	Shares		Value
Exchange Traded Vehicles — 3.2%
Agriculture Fund — 0.7%
Invesco DB Agriculture Fund*		198,324	$	4,289,748

Broad Fund — 0.2%
iShares GSCI Commodity Dynamic Roll Strategy ETF^(a)		38,531		993,714

Silver Funds — 0.2%
abrdn Physical Silver Shares ETF*		4,310		94,217
iShares Silver Trust*		44,322		926,773
Total Silver Funds				1,020,990

U.S. Dollar Fund — 2.1%
Invesco DB U.S. Dollar Index Bullish Fund*		471,447		13,120,370

Total Exchange Traded Vehicles
(Cost $19,076,530)				19,424,822

Investment Companies — 96.7%
Bank Loan Funds — 18.3%
Invesco Senior Loan ETF		2,852,509		59,931,214
SPDR Blackstone Senior Loan ETF		1,226,935		51,482,193
Total Bank Loan Funds				111,413,407

BRIC Equity Funds — 0.9%
iShares MSCI China ETF		29,013		1,060,135
iShares MSCI India ETF		86,840		4,332,448
SPDR S&P China ETF^(a)		2,071		125,710
Total BRIC Equity Funds				5,518,293

Convertible Bond Funds — 10.9%
iShares Convertible Bond ETF^(a)		258,618		20,045,481
SPDR Bloomberg Convertible Securities ETF		655,631		46,641,589
Total Convertible Bond Funds				66,687,070

Derivative Income Funds — 6.1%
JPMorgan Equity Premium Income ETF		350,782		19,629,761
JPMorgan Nasdaq Equity Premium Income ETF		337,077		17,335,870
Total Derivative Income Funds				36,965,631

Emerging Small Cap Equity Fund — 10.1%
SPDR S&P Emerging Markets SmallCap ETF		1,131,447		61,369,685

Floating Rate - Investment Grade Funds — 21.9%
iShares Floating Rate Bond ETF^(b)		1,976,035		100,659,223
SPDR Bloomberg Investment Grade Floating Rate ETF^(a)		1,062,969		32,686,297
Total Floating Rate - Investment Grade Funds				133,345,520

International Small Cap Equity Fund — 6.2%
Schwab International Small-Cap Equity ETF		1,116,332		37,832,491

Japan Equity Fund — 0.2%
JPMorgan BetaBuilders Japan ETF		19,445		1,054,308

Managed Futures Funds — 0.8%
iMGP DBi Managed Futures Strategy ETF^(a)		116,535		3,075,359

	Shares			Value
Investment Companies (continued)
Managed Futures Funds (continued)
KFA Mount Lucas Managed Futures Index Strategy ETF*^(a)		39,083	$	1,115,038
Simplify Managed Futures Strategy ETF		24,922		592,396
Total Managed Futures Funds				4,782,793

Merger Arbitrage Funds — 3.8%
AltShares Merger Arbitrage ETF*		142,338		3,788,909
IQ Merger Arbitrage ETF†^(a)		627,988		19,574,386
Total Merger Arbitrage Funds				23,363,295

Muni Fund — 1.8%
iShares National Muni Bond ETF^(a)		104,234		11,305,220

Municipals Fund — 1.5%
Vanguard Tax-Exempt Bond Index ETF^(a)		184,871		9,415,480

Treasury Inflation Protected Securities Funds — 1.3%
iShares 0-5 Year TIPS Bond ETF^(a)		32,317		3,200,029
Vanguard Short-Term Inflation-Protected Securities ETF		96,659		4,612,568
Total Treasury Inflation Protected Securities Funds				7,812,597

U.S. Large Cap Core Funds — 6.3%
Energy Select Sector SPDR Fund		9,094		758,530
Financial Select Sector SPDR Fund		626,403		24,279,380
First Trust Dow Jones Internet Index Fund*^(a)		12,427		2,378,528
Materials Select Sector SPDR Fund		33,603		2,762,503
Vanguard Energy ETF^(a)		1,426		165,929
Vanguard Financials ETF^(a)		69,365		6,518,923
Vanguard Materials ETF		7,661		1,395,911
Total U.S. Large Cap Core Funds				38,259,704

