Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Banks - 91.4%
Bank of America Corp.		13,864	$	616,809
JPMorgan Chase & Co.		3,881		614,556
Wells Fargo & Co.		12,408		595,336
Citigroup, Inc.		8,899		537,411
PNC Financial Services Group, Inc.		2,264		453,977
U.S. Bancorp		7,966		447,450
Truist Financial Corp.		7,400		433,270
Bank of New York Mellon Corp.		5,852		339,884
SVB Financial Group*		442		299,782
First Republic Bank		1,448		299,026
State Street Corp.		3,073		285,789
Fifth Third Bancorp		6,159		268,224
Northern Trust Corp.		2,069		247,473
Huntington Bancshares, Inc.		15,154		233,675
KeyCorp		9,808		226,859
Signature Bank		693		224,165
Regions Financial Corp.		10,253		223,515
Citizens Financial Group, Inc.		4,674		220,847
M&T Bank Corp.		1,418		217,776
ICICI Bank Ltd. ADR		8,979		177,694
Toronto-Dominion Bank		2,307		176,901
Royal Bank of Canada		1,642		174,282
Bank of Nova Scotia		2,404		172,343
HDFC Bank Ltd. ADR		2,626		170,874
Comerica, Inc.		1,909		166,083
Popular, Inc.		2,018		165,557
Western Alliance Bancorporation		1,534		165,135
East West Bancorp, Inc.		2,076		163,340
Canadian Imperial Bank of Commerce		1,348		157,123
HSBC Holdings plc ADR		5,205		156,931
Bank of Montreal		1,442		155,332
Zions Bancorp North America		2,454		154,995
Deutsche Bank AG*,1		11,950		149,375
UBS Group AG		8,326		148,786
First Horizon Corp.		8,985		146,725
Commerce Bancshares, Inc.		2,077		142,752
First Citizens BancShares, Inc. — Class A		169		140,243
Cullen/Frost Bankers, Inc.		1,086		136,912
First Financial Bankshares, Inc.		2,609		132,642
BOK Financial Corp.		1,238		130,597
Pinnacle Financial Partners, Inc.		1,365		130,358
Synovus Financial Corp.		2,717		130,063
Prosperity Bancshares, Inc.		1,765		127,610
Glacier Bancorp, Inc.		2,167		122,869
Bank OZK		2,591		120,559
Valley National Bancorp		8,615		118,456
Cadence Bank		3,956		117,849
SouthState Corp.		1,453		116,400
CIT Group, Inc.		2,201		112,999
PacWest Bancorp		2,497		112,789
Wintrust Financial Corp.		1,238		112,435
UMB Financial Corp.		1,058		112,264
United Bankshares, Inc.		3,093		112,214
Webster Financial Corp.		2,006		112,015
ServisFirst Bancshares, Inc.		1,270		107,874
Hancock Whitney Corp.		2,055		102,791
Community Bank System, Inc.		1,361		101,367
Umpqua Holdings Corp.		5,174		99,548
Silvergate Capital Corp. — Class A*		671		99,442
Home BancShares, Inc.		4,025		98,009
Independent Bank Corp.		1,196		97,510
FNB Corp.		7,985		96,858
BankUnited, Inc.		2,265		95,832
Eastern Bankshares, Inc.		4,700		94,799
Ameris Bancorp		1,872		93,001
First Hawaiian, Inc.		3,376		92,266
Simmons First National Corp. — Class A		3,090		91,402
United Community Banks, Inc.		2,531		90,964
Bank of Hawaii Corp.		1,086		90,963
Associated Banc-Corp.		3,992		90,179
Cathay General Bancorp		2,070		88,989
Old National Bancorp		4,881		88,444
Texas Capital Bancshares, Inc.*		1,421		85,615
CVB Financial Corp.		3,941		84,377
Triumph Bancorp, Inc.*		699		83,237
Fulton Financial Corp.		4,869		82,773
Hilltop Holdings, Inc.		2,341		82,263
First Midwest Bancorp, Inc.		3,837		78,582
Columbia Banking System, Inc.		2,391		78,234
Customers Bancorp, Inc.*		1,072		70,077
Great Western Bancorp, Inc.		2,017		68,497
Total Banks				14,163,219
Savings & Loans - 3.6%
People's United Financial, Inc.		7,625		135,877
New York Community Bancorp, Inc.		9,808		119,756
Sterling Bancorp		4,326		111,568
Pacific Premier Bancorp, Inc.		2,436		97,513
Investors Bancorp, Inc.		6,346		96,142
Total Savings & Loans				560,856
Diversified Financial Services - 2.5%
Capital One Financial Corp.		2,652		384,779
Insurance - 2.0%
Equitable Holdings, Inc.		5,465		179,197
Voya Financial, Inc.		2,037		135,074
Total Insurance				314,271
Total Common Stocks
(Cost $9,563,227)				15,423,125

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	26,642	26,642
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		11,018	11,018
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		10,017	10,017
Total Repurchase Agreements
(Cost $47,677)			47,677

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		37,320	$	37,320
Total Securities Lending Collateral
(Cost $37,320)				37,320
Total Investments - 100.0%
(Cost $9,648,224)			$	15,508,122
Other Assets & Liabilities, net - 0.0%				(6,112	)
Total Net Assets - 100.0%			$	15,502,010

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	15,423,125	$	—	$	—	$	15,423,125
Repurchase Agreements		—		47,677		—		47,677
Securities Lending Collateral		37,320		—		—		37,320
Total Assets	$	15,460,445	$	47,677	$	—	$	15,508,122

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 98.6%
Chemicals - 45.9%
Sherwin-Williams Co.		5,075	$	1,787,212
Ecolab, Inc.		6,591		1,546,183
Air Products and Chemicals, Inc.		4,961		1,509,434
Dow, Inc.		21,330		1,209,838
DuPont de Nemours, Inc.		14,873		1,201,441
PPG Industries, Inc.		6,865		1,183,801
International Flavors & Fragrances, Inc.		7,715		1,162,265
LyondellBasell Industries N.V. — Class A		11,353		1,047,087
Albemarle Corp.		4,126		964,535
Linde plc		2,659		921,157
Celanese Corp. — Class A		4,757		799,461
CF Industries Holdings, Inc.		10,419		737,457
Eastman Chemical Co.		6,099		737,430
Mosaic Co.		18,193		714,803
FMC Corp.		6,432		706,812
RPM International, Inc.		6,661		672,761
Westlake Chemical Corp.		6,875		667,769
Olin Corp.		9,534		548,396
Huntsman Corp.		14,992		522,921
Nutrien Ltd.		6,835		513,992
Axalta Coating Systems Ltd.*		15,464		512,168
Valvoline, Inc.		13,227		493,235
Ashland Global Holdings, Inc.		4,285		461,323
Element Solutions, Inc.		18,452		448,015
Chemours Co.		12,730		427,219
Balchem Corp.		2,530		426,558
Sensient Technologies Corp.		3,823		382,529
HB Fuller Co.		4,702		380,862
Cabot Corp.		5,846		328,545
Ingevity Corp.*		4,335		310,819
Trinseo plc		5,001		262,352
Total Chemicals				23,588,380
Mining - 17.2%
Freeport-McMoRan, Inc.		36,098		1,506,370
Newmont Corp.		22,911		1,420,940
BHP Group Ltd. ADR1		11,184		674,954
Alcoa Corp.		10,742		640,008
Rio Tinto plc ADR1		9,027		604,267
Teck Resources Ltd. — Class B		18,869		543,805
MP Materials Corp.*,1		11,632		528,325
Wheaton Precious Metals Corp.		11,667		500,864
Royal Gold, Inc.		4,742		498,906
Franco-Nevada Corp.		3,564		492,866
Agnico Eagle Mines Ltd.		9,231		490,535
Livent Corp.*		14,704		358,484
Arconic Corp.*		10,558		348,520
Compass Minerals International, Inc.		4,553		232,567
Total Mining				8,841,411
Packaging & Containers - 12.3%
Ball Corp.		11,005		1,059,451
Crown Holdings, Inc.		6,248		691,154
Packaging Corporation of America		4,926		670,675
Westrock Co.		14,122		626,452
Berry Global Group, Inc.*		8,088		596,733
Sealed Air Corp.		8,734		589,283
AptarGroup, Inc.		4,310		527,889
Graphic Packaging Holding Co.		22,747		443,566
Sonoco Products Co.		7,546		436,838
Silgan Holdings, Inc.		9,340		400,125
O-I Glass, Inc.*		21,022		252,895
Total Packaging & Containers				6,295,061
Iron & Steel - 8.9%
Nucor Corp.		9,519		1,086,594
Steel Dynamics, Inc.		10,648		660,921
Cleveland-Cliffs, Inc.*		28,766		626,236
Reliance Steel & Aluminum Co.		3,649		591,941
ArcelorMittal S.A.1		16,036		510,426
United States Steel Corp.		19,660		468,104
Commercial Metals Co.		10,856		393,964
Allegheny Technologies, Inc.*		16,419		261,555
Total Iron & Steel				4,599,741
Building Materials - 6.4%
Vulcan Materials Co.		4,678		971,059
Martin Marietta Materials, Inc.		2,187		963,417
Louisiana-Pacific Corp.		6,174		483,733
Eagle Materials, Inc.		2,903		483,234
Summit Materials, Inc. — Class A*		10,185		408,826
Total Building Materials				3,310,269
Biotechnology - 2.1%
Corteva, Inc.		23,194		1,096,612
Forest Products & Paper - 1.9%
International Paper Co.		16,752		787,009
Sylvamo Corp.*		7,247		202,119
Total Forest Products & Paper				989,128
Household Products & Housewares - 1.6%
Avery Dennison Corp.		3,698		800,876
Housewares - 1.1%
Scotts Miracle-Gro Co. — Class A		3,380		544,180
Distribution & Wholesale - 0.8%
Avient Corp.		7,595		424,940
Coal - 0.4%
Warrior Met Coal, Inc.		8,426		216,633
Total Common Stocks
(Cost $28,848,430)				50,707,231

EXCHANGE-TRADED FUNDS† - 0.8%
VanEck Junior Gold Miners ETF	9,350	392,046
Total Exchange-Traded Funds
(Cost $403,832)		392,046

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	305,835	305,835
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		126,484	126,484
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		114,985	114,985
Total Repurchase Agreements
(Cost $547,304)			547,304

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 2.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,346,064	$	1,346,064
Total Securities Lending Collateral
(Cost $1,346,064)				1,346,064
Total Investments - 103.1%
(Cost $31,145,630)			$	52,992,645
Other Assets & Liabilities, net - (3.1)%				(1,570,262	)
Total Net Assets - 100.0%			$	51,422,383

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	50,707,231	$	—	$	—	$	50,707,231
Exchange-Traded Funds		392,046		—		—		392,046
Repurchase Agreements		—		547,304		—		547,304
Securities Lending Collateral		1,346,064		—		—		1,346,064
Total Assets	$	52,445,341	$	547,304	$	—	$	52,992,645

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.3%
Biotechnology - 70.8%
Amgen, Inc.		38,551	$	8,672,819
Moderna, Inc.*		29,613		7,521,110
Gilead Sciences, Inc.		102,593		7,449,278
Regeneron Pharmaceuticals, Inc.*		10,245		6,469,922
Vertex Pharmaceuticals, Inc.*		27,017		5,932,933
Illumina, Inc.*		15,460		5,881,602
Corteva, Inc.		98,408		4,652,730
Biogen, Inc.*		19,255		4,619,660
Seagen, Inc.*		26,829		4,147,763
Royalty Pharma plc — Class A		99,744		3,974,798
BioNTech SE ADR*,1		15,418		3,974,761
Horizon Therapeutics plc*		36,104		3,890,567
Alnylam Pharmaceuticals, Inc.*		19,828		3,362,432
BioMarin Pharmaceutical, Inc.*		36,440		3,219,474
Incyte Corp.*		42,795		3,141,153
United Therapeutics Corp.*		12,013		2,595,769
Guardant Health, Inc.*		25,001		2,500,600
Biohaven Pharmaceutical Holding Company Ltd.*		17,706		2,440,064
CRISPR Therapeutics AG*,1		30,949		2,345,315
Mirati Therapeutics, Inc.*		15,595		2,287,631
Novavax, Inc.*		15,690		2,244,768
Arrowhead Pharmaceuticals, Inc.*		30,464		2,019,763
Blueprint Medicines Corp.*		18,291		1,959,149
Arena Pharmaceuticals, Inc.*		20,183		1,875,808
Ultragenyx Pharmaceutical, Inc.*		22,258		1,871,675
Exelixis, Inc.*		102,380		1,871,506
Halozyme Therapeutics, Inc.*		46,455		1,867,956
Fate Therapeutics, Inc.*		31,339		1,833,645
Denali Therapeutics, Inc.*		40,295		1,797,157
Beam Therapeutics, Inc.*		21,897		1,744,972
Apellis Pharmaceuticals, Inc.*		35,980		1,701,135
NeoGenomics, Inc.*		47,780		1,630,254
Ionis Pharmaceuticals, Inc.*		52,484		1,597,088
Twist Bioscience Corp.*		18,149		1,404,551
Iovance Biotherapeutics, Inc.*		70,652		1,348,747
TG Therapeutics, Inc.*		70,397		1,337,543
Veracyte, Inc.*		31,551		1,299,901
BioCryst Pharmaceuticals, Inc.*		93,779		1,298,839
ChemoCentryx, Inc.*		35,140		1,279,447
Emergent BioSolutions, Inc.*		27,123		1,179,037
Cassava Sciences, Inc.*,1		23,842		1,041,896
Editas Medicine, Inc.*		37,102		985,058
Bridgebio Pharma, Inc.*,1		48,305		805,727
Total Biotechnology				125,076,003
Pharmaceuticals - 16.9%
AbbVie, Inc.		90,728		12,284,571
AstraZeneca plc ADR		66,425		3,869,256
Viatris, Inc.		239,216		3,236,593
Jazz Pharmaceuticals plc*		21,490		2,737,826
Intellia Therapeutics, Inc.*		18,875		2,231,780
Neurocrine Biosciences, Inc.*		25,982		2,212,887
Sarepta Therapeutics, Inc.*		24,541		2,209,917
Ironwood Pharmaceuticals, Inc. — Class A*		92,609		1,079,821
Total Pharmaceuticals				29,862,651
Healthcare-Products - 6.4%
Bio-Techne Corp.		7,001		3,621,897
Exact Sciences Corp.*		35,370		2,752,847
Natera, Inc.*		24,363		2,275,261
Pacific Biosciences of California, Inc.*		76,186		1,558,765
CareDx, Inc.*		26,000		1,182,480
Total Healthcare-Products				11,391,250
Healthcare-Services - 5.2%
ICON plc*		9,725		3,011,833
Syneos Health, Inc.*		25,019		2,568,951
Medpace Holdings, Inc.*		10,080		2,193,811
Invitae Corp.*		89,800		1,371,246
Total Healthcare-Services				9,145,841
Total Common Stocks
(Cost $95,501,594)				175,475,745

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	681,359	681,359
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		281,790	281,790
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		256,173	256,173
Total Repurchase Agreements
(Cost $1,219,322)			1,219,322

	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		6,174,645		6,174,645
Total Securities Lending Collateral
(Cost $6,174,645)				6,174,645
Total Investments - 103.5%
(Cost $102,895,561)			$	182,869,712
Other Assets & Liabilities, net - (3.5)%				(6,172,807	)
Total Net Assets - 100.0%			$	176,696,905

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	175,475,745	$	—	$	—	$	175,475,745
Repurchase Agreements		—		1,219,322		—		1,219,322
Securities Lending Collateral		6,174,645		—		—		6,174,645
Total Assets	$	181,650,390	$	1,219,322	$	—	$	182,869,712

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.4%
Food - 36.2%
Mondelez International, Inc. — Class A		48,760	$	3,233,276
Kraft Heinz Co.		62,440		2,241,596
Sysco Corp.		27,606		2,168,451
Hershey Co.		10,983		2,124,881
General Mills, Inc.		31,528		2,124,357
Kroger Co.		42,546		1,925,632
Tyson Foods, Inc. — Class A		21,790		1,899,216
McCormick & Company, Inc.		18,009		1,739,850
Hormel Foods Corp.		35,147		1,715,525
Kellogg Co.		24,546		1,581,253
Conagra Brands, Inc.		39,950		1,364,293
J M Smucker Co.		9,468		1,285,944
Albertsons Companies, Inc. — Class A		41,617		1,256,417
Campbell Soup Co.		27,672		1,202,625
Lamb Weston Holdings, Inc.		16,920		1,072,390
US Foods Holding Corp.*		27,256		949,327
Post Holdings, Inc.*		8,199		924,273
Performance Food Group Co.*		19,639		901,234
Ingredion, Inc.		8,777		848,209
Flowers Foods, Inc.		29,539		811,436
Sanderson Farms, Inc.		3,617		691,136
Hain Celestial Group, Inc.*		15,935		678,990
Beyond Meat, Inc.*,1		10,415		678,641
Sprouts Farmers Market, Inc.*		20,946		621,677
Grocery Outlet Holding Corp.*		19,695		556,975
TreeHouse Foods, Inc.*		12,306		498,762
Total Food				35,096,366
Beverages - 25.9%
Coca-Cola Co.		91,070		5,392,255
PepsiCo, Inc.		29,936		5,200,183
Keurig Dr Pepper, Inc.		66,381		2,446,804
Monster Beverage Corp.*		25,324		2,432,117
Constellation Brands, Inc. — Class A		9,269		2,326,241
Brown-Forman Corp. — Class B		26,991		1,966,564
Molson Coors Beverage Co. — Class B		23,532		1,090,708
Coca-Cola Europacific Partners plc		17,365		971,224
Anheuser-Busch InBev S.A. ADR1		14,817		897,169
Boston Beer Company, Inc. — Class A*		1,610		813,211
Celsius Holdings, Inc.*		10,848		808,935
Fomento Economico Mexicano SAB de CV ADR		9,525		740,188
Total Beverages				25,085,599
Cosmetics & Personal Care - 14.5%
Procter & Gamble Co.		41,172		6,734,916
Estee Lauder Companies, Inc. — Class A		10,301		3,813,430
Colgate-Palmolive Co.		33,698		2,875,787
Beauty Health Co.*		26,980		651,837
Total Cosmetics & Personal Care				14,075,970
Agriculture - 12.9%
Philip Morris International, Inc.		42,896		4,075,120
Altria Group, Inc.		66,183		3,136,412
Archer-Daniels-Midland Co.		30,921		2,089,950
Bunge Ltd.		13,282		1,240,008
Darling Ingredients, Inc.*		16,929		1,173,011
British American Tobacco plc ADR1		22,301		834,280
Total Agriculture				12,548,781
Household Products & Housewares - 6.4%
Kimberly-Clark Corp.		16,456		2,351,892
Church & Dwight Company, Inc.		16,465		1,687,662
Clorox Co.		8,777		1,530,358
Spectrum Brands Holdings, Inc.		6,808		692,510
Total Household Products & Housewares				6,262,422
Retail - 2.2%
Casey's General Stores, Inc.		4,639		915,507
Freshpet, Inc.*		6,902		657,553
Nu Skin Enterprises, Inc. — Class A		10,813		548,760
Total Retail				2,121,820
Pharmaceuticals - 0.8%
Herbalife Nutrition Ltd.*		18,085		740,219
Electrical Components & Equipment - 0.5%
Energizer Holdings, Inc.		14,125		566,413
Total Common Stocks
(Cost $46,861,988)				96,497,590

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	257,788	257,788
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		106,614	106,614
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		96,921	96,921
Total Repurchase Agreements
(Cost $461,323)			461,323

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,240,022		1,240,022
Total Securities Lending Collateral
(Cost $1,240,022)				1,240,022
Total Investments - 101.2%
(Cost $48,563,333)			$	98,198,935
Other Assets & Liabilities, net - (1.2)%				(1,178,870	)
Total Net Assets - 100.0%			$	97,020,065

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	96,497,590	$	—	$	—	$	96,497,590
Repurchase Agreements		—		461,323		—		461,323
Securities Lending Collateral		1,240,022		—		—		1,240,022
Total Assets	$	97,737,612	$	461,323	$	—	$	98,198,935

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 75.8%
Consumer, Non-cyclical - 16.5%
UnitedHealth Group, Inc.		7,121	$	3,575,739
Amgen, Inc.		7,121		1,602,011
Johnson & Johnson		7,121		1,218,190
Procter & Gamble Co.		7,121		1,164,853
Merck & Company, Inc.		7,121		545,753
Coca-Cola Co.		7,121		421,635
Total Consumer, Non-cyclical				8,528,181
Financial - 14.8%
Goldman Sachs Group, Inc.		7,121		2,724,139
Visa, Inc. — Class A		7,121		1,543,192
American Express Co.		7,121		1,164,995
JPMorgan Chase & Co.		7,121		1,127,610
Travelers Companies, Inc.		7,121		1,113,938
Total Financial				7,673,874
Consumer, Cyclical - 14.4%
Home Depot, Inc.		7,121		2,955,286
McDonald's Corp.		7,121		1,908,927
NIKE, Inc. — Class B		7,121		1,186,857
Walmart, Inc.		7,121		1,030,338
Walgreens Boots Alliance, Inc.		7,121		371,431
Total Consumer, Cyclical				7,452,839
Technology - 13.1%
Microsoft Corp.		7,121		2,394,934
salesforce.com, Inc.*		7,121		1,809,660
Apple, Inc.		7,121		1,264,476
International Business Machines Corp.		7,121		951,793
Intel Corp.		7,121		366,732
Total Technology				6,787,595
Industrial - 10.9%
Honeywell International, Inc.		7,121		1,484,800
Caterpillar, Inc.		7,121		1,472,195
Boeing Co.*		7,121		1,433,600
3M Co.		7,121		1,264,903
Total Industrial				5,655,498
Communications - 3.7%
Walt Disney Co.*		7,121		1,102,972
Cisco Systems, Inc.		7,121		451,258
Verizon Communications, Inc.		7,121		370,007
Total Communications				1,924,237
Energy - 1.6%
Chevron Corp.		7,121		835,649
Basic Materials - 0.8%
Dow, Inc.		7,121		403,903
Total Common Stocks
(Cost $31,599,490)				39,261,776

MUTUAL FUNDS† - 6.8%
Guggenheim Ultra Short Duration Fund — Institutional Class1	178,192	1,767,663
Guggenheim Strategy Fund II1	69,520	1,729,658
Total Mutual Funds
(Cost $3,495,831)		3,497,321

	Face Amount
U.S. TREASURY BILLS†† - 0.5%
U.S. Treasury Bills
0.09% due 06/02/222,3	$	200,000	199,911
0.04% due 01/06/223,4		54,000	54,000
Total U.S. Treasury Bills
(Cost $253,924)			253,911

REPURCHASE AGREEMENTS††,5 - 16.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/222	4,753,641		4,753,641
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/222	1,965,965		1,965,965
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/222	1,787,240		1,787,240
Total Repurchase Agreements
(Cost $8,506,846)			8,506,846
Total Investments - 99.5%
(Cost $43,856,091)		$	51,519,854
Other Assets & Liabilities, net - 0.5%			259,409
Total Net Assets - 100.0%		$	51,779,263

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Dow Jones Industrial Average Index Mini Futures Contracts		18	Mar 2022	$	3,260,700	$	15,498

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
BNP Paribas	Dow Jones Industrial Average Index	Pay	0.63% (Federal Funds Rate + 0.55%)	At Maturity	01/27/22		209	$	7,605,519	$	214,796
Barclays Bank plc	Dow Jones Industrial Average Index	Pay	0.55% (U.S. Secured Overnight Financing Rate + 0.50%)	At Maturity	01/26/22		47		1,715,789		37,485
								$	9,321,308	$	252,281

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at December 31, 2021.
5	Repurchase Agreements — See Note 4.

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	39,261,776	$	—	$	—	$	39,261,776
Mutual Funds		3,497,321		—		—		3,497,321
U.S. Treasury Bills		—		253,911		—		253,911
Repurchase Agreements		—		8,506,846		—		8,506,846
Equity Futures Contracts**		15,498		—		—		15,498
Equity Index Swap Agreements**		—		252,281		—		252,281
Total Assets	$	42,774,595	$	9,013,038	$	—	$	51,787,633

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,835,969	$	300,000	$	(400,000	)	$	2,903	$	(9,214	)	$	1,729,658		69,520	$	17,424
Guggenheim Ultra Short Duration Fund — Institutional Class		623,081		1,450,000		(300,000	)		302		(5,720	)		1,767,663		178,192		7,015
	$	2,459,050	$	1,750,000	$	(700,000	)	$	3,205	$	(14,934	)	$	3,497,321			$	24,439

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.7%
Semiconductors - 92.8%
NVIDIA Corp.		30,407	$	8,943,003
Broadcom, Inc.		8,767		5,833,649
Intel Corp.		97,044		4,997,766
QUALCOMM, Inc.		26,465		4,839,655
Texas Instruments, Inc.		23,995		4,522,338
Advanced Micro Devices, Inc.*		30,853		4,439,747
Applied Materials, Inc.		26,436		4,159,969
Micron Technology, Inc.		39,620		3,690,603
Lam Research Corp.		4,940		3,552,601
Analog Devices, Inc.		18,851		3,313,440
Marvell Technology, Inc.		34,089		2,982,447
KLA Corp.		6,645		2,858,081
Taiwan Semiconductor Manufacturing Company Ltd. ADR		22,128		2,662,220
Xilinx, Inc.		11,770		2,495,593
NXP Semiconductor N.V.		10,617		2,418,340
Microchip Technology, Inc.		27,608		2,403,552
ASML Holding N.V. — Class G		2,519		2,005,477
ON Semiconductor Corp.*		28,451		1,932,392
Teradyne, Inc.		10,985		1,796,377
Skyworks Solutions, Inc.		11,159		1,731,207
Monolithic Power Systems, Inc.		3,371		1,663,015
Entegris, Inc.		11,004		1,524,934
Qorvo, Inc.*		9,396		1,469,440
STMicroelectronics N.V. — Class Y1		26,512		1,295,907
Wolfspeed, Inc.*		11,250		1,257,412
Synaptics, Inc.*		4,088		1,183,517
Lattice Semiconductor Corp.*		14,608		1,125,692
MKS Instruments, Inc.		6,335		1,103,367
Silicon Laboratories, Inc.*		4,892		1,009,807
Azenta, Inc.		9,493		978,823
Ambarella, Inc.*		4,698		953,177
Amkor Technology, Inc.		35,793		887,308
SiTime Corp.*		3,003		878,498
MaxLinear, Inc. — Class A*		11,334		854,470
Semtech Corp.*		9,445		839,944
Power Integrations, Inc.		9,038		839,540
Cirrus Logic, Inc.*		8,728		803,151
CMC Materials, Inc.		3,739		716,729
Total Semiconductors				90,963,188
Energy-Alternate Sources - 4.7%
Enphase Energy, Inc.*		8,912		1,630,361
SolarEdge Technologies, Inc.*		4,679		1,312,787
First Solar, Inc.*		11,557		1,007,308
SunPower Corp. — Class A*,1		30,630		639,248
Total Energy-Alternate Sources				4,589,704
Chemicals - 1.2%
Daqo New Energy Corp. ADR*		29,424		1,186,376
Electrical Components & Equipment - 1.0%
Universal Display Corp.		6,045		997,606
Total Common Stocks
(Cost $63,893,453)				97,736,874

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	568,913	568,913
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		235,286	235,286
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		213,896	213,896
Total Repurchase Agreements
(Cost $1,018,095)			1,018,095

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,386,869		1,386,869
Total Securities Lending Collateral
(Cost $1,386,869)				1,386,869
Total Investments - 102.1%
(Cost $66,298,417)			$	100,141,838
Other Assets & Liabilities, net - (2.1)%				(2,079,436	)
Total Net Assets - 100.0%			$	98,062,402

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	97,736,874	$	—	$	—	$	97,736,874
Repurchase Agreements		—		1,018,095		—		1,018,095
Securities Lending Collateral		1,386,869		—		—		1,386,869
Total Assets	$	99,123,743	$	1,018,095	$	—	$	100,141,838

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 46.9%
Technology - 16.0%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,500	$	541,395
Infosys Ltd. ADR		6,136		155,302
NetEase, Inc. ADR		684		69,618
United Microelectronics Corp. ADR1		4,236		49,561
Wipro Ltd. ADR		2,713		26,479
ASE Technology Holding Company Ltd. ADR		3,134		24,477
Bilibili, Inc. ADR*		398		18,467
Total Technology				885,299
Communications - 13.6%
Alibaba Group Holding Ltd. ADR*		3,092		367,299
JD.com, Inc. ADR*		1,575		110,360
Baidu, Inc. ADR*		520		77,371
Pinduoduo, Inc. ADR*		804		46,873
America Movil SAB de CV — Class L ADR		2,129		44,943
Chunghwa Telecom Company Ltd. ADR		697		29,420
Telkom Indonesia Persero Tbk PT ADR		872		25,279
Trip.com Group Ltd. ADR*		846		20,828
GDS Holdings Ltd. ADR*		209		9,857
SK Telecom Company Ltd. ADR1		355		9,466
Grupo Televisa SAB ADR		928		8,695
Total Communications				750,391
Financial - 6.8%
HDFC Bank Ltd. ADR		2,292		149,140
ICICI Bank Ltd. ADR		4,707		93,152
KB Financial Group, Inc. ADR		717		33,097
Banco Bradesco S.A. ADR		8,889		30,400
Shinhan Financial Group Company Ltd. ADR		947		29,272
China Life Insurance Company Ltd. ADR1		2,728		22,452
KE Holdings, Inc. ADR*		919		18,490
Total Financial				376,003
Basic Materials - 4.4%
Vale S.A. ADR		7,549		105,837
POSCO ADR		556		32,409
Gold Fields Ltd. ADR		1,627		17,881
Sasol Ltd. ADR*		1,061		17,400
AngloGold Ashanti Ltd. ADR		765		16,050
Suzano S.A. ADR*		1,447		15,628
Sibanye Stillwater Ltd. ADR		1,223		15,336
Sociedad Quimica y Minera de Chile S.A. ADR		262		13,213
Gerdau S.A. ADR		2,101		10,337
Total Basic Materials				244,091
Consumer, Cyclical - 2.0%
NIO, Inc. ADR*		2,496		79,073
Tata Motors Ltd. ADR*,1		645		20,698
Huazhu Group Ltd. ADR*		270		10,082
Total Consumer, Cyclical				109,853
Consumer, Non-cyclical - 1.9%
Fomento Economico Mexicano SAB de CV ADR		337		26,188
BeiGene Ltd. ADR*		96		26,009
Ambev S.A. ADR		8,080		22,624
Dr Reddy's Laboratories Ltd. ADR		223		14,587
Zai Lab Ltd. ADR*		140		8,799
Natura & Company Holding S.A. ADR*		771		7,147
Total Consumer, Non-cyclical				105,354
Energy - 1.4%
Petroleo Brasileiro S.A. ADR		3,411		37,453
China Petroleum & Chemical Corp. ADR		468		21,767
PetroChina Company Ltd. ADR1		387		17,109
Total Energy				76,329
Industrial - 0.8%
ZTO Express Cayman, Inc. ADR		809		22,830
Cemex SAB de CV ADR*		2,775		18,814
Total Industrial				41,644
Total Common Stocks
(Cost $2,373,070)				2,588,964

PREFERRED STOCKS† - 1.4%
Energy - 0.8%
Petroleo Brasileiro S.A. ADR	4,211	42,573
Financial - 0.6%
Itau Unibanco Holding S.A. ADR	8,884	33,315
Total Preferred Stocks
(Cost $77,718)		75,888

	Face Amount
REPURCHASE AGREEMENTS††,2 - 24.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	$	766,732	766,732
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223		317,098	317,098
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223		288,270	288,270
Total Repurchase Agreements
(Cost $1,372,100)			1,372,100

	Shares
SECURITIES LENDING COLLATERAL†,4 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%5		77,597		77,597
Total Securities Lending Collateral
(Cost $77,597)				77,597
Total Investments - 74.6%
(Cost $3,900,485)			$	4,114,549
Other Assets & Liabilities, net - 25.4%				1,404,607
Total Net Assets - 100.0%			$	5,519,156

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Goldman Sachs International	BNY Mellon Emerging Markets 50 ADR Index	Pay	0.63% (Federal Funds Rate + 0.55%)	At Maturity	01/27/22		2,286	$	6,725,870	$	84,733
BNP Paribas	BNY Mellon Emerging Markets 50 ADR Index	Pay	0.68% (Federal Funds Rate + 0.60%)	At Maturity	01/27/22		543		1,596,462		15,031
								$	8,322,332	$	99,764

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Securities lending collateral — See Note 5.
5	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,588,964	$	—	$	—	$	2,588,964
Preferred Stocks		75,888		—		—		75,888
Repurchase Agreements		—		1,372,100		—		1,372,100
Securities Lending Collateral		77,597		—		—		77,597
Equity Index Swap Agreements**		—		99,764		—		99,764
Total Assets	$	2,742,449	$	1,471,864	$	—	$	4,214,313

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 33.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	215,929	$	215,929
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		89,302		89,302
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		81,184		81,184
Total Repurchase Agreements
(Cost $386,415)				386,415
Total Investments - 33.9%
(Cost $386,415)			$	386,415
Other Assets & Liabilities, net - 66.1%				753,096
Total Net Assets - 100.0%			$	1,139,511

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		2	Mar 2022	$	241,953	$	(136	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Paid(Received)			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.EM.36.V1		1.00	%	Quarterly	12/20/26	$	250,000	$	(10,095	)	$	(10,533	)	$	438

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt Portfolio ETF Swap

Pay

0.68% (Federal Funds Rate + 0.60%)

At Maturity

01/27/22

7,730

$

204,613

$

1,623

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF Swap

Pay

0.60% (Federal Funds Rate + 0.60%)

At Maturity

01/27/22

20,435

540,915

(41

)

$

745,528

$

1,582

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.

CDX.EM.36.V1 — Credit Default Swap Emerging Markets Series 36 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Repurchase Agreements	$	—	$	386,415	$	—	$	386,415
Credit Default Swap Agreements**		—		438		—		438
Credit Index Swap Agreements**		—		1,623		—		1,623
Total Assets	$	—	$	388,476	$	—	$	388,476

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	136	$	—	$	—	$	136
Credit Index Swap Agreements**		41		—		—		41
Total Liabilities	$	177	$	—	$	—	$	177

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Oil & Gas - 64.8%
Exxon Mobil Corp.		58,250	$	3,564,318
Chevron Corp.		28,450		3,338,608
ConocoPhillips		29,814		2,151,975
EOG Resources, Inc.		18,174		1,614,396
Pioneer Natural Resources Co.		8,195		1,490,507
Marathon Petroleum Corp.		21,665		1,386,343
Valero Energy Corp.		16,862		1,266,505
Devon Energy Corp.		28,630		1,261,152
Phillips 66		17,253		1,250,152
Occidental Petroleum Corp.		39,529		1,145,946
Hess Corp.		13,971		1,034,273
Petroleo Brasileiro S.A. ADR		93,299		1,024,423
Diamondback Energy, Inc.		9,075		978,739
Continental Resources, Inc.		19,788		885,711
Coterra Energy, Inc. — Class A		43,755		831,345
Marathon Oil Corp.		48,913		803,151
BP plc ADR		28,223		751,578
APA Corp.		26,176		703,873
Royal Dutch Shell plc — Class A ADR		15,802		685,807
Texas Pacific Land Corp.		544		679,385
Ovintiv, Inc.		19,461		655,836
Equities Corp.*		29,242		637,768
Chesapeake Energy Corp.		9,547		615,972
Suncor Energy, Inc.		22,388		560,372
HollyFrontier Corp.		15,556		509,926
Canadian Natural Resources Ltd.		11,797		498,423
PDC Energy, Inc.		9,844		480,190
Magnolia Oil & Gas Corp. — Class A		24,084		454,465
Range Resources Corp.*		25,441		453,613
Matador Resources Co.		12,060		445,255
Denbury, Inc.*		5,712		437,482
Murphy Oil Corp.		16,594		433,269
Civitas Resources, Inc.		8,556		418,987
SM Energy Co.		13,750		405,350
California Resources Corp.		9,437		403,054
CNX Resources Corp.*		26,485		364,169
Equinor ASA ADR1		13,669		359,905
Callon Petroleum Co.*,1		7,553		356,879
Oasis Petroleum, Inc.		2,810		354,032
Helmerich & Payne, Inc.		14,706		348,532
CVR Energy, Inc.		17,474		293,738
PBF Energy, Inc. — Class A*		22,271		288,855
Northern Oil and Gas, Inc.		13,866		285,362
Delek US Holdings, Inc.*		14,921		223,666
Laredo Petroleum, Inc.*		3,602		216,588
Total Oil & Gas				37,349,875
Pipelines - 13.2%
Kinder Morgan, Inc.		82,539		1,309,069
Williams Companies, Inc.		47,246		1,230,286
ONEOK, Inc.		19,019		1,117,556
Cheniere Energy, Inc.		10,800		1,095,336
Targa Resources Corp.		14,572		761,241
Enbridge, Inc.		17,259		674,482
New Fortress Energy, Inc.1		21,100		509,354
TC Energy Corp.		10,282		478,524
DT Midstream, Inc.		9,804		470,396
Total Pipelines				7,646,244
Energy-Alternate Sources - 8.5%
Enphase Energy, Inc.*		5,666		1,036,538
Plug Power, Inc.*		29,195		824,175
SolarEdge Technologies, Inc.*		2,418		678,418
First Solar, Inc.*		7,344		640,103
Sunrun, Inc.*		16,571		568,385
SunPower Corp. — Class A*,1		19,461		406,151
Renewable Energy Group, Inc.*		7,286		309,218
Green Plains, Inc.*		8,452		293,792
TPI Composites, Inc.*		9,792		146,488
Total Energy-Alternate Sources				4,903,268
Oil & Gas Services - 7.8%
Schlumberger N.V.		48,669		1,457,637
Baker Hughes Co.		45,335		1,090,760
Halliburton Co.		43,504		994,936
NOV, Inc.		37,740		511,377
ChampionX Corp.*		21,555		435,627
Total Oil & Gas Services				4,490,337
Retail - 1.4%
Murphy USA, Inc.		2,523		502,682
World Fuel Services Corp.		10,678		282,647
Total Retail				785,329
Coal - 0.9%
Arch Resources, Inc.		2,803		255,970
Peabody Energy Corp.*		23,716		238,820
Total Coal				494,790
Mining - 0.8%
Cameco Corp.		21,776		474,935
Electric - 0.8%
Ameresco, Inc. — Class A*		5,729		466,570
Electrical Components & Equipment - 0.7%
EnerSys		5,135		405,973
Machinery-Diversified - 0.6%
Cactus, Inc. — Class A		9,879		376,686
Total Common Stocks
(Cost $43,427,760)				57,394,007

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	174,022	174,022
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		71,970	71,970
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		65,427	65,427
Total Repurchase Agreements
(Cost $311,419)			311,419

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 2.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,133,448	$	1,133,448
Total Securities Lending Collateral
(Cost $1,133,448)				1,133,448
Total Investments - 102.0%
(Cost $44,872,627)			$	58,838,874
Other Assets & Liabilities, net - (2.0)%				(1,163,716	)
Total Net Assets - 100.0%			$	57,675,158

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	57,394,007	$	—	$	—	$	57,394,007
Repurchase Agreements		—		311,419		—		311,419
Securities Lending Collateral		1,133,448		—		—		1,133,448
Total Assets	$	58,527,455	$	311,419	$	—	$	58,838,874

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Oil & Gas Services - 69.7%
Schlumberger N.V.		40,641	$	1,217,198
Baker Hughes Co.		37,858		910,863
Halliburton Co.		36,329		830,844
NOV, Inc.		31,518		427,069
ChampionX Corp.*		17,999		363,760
Weatherford International plc*		9,504		263,451
TechnipFMC plc*		41,706		246,899
Liberty Oilfield Services, Inc. — Class A*		24,884		241,375
Core Laboratories N.V.		9,304		207,572
Archrock, Inc.		25,463		190,463
Oceaneering International, Inc.*		16,754		189,488
NOW, Inc.*		20,603		175,950
Bristow Group, Inc.*		5,383		170,480
ProPetro Holding Corp.*		20,497		166,026
National Energy Services Reunited Corp.*		17,489		165,271
DMC Global, Inc.*		4,053		160,539
Dril-Quip, Inc.*		7,713		151,792
US Silica Holdings, Inc.*		15,861		149,093
MRC Global, Inc.*		19,980		137,462
Tidewater, Inc.*		11,179		119,727
Solaris Oilfield Infrastructure, Inc. — Class A		15,298		100,202
Oil States International, Inc.*		19,857		98,689
Matrix Service Co.*		10,515		79,073
Total Oil & Gas Services				6,763,286
Oil & Gas - 12.4%
Valaris Ltd.*		8,280		298,080
Helmerich & Payne, Inc.		12,282		291,084
Patterson-UTI Energy, Inc.		29,247		247,137
Noble Corp.*,1		9,304		230,832
Nabors Industries Ltd.*		1,735		140,691
Total Oil & Gas				1,207,824
Energy-Alternate Sources - 9.3%
Sunrun, Inc.*		13,839		474,678
SolarEdge Technologies, Inc.*		1,530		429,272
Total Energy-Alternate Sources				903,950
Machinery-Diversified - 3.2%
Cactus, Inc. — Class A		8,251		314,611
Metal Fabricate & Hardware - 2.6%
Tenaris S.A. ADR		11,947		249,214
Retail - 2.3%
Aspen Aerogels, Inc.*		4,450		221,565
Total Common Stocks
(Cost $6,962,701)				9,660,450

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	54,384	54,384
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		22,492	22,492
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		20,447	20,447
Total Repurchase Agreements
(Cost $97,323)			97,323

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		172,351		172,351
Total Securities Lending Collateral
(Cost $172,351)				172,351
Total Investments - 102.3%
(Cost $7,232,375)			$	9,930,124
Other Assets & Liabilities, net - (2.3)%				(221,889	)
Total Net Assets - 100.0%			$	9,708,235

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	9,660,450	$	—	$	—	$	9,660,450
Repurchase Agreements		—		97,323		—		97,323
Securities Lending Collateral		172,351		—		—		172,351
Total Assets	$	9,832,801	$	97,323	$	—	$	9,930,124

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 29.3%
Consumer, Non-cyclical - 12.3%
Nestle S.A. ADR		506	$	71,027
Roche Holding AG ADR		1,012		52,310
Novartis AG ADR		437		38,224
Novo Nordisk A/S ADR		298		33,376
AstraZeneca plc ADR		554		32,271
Unilever plc ADR		472		25,389
Diageo plc ADR		104		22,895
L'Oreal S.A. ADR		218		20,802
Sanofi ADR		410		20,541
GlaxoSmithKline plc ADR		444		19,580
British American Tobacco plc ADR		374		13,991
Adyen N.V. ADR*		507		13,344
RELX plc ADR		355		11,577
Reckitt Benckiser Group plc ADR1		656		11,480
Anheuser-Busch InBev S.A. ADR1		160		9,688
Bayer AG ADR		706		9,362
Total Consumer, Non-cyclical				405,857
Financial - 3.5%
HSBC Holdings plc ADR		742		22,371
Allianz SE ADR		735		17,354
BNP Paribas S.A. ADR		415		14,438
Zurich Insurance Group AG ADR		269		11,836
UBS Group AG		619		11,061
AXA S.A. ADR		369		10,985
Banco Santander S.A. ADR		3,133		10,308
Intesa Sanpaolo SpA ADR		547		8,547
Prudential plc ADR		247		8,504
Total Financial				115,404
Industrial - 2.7%
Siemens AG ADR		269		23,295
Schneider Electric SE ADR		510		19,997
Airbus SE ADR*		418		13,338
ABB Ltd. ADR		302		11,528
Deutsche Post AG ADR		177		11,342
Vinci S.A. ADR		431		11,340
Total Industrial				90,840
Technology - 2.6%
ASML Holding N.V. — Class G		74		58,914
SAP SE ADR1		196		27,462
Total Technology				86,376
Consumer, Cyclical - 2.6%
LVMH Moet Hennessy Louis Vuitton SE ADR		237		39,223
Cie Financiere Richemont S.A. ADR		942		14,083
Daimler AG ADR		493		11,631
Kering S.A. ADR		131		10,547
adidas AG ADR		67		9,648
Total Consumer, Cyclical				85,132
Basic Materials - 2.5%
Linde plc		92		31,871
Air Liquide S.A. ADR		426		14,855
Rio Tinto plc ADR		190		12,719
BASF SE ADR		660		11,570
BHP Group plc ADR1		189		11,296
Total Basic Materials				82,311
Energy - 1.7%
TotalEnergies SE ADR		474		23,444
Royal Dutch Shell plc — Class A ADR		368		15,971
BP plc ADR		594		15,818
Total Energy				55,233
Communications - 0.7%
Prosus N.V. ADR		780		12,956
Deutsche Telekom AG ADR		623		11,532
Total Communications				24,488
Utilities - 0.7%
Iberdrola S.A. ADR1		261		12,322
Enel SpA ADR		1,406		11,192
Total Utilities				23,514
Total Common Stocks
(Cost $840,365)				969,155

