|
1
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
DOW
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86
.6
%
FINANCIAL
-
23
.1
%
Goldman
Sachs
Group,
Inc.
4,463
$
4,513,744
Visa,
Inc. — Class
A
4,463
1,531,211
American
Express
Co.
4,463
1,509,610
Travelers
Companies,
Inc.
4,463
1,473,325
JPMorgan
Chase
&
Co.
4,463
1,460,874
Total
Financial
10,488,764
INDUSTRIAL
-
16
.4
%
Caterpillar,
Inc.
4,463
4,752,649
Honeywell
International,
Inc.
4,463
999,266
Boeing
Co.*
4,463
966,105
3M
Co.
4,463
722,604
Total
Industrial
7,440,624
CONSUMER,
NON-CYCLICAL
-
13
.7
%
UnitedHealth
Group,
Inc.
4,463
1,854,957
Amgen,
Inc.
4,463
1,616,142
Johnson
&
Johnson
4,463
1,133,468
Procter
&
Gamble
Co.
4,463
654,454
Merck
&
Company,
Inc.
4,463
573,495
Coca-Cola
Co.
4,463
362,708
Total
Consumer,
Non-cyclical
6,195,224
TECHNOLOGY
-
12
.8
%
Microsoft
Corp.
4,463
1,664,788
Apple,
Inc.
4,463
1,291,414
International
Business
Machines
Corp.
4,463
1,255,040
NVIDIA
Corp.
4,463
893,002
Salesforce,
Inc.
4,463
699,174
Total
Technology
5,803,418
COMMUNICATIONS
-
8
.0
%
Alphabet,
Inc. — Class
A
4,463
1,594,942
Amazon.com,
Inc.*
4,463
1,063,712
Cisco
Systems,
Inc.
4,463
524,224
Walt
Disney
Co.
4,463
429,564
Total
Communications
3,612,442
CONSUMER,
CYCLICAL
-
7
.6
%
Home
Depot,
Inc.
4,463
1,574,011
McDonald's
Corp.
4,463
1,206,394
Walmart,
Inc.
4,463
505,479
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.6%
(continued)
CONSUMER,
CYCLICAL
-
7.6%
(continued)
NIKE,
Inc. — Class
B
4,463
$
183,206
Total
Consumer,
Cyclical
3,469,090
BASIC
MATERIALS
-
3
.4
%
Sherwin-Williams
Co.
4,463
1,536,700
ENERGY
-
1
.6
%
Chevron
Corp.
4,463
739,787
Total
Common
Stocks
(Cost
$19,997,540)
39,286,049
MONEY
MARKET
FUNDS
(a)
-
2
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
1,107,041
1,107,041
Total
Money
Market
Funds
(Cost
$1,107,041)
1,107,041
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
4
.3
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
965,092
965,092
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
965,046
965,046
Total
Repurchase
Agreements
(Cost
$1,930,138)
1,930,138
Total
Investments
-
93.3%
(Cost
$23,034,719)
$
42,323,228
Other
Assets
&
Liabilities,
net
-
6.7%
3,055,331
Total
Net
Assets
-
100.0%
$
45,378,559
*
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)
Repurchase
Agreements
—
See
Note
4
.
LLC
—
Limited
Liability
Company
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
DOW
2x
STRATEGY
FUND
June
30,
2026
2
|
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
Dow
Jones
Industrial
Average
Mini
Futures
Contracts
15
Sep
2026
$
3,950,475
$
25,150
–
–
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
441
$
23,054,134
$
1,005,284
Barclays
Bank
plc
Dow
Jones
Industrial
Average
Pay
4.58%
(SOFR
+
0.90%)
At
Maturity
09/28/26
469
24,536,212
156,409
$
47,590,346
$
1,161,693
(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
$
39,286,049
$
—
$
—
$
39,286,049
Money
Market
Funds
1,107,041
—
—
1,107,041
Repurchase
Agreements
—
1,930,138
—
1,930,138
Equity
Futures
Contracts
(a)
25,150
—
—
25,150
Equity
Index
Swap
Agreements
(a)
—
1,161,693
—
1,161,693
Total
Assets
$
40,418,240
$
3,091,831
$
—
$
43,510,071
–
–
–
–
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
|
3
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
DOW
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
1
.9
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
55,508
$
55,508
Total
Money
Market
Funds
(Cost
$55,508)
55,508
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
78
.5
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,132,479
1,132,479
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
78.5%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
1,132,425
$
1,132,425
Total
Repurchase
Agreements
(Cost
$2,264,904)
2,264,904
Total
Investments
-
80.4%
(Cost
$2,320,412)
$
2,320,412
Other
Assets
&
Liabilities,
net
-
19.6%
564,730
Total
Net
Assets
-
100.0%
$
2,885,142
(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
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Equity
Futures
Contracts
Sold
Short
Dow
Jones
Industrial
Average
Mini
Futures
Contracts
1
Sep
2026
$
263,365
$
(
517
)
–
–
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
Barclays
Bank
plc
Dow
Jones
Industrial
Average
Receive
4.28%
(SOFR
+
0.60%)
At
Maturity
09/28/26
84
$
4,373,270
$
(
41,272
)
BNP
Paribas
Dow
Jones
Industrial
Average
Receive
4.13%
(Federal
Funds
Rate
+
0.50%)
At
Maturity
09/22/26
22
1,131,005
(
50,063
)
$
5,504,275
$
(
91,335
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
DOW
2x
STRATEGY
FUND
June
30,
2026
4
|
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
Money
Market
Funds
$
55,508
$
—
$
—
$
55,508
Repurchase
Agreements
—
2,264,904
—
2,264,904
Total
Assets
$
55,508
$
2,264,904
$
—
$
2,320,412
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
517
$
—
$
—
$
517
Equity
Index
Swap
Agreements
(a)
—
91,335
—
91,335
Total
Liabilities
$
517
$
91,335
$
—
$
91,852
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
|
5
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
87
.5
%
TECHNOLOGY
-
50
.1
%
NVIDIA
Corp.
494,731
$
98,990,726
Apple,
Inc.
300,260
86,883,234
Micron
Technology,
Inc.
63,647
73,467,096
Microsoft
Corp.
151,863
56,647,936
Advanced
Micro
Devices,
Inc.*
92,028
53,459,986
Intel
Corp.*
283,657
39,607,027
Broadcom,
Inc.
96,928
36,614,552
Applied
Materials,
Inc.
44,809
32,396,907
Lam
Research
Corp.
70,580
30,584,431
KLA
Corp.
73,723
22,242,966
Sandisk
Corp.*
8,358
19,003,835
Texas
Instruments,
Inc.
51,364
15,310,068
Palantir
Technologies,
Inc. — Class
A*
129,586
15,118,799
Marvell
Technology,
Inc.
49,372
14,707,425
Western
Digital
Corp.
19,453
12,425,020
Seagate
Technology
Holdings
plc
12,655
12,212,075
QUALCOMM,
Inc.
59,486
10,992,418
Crowdstrike
Holdings,
Inc. — Class
A*
14,368
10,964,796
Analog
Devices,
Inc.
27,490
10,918,203
ASML
Holding
N.V.
5,172
10,289,384
ARM
Holdings
plc
ADR*
23,930
8,484,860
Fortinet,
Inc.*
41,349
6,352,033
Cadence
Design
Systems,
Inc.*
15,566
5,842,231
Datadog,
Inc. — Class
A*
18,671
4,861,182
Synopsys,
Inc.*
10,807
4,820,679
Adobe,
Inc.*
22,812
4,676,916
Astera
Labs,
Inc.*
9,674
4,672,736
Teradyne,
Inc.
8,835
4,274,726
Intuit,
Inc.
15,438
4,029,318
NXP
Semiconductors
N.V.
14,249
4,004,396
Monolithic
Power
Systems,
Inc.
2,773
3,833,284
Lumentum
Holdings,
Inc.*
4,391
3,767,741
Nebius
Group
N.V. — Class
A*
12,439
3,435,279
Electronic
Arts,
Inc.
14,152
2,901,726
Microchip
Technology,
Inc.
30,594
2,790,173
Take-Two
Interactive
Software,
Inc.*
10,479
2,619,540
CoreWeave,
Inc. — Class
A*
25,260
2,514,380
Autodesk,
Inc.*
11,908
2,315,153
Paychex,
Inc.
20,221
1,988,331
Roper
Technologies,
Inc.
5,696
1,927,469
Strategy,
Inc. — Class
A*
18,670
1,622,983
Workday,
Inc. — Class
A*
11,344
1,388,733
Total
Technology
745,960,753
COMMUNICATIONS
-
19
.4
%
Amazon.com,
Inc.*
219,912
52,413,826
Alphabet,
Inc. — Class
A
119,062
42,549,187
Alphabet,
Inc. — Class
C
111,539
39,410,075
Meta
Platforms,
Inc. — Class
A
60,540
34,101,576
Cisco
Systems,
Inc.
222,446
26,128,507
Netflix,
Inc.*
237,649
16,968,138
Palo
Alto
Networks,
Inc.*
46,053
15,704,994
T-Mobile
US,
Inc.
61,077
10,244,445
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
87.5%
(continued)
COMMUNICATIONS
-
19.4%
(continued)
AppLovin
Corp. — Class
A*
17,255
$
8,890,294
Shopify,
Inc. — Class
A*
68,831
7,859,123
Booking
Holdings,
Inc.
43,733
7,794,970
Comcast
Corp. — Class
A
201,076
4,936,416
MercadoLibre,
Inc.*
2,861
4,856,233
DoorDash,
Inc. — Class
A*
23,215
4,283,864
Warner
Bros
Discovery,
Inc.*
141,498
3,772,337
Airbnb,
Inc. — Class
A*
23,587
3,375,300
PDD
Holdings,
Inc.
ADR*
37,696
2,875,451
Thomson
Reuters
Corp.
21,507
1,756,477
Total
Communications
287,921,213
CONSUMER,
CYCLICAL
-
8
.5
%
Tesla,
Inc.*
102,124
42,953,355
Walmart,
Inc.
275,314
31,182,064
Costco
Wholesale
Corp.
25,039
23,423,233
Starbucks
Corp.
64,322
6,573,065
Marriott
International,
Inc. — Class
A
14,882
5,515,120
O'Reilly
Automotive,
Inc.*
46,771
4,307,141
Ross
Stores,
Inc.
18,181
3,869,826
PACCAR,
Inc.
29,702
3,567,804
Fastenal
Co.
64,793
3,112,008
Copart,
Inc.*
52,251
1,472,956
Total
Consumer,
Cyclical
125,976,572
CONSUMER,
NON-CYCLICAL
-
5
.6
%
Amgen,
Inc.
30,460
11,030,175
PepsiCo,
Inc.
77,138
10,444,485
Gilead
Sciences,
Inc.
70,072
8,852,896
Intuitive
Surgical,
Inc.*
19,988
7,948,828
Vertex
Pharmaceuticals,
Inc.*
14,324
7,115,161
Monster
Beverage
Corp.*
55,197
5,305,536
Automatic
Data
Processing,
Inc.
22,560
5,052,312
Mondelez
International,
Inc. — Class
A
72,447
4,190,334
Cintas
Corp.
22,580
3,840,406
Regeneron
Pharmaceuticals,
Inc.
5,814
3,625,262
Coca-Cola
Europacific
Partners
plc
25,165
2,518,262
Keurig
Dr
Pepper,
Inc.
76,787
2,513,239
IDEXX
Laboratories,
Inc.*
4,452
2,343,711
Alnylam
Pharmaceuticals,
Inc.*
7,535
2,268,261
PayPal
Holdings,
Inc.
49,784
2,149,673
GE
HealthCare
Technologies,
Inc.
25,673
1,643,329
Kraft
Heinz
Co.
66,923
1,580,721
Dexcom,
Inc.*
21,778
1,466,748
Total
Consumer,
Non-cyclical
83,889,339
INDUSTRIAL
-
1
.6
%
CSX
Corp.
104,869
4,984,424
Honeywell
International,
Inc.
17,881
4,003,556
Honeywell
Aerospace,
Inc.*
17,881
3,953,131
Rocket
Lab
Corp.*
32,663
3,320,194
Ferrovial
N.V.
40,605
2,785,909
Axon
Enterprise,
Inc.*
4,549
2,550,215
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
6
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
87.5%
(continued)
INDUSTRIAL
-
1.6%
(continued)
Old
Dominion
Freight
Line,
Inc.
11,737
$
2,542,234
Total
Industrial
24,139,663
UTILITIES
-
1
.0
%
Constellation
Energy
Corp.
20,385
5,063,022
American
Electric
Power
Company,
Inc.
30,708
4,201,161
Xcel
Energy,
Inc.
35,232
2,829,130
Exelon
Corp.
57,748
2,692,212
Total
Utilities
14,785,525
BASIC
MATERIALS
-
0
.9
%
Linde
plc
26,094
13,541,221
ENERGY
-
0
.4
%
Baker
Hughes
Co. — Class
A
55,990
3,107,445
Diamondback
Energy,
Inc.
15,877
2,790,859
Total
Energy
5,898,304
Total
Common
Stocks
(Cost
$617,119,496)
1,302,112,590
MONEY
MARKET
FUNDS
(a)
-
3
.1
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b)
46,349,903
46,349,903
Total
Money
Market
Funds
(Cost
$46,349,903)
46,349,903
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
3
.5
%
U.S.
Treasury
Bills
3.63%
due
08/20/26
(c),(d)
$
20,000,000
$
19,897,889
3.63%
due
08/11/26
(c),(d)
17,000,000
16,930,188
3.65%
due
07/02/26
(c)
15,000,000
14,998,479
Total
U.S.
Treasury
Bills
(Cost
$51,828,528)
51,826,556
REPURCHASE
AGREEMENTS
(e)
-
1
.9
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
13,853,448
13,853,448
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
13,852,781
13,852,781
Total
Repurchase
Agreements
(Cost
$27,706,229)
27,706,229
Total
Investments
-
96.0%
(Cost
$743,004,156)
$
1,427,995,278
Other
Assets
&
Liabilities,
net
-
4.0%
59,396,754
Total
Net
Assets
-
100.0%
$
1,487,392,032
*
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)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(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
486
Sep
2026
$
296,664,120
$
5,280,533
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
|
7
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
31,134
$
942,628,875
$
43,740,704
Barclays
Bank
plc
NASDAQ-100
Index
Pay
4.68%
(SOFR
+
1.00%)
At
Maturity
09/28/26
7,153
216,560,014
1,842,438
Goldman
Sachs
International
NASDAQ-100
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
7,287
220,624,092
(
536,105
)
$
1,379,812,981
$
45,047,037
(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
$
1,302,112,590
$
—
$
—
$
1,302,112,590
Money
Market
Funds
46,349,903
—
—
46,349,903
U.S.
Treasury
Bills
—
51,826,556
—
51,826,556
Repurchase
Agreements
—
27,706,229
—
27,706,229
Equity
Futures
Contracts
(a)
5,280,533
—
—
5,280,533
Equity
Index
Swap
Agreements
(a)
—
45,583,142
—
45,583,142
Total
Assets
$
1,353,743,026
$
125,115,927
$
—
$
1,478,858,953
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
536,105
$
—
$
536,105
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
8
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
6
.4
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
591,756
$
591,756
Total
Money
Market
Funds
(Cost
$591,756)
591,756
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
71
.0
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
3,312,687
3,312,687
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
3,312,527
3,312,527
Total
Repurchase
Agreements
(Cost
$6,625,214)
6,625,214
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
10
.7
%
U.S.
Treasury
Bills
due
08/18/26
(e),(f)
$
1,000,000
$
995,131
Total
U.S.
Treasury
Bills
(Cost
$995,131)
995,131
Total
Investments
-
88.1%
(Cost
$8,212,101)
$
8,212,101
Other
Assets
&
Liabilities,
net
-
11.9%
1,113,890
Total
Net
Assets
-
100.0%
$
9,325,991
(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
.
(e)
Rate
indicated
is
the
effective
yield
at
the
time
of
purchase.
(f)
Zero
coupon
rate
security.
LLC
—
Limited
Liability
Company
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
(a)
Equity
Futures
Contracts
Sold
NASDAQ-100
Index
Mini
Futures
Contracts
2
Sep
2026
$
1,220,940
$
(
6,840
)
–
–
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
149
$
4,524,234
$
13,489
Barclays
Bank
plc
NASDAQ-100
Index
Receive
4.33%
(SOFR
+
0.65%)
At
Maturity
09/28/26
255
7,728,932
(
65,962
)
BNP
Paribas
NASDAQ-100
Index
Receive
4.13%
(Federal
Funds
Rate
+
0.50%)
At
Maturity
09/22/26
170
5,153,753
(
506,188
)
$
17,406,919
$
(
558,661
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
NASDAQ-100
®
2x
STRATEGY
FUND
June
30,
2026
|
9
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
Money
Market
Funds
$
591,756
$
—
$
—
$
591,756
Repurchase
Agreements
—
6,625,214
—
6,625,214
U.S.
Treasury
Bills
—
995,131
—
995,131
Equity
Index
Swap
Agreements
(a)
—
13,489
—
13,489
Total
Assets
$
591,756
$
7,633,834
$
—
$
8,225,590
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
6,840
$
—
$
—
$
6,840
Equity
Index
Swap
Agreements
(a)
—
572,150
—
572,150
Total
Liabilities
$
6,840
$
572,150
$
—
$
578,990
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
10
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24
.9
%
CONSUMER,
NON-CYCLICAL
-
6
.2
%
BrightSpring
Health
Services,
Inc.*
878
$
61,232
Cytokinetics,
Inc.*
,(a)
712
60,655
Krystal
Biotech,
Inc.*
141
52,405
Alkermes
plc*
902
47,260
Praxis
Precision
Medicines,
Inc.*
,(a)
135
45,197
Glaukos
Corp.*
310
43,326
TG
Therapeutics,
Inc.*
,(a)
783
43,018
HealthEquity,
Inc.*
457
41,276
Vaxcyte,
Inc.*
,(a)
709
41,214
Protagonist
Therapeutics,
Inc.*
331
40,574
Lantheus
Holdings,
Inc.*
,(a)
351
38,940
Kymera
Therapeutics,
Inc.*
,(a)
337
38,644
Oscar
Health,
Inc. — Class
A*
1,297
36,990
PTC
Therapeutics,
Inc.*
446
36,380
Nuvalent,
Inc. — Class
A*
289
35,692
Spyre
Therapeutics,
Inc.*
,(a)
401
35,601
Cogent
Biosciences,
Inc.*
897
34,714
Twist
Bioscience
Corp.*
334
34,362
Ligand
Pharmaceuticals,
Inc. — Class
B*
,(a)
108
34,138
Scholar
Rock
Holding
Corp.*
601
33,055
Rhythm
Pharmaceuticals,
Inc.*
297
32,976
Definium
Therapeutics,
Inc.*
700
32,928
Apogee
Therapeutics,
Inc.*
243
32,253
Xenon
Pharmaceuticals,
Inc.*
528
31,870
Liquidia
Corp.*
,(a)
380
30,297
Mirum
Pharmaceuticals,
Inc.*
,(a)
255
29,853
CG
oncology,
Inc.*
,(a)
397
28,207
CRISPR
Therapeutics
AG*
502
27,379
Travere
Therapeutics,
Inc.*
481
27,326
Legence
Corp. — Class
A*
316
26,933
Indivior
Pharmaceuticals,
Inc.*
645
26,464
Herc
Holdings,
Inc.
180
25,801
Oruka
Therapeutics,
Inc.*
271
25,791
Veracyte,
Inc.*
,(a)
436
25,606
Dianthus
Therapeutics,
Inc.*
,(a)
255
24,857
LivaNova
plc*
302
24,833
10X
Genomics,
Inc. — Class
A*
641
24,576
Laureate
Education,
Inc. — Class
A*
658
23,899
RadNet,
Inc.*
385
23,743
Tango
Therapeutics,
Inc.*
758
23,695
Covista,
Inc.*
185
23,062
Remitly
Global,
Inc.*
,(a)
1,022
22,903
Merit
Medical
Systems,
Inc.*
322
22,327
Celcuity,
Inc.*
,(a)
207
21,656
Brink's
Co.
225
21,260
IRhythm
Holdings,
Inc.*
178
21,173
Crinetics
Pharmaceuticals,
Inc.*
,(a)
558
20,880
Brookdale
Senior
Living,
Inc. — Class
A*
1,290
20,756
GEO
Group,
Inc.*
689
20,360
Denali
Therapeutics,
Inc.*
,(a)
791
20,345
Catalyst
Pharmaceuticals,
Inc.*
633
19,895
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Erasca,
Inc.*
1,077
$
19,731
Stride,
Inc.*
228
19,663
ICU
Medical,
Inc.*
133
19,498
Graham
Holdings
Co. — Class
B
17
19,404
Chefs'
Warehouse,
Inc.*
,(a)
200
19,220
Haemonetics
Corp.*
254
19,050
Cal-Maine
Foods,
Inc.
(a)
235
18,932
Korn
Ferry
284
18,909
Concentra
Group
Holdings
Parent,
Inc.
634
18,861
Beam
Therapeutics,
Inc.*
,(a)
533
18,293
ImmunityBio,
Inc.*
,(a)
2,079
18,202
WD-40
Co.
74
18,029
Option
Care
Health,
Inc.*
859
18,013
Adaptive
Biotechnologies
Corp.*
829
17,782
Immunovant,
Inc.*
459
17,685
ACADIA
Pharmaceuticals,
Inc.*
693
17,533
Vita
Coco
Company,
Inc.*
264
17,461
Ultragenyx
Pharmaceutical,
Inc.*
520
17,363
Integer
Holdings
Corp.*
185
17,288
Ideaya
Biosciences,
Inc.*
,(a)
451
16,809
Privia
Health
Group,
Inc.*
650
16,725
Dyne
Therapeutics,
Inc.*
734
16,302
Relay
Therapeutics,
Inc.*
,(a)
869
16,259
Arcutis
Biotherapeutics,
Inc.*
616
16,152
CoreCivic,
Inc.*
529
16,071
Amneal
Pharmaceuticals,
Inc.*
919
15,908
Edgewise
Therapeutics,
Inc.*
385
15,643
Celldex
Therapeutics,
Inc.*
420
15,628
GPGI,
Inc. — Class
A
974
15,438
GRAIL,
Inc.*
,(a)
222
15,156
Sezzle,
Inc.*
88
15,103
United
Natural
Foods,
Inc.*
329
15,025
SELLAS
Life
Sciences
Group,
Inc.*
,(a)
1,015
14,981
Arcus
Biosciences,
Inc.*
,(a)
481
14,829
Acadia
Healthcare
Company,
Inc.*
501
14,795
National
HealthCare
Corp.
