|
1
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
BANKING
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.3
%
BANKS
-
93
.9
%
JPMorgan
Chase
&
Co.
1,714
$
561,044
Bank
of
America
Corp.
9,640
549,287
Citigroup,
Inc.
3,875
542,345
Wells
Fargo
&
Co.
6,431
531,458
PNC
Financial
Services
Group,
Inc.
1,811
445,904
U.S.
Bancorp
7,223
436,269
Bank
of
New
York
Mellon
Corp.
3,015
435,999
NU
Holdings
Limited/Cayman
Islands — Class
A*
29,008
387,547
Truist
Financial
Corp.
6,818
339,673
Fifth
Third
Bancorp
5,714
322,098
State
Street
Corp.
1,749
296,630
Huntington
Bancshares,
Inc.
15,028
266,446
M&T
Bank
Corp.
1,110
264,191
Northern
Trust
Corp.
1,411
245,288
Citizens
Financial
Group,
Inc.
3,383
237,047
Regions
Financial
Corp.
7,533
227,497
HDFC
Bank
Ltd.
ADR
8,701
224,747
KeyCorp
9,623
221,810
ICICI
Bank
Ltd.
ADR
7,429
215,664
Toronto-Dominion
Bank
1,565
190,038
Popular,
Inc.
1,132
185,852
East
West
Bancorp,
Inc.
1,419
183,179
Pinnacle
Financial
Partners,
Inc.
1,733
174,825
Bank
of
Nova
Scotia
1,995
173,246
Royal
Bank
of
Canada
836
173,027
Itau
Unibanco
Holding
S.A.
ADR
21,154
172,828
Webster
Financial
Corp.
2,058
157,272
First
Horizon
Corp.
6,011
154,122
Wintrust
Financial
Corp.
912
146,577
HSBC
Holdings
plc
ADR
1,492
141,874
UMB
Financial
Corp.
993
141,761
Zions
Bancorp
North
America
2,048
141,701
Barclays
plc
ADR
5,253
141,096
SouthState
Bank
Corp.
1,383
138,162
First
Citizens
BancShares,
Inc. — Class
A
66
137,332
Cullen/Frost
Bankers,
Inc.
884
136,596
Columbia
Banking
System,
Inc.
4,251
136,245
Old
National
Bancorp
(a)
5,158
133,592
Canadian
Imperial
Bank
of
Commerce
1,152
132,480
Bank
of
Montreal
731
129,168
Western
Alliance
Bancorp
1,564
128,561
Commerce
Bancshares,
Inc.
2,218
128,089
Deutsche
Bank
AG
3,630
122,549
UBS
Group
AG
2,433
120,579
Prosperity
Bancshares,
Inc.
1,620
118,309
Valley
National
Bancorp
(a)
7,957
116,570
FNB
Corp.
6,086
116,121
ING
Groep
N.V.
ADR
3,665
115,008
Mitsubishi
UFJ
Financial
Group,
Inc.
ADR
5,598
111,344
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.3%
(continued)
BANKS
-
93.9%
(continued)
United
Bankshares,
Inc.
2,404
$
110,175
Hancock
Whitney
Corp.
1,464
109,390
Bank
OZK
1,976
102,930
Eastern
Bankshares,
Inc.
4,449
98,946
Fulton
Financial
Corp.
3,982
96,325
Banco
Bradesco
S.A.
ADR
27,573
95,678
Grupo
Financiero
Galicia
S.A.
ADR
1,894
94,757
Associated
Banc-Corp
3,047
93,756
First
Financial
Bankshares,
Inc.
2,651
91,725
International
Bancshares
Corp.
1,205
91,520
Cathay
General
Bancorp
1,436
89,018
CVB
Financial
Corp.
3,936
88,757
Flagstar
Bank
North
America
5,928
88,564
WesBanco,
Inc.
2,251
87,856
Independent
Bank
Corp.
1,011
84,641
First
Hawaiian,
Inc.
2,873
84,179
First
Financial
Bancorp
2,476
83,763
Texas
Capital
Bancshares,
Inc.
801
82,711
Seacoast
Banking
Corporation
of
Florida
2,416
80,332
First
Interstate
BancSystem,
Inc. — Class
A
2,077
80,089
Simmons
First
National
Corp. — Class
A
3,519
79,705
Bancorp,
Inc.*
958
60,009
BOK
Financial
Corp.
375
52,080
Pathward
Financial,
Inc.
375
32,647
Total
Banks
13,108,600
DIVERSIFIED
FINANCIAL
SERVICES
-
3
.7
%
Capital
One
Financial
Corp.
2,558
513,186
SAVINGS
&
LOANS
-
1
.7
%
WSFS
Financial
Corp.
1,151
88,316
Banc
of
California,
Inc.
3,798
77,593
WaFd,
Inc.
1,961
75,244
Total
Savings
&
Loans
241,153
Total
Common
Stocks
(Cost
$9,533,476)
13,862,939
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
38,009
38,009
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
38,008
38,008
Total
Repurchase
Agreements
(Cost
$76,017)
76,017
Total
Investments
-
99.8%
(Cost
$9,609,493)
$
13,938,956
Other
Assets
&
Liabilities,
net
-
0.2%
27,248
Total
Net
Assets
-
100.0%
$
13,966,204
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
BANKING
FUND
June
30,
2026
2
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
13,862,939
$
—
$
—
$
13,862,939
Repurchase
Agreements
—
76,017
—
76,017
Total
Assets
$
13,862,939
$
76,017
$
—
$
13,938,956
–
–
–
–
|
3
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
BASIC
MATERIALS
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.4
%
MINING
-
38
.8
%
Newmont
Corp.
9,559
$
892,811
Freeport-McMoRan,
Inc.
13,173
828,450
Anglogold
Ashanti
plc
6,854
554,420
Barrick
Mining
Corp.
12,350
453,616
Agnico
Eagle
Mines
Ltd.
2,842
440,880
Wheaton
Precious
Metals
Corp.
3,623
406,935
First
Majestic
Silver
Corp.
23,421
397,220
Pan
American
Silver
Corp.
8,586
384,567
Kinross
Gold
Corp.
15,738
371,732
Royal
Gold,
Inc.
1,838
366,883
Coeur
Mining,
Inc.
22,407
365,682
Franco-Nevada
Corp.
1,729
360,393
BHP
Group
Ltd.
ADR
4,273
355,984
Southern
Copper
Corp.
2,011
350,437
Equinox
Gold
Corp.
35,941
349,347
Eldorado
Gold
Corp.
10,988
341,617
IAMGOLD
Corp.*
21,407
339,087
Rio
Tinto
plc
ADR
3,554
337,381
Teck
Resources
Ltd. — Class
B
5,646
335,711
Endeavour
Silver
Corp.*
40,429
334,752
Harmony
Gold
Mining
Company
Ltd.
ADR
21,276
323,608
Gold
Fields
Ltd.
ADR
9,429
316,720
B2Gold
Corp.
84,030
314,272
Fortuna
Mining
Corp.*
36,641
309,616
Hudbay
Minerals,
Inc.
12,814
302,539
Alamos
Gold,
Inc. — Class
A
9,910
300,669
OR
Royalties,
Inc.
9,461
299,251
Hecla
Mining
Co.
19,089
294,543
Alcoa
Corp.
5,584
291,150
Sibanye
Stillwater
Ltd.
ADR
33,243
282,233
TMC
the
metals
co,
Inc.*
61,822
273,871
MP
Materials
Corp.*
4,727
264,759
SSR
Mining,
Inc.*
7,854
222,111
USA
Rare
Earth,
Inc.*
,(a)
8,272
178,510
Aura
Minerals,
Inc.
2,418
152,213
Century
Aluminum
Co.*
3,019
138,904
Perpetua
Resources
Corp.*
5,343
110,921
Hycroft
Mining
Holding
Corp. — Class
A*
,(a)
4,156
97,250
US
Antimony
Corp.*
,(a)
12,173
88,376
Critical
Metals
Corp.*
7,569
77,582
Total
Mining
13,207,003
CHEMICALS
-
28
.9
%
Linde
plc
2,722
1,412,555
Sherwin-Williams
Co.
2,423
834,287
Ecolab,
Inc.
2,785
775,929
Air
Products
and
Chemicals,
Inc.
2,556
749,368
PPG
Industries,
Inc.
3,920
475,457
Albemarle
Corp.
3,091
417,378
International
Flavors
&
Fragrances,
Inc.
5,079
402,358
DuPont
de
Nemours,
Inc.
2,830
383,861
CF
Industries
Holdings,
Inc.
3,399
367,976
Dow,
Inc.
13,225
361,836
Solstice
Advanced
Materials,
Inc.
4,035
357,501
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.4%
(continued)
CHEMICALS
-
28.9%
(continued)
Nutrien
Ltd.
5,582
$
351,387
RPM
International,
Inc.
3,069
341,119
Element
Solutions,
Inc.
6,534
311,999
LyondellBasell
Industries
N.V. — Class
A
5,768
303,685
Axalta
Coating
Systems
Ltd.*
7,246
247,958
Eastman
Chemical
Co.
3,563
238,650
Mosaic
Co.
11,238
238,133
Celanese
Corp. — Class
A
4,182
192,372
Chemours
Co.
7,466
153,202
Balchem
Corp.
901
152,224
Sensient
Technologies
Corp.
1,132
139,564
Westlake
Corp.
1,817
132,641
Olin
Corp.
6,177
122,428
FMC
Corp.
(a)
9,501
109,261
Huntsman
Corp.
9,343
99,223
Innospec,
Inc.
1,195
97,261
Hawkins,
Inc.
356
50,588
Total
Chemicals
9,820,201
BUILDING
MATERIALS
-
9
.8
%
Vulcan
Materials
Co.
1,949
574,974
Martin
Marietta
Materials,
Inc.
939
541,521
CRH
plc
4,348
465,236
James
Hardie
Industries
plc*
15,671
410,267
Amrize
Ltd.
6,936
369,689
Cemex
SAB
de
CV
ADR
25,565
306,780
Eagle
Materials,
Inc.
1,079
242,775
Louisiana-Pacific
Corp.
2,657
209,000
Knife
River
Corp.*
2,449
204,859
Total
Building
Materials
3,325,101
PACKAGING
&
CONTAINERS
-
8
.5
%
Packaging
Corporation
of
America
1,787
425,806
Smurfit
Westrock
plc
8,889
411,205
Amcor
plc
9,080
393,618
Ball
Corp.
6,220
388,128
Crown
Holdings,
Inc.
3,036
339,486
AptarGroup,
Inc.
1,886
236,127
Sonoco
Products
Co.
4,015
226,245
Silgan
Holdings,
Inc.
4,230
196,230
Graphic
Packaging
Holding
Co.
15,243
161,119
TriMas
Corp.
2,406
108,342
Total
Packaging
&
Containers
2,886,306
IRON
&
STEEL
-
7
.4
%
Nucor
Corp.
2,628
585,387
Steel
Dynamics,
Inc.
1,973
452,725
Vale
S.A. — Class
B
ADR
29,499
443,665
Reliance,
Inc.
997
372,479
ArcelorMittal
S.A.
4,717
284,058
Commercial
Metals
Co.
3,380
212,095
Cleveland-Cliffs,
Inc.*
17,873
167,827
Total
Iron
&
Steel
2,518,236
BIOTECHNOLOGY
-
2
.1
%
Corteva,
Inc.
8,566
725,455
FOREST
PRODUCTS
&
PAPER
-
1
.2
%
International
Paper
Co.
11,010
419,481
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
BASIC
MATERIALS
FUND
June
30,
2026
4
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.4%
(continued)
HOUSEHOLD
PRODUCTS
&
HOUSEWARES
-
1
.0
%
Avery
Dennison
Corp.
1,994
$
323,726
COAL
-
0
.7
%
Warrior
Met
Coal,
Inc.
2,159
175,224
Ramaco
Resources,
Inc. — Class
A*
5,238
69,299
Total
Coal
244,523
HOUSEWARES
-
0
.5
%
Scotts
Miracle-Gro
Co.
2,389
162,715
ENVIRONMENTAL
CONTROL
-
0
.3
%
PureCycle
Technologies,
Inc.*
13,361
108,358
ENERGY-ALTERNATE
SOURCES
-
0
.2
%
ASP
Isotopes,
Inc.*
11,999
74,634
Total
Common
Stocks
(Cost
$19,977,752)
33,815,739
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.7
%
MONEY
MARKET
FUNDS
-
0
.7
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
223,720
223,720
Total
Securities
Lending
Collateral
(Cost
$223,720)
223,720
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
0
.3
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
48,778
$
48,778
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
48,775
48,775
Total
Repurchase
Agreements
(Cost
$97,553)
97,553
Total
Investments
-
100.4%
(Cost
$20,299,025)
$
34,137,012
Other
Assets
&
Liabilities,
net
-
(0.4)%
(
135,892
)
Total
Net
Assets
-
100.0%
$
34,001,120
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
33,815,739
$
—
$
—
$
33,815,739
Securities
Lending
Collateral
223,720
—
—
223,720
Repurchase
Agreements
—
97,553
—
97,553
Total
Assets
$
34,039,459
$
97,553
$
—
$
34,137,012
–
–
–
–
|
5
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
BIOTECHNOLOGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.6
%
BIOTECHNOLOGY
-
73
.0
%
Amgen,
Inc.
19,065
$
6,903,818
Gilead
Sciences,
Inc.
48,654
6,146,946
Vertex
Pharmaceuticals,
Inc.*
11,897
5,909,597
Regeneron
Pharmaceuticals,
Inc.
6,432
4,010,609
Revolution
Medicines,
Inc.*
18,109
3,391,453
Alnylam
Pharmaceuticals,
Inc.*
10,721
3,227,343
BeOne
Medicines
Ltd.
ADR*
10,427
2,971,382
Moderna,
Inc.*
41,976
2,939,579
Biogen,
Inc.*
13,465
2,909,248
Royalty
Pharma
plc — Class
A
49,095
2,752,757
Illumina,
Inc.*
15,058
2,647,648
Insmed,
Inc.*
22,998
2,452,047
United
Therapeutics
Corp.*
4,350
2,356,960
Roivant
Sciences
Ltd.*
64,115
2,269,030
Incyte
Corp.*
19,518
2,212,560
Argenx
SE
ADR*
2,181
2,023,466
Bridgebio
Pharma,
Inc.*
,(a)
25,399
1,891,717
Ionis
Pharmaceuticals,
Inc.*
23,328
1,849,677
Cytokinetics,
Inc.*
,(a)
21,687
1,847,516
Exelixis,
Inc.*
33,461
1,820,613
Arrowhead
Pharmaceuticals,
Inc.*
20,951
1,707,716
BioMarin
Pharmaceutical,
Inc.*
29,626
1,695,200
Halozyme
Therapeutics,
Inc.*
20,474
1,602,500
BioNTech
SE
ADR*
17,055
1,586,968
CRISPR
Therapeutics
AG*
29,038
1,583,732
TG
Therapeutics,
Inc.*
,(a)
27,004
1,483,600
Apogee
Therapeutics,
Inc.*
10,512
1,395,258
Cogent
Biosciences,
Inc.*
35,458
1,372,225
PTC
Therapeutics,
Inc.*
16,516
1,347,210
Scholar
Rock
Holding
Corp.*
24,468
1,345,740
Nuvalent,
Inc. — Class
A*
10,892
1,345,162
Axsome
Therapeutics,
Inc.*
5,367
1,313,681
CG
oncology,
Inc.*
18,440
1,310,162
Krystal
Biotech,
Inc.*
,(a)
3,406
1,265,908
Viking
Therapeutics,
Inc.*
,(a)
31,452
1,226,943
Travere
Therapeutics,
Inc.*
21,589
1,226,471
Veracyte,
Inc.*
20,449
1,200,970
Liquidia
Corp.*
,(a)
14,813
1,181,040
Kymera
Therapeutics,
Inc.*
9,937
1,139,476
Ultragenyx
Pharmaceutical,
Inc.*
31,574
1,054,256
Beam
Therapeutics,
Inc.*
29,626
1,016,764
ImmunityBio,
Inc.*
,(a)
115,501
1,011,211
Praxis
Precision
Medicines,
Inc.*
2,953
988,635
ACADIA
Pharmaceuticals,
Inc.*
38,546
975,214
Intellia
Therapeutics,
Inc.*
52,464
887,691
Arcutis
Biotherapeutics,
Inc.*
32,799
859,990
Recursion
Pharmaceuticals,
Inc. — Class
A*
,(a)
203,986
748,629
Sarepta
Therapeutics,
Inc.*
,(a)
41,327
742,646
Summit
Therapeutics,
Inc.*
49,916
727,276
Legend
Biotech
Corp.
ADR*
23,843
688,586
ADMA
Biologics,
Inc.*
82,224
688,215
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
BIOTECHNOLOGY
-
73.0%
(continued)
Celcuity,
Inc.*
5,918
$
619,141
Total
Biotechnology
99,872,182
PHARMACEUTICALS
-
20
.4
%
AbbVie,
Inc.
44,415
11,176,591
Viatris,
Inc.
133,745
2,123,871
Neurocrine
Biosciences,
Inc.*
12,363
2,083,598
Jazz
Pharmaceuticals
plc*
8,037
1,936,676
Alkermes
plc*
34,306
1,797,463
AstraZeneca
plc
8,846
1,677,378
Vaxcyte,
Inc.*
27,188
1,580,438
Protagonist
Therapeutics,
Inc.*
9,900
1,213,542
Ascendis
Pharma
A/S*
4,546
1,212,509
Madrigal
Pharmaceuticals,
Inc.*
,(a)
2,022
1,085,713
Mirum
Pharmaceuticals,
Inc.*
8,626
1,009,846
Rhythm
Pharmaceuticals,
Inc.*
8,809
978,063
Total
Pharmaceuticals
27,875,688
HEALTHCARE-PRODUCTS
-
5
.2
%
Natera,
Inc.*
10,672
2,896,914
Guardant
Health,
Inc.*
15,671
2,351,120
Twist
Bioscience
Corp.*
13,098
1,347,522
GRAIL,
Inc.*
7,633
521,105
Total
Healthcare-Products
7,116,661
HEALTHCARE-SERVICES
-
1
.0
%
Medpace
Holdings,
Inc.*
2,659
1,408,180
Total
Common
Stocks
(Cost
$67,169,972)
136,272,711
RIGHTS
-
0
.0
%
BIOTECHNOLOGY
-
0
.0
%
Akero
Therapeutics,
Inc.
(b)
17,387
2
CONSUMER,
NON-CYCLICAL
-
0
.0
%
Sanofi
S.A.
Expiring
06/30/32*
,(b)
8,866
1
Total
Rights
(Cost
$0)
3
SECURITIES
LENDING
COLLATERAL
(c)
-
0
.6
%
MONEY
MARKET
FUNDS
-
0
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
810,750
810,750
Total
Securities
Lending
Collateral
(Cost
$810,750)
810,750
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
0
.6
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
407,611
407,611
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
BIOTECHNOLOGY
FUND
June
30,
2026
6
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
0.6%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
407,591
$
407,591
Total
Repurchase
Agreements
(Cost
$815,202)
815,202
Total
Investments
-
100.8%
(Cost
$68,795,924)
$
137,898,666
Other
Assets
&
Liabilities,
net
-
(0.8)%
(
1,118,663
)
Total
Net
Assets
-
100.0%
$
136,780,003
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
136,272,711
$
—
$
—
$
136,272,711
Rights
—
—
3
3
Securities
Lending
Collateral
810,750
—
—
810,750
Repurchase
Agreements
—
815,202
—
815,202
Total
Assets
$
137,083,461
$
815,202
$
3
$
137,898,666
–
–
–
–
|
7
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
CONSUMER
PRODUCTS
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.7
%
FOOD
-
30
.2
%
Mondelez
International,
Inc. — Class
A
15,253
$
882,234
Sysco
Corp.
8,310
694,550
Hershey
Co.
3,535
620,216
Kroger
Co.
10,013
556,022
US
Foods
Holding
Corp.*
5,189
530,575
Tyson
Foods,
Inc. — Class
A
8,413
481,644
Kraft
Heinz
Co.
20,035
473,227
General
Mills,
Inc.
13,460
468,408
Performance
Food
Group
Co.*
3,991
446,154
McCormick
&
Company,
Inc.
7,936
400,133
J
M
Smucker
Co.
3,206
360,675
Sprouts
Farmers
Market,
Inc.*
3,468
293,323
Hormel
Foods
Corp.
11,679
289,873
Conagra
Brands,
Inc.
20,086
270,358
Ingredion,
Inc.
2,678
253,633
Lamb
Weston
Holdings,
Inc.
5,775
249,364
Campbell's
Co.
(a)
10,478
233,345
Albertsons
Companies,
Inc. — Class
A
15,700
212,421
Cal-Maine
Foods,
Inc.
(a)
2,611
210,342
Chefs'
Warehouse,
Inc.*
2,143
205,942
Post
Holdings,
Inc.*
2,176
192,054
Marzetti
Co.
1,180
134,709
Flowers
Foods,
Inc.
16,956
133,952
Simply
Good
Foods
Co.*
8,648
114,845
Pilgrim's
Pride
Corp.
4,003
112,524
Smithfield
Foods,
Inc.
4,383
106,332
Grocery
Outlet
Holding
Corp.*
10,574
105,529
J
&
J
Snack
Foods
Corp.
909
66,766
Total
Food
9,099,150
BEVERAGES
-
27
.4
%
Coca-Cola
Co.
20,319
1,651,325
PepsiCo,
Inc.
8,833
1,195,988
Monster
Beverage
Corp.*
9,313
895,166
Keurig
Dr
Pepper,
Inc.
21,891
716,492
Coca-Cola
Europacific
Partners
plc
5,772
577,604
Constellation
Brands,
Inc. — Class
A
3,423
476,105
Coca-Cola
Consolidated,
Inc.
2,026
386,804
Anheuser-Busch
InBev
S.A.
ADR
4,519
372,366
Brown-Forman
Corp. — Class B
13,819
368,276
Diageo
plc
ADR
4,341
348,930
Ambev
S.A.
ADR
104,239
327,310
Molson
Coors
Beverage
Co. — Class
B
6,828
266,019
Primo
Brands
Corp. — Class
A
(a)
10,731
262,266
Celsius
Holdings,
Inc.*
8,772
256,844
Vita
Coco
Company,
Inc.*
2,632
174,081
Total
Beverages
8,275,576
COSMETICS
&
PERSONAL
CARE
-
16
.5
%
Procter
&
Gamble
Co.
11,260
1,651,166
Colgate-Palmolive
Co.
10,085
924,593
Kenvue,
Inc.
34,560
660,442
Estee
Lauder
Companies,
Inc. — Class
A
6,659
525,728
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.7%
(continued)
COSMETICS
&
PERSONAL
CARE
-
16.5%
(continued)
Oddity
Tech
Ltd. — Class
A*
31,397
$
475,037
Unilever
plc
ADR
6,804
409,057
elf
Beauty,
Inc.*
3,272
242,128
Interparfums,
Inc.
661
73,939
Total
Cosmetics
&
Personal
Care
4,962,090
AGRICULTURE
-
15
.7
%
Philip
Morris
International,
Inc.
8,501
1,537,916
Altria
Group,
Inc.
16,406
1,180,412
Archer-Daniels-Midland
Co.
8,377
640,003
British
American
Tobacco
plc
ADR
6,753
417,065
Bunge
Global
S.A.
3,837
409,523
Darling
Ingredients,
Inc.*
5,624
307,183
Andersons,
Inc.
2,364
161,697
Vital
Farms,
Inc.*
5,998
69,757
Total
Agriculture
4,723,556
HOUSEHOLD
PRODUCTS
&
HOUSEWARES
-
5
.9
%
Kimberly-Clark
Corp.
6,092
668,719
Church
&
Dwight
Company,
Inc.
5,280
511,526
Clorox
Co.
3,752
358,091
Reynolds
Consumer
Products,
Inc.
5,150
138,277
WD-40
Co.
462
112,562
Total
Household
Products
&
Housewares
1,789,175
RETAIL
-
2
.4
%
Casey's
General
Stores,
Inc.
688
546,816
Freshpet,
Inc.*
,(a)
3,200
189,184
Total
Retail
736,000
INTERNET
-
1
.1
%
Maplebear,
Inc.*
7,106
336,469
PHARMACEUTICALS
-
0
.5
%
BellRing
Brands,
Inc.*
12,129
156,949
Total
Common
Stocks
(Cost
$16,688,643)
30,078,965
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.6
%
MONEY
MARKET
FUNDS
-
0
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
192,042
192,042
Total
Securities
Lending
Collateral
(Cost
$192,042)
192,042
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
54,127
54,127
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
CONSUMER
PRODUCTS
FUND
June
30,
2026
8
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
0.4%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
54,125
$
54,125
Total
Repurchase
Agreements
(Cost
$108,252)
108,252
Total
Investments
-
100.7%
(Cost
$16,988,937)
$
30,379,259
Other
Assets
&
Liabilities,
net
-
(0.7)%
(
200,648
)
Total
Net
Assets
-
100.0%
$
30,178,611
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
30,078,965
$
—
$
—
$
30,078,965
Securities
Lending
Collateral
192,042
—
—
192,042
Repurchase
Agreements
—
108,252
—
108,252
Total
Assets
$
30,271,007
$
108,252
$
—
$
30,379,259
–
–
–
–
|
9
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ELECTRONICS
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
98
.8
%
SEMICONDUCTORS
-
93
.5
%
NVIDIA
Corp.
178,119
$
35,639,831
Broadcom,
Inc.
57,029
21,542,705
Micron
Technology,
Inc.
17,463
20,157,366
Advanced
Micro
Devices,
Inc.*
29,792
17,306,471
Applied
Materials,
Inc.
19,276
13,936,548
Intel
Corp.*
96,130
13,422,632
Lam
Research
Corp.
29,682
12,862,101
KLA
Corp.
37,068
11,183,786
Texas
Instruments,
Inc.
28,474
8,487,245
Marvell
Technology,
Inc.
28,391
8,457,395
Analog
Devices,
Inc.
17,765
7,055,725
QUALCOMM,
Inc.
37,205
6,875,112
Astera
Labs,
Inc.*
10,572
5,106,487
Teradyne,
Inc.
10,434
5,048,387
ASML
Holding
N.V.
2,526
5,025,325
Taiwan
Semiconductor
Manufacturing
Company
Ltd.
ADR
10,270
4,904,644
NXP
Semiconductors
N.V.
14,443
4,058,916
Monolithic
Power
Systems,
Inc.
2,800
3,870,608
Microchip
Technology,
Inc.
39,045
3,560,904
ARM
Holdings
plc
ADR*
9,418
3,339,340
MKS,
Inc.
7,084
3,150,963
United
Microelectronics
Corp.
ADR
111,644
3,037,833
Entegris,
Inc.
16,338
2,938,553
ASE
Technology
Holding
Company
Ltd.
ADR
63,839
2,880,416
ON
Semiconductor
Corp.*
30,203
2,855,392
Silicon
Motion
Technology
Corp.
ADR
8,348
2,782,639
Kulicke
&
Soffa
Industries,
Inc.
20,594
2,754,653
MACOM
Technology
Solutions
Holdings,
Inc.*
7,057
2,684,271
Tower
Semiconductor
Ltd.*
10,022
2,612,134
Nova
Ltd.*
4,723
2,564,306
Onto
Innovation,
Inc.*
6,534
2,472,792
Lattice
Semiconductor
Corp.*
16,145
2,469,539
STMicroelectronics
N.V.
31,164
2,333,872
SiTime
Corp.*
2,856
2,129,319
MaxLinear,
Inc.*
16,589
2,123,890
Semtech
Corp.*
12,494
2,022,154
Amkor
Technology,
Inc.
23,421
2,019,593
FormFactor,
Inc.*
12,438
1,989,209
Rambus,
Inc.*
14,224
1,888,094
Allegro
MicroSystems,
Inc.*
26,387
1,837,063
GLOBALFOUNDRIES,
Inc.
20,319
1,674,489
ACM
Research,
Inc. — Class
A*
12,960
1,644,494
Skyworks
Solutions,
Inc.
(a)
23,531
1,595,402
Ultra
Clean
Holdings,
Inc.*
,(a)
10,406
1,483,792
Camtek
Ltd.*
9,006
1,469,059
Qorvo,
Inc.*
15,020
1,400,915
Silicon
Laboratories,
Inc.*
6,291
1,374,961
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
98.8%
(continued)
SEMICONDUCTORS
-
93.5%
(continued)
Cirrus
Logic,
Inc.*
9,198
$
1,366,179
Axcelis
Technologies,
Inc.*
6,947
1,316,109
Veeco
Instruments,
Inc.*
,(a)
15,376
1,165,501
Power
Integrations,
Inc.
(a)
13,867
1,161,500
Ambarella,
Inc.*
13,070
1,121,406
Diodes,
Inc.*
10,242
1,120,884
Penguin
Solutions,
Inc.*
,(a)
14,470
1,099,865
Synaptics,
Inc.*
,(a)
8,704
1,081,298
AXT,
Inc.*
14,113
1,017,265
Navitas
Semiconductor
Corp. — Class
A*
50,248
900,444
Impinj,
Inc.*
,(a)
6,261
896,763
Photronics,
Inc.*
22,515
732,413
Total
Semiconductors
285,010,952
ENERGY-ALTERNATE
SOURCES
-
2
.7
%
SolarEdge
Technologies,
Inc.*
40,693
2,378,099
First
Solar,
Inc.*
9,885
2,332,465
Canadian
Solar,
Inc.*
144,071
2,308,017
Enphase
Energy,
Inc.*
25,096
1,235,727
Total
Energy-Alternate
Sources
8,254,308
TELECOMMUNICATIONS
-
1
.2
%
Credo
Technology
Group
Holding
Ltd.*
12,822
3,486,943
CHEMICALS
-
0
.7
%
Qnity
Electronics,
Inc.
13,643
2,228,038
COMPUTERS
-
0
.4
%
Rigetti
Computing,
Inc.*
,(a)
63,703
1,230,742
ELECTRICAL
COMPONENTS
&
EQUIPMENT
-
0
.3
%
Universal
Display
Corp.
11,588
1,003,405
Total
Common
Stocks
(Cost
$111,785,322)
301,214,388
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.7
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,003,097
1,003,097
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,003,048
1,003,048
Total
Repurchase
Agreements
(Cost
$2,006,145)
2,006,145
Total
Investments
-
99.5%
(Cost
$113,791,467)
$
303,220,533
Other
Assets
&
Liabilities,
net
-
0.5%
1,535,848
Total
Net
Assets
-
100.0%
$
304,756,381
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ELECTRONICS
FUND
June
30,
2026
10
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
301,214,388
$
—
$
—
$
301,214,388
Repurchase
Agreements
—
2,006,145
—
2,006,145
Total
Assets
$
301,214,388
$
2,006,145
$
—
$
303,220,533
–
–
–
–
|
11
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ENERGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.0
%
OIL
&
GAS
-
58
.5
%
Exxon
Mobil
Corp.
22,039
$
3,013,172
Chevron
Corp.
13,437
2,227,317
ConocoPhillips
13,723
1,426,643
Valero
Energy
Corp.
4,489
1,169,115
Marathon
Petroleum
Corp.
4,389
1,122,136
EOG
Resources,
Inc.
8,326
1,080,132
Phillips
66
6,264
1,058,929
Devon
Energy
Corp.
21,452
886,397
EQT
Corp.
14,751
784,311
Texas
Pacific
Land
Corp.
1,771
775,061
Diamondback
Energy,
Inc.
4,384
770,620
Occidental
Petroleum
Corp.
15,097
733,261
Shell
plc
ADR
9,284
719,881
Canadian
Natural
Resources
Ltd.
16,702
659,729
Expand
Energy
Corp.
6,992
637,601
Petroleo
Brasileiro
S.A.
-
Petrobras
ADR
36,157
584,297
BP
plc
ADR
15,794
583,588
Cenovus
Energy,
Inc.
22,164
549,889
Suncor
Energy,
Inc.
9,449
507,222
Permian
Resources
Corp. — Class
A
27,023
497,493
Ovintiv,
Inc.
9,369
493,278
Viper
Energy,
Inc. — Class
A
11,631
493,154
HF
Sinclair
Corp.
6,239
434,546
Antero
Resources
Corp.*
12,293
431,976
APA
Corp.
(a)
13,081
426,048
Range
Resources
Corp.
10,422
387,594
Equinor
ASA
ADR
12,268
385,215
Transocean
Ltd.*
78,041
381,621
Chord
Energy
Corp.
2,734
312,496
Matador
Resources
Co.
(a)
6,159
306,595
SM
Energy
Co.
(a)
11,686
305,005
PBF
Energy,
Inc. — Class
A
6,465
294,287
CNX
Resources
Corp.*
8,592
291,527
Magnolia
Oil
&
Gas
Corp. — Class
A
10,999
281,354
Weatherford
International
plc
3,446
280,849
California
Resources
Corp.
5,106
269,954
Noble
Corporation
plc
6,992
260,802
Murphy
Oil
Corp.
7,905
257,387
Valaris
Ltd.*
3,335
242,121
Patterson-UTI
Energy,
Inc.
24,070
220,963
Par
Pacific
Holdings,
Inc.*
,(a)
3,892
218,263
Delek
US
Holdings,
Inc.
3,947
200,547
Northern
Oil
&
Gas,
Inc.
(a)
9,474
171,953
Comstock
Resources,
Inc.*
,(a)
10,262
153,109
Sable
Offshore
Corp.*
,(a)
13,793
42,482
Total
Oil
&
Gas
27,329,920
PIPELINES
-
19
.0
%
Williams
Companies,
Inc.
17,279
1,284,521
Kinder
Morgan,
Inc.
32,947
1,053,316
Targa
Resources
Corp.
3,697
991,313
ONEOK,
Inc.
11,090
964,165
Cheniere
Energy,
Inc.
3,912
935,007
Enbridge,
Inc.
10,794
585,143
DT
Midstream,
Inc.
3,476
510,068
Venture
Global,
Inc. — Class
A
(a)
41,769
464,889
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.0%
(continued)
PIPELINES
-
19.0%
(continued)
TC
Energy
Corp.
6,932
$
459,522
Golar
LNG
Ltd.
9,068
451,949
Antero
Midstream
Corp.
16,336
371,644
Pembina
Pipeline
Corp.
7,804
360,935
Kinetik
Holdings,
Inc. — Class
A
6,791
328,277
NextDecade
Corp.*
16,281
122,759
Total
Pipelines
8,883,508
OIL
&
GAS
SERVICES
-
9
.3
%
SLB
Ltd.
21,793
1,013,157
Baker
Hughes
Co. — Class
A
16,617
922,243
Halliburton
Co.
18,192
617,618
TechnipFMC
plc
7,885
522,776
Kodiak
Gas
Services,
Inc.
5,081
381,736
NOV,
Inc.
17,269
320,340
Solaris
Energy
Infrastructure,
Inc. — Class
A
(a)
3,942
317,173
Liberty
Energy,
Inc. — Class
A
10,041
262,974
Total
Oil
&
Gas
Services
4,358,017
MINING
-
5
.1
%
Cameco
Corp.
6,656
677,980
Uranium
Energy
Corp.*
55,487
591,491
NexGen
Energy
Ltd.*
40,595
381,187
Denison
Mines
Corp.*
119,635
366,083
Energy
Fuels,
Inc.*
16,391
237,670
Centrus
Energy
Corp. — Class
A*
,(a)
898
150,747
Total
Mining
2,405,158
ENERGY-ALTERNATE
SOURCES
-
4
.0
%
First
Solar,
Inc.*
2,508
591,788
SolarEdge
Technologies,
Inc.*
,(a)
8,547
499,487
Enphase
Energy,
Inc.*
6,380
314,151
Sunrun,
Inc.*
18,177
243,208
Plug
Power,
Inc.*
,(a)
87,505
237,138
Total
Energy-Alternate
Sources
1,885,772
COAL
-
0
.9
%
Peabody
Energy
Corp.
9,078
209,884
Core
Natural
Resources,
Inc.
2,317
185,406
Total
Coal
395,290
TRANSPORTATION
-
0
.8
%
Frontline
plc
10,688
371,835
METAL
FABRICATE
&
HARDWARE
-
0
.8
%
Tenaris
S.A.
ADR
6,385
354,304
RETAIL
-
0
.6
%
Murphy
USA,
Inc.
552
297,456
Total
Common
Stocks
(Cost
$35,139,067)
46,281,260
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ENERGY
FUND
June
30,
2026
12
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.3
%
MONEY
MARKET
FUNDS
-
0
.3
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
120,284
$
120,284
Total
Securities
Lending
Collateral
(Cost
$120,284)
120,284
MASTER
LIMITED
PARTNERSHIPS
-
0
.9
%
PIPELINES
-
0
.9
%
Western
Midstream
Partners,
LP
9,846
430,861
Total
Master
Limited
Partnerships
(Cost
$385,221)
430,861
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
0
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
98,172
$
98,172
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
98,168
98,168
Total
Repurchase
Agreements
(Cost
$196,340)
196,340
Total
Investments
-
100.6%
(Cost
$35,840,912)
$
47,028,745
Other
Assets
&
Liabilities,
net
-
(0.6)%
(
286,007
)
Total
Net
Assets
-
100.0%
$
46,742,738
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
46,281,260
$
—
$
—
$
46,281,260
Securities
Lending
Collateral
120,284
—
—
120,284
Master
Limited
Partnerships
430,861
—
—
430,861
Repurchase
Agreements
—
196,340
—
196,340
Total
Assets
$
46,832,405
$
196,340
$
—
$
47,028,745
–
–
–
–
|
13
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
ENERGY
SERVICES
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.9
%
OIL
&
GAS
SERVICES
-
71
.5
%
SLB
Ltd.
101,950
$
4,739,655
Baker
Hughes
Co. — Class
A
77,736
4,314,348
Halliburton
Co.
85,102
2,889,213
Kodiak
Gas
Services,
Inc.
23,766
1,785,540
Archrock,
Inc.
42,592
1,733,920
TechnipFMC
plc
25,726
1,705,634
NOV,
Inc.
80,798
1,498,803
Solaris
Energy
Infrastructure,
Inc. — Class
A
18,452
1,484,648
Oceaneering
International,
Inc.*
30,744
1,245,747
Liberty
Energy,
Inc. — Class
A
46,970
1,230,144
Select
Water
Solutions,
Inc. — Class
A
52,042
1,039,799
Tidewater,
Inc.*
14,723
980,993
National
Energy
Services
Reunited
Corp.*
31,411
940,131
TETRA
Technologies,
Inc.*
71,444
809,461
ProPetro
Holding
Corp.*
55,620
797,591
Atlas
Energy
Solutions,
Inc.
43,716
726,123
Expro
Group
Holdings
N.V.*
48,546
717,024
Helix
Energy
Solutions
Group,
Inc.*
73,994
646,708
ProFrac
Holding
Corp. — Class
A*
42,003
244,037
Total
Oil
&
Gas
Services
29,529,519
OIL
&
GAS
-
22
.6
%
Weatherford
International
plc
16,117
1,313,535
Transocean
Ltd.*
263,304
1,287,557
Noble
Corporation
plc
32,704
1,219,859
Valaris
Ltd.*
15,600
1,132,560
Borr
Drilling
Ltd.*
264,236
1,091,295
Seadrill
Ltd.*
28,185
1,065,957
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.9%
(continued)
OIL
&
GAS
-
22.6%
(continued)
Patterson-UTI
Energy,
Inc.
112,602
$
1,033,686
Helmerich
&
Payne,
Inc.
29,601
969,137
Nabors
Industries
Ltd.*
2,495
209,605
Total
Oil
&
Gas
9,323,191
METAL
FABRICATE
&
HARDWARE
-
3
.0
%
Tenaris
S.A.
ADR
22,377
1,241,700
MACHINERY-DIVERSIFIED
-
2
.8
%
Cactus,
Inc. — Class
A
22,752
1,165,585
Total
Common
Stocks
(Cost
$37,106,443)
41,259,995
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(a)
-
0
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
90,156
90,156
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
90,151
90,151
Total
Repurchase
Agreements
(Cost
$180,307)
180,307
Total
Investments
-
100.3%
(Cost
$37,286,750)
$
41,440,302
Other
Assets
&
Liabilities,
net
-
(0.3)%
(
143,563
)
Total
Net
Assets
-
100.0%
$
41,296,739
*
Non-income
producing
security.
(a)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
ENERGY
SERVICES
FUND
June
30,
2026
14
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
41,259,995
$
—
$
—
$
41,259,995
Repurchase
Agreements
—
180,307
—
180,307
Total
Assets
$
41,259,995
$
180,307
$
—
$
41,440,302
–
–
–
–
|
15
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
FINANCIAL
SERVICES
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
BANKS
-
29
.2
%
JPMorgan
Chase
&
Co.
1,074
$
351,552
Bank
of
America
Corp.
3,997
227,749
Goldman
Sachs
Group,
Inc.
200
202,274
Wells
Fargo
&
Co.
2,229
184,205
Morgan
Stanley
861
179,983
Citigroup,
Inc.
1,279
179,009
PNC
Financial
Services
Group,
Inc.
478
117,693
U.S.
Bancorp
1,908
115,243
Bank
of
New
York
Mellon
Corp.
796
115,110
NU
Holdings
Limited/Cayman
Islands — Class
A*
7,840
104,742
Truist
Financial
Corp.
1,800
89,676
Fifth
Third
Bancorp
1,508
85,006
HDFC
Bank
Ltd.
ADR
3,273
84,542
ICICI
Bank
Ltd.
ADR
2,810
81,574
State
Street
Corp.
462
78,355
Toronto-Dominion
Bank
643
78,079
Popular,
Inc.
468
76,836
Bank
of
Nova
Scotia
881
76,506
Royal
Bank
of
Canada
367
75,958
Itau
Unibanco
Holding
S.A.
ADR
9,288
75,883
Huntington
Bancshares,
Inc.
3,967
70,335
M&T
Bank
Corp.
292
69,499
Northern
Trust
Corp.
372
64,668
Citizens
Financial
Group,
Inc.
893
62,573
Regions
Financial
Corp.
1,989
60,068
KeyCorp
2,541
58,570
East
West
Bancorp,
Inc.
375
48,409
First
Citizens
BancShares,
Inc. — Class
A
23
47,858
Pinnacle
Financial
Partners,
Inc.
457
46,102
First
Horizon
Corp.
1,587
40,691
Wintrust
Financial
Corp.
240
38,573
Zions
Bancorp
North
America
541
37,432
UMB
Financial
Corp.
262
37,403
Columbia
Banking
System,
Inc.
1,122
35,960
Old
National
Bancorp
(a)
1,362
35,276
Commerce
Bancshares,
Inc.
586
33,841
Valley
National
Bancorp
(a)
2,101
30,780
Hancock
Whitney
Corp.
386
28,842
Bank
OZK
522
27,191
Total
Banks
3,454,046
DIVERSIFIED
FINANCIAL
SERVICES
-
23
.8
%
Visa,
Inc. — Class
A
903
309,810
Mastercard,
Inc. — Class
A
473
242,933
American
Express
Co.
472
159,654
Charles
Schwab
Corp.
1,607
148,278
Interactive
Brokers
Group,
Inc. — Class
A
1,578
137,349
Capital
One
Financial
Corp.
675
135,418
Blackrock,
Inc.
140
134,618
CME
Group,
Inc.
429
94,736
Intercontinental
Exchange,
Inc.
743
91,471
Rocket
Companies,
Inc. — Class
A*
,(a)
5,262
82,877
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
DIVERSIFIED
FINANCIAL
SERVICES
-
23.8%
(continued)
XP,
Inc. — Class
A
5,058
$
82,243
Ameriprise
Financial,
Inc.
165
75,695
Apollo
Global
Management,
Inc.
637
75,363
Nasdaq,
Inc.
885
69,756
Coinbase
Global,
Inc. — Class
A*
,(a)
461
67,394
Ares
Management
Corp. — Class
A
560
62,334
Raymond
James
Financial,
Inc.
395
60,052
Synchrony
Financial
784
59,623
T.
Rowe
Price
Group,
Inc.
513
58,323
SoFi
Technologies,
Inc.*
3,201
57,394
LPL
Financial
Holdings,
Inc.
193
54,364
Tradeweb
Markets,
Inc. — Class
A
544
54,215
Cboe
Global
Markets,
Inc.
218
52,902
Brookfield
Asset
Management
Ltd. — Class
A
1,072
48,079
TPG,
Inc. — Class
A
1,067
43,267
Ally
Financial,
Inc.
921
42,320
Blue
Owl
Capital,
Inc. — Class
A
4,531
39,646
Franklin
Resources,
Inc.
1,141
37,961
Invesco
Ltd.
1,425
37,606
SEI
Investments
Co.
413
36,224
Galaxy
Digital,
Inc. — Class
A*
1,228
33,574
Jefferies
Financial
Group,
Inc.
572
28,589
SLM
Corp.
1,023
26,537
Hamilton
Lane,
Inc. — Class
A
302
23,807
Upstart
Holdings,
Inc.*
589
20,868
Webull
Corp.*
2,668
17,395
Dave,
Inc.*
27
10,060
Total
Diversified
Financial
Services
2,812,735
INSURANCE
-
17
.2
%
Berkshire
Hathaway,
Inc. — Class
B*
780
390,304
Progressive
Corp.
622
135,876
Marsh
&
McLennan
Companies,
Inc.
621
103,502
Arch
Capital
Group
Ltd.*
1,055
102,398
Travelers
Companies,
Inc.
304
100,356
Willis
Towers
Watson
plc
382
99,843
Allstate
Corp.
395
93,986
Arthur
J
Gallagher
&
Co.
391
89,762
Chubb
Ltd.
263
89,615
Aflac,
Inc.
760
89,110
Aon
plc — Class
A
259
85,908
MetLife,
Inc.
904
76,487
American
International
Group,
Inc.
965
71,921
Prudential
Financial,
Inc.
660
71,234
Hartford
Insurance
Group,
Inc.
535
70,898
Cincinnati
Financial
Corp.
347
64,244
Principal
Financial
Group,
Inc.
512
55,183
Brown
&
Brown,
Inc.
811
52,026
W
R
Berkley
Corp.
737
51,981
Equitable
Holdings,
Inc.
936
41,072
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FINANCIAL
SERVICES
FUND
June
30,
2026
16
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
INSURANCE
-
17.2%
(continued)
Corebridge
Financial,
Inc.
1,079
$
30,892
Selective
Insurance
Group,
Inc.
294
28,521
Brighthouse
Financial,
Inc.*
350
22,155
Erie
Indemnity
Co. — Class
A
66
15,824
Total
Insurance
2,033,098
REITS
-
16
.3
%
Welltower,
Inc.
671
152,297
Prologis,
Inc.
931
126,123
Equinix,
Inc.
113
117,790
Simon
Property
Group,
Inc.
441
98,630
American
Tower
Corp.
581
95,034
Digital
Realty
Trust,
Inc.
513
92,125
Realty
Income
Corp.
1,420
87,983
Public
Storage
256
81,487
Ventas,
Inc.
878
77,967
Iron
Mountain,
Inc.
546
68,965
Extra
Space
Storage,
Inc.
433
62,915
Crown
Castle,
Inc.
806
61,038
VICI
Properties,
Inc. — Class
A
2,286
60,693
AvalonBay
Communities,
Inc.
319
60,192
Equity
Residential
873
59,303
Invitation
Homes,
Inc.
1,648
49,786
Weyerhaeuser
Co.
2,012
48,167
SBA
Communications
Corp. — Class
A
268
47,291
Mid-America
Apartment
Communities,
Inc.
336
46,684
Annaly
Capital
Management,
Inc.
2,086
46,643
Lamar
Advertising
Co. — Class
A
294
45,858
Healthpeak
Properties,
Inc.
2,128
45,539
Host
Hotels
&
Resorts,
Inc.
1,919
45,500
Regency
Centers
Corp.
556
44,336
Sun
Communities,
Inc.
361
43,288
UDR,
Inc.
1,058
42,235
AGNC
Investment
Corp.
3,846
41,921
Equity
LifeStyle
Properties,
Inc.
634
40,861
Gaming
and
Leisure
Properties,
Inc.
875
38,964
Total
REITS
1,929,615
COMMERCIAL
SERVICES
-
6
.5
%
S&P
Global,
Inc.
314
127,880
Moody's
Corp.
213
96,472
Block,
Inc.*
1,061
80,636
PayPal
Holdings,
Inc.
1,703
73,536
StoneCo
Ltd. — Class
A
6,486
70,308
Affirm
Holdings,
Inc.*
782
63,772
Global
Payments,
Inc.
752
54,565
Corpay,
Inc.*
154
51,324
Toast,
Inc. — Class
A*
1,728
48,073
Remitly
Global,
Inc.*
,(a)
1,141
25,570
MarketAxess
Holdings,
Inc.
200
22,698
Shift4
Payments,
Inc. — Class
A*
,(a)
427
20,769
Euronet
Worldwide,
Inc.*
262
19,176
Morningstar,
Inc.
71
11,077
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
COMMERCIAL
SERVICES
-
6.5%
(continued)
Sezzle,
Inc.*
53
$
9,096
Total
Commercial
Services
774,952
PRIVATE
EQUITY
-
2
.9
%
Blackstone,
Inc.
1,177
138,498
KKR
&
Company,
Inc.
1,000
91,780
Brookfield
Corp. — Class
A
1,738
74,021
Carlyle
Group,
Inc.
886
37,309
Total
Private
Equity
341,608
SOFTWARE
-
1
.8
%
MSCI,
Inc. — Class
A
128
71,685
Fiserv,
Inc.*
1,117
54,789
Fidelity
National
Information
Services,
Inc.
1,344
52,255
Jack
Henry
&
Associates,
Inc.
276
38,016
Total
Software
216,745
INTERNET
-
0
.9
%
Robinhood
Markets,
Inc. — Class
A*
1,115
111,812
INVESTMENT
COMPANIES
-
0
.4
%
Ares
Capital
Corp.
(a)
2,243
41,563
HEALTHCARE-SERVICES
-
0
.3
%
Oscar
Health,
Inc. — Class
A*
1,121
31,971
MEDIA
-
0
.2
%
FactSet
Research
Systems,
Inc.
118
27,149
Total
Common
Stocks
(Cost
$8,629,382)
11,775,294
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.4
%
MONEY
MARKET
FUNDS
-
0
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
48,006
48,006
Total
Securities
Lending
Collateral
(Cost
$48,006)
48,006
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
32,259
32,259
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
32,257
32,257
Total
Repurchase
Agreements
(Cost
$64,516)
64,516
Total
Investments
-
100.4%
(Cost
$8,741,904)
$
11,887,816
Other
Assets
&
Liabilities,
net
-
(0.4)%
(
45,484
)
Total
Net
Assets
-
100.0%
$
11,842,332
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
FINANCIAL
SERVICES
FUND
June
30,
2026
|
17
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
CME
—
Chicago
Mercantile
Exchange
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
11,775,294
$
—
$
—
$
11,775,294
Securities
Lending
Collateral
48,006
—
—
48,006
Repurchase
Agreements
—
64,516
—
64,516
Total
Assets
$
11,823,300
$
64,516
$
—
$
11,887,816
–
–
–
–
18
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
HEALTH
CARE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.9
%
PHARMACEUTICALS
-
33
.8
%
Eli
Lilly
&
Co.
588
$
705,265
Johnson
&
Johnson
2,203
559,496
AbbVie,
Inc.
1,945
489,440
Merck
&
Company,
Inc.
3,083
396,165
CVS
Health
Corp.
2,459
254,384
Pfizer,
Inc.
10,090
242,967
Bristol-Myers
Squibb
Co.
4,101
236,300
McKesson
Corp.
270
204,012
Cardinal
Health,
Inc.
702
166,767
Novo
Nordisk
A/S
ADR
3,350
160,599
Cencora,
Inc.
562
159,035
Becton
Dickinson
&
Co.
952
144,066
Jazz
Pharmaceuticals
plc*
539
129,883
Alkermes
plc*
2,400
125,748
AstraZeneca
plc
611
115,858
Teva
Pharmaceutical
Industries
Ltd.
ADR*
3,388
114,785
GSK
plc
ADR
2,172
113,856
Novartis
AG
ADR
688
107,823
Zoetis,
Inc.
1,499
107,718
Dexcom,
Inc.*
1,567
105,537
Ascendis
Pharma
A/S*
386
102,954
Viatris,
Inc.
5,858
93,025
Neurocrine
Biosciences,
Inc.*
542
91,346
Elanco
Animal
Health,
Inc.*
3,112
76,586
Vaxcyte,
Inc.*
1,192
69,291
Henry
Schein,
Inc.*
763
63,726
Protagonist
Therapeutics,
Inc.*
517
63,374
Corcept
Therapeutics,
Inc.*
722
62,778
Madrigal
Pharmaceuticals,
Inc.*
,(a)
108
57,991
Mirum
Pharmaceuticals,
Inc.*
462
54,086
Rhythm
Pharmaceuticals,
Inc.*
471
52,295
Indivior
Pharmaceuticals,
Inc.*
1,233
50,590
Total
Pharmaceuticals
5,477,746
HEALTHCARE-PRODUCTS
-
24
.8
%
Thermo
Fisher
Scientific,
Inc.
622
311,846
Abbott
Laboratories
3,030
274,942
Intuitive
Surgical,
Inc.*
639
254,118
Danaher
Corp.
1,326
252,577
Stryker
Corp.
747
235,186
Boston
Scientific
Corp.*
3,902
166,537
Edwards
Lifesciences
Corp.*
1,794
162,285
Medtronic
plc
1,925
150,593
Natera,
Inc.*
553
150,112
Agilent
Technologies,
Inc.
1,040
138,143
Waters
Corp.*
366
137,265
IDEXX
Laboratories,
Inc.*
258
135,822
GE
HealthCare
Technologies,
Inc.
1,842
117,906
ResMed,
Inc.
600
116,928
West
Pharmaceutical
Services,
Inc.
321
115,239
Guardant
Health,
Inc.*
687
103,071
Alcon
AG
1,502
100,784
STERIS
plc
475
100,021
Zimmer
Biomet
Holdings,
Inc.
1,036
89,189
Cooper
Companies,
Inc.*
1,179
84,546
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.9%
(continued)
HEALTHCARE-PRODUCTS
-
24.8%
(continued)
Bio-Techne
Corp.
1,178
$
83,226
Revvity,
Inc.
(a)
726
80,775
Align
Technology,
Inc.*
438
73,873
Baxter
International,
Inc.
3,464
73,852
Insulet
Corp.*
472
71,862
Tempus
AI,
Inc. — Class
A*
1,065
61,695
Repligen
Corp.*
438
59,761
Lantheus
Holdings,
Inc.*
537
59,575
Avantor,
Inc.*
5,829
57,707
Bruker
Corp.
956
57,532
Merit
Medical
Systems,
Inc.*
651
45,140
Dentsply
Sirona,
Inc.
3,066
32,530
TransMedics
Group,
Inc.*
462
30,686
IRhythm
Holdings,
Inc.*
211
25,098
Total
Healthcare-Products
4,010,422
BIOTECHNOLOGY
-
23
.9
%
Amgen,
Inc.
835
302,370
Gilead
Sciences,
Inc.
2,132
269,357
Vertex
Pharmaceuticals,
Inc.*
522
259,293
Regeneron
Pharmaceuticals,
Inc.
281
175,215
Revolution
Medicines,
Inc.*
793
148,513
Alnylam
Pharmaceuticals,
Inc.*
469
141,183
Argenx
SE
ADR*
145
134,527
BeOne
Medicines
Ltd.
ADR*
457
130,231
Moderna,
Inc.*
1,838
128,715
Biogen,
Inc.*
590
127,475
Royalty
Pharma
plc — Class
A
2,150
120,550
Illumina,
Inc.*
659
115,872
CRISPR
Therapeutics
AG*
2,051
111,862
BioNTech
SE
ADR*
1,196
111,288
Insmed,
Inc.*
1,006
107,260
United
Therapeutics
Corp.*
191
103,490
Roivant
Sciences
Ltd.*
2,808
99,375
Incyte
Corp.*
855
96,923
Bridgebio
Pharma,
Inc.*
,(a)
1,113
82,896
Ionis
Pharmaceuticals,
Inc.*
1,022
81,034
Cytokinetics,
Inc.*
,(a)
949
80,845
Exelixis,
Inc.*
1,465
79,711
Arrowhead
Pharmaceuticals,
Inc.*
918
74,826
BioMarin
Pharmaceutical,
Inc.*
1,298
74,272
Halozyme
Therapeutics,
Inc.*
897
70,208
Axsome
Therapeutics,
Inc.*
279
68,291
Krystal
Biotech,
Inc.*
,(a)
182
67,644
TG
Therapeutics,
Inc.*
,(a)
1,182
64,939
PTC
Therapeutics,
Inc.*
724
59,057
Scholar
Rock
Holding
Corp.*
1,071
58,905
Viking
Therapeutics,
Inc.*
,(a)
1,377
53,717
Praxis
Precision
Medicines,
Inc.*
157
52,562
Ultragenyx
Pharmaceutical,
Inc.*
1,383
46,178
ACADIA
Pharmaceuticals,
Inc.*
1,689
42,732
Recursion
Pharmaceuticals,
Inc. — Class
A*
,(a)
8,936
32,795
Sarepta
Therapeutics,
Inc.*
,(a)
1,811
32,544
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HEALTH
CARE
FUND
June
30,
2026
|
19
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.9%
(continued)
BIOTECHNOLOGY
-
23.9%
(continued)
Summit
Therapeutics,
Inc.*
2,186
$
31,850
ADMA
Biologics,
Inc.*
3,601
30,140
Total
Biotechnology
3,868,645
HEALTHCARE-SERVICES
-
15
.3
%
UnitedHealth
Group,
Inc.
1,037
431,008
Elevance
Health,
Inc.
514
198,779
Cigna
Group
659
181,673
HCA
Healthcare,
Inc.
435
169,602
Humana,
Inc.
394
156,505
ICON
plc*
821
142,616
IQVIA
Holdings,
Inc.*
667
128,878
Centene
Corp.*
1,962
125,941
Quest
Diagnostics,
Inc.
512
108,518
Labcorp
Holdings,
Inc.
387
108,360
Tenet
Healthcare
Corp.*
475
88,863
Molina
Healthcare,
Inc.*
366
83,704
Charles
River
Laboratories
International,
Inc.*
350
79,377
Medpace
Holdings,
Inc.*
142
75,202
Ensign
Group,
Inc.
440
70,532
Universal
Health
Services,
Inc. — Class
B
434
64,531
HealthEquity,
Inc.*
671
60,605
Alignment
Healthcare,
Inc.*
2,062
49,096
RadNet,
Inc.*
758
46,746
Option
Care
Health,
Inc.*
1,920
40,262
Acadia
Healthcare
Company,
Inc.*
1,298
38,330
GeneDx
Holdings
Corp. — Class
A*
,(a)
337
23,135
Total
Healthcare-Services
2,472,263
SOFTWARE
-
1
.0
%
Veeva
Systems,
Inc. — Class
A*
664
117,840
Waystar
Holding
Corp.*
1,767
36,277
Total
Software
154,117
ELECTRONICS
-
0
.7
%
Mettler-Toledo
International,
Inc.*
93
118,808
INTERNET
-
0
.4
%
Hims
&
Hers
Health,
Inc.*
1,892
65,596
Total
Common
Stocks
(Cost
$8,239,927)
16,167,597
A
A
A
SHARES
VALUE
RIGHTS
-
0
.0
%
PHARMACEUTICALS
-
0
.0
%
Johnson
&
Johnson
Expiring
12/31/29*
,(b)
752
$
—
Sanofi
S.A.
Expiring
06/30/32*
,(b)
630
—
Total
Pharmaceuticals
—
Total
Rights
(Cost
$–)
—
SECURITIES
LENDING
COLLATERAL
(c)
-
0
.0
%
MONEY
MARKET
FUNDS
-
0
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
3,528
3,528
Total
Securities
Lending
Collateral
(Cost
$3,528)
3,528
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
1
.1
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
88,279
88,279
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
88,275
88,275
Total
Repurchase
Agreements
(Cost
$176,554)
176,554
Total
Investments
-
101.0%
(Cost
$8,420,009)
$
16,347,679
Other
Assets
&
Liabilities,
net
-
(1.0)%
(
156,064
)
Total
Net
Assets
-
100.0%
$
16,191,615
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HEALTH
CARE
FUND
June
30,
2026
20
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
16,167,597
$
—
$
—
$
16,167,597
Rights
—
—
—
(a)
—
Securities
Lending
Collateral
3,528
—
—
3,528
Repurchase
Agreements
—
176,554
—
176,554
Total
Assets
$
16,171,125
$
176,554
$
—
$
16,347,679
–
–
–
–
(a)
Securities
with
a
market
value
of
$0.
|
21
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INTERNET
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.9
%
INTERNET
-
53
.5
%
Alphabet,
Inc. — Class
A
3,399
$
1,214,701
Amazon.com,
Inc.*
3,763
896,873
Meta
Platforms,
Inc. — Class
A
1,197
674,258
Netflix,
Inc.*
6,997
499,586
Uber
Technologies,
Inc.*
5,243
378,335
Booking
Holdings,
Inc.
2,103
374,839
Airbnb,
Inc. — Class
A*
2,045
292,640
DoorDash,
Inc. — Class
A*
1,558
287,498
Shopify,
Inc. — Class
A*
2,397
273,690
MercadoLibre,
Inc.*
136
230,845
eBay,
Inc.
1,921
214,672
Expedia
Group,
Inc.
704
180,140
Reddit,
Inc. — Class
A*
1,014
176,010
Coupang,
Inc.*
9,229
160,308
F5,
Inc.*
364
151,409
Spotify
Technology
S.A.*
325
149,217
Roku,
Inc.*
1,061
146,567
Alibaba
Group
Holding
Ltd.
ADR
1,381
132,548
VeriSign,
Inc.
524
131,817
Baidu,
Inc.
ADR*
1,080
123,433
Wix.com
Ltd.*
2,512
113,969
Wayfair,
Inc. — Class
A*
1,204
111,274
JD.com,
Inc.
ADR
4,323
110,150
GoDaddy,
Inc. — Class
A*
1,297
110,089
Pinterest,
Inc. — Class
A*
4,848
101,953
Match
Group,
Inc.
2,509
95,467
Trip.com
Group
Ltd.
ADR*
2,311
92,070
Bilibili,
Inc.
ADR*
5,312
90,463
Chewy,
Inc. — Class
A*
,(a)
4,564
89,683
Etsy,
Inc.*
1,086
81,808
Zillow
Group,
Inc. — Class
C*
2,508
79,052
Lyft,
Inc. — Class
A*
,(a)
5,032
73,518
Snap,
Inc. — Class
A*
15,341
68,114
People,
Inc.*
,(a)
1,291
59,593
Cargurus,
Inc.*
1,703
58,055
Ziff
Davis,
Inc.*
,(a)
860
45,038
TripAdvisor,
Inc.*
2,966
40,664
Trump
Media
&
Technology
Group
Corp.*
4,229
32,733
Grindr,
Inc.*
1,447
20,793
Bumble,
Inc. — Class
A*
4,410
14,112
Total
Internet
8,177,984
SOFTWARE
-
25
.1
%
Salesforce,
Inc.
2,133
334,156
Datadog,
Inc. — Class
A*
1,171
304,882
Cloudflare,
Inc. — Class
A*
1,183
290,166
Snowflake,
Inc.*
1,128
287,076
Adobe,
Inc.*
1,330
272,677
Take-Two
Interactive
Software,
Inc.*
879
219,732
Electronic
Arts,
Inc.
1,063
217,958
ROBLOX
Corp. — Class
A*
3,812
207,297
CoreWeave,
Inc. — Class
A*
1,991
198,184
Twilio,
Inc. — Class
A*
831
171,460
Veeva
Systems,
Inc. — Class
A*
924
163,982
Workday,
Inc. — Class
A*
1,332
163,063
MongoDB,
Inc. — Class
A*
451
151,491
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.9%
(continued)
SOFTWARE
-
25.1%
(continued)
Zoom
Communications,
Inc. — Class
A*
1,709
$
147,504
Akamai
Technologies,
Inc.*
1,005
118,801
Nutanix,
Inc. — Class
A*
2,284
116,393
NetEase,
Inc.
ADR
798
102,256
Docusign,
Inc. — Class
A*
1,985
88,174
Dropbox,
Inc. — Class
A*
2,733
75,075
DigitalOcean
Holdings,
Inc.*
475
74,589
Box,
Inc. — Class
A*
2,232
59,237
Fastly,
Inc. — Class
A*
2,680
49,205
ZoomInfo
Technologies,
Inc. — Class
A*
7,713
22,599
Total
Software
3,835,957
TELECOMMUNICATIONS
-
14
.2
%
Cisco
Systems,
Inc.
5,202
611,027
Arista
Networks,
Inc.*
2,481
421,472
Ciena
Corp.*
542
265,884
Motorola
Solutions,
Inc.
611
253,742
Viasat,
Inc.*
1,237
111,095
Nokia
Oyj
ADR
8,288
110,065
Viavi
Solutions,
Inc.*
2,118
101,135
Telefonaktiebolaget
LM
Ericsson
ADR
8,512
94,909
Applied
Digital
Corp.*
2,391
89,184
Extreme
Networks,
Inc.*
1,916
62,021
Vistance
Networks,
Inc.
3,907
49,931
Total
Telecommunications
2,170,465
COMPUTERS
-
3
.0
%
Lumentum
Holdings,
Inc.*
283
242,831
Okta,
Inc.*
1,167
159,237
NetScout
Systems,
Inc.*
1,225
53,349
Total
Computers
455,417
COMMERCIAL
SERVICES
-
1
.5
%
PayPal
Holdings,
Inc.
4,482
193,533
Paylocity
Holding
Corp.*
380
39,721
Total
Commercial
Services
233,254
ELECTRONICS
-
0
.7
%
Applied
Optoelectronics,
Inc.*
662
98,082
REAL
ESTATE
-
0
.6
%
CoStar
Group,
Inc.*
3,458
97,931
ENTERTAINMENT
-
0
.6
%
DraftKings,
Inc. — Class
A*
3,839
96,973
AEROSPACE
&
DEFENSE
-
0
.4
%
Ondas,
Inc.*
,(a)
6,781
55,875
HEALTHCARE-SERVICES
-
0
.3
%
Teladoc
Health,
Inc.*
4,701
39,864
Total
Common
Stocks
(Cost
$7,409,651)
15,261,802
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INTERNET
FUND
June
30,
2026
22
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.1
%
MONEY
MARKET
FUNDS
-
0
.1
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
7,936
$
7,936
Total
Securities
Lending
Collateral
(Cost
$7,936)
7,936
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
0
.7
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
56,657
$
56,657
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
56,654
56,654
Total
Repurchase
Agreements
(Cost
$113,311)
113,311
Total
Investments
-
100.7%
(Cost
$7,530,898)
$
15,383,049
Other
Assets
&
Liabilities,
net
-
(0.7)%
(
108,918
)
Total
Net
Assets
-
100.0%
$
15,274,131
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
15,261,802
$
—
$
—
$
15,261,802
Securities
Lending
Collateral
7,936
—
—
7,936
Repurchase
Agreements
—
113,311
—
113,311
Total
Assets
$
15,269,738
$
113,311
$
—
$
15,383,049
–
–
–
–
|
23
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
LEISURE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
RETAIL
-
19
.4
%
McDonald's
Corp.
782
$
211,382
Starbucks
Corp.
1,639
167,489
Chipotle
Mexican
Grill,
Inc. — Class
A*
3,150
107,100
Yum!
Brands,
Inc.
662
105,827
Restaurant
Brands
International,
Inc.
1,221
88,535
Darden
Restaurants,
Inc.
361
74,370
Texas
Roadhouse,
Inc. — Class
A
307
59,322
Yum
China
Holdings,
Inc.
1,440
58,853
Dutch
Bros,
Inc. — Class
A*
,(a)
799
57,376
Domino's
Pizza,
Inc.
164
48,550
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
762
40,615
Cava
Group,
Inc.*
517
40,574
Brinker
International,
Inc.*
228
38,304
Cheesecake
Factory,
Inc.
(a)
378
30,066
Shake
Shack,
Inc. — Class
A*
410
22,968
Wingstop,
Inc.
123
21,329
Wendy's
Co.
(a)
2,364
19,598
Papa
John's
International,
Inc.
453
16,657
Sweetgreen,
Inc. — Class
A*
1,705
15,021
Bloomin'
Brands,
Inc.
1,514
13,838
Dave
&
Buster's
Entertainment,
Inc.*
692
7,889
Total
Retail
1,245,663
INTERNET
-
17
.8
%
Netflix,
Inc.*
3,593
256,540
Booking
Holdings,
Inc.
1,080
192,499
Airbnb,
Inc. — Class
A*
1,050
150,255
DoorDash,
Inc. — Class
A*
800
147,624
Expedia
Group,
Inc.
362
92,629
Spotify
Technology
S.A.*
188
86,316
MakeMyTrip
Ltd.*
1,434
76,418
Roku,
Inc.*
545
75,286
Trip.com
Group
Ltd.
ADR*
1,477
58,844
Serve
Robotics,
Inc.*
,(a)
1,508
9,923
Total
Internet
1,146,334
MEDIA
-
13
.4
%
Walt
Disney
Co.