MUTUAL FUNDS† - 16.6%
Guggenheim Ultra Short Duration Fund — Institutional Class2	27,731	275,091
Guggenheim Strategy Fund II2	11,042	274,726
Total Mutual Funds
(Cost $549,966)		549,817

	Face Amount
U.S. TREASURY BILLS†† - 8.3%
U.S. Treasury Bills
0.04% due 01/06/223,4	$	274,000	274,000
Total U.S. Treasury Bills
(Cost $273,999)			274,000

REPURCHASE AGREEMENTS††,5 - 44.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	824,662	824,662
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22	341,055	341,055
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22	310,050	310,050
Total Repurchase Agreements
(Cost $1,475,767)		1,475,767

	Shares
SECURITIES LENDING COLLATERAL†,6 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%7		45,542		45,542
Total Securities Lending Collateral
(Cost $45,542)				45,542
Total Investments - 100.2%
(Cost $3,185,639)			$	3,314,281
Other Assets & Liabilities, net - (0.2)%				(5,016	)
Total Net Assets - 100.0%			$	3,309,265

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased††
STOXX Europe 50 Index Futures Contracts		73	Mar 2022	$	3,142,598	$	90,340
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		22	Mar 2022	$	3,132,800	$	16,609

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	Securities lending collateral — See Note 5.
7	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	969,155	$	—	$	—	$	969,155
Mutual Funds		549,817		—		—		549,817
U.S. Treasury Bills		—		274,000		—		274,000
Repurchase Agreements		—		1,475,767		—		1,475,767
Securities Lending Collateral		45,542		—		—		45,542
Equity Futures Contracts**		—		90,340		—		90,340
Currency Futures Contracts**		16,609		—		—		16,609
Total Assets	$	1,581,123	$	1,840,107	$	—	$	3,421,230

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	276,836	$	500,000	$	(500,000	)	$	(1,340	)	$	(770	)	$	274,726		11,042	$	3,593
Guggenheim Ultra Short Duration Fund — Institutional Class		276,705		500,000		(500,000	)		(1,210	)		(404	)		275,091		27,731		2,083
	$	553,541	$	1,000,000	$	(1,000,000	)	$	(2,550	)	$	(1,174	)	$	549,817			$	5,676

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
REITS - 29.3%
American Tower Corp. — Class A		2,401	$	702,292
Prologis, Inc.		3,938		663,002
Crown Castle International Corp.		2,735		570,904
Equinix, Inc.		614		519,346
Public Storage		1,300		486,928
Simon Property Group, Inc.		2,745		438,569
Digital Realty Trust, Inc.		2,406		425,549
SBA Communications Corp.		1,006		391,354
Realty Income Corp.		5,392		386,013
Welltower, Inc.		4,241		363,751
AvalonBay Communities, Inc.		1,388		350,595
Alexandria Real Estate Equities, Inc.		1,557		347,149
Equity Residential		3,783		342,361
Extra Space Storage, Inc.		1,475		334,427
Weyerhaeuser Co.		7,973		328,328
Invitation Homes, Inc.		6,940		314,660
Mid-America Apartment Communities, Inc.		1,341		307,679
Sun Communities, Inc.		1,434		301,097
Duke Realty Corp.		4,580		300,631
Essex Property Trust, Inc.		810		285,306
Ventas, Inc.		5,248		268,278
VICI Properties, Inc.		8,909		268,250
Healthpeak Properties, Inc.		7,341		264,937
UDR, Inc.		4,246		254,717
Camden Property Trust		1,418		253,368
Boston Properties, Inc.		2,174		250,401
Equity LifeStyle Properties, Inc.		2,745		240,627
Kimco Realty Corp.		9,695		238,982
WP Carey, Inc.		2,843		233,268
American Homes 4 Rent — Class A		5,243		228,647
Medical Properties Trust, Inc.		9,623		227,391
Host Hotels & Resorts, Inc.*		12,666		220,262
Regency Centers Corp.		2,894		218,063
Life Storage, Inc.		1,398		214,146
CubeSmart		3,737		212,673
Gaming and Leisure Properties, Inc.		4,364		212,352
Lamar Advertising Co. — Class A		1,742		211,305
Rexford Industrial Realty, Inc.		2,596		210,561
Federal Realty Investment Trust*		1,465		199,709
CyrusOne, Inc.		2,221		199,268
STORE Capital Corp.		5,284		181,770
Americold Realty Trust		5,377		176,312
First Industrial Realty Trust, Inc.		2,663		176,291
National Retail Properties, Inc.		3,655		175,696
American Campus Communities, Inc.		2,946		168,776
Vornado Realty Trust		4,030		168,696
Brixmor Property Group, Inc.		6,616		168,112
AGNC Investment Corp.		10,955		164,763
Kilroy Realty Corp.		2,452		162,960
Omega Healthcare Investors, Inc.		5,479		162,124
Healthcare Trust of America, Inc. — Class A		4,796		160,138
Spirit Realty Capital, Inc.		3,023		145,678
Agree Realty Corp.		1,928		137,582
Park Hotels & Resorts, Inc.*		7,017		132,481
SL Green Realty Corp.		1,804		129,347
InvenTrust Properties Corp.1		2,997		81,698
Orion Office REIT, Inc.*		3,284		61,312
Total REITS				15,340,882
Banks - 24.9%
JPMorgan Chase & Co.		8,112		1,284,535
Bank of America Corp.		25,389		1,129,557
Wells Fargo & Co.		16,696		801,074
Morgan Stanley		7,849		770,458
Goldman Sachs Group, Inc.		1,748		668,697
Citigroup, Inc.		10,631		642,006
PNC Financial Services Group, Inc.		2,704		542,206
U.S. Bancorp		9,516		534,514
Truist Financial Corp.		8,842		517,699
Bank of New York Mellon Corp.		6,991		406,037
SVB Financial Group*		531		360,145
First Republic Bank		1,732		357,675
State Street Corp.		3,670		341,310
Fifth Third Bancorp		7,357		320,397
Northern Trust Corp.		2,473		295,796
Huntington Bancshares, Inc.		18,105		279,179
ICICI Bank Ltd. ADR		13,730		271,717
KeyCorp		11,715		270,968
Signature Bank		830		268,480
Regions Financial Corp.		12,250		267,050
Royal Bank of Canada		2,488		264,076
Citizens Financial Group, Inc.		5,582		263,750
HDFC Bank Ltd. ADR		3,994		259,890
M&T Bank Corp.		1,691		259,704
Bank of Nova Scotia		3,608		258,658
Comerica, Inc.		2,282		198,534
Western Alliance Bancorporation		1,830		196,999
East West Bancorp, Inc.		2,483		195,362
Zions Bancorp North America		2,930		185,059
First Horizon Corp.		10,733		175,270
Synovus Financial Corp.		3,243		155,242
Webster Financial Corp.		2,396		133,793
Silvergate Capital Corp. — Class A*		804		119,153
Total Banks				12,994,990
Insurance - 20.7%
Berkshire Hathaway, Inc. — Class B*		5,156		1,541,644
Marsh & McLennan Companies, Inc.		3,188		554,138
Willis Towers Watson plc		2,221		527,465
Aon plc — Class A		1,604		482,098
Chubb Ltd.		2,365		457,178
Progressive Corp.		4,339		445,398
MetLife, Inc.		6,914		432,056
American International Group, Inc.		7,285		414,225
Prudential Financial, Inc.		3,495		378,299
Aflac, Inc.		6,297		367,682
Travelers Companies, Inc.		2,293		358,694
Arthur J Gallagher & Co.		2,066		350,538

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Insurance - 20.7% (continued)
Allstate Corp.		2,894	$	340,479
Hartford Financial Services Group, Inc.		4,164		287,483
Athene Holding Ltd. — Class A*		3,212		267,656
Brown & Brown, Inc.		3,778		265,518
Principal Financial Group, Inc.		3,536		255,759
RenaissanceRe Holdings Ltd.		1,501		254,164
Cincinnati Financial Corp.		2,200		250,646
Markel Corp.*		196		241,864
Fidelity National Financial, Inc.		4,390		229,070
Loews Corp.		3,891		224,744
Equitable Holdings, Inc.		6,529		214,086
Lincoln National Corp.		3,033		207,033
American Financial Group, Inc.		1,444		198,290
Globe Life, Inc.		1,948		182,567
Assurant, Inc.		1,135		176,901
First American Financial Corp.		2,221		173,749
Reinsurance Group of America, Inc. — Class A		1,516		165,987
Voya Financial, Inc.		2,432		161,266
Old Republic International Corp.		6,503		159,844
Unum Group		5,377		132,113
MGIC Investment Corp.		8,929		128,756
Total Insurance				10,827,390
Diversified Financial Services - 16.0%
Charles Schwab Corp.		8,698		731,502
BlackRock, Inc. — Class A		753		689,417
American Express Co.		4,066		665,198
CME Group, Inc. — Class A		2,344		535,510
Intercontinental Exchange, Inc.		3,799		519,589
Capital One Financial Corp.		3,166		459,355
Coinbase Global, Inc. — Class A*		1,712		432,057
T. Rowe Price Group, Inc.		1,979		389,151
Nasdaq, Inc.		1,670		350,717
Discover Financial Services		2,961		342,173
Ameriprise Financial, Inc.		1,129		340,574
Apollo Asset Management, Inc.		4,529		328,035
Synchrony Financial		6,282		291,422
Ally Financial, Inc.		4,982		237,193
Franklin Resources, Inc.		6,971		233,459
Cboe Global Markets, Inc.		1,676		218,550
SoFi Technologies, Inc.*,1		13,453		212,692
LPL Financial Holdings, Inc.		1,289		206,356
Upstart Holdings, Inc.*		1,325		200,473
Invesco Ltd.		8,271		190,398
Jefferies Financial Group, Inc.		4,704		182,515
Stifel Financial Corp.		2,262		159,290
OneMain Holdings, Inc.		2,977		148,969
SLM Corp.		7,305		143,689
Evercore, Inc. — Class A		990		134,492
Total Diversified Financial Services				8,342,776
Private Equity - 3.9%
Blackstone, Inc. — Class A		5,701		737,652
KKR & Company, Inc. — Class A		6,313		470,319
Ares Management Corp. — Class A		3,536		287,371
Brookfield Asset Management, Inc. — Class A		4,411		266,336
Carlyle Group, Inc.		4,735		259,951
Total Private Equity				2,021,629
Commercial Services - 2.6%
S&P Global, Inc.		1,315		620,588
Moody's Corp.		1,279		499,552
MarketAxess Holdings, Inc.		552		227,021
Total Commercial Services				1,347,161
Savings & Loans - 0.8%
People's United Financial, Inc.		9,109		162,323
New York Community Bancorp, Inc.		11,715		143,040
Sterling Bancorp		5,167		133,257
Total Savings & Loans				438,620
Software - 0.8%
MSCI, Inc. — Class A		681		417,242
Media - 0.5%
FactSet Research Systems, Inc.		526		255,641
Total Common Stocks
(Cost $39,873,453)				51,986,331

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	189,884	189,884
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		78,531	78,531
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		71,391	71,391
Total Repurchase Agreements
(Cost $339,806)			339,806

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		230,727		230,727
Total Securities Lending Collateral
(Cost $230,727)				230,727
Total Investments - 100.5%
(Cost $40,443,986)			$	52,556,864
Other Assets & Liabilities, net - (0.5)%				(271,904	)
Total Net Assets - 100.0%			$	52,284,960

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

ADR — American Depositary Receipt

CME — Chicago Mercantile Exchange

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	51,986,331	$	—	$	—	$	51,986,331
Repurchase Agreements		—		339,806		—		339,806
Securities Lending Collateral		230,727		—		—		230,727
Total Assets	$	52,217,058	$	339,806	$	—	$	52,556,864

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 12.5%
Guggenheim Strategy Fund II1		233,323	$	5,809,736
Guggenheim Ultra Short Duration Fund — Institutional Class1		564,487		5,605,356
Total Mutual Funds
(Cost $11,419,354)				11,415,092

	Face Amount
U.S. GOVERNMENT SECURITIES†† - 84.0%
U.S. Treasury Bonds
1.88% due 11/15/51	$	76,800,000	76,560,000
Total U.S. Government Securities
(Cost $75,139,582)			76,560,000

U.S. TREASURY BILLS†† - 1.0%
U.S. Treasury Bills
0.04% due 01/06/222,3	888,000	887,999
Total U.S. Treasury Bills
(Cost $887,995)		887,999

REPURCHASE AGREEMENTS††,4 - 1.0%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	526,866		526,866
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22	217,896		217,896
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22	198,087		198,087
Total Repurchase Agreements
(Cost $942,849)			942,849
Total Investments - 98.5%
(Cost $88,389,780)		$	89,805,940
Other Assets & Liabilities, net - 1.5%			1,394,429
Total Net Assets - 100.0%		$	91,200,369

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury Ultra Long Bond Futures Contracts		202	Mar 2022	$	39,812,938	$	(206,854	)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at December 31, 2021.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	11,415,092	$	—	$	—	$	11,415,092
U.S. Government Securities		—		76,560,000		—		76,560,000
U.S. Treasury Bills		—		887,999		—		887,999
Repurchase Agreements		—		942,849		—		942,849
Total Assets	$	11,415,092	$	78,390,848	$	—	$	89,805,940

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	206,854	$	—	$	—	$	206,854

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,565,542	$	6,000,000	$	(5,740,000	)	$	3,290		$	(19,096	)	$	5,809,736		233,323	$	49,052
Guggenheim Ultra Short Duration Fund — Institutional Class		5,608,852		5,000,000		(4,990,000	)		(7,174	)		(6,322	)		5,605,356		564,487		30,760
	$	11,174,394	$	11,000,000	$	(10,730,000	)	$	(3,884	)	$	(25,418	)	$	11,415,092			$	79,812

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.6%
Healthcare-Products - 32.5%
Thermo Fisher Scientific, Inc.		2,709	$	1,807,553
Abbott Laboratories		12,713		1,789,228
Danaher Corp.		5,284		1,738,489
Medtronic plc		13,292		1,375,057
Intuitive Surgical, Inc.*		3,583		1,287,372
Stryker Corp.		4,335		1,159,266
Edwards Lifesciences Corp.*		7,903		1,023,834
Boston Scientific Corp.*		21,180		899,726
IDEXX Laboratories, Inc.*		1,302		857,315
Align Technology, Inc.*		1,287		845,791
Baxter International, Inc.		8,693		746,207
ResMed, Inc.		2,672		696,003
West Pharmaceutical Services, Inc.		1,423		667,401
Zimmer Biomet Holdings, Inc.		4,667		592,896
Avantor, Inc.*		13,593		572,809
PerkinElmer, Inc.		2,823		567,592
STERIS plc		2,326		566,172
Waters Corp.*		1,468		546,977
Bio-Techne Corp.		1,015		525,100
Cooper Companies, Inc.		1,219		510,688
Hologic, Inc.*		6,278		480,644
ABIOMED, Inc.*		1,333		478,774
10X Genomics, Inc. — Class A*		3,124		465,351
Masimo Corp.*		1,558		456,151
Teleflex, Inc.		1,355		445,090
Repligen Corp.*		1,603		424,538
Bruker Corp.		4,817		404,194
Exact Sciences Corp.*		5,051		393,119
Dentsply Sirona, Inc.		7,038		392,650
Henry Schein, Inc.*		4,907		380,440
Tandem Diabetes Care, Inc.*		2,266		341,078
Natera, Inc.*		3,478		324,810
Envista Holdings Corp.*		6,842		308,301
Inspire Medical Systems, Inc.*		1,242		285,734
Insulet Corp.*		970		258,088
Quidel Corp.*		1,762		237,852
Nevro Corp.*		2,326		188,569
Total Healthcare-Products				25,040,859
Pharmaceuticals - 29.6%
Johnson & Johnson		13,842		2,367,951
Pfizer, Inc.		34,052		2,010,771
AbbVie, Inc.		12,953		1,753,836
Eli Lilly & Co.		6,330		1,748,473
Merck & Company, Inc.		20,307		1,556,328
CVS Health Corp.		12,751		1,315,393
Bristol-Myers Squibb Co.		20,955		1,306,544
Zoetis, Inc.		5,021		1,225,275
Cigna Corp.		4,350		998,891
Becton Dickinson and Co.		3,771		948,331
Dexcom, Inc.*		1,498		804,351
AstraZeneca plc ADR		12,239		712,922
McKesson Corp.		2,853		709,170
AmerisourceBergen Corp. — Class A		4,606		612,091
GlaxoSmithKline plc ADR		13,082		576,916
Novartis AG ADR		6,067		530,680
Jazz Pharmaceuticals plc*		4,162		530,239
Perrigo Company plc		13,255		515,619
Viatris, Inc.		34,150		462,050
Cardinal Health, Inc.		8,423		433,700
Elanco Animal Health, Inc.*		14,399		408,644
Bausch Health Companies, Inc.*		13,315		367,627
Intellia Therapeutics, Inc.*		2,694		318,539
Neurocrine Biosciences, Inc.*		3,711		316,066
Sarepta Therapeutics, Inc.*		3,500		315,175
Total Pharmaceuticals				22,845,582
Healthcare-Services - 17.2%
UnitedHealth Group, Inc.		4,832		2,426,340
Anthem, Inc.		2,597		1,203,813
HCA Healthcare, Inc.		3,861		991,968
Humana, Inc.		1,889		876,231
IQVIA Holdings, Inc.*		2,966		836,827
Centene Corp.*		9,273		764,095
Laboratory Corporation of America Holdings*		1,934		607,682
ICON plc*		1,874		580,378
Quest Diagnostics, Inc.		2,973		514,359
Catalent, Inc.*		3,989		510,712
Charles River Laboratories International, Inc.*		1,302		490,568
Molina Healthcare, Inc.*		1,520		483,482
Teladoc Health, Inc.*		4,629		425,035
DaVita, Inc.*		3,478		395,657
Syneos Health, Inc.*		3,576		367,184
Universal Health Services, Inc. — Class B		2,777		360,066
Tenet Healthcare Corp.*		4,125		336,971
Oak Street Health, Inc.*,1		9,710		321,789
Encompass Health Corp.		4,456		290,799
Amedisys, Inc.*		1,625		263,055
Invitae Corp.*		12,818		195,731
Total Healthcare-Services				13,242,742
Biotechnology - 16.6%
Amgen, Inc.		5,502		1,237,785
Moderna, Inc.*		4,222		1,072,304
Gilead Sciences, Inc.		14,647		1,063,519
Regeneron Pharmaceuticals, Inc.*		1,460		922,019
Vertex Pharmaceuticals, Inc.*		3,854		846,338
Illumina, Inc.*		2,206		839,251
BioNTech SE ADR*,1		2,785		717,973
Biogen, Inc.*		2,747		659,060
Seagen, Inc.*		3,831		592,273
Royalty Pharma plc — Class A		14,233		567,185
Horizon Therapeutics plc*		5,149		554,856
Alnylam Pharmaceuticals, Inc.*		2,830		479,911
BioMarin Pharmaceutical, Inc.*		5,201		459,508
Incyte Corp.*		6,112		448,621
United Therapeutics Corp.*		1,717		371,009
Guardant Health, Inc.*		3,568		356,871
Biohaven Pharmaceutical Holding Company Ltd.*		2,529		348,522
Mirati Therapeutics, Inc.*		2,228		326,825
Novavax, Inc.*		2,236		319,905
Fate Therapeutics, Inc.*		4,471		261,598
Apellis Pharmaceuticals, Inc.*		5,134		242,736
Cassava Sciences, Inc.*,1		3,402		148,667
Total Biotechnology				12,836,736
Electronics - 2.0%
Agilent Technologies, Inc.		4,983		795,536

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.6% (continued)
Electronics - 2.0% (continued)
Mettler-Toledo International, Inc.*		433	$	734,892
Total Electronics				1,530,428
Software - 1.7%
Veeva Systems, Inc. — Class A*		2,747		701,804
Cerner Corp.		6,737		625,665
Total Software				1,327,469
Total Common Stocks
(Cost $59,229,601)				76,823,816

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	192,071	192,071
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		79,435	79,435
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		72,214	72,214
Total Repurchase Agreements
(Cost $343,720)			343,720

SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4	284,153		284,153
Total Securities Lending Collateral
(Cost $284,153)			284,153
Total Investments - 100.4%
(Cost $59,857,474)		$	77,451,689
Other Assets & Liabilities, net - (0.4)%			(339,179	)
Total Net Assets - 100.0%		$	77,112,510

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	76,823,816	$	—	$	—	$	76,823,816
Repurchase Agreements		—		343,720		—		343,720
Securities Lending Collateral		284,153		—		—		284,153
Total Assets	$	77,107,969	$	343,720	$	—	$	77,451,689

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 13.7%
Guggenheim Strategy Fund III1		112,348	$	2,814,322
Guggenheim Ultra Short Duration Fund — Institutional Class1		157,278		1,561,767
Guggenheim Strategy Fund II1		53,173		1,324,001
Total Mutual Funds
(Cost $5,620,649)				5,700,090

	Face Amount
FEDERAL AGENCY NOTES†† - 12.7%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222	$	3,000,000	2,999,655
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		1,700,000	1,701,319
0.28% (U.S. Prime Rate - 2.97%, Rate Floor: 0.00%) due 05/27/222		620,000	620,495
Total Federal Agency Notes
(Cost $5,319,983)			5,321,469

U.S. GOVERNMENT SECURITIES†† - 6.0%
U.S. Treasury Note
1.75% due 05/15/22	2,500,000	2,514,648
Total U.S. Government Securities
(Cost $2,515,504)		2,514,648

U.S. TREASURY BILLS†† - 3.2%
U.S. Treasury Bills
0.04% due 01/06/223,4	1,315,000	1,315,000
Total U.S. Treasury Bills
(Cost $1,314,993)		1,315,000

REPURCHASE AGREEMENTS††,5 - 58.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226	13,747,157		13,747,157
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226	5,685,414		5,685,414
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226	5,168,559		5,168,559
Total Repurchase Agreements
(Cost $24,601,130)			24,601,130
Total Investments - 94.5%
(Cost $39,372,259)		$	39,452,337
Other Assets & Liabilities, net - 5.5%			2,282,407
Total Net Assets - 100.0%		$	41,734,744

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		261	Mar 2022	$	31,574,883	$	(22,268	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation (Depreciation)**
Barclays Bank plc	ICE	CDX.NA.HY.37.V1		5.00	%	Quarterly	12/20/26	$	22,800,000	$	2,083,988	$	2,079,063	$	4,925
Goldman Sachs International	ICE	CDX.NA.HY.37.V1		5.00	%	Quarterly	12/20/26		9,300,000		850,048		857,614		(7,566	)
										$	2,934,036	$	2,936,677	$	(2,641	)

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Credit Index Swap Agreements††
BNP Paribas	SPDR Bloomberg Barclays High Yield Bond ETF	Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	01/27/22		41,999	$	4,561,329	$	10,177
BNP Paribas	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	0.48% (Federal Funds Rate + 0.40%)	At Maturity	01/27/22		30,788		2,679,823		4,793

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements†† (continued)

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

01/27/22

9,924

$

863,785

$

(1,687

)

$

8,104,937

$

13,283

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as futures and credit index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.

CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	5,700,090	$	—	$	—	$	5,700,090
Federal Agency Notes		—		5,321,469		—		5,321,469
U.S. Government Securities		—		2,514,648		—		2,514,648
U.S. Treasury Bills		—		1,315,000		—		1,315,000
Repurchase Agreements		—		24,601,130		—		24,601,130
Credit Default Swap Agreements**		—		4,925		—		4,925
Credit Index Swap Agreements**		—		14,970		—		14,970
Total Assets	$	5,700,090	$	33,772,142	$	—	$	39,472,232

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	22,268	$	—	$	—	$	22,268
Credit Default Swap Agreements**		—		7,566		—		7,566
Credit Index Swap Agreements**		—		1,687		—		1,687
Total Liabilities	$	22,268	$	9,253	$	—	$	31,521

^** This derivative is reported as unrealized appreciation/depreciation at period end.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,328,255	$	–	$	–		$	–	$	(4,254	)	$	1,324,001		53,173	$	14,337
Guggenheim Strategy Fund III		2,824,433		–		–			–		(10,111	)		2,814,322		112,348		33,473
Guggenheim Ultra Short Duration Fund — Institutional Class		2,269,308		–		(700,000	)		3,994		(11,535	)		1,561,767		157,278		14,905
	$	6,421,996	$	–	$	(700,000	)	$	3,994	$	(25,900	)	$	5,700,090			$	62,715

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.4%
Internet - 57.6%
Alphabet, Inc. — Class A*		565	$	1,636,828
Amazon.com, Inc.*		452		1,507,122
Meta Platforms, Inc. — Class A*		3,402		1,144,263
Netflix, Inc.*		1,038		625,333
Alibaba Group Holding Ltd. ADR*		4,568		542,633
Airbnb, Inc. — Class A*		2,391		398,078
Booking Holdings, Inc.*		164		393,474
Uber Technologies, Inc.*		8,525		357,453
Snap, Inc. — Class A*		7,030		330,621
Sea Ltd. ADR*		1,332		297,982
Baidu, Inc. ADR*		1,881		279,874
JD.com, Inc. ADR*		3,876		271,591
DoorDash, Inc. — Class A*		1,792		266,829
Shopify, Inc. — Class A*		190		261,704
eBay, Inc.		3,690		245,385
MercadoLibre, Inc.*		180		242,712
Pinduoduo, Inc. ADR*		4,115		239,904
Match Group, Inc.*		1,804		238,579
Okta, Inc.*		1,002		224,618
Roku, Inc.*		974		222,267
Twitter, Inc.*		5,078		219,471
Expedia Group, Inc.*		1,191		215,237
VeriSign, Inc.*		815		206,863
Spotify Technology S.A.*		861		201,500
Etsy, Inc.*		879		192,448
Chewy, Inc. — Class A*,1		3,245		191,358
Coupang, Inc.*		6,228		182,979
Pinterest, Inc. — Class A*		5,022		182,550
Trip.com Group Ltd. ADR*		7,039		173,300
Wix.com Ltd.*		1,093		172,464
Farfetch Ltd. — Class A*		5,114		170,961
Wayfair, Inc. — Class A*		875		166,224
GoDaddy, Inc. — Class A*		1,846		156,652
Lyft, Inc. — Class A*		3,587		153,272
Zillow Group, Inc. — Class C*		2,393		152,793
Zillow Group, Inc. — Class A*		2,435		151,506
F5, Inc.*		605		148,049
IAC*		997		130,318
JOYY, Inc. ADR		2,740		124,478
Anaplan, Inc.*		2,127		97,523
Bumble, Inc. — Class A*		2,789		94,435
TripAdvisor, Inc.*		2,867		78,154
Revolve Group, Inc.*		1,339		75,038
Vimeo, Inc.*		3,587		64,422
Overstock.com, Inc.*		965		56,945
Stitch Fix, Inc. — Class A*		2,840		53,733
Total Internet				13,539,923
Software - 29.1%
Adobe, Inc.*		1,116		632,839
salesforce.com, Inc.*		2,339		594,410
Snowflake, Inc. — Class A*		1,128		382,110
Workday, Inc. — Class A*		1,145		312,791
ROBLOX Corp. — Class A*		3,012		310,718
Datadog, Inc. — Class A*		1,588		282,839
Zoom Video Communications, Inc. — Class A*		1,528		281,014
Activision Blizzard, Inc.		4,213		280,291
Twilio, Inc. — Class A*		950		250,173
Cloudflare, Inc. — Class A*		1,806		237,489
Veeva Systems, Inc. — Class A*		927		236,830
Electronic Arts, Inc.		1,760		232,144
MongoDB, Inc.*		433		229,209
DocuSign, Inc.*		1,373		209,122
HubSpot, Inc.*		314		206,973
NetEase, Inc. ADR		1,968		200,303
ZoomInfo Technologies, Inc. — Class A*		2,911		186,886
Take-Two Interactive Software, Inc.*		974		173,099
Bilibili, Inc. ADR*		3,575		165,880
Akamai Technologies, Inc.*		1,412		165,260
Citrix Systems, Inc.		1,462		138,291
Coupa Software, Inc.*		833		131,656
Smartsheet, Inc. — Class A*		1,548		119,893
Dropbox, Inc. — Class A*		4,780		117,301
Five9, Inc.*		852		116,997
DigitalOcean Holdings, Inc.*		1,407		113,024
New Relic, Inc.*		943		103,692
Nutanix, Inc. — Class A*		3,090		98,447
Ziff Davis, Inc.*		793		87,912
Fastly, Inc. — Class A*		2,095		74,268
Box, Inc. — Class A*		2,826		74,013
BigCommerce Holdings, Inc.*		1,617		57,193
Consensus Cloud Solutions, Inc.*		715		41,377
Total Software				6,844,444
Telecommunications - 6.6%
Cisco Systems, Inc.		9,785		620,075
Motorola Solutions, Inc.		954		259,202
Arista Networks, Inc.*		1,750		251,562
Ciena Corp.*		1,743		134,159
Juniper Networks, Inc.		3,718		132,770
Switch, Inc. — Class A		3,512		100,584
CommScope Holding Company, Inc.*		5,147		56,823
Total Telecommunications				1,555,175
Commercial Services - 4.2%
PayPal Holdings, Inc.*		2,920		550,653
CoStar Group, Inc.*		2,662		210,378
Paylocity Holding Corp.*		594		140,279
Chegg, Inc.*		2,724		83,627
Total Commercial Services				984,937
Healthcare-Services - 0.6%
Teladoc Health, Inc.*		1,558		143,056
Entertainment - 0.5%
DraftKings, Inc. — Class A*		4,466		122,681
Computers - 0.5%
Lumentum Holdings, Inc.*		995		105,241
Real Estate - 0.3%
Redfin Corp.*		1,909		73,287
Total Common Stocks
(Cost $14,095,289)				23,368,744

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	86,931	$	86,931
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		35,952		35,952
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		32,684		32,684
Total Repurchase Agreements
(Cost $155,567)				155,567

SECURITIES LENDING COLLATERAL†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4	130,950		130,950
Total Securities Lending Collateral
(Cost $130,950)			130,950
Total Investments - 100.7%
(Cost $14,381,806)		$	23,655,261
Other Assets & Liabilities, net - (0.7)%			(153,122	)
Total Net Assets - 100.0%		$	23,502,139

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	23,368,744	$	—	$	—	$	23,368,744
Repurchase Agreements		—		155,567		—		155,567
Securities Lending Collateral		130,950		—		—		130,950
Total Assets	$	23,499,694	$	155,567	$	—	$	23,655,261

Inverse Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 197.1%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/222	$	479,976	$	479,976
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/222		198,503		198,503
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/222		180,458		180,458
Total Repurchase Agreements
(Cost $858,937)				858,937
Total Investments - 197.1%
(Cost $858,937)			$	858,937
Other Assets & Liabilities, net - (97.1)%				(423,172	)
Total Net Assets - 100.0%			$	435,765

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

BNY Mellon Emerging Markets 50 ADR Index

Pay

(0.12)% (Federal Funds Rate - 0.20%)

At Maturity

01/27/22

127

$

374,145

$

(3,522

)

Goldman Sachs International

BNY Mellon Emerging Markets 50 ADR Index

Pay

(0.37)% (Federal Funds Rate - 0.45%)

At Maturity

01/27/22

173

507,820

(3,857

)

$

881,965

$

(7,379

)

††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.
2	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Repurchase Agreements	$	—	$	858,937	$	—	$	858,937

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	7,379	$	—	$	7,379

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 30.3%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,248,122
Guggenheim Strategy Fund II1		210,588		5,243,639
Total Mutual Funds
(Cost $10,470,929)				10,491,761

	Face Amount
FEDERAL AGENCY NOTES†† - 42.8%
Federal Farm Credit Bank
0.07% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/222	$	5,000,000	4,998,815
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/222		3,000,000	3,006,072
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		2,220,000	2,223,042
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222		1,000,000	999,885
Fannie Mae
2.63% due 01/11/22		3,250,000	3,251,813
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/11/222		100,000	100,032
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/09/222		100,000	100,031
Federal Home Loan Bank
0.17% (U.S. Secured Overnight Financing Rate + 0.12%, Rate Floor: 0.00%) due 02/10/222		100,000	100,012
Total Federal Agency Notes
(Cost $14,771,817)			14,779,702

U.S. GOVERNMENT SECURITIES†† - 17.4%
U.S. Treasury Notes
1.75% due 03/31/22	5,000,000	5,019,817
1.75% due 05/15/22	1,000,000	1,005,859
Total U.S. Government Securities
(Cost $6,026,824)		6,025,676

U.S. TREASURY BILLS†† - 1.4%
U.S. Treasury Bills
0.04% due 01/06/223,4	496,000	496,000
Total U.S. Treasury Bills
(Cost $495,997)		496,000

REPURCHASE AGREEMENTS†† - 79.8%
Individual RepurchasAgreements6 Barclays Capital, Inc. issued 12/31/21 at (0.15)% due 01/03/22 (secured by a U.S. Treasury Bond, at a rate of 1.88% and maturing 11/15/51 as collateral, with a value of $14,917,500) to be repurchased at $14,624,817	14,625,000		14,625,000
Mizuho Securities USA LLC issued 12/31/21 at (0.15)% due 01/03/22 (secured by a U.S. Treasury Bond, at a rate of 1.88% and maturing 11/15/51 as collateral, with a value of $11,517,076) to be repurchased at $11,291,109	11,291,250		11,291,250
Joint Repurchase Agreements5 J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	935,403		935,403
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22	386,855		386,855
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22	351,686		351,686
Total Repurchase Agreements
(Cost $27,590,194)			27,590,194
Total Investments - 171.7%
(Cost $59,355,761)		$	59,383,333

U.S. Government Securities Sold Short†† - (80.1)%
U.S. Treasury Bonds
1.88% due 11/15/51	27,800,000		(27,713,125	)
Total Securities Sold Short - (80.1)%
(Proceeds $27,333,644)		$	(27,713,125	)
Other Assets & Liabilities, net - 8.4%			2,895,277
Total Net Assets - 100.0%		$	34,565,485

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		42	Mar 2022	$	8,277,938	$	51,220

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	All or a portion of this security is pledged as short security collateral at December 31, 2021.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,491,761	$	—	$	—	$	10,491,761
Federal Agency Notes		—		14,779,702		—		14,779,702
U.S. Government Securities		—		6,025,676		—		6,025,676
U.S. Treasury Bills		—		496,000		—		496,000
Repurchase Agreements		—		27,590,194		—		27,590,194
Interest Rate Futures Contracts**		51,220		—		—		51,220
Total Assets	$	10,542,981	$	48,891,572	$	—	$	59,434,553

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities Sold Short	$	—	$	27,713,125	$	—	$	27,713,125

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,260,486	$	–	$	–	$	–	$	(16,847	)	$	5,243,639		210,588	$	56,781
Guggenheim Ultra Short Duration Fund — Institutional Class		5,263,977		–		–		–		(15,855	)		5,248,122		528,512		35,249
	$	10,524,463	$	–	$	–	$	–	$	(32,702	)	$	10,491,761			$	92,030

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 59.8%
Guggenheim Strategy Fund II1		15,041	$	374,528
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		374,193
Total Mutual Funds
(Cost $746,686)				748,721

	Face Amount
U.S. TREASURY BILLS†† - 1.9%
U.S. Treasury Bills
0.04% due 01/06/222,3	$	24,000	24,000
Total U.S. Treasury Bills
(Cost $24,000)			24,000

REPURCHASE AGREEMENTS††,4 - 34.3%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	240,441		240,441
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22	99,439		99,439
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22	90,399		90,399
Total Repurchase Agreements
(Cost $430,279)			430,279
Total Investments - 96.0%
(Cost $1,200,965)		$	1,203,000
Other Assets & Liabilities, net - 4.0%			49,942
Total Net Assets - 100.0%		$	1,252,942

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury 5 Year Note Futures Contracts		9	Mar 2022	$	1,088,789	$	3,500

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.37.V1		5.00	%	Quarterly	12/20/26	$	1,150,000	$	(105,113	)	$	(105,495	)	$	382

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at December 31, 2021.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 4.

CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	748,721	$	—	$	—	$	748,721
U.S. Treasury Bills		—		24,000		—		24,000
Repurchase Agreements		—		430,279		—		430,279
Interest Rate Futures Contracts**		3,500		—		—		3,500
Credit Default Swap Agreements**		—		382		—		382
Total Assets	$	752,221	$	454,661	$	—	$	1,206,882

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	875,453	$	1,400,000	$	(1,900,000	)	$	(631	)	$	(294	)	$	374,528		15,041	$	4,145
Guggenheim Ultra Short Duration Fund — Institutional Class		874,218		1,400,000		(1,900,000	)		(348	)		323			374,193		37,683		2,435
	$	1,749,671	$	2,800,000	$	(3,800,000	)	$	(979	)	$	29		$	748,721			$	6,580

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 53.9%
Guggenheim Strategy Fund II1		2,020	$	50,257
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		45,931
Total Mutual Funds
(Cost $95,671)				96,188

	Face Amount
REPURCHASE AGREEMENTS††,2 - 50.7%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	$	50,460		50,460
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223		20,869		20,869
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223		18,972		18,972
Total Repurchase Agreements
(Cost $90,301)				90,301
Total Investments - 104.6%
(Cost $185,972)			$	186,489
Other Assets & Liabilities, net - (4.6)%				(8,251	)
Total Net Assets - 100.0%			$	178,238

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

S&P MidCap 400 Index

Receive

0.18% (Federal Funds Rate + 0.10%)

At Maturity

01/27/22

13

$

37,046

$

(107

)

BNP Paribas

S&P MidCap 400 Index

Receive

0.13% (Federal Funds Rate + 0.05%)

At Maturity

01/27/22

29

82,726

(2,192

)

Barclays Bank plc

S&P MidCap 400 Index

Receive

0.25% (U.S. Secured Overnight Financing Rate + 0.20%)

At Maturity

01/26/22

21

60,943

(2,232

)

$

180,715

$

(4,531

)

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Repurchase Agreements — See Note 4.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	96,188	$	—	$	—	$	96,188
Repurchase Agreements		—		90,301		—		90,301
Total Assets	$	96,188	$	90,301	$	—	$	186,489

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	4,531	$	—	$	4,531

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	80,483	$	15,000	$	(45,000	)	$	205	$	(431	)	$	50,257		2,020	$	726
Guggenheim Ultra Short Duration Fund — Institutional Class		81,121		15,000		(50,000	)		120		(310	)		45,931		4,630		453
	$	161,604	$	30,000	$	(95,000	)	$	325	$	(741	)	$	96,188			$	1,179

Inverse NASDAQ-100® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 22.2%
Guggenheim Strategy Fund II1		49,399	$	1,229,056
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		864,713
Total Mutual Funds
(Cost $2,033,556)				2,093,769

	Face Amount
FEDERAL AGENCY NOTES†† - 34.4%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222	$	2,500,000	2,499,712
0.36% (3 Month U.S. Treasury Bill Rate + 0.27%, Rate Floor: 0.00%) due 05/16/222		500,000	500,479
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		240,000	240,329
Total Federal Agency Notes
(Cost $3,239,653)			3,240,520

U.S. GOVERNMENT SECURITIES†† - 21.4%
U.S. Treasury Notes
2.00% due 07/31/22	2,000,000	2,020,547
Total U.S. Government Securities
(Cost $2,021,867)		2,020,547

U.S. TREASURY BILLS†† - 5.3%
U.S. Treasury Bills
0.09% due 06/02/223,4	500,000	499,778
Total U.S. Treasury Bills
(Cost $499,813)		499,778

REPURCHASE AGREEMENTS††,5 - 17.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	$	945,459		945,459
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223		391,013		391,013
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223		355,467		355,467
Total Repurchase Agreements
(Cost $1,691,939)				1,691,939
Total Investments - 101.2%
(Cost $9,486,828)			$	9,546,553
Other Assets & Liabilities, net - (1.2)%				(116,699	)
Total Net Assets - 100.0%			$	9,429,854

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
NASDAQ-100 Index Mini Futures Contracts		1	Mar 2022	$	326,505	$	(6,977	)

Total Return Swap Agreements

Counterparty

Index

Type

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

0.33% (Federal Funds Rate + 0.25%)

At Maturity

01/27/22

47

$

761,753

$

3,925

BNP Paribas

NASDAQ-100 Index

Receive

0.33% (Federal Funds Rate + 0.25%)

At Maturity

01/27/22

224

3,660,297

(28,314

)

Barclays Bank plc

NASDAQ-100 Index

Receive

0.40% (U.S. Secured Overnight Financing Rate + 0.35%)

At Maturity

01/26/22

286

4,673,379

(116,028

)

$

9,095,429

$

(140,417

)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.

Inverse NASDAQ-100® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,093,769	$	—	$	—	$	2,093,769
Federal Agency Notes		—		3,240,520		—		3,240,520
U.S. Government Securities		—		2,020,547		—		2,020,547
U.S. Treasury Bills		—		499,778		—		499,778
Repurchase Agreements		—		1,691,939		—		1,691,939
Equity Index Swap Agreements**		—		3,925		—		3,925
Total Assets	$	2,093,769	$	7,456,709	$	—	$	9,550,478

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	6,977	$	—	$	—	$	6,977
Equity Index Swap Agreements**		—		144,342		—		144,342
Total Liabilities	$	6,977	$	144,342	$	—	$	151,319

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,534,196	$	–	$	(300,000	)	$	4,104	$	(9,244	)	$	1,229,056		49,399	$	15,568
Guggenheim Ultra Short Duration Fund — Institutional Class	$	1,518,853	$	–	$	(650,000	)	$	5,620	$	(9,760	)	$	864,713		87,169	$	9,027
	$	3,053,049	$	–	$	(950,000	)	$	9,724	$	(19,004	)	$	2,093,769			$	24,595

Inverse Russell 2000® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 36.7%
Guggenheim Strategy Fund II1		39,100	$	972,814
Guggenheim Ultra Short Duration Fund — Institutional Class1		97,310		965,314
Total Mutual Funds
(Cost $1,914,222)				1,938,128

	Face Amount
FEDERAL AGENCY NOTES†† - 11.7%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222	$	500,000	499,943
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		120,000	120,164
Total Federal Agency Notes
(Cost $619,942)			620,107

U.S. TREASURY BILLS†† - 1.9%
U.S. Treasury Bills
0.09% due 06/02/223,4	100,000	99,956
Total U.S. Treasury Bills
(Cost $99,962)		99,956

REPURCHASE AGREEMENTS††,5 - 52.2%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	1,537,434		1,537,434
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	635,837		635,837
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	578,033		578,033
Total Repurchase Agreements
(Cost $2,751,304)			2,751,304
Total Investments - 102.5%
(Cost $5,385,430)		$	5,409,495
Other Assets & Liabilities, net - (2.5)%			(134,509	)
Total Net Assets - 100.0%		$	5,274,986

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

Russell 2000 Index

Pay

(0.45)% (U.S. Secured Overnight Financing Rate - 0.50%)

At Maturity

01/26/22

236

$

529,167

$

(20,189

)

BNP Paribas

Russell 2000 Index

Pay

(0.12)% (Federal Funds Rate - 0.20%)

At Maturity

01/27/22

467

1,048,290

(23,393

)

Goldman Sachs International

Russell 2000 Index

Receive

0.03% (Federal Funds Rate - 0.05%)

At Maturity

01/27/22

1,641

3,683,549

(75,995

)

$

5,261,006

$

(119,577

)

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.

plc — Public Limited Company

See Sector Classification in Other Information section.