70
14,795
Vera
Therapeutics,
Inc. — Class
A*
344
14,761
Kiniksa
Pharmaceuticals
International
plc — Class
A*
228
14,581
VeraDermics,
Inc.*
117
14,384
Tarsus
Pharmaceuticals,
Inc.*
225
14,161
ABM
Industries,
Inc.
318
14,068
Supernus
Pharmaceuticals,
Inc.*
302
14,046
StoneCo
Ltd. — Class
A
1,249
13,539
Axogen,
Inc.*
283
13,072
Nektar
Therapeutics*
185
12,915
Establishment
Labs
Holdings,
Inc.*
146
12,528
BioCryst
Pharmaceuticals,
Inc.*
1,252
12,520
Nurix
Therapeutics,
Inc.*
516
12,518
Vericel
Corp.*
,(a)
277
12,324
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
11
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Andersons,
Inc.
180
$
12,312
Intellia
Therapeutics,
Inc.*
727
12,301
TransMedics
Group,
Inc.*
185
12,288
Marzetti
Co.
107
12,215
Prestige
Consumer
Healthcare,
Inc.*
258
12,196
Alarm.com
Holdings,
Inc.*
258
12,054
Immunome,
Inc.*
,(a)
567
12,015
Alumis,
Inc.*
425
11,959
Clover
Health
Investments
Corp.*
2,263
11,858
Agios
Pharmaceuticals,
Inc.*
,(a)
318
11,801
Dentsply
Sirona,
Inc.
1,101
11,682
Enliven
Therapeutics,
Inc.*
230
11,672
Astrana
Health,
Inc.*
245
11,370
Flywire
Corp.*
,(a)
646
11,350
Pediatrix
Medical
Group,
Inc.*
448
11,348
LeMaitre
Vascular,
Inc.
(a)
118
11,323
Interparfums,
Inc.
100
11,186
Disc
Medicine,
Inc.*
,(a)
152
11,117
Universal
Technical
Institute,
Inc.*
258
11,035
LifeStance
Health
Group,
Inc.*
,(a)
1,030
11,031
Perdoceo
Education
Corp.
342
10,944
Aurinia
Pharmaceuticals,
Inc.*
642
10,895
Ocular
Therapeutix,
Inc.*
1,108
10,881
UFP
Technologies,
Inc.*
41
10,870
Trevi
Therapeutics,
Inc.*
576
10,742
Neogen
Corp.*
1,192
10,716
Biohaven
Ltd.*
718
10,684
PACS
Group,
Inc.*
250
10,660
Progyny,
Inc.*
368
10,609
Spectrum
Brands
Holdings,
Inc.
123
10,547
Syndax
Pharmaceuticals,
Inc.*
,(a)
479
10,471
ADMA
Biologics,
Inc.*
1,241
10,387
NeoGenomics,
Inc.*
708
10,330
John
Wiley
&
Sons,
Inc. — Class
A
(a)
212
10,284
Omnicell,
Inc.*
,(a)
246
10,214
Payoneer
Global,
Inc.*
1,423
10,132
Recursion
Pharmaceuticals,
Inc. — Class
A*
,(a)
2,753
10,104
Sarepta
Therapeutics,
Inc.*
,(a)
560
10,063
Addus
HomeCare
Corp.*
100
10,047
CorVel
Corp.*
159
9,941
PROG
Holdings,
Inc.
213
9,928
Stoke
Therapeutics,
Inc.*
296
9,685
Monte
Rosa
Therapeutics,
Inc.*
,(a)
398
9,632
Butterfly
Network,
Inc. — Class
A*
1,133
9,540
Cimpress
plc*
92
9,356
EVERTEC,
Inc.
336
9,334
Innoviva,
Inc.*
407
9,243
MBX
Biosciences,
Inc.*
,(a)
167
9,218
ANI
Pharmaceuticals,
Inc.*
,(a)
111
9,189
Healthcare
Services
Group,
Inc.*
374
9,185
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Strategic
Education,
Inc.
119
$
9,118
AtaiBeckley,
Inc.*
1,723
9,080
Fortrea
Holdings,
Inc.*
519
9,031
Palvella
Therapeutics,
Inc.*
59
9,016
Viridian
Therapeutics,
Inc.*
486
8,928
Iovance
Biotherapeutics,
Inc.*
2,141
8,907
Amylyx
Pharmaceuticals,
Inc.*
495
8,890
Harmony
Biosciences
Holdings,
Inc.*
243
8,848
Taysha
Gene
Therapies,
Inc.*
,(a)
1,290
8,785
Novocure
Ltd.*
575
8,711
Turning
Point
Brands,
Inc.
(a)
102
8,651
Absci
Corp.*
,(a)
744
8,623
ManpowerGroup,
Inc.
252
8,510
CBIZ,
Inc.*
265
8,501
UroGen
Pharma
Ltd.*
229
8,427
Mineralys
Therapeutics,
Inc.*
309
8,337
Teladoc
Health,
Inc.*
980
8,310
BellRing
Brands,
Inc.*
639
8,269
Kodiak
Sciences,
Inc.*
,(a)
212
8,260
Insperity,
Inc.
199
8,221
Flowers
Foods,
Inc.
(a)
1,028
8,121
Lincoln
Educational
Services
Corp.*
162
8,084
Huron
Consulting
Group,
Inc.*
89
8,024
TIC
Solutions,
Inc.*
975
7,888
Perrigo
Company
plc
758
7,876
Arlo
Technologies,
Inc.*
584
7,872
CareDx,
Inc.*
276
7,866
First
Advantage
Corp.*
,(a)
432
7,798
Paymentus
Holdings,
Inc. — Class
A*
320
7,731
Novavax,
Inc.*
820
7,724
Nuvation
Bio,
Inc.*
,(a)
1,356
7,702
Marqeta,
Inc. — Class
A*
1,886
7,657
AtriCure,
Inc.*
269
7,527
TriNet
Group,
Inc.
151
7,473
Damora
Therapeutics,
Inc.*
287
7,465
Boston
Beer
Company,
Inc. — Class
A*
42
7,435
GeneDx
Holdings
Corp. — Class
A*
,(a)
108
7,414
Harrow,
Inc.*
,(a)
174
7,390
Xeris
Biopharma
Holdings,
Inc.*
922
7,302
Vestis
Corp.*
500
7,260
Herbalife
Ltd.*
552
7,259
Surgery
Partners,
Inc.*
430
7,224
agilon
health,
Inc.*
67
7,181
AnaptysBio,
Inc.*
106
7,155
ICF
International,
Inc.
98
7,140
NPK
International,
Inc.*
446
7,096
ArriVent
Biopharma,
Inc.*
204
7,087
Ingles
Markets,
Inc. — Class
A
80
7,086
Bicara
Therapeutics,
Inc.*
238
7,066
MannKind
Corp.*
1,656
7,055
Universal
Corp.
135
7,043
Capricor
Therapeutics,
Inc.*
,(a)
289
6,959
Inspire
Medical
Systems,
Inc.*
156
6,959
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
12
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Rapport
Therapeutics,
Inc.*
165
$
6,876
AMN
Healthcare
Services,
Inc.*
,(a)
212
6,862
Edgewell
Personal
Care
Co.
255
6,849
Procept
Biorobotics
Corp.*
,(a)
302
6,819
Pennant
Group,
Inc.*
184
6,799
Vir
Biotechnology,
Inc.*
661
6,736
Ardelyx,
Inc.*
1,315
6,706
Coursera,
Inc.*
1,184
6,678
Zymeworks,
Inc.*
253
6,613
Integra
LifeSciences
Holdings
Corp.*
368
6,609
QuidelOrtho
Corp.*
,(a)
371
6,498
BioLife
Solutions,
Inc.*
230
6,495
Enovis
Corp.*
,(a)
313
6,479
Collegium
Pharmaceutical,
Inc.*
,(a)
177
6,407
Dlocal
Ltd. — Class
A
490
6,368
Sonida
Senior
Living,
Inc.*
155
6,324
Tyra
Biosciences,
Inc.*
198
6,324
Upbound
Group,
Inc.
297
6,302
Willdan
Group,
Inc.*
79
6,249
Avanos
Medical,
Inc.*
246
6,120
Xencor,
Inc.*
375
6,037
J
&
J
Snack
Foods
Corp.
82
6,023
Simply
Good
Foods
Co.*
453
6,016
EyePoint,
Inc.*
416
5,949
Precigen,
Inc.*
,(a)
1,039
5,922
Cullinan
Therapeutics,
Inc.*
325
5,918
Dole
plc
423
5,804
AdaptHealth
Corp. — Class
A*
554
5,773
Alphatec
Holdings,
Inc.*
667
5,770
Azenta,
Inc.*
,(a)
226
5,768
Deluxe
Corp.
241
5,755
Tandem
Diabetes
Care,
Inc.*
376
5,674
Maze
Therapeutics,
Inc.*
190
5,670
US
Physical
Therapy,
Inc.
82
5,632
Artivion,
Inc.*
246
5,528
Kailera
Therapeutics,
Inc.*
248
5,463
Corvus
Pharmaceuticals,
Inc.*
364
5,438
CONMED
Corp.
166
5,433
BrightView
Holdings,
Inc.*
382
5,413
Pacira
BioSciences,
Inc.*
,(a)
213
5,404
Olema
Pharmaceuticals,
Inc.*
,(a)
422
5,279
STAAR
Surgical
Co.*
183
5,250
Weis
Markets,
Inc.
(a)
67
5,247
Eton
Pharmaceuticals,
Inc.*
144
5,213
American
Public
Education,
Inc.*
96
5,155
Grocery
Outlet
Holding
Corp.*
510
5,090
Savara,
Inc.*
823
5,070
Kura
Oncology,
Inc.*
458
5,024
Del
Monte
Corp.
179
4,996
Personalis,
Inc.*
365
4,891
CRA
International,
Inc.
34
4,838
Inhibrx
Biosciences,
Inc.*
51
4,832
Annexon,
Inc.*
836
4,774
Replimune
Group,
Inc.*
426
4,716
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Quanex
Building
Products
Corp.
250
$
4,655
Transcat,
Inc.*
50
4,638
BioAge
Labs,
Inc.*
,(a)
189
4,632
Barrett
Business
Services,
Inc.
129
4,582
Driven
Brands
Holdings,
Inc.*
328
4,572
Zevra
Therapeutics,
Inc.*
317
4,546
Target
Hospitality
Corp.*
219
4,459
iRadimed
Corp.
46
4,396
Matthews
International
Corp. — Class
A
163
4,388
MeiraGTx
Holdings
plc*
323
4,364
Sionna
Therapeutics,
Inc.*
,(a)
99
4,355
ORIC
Pharmaceuticals,
Inc.*
,(a)
402
4,354
Anteris
Technologies
Global
Corp.*
440
4,334
WaVe
Life
Sciences
Ltd.*
742
4,311
Esperion
Therapeutics,
Inc.*
1,362
4,304
Kforce,
Inc.
91
4,270
Solid
Biosciences,
Inc.*
423
4,226
Coty,
Inc. — Class
A*
1,947
4,206
Seneca
Foods
Corp. — Class
A*
24
4,175
Avalo
Therapeutics,
Inc.*
225
4,158
Arbutus
Biopharma
Corp.*
865
4,152
Certara,
Inc.*
625
4,094
National
Beverage
Corp.*
131
4,087
Clarivate
plc*
1,883
4,067
Guardian
Pharmacy
Services,
Inc. — Class
A*
,(a)
97
4,061
Vor
BioPharma,
Inc.*
,(a)
219
4,032
Green
Dot
Corp. — Class
A*
296
3,999
Septerna,
Inc.*
119
3,985
Legalzoom.com,
Inc.*
648
3,972
Custom
Truck
One
Source,
Inc.*
330
3,897
LB
Pharmaceuticals,
Inc.*
120
3,895
Jade
Biosciences,
Inc.*
,(a)
175
3,888
Zenas
Biopharma,
Inc.*
153
3,883
Rigel
Pharmaceuticals,
Inc.*
99
3,873
SI-BONE,
Inc.*
237
3,868
Geron
Corp.*
3,010
3,853
Castle
Biosciences,
Inc.*
161
3,840
Maravai
LifeSciences
Holdings,
Inc. — Class
A*
607
3,788
John
B
Sanfilippo
&
Son,
Inc.
44
3,784
Alto
Neuroscience,
Inc.*
141
3,721
Ironwood
Pharmaceuticals,
Inc. — Class
A*
881
3,709
Omeros
Corp.*
,(a)
388
3,690
Theravance
Biopharma,
Inc.*
217
3,689
Aktis
Oncology,
Inc.*
114
3,674
Helen
of
Troy
Ltd.*
126
3,663
Kestra
Medical
Technologies
Ltd.*
144
3,663
Tactile
Systems
Technology,
Inc.*
123
3,663
Mission
Produce,
Inc.*
308
3,631
Aveanna
Healthcare
Holdings,
Inc.*
421
3,608
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
13
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Mama's
Creations,
Inc.*
202
$
3,606
CytomX
Therapeutics,
Inc.*
957
3,589
Janux
Therapeutics,
Inc.*
233
3,579
Phibro
Animal
Health
Corp. — Class
A
113
3,548
Relmada
Therapeutics,
Inc.*
509
3,522
Verra
Mobility
Corp. — Class
A*
827
3,515
Candel
Therapeutics,
Inc.*
341
3,512
Amphastar
Pharmaceuticals,
Inc.*
,(a)
174
3,511
Sana
Biotechnology,
Inc.*
,(a)
988
3,448
Beta
Bionics,
Inc.*
219
3,432
Aclaris
Therapeutics,
Inc.*
637
3,370
4D
Molecular
Therapeutics,
Inc.*
,(a)
247
3,285
Oddity
Tech
Ltd. — Class
A*
217
3,283
OPKO
Health,
Inc.*
2,168
3,252
Altimmune,
Inc.*
1,069
3,250
Cass
Information
Systems,
Inc.
63
3,233
Lexicon
Pharmaceuticals,
Inc.*
1,339
3,214
CorMedix,
Inc.*
401
3,148
Cerus
Corp.*
1,070
3,124
REGENXBIO,
Inc.*
260
3,115
Utz
Brands,
Inc.
398
3,065
Spire
Global,
Inc. — Class
A*
164
3,050
Avalyn
Pharma,
Inc.*
92
3,029
Allogene
Therapeutics,
Inc.*
1,428
2,970
Carriage
Services,
Inc. — Class
A
77
2,952
Cytek
Biosciences,
Inc.*
654
2,897
Ceribell,
Inc.*
148
2,879
Phathom
Pharmaceuticals,
Inc.*
,(a)
265
2,875
Sutro
Biopharma,
Inc.*
86
2,855
Ennis,
Inc.
134
2,847
Myriad
Genetics,
Inc.*
497
2,838
Ocugen,
Inc.*
1,838
2,812
Bright
Minds
Biosciences,
Inc.*
40
2,808
Pulse
Biosciences,
Inc.*
100
2,773
FTAI
Infrastructure,
Inc.
593
2,752
Achieve
Life
Sciences,
Inc.*
419
2,736
ClearPoint
Neuro,
Inc.*
152
2,712
Arvinas,
Inc.*
320
2,659
ARS
Pharmaceuticals,
Inc.*
,(a)
331
2,651
AngioDynamics,
Inc.*
200
2,602
Pacific
Biosciences
of
California,
Inc.*
1,518
2,550
C4
Therapeutics,
Inc.*
545
2,545
Ginkgo
Bioworks
Holdings,
Inc.*
256
2,537
First
Tracks
Biotherapeutics,
Inc.*
126
2,535
MiMedx
Group,
Inc.*
652
2,510
Climb
Bio,
Inc.*
189
2,465
Bioventus,
Inc. — Class
A*
,(a)
259
2,445
Sagimet
Biosciences,
Inc. — Class
A*
316
2,443
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Aquestive
Therapeutics,
Inc.*
,(a)
581
$
2,417
Design
Therapeutics,
Inc.*
,(a)
166
2,402
Varex
Imaging
Corp.*
228
2,378
Contineum
Therapeutics,
Inc. — Class
A*
145
2,377
Emergent
BioSolutions,
Inc.*
280
2,346
Prothena
Corporation
plc*
239
2,340
Community
Health
Systems,
Inc.*
699
2,335
MiniMed
Group,
Inc.*
155
2,317
Monro,
Inc.
134
2,293
Shattuck
Labs,
Inc.*
330
2,290
Immix
Biopharma,
Inc.*
221
2,279
Vital
Farms,
Inc.*
,(a)
196
2,279
NeuroPace,
Inc.*
143
2,272
Oncology
Institute,
Inc.*
412
2,237
Enanta
Pharmaceuticals,
Inc.*
153
2,231
Monopar
Therapeutics,
Inc.*
24
2,222
Ovid
therapeutics,
Inc.*
824
2,217
Evolus,
Inc.*
319
2,214
Forte
Biosciences,
Inc.*
104
2,210
Generate
Biomedicines,
Inc.*
131
2,210
Natural
Grocers
by
Vitamin
Cottage,
Inc.
71
2,202
Rezolute,
Inc.*
421
2,189
Tejon
Ranch
Co.*
116
2,169
Cross
Country
Healthcare,
Inc.*
164
2,166
Fulgent
Genetics,
Inc.*
104
2,134
XOMA
Royalty
Corp.*
50
2,125
Village
Super
Market,
Inc. — Class
A
50
2,109
Crescent
Biopharma,
Inc.*
116
2,088
Viemed
Healthcare,
Inc.*
183
2,086
ACCO
Brands
Corp.
496
2,063
X4
Pharmaceuticals,
Inc.*
435
2,031
Kyverna
Therapeutics,
Inc.*
226
2,014
MapLight
Therapeutics,
Inc.*
56
2,007
Orthofix
Medical,
Inc.*
218
1,993
Kelly
Services,
Inc. — Class
A
161
1,977
Tenax
Therapeutics,
Inc.*
135
1,964
Delcath
Systems,
Inc.*
155
1,951
Alamar
Biosciences,
Inc.*
72
1,950
Strata
Critical
Medical,
Inc.*
367
1,934
Puma
Biotechnology,
Inc.*
238
1,930
Neurogene,
Inc.*
61
1,918
Perspective
Therapeutics,
Inc.*
555
1,893
Honest
Company,
Inc.*
517
1,892
Tectonic
Therapeutic,
Inc.*
55
1,891
Cabaletta
Bio,
Inc.*
606
1,885
Zura
Bio
Ltd. — Class
A*
317
1,870
Prime
Medicine,
Inc.*
506
1,867
OrthoPediatrics
Corp.*
95
1,817
Vanda
Pharmaceuticals,
Inc.*
290
1,775
Lexeo
Therapeutics,
Inc.*
381
1,774
Atea
Pharmaceuticals,
Inc.*
381
1,772
Editas
Medicine,
Inc.*
538
1,743
Nature's
Sunshine
Products,
Inc.*
79
1,722
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
14
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Aura
Biosciences,
Inc.*
241
$
1,711
Nuvectis
Pharma,
Inc.*
,(a)
92
1,692
B&G
Foods,
Inc.
(a)
423
1,684
Fennec
Pharmaceuticals,
Inc.*
156
1,677
Rocket
Pharmaceuticals,
Inc.*
486
1,662
Palisade
Bio,
Inc.*
794
1,659
Verastem,
Inc.*
430
1,643
Westrock
Coffee
Co.*
202
1,638
Eledon
Pharmaceuticals,
Inc.*
414
1,631
Nathan's
Famous,
Inc.
16
1,626
Century
Therapeutics,
Inc.*
663
1,624
Olaplex
Holdings,
Inc.*
774
1,587
Akebia
Therapeutics,
Inc.*
1,390
1,585
OraSure
Technologies,
Inc.*
353
1,574
Chaince
Digital
Holdings,
Inc.*
359
1,569
Hertz
Global
Holdings,
Inc.*
692
1,567
MacroGenics,
Inc.*
338
1,562
Compass
Therapeutics,
Inc.*
,(a)
705
1,544
Benitec
Biopharma,
Inc.*
115
1,539
Eikon
Therapeutics,
Inc.*
,(a)
117
1,527
Electromed,
Inc.*
36
1,523
Repay
Holdings
Corp. — Class
A*
351
1,474
Assembly
Biosciences,
Inc.*
53
1,456
OmniAb,
Inc.*
592
1,456
Abeona
Therapeutics,
Inc.*
235
1,452
Immuneering
Corp. — Class
A*
288
1,437
Once
Upon
a
Farm
PBC*
70
1,434
CapsoVision,
Inc.*
,(a)
188
1,425
MGP
Ingredients,
Inc.
80
1,402
Innovage
Holding
Corp.*
118
1,398
Distribution
Solutions
Group,
Inc.*
51
1,395
DiaMedica
Therapeutics,
Inc.*
197
1,387
NRC
Health — Class
A
64
1,380
Quad/Graphics,
Inc.
162
1,366
USCB
Financial
Holdings,
Inc.
66
1,350
SpyGlass
Pharma,
Inc.*
60
1,336
Accendra
Health,
Inc.*
388
1,327
Inhibikase
Therapeutics,
Inc.*
,(a)
653
1,326
Upstream
Bio,
Inc.*
189
1,308
Zentalis
Pharmaceuticals,
Inc.*
269
1,305
Hackett
Group,
Inc.
121
1,303
Lineage
Cell
Therapeutics,
Inc.*
991
1,298
Cadiz,
Inc.*
308
1,287
Anavex
Life
Sciences
Corp.*
496
1,285
Alico,
Inc.
31
1,282
USANA
Health
Sciences,
Inc.*
60
1,281
Franklin
Covey
Co.*
51
1,251
Ardent
Health,
Inc.*
,(a)
127
1,250
Priority
Technology
Holdings,
Inc.*
185
1,234
Senseonics
Holdings,
Inc.*
,(a)
212
1,204
ALX
Oncology
Holdings,
Inc.*
580
1,201
Galectin
Therapeutics,
Inc.*
258
1,197
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Opus
Genetics,
Inc.*
288
$
1,184
Limoneira
Co.
