ||||||
| 1st Source Corp. | 27 | 1,676 | ||||||
| Perella Weinberg Partners | 86 | 1,670 | ||||||
| Safety Insurance Group, Inc. | 21 | 1,667 | ||||||
| Veris Residential, Inc. REIT | 111 | 1,653 | ||||||
| Pebblebrook Hotel Trust REIT | 165 | 1,648 | ||||||
| ProAssurance Corp.* | 72 | 1,644 | ||||||
| Terawulf, Inc.* | 374 | 1,638 | ||||||
| Virtus Investment Partners, Inc. | 9 | 1,633 | ||||||
| Berkshire Hills Bancorp, Inc. | 65 | 1,627 | ||||||
| Employers Holdings, Inc. | 34 | 1,604 | ||||||
| Apartment Investment and Management Co. — Class A REIT | 185 | 1,600 | ||||||
| Paramount Group, Inc. REIT* | 262 | 1,598 | ||||||
| Two Harbors Investment Corp. REIT | 147 | 1,583 | ||||||
| PennyMac Mortgage Investment Trust REIT | 123 | 1,582 | ||||||
| Empire State Realty Trust, Inc. — Class A REIT | 194 | 1,569 | ||||||
| QCR Holdings, Inc. | 23 | 1,562 | ||||||
| Chimera Investment Corp. REIT | 112 | 1,553 | ||||||
| ConnectOne Bancorp, Inc. | 67 | 1,552 | ||||||
| Bank First Corp. | 13 | 1,529 | ||||||
| Enact Holdings, Inc. | 41 | 1,523 | ||||||
| RLJ Lodging Trust REIT | 208 | 1,514 | ||||||
| Dime Community Bancshares, Inc. | 56 | 1,509 | ||||||
| Origin Bancorp, Inc. | 42 | 1,501 | ||||||
| Peoples Bancorp, Inc. | 49 | 1,496 | ||||||
| Live Oak Bancshares, Inc. | 50 | 1,490 | ||||||
| Preferred Bank/Los Angeles CA | 17 | 1,471 | ||||||
| Smartstop Self Storage REIT, Inc. | 40 | 1,449 | ||||||
| Centerspace REIT | 24 | 1,445 | ||||||
| American Assets Trust, Inc. REIT | 73 | 1,442 | ||||||
| Uniti Group, Inc. REIT* | 333 | 1,439 | ||||||
| Bitdeer Technologies Group — Class A* | 125 | 1,435 | ||||||
| OceanFirst Financial Corp. | 80 | 1,409 | ||||||
| Navient Corp. | 99 | 1,396 | ||||||
| Fidelis Insurance Holdings Ltd. | 84 | 1,393 | ||||||
| Acadian Asset Management, Inc. | 39 | 1,374 | ||||||
| MFA Financial, Inc. REIT | 145 | 1,372 | ||||||
| Hamilton Insurance Group Ltd. — Class B* | 63 | 1,362 | ||||||
| Brookline Bancorp, Inc. | 123 | 1,298 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Piedmont Realty Trust, Inc. — Class A REIT | 175 | $ | 1,276 | |||||
| Easterly Government Properties, Inc. REIT | 56 | 1,243 | ||||||
| Encore Capital Group, Inc.* | 32 | 1,239 | ||||||
| Hudson Pacific Properties, Inc. REIT* | 449 | 1,230 | ||||||
| Franklin BSP Realty Trust, Inc. REIT1 | 115 | 1,229 | ||||||
| Safehold, Inc. REIT | 79 | 1,229 | ||||||
| Southside Bancshares, Inc. | 41 | 1,207 | ||||||
| Univest Financial Corp. | 40 | 1,202 | ||||||
| Tompkins Financial Corp. | 19 | 1,192 | ||||||
| Merchants Bancorp | 36 | 1,191 | ||||||
| Patria Investments Ltd. — Class A | 84 | 1,181 | ||||||
| AMERISAFE, Inc. | 27 | 1,181 | ||||||
| Community Trust Bancorp, Inc. | 22 | 1,164 | ||||||
| Kennedy-Wilson Holdings, Inc. | 170 | 1,156 | ||||||
| Heritage Financial Corp. | 48 | 1,144 | ||||||
| Burke & Herbert Financial Services Corp. | 19 | 1,135 | ||||||
| Redwood Trust, Inc. REIT | 187 | 1,105 | ||||||
| Diversified Healthcare Trust REIT | 308 | 1,103 | ||||||
| First Mid Bancshares, Inc. | 29 | 1,087 | ||||||
| Old Second Bancorp, Inc. | 61 | 1,082 | ||||||
| NexPoint Residential Trust, Inc. REIT | 32 | 1,066 | ||||||
| Brookfield Business Corp. — Class A | 34 | 1,061 | ||||||
| Orchid Island Capital, Inc. REIT | 151 | 1,059 | ||||||
| Capitol Federal Financial, Inc. | 173 | 1,055 | ||||||
| Marcus & Millichap, Inc. | 34 | 1,044 | ||||||
| Brandywine Realty Trust REIT | 242 | 1,038 | ||||||
| Central Pacific Financial Corp. | 37 | 1,037 | ||||||
| Hanmi Financial Corp. | 42 | 1,037 | ||||||
| Amalgamated Financial Corp. | 33 | 1,030 | ||||||
| Ready Capital Corp. REIT | 234 | 1,023 | ||||||
| Mercantile Bank Corp. | 22 | 1,021 | ||||||
| Byline Bancorp, Inc. | 38 | 1,016 | ||||||
| eXp World Holdings, Inc. | 110 | 1,001 | ||||||
| Universal Insurance Holdings, Inc. | 36 | 998 | ||||||
| Business First Bancshares, Inc. | 40 | 986 | ||||||
| Metropolitan Bank Holding Corp.* | 14 | 980 | ||||||
| Camden National Corp. | 24 | 974 | ||||||
| F&G Annuities & Life, Inc. | 30 | 959 | ||||||
| Amerant Bancorp, Inc. | 52 | 948 | ||||||
| Esquire Financial Holdings, Inc. | 10 | 947 | ||||||
| Horizon Bancorp, Inc. | 61 | 938 | ||||||
| Plymouth Industrial REIT, Inc. | 58 | 931 | ||||||
| Gladstone Commercial Corp. REIT | 64 | 917 | ||||||
| BrightSpire Capital, Inc. REIT | 181 | 914 | ||||||
| Independent Bank Corp. | 28 | 907 | ||||||
| Equity Bancshares, Inc. — Class A | 22 | 898 | ||||||
| Northeast Bank | 10 | 890 | ||||||
| Republic Bancorp, Inc. — Class A | 12 | 877 | ||||||
| NB Bancorp, Inc.* | 49 | 875 | ||||||
| TrustCo Bank Corporation NY | 26 | 869 | ||||||
| First Financial Corp. | 16 | 867 | ||||||
| First Community Bankshares, Inc. | 22 | 862 | ||||||
| United Fire Group, Inc. | 30 | 861 | ||||||
| FTAI Infrastructure, Inc. | 137 | 845 | ||||||
| MidWestOne Financial Group, Inc. | 29 | 834 | ||||||
| Heritage Commerce Corp. | 84 | 834 | ||||||
| Orrstown Financial Services, Inc. | 26 | 828 | ||||||
| Bowhead Specialty Holdings, Inc.* | 22 | 826 | ||||||
| World Acceptance Corp.* | 5 | 826 | ||||||
| HomeTrust Bancshares, Inc. | 22 | 823 | ||||||
| Eagle Bancorp, Inc. | 42 | 818 | ||||||
| PRA Group, Inc.* | 55 | 811 | ||||||
| New York Mortgage Trust, Inc. REIT | 119 | 797 | ||||||
| SITE Centers Corp. REIT | 70 | 792 | ||||||
| Mid Penn Bancorp, Inc. | 28 | 790 | ||||||
| Whitestone REIT — Class B | 63 | 786 | ||||||
| Summit Hotel Properties, Inc. REIT | 154 | 784 | ||||||
| Tiptree, Inc. — Class A | 33 | 778 | ||||||
| P10, Inc. — Class A | 76 | 777 | ||||||
| Heritage Insurance Holdings, Inc.* | 31 | 773 | ||||||
| Metrocity Bankshares, Inc. | 27 | 772 | ||||||
| Armada Hoffler Properties, Inc. REIT1 | 112 | 769 | ||||||
| Southern Missouri Bancorp, Inc. | 14 | 767 | ||||||
| Washington Trust Bancorp, Inc. | 27 | 764 | ||||||
| Capital City Bank Group, Inc. | 19 | 748 | ||||||
| Northrim BanCorp, Inc. | 8 | 746 | ||||||
| CTO Realty Growth, Inc. REIT | 43 | 742 | ||||||
| TPG RE Finance Trust, Inc. REIT | 96 | 741 | ||||||
| Invesco Mortgage Capital, Inc. REIT | 93 | 729 | ||||||
| Universal Health Realty Income Trust REIT | 18 | 719 | ||||||
| Financial Institutions, Inc. | 28 | 719 | ||||||
| GCM Grosvenor, Inc. — Class A | 62 | 717 | ||||||
| Great Southern Bancorp, Inc. | 12 | 705 | ||||||
| Farmers National Banc Corp. | 51 | 703 | ||||||
| KKR Real Estate Finance Trust, Inc. REIT | 80 | 702 | ||||||
| Hippo Holdings, Inc.* | 25 | 698 | ||||||
| Alerus Financial Corp. | 32 | 692 | ||||||
| Peakstone Realty Trust REIT | 52 | 687 | ||||||
| NET Lease Office Properties REIT* | 21 | 684 | ||||||
| Alexander’s, Inc. REIT | 3 | 676 | ||||||
| Shore Bancshares, Inc. | 43 | 676 | ||||||
| SmartFinancial, Inc. | 20 | 676 | ||||||
| Real Brokerage, Inc.* | 149 | 672 | ||||||
| Farmland Partners, Inc. REIT | 58 | 668 | ||||||
| CNB Financial Corp. | 29 | 663 | ||||||
| CBL & Associates Properties, Inc. REIT | 26 | 660 | ||||||
| South Plains Financial, Inc. | 18 | 649 | ||||||
| Peoples Financial Services Corp. | 13 | 642 | ||||||
| NerdWallet, Inc. — Class A* | 58 | 636 | ||||||
| Community Healthcare Trust, Inc. REIT | 38 | 632 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| HarborOne Bancorp, Inc. | 54 | $ | 631 | |||||
| Bar Harbor Bankshares | 21 | 629 | ||||||
| Five Star Bancorp | 22 | 628 | ||||||
| Firstsun Capital Bancorp* | 18 | 625 | ||||||
| Global Medical REIT, Inc. | 90 | 624 | ||||||
| Peapack-Gladstone Financial Corp. | 22 | 621 | ||||||
| One Liberty Properties, Inc. REIT | 26 | 620 | ||||||
| Northfield Bancorp, Inc. | 53 | 608 | ||||||
| Arrow Financial Corp. | 23 | 608 | ||||||
| ACNB Corp. | 14 | 600 | ||||||
| LendingTree, Inc.* | 16 | 593 | ||||||
| Compass Diversified Holdings | 94 | 590 | ||||||
| Third Coast Bancshares, Inc.* | 18 | 588 | ||||||
| Diamond Hill Investment Group, Inc. | 4 | 581 | ||||||
| Saul Centers, Inc. REIT | 17 | 580 | ||||||
| ChoiceOne Financial Services, Inc. | 20 | 574 | ||||||
| Bit Digital, Inc.* | 255 | 559 | ||||||
| First Business Financial Services, Inc. | 11 | 557 | ||||||
| Enterprise Bancorp, Inc. | 14 | 555 | ||||||
| Carter Bankshares, Inc.* | 32 | 555 | ||||||
| Guaranty Bancshares, Inc. | 13 | 552 | ||||||
| Columbia Financial, Inc.* | 38 | 551 | ||||||
| Capital Bancorp, Inc. | 16 | 537 | ||||||
| Anywhere Real Estate, Inc.* | 148 | 536 | ||||||
| Flushing Financial Corp. | 45 | 535 | ||||||
| Sierra Bancorp | 18 | 534 | ||||||
| Greenlight Capital Re Ltd. — Class A* | 37 | 532 | ||||||
| Service Properties Trust REIT | 217 | 519 | ||||||
| Home Bancorp, Inc. | 10 | 518 | ||||||
| Kearny Financial Corp. | 80 | 517 | ||||||
| California BanCorp* | 32 | 504 | ||||||
| Midland States Bancorp, Inc. | 29 | 502 | ||||||
| Hingham Institution For Savings | 2 | 497 | ||||||
| Gladstone Land Corp. REIT | 48 | 488 | ||||||
| Civista Bancshares, Inc. | 21 | 487 | ||||||
| Bank of Marin Bancorp | 21 | 480 | ||||||
| Ambac Financial Group, Inc.* | 67 | 476 | ||||||
| OppFi, Inc. | 34 | 476 | ||||||
| Unity Bancorp, Inc. | 10 | 471 | ||||||
| Community West Bancshares | 24 | 468 | ||||||
| First Bank/Hamilton NJ | 30 | 464 | ||||||
| Bridgewater Bancshares, Inc.* | 29 | 461 | ||||||
| Donegal Group, Inc. — Class A | 23 | 461 | ||||||
| GBank Financial Holdings, Inc.* | 13 | 460 | ||||||
| Selectquote, Inc.* | 193 | 459 | ||||||
| Postal Realty Trust, Inc. — Class A REIT | 31 | 457 | ||||||
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 18 | 455 | ||||||
| First Foundation, Inc.* | 89 | 454 | ||||||
| HBT Financial, Inc. | 18 | 454 | ||||||
| Chatham Lodging Trust REIT | 65 | 453 | ||||||
| FRP Holdings, Inc.* | 16 | 430 | ||||||
| Investors Title Co. | 2 | 423 | ||||||
| Southern First Bancshares, Inc.* | 11 | 418 | ||||||
| BayCom Corp. | 15 | 416 | ||||||
| RBB Bancorp | 24 | 413 | ||||||
| West BanCorp, Inc. | 21 | 412 | ||||||
| Red River Bancshares, Inc. | 7 | 411 | ||||||
| Citizens & Northern Corp. | 21 | 398 | ||||||
| Colony Bankcorp, Inc. | 24 | 395 | ||||||
| Northeast Community Bancorp, Inc. | 17 | 395 | ||||||
| NewtekOne, Inc. | 35 | 395 | ||||||
| International Money Express, Inc.* | 39 | 393 | ||||||
| Ponce Financial Group, Inc.* | 28 | 388 | ||||||
| Atlanticus Holdings Corp.* | 7 | 383 | ||||||
| First Bancorp, Inc. | 15 | 381 | ||||||
| Regional Management Corp. | 13 | 380 | ||||||
| American Coastal Insurance Corp. | 34 | 378 | ||||||
| Claros Mortgage Trust, Inc. REIT | 130 | 371 | ||||||
| MVB Financial Corp. | 16 | 360 | ||||||
| Bankwell Financial Group, Inc. | 10 | 360 | ||||||
| RMR Group, Inc. — Class A | 22 | 360 | ||||||
| Citizens Financial Services, Inc. | 6 | 356 | ||||||
| FS Bancorp, Inc. | 9 | 354 | ||||||
| Ares Commercial Real Estate Corp. REIT | 74 | 353 | ||||||
| Paysign, Inc.* | 48 | 346 | ||||||
| Onity Group, Inc.* | 9 | 344 | ||||||
| Industrial Logistics Properties Trust REIT | 75 | 341 | ||||||
| HomeStreet, Inc.* | 26 | 340 | ||||||
| Kingsway Financial Services, Inc.* | 25 | 338 | ||||||
| Oportun Financial Corp.* | 47 | 336 | ||||||
| Orange County Bancorp, Inc. | 13 | 336 | ||||||
| Chicago Atlantic Real Estate Finance, Inc. REIT | 24 | 335 | ||||||
| John Marshall Bancorp, Inc. | 18 | 334 | ||||||
| Primis Financial Corp. | 30 | 326 | ||||||
| Fidelity D&D Bancorp, Inc. | 7 | 322 | ||||||
| Blue Ridge Bankshares, Inc.* | 89 | 320 | ||||||
| PCB Bancorp | 15 | 315 | ||||||
| Timberland Bancorp, Inc. | 10 | 312 | ||||||
| Plumas Bancorp | 7 | 311 | ||||||
| Norwood Financial Corp. | 12 | 309 | ||||||
| James River Group Holdings Ltd. | 52 | 305 | ||||||
| Waterstone Financial, Inc. | 22 | 304 | ||||||
| Penns Woods Bancorp, Inc. | 10 | 304 | ||||||
| Middlefield Banc Corp. | 10 | 301 | ||||||
| FrontView REIT, Inc. | 25 | 300 | ||||||
| Velocity Financial, Inc.* | 16 | 297 | ||||||
| First Internet Bancorp | 11 | 296 | ||||||
| AG Mortgage Investment Trust, Inc. REIT | 39 | 294 | ||||||
| City Office REIT, Inc. | 55 | 294 | ||||||
| Sky Harbour Group Corp.* | 30 | 293 | ||||||
| Chemung Financial Corp. | 6 | 291 | ||||||
| Parke Bancorp, Inc. | 14 | 285 | ||||||
| FB Bancorp, Inc.* | 25 | 281 | ||||||
| MBIA, Inc.* | 64 | 278 | ||||||
| LCNB Corp. | 19 | 276 | ||||||
| Provident Bancorp, Inc.* | 22 | 275 | ||||||
| Oak Valley Bancorp | 10 | 272 | ||||||
| Legacy Housing Corp.* | 12 | 272 | ||||||
| First Western Financial, Inc.* | 12 | 271 | ||||||
| Forge Global Holdings, Inc.* | 14 | 267 | ||||||
| Alpine Income Property Trust, Inc. REIT | 18 | 265 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| FVCBankcorp, Inc.* | 22 | $ | 260 | |||||
| Virginia National Bankshares Corp. | 7 | 259 | ||||||
| Blue Foundry Bancorp* | 27 | 258 | ||||||
| Investar Holding Corp. | 13 | 251 | ||||||
| Bank7 Corp. | 6 | 251 | ||||||
| AlTi Global, Inc.* | 60 | 249 | ||||||
| USCB Financial Holdings, Inc. | 15 | 248 | ||||||
| First United Corp. | 8 | 248 | ||||||
| C&F Financial Corp. | 4 | 247 | ||||||
| Kingstone Companies, Inc.* | 16 | 247 | ||||||
| National Bankshares, Inc. | 9 | 245 | ||||||
| First Community Corp. | 10 | 244 | ||||||
| Crawford & Co. — Class A | 23 | 243 | ||||||
| Seven Hills Realty Trust REIT | 20 | 241 | ||||||
| Western New England Bancorp, Inc. | 26 | 240 | ||||||
| Douglas Elliman, Inc.* | 102 | 237 | ||||||
| Old Point Financial Corp. | 6 | 235 | ||||||
| BRT Apartments Corp. REIT | 15 | 235 | ||||||
| Hawthorn Bancshares, Inc. | 8 | 233 | ||||||
| ESSA Bancorp, Inc. | 12 | 233 | ||||||
| Greene County Bancorp, Inc. | 10 | 222 | ||||||
| OP Bancorp | 17 | 221 | ||||||
| Citizens, Inc.* | 63 | 220 | ||||||
| LINKBANCORP, Inc. | 30 | 219 | ||||||
| Medallion Financial Corp. | 23 | 219 | ||||||
| First National Corp. | 11 | 214 | ||||||
| Princeton Bancorp, Inc. | 7 | 214 | ||||||
| Ames National Corp. | 12 | 214 | ||||||
| RE/MAX Holdings, Inc. — Class A* | 26 | 213 | ||||||
| Franklin Financial Services Corp. | 6 | 208 | ||||||
| Security National Financial Corp. — Class A* | 21 | 207 | ||||||
| First Capital, Inc. | 5 | 206 | ||||||
| Northpointe Bancshares, Inc. | 15 | 206 | ||||||
| Braemar Hotels & Resorts, Inc. REIT | 83 | 203 | ||||||
| NexPoint Diversified Real Estate Trust REIT | 48 | 201 | ||||||
| First Savings Financial Group, Inc. | 8 | 200 | ||||||
| CB Financial Services, Inc. | 7 | 199 | ||||||
| Finwise Bancorp* | 13 | 195 | ||||||
| Pioneer Bancorp, Inc.* | 16 | 192 | ||||||
| Resolute Holdings Management, Inc.* | 6 | 191 | ||||||
| MainStreet Bancshares, Inc. | 10 | 189 | ||||||
| Seaport Entertainment Group, Inc.* | 10 | 186 | ||||||
| BCB Bancorp, Inc. | 22 | 185 | ||||||
| BankFinancial Corp. | 16 | 185 | ||||||
| Eagle Financial Services, Inc. | 6 | 184 | ||||||
| Modiv Industrial, Inc. REIT | 13 | 183 | ||||||
| BV Financial, Inc.* | 12 | 183 | ||||||
| Maui Land & Pineapple Company, Inc.* | 10 | 182 | ||||||
| Citizens Community Bancorp, Inc. | 13 | 179 | ||||||
| Richmond Mutual BanCorp, Inc. | 13 | 179 | ||||||
| Franklin Street Properties Corp. REIT | 107 | 175 | ||||||
| Silvercrest Asset Management Group, Inc. — Class A | 11 | 174 | ||||||
| eHealth, Inc.* | 40 | 174 | ||||||
| Peoples Bancorp of North Carolina, Inc. | 6 | 173 | ||||||
| Stratus Properties, Inc.* | 9 | 170 | ||||||
| ECB Bancorp, Inc.* | 11 | 170 | ||||||
| Meridian Corp. | 13 | 168 | ||||||
| Eagle Bancorp Montana, Inc. | 10 | 167 | ||||||
| United Security Bancshares | 19 | 164 | ||||||
| ACRES Commercial Realty Corp. REIT* | 9 | 161 | ||||||
| Ohio Valley Banc Corp. | 5 | 161 | ||||||
| Hanover Bancorp, Inc. | 7 | 160 | ||||||
| Angel Oak Mortgage REIT, Inc. | 17 | 160 | ||||||
| Riverview Bancorp, Inc. | 29 | 159 | ||||||
| Rithm Property Trust, Inc. REIT | 59 | 159 | ||||||
| Landmark Bancorp Incorporated/Manhattan KS | 6 | 159 | ||||||
| Westwood Holdings Group, Inc. | 10 | 156 | ||||||
| SB Financial Group, Inc. | 8 | 153 | ||||||
| Nexpoint Real Estate Finance, Inc. REIT | 11 | 152 | ||||||
| SR Bancorp, Inc. | 11 | 149 | ||||||
| Sunrise Realty Trust, Inc. REIT | 14 | 148 | ||||||
| loanDepot, Inc. — Class A* | 114 | 145 | ||||||
| Lument Finance Trust, Inc. REIT | 64 | 141 | ||||||
| Finance of America Companies, Inc. — Class A* | 6 | 140 | ||||||
| Finward Bancorp | 5 | 138 | ||||||
| Sound Financial Bancorp, Inc. | 3 | 138 | ||||||
| Union Bankshares, Inc. | 5 | 133 | ||||||
| Transcontinental Realty Investors, Inc.* | 3 | 128 | ||||||
| Consumer Portfolio Services, Inc.* | 13 | 128 | ||||||
| NI Holdings, Inc.* | 10 | 127 | ||||||
| CF Bankshares, Inc. | 5 | 120 | ||||||
| Advanced Flower Capital, Inc. REIT | 26 | 117 | ||||||
| Strawberry Fields REIT, Inc. | 10 | 105 | ||||||
| Bakkt Holdings, Inc.* | 7 | 98 | ||||||
| Patriot National Bancorp, Inc.* | 62 | 94 | ||||||
| Mobile Infrastructure Corp.* | 20 | 90 | ||||||
| Siebert Financial Corp.* | 20 | 88 | ||||||
| Better Home & Finance Holding Co.* | 7 | 87 | ||||||
| Chain Bridge Bancorp, Inc. — Class A* | 3 | 77 | ||||||
| Rhinebeck Bancorp, Inc.* | 6 | 70 | ||||||
| Clipper Realty, Inc. REIT | 19 | 70 | ||||||
| SWK Holdings Corp. | 4 | 59 | ||||||
| Kestrel Group Ltd.* | 2 | 58 | ||||||
| Vroom, Inc.* | 2 | 57 | ||||||
| GoHealth, Inc. — Class A* | 7 | 39 | ||||||
| American Realty Investors, Inc.* | 2 | 28 | ||||||
| Logistic Properties of The Americas* | 4 | 27 | ||||||
| Total Financial | 891,046 | |||||||
| Consumer, Non-cyclical - 13.3% | ||||||||
| HealthEquity, Inc.* | 120 | 12,571 | ||||||
| Ensign Group, Inc. | 79 | 12,187 | ||||||
| Blueprint Medicines Corp.* | 90 | 11,536 | ||||||
| Bridgebio Pharma, Inc.* | 219 | 9,456 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Guardant Health, Inc.* | 168 | $ | 8,743 | |||||
| Stride, Inc.* | 60 | 8,711 | ||||||
| Glaukos Corp.* | 78 | 8,057 | ||||||
| Lantheus Holdings, Inc.* | 95 | 7,777 | ||||||
| Merit Medical Systems, Inc.* | 82 | 7,665 | ||||||
| Option Care Health, Inc.* | 231 | 7,503 | ||||||
| TG Therapeutics, Inc.* | 204 | 7,342 | ||||||
| Madrigal Pharmaceuticals, Inc.* | 24 | 7,263 | ||||||
| iRhythm Technologies, Inc.* | 45 | 6,928 | ||||||
| Adtalem Global Education, Inc.* | 52 | 6,616 | ||||||
| Alkermes plc* | 228 | 6,523 | ||||||
| Cal-Maine Foods, Inc. | 65 | 6,476 | ||||||
| TransMedics Group, Inc.* | 47 | 6,298 | ||||||
| Herc Holdings, Inc. | 46 | 6,058 | ||||||
| Axsome Therapeutics, Inc.* | 57 | 5,950 | ||||||
| ADMA Biologics, Inc.* | 325 | 5,918 | ||||||
| Integer Holdings Corp.* | 48 | 5,903 | ||||||
| Vaxcyte, Inc.* | 177 | 5,754 | ||||||
| Verra Mobility Corp.* | 224 | 5,687 | ||||||
| CRISPR Therapeutics AG* | 115 | 5,594 | ||||||
| Oscar Health, Inc. — Class A* | 257 | 5,510 | ||||||
| Prestige Consumer Healthcare, Inc.* | 69 | 5,510 | ||||||
| StoneCo Ltd. — Class A* | 340 | 5,454 | ||||||
| Brink’s Co. | 61 | 5,447 | ||||||
| Cytokinetics, Inc.* | 164 | 5,419 | ||||||
| Korn Ferry | 73 | 5,353 | ||||||
| PTC Therapeutics, Inc.* | 109 | 5,324 | ||||||
| CBIZ, Inc.* | 74 | 5,307 | ||||||
| Haemonetics Corp.* | 71 | 5,297 | ||||||
| RadNet, Inc.* | 93 | 5,293 | ||||||
| Akero Therapeutics, Inc.* | 98 | 5,229 | ||||||
| Marzetti Co | 28 | 4,838 | ||||||
| Krystal Biotech, Inc.* | 35 | 4,811 | ||||||
| Rhythm Pharmaceuticals, Inc.* | 76 | 4,802 | ||||||
| Graham Holdings Co. — Class B | 5 | 4,731 | ||||||
| Soleno Therapeutics, Inc.* | 56 | 4,692 | ||||||
| GEO Group, Inc.* | 192 | 4,598 | ||||||
| Nuvalent, Inc. — Class A* | 60 | 4,578 | ||||||
| Avidity Biosciences, Inc.* | 161 | 4,572 | ||||||
| Protagonist Therapeutics, Inc.* | 82 | 4,532 | ||||||
| ICU Medical, Inc.* | 34 | 4,493 | ||||||
| WD-40 Co. | 19 | 4,334 | ||||||
| PROCEPT BioRobotics Corp.* | 74 | 4,262 | ||||||
| Laureate Education, Inc. — Class A* | 181 | 4,232 | ||||||
| CorVel Corp.* | 41 | 4,214 | ||||||
| Simply Good Foods Co.* | 132 | 4,170 | ||||||
| ABM Industries, Inc. | 87 | 4,107 | ||||||
| Remitly Global, Inc.* | 218 | 4,092 | ||||||
| Scholar Rock Holding Corp.* | 114 | 4,038 | ||||||
| Alarm.com Holdings, Inc.* | 67 | 3,790 | ||||||
| ACADIA Pharmaceuticals, Inc.* | 175 | 3,775 | ||||||
| Sezzle, Inc.* | 21 | 3,764 | ||||||
| Privia Health Group, Inc.* | 161 | 3,703 | ||||||
| Crinetics Pharmaceuticals, Inc.* | 127 | 3,653 | ||||||
| Catalyst Pharmaceuticals, Inc.* | 163 | 3,537 | ||||||
| LivaNova plc* | 77 | 3,467 | ||||||
| Alight, Inc. — Class A | 606 | 3,430 | ||||||
| Inter Parfums, Inc. | 26 | 3,414 | ||||||
| Concentra Group Holdings Parent, Inc. | 164 | 3,373 | ||||||
| Arcellx, Inc.* | 51 | 3,358 | ||||||
| Xenon Pharmaceuticals, Inc.* | 106 | 3,318 | ||||||
| Huron Consulting Group, Inc.* | 24 | 3,301 | ||||||
| Chefs’ Warehouse, Inc.* | 51 | 3,254 | ||||||
| EVERTEC, Inc. | 90 | 3,245 | ||||||
| CoreCivic, Inc.* | 151 | 3,182 | ||||||
| Marqeta, Inc. — Class A* | 540 | 3,148 | ||||||
| Mirum Pharmaceuticals, Inc.* | 61 | 3,104 | ||||||
| TriNet Group, Inc. | 42 | 3,072 | ||||||
| Ligand Pharmaceuticals, Inc. — Class B* | 27 | 3,069 | ||||||
| Insperity, Inc. | 51 | 3,066 | ||||||
| Twist Bioscience Corp.* | 83 | 3,054 | ||||||
| Vericel Corp.* | 71 | 3,021 | ||||||
| Veracyte, Inc.* | 110 | 2,973 | ||||||
| Strategic Education, Inc. | 34 | 2,894 | ||||||
| Kymera Therapeutics, Inc.* | 66 | 2,880 | ||||||
| Addus HomeCare Corp.* | 25 | 2,880 | ||||||
| Perdoceo Education Corp. | 86 | 2,811 | ||||||
| BrightSpring Health Services, Inc.* | 119 | 2,807 | ||||||
| Premier, Inc. — Class A | 127 | 2,785 | ||||||
| QuidelOrtho Corp.* | 94 | 2,709 | ||||||
| UFP Technologies, Inc.* | 11 | 2,686 | ||||||
| Payoneer Global, Inc.* | 391 | 2,678 | ||||||
| Arrowhead Pharmaceuticals, Inc.* | 169 | 2,670 | ||||||
| BioCryst Pharmaceuticals, Inc.* | 294 | 2,634 | ||||||
| Agios Pharmaceuticals, Inc.* | 79 | 2,628 | ||||||
| Denali Therapeutics, Inc.* | 186 | 2,602 | ||||||
| John Wiley & Sons, Inc. — Class A | 58 | 2,589 | ||||||
| Novocure Ltd.* | 143 | 2,545 | ||||||
| Enovis Corp.* | 80 | 2,509 | ||||||
| J & J Snack Foods Corp. | 22 | 2,495 | ||||||
| Indivior plc* | 169 | 2,491 | ||||||
| Ideaya Biosciences, Inc.* | 118 | 2,480 | ||||||
| Adaptive Biotechnologies Corp.* | 210 | 2,446 | ||||||
| Surgery Partners, Inc.* | 109 | 2,423 | ||||||
| Recursion Pharmaceuticals, Inc. — Class A*,1 | 476 | 2,409 | ||||||
| LeMaitre Vascular, Inc. | 29 | 2,408 | ||||||
| GeneDx Holdings Corp.* | 26 | 2,400 | ||||||
| Supernus Pharmaceuticals, Inc.* | 76 | 2,396 | ||||||
| Select Medical Holdings Corp. | 157 | 2,383 | ||||||
| Arlo Technologies, Inc.* | 140 | 2,374 | ||||||
| CONMED Corp. | 44 | 2,291 | ||||||
| Central Garden & Pet Co. — Class A* | 73 | 2,284 | ||||||
| Beam Therapeutics, Inc.* | 134 | 2,279 | ||||||
| Brookdale Senior Living, Inc. — Class A* | 322 | 2,241 | ||||||
| Amicus Therapeutics, Inc.* | 391 | 2,240 | ||||||
| AtriCure, Inc.* | 68 | 2,228 | ||||||
| GRAIL, Inc.* | 43 | 2,211 | ||||||
| ICF International, Inc. | 26 | 2,202 | ||||||
| Tarsus Pharmaceuticals, Inc.* | 54 | 2,188 | ||||||
| Teladoc Health, Inc.* | 247 | 2,151 | ||||||
| Universal Technical Institute, Inc.* | 63 | 2,135 | ||||||
| Progyny, Inc.* | 96 | 2,112 | ||||||
| Arcutis Biotherapeutics, Inc.* | 150 | 2,103 | ||||||
| CG oncology, Inc.* | 78 | 2,028 | ||||||
| Vita Coco Company, Inc.* | 56 | 2,022 | ||||||
| Universal Corp. | 34 | 1,980 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| United Natural Foods, Inc.* | 84 | $ | 1,958 | |||||
| Apogee Therapeutics, Inc.* | 45 | 1,954 | ||||||
| Flywire Corp.* | 165 | 1,931 | ||||||
| Harmony Biosciences Holdings, Inc.* | 61 | 1,928 | ||||||
| National Healthcare Corp. | 18 | 1,926 | ||||||
| Omnicell, Inc.* | 65 | 1,911 | ||||||
| Spectrum Brands Holdings, Inc. | 36 | 1,908 | ||||||
| Vital Farms, Inc.* | 49 | 1,887 | ||||||
| Celldex Therapeutics, Inc.* | 92 | 1,872 | ||||||
| Upbound Group, Inc. | 74 | 1,857 | ||||||
| Disc Medicine, Inc.* | 35 | 1,854 | ||||||
| First Advantage Corp.* | 111 | 1,844 | ||||||
| Travere Therapeutics, Inc.* | 124 | 1,835 | ||||||
| Ocular Therapeutix, Inc.* | 197 | 1,828 | ||||||
| Turning Point Brands, Inc. | 24 | 1,818 | ||||||
| Alphatec Holdings, Inc.* | 163 | 1,809 | ||||||
| Biohaven Ltd.* | 127 | 1,792 | ||||||
| Innoviva, Inc.* | 88 | 1,768 | ||||||
| Azenta, Inc.* | 57 | 1,754 | ||||||
| Tandem Diabetes Care, Inc.* | 94 | 1,752 | ||||||
| Pediatrix Medical Group, Inc.* | 120 | 1,722 | ||||||
| 89bio, Inc.* | 175 | 1,718 | ||||||
| Amneal Pharmaceuticals, Inc.* | 211 | 1,707 | ||||||
| 10X Genomics, Inc. — Class A* | 147 | 1,702 | ||||||
| Coursera, Inc.* | 194 | 1,699 | ||||||
| ANI Pharmaceuticals, Inc.* | 26 | 1,696 | ||||||
| Vera Therapeutics, Inc.* | 72 | 1,696 | ||||||
| Andersons, Inc. | 46 | 1,691 | ||||||
| CRA International, Inc. | 9 | 1,686 | ||||||
| Artivion, Inc.* | 54 | 1,679 | ||||||
| Weis Markets, Inc. | 23 | 1,667 | ||||||
| PROG Holdings, Inc. | 56 | 1,644 | ||||||
| US Physical Therapy, Inc. | 21 | 1,642 | ||||||
| Grocery Outlet Holding Corp.* | 132 | 1,639 | ||||||
| Acuren Corp.* | 144 | 1,590 | ||||||
| MannKind Corp.* | 425 | 1,589 | ||||||
| Clover Health Investments Corp.* | 564 | 1,574 | ||||||
| Pacira BioSciences, Inc.* | 65 | 1,553 | ||||||
| Edgewell Personal Care Co. | 66 | 1,545 | ||||||
| Immunovant, Inc.* | 96 | 1,536 | ||||||
| Healthcare Services Group, Inc.* | 102 | 1,533 | ||||||
| Fresh Del Monte Produce, Inc. | 47 | 1,524 | ||||||
| CareDx, Inc.* | 77 | 1,505 | ||||||
| Driven Brands Holdings, Inc.* | 84 | 1,475 | ||||||
| National Beverage Corp.* | 34 | 1,470 | ||||||
| Dynavax Technologies Corp.* | 148 | 1,468 | ||||||
| Neogen Corp.* | 307 | 1,467 | ||||||
| Barrett Business Services, Inc. | 35 | 1,459 | ||||||
| Pennant Group, Inc.* | 48 | 1,433 | ||||||
| Astrana Health, Inc.* | 57 | 1,418 | ||||||
| BrightView Holdings, Inc.* | 84 | 1,399 | ||||||
| Aurinia Pharmaceuticals, Inc.* | 165 | 1,398 | ||||||
| Legalzoom.com, Inc.* | 156 | 1,390 | ||||||
| WK Kellogg Co. | 87 | 1,387 | ||||||
| TreeHouse Foods, Inc.* | 71 | 1,379 | ||||||
| Viridian Therapeutics, Inc.* | 98 | 1,370 | ||||||
| Intellia Therapeutics, Inc.* | 145 | 1,360 | ||||||
| Harrow, Inc.* | 44 | 1,344 | ||||||
| ARS Pharmaceuticals, Inc.* | 77 | 1,344 | ||||||
| Edgewise Therapeutics, Inc.* | 102 | 1,337 | ||||||
| Ingles Markets, Inc. — Class A | 21 | 1,331 | ||||||
| Collegium Pharmaceutical, Inc.* | 45 | 1,331 | ||||||
| Heidrick & Struggles International, Inc. | 29 | 1,327 | ||||||
| NeoGenomics, Inc.* | 181 | 1,323 | ||||||
| Novavax, Inc.*,1 | 210 | 1,323 | ||||||
| Dole plc | 93 | 1,301 | ||||||
| Ardelyx, Inc.* | 331 | 1,298 | ||||||
| Utz Brands, Inc. | 102 | 1,280 | ||||||
| Akebia Therapeutics, Inc.* | 351 | 1,278 | ||||||
| Janux Therapeutics, Inc.* | 55 | 1,270 | ||||||
| Dyne Therapeutics, Inc.* | 132 | 1,257 | ||||||
| Willdan Group, Inc.* | 20 | 1,250 | ||||||
| Quanex Building Products Corp. | 66 | 1,248 | ||||||
| SpartanNash Co. | 47 | 1,245 | ||||||
| AdaptHealth Corp.* | 130 | 1,226 | ||||||
| Herbalife Ltd.* | 142 | 1,224 | ||||||
| Nurix Therapeutics, Inc.* | 106 | 1,207 | ||||||
| Geron Corp.* | 852 | 1,201 | ||||||
| Amphastar Pharmaceuticals, Inc.* | 52 | 1,194 | ||||||
| STAAR Surgical Co.* | 70 | 1,175 | ||||||
| Cidara Therapeutics, Inc.* | 24 | 1,169 | ||||||
| Integra LifeSciences Holdings Corp.* | 94 | 1,153 | ||||||
| BioLife Solutions, Inc.* | 53 | 1,142 | ||||||
| Hertz Global Holdings, Inc.* | 166 | 1,134 | ||||||
| Syndax Pharmaceuticals, Inc.* | 120 | 1,124 | ||||||
| Liquidia Corp.* | 90 | 1,121 | ||||||
| Transcat, Inc.* | 13 | 1,118 | ||||||
| AMN Healthcare Services, Inc.* | 54 | 1,116 | ||||||
| CorMedix, Inc.* | 90 | 1,109 | ||||||
| Avadel Pharmaceuticals plc* | 125 | 1,106 | ||||||
| Anavex Life Sciences Corp.*,1 | 117 | 1,079 | ||||||
| Verve Therapeutics, Inc.* | 96 | 1,078 | ||||||
| Cogent Biosciences, Inc.* | 149 | 1,070 | ||||||
| Niagen Bioscience, Inc.* | 73 | 1,052 | ||||||
| Praxis Precision Medicines, Inc.* | 25 | 1,051 | ||||||
| Spyre Therapeutics, Inc.* | 70 | 1,048 | ||||||
| Kforce, Inc. | 25 | 1,028 | ||||||
| WaVe Life Sciences Ltd.* | 157 | 1,020 | ||||||
| MiMedx Group, Inc.* | 166 | 1,014 | ||||||
| Matthews International Corp. — Class A | 42 | 1,004 | ||||||
| SI-BONE, Inc.* | 53 | 997 | ||||||
| agilon health, Inc.* | 433 | 996 | ||||||
| Cimpress plc* | 21 | 987 | ||||||
| Deluxe Corp. | 62 | 986 | ||||||
| Xeris Biopharma Holdings, Inc.* | 210 | 981 | ||||||
| Lincoln Educational Services Corp.* | 42 | 968 | ||||||
| Owens & Minor, Inc.* | 106 | 965 | ||||||
| LifeStance Health Group, Inc.* | 186 | 962 | ||||||
| Immunome, Inc.* | 103 | 958 | ||||||
| Udemy, Inc.* | 136 | 956 | ||||||
| Vestis Corp. | 161 | 923 | ||||||
| Carriage Services, Inc. — Class A | 20 | 915 | ||||||
| Helen of Troy Ltd.* | 32 | 908 | ||||||
| Enliven Therapeutics, Inc.* | 45 | 903 | ||||||
| Hackett Group, Inc. | 35 | 890 | ||||||
| CompoSecure, Inc. — Class A* | 62 | 874 | ||||||
| Zymeworks, Inc.* | 69 | 866 | ||||||
| Replimune Group, Inc.* | 92 | 855 | ||||||
| ImmunityBio, Inc.* | 322 | 850 | ||||||
| Tootsie Roll Industries, Inc. | 25 | 836 | ||||||
| Mister Car Wash, Inc.* | 139 | 835 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| EyePoint Pharmaceuticals, Inc.* | 87 | $ | 819 | |||||
| Castle Biosciences, Inc.* | 40 | 817 | ||||||
| Green Dot Corp. — Class A* | 75 | 809 | ||||||
| PACS Group, Inc.* | 62 | 801 | ||||||
| Mission Produce, Inc.* | 68 | 797 | ||||||
| Embecta Corp. | 82 | 795 | ||||||
| Arcus Biosciences, Inc.* | 97 | 790 | ||||||
| Xencor, Inc.* | 99 | 778 | ||||||
| SunOpta, Inc.* | 134 | 777 | ||||||
| Avanos Medical, Inc.* | 63 | 771 | ||||||
| Mineralys Therapeutics, Inc.* | 55 | 744 | ||||||
| Phibro Animal Health Corp. — Class A | 29 | 741 | ||||||
| Cass Information Systems, Inc. | 17 | 739 | ||||||
| LENZ Therapeutics, Inc.* | 25 | 733 | ||||||
| American Public Education, Inc.* | 24 | 731 | ||||||
| Sage Therapeutics, Inc.* | 80 | 730 | ||||||
| UroGen Pharma Ltd.* | 52 | 712 | ||||||
| Metsera, Inc.*,1 | 25 | 711 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. | 18 | 707 | ||||||
| ArriVent Biopharma, Inc.* | 32 | 697 | ||||||
| John B Sanfilippo & Son, Inc. | 11 | 696 | ||||||
| Evolus, Inc.* | 75 | 691 | ||||||
| Mind Medicine MindMed, Inc.* | 106 | 688 | ||||||
| Nuvation Bio, Inc.* | 349 | 681 | ||||||
| Myriad Genetics, Inc.* | 128 | 680 | ||||||
| Arvinas, Inc.* | 92 | 677 | ||||||
| RxSight, Inc.* | 52 | 676 | ||||||
| Enhabit, Inc.* | 70 | 675 | ||||||
| Axogen, Inc.* | 62 | 673 | ||||||
| OPKO Health, Inc.* | 508 | 671 | ||||||
| Zevra Therapeutics, Inc.* | 76 | 670 | ||||||
| Honest Company, Inc.* | 131 | 667 | ||||||
| Stoke Therapeutics, Inc.* | 58 | 658 | ||||||
| iRadimed Corp. | 11 | 658 | ||||||
| Day One Biopharmaceuticals, Inc.* | 101 | 656 | ||||||
| Ceribell, Inc.* | 35 | 656 | ||||||
| Arbutus Biopharma Corp.* | 212 | 655 | ||||||
| Relay Therapeutics, Inc.* | 186 | 644 | ||||||
| Kura Oncology, Inc.* | 111 | 640 | ||||||
| ORIC Pharmaceuticals, Inc.* | 63 | 639 | ||||||
| Calavo Growers, Inc. | 24 | 638 | ||||||
| Ennis, Inc. | 35 | 635 | ||||||
| Vir Biotechnology, Inc.* | 125 | 630 | ||||||
| Keros Therapeutics, Inc.* | 47 | 627 | ||||||
| Fortrea Holdings, Inc.* | 127 | 627 | ||||||
| Monro, Inc. | 42 | 626 | ||||||
| Iovance Biotherapeutics, Inc.*,1 | 360 | 619 | ||||||
| Community Health Systems, Inc.* | 182 | 619 | ||||||
| Ginkgo Bioworks Holdings, Inc.* | 55 | 619 | ||||||
| Amylyx Pharmaceuticals, Inc.* | 96 | 615 | ||||||
| aTyr Pharma, Inc.* | 121 | 613 | ||||||
| Seneca Foods Corp. — Class A* | 6 | 609 | ||||||
| Orthofix Medical, Inc.* | 54 | 602 | ||||||
| AnaptysBio, Inc.* | 27 | 599 | ||||||
| MGP Ingredients, Inc. | 20 | 599 | ||||||
| KalVista Pharmaceuticals, Inc.* | 53 | 599 | ||||||
| Surmodics, Inc.* | 20 | 594 | ||||||
| Theravance Biopharma, Inc.* | 53 | 585 | ||||||
| Paysafe Ltd.* | 46 | 581 | ||||||
| Trevi Therapeutics, Inc.* | 106 | 580 | ||||||
| Fulgent Genetics, Inc.* | 29 | 576 | ||||||
| Cross Country Healthcare, Inc.* | 44 | 574 | ||||||
| Delcath Systems, Inc.* | 42 | 571 | ||||||
| Phathom Pharmaceuticals, Inc.* | 59 | 566 | ||||||
| Cytek Biosciences, Inc.* | 165 | 561 | ||||||
| Tango Therapeutics, Inc.* | 108 | 553 | ||||||
| AngioDynamics, Inc.* | 55 | 546 | ||||||
| Cullinan Therapeutics, Inc.* | 72 | 542 | ||||||
| REGENXBIO, Inc.* | 66 | 542 | ||||||
| Taysha Gene Therapies, Inc.* | 233 | 538 | ||||||
| Upstream Bio, Inc.* | 49 | 538 | ||||||
| Capricor Therapeutics, Inc.*,1 | 54 | 536 | ||||||
| Butterfly Network, Inc.* | 268 | 536 | ||||||
| Celcuity, Inc.* | 40 | 534 | ||||||
| Repay Holdings Corp.* | 109 | 525 | ||||||
| Fulcrum Therapeutics, Inc.* | 75 | 516 | ||||||
| OrthoPediatrics Corp.* | 24 | 516 | ||||||
| Eton Pharmaceuticals, Inc.* | 36 | 513 | ||||||
| Sana Biotechnology, Inc.* | 187 | 511 | ||||||
| Tejon Ranch Co.* | 30 | 509 | ||||||
| Kelly Services, Inc. — Class A | 43 | 504 | ||||||
| Dianthus Therapeutics, Inc.* | 27 | 503 | ||||||
| Varex Imaging Corp.* | 58 | 503 | ||||||
| Village Super Market, Inc. — Class A | 13 | 501 | ||||||
| USANA Health Sciences, Inc.* | 16 | 488 | ||||||
| Emergent BioSolutions, Inc.* | 76 | 485 | ||||||
| Pacific Biosciences of California, Inc.* | 388 | 481 | ||||||
| Arcturus Therapeutics Holdings, Inc.* | 36 | 468 | ||||||
| Rigel Pharmaceuticals, Inc.* | 25 | 468 | ||||||
| Nano-X Imaging Ltd.*,1 | 90 | 465 | ||||||
| Semler Scientific, Inc.*,1 | 12 | 465 | ||||||
| Spire Global, Inc.*,1 | 39 | 464 | ||||||
| ZipRecruiter, Inc. — Class A* | 92 | 461 | ||||||
| Jade Biosciences, Inc. | 46 | 460 | ||||||
| Personalis, Inc.* | 70 | 459 | ||||||
| Central Garden & Pet Co.* | 13 | 457 | ||||||
| B&G Foods, Inc.1 | 108 | 457 | ||||||
| Solid Biosciences, Inc.* | 93 | 453 | ||||||
| Ardent Health, Inc.* | 33 | 451 | ||||||
| Bicara Therapeutics, Inc.* | 48 | 446 | ||||||
| Heron Therapeutics, Inc.*,1 | 215 | 445 | ||||||
| KinderCare Learning Companies, Inc.* | 44 | 444 | ||||||
| Nathan’s Famous, Inc. | 4 | 442 | ||||||
| ClearPoint Neuro, Inc.* | 37 | 442 | ||||||
| ACCO Brands Corp. | 123 | 440 | ||||||
| Tourmaline Bio, Inc.* | 27 | 432 | ||||||
| Bioventus, Inc. — Class A* | 65 | 430 | ||||||
| Oruka Therapeutics, Inc. | 38 | 426 | ||||||
| Altimmune, Inc.*,1 | 109 | 422 | ||||||
| Custom Truck One Source, Inc.* | 85 | 420 | ||||||
| iTeos Therapeutics, Inc.* | 42 | 419 | ||||||
| Rezolute, Inc.* | 93 | 415 | ||||||
| Maravai LifeSciences Holdings, Inc. — Class A* | 171 | 412 | ||||||
| Savara, Inc.* | 178 | 406 | ||||||
| Aquestive Therapeutics, Inc.* | 121 | 401 | ||||||
| Mama’s Creations, Inc.* | 48 | 398 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Tonix Pharmaceuticals Holding Corp.* | 11 | $ | 396 | |||||
| Treace Medical Concepts, Inc.* | 67 | 394 | ||||||
| Absci Corp.* | 153 | 393 | ||||||
| Performant Healthcare, Inc.* | 98 | 392 | ||||||
| Atea Pharmaceuticals, Inc.* | 108 | 389 | ||||||
| Quantum-Si, Inc.* | 198 | 388 | ||||||
| Distribution Solutions Group, Inc.* | 14 | 385 | ||||||
| Guardian Pharmacy Services, Inc. — Class A* | 18 | 384 | ||||||
| NeuroPace, Inc.* | 34 | 379 | ||||||
| SIGA Technologies, Inc. | 58 | 378 | ||||||
| MeiraGTx Holdings plc* | 58 | 378 | ||||||
| Pulse Biosciences, Inc.* | 25 | 377 | ||||||
| Terns Pharmaceuticals, Inc.* | 101 | 377 | ||||||
| Vanda Pharmaceuticals, Inc.* | 78 | 368 | ||||||
| Humacyte, Inc.* | 176 | 368 | ||||||
| Cerus Corp.* | 259 | 365 | ||||||
| Franklin Covey Co.* | 16 | 365 | ||||||
| Blade Air Mobility, Inc.* | 90 | 363 | ||||||
| Limoneira Co. | 23 | 360 | ||||||
| Beyond Meat, Inc.* | 103 | 359 | ||||||
| Olema Pharmaceuticals, Inc.* | 84 | 358 | ||||||
| Zimvie, Inc.* | 38 | 355 | ||||||
| Organogenesis Holdings, Inc.* | 96 | 351 | ||||||
| Abeona Therapeutics, Inc.* | 61 | 346 | ||||||
| Quanterix Corp.* | 52 | 346 | ||||||
| Aveanna Healthcare Holdings, Inc.* | 65 | 340 | ||||||
| Viemed Healthcare, Inc.* | 49 | 339 | ||||||
| Compass Therapeutics, Inc.* | 129 | 335 | ||||||
| Tactile Systems Technology, Inc.* | 33 | 335 | ||||||
| Aura Biosciences, Inc.* | 53 | 332 | ||||||
| SANUWAVE Health, Inc.* | 10 | 329 | ||||||
| Prothena Corporation plc* | 54 | 328 | ||||||
| XOMA Royalty Corp.* | 13 | 328 | ||||||
| Gossamer Bio, Inc.* | 265 | 326 | ||||||
| Tyra Biosciences, Inc.* | 34 | 325 | ||||||
| Astria Therapeutics, Inc.* | 60 | 322 | ||||||
| Annexon, Inc.* | 134 | 322 | ||||||
| Target Hospitality Corp.* | 45 | 320 | ||||||
| OraSure Technologies, Inc.* | 106 | 318 | ||||||
| Septerna, Inc.* | 30 | 317 | ||||||
| Lifecore Biomedical, Inc.* | 39 | 317 | ||||||
| Nature’s Sunshine Products, Inc.* | 21 | 311 | ||||||
| Erasca, Inc.* | 244 | 310 | ||||||
| MaxCyte, Inc.* | 142 | 310 | ||||||
| Beauty Health Co.* | 160 | 306 | ||||||
| National Research Corp. — Class A | 18 | 302 | ||||||
| Precigen, Inc.* | 211 | 300 | ||||||
| Kestra Medical Technologies Ltd.* | 18 | 298 | ||||||
| Tectonic Therapeutic, Inc.* | 15 | 298 | ||||||
| Corvus Pharmaceuticals, Inc.* | 74 | 296 | ||||||
| Sionna Therapeutics, Inc.* | 17 | 295 | ||||||
| Monte Rosa Therapeutics, Inc.* | 65 | 293 | ||||||
| Westrock Coffee Co.* | 51 | 292 | ||||||
| SELLAS Life Sciences Group, Inc.* | 133 | 291 | ||||||
| Aldeyra Therapeutics, Inc.* | 76 | 291 | ||||||
| Rocket Pharmaceuticals, Inc.* | 118 | 289 | ||||||
| Perspective Therapeutics, Inc.* | 84 | 289 | ||||||
| Rapport Therapeutics, Inc.* | 25 | 284 | ||||||
| Candel Therapeutics, Inc.* | 55 | 278 | ||||||
| Olaplex Holdings, Inc.* | 197 | 276 | ||||||
| Esperion Therapeutics, Inc.*,1 | 280 | 276 | ||||||
| Cardiff Oncology, Inc.* | 87 | 274 | ||||||
| Fennec Pharmaceuticals, Inc.* | 33 | 274 | ||||||
| MBX Biosciences, Inc.* | 24 | 274 | ||||||
| ADC Therapeutics S.A.* | 102 | 273 | ||||||
| Priority Technology Holdings, Inc.* | 35 | 272 | ||||||
| Verastem, Inc.* | 64 | 266 | ||||||
| Beta Bionics, Inc.* | 18 | 262 | ||||||
| Entrada Therapeutics, Inc.* | 39 | 262 | ||||||
| Editas Medicine, Inc.* | 118 | 260 | ||||||
| TrueBlue, Inc.* | 40 | 259 | ||||||
| Resources Connection, Inc. | 46 | 247 | ||||||
| OmniAb, Inc.* | 141 | 245 | ||||||
| Joint Corp.* | 21 | 242 | ||||||
| Allogene Therapeutics, Inc.* | 213 | 241 | ||||||
| Omeros Corp.* | 79 | 237 | ||||||
| Information Services Group, Inc. | 49 | 235 | ||||||
| Y-mAbs Therapeutics, Inc.* | 52 | 235 | ||||||
| Benitec Biopharma, Inc.* | 20 | 234 | ||||||
| Inogen, Inc.* | 33 | 232 | ||||||
| Quad/Graphics, Inc. | 41 | 232 | ||||||
| European Wax Center, Inc. — Class A* | 41 | 231 | ||||||
| Cadiz, Inc.* | 77 | 230 | ||||||
| Alico, Inc. | 7 | 229 | ||||||
| Utah Medical Products, Inc. | 4 | 228 | ||||||
| Palvella Therapeutics, Inc.* | 10 | 225 | ||||||
| Zenas Biopharma, Inc.* | 23 | 223 | ||||||
| Eledon Pharmaceuticals, Inc.* | 82 | 222 | ||||||
| Electromed, Inc.* | 10 | 220 | ||||||
| Foghorn Therapeutics, Inc.* | 46 | 216 | ||||||
| KORU Medical Systems, Inc.* | 60 | 215 | ||||||
| Monopar Therapeutics, Inc.* | 6 | 215 | ||||||
| MediWound Ltd.* | 11 | 213 | ||||||
| Enanta Pharmaceuticals, Inc.* | 28 | 212 | ||||||
| Medifast, Inc.* | 15 | 211 | ||||||
| Neurogene, Inc.* | 14 | 209 | ||||||
| 4D Molecular Therapeutics, Inc.* | 56 | 208 | ||||||
| Acme United Corp. | 5 | 207 | ||||||
| Cargo Therapeutics, Inc.* | 50 | 206 | ||||||
| Puma Biotechnology, Inc.* | 60 | 206 | ||||||
| Alumis, Inc.* | 68 | 204 | ||||||
| Prime Medicine, Inc.* | 82 | 203 | ||||||
| Voyager Therapeutics, Inc.* | 65 | 202 | ||||||
| DocGo, Inc.* | 128 | 201 | ||||||
| Sonida Senior Living, Inc.* | 8 | 200 | ||||||
| Lifevantage Corp. | 15 | 196 | ||||||
| Avita Medical, Inc.* | 37 | 196 | ||||||
| Accuray, Inc.* | 142 | 195 | ||||||
| Hain Celestial Group, Inc.* | 127 | 193 | ||||||
| Third Harmonic Bio, Inc.* | 35 | 190 | ||||||
| CPI Card Group, Inc.* | 8 | 190 | ||||||
| Inhibrx Biosciences, Inc.* | 13 | 185 | ||||||
| Alta Equipment Group, Inc. | 29 | 183 | ||||||
| scPharmaceuticals, Inc.* | 48 | 183 | ||||||
| Anika Therapeutics, Inc.* | 17 | 180 | ||||||
| Aclaris Therapeutics, Inc.* | 126 | 179 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| HF Foods Group, Inc.* | 56 | $ | 178 | |||||
| Neuronetics, Inc.* | 51 | 178 | ||||||
| Mercurity Fintech Holding, Inc.* | 45 | 173 | ||||||
| Lifeway Foods, Inc.* | 7 | 173 | ||||||
| Acacia Research Corp.* | 48 | 172 | ||||||
| Kodiak Sciences, Inc.* | 46 | 172 | ||||||
| Fate Therapeutics, Inc.* | 153 | 171 | ||||||
| LENSAR, Inc.* | 13 | 171 | ||||||
| Larimar Therapeutics, Inc.* | 59 | 170 | ||||||
| Oncology Institute, Inc.* | 83 | 170 | ||||||
| SoundThinking, Inc.* | 13 | 170 | ||||||
| Stereotaxis, Inc.* | 80 | 170 | ||||||
| RCM Technologies, Inc.* | 7 | 165 | ||||||
| Biote Corp. — Class A* | 41 | 165 | ||||||
| Inhibikase Therapeutics, Inc.* | 84 | 164 | ||||||
| Ironwood Pharmaceuticals, Inc. — Class A* | 225 | 161 | ||||||
| Forrester Research, Inc.* | 16 | 158 | ||||||
| Alector, Inc.* | 112 | 157 | ||||||
| Bright Minds Biosciences, Inc.* | 6 | 157 | ||||||
| Design Therapeutics, Inc.* | 44 | 148 | ||||||
| Maze Therapeutics, Inc.* | 12 | 147 | ||||||
| Waldencast plc — Class A* | 59 | 144 | ||||||
| DiaMedica Therapeutics, Inc.* | 37 | 144 | ||||||
| Protalix BioTherapeutics, Inc.* | 97 | 144 | ||||||
| Zevia PBC — Class A* | 44 | 142 | ||||||
| Pulmonx Corp.* | 54 | 140 | ||||||
| Gyre Therapeutics, Inc.* | 19 | 140 | ||||||
| Lexeo Therapeutics, Inc.* | 34 | 137 | ||||||
| Protara Therapeutics, Inc.* | 45 | 136 | ||||||
| BioAge Labs, Inc.* | 33 | 136 | ||||||
| CVRx, Inc.* | 23 | 135 | ||||||
| Cartesian Therapeutics, Inc.*,1 | 13 | 135 | ||||||
| Nuvectis Pharma, Inc.* | 18 | 134 | ||||||
| Nkarta, Inc.* | 75 | 124 | ||||||
| Journey Medical Corp.* | 17 | 122 | ||||||
| TriSalus Life Sciences, Inc.* | 22 | 120 | ||||||
| Tvardi Therapeutics, Inc.* | 5 | 117 | ||||||
| BRC, Inc. — Class A* | 87 | 114 | ||||||
| Anteris Technologies Global Corp.* | 30 | 114 | ||||||
| Sanara Medtech, Inc.* | 4 | 114 | ||||||
| Solesence Inc* | 26 | 113 | ||||||
| Korro Bio, Inc.* | 9 | 112 | ||||||
| Lucid Diagnostics, Inc.* | 96 | 110 | ||||||
| Coherus Oncology, Inc.* | 149 | 109 | ||||||
| Aardvark Therapeutics, Inc.* | 8 | 108 | ||||||
| Innovage Holding Corp.* | 28 | 103 | ||||||
| Myomo, Inc.* | 46 | 99 | ||||||
| Emerald Holding, Inc. | 20 | 97 | ||||||
| AirSculpt Technologies, Inc.*,1 | 18 | 87 | ||||||
| Greenwich Lifesciences, Inc.* | 9 | 82 | ||||||
| TuHURA Biosciences, Inc.* | 36 | 80 | ||||||
| HireQuest, Inc. | 8 | 80 | ||||||
| Alpha Teknova, Inc.* | 15 | 74 | ||||||
| Ispire Technology, Inc.* | 26 | 67 | ||||||
| FitLife Brands, Inc.* | 5 | 65 | ||||||
| MarketWise, Inc. | 3 | 59 | ||||||
| Forafric Global plc* | 7 | 55 | ||||||
| Inmune Bio, Inc.* | 23 | 53 | ||||||
| Tevogen Bio Holdings, Inc.* | 40 | 50 | ||||||
| Actuate Therapeutics, Inc.* | 8 | 49 | ||||||
| SBC Medical Group Holdings, Inc.* | 8 | 37 | ||||||
| Atlantic International Corp.* | 15 | 30 | ||||||
| Scilex Holding Co.* | 3 | 19 | ||||||
| Nektar Therapeutics* | 0 | 12 | ||||||
| Ligand Pharmaceuticals, Inc.*,††† | 12 | – | ||||||
| Ligand Pharmaceuticals, Inc.*,††† | 12 | – | ||||||
| Total Consumer, Non-cyclical | 779,818 | |||||||
| Industrial - 10.2% | ||||||||
| Fabrinet* | 51 | 15,029 | ||||||
| Fluor Corp.* | 235 | 12,048 | ||||||
| AeroVironment, Inc.* | 40 | 11,398 | ||||||
| NEXTracker, Inc. — Class A* | 199 | 10,820 | ||||||
| Kratos Defense & Security Solutions, Inc.* | 232 | 10,776 | ||||||
| SPX Technologies, Inc.* | 64 | 10,732 | ||||||
| Chart Industries, Inc.* | 64 | 10,537 | ||||||
| Badger Meter, Inc. | 42 | 10,288 | ||||||
| Casella Waste Systems, Inc. — Class A* | 88 | 10,153 | ||||||