Inverse Russell 2000® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,938,128	$	—	$	—	$	1,938,128
Federal Agency Notes		—		620,107		—		620,107
U.S. Treasury Bills		—		99,956		—		99,956
Repurchase Agreements		—		2,751,304		—		2,751,304
Total Assets	$	1,938,128	$	3,471,367	$	—	$	5,409,495

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	119,577	$	—	$	119,577

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,277,205	$	–	$	(300,000	)	$	1,681		$	(6,072	)	$	972,814		39,100	$	13,113
Guggenheim Ultra Short Duration Fund — Institutional Class		1,269,811		–		(300,000	)		(313	)		(4,184	)		965,314		97,310		8,169
	$	2,547,016	$	–	$	(600,000	)	$	1,368		$	(10,256	)	$	1,938,128			$	21,282

Inverse S&P 500® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 31.6%
Guggenheim Strategy Fund II1		262,625	$	6,534,113
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,235,743
Total Mutual Funds
(Cost $10,738,042)				10,769,856

	Face Amount
FEDERAL AGENCY NOTES†† - 53.0%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	4,500,000	4,503,326
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		3,040,000	3,044,165
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		3,000,000	3,002,328
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222		1,500,000	1,499,827
0.07% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/222		1,000,000	999,763
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222		5,000,000	5,002,200
Total Federal Agency Notes
(Cost $18,040,129)			18,051,609

U.S. TREASURY BILLS†† - 0.9%
U.S. Treasury Bills
0.09% due 06/02/223,4	300,000	299,867
Total U.S. Treasury Bills
(Cost $299,887)		299,867

REPURCHASE AGREEMENTS††,5 - 16.3%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	3,095,707		3,095,707
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	1,280,292		1,280,292
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	1,163,902		1,163,902
Total Repurchase Agreements
(Cost $5,539,901)			5,539,901
Total Investments - 101.8%
(Cost $34,617,959)		$	34,661,233
Other Assets & Liabilities, net - (1.8)%			(628,087	)
Total Net Assets - 100.0%		$	34,033,146

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
S&P 500 Index Mini Futures Contracts		1	Mar 2022	$	237,975	$	(4,986	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

S&P 500 Index

Receive

0.28% (Federal Funds Rate + 0.20%)

At Maturity

01/27/22

375

$

1,788,123

$

(21,131

)

Barclays Bank plc

S&P 500 Index

Receive

0.35% (U.S. Secured Overnight Financing Rate + 0.30%)

At Maturity

01/26/22

465

2,215,115

(61,389

)

Goldman Sachs International

S&P 500 Index

Receive

0.43% (Federal Funds Rate + 0.35%)

At Maturity

01/27/22

6,258

29,825,617

(352,502

)

$

33,828,855

$

(435,022

)

Inverse S&P 500® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,769,856	$	—	$	—	$	10,769,856
Federal Agency Notes		—		18,051,609		—		18,051,609
U.S. Treasury Bills		—		299,867		—		299,867
Repurchase Agreements		—		5,539,901		—		5,539,901
Total Assets	$	10,769,856	$	23,891,377	$	—	$	34,661,233

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	4,986	$	—	$	—	$	4,986
Equity Index Swap Agreements**		—		435,022		—		435,022
Total Liabilities	$	4,986	$	435,022	$	—	$	440,008

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,060,175	$	–	$	(500,000	)	$	3,802	$	(29,864	)	$	6,534,113		262,625	$	72,864
Guggenheim Ultra Short Duration Fund — Institutional Class	$	5,253,327	$	–	$	(1,000,000	)	$	3,348	$	(20,932	)	$	4,235,743		426,990	$	32,420
	$	12,313,502	$	–	$	(1,500,000	)	$	7,150	$	(50,796	)	$	10,769,856			$	105,284

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 16.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		14,448	$	143,325
Guggenheim Strategy Fund II1		5,636		140,218
Total Mutual Funds
(Cost $283,661)				283,543

	Face Amount
U.S. TREASURY BILLS†† - 13.5%
U.S. Treasury Bills
0.04% due 01/06/222,3	$	238,000	238,000
Total U.S. Treasury Bills
(Cost $237,999)			238,000

FEDERAL AGENCY NOTES†† - 11.3%
Federal Farm Credit Bank
0.48% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/224	100,000	100,078
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/224	100,000	100,074
Total Federal Agency Notes
(Cost $200,000)		200,152

REPURCHASE AGREEMENTS††,5 - 54.5%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	537,319		537,319
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22	222,219		222,219
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22	202,017		202,017
Total Repurchase Agreements
(Cost $961,555)			961,555
Total Investments - 95.4%
(Cost $1,683,215)		$	1,683,250
Other Assets & Liabilities, net - 4.6%			80,511
Total Net Assets - 100.0%		$	1,763,761

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		24	Mar 2022	$	3,463,800	$	2,220
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		32	Mar 2022		3,477,200		(35,900	)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at December 31, 2021.
3	Rate indicated is the effective yield at the time of purchase.
4	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
5	Repurchase Agreements — See Note 4.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	283,543	$	—	$	—	$	283,543
U.S. Treasury Bills		—		238,000		—		238,000
Federal Agency Notes		—		200,152		—		200,152
Repurchase Agreements		—		961,555		—		961,555
Equity Futures Contracts**		2,220		—		—		2,220
Total Assets	$	285,763	$	1,399,707	$	—	$	1,685,470

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	35,900	$	—	$	—	$	35,900

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	140,782	$	–	$	–	$	–	$	(564	)	$	140,218		5,636	$	1,519
Guggenheim Ultra Short Duration Fund — Institutional Class		143,902		–		–		–		(577	)		143,325		14,448		964
	$	284,684	$	–	$	–	$	–	$	(1,141	)	$	283,543			$	2,483

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.8%
Media - 19.0%
Walt Disney Co.*		3,181	$	492,705
Comcast Corp. — Class A		8,944		450,152
Charter Communications, Inc. — Class A*		527		343,588
Liberty Broadband Corp. — Class C*		991		159,650
Fox Corp. — Class A		3,576		131,955
ViacomCBS, Inc. — Class B		4,283		129,261
DISH Network Corp. — Class A*		3,700		120,028
Discovery, Inc. — Class A*,1		4,935		116,170
News Corp. — Class A		4,749		105,950
Cable One, Inc.		57		100,517
New York Times Co. — Class A		1,767		85,346
Altice USA, Inc. — Class A*		4,952		80,123
Nexstar Media Group, Inc. — Class A		488		73,678
TEGNA, Inc.		3,144		58,353
World Wrestling Entertainment, Inc. — Class A		1,141		56,297
Total Media				2,503,773
Retail - 17.1%
McDonald's Corp.		1,542		413,364
Starbucks Corp.		2,952		345,295
Chipotle Mexican Grill, Inc. — Class A*		117		204,545
Yum! Brands, Inc.		1,359		188,711
Yum China Holdings, Inc.		2,815		140,300
Domino's Pizza, Inc.		242		136,568
Darden Restaurants, Inc.		860		129,550
Restaurant Brands International, Inc.		1,572		95,389
Texas Roadhouse, Inc. — Class A		839		74,906
Wendy's Co.		2,873		68,521
Wingstop, Inc.		389		67,219
Papa John's International, Inc.		481		64,199
Jack in the Box, Inc.		688		60,186
Cracker Barrel Old Country Store, Inc.		398		51,199
Shake Shack, Inc. — Class A*		700		50,512
Dave & Buster's Entertainment, Inc.*		1,102		42,317
Cheesecake Factory, Inc.*		1,079		42,243
Bloomin' Brands, Inc.*		1,985		41,645
Brinker International, Inc.*		1,025		37,505
Total Retail				2,254,174
Internet - 14.8%
Netflix, Inc.*		797		480,145
Airbnb, Inc. — Class A*		1,838		306,009
Booking Holdings, Inc.*		127		304,702
Sea Ltd. ADR*		1,124		251,450
Roku, Inc.*		749		170,922
Expedia Group, Inc.*		916		165,539
Spotify Technology S.A.*		646		151,183
Trip.com Group Ltd. ADR*		4,977		122,534
Total Internet				1,952,484
Entertainment - 11.2%
Live Nation Entertainment, Inc.*		1,345		160,983
Warner Music Group Corp. — Class A		3,162		136,535
Caesars Entertainment, Inc.*		1,428		133,561
Vail Resorts, Inc.		341		111,814
AMC Entertainment Holdings, Inc. — Class A*,1		4,108		111,738
DraftKings, Inc. — Class A*		3,432		94,277
Churchill Downs, Inc.		385		92,746
Penn National Gaming, Inc.*		1,774		91,982
Marriott Vacations Worldwide Corp.		500		84,490
Red Rock Resorts, Inc. — Class A		1,414		77,784
Scientific Games Corp. — Class A*		1,133		75,718
International Game Technology plc		2,592		74,935
SeaWorld Entertainment, Inc.*		1,048		67,973
Madison Square Garden Sports Corp. — Class A*		355		61,674
Six Flags Entertainment Corp.*		1,358		57,824
Cinemark Holdings, Inc.*		2,448		39,462
Total Entertainment				1,473,496
Lodging - 10.0%
Marriott International, Inc. — Class A*		1,366		225,718
Hilton Worldwide Holdings, Inc.*		1,302		203,099
Las Vegas Sands Corp.*		4,197		157,975
MGM Resorts International		3,056		137,153
Hyatt Hotels Corp. — Class A*		1,069		102,517
Wynn Resorts Ltd.*		1,086		92,354
Wyndham Hotels & Resorts, Inc.		1,006		90,188
Choice Hotels International, Inc.		576		89,850
Boyd Gaming Corp.*		1,239		81,241
Hilton Grand Vacations, Inc.*		1,501		78,217
Travel + Leisure Co.		1,238		68,424
Total Lodging				1,326,736
Software - 7.9%
ROBLOX Corp. — Class A*		2,316		238,918
Activision Blizzard, Inc.		3,239		215,491
Electronic Arts, Inc.		1,351		178,197
NetEase, Inc. ADR		1,480		150,634
Take-Two Interactive Software, Inc.*		747		132,757
Bilibili, Inc. ADR*		2,617		121,429
Total Software				1,037,426
Leisure Time - 7.5%
Norwegian Cruise Line Holdings Ltd.*		7,816		162,104
Carnival Corp.*		7,259		146,051
Royal Caribbean Cruises Ltd.*		1,756		135,036
Peloton Interactive, Inc. — Class A*		2,636		94,263
Planet Fitness, Inc. — Class A*		958		86,776
Brunswick Corp.		803		80,886
YETI Holdings, Inc.*		908		75,210
Polaris, Inc.		673		73,970
Harley-Davidson, Inc.		1,858		70,028
Callaway Golf Co.*		2,423		66,487
Total Leisure Time				990,811

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Agriculture - 5.4%
Philip Morris International, Inc.		3,725	$	353,875
Altria Group, Inc.		5,745		272,256
British American Tobacco plc ADR		2,410		90,158
Total Agriculture				716,289
Beverages - 4.8%
Constellation Brands, Inc. — Class A		806		202,282
Brown-Forman Corp. — Class B		2,344		170,784
Molson Coors Beverage Co. — Class B		2,042		94,646
Anheuser-Busch InBev S.A. ADR1		1,533		92,823
Boston Beer Company, Inc. — Class A*		139		70,209
Total Beverages				630,744
Toys, Games & Hobbies - 1.4%
Hasbro, Inc.		1,065		108,396
Mattel, Inc.*		3,749		80,828
Total Toys, Games & Hobbies				189,224
Food Service - 0.7%
Aramark		2,509		92,457
Total Common Stocks
(Cost $8,083,483)				13,167,614

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	31,317	31,317
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		12,952	12,952
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		11,774	11,774
Total Repurchase Agreements
(Cost $56,043)			56,043

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		215,310		215,310
Total Securities Lending Collateral
(Cost $215,310)				215,310
Total Investments - 101.8%
(Cost $8,354,836)			$	13,438,967
Other Assets & Liabilities, net - (1.8)%				(234,315	)
Total Net Assets - 100.0%			$	13,204,652

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,167,614	$	—	$	—	$	13,167,614
Repurchase Agreements		—		56,043		—		56,043
Securities Lending Collateral		215,310		—		—		215,310
Total Assets	$	13,382,924	$	56,043	$	—	$	13,438,967

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 89.6%
Financial - 19.7%
Citigroup, Inc.		2,380	$	143,728
Raymond James Financial, Inc.		1,376		138,150
Safety Insurance Group, Inc.		1,532		130,266
Enstar Group Ltd.*		521		128,994
Old Republic International Corp.1		5,154		126,685
Mercury General Corp.1		2,318		122,993
Stewart Information Services Corp.1		1,418		113,057
National Bank Holdings Corp. — Class A		2,496		109,674
Arch Capital Group Ltd.*		2,355		104,680
Preferred Bank/Los Angeles CA		1,413		101,439
AMERISAFE, Inc.1		1,854		99,801
Ameris Bancorp		1,971		97,919
Travelers Companies, Inc.1		609		95,266
Piper Sandler Cos.		532		94,967
Evercore, Inc. — Class A		663		90,069
LXP Industrial Trust REIT		5,711		89,206
United Bankshares, Inc.		2,232		80,977
PS Business Parks, Inc. REIT		419		77,167
BankUnited, Inc.		1,815		76,793
Hanover Insurance Group, Inc.		582		76,277
Interactive Brokers Group, Inc. — Class A		941		74,734
Omega Healthcare Investors, Inc. REIT		2,512		74,330
MGIC Investment Corp.		4,958		71,494
First American Financial Corp.		877		68,608
Radian Group, Inc.		3,221		68,060
HomeStreet, Inc.		1,287		66,924
Essent Group Ltd.		1,436		65,381
Everest Re Group Ltd.		231		63,276
Synchrony Financial1		1,257		58,312
Markel Corp.*		45		55,530
OneMain Holdings, Inc.		1,040		52,042
ServisFirst Bancshares, Inc.		570		48,416
Fidelity National Financial, Inc.		875		45,657
Aflac, Inc.1		779		45,486
National Retail Properties, Inc. REIT		945		45,426
Capital One Financial Corp.		303		43,962
Hilltop Holdings, Inc.		1,251		43,960
National Health Investors, Inc. REIT		760		43,677
Janus Henderson Group plc		999		41,898
LTC Properties, Inc. REIT		1,225		41,822
Western Union Co.		2,334		41,639
Discover Financial Services		353		40,793
Affiliated Managers Group, Inc.		243		39,976
Meta Financial Group, Inc.		662		39,495
Washington Federal, Inc.		1,073		35,817
SEI Investments Co.		533		32,481
Visa, Inc. — Class A		136		29,473
Allstate Corp.1		243		28,589
Brown & Brown, Inc.		401		28,182
T. Rowe Price Group, Inc.		138		27,136
JPMorgan Chase & Co.		170		26,920
Berkshire Hathaway, Inc. — Class B*,1		90		26,910
Douglas Elliman, Inc.*		1,367		15,720
Total Financial				3,630,234
Industrial - 15.1%
Knowles Corp.*		6,071		141,758
Garmin Ltd.		1,013		137,940
Keysight Technologies, Inc.*		640		132,166
Packaging Corporation of America		877		119,404
3M Co.1		590		104,802
Toro Co.1		1,018		101,709
Sanmina Corp.*		2,312		95,856
General Dynamics Corp.		432		90,059
MDU Resources Group, Inc.1		2,871		88,541
Snap-on, Inc.1		404		87,013
Mueller Industries, Inc.		1,440		85,478
Donaldson Company, Inc.1		1,435		85,038
Huntington Ingalls Industries, Inc.		447		83,473
Encore Wire Corp.		560		80,136
Emerson Electric Co.		855		79,490
Worthington Industries, Inc.1		1,400		76,524
Vishay Intertechnology, Inc.1		3,492		76,370
Sturm Ruger & Company, Inc.		1,095		74,482
OSI Systems, Inc.*,1		767		71,484
Oshkosh Corp.1		604		68,077
Crane Co.		667		67,854
Eagle Materials, Inc.		406		67,583
Owens Corning		708		64,074
Textron, Inc.		822		63,458
Hillenbrand, Inc.1		1,149		59,737
TTM Technologies, Inc.*		3,788		56,441
Graco, Inc.		684		55,144
Louisiana-Pacific Corp.		642		50,301
Vontier Corp.		1,624		49,906
Boise Cascade Co.1		697		49,626
Lockheed Martin Corp.1		122		43,360
Albany International Corp. — Class A		451		39,891
UFP Industries, Inc.		368		33,860
Atkore, Inc.*		298		33,135
Pentair plc		408		29,796
Dorian LPG Ltd.		2,261		28,692
Simpson Manufacturing Company, Inc.		204		28,370
Agilent Technologies, Inc.		176		28,098
Insteel Industries, Inc.		693		27,588
Watts Water Technologies, Inc. — Class A		142		27,572
Total Industrial				2,784,286
Consumer, Non-cyclical - 14.5%
Johnson & Johnson1		968		165,596
Amgen, Inc.1		642		144,431
Bristol-Myers Squibb Co.1		2,301		143,467
Gilead Sciences, Inc.1		1,937		140,645
John B Sanfilippo & Son, Inc.		1,416		127,667
AbbVie, Inc.1		760		102,904
Quest Diagnostics, Inc.		561		97,059
Innoviva, Inc.*		5,432		93,702
Hologic, Inc.*,1		1,042		79,776
Regeneron Pharmaceuticals, Inc.*,1		112		70,730

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 89.6% (continued)
Consumer, Non-cyclical - 14.5% (continued)
Philip Morris International, Inc.1		743	$	70,585
Perdoceo Education Corp.*		5,919		69,607
Prestige Consumer Healthcare, Inc.*		1,128		68,413
Merck & Company, Inc.1		887		67,980
Baxter International, Inc.1		780		66,955
Waters Corp.*		179		66,696
Bio-Rad Laboratories, Inc. — Class A*,1		88		66,490
Becton Dickinson and Co.		244		61,361
EVERTEC, Inc.		1,214		60,676
Pfizer, Inc.		987		58,282
Amphastar Pharmaceuticals, Inc.*		2,468		57,480
Incyte Corp.*,1		764		56,078
Eagle Pharmaceuticals, Inc.*		1,087		55,350
USANA Health Sciences, Inc.*		542		54,850
United Therapeutics Corp.*		246		53,156
Tyson Foods, Inc. — Class A		606		52,819
Vertex Pharmaceuticals, Inc.*		237		52,045
Molson Coors Beverage Co. — Class B1		989		45,840
Laboratory Corporation of America Holdings*		141		44,303
PerkinElmer, Inc.		215		43,228
Edwards Lifesciences Corp.*		324		41,974
Royalty Pharma plc — Class A		1,047		41,723
Archer-Daniels-Midland Co.		611		41,298
Vanda Pharmaceuticals, Inc.*		2,605		40,872
Thermo Fisher Scientific, Inc.		58		38,700
Vector Group Ltd.		2,734		31,386
Coherus Biosciences, Inc.*,1		1,862		29,718
Zoetis, Inc.		120		29,284
Abbott Laboratories1		203		28,570
Total Consumer, Non-cyclical				2,661,696
Consumer, Cyclical - 12.7%
LKQ Corp.		2,394		143,712
O'Reilly Automotive, Inc.*,1		200		141,246
AutoZone, Inc.*,1		67		140,458
Gentex Corp.1		3,950		137,658
Cummins, Inc.1		475		103,616
Target Corp.		445		102,991
NVR, Inc.*		17		100,451
Home Depot, Inc.1		232		96,282
Choice Hotels International, Inc.		575		89,694
Whirlpool Corp.		363		85,182
Brunswick Corp.1		763		76,857
Acushnet Holdings Corp.		1,237		65,660
Dolby Laboratories, Inc. — Class A		683		65,035
Lennar Corp. — Class A		510		59,242
Allison Transmission Holdings, Inc.1		1,596		58,015
Buckle, Inc.		1,349		57,076
Zumiez, Inc.*		1,178		56,532
Autoliv, Inc.		545		56,358
AutoNation, Inc.*,1		482		56,322
Polaris, Inc.		496		54,515
Ethan Allen Interiors, Inc.		1,980		52,054
Gentherm, Inc.*,1		557		48,403
Dick's Sporting Goods, Inc.		411		47,261
Tapestry, Inc.		1,163		47,218
PulteGroup, Inc.		784		44,813
Foot Locker, Inc.		896		39,093
Tri Pointe Homes, Inc.*		1,394		38,879
Carter's, Inc.		375		37,957
Methode Electronics, Inc.		756		37,173
BorgWarner, Inc.		803		36,191
MarineMax, Inc.*		611		36,074
Ralph Lauren Corp. — Class A		293		34,826
Jack in the Box, Inc.		382		33,417
MSC Industrial Direct Company, Inc. — Class A1		354		29,757
Tesla, Inc.*		23		24,306
Total Consumer, Cyclical				2,334,324
Utilities - 8.1%
PPL Corp.		4,574		137,495
National Fuel Gas Co.1		2,137		136,640
UGI Corp.1		2,975		136,582
IDACORP, Inc.1		1,201		136,085
Chesapeake Utilities Corp.1		931		135,749
Portland General Electric Co.		2,558		135,369
MGE Energy, Inc.1		1,615		132,834
WEC Energy Group, Inc.1		1,288		125,026
Southern Co.1		1,620		111,100
American States Water Co.1		893		92,372
CMS Energy Corp.1		1,319		85,801
California Water Service Group		555		39,882
Sempra Energy1		287		37,964
Essential Utilities, Inc.		514		27,597
NextEra Energy, Inc.		290		27,074
Total Utilities				1,497,570
Communications - 8.0%
Alphabet, Inc. — Class C*,1		71		205,445
Cisco Systems, Inc.1		2,503		158,615
Omnicom Group, Inc.1		1,835		134,451
Viavi Solutions, Inc.*,1		7,428		130,881
Verizon Communications, Inc.1		2,297		119,352
Amazon.com, Inc.*,1		26		86,693
Juniper Networks, Inc.1		1,606		57,350
Meta Platforms, Inc. — Class A*,1		166		55,834
InterDigital, Inc.		766		54,869
VeriSign, Inc.*,1		205		52,033
Motorola Solutions, Inc.		188		51,080
Nexstar Media Group, Inc. — Class A		313		47,257
T-Mobile US, Inc.*		407		47,204
Telephone & Data Systems, Inc.1		2,299		46,325
Cogent Communications Holdings, Inc.		617		45,152
Shenandoah Telecommunications Co.		1,707		43,528
Yelp, Inc. — Class A*,1		1,017		36,856
F5, Inc.*		144		35,238
eBay, Inc.		478		31,787
FactSet Research Systems, Inc.		56		27,216
Total Communications				1,467,166
Technology - 7.8%
Microsoft Corp.1		789		265,364
Apple, Inc.1		1,001		177,747

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 89.6% (continued)
Technology - 7.8% (continued)
CSG Systems International, Inc.		2,367	$	136,386
International Business Machines Corp.		698		93,295
Texas Instruments, Inc.1		473		89,146
NetApp, Inc.		688		63,289
Rambus, Inc.*,1		1,962		57,663
Intel Corp.1		1,070		55,105
Progress Software Corp.		977		47,160
Cirrus Logic, Inc.*		498		45,826
HP, Inc.1		1,071		40,345
ExlService Holdings, Inc.*		270		39,088
Xperi Holding Corp.		2,017		38,141
SS&C Technologies Holdings, Inc.		421		34,514
NetScout Systems, Inc.*		950		31,426
Micron Technology, Inc.		323		30,088
Qorvo, Inc.*		189		29,558
Lumentum Holdings, Inc.*		274		28,981
Broadcom, Inc.1		42		27,947
QUALCOMM, Inc.		152		27,796
Cognizant Technology Solutions Corp. — Class A		312		27,681
Accenture plc — Class A		66		27,360
CommVault Systems, Inc.*		395		27,223
Total Technology				1,441,129
Basic Materials - 3.2%
LyondellBasell Industries N.V. — Class A		1,102		101,638
Celanese Corp. — Class A		603		101,340
Westlake Chemical Corp.		990		96,159
Dow, Inc.		1,472		83,492
Nucor Corp.		414		47,258
Valvoline, Inc.		1,260		46,985
Southern Copper Corp.		686		42,333
Steel Dynamics, Inc.		654		40,594
Newmont Corp.		446		27,661
Total Basic Materials				587,460
Energy - 0.5%
Equitrans Midstream Corp.		2,676		27,670
Antero Midstream Corp.1		2,812		27,220
Kinder Morgan, Inc.		1,696		26,899
Total Energy				81,789
Total Common Stocks
(Cost $14,490,155)				16,485,654

MONEY MARKET FUND† - 3.3%
Invesco Short-Term Investments Trust - Treasury Obligations Portfolio, — Institutional Class 0.00%2	610,339		610,339
Total Money Market Fund
(Cost $610,339)			610,339
Total Investments - 92.9%
(Cost $15,100,494)		$	17,095,993
Other Assets & Liabilities, net - 7.1%			1,315,256
Total Net Assets - 100.0%		$	18,411,249

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Pay	0.48% (Federal Funds Rate + 0.40%)	At Maturity	03/27/24	$	8,559,493	$	753,257
Goldman Sachs International	GS Equity Custom Basket	Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24		8,559,481		751,645
						$	17,118,974	$	1,504,902
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Pay	(0.22)% (Federal Funds Rate - 0.30%)	At Maturity	03/27/24	$	7,956,273	$	(154,875	)
Goldman Sachs International	GS Equity Custom Basket	Pay	(0.12)% (Federal Funds Rate - 0.20%)	At Maturity	05/06/24		7,957,800		(158,756	)
						$	15,914,073	$	(313,631	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

GS EQUITY LONG CUSTOM BASKET
	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Financial
Stewart Information Services Corp.		738		0.67	%	$	12,543
Piper Sandler Cos.		277		0.58	%		8,485
Raymond James Financial, Inc.		717		0.84	%		7,043
Interactive Brokers Group, Inc. — Class A		489		0.45	%		6,926
Synchrony Financial		654		0.35	%		5,385
Berkshire Hathaway, Inc. — Class B		47		0.16	%		5,117
Arch Capital Group Ltd.		1,225		0.64	%		4,771
Travelers Companies, Inc.		316		0.58	%		4,595
Enstar Group Ltd.		271		0.78	%		4,573
Safety Insurance Group, Inc.		797		0.79	%		3,988
First American Financial Corp.		456		0.42	%		3,591
Allstate Corp.		126		0.17	%		3,070
Preferred Bank/Los Angeles CA		735		0.62	%		3,044
Douglas Elliman, Inc.		439		0.06	%		2,489
LXP Industrial Trust		2,972		0.54	%		2,148
Omega Healthcare Investors, Inc.		1,307		0.45	%		2,059
Everest Re Group Ltd.		120		0.38	%		1,984
Fidelity National Financial, Inc.		455		0.28	%		1,844
HomeStreet, Inc.		669		0.41	%		1,803
Aflac, Inc.		405		0.28	%		1,745
United Bankshares, Inc.		1,161		0.49	%		1,693
Brown & Brown, Inc.		209		0.17	%		1,496
Citigroup, Inc.		1,238		0.87	%		1,363
PS Business Parks, Inc.		218		0.47	%		1,322
Visa, Inc. — Class A		71		0.18	%		1,285
National Bank Holdings Corp. — Class A		1,298		0.67	%		1,157
Janus Henderson Group plc		519		0.25	%		1,149
National Retail Properties, Inc.		491		0.28	%		1,017
ServisFirst Bancshares, Inc.		297		0.29	%		886
LTC Properties, Inc.		637		0.25	%		684
Washington Federal, Inc.		558		0.22	%		525
Markel Corp.		23		0.33	%		389
Affiliated Managers Group, Inc.		126		0.24	%		312
JPMorgan Chase & Co.		88		0.16	%		187
Western Union Co.		1,215		0.25	%		(41	)
National Health Investors, Inc.		395		0.27	%		(217	)
BankUnited, Inc.		944		0.47	%		(891	)
SEI Investments Co.		277		0.20	%		(900	)
T. Rowe Price Group, Inc.		71		0.16	%		(986	)
MGIC Investment Corp.		2,580		0.43	%		(995	)
Essent Group Ltd.		747		0.40	%		(1,015	)
Evercore, Inc. — Class A		345		0.55	%		(1,169	)
Meta Financial Group, Inc.		344		0.24	%		(1,216	)
Discover Financial Services		184		0.25	%		(1,358	)
Ameris Bancorp		1,025		0.59	%		(1,545	)
Hilltop Holdings, Inc.		651		0.27	%		(1,823	)
Hanover Insurance Group, Inc.		303		0.46	%		(1,948	)
Radian Group, Inc.		1,676		0.41	%		(2,288	)
Old Republic International Corp.		2,682		0.77	%		(2,668	)
Capital One Financial Corp.		157		0.27	%		(2,694	)
OneMain Holdings, Inc.		541		0.32	%		(3,561	)
AMERISAFE, Inc.		964		0.61	%		(3,759	)
Mercury General Corp.		1,206		0.75	%		(6,484	)
Total Financial							65,110
Consumer, Non-cyclical
Quest Diagnostics, Inc.		292		0.59	%		11,791
United Therapeutics Corp.		128		0.32	%		9,756
Pfizer, Inc.		514		0.35	%		8,148
Innoviva, Inc.		2,827		0.57	%		7,872
Johnson & Johnson		504		1.01	%		7,699
Waters Corp.		93		0.40	%		7,286
AbbVie, Inc.		395		0.62	%		7,170
Prestige Consumer Healthcare, Inc.		587		0.42	%		7,076
PerkinElmer, Inc.		112		0.26	%		6,130
Eagle Pharmaceuticals, Inc.		565		0.34	%		4,656
Amgen, Inc.		334		0.88	%		4,525
Abbott Laboratories		105		0.17	%		4,465
Gilead Sciences, Inc.		1,008		0.86	%		4,134
Molson Coors Beverage Co. — Class B		515		0.28	%		4,061
Amphastar Pharmaceuticals, Inc.		1,284		0.35	%		3,908
Zoetis, Inc.		62		0.18	%		3,769
Regeneron Pharmaceuticals, Inc.		58		0.43	%		3,690
Vertex Pharmaceuticals, Inc.		123		0.32	%		3,350
Perdoceo Education Corp.		3,080		0.42	%		3,064
Hologic, Inc.		542		0.48	%		2,937
Bio-Rad Laboratories, Inc. — Class A		46		0.41	%		2,849
John B Sanfilippo & Son, Inc.		737		0.78	%		2,732
Laboratory Corporation of America Holdings		73		0.27	%		2,485
EVERTEC, Inc.		631		0.37	%		2,360
Vector Group Ltd.		878		0.12	%		2,352
Baxter International, Inc.		406		0.41	%		2,271
Coherus Biosciences, Inc.		969		0.18	%		1,831
Edwards Lifesciences Corp.		169		0.26	%		1,663
Merck & Company, Inc.		462		0.41	%		822
USANA Health Sciences, Inc.		282		0.33	%		725
Royalty Pharma plc — Class A		545		0.25	%		663
Archer-Daniels-Midland Co.		318		0.25	%		584
Tyson Foods, Inc. — Class A		315		0.32	%		371
Thermo Fisher Scientific, Inc.		30		0.23	%		356
Philip Morris International, Inc.		387		0.43	%		(109	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Bristol-Myers Squibb Co.		1,197		0.87	%	$	(647	)
Becton Dickinson and Co.		127		0.37	%		(875	)
Vanda Pharmaceuticals, Inc.		1,355		0.25	%		(1,365	)
Incyte Corp.		398		0.34	%		(2,450	)
Total Consumer, Non-cyclical							132,105
Consumer, Cyclical
AutoZone, Inc.		35		0.86	%		24,825
Gentherm, Inc.		290		0.29	%		13,452
Home Depot, Inc.		121		0.59	%		10,141
AutoNation, Inc.		251		0.34	%		9,982
O'Reilly Automotive, Inc.		104		0.86	%		9,736
NVR, Inc.		9		0.62	%		7,989
Gentex Corp.		2,055		0.84	%		6,831
Brunswick Corp.		397		0.47	%		5,739
LKQ Corp.		1,246		0.87	%		4,594
PulteGroup, Inc.		408		0.27	%		3,862
Autoliv, Inc.		283		0.34	%		3,681
Zumiez, Inc.		613		0.34	%		3,603
Tri Pointe Homes, Inc.		725		0.24	%		3,597
Choice Hotels International, Inc.		299		0.54	%		3,049
MarineMax, Inc.		318		0.22	%		2,972
Dick's Sporting Goods, Inc.		214		0.29	%		2,817
Lennar Corp. — Class A		265		0.36	%		2,575
Methode Electronics, Inc.		393		0.23	%		2,505
Ethan Allen Interiors, Inc.		1,030		0.32	%		2,198
MSC Industrial Direct Company, Inc. — Class A		184		0.18	%		1,914
Acushnet Holdings Corp.		643		0.40	%		1,817
Dolby Laboratories, Inc. — Class A		355		0.39	%		1,632
Buckle, Inc.		702		0.35	%		1,522
Whirlpool Corp.		189		0.52	%		1,504
Cummins, Inc.		247		0.63	%		1,272
Target Corp.		231		0.62	%		956
BorgWarner, Inc.		418		0.22	%		444
Ralph Lauren Corp. — Class A		152		0.21	%		359
Carter's, Inc.		195		0.23	%		(35	)
Tesla, Inc.		12		0.15	%		(76	)
Tapestry, Inc.		605		0.29	%		(476	)
Allison Transmission Holdings, Inc.		830		0.35	%		(949	)
Polaris, Inc.		258		0.33	%		(2,836	)
Jack in the Box, Inc.		156		0.16	%		(3,235	)
Foot Locker, Inc.		466		0.24	%		(4,528	)
Total Consumer, Cyclical							123,433
Communications
Alphabet, Inc. — Class C		37		1.25	%		27,951
Cisco Systems, Inc.		1,302		0.96	%		16,925
Amazon.com, Inc.		13		0.51	%		12,942
Viavi Solutions, Inc.		3,865		0.80	%		11,524
Juniper Networks, Inc.		836		0.35	%		10,985
Meta Platforms, Inc. — Class A		86		0.34	%		10,556
VeriSign, Inc.		106		0.31	%		4,430
F5, Inc.		75		0.21	%		3,961
Motorola Solutions, Inc.		97		0.31	%		2,520
FactSet Research Systems, Inc.		29		0.16	%		1,009
InterDigital, Inc.		398		0.33	%		861
eBay, Inc.		249		0.19	%		606
Nexstar Media Group, Inc. — Class A		163		0.29	%		104
Omnicom Group, Inc.		955		0.82	%		(102	)
Shenandoah Telecommunications Co.		888		0.26	%		(657	)
Yelp, Inc. — Class A		529		0.22	%		(801	)
Cogent Communications Holdings, Inc.		321		0.27	%		(819	)
Telephone & Data Systems, Inc.		1,196		0.28	%		(1,430	)
T-Mobile US, Inc.		211		0.29	%		(1,540	)
Verizon Communications, Inc.		1,195		0.73	%		(2,555	)
Total Communications							96,470
Energy
Equitrans Midstream Corp.		1,392		0.17	%		2,113
Kinder Morgan, Inc.		882		0.16	%		105
Antero Midstream Corp.		1,463		0.17	%		(1,100	)
Total Energy							1,118
Industrial
Keysight Technologies, Inc.		333		0.80	%		12,508
Knowles Corp.		3,159		0.86	%		9,931
Encore Wire Corp.		291		0.49	%		9,782
Mueller Industries, Inc.		749		0.52	%		9,522
Owens Corning		368		0.39	%		6,489
Oshkosh Corp.		314		0.41	%		6,120
Snap-on, Inc.		210		0.53	%		5,482
Vishay Intertechnology, Inc.		1,817		0.46	%		4,824
Louisiana-Pacific Corp.		334		0.31	%		4,373
Boise Cascade Co.		362		0.30	%		3,984
TTM Technologies, Inc.		1,971		0.34	%		3,687
Eagle Materials, Inc.		211		0.41	%		3,246
Watts Water Technologies, Inc. — Class A		74		0.17	%		3,220
Hillenbrand, Inc.		598		0.36	%		2,809
Sanmina Corp.		1,203		0.58	%		2,420
Albany International Corp. — Class A		235		0.24	%		2,313
Crane Co.		347		0.41	%		2,160
Simpson Manufacturing Company, Inc.		106		0.17	%		1,934
Textron, Inc.		428		0.39	%		1,817
Packaging Corporation of America		456		0.73	%		1,454
UFP Industries, Inc.		191		0.21	%		1,440
Atkore, Inc.		155		0.20	%		1,436
General Dynamics Corp.		225		0.55	%		1,137
Pentair plc		212		0.18	%		1,013
3M Co.		307		0.64	%		951
Lockheed Martin Corp.		63		0.26	%		947
Graco, Inc.		356		0.34	%		621
Insteel Industries, Inc.		360		0.17	%		393
Agilent Technologies, Inc.		91		0.17	%		34
Dorian LPG Ltd.		1,177		0.17	%		(11	)
Emerson Electric Co.		445		0.48	%		(913	)
Donaldson Company, Inc.		746		0.52	%		(926	)
Worthington Industries, Inc.		729		0.47	%		(1,311	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
OSI Systems, Inc.		399		0.43	%	$	(1,536	)
Vontier Corp.		845		0.30	%		(2,141	)
MDU Resources Group, Inc.		1,494		0.54	%		(2,391	)
Toro Co.		530		0.62	%		(2,600	)
Garmin Ltd.		527		0.84	%		(2,704	)
Huntington Ingalls Industries, Inc.		232		0.51	%		(3,841	)
Sturm Ruger & Company, Inc.		569		0.45	%		(4,073	)
Total Industrial							83,600
Utilities
National Fuel Gas Co.		1,112		0.83	%		11,476
Chesapeake Utilities Corp.		484		0.82	%		11,097
American States Water Co.		464		0.56	%		9,824
IDACORP, Inc.		625		0.83	%		9,399
UGI Corp.		1,548		0.83	%		8,211
Southern Co.		843		0.68	%		7,620
MGE Energy, Inc.		840		0.81	%		4,537
Portland General Electric Co.		1,331		0.82	%		4,287
CMS Energy Corp.		686		0.52	%		3,217
California Water Service Group		288		0.24	%		2,611
WEC Energy Group, Inc.		670		0.76	%		2,431
Essential Utilities, Inc.		267		0.17	%		1,677
Sempra Energy		149		0.23	%		1,242
PPL Corp.		2,380		0.84	%		1,023
NextEra Energy, Inc.		151		0.16	%		241
Total Utilities							78,893
Technology
Apple, Inc.		521		1.08	%		50,586
Microsoft Corp.		410		1.61	%		39,442
CSG Systems International, Inc.		1,232		0.83	%		14,038
HP, Inc.		557		0.25	%		11,734
NetApp, Inc.		358		0.38	%		10,384
Rambus, Inc.		1,021		0.35	%		6,830
QUALCOMM, Inc.		79		0.17	%		5,608
Broadcom, Inc.		21		0.16	%		5,448
ExlService Holdings, Inc.		140		0.24	%		4,841
Cirrus Logic, Inc.		259		0.28	%		4,527
Texas Instruments, Inc.		246		0.54	%		4,525
Lumentum Holdings, Inc.		143		0.18	%		3,478
International Business Machines Corp.		363		0.57	%		2,003
Micron Technology, Inc.		168		0.18	%		1,793
Intel Corp.		557		0.34	%		1,088
NetScout Systems, Inc.		494		0.19	%		943
Progress Software Corp.		508		0.29	%		698
Accenture plc — Class A		34		0.16	%		533
Cognizant Technology Solutions Corp. — Class A		162		0.17	%		505
SS&C Technologies Holdings, Inc.		219		0.21	%		290
Xperi Holding Corp.		1,049		0.23	%		(2,058	)
CommVault Systems, Inc.		205		0.17	%		(2,114	)
Qorvo, Inc.		98		0.18	%		(2,967	)
Total Technology							162,155
Basic Materials
Westlake Chemical Corp.		515		0.58	%		2,215
LyondellBasell Industries N.V. — Class A		573		0.62	%		1,961
Dow, Inc.		766		0.51	%		1,680
Southern Copper Corp.		357		0.26	%		1,094
Valvoline, Inc.		655		0.29	%		814
Celanese Corp. — Class A		314		0.62	%		729
Newmont Corp.		232		0.17	%		489
Steel Dynamics, Inc.		340		0.25	%		(96	)
Nucor Corp.		215		0.29	%		(125	)
Total Basic Materials							8,761
Total GS Equity Long Custom Basket						$	751,645

GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Teladoc Health, Inc.	495	(0.57	)%	16,160
Guardant Health, Inc.	419	(0.53	)%	12,084
CoStar Group, Inc.	1,010	(1.00	)%	8,292
ManpowerGroup, Inc.	295	(0.36	)%	5,970
ABM Industries, Inc.	771	(0.40	)%	5,548
Brink's Co.	511	(0.42	)%	4,220
US Foods Holding Corp.	1,556	(0.68	)%	1,857
Nielsen Holdings plc	1,329	(0.34	)%	1,015
ASGN, Inc.	494	(0.77	)%	796
Rollins, Inc.	1,954	(0.84	)%	770
Insperity, Inc.	284	(0.42	)%	480
Sysco Corp.	1,163	(1.15	)%	(1,662	)
TransUnion	425	(0.63	)%	(2,410	)
Bunge Ltd.	464	(0.54	)%	(2,483	)
Booz Allen Hamilton Holding Corp.	542	(0.58	)%	(2,544	)
Equifax, Inc.	157	(0.58	)%	(4,462	)
Dun & Bradstreet Holdings, Inc.	2,930	(0.75	)%	(4,878	)
Verisk Analytics, Inc. — Class A	305	(0.88	)%	(5,284	)
Cintas Corp.	259	(1.44	)%	(5,688	)
Driven Brands Holdings, Inc.	2,402	(1.01	)%	(12,410	)
Total Consumer, Non-cyclical				15,371
Financial
Americold Realty Trust	2,155	(0.89	)%	10,000
JBG SMITH Properties	1,629	(0.59	)%	7,372
Ventas, Inc.	1,295	(0.83	)%	6,347
Park Hotels & Resorts, Inc.	4,624	(1.10	)%	3,655
Lincoln National Corp.	1,149	(0.99	)%	1,223
Welltower, Inc.	1,120	(1.21	)%	806
Ameriprise Financial, Inc.	144	(0.55	)%	463
Safehold, Inc.	1,173	(1.18	)%	(387	)
Wells Fargo & Co.	1,735	(1.05	)%	(755	)
RLJ Lodging Trust	6,211	(1.09	)%	(909	)
American Tower Corp. — Class A	98	(0.36	)%	(1,014	)
DiamondRock Hospitality Co.	5,469	(0.66	)%	(1,177	)
SBA Communications Corp.	113	(0.55	)%	(1,442	)
Apple Hospitality REIT, Inc.	2,767	(0.56	)%	(1,574	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Crown Castle International Corp.		234		(0.61	)%	$	(1,741	)
Digital Realty Trust, Inc.		247		(0.55	)%		(2,209	)
First Horizon Corp.		5,036		(1.03	)%		(2,282	)
Sunstone Hotel Investors, Inc.		7,583		(1.12	)%		(2,298	)
Equinix, Inc.		114		(1.21	)%		(2,426	)
Pebblebrook Hotel Trust		3,549		(1.00	)%		(3,064	)
Xenia Hotels & Resorts, Inc.		3,153		(0.72	)%		(3,248	)
Ryman Hospitality Properties, Inc.		886		(1.02	)%		(4,101	)
Equitable Holdings, Inc.		2,776		(1.14	)%		(4,323	)
Signature Bank		178		(0.72	)%		(4,500	)
Host Hotels & Resorts, Inc.		6,992		(1.53	)%		(5,104	)
Invitation Homes, Inc.		1,294		(0.74	)%		(6,040	)
Outfront Media, Inc.		2,618		(0.88	)%		(6,236	)
Bank of New York Mellon Corp.		1,649		(1.20	)%		(6,491	)
First Republic Bank		295		(0.77	)%		(6,880	)
Western Alliance Bancorporation		849		(1.15	)%		(6,989	)
Apartment Income REIT Corp.		2,400		(1.65	)%		(7,383	)
Northern Trust Corp.		769		(1.16	)%		(7,475	)
State Street Corp.		1,272		(1.49	)%		(7,597	)
Kennedy-Wilson Holdings, Inc.		5,479		(1.64	)%		(8,243	)
Comerica, Inc.		1,600		(1.75	)%		(9,388	)
UDR, Inc.		1,032		(0.78	)%		(10,117	)
Howard Hughes Corp.		783		(1.00	)%		(14,204	)
Sun Communities, Inc.		477		(1.26	)%		(21,581	)
Total Financial							(131,312	)
Technology
Coupa Software, Inc.		192		(0.38	)%		18,556
Avalara, Inc.		132		(0.21	)%		4,427
Leidos Holdings, Inc.		464		(0.52	)%		2,054
Zscaler, Inc.		60		(0.24	)%		(1,015	)
Smartsheet, Inc. — Class A		251		(0.24	)%		(1,119	)
Snowflake, Inc. — Class A		82		(0.35	)%		(1,918	)
Ceridian HCM Holding, Inc.		457		(0.60	)%		(3,800	)
KBR, Inc.		2,201		(1.32	)%		(14,822	)
Total Technology							2,363
Industrial
Stericycle, Inc.		1,428		(1.07	)%		19,889
Boeing Co.		464		(1.17	)%		9,321
US Ecology, Inc.		1,430		(0.57	)%		6,335
TransDigm Group, Inc.		64		(0.51	)%		350
Jacobs Engineering Group, Inc.		994		(1.74	)%		279
General Electric Co.		1		0.00	%		6
CH Robinson Worldwide, Inc.		687		(0.93	)%		(4,224	)
Howmet Aerospace, Inc.		2,223		(0.89	)%		(4,333	)
Waste Management, Inc.		522		(1.09	)%		(15,446	)
Republic Services, Inc. — Class A		731		(1.28	)%		(22,167	)
Tetra Tech, Inc.		357		(0.76	)%		(22,509	)
Casella Waste Systems, Inc. — Class A		1,207		(1.30	)%		(30,972	)
Total Industrial							(63,471	)
Utilities
Entergy Corp.		574		(0.81	)%		(1,330	)
ONE Gas, Inc.		1,795		(1.75	)%		(4,434	)
Atmos Energy Corp.		1,364		(1.80	)%		(5,880	)
Black Hills Corp.		1,327		(1.18	)%		(6,037	)
CenterPoint Energy, Inc.		4,252		(1.49	)%		(7,526	)
OGE Energy Corp.		1,904		(0.92	)%		(7,997	)
Edison International		1,991		(1.71	)%		(20,034	)
Total Utilities							(53,238	)
Consumer, Cyclical
Freshpet, Inc.		395		(0.47	)%		20,919
United Airlines Holdings, Inc.		2,707		(1.49	)%		17,930
Delta Air Lines, Inc.		3,177		(1.56	)%		12,625
Southwest Airlines Co.		769		(0.41	)%		11,580
Spirit Airlines, Inc.		2,245		(0.62	)%		9,920
JetBlue Airways Corp.		1,950		(0.35	)%		8,571
Frontier Group Holdings, Inc.		2,410		(0.41	)%		7,536
Alaska Air Group, Inc.		550		(0.36	)%		7,513
Las Vegas Sands Corp.		775		(0.37	)%		2,523
American Airlines Group, Inc.		5,867		(1.32	)%		732
Royal Caribbean Cruises Ltd.		591		(0.57	)%		(438	)
Wynn Resorts Ltd.		340		(0.36	)%		(1,175	)
Marriott International, Inc. — Class A		327		(0.68	)%		(1,231	)
IAA, Inc.		1,038		(0.66	)%		(2,127	)
Carnival Corp.		2,300		(0.58	)%		(4,225	)
Hilton Worldwide Holdings, Inc.		331		(0.65	)%		(4,930	)
Madison Square Garden Sports Corp. — Class A		560		(1.22	)%		(5,791	)
Copart, Inc.		540		(1.03	)%		(8,578	)
Total Consumer, Cyclical							71,354
Energy
Plug Power, Inc.		605		(0.21	)%		5,891
Valero Energy Corp.		399		(0.38	)%		927
Marathon Petroleum Corp.		506		(0.41	)%		(634	)
Hess Corp.		867		(0.81	)%		(2,100	)
Schlumberger N.V.		3,413		(1.28	)%		(2,164	)
NOV, Inc.		2,722		(0.46	)%		(3,292	)
Patterson-UTI Energy, Inc.		5,761		(0.61	)%		(3,833	)
Pioneer Natural Resources Co.		585		(1.34	)%		(6,030	)
Halliburton Co.		4,745		(1.36	)%		(8,844	)
Total Energy							(20,079	)
Communications
Okta, Inc.		202		(0.57	)%		9,423
Uber Technologies, Inc.		1,557		(0.82	)%		7,300
Airbnb, Inc. — Class A		176		(0.37	)%		4,643
Liberty Broadband Corp. — Class C		311		(0.63	)%		3,028
Walt Disney Co.		177		(0.34	)%		(982	)
Lyft, Inc. — Class A		1,560		(0.84	)%		(3,156	)
Total Communications							20,256
Total GS Equity Short Custom Basket						$	(158,756	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