2,057
197,986
Comcast
Corp. — Class
A
6,036
148,184
Warner
Bros
Discovery,
Inc.*
4,638
123,649
Fox
Corp. — Class
A
(a)
1,131
58,993
News
Corp. — Class
A
2,314
57,457
Charter
Communications,
Inc. — Class
A*
401
57,026
New
York
Times
Co. — Class
A
681
47,656
Paramount
Skydance
Corp. — Class
B
4,617
45,524
Sirius
XM
Holdings,
Inc.
1,292
38,166
Versant
Media
Group,
Inc.
930
33,489
Liberty
Broadband
Corp. — Class
C*
1,005
33,426
Nexstar
Media
Group,
Inc. — Class
A
121
21,610
Total
Media
863,166
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
ENTERTAINMENT
-
9
.6
%
Live
Nation
Entertainment,
Inc.*
,(a)
469
$
85,879
TKO
Group
Holdings,
Inc. — Class
A
416
83,745
Flutter
Entertainment
plc*
567
57,930
Warner
Music
Group
Corp. — Class
A
2,092
56,630
Sportradar
Group
AG — Class
A*
3,782
56,617
DraftKings,
Inc. — Class
A*
1,971
49,787
Red
Rock
Resorts,
Inc. — Class
A
(a)
599
38,971
Churchill
Downs,
Inc.
434
38,904
Caesars
Entertainment,
Inc.*
1,264
38,147
Vail
Resorts,
Inc.
(a)
254
34,582
Cinemark
Holdings,
Inc.
864
27,415
Penn
Entertainment,
Inc.*
1,252
26,743
Six
Flags
Entertainment
Corp.*
938
19,979
Total
Entertainment
615,329
LODGING
-
8
.8
%
Marriott
International,
Inc. — Class
A
359
133,042
Hilton
Worldwide
Holdings,
Inc.
400
132,184
Hyatt
Hotels
Corp. — Class
A
(a)
328
63,579
Las
Vegas
Sands
Corp.
1,178
54,412
MGM
Resorts
International*
960
45,898
Wyndham
Hotels
&
Resorts,
Inc.
487
41,010
Wynn
Resorts
Ltd.
416
40,389
Boyd
Gaming
Corp.
(a)
382
33,742
Choice
Hotels
International,
Inc.
(a)
177
19,518
Total
Lodging
563,774
LEISURE
TIME
-
8
.6
%
Royal
Caribbean
Cruises
Ltd.
448
142,253
Carnival
Corporation
Ltd.
3,424
97,824
Viking
Holdings
Ltd.*
741
77,561
Norwegian
Cruise
Line
Holdings
Ltd.*
2,395
50,559
Life
Time
Group
Holdings,
Inc.*
1,027
41,943
Planet
Fitness,
Inc. — Class
A*
613
31,980
YETI
Holdings,
Inc.*
603
29,885
Polaris,
Inc.
435
29,771
Peloton
Interactive,
Inc. — Class
A*
4,341
25,655
Harley-Davidson,
Inc.
977
23,897
Total
Leisure
Time
551,328
AGRICULTURE
-
7
.8
%
Philip
Morris
International,
Inc.
1,451
262,500
Altria
Group,
Inc.
2,408
173,256
British
American
Tobacco
plc
ADR
1,113
68,739
Total
Agriculture
504,495
SOFTWARE
-
6
.2
%
Take-Two
Interactive
Software,
Inc.*
452
112,991
ROBLOX
Corp. — Class
A*
1,957
106,422
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
LEISURE
FUND
June
30,
2026
24
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
SOFTWARE
-
6.2%
(continued)
Electronic
Arts,
Inc.
464
$
95,139
NetEase,
Inc.
ADR
524
67,145
SHARPLINK,
Inc.*
2,878
13,814
Total
Software
395,511
BEVERAGES
-
4
.5
%
Constellation
Brands,
Inc. — Class
A
503
69,962
Anheuser-Busch
InBev
S.A.
ADR
790
65,096
Diageo
plc
ADR
785
63,099
Brown-Forman
Corp. — Class
B
(a)
2,028
54,046
Molson
Coors
Beverage
Co. — Class
B
1,003
39,077
Total
Beverages
291,280
TOYS,
GAMES
&
HOBBIES
-
1
.3
%
Hasbro,
Inc.
646
53,353
Mattel,
Inc.*
,(a)
2,236
31,036
Total
Toys,
Games
&
Hobbies
84,389
TELECOMMUNICATIONS
-
1
.1
%
EchoStar
Corp. — Class
A*
672
68,208
FOOD
SERVICE
-
1
.0
%
Aramark
1,081
61,509
Total
Common
Stocks
(Cost
$3,933,342)
6,390,986
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.6
%
MONEY
MARKET
FUNDS
-
0
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
39,115
$
39,115
Total
Securities
Lending
Collateral
(Cost
$39,115)
39,115
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.6
%
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
19,970
19,970
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
19,970
19,970
Total
Repurchase
Agreements
(Cost
$39,940)
39,940
Total
Investments
-
100.7%
(Cost
$4,012,397)
$
6,470,041
Other
Assets
&
Liabilities,
net
-
(0.7)%
(
47,673
)
Total
Net
Assets
-
100.0%
$
6,422,368
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
6,390,986
$
—
$
—
$
6,390,986
Securities
Lending
Collateral
39,115
—
—
39,115
Repurchase
Agreements
—
39,940
—
39,940
Total
Assets
$
6,430,101
$
39,940
$
—
$
6,470,041
–
–
–
–
|
25
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
PRECIOUS
METALS
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.9
%
MINING
-
99
.9
%
Newmont
Corp.
91,936
$
8,586,822
Freeport-McMoRan,
Inc.
126,709
7,968,729
Agnico
Eagle
Mines
Ltd.
49,036
7,606,955
Barrick
Mining
Corp.
178,230
6,546,388
Wheaton
Precious
Metals
Corp.
55,171
6,196,807
Franco-Nevada
Corp.
24,003
5,003,185
Anglogold
Ashanti
plc
59,313
4,797,829
Gold
Fields
Ltd.
ADR
134,848
4,529,544
Kinross
Gold
Corp.
189,379
4,473,132
Pan
American
Silver
Corp.
82,465
3,693,607
Royal
Gold,
Inc.
17,689
3,530,901
Coeur
Mining,
Inc.
215,487
3,516,748
Alamos
Gold,
Inc. — Class
A
94,668
2,872,227
Hecla
Mining
Co.
183,569
2,832,470
Harmony
Gold
Mining
Company
Ltd.
ADR
164,986
2,509,437
IAMGOLD
Corp.*
158,257
2,506,791
First
Majestic
Silver
Corp.
146,939
2,492,085
Eldorado
Gold
Corp.
79,991
2,486,920
Equinox
Gold
Corp.
233,847
2,272,993
SSR
Mining,
Inc.*
75,546
2,136,441
OR
Royalties,
Inc.
65,280
2,064,806
Sibanye
Stillwater
Ltd.
ADR
233,478
1,982,228
B2Gold
Corp.
468,199
1,751,064
Centerra
Gold,
Inc.
97,444
1,545,462
Aris
Mining
Corp.*
99,762
1,487,451
Orla
Mining
Ltd.
146,614
1,435,351
Skeena
Resources
Ltd.*
52,338
1,395,331
Fortuna
Mining
Corp.*
161,873
1,367,827
Endeavour
Silver
Corp.*
164,974
1,365,985
Triple
Flag
Precious
Metals
Corp.
43,147
1,293,116
Silvercorp
Metals,
Inc.
121,548
1,227,635
Novagold
Resources,
Inc.*
194,406
1,160,604
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.9%
(continued)
MINING
-
99.9%
(continued)
Perpetua
Resources
Corp.*
50,043
$
1,038,893
Seabridge
Gold,
Inc.*
37,001
952,406
Hycroft
Mining
Holding
Corp. — Class
A*
,(a)
39,956
934,970
Avino
Silver
&
Gold
Mines
Ltd.*
139,035
881,482
McEwen,
Inc.*
,(a)
45,419
823,447
Aura
Minerals,
Inc.
12,964
816,084
i-80
Gold
Corp.*
208,445
300,161
Total
Mining
110,384,314
Total
Common
Stocks
(Cost
$41,942,440)
110,384,314
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.6
%
MONEY
MARKET
FUNDS
-
0
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
699,745
699,745
Total
Securities
Lending
Collateral
(Cost
$699,745)
699,745
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
438,295
438,295
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
438,274
438,274
Total
Repurchase
Agreements
(Cost
$876,569)
876,569
Total
Investments
-
101.3%
(Cost
$43,518,754)
$
111,960,628
Other
Assets
&
Liabilities,
net
-
(1.3)%
(
1,451,903
)
Total
Net
Assets
-
100.0%
$
110,508,725
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
PRECIOUS
METALS
FUND
June
30,
2026
26
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
110,384,314
$
—
$
—
$
110,384,314
Securities
Lending
Collateral
699,745
—
—
699,745
Repurchase
Agreements
—
876,569
—
876,569
Total
Assets
$
111,084,059
$
876,569
$
—
$
111,960,628
–
–
–
–
|
27
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
REAL
ESTATE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97
.7
%
REITs
-
89
.1
%
REITs-Diversified
-
20
.5
%
Equinix,
Inc.
75
$
78,179
American
Tower
Corp.
388
63,465
Digital
Realty
Trust,
Inc.
342
61,416
Crown
Castle,
Inc.
539
40,818
VICI
Properties,
Inc. — Class
A
1,527
40,542
Weyerhaeuser
Co.
1,343
32,151
Lamar
Advertising
Co. — Class
A
193
30,104
WP
Carey,
Inc.
417
29,816
Gaming
and
Leisure
Properties,
Inc.
584
26,006
SBA
Communications
Corp. — Class
A
130
22,940
Rayonier,
Inc.
932
19,833
Outfront
Media,
Inc.
572
18,739
Millrose
Properties,
Inc.
580
17,429
EPR
Properties
276
16,011
Broadstone
Net
Lease,
Inc.
735
15,192
Total
REITs-Diversified
512,641
REITs-Health
Care
-
13
.5
%
Welltower,
Inc.
448
101,682
Ventas,
Inc.
587
52,126
Healthpeak
Properties,
Inc.
1,421
30,409
Omega
Healthcare
Investors,
Inc.
627
29,895
American
Healthcare
REIT,
Inc.
518
27,014
CareTrust
REIT,
Inc.
622
25,098
Alexandria
Real
Estate
Equities,
Inc.
442
23,360
Healthcare
Realty
Trust,
Inc. — Class
A
1,000
20,170
Sabra
Health
Care
REIT,
Inc.
900
17,559
Medical
Properties
Trust,
Inc.
2,429
11,222
Total
REITs-Health
Care
338,535
REITs-Apartments
-
10
.7
%
AvalonBay
Communities,
Inc.
213
40,191
Equity
Residential
583
39,603
Invitation
Homes,
Inc.
1,100
33,231
Mid-America
Apartment
Communities,
Inc.
225
31,262
UDR,
Inc.
707
28,223
Essex
Property
Trust,
Inc.
94
27,409
Camden
Property
Trust
229
26,218
American
Homes
4
Rent — Class
A
775
25,978
Independence
Realty
Trust,
Inc.
924
15,422
Total
REITs-Apartments
267,537
REITs-Warehouse/Industries
-
9
.2
%
Prologis,
Inc.
621
84,127
First
Industrial
Realty
Trust,
Inc.
355
21,765
STAG
Industrial,
Inc.
557
21,200
Rexford
Industrial
Realty,
Inc.
624
20,904
Terreno
Realty
Corp.
306
19,820
EastGroup
Properties,
Inc.
91
18,430
Americold
Realty
Trust,
Inc.
1,090
17,135
LXP
Industrial
Trust
256
13,793
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97.7%
(continued)
REITs
-
89.1%
(continued)
REITs-Warehouse/Industries
-
9.2%
(continued)
Lineage,
Inc.
(a)
313
$
13,537
Total
REITs-Warehouse/Industries
230,711
REITs-Storage
-
7
.3
%
Public
Storage
171
54,431
Iron
Mountain,
Inc.
365
46,103
Extra
Space
Storage,
Inc.
289
41,992
CubeSmart
570
22,669
National
Storage
Affiliates
Trust
397
17,654
Total
REITs-Storage
182,849
REITs-Shopping
Centers
-
6
.8
%
Kimco
Realty
Corp.
1,227
31,105
Regency
Centers
Corp.
371
29,584
Federal
Realty
Investment
Trust
201
24,811
Brixmor
Property
Group,
Inc.
748
23,584
Phillips
Edison
&
Company,
Inc.
448
18,646
Kite
Realty
Group
Trust
642
18,220
Acadia
Realty
Trust
599
12,525
NETSTREIT
Corp.
538
11,368
Total
REITs-Shopping
Centers
169,843
REITs-Office
Property
-
5
.4
%
BXP,
Inc.
379
25,132
Vornado
Realty
Trust
505
19,847
Cousins
Properties,
Inc.
585
17,538
COPT
Defense
Properties
444
16,157
Kilroy
Realty
Corp.
425
15,925
SL
Green
Realty
Corp.
292
15,117
Highwoods
Properties,
Inc.
465
14,024
Douglas
Emmett,
Inc.
(a)
895
10,561
Total
REITs-Office
Property
134,301
REITs-Single
Tenant
-
5
.0
%
Realty
Income
Corp.
948
58,738
Agree
Realty
Corp.
(a)
307
23,252
NNN
REIT,
Inc.
495
23,032
Essential
Properties
Realty
Trust,
Inc.
655
19,552
Total
REITs-Single
Tenant
124,574
REITs-Hotels
-
4
.1
%
Host
Hotels
&
Resorts,
Inc.
1,281
30,373
Ryman
Hospitality
Properties,
Inc.
161
20,697
Apple
Hospitality
REIT,
Inc.
882
14,826
Park
Hotels
&
Resorts,
Inc.
901
12,839
DiamondRock
Hospitality
Co.
1,006
12,253
Pebblebrook
Hotel
Trust
606
11,762
Total
REITs-Hotels
102,750
REITs-Regional
Malls
-
4
.1
%
Simon
Property
Group,
Inc.
294
65,753
Macerich
Co.
823
20,731
Tanger,
Inc.
408
16,104
Total
REITs-Regional
Malls
102,588
REITs-Manufactured
Homes
-
2
.2
%
Sun
Communities,
Inc.
241
28,898
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
REAL
ESTATE
FUND
June
30,
2026
28
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97.7%
(continued)
REITs
-
89.1%
(continued)
REITs-Manufactured
Homes
-
2.2%
(continued)
Equity
LifeStyle
Properties,
Inc.
423
$
27,263
Total
REITs-Manufactured
Homes
56,161
REITS
-
0
.3
%
Fermi,
Inc.*
833
7,630
Total
REITs
2,230,120
Real
Estate
-
7
.2
%
Real
Estate
Management/Services
-
7
.2
%
CBRE
Group,
Inc. — Class
A*
368
49,566
Compass,
Inc. — Class
A*
2,312
28,507
Jones
Lang
LaSalle,
Inc.*
90
27,896
CoStar
Group,
Inc.*
878
24,865
FirstService
Corp.
116
16,485
Newmark
Group,
Inc. — Class
A
1,010
15,261
Cushman
&
Wakefield
Ltd.*
1,016
13,604
AGNT,
Inc.
993
5,372
Total
Real
Estate
Management/Services
181,556
Total
Real
Estate
181,556
Internet
-
1
.4
%
E-Commerce/Services
-
1
.4
%
Zillow
Group,
Inc. — Class
C*
637
20,078
Opendoor
Technologies,
Inc.*
3,275
15,131
Total
E-Commerce/Services
35,209
Total
Internet
35,209
Total
Common
Stocks
(Cost
$1,691,473)
2,446,885
A
A
A
SHARES
VALUE
WARRANTS
-
0
.0
%
Opendoor
Technologies,
Inc.
Expiring
11/20/26*
117
$
39
Total
Warrants
(Cost
$–)
39
SECURITIES
LENDING
COLLATERAL
(b)
-
1
.4
%
Money
Market
Funds
-
1
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
34,646
34,646
Total
Securities
Lending
Collateral
(Cost
$34,646)
34,646
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
3
.6
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
44,527
44,527
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
44,524
44,524
Total
Repurchase
Agreements
(Cost
$89,051)
89,051
Total
Investments
-
102.7%
(Cost
$1,815,170)
$
2,570,621
Other
Assets
&
Liabilities,
net
-
(2.7)%
(
66,665
)
Total
Net
Assets
-
100.0%
$
2,503,956
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
2,446,885
$
—
$
—
$
2,446,885
Warrants
39
—
—
39
Securities
Lending
Collateral
34,646
—
—
34,646
Repurchase
Agreements
—
89,051
—
89,051
Total
Assets
$
2,481,570
$
89,051
$
—
$
2,570,621
–
–
–
–
|
29
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
RETAILING
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
RETAIL
-
67
.4
%
Walmart,
Inc.
2,003
$
226,860
Home
Depot,
Inc.
573
202,086
Costco
Wholesale
Corp.
205
191,771
Lowe's
Companies,
Inc.
803
177,053
TJX
Companies,
Inc.
1,038
157,257
O'Reilly
Automotive,
Inc.*
1,538
141,634
Carvana
Co. — Class
A*
1,917
126,177
Ross
Stores,
Inc.
573
121,963
Target
Corp.
928
121,206
AutoZone,
Inc.*
37
118,250
Williams-Sonoma,
Inc.
366
85,315
Dollar
General
Corp.
700
80,577
Dollar
Tree,
Inc.*
627
75,836
Dick's
Sporting
Goods,
Inc.
319
72,352
Genuine
Parts
Co.
579
68,310
Ulta
Beauty,
Inc.*
151
68,098
Burlington
Stores,
Inc.*
214
67,795
Tractor
Supply
Co.
2,069
65,401
Best
Buy
Co,
Inc.
807
61,235
BJ's
Wholesale
Club
Holdings,
Inc.*
597
52,070
GameStop
Corp. — Class
A*
2,194
48,444
Five
Below,
Inc.*
262
47,105
Murphy
USA,
Inc.
83
44,726
CarMax,
Inc.*
827
43,740
Floor
&
Decor
Holdings,
Inc. — Class
A*
,(a)
708
42,027
Victoria's
Secret
&
Co.*
501
41,824
Bath
&
Body
Works,
Inc.
1,654
38,257
Macy's,
Inc.
1,526
35,937
Ollie's
Bargain
Outlet
Holdings,
Inc.*
425
32,674
Warby
Parker,
Inc. — Class
A*
,(a)
1,058
32,100
Urban
Outfitters,
Inc.*
441
31,249
Advance
Auto
Parts,
Inc.
501
31,172
Abercrombie
&
Fitch
Co. — Class
A*
344
30,963
AutoNation,
Inc.*
162
30,098
Boot
Barn
Holdings,
Inc.*
182
29,897
Gap,
Inc.
1,598
29,851
Lithia
Motors,
Inc. — Class
A
97
28,178
Signet
Jewelers
Ltd.
306
26,377
Academy
Sports
&
Outdoors,
Inc.
(a)
552
26,016
American
Eagle
Outfitters,
Inc.
1,459
25,095
RH*
144
23,721
PriceSmart,
Inc.
120
23,441
Kohl's
Corp.
1,201
21,282
National
Vision
Holdings,
Inc.*
,(a)
1,064
20,227
Total
Retail
3,065,647
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
INTERNET
-
28
.1
%
Amazon.com,
Inc.*
1,965
$
468,338
MercadoLibre,
Inc.*
71
120,515
eBay,
Inc.
1,003
112,085
PDD
Holdings,
Inc.
ADR*
1,304
99,469
Coupang,
Inc.*
4,821
83,741
Sea
Ltd.
ADR*
773
74,077
Alibaba
Group
Holding
Ltd.
ADR
744
71,409
JD.com,
Inc.
ADR
2,396
61,050
Wayfair,
Inc. — Class
A*
629
58,132
Chewy,
Inc. — Class
A*
2,385
46,865
Etsy,
Inc.*
568
42,787
RealReal,
Inc.*
1,923
22,672
Groupon,
Inc.*
575
13,835
Total
Internet
1,274,975
DISTRIBUTION
&
WHOLESALE
-
1
.9
%
Pool
Corp.
216
46,418
LKQ
Corp.
1,584
41,707
Total
Distribution
&
Wholesale
88,125
SOFTWARE
-
1
.3
%
Global-e
Online
Ltd.*
1,678
58,277
COMMERCIAL
SERVICES
-
0
.8
%
Valvoline,
Inc.*
,(a)
914
36,140
Total
Common
Stocks
(Cost
$2,163,918)
4,523,164
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.7
%
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
16,376
16,376
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
16,376
16,376
Total
Repurchase
Agreements
(Cost
$32,752)
32,752
Total
Investments
-
100.2%
(Cost
$2,196,670)
$
4,555,916
Other
Assets
&
Liabilities,
net
-
(0.2)%
(
8,852
)
Total
Net
Assets
-
100.0%
$
4,547,064
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RETAILING
FUND
June
30,
2026
30
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
4,523,164
$
—
$
—
$
4,523,164
Repurchase
Agreements
—
32,752
—
32,752
Total
Assets
$
4,523,164
$
32,752
$
—
$
4,555,916
–
–
–
–
|
31
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
TECHNOLOGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.6
%
SEMICONDUCTORS
-
32
.6
%
NVIDIA
Corp.
16,269
$
3,255,264
Broadcom,
Inc.
5,210
1,968,077
Micron
Technology,
Inc.
1,595
1,841,093
Advanced
Micro
Devices,
Inc.*
2,724
1,582,399
Applied
Materials,
Inc.
1,763
1,274,649
Intel
Corp.*
8,785
1,226,650
Lam
Research
Corp.
2,711
1,174,758
KLA
Corp.
3,397
1,024,909
Texas
Instruments,
Inc.
2,602
775,578
Marvell
Technology,
Inc.
2,595
773,025
Analog
Devices,
Inc.
1,621
643,813
QUALCOMM,
Inc.
3,397
627,732
ASML
Holding
N.V.
282
561,022
Taiwan
Semiconductor
Manufacturing
Company
Ltd.
ADR
1,166
556,847
Astera
Labs,
Inc.*
968
467,563
Teradyne,
Inc.
955
462,067
NXP
Semiconductors
N.V.
1,634
459,203
ARM
Holdings
plc
ADR*
1,102
390,736
Monolithic
Power
Systems,
Inc.
256
353,884
Microchip
Technology,
Inc.
3,569
325,493
Entegris,
Inc.
1,493
268,531
ON
Semiconductor
Corp.*
2,761
261,025
Lattice
Semiconductor
Corp.*
1,474
225,463
MKS,
Inc.
429
190,819
Amkor
Technology,
Inc.
2,140
184,532
Semtech
Corp.*
1,140
184,509
Rambus,
Inc.*
1,295
171,898
GLOBALFOUNDRIES,
Inc.
1,852
152,623
MACOM
Technology
Solutions
Holdings,
Inc.*
397
151,007
Skyworks
Solutions,
Inc.
(a)
2,153
145,973
Qorvo,
Inc.*
1,371
127,873
SiTime
Corp.*
141
105,124
Total
Semiconductors
21,914,139
SOFTWARE
-
21
.8
%
Microsoft
Corp.
6,697
2,498,115
Palantir
Technologies,
Inc. — Class
A*
6,357
741,671
Oracle
Corp.
4,940
723,957
Salesforce,
Inc.
3,339
523,088
Nebius
Group
N.V. — Class
A*
1,750
483,297
Cadence
Design
Systems,
Inc.*
1,282
481,160
ServiceNow,
Inc.*
4,806
477,140
Datadog,
Inc. — Class
A*
1,832
476,980
Cloudflare,
Inc. — Class
A*
1,852
454,259
Snowflake,
Inc.*
1,763
448,683
Synopsys,
Inc.*
993
442,947
Adobe,
Inc.*
2,082
426,852
Intuit,
Inc.
1,513
394,893
Take-Two
Interactive
Software,
Inc.*
1,378
344,472
ROBLOX
Corp. — Class
A*
5,960
324,105
Electronic
Arts,
Inc.
1,469
301,204
Autodesk,
Inc.*
1,538
299,018
Atlassian
Corp. — Class
A*
3,787
294,591
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
SOFTWARE
-
21.8%
(continued)
CoreWeave,
Inc. — Class
A*
2,912
$
289,860
Roper
Technologies,
Inc.
834
282,217
SAP
SE
ADR
1,807
278,477
Twilio,
Inc. — Class
A*
1,300
268,229
Monday.com
Ltd.*
3,614
261,617
Workday,
Inc. — Class
A*
2,082
254,878
Fair
Isaac
Corp.*
211
252,099
MongoDB,
Inc. — Class
A*
705
236,809
Zoom
Communications,
Inc. — Class
A*
2,672
230,620
Strategy,
Inc. — Class
A*
2,576
223,932
IonQ,
Inc.*
,(a)
3,768
200,684
Samsara,
Inc. — Class
A*
6,081
197,207
Akamai
Technologies,
Inc.*
1,570
185,590
Nutanix,
Inc. — Class
A*
3,569
181,876
PTC,
Inc.*
1,532
174,051
Unity
Software,
Inc.*
5,735
163,906
HubSpot,
Inc.*
782
142,723
Docusign,
Inc. — Class
A*
3,102
137,791
Dropbox,
Inc. — Class
A*
4,274
117,407
Bentley
Systems,
Inc. — Class
B
(a)
3,556
106,289
Gitlab,
Inc. — Class
A*
3,364
102,703
Manhattan
Associates,
Inc.*
666
92,740
SoundHound
AI,
Inc. — Class
A*
,(a)
11,810
76,411
Quantum
Computing,
Inc.*
,(a)
6,753
65,504
Total
Software
14,660,052
COMPUTERS
-
17
.7
%
Apple,
Inc.
10,497
3,037,412
Sandisk
Corp.*
613
1,393,797
Western
Digital
Corp.
1,250
798,400
Dell
Technologies,
Inc. — Class
C
1,832
790,435
International
Business
Machines
Corp.
2,774
780,077
Seagate
Technology
Holdings
plc
763
736,295
Crowdstrike
Holdings,
Inc. — Class
A*
871
664,695
Fortinet,
Inc.*
3,050
468,541
Lumentum
Holdings,
Inc.*
442
379,263
Hewlett
Packard
Enterprise
Co.
8,055
363,361
Check
Point
Software
Technologies
Ltd.*
2,429
319,243
Infosys
Ltd.
ADR
24,774
259,879
NetApp,
Inc.
1,673
258,913
Okta,
Inc.*
1,826
249,158
Accenture
plc — Class
A
1,948
242,409
HP,
Inc.
(a)
9,247
202,879
Zscaler,
Inc.*
1,371
193,517
Cognizant
Technology
Solutions
Corp. — Class
A
4,621
178,971
Super
Micro
Computer,
Inc.*
6,037
177,065
D-Wave
Quantum,
Inc.*
5,780
138,662
Gartner,
Inc.*
1,013
131,305
Rigetti
Computing,
Inc.*
5,818
112,404
Total
Computers
11,876,681
INTERNET
-
13
.7
%
Alphabet,
Inc. — Class
A
8,856
3,164,869
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TECHNOLOGY
FUND
June
30,
2026
32
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
INTERNET
-
13.7%
(continued)
Meta
Platforms,
Inc. — Class
A
3,216
$
1,811,541
Palo
Alto
Networks,
Inc.*
2,518
858,688
AppLovin
Corp. — Class
A*
1,185
610,548
Shopify,
Inc. — Class
A*
4,076
465,398
Baidu,
Inc.
ADR*
2,627
300,240
Wix.com
Ltd.*
6,517
295,676
Reddit,
Inc. — Class
A*
1,589
275,819
F5,
Inc.*
564
234,601
CDW
Corp.
1,506
211,804
VeriSign,
Inc.
821
206,531
Gen
Digital,
Inc.
7,197
179,133
GoDaddy,
Inc. — Class
A*
2,024
171,797
Pinterest,
Inc. — Class
A*
7,581
159,428
Match
Group,
Inc.
3,921
149,194
Snap,
Inc. — Class
A*
23,992
106,524
Total
Internet
9,201,791
TELECOMMUNICATIONS
-
5
.5
%
Cisco
Systems,
Inc.
8,132
955,185
Corning,
Inc.
3,185
813,545
Arista
Networks,
Inc.*
3,884
659,814
Ciena
Corp.*
845
414,523
Motorola
Solutions,
Inc.
955
396,602
Credo
Technology
Group
Holding
Ltd.*
1,173
318,997
Applied
Digital
Corp.*
3,736
139,353
Total
Telecommunications
3,698,019
ELECTRONICS
-
4
.6
%
Amphenol
Corp. — Class
A
4,274
753,592
Coherent
Corp.*
1,121
442,201
Flex
Ltd.*
2,294
371,789
Jabil,
Inc.
782
301,445
Celestica,
Inc.*
821
299,501
TE
Connectivity
plc
1,435
289,310
TTM
Technologies,
Inc.*
903
168,879
Trimble,
Inc.*
3,281
167,922
Advanced
Energy
Industries,
Inc.
429
159,961
Applied
Optoelectronics,
Inc.*
1,038
153,790
Total
Electronics
3,108,390
INVESTMENT
COMPANIES
-
1
.9
%
IREN
Ltd.*
7,132
326,146
Hut
8
Corp.*
1,365
157,583
Cipher
Digital,
Inc.*
6,171
151,190
Riot
Platforms,
Inc.*
5,395
147,715
Terawulf,
Inc.*
5,869
144,964
Core
Scientific,
Inc.*
4,953
126,747
MARA
Holdings,
Inc.*
,(a)
7,766
107,870
Cleanspark,
Inc.*
5,800
84,390
Total
Investment
Companies
1,246,605
ENERGY-ALTERNATE
SOURCES
-
0
.5
%
First
Solar,
Inc.*
903
213,072
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
ENERGY-ALTERNATE
SOURCES
-
0.5%
(continued)
Enphase
Energy,
Inc.*
2,294
$
112,956
Total
Energy-Alternate
Sources
326,028
CHEMICALS
-
0
.4
%
Qnity
Electronics,
Inc.
1,706
278,607
DIVERSIFIED
FINANCIAL
SERVICES
-
0
.4
%
Circle
Internet
Group,
Inc. — Class
A*
2,505
156,888
BitMine
Immersion
Technologies,
Inc.
8,856
117,874
Total
Diversified
Financial
Services
274,762
OFFICE
&
BUSINESS
EQUIPMENT
-
0
.3
%
Zebra
Technologies
Corp. — Class
A*
698
183,755
ELECTRICAL
COMPONENTS
&
EQUIPMENT
-
0
.1
%
Universal
Display
Corp.
1,058
91,612
AEROSPACE
&
DEFENSE
-
0
.1
%
Ondas,
Inc.*
,(a)
10,605
87,385
Total
Common
Stocks
(Cost
$23,433,333)
66,947,826
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.2
%
MONEY
MARKET
FUNDS
-
0
.2
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
111,205
111,205
Total
Securities
Lending
Collateral
(Cost
$111,205)
111,205
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
257,322
257,322
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
257,310
257,310
Total
Repurchase
Agreements
(Cost
$514,632)
514,632
Total
Investments
-
100.6%
(Cost
$24,059,170)
$
67,573,663
Other
Assets
&
Liabilities,
net
-
(0.6)%
(
389,624
)
Total
Net
Assets
-
100.0%
$
67,184,039
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TECHNOLOGY
FUND
June
30,
2026
|
33
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
66,947,826
$
—
$
—
$
66,947,826
Securities
Lending
Collateral
111,205
—
—
111,205
Repurchase
Agreements
—
514,632
—
514,632
Total
Assets
$
67,059,031
$
514,632
$
—
$
67,573,663
–
–
–
–
34
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
TELECOMMUNICATIONS
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.6
%
TELECOMMUNICATIONS
-
74
.4
%
Cisco
Systems,
Inc.
11,095
$
1,303,219
Arista
Networks,
Inc.*
5,293
899,175
Verizon
Communications,
Inc.
18,447
781,046
Ciena
Corp.*
1,541
755,953
AT&T,
Inc.
35,746
739,942
Motorola
Solutions,
Inc.
1,476
612,968
T-Mobile
US,
Inc.
3,382
567,263
AST
SpaceMobile,
Inc. — Class
A*
5,231
464,827
EchoStar
Corp. — Class
A*
3,720
377,580
Viasat,
Inc.*
3,519
316,041
Viavi
Solutions,
Inc.*
,(a)
6,022
287,550
Nokia
Oyj
ADR
20,365
270,447
Millicom
International
Cellular
S.A.
2,744
249,045
Telefonaktiebolaget
LM
Ericsson
ADR
20,072
223,803
Lumen
Technologies,
Inc.*
28,782
221,046
Iridium
Communications,
Inc.
3,684
202,067
America
Movil
SAB
de
CV
ADR
7,736
201,059
BCE,
Inc.
9,155
196,924
KT
Corp.
ADR
11,357
196,249
TELUS
Corp.
18,363
194,097
Vodafone
Group
plc
ADR
14,232
188,218
Globalstar,
Inc.*
2,195
178,432
Rogers
Communications,
Inc. — Class
B
5,435
176,637
Extreme
Networks,
Inc.*
5,448
176,352
Telephone
and
Data
Systems,
Inc.
4,254
157,441
InterDigital,
Inc.
541
153,173
Vistance
Networks,
Inc.
11,109
141,973
Uniti
Group,
Inc.*
11,763
134,922
Calix,
Inc.*
3,403
127,000
Harmonic,
Inc.*
7,357
120,140
ADTRAN
Holdings,
Inc.*
,(a)
6,332
88,015
NETGEAR,
Inc.*
2,778
64,866
Ubiquiti,
Inc.
81
43,256
Gogo,
Inc.*
11,647
36,106
Liberty
Capital
Corp. — Class
C*
1,669
35,984
Total
Telecommunications
10,882,816
MEDIA
-
9
.9
%
Comcast
Corp. — Class
A
26,740
656,467
Charter
Communications,
Inc. — Class
A*
2,219
315,564
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
MEDIA
-
9.9%
(continued)
Liberty
Global
Ltd. — Class
A*
17,840
$
202,841
Versant
Media
Group,
Inc.
5,148
185,379
Liberty
Latin
America
Ltd. — Class
C*
11,786
91,813
Total
Media
1,452,064
INTERNET
-
5
.9
%
Roku,
Inc.*
3,020
417,183
F5,
Inc.*
925
384,763
Cogent
Communications
Holdings,
Inc.
4,282
59,434
Total
Internet
861,380
COMPUTERS
-
5
.8
%
Lumentum
Holdings,
Inc.*
806
691,597
NetScout
Systems,
Inc.*
3,484
151,728
Total
Computers
843,325
ELECTRONICS
-
1
.9
%
Applied
Optoelectronics,
Inc.*
1,882
278,837
AEROSPACE
&
DEFENSE
-
1
.1
%
Ondas,
Inc.*
,(a)
19,285
158,908
SOFTWARE
-
0
.6
%
Digi
International,
Inc.*
1,281
96,011
Total
Common
Stocks
(Cost
$11,561,853)
14,573,341
PREFERRED
STOCKS
-
0
.1
%
COMMUNICATIONS
-
0
.1
%
Liberty
Latin
America
Ltd.
9.00%*
1,155
25,052
Total
Preferred
Stocks
(Cost
$25,664)
25,052
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.2
%
MONEY
MARKET
FUNDS
-
0
.2
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
29,574
29,574
Total
Securities
Lending
Collateral
(Cost
$29,574)
29,574
Total
Investments
-
99.9%
(Cost
$11,617,091)
$
14,627,967
Other
Assets
&
Liabilities,
net
-
0.1%
7,675
Total
Net
Assets
-
100.0%
$
14,635,642
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
ADR
—
American
Depositary
Receipt
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TELECOMMUNICATIONS
FUND
June
30,
2026
|
35
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
14,573,341
$
—
$
—
$
14,573,341
Preferred
Stocks
25,052
—
—
25,052
Securities
Lending
Collateral
29,574
—
—
29,574
Total
Assets
$
14,627,967
$
—
$
—
$
14,627,967
–
–
–
–
36
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
TRANSPORTATION
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
TRANSPORTATION
-
39
.3
%
Union
Pacific
Corp.
918
$
249,696
United
Parcel
Service,
Inc. — Class
B
1,697
182,428
CSX
Corp.
3,809
181,042
Norfolk
Southern
Corp.
521
163,901
FedEx
Corp.
485
151,868
Old
Dominion
Freight
Line,
Inc.
531
115,015
J.B.
Hunt
Transport
Services,
Inc.
309
89,434
CH
Robinson
Worldwide,
Inc.
471
88,708
XPO,
Inc.*
432
88,685
Expeditors
International
of
Washington,
Inc.
537
87,520
Fedex
Freight
Holding
Company,
Inc.*
511
77,161
Canadian
National
Railway
Co.
621
74,048
Canadian
Pacific
Kansas
City
Ltd.
837
72,526
ZIM
Integrated
Shipping
Services
Ltd.
2,704
70,304
ZTO
Express
Cayman,
Inc.
ADR
3,123
69,893
Knight-Swift
Transportation
Holdings,
Inc.
845
65,800
Star
Bulk
Carriers
Corp.
2,588
64,622
TFI
International,
Inc.
448
64,319
Saia,
Inc.*
141
59,384
Kirby
Corp.*
376
51,125
Landstar
System,
Inc.
238
49,221
Ryder
System,
Inc.
178
46,951
GXO
Logistics,
Inc.*
919
46,593
RXO,
Inc.*
1,483
40,916
Matson,
Inc.
174
33,448
Werner
Enterprises,
Inc.
710
30,963
Hub
Group,
Inc. — Class
A
672
29,427
ArcBest
Corp.
198
28,421
Forward
Air
Corp.*
1,033
13,956
Total
Transportation
2,387,375
AUTO
MANUFACTURERS
-
25
.5
%
Tesla,
Inc.*
1,766
742,779
General
Motors
Co.
2,045
157,629
Ford
Motor
Co.
10,094
140,307
Rivian
Automotive,
Inc. — Class
A*
,(a)
4,595
79,723
Ferrari
N.V.
203
75,575
NIO,
Inc.
ADR*
14,077
71,230
Honda
Motor
Company
Ltd.
ADR
2,598
70,432
Toyota
Motor
Corp.
ADR
404
68,042
Li
Auto,
Inc.
ADR*
5,237
61,482
Stellantis
N.V.*
10,585
60,758
Lucid
Group,
Inc.*
,(a)
3,531
23,622
Total
Auto
Manufacturers
1,551,579
AIRLINES
-
13
.0
%
Delta
Air
Lines,
Inc.
1,665
155,944
United
Airlines
Holdings,
Inc.*
1,027
139,662
Southwest
Airlines
Co.
2,023
104,023
Ryanair
Holdings
plc
ADR
1,241
80,355
American
Airlines
Group,
Inc.*
4,065
73,454
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
AIRLINES
-
13.0%
(continued)
Copa
Holdings
S.A. — Class
A
435
$
67,673
Alaska
Air
Group,
Inc.*
930
48,546
SkyWest,
Inc.*
402
39,931
Allegiant
Travel
Co.*
321
37,749
JetBlue
Airways
Corp.*
4,818
27,607
Frontier
Group
Holdings,
Inc.*
,(a)
2,282
18,050
Total
Airlines
792,994
AUTO
PARTS
&
EQUIPMENT
-
12
.8
%
Garrett
Motion,
Inc.
2,175
78,800
Mobileye
Global,
Inc. — Class
A*
,(a)
7,712
74,652
Magna
International,
Inc.
1,092
71,701
Aptiv
plc*
1,092
67,027
BorgWarner,
Inc.
1,001
66,466
Autoliv,
Inc.
555
64,474
Versigent
plc*
1,484
62,343
Lear
Corp.
356
47,725
Gentex
Corp.
1,736
43,869
QuantumScape
Corp. — Class
A*
5,056
38,223
Dana,
Inc.
1,265
34,421
Visteon
Corp.
279
27,680
Goodyear
Tire
&
Rubber
Co.*
4,106
27,100
Dorman
Products,
Inc.*
161
21,969
Adient
plc*
1,126
20,696
Fox
Factory
Holding
Corp.*
924
15,657
Solid
Power,
Inc.*
5,077
13,149
Total
Auto
Parts
&
Equipment
775,952
INTERNET
-
6
.1
%
Uber
Technologies,
Inc.*
3,323
239,788
Grab
Holdings
Ltd. — Class
A*
23,039
86,857
Lyft,
Inc. — Class
A*
,(a)
3,190
46,606
Total
Internet
373,251
LEISURE
TIME
-
1
.0
%
Patrick
Industries,
Inc.
370
33,219
Harley-Davidson,
Inc.
1,205
29,474
Total
Leisure
Time
62,693
AEROSPACE
&
DEFENSE
-
0
.7
%
Joby
Aviation,
Inc.*
,(a)
4,924
43,922
HOME
BUILDERS
-
0
.6
%
Thor
Industries,
Inc.
488
36,678
COMMERCIAL
SERVICES
-
0
.5
%
Avis
Budget
Group,
Inc.*
146
21,583
Hertz
Global
Holdings,
Inc.*
2,999
6,793
Total
Commercial
Services
28,376
Total
Common
Stocks
(Cost
$2,869,602)
6,052,820
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
TRANSPORTATION
FUND
June
30,
2026
|
37
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.3
%
MONEY
MARKET
FUNDS
-
0
.3
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
17,609
$
17,609
Total
Securities
Lending
Collateral
(Cost
$17,609)
17,609
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
0
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
24,074
$
24,074
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
24,073
24,073
Total
Repurchase
Agreements
(Cost
$48,147)
48,147
Total
Investments
-
100.6%
(Cost
$2,935,358)
$
6,118,576
Other
Assets
&
Liabilities,
net
-
(0.6)%
(
36,425
)
Total
Net
Assets
-
100.0%
$
6,082,151
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
6,052,820
$
—
$
—
$
6,052,820
Securities
Lending
Collateral
17,609
—
—
17,609
Repurchase
Agreements
—
48,147
—
48,147
Total
Assets
$
6,070,429
$
48,147
$
—
$
6,118,576
–
–
–
–
38
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
UTILITIES
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
ELECTRIC
-
88
.5
%
NextEra
Energy,
Inc.
14,237
$
1,249,581
Southern
Co.
9,888
946,380
Duke
Energy
Corp.
7,134
903,022
American
Electric
Power
Company,
Inc.
5,829
797,465
Constellation
Energy
Corp.
3,203
795,529
Dominion
Energy,
Inc.
10,339
706,050
Sempra
7,583
703,020
Entergy
Corp.
5,923
680,316
Vistra
Corp.
4,240
672,591
Xcel
Energy,
Inc.
8,033
645,050
Exelon
Corp.
13,472
628,065
Consolidated
Edison,
Inc.
5,272
583,241
Public
Service
Enterprise
Group,
Inc.
7,132
578,833
WEC
Energy
Group,
Inc.
4,825
563,415
PG&E
Corp.
32,508
546,785
NRG
Energy,
Inc.
3,701
540,568
Ameren
Corp.
4,541
513,315
CenterPoint
Energy,
Inc.
11,146
490,870
Edison
International
6,526
485,861
DTE
Energy
Co.
3,171
483,165
Eversource
Energy
6,649
480,523
PPL
Corp.
12,851
467,134
FirstEnergy
Corp.
9,785
465,179
CMS
Energy
Corp.
5,802
443,853
Alliant
Energy
Corp.
(a)
5,371
409,754
Evergy,
Inc.
4,685
404,925
Fortis,
Inc.
6,430
367,989
National
Grid
plc
ADR
4,427
366,865
Pinnacle
West
Capital
Corp.
3,093
330,951
Brookfield
Renewable
Corp.
8,287
307,613
OGE
Energy
Corp.
5,934
288,748
AES
Corp.
19,319
283,216
IDACORP,
Inc.
1,674
253,276
Talen
Energy
Corp.*
650
249,769
Oklo,
Inc. — Class
A*
,(a)
4,515
236,270
TXNM
Energy,
Inc.
3,978
225,871
Clearway
Energy,
Inc. — Class
C
6,593
225,349
Portland
General
Electric
Co.
(a)
4,338
224,839
Black
Hills
Corp.
2,899
215,686
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
ELECTRIC
-
88.5%
(continued)
Northwestern
Energy
Group,
Inc.
2,648
$
189,650
Ormat
Technologies,
Inc.
1,413
153,876
Otter
Tail
Corp.
(a)
1,531
137,759
MGE
Energy,
Inc.
1,415
115,379
Total
Electric
20,357,596
GAS
-
7
.0
%
Atmos
Energy
Corp.
2,850
490,969
NiSource,
Inc.
9,141
434,655
UGI
Corp.
7,076
244,405
National
Fuel
Gas
Co.
3,154
243,520
MDU
Resources
Group,
Inc.
8,980
190,466
Total
Gas
1,604,015
WATER
-
4
.0
%
American
Water
Works
Company,
Inc.
3,578
470,793
Essential
Utilities,
Inc.
7,912
303,109
H2O
America
2,244
136,368
Total
Water
910,270
Total
Common
Stocks
(Cost
$14,614,902)
22,871,881
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.7
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
82,122
82,122
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
82,118
82,118
Total
Repurchase
Agreements
(Cost
$164,240)
164,240
Total
Investments
-
100.2%
(Cost
$14,779,142)
$
23,036,121
Other
Assets
&
Liabilities,
net
-
(0.2)%
(
44,500
)
Total
Net
Assets
-
100.0%
$
22,991,621
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
UTILITIES
FUND
June
30,
2026
|
39
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
22,871,881
$
—
$
—
$
22,871,881
Repurchase
Agreements
—
164,240
—
164,240
Total
Assets
$
22,871,881
$
164,240
$
—
$
23,036,121
–
–
–
–
40
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
DOW
JONES
INDUSTRIAL
AVERAGE
®
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
90
.0
%
FINANCIAL
-
24
.0
%
Goldman
Sachs
Group,
Inc.
2,263
$
2,288,730
Visa,
Inc. — Class
A
2,263
776,413
American
Express
Co.
2,263
765,460
Travelers
Companies,
Inc.
2,263
747,061
JPMorgan
Chase
&
Co.
2,263
740,748
Total
Financial
5,318,412
INDUSTRIAL
-
17
.0
%
Caterpillar,
Inc.
2,263
2,409,869
Honeywell
International,
Inc.
2,263
506,686
Boeing
Co.*
2,263
489,871
3M
Co.
2,263
366,402
Total
Industrial
3,772,828
CONSUMER,
NON-CYCLICAL
-
14
.2
%
UnitedHealth
Group,
Inc.
2,263
940,571
Amgen,
Inc.
2,263
819,478
Johnson
&
Johnson
2,263
574,734
Procter
&
Gamble
Co.
2,263
331,846
Merck
&
Company,
Inc.
2,263
290,795
Coca-Cola
Co.
2,263
183,914
Total
Consumer,
Non-cyclical
3,141,338
TECHNOLOGY
-
13
.3
%
Microsoft
Corp.
2,263
844,144
Apple,
Inc.
2,263
654,822
International
Business
Machines
Corp.
2,263
636,378
NVIDIA
Corp.
2,263
452,804
Salesforce,
Inc.
2,263
354,521
Total
Technology
2,942,669
COMMUNICATIONS
-
8
.3
%
Alphabet,
Inc. — Class
A
2,263
808,728
Amazon.com,
Inc.*
2,263
539,364
Cisco
Systems,
Inc.
2,263
265,812
Walt
Disney
Co.
2,263
217,814
Total
Communications
1,831,718
CONSUMER,
CYCLICAL
-
8
.0
%
Home
Depot,
Inc.
2,263
798,115
McDonald's
Corp.
2,263
611,712
Walmart,
Inc.
2,263
256,307
NIKE,
Inc. — Class
B
2,263
92,896
Total
Consumer,
Cyclical
1,759,030
BASIC
MATERIALS
-
3
.5
%
Sherwin-Williams
Co.
2,263
779,196
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
90.0%
(continued)
ENERGY
-
1
.7
%
Chevron
Corp.
2,263
$
375,115
Total
Common
Stocks
(Cost
$10,902,469)
19,920,306
EXCHANGE-TRADED
FUNDS
-
2
.7
%
Guggenheim
Ultra
Short
Income
ETF
(a)
12,219
612,474
Total
Exchange-Traded
Funds
(Cost
$612,240)
612,474
MUTUAL
FUNDS
-
3
.1
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
67,906
683,138
Total
Mutual
Funds
(Cost
$673,142)
683,138
MONEY
MARKET
FUNDS
(b)
-
0
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
80,320
80,320
Total
Money
Market
Funds
(Cost
$80,320)
80,320
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
3
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
390,872
390,872
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
390,853
390,853
Total
Repurchase
Agreements
(Cost
$781,725)
781,725
Total
Investments
-
99.7%
(Cost
$13,049,896)
$
22,077,963
Other
Assets
&
Liabilities,
net
-
0.3%
62,294
Total
Net
Assets
-
100.0%
$
22,140,257
*
Non-income
producing
security.
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
DOW
JONES
INDUSTRIAL
AVERAGE
®
FUND
June
30,
2026
|
41
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
Dow
Jones
Industrial
Average
Mini
Futures
Contracts
1
Sep
2026
$
263,365
$
5,308
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
Dow
Jones
Industrial
Average
Pay
4.53%
(Federal
Funds
Rate
+
0.90%)
At
Maturity
09/22/26
29
$
1,515,412
$
65,890
Barclays
Bank
plc
Dow
Jones
Industrial
Average
Pay
4.58%
(SOFR
+
0.90%)
At
Maturity
09/28/26
9
450,735
1,643
$
1,966,147
$
67,533
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
19,413,620
$
506,686
$
—
$
19,920,306
Exchange-Traded
Funds
612,474
—
—
612,474
Mutual
Funds
683,138
—
—
683,138
Money
Market
Funds
80,320
—
—
80,320
Repurchase
Agreements
—
781,725
—
781,725
Equity
Futures
Contracts
(a)
5,308
—
—
5,308
Equity
Index
Swap
Agreements
(a)
—
67,533
—
67,533
Total
Assets
$
20,794,860
$
1,355,944
$
—
$
22,150,804
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
DOW
JONES
INDUSTRIAL
AVERAGE
®
FUND
June
30,
2026
42
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
612,272
$
(
32
)
$
—
$
234
$
612,474
12,219
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
682,459
—
—
—
679
683,138
67,906
7,445
Guggenheim
Strategy
Fund
II
611,037
—
(
612,272
)
—
1,235
—
—
6,302
$
1,293,496
$
612,272
$
(
612,304
)
$
—
$
2,148
$
1,295,612
$
13,747
|
43
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68
.8
%
INDUSTRIAL
-
18
.2
%
Curtiss-Wright
Corp.
104
$
78,807
nVent
Electric
plc
454
77,003
Entegris,
Inc.
428
76,980
ATI,
Inc.*
383
75,489
Sterling
Infrastructure,
Inc.*
86
72,185
MasTec,
Inc.*
173
71,978
Woodward,
Inc.
167
71,048
XPO,
Inc.*
329
67,540
RBC
Bearings,
Inc.*
88
56,677
Fabrinet*
100
56,208
TD
SYNNEX
Corp.
210
56,141
TTM
Technologies,
Inc.*
291
54,423
BWX
Technologies,
Inc.
257
50,025
ITT,
Inc.
251
49,638
Regal
Rexnord
Corp.
187
44,542
Dycom
Industries,
Inc.*
84
42,470
Clean
Harbors,
Inc.*
139
41,526
Carlisle
Companies,
Inc.
113
40,991
Lincoln
Electric
Holdings,
Inc.
154
40,889
Advanced
Energy
Industries,
Inc.
107
39,897
Mueller
Industries,
Inc.
310
38,108
Sanmina
Corp.*
150
37,962
Owens
Corning
226
35,925
Knight-Swift
Transportation
Holdings,
Inc.
456
35,509
Applied
Industrial
Technologies,
Inc.
104
35,168
Graco,
Inc.
465
35,159
Crown
Holdings,
Inc.
310
34,664
SPX
Technologies,
Inc.*
140
34,324
Moog,
Inc. — Class
A
80
33,907
Cognex
Corp.
467
33,820
Littelfuse,
Inc.
71
32,328
Acuity,
Inc.
84
31,639
Saia,
Inc.*
75
31,587
Advanced
Drainage
Systems,
Inc.
201
31,549
Valmont
Industries,
Inc.
54
31,190
Crane
Co.
138
30,784
Arrow
Electronics,
Inc.*
143
30,518
Watts
Water
Technologies,
Inc. — Class
A
77
30,142
Donaldson
Company,
Inc.
325
29,175
Ryder
System,
Inc.
109
28,751
CNH
Industrial
N.V.
2,469
27,727
Oshkosh
Corp.
175
26,859
Flowserve
Corp.
358
26,549
Toro
Co.
272
26,498
Chart
Industries,
Inc.*
126
26,326
Kratos
Defense
&
Security
Solutions,
Inc.*
526
26,226
Timken
Co.
177
25,722
AECOM
360
25,128
Vicor
Corp.*
66
25,066
AAON,
Inc.
191
24,230
EnerSys
103
24,083
Simpson
Manufacturing
Company,
Inc.
115
24,075
Terex
Corp.
320
23,165
AptarGroup,
Inc.
179
22,411
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
INDUSTRIAL
-
18.2%
(continued)
Hexcel
Corp.
212
$
21,213
Tetra
Tech,
Inc.
728
21,032
Fluor
Corp.*
392
20,537
Avnet,
Inc.
230
20,429
Kirby
Corp.*
150
20,396
AGCO
Corp.
169
20,229
Middleby
Corp.*
117
20,125
Eagle
Materials,
Inc.
88
19,800
Landstar
System,
Inc.
95
19,647
Sensata
Technologies
Holding
plc
408
19,478
Fortune
Brands
Innovations,
Inc.
335
18,392
IES
Holdings,
Inc.*
25
18,367
MSA
Safety,
Inc.
102
17,807
GATX
Corp.
100
17,719
GXO
Logistics,
Inc.*
323
16,376
Novanta,
Inc.*
100
16,224
StandardAero,
Inc.*
531
15,882
Esab
Corp.
161
15,879
Sonoco
Products
Co.
277
15,609
AeroVironment,
Inc.*
90
14,856
Trex
Company,
Inc.*
291
14,562
UFP
Industries,
Inc.
158
14,337
Louisiana-Pacific
Corp.
178
14,002
Knife
River
Corp.*
159
13,300
Belden,
Inc.
109
13,070
Vontier
Corp.
395
11,455
Silgan
Holdings,
Inc.
246
11,412
Universal
Display
Corp.
122
10,564
Avient
Corp.
257
9,499
Graphic
Packaging
Holding
Co.
830
8,773
Exponent,
Inc.
136
7,991
Greif,
Inc. — Class
A
69
5,140
Total
Industrial
2,684,833
FINANCIAL
-
14
.0
%
East
West
Bancorp,
Inc.
384
49,571
Annaly
Capital
Management,
Inc.
REIT
2,055
45,950
WP
Carey,
Inc.
REIT
625
44,687
Pinnacle
Financial
Partners,
Inc.
422
42,571
Jones
Lang
LaSalle,
Inc.*
130
40,293
Omega
Healthcare
Investors,
Inc.
REIT
835
39,813
Reinsurance
Group
of
America,
Inc.
184
39,128
Lamar
Advertising
Co. — Class
A
REIT
244
38,059
RenaissanceRe
Holdings
Ltd.
120
38,028
Evercore,
Inc. — Class
A
108
36,875
Unum
Group
412
36,833
Ally
Financial,
Inc.
782
35,933
Gaming
and
Leisure
Properties,
Inc.
REIT
794
35,357
Equity
LifeStyle
Properties,
Inc.
REIT
544
35,061
Webster
Financial
Corp.
454
34,695
Equitable
Holdings,
Inc.
790
34,665
First
Horizon
Corp.
1,331
34,127
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
44
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
FINANCIAL
-
14.0%
(continued)
Fidelity
National
Financial,
Inc.
710
$
33,484
Carlyle
Group,
Inc.
727
30,614
EastGroup
Properties,
Inc.
REIT
151
30,582
Wintrust
Financial
Corp.
189
30,376
Stifel
Financial
Corp.
430
30,001
American
Homes
4
Rent — Class
A
REIT
888
29,766
Zions
Bancorp
North
America
413
28,575
UMB
Financial
Corp.
200
28,552
American
Healthcare
REIT,
Inc.
541
28,213
SouthState
Bank
Corp.
274
27,373
Cullen/Frost
Bankers,
Inc.
176
27,195
Brixmor
Property
Group,
Inc.
REIT
861
27,147
American
Financial
Group,
Inc.
193
27,008
CareTrust
REIT,
Inc.
663
26,752
Columbia
Banking
System,
Inc.
812
26,025
Old
Republic
International
Corp.
628
25,698
Agree
Realty
Corp.
REIT
(a)
336
25,449
CubeSmart
REIT
635
25,254
Affiliated
Managers
Group,
Inc.
74
25,042
Old
National
Bancorp
964
24,968
NNN
REIT,
Inc.
534
24,847
Primerica,
Inc.
87
24,725
Western
Alliance
Bancorp
287
23,591
Voya
Financial,
Inc.
254
22,995
Jefferies
Financial
Group,
Inc.
459
22,941
First
Industrial
Realty
Trust,
Inc.
REIT
372
22,807
SEI
Investments
Co.
256
22,454
Commerce
Bancshares,
Inc.
380
21,945
Rexford
Industrial
Realty,
Inc.
REIT
628
21,038
Hanover
Insurance
Group,
Inc.
98
20,984
Prosperity
Bancshares,
Inc.
283
20,667
STAG
Industrial,
Inc.
REIT
536
20,400
Houlihan
Lokey,
Inc. — Class
A
152
20,388
Kinsale
Capital
Group,
Inc.
61
20,118
First
American
Financial
Corp.
286
19,617
Healthcare
Realty
Trust,
Inc. — Class
A
REIT
972
19,605
Valley
National
Bancorp
1,337
19,587
Corebridge
Financial,
Inc.
679
19,440
FNB
Corp.
998
19,042
Glacier
Bancorp,
Inc.
361
18,620
United
Bankshares,
Inc.
386
17,690
Vornado
Realty
Trust
REIT
443
17,410
Hancock
Whitney
Corp.
228
17,036
MGIC
Investment
Corp.
593
16,723
Essent
Group
Ltd.
258
16,584
Rayonier,
Inc.
REIT
776
16,513
Selective
Insurance
Group,
Inc.
168
16,298
Kite
Realty
Group
Trust
REIT
570
16,177
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
FINANCIAL
-
14.0%
(continued)
Starwood
Property
Trust,
Inc.
REIT
977
$
16,003
RLI
Corp.
258
15,240
Bank
OZK
288
15,002
Home
BancShares,
Inc.
525
14,989
Associated
Banc-Corp
458
14,093
Cousins
Properties,
Inc.
REIT
461
13,821
Sabra
Health
Care
REIT,
Inc.
707
13,794
SLM
Corp.
529
13,722
CNO
Financial
Group,
Inc.
262
13,357
First
Financial
Bankshares,
Inc.
366
12,664
Texas
Capital
Bancshares,
Inc.
122
12,598
Flagstar
Bank
North
America
842
12,579
EPR
Properties
REIT
215
12,472
Ryan
Specialty
Holdings,
Inc. — Class
A
(a)
320
12,083
International
Bancshares
Corp.
152
11,544
COPT
Defense
Properties
REIT
317
11,536
Kilroy
Realty
Corp.
REIT
300
11,241
Federated
Hermes,
Inc.
203
11,210
Independence
Realty
Trust,
Inc.
REIT
660
11,015
Brighthouse
Financial,
Inc.*
160
10,128
Hamilton
Lane,
Inc. — Class
A
115
9,065
National
Storage
Affiliates
Trust
REIT
199
8,849
Park
Hotels
&
Resorts,
Inc.
REIT
565
8,051
Total
Financial
2,065,018
CONSUMER,
NON-CYCLICAL
-
9
.8
%
Illumina,
Inc.*
424
74,552
United
Therapeutics
Corp.*
119
64,478
US
Foods
Holding
Corp.*
618
63,191
Performance
Food
Group
Co.*
441
49,299
Neurocrine
Biosciences,
Inc.*
282
47,527
API
Group
Corp.*
1,081
45,780
Tenet
Healthcare
Corp.*
242
45,273
Roivant
Sciences
Ltd.*
1,265
44,768
Jazz
Pharmaceuticals
plc*
176
42,411
TransUnion
541
39,028
Exelixis,
Inc.*
705
38,359
Toast,
Inc. — Class
A*
1,316
36,611
Penumbra,
Inc.*
110
34,733
Elanco
Animal
Health,
Inc.*
1,401
34,479
Medpace
Holdings,
Inc.*
63
33,364
Cytokinetics,
Inc.*
381
32,457
Arrowhead
Pharmaceuticals,
Inc.*
395
32,196
BioMarin
Pharmaceutical,
Inc.*
542
31,013
Coca-Cola
Consolidated,
Inc.
159
30,356
Service
Corporation
International
387
29,397
Encompass
Health
Corp.
278
28,100
Ensign
Group,
Inc.
163
26,129
Halozyme
Therapeutics,
Inc.*
333
26,064
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
|
45
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
9.8%
(continued)
Globus
Medical,
Inc. — Class
A*
318
$
25,125
Darling
Ingredients,
Inc.*
446
24,361
Sprouts
Farmers
Market,
Inc.*
264
22,329
UL
Solutions,
Inc. — Class
A
218
22,205
HealthEquity,
Inc.*
237
21,406
Booz
Allen
Hamilton
Holding
Corp. — Class
A
338
20,506
Repligen
Corp.*
149
20,330
Lantheus
Holdings,
Inc.*
183
20,302
Avantor,
Inc.*
1,915
18,959
Bruker
Corp.
312
18,776
Chemed
Corp.
37
17,232
Ingredion,
Inc.
177
16,764
Bio-Rad
Laboratories,
Inc. — Class
A*
51
14,974
Valvoline,
Inc.*
358
14,155
WEX,
Inc.*
97
13,686
H&R
Block,
Inc.
356
13,556
Albertsons
Companies,
Inc. — Class
A
999
13,516
Sotera
Health
Co.*
744
13,206
Celsius
Holdings,
Inc.*
445
13,030
Paylocity
Holding
Corp.*
122
12,753
LivaNova
plc*
154
12,663
FTI
Consulting,
Inc.*
83
12,368
elf
Beauty,
Inc.*
166
12,284
Envista
Holdings
Corp.*
456
12,016
Brink's
Co.
115
10,866
Grand
Canyon
Education,
Inc.*
74
10,590
Graham
Holdings
Co. — Class
B
9
10,273
Post
Holdings,
Inc.*
112
9,885
Haemonetics
Corp.*
130
9,750
Morningstar,
Inc.
62
9,673
Option
Care
Health,
Inc.*
440
9,227
Shift4
Payments,
Inc. — Class
A*
,(a)
165
8,026
Euronet
Worldwide,
Inc.*
99
7,246
Avis
Budget
Group,
Inc.*
48
7,096
Marzetti
Co.
57
6,507
Dentsply
Sirona,
Inc.
562
5,963
Boston
Beer
Company,
Inc. — Class
A*
21
3,718
Pilgrim's
Pride
Corp.
120
3,373
Total
Consumer,
Non-cyclical
1,448,260
CONSUMER,
CYCLICAL
-
8
.6
%
RB
Global,
Inc.
523
60,903
Burlington
Stores,
Inc.*
176
55,757
WESCO
International,
Inc.
137
47,324
Somnigroup
International,
Inc.
590
46,256
Toll
Brothers,
Inc.
266
43,823
Dick's
Sporting
Goods,
Inc.
185
41,960
Aramark
737
41,935
Watsco,
Inc.
98
40,840
BorgWarner,
Inc.
575
38,180
Texas
Roadhouse,
Inc. — Class
A
184
35,554
American
Airlines
Group,
Inc.*
1,855
33,520
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
CONSUMER,
CYCLICAL
-
8.6%
(continued)
BJ's
Wholesale
Club
Holdings,
Inc.*
358
$
31,225
SharkNinja,
Inc.*
198
30,149
Five
Below,
Inc.*
155
27,867
Dutch
Bros,
Inc. — Class
A*
358
25,708
GameStop
Corp. — Class
A*
1,157
25,547
Core
&
Main,
Inc. — Class
A*
528
25,476
Murphy
USA,
Inc.
47
25,327
FirstCash
Holdings,
Inc.
108
23,363
Autoliv,
Inc.
193
22,421
Hyatt
Hotels
Corp. — Class
A
115
22,292
Cava
Group,
Inc.*
281
22,053
Taylor
Morrison
Home
Corp. — Class
A*
262
18,796
Lear
Corp.
140
18,768
Lithia
Motors,
Inc. — Class
A
64
18,591
Floor
&
Decor
Holdings,
Inc. — Class
A*
303
17,986
Wyndham
Hotels
&
Resorts,
Inc.
210
17,684
Macy's,
Inc.
740
17,427
Crocs,
Inc.*
139
16,769
Churchill
Downs,
Inc.
186
16,673
Alaska
Air
Group,
Inc.*
313
16,339
VF
Corp.
922
15,379
Brunswick
Corp.
182
15,332
MSC
Industrial
Direct
Company,
Inc. — Class
A
128
15,226
Gentex
Corp.
597
15,086
Vail
Resorts,
Inc.
(a)
100
13,615
Boyd
Gaming
Corp.
154
13,603
Travel
+
Leisure
Co.
175
13,375
Wingstop,
Inc.
76
13,179
Ollie's
Bargain
Outlet
Holdings,
Inc.*
170
13,070
Bath
&
Body
Works,
Inc.
565
13,068
AutoNation,
Inc.*
70
13,005
Gap,
Inc.
625
11,675
Planet
Fitness,
Inc. — Class
A*
222
11,582
Mattel,
Inc.*
815
11,312
Abercrombie
&
Fitch
Co. — Class
A*
125
11,251
Thor
Industries,
Inc.
148
11,124
Warner
Music
Group
Corp. — Class
A
410
11,099
KB
Home
176
11,016
YETI
Holdings,
Inc.*
212
10,507
Polaris,
Inc.
152
10,403
PVH
Corp.
129
9,579
Penske
Automotive
Group,
Inc.
52
9,305
Dolby
Laboratories,
Inc. — Class
A
169
8,886
Hilton
Grand
Vacations,
Inc.*
168
8,798
Scotts
Miracle-Gro
Co.
126
8,582
Visteon
Corp.
75
7,441
Harley-Davidson,
Inc.
295
7,216
Whirlpool
Corp.
182
7,174
RH*
43
7,083
Choice
Hotels
International,
Inc.
57
6,285
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
46
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
CONSUMER,
CYCLICAL
-
8.6%
(continued)
Capri
Holdings
Ltd.*
334
$
6,202
Goodyear
Tire
&
Rubber
Co.*
806
5,320
Columbia
Sportswear
Co.
67
4,142
Total
Consumer,
Cyclical
1,276,433
TECHNOLOGY
-
7
.7
%
Twilio,
Inc. — Class
A*
426
87,897
MKS,
Inc.
189
84,067
MACOM
Technology
Solutions
Holdings,
Inc.*
184
69,988
Everpure,
Inc. — Class
A*
885
69,729
Okta,
Inc.*
470
64,131
Lattice
Semiconductor
Corp.*
384
58,737
Onto
Innovation,
Inc.*
140
52,983
SiTime
Corp.*
62
46,225
Semtech
Corp.*
261
42,243
Rambus,
Inc.*
303
40,220
Nutanix,
Inc. — Class
A*
744
37,914
Dynatrace,
Inc.*
826
36,270
DigitalOcean
Holdings,
Inc.*
228
35,803
Guidewire
Software,
Inc.*
237
29,163
CACI
International,
Inc. — Class
A*
62
28,722
Amkor
Technology,
Inc.
320
27,594
Allegro
MicroSystems,
Inc.*
348
24,228
Docusign,
Inc. — Class
A*
545
24,209
Manhattan
Associates,
Inc.*
166
23,115
Cirrus
Logic,
Inc.*
143
21,240
Silicon
Laboratories,
Inc.*
93
20,326
Commvault
Systems,
Inc.*
116
16,441
Qualys,
Inc.*
99
13,612
Synaptics,
Inc.*
108
13,417
Science
Applications
International
Corp.
121
13,360
UiPath,
Inc. — Class
A*
1,198
13,022
Duolingo,
Inc.*
113
12,997
Bentley
Systems,
Inc. — Class
B
418
12,494
KBR,
Inc.
356
12,293
Genpact
Ltd.
442
12,155
Dropbox,
Inc. — Class
A*
420
11,537
ExlService
Holdings,
Inc.*
429
11,094
Appfolio,
Inc. — Class
A*
67
10,743
BILL
Holdings,
Inc.*
249
9,004
IPG
Photonics
Corp.*
71
8,330
Maximus,
Inc.
147
7,903
Parsons
Corp.*
150
7,858
Doximity,
Inc. — Class
A*
375
7,777
Pegasystems,
Inc.
253
7,582
Kyndryl
Holdings,
Inc.*
632
7,148
Crane
NXT
Co.
139
7,111
Total
Technology
1,140,682
BASIC
MATERIALS
-
3
.4
%
Carpenter
Technology
Corp.
139
85,741
Reliance,
Inc.
143
53,425
Coeur
Mining,
Inc.
2,901
47,344
Royal
Gold,
Inc.
229
45,711
RPM
International,
Inc.
358
39,792
Solstice
Advanced
Materials,
Inc.
445
39,427
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
BASIC
MATERIALS
-
3.4%
(continued)
Alcoa
Corp.