U.S. Momentum Fund — 0.3%
iShares MSCI USA Momentum Factor ETF		11,683		1,935,289

U.S. REITS Funds — 0.3%
Fidelity MSCI Real Estate Index ETF		2,168		54,872
iShares Core U.S. REIT ETF		2,458		127,693
Vanguard Real Estate ETF		21,624		1,814,037
Total U.S. REITS Funds				1,996,602

U.S. Short Term Treasury Bond Funds — 4.8%
Schwab Short-Term U.S. Treasury ETF		205,003		9,969,296
Vanguard Short-Term Treasury ETF		330,305		19,336,055
Total U.S. Short Term Treasury Bond Funds				29,305,351

U.S. Small Cap Core Funds — 0.3%
iShares Core S&P Small-Cap ETF		9,696		1,008,384
Schwab U.S. Small-Cap ETF		4,576		208,025
Vanguard Small-Cap ETF		3,218		667,992
Total U.S. Small Cap Core Funds				1,884,401

Volatility Fund — 0.9%
iPath Series B S&P 500 VIX Short-Term Futures ETN*^(a)		352,668		5,335,867

Total Investment Companies
(Cost $577,731,815)				589,583,004

	Shares			Value
Short-Term Investment — 7.3%
Money Market Fund — 7.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.23%^(c)(d)
(Cost $44,304,250)		44,304,250	$	44,304,250

Total Investments — 107.2% (Cost $641,112,595)				653,312,076
Other Assets and Liabilities, Net — (7.2)%				(43,899,091	)
Net Assets — 100%			$	609,412,985

*	Non-income producing securities.
†	Affiliated fund.
(a)	All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $43,507,766; total market value of collateral held by the Fund was $44,304,250.
(b)	All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $2,450,880.
(c)	Reflects the 1-day yield at January 31, 2024.
(d)	Represents security purchased with cash collateral received for securities on loan.

The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $2,450,880 and with Merrill Lynch amounted to $– at January 31, 2024. The Fund either receives fees from, or pays to the counterparty, the total return of the benchmark and the agreed-upon financing rate.

(e) Portfolio pays or receives the floating rate and receives or pays the total return of the reference rate entity.

The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements.

For the period ended January 31, 2024, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

A summary of the Fund’s transactions with any affiliated fund during the period ended January 31, 2024 is as follows:

(g)	For a complete listing of investments and their industries, see the Schedule of Investments.
(h)	Reflects the unrealized appreciation (depreciation) of the instruments.

	Shares at 04/30/2023	Value ($) at 04/30/2023	Purchases Cost ($)	Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation/ (Depreciation) ($)	Income Distributions ($)	Capital Gain Distributions ($)	Shares at 01/31/2024	Value ($) at 01/31/2024
IQ Merger Arbitrage ETF	—	—	34,607,280	(15,172,715	)	95,872		43,949	362,084	—	627,988	19,574,386
IQ Ultra Short Duration ETF	390,345	18,603,843	33,162	(18,566,076	)	(221,397	)	150,468	115,733	—	—	—
	390,345	18,603,843	34,640,442	(33,738,791	)	(125,525	)	194,417	477,817	—	627,988	19,574,386

Description	Level 1		Level 2		Level 3		Total
Asset Valuation Inputs
Investments in Securities:^(g)
Exchange Traded Vehicles	$	19,424,822	$	—	$	—	$	19,424,822
Investment Companies		589,583,004		—		—		589,583,004
Short-Term Investment:
Money Market Fund		44,304,250		—		—		44,304,250
Total Investments in Securities		653,312,076		—		—		653,312,076
Other Financial Instruments:^(h)
Swap Contracts		—		—		—		—
Total Investments in Securities and Other Financial Instruments	$	653,312,076	$	—	$	—	$	653,312,076
Liability Valuation Inputs
Other Financial Instruments:^(h)
Swap Contracts	$	—	$	—	$	—	$	—