MS EQUITY LONG CUSTOM BASKET
	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Consumer, Cyclical
AutoZone, Inc.		35		0.84	%	$	24,786
Gentherm, Inc.		290		0.29	%		13,445
Home Depot, Inc.		121		0.59	%		10,366
AutoNation, Inc.		251		0.34	%		10,007
O'Reilly Automotive, Inc.		104		0.86	%		9,684
NVR, Inc.		9		0.62	%		8,330
Gentex Corp.		2,055		0.84	%		6,818
Brunswick Corp.		397		0.47	%		5,694
LKQ Corp.		1,246		0.87	%		4,845
Zumiez, Inc.		613		0.34	%		3,896
PulteGroup, Inc.		408		0.27	%		3,873
Autoliv, Inc.		283		0.34	%		3,698
Tri Pointe Homes, Inc.		725		0.24	%		3,632
Choice Hotels International, Inc.		299		0.54	%		3,045
MarineMax, Inc.		318		0.22	%		2,996
Dick's Sporting Goods, Inc.		214		0.29	%		2,831
Lennar Corp. — Class A		265		0.36	%		2,640
Methode Electronics, Inc.		393		0.23	%		2,508
Ethan Allen Interiors, Inc.		1,030		0.32	%		2,232
MSC Industrial Direct Company, Inc. — Class A		184		0.18	%		1,926
Acushnet Holdings Corp.		643		0.40	%		1,804
Dolby Laboratories, Inc. — Class A		355		0.39	%		1,635
Buckle, Inc.		702		0.35	%		1,564
Whirlpool Corp.		189		0.52	%		1,482
Cummins, Inc.		247		0.63	%		1,265
Target Corp.		231		0.62	%		968
BorgWarner, Inc.		418		0.22	%		388
Ralph Lauren Corp. — Class A		152		0.21	%		363
Tesla, Inc.		12		0.15	%		93
Carter's, Inc.		195		0.23	%		(60	)
Tapestry, Inc.		605		0.29	%		(510	)
Allison Transmission Holdings, Inc.		830		0.35	%		(838	)
Polaris, Inc.		258		0.33	%		(2,896	)
Jack in the Box, Inc.		156		0.16	%		(3,317	)
Foot Locker, Inc.		466		0.24	%		(4,526	)
Total Consumer, Cyclical							124,667
Financial
Stewart Information Services Corp.		738		0.69	%		12,551
Piper Sandler Cos.		277		0.58	%		8,436
Raymond James Financial, Inc.		717		0.84	%		7,121
Interactive Brokers Group, Inc. — Class A		489		0.45	%		6,957
Synchrony Financial		654		0.35	%		5,395
Berkshire Hathaway, Inc. — Class B		47		0.16	%		5,143
Arch Capital Group Ltd.		1,225		0.64	%		4,824
Travelers Companies, Inc.		316		0.58	%		4,254
Safety Insurance Group, Inc.		797		0.79	%		4,052
Enstar Group Ltd.		271		0.78	%		3,681
First American Financial Corp.		456		0.42	%		3,601
Allstate Corp.		126		0.17	%		3,064
Preferred Bank/Los Angeles CA		735		0.62	%		2,960
Douglas Elliman, Inc.		439		0.06	%		2,490
LXP Industrial Trust		2,972		0.54	%		2,177
Omega Healthcare Investors, Inc.		1,307		0.45	%		2,064
Everest Re Group Ltd.		120		0.38	%		2,006
Fidelity National Financial, Inc.		455		0.28	%		1,779
HomeStreet, Inc.		669		0.41	%		1,768
United Bankshares, Inc.		1,161		0.49	%		1,752
Aflac, Inc.		405		0.28	%		1,668
Brown & Brown, Inc.		209		0.17	%		1,499
PS Business Parks, Inc.		218		0.47	%		1,350
Citigroup, Inc.		1,238		0.87	%		1,298
Visa, Inc. — Class A		71		0.18	%		1,272
Janus Henderson Group plc		519		0.25	%		1,164
National Retail Properties, Inc.		491		0.28	%		1,031
National Bank Holdings Corp. — Class A		1,298		0.67	%		1,010
ServisFirst Bancshares, Inc.		297		0.29	%		967
LTC Properties, Inc.		637		0.25	%		701
Washington Federal, Inc.		558		0.22	%		529
Markel Corp.		23		0.33	%		405
Affiliated Managers Group, Inc.		126		0.24	%		321
JPMorgan Chase & Co.		88		0.16	%		190
Western Union Co.		1,215		0.25	%		(54	)
National Health Investors, Inc.		395		0.27	%		(311	)
BankUnited, Inc.		944		0.47	%		(817	)
SEI Investments Co.		277		0.20	%		(909	)
MGIC Investment Corp.		2,580		0.43	%		(918	)
Essent Group Ltd.		747		0.40	%		(968	)
T. Rowe Price Group, Inc.		71		0.16	%		(972	)
Evercore, Inc. — Class A		345		0.55	%		(1,099	)
Meta Financial Group, Inc.		344		0.24	%		(1,176	)
Discover Financial Services		184		0.25	%		(1,312	)
Ameris Bancorp		1,025		0.59	%		(1,736	)
Hilltop Holdings, Inc.		651		0.27	%		(1,827	)
Hanover Insurance Group, Inc.		303		0.46	%		(1,938	)
Radian Group, Inc.		1,676		0.41	%		(2,230	)
Old Republic International Corp.		2,682		0.77	%		(2,644	)
Capital One Financial Corp.		157		0.27	%		(2,708	)
OneMain Holdings, Inc.		541		0.32	%		(3,564	)
AMERISAFE, Inc.		964		0.61	%		(3,773	)
Mercury General Corp.		1,206		0.75	%		(6,319	)
Total Financial							64,205
Consumer, Non-cyclical
Quest Diagnostics, Inc.		292		0.59	%		11,817
United Therapeutics Corp.		128		0.32	%		9,728
Pfizer, Inc.		514		0.35	%		8,517
Innoviva, Inc.		2,827		0.57	%		8,082
Johnson & Johnson		504		1.01	%		7,539
Waters Corp.		93		0.40	%		7,267
AbbVie, Inc.		395		0.62	%		7,175

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Prestige Consumer Healthcare, Inc.		587		0.42	%	$	7,093
PerkinElmer, Inc.		112		0.26	%		6,124
Eagle Pharmaceuticals, Inc.		565		0.34	%		4,798
Abbott Laboratories		105		0.17	%		4,556
Gilead Sciences, Inc.		1,008		0.86	%		4,154
Molson Coors Beverage Co. — Class B		515		0.28	%		4,085
Amphastar Pharmaceuticals, Inc.		1,284		0.35	%		3,907
Zoetis, Inc.		62		0.18	%		3,758
Regeneron Pharmaceuticals, Inc.		58		0.43	%		3,710
Amgen, Inc.		334		0.88	%		3,640
Vertex Pharmaceuticals, Inc.		123		0.32	%		3,354
Perdoceo Education Corp.		3,080		0.42	%		3,068
Bio-Rad Laboratories, Inc. — Class A		46		0.41	%		2,923
Hologic, Inc.		542		0.48	%		2,904
John B Sanfilippo & Son, Inc.		737		0.78	%		2,730
Laboratory Corporation of America Holdings		73		0.27	%		2,483
EVERTEC, Inc.		631		0.37	%		2,398
Vector Group Ltd.		878		0.12	%		2,355
Baxter International, Inc.		406		0.41	%		2,251
Coherus Biosciences, Inc.		969		0.18	%		1,804
Edwards Lifesciences Corp.		169		0.26	%		1,701
Merck & Company, Inc.		462		0.41	%		821
USANA Health Sciences, Inc.		282		0.33	%		713
Royalty Pharma plc — Class A		545		0.25	%		639
Archer-Daniels-Midland Co.		318		0.25	%		561
Thermo Fisher Scientific, Inc.		30		0.23	%		342
Tyson Foods, Inc. — Class A		315		0.32	%		329
Philip Morris International, Inc.		387		0.43	%		(144	)
Bristol-Myers Squibb Co.		1,197		0.87	%		(681	)
Becton Dickinson and Co.		127		0.37	%		(902	)
Vanda Pharmaceuticals, Inc.		1,355		0.25	%		(1,359	)
Incyte Corp.		398		0.34	%		(2,429	)
Total Consumer, Non-cyclical							131,811
Technology
Apple, Inc.		521		1.08	%		51,125
Microsoft Corp.		410		1.61	%		41,780
CSG Systems International, Inc.		1,232		0.83	%		14,106
HP, Inc.		557		0.25	%		11,717
NetApp, Inc.		358		0.38	%		10,370
Rambus, Inc.		1,021		0.35	%		6,859
QUALCOMM, Inc.		79		0.17	%		5,613
Broadcom, Inc.		21		0.16	%		5,478
ExlService Holdings, Inc.		140		0.24	%		4,856
Texas Instruments, Inc.		246		0.54	%		4,544
Cirrus Logic, Inc.		259		0.28	%		4,522
Lumentum Holdings, Inc.		143		0.18	%		3,488
International Business Machines Corp.		363		0.57	%		1,988
Micron Technology, Inc.		168		0.18	%		1,789
NetScout Systems, Inc.		494		0.19	%		971
Progress Software Corp.		508		0.29	%		700
Cognizant Technology Solutions Corp. — Class A		162		0.17	%		530
Accenture plc — Class A		34		0.16	%		513
SS&C Technologies Holdings, Inc.		219		0.21	%		289
Intel Corp.		557		0.34	%		84
Xperi Holding Corp.		1,049		0.23	%		(1,955	)
CommVault Systems, Inc.		205		0.17	%		(2,088	)
Qorvo, Inc.		98		0.18	%		(2,926	)
Total Technology							164,353
Utilities
National Fuel Gas Co.		1,112		0.83	%		11,536
Chesapeake Utilities Corp.		484		0.82	%		11,126
American States Water Co.		464		0.56	%		9,869
IDACORP, Inc.		625		0.83	%		9,345
UGI Corp.		1,548		0.83	%		8,223
Southern Co.		843		0.68	%		7,685
MGE Energy, Inc.		840		0.81	%		4,505
Portland General Electric Co.		1,331		0.82	%		4,164
CMS Energy Corp.		686		0.52	%		3,111
California Water Service Group		288		0.24	%		2,618
WEC Energy Group, Inc.		670		0.76	%		2,314
Essential Utilities, Inc.		267		0.17	%		1,665
Sempra Energy		149		0.23	%		1,238
PPL Corp.		2,380		0.84	%		925
NextEra Energy, Inc.		151		0.16	%		241
Total Utilities							78,565
Industrial
Keysight Technologies, Inc.		333		0.80	%		12,521
Knowles Corp.		3,159		0.86	%		9,807
Mueller Industries, Inc.		749		0.52	%		9,548
Encore Wire Corp.		291		0.49	%		9,161
Oshkosh Corp.		314		0.41	%		6,574
Owens Corning		368		0.39	%		6,519
Snap-on, Inc.		210		0.53	%		5,565
Vishay Intertechnology, Inc.		1,817		0.46	%		4,851
Louisiana-Pacific Corp.		334		0.31	%		4,376
Boise Cascade Co.		362		0.30	%		4,015
TTM Technologies, Inc.		1,971		0.34	%		3,649
Eagle Materials, Inc.		211		0.41	%		3,306
Watts Water Technologies, Inc. — Class A		74		0.17	%		3,213
Hillenbrand, Inc.		598		0.36	%		2,754
Sanmina Corp.		1,203		0.58	%		2,350
Albany International Corp. — Class A		235		0.24	%		2,300
Crane Co.		347		0.41	%		2,163
Simpson Manufacturing Company, Inc.		106		0.17	%		1,957
Textron, Inc.		428		0.39	%		1,751

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Packaging Corporation of America		456		0.73	%	$	1,520
UFP Industries, Inc.		191		0.21	%		1,444
Atkore, Inc.		155		0.20	%		1,418
General Dynamics Corp.		225		0.55	%		1,101
Pentair plc		212		0.18	%		1,009
Lockheed Martin Corp.		63		0.26	%		955
3M Co.		307		0.64	%		932
Graco, Inc.		356		0.34	%		599
Insteel Industries, Inc.		360		0.17	%		173
Agilent Technologies, Inc.		91		0.17	%		46
Dorian LPG Ltd.		1,177		0.17	%		1
Emerson Electric Co.		445		0.48	%		(918	)
Donaldson Company, Inc.		746		0.52	%		(1,039	)
Worthington Industries, Inc.		729		0.47	%		(1,119	)
OSI Systems, Inc.		399		0.43	%		(1,535	)
Vontier Corp.		845		0.30	%		(2,185	)
MDU Resources Group, Inc.		1,494		0.54	%		(2,381	)
Toro Co.		530		0.62	%		(2,538	)
Garmin Ltd.		527		0.84	%		(2,669	)
Huntington Ingalls Industries, Inc.		232		0.51	%		(3,823	)
Sturm Ruger & Company, Inc.		569		0.45	%		(4,029	)
Total Industrial							83,342
Energy
Equitrans Midstream Corp.		1,392		0.17	%		2,119
Kinder Morgan, Inc.		882		0.16	%		134
Antero Midstream Corp.		1,463		0.17	%		(1,118	)
Total Energy							1,135
Communications
Alphabet, Inc. — Class C		37		1.25	%		26,941
Cisco Systems, Inc.		1,302		0.96	%		16,965
Amazon.com, Inc.		13		0.51	%		13,005
Viavi Solutions, Inc.		3,865		0.80	%		11,740
Juniper Networks, Inc.		836		0.35	%		10,944
Meta Platforms, Inc. — Class A		86		0.34	%		10,574
VeriSign, Inc.		106		0.31	%		4,440
F5, Inc.		75		0.21	%		3,975
Motorola Solutions, Inc.		97		0.31	%		2,520
FactSet Research Systems, Inc.		29		0.16	%		994
InterDigital, Inc.		398		0.33	%		872
eBay, Inc.		249		0.19	%		598
Omnicom Group, Inc.		955		0.82	%		354
Nexstar Media Group, Inc. — Class A		163		0.29	%		112
Shenandoah Telecommunications Co.		888		0.26	%		(580	)
Yelp, Inc. — Class A		529		0.22	%		(784	)
Cogent Communications Holdings, Inc.		321		0.27	%		(816	)
Telephone & Data Systems, Inc.		1,196		0.28	%		(1,427	)
T-Mobile US, Inc.		211		0.29	%		(1,581	)
Verizon Communications, Inc.		1,195		0.73	%		(2,614	)
Total Communications							96,232
Basic Materials
Westlake Chemical Corp.		515		0.58	%		2,394
LyondellBasell Industries N.V. — Class A		573		0.62	%		1,963
Dow, Inc.		766		0.51	%		1,653
Southern Copper Corp.		357		0.26	%		1,073
Valvoline, Inc.		655		0.29	%		803
Celanese Corp. — Class A		314		0.62	%		748
Newmont Corp.		232		0.17	%		483
Livent Corp.		0		0.00	%		11
Nucor Corp.		215		0.29	%		(37	)
Steel Dynamics, Inc.		340		0.25	%		(144	)
Total Basic Materials							8,947
Total MS Equity Long Custom Basket						$	753,257

MS EQUITY SHORT CUSTOM BASKET
Communications
Okta, Inc.	202	(0.59	)%	9,315
Uber Technologies, Inc.	1,557	(0.82	)%	7,320
Airbnb, Inc. — Class A	176	(0.37	)%	4,530
Liberty Broadband Corp. — Class C	311	(0.63	)%	3,079
Walt Disney Co.	177	(0.34	)%	(974	)
Lyft, Inc. — Class A	1,560	(0.84	)%	(2,939	)
Total Communications				20,331
Financial
Americold Realty Trust	2,155	(0.89	)%	10,188
JBG SMITH Properties	1,629	(0.59	)%	7,367
Ventas, Inc.	1,295	(0.83	)%	6,500
Park Hotels & Resorts, Inc.	4,624	(1.10	)%	3,562
Lincoln National Corp.	1,149	(0.99	)%	1,030
Welltower, Inc.	1,120	(1.21	)%	867
Ameriprise Financial, Inc.	144	(0.55	)%	625
Safehold, Inc.	1,173	(1.18	)%	(460	)
RLJ Lodging Trust	6,211	(1.09	)%	(605	)
Wells Fargo & Co.	1,735	(1.05	)%	(725	)
American Tower Corp. — Class A	98	(0.36	)%	(1,091	)
DiamondRock Hospitality Co.	5,469	(0.66	)%	(1,145	)
SBA Communications Corp.	113	(0.55	)%	(1,384	)
Crown Castle International Corp.	234	(0.61	)%	(1,407	)
Apple Hospitality REIT, Inc.	2,767	(0.56	)%	(1,604	)
Sunstone Hotel Investors, Inc.	7,583	(1.12	)%	(2,080	)
Digital Realty Trust, Inc.	247	(0.55	)%	(2,213	)
Equinix, Inc.	114	(1.21	)%	(2,270	)
First Horizon Corp.	5,036	(1.03	)%	(2,536	)
Pebblebrook Hotel Trust	3,549	(1.00	)%	(2,900	)
Xenia Hotels & Resorts, Inc.	3,153	(0.72	)%	(3,577	)
Ryman Hospitality Properties, Inc.	869	(1.00	)%	(3,874	)
Equitable Holdings, Inc.	2,776	(1.14	)%	(4,274	)
Signature Bank	178	(0.72	)%	(4,483	)
Host Hotels & Resorts, Inc.	6,992	(1.53	)%	(5,046	)
Invitation Homes, Inc.	1,294	(0.74	)%	(6,031	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Percentage  Notional  Amount			Value and  Unrealized Appreciation  (Depreciation)
Bank of New York Mellon Corp.		1,649		(1.20	)%	$	(6,172	)
Outfront Media, Inc.		2,618		(0.88	)%		(6,252	)
Northern Trust Corp.		769		(1.16	)%		(6,737	)
First Republic Bank		295		(0.77	)%		(6,826	)
Western Alliance Bancorporation		849		(1.15	)%		(7,018	)
Apartment Income REIT Corp.		2,400		(1.65	)%		(7,137	)
State Street Corp.		1,272		(1.49	)%		(7,633	)
Kennedy-Wilson Holdings, Inc.		5,479		(1.64	)%		(7,979	)
Comerica, Inc.		1,600		(1.75	)%		(9,604	)
UDR, Inc.		1,032		(0.78	)%		(10,148	)
Howard Hughes Corp.		783		(1.00	)%		(14,314	)
Sun Communities, Inc.		477		(1.26	)%		(23,053	)
Total Financial							(130,439	)
Consumer, Non-cyclical
Teladoc Health, Inc.		495		(0.57	)%		16,147
Guardant Health, Inc.		419		(0.53	)%		12,080
CoStar Group, Inc.		1,010		(1.00	)%		8,311
ManpowerGroup, Inc.		295		(0.36	)%		5,982
ABM Industries, Inc.		771		(0.40	)%		5,556
Brink's Co.		511		(0.42	)%		4,221
US Foods Holding Corp.		1,556		(0.68	)%		1,667
Nielsen Holdings plc		1,329		(0.34	)%		1,077
Rollins, Inc.		1,955		(0.84	)%		1,076
ASGN, Inc.		494		(0.77	)%		847
Insperity, Inc.		284		(0.42	)%		404
Sysco Corp.		1,163		(1.15	)%		(1,767	)
Bunge Ltd.		464		(0.54	)%		(2,344	)
TransUnion		425		(0.63	)%		(2,364	)
Booz Allen Hamilton Holding Corp.		542		(0.58	)%		(2,461	)
Equifax, Inc.		157		(0.58	)%		(4,453	)
Dun & Bradstreet Holdings, Inc.		2,930		(0.75	)%		(4,507	)
Verisk Analytics, Inc. — Class A		305		(0.88	)%		(5,118	)
Cintas Corp.		259		(1.44	)%		(5,513	)
Driven Brands Holdings, Inc.		2,402		(1.01	)%		(12,391	)
Total Consumer, Non-cyclical							16,450
Consumer, Cyclical
Freshpet, Inc.		395		(0.47	)%		20,928
United Airlines Holdings, Inc.		2,707		(1.49	)%		17,917
Delta Air Lines, Inc.		3,177		(1.56	)%		12,633
Southwest Airlines Co.		769		(0.41	)%		11,545
Spirit Airlines, Inc.		2,245		(0.62	)%		10,081
JetBlue Airways Corp.		1,950		(0.35	)%		8,546
Frontier Group Holdings, Inc.		2,410		(0.41	)%		7,531
Alaska Air Group, Inc.		550		(0.36	)%		7,473
Las Vegas Sands Corp.		775		(0.37	)%		2,515
American Airlines Group, Inc.		5,867		(1.32	)%		811
Royal Caribbean Cruises Ltd.		591		(0.57	)%		(414	)
Wynn Resorts Ltd.		340		(0.36	)%		(1,157	)
Marriott International, Inc. — Class A		327		(0.68	)%		(1,278	)
IAA, Inc.		1,038		(0.66	)%		(2,041	)
Carnival Corp.		2,300		(0.58	)%		(4,189	)
Hilton Worldwide Holdings, Inc.		331		(0.65	)%		(4,935	)
Madison Square Garden Sports Corp. — Class A		560		(1.22	)%		(5,639	)
Copart, Inc.		540		(1.03	)%		(8,311	)
Total Consumer, Cyclical							72,016
Technology
Coupa Software, Inc.		192		(0.38	)%		18,603
Avalara, Inc.		132		(0.21	)%		4,397
Leidos Holdings, Inc.		464		(0.52	)%		2,090
Zscaler, Inc.		60		(0.24	)%		(1,043	)
Smartsheet, Inc. — Class A		251		(0.24	)%		(1,089	)
Snowflake, Inc. — Class A		82		(0.35	)%		(1,929	)
Ceridian HCM Holding, Inc.		457		(0.60	)%		(3,775	)
KBR, Inc.		2,201		(1.32	)%		(14,773	)
Total Technology							2,481
Industrial
Stericycle, Inc.		1,428		(1.07	)%		19,904
Boeing Co.		464		(1.17	)%		9,423
US Ecology, Inc.		1,430		(0.57	)%		6,373
TransDigm Group, Inc.		64		(0.51	)%		384
Jacobs Engineering Group, Inc.		994		(1.74	)%		263
General Electric Co.		1		0.00	%		7
CH Robinson Worldwide, Inc.		687		(0.93	)%		(4,222	)
Howmet Aerospace, Inc.		2,223		(0.89	)%		(4,266	)
Waste Management, Inc.		522		(1.10	)%		(15,444	)
Republic Services, Inc. — Class A		731		(1.28	)%		(22,013	)
Tetra Tech, Inc.		357		(0.76	)%		(22,483	)
Casella Waste Systems, Inc. — Class A		1,207		(1.30	)%		(30,947	)
Total Industrial							(63,021	)
Energy
Plug Power, Inc.		605		(0.21	)%		5,866
Valero Energy Corp.		399		(0.38	)%		893
Marathon Petroleum Corp.		506		(0.41	)%		(627	)
Hess Corp.		867		(0.81	)%		(2,067	)
Schlumberger N.V.		3,413		(1.28	)%		(2,397	)
NOV, Inc.		2,722		(0.46	)%		(3,244	)
Patterson-UTI Energy, Inc.		5,761		(0.61	)%		(3,860	)
Pioneer Natural Resources Co.		585		(1.34	)%		(6,086	)
Halliburton Co.		4,745		(1.36	)%		(8,906	)
Total Energy							(20,428	)
Utilities
Entergy Corp.		574		(0.81	)%		(1,344	)
ONE Gas, Inc.		1,795		(1.75	)%		(4,240	)
Atmos Energy Corp.		1,364		(1.80	)%		(5,773	)
Black Hills Corp.		1,327		(1.18	)%		(5,813	)
CenterPoint Energy, Inc.		4,252		(1.49	)%		(7,427	)
OGE Energy Corp.		1,904		(0.92	)%		(7,867	)
Edison International		1,991		(1.71	)%		(19,801	)
Total Utilities							(52,265	)
Total MS Equity Short Custom Basket						$	(154,875	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as equity custom basket swap collateral at December 31, 2021.
2	Rate indicated is the 7-day yield as of December 31, 2021.

GS — Goldman Sachs International

MS — Morgan Stanley Capital Services LLC

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,485,654	$	—	$	—	$	16,485,654
Money Market Fund		610,339		—		—		610,339
Equity Custom Basket Swap Agreements**		—		1,504,902		—		1,504,902
Total Assets	$	17,095,993	$	1,504,902	$	—	$	18,600,895

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	313,631	$	—	$	313,631

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 73.8%
Financial - 17.9%
Camden Property Trust REIT		453	$	80,942
Medical Properties Trust, Inc. REIT		2,641		62,407
Jones Lang LaSalle, Inc.*		224		60,332
Life Storage, Inc. REIT		363		55,604
Rexford Industrial Realty, Inc. REIT		671		54,425
CyrusOne, Inc. REIT		562		50,423
East West Bancorp, Inc.		629		49,490
Lamar Advertising Co. — Class A REIT		385		46,701
EastGroup Properties, Inc. REIT		180		41,013
Alleghany Corp.*		61		40,723
American Financial Group, Inc.		293		40,235
First Horizon Corp.		2,395		39,110
First Industrial Realty Trust, Inc. REIT		577		38,197
First American Financial Corp.		486		38,020
Apartment Income REIT Corp.		695		37,996
National Retail Properties, Inc. REIT		778		37,398
STORE Capital Corp. REIT		1,087		37,393
American Campus Communities, Inc. REIT		616		35,291
RenaissanceRe Holdings Ltd.		204		34,543
Commerce Bancshares, Inc.		492		33,844
Jefferies Financial Group, Inc.		870		33,756
Brixmor Property Group, Inc. REIT		1,315		33,414
Reinsurance Group of America, Inc. — Class A		299		32,737
Voya Financial, Inc.		492		32,625
Stifel Financial Corp.		461		32,464
Pinnacle Financial Partners, Inc.		337		32,183
Western Union Co.		1,780		31,755
Janus Henderson Group plc		756		31,707
Cullen/Frost Bankers, Inc.		251		31,644
Omega Healthcare Investors, Inc. REIT		1,058		31,306
Old Republic International Corp.		1,265		31,094
Kilroy Realty Corp. REIT		464		30,837
Synovus Financial Corp.		644		30,828
Interactive Brokers Group, Inc. — Class A		387		30,735
Affiliated Managers Group, Inc.		180		29,612
Prosperity Bancshares, Inc.		408		29,498
First Financial Bankshares, Inc.		568		28,877
SEI Investments Co.		469		28,581
Glacier Bancorp, Inc.		480		27,216
Primerica, Inc.		175		26,822
Cousins Properties, Inc. REIT		659		26,545
Spirit Realty Capital, Inc. REIT		546		26,312
Douglas Emmett, Inc. REIT		777		26,030
Cadence Bank		868		25,858
Rayonier, Inc. REIT		634		25,588
SLM Corp.		1,299		25,551
New York Community Bancorp, Inc.		2,060		25,152
National Storage Affiliates Trust REIT		363		25,120
Bank OZK		535		24,894
Valley National Bancorp		1,802		24,777
Evercore, Inc. — Class A		173		23,502
PacWest Bancorp		519		23,443
Wintrust Financial Corp.		252		22,887
Kinsale Capital Group, Inc.		95		22,600
CIT Group, Inc.		439		22,538
Webster Financial Corp.		401		22,392
Essent Group Ltd.		489		22,264
Unum Group		906		22,260
Sterling Bancorp		854		22,025
United Bankshares, Inc.		604		21,913
Selective Insurance Group, Inc.		266		21,796
SL Green Realty Corp. REIT		296		21,223
Kite Realty Group Trust REIT		970		21,127
MGIC Investment Corp.		1,442		20,794
Hanover Insurance Group, Inc.		158		20,707
Healthcare Realty Trust, Inc. REIT		653		20,661
Highwoods Properties, Inc. REIT		462		20,601
UMB Financial Corp.		191		20,267
Park Hotels & Resorts, Inc. REIT*		1,047		19,767
RLI Corp.		176		19,730
Hancock Whitney Corp.		385		19,258
Umpqua Holdings Corp.		959		18,451
Physicians Realty Trust REIT		976		18,378
Brighthouse Financial, Inc.*		354		18,337
PotlatchDeltic Corp. REIT		297		17,885
FNB Corp.		1,413		17,140
Hudson Pacific Properties, Inc. REIT		675		16,679
PS Business Parks, Inc. REIT		89		16,391
Macerich Co. REIT		944		16,312
Home BancShares, Inc.		668		16,266
Federated Hermes, Inc. — Class B		429		16,122
EPR Properties REIT		331		15,719
Kemper Corp.		265		15,579
Navient Corp.		714		15,151
Associated Banc-Corp.		665		15,022
Bank of Hawaii Corp.		179		14,993
Alliance Data Systems Corp.		221		14,712
Cathay General Bancorp		342		14,703
JBG SMITH Properties REIT		506		14,527
Corporate Office Properties Trust REIT		498		13,929
Sabra Health Care REIT, Inc.		1,013		13,716
Texas Capital Bancshares, Inc.*		224		13,496
Pebblebrook Hotel Trust REIT		582		13,019
CNO Financial Group, Inc.		546		13,017
Fulton Financial Corp.		714		12,138
International Bancshares Corp.		236		10,004
Washington Federal, Inc.		289		9,647
Urban Edge Properties REIT		488		9,272
Mercury General Corp.		118		6,261
Total Financial				2,646,226

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 73.8% (continued)
Industrial - 15.2%
Builders FirstSource, Inc.*		848	$	72,682
Trex Company, Inc.*		510		68,865
Nordson Corp.		239		61,009
Cognex Corp.		783		60,886
Graco, Inc.		753		60,707
Carlisle Companies, Inc.		232		57,564
Regal Rexnord Corp.		300		51,054
Hubbell, Inc.		241		50,193
AECOM		638		49,349
Middleby Corp.*		246		48,403
Lennox International, Inc.		149		48,330
Toro Co.		471		47,058
Axon Enterprise, Inc.*		291		45,687
Knight-Swift Transportation Holdings, Inc.		735		44,791
Jabil, Inc.		635		44,672
Arrow Electronics, Inc.*		308		41,355
Tetra Tech, Inc.		239		40,582
TopBuild Corp.*		146		40,283
Owens Corning		445		40,273
Saia, Inc.*		117		39,433
ITT, Inc.		379		38,730
Lincoln Electric Holdings, Inc.		262		36,541
AptarGroup, Inc.		292		35,764
Littelfuse, Inc.		109		34,300
Oshkosh Corp.		304		34,264
XPO Logistics, Inc.*		437		33,837
Acuity Brands, Inc.		155		32,817
Donaldson Company, Inc.		547		32,415
II-VI, Inc.*		470		32,115
Universal Display Corp.		192		31,686
AGCO Corp.		272		31,557
Louisiana-Pacific Corp.		390		30,556
Woodward, Inc.		279		30,539
Landstar System, Inc.		169		30,254
EMCOR Group, Inc.		236		30,064
Eagle Materials, Inc.		180		29,963
Coherent, Inc.*		109		29,053
nVent Electric plc		745		28,310
MDU Resources Group, Inc.		901		27,787
Colfax Corp.*		596		27,398
Simpson Manufacturing Company, Inc.		192		26,701
National Instruments Corp.		584		25,503
Sonoco Products Co.		436		25,240
MSA Safety, Inc.		161		24,304
Stericycle, Inc.*		407		24,274
Curtiss-Wright Corp.		174		24,129
Valmont Industries, Inc.		94		23,547
MasTec, Inc.*		253		23,347
Vontier Corp.		749		23,017
Crane Co.		221		22,482
Clean Harbors, Inc.*		222		22,149
Timken Co.		306		21,203
TD SYNNEX Corp.		183		20,928
Ryder System, Inc.		238		19,618
Hexcel Corp.*		372		19,270
Avnet, Inc.		439		18,100
Flowserve Corp.		577		17,656
GATX Corp.		157		16,358
Silgan Holdings, Inc.		372		15,936
Kirby Corp.*		266		15,806
Fluor Corp.*		626		15,506
EnerSys		186		14,705
Mercury Systems, Inc.*		251		13,820
Terex Corp.		309		13,580
Kennametal, Inc.		370		13,287
Belden, Inc.		199		13,080
Werner Enterprises, Inc.		270		12,868
Vishay Intertechnology, Inc.		588		12,860
Dycom Industries, Inc.*		134		12,564
Vicor Corp.*		95		12,063
Energizer Holdings, Inc.		279		11,188
Trinity Industries, Inc.		362		10,933
Worthington Industries, Inc.		143		7,817
Greif, Inc. — Class A		118		7,124
Total Industrial				2,252,089
Consumer, Cyclical - 12.3%
Williams-Sonoma, Inc.		329		55,644
Five Below, Inc.*		248		51,309
Lear Corp.		264		48,299
Watsco, Inc.		146		45,680
Deckers Outdoor Corp.*		122		44,690
Capri Holdings Ltd.*		666		43,230
RH*		77		41,267
GameStop Corp. — Class A*,1		274		40,659
BJ's Wholesale Club Holdings, Inc.*		605		40,517
Tempur Sealy International, Inc.		853		40,117
Lithia Motors, Inc. — Class A		134		39,791
Wyndham Hotels & Resorts, Inc.		413		37,025
Toll Brothers, Inc.		507		36,702
Churchill Downs, Inc.		152		36,617
Gentex Corp.		1,048		36,523
Macy's, Inc.		1,371		35,893
Brunswick Corp.		341		34,349
Crocs, Inc.*		261		33,466
Mattel, Inc.*		1,552		33,461
Dick's Sporting Goods, Inc.		287		33,002
Kohl's Corp.		667		32,943
Casey's General Stores, Inc.		164		32,365
YETI Holdings, Inc.*		388		32,138
Marriott Vacations Worldwide Corp.		189		31,937
Fox Factory Holding Corp.*		186		31,639
IAA, Inc.*		597		30,220
Scotts Miracle-Gro Co. — Class A		180		28,980
Scientific Games Corp. — Class A*		427		28,537
Polaris, Inc.		253		27,807
Texas Roadhouse, Inc. — Class A		308		27,498
Goodyear Tire & Rubber Co.*		1,245		26,543
Skechers USA, Inc. — Class A*		598		25,953
Hanesbrands, Inc.		1,546		25,849
Harley-Davidson, Inc.		682		25,705
Thor Industries, Inc.		246		25,528
Leggett & Platt, Inc.		591		24,325
Boyd Gaming Corp.*		363		23,802
Wingstop, Inc.		132		22,810
Avient Corp.		405		22,660

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 73.8% (continued)
Consumer, Cyclical - 12.3% (continued)
Choice Hotels International, Inc.		145	$	22,619
Univar Solutions, Inc.*		757		21,461
Travel + Leisure Co.		382		21,113
Murphy USA, Inc.		104		20,721
AutoNation, Inc.*		177		20,682
JetBlue Airways Corp.*		1,409		20,064
Adient plc*		417		19,966
Papa John's International, Inc.		143		19,086
Taylor Morrison Home Corp. — Class A*		544		19,018
Carter's, Inc.		187		18,928
Wendy's Co.		782		18,651
Victoria's Secret & Co.*		321		17,828
Foot Locker, Inc.		400		17,452
MSC Industrial Direct Company, Inc. — Class A		207		17,400
American Eagle Outfitters, Inc.1		680		17,218
KB Home		380		16,997
Columbia Sportswear Co.		153		14,908
Six Flags Entertainment Corp.*		343		14,605
Dana, Inc.		639		14,582
Callaway Golf Co.*		519		14,241
Visteon Corp.*		124		13,781
Tri Pointe Homes, Inc.*		492		13,722
Ollie's Bargain Outlet Holdings, Inc.*		268		13,719
FirstCash Holdings, Inc.		179		13,391
Cracker Barrel Old Country Store, Inc.		104		13,379
MillerKnoll, Inc.		336		13,168
Nu Skin Enterprises, Inc. — Class A		221		11,216
Nordstrom, Inc.*		493		11,152
Urban Outfitters, Inc.*		292		8,573
Jack in the Box, Inc.		96		8,398
Total Consumer, Cyclical				1,823,519
Consumer, Non-cyclical - 12.1%
Molina Healthcare, Inc.*		259		82,383
Masimo Corp.*		225		65,876
Repligen Corp.*		228		60,384
Service Corporation International		730		51,823
Darling Ingredients, Inc.*		717		49,681
Syneos Health, Inc.*		459		47,130
Penumbra, Inc.*		156		44,822
United Therapeutics Corp.*		199		43,000
Tandem Diabetes Care, Inc.*		281		42,296
Paylocity Holding Corp.*		175		41,328
GXO Logistics, Inc.*		437		39,693
Tenet Healthcare Corp.*		474		38,721
Bruker Corp.		450		37,760
Avis Budget Group, Inc.*		178		36,912
Chemed Corp.		68		35,975
Neurocrine Biosciences, Inc.*		420		35,771
Jazz Pharmaceuticals plc*		272		34,653
Envista Holdings Corp.*,1		715		32,218
Performance Food Group Co.*		683		31,343
Arrowhead Pharmaceuticals, Inc.*		462		30,631
Post Holdings, Inc.*		259		29,197
Encompass Health Corp.		441		28,780
Ingredion, Inc.		295		28,509
ASGN, Inc.*		231		28,505
WEX, Inc.*		199		27,938
Medpace Holdings, Inc.*		127		27,640
Helen of Troy Ltd.*		107		26,158
Exelixis, Inc.*		1,401		25,610
Globus Medical, Inc. — Class A*		350		25,270
Halozyme Therapeutics, Inc.*		624		25,091
Flowers Foods, Inc.		880		24,174
Acadia Healthcare Company, Inc.*		398		24,158
ManpowerGroup, Inc.		240		23,359
FTI Consulting, Inc.*		152		23,320
Amedisys, Inc.*		144		23,311
Perrigo Company plc		593		23,068
Quidel Corp.*		168		22,678
Integra LifeSciences Holdings Corp.*		323		21,638
Neogen Corp.*		476		21,615
Boston Beer Company, Inc. — Class A*		42		21,214
ICU Medical, Inc.*		88		20,886
LivaNova plc*		236		20,633
STAAR Surgical Co.*		211		19,264
LHC Group, Inc.*		140		19,212
Insperity, Inc.		159		18,779
H&R Block, Inc.		778		18,330
Sanderson Farms, Inc.		94		17,961
Hain Celestial Group, Inc.*		411		17,513
Option Care Health, Inc.*		613		17,434
HealthEquity, Inc.*		370		16,369
Coty, Inc. — Class A*		1,486		15,603
Progyny, Inc.*		308		15,508
Grand Canyon Education, Inc.*		177		15,171
R1 RCM, Inc.*		590		15,039
Sprouts Farmers Market, Inc.*		497		14,751
Lancaster Colony Corp.		88		14,573
LiveRamp Holdings, Inc.*		302		14,481
Brink's Co.		218		14,294
Sabre Corp.*		1,433		12,309
NuVasive, Inc.*		229		12,018
Haemonetics Corp.*		226		11,987
Graham Holdings Co. — Class B		18		11,337
PROG Holdings, Inc.*		251		11,322
Patterson Companies, Inc.		384		11,270
John Wiley & Sons, Inc. — Class A		193		11,053
Grocery Outlet Holding Corp.*		387		10,944
Pilgrim's Pride Corp.*		216		6,091
Total Consumer, Non-cyclical				1,787,765
Technology - 6.8%
Wolfspeed, Inc.*		513		57,338
Fair Isaac Corp.*		121		52,474
Synaptics, Inc.*		174		50,375
Lattice Semiconductor Corp.*		607		46,775
Aspen Technology, Inc.*		296		45,051
Manhattan Associates, Inc.*		280		43,537
MKS Instruments, Inc.		246		42,846
Genpact Ltd.		766		40,659
Silicon Laboratories, Inc.*		178		36,743
Concentrix Corp.		190		33,938

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 73.8% (continued)
Technology - 6.8% (continued)
Azenta, Inc.		329	$	33,923
Lumentum Holdings, Inc.*		320		33,846
KBR, Inc.		621		29,572
CACI International, Inc. — Class A*		103		27,729
Semtech Corp.*		285		25,345
Power Integrations, Inc.		267		24,801
CMC Materials, Inc.		126		24,153
Digital Turbine, Inc.*		389		23,725
Ziff Davis, Inc.*		214		23,724
NCR Corp.*		585		23,517
Cirrus Logic, Inc.*		253		23,281
CDK Global, Inc.		524		21,872
Maximus, Inc.		272		21,670
Science Applications International Corp.		255		21,316
Teradata Corp.*		481		20,428
Qualys, Inc.*		148		20,309
Sailpoint Technologies Holdings, Inc.*		413		19,964
SiTime Corp.*		66		19,308
Envestnet, Inc.*		242		19,200
ACI Worldwide, Inc.*		521		18,079
Blackbaud, Inc.*		184		14,532
Kyndryl Holdings, Inc.*		793		14,353
CommVault Systems, Inc.*		202		13,922
Xerox Holdings Corp.		609		13,788
Cerence, Inc.*		168		12,876
Amkor Technology, Inc.		444		11,007
Total Technology				1,005,976
Basic Materials - 3.5%
RPM International, Inc.		575		58,075
Steel Dynamics, Inc.		835		51,829
Alcoa Corp.		829		49,392
Reliance Steel & Aluminum Co.		278		45,097
Cleveland-Cliffs, Inc.*		2,016		43,888
Olin Corp.		635		36,525
Royal Gold, Inc.		291		30,616
Valvoline, Inc.		801		29,869
United States Steel Corp.		1,197		28,501
Ashland Global Holdings, Inc.		250		26,915
Chemours Co.		722		24,230
Commercial Metals Co.		534		19,379
Sensient Technologies Corp.		186		18,611
Cabot Corp.		251		14,106
Ingevity Corp.*		174		12,476
Minerals Technologies, Inc.		147		10,753
NewMarket Corp.		31		10,625
Compass Minerals International, Inc.		151		7,713
Total Basic Materials				518,600
Utilities - 2.3%
Essential Utilities, Inc.		1,019		54,710
UGI Corp.		926		42,513
OGE Energy Corp.		887		34,043
National Fuel Gas Co.		404		25,832
IDACORP, Inc.		224		25,381
Hawaiian Electric Industries, Inc.		484		20,086
Black Hills Corp.		283		19,971
Southwest Gas Holdings, Inc.		267		18,703
ONE Gas, Inc.		237		18,389
New Jersey Resources Corp.		427		17,533
PNM Resources, Inc.		380		17,332
ALLETE, Inc.		233		15,460
Spire, Inc.		229		14,935
NorthWestern Corp.		233		13,318
Total Utilities				338,206
Energy - 2.1%
Targa Resources Corp.		1,014		52,971
First Solar, Inc.*		438		38,176
Sunrun, Inc.*		917		31,453
Equities Corp.*		1,339		29,204
NOV, Inc.		1,730		23,442
HollyFrontier Corp.		662		21,700
DT Midstream, Inc.		428		20,536
Equitrans Midstream Corp.		1,801		18,622
ChampionX Corp.*		895		18,088
Murphy Oil Corp.		643		16,789
Antero Midstream Corp.		1,438		13,920
CNX Resources Corp.*		935		12,856
SunPower Corp. — Class A*,1		368		7,680
Total Energy				305,437
Communications - 1.6%
Ciena Corp.*		686		52,801
Cable One, Inc.		22		38,796
New York Times Co. — Class A		740		35,742
Iridium Communications, Inc.*		586		24,196
Mimecast Ltd.*		273		21,722
TEGNA, Inc.		980		18,189
Viasat, Inc.*		325		14,476
TripAdvisor, Inc.*		439		11,967
Yelp, Inc. — Class A*		304		11,017
World Wrestling Entertainment, Inc. — Class A		198		9,769
Total Communications				238,675
Total Common Stocks
(Cost $7,367,895)				10,916,493