740
$
38,583
Hecla
Mining
Co.
1,881
29,024
MP
Materials
Corp.*
379
21,228
Axalta
Coating
Systems
Ltd.*
600
20,532
Commercial
Metals
Co.
311
19,515
NewMarket
Corp.
21
16,616
Cleveland-Cliffs,
Inc.*
1,600
15,024
Cabot
Corp.
145
13,169
Ashland,
Inc.
128
8,434
Westlake
Corp.
93
6,789
Olin
Corp.
319
6,322
Total
Basic
Materials
506,676
ENERGY
-
3
.3
%
TechnipFMC
plc
1,118
74,123
Nextpower,
Inc. — Class
A*
416
49,562
DT
Midstream,
Inc.
286
41,968
Ovintiv,
Inc.
772
40,646
Permian
Resources
Corp. — Class
A
2,207
40,631
HF
Sinclair
Corp.
430
29,949
Antero
Resources
Corp.*
826
29,026
Range
Resources
Corp.
661
24,582
Viper
Energy,
Inc. — Class
A
545
23,108
Antero
Midstream
Corp.
933
21,226
NOV,
Inc.
1,007
18,680
Chord
Energy
Corp.
158
18,059
Weatherford
International
plc
202
16,463
Matador
Resources
Co.
327
16,278
CNX
Resources
Corp.*
397
13,470
Valaris
Ltd.*
181
13,141
Murphy
Oil
Corp.
378
12,308
PBF
Energy,
Inc. — Class
A
236
10,743
Total
Energy
493,963
UTILITIES
-
2
.1
%
Talen
Energy
Corp.*
127
48,801
Essential
Utilities,
Inc.
795
30,456
OGE
Energy
Corp.
579
28,174
IDACORP,
Inc.
155
23,452
UGI
Corp.
601
20,759
National
Fuel
Gas
Co.
267
20,615
Ormat
Technologies,
Inc.
172
18,731
Portland
General
Electric
Co.
325
16,845
Southwest
Gas
Holdings,
Inc.
181
16,051
Black
Hills
Corp.
214
15,922
New
Jersey
Resources
Corp.
283
15,859
TXNM
Energy,
Inc.
279
15,842
ONE
Gas,
Inc.
176
13,564
Spire,
Inc.
166
12,963
Northwestern
Energy
Group,
Inc.
173
12,390
Total
Utilities
310,424
COMMUNICATIONS
-
1
.7
%
Roku,
Inc.*
368
50,835
New
York
Times
Co. — Class
A
452
31,631
Viavi
Solutions,
Inc.*
656
31,324
Pinterest,
Inc. — Class
A*
1,351
28,412
Maplebear,
Inc.*
461
21,828
Hims
&
Hers
Health,
Inc.*
594
20,594
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
|
47
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
68.8%
(continued)
COMMUNICATIONS
-
1.7%
(continued)
InterDigital,
Inc.
72
$
20,385
Sirius
XM
Holdings,
Inc.
529
15,627
Nexstar
Media
Group,
Inc. — Class
A
81
14,466
Chewy,
Inc. — Class
A*
674
13,244
Total
Communications
248,346
Total
Common
Stocks
(Cost
$6,515,469)
10,174,635
EXCHANGE-TRADED
FUNDS
-
1
.6
%
Guggenheim
Ultra
Short
Income
ETF
(b)
4,870
244,108
Total
Exchange-Traded
Funds
(Cost
$241,532)
244,108
MUTUAL
FUNDS
-
6
.0
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(b)
88,750
892,829
Total
Mutual
Funds
(Cost
$882,058)
892,829
MONEY
MARKET
FUNDS
(c)
-
1
.2
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
170,395
170,395
Total
Money
Market
Funds
(Cost
$170,395)
170,395
SECURITIES
LENDING
COLLATERAL
(c)
-
0
.3
%
MONEY
MARKET
FUNDS
-
0
.3
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
45,780
45,780
Total
Securities
Lending
Collateral
(Cost
$45,780)
45,780
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
18
.1
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,336,037
$
1,336,037
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,335,972
1,335,972
Total
Repurchase
Agreements
(Cost
$2,672,009)
2,672,009
Total
Investments
-
96.0%
(Cost
$10,527,243)
$
14,199,756
Other
Assets
&
Liabilities,
net
-
4.0%
596,776
Total
Net
Assets
-
100.0%
$
14,796,532
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Affiliated
issuer.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
48
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
S&P
MidCap
400
Index
Mini
Futures
Contracts
15
Sep
2026
$
5,827,500
$
86,216
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
S&P
MidCap
400
Index
Pay
4.18%
(Federal
Funds
Rate
+
0.55%)
At
Maturity
09/22/26
765
$
2,948,425
$
127,251
Barclays
Bank
plc
S&P
MidCap
400
Index
Pay
4.53%
(SOFR
+
0.85%)
At
Maturity
09/28/26
439
1,692,521
21,968
Goldman
Sachs
International
S&P
MidCap
400
Index
Pay
4.23%
(Federal
Funds
Rate
+
0.60%)
At
Maturity
09/24/26
406
1,563,654
17,103
$
6,204,600
$
166,322
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
10,174,635
$
—
$
—
$
10,174,635
Exchange-Traded
Funds
244,108
—
—
244,108
Mutual
Funds
892,829
—
—
892,829
Money
Market
Funds
170,395
—
—
170,395
Securities
Lending
Collateral
45,780
—
—
45,780
Repurchase
Agreements
—
2,672,009
—
2,672,009
Equity
Futures
Contracts
(a)
86,216
—
—
86,216
Equity
Index
Swap
Agreements
(a)
—
166,322
—
166,322
Total
Assets
$
11,613,963
$
2,838,331
$
—
$
14,452,294
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MID-CAP
1.5x
STRATEGY
FUND
June
30,
2026
|
49
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
241,540
$
(
8
)
$
—
$
2,576
$
244,108
4,870
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
891,942
(
1
)
—
—
888
892,829
88,750
9,731
Guggenheim
Strategy
Fund
II
243,531
—
(
241,540
)
—
(
1,991
)
—
—
2,512
$
1,135,473
$
241,539
$
(
241,548
)
$
—
$
1,473
$
1,136,937
$
12,243
50
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
MID-CAP
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
3
.8
%
Guggenheim
Ultra
Short
Income
ETF
(a)
100
$
5,012
Total
Exchange-Traded
Funds
(Cost
$4,986)
5,012
MUTUAL
FUNDS
-
23
.8
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
3,141
31,594
Total
Mutual
Funds
(Cost
$31,091)
31,594
MONEY
MARKET
FUNDS
(b)
-
320
.7
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
425,012
425,012
Total
Money
Market
Funds
(Cost
$425,012)
425,012
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
140
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
93,126
$
93,126
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
93,121
93,121
Total
Repurchase
Agreements
(Cost
$186,247)
186,247
Total
Investments
-
488.8%
(Cost
$647,336)
$
647,865
Other
Assets
&
Liabilities,
net
-
(388.8)%
(
515,318
)
Total
Net
Assets
-
100.0%
$
132,547
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(a)
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
3.93%
(Federal
Funds
Rate
+
0.30%)
At
Maturity
09/24/26
12
$
44,865
$
(
553
)
Barclays
Bank
plc
S&P
MidCap
400
Index
Receive
4.23%
(SOFR
+
0.55%)
At
Maturity
09/28/26
12
45,377
(
594
)
BNP
Paribas
S&P
MidCap
400
Index
Receive
3.78%
(Federal
Funds
Rate
+
0.15%)
At
Maturity
09/22/26
11
42,111
(
482,212
)
$
132,353
$
(
483,359
)
(a)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
MID-CAP
STRATEGY
FUND
June
30,
2026
|
51
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
5,012
$
—
$
—
$
5,012
Mutual
Funds
31,594
—
—
31,594
Money
Market
Funds
425,012
—
—
425,012
Repurchase
Agreements
—
186,247
—
186,247
Total
Assets
$
461,618
$
186,247
$
—
$
647,865
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
483,359
$
—
$
483,359
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
5,014
$
(
28
)
$
—
$
26
$
5,012
100
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
31,562
—
—
—
32
31,594
3,141
344
Guggenheim
Strategy
Fund
II
35,053
—
(
35,015
)
61
(
99
)
—
—
334
$
66,615
$
5,014
$
(
35,043
)
$
61
$
(
41
)
$
36,606
$
678
52
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
MONTHLY
REBALANCE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
88
.5
%
TECHNOLOGY
-
50
.7
%
NVIDIA
Corp.
287,627
$
57,551,286
Apple,
Inc.
174,565
50,512,128
Micron
Technology,
Inc.
37,003
42,712,193
Microsoft
Corp.
88,290
32,933,936
Advanced
Micro
Devices,
Inc.*
53,503
31,080,428
Intel
Corp.*
164,913
23,026,802
Broadcom,
Inc.
56,352
21,286,968
Applied
Materials,
Inc.
26,051
18,834,873
Lam
Research
Corp.
41,033
17,780,830
KLA
Corp.
42,861
12,931,592
Sandisk
Corp.*
4,859
11,048,054
Texas
Instruments,
Inc.
29,862
8,900,966
Palantir
Technologies,
Inc. — Class
A*
75,338
8,789,685
Marvell
Technology,
Inc.
28,703
8,550,337
Western
Digital
Corp.
11,309
7,223,285
Seagate
Technology
Holdings
plc
7,357
7,099,505
QUALCOMM,
Inc.
34,584
6,390,777
Crowdstrike
Holdings,
Inc. — Class
A*
8,353
6,374,508
Analog
Devices,
Inc.
15,982
6,347,571
ASML
Holding
N.V.
3,007
5,982,246
ARM
Holdings
plc
ADR*
13,912
4,932,778
Fortinet,
Inc.*
24,039
3,692,871
Cadence
Design
Systems,
Inc.*
9,050
3,396,646
Datadog,
Inc. — Class
A*
10,855
2,826,208
Synopsys,
Inc.*
6,283
2,802,658
Adobe,
Inc.*
13,262
2,718,975
Astera
Labs,
Inc.*
5,624
2,716,505
Teradyne,
Inc.
5,136
2,485,002
Intuit,
Inc.
8,975
2,342,475
NXP
Semiconductors
N.V.
8,284
2,328,053
Monolithic
Power
Systems,
Inc.
1,612
2,228,364
Lumentum
Holdings,
Inc.*
2,552
2,189,769
Nebius
Group
N.V. — Class
A*
7,232
1,997,261
Electronic
Arts,
Inc.
8,227
1,686,864
Microchip
Technology,
Inc.
17,786
1,622,083
Take-Two
Interactive
Software,
Inc.*
6,092
1,522,878
CoreWeave,
Inc. — Class
A*
14,686
1,461,845
Autodesk,
Inc.*
6,923
1,345,970
Paychex,
Inc.
11,756
1,155,968
Roper
Technologies,
Inc.
3,311
1,120,409
Strategy,
Inc. — Class
A*
10,854
943,538
Workday,
Inc. — Class
A*
6,595
807,360
Total
Technology
433,682,450
COMMUNICATIONS
-
19
.6
%
Amazon.com,
Inc.*
127,852
30,472,246
Alphabet,
Inc. — Class
A
69,220
24,737,151
Alphabet,
Inc. — Class
C
64,846
22,912,037
Meta
Platforms,
Inc. — Class
A
35,196
19,825,555
Cisco
Systems,
Inc.
129,326
15,190,632
Netflix,
Inc.*
138,164
9,864,910
Palo
Alto
Networks,
Inc.*
26,774
9,130,470
T-Mobile
US,
Inc.
35,509
5,955,925
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
88.5%
(continued)
COMMUNICATIONS
-
19.6%
(continued)
AppLovin
Corp. — Class
A*
10,032
$
5,168,787
Shopify,
Inc. — Class
A*
40,017
4,569,141
Booking
Holdings,
Inc.
25,425
4,531,752
Comcast
Corp. — Class
A
116,902
2,869,944
MercadoLibre,
Inc.*
1,663
2,822,760
DoorDash,
Inc. — Class
A*
13,497
2,490,601
Warner
Bros
Discovery,
Inc.*
82,264
2,193,158
Airbnb,
Inc. — Class
A*
13,712
1,962,187
PDD
Holdings,
Inc.
ADR*
21,916
1,671,752
Thomson
Reuters
Corp.
12,503
1,021,120
Total
Communications
167,390,128
CONSUMER,
CYCLICAL
-
8
.6
%
Tesla,
Inc.*
59,372
24,971,863
Walmart,
Inc.
160,062
18,128,622
Costco
Wholesale
Corp.
14,557
13,617,637
Starbucks
Corp.
37,395
3,821,395
Marriott
International,
Inc. — Class
A
8,652
3,206,345
O'Reilly
Automotive,
Inc.*
27,191
2,504,019
Ross
Stores,
Inc.
10,570
2,249,825
PACCAR,
Inc.
17,268
2,074,232
Fastenal
Co.
37,669
1,809,242
Copart,
Inc.*
30,378
856,356
Total
Consumer,
Cyclical
73,239,536
CONSUMER,
NON-CYCLICAL
-
5
.7
%
Amgen,
Inc.
17,708
6,412,421
PepsiCo,
Inc.
44,846
6,072,149
Gilead
Sciences,
Inc.
40,738
5,146,839
Intuitive
Surgical,
Inc.*
11,621
4,621,439
Vertex
Pharmaceuticals,
Inc.*
8,327
4,136,271
Monster
Beverage
Corp.*
32,090
3,084,491
Automatic
Data
Processing,
Inc.
13,116
2,937,328
Mondelez
International,
Inc. — Class
A
42,119
2,436,163
Cintas
Corp.
13,128
2,232,810
Regeneron
Pharmaceuticals,
Inc.
3,380
2,107,565
Coca-Cola
Europacific
Partners
plc
14,630
1,464,024
Keurig
Dr
Pepper,
Inc.
44,643
1,461,165
IDEXX
Laboratories,
Inc.*
2,588
1,362,427
Alnylam
Pharmaceuticals,
Inc.*
4,381
1,318,813
PayPal
Holdings,
Inc.
28,944
1,249,802
GE
HealthCare
Technologies,
Inc.
14,926
955,413
Kraft
Heinz
Co.
38,907
918,983
Dexcom,
Inc.*
12,661
852,718
Total
Consumer,
Non-cyclical
48,770,821
INDUSTRIAL
-
1
.6
%
CSX
Corp.
60,969
2,897,857
Honeywell
International,
Inc.
10,395
2,327,441
Honeywell
Aerospace,
Inc.*
10,395
2,298,127
Rocket
Lab
Corp.*
18,990
1,930,333
Ferrovial
N.V.
23,607
1,619,676
Axon
Enterprise,
Inc.*
2,645
1,482,813
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MONTHLY
REBALANCE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
|
53
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
88.5%
(continued)
INDUSTRIAL
-
1.6%
(continued)
Old
Dominion
Freight
Line,
Inc.
6,824
$
1,478,078
Total
Industrial
14,034,325
UTILITIES
-
1
.0
%
Constellation
Energy
Corp.
11,851
2,943,433
American
Electric
Power
Company,
Inc.
17,853
2,442,469
Xcel
Energy,
Inc.
20,483
1,644,785
Exelon
Corp.
33,573
1,565,173
Total
Utilities
8,595,860
BASIC
MATERIALS
-
0
.9
%
Linde
plc
15,170
7,872,320
ENERGY
-
0
.4
%
Baker
Hughes
Co. — Class
A
32,552
1,806,636
Diamondback
Energy,
Inc.
9,230
1,622,449
Total
Energy
3,429,085
Total
Common
Stocks
(Cost
$621,938,743)
757,014,525
EXCHANGE-TRADED
FUNDS
-
0
.3
%
Guggenheim
Ultra
Short
Income
ETF
(a)
57,110
2,862,621
Total
Exchange-Traded
Funds
(Cost
$2,806,082)
2,862,621
MUTUAL
FUNDS
-
0
.4
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
301,467
3,032,762
Total
Mutual
Funds
(Cost
$2,963,980)
3,032,762
MONEY
MARKET
FUNDS
(b)
-
2
.7
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
23,401,941
23,401,941
Total
Money
Market
Funds
(Cost
$23,401,941)
23,401,941
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
3
.1
%
U.S.
Treasury
Bills
3.63%
due
08/20/26
(e)
$
15,000,000
$
14,924,896
3.63%
due
08/11/26
(e)
12,000,000
11,950,721
Total
U.S.
Treasury
Bills
(Cost
$26,875,617)
26,875,617
REPURCHASE
AGREEMENTS
(f)
-
3
.0
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
13,014,545
13,014,545
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
13,013,919
13,013,918
Total
Repurchase
Agreements
(Cost
$26,028,463)
26,028,463
Total
Investments
-
98.0%
(Cost
$704,014,826)
$
839,215,929
Other
Assets
&
Liabilities,
net
-
2.0%
16,724,012
Total
Net
Assets
-
100.0%
$
855,939,941
*
Non-income
producing
security.
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(f)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MONTHLY
REBALANCE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
54
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
NASDAQ-100
Index
Mini
Futures
Contracts
229
Sep
2026
$
139,786,180
$
2,601,821
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
NASDAQ-100
Index
Pay
4.53%
(Federal
Funds
Rate
+
0.90%)
At
Maturity
09/22/26
16,428
$
497,387,418
$
28,164,745
Barclays
Bank
plc
NASDAQ-100
Index
Pay
4.68%
(SOFR
+
1.00%)
At
Maturity
09/28/26
6,087
184,298,742
1,548,044
Goldman
Sachs
International
NASDAQ-100
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
4,534
137,264,617
804,610
$
818,950,777
$
30,517,399
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
754,687,084
$
2,327,441
$
—
$
757,014,525
Exchange-Traded
Funds
2,862,621
—
—
2,862,621
Mutual
Funds
3,032,762
—
—
3,032,762
Money
Market
Funds
23,401,941
—
—
23,401,941
U.S.
Treasury
Bills
—
26,875,617
—
26,875,617
Repurchase
Agreements
—
26,028,463
—
26,028,463
Equity
Futures
Contracts
(a)
2,601,821
—
—
2,601,821
Equity
Index
Swap
Agreements
(a)
—
30,517,399
—
30,517,399
Total
Assets
$
786,586,229
$
85,748,920
$
—
$
872,335,149
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
MONTHLY
REBALANCE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
|
55
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
2,806,097
$
(
15
)
$
—
$
56,539
$
2,862,621
57,110
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
3,029,747
—
—
—
3,015
3,032,762
301,467
33,053
Guggenheim
Strategy
Fund
II
2,855,774
—
(
2,806,097
)
—
(
49,677
)
—
—
29,460
$
5,885,521
$
2,806,097
$
(
2,806,112
)
$
—
$
9,877
$
5,895,383
$
62,513
56
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
NASDAQ-100
®
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97
.0
%
TECHNOLOGY
-
55
.6
%
NVIDIA
Corp.
874,840
$
175,046,736
Apple,
Inc.
530,954
153,636,849
Micron
Technology,
Inc.
112,548
129,913,031
Microsoft
Corp.
268,541
100,171,164
Advanced
Micro
Devices,
Inc.*
162,734
94,533,808
Intel
Corp.*
501,595
70,037,710
Broadcom,
Inc.
171,399
64,745,972
Applied
Materials,
Inc.
79,237
57,288,351
Lam
Research
Corp.
124,807
54,082,617
KLA
Corp.
130,366
39,332,726
Sandisk
Corp.*
14,779
33,603,456
Texas
Instruments,
Inc.
90,827
27,072,804
Palantir
Technologies,
Inc. — Class
A*
229,148
26,734,697
Marvell
Technology,
Inc.
87,305
26,007,287
Western
Digital
Corp.
34,399
21,971,329
Seagate
Technology
Holdings
plc
22,378
21,594,770
QUALCOMM,
Inc.
105,189
19,437,875
Crowdstrike
Holdings,
Inc. — Class
A*
25,407
19,389,098
Analog
Devices,
Inc.
48,611
19,306,831
ASML
Holding
N.V.
9,145
18,193,429
ARM
Holdings
plc
ADR*
42,316
15,003,984
Fortinet,
Inc.*
73,118
11,232,387
Cadence
Design
Systems,
Inc.*
27,526
10,331,058
Datadog,
Inc. — Class
A*
33,016
8,596,046
Synopsys,
Inc.*
19,110
8,524,398
Adobe,
Inc.*
40,339
8,270,302
Astera
Labs,
Inc.*
17,106
8,262,540
Teradyne,
Inc.
15,623
7,559,032
Intuit,
Inc.
27,299
7,125,039
NXP
Semiconductors
N.V.
25,197
7,081,113
Monolithic
Power
Systems,
Inc.
4,903
6,777,711
Lumentum
Holdings,
Inc.*
7,764
6,661,978
Nebius
Group
N.V. — Class
A*
21,997
6,074,912
Electronic
Arts,
Inc.
25,025
5,131,126
Microchip
Technology,
Inc.
54,100
4,933,920
Take-Two
Interactive
Software,
Inc.*
18,530
4,632,129
CoreWeave,
Inc. — Class
A*
44,668
4,446,253
Autodesk,
Inc.*
21,058
4,094,096
Paychex,
Inc.
35,757
3,515,986
Roper
Technologies,
Inc.
10,072
3,408,264
Strategy,
Inc. — Class
A*
33,015
2,869,994
Workday,
Inc. — Class
A*
20,060
2,455,745
Total
Technology
1,319,088,553
COMMUNICATIONS
-
21
.4
%
Amazon.com,
Inc.*
388,874
92,684,229
Alphabet,
Inc. — Class
A
210,540
75,240,680
Alphabet,
Inc. — Class
C
197,237
69,689,749
Meta
Platforms,
Inc. — Class
A
107,053
60,301,884
Cisco
Systems,
Inc.
393,355
46,203,478
Netflix,
Inc.*
420,238
30,004,993
Palo
Alto
Networks,
Inc.*
81,437
27,771,646
T-Mobile
US,
Inc.
108,004
18,115,511
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97.0%
(continued)
COMMUNICATIONS
-
21.4%
(continued)
AppLovin
Corp. — Class
A*
30,512
$
15,720,698
Shopify,
Inc. — Class
A*
121,714
13,897,305
Booking
Holdings,
Inc.
77,333
13,783,834
Comcast
Corp. — Class
A
355,566
8,729,145
MercadoLibre,
Inc.*
5,060
8,588,793
DoorDash,
Inc. — Class
A*
41,051
7,575,141
Warner
Bros
Discovery,
Inc.*
250,212
6,670,652
Airbnb,
Inc. — Class
A*
41,709
5,968,558
PDD
Holdings,
Inc.
ADR*
66,659
5,084,749
Thomson
Reuters
Corp.
38,030
3,105,910
Total
Communications
509,136,955
CONSUMER,
CYCLICAL
-
9
.4
%
Tesla,
Inc.*
180,588
75,955,313
Walmart,
Inc.
486,843
55,139,838
Costco
Wholesale
Corp.
44,276
41,418,870
Starbucks
Corp.
113,742
11,623,295
Marriott
International,
Inc. — Class
A
26,316
9,752,446
O'Reilly
Automotive,
Inc.*
82,706
7,616,396
Ross
Stores,
Inc.
32,150
6,843,127
PACCAR,
Inc.
52,523
6,309,063
Fastenal
Co.
114,574
5,502,989
Copart,
Inc.*
92,396
2,604,643
Total
Consumer,
Cyclical
222,765,980
CONSUMER,
NON-CYCLICAL
-
6
.3
%
Amgen,
Inc.
53,863
19,504,870
PepsiCo,
Inc.
136,404
18,469,102
Gilead
Sciences,
Inc.
123,909
15,654,663
Intuitive
Surgical,
Inc.*
35,345
14,056,000
Vertex
Pharmaceuticals,
Inc.*
25,330
12,582,171
Monster
Beverage
Corp.*
97,605
9,381,793
Automatic
Data
Processing,
Inc.
39,893
8,934,037
Mondelez
International,
Inc. — Class
A
128,108
7,409,767
Cintas
Corp.
39,929
6,791,124
Regeneron
Pharmaceuticals,
Inc.
10,282
6,411,238
Coca-Cola
Europacific
Partners
plc
44,500
4,453,115
Keurig
Dr
Pepper,
Inc.
135,784
4,444,210
IDEXX
Laboratories,
Inc.*
7,872
4,144,136
Alnylam
Pharmaceuticals,
Inc.*
13,325
4,011,225
PayPal
Holdings,
Inc.
88,034
3,801,308
GE
HealthCare
Technologies,
Inc.
45,398
2,905,926
Kraft
Heinz
Co.
118,341
2,795,214
Dexcom,
Inc.*
38,510
2,593,648
Total
Consumer,
Non-cyclical
148,343,547
INDUSTRIAL
-
1
.8
%
CSX
Corp.
185,442
8,814,058
Honeywell
International,
Inc.
31,619
7,079,494
Honeywell
Aerospace,
Inc.*
31,619
6,990,329
Rocket
Lab
Corp.*
57,759
5,871,202
Ferrovial
N.V.
71,802
4,926,335
Axon
Enterprise,
Inc.*
8,044
4,509,547
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NASDAQ-100
®
FUND
June
30,
2026
|
57
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
97.0%
(continued)
INDUSTRIAL
-
1.8%
(continued)
Old
Dominion
Freight
Line,
Inc.
20,755
$
4,495,533
Total
Industrial
42,686,498
UTILITIES
-
1
.1
%
Constellation
Energy
Corp.
36,047
8,952,993
American
Electric
Power
Company,
Inc.
54,302
7,429,057
Xcel
Energy,
Inc.
62,302
5,002,851
Exelon
Corp.
102,116
4,760,648
Total
Utilities
26,145,549
BASIC
MATERIALS
-
1
.0
%
Linde
plc
46,142
23,944,929
ENERGY
-
0
.4
%
Baker
Hughes
Co. — Class
A
99,009
5,494,999
Diamondback
Energy,
Inc.
28,075
4,935,024
Total
Energy
10,430,023
Total
Common
Stocks
(Cost
$525,152,271)
2,302,542,034
EXCHANGE-TRADED
FUNDS
-
0
.6
%
Guggenheim
Ultra
Short
Income
ETF
(a)
284,773
14,274,161
Total
Exchange-Traded
Funds
(Cost
$14,328,982)
14,274,161
MUTUAL
FUNDS
-
1
.6
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
2,756,359
27,728,975
A
A
A
SHARES
VALUE
MUTUAL
FUNDS
-
1.6%
(continued)
Guggenheim
Strategy
Fund
III
(a)
370,504
$
9,184,789
Total
Mutual
Funds
(Cost
$36,754,882)
36,913,764
MONEY
MARKET
FUNDS
(b)
-
0
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
689,507
689,507
Total
Money
Market
Funds
(Cost
$689,507)
689,507
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
0
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
9,731,191
9,731,191
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
9,730,723
9,730,723
Total
Repurchase
Agreements
(Cost
$19,461,914)
19,461,914
Total
Investments
-
100.0%
(Cost
$596,387,556)
$
2,373,881,380
Other
Assets
&
Liabilities,
net
-
0.0%
36,185
Total
Net
Assets
-
100.0%
$
2,373,917,565
*
Non-income
producing
security.
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
NASDAQ-100
Index
Mini
Futures
Contracts
54
Sep
2026
$
32,962,680
$
589,696
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NASDAQ-100
®
FUND
June
30,
2026
58
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
NASDAQ-100
Index
Pay
4.53%
(Federal
Funds
Rate
+
0.90%)
At
Maturity
09/22/26
497
$
15,035,066
$
1,251,692
Barclays
Bank
plc
NASDAQ-100
Index
Pay
4.68%
(SOFR
+
1.00%)
At
Maturity
09/28/26
278
8,402,045
70,574
Goldman
Sachs
International
NASDAQ-100
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
552
16,705,595
(
9,662
)
$
40,142,706
$
1,312,604
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
2,295,462,540
$
7,079,494
$
—
$
2,302,542,034
Exchange-Traded
Funds
14,274,161
—
—
14,274,161
Mutual
Funds
36,913,764
—
—
36,913,764
Money
Market
Funds
689,507
—
—
689,507
Repurchase
Agreements
—
19,461,914
—
19,461,914
Equity
Futures
Contracts
(a)
589,696
—
—
589,696
Equity
Index
Swap
Agreements
(a)
—
1,322,266
—
1,322,266
Total
Assets
$
2,347,929,668
$
27,863,674
$
—
$
2,375,793,342
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
9,662
$
—
$
9,662
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NASDAQ-100
®
FUND
June
30,
2026
|
59
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
14,328,996
$
(
15
)
$
1
$
(
54,821
)
$
14,274,161
284,773
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
27,701,411
—
—
—
27,564
27,728,975
2,756,359
302,211
Guggenheim
Strategy
Fund
III
9,203,314
—
—
—
(
18,525
)
9,184,789
370,504
119,248
Guggenheim
Strategy
Fund
II
14,239,959
—
(
14,328,997
)
—
89,038
—
—
146,897
$
51,144,684
$
14,328,996
$
(
14,329,012
)
$
1
$
43,256
$
51,187,925
$
568,356
60
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
NASDAQ-100
®
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
4
.8
%
Guggenheim
Ultra
Short
Income
ETF
(a)
14,433
$
723,450
Total
Exchange-Traded
Funds
(Cost
$698,456)
723,450
MUTUAL
FUNDS
-
5
.9
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
87,169
876,916
Total
Mutual
Funds
(Cost
$846,408)
876,916
MONEY
MARKET
FUNDS
(b)
-
2
.3
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
339,245
339,245
Total
Money
Market
Funds
(Cost
$339,245)
339,245
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
61
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
4,613,610
4,613,610
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
61.8%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
4,613,389
$
4,613,389
Total
Repurchase
Agreements
(Cost
$9,226,999)
9,226,999
U.S.
TREASURY
BILLS
-
13
.4
%
U.S.
Treasury
Bills
3.65%
due
07/02/26
(f)
1,000,000
999,899
3.67%
due
08/18/26
(f)
1,000,000
995,131
Total
U.S.
Treasury
Bills
(Cost
$1,995,030)
1,995,030
FEDERAL
AGENCY
DISCOUNT
NOTES
-
6
.7
%
Federal
Home
Loan
Bank
3.64%
due
07/01/26
(f)
1,000,000
1,000,000
Total
Federal
Agency
Discount
Notes
(Cost
$1,000,000)
1,000,000
Total
Investments
-
94.9%
(Cost
$14,106,138)
$
14,161,640
Other
Assets
&
Liabilities,
net
-
5.1%
756,801
Total
Net
Assets
-
100.0%
$
14,918,441
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
(f)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Equity
Futures
Contracts
Sold
Short
NASDAQ-100
Index
Mini
Futures
Contracts
2
Sep
2026
$
1,220,840
$
(
28,195
)
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
NASDAQ-100
®
STRATEGY
FUND
June
30,
2026
|
61
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
NASDAQ-100
Index
Receive
4.28%
(Federal
Funds
Rate
+
0.65%)
At
Maturity
09/24/26
37
$
1,130,192
$
13,152
Barclays
Bank
plc
NASDAQ-100
Index
Receive
4.33%
(SOFR
+
0.65%)
At
Maturity
09/28/26
277
8,382,278
(
71,537
)
BNP
Paribas
NASDAQ-100
Index
Receive
4.13%
(Federal
Funds
Rate
+
0.50%)
At
Maturity
09/22/26
137
4,134,444
(
295,207
)
$
13,646,914
$
(
353,592
)
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
723,450
$
—
$
—
$
723,450
Mutual
Funds
876,916
—
—
876,916
Money
Market
Funds
339,245
—
—
339,245
Repurchase
Agreements
—
9,226,999
—
9,226,999
U.S.
Treasury
Bills
—
1,995,030
—
1,995,030
Federal
Agency
Discount
Notes
—
1,000,000
—
1,000,000
Equity
Index
Swap
Agreements
(a)
—
13,152
—
13,152
Total
Assets
$
1,939,611
$
12,235,181
$
—
$
14,174,792
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
28,195
$
—
$
—
$
28,195
Equity
Index
Swap
Agreements
(a)
—
366,744
—
366,744
Total
Liabilities
$
28,195
$
366,744
$
—
$
394,939
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
NASDAQ-100
®
STRATEGY
FUND
June
30,
2026
62
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
698,475
$
(
20
)
$
1
$
24,994
$
723,450
14,433
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
876,045
—
—
—
871
876,916
87,169
9,557
Guggenheim
Strategy
Fund
II
1,222,140
—
(
1,198,474
)
11,326
(
34,992
)
—
—
12,140
$
2,098,185
$
698,475
$
(
1,198,494
)
$
11,327
$
(
9,127
)
$
1,600,366
$
21,697
|
63
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64
.8
%
CONSUMER,
NON-CYCLICAL
-
16
.1
%
BrightSpring
Health
Services,
Inc.*
242
$
16,877
Cytokinetics,
Inc.*
196
16,697
Krystal
Biotech,
Inc.*
39
14,495
Alkermes
plc*
248
12,994
Praxis
Precision
Medicines,
Inc.*
37
12,387
Glaukos
Corp.*
85
11,880
TG
Therapeutics,
Inc.*
216
11,867
HealthEquity,
Inc.*
126
11,380
Vaxcyte,
Inc.*
195
11,335
Protagonist
Therapeutics,
Inc.*
91
11,155
Lantheus
Holdings,
Inc.*
97
10,761
Kymera
Therapeutics,
Inc.*
93
10,664
Oscar
Health,
Inc. — Class
A*
357
10,182
PTC
Therapeutics,
Inc.*
123
10,033
Nuvalent,
Inc. — Class
A*
80
9,880
Spyre
Therapeutics,
Inc.*
110
9,766
Cogent
Biosciences,
Inc.*
247
9,559
Ligand
Pharmaceuticals,
Inc. — Class
B*
30
9,483
Twist
Bioscience
Corp.*
92
9,465
Scholar
Rock
Holding
Corp.*
166
9,130
Rhythm
Pharmaceuticals,
Inc.*
82
9,104
Definium
Therapeutics,
Inc.*
193
9,079
Apogee
Therapeutics,
Inc.*
67
8,893
Xenon
Pharmaceuticals,
Inc.*
145
8,752
Liquidia
Corp.*
104
8,292
Mirum
Pharmaceuticals,
Inc.*
70
8,195
CG
oncology,
Inc.*
109
7,744
CRISPR
Therapeutics
AG*
138
7,527
Travere
Therapeutics,
Inc.*
132
7,499
Legence
Corp. — Class
A*
87
7,415
Indivior
Pharmaceuticals,
Inc.*
178
7,303
Alignment
Healthcare,
Inc.*
302
7,191
Herc
Holdings,
Inc.
50
7,167
Oruka
Therapeutics,
Inc.*
75
7,138
Veracyte,
Inc.*
120
7,048
LivaNova
plc*
83
6,825
Dianthus
Therapeutics,
Inc.*
70
6,824
10X
Genomics,
Inc. — Class
A*
176
6,748
Laureate
Education,
Inc.*
181
6,574
RadNet,
Inc.*
106
6,537
Tango
Therapeutics,
Inc.*
209
6,533
Covista,
Inc.*
51
6,358
Remitly
Global,
Inc.*
281
6,297
Merit
Medical
Systems,
Inc.*
89
6,171
Celcuity,
Inc.*
57
5,963
Brink's
Co.
62
5,858
IRhythm
Holdings,
Inc.*
49
5,829
Crinetics
Pharmaceuticals,
Inc.*
154
5,763
Brookdale
Senior
Living,
Inc.*
355
5,712
Graham
Holdings
Co. — Class
B
5
5,707
GEO
Group,
Inc.*
190
5,615
Denali
Therapeutics,
Inc.*
218
5,607
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Catalyst
Pharmaceuticals,
Inc.*
174
$
5,469
Stride,
Inc.*
63
5,433
ICU
Medical,
Inc.*
37
5,424
Erasca,
Inc.*
296
5,423
Chefs'
Warehouse,
Inc.*
55
5,286
Haemonetics
Corp.*
70
5,250
Cal-Maine
Foods,
Inc.
65
5,236
Concentra
Group
Holdings
Parent,
Inc.
175
5,206
Korn
Ferry
78
5,193
Beam
Therapeutics,
Inc.*
147
5,045
ImmunityBio,
Inc.*
572
5,008
Option
Care
Health,
Inc.*
236
4,949
Adaptive
Biotechnologies
Corp.*
228
4,891
WD-40
Co.
20
4,873
Immunovant,
Inc.*
126
4,855
ACADIA
Pharmaceuticals,
Inc.*
191
4,832
Vita
Coco
Company,
Inc.*
73
4,828
Ultragenyx
Pharmaceutical,
Inc.*
143
4,775
Integer
Holdings
Corp.*
51
4,766
Ideaya
Biosciences,
Inc.*
124
4,621
Privia
Health
Group,
Inc.*
179
4,606
Dyne
Therapeutics,
Inc.*
202
4,486
Relay
Therapeutics,
Inc.*
239
4,472
CoreCivic,
Inc.*
146
4,435
Arcutis
Biotherapeutics,
Inc.*
169
4,431
Amneal
Pharmaceuticals,
Inc.*
253
4,379
Celldex
Therapeutics,
Inc.*
116
4,316
Edgewise
Therapeutics,
Inc.*
106
4,307
GPGI,
Inc. — Class
A
268
4,248
GRAIL,
Inc.*
61
4,164
Sezzle,
Inc.*
24
4,119
SELLAS
Life
Sciences
Group,
Inc.*
,(a)
279
4,118
United
Natural
Foods,
Inc.*
90
4,110
Vera
Therapeutics,
Inc. — Class
A*
95
4,076
Acadia
Healthcare
Company,
Inc.*
138
4,075
Arcus
Biosciences,
Inc.*
132
4,070
Kiniksa
Pharmaceuticals
International
plc — Class
A*
63
4,029
National
HealthCare
Corp.
19
4,016
VeraDermics,
Inc.*
32
3,934
Tarsus
Pharmaceuticals,
Inc.*
62
3,902
Supernus
Pharmaceuticals,
Inc.*
83
3,860
ABM
Industries,
Inc.
87
3,849
StoneCo
Ltd. — Class
A
344
3,729
Axogen,
Inc.*
78
3,603
Nektar
Therapeutics*
51
3,560
BioCryst
Pharmaceuticals,
Inc.*
345
3,450
Nurix
Therapeutics,
Inc.*
142
3,445
Establishment
Labs
Holdings,
Inc.*
40
3,432
Marzetti
Co.
30
3,425
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
64
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Andersons,
Inc.
50
$
3,420
TransMedics
Group,
Inc.*
51
3,387
Intellia
Therapeutics,
Inc.*
200
3,384
Vericel
Corp.*
76
3,381
Prestige
Consumer
Healthcare,
Inc.*
71
3,356
Alarm.com
Holdings,
Inc.*
71
3,317
Immunome,
Inc.*
156
3,306
Alumis,
Inc.*
117
3,292
Agios
Pharmaceuticals,
Inc.*
88
3,266
Clover
Health
Investments
Corp.*
623
3,265
Dentsply
Sirona,
Inc.
303
3,215
Enliven
Therapeutics,
Inc.*
63
3,197
Astrana
Health,
Inc.*
68
3,156
Flywire
Corp.*
178
3,127
Pediatrix
Medical
Group,
Inc.*
123
3,116
Disc
Medicine,
Inc.*
42
3,072
LeMaitre
Vascular,
Inc.
32
3,071
LifeStance
Health
Group,
Inc.*
284
3,042
Universal
Technical
Institute,
Inc.*
71
3,037
Interparfums,
Inc.
27
3,020
Perdoceo
Education
Corp.
94
3,008
Aurinia
Pharmaceuticals,
Inc.*
177
3,004
Ocular
Therapeutix,
Inc.*
305
2,995
Trevi
Therapeutics,
Inc.*
159
2,965
Neogen
Corp.*
328
2,949
Biohaven
Ltd.*
198
2,946
PACS
Group,
Inc.*
69
2,942
Spectrum
Brands
Holdings,
Inc.
34
2,916
UFP
Technologies,
Inc.*
11
2,916
Progyny,
Inc.*
101
2,912
Syndax
Pharmaceuticals,
Inc.*
132
2,886
ADMA
Biologics,
Inc.*
342
2,863
NeoGenomics,
Inc.*
195
2,845
Omnicell,
Inc.*
68
2,823
John
Wiley
&
Sons,
Inc. — Class
A
58
2,814
Addus
HomeCare
Corp.*
28
2,813
Payoneer
Global,
Inc.*
392
2,791
Recursion
Pharmaceuticals,
Inc. — Class
A*
758
2,782
Sarepta
Therapeutics,
Inc.*
154
2,767
CorVel
Corp.*
44
2,751
PROG
Holdings,
Inc.
59
2,750
Stoke
Therapeutics,
Inc.*
82
2,683
Monte
Rosa
Therapeutics,
Inc.*
110
2,662
Butterfly
Network,
Inc. — Class
A*
312
2,627
EVERTEC,
Inc.
92
2,556
Innoviva,
Inc.*
112
2,544
Cimpress
plc*
25
2,542
MBX
Biosciences,
Inc.*
46
2,539
Healthcare
Services
Group,
Inc.*
103
2,530
Strategic
Education,
Inc.
33
2,528
AtaiBeckley,
Inc.*
474
2,498
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Fortrea
Holdings,
Inc.*
143
$
2,488
ANI
Pharmaceuticals,
Inc.*
30
2,483
Viridian
Therapeutics,
Inc.*
134
2,462
Iovance
Biotherapeutics,
Inc.*
589
2,450
Palvella
Therapeutics,
Inc.*
16
2,445
Amylyx
Pharmaceuticals,
Inc.*
136
2,443
Harmony
Biosciences
Holdings,
Inc.*
67
2,439
Taysha
Gene
Therapies,
Inc.*
355
2,418
Novocure
Ltd.*
158
2,394
Absci
Corp.*
205
2,376
Turning
Point
Brands,
Inc.
28
2,375
CBIZ,
Inc.*
73
2,342
ManpowerGroup,
Inc.
69
2,330
UroGen
Pharma
Ltd.*
63
2,318
Mineralys
Therapeutics,
Inc.*
85
2,293
Teladoc
Health,
Inc.*
270
2,290
BellRing
Brands,
Inc.*
176
2,277
Insperity,
Inc.
55
2,272
Kodiak
Sciences,
Inc.*
58
2,260
Huron
Consulting
Group,
Inc.*
25
2,254
Lincoln
Educational
Services
Corp.*
45
2,246
Flowers
Foods,
Inc.
283
2,236
Arlo
Technologies,
Inc.*
161
2,170
TIC
Solutions,
Inc.*
268
2,168
CareDx,
Inc.*
76
2,166
Perrigo
Company
plc
208
2,161
First
Advantage
Corp.*
119
2,148
Novavax,
Inc.*
226
2,129
Paymentus
Holdings,
Inc. — Class
A*
88
2,126
Nuvation
Bio,
Inc.*
373
2,119
Marqeta,
Inc. — Class
A*
519
2,107
AtriCure,
Inc.*
74
2,071
GeneDx
Holdings
Corp. — Class
A*
30
2,060
Damora
Therapeutics,
Inc.*
79
2,055
Harrow,
Inc.*
48
2,039
TriNet
Group,
Inc.
41
2,029
Xeris
Biopharma
Holdings,
Inc.*
254
2,012
Vestis
Corp.*
138
2,004
Herbalife
Ltd.*
152
1,999
Surgery
Partners,
Inc.*
118
1,982
ICF
International,
Inc.
27
1,967
AnaptysBio,
Inc.*
29
1,958
NPK
International,
Inc.*
123
1,957
Ingles
Markets,
Inc. — Class
A
22
1,949
Boston
Beer
Company,
Inc. — Class
A*
11
1,947
ArriVent
Biopharma,
Inc.*
56
1,945
MannKind
Corp.*
456
1,943
Bicara
Therapeutics,
Inc.*
65
1,930
Universal
Corp.
37
1,930
agilon
health,
Inc.*
18
1,929
Capricor
Therapeutics,
Inc.*
80
1,926
Inspire
Medical
Systems,
Inc.*
43
1,918
Pennant
Group,
Inc.*
51
1,884
Edgewell
Personal
Care
Co.
70
1,880
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
65
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
AMN
Healthcare
Services,
Inc.*
58
$
1,877
Rapport
Therapeutics,
Inc.*
45
1,875
Procept
Biorobotics
Corp.*
83
1,874
Vir
Biotechnology,
Inc.*
182
1,855
Ardelyx,
Inc.*
362
1,846
Coursera,
Inc.*
326
1,839
Zymeworks,
Inc.*
70
1,830
Integra
LifeSciences
Holdings
Corp.*
101
1,814
QuidelOrtho
Corp.*
102
1,787
Enovis
Corp.*
86
1,780
BioLife
Solutions,
Inc.*
63
1,779
Collegium
Pharmaceutical,
Inc.*
49
1,774
Dlocal
Ltd. — Class
A
135
1,754
Sonida
Senior
Living,
Inc.*
43
1,754
Upbound
Group,
Inc.
82
1,740
Willdan
Group,
Inc.*
22
1,740
Tyra
Biosciences,
Inc.*
54
1,725
Avanos
Medical,
Inc.*
68
1,692
J
&
J
Snack
Foods
Corp.
23
1,689
Simply
Good
Foods
Co.*
125
1,660
Xencor,
Inc.*
103
1,658
EyePoint,
Inc.*
115
1,645
Cullinan
Therapeutics,
Inc.*
90
1,639
Precigen,
Inc.*
286
1,630
Alphatec
Holdings,
Inc.*
184
1,592
Dole
plc
116
1,592
AdaptHealth
Corp. — Class
A*
152
1,584
Azenta,
Inc.*
62
1,582
Deluxe
Corp.
66
1,576
Tandem
Diabetes
Care,
Inc.*
103
1,554
Maze
Therapeutics,
Inc.*
52
1,552
Artivion,
Inc.*
68
1,528
US
Physical
Therapy,
Inc.
22
1,511
CONMED
Corp.
46
1,506
Kailera
Therapeutics,
Inc.*
68
1,498
Pacira
BioSciences,
Inc.*
59
1,497
Corvus
Pharmaceuticals,
Inc.*
100
1,494
BrightView
Holdings,
Inc.*
105
1,488
Weis
Markets,
Inc.
19
1,488
Olema
Pharmaceuticals,
Inc.*
116
1,451
American
Public
Education,
Inc.*
27
1,450
Eton
Pharmaceuticals,
Inc.*
40
1,448
STAAR
Surgical
Co.*
50
1,434
Grocery
Outlet
Holding
Corp.*
140
1,397
Savara,
Inc.*
226
1,392
Kura
Oncology,
Inc.*
126
1,382
Del
Monte
Corp.
49
1,368
Personalis,
Inc.*
100
1,340
Inhibrx
Biosciences,
Inc.*
14
1,327
Annexon,
Inc.*
230
1,313
Transcat,
Inc.*
14
1,299
Replimune
Group,
Inc.*
117
1,295
Quanex
Building
Products
Corp.
69
1,285
CRA
International,
Inc.
9
1,281
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Barrett
Business
Services,
Inc.
36
$
1,279
BioAge
Labs,
Inc.*
52
1,275
Driven
Brands
Holdings,
Inc.*
90
1,255
Zevra
Therapeutics,
Inc.*
87
1,248
iRadimed
Corp.
13
1,242
Target
Hospitality
Corp.*
60
1,222
Seneca
Foods
Corp. — Class
A*
7
1,218
Matthews
International
Corp. — Class
A
45
1,211
MeiraGTx
Holdings
plc*
89
1,202
ORIC
Pharmaceuticals,
Inc.*
111
1,202
Anteris
Technologies
Global
Corp.*
121
1,192
Sionna
Therapeutics,
Inc.*
27
1,188
Esperion
Therapeutics,
Inc.*
375
1,185
WaVe
Life
Sciences
Ltd.*
204
1,185
Kforce,
Inc.
25
1,173
Solid
Biosciences,
Inc.*
116
1,159
Coty,
Inc. — Class
A*
536
1,158
Avalo
Therapeutics,
Inc.*
62
1,146
Arbutus
Biopharma
Corp.*
238
1,142
Guardian
Pharmacy
Services,
Inc. — Class
A*
27
1,130
Certara,
Inc.*
172
1,127
National
Beverage
Corp.*
36
1,123
Clarivate
plc*
518
1,119
Septerna,
Inc.*
33
1,105
Vor
BioPharma,
Inc.*
60
1,105
Green
Dot
Corp. — Class
A*
81
1,094
Legalzoom.com,
Inc.*
178
1,091
Custom
Truck
One
Source,
Inc.*
91
1,075
LB
Pharmaceuticals,
Inc.*
33
1,071
Jade
Biosciences,
Inc.*
48
1,067
Zenas
Biopharma,
Inc.*
42
1,066
SI-BONE,
Inc.*
65
1,061
Geron
Corp.*
828
1,060
Rigel
Pharmaceuticals,
Inc.*
27
1,056
Castle
Biosciences,
Inc.*
44
1,049
Maravai
LifeSciences
Holdings,
Inc. — Class
A*
167
1,042
John
B
Sanfilippo
&
Son,
Inc.
12
1,032
Alto
Neuroscience,
Inc.*
39
1,029
Theravance
Biopharma,
Inc.*
60
1,020
Ironwood
Pharmaceuticals,
Inc. — Class
A*
242
1,019
Kestra
Medical
Technologies
Ltd.*
40
1,018
Omeros
Corp.*
,(a)
107
1,018
Helen
of
Troy
Ltd.*
35
1,017
Tactile
Systems
Technology,
Inc.*
34
1,013
Mission
Produce,
Inc.*
85
1,002
Mama's
Creations,
Inc.*
56
1,000
Aktis
Oncology,
Inc.*
31
999
Aveanna
Healthcare
Holdings,
Inc.*
116
994
CytomX
Therapeutics,
Inc.*
263
986
Janux
Therapeutics,
Inc.*
64
983
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
66
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Phibro
Animal
Health
Corp. — Class
A
31
$
973
Amphastar
Pharmaceuticals,
Inc.*
48
969
Relmada
Therapeutics,
Inc.*
140
969
Verra
Mobility
Corp. — Class
A*
228
969
Candel
Therapeutics,
Inc.*
,(a)
94
968
Sana
Biotechnology,
Inc.*
272
949
Beta
Bionics,
Inc.*
60
940
Aclaris
Therapeutics,
Inc.*
175
926
Oddity
Tech
Ltd. — Class
A*
60
908
4D
Molecular
Therapeutics,
Inc.*
68
904
OPKO
Health,
Inc.*
597
896
Altimmune,
Inc.*
294
894
Lexicon
Pharmaceuticals,
Inc.*
368
883
Cass
Information
Systems,
Inc.
17
872
CorMedix,
Inc.*
,(a)
110
864
Cerus
Corp.*
294
858
REGENXBIO,
Inc.*
71
851
Utz
Brands,
Inc.
109
839
Spire
Global,
Inc. — Class
A*
45
837
Avalyn
Pharma,
Inc.*
25
823
Allogene
Therapeutics,
Inc.*
393
817
Carriage
Services,
Inc. — Class
A
21
805
Ceribell,
Inc.*
41
797
Cytek
Biosciences,
Inc.*
180
797
Sutro
Biopharma,
Inc.*
24
797
Phathom
Pharmaceuticals,
Inc.*
73
792
Ennis,
Inc.
37
786
Myriad
Genetics,
Inc.*
137
782
Ocugen,
Inc.*
,(a)
506
774
Bright
Minds
Biosciences,
Inc.*
11
772
FTAI
Infrastructure,
Inc.
163
756
Achieve
Life
Sciences,
Inc.*
,(a)
115
751
ClearPoint
Neuro,
Inc.*
42
749
Pulse
Biosciences,
Inc.*
27
749
Arvinas,
Inc.*
88
731
ARS
Pharmaceuticals,
Inc.*
,(a)
91
729
AngioDynamics,
Inc.*
55
716
First
Tracks
Biotherapeutics,
Inc.*
35
704
Ginkgo
Bioworks
Holdings,
Inc.*
71
704
Pacific
Biosciences
of
California,
Inc.*
418
702
C4
Therapeutics,
Inc.*
150
701
MiMedx
Group,
Inc.*
179
689
Climb
Bio,
Inc.*
52
678
Sagimet
Biosciences,
Inc. — Class
A*
87
673
Bioventus,
Inc. — Class
A*
,(a)
71
670
Aquestive
Therapeutics,
Inc.*
160
666
Design
Therapeutics,
Inc.*
46
666
Varex
Imaging
Corp.*
63
657
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Contineum
Therapeutics,
Inc. — Class
A*
40
$
656
Monopar
Therapeutics,
Inc.*
7
648
Prothena
Corporation
plc*
66
646
Emergent
BioSolutions,
Inc.*
77
645
MiniMed
Group,
Inc.*
43
643
Community
Health
Systems,
Inc.*
192
641
Monro,
Inc.
37
633
Shattuck
Labs,
Inc.*
91
632
Immix
Biopharma,
Inc.*
61
629
Vital
Farms,
Inc.*
54
628
NeuroPace,
Inc.*
39
620
Forte
Biosciences,
Inc.*
29
616
Oncology
Institute,
Inc.*
113
614
Enanta
Pharmaceuticals,
Inc.*
42
612
Evolus,
Inc.*
88
611
Ovid
therapeutics,
Inc.*
227
611
Generate
Biomedicines,
Inc.*
36
607
Rezolute,
Inc.*
116
603
Tejon
Ranch
Co.*
32
598
Fulgent
Genetics,
Inc.*
29
595
XOMA
Royalty
Corp.*
14
595
Cross
Country
Healthcare,
Inc.*
45
594
Village
Super
Market,
Inc. — Class
A
14
591
Natural
Grocers
by
Vitamin
Cottage,
Inc.
19
589
Crescent
Biopharma,
Inc.*
32
576
Viemed
Healthcare,
Inc.*
50
570
ACCO
Brands
Corp.
136
566
X4
Pharmaceuticals,
Inc.*
120
560
Kyverna
Therapeutics,
Inc.*
62
552
Orthofix
Medical,
Inc.*
60
548
Alamar
Biosciences,
Inc.*
,(a)
20
542
Delcath
Systems,
Inc.*
43
541
Kelly
Services,
Inc. — Class
A
44
540
MapLight
Therapeutics,
Inc.*
15
538
Tenax
Therapeutics,
Inc.*
37
538
Neurogene,
Inc.*
17
535
Puma
Biotechnology,
Inc.*
66
535
Strata
Critical
Medical,
Inc.*
101
532
Perspective
Therapeutics,
Inc.*
153
522
Honest
Company,
Inc.*
142
520
Cabaletta
Bio,
Inc.*
167
519
Tectonic
Therapeutic,
Inc.*
,(a)
15
516
Prime
Medicine,
Inc.*
139
513
Zura
Bio
Ltd. — Class
A*
87
513
OrthoPediatrics
Corp.*
26
497
Vanda
Pharmaceuticals,
Inc.*
80
490
Lexeo
Therapeutics,
Inc.*
105
489
Atea
Pharmaceuticals,
Inc.*
105
488
Editas
Medicine,
Inc.*
148
480
Nature's
Sunshine
Products,
Inc.*
22
480
Aura
Biosciences,
Inc.*
66
469
B&G
Foods,
Inc.
116
462
Fennec
Pharmaceuticals,
Inc.*
43
462
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
67
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Nuvectis
Pharma,
Inc.*
25
$
460
Rocket
Pharmaceuticals,
Inc.*
134
458
Palisade
Bio,
Inc.*
218
456
Westrock
Coffee
Co.*
56
454
Verastem,
Inc.*
118
451
Eledon
Pharmaceuticals,
Inc.*
114
449
Century
Therapeutics,
Inc.*
182
446
Akebia
Therapeutics,
Inc.*
383
437
Olaplex
Holdings,
Inc.*
213
437
Chaince
Digital
Holdings,
Inc.*
99
433
OraSure
Technologies,
Inc.*
97
433
Hertz
Global
Holdings,
Inc.*
,(a)
190
430
MacroGenics,
Inc.*
93
430
Benitec
Biopharma,
Inc.*
32
428
Compass
Therapeutics,
Inc.*
194
425
Electromed,
Inc.*
10
423
Eikon
Therapeutics,
Inc.*
,(a)
32
418
Assembly
Biosciences,
Inc.*
15
412
Repay
Holdings
Corp. — Class
A*
97
407
Nathan's
Famous,
Inc.
4
406
Abeona
Therapeutics,
Inc.*
65
402
OmniAb,
Inc.*
163
401
CapsoVision,
Inc.*
,(a)
52
394
Immuneering
Corp. — Class
A*
,(a)
79
394
Innovage
Holding
Corp.*
33
391
Once
Upon
a
Farm
PBC*
,(a)
19
389
NRC
Health
18
388
MGP
Ingredients,
Inc.
22
385
Distribution
Solutions
Group,
Inc.*
14
383
DiaMedica
Therapeutics,
Inc.*
54
380
Alico,
Inc.
9
372
Quad/Graphics,
Inc.
44
371
USCB
Financial
Holdings,
Inc.
18
368
Accendra
Health,
Inc.*
107
366
Inhibikase
Therapeutics,
Inc.*
180
365
USANA
Health
Sciences,
Inc.*
17
363
Upstream
Bio,
Inc.*
52
360
Zentalis
Pharmaceuticals,
Inc.*
74
359
Lineage
Cell
Therapeutics,
Inc.*
273
358
SpyGlass
Pharma,
Inc.*
16
356
Cadiz,
Inc.*
85
355
Hackett
Group,
Inc.
33
355
Anavex
Life
Sciences
Corp.*
136
352
Ardent
Health,
Inc.*
35
344
Franklin
Covey
Co.*
14
343
Priority
Technology
Holdings,
Inc.*
51
340
ALX
Oncology
Holdings,
Inc.*
160
331
Galectin
Therapeutics,
Inc.*
71
329
Senseonics
Holdings,
Inc.*
,(a)
58
329
Limoneira
Co.
25
328
Opus
Genetics,
Inc.*
79
325
Entrada
Therapeutics,
Inc.*
44
324
Shoulder
Innovations,
Inc.*
16
324
TriSalus
Life
Sciences,
Inc.*
71
323
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Fulcrum
Therapeutics,
Inc.*
88
$
322
Lumexa
Imaging
Holdings,
Inc.*
28
316
Larimar
Therapeutics,
Inc.*
99
302
Protara
Therapeutics,
Inc.*
77
294
TrueBlue,
Inc.*
42
293
Alector,
Inc.*
145
291
Embecta
Corp.
89
290
Keros
Therapeutics,
Inc.*
27
289
Surrozen,
Inc.*
11
285
RxSight,
Inc.*
59
284
Karyopharm
Therapeutics,
Inc.*
29
283
Precision
BioSciences,
Inc.*
,(a)
36
283
Atrium
Therapeutics,
Inc.*
21
282
KORU
Medical
Systems,
Inc.*
67
281
Tonix
Pharmaceuticals
Holding
Corp.*
22
281
InfuSystem
Holdings,
Inc.*
29
280
Minerva
Neurosciences,
Inc.*
50
277
Utah
Medical
Products,
Inc.
4
276
Niagen
Bioscience,
Inc.*
86
274
Voyager
Therapeutics,
Inc.*
78
273
Invivyd,
Inc.*
312
272
Quanterix
Corp.*
63
272
Coherus
Oncology,
Inc.*
193
270
Arcturus
Therapeutics
Holdings,
Inc.*
40
269
Paysafe
Ltd.*
36
269
Foghorn
Therapeutics,
Inc.*
54
264
Neumora
Therapeutics,
Inc.*
152
258
Protalix
BioTherapeutics,
Inc.*
110
256
Orchestra
BioMed
Holdings,
Inc.*
59
255
Evommune,
Inc.*
19
253
SAB
Biotherapeutics,
Inc.*
64
250
Anika
Therapeutics,
Inc.*
17
249
CPI
Card
Group,
Inc.*
12
249
Organogenesis
Holdings,
Inc. — Class
A*
102
248
Acacia
Research
Corp.*
52
242
Oramed
Pharmaceuticals,
Inc.
50
240
Acme
United
Corp.
5
239
Caribou
Biosciences,
Inc.*
136
239
Inogen,
Inc.*
37
239
Lifeway
Foods,
Inc.*
8
239
Greenwich
Lifesciences,
Inc.*
10
235
Lucid
Diagnostics,
Inc.*
220
235
SIGA
Technologies,
Inc.
63
229
ProKidney
Corp. — Class
A*
,(a)
112
228
Corbus
Pharmaceuticals
Holdings,
Inc.*
24
225
MediWound
Ltd.*
15
221
Lifecore
Biomedical,
Inc.*
42
220
Whitehawk
Therapeutics,
Inc.*
48
220
Prelude
Therapeutics,
Inc.*
41
219
Spruce
Biosciences,
Inc.*
4
216
Information
Services
Group,
Inc.
52
214
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
68
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
NON-CYCLICAL
-
16.1%
(continued)
Korro
Bio,
Inc.*
16
$
211
CAMP4
Therapeutics
Corp.*
47
205
Cartesian
Therapeutics,
Inc.*
19
198
RCM
Technologies,
Inc.*
7
198
Lyell
Immunopharma,
Inc.*
14
197
KinderCare
Learning
Companies,
Inc.*
46
196
Alta
Equipment
Group,
Inc.*
30
194
AN2
Therapeutics,
Inc.*
39
189
Acumen
Pharmaceuticals,
Inc.*
70
187
Nkarta,
Inc.*
66
187
Canton
Strategic
Holdings,
Inc.*
66
186
Agenus,
Inc.*
59
181
Gyre
Therapeutics,
Inc.*
27
178
OnKure
Therapeutics,
Inc. — Class
A*
39
178
Stereotaxis,
Inc.*
101
174
ADC
Therapeutics
S.A.*
159
170
LENZ
Therapeutics,
Inc.*
30
170
Unicycive
Therapeutics,
Inc.*
36
169
Hyperfine,
Inc. — Class
A*
116
157
Nautilus
Biotechnology,
Inc.*
74
138
Black
Diamond
Therapeutics,
Inc.*
70
130
BRC,
Inc. — Class
A*
115
128
CVRx,
Inc.*
,(a)
23
118
Sanara
Medtech,
Inc.*
5
118
Armata
Pharmaceuticals,
Inc.*
18
117
Heron
Therapeutics,
Inc.*
236
101
HireQuest,
Inc.
8
100
Alpha
Teknova,
Inc.*
17
97
Emerald
Holding,
Inc.
(a)
19
96
SBC
Medical
Group
Holdings,
Inc.*
28
86
Forafric
Global
plc*
8
81
Context
Therapeutics,
Inc.*
138
76
Elicio
Therapeutics,
Inc.*
19
74
Artiva
Biotherapeutics,
Inc.*
7
68
AirSculpt
Technologies,
Inc.*
14
63
MarketWise,
Inc.
3
54
Connect
Biopharma
Holdings
Ltd.*
22
52
Public
Policy
Holding
Company,
Inc.
6
44
Ligand
Pharmaceuticals,
Inc.
(b)
24
—
Total
Consumer,
Non-cyclical
1,187,701
FINANCIAL
-
15
.8
%
Hut
8
Corp.*
153
17,663
UMB
Financial
Corp.
109
15,561
Riot
Platforms,
Inc.*
529
14,484
CareTrust
REIT,
Inc.
337
13,598
Old
National
Bancorp
518
13,416
Compass,
Inc. — Class
A*
1,065
13,131
StoneX
Group,
Inc.*
108
12,798
Cipher
Digital,
Inc.*
503
12,324
Ryman
Hospitality
Properties,
Inc.
REIT
93
11,955
Core
Scientific,
Inc.*
465
11,899
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Macerich
Co.
REIT
423
$
10,655
Valley
National
Bancorp
725
10,621
Terreno
Realty
Corp.
REIT
159
10,298
Glacier
Bancorp,
Inc.
197
10,161
Jackson
Financial,
Inc. — Class
A
98
10,034
Essential
Properties
Realty
Trust,
Inc.
REIT
327
9,761
United
Bankshares,
Inc.
208
9,533
Hancock
Whitney
Corp.
123
9,191
Atlantic
Union
Bankshares
Corp.
214
9,054
Ameris
Bancorp
98
8,845
Selective
Insurance
Group,
Inc.
90
8,731
Kite
Realty
Group
Trust
REIT
306
8,684
Essent
Group
Ltd.
135
8,678
Enova
International,
Inc.*
36
8,666
Home
BancShares,
Inc.
280
7,994
Axos
Financial,
Inc.*
82
7,986
MARA
Holdings,
Inc.*
574
7,973
Phillips
Edison
&
Company,
Inc.
REIT
191
7,949
Outfront
Media,
Inc.
REIT
239
7,830
Radian
Group,
Inc.
203
7,647
Piper
Sandler
Companies
105
7,596
HA
Sustainable
Infrastructure
Capital,
Inc.
191
7,459
Sabra
Health
Care
REIT,
Inc.
378
7,375
Moelis
&
Co. — Class
A
112
7,327
Eastern
Bankshares,
Inc.
326
7,250
Independent
Bank
Corp.
103
7,194
CNO
Financial
Group,
Inc.
139
7,086
Fulton
Financial
Corp.
290
7,015
Lemonade,
Inc.*
107
6,960
Flagstar
Bank
North
America
460
6,872
First
Financial
Bankshares,
Inc.
198
6,851
ServisFirst
Bancshares,
Inc.
78
6,767
Texas
Capital
Bancshares,
Inc.
65
6,712
Tanger,
Inc.
REIT
170
6,710
Associated
Banc-Corp
216
6,646
Bread
Financial
Holdings,
Inc.
61
6,609
United
Community
Banks,
Inc.
181
6,351
COPT
Defense
Properties
REIT
172
6,259
International
Bancshares
Corp.
82
6,228
WSFS
Financial
Corp.
79
6,062
First
BanCorp
232
6,048
Cathay
General
Bancorp
97
6,013
BGC
Group,
Inc. — Class
A
559
5,976
Renasant
Corp.
140
5,956
Broadstone
Net
Lease,
Inc.
REIT
288
5,953
Independence
Realty
Trust,
Inc.
REIT
356
5,942
CVB
Financial
Corp.
254
5,728
Marex
Group
plc
92
5,607
SL
Green
Realty
Corp.
REIT
108
5,591
Dave,
Inc.*
15
5,589
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
69
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
WesBanco,
Inc.
143
$
5,581
National
Health
Investors,
Inc.
REIT
72
5,491
Apple
Hospitality
REIT,
Inc.
326
5,480
Cleanspark,
Inc.*
375
5,456
PJT
Partners,
Inc. — Class
A
36
5,434
Genworth
Financial,
Inc. — Class
A*
572
5,417
Victory
Capital
Holdings,
Inc. — Class
A
64
5,380
BankUnited,
Inc.
111
5,378
First
Financial
Bancorp
158
5,345
Community
Financial
System,
Inc.
79
5,302
First
Interstate
BancSystem,
Inc. — Class
A
136
5,244
Nicolet
Bankshares,
Inc.
30
4,962
Simmons
First
National
Corp. — Class
A
218
4,938
Palomar
Holdings,
Inc.*
39
4,929
Seacoast
Banking
Corporation
of
Florida
146
4,855
Bank
of
Hawaii
Corp.
59
4,808
StepStone
Group,
Inc. — Class
A
115
4,756
Towne
Bank
131
4,747
Cushman
&
Wakefield
Ltd.*
354
4,740
LXP
Industrial
Trust
REIT
87
4,688
NMI
Holdings,
Inc. — Class
A*
114
4,684
Banc
of
California,
Inc.
228
4,658
Park
National
Corp.
25
4,575
Provident
Financial
Services,
Inc.
192
4,539
Upstart
Holdings,
Inc.*
127
4,500
McGrath
RentCorp
37
4,478
Curbline
Properties
Corp.
REIT
147
4,469
Urban
Edge
Properties
REIT
192
4,393
Mercury
General
Corp.
40
4,265
Dynex
Capital,
Inc.
REIT
325
4,261
Acadia
Realty
Trust
REIT
202
4,224
WaFd,
Inc.
110
4,221
Miami
International
Holdings,
Inc.*
113
4,199
DigitalBridge
Group,
Inc.
265
4,182
InvenTrust
Properties
Corp.
REIT
117
4,142
First
Merchants
Corp.
94
4,107
Blackstone
Mortgage
Trust,
Inc. — Class
A
REIT
239
4,051
Four
Corners
Property
Trust,
Inc.
REIT
165
4,051
Park
Hotels
&
Resorts,
Inc.
REIT
280
3,990
First
Bancorp
61
3,900
Baldwin
Insurance
Group,
Inc. — Class
A*
145
3,854
Beacon
Financial
Corp.
126
3,837
PennyMac
Financial
Services,
Inc.
44
3,832
Trustmark
Corp.
83
3,819
NBT
Bancorp,
Inc.
77
3,801
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
SiriusPoint
Ltd.*
157
$
3,768
DiamondRock
Hospitality
Co.
REIT
306
3,727
Bancorp,
Inc.*
59
3,696
FB
Financial
Corp.
66
3,653
Customers
Bancorp,
Inc.*
46
3,639
St.
Joe
Co.
58
3,633
Enterprise
Financial
Services
Corp.
55
3,623
Skyward
Specialty
Insurance
Group,
Inc.*
62
3,618
First
Busey
Corp.
122
3,599
Bank
of
NT
Butterfield
&
Son
Ltd.
60
3,570
BancFirst
Corp.
32
3,556
Newmark
Group,
Inc. — Class
A
235
3,551
Happen,
Inc.*
170
3,526
WisdomTree,
Inc.