| Sterling Infrastructure, Inc.* | 42 | 9,691 | ||||||
| Watts Water Technologies, Inc. — Class A | 39 | 9,590 | ||||||
| Dycom Industries, Inc.* | 39 | 9,531 | ||||||
| Federal Signal Corp. | 84 | 8,939 | ||||||
| JBT Marel Corp. | 73 | 8,779 | ||||||
| UFP Industries, Inc. | 85 | 8,446 | ||||||
| Itron, Inc.* | 64 | 8,424 | ||||||
| Archer Aviation, Inc. — Class A* | 764 | 8,289 | ||||||
| Zurn Elkay Water Solutions Corp. | 211 | 7,716 | ||||||
| GATX Corp. | 50 | 7,678 | ||||||
| Modine Manufacturing Co.* | 74 | 7,289 | ||||||
| Moog, Inc. — Class A | 40 | 7,239 | ||||||
| Sanmina Corp.* | 73 | 7,142 | ||||||
| ESCO Technologies, Inc. | 37 | 7,099 | ||||||
| NuScale Power Corp.* | 178 | 7,042 | ||||||
| Advanced Energy Industries, Inc. | 53 | 7,022 | ||||||
| Construction Partners, Inc. — Class A* | 66 | 7,014 | ||||||
| Bloom Energy Corp. — Class A* | 288 | 6,889 | ||||||
| Joby Aviation, Inc.*,1 | 648 | 6,836 | ||||||
| CSW Industrials, Inc. | 23 | 6,597 | ||||||
| Novanta, Inc.* | 51 | 6,575 | ||||||
| Knife River Corp.* | 80 | 6,531 | ||||||
| Belden, Inc. | 56 | 6,485 | ||||||
| Mirion Technologies, Inc.* | 295 | 6,351 | ||||||
| Frontdoor, Inc.* | 104 | 6,130 | ||||||
| Primoris Services Corp. | 76 | 5,923 | ||||||
| Arcosa, Inc. | 68 | 5,896 | ||||||
| Golar LNG Ltd. | 140 | 5,767 | ||||||
| TTM Technologies, Inc.* | 141 | 5,756 | ||||||
| Enpro, Inc. | 30 | 5,746 | ||||||
| Granite Construction, Inc. | 61 | 5,704 | ||||||
| Kadant, Inc. | 17 | 5,396 | ||||||
| Exponent, Inc. | 71 | 5,304 | ||||||
| Mueller Water Products, Inc. — Class A | 219 | 5,265 | ||||||
| OSI Systems, Inc.* | 23 | 5,172 | ||||||
| Plexus Corp.* | 38 | 5,142 | ||||||
| Matson, Inc. | 46 | 5,122 | ||||||
| Franklin Electric Company, Inc. | 56 | 5,025 | ||||||
| EnerSys | 55 | 4,717 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Boise Cascade Co. | 54 | $ | 4,688 | |||||
| Atmus Filtration Technologies, Inc. | 117 | 4,261 | ||||||
| Terex Corp. | 91 | 4,249 | ||||||
| Cactus, Inc. — Class A | 96 | 4,197 | ||||||
| Argan, Inc. | 19 | 4,189 | ||||||
| MYR Group, Inc.* | 22 | 3,992 | ||||||
| Griffon Corp. | 55 | 3,980 | ||||||
| AZZ, Inc. | 42 | 3,968 | ||||||
| Mercury Systems, Inc.* | 73 | 3,932 | ||||||
| IES Holdings, Inc.* | 13 | 3,851 | ||||||
| RXO, Inc.* | 228 | 3,584 | ||||||
| AAR Corp.* | 50 | 3,440 | ||||||
| Atkore, Inc. | 48 | 3,386 | ||||||
| Alamo Group, Inc. | 15 | 3,276 | ||||||
| O-I Glass, Inc.* | 216 | 3,184 | ||||||
| Trinity Industries, Inc. | 115 | 3,106 | ||||||
| Enerpac Tool Group Corp. | 76 | 3,082 | ||||||
| Tutor Perini Corp.* | 63 | 2,947 | ||||||
| Albany International Corp. — Class A | 42 | 2,945 | ||||||
| Hub Group, Inc. — Class A | 84 | 2,808 | ||||||
| Worthington Enterprises, Inc. | 44 | 2,800 | ||||||
| Powell Industries, Inc. | 13 | 2,736 | ||||||
| Vishay Intertechnology, Inc. | 170 | 2,700 | ||||||
| Triumph Group, Inc.* | 104 | 2,678 | ||||||
| Standex International Corp. | 17 | 2,660 | ||||||
| Tecnoglass, Inc. | 34 | 2,630 | ||||||
| Kennametal, Inc. | 109 | 2,503 | ||||||
| PureCycle Technologies, Inc.* | 182 | 2,493 | ||||||
| Gibraltar Industries, Inc.* | 42 | 2,478 | ||||||
| ArcBest Corp. | 32 | 2,464 | ||||||
| Enovix Corp.* | 231 | 2,388 | ||||||
| Scorpio Tankers, Inc. | 61 | 2,387 | ||||||
| Greif, Inc. — Class A | 36 | 2,340 | ||||||
| Materion Corp. | 29 | 2,302 | ||||||
| Werner Enterprises, Inc. | 84 | 2,298 | ||||||
| World Kinect Corp. | 78 | 2,211 | ||||||
| Lindsay Corp. | 15 | 2,164 | ||||||
| Knowles Corp.* | 121 | 2,132 | ||||||
| Limbach Holdings, Inc.* | 15 | 2,102 | ||||||
| Xometry, Inc. — Class A* | 61 | 2,061 | ||||||
| International Seaways, Inc. | 56 | 2,043 | ||||||
| Tennant Co. | 26 | 2,014 | ||||||
| Hillenbrand, Inc. | 99 | 1,987 | ||||||
| Hillman Solutions Corp.* | 278 | 1,985 | ||||||
| American Superconductor Corp.* | 54 | 1,981 | ||||||
| Greenbrier Companies, Inc. | 43 | 1,980 | ||||||
| Masterbrand, Inc.* | 178 | 1,946 | ||||||
| Benchmark Electronics, Inc. | 50 | 1,941 | ||||||
| DHT Holdings, Inc. | 179 | 1,935 | ||||||
| Applied Optoelectronics, Inc.* | 75 | 1,927 | ||||||
| NV5 Global, Inc.* | 82 | 1,893 | ||||||
| Energizer Holdings, Inc. | 93 | 1,875 | ||||||
| CTS Corp. | 42 | 1,790 | ||||||
| Intuitive Machines, Inc.* | 153 | 1,663 | ||||||
| DXP Enterprises, Inc.* | 18 | 1,578 | ||||||
| Ducommun, Inc.* | 19 | 1,570 | ||||||
| Helios Technologies, Inc. | 47 | 1,569 | ||||||
| Janus International Group, Inc.* | 190 | 1,547 | ||||||
| Vicor Corp.* | 33 | 1,497 | ||||||
| Bel Fuse, Inc. — Class B | 15 | 1,465 | ||||||
| Napco Security Technologies, Inc. | 49 | 1,455 | ||||||
| Teekay Tankers Ltd. — Class A | 34 | 1,419 | ||||||
| SFL Corporation Ltd. | 170 | 1,416 | ||||||
| Astronics Corp.* | 42 | 1,406 | ||||||
| Worthington Steel, Inc. | 46 | 1,372 | ||||||
| TriMas Corp. | 47 | 1,345 | ||||||
| nLight, Inc.* | 68 | 1,338 | ||||||
| Astec Industries, Inc. | 32 | 1,334 | ||||||
| Proto Labs, Inc.* | 33 | 1,321 | ||||||
| Thermon Group Holdings, Inc.* | 47 | 1,320 | ||||||
| NANO Nuclear Energy, Inc.* | 38 | 1,311 | ||||||
| Cadre Holdings, Inc. | 40 | 1,274 | ||||||
| Dorian LPG Ltd. | 52 | 1,268 | ||||||
| Apogee Enterprises, Inc. | 30 | 1,218 | ||||||
| FARO Technologies, Inc.* | 27 | 1,186 | ||||||
| CECO Environmental Corp.* | 41 | 1,161 | ||||||
| Great Lakes Dredge & Dock Corp.* | 93 | 1,134 | ||||||
| American Woodmark Corp.* | 21 | 1,121 | ||||||
| Marten Transport Ltd. | 82 | 1,065 | ||||||
| Gorman-Rupp Co. | 29 | 1,065 | ||||||
| Golden Ocean Group Ltd.1 | 144 | 1,054 | ||||||
| Evolv Technologies Holdings, Inc.* | 162 | 1,011 | ||||||
| Montrose Environmental Group, Inc.* | 46 | 1,007 | ||||||
| Insteel Industries, Inc. | 26 | 968 | ||||||
| FLEX LNG Ltd. | 44 | 967 | ||||||
| Energy Recovery, Inc.* | 75 | 959 | ||||||
| Ichor Holdings Ltd.* | 48 | 943 | ||||||
| Enviri Corp.* | 107 | 929 | ||||||
| Ardagh Metal Packaging S.A. | 196 | 839 | ||||||
| Sturm Ruger & Company, Inc. | 23 | 826 | ||||||
| Ryerson Holding Corp. | 38 | 820 | ||||||
| Metallus, Inc.* | 52 | 801 | ||||||
| Forward Air Corp.* | 32 | 785 | ||||||
| Byrna Technologies, Inc.* | 25 | 772 | ||||||
| Redwire Corp.*,1 | 47 | 766 | ||||||
| Nordic American Tankers Ltd. | 288 | 758 | ||||||
| Red Cat Holdings, Inc.* | 104 | 757 | ||||||
| Myers Industries, Inc. | 52 | 753 | ||||||
| TSS, Inc.* | 26 | 750 | ||||||
| Graham Corp.* | 15 | 743 | ||||||
| Allient, Inc. | 20 | 726 | ||||||
| Genco Shipping & Trading Ltd. | 55 | 719 | ||||||
| Willis Lease Finance Corp. | 5 | 714 | ||||||
| National Presto Industries, Inc. | 7 | 686 | ||||||
| Mesa Laboratories, Inc. | 7 | 660 | ||||||
| Kimball Electronics, Inc.* | 34 | 654 | ||||||
| Navigator Holdings Ltd. | 46 | 651 | ||||||
| Hyster-Yale, Inc. | 16 | 636 | ||||||
| LSI Industries, Inc. | 37 | 629 | ||||||
| Heartland Express, Inc. | 72 | 622 | ||||||
| Columbus McKinnon Corp. | 40 | 611 | ||||||
| Teekay Corporation Ltd. | 73 | 602 | ||||||
| Clearwater Paper Corp.* | 22 | 599 | ||||||
| LSB Industries, Inc.* | 76 | 593 | ||||||
| Power Solutions International, Inc.* | 9 | 582 | ||||||
| Manitowoc Company, Inc.* | 48 | 577 | ||||||
| Bowman Consulting Group Ltd.* | 20 | 575 | ||||||
| NWPX Infrastructure Inc* | 14 | 574 | ||||||
| Costamare, Inc. | 62 | 565 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Covenant Logistics Group, Inc. — Class A | 23 | $ | 555 | |||||
| Aspen Aerogels, Inc.* | 93 | 551 | ||||||
| Amprius Technologies, Inc.* | 130 | 547 | ||||||
| Centuri Holdings, Inc.* | 24 | 539 | ||||||
| Smith & Wesson Brands, Inc. | 62 | 538 | ||||||
| NVE Corp. | 7 | 515 | ||||||
| CryoPort, Inc.* | 69 | 515 | ||||||
| Standard BioTools, Inc.* | 420 | 504 | ||||||
| Eastman Kodak Co.* | 89 | 503 | ||||||
| Eve Holding, Inc.* | 72 | 494 | ||||||
| Greif, Inc. — Class B | 7 | 483 | ||||||
| Orion Group Holdings, Inc.* | 53 | 481 | ||||||
| JELD-WEN Holding, Inc.* | 119 | 467 | ||||||
| Luxfer Holdings plc | 38 | 463 | ||||||
| Ardmore Shipping Corp. | 48 | 461 | ||||||
| Olympic Steel, Inc. | 14 | 456 | ||||||
| Titan America S.A.* | 34 | 424 | ||||||
| Latham Group, Inc.* | 63 | 402 | ||||||
| MicroVision, Inc.* | 344 | 392 | ||||||
| Park Aerospace Corp. | 26 | 384 | ||||||
| Neonode, Inc.* | 15 | 382 | ||||||
| Lightbridge Corp.* | 26 | 348 | ||||||
| KULR Technology Group, Inc.* | 46 | 328 | ||||||
| Tredegar Corp.* | 37 | 326 | ||||||
| Kopin Corp.* | 209 | 320 | ||||||
| Mayville Engineering Company, Inc.* | 20 | 319 | ||||||
| Palladyne AI Corp.* | 36 | 312 | ||||||
| L B Foster Co. — Class A* | 14 | 306 | ||||||
| Pure Cycle Corp.* | 28 | 300 | ||||||
| Safe Bulkers, Inc. | 81 | 292 | ||||||
| Turtle Beach Corp.* | 21 | 290 | ||||||
| Radiant Logistics, Inc.* | 47 | 286 | ||||||
| Karat Packaging, Inc. | 10 | 281 | ||||||
| 908 Devices, Inc.* | 38 | 271 | ||||||
| AerSale Corp.* | 45 | 271 | ||||||
| Perma-Fix Environmental Services, Inc.* | 24 | 253 | ||||||
| Himalaya Shipping Ltd.* | 42 | 242 | ||||||
| Proficient Auto Logistics, Inc.* | 33 | 240 | ||||||
| Sight Sciences, Inc.* | 58 | 240 | ||||||
| Arq, Inc.* | 44 | 236 | ||||||
| Ranpak Holdings Corp.* | 66 | 236 | ||||||
| Park-Ohio Holdings Corp. | 13 | 232 | ||||||
| Universal Logistics Holdings, Inc. | 9 | 228 | ||||||
| Gencor Industries, Inc.* | 15 | 210 | ||||||
| Core Molding Technologies, Inc.* | 12 | 199 | ||||||
| Pangaea Logistics Solutions Ltd. | 42 | 197 | ||||||
| Concrete Pumping Holdings, Inc. | 32 | 197 | ||||||
| Richtech Robotics, Inc. — Class B* | 96 | 187 | ||||||
| Mistras Group, Inc.* | 23 | 184 | ||||||
| Eastern Co. | 8 | 183 | ||||||
| Bel Fuse, Inc. — Class A | 2 | 180 | ||||||
| Energy Services of America Corp. | 17 | 169 | ||||||
| Omega Flex, Inc. | 5 | 162 | ||||||
| Outdoor Holding Co.* | 123 | 157 | ||||||
| AirJoule Technologies Corp.* | 30 | 139 | ||||||
| Ascent Industries Co.* | 11 | 139 | ||||||
| Smith-Midland Corp.* | 4 | 134 | ||||||
| Pro-DEX, Inc.* | 3 | 131 | ||||||
| M-Tron Industries, Inc.* | 3 | 126 | ||||||
| Net Power, Inc.* | 48 | 118 | ||||||
| Costamare Bulkers Holdings Ltd.* | 12 | 104 | ||||||
| PAMT CORP* | 8 | 103 | ||||||
| SKYX Platforms Corp.* | 85 | 89 | ||||||
| NL Industries, Inc. | 12 | 77 | ||||||
| Southland Holdings, Inc.* | 15 | 63 | ||||||
| Total Industrial | 598,991 | |||||||
| Consumer, Cyclical - 6.7% | ||||||||
| Brinker International, Inc.* | 62 | 11,181 | ||||||
| Taylor Morrison Home Corp. — Class A* | 138 | 8,476 | ||||||
| Group 1 Automotive, Inc. | 18 | 7,861 | ||||||
| Shake Shack, Inc. — Class A* | 55 | 7,733 | ||||||
| FirstCash Holdings, Inc. | 56 | 7,568 | ||||||
| Meritage Homes Corp. | 100 | 6,697 | ||||||
| Asbury Automotive Group, Inc.* | 28 | 6,679 | ||||||
| Boot Barn Holdings, Inc.* | 43 | 6,536 | ||||||
| Urban Outfitters, Inc.* | 89 | 6,456 | ||||||
| Installed Building Products, Inc. | 33 | 5,951 | ||||||
| GMS, Inc.* | 54 | 5,873 | ||||||
| SkyWest, Inc.* | 57 | 5,869 | ||||||
| Life Time Group Holdings, Inc.* | 191 | 5,793 | ||||||
| Abercrombie & Fitch Co. — Class A* | 66 | 5,468 | ||||||
| KB Home | 98 | 5,191 | ||||||
| Kontoor Brands, Inc. | 77 | 5,080 | ||||||
| Dorman Products, Inc.* | 39 | 4,784 | ||||||
| Cavco Industries, Inc.* | 11 | 4,779 | ||||||
| Champion Homes, Inc.* | 76 | 4,758 | ||||||
| Signet Jewelers Ltd. | 59 | 4,694 | ||||||
| Resideo Technologies, Inc.* | 209 | 4,611 | ||||||
| Rush Enterprises, Inc. — Class A | 88 | 4,533 | ||||||
| Cinemark Holdings, Inc. | 150 | 4,527 | ||||||
| Patrick Industries, Inc. | 46 | 4,244 | ||||||
| Academy Sports & Outdoors, Inc. | 93 | 4,167 | ||||||
| M/I Homes, Inc.* | 37 | 4,148 | ||||||
| Six Flags Entertainment Corp.* | 135 | 4,108 | ||||||
| Cheesecake Factory, Inc. | 65 | 4,073 | ||||||
| Tri Pointe Homes, Inc.* | 126 | 4,026 | ||||||
| UniFirst Corp. | 21 | 3,953 | ||||||
| Advance Auto Parts, Inc. | 84 | 3,905 | ||||||
| Goodyear Tire & Rubber Co.* | 367 | 3,806 | ||||||
| VSE Corp. | 29 | 3,798 | ||||||
| PriceSmart, Inc. | 36 | 3,781 | ||||||
| OPENLANE, Inc.* | 149 | 3,643 | ||||||
| Visteon Corp.* | 39 | 3,639 | ||||||
| Peloton Interactive, Inc. — Class A* | 518 | 3,595 | ||||||
| Red Rock Resorts, Inc. — Class A | 69 | 3,590 | ||||||
| Hilton Grand Vacations, Inc.* | 86 | 3,572 | ||||||
| REV Group, Inc. | 72 | 3,426 | ||||||
| Marriott Vacations Worldwide Corp. | 45 | 3,254 | ||||||
| Genius Sports Ltd.* | 309 | 3,214 | ||||||
| HNI Corp. | 65 | 3,197 | ||||||
| LCI Industries | 35 | 3,192 | ||||||
| Dana, Inc. | 186 | 3,190 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Polaris, Inc. | 75 | $ | 3,049 | |||||
| Atlanta Braves Holdings, Inc. — Class C* | 65 | 3,040 | ||||||
| Warby Parker, Inc. — Class A* | 138 | 3,026 | ||||||
| Foot Locker, Inc.* | 120 | 2,940 | ||||||
| Acushnet Holdings Corp. | 40 | 2,913 | ||||||
| Capri Holdings Ltd.* | 162 | 2,867 | ||||||
| Green Brick Partners, Inc.* | 44 | 2,767 | ||||||
| OneSpaWorld Holdings Ltd. | 133 | 2,712 | ||||||
| National Vision Holdings, Inc.* | 109 | 2,508 | ||||||
| International Game Technology plc | 157 | 2,482 | ||||||
| Super Group SGHC Ltd. | 224 | 2,457 | ||||||
| Phinia, Inc. | 55 | 2,447 | ||||||
| Steven Madden Ltd. | 97 | 2,326 | ||||||
| Adient plc* | 118 | 2,296 | ||||||
| Hanesbrands, Inc.* | 493 | 2,258 | ||||||
| Papa John’s International, Inc. | 46 | 2,251 | ||||||
| Madison Square Garden Entertainment Corp.* | 56 | 2,238 | ||||||
| American Eagle Outfitters, Inc. | 228 | 2,193 | ||||||
| Sweetgreen, Inc. — Class A* | 145 | 2,158 | ||||||
| La-Z-Boy, Inc. | 58 | 2,156 | ||||||
| Century Communities, Inc. | 38 | 2,140 | ||||||
| Wolverine World Wide, Inc. | 113 | 2,043 | ||||||
| Buckle, Inc. | 44 | 1,995 | ||||||
| Blue Bird Corp.* | 45 | 1,942 | ||||||
| JetBlue Airways Corp.* | 452 | 1,912 | ||||||
| AMC Entertainment Holdings, Inc. — Class A* | 611 | 1,894 | ||||||
| Cracker Barrel Old Country Store, Inc. | 31 | 1,894 | ||||||
| Rush Street Interactive, Inc.* | 125 | 1,862 | ||||||
| Garrett Motion, Inc. | 177 | 1,860 | ||||||
| MillerKnoll, Inc. | 95 | 1,845 | ||||||
| United Parks & Resorts, Inc.* | 38 | 1,792 | ||||||
| Sonos, Inc.* | 165 | 1,784 | ||||||
| Victoria’s Secret & Co.* | 96 | 1,778 | ||||||
| IMAX Corp.* | 61 | 1,706 | ||||||
| Interface, Inc. — Class A | 81 | 1,695 | ||||||
| Everi Holdings, Inc.* | 119 | 1,695 | ||||||
| Sonic Automotive, Inc. — Class A | 21 | 1,679 | ||||||
| Leggett & Platt, Inc. | 186 | 1,659 | ||||||
| MRC Global, Inc.* | 120 | 1,645 | ||||||
| Aeva Technologies, Inc.* | 43 | 1,625 | ||||||
| Sabre Corp.* | 509 | 1,608 | ||||||
| Lionsgate Studios Corp.* | 269 | 1,563 | ||||||
| Monarch Casino & Resort, Inc. | 18 | 1,556 | ||||||
| Fox Factory Holding Corp.* | 59 | 1,530 | ||||||
| Winmark Corp. | 4 | 1,510 | ||||||
| Carter’s, Inc. | 50 | 1,507 | ||||||
| LGI Homes, Inc.* | 29 | 1,494 | ||||||
| Topgolf Callaway Brands Corp.* | 185 | 1,489 | ||||||
| Camping World Holdings, Inc. — Class A | 85 | 1,461 | ||||||
| BJ’s Restaurants, Inc.* | 30 | 1,338 | ||||||
| Sally Beauty Holdings, Inc.* | 144 | 1,333 | ||||||
| ScanSource, Inc.* | 31 | 1,296 | ||||||
| Kohl’s Corp. | 152 | 1,289 | ||||||
| G-III Apparel Group Ltd.* | 55 | 1,232 | ||||||
| Steelcase, Inc. — Class A | 118 | 1,231 | ||||||
| XPEL, Inc.* | 34 | 1,221 | ||||||
| Gentherm, Inc.* | 43 | 1,216 | ||||||
| Dave & Buster’s Entertainment, Inc.* | 38 | 1,143 | ||||||
| Winnebago Industries, Inc. | 38 | 1,102 | ||||||
| Allegiant Travel Co. — Class A* | 20 | 1,099 | ||||||
| Dream Finders Homes, Inc. — Class A* | 42 | 1,055 | ||||||
| PC Connection, Inc. | 16 | 1,053 | ||||||
| Bloomin’ Brands, Inc. | 118 | 1,016 | ||||||
| Microvast Holdings, Inc.* | 277 | 1,006 | ||||||
| indie Semiconductor, Inc. — Class A*,1 | 272 | 968 | ||||||
| ThredUp, Inc. — Class A* | 128 | 959 | ||||||
| Douglas Dynamics, Inc. | 32 | 943 | ||||||
| Portillo’s, Inc. — Class A* | 79 | 922 | ||||||
| Standard Motor Products, Inc. | 30 | 922 | ||||||
| Ethan Allen Interiors, Inc. | 33 | 919 | ||||||
| Beazer Homes USA, Inc.* | 41 | 917 | ||||||
| First Watch Restaurant Group, Inc.* | 57 | 914 | ||||||
| Accel Entertainment, Inc.* | 76 | 895 | ||||||
| Daktronics, Inc.* | 58 | 877 | ||||||
| Build-A-Bear Workshop, Inc. — Class A | 17 | 877 | ||||||
| Pursuit Attractions and Hospitality, Inc.* | 30 | 865 | ||||||
| Malibu Boats, Inc. — Class A* | 27 | 846 | ||||||
| Sun Country Airlines Holdings, Inc.* | 72 | 846 | ||||||
| Global Business Travel Group I* | 133 | 838 | ||||||
| BlueLinx Holdings, Inc.* | 11 | 818 | ||||||
| Oxford Industries, Inc. | 20 | 805 | ||||||
| Golden Entertainment, Inc. | 27 | 795 | ||||||
| Kura Sushi USA, Inc. — Class A* | 9 | 775 | ||||||
| Ermenegildo Zegna N.V. | 86 | 735 | ||||||
| Hovnanian Enterprises, Inc. — Class A* | 7 | 732 | ||||||
| Miller Industries, Inc. | 16 | 711 | ||||||
| ODP Corp.* | 39 | 707 | ||||||
| Titan International, Inc.* | 68 | 698 | ||||||
| Rush Enterprises, Inc. — Class B | 13 | 682 | ||||||
| MarineMax, Inc.* | 27 | 679 | ||||||
| American Axle & Manufacturing Holdings, Inc.* | 162 | 661 | ||||||
| EVgo, Inc.* | 180 | 657 | ||||||
| Arhaus, Inc.* | 72 | 624 | ||||||
| Lindblad Expeditions Holdings, Inc.* | 53 | 619 | ||||||
| Wabash National Corp. | 58 | 617 | ||||||
| America’s Car-Mart, Inc.* | 11 | 617 | ||||||
| A-Mark Precious Metals, Inc. | 27 | 599 | ||||||
| Shyft Group, Inc. | 46 | 577 | ||||||
| Titan Machinery, Inc.* | 29 | 574 | ||||||
| Caleres, Inc. | 46 | 562 | ||||||
| Marcus Corp. | 33 | 556 | ||||||
| Nu Skin Enterprises, Inc. — Class A | 69 | 551 | ||||||
| Global Industrial Co. | 20 | 540 | ||||||
| Forestar Group, Inc.* | 27 | 540 | ||||||
| Cooper-Standard Holdings, Inc.* | 24 | 516 | ||||||
| Dine Brands Global, Inc. | 21 | 511 | ||||||
| Xperi, Inc.* | 63 | 498 | ||||||
| Clean Energy Fuels Corp.* | 247 | 482 | ||||||
| Shoe Carnival, Inc. | 25 | 468 | ||||||
| RCI Hospitality Holdings, Inc. | 12 | 457 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Arko Corp. | 108 | $ | 457 | |||||
| Methode Electronics, Inc. | 48 | 457 | ||||||
| Jack in the Box, Inc. | 26 | 454 | ||||||
| Hudson Technologies, Inc.* | 55 | 447 | ||||||
| Solid Power, Inc.* | 203 | 445 | ||||||
| Atlanta Braves Holdings, Inc. — Class A* | 9 | 443 | ||||||
| Potbelly Corp.* | 36 | 441 | ||||||
| Frontier Group Holdings, Inc.* | 119 | 432 | ||||||
| MasterCraft Boat Holdings, Inc.* | 23 | 427 | ||||||
| El Pollo Loco Holdings, Inc.* | 37 | 407 | ||||||
| Haverty Furniture Companies, Inc. | 19 | 387 | ||||||
| Lovesac Co.* | 19 | 346 | ||||||
| Savers Value Village, Inc.* | 33 | 337 | ||||||
| Movado Group, Inc. | 21 | 320 | ||||||
| Krispy Kreme, Inc.1 | 108 | 314 | ||||||
| Petco Health & Wellness Company, Inc.* | 110 | 311 | ||||||
| Strattec Security Corp.* | 5 | 311 | ||||||
| Weyco Group, Inc. | 9 | 298 | ||||||
| Biglari Holdings, Inc. — Class B* | 1 | 292 | ||||||
| Xponential Fitness, Inc. — Class A* | 39 | 292 | ||||||
| Zumiez, Inc.* | 22 | 292 | ||||||
| Motorcar Parts of America, Inc.* | 26 | 291 | ||||||
| Denny’s Corp.* | 71 | 291 | ||||||
| Starz Entertainment Corp.* | 18 | 289 | ||||||
| Genesco, Inc.* | 14 | 276 | ||||||
| JAKKS Pacific, Inc. | 13 | 270 | ||||||
| Tile Shop Holdings, Inc.* | 40 | 254 | ||||||
| Barnes & Noble Education, Inc.* | 21 | 247 | ||||||
| Hyliion Holdings Corp.* | 182 | 240 | ||||||
| Livewire Group, Inc.* | 52 | 239 | ||||||
| Citi Trends, Inc.* | 7 | 234 | ||||||
| Funko, Inc. — Class A* | 49 | 233 | ||||||
| Webtoon Entertainment, Inc.*,1 | 25 | 227 | ||||||
| Reservoir Media, Inc.* | 29 | 222 | ||||||
| Rocky Brands, Inc. | 10 | 222 | ||||||
| OneWater Marine, Inc. — Class A* | 16 | 214 | ||||||
| Johnson Outdoors, Inc. — Class A | 7 | 212 | ||||||
| Sleep Number Corp.* | 29 | 196 | ||||||
| Escalade, Inc. | 14 | 196 | ||||||
| Flexsteel Industries, Inc. | 5 | 180 | ||||||
| Hamilton Beach Brands Holding Co. — Class A | 10 | 179 | ||||||
| American Outdoor Brands, Inc.* | 17 | 178 | ||||||
| Lakeland Industries, Inc. | 13 | 177 | ||||||
| Holley, Inc.* | 84 | 168 | ||||||
| Bassett Furniture Industries, Inc. | 11 | 167 | ||||||
| Superior Group of Companies, Inc. | 16 | 165 | ||||||
| Luminar Technologies, Inc.* | 56 | 161 | ||||||
| EVI Industries, Inc. | 7 | 153 | ||||||
| J Jill, Inc. | 10 | 146 | ||||||
| Clarus Corp. | 41 | 142 | ||||||
| Virco Mfg. Corp. | 15 | 120 | ||||||
| Spirit Aviation Holdings, Inc.* | 23 | 115 | ||||||
| Designer Brands, Inc. — Class A1 | 45 | 107 | ||||||
| Marine Products Corp. | 12 | 102 | ||||||
| Torrid Holdings, Inc.*,1 | 33 | 97 | ||||||
| Bally’s Corp.* | 10 | 96 | ||||||
| Traeger, Inc.* | 44 | 75 | ||||||
| Envela Corp.* | 9 | 55 | ||||||
| CompX International, Inc. | 2 | 53 | ||||||
| Total Consumer, Cyclical | 389,266 | |||||||
| Technology - 6.1% | ||||||||
| IonQ, Inc.* | 333 | 14,309 | ||||||
| CommVault Systems, Inc.* | 62 | 10,808 | ||||||
| Rambus, Inc.* | 152 | 9,731 | ||||||
| Varonis Systems, Inc.* | 155 | 7,866 | ||||||
| Clearwater Analytics Holdings, Inc. — Class A* | 346 | 7,588 | ||||||
| Qualys, Inc.* | 51 | 7,286 | ||||||
| SPS Commerce, Inc.* | 53 | 7,213 | ||||||
| ACI Worldwide, Inc.* | 148 | 6,795 | ||||||
| Box, Inc. — Class A* | 197 | 6,732 | ||||||
| Silicon Laboratories, Inc.* | 45 | 6,631 | ||||||
| SiTime Corp.* | 30 | 6,392 | ||||||
| D-Wave Quantum, Inc.*,1 | 404 | 5,915 | ||||||
| Tenable Holdings, Inc.* | 168 | 5,675 | ||||||
| Maximus, Inc. | 79 | 5,546 | ||||||
| SoundHound AI, Inc. — Class A*,1 | 514 | 5,515 | ||||||
| Semtech Corp.* | 122 | 5,507 | ||||||
| Insight Enterprises, Inc.* | 39 | 5,385 | ||||||
| Waystar Holding Corp.* | 128 | 5,231 | ||||||
| Workiva, Inc.* | 71 | 4,860 | ||||||
| Rigetti Computing, Inc.*,1 | 396 | 4,697 | ||||||
| Power Integrations, Inc. | 80 | 4,472 | ||||||
| Freshworks, Inc. — Class A* | 286 | 4,264 | ||||||
| BlackLine, Inc.* | 74 | 4,190 | ||||||
| C3.ai, Inc. — Class A* | 170 | 4,177 | ||||||
| Agilysys, Inc.* | 36 | 4,127 | ||||||
| Zeta Global Holdings Corp. — Class A* | 264 | 4,089 | ||||||
| Intapp, Inc.* | 78 | 4,026 | ||||||
| Impinj, Inc.* | 36 | 3,999 | ||||||
| PAR Technology Corp.* | 56 | 3,885 | ||||||
| Progress Software Corp. | 60 | 3,830 | ||||||
| ACV Auctions, Inc. — Class A* | 236 | 3,828 | ||||||
| Ambarella, Inc.* | 57 | 3,766 | ||||||
| FormFactor, Inc.* | 109 | 3,751 | ||||||
| AvePoint, Inc.* | 187 | 3,611 | ||||||
| WNS Holdings Ltd.* | 57 | 3,605 | ||||||
| Synaptics, Inc.* | 55 | 3,565 | ||||||
| Blackbaud, Inc.* | 54 | 3,467 | ||||||
| Diodes, Inc.* | 64 | 3,385 | ||||||
| Clear Secure, Inc. — Class A | 118 | 3,276 | ||||||
| Vertex, Inc. — Class A* | 91 | 3,215 | ||||||
| Axcelis Technologies, Inc.* | 45 | 3,136 | ||||||
| Quantum Computing, Inc.* | 161 | 3,086 | ||||||
| Braze, Inc. — Class A* | 107 | 3,007 | ||||||
| LiveRamp Holdings, Inc.* | 91 | 3,007 | ||||||
| ASGN, Inc.* | 60 | 2,996 | ||||||
| NCR Atleos Corp.* | 103 | 2,939 | ||||||
| Alkami Technology, Inc.* | 96 | 2,893 | ||||||
| Pitney Bowes, Inc. | 258 | 2,815 | ||||||
| Five9, Inc.* | 106 | 2,807 | ||||||
| BigBear.ai Holdings, Inc.* | 404 | 2,743 | ||||||
| DigitalOcean Holdings, Inc.* | 91 | 2,599 | ||||||
| CSG Systems International, Inc. | 39 | 2,547 | ||||||
| Kulicke & Soffa Industries, Inc. | 73 | 2,526 | ||||||
| Alignment Healthcare, Inc.* | 179 | 2,506 | ||||||
| NetScout Systems, Inc.* | 98 | 2,431 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| AvidXchange Holdings, Inc.* | 240 | $ | 2,350 | |||||
| NCR Voyix Corp.* | 195 | 2,287 | ||||||
| Donnelley Financial Solutions, Inc.* | 37 | 2,281 | ||||||
| Phreesia, Inc.* | 79 | 2,248 | ||||||
| Innodata, Inc.* | 43 | 2,202 | ||||||
| Adeia, Inc. | 153 | 2,163 | ||||||
| Rapid7, Inc.* | 90 | 2,082 | ||||||
| Diebold Nixdorf, Inc.* | 36 | 1,994 | ||||||
| NextNav, Inc.* | 124 | 1,885 | ||||||
| Evolent Health, Inc. — Class A* | 165 | 1,858 | ||||||
| ACM Research, Inc. — Class A* | 71 | 1,839 | ||||||
| Planet Labs PBC* | 301 | 1,836 | ||||||
| PagerDuty, Inc.* | 118 | 1,803 | ||||||
| Digi International, Inc.* | 51 | 1,778 | ||||||
| Asana, Inc. — Class A* | 131 | 1,769 | ||||||
| Ouster, Inc.* | 71 | 1,722 | ||||||
| Verint Systems, Inc.* | 87 | 1,711 | ||||||
| Appian Corp. — Class A* | 55 | 1,642 | ||||||
| MaxLinear, Inc. — Class A* | 115 | 1,634 | ||||||
| Veeco Instruments, Inc.* | 80 | 1,626 | ||||||
| Photronics, Inc.* | 86 | 1,619 | ||||||
| Schrodinger Incorporated/United States* | 79 | 1,589 | ||||||
| Sprout Social, Inc. — Class A* | 73 | 1,526 | ||||||
| Amplitude, Inc. — Class A* | 122 | 1,513 | ||||||
| Life360, Inc.*,1 | 23 | 1,501 | ||||||
| Penguin Solutions, Inc.* | 75 | 1,486 | ||||||
| Olo, Inc. — Class A* | 162 | 1,442 | ||||||
| Ultra Clean Holdings, Inc.* | 63 | 1,422 | ||||||
| Fastly, Inc. — Class A* | 192 | 1,356 | ||||||
| Porch Group, Inc.* | 113 | 1,332 | ||||||
| Sapiens International Corporation N.V. | 44 | 1,287 | ||||||
| Pagaya Technologies Ltd. — Class A* | 59 | 1,258 | ||||||
| Yext, Inc.* | 145 | 1,233 | ||||||
| Navitas Semiconductor Corp.* | 188 | 1,231 | ||||||
| Cohu, Inc.* | 64 | 1,231 | ||||||
| V2X, Inc.* | 24 | 1,165 | ||||||
| Grid Dynamics Holdings, Inc.* | 93 | 1,074 | ||||||
| Blend Labs, Inc. — Class A* | 295 | 974 | ||||||
| PDF Solutions, Inc.* | 45 | 962 | ||||||
| PROS Holdings, Inc.* | 61 | 955 | ||||||
| Jamf Holding Corp.* | 95 | 903 | ||||||
| Alpha & Omega Semiconductor Ltd.* | 35 | 898 | ||||||
| Vimeo, Inc.* | 221 | 893 | ||||||
| Integral Ad Science Holding Corp.* | 107 | 889 | ||||||
| I3 Verticals, Inc. — Class A* | 32 | 879 | ||||||
| Xerox Holdings Corp.1 | 165 | 869 | ||||||
| OneSpan, Inc. | 51 | 851 | ||||||
| Daily Journal Corp.* | 2 | 845 | ||||||
| Digital Turbine, Inc.* | 143 | 844 | ||||||
| E2open Parent Holdings, Inc.* | 257 | 830 | ||||||
| Cantaloupe, Inc.* | 75 | 824 | ||||||
| N-able, Inc.* | 101 | 818 | ||||||
| Red Violet, Inc. | 16 | 787 | ||||||
| PubMatic, Inc. — Class A* | 59 | 734 | ||||||
| GigaCloud Technology, Inc. — Class A*,1 | 37 | 732 | ||||||
| MeridianLink, Inc.* | 45 | 730 | ||||||
| CEVA, Inc.* | 33 | 725 | ||||||
| PlayAGS, Inc.* | 57 | 712 | ||||||
| Weave Communications, Inc.* | 82 | 682 | ||||||
| Domo, Inc. — Class B* | 48 | 671 | ||||||
| Ibotta, Inc. — Class A* | 18 | 659 | ||||||
| Cerence, Inc.* | 61 | 623 | ||||||
| Consensus Cloud Solutions, Inc.* | 27 | 623 | ||||||
| Nutex Health, Inc.* | 5 | 622 | ||||||
| Corsair Gaming, Inc.* | 66 | 622 | ||||||
| Mitek Systems, Inc.* | 62 | 614 | ||||||
| Bandwidth, Inc. — Class A* | 38 | 604 | ||||||
| SEMrush Holdings, Inc. — Class A* | 65 | 588 | ||||||
| Conduent, Inc.* | 209 | 552 | ||||||
| VTEX — Class A* | 81 | 535 | ||||||
| Climb Global Solutions, Inc. | 5 | 535 | ||||||
| Aehr Test Systems* | 40 | 517 | ||||||
| Claritev Corp.* | 11 | 496 | ||||||
| Talkspace, Inc.* | 173 | 481 | ||||||
| Outset Medical, Inc.* | 25 | 480 | ||||||
| Vishay Precision Group, Inc.* | 17 | 478 | ||||||
| BigCommerce Holdings, Inc.* | 92 | 460 | ||||||
| Cricut, Inc. — Class A | 65 | 440 | ||||||
| Unisys Corp.* | 94 | 426 | ||||||
| IBEX Holdings Ltd.* | 14 | 407 | ||||||
| Simulations Plus, Inc. | 23 | 401 | ||||||
| Rezolve AI plc* | 127 | 391 | ||||||
| Arteris, Inc.* | 40 | 381 | ||||||
| Playtika Holding Corp. | 79 | 374 | ||||||
| SkyWater Technology, Inc.* | 37 | 364 | ||||||
| 8x8, Inc.* | 183 | 359 | ||||||
| Health Catalyst, Inc.* | 95 | 358 | ||||||
| Asure Software, Inc.* | 35 | 342 | ||||||
| Immersion Corp. | 42 | 331 | ||||||
| TruBridge, Inc.* | 14 | 328 | ||||||
| ReposiTrak, Inc.1 | 16 | 314 | ||||||
| Viant Technology, Inc. — Class A* | 22 | 291 | ||||||
| Digimarc Corp.* | 22 | 291 | ||||||
| ON24, Inc.* | 53 | 288 | ||||||
| Inspired Entertainment, Inc.* | 35 | 286 | ||||||
| 3D Systems Corp.* | 185 | 285 | ||||||
| Vuzix Corp.* | 89 | 260 | ||||||
| Rimini Street, Inc.* | 68 | 256 | ||||||
| Telos Corp.* | 77 | 244 | ||||||
| CoreCard Corp.* | 8 | 232 | ||||||
| Kaltura, Inc.* | 114 | 229 | ||||||
| EverCommerce, Inc.* | 21 | 221 | ||||||
| Expensify, Inc. — Class A* | 84 | 218 | ||||||
| Aeluma, Inc.* | 13 | 213 | ||||||
| Faraday Future Intelligent Electric, Inc.* | 124 | 208 | ||||||
| Atomera, Inc.* | 41 | 207 | ||||||
| Definitive Healthcare Corp.* | 50 | 195 | ||||||
| Airship AI Holdings, Inc.* | 28 | 165 | ||||||
| Richardson Electronics Ltd. | 17 | 164 | ||||||
| eGain Corp.* | 26 | 163 | ||||||
| Playstudios, Inc.* | 124 | 162 | ||||||
| Rackspace Technology, Inc.* | 117 | 150 | ||||||
| CS Disco, Inc.* | 33 | 144 | ||||||
| TTEC Holdings, Inc.* | 28 | 135 | ||||||
| CSP, Inc. | 10 | 130 | ||||||
| Teads Holding Co.* | 51 | 126 | ||||||
| WM Technology, Inc.* | 123 | 110 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Synchronoss Technologies, Inc.* | 15 | $ | 103 | |||||
| Skillsoft Corp.* | 6 | 96 | ||||||
| Wolfspeed, Inc.* | 218 | 87 | ||||||
| Silvaco Group, Inc.* | 11 | 52 | ||||||
| Golden Matrix Group, Inc.* | 20 | 34 | ||||||
| Zspace, Inc.* | 3 | 10 | ||||||
| Total Technology | 359,690 | |||||||
| Communications - 2.9% | ||||||||
| Credo Technology Group Holding Ltd.* | 206 | 19,074 | ||||||
| Hims & Hers Health, Inc.*,1 | 268 | 13,360 | ||||||
| Q2 Holdings, Inc.* | 87 | 8,142 | ||||||
| InterDigital, Inc. | 36 | 8,072 | ||||||
| Lumen Technologies, Inc.* | 1,340 | 5,869 | ||||||
| EchoStar Corp. — Class A* | 190 | 5,263 | ||||||
| Telephone & Data Systems, Inc. | 138 | 4,910 | ||||||
| Magnite, Inc.* | 197 | 4,752 | ||||||
| Calix, Inc.* | 83 | 4,415 | ||||||
| Cargurus, Inc.* | 116 | 3,883 | ||||||
| TEGNA, Inc. | 226 | 3,788 | ||||||
| Extreme Networks, Inc.* | 185 | 3,321 | ||||||
| Viavi Solutions, Inc.* | 311 | 3,132 | ||||||
| Cogent Communications Holdings, Inc. | 63 | 3,037 | ||||||
| Yelp, Inc. — Class A* | 87 | 2,981 | ||||||
| ePlus, Inc.* | 37 | 2,668 | ||||||
| Applied Digital Corp.*,1 | 248 | 2,497 | ||||||
| DigitalBridge Group, Inc. | 241 | 2,494 | ||||||
| CommScope Holding Company, Inc.* | 300 | 2,484 | ||||||
| Upwork, Inc.* | 175 | 2,352 | ||||||
| Viasat, Inc.* | 159 | 2,321 | ||||||
| TripAdvisor, Inc.* | 162 | 2,114 | ||||||
| A10 Networks, Inc. | 104 | 2,012 | ||||||
| Ziff Davis, Inc.* | 60 | 1,816 | ||||||
| fuboTV, Inc.* | 468 | 1,806 | ||||||
| Globalstar, Inc.* | 70 | 1,649 | ||||||
| Sphere Entertainment Co.* | 39 | 1,630 | ||||||
| IDT Corp. — Class B | 23 | 1,571 | ||||||
| Harmonic, Inc.* | 158 | 1,496 | ||||||
| Couchbase, Inc.* | 60 | 1,463 | ||||||
| Gogo, Inc.* | 96 | 1,409 | ||||||
| Sprinklr, Inc. — Class A* | 155 | 1,311 | ||||||
| QuinStreet, Inc.* | 76 | 1,224 | ||||||
| Groupon, Inc.* | 35 | 1,171 | ||||||
| Revolve Group, Inc.* | 57 | 1,143 | ||||||
| NETGEAR, Inc.* | 39 | 1,134 | ||||||
| Liberty Latin America Ltd. — Class C* | 176 | 1,095 | ||||||
| Grindr, Inc.* | 47 | 1,067 | ||||||
| Rumble, Inc.* | 110 | 988 | ||||||
| Cars.com, Inc.* | 82 | 972 | ||||||
| Shenandoah Telecommunications Co. | 71 | 970 | ||||||
| Cable One, Inc. | 7 | 951 | ||||||
| HealthStream, Inc. | 34 | 941 | ||||||
| ADTRAN Holdings, Inc.* | 104 | 933 | ||||||
| Angi, Inc.* | 61 | 931 | ||||||
| EverQuote, Inc. — Class A* | 38 | 919 | ||||||
| BlackSky Technology, Inc.* | 39 | 803 | ||||||
| Altice USA, Inc. — Class A* | 365 | 781 | ||||||
| Liquidity Services, Inc.* | 33 | 778 | ||||||
| Serve Robotics, Inc.* | 66 | 755 | ||||||
| Powerfleet Incorporated NJ* | 174 | 750 | ||||||
| Sinclair, Inc. | 54 | 746 | ||||||
| Stagwell, Inc.* | 162 | 729 | ||||||
| Gannett Company, Inc.* | 198 | 709 | ||||||
| LifeMD, Inc.* | 52 | 708 | ||||||
| Figs, Inc. — Class A* | 124 | 699 | ||||||
| Clearfield, Inc.* | 16 | 695 | ||||||
| Bumble, Inc. — Class A* | 102 | 672 | ||||||
| Shutterstock, Inc.1 | 34 | 645 | ||||||
| RealReal, Inc.* | 134 | 642 | ||||||
| Thryv Holdings, Inc.* | 52 | 632 | ||||||
| Scholastic Corp. | 30 | 630 | ||||||
| Gray Media, Inc. | 123 | 557 | ||||||
| Nexxen International Ltd.* | 53 | 552 | ||||||
| Stitch Fix, Inc. — Class A* | 149 | 551 | ||||||
| Beyond, Inc.* | 77 | 530 | ||||||
| Ribbon Communications, Inc.* | 132 | 529 | ||||||
| MediaAlpha, Inc. — Class A* | 47 | 515 | ||||||
| Spok Holdings, Inc. | 29 | 513 | ||||||
| Nextdoor Holdings, Inc.* | 297 | 493 | ||||||
| Preformed Line Products Co. | 3 | 479 | ||||||
| Ooma, Inc.* | 36 | 464 | ||||||
| Anterix, Inc.* | 18 | 462 | ||||||
| National CineMedia, Inc. | 90 | 436 | ||||||
| Boston Omaha Corp. — Class A* | 31 | 435 | ||||||
| Backblaze, Inc. — Class A* | 75 | 413 | ||||||
| Aviat Networks, Inc.* | 16 | 385 | ||||||
| Satellogic, Inc. — Class A* | 96 | 348 | ||||||
| OptimizeRx Corp.* | 24 | 324 | ||||||
| iHeartMedia, Inc. — Class A* | 167 | 294 | ||||||
| WideOpenWest, Inc.* | 71 | 288 | ||||||
| TechTarget, Inc.* | 37 | 288 | ||||||
| AMC Networks, Inc. — Class A* | 45 | 282 | ||||||
| Open Lending Corp. — Class A* | 144 | 279 | ||||||
| Eventbrite, Inc. — Class A* | 104 | 274 | ||||||
| Gambling.com Group Ltd.* | 23 | 273 | ||||||
| EW Scripps Co. — Class A* | 88 | 259 | ||||||
| Getty Images Holdings, Inc.* | 155 | 257 | ||||||
| CuriosityStream, Inc. | 45 | 253 | ||||||
| Liberty Latin America Ltd. — Class A* | 41 | 250 | ||||||
| ATN International, Inc. | 14 | 227 | ||||||
| Frequency Electronics, Inc. | 9 | 204 | ||||||
| Entravision Communications Corp. — Class A | 87 | 202 | ||||||
| BK Technologies Corp.* | 4 | 189 | ||||||
| Lands’ End, Inc.* | 17 | 182 | ||||||
| Tucows, Inc. — Class A* | 9 | 177 | ||||||
| Advantage Solutions, Inc.* | 132 | 174 | ||||||
| Newsmax, Inc.* | 11 | 166 | ||||||
| Vivid Seats, Inc. — Class A* | 92 | 155 | ||||||
| 1-800-Flowers.com, Inc. — Class A*,1 | 31 | 153 | ||||||
| Inseego Corp.* | 17 | 140 | ||||||
| Triller Group, Inc.* | 144 | 134 | ||||||
| Nerdy, Inc.* | 81 | 132 | ||||||
| BARK, Inc.* | 150 | 132 | ||||||
| AudioEye, Inc.* | 11 | 128 | ||||||
| Crexendo, Inc.* | 20 | 121 | ||||||
| Travelzoo* | 9 | 115 | ||||||
| Arena Group Holdings, Inc.* | 18 | 112 | ||||||
| Gaia, Inc.* | 24 | 105 | ||||||
| Value Line, Inc. | 1 | 39 | ||||||
| Total Communications | 166,875 | |||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Energy - 2.7% | ||||||||
| CNX Resources Corp.* | 200 | $ | 6,736 | |||||
| ChampionX Corp. | 269 | 6,682 | ||||||
| Magnolia Oil & Gas Corp. — Class A | 262 | 5,890 | ||||||
| Archrock, Inc. | 232 | 5,761 | ||||||
| Core Natural Resources, Inc. | 74 | 5,161 | ||||||
| Noble Corporation plc | 177 | 4,699 | ||||||
| Murphy Oil Corp. | 190 | 4,275 | ||||||
| Gulfport Energy Corp.* | 21 | 4,225 | ||||||
| California Resources Corp. | 92 | 4,202 | ||||||
| SM Energy Co. | 160 | 3,954 | ||||||
| Valaris Ltd.* | 89 | 3,748 | ||||||
| Northern Oil & Gas, Inc. | 130 | 3,685 | ||||||
| Warrior Met Coal, Inc. | 73 | 3,346 | ||||||
| Tidewater, Inc.* | 71 | 3,275 | ||||||
| Patterson-UTI Energy, Inc. | 496 | 2,941 | ||||||
| Comstock Resources, Inc.* | 104 | 2,878 | ||||||
| Oceaneering International, Inc.* | 132 | 2,735 | ||||||
| Kinetik Holdings, Inc. — Class A | 62 | 2,731 | ||||||
| Transocean Ltd.* | 1,046 | 2,709 | ||||||
| Kodiak Gas Services, Inc. | 76 | 2,604 | ||||||
| PBF Energy, Inc. — Class A | 118 | 2,557 | ||||||
| Liberty Energy, Inc. — Class A | 222 | 2,549 | ||||||
| Sunrun, Inc.* | 294 | 2,405 | ||||||
| Seadrill Ltd.* | 88 | 2,310 | ||||||
| Peabody Energy Corp. | 172 | 2,308 | ||||||
| DNOW, Inc.* | 151 | 2,239 | ||||||
| Crescent Energy Co. — Class A | 251 | 2,159 | ||||||
| Sable Offshore Corp.* | 96 | 2,110 | ||||||
| Helmerich & Payne, Inc. | 136 | 2,062 | ||||||
| Sitio Royalties Corp. — Class A | 110 | 2,022 | ||||||
| Par Pacific Holdings, Inc.* | 75 | 1,990 | ||||||
| Plug Power, Inc.*,1 | 1,282 | 1,910 | ||||||
| Delek US Holdings, Inc. | 85 | 1,800 | ||||||
| Alpha Metallurgical Resources, Inc.* | 16 | 1,800 | ||||||
| NextDecade Corp.* | 188 | 1,675 | ||||||
| Eos Energy Enterprises, Inc.* | 310 | 1,587 | ||||||
| Atlas Energy Solutions, Inc.1 | 109 | 1,457 | ||||||
| Solaris Energy Infrastructure, Inc. — Class A | 51 | 1,443 | ||||||
| Talos Energy, Inc.* | 169 | 1,433 | ||||||
| Bristow Group, Inc.* | 40 | 1,319 | ||||||
| Array Technologies, Inc.*,1 | 213 | 1,257 | ||||||
| Helix Energy Solutions Group, Inc.* | 201 | 1,254 | ||||||
| Expro Group Holdings N.V.* | 145 | 1,246 | ||||||
| CVR Energy, Inc. | 43 | 1,155 | ||||||
| Kosmos Energy Ltd.* | 666 | 1,145 | ||||||
| Select Water Solutions, Inc. — Class A | 131 | 1,132 | ||||||
| Diversified Energy Company plc | 77 | 1,130 | ||||||
| REX American Resources Corp.* | 21 | 1,023 | ||||||
| SunCoke Energy, Inc. | 119 | 1,022 | ||||||
| Aris Water Solutions, Inc. — Class A | 43 | 1,017 | ||||||
| Shoals Technologies Group, Inc. — Class A* | 236 | 1,003 | ||||||
| NPK International, Inc.* | 113 | 962 | ||||||
| Excelerate Energy, Inc. — Class A | 32 | 938 | ||||||
| Vitesse Energy, Inc. | 41 | 906 | ||||||
| Innovex International, Inc.* | 54 | 843 | ||||||
| New Fortress Energy, Inc. | 236 | 784 | ||||||
| Core Laboratories, Inc. | 66 | 760 | ||||||
| Fluence Energy, Inc.* | 107 | 718 | ||||||
| Hallador Energy Co.* | 44 | 696 | ||||||
| Vital Energy, Inc.*,1 | 42 | 676 | ||||||
| ProPetro Holding Corp.* | 112 | 669 | ||||||
| Ramaco Resources, Inc. — Class A | 50 | 657 | ||||||
| TETRA Technologies, Inc.* | 178 | 598 | ||||||
| RPC, Inc. | 125 | 591 | ||||||
| ASP Isotopes, Inc.* | 80 | 589 | ||||||
| BKV Corp.* | 24 | 579 | ||||||
| Borr Drilling Ltd.* | 312 | 571 | ||||||
| Nabors Industries Ltd.* | 20 | 560 | ||||||
| SandRidge Energy, Inc. | 51 | 552 | ||||||
| Green Plains, Inc.* | 90 | 543 | ||||||
| VAALCO Energy, Inc. | 145 | 523 | ||||||
| National Energy Services Reunited Corp.* | 85 | 512 | ||||||
| Matrix Service Co.* | 37 | 500 | ||||||
| Granite Ridge Resources, Inc. | 76 | 484 | ||||||
| Riley Exploration Permian, Inc. | 18 | 472 | ||||||
| Flowco Holdings, Inc. — Class A | 26 | 463 | ||||||
| Oil States International, Inc.* | 82 | 440 | ||||||
| Gevo, Inc.* | 323 | 426 | ||||||
| Infinity Natural Resources, Inc. — Class A* | 21 | 384 | ||||||
| Natural Gas Services Group, Inc.* | 14 | 361 | ||||||
| Summit Midstream Corp.* | 14 | 343 | ||||||
| Kolibri Global Energy, Inc.* | 50 | 342 | ||||||
| Forum Energy Technologies, Inc.* | 16 | 311 | ||||||
| Berry Corp. | 108 | 299 | ||||||
| Flotek Industries, Inc.* | 20 | 295 | ||||||
| Ranger Energy Services, Inc. — Class A | 24 | 287 | ||||||
| NACCO Industries, Inc. — Class A | 6 | 266 | ||||||
| HighPeak Energy, Inc.1 | 26 | 255 | ||||||
| W&T Offshore, Inc. | 139 | 229 | ||||||
| DMC Global, Inc.* | 27 | 218 | ||||||
| Montauk Renewables, Inc.* | 94 | 209 | ||||||
| Evolution Petroleum Corp. | 44 | 207 | ||||||
| Epsilon Energy Ltd. | 27 | 199 | ||||||
| T1 Energy, Inc.* | 157 | 193 | ||||||
| Complete Solaria, Inc.* | 84 | 154 | ||||||
| SEACOR Marine Holdings, Inc.* | 29 | 148 | ||||||
| PrimeEnergy Resources Corp.* | 1 | 146 | ||||||
| FutureFuel Corp. | 35 | 136 | ||||||
| ProFrac Holding Corp. — Class A*,1 | 17 | 132 | ||||||
| Empire Petroleum Corp.* | 21 | 111 | ||||||
| Mammoth Energy Services, Inc.* | 34 | 95 | ||||||
| Prairie Operating Co.* | 30 | 90 | ||||||
| OPAL Fuels, Inc. — Class A* | 30 | 72 | ||||||
| NextNRG, Inc.* | 25 | 69 | ||||||
| Verde Clean Fuels, Inc.* | 6 | 21 | ||||||
| Ramaco Resources, Inc. — Class B | 0 | 3 | ||||||
| Total Energy | 156,343 | |||||||
| Basic Materials - 2.0% | ||||||||
| Coeur Mining, Inc.* | 899 | 7,965 | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 61.1% | ||||||||
| Commercial Metals Co. | 159 | $ | 7,777 | |||||
| Balchem Corp. | 46 | 7,323 | ||||||
| Sensient Technologies Corp. | 59 | 5,813 | ||||||
| Cabot Corp. | 76 | 5,700 | ||||||
| Hecla Mining Co. | 843 | 5,050 | ||||||
| HB Fuller Co. | 77 | 4,632 | ||||||
| Avient Corp. | 129 | 4,168 | ||||||
| Uranium Energy Corp.* | 598 | 4,066 | ||||||
| Centrus Energy Corp. — Class A* | 21 | 3,847 | ||||||
| Hawkins, Inc. | 27 | 3,837 | ||||||
| SSR Mining, Inc.* | 286 | 3,644 | ||||||
| Innospec, Inc. | 35 | 2,943 | ||||||
| Perimeter Solutions, Inc.* | 195 | 2,714 | ||||||
| Constellium SE* | 200 | 2,660 | ||||||
| Minerals Technologies, Inc. | 45 | 2,478 | ||||||
| Chemours Co. | 211 | 2,416 | ||||||
| Sylvamo Corp. | 48 | 2,405 | ||||||
| Quaker Chemical Corp. | 20 | 2,239 | ||||||
| Ingevity Corp.* | 51 | 2,198 | ||||||
| Kaiser Aluminum Corp. | 23 | 1,838 | ||||||
| Rogers Corp.* | 26 | 1,780 | ||||||
| Energy Fuels, Inc.* | 292 | 1,679 | ||||||
| Stepan Co. | 30 | 1,637 | ||||||
| Calumet, Inc.* | 96 | 1,512 | ||||||
| United States Lime & Minerals, Inc. | 15 | 1,497 | ||||||
| Novagold Resources, Inc.* | 350 | 1,432 | ||||||
| Century Aluminum Co.* | 73 | 1,315 | ||||||
| Ecovyst, Inc.* | 152 | 1,251 | ||||||
| MAC Copper Ltd. — Class A* | 100 | 1,209 | ||||||
| Radius Recycling, Inc. — Class A | 39 | 1,158 | ||||||
| Ivanhoe Electric Incorporated / US* | 120 | 1,088 | ||||||
| Compass Minerals International, Inc.* | 49 | 984 | ||||||
| AdvanSix, Inc. | 37 | 879 | ||||||
| Koppers Holdings, Inc. | 27 | 868 | ||||||
| Tronox Holdings plc — Class A | 168 | 852 | ||||||
| Oil-Dri Corporation of America | 14 | 826 | ||||||
| Orion S.A. | 78 | 818 | ||||||
| Perpetua Resources Corp.* | 65 | 789 | ||||||
| Encore Energy Corp.* | 259 | 741 | ||||||
| Ferroglobe plc | 167 | 613 | ||||||
| Magnera Corp.* | 47 | 568 | ||||||
| Intrepid Potash, Inc.* | 15 | 536 | ||||||
| Mativ Holdings, Inc. | 76 | 518 | ||||||
| Dakota Gold Corp.* | 121 | 446 | ||||||
| Caledonia Mining Corporation plc | 23 | 444 | ||||||
| Rayonier Advanced Materials, Inc.* | 90 | 347 | ||||||
| Codexis, Inc.* | 115 | 281 | ||||||
| US Antimony Corp.* | 128 | 279 | ||||||
| Idaho Strategic Resources, Inc.* | 18 | 235 | ||||||
| Contango ORE, Inc.* | 12 | 234 | ||||||
| Kronos Worldwide, Inc. | 31 | 192 | ||||||
| American Battery Technology Co.* | 113 | 183 | ||||||
| US Gold Corp.* | 15 | 183 | ||||||
| Vox Royalty Corp. | 56 | 177 | ||||||
| NioCorp Developments Ltd.* | 73 | 170 | ||||||
| Piedmont Lithium, Inc.* | 29 | 169 | ||||||
| Critical Metals Corp.* | 45 | 161 | ||||||
| Lifezone Metals Ltd.* | 39 | 161 | ||||||
| Trinseo plc | 48 | 150 | ||||||
| Friedman Industries, Inc. | 9 | 149 | ||||||
| American Vanguard Corp.* | 37 | 145 | ||||||
| Valhi, Inc. | 3 | 48 | ||||||
| US Goldmining, Inc.* | 2 | 16 | ||||||
| Total Basic Materials | 114,433 | |||||||
| Utilities - 2.0% | ||||||||
| Oklo, Inc.* | 143 | 8,007 | ||||||
| TXNM Energy, Inc. | 130 | 7,322 | ||||||
| Ormat Technologies, Inc. | 86 | 7,203 | ||||||
| Brookfield Infrastructure Corp. — Class A | 169 | 7,030 | ||||||
| Southwest Gas Holdings, Inc. | 91 | 6,770 | ||||||
| New Jersey Resources Corp. | 142 | 6,364 | ||||||
| Portland General Electric Co. | 155 | 6,298 | ||||||
| ONE Gas, Inc. | 84 | 6,036 | ||||||
| Spire, Inc. | 81 | 5,912 | ||||||
| Black Hills Corp. | 102 | 5,722 | ||||||
| ALLETE, Inc. | 82 | 5,254 | ||||||
| MGE Energy, Inc. | 52 | 4,599 | ||||||
| Northwestern Energy Group, Inc. | 87 | 4,463 | ||||||
| Avista Corp. | 113 | 4,288 | ||||||
| Otter Tail Corp. | 54 | 4,163 | ||||||
| American States Water Co. | 54 | 4,140 | ||||||
| Chesapeake Utilities Corp. | 32 | 3,847 | ||||||
| California Water Service Group | 84 | 3,820 | ||||||
| Hawaiian Electric Industries, Inc.* | 245 | 2,604 | ||||||
| H2O America | 45 | 2,339 | ||||||
| Northwest Natural Holding Co. | 57 | 2,264 | ||||||
| Middlesex Water Co. | 25 | 1,355 | ||||||
| Unitil Corp. | 23 | 1,199 | ||||||
| Genie Energy Ltd. — Class B | 30 | 806 | ||||||
| Ameresco, Inc. — Class A* | 45 | 684 | ||||||
| York Water Co. | 20 | 632 | ||||||
| Consolidated Water Company Ltd. | 21 | 630 | ||||||