90
1,182
TriSalus
Life
Sciences,
Inc.*
258
1,174
Fulcrum
Therapeutics,
Inc.*
319
1,168
Entrada
Therapeutics,
Inc.*
158
1,163
Shoulder
Innovations,
Inc.*
57
1,156
Lumexa
Imaging
Holdings,
Inc.*
102
1,151
Utah
Medical
Products,
Inc.
16
1,104
Larimar
Therapeutics,
Inc.*
358
1,092
Protara
Therapeutics,
Inc.*
281
1,073
TrueBlue,
Inc.*
154
1,073
Alector,
Inc.*
528
1,061
Keros
Therapeutics,
Inc.*
99
1,059
Embecta
Corp.
322
1,050
Karyopharm
Therapeutics,
Inc.*
107
1,045
Atrium
Therapeutics,
Inc.*
77
1,036
RxSight,
Inc.*
214
1,031
KORU
Medical
Systems,
Inc.*
243
1,021
Minerva
Neurosciences,
Inc.*
183
1,016
Precision
BioSciences,
Inc.*
129
1,014
Surrozen,
Inc.*
39
1,012
InfuSystem
Holdings,
Inc.*
104
1,004
Tonix
Pharmaceuticals
Holding
Corp.*
78
995
Quanterix
Corp.*
230
994
Niagen
Bioscience,
Inc.*
311
992
Voyager
Therapeutics,
Inc.*
283
990
Invivyd,
Inc.*
1,132
988
Coherus
Oncology,
Inc.*
703
984
Paysafe
Ltd.*
131
979
Arcturus
Therapeutics
Holdings,
Inc.*
144
968
Foghorn
Therapeutics,
Inc.*
196
956
Neumora
Therapeutics,
Inc.*
552
938
Protalix
BioTherapeutics,
Inc.*
398
927
Lifeway
Foods,
Inc.*
31
925
Orchestra
BioMed
Holdings,
Inc.*
214
923
SAB
Biotherapeutics,
Inc.*
234
913
Acme
United
Corp.
19
907
Anika
Therapeutics,
Inc.*
62
907
Evommune,
Inc.*
68
904
Organogenesis
Holdings,
Inc. — Class
A*
372
904
CPI
Card
Group,
Inc.*
43
894
Oramed
Pharmaceuticals,
Inc.
183
880
Acacia
Research
Corp.*
188
876
Caribou
Biosciences,
Inc.*
494
869
Inogen,
Inc.*
133
858
Lucid
Diagnostics,
Inc.*
800
856
Greenwich
Lifesciences,
Inc.*
36
845
Corbus
Pharmaceuticals
Holdings,
Inc.*
89
835
ProKidney
Corp. — Class
A*
,(a)
407
830
SIGA
Technologies,
Inc.
227
826
Spruce
Biosciences,
Inc.*
15
810
MediWound
Ltd.*
55
809
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
15
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
NON-CYCLICAL
-
6.2%
(continued)
Whitehawk
Therapeutics,
Inc.*
175
$
801
Lifecore
Biomedical,
Inc.*
152
798
Prelude
Therapeutics,
Inc.*
149
794
Korro
Bio,
Inc.*
60
791
Information
Services
Group,
Inc.
189
777
CAMP4
Therapeutics
Corp.*
170
743
Cartesian
Therapeutics,
Inc.*
71
740
Lyell
Immunopharma,
Inc.*
51
717
KinderCare
Learning
Companies,
Inc.*
166
706
RCM
Technologies,
Inc.*
25
706
Alta
Equipment
Group,
Inc.*
107
692
AN2
Therapeutics,
Inc.*
142
687
Nkarta,
Inc.*
240
679
Acumen
Pharmaceuticals,
Inc.*
254
678
Canton
Strategic
Holdings,
Inc.*
239
674
Agenus,
Inc.*
214
655
Gyre
Therapeutics,
Inc.*
99
652
OnKure
Therapeutics,
Inc. — Class
A*
141
643
Stereotaxis,
Inc.*
367
631
LENZ
Therapeutics,
Inc.*
,(a)
110
625
ADC
Therapeutics
S.A.*
577
617
Unicycive
Therapeutics,
Inc.*
131
614
Hyperfine,
Inc. — Class
A*
421
568
Nautilus
Biotechnology,
Inc.*
267
499
Black
Diamond
Therapeutics,
Inc.*
254
470
BRC,
Inc. — Class
A*
419
465
CVRx,
Inc.*
83
427
Sanara
Medtech,
Inc.*
18
425
Armata
Pharmaceuticals,
Inc.*
64
415
HireQuest,
Inc.
30
377
Heron
Therapeutics,
Inc.*
859
367
Emerald
Holding,
Inc.
68
343
Alpha
Teknova,
Inc.*
60
341
SBC
Medical
Group
Holdings,
Inc.*
104
320
Forafric
Global
plc*
30
302
Context
Therapeutics,
Inc.*
501
277
Elicio
Therapeutics,
Inc.*
70
274
Artiva
Biotherapeutics,
Inc.*
25
242
AirSculpt
Technologies,
Inc.*
52
234
MarketWise,
Inc.
12
214
Connect
Biopharma
Holdings
Ltd.*
81
193
Public
Policy
Holding
Company,
Inc.
24
178
Ligand
Pharmaceuticals,
Inc.
(b)
46
—
Total
Consumer,
Non-cyclical
4,287,256
FINANCIAL
-
6
.1
%
Hut
8
Corp.*
556
64,187
UMB
Financial
Corp.
397
56,676
Riot
Platforms,
Inc.*
1,921
52,597
CareTrust
REIT,
Inc.
(a)
1,223
49,348
Old
National
Bancorp
(a)
1,881
48,718
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Compass,
Inc. — Class
A*
3,869
$
47,705
StoneX
Group,
Inc.*
392
46,452
Cipher
Digital,
Inc.*
1,827
44,761
Ryman
Hospitality
Properties,
Inc.
REIT
338
43,450
Core
Scientific,
Inc.*
,(a)
1,690
43,247
Macerich
Co.
REIT
(a)
1,538
38,742
Valley
National
Bancorp
(a)
2,633
38,573
Terreno
Realty
Corp.
REIT
576
37,308
Glacier
Bancorp,
Inc.
714
36,828
Jackson
Financial,
Inc. — Class
A
356
36,451
Essential
Properties
Realty
Trust,
Inc.
REIT
(a)
1,187
35,432
United
Bankshares,
Inc.
754
34,556
Hancock
Whitney
Corp.
446
33,325
Atlantic
Union
Bankshares
Corp.
778
32,917
Ameris
Bancorp
356
32,133
Selective
Insurance
Group,
Inc.
328
31,819
Kite
Realty
Group
Trust
REIT
(a)
1,113
31,587
Essent
Group
Ltd.
491
31,561
Enova
International,
Inc.*
131
31,536
Axos
Financial,
Inc.*
299
29,120
Home
BancShares,
Inc.
1,017
29,035
MARA
Holdings,
Inc.*
2,086
28,975
Phillips
Edison
&
Company,
Inc.
REIT
693
28,843
Outfront
Media,
Inc.
REIT
868
28,436
Radian
Group,
Inc.
736
27,725
Piper
Sandler
Companies
380
27,489
HA
Sustainable
Infrastructure
Capital,
Inc.
694
27,101
Sabra
Health
Care
REIT,
Inc.
(a)
1,374
26,807
Moelis
&
Co. — Class
A
406
26,561
Eastern
Bankshares,
Inc.
1,185
26,354
Independent
Bank
Corp.
372
25,998
CNO
Financial
Group,
Inc.
505
25,745
Fulton
Financial
Corp.
1,054
25,496
Lemonade,
Inc.*
387
25,174
Flagstar
Bank
North
America
(a)
1,671
24,965
First
Financial
Bankshares,
Inc.
721
24,947
ServisFirst
Bancshares,
Inc.
(a)
282
24,464
Texas
Capital
Bancshares,
Inc.
236
24,369
Tanger,
Inc.
REIT
(a)
617
24,353
Associated
Banc-Corp
784
24,124
Bread
Financial
Holdings,
Inc.
220
23,837
United
Community
Banks,
Inc.
659
23,124
COPT
Defense
Properties
REIT
(a)
625
22,744
International
Bancshares
Corp.
299
22,709
First
BanCorp
842
21,951
WSFS
Financial
Corp.
286
21,945
Cathay
General
Bancorp
354
21,944
BGC
Group,
Inc. — Class
A
2,030
21,701
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
16
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Renasant
Corp.
510
$
21,695
Broadstone
Net
Lease,
Inc.
REIT
(a)
1,048
21,662
Independence
Realty
Trust,
Inc.
REIT
1,292
21,563
CVB
Financial
Corp.
922
20,791
Dave,
Inc.*
,(a)
55
20,492
Marex
Group
plc
335
20,418
WesBanco,
Inc.
520
20,296
SL
Green
Realty
Corp.
REIT
392
20,294
PJT
Partners,
Inc. — Class
A
133
20,075
National
Health
Investors,
Inc.
REIT
261
19,904
Apple
Hospitality
REIT,
Inc.
1,183
19,886
Cleanspark,
Inc.*
1,362
19,817
Genworth
Financial,
Inc. — Class
A*
2,077
19,669
Victory
Capital
Holdings,
Inc. — Class
A
232
19,502
BankUnited,
Inc.
402
19,477
First
Financial
Bancorp
573
19,385
Community
Financial
System,
Inc.
288
19,331
First
Interstate
BancSystem,
Inc. — Class
A
(a)
494
19,049
Highwoods
Properties,
Inc.
REIT
601
18,126
Palomar
Holdings,
Inc.*
143
18,074
Simmons
First
National
Corp. — Class
A
791
17,916
Nicolet
Bankshares,
Inc.
108
17,862
Seacoast
Banking
Corporation
of
Florida
531
17,656
Bank
of
Hawaii
Corp.
(a)
215
17,520
StepStone
Group,
Inc. — Class
A
418
17,288
Towne
Bank
476
17,250
Cushman
&
Wakefield
Ltd.*
1,286
17,220
LXP
Industrial
Trust
REIT
317
17,080
NMI
Holdings,
Inc. — Class
A*
414
17,011
Banc
of
California,
Inc.
830
16,957
Park
National
Corp.
91
16,652
Provident
Financial
Services,
Inc.
699
16,524
Upstart
Holdings,
Inc.*
,(a)
460
16,298
McGrath
RentCorp
134
16,218
Curbline
Properties
Corp.
REIT
(a)
533
16,203
Urban
Edge
Properties
REIT
696
15,924
Mercury
General
Corp.
147
15,673
Dynex
Capital,
Inc.
REIT
1,181
15,483
WaFd,
Inc.
(a)
401
15,386
Acadia
Realty
Trust
REIT
(a)
735
15,369
Miami
International
Holdings,
Inc.*
412
15,310
DigitalBridge
Group,
Inc.
963
15,196
InvenTrust
Properties
Corp.
REIT
427
15,116
First
Merchants
Corp.
343
14,986
Blackstone
Mortgage
Trust,
Inc. — Class
A
REIT
869
14,730
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Four
Corners
Property
Trust,
Inc.
REIT
599
$
14,705
Park
Hotels
&
Resorts,
Inc.
REIT
1,016
14,478
First
Bancorp
220
14,065
Baldwin
Insurance
Group,
Inc. — Class
A*
528
14,034
PennyMac
Financial
Services,
Inc.
161
14,023
Beacon
Financial
Corp.
458
13,946
Trustmark
Corp.
303
13,941
NBT
Bancorp,
Inc.
279
13,774
SiriusPoint
Ltd.*
571
13,704
DiamondRock
Hospitality
Co.
REIT
1,113
13,556
Bancorp,
Inc.*
216
13,530
Customers
Bancorp,
Inc.*
168
13,289
FB
Financial
Corp.
239
13,229
Skyward
Specialty
Insurance
Group,
Inc.*
226
13,187
Enterprise
Financial
Services
Corp.
199
13,110
St.
Joe
Co.
209
13,090
First
Busey
Corp.
442
13,039
BancFirst
Corp.
(a)
117
13,002
Bank
of
NT
Butterfield
&
Son
Ltd.
218
12,971
Newmark
Group,
Inc. — Class
A
853
12,889
Happen,
Inc.*
617
12,797
WisdomTree,
Inc.
(a)
733
12,417
Northwest
Bancshares,
Inc.
801
12,143
Banner
Corp.
182
12,092
Artisan
Partners
Asset
Management,
Inc. — Class
A
347
11,982
ARMOUR
Residential
REIT,
Inc.
REIT
684
11,936
Pebblebrook
Hotel
Trust
REIT
(a)
611
11,860
Webull
Corp.*
1,808
11,788
Cohen
&
Steers,
Inc.
153
11,649
OFG
Bancorp
232
11,384
Horace
Mann
Educators
Corp.
219
11,311
First
Commonwealth
Financial
Corp.
554
11,263
NETSTREIT
Corp.
REIT
(a)
533
11,262
Sunstone
Hotel
Investors,
Inc.
REIT
983
11,255
Brookfield
Business
Corp. — Class
A
377
11,253
Diversified
Healthcare
Trust
REIT
1,201
11,169
Bitdeer
Technologies
Group — Class
A*
699
11,093
Stock
Yards
Bancorp,
Inc.
143
10,935
Stewart
Information
Services
Corp.
165
10,893
Acadian
Asset
Management,
Inc.
152
10,871
HCI
Group,
Inc.
61
10,690
Nelnet,
Inc. — Class
A
80
10,666
Encore
Capital
Group,
Inc.*
,(a)
114
10,635
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
17
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Douglas
Emmett,
Inc.
REIT
(a)
892
$
10,526
Getty
Realty
Corp.
REIT
(a)
314
10,475
National
Bank
Holdings
Corp. — Class
A
235
10,441
LTC
Properties,
Inc.
REIT
268
10,305
Xenia
Hotels
&
Resorts,
Inc.
REIT
505
10,282
Federal
Agricultural
Mortgage
Corp. — Class
C
51
10,163
Pathward
Financial,
Inc.
116
10,099
City
Holding
Co.
76
10,081
Walker
&
Dunlop,
Inc.
182
9,955
Smartstop
Self
Storage
REIT,
Inc.
REIT
(a)
304
9,880
S&T
Bancorp,
Inc.
(a)
199
9,767
Innovative
Industrial
Properties,
Inc.
REIT
155
9,607
German
American
Bancorp,
Inc.
201
9,539
Triumph
Financial,
Inc.*
124
9,462
Global
Net
Lease,
Inc.
REIT
1,041
9,307
Hope
Bancorp,
Inc.
673
9,207
Ellington
Financial,
Inc.
REIT
671
9,132
Dime
Commercial
Bancshares,
Inc.
221
8,984
OceanFirst
Financial
Corp.
455
8,886
ConnectOne
Bancorp,
Inc.
263
8,795
QCR
Holdings,
Inc.
90
8,762
TriCo
Bancshares
161
8,670
Kemper
Corp.
321
8,654
Hamilton
Insurance
Group
Ltd. — Class
B
250
8,485
Hilltop
Holdings,
Inc.
217
8,415
Bank
First
Corp.
(a)
56
8,308
Origin
Bancorp,
Inc.
162
8,286
Lakeland
Financial
Corp.
133
8,209
Pagseguro
Digital
Ltd. — Class
A
898
8,127
Live
Oak
Bancshares,
Inc.
196
8,005
RLJ
Lodging
Trust
REIT
(a)
673
7,975
1st
Source
Corp.
(a)
97
7,913
Apollo
Commercial
Real
Estate
Finance,
Inc.
REIT
729
7,786
Orchid
Island
Capital,
Inc.
REIT
(a)
1,107
7,716
Westamerica
BanCorp
129
7,568
Peoples
Bancorp,
Inc.
192
7,375
Two
Harbors
Investment
Corp.
REIT
573
7,111
Tompkins
Financial
Corp.
74
6,994
Slide
Insurance
Holdings,
Inc.*
356
6,896
Enact
Holdings,
Inc.
149
6,811
Merchants
Bancorp
(a)
136
6,800
UMH
Properties,
Inc.
REIT
443
6,707
Heritage
Financial
Corp.
224
6,635
American
Assets
Trust,
Inc.
REIT
268
6,617
Univest
Financial
Corp.
151
6,606
Preferred
Bank/Los
Angeles
CA
61
6,482
Neptune
Insurance
Holdings,
Inc. — Class
A*
205
6,458
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
First
Mid
Bancshares,
Inc.
133
$
6,396
Old
Second
Bancorp,
Inc.
273
6,366
Community
Trust
Bancorp,
Inc.
87
6,295
Byline
Bancorp,
Inc.
167
6,289
Piedmont
Realty
Trust,
Inc. — Class
A
REIT*
683
6,249
Ladder
Capital
Corp. — Class
A
REIT
617
6,139
United
Fire
Group,
Inc.
117
6,135
Goosehead
Insurance,
Inc. — Class
A*
126
6,111
Chimera
Investment
Corp.
REIT
453
6,043
Perella
Weinberg
Partners — Class
A
378
6,033
Easterly
Government
Properties,
Inc. — Class
A
REIT
240
5,983
Burke
&
Herbert
Financial
Services
Corp.
83
5,964
Metropolitan
Bank
Holding
Corp.
60
5,926
Safety
Insurance
Group,
Inc.
79
5,914
Pelagos
Insurance
Capital
Ltd.
237
5,771
Universal
Insurance
Holdings,
Inc.
137
5,666
Capitol
Federal
Financial,
Inc.
659
5,608
Arbor
Realty
Trust,
Inc.
REIT
1,033
5,599
Southside
Bancshares,
Inc.
157
5,525
Horizon
Bancorp,
Inc.
276
5,514
Coastal
Financial
Corp.*
71
5,503
Northeast
Bank
41
5,434
Central
Pacific
Financial
Corp.
141
5,386
PennyMac
Mortgage
Investment
Trust
REIT
476
5,369
CBL
&
Associates
Properties,
Inc.
REIT
101
5,362
CNB
Financial
Corp.
159
5,360
Mercantile
Bank
Corp.
93
5,340
Service
Properties
Trust
REIT
3,159
5,339
MFA
Financial,
Inc.
REIT
550
5,330
Hyperliquid
Strategies,
Inc.*
676
5,320
Business
First
Bancshares,
Inc.
171
5,255
Hanmi
Financial
Corp.
161
5,216
Firstsun
Capital
Bancorp*
134
5,197
Centerspace
REIT
92
5,169
TrustCo
Bank
Corporation
NY
93
5,107
F&G
Annuities
&
Life,
Inc.
192
5,105
Employers
Holdings,
Inc.
100
5,048
Virtus
Investment
Partners,
Inc.
35
5,023
Camden
National
Corp.
91
4,934
Safehold,
Inc.
REIT
306
4,804
First
Financial
Corp.
62
4,801
JBG
SMITH
Properties
REIT
324
4,753
Whitestone
REIT — Class
B
REIT
250
4,740
Amerant
Bancorp,
Inc. — Class
A
185
4,721
Farmers
National
Banc
Corp.
320
4,672
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
18
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Esquire
Financial
Holdings,
Inc.
39
$
4,645
NB
Bancorp,
Inc.
219
4,627
Equity
Bancshares,
Inc. — Class
A
94
4,605
Amalgamated
Financial
Corp.
99
4,544
Trupanion,
Inc.*
183
4,533
Metrocity
Bankshares,
Inc.
126
4,522
Burford
Capital
Ltd.
1,100
4,510
Hudson
Pacific
Properties,
Inc.
REIT*
288
4,375
Eagle
Bancorp,
Inc.
154
4,372
Adamas
Trust,
Inc.
REIT
459
4,305
Orrstown
Financial
Services,
Inc.
103
4,205
Empire
State
Realty
Trust,
Inc. — Class
A
REIT
774
4,187
Republic
Bancorp,
Inc. — Class
A
46
4,160
HomeTrust
Bancshares,
Inc.
83
4,141
Five
Star
Bancorp
(a)
85
4,139
Financial
Institutions,
Inc.
106
4,131
Peapack-Gladstone
Financial
Corp.
87
4,118
Carter
Bankshares,
Inc.
120
4,081
Mid
Penn
Bancorp,
Inc.
116
4,041
Alerus
Financial
Corp.
129
4,012
Southern
Missouri
Bancorp,
Inc.
52
3,963
First
Community
Bankshares,
Inc.
(a)
89
3,953
SmartFinancial,
Inc.
84
3,941
Summit
Hotel
Properties,
Inc.
REIT
(a)
562
3,940
PRA
Group,
Inc.*
206
3,912
GCM
Grosvenor,
Inc. — Class
A
318
3,911
Compass
Diversified
Holdings*
366
3,902
Invesco
Mortgage
Capital,
Inc.
REIT
491
3,879
Shore
Bancshares,
Inc.
169
3,879
Marcus
&
Millichap,
Inc.
124
3,865
Root,
Inc. — Class
A*
69
3,858
Accelerant
Holdings — Class
A*
329
3,856
Patria
Investments
Ltd. — Class
A
351
3,854
CTO
Realty
Growth,
Inc.
REIT
178
3,829
Washington
Trust
Bancorp,
Inc.
104
3,794
Capital
City
Bank
Group,
Inc.
76
3,756
Strive,
Inc. — Class
A*
,(a)
342
3,731
BrightSpire
Capital,
Inc. — Class
A
REIT
664
3,619
South
Plains
Financial,
Inc.
84
3,619
Arrow
Financial
Corp.
88
3,607
National
Healthcare
Properties,
Inc.
REIT*
245
3,589
Postal
Realty
Trust,
Inc. — Class
A
REIT
144
3,548
Community
West
Bancshares
132
3,546
Heritage
Insurance
Holdings,
Inc.*
133
3,469
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
NexPoint
Residential
Trust,
Inc.
REIT
124
$
3,462
AMERISAFE,
Inc.
102
3,451
Mechanics
Bancorp — Class
A
216
3,434
Franklin
BSP
Realty
Trust,
Inc.
REIT
418
3,403
Third
Coast
Bancshares,
Inc.*
84
3,394
Peoples
Financial
Services
Corp.
51
3,385
Great
Southern
Bancorp,
Inc.
(a)
43
3,372
Bar
Harbor
Bankshares
89
3,361
Alexander's,
Inc.
REIT
12
3,307
Northrim
BanCorp,
Inc.
119
3,301
Midland
States
Bancorp,
Inc.
105
3,270
ACNB
Corp.
55
3,266
Gladstone
Commercial
Corp.
REIT
264
3,247
Redwood
Trust,
Inc.
REIT
679
3,218
Chatham
Lodging
Trust
REIT
243
3,215
TPG
RE
Finance
Trust,
Inc.