MUTUAL FUNDS† - 12.0%
Guggenheim Strategy Fund II2	36,066	897,332
Guggenheim Ultra Short Duration Fund — Institutional Class2	88,750	880,404
Total Mutual Funds
(Cost $1,774,474)		1,777,736

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Face Amount		Value
U.S. TREASURY BILLS†† - 6.7%
U.S. Treasury Bills
0.09% due 06/02/223,4	$	1,000,000	$	999,557
Total U.S. Treasury Bills
(Cost $999,627)				999,557

REPURCHASE AGREEMENTS††,5 - 29.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	2,444,749		2,444,749
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	1,011,075		1,011,075
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	919,160		919,160
Total Repurchase Agreements
(Cost $4,374,984)		$	4,374,984

	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%7		58,170		58,170
Total Securities Lending Collateral
(Cost $58,170)				58,170
Total Investments - 122.5%
(Cost $14,575,150)			$	18,126,940
Other Assets & Liabilities, net - (22.5)%				(3,325,775	)
Total Net Assets - 100.0%			$	14,801,165

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Barclays Bank plc	S&P MidCap 400 Index	Pay	0.40% (U.S. Secured Overnight Financing Rate + 0.35%)	At Maturity	01/26/22		3,300	$	9,377,970	$	337,966
Goldman Sachs International	S&P MidCap 400 Index	Pay	0.48% (Federal Funds Rate + 0.40%)	At Maturity	01/27/22		390		1,108,439		39,782
BNP Paribas	S&P MidCap 400 Index	Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	01/27/22		273		775,769		20,567
								$	11,262,178	$	398,315

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	Securities lending collateral — See Note 5.
7	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	10,916,493	$	—	$	—	$	10,916,493
Mutual Funds		1,777,736		—		—		1,777,736
U.S. Treasury Bills		—		999,557		—		999,557
Repurchase Agreements		—		4,374,984		—		4,374,984
Securities Lending Collateral		58,170		—		—		58,170
Equity Index Swap Agreements**		—		398,315		—		398,315
Total Assets	$	12,752,399	$	5,772,856	$	—	$	18,525,255

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,260,878	$	100,000	$	(460,000	)	$	228	$	(3,774	)	$	897,332		36,066	$	11,486
Guggenheim Ultra Short Duration Fund — Institutional Class		2,351,937		180,000		(1,650,000	)		–		(1,533	)		880,404		88,750		8,671
	$	3,612,815	$	280,000	$	(2,110,000	)	$	228	$	(5,307	)	$	1,777,736			$	20,157

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 80.6%
Technology - 38.0%
Apple, Inc.		290,881	$	51,651,739
Microsoft Corp.		133,114		44,768,900
NVIDIA Corp.		62,379		18,346,288
Broadcom, Inc.		12,108		8,056,784
Adobe, Inc.*		13,996		7,936,572
Intel Corp.		119,630		6,160,945
QUALCOMM, Inc.		32,945		6,024,652
Intuit, Inc.		8,329		5,357,379
Texas Instruments, Inc.		27,165		5,119,787
Advanced Micro Devices, Inc.*		35,522		5,111,616
Applied Materials, Inc.		26,559		4,179,324
Micron Technology, Inc.		32,904		3,065,008
Lam Research Corp.		4,142		2,978,719
Analog Devices, Inc.		15,808		2,778,572
Marvell Technology, Inc.		24,228		2,119,708
Fiserv, Inc.*		19,421		2,015,706
KLA Corp.		4,460		1,918,291
ASML Holding N.V. — Class G		2,385		1,898,794
Autodesk, Inc.*		6,467		1,818,456
NXP Semiconductor N.V.		7,822		1,781,695
Fortinet, Inc.*		4,809		1,728,354
Synopsys, Inc.*		4,486		1,653,091
Atlassian Corporation plc — Class A*		4,130		1,574,728
Workday, Inc. — Class A*		5,677		1,550,843
Xilinx, Inc.		7,291		1,545,911
Activision Blizzard, Inc.		22,911		1,524,269
Cadence Design Systems, Inc.*		8,152		1,519,125
Paychex, Inc.		10,607		1,447,855
Microchip Technology, Inc.		16,321		1,420,906
Cognizant Technology Solutions Corp. — Class A		15,451		1,370,813
Datadog, Inc. — Class A*		7,565		1,347,402
Zscaler, Inc.*		4,120		1,323,880
Zoom Video Communications, Inc. — Class A*		7,125		1,310,359
Crowdstrike Holdings, Inc. — Class A*		6,055		1,239,761
Electronic Arts, Inc.		8,319		1,097,276
ANSYS, Inc.*		2,567		1,029,675
DocuSign, Inc.*		5,787		881,418
NetEase, Inc. ADR		8,334		848,235
Skyworks Solutions, Inc.		4,865		754,756
Splunk, Inc.*		4,752		549,901
Total Technology				208,807,493
Communications - 23.5%
Amazon.com, Inc.*		8,993		29,985,720
Meta Platforms, Inc. — Class A*		62,821		21,129,843
Alphabet, Inc. — Class C*		5,633		16,299,592
Alphabet, Inc. — Class A*		5,333		15,449,914
Cisco Systems, Inc.		124,060		7,861,682
Netflix, Inc.*		13,030		7,849,793
Comcast Corp. — Class A		134,116		6,750,058
T-Mobile US, Inc.*		36,741		4,261,221
Charter Communications, Inc. — Class A*		5,274		3,438,490
Booking Holdings, Inc.*		1,208		2,898,270
MercadoLibre, Inc.*		1,484		2,001,026
Airbnb, Inc. — Class A*		10,202		1,698,531
Palo Alto Networks, Inc.*		2,902		1,615,717
JD.com, Inc. ADR*		21,813		1,528,437
eBay, Inc.		18,414		1,224,531
Match Group, Inc.*		8,327		1,101,246
Baidu, Inc. ADR*		7,140		1,062,361
Okta, Inc.*		4,342		973,346
VeriSign, Inc.*		3,268		829,484
Sirius XM Holdings, Inc.1		117,644		747,040
Pinduoduo, Inc. ADR*		12,229		712,951
Total Communications				129,419,253
Consumer, Non-cyclical - 9.3%
PepsiCo, Inc.		40,671		7,064,959
PayPal Holdings, Inc.*		34,560		6,517,325
Intuitive Surgical, Inc.*		10,508		3,775,524
Amgen, Inc.		16,568		3,727,303
Automatic Data Processing, Inc.		12,395		3,056,359
Moderna, Inc.*		11,927		3,029,220
Mondelez International, Inc. — Class A		41,033		2,720,898
Gilead Sciences, Inc.		36,897		2,679,091
Regeneron Pharmaceuticals, Inc.*		3,110		1,964,027
Illumina, Inc.*		4,598		1,749,263
Vertex Pharmaceuticals, Inc.*		7,479		1,642,389
IDEXX Laboratories, Inc.*		2,494		1,642,199
Keurig Dr Pepper, Inc.		41,709		1,537,394
Dexcom, Inc.*		2,851		1,530,844
Align Technology, Inc.*		2,319		1,524,001
Monster Beverage Corp.*		15,565		1,494,863
Cintas Corp.		3,042		1,348,123
Kraft Heinz Co.		36,005		1,292,580
Verisk Analytics, Inc. — Class A		4,741		1,084,409
Biogen, Inc.*		4,321		1,036,694
Seagen, Inc.*		5,379		831,593
Total Consumer, Non-cyclical				51,249,058
Consumer, Cyclical - 7.9%
Tesla, Inc.*		17,805		18,815,968
Costco Wholesale Corp.		12,996		7,377,829
Starbucks Corp.		34,509		4,036,518
Lucid Group, Inc.*,1		48,428		1,842,686
Marriott International, Inc. — Class A*		9,580		1,582,999
Lululemon Athletica, Inc.*		3,665		1,434,664
O'Reilly Automotive, Inc.*		1,982		1,399,748
Walgreens Boots Alliance, Inc.		25,462		1,328,098
Ross Stores, Inc.		10,453		1,194,569
Fastenal Co.		16,918		1,083,767
Copart, Inc.*		6,977		1,057,853
Dollar Tree, Inc.*		6,618		929,961
PACCAR, Inc.		10,212		901,311
Peloton Interactive, Inc. — Class A*		8,858		316,762
Total Consumer, Cyclical				43,302,733
Industrial - 1.2%
Honeywell International, Inc.		20,250		4,222,328
CSX Corp.		65,242		2,453,099
Total Industrial				6,675,427
Utilities - 0.7%
Exelon Corp.		28,777		1,662,159
American Electric Power Company, Inc.		14,815		1,318,091

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 80.6% (continued)
Utilities - 0.7% (continued)
Xcel Energy, Inc.		15,845	$	1,072,706
Total Utilities				4,052,956
Total Common Stocks
(Cost $396,111,082)				443,506,920

MUTUAL FUNDS† - 4.7%
Guggenheim Ultra Short Duration Fund — Institutional Class2	1,579,734	15,670,964
Guggenheim Strategy Fund II2	403,950	10,050,282
Total Mutual Funds
(Cost $25,517,128)		25,721,246

	Face Amount
U.S. TREASURY BILLS†† - 5.8%
U.S. Treasury Bills
0.09% due 06/02/223,4	$	25,000,000	24,988,932
0.04% due 01/06/224,5		7,330,000	7,329,998
Total U.S. Treasury Bills
(Cost $32,320,406)			32,318,930

REPURCHASE AGREEMENTS††,6 - 5.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	16,517,341	16,517,341
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	6,831,081	6,831,081
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	6,210,073	6,210,073
Total Repurchase Agreements
(Cost $29,558,495)		29,558,495

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		2,017,360		2,017,360
Total Securities Lending Collateral
(Cost $2,017,360)				2,017,360
Total Investments - 96.9%
(Cost $485,524,471)			$	533,122,951
Other Assets & Liabilities, net - 3.1%				16,817,685
Total Net Assets - 100.0%			$	549,940,636

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		252	Mar 2022	$	82,279,260	$	883,680

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Barclays Bank plc	NASDAQ-100 Index	Pay	0.55% (U.S. Secured Overnight Financing Rate + 0.50%)	At Maturity	01/26/22		21,205	$	346,068,633	$	8,591,936
Goldman Sachs International	NASDAQ-100 Index	Pay	0.63% (Federal Funds Rate + 0.55%)	At Maturity	01/27/22		13,673		223,139,429		766,217
BNP Paribas	NASDAQ-100 Index	Pay	0.73% (Federal Funds Rate + 0.65%)	At Maturity	01/27/22		305		4,976,200		9,298
								$	574,184,262	$	9,367,451

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	All or a portion of this security is pledged as futures collateral at December 31, 2021.
6	Repurchase Agreements — See Note 4.
7	Securities lending collateral — See Note 5.
8	Rate indicated is the 7-day yield as of December 31, 2021.

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	443,506,920	$	—	$	—	$	443,506,920
Mutual Funds		25,721,246		—		—		25,721,246
U.S. Treasury Bills		—		32,318,930		—		32,318,930
Repurchase Agreements		—		29,558,495		—		29,558,495
Securities Lending Collateral		2,017,360		—		—		2,017,360
Equity Futures Contracts**		883,680		—		—		883,680
Equity Index Swap Agreements**		—		9,367,451		—		9,367,451
Total Assets	$	472,129,206	$	71,244,876	$	—	$	543,374,082

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,090,677	$	–	$	–		$	–		$	(40,395	)	$	10,050,282		403,950	$	108,918
Guggenheim Ultra Short Duration Fund — Institutional Class		21,748,256		2,000,000		(8,000,000	)		(27,152	)		(50,140	)		15,670,964		1,579,734		140,741
	$	31,838,933	$	2,000,000	$	(8,000,000	)	$	(27,152	)	$	(90,535	)	$	25,721,246			$	249,659

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.4%
Technology - 45.4%
Apple, Inc.		1,299,622	$	230,773,878
Microsoft Corp.		594,740		200,022,957
NVIDIA Corp.		278,701		81,968,751
Broadcom, Inc.		54,095		35,995,354
Adobe, Inc.*		62,530		35,458,262
Intel Corp.		534,494		27,526,441
QUALCOMM, Inc.		147,193		26,917,184
Intuit, Inc.		37,215		23,937,432
Texas Instruments, Inc.		121,372		22,874,981
Advanced Micro Devices, Inc.*		158,706		22,837,793
Applied Materials, Inc.		118,664		18,672,967
Micron Technology, Inc.		147,013		13,694,261
Lam Research Corp.		18,504		13,307,152
Analog Devices, Inc.		70,628		12,414,284
Marvell Technology, Inc.		108,244		9,470,268
Fiserv, Inc.*		86,769		9,005,754
KLA Corp.		19,927		8,570,802
ASML Holding N.V. — Class G		10,654		8,482,076
Autodesk, Inc.*		28,893		8,124,423
NXP Semiconductor N.V.		34,948		7,960,455
Fortinet, Inc.*		21,488		7,722,787
Synopsys, Inc.*		20,042		7,385,477
Atlassian Corporation plc — Class A*		18,454		7,036,326
Workday, Inc. — Class A*		25,365		6,929,211
Xilinx, Inc.		32,577		6,907,301
Activision Blizzard, Inc.		102,363		6,810,210
Cadence Design Systems, Inc.*		36,422		6,787,240
Paychex, Inc.		47,390		6,468,735
Microchip Technology, Inc.		72,923		6,348,676
Cognizant Technology Solutions Corp. — Class A		69,030		6,124,342
Datadog, Inc. — Class A*		33,801		6,020,296
Zscaler, Inc.*		18,405		5,914,079
Zoom Video Communications, Inc. — Class A*		31,836		5,854,959
Crowdstrike Holdings, Inc. — Class A*		27,051		5,538,692
Electronic Arts, Inc.		37,167		4,902,327
ANSYS, Inc.*		11,466		4,599,242
DocuSign, Inc.*		25,853		3,937,670
NetEase, Inc. ADR		37,237		3,789,982
Skyworks Solutions, Inc.		21,735		3,371,968
Splunk, Inc.*		21,231		2,456,851
Total Technology				932,921,846
Communications - 28.1%
Amazon.com, Inc.*		40,173		133,950,441
Meta Platforms, Inc. — Class A*		280,674		94,404,700
Alphabet, Inc. — Class C*		25,170		72,831,660
Alphabet, Inc. — Class A*		23,829		69,033,566
Cisco Systems, Inc.		554,288		35,125,231
Netflix, Inc.*		58,214		35,070,442
Comcast Corp. — Class A		599,219		30,158,692
T-Mobile US, Inc.*		164,152		19,038,349
Charter Communications, Inc. — Class A*		23,563		15,362,369
Booking Holdings, Inc.*		5,396		12,946,245
MercadoLibre, Inc.*		6,631		8,941,240
Airbnb, Inc. — Class A*		45,579		7,588,448
Palo Alto Networks, Inc.*		12,967		7,219,507
JD.com, Inc. ADR*		97,460		6,829,022
eBay, Inc.		82,271		5,471,022
Match Group, Inc.*		37,203		4,920,097
Baidu, Inc. ADR*		31,899		4,746,252
Okta, Inc.*		19,400		4,348,898
VeriSign, Inc.*		14,598		3,705,264
Sirius XM Holdings, Inc.1		525,624		3,337,713
Pinduoduo, Inc. ADR*		54,639		3,185,454
Total Communications				578,214,612
Consumer, Non-cyclical - 11.1%
PepsiCo, Inc.		181,711		31,565,018
PayPal Holdings, Inc.*		154,413		29,119,203
Intuitive Surgical, Inc.*		46,948		16,868,417
Amgen, Inc.		74,026		16,653,629
Automatic Data Processing, Inc.		55,379		13,655,354
Moderna, Inc.*		53,285		13,533,324
Mondelez International, Inc. — Class A		183,330		12,156,612
Gilead Sciences, Inc.		164,853		11,969,976
Regeneron Pharmaceuticals, Inc.*		13,893		8,773,708
Illumina, Inc.*		20,541		7,814,618
Vertex Pharmaceuticals, Inc.*		33,415		7,337,934
IDEXX Laboratories, Inc.*		11,144		7,337,878
Keurig Dr Pepper, Inc.		186,351		6,868,898
Dexcom, Inc.*		12,737		6,839,132
Align Technology, Inc.*		10,363		6,810,356
Monster Beverage Corp.*		69,541		6,678,717
Cintas Corp.		13,590		6,022,680
Kraft Heinz Co.		160,867		5,775,126
Verisk Analytics, Inc. — Class A		21,179		4,844,273
Biogen, Inc.*		19,305		4,631,656
Seagen, Inc.*		24,030		3,715,038
Total Consumer, Non-cyclical				228,971,547
Consumer, Cyclical - 9.4%
Tesla, Inc.*		79,553		84,070,019
Costco Wholesale Corp.		58,065		32,963,501
Starbucks Corp.		154,184		18,034,902
Lucid Group, Inc.*,1		216,367		8,232,765
Marriott International, Inc. — Class A*		42,800		7,072,272
Lululemon Athletica, Inc.*		16,376		6,410,385
O'Reilly Automotive, Inc.*		8,855		6,253,667
Walgreens Boots Alliance, Inc.		113,761		5,933,774
Ross Stores, Inc.		46,703		5,337,219
Fastenal Co.		75,590		4,842,295
Copart, Inc.*		31,172		4,726,299
Dollar Tree, Inc.*		29,564		4,154,333
PACCAR, Inc.		45,627		4,027,039
Peloton Interactive, Inc. — Class A*		39,578		1,415,309
Total Consumer, Cyclical				193,473,779
Industrial - 1.5%
Honeywell International, Inc.		90,474		18,864,734
CSX Corp.		291,491		10,960,061
Total Industrial				29,824,795
Utilities - 0.9%
Exelon Corp.		128,573		7,426,377

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.4% (continued)
Utilities - 0.9% (continued)
American Electric Power Company, Inc.		66,191	$	5,889,013
Xcel Energy, Inc.		70,794		4,792,754
Total Utilities				18,108,144
Total Common Stocks
(Cost $596,608,724)				1,981,514,723

MUTUAL FUNDS† - 2.6%
Guggenheim Ultra Short Duration Fund — Institutional Class2	3,064,684	30,401,666
Guggenheim Strategy Fund II2	575,584	14,320,541
Guggenheim Strategy Fund III2	370,504	9,273,710
Total Mutual Funds
(Cost $54,178,710)		53,995,917

	Face Amount
FEDERAL AGENCY NOTES†† - 0.2%
Federal Farm Credit Bank
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/223	$	3,000,000	3,006,072
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/223		2,000,000	2,000,880
Total Federal Agency Notes
(Cost $4,999,008)			5,006,952

U.S. TREASURY BILLS†† - 0.2%
U.S. Treasury Bills
0.04% due 01/06/224,5	2,819,000	2,818,999
0.09% due 06/02/225,6	300,000	299,867
Total U.S. Treasury Bills
(Cost $3,118,871)		3,118,866

REPURCHASE AGREEMENTS††,7 - 0.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226	4,345,886	4,345,886
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226	1,797,329	1,797,329
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226	1,633,936	1,633,936
Total Repurchase Agreements
(Cost $7,777,151)		7,777,151

	Shares
SECURITIES LENDING COLLATERAL†,8 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%9		8,958,857		8,958,857
Total Securities Lending Collateral
(Cost $8,958,857)				8,958,857
Total Investments - 100.2%
(Cost $675,641,321)			$	2,060,372,466
Other Assets & Liabilities, net - (0.2)%				(4,924,094	)
Total Net Assets - 100.0%			$	2,055,448,372

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		130	Mar 2022	$	42,445,650	$	418,040

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Goldman Sachs International	NASDAQ-100 Index	Pay	0.63% (Federal Funds Rate + 0.55%)	At Maturity	01/27/22		1,692	$	27,619,958	$	293,189
Barclays Bank plc	NASDAQ-100 Index	Pay	0.55% (U.S. Secured Overnight Financing Rate + 0.50%)	At Maturity	01/26/22		150		2,442,408		60,646
BNP Paribas	NASDAQ-100 Index	Pay	0.73% (Federal Funds Rate + 0.65%)	At Maturity	01/27/22		101		1,655,634		3,098
								$	31,718,000	$	356,933

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
4	All or a portion of this security is pledged as futures collateral at December 31, 2021.
5	Rate indicated is the effective yield at the time of purchase.
6	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
7	Repurchase Agreements — See Note 4.
8	Securities lending collateral — See Note 5.
9	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	1,981,514,723	$	—	$	—	$	1,981,514,723
Mutual Funds		53,995,917		—		—		53,995,917
Federal Agency Notes		—		5,006,952		—		5,006,952
U.S. Treasury Bills		—		3,118,866		—		3,118,866
Repurchase Agreements		—		7,777,151		—		7,777,151
Securities Lending Collateral		8,958,857		—		—		8,958,857
Equity Futures Contracts**		418,040		—		—		418,040
Equity Index Swap Agreements**		—		356,933		—		356,933
Total Assets	$	2,044,887,537	$	16,259,902	$	—	$	2,061,147,439

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	14,378,100	$	–	$	–	$	–	$	(57,559	)	$	14,320,541		575,584	$	155,196
Guggenheim Strategy Fund III		9,314,465		–		–		–		(40,755	)		9,273,710		370,504		110,389
Guggenheim Ultra Short Duration Fund — Institutional Class	$	25,529,268	$	5,000,000	$	–	$	–	$	(127,602	)	$	30,401,666		3,064,684	$	190,786
	$	49,221,833	$	5,000,000	$	–	$	–	$	(225,916	)	$	53,995,917			$	456,371

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 83.1%
Technology - 21.1%
Apple, Inc.		173,757	$	30,854,031
Microsoft Corp.		83,701		28,150,320
NVIDIA Corp.		27,871		8,197,140
Broadcom, Inc.		4,589		3,053,566
Adobe, Inc.*		5,304		3,007,686
Accenture plc — Class A		7,042		2,919,261
salesforce.com, Inc.*		10,914		2,773,575
Intel Corp.		45,340		2,335,010
QUALCOMM, Inc.		12,486		2,283,315
Intuit, Inc.		3,157		2,030,646
Texas Instruments, Inc.		10,295		1,940,299
Advanced Micro Devices, Inc.*		13,463		1,937,326
Applied Materials, Inc.		10,066		1,583,986
Oracle Corp.		17,981		1,568,123
ServiceNow, Inc.*		2,219		1,440,375
International Business Machines Corp.		9,998		1,336,333
Micron Technology, Inc.		12,471		1,161,673
Lam Research Corp.		1,569		1,128,346
Analog Devices, Inc.		5,991		1,053,038
Fidelity National Information Services, Inc.		6,789		741,019
KLA Corp.		1,690		726,886
Autodesk, Inc.*		2,451		689,197
Fiserv, Inc.*		6,624		687,505
NXP Semiconductor N.V.		2,965		675,368
Synopsys, Inc.*		1,700		626,450
Xilinx, Inc.		2,763		585,839
Roper Technologies, Inc.		1,176		578,427
Activision Blizzard, Inc.		8,682		577,613
Cadence Design Systems, Inc.*		3,090		575,822
MSCI, Inc. — Class A		919		563,062
Fortinet, Inc.*		1,513		543,772
Microchip Technology, Inc.		6,185		538,466
Cognizant Technology Solutions Corp. — Class A		5,856		519,544
Paychex, Inc.		3,578		488,397
HP, Inc.		12,849		484,022
EPAM Systems, Inc.*		632		422,460
Electronic Arts, Inc.		3,153		415,881
ANSYS, Inc.*		973		390,290
Zebra Technologies Corp. — Class A*		596		354,739
Cerner Corp.		3,280		304,614
Teradyne, Inc.		1,817		297,134
Skyworks Solutions, Inc.		1,841		285,613
Seagate Technology Holdings plc		2,283		257,933
Tyler Technologies, Inc.*		457		245,843
Monolithic Power Systems, Inc.		483		238,278
Broadridge Financial Solutions, Inc.		1,300		237,666
Hewlett Packard Enterprise Co.		14,582		229,958
NetApp, Inc.		2,493		229,331
Take-Two Interactive Software, Inc.*		1,285		228,370
Western Digital Corp.*		3,474		226,540
Paycom Software, Inc.*		537		222,957
Akamai Technologies, Inc.*		1,811		211,959
Qorvo, Inc.*		1,229		192,203
Ceridian HCM Holding, Inc.*		1,518		158,570
PTC, Inc.*		1,178		142,715
Leidos Holdings, Inc.		1,564		139,040
Jack Henry & Associates, Inc.		824		137,600
Citrix Systems, Inc.		1,390		131,480
DXC Technology Co.*		2,812		90,518
IPG Photonics Corp.*		398		68,512
Total Technology				114,215,642
Consumer, Non-cyclical - 16.5%
UnitedHealth Group, Inc.		10,500		5,272,470
Johnson & Johnson		29,349		5,020,733
Procter & Gamble Co.		26,978		4,413,061
Pfizer, Inc.		62,574		3,694,995
Thermo Fisher Scientific, Inc.		4,393		2,931,185
Abbott Laboratories		19,712		2,774,267
PepsiCo, Inc.		15,414		2,677,566
AbbVie, Inc.		19,709		2,668,599
Coca-Cola Co.		43,339		2,566,102
PayPal Holdings, Inc.*		13,098		2,470,021
Eli Lilly & Co.		8,851		2,444,823
Danaher Corp.		7,090		2,332,681
Merck & Company, Inc.		28,160		2,158,182
Philip Morris International, Inc.		17,356		1,648,820
Medtronic plc		15,003		1,552,060
Bristol-Myers Squibb Co.		24,745		1,542,851
CVS Health Corp.		14,716		1,518,103
Intuitive Surgical, Inc.*		3,980		1,430,014
Amgen, Inc.		6,279		1,412,587
Zoetis, Inc.		5,275		1,287,258
S&P Global, Inc.		2,687		1,268,076
Anthem, Inc.		2,705		1,253,876
Automatic Data Processing, Inc.		4,698		1,158,433
Mondelez International, Inc. — Class A		15,552		1,031,253
Gilead Sciences, Inc.		13,984		1,015,378
Stryker Corp.		3,743		1,000,953
Moderna, Inc.*		3,932		998,649
Altria Group, Inc.		20,479		970,500
Estee Lauder Companies, Inc. — Class A		2,583		956,226
Edwards Lifesciences Corp.*		6,960		901,668
Cigna Corp.		3,695		848,483
Becton Dickinson and Co.		3,201		804,987
Colgate-Palmolive Co.		9,396		801,855
Regeneron Pharmaceuticals, Inc.*		1,179		744,562
Moody's Corp.		1,803		704,216
HCA Healthcare, Inc.		2,670		685,976
Boston Scientific Corp.*		15,886		674,837
Humana, Inc.		1,433		664,711
Illumina, Inc.*		1,742		662,727
Vertex Pharmaceuticals, Inc.*		2,834		622,347
IDEXX Laboratories, Inc.*		945		622,245
IQVIA Holdings, Inc.*		2,130		600,958
IHS Markit Ltd.		4,446		590,962
Dexcom, Inc.*		1,081		580,443
Align Technology, Inc.*		817		536,916
Kimberly-Clark Corp.		3,754		536,522
Centene Corp.*		6,505		536,012
Baxter International, Inc.		5,582		479,159

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 83.1% (continued)
Consumer, Non-cyclical - 16.5% (continued)
Constellation Brands, Inc. — Class A		1,831	$	459,526
General Mills, Inc.		6,752		454,950
Sysco Corp.		5,715		448,913
Global Payments, Inc.		3,234		437,172
Cintas Corp.		980		434,307
ResMed, Inc.		1,625		423,280
McKesson Corp.		1,702		423,066
Archer-Daniels-Midland Co.		6,237		421,559
Verisk Analytics, Inc. — Class A		1,797		411,028
Monster Beverage Corp.*		4,188		402,216
Equifax, Inc.		1,360		398,194
Biogen, Inc.*		1,638		392,989
West Pharmaceutical Services, Inc.		826		387,402
Corteva, Inc.		8,126		384,197
Kroger Co.		7,544		341,441
Laboratory Corporation of America Holdings*		1,067		335,262
Hershey Co.		1,620		313,421
Gartner, Inc.*		917		306,571
Zimmer Biomet Holdings, Inc.		2,329		295,876
Tyson Foods, Inc. — Class A		3,287		286,495
Kraft Heinz Co.		7,915		284,149
PerkinElmer, Inc.		1,407		282,892
Church & Dwight Company, Inc.		2,722		279,005
STERIS plc		1,115		271,402
McCormick & Company, Inc.		2,780		268,576
United Rentals, Inc.*		807		268,158
Waters Corp.*		680		253,368
Catalent, Inc.*		1,908		244,281
Clorox Co.		1,370		238,873
Quest Diagnostics, Inc.		1,368		236,678
Cooper Companies, Inc.		550		230,417
Bio-Techne Corp.		438		226,595
AmerisourceBergen Corp. — Class A		1,668		221,661
Hologic, Inc.*		2,826		216,359
Charles River Laboratories International, Inc.*		562		211,750
FleetCor Technologies, Inc.*		905		202,575
Avery Dennison Corp.		923		199,894
Kellogg Co.		2,852		183,726
Conagra Brands, Inc.		5,348		182,634
Viatris, Inc.		13,483		182,425
Quanta Services, Inc.		1,589		182,195
ABIOMED, Inc.*		507		182,099
Bio-Rad Laboratories, Inc. — Class A*		241		182,092
MarketAxess Holdings, Inc.		424		174,379
Teleflex, Inc.		522		171,467
J M Smucker Co.		1,208		164,071
Cardinal Health, Inc.		3,141		161,730
Incyte Corp.*		2,093		153,626
Hormel Foods Corp.		3,145		153,507
Brown-Forman Corp. — Class B		2,037		148,416
Robert Half International, Inc.		1,241		138,396
Dentsply Sirona, Inc.		2,437		135,960
Henry Schein, Inc.*		1,546		119,861
Universal Health Services, Inc. — Class B		815		105,673
Lamb Weston Holdings, Inc.		1,628		103,183
Campbell Soup Co.		2,257		98,089
Molson Coors Beverage Co. — Class B		2,100		97,335
Rollins, Inc.		2,523		86,312
Organon & Co.		2,827		86,082
DaVita, Inc.*		727		82,704
Nielsen Holdings plc		4,000		82,040
Total Consumer, Non-cyclical				89,321,808
Communications - 12.6%
Amazon.com, Inc.*		4,862		16,211,561
Alphabet, Inc. — Class A*		3,353		9,713,775
Alphabet, Inc. — Class C*		3,117		9,019,320
Meta Platforms, Inc. — Class A*		26,380		8,872,913
Walt Disney Co.*		20,258		3,137,762
Cisco Systems, Inc.		47,019		2,979,594
Netflix, Inc.*		4,938		2,974,849
Comcast Corp. — Class A		50,830		2,558,274
Verizon Communications, Inc.		46,156		2,398,266
AT&T, Inc.		79,610		1,958,406
Booking Holdings, Inc.*		458		1,098,848
Charter Communications, Inc. — Class A*		1,379		899,067
T-Mobile US, Inc.*		6,545		759,089
Motorola Solutions, Inc.		1,883		511,611
eBay, Inc.		6,979		464,104
Match Group, Inc.*		3,156		417,381
Twitter, Inc.*		8,914		385,263
Arista Networks, Inc.*		2,501		359,519
Corning, Inc.		8,563		318,800
CDW Corp.		1,513		309,832
Etsy, Inc.*		1,413		309,362
Expedia Group, Inc.*		1,628		294,212
VeriSign, Inc.*		1,077		273,364
ViacomCBS, Inc. — Class B		6,764		204,138
FactSet Research Systems, Inc.		420		204,124
Omnicom Group, Inc.		2,370		173,650
NortonLifeLock, Inc.		6,486		168,506
F5, Inc.*		672		164,445
Interpublic Group of Companies, Inc.		4,390		164,405
Fox Corp. — Class A		3,571		131,770
Juniper Networks, Inc.		3,625		129,449
Lumen Technologies, Inc.		10,273		128,926
News Corp. — Class A		4,382		97,762
DISH Network Corp. — Class A*		2,784		90,313
Discovery, Inc. — Class C*		3,386		77,539
Fox Corp. — Class B		1,639		56,169
Discovery, Inc. — Class A*,1		1,886		44,396
News Corp. — Class B		1,358		30,555
Total Communications				68,091,319
Financial - 12.0%
Berkshire Hathaway, Inc. — Class B*		20,417		6,104,683
JPMorgan Chase & Co.		32,946		5,216,999
Visa, Inc. — Class A		18,695		4,051,393
Bank of America Corp.		80,289		3,572,058
Mastercard, Inc. — Class A		9,671		3,474,984
Wells Fargo & Co.		44,450		2,132,711
Morgan Stanley		16,004		1,570,953

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 83.1% (continued)
Financial - 12.0% (continued)
American Tower Corp. — Class A REIT		5,077	$	1,485,023
BlackRock, Inc. — Class A		1,592		1,457,572
Goldman Sachs Group, Inc.		3,784		1,447,569
Charles Schwab Corp.		16,760		1,409,516
Prologis, Inc. REIT		8,242		1,387,623
Citigroup, Inc.		22,121		1,335,887
American Express Co.		6,994		1,144,218
Crown Castle International Corp. REIT		4,818		1,005,709
Marsh & McLennan Companies, Inc.		5,629		978,433
PNC Financial Services Group, Inc.		4,712		944,850
Chubb Ltd.		4,802		928,275
CME Group, Inc. — Class A		4,007		915,439
Truist Financial Corp.		14,881		871,283
Intercontinental Exchange, Inc.		6,281		859,052
Equinix, Inc. REIT		1,004		849,223
U.S. Bancorp		15,043		844,965
Aon plc — Class A		2,456		738,175
Capital One Financial Corp.		4,745		688,452
Progressive Corp.		6,522		669,483
Public Storage REIT		1,701		637,127
Simon Property Group, Inc. REIT		3,663		585,238
Digital Realty Trust, Inc. REIT		3,164		559,617
American International Group, Inc.		9,256		526,296
MetLife, Inc.		7,971		498,108
T. Rowe Price Group, Inc.		2,506		492,780
Bank of New York Mellon Corp.		8,469		491,879
SBA Communications Corp. REIT		1,213		471,881
Prudential Financial, Inc.		4,214		456,123
Realty Income Corp. REIT		6,307		451,518
SVB Financial Group*		654		443,569
Travelers Companies, Inc.		2,743		429,088
Welltower, Inc. REIT		4,853		416,242
First Republic Bank		1,997		412,400
CBRE Group, Inc. — Class A*		3,731		404,851
Aflac, Inc.		6,785		396,176
AvalonBay Communities, Inc. REIT		1,558		393,535
Arthur J Gallagher & Co.		2,311		392,107
State Street Corp.		4,076		379,068
Discover Financial Services		3,267		377,535
Ameriprise Financial, Inc.		1,247		376,170
Allstate Corp.		3,196		376,009
Alexandria Real Estate Equities, Inc. REIT		1,571		350,270
Equity Residential REIT		3,804		344,262
Weyerhaeuser Co. REIT		8,351		343,894
Extra Space Storage, Inc. REIT		1,493		338,508
Fifth Third Bancorp		7,623		331,982
Willis Towers Watson plc		1,389		329,874
Mid-America Apartment Communities, Inc. REIT		1,283		294,372
Synchrony Financial		6,101		283,025
Duke Realty Corp. REIT		4,246		278,707
Northern Trust Corp.		2,315		276,897
Nasdaq, Inc.		1,305		274,063
Hartford Financial Services Group, Inc.		3,794		261,938
Essex Property Trust, Inc. REIT		726		255,719
Huntington Bancshares, Inc.		16,126		248,663
KeyCorp		10,380		240,089
Regions Financial Corp.		10,627		231,669
Ventas, Inc. REIT		4,450		227,484
Citizens Financial Group, Inc.		4,751		224,485
M&T Bank Corp.		1,435		220,387
Signature Bank		676		218,666
Healthpeak Properties, Inc. REIT		6,009		216,865
Raymond James Financial, Inc.		2,065		207,326
Principal Financial Group, Inc.		2,748		198,763
UDR, Inc. REIT		3,240		194,368
Cincinnati Financial Corp.		1,671		190,377
Brown & Brown, Inc.		2,613		183,642
Boston Properties, Inc. REIT		1,585		182,560
Kimco Realty Corp. REIT		6,872		169,395
Iron Mountain, Inc. REIT		3,228		168,921
Cboe Global Markets, Inc.		1,189		155,046
Host Hotels & Resorts, Inc. REIT*		7,960		138,424
Regency Centers Corp. REIT		1,718		129,451
Lincoln National Corp.		1,894		129,284
Loews Corp.		2,234		129,036
W R Berkley Corp.		1,555		128,116
Comerica, Inc.		1,462		127,194
Everest Re Group Ltd.		439		120,251
Zions Bancorp North America		1,744		110,151
Federal Realty Investment Trust REIT*		780		106,330
Franklin Resources, Inc.		3,133		104,924
Assurant, Inc.		635		98,971
Globe Life, Inc.		1,036		97,094
Invesco Ltd.		3,805		87,591
People's United Financial, Inc.		4,772		85,037
Vornado Realty Trust REIT		1,773		74,218
Total Financial				65,160,134
Consumer, Cyclical - 8.5%
Tesla, Inc.*		9,069		9,583,938
Home Depot, Inc.		11,765		4,882,593
Costco Wholesale Corp.		4,925		2,795,923
NIKE, Inc. — Class B		14,245		2,374,214
Walmart, Inc.		15,854		2,293,915
McDonald's Corp.		8,330		2,233,023
Lowe's Companies, Inc.		7,719		1,995,207
Starbucks Corp.		13,155		1,538,740
Target Corp.		5,441		1,259,265
TJX Companies, Inc.		13,406		1,017,784
General Motors Co.*		16,186		948,985
Ford Motor Co.		43,761		908,916
Dollar General Corp.		2,601		613,394
Chipotle Mexican Grill, Inc. — Class A*		314		548,950
O'Reilly Automotive, Inc.*		751		530,379
Marriott International, Inc. — Class A*		3,050		503,982
Aptiv plc*		3,015		497,324
AutoZone, Inc.*		234		490,555
Hilton Worldwide Holdings, Inc.*		3,107		484,661
Yum! Brands, Inc.		3,268		453,794

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 83.1% (continued)
Consumer, Cyclical - 8.5% (continued)
Ross Stores, Inc.		3,961	$	452,663
Walgreens Boots Alliance, Inc.		8,010		417,802
Fastenal Co.		6,412		410,753
DR Horton, Inc.		3,634		394,107
Copart, Inc.*		2,379		360,704
Dollar Tree, Inc.*		2,507		352,284
Lennar Corp. — Class A		3,030		351,965
Cummins, Inc.		1,595		347,933
PACCAR, Inc.		3,870		341,566
Tractor Supply Co.		1,269		302,783
Southwest Airlines Co.*		6,599		282,701
Delta Air Lines, Inc.*		7,135		278,836
VF Corp.		3,634		266,081
Pool Corp.		447		253,002
Best Buy Company, Inc.		2,468		250,749
Ulta Beauty, Inc.*		606		249,878
WW Grainger, Inc.		482		249,791
CarMax, Inc.*		1,807		235,326
Domino's Pizza, Inc.		406		229,118
Caesars Entertainment, Inc.*		2,383		222,882
Genuine Parts Co.		1,587		222,497
Darden Restaurants, Inc.		1,447		217,976
NVR, Inc.*		36		212,719
Bath & Body Works, Inc.		2,947		205,671
MGM Resorts International		4,339		194,734
Royal Caribbean Cruises Ltd.*		2,500		192,250
Carnival Corp.*		8,968		180,436
Live Nation Entertainment, Inc.*		1,505		180,134
LKQ Corp.		2,990		179,490
Advance Auto Parts, Inc.		701		168,156
PulteGroup, Inc.		2,823		161,363
Whirlpool Corp.		677		158,865
United Airlines Holdings, Inc.*		3,610		158,046
Hasbro, Inc.		1,446		147,174
Las Vegas Sands Corp.*		3,832		144,237
American Airlines Group, Inc.*		7,219		129,653
Tapestry, Inc.		3,067		124,520
BorgWarner, Inc.		2,673		120,472
Mohawk Industries, Inc.*		612		111,494
Wynn Resorts Ltd.*		1,173		99,752
Penn National Gaming, Inc.*		1,852		96,026
Newell Brands, Inc.		4,221		92,187
Norwegian Cruise Line Holdings Ltd.*		4,125		85,553
PVH Corp.		792		84,467
Alaska Air Group, Inc.*		1,397		72,784
Ralph Lauren Corp. — Class A		543		64,541
Under Armour, Inc. — Class A*		2,103		44,563
Under Armour, Inc. — Class C*		2,397		43,242
Gap, Inc.		2,390		42,183
Total Consumer, Cyclical				46,141,651
Industrial - 6.3%
Union Pacific Corp.		7,167		1,805,582
United Parcel Service, Inc. — Class B		8,129		1,742,370
Honeywell International, Inc.		7,674		1,600,106
Raytheon Technologies Corp.		16,686		1,435,997
Caterpillar, Inc.		6,030		1,246,642
Boeing Co.*		6,159		1,239,930
General Electric Co.		12,242		1,156,502
3M Co.		6,424		1,141,095
Deere & Co.		3,146		1,078,732
Lockheed Martin Corp.		2,735		972,046
CSX Corp.		24,727		929,735
Norfolk Southern Corp.		2,713		807,687
Illinois Tool Works, Inc.		3,184		785,811
Eaton Corporation plc		4,444		768,012
Waste Management, Inc.		4,290		716,001
FedEx Corp.		2,725		704,794
Northrop Grumman Corp.		1,661		642,923
Johnson Controls International plc		7,901		642,430
Emerson Electric Co.		6,664		619,552
TE Connectivity Ltd.		3,638		586,955
Amphenol Corp. — Class A		6,667		583,096
Agilent Technologies, Inc.		3,375		538,819
General Dynamics Corp.		2,584		538,686
Trane Technologies plc		2,648		534,976
Carrier Global Corp.		9,661		524,013
L3Harris Technologies, Inc.		2,187		466,356
Parker-Hannifin Corp.		1,439		457,775
Rockwell Automation, Inc.		1,293		451,063
Mettler-Toledo International, Inc.*		256		434,486
Keysight Technologies, Inc.*		2,053		423,965
Otis Worldwide Corp.		4,735		412,277
AMETEK, Inc.		2,579		379,216
Old Dominion Freight Line, Inc.		1,039		372,357
TransDigm Group, Inc.*		584		371,588
Ball Corp.		3,611		347,631
Stanley Black & Decker, Inc.		1,817		342,722
Republic Services, Inc. — Class A		2,333		325,337
Vulcan Materials Co.		1,479		307,011
Martin Marietta Materials, Inc.		695		306,161
Fortive Corp.		3,998		305,007
Dover Corp.		1,605		291,468
Ingersoll Rand, Inc.		4,544		281,137
Expeditors International of Washington, Inc.		1,889		253,674
Generac Holdings, Inc.*		703		247,400
Trimble, Inc.*		2,798		243,957
Xylem, Inc.		2,010		241,039
Garmin Ltd.		1,694		230,672
Teledyne Technologies, Inc.*		519		226,746
Amcor plc		17,092		205,275
Jacobs Engineering Group, Inc.		1,453		202,301
IDEX Corp.		848		200,399
Westinghouse Air Brake Technologies Corp.		2,083		191,865
J.B. Hunt Transport Services, Inc.		936		191,319
Masco Corp.		2,721		191,069
Textron, Inc.		2,457		189,680
Fortune Brands Home & Security, Inc.		1,513		161,740
CH Robinson Worldwide, Inc.		1,449		155,956
Packaging Corporation of America		1,058		144,047
Howmet Aerospace, Inc.		4,285		136,392
Pentair plc		1,845		134,740
Allegion plc		1,000		132,440