| RGC Resources, Inc. | 12 | 269 | ||||||
| Global Water Resources, Inc. | 17 | 173 | ||||||
| Total Utilities | 114,193 | |||||||
| Government - 0.0% | ||||||||
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 41 | 1,652 | ||||||
| – | – | |||||||
| Total Common Stocks | ||||||||
| (Cost $3,421,537) | 3,572,307 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Danimer Scientific, Inc. | ||||||||
| Expiring 07/15/25 | 2 | – | ||||||
| Total Warrants | ||||||||
| (Cost $–) | – | |||||||
| RIGHTS† - 0.0% | ||||||||
| Communications - 0.0% | ||||||||
| Gen Digital, Inc. | ||||||||
| Expires 04/17/27 | 12 | 98 | ||||||
| Consumer, Non-cyclical - 0.0% | ||||||||
| Cartesian Therapeutics Inc. | 179 | – | ||||||
| Sanofi SA | 52 | – | ||||||
| Tobira Therapeutics, Inc.††† | 14 | – | ||||||
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| RIGHTS† - 0.0% | ||||||||
| Novartis AG†††,* | 100 | $ | – | |||||
| Total Consumer, Non-cyclical | – | |||||||
| Total Rights | ||||||||
| (Cost $86) | 98 | |||||||
| MUTUAL FUNDS† - 18.1% | ||||||||
| Guggenheim Strategy Fund II2 | 25,618 | 637,369 | ||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 42,083 | 422,937 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $1,044,011) | 1,060,306 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 1.7% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23% due 09/18/253,4 | $ | 50,000 | 49,537 | |||||
| 3.94% due 07/08/254,5 | 46,000 | 45,963 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $95,499) | 95,500 | |||||||
| REPURCHASE AGREEMENTS††,6 - 17.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | 561,481 | 561,481 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 242,279 | 242,279 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 233,950 | 233,950 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,037,710) | 1,037,710 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,7 - 1.0% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%8 | 60,330 | 60,330 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $60,330) | 60,330 | |||||||
| Total Investments - 99.6% | ||||||||
| (Cost $5,659,173) | $ | 5,826,251 | ||||||
| Other Assets & Liabilities, net - 0.4% | 24,153 | |||||||
| Total Net Assets - 100.0% | $ | 5,850,404 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Equity Futures Contracts Purchased† | ||||||||||||
| Russell 2000 Index Mini Futures Contracts | 6 | Sep 2025 | $ | 657,360 | $ | 18,097 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 999 | $ | 2,172,837 | $ | 38,811 | ||||||||||||
| Barclays Bank plc | Russell 2000 Index | Pay | 5.14% (SOFR + 0.75%) | At Maturity | 09/25/25 | 335 | 729,508 | 12,138 | ||||||||||||||
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal Funds Rate + 0.35%) | At Maturity | 09/24/25 | 756 | 1,644,491 | 10,451 | ||||||||||||||
| $ | 4,546,836 | $ | 61,400 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | 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 on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| 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 June 30, 2025. |
| 6 | Repurchase Agreements — See Note 4. |
| 7 | Securities lending collateral — See Note 5. |
| 8 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 3,572,307 | $ | — | $ | — | * | $ | 3,572,307 | |||||||
| Warrants | — | * | — | — | — | |||||||||||
| Rights | 98 | — | — | * | 98 | |||||||||||
| Mutual Funds | 1,060,306 | — | — | 1,060,306 | ||||||||||||
| U.S. Treasury Bills | — | 95,500 | — | 95,500 | ||||||||||||
| Senior Floating Rate Interests | — | — | — | — | ||||||||||||
| Repurchase Agreements | — | 1,037,710 | — | 1,037,710 | ||||||||||||
| Securities Lending Collateral | 60,330 | — | — | 60,330 | ||||||||||||
| Equity Futures Contracts** | 18,097 | — | — | 18,097 | ||||||||||||
| Equity Index Swap Agreements** | — | 61,400 | — | 61,400 | ||||||||||||
| Total Assets | $ | 4,711,138 | $ | 1,194,610 | $ | — | $ | 5,905,748 | ||||||||
| * | Security has a market value of $0. |
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Russell 2000® 1.5x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 636,857 | $ | – | $ | – | $ | – | $ | 512 | $ | 637,369 | 25,618 | $ | 8,563 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 562,295 | – | (140,000 | ) | 639 | 3 | 422,937 | 42,083 | 4,606 | |||||||||||||||||||||||
| $ | 1,199,152 | $ | – | $ | (140,000 | ) | $ | 639 | $ | 515 | $ | 1,060,306 | $ | 13,169 | ||||||||||||||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% | ||||||||
| Financial - 12.0% | ||||||||
| UMB Financial Corp. | 171 | $ | 17,982 | |||||
| Old National Bancorp | 752 | 16,048 | ||||||
| Jackson Financial, Inc. — Class A | 168 | 14,917 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 466 | 14,870 | ||||||
| Essent Group Ltd. | 233 | 14,150 | ||||||
| American Healthcare, Inc. REIT | 374 | 13,741 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 138 | 13,616 | ||||||
| CareTrust, Inc. REIT | 443 | 13,556 | ||||||
| Terreno Realty Corp. REIT | 240 | 13,457 | ||||||
| Cadence Bank | 411 | 13,144 | ||||||
| Upstart Holdings, Inc.* | 198 | 12,807 | ||||||
| MARA Holdings, Inc.* | 814 | 12,764 | ||||||
| Home BancShares, Inc. | 442 | 12,579 | ||||||
| Selective Insurance Group, Inc. | 143 | 12,391 | ||||||
| United Bankshares, Inc. | 332 | 12,095 | ||||||
| Radian Group, Inc. | 332 | 11,959 | ||||||
| Kite Realty Group Trust REIT | 518 | 11,733 | ||||||
| Hancock Whitney Corp. | 202 | 11,595 | ||||||
| Glacier Bancorp, Inc. | 268 | 11,545 | ||||||
| Piper Sandler Cos. | 41 | 11,395 | ||||||
| First Financial Bankshares, Inc. | 316 | 11,370 | ||||||
| Core Scientific, Inc.* | 647 | 11,044 | ||||||
| Moelis & Co. — Class A | 174 | 10,844 | ||||||
| Atlantic Union Bankshares Corp. | 335 | 10,479 | ||||||
| SL Green Realty Corp. REIT | 169 | 10,461 | ||||||
| Phillips Edison & Company, Inc. REIT | 296 | 10,369 | ||||||
| Sabra Health Care, Inc. REIT | 558 | 10,290 | ||||||
| Valley National Bancorp | 1,138 | 10,162 | ||||||
| Ameris Bancorp | 155 | 10,028 | ||||||
| StoneX Group, Inc.* | 106 | 9,661 | ||||||
| Independence Realty Trust, Inc. REIT | 546 | 9,659 | ||||||
| Macerich Co. REIT | 596 | 9,643 | ||||||
| Palomar Holdings, Inc.* | 62 | 9,564 | ||||||
| Associated Banc-Corp. | 390 | 9,512 | ||||||
| Enstar Group Ltd.* | 28 | 9,418 | ||||||
| ServisFirst Bancshares, Inc. | 121 | 9,379 | ||||||
| Axos Financial, Inc.* | 122 | 9,277 | ||||||
| CNO Financial Group, Inc. | 233 | 8,989 | ||||||
| PJT Partners, Inc. — Class A | 54 | 8,911 | ||||||
| Riot Platforms, Inc.* | 775 | 8,757 | ||||||
| BGC Group, Inc. — Class A | 841 | 8,603 | ||||||
| International Bancshares Corp. | 128 | 8,520 | ||||||
| Texas Capital Bancshares, Inc.* | 107 | 8,496 | ||||||
| United Community Banks, Inc. | 283 | 8,431 | ||||||
| StepStone Group, Inc. — Class A | 147 | 8,158 | ||||||
| Tanger, Inc. REIT | 262 | 8,012 | ||||||
| Renasant Corp. | 221 | 7,941 | ||||||
| First BanCorp | 379 | 7,895 | ||||||
| Fulton Financial Corp. | 428 | 7,721 | ||||||
| NMI Holdings, Inc. — Class A* | 183 | 7,721 | ||||||
| HA Sustainable Infrastructure Capital, Inc. | 287 | 7,709 | ||||||
| National Health Investors, Inc. REIT | 108 | 7,573 | ||||||
| Flagstar Financial, Inc. | 712 | 7,547 | ||||||
| Genworth Financial, Inc. — Class A* | 966 | 7,515 | ||||||
| WSFS Financial Corp. | 136 | 7,480 | ||||||
| COPT Defense Properties REIT | 267 | 7,364 | ||||||
| Blackstone Mortgage Trust, Inc. — Class A REIT1 | 382 | 7,354 | ||||||
| Cathay General Bancorp | 158 | 7,194 | ||||||
| Cleanspark, Inc.*,1 | 651 | 7,181 | ||||||
| Broadstone Net Lease, Inc. REIT | 445 | 7,142 | ||||||
| Baldwin Insurance Group, Inc. — Class A* | 165 | 7,064 | ||||||
| PotlatchDeltic Corp. REIT | 184 | 7,060 | ||||||
| Community Financial System, Inc. | 124 | 7,052 | ||||||
| Eastern Bankshares, Inc. | 461 | 7,039 | ||||||
| WesBanco, Inc. | 222 | 7,022 | ||||||
| PennyMac Financial Services, Inc. | 69 | 6,875 | ||||||
| McGrath RentCorp | 58 | 6,726 | ||||||
| Compass, Inc. — Class A* | 1,068 | 6,707 | ||||||
| Victory Capital Holdings, Inc. — Class A | 104 | 6,622 | ||||||
| Artisan Partners Asset Management, Inc. — Class A | 147 | 6,516 | ||||||
| Burford Capital Ltd. | 450 | 6,417 | ||||||
| Enova International, Inc.* | 57 | 6,357 | ||||||
| BankUnited, Inc. | 177 | 6,299 | ||||||
| Four Corners Property Trust, Inc. REIT | 234 | 6,297 | ||||||
| Independent Bank Corp. | 100 | 6,288 | ||||||
| Bread Financial Holdings, Inc. | 110 | 6,283 | ||||||
| Bank of Hawaii Corp. | 92 | 6,213 | ||||||
| CVB Financial Corp. | 310 | 6,135 | ||||||
| Apple Hospitality, Inc. REIT1 | 525 | 6,127 | ||||||
| Bancorp, Inc.* | 107 | 6,096 | ||||||
| BancFirst Corp. | 49 | 6,057 | ||||||
| Cushman & Wakefield plc* | 543 | 6,011 | ||||||
| First Interstate BancSystem, Inc. — Class A | 207 | 5,966 | ||||||
| Goosehead Insurance, Inc. — Class A | 56 | 5,909 | ||||||
| Dave, Inc.* | 22 | 5,905 | ||||||
| Park National Corp. | 35 | 5,854 | ||||||
| Acadia Realty Trust REIT | 310 | 5,757 | ||||||
| Lemonade, Inc.* | 131 | 5,739 | ||||||
| Douglas Emmett, Inc. REIT1 | 380 | 5,715 | ||||||
| TowneBank | 166 | 5,674 | ||||||
| LXP Industrial Trust REIT | 684 | 5,650 | ||||||
| Simmons First National Corp. — Class A | 295 | 5,593 | ||||||
| Urban Edge Properties REIT | 298 | 5,561 | ||||||
| WaFd, Inc. | 189 | 5,534 | ||||||
| Seacoast Banking Corporation of Florida | 200 | 5,524 | ||||||
| First Financial Bancorp | 224 | 5,434 | ||||||
| Walker & Dunlop, Inc. | 77 | 5,427 | ||||||
| Outfront Media, Inc. REIT1 | 327 | 5,337 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Financial - 12.0% (continued) | ||||||||
| Provident Financial Services, Inc. | 302 | $ | 5,294 | |||||
| First Merchants Corp. | 137 | 5,247 | ||||||
| Curbline Properties Corp. REIT | 228 | 5,205 | ||||||
| Banner Corp. | 80 | 5,132 | ||||||
| InvenTrust Properties Corp. REIT | 183 | 5,014 | ||||||
| NBT Bancorp, Inc. | 120 | 4,986 | ||||||
| Cohen & Steers, Inc. | 65 | 4,898 | ||||||
| Stock Yards Bancorp, Inc. | 62 | 4,897 | ||||||
| SiriusPoint Ltd.* | 240 | 4,894 | ||||||
| Skyward Specialty Insurance Group, Inc.* | 84 | 4,854 | ||||||
| Trustmark Corp. | 133 | 4,849 | ||||||
| Trupanion, Inc.* | 87 | 4,815 | ||||||
| Arbor Realty Trust, Inc. REIT1 | 448 | 4,794 | ||||||
| Pacific Premier Bancorp, Inc. | 225 | 4,745 | ||||||
| Enterprise Financial Services Corp. | 86 | 4,739 | ||||||
| First Busey Corp. | 201 | 4,600 | ||||||
| Banc of California, Inc. | 325 | 4,566 | ||||||
| OFG Bancorp | 106 | 4,537 | ||||||
| Bank of NT Butterfield & Son Ltd. | 102 | 4,517 | ||||||
| FB Financial Corp. | 99 | 4,485 | ||||||
| Pathward Financial, Inc. | 55 | 4,352 | ||||||
| Farmer Mac — Class C | 22 | 4,274 | ||||||
| St. Joe Co. | 89 | 4,245 | ||||||
| Mercury General Corp. | 63 | 4,242 | ||||||
| Stewart Information Services Corp. | 65 | 4,232 | ||||||
| First Bancorp | 95 | 4,189 | ||||||
| City Holding Co. | 34 | 4,162 | ||||||
| Horace Mann Educators Corp. | 96 | 4,125 | ||||||
| Hut 8 Corp.* | 221 | 4,111 | ||||||
| Customers Bancorp, Inc.* | 69 | 4,053 | ||||||
| Pagseguro Digital Ltd. — Class A | 416 | 4,010 | ||||||
| Nelnet, Inc. — Class A | 33 | 3,997 | ||||||
| Nicolet Bankshares, Inc. | 32 | 3,951 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 452 | 3,923 | ||||||
| Newmark Group, Inc. — Class A | 320 | 3,888 | ||||||
| First Commonwealth Financial Corp. | 238 | 3,863 | ||||||
| Northwest Bancshares, Inc. | 299 | 3,821 | ||||||
| DiamondRock Hospitality Co. REIT | 490 | 3,753 | ||||||
| LTC Properties, Inc. REIT | 107 | 3,703 | ||||||
| Lakeland Financial Corp. | 60 | 3,687 | ||||||
| Innovative Industrial Properties, Inc. REIT | 65 | 3,589 | ||||||
| Global Net Lease, Inc. REIT | 464 | 3,503 | ||||||
| S&T Bancorp, Inc. | 90 | 3,404 | ||||||
| Getty Realty Corp. REIT | 122 | 3,372 | ||||||
| National Bank Holdings Corp. — Class A | 89 | 3,347 | ||||||
| Hilltop Holdings, Inc. | 108 | 3,278 | ||||||
| Elme Communities REIT | 206 | 3,275 | ||||||
| German American Bancorp, Inc. | 85 | 3,273 | ||||||
| NETSTREIT Corp. REIT | 193 | 3,267 | ||||||
| WisdomTree, Inc. | 282 | 3,246 | ||||||
| ARMOUR Residential REIT, Inc.1 | 193 | 3,244 | ||||||
| Veritex Holdings, Inc. | 124 | 3,236 | ||||||
| LendingClub Corp.* | 266 | 3,200 | ||||||
| Root, Inc. — Class A* | 25 | 3,199 | ||||||
| Apollo Commercial Real Estate Finance, Inc. REIT | 328 | 3,175 | ||||||
| Stellar Bancorp, Inc. | 110 | 3,078 | ||||||
| Sila Realty Trust, Inc. REIT | 130 | 3,077 | ||||||
| UMH Properties, Inc. REIT | 183 | 3,073 | ||||||
| Alexander & Baldwin, Inc. REIT | 171 | 3,049 | ||||||
| HCI Group, Inc. | 20 | 3,044 | ||||||
| Dynex Capital, Inc. REIT | 247 | 3,018 | ||||||
| Xenia Hotels & Resorts, Inc. REIT | 239 | 3,004 | ||||||
| JBG SMITH Properties REIT | 173 | 2,993 | ||||||
| Cipher Mining, Inc.* | 621 | 2,968 | ||||||
| Marex Group plc | 75 | 2,960 | ||||||
| Hope Bancorp, Inc. | 274 | 2,940 | ||||||
| Triumph Financial, Inc.* | 53 | 2,921 | ||||||
| TriCo Bancshares | 72 | 2,915 | ||||||
| Westamerica BanCorp | 60 | 2,906 | ||||||
| Coastal Financial Corp.* | 30 | 2,906 | ||||||
| Ladder Capital Corp. — Class A REIT | 268 | 2,881 | ||||||
| Ellington Financial, Inc. REIT1 | 217 | 2,819 | ||||||
| Cannae Holdings, Inc. | 135 | 2,815 | ||||||
| 1st Source Corp. | 45 | 2,793 | ||||||
| Safety Insurance Group, Inc. | 35 | 2,779 | ||||||
| Perella Weinberg Partners | 143 | 2,777 | ||||||
| Pebblebrook Hotel Trust REIT | 276 | 2,757 | ||||||
| Veris Residential, Inc. REIT | 185 | 2,755 | ||||||
| ProAssurance Corp.* | 120 | 2,740 | ||||||
| Terawulf, Inc.* | 625 | 2,737 | ||||||
| Berkshire Hills Bancorp, Inc. | 109 | 2,729 | ||||||
| Virtus Investment Partners, Inc. | 15 | 2,721 | ||||||
| Employers Holdings, Inc. | 57 | 2,689 | ||||||
| Apartment Investment and Management Co. — Class A REIT | 310 | 2,682 | ||||||
| Paramount Group, Inc. REIT* | 438 | 2,672 | ||||||
| QCR Holdings, Inc. | 39 | 2,648 | ||||||
| Two Harbors Investment Corp. REIT | 245 | 2,639 | ||||||
| PennyMac Mortgage Investment Trust REIT | 205 | 2,636 | ||||||
| Empire State Realty Trust, Inc. — Class A REIT | 324 | 2,621 | ||||||
| ConnectOne Bancorp, Inc. | 112 | 2,594 | ||||||
| Chimera Investment Corp. REIT | 187 | 2,594 | ||||||
| Bank First Corp. | 22 | 2,588 | ||||||
| RLJ Lodging Trust REIT | 348 | 2,533 | ||||||
| Dime Community Bancshares, Inc. | 94 | 2,532 | ||||||
| Enact Holdings, Inc. | 68 | 2,526 | ||||||
| Preferred Bank/Los Angeles CA | 29 | 2,510 | ||||||
| Peoples Bancorp, Inc. | 82 | 2,504 | ||||||
| Origin Bancorp, Inc. | 70 | 2,502 | ||||||
| Live Oak Bancshares, Inc. | 83 | 2,473 | ||||||
| Bitdeer Technologies Group — Class A* | 210 | 2,411 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Financial - 12.0% (continued) | ||||||||
| American Assets Trust, Inc. REIT | 122 | $ | 2,410 | |||||
| Centerspace REIT | 40 | 2,408 | ||||||
| Uniti Group, Inc. REIT* | 557 | 2,406 | ||||||
| Smartstop Self Storage REIT, Inc. | 66 | 2,391 | ||||||
| OceanFirst Financial Corp. | 134 | 2,360 | ||||||
| Navient Corp. | 165 | 2,326 | ||||||
| Fidelis Insurance Holdings Ltd. | 140 | 2,321 | ||||||
| Hamilton Insurance Group Ltd. — Class B* | 106 | 2,292 | ||||||
| Acadian Asset Management, Inc. | 65 | 2,291 | ||||||
| MFA Financial, Inc. REIT | 242 | 2,289 | ||||||
| Brookline Bancorp, Inc. | 206 | 2,173 | ||||||
| Piedmont Realty Trust, Inc. — Class A REIT* | 292 | 2,129 | ||||||
| Encore Capital Group, Inc.* | 54 | 2,090 | ||||||
| Easterly Government Properties, Inc. REIT | 93 | 2,065 | ||||||
| Safehold, Inc. REIT | 132 | 2,054 | ||||||
| Franklin BSP Realty Trust, Inc. REIT1 | 192 | 2,052 | ||||||
| Hudson Pacific Properties, Inc. REIT* | 749 | 2,052 | ||||||
| Univest Financial Corp. | 68 | 2,043 | ||||||
| Merchants Bancorp | 61 | 2,017 | ||||||
| Tompkins Financial Corp. | 32 | 2,007 | ||||||
| Southside Bancshares, Inc. | 68 | 2,001 | ||||||
| Patria Investments Ltd. — Class A | 141 | 1,983 | ||||||
| AMERISAFE, Inc. | 45 | 1,968 | ||||||
| Community Trust Bancorp, Inc. | 37 | 1,958 | ||||||
| Kennedy-Wilson Holdings, Inc. | 284 | 1,931 | ||||||
| Burke & Herbert Financial Services Corp. | 32 | 1,911 | ||||||
| Heritage Financial Corp. | 80 | 1,907 | ||||||
| Redwood Trust, Inc. REIT | 312 | 1,844 | ||||||
| Diversified Healthcare Trust REIT | 515 | 1,844 | ||||||
| First Mid Bancshares, Inc. | 49 | 1,837 | ||||||
| Old Second Bancorp, Inc. | 102 | 1,809 | ||||||
| Orchid Island Capital, Inc. REIT | 253 | 1,774 | ||||||
| NexPoint Residential Trust, Inc. REIT | 53 | 1,766 | ||||||
| Capitol Federal Financial, Inc. | 289 | 1,763 | ||||||
| Brookfield Business Corp. — Class A | 56 | 1,747 | ||||||
| Central Pacific Financial Corp. | 62 | 1,738 | ||||||
| Brandywine Realty Trust REIT | 404 | 1,733 | ||||||
| Hanmi Financial Corp. | 70 | 1,728 | ||||||
| Marcus & Millichap, Inc. | 56 | 1,720 | ||||||
| Mercantile Bank Corp. | 37 | 1,717 | ||||||
| Amalgamated Financial Corp. | 55 | 1,716 | ||||||
| Byline Bancorp, Inc. | 64 | 1,711 | ||||||
| Ready Capital Corp. REIT | 391 | 1,709 | ||||||
| eXp World Holdings, Inc. | 184 | 1,674 | ||||||
| Universal Insurance Holdings, Inc. | 60 | 1,664 | ||||||
| Business First Bancshares, Inc. | 67 | 1,652 | ||||||
| Metropolitan Bank Holding Corp.* | 23 | 1,610 | ||||||
| Esquire Financial Holdings, Inc. | 17 | 1,609 | ||||||
| F&G Annuities & Life, Inc. | 50 | 1,599 | ||||||
| Amerant Bancorp, Inc. | 87 | 1,586 | ||||||
| Camden National Corp. | 39 | 1,583 | ||||||
| Horizon Bancorp, Inc. | 102 | 1,569 | ||||||
| Plymouth Industrial , Inc. REIT | 96 | 1,542 | ||||||
| Gladstone Commercial Corp. REIT | 107 | 1,533 | ||||||
| BrightSpire Capital, Inc. REIT | 303 | 1,530 | ||||||
| Independent Bank Corp. | 47 | 1,523 | ||||||
| Northeast Bank | 17 | 1,513 | ||||||
| Equity Bancshares, Inc. — Class A | 37 | 1,510 | ||||||
| TrustCo Bank Corporation NY | 44 | 1,470 | ||||||
| NB Bancorp, Inc.* | 82 | 1,465 | ||||||
| First Financial Corp. | 27 | 1,463 | ||||||
| Republic Bancorp, Inc. — Class A | 20 | 1,462 | ||||||
| First Community Bankshares, Inc. | 37 | 1,449 | ||||||
| HomeTrust Bancshares, Inc. | 38 | 1,422 | ||||||
| FTAI Infrastructure, Inc. | 229 | 1,413 | ||||||
| United Fire Group, Inc. | 49 | 1,406 | ||||||
| Orrstown Financial Services, Inc. | 44 | 1,401 | ||||||
| Heritage Commerce Corp. | 141 | 1,400 | ||||||
| Bowhead Specialty Holdings, Inc.* | 37 | 1,389 | ||||||
| MidWestOne Financial Group, Inc. | 48 | 1,381 | ||||||
| PRA Group, Inc.* | 93 | 1,372 | ||||||
| Eagle Bancorp, Inc. | 70 | 1,364 | ||||||
| New York Mortgage Trust, Inc. REIT | 200 | 1,340 | ||||||
| SITE Centers Corp. REIT | 118 | 1,335 | ||||||
| Mid Penn Bancorp, Inc. | 47 | 1,325 | ||||||
| Whitestone — Class B REIT | 106 | 1,323 | ||||||
| Heritage Insurance Holdings, Inc.* | 53 | 1,322 | ||||||
| World Acceptance Corp.* | 8 | 1,321 | ||||||
| Metrocity Bankshares, Inc. | 46 | 1,315 | ||||||
| Summit Hotel Properties, Inc. REIT | 258 | 1,313 | ||||||
| P10, Inc. — Class A | 128 | 1,308 | ||||||
| Capital City Bank Group, Inc. | 33 | 1,299 | ||||||
| Tiptree, Inc. — Class A | 55 | 1,297 | ||||||
| Armada Hoffler Properties, Inc. REIT1 | 188 | 1,292 | ||||||
| Washington Trust Bancorp, Inc. | 45 | 1,273 | ||||||
| Southern Missouri Bancorp, Inc. | 23 | 1,260 | ||||||
| TPG RE Finance Trust, Inc. REIT | 161 | 1,243 | ||||||
| CTO Realty Growth, Inc. REIT | 71 | 1,225 | ||||||
| Invesco Mortgage Capital, Inc. REIT | 155 | 1,215 | ||||||
| Northrim BanCorp, Inc. | 13 | 1,212 | ||||||
| Financial Institutions, Inc. | 47 | 1,207 | ||||||
| GCM Grosvenor, Inc. — Class A | 104 | 1,202 | ||||||
| Universal Health Realty Income Trust REIT | 30 | 1,199 | ||||||
| Farmers National Banc Corp. | 86 | 1,186 | ||||||
| Great Southern Bancorp, Inc. | 20 | 1,176 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Financial - 12.0% (continued) | ||||||||
| KKR Real Estate Finance Trust, Inc. REIT | 134 | $ | 1,175 | |||||
| Hippo Holdings, Inc.* | 42 | 1,173 | ||||||
| SmartFinancial, Inc. | 34 | 1,149 | ||||||
| Alerus Financial Corp. | 53 | 1,147 | ||||||
| NET Lease Office Properties REIT* | 35 | 1,139 | ||||||
| Peakstone Realty Trust REIT | 86 | 1,136 | ||||||
| Shore Bancshares, Inc. | 72 | 1,132 | ||||||
| Alexander’s, Inc. REIT | 5 | 1,127 | ||||||
| Real Brokerage, Inc.* | 249 | 1,123 | ||||||
| CNB Financial Corp. | 49 | 1,120 | ||||||
| Farmland Partners, Inc. REIT | 97 | 1,116 | ||||||
| CBL & Associates Properties, Inc. REIT | 43 | 1,092 | ||||||
| Peoples Financial Services Corp. | 22 | 1,086 | ||||||
| South Plains Financial, Inc. | 30 | 1,081 | ||||||
| Peapack-Gladstone Financial Corp. | 38 | 1,073 | ||||||
| Community Healthcare Trust, Inc. REIT | 64 | 1,064 | ||||||
| NerdWallet, Inc. — Class A* | 97 | 1,064 | ||||||
| Five Star Bancorp | 37 | 1,056 | ||||||
| HarborOne Bancorp, Inc. | 90 | 1,051 | ||||||
| Bar Harbor Bankshares | 35 | 1,049 | ||||||
| Firstsun Capital Bancorp* | 30 | 1,042 | ||||||
| Global Medical , Inc. REIT | 150 | 1,040 | ||||||
| Arrow Financial Corp. | 39 | 1,030 | ||||||
| ACNB Corp. | 24 | 1,028 | ||||||
| One Liberty Properties, Inc. REIT | 43 | 1,026 | ||||||
| Northfield Bancorp, Inc. | 88 | 1,010 | ||||||
| Hingham Institution For Savings | 4 | 993 | ||||||
| Compass Diversified Holdings* | 158 | 992 | ||||||
| Saul Centers, Inc. REIT | 29 | 990 | ||||||
| Third Coast Bancshares, Inc.* | 30 | 980 | ||||||
| ChoiceOne Financial Services, Inc. | 34 | 976 | ||||||
| LendingTree, Inc.* | 26 | 964 | ||||||
| First Business Financial Services, Inc. | 19 | 963 | ||||||
| Carter Bankshares, Inc.* | 54 | 936 | ||||||
| Columbia Financial, Inc.* | 64 | 929 | ||||||
| Bit Digital, Inc.* | 424 | 929 | ||||||
| Enterprise Bancorp, Inc. | 23 | 912 | ||||||
| Capital Bancorp, Inc. | 27 | 907 | ||||||
| Flushing Financial Corp. | 76 | 903 | ||||||
| Anywhere Real Estate, Inc.* | 247 | 894 | ||||||
| Guaranty Bancshares, Inc. | 21 | 891 | ||||||
| Greenlight Capital Re Ltd. — Class A* | 62 | 891 | ||||||
| Diamond Hill Investment Group, Inc. | 6 | 872 | ||||||
| Service Properties Trust REIT | 363 | 868 | ||||||
| Kearny Financial Corp. | 134 | 866 | ||||||
| Sierra Bancorp | 29 | 861 | ||||||
| California BanCorp* | 53 | 835 | ||||||
| Civista Bancshares, Inc. | 36 | 835 | ||||||
| Midland States Bancorp, Inc. | 48 | 831 | ||||||
| Home Bancorp, Inc. | 16 | 829 | ||||||
| Gladstone Land Corp. REIT | 80 | 814 | ||||||
| Unity Bancorp, Inc. | 17 | 800 | ||||||
| Bank of Marin Bancorp | 35 | 799 | ||||||
| OppFi, Inc. | 57 | 797 | ||||||
| First Bank/Hamilton NJ | 51 | 789 | ||||||
| Ambac Financial Group, Inc.* | 111 | 788 | ||||||
| Postal Realty Trust, Inc. — Class A REIT | 53 | 781 | ||||||
| Bridgewater Bancshares, Inc.* | 49 | 780 | ||||||
| Selectquote, Inc.* | 322 | 766 | ||||||
| Donegal Group, Inc. — Class A | 38 | 761 | ||||||
| Community West Bancshares | 39 | 761 | ||||||
| First Foundation, Inc.* | 149 | 760 | ||||||
| Chatham Lodging Trust REIT | 109 | 760 | ||||||
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 30 | 758 | ||||||
| HBT Financial, Inc. | 30 | 756 | ||||||
| GBank Financial Holdings, Inc.* | 21 | 744 | ||||||
| FRP Holdings, Inc.* | 27 | 726 | ||||||
| Atlanticus Holdings Corp.* | 13 | 712 | ||||||
| RBB Bancorp | 40 | 688 | ||||||
| West BanCorp, Inc. | 35 | 687 | ||||||
| Southern First Bancshares, Inc.* | 18 | 685 | ||||||
| Northeast Community Bancorp, Inc. | 29 | 674 | ||||||
| International Money Express, Inc.* | 66 | 666 | ||||||
| BayCom Corp. | 24 | 665 | ||||||
| Citizens & Northern Corp. | 35 | 663 | ||||||
| Colony Bankcorp, Inc. | 40 | 659 | ||||||
| NewtekOne, Inc. | 58 | 654 | ||||||
| Citizens Financial Services, Inc. | 11 | 652 | ||||||
| Red River Bancshares, Inc. | 11 | 646 | ||||||
| Regional Management Corp. | 22 | 643 | ||||||
| Ponce Financial Group, Inc.* | 46 | 637 | ||||||
| First Bancorp, Inc. | 25 | 635 | ||||||
| Investors Title Co. | 3 | 634 | ||||||
| American Coastal Insurance Corp. | 57 | 634 | ||||||
| FS Bancorp, Inc. | 16 | 630 | ||||||
| Claros Mortgage Trust, Inc. REIT* | 216 | 616 | ||||||
| Bankwell Financial Group, Inc. | 17 | 613 | ||||||
| Onity Group, Inc.* | 16 | 611 | ||||||
| MVB Financial Corp. | 27 | 608 | ||||||
| Ares Commercial Real Estate Corp. REIT | 124 | 591 | ||||||
| RMR Group, Inc. — Class A | 36 | 589 | ||||||
| Paysign, Inc.* | 81 | 583 | ||||||
| Kingsway Financial Services, Inc.* | 43 | 582 | ||||||
| Chicago Atlantic Real Estate Finance, Inc. REIT | 41 | 572 | ||||||
| Industrial Logistics Properties Trust REIT | 125 | 569 | ||||||
| Orange County Bancorp, Inc. | 22 | 568 | ||||||
| Oportun Financial Corp.* | 79 | 566 | ||||||
| HomeStreet, Inc.* | 43 | 562 | ||||||
| John Marshall Bancorp, Inc. | 30 | 556 | ||||||
| PCB Bancorp | 26 | 545 | ||||||
| Blue Ridge Bankshares, Inc.* | 150 | 538 | ||||||
| Plumas Bancorp | 12 | 534 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Financial - 12.0% (continued) | ||||||||
| Primis Financial Corp. | 49 | $ | 532 | |||||
| Timberland Bancorp, Inc. | 17 | 530 | ||||||
| Penns Woods Bancorp, Inc. | 17 | 516 | ||||||
| Norwood Financial Corp. | 20 | 516 | ||||||
| Middlefield Banc Corp. | 17 | 512 | ||||||
| Waterstone Financial, Inc. | 37 | 511 | ||||||
| Fidelity D&D Bancorp, Inc. | 11 | 506 | ||||||
| James River Group Holdings Ltd. | 86 | 504 | ||||||
| FrontView , Inc. REIT | 41 | 492 | ||||||
| City Office , Inc. REIT | 92 | 491 | ||||||
| AG Mortgage Investment Trust, Inc. REIT | 65 | 491 | ||||||
| Sky Harbour Group Corp.* | 50 | 488 | ||||||
| Chemung Financial Corp. | 10 | 485 | ||||||
| First Internet Bancorp | 18 | 484 | ||||||
| Velocity Financial, Inc.* | 26 | 482 | ||||||
| Provident Bancorp, Inc.* | 38 | 475 | ||||||
| FB Bancorp, Inc.* | 42 | 472 | ||||||
| Parke Bancorp, Inc. | 23 | 469 | ||||||
| LCNB Corp. | 32 | 465 | ||||||
| MBIA, Inc.* | 107 | 464 | ||||||
| Forge Global Holdings, Inc.* | 24 | 457 | ||||||
| Legacy Housing Corp.* | 20 | 453 | ||||||
| Alpine Income Property Trust, Inc. REIT | 30 | 441 | ||||||
| FVCBankcorp, Inc.* | 37 | 437 | ||||||
| Oak Valley Bancorp | 16 | 436 | ||||||
| First United Corp. | 14 | 434 | ||||||
| C&F Financial Corp. | 7 | 432 | ||||||
| Blue Foundry Bancorp* | 45 | 431 | ||||||
| First Western Financial, Inc.* | 19 | 429 | ||||||
| Bank7 Corp. | 10 | 418 | ||||||
| AlTi Global, Inc.* | 100 | 415 | ||||||
| First Community Corp. | 17 | 414 | ||||||
| USCB Financial Holdings, Inc. | 25 | 414 | ||||||
| Seven Hills Realty Trust REIT | 34 | 410 | ||||||
| National Bankshares, Inc. | 15 | 408 | ||||||
| Hawthorn Bancshares, Inc. | 14 | 408 | ||||||
| Virginia National Bankshares Corp. | 11 | 407 | ||||||
| Investar Holding Corp. | 21 | 406 | ||||||
| Crawford & Co. — Class A | 38 | 402 | ||||||
| Kingstone Companies, Inc.* | 26 | 401 | ||||||
| Western New England Bancorp, Inc. | 43 | 397 | ||||||
| Douglas Elliman, Inc.* | 171 | 397 | ||||||
| BRT Apartments Corp. REIT | 25 | 391 | ||||||
| ESSA Bancorp, Inc. | 20 | 388 | ||||||
| Ames National Corp. | 21 | 374 | ||||||
| Citizens, Inc.* | 106 | 370 | ||||||
| Princeton Bancorp, Inc. | 12 | 366 | ||||||
| LINKBANCORP, Inc. | 50 | 365 | ||||||
| OP Bancorp | 28 | 364 | ||||||
| Medallion Financial Corp. | 38 | 362 | ||||||
| Greene County Bancorp, Inc. | 16 | 356 | ||||||
| Old Point Financial Corp. | 9 | 353 | ||||||
| RE/MAX Holdings, Inc. — Class A* | 43 | 352 | ||||||
| First National Corp. | 18 | 350 | ||||||
| Franklin Financial Services Corp. | 10 | 346 | ||||||
| Security National Financial Corp. — Class A* | 35 | 345 | ||||||
| Northpointe Bancshares, Inc. | 25 | 343 | ||||||
| Braemar Hotels & Resorts, Inc. REIT | 138 | 338 | ||||||
| Eagle Financial Services, Inc. | 11 | 337 | ||||||
| Seaport Entertainment Group, Inc.* | 18 | 336 | ||||||
| NexPoint Diversified Real Estate Trust REIT | 80 | 335 | ||||||
| First Capital, Inc. | 8 | 330 | ||||||
| First Savings Financial Group, Inc. | 13 | 326 | ||||||
| Resolute Holdings Management, Inc.* | 10 | 319 | ||||||
| Citizens Community Bancorp, Inc. | 23 | 317 | ||||||
| Finwise Bancorp* | 21 | 315 | ||||||
| CB Financial Services, Inc. | 11 | 313 | ||||||
| Pioneer Bancorp, Inc.* | 26 | 313 | ||||||
| Modiv Industrial, Inc. REIT | 22 | 310 | ||||||
| BV Financial, Inc.* | 20 | 305 | ||||||
| BCB Bancorp, Inc. | 36 | 303 | ||||||
| MainStreet Bancshares, Inc. | 16 | 302 | ||||||
| Stratus Properties, Inc.* | 16 | 302 | ||||||
| Silvercrest Asset Management Group, Inc. — Class A | 19 | 301 | ||||||
| BankFinancial Corp. | 26 | 301 | ||||||
| Franklin Street Properties Corp. REIT | 178 | 292 | ||||||
| eHealth, Inc.* | 67 | 291 | ||||||
| Maui Land & Pineapple Company, Inc.* | 16 | 291 | ||||||
| Landmark Bancorp Incorporated/Manhattan KS | 11 | 291 | ||||||
| Ohio Valley Banc Corp. | 9 | 290 | ||||||
| Richmond Mutual BanCorp, Inc. | 21 | 290 | ||||||
| Peoples Bancorp of North Carolina, Inc. | 10 | 288 | ||||||
| Eagle Bancorp Montana, Inc. | 17 | 283 | ||||||
| ECB Bancorp, Inc.* | 18 | 278 | ||||||
| United Security Bancshares | 32 | 277 | ||||||
| Angel Oak Mortgage , Inc. REIT | 29 | 273 | ||||||
| Meridian Corp. | 21 | 271 | ||||||
| SB Financial Group, Inc. | 14 | 267 | ||||||
| Rithm Property Trust, Inc. REIT | 99 | 267 | ||||||
| Westwood Holdings Group, Inc. | 17 | 265 | ||||||
| Riverview Bancorp, Inc. | 48 | 264 | ||||||
| Sunrise Realty Trust, Inc. REIT | 24 | 254 | ||||||
| Hanover Bancorp, Inc. | 11 | 252 | ||||||
| ACRES Commercial Realty Corp. REIT* | 14 | 251 | ||||||
| Nexpoint Real Estate Finance, Inc. REIT | 18 | 248 | ||||||
| SR Bancorp, Inc. | 18 | 243 | ||||||
| loanDepot, Inc. — Class A* | 190 | 241 | ||||||
| Union Bankshares, Inc. | 9 | 240 | ||||||
| Lument Finance Trust, Inc. REIT | 107 | 236 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Financial - 12.0% (continued) | ||||||||
| Finance of America Companies, Inc. — Class A* | 10 | $ | 233 | |||||
| Sound Financial Bancorp, Inc. | 5 | 230 | ||||||
| Finward Bancorp | 8 | 221 | ||||||
| Consumer Portfolio Services, Inc.* | 22 | 216 | ||||||
| CF Bankshares, Inc. | 9 | 216 | ||||||
| NI Holdings, Inc.* | 16 | 204 | ||||||
| Advanced Flower Capital, Inc. REIT | 43 | 193 | ||||||
| Strawberry Fields , Inc. REIT | 17 | 179 | ||||||
| Transcontinental Realty Investors, Inc.* | 4 | 170 | ||||||
| Bakkt Holdings, Inc.* | 12 | 167 | ||||||
| Patriot National Bancorp, Inc.* | 103 | 157 | ||||||
| Mobile Infrastructure Corp.* | 34 | 154 | ||||||
| Better Home & Finance Holding Co.* | 12 | 149 | ||||||
| Siebert Financial Corp.* | 33 | 146 | ||||||
| Rhinebeck Bancorp, Inc.* | 11 | 129 | ||||||
| Chain Bridge Bancorp, Inc. — Class A* | 5 | 129 | ||||||
| Clipper Realty, Inc. REIT | 32 | 117 | ||||||
| Kestrel Group Ltd.* | 4 | 115 | ||||||
| SWK Holdings Corp. | 7 | 103 | ||||||
| Vroom, Inc.* | 3 | 86 | ||||||
| GoHealth, Inc. — Class A* | 11 | 61 | ||||||
| Logistic Properties of The Americas* | 7 | 48 | ||||||
| American Realty Investors, Inc.* | 3 | 42 | ||||||
| Total Financial | 1,489,210 | |||||||
| Consumer, Non-cyclical - 10.5% | ||||||||
| HealthEquity, Inc.* | 200 | 20,952 | ||||||
| Ensign Group, Inc. | 132 | 20,362 | ||||||
| Blueprint Medicines Corp.* | 150 | 19,227 | ||||||
| Bridgebio Pharma, Inc.* | 367 | 15,847 | ||||||
| Guardant Health, Inc.* | 280 | 14,571 | ||||||
| Stride, Inc.* | 100 | 14,519 | ||||||
| Glaukos Corp.* | 131 | 13,531 | ||||||
| Lantheus Holdings, Inc.* | 158 | 12,934 | ||||||
| Merit Medical Systems, Inc.* | 137 | 12,807 | ||||||
| Option Care Health, Inc.* | 387 | 12,570 | ||||||
| TG Therapeutics, Inc.* | 341 | 12,273 | ||||||
| Madrigal Pharmaceuticals, Inc.* | 40 | 12,106 | ||||||
| iRhythm Technologies, Inc.* | 75 | 11,547 | ||||||
| Adtalem Global Education, Inc.* | 86 | 10,942 | ||||||
| Alkermes plc* | 380 | 10,872 | ||||||
| Cal-Maine Foods, Inc. | 108 | 10,760 | ||||||
| TransMedics Group, Inc.* | 78 | 10,453 | ||||||
| Herc Holdings, Inc. | 77 | 10,140 | ||||||
| Integer Holdings Corp.* | 81 | 9,961 | ||||||
| Axsome Therapeutics, Inc.* | 95 | 9,917 | ||||||
| ADMA Biologics, Inc.* | 544 | 9,906 | ||||||
| Vaxcyte, Inc.* | 295 | 9,590 | ||||||
| Verra Mobility Corp.* | 375 | 9,521 | ||||||
| CRISPR Therapeutics AG* | 193 | 9,388 | ||||||
| Prestige Consumer Healthcare, Inc.* | 116 | 9,263 | ||||||
| Oscar Health, Inc. — Class A* | 430 | 9,219 | ||||||
| StoneCo Ltd. — Class A* | 569 | 9,127 | ||||||
| Brink’s Co. | 102 | 9,108 | ||||||
| Cytokinetics, Inc.* | 274 | 9,053 | ||||||
| PTC Therapeutics, Inc.* | 182 | 8,889 | ||||||
| RadNet, Inc.* | 156 | 8,878 | ||||||
| Korn Ferry | 121 | 8,873 | ||||||
| CBIZ, Inc.* | 123 | 8,820 | ||||||
| Haemonetics Corp.* | 118 | 8,804 | ||||||
| Akero Therapeutics, Inc.* | 164 | 8,751 | ||||||
| Marzetti Co | 47 | 8,120 | ||||||
| Rhythm Pharmaceuticals, Inc.* | 128 | 8,088 | ||||||
| Krystal Biotech, Inc.* | 58 | 7,973 | ||||||
| Soleno Therapeutics, Inc.* | 94 | 7,875 | ||||||
| Nuvalent, Inc. — Class A* | 101 | 7,706 | ||||||
| GEO Group, Inc.* | 321 | 7,688 | ||||||
| Avidity Biosciences, Inc.* | 268 | 7,611 | ||||||
| Protagonist Therapeutics, Inc.* | 137 | 7,572 | ||||||
| Graham Holdings Co. — Class B | 8 | 7,569 | ||||||
| ICU Medical, Inc.* | 57 | 7,533 | ||||||
| WD-40 Co. | 32 | 7,299 | ||||||
| PROCEPT BioRobotics Corp.* | 123 | 7,085 | ||||||
| Laureate Education, Inc. — Class A* | 302 | 7,061 | ||||||
| CorVel Corp.* | 68 | 6,989 | ||||||
| Simply Good Foods Co.* | 220 | 6,950 | ||||||
| ABM Industries, Inc. | 145 | 6,845 | ||||||
| Remitly Global, Inc.* | 364 | 6,832 | ||||||
| Scholar Rock Holding Corp.* | 190 | 6,730 | ||||||
| Alarm.com Holdings, Inc.* | 112 | 6,336 | ||||||
| ACADIA Pharmaceuticals, Inc.* | 292 | 6,298 | ||||||
| Sezzle, Inc.* | 35 | 6,274 | ||||||
| Privia Health Group, Inc.* | 270 | 6,210 | ||||||
| Crinetics Pharmaceuticals, Inc.* | 212 | 6,097 | ||||||
| Catalyst Pharmaceuticals, Inc.* | 271 | 5,881 | ||||||
| LivaNova plc* | 128 | 5,763 | ||||||
| Alight, Inc. — Class A | 1,012 | 5,728 | ||||||
| Arcellx, Inc.* | 86 | 5,663 | ||||||
| Inter Parfums, Inc. | 43 | 5,646 | ||||||
| Concentra Group Holdings Parent, Inc. | 274 | 5,636 | ||||||
| Xenon Pharmaceuticals, Inc.* | 177 | 5,540 | ||||||
| Huron Consulting Group, Inc.* | 40 | 5,502 | ||||||
| Chefs’ Warehouse, Inc.* | 86 | 5,488 | ||||||
| EVERTEC, Inc. | 151 | 5,444 | ||||||
| CoreCivic, Inc.* | 253 | 5,331 | ||||||
| Marqeta, Inc. — Class A* | 902 | 5,259 | ||||||
| Mirum Pharmaceuticals, Inc.* | 102 | 5,191 | ||||||
| TriNet Group, Inc. | 70 | 5,120 | ||||||
| Ligand Pharmaceuticals, Inc. — Class B* | 45 | 5,116 | ||||||
| Twist Bioscience Corp.* | 139 | 5,114 | ||||||
| Insperity, Inc. | 85 | 5,110 | ||||||
| Vericel Corp.* | 118 | 5,021 | ||||||
| Veracyte, Inc.* | 184 | 4,974 | ||||||
| Addus HomeCare Corp.* | 43 | 4,953 | ||||||
| Strategic Education, Inc. | 57 | 4,852 | ||||||
| Kymera Therapeutics, Inc.* | 110 | 4,800 | ||||||
| Perdoceo Education Corp. | 144 | 4,707 | ||||||
| Premier, Inc. — Class A | 214 | 4,693 | ||||||
| BrightSpring Health Services, Inc.* | 198 | 4,671 | ||||||
| QuidelOrtho Corp.* | 158 | 4,554 | ||||||
| Payoneer Global, Inc.* | 653 | 4,473 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Non-cyclical - 10.5% (continued) | ||||||||
| Arrowhead Pharmaceuticals, Inc.* | 283 | $ | 4,471 | |||||
| BioCryst Pharmaceuticals, Inc.* | 491 | 4,399 | ||||||
| UFP Technologies, Inc.* | 18 | 4,395 | ||||||
| Agios Pharmaceuticals, Inc.* | 132 | 4,390 | ||||||
| Denali Therapeutics, Inc.* | 311 | 4,351 | ||||||
| John Wiley & Sons, Inc. — Class A | 97 | 4,329 | ||||||
| Novocure Ltd.* | 238 | 4,236 | ||||||
| Indivior plc* | 283 | 4,171 | ||||||
| Enovis Corp.* | 133 | 4,171 | ||||||
| Ideaya Biosciences, Inc.* | 196 | 4,120 | ||||||
| J & J Snack Foods Corp. | 36 | 4,083 | ||||||
| Adaptive Biotechnologies Corp.* | 350 | 4,077 | ||||||
| LeMaitre Vascular, Inc. | 49 | 4,069 | ||||||
| GeneDx Holdings Corp.* | 44 | 4,062 | ||||||
| Surgery Partners, Inc.* | 181 | 4,024 | ||||||
| Recursion Pharmaceuticals, Inc. — Class A*,1 | 795 | 4,023 | ||||||
| Supernus Pharmaceuticals, Inc.* | 127 | 4,003 | ||||||
| Select Medical Holdings Corp. | 262 | 3,977 | ||||||
| Arlo Technologies, Inc.* | 233 | 3,952 | ||||||
| Beam Therapeutics, Inc.* | 224 | 3,810 | ||||||
| CONMED Corp. | 73 | 3,802 | ||||||
| Central Garden & Pet Co. — Class A* | 121 | 3,786 | ||||||
| Brookdale Senior Living, Inc. — Class A* | 538 | 3,744 | ||||||
| Amicus Therapeutics, Inc.* | 653 | 3,742 | ||||||
| AtriCure, Inc.* | 113 | 3,703 | ||||||
| GRAIL, Inc.* | 72 | 3,702 | ||||||
| Tarsus Pharmaceuticals, Inc.* | 91 | 3,686 | ||||||
| ICF International, Inc. | 43 | 3,643 | ||||||
| Teladoc Health, Inc.* | 412 | 3,589 | ||||||
| Universal Technical Institute, Inc.* | 105 | 3,558 | ||||||
| Progyny, Inc.* | 161 | 3,542 | ||||||
| Arcutis Biotherapeutics, Inc.* | 251 | 3,519 | ||||||
| CG oncology, Inc.* | 131 | 3,406 | ||||||
| Vita Coco Company, Inc.* | 94 | 3,393 | ||||||
| Universal Corp. | 57 | 3,320 | ||||||
| United Natural Foods, Inc.* | 141 | 3,287 | ||||||
| Apogee Therapeutics, Inc.* | 75 | 3,257 | ||||||
| Harmony Biosciences Holdings, Inc.* | 103 | 3,255 | ||||||
| Flywire Corp.* | 275 | 3,218 | ||||||
| National Healthcare Corp. | 30 | 3,210 | ||||||
| Omnicell, Inc.* | 109 | 3,205 | ||||||
| Spectrum Brands Holdings, Inc. | 60 | 3,180 | ||||||
| Celldex Therapeutics, Inc.* | 154 | 3,134 | ||||||
| Vital Farms, Inc.* | 81 | 3,120 | ||||||
| First Advantage Corp.* | 186 | 3,089 | ||||||
| Upbound Group, Inc. | 123 | 3,087 | ||||||
| Disc Medicine, Inc.* | 58 | 3,072 | ||||||
| Travere Therapeutics, Inc.* | 207 | 3,064 | ||||||
| Ocular Therapeutix, Inc.* | 330 | 3,062 | ||||||
| Turning Point Brands, Inc. | 40 | 3,031 | ||||||
| Alphatec Holdings, Inc.* | 272 | 3,019 | ||||||
| CRA International, Inc. | 16 | 2,998 | ||||||
| Biohaven Ltd.* | 212 | 2,991 | ||||||
| Innoviva, Inc.* | 148 | 2,973 | ||||||
| Azenta, Inc.* | 96 | 2,955 | ||||||
| Tandem Diabetes Care, Inc.* | 157 | 2,926 | ||||||
| 89bio, Inc.* | 293 | 2,877 | ||||||
| Pediatrix Medical Group, Inc.* | 200 | 2,870 | ||||||
| 10X Genomics, Inc. — Class A* | 247 | 2,860 | ||||||
| Amneal Pharmaceuticals, Inc.* | 353 | 2,856 | ||||||
| Vera Therapeutics, Inc.* | 121 | 2,851 | ||||||
| Coursera, Inc.* | 324 | 2,838 | ||||||
| Andersons, Inc. | 77 | 2,830 | ||||||
| Weis Markets, Inc. | 39 | 2,827 | ||||||
| ANI Pharmaceuticals, Inc.* | 43 | 2,806 | ||||||
| Artivion, Inc.* | 89 | 2,768 | ||||||
| PROG Holdings, Inc. | 94 | 2,759 | ||||||
| Grocery Outlet Holding Corp.* | 221 | 2,745 | ||||||
| US Physical Therapy, Inc. | 35 | 2,737 | ||||||
| Acuren Corp.* | 242 | 2,672 | ||||||
| MannKind Corp.* | 710 | 2,655 | ||||||
| Clover Health Investments Corp.* | 943 | 2,631 | ||||||
| Pacira BioSciences, Inc.* | 108 | 2,581 | ||||||
| Edgewell Personal Care Co. | 110 | 2,575 | ||||||
| Healthcare Services Group, Inc.* | 171 | 2,570 | ||||||
| Immunovant, Inc.* | 160 | 2,560 | ||||||
| Fresh Del Monte Produce, Inc. | 78 | 2,529 | ||||||
| CareDx, Inc.* | 128 | 2,501 | ||||||
| Driven Brands Holdings, Inc.* | 140 | 2,458 | ||||||
| Neogen Corp.* | 513 | 2,452 | ||||||
| Dynavax Technologies Corp.* | 247 | 2,450 | ||||||
| National Beverage Corp.* | 56 | 2,422 | ||||||
| Barrett Business Services, Inc. | 58 | 2,418 | ||||||
| Astrana Health, Inc.* | 96 | 2,388 | ||||||
| Pennant Group, Inc.* | 79 | 2,358 | ||||||
| BrightView Holdings, Inc.* | 141 | 2,348 | ||||||
| Aurinia Pharmaceuticals, Inc.* | 276 | 2,338 | ||||||
| WK Kellogg Co. | 146 | 2,327 | ||||||
| Legalzoom.com, Inc.* | 260 | 2,317 | ||||||
| TreeHouse Foods, Inc.* | 118 | 2,292 | ||||||
| Viridian Therapeutics, Inc.* | 163 | 2,279 | ||||||
| Intellia Therapeutics, Inc.* | 242 | 2,270 | ||||||
| Harrow, Inc.* | 74 | 2,260 | ||||||
| ARS Pharmaceuticals, Inc.* | 129 | 2,251 | ||||||
| Edgewise Therapeutics, Inc.* | 171 | 2,242 | ||||||
| Collegium Pharmaceutical, Inc.* | 75 | 2,218 | ||||||
| NeoGenomics, Inc.* | 303 | 2,215 | ||||||
| Novavax, Inc.*,1 | 351 | 2,211 | ||||||
| Heidrick & Struggles International, Inc. | 48 | 2,197 | ||||||
| Dole plc | 156 | 2,182 | ||||||
| Ardelyx, Inc.* | 553 | 2,168 | ||||||
| Ingles Markets, Inc. — Class A | 34 | 2,155 | ||||||
| Utz Brands, Inc. | 170 | 2,133 | ||||||
| Akebia Therapeutics, Inc.* | 586 | 2,133 | ||||||
| Janux Therapeutics, Inc.* | 92 | 2,125 | ||||||
| Quanex Building Products Corp. | 111 | 2,098 | ||||||
| Dyne Therapeutics, Inc.* | 220 | 2,094 | ||||||
| SpartanNash Co. | 79 | 2,093 | ||||||
| Willdan Group, Inc.* | 33 | 2,063 | ||||||
| AdaptHealth Corp.* | 217 | 2,046 | ||||||
| Herbalife Ltd.* | 237 | 2,043 | ||||||
| Nurix Therapeutics, Inc.* | 177 | 2,016 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Non-cyclical - 10.5% (continued) | ||||||||
| Geron Corp.* | 1,424 | $ | 2,008 | |||||
| Amphastar Pharmaceuticals, Inc.* | 87 | 1,998 | ||||||
| STAAR Surgical Co.* | 117 | 1,963 | ||||||
| Integra LifeSciences Holdings Corp.* | 157 | 1,926 | ||||||
| BioLife Solutions, Inc.* | 89 | 1,917 | ||||||
| Cidara Therapeutics, Inc.* | 39 | 1,900 | ||||||
| Hertz Global Holdings, Inc.*,1 | 277 | 1,892 | ||||||
| Transcat, Inc.* | 22 | 1,891 | ||||||
| Liquidia Corp.* | 151 | 1,881 | ||||||
| Syndax Pharmaceuticals, Inc.* | 200 | 1,873 | ||||||
| CorMedix, Inc.* | 151 | 1,860 | ||||||
| AMN Healthcare Services, Inc.* | 90 | 1,860 | ||||||
| Avadel Pharmaceuticals plc* | 210 | 1,858 | ||||||
| Anavex Life Sciences Corp.*,1 | 196 | 1,807 | ||||||
| Verve Therapeutics, Inc.* | 160 | 1,797 | ||||||
| Cogent Biosciences, Inc.* | 249 | 1,788 | ||||||
| Praxis Precision Medicines, Inc.* | 42 | 1,766 | ||||||
| Niagen Bioscience, Inc.* | 122 | 1,758 | ||||||
| Spyre Therapeutics, Inc.* | 117 | 1,751 | ||||||
| Kforce, Inc. | 42 | 1,727 | ||||||
| WaVe Life Sciences Ltd.* | 263 | 1,709 | ||||||
| MiMedx Group, Inc.* | 278 | 1,699 | ||||||
| SI-BONE, Inc.* | 89 | 1,675 | ||||||
| Matthews International Corp. — Class A | 70 | 1,674 | ||||||
| agilon health, Inc.* | 724 | 1,665 | ||||||
| Deluxe Corp. | 104 | 1,655 | ||||||
| Cimpress plc* | 35 | 1,645 | ||||||
| Xeris Biopharma Holdings, Inc.* | 352 | 1,644 | ||||||
| Owens & Minor, Inc.* | 177 | 1,611 | ||||||
| Immunome, Inc.* | 173 | 1,609 | ||||||
| LifeStance Health Group, Inc.* | 311 | 1,608 | ||||||
| Udemy, Inc.* | 228 | 1,603 | ||||||
| Lincoln Educational Services Corp.* | 69 | 1,590 | ||||||
| Vestis Corp. | 270 | 1,547 | ||||||
| Helen of Troy Ltd.* | 54 | 1,532 | ||||||
| Enliven Therapeutics, Inc.* | 76 | 1,525 | ||||||
| Carriage Services, Inc. — Class A | 33 | 1,509 | ||||||
| Hackett Group, Inc. | 59 | 1,500 | ||||||
| CompoSecure, Inc. — Class A* | 103 | 1,451 | ||||||
| Zymeworks, Inc.* | 115 | 1,443 | ||||||
| Replimune Group, Inc.* | 154 | 1,431 | ||||||
| ImmunityBio, Inc.* | 538 | 1,420 | ||||||
| Mister Car Wash, Inc.* | 233 | 1,400 | ||||||
| Tootsie Roll Industries, Inc. | 41 | 1,371 | ||||||
| Castle Biosciences, Inc.* | 67 | 1,368 | ||||||
| EyePoint Pharmaceuticals, Inc.* | 145 | 1,364 | ||||||
| Green Dot Corp. — Class A* | 126 | 1,358 | ||||||
| PACS Group, Inc.* | 103 | 1,331 | ||||||
| Embecta Corp. | 137 | 1,327 | ||||||
| Mission Produce, Inc.* | 113 | 1,324 | ||||||
| Arcus Biosciences, Inc.* | 162 | 1,319 | ||||||
| SunOpta, Inc.* | 225 | 1,305 | ||||||
| Xencor, Inc.* | 165 | 1,297 | ||||||
| Avanos Medical, Inc.* | 105 | 1,285 | ||||||