202
3,422
Northwest
Bancshares,
Inc.
220
3,335
Banner
Corp.
50
3,322
ARMOUR
Residential
REIT,
Inc.
REIT
188
3,281
Artisan
Partners
Asset
Management,
Inc. — Class
A
95
3,280
Pebblebrook
Hotel
Trust
REIT
168
3,261
Webull
Corp.*
498
3,247
Cohen
&
Steers,
Inc.
42
3,198
OFG
Bancorp
64
3,140
NETSTREIT
Corp.
REIT
147
3,106
Brookfield
Business
Corp. — Class
A
104
3,104
Horace
Mann
Educators
Corp.
60
3,099
Sunstone
Hotel
Investors,
Inc.
REIT
270
3,092
First
Commonwealth
Financial
Corp.
152
3,090
Diversified
Healthcare
Trust
REIT
331
3,078
Bitdeer
Technologies
Group — Class
A*
192
3,047
Acadian
Asset
Management,
Inc.
42
3,004
Stock
Yards
Bancorp,
Inc.
39
2,982
HCI
Group,
Inc.
17
2,979
Stewart
Information
Services
Corp.
45
2,971
Nelnet,
Inc. — Class
A
22
2,933
Encore
Capital
Group,
Inc.*
31
2,892
Douglas
Emmett,
Inc.
REIT
245
2,891
National
Bank
Holdings
Corp. — Class
A
65
2,888
Getty
Realty
Corp.
REIT
86
2,869
LTC
Properties,
Inc.
REIT
74
2,845
Xenia
Hotels
&
Resorts,
Inc.
REIT
139
2,830
Federal
Agricultural
Mortgage
Corp. — Class
C
14
2,790
Pathward
Financial,
Inc.
32
2,786
City
Holding
Co.
21
2,785
Walker
&
Dunlop,
Inc.
50
2,735
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
70
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Smartstop
Self
Storage
REIT,
Inc.
REIT
84
$
2,730
S&T
Bancorp,
Inc.
55
2,699
Innovative
Industrial
Properties,
Inc.
REIT
43
2,665
German
American
Bancorp,
Inc.
55
2,610
Triumph
Financial,
Inc.*
34
2,595
Global
Net
Lease,
Inc.
REIT
287
2,566
Hope
Bancorp,
Inc.
185
2,531
Ellington
Financial,
Inc.
REIT
185
2,518
Dime
Commercial
Bancshares,
Inc.
61
2,480
OceanFirst
Financial
Corp.
125
2,441
QCR
Holdings,
Inc.
25
2,434
ConnectOne
Bancorp,
Inc.
72
2,408
Kemper
Corp.
88
2,372
TriCo
Bancshares
44
2,369
Hamilton
Insurance
Group
Ltd. — Class
B
69
2,342
Hilltop
Holdings,
Inc.
60
2,327
Origin
Bancorp,
Inc.
45
2,302
Lakeland
Financial
Corp.
37
2,284
Pagseguro
Digital
Ltd. — Class
A
247
2,235
Bank
First
Corp.
15
2,225
Live
Oak
Bancshares,
Inc.
54
2,205
1st
Source
Corp.
27
2,203
RLJ
Lodging
Trust
REIT
185
2,192
Apollo
Commercial
Real
Estate
Finance,
Inc.
REIT
201
2,147
Orchid
Island
Capital,
Inc.
REIT
305
2,126
Westamerica
BanCorp
35
2,053
Peoples
Bancorp,
Inc.
53
2,036
Two
Harbors
Investment
Corp.
REIT
158
1,961
Slide
Insurance
Holdings,
Inc.*
98
1,898
Tompkins
Financial
Corp.
20
1,890
Enact
Holdings,
Inc.
41
1,874
Merchants
Bancorp
37
1,850
UMH
Properties,
Inc.
REIT
122
1,847
Univest
Financial
Corp.
42
1,838
Heritage
Financial
Corp.
62
1,836
American
Assets
Trust,
Inc.
REIT
74
1,827
Preferred
Bank/Los
Angeles
CA
17
1,806
Neptune
Insurance
Holdings,
Inc. — Class
A*
56
1,764
Old
Second
Bancorp,
Inc.
75
1,749
Community
Trust
Bancorp,
Inc.
24
1,737
Byline
Bancorp,
Inc.
46
1,732
First
Mid
Bancshares,
Inc.
36
1,731
Piedmont
Realty
Trust,
Inc.
REIT*
188
1,720
Goosehead
Insurance,
Inc. — Class
A*
35
1,698
Ladder
Capital
Corp. — Class
A
REIT
170
1,692
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Metropolitan
Bank
Holding
Corp.
17
$
1,679
United
Fire
Group,
Inc.
32
1,678
Chimera
Investment
Corp.
REIT
125
1,668
Perella
Weinberg
Partners — Class
A
104
1,660
Burke
&
Herbert
Financial
Services
Corp.
23
1,653
Safety
Insurance
Group,
Inc.
22
1,647
Easterly
Government
Properties,
Inc. — Class
A
REIT
66
1,645
Pelagos
Insurance
Capital
Ltd.
65
1,583
Universal
Insurance
Holdings,
Inc.
38
1,572
Coastal
Financial
Corp.*
20
1,550
Capitol
Federal
Financial,
Inc.
181
1,540
Arbor
Realty
Trust,
Inc.
REIT
284
1,539
Horizon
Bancorp,
Inc.
76
1,518
Southside
Bancshares,
Inc.
43
1,513
Central
Pacific
Financial
Corp.
39
1,490
CBL
&
Associates
Properties,
Inc.
REIT
28
1,487
CNB
Financial
Corp.
44
1,483
PennyMac
Mortgage
Investment
Trust
REIT
131
1,478
Service
Properties
Trust
REIT
869
1,469
Hyperliquid
Strategies,
Inc.*
186
1,464
MFA
Financial,
Inc.
REIT
151
1,463
Northeast
Bank
11
1,458
Business
First
Bancshares,
Inc.
47
1,444
Mercantile
Bank
Corp.
25
1,436
Firstsun
Capital
Bancorp*
37
1,435
Virtus
Investment
Partners,
Inc.
10
1,435
TrustCo
Bank
Corporation
NY
26
1,428
Hanmi
Financial
Corp.
44
1,426
Employers
Holdings,
Inc.
28
1,413
F&G
Annuities
&
Life,
Inc.
53
1,409
Centerspace
REIT
25
1,405
Camden
National
Corp.
25
1,356
Safehold,
Inc.
REIT
84
1,319
First
Financial
Corp.
17
1,316
Esquire
Financial
Holdings,
Inc.
11
1,310
Whitestone
REIT
REIT
69
1,308
JBG
SMITH
Properties
REIT
89
1,306
Amerant
Bancorp,
Inc. — Class
A
51
1,302
Farmers
National
Banc
Corp.
88
1,285
Equity
Bancshares,
Inc. — Class
A
26
1,274
NB
Bancorp,
Inc.
60
1,268
Metrocity
Bankshares,
Inc.
35
1,256
Burford
Capital
Ltd.
303
1,242
Amalgamated
Financial
Corp.
27
1,239
Trupanion,
Inc.*
50
1,239
Hudson
Pacific
Properties,
Inc.
REIT*
79
1,200
Eagle
Bancorp,
Inc.
42
1,192
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
71
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Adamas
Trust,
Inc.
REIT
126
$
1,182
Republic
Bancorp,
Inc. — Class
A
13
1,176
Empire
State
Realty
Trust,
Inc. — Class
A
REIT
213
1,152
HomeTrust
Bancshares,
Inc.
23
1,147
Orrstown
Financial
Services,
Inc.
28
1,143
Peapack-Gladstone
Financial
Corp.
24
1,136
Financial
Institutions,
Inc.
29
1,130
Carter
Bankshares,
Inc.
33
1,122
Alerus
Financial
Corp.
36
1,120
Five
Star
Bancorp
23
1,120
Mid
Penn
Bancorp,
Inc.
32
1,115
First
Community
Bankshares,
Inc.
25
1,111
Summit
Hotel
Properties,
Inc.
REIT
155
1,087
GCM
Grosvenor,
Inc. — Class
A
88
1,082
PRA
Group,
Inc.*
57
1,082
SmartFinancial,
Inc.
23
1,079
Compass
Diversified
Holdings*
101
1,077
Invesco
Mortgage
Capital,
Inc.
REIT
135
1,067
Southern
Missouri
Bancorp,
Inc.
14
1,067
Patria
Investments
Ltd. — Class
A
97
1,065
Root,
Inc. — Class
A*
19
1,062
Marcus
&
Millichap,
Inc.
34
1,060
Shore
Bancshares,
Inc.
46
1,056
Accelerant
Holdings — Class
A*
90
1,055
CTO
Realty
Growth,
Inc.
REIT
49
1,054
Capital
City
Bank
Group,
Inc.
21
1,038
Strive,
Inc. — Class
A*
,(a)
94
1,026
Washington
Trust
Bancorp,
Inc.
28
1,021
BrightSpire
Capital,
Inc. — Class
A
REIT
183
997
South
Plains
Financial,
Inc.
23
991
Postal
Realty
Trust,
Inc. — Class
A
REIT
40
986
Arrow
Financial
Corp.
24
984
National
Healthcare
Properties,
Inc.
REIT*
67
982
Community
West
Bancshares
36
967
Heritage
Insurance
Holdings,
Inc.*
37
965
NexPoint
Residential
Trust,
Inc.
REIT
34
949
AMERISAFE,
Inc.
28
947
Bar
Harbor
Bankshares
25
944
Great
Southern
Bancorp,
Inc.
12
941
Mechanics
Bancorp — Class
A
59
938
Franklin
BSP
Realty
Trust,
Inc.
REIT
115
936
Peoples
Financial
Services
Corp.
14
929
Third
Coast
Bancshares,
Inc.*
23
929
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Northrim
BanCorp,
Inc.
33
$
915
Midland
States
Bancorp,
Inc.
29
903
Gladstone
Commercial
Corp.
REIT
73
898
World
Acceptance
Corp.*
4
895
ACNB
Corp.
15
891
Chatham
Lodging
Trust
REIT
67
886
Redwood
Trust,
Inc.
REIT
187
886
TPG
RE
Finance
Trust,
Inc.
REIT
105
879
Bit
Digital,
Inc.*
487
877
Civista
Bancshares,
Inc.
31
875
Resolute
Holdings
Management,
Inc.*
6
867
Southern
First
Bancshares,
Inc.*
14
855
Cannae
Holdings,
Inc.
59
850
Universal
Health
Realty
Income
Trust
REIT
19
833
Columbia
Financial,
Inc.*
39
828
Alexander's,
Inc.
REIT
3
827
Northfield
Bancorp,
Inc.
56
825
Kearny
Financial
Corp.
87
823
Atlanticus
Holdings
Corp.*
8
818
California
BanCorp
39
813
Bowhead
Specialty
Holdings,
Inc.*
27
808
Navient
Corp.
95
808
AH
Realty
Trust,
Inc.
REIT
114
807
Brandywine
Realty
Trust
REIT
252
799
Hippo
Holdings,
Inc.*
28
791
HBT
Financial,
Inc.
24
768
New
Era
Energy
&
Digital,
Inc.*
,(a)
119
759
First
Business
Financial
Services,
Inc.
12
758
AGNT,
Inc.
140
757
LendingTree,
Inc.*
17
753
Community
Healthcare
Trust,
Inc.
REIT
41
749
Saul
Centers,
Inc.
REIT
20
748
Industrial
Logistics
Properties
Trust
REIT
84
745
Sierra
Bancorp
18
734
Red
River
Bancshares,
Inc.
8
730
ChoiceOne
Financial
Services,
Inc.
21
714
Chiron
Real
Estate,
Inc.
REIT
19
713
Ridgepost
Capital,
Inc. — Class
A
89
700
Orange
County
Bancorp,
Inc.
19
699
Z
Squared,
Inc.*
,(a)
65
688
Home
Bancorp,
Inc.
10
685
Bridgewater
Bancshares,
Inc.*
32
673
RBB
Bancorp
24
658
FrontView
REIT,
Inc.
REIT
32
647
Unity
Bancorp,
Inc.
11
646
Jefferson
Capital,
Inc.
33
643
One
Liberty
Properties,
Inc.
REIT
26
635
Greenlight
Capital
Re
Ltd. — Class
A*
39
631
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
72
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Tiptree,
Inc.
35
$
627
Colony
Bankcorp,
Inc.
31
623
Hingham
Institution
For
Savings
2
614
Farmers
&
Merchants
Bancorp,
Inc.
20
612
West
BanCorp,
Inc.
23
610
Bank
of
Marin
Bancorp
22
609
Citizens
&
Northern
Corp.
26
606
Ponce
Financial
Group,
Inc.*
30
598
Capital
Bancorp,
Inc.
17
597
Northpointe
Bancshares,
Inc.
31
595
International
Money
Express,
Inc.*
41
592
Farmland
Partners,
Inc.
REIT
61
590
First
Bank
33
585
Plumas
Bancorp
10
584
Investar
Holding
Corp.
19
569
Avidia
Bancorp,
Inc.
27
567
NewtekOne,
Inc.
38
563
First
Bancorp,
Inc.
16
557
Investors
Title
Co.
2
547
KKR
Real
Estate
Finance
Trust,
Inc.
REIT
(a)
80
547
Paysign,
Inc.*
66
541
Primis
Financial
Corp.
33
540
Regional
Management
Corp.
13
536
Bankwell
Financial
Group,
Inc.
9
529
MVB
Financial
Corp.
18
522
Gladstone
Land
Corp.
REIT
60
512
Citizens
Financial
Services,
Inc.
7
507
Northeast
Community
Bancorp,
Inc.
18
499
Parke
Bancorp,
Inc.
15
497
BayCom
Corp.
15
494
Timberland
Bancorp,
Inc.
11
493
Donegal
Group,
Inc. — Class
A
26
490
Wealthfront
Corp.*
54
483
Norwood
Financial
Corp.
15
482
Alpine
Income
Property
Trust,
Inc.
REIT
23
477
RMR
Group,
Inc. — Class
A
23
472
Avidbank
Holdings,
Inc.*
14
462
Waterstone
Financial,
Inc.
22
456
PCB
Bancorp
16
454
NerdWallet,
Inc. — Class
A*
49
453
Abacus
Global
Management,
Inc.
42
450
MBIA,
Inc.*
69
450
Chemung
Financial
Corp.
6
447
FS
Bancorp,
Inc.
10
434
First
Community
Corp.
13
425
FRP
Holdings,
Inc.*
17
425
GBank
Financial
Holdings,
Inc.*
14
424
Innventure,
Inc.*
83
421
Commercial
Bancgroup,
Inc.
13
420
Real
Brokerage,
Inc.*
231
420
First
Western
Financial,
Inc.*
13
417
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
John
Marshall
Bancorp,
Inc.
19
$
414
American
Coastal
Insurance
Corp.
37
411
FVCBankcorp,
Inc.
23
403
Onity
Group,
Inc.*
10
398
First
United
Corp.
9
397
First
Northern
Community
Bancorp*
22
395
Isabella
Bank
Corp.
10
395
Citizens,
Inc. — Class
A*
68
390
Western
New
England
Bancorp,
Inc.
27
386
Ames
National
Corp.
13
385
Octave
Specialty
Group,
Inc.*
61
381
OppFi,
Inc.*
38
377
Franklin
Financial
Services
Corp.
6
376
Ready
Capital
Corp.
REIT
215
376
Oak
Valley
Bancorp
11
371
Greene
County
Bancorp,
Inc.
11
370
FB
Bancorp,
Inc.*
24
361
Fidelity
D&D
Bancorp,
Inc.
7
360
First
National
Corp.
12
360
Ares
Commercial
Real
Estate
Corp.
79
356
Hawthorn
Bancshares,
Inc.
9
354
Oportun
Financial
Corp.*
62
354
LCNB
Corp.
20
352
TPG
Mortgage
Investment
Trust,
Inc.
REIT
44
348
Bakkt,
Inc. — Class
A*
44
344
Blue
Ridge
Bankshares,
Inc.
97
342
Legacy
Housing
Corp.*
13
342
American
Integrity
Insurance
Group,
Inc.
18
339
Ategrity
Specialty
Holdings
LLC*
14
337
Claros
Mortgage
Trust,
Inc.
REIT*
143
336
Kingsway
Corp.*
32
333
Velocity
Financial,
Inc.*
18
332
Better
Home
&
Finance
Holding
Co. — Class
A*
12
330
Citizens
Community
Bancorp,
Inc.
14
327
National
Bankshares,
Inc.
9
327
Sky
Harbour
Group
Corp. — Class
A*
33
325
Kingstone
Companies,
Inc.
17
324
First
Capital,
Inc.
5
323
CoastalSouth
Bancshares,
Inc.
12
322
C&F
Financial
Corp.
4
320
Community
Bancorp
8
313
Virginia
National
Bankshares
Corp.
7
311
First
Internet
Bancorp
11
306
Princeton
Bancorp,
Inc.
8
304
Peoples
Bancorp
of
North
Carolina,
Inc.
7
302
SITE
Centers
Corp.
REIT
76
302
Chicago
Atlantic
Real
Estate
Finance,
Inc.
REIT
28
300
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
73
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Bank7
Corp.
6
$
294
Seaport
Entertainment
Group,
Inc.*
11
293
NexPoint
Diversified
Real
Estate
Trust
REIT
56
291
Eagle
Financial
Services,
Inc.
7
290
Meridian
Corp.
14
280
Seven
Hills
Realty
Trust
REIT
33
278
RE/MAX
Holdings,
Inc. — Class
A*
28
276
B
Riley
Financial,
Inc.*
34
273
Pioneer
Bancorp,
Inc.*
16
273
Crawford
&
Co. — Class
A
24
270
OP
Bancorp
18
270
AlTi
Global,
Inc.*
74
267
CB
Financial
Services,
Inc.
7
265
Eagle
Bancorp
Montana,
Inc.
11
263
CF
Bankshares,
Inc.
(a)
8
262
Ohio
Valley
Banc
Corp.
6
261
BCB
Bancorp,
Inc.
24
257
Medallion
Financial
Corp.
25
255
Landmark
Bancorp,
Inc.
8
246
NET
Lease
Office
Properties
REIT
22
245
Modiv
Industrial,
Inc.
REIT
14
244
James
River
Group
Holdings,
Inc.
55
242
Security
National
Financial
Corp. — Class
A*
24
233
BRT
Apartments
Corp.
REIT
15
231
Orion
Properties,
Inc.
REIT
80
231
Angel
Oak
Mortgage
REIT,
Inc.
REIT
25
227
MainStreet
Bancshares,
Inc.
9
222
ECB
Bancorp,
Inc.*
11
221
BV
Financial,
Inc.*
10
212
loanDepot,
Inc. — Class
A*
169
211
Westwood
Holdings
Group,
Inc.
11
211
Richmond
Mutual
BanCorp,
Inc.
13
206
Finwise
Bancorp*
14
203
Exzeo
Group,
Inc.*
12
202
SR
Bancorp,
Inc.
10
197
Douglas
Elliman,
Inc.*
108
191
Braemar
Hotels
&
Resorts,
Inc.
REIT
87
188
Nexpoint
Real
Estate
Finance,
Inc.
REIT
(a)
11
171
Chain
Bridge
Bancorp,
Inc. — Class
A*
4
168
Finance
Of
America
Companies,
Inc. — Class
A*
6
165
Strawberry
Fields
REIT,
Inc.
REIT
12
165
Hanover
Bancorp,
Inc.
7
163
ACRES
Commercial
Realty
Corp.
REIT*
9
160
Maui
Land
&
Pineapple
Company,
Inc.*
9
160
NI
Holdings,
Inc.*
10
157
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
FINANCIAL
-
15.8%
(continued)
Consumer
Portfolio
Services,
Inc.*
14
$
134
Rhinebeck
Bancorp,
Inc.*
7
121
Roadzen,
Inc.*
68
99
Transcontinental
Realty
Investors,
Inc.*
2
92
First
Guaranty
Bancshares,
Inc.
9
91
Silvercrest
Asset
Management
Group,
Inc. — Class
A
9
91
American
Realty
Investors,
Inc.*
2
45
Total
Financial
1,162,786
INDUSTRIAL
-
9
.1
%
Moog,
Inc. — Class
A
42
17,801
Argan,
Inc.
20
15,971
ESCO
Technologies,
Inc.
39
13,652
EnerSys
55
12,860
Terex
Corp.
171
12,379
Enpro,
Inc.
32
12,062
Plexus
Corp.*
40
12,027
Federal
Signal
Corp.
90
11,564
MYR
Group,
Inc.*
23
11,509
JBT
Marel
Corp.
79
11,455
Zurn
Elkay
Water
Solutions
Corp.
224
11,319
Fluor
Corp.*
213
11,159
Granite
Construction,
Inc.
66
10,433
Mercury
Systems,
Inc.*
83
10,153
Vishay
Intertechnology,
Inc.
183
9,842
GATX
Corp.
53
9,391
Materion
Corp.
31
9,219
Casella
Waste
Systems,
Inc. — Class
A*
95
9,212
Joby
Aviation,
Inc.*
1,004
8,956
Novanta,
Inc.*
54
8,761
Matson,
Inc.
45
8,650
Construction
Partners,
Inc. — Class
A*
72
8,551
AAR
Corp.*
59
8,433
Frontdoor,
Inc.*
106
8,225
UFP
Industries,
Inc.
85
7,713
Knife
River
Corp.*
86
7,194
CECO
Environmental
Corp.*
78
7,078
AZZ,
Inc.
45
6,977
Belden,
Inc.
58
6,955
RXO,
Inc.*
248
6,842
CSW
Industrials,
Inc.
24
6,679
Xometry,
Inc. — Class
A*
69
6,660
Badger
Meter,
Inc.
44
6,529
Standex
International
Corp.
18
6,438
Mirion
Technologies,
Inc. — Class
A*
359
6,437
Atmus
Filtration
Technologies,
Inc.
124
6,323
Franklin
Electric
Company,
Inc.
57
6,110
Mueller
Water
Products,
Inc. — Class
A
233
6,018
Bel
Fuse,
Inc. — Class
B
18
5,995
Ondas,
Inc.*
723
5,958
Ichor
Holdings
Ltd.*
52
5,839
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
74
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
INDUSTRIAL
-
9.1%
(continued)
nLight,
Inc.*
83
$
5,778
Itron,
Inc.*
66
5,711
Griffon
Corp.
58
5,657
Kadant,
Inc.
18
5,656
Tutor
Perini
Corp.
68
5,642
Cactus,
Inc. — Class
A
104
5,328
Knowles
Corp.*
127
5,268
OSI
Systems,
Inc.*
24
5,249
Benchmark
Electronics,
Inc.
53
5,230
Avient
Corp.
138
5,100
NuScale
Power
Corp.*
482
4,834
Scorpio
Tankers,
Inc.
69
4,779
International
Seaways,
Inc.
62
4,749
ArcBest
Corp.
33
4,737
Archer
Aviation,
Inc. — Class
A*
998
4,721
Helios
Technologies,
Inc.
49
4,373
Exponent,
Inc.
73
4,289
Boise
Cascade
Co.
54
4,192
Trinity
Industries,
Inc.
120
4,150
Intuitive
Machines,
Inc. — Class
A*
190
4,064
Kennametal,
Inc.
115
4,031
Centuri
Holdings,
Inc.*
131
3,961
Werner
Enterprises,
Inc.
90
3,925
Astronics
Corp.*
48
3,900
Hub
Group,
Inc. — Class
A
89
3,897
Ducommun,
Inc.*
21
3,889
Atkore,
Inc.
51
3,878
DHT
Holdings,
Inc.
218
3,604
Redwire
Corp.*
290
3,547
Firefly
Aerospace,
Inc.*
118
3,469
DXP
Enterprises,
Inc.*
19
3,206
Albany
International
Corp. — Class
A
43
3,204
Masterbrand,
Inc.*
301
3,097
Gorman-Rupp
Co.
32
2,936
Proto
Labs,
Inc.*
36
2,934
American
Superconductor
Corp.*
70
2,906
Amprius
Technologies,
Inc.*
203
2,814
Babcock
&
Wilcox
Enterprises,
Inc.*
199
2,806
Enerpac
Tool
Group
Corp. — Class
A
77
2,761
CTS
Corp.
42
2,738
Greif,
Inc. — Class
A
36
2,682
Alamo
Group,
Inc.
16
2,632
Hillman
Solutions
Corp.*
295
2,490
Voyager
Technologies,
Inc. — Class
A*
77
2,483
Worthington
Enterprises,
Inc.
46
2,473
World
Kinect
Corp.
75
2,471
Tennant
Co.
27
2,364
Cardinal
Infrastructure
Group,
Inc. — Class
A*
25
2,355
Teekay
Tankers
Ltd. — Class
A
36
2,335
Allient,
Inc.
22
2,264
Greenbrier
Companies,
Inc.
46
2,254
O-I
Glass,
Inc.*
230
2,215
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
INDUSTRIAL
-
9.1%
(continued)
NWPX
Infrastructure,
Inc.*
14
$
2,099
Astec
Industries,
Inc.
34
2,080
Gibraltar
Industries,
Inc.*
45
2,029
Graham
Corp.*
16
1,981
Myers
Industries,
Inc.
56
1,977
Napco
Security
Technologies,
Inc.
52
1,975
Energizer
Holdings,
Inc.
(a)
92
1,972
Dorian
LPG
Ltd.
56
1,948
SFL
Corporation
Ltd. — Class
B
184
1,877
Lindsay
Corp.
15
1,857
TriMas
Corp.
41
1,846
Enovix
Corp.*
294
1,785
Tecnoglass,
Inc.
38
1,779
Red
Cat
Holdings,
Inc.*
165
1,757
PureCycle
Technologies,
Inc.*
216
1,752
Nordic
American
Tankers
Ltd.
305
1,690
Ryerson
Holding
Corp.
67
1,649
Worthington
Steel,
Inc.
49
1,645
Marten
Transport
Ltd.
88
1,527
Unusual
Machines,
Inc.*
68
1,516
Apogee
Enterprises,
Inc.
31
1,418
Evolv
Technologies
Holdings,
Inc.*
243
1,409
Willis
Lease
Finance
Corp.
6
1,373
NANO
Nuclear
Energy,
Inc.*
64
1,353
Cadre
Holdings,
Inc.
47
1,340
LSI
Industries,
Inc.
50
1,329
FLEX
LNG
Ltd.
47
1,319
Limbach
Holdings,
Inc.*
17
1,309
Genco
Shipping
&
Trading
Ltd.
48
1,189
Kopin
Corp.*
260
1,165
CryoPort,
Inc.*
73
1,146
Janus
International
Group,
Inc.*
198
1,099
Onterris,
Inc.*
51
1,031
Park
Aerospace
Corp.
27
1,030
Navigator
Holdings
Ltd.
55
1,025
Covenant
Logistics
Group,
Inc. — Class
A
23
1,016
Metallus,
Inc.*
54
1,009
National
Presto
Industries,
Inc.
8
1,000
Ardagh
Metal
Packaging
S.A.
210
995
Smith
&
Wesson
Brands,
Inc.
66
993
Orion
Group
Holdings,
Inc.*
58
976
LSB
Industries,
Inc.*
89
962
Costamare,
Inc.
67
939
Kimball
Electronics,
Inc.*
36
922
Eastman
Kodak
Co.*
96
888
Heartland
Express,
Inc.
58
883
Bel
Fuse,
Inc. — Class
A
3
874
TAT
Technologies
Ltd.*
18
868
Enviri
Corp.*
39
856
Insteel
Industries,
Inc.
28
846
Beta
Technologies,
Inc. — Class
A*
50
837
Teekay
Corp.
Ltd.
83
830
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
75
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
INDUSTRIAL
-
9.1%
(continued)
Mayville
Engineering
Company,
Inc.*
22
$
824
Mesa
Laboratories,
Inc.
8
796
Sturm
Ruger
&
Company,
Inc.
21
795
Ardmore
Shipping
Corp.
53
743
NVE
Corp.
7
732
Luxfer
Holdings
plc
40
722
Manitowoc
Company,
Inc.*
52
722
Aebi
Schmidt
Holding
AG
56
703
Energy
Recovery,
Inc.*
77
695
Titan
America
S.A.
37
690
York
Space
Systems,
Inc.*
28
689
L
B
Foster
Co. — Class
A*
15
678
Greif,
Inc. — Class
B
7
655
Aspen
Aerogels,
Inc.*
101
640
Columbus
McKinnon
Corp.
42
635
Bowman
Consulting
Group
Ltd.*
21
613
Hyster-Yale,
Inc.
17
596
M-Tron
Industries,
Inc.*
6
595
Himalaya
Shipping
Ltd.
44
588
Richtech
Robotics,
Inc. — Class
B*
,(a)
277
584
Park-Ohio
Holdings
Corp.
15
577
Aevex
Corp. — Class
A*
,(a)
27
564
Ranpak
Holdings
Corp. — Class
A*
72
526
Safe
Bulkers,
Inc.
82
517
Radiant
Logistics,
Inc.*
54
511
Power
Solutions
International,
Inc.*
13
506
Latham
Group,
Inc.*
77
498
Forward
Air
Corp.*
34
459
Mistras
Group,
Inc.*
26
454
Lightbridge
Corp.*
51
448
TSS,
Inc.*
36
443
Karat
Packaging,
Inc.
13
435
Virgin
Galactic
Holdings,
Inc.*
,(a)
143
413
Energy
Services
of
America
Corp.
21
406
Innovative
Solutions
and
Support,
Inc.*
22
396
Twin
Disc,
Inc.
17
394
908
Devices,
Inc.*
43
374
Concrete
Pumping
Holdings,
Inc.*
31
374
Perma-Fix
Environmental
Services,
Inc.*
26
372
Eve
Holding,
Inc.*
147
369
Outdoor
Holding
Co.*
159
363
Clearwater
Paper
Corp.*
23
361
AerSale
Corp.*
55
348
Pangaea
Logistics
Solutions
Ltd.
53
344
Palladyne
AI
Corp.*
54
328
Tredegar
Corp.*
41
326
Sight
Sciences,
Inc.*
58
314
Pure
Cycle
Corp.*
29
311
Stoneridge,
Inc.*
42
307
SmartRent,
Inc.*
253
301
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
INDUSTRIAL
-
9.1%
(continued)
Perma-Pipe
International
Holdings,
Inc.*
11
$
300
Elmet
Group
Co.*
15
296
Taylor
Devices,
Inc.*
5
293
Core
Molding
Technologies,
Inc.*
12
283
Turtle
Beach
Corp.*
22
274
AirJoule
Technologies
Corp.*
48
266
Proficient
Auto
Logistics,
Inc.*
37
252
AIRO
Group
Holdings,
Inc.*
33
244
Gencor
Industries,
Inc.*
16
239
Starfighters
Space,
Inc.*
,(a)
45
239
Costamare
Bulkers
Holdings
Ltd.*
13
228
FreightCar
America,
Inc.*
22
214
ChargePoint
Holdings,
Inc.*
,(a)
36
213
Ampco-Pittsburgh
Corp.*
24
208
Espey
Mfg.
&
Electronics
Corp.
3
202
Energous
Corp.*
8
192
Pro-Dex,
Inc.*
3
176
Universal
Logistics
Holdings,
Inc.
11
163
Omega
Flex,
Inc.
5
157
GoPro,
Inc. — Class
A*
199
155
Innovate
Corp.*
8
149
GrafTech
International
Ltd.*
25
148
Syntec
Optics
Holdings,
Inc.*
10
124
Smith-Midland
Corp.*
4
116
Net
Power,
Inc.*
63
105
PAMT
CORP*
7
98
NLI
Holdings,
Inc.
13
77
Shimmick
Corp.*
8
37
LanzaTech
Global,
Inc.*
2
14
Total
Industrial
673,823
CONSUMER,
CYCLICAL
-
6
.9
%
FirstCash
Holdings,
Inc.
61
13,196
Brinker
International,
Inc.*
64
10,752
Taylor
Morrison
Home
Corp. — Class
A*
141
10,115
VSE
Corp.
42
9,597
Garrett
Motion,
Inc.
259
9,384
Life
Time
Group
Holdings,
Inc.*
217
8,862
Victoria's
Secret
&
Co.*
105
8,765
Meritage
Homes
Corp.
99
8,301
Installed
Building
Products,
Inc.
35
8,044
PriceSmart,
Inc.
39
7,618
Boot
Barn
Holdings,
Inc.*
46
7,556
Cavco
Industries,
Inc.*
12
7,373
Champion
Homes,
Inc.*
83
7,314
Kontoor
Brands,
Inc.
82
6,834
Rush
Enterprises,
Inc. — Class
A
91
6,642
OPENLANE,
Inc.*
158
6,516
Resideo
Technologies,
Inc.*
204
6,344
M/I
Homes,
Inc.*
38
6,110
Urban
Outfitters,
Inc.*
86
6,094
Abercrombie
&
Fitch
Co. — Class
A*
66
5,941
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
76
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
CYCLICAL
-
6.9%
(continued)
SkyWest,
Inc.*
59
$
5,860
Asbury
Automotive
Group,
Inc.*
29
5,831
UniFirst
Corp.
22
5,818
KB
Home
91
5,696
Advance
Auto
Parts,
Inc.
91
5,662
Cheesecake
Factory,
Inc.
70
5,568
Polaris,
Inc.
81
5,544
Dorman
Products,
Inc.*
40
5,458
Signet
Jewelers
Ltd.
59
5,086
Cinemark
Holdings,
Inc.
158
5,013
Group
1
Automotive,
Inc.
17
4,950
Acushnet
Holdings
Corp.
41
4,860
Madison
Square
Garden
Entertainment
Corp. — Class
A*
59
4,773
Warby
Parker,
Inc. — Class
A*
153
4,642
Red
Rock
Resorts,
Inc. — Class
A
71
4,619
Steven
Madden
Ltd.
109
4,589
Academy
Sports
&
Outdoors,
Inc.
97
4,572
Phinia,
Inc.
55
4,530
Lionsgate
Studios
Corp.*
295
4,516
Versigent
plc*
107
4,495
Dana,
Inc.
164
4,462
Rush
Street
Interactive,
Inc. — Class
A*
150
4,461
Hilton
Grand
Vacations,
Inc.*
84
4,399
HNI
Corp.
107
4,324
Patrick
Industries,
Inc.
48
4,309
Marriott
Vacations
Worldwide
Corp.
42
4,279
Allegiant
Travel
Co.*
36
4,234
OneSpaWorld
Holdings
Ltd.
149
4,208
Penn
Entertainment,
Inc.*
191
4,080
American
Eagle
Outfitters,
Inc.
235
4,042
Visteon
Corp.
40
3,968
Callaway
Golf
Co.*
209
3,927
Newell
Brands,
Inc.
637
3,911
Atlanta
Braves
Holdings,
Inc. — Class
C*
74
3,841
Harley-Davidson,
Inc.
156
3,816
LCI
Industries
36
3,812
RH*
23
3,789
Blue
Bird
Corp.*
47
3,711
Green
Brick
Partners,
Inc.*
46
3,682
Peloton
Interactive,
Inc. — Class
A*
606
3,581
Capri
Holdings
Ltd.*
178
3,305
Shake
Shack,
Inc. — Class
A*
59
3,305
Super
Group
SGHC
Ltd.
243
3,293
Interface,
Inc. — Class
A
87
3,118
Six
Flags
Entertainment
Corp.*
144
3,067
Central
Garden
&
Pet
Co. — Class
A*
75
2,908
Kohl's
Corp.
164
2,906
JetBlue
Airways
Corp.*
505
2,894
Goodyear
Tire
&
Rubber
Co.*
418
2,759
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
CYCLICAL
-
6.9%
(continued)
Century
Communities,
Inc.
38
$
2,723
IMAX
Corp.*
68
2,711
Sonos,
Inc.*
180
2,435
La-Z-Boy,
Inc.
60
2,407
Monarch
Casino
&
Resort,
Inc.
18
2,369
Leggett
&
Platt,
Inc.
202
2,365
National
Vision
Holdings,
Inc.*
118
2,243
Carter's,
Inc.
54
2,223
Adient
plc*
117
2,150
Winmark
Corp.
5
2,115
Lindblad
Expeditions
Holdings,
Inc.*
74
2,090
Millerknoll,
Inc.
102
2,087
Sally
Beauty
Holdings,
Inc.*
144
2,036
Wolverine
World
Wide,
Inc.
123
2,033
Buckle,
Inc.
48
2,026
Wendy's
Co.
(a)
241
1,998
LGI
Homes,
Inc.*
31
1,974
Dauch
Corp.*
351
1,902
Douglas
Dynamics,
Inc.
35
1,888
XPEL,
Inc.*
38
1,885
Under
Armour,
Inc. — Class
A*
286
1,828
G-III
Apparel
Group
Ltd.
54
1,820
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
34
1,812
Papa
John's
International,
Inc.
49
1,802
BJ's
Restaurants,
Inc.*
29
1,761
Global
Business
Travel
Group
I*
187
1,756
AMC
Entertainment
Holdings,
Inc. — Class
A*
922
1,752
Pursuit
Attractions
and
Hospitality,
Inc.*
31
1,735
Alliance
Laundry
Holdings,
Inc.*
65
1,724
Under
Armour,
Inc. — Class
C*
277
1,723
ScanSource,
Inc.*
32
1,667
Gentherm,
Inc.*
46
1,569
Brightstar
Lottery
plc
145
1,554
Sonic
Automotive,
Inc. — Class
A
18
1,526
indie
Semiconductor,
Inc. — Class
A*
317
1,423
United
Parks
&
Resorts,
Inc.*
29
1,384
Sweetgreen,
Inc. — Class
A*
157
1,383
Winnebago
Industries,
Inc.
41
1,281
Lucid
Group,
Inc.*
,(a)
189
1,264
Gold.com,
Inc.
30
1,248
Standard
Motor
Products,
Inc.
32
1,247
First
Watch
Restaurant
Group,
Inc.*
92
1,186
Aeva
Technologies,
Inc.*
41
1,178
Bloomin'
Brands,
Inc.
128
1,170
PC
Connection,
Inc.
16
1,168
Daktronics,
Inc.*
59
1,154
MarineMax,
Inc.*
30
1,099
Rush
Enterprises,
Inc. — Class
B
14
1,071
ThredUp,
Inc. — Class
A*
156
1,069
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
77
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
CYCLICAL
-
6.9%
(continued)
Fox
Factory
Holding
Corp.*
63
$
1,068
Sabre
Corp.*
505
1,055
Beazer
Homes
USA,
Inc.*
37
1,038
Hovnanian
Enterprises,
Inc. — Class
A*
7
997
Methode
Electronics,
Inc.
52
986
Hyliion
Holdings
Corp.*
189
985
Accel
Entertainment,
Inc. — Class
A*
77
971
Forestar
Group,
Inc.*
29
918
Movado
Group,
Inc.
23
904
Ermenegildo
Zegna
N.V.
68
885
Arko
Corp.
110
883
XMAX,
Inc.*
91
827
Malibu
Boats,
Inc. — Class
A*
30
823
Miller
Industries,
Inc.
16
818
Marcus
Corp.
34
798
Wabash
National
Corp.
59
797
Ethan
Allen
Interiors,
Inc.
35
782
Solid
Power,
Inc.*
300
777
Global
Industrial
Co.
22
736
Falcon's
Beyond
Global,
Inc. — Class
A*
41
735
Oxford
Industries,
Inc.
21
732
El
Pollo
Loco
Holdings,
Inc.*
43
729
Dream
Finders
Homes,
Inc. — Class
A*
,(a)
42
725
Cooper-Standard
Holdings,
Inc.*
26
703
MasterCraft
Boat
Holdings,
Inc.*
27
697
Frontier
Group
Holdings,
Inc.*
88
696
Camping
World
Holdings,
Inc. — Class
A
91
694
Dine
Brands
Global,
Inc.
19
682
BlueLinx
Holdings,
Inc.*
11
681
Titan
Machinery,
Inc.*
32
676
Arhaus,
Inc. — Class
A
78
657
Titan
International,
Inc.*
79
609
Caleres,
Inc.
49
606
Kura
Sushi
USA,
Inc. — Class
A*
10
576
Savers
Value
Village,
Inc.*
56
565
Atlanta
Braves
Holdings,
Inc. — Class
A*
10
563
Xperi,
Inc.*
68
560
Build-A-Bear
Workshop,
Inc.
(a)
18
551
Central
Garden
&
Pet
Co.*
12
532
Starz
Entertainment
Corp.*
18
520
Haverty
Furniture
Companies,
Inc.
20
511
Clean
Energy
Fuels
Corp.*
243
498
Strattec
Security
Corp.*
6
489
Portillo's,
Inc. — Class
A*
100
474
Genesco,
Inc.*
14
473
Yesway,
Inc. — Class
A*
23
467
Johnson
Outdoors,
Inc. — Class
A
10
460
Bob's
Discount
Furniture,
Inc.*
29
459
Dave
&
Buster's
Entertainment,
Inc.*
40
456
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
CYCLICAL
-
6.9%
(continued)
Rocky
Brands,
Inc.
11
$
454
Republic
Airways
Holdings,
Inc.*
21
441
Biglari
Holdings,
Inc. — Class
B*
1
426
Krispy
Kreme,
Inc.*
119
420
Jack
in
the
Box,
Inc.*
26
411
Citi
Trends,
Inc.*
7
405
Shoe
Station
Group,
Inc.
27
400
EVgo,
Inc. — Class
A*
,(a)
202
386
Nu
Skin
Enterprises,
Inc. — Class
A
72
380
Petco
Health
&
Wellness
Company,
Inc. — Class
A*
137
373
Flexsteel
Industries,
Inc.
5
372
Funko,
Inc. — Class
A*
63
370
Xponential
Fitness,
Inc. — Class
A*
53
367
Microvast
Holdings,
Inc.*
313
366
Webtoon
Entertainment,
Inc.*
32
365
SES
AI
Corp.*
373
358
Zumiez,
Inc.*
20
356
Weyco
Group,
Inc.
9
354
Lovesac
Co.*
21
351
Fossil
Group,
Inc.*
81
335
JAKKS
Pacific,
Inc.
14
326
Hudson
Technologies,
Inc.*
55
316
Barnes
&
Noble
Education,
Inc.*
25
314
Inspired
Entertainment,
Inc.*
37
305
Designer
Brands,
Inc. — Class
A
52
303
Holley,
Inc.*
116
296
Motorcar
Parts
of
America,
Inc.*
19
291
Envela
Corp.*
10
289
Reservoir
Media,
Inc.*
29
287
RCI
Hospitality
Holdings,
Inc.
10
273
Hamilton
Beach
Brands
Holding
Co. — Class
A
11
253
Escalade,
Inc.
13
244
Black
Rock
Coffee
Bar,
Inc. — Class
A*
26
216
Commercial
Vehicle
Group,
Inc.*
46
213
Superior
Group
of
Companies,
Inc.
16
210
Bally's
Corp.*
15
206
OneWater
Marine,
Inc. — Class
A*
17
192
Venu
Holding
Corp.*
71
161
J
Jill,
Inc.
10
159
Lifetime
Brands,
Inc.
18
154
RideNow
Group,
Inc.*
23
153
Tron,
Inc.*
76
122
EVI
Industries,
Inc.
8
118
Playboy,
Inc.*
86
105
Torrid
Holdings,
Inc.*
51
95
Comstock
Holding
Companies,
Inc.*
5
80
Wheels
Up
Experience,
Inc.*
8
72
OPAL
Fuels,
Inc. — Class
A*
32
70
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
78
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
CONSUMER,
CYCLICAL
-
6.9%
(continued)
CompX
International,
Inc.
2
$
50
flyExclusive,
Inc.*
21
42
Rent
the
Runway,
Inc. — Class
A*
12
38
Livewire
Group,
Inc.*
18
20
Total
Consumer,
Cyclical
506,332
TECHNOLOGY
-
6
.3
%
MaxLinear,
Inc.*
128
16,388
JFrog
Ltd.*
162
14,723
D-Wave
Quantum,
Inc.*
547
13,123
Silicon
Laboratories,
Inc.*
49
10,709
Kulicke
&
Soffa
Industries,
Inc.
77
10,300
ACM
Research,
Inc. — Class
A*
80
10,151
Rigetti
Computing,
Inc.*
496
9,583
Ultra
Clean
Holdings,
Inc.*
67
9,554
Commvault
Systems,
Inc.*
66
9,354
Axcelis
Technologies,
Inc.*
46
8,715
Clear
Secure,
Inc. — Class
A
141
7,858
ACI
Worldwide,
Inc.*
152
7,644
Diodes,
Inc.*
68
7,442
Qualys,
Inc.*
54
7,424
Synaptics,
Inc.*
58
7,205
Varonis
Systems,
Inc. — Class
B*
169
7,091
Power
Integrations,
Inc.
83
6,952
Veeco
Instruments,
Inc.*
89
6,746
AXT,
Inc.*
92
6,631
Zeta
Global
Holdings
Corp. — Class
A*
336
6,613
ServiceTitan,
Inc. — Class
A*
91
6,435
Tenable
Holdings,
Inc.*
170
6,270
Impinj,
Inc.*
43
6,159
Ouster,
Inc.*
93
5,814
Penguin
Solutions,
Inc.*
75
5,701
Adeia,
Inc.
165
5,433
Ambarella,
Inc.*
63
5,405
Box,
Inc. — Class
A*
203
5,388
Insight
Enterprises,
Inc.*
43
5,237
Hinge
Health,
Inc. — Class
A*
62
5,146
Cohu,
Inc.*
69
5,100
Teradata
Corp.*
142
4,920
Navitas
Semiconductor
Corp. — Class
A*
272
4,874
NCR
Atleos
Corp.*
110
4,775
NetScout
Systems,
Inc.*
106
4,616
Maximus,
Inc.
82
4,408
Aehr
Test
Systems*
45
4,323
Digi
International,
Inc.*
56
4,197
Fastly,
Inc. — Class
A*
227
4,168
Agilysys,
Inc.*
39
4,076
SoundHound
AI,
Inc. — Class
A*
,(a)
592
3,830
Crane
NXT
Co.
74
3,786
Pitney
Bowes,
Inc.
216
3,784
Workiva,
Inc. — Class
A*
77
3,735
Innodata,
Inc.*
47
3,552
Navan,
Inc. — Class
A*
154
3,522
LiveRamp
Holdings,
Inc.*
93
3,501
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
TECHNOLOGY
-
6.3%
(continued)
HeartFlow,
Inc.*
119
$
3,491
PDF
Solutions,
Inc.*
49
3,469
Waystar
Holding
Corp.*
166
3,408
Freshworks,
Inc. — Class
A*
318
3,218
V2X,
Inc.*
43
3,206
SPS
Commerce,
Inc.*
55
3,144
Braze,
Inc. — Class
A*
142
3,080
Quantum
Computing,
Inc.*
,(a)
306
2,968
Diebold
Nixdorf,
Inc.*
34
2,891
AvePoint,
Inc.*
251
2,814
Photronics,
Inc.*
86
2,798
Bandwidth,
Inc. — Class
A*
44
2,785
Vishay
Precision
Group,
Inc.*
18
2,698
NextNav,
Inc.*
150
2,675
BigBear.ai
Holdings,
Inc.*
,(a)
724
2,657
nCino,
Inc.*
159
2,600
Arteris,
Inc.*
52
2,527
Ambiq
Micro,
Inc.*
28
2,472
Five9,
Inc.*
113
2,409
Infleqtion,
Inc.*
174
2,318
DoubleVerify
Holdings,
Inc.*
209
2,266
DXC
Technology
Co.*
255
2,257
Porch
Group,
Inc.*
144
2,166
Digital
Turbine,
Inc.*
167
2,154
Genius
Sports
Ltd.*
353
2,139
Progress
Software
Corp.*
63
2,116
Intapp,
Inc.*
83
2,092
BlackLine,
Inc.*
74
2,077
Wolfspeed,
Inc.*
43
2,075
CEVA,
Inc.*
41
1,934
SkyWater
Technology,
Inc.*
55
1,915
C3.ai,
Inc. — Class
A*
204
1,854
Globant
S.A.*
64
1,852
Alkami
Technology,
Inc.*
101
1,830
ACV
Auctions,
Inc. — Class
A*
253
1,819
Alpha
&
Omega
Semiconductor
Ltd.*
37
1,751
NCR
Voyix
Corp.*
209
1,708
Blackbaud,
Inc.*
54
1,599
Donnelley
Financial
Solutions,
Inc.*
37
1,552
Life360,
Inc.*
28
1,550
Via
Transportation,
Inc. — Class
A*
78
1,415
Concentrix
Corp.
63
1,412
Schrodinger
Incorporated/
United
States*
86
1,398
Appian
Corp. — Class
A*
59
1,351
Mitek
Systems,
Inc.*
67
1,349
SHARPLINK,
Inc.*
278
1,334
Vertex,
Inc. — Class
A*
108
1,240
Daily
Journal
Corp.*
2
1,202
GigaCloud
Technology,
Inc. — Class
A*
38
1,201
Nutex
Health,
Inc.*
7
1,196
PagerDuty,
Inc.*
121
1,168
Omada
Health,
Inc.*
53
1,163
Talkspace,
Inc.*
213
1,108
Amplitude,
Inc. — Class
A*
143
1,094
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
79
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
TECHNOLOGY
-
6.3%
(continued)
Red
Violet,
Inc.*
17
$
1,083
PAR
Technology
Corp.*
62
1,080
Everforth,
Inc.*
60
1,072
ZoomInfo
Technologies,
Inc. — Class
A*
365
1,069
Consensus
Cloud
Solutions,
Inc.*
27
1,030
Asana,
Inc. — Class
A*
144
1,008
Evolent
Health,
Inc. — Class
A*
170
921
Rackspace
Technology,
Inc.*
136
888
Rapid7,
Inc.*
99
802
OneSpan,
Inc.
55
789
Phreesia,
Inc.*
74
761
PubMatic,
Inc. — Class
A*
58
761
Cerence,
Inc.*
66
747
I3
Verticals,
Inc. — Class
A*
33
705
Everspin
Technologies,
Inc.*
29
701
Corsair
Gaming,
Inc.*
70
677
Whitefiber,
Inc.*
17
660
3D
Systems
Corp.*
215
649
Sprout
Social,
Inc. — Class
A*
81
612
One
Stop
Systems,
Inc.*
33
600
Yext,
Inc.*
128
598
Weave
Communications,
Inc.*
97
581
Climb
Global
Solutions,
Inc.
25
580
Xerox
Holdings
Corp.
181
567
Grid
Dynamics
Holdings,
Inc.*
98
557
Ibotta,
Inc. — Class
A*
15
512
SharonAI
Holdings,
Inc.*
6
508
Atomera,
Inc.*
57
496
QuickLogic
Corp.*
24
479
Claritev
Corp. — Class
A*
14
478
Duos
Technologies
Group,
Inc.*
39
468
Blend
Labs,
Inc. — Class
A*
273
467
Simulations
Plus,
Inc.*
25
458
IBEX
Holdings
Ltd.*
15
456
Velo3D,
Inc.*
,(a)
24
421
Aeluma,
Inc.*
19
420
TruBridge,
Inc.*
16
419
Amtech
Systems,
Inc.*
17
392
N-able,
Inc.*
106
389
Forward
Industries,
Inc.*
92
388
Telos
Corp.*
83
382
GSI
Technology,
Inc.*
47
363
Unisys
Corp.*
97
355
8x8,
Inc.*
206
352
McGraw
Hill,
Inc.*
37
350
Richardson
Electronics
Ltd.
18
342
Commerce.com,
Inc.*
112
332
Cricut,
Inc. — Class
A
74
325
Viant
Technology,
Inc. — Class
A*
25
317
Rimini
Street,
Inc.*
74
315
Playtika
Holding
Corp.
84
312
Conduent,
Inc.*
213
311
inTEST
Corp.*
17
309
Vuzix
Corp.*
103
299
Asure
Software,
Inc.*
36
286
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
TECHNOLOGY
-
6.3%
(continued)
Immersion
Corp.
41
$
278
Gemini
Space
Station,
Inc. — Class
A*
61
260
Silvaco
Group,
Inc.*
18
248
Swarmer,
Inc.*
5
222
EverCommerce,
Inc.*
,(a)
21
211
Kaltura,
Inc.*
135
176
Blaize
Holdings,
Inc.*
127
175
Domo,
Inc. — Class
B*
56
175
Veritone,
Inc.*
,(a)
125
171
Digimarc
Corp.*
20
164
ReposiTrak,
Inc.
(a)
18
162
CS
Disco,
Inc.*
42
159
eGain
Corp.*
25
158
Carlsmed,
Inc.*
13
135
Brand
Engagement
Network,
Inc.*
7
120
Intellicheck,
Inc.*
27
111
ZenaTech,
Inc.*
64
96
Total
Technology
460,546
ENERGY
-
3
.6
%
Kodiak
Gas
Services,
Inc.
150
11,270
Archrock,
Inc.
259
10,544
SM
Energy
Co.
361
9,422
Golar
LNG
Ltd.
146
7,277
Transocean
Ltd.*
1,463
7,154
Noble
Corporation
plc
191
7,124
Magnolia
Oil
&
Gas
Corp. — Class
A
275
7,034
CNX
Resources
Corp.*
205
6,956
Murphy
Oil
Corp.
205
6,675
PBF
Energy,
Inc. — Class
A
146
6,646
Warrior
Met
Coal,
Inc.
79
6,412
Solaris
Energy
Infrastructure,
Inc. — Class
A
79
6,356
Liberty
Energy,
Inc. — Class
A
239
6,259
Valaris
Ltd.*
85
6,171
Oceaneering
International,
Inc.*
149
6,037
Core
Natural
Resources,
Inc.
75
6,002
California
Resources
Corp.
109
5,763
Plug
Power,
Inc.*
2,027
5,493
Tidewater,
Inc.*
74
4,931
Patterson-UTI
Energy,
Inc.
521
4,783
Helmerich
&
Payne,
Inc.
146
4,780
Sunrun,
Inc.*
346
4,629
Delek
US
Holdings,
Inc.
90
4,573
Peabody
Energy
Corp.
184
4,254
Par
Pacific
Holdings,
Inc.*
73
4,094
Gulfport
Energy
Corp.*
24
4,073
Crescent
Energy
Co. — Class
A
385
3,781
Kinetik
Holdings,
Inc. — Class
A
77
3,722
DNOW,
Inc.*
278
3,606
Seadrill
Ltd.*
94
3,555
Select
Water
Solutions,
Inc. — Class
A
169
3,377
Eos
Energy
Enterprises,
Inc.*
510
2,999
FuelCell
Energy,
Inc.*
80
2,881
Northern
Oil
&
Gas,
Inc.
156
2,831
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
80
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
ENERGY
-
3.6%
(continued)
National
Energy
Services
Reunited
Corp.*
91
$
2,724
Alpha
Metallurgical
Resources,
Inc.*
16
2,639
Fluence
Energy,
Inc. — Class
A*
130
2,584
T1
Energy,
Inc.*
265
2,512
Shoals
Technologies
Group,
Inc. — Class
A*
253
2,505
Talos
Energy,
Inc.*
189
2,440
TETRA
Technologies,
Inc.*
193
2,187
ProPetro
Holding
Corp.*
148
2,122
Atlas
Energy
Solutions,
Inc.
123
2,043
REX
American
Resources
Corp.*
43
1,941
NextDecade
Corp.*
250
1,885
Kosmos
Energy
Ltd.*
881
1,859
Helix
Energy
Solutions
Group,
Inc.*
209
1,827
Expro
Group
Holdings
N.V.*
123
1,817
Nabors
Industries
Ltd.*
21
1,764
Array
Technologies,
Inc.*
229
1,697
Innovex
International,
Inc.*
68
1,686
Bristow
Group,
Inc.
39
1,611
Green
Plains,
Inc.*
103
1,584
Comstock
Resources,
Inc.*
105
1,567
Borr
Drilling
Ltd.*
353
1,458
Diversified
Energy
Co.
105
1,455
Excelerate
Energy,
Inc. — Class
A
36
1,368
BKV
Corp.*
48
1,313
CVR
Energy,
Inc.
44
1,212
Canadian
Solar,
Inc.*
72
1,153
Flowco
Holdings,
Inc. — Class
A
53
1,131
ASP
Isotopes,
Inc.*
172
1,070
SunCoke
Energy,
Inc.
128
1,030
Energy
Vault
Holdings,
Inc.*
205
966
Hallador
Energy
Co.*
52
904
RPC,
Inc.
151
880
Ramaco
Resources,
Inc. — Class
A*
65
860
Core
Laboratories,
Inc.
69
804
Forum
Energy
Technologies,
Inc.*
16
804
VAALCO
Energy,
Inc.
154
782
Natural
Gas
Services
Group,
Inc.
18
777
Riley
Exploration
Permian,
Inc.
23
758
Vitesse
Energy,
Inc.
48
757
Oil
States
International,
Inc.*
85
681
SandRidge
Energy,
Inc.
48
658
Alto
Ingredients,
Inc.*
109
621
Sable
Offshore
Corp.*
,(a)
198
610
Matrix
Service
Co.*
40
548
Gevo,
Inc.*
354
531
Civeo
Corp.*
15
525
Flotek
Industries,
Inc.*
22
517
W&T
Offshore,
Inc.
145
457
Comstock,
Inc.*
109
453
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
ENERGY
-
3.6%
(continued)
Ranger
Energy
Services,
Inc. — Class
A
28
$
448
Granite
Ridge
Resources,
Inc.
84
370
Summit
Midstream
Corp.*
13
370
ARKO
Petroleum
Corp.*
18
339
Infinity
Natural
Resources,
Inc. — Class
A*
25
318
Ring
Energy,
Inc.*
284
307
NACCO
Industries,
Inc. — Class
A
6
300
American
Resources
Corp.*
,(a)
131
282
HMH
Holding,
Inc. — Class
A*
15
281
SEACOR
Marine
Holdings,
Inc.*
33
252
ProFrac
Holding
Corp. — Class
A*
43
250
HighPeak
Energy,
Inc.
34
238
Smart
Sand,
Inc.
45
225
Kolibri
Global
Energy,
Inc.*
44
219
Amplify
Energy
Corp.*
53
211
Evolution
Petroleum
Corp.
48
177
FutureFuel
Corp.
38
172
PrimeEnergy
Resources
Corp.*
1
167
Epsilon
Energy
Ltd.
30
162
Montauk
Renewables,
Inc.*
101
158
Aemetis,
Inc.*
96
157
Tigo
Energy,
Inc.*
57
133
Ramaco
Resources,
Inc. — Class
B
10
86
Toyo
Company
Ltd.*
12
83
PEDEVCO
Corp.*
2
27
Total
Energy
263,273
BASIC
MATERIALS
-
2
.6
%
Arcosa,
Inc.
73
10,606
Commercial
Metals
Co.
167
10,479
SSR
Mining,
Inc.*
327
9,248
Balchem
Corp.
49
8,279
Perimeter
Solutions,
Inc.*
225
8,021
Sensient
Technologies
Corp.
64
7,891
Uranium
Energy
Corp.*
733
7,814
Cabot
Corp.
77
6,993
Constellium
SE — Class
A*
201
6,406
USA
Rare
Earth,
Inc.*
288
6,215
Energy
Fuels,
Inc.*
373
5,408
HB
Fuller
Co.
83
4,838
Century
Aluminum
Co.*
104
4,785
Centrus
Energy
Corp. — Class
A*
28
4,700
Kaiser
Aluminum
Corp.
24
4,695
Chemours
Co.
228
4,679
Ashland,
Inc.
69
4,546
Rogers
Corp.*
27
4,421
Hawkins,
Inc.
29
4,121
Ingevity
Corp.*
53
3,958
Calumet,
Inc.*
102
3,674
Minerals
Technologies,
Inc.
47
3,477
Quaker
Chemical
Corp.
21
3,336
Novagold
Resources,
Inc.*
516
3,081
Innospec,
Inc.
37
3,011
Huntsman
Corp.
249
2,644
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
81
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
BASIC
MATERIALS
-
2.6%
(continued)
Perpetua
Resources
Corp.*
127
$
2,637
Lightwave
Logic,
Inc.*
238
2,251
FMC
Corp.
188
2,162
Ecovyst,
Inc.*
163
2,029
Hycroft
Mining
Holding
Corp. — Class
A*
81
1,895
Sylvamo
Corp.
50
1,890
Stepan
Co.
33
1,839
Ivanhoe
Electric
Incorporated
/
US*
180
1,730
United
States
Lime
&
Minerals,
Inc.
16
1,675
Oil-Dri
Corporation
of
America
15
1,533
Compass
Minerals
International,
Inc.*
48
1,494
US
Antimony
Corp.*
,(a)
198
1,437
McEwen,
Inc.*
77
1,396
REalloys,
Inc.*
,(a)
84
1,214
Koppers
Holdings,
Inc.
27
1,212
Tronox
Holdings
plc
176
1,109
Critical
Metals
Corp.*
101
1,035
NioCorp
Developments
Ltd.*
212
1,022
Elemental
Royalty
Corp.
53
925
AdvanSix,
Inc.
40
795
Ur-Energy,
Inc.*
564
767
Idaho
Strategic
Resources,
Inc.*
23
753
Dakota
Gold
Corp.*
173
737
Rayonier
Advanced
Materials,
Inc.*
92
723
Mativ
Holdings,
Inc.
82
621
Contango
Silver
&
Gold
Inc*
39
616
Magnera
Corp.*
50
588
Ferroglobe
plc
179
569
Intrepid
Potash,
Inc.*
17
557
Orion
S.A.
83
550
American
Battery
Technology
Co.*
192
543
Caledonia
Mining
Corporation
plc
25
478
Vox
Royalty
Corp.
92
435
Vista
Gold
Corp.*
214
409
Encore
Energy
Corp.*
289
379
Friedman
Industries,
Inc.
10
322
US
Gold
Corp.*
,(a)
21
322
Gold
Resource
Corp.*
244
307
Codexis,
Inc.*
128
289
Lifezone
Metals
Ltd.*
58
225
Kronos
Worldwide,
Inc.
33
209
Valhi,
Inc.
4
59
Silver
Bow
Mining
Corp.*
8
54
US
Goldmining,
Inc.*
4
33
Trinseo
plc
48
—
Total
Basic
Materials
189,151
COMMUNICATIONS
-
2
.6
%
Viasat,
Inc.*
188
16,884
Hims
&
Hers
Health,
Inc.*
320
11,094
Lumen
Technologies,
Inc.*
1,440
11,059
InterDigital,
Inc.
39
11,042
Sphere
Entertainment
Co.*
41
7,094
Opendoor
Technologies,
Inc.*
1,394
6,440
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
COMMUNICATIONS
-
2.6%
(continued)
Extreme
Networks,
Inc.*
192
$
6,215
Telephone
and
Data
Systems,
Inc.
148
5,477
Keel
Infrastructure
Corp.*
874
5,017
Q2
Holdings,
Inc.*
94
4,521
Stubhub
Holdings,
Inc. — Class
A*
331
4,260
Vistance
Networks,
Inc.
330
4,217
Magnite,
Inc.*
214
4,062
A10
Networks,
Inc.
107
3,998
Cargurus,
Inc.*
112
3,818
Calix,
Inc.*
88
3,284
ePlus,
Inc.
39
3,246
Uniti
Group,
Inc.*
253
2,902
Ziff
Davis,
Inc.*
52
2,723
Harmonic,
Inc.*
164
2,678
TripAdvisor,
Inc.*
169
2,317
RealReal,
Inc.*
167
1,969
Yelp,
Inc. — Class
A*
79
1,937
Trump
Media
&
Technology
Group
Corp.*
242
1,873
Anterix,
Inc.*
17
1,750
USA
TODAY
Company,
Inc.*
203
1,736
Preformed
Line
Products
Co.
4
1,642
ADTRAN
Holdings,
Inc.*
114
1,585
Liberty
Latin
America
Ltd. — Class
C*
193
1,503
Upwork,
Inc.*
178
1,488
IDT
Corp. — Class
B
25
1,454
Figs,
Inc. — Class
A*
141
1,442
Revolve
Group,
Inc.*
62
1,419
Clear
Channel
Outdoor
Holdings,
Inc.*
579
1,401
BlackSky
Technology,
Inc. — Class
A*
50
1,396
Backblaze,
Inc. — Class
A*
87
1,380
Liquidity
Services,
Inc.*
35
1,369
LightPath
Technologies,
Inc. — Class
A*
82
1,341
Entravision
Communications
Corp. — Class
A
95
1,239
Pattern
Group,
Inc. — Class
A*
48
1,209
QuinStreet,
Inc.*
82
1,201
Stagwell,
Inc. — Class
A*
155
1,152
Shenandoah
Telecommunications
Co.
75
1,131
Liberty
Capital
Corp. — Class
C*
50
1,078
RUM
Group,
Inc.*
,(a)
167
1,059
Scholastic
Corp.
23
1,058
Cogent
Communications
Holdings,
Inc.
73
1,013
EverQuote,
Inc. — Class
A*
42
999
HealthStream,
Inc.
35
954
Taboola.com
Ltd.*
189
945
NETGEAR,
Inc.*
39
911
Sinclair,
Inc.
63
898
Sprinklr,
Inc. — Class
A*
164
846
Groupon,
Inc.*
35
842
Satellogic,
Inc. — Class
A*
141
807
Nextdoor
Holdings,
Inc.*
347
788
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
82
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
COMMUNICATIONS
-
2.6%
(continued)
iHeartMedia,
Inc. — Class
A*
182
$
781
Cars.com,
Inc.*
67
733
Ooma,
Inc.*
38
730
Powerfleet
Incorporated
NJ*
190
728
Stitch
Fix,
Inc. — Class
A*
174
715
Serve
Robotics,
Inc.*
106
697
Clearfield,
Inc.*
17
676
Frequency
Electronics,
Inc.*
10
664
Bed
Bath
&
Beyond,
Inc.*
111
643
MNTN,
Inc. — Class
A*
69
635
Newsmax,
Inc.*
71
588
MediaAlpha,
Inc. — Class
A*
46
578
Optimum
Communications,
Inc. — Class
A*
395
573
Grindr,
Inc.*
39
560
Shutterstock,
Inc.
38
530
Gray
Media,
Inc.
131
520
Open
Lending
Corp.*
155
482
Bumble,
Inc. — Class
A*
150
480
AMC
Global
Media,
Inc. — Class
A*
47
469
Boston
Omaha
Corp. — Class
A*
33
450
Cable
One,
Inc.*
8
425
Nexxen
International
Ltd.*
45
406
Aviat
Networks,
Inc.*
18
400
ATN
International,
Inc.
15
397
fuboTV,
Inc. — Class
A*
,(a)
43
396
National
CineMedia,
Inc.
99
376
Gogo,
Inc.*
119
369
ZipRecruiter,
Inc. — Class
A*
97
364
Liberty
Latin
America
Ltd. — Class
A*
46
361
BK
Technologies
Corp.*
4
344
Sidus
Space,
Inc. — Class
A*
,(a)
122
343
Ribbon
Communications,
Inc.*
139
325
Spok
Holdings,
Inc.
31
317
Lantronix,
Inc.*
53
312
Phoenix
Education
Partners,
Inc.
8
263
Angi,
Inc. — Class
A*
44
262
Advantage
Solutions,
Inc.*
6
259
RF
Industries
Ltd.*
12
255
LifeMD,
Inc.*
59
244
EW
Scripps
Co. — Class
A*
86
238
Soluna
Holdings,
Inc.*
,(a)
155
209
Crexendo,
Inc.*
27
202
Thryv
Holdings,
Inc.*
50
197
Inseego
Corp.*
18
186
KVH
Industries,
Inc.*
18
178
1stdibs.com,
Inc.*
35
172
CuriosityStream,
Inc.
62
165
TechTarget,
Inc.*
45
162
Lands'
End,
Inc.*
15
157
Tucows,
Inc. — Class
A*
10
135
1-800-Flowers.com,
Inc. — Class
A*
34
118
Liberty
Capital
Corp.*
5
110
Lee
Enterprises,
Inc.*
10
90
KORE
Group
Holdings,
Inc.*
9
83
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
64.8%
(continued)
COMMUNICATIONS
-
2.6%
(continued)
Value
Line,
Inc.
1
$
40
WeShop
Holdings
Ltd. — Class
A*
2
16
Total
Communications
188,271
UTILITIES
-
1
.7
%
Ormat
Technologies,
Inc.
93
10,128
Southwest
Gas
Holdings,
Inc.
109
9,666
Portland
General
Electric
Co.
175
9,070
TXNM
Energy,
Inc.
154
8,744
Black
Hills
Corp.
115
8,556
New
Jersey
Resources
Corp.
152
8,518
ONE
Gas,
Inc.
94
7,245
Brookfield
Infrastructure
Corp. — Class
A
187
7,200
Spire,
Inc.
88
6,872
Northwestern
Energy
Group,
Inc.
93
6,661
Otter
Tail
Corp.
58
5,219
Avista
Corp.
124
5,073
American
States
Water
Co.
59
4,875
MGE
Energy,
Inc.
56
4,566
Chesapeake
Utilities
Corp.
36
4,409
California
Water
Service
Group
90
4,378
Hawaiian
Electric
Industries,
Inc.*
246
3,328
H2O
America
52
3,160
Northwest
Natural
Holding
Co.
64
3,140
Middlesex
Water
Co.
28
1,572
Unitil
Corp.
27
1,423
Ameresco,
Inc. — Class
A*
49
1,352
York
Water
Co.