REIT
383
3,206
Bit
Digital,
Inc.*
1,770
3,186
Resolute
Holdings
Management,
Inc.*
22
3,180
Civista
Bancshares,
Inc.
112
3,161
Cannae
Holdings,
Inc.
215
3,096
Universal
Health
Realty
Income
Trust
REIT
70
3,070
Columbia
Financial,
Inc.*
,(a)
143
3,034
Southern
First
Bancshares,
Inc.*
49
2,994
Northfield
Bancorp,
Inc.
203
2,990
Kearny
Financial
Corp.
316
2,989
Bowhead
Specialty
Holdings,
Inc.*
99
2,963
California
BanCorp
141
2,938
Navient
Corp.
345
2,936
AH
Realty
Trust,
Inc.
REIT
414
2,931
Hippo
Holdings,
Inc.*
103
2,911
World
Acceptance
Corp.*
13
2,910
Brandywine
Realty
Trust
REIT
914
2,897
HBT
Financial,
Inc.
88
2,815
First
Business
Financial
Services,
Inc.
44
2,779
Hingham
Institution
For
Savings
(a)
9
2,764
Atlanticus
Holdings
Corp.*
,(a)
27
2,761
New
Era
Energy
&
Digital,
Inc.*
432
2,756
AGNT,
Inc.
509
2,754
Community
Healthcare
Trust,
Inc.
REIT
149
2,724
Industrial
Logistics
Properties
Trust
REIT
306
2,714
LendingTree,
Inc.*
61
2,702
Saul
Centers,
Inc.
REIT
72
2,692
ChoiceOne
Financial
Services,
Inc.
77
2,618
Sierra
Bancorp
64
2,609
Home
Bancorp,
Inc.
38
2,604
Chiron
Real
Estate,
Inc.
REIT
69
2,589
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
19
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Ridgepost
Capital,
Inc. — Class
A
325
$
2,558
Red
River
Bancshares,
Inc.
28
2,556
Orange
County
Bancorp,
Inc.
68
2,501
Z
Squared,
Inc.*
236
2,497
Bridgewater
Bancshares,
Inc.*
116
2,441
RBB
Bancorp
88
2,413
Jefferson
Capital,
Inc.
122
2,375
Unity
Bancorp,
Inc.
40
2,348
FrontView
REIT,
Inc.
REIT
116
2,347
One
Liberty
Properties,
Inc.
REIT
95
2,320
Greenlight
Capital
Re
Ltd. — Class
A*
141
2,281
Tiptree,
Inc. — Class
A
127
2,276
Colony
Bankcorp,
Inc.
112
2,250
Bank
of
Marin
Bancorp
81
2,244
Farmers
&
Merchants
Bancorp,
Inc.
73
2,232
West
BanCorp,
Inc.
84
2,229
Citizens
&
Northern
Corp.
94
2,191
Investors
Title
Co.
8
2,189
International
Money
Express,
Inc.*
151
2,182
Ponce
Financial
Group,
Inc.*
109
2,173
Farmland
Partners,
Inc.
REIT
222
2,149
Northpointe
Bancshares,
Inc.
112
2,148
First
Bank
119
2,110
Capital
Bancorp,
Inc.
60
2,107
Plumas
Bancorp
36
2,104
Avidia
Bancorp,
Inc.
99
2,078
Investar
Holding
Corp.
69
2,067
First
Bancorp,
Inc.
59
2,054
NewtekOne,
Inc.
137
2,029
KKR
Real
Estate
Finance
Trust,
Inc.
REIT
(a)
291
1,990
Paysign,
Inc.*
239
1,957
Primis
Financial
Corp.
119
1,948
Bankwell
Financial
Group,
Inc.
33
1,939
Regional
Management
Corp.
47
1,936
Gladstone
Land
Corp.
REIT
218
1,860
Northeast
Community
Bancorp,
Inc.
67
1,859
MVB
Financial
Corp.
64
1,857
BayCom
Corp.
56
1,842
Parke
Bancorp,
Inc.
55
1,824
Citizens
Financial
Services,
Inc.
25
1,811
Timberland
Bancorp,
Inc.
40
1,792
Norwood
Financial
Corp.
55
1,768
Wealthfront
Corp.*
197
1,761
Donegal
Group,
Inc. — Class
A
93
1,754
RMR
Group,
Inc. — Class
A
85
1,745
Alpine
Income
Property
Trust,
Inc.
REIT
84
1,744
Waterstone
Financial,
Inc.
82
1,700
Avidbank
Holdings,
Inc.*
50
1,652
NerdWallet,
Inc. — Class
A*
178
1,647
PCB
Bancorp
58
1,645
Chemung
Financial
Corp.
22
1,641
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
MBIA,
Inc.*
250
$
1,630
Abacus
Global
Management,
Inc.
151
1,617
FRP
Holdings,
Inc.*
63
1,574
First
Community
Corp.
48
1,569
GBank
Financial
Holdings,
Inc.*
51
1,546
Real
Brokerage,
Inc.*
839
1,527
Innventure,
Inc.*
301
1,526
FS
Bancorp,
Inc.
(a)
35
1,519
Onity
Group,
Inc.*
38
1,511
American
Coastal
Insurance
Corp.
136
1,510
First
Western
Financial,
Inc.*
47
1,509
Commercial
Bancgroup,
Inc.
46
1,485
John
Marshall
Bancorp,
Inc.
68
1,482
Isabella
Bank
Corp.
37
1,462
First
United
Corp.
33
1,456
First
Northern
Community
Bancorp*
81
1,453
Franklin
Financial
Services
Corp.
23
1,440
FVCBankcorp,
Inc.
82
1,435
Ames
National
Corp.
48
1,421
Citizens,
Inc. — Class
A*
247
1,418
Western
New
England
Bancorp,
Inc.
98
1,401
OppFi,
Inc.*
140
1,390
Octave
Specialty
Group,
Inc.*
222
1,385
Ready
Capital
Corp.
REIT
781
1,367
Fidelity
D&D
Bancorp,
Inc.
26
1,337
Oak
Valley
Bancorp
39
1,316
LCNB
Corp.
74
1,302
FB
Bancorp,
Inc.*
86
1,295
Ares
Commercial
Real
Estate
Corp.
287
1,292
First
National
Corp.
43
1,291
Oportun
Financial
Corp.*
225
1,285
C&F
Financial
Corp.
16
1,280
Greene
County
Bancorp,
Inc.
38
1,276
TPG
Mortgage
Investment
Trust,
Inc.
REIT
161
1,275
Legacy
Housing
Corp.*
48
1,261
Blue
Ridge
Bankshares,
Inc.
354
1,250
Bakkt,
Inc. — Class
A*
,(a)
159
1,242
National
Bankshares,
Inc.
34
1,235
American
Integrity
Insurance
Group,
Inc.
65
1,224
Hawthorn
Bancshares,
Inc.
31
1,218
Velocity
Financial,
Inc.*
66
1,218
Claros
Mortgage
Trust,
Inc.
REIT*
518
1,217
Kingsway
Corp.*
116
1,209
Ategrity
Specialty
Holdings
LLC*
50
1,202
Kingstone
Companies,
Inc.
63
1,199
Sky
Harbour
Group
Corp. — Class
A*
121
1,191
Better
Home
&
Finance
Holding
Co. — Class
A*
43
1,183
CoastalSouth
Bancshares,
Inc.
44
1,181
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
20
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Bank7
Corp.
24
$
1,175
Citizens
Community
Bancorp,
Inc.
50
1,169
First
Capital,
Inc.
18
1,164
Virginia
National
Bankshares
Corp.
26
1,154
First
Internet
Bancorp
41
1,140
Chicago
Atlantic
Real
Estate
Finance,
Inc.
REIT
102
1,093
Seaport
Entertainment
Group,
Inc.*
41
1,091
SITE
Centers
Corp.
REIT
274
1,088
Eagle
Financial
Services,
Inc.
26
1,078
Community
Bancorp
27
1,056
NexPoint
Diversified
Real
Estate
Trust
REIT
202
1,050
Meridian
Corp.
52
1,042
Peoples
Bancorp
of
North
Carolina,
Inc.
24
1,034
Princeton
Bancorp,
Inc.
27
1,025
Seven
Hills
Realty
Trust
REIT
120
1,012
B
Riley
Financial,
Inc.*
125
1,005
RE/MAX
Holdings,
Inc. — Class
A*
101
996
Crawford
&
Co. — Class
A
88
992
Eagle
Bancorp
Montana,
Inc.
41
981
AlTi
Global,
Inc.*
270
975
OP
Bancorp
65
974
Pioneer
Bancorp,
Inc.*
57
973
CB
Financial
Services,
Inc.
25
947
BCB
Bancorp,
Inc.
87
933
Medallion
Financial
Corp.
91
929
CF
Bankshares,
Inc.
(a)
28
918
Ohio
Valley
Banc
Corp.
21
912
Modiv
Industrial,
Inc.
REIT
52
905
NET
Lease
Office
Properties
REIT
81
902
James
River
Group
Holdings,
Inc.
201
884
Landmark
Bancorp,
Inc.
28
860
MainStreet
Bancshares,
Inc.
34
839
Orion
Properties,
Inc.
REIT
289
835
Security
National
Financial
Corp. — Class
A*
86
833
BRT
Apartments
Corp.
REIT
54
830
Angel
Oak
Mortgage
REIT,
Inc.
REIT
91
826
ECB
Bancorp,
Inc.*
40
803
loanDepot,
Inc. — Class
A*
613
766
Westwood
Holdings
Group,
Inc.
40
766
BV
Financial,
Inc.*
36
762
Finwise
Bancorp*
52
754
SR
Bancorp,
Inc.
38
748
Exzeo
Group,
Inc.*
44
742
Richmond
Mutual
BanCorp,
Inc.
46
730
Douglas
Elliman,
Inc.*
394
697
Braemar
Hotels
&
Resorts,
Inc.
REIT
317
685
Maui
Land
&
Pineapple
Company,
Inc.*
35
622
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
FINANCIAL
-
6.1%
(continued)
Nexpoint
Real
Estate
Finance,
Inc.
REIT
39
$
605
Strawberry
Fields
REIT,
Inc.
REIT
43
591
Chain
Bridge
Bancorp,
Inc. — Class
A*
14
589
Finance
Of
America
Companies,
Inc. — Class
A*
21
578
NI
Holdings,
Inc.*
36
566
Hanover
Bancorp,
Inc.
24
560
ACRES
Commercial
Realty
Corp.
REIT*
31
551
Consumer
Portfolio
Services,
Inc.*
49
470
Rhinebeck
Bancorp,
Inc.*
25
433
Roadzen,
Inc.*
248
362
Silvercrest
Asset
Management
Group,
Inc. — Class
A
33
334
First
Guaranty
Bancshares,
Inc.
(a)
32
322
Transcontinental
Realty
Investors,
Inc.*
6
276
American
Realty
Investors,
Inc.*
7
156
Total
Financial
4,243,516
INDUSTRIAL
-
3
.6
%
Moog,
Inc. — Class
A
154
65,271
Argan,
Inc.
74
59,093
ESCO
Technologies,
Inc.
143
50,056
EnerSys
200
46,764
Terex
Corp.
620
44,882
Plexus
Corp.*
146
43,898
Enpro,
Inc.
116
43,724
Federal
Signal
Corp.
329
42,273
MYR
Group,
Inc.*
,(a)
84
42,034
JBT
Marel
Corp.
286
41,470
Zurn
Elkay
Water
Solutions
Corp.
814
41,131
Fluor
Corp.*
773
40,497
Arcosa,
Inc.
267
38,792
Granite
Construction,
Inc.
(a)
240
37,939
Mercury
Systems,
Inc.*
303
37,066
Vishay
Intertechnology,
Inc.
(a)
664
35,710
GATX
Corp.
193
34,198
Materion
Corp.
113
33,605
Casella
Waste
Systems,
Inc. — Class
A*
344
33,358
Joby
Aviation,
Inc.*
,(a)
3,647
32,531
Novanta,
Inc.*
195
31,637
Matson,
Inc.
164
31,526
Construction
Partners,
Inc. — Class
A*
260
30,880
AAR
Corp.*
215
30,730
Frontdoor,
Inc.*
385
29,872
UFP
Industries,
Inc.
308
27,948
Knife
River
Corp.*
312
26,099
CECO
Environmental
Corp.*
284
25,770
Belden,
Inc.
212
25,421
AZZ,
Inc.
162
25,118
RXO,
Inc.*
902
24,886
CSW
Industrials,
Inc.
87
24,212
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
21
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
INDUSTRIAL
-
3.6%
(continued)
Xometry,
Inc. — Class
A*
249
$
24,033
Badger
Meter,
Inc.
(a)
160
23,741
Standex
International
Corp.
66
23,606
Mirion
Technologies,
Inc. — Class
A*
,(a)
1,303
23,363
Atmus
Filtration
Technologies,
Inc.
449
22,894
Franklin
Electric
Company,
Inc.
206
22,081
Bel
Fuse,
Inc. — Class
B
66
21,981
Mueller
Water
Products,
Inc. — Class
A
846
21,852
Ondas,
Inc.*
2,626
21,638
Ichor
Holdings
Ltd.*
189
21,221
nLight,
Inc.*
301
20,956
Itron,
Inc.*
,(a)
240
20,767
Tutor
Perini
Corp.
247
20,494
Kadant,
Inc.
(a)
65
20,425
Griffon
Corp.
209
20,384
Cactus,
Inc. — Class
A
380
19,467
Knowles
Corp.*
463
19,205
Benchmark
Electronics,
Inc.
194
19,142
OSI
Systems,
Inc.*
,(a)
86
18,808
Avient
Corp.
503
18,591
NuScale
Power
Corp.*
1,752
17,573
International
Seaways,
Inc.
227
17,386
Scorpio
Tankers,
Inc.
251
17,384
ArcBest
Corp.
120
17,225
Archer
Aviation,
Inc. — Class
A*
3,627
17,156
Helios
Technologies,
Inc.
180
16,065
Exponent,
Inc.
265
15,571
Boise
Cascade
Co.
(a)
196
15,215
Trinity
Industries,
Inc.
(a)
435
15,042
Intuitive
Machines,
Inc. — Class
A*
,(a)
689
14,738
Kennametal,
Inc.
418
14,651
Centuri
Holdings,
Inc.*
476
14,394
Werner
Enterprises,
Inc.
327
14,260
Hub
Group,
Inc. — Class
A
325
14,232
Ducommun,
Inc.*
76
14,076
Astronics
Corp.*
173
14,058
Atkore,
Inc.
184
13,991
DHT
Holdings,
Inc.
794
13,125
Redwire
Corp.*
1,054
12,890
Firefly
Aerospace,
Inc.*
,(a)
429
12,613
DXP
Enterprises,
Inc.*
70
11,812
Albany
International
Corp. — Class
A
156
11,622
Masterbrand,
Inc.*
1,094
11,257
Proto
Labs,
Inc.*
130
10,596
Gorman-Rupp
Co.
115
10,550
American
Superconductor
Corp.*
254
10,544
Amprius
Technologies,
Inc.*
739
10,243
Babcock
&
Wilcox
Enterprises,
Inc.*
722
10,180
Enerpac
Tool
Group
Corp. — Class
A
281
10,077
CTS
Corp.
154
10,039
Greif,
Inc. — Class
A
132
9,833
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
INDUSTRIAL
-
3.6%
(continued)
Alamo
Group,
Inc.
57
$
9,376
Hillman
Solutions
Corp.*
1,074
9,065
Worthington
Enterprises,
Inc.
168
9,032
Voyager
Technologies,
Inc. — Class
A*
,(a)
280
9,030
World
Kinect
Corp.
(a)
272
8,960
Cardinal
Infrastructure
Group,
Inc. — Class
A*
92
8,666
Teekay
Tankers
Ltd. — Class
A
132
8,563
Tennant
Co.
97
8,491
Allient,
Inc.
80
8,234
Greenbrier
Companies,
Inc.
(a)
166
8,136
O-I
Glass,
Inc.*
837
8,060
NWPX
Infrastructure,
Inc.*
52
7,797
Astec
Industries,
Inc.
125
7,649
Gibraltar
Industries,
Inc.*
163
7,351
Myers
Industries,
Inc.
204
7,203
Energizer
Holdings,
Inc.
(a)
335
7,182
Graham
Corp.*
58
7,180
Napco
Security
Technologies,
Inc.
188
7,140
Dorian
LPG
Ltd.
202
7,026
Lindsay
Corp.
56
6,933
SFL
Corporation
Ltd. — Class
B
669
6,824
TriMas
Corp.
148
6,664
Enovix
Corp.*
,(a)
1,068
6,483
Tecnoglass,
Inc.
138
6,460
Red
Cat
Holdings,
Inc.*
,(a)
599
6,379
PureCycle
Technologies,
Inc.*
785
6,366
Nordic
American
Tankers
Ltd.
1,109
6,144
Worthington
Steel,
Inc.
180
6,044
Ryerson
Holding
Corp.
244
6,005
Marten
Transport
Ltd.
319
5,535
Unusual
Machines,
Inc.*
,(a)
246
5,486
Apogee
Enterprises,
Inc.
114
5,214
Evolv
Technologies
Holdings,
Inc.*
884
5,127
NANO
Nuclear
Energy,
Inc.*
,(a)
234
4,947
Cadre
Holdings,
Inc.
170
4,847
LSI
Industries,
Inc.
181
4,811
Willis
Lease
Finance
Corp.
21
4,805
FLEX
LNG
Ltd.
171
4,798
Limbach
Holdings,
Inc.*
60
4,620
Genco
Shipping
&
Trading
Ltd.
175
4,336
Kopin
Corp.*
943
4,225
CryoPort,
Inc.*
267
4,192
Janus
International
Group,
Inc.*
718
3,985
Park
Aerospace
Corp.
100
3,816
Navigator
Holdings
Ltd.
200
3,726
Onterris,
Inc.*
184
3,719
Metallus,
Inc.*
198
3,701
Covenant
Logistics
Group,
Inc. — Class
A
83
3,667
National
Presto
Industries,
Inc.
29
3,625
Smith
&
Wesson
Brands,
Inc.
241
3,625
Ardagh
Metal
Packaging
S.A.
762
3,612
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
22
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
INDUSTRIAL
-
3.6%
(continued)
Orion
Group
Holdings,
Inc.*
211
$
3,549
LSB
Industries,
Inc.*
323
3,492
Costamare,
Inc.
243
3,407
Kimball
Electronics,
Inc.*
130
3,328
Eastman
Kodak
Co.*
347
3,210
Heartland
Express,
Inc.
209
3,181
Enviri
Corp.*
141
3,095
TAT
Technologies
Ltd.*
64
3,087
Insteel
Industries,
Inc.
102
3,080
Beta
Technologies,
Inc. — Class
A*
182
3,048
Teekay
Corp.
Ltd.
303
3,030
Mayville
Engineering
Company,
Inc.*
79
2,959
Mesa
Laboratories,
Inc.
29
2,887
Sturm
Ruger
&
Company,
Inc.
75
2,839
NVE
Corp.
26
2,718
Ardmore
Shipping
Corp.
193
2,704
Manitowoc
Company,
Inc.*
191
2,653
Bel
Fuse,
Inc. — Class
A
9
2,621
Luxfer
Holdings
plc
145
2,616
Titan
America
S.A.
136
2,538
York
Space
Systems,
Inc.*
,(a)
103
2,536
Aebi
Schmidt
Holding
AG
202
2,535
Energy
Recovery,
Inc.*
281
2,535
Greif,
Inc. — Class
B
26
2,432
L
B
Foster
Co. — Class
A*
53
2,394
Columbus
McKinnon
Corp.
154
2,330
Aspen
Aerogels,
Inc.*
365
2,314
Bowman
Consulting
Group
Ltd.*
78
2,278
M-Tron
Industries,
Inc.*
22
2,181
Hyster-Yale,
Inc.
61
2,139
Himalaya
Shipping
Ltd.
159
2,124
Richtech
Robotics,
Inc. — Class
B*
,(a)
1,006
2,123
Park-Ohio
Holdings
Corp.
54
2,076
Aevex
Corp. — Class
A*
97
2,026
Ranpak
Holdings
Corp. — Class
A*
263
1,922
Safe
Bulkers,
Inc.
297
1,874
Radiant
Logistics,
Inc.*
196
1,854
Power
Solutions
International,
Inc.*
47
1,828
Latham
Group,
Inc.*
279
1,805
Forward
Air
Corp.*
124
1,675
Mistras
Group,
Inc.*
95
1,660
TSS,
Inc.*
132
1,624
Lightbridge
Corp.*
184
1,617
Karat
Packaging,
Inc.
46
1,539
Virgin
Galactic
Holdings,
Inc.*
,(a)
520
1,503
Energy
Services
of
America
Corp.
(a)
75
1,450
Innovative
Solutions
and
Support,
Inc.*
80
1,440
Twin
Disc,
Inc.
62
1,438
908
Devices,
Inc.*
157
1,366
Perma-Fix
Environmental
Services,
Inc.*
95
1,358
Concrete
Pumping
Holdings,
Inc.*
112
1,350
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
INDUSTRIAL
-
3.6%
(continued)
Eve
Holding,
Inc.*
535
$
1,343
Clearwater
Paper
Corp.*
85
1,333
Outdoor
Holding
Co.*
579
1,320
AerSale
Corp.*
199
1,258
Pangaea
Logistics
Solutions
Ltd.
193
1,254
Palladyne
AI
Corp.*
195
1,186
Tredegar
Corp.*
149
1,186
Sight
Sciences,
Inc.*
212
1,149
Pure
Cycle
Corp.*
107
1,146
Stoneridge,
Inc.*
151
1,105
SmartRent,
Inc.*
920
1,095
Perma-Pipe
International
Holdings,
Inc.*
40
1,089
Elmet
Group
Co.*
54
1,066
Core
Molding
Technologies,
Inc.*
45
1,062
Turtle
Beach
Corp.*
81
1,008
Taylor
Devices,
Inc.*
17
998
AirJoule
Technologies
Corp.*
175
969
Proficient
Auto
Logistics,
Inc.*
133
906
AIRO
Group
Holdings,
Inc.*
,(a)
120
887
Starfighters
Space,
Inc.*
165
878
Gencor
Industries,
Inc.*
56
835
Costamare
Bulkers
Holdings
Ltd.*
46
808
Espey
Mfg.
&
Electronics
Corp.