| American Public Education, Inc.* | 41 | 1,249 | ||||||
| Mineralys Therapeutics, Inc.* | 92 | 1,245 | ||||||
| LENZ Therapeutics, Inc.* | 42 | 1,231 | ||||||
| Phibro Animal Health Corp. — Class A | 48 | 1,226 | ||||||
| Cass Information Systems, Inc. | 28 | 1,217 | ||||||
| Sage Therapeutics, Inc.* | 133 | 1,213 | ||||||
| Metsera, Inc.*,1 | 42 | 1,195 | ||||||
| UroGen Pharma Ltd.* | 87 | 1,192 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. | 30 | 1,177 | ||||||
| ArriVent Biopharma, Inc.* | 54 | 1,176 | ||||||
| Evolus, Inc.* | 125 | 1,151 | ||||||
| Mind Medicine MindMed, Inc.* | 177 | 1,149 | ||||||
| Nuvation Bio, Inc.* | 584 | 1,139 | ||||||
| John B Sanfilippo & Son, Inc. | 18 | 1,138 | ||||||
| Myriad Genetics, Inc.* | 214 | 1,136 | ||||||
| iRadimed Corp. | 19 | 1,136 | ||||||
| Arvinas, Inc.* | 154 | 1,133 | ||||||
| RxSight, Inc.* | 87 | 1,131 | ||||||
| Zevra Therapeutics, Inc.* | 127 | 1,119 | ||||||
| Enhabit, Inc.* | 116 | 1,118 | ||||||
| OPKO Health, Inc.* | 847 | 1,118 | ||||||
| Axogen, Inc.* | 103 | 1,118 | ||||||
| Seneca Foods Corp. — Class A* | 11 | 1,116 | ||||||
| Honest Company, Inc.* | 219 | 1,115 | ||||||
| Day One Biopharmaceuticals, Inc.* | 169 | 1,098 | ||||||
| Arbutus Biopharma Corp.* | 355 | 1,097 | ||||||
| Stoke Therapeutics, Inc.* | 96 | 1,090 | ||||||
| Ceribell, Inc.* | 58 | 1,086 | ||||||
| Relay Therapeutics, Inc.* | 311 | 1,076 | ||||||
| Kura Oncology, Inc.* | 185 | 1,067 | ||||||
| ORIC Pharmaceuticals, Inc.* | 105 | 1,066 | ||||||
| Keros Therapeutics, Inc.* | 79 | 1,055 | ||||||
| Vir Biotechnology, Inc.* | 209 | 1,053 | ||||||
| Fortrea Holdings, Inc.* | 213 | 1,052 | ||||||
| Ennis, Inc. | 58 | 1,052 | ||||||
| Monro, Inc. | 70 | 1,044 | ||||||
| Amylyx Pharmaceuticals, Inc.* | 162 | 1,038 | ||||||
| Calavo Growers, Inc. | 39 | 1,037 | ||||||
| Community Health Systems, Inc.* | 305 | 1,037 | ||||||
| Iovance Biotherapeutics, Inc.*,1 | 601 | 1,034 | ||||||
| aTyr Pharma, Inc.* | 203 | 1,029 | ||||||
| Ginkgo Bioworks Holdings, Inc.* | 91 | 1,024 | ||||||
| AnaptysBio, Inc.* | 46 | 1,021 | ||||||
| Orthofix Medical, Inc.* | 91 | 1,015 | ||||||
| KalVista Pharmaceuticals, Inc.* | 89 | 1,006 | ||||||
| MGP Ingredients, Inc. | 33 | 989 | ||||||
| Theravance Biopharma, Inc.* | 89 | 982 | ||||||
| Surmodics, Inc.* | 33 | 980 | ||||||
| Fulgent Genetics, Inc.* | 49 | 974 | ||||||
| Trevi Therapeutics, Inc.* | 178 | 974 | ||||||
| Delcath Systems, Inc.* | 71 | 966 | ||||||
| Paysafe Ltd.* | 76 | 959 | ||||||
| Cross Country Healthcare, Inc.* | 73 | 953 | ||||||
| Phathom Pharmaceuticals, Inc.* | 99 | 949 | ||||||
| Cytek Biosciences, Inc.* | 276 | 938 | ||||||
| Tango Therapeutics, Inc.* | 180 | 922 | ||||||
| Cullinan Therapeutics, Inc.* | 120 | 904 | ||||||
| REGENXBIO, Inc.* | 110 | 903 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Non-cyclical - 10.5% (continued) | ||||||||
| AngioDynamics, Inc.* | 91 | $ | 903 | |||||
| Upstream Bio, Inc.* | 82 | 900 | ||||||
| Taysha Gene Therapies, Inc.* | 389 | 899 | ||||||
| Butterfly Network, Inc.* | 448 | 896 | ||||||
| Celcuity, Inc.* | 67 | 894 | ||||||
| Capricor Therapeutics, Inc.*,1 | 90 | 894 | ||||||
| Repay Holdings Corp.* | 183 | 882 | ||||||
| Fulcrum Therapeutics, Inc.* | 125 | 860 | ||||||
| OrthoPediatrics Corp.* | 40 | 859 | ||||||
| Dianthus Therapeutics, Inc.* | 46 | 857 | ||||||
| Eton Pharmaceuticals, Inc.* | 60 | 855 | ||||||
| Sana Biotechnology, Inc.* | 313 | 854 | ||||||
| Varex Imaging Corp.* | 96 | 832 | ||||||
| Kelly Services, Inc. — Class A | 71 | 831 | ||||||
| Tejon Ranch Co.* | 49 | 831 | ||||||
| Village Super Market, Inc. — Class A | 21 | 809 | ||||||
| Emergent BioSolutions, Inc.* | 126 | 804 | ||||||
| Pacific Biosciences of California, Inc.* | 648 | 803 | ||||||
| USANA Health Sciences, Inc.* | 26 | 794 | ||||||
| Nano-X Imaging Ltd.*,1 | 151 | 781 | ||||||
| Semler Scientific, Inc.*,1 | 20 | 775 | ||||||
| Central Garden & Pet Co.* | 22 | 774 | ||||||
| ZipRecruiter, Inc. — Class A* | 154 | 772 | ||||||
| Rigel Pharmaceuticals, Inc.* | 41 | 768 | ||||||
| Arcturus Therapeutics Holdings, Inc.* | 59 | 768 | ||||||
| Personalis, Inc.* | 117 | 768 | ||||||
| B&G Foods, Inc.1 | 181 | 766 | ||||||
| Spire Global, Inc.*,1 | 64 | 762 | ||||||
| Jade Biosciences, Inc. | 76 | 759 | ||||||
| Solid Biosciences, Inc.* | 155 | 755 | ||||||
| KinderCare Learning Companies, Inc.* | 74 | 747 | ||||||
| Bicara Therapeutics, Inc.* | 80 | 743 | ||||||
| Heron Therapeutics, Inc.*,1 | 359 | 743 | ||||||
| Ardent Health, Inc.* | 54 | 738 | ||||||
| ACCO Brands Corp. | 205 | 734 | ||||||
| ClearPoint Neuro, Inc.* | 61 | 728 | ||||||
| Tourmaline Bio, Inc.* | 45 | 720 | ||||||
| Oruka Therapeutics, Inc. | 64 | 717 | ||||||
| Bioventus, Inc. — Class A* | 108 | 715 | ||||||
| Altimmune, Inc.*,1 | 181 | 700 | ||||||
| iTeos Therapeutics, Inc.* | 70 | 698 | ||||||
| Custom Truck One Source, Inc.* | 141 | 697 | ||||||
| Rezolute, Inc.* | 156 | 696 | ||||||
| Maravai LifeSciences Holdings, Inc. — Class A* | 286 | 689 | ||||||
| Savara, Inc.* | 297 | 677 | ||||||
| Aquestive Therapeutics, Inc.* | 202 | 669 | ||||||
| Mama’s Creations, Inc.* | 80 | 664 | ||||||
| Nathan’s Famous, Inc. | 6 | 663 | ||||||
| Treace Medical Concepts, Inc.* | 112 | 659 | ||||||
| Absci Corp.* | 256 | 658 | ||||||
| Performant Healthcare, Inc.* | 164 | 656 | ||||||
| Quantum-Si, Inc.* | 331 | 649 | ||||||
| Atea Pharmaceuticals, Inc.* | 180 | 648 | ||||||
| Tonix Pharmaceuticals Holding Corp.* | 18 | 648 | ||||||
| Guardian Pharmacy Services, Inc. — Class A* | 30 | 639 | ||||||
| MeiraGTx Holdings plc* | 98 | 639 | ||||||
| Terns Pharmaceuticals, Inc.* | 170 | 634 | ||||||
| Pulse Biosciences, Inc.* | 42 | 634 | ||||||
| Distribution Solutions Group, Inc.* | 23 | 632 | ||||||
| SIGA Technologies, Inc. | 96 | 626 | ||||||
| NeuroPace, Inc.* | 56 | 624 | ||||||
| Vanda Pharmaceuticals, Inc.* | 131 | 618 | ||||||
| Humacyte, Inc.* | 294 | 614 | ||||||
| Cerus Corp.* | 433 | 610 | ||||||
| Limoneira Co. | 39 | 610 | ||||||
| Blade Air Mobility, Inc.* | 150 | 605 | ||||||
| Beyond Meat, Inc.* | 173 | 604 | ||||||
| Zimvie, Inc.* | 64 | 598 | ||||||
| Olema Pharmaceuticals, Inc.* | 140 | 596 | ||||||
| Franklin Covey Co.* | 26 | 593 | ||||||
| Organogenesis Holdings, Inc.* | 160 | 586 | ||||||
| Abeona Therapeutics, Inc.* | 102 | 579 | ||||||
| Quanterix Corp.* | 86 | 572 | ||||||
| Viemed Healthcare, Inc.* | 82 | 567 | ||||||
| Aveanna Healthcare Holdings, Inc.* | 108 | 565 | ||||||
| Compass Therapeutics, Inc.* | 215 | 559 | ||||||
| Tactile Systems Technology, Inc.* | 55 | 558 | ||||||
| XOMA Royalty Corp.* | 22 | 554 | ||||||
| Prothena Corporation plc* | 91 | 552 | ||||||
| Aura Biosciences, Inc.* | 88 | 551 | ||||||
| Gossamer Bio, Inc.* | 443 | 545 | ||||||
| Annexon, Inc.* | 225 | 540 | ||||||
| Astria Therapeutics, Inc.* | 100 | 536 | ||||||
| Tyra Biosciences, Inc.* | 56 | 536 | ||||||
| Target Hospitality Corp.* | 75 | 534 | ||||||
| Septerna, Inc.* | 50 | 528 | ||||||
| OraSure Technologies, Inc.* | 176 | 528 | ||||||
| Lifecore Biomedical, Inc.* | 65 | 528 | ||||||
| SANUWAVE Health, Inc.* | 16 | 526 | ||||||
| Erasca, Inc.* | 407 | 517 | ||||||
| MaxCyte, Inc.* | 237 | 517 | ||||||
| Tectonic Therapeutic, Inc.* | 26 | 517 | ||||||
| Kestra Medical Technologies Ltd.* | 31 | 514 | ||||||
| Beauty Health Co.* | 268 | 512 | ||||||
| National Research Corp. — Class A | 30 | 504 | ||||||
| Sionna Therapeutics, Inc.* | 29 | 503 | ||||||
| Nature’s Sunshine Products, Inc.* | 34 | 503 | ||||||
| Precigen, Inc.* | 352 | 500 | ||||||
| Monte Rosa Therapeutics, Inc.* | 109 | 492 | ||||||
| SELLAS Life Sciences Group, Inc.* | 223 | 488 | ||||||
| Corvus Pharmaceuticals, Inc.* | 122 | 488 | ||||||
| Westrock Coffee Co.* | 85 | 487 | ||||||
| Aldeyra Therapeutics, Inc.* | 127 | 486 | ||||||
| Rocket Pharmaceuticals, Inc.* | 197 | 483 | ||||||
| Perspective Therapeutics, Inc.* | 140 | 482 | ||||||
| Rapport Therapeutics, Inc.* | 41 | 466 | ||||||
| Candel Therapeutics, Inc.* | 92 | 465 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Non-cyclical - 10.5% (continued) | ||||||||
| Esperion Therapeutics, Inc.*,1 | 468 | $ | 461 | |||||
| Olaplex Holdings, Inc.* | 329 | 461 | ||||||
| Priority Technology Holdings, Inc.* | 59 | 459 | ||||||
| Cardiff Oncology, Inc.* | 145 | 457 | ||||||
| Fennec Pharmaceuticals, Inc.* | 55 | 456 | ||||||
| MBX Biosciences, Inc.* | 40 | 456 | ||||||
| ADC Therapeutics S.A.* | 170 | 456 | ||||||
| Beta Bionics, Inc.* | 31 | 451 | ||||||
| Entrada Therapeutics, Inc.* | 66 | 444 | ||||||
| Verastem, Inc.* | 106 | 440 | ||||||
| Editas Medicine, Inc.* | 198 | 436 | ||||||
| TrueBlue, Inc.* | 67 | 434 | ||||||
| Alico, Inc. | 13 | 425 | ||||||
| OmniAb, Inc.* | 235 | 409 | ||||||
| Resources Connection, Inc. | 76 | 408 | ||||||
| Joint Corp.* | 35 | 404 | ||||||
| Allogene Therapeutics, Inc.* | 356 | 402 | ||||||
| Utah Medical Products, Inc. | 7 | 398 | ||||||
| Information Services Group, Inc. | 83 | 398 | ||||||
| Benitec Biopharma, Inc.* | 34 | 398 | ||||||
| Omeros Corp.* | 132 | 396 | ||||||
| Inogen, Inc.* | 56 | 394 | ||||||
| Y-mAbs Therapeutics, Inc.* | 86 | 388 | ||||||
| Cadiz, Inc.* | 129 | 386 | ||||||
| Quad/Graphics, Inc. | 68 | 384 | ||||||
| European Wax Center, Inc. — Class A* | 68 | 383 | ||||||
| Eledon Pharmaceuticals, Inc.* | 136 | 369 | ||||||
| Zenas Biopharma, Inc.* | 38 | 368 | ||||||
| Foghorn Therapeutics, Inc.* | 77 | 362 | ||||||
| Palvella Therapeutics, Inc.* | 16 | 361 | ||||||
| KORU Medical Systems, Inc.* | 100 | 358 | ||||||
| Monopar Therapeutics, Inc.* | 10 | 358 | ||||||
| Enanta Pharmaceuticals, Inc.* | 47 | 355 | ||||||
| Electromed, Inc.* | 16 | 352 | ||||||
| Medifast, Inc.* | 25 | 351 | ||||||
| 4D Molecular Therapeutics, Inc.* | 94 | 349 | ||||||
| MediWound Ltd.* | 18 | 349 | ||||||
| Neurogene, Inc.* | 23 | 344 | ||||||
| Cargo Therapeutics, Inc.* | 83 | 342 | ||||||
| Puma Biotechnology, Inc.* | 99 | 340 | ||||||
| Alumis, Inc.* | 113 | 339 | ||||||
| Voyager Therapeutics, Inc.* | 109 | 339 | ||||||
| Prime Medicine, Inc.* | 137 | 338 | ||||||
| DocGo, Inc.* | 214 | 336 | ||||||
| CPI Card Group, Inc.* | 14 | 332 | ||||||
| Acme United Corp. | 8 | 332 | ||||||
| Avita Medical, Inc.* | 62 | 328 | ||||||
| Lifevantage Corp. | 25 | 327 | ||||||
| Accuray, Inc.* | 238 | 326 | ||||||
| Sonida Senior Living, Inc.* | 13 | 324 | ||||||
| Hain Celestial Group, Inc.* | 212 | 322 | ||||||
| Third Harmonic Bio, Inc.* | 59 | 320 | ||||||
| Anika Therapeutics, Inc.* | 29 | 307 | ||||||
| scPharmaceuticals, Inc.* | 80 | 305 | ||||||
| Alta Equipment Group, Inc. | 48 | 303 | ||||||
| Aclaris Therapeutics, Inc.* | 212 | 301 | ||||||
| Inhibrx Biosciences, Inc.* | 21 | 300 | ||||||
| HF Foods Group, Inc.* | 94 | 299 | ||||||
| Neuronetics, Inc.* | 85 | 297 | ||||||
| Lifeway Foods, Inc.* | 12 | 296 | ||||||
| LENSAR, Inc.* | 22 | 290 | ||||||
| Mercurity Fintech Holding, Inc.* | 75 | 289 | ||||||
| Kodiak Sciences, Inc.* | 77 | 287 | ||||||
| SoundThinking, Inc.* | 22 | 287 | ||||||
| Bright Minds Biosciences, Inc.* | 11 | 287 | ||||||
| Acacia Research Corp.* | 80 | 286 | ||||||
| Larimar Therapeutics, Inc.* | 99 | 286 | ||||||
| Fate Therapeutics, Inc.* | 255 | 286 | ||||||
| Stereotaxis, Inc.* | 134 | 284 | ||||||
| RCM Technologies, Inc.* | 12 | 283 | ||||||
| Oncology Institute, Inc.* | 137 | 281 | ||||||
| Inhibikase Therapeutics, Inc.* | 141 | 275 | ||||||
| Biote Corp. — Class A* | 68 | 273 | ||||||
| Ironwood Pharmaceuticals, Inc. — Class A* | 375 | 269 | ||||||
| Forrester Research, Inc.* | 27 | 267 | ||||||
| Alector, Inc.* | 187 | 262 | ||||||
| Maze Therapeutics, Inc.* | 21 | 258 | ||||||
| Design Therapeutics, Inc.* | 74 | 249 | ||||||
| Waldencast plc — Class A* | 99 | 242 | ||||||
| DiaMedica Therapeutics, Inc.* | 62 | 242 | ||||||
| Protalix BioTherapeutics, Inc.* | 163 | 241 | ||||||
| Zevia PBC — Class A* | 74 | 238 | ||||||
| Gyre Therapeutics, Inc.* | 32 | 235 | ||||||
| Pulmonx Corp.* | 90 | 233 | ||||||
| BioAge Labs, Inc.* | 56 | 231 | ||||||
| Protara Therapeutics, Inc.* | 76 | 230 | ||||||
| Cartesian Therapeutics, Inc.*,1 | 22 | 229 | ||||||
| Lexeo Therapeutics, Inc.* | 56 | 225 | ||||||
| Nuvectis Pharma, Inc.* | 30 | 224 | ||||||
| CVRx, Inc.* | 38 | 223 | ||||||
| Nkarta, Inc.* | 125 | 207 | ||||||
| TriSalus Life Sciences, Inc.* | 37 | 202 | ||||||
| Journey Medical Corp.* | 28 | 201 | ||||||
| Korro Bio, Inc.* | 16 | 200 | ||||||
| Sanara Medtech, Inc.* | 7 | 199 | ||||||
| Solesence Inc* | 44 | 192 | ||||||
| BRC, Inc. — Class A* | 145 | 190 | ||||||
| Anteris Technologies Global Corp.* | 50 | 189 | ||||||
| Tvardi Therapeutics, Inc.* | 8 | 187 | ||||||
| Lucid Diagnostics, Inc.* | 161 | 185 | ||||||
| Coherus Oncology, Inc.* | 249 | 182 | ||||||
| Aardvark Therapeutics, Inc.* | 13 | 176 | ||||||
| Innovage Holding Corp.* | 47 | 173 | ||||||
| Myomo, Inc.* | 76 | 164 | ||||||
| Emerald Holding, Inc. | 33 | 160 | ||||||
| AirSculpt Technologies, Inc.*,1 | 30 | 145 | ||||||
| TuHURA Biosciences, Inc.* | 60 | 134 | ||||||
| HireQuest, Inc. | 13 | 130 | ||||||
| Greenwich Lifesciences, Inc.* | 14 | 127 | ||||||
| Alpha Teknova, Inc.* | 25 | 123 | ||||||
| FitLife Brands, Inc.* | 9 | 117 | ||||||
| Ispire Technology, Inc.* | 44 | 112 | ||||||
| MarketWise, Inc. | 5 | 99 | ||||||
| Forafric Global plc* | 12 | 94 | ||||||
| Inmune Bio, Inc.* | 39 | 90 | ||||||
| Actuate Therapeutics, Inc.* | 14 | 86 | ||||||
| Tevogen Bio Holdings, Inc.* | 66 | 82 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Non-cyclical - 10.5% (continued) | ||||||||
| Scilex Holding Co.* | 11 | $ | 68 | |||||
| SBC Medical Group Holdings, Inc.* | 13 | 60 | ||||||
| Atlantic International Corp.* | 25 | 51 | ||||||
| Nektar Therapeutics* | 1 | 14 | ||||||
| Lyell Immunopharma, Inc.* | 1 | 5 | ||||||
| Ligand Pharmaceuticals, Inc.*,††† | 84 | – | ||||||
| Total Consumer, Non-cyclical | 1,302,268 | |||||||
| Industrial - 8.1% | ||||||||
| Fabrinet* | 85 | 25,048 | ||||||
| Fluor Corp.* | 393 | 20,149 | ||||||
| AeroVironment, Inc.* | 66 | 18,807 | ||||||
| NEXTracker, Inc. — Class A* | 333 | 18,105 | ||||||
| Kratos Defense & Security Solutions, Inc.* | 387 | 17,976 | ||||||
| SPX Technologies, Inc.* | 107 | 17,942 | ||||||
| Chart Industries, Inc.* | 106 | 17,453 | ||||||
| Badger Meter, Inc. | 70 | 17,146 | ||||||
| Casella Waste Systems, Inc. — Class A* | 148 | 17,076 | ||||||
| Sterling Infrastructure, Inc.* | 70 | 16,151 | ||||||
| Dycom Industries, Inc.* | 66 | 16,130 | ||||||
| Watts Water Technologies, Inc. — Class A | 64 | 15,737 | ||||||
| Federal Signal Corp. | 141 | 15,005 | ||||||
| JBT Marel Corp. | 123 | 14,792 | ||||||
| UFP Industries, Inc. | 142 | 14,109 | ||||||
| Itron, Inc.* | 107 | 14,084 | ||||||
| Archer Aviation, Inc. — Class A* | 1,277 | 13,855 | ||||||
| Zurn Elkay Water Solutions Corp. | 353 | 12,909 | ||||||
| GATX Corp. | 84 | 12,899 | ||||||
| Modine Manufacturing Co.* | 123 | 12,115 | ||||||
| Sanmina Corp.* | 123 | 12,033 | ||||||
| Moog, Inc. — Class A | 66 | 11,944 | ||||||
| NuScale Power Corp.* | 297 | 11,749 | ||||||
| ESCO Technologies, Inc. | 61 | 11,704 | ||||||
| Construction Partners, Inc. — Class A* | 110 | 11,691 | ||||||
| Advanced Energy Industries, Inc. | 88 | 11,660 | ||||||
| Bloom Energy Corp. — Class A* | 480 | 11,482 | ||||||
| Joby Aviation, Inc.*,1 | 1,083 | 11,426 | ||||||
| Novanta, Inc.* | 85 | 10,959 | ||||||
| Knife River Corp.* | 134 | 10,940 | ||||||
| CSW Industrials, Inc. | 38 | 10,900 | ||||||
| Belden, Inc. | 93 | 10,769 | ||||||
| Mirion Technologies, Inc.* | 493 | 10,614 | ||||||
| Frontdoor, Inc.* | 175 | 10,314 | ||||||
| Primoris Services Corp. | 127 | 9,898 | ||||||
| Arcosa, Inc. | 114 | 9,885 | ||||||
| Golar LNG Ltd. | 234 | 9,638 | ||||||
| TTM Technologies, Inc.* | 236 | 9,634 | ||||||
| Granite Construction, Inc. | 103 | 9,632 | ||||||
| Enpro, Inc. | 50 | 9,577 | ||||||
| Exponent, Inc. | 119 | 8,890 | ||||||
| Kadant, Inc. | 28 | 8,889 | ||||||
| Mueller Water Products, Inc. — Class A | 366 | 8,799 | ||||||
| OSI Systems, Inc.* | 38 | 8,545 | ||||||
| Plexus Corp.* | 63 | 8,525 | ||||||
| Matson, Inc. | 76 | 8,463 | ||||||
| Franklin Electric Company, Inc. | 94 | 8,436 | ||||||
| EnerSys | 92 | 7,891 | ||||||
| Boise Cascade Co. | 89 | 7,727 | ||||||
| Terex Corp. | 153 | 7,143 | ||||||
| Atmus Filtration Technologies, Inc. | 196 | 7,138 | ||||||
| Cactus, Inc. — Class A | 161 | 7,039 | ||||||
| Argan, Inc. | 31 | 6,835 | ||||||
| Griffon Corp. | 92 | 6,658 | ||||||
| AZZ, Inc. | 70 | 6,614 | ||||||
| Mercury Systems, Inc.* | 122 | 6,571 | ||||||
| MYR Group, Inc.* | 36 | 6,532 | ||||||
| IES Holdings, Inc.* | 21 | 6,221 | ||||||
| RXO, Inc.* | 381 | 5,989 | ||||||
| AAR Corp.* | 84 | 5,778 | ||||||
| Atkore, Inc. | 81 | 5,715 | ||||||
| O-I Glass, Inc.* | 361 | 5,321 | ||||||
| Alamo Group, Inc. | 24 | 5,241 | ||||||
| Trinity Industries, Inc. | 192 | 5,186 | ||||||
| Enerpac Tool Group Corp. | 127 | 5,151 | ||||||
| Albany International Corp. — Class A | 71 | 4,979 | ||||||
| Tutor Perini Corp.* | 104 | 4,865 | ||||||
| Worthington Enterprises, Inc. | 74 | 4,709 | ||||||
| Hub Group, Inc. — Class A | 140 | 4,680 | ||||||
| Powell Industries, Inc. | 22 | 4,630 | ||||||
| Vishay Intertechnology, Inc. | 284 | 4,510 | ||||||
| Triumph Group, Inc.* | 174 | 4,480 | ||||||
| Tecnoglass, Inc. | 57 | 4,410 | ||||||
| Standex International Corp. | 28 | 4,381 | ||||||
| PureCycle Technologies, Inc.* | 305 | 4,179 | ||||||
| ArcBest Corp. | 54 | 4,159 | ||||||
| Kennametal, Inc. | 181 | 4,156 | ||||||
| Gibraltar Industries, Inc.* | 70 | 4,130 | ||||||
| Scorpio Tankers, Inc. | 102 | 3,991 | ||||||
| Enovix Corp.* | 386 | 3,991 | ||||||
| Materion Corp. | 49 | 3,889 | ||||||
| Werner Enterprises, Inc. | 141 | 3,858 | ||||||
| Greif, Inc. — Class A | 59 | 3,834 | ||||||
| Lindsay Corp. | 26 | 3,750 | ||||||
| World Kinect Corp. | 130 | 3,686 | ||||||
| Knowles Corp.* | 203 | 3,577 | ||||||
| Limbach Holdings, Inc.* | 25 | 3,503 | ||||||
| Xometry, Inc. — Class A* | 102 | 3,447 | ||||||
| International Seaways, Inc. | 94 | 3,429 | ||||||
| Tennant Co. | 44 | 3,409 | ||||||
| Hillenbrand, Inc. | 166 | 3,332 | ||||||
| Hillman Solutions Corp.* | 465 | 3,320 | ||||||
| Greenbrier Companies, Inc. | 72 | 3,316 | ||||||
| American Superconductor Corp.* | 90 | 3,302 | ||||||
| Benchmark Electronics, Inc. | 84 | 3,262 | ||||||
| Masterbrand, Inc.* | 298 | 3,257 | ||||||
| Applied Optoelectronics, Inc.* | 126 | 3,237 | ||||||
| DHT Holdings, Inc. | 299 | 3,232 | ||||||
| NV5 Global, Inc.* | 136 | 3,140 | ||||||
| Energizer Holdings, Inc. | 155 | 3,125 | ||||||
| CTS Corp. | 69 | 2,940 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Industrial - 8.1% (continued) | ||||||||
| Intuitive Machines, Inc.* | 256 | $ | 2,783 | |||||
| DXP Enterprises, Inc.* | 31 | 2,717 | ||||||
| Ducommun, Inc.* | 32 | 2,644 | ||||||
| Helios Technologies, Inc. | 78 | 2,603 | ||||||
| Janus International Group, Inc.* | 318 | 2,588 | ||||||
| Vicor Corp.* | 55 | 2,495 | ||||||
| Napco Security Technologies, Inc. | 83 | 2,464 | ||||||
| Astronics Corp.* | 71 | 2,377 | ||||||
| SFL Corporation Ltd. | 285 | 2,374 | ||||||
| Bel Fuse, Inc. — Class B | 24 | 2,345 | ||||||
| Teekay Tankers Ltd. — Class A | 56 | 2,336 | ||||||
| Worthington Steel, Inc. | 77 | 2,297 | ||||||
| Astec Industries, Inc. | 54 | 2,251 | ||||||
| Proto Labs, Inc.* | 56 | 2,242 | ||||||
| TriMas Corp. | 78 | 2,232 | ||||||
| nLight, Inc.* | 113 | 2,224 | ||||||
| Thermon Group Holdings, Inc.* | 78 | 2,190 | ||||||
| NANO Nuclear Energy, Inc.* | 63 | 2,173 | ||||||
| Cadre Holdings, Inc. | 67 | 2,134 | ||||||
| Dorian LPG Ltd. | 87 | 2,121 | ||||||
| Apogee Enterprises, Inc. | 50 | 2,030 | ||||||
| FARO Technologies, Inc.* | 45 | 1,976 | ||||||
| CECO Environmental Corp.* | 68 | 1,925 | ||||||
| Great Lakes Dredge & Dock Corp.* | 156 | 1,902 | ||||||
| American Woodmark Corp.* | 34 | 1,815 | ||||||
| Gorman-Rupp Co. | 49 | 1,799 | ||||||
| Marten Transport Ltd. | 137 | 1,780 | ||||||
| Golden Ocean Group Ltd.1 | 240 | 1,757 | ||||||
| Evolv Technologies Holdings, Inc.* | 271 | 1,691 | ||||||
| Montrose Environmental Group, Inc.* | 76 | 1,664 | ||||||
| Insteel Industries, Inc. | 44 | 1,637 | ||||||
| FLEX LNG Ltd. | 73 | 1,605 | ||||||
| Energy Recovery, Inc.* | 125 | 1,598 | ||||||
| Ichor Holdings Ltd.* | 80 | 1,571 | ||||||
| Enviri Corp.* | 178 | 1,545 | ||||||
| Ardagh Metal Packaging S.A. | 327 | 1,400 | ||||||
| Ryerson Holding Corp. | 64 | 1,380 | ||||||
| Sturm Ruger & Company, Inc. | 38 | 1,364 | ||||||
| Metallus, Inc.* | 86 | 1,325 | ||||||
| Forward Air Corp.* | 53 | 1,301 | ||||||
| Byrna Technologies, Inc.* | 42 | 1,297 | ||||||
| Redwire Corp.*,1 | 79 | 1,288 | ||||||
| Red Cat Holdings, Inc.* | 175 | 1,274 | ||||||
| Nordic American Tankers Ltd. | 481 | 1,265 | ||||||
| Myers Industries, Inc. | 87 | 1,261 | ||||||
| TSS, Inc.* | 43 | 1,240 | ||||||
| Allient, Inc. | 34 | 1,235 | ||||||
| Genco Shipping & Trading Ltd. | 92 | 1,202 | ||||||
| Graham Corp.* | 24 | 1,188 | ||||||
| National Presto Industries, Inc. | 12 | 1,176 | ||||||
| Willis Lease Finance Corp. | 8 | 1,142 | ||||||
| Mesa Laboratories, Inc. | 12 | 1,131 | ||||||
| Hyster-Yale, Inc. | 28 | 1,114 | ||||||
| Kimball Electronics, Inc.* | 57 | 1,096 | ||||||
| Navigator Holdings Ltd. | 77 | 1,090 | ||||||
| LSI Industries, Inc. | 62 | 1,055 | ||||||
| Heartland Express, Inc. | 120 | 1,037 | ||||||
| Clearwater Paper Corp.* | 37 | 1,008 | ||||||
| Columbus McKinnon Corp. | 66 | 1,008 | ||||||
| Teekay Corporation Ltd. | 122 | 1,006 | ||||||
| LSB Industries, Inc.* | 126 | 983 | ||||||
| Manitowoc Company, Inc.* | 81 | 974 | ||||||
| Power Solutions International, Inc.* | 15 | 970 | ||||||
| Bowman Consulting Group Ltd.* | 33 | 949 | ||||||
| Costamare, Inc. | 104 | 947 | ||||||
| NWPX Infrastructure Inc* | 23 | 943 | ||||||
| Amprius Technologies, Inc.* | 218 | 918 | ||||||
| Aspen Aerogels, Inc.* | 155 | 918 | ||||||
| Covenant Logistics Group, Inc. — Class A | 38 | 916 | ||||||
| Centuri Holdings, Inc.* | 40 | 898 | ||||||
| Smith & Wesson Brands, Inc. | 103 | 894 | ||||||
| CryoPort, Inc.* | 115 | 858 | ||||||
| Standard BioTools, Inc.* | 702 | 842 | ||||||
| Eastman Kodak Co.* | 149 | 842 | ||||||
| Eve Holding, Inc.* | 120 | 823 | ||||||
| NVE Corp. | 11 | 810 | ||||||
| Orion Group Holdings, Inc.* | 88 | 798 | ||||||
| JELD-WEN Holding, Inc.* | 199 | 780 | ||||||
| Ardmore Shipping Corp. | 81 | 778 | ||||||
| Luxfer Holdings plc | 63 | 767 | ||||||
| Greif, Inc. — Class B | 11 | 759 | ||||||
| Olympic Steel, Inc. | 23 | 750 | ||||||
| Titan America S.A. | 57 | 711 | ||||||
| Latham Group, Inc.* | 105 | 670 | ||||||
| MicroVision, Inc.* | 575 | 656 | ||||||
| Neonode, Inc.* | 25 | 637 | ||||||
| Park Aerospace Corp. | 43 | 635 | ||||||
| Lightbridge Corp.* | 44 | 588 | ||||||
| Tredegar Corp.* | 63 | 554 | ||||||
| KULR Technology Group, Inc.* | 77 | 549 | ||||||
| Kopin Corp.* | 349 | 534 | ||||||
| Mayville Engineering Company, Inc.* | 33 | 527 | ||||||
| L B Foster Co. — Class A* | 24 | 525 | ||||||
| Palladyne AI Corp.* | 60 | 520 | ||||||
| Pure Cycle Corp.* | 46 | 493 | ||||||
| Safe Bulkers, Inc. | 135 | 487 | ||||||
| Turtle Beach Corp.* | 35 | 484 | ||||||
| Radiant Logistics, Inc.* | 78 | 474 | ||||||
| 908 Devices, Inc.* | 64 | 456 | ||||||
| AerSale Corp.* | 75 | 451 | ||||||
| Karat Packaging, Inc. | 16 | 450 | ||||||
| Perma-Fix Environmental Services, Inc.* | 41 | 431 | ||||||
| Park-Ohio Holdings Corp. | 23 | 411 | ||||||
| Universal Logistics Holdings, Inc. | 16 | 406 | ||||||
| Himalaya Shipping Ltd. | 70 | 404 | ||||||
| Sight Sciences, Inc.* | 97 | 400 | ||||||
| Proficient Auto Logistics, Inc.* | 55 | 399 | ||||||
| Arq, Inc.* | 74 | 397 | ||||||
| Ranpak Holdings Corp.* | 110 | 393 | ||||||
| Bel Fuse, Inc. — Class A | 4 | 359 | ||||||
| Gencor Industries, Inc.* | 24 | 336 | ||||||
| Core Molding Technologies, Inc.* | 20 | 332 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Industrial - 8.1% (continued) | ||||||||
| Pangaea Logistics Solutions Ltd. | 70 | $ | 329 | |||||
| Concrete Pumping Holdings, Inc. | 53 | 326 | ||||||
| Richtech Robotics, Inc. — Class B* | 161 | 314 | ||||||
| Mistras Group, Inc.* | 39 | 312 | ||||||
| Eastern Co. | 13 | 297 | ||||||
| Energy Services of America Corp. | 28 | 278 | ||||||
| Outdoor Holding Co.* | 206 | 264 | ||||||
| Omega Flex, Inc. | 8 | 259 | ||||||
| M-Tron Industries, Inc.* | 6 | 252 | ||||||
| Ascent Industries Co.* | 19 | 240 | ||||||
| AirJoule Technologies Corp.* | 50 | 231 | ||||||
| Pro-DEX, Inc.* | 5 | 218 | ||||||
| Smith-Midland Corp.* | 6 | 201 | ||||||
| Net Power, Inc.* | 80 | 198 | ||||||
| PAMT CORP* | 14 | 180 | ||||||
| Costamare Bulkers Holdings Ltd.* | 20 | 173 | ||||||
| SKYX Platforms Corp.* | 143 | 149 | ||||||
| NL Industries, Inc. | 20 | 128 | ||||||
| Southland Holdings, Inc.* | 25 | 105 | ||||||
| Total Industrial | 999,337 | |||||||
| Consumer, Cyclical - 5.2% | ||||||||
| Brinker International, Inc.* | 104 | 18,754 | ||||||
| Taylor Morrison Home Corp. — Class A* | 231 | 14,188 | ||||||
| Group 1 Automotive, Inc. | 30 | 13,101 | ||||||
| Shake Shack, Inc. — Class A* | 91 | 12,795 | ||||||
| FirstCash Holdings, Inc. | 93 | 12,568 | ||||||
| Meritage Homes Corp. | 167 | 11,184 | ||||||
| Asbury Automotive Group, Inc.* | 46 | 10,973 | ||||||
| Boot Barn Holdings, Inc.* | 72 | 10,944 | ||||||
| Urban Outfitters, Inc.* | 148 | 10,736 | ||||||
| Installed Building Products, Inc. | 55 | 9,918 | ||||||
| GMS, Inc.* | 91 | 9,896 | ||||||
| SkyWest, Inc.* | 95 | 9,782 | ||||||
| Life Time Group Holdings, Inc.* | 318 | 9,645 | ||||||
| Abercrombie & Fitch Co. — Class A* | 111 | 9,196 | ||||||
| KB Home | 164 | 8,687 | ||||||
| Kontoor Brands, Inc. | 129 | 8,510 | ||||||
| Dorman Products, Inc.* | 65 | 7,973 | ||||||
| Champion Homes, Inc.* | 127 | 7,951 | ||||||
| Cavco Industries, Inc.* | 18 | 7,820 | ||||||
| Signet Jewelers Ltd. | 98 | 7,796 | ||||||
| Resideo Technologies, Inc.* | 348 | 7,677 | ||||||
| Rush Enterprises, Inc. — Class A | 147 | 7,572 | ||||||
| Cinemark Holdings, Inc. | 250 | 7,545 | ||||||
| Patrick Industries, Inc. | 76 | 7,013 | ||||||
| Academy Sports & Outdoors, Inc. | 156 | 6,990 | ||||||
| M/I Homes, Inc.* | 62 | 6,951 | ||||||
| Six Flags Entertainment Corp.* | 225 | 6,847 | ||||||
| Cheesecake Factory, Inc.1 | 109 | 6,830 | ||||||
| Tri Pointe Homes, Inc.* | 210 | 6,710 | ||||||
| UniFirst Corp. | 35 | 6,588 | ||||||
| Advance Auto Parts, Inc. | 140 | 6,509 | ||||||
| Goodyear Tire & Rubber Co.* | 613 | 6,357 | ||||||
| PriceSmart, Inc. | 60 | 6,302 | ||||||
| VSE Corp. | 48 | 6,287 | ||||||
| OPENLANE, Inc.* | 249 | 6,088 | ||||||
| Peloton Interactive, Inc. — Class A* | 865 | 6,003 | ||||||
| Red Rock Resorts, Inc. — Class A | 115 | 5,983 | ||||||
| Hilton Grand Vacations, Inc.* | 144 | 5,981 | ||||||
| Visteon Corp.* | 64 | 5,971 | ||||||
| REV Group, Inc. | 121 | 5,759 | ||||||
| Marriott Vacations Worldwide Corp. | 75 | 5,423 | ||||||
| Genius Sports Ltd.* | 518 | 5,387 | ||||||
| HNI Corp. | 109 | 5,361 | ||||||
| Dana, Inc. | 311 | 5,334 | ||||||
| LCI Industries | 58 | 5,289 | ||||||
| Atlanta Braves Holdings, Inc. — Class C* | 108 | 5,051 | ||||||
| Warby Parker, Inc. — Class A* | 230 | 5,044 | ||||||
| Polaris, Inc. | 124 | 5,041 | ||||||
| Foot Locker, Inc.* | 201 | 4,925 | ||||||
| Capri Holdings Ltd.* | 272 | 4,815 | ||||||
| Acushnet Holdings Corp. | 66 | 4,806 | ||||||
| Green Brick Partners, Inc.* | 74 | 4,653 | ||||||
| OneSpaWorld Holdings Ltd. | 222 | 4,527 | ||||||
| National Vision Holdings, Inc.* | 183 | 4,211 | ||||||
| International Game Technology plc | 262 | 4,142 | ||||||
| Super Group SGHC Ltd. | 374 | 4,103 | ||||||
| Phinia, Inc. | 92 | 4,093 | ||||||
| Steven Madden Ltd. | 163 | 3,909 | ||||||
| Adient plc* | 197 | 3,834 | ||||||
| Hanesbrands, Inc.* | 824 | 3,774 | ||||||
| Papa John’s International, Inc. | 77 | 3,768 | ||||||
| Madison Square Garden Entertainment Corp.* | 93 | 3,717 | ||||||
| American Eagle Outfitters, Inc. | 381 | 3,665 | ||||||
| Sweetgreen, Inc. — Class A* | 243 | 3,616 | ||||||
| La-Z-Boy, Inc. | 97 | 3,606 | ||||||
| Century Communities, Inc. | 63 | 3,548 | ||||||
| Wolverine World Wide, Inc. | 189 | 3,417 | ||||||
| Buckle, Inc. | 74 | 3,356 | ||||||
| Blue Bird Corp.* | 76 | 3,280 | ||||||
| JetBlue Airways Corp.* | 755 | 3,194 | ||||||
| Cracker Barrel Old Country Store, Inc. | 52 | 3,176 | ||||||
| AMC Entertainment Holdings, Inc. — Class A* | 1,021 | 3,165 | ||||||
| Garrett Motion, Inc. | 297 | 3,121 | ||||||
| Rush Street Interactive, Inc.* | 208 | 3,099 | ||||||
| MillerKnoll, Inc. | 159 | 3,088 | ||||||
| United Parks & Resorts, Inc.* | 64 | 3,018 | ||||||
| Sonos, Inc.* | 276 | 2,984 | ||||||
| Victoria’s Secret & Co.*,1 | 161 | 2,982 | ||||||
| Interface, Inc. — Class A | 136 | 2,846 | ||||||
| IMAX Corp.* | 101 | 2,824 | ||||||
| Everi Holdings, Inc.* | 198 | 2,820 | ||||||
| Sonic Automotive, Inc. — Class A | 35 | 2,798 | ||||||
| Leggett & Platt, Inc. | 312 | 2,783 | ||||||
| MRC Global, Inc.* | 200 | 2,742 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Cyclical - 5.2% (continued) | ||||||||
| Aeva Technologies, Inc.* | 72 | $ | 2,721 | |||||
| Sabre Corp.* | 851 | 2,689 | ||||||
| Winmark Corp. | 7 | 2,643 | ||||||
| Lionsgate Studios Corp.* | 450 | 2,615 | ||||||
| Monarch Casino & Resort, Inc. | 30 | 2,593 | ||||||
| Fox Factory Holding Corp.* | 99 | 2,568 | ||||||
| Carter’s, Inc. | 84 | 2,531 | ||||||
| LGI Homes, Inc.* | 49 | 2,525 | ||||||
| Topgolf Callaway Brands Corp.* | 310 | 2,495 | ||||||
| Camping World Holdings, Inc. — Class A | 141 | 2,424 | ||||||
| BJ’s Restaurants, Inc.* | 50 | 2,230 | ||||||
| Sally Beauty Holdings, Inc.* | 240 | 2,222 | ||||||
| Kohl’s Corp. | 255 | 2,162 | ||||||
| ScanSource, Inc.* | 51 | 2,132 | ||||||
| G-III Apparel Group Ltd.* | 92 | 2,061 | ||||||
| Steelcase, Inc. — Class A | 197 | 2,055 | ||||||
| XPEL, Inc.* | 56 | 2,010 | ||||||
| Gentherm, Inc.* | 71 | 2,008 | ||||||
| Dave & Buster’s Entertainment, Inc.* | 64 | 1,925 | ||||||
| Allegiant Travel Co. — Class A* | 34 | 1,868 | ||||||
| Winnebago Industries, Inc. | 64 | 1,856 | ||||||
| Dream Finders Homes, Inc. — Class A* | 71 | 1,784 | ||||||
| PC Connection, Inc. | 26 | 1,710 | ||||||
| Bloomin’ Brands, Inc. | 197 | 1,696 | ||||||
| Microvast Holdings, Inc.* | 465 | 1,688 | ||||||
| indie Semiconductor, Inc. — Class A*,1 | 455 | 1,620 | ||||||
| ThredUp, Inc. — Class A* | 213 | 1,595 | ||||||
| Douglas Dynamics, Inc. | 53 | 1,562 | ||||||
| Portillo’s, Inc. — Class A* | 132 | 1,540 | ||||||
| First Watch Restaurant Group, Inc.* | 96 | 1,540 | ||||||
| Standard Motor Products, Inc. | 50 | 1,536 | ||||||
| Beazer Homes USA, Inc.* | 68 | 1,521 | ||||||
| Ethan Allen Interiors, Inc. | 54 | 1,504 | ||||||
| Build-A-Bear Workshop, Inc. — Class A | 29 | 1,495 | ||||||
| Accel Entertainment, Inc.* | 127 | 1,495 | ||||||
| Daktronics, Inc.* | 97 | 1,467 | ||||||
| Pursuit Attractions and Hospitality, Inc.* | 50 | 1,442 | ||||||
| Sun Country Airlines Holdings, Inc.* | 120 | 1,410 | ||||||
| Global Business Travel Group I* | 222 | 1,399 | ||||||
| Malibu Boats, Inc. — Class A* | 44 | 1,379 | ||||||
| Golden Entertainment, Inc. | 46 | 1,354 | ||||||
| BlueLinx Holdings, Inc.* | 18 | 1,339 | ||||||
| Oxford Industries, Inc. | 33 | 1,328 | ||||||
| Kura Sushi USA, Inc. — Class A* | 15 | 1,291 | ||||||
| Ermenegildo Zegna N.V. | 144 | 1,231 | ||||||
| ODP Corp.* | 65 | 1,178 | ||||||
| Titan International, Inc.* | 114 | 1,171 | ||||||
| Miller Industries, Inc. | 26 | 1,156 | ||||||
| Rush Enterprises, Inc. — Class B | 22 | 1,155 | ||||||
| Hovnanian Enterprises, Inc. — Class A* | 11 | 1,150 | ||||||
| MarineMax, Inc.* | 44 | 1,106 | ||||||
| American Axle & Manufacturing Holdings, Inc.* | 271 | 1,106 | ||||||
| EVgo, Inc.* | 301 | 1,099 | ||||||
| Arhaus, Inc.* | 120 | 1,040 | ||||||
| Wabash National Corp. | 97 | 1,031 | ||||||
| Lindblad Expeditions Holdings, Inc.* | 88 | 1,027 | ||||||
| America’s Car-Mart, Inc.* | 18 | 1,009 | ||||||
| A-Mark Precious Metals, Inc. | 45 | 998 | ||||||
| Titan Machinery, Inc.* | 49 | 971 | ||||||
| Shyft Group, Inc. | 76 | 953 | ||||||
| Marcus Corp. | 56 | 944 | ||||||
| Caleres, Inc. | 77 | 941 | ||||||
| Nu Skin Enterprises, Inc. — Class A | 115 | 919 | ||||||
| Global Industrial Co. | 34 | 918 | ||||||
| Forestar Group, Inc.* | 45 | 900 | ||||||
| Dine Brands Global, Inc. | 36 | 876 | ||||||
| Cooper-Standard Holdings, Inc.* | 40 | 860 | ||||||
| Xperi, Inc.* | 105 | 831 | ||||||
| Clean Energy Fuels Corp.* | 413 | 805 | ||||||
| Shoe Carnival, Inc. | 43 | 805 | ||||||
| Atlanta Braves Holdings, Inc. — Class A* | 16 | 787 | ||||||
| Jack in the Box, Inc.* | 44 | 768 | ||||||
| Arko Corp. | 180 | 761 | ||||||
| Methode Electronics, Inc. | 79 | 751 | ||||||
| Solid Power, Inc.* | 340 | 745 | ||||||
| Hudson Technologies, Inc.* | 91 | 739 | ||||||
| Potbelly Corp.* | 60 | 735 | ||||||
| RCI Hospitality Holdings, Inc. | 19 | 724 | ||||||
| Frontier Group Holdings, Inc.* | 199 | 722 | ||||||
| MasterCraft Boat Holdings, Inc.* | 38 | 706 | ||||||
| El Pollo Loco Holdings, Inc.* | 62 | 683 | ||||||
| Haverty Furniture Companies, Inc. | 32 | 651 | ||||||
| Biglari Holdings, Inc. — Class B* | 2 | 584 | ||||||
| Lovesac Co.* | 32 | 582 | ||||||
| Savers Value Village, Inc.* | 55 | 561 | ||||||
| Strattec Security Corp.* | 9 | 560 | ||||||
| Movado Group, Inc. | 36 | 549 | ||||||
| Krispy Kreme, Inc.*,1 | 181 | 527 | ||||||
| Petco Health & Wellness Company, Inc.* | 184 | 521 | ||||||
| Zumiez, Inc.* | 37 | 491 | ||||||
| Denny’s Corp.* | 118 | 484 | ||||||
| Starz Entertainment Corp.* | 30 | 482 | ||||||
| Motorcar Parts of America, Inc.* | 43 | 482 | ||||||
| Xponential Fitness, Inc. — Class A* | 64 | 479 | ||||||
| Genesco, Inc.* | 24 | 473 | ||||||
| Weyco Group, Inc. | 14 | 464 | ||||||
| JAKKS Pacific, Inc. | 21 | 437 | ||||||
| Tile Shop Holdings, Inc.* | 68 | 432 | ||||||
| Barnes & Noble Education, Inc.* | 35 | 412 | ||||||
| Hyliion Holdings Corp.* | 304 | 401 | ||||||
| Livewire Group, Inc.* | 86 | 396 | ||||||
| Funko, Inc. — Class A* | 82 | 390 | ||||||
| Webtoon Entertainment, Inc.*,1 | 42 | 381 | ||||||
| Rocky Brands, Inc. | 17 | 377 | ||||||
| Reservoir Media, Inc.* | 48 | 368 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Consumer, Cyclical - 5.2% (continued) | ||||||||
| Citi Trends, Inc.* | 11 | $ | 367 | |||||
| Johnson Outdoors, Inc. — Class A | 12 | 363 | ||||||
| OneWater Marine, Inc. — Class A* | 26 | 348 | ||||||
| Escalade, Inc. | 24 | 335 | ||||||
| Sleep Number Corp.* | 49 | 331 | ||||||
| Flexsteel Industries, Inc. | 9 | 324 | ||||||
| Hamilton Beach Brands Holding Co. — Class A | 17 | 304 | ||||||
| American Outdoor Brands, Inc.* | 29 | 303 | ||||||
| Bassett Furniture Industries, Inc. | 19 | 289 | ||||||
| Lakeland Industries, Inc. | 21 | 286 | ||||||
| Holley, Inc.* | 140 | 280 | ||||||
| Superior Group of Companies, Inc. | 27 | 278 | ||||||
| Luminar Technologies, Inc.* | 94 | 270 | ||||||
| EVI Industries, Inc. | 12 | 262 | ||||||
| J Jill, Inc. | 17 | 249 | ||||||
| Clarus Corp. | 69 | 239 | ||||||
| Virco Mfg. Corp. | 26 | 207 | ||||||
| Spirit Aviation Holdings, Inc.* | 38 | 190 | ||||||
| Marine Products Corp. | 21 | 179 | ||||||
| Designer Brands, Inc. — Class A1 | 75 | 179 | ||||||
| Torrid Holdings, Inc.*,1 | 56 | 165 | ||||||
| Bally’s Corp.* | 17 | 163 | ||||||
| Traeger, Inc.* | 74 | 126 | ||||||
| CompX International, Inc. | 4 | 106 | ||||||
| Envela Corp.* | 16 | 98 | ||||||
| Total Consumer, Cyclical | 649,769 | |||||||
| Technology - 4.9% | ||||||||
| IonQ, Inc.* | 557 | 23,934 | ||||||
| CommVault Systems, Inc.* | 104 | 18,130 | ||||||
| Rambus, Inc.* | 253 | 16,197 | ||||||
| Varonis Systems, Inc.* | 259 | 13,144 | ||||||
| Clearwater Analytics Holdings, Inc. — Class A* | 579 | 12,697 | ||||||
| Qualys, Inc.* | 86 | 12,287 | ||||||
| SPS Commerce, Inc.* | 89 | 12,112 | ||||||
| ACI Worldwide, Inc.* | 247 | 11,340 | ||||||
| Box, Inc. — Class A* | 330 | 11,276 | ||||||
| Silicon Laboratories, Inc.* | 76 | 11,199 | ||||||
| SiTime Corp.* | 50 | 10,654 | ||||||
| D-Wave Quantum, Inc.*,1 | 675 | 9,882 | ||||||
| Tenable Holdings, Inc.* | 280 | 9,458 | ||||||
| Maximus, Inc. | 133 | 9,337 | ||||||
| Semtech Corp.* | 205 | 9,254 | ||||||
| SoundHound AI, Inc. — Class A*,1 | 858 | 9,206 | ||||||
| Insight Enterprises, Inc.* | 65 | 8,975 | ||||||
| Waystar Holding Corp.* | 214 | 8,746 | ||||||
| Workiva, Inc.* | 118 | 8,077 | ||||||
| Rigetti Computing, Inc.*,1 | 663 | 7,863 | ||||||
| Power Integrations, Inc. | 133 | 7,435 | ||||||
| Freshworks, Inc. — Class A* | 478 | 7,127 | ||||||
| BlackLine, Inc.* | 124 | 7,021 | ||||||
| Agilysys, Inc.* | 61 | 6,993 | ||||||
| C3.ai, Inc. — Class A* | 284 | 6,978 | ||||||
| Zeta Global Holdings Corp. — Class A* | 441 | 6,831 | ||||||
| Impinj, Inc.* | 61 | 6,775 | ||||||
| Intapp, Inc.* | 130 | 6,711 | ||||||
| PAR Technology Corp.* | 94 | 6,521 | ||||||
| ACV Auctions, Inc. — Class A* | 394 | 6,391 | ||||||
| Progress Software Corp. | 100 | 6,384 | ||||||
| Ambarella, Inc.*,1 | 96 | 6,342 | ||||||
| FormFactor, Inc.* | 183 | 6,297 | ||||||
| AvePoint, Inc.* | 312 | 6,025 | ||||||
| WNS Holdings Ltd.* | 95 | 6,008 | ||||||
| Synaptics, Inc.* | 92 | 5,963 | ||||||
| Blackbaud, Inc.* | 90 | 5,779 | ||||||
| Diodes, Inc.* | 108 | 5,712 | ||||||
| Clear Secure, Inc. — Class A | 196 | 5,441 | ||||||
| Vertex, Inc. — Class A* | 153 | 5,406 | ||||||
| Axcelis Technologies, Inc.* | 76 | 5,296 | ||||||
| Quantum Computing, Inc.* | 269 | 5,157 | ||||||
| Braze, Inc. — Class A* | 179 | 5,030 | ||||||
| LiveRamp Holdings, Inc.* | 152 | 5,022 | ||||||
| ASGN, Inc.* | 100 | 4,993 | ||||||
| NCR Atleos Corp.* | 172 | 4,907 | ||||||
| Alkami Technology, Inc.* | 160 | 4,822 | ||||||
| Five9, Inc.* | 178 | 4,713 | ||||||
| Pitney Bowes, Inc. | 430 | 4,691 | ||||||
| BigBear.ai Holdings, Inc.*,1 | 677 | 4,597 | ||||||
| DigitalOcean Holdings, Inc.* | 152 | 4,341 | ||||||
| CSG Systems International, Inc. | 65 | 4,245 | ||||||
| Kulicke & Soffa Industries, Inc. | 122 | 4,221 | ||||||
| Alignment Healthcare, Inc.* | 299 | 4,186 | ||||||
| NetScout Systems, Inc.* | 164 | 4,069 | ||||||
| AvidXchange Holdings, Inc.* | 401 | 3,926 | ||||||
| NCR Voyix Corp.* | 326 | 3,824 | ||||||
| Donnelley Financial Solutions, Inc.* | 62 | 3,822 | ||||||
| Phreesia, Inc.* | 133 | 3,785 | ||||||
| Innodata, Inc.* | 71 | 3,637 | ||||||
| Adeia, Inc. | 255 | 3,606 | ||||||
| Rapid7, Inc.* | 150 | 3,469 | ||||||
| Diebold Nixdorf, Inc.* | 60 | 3,324 | ||||||
| NextNav, Inc.* | 206 | 3,131 | ||||||
| Evolent Health, Inc. — Class A* | 275 | 3,096 | ||||||
| ACM Research, Inc. — Class A* | 119 | 3,082 | ||||||
| Planet Labs PBC* | 502 | 3,062 | ||||||
| PagerDuty, Inc.* | 198 | 3,025 | ||||||
| Digi International, Inc.* | 85 | 2,963 | ||||||
| Asana, Inc. — Class A* | 219 | 2,956 | ||||||
| Ouster, Inc.* | 119 | 2,886 | ||||||
| Verint Systems, Inc.* | 146 | 2,872 | ||||||
| Appian Corp. — Class A* | 92 | 2,747 | ||||||
| Veeco Instruments, Inc.* | 134 | 2,723 | ||||||
| MaxLinear, Inc. — Class A* | 191 | 2,714 | ||||||
| Photronics, Inc.* | 144 | 2,712 | ||||||
| Schrodinger Incorporated/United States* | 132 | 2,656 | ||||||
| Sprout Social, Inc. — Class A* | 121 | 2,530 | ||||||
| Amplitude, Inc. — Class A* | 204 | 2,530 | ||||||
| Life360, Inc.*,1 | 38 | 2,479 | ||||||
| Penguin Solutions, Inc.* | 125 | 2,476 | ||||||
| Olo, Inc. — Class A* | 271 | 2,412 | ||||||
| Ultra Clean Holdings, Inc.* | 105 | 2,370 | ||||||
| Fastly, Inc. — Class A* | 321 | 2,266 | ||||||
| Porch Group, Inc.* | 189 | 2,228 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Technology - 4.9% (continued) | ||||||||
| Sapiens International Corporation N.V. | 73 | $ | 2,135 | |||||
| Pagaya Technologies Ltd. — Class A* | 99 | 2,111 | ||||||
| Cohu, Inc.* | 107 | 2,059 | ||||||
| Yext, Inc.* | 242 | 2,057 | ||||||
| Navitas Semiconductor Corp.* | 314 | 2,057 | ||||||
| V2X, Inc.* | 40 | 1,942 | ||||||
| Grid Dynamics Holdings, Inc.* | 155 | 1,790 | ||||||
| Blend Labs, Inc. — Class A* | 492 | 1,624 | ||||||
| PROS Holdings, Inc.* | 103 | 1,613 | ||||||
| PDF Solutions, Inc.* | 75 | 1,603 | ||||||
| Jamf Holding Corp.* | 158 | 1,503 | ||||||
| Vimeo, Inc.* | 369 | 1,491 | ||||||
| Alpha & Omega Semiconductor Ltd.* | 58 | 1,488 | ||||||
| Integral Ad Science Holding Corp.* | 179 | 1,487 | ||||||
| I3 Verticals, Inc. — Class A* | 54 | 1,484 | ||||||
| Xerox Holdings Corp.1 | 276 | 1,455 | ||||||
| OneSpan, Inc. | 85 | 1,419 | ||||||
| Digital Turbine, Inc.* | 239 | 1,410 | ||||||
| E2open Parent Holdings, Inc.* | 429 | 1,386 | ||||||
| Cantaloupe, Inc.* | 125 | 1,374 | ||||||
| N-able, Inc.* | 169 | 1,369 | ||||||
| Red Violet, Inc. | 26 | 1,279 | ||||||
| Daily Journal Corp.* | 3 | 1,267 | ||||||
| GigaCloud Technology, Inc. — Class A*,1 | 62 | 1,226 | ||||||
| PubMatic, Inc. — Class A* | 98 | 1,219 | ||||||
| MeridianLink, Inc.* | 75 | 1,217 | ||||||
| CEVA, Inc.* | 55 | 1,209 | ||||||
| PlayAGS, Inc.* | 95 | 1,186 | ||||||
| Weave Communications, Inc.* | 137 | 1,140 | ||||||
| Ibotta, Inc. — Class A* | 31 | 1,135 | ||||||
| Domo, Inc. — Class B* | 81 | 1,132 | ||||||
| Consensus Cloud Solutions, Inc.* | 46 | 1,061 | ||||||
| Cerence, Inc.* | 103 | 1,052 | ||||||
| Mitek Systems, Inc.* | 104 | 1,030 | ||||||
| Corsair Gaming, Inc.* | 109 | 1,028 | ||||||
| Bandwidth, Inc. — Class A* | 63 | 1,002 | ||||||
| Nutex Health, Inc.* | 8 | 996 | ||||||
| SEMrush Holdings, Inc. — Class A* | 108 | 977 | ||||||
| Climb Global Solutions, Inc. | 9 | 962 | ||||||
| Conduent, Inc.* | 350 | 924 | ||||||
| VTEX — Class A* | 134 | 884 | ||||||
| Aehr Test Systems* | 67 | 866 | ||||||
| Claritev Corp.* | 18 | 812 | ||||||
| Outset Medical, Inc.* | 42 | 807 | ||||||
| Talkspace, Inc.* | 289 | 803 | ||||||
| Vishay Precision Group, Inc.* | 28 | 787 | ||||||
| BigCommerce Holdings, Inc.* | 154 | 770 | ||||||
| Cricut, Inc. — Class A | 108 | 731 | ||||||
| Unisys Corp.* | 156 | 707 | ||||||
| Simulations Plus, Inc. | 39 | 681 | ||||||
| IBEX Holdings Ltd.* | 23 | 669 | ||||||
| Rezolve AI plc* | 212 | 652 | ||||||
| Arteris, Inc.* | 66 | 629 | ||||||
| Playtika Holding Corp. | 131 | 620 | ||||||
| SkyWater Technology, Inc.* | 62 | 610 | ||||||
| 8x8, Inc.* | 306 | 600 | ||||||
| Health Catalyst, Inc.* | 159 | 599 | ||||||
| Asure Software, Inc.* | 58 | 566 | ||||||
| Immersion Corp. | 69 | 544 | ||||||
| TruBridge, Inc.* | 23 | 539 | ||||||
| ReposiTrak, Inc.1 | 26 | 511 | ||||||
| Viant Technology, Inc. — Class A* | 37 | 489 | ||||||
| Digimarc Corp.* | 37 | 489 | ||||||
| Inspired Entertainment, Inc.* | 59 | 482 | ||||||
| ON24, Inc.* | 88 | 478 | ||||||
| 3D Systems Corp.*,1 | 309 | 476 | ||||||
| Vuzix Corp.* | 150 | 438 | ||||||
| Rimini Street, Inc.* | 114 | 430 | ||||||
| Telos Corp.* | 129 | 409 | ||||||
| Kaltura, Inc.* | 191 | 384 | ||||||
| CoreCard Corp.* | 13 | 377 | ||||||
| Aeluma, Inc.* | 23 | 377 | ||||||
| Expensify, Inc. — Class A* | 139 | 360 | ||||||
| EverCommerce, Inc.* | 34 | 357 | ||||||
| Faraday Future Intelligent Electric, Inc.* | 208 | 349 | ||||||
| Atomera, Inc.* | 69 | 348 | ||||||
| Definitive Healthcare Corp.* | 83 | 324 | ||||||
| Airship AI Holdings, Inc.* | 47 | 277 | ||||||
| Playstudios, Inc.* | 207 | 271 | ||||||
| Richardson Electronics Ltd. | 28 | 270 | ||||||
| eGain Corp.* | 43 | 269 | ||||||
| Rackspace Technology, Inc.* | 196 | 251 | ||||||
| CS Disco, Inc.* | 56 | 245 | ||||||
| TTEC Holdings, Inc.* | 47 | 226 | ||||||
| Teads Holding Co.* | 85 | 211 | ||||||
| CSP, Inc. | 16 | 207 | ||||||