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 83.1% (continued)
Industrial - 6.3% (continued)
Westrock Co.		2,977	$	132,060
Snap-on, Inc.		599		129,013
A O Smith Corp.		1,485		127,487
Sealed Air Corp.		1,652		111,460
Huntington Ingalls Industries, Inc.		446		83,286
Total Industrial				33,882,066
Energy - 2.3%
Exxon Mobil Corp.		47,196		2,887,923
Chevron Corp.		21,490		2,521,852
ConocoPhillips		14,703		1,061,263
EOG Resources, Inc.		6,523		579,438
Schlumberger N.V.		15,637		468,328
Pioneer Natural Resources Co.		2,531		460,338
Marathon Petroleum Corp.		6,863		439,163
Phillips 66		4,885		353,967
Williams Companies, Inc.		13,545		352,712
Kinder Morgan, Inc.		21,739		344,780
Valero Energy Corp.		4,557		342,276
Devon Energy Corp.		7,018		309,143
ONEOK, Inc.		4,971		292,096
Occidental Petroleum Corp.		9,891		286,740
Enphase Energy, Inc.*		1,504		275,142
Baker Hughes Co.		9,744		234,441
Halliburton Co.		9,979		228,220
Hess Corp.		3,073		227,494
Diamondback Energy, Inc.		1,899		204,807
Coterra Energy, Inc. — Class A		9,070		172,330
SolarEdge Technologies, Inc.*		586		164,414
Marathon Oil Corp.		8,679		142,509
APA Corp.		4,050		108,905
Total Energy				12,458,281
Utilities - 2.1%
NextEra Energy, Inc.		21,874		2,042,157
Duke Energy Corp.		8,575		899,517
Southern Co.		11,814		810,204
Dominion Energy, Inc.		9,028		709,240
Exelon Corp.		10,907		629,988
American Electric Power Company, Inc.		5,615		499,567
Sempra Energy		3,560		470,917
Xcel Energy, Inc.		6,005		406,539
American Water Works Company, Inc.		2,024		382,253
Public Service Enterprise Group, Inc.		5,637		376,157
Eversource Energy		3,833		348,726
WEC Energy Group, Inc.		3,517		341,395
Consolidated Edison, Inc.		3,944		336,502
Edison International		4,235		289,039
DTE Energy Co.		2,160		258,206
Ameren Corp.		2,872		255,637
Entergy Corp.		2,241		252,449
FirstEnergy Corp.		6,069		252,410
PPL Corp.		8,369		251,572
CMS Energy Corp.		3,230		210,111
CenterPoint Energy, Inc.		7,011		195,677
AES Corp.		7,432		180,598
Evergy, Inc.		2,556		175,367
Alliant Energy Corp.		2,791		171,563
Atmos Energy Corp.		1,476		154,640
NiSource, Inc.		4,378		120,877
NRG Energy, Inc.		2,730		117,608
Pinnacle West Capital Corp.		1,258		88,802
Total Utilities				11,227,718
Basic Materials - 1.7%
Linde plc		5,714		1,979,501
Sherwin-Williams Co.		2,689		946,958
Air Products and Chemicals, Inc.		2,468		750,914
Freeport-McMoRan, Inc.		16,371		683,162
Ecolab, Inc.		2,779		651,926
Newmont Corp.		8,890		551,357
Dow, Inc.		8,245		467,656
DuPont de Nemours, Inc.		5,776		466,585
PPG Industries, Inc.		2,647		456,449
International Flavors & Fragrances, Inc.		2,838		427,545
Nucor Corp.		3,186		363,682
Albemarle Corp.		1,304		304,836
LyondellBasell Industries N.V. — Class A		2,931		270,326
Celanese Corp. — Class A		1,213		203,857
International Paper Co.		4,317		202,813
Eastman Chemical Co.		1,499		181,244
CF Industries Holdings, Inc.		2,391		169,235
Mosaic Co.		4,129		162,228
FMC Corp.		1,412		155,165
Total Basic Materials				9,395,439
Total Common Stocks
(Cost $418,841,902)				449,894,058

MUTUAL FUNDS† - 6.9%
Guggenheim Ultra Short Duration Fund — Institutional Class2	2,434,889	24,154,103
Guggenheim Strategy Fund II2	348,214	8,663,575
Guggenheim Strategy Fund III2	184,563	4,619,603
Total Mutual Funds
(Cost $37,394,494)		37,437,281

	Face Amount
U.S. TREASURY BILLS†† - 2.7%
U.S. Treasury Bills
0.09% due 06/02/223,4	$	14,400,000	14,393,625
0.04% due 01/06/224,5		497,000	497,000
Total U.S. Treasury Bills
(Cost $14,891,647)			14,890,625

REPURCHASE AGREEMENTS††,6 - 7.0%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	21,118,693	21,118,693
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	8,734,063	8,734,063
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	7,940,057	7,940,057
Total Repurchase Agreements
(Cost $37,792,813)		37,792,813

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		33,259	$	33,259
Total Securities Lending Collateral
(Cost $33,259)			$	33,259
Total Investments - 99.7%
(Cost $508,954,115)			$	540,048,036
Other Assets & Liabilities, net - 0.3%				1,453,182
Total Net Assets - 100.0%			$	541,501,218

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		51	Mar 2022	$	12,136,725	$	133,081

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Goldman Sachs International	S&P 500 Index	Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	01/27/22		47,451	$	226,161,859	$	3,433,667
Barclays Bank plc	S&P 500 Index	Pay	0.50% (U.S. Secured Overnight Financing Rate + 0.45%)	At Maturity	01/26/22		25,366		120,897,347		3,350,551
BNP Paribas	S&P 500 Index	Pay	0.68% (Federal Funds Rate + 0.60%)	At Maturity	01/27/22		653		3,113,093		36,796
								$	350,172,299	$	6,821,014

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	All or a portion of this security is pledged as futures collateral at December 31, 2021.
6	Repurchase Agreements — See Note 4.
7	Securities lending collateral — See Note 5.
8	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	449,894,058	$	—	$	—	$	449,894,058
Mutual Funds		37,437,281		—		—		37,437,281
U.S. Treasury Bills		—		14,890,625		—		14,890,625
Repurchase Agreements		—		37,792,813		—		37,792,813
Securities Lending Collateral		33,259		—		—		33,259
Equity Futures Contracts**		133,081		—		—		133,081
Equity Index Swap Agreements**		—		6,821,014		—		6,821,014
Total Assets	$	487,497,679	$	59,504,452	$	—	$	547,002,131

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,697,596	$	–	$	(2,000,000	)	$	12,984	$	(47,005	)	$	8,663,575		348,214	$	107,537
Guggenheim Strategy Fund III		4,639,905		–		–			–		(20,302	)		4,619,603		184,563		54,989
Guggenheim Ultra Short Duration Fund — Institutional Class		19,255,008		5,000,000		–			–		(100,905	)		24,154,103		2,434,889		160,254
	$	34,592,509	$	5,000,000	$	(2,000,000	)	$	12,984	$	(168,212	)	$	37,437,281			$	322,780

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 95.6%
Mining - 95.6%
Freeport-McMoRan, Inc.		149,640	$	6,244,477
Newmont Corp.		94,985		5,890,970
Barrick Gold Corp.		236,505		4,493,595
Franco-Nevada Corp.		28,858		3,990,773
Wheaton Precious Metals Corp.		81,023		3,478,317
Agnico Eagle Mines Ltd.		52,638		2,797,183
Kirkland Lake Gold Ltd.		61,503		2,580,051
Gold Fields Ltd. ADR		224,592		2,468,266
AngloGold Ashanti Ltd. ADR		111,988		2,349,508
Sibanye Stillwater Ltd. ADR1		185,748		2,329,280
Kinross Gold Corp.		366,126		2,127,192
Royal Gold, Inc.		19,662		2,068,639
Pan American Silver Corp.		70,121		1,750,921
Yamana Gold, Inc.		375,166		1,583,201
B2Gold Corp.1		394,225		1,549,304
SSR Mining, Inc.1		84,829		1,501,473
Alamos Gold, Inc. — Class A		178,796		1,374,941
Harmony Gold Mining Company Ltd. ADR		314,986		1,294,593
Hecla Mining Co.		246,148		1,284,893
First Majestic Silver Corp.1		115,503		1,283,238
Pretium Resources, Inc.*		89,531		1,261,492
Novagold Resources, Inc.*		169,646		1,163,772
Osisko Gold Royalties Ltd.		91,139		1,116,453
Equinox Gold Corp.*,1		164,600		1,112,696
Eldorado Gold Corp.*		111,644		1,043,871
IAMGOLD Corp.*		311,542		975,126
MAG Silver Corp.*		59,032		925,031
Fortuna Silver Mines, Inc.*		226,136		881,930
Coeur Mining, Inc.*		169,620		854,885
Sandstorm Gold Ltd.		137,604		853,145
Seabridge Gold, Inc.*		51,601		850,901
SilverCrest Metals, Inc.*		105,160		831,816
Endeavour Silver Corp.*		151,935		641,166
Gatos Silver, Inc.*		60,984		633,014
Silvercorp Metals, Inc.		159,536		599,855
Total Mining				66,185,968
Total Common Stocks
(Cost $35,916,381)				66,185,968

EXCHANGE-TRADED FUNDS† - 3.9%
VanEck Junior Gold Miners ETF	64,129	2,688,929
Total Exchange-Traded Funds
(Cost $1,834,992)		2,688,929

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	427,124	427,124
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		176,646	176,646
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		160,587	160,587
Total Repurchase Agreements
(Cost $764,357)			764,357

	Shares
SECURITIES LENDING COLLATERAL†,3 - 4.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		3,101,237		3,101,237
Total Securities Lending Collateral
(Cost $3,101,237)				3,101,237
Total Investments - 105.1%
(Cost $41,616,967)			$	72,740,491
Other Assets & Liabilities, net - (5.1)%				(3,522,369	)
Total Net Assets - 100.0%			$	69,218,122

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	66,185,968	$	—	$	—	$	66,185,968
Exchange-Traded Funds		2,688,929		—		—		2,688,929
Repurchase Agreements		—		764,357		—		764,357
Securities Lending Collateral		3,101,237		—		—		3,101,237
Total Assets	$	71,976,134	$	764,357	$	—	$	72,740,491

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.6%
REITs - 92.2%
REITs-Diversified - 25.0%
American Tower Corp. — Class A		1,323	$	386,978
Crown Castle International Corp.		1,507		314,571
Equinix, Inc.		338		285,894
Digital Realty Trust, Inc.		1,326		234,530
SBA Communications Corp.		552		214,739
Weyerhaeuser Co.		4,391		180,821
Duke Realty Corp.		2,525		165,741
VICI Properties, Inc.		4,906		147,720
WP Carey, Inc.		1,565		128,408
Gaming and Leisure Properties, Inc.		2,404		116,979
Lamar Advertising Co. — Class A		961		116,569
National Storage Affiliates Trust		1,409		97,503
Vornado Realty Trust		2,220		92,929
Rayonier, Inc.		1,951		78,742
PS Business Parks, Inc.		406		74,773
New Residential Investment Corp.		6,655		71,275
Outfront Media, Inc.		2,561		68,686
Broadstone Net Lease, Inc.		2,598		64,482
PotlatchDeltic Corp.		1,063		64,014
EPR Properties		1,327		63,019
Uniti Group, Inc.		4,444		62,260
National Health Investors, Inc.		928		53,332
Washington Real Estate Investment Trust		1,856		47,978
InvenTrust Properties Corp.1		1,651		45,006
Total REITs-Diversified				3,176,949
REITs-Apartments - 11.9%
AvalonBay Communities, Inc.		765		193,231
Equity Residential		2,085		188,692
Invitation Homes, Inc.		3,823		173,335
Mid-America Apartment Communities, Inc.		736		168,868
Essex Property Trust, Inc.		444		156,390
UDR, Inc.		2,338		140,257
Camden Property Trust		782		139,728
American Homes 4 Rent — Class A		2,888		125,946
Apartment Income REIT Corp.		1,753		95,837
American Campus Communities, Inc.		1,621		92,867
Independence Realty Trust, Inc.		2,209		57,058
Total REITs-Apartments				1,532,209
REITs-Warehouse/Industries - 9.0%
Prologis, Inc.		2,169		365,173
Rexford Industrial Realty, Inc.		1,431		116,068
CyrusOne, Inc.		1,224		109,817
EastGroup Properties, Inc.		442		100,710
STAG Industrial, Inc.		2,029		97,311
Americold Realty Trust		2,962		97,124
First Industrial Realty Trust, Inc.		1,467		97,115
Terreno Realty Corp.		982		83,755
Innovative Industrial Properties, Inc.		315		82,817
Total REITs-Warehouse/Industries				1,149,890
REITs-Office Property - 8.8%
Alexandria Real Estate Equities, Inc.		859		191,523
Boston Properties, Inc.		1,197		137,870
Kilroy Realty Corp.		1,350		89,721
Cousins Properties, Inc.		2,012		81,043
Douglas Emmett, Inc.		2,349		78,692
SL Green Realty Corp.		994		71,270
Highwoods Properties, Inc.		1,585		70,675
LXP Industrial Trust		4,427		69,150
JBG SMITH Properties		2,224		63,851
Hudson Pacific Properties, Inc.		2,559		63,233
Corporate Office Properties Trust		2,085		58,317
Equity Commonwealth*		2,213		57,317
Brandywine Realty Trust		3,589		48,164
Orion Office REIT, Inc.*		1,810		33,793
Total REITs-Office Property				1,114,619
REITs-Health Care - 8.1%
Welltower, Inc.		2,337		200,444
Ventas, Inc.		2,892		147,839
Healthpeak Properties, Inc.		4,044		145,948
Medical Properties Trust, Inc.		5,300		125,239
Omega Healthcare Investors, Inc.		3,018		89,303
Healthcare Trust of America, Inc. — Class A		2,641		88,183
Healthcare Realty Trust, Inc.		2,199		69,576
Physicians Realty Trust		3,531		66,489
Sabra Health Care REIT, Inc.		4,240		57,410
CareTrust REIT, Inc.		2,197		50,158
Total REITs-Health Care				1,040,589
REITs-Storage - 6.4%
Public Storage		713		267,061
Extra Space Storage, Inc.		814		184,558
Iron Mountain, Inc.		2,447		128,052
Life Storage, Inc.		767		117,489
CubeSmart		2,059		117,178
Total REITs-Storage				814,338
REITs-Shopping Centers - 5.4%
Kimco Realty Corp.		5,340		131,631
Regency Centers Corp.		1,593		120,033
Federal Realty Investment Trust*		804		109,601
Brixmor Property Group, Inc.		3,643		92,569
Kite Realty Group Trust		3,358		73,137
SITE Centers Corp.		3,882		61,452
Retail Opportunity Investments Corp.		2,602		50,999
Acadia Realty Trust		2,134		46,585
Total REITs-Shopping Centers				686,007
REITs-Single Tenant - 5.0%
Realty Income Corp.		2,971		212,694
STORE Capital Corp.		2,911		100,138
National Retail Properties, Inc.		2,013		96,765
Spirit Realty Capital, Inc.		1,666		80,285
Agree Realty Corp.		1,062		75,784
Essential Properties Realty Trust, Inc.		2,154		62,100
Total REITs-Single Tenant				627,766

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.6% (continued)
REITs - 92.2% (continued)
REITs-Hotels - 4.9%
Host Hotels & Resorts, Inc.*		6,976	$	121,313
MGM Growth Properties LLC — Class A		2,749		112,297
Ryman Hospitality Properties, Inc.*		857		78,810
Park Hotels & Resorts, Inc.*		3,865		72,971
Apple Hospitality REIT, Inc.		3,980		64,277
Pebblebrook Hotel Trust		2,661		59,527
Sunstone Hotel Investors, Inc.*		4,609		54,064
RLJ Lodging Trust		3,758		52,349
Total REITs-Hotels				615,608
REITs-Mortgage - 3.0%
AGNC Investment Corp.		6,032		90,721
Starwood Property Trust, Inc.		3,644		88,549
Blackstone Mortgage Trust, Inc. — Class A		2,372		72,631
Chimera Investment Corp.		4,042		60,953
Arbor Realty Trust, Inc.		3,170		58,074
Total REITs-Mortgage				370,928
REITs-Regional Malls - 2.4%
Simon Property Group, Inc.		1,513		241,732
Macerich Co.		3,633		62,778
Total REITs-Regional Malls				304,510
REITs-Manufactured Homes - 2.3%
Sun Communities, Inc.		788		165,456
Equity LifeStyle Properties, Inc.		1,511		132,454
Total REITs-Manufactured Homes				297,910
Total REITs				11,731,323
Real Estate - 5.1%
Real Estate Management/Services - 4.5%
CBRE Group, Inc. — Class A*		1,802		195,535
Jones Lang LaSalle, Inc.*		453		122,011
Cushman & Wakefield plc*		3,376		75,082
eXp World Holdings, Inc.		2,071		69,772
Redfin Corp.*		1,640		62,960
Realogy Holdings Corp.*		2,739		46,042
Total Real Estate Management/Services				571,402
Real Estate Operations/Development - 0.6%
Howard Hughes Corp.*		792		80,610
Total Real Estate				652,012
Internet - 1.8%
E-Commerce/Services - 1.8%
Zillow Group, Inc. — Class A*		2,091		130,102
Opendoor Technologies, Inc.*		6,765		98,836
Total E-Commerce/Services				228,938
Total Internet				228,938
Diversified Financial Services - 0.5%
Finance-Commercial - 0.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,276		67,781
Total Common Stocks
(Cost $10,338,341)				12,680,054

SECURITIES LENDING COLLATERAL†,2 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%3	1,093		1,093
Total Securities Lending Collateral
(Cost $1,093)			1,093
Total Investments - 99.6%
(Cost $10,339,434)		$	12,681,147
Other Assets & Liabilities, net - 0.4%			46,876
Total Net Assets - 100.0%		$	12,728,023

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Securities lending collateral — See Note 5.
3	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,680,054	$	—	$	—	$	12,680,054
Securities Lending Collateral		1,093		—		—		1,093
Total Assets	$	12,681,147	$	—	$	—	$	12,681,147

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 60.4%
Home Depot, Inc.		2,313	$	959,918
Walmart, Inc.		6,244		903,444
Costco Wholesale Corp.		1,260		715,302
Lowe's Companies, Inc.		2,323		600,449
Target Corp.		2,102		486,487
TJX Companies, Inc.		5,731		435,097
Dollar General Corp.		1,468		346,198
Walgreens Boots Alliance, Inc.		6,008		313,377
O'Reilly Automotive, Inc.*		442		312,154
AutoZone, Inc.*		143		299,784
Ross Stores, Inc.		2,578		294,614
Dollar Tree, Inc.*		1,842		258,838
Tractor Supply Co.		996		237,646
Best Buy Company, Inc.		2,228		226,365
Ulta Beauty, Inc.*		531		218,953
Genuine Parts Co.		1,477		207,075
Burlington Stores, Inc.*		695		202,599
CarMax, Inc.*		1,511		196,777
Bath & Body Works, Inc.		2,740		191,225
Carvana Co.*		770		178,478
Advance Auto Parts, Inc.		733		175,832
Floor & Decor Holdings, Inc. — Class A*		1,306		169,793
Williams-Sonoma, Inc.		962		162,703
Five Below, Inc.*		775		160,340
GameStop Corp. — Class A*,1		1,023		151,803
Dick's Sporting Goods, Inc.1		1,320		151,787
RH*		280		150,063
Lithia Motors, Inc. — Class A		464		137,785
BJ's Wholesale Club Holdings, Inc.*		2,041		136,686
Macy's, Inc.		5,110		133,780
AutoNation, Inc.*		1,072		125,263
Kohl's Corp.		2,444		120,709
Gap, Inc.		6,693		118,131
Victoria's Secret & Co.*		1,890		104,971
Signet Jewelers Ltd.		1,139		99,127
American Eagle Outfitters, Inc.1		3,810		96,469
Foot Locker, Inc.		2,201		96,030
Academy Sports & Outdoors, Inc.*		2,108		92,541
Nordstrom, Inc.*		3,992		90,299
Asbury Automotive Group, Inc.*		519		89,647
Ollie's Bargain Outlet Holdings, Inc.*		1,641		84,003
Abercrombie & Fitch Co. — Class A*		1,837		63,983
Big Lots, Inc.		1,198		53,970
Bed Bath & Beyond, Inc.*,1		3,626		52,867
Total Retail				10,403,362
Internet - 36.2%
Amazon.com, Inc.*		543		1,810,547
Alibaba Group Holding Ltd. ADR*		5,207		618,539
Booking Holdings, Inc.*		198		475,047
DoorDash, Inc. — Class A*		2,151		320,284
JD.com, Inc. ADR*		4,367		305,996
eBay, Inc.		4,432		294,728
MercadoLibre, Inc.*		201		271,028
Pinduoduo, Inc. ADR*		4,617		269,171
Expedia Group, Inc.*		1,431		258,610
Etsy, Inc.*		1,057		231,420
Chewy, Inc. — Class A*,1		3,894		229,629
Coupang, Inc.*		6,897		202,634
Wayfair, Inc. — Class A*		1,052		199,848
Trip.com Group Ltd. ADR*		7,809		192,258
Farfetch Ltd. — Class A*		5,658		189,147
Fiverr International Ltd.*		1,298		147,583
Revolve Group, Inc.*		1,610		90,224
Overstock.com, Inc.*		1,158		68,334
Stitch Fix, Inc. — Class A*		3,411		64,536
Total Internet				6,239,563
Distribution & Wholesale - 2.4%
Pool Corp.		383		216,778
LKQ Corp.		3,221		193,357
Total Distribution & Wholesale				410,135
Apparel - 0.5%
Urban Outfitters, Inc.*		2,635		77,364
Total Common Stocks
(Cost $11,471,400)				17,130,424

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	55,074	55,074
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		22,777	22,777
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		20,707	20,707
Total Repurchase Agreements
(Cost $98,558)			98,558

	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		398,667		398,667
Total Securities Lending Collateral
(Cost $398,667)				398,667
Total Investments - 102.4%
(Cost $11,968,625)			$	17,627,649
Other Assets & Liabilities, net - (2.4)%				(405,151	)
Total Net Assets - 100.0%			$	17,222,498

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	17,130,424	$	—	$	—	$	17,130,424
Repurchase Agreements		—		98,558		—		98,558
Securities Lending Collateral		398,667		—		—		398,667
Total Assets	$	17,529,091	$	98,558	$	—	$	17,627,649

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 29.8%
Consumer, Non-cyclical - 7.2%
Tenet Healthcare Corp.*		107	$	8,741
Avis Budget Group, Inc.*		41		8,502
Intellia Therapeutics, Inc.*		68		8,040
Omnicell, Inc.*		43		7,759
Biohaven Pharmaceutical Holding Company Ltd.*		56		7,717
Performance Food Group Co.*		152		6,975
Arrowhead Pharmaceuticals, Inc.*		101		6,696
Blueprint Medicines Corp.*		58		6,212
Inspire Medical Systems, Inc.*		27		6,212
ASGN, Inc.*		50		6,170
Medpace Holdings, Inc.*		28		6,094
Shockwave Medical, Inc.*		34		6,063
AMN Healthcare Services, Inc.*		48		5,872
Helen of Troy Ltd.*		24		5,867
Halozyme Therapeutics, Inc.*		141		5,670
Arena Pharmaceuticals, Inc.*		61		5,669
API Group Corp.*		199		5,128
Neogen Corp.*		107		4,859
Fate Therapeutics, Inc.*		82		4,798
LivaNova plc*		54		4,721
Ensign Group, Inc.		53		4,450
Insperity, Inc.		37		4,370
STAAR Surgical Co.*		47		4,291
Option Care Health, Inc.*		150		4,266
Korn Ferry		55		4,165
LHC Group, Inc.*		30		4,117
CONMED Corp.		29		4,111
Alarm.com Holdings, Inc.*		48		4,071
Denali Therapeutics, Inc.*		91		4,059
Triton International Ltd.		67		4,035
Celsius Holdings, Inc.*		54		4,027
Beam Therapeutics, Inc.*		50		3,985
Pacific Biosciences of California, Inc.*		194		3,969
TriNet Group, Inc.*		41		3,906
NeoGenomics, Inc.*		113		3,856
Sanderson Farms, Inc.		20		3,822
Herc Holdings, Inc.		24		3,757
Alkermes plc*		161		3,745
Intra-Cellular Therapies, Inc.*		71		3,716
Twist Bioscience Corp.*		47		3,637
HealthEquity, Inc.*		82		3,628
Arvinas, Inc.*		44		3,614
Cytokinetics, Inc.*		79		3,601
Simply Good Foods Co.*		85		3,533
iRhythm Technologies, Inc.*		30		3,531
WD-40 Co.		14		3,425
Sprouts Farmers Market, Inc.*		114		3,384
Apellis Pharmaceuticals, Inc.*		71		3,357
Select Medical Holdings Corp.		111		3,263
Merit Medical Systems, Inc.*		52		3,240
Progyny, Inc.*		64		3,222
Brink's Co.		49		3,213
Owens & Minor, Inc.		73		3,175
Rent-A-Center, Inc.		66		3,171
LiveRamp Holdings, Inc.*		66		3,165
Lancaster Colony Corp.		19		3,146
Insmed, Inc.*		115		3,133
AtriCure, Inc.*		45		3,129
Inari Medical, Inc.*		34		3,103
Coca-Cola Consolidated, Inc.		5		3,096
Marathon Digital Holdings, Inc.*,1		94		3,089
Invitae Corp.*		201		3,069
R1 RCM, Inc.*		120		3,059
EVERTEC, Inc.		61		3,049
Prestige Consumer Healthcare, Inc.*		50		3,032
Zentalis Pharmaceuticals, Inc.*		36		3,026
Amicus Therapeutics, Inc.*		262		3,026
PROG Holdings, Inc.*		67		3,022
Kodiak Sciences, Inc.*		34		2,883
Karuna Therapeutics, Inc.*		22		2,882
Integer Holdings Corp.*		33		2,824
PTC Therapeutics, Inc.*		70		2,788
ACADIA Pharmaceuticals, Inc.*		119		2,778
Primo Water Corp.		157		2,768
Veracyte, Inc.*		67		2,760
Nevro Corp.*		34		2,756
United Natural Foods, Inc.*		56		2,749
ABM Industries, Inc.		67		2,737
NuVasive, Inc.*		52		2,729
Haemonetics Corp.*		51		2,705
Hostess Brands, Inc.*		131		2,675
Pacira BioSciences, Inc.*		44		2,647
Patterson Companies, Inc.		86		2,524
Axonics, Inc.*		45		2,520
Graham Holdings Co. — Class B		4		2,519
Vir Biotechnology, Inc.*		60		2,512
Edgewell Personal Care Co.		54		2,469
John Wiley & Sons, Inc. — Class A		43		2,463
BioCryst Pharmaceuticals, Inc.*		177		2,451
TG Therapeutics, Inc.*		128		2,432
Ortho Clinical Diagnostics Holdings plc*		111		2,374
J & J Snack Foods Corp.		15		2,369
CareDx, Inc.*		51		2,320
Ligand Pharmaceuticals, Inc. — Class B*		15		2,317
Medifast, Inc.		11		2,304
Xencor, Inc.*		57		2,287
Turning Point Therapeutics, Inc.*		46		2,194
Magellan Health, Inc.*		23		2,185
Kymera Therapeutics, Inc.*		34		2,159
Myriad Genetics, Inc.*		78		2,153
Emergent BioSolutions, Inc.*		49		2,130
Beauty Health Co.*		88		2,126
TreeHouse Foods, Inc.*		52		2,108
Covetrus, Inc.*		103		2,057
MEDNAX, Inc.*		75		2,041
Fulgent Genetics, Inc.*		20		2,012
Glaukos Corp.*		45		2,000
B&G Foods, Inc.1		65		1,998
ChemoCentryx, Inc.*		54		1,966
Central Garden & Pet Co. — Class A*		41		1,962
Green Dot Corp. — Class A*		54		1,957
CBIZ, Inc.*		50		1,956
Recursion Pharmaceuticals, Inc. — Class A*		114		1,953

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Agios Pharmaceuticals, Inc.*		59	$	1,939
Monro, Inc.		33		1,923
OPKO Health, Inc.*		398		1,914
Lantheus Holdings, Inc.*		66		1,907
Corcept Therapeutics, Inc.*		96		1,901
Riot Blockchain, Inc.*,1		84		1,876
CorVel Corp.*		9		1,872
Arcus Biosciences, Inc.*		46		1,862
NanoString Technologies, Inc.*		44		1,858
ICF International, Inc.		18		1,846
Relay Therapeutics, Inc.*		60		1,843
Travere Therapeutics, Inc.*		59		1,831
Heska Corp.*		10		1,825
Inter Parfums, Inc.		17		1,817
Vericel Corp.*		46		1,808
Editas Medicine, Inc.*		68		1,805
Bridgebio Pharma, Inc.*,1		108		1,801
SpringWorks Therapeutics, Inc.*		29		1,797
ModivCare, Inc.*		12		1,779
Celldex Therapeutics, Inc.*		46		1,777
AdaptHealth Corp.*		72		1,761
Global Blood Therapeutics, Inc.*		60		1,756
IVERIC bio, Inc.*		105		1,756
Avid Bioservices, Inc.*		60		1,751
Prothena Corporation plc*		35		1,729
Textainer Group Holdings Ltd.		48		1,714
Surgery Partners, Inc.*		32		1,709
Ironwood Pharmaceuticals, Inc. — Class A*		146		1,702
Multiplan Corp.*		376		1,666
Avanos Medical, Inc.*		48		1,664
Community Health Systems, Inc.*		125		1,664
Cassava Sciences, Inc.*,1		38		1,661
Vector Group Ltd.		144		1,653
elf Beauty, Inc.*		49		1,627
Repay Holdings Corp.*		86		1,571
Protagonist Therapeutics, Inc.*		45		1,539
Dynavax Technologies Corp.*		108		1,520
REVOLUTION Medicines, Inc.*		60		1,510
Kforce, Inc.		20		1,504
Adtalem Global Education, Inc.*		50		1,478
ImmunoGen, Inc.*		198		1,469
Silk Road Medical, Inc.*		34		1,449
Strategic Education, Inc.		25		1,446
2U, Inc.*		72		1,445
Supernus Pharmaceuticals, Inc.*		49		1,429
Enanta Pharmaceuticals, Inc.*		19		1,421
Coursera, Inc.*		58		1,418
RadNet, Inc.*		46		1,385
Deluxe Corp.		42		1,349
Sana Biotechnology, Inc.*		87		1,347
Nuvation Bio, Inc.*		157		1,335
Stride, Inc.*		40		1,333
Cal-Maine Foods, Inc.*		36		1,332
Universal Corp.		24		1,318
Accolade, Inc.*		50		1,318
Addus HomeCare Corp.*		14		1,309
Atara Biotherapeutics, Inc.*		83		1,308
REGENXBIO, Inc.*		40		1,308
Cerevel Therapeutics Holdings, Inc.*		40		1,297
Sorrento Therapeutics, Inc.*		277		1,288
Quanterix Corp.*		30		1,272
Krystal Biotech, Inc.*		18		1,259
C4 Therapeutics, Inc.*		39		1,256
Varex Imaging Corp.*		39		1,230
Evo Payments, Inc. — Class A*		48		1,229
FibroGen, Inc.*		87		1,227
Laureate Education, Inc. — Class A		100		1,224
Alector, Inc.*		59		1,218
Cimpress plc*		17		1,217
USANA Health Sciences, Inc.*		12		1,214
Andersons, Inc.		31		1,200
CoreCivic, Inc.*		120		1,196
MGP Ingredients, Inc.		14		1,190
Prometheus Biosciences, Inc.*		30		1,186
Inhibrx, Inc.*		27		1,179
Tivity Health, Inc.*		44		1,163
Revance Therapeutics, Inc.*		71		1,159
Cerus Corp.*		169		1,151
Senseonics Holdings, Inc.*		431		1,151
US Physical Therapy, Inc.		12		1,147
Anavex Life Sciences Corp.*		65		1,127
Ingles Markets, Inc. — Class A		13		1,122
Weis Markets, Inc.		17		1,120
BellRing Brands, Inc. — Class A*		39		1,113
American Well Corp. — Class A*		183		1,105
Huron Consulting Group, Inc.*		22		1,098
National Beverage Corp.		24		1,088
MannKind Corp.*		246		1,075
Chefs' Warehouse, Inc.*		32		1,066
Crinetics Pharmaceuticals, Inc.*		37		1,051
Coherus Biosciences, Inc.*		65		1,037
Inovio Pharmaceuticals, Inc.*		207		1,033
AngioDynamics, Inc.*		37		1,020
Axsome Therapeutics, Inc.*		27		1,020
Allogene Therapeutics, Inc.*		68		1,015
Cross Country Healthcare, Inc.*		36		999
Syndax Pharmaceuticals, Inc.*		45		985
TrueBlue, Inc.*		35		968
MaxCyte, Inc.*		95		968
Carriage Services, Inc. — Class A		15		967
MacroGenics, Inc.*		60		963
Seer, Inc.*		42		958
Brookdale Senior Living, Inc. — Class A*		185		954
LeMaitre Vascular, Inc.		19		954
Vaxcyte, Inc.*		40		952
Morphic Holding, Inc.*		20		948
Fresh Del Monte Produce, Inc.		34		938
Harmony Biosciences Holdings, Inc.*		22		938
Keros Therapeutics, Inc.*		16		936
Madrigal Pharmaceuticals, Inc.*		11		932
iTeos Therapeutics, Inc.*		20		931
Intersect ENT, Inc.*		34		929
SpartanNash Co.		36		927
Nurix Therapeutics, Inc.*		32		926
Utz Brands, Inc.		58		925
Joint Corp.*		14		920
Zogenix, Inc.*		56		910
Instil Bio, Inc.*		53		907
Castle Biosciences, Inc.*		21		900
Vivint Smart Home, Inc.*		92		900
Kura Oncology, Inc.*		64		896

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Rocket Pharmaceuticals, Inc.*		41	$	895
Sangamo Therapeutics, Inc.*		119		893
Berkeley Lights, Inc.*		49		891
National Healthcare Corp.		13		883
Avidity Biosciences, Inc.*		37		880
Meridian Bioscience, Inc.*		43		877
Arlo Technologies, Inc.*		83		871
Endo International plc*		230		865
Vanda Pharmaceuticals, Inc.*		55		863
Amphastar Pharmaceuticals, Inc.*		37		862
First Advantage Corp.*		45		857
Viad Corp.*		20		856
WW International, Inc.*		53		855
Quanex Building Products Corp.		34		843
Ocugen, Inc.*,1		185		842
Bionano Genomics, Inc.*		281		840
Heron Therapeutics, Inc.*		92		840
OrthoPediatrics Corp.*		14		838
Perdoceo Education Corp.*		71		835
Pulmonx Corp.*		26		834
Heidrick & Struggles International, Inc.		19		831
Butterfly Network, Inc.*		123		823
Triple-S Management Corp. — Class B*		23		821
Replimune Group, Inc.*		30		813
John B Sanfilippo & Son, Inc.		9		811
Natus Medical, Inc.*		34		807
Alphatec Holdings, Inc.*		70		800
RR Donnelley & Sons Co.*		71		799
Aaron's Company, Inc.		32		789
Ideaya Biosciences, Inc.*		33		780
Arcturus Therapeutics Holdings, Inc.*		21		777
ACCO Brands Corp.		94		776
CryoLife, Inc.*		38		773
RAPT Therapeutics, Inc.*		21		771
ViewRay, Inc.*		138		760
Cardiovascular Systems, Inc.*		40		751
Vaxart, Inc.*		119		746
Cutera, Inc.*		18		744
Innoviva, Inc.*		43		742
Aclaris Therapeutics, Inc.*		51		742
SI-BONE, Inc.*		33		733
Tattooed Chef, Inc.*		47		730
Calavo Growers, Inc.		17		721
MeiraGTx Holdings plc*		30		712
Reata Pharmaceuticals, Inc. — Class A*		27		712
MoneyGram International, Inc.*		90		710
Atrion Corp.		1		705
Gossamer Bio, Inc.*		62		701
Inogen, Inc.*		20		680
Honest Company, Inc.*		84		680
MiMedx Group, Inc.*		112		677
Hanger, Inc.*		37		671
Scholar Rock Holding Corp.*		27		671
Bluebird Bio, Inc.*		67		669
Catalyst Pharmaceuticals, Inc.*		98		663
Agenus, Inc.*		206		663
Theravance Biopharma, Inc.*		60		663
AnaptysBio, Inc.*		19		660
Collegium Pharmaceutical, Inc.*		35		654
CRA International, Inc.		7		654
SP Plus Corp.*		23		649
Forrester Research, Inc.*		11		646
Affimed N.V.*		116		640
Sutro Biopharma, Inc.*		43		640
Praxis Precision Medicines, Inc.*		32		630
Surmodics, Inc.*		13		626
OraSure Technologies, Inc.*		72		626
PetIQ, Inc.*		27		613
Eagle Pharmaceuticals, Inc.*		12		611
PMV Pharmaceuticals, Inc.*		26		601
Pennant Group, Inc.*		26		600
Antares Pharma, Inc.*		167		596
Orthofix Medical, Inc.*		19		591
Verve Therapeutics, Inc.*		16		590
Kelly Services, Inc. — Class A		35		587
Seres Therapeutics, Inc.*		70		583
National Research Corp. — Class A		14		581
Mission Produce, Inc.*		37		581
Edgewise Therapeutics, Inc.*		38		581
BrightView Holdings, Inc.*		41		577
Atea Pharmaceuticals, Inc.*		64		572
Resources Connection, Inc.		32		571
Kezar Life Sciences, Inc.*		34		569
NGM Biopharmaceuticals, Inc.*		32		567
Turning Point Brands, Inc.		15		567
2seventy bio, Inc.*		22		564
Arcutis Biotherapeutics, Inc.*		27		560
Franklin Covey Co.*		12		556
Agiliti, Inc.*		24		556
Transcat, Inc.*		6		555
Barrett Business Services, Inc.		8		552
Y-mAbs Therapeutics, Inc.*		34		551
Cass Information Systems, Inc.		14		550
Akero Therapeutics, Inc.*		26		550
Cara Therapeutics, Inc.*		45		548
Inotiv, Inc.*		13		547
Tootsie Roll Industries, Inc.		15		543
Chinook Therapeutics, Inc.*		33		538
Anika Therapeutics, Inc.*		15		537
Kronos Bio, Inc.*		39		530
Ocular Therapeutix, Inc.*		76		530
Gritstone bio, Inc.*		41		527
Central Garden & Pet Co.*		10		526
Paya Holdings, Inc.*		82		520
Personalis, Inc.*		36		514
Hackett Group, Inc.		25		513
Vectrus, Inc.*		11		503
22nd Century Group, Inc.*		162		501
TransMedics Group, Inc.*		26		498
Apria, Inc.*		15		489
Ennis, Inc.		25		488
Forma Therapeutics Holdings, Inc.*		34		484
Mind Medicine MindMed, Inc.*		348		480
Amneal Pharmaceuticals, Inc.*		100		479
Fulcrum Therapeutics, Inc.*		27		478
Vapotherm, Inc.*		23		476
Chimerix, Inc.*		74		476
Karyopharm Therapeutics, Inc.*		73		469
Duckhorn Portfolio, Inc.*		20		467
ANI Pharmaceuticals, Inc.*		10		461

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
4D Molecular Therapeutics, Inc.*		21	$	461
Foghorn Therapeutics, Inc.*		20		457
Intercept Pharmaceuticals, Inc.*		28		456
Stoke Therapeutics, Inc.*		19		456
ORIC Pharmaceuticals, Inc.*		31		456
Rigel Pharmaceuticals, Inc.*		171		453
Vital Farms, Inc.*		25		452
Mersana Therapeutics, Inc.*		72		448
Rubius Therapeutics, Inc.*		46		445
Kinnate Biopharma, Inc.*		25		443
Oramed Pharmaceuticals, Inc.*		31		443
Marinus Pharmaceuticals, Inc.*		37		440
Rhythm Pharmaceuticals, Inc.*		44		439
LifeStance Health Group, Inc.*		46		438
SeaSpine Holdings Corp.*		32		436
VBI Vaccines, Inc.*		186		435
Accuray, Inc.*		91		434
American Public Education, Inc.*		19		423
Bioventus, Inc. — Class A*		29		420
Athira Pharma, Inc.*		32		417
Krispy Kreme, Inc.		22		416
Curis, Inc.*		87		414
ImmunityBio, Inc.*,1		68		413
Phibro Animal Health Corp. — Class A		20		408
Cullinan Oncology, Inc.*		26		401
Tejon Ranch Co.*		21		401
G1 Therapeutics, Inc.*		39		398
Apyx Medical Corp.*		31		397
Whole Earth Brands, Inc.*		37		397
Albireo Pharma, Inc.*		17		396
Phathom Pharmaceuticals, Inc.*		20		393
Akebia Therapeutics, Inc.*		174		393
Deciphera Pharmaceuticals, Inc.*		40		391
Willdan Group, Inc.*		11		387
ALX Oncology Holdings, Inc.*		18		387
Omeros Corp.*		60		386
Spero Therapeutics, Inc.*		24		384
Veru, Inc.*		65		383
DermTech, Inc.*		24		379
VistaGen Therapeutics, Inc.*		193		376
Custom Truck One Source, Inc.*		47		376
Allovir, Inc.*		29		375
BioLife Solutions, Inc.*		10		373
Precision BioSciences, Inc.*		50		370
SIGA Technologies, Inc.*		49		369
Adicet Bio, Inc.*		21		367
Geron Corp.*		301		367
Altimmune, Inc.*		40		366
Tactile Systems Technology, Inc.*		19		362
Relmada Therapeutics, Inc.*		16		360
Dyne Therapeutics, Inc.*		30		357
Annexon, Inc.*		31		356
Axogen, Inc.*		38		356
Verastem, Inc.*		172		353
Organogenesis Holdings, Inc.*		38		351
Cue Biopharma, Inc.*		31		351
Applied Molecular Transport, Inc.*		25		350
Precigen, Inc.*		94		349
Bioxcel Therapeutics, Inc.*		17		346
Allakos, Inc.*		35		343
Kiniksa Pharmaceuticals Ltd. — Class A*		29		341
Immunovant, Inc.*		40		341
Erasca, Inc.*		21		327
Radius Health, Inc.*		47		325
Cogent Biosciences, Inc.*		37		318
Viking Therapeutics, Inc.*		69		317
Provention Bio, Inc.*		56		315
BioAtla, Inc.*		16		314
Generation Bio Co.*		44		312
Arbutus Biopharma Corp.*		80		311
Pliant Therapeutics, Inc.*		23		311
Stereotaxis, Inc.*		50		310
InfuSystem Holdings, Inc.*		18		307
Lineage Cell Therapeutics, Inc.*		125		306
Clovis Oncology, Inc.*		113		306
HF Foods Group, Inc.*		36		305
European Wax Center, Inc. — Class A*		10		304
Aerie Pharmaceuticals, Inc.*		43		302
Utah Medical Products, Inc.*		3		300
Design Therapeutics, Inc.*		14		300
Icosavax, Inc.*,1		13		297
Selecta Biosciences, Inc.*		91		297
Aveanna Healthcare Holdings, Inc.*		40		296
Landec Corp.*		26		289
MEI Pharma, Inc.*		108		288
Seneca Foods Corp. — Class A*		6		288
Avita Medical, Inc.*		24		288
Caribou Biosciences, Inc.*		19		287
BioDelivery Sciences International, Inc.*		92		285
Harvard Bioscience, Inc.*		40		282
CytomX Therapeutics, Inc.*		65		281
Alta Equipment Group, Inc.*		19		278
iRadimed Corp.*		6		277
Jounce Therapeutics, Inc.*		33		276
AppHarvest, Inc.*		70		272
Lexicon Pharmaceuticals, Inc.*		68		268
ShotSpotter, Inc.*		9		266
Tenaya Therapeutics, Inc.*		14		265
KalVista Pharmaceuticals, Inc.*		20		265
Cytek Biosciences, Inc.*		16		261
Asensus Surgical, Inc.*		233		259
EyePoint Pharmaceuticals, Inc.*		21		257
Taysha Gene Therapies, Inc.*		22		256
CEL-SCI Corp.*,1		36		256
KemPharm, Inc.*		29		253
Cortexyme, Inc.*		20		252
Acacia Research Corp.*		49		251
Aligos Therapeutics, Inc.*		21		249
Monte Rosa Therapeutics, Inc.*		12		245
Limoneira Co.		16		240
Janux Therapeutics, Inc.*		12		237
Cymabay Therapeutics, Inc.*		70		237
Passage Bio, Inc.*		37		235
IGM Biosciences, Inc.*		8		235
Olema Pharmaceuticals, Inc.*		25		234
ZIOPHARM Oncology, Inc.*		211		230
Shattuck Labs, Inc.*		27		230