12
808
FreightCar
America,
Inc.*
80
779
ChargePoint
Holdings,
Inc.*
130
768
Ampco-Pittsburgh
Corp.*
87
753
Energous
Corp.*
29
697
Pro-Dex,
Inc.*
11
644
Omega
Flex,
Inc.
19
596
Universal
Logistics
Holdings,
Inc.
(a)
39
577
GoPro,
Inc. — Class
A*
724
563
Innovate
Corp.*
30
560
GrafTech
International
Ltd.*
91
538
Syntec
Optics
Holdings,
Inc.*
38
473
Smith-Midland
Corp.*
15
435
Net
Power,
Inc.*
227
379
PAMT
CORP*
26
364
NLI
Holdings,
Inc.
46
274
Shimmick
Corp.*
28
128
LanzaTech
Global,
Inc.*
8
55
Total
Industrial
2,488,940
CONSUMER,
CYCLICAL
-
2
.6
%
FirstCash
Holdings,
Inc.
222
48,023
Brinker
International,
Inc.*
,(a)
234
39,312
Taylor
Morrison
Home
Corp. — Class
A*
513
36,803
VSE
Corp.
152
34,732
Garrett
Motion,
Inc.
939
34,020
Life
Time
Group
Holdings,
Inc.*
,(a)
788
32,182
Victoria's
Secret
&
Co.*
380
31,722
Meritage
Homes
Corp.
359
30,102
Installed
Building
Products,
Inc.
128
29,419
PriceSmart,
Inc.
142
27,738
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
23
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
CYCLICAL
-
2.6%
(continued)
Boot
Barn
Holdings,
Inc.*
167
$
27,433
Champion
Homes,
Inc.*
300
26,436
Cavco
Industries,
Inc.*
42
25,804
Kontoor
Brands,
Inc.
299
24,919
Rush
Enterprises,
Inc. — Class
A
332
24,231
OPENLANE,
Inc.*
575
23,713
Resideo
Technologies,
Inc.*
740
23,014
M/I
Homes,
Inc.*
,(a)
138
22,189
Urban
Outfitters,
Inc.*
313
22,179
Abercrombie
&
Fitch
Co. — Class
A*
,(a)
240
21,602
SkyWest,
Inc.*
216
21,455
Asbury
Automotive
Group,
Inc.*
106
21,314
UniFirst
Corp.
80
21,157
KB
Home
(a)
330
20,655
Advance
Auto
Parts,
Inc.
331
20,595
Cheesecake
Factory,
Inc.
(a)
255
20,283
Polaris,
Inc.
295
20,190
Dorman
Products,
Inc.*
146
19,922
Signet
Jewelers
Ltd.
214
18,447
Group
1
Automotive,
Inc.
63
18,344
Cinemark
Holdings,
Inc.
573
18,181
Acushnet
Holdings
Corp.
151
17,898
Madison
Square
Garden
Entertainment
Corp. — Class
A*
215
17,391
Warby
Parker,
Inc. — Class
A*
557
16,899
Red
Rock
Resorts,
Inc. — Class
A
259
16,851
Steven
Madden
Ltd.
395
16,629
Academy
Sports
&
Outdoors,
Inc.
(a)
351
16,543
Phinia,
Inc.
200
16,474
Lionsgate
Studios
Corp.*
1,070
16,382
Versigent
plc*
388
16,300
Rush
Street
Interactive,
Inc. — Class
A*
,(a)
546
16,238
Dana,
Inc.
596
16,217
Hilton
Grand
Vacations,
Inc.*
305
15,973
HNI
Corp.
389
15,719
Patrick
Industries,
Inc.
175
15,711
Marriott
Vacations
Worldwide
Corp.
152
15,486
Allegiant
Travel
Co. — Class
A*
131
15,406
OneSpaWorld
Holdings
Ltd.
540
15,250
Penn
Entertainment,
Inc.*
696
14,867
American
Eagle
Outfitters,
Inc.
855
14,706
Visteon
Corp.
145
14,385
Callaway
Golf
Co.*
,(a)
760
14,280
Newell
Brands,
Inc.
2,315
14,214
RH*
85
14,002
Atlanta
Braves
Holdings,
Inc. — Class
C*
268
13,909
Harley-Davidson,
Inc.
567
13,869
LCI
Industries
130
13,764
Blue
Bird
Corp.*
172
13,581
Green
Brick
Partners,
Inc.*
166
13,287
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
CYCLICAL
-
2.6%
(continued)
Peloton
Interactive,
Inc. — Class
A*
2,201
$
13,008
Capri
Holdings
Ltd.*
646
11,996
Super
Group
SGHC
Ltd.
883
11,965
Shake
Shack,
Inc. — Class
A*
213
11,932
Interface,
Inc. — Class
A
315
11,290
Six
Flags
Entertainment
Corp.*
522
11,119
Kohl's
Corp.
594
10,526
JetBlue
Airways
Corp.*
,(a)
1,835
10,515
Central
Garden
&
Pet
Co. — Class
A*
271
10,507
Goodyear
Tire
&
Rubber
Co.*
1,519
10,025
IMAX
Corp.*
248
9,885
Century
Communities,
Inc.
(a)
137
9,817
Sonos,
Inc.*
654
8,849
La-Z-Boy,
Inc.
219
8,786
Monarch
Casino
&
Resort,
Inc.
66
8,686
Leggett
&
Platt,
Inc.
735
8,607
National
Vision
Holdings,
Inc.*
428
8,136
Carter's,
Inc.
194
7,985
Adient
plc*
427
7,848
Lindblad
Expeditions
Holdings,
Inc.*
269
7,597
Millerknoll,
Inc.
371
7,591
Sally
Beauty
Holdings,
Inc.*
523
7,395
Wolverine
World
Wide,
Inc.
447
7,389
Buckle,
Inc.
175
7,385
Wendy's
Co.
(a)
875
7,254
LGI
Homes,
Inc.*
,(a)
112
7,132
Dauch
Corp.*
1,277
6,921
XPEL,
Inc.*
138
6,845
Douglas
Dynamics,
Inc.
126
6,798
Winmark
Corp.
(a)
16
6,769
G-III
Apparel
Group
Ltd.
198
6,675
Under
Armour,
Inc. — Class
A*
,(a)
1,038
6,633
Papa
John's
International,
Inc.
(a)
179
6,582
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
122
6,503
Global
Business
Travel
Group
I*
681
6,395
AMC
Entertainment
Holdings,
Inc. — Class
A*
3,351
6,367
Pursuit
Attractions
and
Hospitality,
Inc.*
113
6,325
BJ's
Restaurants,
Inc.*
104
6,316
Under
Armour,
Inc. — Class
C*
1,008
6,270
Alliance
Laundry
Holdings,
Inc.*
236
6,259
ScanSource,
Inc.*
117
6,095
Gentherm,
Inc.*
166
5,662
Brightstar
Lottery
plc
528
5,660
Sonic
Automotive,
Inc. — Class
A
66
5,596
indie
Semiconductor,
Inc. — Class
A*
,(a)
1,153
5,177
United
Parks
&
Resorts,
Inc.*
,(a)
106
5,060
Sweetgreen,
Inc. — Class
A*
571
5,030
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
24
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
CYCLICAL
-
2.6%
(continued)
Winnebago
Industries,
Inc.
(a)
150
$
4,686
Lucid
Group,
Inc.*
,(a)
687
4,596
Standard
Motor
Products,
Inc.
117
4,559
Gold.com,
Inc.
107
4,452
PC
Connection,
Inc.
60
4,379
Aeva
Technologies,
Inc.*
151
4,337
First
Watch
Restaurant
Group,
Inc.*
334
4,305
Bloomin'
Brands,
Inc.
(a)
464
4,241
Daktronics,
Inc.*
214
4,186
MarineMax,
Inc.*
108
3,955
Fox
Factory
Holding
Corp.*
230
3,897
ThredUp,
Inc. — Class
A*
566
3,877
Sabre
Corp.*
1,834
3,833
Rush
Enterprises,
Inc. — Class
B
50
3,825
Beazer
Homes
USA,
Inc.*
134
3,759
Hovnanian
Enterprises,
Inc. — Class
A*
26
3,703
Methode
Electronics,
Inc.
189
3,585
Hyliion
Holdings
Corp.*
688
3,584
Accel
Entertainment,
Inc. — Class
A*
280
3,531
Forestar
Group,
Inc.*
,(a)
106
3,355
Movado
Group,
Inc.
82
3,223
Arko
Corp.
399
3,204
Ermenegildo
Zegna
N.V.
246
3,203
Miller
Industries,
Inc.
60
3,069
XMAX,
Inc.*
330
3,000
Malibu
Boats,
Inc. — Class
A*
108
2,962
Wabash
National
Corp.
214
2,889
Marcus
Corp.
122
2,862
Ethan
Allen
Interiors,
Inc.
128
2,860
Solid
Power,
Inc.*
,(a)
1,091
2,826
Falcon's
Beyond
Global,
Inc. — Class
A*
151
2,706
Global
Industrial
Co.
80
2,677
Oxford
Industries,
Inc.
76
2,650
Dream
Finders
Homes,
Inc. — Class
A*
153
2,641
El
Pollo
Loco
Holdings,
Inc.*
155
2,629
MasterCraft
Boat
Holdings,
Inc.*
99
2,556
BlueLinx
Holdings,
Inc.*
41
2,537
Frontier
Group
Holdings,
Inc.*
320
2,531
Camping
World
Holdings,
Inc. — Class
A
331
2,526
Cooper-Standard
Holdings,
Inc.*
93
2,516
Dine
Brands
Global,
Inc.
(a)
68
2,441
Titan
Machinery,
Inc.*
115
2,429
Arhaus,
Inc. — Class
A
284
2,391
Caleres,
Inc.
179
2,214
Titan
International,
Inc.*
286
2,205
Kura
Sushi
USA,
Inc. — Class
A*
37
2,130
Savers
Value
Village,
Inc.*
202
2,038
Xperi,
Inc.*
247
2,033
Atlanta
Braves
Holdings,
Inc. — Class
A*
36
2,027
Central
Garden
&
Pet
Co.*
45
1,995
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
CYCLICAL
-
2.6%
(continued)
Build-A-Bear
Workshop,
Inc. — Class
A
(a)
65
$
1,990
Haverty
Furniture
Companies,
Inc.
74
1,889
Starz
Entertainment
Corp.*
65
1,876
Clean
Energy
Fuels
Corp.*
884
1,812
Strattec
Security
Corp.*
22
1,792
Genesco,
Inc.*
52
1,756
Yesway,
Inc. — Class
A*
85
1,725
Portillo's,
Inc. — Class
A*
362
1,716
Biglari
Holdings,
Inc. — Class
B*
,(a)
4
1,704
Bob's
Discount
Furniture,
Inc.*
106
1,677
Dave
&
Buster's
Entertainment,
Inc.*
147
1,676
Republic
Airways
Holdings,
Inc.*
77
1,618
Johnson
Outdoors,
Inc. — Class
A
35
1,611
Rocky
Brands,
Inc.
39
1,608
Citi
Trends,
Inc.*
27
1,562
Krispy
Kreme,
Inc.*
433
1,528
Jack
in
the
Box,
Inc.*
96
1,518
Shoe
Station
Group,
Inc.
(a)
99
1,468
EVgo,
Inc. — Class
A*
734
1,402
Nu
Skin
Enterprises,
Inc. — Class
A
262
1,383
Petco
Health
&
Wellness
Company,
Inc. — Class
A*
498
1,355
Flexsteel
Industries,
Inc.
18
1,341
Funko,
Inc. — Class
A*
228
1,341
Microvast
Holdings,
Inc.*
1,138
1,331
Xponential
Fitness,
Inc. — Class
A*
192
1,329
Webtoon
Entertainment,
Inc.*
,(a)
115
1,313
SES
AI
Corp.*
,(a)
1,356
1,302
Zumiez,
Inc.*
73
1,299
Weyco
Group,
Inc.
33
1,298
Lovesac
Co.*
77
1,285
Fossil
Group,
Inc.*
293
1,213
JAKKS
Pacific,
Inc.
50
1,164
Hudson
Technologies,
Inc.*
201
1,154
Barnes
&
Noble
Education,
Inc.*
90
1,130
Inspired
Entertainment,
Inc.*
136
1,122
Designer
Brands,
Inc. — Class
A
187
1,090
Motorcar
Parts
of
America,
Inc.*
70
1,072
Holley,
Inc.*
420
1,071
Envela
Corp.*
37
1,069
Reservoir
Media,
Inc.*
105
1,038
RCI
Hospitality
Holdings,
Inc.
36
984
Hamilton
Beach
Brands
Holding
Co. — Class
A
39
898
Escalade,
Inc.
46
864
Black
Rock
Coffee
Bar,
Inc. — Class
A*
95
788
Commercial
Vehicle
Group,
Inc.*
167
772
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
25
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
CONSUMER,
CYCLICAL
-
2.6%
(continued)
Superior
Group
of
Companies,
Inc.
58
$
761
Bally's
Corp.*
55
754
OneWater
Marine,
Inc. — Class
A*
63
710
J
Jill,
Inc.
37
587
Venu
Holding
Corp.*
258
586
Lifetime
Brands,
Inc.
66
563
RideNow
Group,
Inc.*
84
559
Tron,
Inc.*
278
448
EVI
Industries,
Inc.
29
429
Playboy,
Inc.*
312
381
Torrid
Holdings,
Inc.*
185
346
Comstock
Holding
Companies,
Inc.*
19
304
Wheels
Up
Experience,
Inc.*
29
260
OPAL
Fuels,
Inc. — Class
A*
117
257
CompX
International,
Inc.
8
199
flyExclusive,
Inc.*
76
152
Rent
the
Runway,
Inc. — Class
A*
45
142
Livewire
Group,
Inc.*
66
74
Total
Consumer,
Cyclical
1,839,571
TECHNOLOGY
-
2
.4
%
MaxLinear,
Inc. — Class
A*
466
59,662
JFrog
Ltd.*
587
53,347
D-Wave
Quantum,
Inc.*
1,988
47,692
Silicon
Laboratories,
Inc.*
179
39,122
Kulicke
&
Soffa
Industries,
Inc.
279
37,319
ACM
Research,
Inc. — Class
A*
290
36,798
Rigetti
Computing,
Inc.*
,(a)
1,804
34,853
Ultra
Clean
Holdings,
Inc.*
,(a)
242
34,507
Commvault
Systems,
Inc.*
241
34,157
Axcelis
Technologies,
Inc.*
169
32,017
Clear
Secure,
Inc. — Class
A
(a)
513
28,589
ACI
Worldwide,
Inc.*
553
27,810
Diodes,
Inc.*
248
27,141
Qualys,
Inc.*
196
26,948
Alignment
Healthcare,
Inc.*
,(a)
1,099
26,167
Synaptics,
Inc.*
,(a)
209
25,964
Varonis
Systems,
Inc. — Class
B*
615
25,805
Power
Integrations,
Inc.
(a)
302
25,295
Veeco
Instruments,
Inc.*
,(a)
324
24,559
AXT,
Inc.*
336
24,219
Zeta
Global
Holdings
Corp. — Class
A*
1,222
24,049
ServiceTitan,
Inc. — Class
A*
330
23,334
Tenable
Holdings,
Inc.*
619
22,829
Impinj,
Inc.*
,(a)
157
22,487
Ouster,
Inc.*
337
21,069
Penguin
Solutions,
Inc.*
,(a)
271
20,599
Adeia,
Inc.
600
19,758
Ambarella,
Inc.*
229
19,648
Box,
Inc. — Class
A*
739
19,613
Insight
Enterprises,
Inc.*
155
18,879
Hinge
Health,
Inc. — Class
A*
225
18,675
Cohu,
Inc.*
,(a)
251
18,551
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
TECHNOLOGY
-
2.4%
(continued)
Teradata
Corp.*
515
$
17,845
Navitas
Semiconductor
Corp. — Class
A*
989
17,723
NCR
Atleos
Corp.*
398
17,277
NetScout
Systems,
Inc.*
384
16,723
Maximus,
Inc.
296
15,913
Aehr
Test
Systems*
165
15,850
Digi
International,
Inc.*
202
15,140
Fastly,
Inc. — Class
A*
824
15,129
Agilysys,
Inc.*
142
14,839
SoundHound
AI,
Inc. — Class
A*
,(a)
2,153
13,930
Crane
NXT
Co.
(a)
271
13,864
Pitney
Bowes,
Inc.
(a)
786
13,771
Workiva,
Inc. — Class
A*
280
13,583
Innodata,
Inc.*
171
12,924
Navan,
Inc. — Class
A*
561
12,830
LiveRamp
Holdings,
Inc.*
337
12,685
HeartFlow,
Inc.*
432
12,675
PDF
Solutions,
Inc.*
178
12,601
Waystar
Holding
Corp.*
602
12,359
V2X,
Inc.*
158
11,780
Freshworks,
Inc. — Class
A*
1,155
11,689
SPS
Commerce,
Inc.*
201
11,491
Braze,
Inc. — Class
A*
515
11,170
Quantum
Computing,
Inc.*
,(a)
1,110
10,767
Diebold
Nixdorf,
Inc.*
122
10,372
AvePoint,
Inc.*
913
10,235
Photronics,
Inc.*
313
10,182
Bandwidth,
Inc. — Class
A*
160
10,128
Vishay
Precision
Group,
Inc.*
,(a)
66
9,894
NextNav,
Inc.*
,(a)
546
9,735
BigBear.ai
Holdings,
Inc.*
,(a)
2,630
9,652
nCino,
Inc.*
578
9,450
Arteris,
Inc.*
188
9,135
Ambiq
Micro,
Inc.*
100
8,830
Five9,
Inc.*
412
8,784
Infleqtion,
Inc.*
633
8,432
DoubleVerify
Holdings,
Inc.*
759
8,228
DXC
Technology
Co.*
926
8,195
Porch
Group,
Inc.*
,(a)
525
7,896
Digital
Turbine,
Inc.*
607
7,830
Genius
Sports
Ltd.*
1,282
7,769
Progress
Software
Corp.*
,(a)
227
7,623
Intapp,
Inc.*
302
7,613
BlackLine,
Inc.*
268
7,523
Wolfspeed,
Inc.*
,(a)
155
7,479
CEVA,
Inc.*
149
7,027
SkyWater
Technology,
Inc.*
201
6,999
C3.ai,
Inc. — Class
A*
740
6,727
Globant
S.A.*
232
6,714
Alkami
Technology,
Inc.*
,(a)
366
6,632
ACV
Auctions,
Inc. — Class
A*
920
6,615
Alpha
&
Omega
Semiconductor
Ltd.*
133
6,295
NCR
Voyix
Corp.*
,(a)
759
6,201
Blackbaud,
Inc.*
195
5,776
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
26
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
TECHNOLOGY
-
2.4%
(continued)
Donnelley
Financial
Solutions,
Inc.*
134
$
5,621
Life360,
Inc.*
,(a)
101
5,591
Concentrix
Corp.
230
5,153
Via
Transportation,
Inc. — Class
A*
284
5,152
Schrodinger
Incorporated/
United
States*
311
5,054
Appian
Corp. — Class
A*
215
4,923
Mitek
Systems,
Inc.*
243
4,892
SHARPLINK,
Inc.*
1,012
4,858
Nutex
Health,
Inc.*
,(a)
27
4,614
Vertex,
Inc. — Class
A*
392
4,500
GigaCloud
Technology,
Inc. — Class
A*
137
4,329
PagerDuty,
Inc.*
440
4,246
Daily
Journal
Corp.*
7
4,208
Omada
Health,
Inc.*
191
4,192
Talkspace,
Inc.*
773
4,020
Amplitude,
Inc. — Class
A*
519
3,970
Red
Violet,
Inc.*
62
3,951
PAR
Technology
Corp.*
,(a)
226
3,937
Everforth,
Inc.*
219
3,914
ZoomInfo
Technologies,
Inc. — Class
A*
1,325
3,882
Consensus
Cloud
Solutions,
Inc.*
97
3,701
Asana,
Inc. — Class
A*
524
3,668
Evolent
Health,
Inc. — Class
A*
616
3,339
Rackspace
Technology,
Inc.*
495
3,232
Rapid7,
Inc.*
359
2,908
OneSpan,
Inc.
201
2,884
Phreesia,
Inc.*
268
2,758
PubMatic,
Inc. — Class
A*
210
2,755
Cerence,
Inc.*
240
2,717
I3
Verticals,
Inc. — Class
A*
119
2,542
Everspin
Technologies,
Inc.*
105
2,539
Corsair
Gaming,
Inc.*
256
2,475
Whitefiber,
Inc.*
61
2,370
3D
Systems
Corp.*
781
2,359
Sprout
Social,
Inc. — Class
A*
293
2,212
One
Stop
Systems,
Inc.*
121
2,200
Yext,
Inc.*
466
2,176
Weave
Communications,
Inc.*
352
2,108
Climb
Global
Solutions,
Inc.
90
2,089
Xerox
Holdings
Corp.
656
2,053
Grid
Dynamics
Holdings,
Inc.*
357
2,028
SharonAI
Holdings,
Inc.*
23
1,947
Ibotta,
Inc. — Class
A*
,(a)
53
1,810
Atomera,
Inc.*
206
1,794
QuickLogic
Corp.*
89
1,777
Claritev
Corp. — Class
A*
,(a)
52
1,774
Duos
Technologies
Group,
Inc.*
142
1,704
Blend
Labs,
Inc. — Class
A*
991
1,695
Simulations
Plus,
Inc.*
,(a)
92
1,685
IBEX
Holdings
Ltd.*
54
1,640
Velo3D,
Inc.*
89
1,562
Aeluma,
Inc.*
70
1,546
TruBridge,
Inc.*
58
1,520
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
TECHNOLOGY
-
2.4%
(continued)
Amtech
Systems,
Inc.*
63
$
1,454
Forward
Industries,
Inc.*
334
1,409
N-able,
Inc.*
384
1,409
Telos
Corp.*
301
1,385
GSI
Technology,
Inc.*
170
1,314
Unisys
Corp.*
352
1,288
8x8,
Inc.*
750
1,282
Richardson
Electronics
Ltd.
67
1,274
McGraw
Hill,
Inc.*
134
1,269
Commerce.com,
Inc.*
409
1,211
Cricut,
Inc. — Class
A
269
1,181
Viant
Technology,
Inc. — Class
A*
92
1,165
inTEST
Corp.*
63
1,145
Rimini
Street,
Inc.*
268
1,142
Playtika
Holding
Corp.