| WM Technology, Inc.* | 205 | 184 | ||||||
| Synchronoss Technologies, Inc.* | 25 | 171 | ||||||
| Skillsoft Corp.* | 10 | 160 | ||||||
| Wolfspeed, Inc.* | 365 | 146 | ||||||
| Silvaco Group, Inc.* | 18 | 85 | ||||||
| Golden Matrix Group, Inc.* | 34 | 58 | ||||||
| Zspace, Inc.* | 5 | 16 | ||||||
| Total Technology | 601,407 | |||||||
| Communications - 2.3% | ||||||||
| Credo Technology Group Holding Ltd.* | 344 | 31,851 | ||||||
| Hims & Hers Health, Inc.*,1 | 447 | 22,283 | ||||||
| InterDigital, Inc. | 61 | 13,678 | ||||||
| Q2 Holdings, Inc.* | 146 | 13,664 | ||||||
| Lumen Technologies, Inc.* | 2,238 | 9,802 | ||||||
| EchoStar Corp. — Class A*,1 | 318 | 8,809 | ||||||
| Telephone & Data Systems, Inc. | 230 | 8,183 | ||||||
| Magnite, Inc.* | 328 | 7,911 | ||||||
| Calix, Inc.* | 138 | 7,340 | ||||||
| Cargurus, Inc.* | 193 | 6,460 | ||||||
| TEGNA, Inc. | 377 | 6,319 | ||||||
| Extreme Networks, Inc.* | 310 | 5,564 | ||||||
| Viavi Solutions, Inc.* | 519 | 5,226 | ||||||
| Cogent Communications Holdings, Inc. | 106 | 5,110 | ||||||
| Yelp, Inc. — Class A* | 145 | 4,969 | ||||||
| ePlus, Inc.* | 62 | 4,470 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Communications - 2.3% (continued) | ||||||||
| Applied Digital Corp.*,1 | 415 | $ | 4,179 | |||||
| DigitalBridge Group, Inc. | 402 | 4,161 | ||||||
| CommScope Holding Company, Inc.* | 501 | 4,148 | ||||||
| Upwork, Inc.* | 292 | 3,924 | ||||||
| Viasat, Inc.* | 266 | 3,884 | ||||||
| TripAdvisor, Inc.* | 272 | 3,550 | ||||||
| A10 Networks, Inc. | 173 | 3,348 | ||||||
| Ziff Davis, Inc.* | 100 | 3,027 | ||||||
| fuboTV, Inc.* | 783 | 3,022 | ||||||
| Globalstar, Inc.* | 118 | 2,779 | ||||||
| Sphere Entertainment Co.* | 65 | 2,717 | ||||||
| IDT Corp. — Class B | 38 | 2,596 | ||||||
| Harmonic, Inc.* | 264 | 2,500 | ||||||
| Couchbase, Inc.* | 101 | 2,462 | ||||||
| Gogo, Inc.* | 161 | 2,363 | ||||||
| Sprinklr, Inc. — Class A* | 258 | 2,183 | ||||||
| QuinStreet, Inc.* | 128 | 2,061 | ||||||
| Groupon, Inc.* | 59 | 1,974 | ||||||
| Revolve Group, Inc.* | 95 | 1,905 | ||||||
| NETGEAR, Inc.* | 65 | 1,890 | ||||||
| Liberty Latin America Ltd. — Class C* | 294 | 1,829 | ||||||
| Grindr, Inc.* | 78 | 1,771 | ||||||
| Rumble, Inc.* | 184 | 1,652 | ||||||
| Cable One, Inc.* | 12 | 1,630 | ||||||
| Shenandoah Telecommunications Co. | 119 | 1,626 | ||||||
| Cars.com, Inc.* | 136 | 1,612 | ||||||
| HealthStream, Inc. | 57 | 1,577 | ||||||
| ADTRAN Holdings, Inc.* | 174 | 1,561 | ||||||
| Angi, Inc.* | 102 | 1,557 | ||||||
| EverQuote, Inc. — Class A* | 64 | 1,548 | ||||||
| BlackSky Technology, Inc.*,1 | 66 | 1,358 | ||||||
| Altice USA, Inc. — Class A* | 610 | 1,305 | ||||||
| Liquidity Services, Inc.* | 55 | 1,297 | ||||||
| Powerfleet Incorporated NJ* | 292 | 1,259 | ||||||
| Sinclair, Inc. | 91 | 1,258 | ||||||
| Serve Robotics, Inc.* | 109 | 1,247 | ||||||
| Stagwell, Inc.* | 271 | 1,219 | ||||||
| Clearfield, Inc.* | 28 | 1,215 | ||||||
| Gannett Company, Inc.* | 331 | 1,185 | ||||||
| Figs, Inc. — Class A* | 208 | 1,173 | ||||||
| LifeMD, Inc.* | 86 | 1,171 | ||||||
| Bumble, Inc. — Class A* | 171 | 1,127 | ||||||
| Scholastic Corp. | 51 | 1,070 | ||||||
| RealReal, Inc.* | 223 | 1,068 | ||||||
| Shutterstock, Inc.1 | 56 | 1,062 | ||||||
| Thryv Holdings, Inc.* | 87 | 1,058 | ||||||
| Preformed Line Products Co. | 6 | 959 | ||||||
| Gray Media, Inc. | 206 | 933 | ||||||
| Nexxen International Ltd.* | 89 | 926 | ||||||
| Stitch Fix, Inc. — Class A* | 249 | 921 | ||||||
| Beyond, Inc.* | 129 | 888 | ||||||
| Ribbon Communications, Inc.* | 220 | 882 | ||||||
| MediaAlpha, Inc. — Class A* | 78 | 854 | ||||||
| Spok Holdings, Inc. | 48 | 849 | ||||||
| Nextdoor Holdings, Inc.* | 496 | 823 | ||||||
| Ooma, Inc.* | 60 | 774 | ||||||
| Anterix, Inc.* | 30 | 769 | ||||||
| National CineMedia, Inc. | 150 | 727 | ||||||
| Boston Omaha Corp. — Class A* | 51 | 716 | ||||||
| Backblaze, Inc. — Class A* | 126 | 693 | ||||||
| Aviat Networks, Inc.* | 27 | 649 | ||||||
| Satellogic, Inc. — Class A* | 161 | 583 | ||||||
| OptimizeRx Corp.* | 41 | 554 | ||||||
| iHeartMedia, Inc. — Class A* | 280 | 493 | ||||||
| WideOpenWest, Inc.* | 119 | 483 | ||||||
| TechTarget, Inc.* | 62 | 482 | ||||||
| AMC Networks, Inc. — Class A* | 76 | 476 | ||||||
| Open Lending Corp. — Class A* | 240 | 466 | ||||||
| Gambling.com Group Ltd.* | 39 | 464 | ||||||
| Eventbrite, Inc. — Class A* | 175 | 460 | ||||||
| EW Scripps Co. — Class A* | 147 | 432 | ||||||
| Getty Images Holdings, Inc.* | 258 | 428 | ||||||
| CuriosityStream, Inc. | 75 | 422 | ||||||
| Liberty Latin America Ltd. — Class A* | 68 | 415 | ||||||
| ATN International, Inc. | 23 | 374 | ||||||
| Frequency Electronics, Inc. | 15 | 341 | ||||||
| Entravision Communications Corp. — Class A | 146 | 339 | ||||||
| Tucows, Inc. — Class A* | 16 | 315 | ||||||
| Lands’ End, Inc.* | 28 | 300 | ||||||
| Advantage Solutions, Inc.* | 221 | 292 | ||||||
| BK Technologies Corp.* | 6 | 283 | ||||||
| Newsmax, Inc.* | 18 | 272 | ||||||
| Vivid Seats, Inc. — Class A* | 153 | 259 | ||||||
| 1-800-Flowers.com, Inc. — Class A*,1 | 51 | 251 | ||||||
| Inseego Corp.* | 29 | 239 | ||||||
| Triller Group, Inc.* | 241 | 224 | ||||||
| Nerdy, Inc.* | 136 | 222 | ||||||
| AudioEye, Inc.* | 19 | 221 | ||||||
| BARK, Inc.* | 250 | 220 | ||||||
| Crexendo, Inc.* | 34 | 206 | ||||||
| Travelzoo* | 15 | 191 | ||||||
| Arena Group Holdings, Inc.* | 30 | 186 | ||||||
| Gaia, Inc.* | 40 | 176 | ||||||
| Value Line, Inc. | 2 | 78 | ||||||
| Total Communications | 279,257 | |||||||
| Energy - 2.1% | ||||||||
| CNX Resources Corp.* | 334 | 11,249 | ||||||
| ChampionX Corp. | 450 | 11,178 | ||||||
| Magnolia Oil & Gas Corp. — Class A | 437 | 9,824 | ||||||
| Archrock, Inc. | 388 | 9,634 | ||||||
| Core Natural Resources, Inc. | 124 | 8,648 | ||||||
| Noble Corporation plc | 296 | 7,859 | ||||||
| Gulfport Energy Corp.* | 36 | 7,242 | ||||||
| Murphy Oil Corp. | 317 | 7,132 | ||||||
| California Resources Corp. | 153 | 6,988 | ||||||
| SM Energy Co. | 268 | 6,622 | ||||||
| Valaris Ltd.* | 150 | 6,317 | ||||||
| Northern Oil & Gas, Inc. | 217 | 6,152 | ||||||
| Warrior Met Coal, Inc. | 122 | 5,591 | ||||||
| Tidewater, Inc.* | 119 | 5,490 | ||||||
| Patterson-UTI Energy, Inc. | 829 | 4,916 | ||||||
| Comstock Resources, Inc.* | 174 | 4,815 | ||||||
| Kinetik Holdings, Inc. — Class A | 104 | 4,581 | ||||||
| Oceaneering International, Inc.* | 220 | 4,558 | ||||||
| Transocean Ltd.* | 1,748 | 4,527 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Energy - 2.1% (continued) | ||||||||
| Kodiak Gas Services, Inc. | 127 | $ | 4,352 | |||||
| PBF Energy, Inc. — Class A | 197 | 4,269 | ||||||
| Liberty Energy, Inc. — Class A | 371 | 4,259 | ||||||
| Sunrun, Inc.* | 492 | 4,025 | ||||||
| Seadrill Ltd.* | 147 | 3,859 | ||||||
| Peabody Energy Corp. | 287 | 3,851 | ||||||
| DNOW, Inc.* | 253 | 3,752 | ||||||
| Crescent Energy Co. — Class A | 420 | 3,612 | ||||||
| Sable Offshore Corp.* | 160 | 3,517 | ||||||
| Helmerich & Payne, Inc. | 227 | 3,441 | ||||||
| Sitio Royalties Corp. — Class A | 183 | 3,364 | ||||||
| Par Pacific Holdings, Inc.* | 125 | 3,316 | ||||||
| Plug Power, Inc.*,1 | 2,143 | 3,193 | ||||||
| Alpha Metallurgical Resources, Inc.* | 27 | 3,037 | ||||||
| Delek US Holdings, Inc. | 143 | 3,029 | ||||||
| NextDecade Corp.* | 314 | 2,798 | ||||||
| Eos Energy Enterprises, Inc.* | 520 | 2,662 | ||||||
| Atlas Energy Solutions, Inc.1 | 182 | 2,433 | ||||||
| Solaris Energy Infrastructure, Inc. — Class A | 86 | 2,433 | ||||||
| Talos Energy, Inc.* | 282 | 2,391 | ||||||
| Bristow Group, Inc.* | 67 | 2,209 | ||||||
| Array Technologies, Inc.*,1 | 356 | 2,100 | ||||||
| Helix Energy Solutions Group, Inc.* | 336 | 2,097 | ||||||
| Expro Group Holdings N.V.* | 242 | 2,079 | ||||||
| CVR Energy, Inc.* | 73 | 1,960 | ||||||
| Kosmos Energy Ltd.* | 1,113 | 1,914 | ||||||
| Diversified Energy Company plc | 129 | 1,892 | ||||||
| Select Water Solutions, Inc. — Class A | 219 | 1,892 | ||||||
| SunCoke Energy, Inc. | 199 | 1,709 | ||||||
| REX American Resources Corp.* | 35 | 1,705 | ||||||
| Aris Water Solutions, Inc. — Class A | 72 | 1,703 | ||||||
| Shoals Technologies Group, Inc. — Class A* | 394 | 1,675 | ||||||
| NPK International, Inc.* | 189 | 1,608 | ||||||
| Excelerate Energy, Inc. — Class A | 54 | 1,583 | ||||||
| Vitesse Energy, Inc. | 69 | 1,524 | ||||||
| Innovex International, Inc.* | 91 | 1,421 | ||||||
| New Fortress Energy, Inc.* | 395 | 1,312 | ||||||
| Core Laboratories, Inc. | 110 | 1,267 | ||||||
| Fluence Energy, Inc.* | 178 | 1,194 | ||||||
| Hallador Energy Co.* | 73 | 1,155 | ||||||
| Vital Energy, Inc.*,1 | 70 | 1,126 | ||||||
| ProPetro Holding Corp.* | 188 | 1,122 | ||||||
| Ramaco Resources, Inc. — Class A | 83 | 1,091 | ||||||
| TETRA Technologies, Inc.* | 298 | 1,001 | ||||||
| RPC, Inc. | 210 | 993 | ||||||
| ASP Isotopes, Inc.* | 133 | 979 | ||||||
| Borr Drilling Ltd.* | 522 | 955 | ||||||
| BKV Corp.* | 39 | 941 | ||||||
| Nabors Industries Ltd.* | 33 | 925 | ||||||
| SandRidge Energy, Inc. | 85 | 920 | ||||||
| Green Plains, Inc.* | 151 | 911 | ||||||
| VAALCO Energy, Inc. | 243 | 877 | ||||||
| National Energy Services Reunited Corp.* | 142 | 855 | ||||||
| Matrix Service Co.* | 63 | 851 | ||||||
| Riley Exploration Permian, Inc. | 31 | 813 | ||||||
| Granite Ridge Resources, Inc. | 127 | 809 | ||||||
| Flowco Holdings, Inc. — Class A | 43 | 766 | ||||||
| Oil States International, Inc.* | 137 | 734 | ||||||
| Gevo, Inc.* | 541 | 714 | ||||||
| Infinity Natural Resources, Inc. — Class A* | 34 | 623 | ||||||
| Natural Gas Services Group, Inc.* | 24 | 620 | ||||||
| Kolibri Global Energy, Inc.* | 83 | 569 | ||||||
| Summit Midstream Corp.* | 23 | 564 | ||||||
| Forum Energy Technologies, Inc.* | 26 | 506 | ||||||
| Berry Corp. | 181 | 501 | ||||||
| Flotek Industries, Inc.* | 33 | 487 | ||||||
| Ranger Energy Services, Inc. — Class A | 40 | 478 | ||||||
| HighPeak Energy, Inc.1 | 43 | 421 | ||||||
| NACCO Industries, Inc. — Class A | 9 | 399 | ||||||
| W&T Offshore, Inc. | 233 | 384 | ||||||
| DMC Global, Inc.* | 45 | 363 | ||||||
| Montauk Renewables, Inc.* | 158 | 351 | ||||||
| Evolution Petroleum Corp. | 73 | 343 | ||||||
| Epsilon Energy Ltd. | 45 | 332 | ||||||
| T1 Energy, Inc.* | 262 | 322 | ||||||
| Complete Solaria, Inc.* | 140 | 258 | ||||||
| SEACOR Marine Holdings, Inc.* | 48 | 245 | ||||||
| FutureFuel Corp. | 59 | 229 | ||||||
| ProFrac Holding Corp. — Class A*,1 | 29 | 225 | ||||||
| Empire Petroleum Corp.* | 34 | 180 | ||||||
| Mammoth Energy Services, Inc.* | 57 | 160 | ||||||
| Prairie Operating Co.* | 51 | 153 | ||||||
| PrimeEnergy Resources Corp.* | 1 | 146 | ||||||
| OPAL Fuels, Inc. — Class A* | 50 | 121 | ||||||
| NextNRG, Inc.* | 41 | 114 | ||||||
| Verde Clean Fuels, Inc.* | 10 | 34 | ||||||
| Ramaco Resources, Inc. — Class B | 1 | 5 | ||||||
| Total Energy | 261,431 | |||||||
| Basic Materials - 1.5% | ||||||||
| Coeur Mining, Inc.* | 1,502 | 13,308 | ||||||
| Commercial Metals Co. | 266 | 13,010 | ||||||
| Balchem Corp. | 77 | 12,258 | ||||||
| Sensient Technologies Corp. | 99 | 9,753 | ||||||
| Cabot Corp. | 127 | 9,525 | ||||||
| Hecla Mining Co. | 1,408 | 8,434 | ||||||
| HB Fuller Co. | 128 | 7,699 | ||||||
| Avient Corp. | 216 | 6,979 | ||||||
| Uranium Energy Corp.* | 999 | 6,793 | ||||||
| Hawkins, Inc. | 46 | 6,537 | ||||||
| Centrus Energy Corp. — Class A* | 35 | 6,411 | ||||||
| SSR Mining, Inc.* | 478 | 6,090 | ||||||
| Innospec, Inc. | 59 | 4,961 | ||||||
| Perimeter Solutions, Inc.* | 327 | 4,552 | ||||||
| Constellium SE* | 334 | 4,442 | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 48.1% (continued) | ||||||||
| Basic Materials - 1.5% (continued) | ||||||||
| Minerals Technologies, Inc. | 75 | $ | 4,130 | |||||
| Sylvamo Corp. | 81 | 4,058 | ||||||
| Chemours Co. | 351 | 4,019 | ||||||
| Ingevity Corp.* | 86 | 3,706 | ||||||
| Quaker Chemical Corp. | 33 | 3,694 | ||||||
| Kaiser Aluminum Corp. | 38 | 3,036 | ||||||
| Rogers Corp.* | 44 | 3,013 | ||||||
| Energy Fuels, Inc.* | 488 | 2,806 | ||||||
| Stepan Co. | 51 | 2,784 | ||||||
| Calumet, Inc.* | 161 | 2,537 | ||||||
| United States Lime & Minerals, Inc. | 25 | 2,495 | ||||||
| Novagold Resources, Inc.* | 585 | 2,393 | ||||||
| Century Aluminum Co.* | 123 | 2,216 | ||||||
| Ecovyst, Inc.* | 253 | 2,082 | ||||||
| MAC Copper Ltd. — Class A* | 167 | 2,019 | ||||||
| Radius Recycling, Inc. — Class A | 65 | 1,930 | ||||||
| Ivanhoe Electric Incorporated / US* | 201 | 1,823 | ||||||
| Compass Minerals International, Inc.* | 81 | 1,627 | ||||||
| AdvanSix, Inc. | 62 | 1,473 | ||||||
| Koppers Holdings, Inc. | 45 | 1,447 | ||||||
| Tronox Holdings plc — Class A | 280 | 1,420 | ||||||
| Orion S.A. | 130 | 1,364 | ||||||
| Oil-Dri Corporation of America | 23 | 1,357 | ||||||
| Perpetua Resources Corp.* | 108 | 1,311 | ||||||
| Encore Energy Corp.* | 432 | 1,236 | ||||||
| Ferroglobe plc | 279 | 1,024 | ||||||
| Magnera Corp.* | 78 | 942 | ||||||
| Intrepid Potash, Inc.* | 25 | 893 | ||||||
| Mativ Holdings, Inc. | 127 | 866 | ||||||
| Caledonia Mining Corporation plc | 39 | 754 | ||||||
| Dakota Gold Corp.* | 202 | 745 | ||||||
| Rayonier Advanced Materials, Inc.* | 151 | 581 | ||||||
| Codexis, Inc.* | 192 | 468 | ||||||
| US Antimony Corp.* | 214 | 467 | ||||||
| Contango ORE, Inc.* | 20 | 390 | ||||||
| Idaho Strategic Resources, Inc.* | 29 | 379 | ||||||
| US Gold Corp.* | 26 | 317 | ||||||
| Kronos Worldwide, Inc. | 51 | 316 | ||||||
| American Battery Technology Co.* | 189 | 306 | ||||||
| Vox Royalty Corp. | 94 | 297 | ||||||
| Piedmont Lithium, Inc.* | 49 | 285 | ||||||
| NioCorp Developments Ltd.* | 120 | 280 | ||||||
| Critical Metals Corp.* | 76 | 272 | ||||||
| Lifezone Metals Ltd.* | 65 | 268 | ||||||
| Friedman Industries, Inc. | 16 | 265 | ||||||
| Trinseo plc | 80 | 250 | ||||||
| American Vanguard Corp. | 61 | 239 | ||||||
| Valhi, Inc. | 6 | 97 | ||||||
| US Goldmining* | 4 | 33 | ||||||
| Total Basic Materials | 191,462 | |||||||
| Utilities - 1.5% | ||||||||
| Oklo, Inc.* | 240 | 13,438 | ||||||
| TXNM Energy, Inc. | 218 | 12,278 | ||||||
| Ormat Technologies, Inc. | 143 | 11,978 | ||||||
| Brookfield Infrastructure Corp. — Class A | 283 | 11,773 | ||||||
| Southwest Gas Holdings, Inc. | 152 | 11,307 | ||||||
| New Jersey Resources Corp. | 237 | 10,622 | ||||||
| Portland General Electric Co. | 259 | 10,523 | ||||||
| ONE Gas, Inc. | 141 | 10,132 | ||||||
| Spire, Inc. | 135 | 9,854 | ||||||
| Black Hills Corp. | 171 | 9,593 | ||||||
| ALLETE, Inc. | 137 | 8,778 | ||||||
| MGE Energy, Inc. | 87 | 7,694 | ||||||
| Northwestern Energy Group, Inc. | 145 | 7,438 | ||||||
| Avista Corp. | 189 | 7,172 | ||||||
| American States Water Co. | 91 | 6,976 | ||||||
| Otter Tail Corp. | 90 | 6,938 | ||||||
| Chesapeake Utilities Corp. | 54 | 6,492 | ||||||
| California Water Service Group | 140 | 6,367 | ||||||
| Hawaiian Electric Industries, Inc.* | 409 | 4,348 | ||||||
| H2O America | 75 | 3,898 | ||||||
| Northwest Natural Holding Co. | 95 | 3,774 | ||||||
| Middlesex Water Co. | 42 | 2,276 | ||||||
| Unitil Corp. | 38 | 1,982 | ||||||
| Genie Energy Ltd. — Class B | 50 | 1,344 | ||||||
| Ameresco, Inc. — Class A* | 75 | 1,139 | ||||||
| York Water Co. | 34 | 1,074 | ||||||
| Consolidated Water Company Ltd. | 35 | 1,051 | ||||||
| RGC Resources, Inc. | 19 | 425 | ||||||
| Global Water Resources, Inc. | 29 | 295 | ||||||
| Total Utilities | 190,959 | |||||||
| Government - 0.0% | ||||||||
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 68 | 2,740 | ||||||
| Total Common Stocks | ||||||||
| (Cost $5,056,378) | 5,967,840 | |||||||
| WARRANTS† - 0.0% | ||||||||
| Danimer Scientific, Inc. | ||||||||
| Expiring 07/15/25* | 1 | – | ||||||
| Total Warrants | ||||||||
| (Cost $–) | – | |||||||
| RIGHTS† - 0.0% | ||||||||
| Communications - 0.0% | ||||||||
| Gen Digital, Inc. | 20 | 163 | ||||||
| Consumer, Non-cyclical - 0.0% | ||||||||
| Cartesian Therapeutics Inc.* | 881 | – | ||||||
| Oncternal Therapeutics, Inc.*,††† | 7 | – | ||||||
| Sanofi SA | 261 | – | ||||||
| Novartis AG*,††† | 429 | – | ||||||
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| RIGHTS† - 0.0% (continued) | ||||||||
| Consumer, Non-cyclical - 0.0% (continued) | ||||||||
| Tobira Therapeutics, Inc.††† | 141 | $ | – | |||||
| Total Consumer, Non-cyclical | – | |||||||
| Total Rights | ||||||||
| (Cost $349) | 163 | |||||||
| EXCHANGE-TRADED FUNDS***,† - 22.1% | ||||||||
| Vanguard Russell 2000 ETF | 15,743 | 1,373,105 | ||||||
| iShares Russell 2000 Index ETF1 | 6,356 | 1,371,561 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $2,799,130) | 2,744,666 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 0.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.23% due 09/18/252,3 | $ | 50,000 | 49,537 | |||||
| 3.94% due 07/08/253,4 | 27,000 | 26,978 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $76,514) | 76,515 | |||||||
| REPURCHASE AGREEMENTS††,5 - 28.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/252 | 1,927,792 | 1,927,792 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/252 | 831,841 | 831,841 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/252 | 803,246 | 803,246 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $3,562,879) | 3,562,879 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,6 - 9.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%7 | 1,172,021 | 1,172,021 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $1,172,021) | 1,172,021 | |||||||
| Total Investments - 108.9% | ||||||||
| (Cost $12,667,271) | $ | 13,524,084 | ||||||
| Other Assets & Liabilities, net - (8.9)% | (1,110,649 | ) | ||||||
| Total Net Assets - 100.0% | $ | 12,413,435 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Equity Futures Contracts Purchased† | ||||||||||||||
| Russell 2000 Index Mini Futures Contracts | 3 | Sep 2025 | $ | 328,680 | $ | 10,955 | ||||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 449 | $ | 975,914 | $ | 17,430 | ||||||||||||
| Barclays Bank plc | Russell 2000 Index | Pay | 5.14% (SOFR + 0.75%) | At Maturity | 09/25/25 | 432 | 940,392 | 14,263 | ||||||||||||||
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal Funds Rate + 0.35%) | At Maturity | 09/24/25 | 708 | 1,539,587 | 10,030 | ||||||||||||||
| $ | 3,455,893 | $ | 41,723 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| Russell 2000® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| † | 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 on loan at June 30, 2025 — See Note 5. |
| 2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
| 6 | Securities lending collateral — See Note 5. |
| 7 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 5,967,840 | $ | — | $ | — | * | $ | 5,967,840 | |||||||
| Warrants | — | * | — | — | — | |||||||||||
| Rights | 163 | — | — | * | 163 | |||||||||||
| Exchange-Traded Funds | 2,744,666 | — | — | 2,744,666 | ||||||||||||
| U.S. Treasury Bills | — | 76,515 | — | 76,515 | ||||||||||||
| Repurchase Agreements | — | 3,562,879 | — | 3,562,879 | ||||||||||||
| Securities Lending Collateral | 1,172,021 | — | — | 1,172,021 | ||||||||||||
| Equity Futures Contracts** | 10,955 | — | — | 10,955 | ||||||||||||
| Equity Index Swap Agreements** | — | 41,723 | — | 41,723 | ||||||||||||
| Total Assets | $ | 9,895,645 | $ | 3,681,117 | $ | — | $ | 13,576,762 | ||||||||
| * | Security has a market value of $0. |
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Inverse Russell 2000® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 56.7% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 44,544 | $ | 447,662 | |||||
| Guggenheim Strategy Fund II1 | 17,889 | 445,088 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $868,958) | 892,750 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 3.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.20% due 09/18/252,3 | $ | 50,000 | 49,537 | |||||
| 3.94% due 07/08/253,4 | 8,000 | 7,994 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $57,533) | 57,531 | |||||||
| REPURCHASE AGREEMENTS††,5 - 39.8% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/252 | 339,086 | 339,086 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/252 | 146,315 | 146,315 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/252 | 141,286 | 141,286 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $626,687) | 626,687 | |||||||
| Total Investments - 100.1% | ||||||||
| (Cost $1,553,178) | $ | 1,576,968 | ||||||
| Other Assets & Liabilities, net - (0.1)% | (1,939 | ) | ||||||
| Total Net Assets - 100.0% | $ | 1,575,029 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
| Equity Futures Contracts Sold Short† | ||||||||||||
| Russell 2000 Index Mini Futures Contracts | 1 | Sep 2025 | $ | 109,560 | $ | (3,657 | ) | |||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| BNP Paribas | Russell 2000 Index | Receive | 4.48% (Federal Funds Rate + 0.15%) | At Maturity | 09/25/25 | 86 | $ | 187,858 | $ | (3,356 | ) | |||||||||||
| Goldman Sachs International | Russell 2000 Index | Receive | 4.43% (Federal Funds Rate + 0.10%) | At Maturity | 09/24/25 | 314 | 682,681 | (4,340 | ) | |||||||||||||
| Barclays Bank plc | Russell 2000 Index | Receive | 4.74% (SOFR + 0.35%) | At Maturity | 09/25/25 | 274 | 595,670 | (10,641 | ) | |||||||||||||
| $ | 1,466,209 | $ | (18,337 | ) | ||||||||||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Affiliated issuer. |
| 2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
| Inverse Russell 2000® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 892,750 | $ | — | $ | — | $ | 892,750 | ||||||||
| U.S. Treasury Bills | — | 57,531 | — | 57,531 | ||||||||||||
| Repurchase Agreements | — | 626,687 | — | 626,687 | ||||||||||||
| Total Assets | $ | 892,750 | $ | 684,218 | $ | — | $ | 1,576,968 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Equity Futures Contracts** | $ | 3,657 | $ | — | $ | — | $ | 3,657 | ||||||||
| Equity Index Swap Agreements** | — | 18,337 | — | 18,337 | ||||||||||||
| Total Liabilities | $ | 3,657 | $ | 18,337 | $ | — | $ | 21,994 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 444,730 | $ | – | $ | – | $ | – | $ | 358 | $ | 445,088 | 17,889 | $ | 5,980 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 446,771 | – | – | – | 891 | 447,662 | 44,544 | 4,766 | ||||||||||||||||||||||||
| $ | 891,501 | $ | – | $ | – | $ | – | $ | 1,249 | $ | 892,750 | $ | 10,746 | |||||||||||||||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 83.6% | ||||||||
| Technology - 26.7% | ||||||||
| NVIDIA Corp. | 97,369 | $ | 15,383,334 | |||||
| Microsoft Corp. | 29,675 | 14,760,642 | ||||||
| Apple, Inc. | 59,632 | 12,234,697 | ||||||
| Broadcom, Inc. | 18,773 | 5,174,777 | ||||||
| Oracle Corp. | 6,494 | 1,419,783 | ||||||
| Palantir Technologies, Inc. — Class A* | 8,493 | 1,157,766 | ||||||
| International Business Machines Corp. | 3,711 | 1,093,929 | ||||||
| Salesforce, Inc. | 3,831 | 1,044,675 | ||||||
| Advanced Micro Devices, Inc.* | 6,474 | 918,661 | ||||||
| Intuit, Inc. | 1,116 | 878,995 | ||||||
| ServiceNow, Inc.* | 826 | 849,194 | ||||||
| Texas Instruments, Inc. | 3,627 | 753,038 | ||||||
| Accenture plc — Class A | 2,499 | 746,926 | ||||||
| QUALCOMM, Inc. | 4,381 | 697,718 | ||||||
| Adobe, Inc.* | 1,702 | 658,470 | ||||||
| Applied Materials, Inc. | 3,244 | 593,879 | ||||||
| Micron Technology, Inc. | 4,462 | 549,942 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 994 | 506,254 | ||||||
| Lam Research Corp. | 5,107 | 497,115 | ||||||
| KLA Corp. | 528 | 472,951 | ||||||
| Analog Devices, Inc. | 1,980 | 471,280 | ||||||
| Intel Corp.* | 17,416 | 390,118 | ||||||
| Fiserv, Inc.* | 2,214 | 381,716 | ||||||
| Cadence Design Systems, Inc.* | 1,090 | 335,883 | ||||||
| Synopsys, Inc.* | 617 | 316,324 | ||||||
| Fortinet, Inc.* | 2,536 | 268,106 | ||||||
| Autodesk, Inc.* | 854 | 264,373 | ||||||
| Roper Technologies, Inc. | 429 | 243,174 | ||||||
| NXP Semiconductor N.V. | 1,009 | 220,456 | ||||||
| Workday, Inc. — Class A* | 865 | 207,600 | ||||||
| Paychex, Inc. | 1,280 | 186,189 | ||||||
| MSCI, Inc. — Class A | 309 | 178,213 | ||||||
| Fair Isaac Corp.* | 97 | 177,312 | ||||||
| Fidelity National Information Services, Inc. | 2,098 | 170,798 | ||||||
| Take-Two Interactive Software, Inc.* | 676 | 164,167 | ||||||
| Cognizant Technology Solutions Corp. — Class A | 1,968 | 153,563 | ||||||
| Microchip Technology, Inc. | 2,147 | 151,084 | ||||||
| Dell Technologies, Inc. — Class C | 1,196 | 146,630 | ||||||
| Electronic Arts, Inc. | 911 | 145,487 | ||||||
| Monolithic Power Systems, Inc. | 191 | 139,694 | ||||||
| Gartner, Inc.* | 307 | 124,096 | ||||||
| ANSYS, Inc.* | 351 | 123,278 | ||||||
| Seagate Technology Holdings plc | 847 | 122,247 | ||||||
| Broadridge Financial Solutions, Inc. | 469 | 113,981 | ||||||
| Hewlett Packard Enterprise Co. | 5,245 | 107,260 | ||||||
| Tyler Technologies, Inc.* | 172 | 101,968 | ||||||
| Super Micro Computer, Inc.* | 2,049 | 100,421 | ||||||
| HP, Inc. | 3,764 | 92,067 | ||||||
| Western Digital Corp. | 1,393 | 89,138 | ||||||
| ON Semiconductor Corp.* | 1,668 | 87,420 | ||||||
| NetApp, Inc. | 812 | 86,519 | ||||||
| PTC, Inc.* | 479 | 82,551 | ||||||
| Leidos Holdings, Inc. | 514 | 81,089 | ||||||
| Zebra Technologies Corp. — Class A* | 203 | 62,597 | ||||||
| Teradyne, Inc. | 640 | 57,549 | ||||||
| Jack Henry & Associates, Inc. | 291 | 52,429 | ||||||
| Akamai Technologies, Inc.* | 584 | 46,580 | ||||||
| Paycom Software, Inc. | 195 | 45,123 | ||||||
| Skyworks Solutions, Inc. | 599 | 44,637 | ||||||
| EPAM Systems, Inc.* | 226 | 39,961 | ||||||
| Dayforce, Inc.* | 638 | 35,339 | ||||||
| Total Technology | 66,801,163 | |||||||
| Communications - 13.5% | ||||||||
| Amazon.com, Inc.* | 37,724 | 8,276,268 | ||||||
| Meta Platforms, Inc. — Class A | 8,669 | 6,398,502 | ||||||
| Alphabet, Inc. — Class A | 23,237 | 4,095,057 | ||||||
| Alphabet, Inc. — Class C | 18,744 | 3,324,998 | ||||||
| Netflix, Inc.* | 1,699 | 2,275,182 | ||||||
| Cisco Systems, Inc. | 15,884 | 1,102,032 | ||||||
| Walt Disney Co. | 7,178 | 890,144 | ||||||
| AT&T, Inc. | 28,729 | 831,417 | ||||||
| Uber Technologies, Inc.* | 8,349 | 778,962 | ||||||
| Booking Holdings, Inc. | 130 | 752,601 | ||||||
| Verizon Communications, Inc. | 16,833 | 728,364 | ||||||
| Palo Alto Networks, Inc.* | 2,644 | 541,068 | ||||||
| Comcast Corp. — Class A | 14,870 | 530,710 | ||||||
| T-Mobile US, Inc. | 1,904 | 453,647 | ||||||
| Arista Networks, Inc.* | 4,112 | 420,699 | ||||||
| DoorDash, Inc. — Class A* | 1,369 | 337,472 | ||||||
| Motorola Solutions, Inc. | 666 | 280,026 | ||||||
| Airbnb, Inc. — Class A* | 1,723 | 228,022 | ||||||
| Corning, Inc. | 3,078 | 161,872 | ||||||
| Charter Communications, Inc. — Class A*,1 | 381 | 155,757 | ||||||
| eBay, Inc. | 1,841 | 137,081 | ||||||
| Warner Bros Discovery, Inc.* | 8,989 | 103,014 | ||||||
| GoDaddy, Inc. — Class A* | 569 | 102,454 | ||||||
| CDW Corp. | 526 | 93,938 | ||||||
| VeriSign, Inc. | 322 | 92,994 | ||||||
| Expedia Group, Inc. | 485 | 81,810 | ||||||
| FactSet Research Systems, Inc. | 151 | 67,539 | ||||||
| F5, Inc.* | 229 | 67,399 | ||||||
| Gen Digital, Inc. | 2,179 | 64,063 | ||||||
| Omnicom Group, Inc. | 779 | 56,041 | ||||||
| Juniper Networks, Inc. | 1,322 | 52,788 | ||||||
| Fox Corp. — Class A | 854 | 47,858 | ||||||
| News Corp. — Class A | 1,506 | 44,758 | ||||||
| Interpublic Group of Companies, Inc. | 1,476 | 36,133 | ||||||
| Paramount Global — Class B | 2,403 | 30,999 | ||||||
| Match Group, Inc. | 979 | 30,241 | ||||||
| Fox Corp. — Class B | 527 | 27,209 | ||||||
| News Corp. — Class B | 445 | 15,268 | ||||||
| Total Communications | 33,714,387 | |||||||
| Financial - 12.5% | ||||||||
| Berkshire Hathaway, Inc. — Class B* | 7,321 | 3,556,322 | ||||||
| JPMorgan Chase & Co. | 11,096 | 3,216,841 | ||||||
| Visa, Inc. — Class A | 6,831 | 2,425,346 | ||||||
| Mastercard, Inc. — Class A | 3,239 | 1,820,124 | ||||||
| Bank of America Corp. | 26,163 | 1,238,033 | ||||||
| Wells Fargo & Co. | 12,993 | 1,040,999 | ||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 83.6% (continued) | ||||||||
| Financial - 12.5% (continued) | ||||||||
| Goldman Sachs Group, Inc. | 1,225 | $ | 866,994 | |||||
| American Express Co. | 2,210 | 704,946 | ||||||
| Morgan Stanley | 4,932 | 694,722 | ||||||
| Citigroup, Inc. | 7,457 | 634,740 | ||||||
| Progressive Corp. | 2,341 | 624,719 | ||||||
| Charles Schwab Corp. | 6,819 | 622,166 | ||||||
| Blackrock, Inc. | 581 | 609,614 | ||||||
| Capital One Financial Corp. | 2,554 | 543,389 | ||||||
| Blackstone, Inc. — Class A | 2,913 | 435,727 | ||||||
| Chubb Ltd. | 1,488 | 431,103 | ||||||
| Marsh & McLennan Companies, Inc. | 1,967 | 430,065 | ||||||
| Intercontinental Exchange, Inc. | 2,290 | 420,146 | ||||||
| American Tower Corp. — Class A REIT | 1,869 | 413,086 | ||||||
| CME Group, Inc. — Class A | 1,439 | 396,617 | ||||||
| Prologis, Inc. REIT | 3,705 | 389,470 | ||||||
| Welltower, Inc. REIT | 2,480 | 381,250 | ||||||
| KKR & Company, Inc. — Class A | 2,703 | 359,580 | ||||||
| Arthur J Gallagher & Co. | 1,023 | 327,483 | ||||||
| Equinix, Inc. REIT | 391 | 311,029 | ||||||
| Aon plc — Class A | 862 | 307,527 | ||||||
| Coinbase Global, Inc. — Class A* | 844 | 295,814 | ||||||
| PNC Financial Services Group, Inc. | 1,579 | 294,357 | ||||||
| U.S. Bancorp | 6,221 | 281,500 | ||||||
| Bank of New York Mellon Corp. | 2,856 | 260,210 | ||||||
| Apollo Global Management, Inc. | 1,803 | 255,792 | ||||||
| Travelers Companies, Inc. | 905 | 242,124 | ||||||
| Truist Financial Corp. | 5,228 | 224,752 | ||||||
| Digital Realty Trust, Inc. REIT | 1,264 | 220,353 | ||||||
| Allstate Corp. | 1,057 | 212,785 | ||||||
| Realty Income Corp. REIT | 3,606 | 207,742 | ||||||
| Aflac, Inc. | 1,943 | 204,909 | ||||||
| Ameriprise Financial, Inc. | 380 | 202,817 | ||||||
| American International Group, Inc. | 2,301 | 196,943 | ||||||
| Simon Property Group, Inc. REIT | 1,225 | 196,931 | ||||||
| Public Storage REIT | 630 | 184,855 | ||||||
| MetLife, Inc. | 2,251 | 181,025 | ||||||
| Crown Castle, Inc. REIT | 1,739 | 178,647 | ||||||
| CBRE Group, Inc. — Class A* | 1,172 | 164,221 | ||||||
| Prudential Financial, Inc. | 1,412 | 151,705 | ||||||
| Nasdaq, Inc. | 1,650 | 147,543 | ||||||
| Hartford Insurance Group, Inc. | 1,134 | 143,871 | ||||||
| VICI Properties, Inc. REIT | 4,219 | 137,539 | ||||||
| Arch Capital Group Ltd. | 1,490 | 135,664 | ||||||
| CoStar Group, Inc.* | 1,684 | 135,393 | ||||||
| Extra Space Storage, Inc. REIT | 847 | 124,882 | ||||||
| M&T Bank Corp. | 641 | 124,348 | ||||||
| Brown & Brown, Inc. | 1,119 | 124,063 | ||||||
| Willis Towers Watson plc | 396 | 121,374 | ||||||
| State Street Corp. | 1,139 | 121,121 | ||||||
| Iron Mountain, Inc. REIT | 1,178 | 120,827 | ||||||
| AvalonBay Communities, Inc. REIT | 568 | 115,588 | ||||||
| Ventas, Inc. REIT | 1,802 | 113,796 | ||||||
| Raymond James Financial, Inc. | 725 | 111,193 | ||||||
| Fifth Third Bancorp | 2,665 | 109,612 | ||||||
| Synchrony Financial | 1,520 | 101,445 | ||||||
| SBA Communications Corp. REIT | 429 | 100,746 | ||||||
| Northern Trust Corp. | 777 | 98,516 | ||||||
| Huntington Bancshares, Inc. | 5,817 | 97,493 | ||||||
| Cboe Global Markets, Inc. | 418 | 97,482 | ||||||
| Cincinnati Financial Corp. | 624 | 92,926 | ||||||
| Equity Residential REIT | 1,365 | 92,124 | ||||||
| W R Berkley Corp. | 1,197 | 87,944 | ||||||
| T. Rowe Price Group, Inc. | 880 | 84,920 | ||||||
| Regions Financial Corp. | 3,589 | 84,413 | ||||||
| Citizens Financial Group, Inc. | 1,731 | 77,462 | ||||||
| Invitation Homes, Inc. REIT | 2,276 | 74,653 | ||||||
| Weyerhaeuser Co. REIT | 2,896 | 74,398 | ||||||
| Essex Property Trust, Inc. REIT | 257 | 72,834 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 467 | 69,121 | ||||||
| KeyCorp | 3,938 | 68,600 | ||||||
| Principal Financial Group, Inc. | 823 | 65,371 | ||||||
| Loews Corp. | 695 | 63,704 | ||||||
| Everest Group Ltd. | 170 | 57,774 | ||||||
| Kimco Realty Corp. REIT | 2,701 | 56,775 | ||||||
| UDR, Inc. REIT | 1,204 | 49,159 | ||||||
| Healthpeak Properties, Inc. REIT | 2,774 | 48,573 | ||||||
| Camden Property Trust REIT | 427 | 48,119 | ||||||
| Regency Centers Corp. REIT | 652 | 46,442 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 615 | 44,667 | ||||||
| Host Hotels & Resorts, Inc. REIT | 2,769 | 42,532 | ||||||
| Globe Life, Inc. | 330 | 41,016 | ||||||
| Assurant, Inc. | 202 | 39,893 | ||||||
| BXP, Inc. REIT1 | 582 | 39,268 | ||||||
| Erie Indemnity Co. — Class A | 100 | 34,679 | ||||||
| Franklin Resources, Inc. | 1,238 | 29,526 | ||||||
| Federal Realty Investment Trust REIT | 310 | 29,447 | ||||||
| Invesco Ltd. | 1,787 | 28,181 | ||||||
| Total Financial | 31,386,537 | |||||||
| Consumer, Non-cyclical - 12.1% | ||||||||
| Eli Lilly & Co. | 3,141 | 2,448,504 | ||||||
| Procter & Gamble Co. | 9,361 | 1,491,395 | ||||||
| Johnson & Johnson | 9,607 | 1,467,469 | ||||||
| AbbVie, Inc. | 7,053 | 1,309,178 | ||||||
| Philip Morris International, Inc. | 6,215 | 1,131,938 | ||||||
| UnitedHealth Group, Inc. | 3,622 | 1,129,955 | ||||||
| Coca-Cola Co. | 15,466 | 1,094,219 | ||||||
| Abbott Laboratories | 6,947 | 944,861 | ||||||
| Merck & Company, Inc. | 10,026 | 793,658 | ||||||
| Intuitive Surgical, Inc.* | 1,431 | 777,620 | ||||||
| PepsiCo, Inc. | 5,474 | 722,787 | ||||||
| S&P Global, Inc. | 1,253 | 660,694 | ||||||
| Boston Scientific Corp.* | 5,907 | 634,471 | ||||||
| Thermo Fisher Scientific, Inc. | 1,507 | 611,028 | ||||||
| Amgen, Inc. | 2,146 | 599,185 | ||||||
| Gilead Sciences, Inc. | 4,967 | 550,691 | ||||||
| Pfizer, Inc. | 22,700 | 550,248 | ||||||
| Stryker Corp. | 1,373 | 543,200 | ||||||
| Danaher Corp. | 2,543 | 502,344 | ||||||
| Automatic Data Processing, Inc. | 1,621 | 499,916 | ||||||
| Vertex Pharmaceuticals, Inc.* | 1,025 | 456,330 | ||||||
| Medtronic plc | 5,121 | 446,398 | ||||||
| Altria Group, Inc. | 6,725 | 394,287 | ||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 83.6% (continued) | ||||||||
| Consumer, Non-cyclical - 12.1% (continued) | ||||||||
| Bristol-Myers Squibb Co. | 8,125 | $ | 376,106 | |||||
| McKesson Corp. | 499 | 365,657 | ||||||
| Cigna Group | 1,067 | 352,729 | ||||||
| Elevance Health, Inc. | 902 | 350,842 | ||||||
| Mondelez International, Inc. — Class A | 5,170 | 348,665 | ||||||
| CVS Health Corp. | 5,051 | 348,418 | ||||||
| Moody’s Corp. | 618 | 309,983 | ||||||
| Cintas Corp. | 1,370 | 305,332 | ||||||
| Colgate-Palmolive Co. | 3,236 | 294,152 | ||||||
| PayPal Holdings, Inc.* | 3,883 | 288,585 | ||||||
| Zoetis, Inc. | 1,778 | 277,279 | ||||||
| HCA Healthcare, Inc. | 692 | 265,105 | ||||||
| Quanta Services, Inc. | 592 | 223,823 | ||||||
| Regeneron Pharmaceuticals, Inc. | 415 | 217,875 | ||||||
| Cencora, Inc. — Class A | 689 | 206,597 | ||||||
| Corteva, Inc. | 2,724 | 203,020 | ||||||
| Becton Dickinson & Co. | 1,144 | 197,054 | ||||||
| United Rentals, Inc. | 259 | 195,131 | ||||||
| Edwards Lifesciences Corp.* | 2,342 | 183,168 | ||||||
| Keurig Dr Pepper, Inc. | 5,423 | 179,284 | ||||||
| Monster Beverage Corp.* | 2,804 | 175,643 | ||||||
| Kroger Co. | 2,446 | 175,452 | ||||||
| Verisk Analytics, Inc. — Class A | 559 | 174,128 | ||||||
| IDEXX Laboratories, Inc.* | 321 | 172,165 | ||||||
| Kimberly-Clark Corp. | 1,325 | 170,819 | ||||||
| Kenvue, Inc. | 7,665 | 160,428 | ||||||
| Cardinal Health, Inc. | 953 | 160,104 | ||||||
| ResMed, Inc. | 585 | 150,930 | ||||||
| Sysco Corp. | 1,935 | 146,557 | ||||||
| Dexcom, Inc.* | 1,566 | 136,696 | ||||||
| GE HealthCare Technologies, Inc. | 1,828 | 135,400 | ||||||
| Agilent Technologies, Inc. | 1,138 | 134,295 | ||||||
| Equifax, Inc. | 496 | 128,648 | ||||||
| Humana, Inc. | 482 | 117,840 | ||||||
| General Mills, Inc. | 2,186 | 113,257 | ||||||
| Centene Corp.* | 1,987 | 107,854 | ||||||
| IQVIA Holdings, Inc.* | 656 | 103,379 | ||||||
| Archer-Daniels-Midland Co. | 1,918 | 101,232 | ||||||
| Constellation Brands, Inc. — Class A | 611 | 99,397 | ||||||
| Hershey Co. | 591 | 98,076 | ||||||
| Church & Dwight Company, Inc. | 983 | 94,476 | ||||||
| STERIS plc | 392 | 94,166 | ||||||
| Corpay, Inc.* | 281 | 93,241 | ||||||
| Kraft Heinz Co. | 3,450 | 89,079 | ||||||
| Insulet Corp.* | 281 | 88,285 | ||||||
| Labcorp Holdings, Inc. | 334 | 87,678 | ||||||
| Kellanova | 1,073 | 85,336 | ||||||
| Waters Corp.* | 238 | 83,071 | ||||||
| Quest Diagnostics, Inc. | 446 | 80,115 | ||||||
| Global Payments, Inc. | 974 | 77,959 | ||||||
| McCormick & Company, Inc. | 1,009 | 76,502 | ||||||
| Estee Lauder Companies, Inc. — Class A | 935 | 75,548 | ||||||
| Biogen, Inc.* | 585 | 73,470 | ||||||
| Zimmer Biomet Holdings, Inc. | 790 | 72,056 | ||||||
| Molina Healthcare, Inc.* | 216 | 64,347 | ||||||
| Tyson Foods, Inc. — Class A | 1,143 | 63,939 | ||||||
| Rollins, Inc. | 1,122 | 63,303 | ||||||
| West Pharmaceutical Services, Inc. | 287 | 62,796 | ||||||
| Baxter International, Inc. | 2,049 | 62,044 | ||||||
| Clorox Co. | 492 | 59,074 | ||||||
| Hologic, Inc.* | 890 | 57,992 | ||||||
| Cooper Companies, Inc.* | 798 | 56,786 | ||||||
| Avery Dennison Corp. | 312 | 54,747 | ||||||
| Align Technology, Inc.* | 272 | 51,498 | ||||||
| Revvity, Inc. | 471 | 45,555 | ||||||
| Incyte Corp.* | 641 | 43,652 | ||||||
| Bunge Global S.A. | 537 | 43,110 | ||||||
| Solventum Corp.* | 553 | 41,939 | ||||||
| Viatris, Inc. | 4,686 | 41,846 | ||||||
| J M Smucker Co. | 425 | 41,735 | ||||||
| Universal Health Services, Inc. — Class B | 228 | 41,302 | ||||||
| Conagra Brands, Inc. | 1,906 | 39,016 | ||||||
| Moderna, Inc.* | 1,359 | 37,495 | ||||||
| Henry Schein, Inc.* | 486 | 35,503 | ||||||
| Hormel Foods Corp. | 1,164 | 35,211 | ||||||
| MarketAxess Holdings, Inc. | 150 | 33,501 | ||||||
| Molson Coors Beverage Co. — Class B | 684 | 32,894 | ||||||
| Bio-Techne Corp. | 626 | 32,208 | ||||||
| Charles River Laboratories International, Inc.* | 196 | 29,739 | ||||||
| Lamb Weston Holdings, Inc. | 563 | 29,191 | ||||||
| The Campbell’s Co. | 786 | 24,091 | ||||||
| DaVita, Inc.* | 166 | 23,647 | ||||||
| Brown-Forman Corp. — Class B | 727 | 19,564 | ||||||
| Total Consumer, Non-cyclical | 30,450,188 | |||||||
| Consumer, Cyclical - 6.8% | ||||||||
| Tesla, Inc.* | 11,188 | 3,553,980 | ||||||
| Costco Wholesale Corp. | 1,771 | 1,753,184 | ||||||
| Walmart, Inc. | 17,250 | 1,686,705 | ||||||
| Home Depot, Inc. | 3,968 | 1,454,827 | ||||||
| McDonald’s Corp. | 2,855 | 834,145 | ||||||
| TJX Companies, Inc. | 4,458 | 550,518 | ||||||
| Lowe’s Companies, Inc. | 2,235 | 495,879 | ||||||
| Starbucks Corp. | 4,537 | 415,725 | ||||||
| NIKE, Inc. — Class B | 4,704 | 334,172 | ||||||
| Royal Caribbean Cruises Ltd. | 997 | 312,201 | ||||||
| O’Reilly Automotive, Inc.* | 3,413 | 307,614 | ||||||
| Chipotle Mexican Grill, Inc. — Class A* | 5,380 | 302,087 | ||||||
| Hilton Worldwide Holdings, Inc. | 949 | 252,757 | ||||||
| AutoZone, Inc.* | 67 | 248,719 | ||||||
| Marriott International, Inc. — Class A | 908 | 248,075 | ||||||
| PACCAR, Inc. | 2,096 | 199,246 | ||||||
| Fastenal Co. | 4,581 | 192,402 | ||||||
| General Motors Co. | 3,839 | 188,917 | ||||||
| WW Grainger, Inc. | 175 | 182,042 | ||||||
| Cummins, Inc. | 550 | 180,125 | ||||||
| Target Corp. | 1,814 | 178,951 | ||||||
| Copart, Inc.* | 3,510 | 172,236 | ||||||
| Ford Motor Co. | 15,594 | 169,195 | ||||||
| Ross Stores, Inc. | 1,313 | 167,512 | ||||||
| Yum! Brands, Inc. | 1,110 | 164,480 | ||||||
| DR Horton, Inc. | 1,104 | 142,328 | ||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 83.6% (continued) | ||||||||
| Consumer, Cyclical - 6.8% (continued) | ||||||||
| Delta Air Lines, Inc. | 2,607 | $ | 128,212 | |||||
| Carnival Corp.* | 4,192 | 117,879 | ||||||
| Tractor Supply Co. | 2,117 | 111,714 | ||||||
| Lululemon Athletica, Inc.* | 441 | 104,773 | ||||||
| United Airlines Holdings, Inc.* | 1,304 | 103,838 | ||||||
| Lennar Corp. — Class A | 927 | 102,535 | ||||||
| Darden Restaurants, Inc. | 467 | 101,792 | ||||||
| Dollar General Corp. | 878 | 100,426 | ||||||
| Live Nation Entertainment, Inc.* | 629 | 95,155 | ||||||
| PulteGroup, Inc. | 800 | 84,368 | ||||||
| Ulta Beauty, Inc.* | 180 | 84,208 | ||||||
| NVR, Inc.* | 11 | 81,242 | ||||||
| Williams-Sonoma, Inc. | 491 | 80,215 | ||||||
| Dollar Tree, Inc.* | 789 | 78,143 | ||||||
| Southwest Airlines Co. | 2,275 | 73,801 | ||||||
| Tapestry, Inc. | 829 | 72,795 | ||||||
| Genuine Parts Co. | 554 | 67,206 | ||||||
| Deckers Outdoor Corp.* | 606 | 62,460 | ||||||
| Domino’s Pizza, Inc. | 137 | 61,732 | ||||||
| Aptiv plc* | 869 | 59,283 | ||||||
| Las Vegas Sands Corp. | 1,354 | 58,912 | ||||||
| Best Buy Company, Inc. | 769 | 51,623 | ||||||
| TKO Group Holdings, Inc. | 268 | 48,763 | ||||||
| Pool Corp. | 150 | 43,722 | ||||||
| Ralph Lauren Corp. — Class A | 159 | 43,611 | ||||||
| CarMax, Inc.* | 608 | 40,864 | ||||||
| Hasbro, Inc. | 526 | 38,829 | ||||||
| LKQ Corp. | 1,031 | 38,157 | ||||||
| Norwegian Cruise Line Holdings Ltd.* | 1,784 | 36,179 | ||||||
| Walgreens Boots Alliance, Inc.* | 2,866 | 32,902 | ||||||
| Wynn Resorts Ltd. | 351 | 32,878 | ||||||
| MGM Resorts International* | 826 | 28,406 | ||||||
| Caesars Entertainment, Inc.* | 830 | 23,564 | ||||||
| Total Consumer, Cyclical | 16,978,209 | |||||||
| Industrial - 6.3% | ||||||||
| General Electric Co. | 4,258 | 1,095,967 | ||||||
| RTX Corp. | 5,334 | 778,871 | ||||||
| Caterpillar, Inc. | 1,878 | 729,058 | ||||||
| Boeing Co.* | 3,010 | 630,685 | ||||||
| Honeywell International, Inc. | 2,566 | 597,570 | ||||||
| GE Vernova, Inc. | 1,090 | 576,774 | ||||||
| Eaton Corporation plc | 1,562 | 557,618 | ||||||
| Union Pacific Corp. | 2,385 | 548,741 | ||||||
| Deere & Co. | 1,008 | 512,558 | ||||||
| Amphenol Corp. — Class A | 4,829 | 476,864 | ||||||
| Trane Technologies plc | 890 | 389,295 | ||||||
| Lockheed Martin Corp. | 833 | 385,796 | ||||||
| Parker-Hannifin Corp. | 510 | 356,220 | ||||||
| TransDigm Group, Inc. | 224 | 340,623 | ||||||
| Waste Management, Inc. | 1,462 | 334,535 | ||||||
| 3M Co. | 2,149 | 327,164 | ||||||
| Howmet Aerospace, Inc. | 1,611 | 299,855 | ||||||
| Emerson Electric Co. | 2,245 | 299,326 | ||||||
| United Parcel Service, Inc. — Class B | 2,929 | 295,653 | ||||||
| General Dynamics Corp. | 1,006 | 293,410 | ||||||
| Johnson Controls International plc | 2,627 | 277,464 | ||||||
| Northrop Grumman Corp. | 539 | 269,489 | ||||||
| Illinois Tool Works, Inc. | 1,065 | 263,321 | ||||||
| CSX Corp. | 7,500 | 244,725 | ||||||
| Axon Enterprise, Inc.* | 295 | 244,242 | ||||||
| Carrier Global Corp. | 3,183 | 232,964 | ||||||
| Norfolk Southern Corp. | 900 | 230,373 | ||||||
| FedEx Corp. | 880 | 200,033 | ||||||
| Republic Services, Inc. — Class A | 811 | 200,001 | ||||||
| TE Connectivity plc | 1,184 | 199,705 | ||||||
| L3Harris Technologies, Inc. | 746 | 187,127 | ||||||
| AMETEK, Inc. | 922 | 166,845 | ||||||
| Otis Worldwide Corp. | 1,576 | 156,056 | ||||||
| Rockwell Automation, Inc. | 450 | 149,476 | ||||||
| Westinghouse Air Brake Technologies Corp. | 683 | 142,986 | ||||||
| Vulcan Materials Co. | 527 | 137,452 | ||||||
| Ingersoll Rand, Inc. | 1,611 | 134,003 | ||||||
| Martin Marietta Materials, Inc. | 241 | 132,299 | ||||||
| Garmin Ltd. | 615 | 128,363 | ||||||
| Xylem, Inc. | 972 | 125,738 | ||||||
| Old Dominion Freight Line, Inc. | 742 | 120,426 | ||||||
| Keysight Technologies, Inc.* | 690 | 113,063 | ||||||
| Dover Corp. | 547 | 100,227 | ||||||
| Veralto Corp. | 990 | 99,940 | ||||||
| Mettler-Toledo International, Inc.* | 83 | 97,502 | ||||||
| Teledyne Technologies, Inc.* | 187 | 95,802 | ||||||