24
736
Consolidated
Water
Company
Ltd.
23
678
Genie
Energy
Ltd. — Class
B
31
448
RGC
Resources,
Inc.
13
311
Global
Water
Resources,
Inc.
21
152
Total
Utilities
127,480
REITS
-
0
.1
%
Highwoods
Properties,
Inc.
165
4,976
GOVERNMENT
-
0
.0
%
Bladex,
Inc.
44
2,705
Total
Common
Stocks
(Cost
$3,797,570)
4,767,044
PREFERRED
STOCKS
-
0
.0
%
COMMUNICATIONS
-
0
.0
%
Liberty
Latin
America
Ltd.
9.00%*
21
455
Total
Preferred
Stocks
(Cost
$651)
455
RIGHTS
-
0
.0
%
CONSUMER,
NON-CYCLICAL
-
0
.0
%
Akero
Therapeutics,
Inc.*
,(b)
98
—
Assertio
Holdings,
Inc.*
,(b)
100
—
Cartesian
Therapeutics,
Inc.*
,(b)
179
—
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
83
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
RIGHTS
-
0.0%
(continued)
CONSUMER,
NON-CYCLICAL
-
0.0%
(continued)
Sanofi
S.A.
Expiring
06/30/32*
52
$
—
Tobira
Therapeutics,
Inc.*
,(b)
14
—
Total
Consumer,
Non-cyclical
—
Total
Rights
(Cost
$39)
—
EXCHANGE-TRADED
FUNDS
-
5
.1
%
Guggenheim
Ultra
Short
Income
ETF
(c)
7,470
374,431
Total
Exchange-Traded
Funds
(Cost
$367,057)
374,431
MUTUAL
FUNDS
-
5
.7
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(c)
42,083
423,358
Total
Mutual
Funds
(Cost
$414,390)
423,358
MONEY
MARKET
FUNDS
(d)
-
1
.1
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(e),(f)
78,283
78,283
Total
Money
Market
Funds
(Cost
$78,283)
78,283
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(d)
-
0
.4
%
MONEY
MARKET
FUNDS
-
0
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(e)
32,258
$
32,258
Total
Securities
Lending
Collateral
(Cost
$32,258)
32,258
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(g)
-
14
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
543,687
543,687
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
543,661
543,661
Total
Repurchase
Agreements
(Cost
$1,087,348)
1,087,348
Total
Investments
-
91.9%
(Cost
$5,777,596)
$
6,763,177
Other
Assets
&
Liabilities,
net
-
8.1%
595,382
Total
Net
Assets
-
100.0%
$
7,358,559
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(c)
Affiliated
issuer.
(d)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(e)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(f)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(g)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
Russell
2000
Index
Mini
Futures
Contracts
12
Sep
2026
$
1,826,940
$
46,803
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
84
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
Russell
2000
Index
Pay
4.18%
(Federal
Funds
Rate
+
0.55%)
At
Maturity
09/22/26
511
$
1,544,620
$
47,643
Goldman
Sachs
International
Russell
2000
Index
Pay
4.33%
(Federal
Funds
Rate
+
0.70%)
At
Maturity
09/24/26
653
1,974,141
32,362
Barclays
Bank
plc
Russell
2000
Index
Pay
4.43%
(SOFR
+
0.75%)
At
Maturity
09/28/26
298
899,884
23,854
$
4,418,645
$
103,859
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
4,767,044
$
—
(a)
$
—
(a)
$
4,767,044
Preferred
Stocks
455
—
—
455
Rights
—
—
(a)
—
(a)
—
Exchange-Traded
Funds
374,431
—
—
374,431
Mutual
Funds
423,358
—
—
423,358
Money
Market
Funds
78,283
—
—
78,283
Securities
Lending
Collateral
32,258
—
—
32,258
Repurchase
Agreements
—
1,087,348
—
1,087,348
Equity
Futures
Contracts
(b)
46,803
—
—
46,803
Equity
Index
Swap
Agreements
(b)
—
103,859
—
103,859
Total
Assets
$
5,722,632
$
1,191,207
$
—
$
6,913,839
–
–
–
–
(a)
Securities
with
a
market
value
of
$0.
(b)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
1.5x
STRATEGY
FUND
June
30,
2026
|
85
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
367,096
$
(
39
)
$
—
$
7,374
$
374,431
7,470
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
422,937
—
—
—
421
423,358
42,083
4,614
Guggenheim
Strategy
Fund
II
633,783
—
(
627,096
)
(
2,525
)
(
4,162
)
—
—
6,295
$
1,056,720
$
367,096
$
(
627,135
)
$
(
2,525
)
$
3,633
$
797,789
$
10,909
86
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
RUSSELL
2000
®
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
CONSUMER,
NON-CYCLICAL
-
12.2%
BrightSpring
Health
Services,
Inc.*
404
$
28,175
Cytokinetics,
Inc.*
328
27,942
Krystal
Biotech,
Inc.*
65
24,159
Alkermes
plc*
415
21,744
Praxis
Precision
Medicines,
Inc.*
,(a)
62
20,757
Glaukos
Corp.*
143
19,986
TG
Therapeutics,
Inc.*
361
19,833
HealthEquity,
Inc.*
210
18,967
Vaxcyte,
Inc.*
,(a)
326
18,950
Protagonist
Therapeutics,
Inc.*
152
18,632
Lantheus
Holdings,
Inc.*
,(a)
162
17,972
Kymera
Therapeutics,
Inc.*
,(a)
155
17,774
Oscar
Health,
Inc. — Class
A*
597
17,026
PTC
Therapeutics,
Inc.*
205
16,722
Nuvalent,
Inc. — Class
A*
133
16,425
Spyre
Therapeutics,
Inc.*
,(a)
184
16,336
Cogent
Biosciences,
Inc.*
413
15,983
Twist
Bioscience
Corp.*
154
15,844
Ligand
Pharmaceuticals,
Inc. — Class
B*
,(a)
50
15,804
Scholar
Rock
Holding
Corp.*
277
15,235
Rhythm
Pharmaceuticals,
Inc.*
137
15,211
Definium
Therapeutics,
Inc.*
322
15,147
Apogee
Therapeutics,
Inc.*
112
14,866
Xenon
Pharmaceuticals,
Inc.*
243
14,667
Liquidia
Corp.*
,(a)
175
13,953
Mirum
Pharmaceuticals,
Inc.*
,(a)
118
13,814
CG
oncology,
Inc.*
,(a)
183
13,002
CRISPR
Therapeutics
AG*
231
12,599
Travere
Therapeutics,
Inc.*
221
12,555
Legence
Corp. — Class
A*
146
12,444
Indivior
Pharmaceuticals,
Inc.*
297
12,186
Herc
Holdings,
Inc.
83
11,897
Oruka
Therapeutics,
Inc.*
125
11,896
Veracyte,
Inc.*
,(a)
201
11,805
LivaNova
plc*
139
11,430
Dianthus
Therapeutics,
Inc.*
117
11,405
10X
Genomics,
Inc. — Class
A*
295
11,310
Laureate
Education,
Inc.*
303
11,005
RadNet,
Inc.*
177
10,916
Tango
Therapeutics,
Inc.*
349
10,910
Covista,
Inc.*
85
10,596
Remitly
Global,
Inc.*
471
10,555
Merit
Medical
Systems,
Inc.*
148
10,262
Celcuity,
Inc.*
,(a)
95
9,939
Brink's
Co.
104
9,827
IRhythm
Holdings,
Inc.*
82
9,754
Crinetics
Pharmaceuticals,
Inc.*
,(a)
257
9,617
Brookdale
Senior
Living,
Inc.*
594
9,557
GEO
Group,
Inc.*
317
9,367
Denali
Therapeutics,
Inc.*
,(a)
364
9,362
Catalyst
Pharmaceuticals,
Inc.*
292
9,178
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Graham
Holdings
Co. — Class
B
8
$
9,131
Erasca,
Inc.*
496
9,087
Stride,
Inc.*
,(a)
105
9,055
ICU
Medical,
Inc.*
61
8,943
Chefs'
Warehouse,
Inc.*
,(a)
92
8,841
Haemonetics
Corp.*
117
8,775
Korn
Ferry
131
8,722
Cal-Maine
Foods,
Inc.
(a)
108
8,700
Concentra
Group
Holdings
Parent,
Inc.
292
8,687
Beam
Therapeutics,
Inc.*
,(a)
246
8,443
ImmunityBio,
Inc.*
,(a)
958
8,387
WD-40
Co.
34
8,284
Option
Care
Health,
Inc.*
395
8,283
Adaptive
Biotechnologies
Corp.*
382
8,194
Immunovant,
Inc.*
211
8,130
ACADIA
Pharmaceuticals,
Inc.*
319
8,071
Vita
Coco
Company,
Inc.*
122
8,069
Ultragenyx
Pharmaceutical,
Inc.*
239
7,980
Integer
Holdings
Corp.*
85
7,943
Ideaya
Biosciences,
Inc.*
,(a)
208
7,752
Privia
Health
Group,
Inc.*
299
7,693
Dyne
Therapeutics,
Inc.*
338
7,507
Relay
Therapeutics,
Inc.*
,(a)
400
7,484
Arcutis
Biotherapeutics,
Inc.*
283
7,420
CoreCivic,
Inc.*
244
7,413
Amneal
Pharmaceuticals,
Inc.*
423
7,322
Celldex
Therapeutics,
Inc.*
194
7,219
Edgewise
Therapeutics,
Inc.*
177
7,191
GPGI,
Inc. — Class
A
449
7,117
Sezzle,
Inc.*
,(a)
41
7,037
GRAIL,
Inc.*
,(a)
102
6,964
SELLAS
Life
Sciences
Group,
Inc.*
,(a)
468
6,908
United
Natural
Foods,
Inc.*
151
6,896
Arcus
Biosciences,
Inc.*
,(a)
222
6,844
Acadia
Healthcare
Company,
Inc.*
231
6,821
Vera
Therapeutics,
Inc. — Class
A*
158
6,780
National
HealthCare
Corp.
32
6,764
Kiniksa
Pharmaceuticals
International
plc — Class
A*
105
6,715
VeraDermics,
Inc.*
54
6,639
Tarsus
Pharmaceuticals,
Inc.*
104
6,546
Supernus
Pharmaceuticals,
Inc.*
139
6,465
ABM
Industries,
Inc.
146
6,459
StoneCo
Ltd. — Class
A
575
6,233
Axogen,
Inc.*
130
6,005
Nektar
Therapeutics*
85
5,934
Nurix
Therapeutics,
Inc.*
238
5,774
BioCryst
Pharmaceuticals,
Inc.*
577
5,770
Establishment
Labs
Holdings,
Inc.*
67
5,749
Vericel
Corp.*
,(a)
128
5,695
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
87
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Andersons,
Inc.
83
$
5,677
Intellia
Therapeutics,
Inc.*
335
5,668
TransMedics
Group,
Inc.*
85
5,646
Prestige
Consumer
Healthcare,
Inc.*
119
5,625
Marzetti
Co.
49
5,594
Alarm.com
Holdings,
Inc.*
119
5,560
Immunome,
Inc.*
261
5,531
Alumis,
Inc.*
196
5,515
Clover
Health
Investments
Corp.*
1,042
5,460
Agios
Pharmaceuticals,
Inc.*
146
5,418
Dentsply
Sirona,
Inc.
507
5,379
Enliven
Therapeutics,
Inc.*
106
5,379
Astrana
Health,
Inc.*
113
5,244
Flywire
Corp.*
298
5,236
Pediatrix
Medical
Group,
Inc.*
206
5,218
LeMaitre
Vascular,
Inc.
(a)
54
5,182
Interparfums,
Inc.
46
5,146
Disc
Medicine,
Inc.*
70
5,120
Universal
Technical
Institute,
Inc.*
119
5,090
LifeStance
Health
Group,
Inc.*
,(a)
474
5,077
Perdoceo
Education
Corp.
158
5,056
UFP
Technologies,
Inc.*
19
5,037
Aurinia
Pharmaceuticals,
Inc.*
296
5,023
Ocular
Therapeutix,
Inc.*
510
5,008
Trevi
Therapeutics,
Inc.*
265
4,942
Neogen
Corp.*
549
4,935
Biohaven
Ltd.*
331
4,925
PACS
Group,
Inc.*
115
4,904
Progyny,
Inc.*
169
4,872
Syndax
Pharmaceuticals,
Inc.*
,(a)
221
4,831
Spectrum
Brands
Holdings,
Inc.
56
4,802
ADMA
Biologics,
Inc.*
571
4,779
NeoGenomics,
Inc.*
,(a)
326
4,756
John
Wiley
&
Sons,
Inc. — Class
A
(a)
98
4,754
Omnicell,
Inc.*
,(a)
113
4,692
Payoneer
Global,
Inc.*
655
4,664
Recursion
Pharmaceuticals,
Inc. — Class
A*
,(a)
1,268
4,654
Sarepta
Therapeutics,
Inc.*
258
4,636
Addus
HomeCare
Corp.*
46
4,622
PROG
Holdings,
Inc.
98
4,568
CorVel
Corp.*
73
4,564
Stoke
Therapeutics,
Inc.*
136
4,450
Monte
Rosa
Therapeutics,
Inc.*
,(a)
183
4,429
Butterfly
Network,
Inc. — Class
A*
522
4,395
EVERTEC,
Inc.
155
4,306
Cimpress
plc*
42
4,271
MBX
Biosciences,
Inc.*
,(a)
77
4,250
Innoviva,
Inc.*
187
4,247
Healthcare
Services
Group,
Inc.*
172
4,224
ANI
Pharmaceuticals,
Inc.*
,(a)
51
4,222
Strategic
Education,
Inc.
55
4,214
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
AtaiBeckley,
Inc.*
794
$
4,184
Fortrea
Holdings,
Inc.*
239
4,159
Palvella
Therapeutics,
Inc.*
27
4,126
Viridian
Therapeutics,
Inc.*
224
4,115
Iovance
Biotherapeutics,
Inc.*
986
4,102
Amylyx
Pharmaceuticals,
Inc.*
228
4,095
Harmony
Biosciences
Holdings,
Inc.*
112
4,078
Taysha
Gene
Therapies,
Inc.*
,(a)
594
4,045
Novocure
Ltd.*
265
4,015
Turning
Point
Brands,
Inc.
47
3,986
Absci
Corp.*
,(a)
343
3,975
ManpowerGroup,
Inc.
116
3,917
CBIZ,
Inc.*
122
3,914
UroGen
Pharma
Ltd.*
106
3,901
Mineralys
Therapeutics,
Inc.*
142
3,831
Teladoc
Health,
Inc.*
451
3,824
Kodiak
Sciences,
Inc.*
,(a)
98
3,818
BellRing
Brands,
Inc.*
294
3,804
Insperity,
Inc.
92
3,800
Flowers
Foods,
Inc.
(a)
474
3,745
Lincoln
Educational
Services
Corp.*
75
3,742
Huron
Consulting
Group,
Inc.*
41
3,697
TIC
Solutions,
Inc.*
449
3,632
Arlo
Technologies,
Inc.*
269
3,626
Perrigo
Company
plc
349
3,626
CareDx,
Inc.*
127
3,619
First
Advantage
Corp.*
,(a)
199
3,592
Novavax,
Inc.*
378
3,561
Paymentus
Holdings,
Inc. — Class
A*
147
3,552
Nuvation
Bio,
Inc.*
,(a)
624
3,544
Marqeta,
Inc. — Class
A*
868
3,524
AtriCure,
Inc.*
124
3,470
Damora
Therapeutics,
Inc.*
132
3,433
GeneDx
Holdings
Corp. — Class
A*
50
3,432
TriNet
Group,
Inc.
69
3,415
Harrow,
Inc.*
,(a)
80
3,398
Xeris
Biopharma
Holdings,
Inc.*
425
3,366
Boston
Beer
Company,
Inc. — Class
A*
19
3,364
Herbalife
Ltd.*
254
3,340
Vestis
Corp.*
230
3,340
Surgery
Partners,
Inc.*
198
3,326
agilon
health,
Inc.*
31
3,323
AnaptysBio,
Inc.*
49
3,307
ICF
International,
Inc.
45
3,279
Ingles
Markets,
Inc. — Class
A
37
3,277
ArriVent
Biopharma,
Inc.*
94
3,266
NPK
International,
Inc.*
205
3,262
MannKind
Corp.*
763
3,250
Bicara
Therapeutics,
Inc.*
109
3,236
Universal
Corp.
62
3,235
Inspire
Medical
Systems,
Inc.*
72
3,212
Capricor
Therapeutics,
Inc.*
,(a)
133
3,203
Rapport
Therapeutics,
Inc.*
76
3,167
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
88
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Edgewell
Personal
Care
Co.
117
$
3,143
Pennant
Group,
Inc.*
85
3,141
AMN
Healthcare
Services,
Inc.*
,(a)
97
3,140
Procept
Biorobotics
Corp.*
,(a)
139
3,139
Vir
Biotechnology,
Inc.*
304
3,098
Ardelyx,
Inc.*
605
3,085
Coursera,
Inc.*
545
3,074
Zymeworks,
Inc.*
117
3,058
Integra
LifeSciences
Holdings
Corp.*
170
3,053
QuidelOrtho
Corp.*
,(a)
171
2,995
BioLife
Solutions,
Inc.*
106
2,993
Enovis
Corp.*
,(a)
144
2,981
Collegium
Pharmaceutical,
Inc.*
,(a)
82
2,968
Dlocal
Ltd. — Class
A
226
2,937
Tyra
Biosciences,
Inc.*
91
2,907
Upbound
Group,
Inc.
137
2,907
Sonida
Senior
Living,
Inc.*
71
2,897
Willdan
Group,
Inc.*
36
2,848
Avanos
Medical,
Inc.*
113
2,811
J
&
J
Snack
Foods
Corp.
38
2,791
Xencor,
Inc.*
172
2,769
Simply
Good
Foods
Co.*
208
2,762
EyePoint,
Inc.*
192
2,746
Cullinan
Therapeutics,
Inc.*
150
2,731
Precigen,
Inc.*
478
2,725
Dole
plc
195
2,675
AdaptHealth
Corp. — Class
A*
255
2,657
Alphatec
Holdings,
Inc.*
307
2,656
Azenta,
Inc.*
,(a)
104
2,654
Deluxe
Corp.
111
2,651
Tandem
Diabetes
Care,
Inc.*
173
2,611
US
Physical
Therapy,
Inc.
38
2,610
Maze
Therapeutics,
Inc.*
87
2,596
Artivion,
Inc.*
113
2,539
Kailera
Therapeutics,
Inc.*
114
2,511
Corvus
Pharmaceuticals,
Inc.*
168
2,510
BrightView
Holdings,
Inc.*
176
2,494
CONMED
Corp.
76
2,487
Pacira
BioSciences,
Inc.*
,(a)
98
2,486
Weis
Markets,
Inc.
31
2,428
Olema
Pharmaceuticals,
Inc.*
,(a)
194
2,427
STAAR
Surgical
Co.*
84
2,410
Eton
Pharmaceuticals,
Inc.*
66
2,389
American
Public
Education,
Inc.*
44
2,363
Grocery
Outlet
Holding
Corp.*
235
2,345
Savara,
Inc.*
379
2,335
Kura
Oncology,
Inc.*
211
2,315
Del
Monte
Corp.
82
2,289
CRA
International,
Inc.
16
2,277
Inhibrx
Biosciences,
Inc.*
24
2,274
Personalis,
Inc.*
168
2,251
Annexon,
Inc.*
385
2,198
Replimune
Group,
Inc.*
196
2,170
Quanex
Building
Products
Corp.
115
2,141
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Transcat,
Inc.*
23
$
2,134
BioAge
Labs,
Inc.*
,(a)
87
2,132
Driven
Brands
Holdings,
Inc.*
,(a)
151
2,105
Barrett
Business
Services,
Inc.
59
2,096
Zevra
Therapeutics,
Inc.*
146
2,094
Target
Hospitality
Corp.*
101
2,056
Sionna
Therapeutics,
Inc.*
,(a)
46
2,024
Matthews
International
Corp. — Class
A
75
2,019
MeiraGTx
Holdings
plc*
149
2,013
iRadimed
Corp.
21
2,007
ORIC
Pharmaceuticals,
Inc.*
,(a)
185
2,004
Anteris
Technologies
Global
Corp.*
202
1,990
WaVe
Life
Sciences
Ltd.*
342
1,987
Esperion
Therapeutics,
Inc.*
627
1,981
Kforce,
Inc.
42
1,971
Solid
Biosciences,
Inc.*
195
1,948
Coty,
Inc. — Class
A*
897
1,937
Avalo
Therapeutics,
Inc.*
104
1,922
Seneca
Foods
Corp. — Class
A*
11
1,913
Arbutus
Biopharma
Corp.*
398
1,910
Certara,
Inc.*
288
1,886
Guardian
Pharmacy
Services,
Inc. — Class
A*
,(a)
45
1,884
Clarivate
plc*
867
1,873
National
Beverage
Corp.*
60
1,872
Vor
BioPharma,
Inc.*
,(a)
101
1,859
Septerna,
Inc.*
55
1,842
Green
Dot
Corp. — Class
A*
136
1,837
Legalzoom.com,
Inc.*
298
1,827
Zenas
Biopharma,
Inc.*
,(a)
71
1,802
Jade
Biosciences,
Inc.*
,(a)
81
1,800
Rigel
Pharmaceuticals,
Inc.*
46
1,800
Custom
Truck
One
Source,
Inc.*
152
1,795
LB
Pharmaceuticals,
Inc.*
55
1,785
SI-BONE,
Inc.*
109
1,779
Geron
Corp.*
1,386
1,774
Castle
Biosciences,
Inc.*
74
1,765
Maravai
LifeSciences
Holdings,
Inc. — Class
A*
279
1,741
John
B
Sanfilippo
&
Son,
Inc.
20
1,720
Alto
Neuroscience,
Inc.*
65
1,715
Ironwood
Pharmaceuticals,
Inc. — Class
A*
406
1,709
Aktis
Oncology,
Inc.*
,(a)
53
1,708
Omeros
Corp.*
,(a)
179
1,702
Theravance
Biopharma,
Inc.*
100
1,700
Tactile
Systems
Technology,
Inc.*
57
1,697
Helen
of
Troy
Ltd.*
58
1,686
Kestra
Medical
Technologies
Ltd.*
66
1,679
Mission
Produce,
Inc.*
142
1,674
Aveanna
Healthcare
Holdings,
Inc.*
194
1,663
Mama's
Creations,
Inc.*
93
1,660
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
89
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
CytomX
Therapeutics,
Inc.*
441
$
1,654
Janux
Therapeutics,
Inc.*
107
1,644
Phibro
Animal
Health
Corp. — Class
A
52
1,633
Relmada
Therapeutics,
Inc.*
234
1,619
Verra
Mobility
Corp. — Class
A*
381
1,619
Candel
Therapeutics,
Inc.*
157
1,617
Amphastar
Pharmaceuticals,
Inc.*
,(a)
80
1,614
Sana
Biotechnology,
Inc.*
,(a)
455
1,588
Beta
Bionics,
Inc.*
101
1,583
Aclaris
Therapeutics,
Inc.*
,(a)
294
1,555
4D
Molecular
Therapeutics,
Inc.*
,(a)
114
1,516
Oddity
Tech
Ltd. — Class
A*
100
1,513
OPKO
Health,
Inc.*
998
1,497
Altimmune,
Inc.*
,(a)
492
1,496
Cass
Information
Systems,
Inc.
29
1,488
Lexicon
Pharmaceuticals,
Inc.*
616
1,478
CorMedix,
Inc.*
,(a)
185
1,452
Cerus
Corp.*
493
1,440
REGENXBIO,
Inc.*
120
1,438
Utz
Brands,
Inc.
183
1,409
Spire
Global,
Inc. — Class
A*
75
1,395
Avalyn
Pharma,
Inc.*
42
1,383
Allogene
Therapeutics,
Inc.*
657
1,367
Carriage
Services,
Inc. — Class
A
35
1,342
Cytek
Biosciences,
Inc.*
301
1,333
Sutro
Biopharma,
Inc.*
40
1,328
Phathom
Pharmaceuticals,
Inc.*
,(a)
122
1,324
Ceribell,
Inc.*
68
1,323
Ennis,
Inc.
62
1,317
Myriad
Genetics,
Inc.*
229
1,308
Ocugen,
Inc.*
846
1,294
Pulse
Biosciences,
Inc.*
46
1,276
FTAI
Infrastructure,
Inc.
(a)
273
1,267
Bright
Minds
Biosciences,
Inc.*
18
1,264
Achieve
Life
Sciences,
Inc.*
193
1,260
ClearPoint
Neuro,
Inc.*
70
1,249
ARS
Pharmaceuticals,
Inc.*
,(a)
153
1,226
Arvinas,
Inc.*
147
1,222
AngioDynamics,
Inc.*
92
1,197
Pacific
Biosciences
of
California,
Inc.*
699
1,174
C4
Therapeutics,
Inc.*
251
1,172
Ginkgo
Bioworks
Holdings,
Inc.*
,(a)
118
1,169
First
Tracks
Biotherapeutics,
Inc.*
58
1,167
MiMedx
Group,
Inc.*
300
1,155
Climb
Bio,
Inc.*
87
1,134
Sagimet
Biosciences,
Inc. — Class
A*
146
1,129
Bioventus,
Inc. — Class
A*
,(a)
119
1,123
Aquestive
Therapeutics,
Inc.*
,(a)
267
1,111
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Design
Therapeutics,
Inc.*
76
$
1,100
Contineum
Therapeutics,
Inc. — Class
A*
67
1,098
Varex
Imaging
Corp.*
105
1,095
Emergent
BioSolutions,
Inc.*
129
1,081
Prothena
Corporation
plc*
110
1,077
Community
Health
Systems,
Inc.*
322
1,075
MiniMed
Group,
Inc.*
71
1,061
Monro,
Inc.
62
1,061
Shattuck
Labs,
Inc.*
152
1,055
Immix
Biopharma,
Inc.*
,(a)
102
1,052
NeuroPace,
Inc.*
66
1,049
Vital
Farms,
Inc.*
,(a)
90
1,047
Oncology
Institute,
Inc.*
190
1,032
Natural
Grocers
by
Vitamin
Cottage,
Inc.
33
1,024
Enanta
Pharmaceuticals,
Inc.*
70
1,021
Evolus,
Inc.*
147
1,020
Forte
Biosciences,
Inc.*
48
1,020
Ovid
therapeutics,
Inc.*
379
1,019
Monopar
Therapeutics,
Inc.*
,(a)
11
1,018
Generate
Biomedicines,
Inc.*
60
1,012
Rezolute,
Inc.*
194
1,009
Cross
Country
Healthcare,
Inc.*
75
991
Tejon
Ranch
Co.*
53
991
Fulgent
Genetics,
Inc.*
48
985
XOMA
Royalty
Corp.*
23
977
Village
Super
Market,
Inc. — Class
A
23
970
Viemed
Healthcare,
Inc.*
84
958
Crescent
Biopharma,
Inc.*
53
954
ACCO
Brands
Corp.
228
948
X4
Pharmaceuticals,
Inc.*
200
934
MapLight
Therapeutics,
Inc.*
26
932
Kyverna
Therapeutics,
Inc.*
104
927
Orthofix
Medical,
Inc.*
100
914
Kelly
Services,
Inc. — Class
A
74
909
Tenax
Therapeutics,
Inc.*
62
902
Alamar
Biosciences,
Inc.*
,(a)
33
894
Delcath
Systems,
Inc.*
71
894
Puma
Biotechnology,
Inc.*
110
892
Strata
Critical
Medical,
Inc.*
,(a)
169
891
Neurogene,
Inc.*
28
881
Perspective
Therapeutics,
Inc.*
256
873
Honest
Company,
Inc.*
238
871
Cabaletta
Bio,
Inc.*
279
868
Zura
Bio
Ltd. — Class
A*
146
861
Prime
Medicine,
Inc.*
233
860
Tectonic
Therapeutic,
Inc.*
,(a)
25
859
OrthoPediatrics
Corp.*
44
842
Lexeo
Therapeutics,
Inc.*
176
819
Atea
Pharmaceuticals,
Inc.*
176
818
Vanda
Pharmaceuticals,
Inc.*
,(a)
133
814
Nature's
Sunshine
Products,
Inc.*
37
807
Editas
Medicine,
Inc.*
248
804
Aura
Biosciences,
Inc.*
111
788
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
90
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
B&G
Foods,
Inc.
195
$
776
Fennec
Pharmaceuticals,
Inc.*
72
774
Nuvectis
Pharma,
Inc.*
,(a)
42
772
Rocket
Pharmaceuticals,
Inc.*
224
766
Palisade
Bio,
Inc.*
366
765
Verastem,
Inc.*
198
756
Westrock
Coffee
Co.*
93
754
Eledon
Pharmaceuticals,
Inc.*
191
753
Century
Therapeutics,
Inc.*
305
747
Olaplex
Holdings,
Inc.*
357
732
Akebia
Therapeutics,
Inc.*
640
730
Hertz
Global
Holdings,
Inc.*
319
723
OraSure
Technologies,
Inc.*
162
723
Chaince
Digital
Holdings,
Inc.*
165
721
MacroGenics,
Inc.*
156
721
Electromed,
Inc.*
17
719
Compass
Therapeutics,
Inc.*
,(a)
325
712
Nathan's
Famous,
Inc.
7
711
Benitec
Biopharma,
Inc.*
53
709
Eikon
Therapeutics,
Inc.*
54
705
Repay
Holdings
Corp. — Class
A*
162
680
OmniAb,
Inc.*
272
669
Abeona
Therapeutics,
Inc.*
108
667
Immuneering
Corp. — Class
A*
133
664
Assembly
Biosciences,
Inc.*
24
660
Distribution
Solutions
Group,
Inc.*
24
656
Once
Upon
a
Farm
PBC*
32
655
CapsoVision,
Inc.*
86
652
MGP
Ingredients,
Inc.
37
648
DiaMedica
Therapeutics,
Inc.*
91
641
Innovage
Holding
Corp.*
54
640
NRC
Health
29
626
Quad/Graphics,
Inc.
74
624
USCB
Financial
Holdings,
Inc.
30
614
Accendra
Health,
Inc.*
179
612
Inhibikase
Therapeutics,
Inc.*
301
611
Hackett
Group,
Inc.
56
603
Upstream
Bio,
Inc.*
87
602
SpyGlass
Pharma,
Inc.*
27
601
Zentalis
Pharmaceuticals,
Inc.*
124
601
USANA
Health
Sciences,
Inc.*
28
598
Lineage
Cell
Therapeutics,
Inc.*
456
597
Cadiz,
Inc.*
142
594
Anavex
Life
Sciences
Corp.*
228
591
Alico,
Inc.
14
579
Ardent
Health,
Inc.*
58
571
Priority
Technology
Holdings,
Inc.*
85
567
Franklin
Covey
Co.*
,(a)
23
564
Senseonics
Holdings,
Inc.*
98
557
ALX
Oncology
Holdings,
Inc.*
267
553
Galectin
Therapeutics,
Inc.*
119
552
Utah
Medical
Products,
Inc.
8
552
Limoneira
Co.
42
551
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Opus
Genetics,
Inc.*
133
$
547
TriSalus
Life
Sciences,
Inc.*
119
541
Fulcrum
Therapeutics,
Inc.*
147
538
Entrada
Therapeutics,
Inc.*
73
537
Lumexa
Imaging
Holdings,
Inc.*
47
530
Shoulder
Innovations,
Inc.*
26
527
Larimar
Therapeutics,
Inc.*
165
503
Protara
Therapeutics,
Inc.*
130
497
TrueBlue,
Inc.*
71
495
Keros
Therapeutics,
Inc.*
46
492
Alector,
Inc.*
243
488
Atrium
Therapeutics,
Inc.*
36
484
Embecta
Corp.
148
482
Karyopharm
Therapeutics,
Inc.*
49
479
RxSight,
Inc.*
99
477
KORU
Medical
Systems,
Inc.*
112
470
Surrozen,
Inc.*
18
467
Minerva
Neurosciences,
Inc.*
84
466
Precision
BioSciences,
Inc.*
59
464
InfuSystem
Holdings,
Inc.*
48
463
Tonix
Pharmaceuticals
Holding
Corp.*
36
459
Quanterix
Corp.*
106
458
Niagen
Bioscience,
Inc.*
143
456
Invivyd,
Inc.*
521
455
Voyager
Therapeutics,
Inc.*
130
455
Coherus
Oncology,
Inc.*
324
454
Paysafe
Ltd.*
60
448
Arcturus
Therapeutics
Holdings,
Inc.*
66
444
Foghorn
Therapeutics,
Inc.*
90
439
Neumora
Therapeutics,
Inc.*
254
432
Acme
United
Corp.
9
429
Orchestra
BioMed
Holdings,
Inc.*
99
427
Protalix
BioTherapeutics,
Inc.*
183
426
SAB
Biotherapeutics,
Inc.*
108
421
Lifeway
Foods,
Inc.*
14
418
CPI
Card
Group,
Inc.*
20
416
Organogenesis
Holdings,
Inc. — Class
A*
171
416
Evommune,
Inc.*
31
412
Anika
Therapeutics,
Inc.*
28
410
Acacia
Research
Corp.*
87
405
Oramed
Pharmaceuticals,
Inc.
84
404
Caribou
Biosciences,
Inc.*
227
400
Greenwich
Lifesciences,
Inc.*
17
399
Lucid
Diagnostics,
Inc.*
368
394
Inogen,
Inc.*
61
393
Corbus
Pharmaceuticals
Holdings,
Inc.*
41
385
SIGA
Technologies,
Inc.
105
382
ProKidney
Corp. — Class
A*
,(a)
187
381
Spruce
Biosciences,
Inc.*
7
378
Korro
Bio,
Inc.*
28
369
Prelude
Therapeutics,
Inc.*
69
368
Lifecore
Biomedical,
Inc.*
70
367
MediWound
Ltd.*
25
367
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
91
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
12.2%
(continued)
Whitehawk
Therapeutics,
Inc.*
80
$
366
Information
Services
Group,
Inc.
87
358
Cartesian
Therapeutics,
Inc.*
33
344
CAMP4
Therapeutics
Corp.*
78
341
KinderCare
Learning
Companies,
Inc.*
77
327
Lyell
Immunopharma,
Inc.*
23
323
AN2
Therapeutics,
Inc.*
66
319
Alta
Equipment
Group,
Inc.*
49
317
Nkarta,
Inc.*
111
314
Acumen
Pharmaceuticals,
Inc.*
117
312
RCM
Technologies,
Inc.*
11
311
Canton
Strategic
Holdings,
Inc.*
110
310
Agenus,
Inc.*
99
303
Gyre
Therapeutics,
Inc.*
,(a)
45
297
OnKure
Therapeutics,
Inc. — Class
A*
65
296
Stereotaxis,
Inc.*
169
291
LENZ
Therapeutics,
Inc.*
51
290
Unicycive
Therapeutics,
Inc.*
61
286
ADC
Therapeutics
S.A.*
266
285
Hyperfine,
Inc. — Class
A*
194
262
Nautilus
Biotechnology,
Inc.*
123
230
Black
Diamond
Therapeutics,
Inc.*
117
216
BRC,
Inc. — Class
A*
193
214
CVRx,
Inc.*
38
195
Sanara
Medtech,
Inc.*
8
189
Armata
Pharmaceuticals,
Inc.*
29
188
HireQuest,
Inc.
14
176
Heron
Therapeutics,
Inc.*
396
169
Alpha
Teknova,
Inc.*
,(a)
28
159
Emerald
Holding,
Inc.
(a)
31
156
SBC
Medical
Group
Holdings,
Inc.*
48
148
Forafric
Global
plc*
14
141
Context
Therapeutics,
Inc.*
231
128
Elicio
Therapeutics,
Inc.*
32
125
AirSculpt
Technologies,
Inc.*
24
108
Artiva
Biotherapeutics,
Inc.*
11
107
MarketWise,
Inc.
5
89
Connect
Biopharma
Holdings
Ltd.*
37
88
Public
Policy
Holding
Company,
Inc.
11
81
Ligand
Pharmaceuticals,
Inc.*
,(b)
84
—
Total
Consumer,
Non-cyclical
1,974,121
FINANCIAL
-
12.0%
Hut
8
Corp.*
256
29,554
UMB
Financial
Corp.
183
26,125
Riot
Platforms,
Inc.*
885
24,231
CareTrust
REIT,
Inc.
(a)
563
22,717
Old
National
Bancorp
(a)
866
22,429
Compass,
Inc. — Class
A*
1,782
21,972
StoneX
Group,
Inc.*
180
21,330
Cipher
Digital,
Inc.*
841
20,605
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Ryman
Hospitality
Properties,
Inc.
REIT
156
$
20,054
Core
Scientific,
Inc.*
,(a)
778
19,909
Macerich
Co.
REIT
(a)
708
17,835
Valley
National
Bancorp
1,212
17,756
Terreno
Realty
Corp.
REIT
265
17,164
Glacier
Bancorp,
Inc.
329
16,970
Jackson
Financial,
Inc. — Class
A
164
16,792
Essential
Properties
Realty
Trust,
Inc.
REIT
(a)
547
16,328
United
Bankshares,
Inc.
347
15,903
Hancock
Whitney
Corp.
205
15,318
Atlantic
Union
Bankshares
Corp.
358
15,147
Ameris
Bancorp
164
14,803
Selective
Insurance
Group,
Inc.
151
14,649
Kite
Realty
Group
Trust
REIT
(a)
513
14,559
Essent
Group
Ltd.
226
14,527
Enova
International,
Inc.*
60
14,444
Home
BancShares,
Inc.
468
13,361
MARA
Holdings,
Inc.*
,(a)
961
13,348
Axos
Financial,
Inc.*
137
13,342
Phillips
Edison
&
Company,
Inc.
REIT
319
13,277
Outfront
Media,
Inc.
REIT
400
13,104
Radian
Group,
Inc.
339
12,770
Piper
Sandler
Companies
175
12,659
HA
Sustainable
Infrastructure
Capital,
Inc.
(a)
320
12,496
Sabra
Health
Care
REIT,
Inc.
(a)
633
12,350
Moelis
&
Co. — Class
A
187
12,234
Eastern
Bankshares,
Inc.
546
12,143
Independent
Bank
Corp.
172
12,018
CNO
Financial
Group,
Inc.
233
11,878
Fulton
Financial
Corp.
(a)
486
11,756
Lemonade,
Inc.*
178
11,579
Flagstar
Bank
North
America
(a)
770
11,504
First
Financial
Bankshares,
Inc.
332
11,487
ServisFirst
Bancshares,
Inc.
(a)
130
11,277
Texas
Capital
Bancshares,
Inc.
109
11,255
Tanger,
Inc.
REIT
(a)
284
11,209
Associated
Banc-Corp
361
11,108
Bread
Financial
Holdings,
Inc.
101
10,943
United
Community
Banks,
Inc.
303
10,632
International
Bancshares
Corp.
138
10,481
COPT
Defense
Properties
REIT
(a)
288
10,480
WSFS
Financial
Corp.
132
10,128
First
BanCorp
388
10,115
Cathay
General
Bancorp
163
10,104
Renasant
Corp.
235
9,997
BGC
Group,
Inc. — Class
A
935
9,995
Broadstone
Net
Lease,
Inc.
REIT
(a)
483
9,984
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
92
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Independence
Realty
Trust,
Inc.
REIT
595
$
9,931
CVB
Financial
Corp.
(a)
424
9,561
Marex
Group
plc
154
9,386
SL
Green
Realty
Corp.
REIT
181
9,370
WesBanco,
Inc.
239
9,328
Dave,
Inc.*
,(a)
25
9,315
PJT
Partners,
Inc. — Class
A
61
9,207
Apple
Hospitality
REIT,
Inc.
545
9,161
National
Health
Investors,
Inc.
REIT
120
9,151
Cleanspark,
Inc.*
627
9,123
Genworth
Financial,
Inc. — Class
A*
956
9,053
Victory
Capital
Holdings,
Inc. — Class
A
107
8,994
BankUnited,
Inc.
185
8,963
First
Financial
Bancorp
264
8,931
Community
Financial
System,
Inc.
133
8,927
First
Interstate
BancSystem,
Inc. — Class
A
(a)
228
8,792
Palomar
Holdings,
Inc.*
66
8,342
Nicolet
Bankshares,
Inc.
50
8,270
Simmons
First
National
Corp. — Class
A
364
8,245
Seacoast
Banking
Corporation
of
Florida
(a)
244
8,113
Bank
of
Hawaii
Corp.
99
8,068
StepStone
Group,
Inc. — Class
A
193
7,982
Towne
Bank
219
7,937
Cushman
&
Wakefield
Ltd.*
592
7,927
LXP
Industrial
Trust
REIT
146
7,866
NMI
Holdings,
Inc. — Class
A*
190
7,807
Banc
of
California,
Inc.
382
7,804
Park
National
Corp.
42
7,686
Provident
Financial
Services,
Inc.
322
7,612
Upstart
Holdings,
Inc.*
,(a)
212
7,511
McGrath
RentCorp
62
7,504
Curbline
Properties
Corp.
REIT
245
7,448
Urban
Edge
Properties
REIT
321
7,344
Mercury
General
Corp.
68
7,250
Dynex
Capital,
Inc.
REIT
544
7,132
WaFd,
Inc.
(a)
185
7,098
Acadia
Realty
Trust
REIT
(a)
338
7,068
Miami
International
Holdings,
Inc.*
190
7,060
DigitalBridge
Group,
Inc.
444
7,006
InvenTrust
Properties
Corp.
REIT
197
6,974
First
Merchants
Corp.
158
6,903
Blackstone
Mortgage
Trust,
Inc. — Class
A
REIT
400
6,780
Four
Corners
Property
Trust,
Inc.
REIT
276
6,776
Park
Hotels
&
Resorts,
Inc.
REIT
468
6,669
Baldwin
Insurance
Group,
Inc. — Class
A*
243
6,459
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
First
Bancorp
101
$
6,457
PennyMac
Financial
Services,
Inc.
74
6,445
Trustmark
Corp.
140
6,441
Beacon
Financial
Corp.
211
6,425
NBT
Bancorp,
Inc.
128
6,319
SiriusPoint
Ltd.*
263
6,312
Bancorp,
Inc.*
100
6,264
DiamondRock
Hospitality
Co.
REIT
513
6,248
Customers
Bancorp,
Inc.*
77
6,091
FB
Financial
Corp.
110
6,089
Skyward
Specialty
Insurance
Group,
Inc.*
104
6,068
St.
Joe
Co.
96
6,012
BancFirst
Corp.
(a)
54
6,001
Enterprise
Financial
Services
Corp.
91
5,995
First
Busey
Corp.
203
5,989
Bank
of
NT
Butterfield
&
Son
Ltd.
100
5,950
Newmark
Group,
Inc. — Class
A
393
5,938
Happen,
Inc.*
284
5,890
WisdomTree,
Inc.
(a)
338
5,726
Northwest
Bancshares,
Inc.
369
5,594
Banner
Corp.
84
5,581
Artisan
Partners
Asset
Management,
Inc. — Class
A
160
5,525
ARMOUR
Residential
REIT,
Inc.
REIT
315
5,497
Pebblebrook
Hotel
Trust
REIT
(a)
281
5,454
Webull
Corp.*
833
5,431
Cohen
&
Steers,
Inc.
70
5,330
OFG
Bancorp
107
5,250
Horace
Mann
Educators
Corp.
101
5,217
NETSTREIT
Corp.
REIT
(a)
246
5,198
Sunstone
Hotel
Investors,
Inc.
REIT
453
5,187
First
Commonwealth
Financial
Corp.
255
5,184
Brookfield
Business
Corp. — Class
A
173
5,164
Diversified
Healthcare
Trust
REIT
553
5,143
Bitdeer
Technologies
Group — Class
A*
322
5,110
Stock
Yards
Bancorp,
Inc.
66
5,047
Stewart
Information
Services
Corp.
76
5,018
Acadian
Asset
Management,
Inc.
70
5,006
Encore
Capital
Group,
Inc.*
,(a)
53
4,944
Nelnet,
Inc. — Class
A
37
4,933
HCI
Group,
Inc.
28
4,907
Douglas
Emmett,
Inc.
REIT
411
4,850
Getty
Realty
Corp.
REIT
(a)
144
4,804
National
Bank
Holdings
Corp. — Class
A
108
4,798
LTC
Properties,
Inc.
REIT
123
4,729
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
93
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Xenia
Hotels
&
Resorts,
Inc.
REIT
232
$
4,724
City
Holding
Co.
35
4,642
Pathward
Financial,
Inc.
53
4,614
Walker
&
Dunlop,
Inc.
84
4,595
Federal
Agricultural
Mortgage
Corp. — Class
C
23
4,583
Smartstop
Self
Storage
REIT,
Inc.
REIT
(a)
140
4,550
S&T
Bancorp,
Inc.
(a)
92
4,515
German
American
Bancorp,
Inc.
93
4,414
Innovative
Industrial
Properties,
Inc.
REIT
71
4,401
Triumph
Financial,
Inc.*
57
4,350
Global
Net
Lease,
Inc.
REIT
479
4,282
Hope
Bancorp,
Inc.
310
4,241
Ellington
Financial,
Inc.
REIT
309
4,205
Dime
Commercial
Bancshares,
Inc.
102
4,146
OceanFirst
Financial
Corp.
210
4,101
ConnectOne
Bancorp,
Inc.
121
4,046
QCR
Holdings,
Inc.
41
3,991
Kemper
Corp.
148
3,990
TriCo
Bancshares
74
3,985
Hamilton
Insurance
Group
Ltd. — Class
B
115
3,903
Hilltop
Holdings,
Inc.
100
3,878
Bank
First
Corp.
(a)
26
3,857
Origin
Bancorp,
Inc.
75
3,836
Lakeland
Financial
Corp.
61
3,765
Pagseguro
Digital
Ltd. — Class
A
413
3,738
Live
Oak
Bancshares,
Inc.
90
3,676
RLJ
Lodging
Trust
REIT
(a)
310
3,673
1st
Source
Corp.
(a)
45
3,671
Apollo
Commercial
Real
Estate
Finance,
Inc.
REIT
336
3,588
Orchid
Island
Capital,
Inc.
REIT
510
3,555
Westamerica
BanCorp
59
3,462
Peoples
Bancorp,
Inc.
88
3,380
Two
Harbors
Investment
Corp.
REIT
264
3,276
Tompkins
Financial
Corp.
34
3,214
Slide
Insurance
Holdings,
Inc.*
164
3,177
Enact
Holdings,
Inc.
69
3,154
Merchants
Bancorp
(a)
63
3,150
UMH
Properties,
Inc.
REIT
204
3,089
Univest
Financial
Corp.
70
3,063
Heritage
Financial
Corp.
(a)
103
3,051
American
Assets
Trust,
Inc.
REIT
123
3,037
Preferred
Bank/Los
Angeles
CA
28
2,975
Neptune
Insurance
Holdings,
Inc. — Class
A*
94
2,961
Old
Second
Bancorp,
Inc.
126
2,938
First
Mid
Bancshares,
Inc.
61
2,933
Byline
Bancorp,
Inc.
77
2,900
Community
Trust
Bancorp,
Inc.
40
2,894
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Piedmont
Realty
Trust,
Inc.
REIT*
314
$
2,873
United
Fire
Group,
Inc.
54
2,832
Ladder
Capital
Corp. — Class
A
REIT
284
2,826
Goosehead
Insurance,
Inc. — Class
A*
58
2,813
Chimera
Investment
Corp.
REIT
209
2,788
Perella
Weinberg
Partners — Class
A
174
2,777
Safety
Insurance
Group,
Inc.
37
2,770
Easterly
Government
Properties,
Inc. — Class
A
REIT
111
2,767
Metropolitan
Bank
Holding
Corp.
28
2,765
Burke
&
Herbert
Financial
Services
Corp.
38
2,731
Pelagos
Insurance
Capital
Ltd.
109
2,654
Universal
Insurance
Holdings,
Inc.
63
2,606
Capitol
Federal
Financial,
Inc.
304
2,587
Arbor
Realty
Trust,
Inc.
REIT
(a)
476
2,580
Coastal
Financial
Corp.*
33
2,558
Horizon
Bancorp,
Inc.
127
2,537
Southside
Bancshares,
Inc.
72
2,534
Northeast
Bank
19
2,518
Central
Pacific
Financial
Corp.
65
2,483
PennyMac
Mortgage
Investment
Trust
REIT
219
2,470
Mercantile
Bank
Corp.
43
2,469
CNB
Financial
Corp.
73
2,461
Service
Properties
Trust
REIT
1,455
2,459
MFA
Financial,
Inc.
REIT
253
2,452
Hyperliquid
Strategies,
Inc.*
311
2,448
CBL
&
Associates
Properties,
Inc.
REIT
46
2,442
Business
First
Bancshares,
Inc.
79
2,428
Firstsun
Capital
Bancorp*
62
2,404
Hanmi
Financial
Corp.
74
2,398
TrustCo
Bank
Corporation
NY
43
2,361
Centerspace
REIT
42
2,360
F&G
Annuities
&
Life,
Inc.
88
2,340
Employers
Holdings,
Inc.
46
2,322
Virtus
Investment
Partners,
Inc.
16
2,296
Camden
National
Corp.
42
2,277
First
Financial
Corp.
29
2,246
Safehold,
Inc.
REIT
141
2,214
JBG
SMITH
Properties
REIT
149
2,186
Whitestone
REIT
REIT
115
2,180
Amerant
Bancorp,
Inc. — Class
A
85
2,169
Farmers
National
Banc
Corp.
147
2,146
Esquire
Financial
Holdings,
Inc.
18
2,144
NB
Bancorp,
Inc.
101
2,134
Amalgamated
Financial
Corp.
46
2,111
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
94
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Equity
Bancshares,
Inc. — Class
A
43
$
2,107
Metrocity
Bankshares,
Inc.
58
2,082
Trupanion,
Inc.*
84
2,081
Burford
Capital
Ltd.
507
2,079
Hudson
Pacific
Properties,
Inc.
REIT*
133
2,020
Eagle
Bancorp,
Inc.
(a)
71
2,016
Adamas
Trust,
Inc.
REIT
212
1,989
Empire
State
Realty
Trust,
Inc. — Class
A
REIT
356
1,926
Orrstown
Financial
Services,
Inc.
47
1,919
Financial
Institutions,
Inc.
49
1,910
Five
Star
Bancorp
(a)
39
1,899
Republic
Bancorp,
Inc. — Class
A
21
1,899
HomeTrust
Bancshares,
Inc.
38
1,896
Peapack-Gladstone
Financial
Corp.
40
1,893
Mid
Penn
Bancorp,
Inc.
54
1,881
Carter
Bankshares,
Inc.
55
1,871
Alerus
Financial
Corp.
59
1,835
SmartFinancial,
Inc.
39
1,830
Southern
Missouri
Bancorp,
Inc.
24
1,829
First
Community
Bankshares,
Inc.
(a)
41
1,821
Summit
Hotel
Properties,
Inc.
REIT
259
1,816
GCM
Grosvenor,
Inc. — Class
A
147
1,808
PRA
Group,
Inc.*
95
1,804
Compass
Diversified
Holdings*
169
1,802
Shore
Bancshares,
Inc.
78
1,790
Root,
Inc. — Class
A*
32
1,789
Invesco
Mortgage
Capital,
Inc.
REIT
226
1,785
Patria
Investments
Ltd. — Class
A
162
1,779
Marcus
&
Millichap,
Inc.
57
1,777
Accelerant
Holdings — Class
A*
151
1,770
CTO
Realty
Growth,
Inc.
REIT
82
1,764
Washington
Trust
Bancorp,
Inc.
48
1,751
Capital
City
Bank
Group,
Inc.
35
1,730
Strive,
Inc. — Class
A*
,(a)
157
1,713
Arrow
Financial
Corp.
(a)
41
1,681
South
Plains
Financial,
Inc.
39
1,680
BrightSpire
Capital,
Inc. — Class
A
REIT
306
1,668
National
Healthcare
Properties,
Inc.
REIT*
113
1,655
Community
West
Bancshares
(a)
61
1,638
Postal
Realty
Trust,
Inc. — Class
A
REIT
66
1,626
Heritage
Insurance
Holdings,
Inc.*
61
1,591
NexPoint
Residential
Trust,
Inc.
REIT
57
1,591
AMERISAFE,
Inc.
47
1,590
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Mechanics
Bancorp — Class
A
100
$
1,590
Third
Coast
Bancshares,
Inc.*
39
1,576
Great
Southern
Bancorp,
Inc.
(a)
20
1,568
Franklin
BSP
Realty
Trust,
Inc.
REIT
192
1,563
Bar
Harbor
Bankshares
41
1,548
Peoples
Financial
Services
Corp.
(a)
23
1,527
Northrim
BanCorp,
Inc.
55
1,526
Gladstone
Commercial
Corp.
REIT
122
1,501
Midland
States
Bancorp,
Inc.
48
1,495
ACNB
Corp.
25
1,485
Redwood
Trust,
Inc.
REIT
313
1,484
Chatham
Lodging
Trust
REIT
112
1,482
TPG
RE
Finance
Trust,
Inc.
REIT
176
1,473
Bit
Digital,
Inc.*
815
1,467
Civista
Bancshares,
Inc.
52
1,467
Resolute
Holdings
Management,
Inc.*
10
1,445
Cannae
Holdings,
Inc.
99
1,426
Southern
First
Bancshares,
Inc.*
23
1,405
Universal
Health
Realty
Income
Trust
REIT
32
1,404
Columbia
Financial,
Inc.*
,(a)
66
1,401
Kearny
Financial
Corp.
146
1,381
Alexander's,
Inc.
REIT
5
1,378
Northfield
Bancorp,
Inc.
93
1,370
California
BanCorp
65
1,355
Navient
Corp.
159
1,353
Bowhead
Specialty
Holdings,
Inc.*
45
1,347
AH
Realty
Trust,
Inc.
REIT
190
1,345
World
Acceptance
Corp.*
6
1,343
Brandywine
Realty
Trust
REIT
421
1,335
Atlanticus
Holdings
Corp.*
13
1,329
Hippo
Holdings,
Inc.*
47
1,328
HBT
Financial,
Inc.
40
1,280
AGNT,
Inc.
235
1,271
New
Era
Energy
&
Digital,
Inc.*
199
1,270
First
Business
Financial
Services,
Inc.
20
1,263
Community
Healthcare
Trust,
Inc.
REIT
69
1,261
Industrial
Logistics
Properties
Trust
REIT
141
1,251
LendingTree,
Inc.*
28
1,240
Saul
Centers,
Inc.
REIT
33
1,234
Home
Bancorp,
Inc.
18
1,233
Hingham
Institution
For
Savings
(a)
4
1,229
ChoiceOne
Financial
Services,
Inc.
36
1,224
Sierra
Bancorp
30
1,223
Chiron
Real
Estate,
Inc.
REIT
32
1,201
Red
River
Bancshares,
Inc.
13
1,187
Ridgepost
Capital,
Inc. — Class
A
150
1,181
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
95
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Z
Squared,
Inc.*
109
$
1,153
Orange
County
Bancorp,
Inc.
31
1,140
RBB
Bancorp
41
1,124
Bridgewater
Bancshares,
Inc.*
53
1,115
Investors
Title
Co.
4
1,095
Jefferson
Capital,
Inc.
56
1,090
One
Liberty
Properties,
Inc.
REIT
44
1,074
FrontView
REIT,
Inc.
REIT
53
1,072
Tiptree,
Inc.
59
1,057
Unity
Bancorp,
Inc.
18
1,056
Greenlight
Capital
Re
Ltd. — Class
A*
65
1,052
Colony
Bankcorp,
Inc.
52
1,045
Farmers
&
Merchants
Bancorp,
Inc.
34
1,040
Bank
of
Marin
Bancorp
37
1,025
West
BanCorp,
Inc.
38
1,008
Citizens
&
Northern
Corp.
43
1,002
International
Money
Express,
Inc.*
69
997
Ponce
Financial
Group,
Inc.*
50
997
Farmland
Partners,
Inc.
REIT
102
987
Capital
Bancorp,
Inc.
28
983
Northpointe
Bancshares,
Inc.
51
978
First
Bank
55
975
Investar
Holding
Corp.
32
959
Avidia
Bancorp,
Inc.
45
945
First
Bancorp,
Inc.
27
940
Plumas
Bancorp
16
935
NewtekOne,
Inc.
63
933
KKR
Real
Estate
Finance
Trust,
Inc.
REIT
(a)
134
917
Regional
Management
Corp.
22
906
Paysign,
Inc.*
110
901
Primis
Financial
Corp.
55
900
Bankwell
Financial
Group,
Inc.
15
881
Gladstone
Land
Corp.
REIT
101
862
Northeast
Community
Bancorp,
Inc.
31
860
BayCom
Corp.
26
855
Timberland
Bancorp,
Inc.
19
851
MVB
Financial
Corp.
29
841
Norwood
Financial
Corp.
26
836
Parke
Bancorp,
Inc.
25
829
Wealthfront
Corp.*
,(a)
91
814
Donegal
Group,
Inc. — Class
A
43
811
Alpine
Income
Property
Trust,
Inc.
REIT
39
810
RMR
Group,
Inc. — Class
A
39
801
Citizens
Financial
Services,
Inc.
11
797
Waterstone
Financial,
Inc.
38
788
PCB
Bancorp
27
766
Avidbank
Holdings,
Inc.*
23
760
NerdWallet,
Inc. — Class
A*
82
759
Abacus
Global
Management,
Inc.
70
750
MBIA,
Inc.*
115
750
Chemung
Financial
Corp.
10
746
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
GBank
Financial
Holdings,
Inc.*
24
$
727
FRP
Holdings,
Inc.*
29
725
First
Community
Corp.
22
719
First
Western
Financial,
Inc.*
22
706
Real
Brokerage,
Inc.*
386
703
Innventure,
Inc.*
138
700
FS
Bancorp,
Inc.
(a)
16
694
Franklin
Financial
Services
Corp.
11
689
American
Coastal
Insurance
Corp.
62
688
Commercial
Bancgroup,
Inc.
21
678
John
Marshall
Bancorp,
Inc.
31
676
Onity
Group,
Inc.*
17
676
Isabella
Bank
Corp.
17
671
FVCBankcorp,
Inc.
38
665
First
Northern
Community
Bancorp*
37
664
First
United
Corp.
15
662
Citizens,
Inc. — Class
A*
,(a)
114
654
Ames
National
Corp.
22
651
Western
New
England
Bancorp,
Inc.
45
643
Octave
Specialty
Group,
Inc.*
102
636
OppFi,
Inc.*
64
636
Ready
Capital
Corp.
REIT
360
630
Fidelity
D&D
Bancorp,
Inc.
12
617
Oak
Valley
Bancorp
18
607
Greene
County
Bancorp,
Inc.
18
605
FB
Bancorp,
Inc.*
40
602
First
National
Corp.
20
600
LCNB
Corp.
34
598
Ares
Commercial
Real
Estate
Corp.
132
594
Oportun
Financial
Corp.*
104
594
TPG
Mortgage
Investment
Trust,
Inc.
REIT
74
586
National
Bankshares,
Inc.
16
581
Legacy
Housing
Corp.*
22
578
Blue
Ridge
Bankshares,
Inc.
163
575
Velocity
Financial,
Inc.*
31
572
Bakkt,
Inc. — Class
A*
73
570
American
Integrity
Insurance
Group,
Inc.
30
565
Kingsway
Corp.*
54
563
C&F
Financial
Corp.
7
560
Claros
Mortgage
Trust,
Inc.
REIT*
238
559
Ategrity
Specialty
Holdings
LLC*
23
553
Kingstone
Companies,
Inc.
29
552
Sky
Harbour
Group
Corp. — Class
A*
56
551
Better
Home
&
Finance
Holding
Co. — Class
A*
20
550
Hawthorn
Bancshares,
Inc.
14
550
Bank7
Corp.
11
538
Citizens
Community
Bancorp,
Inc.
23
538
CoastalSouth
Bancshares,
Inc.
20
537
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
96
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Virginia
National
Bankshares
Corp.
12
$
533
First
Internet
Bancorp
19
528
First
Capital,
Inc.
8
517
Community
Bancorp
13
508
Seaport
Entertainment
Group,
Inc.*
19
505
Chicago
Atlantic
Real
Estate
Finance,
Inc.
REIT
47
504
SITE
Centers
Corp.
REIT
126
500
Eagle
Financial
Services,
Inc.
12
498
Princeton
Bancorp,
Inc.
13
493
NexPoint
Diversified
Real
Estate
Trust
REIT
93
483
Meridian
Corp.
24
481
Peoples
Bancorp
of
North
Carolina,
Inc.
11
474
Seven
Hills
Realty
Trust
REIT
55
464
Crawford
&
Co. — Class
A
41
462
B
Riley
Financial,
Inc.*
57
458
CB
Financial
Services,
Inc.
12
455
Eagle
Bancorp
Montana,
Inc.
19
455
RE/MAX
Holdings,
Inc. — Class
A*
46
454
OP
Bancorp
30
450
AlTi
Global,
Inc.*
124
448
Pioneer
Bancorp,
Inc.*
26
444
BCB
Bancorp,
Inc.
40
429
Medallion
Financial
Corp.
42
429
CF
Bankshares,
Inc.
(a)
13
426
Modiv
Industrial,
Inc.
REIT
24
418
NET
Lease
Office
Properties
REIT
37
412
James
River
Group
Holdings,
Inc.
93
409
Landmark
Bancorp,
Inc.
13
399
MainStreet
Bancshares,
Inc.
16
395
Ohio
Valley
Banc
Corp.
9
391
Security
National
Financial
Corp. — Class
A*
40
388
BRT
Apartments
Corp.
REIT
25
384
Orion
Properties,
Inc.
REIT
133
384
Angel
Oak
Mortgage
REIT,
Inc.
REIT
42
381
ECB
Bancorp,
Inc.*
18
361
BV
Financial,
Inc.*
17
360
loanDepot,
Inc. — Class
A*
282
353
Finwise
Bancorp*
24
348
Westwood
Holdings
Group,
Inc.
18
345
Exzeo
Group,
Inc.*
20
337
SR
Bancorp,
Inc.
17
335
Richmond
Mutual
BanCorp,
Inc.
21
333
Douglas
Elliman,
Inc.*
181
320
Braemar
Hotels
&
Resorts,
Inc.
REIT
146
315
Chain
Bridge
Bancorp,
Inc. — Class
A*
7
294
Maui
Land
&
Pineapple
Company,
Inc.*
16
284
Nexpoint
Real
Estate
Finance,
Inc.
REIT
18
279
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
FINANCIAL
-
12.0%
(continued)
Finance
Of
America
Companies,
Inc. — Class
A*
,(a)
10
$
275
Strawberry
Fields
REIT,
Inc.
REIT
20
275
NI
Holdings,
Inc.*
17
267
Hanover
Bancorp,
Inc.
11
257
ACRES
Commercial
Realty
Corp.
REIT*
14
249
Consumer
Portfolio
Services,
Inc.*
23
221
Rhinebeck
Bancorp,
Inc.*
12
208
Roadzen,
Inc.*
114
166
Silvercrest
Asset
Management
Group,
Inc. — Class
A
15
152
First
Guaranty
Bancshares,
Inc.
15
151
Transcontinental
Realty
Investors,
Inc.*
3
138
American
Realty
Investors,
Inc.*
3
67
Total
Financial
1,945,646
INDUSTRIAL
-
6.9%
Moog,
Inc. — Class
A
71
30,093
Argan,
Inc.
34
27,151
ESCO
Technologies,
Inc.
66
23,103
EnerSys
92
21,511
Terex
Corp.
285
20,631
Plexus
Corp.*
67
20,145
Enpro,
Inc.
53
19,977
MYR
Group,
Inc.*
,(a)
39
19,516
Federal
Signal
Corp.
151
19,402
JBT
Marel
Corp.
(a)
132
19,140
Zurn
Elkay
Water
Solutions
Corp.
375
18,949
Fluor
Corp.*
356
18,651
Granite
Construction,
Inc.
(a)
111
17,547
Mercury
Systems,
Inc.*
140
17,126
Vishay
Intertechnology,
Inc.
(a)
306
16,457
GATX
Corp.
89
15,770
Materion
Corp.
52
15,464
Casella
Waste
Systems,
Inc. — Class
A*
158
15,321
Joby
Aviation,
Inc.*
,(a)
1,679
14,977
Matson,
Inc.
76
14,609
Novanta,
Inc.*
90
14,602
Construction
Partners,
Inc. — Class
A*
120
14,252
AAR
Corp.*
99
14,150
Frontdoor,
Inc.*
178
13,811
UFP
Industries,
Inc.
142
12,885
Knife
River
Corp.*
144
12,046
CECO
Environmental
Corp.*
131
11,887
Belden,
Inc.
98
11,751
AZZ,
Inc.
75
11,629
RXO,
Inc.*
416
11,477
CSW
Industrials,
Inc.
40
11,132
Xometry,
Inc. — Class
A*
115
11,100
Badger
Meter,
Inc.
(a)
74
10,980
Mirion
Technologies,
Inc. — Class
A*
,(a)
600
10,758
Standex
International
Corp.
30
10,730
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
97
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
INDUSTRIAL
-
6.9%
(continued)
Atmus
Filtration
Technologies,
Inc.
207
$
10,555
Franklin
Electric
Company,
Inc.
95
10,183
Mueller
Water
Products,
Inc. — Class
A
390
10,074
Bel
Fuse,
Inc. — Class
B
30
9,991
Ondas,
Inc.*
,(a)
1,209
9,962
Ichor
Holdings
Ltd.*
87
9,768
nLight,
Inc.*
138
9,608
Itron,
Inc.*
,(a)
111
9,605
Tutor
Perini
Corp.
114
9,459
Kadant,
Inc.
(a)
30
9,427
Griffon
Corp.
96
9,363
Cactus,
Inc. — Class
A
175
8,965
Knowles
Corp.*
213
8,835
Benchmark
Electronics,
Inc.
89
8,782
OSI
Systems,
Inc.*
,(a)
40
8,748
Avient
Corp.
231
8,538
NuScale
Power
Corp.*
,(a)
807
8,094
International
Seaways,
Inc.
104
7,965
Scorpio
Tankers,
Inc.
115
7,965
Archer
Aviation,
Inc. — Class
A*
1,670
7,899
ArcBest
Corp.
55
7,895
Helios
Technologies,
Inc.
83
7,408
Exponent,
Inc.
122
7,169
Boise
Cascade
Co.
(a)
90
6,987
Trinity
Industries,
Inc.
(a)
200
6,916
Intuitive
Machines,
Inc. — Class
A*
,(a)
317
6,781
Kennametal,
Inc.
192
6,730
Centuri
Holdings,
Inc.*
219
6,623
Hub
Group,
Inc. — Class
A
150
6,568
Werner
Enterprises,
Inc.
150
6,541
Astronics
Corp.*
80
6,501
Ducommun,
Inc.*
35
6,482
Atkore,
Inc.
85
6,463
DHT
Holdings,
Inc.
365
6,033
Redwire
Corp.*
485
5,932
Firefly
Aerospace,
Inc.*
198
5,821
DXP
Enterprises,
Inc.*
32
5,400
Albany
International
Corp. — Class
A
72
5,364
Masterbrand,
Inc.*
504
5,186
Proto
Labs,
Inc.*
60
4,891
Gorman-Rupp
Co.
53
4,862
American
Superconductor
Corp.*
117
4,857
Amprius
Technologies,
Inc.*
341
4,726
Babcock
&
Wilcox
Enterprises,
Inc.*
332
4,681
CTS
Corp.
71
4,628
Enerpac
Tool
Group
Corp. — Class
A
129
4,626
Greif,
Inc. — Class
A
61
4,544
Alamo
Group,
Inc.
26
4,277
Worthington
Enterprises,
Inc.
78
4,193
Hillman
Solutions
Corp.*
494
4,169
Voyager
Technologies,
Inc. — Class
A*
,(a)
129
4,160
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
INDUSTRIAL
-
6.9%
(continued)
World
Kinect
Corp.
(a)
125
$
4,117
Teekay
Tankers
Ltd. — Class
A
61
3,957
Cardinal
Infrastructure
Group,
Inc. — Class
A*
42
3,956
Tennant
Co.
(a)
44
3,852
Allient,
Inc.
37
3,808
Greenbrier
Companies,
Inc.
(a)
77
3,774
O-I
Glass,
Inc.*
386
3,717
NWPX
Infrastructure,
Inc.*
24
3,599
Astec
Industries,
Inc.
58
3,549
Gibraltar
Industries,
Inc.*
75
3,383
Graham
Corp.*
27
3,342
Myers
Industries,
Inc.
94
3,319
Energizer
Holdings,
Inc.
(a)
154
3,302
Napco
Security
Technologies,
Inc.
86
3,266
Dorian
LPG
Ltd.
93
3,235
Lindsay
Corp.
26
3,219
SFL
Corporation
Ltd. — Class
B
308
3,142
TriMas
Corp.
68
3,062
Enovix
Corp.*
492
2,986
Tecnoglass,
Inc.
63
2,949
Red
Cat
Holdings,
Inc.*
,(a)
276
2,939
PureCycle
Technologies,
Inc.*
361
2,928
Nordic
American
Tankers
Ltd.
510
2,825
Worthington
Steel,
Inc.
83
2,787
Ryerson
Holding
Corp.
112
2,756
Marten
Transport
Ltd.
147
2,550
Unusual
Machines,
Inc.*
113
2,520
Apogee
Enterprises,
Inc.