304
1,131
Conduent,
Inc.*
774
1,130
Vuzix
Corp.*
374
1,085
Asure
Software,
Inc.*
131
1,040
Immersion
Corp.
150
1,015
Gemini
Space
Station,
Inc. — Class
A*
221
941
Silvaco
Group,
Inc.*
65
896
Swarmer,
Inc.*
,(a)
19
842
EverCommerce,
Inc.*
,(a)
77
775
Domo,
Inc. — Class
B*
205
642
Kaltura,
Inc.*
492
640
Blaize
Holdings,
Inc.*
463
639
Veritone,
Inc.*
453
621
ReposiTrak,
Inc.
(a)
67
603
Digimarc
Corp.*
72
592
CS
Disco,
Inc.*
153
578
eGain
Corp.*
90
567
Carlsmed,
Inc.*
45
467
Brand
Engagement
Network,
Inc.*
24
411
Intellicheck,
Inc.*
99
406
ZenaTech,
Inc.*
233
349
Total
Technology
1,699,863
ENERGY
-
1
.4
%
Kodiak
Gas
Services,
Inc.
544
40,871
Archrock,
Inc.
941
38,308
SM
Energy
Co.
(a)
1,312
34,243
Golar
LNG
Ltd.
529
26,365
Transocean
Ltd.*
5,316
25,995
Noble
Corporation
plc
692
25,812
Magnolia
Oil
&
Gas
Corp. — Class
A
1,001
25,606
CNX
Resources
Corp.*
744
25,244
Murphy
Oil
Corp.
746
24,290
PBF
Energy,
Inc. — Class
A
532
24,217
Warrior
Met
Coal,
Inc.
286
23,212
Solaris
Energy
Infrastructure,
Inc. — Class
A
(a)
287
23,092
Liberty
Energy,
Inc. — Class
A
869
22,759
Valaris
Ltd.*
310
22,506
Oceaneering
International,
Inc.*
542
21,962
Core
Natural
Resources,
Inc.
274
21,925
California
Resources
Corp.
395
20,884
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
27
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
ENERGY
-
1.4%
(continued)
Plug
Power,
Inc.*
7,364
$
19,956
Tidewater,
Inc.*
270
17,990
Patterson-UTI
Energy,
Inc.
1,893
17,378
Helmerich
&
Payne,
Inc.
530
17,352
Sunrun,
Inc.*
1,257
16,819
Delek
US
Holdings,
Inc.
329
16,716
Peabody
Energy
Corp.
667
15,421
Par
Pacific
Holdings,
Inc.*
,(a)
265
14,861
Gulfport
Energy
Corp.*
86
14,594
Crescent
Energy
Co. — Class
A
1,399
13,738
Kinetik
Holdings,
Inc. — Class
A
278
13,438
DNOW,
Inc.*
1,011
13,113
Seadrill
Ltd.*
342
12,934
Select
Water
Solutions,
Inc. — Class
A
613
12,248
Eos
Energy
Enterprises,
Inc.*
1,854
10,902
FuelCell
Energy,
Inc.*
292
10,515
Northern
Oil
&
Gas,
Inc.
567
10,291
National
Energy
Services
Reunited
Corp.*
331
9,907
Alpha
Metallurgical
Resources,
Inc.*
58
9,566
Fluence
Energy,
Inc. — Class
A*
471
9,363
T1
Energy,
Inc.*
964
9,139
Shoals
Technologies
Group,
Inc. — Class
A*
918
9,088
Talos
Energy,
Inc.*
689
8,895
TETRA
Technologies,
Inc.*
701
7,942
ProPetro
Holding
Corp.*
539
7,729
Atlas
Energy
Solutions,
Inc.
446
7,408
REX
American
Resources
Corp.*
158
7,134
NextDecade
Corp.*
907
6,839
Kosmos
Energy
Ltd.*
3,201
6,754
Helix
Energy
Solutions
Group,
Inc.*
759
6,634
Expro
Group
Holdings
N.V.*
448
6,617
Nabors
Industries
Ltd.*
77
6,469
Array
Technologies,
Inc.*
,(a)
831
6,158
Innovex
International,
Inc.*
247
6,126
Bristow
Group,
Inc.
142
5,867
Green
Plains,
Inc.*
374
5,752
Comstock
Resources,
Inc.*
,(a)
382
5,699
Borr
Drilling
Ltd.*
1,285
5,307
Diversified
Energy
Co.
382
5,294
Excelerate
Energy,
Inc. — Class
A
130
4,939
BKV
Corp.*
,(a)
175
4,788
CVR
Energy,
Inc.
161
4,434
Canadian
Solar,
Inc.*
263
4,213
Flowco
Holdings,
Inc. — Class
A
194
4,140
ASP
Isotopes,
Inc.*
627
3,900
SunCoke
Energy,
Inc.
464
3,735
Energy
Vault
Holdings,
Inc.*
746
3,514
Hallador
Energy
Co.*
190
3,304
RPC,
Inc.
550
3,206
Ramaco
Resources,
Inc. — Class
A*
236
3,122
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
ENERGY
-
1.4%
(continued)
Core
Laboratories,
Inc.
251
$
2,924
Forum
Energy
Technologies,
Inc.*
58
2,913
VAALCO
Energy,
Inc.
561
2,850
Natural
Gas
Services
Group,
Inc.
64
2,761
Vitesse
Energy,
Inc.
(a)
174
2,744
Riley
Exploration
Permian,
Inc.
82
2,703
Oil
States
International,
Inc.*
308
2,467
SandRidge
Energy,
Inc.
174
2,384
Alto
Ingredients,
Inc.*
397
2,263
Sable
Offshore
Corp.*
,(a)
720
2,218
Matrix
Service
Co.*
147
2,014
Civeo
Corp.*
56
1,960
Gevo,
Inc.*
1,286
1,929
Flotek
Industries,
Inc.*
78
1,835
W&T
Offshore,
Inc.
527
1,660
Comstock,
Inc.*
397
1,651
Ranger
Energy
Services,
Inc. — Class
A
102
1,633
Summit
Midstream
Corp.*
48
1,367
Granite
Ridge
Resources,
Inc.
304
1,341
ARKO
Petroleum
Corp.*
,(a)
66
1,244
Infinity
Natural
Resources,
Inc. — Class
A*
90
1,143
Ring
Energy,
Inc.*
1,031
1,113
NACCO
Industries,
Inc. — Class
A
22
1,101
HMH
Holding,
Inc. — Class
A*
55
1,031
American
Resources
Corp.*
477
1,026
SEACOR
Marine
Holdings,
Inc.*
120
918
ProFrac
Holding
Corp. — Class
A*
156
906
HighPeak
Energy,
Inc.
123
860
Smart
Sand,
Inc.
162
812
Kolibri
Global
Energy,
Inc.*
158
787
Amplify
Energy
Corp.*
192
764
PrimeEnergy
Resources
Corp.*
4
668
Evolution
Petroleum
Corp.
173
637
FutureFuel
Corp.
140
633
Epsilon
Energy
Ltd.
110
595
Montauk
Renewables,
Inc.*
368
574
Aemetis,
Inc.*
349
572
Tigo
Energy,
Inc.*
209
487
Ramaco
Resources,
Inc. — Class
B
38
325
Toyo
Company
Ltd.*
44
306
PEDEVCO
Corp.*
8
108
Total
Energy
956,766
COMMUNICATIONS
-
1
.0
%
Viasat,
Inc.*
683
61,340
Hims
&
Hers
Health,
Inc.*
,(a)
1,163
40,321
Lumen
Technologies,
Inc.*
5,234
40,197
InterDigital,
Inc.
141
39,921
Sphere
Entertainment
Co.*
,(a)
149
25,782
Opendoor
Technologies,
Inc.*
5,068
23,414
Extreme
Networks,
Inc.*
699
22,627
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
28
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
COMMUNICATIONS
-
1.0%
(continued)
Telephone
and
Data
Systems,
Inc.
540
$
19,985
Keel
Infrastructure
Corp.*
3,176
18,230
Q2
Holdings,
Inc.*
342
16,450
Stubhub
Holdings,
Inc. — Class
A*
1,201
15,457
Vistance
Networks,
Inc.
1,197
15,298
Magnite,
Inc.*
777
14,747
A10
Networks,
Inc.
(a)
390
14,570
Cargurus,
Inc.*
405
13,806
Calix,
Inc.*
319
11,905
ePlus,
Inc.
143
11,902
Uniti
Group,
Inc.*
920
10,552
Ziff
Davis,
Inc.*
188
9,846
Harmonic,
Inc.*
597
9,749
TripAdvisor,
Inc.*
615
8,432
RealReal,
Inc.*
,(a)
606
7,145
Yelp,
Inc. — Class
A*
288
7,062
Trump
Media
&
Technology
Group
Corp.*
878
6,796
Anterix,
Inc.*
62
6,382
USA
TODAY
Company,
Inc.*
738
6,310
ADTRAN
Holdings,
Inc.*
,(a)
414
5,755
Preformed
Line
Products
Co.
14
5,748
Liberty
Latin
America
Ltd. — Class
C*
700
5,453
Upwork,
Inc.*
648
5,417
Figs,
Inc. — Class
A*
512
5,238
Revolve
Group,
Inc.*
227
5,196
IDT
Corp. — Class
B
89
5,176
Clear
Channel
Outdoor
Holdings,
Inc.*
2,105
5,094
BlackSky
Technology,
Inc. — Class
A*
180
5,026
Liquidity
Services,
Inc.*
128
5,007
Backblaze,
Inc. — Class
A*
315
4,996
LightPath
Technologies,
Inc. — Class
A*
298
4,872
Entravision
Communications
Corp. — Class
A
344
4,486
Pattern
Group,
Inc. — Class
A*
174
4,383
QuinStreet,
Inc.*
297
4,351
Stagwell,
Inc. — Class
A*
562
4,176
Shenandoah
Telecommunications
Co.
271
4,087
Liberty
Capital
Corp. — Class
C*
180
3,881
RUM
Group,
Inc.*
,(a)
608
3,855
Scholastic
Corp.
82
3,772
Cogent
Communications
Holdings,
Inc.
265
3,678
EverQuote,
Inc. — Class
A*
152
3,616
HealthStream,
Inc.
129
3,515
Taboola.com
Ltd.*
687
3,435
NETGEAR,
Inc.*
143
3,339
Sinclair,
Inc.
227
3,235
Sprinklr,
Inc. — Class
A*
597
3,081
Groupon,
Inc.*
128
3,080
Satellogic,
Inc. — Class
A*
513
2,934
Nextdoor
Holdings,
Inc.*
1,262
2,865
iHeartMedia,
Inc. — Class
A*
663
2,844
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
COMMUNICATIONS
-
1.0%
(continued)
Cars.com,
Inc.*
245
$
2,680
Ooma,
Inc.*
138
2,652
Powerfleet
Incorporated
NJ*
689
2,639
Stitch
Fix,
Inc. — Class
A*
633
2,602
Serve
Robotics,
Inc.*
,(a)
386
2,540
Clearfield,
Inc.*
,(a)
62
2,467
Frequency
Electronics,
Inc.*
37
2,455
Bed
Bath
&
Beyond,
Inc.*
402
2,328
MNTN,
Inc. — Class
A*
252
2,318
Newsmax,
Inc.*
259
2,145
MediaAlpha,
Inc. — Class
A*
166
2,087
Optimum
Communications,
Inc. — Class
A*
1,434
2,079
Grindr,
Inc.*
141
2,026
Shutterstock,
Inc.
140
1,953
Gray
Media,
Inc.
478
1,898
Open
Lending
Corp. — Class
A*
562
1,748
Bumble,
Inc. — Class
A*
545
1,744
AMC
Global
Media,
Inc. — Class
A*
171
1,707
Boston
Omaha
Corp. — Class
A*
119
1,623
Cable
One,
Inc.*
28
1,487
Nexxen
International
Ltd.*
163
1,472
ATN
International,
Inc.
55
1,457
fuboTV,
Inc. — Class
A*
,(a)
155
1,426
Aviat
Networks,
Inc.*
,(a)
64
1,421
BK
Technologies
Corp.*
16
1,376
National
CineMedia,
Inc.
359
1,364
Gogo,
Inc.*
432
1,339
ZipRecruiter,
Inc. — Class
A*
353
1,324
Liberty
Latin
America
Ltd. — Class
A*
165
1,294
Sidus
Space,
Inc. — Class
A*
443
1,245
Ribbon
Communications,
Inc.*
504
1,179
Spok
Holdings,
Inc.
113
1,157
Lantronix,
Inc.*
191
1,123
Advantage
Solutions,
Inc.*
23
995
RF
Industries
Ltd.*
45
954
Phoenix
Education
Partners,
Inc.
29
953
Angi,
Inc. — Class
A*
158
940
LifeMD,
Inc.*
216
892
EW
Scripps
Co. — Class
A*
311
861
Soluna
Holdings,
Inc.*
564
761
Crexendo,
Inc.*
99
740
Thryv
Holdings,
Inc.*
182
717
Inseego
Corp.*
65
671
KVH
Industries,
Inc.*
67
664
1stdibs.com,
Inc.*
129
632
CuriosityStream,
Inc.
226
601
TechTarget,
Inc.*
164
590
Lands'
End,
Inc.*
53
555
Tucows,
Inc. — Class
A*
37
498
1-800-Flowers.com,
Inc. — Class
A*
122
425
Liberty
Capital
Corp.*
18
394
Lee
Enterprises,
Inc.*
36
323
KORE
Group
Holdings,
Inc.*
31
286
Value
Line,
Inc.
4
162
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
29
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
COMMUNICATIONS
-
1.0%
(continued)
WeShop
Holdings
Ltd. — Class
A*
8
$
62
Total
Communications
683,848
BASIC
MATERIALS
-
0
.9
%
Commercial
Metals
Co.
(a)
607
38,089
SSR
Mining,
Inc.*
1,188
33,597
Balchem
Corp.
176
29,735
Perimeter
Solutions,
Inc.*
818
29,162
Sensient
Technologies
Corp.
232
28,603
Uranium
Energy
Corp.*
2,662
28,377
Cabot
Corp.
281
25,520
Constellium
SE — Class
A*
729
23,233
USA
Rare
Earth,
Inc.*
,(a)
1,045
22,551
Energy
Fuels,
Inc.*
1,354
19,633
HB
Fuller
Co.
300
17,487
Kaiser
Aluminum
Corp.
89
17,411
Century
Aluminum
Co.*
,(a)
378
17,392
Chemours
Co.
827
16,970
Centrus
Energy
Corp. — Class
A*
,(a)
100
16,787
Ashland,
Inc.
250
16,473
Rogers
Corp.*
98
16,046
Hawkins,
Inc.
106
15,063
Ingevity
Corp.*
192
14,337
Calumet,
Inc.*
372
13,399
Minerals
Technologies,
Inc.
169
12,501
Quaker
Chemical
Corp.
75
11,915
Novagold
Resources,
Inc.*
1,876
11,200
Innospec,
Inc.
136
11,069
Perpetua
Resources
Corp.*
463
9,612
Huntsman
Corp.
904
9,600
Lightwave
Logic,
Inc.*
865
8,183
FMC
Corp.
(a)
684
7,866
Ecovyst,
Inc.*
594
7,395
Hycroft
Mining
Holding
Corp. — Class
A*
294
6,880
Sylvamo
Corp.
182
6,880
Stepan
Co.
118
6,575
Ivanhoe
Electric
Incorporated
/
US*
653
6,275
United
States
Lime
&
Minerals,
Inc.
59
6,176
Oil-Dri
Corporation
of
America
54
5,519
Compass
Minerals
International,
Inc.*
173
5,385
US
Antimony
Corp.*
,(a)
720
5,227
McEwen,
Inc.*
281
5,095
REalloys,
Inc.*
306
4,422
Koppers
Holdings,
Inc.
98
4,400
Tronox
Holdings
plc — Class
A
639
4,026
Critical
Metals
Corp.*
365
3,741
NioCorp
Developments
Ltd.*
771
3,716
Elemental
Royalty
Corp.
192
3,352
AdvanSix,
Inc.
144
2,863
Ur-Energy,
Inc.*
2,048
2,785
Idaho
Strategic
Resources,
Inc.*
83
2,718
Dakota
Gold
Corp.*
628
2,675
Rayonier
Advanced
Materials,
Inc.*
335
2,633
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
BASIC
MATERIALS
-
0.9%
(continued)
Contango
Silver
&
Gold
Inc*
142
$
2,242
Mativ
Holdings,
Inc.
296
2,241
Magnera
Corp.*
182
2,139
Ferroglobe
plc
650
2,067
Orion
S.A.
302
2,002
American
Battery
Technology
Co.*
,(a)
696
1,970
Intrepid
Potash,
Inc.*
60
1,967
Caledonia
Mining
Corporation
plc
91
1,738
Vox
Royalty
Corp.
336
1,589
Vista
Gold
Corp.*
777
1,484
Encore
Energy
Corp.*
1,049
1,374
Friedman
Industries,
Inc.
37
1,191
US
Gold
Corp.*
77
1,180
Gold
Resource
Corp.*
887
1,118
Codexis,
Inc.*
465
1,051
Lifezone
Metals
Ltd.*
210
815
Kronos
Worldwide,
Inc.
119
753
Silver
Bow
Mining
Corp.*
29
196
Valhi,
Inc.
13
191
US
Goldmining,
Inc.*
16
130
Trinseo
plc
174
—
Total
Basic
Materials
647,987
UTILITIES
-
0
.7
%
Ormat
Technologies,
Inc.
(a)
338
36,808
Southwest
Gas
Holdings,
Inc.
398
35,295
Portland
General
Electric
Co.
636
32,964
TXNM
Energy,
Inc.
(a)
561
31,854
Black
Hills
Corp.
419
31,174
New
Jersey
Resources
Corp.
554
31,046
ONE
Gas,
Inc.
343
26,435
Brookfield
Infrastructure
Corp. — Class
A
680
26,180
Spire,
Inc.
319
24,911
Northwestern
Energy
Group,
Inc.
337
24,136
Otter
Tail
Corp.
210
18,896
Avista
Corp.
452
18,491
American
States
Water
Co.
215
17,765
MGE
Energy,
Inc.
202
16,471
Chesapeake
Utilities
Corp.
131
16,045
California
Water
Service
Group
327
15,908
Hawaiian
Electric
Industries,
Inc.*
,(a)
894
12,096
H2O
America
191
11,607
Northwest
Natural
Holding
Co.
231
11,333
Middlesex
Water
Co.
100
5,616
Unitil
Corp.
97
5,111
Ameresco,
Inc. — Class
A*
176
4,858
York
Water
Co.
89
2,728
Consolidated
Water
Company
Ltd.
83
2,448
Genie
Energy
Ltd. — Class
B
114
1,647
RGC
Resources,
Inc.
46
1,099
Global
Water
Resources,
Inc.
75
543
Total
Utilities
463,465
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
30
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
24.9%
(continued)
GOVERNMENT
-
0
.0
%
Bladex,
Inc.
160
$
9,835
Total
Common
Stocks
(Cost
$11,989,443)
17,321,047
PREFERRED
STOCKS
-
0
.0
%
COMMUNICATIONS
-
0
.0
%
Liberty
Latin
America
Ltd.
9.00%
78
1,692
Total
Preferred
Stocks
(Cost
$1,805)
1,692
RIGHTS
-
0
.0
%
CONSUMER,
NON-CYCLICAL
-
0
.0
%
Akero
Therapeutics,
Inc.
(b)
356
—
Assertio
Holdings,
Inc.*
,(b)
262
—
Cartesian
Therapeutics,
Inc.
(b)
525
—
GTX,
Inc.
Contingent
Rights*
,(b)
2
—
Sanofi
S.A.
Expiring
06/30/32
160
—
Tobira
Therapeutics,
Inc.
(b)
80
—
Total
Consumer,
Non-cyclical
—
Total
Rights
(Cost
$106)
—
EXCHANGE-TRADED
FUNDS
(c)
-
1
.0
%
Vanguard
Russell
2000
ETF
2,883
350,054
iShares
Russell
2000
Index
ETF
1,164
349,724
Total
Exchange-Traded
Funds
(Cost
$509,845)
699,778
MONEY
MARKET
FUNDS
(c)
-
3
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d),(e)
2,488,028
2,488,028
Total
Money
Market
Funds
(Cost
$2,488,028)
2,488,028
SECURITIES
LENDING
COLLATERAL
(c)
-
0
.3
%
MONEY
MARKET
FUNDS
-
0
.3
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(d)
202,417
202,417
Total
Securities
Lending
Collateral
(Cost
$202,417)
202,417
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
35
.2
%
U.S.
Treasury
Bills
3.59%
due
07/02/26
(f)
$
15,000,000
$
14,998,504
3.63%
due
08/11/26
(f)
4,000,000
3,983,573
3.67%
due
08/18/26
(f)
3,000,000
2,985,394
3.61%
due
07/23/26
(f)
2,500,000
2,494,508
Total
U.S.
Treasury
Bills
(Cost
$24,461,979)
24,461,979
REPURCHASE
AGREEMENTS
(g)
-
20
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
7,099,313
7,099,313
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
7,098,972
7,098,972
Total
Repurchase
Agreements
(Cost
$14,198,285)
14,198,285
FEDERAL
AGENCY
DISCOUNT
NOTES
-
5
.8
%
Federal
Home
Loan
Bank
3.64%
due
07/01/26
(f)
4,000,000
4,000,000
Total
Federal
Agency
Discount
Notes
(Cost
$4,000,000)
4,000,000
FEDERAL
AGENCY
NOTES
-
5
.8
%
Federal
Farm
Credit
Bank
3.64%
(SOFR
+
0.05%)
due
10/02/26
◊
2,000,000
2,000,074
Federal
Home
Loan
Bank
3.65%
(SOFR
+
0.03%)
due
11/30/26
◊
2,000,000
1,999,714
Total
Federal
Agency
Notes
(Cost
$4,000,124)
3,999,788
Total
Investments
-
97.0%
(Cost
$61,852,032)
$
67,373,014
Other
Assets
&
Liabilities,
net
-
3.0%
2,073,016
Total
Net
Assets
-
100.0%
$
69,446,030
*
Non-income
producing
security.
◊
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)
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.
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
|
31
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
(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
.