| Jabil, Inc. | 429 | 93,565 | ||||||
| Hubbell, Inc. | 213 | 86,991 | ||||||
| Smurfit WestRock plc | 1,980 | 85,437 | ||||||
| Amcor plc | 9,149 | 84,079 | ||||||
| Lennox International, Inc. | 127 | 72,802 | ||||||
| Trimble, Inc.* | 953 | 72,409 | ||||||
| Fortive Corp. | 1,357 | 70,740 | ||||||
| Pentair plc | 657 | 67,448 | ||||||
| Packaging Corporation of America | 357 | 67,277 | ||||||
| Snap-on, Inc. | 209 | 65,037 | ||||||
| Jacobs Solutions, Inc. | 480 | 63,096 | ||||||
| Expeditors International of Washington, Inc. | 547 | 62,495 | ||||||
| Ball Corp. | 1,108 | 62,148 | ||||||
| Textron, Inc. | 721 | 57,889 | ||||||
| Masco Corp. | 842 | 54,191 | ||||||
| IDEX Corp. | 302 | 53,022 | ||||||
| Builders FirstSource, Inc.* | 441 | 51,460 | ||||||
| Allegion plc | 344 | 49,577 | ||||||
| Nordson Corp. | 216 | 46,304 | ||||||
| CH Robinson Worldwide, Inc. | 474 | 45,480 | ||||||
| J.B. Hunt Transport Services, Inc. | 313 | 44,947 | ||||||
| Stanley Black & Decker, Inc. | 618 | 41,869 | ||||||
| Huntington Ingalls Industries, Inc. | 157 | 37,909 | ||||||
| Generac Holdings, Inc.* | 236 | 33,798 | ||||||
| A O Smith Corp. | 464 | 30,424 | ||||||
| Ralliant Corp.* | 452 | 21,934 | ||||||
| Mohawk Industries, Inc.* | 207 | 21,702 | ||||||
| Total Industrial | 15,820,235 | |||||||
| Energy - 2.5% | ||||||||
| Exxon Mobil Corp. | 17,208 | 1,855,022 | ||||||
| Chevron Corp. | 6,485 | 928,587 | ||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 83.6% (continued) | ||||||||
| Energy - 2.5% (continued) | ||||||||
| ConocoPhillips | 5,040 | $ | 452,290 | |||||
| Williams Companies, Inc. | 4,875 | 306,199 | ||||||
| EOG Resources, Inc. | 2,179 | 260,630 | ||||||
| Kinder Morgan, Inc. | 7,718 | 226,909 | ||||||
| Marathon Petroleum Corp. | 1,227 | 203,817 | ||||||
| ONEOK, Inc. | 2,494 | 203,585 | ||||||
| Phillips 66 | 1,627 | 194,101 | ||||||
| Schlumberger N.V. | 5,431 | 183,568 | ||||||
| Valero Energy Corp. | 1,250 | 168,025 | ||||||
| Hess Corp. | 1,107 | 153,364 | ||||||
| Baker Hughes Co. | 3,956 | 151,673 | ||||||
| Targa Resources Corp. | 866 | 150,754 | ||||||
| Equities Corp. | 2,390 | 139,385 | ||||||
| Occidental Petroleum Corp. | 2,829 | 118,846 | ||||||
| Diamondback Energy, Inc. | 747 | 102,638 | ||||||
| Expand Energy Corp. | 865 | 101,153 | ||||||
| Devon Energy Corp. | 2,563 | 81,529 | ||||||
| Texas Pacific Land Corp. | 75 | 79,229 | ||||||
| Coterra Energy, Inc. — Class A | 3,047 | 77,333 | ||||||
| First Solar, Inc.* | 428 | 70,851 | ||||||
| Halliburton Co. | 3,433 | 69,964 | ||||||
| APA Corp. | 1,441 | 26,356 | ||||||
| Enphase Energy, Inc.* | 524 | 20,777 | ||||||
| Total Energy | 6,326,585 | |||||||
| Utilities - 2.0% | ||||||||
| NextEra Energy, Inc. | 8,219 | 570,563 | ||||||
| Constellation Energy Corp. | 1,251 | 403,773 | ||||||
| Southern Co. | 4,388 | 402,950 | ||||||
| Duke Energy Corp. | 3,103 | 366,154 | ||||||
| Vistra Corp. | 1,355 | 262,613 | ||||||
| American Electric Power Company, Inc. | 2,133 | 221,320 | ||||||
| Sempra | 2,604 | 197,305 | ||||||
| Dominion Energy, Inc. | 3,405 | 192,451 | ||||||
| Exelon Corp. | 4,031 | 175,026 | ||||||
| Public Service Enterprise Group, Inc. | 1,992 | 167,687 | ||||||
| Xcel Energy, Inc. | 2,303 | 156,834 | ||||||
| Entergy Corp. | 1,781 | 148,037 | ||||||
| Consolidated Edison, Inc. | 1,439 | 144,404 | ||||||
| WEC Energy Group, Inc. | 1,274 | 132,751 | ||||||
| NRG Energy, Inc. | 781 | 125,413 | ||||||
| PG&E Corp. | 8,775 | 122,323 | ||||||
| DTE Energy Co. | 829 | 109,809 | ||||||
| American Water Works Company, Inc. | 779 | 108,367 | ||||||
| Ameren Corp. | 1,079 | 103,627 | ||||||
| PPL Corp. | 2,952 | 100,043 | ||||||
| Atmos Energy Corp. | 634 | 97,706 | ||||||
| CenterPoint Energy, Inc. | 2,606 | 95,744 | ||||||
| Eversource Energy | 1,467 | 93,330 | ||||||
| CMS Energy Corp. | 1,194 | 82,720 | ||||||
| FirstEnergy Corp. | 2,051 | 82,573 | ||||||
| Edison International | 1,536 | 79,258 | ||||||
| NiSource, Inc. | 1,879 | 75,799 | ||||||
| Evergy, Inc. | 919 | 63,347 | ||||||
| Alliant Energy Corp. | 1,026 | 62,042 | ||||||
| Pinnacle West Capital Corp. | 477 | 42,677 | ||||||
| AES Corp. | 2,842 | 29,898 | ||||||
| Total Utilities | 5,016,544 | |||||||
| Basic Materials - 1.2% | ||||||||
| Linde plc | 1,879 | 881,589 | ||||||
| Sherwin-Williams Co. | 921 | 316,235 | ||||||
| Ecolab, Inc. | 1,007 | 271,326 | ||||||
| Newmont Corp. | 4,444 | 258,907 | ||||||
| Air Products and Chemicals, Inc. | 889 | 250,751 | ||||||
| Freeport-McMoRan, Inc. | 5,734 | 248,569 | ||||||
| Nucor Corp. | 921 | 119,306 | ||||||
| DuPont de Nemours, Inc. | 1,671 | 114,614 | ||||||
| PPG Industries, Inc. | 906 | 103,057 | ||||||
| International Paper Co. | 2,108 | 98,718 | ||||||
| International Flavors & Fragrances, Inc. | 1,021 | 75,095 | ||||||
| Dow, Inc. | 2,822 | 74,727 | ||||||
| Steel Dynamics, Inc. | 551 | 70,534 | ||||||
| CF Industries Holdings, Inc. | 647 | 59,524 | ||||||
| LyondellBasell Industries N.V. — Class A | 1,027 | 59,422 | ||||||
| Mosaic Co. | 1,267 | 46,220 | ||||||
| Eastman Chemical Co. | 461 | 34,418 | ||||||
| Albemarle Corp. | 470 | 29,455 | ||||||
| Total Basic Materials | 3,112,467 | |||||||
| Total Common Stocks | ||||||||
| (Cost $165,857,503) | 209,606,315 | |||||||
| MUTUAL FUNDS† - 7.0% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 733,906 | 7,375,758 | ||||||
| Guggenheim Strategy Fund II2 | 225,195 | 5,602,848 | ||||||
| Guggenheim Strategy Fund III2 | 184,563 | 4,608,529 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $17,418,465) | 17,587,135 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 6.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.20% due 09/04/253,4 | $ | 10,000,000 | 9,923,106 | |||||
| 3.94% due 07/08/254,5 | 2,781,000 | 2,778,759 | ||||||
| 4.23% due 09/18/253,4 | 2,550,000 | 2,526,394 | ||||||
| 4.20% due 09/18/253,4 | 50,000 | 49,537 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $15,278,024) | 15,277,796 | |||||||
| REPURCHASE AGREEMENTS††,6 - 3.0% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | 4,060,154 | 4,060,154 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 1,751,954 | 1,751,954 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 1,691,731 | 1,691,731 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $7,503,839) | 7,503,839 | |||||||
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| SECURITIES LENDING COLLATERAL†,7 - 0.1% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%8 | 147,085 | $ | 147,085 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $147,085) | 147,085 | |||||||
| Total Investments - 99.8% | ||||||||
| (Cost $206,204,916) | $ | 250,122,170 | ||||||
| Other Assets & Liabilities, net - 0.2% | 399,445 | |||||||
| Total Net Assets - 100.0% | $ | 250,521,615 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Equity Futures Contracts Purchased† | ||||||||||||
| S&P 500 Index Mini Futures Contracts | 145 | Sep 2025 | $ | 45,323,375 | $ | 1,491,067 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 10,962 | $ | 68,018,071 | $ | 1,227,045 | ||||||||||||
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal Funds Rate + 0.85%) | At Maturity | 09/25/25 | 4,549 | 28,228,149 | 504,599 | ||||||||||||||
| Barclays Bank plc | S&P 500 Index | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 4,057 | 25,175,607 | 457,628 | ||||||||||||||
| $ | 121,421,827 | $ | 2,189,272 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 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 June 30, 2025. |
| 6 | Repurchase Agreements — See Note 4. |
| 7 | Securities lending collateral — See Note 5. |
| 8 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
| Nova Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 209,606,315 | $ | — | $ | — | $ | 209,606,315 | ||||||||
| Mutual Funds | 17,587,135 | — | — | 17,587,135 | ||||||||||||
| U.S. Treasury Bills | — | 15,277,796 | — | 15,277,796 | ||||||||||||
| Repurchase Agreements | — | 7,503,839 | — | 7,503,839 | ||||||||||||
| Securities Lending Collateral | 147,085 | — | — | 147,085 | ||||||||||||
| Equity Futures Contracts** | 1,491,067 | — | — | 1,491,067 | ||||||||||||
| Equity Index Swap Agreements** | — | 2,189,272 | — | 2,189,272 | ||||||||||||
| Total Assets | $ | 228,831,602 | $ | 24,970,907 | $ | — | $ | 253,802,509 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 5,598,344 | $ | – | $ | – | $ | – | $ | 4,504 | $ | 5,602,848 | 225,195 | $ | 75,270 | |||||||||||||||||
| Guggenheim Strategy Fund III | 4,601,147 | – | – | – | 7,382 | 4,608,529 | 184,563 | 62,620 | ||||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7,361,079 | – | – | – | 14,679 | 7,375,758 | 733,906 | 78,529 | ||||||||||||||||||||||||
| $ | 17,560,570 | $ | – | $ | – | $ | – | $ | 26,565 | $ | 17,587,135 | $ | 216,419 | |||||||||||||||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 92.9% | ||||||||
| Technology - 29.6% | ||||||||
| NVIDIA Corp. | 69,509 | $ | 10,981,736 | |||||
| Microsoft Corp. | 21,184 | 10,537,133 | ||||||
| Apple, Inc. | 42,570 | 8,734,087 | ||||||
| Broadcom, Inc. | 13,401 | 3,693,986 | ||||||
| Oracle Corp. | 4,636 | 1,013,569 | ||||||
| Palantir Technologies, Inc. — Class A* | 6,063 | 826,508 | ||||||
| International Business Machines Corp. | 2,649 | 780,872 | ||||||
| Salesforce, Inc. | 2,735 | 745,807 | ||||||
| Advanced Micro Devices, Inc.* | 4,621 | 655,720 | ||||||
| Intuit, Inc. | 797 | 627,741 | ||||||
| ServiceNow, Inc.* | 591 | 607,595 | ||||||
| Texas Instruments, Inc. | 2,589 | 537,528 | ||||||
| Accenture plc — Class A | 1,784 | 533,220 | ||||||
| QUALCOMM, Inc. | 3,127 | 498,006 | ||||||
| Adobe, Inc.* | 1,215 | 470,059 | ||||||
| Applied Materials, Inc. | 2,316 | 423,990 | ||||||
| Micron Technology, Inc. | 3,185 | 392,551 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 711 | 362,119 | ||||||
| Lam Research Corp. | 3,646 | 354,902 | ||||||
| KLA Corp. | 377 | 337,694 | ||||||
| Analog Devices, Inc. | 1,414 | 336,560 | ||||||
| Intel Corp.* | 12,433 | 278,499 | ||||||
| Fiserv, Inc.* | 1,580 | 272,408 | ||||||
| Cadence Design Systems, Inc.* | 778 | 239,741 | ||||||
| Synopsys, Inc.* | 441 | 226,092 | ||||||
| Fortinet, Inc.* | 1,811 | 191,459 | ||||||
| Autodesk, Inc.* | 610 | 188,838 | ||||||
| Roper Technologies, Inc. | 307 | 174,020 | ||||||
| NXP Semiconductor N.V. | 720 | 157,313 | ||||||
| Workday, Inc. — Class A* | 617 | 148,080 | ||||||
| Paychex, Inc. | 914 | 132,950 | ||||||
| MSCI, Inc. — Class A | 221 | 127,460 | ||||||
| Fair Isaac Corp.* | 69 | 126,129 | ||||||
| Fidelity National Information Services, Inc. | 1,497 | 121,871 | ||||||
| Take-Two Interactive Software, Inc.* | 483 | 117,297 | ||||||
| Cognizant Technology Solutions Corp. — Class A | 1,405 | 109,632 | ||||||
| Microchip Technology, Inc. | 1,533 | 107,877 | ||||||
| Dell Technologies, Inc. — Class C | 854 | 104,700 | ||||||
| Electronic Arts, Inc. | 650 | 103,805 | ||||||
| Monolithic Power Systems, Inc. | 137 | 100,199 | ||||||
| Gartner, Inc.* | 219 | 88,524 | ||||||
| ANSYS, Inc.* | 251 | 88,156 | ||||||
| Seagate Technology Holdings plc | 606 | 87,464 | ||||||
| Broadridge Financial Solutions, Inc. | 335 | 81,415 | ||||||
| Hewlett Packard Enterprise Co. | 3,744 | 76,565 | ||||||
| Tyler Technologies, Inc.* | 123 | 72,919 | ||||||
| Super Micro Computer, Inc.* | 1,463 | 71,702 | ||||||
| HP, Inc. | 2,687 | 65,724 | ||||||
| Western Digital Corp. | 994 | 63,606 | ||||||
| ON Semiconductor Corp.* | 1,191 | 62,421 | ||||||
| NetApp, Inc. | 580 | 61,799 | ||||||
| PTC, Inc.* | 342 | 58,940 | ||||||
| Leidos Holdings, Inc. | 368 | 58,056 | ||||||
| Zebra Technologies Corp. — Class A* | 145 | 44,712 | ||||||
| Teradyne, Inc. | 458 | 41,184 | ||||||
| Jack Henry & Associates, Inc. | 208 | 37,475 | ||||||
| Akamai Technologies, Inc.* | 417 | 33,260 | ||||||
| Paycom Software, Inc. | 139 | 32,165 | ||||||
| Skyworks Solutions, Inc. | 429 | 31,969 | ||||||
| EPAM Systems, Inc.* | 162 | 28,645 | ||||||
| Dayforce, Inc.* | 456 | 25,258 | ||||||
| Total Technology | 47,691,712 | |||||||
| Communications - 15.0% | ||||||||
| Amazon.com, Inc.* | 26,930 | 5,908,173 | ||||||
| Meta Platforms, Inc. — Class A | 6,188 | 4,567,301 | ||||||
| Alphabet, Inc. — Class A | 16,588 | 2,923,303 | ||||||
| Alphabet, Inc. — Class C | 13,381 | 2,373,656 | ||||||
| Netflix, Inc.* | 1,213 | 1,624,365 | ||||||
| Cisco Systems, Inc. | 11,339 | 786,700 | ||||||
| Walt Disney Co. | 5,124 | 635,427 | ||||||
| AT&T, Inc. | 20,509 | 593,531 | ||||||
| Uber Technologies, Inc.* | 5,960 | 556,068 | ||||||
| Booking Holdings, Inc. | 93 | 538,399 | ||||||
| Verizon Communications, Inc. | 12,016 | 519,932 | ||||||
| Palo Alto Networks, Inc.* | 1,887 | 386,156 | ||||||
| Comcast Corp. — Class A | 10,615 | 378,849 | ||||||
| T-Mobile US, Inc. | 1,359 | 323,795 | ||||||
| Arista Networks, Inc.* | 2,936 | 300,382 | ||||||
| DoorDash, Inc. — Class A* | 977 | 240,840 | ||||||
| Motorola Solutions, Inc. | 476 | 200,139 | ||||||
| Airbnb, Inc. — Class A* | 1,231 | 162,911 | ||||||
| Corning, Inc. | 2,197 | 115,540 | ||||||
| Charter Communications, Inc. — Class A*,1 | 272 | 111,196 | ||||||
| eBay, Inc. | 1,314 | 97,840 | ||||||
| Warner Bros Discovery, Inc.* | 6,417 | 73,539 | ||||||
| GoDaddy, Inc. — Class A* | 406 | 73,104 | ||||||
| CDW Corp. | 375 | 66,971 | ||||||
| VeriSign, Inc. | 231 | 66,713 | ||||||
| Expedia Group, Inc. | 347 | 58,532 | ||||||
| FactSet Research Systems, Inc. | 108 | 48,306 | ||||||
| F5, Inc.* | 164 | 48,269 | ||||||
| Gen Digital, Inc. | 1,556 | 45,746 | ||||||
| Omnicom Group, Inc. | 556 | 39,999 | ||||||
| Juniper Networks, Inc. | 944 | 37,694 | ||||||
| Fox Corp. — Class A | 610 | 34,184 | ||||||
| News Corp. — Class A | 1,075 | 31,949 | ||||||
| Interpublic Group of Companies, Inc. | 1,054 | 25,802 | ||||||
| Paramount Global — Class B | 1,715 | 22,124 | ||||||
| Match Group, Inc. | 699 | 21,592 | ||||||
| Fox Corp. — Class B | 376 | 19,413 | ||||||
| News Corp. — Class B | 318 | 10,911 | ||||||
| Total Communications | 24,069,351 | |||||||
| Financial - 13.9% | ||||||||
| Berkshire Hathaway, Inc. — Class B* | 5,227 | 2,539,120 | ||||||
| JPMorgan Chase & Co. | 7,921 | 2,296,377 | ||||||
| Visa, Inc. — Class A | 4,877 | 1,731,579 | ||||||
| Mastercard, Inc. — Class A | 2,312 | 1,299,205 | ||||||
| Bank of America Corp. | 18,677 | 883,796 | ||||||
| Wells Fargo & Co. | 9,275 | 743,113 | ||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 92.9% (continued) | ||||||||
| Financial - 13.9% (continued) | ||||||||
| Goldman Sachs Group, Inc. | 875 | $ | 619,281 | |||||
| American Express Co. | 1,578 | 503,350 | ||||||
| Morgan Stanley | 3,521 | 495,968 | ||||||
| Citigroup, Inc. | 5,323 | 453,094 | ||||||
| Progressive Corp. | 1,671 | 445,923 | ||||||
| Charles Schwab Corp. | 4,868 | 444,156 | ||||||
| Blackrock, Inc. | 416 | 436,488 | ||||||
| Capital One Financial Corp. | 1,823 | 387,861 | ||||||
| Blackstone, Inc. — Class A | 2,080 | 311,126 | ||||||
| Chubb Ltd. | 1,062 | 307,683 | ||||||
| Marsh & McLennan Companies, Inc. | 1,404 | 306,971 | ||||||
| Intercontinental Exchange, Inc. | 1,635 | 299,973 | ||||||
| American Tower Corp. — Class A REIT | 1,334 | 294,841 | ||||||
| CME Group, Inc. — Class A | 1,027 | 283,062 | ||||||
| Prologis, Inc. REIT | 2,645 | 278,042 | ||||||
| Welltower, Inc. REIT | 1,772 | 272,410 | ||||||
| KKR & Company, Inc. — Class A | 1,929 | 256,615 | ||||||
| Arthur J Gallagher & Co. | 730 | 233,688 | ||||||
| Equinix, Inc. REIT | 279 | 221,936 | ||||||
| Aon plc — Class A | 615 | 219,407 | ||||||
| Coinbase Global, Inc. — Class A* | 604 | 211,696 | ||||||
| PNC Financial Services Group, Inc. | 1,127 | 210,095 | ||||||
| U.S. Bancorp | 4,441 | 200,955 | ||||||
| Bank of New York Mellon Corp. | 2,040 | 185,864 | ||||||
| Apollo Global Management, Inc. | 1,287 | 182,587 | ||||||
| Travelers Companies, Inc. | 646 | 172,831 | ||||||
| Truist Financial Corp. | 3,732 | 160,439 | ||||||
| Digital Realty Trust, Inc. REIT | 902 | 157,246 | ||||||
| Allstate Corp. | 755 | 151,989 | ||||||
| Realty Income Corp. REIT | 2,574 | 148,288 | ||||||
| Aflac, Inc. | 1,387 | 146,273 | ||||||
| Ameriprise Financial, Inc. | 272 | 145,175 | ||||||
| Simon Property Group, Inc. REIT | 875 | 140,665 | ||||||
| American International Group, Inc. | 1,643 | 140,624 | ||||||
| Public Storage REIT | 450 | 132,039 | ||||||
| MetLife, Inc. | 1,607 | 129,235 | ||||||
| Crown Castle, Inc. REIT | 1,241 | 127,488 | ||||||
| CBRE Group, Inc. — Class A* | 837 | 117,280 | ||||||
| Prudential Financial, Inc. | 1,009 | 108,407 | ||||||
| Nasdaq, Inc. | 1,178 | 105,337 | ||||||
| Hartford Insurance Group, Inc. | 810 | 102,765 | ||||||
| VICI Properties, Inc. REIT | 3,012 | 98,191 | ||||||
| Arch Capital Group Ltd. | 1,065 | 96,968 | ||||||
| CoStar Group, Inc.* | 1,202 | 96,641 | ||||||
| Extra Space Storage, Inc. REIT | 606 | 89,349 | ||||||
| M&T Bank Corp. | 458 | 88,848 | ||||||
| Brown & Brown, Inc. | 799 | 88,585 | ||||||
| Willis Towers Watson plc | 283 | 86,740 | ||||||
| State Street Corp. | 813 | 86,454 | ||||||
| Iron Mountain, Inc. REIT | 841 | 86,261 | ||||||
| AvalonBay Communities, Inc. REIT | 405 | 82,417 | ||||||
| Ventas, Inc. REIT | 1,286 | 81,211 | ||||||
| Raymond James Financial, Inc. | 518 | 79,446 | ||||||
| Fifth Third Bancorp | 1,902 | 78,229 | ||||||
| Synchrony Financial | 1,085 | 72,413 | ||||||
| SBA Communications Corp. REIT | 307 | 72,096 | ||||||
| Northern Trust Corp. | 554 | 70,242 | ||||||
| Huntington Bancshares, Inc. | 4,152 | 69,588 | ||||||
| Cboe Global Markets, Inc. | 298 | 69,497 | ||||||
| Cincinnati Financial Corp. | 445 | 66,269 | ||||||
| Equity Residential REIT | 975 | 65,803 | ||||||
| W R Berkley Corp. | 854 | 62,743 | ||||||
| T. Rowe Price Group, Inc. | 628 | 60,602 | ||||||
| Regions Financial Corp. | 2,562 | 60,258 | ||||||
| Citizens Financial Group, Inc. | 1,236 | 55,311 | ||||||
| Invitation Homes, Inc. REIT | 1,625 | 53,300 | ||||||
| Weyerhaeuser Co. REIT | 2,067 | 53,101 | ||||||
| Essex Property Trust, Inc. REIT | 184 | 52,146 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 334 | 49,435 | ||||||
| KeyCorp | 2,811 | 48,968 | ||||||
| Principal Financial Group, Inc. | 589 | 46,784 | ||||||
| Loews Corp. | 496 | 45,463 | ||||||
| Everest Group Ltd. | 121 | 41,122 | ||||||
| Kimco Realty Corp. REIT | 1,928 | 40,527 | ||||||
| UDR, Inc. REIT | 860 | 35,114 | ||||||
| Healthpeak Properties, Inc. REIT | 1,980 | 34,670 | ||||||
| Camden Property Trust REIT | 305 | 34,370 | ||||||
| Regency Centers Corp. REIT | 466 | 33,193 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 440 | 31,957 | ||||||
| Host Hotels & Resorts, Inc. REIT | 1,978 | 30,382 | ||||||
| Globe Life, Inc. | 235 | 29,208 | ||||||
| Assurant, Inc. | 146 | 28,834 | ||||||
| BXP, Inc. REIT1 | 416 | 28,067 | ||||||
| Erie Indemnity Co. — Class A | 71 | 24,622 | ||||||
| Franklin Resources, Inc. | 884 | 21,083 | ||||||
| Federal Realty Investment Trust REIT | 221 | 20,993 | ||||||
| Invesco Ltd. | 1,276 | 20,123 | ||||||
| Total Financial | 22,409,967 | |||||||
| Consumer, Non-cyclical - 13.5% | ||||||||
| Eli Lilly & Co. | 2,242 | 1,747,706 | ||||||
| Procter & Gamble Co. | 6,682 | 1,064,576 | ||||||
| Johnson & Johnson | 6,858 | 1,047,560 | ||||||
| AbbVie, Inc. | 5,035 | 934,597 | ||||||
| Philip Morris International, Inc. | 4,436 | 807,929 | ||||||
| UnitedHealth Group, Inc. | 2,586 | 806,755 | ||||||
| Coca-Cola Co. | 11,041 | 781,151 | ||||||
| Abbott Laboratories | 4,959 | 674,474 | ||||||
| Merck & Company, Inc. | 7,157 | 566,548 | ||||||
| Intuitive Surgical, Inc.* | 1,022 | 555,365 | ||||||
| PepsiCo, Inc. | 3,908 | 516,012 | ||||||
| S&P Global, Inc. | 895 | 471,925 | ||||||
| Boston Scientific Corp.* | 4,217 | 452,948 | ||||||
| Thermo Fisher Scientific, Inc. | 1,076 | 436,275 | ||||||
| Amgen, Inc. | 1,533 | 428,029 | ||||||
| Gilead Sciences, Inc. | 3,545 | 393,034 | ||||||
| Pfizer, Inc. | 16,204 | 392,785 | ||||||
| Stryker Corp. | 980 | 387,717 | ||||||
| Danaher Corp. | 1,816 | 358,733 | ||||||
| Automatic Data Processing, Inc. | 1,157 | 356,819 | ||||||
| Vertex Pharmaceuticals, Inc.* | 733 | 326,332 | ||||||
| Medtronic plc | 3,656 | 318,693 | ||||||
| Altria Group, Inc. | 4,801 | 281,483 | ||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 92.9% (continued) | ||||||||
| Consumer, Non-cyclical - 13.5% (continued) | ||||||||
| Bristol-Myers Squibb Co. | 5,800 | $ | 268,482 | |||||
| McKesson Corp. | 357 | 261,602 | ||||||
| Cigna Group | 761 | 251,571 | ||||||
| Elevance Health, Inc. | 644 | 250,490 | ||||||
| Mondelez International, Inc. — Class A | 3,690 | 248,854 | ||||||
| CVS Health Corp. | 3,606 | 248,742 | ||||||
| Moody’s Corp. | 441 | 221,201 | ||||||
| Cintas Corp. | 978 | 217,967 | ||||||
| Colgate-Palmolive Co. | 2,310 | 209,979 | ||||||
| PayPal Holdings, Inc.* | 2,772 | 206,015 | ||||||
| Zoetis, Inc. | 1,269 | 197,901 | ||||||
| HCA Healthcare, Inc. | 494 | 189,252 | ||||||
| Quanta Services, Inc. | 422 | 159,550 | ||||||
| Regeneron Pharmaceuticals, Inc. | 296 | 155,400 | ||||||
| Cencora, Inc. — Class A | 492 | 147,526 | ||||||
| Corteva, Inc. | 1,944 | 144,886 | ||||||
| Becton Dickinson & Co. | 818 | 140,901 | ||||||
| United Rentals, Inc. | 185 | 139,379 | ||||||
| Edwards Lifesciences Corp.* | 1,672 | 130,767 | ||||||
| Keurig Dr Pepper, Inc. | 3,871 | 127,975 | ||||||
| Monster Beverage Corp.* | 2,001 | 125,343 | ||||||
| Kroger Co. | 1,746 | 125,240 | ||||||
| Verisk Analytics, Inc. — Class A | 399 | 124,288 | ||||||
| IDEXX Laboratories, Inc.* | 229 | 122,822 | ||||||
| Kimberly-Clark Corp. | 946 | 121,958 | ||||||
| Kenvue, Inc. | 5,472 | 114,529 | ||||||
| Cardinal Health, Inc. | 681 | 114,408 | ||||||
| ResMed, Inc. | 418 | 107,844 | ||||||
| Sysco Corp. | 1,382 | 104,673 | ||||||
| Dexcom, Inc.* | 1,118 | 97,590 | ||||||
| GE HealthCare Technologies, Inc. | 1,306 | 96,735 | ||||||
| Agilent Technologies, Inc. | 813 | 95,942 | ||||||
| Equifax, Inc. | 354 | 91,817 | ||||||
| Humana, Inc. | 344 | 84,101 | ||||||
| General Mills, Inc. | 1,561 | 80,875 | ||||||
| Centene Corp.* | 1,418 | 76,969 | ||||||
| IQVIA Holdings, Inc.* | 468 | 73,752 | ||||||
| Archer-Daniels-Midland Co. | 1,370 | 72,308 | ||||||
| Constellation Brands, Inc. — Class A | 436 | 70,929 | ||||||
| Hershey Co. | 422 | 70,031 | ||||||
| Church & Dwight Company, Inc. | 702 | 67,469 | ||||||
| STERIS plc | 280 | 67,262 | ||||||
| Corpay, Inc.* | 202 | 67,028 | ||||||
| Kraft Heinz Co. | 2,463 | 63,595 | ||||||
| Insulet Corp.* | 201 | 63,150 | ||||||
| Labcorp Holdings, Inc. | 240 | 63,002 | ||||||
| Kellanova | 768 | 61,079 | ||||||
| Waters Corp.* | 170 | 59,337 | ||||||
| Quest Diagnostics, Inc. | 318 | 57,122 | ||||||
| Global Payments, Inc. | 695 | 55,628 | ||||||
| McCormick & Company, Inc. | 720 | 54,590 | ||||||
| Estee Lauder Companies, Inc. — Class A | 669 | 54,055 | ||||||
| Biogen, Inc.* | 418 | 52,497 | ||||||
| Zimmer Biomet Holdings, Inc. | 564 | 51,442 | ||||||
| Molina Healthcare, Inc.* | 156 | 46,473 | ||||||
| Tyson Foods, Inc. — Class A | 816 | 45,647 | ||||||
| Rollins, Inc. | 801 | 45,192 | ||||||
| West Pharmaceutical Services, Inc. | 205 | 44,854 | ||||||
| Baxter International, Inc. | 1,463 | 44,300 | ||||||
| Clorox Co. | 351 | 42,145 | ||||||
| Hologic, Inc.* | 635 | 41,377 | ||||||
| Cooper Companies, Inc.* | 571 | 40,632 | ||||||
| Avery Dennison Corp. | 223 | 39,130 | ||||||
| Align Technology, Inc.* | 194 | 36,730 | ||||||
| Revvity, Inc. | 336 | 32,498 | ||||||
| Incyte Corp.* | 458 | 31,190 | ||||||
| Bunge Global S.A. | 383 | 30,747 | ||||||
| Solventum Corp.* | 394 | 29,881 | ||||||
| Viatris, Inc. | 3,345 | 29,871 | ||||||
| J M Smucker Co. | 303 | 29,754 | ||||||
| Universal Health Services, Inc. — Class B | 164 | 29,709 | ||||||
| Conagra Brands, Inc. | 1,361 | 27,860 | ||||||
| Moderna, Inc.* | 970 | 26,762 | ||||||
| Henry Schein, Inc.* | 347 | 25,348 | ||||||
| Hormel Foods Corp. | 831 | 25,138 | ||||||
| MarketAxess Holdings, Inc. | 107 | 23,897 | ||||||
| Molson Coors Beverage Co. — Class B | 488 | 23,468 | ||||||
| Bio-Techne Corp. | 447 | 22,998 | ||||||
| Charles River Laboratories International, Inc.* | 140 | 21,242 | ||||||
| Lamb Weston Holdings, Inc. | 403 | 20,895 | ||||||
| The Campbell’s Co. | 561 | 17,195 | ||||||
| DaVita, Inc.* | 118 | 16,809 | ||||||
| Brown-Forman Corp. — Class B | 519 | 13,966 | ||||||
| Total Consumer, Non-cyclical | 21,741,004 | |||||||
| Consumer, Cyclical - 7.5% | ||||||||
| Tesla, Inc.* | 7,987 | 2,537,150 | ||||||
| Costco Wholesale Corp. | 1,266 | 1,253,264 | ||||||
| Walmart, Inc. | 12,314 | 1,204,063 | ||||||
| Home Depot, Inc. | 2,833 | 1,038,691 | ||||||
| McDonald’s Corp. | 2,038 | 595,442 | ||||||
| TJX Companies, Inc. | 3,182 | 392,945 | ||||||
| Lowe’s Companies, Inc. | 1,595 | 353,883 | ||||||
| Starbucks Corp. | 3,239 | 296,790 | ||||||
| NIKE, Inc. — Class B | 3,358 | 238,553 | ||||||
| Royal Caribbean Cruises Ltd. | 712 | 222,956 | ||||||
| O’Reilly Automotive, Inc.* | 2,436 | 219,557 | ||||||
| Chipotle Mexican Grill, Inc. — Class A* | 3,840 | 215,616 | ||||||
| Hilton Worldwide Holdings, Inc. | 677 | 180,313 | ||||||
| AutoZone, Inc.* | 48 | 178,187 | ||||||
| Marriott International, Inc. — Class A | 648 | 177,040 | ||||||
| PACCAR, Inc. | 1,496 | 142,210 | ||||||
| Fastenal Co. | 3,270 | 137,340 | ||||||
| General Motors Co. | 2,740 | 134,835 | ||||||
| WW Grainger, Inc. | 125 | 130,030 | ||||||
| Cummins, Inc. | 393 | 128,708 | ||||||
| Target Corp. | 1,295 | 127,752 | ||||||
| Copart, Inc.* | 2,506 | 122,970 | ||||||
| Ford Motor Co. | 11,132 | 120,782 | ||||||
| Ross Stores, Inc. | 937 | 119,542 | ||||||
| Yum! Brands, Inc. | 792 | 117,359 | ||||||
| DR Horton, Inc. | 788 | 101,589 | ||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 92.9% (continued) | ||||||||
| Consumer, Cyclical - 7.5% (continued) | ||||||||
| Delta Air Lines, Inc. | 1,861 | $ | 91,524 | |||||
| Carnival Corp.* | 2,993 | 84,163 | ||||||
| Tractor Supply Co. | 1,511 | 79,735 | ||||||
| Lululemon Athletica, Inc.* | 316 | 75,075 | ||||||
| United Airlines Holdings, Inc.* | 932 | 74,215 | ||||||
| Lennar Corp. — Class A | 662 | 73,224 | ||||||
| Darden Restaurants, Inc. | 334 | 72,802 | ||||||
| Dollar General Corp. | 627 | 71,716 | ||||||
| Live Nation Entertainment, Inc.* | 449 | 67,925 | ||||||
| Ulta Beauty, Inc.* | 129 | 60,349 | ||||||
| PulteGroup, Inc. | 572 | 60,323 | ||||||
| NVR, Inc.* | 8 | 59,085 | ||||||
| Williams-Sonoma, Inc. | 351 | 57,343 | ||||||
| Dollar Tree, Inc.* | 563 | 55,760 | ||||||
| Southwest Airlines Co. | 1,624 | 52,683 | ||||||
| Tapestry, Inc. | 593 | 52,071 | ||||||
| Genuine Parts Co. | 396 | 48,039 | ||||||
| Deckers Outdoor Corp.* | 433 | 44,629 | ||||||
| Domino’s Pizza, Inc. | 98 | 44,159 | ||||||
| Aptiv plc* | 621 | 42,365 | ||||||
| Las Vegas Sands Corp. | 967 | 42,074 | ||||||
| Best Buy Company, Inc. | 549 | 36,854 | ||||||
| TKO Group Holdings, Inc. | 191 | 34,752 | ||||||
| Ralph Lauren Corp. — Class A | 114 | 31,268 | ||||||
| Pool Corp. | 107 | 31,188 | ||||||
| CarMax, Inc.* | 435 | 29,236 | ||||||
| Hasbro, Inc. | 376 | 27,756 | ||||||
| LKQ Corp. | 736 | 27,239 | ||||||
| Norwegian Cruise Line Holdings Ltd.* | 1,273 | 25,816 | ||||||
| Wynn Resorts Ltd. | 251 | 23,511 | ||||||
| Walgreens Boots Alliance, Inc.* | 2,046 | 23,488 | ||||||
| MGM Resorts International* | 590 | 20,290 | ||||||
| Caesars Entertainment, Inc.* | 593 | 16,835 | ||||||
| Total Consumer, Cyclical | 12,125,059 | |||||||
| Industrial - 7.0% | ||||||||
| General Electric Co. | 3,039 | 782,208 | ||||||
| RTX Corp. | 3,808 | 556,044 | ||||||
| Caterpillar, Inc. | 1,340 | 520,201 | ||||||
| Boeing Co.* | 2,149 | 450,280 | ||||||
| Honeywell International, Inc. | 1,832 | 426,636 | ||||||
| GE Vernova, Inc. | 778 | 411,679 | ||||||
| Eaton Corporation plc | 1,116 | 398,401 | ||||||
| Union Pacific Corp. | 1,704 | 392,056 | ||||||
| Deere & Co. | 719 | 365,604 | ||||||
| Amphenol Corp. — Class A | 3,449 | 340,589 | ||||||
| Trane Technologies plc | 636 | 278,193 | ||||||
| Lockheed Martin Corp. | 594 | 275,105 | ||||||
| Parker-Hannifin Corp. | 364 | 254,243 | ||||||
| TransDigm Group, Inc. | 160 | 243,302 | ||||||
| Waste Management, Inc. | 1,044 | 238,888 | ||||||
| 3M Co. | 1,534 | 233,536 | ||||||
| Howmet Aerospace, Inc. | 1,151 | 214,236 | ||||||
| Emerson Electric Co. | 1,604 | 213,861 | ||||||
| United Parcel Service, Inc. — Class B | 2,091 | 211,065 | ||||||
| General Dynamics Corp. | 718 | 209,412 | ||||||
| Johnson Controls International plc | 1,876 | 198,143 | ||||||
| Northrop Grumman Corp. | 386 | 192,992 | ||||||
| Illinois Tool Works, Inc. | 760 | 187,910 | ||||||
| CSX Corp. | 5,355 | 174,734 | ||||||
| Axon Enterprise, Inc.* | 211 | 174,695 | ||||||
| Carrier Global Corp. | 2,272 | 166,288 | ||||||
| Norfolk Southern Corp. | 643 | 164,589 | ||||||
| Republic Services, Inc. — Class A | 579 | 142,787 | ||||||
| FedEx Corp. | 628 | 142,751 | ||||||
| TE Connectivity plc | 845 | 142,526 | ||||||
| L3Harris Technologies, Inc. | 533 | 133,698 | ||||||
| AMETEK, Inc. | 658 | 119,072 | ||||||
| Otis Worldwide Corp. | 1,125 | 111,397 | ||||||
| Rockwell Automation, Inc. | 322 | 106,959 | ||||||
| Westinghouse Air Brake Technologies Corp. | 488 | 102,163 | ||||||
| Vulcan Materials Co. | 377 | 98,329 | ||||||
| Ingersoll Rand, Inc. | 1,150 | 95,657 | ||||||
| Martin Marietta Materials, Inc. | 172 | 94,421 | ||||||
| Garmin Ltd. | 439 | 91,628 | ||||||
| Xylem, Inc. | 694 | 89,776 | ||||||
| Old Dominion Freight Line, Inc. | 530 | 86,019 | ||||||
| Keysight Technologies, Inc.* | 493 | 80,783 | ||||||
| Dover Corp. | 391 | 71,643 | ||||||
| Veralto Corp. | 707 | 71,372 | ||||||
| Mettler-Toledo International, Inc.* | 59 | 69,309 | ||||||
| Teledyne Technologies, Inc.* | 135 | 69,162 | ||||||
| Jabil, Inc. | 306 | 66,739 | ||||||
| Hubbell, Inc. | 152 | 62,078 | ||||||
| Smurfit WestRock plc | 1,413 | 60,971 | ||||||
| Amcor plc | 6,531 | 60,020 | ||||||
| Lennox International, Inc. | 91 | 52,165 | ||||||
| Trimble, Inc.* | 681 | 51,742 | ||||||
| Fortive Corp. | 969 | 50,514 | ||||||
| Pentair plc | 469 | 48,147 | ||||||
| Packaging Corporation of America | 255 | 48,055 | ||||||
| Snap-on, Inc. | 149 | 46,366 | ||||||
| Jacobs Solutions, Inc. | 342 | 44,956 | ||||||
| Expeditors International of Washington, Inc. | 390 | 44,557 | ||||||
| Ball Corp. | 791 | 44,367 | ||||||
| Textron, Inc. | 515 | 41,350 | ||||||
| Masco Corp. | 602 | 38,745 | ||||||
| IDEX Corp. | 215 | 37,748 | ||||||
| Builders FirstSource, Inc.* | 316 | 36,874 | ||||||
| Allegion plc | 245 | 35,309 | ||||||
| Nordson Corp. | 154 | 33,013 | ||||||
| CH Robinson Worldwide, Inc. | 338 | 32,431 | ||||||
| J.B. Hunt Transport Services, Inc. | 223 | 32,023 | ||||||
| Stanley Black & Decker, Inc. | 441 | 29,878 | ||||||
| Huntington Ingalls Industries, Inc. | 112 | 27,044 | ||||||
| Generac Holdings, Inc.* | 168 | 24,059 | ||||||
| A O Smith Corp. | 332 | 21,769 | ||||||
| Ralliant Corp.* | 355 | 17,230 | ||||||
| Mohawk Industries, Inc.* | 148 | 15,516 | ||||||
| Total Industrial | 11,298,008 | |||||||
| Energy - 2.8% | ||||||||
| Exxon Mobil Corp. | 12,284 | 1,324,215 | ||||||
| Chevron Corp. | 4,629 | 662,827 | ||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 92.9% (continued) | ||||||||
| Energy - 2.8% (continued) | ||||||||
| ConocoPhillips | 3,598 | $ | 322,885 | |||||
| Williams Companies, Inc. | 3,480 | 218,579 | ||||||
| EOG Resources, Inc. | 1,556 | 186,113 | ||||||
| Kinder Morgan, Inc. | 5,510 | 161,994 | ||||||
| Marathon Petroleum Corp. | 876 | 145,512 | ||||||
| ONEOK, Inc. | 1,781 | 145,383 | ||||||
| Phillips 66 | 1,162 | 138,627 | ||||||
| Schlumberger N.V. | 3,877 | 131,043 | ||||||
| Valero Energy Corp. | 893 | 120,037 | ||||||
| Hess Corp. | 790 | 109,447 | ||||||
| Baker Hughes Co. | 2,824 | 108,272 | ||||||
| Targa Resources Corp. | 618 | 107,581 | ||||||
| Equities Corp. | 1,706 | 99,494 | ||||||
| Occidental Petroleum Corp. | 2,020 | 84,860 | ||||||
| Diamondback Energy, Inc. | 533 | 73,234 | ||||||
| Expand Energy Corp. | 617 | 72,152 | ||||||
| Devon Energy Corp. | 1,831 | 58,244 | ||||||
| Texas Pacific Land Corp. | 54 | 57,045 | ||||||
| Coterra Energy, Inc. — Class A | 2,175 | 55,201 | ||||||
| First Solar, Inc.* | 306 | 50,655 | ||||||
| Halliburton Co. | 2,450 | 49,931 | ||||||
| APA Corp. | 1,028 | 18,802 | ||||||
| Enphase Energy, Inc.* | 374 | 14,829 | ||||||
| Total Energy | 4,516,962 | |||||||
| Utilities - 2.2% | ||||||||
| NextEra Energy, Inc. | 5,868 | 407,357 | ||||||
| Constellation Energy Corp. | 893 | 288,225 | ||||||
| Southern Co. | 3,133 | 287,703 | ||||||
| Duke Energy Corp. | 2,215 | 261,370 | ||||||
| Vistra Corp. | 967 | 187,414 | ||||||
| American Electric Power Company, Inc. | 1,523 | 158,027 | ||||||
| Sempra | 1,859 | 140,856 | ||||||
| Dominion Energy, Inc. | 2,431 | 137,400 | ||||||
| Exelon Corp. | 2,877 | 124,919 | ||||||
| Public Service Enterprise Group, Inc. | 1,422 | 119,704 | ||||||
| Xcel Energy, Inc. | 1,644 | 111,956 | ||||||
| Entergy Corp. | 1,272 | 105,729 | ||||||
| Consolidated Edison, Inc. | 1,027 | 103,060 | ||||||
| WEC Energy Group, Inc. | 910 | 94,822 | ||||||
| NRG Energy, Inc. | 557 | 89,443 | ||||||
| PG&E Corp. | 6,264 | 87,320 | ||||||
| DTE Energy Co. | 591 | 78,284 | ||||||
| American Water Works Company, Inc. | 556 | 77,345 | ||||||
| Ameren Corp. | 771 | 74,047 | ||||||
| PPL Corp. | 2,107 | 71,406 | ||||||
| Atmos Energy Corp. | 453 | 69,812 | ||||||
| CenterPoint Energy, Inc. | 1,860 | 68,336 | ||||||
| Eversource Energy | 1,047 | 66,610 | ||||||
| CMS Energy Corp. | 854 | 59,165 | ||||||
| FirstEnergy Corp. | 1,464 | 58,941 | ||||||
| Edison International | 1,097 | 56,605 | ||||||
| NiSource, Inc. | 1,342 | 54,136 | ||||||
| Evergy, Inc. | 656 | 45,218 | ||||||
| Alliant Energy Corp. | 732 | 44,264 | ||||||
| Pinnacle West Capital Corp. | 340 | 30,420 | ||||||
| AES Corp. | 2,030 | 21,356 | ||||||
| Total Utilities | 3,581,250 | |||||||
| Basic Materials - 1.4% | ||||||||
| Linde plc | 1,342 | 629,640 | ||||||
| Sherwin-Williams Co. | 657 | 225,588 | ||||||
| Ecolab, Inc. | 719 | 193,727 | ||||||
| Newmont Corp. | 3,172 | 184,801 | ||||||
| Air Products and Chemicals, Inc. | 634 | 178,826 | ||||||
| Freeport-McMoRan, Inc. | 4,093 | 177,432 | ||||||
| Nucor Corp. | 658 | 85,237 | ||||||
| DuPont de Nemours, Inc. | 1,194 | 81,897 | ||||||
| PPG Industries, Inc. | 647 | 73,596 | ||||||
| International Paper Co. | 1,505 | 70,479 | ||||||
| International Flavors & Fragrances, Inc. | 729 | 53,618 | ||||||
| Dow, Inc. | 2,015 | 53,357 | ||||||
| Steel Dynamics, Inc. | 394 | 50,436 | ||||||
| CF Industries Holdings, Inc. | 462 | 42,504 | ||||||
| LyondellBasell Industries N.V. — Class A | 733 | 42,411 | ||||||
| Mosaic Co. | 904 | 32,978 | ||||||
| Eastman Chemical Co. | 329 | 24,563 | ||||||
| Albemarle Corp. | 335 | 20,994 | ||||||
| Total Basic Materials | 2,222,084 | |||||||
| Total Common Stocks | ||||||||
| (Cost $71,657,301) | 149,655,397 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 0.2% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/252,3 | $ | 258,000 | 257,792 | |||||
| 4.20% due 09/18/253,4 | 100,000 | 99,075 | ||||||
| 4.23% due 09/18/253,4 | 50,000 | 49,537 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $406,406) | 406,404 | |||||||
| REPURCHASE AGREEMENTS††,5 - 6.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/254 | 5,359,044 | 5,359,044 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/254 | 2,312,425 | 2,312,425 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/254 | 2,232,935 | 2,232,935 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $9,904,404) | 9,904,404 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,6 - 0.1% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%7 | 115,556 | 115,556 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $115,556) | 115,556 | |||||||
| Total Investments - 99.4% | ||||||||
| (Cost $82,083,667) | $ | 160,081,761 | ||||||
| Other Assets & Liabilities, net - 0.6% | 916,154 | |||||||
| Total Net Assets - 100.0% | $ | 160,997,915 | ||||||
| S&P 500® Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Equity Futures Contracts Purchased† | ||||||||||||||
| S&P 500 Index Mini Futures Contracts | 12 | Sep 2025 | $ | 3,750,900 | $ | 131,719 | ||||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 987 | $ | 6,124,114 | $ | 80,215 | ||||||||||||
| Barclays Bank plc | S&P 500 Index | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 266 | 1,650,206 | 29,995 | ||||||||||||||
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal Funds Rate + 0.85%) | At Maturity | 09/25/25 | 42 | 263,316 | 4,782 | ||||||||||||||
| $ | 8,037,636 | $ | 114,992 | |||||||||||||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
| 6 | Securities lending collateral — See Note 5. |
| 7 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 149,655,397 | $ | — | $ | — | $ | 149,655,397 | ||||||||
| U.S. Treasury Bills | — | 406,404 | — | 406,404 | ||||||||||||
| Repurchase Agreements | — | 9,904,404 | — | 9,904,404 | ||||||||||||
| Securities Lending Collateral | 115,556 | — | — | 115,556 | ||||||||||||
| Equity Futures Contracts** | 131,719 | — | — | 131,719 | ||||||||||||
| Equity Index Swap Agreements** | — | 114,992 | — | 114,992 | ||||||||||||
| Total Assets | $ | 149,902,672 | $ | 10,425,800 | $ | — | $ | 160,328,472 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Inverse S&P 500® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 34.7% | ||||||||
| Guggenheim Strategy Fund II1 | 262,625 | $ | 6,534,113 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 426,990 | 4,291,252 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $10,738,043) | 10,825,365 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 46.7% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.19% due 08/26/252 | $ | 8,100,000 | 8,045,568 | |||||
| 4.22% due 08/19/252 | 4,000,000 | 3,976,521 | ||||||
| 4.23% due 09/18/252,3 | 1,750,000 | 1,733,800 | ||||||
| 4.27% due 08/05/252 | 500,000 | 497,931 | ||||||
| 3.94% due 07/08/252,4 | 200,000 | 199,839 | ||||||
| 4.20% due 09/18/252,3 | 100,000 | 99,074 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $14,554,834) | 14,552,733 | |||||||
| FEDERAL AGENCY NOTES†† - 6.4% | ||||||||
| Federal Home Loan Bank | ||||||||
| 4.39% (SOFR + 0.00%, Rate Floor: 0.00%) due 07/03/25◊ | 2,000,000 | 1,999,998 | ||||||
| Total Federal Agency Notes | ||||||||
| (Cost $2,000,000) | 1,999,998 | |||||||
| REPURCHASE AGREEMENTS††,5 - 15.4% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | 2,601,234 | 2,601,234 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 1,122,431 | 1,122,431 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 1,083,848 | 1,083,848 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $4,807,513) | 4,807,513 | |||||||
| Total Investments - 103.2% | ||||||||
| (Cost $32,100,390) | $ | 32,185,609 | ||||||
| Other Assets & Liabilities, net - (3.2)% | (987,405 | ) | ||||||
| Total Net Assets - 100.0% | $ | 31,198,204 | ||||||
| Inverse S&P 500® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
| Equity Futures Contracts Sold Short† | ||||||||||||
| S&P 500 Index Mini Futures Contracts | 5 | Sep 2025 | $ | 1,562,875 | $ | (54,946 | ) | |||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| Barclays Bank plc | S&P 500 Index | Receive | 4.99% (SOFR + 0.60%) | At Maturity | 09/25/25 | 1,010 | $ | 6,267,067 | $ | (113,920 | ) | |||||||||||
| BNP Paribas | S&P 500 Index | Receive | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 09/25/25 | 1,151 | 7,143,950 | (129,855 | ) | |||||||||||||
| Goldman Sachs International | S&P 500 Index | Receive | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 09/24/25 | 2,615 | 16,224,291 | (294,862 | ) | |||||||||||||
| $ | 29,635,308 | $ | (538,637 | ) | ||||||||||||||||||
| ** | 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 June 30, 2025. 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 equity index swap collateral at June 30, 2025. |
| 4 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 10,825,365 | $ | — | $ | — | $ | 10,825,365 | ||||||||
| U.S. Treasury Bills | — | 14,552,733 | — | 14,552,733 | ||||||||||||
| Federal Agency Notes | — | 1,999,998 | — | 1,999,998 | ||||||||||||
| Repurchase Agreements | — | 4,807,513 | — | 4,807,513 | ||||||||||||
| Total Assets | $ | 10,825,365 | $ | 21,360,244 | $ | — | $ | 32,185,609 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Equity Futures Contracts** | $ | 54,946 | $ | — | $ | — | $ | 54,946 | ||||||||
| Equity Index Swap Agreements** | — | 538,637 | — | 538,637 | ||||||||||||
| Total Liabilities | $ | 54,946 | $ | 538,637 | $ | — | $ | 593,583 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Inverse S&P 500® Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 6,528,860 | $ | – | $ | – | $ | – | $ | 5,253 | $ | 6,534,113 | 262,625 | $ | 87,781 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4,282,712 | – | – | – | 8,540 | 4,291,252 | 426,990 | 45,688 | ||||||||||||||||||||||||
| $ | 10,811,572 | $ | – | $ | – | $ | – | $ | 13,793 | $ | 10,825,365 | $ | 133,469 | |||||||||||||||||||
| S&P 500® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.6% | ||||||||
| Consumer, Cyclical - 25.6% | ||||||||
| Royal Caribbean Cruises Ltd. | 2,498 | $ | 782,224 | |||||
| Carnival Corp.* | 24,156 | 679,266 | ||||||
| TKO Group Holdings, Inc. | 2,969 | 540,210 | ||||||
| Norwegian Cruise Line Holdings Ltd.* | 25,939 | 526,043 | ||||||
| United Airlines Holdings, Inc.* | 6,495 | 517,197 | ||||||
| Live Nation Entertainment, Inc.* | 3,418 | 517,075 | ||||||
| Tapestry, Inc. | 4,803 | 421,752 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,565 | 416,822 | ||||||
| Delta Air Lines, Inc. | 8,355 | 410,899 | ||||||
| Marriott International, Inc. — Class A | 1,276 | 348,616 | ||||||
| Ralph Lauren Corp. — Class A | 1,191 | 326,667 | ||||||
| Wynn Resorts Ltd. | 3,444 | 322,599 | ||||||
| PulteGroup, Inc. | 2,569 | 270,927 | ||||||
| Tesla, Inc.* | 764 | 242,692 | ||||||
| Las Vegas Sands Corp. | 5,401 | 234,998 | ||||||
| Cummins, Inc. | 696 | 227,940 | ||||||
| Deckers Outdoor Corp.* | 2,067 | 213,046 | ||||||
| WW Grainger, Inc. | 171 | 177,881 | ||||||
| Chipotle Mexican Grill, Inc. — Class A* | 2,911 | 163,453 | ||||||
| Costco Wholesale Corp. | 157 | 155,420 | ||||||
| Williams-Sonoma, Inc. | 768 | 125,468 | ||||||
| Total Consumer, Cyclical | 7,621,195 | |||||||
| Technology - 17.2% | ||||||||
| Palantir Technologies, Inc. — Class A* | 5,326 | 726,040 | ||||||
| NVIDIA Corp. | 4,019 | 634,962 | ||||||
| Crowdstrike Holdings, Inc. — Class A* | 1,044 | 531,720 | ||||||
| Fortinet, Inc.* | 4,934 | 521,622 | ||||||
| Broadcom, Inc. | 1,643 | 452,893 | ||||||
| Super Micro Computer, Inc.* | 7,258 | 355,714 | ||||||
| Fair Isaac Corp.* | 169 | 308,925 | ||||||
| ServiceNow, Inc.* | 295 | 303,284 | ||||||
| Paycom Software, Inc. | 1,151 | 266,342 | ||||||
| Fiserv, Inc.* | 1,271 | 219,133 | ||||||
| Oracle Corp. | 1,000 | 218,630 | ||||||
| International Business Machines Corp. | 700 | 206,346 | ||||||
| Tyler Technologies, Inc.* | 264 | 156,510 | ||||||
| Salesforce, Inc. | 399 | 108,803 | ||||||
| Dayforce, Inc.* | 1,788 | 99,037 | ||||||
| Total Technology | 5,109,961 | |||||||
| Industrial - 14.5% | ||||||||
| Axon Enterprise, Inc.* | 824 | 682,223 | ||||||
| Howmet Aerospace, Inc. | 3,384 | 629,864 | ||||||
| GE Vernova, Inc. | 717 | 379,400 | ||||||
| Trane Technologies plc | 838 | 366,550 | ||||||