53
2,424
Evolv
Technologies
Holdings,
Inc.*
407
2,361
NANO
Nuclear
Energy,
Inc.*
,(a)
108
2,283
Cadre
Holdings,
Inc.
78
2,224
FLEX
LNG
Ltd.
79
2,217
LSI
Industries,
Inc.
83
2,206
Limbach
Holdings,
Inc.*
28
2,156
Willis
Lease
Finance
Corp.
(a)
9
2,059
Genco
Shipping
&
Trading
Ltd.
81
2,007
Kopin
Corp.*
434
1,944
CryoPort,
Inc.*
123
1,931
Janus
International
Group,
Inc.*
331
1,837
Park
Aerospace
Corp.
46
1,755
National
Presto
Industries,
Inc.
14
1,750
Onterris,
Inc.*
,(a)
85
1,718
Navigator
Holdings
Ltd.
92
1,714
Metallus,
Inc.*
91
1,701
Covenant
Logistics
Group,
Inc. — Class
A
38
1,679
Smith
&
Wesson
Brands,
Inc.
111
1,669
Ardagh
Metal
Packaging
S.A.
351
1,664
Orion
Group
Holdings,
Inc.*
97
1,632
LSB
Industries,
Inc.*
149
1,611
Costamare,
Inc.
112
1,570
Kimball
Electronics,
Inc.*
60
1,536
Eastman
Kodak
Co.*
160
1,480
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
98
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
INDUSTRIAL
-
6.9%
(continued)
Heartland
Express,
Inc.
96
$
1,461
TAT
Technologies
Ltd.*
30
1,447
Enviri
Corp.*
65
1,427
Insteel
Industries,
Inc.
47
1,419
Beta
Technologies,
Inc. — Class
A*
84
1,407
Teekay
Corp.
Ltd.
139
1,390
Mayville
Engineering
Company,
Inc.*
36
1,349
Mesa
Laboratories,
Inc.
13
1,294
Sturm
Ruger
&
Company,
Inc.
34
1,287
NVE
Corp.
12
1,255
Ardmore
Shipping
Corp.
89
1,247
Manitowoc
Company,
Inc.*
88
1,222
Luxfer
Holdings
plc
67
1,209
Titan
America
S.A.
63
1,176
Aebi
Schmidt
Holding
AG
93
1,167
Bel
Fuse,
Inc. — Class
A
4
1,165
Energy
Recovery,
Inc.*
129
1,164
York
Space
Systems,
Inc.*
,(a)
47
1,157
Greif,
Inc. — Class
B
12
1,122
L
B
Foster
Co. — Class
A*
24
1,084
Columbus
McKinnon
Corp.
71
1,074
Aspen
Aerogels,
Inc.*
168
1,065
Bowman
Consulting
Group
Ltd.*
36
1,051
M-Tron
Industries,
Inc.*
10
992
Hyster-Yale,
Inc.
28
982
Richtech
Robotics,
Inc. — Class
B*
463
977
Himalaya
Shipping
Ltd.
73
975
Park-Ohio
Holdings
Corp.
25
961
Aevex
Corp. — Class
A*
45
940
Ranpak
Holdings
Corp. — Class
A*
121
885
Safe
Bulkers,
Inc.
137
864
Radiant
Logistics,
Inc.*
90
851
Latham
Group,
Inc.*
128
828
Power
Solutions
International,
Inc.*
21
817
Forward
Air
Corp.*
57
770
Mistras
Group,
Inc.*
44
769
TSS,
Inc.*
61
750
Lightbridge
Corp.*
85
747
Karat
Packaging,
Inc.
21
703
Virgin
Galactic
Holdings,
Inc.*
,(a)
239
691
Energy
Services
of
America
Corp.
35
677
Twin
Disc,
Inc.
29
673
Innovative
Solutions
and
Support,
Inc.*
37
666
Perma-Fix
Environmental
Services,
Inc.*
44
629
Concrete
Pumping
Holdings,
Inc.*
52
627
908
Devices,
Inc.*
72
626
Eve
Holding,
Inc.*
246
617
Clearwater
Paper
Corp.*
39
612
Outdoor
Holding
Co.*
267
609
AerSale
Corp.*
92
581
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
INDUSTRIAL
-
6.9%
(continued)
Pangaea
Logistics
Solutions
Ltd.
89
$
579
Tredegar
Corp.*
69
549
Palladyne
AI
Corp.*
90
547
Sight
Sciences,
Inc.*
97
526
Pure
Cycle
Corp.*
49
525
SmartRent,
Inc.*
424
505
Stoneridge,
Inc.*
69
505
Core
Molding
Technologies,
Inc.*
21
496
Elmet
Group
Co.*
25
493
Perma-Pipe
International
Holdings,
Inc.*
18
490
Taylor
Devices,
Inc.*
8
469
Turtle
Beach
Corp.*
37
461
AirJoule
Technologies
Corp.*
81
449
Proficient
Auto
Logistics,
Inc.*
61
415
AIRO
Group
Holdings,
Inc.*
55
406
Espey
Mfg.
&
Electronics
Corp.
6
404
Starfighters
Space,
Inc.*
76
404
Gencor
Industries,
Inc.*
26
388
Costamare
Bulkers
Holdings
Ltd.*
21
369
FreightCar
America,
Inc.*
37
360
ChargePoint
Holdings,
Inc.*
60
355
Ampco-Pittsburgh
Corp.*
40
346
Energous
Corp.*
13
313
Pro-Dex,
Inc.*
5
293
Omega
Flex,
Inc.
9
283
Universal
Logistics
Holdings,
Inc.
(a)
18
266
Innovate
Corp.*
14
261
GoPro,
Inc. — Class
A*
333
259
GrafTech
International
Ltd.*
42
248
Syntec
Optics
Holdings,
Inc.*
17
212
Smith-Midland
Corp.*
7
203
Net
Power,
Inc.*
105
175
PAMT
CORP*
12
168
NLI
Holdings,
Inc.
21
125
Shimmick
Corp.*
13
59
LanzaTech
Global,
Inc.*
4
27
Total
Industrial
1,128,288
CONSUMER,
CYCLICAL
-
5.2%
FirstCash
Holdings,
Inc.
102
22,065
Brinker
International,
Inc.*
108
18,144
Taylor
Morrison
Home
Corp. — Class
A*
236
16,931
VSE
Corp.
70
15,995
Garrett
Motion,
Inc.
433
15,688
Life
Time
Group
Holdings,
Inc.*
363
14,825
Victoria's
Secret
&
Co.*
175
14,609
Meritage
Homes
Corp.
165
13,835
Installed
Building
Products,
Inc.
(a)
59
13,561
PriceSmart,
Inc.
65
12,697
Boot
Barn
Holdings,
Inc.*
77
12,649
Champion
Homes,
Inc.*
138
12,161
Cavco
Industries,
Inc.*
19
11,673
Kontoor
Brands,
Inc.
138
11,501
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
99
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
CYCLICAL
-
5.2%
(continued)
Rush
Enterprises,
Inc. — Class
A
153
$
11,167
OPENLANE,
Inc.*
265
10,929
Resideo
Technologies,
Inc.*
341
10,605
M/I
Homes,
Inc.*
,(a)
64
10,291
Urban
Outfitters,
Inc.*
144
10,204
Abercrombie
&
Fitch
Co. — Class
A*
,(a)
111
9,991
Asbury
Automotive
Group,
Inc.*
49
9,853
SkyWest,
Inc.*
99
9,834
UniFirst
Corp.
37
9,785
KB
Home
(a)
152
9,514
Advance
Auto
Parts,
Inc.
152
9,457
Polaris,
Inc.
136
9,308
Cheesecake
Factory,
Inc.
117
9,306
Dorman
Products,
Inc.*
67
9,142
Signet
Jewelers
Ltd.
98
8,448
Group
1
Automotive,
Inc.
29
8,444
Cinemark
Holdings,
Inc.
264
8,377
Acushnet
Holdings
Corp.
69
8,179
Madison
Square
Garden
Entertainment
Corp. — Class
A*
99
8,008
Warby
Parker,
Inc. — Class
A*
,(a)
257
7,797
Red
Rock
Resorts,
Inc. — Class
A
(a)
119
7,742
Steven
Madden
Ltd.
182
7,662
Academy
Sports
&
Outdoors,
Inc.
(a)
162
7,635
Phinia,
Inc.
92
7,578
Lionsgate
Studios
Corp.*
493
7,548
Versigent
plc*
179
7,520
Dana,
Inc.
275
7,483
Rush
Street
Interactive,
Inc. — Class
A*
251
7,465
Hilton
Grand
Vacations,
Inc.*
141
7,384
HNI
Corp.
179
7,233
Patrick
Industries,
Inc.
(a)
80
7,182
Allegiant
Travel
Co.*
61
7,174
Marriott
Vacations
Worldwide
Corp.
70
7,132
OneSpaWorld
Holdings
Ltd.
249
7,032
Penn
Entertainment,
Inc.*
320
6,835
American
Eagle
Outfitters,
Inc.
394
6,777
Visteon
Corp.
67
6,647
Callaway
Golf
Co.*
350
6,576
Newell
Brands,
Inc.
1,066
6,545
RH*
39
6,424
Atlanta
Braves
Holdings,
Inc. — Class
C*
123
6,384
Harley-Davidson,
Inc.
261
6,384
LCI
Industries
60
6,353
Blue
Bird
Corp.*
79
6,238
Green
Brick
Partners,
Inc.*
76
6,083
Peloton
Interactive,
Inc. — Class
A*
1,013
5,987
Capri
Holdings
Ltd.*
298
5,534
Super
Group
SGHC
Ltd.
407
5,515
Shake
Shack,
Inc. — Class
A*
98
5,490
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
CYCLICAL
-
5.2%
(continued)
Interface,
Inc. — Class
A
145
$
5,197
Six
Flags
Entertainment
Corp.*
240
5,112
Kohl's
Corp.
274
4,855
Central
Garden
&
Pet
Co. — Class
A*
125
4,846
JetBlue
Airways
Corp.*
,(a)
845
4,842
Goodyear
Tire
&
Rubber
Co.*
699
4,613
IMAX
Corp.*
114
4,544
Century
Communities,
Inc.
(a)
63
4,515
Sonos,
Inc.*
301
4,072
La-Z-Boy,
Inc.
101
4,052
Leggett
&
Platt,
Inc.
339
3,970
Monarch
Casino
&
Resort,
Inc.
30
3,948
National
Vision
Holdings,
Inc.*
,(a)
197
3,745
Carter's,
Inc.
90
3,704
Adient
plc*
197
3,621
Lindblad
Expeditions
Holdings,
Inc.*
124
3,502
Millerknoll,
Inc.
171
3,499
Buckle,
Inc.
81
3,418
Sally
Beauty
Holdings,
Inc.*
241
3,408
Wolverine
World
Wide,
Inc.
206
3,405
Winmark
Corp.
(a)
8
3,385
Wendy's
Co.
(a)
403
3,341
LGI
Homes,
Inc.*
,(a)
52
3,311
Dauch
Corp.*
588
3,187
Douglas
Dynamics,
Inc.
58
3,129
XPEL,
Inc.*
63
3,125
G-III
Apparel
Group
Ltd.
91
3,068
Under
Armour,
Inc. — Class
A*
,(a)
478
3,054
Papa
John's
International,
Inc.
82
3,015
Cracker
Barrel
Old
Country
Store,
Inc.
56
2,985
Global
Business
Travel
Group
I*
313
2,939
AMC
Entertainment
Holdings,
Inc. — Class
A*
1,543
2,932
BJ's
Restaurants,
Inc.*
48
2,915
Pursuit
Attractions
and
Hospitality,
Inc.*
52
2,910
Alliance
Laundry
Holdings,
Inc.*
,(a)
109
2,891
Under
Armour,
Inc. — Class
C*
464
2,886
ScanSource,
Inc.*
54
2,813
Brightstar
Lottery
plc
243
2,605
Gentherm,
Inc.*
76
2,592
Sonic
Automotive,
Inc. — Class
A
30
2,544
indie
Semiconductor,
Inc. — Class
A*
,(a)
531
2,384
United
Parks
&
Resorts,
Inc.*
,(a)
49
2,339
Sweetgreen,
Inc. — Class
A*
263
2,317
Winnebago
Industries,
Inc.
(a)
69
2,156
Lucid
Group,
Inc.*
,(a)
316
2,114
Standard
Motor
Products,
Inc.
54
2,104
Gold.com,
Inc.
49
2,039
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
100
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
CYCLICAL
-
5.2%
(continued)
First
Watch
Restaurant
Group,
Inc.*
154
$
1,985
Aeva
Technologies,
Inc.*
69
1,982
PC
Connection,
Inc.
27
1,971
Bloomin'
Brands,
Inc.
214
1,956
Daktronics,
Inc.*
99
1,936
MarineMax,
Inc.*
50
1,831
Fox
Factory
Holding
Corp.*
106
1,796
ThredUp,
Inc. — Class
A*
261
1,788
Sabre
Corp.*
845
1,766
Rush
Enterprises,
Inc. — Class
B
(a)
23
1,759
Beazer
Homes
USA,
Inc.*
62
1,739
Hovnanian
Enterprises,
Inc. — Class
A*
12
1,709
Hyliion
Holdings
Corp.*
317
1,652
Methode
Electronics,
Inc.
87
1,650
Accel
Entertainment,
Inc. — Class
A*
129
1,627
Forestar
Group,
Inc.*
,(a)
49
1,551
Movado
Group,
Inc.
38
1,494
Arko
Corp.
(a)
184
1,477
Ermenegildo
Zegna
N.V.
113
1,471
XMAX,
Inc.*
152
1,382
Miller
Industries,
Inc.
27
1,381
Malibu
Boats,
Inc. — Class
A*
50
1,371
Wabash
National
Corp.
99
1,336
Ethan
Allen
Interiors,
Inc.
59
1,318
Marcus
Corp.
56
1,314
Solid
Power,
Inc.*
,(a)
503
1,303
Global
Industrial
Co.
37
1,238
Falcon's
Beyond
Global,
Inc. — Class
A*
69
1,236
Oxford
Industries,
Inc.
35
1,220
Dream
Finders
Homes,
Inc. — Class
A*
,(a)
70
1,208
El
Pollo
Loco
Holdings,
Inc.*
71
1,204
MasterCraft
Boat
Holdings,
Inc.*
46
1,188
BlueLinx
Holdings,
Inc.*
19
1,176
Camping
World
Holdings,
Inc. — Class
A
153
1,167
Cooper-Standard
Holdings,
Inc.*
43
1,163
Frontier
Group
Holdings,
Inc.*
,(a)
147
1,163
Titan
Machinery,
Inc.*
53
1,119
Dine
Brands
Global,
Inc.
(a)
31
1,113
Arhaus,
Inc. — Class
A
131
1,103
Caleres,
Inc.
83
1,027
Titan
International,
Inc.*
132
1,018
Kura
Sushi
USA,
Inc. — Class
A*
17
978
Atlanta
Braves
Holdings,
Inc. — Class
A*
,(a)
17
957
Savers
Value
Village,
Inc.*
93
938
Xperi,
Inc.*
114
938
Central
Garden
&
Pet
Co.*
21
931
Build-A-Bear
Workshop,
Inc.
30
918
Haverty
Furniture
Companies,
Inc.
34
868
Starz
Entertainment
Corp.*
30
866
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
CYCLICAL
-
5.2%
(continued)
Biglari
Holdings,
Inc. — Class
B*
,(a)
2
$
852
Clean
Energy
Fuels
Corp.*
407
834
Strattec
Security
Corp.*
10
814
Genesco,
Inc.*
24
810
Portillo's,
Inc. — Class
A*
167
792
Yesway,
Inc. — Class
A*
39
792
Bob's
Discount
Furniture,
Inc.*
49
775
Dave
&
Buster's
Entertainment,
Inc.*
68
775
Rocky
Brands,
Inc.
18
742
Johnson
Outdoors,
Inc. — Class
A
16
737
Republic
Airways
Holdings,
Inc.*
35
735
Krispy
Kreme,
Inc.*
199
702
Jack
in
the
Box,
Inc.*
44
696
Citi
Trends,
Inc.*
12
694
Shoe
Station
Group,
Inc.
46
682
EVgo,
Inc. — Class
A*
338
646
Nu
Skin
Enterprises,
Inc. — Class
A
121
639
Petco
Health
&
Wellness
Company,
Inc. — Class
A*
229
623
Funko,
Inc. — Class
A*
105
617
Microvast
Holdings,
Inc.*
524
613
Xponential
Fitness,
Inc. — Class
A*
88
609
Webtoon
Entertainment,
Inc.*
53
605
SES
AI
Corp.*
624
599
Flexsteel
Industries,
Inc.
8
596
Weyco
Group,
Inc.
15
590
Zumiez,
Inc.*
33
587
Lovesac
Co.*
35
584
Fossil
Group,
Inc.*
135
559
JAKKS
Pacific,
Inc.
23
535
Hudson
Technologies,
Inc.*
92
528
Inspired
Entertainment,
Inc.*
63
520
Barnes
&
Noble
Education,
Inc.*
41
515
Designer
Brands,
Inc. — Class
A
86
501
Holley,
Inc.*
194
495
Envela
Corp.*
17
491
Motorcar
Parts
of
America,
Inc.*
32
490
Reservoir
Media,
Inc.*
49
485
RCI
Hospitality
Holdings,
Inc.
(a)
17
464
Hamilton
Beach
Brands
Holding
Co. — Class
A
18
415
Escalade,
Inc.
21
394
Black
Rock
Coffee
Bar,
Inc. — Class
A*
44
365
Commercial
Vehicle
Group,
Inc.*
77
356
Superior
Group
of
Companies,
Inc.
27
354
Bally's
Corp.*
25
343
OneWater
Marine,
Inc. — Class
A*
29
327
J
Jill,
Inc.
17
270
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
101
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
CONSUMER,
CYCLICAL
-
5.2%
(continued)
Venu
Holding
Corp.*
119
$
270
RideNow
Group,
Inc.*
39
260
Lifetime
Brands,
Inc.
30
256
Tron,
Inc.*
128
206
EVI
Industries,
Inc.
13
192
Playboy,
Inc.*
144
176
Torrid
Holdings,
Inc.*
85
159
Comstock
Holding
Companies,
Inc.*
9
144
OPAL
Fuels,
Inc. — Class
A*
54
119
Wheels
Up
Experience,
Inc.*
13
117
CompX
International,
Inc.
4
100
flyExclusive,
Inc.*
35
70
Rent
the
Runway,
Inc. — Class
A*
21
66
Livewire
Group,
Inc.*
31
35
Total
Consumer,
Cyclical
847,062
TECHNOLOGY
-
4.8%
MaxLinear,
Inc.*
215
27,526
JFrog
Ltd.*
271
24,628
D-Wave
Quantum,
Inc.*
915
21,951
Silicon
Laboratories,
Inc.*
82
17,922
Kulicke
&
Soffa
Industries,
Inc.
129
17,255
ACM
Research,
Inc. — Class
A*
134
17,003
Rigetti
Computing,
Inc.*
,(a)
831
16,055
Ultra
Clean
Holdings,
Inc.*
,(a)
111
15,827
Commvault
Systems,
Inc.*
111
15,732
Axcelis
Technologies,
Inc.*
78
14,777
Clear
Secure,
Inc. — Class
A
236
13,152
ACI
Worldwide,
Inc.*
255
12,824
Diodes,
Inc.*
114
12,476
Qualys,
Inc.*
90
12,374
Alignment
Healthcare,
Inc.*
,(a)
506
12,048
Synaptics,
Inc.*
,(a)
96
11,926
Varonis
Systems,
Inc. — Class
B*
283
11,875
Power
Integrations,
Inc.
(a)
139
11,643
Veeco
Instruments,
Inc.*
,(a)
149
11,294
AXT,
Inc.*
155
11,172
Zeta
Global
Holdings
Corp. — Class
A*
,(a)
563
11,080
ServiceTitan,
Inc. — Class
A*
152
10,748
Tenable
Holdings,
Inc.*
285
10,511
Impinj,
Inc.*
,(a)
72
10,313
Ouster,
Inc.*
155
9,691
Penguin
Solutions,
Inc.*
,(a)
125
9,501
Ambarella,
Inc.*
106
9,095
Adeia,
Inc.
276
9,089
Box,
Inc. — Class
A*
340
9,024
Insight
Enterprises,
Inc.*
71
8,648
Cohu,
Inc.*
,(a)
116
8,574
Hinge
Health,
Inc. — Class
A*
103
8,549
Teradata
Corp.*
237
8,212
Navitas
Semiconductor
Corp. — Class
A*
455
8,154
NCR
Atleos
Corp.*
183
7,944
NetScout
Systems,
Inc.*
177
7,708
Maximus,
Inc.
136
7,311
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
TECHNOLOGY
-
4.8%
(continued)
Aehr
Test
Systems*
76
$
7,301
Fastly,
Inc. — Class
A*
,(a)
380
6,977
Digi
International,
Inc.*
93
6,970
Agilysys,
Inc.*
65
6,792
SoundHound
AI,
Inc. — Class
A*
,(a)
991
6,412
Crane
NXT
Co.
(a)
125
6,395
Pitney
Bowes,
Inc.
362
6,342
Workiva,
Inc. — Class
A*
129
6,258
Innodata,
Inc.*
79
5,971
Navan,
Inc. — Class
A*
258
5,900
HeartFlow,
Inc.*
199
5,839
LiveRamp
Holdings,
Inc.*
155
5,834
PDF
Solutions,
Inc.*
82
5,805
Waystar
Holding
Corp.*
,(a)
277
5,687
V2X,
Inc.*
73
5,443
Freshworks,
Inc. — Class
A*
532
5,384
SPS
Commerce,
Inc.*
92
5,260
Braze,
Inc. — Class
A*
,(a)
237
5,141
Quantum
Computing,
Inc.*
,(a)
511
4,957
Diebold
Nixdorf,
Inc.*
56
4,761
AvePoint,
Inc.*
420
4,708
Bandwidth,
Inc. — Class
A*
74
4,684
Photronics,
Inc.*
144
4,684
Vishay
Precision
Group,
Inc.*
,(a)
30
4,497
NextNav,
Inc.*
,(a)
251
4,475
BigBear.ai
Holdings,
Inc.*
,(a)
1,211
4,444
nCino,
Inc.*
266
4,349
Arteris,
Inc.*
87
4,227
Ambiq
Micro,
Inc.*
46
4,062
Five9,
Inc.*
190
4,051
Infleqtion,
Inc.*
291
3,876
DoubleVerify
Holdings,
Inc.*
350
3,794
DXC
Technology
Co.*
427
3,779
Porch
Group,
Inc.*
242
3,640
Digital
Turbine,
Inc.*
280
3,612
Genius
Sports
Ltd.*
590
3,575
Progress
Software
Corp.*
,(a)
105
3,526
Intapp,
Inc.*
139
3,504
Wolfspeed,
Inc.*
72
3,474
BlackLine,
Inc.*
123
3,453
CEVA,
Inc.*
69
3,254
SkyWater
Technology,
Inc.*
93
3,238
C3.ai,
Inc. — Class
A*
,(a)
341
3,100
Globant
S.A.*
107
3,097
ACV
Auctions,
Inc. — Class
A*
424
3,049
Alkami
Technology,
Inc.*
,(a)
168
3,044
Alpha
&
Omega
Semiconductor
Ltd.*
61
2,887
NCR
Voyix
Corp.*
,(a)
350
2,859
Blackbaud,
Inc.*
90
2,666
Life360,
Inc.*
,(a)
47
2,602
Donnelley
Financial
Solutions,
Inc.*
62
2,601
Via
Transportation,
Inc. — Class
A*
,(a)
131
2,376
Concentrix
Corp.
106
2,375
Schrodinger
Incorporated/
United
States*
143
2,324
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
102
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
TECHNOLOGY
-
4.8%
(continued)
Appian
Corp. — Class
A*
99
$
2,267
Mitek
Systems,
Inc.*
112
2,255
SHARPLINK,
Inc.*
466
2,237
Vertex,
Inc. — Class
A*
180
2,066
Nutex
Health,
Inc.*
12
2,051
GigaCloud
Technology,
Inc. — Class
A*
63
1,991
PagerDuty,
Inc.*
203
1,959
Omada
Health,
Inc.*
88
1,932
Talkspace,
Inc.*
356
1,851
Amplitude,
Inc. — Class
A*
239
1,828
PAR
Technology
Corp.*
,(a)
104
1,812
Everforth,
Inc.*
101
1,805
Daily
Journal
Corp.*
3
1,804
ZoomInfo
Technologies,
Inc. — Class
A*
610
1,787
Red
Violet,
Inc.*
28
1,784
Consensus
Cloud
Solutions,
Inc.*
45
1,717
Asana,
Inc. — Class
A*
,(a)
241
1,687
Evolent
Health,
Inc. — Class
A*
284
1,539
Rackspace
Technology,
Inc.*
228
1,489
Rapid7,
Inc.*
165
1,336
OneSpan,
Inc.
92
1,320
PubMatic,
Inc. — Class
A*
97
1,273
Phreesia,
Inc.*
123
1,266
Cerence,
Inc.*
111
1,256
I3
Verticals,
Inc. — Class
A*
,(a)
55
1,175
Everspin
Technologies,
Inc.*
48
1,161
Corsair
Gaming,
Inc.*
118
1,141
Whitefiber,
Inc.*
28
1,088
3D
Systems
Corp.*
359
1,084
Sprout
Social,
Inc. — Class
A*
135
1,019
One
Stop
Systems,
Inc.*
56
1,018
Yext,
Inc.*
215
1,004
Weave
Communications,
Inc.*
,(a)
162
970
Climb
Global
Solutions,
Inc.
41
952
Xerox
Holdings
Corp.
302
945
Grid
Dynamics
Holdings,
Inc.*
164
931
SharonAI
Holdings,
Inc.*
11
931
Ibotta,
Inc. — Class
A*
25
854
Atomera,
Inc.*
95
827
Claritev
Corp. — Class
A*
24
819
QuickLogic
Corp.*
41
819
Simulations
Plus,
Inc.*
43
787
Blend
Labs,
Inc. — Class
A*
456
780
Duos
Technologies
Group,
Inc.*
65
780
IBEX
Holdings
Ltd.*
25
759
Velo3D,
Inc.*
41
720
TruBridge,
Inc.*
27
708
Aeluma,
Inc.*
32
707
Amtech
Systems,
Inc.*
29
669
Forward
Industries,
Inc.*
154
650
N-able,
Inc.*
177
650
Telos
Corp.*
139
639
GSI
Technology,
Inc.*
78
603
Unisys
Corp.*
162
593
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
TECHNOLOGY
-
4.8%
(continued)
8x8,
Inc.*
346
$
592
Richardson
Electronics
Ltd.
(a)
31
589
McGraw
Hill,
Inc.*
62
587
Commerce.com,
Inc.*
188
556
Cricut,
Inc. — Class
A
124
544
Viant
Technology,
Inc. — Class
A*
42
532
inTEST
Corp.*
29
527
Rimini
Street,
Inc.*
123
524
Playtika
Holding
Corp.
140
521
Conduent,
Inc.*
356
520
Vuzix
Corp.*
172
499
Asure
Software,
Inc.*
60
476
Immersion
Corp.
69
467
Gemini
Space
Station,
Inc. — Class
A*
102
434
Silvaco
Group,
Inc.*
30
414
Swarmer,
Inc.*
,(a)
9
399
EverCommerce,
Inc.*
,(a)
35
352
Kaltura,
Inc.*
227
295
Blaize
Holdings,
Inc.*
213
294
Domo,
Inc. — Class
B*
94
294
Veritone,
Inc.*
209
286
ReposiTrak,
Inc.
31
279
Digimarc
Corp.*
33
271
CS
Disco,
Inc.*
70
265
eGain
Corp.*
41
258
Carlsmed,
Inc.*
21
218
Intellicheck,
Inc.*
46
189
Brand
Engagement
Network,
Inc.*
11
188
ZenaTech,
Inc.*
107
160
Total
Technology
782,552
ENERGY
-
2.7%
Kodiak
Gas
Services,
Inc.
250
18,783
Archrock,
Inc.
433
17,627
SM
Energy
Co.
(a)
604
15,764
Golar
LNG
Ltd.
244
12,161
Transocean
Ltd.*
2,448
11,971
Noble
Corporation
plc
319
11,899
Magnolia
Oil
&
Gas
Corp. — Class
A
461
11,792
CNX
Resources
Corp.*
342
11,604
Murphy
Oil
Corp.
344
11,201
PBF
Energy,
Inc. — Class
A
245
11,152
Warrior
Met
Coal,
Inc.
132
10,713
Solaris
Energy
Infrastructure,
Inc. — Class
A
(a)
132
10,621
Liberty
Energy,
Inc. — Class
A
400
10,476
Valaris
Ltd.*
143
10,382
Oceaneering
International,
Inc.*
250
10,130
Core
Natural
Resources,
Inc.
126
10,083
California
Resources
Corp.
182
9,622
Plug
Power,
Inc.*
,(a)
3,391
9,190
Tidewater,
Inc.*
124
8,262
Patterson-UTI
Energy,
Inc.
872
8,005
Helmerich
&
Payne,
Inc.
244
7,989
Sunrun,
Inc.*
579
7,747
Delek
US
Holdings,
Inc.
151
7,672
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
103
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
ENERGY
-
2.7%
(continued)
Peabody
Energy
Corp.
307
$
7,098
Par
Pacific
Holdings,
Inc.*
,(a)
122
6,842
Gulfport
Energy
Corp.*
39
6,618
Crescent
Energy
Co. — Class
A
644
6,324
Kinetik
Holdings,
Inc. — Class
A
128
6,188
DNOW,
Inc.*
466
6,044
Seadrill
Ltd.*
158
5,976
Select
Water
Solutions,
Inc. — Class
A
282
5,634
Eos
Energy
Enterprises,
Inc.*
854
5,022
FuelCell
Energy,
Inc.*
134
4,825
Northern
Oil
&
Gas,
Inc.
(a)
261
4,737
National
Energy
Services
Reunited
Corp.*
152
4,549
Alpha
Metallurgical
Resources,
Inc.*
27
4,453
Fluence
Energy,
Inc. — Class
A*
217
4,314
T1
Energy,
Inc.*
,(a)
444
4,209
Shoals
Technologies
Group,
Inc. — Class
A*
423
4,188
Talos
Energy,
Inc.*
317
4,092
TETRA
Technologies,
Inc.*
323
3,660
ProPetro
Holding
Corp.*
248
3,556
Atlas
Energy
Solutions,
Inc.
205
3,405
REX
American
Resources
Corp.*
73
3,296
NextDecade
Corp.*
418
3,152
Kosmos
Energy
Ltd.*
1,474
3,110
Helix
Energy
Solutions
Group,
Inc.*
349
3,050
Expro
Group
Holdings
N.V.*
206
3,043
Nabors
Industries
Ltd.*
36
3,024
Array
Technologies,
Inc.*
,(a)
383
2,838
Innovex
International,
Inc.*
114
2,827
Bristow
Group,
Inc.
66
2,727
Green
Plains,
Inc.*
,(a)
172
2,645
Comstock
Resources,
Inc.*
,(a)
176
2,626
Borr
Drilling
Ltd.*
592
2,445
Diversified
Energy
Co.
(a)
176
2,439
Excelerate
Energy,
Inc. — Class
A
(a)
60
2,279
BKV
Corp.*
,(a)
80
2,189
CVR
Energy,
Inc.
74
2,038
Canadian
Solar,
Inc.*
121
1,938
Flowco
Holdings,
Inc. — Class
A
89
1,899
ASP
Isotopes,
Inc.*
289
1,798
SunCoke
Energy,
Inc.
214
1,723
Energy
Vault
Holdings,
Inc.*
343
1,616
Hallador
Energy
Co.*
87
1,513
RPC,
Inc.
253
1,475
Ramaco
Resources,
Inc. — Class
A*
109
1,442
Forum
Energy
Technologies,
Inc.*
27
1,356
Core
Laboratories,
Inc.
(a)
115
1,340
VAALCO
Energy,
Inc.
258
1,311
Vitesse
Energy,
Inc.
(a)
80
1,262
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
ENERGY
-
2.7%
(continued)
Riley
Exploration
Permian,
Inc.
38
$
1,253
Natural
Gas
Services
Group,
Inc.
29
1,251
Oil
States
International,
Inc.*
142
1,137
SandRidge
Energy,
Inc.
80
1,096
Alto
Ingredients,
Inc.*
183
1,043
Sable
Offshore
Corp.*
,(a)
332
1,023
Matrix
Service
Co.*
68
932
Civeo
Corp.*
26
910
Gevo,
Inc.*
592
888
Flotek
Industries,
Inc.*
36
847
W&T
Offshore,
Inc.
243
765
Comstock,
Inc.*
183
761
Ranger
Energy
Services,
Inc. — Class
A
47
752
Summit
Midstream
Corp.*
22
627
Granite
Ridge
Resources,
Inc.
140
617
ARKO
Petroleum
Corp.*
31
584
Infinity
Natural
Resources,
Inc. — Class
A*
42
533
Ring
Energy,
Inc.*
475
513
NACCO
Industries,
Inc. — Class
A
10
501
American
Resources
Corp.*
220
473
HMH
Holding,
Inc. — Class
A*
,(a)
25
469
SEACOR
Marine
Holdings,
Inc.*
55
421
ProFrac
Holding
Corp. — Class
A*
72
418
HighPeak
Energy,
Inc.
57
398
Smart
Sand,
Inc.
75
376
Kolibri
Global
Energy,
Inc.*
73
364
Amplify
Energy
Corp.*
88
350
PrimeEnergy
Resources
Corp.*
2
334
Evolution
Petroleum
Corp.
80
294
FutureFuel
Corp.
64
289
Epsilon
Energy
Ltd.
51
276
Montauk
Renewables,
Inc.*
170
265
Aemetis,
Inc.*
161
264
Tigo
Energy,
Inc.*
96
224
Ramaco
Resources,
Inc. — Class
B
17
145
Toyo
Company
Ltd.*
20
139
PEDEVCO
Corp.*
4
54
Total
Energy
440,567
BASIC
MATERIALS
-
2.0%
Arcosa,
Inc.
123
17,871
Commercial
Metals
Co.
(a)
280
17,570
SSR
Mining,
Inc.*
547
15,469
Balchem
Corp.
81
13,685
Perimeter
Solutions,
Inc.*
377
13,440
Sensient
Technologies
Corp.
107
13,192
Uranium
Energy
Corp.*
,(a)
1,226
13,069
Cabot
Corp.
(a)
129
11,716
Constellium
SE — Class
A*
336
10,708
USA
Rare
Earth,
Inc.*
,(a)
481
10,380
Energy
Fuels,
Inc.*
624
9,048
HB
Fuller
Co.
138
8,044
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
104
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
BASIC
MATERIALS
-
2.0%
(continued)
Kaiser
Aluminum
Corp.
41
$
8,021
Century
Aluminum
Co.*
,(a)
174
8,006
Chemours
Co.
381
7,818
Centrus
Energy
Corp. — Class
A*
,(a)
46
7,722
Ashland,
Inc.
115
7,577
Rogers
Corp.*
45
7,368
Hawkins,
Inc.
49
6,963
Ingevity
Corp.*
88
6,571
Calumet,
Inc.*
171
6,159
Minerals
Technologies,
Inc.
78
5,770
Quaker
Chemical
Corp.
35
5,560
Novagold
Resources,
Inc.*
864
5,158
Innospec,
Inc.
62
5,046
Perpetua
Resources
Corp.*
213
4,422
Huntsman
Corp.
416
4,418
Lightwave
Logic,
Inc.*
398
3,765
FMC
Corp.
315
3,623
Ecovyst,
Inc.*
273
3,399
Sylvamo
Corp.
84
3,175
Hycroft
Mining
Holding
Corp. — Class
A*
135
3,159
Stepan
Co.
54
3,009
Ivanhoe
Electric
Incorporated
/
US*
301
2,893
United
States
Lime
&
Minerals,
Inc.
27
2,826
Oil-Dri
Corporation
of
America
25
2,555
Compass
Minerals
International,
Inc.*
80
2,490
US
Antimony
Corp.*
,(a)
332
2,410
McEwen,
Inc.*
130
2,357
REalloys,
Inc.*
141
2,037
Koppers
Holdings,
Inc.
45
2,021
Tronox
Holdings
plc
294
1,852
Critical
Metals
Corp.*
168
1,722
NioCorp
Developments
Ltd.*
355
1,711
Elemental
Royalty
Corp.
88
1,537
AdvanSix,
Inc.
66
1,312
Ur-Energy,
Inc.*
943
1,283
Idaho
Strategic
Resources,
Inc.*
38
1,245
Dakota
Gold
Corp.*
289
1,231
Rayonier
Advanced
Materials,
Inc.*
154
1,210
Mativ
Holdings,
Inc.
136
1,030
Contango
Silver
&
Gold
Inc*
65
1,026
Magnera
Corp.*
84
987
Ferroglobe
plc
299
951
Orion
S.A.
139
922
Intrepid
Potash,
Inc.*
28
918
American
Battery
Technology
Co.*
,(a)
321
908
Caledonia
Mining
Corporation
plc
42
802
Vox
Royalty
Corp.
155
733
Vista
Gold
Corp.*
358
684
Encore
Energy
Corp.*
483
633
US
Gold
Corp.*
36
552
Friedman
Industries,
Inc.
17
547
Gold
Resource
Corp.*
409
515
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
BASIC
MATERIALS
-
2.0%
(continued)
Codexis,
Inc.*
214
$
484
Lifezone
Metals
Ltd.*
97
376
Kronos
Worldwide,
Inc.
55
348
Silver
Bow
Mining
Corp.*
13
88
Valhi,
Inc.
6
88
US
Goldmining,
Inc.*
7
57
Trinseo
plc
80
—
Total
Basic
Materials
316,242
COMMUNICATIONS
-
1.9%
Viasat,
Inc.*
315
28,290
Hims
&
Hers
Health,
Inc.*
,(a)
535
18,549
Lumen
Technologies,
Inc.*
2,410
18,509
InterDigital,
Inc.
65
18,404
Sphere
Entertainment
Co.*
,(a)
69
11,939
Opendoor
Technologies,
Inc.*
2,334
10,783
Extreme
Networks,
Inc.*
322
10,423
Telephone
and
Data
Systems,
Inc.
248
9,179
Keel
Infrastructure
Corp.*
1,463
8,398
Q2
Holdings,
Inc.*
157
7,552
Stubhub
Holdings,
Inc. — Class
A*
553
7,117
Vistance
Networks,
Inc.
551
7,042
Magnite,
Inc.*
358
6,795
A10
Networks,
Inc.
(a)
180
6,725
Cargurus,
Inc.*
187
6,375
ePlus,
Inc.
66
5,493
Calix,
Inc.*
147
5,486
Uniti
Group,
Inc.*
424
4,863
Ziff
Davis,
Inc.*
,(a)
86
4,504
Harmonic,
Inc.*
275
4,491
TripAdvisor,
Inc.*
283
3,880
RealReal,
Inc.*
,(a)
279
3,289
Yelp,
Inc. — Class
A*
133
3,261
Trump
Media
&
Technology
Group
Corp.*
404
3,127
USA
TODAY
Company,
Inc.*
340
2,907
Anterix,
Inc.*
,(a)
28
2,882
ADTRAN
Holdings,
Inc.*
,(a)
191
2,655
Liberty
Latin
America
Ltd. — Class
C*
322
2,508
Upwork,
Inc.*
298
2,491
Preformed
Line
Products
Co.
6
2,463
Figs,
Inc. — Class
A*
236
2,414
IDT
Corp. — Class
B
41
2,385
Revolve
Group,
Inc.*
104
2,381
Clear
Channel
Outdoor
Holdings,
Inc.*
969
2,345
BlackSky
Technology,
Inc. — Class
A*
83
2,317
Liquidity
Services,
Inc.*
59
2,308
Backblaze,
Inc. — Class
A*
145
2,300
LightPath
Technologies,
Inc. — Class
A*
137
2,240
Entravision
Communications
Corp. — Class
A
159
2,073
Pattern
Group,
Inc. — Class
A*
80
2,015
QuinStreet,
Inc.*
137
2,007
Stagwell,
Inc. — Class
A*
259
1,924
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
105
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
COMMUNICATIONS
-
1.9%
(continued)
Shenandoah
Telecommunications
Co.
125
$
1,885
Liberty
Capital
Corp. — Class
C*
83
1,790
RUM
Group,
Inc.*
,(a)
280
1,775
Scholastic
Corp.
38
1,748
Cogent
Communications
Holdings,
Inc.
122
1,693
EverQuote,
Inc. — Class
A*
,(a)
70
1,665
HealthStream,
Inc.
59
1,608
Taboola.com
Ltd.*
316
1,580
NETGEAR,
Inc.*
66
1,541
Sinclair,
Inc.
105
1,496
Groupon,
Inc.*
59
1,420
Sprinklr,
Inc. — Class
A*
275
1,419
Satellogic,
Inc. — Class
A*
236
1,350
Nextdoor
Holdings,
Inc.*
581
1,319
iHeartMedia,
Inc. — Class
A*
,(a)
305
1,309
Cars.com,
Inc.*
113
1,236
Ooma,
Inc.*
64
1,230
Powerfleet
Incorporated
NJ*
317
1,214
Stitch
Fix,
Inc. — Class
A*
291
1,196
Serve
Robotics,
Inc.*
,(a)
178
1,171
Frequency
Electronics,
Inc.*
,(a)
17
1,128
Clearfield,
Inc.*
,(a)
28
1,114
Bed
Bath
&
Beyond,
Inc.*
185
1,071
MNTN,
Inc. — Class
A*
116
1,067
Newsmax,
Inc.*
119
985
Optimum
Communications,
Inc. — Class
A*
660
957
MediaAlpha,
Inc. — Class
A*
76
955
Grindr,
Inc.*
65
934
Shutterstock,
Inc.
64
893
Gray
Media,
Inc.
220
873
Open
Lending
Corp.*
259
806
Bumble,
Inc. — Class
A*
251
803
AMC
Global
Media,
Inc. — Class
A*
79
788
Boston
Omaha
Corp. — Class
A*
55
750
Cable
One,
Inc.*
13
691
BK
Technologies
Corp.*
8
688
Nexxen
International
Ltd.*
75
677
ATN
International,
Inc.
25
662
fuboTV,
Inc. — Class
A*
,(a)
71
653
Aviat
Networks,
Inc.*
,(a)
29
644
National
CineMedia,
Inc.
165
627
Gogo,
Inc.*
199
617
ZipRecruiter,
Inc. — Class
A*
163
611
Liberty
Latin
America
Ltd. — Class
A*
76
596
Sidus
Space,
Inc. — Class
A*
204
573
Ribbon
Communications,
Inc.*
232
543
Spok
Holdings,
Inc.
52
533
Lantronix,
Inc.*
88
518
Advantage
Solutions,
Inc.*
11
476
RF
Industries
Ltd.*
21
445
Angi,
Inc. — Class
A*
,(a)
73
434
Phoenix
Education
Partners,
Inc.
13
427
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
COMMUNICATIONS
-
1.9%
(continued)
LifeMD,
Inc.*
99
$
409
EW
Scripps
Co. — Class
A*
143
396
Soluna
Holdings,
Inc.*
260
351
Crexendo,
Inc.*
46
344
Thryv
Holdings,
Inc.*
84
331
Inseego
Corp.*
30
310
KVH
Industries,
Inc.*
31
307
1stdibs.com,
Inc.*
,(a)
59
289
CuriosityStream,
Inc.
104
277
TechTarget,
Inc.*
76
274
Lands'
End,
Inc.*
24
252
Tucows,
Inc. — Class
A*
17
229
1-800-Flowers.com,
Inc. — Class
A*
56
195
Liberty
Capital
Corp.*
8
175
Lee
Enterprises,
Inc.*
16
143
KORE
Group
Holdings,
Inc.*
14
129
Value
Line,
Inc.
2
81
WeShop
Holdings
Ltd. — Class
A*
3
23
Total
Communications
314,788
UTILITIES
-
1.3%
Ormat
Technologies,
Inc.
(a)
156
16,988
Southwest
Gas
Holdings,
Inc.
183
16,229
Portland
General
Electric
Co.
(a)
293
15,186
TXNM
Energy,
Inc.
(a)
258
14,649
Black
Hills
Corp.
193
14,359
New
Jersey
Resources
Corp.
255
14,290
ONE
Gas,
Inc.
158
12,177
Brookfield
Infrastructure
Corp. — Class
A
313
12,051
Spire,
Inc.
147
11,479
Northwestern
Energy
Group,
Inc.
155
11,101
Otter
Tail
Corp.
(a)
97
8,728
Avista
Corp.
208
8,509
American
States
Water
Co.
99
8,180
MGE
Energy,
Inc.
93
7,583
Chesapeake
Utilities
Corp.
60
7,349
California
Water
Service
Group
151
7,346
Hawaiian
Electric
Industries,
Inc.*
,(a)
412
5,574
H2O
America
88
5,348
Northwest
Natural
Holding
Co.
106
5,200
Middlesex
Water
Co.
46
2,583
Unitil
Corp.
45
2,371
Ameresco,
Inc. — Class
A*
81
2,236
York
Water
Co.
41
1,257
Consolidated
Water
Company
Ltd.
38
1,121
Genie
Energy
Ltd. — Class
B
52
752
RGC
Resources,
Inc.
(a)
21
502
Global
Water
Resources,
Inc.
35
254
Total
Utilities
213,402
REITS
-
0.1%
Highwoods
Properties,
Inc.
277
8,355
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
106
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
49.1%
(continued)
GOVERNMENT
-
0.0%
Bladex,
Inc.
74
$
4,549
Total
Common
Stocks
(Cost
$5,757,173)
7,975,572
PREFERRED
STOCKS
-
0.0%
COMMUNICATIONS
-
0.0%
Liberty
Latin
America
Ltd.
9.00%*
36
785
Total
Preferred
Stocks
(Cost
$849)
785
RIGHTS
-
0.0%
CONSUMER,
NON-CYCLICAL
-
0.0%
Akero
Therapeutics,
Inc.*
,(b)
164
—
Assertio
Holdings,
Inc.*
,(b)
429
—
Cartesian
Therapeutics,
Inc.*
,(b)
881
—
GTX,
Inc.
Contingent
Rights*
,(b)
7
—
Sanofi
S.A.
Expiring
06/30/32*
261
—
Tobira
Therapeutics,
Inc.*
,(b)
141
—
Total
Consumer,
Non-cyclical
—
Total
Rights
(Cost
$271)
—
EXCHANGE-TRADED
FUNDS
(c)
-
23.5%
Vanguard
Russell
2000
ETF
15,743
1,911,515
iShares
Russell
2000
Index
ETF
6,356
1,909,660
Total
Exchange-Traded
Funds
(Cost
$2,799,130)
3,821,175
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(c)
-
0.4%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d),(e)
63,468
$
63,468
Total
Money
Market
Funds
(Cost
$63,468)
63,468
SECURITIES
LENDING
COLLATERAL
(c)
-
0.4%
MONEY
MARKET
FUNDS
-
0.4%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
70,745
70,745
Total
Securities
Lending
Collateral
(Cost
$70,745)
70,745
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(f)
-
23.9%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,946,687
1,946,687
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,946,593
1,946,593
Total
Repurchase
Agreements
(Cost
$3,893,280)
3,893,280
Total
Investments
-
97.3%
(Cost
$12,584,916)
$
15,825,025
Other
Assets
&
Liabilities,
net
-
2.7%
434,009
Total
Net
Assets
-
100.0%
$
16,259,034
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(f)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
Russell
2000
Index
Mini
Futures
Contracts
2
Sep
2026
$
304,490
$
7,800
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
FUND
June
30,
2026
|
107
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
Russell
2000
Index
Pay
4.18%
(Federal
Funds
Rate
+
0.55%)
At
Maturity
09/22/26
431
$
1,303,105
$
79,415
Barclays
Bank
plc
Russell
2000
Index
Pay
4.43%
(SOFR
+
0.75%)
At
Maturity
09/28/26
398
1,202,486
32,554
Goldman
Sachs
International
Russell
2000
Index
Pay
4.33%
(Federal
Funds
Rate
+
0.70%)
At
Maturity
09/24/26
542
1,638,742
23,348
$
4,144,333
$
135,317
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
7,975,572
$
—
(a)
$
—
(a)
$
7,975,572
Preferred
Stocks
785
—
—
785
Rights
—
—
(a)
—
(a)
—
Exchange-Traded
Funds
3,821,175
—
—
3,821,175
Money
Market
Funds
63,468
—
—
63,468
Securities
Lending
Collateral
70,745
—
—
70,745
Repurchase
Agreements
—
3,893,280
—
3,893,280
Equity
Futures
Contracts
(b)
7,800
—
—
7,800
Equity
Index
Swap
Agreements
(b)
—
135,317
—
135,317
Total
Assets
$
11,939,545
$
4,028,597
$
—
$
15,968,142
–
–
–
–
(a)
Securities
with
a
market
value
of
$0.
(b)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
108
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
RUSSELL
2000
®
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
5
.5
%
Guggenheim
Ultra
Short
Income
ETF
(a)
1,458
$
73,082
Total
Exchange-Traded
Funds
(Cost
$71,109)
73,082
MUTUAL
FUNDS
-
25
.9
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
34,623
348,306
Total
Mutual
Funds
(Cost
$338,509)
348,306
MONEY
MARKET
FUNDS
(b)
-
1
.5
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
20,345
20,345
Total
Money
Market
Funds
(Cost
$20,345)
20,345
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
59
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
401,958
$
401,958
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
401,939
401,939
Total
Repurchase
Agreements
(Cost
$803,897)
803,897
Total
Investments
-
92.7%
(Cost
$1,233,860)
$
1,245,630
Other
Assets
&
Liabilities,
net
-
7.3%
98,025
Total
Net
Assets
-
100.0%
$
1,343,655
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Equity
Futures
Contracts
Sold
Short
Russell
2000
Index
Mini
Futures
Contracts
1
Sep
2026
$
152,245
$
(
3,905
)
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Equity
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
Russell
2000
Index
Receive
4.08%
(Federal
Funds
Rate
+
0.45%)
At
Maturity
09/24/26
88
$
265,750
$
(
4,991
)
BNP
Paribas
Russell
2000
Index
Receive
3.78%
(Federal
Funds
Rate
+
0.15%)
At
Maturity
09/22/26
118
356,991
(
15,459
)
Barclays
Bank
plc
Russell
2000
Index
Receive
4.03%
(SOFR
+
0.35%)
At
Maturity
09/28/26
187
566,826
(
22,202
)
$
1,189,567
$
(
42,652
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
RUSSELL
2000
®
STRATEGY
FUND
June
30,
2026
|
109
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
73,082
$
—
$
—
$
73,082
Mutual
Funds
348,306
—
—
348,306
Money
Market
Funds
20,345
—
—
20,345
Repurchase
Agreements
—
803,897
—
803,897
Total
Assets
$
441,733
$
803,897
$
—
$
1,245,630
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
3,905
$
—
$
—
$
3,905
Equity
Index
Swap
Agreements
(a)
—
42,652
—
42,652
Total
Liabilities
$
3,905
$
42,652
$
—
$
46,557
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
RUSSELL
2000
®
STRATEGY
FUND
June
30,
2026
110
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Transactions
during
the
period
ended
June
30,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
71,129
$
(
21
)
$
1
$
1,973
$
73,082
1,458
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
347,960
—
—
—
346
348,306
34,623
3,796
Guggenheim
Strategy
Fund
II
343,145
—
(
341,129
)
6,142
(
8,158
)
—
—
3,287
$
691,105
$
71,129
$
(
341,150
)
$
6,143
$
(
5,839
)
$
421,388
$
7,083
|
111
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
NOVA
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86
.1
%
TECHNOLOGY
-
30
.3
%
NVIDIA
Corp.
81,292
$
16,265,716
Apple,
Inc.
49,296
14,264,291
Microsoft
Corp.
24,932
9,300,135
Broadcom,
Inc.
15,891
6,002,825
Micron
Technology,
Inc.
3,785
4,368,988
Advanced
Micro
Devices,
Inc.*
5,473
3,179,320
Intel
Corp.*
15,857
2,214,113
Applied
Materials,
Inc.
2,664
1,926,072
Lam
Research
Corp.
4,197
1,818,686
KLA
Corp.
4,384
1,322,697
Sandisk
Corp.*
497
1,130,044
Texas
Instruments,
Inc.
3,055
910,604
Palantir
Technologies,
Inc. — Class
A*
7,706
899,059
International
Business
Machines
Corp.
3,155
887,218
Marvell
Technology,
Inc.
2,939
875,499
Oracle
Corp.
5,695
834,602
Western
Digital
Corp.
1,157
738,999
Seagate
Technology
Holdings
plc
753
726,645
QUALCOMM,
Inc.
3,538
653,787
Crowdstrike
Holdings,
Inc. — Class
A*
854
651,722
Analog
Devices,
Inc.
1,639
650,962
Salesforce,
Inc.
2,746
430,188
Dell
Technologies,
Inc. — Class
C
971
418,948
Cadence
Design
Systems,
Inc.*
926
347,546
ServiceNow,
Inc.*
3,461
343,608
Fortinet,
Inc.*
2,090
321,066
Datadog,
Inc. — Class
A*
1,110
289,000
Synopsys,
Inc.*
643
286,823
Adobe,
Inc.*
1,357
278,212
Accenture
plc — Class
A
2,061
256,471
Teradyne,
Inc.
525
254,016
Intuit,
Inc.
928
242,208
NXP
Semiconductors
N.V.
847
238,032
Monolithic
Power
Systems,
Inc.
165
228,089
Lumentum
Holdings,
Inc.*
261
223,954
Hewlett
Packard
Enterprise
Co.
4,453
200,875
Microchip
Technology,
Inc.
1,816
165,619
Electronic
Arts,
Inc.
756
155,010
Take-Two
Interactive
Software,
Inc.*
584
145,988
Autodesk,
Inc.*
709
137,844
MSCI,
Inc. — Class
A
244
136,650
ON
Semiconductor
Corp.*
1,315
124,320
Roper
Technologies,
Inc.
339
114,714
Paychex,
Inc.
1,082
106,393
NetApp,
Inc.
662
102,451
Fair
Isaac
Corp.*
78
93,193
Veeva
Systems,
Inc. — Class
A*
504
89,445
Fiserv,
Inc.*
1,790
87,799
Workday,
Inc. — Class
A*
684
83,735
Fidelity
National
Information
Services,
Inc.
1,735
67,457
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
TECHNOLOGY
-
30.3%
(continued)
HP,
Inc.
3,070
$
67,356
Cognizant
Technology
Solutions
Corp. — Class
A
1,590
61,581
Akamai
Technologies,
Inc.*
488
57,686
Super
Micro
Computer,
Inc.*
1,889
55,404
Broadridge
Financial
Solutions,
Inc.
388
53,137
PTC,
Inc.*
388
44,081
Leidos
Holdings,
Inc.
422
43,453
Zebra
Technologies
Corp. — Class
A*
160
42,122
Tyler
Technologies,
Inc.*
142
41,529
Skyworks
Solutions,
Inc.
505
34,239
Jack
Henry
&
Associates,
Inc.
238
32,782
Gartner,
Inc.*
225
29,164
Total
Technology
76,154,172
COMMUNICATIONS
-
14
.0
%
Amazon.com,
Inc.*
32,855
7,830,661
Alphabet,
Inc. — Class
A
19,680
7,033,042
Alphabet,
Inc. — Class
C
15,863
5,604,874
Meta
Platforms,
Inc. — Class
A
7,371
4,152,011
Cisco
Systems,
Inc.
13,257
1,557,167
Netflix,
Inc.*
14,133
1,009,096
Palo
Alto
Networks,
Inc.*
2,722
928,256
Corning,
Inc.
2,629
671,525
Verizon
Communications,
Inc.
14,015
593,395
Arista
Networks,
Inc.*
3,466
588,804
Walt
Disney
Co.
5,828
560,945
Uber
Technologies,
Inc.*
6,832
492,997
AT&T,
Inc.
23,321
482,745
AppLovin
Corp. — Class
A*
903
465,253
Booking
Holdings,
Inc.
2,601
463,602
Comcast
Corp. — Class
A
11,958
293,569
Robinhood
Markets,
Inc. — Class
A*
2,655
266,243
T-Mobile
US,
Inc.
1,562
261,994
DoorDash,
Inc. — Class
A*
1,270
234,353
Ciena
Corp.*
475
233,016
Motorola
Solutions,
Inc.
557
231,317
Warner
Bros
Discovery,
Inc.*
8,318
221,758
Airbnb,
Inc. — Class
A*
1,403
200,769
eBay,
Inc.
1,490
166,508
Expedia
Group,
Inc.
384
98,258
F5,
Inc.*
189
78,616
Omnicom
Group,
Inc.
957
69,698
VeriSign,
Inc.
275
69,179
CDW
Corp.
429
60,335
EchoStar
Corp. — Class
A*
457
46,385
Gen
Digital,
Inc.
1,850
46,046
Charter
Communications,
Inc. — Class
A*
281
39,961
GoDaddy,
Inc. — Class
A*
444
37,687
Fox
Corp. — Class
A
670
34,947
News
Corp. — Class
A
1,225
30,417
FactSet
Research
Systems,
Inc.
122
28,070
Trade
Desk,
Inc. — Class
A*
1,433
25,909
Fox
Corp. — Class
B
467
21,874
News
Corp. — Class
B
404
11,336
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
112
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
COMMUNICATIONS
-
14.0%
(continued)
Paramount
Skydance
Corp. — Class
B
1,059
$
10,442
Total
Communications
35,253,060
CONSUMER,
NON-CYCLICAL
-
11
.1
%
Eli
Lilly
&
Co.
2,655
3,184,487
Johnson
&
Johnson
8,079
2,051,824
AbbVie,
Inc.
5,930
1,492,225
UnitedHealth
Group,
Inc.
3,048
1,266,840
Procter
&
Gamble
Co.
7,816
1,146,138
Merck
&
Company,
Inc.
8,290
1,065,265
Coca-Cola
Co.
12,997
1,056,266
Philip
Morris
International,
Inc.
5,231
946,340
Amgen,
Inc.
1,811
655,799
Thermo
Fisher
Scientific,
Inc.
1,247
625,196
PepsiCo,
Inc.
4,587
621,080
Abbott
Laboratories
5,846
530,466
Gilead
Sciences,
Inc.
4,167
526,459
Intuitive
Surgical,
Inc.*
1,189
472,841
Pfizer,
Inc.
19,129
460,626
CVS
Health
Corp.
4,282
442,973
Vertex
Pharmaceuticals,
Inc.*
852
423,214
S&P
Global,
Inc.
1,018
414,591
Altria
Group,
Inc.
5,605
403,280
Danaher
Corp.
2,114
402,675
Bristol-Myers
Squibb
Co.
6,854
394,927
Stryker
Corp.
1,158
364,585
Quanta
Services,
Inc.
504
362,900
Medtronic
plc
4,309
337,093
McKesson
Corp.
403
304,507
Automatic
Data
Processing,
Inc.
1,342
300,541
Elevance
Health,
Inc.
729
281,926
Mondelez
International,
Inc. — Class
A
4,308
249,175
Colgate-Palmolive
Co.
2,686
246,252
Cigna
Group
888
244,804
United
Rentals,
Inc.
210
237,907
Monster
Beverage
Corp.*
2,396
230,303
Moody's
Corp.
504
228,272
Boston
Scientific
Corp.*
4,989
212,930
Regeneron
Pharmaceuticals,
Inc.
335
208,886
HCA
Healthcare,
Inc.
521
203,133
Cintas
Corp.
1,141
194,061
Corteva,
Inc.
2,245
190,129
Cardinal
Health,
Inc.
786
186,722
Cencora,
Inc.
653
184,786
Edwards
Lifesciences
Corp.*
1,933
174,859
Humana,
Inc.
403
160,080
Keurig
Dr
Pepper,
Inc.
4,566
149,445
Becton
Dickinson
&
Co.
925
139,980
IDEXX
Laboratories,
Inc.*
265
139,507
Block,
Inc.*
1,796
136,496
Sysco
Corp.
1,605
134,146
PayPal
Holdings,
Inc.
2,961
127,856
Agilent
Technologies,
Inc.
949
126,056
Waters
Corp.*
330
123,763
Archer-Daniels-Midland
Co.
1,618
123,615
Kenvue,
Inc.
6,444
123,145
Kimberly-Clark
Corp.
1,114
122,284
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
CONSUMER,
NON-CYCLICAL
-
11.1%
(continued)
IQVIA
Holdings,
Inc.*
560
$
108,203
Biogen,
Inc.*
496
107,166
Kroger
Co.
1,904
105,729
Zoetis,
Inc.
1,407
101,107
Centene
Corp.*
1,574
101,035
GE
HealthCare
Technologies,
Inc.
1,527
97,743
ResMed,
Inc.
487
94,907
Hershey
Co.
498
87,374
Dexcom,
Inc.*
1,295
87,218
West
Pharmaceutical
Services,
Inc.
237
85,083
Moderna,
Inc.*
1,185
82,986
Verisk
Analytics,
Inc. — Class
A
440
78,993
Quest
Diagnostics,
Inc.
372
78,845
Church
&
Dwight
Company,
Inc.
795
77,020
Labcorp
Holdings,
Inc.
275
77,000
Corpay,
Inc.*
219
72,986
STERIS
plc
329
69,278
Kraft
Heinz
Co.
2,866
67,695
Estee
Lauder
Companies,
Inc. — Class
A
830
65,528
Constellation
Brands,
Inc. — Class
A
468
65,094
Incyte
Corp.*
563
63,822
Equifax,
Inc.
400
63,488
General
Mills,
Inc.
1,791
62,327
Viatris,
Inc.
3,909
62,075
Global
Payments,
Inc.
780
56,597
Zimmer
Biomet
Holdings,
Inc.
649
55,872
Tyson
Foods,
Inc. — Class
A
947
54,216
Bunge
Global
S.A.
456
48,669
Cooper
Companies,
Inc.*
655
46,970
McCormick
&
Company,
Inc.
852
42,958
Avery
Dennison
Corp.
257
41,724
Revvity,
Inc.
(a)
374
41,611
Rollins,
Inc.
986
41,156
J
M
Smucker
Co.
358
40,275
Clorox
Co.
406
38,749
Solventum
Corp.*
494
38,112
Align
Technology,
Inc.*
224
37,780
Bio-Techne
Corp.
525
37,091
Baxter
International,
Inc.
1,733
36,948
Charles
River
Laboratories
International,
Inc.*
162
36,740
Insulet
Corp.*
232
35,322
Henry
Schein,
Inc.*
325
27,144
Universal
Health
Services,
Inc. — Class
B
179
26,615
Hormel
Foods
Corp.
979
24,299
DaVita,
Inc.*
108
24,028
Molson
Coors
Beverage
Co. — Class
B
538
20,960
Brown-Forman
Corp. — Class
B
565
15,057
Total
Consumer,
Non-cyclical
27,965,251
FINANCIAL
-
11
.1
%
Berkshire
Hathaway,
Inc. — Class
B*
6,153
3,078,900
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
|
113
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
FINANCIAL
-
11.1%
(continued)
JPMorgan
Chase
&
Co.
8,993
$
2,943,679
Visa,
Inc. — Class
A
5,571
1,911,354
Mastercard,
Inc. — Class
A
2,708
1,390,829
Bank
of
America
Corp.
21,913
1,248,603
Goldman
Sachs
Group,
Inc.
990
1,001,256
Wells
Fargo
&
Co.
10,271
848,795
Morgan
Stanley
4,023
840,968
Citigroup,
Inc.
5,724
801,131
American
Express
Co.
1,786
604,115
Welltower,
Inc.
REIT
2,369
537,692
Charles
Schwab
Corp.
5,487
506,286
Blackrock,
Inc.
485
466,357
Progressive
Corp.
1,961
428,380
Prologis,
Inc.
REIT
3,129
423,886
Capital
One
Financial
Corp.
2,089
419,095
Chubb
Ltd.
1,211
412,636
Equinix,
Inc.
REIT
331
345,031
Bank
of
New
York
Mellon
Corp.
2,304
333,181
PNC
Financial
Services
Group,
Inc.
1,348
331,905
U.S.
Bancorp
5,210
314,684
Blackstone,
Inc.
2,493
293,351
Marsh
&
McLennan
Companies,
Inc.
1,617
269,505
CME
Group,
Inc.
1,216
268,529
American
Tower
Corp.
REIT
1,564
255,823
Simon
Property
Group,
Inc.
REIT
1,088
243,331
Aon
plc — Class
A
717
237,822
Travelers
Companies,
Inc.
714
235,706
Intercontinental
Exchange,
Inc.
1,898
233,663
KKR
&
Company,
Inc.
2,320
212,930
Truist
Financial
Corp.
4,182
208,347
Allstate
Corp.
864
205,580
Digital
Realty
Trust,
Inc.
REIT
1,109
199,154
Arthur
J
Gallagher
&
Co.
862
197,889
Realty
Income
Corp.
REIT
3,130
193,935
Apollo
Global
Management,
Inc.
1,548
183,144
Aflac,
Inc.
1,537
180,213
Fifth
Third
Bancorp
3,042
171,478
Public
Storage
REIT
530
168,704
State
Street
Corp.
929
157,558
MetLife,
Inc.
1,814
153,483
Ventas,
Inc.
REIT
1,632
144,922
Ameriprise
Financial,
Inc.
302
138,546
American
International
Group,
Inc.
1,780
132,663
CBRE
Group,
Inc. — Class
A*
983
132,400
Interactive
Brokers
Group,
Inc. — Class
A
1,495
130,125
Iron
Mountain,
Inc.
REIT
999
126,184
Prudential
Financial,
Inc.
1,165
125,738
Hartford
Insurance
Group,
Inc.
920
121,918
Huntington
Bancshares,
Inc.
6,804
120,635
Nasdaq,
Inc.
1,500
118,230
M&T
Bank
Corp.
492
117,101
Arch
Capital
Group
Ltd.*
1,168
113,366
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
FINANCIAL
-
11.1%
(continued)
Crown
Castle,
Inc.
REIT
1,465
$
110,944
Coinbase
Global,
Inc. — Class
A*
,(a)
747
109,204
Northern
Trust
Corp.
621
107,955
Extra
Space
Storage,
Inc.
REIT
709
103,018
Citizens
Financial
Group,
Inc.
1,419
99,429
VICI
Properties,
Inc. — Class
A
REIT
3,668
97,385
Cincinnati
Financial
Corp.
519
96,088
Raymond
James
Financial,
Inc.
582
88,481
AvalonBay
Communities,
Inc.
REIT
466
87,930
Regions
Financial
Corp.
2,864
86,493
Synchrony
Financial
1,129
85,860
Cboe
Global
Markets,
Inc.
351
85,177
Willis
Towers
Watson
plc
317
82,854
T.
Rowe
Price
Group,
Inc.
719
81,743
Ares
Management
Corp. — Class
A
708
78,807
Equity
Residential
REIT
1,144
77,712
KeyCorp
3,093
71,294
Principal
Financial
Group,
Inc.
660
71,135
W
R
Berkley
Corp.
987
69,613
Loews
Corp.
566
64,077
Essex
Property
Trust,
Inc.
REIT
216
62,983
SBA
Communications
Corp. — Class
A
REIT
356
62,820
Brown
&
Brown,
Inc.
978
62,739
Weyerhaeuser
Co.
REIT
2,420
57,935
Kimco
Realty
Corp.
REIT
2,263
57,367
Invitation
Homes,
Inc.
REIT
1,834
55,405
Mid-America
Apartment
Communities,
Inc.
REIT
391
54,326
Host
Hotels
&
Resorts,
Inc.
REIT
2,138
50,692
Healthpeak
Properties,
Inc.
REIT
2,314
49,520
Everest
Group
Ltd.
133
47,512
Globe
Life,
Inc.
261
46,635
Assurant,
Inc.
166
44,576
Regency
Centers
Corp.
REIT
553
44,096
UDR,
Inc.
REIT
992
39,601
Invesco
Ltd.
1,488
39,268
CoStar
Group,
Inc.*
1,371
38,827
Camden
Property
Trust
REIT
337
38,583
Franklin
Resources,
Inc.
1,029
34,235
BXP,
Inc.
REIT
498
33,022
Federal
Realty
Investment
Trust
REIT
264
32,588
Alexandria
Real
Estate
Equities,
Inc.
REIT
526
27,799
Erie
Indemnity
Co. — Class
A
85
20,379
Total
Financial
27,736,843
INDUSTRIAL
-
7
.5
%
Caterpillar,
Inc.
1,546
1,646,335
General
Electric
Co.
3,502
1,308,802
GE
Vernova,
Inc.
902
1,059,724
RTX
Corp.
4,520
857,580
Amphenol
Corp. — Class
A
4,129
728,025
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
114
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
INDUSTRIAL
-
7.5%
(continued)
Boeing
Co.*
2,646
$
572,780
Eaton
Corporate
plc
1,303
555,234
Union
Pacific
Corp.
1,993
542,096
Deere
&
Co.
843
534,740
Vertiv
Holdings
Co. — Class
A
1,289
431,583
Parker-Hannifin
Corp.
423
413,745
Trane
Technologies
plc
742
364,441
Howmet
Aerospace,
Inc.
1,343
361,079
Lockheed
Martin
Corp.
681
346,942
General
Dynamics
Corp.