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Cardiff Oncology, Inc.*		38	$	228
Durect Corp.*		227		224
Epizyme, Inc.*		89		223
Vor BioPharma, Inc.*		19		221
9 Meters Biopharma, Inc.*		224		219
Paratek Pharmaceuticals, Inc.*		48		216
Nkarta, Inc.*		14		215
Imago Biosciences, Inc.*		9		213
ClearPoint Neuro, Inc.*		19		213
Village Super Market, Inc. — Class A		9		211
Nuvalent, Inc. — Class A*		11		209
Sientra, Inc.*		57		209
Evolus, Inc.*		32		208
Spectrum Pharmaceuticals, Inc.*		164		208
Pulse Biosciences, Inc.*		14		207
SQZ Biotechnologies Co.*		23		205
Akouos, Inc.*		24		204
Nature's Sunshine Products, Inc.		11		204
Quotient Ltd.*		78		202
Oyster Point Pharma, Inc.*		11		201
Zynex, Inc.		20		199
Graphite Bio, Inc.*		16		199
Infinity Pharmaceuticals, Inc.*		88		198
Poseida Therapeutics, Inc.*		29		198
Aldeyra Therapeutics, Inc.*		49		196
Century Therapeutics, Inc.*		12		190
UroGen Pharma Ltd.*		20		190
Aeglea BioTherapeutics, Inc.*		40		190
Syros Pharmaceuticals, Inc.*		58		189
Atossa Therapeutics, Inc.*		117		187
Treace Medical Concepts, Inc.*		10		186
Lyell Immunopharma, Inc.*		24		186
Day One Biopharmaceuticals, Inc.*		11		185
Athersys, Inc.*		205		185
Viemed Healthcare, Inc.*		35		183
Evelo Biosciences, Inc.*		30		182
Immunic, Inc.*		19		182
Tarsus Pharmaceuticals, Inc.*		8		180
Fortress Biotech, Inc.*		71		178
PAVmed, Inc.*		72		177
ChromaDex Corp.*		47		176
Nathan's Famous, Inc.		3		175
Citius Pharmaceuticals, Inc.*		113		174
CorMedix, Inc.*		38		173
Accelerate Diagnostics, Inc.*		33		172
CytoSorbents Corp.*		41		172
Neoleukin Therapeutics, Inc.*		35		169
Humanigen, Inc.*		45		167
Surface Oncology, Inc.*		35		167
Codiak Biosciences, Inc.*		15		167
Alpine Immune Sciences, Inc.*		12		166
Eiger BioPharmaceuticals, Inc.*		32		166
Frequency Therapeutics, Inc.*		32		164
Sesen Bio, Inc.*		198		161
Seelos Therapeutics, Inc.*		99		161
Vera Therapeutics, Inc.*		6		160
XBiotech, Inc.		14		156
Adverum Biotechnologies, Inc.*		87		153
Homology Medicines, Inc.*		42		153
Adagio Therapeutics, Inc.*		21		153
Applied Therapeutics, Inc.*		17		152
Avrobio, Inc.*		38		146
Molecular Templates, Inc.*		37		145
TCR2 Therapeutics, Inc.*		31		144
Harpoon Therapeutics, Inc.*		19		143
Alpha Teknova, Inc.*		7		143
Silverback Therapeutics, Inc.*		21		140
TherapeuticsMD, Inc.*		389		138
NewAge, Inc.*		134		138
Talaris Therapeutics, Inc.*		9		138
Prelude Therapeutics, Inc.*		11		137
Viracta Therapeutics, Inc.*		37		135
Magenta Therapeutics, Inc.*		30		133
Vincerx Pharma, Inc.*		13		133
Oncocyte Corp.*		61		132
Esperion Therapeutics, Inc.*		26		130
Aspira Women's Health, Inc.*		73		129
Tonix Pharmaceuticals Holding Corp.*		361		129
Singular Genomics Systems, Inc.*		11		127
Ikena Oncology, Inc.*		10		125
XOMA Corp.*		6		125
Brooklyn ImmunoTherapeutics, Inc.*		30		125
Black Diamond Therapeutics, Inc.*		23		123
Akoya Biosciences, Inc.*		8		123
Sensei Biotherapeutics, Inc.*		21		122
Outlook Therapeutics, Inc.*		89		121
WaVe Life Sciences Ltd.*		38		119
iBio, Inc.*		217		119
Celcuity, Inc.*		9		119
Aerovate Therapeutics, Inc.*		10		118
Retractable Technologies, Inc.*		17		118
89bio, Inc.*		9		118
Exagen, Inc.*		10		116
Mustang Bio, Inc.*		70		116
Athenex, Inc.*		85		116
Absci Corp.*		14		115
Natural Grocers by Vitamin Cottage, Inc.		8		114
Immuneering Corp. — Class A*		7		113
Bolt Biotherapeutics, Inc.*		23		113
Neuronetics, Inc.*		25		111
Oncorus, Inc.*		21		111
Ampio Pharmaceuticals, Inc.*		194		111
Verrica Pharmaceuticals, Inc.*		12		110
AquaBounty Technologies, Inc.*		52		109
Solid Biosciences, Inc.*		60		105
Beyondspring, Inc.*		23		104
Rain Therapeutics, Inc.*		8		103
Oncternal Therapeutics, Inc.*		45		102
Eargo, Inc.*		20		102
HireQuest, Inc.		5		101
Puma Biotechnology, Inc.*		33		100
Ardelyx, Inc.*		89		98
CVRx, Inc.*		8		98
Greenwich Lifesciences, Inc.*		4		97
Trevena, Inc.*		164		96
Inozyme Pharma, Inc.*		14		95
Emerald Holding, Inc.*		24		95
Invacare Corp.*		34		92
Terns Pharmaceuticals, Inc.*		13		92

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Cyteir Therapeutics, Inc.*		8	$	91
Avalo Therapeutics, Inc.*		53		90
Innovage Holding Corp.*		18		90
RxSight, Inc.*		8		90
Codex DNA, Inc.*		8		86
Rapid Micro Biosystems, Inc. — Class A*		8		85
Werewolf Therapeutics, Inc.*		7		83
NexImmune, Inc.*		18		83
Clene, Inc.*		20		82
Cadiz, Inc.*		21		81
Finch Therapeutics Group, Inc.*		8		80
Omega Therapeutics, Inc.*		7		79
Atreca, Inc. — Class A*		26		79
Laird Superfood, Inc.*		6		78
SOC Telemed, Inc.*		61		78
StoneMor, Inc.*		32		73
Priority Technology Holdings, Inc.*		10		71
NeuroPace, Inc.*		7		71
Zevia PBC — Class A*		10		70
Summit Therapeutics, Inc.*		26		70
Revlon, Inc. — Class A*		6		68
Acumen Pharmaceuticals, Inc.*		10		68
Biomea Fusion, Inc.*		9		67
Rallybio Corp.*		7		67
Acutus Medical, Inc.*		19		65
Gemini Therapeutics, Inc.*		22		64
Mirum Pharmaceuticals, Inc.*		4		64
Angion Biomedica Corp.*		22		64
Biodesix, Inc.*		12		64
Eliem Therapeutics, Inc.*		6		63
Talis Biomedical Corp.*		15		60
Kala Pharmaceuticals, Inc.*		48		58
Ontrak, Inc.*		9		57
GT Biopharma, Inc.*		18		55
Portage Biotech, Inc.*		5		54
Reneo Pharmaceuticals, Inc.*		6		51
Kaleido Biosciences, Inc.*		20		48
Hookipa Pharma, Inc.*		19		44
Impel Neuropharma, Inc.*		5		43
Sigilon Therapeutics, Inc.*		15		41
Spruce Biosciences, Inc.*		9		40
Team, Inc.*		26		28
Sera Prognostics, Inc. — Class A*		4		28
Forte Biosciences, Inc.*		11		24
Landos Biopharma, Inc.*		4		19
Greenlane Holdings, Inc. — Class A*		16		15
Total Consumer, Non-cyclical				708,884
Financial - 6.9%
EastGroup Properties, Inc. REIT		40		9,114
STAG Industrial, Inc. REIT		174		8,345
First Financial Bankshares, Inc.		129		6,558
Glacier Bancorp, Inc.		111		6,294
Innovative Industrial Properties, Inc. REIT		23		6,047
Terreno Realty Corp. REIT		70		5,970
SouthState Corp.		70		5,608
Cadence Bank		187		5,571
National Storage Affiliates Trust REIT		80		5,536
Valley National Bancorp		395		5,431
Houlihan Lokey, Inc.		51		5,280
Kinsale Capital Group, Inc.		22		5,234
CIT Group, Inc.		100		5,134
Trupanion, Inc.*		38		5,017
Essent Group Ltd.		110		5,008
Ryman Hospitality Properties, Inc. REIT*		54		4,966
Agree Realty Corp. REIT		69		4,924
Blackstone Mortgage Trust, Inc. — Class A REIT		159		4,869
Selective Insurance Group, Inc.		59		4,835
United Bankshares, Inc.		130		4,716
Kite Realty Group Trust REIT		216		4,704
UMB Financial Corp.		44		4,669
Healthcare Realty Trust, Inc. REIT		145		4,588
RLI Corp.		40		4,484
Walker & Dunlop, Inc.		29		4,376
Hancock Whitney Corp.		86		4,302
LXP Industrial Trust REIT		274		4,280
ServisFirst Bancshares, Inc.		50		4,247
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		77		4,090
Physicians Realty Trust REIT		215		4,048
PotlatchDeltic Corp. REIT		67		4,035
DigitalBridge Group, Inc. REIT*		479		3,990
Redfin Corp.*		103		3,954
Community Bank System, Inc.		53		3,947
Outfront Media, Inc. REIT		145		3,889
Broadstone Net Lease, Inc. REIT		156		3,872
Moelis & Co. — Class A		61		3,813
Pacific Premier Bancorp, Inc.		94		3,763
Radian Group, Inc.		178		3,761
Home BancShares, Inc.		153		3,726
BankUnited, Inc.		88		3,723
Silvergate Capital Corp. — Class A*		25		3,705
Macerich Co. REIT		214		3,698
PS Business Parks, Inc. REIT		20		3,683
Independent Bank Corp.		45		3,669
Chimera Investment Corp. REIT		235		3,544
Federated Hermes, Inc. — Class B		94		3,533
Focus Financial Partners, Inc. — Class A*		59		3,523
Hamilton Lane, Inc. — Class A		34		3,523
Apple Hospitality REIT, Inc.		214		3,456
Investors Bancorp, Inc.		228		3,454
Eastern Bankshares, Inc.		171		3,449
Associated Banc-Corp.		151		3,411
Essential Properties Realty Trust, Inc. REIT		116		3,344
Ameris Bancorp		67		3,329
Navient Corp.		156		3,310
American Equity Investment Life Holding Co.		83		3,230
Cathay General Bancorp		75		3,224
Simmons First National Corp. — Class A		108		3,195
Axos Financial, Inc.*		57		3,187
Corporate Office Properties Trust REIT		113		3,161
United Community Banks, Inc.		87		3,127

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Cushman & Wakefield plc*		139	$	3,091
Texas Capital Bancshares, Inc.*		51		3,073
Piper Sandler Cos.		17		3,035
Equity Commonwealth REIT*		117		3,030
Old National Bancorp		165		2,990
Sabra Health Care REIT, Inc.		220		2,979
Enstar Group Ltd.*		12		2,971
Pebblebrook Hotel Trust REIT		130		2,908
CNO Financial Group, Inc.		121		2,885
Kennedy-Wilson Holdings, Inc.		120		2,866
Atlantic Union Bankshares Corp.		76		2,834
Artisan Partners Asset Management, Inc. — Class A		59		2,811
Live Oak Bancshares, Inc.		32		2,793
Newmark Group, Inc. — Class A		149		2,786
CVB Financial Corp.		129		2,762
First BanCorp		200		2,756
SITE Centers Corp. REIT		174		2,754
Triumph Bancorp, Inc.*		23		2,739
Independence Realty Trust, Inc. REIT		106		2,738
Uniti Group, Inc. REIT		194		2,718
Fulton Financial Corp.		159		2,703
Independent Bank Group, Inc.		37		2,670
Sunstone Hotel Investors, Inc. REIT*		218		2,557
Columbia Banking System, Inc.		78		2,552
Flagstar Bancorp, Inc.		53		2,541
Mr Cooper Group, Inc.*		61		2,538
Arbor Realty Trust, Inc. REIT		136		2,492
National Health Investors, Inc. REIT		43		2,471
LendingClub Corp.*		98		2,370
Flywire Corp.*,1		62		2,360
WSFS Financial Corp.		47		2,356
Retail Opportunity Investments Corp. REIT		120		2,352
Goosehead Insurance, Inc. — Class A		18		2,341
First Midwest Bancorp, Inc.		114		2,335
Cohen & Steers, Inc.		25		2,313
RLJ Lodging Trust REIT		166		2,312
PRA Group, Inc.*		46		2,310
First Merchants Corp.		55		2,304
PennyMac Financial Services, Inc.		33		2,303
First Financial Bancorp		94		2,292
International Bancshares Corp.		54		2,289
Brandywine Realty Trust REIT		170		2,281
Piedmont Office Realty Trust, Inc. — Class A REIT		124		2,279
Washington Federal, Inc.		68		2,270
Sandy Spring Bancorp, Inc.		47		2,260
Hilltop Holdings, Inc.		64		2,249
WesBanco, Inc.		64		2,239
Four Corners Property Trust, Inc. REIT		76		2,235
Urban Edge Properties REIT		116		2,204
Washington Real Estate Investment Trust REIT		85		2,197
CareTrust REIT, Inc.		96		2,192
Stewart Information Services Corp.		27		2,153
TowneBank		68		2,148
Banner Corp.		35		2,123
eXp World Holdings, Inc.		62		2,089
Renasant Corp.		55		2,087
Virtus Investment Partners, Inc.		7		2,080
Xenia Hotels & Resorts, Inc. REIT*		114		2,065
Park National Corp.		15		2,060
Genworth Financial, Inc. — Class A*		505		2,045
Heartland Financial USA, Inc.		40		2,024
Trustmark Corp.		62		2,013
DiamondRock Hospitality Co. REIT*		209		2,008
Lakeland Financial Corp.		25		2,004
Monmouth Real Estate Investment Corp. REIT		95		1,996
MFA Financial, Inc. REIT		437		1,993
Tanger Factory Outlet Centers, Inc. REIT		103		1,986
Customers Bancorp, Inc.*		30		1,961
Seacoast Banking Corporation of Florida		55		1,946
McGrath RentCorp		24		1,926
Easterly Government Properties, Inc. REIT		84		1,925
Realogy Holdings Corp.*		114		1,916
Veritex Holdings, Inc.		48		1,909
Meta Financial Group, Inc.		32		1,909
Bank of NT Butterfield & Son Ltd.		50		1,906
Acadia Realty Trust REIT		87		1,899
American Assets Trust, Inc. REIT		50		1,876
Great Western Bancorp, Inc.		55		1,868
Eagle Bancorp, Inc.		32		1,867
Encore Capital Group, Inc.*		30		1,863
Argo Group International Holdings Ltd.		32		1,860
Apollo Commercial Real Estate Finance, Inc. REIT		141		1,856
NexPoint Residential Trust, Inc. REIT		22		1,844
Provident Financial Services, Inc.		76		1,841
Alexander & Baldwin, Inc. REIT		73		1,832
NMI Holdings, Inc. — Class A*		83		1,814
iStar, Inc. REIT1		70		1,808
Two Harbors Investment Corp. REIT		313		1,806
PJT Partners, Inc. — Class A		24		1,778
B. Riley Financial, Inc.		20		1,777
Hope Bancorp, Inc.		119		1,750
Northwest Bancshares, Inc.		122		1,727
St. Joe Co.		33		1,718
PennyMac Mortgage Investment Trust REIT		99		1,716
BRP Group, Inc. — Class A*		47		1,697
First Interstate BancSystem, Inc. — Class A		41		1,667
StepStone Group, Inc. — Class A		40		1,663
NBT Bancorp, Inc.		43		1,656
Enterprise Financial Services Corp.		35		1,648
Veris Residential, Inc. REIT*		89		1,636

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Industrial Logistics Properties Trust REIT		65	$	1,628
Horace Mann Educators Corp.		42		1,625
Palomar Holdings, Inc.*		25		1,619
Nelnet, Inc. — Class A		16		1,563
First Bancorp		34		1,554
Centerspace REIT		14		1,553
Paramount Group, Inc. REIT		186		1,551
Stock Yards Bancorp, Inc.		24		1,533
Global Net Lease, Inc. REIT		100		1,528
Enova International, Inc.*		37		1,516
First Commonwealth Financial Corp.		94		1,512
American National Group, Inc.		8		1,511
Brightsphere Investment Group, Inc.		58		1,485
Redwood Trust, Inc. REIT		112		1,477
Capitol Federal Financial, Inc.		130		1,473
LendingTree, Inc.*		12		1,471
BGC Partners, Inc. — Class A		312		1,451
Service Properties Trust REIT		165		1,450
FB Financial Corp.		33		1,446
Westamerica BanCorp		25		1,443
Safehold, Inc. REIT		18		1,437
New York Mortgage Trust, Inc. REIT		380		1,414
First Busey Corp.		51		1,383
Ladder Capital Corp. — Class A REIT		114		1,367
Berkshire Hills Bancorp, Inc.		48		1,365
OFG Bancorp		51		1,355
ProAssurance Corp.		53		1,341
LTC Properties, Inc. REIT		39		1,331
National Bank Holdings Corp. — Class A		30		1,318
Bancorp, Inc.*		52		1,316
OceanFirst Financial Corp.		59		1,310
Southside Bancshares, Inc.		31		1,296
Getty Realty Corp. REIT		40		1,284
Empire State Realty Trust, Inc. — Class A REIT		143		1,273
Brookline Bancorp, Inc.		77		1,246
ConnectOne Bancorp, Inc.		38		1,243
S&T Bancorp, Inc.		39		1,229
City Holding Co.		15		1,227
Broadmark Realty Capital, Inc. REIT		129		1,216
Selectquote, Inc.*		134		1,214
TriCo Bancshares		28		1,203
Employers Holdings, Inc.		29		1,200
BancFirst Corp.		17		1,200
Dime Community Bancshares, Inc.		34		1,195
Office Properties Income Trust REIT		48		1,192
Safety Insurance Group, Inc.		14		1,190
Marcus & Millichap, Inc.*		23		1,184
UMH Properties, Inc. REIT		43		1,175
Tompkins Financial Corp.		14		1,170
Apartment Investment and Management Co. — Class A REIT*		149		1,150
Premier Financial Corp.		37		1,144
Community Healthcare Trust, Inc. REIT		24		1,134
Farmer Mac — Class C		9		1,115
RPT Realty REIT		81		1,084
Banc of California, Inc.		55		1,079
American Finance Trust, Inc. REIT		118		1,077
James River Group Holdings Ltd.		37		1,066
Global Medical REIT, Inc.		60		1,065
StoneX Group, Inc.*		17		1,041
HomeStreet, Inc.		20		1,040
Nicolet Bankshares, Inc.*		12		1,029
AMERISAFE, Inc.		19		1,023
Summit Hotel Properties, Inc. REIT*		104		1,015
Cowen, Inc. — Class A		28		1,011
Preferred Bank/Los Angeles CA		14		1,005
First Foundation, Inc.		40		994
World Acceptance Corp.*		4		982
Gladstone Land Corp. REIT		29		979
German American Bancorp, Inc.		25		975
Plymouth Industrial REIT, Inc.		30		960
Washington Trust Bancorp, Inc.		17		958
Kearny Financial Corp.		72		954
Radius Global Infrastructure, Inc. — Class A*		59		950
Origin Bancorp, Inc.		22		944
Preferred Apartment Communities, Inc. — Class A REIT		52		939
Amerant Bancorp, Inc.		27		933
Lakeland Bancorp, Inc.		49		931
State Auto Financial Corp.		18		930
Gladstone Commercial Corp. REIT		36		928
GEO Group, Inc. REIT*,1		118		915
Armada Hoffler Properties, Inc. REIT		60		913
Ready Capital Corp. REIT		58		907
Bryn Mawr Bank Corp.		20		900
Horizon Bancorp, Inc.		43		897
NETSTREIT Corp. REIT		39		893
TriState Capital Holdings, Inc.*		29		878
Univest Financial Corp.		29		868
BrightSpire Capital, Inc. REIT		84		862
Heritage Financial Corp.		35		855
Metropolitan Bank Holding Corp.*		8		852
1st Source Corp.		17		843
QCR Holdings, Inc.		15		840
Columbia Financial, Inc.*		40		834
Blucora, Inc.*		48		831
City Office REIT, Inc.		42		828
Douglas Elliman, Inc.*		72		828
Peoples Bancorp, Inc.		26		827
WisdomTree Investments, Inc.		134		820
Invesco Mortgage Capital, Inc. REIT		292		812
ARMOUR Residential REIT, Inc.		82		804
Ellington Financial, Inc. REIT		47		803
Allegiance Bancshares, Inc.		19		802
Universal Health Realty Income Trust REIT		13		773

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
First Bancshares, Inc.		20	$	772
Central Pacific Financial Corp.		27		761
MBIA, Inc.*		48		758
HarborOne Bancorp, Inc.		50		742
TPG RE Finance Trust, Inc. REIT		60		739
Ambac Financial Group, Inc.*		46		738
Hanmi Financial Corp.		31		734
CrossFirst Bankshares, Inc.*		47		734
Diversified Healthcare Trust REIT		237		732
First Mid Bancshares, Inc.		17		727
Northfield Bancorp, Inc.		45		727
SiriusPoint Ltd.*		89		724
Camden National Corp.		15		722
Flushing Financial Corp.		29		705
Heritage Commerce Corp.		59		704
KKR Real Estate Finance Trust, Inc. REIT		33		687
Byline Bancorp, Inc.		25		684
Chatham Lodging Trust REIT*		48		659
Cambridge Bancorp		7		655
Community Trust Bancorp, Inc.		15		654
Granite Point Mortgage Trust, Inc. REIT		55		644
Ares Commercial Real Estate Corp. REIT		44		640
eHealth, Inc.*		25		638
Peapack-Gladstone Financial Corp.		18		637
Saul Centers, Inc. REIT		12		636
TrustCo Bank Corporation NY		19		633
Phillips Edison & Company, Inc. REIT		19		628
Urstadt Biddle Properties, Inc. — Class A REIT		29		618
Franklin Street Properties Corp. REIT		103		613
CorePoint Lodging, Inc. REIT*		39		612
Bank of Marin Bancorp		16		596
Great Southern Bancorp, Inc.		10		593
Diamond Hill Investment Group, Inc.		3		583
RE/MAX Holdings, Inc. — Class A		19		579
Dynex Capital, Inc. REIT		34		568
First Community Bankshares, Inc.		17		568
One Liberty Properties, Inc. REIT		16		564
Farmers National Banc Corp.		30		557
Orchid Island Capital, Inc. REIT		123		554
CBTX, Inc.		19		551
Atlantic Capital Bancshares, Inc.*		19		547
Midland States Bancorp, Inc.		22		545
Business First Bancshares, Inc.		19		538
Mercantile Bank Corp.		15		525
Metrocity Bankshares, Inc.		19		523
Alexander's, Inc. REIT		2		521
International Money Express, Inc.*		32		511
Financial Institutions, Inc.		16		509
Coastal Financial Corp.*		10		506
Bank First Corp.		7		506
I3 Verticals, Inc. — Class A*		22		501
Independent Bank Corp.		21		501
Southern First Bancshares, Inc.*		8		500
First Financial Corp.		11		498
West BanCorp, Inc.		16		497
Reliant Bancorp, Inc.		14		497
First of Long Island Corp.		23		497
Arrow Financial Corp.		14		493
Seritage Growth Properties REIT*		37		491
United Fire Group, Inc.		21		487
RMR Group, Inc. — Class A		14		485
Franklin BSP Realty Trust, Inc. REIT		32		478
Equity Bancshares, Inc. — Class A		14		475
Merchants Bancorp		10		473
AssetMark Financial Holdings, Inc.*		18		472
Sculptor Capital Management, Inc.		22		470
HomeTrust Bancshares, Inc.		15		465
Regional Management Corp.		8		460
Waterstone Financial, Inc.		21		459
Universal Insurance Holdings, Inc.		27		459
Republic Bancorp, Inc. — Class A		9		458
MidWestOne Financial Group, Inc.		14		453
GCM Grosvenor, Inc. — Class A		43		451
Whitestone REIT — Class B		44		446
Mid Penn Bancorp, Inc.		14		444
Capstar Financial Holdings, Inc.		21		442
Alerus Financial Corp.		15		439
Bar Harbor Bankshares		15		434
National Western Life Group, Inc. — Class A		2		429
Oportun Financial Corp.*		21		425
CNB Financial Corp.		16		424
First Internet Bancorp		9		423
Hingham Institution For Savings The		1		420
CatchMark Timber Trust, Inc. — Class A REIT		48		418
Citizens & Northern Corp.		16		418
HCI Group, Inc.		5		418
Southern Missouri Bancorp, Inc.		8		417
Oppenheimer Holdings, Inc. — Class A		9		417
MVB Financial Corp.		10		415
American National Bankshares, Inc.		11		414
Blue Foundry Bancorp*		28		410
FRP Holdings, Inc.*		7		405
Enterprise Bancorp, Inc.		9		404
Carter Bankshares, Inc.*		26		400
SmartFinancial, Inc.		14		383
Bridgewater Bancshares, Inc.*		21		371
Capital City Bank Group, Inc.		14		370
Peoples Financial Services Corp.		7		369
CTO Realty Growth, Inc. REIT		6		369
EZCORP, Inc. — Class A*		50		368
RBB Bancorp		14		367

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Primis Financial Corp.		24	$	361
Atlanticus Holdings Corp.*		5		357
Sierra Bancorp		13		353
Old Second Bancorp, Inc.		28		353
Farmland Partners, Inc. REIT		29		347
Spirit of Texas Bancshares, Inc.		12		345
Civista Bancshares, Inc.		14		342
Curo Group Holdings Corp.		21		336
Home Bancorp, Inc.		8		332
Indus Realty Trust, Inc. REIT		4		324
Ocwen Financial Corp.*		8		320
Tiptree, Inc. — Class A		23		318
First Bancorp, Inc.		10		314
South Plains Financial, Inc.		11		306
Blue Ridge Bankshares, Inc.		17		304
Hersha Hospitality Trust REIT*		33		303
Summit Financial Group, Inc.		11		302
Guaranty Bancshares, Inc.		8		301
Great Ajax Corp. REIT		22		290
Howard Bancorp, Inc.*		13		283
Provident Bancorp, Inc.		15		279
Orrstown Financial Services, Inc.		11		277
Braemar Hotels & Resorts, Inc. REIT*		53		270
Greenhill & Company, Inc.		15		269
Red River Bancshares, Inc.		5		268
Citizens, Inc.*,1		50		266
BRT Apartments Corp. REIT		11		264
Northrim BanCorp, Inc.		6		261
PCSB Financial Corp.		13		248
Postal Realty Trust, Inc. — Class A REIT		12		238
Fidelity D&D Bancorp, Inc.		4		236
FS Bancorp, Inc.		7		235
Amalgamated Financial Corp.		14		235
Macatawa Bank Corp.		26		229
Independence Holding Co.		4		227
Luther Burbank Corp.		16		225
First Bank/Hamilton NJ		15		218
Donegal Group, Inc. — Class A		15		214
Maiden Holdings Ltd.*		70		214
Legacy Housing Corp.*		8		212
Capital Bancorp, Inc.		8		210
Greenlight Capital Re Ltd. — Class A*		26		204
Investors Title Co.		1		197
HBT Financial, Inc.		10		187
Marlin Business Services Corp.		8		186
Altus Midstream Co. — Class A		3		184
AFC Gamma, Inc. REIT		8		182
NI Holdings, Inc.*		9		170
Republic First Bancorp, Inc.*		45		167
Pzena Investment Management, Inc. — Class A		17		161
Trean Insurance Group, Inc.*		18		160
Ashford Hospitality Trust, Inc. REIT*		16		154
Heritage Insurance Holdings, Inc.		26		153
Five Star Bancorp		5		150
Pioneer Bancorp, Inc.*		12		136
GAMCO Investors, Inc. — Class A		5		125
Velocity Financial, Inc.*		9		123
Crawford & Co. — Class A		16		120
Clipper Realty, Inc. REIT		12		119
Retail Value, Inc. REIT		18		116
Angel Oak Mortgage, Inc. REIT		7		115
Fathom Holdings, Inc.*		5		102
United Insurance Holdings Corp.		20		87
MetroMile, Inc.*		39		85
Finance of America Companies, Inc. — Class A*		18		71
Rafael Holdings, Inc. — Class B*		10		51
Associated Capital Group, Inc. — Class A		1		43
Home Point Capital, Inc.		7		31
Total Financial				683,226
Consumer, Cyclical - 4.0%
AMC Entertainment Holdings, Inc. — Class A*,1		514		13,981
BJ's Wholesale Club Holdings, Inc.*		138		9,242
Macy's, Inc.		313		8,194
Crocs, Inc.*		57		7,309
Fox Factory Holding Corp.*		42		7,144
Scientific Games Corp. — Class A*		97		6,482
Texas Roadhouse, Inc. — Class A		70		6,250
WESCO International, Inc.*		45		5,922
Goodyear Tire & Rubber Co.*		276		5,884
Wingstop, Inc.		30		5,184
Avient Corp.		92		5,147
Murphy USA, Inc.		24		4,782
Meritage Homes Corp.*		38		4,638
Signet Jewelers Ltd.		53		4,613
Adient plc*		95		4,549
Hilton Grand Vacations, Inc.*		86		4,481
Papa John's International, Inc.		33		4,405
Taylor Morrison Home Corp. — Class A*		122		4,265
Skyline Champion Corp.*		53		4,186
National Vision Holdings, Inc.*		82		3,935
LCI Industries		25		3,897
American Eagle Outfitters, Inc.		153		3,874
Steven Madden Ltd.		82		3,811
Asbury Automotive Group, Inc.*		22		3,800
Resideo Technologies, Inc.*		144		3,748
Sonos, Inc.*		120		3,576
Boot Barn Holdings, Inc.*		29		3,568
Group 1 Automotive, Inc.		18		3,514
KB Home		78		3,489
Academy Sports & Outdoors, Inc.*		78		3,424
Red Rock Resorts, Inc. — Class A		62		3,411
LGI Homes, Inc.*		22		3,399
SeaWorld Entertainment, Inc.*		52		3,373
Dana, Inc.		145		3,309
MDC Holdings, Inc.		58		3,238
Installed Building Products, Inc.		23		3,214
Beacon Roofing Supply, Inc.*		56		3,212
Callaway Golf Co.*		116		3,183
UniFirst Corp.		15		3,156
Tri Pointe Homes, Inc.*		113		3,152
Visteon Corp.*		28		3,112
Cracker Barrel Old Country Store, Inc.		24		3,087

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Dorman Products, Inc.*		27	$	3,051
FirstCash Holdings, Inc.		40		2,992
Cannae Holdings, Inc.*		85		2,988
Gentherm, Inc.*		34		2,955
MillerKnoll, Inc.		75		2,939
International Game Technology plc		101		2,920
Cavco Industries, Inc.*		9		2,859
Allegiant Travel Co. — Class A*		15		2,806
Shake Shack, Inc. — Class A*		38		2,742
Vista Outdoor, Inc.*		58		2,672
Kontoor Brands, Inc.		52		2,665
Fisker, Inc.*		163		2,564
Nu Skin Enterprises, Inc. — Class A		50		2,537
GMS, Inc.*		42		2,525
Winnebago Industries, Inc.		33		2,472
Century Communities, Inc.		30		2,454
Rush Enterprises, Inc. — Class A		43		2,393
Wolverine World Wide, Inc.		82		2,362
Nikola Corp.*		225		2,221
Spirit Airlines, Inc.*		99		2,163
Abercrombie & Fitch Co. — Class A*		62		2,159
Sally Beauty Holdings, Inc.*		114		2,104
Urban Outfitters, Inc.*		69		2,026
SkyWest, Inc.*		50		1,965
Jack in the Box, Inc.		22		1,925
KAR Auction Services, Inc.*		120		1,874
Methode Electronics, Inc.		38		1,868
Bloomin' Brands, Inc.*		89		1,867
Acushnet Holdings Corp.		35		1,858
HNI Corp.		44		1,850
ODP Corp.*		47		1,846
iRobot Corp.*		28		1,845
Veritiv Corp.*		15		1,839
Everi Holdings, Inc.*		86		1,836
Lions Gate Entertainment Corp. — Class B*		119		1,831
Madison Square Garden Entertainment Corp.*		26		1,829
M/I Homes, Inc.*		29		1,803
Cheesecake Factory, Inc.*		46		1,801
Sleep Number Corp.*		23		1,762
Cinemark Holdings, Inc.*		108		1,741
Camping World Holdings, Inc. — Class A		43		1,737
Shyft Group, Inc.		35		1,720
Meritor, Inc.*		68		1,685
Brinker International, Inc.*		46		1,683
World Fuel Services Corp.		63		1,668
Dave & Buster's Entertainment, Inc.*		43		1,651
La-Z-Boy, Inc.		45		1,634
PriceSmart, Inc.		22		1,610
Big Lots, Inc.		34		1,532
Oxford Industries, Inc.		15		1,523
Franchise Group, Inc.		29		1,513
Dillard's, Inc. — Class A1		6		1,470
Bed Bath & Beyond, Inc.*,1		100		1,458
H&E Equipment Services, Inc.		32		1,417
Malibu Boats, Inc. — Class A*		20		1,375
Healthcare Services Group, Inc.		76		1,352
Bally's Corp.*		33		1,256
MarineMax, Inc.*		21		1,240
XPEL, Inc.*		18		1,229
Buckle, Inc.		29		1,227
G-III Apparel Group Ltd.*		44		1,216
Dine Brands Global, Inc.		16		1,213
Hibbett, Inc.		16		1,151
Children's Place, Inc.*		14		1,110
Standard Motor Products, Inc.		21		1,100
Aspen Aerogels, Inc.*		22		1,095
Sonic Automotive, Inc. — Class A		22		1,088
Arko Corp.*		122		1,070
OptimizeRx Corp.*		17		1,056
Zumiez, Inc.*		22		1,056
American Axle & Manufacturing Holdings, Inc.*		113		1,054
Steelcase, Inc. — Class A		89		1,043
Liberty Media Corporation-Liberty Braves — Class C*		37		1,040
Denny's Corp.*		63		1,008
Wabash National Corp.		50		976
Lions Gate Entertainment Corp. — Class A*		58		965
Genesco, Inc.*		15		963
Monarch Casino & Resort, Inc.*		13		961
Clean Energy Fuels Corp.*		155		950
Guess?, Inc.		40		947
Interface, Inc. — Class A		59		941
Green Brick Partners, Inc.*		31		940
Hawaiian Holdings, Inc.*		51		937
Douglas Dynamics, Inc.		23		898
IMAX Corp.*		50		892
ScanSource, Inc.*		25		877
Rush Street Interactive, Inc.*		53		874
Portillo's, Inc. — Class A*		23		863
BlueLinx Holdings, Inc.*		9		862
Lovesac Co.*		13		861
Golden Entertainment, Inc.*		17		859
Citi Trends, Inc.*		9		853
Designer Brands, Inc. — Class A*		60		853
Caleres, Inc.		37		839
Canoo, Inc.*		106		818
Rite Aid Corp.*		55		808
BJ's Restaurants, Inc.*		23		795
Tenneco, Inc. — Class A*		69		780
Purple Innovation, Inc.*		58		770
Tupperware Brands Corp.*		50		764
Winmark Corp.		3		745
Accel Entertainment, Inc.*		57		742
Hyliion Holdings Corp.*,1		117		725
Sun Country Airlines Holdings, Inc.*		26		708
GrowGeneration Corp.*		54		705
Shoe Carnival, Inc.		18		703
Titan Machinery, Inc.*		20		674
Beazer Homes USA, Inc.*		29		673
VSE Corp.		11		670
Movado Group, Inc.		16		669
Clarus Corp.		24		665
Ruth's Hospitality Group, Inc.*		33		657
Life Time Group Holdings, Inc.*		38		654
Chico's FAS, Inc.*		120		646
PLBY Group, Inc.*		24		639

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Hovnanian Enterprises, Inc. — Class A*		5	$	636
RCI Hospitality Holdings, Inc.		8		623
TravelCenters of America, Inc.*		12		619
Party City Holdco, Inc.*		111		618
America's Car-Mart, Inc.*		6		614
OneWater Marine, Inc. — Class A		10		610
Ethan Allen Interiors, Inc.		23		605
Chuy's Holdings, Inc.*		20		602
Aeva Technologies, Inc.*		77		582
Titan International, Inc.*		51		559
A-Mark Precious Metals, Inc.		9		550
MasterCraft Boat Holdings, Inc.*		19		538
Global Industrial Co.		13		532
OneSpaWorld Holdings Ltd.*		53		531
Workhorse Group, Inc.*		121		528
Haverty Furniture Companies, Inc.		17		520
Sportsman's Warehouse Holdings, Inc.*		44		519
Funko, Inc. — Class A*		27		508
PetMed Express, Inc.		20		505
Modine Manufacturing Co.*		50		505
Ideanomics, Inc.*		414		497
LL Flooring Holdings, Inc.*		29		495
Fossil Group, Inc.*		48		494
Bluegreen Vacations Holding Corp.*		14		491
Universal Electronics, Inc.*		12		489
Lindblad Expeditions Holdings, Inc.*		31		484
Frontier Group Holdings, Inc.*		35		475
PC Connection, Inc.		11		474
Johnson Outdoors, Inc. — Class A		5		468
Romeo Power, Inc.*		126		460
Conn's, Inc.*		18		423
REV Group, Inc.		29		410
Full House Resorts, Inc.*		33		400
Big 5 Sporting Goods Corp.1		21		399
Golden Nugget Online Gaming, Inc.*		40		398
Marcus Corp.*		22		393
Cooper-Standard Holdings, Inc.*		17		381
Rush Enterprises, Inc. — Class B		7		378
Del Taco Restaurants, Inc.		30		373
Noodles & Co.*		41		372
Tilly's, Inc. — Class A		23		371
Forestar Group, Inc.*		17		370
Kimball International, Inc. — Class B		36		369
GAN Ltd.*		40		368
Miller Industries, Inc.		11		367
Velodyne Lidar, Inc.*		75		348
Cato Corp. — Class A		20		343
Lordstown Motors Corp. — Class A*		96		331
Century Casinos, Inc.*		27		329
Motorcar Parts of America, Inc.*		19		324
Kura Sushi USA, Inc. — Class A*		4		323
Container Store Group, Inc.*		32		319
Liberty Media Corporation-Liberty Braves — Class A*		10		287
Hooker Furnishings Corp.		12		279
Rocky Brands, Inc.		7		279
Snap One Holdings Corp.*		13		274
El Pollo Loco Holdings, Inc.*		19		270
Traeger, Inc.*		22		267
ONE Group Hospitality, Inc.*		21		265
Superior Group of Companies, Inc.		12		263
Barnes & Noble Education, Inc.*		38		259
Commercial Vehicle Group, Inc.*		32		258
Blue Bird Corp.*		16		250
Red Robin Gourmet Burgers, Inc.*		15		248
F45 Training Holdings, Inc.*		21		229
Esports Technologies, Inc.*		11		226
Vera Bradley, Inc.*		26		221
Weber, Inc. — Class A1		17		220
Shift Technologies, Inc.*		62		211
Arcimoto, Inc.*		27		210
Kirkland's, Inc.*		14		209
Lifetime Brands, Inc.		13		208
Fiesta Restaurant Group, Inc.*		18		198
Casper Sleep, Inc.*		29		194
Mesa Air Group, Inc.*		34		190
Flexsteel Industries, Inc.		7		188
EVI Industries, Inc.*		6		187
Xponential Fitness, Inc. — Class A*		9		184
Nautilus, Inc.*		30		184
Duluth Holdings, Inc. — Class B*		12		182
Daktronics, Inc.*		36		182
NEOGAMES S.A.*		6		167
CarLotz, Inc.*		72		163
Liberty TripAdvisor Holdings, Inc. — Class A*		73		158
Escalade, Inc.		10		158
VOXX International Corp. — Class A*		15		153
Bassett Furniture Industries, Inc.		9		151
Biglari Holdings, Inc. — Class B*		1		143
Lazydays Holdings, Inc.*		6		129
Torrid Holdings, Inc.*		13		128
JOANN, Inc.1		12		125
Drive Shack, Inc.*		83		119
XL Fleet Corp.*		34		113
Aterian, Inc.*		26		107
Carrols Restaurant Group, Inc.		34		101
Hamilton Beach Brands Holding Co. — Class A		7		100
Marine Products Corp.		8		100
Chicken Soup For The Soul Entertainment, Inc.*		7		97
Target Hospitality Corp.*		25		89
Hall of Fame Resort & Entertainment Co.*		55		84
Eros STX Global Corp.*		317		76
Landsea Homes Corp.*		9		66
Regis Corp.*		24		42
CompX International, Inc.		1		22
MedAvail Holdings, Inc.*		12		17
Total Consumer, Cyclical				398,900
Industrial - 3.9%
Tetra Tech, Inc.		54		9,169

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Saia, Inc.*		26	$	8,763
WillScot Mobile Mini Holdings Corp.*		209		8,535
II-VI, Inc.*		105		7,175
EMCOR Group, Inc.		54		6,879
Novanta, Inc.*		35		6,171
Simpson Manufacturing Company, Inc.		44		6,119
Exponent, Inc.		52		6,070
Chart Industries, Inc.*		37		5,901
RBC Bearings, Inc.*		28		5,655
UFP Industries, Inc.		60		5,521
Watts Water Technologies, Inc. — Class A		28		5,437
Evoqua Water Technologies Corp.*		116		5,423
Atkore International Group, Inc.*		46		5,115
John Bean Technologies Corp.		32		4,914
Summit Materials, Inc. — Class A*		118		4,736
Franklin Electric Company, Inc.		47		4,444
Zurn Water Solutions Corp.		122		4,441
Fabrinet*		37		4,383
Casella Waste Systems, Inc. — Class A*		50		4,271
Applied Industrial Technologies, Inc.		39		4,005
Matson, Inc.		43		3,871
Hillenbrand, Inc.		73		3,795
GATX Corp.		36		3,751
SPX FLOW, Inc.		42		3,632
Comfort Systems USA, Inc.		36		3,562
Fluor Corp.*		142		3,517
Aerojet Rocketdyne Holdings, Inc.		75		3,507
Helios Technologies, Inc.		33		3,471
Advanced Energy Industries, Inc.		38		3,460
EnerSys		43		3,400
Mueller Industries, Inc.		57		3,383
Altra Industrial Motion Corp.		65		3,352
AAON, Inc.		42		3,336
Forward Air Corp.		27		3,269
ArcBest Corp.		26		3,116
Badger Meter, Inc.		29		3,090
Welbilt, Inc.*		130		3,090
Itron, Inc.*		45		3,083
Bloom Energy Corp. — Class A*		140		3,070
Kennametal, Inc.		84		3,016
Werner Enterprises, Inc.		63		3,003
Terex Corp.		68		2,989
Belden, Inc.		45		2,958
Vishay Intertechnology, Inc.		133		2,909
Encore Wire Corp.		20		2,862
Masonite International Corp.*		24		2,831
Dycom Industries, Inc.*		30		2,813
Hub Group, Inc. — Class A*		33		2,780
Boise Cascade Co.		39		2,777
Albany International Corp. — Class A		31		2,742
Atlas Air Worldwide Holdings, Inc.*		29		2,729
Sanmina Corp.*		65		2,695
Energizer Holdings, Inc.		67		2,687
Plexus Corp.*		28		2,685
Vicor Corp.*		21		2,667
SPX Corp.*		44		2,626
Federal Signal Corp.		60		2,600
Brady Corp. — Class A		48		2,587
Kadant, Inc.		11		2,535
Arcosa, Inc.		48		2,530
CryoPort, Inc.*		41		2,426
Trinity Industries, Inc.		79		2,386
Kratos Defense & Security Solutions, Inc.*		122		2,367
Moog, Inc. — Class A		29		2,348
GrafTech International Ltd.		198		2,342
ESCO Technologies, Inc.		26		2,340
EnPro Industries, Inc.		21		2,312
Mueller Water Products, Inc. — Class A		158		2,275
Barnes Group, Inc.		48		2,236
JELD-WEN Holding, Inc.*		84		2,214
Gibraltar Industries, Inc.*		33		2,200
Knowles Corp.*		90		2,102
Cactus, Inc. — Class A		55		2,097
O-I Glass, Inc.*		158		1,901
MYR Group, Inc.*		17		1,879
Patrick Industries, Inc.		23		1,856
Materion Corp.		20		1,839
Worthington Industries, Inc.		33		1,804
NV5 Global, Inc.*		13		1,795
Granite Construction, Inc.		46		1,780
Air Transport Services Group, Inc.*		58		1,704
CSW Industrials, Inc.		14		1,692
Lindsay Corp.		11		1,672
Mesa Laboratories, Inc.		5		1,640
Montrose Environmental Group, Inc.*		23		1,622
TTM Technologies, Inc.*		107		1,594
Astec Industries, Inc.		23		1,593
TriMas Corp.		43		1,591
OSI Systems, Inc.*		17		1,584
Greif, Inc. — Class A		26		1,569
Tennant Co.		19		1,540
Alamo Group, Inc.		10		1,472
Greenbrier Companies, Inc.		32		1,468
Proto Labs, Inc.*		28		1,438
Ranpak Holdings Corp.*		38		1,428
AeroVironment, Inc.*		23		1,427
AZZ, Inc.		25		1,382
Griffon Corp.		47		1,339
Standex International Corp.		12		1,328
AAR Corp.*		34		1,327
PGT Innovations, Inc.*		58		1,304
Harsco Corp.*		78		1,303
GoPro, Inc. — Class A*		126		1,299
Columbus McKinnon Corp.		28		1,295
Primoris Services Corp.		54		1,295
Ichor Holdings Ltd.*		28		1,289
Golar LNG Ltd.*		104		1,289
FARO Technologies, Inc.*		18		1,260
Enerpac Tool Group Corp.		61		1,237
Apogee Enterprises, Inc.		25		1,204
Triumph Group, Inc.*		64		1,186
Kaman Corp.		27		1,165