| Westinghouse Air Brake Technologies Corp. | 1,297 | 271,527 | ||||||
| Amphenol Corp. — Class A | 2,627 | 259,416 | ||||||
| Caterpillar, Inc. | 665 | 258,160 | ||||||
| TransDigm Group, Inc. | 162 | 246,344 | ||||||
| Hubbell, Inc. | 561 | 229,118 | ||||||
| Parker-Hannifin Corp. | 282 | 196,968 | ||||||
| Garmin Ltd. | 809 | 168,855 | ||||||
| Eaton Corporation plc | 459 | 163,858 | ||||||
| Republic Services, Inc. — Class A | 659 | 162,516 | ||||||
| Ingersoll Rand, Inc. | 1,936 | 161,036 | ||||||
| Lennox International, Inc. | 273 | 156,494 | ||||||
| Total Industrial | 4,332,329 | |||||||
| Communications - 13.0% | ||||||||
| Booking Holdings, Inc. | 87 | 503,664 | ||||||
| Arista Networks, Inc.* | 4,881 | 499,375 | ||||||
| Uber Technologies, Inc.* | 5,303 | 494,770 | ||||||
| DoorDash, Inc. — Class A* | 1,940 | 478,229 | ||||||
| Netflix, Inc.* | 291 | 389,687 | ||||||
| Meta Platforms, Inc. — Class A | 487 | 359,450 | ||||||
| Expedia Group, Inc. | 1,947 | 328,420 | ||||||
| GoDaddy, Inc. — Class A* | 1,785 | 321,407 | ||||||
| Palo Alto Networks, Inc.* | 1,022 | 209,142 | ||||||
| Airbnb, Inc. — Class A* | 1,255 | 166,087 | ||||||
| Motorola Solutions, Inc. | 326 | 137,070 | ||||||
| Total Communications | 3,887,301 | |||||||
| Financial - 11.5% | ||||||||
| Apollo Global Management, Inc. | 3,006 | 426,461 | ||||||
| American Express Co. | 1,195 | 381,181 | ||||||
| Synchrony Financial | 4,748 | 316,882 | ||||||
| Progressive Corp. | 1,152 | 307,423 | ||||||
| Arch Capital Group Ltd. | 3,350 | 305,017 | ||||||
| Ameriprise Financial, Inc. | 524 | 279,674 | ||||||
| CBRE Group, Inc. — Class A* | 1,940 | 271,833 | ||||||
| Iron Mountain, Inc. REIT | 2,596 | 266,272 | ||||||
| Brown & Brown, Inc. | 2,240 | 248,349 | ||||||
| Erie Indemnity Co. — Class A | 629 | 218,131 | ||||||
| Visa, Inc. — Class A | 565 | 200,603 | ||||||
| Mastercard, Inc. — Class A | 336 | 188,812 | ||||||
| Total Financial | 3,410,638 | |||||||
| Consumer, Non-cyclical - 9.4% | ||||||||
| Quanta Services, Inc. | 1,389 | 525,153 | ||||||
| United Rentals, Inc. | 539 | 406,083 | ||||||
| Insulet Corp.* | 1,118 | 351,253 | ||||||
| Corpay, Inc.* | 895 | 296,979 | ||||||
| Intuitive Surgical, Inc.* | 484 | 263,011 | ||||||
| Boston Scientific Corp.* | 2,056 | 220,835 | ||||||
| Cintas Corp. | 982 | 218,858 | ||||||
| ResMed, Inc. | 804 | 207,432 | ||||||
| DaVita, Inc.* | 1,294 | 184,330 | ||||||
| Eli Lilly & Co. | 167 | 130,181 | ||||||
| Total Consumer, Non-cyclical | 2,804,115 | |||||||
| Utilities - 5.4% | ||||||||
| Vistra Corp. | 3,974 | 770,201 | ||||||
| NRG Energy, Inc. | 3,447 | 553,519 | ||||||
| Constellation Energy Corp. | 923 | 297,908 | ||||||
| Total Utilities | 1,621,628 | |||||||
| Energy - 3.0% | ||||||||
| Texas Pacific Land Corp. | 414 | 437,345 | ||||||
| Hess Corp. | 1,709 | 236,765 | ||||||
| Targa Resources Corp. | 1,332 | 231,875 | ||||||
| Total Energy | 905,985 | |||||||
| Total Common Stocks | ||||||||
| (Cost $20,554,417) | 29,693,152 | |||||||
| S&P 500® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| REPURCHASE AGREEMENTS††,1 - 0.8% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 125,276 | $ | 125,276 | ||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 54,056 | 54,056 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | $ | 52,198 | $ | 52,198 | ||||
| Total Repurchase Agreements | ||||||||
| (Cost $231,530) | 231,530 | |||||||
| Total Investments - 100.4% | ||||||||
| (Cost $20,785,947) | $ | 29,924,682 | ||||||
| Other Assets & Liabilities, net - (0.4)% | (113,936 | ) | ||||||
| Total Net Assets - 100.0% | $ | 29,810,746 | ||||||
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 29,693,152 | $ | — | $ | — | $ | 29,693,152 | ||||||||
| Repurchase Agreements | — | 231,530 | — | 231,530 | ||||||||||||
| Total Assets | $ | 29,693,152 | $ | 231,530 | $ | — | $ | 29,924,682 | ||||||||
| S&P 500® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.0% | ||||||||
| Consumer, Non-cyclical - 31.1% | ||||||||
| CVS Health Corp. | 4,075 | $ | 281,093 | |||||
| Archer-Daniels-Midland Co. | 3,674 | 193,914 | ||||||
| Centene Corp.* | 3,539 | 192,097 | ||||||
| Bunge Global S.A. | 2,270 | 182,235 | ||||||
| Kroger Co. | 2,191 | 157,160 | ||||||
| Cardinal Health, Inc. | 884 | 148,512 | ||||||
| Tyson Foods, Inc. — Class A | 2,451 | 137,109 | ||||||
| Humana, Inc. | 553 | 135,197 | ||||||
| Cencora, Inc. — Class A | 442 | 132,534 | ||||||
| Cigna Group | 396 | 130,910 | ||||||
| McKesson Corp. | 178 | 130,435 | ||||||
| Kraft Heinz Co. | 3,706 | 95,689 | ||||||
| Elevance Health, Inc. | 244 | 94,906 | ||||||
| Molina Healthcare, Inc.* | 306 | 91,157 | ||||||
| Viatris, Inc. | 9,567 | 85,433 | ||||||
| Molson Coors Beverage Co. — Class B | 1,771 | 85,168 | ||||||
| Universal Health Services, Inc. — Class B | 323 | 58,512 | ||||||
| Sysco Corp. | 759 | 57,487 | ||||||
| Henry Schein, Inc.* | 659 | 48,140 | ||||||
| Conagra Brands, Inc. | 2,343 | 47,961 | ||||||
| J M Smucker Co. | 440 | 43,208 | ||||||
| Biogen, Inc.* | 303 | 38,054 | ||||||
| Baxter International, Inc. | 1,239 | 37,517 | ||||||
| Global Payments, Inc. | 397 | 31,776 | ||||||
| Total Consumer, Non-cyclical | 2,636,204 | |||||||
| Financial - 18.2% | ||||||||
| Citigroup, Inc. | 1,732 | 147,428 | ||||||
| American International Group, Inc. | 1,308 | 111,952 | ||||||
| Loews Corp. | 1,136 | 104,126 | ||||||
| Franklin Resources, Inc. | 4,362 | 104,033 | ||||||
| Invesco Ltd. | 6,301 | 99,367 | ||||||
| Everest Group Ltd. | 281 | 95,498 | ||||||
| Prudential Financial, Inc. | 860 | 92,398 | ||||||
| Citizens Financial Group, Inc. | 1,741 | 77,910 | ||||||
| State Street Corp. | 583 | 61,996 | ||||||
| MetLife, Inc. | 765 | 61,521 | ||||||
| Capital One Financial Corp. | 288 | 61,275 | ||||||
| Allstate Corp. | 244 | 49,120 | ||||||
| Assurant, Inc. | 227 | 44,830 | ||||||
| Bank of America Corp. | 938 | 44,386 | ||||||
| Travelers Companies, Inc. | 161 | 43,074 | ||||||
| VICI Properties, Inc. REIT | 1,300 | 42,380 | ||||||
| Truist Financial Corp. | 964 | 41,442 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 550 | 39,947 | ||||||
| Chubb Ltd. | 135 | 39,112 | ||||||
| M&T Bank Corp. | 200 | 38,798 | ||||||
| Principal Financial Group, Inc. | 477 | 37,888 | ||||||
| Huntington Bancshares, Inc. | 2,199 | 36,855 | ||||||
| KeyCorp | 2,035 | 35,450 | ||||||
| Regions Financial Corp. | 1,493 | 35,116 | ||||||
| Total Financial | 1,545,902 | |||||||
| Consumer, Cyclical - 17.9% | ||||||||
| Ford Motor Co. | 20,472 | 222,121 | ||||||
| General Motors Co. | 4,192 | 206,288 | ||||||
| Dollar General Corp. | 1,465 | 167,567 | ||||||
| Walgreens Boots Alliance, Inc.* | 11,694 | 134,247 | ||||||
| Dollar Tree, Inc.* | 1,241 | 122,909 | ||||||
| Aptiv plc* | 1,579 | 107,719 | ||||||
| LKQ Corp. | 2,258 | 83,569 | ||||||
| CarMax, Inc.* | 1,199 | 80,585 | ||||||
| Southwest Airlines Co. | 2,171 | 70,427 | ||||||
| Best Buy Company, Inc. | 902 | 60,551 | ||||||
| MGM Resorts International* | 1,475 | 50,725 | ||||||
| Target Corp. | 491 | 48,437 | ||||||
| Caesars Entertainment, Inc.* | 1,689 | 47,951 | ||||||
| Genuine Parts Co. | 377 | 45,734 | ||||||
| Lennar Corp. — Class A | 339 | 37,497 | ||||||
| DR Horton, Inc. | 235 | 30,296 | ||||||
| Total Consumer, Cyclical | 1,516,623 | |||||||
| Energy - 9.0% | ||||||||
| Valero Energy Corp. | 1,182 | 158,885 | ||||||
| Marathon Petroleum Corp. | 813 | 135,047 | ||||||
| Phillips 66 | 1,093 | 130,395 | ||||||
| APA Corp. | 3,473 | 63,521 | ||||||
| Equities Corp. | 819 | 47,764 | ||||||
| Devon Energy Corp. | 1,299 | 41,321 | ||||||
| Exxon Mobil Corp. | 379 | 40,856 | ||||||
| Chevron Corp. | 260 | 37,229 | ||||||
| Diamondback Energy, Inc. | 270 | 37,098 | ||||||
| Occidental Petroleum Corp. | 882 | 37,053 | ||||||
| Coterra Energy, Inc. — Class A | 1,426 | 36,192 | ||||||
| Total Energy | 765,361 | |||||||
| Basic Materials - 6.1% | ||||||||
| Mosaic Co. | 6,199 | 226,140 | ||||||
| LyondellBasell Industries N.V. — Class A | 1,090 | 63,067 | ||||||
| Dow, Inc. | 1,963 | 51,980 | ||||||
| Nucor Corp. | 394 | 51,039 | ||||||
| Steel Dynamics, Inc. | 270 | 34,563 | ||||||
| International Paper Co. | 695 | 32,547 | ||||||
| DuPont de Nemours, Inc. | 458 | 31,414 | ||||||
| Eastman Chemical Co. | 409 | 30,536 | ||||||
| Total Basic Materials | 521,286 | |||||||
| Communications - 5.9% | ||||||||
| Paramount Global — Class B | 13,520 | 174,408 | ||||||
| Warner Bros Discovery, Inc.* | 10,988 | 125,923 | ||||||
| AT&T, Inc. | 2,264 | 65,520 | ||||||
| Verizon Communications, Inc. | 992 | 42,924 | ||||||
| Comcast Corp. — Class A | 1,139 | 40,651 | ||||||
| Fox Corp. — Class A | 580 | 32,503 | ||||||
| Fox Corp. — Class B | 346 | 17,864 | ||||||
| Total Communications | 499,793 | |||||||
| Industrial - 5.5% | ||||||||
| Huntington Ingalls Industries, Inc. | 454 | 109,623 | ||||||
| Mohawk Industries, Inc.* | 834 | 87,437 | ||||||
| Jabil, Inc. | 396 | 86,368 | ||||||
| Stanley Black & Decker, Inc. | 826 | 55,961 | ||||||
| Smurfit WestRock plc | 1,123 | 48,457 | ||||||
| FedEx Corp. | 174 | 39,552 | ||||||
| Textron, Inc. | 491 | 39,422 | ||||||
| Total Industrial | 466,820 | |||||||
| Utilities - 3.6% | ||||||||
| Exelon Corp. | 1,417 | 61,526 | ||||||
| Evergy, Inc. | 683 | 47,079 | ||||||
| AES Corp. | 4,387 | 46,151 | ||||||
| S&P 500® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.0% (continued) | ||||||||
| Utilities - 3.6% (continued) | ||||||||
| Consolidated Edison, Inc. | 425 | $ | 42,649 | |||||
| Pinnacle West Capital Corp. | 462 | 41,335 | ||||||
| Eversource Energy | 598 | 38,045 | ||||||
| PG&E Corp. | 2,031 | 28,312 | ||||||
| Total Utilities | 305,097 | |||||||
| Technology - 1.7% | ||||||||
| Hewlett Packard Enterprise Co. | 4,129 | 84,438 | ||||||
| Intel Corp.* | 2,792 | 62,541 | ||||||
| Total Technology | 146,979 | |||||||
| Total Common Stocks | ||||||||
| (Cost $6,636,472) | 8,404,065 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,1 - 1.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 53,558 | 53,558 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 23,111 | 23,111 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 22,316 | 22,316 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $98,985) | 98,985 | |||||||
| Total Investments - 100.2% | ||||||||
| (Cost $6,735,457) | $ | 8,503,050 | ||||||
| Other Assets & Liabilities, net - (0.2)% | (16,453 | ) | ||||||
| Total Net Assets - 100.0% | $ | 8,486,597 | ||||||
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 8,404,065 | $ | — | $ | — | $ | 8,404,065 | ||||||||
| Repurchase Agreements | — | 98,985 | — | 98,985 | ||||||||||||
| Total Assets | $ | 8,404,065 | $ | 98,985 | $ | — | $ | 8,503,050 | ||||||||
| S&P MidCap 400® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% | ||||||||
| Industrial - 25.6% | ||||||||
| Comfort Systems USA, Inc. | 1,180 | $ | 632,728 | |||||
| EMCOR Group, Inc. | 961 | 514,029 | ||||||
| MasTec, Inc.* | 2,363 | 402,726 | ||||||
| RBC Bearings, Inc.* | 947 | 364,405 | ||||||
| Chart Industries, Inc.* | 1,993 | 328,147 | ||||||
| AAON, Inc. | 4,183 | 308,496 | ||||||
| Kirby Corp.* | 2,674 | 303,258 | ||||||
| Curtiss-Wright Corp. | 602 | 294,107 | ||||||
| Clean Harbors, Inc.* | 1,264 | 292,212 | ||||||
| Woodward, Inc. | 1,001 | 245,335 | ||||||
| BWX Technologies, Inc. | 1,631 | 234,962 | ||||||
| Fabrinet* | 791 | 233,092 | ||||||
| Eagle Materials, Inc. | 1,150 | 232,426 | ||||||
| TopBuild Corp.* | 678 | 219,496 | ||||||
| Acuity, Inc. | 721 | 215,103 | ||||||
| Esab Corp. | 1,771 | 213,494 | ||||||
| nVent Electric plc | 2,893 | 211,912 | ||||||
| Applied Industrial Technologies, Inc. | 842 | 195,723 | ||||||
| Belden, Inc. | 1,553 | 179,838 | ||||||
| Tetra Tech, Inc. | 4,921 | 176,959 | ||||||
| Mueller Industries, Inc. | 2,123 | 168,715 | ||||||
| Knife River Corp.* | 2,029 | 165,648 | ||||||
| Owens Corning | 1,071 | 147,284 | ||||||
| Coherent Corp.* | 1,647 | 146,929 | ||||||
| Carlisle Companies, Inc. | 389 | 145,253 | ||||||
| Louisiana-Pacific Corp. | 1,193 | 102,586 | ||||||
| Saia, Inc.* | 323 | 88,499 | ||||||
| Total Industrial | 6,763,362 | |||||||
| Consumer, Non-cyclical - 24.3% | ||||||||
| Roivant Sciences Ltd.* | 50,358 | 567,535 | ||||||
| Exelixis, Inc.* | 10,913 | 480,990 | ||||||
| Shift4 Payments, Inc. — Class A*,1 | 4,680 | 463,835 | ||||||
| Masimo Corp.* | 2,371 | 398,850 | ||||||
| Globus Medical, Inc. — Class A* | 6,179 | 364,684 | ||||||
| Sprouts Farmers Market, Inc.* | 2,112 | 347,720 | ||||||
| RB Global, Inc. | 3,183 | 338,003 | ||||||
| Halozyme Therapeutics, Inc.* | 6,090 | 316,802 | ||||||
| Pilgrim’s Pride Corp. | 6,606 | 297,138 | ||||||
| Lantheus Holdings, Inc.* | 3,626 | 296,824 | ||||||
| Paylocity Holding Corp.* | 1,602 | 290,266 | ||||||
| Medpace Holdings, Inc.* | 869 | 272,744 | ||||||
| Valvoline, Inc.* | 6,485 | 245,587 | ||||||
| H&R Block, Inc. | 4,319 | 237,070 | ||||||
| United Therapeutics Corp.* | 813 | 233,615 | ||||||
| Neurocrine Biosciences, Inc.* | 1,816 | 228,253 | ||||||
| Grand Canyon Education, Inc.* | 1,190 | 224,910 | ||||||
| elf Beauty, Inc.* | 1,674 | 208,313 | ||||||
| Coca-Cola Consolidated, Inc. | 1,729 | 193,043 | ||||||
| HealthEquity, Inc.* | 1,732 | 181,444 | ||||||
| Ensign Group, Inc. | 1,106 | 170,612 | ||||||
| Sarepta Therapeutics, Inc.* | 3,720 | 63,612 | ||||||
| Total Consumer, Non-cyclical | 6,421,850 | |||||||
| Consumer, Cyclical - 14.5% | ||||||||
| Planet Fitness, Inc. — Class A* | 3,727 | 406,429 | ||||||
| Texas Roadhouse, Inc. — Class A | 2,011 | 376,881 | ||||||
| Wingstop, Inc. | 1,024 | 344,822 | ||||||
| Hyatt Hotels Corp. — Class A | 2,422 | 338,232 | ||||||
| Hilton Grand Vacations, Inc.* | 7,138 | 296,441 | ||||||
| Alaska Air Group, Inc.* | 5,980 | 295,891 | ||||||
| American Airlines Group, Inc.* | 25,383 | 284,797 | ||||||
| Toll Brothers, Inc. | 2,353 | 268,548 | ||||||
| Travel + Leisure Co. | 5,067 | 261,508 | ||||||
| Abercrombie & Fitch Co. — Class A* | 2,971 | 246,147 | ||||||
| Murphy USA, Inc. | 557 | 226,588 | ||||||
| Crocs, Inc.* | 1,844 | 186,760 | ||||||
| Churchill Downs, Inc. | 1,728 | 174,528 | ||||||
| Choice Hotels International, Inc.1 | 994 | 126,119 | ||||||
| Total Consumer, Cyclical | 3,833,691 | |||||||
| Financial - 11.0% | ||||||||
| Interactive Brokers Group, Inc. — Class A | 8,362 | 463,338 | ||||||
| RenaissanceRe Holdings Ltd. | 1,642 | 398,842 | ||||||
| Kinsale Capital Group, Inc. | 740 | 358,086 | ||||||
| Hamilton Lane, Inc. — Class A | 2,358 | 335,119 | ||||||
| Ryan Specialty Holdings, Inc. | 4,076 | 277,127 | ||||||
| East West Bancorp, Inc. | 2,744 | 277,089 | ||||||
| Western Alliance Bancorporation | 3,356 | 261,701 | ||||||
| SLM Corp. | 6,173 | 202,413 | ||||||
| Equitable Holdings, Inc. | 3,400 | 190,740 | ||||||
| Houlihan Lokey, Inc. | 744 | 133,883 | ||||||
| Total Financial | 2,898,338 | |||||||
| Technology - 10.0% | ||||||||
| Guidewire Software, Inc.* | 1,791 | 421,691 | ||||||
| ExlService Holdings, Inc.* | 7,088 | 310,384 | ||||||
| Appfolio, Inc. — Class A* | 1,259 | 289,923 | ||||||
| CommVault Systems, Inc.* | 1,624 | 283,112 | ||||||
| DocuSign, Inc.* | 3,132 | 243,951 | ||||||
| Pegasystems, Inc. | 4,171 | 225,776 | ||||||
| Doximity, Inc. — Class A* | 3,641 | 223,339 | ||||||
| Parsons Corp.* | 3,043 | 218,396 | ||||||
| Okta, Inc.* | 1,755 | 175,447 | ||||||
| Dynatrace, Inc.* | 2,717 | 150,006 | ||||||
| Manhattan Associates, Inc.* | 569 | 112,360 | ||||||
| Total Technology | 2,654,385 | |||||||
| Energy - 5.7% | ||||||||
| Valaris Ltd.* | 11,861 | 499,467 | ||||||
| Permian Resources Corp. | 22,350 | 304,407 | ||||||
| CNX Resources Corp.* | 7,354 | 247,683 | ||||||
| Viper Energy, Inc. | 6,065 | 231,258 | ||||||
| DT Midstream, Inc. | 1,959 | 215,314 | ||||||
| Total Energy | 1,498,129 | |||||||
| Basic Materials - 4.6% | ||||||||
| Carpenter Technology Corp. | 2,784 | 769,442 | ||||||
| ATI, Inc.* | 5,278 | 455,702 | ||||||
| Total Basic Materials | 1,225,144 | |||||||
| Communications - 4.1% | ||||||||
| Hims & Hers Health, Inc.*,1 | 14,921 | 743,812 | ||||||
| Chewy, Inc. — Class A* | 7,818 | 333,203 | ||||||
| Total Communications | 1,077,015 | |||||||
| Total Common Stocks | ||||||||
| (Cost $21,419,656) | 26,371,914 | |||||||
| S&P MidCap 400® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 73,157 | $ | 73,157 | ||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 31,567 | 31,567 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 30,482 | 30,482 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $135,206) | 135,206 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 3.8% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 1,014,195 | 1,014,195 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $1,014,195) | 1,014,195 | |||||||
| Total Investments - 104.1% | ||||||||
| (Cost $22,569,057) | $ | 27,521,315 | ||||||
| Other Assets & Liabilities, net - (4.1)% | (1,077,482 | ) | ||||||
| Total Net Assets - 100.0% | $ | 26,443,833 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 26,371,914 | $ | — | $ | — | $ | 26,371,914 | ||||||||
| Repurchase Agreements | — | 135,206 | — | 135,206 | ||||||||||||
| Securities Lending Collateral | 1,014,195 | — | — | 1,014,195 | ||||||||||||
| Total Assets | $ | 27,386,109 | $ | 135,206 | $ | — | $ | 27,521,315 | ||||||||
| S&P MidCap 400® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.5% | ||||||||
| Consumer, Cyclical - 26.4% | ||||||||
| Goodyear Tire & Rubber Co.* | 18,050 | $ | 187,178 | |||||
| Lear Corp. | 1,515 | 143,895 | ||||||
| AutoNation, Inc.* | 594 | 117,998 | ||||||
| Lithia Motors, Inc. — Class A | 345 | 116,548 | ||||||
| Macy’s, Inc. | 9,427 | 109,919 | ||||||
| Penske Automotive Group, Inc. | 622 | 106,866 | ||||||
| Whirlpool Corp. | 898 | 91,075 | ||||||
| WESCO International, Inc. | 380 | 70,376 | ||||||
| Thor Industries, Inc. | 716 | 63,588 | ||||||
| PVH Corp. | 751 | 51,519 | ||||||
| Visteon Corp.* | 549 | 51,222 | ||||||
| Taylor Morrison Home Corp. — Class A* | 818 | 50,242 | ||||||
| Harley-Davidson, Inc. | 2,094 | 49,419 | ||||||
| Gap, Inc. | 1,880 | 41,002 | ||||||
| Capri Holdings Ltd.* | 2,293 | 40,586 | ||||||
| Polaris, Inc. | 905 | 36,788 | ||||||
| Aramark | 852 | 35,673 | ||||||
| Marriott Vacations Worldwide Corp. | 467 | 33,769 | ||||||
| Under Armour, Inc. — Class A* | 2,057 | 14,049 | ||||||
| Under Armour, Inc. — Class C* | 1,431 | 9,287 | ||||||
| Total Consumer, Cyclical | 1,420,999 | |||||||
| Industrial - 17.2% | ||||||||
| Avnet, Inc. | 3,102 | 164,654 | ||||||
| Arrow Electronics, Inc.* | 1,288 | 164,130 | ||||||
| TD SYNNEX Corp. | 1,185 | 160,805 | ||||||
| Greif, Inc. — Class A | 1,004 | 65,250 | ||||||
| AGCO Corp. | 610 | 62,927 | ||||||
| Oshkosh Corp. | 543 | 61,652 | ||||||
| Flex Ltd.* | 1,045 | 52,166 | ||||||
| CNH Industrial N.V. | 3,925 | 50,868 | ||||||
| Terex Corp. | 1,050 | 49,025 | ||||||
| Sonoco Products Co. | 800 | 34,848 | ||||||
| Fluor Corp.* | 569 | 29,173 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 658 | 29,103 | ||||||
| Total Industrial | 924,601 | |||||||
| Consumer, Non-cyclical - 15.0% | ||||||||
| Avis Budget Group, Inc.* | 763 | 128,985 | ||||||
| Performance Food Group Co.* | 1,092 | 95,517 | ||||||
| Albertsons Companies, Inc. — Class A | 4,254 | 91,504 | ||||||
| ManpowerGroup, Inc. | 2,162 | 87,345 | ||||||
| Perrigo Company plc | 3,209 | 85,745 | ||||||
| Graham Holdings Co. — Class B | 85 | 80,424 | ||||||
| US Foods Holding Corp.* | 849 | 65,381 | ||||||
| Darling Ingredients, Inc.* | 1,182 | 44,845 | ||||||
| GXO Logistics, Inc.* | 860 | 41,882 | ||||||
| Acadia Healthcare Company, Inc.* | 1,354 | 30,722 | ||||||
| Insperity, Inc. | 473 | 28,437 | ||||||
| Coty, Inc. — Class A* | 4,883 | 22,706 | ||||||
| Total Consumer, Non-cyclical | 803,493 | |||||||
| Financial - 14.9% | ||||||||
| Brighthouse Financial, Inc.* | 1,824 | 98,076 | ||||||
| Reinsurance Group of America, Inc. — Class A | 334 | 66,252 | ||||||
| Ally Financial, Inc. | 1,535 | 59,788 | ||||||
| Unum Group | 712 | 57,501 | ||||||
| Valley National Bancorp | 6,337 | 56,590 | ||||||
| CNO Financial Group, Inc. | 1,222 | 47,145 | ||||||
| Associated Banc-Corp. | 1,844 | 44,975 | ||||||
| Kilroy Realty Corp. REIT1 | 1,227 | 42,098 | ||||||
| FNB Corp. | 2,788 | 40,649 | ||||||
| Old Republic International Corp. | 1,040 | 39,977 | ||||||
| Essent Group Ltd. | 656 | 39,839 | ||||||
| Bank OZK | 836 | 39,342 | ||||||
| Kemper Corp. | 603 | 38,918 | ||||||
| Hanover Insurance Group, Inc. | 203 | 34,484 | ||||||
| First American Financial Corp. | 561 | 34,440 | ||||||
| Starwood Property Trust, Inc. REIT | 1,587 | 31,851 | ||||||
| Prosperity Bancshares, Inc. | 396 | 27,815 | ||||||
| Total Financial | 799,740 | |||||||
| Energy - 11.8% | ||||||||
| HF Sinclair Corp. | 4,690 | 192,665 | ||||||
| PBF Energy, Inc. — Class A | 5,998 | 129,977 | ||||||
| NOV, Inc. | 6,421 | 79,813 | ||||||
| Chord Energy Corp. | 645 | 62,468 | ||||||
| Civitas Resources, Inc. | 2,197 | 60,461 | ||||||
| Ovintiv, Inc. | 1,419 | 53,993 | ||||||
| Murphy Oil Corp. | 2,367 | 53,258 | ||||||
| Total Energy | 632,635 | |||||||
| Technology - 6.4% | ||||||||
| Concentrix Corp. | 4,495 | 237,583 | ||||||
| BILL Holdings, Inc.* | 905 | 41,866 | ||||||
| Amkor Technology, Inc. | 1,601 | 33,605 | ||||||
| Maximus, Inc. | 432 | 30,326 | ||||||
| Total Technology | 343,380 | |||||||
| Utilities - 4.4% | ||||||||
| UGI Corp. | 1,731 | 63,043 | ||||||
| Northwestern Energy Group, Inc. | 725 | 37,193 | ||||||
| Spire, Inc. | 493 | 35,984 | ||||||
| Southwest Gas Holdings, Inc. | 477 | 35,484 | ||||||
| Portland General Electric Co. | 844 | 34,292 | ||||||
| Black Hills Corp. | 515 | 28,891 | ||||||
| Total Utilities | 234,887 | |||||||
| Basic Materials - 3.4% | ||||||||
| Cleveland-Cliffs, Inc.* | 14,020 | 106,552 | ||||||
| Commercial Metals Co. | 754 | 36,878 | ||||||
| Ashland, Inc. | 489 | 24,587 | ||||||
| Olin Corp. | 846 | 16,996 | ||||||
| Total Basic Materials | 185,013 | |||||||
| Total Common Stocks | ||||||||
| (Cost $4,385,541) | 5,344,748 | |||||||
| S&P MidCap 400® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 8,360 | $ | 8,360 | ||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 3,607 | 3,607 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 3,483 | 3,483 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $15,450) | 15,450 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.6% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 33,370 | 33,370 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $33,370) | 33,370 | |||||||
| Total Investments - 100.4% | ||||||||
| (Cost $4,434,361) | $ | 5,393,568 | ||||||
| Other Assets & Liabilities, net - (0.4)% | (20,398 | ) | ||||||
| Total Net Assets - 100.0% | $ | 5,373,170 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
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 June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 5,344,748 | $ | — | $ | — | $ | 5,344,748 | ||||||||
| Repurchase Agreements | — | 15,450 | — | 15,450 | ||||||||||||
| Securities Lending Collateral | 33,370 | — | — | 33,370 | ||||||||||||
| Total Assets | $ | 5,378,118 | $ | 15,450 | $ | — | $ | 5,393,568 | ||||||||
| S&P SmallCap 600® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% | ||||||||
| Consumer, Non-cyclical - 28.0% | ||||||||
| Protagonist Therapeutics, Inc.* | 1,181 | $ | 65,274 | |||||
| Corcept Therapeutics, Inc.* | 740 | 54,316 | ||||||
| TG Therapeutics, Inc.* | 1,478 | 53,193 | ||||||
| Adtalem Global Education, Inc.* | 406 | 51,655 | ||||||
| Chefs’ Warehouse, Inc.* | 777 | 49,580 | ||||||
| TransMedics Group, Inc.* | 358 | 47,975 | ||||||
| ADMA Biologics, Inc.* | 2,334 | 42,502 | ||||||
| Cal-Maine Foods, Inc. | 419 | 41,745 | ||||||
| UFP Technologies, Inc.* | 145 | 35,403 | ||||||
| Catalyst Pharmaceuticals, Inc.* | 1,597 | 34,655 | ||||||
| Krystal Biotech, Inc.* | 241 | 33,128 | ||||||
| Stride, Inc.* | 190 | 27,586 | ||||||
| Harmony Biosciences Holdings, Inc.* | 768 | 24,269 | ||||||
| ICU Medical, Inc.* | 179 | 23,655 | ||||||
| Collegium Pharmaceutical, Inc.* | 754 | 22,296 | ||||||
| Phibro Animal Health Corp. — Class A | 864 | 22,066 | ||||||
| CorVel Corp.* | 205 | 21,070 | ||||||
| LeMaitre Vascular, Inc. | 239 | 19,849 | ||||||
| Verra Mobility Corp.* | 738 | 18,738 | ||||||
| Inspire Medical Systems, Inc.* | 144 | 18,687 | ||||||
| Astrana Health, Inc.* | 666 | 16,570 | ||||||
| Integer Holdings Corp.* | 133 | 16,355 | ||||||
| BioLife Solutions, Inc.* | 755 | 16,263 | ||||||
| Artivion, Inc.* | 507 | 15,768 | ||||||
| ANI Pharmaceuticals, Inc.* | 223 | 14,551 | ||||||
| PROG Holdings, Inc. | 490 | 14,382 | ||||||
| Vericel Corp.* | 327 | 13,914 | ||||||
| Glaukos Corp.* | 124 | 12,808 | ||||||
| GEO Group, Inc.* | 511 | 12,239 | ||||||
| Inter Parfums, Inc. | 84 | 11,030 | ||||||
| RadNet, Inc.* | 182 | 10,358 | ||||||
| Arcus Biosciences, Inc.* | 1,204 | 9,800 | ||||||
| Payoneer Global, Inc.* | 1,144 | 7,836 | ||||||
| Ligand Pharmaceuticals, Inc.*,††† | 107 | – | ||||||
| Ligand Pharmaceuticals, Inc.*,††† | 107 | – | ||||||
| Total Consumer, Non-cyclical | 879,516 | |||||||
| Financial - 21.4% | ||||||||
| Palomar Holdings, Inc.* | 394 | 60,775 | ||||||
| Acadian Asset Management, Inc. | 1,249 | 44,015 | ||||||
| Axos Financial, Inc.* | 524 | 39,845 | ||||||
| Trupanion, Inc.* | 717 | 39,686 | ||||||
| Enova International, Inc.* | 323 | 36,021 | ||||||
| HCI Group, Inc. | 212 | 32,266 | ||||||
| Pathward Financial, Inc. | 401 | 31,727 | ||||||
| MARA Holdings, Inc.* | 1,955 | 30,654 | ||||||
| Bancorp, Inc.* | 444 | 25,295 | ||||||
| Mercury General Corp. | 374 | 25,185 | ||||||
| WisdomTree, Inc. | 2,132 | 24,539 | ||||||
| Cleanspark, Inc.* | 2,205 | 24,321 | ||||||
| PJT Partners, Inc. — Class A | 144 | 23,762 | ||||||
| DiamondRock Hospitality Co. REIT | 3,069 | 23,509 | ||||||
| Xenia Hotels & Resorts, Inc. REIT | 1,712 | 21,520 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 216 | 21,313 | ||||||
| Preferred Bank/Los Angeles CA | 242 | 20,944 | ||||||
| Goosehead Insurance, Inc. — Class A | 195 | 20,574 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 2,097 | 18,202 | ||||||
| NMI Holdings, Inc. — Class A* | 429 | 18,100 | ||||||
| Virtu Financial, Inc. — Class A | 360 | 16,124 | ||||||
| ServisFirst Bancshares, Inc. | 170 | 13,177 | ||||||
| Essential Properties Realty Trust, Inc. REIT | 395 | 12,604 | ||||||
| Outfront Media, Inc. REIT1 | 669 | 10,918 | ||||||
| BancFirst Corp. | 80 | 9,889 | ||||||
| Curbline Properties Corp. REIT | 431 | 9,840 | ||||||
| City Holding Co. | 79 | 9,671 | ||||||
| NexPoint Residential Trust, Inc. REIT | 276 | 9,196 | ||||||
| Total Financial | 673,672 | |||||||
| Industrial - 20.3% | ||||||||
| DXP Enterprises, Inc.* | 552 | 48,383 | ||||||
| AZZ, Inc. | 454 | 42,894 | ||||||
| Dycom Industries, Inc.* | 158 | 38,614 | ||||||
| Powell Industries, Inc. | 170 | 35,776 | ||||||
| SPX Technologies, Inc.* | 199 | 33,369 | ||||||
| Sterling Infrastructure, Inc.* | 136 | 31,379 | ||||||
| AeroVironment, Inc.* | 110 | 31,345 | ||||||
| Greenbrier Companies, Inc. | 635 | 29,242 | ||||||
| Armstrong World Industries, Inc. | 171 | 27,777 | ||||||
| Trinity Industries, Inc. | 949 | 25,632 | ||||||
| Zurn Elkay Water Solutions Corp. | 699 | 25,562 | ||||||
| Cactus, Inc. — Class A | 562 | 24,571 | ||||||
| CSW Industrials, Inc. | 79 | 22,660 | ||||||
| Badger Meter, Inc. | 92 | 22,535 | ||||||
| Granite Construction, Inc. | 237 | 22,162 | ||||||
| ESCO Technologies, Inc. | 102 | 19,571 | ||||||
| Itron, Inc.* | 141 | 18,560 | ||||||
| Griffon Corp. | 252 | 18,237 | ||||||
| OSI Systems, Inc.* | 81 | 18,214 | ||||||
| Federal Signal Corp. | 171 | 18,198 | ||||||
| Frontdoor, Inc.* | 294 | 17,328 | ||||||
| Mueller Water Products, Inc. — Class A | 636 | 15,289 | ||||||
| Enerpac Tool Group Corp. | 363 | 14,723 | ||||||
| Kadant, Inc. | 43 | 13,650 | ||||||
| Moog, Inc. — Class A | 64 | 11,582 | ||||||
| Apogee Enterprises, Inc. | 283 | 11,490 | ||||||
| Total Industrial | 638,743 | |||||||
| Consumer, Cyclical - 17.0% | ||||||||
| Cinemark Holdings, Inc. | 1,572 | 47,443 | ||||||
| Shake Shack, Inc. — Class A* | 264 | 37,119 | ||||||
| Brinker International, Inc.* | 198 | 35,705 | ||||||
| OPENLANE, Inc.* | 1,397 | 34,157 | ||||||
| SkyWest, Inc.* | 327 | 33,671 | ||||||
| Dorman Products, Inc.* | 242 | 29,686 | ||||||
| Green Brick Partners, Inc.* | 458 | 28,799 | ||||||
| Boot Barn Holdings, Inc.* | 179 | 27,208 | ||||||
| Sabre Corp.* | 8,528 | 26,948 | ||||||
| Freshpet, Inc.* | 385 | 26,165 | ||||||
| Cavco Industries, Inc.* | 60 | 26,066 | ||||||
| S&P SmallCap 600® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.8% (continued) | ||||||||
| Consumer, Cyclical - 17.0% (continued) | ||||||||
| Madison Square Garden Sports Corp. — Class A* | 123 | $ | 25,701 | |||||
| Dream Finders Homes, Inc. — Class A* | 966 | 24,275 | ||||||
| Pursuit Attractions and Hospitality, Inc.* | 736 | 21,219 | ||||||
| Installed Building Products, Inc. | 107 | 19,294 | ||||||
| Dave & Buster’s Entertainment, Inc.* | 641 | 19,281 | ||||||
| Six Flags Entertainment Corp.* | 546 | 16,615 | ||||||
| Interface, Inc. — Class A | 781 | 16,346 | ||||||
| Monarch Casino & Resort, Inc. | 146 | 12,620 | ||||||
| Champion Homes, Inc.* | 142 | 8,891 | ||||||
| XPEL, Inc.* | 235 | 8,437 | ||||||
| Kontoor Brands, Inc. | 119 | 7,850 | ||||||
| Total Consumer, Cyclical | 533,496 | |||||||
| Technology - 4.2% | ||||||||
| Impinj, Inc.* | 232 | 25,768 | ||||||
| Clear Secure, Inc. — Class A | 912 | 25,317 | ||||||
| ACI Worldwide, Inc.* | 491 | 22,542 | ||||||
| Agilysys, Inc.* | 161 | 18,457 | ||||||
| Box, Inc. — Class A* | 343 | 11,720 | ||||||
| DigitalOcean Holdings, Inc.* | 397 | 11,338 | ||||||
| Semtech Corp.* | 182 | 8,216 | ||||||
| SPS Commerce, Inc.* | 54 | 7,349 | ||||||
| Total Technology | 130,707 | |||||||
| Energy - 3.8% | ||||||||
| Archrock, Inc. | 818 | 20,311 | ||||||
| Warrior Met Coal, Inc. | 399 | 18,286 | ||||||
| Tidewater, Inc.* | 383 | 17,668 | ||||||
| Atlas Energy Solutions, Inc.1 | 1,317 | 17,608 | ||||||
| Core Natural Resources, Inc. | 252 | 17,574 | ||||||
| Northern Oil & Gas, Inc. | 602 | 17,067 | ||||||
| Oceaneering International, Inc.* | 554 | 11,479 | ||||||
| Total Energy | 119,993 | |||||||
| Communications - 3.0% | ||||||||
| InterDigital, Inc. | 236 | 52,918 | ||||||
| QuinStreet, Inc.* | 977 | 15,730 | ||||||
| Cargurus, Inc.* | 413 | 13,823 | ||||||
| Cogent Communications Holdings, Inc. | 222 | 10,703 | ||||||
| Total Communications | 93,174 | |||||||
| Basic Materials - 2.1% | ||||||||
| Hawkins, Inc. | 202 | 28,704 | ||||||
| Century Aluminum Co.* | 1,215 | 21,894 | ||||||
| Sylvamo Corp. | 286 | 14,329 | ||||||
| Total Basic Materials | 64,927 | |||||||
| Total Common Stocks | ||||||||
| (Cost $2,520,970) | 3,134,228 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 10,069 | 10,069 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 4,345 | 4,345 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 4,196 | 4,196 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $18,610) | 18,610 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 0.7% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 21,716 | 21,716 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $21,716) | 21,716 | |||||||
| Total Investments - 101.1% | ||||||||
| (Cost $2,561,296) | $ | 3,174,554 | ||||||
| Other Assets & Liabilities, net - (1.1)% | (35,113 | ) | ||||||
| Total Net Assets - 100.0% | $ | 3,139,441 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1, 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 on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
| S&P SmallCap 600® Pure Growth Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 3,134,228 | $ | — | $ | — * | $ | 3,134,228 | ||||||||
| Repurchase Agreements | — | 18,610 | — | 18,610 | ||||||||||||
| Securities Lending Collateral | 21,716 | — | — | 21,716 | ||||||||||||
| Total Assets | $ | 3,155,944 | $ | 18,610 | $ | — | $ | 3,174,554 | ||||||||
| * | Security has a market value of $0. |
| S&P SmallCap 600® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.4% | ||||||||
| Consumer, Cyclical - 30.2% | ||||||||
| Titan International, Inc.* | 6,308 | $ | 64,783 | |||||
| Dana, Inc. | 3,610 | 61,912 | ||||||
| National Vision Holdings, Inc.* | 2,497 | 57,456 | ||||||
| Adient plc* | 2,905 | 56,531 | ||||||
| Foot Locker, Inc.* | 2,204 | 53,998 | ||||||
| Topgolf Callaway Brands Corp.* | 6,534 | 52,599 | ||||||
| Advance Auto Parts, Inc. | 1,077 | 50,070 | ||||||
| MarineMax, Inc.* | 1,811 | 45,529 | ||||||
| Sonic Automotive, Inc. — Class A | 473 | 37,807 | ||||||
| BorgWarner, Inc. | 1,114 | 37,297 | ||||||
| Asbury Automotive Group, Inc.* | 150 | 35,781 | ||||||
| Kohl’s Corp.1 | 4,142 | 35,124 | ||||||
| Cracker Barrel Old Country Store, Inc. | 480 | 29,318 | ||||||
| G-III Apparel Group Ltd.* | 1,241 | 27,799 | ||||||
| Standard Motor Products, Inc. | 899 | 27,617 | ||||||
| Guess?, Inc.1 | 2,243 | 27,118 | ||||||
| ScanSource, Inc.* | 647 | 27,051 | ||||||
| American Axle & Manufacturing Holdings, Inc.* | 6,029 | 24,598 | ||||||
| JetBlue Airways Corp.* | 5,530 | 23,392 | ||||||
| Penn Entertainment, Inc.* | 1,230 | 21,980 | ||||||
| MillerKnoll, Inc. | 1,020 | 19,808 | ||||||
| Sally Beauty Holdings, Inc.* | 2,012 | 18,631 | ||||||
| Century Communities, Inc. | 287 | 16,164 | ||||||
| Resideo Technologies, Inc.* | 717 | 15,817 | ||||||
| Allegiant Travel Co. — Class A* | 275 | 15,111 | ||||||
| Bloomin’ Brands, Inc. | 1,746 | 15,033 | ||||||
| PriceSmart, Inc. | 136 | 14,286 | ||||||
| Caleres, Inc. | 1,165 | 14,236 | ||||||
| Academy Sports & Outdoors, Inc. | 301 | 13,488 | ||||||
| Sun Country Airlines Holdings, Inc.* | 1,051 | 12,349 | ||||||
| Fox Factory Holding Corp.* | 437 | 11,336 | ||||||
| Winnebago Industries, Inc. | 366 | 10,614 | ||||||
| Signet Jewelers Ltd. | 124 | 9,864 | ||||||
| Newell Brands, Inc. | 1,776 | 9,590 | ||||||
| Shoe Carnival, Inc. | 433 | 8,101 | ||||||
| Meritage Homes Corp. | 118 | 7,903 | ||||||
| LGI Homes, Inc.* | 108 | 5,564 | ||||||
| Total Consumer, Cyclical | 1,015,655 | |||||||
| Financial - 21.3% | ||||||||
| ProAssurance Corp.* | 2,163 | 49,381 | ||||||
| Genworth Financial, Inc. — Class A* | 6,331 | 49,255 | ||||||
| Lincoln National Corp. | 1,418 | 49,063 | ||||||
| Millrose Properties, Inc. — Class A REIT | 1,532 | 43,677 | ||||||
| EZCORP, Inc. — Class A* | 2,769 | 38,433 | ||||||
| Air Lease Corp. — Class A | 467 | 27,315 | ||||||
| United Fire Group, Inc. | 910 | 26,117 | ||||||
| SiriusPoint Ltd.* | 1,278 | 26,059 | ||||||
| PRA Group, Inc.* | 1,620 | 23,895 | ||||||
| Navient Corp. | 1,661 | 23,420 | ||||||
| New York Mortgage Trust, Inc. REIT | 3,051 | 20,442 | ||||||
| PennyMac Mortgage Investment Trust REIT | 1,561 | 20,074 | ||||||
| Cushman & Wakefield plc* | 1,753 | 19,406 | ||||||
| SITE Centers Corp. REIT | 1,662 | 18,797 | ||||||
| Jackson Financial, Inc. — Class A | 194 | 17,225 | ||||||
| Bread Financial Holdings, Inc. | 298 | 17,022 | ||||||
| Global Net Lease, Inc. REIT | 2,232 | 16,852 | ||||||
| Safehold, Inc. REIT | 1,042 | 16,213 | ||||||
| JBG SMITH Properties REIT | 931 | 16,106 | ||||||
| Hope Bancorp, Inc. | 1,413 | 15,162 | ||||||
| Apollo Commercial Real Estate Finance, Inc. REIT | 1,467 | 14,201 | ||||||
| ARMOUR Residential REIT, Inc.1 | 844 | 14,188 | ||||||
| Ellington Financial, Inc. REIT1 | 1,079 | 14,016 | ||||||
| Redwood Trust, Inc. REIT | 2,359 | 13,942 | ||||||
| Hilltop Holdings, Inc. | 457 | 13,870 | ||||||
| Renasant Corp. | 366 | 13,150 | ||||||
| Capitol Federal Financial, Inc. | 1,976 | 12,053 | ||||||
| Eagle Bancorp, Inc. | 584 | 11,376 | ||||||
| Horace Mann Educators Corp. | 258 | 11,086 | ||||||
| Brookline Bancorp, Inc. | 976 | 10,297 | ||||||
| Franklin BSP Realty Trust, Inc. REIT1 | 932 | 9,963 | ||||||
| Stewart Information Services Corp. | 148 | 9,635 | ||||||
| Simmons First National Corp. — Class A | 506 | 9,594 | ||||||
| KKR Real Estate Finance Trust, Inc. REIT | 1,067 | 9,358 | ||||||
| Encore Capital Group, Inc.* | 228 | 8,826 | ||||||
| Ready Capital Corp. REIT | 1,929 | 8,430 | ||||||
| Total Financial | 717,899 | |||||||
| Consumer, Non-cyclical - 18.2% | ||||||||
| SpartanNash Co. | 2,858 | 75,708 | ||||||
| Fresh Del Monte Produce, Inc. | 1,430 | 46,360 | ||||||
| United Natural Foods, Inc.* | 1,694 | 39,487 | ||||||
| AdaptHealth Corp.* | 3,861 | 36,409 | ||||||
| Universal Corp. | 611 | 35,585 | ||||||
| AMN Healthcare Services, Inc.* | 1,682 | 34,767 | ||||||
| Andersons, Inc. | 940 | 34,545 | ||||||
| B&G Foods, Inc.1 | 7,442 | 31,480 | ||||||
| Select Medical Holdings Corp. | 1,768 | 26,838 | ||||||
| Owens & Minor, Inc.* | 2,790 | 25,389 | ||||||
| Healthcare Services Group, Inc.* | 1,391 | 20,907 | ||||||
| ABM Industries, Inc. | 392 | 18,506 | ||||||
| Avanos Medical, Inc.* | 1,441 | 17,638 | ||||||
| Enovis Corp.* | 530 | 16,621 | ||||||
| Deluxe Corp. | 951 | 15,130 | ||||||
| TreeHouse Foods, Inc.* | 742 | 14,410 | ||||||
| Grocery Outlet Holding Corp.* | 1,107 | 13,749 | ||||||
| Pacira BioSciences, Inc.* | 536 | 12,810 | ||||||
| Edgewell Personal Care Co. | 544 | 12,735 | ||||||
| Upbound Group, Inc. | 492 | 12,349 | ||||||
| Central Garden & Pet Co. — Class A* | 376 | 11,765 | ||||||
| USANA Health Sciences, Inc.* | 369 | 11,266 | ||||||
| Matthews International Corp. — Class A | 417 | 9,971 | ||||||
| Monro, Inc. | 650 | 9,692 | ||||||
| MGP Ingredients, Inc. | 286 | 8,571 | ||||||
| Helen of Troy Ltd.* | 282 | 8,003 | ||||||
| S&P SmallCap 600® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 99.4% (continued) | ||||||||
| Consumer, Non-cyclical - 18.2% (continued) | ||||||||
| Neogen Corp.* | 1,189 | $ | 5,683 | |||||
| Fortrea Holdings, Inc.* | 826 | 4,081 | ||||||
| Central Garden & Pet Co.* | 69 | 2,428 | ||||||
| Total Consumer, Non-cyclical | 612,883 | |||||||
| Energy - 10.0% | ||||||||
| Par Pacific Holdings, Inc.* | 3,468 | 92,006 | ||||||
| CVR Energy, Inc.* | 1,401 | 37,617 | ||||||
| Innovex International, Inc.* | 1,899 | 29,662 | ||||||
| Talos Energy, Inc.* | 3,039 | 25,771 | ||||||
| Vital Energy, Inc.*,1 | 1,316 | 21,174 | ||||||
| Peabody Energy Corp. | 1,536 | 20,613 | ||||||
| Crescent Energy Co. — Class A | 2,269 | 19,513 | ||||||
| Sunrun, Inc.* | 2,064 | 16,884 | ||||||
| Patterson-UTI Energy, Inc. | 2,845 | 16,871 | ||||||
| Bristow Group, Inc.* | 476 | 15,694 | ||||||
| SunCoke Energy, Inc. | 1,727 | 14,835 | ||||||
| ProPetro Holding Corp.* | 2,112 | 12,609 | ||||||
| REX American Resources Corp.* | 250 | 12,177 | ||||||
| Total Energy | 335,426 | |||||||
| Industrial - 7.2% | ||||||||
| World Kinect Corp. | 1,939 | 54,971 | ||||||
| Enviri Corp.* | 4,967 | 43,114 | ||||||
| O-I Glass, Inc.* | 2,745 | 40,461 | ||||||
| Metallus, Inc.* | 1,668 | 25,704 | ||||||
| Astec Industries, Inc. | 402 | 16,759 | ||||||
| Dorian LPG Ltd. | 574 | 13,994 | ||||||
| Vishay Intertechnology, Inc. | 864 | 13,720 | ||||||
| Heartland Express, Inc. | 1,031 | 8,908 | ||||||
| ArcBest Corp. | 109 | 8,394 | ||||||
| American Woodmark Corp.* | 155 | 8,273 | ||||||
| Masterbrand, Inc.* | 626 | 6,842 | ||||||
| Total Industrial | 241,140 | |||||||
| Communications - 6.2% | ||||||||
| Viasat, Inc.* | 5,037 | 73,540 | ||||||
| Scholastic Corp. | 1,654 | 34,701 | ||||||
| Angi, Inc.* | 1,816 | 27,712 | ||||||
| IAC, Inc.* | 628 | 23,450 | ||||||
| Telephone & Data Systems, Inc. | 521 | 18,537 | ||||||
| Shenandoah Telecommunications Co. | 1,279 | 17,471 | ||||||
| TEGNA, Inc. | 899 | 15,067 | ||||||
| Total Communications | 210,478 | |||||||
| Basic Materials - 4.0% | ||||||||
| Koppers Holdings, Inc. | 990 | 31,828 | ||||||
| Celanese Corp. — Class A | 528 | 29,214 | ||||||
| Kaiser Aluminum Corp. | 282 | 22,532 | ||||||
| AdvanSix, Inc. | 855 | 20,306 | ||||||
| FMC Corp. | 294 | 12,274 | ||||||
| Stepan Co. | 170 | 9,279 | ||||||
| Chemours Co. | 706 | 8,084 | ||||||
| Total Basic Materials | 133,517 | |||||||
| Technology - 1.9% | ||||||||
| DXC Technology Co.* | 1,793 | 27,415 | ||||||
| Corsair Gaming, Inc.* | 2,251 | 21,227 | ||||||
| Insight Enterprises, Inc.* | 64 | 8,837 | ||||||
| Xerox Holdings Corp.1 | 1,382 | 7,283 | ||||||
| Total Technology | 64,762 | |||||||
| Utilities - 0.4% | ||||||||
| MDU Resources Group, Inc. | 715 | 11,919 | ||||||
| Total Common Stocks | ||||||||
| (Cost $3,056,233) | 3,343,679 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | $ | 11,606 | 11,606 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 5,008 | 5,008 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 4,836 | 4,836 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $21,450) | 21,450 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,3 - 3.7% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%4 | 125,313 | 125,313 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $125,313) | 125,313 | |||||||
| Total Investments - 103.7% | ||||||||
| (Cost $3,202,996) | $ | 3,490,442 | ||||||
| Other Assets & Liabilities, net - (3.7)% | (124,640 | ) | ||||||
| Total Net Assets - 100.0% | $ | 3,365,802 | ||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | Securities lending collateral — See Note 5. |
| 4 | Rate indicated is the 7-day yield as of June 30, 2025. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
| S&P SmallCap 600® Pure Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 3,343,679 | $ | — | $ | — | $ | 3,343,679 | ||||||||
| Repurchase Agreements | — | 21,450 | — | 21,450 | ||||||||||||
| Securities Lending Collateral | 125,313 | — | — | 125,313 | ||||||||||||
| Total Assets | $ | 3,468,992 | $ | 21,450 | $ | — | $ | 3,490,442 | ||||||||
| Emerging Markets Bond Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| U.S. TREASURY BILLS†† - 0.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/251,2 | $ | 2,000 | $ | 1,999 | ||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $1,999) | 1,999 | |||||||
| REPURCHASE AGREEMENTS††,3 - 89.9% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/254 | 255,930 | 255,930 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/254 | 110,434 | 110,434 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/254 | 106,638 | 106,638 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $473,002) | 473,002 | |||||||
| Total Investments - 90.3% | ||||||||
| (Cost $475,001) | $ | 475,001 | ||||||
| Other Assets & Liabilities, net - 9.7% | 51,136 | |||||||
| Total Net Assets - 100.0% | $ | 526,137 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Interest Rate Futures Contracts Purchased† | ||||||||||||||
| U.S. Treasury 5 Year Note Futures Contracts | 3 | Sep 2025 | $ | 327,070 | $ | 2,501 | ||||||||
Centrally Cleared Credit Default Swap Agreements Protection Sold††
| Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Appreciation** | |||||||||||||||||||
| Barclays Bank plc | ICE | CDX.EM.43.V1 | 1.00 | % | Quarterly | 06/20/30 | $ | 370,000 | $ | (9,167 | ) | $ | (11,968 | ) | $ | 2,801 | ||||||||||||
Total Return Swap Agreements
| Counterparty | Reference Obligation | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 5.08% (Federal Funds Rate + 0.75%) | At Maturity | 07/30/25 | 9,147 | $ | 186,873 | $ | 2,012 | ||||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
| 3 | Repurchase Agreements — See Note 4. |
| 4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
CDX.EM.43.V1 — Credit Default Swap Emerging Markets Series 43 Index Version 1
ICE — Intercontinental Exchange
plc — Public Limited Company
See Sector Classification in Other Information section.