852
301,812
Johnson
Controls
International
plc
2,048
299,233
CSX
Corp.
6,237
296,445
3M
Co.
1,751
283,504
Waste
Management,
Inc.
1,240
276,371
United
Parcel
Service,
Inc. — Class
B
2,506
269,395
Emerson
Electric
Co.
1,880
269,122
Coherent
Corp.*
657
259,167
TransDigm
Group,
Inc.
188
250,424
CRH
plc
2,243
240,001
Honeywell
International,
Inc.
1,063
238,006
Illinois
Tool
Works,
Inc.
879
237,743
Norfolk
Southern
Corp.
754
237,201
Honeywell
Aerospace,
Inc.*
1,063
235,008
Comfort
Systems
USA,
Inc.
118
233,870
FedEx
Corp.
737
230,777
Northrop
Grumman
Corp.
448
228,171
Keysight
Technologies,
Inc.*
576
201,640
Flex
Ltd.*
1,234
199,994
TE
Connectivity
plc
980
197,578
Carrier
Global
Corp.
2,620
192,177
AMETEK,
Inc.
769
186,052
Rockwell
Automation,
Inc.
373
184,665
L3Harris
Technologies,
Inc.
625
181,619
Westinghouse
Air
Brake
Technologies
Corp.
569
153,402
Axon
Enterprise,
Inc.*
271
151,925
Republic
Services,
Inc. — Class
A
671
142,977
Jabil,
Inc.
354
136,460
Old
Dominion
Freight
Line,
Inc.
614
132,992
Garmin
Ltd.
550
130,647
Vulcan
Materials
Co.
436
128,624
EMCOR
Group,
Inc.
149
123,652
Martin
Marietta
Materials,
Inc.
202
116,493
Teledyne
Technologies,
Inc.*
155
103,369
Dover
Corp.
452
101,375
Ingersoll
Rand,
Inc.
1,195
97,978
Xylem,
Inc.
798
94,332
Hubbell,
Inc. — Class
B
177
92,606
Otis
Worldwide
Corp.
1,288
92,221
Mettler-Toledo
International,
Inc.*
68
86,871
Smurfit
Westrock
plc
1,760
81,418
CH
Robinson
Worldwide,
Inc.
396
74,583
Veralto
Corp.
824
73,072
J.B.
Hunt
Transport
Services,
Inc.
250
72,358
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
INDUSTRIAL
-
7.5%
(continued)
Expeditors
International
of
Washington,
Inc.
439
$
71,548
Packaging
Corporation
of
America
297
70,769
Snap-on,
Inc.
174
70,018
Amcor
plc
1,552
67,279
Fortive
Corp.
1,023
62,495
Lennox
International,
Inc.
106
60,733
Generac
Holdings,
Inc.*
198
57,976
IDEX
Corp.
248
56,284
Ball
Corp.
894
55,786
Fedex
Freight
Holding
Company,
Inc.*
365
55,115
Masco
Corp.
677
55,087
Nordson
Corp.
178
53,701
Textron,
Inc.
584
53,570
Jacobs
Solutions,
Inc.
396
49,896
Stanley
Black
&
Decker,
Inc.
522
49,131
Pentair
plc
542
41,550
Allegion
plc
288
40,461
Trimble,
Inc.*
782
40,023
Huntington
Ingalls
Industries,
Inc.
132
36,945
Builders
FirstSource,
Inc.*
361
32,302
A
O
Smith
Corp.
376
23,583
Total
Industrial
18,744,688
CONSUMER,
CYCLICAL
-
6
.4
%
Tesla,
Inc.*
9,449
3,974,249
Walmart,
Inc.
14,714
1,666,508
Costco
Wholesale
Corp.
1,489
1,392,915
Home
Depot,
Inc.
3,343
1,179,009
McDonald's
Corp.
2,385
644,689
TJX
Companies,
Inc.
3,711
562,217
Lowe's
Companies,
Inc.
1,880
414,521
Starbucks
Corp.
3,825
390,877
Cummins,
Inc.
463
330,216
Marriott
International,
Inc. — Class
A
735
272,384
Royal
Caribbean
Cruises
Ltd.
837
265,773
O'Reilly
Automotive,
Inc.*
2,781
256,102
Hilton
Worldwide
Holdings,
Inc.
764
252,471
General
Motors
Co.
3,026
233,244
Ross
Stores,
Inc.
1,081
230,091
PACCAR,
Inc.
1,766
212,132
Delta
Air
Lines,
Inc.
2,193
205,396
Target
Corp.
1,524
199,050
WW
Grainger,
Inc.
146
198,618
Fastenal
Co.
3,853
185,060
Ford
Motor
Co.
13,136
182,590
AutoZone,
Inc.*
55
175,777
NIKE,
Inc. — Class
B
4,026
165,267
Carvana
Co. — Class
A*
2,404
158,231
United
Airlines
Holdings,
Inc.*
1,089
148,093
Yum!
Brands,
Inc.
925
147,870
Chipotle
Mexican
Grill,
Inc. — Class
A*
4,305
146,370
DR
Horton,
Inc.
885
144,149
Carnival
Corporation
Ltd.
4,318
123,365
Tapestry,
Inc.
678
99,246
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
|
115
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
CONSUMER,
CYCLICAL
-
6.4%
(continued)
Casey's
General
Stores,
Inc.
124
$
98,554
Live
Nation
Entertainment,
Inc.*
531
97,231
Williams-Sonoma,
Inc.
395
92,075
PulteGroup,
Inc.
639
87,677
Dollar
General
Corp.
739
85,066
Southwest
Airlines
Co.
1,640
84,329
Copart,
Inc.*
2,975
83,865
Darden
Restaurants,
Inc.
384
79,108
Dollar
Tree,
Inc.*
608
73,538
Ulta
Beauty,
Inc.*
146
65,843
Lennar
Corp. — Class
A
722
65,334
NVR,
Inc.*
9
61,321
Tractor
Supply
Co.
1,760
55,634
Genuine
Parts
Co.
462
54,507
Ralph
Lauren
Corp. — Class
A
130
52,183
Best
Buy
Co,
Inc.
658
49,929
Deckers
Outdoor
Corp.*
476
47,262
Las
Vegas
Sands
Corp.
1,001
46,236
Aptiv
plc*
710
43,580
TKO
Group
Holdings,
Inc. — Class
A
(a)
211
42,476
Lululemon
Athletica,
Inc.*
351
40,077
Hasbro,
Inc.
451
37,248
Norwegian
Cruise
Line
Holdings
Ltd.*
1,541
32,531
MGM
Resorts
International*
644
30,790
Domino's
Pizza,
Inc.
103
30,492
Wynn
Resorts
Ltd.
281
27,282
Total
Consumer,
Cyclical
16,120,648
ENERGY
-
2
.6
%
Exxon
Mobil
Corp.
13,912
1,902,049
Chevron
Corp.
6,283
1,041,470
ConocoPhillips
4,089
425,092
Williams
Companies,
Inc.
4,105
305,166
Valero
Energy
Corp.
997
259,659
Marathon
Petroleum
Corp.
980
250,557
SLB
Ltd.
5,018
233,287
EOG
Resources,
Inc.
1,788
231,957
Phillips
66
1,346
227,541
Kinder
Morgan,
Inc.
6,571
210,075
Targa
Resources
Corp.
720
193,061
Baker
Hughes
Co. — Class
A
3,330
184,815
ONEOK,
Inc.
2,115
183,878
Devon
Energy
Corp.
3,870
159,908
Occidental
Petroleum
Corp.
2,437
118,365
Diamondback
Energy,
Inc.
651
114,433
EQT
Corp.
2,099
111,604
Halliburton
Co.
2,804
95,196
First
Solar,
Inc.*
361
85,181
Texas
Pacific
Land
Corp.
194
84,902
Expand
Energy
Corp.
803
73,226
APA
Corp.
1,186
38,628
Total
Energy
6,530,050
UTILITIES
-
1
.9
%
NextEra
Energy,
Inc.
6,999
614,302
Southern
Co.
3,784
362,167
Duke
Energy
Corp.
2,617
331,260
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.1%
(continued)
UTILITIES
-
1.9%
(continued)
Constellation
Energy
Corp.
1,073
$
266,501
American
Electric
Power
Company,
Inc.
1,826
249,815
Sempra
2,194
203,406
Dominion
Energy,
Inc.
2,952
201,592
Entergy
Corp.
1,537
176,540
Vistra
Corp.
1,064
168,782
Xcel
Energy,
Inc.
2,095
168,228
Exelon
Corp.
3,434
160,093
Consolidated
Edison,
Inc.
1,237
136,849
Public
Service
Enterprise
Group,
Inc.
1,673
135,781
WEC
Energy
Group,
Inc.
1,093
127,630
PG&E
Corp.
7,391
124,317
DTE
Energy
Co.
698
106,354
Ameren
Corp.
929
105,014
NRG
Energy,
Inc.
708
103,410
CenterPoint
Energy,
Inc.
2,196
96,712
Atmos
Energy
Corp.
560
96,471
Edison
International
1,291
96,115
PPL
Corp.
2,525
91,784
Eversource
Energy
1,262
91,205
American
Water
Works
Company,
Inc.
655
86,185
FirstEnergy
Corp.
1,747
83,052
CMS
Energy
Corp.
1,037
79,331
NiSource,
Inc.
1,609
76,508
Evergy,
Inc.
774
66,897
Alliant
Energy
Corp.
867
66,143
Pinnacle
West
Capital
Corp.
407
43,549
AES
Corp.
2,394
35,096
Total
Utilities
4,751,089
BASIC
MATERIALS
-
1
.2
%
Linde
plc
1,552
805,395
Newmont
Corp.
3,583
334,652
Freeport-McMoRan,
Inc.
4,825
303,444
Sherwin-Williams
Co.
770
265,126
Ecolab,
Inc.
850
236,819
Air
Products
and
Chemicals,
Inc.
747
219,005
Nucor
Corp.
764
170,181
Qnity
Electronics,
Inc.
703
114,807
Steel
Dynamics,
Inc.
455
104,404
PPG
Industries,
Inc.
748
90,725
International
Flavors
&
Fragrances,
Inc.
857
67,892
International
Paper
Co.
1,777
67,704
Dow,
Inc.
2,419
66,184
DuPont
de
Nemours,
Inc.
460
62,394
CF
Industries
Holdings,
Inc.
516
55,862
Albemarle
Corp.
396
53,472
LyondellBasell
Industries
N.V. — Class
A
867
45,648
Mosaic
Co.
1,067
22,610
Total
Basic
Materials
3,086,324
Total
Common
Stocks
(Cost
$173,513,842)
216,342,125
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
116
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
2
.2
%
Guggenheim
Ultra
Short
Income
ETF
(b)
111,416
$
5,584,693
Total
Exchange-Traded
Funds
(Cost
$5,583,002)
5,584,693
MUTUAL
FUNDS
-
4
.8
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(b)
733,906
7,383,097
Guggenheim
Strategy
Fund
III
(b)
184,563
4,575,308
Total
Mutual
Funds
(Cost
$11,835,449)
11,958,405
MONEY
MARKET
FUNDS
(c)
-
1
.7
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d),(e)
4,328,423
4,328,423
Total
Money
Market
Funds
(Cost
$4,328,423)
4,328,423
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
2
.0
%
U.S.
Treasury
Bills
due
08/11/26
(e),(f)
$
5,000,000
$
4,979,467
Total
U.S.
Treasury
Bills
(Cost
$4,979,467)
4,979,467
REPURCHASE
AGREEMENTS
(g)
-
1
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
1,813,409
1,813,409
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,813,322
1,813,322
Total
Repurchase
Agreements
(Cost
$3,626,731)
3,626,731
Total
Investments
-
98.2%
(Cost
$203,866,914)
$
246,819,844
Other
Assets
&
Liabilities,
net
-
1.8%
4,592,412
Total
Net
Assets
-
100.0%
$
251,412,256
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Affiliated
issuer.
(c)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(d)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(e)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(f)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(g)
Repurchase
Agreements
—
See
Note
4
.
CME
—
Chicago
Mercantile
Exchange
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
S&P
500
Index
Mini
Futures
Contracts
49
Sep
2026
$
18,490,150
$
147,019
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
|
117
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
S&P
500
Index
Pay
4.48%
(Federal
Funds
Rate
+
0.85%)
At
Maturity
09/22/26
12,493
$
93,691,620
$
4,533,715
Barclays
Bank
plc
S&P
500
Index
Pay
4.58%
(SOFR
+
0.90%)
At
Maturity
09/28/26
1,637
12,274,262
(
40,407
)
Goldman
Sachs
International
S&P
500
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
4,826
36,193,765
(
377,555
)
$
142,159,647
$
4,115,753
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
216,104,119
$
238,006
$
—
$
216,342,125
Exchange-Traded
Funds
5,584,693
—
—
5,584,693
Mutual
Funds
11,958,405
—
—
11,958,405
Money
Market
Funds
4,328,423
—
—
4,328,423
U.S.
Treasury
Bills
—
4,979,467
—
4,979,467
Repurchase
Agreements
—
3,626,731
—
3,626,731
Equity
Futures
Contracts
(a)
147,019
—
—
147,019
Equity
Index
Swap
Agreements
(a)
—
4,533,715
—
4,533,715
Total
Assets
$
238,122,659
$
13,377,919
$
—
$
251,500,578
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
417,962
$
—
$
417,962
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOVA
FUND
June
30,
2026
118
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
5,583,016
$
(
14
)
$
—
$
1,691
$
5,584,693
111,416
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
7,375,758
—
—
—
7,339
7,383,097
733,906
80,466
Guggenheim
Strategy
Fund
III
4,584,536
—
—
—
(
9,228
)
4,575,308
184,563
59,402
Guggenheim
Strategy
Fund
II
5,571,320
—
(
5,583,016
)
—
11,696
—
—
57,472
$
17,531,614
$
5,583,016
$
(
5,583,030
)
$
—
$
11,498
$
17,543,098
$
197,340
|
119
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
500
®
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91
.7
%
TECHNOLOGY
-
32
.3
%
NVIDIA
Corp.
53,407
$
10,686,207
Apple,
Inc.
32,386
9,371,213
Microsoft
Corp.
16,380
6,110,068
Broadcom,
Inc.
10,440
3,943,710
Micron
Technology,
Inc.
2,487
2,870,719
Advanced
Micro
Devices,
Inc.*
3,595
2,088,371
Intel
Corp.*
10,417
1,454,526
Applied
Materials,
Inc.
1,750
1,265,250
Lam
Research
Corp.
2,757
1,194,691
KLA
Corp.
2,880
868,925
Sandisk
Corp.*
327
743,510
Texas
Instruments,
Inc.
2,007
598,226
Palantir
Technologies,
Inc. — Class
A*
5,063
590,700
International
Business
Machines
Corp.
2,072
582,667
Marvell
Technology,
Inc.
1,931
575,226
Oracle
Corp.
3,742
548,390
Western
Digital
Corp.
760
485,427
Seagate
Technology
Holdings
plc
494
476,710
QUALCOMM,
Inc.
2,324
429,452
Crowdstrike
Holdings,
Inc. — Class
A*
561
428,121
Analog
Devices,
Inc.
1,076
427,355
Salesforce,
Inc.
1,804
282,615
Dell
Technologies,
Inc. — Class
C
638
275,271
Cadence
Design
Systems,
Inc.*
608
228,194
ServiceNow,
Inc.*
2,274
225,763
Fortinet,
Inc.*
1,373
210,920
Datadog,
Inc. — Class
A*
729
189,802
Synopsys,
Inc.*
422
188,241
Adobe,
Inc.*
891
182,673
Accenture
plc — Class
A
1,354
168,492
Teradyne,
Inc.
345
166,925
Intuit,
Inc.
610
159,210
NXP
Semiconductors
N.V.
557
156,534
Monolithic
Power
Systems,
Inc.
108
149,295
Lumentum
Holdings,
Inc.*
172
147,586
Hewlett
Packard
Enterprise
Co.
2,926
131,992
Microchip
Technology,
Inc.
1,193
108,802
Electronic
Arts,
Inc.
497
101,905
Take-Two
Interactive
Software,
Inc.*
384
95,992
Autodesk,
Inc.*
466
90,600
MSCI,
Inc. — Class
A
161
90,166
ON
Semiconductor
Corp.*
864
81,682
Roper
Technologies,
Inc.
223
75,461
Paychex,
Inc.
711
69,913
NetApp,
Inc.
435
67,321
Fair
Isaac
Corp.*
51
60,934
Veeva
Systems,
Inc. — Class
A*
331
58,743
Fiserv,
Inc.*
1,176
57,683
Workday,
Inc. — Class
A*
449
54,967
Fidelity
National
Information
Services,
Inc.
1,140
44,323
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
TECHNOLOGY
-
32.3%
(continued)
HP,
Inc.
(a)
2,017
$
44,253
Cognizant
Technology
Solutions
Corp. — Class
A
1,045
40,473
Akamai
Technologies,
Inc.*
321
37,945
Super
Micro
Computer,
Inc.*
1,241
36,398
Broadridge
Financial
Solutions,
Inc.
255
34,922
PTC,
Inc.*
255
28,970
Leidos
Holdings,
Inc.
277
28,523
Zebra
Technologies
Corp. — Class
A*
105
27,642
Tyler
Technologies,
Inc.*
,(a)
93
27,199
Skyworks
Solutions,
Inc.
(a)
332
22,510
Jack
Henry
&
Associates,
Inc.
157
21,625
Gartner,
Inc.*
148
19,184
Total
Technology
50,031,113
COMMUNICATIONS
-
14
.9
%
Amazon.com,
Inc.*
21,585
5,144,569
Alphabet,
Inc. — Class
A
12,929
4,620,437
Alphabet,
Inc. — Class
C
10,422
3,682,405
Meta
Platforms,
Inc. — Class
A
4,842
2,727,450
Cisco
Systems,
Inc.
8,709
1,022,959
Netflix,
Inc.*
9,285
662,949
Palo
Alto
Networks,
Inc.*
1,788
609,744
Corning,
Inc.
1,727
441,128
Verizon
Communications,
Inc.
9,207
389,824
Arista
Networks,
Inc.*
2,277
386,817
Walt
Disney
Co.
3,829
368,541
Uber
Technologies,
Inc.*
4,488
323,854
AT&T,
Inc.
15,321
317,145
AppLovin
Corp. — Class
A*
593
305,531
Booking
Holdings,
Inc.
1,709
304,612
Comcast
Corp. — Class
A
7,856
192,865
Robinhood
Markets,
Inc. — Class
A*
1,745
174,989
T-Mobile
US,
Inc.
1,026
172,091
DoorDash,
Inc. — Class
A*
834
153,898
Ciena
Corp.*
312
153,055
Motorola
Solutions,
Inc.
366
151,996
Warner
Bros
Discovery,
Inc.*
5,465
145,697
Airbnb,
Inc. — Class
A*
922
131,938
eBay,
Inc.
979
109,403
Expedia
Group,
Inc.
252
64,482
F5,
Inc.*
124
51,579
Omnicom
Group,
Inc.
628
45,737
VeriSign,
Inc.
181
45,532
CDW
Corp.
282
39,661
EchoStar
Corp. — Class
A*
300
30,450
Gen
Digital,
Inc.
1,215
30,241
Charter
Communications,
Inc. — Class
A*
184
26,167
GoDaddy,
Inc. — Class
A*
292
24,785
Fox
Corp. — Class
A
440
22,950
News
Corp. — Class
A
805
19,988
FactSet
Research
Systems,
Inc.
80
18,406
Trade
Desk,
Inc. — Class
A*
942
17,031
Fox
Corp. — Class
B
307
14,380
News
Corp. — Class
B
266
7,464
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
120
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
COMMUNICATIONS
-
14.9%
(continued)
Paramount
Skydance
Corp. — Class
B
696
$
6,863
Total
Communications
23,159,613
CONSUMER,
NON-CYCLICAL
-
11
.9
%
Eli
Lilly
&
Co.
1,744
2,091,806
Johnson
&
Johnson
5,308
1,348,073
AbbVie,
Inc.
3,896
980,389
UnitedHealth
Group,
Inc.
2,002
832,091
Procter
&
Gamble
Co.
5,134
752,850
Merck
&
Company,
Inc.
5,446
699,811
Coca-Cola
Co.
8,538
693,883
Philip
Morris
International,
Inc.
3,437
621,788
Amgen,
Inc.
1,190
430,923
Thermo
Fisher
Scientific,
Inc.
819
410,614
PepsiCo,
Inc.
3,014
408,096
Abbott
Laboratories
3,841
348,532
Gilead
Sciences,
Inc.
2,738
345,919
Intuitive
Surgical,
Inc.*
781
310,588
Pfizer,
Inc.
12,567
302,613
CVS
Health
Corp.
2,813
291,005
Vertex
Pharmaceuticals,
Inc.*
560
278,169
S&P
Global,
Inc.
669
272,457
Altria
Group,
Inc.
3,682
264,920
Danaher
Corp.
1,389
264,577
Bristol-Myers
Squibb
Co.
4,503
259,463
Stryker
Corp.
761
239,593
Quanta
Services,
Inc.
331
238,333
Medtronic
plc
2,831
221,469
McKesson
Corp.
265
200,234
Automatic
Data
Processing,
Inc.
881
197,300
Elevance
Health,
Inc.
479
185,244
Mondelez
International,
Inc. — Class
A
2,830
163,687
Colgate-Palmolive
Co.
1,764
161,724
Cigna
Group
583
160,721
United
Rentals,
Inc.
138
156,339
Monster
Beverage
Corp.*
1,574
151,293
Moody's
Corp.
331
149,917
Boston
Scientific
Corp.*
3,277
139,862
Regeneron
Pharmaceuticals,
Inc.
220
137,179
HCA
Healthcare,
Inc.
342
133,342
Cintas
Corp.
750
127,560
Corteva,
Inc.
1,475
124,918
Cardinal
Health,
Inc.
516
122,581
Cencora,
Inc.
429
121,398
Edwards
Lifesciences
Corp.*
1,270
114,884
Humana,
Inc.
265
105,263
Keurig
Dr
Pepper,
Inc.
3,000
98,190
Becton
Dickinson
&
Co.
608
92,009
IDEXX
Laboratories,
Inc.*
174
91,601
Block,
Inc.*
1,180
89,680
Sysco
Corp.
1,054
88,093
PayPal
Holdings,
Inc.
1,945
83,985
Agilent
Technologies,
Inc.
623
82,753
Archer-Daniels-Midland
Co.
1,063
81,213
Waters
Corp.*
216
81,009
Kenvue,
Inc.
4,234
80,912
Kimberly-Clark
Corp.
732
80,352
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
11.9%
(continued)
IQVIA
Holdings,
Inc.*
368
$
71,105
Biogen,
Inc.*
326
70,436
Kroger
Co.
1,251
69,468
Zoetis,
Inc.
924
66,399
Centene
Corp.*
1,034
66,372
GE
HealthCare
Technologies,
Inc.
1,003
64,202
ResMed,
Inc.
320
62,362
Hershey
Co.
327
57,372
Dexcom,
Inc.*
851
57,315
West
Pharmaceutical
Services,
Inc.
156
56,004
Moderna,
Inc.*
,(a)
779
54,553
Verisk
Analytics,
Inc. — Class
A
289
51,884
Quest
Diagnostics,
Inc.
244
51,716
Labcorp
Holdings,
Inc.
181
50,680
Church
&
Dwight
Company,
Inc.
522
50,571
Corpay,
Inc.*
144
47,991
STERIS
plc
216
45,483
Kraft
Heinz
Co.
1,883
44,476
Estee
Lauder
Companies,
Inc. — Class
A
545
43,028
Constellation
Brands,
Inc. — Class
A
308
42,840
Incyte
Corp.*
370
41,943
Equifax,
Inc.
263
41,743
General
Mills,
Inc.
1,177
40,960
Viatris,
Inc.
2,568
40,780
Global
Payments,
Inc.
513
37,223
Zimmer
Biomet
Holdings,
Inc.
427
36,760
Tyson
Foods,
Inc. — Class
A
622
35,610
Bunge
Global
S.A.
299
31,912
Cooper
Companies,
Inc.*
430
30,835
McCormick
&
Company,
Inc.
560
28,235
Avery
Dennison
Corp.
169
27,437
Revvity,
Inc.
(a)
246
27,370
Rollins,
Inc.
648
27,048
J
M
Smucker
Co.
235
26,438
Clorox
Co.
267
25,482
Solventum
Corp.*
325
25,074
Align
Technology,
Inc.*
147
24,793
Bio-Techne
Corp.
345
24,374
Baxter
International,
Inc.
(a)
1,139
24,283
Charles
River
Laboratories
International,
Inc.*
106
24,040
Insulet
Corp.*
153
23,294
Henry
Schein,
Inc.*
214
17,873
Universal
Health
Services,
Inc. — Class
B
117
17,397
Hormel
Foods
Corp.
643
15,959
DaVita,
Inc.*
71
15,796
Molson
Coors
Beverage
Co. — Class
B
354
13,792
Brown-Forman
Corp. — Class
B
(a)
371
9,887
Total
Consumer,
Non-cyclical
18,371,800
FINANCIAL
-
11
.8
%
Berkshire
Hathaway,
Inc. — Class
B*
4,042
2,022,576
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
|
121
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
FINANCIAL
-
11.8%
(continued)
JPMorgan
Chase
&
Co.
5,908
$
1,933,866
Visa,
Inc. — Class
A
3,660
1,255,709
Mastercard,
Inc. — Class
A
1,779
913,694
Bank
of
America
Corp.
14,396
820,284
Goldman
Sachs
Group,
Inc.
650
657,391
Wells
Fargo
&
Co.
6,748
557,655
Morgan
Stanley
2,643
552,493
Citigroup,
Inc.
3,761
526,390
American
Express
Co.
1,174
397,106
Welltower,
Inc.
REIT
1,557
353,392
Charles
Schwab
Corp.
3,605
332,633
Blackrock,
Inc.
318
305,776
Progressive
Corp.
1,288
281,364
Prologis,
Inc.
REIT
2,056
278,526
Capital
One
Financial
Corp.
1,372
275,251
Chubb
Ltd.
795
270,888
Equinix,
Inc.
REIT
217
226,199
Bank
of
New
York
Mellon
Corp.
1,513
218,795
PNC
Financial
Services
Group,
Inc.
885
217,905
U.S.
Bancorp
3,423
206,749
Blackstone,
Inc.
1,638
192,743
Marsh
&
McLennan
Companies,
Inc.
1,062
177,004
CME
Group,
Inc.
799
176,443
American
Tower
Corp.
REIT
1,027
167,986
Simon
Property
Group,
Inc.
REIT
715
159,910
Aon
plc — Class
A
471
156,226
Travelers
Companies,
Inc.
469
154,826
Intercontinental
Exchange,
Inc.
1,247
153,518
KKR
&
Company,
Inc.
1,524
139,873
Truist
Financial
Corp.
2,747
136,856
Allstate
Corp.
568
135,150
Digital
Realty
Trust,
Inc.
REIT
728
130,734
Arthur
J
Gallagher
&
Co.
566
129,937
Realty
Income
Corp.
REIT
2,056
127,390
Apollo
Global
Management,
Inc.
1,017
120,321
Aflac,
Inc.
1,010
118,422
Fifth
Third
Bancorp
1,998
112,627
Public
Storage
REIT
348
110,772
State
Street
Corp.
610
103,456
MetLife,
Inc.
1,192
100,855
Ventas,
Inc.
REIT
1,072
95,194
Ameriprise
Financial,
Inc.
198
90,834
American
International
Group,
Inc.
1,169
87,126
CBRE
Group,
Inc. — Class
A*
646
87,010
Interactive
Brokers
Group,
Inc. — Class
A
982
85,473
Iron
Mountain,
Inc.
REIT
656
82,859
Prudential
Financial,
Inc.
765
82,566
Hartford
Insurance
Group,
Inc.
604
80,042
Huntington
Bancshares,
Inc.
4,470
79,253
Nasdaq,
Inc.
985
77,638
M&T
Bank
Corp.
323
76,877
Arch
Capital
Group
Ltd.*
767
74,445
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
FINANCIAL
-
11.8%
(continued)
Crown
Castle,
Inc.
REIT
962
$
72,852
Coinbase
Global,
Inc. — Class
A*
,(a)
490
71,633
Northern
Trust
Corp.
408
70,927
Extra
Space
Storage,
Inc.
REIT
466
67,710
Citizens
Financial
Group,
Inc.
932
65,305
VICI
Properties,
Inc. — Class
A
REIT
2,410
63,985
Cincinnati
Financial
Corp.
341
63,133
Raymond
James
Financial,
Inc.
382
58,075
AvalonBay
Communities,
Inc.
REIT
306
57,739
Regions
Financial
Corp.
1,882
56,836
Synchrony
Financial
742
56,429
Cboe
Global
Markets,
Inc.
231
56,057
Willis
Towers
Watson
plc
208
54,365
T.
Rowe
Price
Group,
Inc.
472
53,662
Ares
Management
Corp. — Class
A
465
51,759
Equity
Residential
REIT
752
51,083
KeyCorp
2,032
46,838
Principal
Financial
Group,
Inc.
433
46,669
W
R
Berkley
Corp.
648
45,703
Loews
Corp.
372
42,114
Essex
Property
Trust,
Inc.
REIT
142
41,406
SBA
Communications
Corp. — Class
A
REIT
234
41,292
Brown
&
Brown,
Inc.
643
41,248
Weyerhaeuser
Co.
REIT
1,590
38,065
Kimco
Realty
Corp.
REIT
1,487
37,695
Invitation
Homes,
Inc.
REIT
1,205
36,403
Mid-America
Apartment
Communities,
Inc.
REIT
257
35,708
Host
Hotels
&
Resorts,
Inc.
REIT
1,404
33,289
Healthpeak
Properties,
Inc.
REIT
1,520
32,528
Everest
Group
Ltd.
87
31,079
Globe
Life,
Inc.
171
30,554
Assurant,
Inc.
109
29,270
Regency
Centers
Corp.
REIT
363
28,946
UDR,
Inc.
REIT
652
26,028
Invesco
Ltd.
977
25,783
CoStar
Group,
Inc.*
900
25,488
Camden
Property
Trust
REIT
222
25,417
Franklin
Resources,
Inc.
676
22,491
BXP,
Inc.
REIT
327
21,683
Federal
Realty
Investment
Trust
REIT
173
21,355
Alexandria
Real
Estate
Equities,
Inc.
REIT
346
18,286
Erie
Indemnity
Co. — Class
A
(a)
56
13,426
Total
Financial
18,219,322
INDUSTRIAL
-
7
.9
%
Caterpillar,
Inc.
1,016
1,081,938
General
Electric
Co.
2,301
859,953
GE
Vernova,
Inc.
593
696,692
RTX
Corp.
2,969
563,308
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
122
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
INDUSTRIAL
-
7.9%
(continued)
Amphenol
Corp. — Class
A
2,713
$
478,356
Boeing
Co.*
1,738
376,225
Eaton
Corporate
plc
856
364,759
Union
Pacific
Corp.
1,309
356,048
Deere
&
Co.
554
351,419
Vertiv
Holdings
Co. — Class
A
847
283,593
Parker-Hannifin
Corp.
278
271,917
Trane
Technologies
plc
487
239,195
Howmet
Aerospace,
Inc.
882
237,135
Lockheed
Martin
Corp.
447
227,729
General
Dynamics
Corp.
560
198,374
Johnson
Controls
International
plc
1,345
196,518
CSX
Corp.
4,097
194,730
3M
Co.
1,150
186,196
Waste
Management,
Inc.
815
181,647
United
Parcel
Service,
Inc. — Class
B
1,646
176,945
Emerson
Electric
Co.
1,235
176,790
Coherent
Corp.*
431
170,017
TransDigm
Group,
Inc.
123
163,841
CRH
plc
1,473
157,611
Honeywell
International,
Inc.
699
156,506
Illinois
Tool
Works,
Inc.
577
156,061
Norfolk
Southern
Corp.
495
155,722
Honeywell
Aerospace,
Inc.*
699
154,535
Comfort
Systems
USA,
Inc.
77
152,610
FedEx
Corp.
484
151,555
Northrop
Grumman
Corp.
294
149,737
Keysight
Technologies,
Inc.*
378
132,326
Flex
Ltd.*
811
131,439
TE
Connectivity
plc
644
129,837
Carrier
Global
Corp.
1,722
126,309
AMETEK,
Inc.
505
122,180
Rockwell
Automation,
Inc.
245
121,295
L3Harris
Technologies,
Inc.
411
119,432
Westinghouse
Air
Brake
Technologies
Corp.
374
100,830
Axon
Enterprise,
Inc.*
178
99,789
Republic
Services,
Inc. — Class
A
441
93,968
Jabil,
Inc.
233
89,817
Old
Dominion
Freight
Line,
Inc.
404
87,506
Garmin
Ltd.
361
85,752
Vulcan
Materials
Co.
286
84,373
EMCOR
Group,
Inc.
98
81,328
Martin
Marietta
Materials,
Inc.
132
76,124
Teledyne
Technologies,
Inc.*
102
68,024
Dover
Corp.
297
66,611
Ingersoll
Rand,
Inc.
785
64,362
Xylem,
Inc.
524
61,942
Hubbell,
Inc. — Class
B
117
61,214
Otis
Worldwide
Corp.
846
60,574
Mettler-Toledo
International,
Inc.*
45
57,488
Smurfit
Westrock
plc
1,156
53,477
CH
Robinson
Worldwide,
Inc.
260
48,968
Veralto
Corp.
542
48,065
J.B.
Hunt
Transport
Services,
Inc.
164
47,467
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
INDUSTRIAL
-
7.9%
(continued)
Expeditors
International
of
Washington,
Inc.
288
$
46,938
Packaging
Corporation
of
America
195
46,465
Snap-on,
Inc.
114
45,874
Amcor
plc
1,019
44,174
Fortive
Corp.
672
41,052
Lennox
International,
Inc.
70
40,106
Generac
Holdings,
Inc.*
130
38,065
IDEX
Corp.
163
36,993
Ball
Corp.
587
36,629
Fedex
Freight
Holding
Company,
Inc.*
240
36,240
Masco
Corp.
445
36,210
Nordson
Corp.
117
35,298
Textron,
Inc.
383
35,133
Jacobs
Solutions,
Inc.
260
32,760
Stanley
Black
&
Decker,
Inc.
343
32,283
Pentair
plc
356
27,291
Allegion
plc
189
26,553
Trimble,
Inc.*
514
26,306
Huntington
Ingalls
Industries,
Inc.
87
24,350
Builders
FirstSource,
Inc.*
237
21,207
A
O
Smith
Corp.
247
15,492
Total
Industrial
12,313,578
CONSUMER,
CYCLICAL
-
6
.8
%
Tesla,
Inc.*
6,208
2,611,085
Walmart,
Inc.
9,667
1,094,884
Costco
Wholesale
Corp.
978
914,890
Home
Depot,
Inc.
2,196
774,485
McDonald's
Corp.
1,567
423,576
TJX
Companies,
Inc.
2,438
369,357
Lowe's
Companies,
Inc.
1,235
272,305
Starbucks
Corp.
2,513
256,803
Cummins,
Inc.
304
216,816
Marriott
International,
Inc. — Class
A
483
178,995
Royal
Caribbean
Cruises
Ltd.
550
174,642
O'Reilly
Automotive,
Inc.*
1,827
168,248
Hilton
Worldwide
Holdings,
Inc.
502
165,891
General
Motors
Co.
1,988
153,235
Ross
Stores,
Inc.
710
151,124
PACCAR,
Inc.
1,160
139,339
Delta
Air
Lines,
Inc.
1,441
134,964
Target
Corp.
1,001
130,741
WW
Grainger,
Inc.
96
130,598
Fastenal
Co.
2,531
121,564
Ford
Motor
Co.
8,630
119,957
AutoZone,
Inc.*
36
115,054
NIKE,
Inc. — Class
B
2,645
108,577
Carvana
Co. — Class
A*
1,579
103,930
United
Airlines
Holdings,
Inc.*
716
97,369
Yum!
Brands,
Inc.
608
97,195
Chipotle
Mexican
Grill,
Inc. — Class
A*
2,828
96,152
DR
Horton,
Inc.
582
94,796
Carnival
Corporation
Ltd.
2,837
81,053
Tapestry,
Inc.
446
65,285
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
|
123
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
CONSUMER,
CYCLICAL
-
6.8%
(continued)
Casey's
General
Stores,
Inc.
81
$
64,378
Live
Nation
Entertainment,
Inc.*
349
63,905
Williams-Sonoma,
Inc.
260
60,606
PulteGroup,
Inc.
420
57,628
Dollar
General
Corp.
486
55,943
Southwest
Airlines
Co.
1,078
55,431
Copart,
Inc.*
1,954
55,083
Darden
Restaurants,
Inc.
253
52,121
Dollar
Tree,
Inc.*
399
48,259
Ulta
Beauty,
Inc.*
96
43,294
Lennar
Corp. — Class
A
475
42,983
NVR,
Inc.*
6
40,880
Tractor
Supply
Co.
1,156
36,541
Genuine
Parts
Co.
303
35,748
Ralph
Lauren
Corp. — Class
A
85
34,120
Best
Buy
Co,
Inc.
432
32,780
Deckers
Outdoor
Corp.*
313
31,078
Las
Vegas
Sands
Corp.
657
30,347
Aptiv
plc*
467
28,664
TKO
Group
Holdings,
Inc. — Class
A
(a)
139
27,982
Lululemon
Athletica,
Inc.*
231
26,376
Hasbro,
Inc.
296
24,447
Norwegian
Cruise
Line
Holdings
Ltd.*
1,012
21,363
MGM
Resorts
International*
423
20,224
Domino's
Pizza,
Inc.
67
19,835
Wynn
Resorts
Ltd.
185
17,962
Total
Consumer,
Cyclical
10,590,888
ENERGY
-
2
.8
%
Exxon
Mobil
Corp.
9,139
1,249,484
Chevron
Corp.
4,128
684,257
ConocoPhillips
2,686
279,237
Williams
Companies,
Inc.
2,697
200,495
Valero
Energy
Corp.
655
170,588
Marathon
Petroleum
Corp.
644
164,651
SLB
Ltd.
3,297
153,278
EOG
Resources,
Inc.
1,174
152,303
Phillips
66
884
149,440
Kinder
Morgan,
Inc.
4,317
138,014
Targa
Resources
Corp.
473
126,830
Baker
Hughes
Co. — Class
A
2,187
121,379
ONEOK,
Inc.
1,389
120,760
Devon
Energy
Corp.
2,542
105,035
Occidental
Petroleum
Corp.
1,601
77,761
Diamondback
Energy,
Inc.
428
75,234
EQT
Corp.
1,379
73,321
Halliburton
Co.
1,842
62,536
Texas
Pacific
Land
Corp.
128
56,018
First
Solar,
Inc.*
237
55,923
Expand
Energy
Corp.
527
48,057
APA
Corp.
(a)
779
25,372
Total
Energy
4,289,973
UTILITIES
-
2
.0
%
NextEra
Energy,
Inc.
4,598
403,566
Southern
Co.
2,486
237,935
Duke
Energy
Corp.
1,719
217,591
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
91.7%
(continued)
UTILITIES
-
2.0%
(continued)
Constellation
Energy
Corp.
705
$
175,101
American
Electric
Power
Company,
Inc.
1,200
164,172
Sempra
1,441
133,595
Dominion
Energy,
Inc.
1,939
132,414
Entergy
Corp.
1,010
116,009
Vistra
Corp.
699
110,882
Xcel
Energy,
Inc.
1,376
110,493
Exelon
Corp.
2,256
105,175
Consolidated
Edison,
Inc.
813
89,942
Public
Service
Enterprise
Group,
Inc.
1,099
89,195
WEC
Energy
Group,
Inc.
718
83,841
PG&E
Corp.
4,856
81,678
DTE
Energy
Co.
459
69,938
Ameren
Corp.
610
68,954
NRG
Energy,
Inc.
465
67,918
CenterPoint
Energy,
Inc.
1,442
63,506
Atmos
Energy
Corp.
368
63,395
Edison
International
848
63,134
PPL
Corp.
1,659
60,305
Eversource
Energy
829
59,912
American
Water
Works
Company,
Inc.
431
56,711
FirstEnergy
Corp.
1,148
54,576
CMS
Energy
Corp.
681
52,096
NiSource,
Inc.
1,057
50,260
Evergy,
Inc.
508
43,906
Alliant
Energy
Corp.
(a)
569
43,409
Pinnacle
West
Capital
Corp.
267
28,569
AES
Corp.
1,572
23,046
Total
Utilities
3,121,224
BASIC
MATERIALS
-
1
.3
%
Linde
plc
1,019
528,800
Newmont
Corp.
2,354
219,864
Freeport-McMoRan,
Inc.
3,170
199,361
Sherwin-Williams
Co.
506
174,226
Ecolab,
Inc.
559
155,743
Air
Products
and
Chemicals,
Inc.
491
143,951
Nucor
Corp.
502
111,820
Qnity
Electronics,
Inc.
462
75,449
Steel
Dynamics,
Inc.
299
68,609
PPG
Industries,
Inc.
491
59,553
International
Flavors
&
Fragrances,
Inc.
563
44,601
International
Paper
Co.
1,168
44,501
Dow,
Inc.
1,589
43,475
DuPont
de
Nemours,
Inc.
301
40,828
CF
Industries
Holdings,
Inc.
339
36,700
Albemarle
Corp.
260
35,108
LyondellBasell
Industries
N.V. — Class
A
569
29,958
Mosaic
Co.
701
14,854
Total
Basic
Materials
2,027,401
Total
Common
Stocks
(Cost
$55,756,052)
142,124,912
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
124
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(b)
-
0
.2
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
284,316
$
284,316
Total
Money
Market
Funds
(Cost
$284,316)
284,316
FACE
AMOUNT
U.S.
TREASURY
BILLS
-
6
.5
%
U.S.
Treasury
Bills
3.61%
due
07/02/26
(e)
$
10,000,000
9,998,999
Total
U.S.
Treasury
Bills
(Cost
$9,998,999)
9,998,999
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(f)
-
1
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,098,117
$
1,098,117
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,098,064
1,098,064
Total
Repurchase
Agreements
(Cost
$2,196,181)
2,196,181
Total
Investments
-
99.8%
(Cost
$68,235,548)
$
154,604,408
Other
Assets
&
Liabilities,
net
-
0.2%
322,464
Total
Net
Assets
-
100.0%
$
154,926,872
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(f)
Repurchase
Agreements
—
See
Note
4
.
CME
—
Chicago
Mercantile
Exchange
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Purchased
S&P
500
Index
Mini
Futures
Contracts
6
Sep
2026
$
2,264,100
$
14,446
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
S&P
500
Index
Pay
4.48%
(Federal
Funds
Rate
+
0.85%)
At
Maturity
09/22/26
698
$
5,235,355
$
141,969
Barclays
Bank
plc
S&P
500
Index
Pay
4.58%
(SOFR
+
0.90%)
At
Maturity
09/28/26
253
1,899,029
(
5,662
)
Goldman
Sachs
International
S&P
500
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
439
3,291,960
(
38,719
)
$
10,426,344
$
97,588
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
FUND
June
30,
2026
|
125
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
141,968,406
$
156,506
$
—
$
142,124,912
Money
Market
Funds
284,316
—
—
284,316
U.S.
Treasury
Bills
—
9,998,999
—
9,998,999
Repurchase
Agreements
—
2,196,181
—
2,196,181
Equity
Futures
Contracts
(a)
14,446
—
—
14,446
Equity
Index
Swap
Agreements
(a)
—
141,969
—
141,969
Total
Assets
$
142,267,168
$
12,493,655
$
—
$
154,760,823
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
44,381
$
—
$
44,381
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
126
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
S&P
500
®
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
4
.9
%
Guggenheim
Ultra
Short
Income
ETF
(a)
28,862
$
1,446,699
Total
Exchange-Traded
Funds
(Cost
$1,446,529)
1,446,699
MUTUAL
FUNDS
-
14
.5
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
426,990
4,295,522
Total
Mutual
Funds
(Cost
$4,225,142)
4,295,522
MONEY
MARKET
FUNDS
(b)
-
1
.9
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
565,682
565,682
Total
Money
Market
Funds
(Cost
$565,682)
565,682
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
30
.1
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
4,465,472
4,465,472
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
4,465,258
4,465,258
Total
Repurchase
Agreements
(Cost
$8,930,730)
8,930,730
U.S.
TREASURY
BILLS
-
16
.1
%
U.S.
Treasury
Bills
3.52%
due
07/02/26
(f)
2,800,000
2,799,726
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
16.1%
(continued)
3.67%
due
08/18/26
(f)
$
2,000,000
$
1,990,263
Total
U.S.
Treasury
Bills
(Cost
$4,789,989)
4,789,989
FEDERAL
AGENCY
DISCOUNT
NOTES
-
15
.3
%
Federal
Home
Loan
Bank
3.66%
due
08/26/26
(f)
1,800,000
1,789,822
3.64%
due
07/01/26
(f)
1,000,000
1,000,000
3.70%
due
10/14/26
(f)
1,000,000
989,076
3.70%
due
10/09/26
(f)
790,000
781,777
Total
Federal
Agency
Discount
Notes
(Cost
$4,561,166)
4,560,675
FEDERAL
AGENCY
NOTES
-
6
.7
%
Federal
Home
Loan
Bank
3.66%
(SOFR
+
0.05%)
due
07/20/26
◊
2,000,000
2,000,000
Total
Federal
Agency
Notes
(Cost
$2,000,000)
2,000,000
FEDERAL
AGENCY
BONDS
-
3
.4
%
Federal
Farm
Credit
Bank
3.65%
(SOFR
+
0.05%)
due
10/27/26
◊
1,000,000
1,000,032
Total
Federal
Agency
Bonds
(Cost
$1,000,058)
1,000,032
Total
Investments
-
92.9%
(Cost
$27,519,296)
$
27,589,329
Other
Assets
&
Liabilities,
net
-
7.1%
2,102,665
Total
Net
Assets
-
100.0%
$
29,691,994
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
June
30,
2026.
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.
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
(f)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
LLC
—
Limited
Liability
Company
SOFR
—
Secured
Overnight
Financing
Rate
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
S&P
500
®
STRATEGY
FUND
June
30,
2026
|
127
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Equity
Futures
Contracts
Sold
S&P
500
Index
Mini
Futures
Contracts
19
Sep
2026
$
7,169,650
$
(
53,557
)
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
S&P
500
Index
Receive
4.28%
(Federal
Funds
Rate
+
0.65%)
At
Maturity
09/24/26
611
$
4,583,024
$
46,535
Barclays
Bank
plc
S&P
500
Index
Receive
4.28%
(SOFR
+
0.60%)
At
Maturity
09/28/26
1,523
11,421,673
33,948
BNP
Paribas
S&P
500
Index
Receive
4.08%
(Federal
Funds
Rate
+
0.45%)
At
Maturity
09/22/26
869
6,520,404
(
276,364
)
$
22,525,101
$
(
195,881
)
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
plc
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
1,446,699
$
—
$
—
$
1,446,699
Mutual
Funds
4,295,522
—
—
4,295,522
Money
Market
Funds
565,682
—
—
565,682
Repurchase
Agreements
—
8,930,730
—
8,930,730
U.S.
Treasury
Bills
—
4,789,989
—
4,789,989
Federal
Agency
Discount
Notes
—
4,560,675
—
4,560,675
Federal
Agency
Notes
—
2,000,000
—
2,000,000
Federal
Agency
Bonds
—
1,000,032
—
1,000,032
Equity
Index
Swap
Agreements
(a)
—
80,483
—
80,483
Total
Assets
$
6,307,903
$
21,361,909
$
—
$
27,669,812
–
–
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
S&P
500
®
STRATEGY
FUND
June
30,
2026
128
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
53,557
$
—
$
—
$
53,557
Equity
Index
Swap
Agreements
(a)
—
276,364
—
276,364
Total
Liabilities
$
53,557
$
276,364
$
—
$
329,921
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
1,446,558
$
(
29
)
$
—
$
170
$
1,446,699
28,862
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
4,291,252
—
—
—
4,270
4,295,522
426,990
46,816
Guggenheim
Strategy
Fund
II
6,497,345
—
(
6,496,558
)
(
16,343
)
15,556
—
—
62,303
$
10,788,597
$
1,446,558
$
(
6,496,587
)
$
(
16,343
)
$
19,996
$
5,742,221
$
109,119
|
129
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
500
®
PURE
GROWTH
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.6
%
TECHNOLOGY
-
35
.9
%
Sandisk
Corp.*
7,241
$
16,464,079
Micron
Technology,
Inc.
5,761
6,649,865
KLA
Corp.
16,116
4,862,358
Advanced
Micro
Devices,
Inc.*
7,229
4,199,398
Lam
Research
Corp.
8,721
3,779,071
Crowdstrike
Holdings,
Inc. — Class
A*
4,550
3,472,287
Monolithic
Power
Systems,
Inc.
2,365
3,269,282
Applied
Materials,
Inc.
4,218
3,049,614
Datadog,
Inc. — Class
A*
9,283
2,416,922
NVIDIA
Corp.
11,065
2,213,996
Broadcom,
Inc.
5,627
2,125,599
Lumentum
Holdings,
Inc.*
2,306
1,978,686
Palantir
Technologies,
Inc. — Class
A*
14,455
1,686,465
Microsoft
Corp.
2,153
803,112
Total
Technology
56,970,734
INDUSTRIAL
-
18
.5
%
Comfort
Systems
USA,
Inc.
2,681
5,313,608
Vertiv
Holdings
Co. — Class
A
9,857
3,300,321
Amphenol
Corp. — Class
A
18,322
3,230,535
Howmet
Aerospace,
Inc.
11,573
3,111,517
GE
Vernova,
Inc.
2,344
2,753,872
Coherent
Corp.*
6,329
2,496,601
EMCOR
Group,
Inc.
2,755
2,286,319
Caterpillar,
Inc.
2,056
2,189,434
RTX
Corp.
9,618
1,824,823
Flex
Ltd.*
10,128
1,641,445
TransDigm
Group,
Inc.
952
1,268,102
Total
Industrial
29,416,577
COMMUNICATIONS
-
15
.0
%
Ciena
Corp.*
7,518
3,688,030
Arista
Networks,
Inc.*
15,107
2,566,377
EchoStar
Corp. — Class
A*
21,967
2,229,651
Robinhood
Markets,
Inc. — Class
A*
20,348
2,040,497
AppLovin
Corp. — Class
A*
3,887
2,002,699
Expedia
Group,
Inc.
6,631
1,696,740
Uber
Technologies,
Inc.*
20,242
1,460,663
Meta
Platforms,
Inc. — Class
A
2,450
1,380,061
Alphabet,
Inc. — Class
A
3,716
1,327,987
DoorDash,
Inc. — Class
A*
7,151
1,319,574
VeriSign,
Inc.
4,710
1,184,848
Alphabet,
Inc. — Class
C
2,962
1,046,563
Booking
Holdings,
Inc.
5,539
987,271
Netflix,
Inc.*
12,288
877,363
Total
Communications
23,808,324
CONSUMER,
CYCLICAL
-
12
.8
%
TKO
Group
Holdings,
Inc. — Class
A
(a)
11,174
2,249,438
Tapestry,
Inc.
14,337
2,098,650
Ralph
Lauren
Corp. — Class
A
5,208
2,090,543
Royal
Caribbean
Cruises
Ltd.
6,466
2,053,149
Carnival
Corporation
Ltd.
71,121
2,031,927
Wynn
Resorts
Ltd.
19,069
1,851,409
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
CONSUMER,
CYCLICAL
-
12.8%
(continued)
Hilton
Worldwide
Holdings,
Inc.
5,156
$
1,703,852
Marriott
International,
Inc. — Class
A
4,362
1,616,514
Las
Vegas
Sands
Corp.
32,047
1,480,251
Ulta
Beauty,
Inc.*
2,419
1,090,921
O'Reilly
Automotive,
Inc.*
11,815
1,088,043
Casey's
General
Stores,
Inc.
1,113
884,601
Total
Consumer,
Cyclical
20,239,298
CONSUMER,
NON-CYCLICAL
-
9
.4
%
Quanta
Services,
Inc.
3,797
2,733,992
Eli
Lilly
&
Co.
2,165
2,596,766
Incyte
Corp.*
20,976
2,377,839
HCA
Healthcare,
Inc.
4,535
1,768,151
Monster
Beverage
Corp.*
18,172
1,746,693
IDEXX
Laboratories,
Inc.*
2,453
1,291,357
Insulet
Corp.*
6,171
939,535
Intuitive
Surgical,
Inc.*
1,889
751,217
Rollins,
Inc.
17,547
732,412
Total
Consumer,
Non-cyclical
14,937,962
FINANCIAL
-
4
.6
%
Berkshire
Hathaway,
Inc. — Class
B*
6,085
3,044,873
Interactive
Brokers
Group,
Inc. — Class
A
32,281
2,809,738
Welltower,
Inc.
REIT
6,711
1,523,196
Total
Financial
7,377,807
ENERGY
-
1
.3
%
First
Solar,
Inc.*
8,880
2,095,325
BASIC
MATERIALS
-
1
.1
%
Newmont
Corp.
18,361
1,714,917
UTILITIES
-
1
.0
%
Vistra
Corp.
9,598
1,522,531
Total
Common
Stocks
(Cost
$133,748,637)
158,083,475
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
385,830
385,830
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
385,811
385,811
Total
Repurchase
Agreements
(Cost
$771,641)
771,641
Total
Investments
-
100.1%
(Cost
$134,520,278)
$
158,855,116
Other
Assets
&
Liabilities,
net
-
(0.1)%
(
171,739
)
Total
Net
Assets
-
100.0%
$
158,683,377
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
PURE
GROWTH
FUND
June
30,
2026
130
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
158,083,475
$
—
$
—
$
158,083,475
Repurchase
Agreements
—
771,641
—
771,641
Total
Assets
$
158,083,475
$
771,641
$
—
$
158,855,116
–
–
–
–
|
131
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
500
®
PURE
VALUE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.6
%
CONSUMER,
NON-CYCLICAL
-
30
.5
%
Centene
Corp.*
26,857
$
1,723,951
Humana,
Inc.
3,928
1,560,280
Archer-Daniels-Midland
Co.
18,264
1,395,370
Bunge
Global
S.A.
12,995
1,386,956
CVS
Health
Corp.
13,069
1,351,988
Cigna
Group
3,813
1,051,168
Tyson
Foods,
Inc. — Class
A
18,271
1,046,015
Elevance
Health,
Inc.
2,576
996,216
Viatris,
Inc.
46,280
734,926
Cardinal
Health,
Inc.
3,030
719,807
Kroger
Co.
12,281
681,964
Kraft
Heinz
Co.
27,181
642,015
Global
Payments,
Inc.
8,664
628,660
McKesson
Corp.
744
562,166
Baxter
International,
Inc.
(a)
24,812
528,992
Cencora,
Inc.
1,764
499,177
Sysco
Corp.
5,670
473,899
Molson
Coors
Beverage
Co. — Class
B
11,778
458,871
UnitedHealth
Group,
Inc.
1,070
444,724
Hormel
Foods
Corp.
16,577
411,441
Henry
Schein,
Inc.*
4,819
402,483
Biogen,
Inc.*
1,390
300,323
Block,
Inc.*
3,831
291,156
Keurig
Dr
Pepper,
Inc.
8,064
263,935
Universal
Health
Services,
Inc. — Class
B
1,599
237,755
Pfizer,
Inc.
9,238
222,451
Zimmer
Biomet
Holdings,
Inc.
2,456
211,437
Total
Consumer,
Non-cyclical
19,228,126
FINANCIAL
-
20
.4
%
Everest
Group
Ltd.
2,678
956,662
Franklin
Resources,
Inc.
24,421
812,487
Alexandria
Real
Estate
Equities,
Inc.
REIT
13,281
701,901
Prudential
Financial,
Inc.
6,229
672,296
Citigroup,
Inc.
4,438
621,142
Citizens
Financial
Group,
Inc.
7,646
535,755
MetLife,
Inc.
6,298
532,874
Loews
Corp.
4,591
519,747
Invesco
Ltd.
19,202
506,741
American
International
Group,
Inc.
6,532
486,830
Allstate
Corp.
1,899
451,848
Truist
Financial
Corp.
9,034
450,074
Principal
Financial
Group,
Inc.
4,101
442,006
M&T
Bank
Corp.
1,856
441,747
Assurant,
Inc.
1,624
436,093
State
Street
Corp.
2,271
385,162
KeyCorp
15,918
366,910
Regions
Financial
Corp.
11,479
346,666
Huntington
Bancshares,
Inc.
19,377
343,554
Arch
Capital
Group
Ltd.*
3,472
336,992
U.S.
Bancorp
5,541
334,676
VICI
Properties,
Inc. — Class
A
REIT
11,968
317,750
PNC
Financial
Services
Group,
Inc.
1,233
303,589
Travelers
Companies,
Inc.
915
302,060
Chubb
Ltd.
875
298,148
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
FINANCIAL
-
20.4%
(continued)
Fifth
Third
Bancorp
4,719
$
266,010
Hartford
Insurance
Group,
Inc.
1,868
247,547
Bank
of
America
Corp.
4,250
242,165
Capital
One
Financial
Corp.
991
198,814
Total
Financial
12,858,246
CONSUMER,
CYCLICAL
-
12
.8
%
Ford
Motor
Co.
90,893
1,263,413
General
Motors
Co.
13,993
1,078,580
Target
Corp.
8,050
1,051,411
United
Airlines
Holdings,
Inc.*
5,071
689,605
Delta
Air
Lines,
Inc.
6,913
647,472
Best
Buy
Co,
Inc.
7,534
571,680
Southwest
Airlines
Co.
9,501
488,541
MGM
Resorts
International*
9,958
476,092
Dollar
General
Corp.
3,492
401,964
Lennar
Corp. — Class
A
3,802
344,043
Aptiv
plc*
4,746
291,309
PulteGroup,
Inc.
2,064
283,201
DR
Horton,
Inc.
1,626
264,843
Genuine
Parts
Co.
2,020
238,320
Total
Consumer,
Cyclical
8,090,474
ENERGY
-
9
.5
%
Valero
Energy
Corp.
3,471
903,987
Phillips
66
5,005
846,095
Marathon
Petroleum
Corp.
2,976
760,874
APA
Corp.
(a)
17,934
584,110
Diamondback
Energy,
Inc.
2,444
429,606
Devon
Energy
Corp.
9,305
384,483
Occidental
Petroleum
Corp.
7,451
361,895
Halliburton
Co.
10,111
343,269
Chevron
Corp.
1,974
327,210
ConocoPhillips
2,702
280,900
ONEOK,
Inc.
3,170
275,600
Exxon
Mobil
Corp.
1,970
269,338
SLB
Ltd.
5,581
259,461
Total
Energy
6,026,828
BASIC
MATERIALS
-
8
.3
%
Dow,
Inc.
41,120
1,125,043
Mosaic
Co.
46,641
988,323
DuPont
de
Nemours,
Inc.
6,524
884,961
LyondellBasell
Industries
N.V. — Class
A
16,708
879,676
International
Paper
Co.
14,562
554,812
Nucor
Corp.
1,911
425,675
International
Flavors
&
Fragrances,
Inc.
4,997
395,863
Total
Basic
Materials
5,254,353
INDUSTRIAL
-
6
.2
%
Smurfit
Westrock
plc
22,568
1,043,996
Stanley
Black
&
Decker,
Inc.
8,391
789,761
Amcor
plc
10,015
434,150
FedEx
Corp.
1,371
429,301
Textron,
Inc.
3,670
336,649
Ball
Corp.
4,840
302,016
Builders
FirstSource,
Inc.*
2,676
239,449
Huntington
Ingalls
Industries,
Inc.
761
212,996
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
PURE
VALUE
FUND
June
30,
2026
132
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.6%
(continued)
INDUSTRIAL
-
6.2%
(continued)
Fedex
Freight
Holding
Company,
Inc.*
686
$
103,586
Total
Industrial
3,891,904
COMMUNICATIONS
-
5
.1
%
Comcast
Corp. — Class
A
26,917
660,812
Paramount
Skydance
Corp. — Class
B
(a)
56,146
553,600
Charter
Communications,
Inc. — Class
A*
3,374
479,816
Verizon
Communications,
Inc.
8,846
374,540
Omnicom
Group,
Inc.
3,754
273,404
AT&T,
Inc.
12,640
261,648
Warner
Bros
Discovery,
Inc.*
8,029
214,053
Walt
Disney
Co.
2,110
203,087
News
Corp. — Class
A
6,585
163,506
News
Corp. — Class
B
2,201
61,760
Total
Communications
3,246,226
UTILITIES
-
4
.1
%
PG&E
Corp.
31,402
528,182
Edison
International
7,049
524,798
AES
Corp.
24,867
364,550
Pinnacle
West
Capital
Corp.
3,059
327,313
Consolidated
Edison,
Inc.
2,758
305,118
Eversource
Energy
3,856
278,673
Exelon
Corp.
5,305
247,319
Total
Utilities
2,575,953
TECHNOLOGY
-
2
.7
%
Hewlett
Packard
Enterprise
Co.
22,855
1,030,989
HP,
Inc.
(a)
18,599
408,062
Fiserv,
Inc.*
5,988
293,711
Total
Technology
1,732,762
Total
Common
Stocks
(Cost
$60,461,022)
62,904,872
A
A
A
SHARES
VALUE
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.6
%
MONEY
MARKET
FUNDS
-
0
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
377,820
$
377,820
Total
Securities
Lending
Collateral
(Cost
$377,820)
377,820
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
133,936
133,936
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
133,929
133,929
Total
Repurchase
Agreements
(Cost
$267,865)
267,865
Total
Investments
-
100.6%
(Cost
$61,106,707)
$
63,550,557
Other
Assets
&
Liabilities,
net
-
(0.6)%
(
400,214
)
Total
Net
Assets
-
100.0%
$
63,150,343
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
PURE
VALUE
FUND
June
30,
2026
|
133
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
62,904,872
$
—
$
—
$
62,904,872
Securities
Lending
Collateral
377,820
—
—
377,820
Repurchase
Agreements
—
267,865
—
267,865
Total
Assets
$
63,282,692
$
267,865
$
—
$
63,550,557
–
–
–
–
134
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
MIDCAP
400
®
PURE
GROWTH
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.7
%
INDUSTRIAL
-
34
.1
%
Sterling
Infrastructure,
Inc.*
1,214
$
1,018,983
Vicor
Corp.*
2,163
821,464
TTM
Technologies,
Inc.*
3,838
717,783
MasTec,
Inc.*
1,710
711,463
Woodward,
Inc.
1,591
676,875
Dycom
Industries,
Inc.*
1,185
599,124
ATI,
Inc.*
2,870
565,677
IES
Holdings,
Inc.*
690
506,915
Fabrinet*
893
501,937
Curtiss-Wright
Corp.
644
487,997
Advanced
Energy
Industries,
Inc.
1,132
422,089
nVent
Electric
plc
2,321
393,665
Sanmina
Corp.*
1,497
378,861
EnerSys
1,525
356,576
XPO,
Inc.*
1,641
336,881
AeroVironment,
Inc.*
1,935
319,410
SPX
Technologies,
Inc.*
1,269
311,121
BWX
Technologies,
Inc.
1,574
306,379
Chart
Industries,
Inc.*
1,384
289,173
Watts
Water
Technologies,
Inc. — Class
A
615
240,742
RBC
Bearings,
Inc.*
369
237,658
ITT,
Inc.
1,157
228,808
Hexcel
Corp.
2,263
226,436
Moog,
Inc. — Class
A
499
211,496
Kratos
Defense
&
Security
Solutions,
Inc.*
3,984
198,642
Flowserve
Corp.
2,501
185,474
Tetra
Tech,
Inc.
4,494
129,832
Total
Industrial
11,381,461
CONSUMER,
NON-CYCLICAL
-
23
.0
%
Arrowhead
Pharmaceuticals,
Inc.*
9,285
756,820
Halozyme
Therapeutics,
Inc.*
7,900
618,333
Medpace
Holdings,
Inc.*
974
515,821
Exelixis,
Inc.*
7,963
433,267
United
Therapeutics
Corp.*
796
431,297
UL
Solutions,
Inc. — Class
A
3,904
397,661
Neurocrine
Biosciences,
Inc.*
2,350
396,057
Jazz
Pharmaceuticals
plc*
1,306
314,707
Celsius
Holdings,
Inc.*
,(a)
10,679
312,681
Tenet
Healthcare
Corp.*
1,617
302,508
Ensign
Group,
Inc.
1,879
301,204
Penumbra,
Inc.*
942
297,436
Globus
Medical,
Inc. — Class
A*
3,451
272,663
Elanco
Animal
Health,
Inc.*
10,681
262,859
API
Group
Corp.*
6,195
262,358
Toast,
Inc. — Class
A*
8,327
231,657
Valvoline,
Inc.*
,(a)
5,798
229,253
Option
Care
Health,
Inc.*
10,177
213,412
LivaNova
plc*
2,547
209,440
Coca-Cola
Consolidated,
Inc.
1,091
208,294
Sotera
Health
Co.*
9,249
164,170
HealthEquity,
Inc.*
1,812
163,660
Encompass
Health
Corp.
1,539
155,562
Grand
Canyon
Education,
Inc.*
862
123,361
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.7%
(continued)
CONSUMER,
NON-CYCLICAL
-
23.0%
(continued)
Paylocity
Holding
Corp.*
954
$
99,722
Total
Consumer,
Non-cyclical
7,674,203
TECHNOLOGY
-
13
.3
%
DigitalOcean
Holdings,
Inc.*
5,054
793,630
Rambus,
Inc.*
4,709
625,073
Twilio,
Inc. — Class
A*
2,495
514,793
MACOM
Technology
Solutions
Holdings,
Inc.*
1,256
477,745
Everpure,
Inc. — Class
A*
3,905
307,675
SiTime
Corp.*
400
298,224
Okta,
Inc.*
2,108
287,637
CACI
International,
Inc. — Class
A*
521
241,358
Dropbox,
Inc. — Class
A*
6,553
180,011
Dynatrace,
Inc.*
3,723
163,477
Appfolio,
Inc. — Class
A*
,(a)
995
159,548
Guidewire
Software,
Inc.*
828
101,885
Doximity,
Inc. — Class
A*
4,715
97,789
Pegasystems,
Inc.
3,089
92,577
ExlService
Holdings,
Inc.*
3,202
82,804
Total
Technology
4,424,226
CONSUMER,
CYCLICAL
-
8
.5
%
FirstCash
Holdings,
Inc.
2,229
482,177
Five
Below,
Inc.*
2,358
423,945
Boyd
Gaming
Corp.
3,682
325,231
Hilton
Grand
Vacations,
Inc.*
5,752
301,232
Travel
+
Leisure
Co.
3,564
272,397
Somnigroup
International,
Inc.
3,407
267,109
RB
Global,
Inc.
2,176
253,395
Ollie's
Bargain
Outlet
Holdings,
Inc.*
1,994
153,299
Churchill
Downs,
Inc.
1,434
128,544
Wingstop,
Inc.
739
128,150
Planet
Fitness,
Inc. — Class
A*
2,172
113,313
Total
Consumer,
Cyclical
2,848,792
BASIC
MATERIALS
-
6
.1
%
Carpenter
Technology
Corp.
1,352
833,967
Hecla
Mining
Co.
24,818
382,942
Coeur
Mining,
Inc.
18,849
307,616
Royal
Gold,
Inc.
1,472
293,826
NewMarket
Corp.
254
200,975
Total
Basic
Materials
2,019,326
COMMUNICATIONS
-
5
.0
%
InterDigital,
Inc.
1,783
504,821
Hims
&
Hers
Health,
Inc.*
,(a)
10,956
379,844
Roku,
Inc.*
2,723
376,155
Viavi
Solutions,
Inc.*
5,433
259,426
New
York
Times
Co. — Class
A
2,221
155,426
Total
Communications
1,675,672
ENERGY
-
3
.9
%
TechnipFMC
plc
9,505
630,181
Valaris
Ltd.*
6,696
486,130
Antero
Midstream
Corp.
7,877
179,202
Total
Energy
1,295,513
FINANCIAL
-
3
.7
%
Sabra
Health
Care
REIT,
Inc.
15,182
296,201
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
MIDCAP
400
®
PURE
GROWTH
FUND
June
30,
2026
|
135
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.7%
(continued)
FINANCIAL
-
3.7%
(continued)
Federated
Hermes,
Inc.
4,389
$
242,360
Affiliated
Managers
Group,
Inc.
693
234,511
CareTrust
REIT,
Inc.
4,622
186,498
Kinsale
Capital
Group,
Inc.
437
144,127
First
Industrial
Realty
Trust,
Inc.
REIT
2,194
134,514
Total
Financial
1,238,211
UTILITIES
-
2
.1
%
Talen
Energy
Corp.*
1,299
499,154
Ormat
Technologies,
Inc.
1,907
207,672
Total
Utilities
706,826
Total
Common
Stocks
(Cost
$23,127,015)
33,264,230
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(b)
-
0
.2
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
26,997
$
26,997
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
26,995
26,995
Total
Repurchase
Agreements
(Cost
$53,992)
53,992
Total
Investments
-
99.9%
(Cost
$23,181,007)
$
33,318,222
Other
Assets
&
Liabilities,
net
-
0.1%
23,184
Total
Net
Assets
-
100.0%
$
33,341,406
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
33,264,230
$
—
$
—
$
33,264,230
Repurchase
Agreements
—
53,992
—
53,992
Total
Assets
$
33,264,230
$
53,992
$
—
$
33,318,222
–
–
–
–
136
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
MIDCAP
400
®
PURE
VALUE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.8
%
CONSUMER,
CYCLICAL
-
26
.4
%
Lear
Corp.