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
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
114
Sep
2026
$
17,355,930
$
418,776
–
–
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
17,382
$
52,568,827
$
2,867,232
Goldman
Sachs
International
Russell
2000
Index
Pay
4.33%
(Federal
Funds
Rate
+
0.70%)
At
Maturity
09/24/26
11,684
35,336,877
587,444
Barclays
Bank
plc
Russell
2000
Index
Pay
4.43%
(SOFR
+
0.75%)
At
Maturity
09/28/26
5,108
15,449,189
409,481
$
103,354,893
$
3,864,157
(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
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
RUSSELL
2000
®
2X
STRATEGY
FUND
June
30,
2026
32
|
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
$
17,321,047
$
—
(a)
$
—
(a)
$
17,321,047
Preferred
Stocks
1,692
—
—
1,692
Rights
—
—
(a)
—
(a)
—
Exchange-Traded
Funds
699,778
—
—
699,778
Money
Market
Funds
2,488,028
—
—
2,488,028
Securities
Lending
Collateral
202,417
—
—
202,417
U.S.
Treasury
Bills
—
24,461,979
—
24,461,979
Repurchase
Agreements
—
14,198,285
—
14,198,285
Federal
Agency
Discount
Notes
—
4,000,000
—
4,000,000
Federal
Agency
Notes
—
3,999,788
—
3,999,788
Equity
Futures
Contracts
(b)
418,776
—
—
418,776
Equity
Index
Swap
Agreements
(b)
—
3,864,157
—
3,864,157
Total
Assets
$
21,131,738
$
50,524,209
$
—
$
71,655,947
–
–
–
–
(a)
Securities
with
a
market
value
of
$0.
(b)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
|
33
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
RUSSELL
2000
®
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
2
.7
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
113,538
$
113,538
Total
Money
Market
Funds
(Cost
$113,538)
113,538
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
76
.4
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,602,262
1,602,262
A
A
A
FACE
AMOUNT
VALUE
REPURCHASE
AGREEMENTS
(d)
-
76.4%
(continued)
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
$
1,602,184
$
1,602,184
Total
Repurchase
Agreements
(Cost
$3,204,446)
3,204,446
Total
Investments
-
79.1%
(Cost
$3,317,984)
$
3,317,984
Other
Assets
&
Liabilities,
net
-
20.9%
876,672
Total
Net
Assets
-
100.0%
$
4,194,656
(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
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
11
Sep
2026
$
1,674,695
$
(
40,648
)
–
–
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
Barclays
Bank
plc
Russell
2000
Index
Receive
4.03%
(SOFR
+
0.35%)
At
Maturity
09/28/26
488
$
1,476,551
$
(
39,590
)
Goldman
Sachs
International
Russell
2000
Index
Receive
4.08%
(Federal
Funds
Rate
+
0.45%)
At
Maturity
09/24/26
1,274
3,853,389
(
62,051
)
BNP
Paribas
Russell
2000
Index
Receive
3.78%
(Federal
Funds
Rate
+
0.15%)
At
Maturity
09/22/26
441
1,334,682
(
85,432
)
$
6,664,622
$
(
187,073
)
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
RUSSELL
2000
®
2x
STRATEGY
FUND
June
30,
2026
34
|
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
Money
Market
Funds
$
113,538
$
—
$
—
$
113,538
Repurchase
Agreements
—
3,204,446
—
3,204,446
Total
Assets
$
113,538
$
3,204,446
$
—
$
3,317,984
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Futures
Contracts
(a)
$
40,648
$
—
$
—
$
40,648
Equity
Index
Swap
Agreements
(a)
—
187,073
—
187,073
Total
Liabilities
$
40,648
$
187,073
$
—
$
227,721
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
|
35
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86
.4
%
TECHNOLOGY
-
30
.4
%
NVIDIA
Corp.
75,077
$
15,022,157
Apple,
Inc.
45,526
13,173,403
Microsoft
Corp.
23,026
8,589,159
Broadcom,
Inc.
14,676
5,543,859
Micron
Technology,
Inc.
3,496
4,035,398
Advanced
Micro
Devices,
Inc.*
5,054
2,935,919
Intel
Corp.*
14,644
2,044,742
Applied
Materials,
Inc.
2,460
1,778,580
Lam
Research
Corp.
3,876
1,679,587
KLA
Corp.
4,049
1,221,624
Sandisk
Corp.*
459
1,043,642
Texas
Instruments,
Inc.
2,821
840,855
Palantir
Technologies,
Inc. — Class
A*
7,117
830,340
International
Business
Machines
Corp.
2,913
819,165
Marvell
Technology,
Inc.
2,714
808,473
Oracle
Corp.
5,260
770,853
Western
Digital
Corp.
1,068
682,153
Seagate
Technology
Holdings
plc
695
670,675
QUALCOMM,
Inc.
3,267
603,709
Crowdstrike
Holdings,
Inc. — Class
A*
789
602,117
Analog
Devices,
Inc.
1,513
600,918
Salesforce,
Inc.
2,536
397,290
Dell
Technologies,
Inc. — Class
C
897
387,020
Cadence
Design
Systems,
Inc.*
855
320,899
ServiceNow,
Inc.*
3,197
317,398
Fortinet,
Inc.*
1,930
296,487
Datadog,
Inc. — Class
A*
1,025
266,869
Synopsys,
Inc.*
594
264,966
Adobe,
Inc.*
1,253
256,890
Accenture
plc — Class
A
1,903
236,809
Teradyne,
Inc.
485
234,662
Intuit,
Inc.
857
223,677
NXP
Semiconductors
N.V.
783
220,047
Monolithic
Power
Systems,
Inc.
152
210,119
Lumentum
Holdings,
Inc.*
241
206,792
Hewlett
Packard
Enterprise
Co.
4,113
185,537
Microchip
Technology,
Inc.
1,677
152,942
Electronic
Arts,
Inc.
698
143,118
Take-Two
Interactive
Software,
Inc.*
540
134,989
Autodesk,
Inc.*
654
127,151
MSCI,
Inc. — Class
A
226
126,569
ON
Semiconductor
Corp.*
1,215
114,866
Roper
Technologies,
Inc.
313
105,916
Paychex,
Inc.
1,000
98,330
NetApp,
Inc.
612
94,713
Fair
Isaac
Corp.*
72
86,024
Veeva
Systems,
Inc. — Class
A*
465
82,524
Fiserv,
Inc.*
1,653
81,080
Workday,
Inc. — Class
A*
631
77,247
Fidelity
National
Information
Services,
Inc.
1,602
62,286
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
TECHNOLOGY
-
30.4%
(continued)
HP,
Inc.
2,835
$
62,200
Cognizant
Technology
Solutions
Corp. — Class
A
1,469
56,894
Akamai
Technologies,
Inc.*
451
53,313
Super
Micro
Computer,
Inc.*
1,744
51,152
Broadridge
Financial
Solutions,
Inc.
359
49,165
PTC,
Inc.*
358
40,672
Leidos
Holdings,
Inc.
390
40,158
Zebra
Technologies
Corp. — Class
A*
148
38,963
Tyler
Technologies,
Inc.*
131
38,312
Skyworks
Solutions,
Inc.
466
31,595
Jack
Henry
&
Associates,
Inc.
220
30,303
Gartner,
Inc.*
208
26,961
Total
Technology
70,330,233
COMMUNICATIONS
-
14
.1
%
Amazon.com,
Inc.*
30,343
7,231,951
Alphabet,
Inc. — Class
A
18,176
6,495,557
Alphabet,
Inc. — Class
C
14,650
5,176,284
Meta
Platforms,
Inc. — Class
A
6,807
3,834,315
Cisco
Systems,
Inc.
12,244
1,438,180
Netflix,
Inc.*
13,052
931,913
Palo
Alto
Networks,
Inc.*
2,514
857,324
Corning,
Inc.
2,428
620,184
Verizon
Communications,
Inc.
12,943
548,007
Arista
Networks,
Inc.*
3,201
543,786
Walt
Disney
Co.
5,383
518,114
Uber
Technologies,
Inc.*
6,310
455,330
AT&T,
Inc.
21,538
445,837
AppLovin
Corp. — Class
A*
834
429,702
Booking
Holdings,
Inc.
2,402
428,132
Comcast
Corp. — Class
A
11,044
271,130
Robinhood
Markets,
Inc. — Class
A*
2,452
245,887
T-Mobile
US,
Inc.
1,442
241,867
DoorDash,
Inc. — Class
A*
1,173
216,454
Ciena
Corp.*
438
214,865
Motorola
Solutions,
Inc.
515
213,874
Warner
Bros
Discovery,
Inc.*
7,682
204,802
Airbnb,
Inc. — Class
A*
1,295
185,315
eBay,
Inc.
1,376
153,768
Expedia
Group,
Inc.
355
90,837
F5,
Inc.*
175
72,793
Omnicom
Group,
Inc.
883
64,309
VeriSign,
Inc.
254
63,896
CDW
Corp.
396
55,693
EchoStar
Corp. — Class
A*
422
42,833
Gen
Digital,
Inc.
1,708
42,512
Charter
Communications,
Inc. — Class
A*
259
36,832
GoDaddy,
Inc. — Class
A*
410
34,801
Fox
Corp. — Class
A
(a)
618
32,235
News
Corp. — Class
A
1,131
28,083
FactSet
Research
Systems,
Inc.
113
25,999
Trade
Desk,
Inc. — Class
A*
1,324
23,938
Fox
Corp. — Class
B
431
20,188
News
Corp. — Class
B
(a)
373
10,466
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
36
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
COMMUNICATIONS
-
14.1%
(continued)
Paramount
Skydance
Corp. — Class
B
(a)
978
$
9,643
Total
Communications
32,557,636
CONSUMER,
NON-CYCLICAL
-
11
.2
%
Eli
Lilly
&
Co.
2,452
2,941,002
Johnson
&
Johnson
7,462
1,895,124
AbbVie,
Inc.
5,477
1,378,232
UnitedHealth
Group,
Inc.
2,815
1,169,998
Procter
&
Gamble
Co.
7,218
1,058,448
Merck
&
Company,
Inc.
7,656
983,796
Coca-Cola
Co.
12,003
975,484
Philip
Morris
International,
Inc.
4,831
873,976
Amgen,
Inc.
1,673
605,827
Thermo
Fisher
Scientific,
Inc.
1,152
577,567
PepsiCo,
Inc.
4,237
573,690
Abbott
Laboratories
5,399
489,905
Gilead
Sciences,
Inc.
3,849
486,283
Intuitive
Surgical,
Inc.*
1,098
436,653
Pfizer,
Inc.
17,667
425,421
CVS
Health
Corp.
3,955
409,145
Vertex
Pharmaceuticals,
Inc.*
787
390,926
S&P
Global,
Inc.
940
382,824
Altria
Group,
Inc.
5,176
372,413
Danaher
Corp.
1,953
372,007
Bristol-Myers
Squibb
Co.
6,330
364,735
Stryker
Corp.
1,069
336,564
Quanta
Services,
Inc.
465
334,819
Medtronic
plc
3,980
311,355
McKesson
Corp.
373
281,839
Automatic
Data
Processing,
Inc.
1,239
277,474
Elevance
Health,
Inc.
673
260,269
Mondelez
International,
Inc. — Class
A
3,979
230,145
Colgate-Palmolive
Co.
2,480
227,366
Cigna
Group
820
226,058
United
Rentals,
Inc.
194
219,781
Monster
Beverage
Corp.*
2,213
212,714
Moody's
Corp.
466
211,061
Boston
Scientific
Corp.*
4,607
196,627
Regeneron
Pharmaceuticals,
Inc.
310
193,297
HCA
Healthcare,
Inc.
481
187,537
Cintas
Corp.
1,054
179,264
Corteva,
Inc.
2,073
175,562
Cardinal
Health,
Inc.
726
172,469
Cencora,
Inc.
603
170,637
Edwards
Lifesciences
Corp.*
1,785
161,471
Humana,
Inc.
372
147,766
Keurig
Dr
Pepper,
Inc.
4,217
138,022
Becton
Dickinson
&
Co.
854
129,236
IDEXX
Laboratories,
Inc.*
245
128,978
Block,
Inc.*
1,659
126,084
Sysco
Corp.
1,482
123,866
PayPal
Holdings,
Inc.
2,734
118,054
Agilent
Technologies,
Inc.
876
116,359
Archer-Daniels-Midland
Co.
1,494
114,142
Waters
Corp.*
304
114,012
Kenvue,
Inc.
5,951
113,724
Kimberly-Clark
Corp.
1,029
112,953
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
CONSUMER,
NON-CYCLICAL
-
11.2%
(continued)
IQVIA
Holdings,
Inc.*
517
$
99,895
Biogen,
Inc.*
458
98,955
Kroger
Co.
1,758
97,622
Zoetis,
Inc.
1,299
93,346
Centene
Corp.*
1,454
93,332
GE
HealthCare
Technologies,
Inc.
1,410
90,254
ResMed,
Inc.
450
87,696
Dexcom,
Inc.*
1,196
80,551
Hershey
Co.
459
80,532
West
Pharmaceutical
Services,
Inc.
219
78,621
Moderna,
Inc.*
1,095
76,683
Verisk
Analytics,
Inc. — Class
A
406
72,889
Quest
Diagnostics,
Inc.
343
72,699
Labcorp
Holdings,
Inc.
254
71,120
Church
&
Dwight
Company,
Inc.
734
71,110
Corpay,
Inc.*
203
67,654
STERIS
plc
304
64,013
Kraft
Heinz
Co.
2,646
62,499
Estee
Lauder
Companies,
Inc. — Class
A
767
60,555
Constellation
Brands,
Inc. — Class
A
432
60,087
Incyte
Corp.*
520
58,947
Equifax,
Inc.
369
58,568
General
Mills,
Inc.
1,654
57,559
Viatris,
Inc.
3,610
57,327
Global
Payments,
Inc.
721
52,316
Zimmer
Biomet
Holdings,
Inc.
600
51,654
Tyson
Foods,
Inc. — Class
A
874
50,036
Bunge
Global
S.A.
421
44,933
Cooper
Companies,
Inc.*
605
43,385
McCormick
&
Company,
Inc.
787
39,681
Revvity,
Inc.
(a)
346
38,496
Avery
Dennison
Corp.
237
38,477
Rollins,
Inc.
910
37,983
J
M
Smucker
Co.
331
37,237
Clorox
Co.
375
35,790
Solventum
Corp.*
456
35,180
Align
Technology,
Inc.*
206
34,744
Bio-Techne
Corp.
485
34,265
Baxter
International,
Inc.
(a)
1,601
34,133
Charles
River
Laboratories
International,
Inc.*
149
33,792
Insulet
Corp.*
215
32,734
Henry
Schein,
Inc.*
300
25,056
Universal
Health
Services,
Inc. — Class
B
165
24,534
Hormel
Foods
Corp.
904
22,437
DaVita,
Inc.*
100
22,248
Molson
Coors
Beverage
Co. — Class
B
497
19,363
Brown-Forman
Corp. — Class
B
522
13,911
Total
Consumer,
Non-cyclical
25,827,860
FINANCIAL
-
11
.1
%
Berkshire
Hathaway,
Inc. — Class
B*
5,683
2,843,716
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
|
37
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
FINANCIAL
-
11.1%
(continued)
JPMorgan
Chase
&
Co.
8,306
$
2,718,803
Visa,
Inc. — Class
A
5,145
1,765,198
Mastercard,
Inc. — Class
A
2,501
1,284,514
Bank
of
America
Corp.
20,238
1,153,161
Goldman
Sachs
Group,
Inc.
914
924,392
Wells
Fargo
&
Co.
9,486
783,923
Morgan
Stanley
3,716
776,793
Citigroup,
Inc.
5,287
739,969
American
Express
Co.
1,650
558,112
Welltower,
Inc.
REIT
2,188
496,610
Charles
Schwab
Corp.
5,067
467,532
Blackrock,
Inc.
447
429,817
Progressive
Corp.
1,811
395,613
Prologis,
Inc.
REIT
2,890
391,508
Capital
One
Financial
Corp.
1,929
386,996
Chubb
Ltd.
1,118
380,947
Equinix,
Inc.
REIT
306
318,971
Bank
of
New
York
Mellon
Corp.
2,128
307,730
PNC
Financial
Services
Group,
Inc.
1,245
306,544
U.S.
Bancorp
4,812
290,645
Blackstone,
Inc.
2,303
270,994
Marsh
&
McLennan
Companies,
Inc.
1,493
248,838
CME
Group,
Inc.
1,123
247,992
American
Tower
Corp.
REIT
1,444
236,195
Simon
Property
Group,
Inc.
REIT
1,005
224,768
Aon
plc — Class
A
662
219,579
Travelers
Companies,
Inc.
659
217,549
Intercontinental
Exchange,
Inc.
1,753
215,812
KKR
&
Company,
Inc.
2,143
196,685
Truist
Financial
Corp.
3,862
192,405
Allstate
Corp.
798
189,876
Digital
Realty
Trust,
Inc.
REIT
1,024
183,890
Arthur
J
Gallagher
&
Co.
796
182,738
Realty
Income
Corp.
REIT
(a)
2,890
179,064
Apollo
Global
Management,
Inc.
1,430
169,183
Aflac,
Inc.
1,420
166,495
Fifth
Third
Bancorp
2,809
158,343
Public
Storage
REIT
490
155,972
State
Street
Corp.
858
145,517
MetLife,
Inc.
1,675
141,722
Ventas,
Inc.
REIT
(a)
1,507
133,822
Ameriprise
Financial,
Inc.
279
127,994
American
International
Group,
Inc.
1,643
122,453
CBRE
Group,
Inc. — Class
A*
908
122,299
Interactive
Brokers
Group,
Inc. — Class
A
1,381
120,202
Iron
Mountain,
Inc.
REIT
922
116,458
Prudential
Financial,
Inc.
1,076
116,133
Hartford
Insurance
Group,
Inc.
850
112,642
Huntington
Bancshares,
Inc.
6,284
111,415
Nasdaq,
Inc.
1,385
109,166
M&T
Bank
Corp.
454
108,057
Arch
Capital
Group
Ltd.*
1,079
104,728
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
FINANCIAL
-
11.1%
(continued)
Crown
Castle,
Inc.
REIT
1,353
$
102,463
Coinbase
Global,
Inc. — Class
A*
689
100,725
Northern
Trust
Corp.
574
99,784
Extra
Space
Storage,
Inc.
REIT
655
95,171
Citizens
Financial
Group,
Inc.
1,311
91,862
VICI
Properties,
Inc. — Class
A
REIT
3,387
89,925
Cincinnati
Financial
Corp.
479
88,682
Raymond
James
Financial,
Inc.
538
81,792
AvalonBay
Communities,
Inc.
REIT
431
81,325
Regions
Financial
Corp.
2,645
79,879
Synchrony
Financial
1,043
79,320
Cboe
Global
Markets,
Inc.
324
78,625
Willis
Towers
Watson
plc
293
76,581
T.
Rowe
Price
Group,
Inc.
664
75,490
Ares
Management
Corp. — Class
A
654
72,797
Equity
Residential
REIT
1,057
71,802
KeyCorp
2,857
65,854
Principal
Financial
Group,
Inc.
609
65,638
W
R
Berkley
Corp.
912
64,323
Loews
Corp.
523
59,209
SBA
Communications
Corp. — Class
A
REIT
329
58,055
Essex
Property
Trust,
Inc.
REIT
199
58,026
Brown
&
Brown,
Inc.
(a)
904
57,992
Weyerhaeuser
Co.
REIT
2,235
53,506
Kimco
Realty
Corp.
REIT
2,090
52,982
Invitation
Homes,
Inc.
REIT
1,694
51,176
Mid-America
Apartment
Communities,
Inc.
REIT
361
50,157
Host
Hotels
&
Resorts,
Inc.
REIT
1,974
46,804
Healthpeak
Properties,
Inc.
REIT
2,137
45,732
Everest
Group
Ltd.
123
43,939
Globe
Life,
Inc.
241
43,062
Assurant,
Inc.
154
41,354
Regency
Centers
Corp.
REIT
511
40,747
UDR,
Inc.
REIT
916
36,567
Invesco
Ltd.
1,374
36,260
CoStar
Group,
Inc.*
1,266
35,853
Camden
Property
Trust
REIT
312
35,721
Franklin
Resources,
Inc.
950
31,606
BXP,
Inc.
REIT
460
30,503
Federal
Realty
Investment
Trust
REIT
244
30,119
Alexandria
Real
Estate
Equities,
Inc.
REIT
486
25,685
Erie
Indemnity
Co. — Class
A
(a)
79
18,940
Total
Financial
25,616,513
INDUSTRIAL
-
7
.5
%
Caterpillar,
Inc.
1,428
1,520,677
General
Electric
Co.
3,234
1,208,643
GE
Vernova,
Inc.
833
978,658
RTX
Corp.
4,174
791,933
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
38
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
INDUSTRIAL
-
7.5%
(continued)
Amphenol
Corp. — Class
A
3,813
$
672,308
Boeing
Co.*
2,444
529,053
Eaton
Corporate
plc
1,204
513,048
Union
Pacific
Corp.
1,840
500,480
Deere
&
Co.
779
494,143
Vertiv
Holdings
Co. — Class
A
1,191
398,771
Parker-Hannifin
Corp.
391
382,445
Trane
Technologies
plc
685
336,445
Howmet
Aerospace,
Inc.
1,240
333,386
Lockheed
Martin
Corp.
629
320,450
General
Dynamics
Corp.
787
278,787
Johnson
Controls
International
plc
1,891
276,294
CSX
Corp.
5,760
273,773
3M
Co.
1,617
261,808
Waste
Management,
Inc.
1,145
255,198
United
Parcel
Service,
Inc. — Class
B
2,314
248,755
Emerson
Electric
Co.
1,736
248,508
Coherent
Corp.*
606
239,049
TransDigm
Group,
Inc.
173
230,443
CRH
plc
2,071
221,597
Honeywell
International,
Inc.
982
219,870
Illinois
Tool
Works,
Inc.
812
219,622
Norfolk
Southern
Corp.
696
218,955
Honeywell
Aerospace,
Inc.*
982
217,101
Comfort
Systems
USA,
Inc.
109
216,033
FedEx
Corp.
680
212,928
Northrop
Grumman
Corp.
414
210,854
Keysight
Technologies,
Inc.*
532
186,237
Flex
Ltd.*
1,140
184,760
TE
Connectivity
plc
905
182,457
Carrier
Global
Corp.
2,420
177,507
AMETEK,
Inc.
710
171,777
Rockwell
Automation,
Inc.