| Emerging Markets Bond Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Treasury Bills | $ | — | $ | 1,999 | $ | — | $ | 1,999 | ||||||||
| Repurchase Agreements | — | 473,002 | — | 473,002 | ||||||||||||
| Interest Rate Futures Contracts** | 2,501 | — | — | 2,501 | ||||||||||||
| Credit Default Swap Agreements** | — | 2,801 | — | 2,801 | ||||||||||||
| Credit Index Swap Agreements** | — | 2,012 | — | 2,012 | ||||||||||||
| Total Assets | $ | 2,501 | $ | 479,814 | $ | — | $ | 482,315 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Government Long Bond 1.2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 7.0% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 51,284 | $ | 515,409 | |||||
| Guggenheim Strategy Fund II1 | 20,287 | 504,751 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $1,011,484) | 1,020,160 | |||||||
| Face Amount | ||||||||
| U.S. GOVERNMENT SECURITIES†† - 74.0% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.75% due 05/15/55 | $ | 10,900,000 | 10,836,984 | |||||
| Total U.S. Government Securities | ||||||||
| (Cost $10,352,118) | 10,836,984 | |||||||
| U.S. TREASURY BILLS†† - 1.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/252,3 | 242,000 | 241,805 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $241,806) | 241,805 | |||||||
| REPURCHASE AGREEMENTS††,4 - 15.3% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | 1,214,231 | 1,214,231 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 523,940 | 523,940 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 505,930 | 505,930 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $2,244,101) | 2,244,101 | |||||||
| Total Investments - 97.9% | ||||||||
| (Cost $13,849,509) | $ | 14,343,050 | ||||||
| Other Assets & Liabilities, net - 2.1% | 303,081 | |||||||
| Total Net Assets - 100.0% | $ | 14,646,131 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Interest Rate Futures Contracts Purchased† | ||||||||||||
| U.S. Treasury Ultra Long Bond Futures Contracts | 58 | Sep 2025 | $ | 6,900,188 | $ | 149,868 | ||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Affiliated issuer. |
| 2 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 1,020,160 | $ | — | $ | — | $ | 1,020,160 | ||||||||
| U.S. Government Securities | — | 10,836,984 | — | 10,836,984 | ||||||||||||
| U.S. Treasury Bills | — | 241,805 | — | 241,805 | ||||||||||||
| Repurchase Agreements | — | 2,244,101 | — | 2,244,101 | ||||||||||||
| Interest Rate Futures Contracts** | 149,868 | — | — | 149,868 | ||||||||||||
| Total Assets | $ | 1,170,028 | $ | 13,322,890 | $ | — | $ | 14,492,918 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Government Long Bond 1.2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 504,345 | $ | – | $ | – | $ | – | $ | 406 | $ | 504,751 | 20,287 | $ | 6,781 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 514,383 | – | – | – | 1,026 | 515,409 | 51,284 | 5,487 | ||||||||||||||||||||||||
| $ | 1,018,728 | $ | – | $ | – | $ | – | $ | 1,432 | $ | 1,020,160 | $ | 12,268 | |||||||||||||||||||
| Inverse Government Long Bond Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 38.8% | ||||||||
| Guggenheim Strategy Fund II1 | 137,556 | $ | 3,422,386 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 326,794 | 3,284,282 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $6,642,019) | 6,706,668 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 20.4% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.19% due 08/26/252 | $ | 2,000,000 | 1,986,560 | |||||
| 4.27% due 08/05/252 | 1,300,000 | 1,294,622 | ||||||
| 3.94% due 07/08/252,3 | 247,000 | 246,801 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $3,528,363) | 3,527,983 | |||||||
| FEDERAL AGENCY NOTES†† - 11.6% | ||||||||
| Federal Farm Credit Bank | ||||||||
| 4.47% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25◊ | 1,000,000 | 1,000,040 | ||||||
| Federal Home Loan Bank | ||||||||
| 4.39% (SOFR, Rate Floor: 0.00%) due 08/21/25◊ | 1,000,000 | 999,990 | ||||||
| Total Federal Agency Notes | ||||||||
| (Cost $1,999,975) | 2,000,030 | |||||||
| REPURCHASE AGREEMENTS††,4 - 111.1% | ||||||||
| Individual Repurchase Agreements Barclays Capital, Inc. issued 06/30/25 at 4.00% due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.00% and maturing 5/15/55 as collateral, with a value of $6,934,725) to be repurchased at $6,799,505 | 6,798,750 | 6,798,750 | ||||||
| Mizuho Securities USA LLC issued 06/30/25 at 4.20% due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.20% and maturing 5/15/55 as collateral, with a value of $6,639,281) to be repurchased at $6,509,859 | 6,509,099 | 6,509,099 | ||||||
| Joint Repurchase Agreements | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | 3,185,981 | 3,185,981 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 1,374,749 | 1,374,749 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 1,327,492 | 1,327,492 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $19,196,071) | 19,196,071 | |||||||
| Total Investments - 181.9% | ||||||||
| (Cost $31,366,428) | $ | 31,430,752 | ||||||
| U.S. Government Securities Sold Short†† - (74.8)% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.75% due 05/15/55 | 13,000,000 | (12,924,843 | ) | |||||
| Total U.S. Government Securities Sold Short - (74.8)% | ||||||||
| (Proceeds $12,418,143) | $ | (12,924,843 | ) | |||||
| Other Assets & Liabilities, net - (7.1)% | (1,232,796 | ) | ||||||
| Total Net Assets - 100.0% | $ | 17,273,113 | ||||||
| Inverse Government Long Bond Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
| Interest Rate Futures Contracts Sold Short† | ||||||||||||
| U.S. Treasury Ultra Long Bond Futures Contracts | 37 | Sep 2025 | $ | 4,401,844 | $ | (108,629 | ) | |||||
| ** | 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 June 30, 2025. 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 June 30, 2025. |
| 4 | Repurchase Agreements — See Note 4. |
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 6,706,668 | $ | — | $ | — | $ | 6,706,668 | ||||||||
| U.S. Treasury Bills | — | 3,527,983 | — | 3,527,983 | ||||||||||||
| Federal Agency Notes | — | 2,000,030 | — | 2,000,030 | ||||||||||||
| Repurchase Agreements | — | 19,196,071 | — | 19,196,071 | ||||||||||||
| Total Assets | $ | 6,706,668 | $ | 24,724,084 | $ | — | $ | 31,430,752 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Government Securities Sold Short | $ | — | $ | 12,924,843 | $ | — | $ | 12,924,843 | ||||||||
| Interest Rate Futures Contracts** | 108,629 | — | — | 108,629 | ||||||||||||
| Total Liabilities | $ | 108,629 | $ | 12,924,843 | $ | — | $ | 13,033,472 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
| Inverse Government Long Bond Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 3,419,634 | $ | – | $ | – | $ | – | $ | 2,752 | $ | 3,422,386 | 137,556 | $ | 45,977 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3,277,747 | – | – | – | 6,535 | 3,284,282 | 326,794 | 34,968 | ||||||||||||||||||||||||
| $ | 6,697,381 | $ | – | $ | – | $ | – | $ | 9,287 | $ | 6,706,668 | $ | 80,945 | |||||||||||||||||||
| High Yield Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 15.9% | ||||||||
| Guggenheim Strategy Fund III1 | 79,841 | $ | 1,993,632 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 133,249 | 1,339,152 | ||||||
| Guggenheim Strategy Fund II1 | 53,173 | 1,322,938 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $4,578,426) | 4,655,722 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 24.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.01% due 08/12/252 | $ | 3,000,000 | 2,984,943 | |||||
| 4.19% due 08/26/252 | 2,000,000 | 1,986,560 | ||||||
| 4.27% due 08/05/252 | 1,400,000 | 1,394,209 | ||||||
| 3.94% due 07/08/252,3 | 864,000 | 863,304 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $7,229,149) | 7,229,016 | |||||||
| FEDERAL AGENCY NOTES†† - 6.8% | ||||||||
| Federal Farm Credit Bank | ||||||||
| 4.47% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25◊ | 2,000,000 | 2,000,080 | ||||||
| Total Federal Agency Notes | ||||||||
| (Cost $2,000,000) | 2,000,080 |
| FEDERAL AGENCY DISCOUNT NOTES†† - 4.2% | ||||||||
| Freddie Mac | ||||||||
| 4.23% due 07/02/252 | 1,250,000 | 1,249,853 | ||||||
| Total Federal Agency Discount Notes | ||||||||
| (Cost $1,249,853) | 1,249,853 | |||||||
| REPURCHASE AGREEMENTS††,4 - 42.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/255 | 6,804,442 | 6,804,442 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/255 | 2,936,113 | 2,936,113 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/255 | 2,835,184 | 2,835,184 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $12,575,739) | 12,575,739 | |||||||
| Total Investments - 94.2% | ||||||||
| (Cost $27,633,167) | $ | 27,710,410 | ||||||
| Other Assets & Liabilities, net - 5.8% | 1,718,932 | |||||||
| Total Net Assets - 100.0% | $ | 29,429,342 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Interest Rate Futures Contracts Purchased† | ||||||||||||||
| U.S. Treasury 5 Year Note Futures Contracts | 255 | Sep 2025 | $ | 27,800,977 | $ | 223,629 | ||||||||
Centrally Cleared Credit Default Swap Agreements Protection Sold††
| Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation** | |||||||||||||||||||
| Barclays Bank plc | ICE | CDX.NA.HY.44.V1 | 5.00 | % | Quarterly | 06/20/30 | $ | 19,050,000 | $ | 1,431,922 | $ | 946,026 | $ | 485,896 | ||||||||||||||
| Goldman Sachs International | ICE | CDX.NA.HY.44.V1 | 5.00 | % | Quarterly | 06/20/30 | 6,700,000 | 503,615 | 376,950 | 126,665 | ||||||||||||||||||
| $ | 1,935,537 | $ | 1,322,976 | $ | 612,561 | |||||||||||||||||||||||
Total Return Swap Agreements
| Counterparty | Reference Obligation | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.33% (Federal Funds Rate) | At Maturity | 07/30/25 | 16,337 | $ | 1,317,579 | $ | 8,169 | ||||||||||||
| BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 1,788 | 173,928 | 1,001 | ||||||||||||||
| BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 1,222 | 98,570 | 611 | ||||||||||||||
| $ | 1,590,077 | $ | 9,781 | |||||||||||||||||||
| High Yield Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| ** | 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 June 30, 2025. 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 and credit default swap collateral at June 30, 2025. |
| 4 | Repurchase Agreements — See Note 4. |
| 5 | All or a portion of this security is pledged as credit index swap collateral at June 30, 2025. |
CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1
ICE — Intercontinental Exchange
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 4,655,722 | $ | — | $ | — | $ | 4,655,722 | ||||||||
| U.S. Treasury Bills | — | 7,229,016 | — | 7,229,016 | ||||||||||||
| Federal Agency Notes | — | 2,000,080 | — | 2,000,080 | ||||||||||||
| Federal Agency Discount Notes | — | 1,249,853 | — | 1,249,853 | ||||||||||||
| Repurchase Agreements | — | 12,575,739 | — | 12,575,739 | ||||||||||||
| Interest Rate Futures Contracts** | 223,629 | — | — | 223,629 | ||||||||||||
| Credit Default Swap Agreements** | — | 612,561 | — | 612,561 | ||||||||||||
| Credit Index Swap Agreements** | — | 9,781 | — | 9,781 | ||||||||||||
| Total Assets | $ | 4,879,351 | $ | 23,677,030 | $ | — | $ | 28,556,381 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 1,321,874 | $ | – | $ | – | $ | – | $ | 1,064 | $ | 1,322,938 | 53,173 | $ | 17,773 | |||||||||||||||||
| Guggenheim Strategy Fund III | 1,990,438 | – | – | – | 3,194 | 1,993,632 | 79,841 | 27,089 | ||||||||||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 1,336,487 | – | – | – | 2,665 | 1,339,152 | 133,249 | 14,258 | ||||||||||||||||||||||||
| $ | 4,648,799 | $ | – | $ | – | $ | – | $ | 6,923 | $ | 4,655,722 | $ | 59,120 | |||||||||||||||||||
| Inverse High Yield Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| MUTUAL FUNDS† - 58.8% | ||||||||
| Guggenheim Strategy Fund II1 | 9,164 | $ | 228,013 | |||||
| Guggenheim Ultra Short Duration Fund — Institutional Class1 | 22,678 | 227,914 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $449,759) | 455,927 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 1.6% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/252,3 | $ | 12,000 | 11,990 | |||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $11,990) | 11,990 | |||||||
| REPURCHASE AGREEMENTS††,4 - 35.7% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | 149,959 | 149,959 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 64,708 | 64,708 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 62,483 | 62,483 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $277,150) | 277,150 | |||||||
| Total Investments - 96.1% | ||||||||
| (Cost $738,899) | $ | 745,067 | ||||||
| Other Assets & Liabilities, net - 3.9% | 30,440 | |||||||
| Total Net Assets - 100.0% | $ | 775,507 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
| Interest Rate Futures Contracts Sold Short† | ||||||||||||||
| U.S. Treasury 5 Year Note Futures Contracts | 7 | Sep 2025 | $ | 763,164 | $ | (6,192 | ) | |||||||
Centrally Cleared Credit Default Swap Agreements Protection Purchased††
| Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation** | |||||||||||||||||||
| Barclays Bank plc | ICE | CDX.NA.HY.44.V1 | 5.00 | % | Quarterly | 06/20/30 | $ | 700,000 | $ | (52,617 | ) | $ | (43,047 | ) | $ | (9,570 | ) | |||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Affiliated issuer. |
| 2 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 3 | Rate indicated is the effective yield at the time of purchase. |
| 4 | Repurchase Agreements — See Note 4. |
CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1
ICE — Intercontinental Exchange
plc — Public Limited Company
See Sector Classification in Other Information section.
| Inverse High Yield Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Mutual Funds | $ | 455,927 | $ | — | $ | — | $ | 455,927 | ||||||||
| U.S. Treasury Bills | — | 11,990 | — | 11,990 | ||||||||||||
| Repurchase Agreements | — | 277,150 | — | 277,150 | ||||||||||||
| Total Assets | $ | 455,927 | $ | 289,140 | $ | — | $ | 745,067 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Interest Rate Futures Contracts** | $ | 6,192 | $ | — | $ | — | $ | 6,192 | ||||||||
| Credit Default Swap Agreements** | — | 9,570 | — | 9,570 | ||||||||||||
| Total Liabilities | $ | 6,192 | $ | 9,570 | $ | — | $ | 15,762 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 227,829 | $ | – | $ | – | $ | – | $ | 184 | $ | 228,013 | 9,164 | $ | 3,063 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 227,461 | – | – | – | 453 | 227,914 | 22,678 | 2,427 | ||||||||||||||||||||||||
| $ | 455,290 | $ | – | $ | – | $ | – | $ | 637 | $ | 455,927 | $ | 5,490 | |||||||||||||||||||
| Emerging Markets 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 53.3% | ||||||||
| Technology - 17.0% | ||||||||
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 8,015 | $ | 1,815,317 | |||||
| Infosys Ltd. ADR | 19,234 | 356,406 | ||||||
| NetEase, Inc. ADR | 1,820 | 244,936 | ||||||
| United Microelectronics Corp. ADR1 | 12,432 | 95,105 | ||||||
| ASE Technology Holding Company Ltd. ADR | 9,167 | 94,695 | ||||||
| Wipro Ltd. ADR1 | 15,040 | 45,421 | ||||||
| Total Technology | 2,651,880 | |||||||
| Communications - 16.1% | ||||||||
| Alibaba Group Holding Ltd. ADR | 10,620 | 1,204,414 | ||||||
| PDD Holdings, Inc. ADR* | 3,743 | 391,743 | ||||||
| JD.com, Inc. ADR | 7,716 | 251,850 | ||||||
| Trip.com Group Ltd. ADR | 2,853 | 167,300 | ||||||
| Baidu, Inc. ADR* | 1,479 | 126,839 | ||||||
| Chunghwa Telecom Company Ltd. ADR1 | 2,021 | 94,199 | ||||||
| America Movil SAB de CV ADR | 5,002 | 89,736 | ||||||
| Tencent Music Entertainment Group ADR | 2,864 | 55,820 | ||||||
| Full Truck Alliance Company Ltd. ADR | 3,952 | 46,673 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 2,530 | 42,858 | ||||||
| Kanzhun Ltd. ADR* | 1,823 | 32,522 | ||||||
| Total Communications | 2,503,954 | |||||||
| Financial - 10.9% | ||||||||
| HDFC Bank Ltd. ADR | 10,043 | 769,997 | ||||||
| ICICI Bank Ltd. ADR | 11,546 | 388,407 | ||||||
| KB Financial Group, Inc. ADR | 1,969 | 162,620 | ||||||
| Shinhan Financial Group Company Ltd. ADR | 2,640 | 119,275 | ||||||
| Banco Bradesco S.A. ADR | 28,161 | 87,018 | ||||||
| KE Holdings, Inc. ADR | 3,744 | 66,418 | ||||||
| Woori Financial Group, Inc. ADR1 | 1,172 | 58,284 | ||||||
| Banco de Chile ADR | 1,182 | 35,956 | ||||||
| Total Financial | 1,687,975 | |||||||
| Basic Materials - 2.9% | ||||||||
| Vale S.A. ADR | 19,088 | 185,344 | ||||||
| Gold Fields Ltd. ADR | 4,766 | 112,811 | ||||||
| POSCO Holdings, Inc. ADR1 | 1,552 | 75,257 | ||||||
| Harmony Gold Mining Company Ltd. ADR | 2,974 | 41,547 | ||||||
| Suzano S.A. ADR | 3,698 | 34,798 | ||||||
| Total Basic Materials | 449,757 | |||||||
| Consumer, Non-cyclical - 2.2% | ||||||||
| Fomento Economico Mexicano SAB de CV ADR | 917 | 94,433 | ||||||
| BeOne Medicines Ltd. ADR* | 338 | 81,820 | ||||||
| Ambev S.A. ADR | 23,469 | 56,560 | ||||||
| Dr Reddy’s Laboratories Ltd. ADR | 3,243 | 48,742 | ||||||
| New Oriental Education & Technology Group, Inc. ADR | 652 | 35,175 | ||||||
| TAL Education Group ADR* | 2,967 | 30,323 | ||||||
| Total Consumer, Non-cyclical | 347,053 | |||||||
| Industrial - 1.4% | ||||||||
| Cemex SAB de CV ADR | 8,056 | 55,828 | ||||||
| Embraer S.A. ADR | 926 | 52,699 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 217 | 49,827 | ||||||
| ZTO Express Cayman, Inc. ADR | 1,975 | 35,056 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV ADR | 93 | 29,655 | ||||||
| Total Industrial | 223,065 | |||||||
| Consumer, Cyclical - 1.4% | ||||||||
| Li Auto, Inc. ADR* | 3,413 | 92,526 | ||||||
| XPeng, Inc. ADR*,1 | 3,514 | 62,830 | ||||||
| NIO, Inc. ADR*,1 | 9,392 | 32,215 | ||||||
| H World Group Ltd. ADR | 866 | 29,375 | ||||||
| Total Consumer, Cyclical | 216,946 | |||||||
| Energy - 0.8% | ||||||||
| Petroleo Brasileiro S.A. ADR | 9,905 | 123,912 | ||||||
| Utilities - 0.6% | ||||||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR | 2,433 | 53,453 | ||||||
| Centrais Eletricas Brasileiras S.A. ADR1 | 4,855 | 36,073 | ||||||
| Total Utilities | 89,526 | |||||||
| Total Common Stocks | ||||||||
| (Cost $6,982,673) | 8,294,068 | |||||||
| PREFERRED STOCKS† - 2.1% | ||||||||
| Financial - 1.2% | ||||||||
| Itau Unibanco Holding S.A. ADR | 28,381 | 192,707 | ||||||
| Energy - 0.9% | ||||||||
| Petroleo Brasileiro S.A. ADR | 11,439 | 132,006 | ||||||
| Total Preferred Stocks | ||||||||
| (Cost $281,611) | 324,713 | |||||||
| Face Amount | ||||||||
| REPURCHASE AGREEMENTS††,2 - 38.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/253 | $ | 3,222,515 | 3,222,515 | |||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/253 | 1,390,514 | 1,390,514 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/253 | 1,342,715 | 1,342,715 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $5,955,744) | 5,955,744 | |||||||
| Emerging Markets 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,4 - 2.4% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%5 | 379,174 | $ | 379,174 | |||||
| Total Securities Lending Collateral | ||||||||
| (Cost $379,174) | 379,174 | |||||||
| Total Investments - 96.0% | ||||||||
| (Cost $13,599,202) | $ | 14,953,699 | ||||||
| Other Assets & Liabilities, net - 4.0% | 620,013 | |||||||
| Total Net Assets - 100.0% | $ | 15,573,712 |
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P Emerging 50 ADR Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 09/24/25 | 4,772 | $ | 16,451,648 | $ | 64,495 | ||||||||||||
| BNP Paribas | S&P Emerging 50 ADR Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/25/25 | 1,767 | 6,090,411 | 34,868 | ||||||||||||||
| $ | 22,542,059 | $ | 99,363 | |||||||||||||||||||
| * | Non-income producing security. |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Repurchase Agreements — See Note 4. |
| 3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| 4 | Securities lending collateral — See Note 5. |
| 5 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 8,294,068 | $ | — | $ | — | $ | 8,294,068 | ||||||||
| Preferred Stocks | 324,713 | — | — | 324,713 | ||||||||||||
| Repurchase Agreements | — | 5,955,744 | — | 5,955,744 | ||||||||||||
| Securities Lending Collateral | 379,174 | — | — | 379,174 | ||||||||||||
| Equity Index Swap Agreements** | — | 99,363 | — | 99,363 | ||||||||||||
| Total Assets | $ | 8,997,955 | $ | 6,055,107 | $ | — | $ | 15,053,062 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Inverse Emerging Markets 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| REPURCHASE AGREEMENTS††,1 - 101.2% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/252 | $ | 88,501 | $ | 88,501 | ||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/252 | 38,188 | 38,188 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/252 | 36,875 | 36,875 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $163,564) | 163,564 | |||||||
| Total Investments - 101.2% | ||||||||
| (Cost $163,564) | $ | 163,564 | ||||||
| Other Assets & Liabilities, net - (1.2)% | (1,879 | ) | ||||||
| Total Net Assets - 100.0% | $ | 161,685 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| Goldman Sachs International | S&P Emerging 50 ADR Index | Receive | 3.83% (Federal Funds Rate - 0.50%) | At Maturity | 09/24/25 | 57 | $ | 195,159 | $ | (118 | ) | |||||||||||
| BNP Paribas | S&P Emerging 50 ADR Index | Receive | 4.13% (Federal Funds Rate - 0.20%) | At Maturity | 09/25/25 | 36 | 125,357 | (718 | ) | |||||||||||||
| $ | 320,516 | $ | (836 | ) | ||||||||||||||||||
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Repurchase Agreements — See Note 4. |
| 2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Repurchase Agreements | $ | — | $ | 163,564 | $ | — | $ | 163,564 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Equity Index Swap Agreements** | $ | — | $ | 836 | $ | — | $ | 836 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Europe 1.25x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Shares | Value | |||||||
| COMMON STOCKS† - 36.6% | ||||||||
| Consumer, Non-cyclical - 11.7% | ||||||||
| Nestle S.A. ADR | 428 | $ | 42,509 | |||||
| Novartis AG ADR | 324 | 39,207 | ||||||
| Roche Holding AG ADR1 | 936 | 38,151 | ||||||
| Novo Nordisk A/S ADR1 | 534 | 36,857 | ||||||
| AstraZeneca plc ADR | 514 | 35,918 | ||||||
| Unilever plc ADR | 426 | 26,058 | ||||||
| Sanofi S.A. ADR | 379 | 18,310 | ||||||
| British American Tobacco plc ADR | 364 | 17,228 | ||||||
| L’Oreal S.A. ADR1 | 200 | 17,102 | ||||||
| RELX plc ADR | 313 | 17,008 | ||||||
| EssilorLuxottica S.A. ADR | 103 | 14,136 | ||||||
| GSK plc ADR1 | 355 | 13,632 | ||||||
| Anheuser-Busch InBev S.A. ADR1 | 170 | 11,683 | ||||||
| Diageo plc ADR | 92 | 9,277 | ||||||
| Total Consumer, Non-cyclical | 337,076 | |||||||
| Financial - 7.6% | ||||||||
| HSBC Holdings plc ADR1 | 580 | 35,258 | ||||||
| Allianz SE ADR | 643 | 26,059 | ||||||
| Banco Santander S.A. ADR | 2,521 | 20,924 | ||||||
| UBS Group AG* | 556 | 18,804 | ||||||
| UniCredit SpA ADR1 | 520 | 17,378 | ||||||
| Zurich Insurance Group AG ADR | 486 | 17,025 | ||||||
| BNP Paribas S.A. ADR | 354 | 15,980 | ||||||
| AXA S.A. ADR | 311 | 15,276 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 1,086 | 14,140 | ||||||
| Intesa Sanpaolo SpA ADR | 404 | 13,999 | ||||||
| London Stock Exchange Group plc ADR | 337 | 12,422 | ||||||
| ING Groep N.V. ADR | 524 | 11,460 | ||||||
| Total Financial | 218,725 | |||||||
| Industrial - 5.1% | ||||||||
| Siemens AG ADR | 250 | 32,218 | ||||||
| Schneider Electric SE ADR | 480 | 25,622 | ||||||
| Airbus SE ADR | 391 | 20,473 | ||||||
| Safran S.A. ADR | 250 | 20,417 | ||||||
| Rolls-Royce Holdings plc ADR1 | 1,395 | 18,665 | ||||||
| ABB Ltd. ADR | 262 | 15,634 | ||||||
| Vinci S.A. ADR | 387 | 14,276 | ||||||
| Total Industrial | 147,305 | |||||||
| Technology - 3.6% | ||||||||
| ASML Holding N.V. — Class G | 65 | 52,090 | ||||||
| SAP SE ADR | 170 | 51,697 | ||||||
| Total Technology | 103,787 | |||||||
| Energy - 2.5% | ||||||||
| Shell plc ADR | 495 | 34,853 | ||||||
| TotalEnergies SE ADR | 378 | 23,205 | ||||||
| BP plc ADR | 457 | 13,678 | ||||||
| Total Energy | 71,736 | |||||||
| Consumer, Cyclical - 2.1% | ||||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 212 | 22,273 | ||||||
| Cie Financiere Richemont S.A. ADR | 894 | 16,834 | ||||||
| Hermes International SCA ADR | 58 | 15,724 | ||||||
| Mercedes-Benz Group AG ADR | 480 | 6,946 | ||||||
| Total Consumer, Cyclical | 61,777 | |||||||
| Utilities - 1.5% | ||||||||
| Iberdrola S.A. ADR | 245 | 18,860 | ||||||
| National Grid plc ADR1 | 170 | 12,650 | ||||||
| Enel SpA ADR | 1,298 | 12,305 | ||||||
| Total Utilities | 43,815 | |||||||
| Basic Materials - 1.3% | ||||||||
| Air Liquide S.A. ADR1 | 482 | 19,907 | ||||||
| Rio Tinto plc ADR | 179 | 10,441 | ||||||
| BASF SE ADR | 594 | 7,294 | ||||||
| Total Basic Materials | 37,642 | |||||||
| Communications - 1.2% | ||||||||
| Deutsche Telekom AG ADR | 597 | 21,844 | ||||||
| Prosus N.V. ADR | 1,067 | 11,876 | ||||||
| Total Communications | 33,720 | |||||||
| Total Common Stocks | ||||||||
| (Cost $775,919) | 1,055,583 | |||||||
| MUTUAL FUNDS† - 4.8% | ||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class2 | 7,027 | 70,622 | ||||||
| Guggenheim Strategy Fund II2 | 2,760 | 68,680 | ||||||
| Total Mutual Funds | ||||||||
| (Cost $138,226) | 139,302 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 6.9% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/253,4 | $ | 200,000 | 199,838 | |||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $199,839) | 199,838 | |||||||
| REPURCHASE AGREEMENTS††,5 - 49.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | 767,256 | 767,256 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 331,071 | 331,071 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 319,690 | 319,690 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,418,017) | 1,418,017 | |||||||
| Shares | ||||||||
| SECURITIES LENDING COLLATERAL†,6 - 5.8% | ||||||||
| Money Market Fund*** | ||||||||
| First American Government Obligations Fund - Class X, 4.25%7 | 168,992 | 168,992 | ||||||
| Total Securities Lending Collateral | ||||||||
| (Cost $168,992) | 168,992 | |||||||
| Total Investments - 103.2% | ||||||||
| (Cost $2,700,993) | $ | 2,981,732 | ||||||
| Other Assets & Liabilities, net - (3.2)% | (92,556 | ) | ||||||
| Total Net Assets - 100.0% | $ | 2,889,176 | ||||||
| Europe 1.25x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Currency Futures Contracts Purchased† | ||||||||||||
| Euro FX Futures Contracts | 17 | Sep 2025 | $ | 2,516,000 | $ | 39,738 | ||||||
| Equity Futures Contracts Purchased† | ||||||||||||
| STOXX 50 Index Futures Contracts | 48 | Sep 2025 | 2,523,280 | 5,292 | ||||||||
| * | Non-income producing security. |
| ** | Includes cumulative appreciation (depreciation). |
| *** | A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov. |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is on loan at June 30, 2025 — See Note 5. |
| 2 | Affiliated issuer. |
| 3 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 4 | Rate indicated is the effective yield at the time of purchase. |
| 5 | Repurchase Agreements — See Note 4. |
| 6 | Securities lending collateral — See Note 5. |
| 7 | Rate indicated is the 7-day yield as of June 30, 2025. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Common Stocks | $ | 1,055,583 | $ | — | $ | — | $ | 1,055,583 | ||||||||
| Mutual Funds | 139,302 | — | — | 139,302 | ||||||||||||
| U.S. Treasury Bills | — | 199,838 | — | 199,838 | ||||||||||||
| Repurchase Agreements | — | 1,418,017 | — | 1,418,017 | ||||||||||||
| Securities Lending Collateral | 168,992 | — | — | 168,992 | ||||||||||||
| Currency Futures Contracts** | 39,738 | — | — | 39,738 | ||||||||||||
| Equity Futures Contracts** | 5,292 | — | — | 5,292 | ||||||||||||
| Total Assets | $ | 1,408,907 | $ | 1,617,855 | $ | — | $ | 3,026,762 | ||||||||
| ** | 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 person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 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/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
| Europe 1.25x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:
| Security Name | Value 03/31/25 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/25 | Shares 06/30/25 | Investment Income | ||||||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||||||||||||||
| Guggenheim Strategy Fund II | $ | 68,625 | $ | – | $ | – | $ | – | $ | 55 | $ | 68,680 | 2,760 | $ | 923 | |||||||||||||||||
| Guggenheim Ultra Short Duration Fund — Institutional Class | 70,482 | – | – | – | 140 | 70,622 | 7,027 | 752 | ||||||||||||||||||||||||
| $ | 139,107 | $ | – | $ | – | $ | – | $ | 195 | $ | 139,302 | $ | 1,675 | |||||||||||||||||||
| Japan 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| U.S. TREASURY BILLS†† - 46.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/251,2 | $ | 604,000 | $ | 603,514 | ||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $603,515) | 603,514 | |||||||
| REPURCHASE AGREEMENTS††,3 - 57.6% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25 | 409,288 | 409,288 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25 | 176,607 | 176,607 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25 | 170,536 | 170,536 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $756,431) | 756,431 | |||||||
| Total Investments - 103.6% | ||||||||
| (Cost $1,359,946) | $ | 1,359,945 | ||||||
| Other Assets & Liabilities, net - (3.6)% | (47,857 | ) | ||||||
| Total Net Assets - 100.0% | $ | 1,312,088 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
| Equity Futures Contracts Purchased† | ||||||||||||||
| Nikkei 225 (CME) Index Futures Contracts | 11 | Sep 2025 | $ | 2,220,900 | $ | 111,614 | ||||||||
| Micro Nikkei Stock Average Futures Contracts | 19 | Sep 2025 | 383,658 | 12,419 | ||||||||||
| $ | 2,604,558 | $ | 124,033 | |||||||||||
| Currency Futures Contracts Purchased† | ||||||||||||||
| Japanese Yen Futures Contracts | 30 | Sep 2025 | $ | 2,625,937 | $ | 6,281 | ||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
| 3 | Repurchase Agreements — See Note 4. |
CME — Chicago Mercantile Exchange
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Treasury Bills | $ | — | $ | 603,514 | $ | — | $ | 603,514 | ||||||||
| Repurchase Agreements | — | 756,431 | — | 756,431 | ||||||||||||
| Equity Futures Contracts** | 124,033 | — | — | 124,033 | ||||||||||||
| Currency Futures Contracts** | 6,281 | — | — | 6,281 | ||||||||||||
| Total Assets | $ | 130,314 | $ | 1,359,945 | $ | — | $ | 1,490,259 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Strengthening Dollar 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| U.S. TREASURY BILLS†† - 2.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/251,2 | $ | 37,000 | $ | 36,970 | ||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $36,970) | 36,970 | |||||||
| REPURCHASE AGREEMENTS††,3 - 87.5% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/254 | 825,455 | 825,455 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/254 | 356,183 | 356,183 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/254 | 343,940 | 343,940 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,525,578) | 1,525,578 | |||||||
| Total Investments - 89.6% | ||||||||
| (Cost $1,562,548) | $ | 1,562,548 | ||||||
| Other Assets & Liabilities, net - 10.4% | 181,503 | |||||||
| Total Net Assets - 100.0% | $ | 1,744,051 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
| Currency Futures Contracts Purchased† | ||||||||||||
| U.S. Dollar Index Futures Contracts | 21 | Sep 2025 | $ | 2,025,660 | $ | (20,493 | ) | |||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
| OTC Currency Index Swap Agreements†† | ||||||||||||||||||||||
| Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 09/19/25 | 14,641 | $ | 1,412,369 | $ | (17,022 | ) | |||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
| 3 | Repurchase Agreements — See Note 4. |
| 4 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2025. |
See Sector Classification in Other Information section.
| Strengthening Dollar 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Treasury Bills | $ | — | $ | 36,970 | $ | — | $ | 36,970 | ||||||||
| Repurchase Agreements | — | 1,525,578 | — | 1,525,578 | ||||||||||||
| Total Assets | $ | — | $ | 1,562,548 | $ | — | $ | 1,562,548 | ||||||||
| Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| Currency Futures Contracts** | $ | 20,493 | $ | — | $ | — | $ | 20,493 | ||||||||
| Currency Index Swap Agreements** | — | 17,022 | — | 17,022 | ||||||||||||
| Total Liabilities | $ | 20,493 | $ | 17,022 | $ | — | $ | 37,515 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
| Weakening Dollar 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
| Face Amount | Value | |||||||
| U.S. TREASURY BILLS†† - 2.7% | ||||||||
| U.S. Treasury Bills | ||||||||
| 3.94% due 07/08/251,2 | $ | 47,000 | $ | 46,962 | ||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $46,962) | 46,962 | |||||||
| REPURCHASE AGREEMENTS††,3 - 80.1% | ||||||||
| J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/254 | 733,372 | 733,372 | ||||||
| Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/254 | 316,450 | 316,450 | ||||||
| BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/254 | 305,572 | 305,572 | ||||||
| Total Repurchase Agreements | ||||||||
| (Cost $1,355,394) | 1,355,394 | |||||||
| Total Investments - 82.8% | ||||||||
| (Cost $1,402,356) | $ | 1,402,356 | ||||||
| Other Assets & Liabilities, net - 17.2% | 290,710 | |||||||
| Total Net Assets - 100.0% | $ | 1,693,066 | ||||||
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
| Currency Futures Contracts Sold Short† | ||||||||||||
| U.S. Dollar Index Futures Contracts | 26 | Sep 2025 | $ | 2,507,960 | $ | 49,423 | ||||||
Total Return Swap Agreements
| Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
| OTC Currency Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
| Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 09/19/25 | 9,412 | $ | 907,910 | $ | 10,199 | ||||||||||||
| ** | Includes cumulative appreciation (depreciation). |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
| 3 | Repurchase Agreements — See Note 4. |
| 4 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2025. |
See Sector Classification in Other Information section.
| Weakening Dollar 2x Strategy Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2025 |
The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):
| Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
| U.S. Treasury Bills | $ | — | $ | 46,962 | $ | — | $ | 46,962 | ||||||||
| Repurchase Agreements | — | 1,355,394 | — | 1,355,394 | ||||||||||||
| Currency Futures Contracts** | 49,423 | — | — | 49,423 | ||||||||||||
| Currency Index Swap Agreements** | — | 10,199 | — | 10,199 | ||||||||||||
| Total Assets | $ | 49,423 | $ | 1,412,555 | $ | — | $ | 1,461,978 | ||||||||
| ** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1 – Organization and Significant Accounting Policies
Organization
Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”) as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a “Fund” and collectively, the “Funds”). 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:
| Fund Name | Diversification Status |
| Banking Fund | Diversified |
| Basic Materials Fund | Diversified |
| Biotechnology Fund | Diversified |
| Consumer Products Fund | Diversified |
| Electronics Fund | Non-diversified |
| Energy Fund | Diversified |
| Energy Services Fund | Non-diversified |
| Financial Services Fund | Diversified |
| Health Care Fund | Diversified |
| Internet Fund | Diversified |
| Leisure Fund | Diversified |
| Precious Metals Fund | Non-diversified |
| Real Estate Fund | Diversified |
| Retailing Fund | Diversified |
| Technology Fund | Diversified |
| Telecommunications Fund | Non-diversified |
| Transportation Fund | Diversified |
| Utilities Fund | Diversified |
| Dow Jones Industrial Average® Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | Non-diversified |
| NASDAQ-100® Fund | Non-diversified |
| Inverse NASDAQ-100® Strategy Fund | Non-diversified |
| Russell 2000® 1.5x Strategy Fund | Non-diversified |
| Russell 2000® Fund | Non-diversified |
| Inverse Russell 2000® Strategy Fund | Non-diversified |
| Nova Fund | Non-diversified |
| S&P 500® Fund | Non-diversified |
| Inverse S&P 500® Strategy Fund | Non-diversified |
| S&P 500® Pure Growth Fund | Non-diversified |
| S&P 500® Pure Value Fund | Non-diversified |
| S&P MidCap 400® Pure Growth Fund | Non-diversified |
| S&P MidCap 400® Pure Value Fund | Non-diversified |
| S&P SmallCap 600® Pure Growth Fund | Non-diversified |
| S&P SmallCap 600® Pure Value Fund | Non-diversified |
| Emerging Markets Bond Strategy Fund | Diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Inverse High Yield Strategy Fund | Non-diversified |
| Emerging Markets 2x Strategy Fund | Non-diversified |
| Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
| Europe 1.25x Strategy Fund | Non-diversified |
| Japan 2x Strategy Fund | Non-diversified |
| Strengthening Dollar 2x Strategy Fund | Non-diversified |
| Weakening Dollar 2x Strategy Fund | Non-diversified |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
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.
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 Trust (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. 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. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.
Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party 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. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.
If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will 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 listed closed-end investment companies are generally valued at the last quoted sale price.
U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.
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 third-party 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 third-party pricing service.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.
Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. 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 of the underlying securities would provide a more accurate valuation of the futures contract.
The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.
Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.
In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value.” Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. 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. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.
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 strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Short Sales
A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
Derivatives
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (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 seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Funds may utilize derivatives for the following purposes:
Duration: the use of an instrument to manage the interest rate risk of a portfolio.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
If a Fund’s 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. A Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund 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 Funds’ Schedules of Investments.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return 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 total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.
Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.
Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third-party issuer.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.
The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.
Foreign Investments
There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.
The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.
Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor’s®, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Funds may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
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 or other assets 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 June 30, 2025, the repurchase agreements in the joint account were as follows:
| Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
| J.P. Morgan Securities LLC | U.S. Treasury Bond | |||||||||||||||||
| 4.37% | 2.38% | |||||||||||||||||
| Due 07/01/25 | $ | 141,840,802 | $ | 141,858,020 | Due 05/15/51 | $ | 228,236,800 | $ | 144,677,653 | |||||||||
| Barclays Capital, Inc. | U.S. Treasury Notes | |||||||||||||||||
| 4.39% | 4.00% - 4.63% | |||||||||||||||||
| Due 07/01/25 | 61,204,241 | 61,211,704 | Due 10/15/26 - 10/31/29 | 61,369,400 | 62,428,397 | |||||||||||||
| BofA Securities, Inc. | U.S. Treasury Strip | |||||||||||||||||
| 4.37% | 0.00% | |||||||||||||||||
| Due 07/01/25 | 59,100,334 | 59,107,508 | Due 02/15/42 | 139,027,862 | 60,282,342 | |||||||||||||
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 their 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, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
At June 30, 2025, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
| Fund | Value of Securities Loaned | Collateral Received | ||||||
| Banking Fund | $ | 112,583 | $ | 115,287 | ||||
| Basic Materials Fund | 309,907 | 318,134 | ||||||
| Biotechnology Fund | 2,600,846 | 2,638,906 | ||||||
| Consumer Products Fund | 330,062 | 336,210 | ||||||
| Electronics Fund | 4,476,771 | 4,583,497 | ||||||
| Energy Fund | 356,010 | 353,890 | * | |||||
| Energy Services Fund | 78,392 | 80,678 | ||||||
| Financial Services Fund | 242,775 | 249,705 | ||||||
| Health Care Fund | 589,450 | 601,714 | ||||||
| Internet Fund | 75,348 | 76,737 | ||||||
| Leisure Fund | 104,635 | 106,358 | ||||||
| Precious Metals Fund | 166 | 167 | ||||||
| Real Estate Fund | 71,568 | 76,370 | ||||||
| Retailing Fund | 24,800 | 25,849 | ||||||
| Technology Fund | 221,497 | 215,245 | * | |||||
| Telecommunications Fund | 123,613 | 132,346 | ||||||
| Transportation Fund | 369,709 | 383,865 | ||||||
| Utilities Fund | 370,861 | 373,971 | ||||||
| Mid-Cap 1.5x Strategy Fund | 99,589 | 101,476 | ||||||
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 1,562,063 | 1,562,789 | ||||||
| NASDAQ-100® Fund | 4,645,717 | 4,647,876 | ||||||
| Russell 2000® 1.5x Strategy Fund | 59,673 | 60,330 | ||||||
| Russell 2000® Fund | 1,149,972 | 1,172,021 | ||||||
| Nova Fund | 145,928 | 147,085 | ||||||
| S&P 500® Fund | 114,648 | 115,556 | ||||||
| S&P MidCap 400® Pure Growth Fund | 1,000,223 | 1,014,195 | ||||||
| S&P MidCap 400® Pure Value Fund | 32,251 | 33,370 | ||||||
| S&P SmallCap 600® Pure Growth Fund | 21,373 | 21,716 | ||||||
| S&P SmallCap 600® Pure Value Fund | 120,244 | 125,313 | ||||||
| Emerging Markets 2x Strategy Fund | 366,385 | 379,174 | ||||||
| Europe 1.25x Strategy Fund | 165,822 | 168,992 | ||||||
| * | Subsequent to June 30, 2025, additional collateral was received. |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.
Note 6 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (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.
If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
At June 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
| Fund | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | |
| Banking Fund | $ | 27,167,861 | 2,406,824 | (202,428) | 2,204,396 |
| Basic Materials Fund | 16,495,625 | 7,552,737 | (424,219) | 7,128,518 | |
| Biotechnology Fund | 60,268,668 | 31,741,008 | (6,490,734) | 25,250,274 | |
| Consumer Products Fund | 22,965,025 | 16,257,579 | (473,730) | 15,783,849 | |
| Electronics Fund | 57,259,997 | 41,108,300 | (1,981,611) | 39,126,689 | |
| Energy Fund | 15,970,232 | 783,762 | (8,377) | 775,385 | |
| Energy Services Fund | 6,330,033 | – | (1,518,775) | (1,518,775) | |
| Financial Services Fund | 29,822,118 | 3,476,667 | (102,388) | 3,374,279 | |
| Health Care Fund | 16,177,504 | 4,068,907 | (179,529) | 3,889,378 | |
| Internet Fund | 10,579,926 | 7,151,303 | (50,754) | 7,100,549 | |
| Leisure Fund | 9,861,123 | 3,273,372 | (77,393) | 3,195,979 | |
| Precious Metals Fund | 93,835,642 | 20,169,415 | – | 20,169,415 | |
| Real Estate Fund | 1,885,716 | 151,491 | (22,663) | 128,828 | |
| Retailing Fund | 5,101,376 | 1,696,953 | (6,197) | 1,690,756 | |
| Technology Fund | 33,050,964 | 27,922,599 | (75,982) | 27,846,617 | |
| Telecommunications Fund | 7,345,122 | 869,296 | (3,518) | 865,778 | |
| Transportation Fund | 5,008,770 | 1,790,864 | (132,941) | 1,657,923 | |
| Utilities Fund | 21,651,782 | 3,856,574 | (9,679) | 3,846,895 | |
| Dow Jones Industrial Average® Fund | 15,922,308 | 5,031,049 | (327,800) | 4,703,249 | |
| Mid-Cap 1.5x Strategy Fund | 9,809,601 | 2,213,968 | (316,668) | 1,897,300 | |
| Inverse Mid-Cap Strategy Fund | 250,095 | 1,118 | (3,180) | (2,062) | |
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 914,907,098 | – | (7,261,552) | (7,261,552) | |
| NASDAQ-100® Fund | 548,241,061 | 1,383,772,800 | (3,522,697) | 1,380,250,103 | |
| Inverse NASDAQ-100® Strategy Fund | 9,875,747 | 49,806 | (368,978) | (319,172) | |
| Russell 2000® 1.5x Strategy Fund | 5,780,844 | 899,717 | (774,813) | 124,904 | |
| Russell 2000® Fund | 12,955,698 | 1,265,069 | (644,005) | 621,064 | |
| Inverse Russell 2000® Strategy Fund | 1,553,178 | 23,792 | (21,996) | 1,796 | |
| Nova Fund | 238,082,701 | 17,345,918 | (1,626,110) | 15,719,808 | |
| S&P 500® Fund | 105,249,352 | 55,248,931 | (169,811) | 55,079,120 | |
| Inverse S&P 500® Strategy Fund | 32,100,390 | 87,372 | (595,736) | (508,364) | |
| S&P 500® Pure Growth Fund | 22,870,906 | 7,082,289 | (28,513) | 7,053,776 | |
| S&P 500® Pure Value Fund | 7,595,939 | 997,625 | (90,514) | 907,111 | |
| S&P MidCap 400® Pure Growth Fund | 24,444,626 | 3,441,088 | (364,399) | 3,076,689 | |
| S&P MidCap 400® Pure Value Fund | 4,714,400 | 688,245 | (9,077) | 679,168 | |
| S&P SmallCap 600® Pure Growth Fund | 2,733,229 | 608,730 | (167,405) | 441,325 | |
| S&P SmallCap 600® Pure Value Fund | 3,508,779 | 368,626 | (386,963) | (18,337) | |
| Emerging Markets Bond Strategy Fund | 475,001 | 7,314 | – | 7,314 | |
| Government Long Bond 1.2x Strategy Fund | 13,855,105 | 637,814 | (1) | 637,813 | |
| Inverse Government Long Bond Strategy Fund | 19,096,905 | 47,903 | (747,528) | (699,625) | |
| High Yield Strategy Fund | 27,655,050 | 901,846 | (515) | 901,331 | |
| Inverse High Yield Strategy Fund | 739,952 | 5,115 | (15,762) | (10,647) | |
| Emerging Markets 2x Strategy Fund | 13,865,282 | 1,209,873 | (22,093) | 1,187,780 | |
| Inverse Emerging Markets 2x Strategy Fund | 163,564 | – | (836) | (836) | |
| Europe 1.25x Strategy Fund | 2,802,746 | 224,017 | (1) | 224,016 | |
| Japan 2x Strategy Fund | 1,359,946 | 130,315 | (2) | 130,313 | |
| Strengthening Dollar 2x Strategy Fund | 1,562,548 | – | (37,515) | (37,515) | |
| Weakening Dollar 2x Strategy Fund | 1,402,356 | 59,622 | – | 59,622 |
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 (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.
OTHER INFORMATION (Unaudited)
Sector Classification
Information in the “Schedule of Investments” is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.