1,255
$
168,245
Macy's,
Inc.
5,434
127,971
PVH
Corp.
1,658
123,123
Harley-Davidson,
Inc.
4,962
121,371
Alaska
Air
Group,
Inc.*
2,285
119,277
Lithia
Motors,
Inc. — Class
A
392
113,872
Penske
Automotive
Group,
Inc.
626
112,023
Taylor
Morrison
Home
Corp. — Class
A*
1,352
96,992
SharkNinja,
Inc.*
570
86,794
BorgWarner,
Inc.
1,244
82,602
KB
Home
1,283
80,303
AutoNation,
Inc.*
415
77,103
American
Airlines
Group,
Inc.*
4,243
76,671
Aramark
1,172
66,687
Goodyear
Tire
&
Rubber
Co.*
9,202
60,733
Murphy
USA,
Inc.
106
57,120
WESCO
International,
Inc.
159
54,923
Thor
Industries,
Inc.
700
52,612
Whirlpool
Corp.
1,247
49,157
Visteon
Corp.
426
42,263
Columbia
Sportswear
Co.
672
41,543
Polaris,
Inc.
495
33,878
Bath
&
Body
Works,
Inc.
1,458
33,724
BJ's
Wholesale
Club
Holdings,
Inc.*
343
29,916
Gap,
Inc.
1,394
26,040
Total
Consumer,
Cyclical
1,934,943
INDUSTRIAL
-
24
.0
%
Arrow
Electronics,
Inc.*
1,381
294,719
Avnet,
Inc.
3,299
293,017
TD
SYNNEX
Corp.
766
204,783
Fluor
Corp.*
2,222
116,411
Sonoco
Products
Co.
1,824
102,782
Terex
Corp.
1,324
95,844
Knight-Swift
Transportation
Holdings,
Inc.
1,144
89,083
Greif,
Inc. — Class
A
1,188
88,494
Ryder
System,
Inc.
272
71,746
Avient
Corp.
1,876
69,337
CNH
Industrial
N.V.
5,917
66,448
GXO
Logistics,
Inc.*
1,293
65,555
Silgan
Holdings,
Inc.
1,314
60,957
Graphic
Packaging
Holding
Co.
5,058
53,463
AGCO
Corp.
376
45,007
UFP
Industries,
Inc.
446
40,470
Total
Industrial
1,758,116
FINANCIAL
-
22
.3
%
Brighthouse
Financial,
Inc.*
2,248
142,298
Park
Hotels
&
Resorts,
Inc.
REIT
(a)
9,276
132,183
Reinsurance
Group
of
America,
Inc.
520
110,578
Voya
Financial,
Inc.
770
69,708
Flagstar
Bank
North
America
4,569
68,261
Unum
Group
730
65,262
Valley
National
Bancorp
4,389
64,299
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.8%
(continued)
FINANCIAL
-
22.3%
(continued)
Selective
Insurance
Group,
Inc.
604
$
58,594
First
American
Financial
Corp.
822
56,381
CNO
Financial
Group,
Inc.
1,080
55,058
Bank
OZK
1,037
54,017
Corebridge
Financial,
Inc.
1,885
53,967
FNB
Corp.
2,771
52,871
Prosperity
Bancshares,
Inc.
691
50,464
Ally
Financial,
Inc.
1,063
48,845
United
Bankshares,
Inc.
1,027
47,067
Associated
Banc-Corp
1,526
46,955
Cousins
Properties,
Inc.
REIT
1,513
45,360
Jones
Lang
LaSalle,
Inc.*
140
43,393
SouthState
Bank
Corp.
411
41,059
Webster
Financial
Corp.
536
40,961
Zions
Bancorp
North
America
590
40,822
Columbia
Banking
System,
Inc.
1,245
39,902
Old
National
Bancorp
1,524
39,472
Kilroy
Realty
Corp.
REIT
1,031
38,632
Pinnacle
Financial
Partners,
Inc.
350
35,308
Hancock
Whitney
Corp.
454
33,923
Jefferies
Financial
Group,
Inc.
630
31,487
Starwood
Property
Trust,
Inc.
REIT
(a)
1,607
26,323
Total
Financial
1,633,450
ENERGY
-
11
.7
%
PBF
Energy,
Inc. — Class
A
4,737
215,628
HF
Sinclair
Corp.
2,607
181,578
NOV,
Inc.
6,053
112,283
Chord
Energy
Corp.
935
106,871
Ovintiv,
Inc.
1,308
68,866
Matador
Resources
Co.
1,314
65,411
Murphy
Oil
Corp.
1,706
55,547
Permian
Resources
Corp. — Class
A
2,862
52,689
Total
Energy
858,873
CONSUMER,
NON-CYCLICAL
-
7
.2
%
Performance
Food
Group
Co.*
893
99,828
Darling
Ingredients,
Inc.*
1,335
72,918
Albertsons
Companies,
Inc. — Class
A
5,354
72,440
US
Foods
Holding
Corp.*
649
66,360
Post
Holdings,
Inc.*
583
51,456
Envista
Holdings
Corp.*
1,872
49,327
Pilgrim's
Pride
Corp.
1,600
44,976
Ingredion,
Inc.
369
34,948
Euronet
Worldwide,
Inc.*
463
33,887
Total
Consumer,
Non-cyclical
526,140
BASIC
MATERIALS
-
5
.0
%
Olin
Corp.
5,560
110,199
Cleveland-Cliffs,
Inc.*
7,604
71,402
Westlake
Corp.
966
70,518
Alcoa
Corp.
974
50,784
Cabot
Corp.
(a)
440
39,961
Commercial
Metals
Co.
446
27,987
Total
Basic
Materials
370,851
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
MIDCAP
400
®
PURE
VALUE
FUND
June
30,
2026
|
137
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.8%
(continued)
COMMUNICATIONS
-
1
.8
%
Sirius
XM
Holdings,
Inc.
4,508
$
133,166
TECHNOLOGY
-
1
.4
%
Science
Applications
International
Corp.
510
56,309
Kyndryl
Holdings,
Inc.*
2,308
26,103
KBR,
Inc.
660
22,790
Total
Technology
105,202
Total
Common
Stocks
(Cost
$5,387,837)
7,320,741
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
0
.2
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
8,149
8,149
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(b)
-
0.2%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
8,148
$
8,148
Total
Repurchase
Agreements
(Cost
$16,297)
16,297
Total
Investments
-
100.0%
(Cost
$5,404,134)
$
7,337,038
Other
Assets
&
Liabilities,
net
-
(0.0)%
(
648
)
Total
Net
Assets
-
100.0%
$
7,336,390
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
7,320,741
$
—
$
—
$
7,320,741
Repurchase
Agreements
—
16,297
—
16,297
Total
Assets
$
7,320,741
$
16,297
$
—
$
7,337,038
–
–
–
–
138
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
SMALLCAP
600
®
PURE
GROWTH
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.0
%
CONSUMER,
NON-CYCLICAL
-
30
.9
%
Protagonist
Therapeutics,
Inc.*
7,875
$
965,318
Alignment
Healthcare,
Inc.*
38,908
926,399
Liquidia
Corp.*
11,503
917,134
Sezzle,
Inc.*
,(a)
5,029
863,127
PTC
Therapeutics,
Inc.*
10,529
858,851
Chefs'
Warehouse,
Inc.*
8,597
826,172
Progyny,
Inc.*
28,135
811,132
Ligand
Pharmaceuticals,
Inc. — Class
B*
2,364
747,237
TG
Therapeutics,
Inc.*
,(a)
13,455
739,218
Krystal
Biotech,
Inc.*
1,921
713,978
BrightSpring
Health
Services,
Inc.*
9,993
696,912
Indivior
Pharmaceuticals,
Inc.*
16,406
673,138
ACADIA
Pharmaceuticals,
Inc.*
26,483
670,020
ANI
Pharmaceuticals,
Inc.*
7,758
642,207
Laureate
Education,
Inc.*
17,252
626,593
Catalyst
Pharmaceuticals,
Inc.*
18,715
588,212
Corcept
Therapeutics,
Inc.*
6,681
580,913
Collegium
Pharmaceutical,
Inc.*
13,965
505,533
Vita
Coco
Company,
Inc.*
7,613
503,524
Veracyte,
Inc.*
8,524
500,615
Covista,
Inc.*
3,875
483,057
Phibro
Animal
Health
Corp. — Class
A
14,189
445,535
Healthcare
Services
Group,
Inc.*
17,806
437,315
National
HealthCare
Corp.
1,975
417,436
Alkermes
plc*
7,703
403,599
Pediatrix
Medical
Group,
Inc.*
15,874
402,088
TransMedics
Group,
Inc.*
,(a)
5,459
362,587
Harmony
Biosciences
Holdings,
Inc.*
9,742
354,706
Cal-Maine
Foods,
Inc.
(a)
4,366
351,725
Privia
Health
Group,
Inc.*
12,665
325,870
UFP
Technologies,
Inc.*
1,092
289,522
Pacira
BioSciences,
Inc.*
10,911
276,812
Artivion,
Inc.*
10,105
227,059
Tootsie
Roll
Industries,
Inc.
5,040
199,332
EVERTEC,
Inc.
7,160
198,905
ADMA
Biologics,
Inc.*
17,195
143,922
Inspire
Medical
Systems,
Inc.*
1,456
64,952
Ligand
Pharmaceuticals,
Inc.
(b)
214
—
Total
Consumer,
Non-cyclical
19,740,655
FINANCIAL
-
20
.7
%
Dave,
Inc.*
,(a)
3,023
1,126,340
StoneX
Group,
Inc.*
8,512
1,008,672
Enova
International,
Inc.*
3,721
895,756
Adamas
Trust,
Inc.
REIT
(a)
90,573
849,575
EZCORP,
Inc. — Class
A*
24,394
843,301
Acadian
Asset
Management,
Inc.
11,747
840,145
SiriusPoint
Ltd.*
29,746
713,904
ARMOUR
Residential
REIT,
Inc.
REIT
40,055
698,960
Mercury
General
Corp.
5,459
582,039
Palomar
Holdings,
Inc.*
3,993
504,675
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.0%
(continued)
FINANCIAL
-
20.7%
(continued)
Ellington
Financial,
Inc.
REIT
36,986
$
503,379
Curbline
Properties
Corp.
REIT
16,403
498,651
St.
Joe
Co.
7,679
480,936
HCI
Group,
Inc.
2,687
470,897
Virtu
Financial,
Inc. — Class
A
7,307
435,278
Axos
Financial,
Inc.*
4,436
432,022
Bancorp,
Inc.*
6,421
402,211
PennyMac
Mortgage
Investment
Trust
REIT
33,875
382,110
Pathward
Financial,
Inc.
3,936
342,668
WisdomTree,
Inc.
19,794
335,310
NMI
Holdings,
Inc. — Class
A*
5,984
245,883
PJT
Partners,
Inc. — Class
A
(a)
1,627
245,579
Preferred
Bank/Los
Angeles
CA
2,101
223,252
StepStone
Group,
Inc. — Class
A
4,655
192,531
Total
Financial
13,254,074
INDUSTRIAL
-
19
.0
%
Powell
Industries,
Inc.
(a)
4,348
1,245,093
Argan,
Inc.
1,552
1,239,350
MYR
Group,
Inc.*
1,794
897,718
DXP
Enterprises,
Inc.*
5,065
854,668
AAR
Corp.*
4,814
688,065
Everus
Construction
Group,
Inc.*
3,990
662,140
ESCO
Technologies,
Inc.
1,889
661,226
AZZ,
Inc.
3,401
527,325
International
Seaways,
Inc.
6,598
505,341
Primoris
Services
Corp.
5,023
497,880
OSI
Systems,
Inc.*
2,193
479,609
National
Presto
Industries,
Inc.
3,730
466,213
Mercury
Systems,
Inc.*
3,644
445,771
Federal
Signal
Corp.
3,315
425,944
Proto
Labs,
Inc.*
4,471
364,431
Granite
Construction,
Inc.
2,037
322,009
Armstrong
World
Industries,
Inc.
1,763
282,820
Mirion
Technologies,
Inc. — Class
A*
14,344
257,188
Frontdoor,
Inc.*
3,228
250,461
Standex
International
Corp.
681
243,573
JBT
Marel
Corp.
1,522
220,690
Zurn
Elkay
Water
Solutions
Corp.
4,251
214,803
Brady
Corp. — Class
A
2,148
196,692
Badger
Meter,
Inc.
1,302
193,191
Total
Industrial
12,142,201
TECHNOLOGY
-
10
.6
%
ACM
Research,
Inc. — Class
A*
18,186
2,307,621
Clear
Secure,
Inc. — Class
A
16,836
938,270
Adeia,
Inc.
27,035
890,263
Life360,
Inc.*
14,158
783,787
FormFactor,
Inc.*
3,435
549,360
PDF
Solutions,
Inc.*
5,333
377,523
Digi
International,
Inc.*
4,011
300,624
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
SMALLCAP
600
®
PURE
GROWTH
FUND
June
30,
2026
|
139
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.0%
(continued)
TECHNOLOGY
-
10.6%
(continued)
LiveRamp
Holdings,
Inc.*
7,240
$
272,514
Waystar
Holding
Corp.*
8,546
175,449
Agilysys,
Inc.*
1,592
166,364
Total
Technology
6,761,775
CONSUMER,
CYCLICAL
-
8
.3
%
PriceSmart,
Inc.
2,931
572,541
OneSpaWorld
Holdings
Ltd.
17,989
508,009
OPENLANE,
Inc.*
11,932
492,076
Urban
Outfitters,
Inc.*
6,096
431,963
Brinker
International,
Inc.*
2,493
418,824
Acushnet
Holdings
Corp.
3,228
382,615
VSE
Corp.
1,546
353,261
Rush
Street
Interactive,
Inc. — Class
A*
10,888
323,809
Boot
Barn
Holdings,
Inc.*
1,856
304,885
XPEL,
Inc.*
,(a)
5,529
274,238
Red
Rock
Resorts,
Inc. — Class
A
3,788
246,447
Monarch
Casino
&
Resort,
Inc.
1,869
245,979
National
Vision
Holdings,
Inc.*
10,522
200,023
Installed
Building
Products,
Inc.
840
193,066
Dorman
Products,
Inc.*
1,306
178,204
Cavco
Industries,
Inc.*
276
169,569
Total
Consumer,
Cyclical
5,295,509
COMMUNICATIONS
-
7
.3
%
Sphere
Entertainment
Co.*
5,466
945,782
Uniti
Group,
Inc.*
78,090
895,692
Viasat,
Inc.*
9,272
832,718
Liquidity
Services,
Inc.*
14,902
582,966
Etsy,
Inc.*
4,620
348,025
Lyft,
Inc. — Class
A*
23,109
337,622
Calix,
Inc.*
7,127
265,980
TripAdvisor,
Inc.*
16,997
233,029
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.0%
(continued)
COMMUNICATIONS
-
7.3%
(continued)
Sprinklr,
Inc. — Class
A*
24,505
$
126,446
Upwork,
Inc.*
14,046
117,425
Total
Communications
4,685,685
ENERGY
-
1
.8
%
Tidewater,
Inc.*
7,958
530,242
Archrock,
Inc.
11,074
450,822
Sunrun,
Inc.*
11,778
157,590
Total
Energy
1,138,654
BASIC
MATERIALS
-
0
.4
%
Sensient
Technologies
Corp.
2,155
265,690
Total
Common
Stocks
(Cost
$58,226,131)
63,284,243
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(c)
-
0
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
122,534
122,534
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
122,528
122,528
Total
Repurchase
Agreements
(Cost
$245,062)
245,062
Total
Investments
-
99.4%
(Cost
$58,471,193)
$
63,529,305
Other
Assets
&
Liabilities,
net
-
0.6%
351,998
Total
Net
Assets
-
100.0%
$
63,881,303
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
Value
determined
based
on
Level
3
inputs
—
See
Note
3
.
(c)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
SMALLCAP
600
®
PURE
GROWTH
FUND
June
30,
2026
140
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
63,284,243
$
—
$
—
(a)
$
63,284,243
Repurchase
Agreements
—
245,062
—
245,062
Total
Assets
$
63,284,243
$
245,062
$
—
$
63,529,305
–
–
–
–
(a)
Securities
with
a
market
value
of
$0.
|
141
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
SMALLCAP
600
®
PURE
VALUE
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99
.5
%
CONSUMER,
CYCLICAL
-
28
.3
%
Newell
Brands,
Inc.
30,321
$
186,171
MarineMax,
Inc.*
4,315
158,015
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
2,820
150,306
Marriott
Vacations
Worldwide
Corp.
1,456
148,337
CarMax,
Inc.*
2,514
132,965
Millerknoll,
Inc.
6,201
126,872
ScanSource,
Inc.*
2,317
120,693
G-III
Apparel
Group
Ltd.
3,417
115,187
Century
Communities,
Inc.
1,483
106,272
LGI
Homes,
Inc.*
1,620
103,162
JetBlue
Airways
Corp.*
17,964
102,934
Kohl's
Corp.
5,218
92,463
Penn
Entertainment,
Inc.*
3,937
84,094
Carter's,
Inc.
2,011
82,773
Adient
plc*
4,494
82,600
Leggett
&
Platt,
Inc.
6,971
81,630
Sonic
Automotive,
Inc. — Class
A
958
81,229
Dauch
Corp.*
14,344
77,745
Winnebago
Industries,
Inc.
(a)
2,451
76,569
Asbury
Automotive
Group,
Inc.*
365
73,394
Caesars
Entertainment,
Inc.*
2,308
69,655
Fox
Factory
Holding
Corp.*
3,873
65,628
Advance
Auto
Parts,
Inc.
1,049
65,269
Under
Armour,
Inc. — Class
A*
10,166
64,961
Standard
Motor
Products,
Inc.
1,597
62,235
Dream
Finders
Homes,
Inc. — Class
A*
,(a)
3,547
61,221
Phinia,
Inc.
629
51,811
Meritage
Homes
Corp.
610
51,149
Versigent
plc*
1,208
50,748
Group
1
Automotive,
Inc.
171
49,790
LKQ
Corp.
1,810
47,657
Central
Garden
&
Pet
Co. — Class
A*
1,214
47,067
PC
Connection,
Inc.
641
46,787
M/I
Homes,
Inc.*
265
42,609
Sally
Beauty
Holdings,
Inc.*
,(a)
3,008
42,533
Rush
Enterprises,
Inc. — Class
A
575
41,966
Under
Armour,
Inc. — Class
C*
6,341
39,441
Allegiant
Travel
Co.*
293
34,457
Academy
Sports
&
Outdoors,
Inc.
(a)
730
34,405
La-Z-Boy,
Inc.
567
22,748
Central
Garden
&
Pet
Co.*
191
8,469
Total
Consumer,
Cyclical
3,184,017
CONSUMER,
NON-CYCLICAL
-
24
.2
%
Acadia
Healthcare
Company,
Inc.*
6,991
206,444
Vestis
Corp.*
12,551
182,241
Edgewell
Personal
Care
Co.
(a)
6,328
169,970
Molina
Healthcare,
Inc.*
709
162,148
ManpowerGroup,
Inc.
4,088
138,052
Astrana
Health,
Inc.*
2,825
131,108
Organon
&
Co.
8,825
119,490
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
CONSUMER,
NON-CYCLICAL
-
24.2%
(continued)
AMN
Healthcare
Services,
Inc.*
3,494
$
113,101
Coty,
Inc. — Class
A*
52,012
112,346
AdaptHealth
Corp. — Class
A*
9,547
99,480
Andersons,
Inc.
1,430
97,812
United
Natural
Foods,
Inc.*
2,116
96,638
Conagra
Brands,
Inc.
7,091
95,445
Grocery
Outlet
Holding
Corp.*
8,733
87,155
Upbound
Group,
Inc.
4,012
85,135
Quanex
Building
Products
Corp.
4,513
84,032
Universal
Corp.
1,581
82,481
Flowers
Foods,
Inc.
9,768
77,167
Perrigo
Company
plc
7,142
74,205
PROG
Holdings,
Inc.
1,573
73,318
ABM
Industries,
Inc.
1,626
71,934
Del
Monte
Corp.
2,487
69,412
Deluxe
Corp.
(a)
2,810
67,103
GEO
Group,
Inc.*
1,432
42,316
Campbell's
Co.
(a)
1,749
38,950
Insperity,
Inc.
894
36,931
Robert
Half,
Inc.
1,199
36,809
CoreCivic,
Inc.*
1,187
36,061
Matthews
International
Corp. — Class
A
1,271
34,215
Total
Consumer,
Non-cyclical
2,721,499
INDUSTRIAL
-
15
.7
%
Ichor
Holdings
Ltd.*
3,016
338,636
Vishay
Intertechnology,
Inc.
3,378
181,669
ArcBest
Corp.
1,138
163,349
RXO,
Inc.*
4,117
113,588
World
Kinect
Corp.
3,319
109,328
Heartland
Express,
Inc.
6,013
91,518
Greenbrier
Companies,
Inc.
1,835
89,933
Werner
Enterprises,
Inc.
1,816
79,196
Mohawk
Industries,
Inc.*
538
65,276
Benchmark
Electronics,
Inc.
641
63,247
Boise
Cascade
Co.
768
59,620
Masterbrand,
Inc.*
5,481
56,400
Metallus,
Inc.*
2,605
48,687
Marten
Transport
Ltd.
2,541
44,086
Apogee
Enterprises,
Inc.
910
41,623
Schneider
National,
Inc. — Class
B
1,122
40,987
O-I
Glass,
Inc.*
4,208
40,523
Worthington
Steel,
Inc.
1,144
38,416
Matson,
Inc.
189
36,331
Hub
Group,
Inc. — Class
A
810
35,470
Energizer
Holdings,
Inc.
(a)
1,161
24,892
Total
Industrial
1,762,775
FINANCIAL
-
11
.4
%
Genworth
Financial,
Inc. — Class
A*
10,624
100,609
Pebblebrook
Hotel
Trust
REIT
(a)
4,478
86,918
Kemper
Corp.
2,879
77,618
Lincoln
National
Corp.
2,184
77,204
F&G
Annuities
&
Life,
Inc.
(a)
2,772
73,708
WesBanco,
Inc.
1,467
57,257
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
SMALLCAP
600
®
PURE
VALUE
FUND
June
30,
2026
142
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
FINANCIAL
-
11.4%
(continued)
Merchants
Bancorp
1,124
$
56,200
Employers
Holdings,
Inc.
1,062
53,610
Jackson
Financial,
Inc. — Class
A
517
52,936
Safehold,
Inc.
REIT
3,264
51,245
Rithm
Capital
Corp.
REIT
5,455
51,222
Bread
Financial
Holdings,
Inc.
465
50,383
Cushman
&
Wakefield
Ltd.*
3,467
46,423
Hope
Bancorp,
Inc.
3,340
45,691
Apple
Hospitality
REIT,
Inc.
2,369
39,823
Encore
Capital
Group,
Inc.*
414
38,622
Innovative
Industrial
Properties,
Inc.
REIT
610
37,808
Easterly
Government
Properties,
Inc. — Class
A
REIT
1,437
35,824
Capitol
Federal
Financial,
Inc.
3,835
32,636
Franklin
BSP
Realty
Trust,
Inc.
REIT
3,752
30,541
Eastern
Bankshares,
Inc.
1,343
29,868
First
Financial
Bancorp
879
29,737
Hilltop
Holdings,
Inc.
715
27,728
Provident
Financial
Services,
Inc.
1,122
26,524
Arbor
Realty
Trust,
Inc.
REIT
(a)
4,294
23,274
Navient
Corp.
2,573
21,896
Stewart
Information
Services
Corp.
320
21,126
AGNT,
Inc.
2,408
13,027
Total
Financial
1,289,458
ENERGY
-
6
.8
%
Patterson-UTI
Energy,
Inc.
13,572
124,591
SM
Energy
Co.
3,820
99,702
Helix
Energy
Solutions
Group,
Inc.*
9,661
84,437
Crescent
Energy
Co. — Class
A
8,297
81,476
Atlas
Energy
Solutions,
Inc.
3,932
65,310
Bristow
Group,
Inc.
1,258
51,981
RPC,
Inc.
7,059
41,154
DNOW,
Inc.*
3,046
39,507
Liberty
Energy,
Inc. — Class
A
1,413
37,006
Peabody
Energy
Corp.
1,405
32,484
Talos
Energy,
Inc.*
2,268
29,280
Northern
Oil
&
Gas,
Inc.
(a)
1,489
27,025
California
Resources
Corp.
486
25,695
Core
Natural
Resources,
Inc.
291
23,286
Total
Energy
762,934
TECHNOLOGY
-
4
.9
%
Concentrix
Corp.
5,757
128,986
Insight
Enterprises,
Inc.*
802
97,684
Alpha
&
Omega
Semiconductor
Ltd.*
2,027
95,938
Corsair
Gaming,
Inc.*
7,578
73,279
DXC
Technology
Co.*
7,898
69,897
Everforth,
Inc.*
1,929
34,471
Amentum
Holdings,
Inc.*
1,406
29,062
NCR
Voyix
Corp.*
2,861
23,374
Total
Technology
552,691
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
99.5%
(continued)
BASIC
MATERIALS
-
4
.4
%
Koppers
Holdings,
Inc.
3,095
$
138,966
Stepan
Co.
1,823
101,578
Kaiser
Aluminum
Corp.
353
69,057
FMC
Corp.
4,796
55,154
Chemours
Co.
1,785
36,628
Eastman
Chemical
Co.
520
34,830
Minerals
Technologies,
Inc.
465
34,396
Sylvamo
Corp.
628
23,738
Total
Basic
Materials
494,347
COMMUNICATIONS
-
3
.4
%
Scholastic
Corp.
2,594
119,324
Ziff
Davis,
Inc.*
1,716
89,867
People,
Inc.*
1,570
72,471
Versant
Media
Group,
Inc.
1,571
56,572
Shenandoah
Telecommunications
Co.
3,333
50,262
Total
Communications
388,496
UTILITIES
-
0
.4
%
Hawaiian
Electric
Industries,
Inc.*
3,008
40,698
Total
Common
Stocks
(Cost
$8,952,161)
11,196,915
SECURITIES
LENDING
COLLATERAL
(b)
-
1
.6
%
MONEY
MARKET
FUNDS
-
1
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
177,187
177,187
Total
Securities
Lending
Collateral
(Cost
$177,187)
177,187
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
0
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
30,153
30,153
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
30,151
30,151
Total
Repurchase
Agreements
(Cost
$60,304)
60,304
Total
Investments
-
101.6%
(Cost
$9,189,652)
$
11,434,406
Other
Assets
&
Liabilities,
net
-
(1.6)%
(
177,356
)
Total
Net
Assets
-
100.0%
$
11,257,050
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
SMALLCAP
600
®
PURE
VALUE
FUND
June
30,
2026
|
143
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2026
—
See
Note
5
.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
11,196,915
$
—
$
—
$
11,196,915
Securities
Lending
Collateral
177,187
—
—
177,187
Repurchase
Agreements
—
60,304
—
60,304
Total
Assets
$
11,374,102
$
60,304
$
—
$
11,434,406
–
–
–
–
144
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
EMERGING
MARKETS
BOND
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(a)
-
87
.9
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
516,362
$
516,362
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
516,338
516,338
Total
Repurchase
Agreements
(Cost
$1,032,700)
1,032,700
Total
Investments
-
87.9%
(Cost
$1,032,700)
$
1,032,700
Other
Assets
&
Liabilities,
net
-
12.1%
142,265
Total
Net
Assets
-
100.0%
$
1,174,965
(a)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
10
Year
Note
Futures
Contracts
3
Sep
2026
$
329,297
$
2,268
U.S.
Treasury
5
Year
Note
Futures
Contracts
5
Sep
2026
534,883
1,496
$
3,764
–
–
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
(a)
Barclays
Bank
plc
ICE
CDX.EM.45.
V1
1.00%
Quarterly
06/20/31
$
1,050,000
$
(
18,283
)
$
(
28,229
)
$
9,946
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Credit
Index
Swap
Agreements
Goldman
Sachs
International
Invesco
Emerging
Markets
Sovereign
Debt
ETF
Pay
4.38%
(Federal
Funds
Rate
+
0.75%)
At
Maturity
07/29/26
14,518
$
314,315
$
(
811
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
EMERGING
MARKETS
BOND
STRATEGY
FUND
June
30,
2026
|
145
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
CDX.EM.45.V1
—
Credit
Default
Swap
Emerging
Markets
Series
45
Index
Version
1
ICE
—
Intercontinental
Exchange
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
—
$
1,032,700
$
—
$
1,032,700
Interest
Rate
Futures
Contracts
(a)
3,764
—
—
3,764
Credit
Default
Swap
Agreements
(a)
—
9,946
—
9,946
Total
Assets
$
3,764
$
1,042,646
$
—
$
1,046,410
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Credit
Index
Swap
Agreements
(a)
$
—
$
811
$
—
$
811
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
146
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
GOVERNMENT
LONG
BOND
1.2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
3.5%
Guggenheim
Ultra
Short
Income
ETF
(a)
10,037
$
503,102
Total
Exchange-Traded
Funds
(Cost
$501,490)
503,102
MUTUAL
FUNDS
-
3.6%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
51,284
515,921
Total
Mutual
Funds
(Cost
$509,979)
515,921
A
A
A
FACE
AMOUNT
VALUE
U.S.
GOVERNMENT
SECURITIES
-
81.1%
U.S.
Treasury
Bonds
5.00%
due
05/15/56
$
11,400,000
$
11,522,015
Total
U.S.
Government
Securities
(Cost
$11,224,462)
11,522,015
REPURCHASE
AGREEMENTS
(b)
-
6.5%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
460,073
460,073
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
460,050
460,050
Total
Repurchase
Agreements
(Cost
$920,123)
920,123
Total
Investments
-
94.7%
(Cost
$13,156,054)
$
13,461,161
Other
Assets
&
Liabilities,
net
-
5.3%
756,579
Total
Net
Assets
-
100.0%
$
14,217,740
(a)
Affiliated
issuer.
(b)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
Ultra
Long
Bond
Futures
Contracts
48
Sep
2026
$
5,548,500
$
3,925
–
–
(a)
Includes
cumulative
appreciation
(depreciation).
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
503,102
$
—
$
—
$
503,102
Mutual
Funds
515,921
—
—
515,921
U.S.
Government
Securities
—
11,522,015
—
11,522,015
Repurchase
Agreements
—
920,123
—
920,123
Interest
Rate
Futures
Contracts
(a)
3,925
—
—
3,925
Total
Assets
$
1,022,948
$
12,442,138
$
—
$
13,465,086
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
GOVERNMENT
LONG
BOND
1.2x
STRATEGY
FUND
June
30,
2026
|
147
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
501,505
$
(15)
$
—
$
1,612
$
503,102
10,037
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
515,409
—
—
—
512
515,921
51,284
5,623
Guggenheim
Strategy
Fund
II
501,911
—
(501,506)
—
(405)
—
—
5,178
$
1,017,320
$
501,505
$
(501,521)
$
—
$
1,719
$
1,019,023
$
10,801
148
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
GOVERNMENT
LONG
BOND
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
6.6%
Guggenheim
Ultra
Short
Income
ETF
(a)
14,818
$
742,748
Total
Exchange-Traded
Funds
(Cost
$740,596)
742,748
MUTUAL
FUNDS
-
29.2%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
326,794
3,287,550
Total
Mutual
Funds
(Cost
$3,237,111)
3,287,550
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
136.9%
Individual
Repurchase
Agreements
(c)
-
77.2%
Barclays
Capital,
Inc.
issued
06/30/26
at
3.40%
due
07/01/26
(secured
by
a
U.S.
Treasury
Bond,
at
a
rate
of
5.00%
and
maturing
05/15/56
as
collateral,
with
a
value
of
$
7,193,550)
to
be
repurchased
at
$7,053,166
$
7,052,500
7,052,500
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(b)
-
136.9%
(continued)
Individual
Repurchase
Agreements
(c)
-
77.2%
(continued)
Mizuho
Securities
USA
LLC
issued
06/30/26
at
3.50%
due
07/01/26
(secured
by
a
U.S.
Treasury
Bond,
at
a
rate
of
5.00%
and
maturing
05/15/56
as
collateral,
with
a
value
of
$
1,645,750)
to
be
repurchased
at
$1,613,637
$
1,613,480
$
1,613,480
Joint
Repurchase
Agreements
-
59.7%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
3,354,691
3,354,691
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
3,354,530
3,354,530
Total
Repurchase
Agreements
(Cost
$15,375,201)
15,375,201
Total
Investments
-
172.7%
(Cost
$19,352,908)
$
19,405,499
U.S.
GOVERNMENT
SECURITIES
SOLD
SHORT
-
(83.7)%
U.S.
Treasury
Bonds
5.00%
due
05/15/56
(9,300,000)
(9,399,539)
A
A
A
Total
U.S.
Government
Securities
Sold
Short
(Proceeds
$9,278,938)
(9,399,539)
Other
Assets
&
Liabilities,
net
-
11.0%
1,227,735
Total
Net
Assets
-
100.0%
$
11,233,695
(a)
Affiliated
issuer.
(b)
Repurchase
Agreements
—
See
Note
4
.
(c)
All
or
a
portion
of
this
security
is
pledged
as
short
security
collateral
at
June
30,
2026.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Interest
Rate
Futures
Contracts
Sold
Short
U.S.
Treasury
Ultra
Long
Bond
Futures
Contracts
16
Sep
2026
$
1,849,500
$
(5,996)
–
–
(a)
Includes
cumulative
appreciation
(depreciation).
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
GOVERNMENT
LONG
BOND
STRATEGY
FUND
June
30,
2026
|
149
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
742,748
$
—
$
—
$
742,748
Mutual
Funds
3,287,550
—
—
3,287,550
Repurchase
Agreements
—
15,375,201
—
15,375,201
Total
Assets
$
4,030,298
$
15,375,201
$
—
$
19,405,499
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Futures
Contracts
(a)
$
5,996
$
—
$
—
$
5,996
U.S.
Government
Securities
Sold
Short
—
9,399,539
—
9,399,539
Total
Liabilities
$
5,996
$
9,399,539
$
—
$
9,405,535
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
740,604
$
(8)
$
—
$
2,152
$
742,748
14,818
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
3,284,282
—
—
—
3,268
3,287,550
326,794
35,830
Guggenheim
Strategy
Fund
II
3,403,128
—
(3,400,604)
(4,304)
1,780
—
—
32,619
$
6,687,410
$
740,604
$
(3,400,612)
$
(4,304)
$
7,200
$
4,030,298
$
68,449
150
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
HIGH
YIELD
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
2
.6
%
Guggenheim
Ultra
Short
Income
ETF
(a)
9,295
$
465,909
Total
Exchange-Traded
Funds
(Cost
$454,460)
465,909
MUTUAL
FUNDS
-
18
.1
%
Guggenheim
Strategy
Fund
III
(a)
79,841
1,979,260
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
133,249
1,340,485
Total
Mutual
Funds
(Cost
$3,288,030)
3,319,745
MONEY
MARKET
FUNDS
(b)
-
0
.1
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
14,075
14,075
Total
Money
Market
Funds
(Cost
$14,075)
14,075
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(e)
-
49
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
4,556,925
4,556,925
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(e)
-
49.8%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
4,556,706
$
4,556,706
Total
Repurchase
Agreements
(Cost
$9,113,631)
9,113,631
U.S.
TREASURY
BILLS
-
12
.5
%
U.S.
Treasury
Bills
3.67%
due
08/18/26
(f)
1,300,000
1,293,671
3.65%
due
07/02/26
(f)
1,000,000
999,898
Total
U.S.
Treasury
Bills
(Cost
$2,293,569)
2,293,569
FEDERAL
AGENCY
DISCOUNT
NOTES
-
6
.0
%
Federal
Home
Loan
Bank
3.65%
due
07/29/26
(f)
1,100,000
1,096,894
Total
Federal
Agency
Discount
Notes
(Cost
$1,096,894)
1,096,894
FEDERAL
AGENCY
NOTES
-
2
.7
%
Federal
Farm
Credit
Bank
3.51%
due
12/22/26
500,000
498,698
Total
Federal
Agency
Notes
(Cost
$499,971)
498,698
Total
Investments
-
91.8%
(Cost
$16,760,630)
$
16,802,521
Other
Assets
&
Liabilities,
net
-
8.2%
1,493,356
Total
Net
Assets
-
100.0%
$
18,295,877
(a)
Affiliated
issuer.
(b)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(c)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(d)
All
or
a
portion
of
this
security
is
pledged
as
swap
collateral
at
June
30,
2026.
(e)
Repurchase
Agreements
—
See
Note
4
.
(f)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Interest
Rate
Futures
Contracts
Purchased
U.S.
Treasury
5
Year
Note
Futures
Contracts
161
Sep
2026
$
17,223,226
$
(
14,564
)
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
STRATEGY
FUND
June
30,
2026
|
151
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Appreciation
(a)
Barclays
Bank
plc
ICE
CDX.
NA.HY.46.
V2
5.00%
Quarterly
06/20/31
$
7,029,000
$
576,350
$
572,995
$
3,355
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
(a)
Barclays
Bank
plc
ICE
CDX.
NA.HY.46.V1
5.00%
Quarterly
06/20/31
$
8,860,500
$
726,526
$
607,526
$
119,000
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
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
3.63%
(Federal
Funds
Rate)
At
Maturity
07/29/26
16,337
$
1,306,470
$
1,171
BNP
Paribas
State
Street
SPDR
Bloomberg
High
Yield
Bond
ETF
Pay
4.18%
(Federal
Funds
Rate
+
0.55%)
At
Maturity
09/22/26
1,788
172,319
747
BNP
Paribas
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
Pay
4.18%
(Federal
Funds
Rate
+
0.55%)
At
Maturity
09/22/26
1,222
97,739
386
$
1,576,528
$
2,304
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
CDX.NA.HY.46.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
46
Index
Version
1
CDX.NA.HY.46.V2
—
Credit
Default
Swap
North
American
High
Yield
Series
46
Index
Version
2
ICE
—
Intercontinental
Exchange
plc
—
Public
Limited
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
465,909
$
—
$
—
$
465,909
Mutual
Funds
3,319,745
—
—
3,319,745
Money
Market
Funds
14,075
—
—
14,075
Repurchase
Agreements
—
9,113,631
—
9,113,631
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
HIGH
YIELD
STRATEGY
FUND
June
30,
2026
152
|
SEE
NOTES
TO
THE
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
$
—
$
2,293,569
$
—
$
2,293,569
Federal
Agency
Discount
Notes
—
1,096,894
—
1,096,894
Federal
Agency
Notes
—
498,698
—
498,698
Credit
Default
Swap
Agreements
(a)
—
122,355
—
122,355
Credit
Index
Swap
Agreements
(a)
—
2,304
—
2,304
Total
Assets
$
3,799,729
$
13,127,451
$
—
$
16,927,180
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Futures
Contracts
(a)
$
14,564
$
—
$
—
$
14,564
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
454,473
$
(
14
)
$
—
$
11,450
$
465,909
9,295
$
—
Mutual
Funds
Guggenheim
Strategy
Fund
III
1,983,253
—
—
—
(
3,993
)
1,979,260
79,841
25,697
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
1,339,152
—
—
—
1,333
1,340,485
133,249
14,610
Guggenheim
Strategy
Fund
II
1,315,494
—
(
1,304,473
)
14,077
(
25,098
)
—
—
12,777
$
4,637,899
$
454,473
$
(
1,304,487
)
$
14,077
$
(
16,308
)
$
3,785,654
$
53,084
|
153
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
HIGH
YIELD
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
EXCHANGE-TRADED
FUNDS
-
4
.5
%
Guggenheim
Ultra
Short
Income
ETF
(a)
739
$
37,042
Total
Exchange-Traded
Funds
(Cost
$36,640)
37,042
MUTUAL
FUNDS
-
20
.3
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
16,720
168,201
Total
Mutual
Funds
(Cost
$165,846)
168,201
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(b)
-
71
.7
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
296,248
$
296,248
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
296,234
296,234
Total
Repurchase
Agreements
(Cost
$592,482)
592,482
Total
Investments
-
96.5%
(Cost
$794,968)
$
797,725
Other
Assets
&
Liabilities,
net
-
3.5%
28,526
Total
Net
Assets
-
100.0%
$
826,251
(a)
Affiliated
issuer.
(b)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Interest
Rate
Futures
Contracts
Sold
Short
U.S.
Treasury
5
Year
Note
Futures
Contracts
8
Sep
2026
$
855,812
$
(
2,412
)
–
–
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
(a)
Barclays
Bank
plc
ICE
CDX.
NA.HY.46.
V2
5.00%
Quarterly
06/20/31
$
742,500
$
(
60,882
)
$
(
50,998
)
$
(
9,884
)
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
Depreciation
(a)
Barclays
Bank
plc
ICE
CDX.
NA.HY.46.V1
5.00%
Quarterly
06/20/31
$
49,500
$
(
4,060
)
$
(
3,956
)
$
(
104
)
(a)
Includes
cumulative
appreciation
(depreciation).
CDX.NA.HY.46.V1
—
Credit
Default
Swap
North
American
High
Yield
Series
46
Index
Version
1
CDX.NA.HY.46.V2
—
Credit
Default
Swap
North
American
High
Yield
Series
46
Index
Version
2
ICE
—
Intercontinental
Exchange
plc
—
Public
Limited
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
HIGH
YIELD
STRATEGY
FUND
June
30,
2026
154
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(See
Note
3
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Exchange-Traded
Funds
$
37,042
$
—
$
—
$
37,042
Mutual
Funds
168,201
—
—
168,201
Repurchase
Agreements
—
592,482
—
592,482
Total
Assets
$
205,243
$
592,482
$
—
$
797,725
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Interest
Rate
Futures
Contracts
(a)
$
2,412
$
—
$
—
$
2,412
Credit
Default
Swap
Agreements
(a)
—
9,988
—
9,988
Total
Liabilities
$
2,412
$
9,988
$
—
$
12,400
(a)
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
36,648
$
(
8
)
$
—
$
402
$
37,042
739
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
168,034
—
—
—
167
168,201
16,720
1,833
Guggenheim
Strategy
Fund
II
167,067
—
(
166,649
)
999
(
1,417
)
—
—
1,602
$
335,101
$
36,648
$
(
166,657
)
$
999
$
(
848
)
$
205,243
$
3,435
|
155
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
EMERGING
MARKETS
2X
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
52
.0
%
TECHNOLOGY
-
19
.1
%
Taiwan
Semiconductor
Manufacturing
Company
Ltd.
ADR
1,725
$
823,808
ASE
Technology
Holding
Company
Ltd.
ADR
3,558
160,537
United
Microelectronics
Corp.
ADR
4,775
129,928
NetEase,
Inc.
ADR
696
89,186
Infosys
Ltd.
ADR
6,963
73,042
Silicon
Motion
Technology
Corp.
ADR
68
22,666
Total
Technology
1,299,167
COMMUNICATIONS
-
13
.0
%
Alibaba
Group
Holding
Ltd.
ADR
4,846
465,119
PDD
Holdings,
Inc.
ADR*
1,581
120,599
JD.com,
Inc.
ADR
2,727
69,484
Baidu,
Inc.
ADR*
555
63,431
Trip.com
Group
Ltd.
ADR*
1,228
48,923
America
Movil
SAB
de
CV
ADR
1,822
47,354
Chunghwa
Telecom
Company
Ltd.
ADR
768
33,992
Full
Truck
Alliance
Company
Ltd.
ADR
1,657
13,455
Telkom
Indonesia
Persero
Tbk
PT
ADR
920
12,356
SK
Telecom
Company
Ltd.
ADR
383
12,317
Total
Communications
887,030
FINANCIAL
-
10
.2
%
HDFC
Bank
Ltd.
ADR
7,670
198,116
ICICI
Bank
Ltd.
ADR
5,358
155,543
Itau
Unibanco
Holding
S.A.
ADR
10,925
89,257
KB
Financial
Group,
Inc.
ADR
700
73,472
Shinhan
Financial
Group
Company
Ltd.
ADR
911
57,621
Banco
Bradesco
S.A.
ADR
10,680
37,060
Woori
Financial
Group,
Inc.
ADR
455
26,117
KE
Holdings,
Inc.
ADR
1,311
19,049
Banco
de
Chile
ADR
469
18,647
Grupo
Cibest
S.A.
ADR
222
17,633
Total
Financial
692,515
BASIC
MATERIALS
-
3
.8
%
Vale
S.A. — Class
B
ADR
7,083
106,528
Gold
Fields
Ltd.
ADR
1,807
60,697
POSCO
Holdings,
Inc.
ADR
595
30,571
Sociedad
Quimica
y
Minera
de
Chile
S.A.
ADR
288
21,324
Harmony
Gold
Mining
Company
Ltd.
ADR
1,106
16,822
Sibanye
Stillwater
Ltd.
ADR
1,429
12,132
Sasol
Ltd.
ADR*
1,197
11,755
Total
Basic
Materials
259,829
CONSUMER,
NON-CYCLICAL
-
2
.1
%
Fomento
Economico
Mexicano
SAB
de
CV
ADR
338
43,230
BeOne
Medicines
Ltd.
ADR*
146
41,606
Ambev
S.A.
ADR
8,596
26,991
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
52.0%
(continued)
CONSUMER,
NON-CYCLICAL
-
2.1%
(continued)
Dr
Reddy's
Laboratories
Ltd.
ADR
1,230
$
17,823
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
277
12,717
Total
Consumer,
Non-cyclical
142,367
INDUSTRIAL
-
1
.5
%
Cemex
SAB
de
CV
ADR
3,057
36,684
Embraer
S.A.
ADR
351
22,394
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
ADR
82
20,759
ZTO
Express
Cayman,
Inc.
ADR
797
17,837
Total
Industrial
97,674
CONSUMER,
CYCLICAL
-
1
.0
%
XPeng,
Inc.
ADR*
1,486
19,675
NIO,
Inc.
ADR*
3,772
19,086
H
World
Group
Ltd.
ADR
348
14,518
Li
Auto,
Inc.
ADR*
1,217
14,288
Total
Consumer,
Cyclical
67,567
ENERGY
-
0
.9
%
Petroleo
Brasileiro
S.A.
-
Petrobras
ADR
3,757
60,713
UTILITIES
-
0
.4
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
ADR
4,769
27,565
Total
Common
Stocks
(Cost
$2,280,339)
3,534,427
PREFERRED
STOCKS
-
1
.3
%
ENERGY
-
1
.0
%
Petroleo
Brasileiro
S.A.
-
Petrobras
4,455
65,221
UTILITIES
-
0
.3
%
Axia
Energia
S.A.
2,265
23,919
Total
Preferred
Stocks
(Cost
$60,303)
89,140
MONEY
MARKET
FUNDS
(a)
-
1
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
70,442
70,442
Total
Money
Market
Funds
(Cost
$70,442)
70,442
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
EMERGING
MARKETS
2X
STRATEGY
FUND
June
30,
2026
156
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
14
.6
%
U.S.
Treasury
Bills
3.63%
due
08/11/26
(c),(d)
$
1,000,000
$
995,893
Total
U.S.
Treasury
Bills
(Cost
$995,893)
995,893
Total
Investments
-
68.9%
(Cost
$3,406,977)
$
4,689,902
Other
Assets
&
Liabilities,
net
-
31.1%
2,117,160
Total
Net
Assets
-
100.0%
$
6,807,062
*
Non-income
producing
security.
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(c)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(d)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
ADR
—
American
Depositary
Receipt
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(a)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
OTC
Equity
Index
Swap
Agreements
BNP
Paribas
S&P
Emerging
50
ADR
Index
Pay
4.23%
(Federal
Funds
Rate
+
0.60%)
At
Maturity
09/22/26
1,026
$
4,211,100
$
107,058
Goldman
Sachs
International
S&P
Emerging
50
ADR
Index
Pay
4.13%
(Federal
Funds
Rate
+
0.50%)
At
Maturity
09/24/26
1,427
5,857,602
(
147,527
)
$
10,068,702
$
(
40,469
)
(a)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
EMERGING
MARKETS
2X
STRATEGY
FUND
June
30,
2026
|
157
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
3,534,427
$
—
$
—
$
3,534,427
Preferred
Stocks
89,140
—
—
89,140
Money
Market
Funds
70,442
—
—
70,442
U.S.
Treasury
Bills
—
995,893
—
995,893
Equity
Index
Swap
Agreements
(a)
—
107,058
—
107,058
Total
Assets
$
3,694,009
$
1,102,951
$
—
$
4,796,960
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
147,527
$
—
$
147,527
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
158
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
EMERGING
MARKETS
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
4
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
14,120
$
14,120
Total
Money
Market
Funds
(Cost
$14,120)
14,120
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
48
.7
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
85,751
85,751
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
48.7%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
85,746
$
85,746
Total
Repurchase
Agreements
(Cost
$171,497)
171,497
Total
Investments
-
52.7%
(Cost
$185,617)
$
185,617
Other
Assets
&
Liabilities,
net
-
47.3%
166,755
Total
Net
Assets
-
100.0%
$
352,372
(a)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(b)
Rate
indicated
is
the
7-day
yield
as
of
June
30,
2026.
(c)
All
or
a
portion
of
this
security
is
pledged
as
equity
index
swap
collateral
at
June
30,
2026.
(d)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(a)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Equity
Index
Swap
Agreements
Sold
Short
BNP
Paribas
S&P
Emerging
50
ADR
Index
Receive
3.43%
(Federal
Funds
Rate
-
0.20%)
At
Maturity
09/22/26
153
$
629,900
$
(
2,768
)
Goldman
Sachs
International
S&P
Emerging
50
ADR
Index
Receive
3.13%
(Federal
Funds
Rate
-
0.50%)
At
Maturity
09/24/26
18
73,413
(
7,551
)
$
703,313
$
(
10,319
)
(a)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
EMERGING
MARKETS
2x
STRATEGY
FUND
June
30,
2026
|
159
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
Money
Market
Funds
$
14,120
$
—
$
—
$
14,120
Repurchase
Agreements
—
171,497
—
171,497
Total
Assets
$
14,120
$
171,497
$
—
$
185,617
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
10,319
$
—
$
10,319
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
160
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
EUROPE
1.25x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
42
.8
%
CONSUMER,
NON-CYCLICAL
-
11
.6
%
Novartis
AG
ADR
206
$
32,284
AstraZeneca
plc
168
31,856
Roche
Holding
AG
ADR
609
31,272
Nestle
S.A.
ADR
279
28,651
Novo
Nordisk
A/S
ADR
347
16,635
British
American
Tobacco
plc
ADR
235
14,514
Unilever
plc
ADR
237
14,249
GSK
plc
ADR
220
11,532
L'Oreal
S.A.
ADR
131
11,490
Sanofi
S.A.
ADR
243
10,366
Anheuser-Busch
InBev
S.A.
ADR
111
9,146
EssilorLuxottica
S.A.
ADR
68
6,384
RELX
plc
ADR
197
6,239
Total
Consumer,
Non-cyclical
224,618
FINANCIAL
-
10
.0
%
HSBC
Holdings
plc
ADR
371
35,278
Banco
Santander
S.A.
ADR
1,596
22,025
Allianz
SE
ADR
413
19,461
UBS
Group
AG
334
16,553
Banco
Bilbao
Vizcaya
Argentaria
S.A.
ADR
612
15,337
UniCredit
SpA
ADR
328
14,665
BNP
Paribas
S.A.
ADR
225
13,111
Zurich
Insurance
Group
AG
ADR
331
12,241
Intesa
Sanpaolo
SpA
ADR
277
11,421
ING
Groep
N.V.
ADR
317
9,947
AXA
S.A.
ADR
191
9,596
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
ADR
691
7,739
London
Stock
Exchange
Group
plc
ADR
209
5,655
Total
Financial
193,029
INDUSTRIAL
-
7
.4
%
Siemens
AG
ADR
159
25,585
Schneider
Electric
SE
ADR
313
20,401
ABB
Ltd.
ADR
169
18,370
Rolls-Royce
Holdings
plc
ADR
903
17,383
Siemens
Energy
AG
ADR
445
16,972
Safran
S.A.
ADR
160
15,723
Airbus
SE
ADR
254
14,123
Vinci
S.A.
ADR
252
9,189
Rheinmetall
AG
ADR
25
5,710
Total
Industrial
143,456
TECHNOLOGY
-
5
.2
%
ASML
Holding
N.V. — Class
G
42
83,557
SAP
SE
ADR
110
16,952
Total
Technology
100,509
ENERGY
-
2
.8
%
Shell
plc
ADR
303
23,494
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
42.8%
(continued)
ENERGY
-
2.8%
(continued)
TotalEnergies
SE
ADR
247
$
19,207
BP
plc
ADR
298
11,011
Total
Energy
53,712
UTILITIES
-
1
.9
%
Iberdrola
S.A.
ADR
170
16,983
Enel
SpA
ADR
843
9,636
National
Grid
plc
ADR
112
9,281
Total
Utilities
35,900
CONSUMER,
CYCLICAL
-
1
.8
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
ADR
135
14,931
Cie
Financiere
Richemont
S.A.
ADR
583
13,473
Hermes
International
SCA
ADR
38
6,956
Total
Consumer,
Cyclical
35,360
BASIC
MATERIALS
-
1
.3
%
Air
Liquide
S.A.
ADR
345
13,620
Rio
Tinto
plc
ADR
116
11,012
Total
Basic
Materials
24,632
COMMUNICATIONS
-
0
.8
%
Deutsche
Telekom
AG
ADR
375
10,230
Prosus
N.V.
ADR
684
5,951
Total
Communications
16,181
Total
Common
Stocks
(Cost
$455,804)
827,397
EXCHANGE-TRADED
FUNDS
-
3
.5
%
Guggenheim
Ultra
Short
Income
ETF
(a)
1,365
68,420
Total
Exchange-Traded
Funds
(Cost
$68,339)
68,420
MUTUAL
FUNDS
-
3
.6
%
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
(a)
7,027
70,692
Total
Mutual
Funds
(Cost
$69,849)
70,692
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(b)
-
48
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
468,493
468,493
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
468,470
468,470
Total
Repurchase
Agreements
(Cost
$936,963)
936,963
Total
Investments
-
98.4%
(Cost
$1,530,955)
$
1,903,472
Other
Assets
&
Liabilities,
net
-
1.6%
30,076
Total
Net
Assets
-
100.0%
$
1,933,548
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
EUROPE
1.25x
STRATEGY
FUND
June
30,
2026
|
161
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
(a)
Affiliated
issuer.
(b)
Repurchase
Agreements
—
See
Note
4
.
ADR
—
American
Depositary
Receipt
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Equity
Futures
Contracts
Purchased
STOXX
50
Index
Futures
Contracts
26
Sep
2026
$
1,614,467
$
23,757
Currency
Futures
Contracts
Purchased
Euro
FX
Futures
Contracts
11
Sep
2026
1,576,094
$
(
13,053
)
–
–
(a)
Includes
cumulative
appreciation
(depreciation).
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
827,397
$
—
$
—
$
827,397
Exchange-Traded
Funds
68,420
—
—
68,420
Mutual
Funds
70,692
—
—
70,692
Repurchase
Agreements
—
936,963
—
936,963
Equity
Futures
Contracts
(a)
—
23,757
—
23,757
Total
Assets
$
966,509
$
960,720
$
—
$
1,927,229
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Currency
Futures
Contracts
(a)
$
13,053
$
—
$
—
$
13,053
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
EUROPE
1.25x
STRATEGY
FUND
June
30,
2026
162
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
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
Guggenheim
Strategy
Fund
III,
an
underlying
series
of
Guggenheim
Strategy
Funds
Trust.
Guggenheim
Strategy
Fund
III
is
organized
as
an
open-end
management
investment
company
managed
by
GI.
Guggenheim
Strategy
Fund
III  is
offered
as
a
short-term
investment
option
only
to
mutual
funds,
trusts,
and
other
accounts
managed
by
GI
and/or
its
affiliates
and
is
not
available
to
the
public.
Guggenheim
Strategy
Fund
III
pays
no
investment
management
fees.
The
Fund
could
previously
invest
in
an
additional
series
of
Guggenheim
Strategy
Funds
Trust
that
is
no
longer
offered.
Guggenheim
Strategy
Fund
III’s
annual
report
on
Form
N-CSR
dated
September
30,
2025
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/1601445/000139834425021351/fp0095397-6_ncsrixbrl.htm.
The
Fund
also
may
invest
in
certain
of
the
underlying
series
of
Guggenheim
Funds
Trust,
which
are
structured
as
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,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
03/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
06/30/26
Shares
06/30/26
Investment
Income
Exchange-Traded
Funds
Guggenheim
Ultra
Short
Income
ETF
$
—
$
68,376
$
(
37
)
$
—
$
81
$
68,420
1,365
$
—
Mutual
Funds
Guggenheim
Ultra
Short
Duration
Fund
—
Institutional
Class
70,622
—
—
—
70
70,692
7,027
770
Guggenheim
Strategy
Fund
II
68,294
—
(
68,377
)
—
83
—
—
703
$
138,916
$
68,376
$
(
68,414
)
$
—
$
234
$
139,112
$
1,473
|
163
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
JAPAN
2x
STRATEGY
FUND
June
30,
2026
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(a)
-
70
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,331,918
$
1,331,918
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(a)
-
70.5%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
1,331,854
$
1,331,854
Total
Repurchase
Agreements
(Cost
$2,663,772)
2,663,772
Total
Investments
-
70.5%
(Cost
$2,663,772)
$
2,663,772
Other
Assets
&
Liabilities,
net
-
29.5%
1,114,365
Total
Net
Assets
-
100.0%
$
3,778,137
(a)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
(a)
Equity
Futures
Contracts
Purchased
Micro
Nikkei
Stock
Average
Futures
Contracts
71
Sep
2026
$
2,532,748
$
366,748
Nikkei
225
(CME)
Index
Futures
Contracts
14
Sep
2026
4,993,450
154,225
$
520,973
Currency
Futures
Contracts
Purchased
Japanese
Yen
Futures
Contracts
97
Sep
2026
7,502,950
$
(
93,869
)
–
–
Includes
cumulative
appreciation
(depreciation).
CME
—
Chicago
Mercantile
Exchange
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
—
$
2,663,772
$
—
$
2,663,772
Equity
Futures
Contracts
(a)
520,973
—
—
520,973
Total
Assets
$
520,973
$
2,663,772
$
—
$
3,184,745
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Currency
Futures
Contracts
(a)
$
93,869
$
—
$
—
$
93,869
164
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
STRENGTHENING
DOLLAR
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(a)
-
93
.8
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,055,047
$
1,055,047
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,054,996
1,054,996
Total
Repurchase
Agreements
(Cost
$2,110,043)
2,110,043
Total
Investments
-
93.8%
(Cost
$2,110,043)
$
2,110,043
Other
Assets
&
Liabilities,
net
-
6.2%
139,235
Total
Net
Assets
-
100.0%
$
2,249,278
(a)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Currency
Futures
Contracts
Purchased
U.S.
Dollar
Index
Futures
Contracts
33
Sep
2026
$
3,329,535
$
20,125
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
OTC
Currency
Index
Swap
Agreements
Goldman
Sachs
International
U.S.
Dollar
Index
Pay
N/A
At
Maturity
09/16/26
11,583
$
1,168,145
$
8,145
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
STRENGTHENING
DOLLAR
2x
STRATEGY
FUND
June
30,
2026
|
165
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
—
$
2,110,043
$
—
$
2,110,043
Currency
Futures
Contracts
(a)
20,125
—
—
20,125
Currency
Index
Swap
Agreements
(a)
—
8,145
—
8,145
Total
Assets
$
20,125
$
2,118,188
$
—
$
2,138,313
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
166
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
WEAKENING
DOLLAR
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(a)
-
42.3%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
427,221
$
427,221
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
427,201
427,201
Total
Repurchase
Agreements
(Cost
$854,422)
854,422
Total
Investments
-
42.3%
(Cost
$854,422)
$
854,422
Other
Assets
&
Liabilities,
net
-
57.7%
1,167,381
Total
Net
Assets
-
100.0%
$
2,021,803
(a)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Currency
Futures
Contracts
Sold
Short
U.S.
Dollar
Index
Futures
Contracts
31
Sep
2026
$
3,127,745
$
(20,862)
–
–
Total
Return
Swap
Agreements
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Depreciation
OTC
Currency
Index
Swap
Agreements
Sold
Short
Goldman
Sachs
International
U.S.
Dollar
Index
Receive
N/A
At
Maturity
09/16/26
8,848
$
892,389
$
(2,389)
(a)
Includes
cumulative
appreciation
(depreciation).
(b)
Total
Return
Swap
-
Type
"Receive"
indicates
that
the
Fund
receives
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
Type
"Pay"
indicates
that
the
Fund
pays
the
indicated
financing
rate.
For
such
swaps,
the
Fund
receives
payments
for
any
positive
net
return
on
the
underlying
reference
obligation.
The
Fund
makes
payments
for
any
negative
net
return
on
the
underlying
reference
obligation.
The
following
table
summarizes
the
inputs
used
to
value
the
Fund’s
investments
at
June
30,
2026
(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
$
—
$
854,422
$
—
$
854,422
–
–
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
WEAKENING
DOLLAR
2x
STRATEGY
FUND
June
30,
2026
|
167
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Currency
Futures
Contracts
(a)
$
20,862
$
—
$
—
$
20,862
Currency
Index
Swap
Agreements
(a)
—
2,389
—
2,389
Total
Liabilities
$
20,862
$
2,389
$
—
$
23,251
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
168
|
RYDEX
SERIES
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Note
1
‒
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
RYDEX
SERIES
FUNDS
|
169
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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 Guggenheim
Partners
Investment
Management,
LLC
(the
"Adviser") as
the
valuation
designee
to
perform
fair
valuation
determinations
for
each
Fund
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.
Fund
Name
Diversification
Status
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
Note
1
‒
Organization
(continued)
170
|
RYDEX
SERIES
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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
("NAV")
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. 
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.
Swap
agreements
entered
into
by
a
Fund
are
generally
valued
using
an
evaluated
price
provided
by
an
independent
third-party
pricing
service.
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.
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
prices
of
securities
with
comparable
maturities
and
characteristics,
or
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
Note
1
‒
Organization
(continued)
RYDEX
SERIES
FUNDS
|
171
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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.
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.
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
upon
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
Note
1
‒
Organization
(continued)
172
|
RYDEX
SERIES
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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'
Schedule
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.
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
RYDEX
SERIES
FUNDS
|
173
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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
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.
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%
Note
2
‒
Financial
Instruments
and
Derivatives
(continued)
174
|
RYDEX
SERIES
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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,
2026,
the
repurchase
agreements
in
the
joint
account
were
as
follows:
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.
Securities
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, Bank
of
New
York
Mellon
Corp.
("BNY")
acts
as
the
lending
agent,
and
other
approved
registered
broker
dealers
act
as
the
borrowers.
The
Funds
receive
cash
and
non-cash collateral,
valued
at
102%
of
the
value
of
the
securities
on
loan.
Under
the
terms
of
the
Funds’
securities
lending
agreement
with
BNY,
cash
collateral
and
proceeds
are
invested
in
the
Dreyfus
Treasury
Obligations
Cash
Management
Fund
–
Institutional
Shares.
The
Funds
bear
the
risk
of
loss
on
cash
collateral
investments.
Collateral
is
maintained
over
the
life
of
the
loan
Counterparty
and
Terms
of
Agreement
Face
Value
Repurchase
Price
Collateral
Par
Value
Fair
Value
J.P.
Morgan
Securities
LLC
3.64%
Due
07/01/26
$
114,922,703
$
114,925,881
U.S.
Treasury
Inflation-
Protected
Security
0.38%
-
2.13%
Due
01/15/27
-
04/15/31
$
17,350,400
$
23,374,784
U.S.
Treasury
Strip
Coupon
0.00%
Due
08/31/26
-
02/15/56
64,506,781
56,047,343
U.S.
Treasury
Note
1.25%
-
4.50%
Due
08/15/26
-
02/15/36
24,751,700
24,529,036
U.S.
Treasury
Bond
1.88%
-
4.88%
Due
02/15/36
-
11/15/53
14,456,500
13,249,295
U.S.
Treasury
Strip
Principal
0.00%
Due
08/15/26
-
05/15/29
20,700
19,802
U.S.
Treasury
Bill
0.00%
Due
07/30/26
-
09/01/26
900
897
121,086,981
117,221,157
Bank
of
America
Securities,
Inc.
3.63%
Due
07/01/26
114,917,175
114,928,795
U.S.
Treasury
Note
4.13%
Due
06/15/29
116,969,600
117,212,847
U.S.
Treasury
Inflation-
Protected
Security
0.63%
Due
07/15/32
1,400
1,495
U.S.
Treasury
Strip
Principal
0.00%
Due
05/15/41
-
02/15/54
4,100
1,078
U.S.
Treasury
Bill
0.00%
Due
09/03/2026
100
99
116,975,200
117,215,519
229,839,878
Note
4
‒ Repurchase
Agreements
(continued)
RYDEX
SERIES
FUNDS
|
175
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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.
At June
30,
2026,
the
following
Funds
participated
in
securities
lending
transactions,
which
are
subject
to
enforceable
netting
arrangements,
as
follows:
Fund
Value
of
Securities
Loaned
Collateral
Received
(a)
Net
Amount
Cash
Collateral
Invested
Non-Cash
Collateral
Total
Collateral
Banking
Fund
$
184,842
$
(184,842
)
$
—
$
—
$
188,231
$
188,231
Basic
Materials
Fund
354,520
(354,520
)
—
223,720
136,879
360,599
Biotechnology
Fund
6,443,431
(6,443,431
)
—
810,750
5,763,034
6,573,784
Consumer
Products
Fund
678,308
(678,308
)
—
192,042
510,381
702,423
Electronics
Fund
5,937,597
(5,683,378
)
(b)
254,219
—
5,683,378
5,683,378
Energy
Fund
1,776,750
(1,776,750
)
—
120,284
1,709,063
1,829,347
Financial
Services
Fund
208,990
(208,990
)
—
48,006
165,657
213,663
Health
Care
Fund
401,181
(401,181
)
—
3,528
407,751
411,279
Internet
Fund
240,546
(240,546
)
—
7,936
238,361
246,297
Leisure
Fund
359,729
(359,729
)
—
39,115
329,413
368,528
Precious
Metals
Fund
1,065,724
(1,065,724
)
—
699,745
384,921
1,084,666
Real
Estate
Fund
33,237
(33,237
)
—
34,646
—
34,646
Retailing
Fund
117,232
(117,232
)
—
—
119,042
119,042
Technology
Fund
742,493
(742,493
)
—
111,205
653,785
764,990
Telecommunications
Fund
392,121
(392,121
)
—
29,574
365,197
394,771
Transportation
Fund
214,915
(208,879
)
(b)
6,036
17,609
191,270
208,879
Utilities
Fund
718,332
(718,332
)
—
—
738,987
738,987
Mid-Cap
1.5x
Strategy
Fund
44,343
(44,343
)
—
45,780
—
45,780
Russell
2000
®
1.5X
Strategy
Fund
30,402
(30,402
)
—
32,258
105
32,363
Russell
2000
®
Fund
1,020,331
(1,020,331
)
—
70,745
965,129
1,035,874
Nova
Fund
66,408
(66,408
)
—
—
69,936
69,936
S&P
500
®
Fund
292,521
(292,521
)
—
—
304,131
304,131
S&P
500
®
Pure
Growth
Fund
562,661
(562,661
)
—
—
603,575
603,575
S&P
500
®
Pure
Value
Fund
1,192,315
(1,192,315
)
—
377,820
859,133
1,236,953
S&P
MidCap
400
®
Pure
Growth
Fund
831,479
(831,479
)
—
—
840,788
840,788
S&P
MidCap
400
®
Pure
Value
Fund
148,846
(148,846
)
—
—
154,534
154,534
S&P
SmallCap
600
®
Pure
Growth
Fund
3,560,888
(3,560,888
)
—
—
3,625,539
3,625,539
S&P
SmallCap
600
®
Pure
Value
Fund
528,658
(528,658
)
—
177,187
369,974
547,161
(a)
Actual
collateral
received
by
the
Fund
is
generally
greater
than
the
amount
shown
due
to
overcollateralization.
(b)
Subsequent
to
June
30,
2026,
additional
collateral
was
received.
Note
5
‒
Portfolio
Securities
Loaned
(continued)
176
|
RYDEX
SERIES
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(concluded)
In
the
event
of
counterparty
default,
the
Funds
have
the
right
to
collect
the
collateral
to
offset
losses
incurred.
There
is
potential
loss
to
the
Funds
in
the
event
the
Funds
are
delayed
or
prevented
from
exercising
their
rights
to
dispose
of
the
collateral
securities,
including
the
risk
of
a
possible
decline
in
the
value
of
the
underlying
securities
during
the
period
while
the
Funds
seek
to
assert
their
rights.
GI,
acting
under
the
supervision
of
the
Board,
reviews
the
value
of
the
collateral
and
the
creditworthiness
of
those
banks
and
dealers
to
evaluate
potential
risks. 
Note
6
‒
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,
actual
or
threatened
imposition
of
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.
Note
5
‒
Portfolio
Securities
Loaned
(continued)
RYDEX
SERIES
FUNDS
|
177
OTHER
INFORMATION
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.