345
170,803
L3Harris
Technologies,
Inc.
577
167,670
Westinghouse
Air
Brake
Technologies
Corp.
526
141,810
Axon
Enterprise,
Inc.*
250
140,153
Republic
Services,
Inc. — Class
A
620
132,110
Jabil,
Inc.
327
126,052
Old
Dominion
Freight
Line,
Inc.
567
122,812
Garmin
Ltd.
508
120,670
Vulcan
Materials
Co.
402
118,594
EMCOR
Group,
Inc.
138
114,523
Martin
Marietta
Materials,
Inc.
186
107,266
Teledyne
Technologies,
Inc.*
144
96,034
Dover
Corp.
417
93,525
Ingersoll
Rand,
Inc.
1,104
90,517
Xylem,
Inc.
737
87,121
Hubbell,
Inc. — Class
B
164
85,805
Otis
Worldwide
Corp.
1,189
85,132
Mettler-Toledo
International,
Inc.*
63
80,483
Smurfit
Westrock
plc
1,626
75,219
CH
Robinson
Worldwide,
Inc.
365
68,744
Veralto
Corp.
761
67,485
J.B.
Hunt
Transport
Services,
Inc.
231
66,858
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
INDUSTRIAL
-
7.5%
(continued)
Expeditors
International
of
Washington,
Inc.
405
$
66,007
Packaging
Corporation
of
America
274
65,289
Snap-on,
Inc.
161
64,786
Amcor
plc
1,433
62,121
Fortive
Corp.
945
57,730
Lennox
International,
Inc.
98
56,149
Generac
Holdings,
Inc.*
182
53,291
IDEX
Corp.
229
51,972
Ball
Corp.
825
51,480
Fedex
Freight
Holding
Company,
Inc.*
337
50,887
Masco
Corp.
625
50,856
Nordson
Corp.
164
49,477
Textron,
Inc.
539
49,442
Jacobs
Solutions,
Inc.
366
46,116
Stanley
Black
&
Decker,
Inc.
482
45,366
Pentair
plc
501
38,407
Allegion
plc
266
37,370
Trimble,
Inc.*
723
37,003
Huntington
Ingalls
Industries,
Inc.
122
34,147
Builders
FirstSource,
Inc.*
333
29,797
A
O
Smith
Corp.
(a)
347
21,764
Total
Industrial
17,311,596
CONSUMER,
CYCLICAL
-
6
.4
%
Tesla,
Inc.*
8,727
3,670,576
Walmart,
Inc.
13,589
1,539,090
Costco
Wholesale
Corp.
1,375
1,286,271
Home
Depot,
Inc.
3,087
1,088,723
McDonald's
Corp.
2,202
595,223
TJX
Companies,
Inc.
3,428
519,342
Lowe's
Companies,
Inc.
1,736
382,771
Starbucks
Corp.
3,533
361,037
Cummins,
Inc.
428
305,254
Marriott
International,
Inc. — Class
A
678
251,260
Royal
Caribbean
Cruises
Ltd.
773
245,451
O'Reilly
Automotive,
Inc.*
2,569
236,579
Hilton
Worldwide
Holdings,
Inc.
706
233,305
General
Motors
Co.
2,795
215,439
Ross
Stores,
Inc.
999
212,637
PACCAR,
Inc.
1,631
195,916
Delta
Air
Lines,
Inc.
2,025
189,661
Target
Corp.
1,408
183,899
WW
Grainger,
Inc.
135
183,654
Fastenal
Co.
3,559
170,939
Ford
Motor
Co.
12,132
168,635
AutoZone,
Inc.*
51
162,993
NIKE,
Inc. — Class
B
3,718
152,624
Carvana
Co. — Class
A*
2,220
146,120
United
Airlines
Holdings,
Inc.*
1,006
136,806
Yum!
Brands,
Inc.
854
136,520
Chipotle
Mexican
Grill,
Inc. — Class
A*
3,976
135,184
DR
Horton,
Inc.
817
133,073
Carnival
Corporation
Ltd.
3,988
113,937
Tapestry,
Inc.
626
91,634
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
|
39
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
CONSUMER,
CYCLICAL
-
6.4%
(continued)
Casey's
General
Stores,
Inc.
115
$
91,401
Live
Nation
Entertainment,
Inc.*
,(a)
491
89,907
Williams-Sonoma,
Inc.
365
85,082
PulteGroup,
Inc.
590
80,954
Dollar
General
Corp.
683
78,620
Southwest
Airlines
Co.
1,515
77,901
Copart,
Inc.*
2,747
77,438
Darden
Restaurants,
Inc.
355
73,134
Dollar
Tree,
Inc.*
561
67,853
Ulta
Beauty,
Inc.*
135
60,882
Lennar
Corp. — Class
A
667
60,357
NVR,
Inc.*
8
54,507
Tractor
Supply
Co.
1,626
51,398
Genuine
Parts
Co.
427
50,377
Ralph
Lauren
Corp. — Class
A
120
48,169
Best
Buy
Co,
Inc.
607
46,059
Deckers
Outdoor
Corp.*
440
43,688
Las
Vegas
Sands
Corp.
924
42,680
Aptiv
plc*
656
40,265
TKO
Group
Holdings,
Inc. — Class
A
(a)
195
39,255
Lululemon
Athletica,
Inc.*
325
37,108
Hasbro,
Inc.
417
34,440
Norwegian
Cruise
Line
Holdings
Ltd.*
1,423
30,040
MGM
Resorts
International*
595
28,447
Domino's
Pizza,
Inc.
95
28,124
Wynn
Resorts
Ltd.
260
25,243
Total
Consumer,
Cyclical
14,887,882
ENERGY
-
2
.6
%
Exxon
Mobil
Corp.
12,848
1,756,579
Chevron
Corp.
5,803
961,905
ConocoPhillips
3,776
392,553
Williams
Companies,
Inc.
3,791
281,823
Valero
Energy
Corp.
920
239,605
Marathon
Petroleum
Corp.
905
231,381
SLB
Ltd.
4,634
215,435
EOG
Resources,
Inc.
1,651
214,184
Phillips
66
1,243
210,129
Kinder
Morgan,
Inc.
6,069
194,026
Targa
Resources
Corp.
665
178,313
Baker
Hughes
Co. — Class
A
3,075
170,662
ONEOK,
Inc.
1,953
169,794
Devon
Energy
Corp.
3,574
147,678
Occidental
Petroleum
Corp.
2,251
109,331
Diamondback
Energy,
Inc.
602
105,819
EQT
Corp.
1,939
103,097
Halliburton
Co.
2,589
87,896
Texas
Pacific
Land
Corp.
180
78,775
First
Solar,
Inc.*
333
78,575
Expand
Energy
Corp.
742
67,663
APA
Corp.
1,096
35,697
Total
Energy
6,030,920
UTILITIES
-
1
.9
%
NextEra
Energy,
Inc.
6,464
567,345
Southern
Co.
3,494
334,411
Duke
Energy
Corp.
2,417
305,944
A
A
A
SHARES
VALUE
COMMON
STOCKS
-
86.4%
(continued)
UTILITIES
-
1.9%
(continued)
Constellation
Energy
Corp.
991
$
246,135
American
Electric
Power
Company,
Inc.
1,687
230,798
Sempra
2,026
187,830
Dominion
Energy,
Inc.
2,726
186,159
Entergy
Corp.
1,419
162,986
Vistra
Corp.
982
155,775
Xcel
Energy,
Inc.
1,935
155,381
Exelon
Corp.
3,172
147,879
Consolidated
Edison,
Inc.
1,142
126,339
Public
Service
Enterprise
Group,
Inc.
1,545
125,392
WEC
Energy
Group,
Inc.
1,010
117,938
PG&E
Corp.
6,826
114,813
DTE
Energy
Co.
645
98,279
Ameren
Corp.
858
96,988
NRG
Energy,
Inc.
654
95,523
CenterPoint
Energy,
Inc.
2,028
89,313
Atmos
Energy
Corp.
517
89,064
Edison
International
1,193
88,819
PPL
Corp.
2,332
84,768
Eversource
Energy
1,166
84,267
American
Water
Works
Company,
Inc.
605
79,606
FirstEnergy
Corp.
1,614
76,730
CMS
Energy
Corp.
(a)
958
73,287
NiSource,
Inc.
1,486
70,659
Evergy,
Inc.
715
61,797
Alliant
Energy
Corp.
801
61,108
Pinnacle
West
Capital
Corp.
(a)
376
40,232
AES
Corp.
2,211
32,413
Total
Utilities
4,387,978
BASIC
MATERIALS
-
1
.2
%
Linde
plc
1,433
743,641
Newmont
Corp.
3,309
309,061
Freeport-McMoRan,
Inc.
4,456
280,238
Sherwin-Williams
Co.
711
244,812
Ecolab,
Inc.
785
218,709
Air
Products
and
Chemicals,
Inc.
690
202,294
Nucor
Corp.
706
157,262
Qnity
Electronics,
Inc.
649
105,988
Steel
Dynamics,
Inc.
420
96,373
PPG
Industries,
Inc.
691
83,811
International
Flavors
&
Fragrances,
Inc.
(a)
791
62,663
International
Paper
Co.
1,641
62,522
Dow,
Inc.
2,234
61,122
DuPont
de
Nemours,
Inc.
425
57,647
CF
Industries
Holdings,
Inc.
476
51,532
Albemarle
Corp.
366
49,421
LyondellBasell
Industries
N.V. — Class
A
800
42,120
Mosaic
Co.
985
20,872
Total
Basic
Materials
2,850,088
Total
Common
Stocks
(Cost
$95,930,969)
199,800,706
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
40
|
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(b)
-
2
.6
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c),(d)
5,952,064
$
5,952,064
Total
Money
Market
Funds
(Cost
$5,952,064)
5,952,064
SECURITIES
LENDING
COLLATERAL
(b)
-
0
.0
%
MONEY
MARKET
FUNDS
-
0
.0
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(c)
6,904
6,904
Total
Securities
Lending
Collateral
(Cost
$6,904)
6,904
FACE
AMOUNT
U.S.
TREASURY
BILLS
-
6
.0
%
U.S.
Treasury
Bills
3.63%
due
08/11/26
(d),(e)
$
9,000,000
8,963,041
A
A
A
FACE
AMOUNT
VALUE
U.S.
TREASURY
BILLS
-
6.0%
(continued)
3.63%
due
08/20/26
(d),(e)
$
5,000,000
$
4,974,471
Total
U.S.
Treasury
Bills
(Cost
$13,938,006)
13,937,512
REPURCHASE
AGREEMENTS
(f)
-
3
.9
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
4,453,138
4,453,138
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
4,452,923
4,452,923
Total
Repurchase
Agreements
(Cost
$8,906,061)
8,906,061
Total
Investments
-
98.9%
(Cost
$124,734,004)
$
228,603,247
Other
Assets
&
Liabilities,
net
-
1.1%
2,625,840
Total
Net
Assets
-
100.0%
$
231,229,087
*
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
68
Sep
2026
$
25,659,800
$
142,405
–
–
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
|
41
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
16,856
$
126,408,703
$
2,938,989
Barclays
Bank
plc
S&P
500
Index
Pay
4.58%
(SOFR
+
0.90%)
At
Maturity
09/28/26
5,956
44,667,251
(
140,430
)
Goldman
Sachs
International
S&P
500
Index
Pay
4.58%
(Federal
Funds
Rate
+
0.95%)
At
Maturity
09/24/26
8,882
66,611,162
(
612,862
)
$
237,687,116
$
2,185,697
(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
$
199,800,706
$
—
$
—
$
199,800,706
Money
Market
Funds
5,952,064
—
—
5,952,064
Securities
Lending
Collateral
6,904
—
—
6,904
U.S.
Treasury
Bills
—
13,937,512
—
13,937,512
Repurchase
Agreements
—
8,906,061
—
8,906,061
Equity
Futures
Contracts
(a)
142,405
—
—
142,405
Equity
Index
Swap
Agreements
(a)
—
2,938,989
—
2,938,989
Total
Assets
$
205,902,079
$
25,782,562
$
—
$
231,684,641
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
753,292
$
—
$
753,292
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
42
|
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
INVERSE
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
See
Sector
Classification
in
Other
Information
section.
A
A
A
SHARES
VALUE
MONEY
MARKET
FUNDS
(a)
-
0
.2
%
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.52%
(b),(c)
215,287
$
215,287
Total
Money
Market
Funds
(Cost
$215,287)
215,287
FACE
AMOUNT
REPURCHASE
AGREEMENTS
(d)
-
3
.2
%
J.P.
Morgan
Securities
LLC
issued
06/30/26
at
3.64%
due
07/01/26
$
1,510,614
1,510,614
Bank
of
America
Securities,
Inc.
issued
06/30/26
at
3.63%
due
07/01/26
1,510,542
1,510,542
Total
Repurchase
Agreements
(Cost
$3,021,156)
3,021,156
A
A
A
FACE
AMOUNT
VALUE
FEDERAL
AGENCY
BONDS
-
3
.3
%
Federal
Home
Loan
Bank
3.63%
(SOFR
+
0.01%)
due
08/05/26
◊
$
3,000,000
$
2,999,966
Total
Federal
Agency
Bonds
(Cost
$2,999,972)
2,999,966
Total
Investments
-
6.7%
(Cost
$6,236,415)
$
6,236,409
Other
Assets
&
Liabilities,
net
-
93.3%
87,490,152
Total
Net
Assets
-
100.0%
$
93,726,561
◊
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)
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
SOFR
—
Secured
Overnight
Financing
Rate
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Appreciation
(a)
Equity
Futures
Contracts
Sold
Short
S&P
500
Index
Mini
Futures
Contracts
87
Sep
2026
$
32,829,450
$
1,708
–
–
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
10,533
$
78,992,463
$
55,506
Barclays
Bank
plc
S&P
500
Index
Receive
4.28%
(SOFR
+
0.60%)
At
Maturity
09/28/26
8,296
62,216,710
16,512
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
INVERSE
S&P
500
®
2x
STRATEGY
FUND
June
30,
2026
|
43
SEE
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Total
Return
Swap
Agreements
(continued)
Counterparty
Reference
Obligation
Type
(b)
Financing
Rate
Payment
Frequency
Maturity
Date
Units
Notional
Amount
Value
and
Unrealized
Appreciation
(Depreciation)
BNP
Paribas
S&P
500
Index
Receive
4.08%
(Federal
Funds
Rate
+
0.45%)
At
Maturity
09/22/26
1,775
$
13,307,918
$
(
143,455
)
$
154,517,091
$
(
71,437
)
(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
Money
Market
Funds
$
215,287
$
—
$
—
$
215,287
Repurchase
Agreements
—
3,021,156
—
3,021,156
Federal
Agency
Bonds
—
2,999,966
—
2,999,966
Equity
Futures
Contracts
(a)
1,708
—
—
1,708
Equity
Index
Swap
Agreements
(a)
—
72,018
—
72,018
Total
Assets
$
216,995
$
6,093,140
$
—
$
6,310,135
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Equity
Index
Swap
Agreements
(a)
$
—
$
143,455
$
—
$
143,455
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
44
|
RYDEX
DYNAMIC
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Note
1
‒
Organization
and
Significant
Accounting
Policies
Organization
The
Rydex
Dynamic
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:
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.
Fund
Name
Diversification
Status
Dow
2x
Strategy
Fund
Non-diversified
Inverse
Dow
2x
Strategy
Fund
Non-diversified
NASDAQ-100
®
2x
Strategy
Fund
Non-diversified
Inverse
NASDAQ-100
®
2x
Strategy
Fund
Non-diversified
Russell
2000
®
2x
Strategy
Fund
Non-diversified
Inverse
Russell
2000
®
2x
Strategy
Fund
Non-diversified
S&P
500
®
2x
Strategy
Fund
Non-diversified
Inverse
S&P
500
®
2x
Strategy
Fund
Non-diversified
RYDEX
DYNAMIC
FUNDS
|
45
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Valuations
of
the
Funds’
securities
and
other
assets
are
supplied
primarily
by
independent
third-party
pricing
services
appointed
pursuant
to
the
processes
set
forth
in
the
Valuation
Procedures.
The
Adviser,
with
the
assistance
of
the
Valuation
Committee,
convenes
monthly,
or
more
frequently
as
needed,
to
review
the
valuation
of
all
assets
which
have
been
fair
valued.
The
Adviser,
consistent
with
the
monitoring
and
review
responsibilities
set
forth
in
the
Valuation
Procedures,
regularly
reviews
the
appropriateness
of
the
inputs,
methods,
models
and
assumptions
employed
by
the
independent
third-party
pricing
services.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
investment
or
such
valuation
is
deemed
unreliable,
such
investment
is
fair
valued
by
the
Adviser.
Equity
securities
listed
or
traded
on
a
recognized
U.S.
securities
exchange
or
the
Nasdaq
Stock
Market
(“NASDAQ”)
will
generally
be
valued
on
the
basis
of
the
last
sale
price
on
the
primary
U.S.
exchange
or
market
on
which
the
security
is
listed
or
traded;
provided,
however,
that
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
official
closing
price,
which
may
not
necessarily
represent
the
last
sale
price.
Open-end
investment
companies
are
valued
at
their net
asset
value
("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.
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
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
46
|
RYDEX
DYNAMIC
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
analysis.
As
a
result,
it
is
possible
that
the
fair
value
for
a
security
determined
in
good
faith
in
accordance
with
the
Valuation
Procedures
may
differ
from
valuations
for
the
same
security
determined
by
other
funds
using
their
own
valuation
procedures.
Although
the
Valuation
Procedures
are
designed
to
value
a
portfolio
security
or
asset
at
the
price
a
Fund
may
reasonably
expect
to
receive
upon
its
sale
in
an
orderly
transaction,
there
can
be
no
assurance
that
any
fair
value
determination
thereunder
would,
in
fact,
approximate
the
amount
that
a
Fund
could
reasonably
expect
to
receive
upon
the
sale
of
the
portfolio
security
or
asset.
Note
2
‒ Derivatives
As
part
of
their
investment
strategies,
the
Funds
may
utilize
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.
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
utilized
derivatives
for
the
following
purposes:
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
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.
Note
1
‒
Organization
and
Significant
Accounting
Policies
(continued)
RYDEX
DYNAMIC
FUNDS
|
47
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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.
In
conjunction
with
short
sales
and
the
use
of
derivative
instruments,
the
Funds
are
required
to
maintain
collateral
in
various
forms.
Depending
on
the
financial
instrument
utilized
and
the
broker
involved,
the
Funds
use
margin
deposits
at
the
broker,
cash
and/or
securities
segregated
at
the
custodian
bank,
discount
notes
or
repurchase
agreements
allocated
to
the
Funds
as
collateral.
The
Trust
has
established
counterparty
credit
guidelines
and
enters
into
transactions
only
with
financial
institutions
rated/identified
as
investment
grade
or
better.
The
Trust
monitors
the
counterparty
credit
risk
associated
with
each
such
financial
institution.
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.
Note
2
‒ Derivatives
(continued)
48
|
RYDEX
DYNAMIC
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
The
types
of
inputs
available
depend
on
a
variety
of
factors,
such
as
the
type
of
security
and
the
characteristics
of
the
markets
in
which
it
trades,
if
any.
Fair
valuation
determinations
that
rely
on
fewer
or
no
observable
inputs
require
greater
judgment.
Accordingly,
fair
value
determinations
for
Level
3
securities
require
the
greatest
amount
of
judgment.
The
inputs
or
methodologies
selected
and
applied
for
valuing
securities
or
other
assets
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
suitability,
appropriateness
and
accuracy
of
the
techniques,
methodologies
and
sources
employed
to
determine
fair
valuation
are
periodically
reviewed
and
subject
to
change.
Note
4
‒ Repurchase
Agreements
The
Funds
transfer
uninvested
cash
balances
into
a
single
joint
account,
the
daily
aggregate
balance
of
which
is
invested
in
one
or
more
repurchase
agreements
collateralized
by
obligations
of
the
U.S.
Treasury
and
U.S.
government
agencies.
The
joint
account
includes
other
funds
in
the
Guggenheim
complex
not
covered
in
this
report.
The
collateral
is
in
the
possession
of
the
Funds’
custodian
and
is
evaluated
to
ensure
that
its
market
value
exceeds,
at
a
minimum,
102%
of
the
original
face
amount
of
the
repurchase
agreements.
Each
Fund
holds
a
pro
rata
share
of
the
collateral
based
on
the
dollar
amount
of
the
repurchase
agreement
entered
into
by
each
Fund.
At June
30,
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
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
$
33,929,033
$
33,932,210
U.S.
Treasury
Strip
Coupon
0.00%
Due
05/15/29
$
39,017,530
$
34,607,613
—
—
—
Bank
of
America
Securities,
Inc.
3.63%
Due
07/01/26
33,927,400
33,930,830
U.S.
Treasury
Bond
2.00%
Due
02/15/50
8,532,000
5,096,151
U.S.
Treasury
Inflation-
Protected
Security
0.13%
Due
10/15/26
21,873,600
26,513,247
U.S.
Treasury
Note
2.25%
-
2.88%
Due
08/15/27
-
05/15/28
3,039,300
2,995,860
U.S.
Treasury
Inflation-
Protected
Security
0.88%
-
2.50%
Due
01/15/29
-
02/15/47
400
575
U.S.
Treasury
Strip
Coupon
0.00%
Due
08/15/31
-
08/15/37
164
115
33,445,464
34,605,948
67,856,433
Note
3
‒
Fair
Value
Measurement
(continued)
RYDEX
DYNAMIC
FUNDS
|
49
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
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
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:
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
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
Fund
Value
of
Securities
Loaned
Collateral
Received
(a)
Net
Amount
Cash
Collateral
Invested
Non-Cash
Collateral
Total
Collateral
Russell
2000
®
2x
Strategy
Fund
$
2,185,635
$
(
2,185,635
)
$
—
$
202,417
$
2,022,409
$
2,224,826
S&P
500
®
2x
Strategy
Fund
532,298
(
532,298
)
—
6,904
539,010
545,914
(a)
Actual
collateral
received
by
the
Fund
is
generally
greater
than
the
amount
shown
due
to
overcollateralization.
Note
5
‒
Portfolio
Securities
Loaned
(continued)
50
|
RYDEX
DYNAMIC
FUNDS
June
30,
2026
NOTES
TO
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(concluded)
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
6
‒
Market
Risks
(continued)
RYDEX
DYNAMIC
FUNDS
|
51
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.