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Sturm Ruger & Company, Inc.		17	$	1,156
Matthews International Corp. — Class A		31		1,137
Hydrofarm Holdings Group, Inc.*		39		1,103
American Woodmark Corp.*		16		1,043
nLight, Inc.*		43		1,030
Marten Transport Ltd.		60		1,030
Gorman-Rupp Co.		23		1,025
US Ecology, Inc.*		32		1,022
Great Lakes Dredge & Dock Corp.*		65		1,022
Blink Charging Co.*,1		37		981
Benchmark Electronics, Inc.		36		976
Cornerstone Building Brands, Inc.*		55		959
Energy Recovery, Inc.*		42		903
Smith & Wesson Brands, Inc.		48		855
Construction Partners, Inc. — Class A*		29		853
SFL Corporation Ltd.		104		848
Frontline Ltd.*		119		841
MicroVision, Inc.*		165		827
Heartland Express, Inc.		48		807
TimkenSteel Corp.*		46		759
Insteel Industries, Inc.		19		756
Napco Security Technologies, Inc.*		15		750
DHT Holdings, Inc.		142		737
Sterling Construction Company, Inc.*		28		736
Myers Industries, Inc.		36		720
Chase Corp.		7		697
Forterra, Inc.*		29		690
International Seaways, Inc.		46		675
Costamare, Inc.		53		670
Manitowoc Company, Inc.*		35		651
Yellow Corp.*		50		629
Scorpio Tankers, Inc.		48		615
Comtech Telecommunications Corp.		25		592
Argan, Inc.		15		580
Latham Group, Inc.*		23		576
Identiv, Inc.*		20		563
Thermon Group Holdings, Inc.*		33		559
Pactiv Evergreen, Inc.		43		545
Luxfer Holdings plc		28		541
Tutor Perini Corp.*		42		519
CIRCOR International, Inc.*		19		517
Ducommun, Inc.*		11		514
Stoneridge, Inc.*		26		513
Heritage-Crystal Clean, Inc.*		16		512
Genco Shipping & Trading Ltd.		32		512
Babcock & Wilcox Enterprises, Inc.*		56		505
Kimball Electronics, Inc.*		23		500
Meta Materials, Inc.*,1		200		492
UFP Technologies, Inc.*		7		492
Haynes International, Inc.		12		484
AMMO, Inc.*,1		87		474
DXP Enterprises, Inc.*		18		462
IES Holdings, Inc.*		9		456
Centrus Energy Corp. — Class A*		9		449
Vishay Precision Group, Inc.*		12		445
Allied Motion Technologies, Inc.		12		438
Ryerson Holding Corp.		16		417
National Presto Industries, Inc.		5		410
Xometry, Inc. — Class A*		8		410
Eagle Bulk Shipping, Inc.		9		410
Daseke, Inc.*		40		402
Dorian LPG Ltd.		31		393
View, Inc.*		98		383
Omega Flex, Inc.		3		381
Hyster-Yale Materials Handling, Inc.		9		370
Greif, Inc. — Class B		6		359
NVE Corp.		5		342
908 Devices, Inc.*		13		336
Turtle Beach Corp.*		15		334
Kopin Corp.*		78		319
Covenant Logistics Group, Inc. — Class A*		12		317
PureCycle Technologies, Inc.*		33		316
Tredegar Corp.		26		307
Fluidigm Corp.*		76		298
Akoustis Technologies, Inc.*		44		294
American Superconductor Corp.*		27		294
Radiant Logistics, Inc.*		40		292
Astronics Corp.*		24		288
Northwest Pipe Co.*		9		286
American Outdoor Brands, Inc.*		14		279
Pure Cycle Corp.*		19		278
Lawson Products, Inc.*		5		274
Powell Industries, Inc.		9		265
Park Aerospace Corp.		20		264
Luna Innovations, Inc.*		31		262
Teekay Tankers Ltd. — Class A*		24		262
Caesarstone Ltd.		23		261
Nordic American Tankers Ltd.		153		259
Infrastructure and Energy Alternatives, Inc.*		28		258
Byrna Technologies, Inc.*		19		254
Safe Bulkers, Inc.*		61		230
Teekay Corp.*		70		220
Concrete Pumping Holdings, Inc.*		26		213
PAM Transportation Services, Inc.*		3		213
Olympic Steel, Inc.		9		211
Eastman Kodak Co.*		45		211
Sight Sciences, Inc.*		11		193
CECO Environmental Corp.*		31		193
Park-Ohio Holdings Corp.		9		191
INNOVATE Corp.*		48		178
NN, Inc.*		42		172
Iteris, Inc.*		43		172
AerSale Corp.*		9		160
US Xpress Enterprises, Inc. — Class A*		27		158
Mistras Group, Inc.*		20		149
Mayville Engineering Company, Inc.*		9		134
Universal Logistics Holdings, Inc.		7		132
Atlas Technical Consultants, Inc.*		14		118
Willis Lease Finance Corp.*		3		113
Sharps Compliance Corp.*		15		107

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
AgEagle Aerial Systems, Inc.*		68	$	107
Karat Packaging, Inc.*		3		61
NL Industries, Inc.		8		59
Total Industrial				388,250
Technology - 3.4%
Synaptics, Inc.*		39		11,291
Lattice Semiconductor Corp.*		136		10,480
Silicon Laboratories, Inc.*		39		8,050
Ambarella, Inc.*		35		7,101
KBR, Inc.		141		6,714
Rapid7, Inc.*		56		6,591
Semtech Corp.*		65		5,781
Workiva, Inc.*		43		5,611
Blackline, Inc.*		54		5,591
Power Integrations, Inc.		60		5,573
Digital Turbine, Inc.*		91		5,550
CMC Materials, Inc.		28		5,367
MaxLinear, Inc. — Class A*		71		5,353
Asana, Inc. — Class A*		70		5,219
Varonis Systems, Inc.*		106		5,171
SPS Commerce, Inc.*		36		5,125
Tenable Holdings, Inc.*		91		5,011
Onto Innovation, Inc.*		49		4,960
Maximus, Inc.		62		4,939
Ziff Davis, Inc.*		44		4,878
Diodes, Inc.*		44		4,832
ExlService Holdings, Inc.*		33		4,777
SiTime Corp.*		16		4,681
Qualys, Inc.*		34		4,665
Sailpoint Technologies Holdings, Inc.*		92		4,447
MicroStrategy, Inc. — Class A*,1		8		4,356
Envestnet, Inc.*		54		4,284
ACI Worldwide, Inc.*		118		4,095
Sprout Social, Inc. — Class A*		45		4,081
DigitalOcean Holdings, Inc.*		50		4,017
Blackbaud, Inc.*		49		3,870
MACOM Technology Solutions Holdings, Inc.*		49		3,837
Kulicke & Soffa Industries, Inc.		62		3,754
Box, Inc. — Class A*		143		3,745
Insight Enterprises, Inc.*		35		3,731
Altair Engineering, Inc. — Class A*		47		3,634
FormFactor, Inc.*		78		3,566
Verint Systems, Inc.*		65		3,413
Rambus, Inc.*		108		3,174
CommVault Systems, Inc.*		45		3,101
Cerence, Inc.*		38		2,912
PagerDuty, Inc.*		81		2,815
Apollo Medical Holdings, Inc.*,1		38		2,792
Momentive Global, Inc.*		130		2,750
3D Systems Corp.*		121		2,606
Ultra Clean Holdings, Inc.*		45		2,581
Appian Corp.*		39		2,543
Bottomline Technologies DE, Inc.*		45		2,541
Amkor Technology, Inc.		102		2,529
Axcelis Technologies, Inc.*		33		2,461
NetScout Systems, Inc.*		71		2,349
LivePerson, Inc.*		65		2,322
Allscripts Healthcare Solutions, Inc.*		124		2,288
Vocera Communications, Inc.*		35		2,269
Appfolio, Inc. — Class A*		18		2,179
Evolent Health, Inc. — Class A*		77		2,131
Progress Software Corp.		44		2,124
Outset Medical, Inc.*		46		2,120
Cardlytics, Inc.*		32		2,115
Zuora, Inc. — Class A*		112		2,092
Verra Mobility Corp.*		134		2,068
ManTech International Corp. — Class A		28		2,042
Phreesia, Inc.*		49		2,041
1Life Healthcare, Inc.*		116		2,038
Health Catalyst, Inc.*		51		2,021
Xperi Holding Corp.		106		2,004
Super Micro Computer, Inc.*		43		1,890
8x8, Inc.*		111		1,860
CSG Systems International, Inc.		32		1,844
E2open Parent Holdings, Inc.*		163		1,835
Cohu, Inc.*		48		1,828
BigCommerce Holdings, Inc.*		49		1,733
Impinj, Inc.*		19		1,685
Bandwidth, Inc. — Class A*		23		1,651
Avaya Holdings Corp.*		83		1,643
TTEC Holdings, Inc.		18		1,630
Schrodinger Incorporated/United States*		46		1,602
Grid Dynamics Holdings, Inc.*		42		1,595
JFrog Ltd.*		53		1,574
Veeco Instruments, Inc.*		50		1,424
Domo, Inc. — Class B*		28		1,389
PROS Holdings, Inc.*		40		1,380
Ping Identity Holding Corp.*		60		1,373
Donnelley Financial Solutions, Inc.*		29		1,367
Unisys Corp.*		66		1,358
PAR Technology Corp.*		25		1,319
SMART Global Holdings, Inc.*		18		1,278
Alpha & Omega Semiconductor Ltd.*		21		1,272
Porch Group, Inc.*		78		1,216
Pitney Bowes, Inc.		177		1,173
Avid Technology, Inc.*		36		1,173
Sumo Logic, Inc.*		86		1,166
CTS Corp.		31		1,138
Photronics, Inc.*		60		1,131
Yext, Inc.*		112		1,111
Alignment Healthcare, Inc.*		78		1,097
Sapiens International Corporation N.V.		31		1,068
Model N, Inc.*		35		1,051
NextGen Healthcare, Inc.*		57		1,014
PDF Solutions, Inc.*		30		954
CEVA, Inc.*		22		951
Desktop Metal, Inc. — Class A*		188		931
Parsons Corp.*		27		908
Conduent, Inc.*		167		892
Agilysys, Inc.*		20		889
Consensus Cloud Solutions, Inc.*		15		868
American Software, Inc. — Class A		32		837
Digi International, Inc.*		33		811
Ouster, Inc.*		154		801
Ebix, Inc.		26		790
Mitek Systems, Inc.*		43		763

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Rackspace Technology, Inc.*		55	$	741
Simulations Plus, Inc.		15		710
PowerSchool Holdings, Inc. — Class A*		43		708
PAE, Inc.*		70		695
Diebold Nixdorf, Inc.*		73		661
Veritone, Inc.*		29		652
Telos Corp.*		40		617
OneSpan, Inc.*		35		593
Corsair Gaming, Inc.*,1		27		567
Cantaloupe, Inc.*		59		524
Upland Software, Inc.*		29		520
Privia Health Group, Inc.*		20		517
Digimarc Corp.*		13		513
Vuzix Corp.*,1		59		511
BTRS Holdings, Inc. — Class A*		65		508
Inseego Corp.*,1		83		484
ON24, Inc.*		27		468
CS Disco, Inc.*		12		429
Brightcove, Inc.*		41		419
Computer Programs and Systems, Inc.*		14		410
Atomera, Inc.*		20		402
Integral Ad Science Holding Corp.*		17		378
Daily Journal Corp.*		1		357
AXT, Inc.*		40		352
Tabula Rasa HealthCare, Inc.*		23		345
Quantum Corp.*		58		320
Genius Brands International, Inc.*		282		296
Instructure Holdings, Inc.*		12		288
MeridianLink, Inc.*		13		281
CoreCard Corp.*		7		272
Rimini Street, Inc.*		44		263
EMCORE Corp.*		37		258
Benefitfocus, Inc.*		24		256
EverCommerce, Inc.*		16		252
Intapp, Inc.*		10		252
Smith Micro Software, Inc.*		46		226
GTY Technology Holdings, Inc.*		32		214
Rekor Systems, Inc.*		32		210
eGain Corp.*		20		200
PlayAGS, Inc.*		28		190
Castlight Health, Inc. — Class B*		121		186
DarioHealth Corp.*		14		182
Forian, Inc.*		19		171
iCAD, Inc.*		22		158
SecureWorks Corp. — Class A*		9		144
Alkami Technology, Inc.*		7		140
SkyWater Technology, Inc.*		8		130
Viant Technology, Inc. — Class A*		12		116
Outbrain, Inc.*		8		112
Convey Health Solutions Holdings, Inc.*		13		109
StarTek, Inc.*		17		89
GreenBox POS*		18		76
IBEX Holdings Ltd.*		5		64
Kaltura, Inc.*		17		57
NantHealth, Inc.*		27		29
Total Technology				341,034
Energy - 1.3%
Ovintiv, Inc.		262		8,829
Chesapeake Energy Corp.		104		6,710
Antero Resources Corp.*		286		5,005
PDC Energy, Inc.		100		4,878
Southwestern Energy Co.*		1,003		4,674
Range Resources Corp.*		240		4,279
Equitrans Midstream Corp.		408		4,219
ChampionX Corp.*		203		4,103
Matador Resources Co.		111		4,098
Denbury, Inc.*		51		3,906
Murphy Oil Corp.		147		3,838
SM Energy Co.		119		3,508
California Resources Corp.		82		3,502
CNX Resources Corp.*		207		2,846
Magnolia Oil & Gas Corp. — Class A		140		2,642
Whiting Petroleum Corp.*		39		2,522
Oasis Petroleum, Inc.		20		2,520
Helmerich & Payne, Inc.		106		2,512
Sunnova Energy International, Inc.*		86		2,401
Stem, Inc.*		112		2,125
Civitas Resources, Inc.		43		2,106
Array Technologies, Inc.*		127		1,993
Renewable Energy Group, Inc.*		45		1,910
Callon Petroleum Co.*		40		1,890
FuelCell Energy, Inc.*,1		325		1,690
SunPower Corp. — Class A*,1		80		1,670
Green Plains, Inc.*		48		1,668
Patterson-UTI Energy, Inc.		186		1,572
Kosmos Energy Ltd.*		404		1,398
Arch Resources, Inc.		15		1,370
Warrior Met Coal, Inc.		52		1,337
PBF Energy, Inc. — Class A*		97		1,258
Oceaneering International, Inc.*		100		1,131
Tellurian, Inc.*		360		1,109
Centennial Resource Development, Inc. — Class A*		181		1,082
Northern Oil and Gas, Inc.		52		1,070
Archrock, Inc.		135		1,010
Delek US Holdings, Inc.*		66		989
NOW, Inc.*		111		948
Brigham Minerals, Inc. — Class A		44		928
Liberty Oilfield Services, Inc. — Class A*		91		883
Gevo, Inc.*,1		195		835
Peabody Energy Corp.*		81		816
CONSOL Energy, Inc.*		35		795
Laredo Petroleum, Inc.*		13		782
Bristow Group, Inc.*		24		760
Comstock Resources, Inc.*		92		744
Par Pacific Holdings, Inc.*		44		726
DMC Global, Inc.*		18		713
ProPetro Holding Corp.*		86		697
US Silica Holdings, Inc.*		74		696
Dril-Quip, Inc.*		35		689
NexTier Oilfield Solutions, Inc.*		174		618
Berry Corp.		68		573
MRC Global, Inc.*		81		557
SunCoke Energy, Inc.		84		553
TPI Composites, Inc.*		37		553
CVR Energy, Inc.		29		487
Nabors Industries Ltd.*		6		486
REX American Resources Corp.*		5		480

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Helix Energy Solutions Group, Inc.*		144	$	449
Tidewater, Inc.*		41		439
Ranger Oil Corp. — Class A*		15		404
Expro Group Holdings N.V.*		27		387
Select Energy Services, Inc. — Class A*		62		386
Crescent Energy, Inc. — Class A*		29		368
Talos Energy, Inc.*		37		363
National Energy Services Reunited Corp.*		38		359
TETRA Technologies, Inc.*		123		349
Alto Ingredients, Inc.*		72		346
Aemetis, Inc.*		27		332
Cleanspark, Inc.*		34		324
Eos Energy Enterprises, Inc.*,1		43		323
RPC, Inc.*		67		304
W&T Offshore, Inc.*		94		304
Oil States International, Inc.*		61		303
Newpark Resources, Inc.*		91		267
Earthstone Energy, Inc. — Class A*		24		263
FTS International, Inc. — Class A*		9		236
Solaris Oilfield Infrastructure, Inc. — Class A		32		210
FutureFuel Corp.		26		199
Falcon Minerals Corp.		40		195
Matrix Service Co.*		25		188
Beam Global*		9		167
Advent Technologies Holdings, Inc.*		15		105
HighPeak Energy, Inc.		5		73
Riley Exploration Permian, Inc.		2		39
Total Energy				128,371
Communications - 1.3%
Vonage Holdings Corp.*		241		5,010
Mimecast Ltd.*		61		4,854
Iridium Communications, Inc.*		117		4,831
Calix, Inc.*		56		4,478
Q2 Holdings, Inc.*		55		4,369
Perficient, Inc.*		33		4,267
TEGNA, Inc.		221		4,102
Viavi Solutions, Inc.*		229		4,035
Upwork, Inc.*		118		4,031
Cargurus, Inc.*		95		3,196
Cogent Communications Holdings, Inc.		43		3,147
Yelp, Inc. — Class A*		72		2,609
Shutterstock, Inc.		23		2,550
Overstock.com, Inc.*		43		2,537
TechTarget, Inc.*		25		2,392
iHeartMedia, Inc. — Class A*		112		2,356
Open Lending Corp. — Class A*		104		2,338
Magnite, Inc.*		130		2,275
InterDigital, Inc.		31		2,220
Maxar Technologies, Inc.		72		2,126
Houghton Mifflin Harcourt Co.*		128		2,061
fuboTV, Inc.*		132		2,049
Telephone & Data Systems, Inc.		101		2,035
Revolve Group, Inc.*		36		2,017
Extreme Networks, Inc.*		124		1,947
Liberty Latin America Ltd. — Class C*		155		1,767
Infinera Corp.*		181		1,736
Gray Television, Inc.		86		1,734
ePlus, Inc.*		26		1,401
Eventbrite, Inc. — Class A*		75		1,308
Plantronics, Inc.*		43		1,262
Shenandoah Telecommunications Co.		48		1,224
Sinclair Broadcast Group, Inc. — Class A		46		1,216
Clear Channel Outdoor Holdings, Inc.*		363		1,201
WideOpenWest, Inc.*		53		1,140
Stitch Fix, Inc. — Class A*		60		1,135
Cars.com, Inc.*		69		1,110
EW Scripps Co. — Class A*		57		1,103
ADTRAN, Inc.		48		1,096
EchoStar Corp. — Class A*		40		1,054
Harmonic, Inc.*		89		1,047
Scholastic Corp.		25		999
AMC Networks, Inc. — Class A*		29		999
A10 Networks, Inc.		59		978
Clearfield, Inc.*		11		929
RealReal, Inc.*		79		917
QuinStreet, Inc.*		50		909
IDT Corp. — Class B*		20		883
NETGEAR, Inc.*		30		876
Gogo, Inc.*		59		798
NeoPhotonics Corp.*		50		768
Tucows, Inc. — Class A*		9		754
Gannett Company, Inc.*		141		751
ChannelAdvisor Corp.*		29		716
Anterix, Inc.*		12		705
Globalstar, Inc.*		599		695
Quotient Technology, Inc.*		89		660
HealthStream, Inc.*		25		659
1-800-Flowers.com, Inc. — Class A*		27		631
Advantage Solutions, Inc.*		77		617
Liquidity Services, Inc.*		27		596
CarParts.com, Inc.*		49		549
Consolidated Communications Holdings, Inc.*		72		539
Stagwell, Inc.*		62		538
Groupon, Inc.*		23		533
Boston Omaha Corp. — Class A*		18		517
Liberty Latin America Ltd. — Class A*		42		490
United States Cellular Corp.*		15		473
Ooma, Inc.*		22		450
ATN International, Inc.		11		439
Ribbon Communications, Inc.*		71		430
Limelight Networks, Inc.*		125		429
Entravision Communications Corp. — Class A		61		414
Telesat Corp.*,1		13		373
MediaAlpha, Inc. — Class A*		21		324
Aviat Networks, Inc.*		10		321
Audacy, Inc.*		118		303
EverQuote, Inc. — Class A*		19		298
Thryv Holdings, Inc.*		7		288
Cambium Networks Corp.*		11		282
DZS, Inc.*		17		276
Lands' End, Inc.*		14		275
CalAmp Corp.*		34		240

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
comScore, Inc.*		70	$	234
Couchbase, Inc.*		9		225
Preformed Line Products Co.		3		194
Bright Health Group, Inc.*		53		182
Casa Systems, Inc.*		32		181
National CineMedia, Inc.		60		169
VirnetX Holding Corp.*		64		166
CuriosityStream, Inc.*		26		154
KVH Industries, Inc.*		15		138
Hemisphere Media Group, Inc.*		16		116
Fluent, Inc.*		43		86
HyreCar, Inc.*		18		85
LiveOne, Inc.*		59		76
1stdibs.com, Inc.*		6		75
Value Line, Inc.		1		47
Digital Media Solutions, Inc. — Class A*		3		14
Total Communications				125,129
Basic Materials - 1.0%
Balchem Corp.		32		5,395
Rogers Corp.*		19		5,187
Commercial Metals Co.		120		4,355
Sensient Technologies Corp.		43		4,303
HB Fuller Co.		53		4,293
Livent Corp.*		162		3,950
Arconic Corp.*		105		3,466
MP Materials Corp.*,1		73		3,316
Quaker Chemical Corp.		14		3,231
Cabot Corp.		57		3,203
Ingevity Corp.*		40		2,868
Tronox Holdings plc — Class A		114		2,739
Hecla Mining Co.		524		2,735
Stepan Co.		21		2,610
Minerals Technologies, Inc.		34		2,487
Innospec, Inc.		25		2,259
Constellium SE*		123		2,203
Trinseo plc		39		2,046
Allegheny Technologies, Inc.*		128		2,039
Codexis, Inc.*		61		1,907
Ferro Corp.*		82		1,790
Compass Minerals International, Inc.		34		1,737
Novagold Resources, Inc.*		238		1,633
GCP Applied Technologies, Inc.*		50		1,583
Kaiser Aluminum Corp.		16		1,503
Kraton Corp.*		32		1,482
Carpenter Technology Corp.		48		1,401
Schnitzer Steel Industries, Inc. — Class A		26		1,350
Coeur Mining, Inc.*		255		1,285
AdvanSix, Inc.		27		1,276
Energy Fuels, Inc.*		148		1,129
Orion Engineered Carbons S.A.		61		1,120
Schweitzer-Mauduit International, Inc.		31		927
Amyris, Inc.*,1		171		925
Century Aluminum Co.*		52		861
Neenah, Inc.		17		787
Uranium Energy Corp.*		232		777
Glatfelter Corp.		44		757
Hawkins, Inc.		19		750
Verso Corp. — Class A		27		729
Koppers Holdings, Inc.*		21		657
Clearwater Paper Corp.*		17		623
Danimer Scientific, Inc.*		67		571
Ecovyst, Inc.		52		533
Zymergen, Inc.*		79		529
Gatos Silver, Inc.*		47		488
American Vanguard Corp.		29		475
Intrepid Potash, Inc.*		10		427
Rayonier Advanced Materials, Inc.*		62		354
Kronos Worldwide, Inc.		22		330
Unifi, Inc.*		13		301
United States Lime & Minerals, Inc.		2		258
Ur-Energy, Inc.*		181		221
Oil-Dri Corporation of America		4		131
Perpetua Resources Corp.*		27		128
Marrone Bio Innovations, Inc.*		101		73
PolyMet Mining Corp.*		28		70
Valhi, Inc.		1		29
Total Basic Materials				94,592
Utilities - 0.8%
Portland General Electric Co.		89		4,710
Black Hills Corp.		63		4,446
Brookfield Infrastructure Corp. — Class A		61		4,164
Southwest Gas Holdings, Inc.		59		4,133
ONE Gas, Inc.		53		4,112
New Jersey Resources Corp.		97		3,983
PNM Resources, Inc.		86		3,922
American States Water Co.		37		3,827
California Water Service Group		52		3,737
Ormat Technologies, Inc.		46		3,648
ALLETE, Inc.		52		3,450
Spire, Inc.		51		3,326
Avista Corp.		70		2,974
MGE Energy, Inc.		36		2,961
Clearway Energy, Inc. — Class C		82		2,954
Otter Tail Corp.		41		2,928
NorthWestern Corp.		51		2,915
South Jersey Industries, Inc.		103		2,690
Ameresco, Inc. — Class A*		31		2,525
Chesapeake Utilities Corp.		17		2,479
Middlesex Water Co.		17		2,045
SJW Group		27		1,977
Northwest Natural Holding Co.		31		1,512
Clearway Energy, Inc. — Class A		35		1,172
Unitil Corp.		15		690
York Water Co.		13		647
Artesian Resources Corp. — Class A		8		371
Global Water Resources, Inc.		13		222
FTC Solar, Inc.*		19		144
Via Renewables, Inc.		12		137
Total Utilities				78,801
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		30		498
Total Common Stocks
(Cost $2,959,078)				2,947,685

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*		14	$	–
Total Rights
(Cost $–)				–

MUTUAL FUNDS† - 20.6%
Guggenheim Ultra Short Duration Fund — Institutional Class2	112,170	1,112,723
Guggenheim Strategy Fund II2	36,876	917,477
Total Mutual Funds
(Cost $2,023,780)		2,030,200

	Face Amount
U.S. TREASURY BILLS†† - 15.4%
U.S. Treasury Bills
0.09% due 06/02/223,4	$	1,500,000	1,499,336
0.04% due 01/06/224		19,000	19,000
Total U.S. Treasury Bills
(Cost $1,518,442)			1,518,336

REPURCHASE AGREEMENTS††,5 - 30.7%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	1,690,668	1,690,668
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	699,210	699,210
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	635,646	635,646
Total Repurchase Agreements
(Cost $3,025,524)		3,025,524

	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%7		43,458		43,458
Total Securities Lending Collateral
(Cost $43,458)				43,458
Total Investments - 96.9%
(Cost $9,570,282)			$	9,565,203
Other Assets & Liabilities, net - 3.1%				302,806
Total Net Assets - 100.0%			$	9,868,009

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Barclays Bank plc	Russell 2000 Index	Pay	0.05% (U.S. Secured Overnight Financing Rate)	At Maturity	01/26/22		3,910	$	8,780,244	$	331,052
Goldman Sachs International	Russell 2000 Index	Pay	0.33% (Federal Funds Rate + 0.25%)	At Maturity	01/27/22		756		1,697,553		38,736
BNP Paribas	Russell 2000 Index	Pay	0.28% (Federal Funds Rate + 0.20%)	At Maturity	01/27/22		617		1,385,913		30,927
								$	11,863,710	$	400,715

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	Securities lending collateral — See Note 5.
7	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	2,947,685	$	—	$	—		$	2,947,685
Rights		—		—		—	*		—
Mutual Funds		2,030,200		—		—			2,030,200
U.S. Treasury Bills		—		1,518,336		—			1,518,336
Repurchase Agreements		—		3,025,524		—			3,025,524
Securities Lending Collateral		43,458		—		—			43,458
Equity Index Swap Agreements**		—		400,715		—			400,715
Total Assets	$	5,021,343	$	4,944,575	$	—		$	9,965,918

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	921,165	$	–	$	–	$	–	$	(3,688	)	$	917,477		36,876	$	9,943
Guggenheim Ultra Short Duration Fund — Institutional Class		1,117,210		–		–		–		(4,487	)		1,112,723		112,170		7,481
	$	2,038,375	$	–	$	–	$	–	$	(8,175	)	$	2,030,200			$	17,424

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 48.3%
Consumer, Non-cyclical - 11.7%
Tenet Healthcare Corp.*		597	$	48,769
Avis Budget Group, Inc.*		230		47,695
Intellia Therapeutics, Inc.*		387		45,759
Omnicell, Inc.*		242		43,666
Biohaven Pharmaceutical Holding Company Ltd.*		313		43,135
Performance Food Group Co.*		853		39,144
Arrowhead Pharmaceuticals, Inc.*		570		37,791
Medpace Holdings, Inc.*		163		35,475
Blueprint Medicines Corp.*		329		35,239
ASGN, Inc.*		283		34,922
Inspire Medical Systems, Inc.*		151		34,739
Shockwave Medical, Inc.*		189		33,704
Helen of Troy Ltd.*		135		33,004
AMN Healthcare Services, Inc.*		265		32,417
Arena Pharmaceuticals, Inc.*		344		31,971
Halozyme Therapeutics, Inc.*		769		30,922
API Group Corp.*		1,114		28,708
Neogen Corp.*		606		27,518
Fate Therapeutics, Inc.*		456		26,681
LivaNova plc*		301		26,316
Option Care Health, Inc.*		883		25,113
Ensign Group, Inc.		295		24,768
STAAR Surgical Co.*		267		24,377
Insperity, Inc.		205		24,213
LHC Group, Inc.*		172		23,604
CONMED Corp.		163		23,107
Denali Therapeutics, Inc.*		512		22,835
Korn Ferry		299		22,643
Celsius Holdings, Inc.*		303		22,595
Triton International Ltd.		375		22,586
Alarm.com Holdings, Inc.*		266		22,559
Beam Therapeutics, Inc.*		281		22,393
Pacific Biosciences of California, Inc.*		1,094		22,383
Herc Holdings, Inc.		141		22,074
Sanderson Farms, Inc.		114		21,783
NeoGenomics, Inc.*		637		21,734
TriNet Group, Inc.*		227		21,624
Arvinas, Inc.*		262		21,521
Alkermes plc*		903		21,004
Intra-Cellular Therapies, Inc.*		397		20,779
Twist Bioscience Corp.*		265		20,508
HealthEquity, Inc.*		460		20,350
Cytokinetics, Inc.*,1		446		20,329
Simply Good Foods Co.*		479		19,912
iRhythm Technologies, Inc.*		165		19,419
Sprouts Farmers Market, Inc.*		645		19,143
WD-40 Co.		77		18,837
Select Medical Holdings Corp.		622		18,287
Apellis Pharmaceuticals, Inc.*		385		18,203
Brink's Co.		274		17,966
Merit Medical Systems, Inc.*		288		17,942
LiveRamp Holdings, Inc.*		372		17,837
Progyny, Inc.*		354		17,824
Rent-A-Center, Inc.		371		17,823
Owens & Minor, Inc.		408		17,748
Lancaster Colony Corp.		107		17,719
Marathon Digital Holdings, Inc.*,1		537		17,646
Insmed, Inc.*		647		17,624
AtriCure, Inc.*		251		17,452
Inari Medical, Inc.*		191		17,433
Invitae Corp.*		1,127		17,209
Prestige Consumer Healthcare, Inc.*		282		17,103
Amicus Therapeutics, Inc.*		1,479		17,082
R1 RCM, Inc.*		668		17,027
EVERTEC, Inc.		340		16,993
Zentalis Pharmaceuticals, Inc.*		202		16,980
PROG Holdings, Inc.*		372		16,781
Karuna Therapeutics, Inc.*		125		16,375
Coca-Cola Consolidated, Inc.		26		16,099
Kodiak Sciences, Inc.*		189		16,023
Integer Holdings Corp.*		184		15,749
Nevro Corp.*		194		15,728
ACADIA Pharmaceuticals, Inc.*		673		15,708
Veracyte, Inc.*		379		15,615
Primo Water Corp.		885		15,602
PTC Therapeutics, Inc.*		390		15,534
ABM Industries, Inc.		379		15,482
United Natural Foods, Inc.*		313		15,362
NuVasive, Inc.*		291		15,272
Haemonetics Corp.*		284		15,063
Hostess Brands, Inc.*		737		15,049
Pacira BioSciences, Inc.*		246		14,802
Axonics, Inc.*		257		14,392
Ortho Clinical Diagnostics Holdings plc*		669		14,310
Vir Biotechnology, Inc.*		338		14,152
Patterson Companies, Inc.		482		14,147
Edgewell Personal Care Co.		305		13,941
John Wiley & Sons, Inc. — Class A		243		13,917
Graham Holdings Co. — Class B		22		13,856
BioCryst Pharmaceuticals, Inc.*		1,000		13,850
Medifast, Inc.		66		13,822
TG Therapeutics, Inc.*		720		13,680
Ligand Pharmaceuticals, Inc. — Class B*		85		13,129
J & J Snack Foods Corp.		83		13,111
CareDx, Inc.*		285		12,962
Xencor, Inc.*		318		12,758
Magellan Health, Inc.*		134		12,729
Turning Point Therapeutics, Inc.*		258		12,307
Kymera Therapeutics, Inc.*		193		12,254
Myriad Genetics, Inc.*		436		12,034
Emergent BioSolutions, Inc.*		275		11,954
Relay Therapeutics, Inc.*		389		11,946
Beauty Health Co.*		490		11,838
TreeHouse Foods, Inc.*		292		11,835
Fulgent Genetics, Inc.*		116		11,668
MEDNAX, Inc.*		428		11,646
Covetrus, Inc.*		582		11,623
Glaukos Corp.*		252		11,199
B&G Foods, Inc.1		360		11,063
ChemoCentryx, Inc.*		303		11,032
CBIZ, Inc.*		281		10,993
Recursion Pharmaceuticals, Inc. — Class A*		640		10,963
Lantheus Holdings, Inc.*		379		10,949

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Green Dot Corp. — Class A*		301	$	10,908
Monro, Inc.		187		10,897
Central Garden & Pet Co. — Class A*		227		10,862
OPKO Health, Inc.*		2,248		10,813
Inter Parfums, Inc.		101		10,797
Corcept Therapeutics, Inc.*		544		10,771
NanoString Technologies, Inc.*		255		10,769
IVERIC bio, Inc.*		639		10,684
ICF International, Inc.		104		10,665
Riot Blockchain, Inc.*		474		10,584
CorVel Corp.*		50		10,400
ModivCare, Inc.*		70		10,380
Vericel Corp.*		262		10,297
Arcus Biosciences, Inc.*		254		10,279
Editas Medicine, Inc.*		384		10,195
Travere Therapeutics, Inc.*		328		10,181
SpringWorks Therapeutics, Inc.*		163		10,103
Heska Corp.*		55		10,037
Celldex Therapeutics, Inc.*		258		9,969
Agios Pharmaceuticals, Inc.*		302		9,927
Coursera, Inc.*		406		9,923
Avid Bioservices, Inc.*		339		9,892
AdaptHealth Corp.*		403		9,857
Global Blood Therapeutics, Inc.*		336		9,835
Bridgebio Pharma, Inc.*,1		589		9,825
Prothena Corporation plc*		196		9,682
Textainer Group Holdings Ltd.		270		9,642
Ironwood Pharmaceuticals, Inc. — Class A*		816		9,515
Surgery Partners, Inc.*		178		9,507
Cassava Sciences, Inc.*,1		215		9,396
Multiplan Corp.*		2,116		9,374
Avanos Medical, Inc.*		270		9,361
Community Health Systems, Inc.*		699		9,304
Vector Group Ltd.		807		9,264
elf Beauty, Inc.*		270		8,967
Repay Holdings Corp.*		487		8,898
Protagonist Therapeutics, Inc.*		251		8,584
Kforce, Inc.		114		8,575
Dynavax Technologies Corp.*		606		8,526
REVOLUTION Medicines, Inc.*		334		8,407
Cal-Maine Foods, Inc.*		227		8,397
ImmunoGen, Inc.*		1,112		8,251
Adtalem Global Education, Inc.*		278		8,218
Enanta Pharmaceuticals, Inc.*		109		8,151
Silk Road Medical, Inc.*		191		8,139
Addus HomeCare Corp.*		87		8,135
2U, Inc.*		403		8,088
Supernus Pharmaceuticals, Inc.*		276		8,048
Strategic Education, Inc.		137		7,924
RadNet, Inc.*		255		7,678
Deluxe Corp.		237		7,610
Stride, Inc.*		226		7,533
Sana Biotechnology, Inc.*		485		7,508
Nuvation Bio, Inc.*		883		7,506
Accolade, Inc.*		284		7,486
Universal Corp.		135		7,414
Quanterix Corp.*		174		7,378
Atara Biotherapeutics, Inc.*		465		7,328
Cerevel Therapeutics Holdings, Inc.*		225		7,295
Crinetics Pharmaceuticals, Inc.*		256		7,273
Sorrento Therapeutics, Inc.*		1,563		7,268
REGENXBIO, Inc.*		221		7,227
USANA Health Sciences, Inc.*		70		7,084
Krystal Biotech, Inc.*		100		6,995
C4 Therapeutics, Inc.*		217		6,987
US Physical Therapy, Inc.		72		6,880
Inhibrx, Inc.*		157		6,856
Andersons, Inc.		177		6,852
Laureate Education, Inc. — Class A		558		6,830
FibroGen, Inc.*		484		6,824
Ingles Markets, Inc. — Class A		79		6,821
Varex Imaging Corp.*		216		6,815
Evo Payments, Inc. — Class A*		266		6,810
Cimpress plc*		95		6,803
MGP Ingredients, Inc.		80		6,799
Alector, Inc.*		328		6,773
CoreCivic, Inc.*		675		6,730
Prometheus Biosciences, Inc.*		167		6,603
Tivity Health, Inc.*		247		6,531
Senseonics Holdings, Inc.*		2,432		6,493
Cerus Corp.*		946		6,442
Revance Therapeutics, Inc.*		394		6,430
BellRing Brands, Inc. — Class A*,1		224		6,391
Huron Consulting Group, Inc.*		126		6,287
Anavex Life Sciences Corp.*		360		6,242
American Well Corp. — Class A*		1,030		6,221
MannKind Corp.*		1,389		6,070
Weis Markets, Inc.		92		6,061
Carriage Services, Inc. — Class A		93		5,993
National Beverage Corp.		132		5,983
Axsome Therapeutics, Inc.*		157		5,931
Chefs' Warehouse, Inc.*		176		5,861
First Advantage Corp.*		306		5,826
Inovio Pharmaceuticals, Inc.*		1,163		5,803
Coherus Biosciences, Inc.*		360		5,746
AngioDynamics, Inc.*		208		5,737
Allogene Therapeutics, Inc.*		382		5,699
Atrion Corp.		8		5,639
Cross Country Healthcare, Inc.*		202		5,608
Syndax Pharmaceuticals, Inc.*		252		5,516
Morphic Holding, Inc.*		116		5,496
MaxCyte, Inc.*		533		5,431
Madrigal Pharmaceuticals, Inc.*		64		5,423
TrueBlue, Inc.*		196		5,423
MacroGenics, Inc.*		337		5,409
Vaxcyte, Inc.*		227		5,400
Harmony Biosciences Holdings, Inc.*		126		5,373
Brookdale Senior Living, Inc. — Class A*		1,041		5,372
LeMaitre Vascular, Inc.		106		5,324
Seer, Inc.*		233		5,315
iTeos Therapeutics, Inc.*		114		5,308
Fresh Del Monte Produce, Inc.		189		5,216
SpartanNash Co.		201		5,178
Utz Brands, Inc.		322		5,136
Instil Bio, Inc.*		300		5,133
Joint Corp.*		78		5,124
Zogenix, Inc.*		315		5,119
Intersect ENT, Inc.*		187		5,107
Castle Biosciences, Inc.*		119		5,102

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Keros Therapeutics, Inc.*		87	$	5,090
Nurix Therapeutics, Inc.*		175		5,066
Avidity Biosciences, Inc.*		212		5,039
Vivint Smart Home, Inc.*		515		5,037
Sangamo Therapeutics, Inc.*		668		5,010
Rocket Pharmaceuticals, Inc.*		229		4,999
Kura Oncology, Inc.*		357		4,998
Berkeley Lights, Inc.*		272		4,945
Arlo Technologies, Inc.*		467		4,899
Viad Corp.*		114		4,878
Meridian Bioscience, Inc.*		239		4,876
Endo International plc*		1,289		4,847
Amphastar Pharmaceuticals, Inc.*		208		4,844
Vanda Pharmaceuticals, Inc.*		308		4,833
WW International, Inc.*		296		4,774
National Healthcare Corp.		70		4,756
Heron Therapeutics, Inc.*		519		4,738
Bionano Genomics, Inc.*		1,582		4,730
Ocugen, Inc.*,1		1,039		4,727
Heidrick & Struggles International, Inc.		108		4,723
Quanex Building Products Corp.		189		4,684
Pulmonx Corp.*		146		4,682
OrthoPediatrics Corp.*		78		4,669
Perdoceo Education Corp.*		395		4,645
Duckhorn Portfolio, Inc.*		199		4,645
Butterfly Network, Inc.*		694		4,643
Triple-S Management Corp. — Class B*		128		4,567
Alphatec Holdings, Inc.*		397		4,538
Replimune Group, Inc.*		167		4,526
Aaron's Company, Inc.		182		4,486
Natus Medical, Inc.*		189		4,485
RR Donnelley & Sons Co.*		398		4,481
John B Sanfilippo & Son, Inc.		49		4,418
RAPT Therapeutics, Inc.*		120		4,408
Arcturus Therapeutics Holdings, Inc.*		119		4,404
Ideaya Biosciences, Inc.*		184		4,350
CryoLife, Inc.*		213		4,335
ACCO Brands Corp.		524		4,328
ViewRay, Inc.*		779		4,292
Innoviva, Inc.*		244		4,209
Vaxart, Inc.*,1		671		4,207
Aclaris Therapeutics, Inc.*		286		4,158
Cardiovascular Systems, Inc.*		221		4,150
Tattooed Chef, Inc.*		266		4,134
Cutera, Inc.*		99		4,091
Reata Pharmaceuticals, Inc. — Class A*		155		4,087
Calavo Growers, Inc.		96		4,070
SI-BONE, Inc.*		182		4,042
MoneyGram International, Inc.*		503		3,969
MeiraGTx Holdings plc*		167		3,965
Gossamer Bio, Inc.*		349		3,947
Scholar Rock Holding Corp.*		156		3,875
Honest Company, Inc.*		473		3,827
Hanger, Inc.*		211		3,825
Bluebird Bio, Inc.*		380		3,796
AnaptysBio, Inc.*		109		3,788
MiMedx Group, Inc.*		625		3,775
Agenus, Inc.*		1,162		3,742
Inogen, Inc.*		110		3,740
CRA International, Inc.		40		3,734
Theravance Biopharma, Inc.*		337		3,724
Forrester Research, Inc.*		63		3,700
Catalyst Pharmaceuticals, Inc.*		546		3,696
Collegium Pharmaceutical, Inc.*		197		3,680
SP Plus Corp.*		130		3,669
Surmodics, Inc.*		76		3,659
Sutro Biopharma, Inc.*		244		3,631
Transcat, Inc.*		39		3,605
Affimed N.V.*		653		3,605
Praxis Precision Medicines, Inc.*		182		3,585
OraSure Technologies, Inc.*		402		3,493
PetIQ, Inc.*		151		3,429
PMV Pharmaceuticals, Inc.*		148		3,419
Antares Pharma, Inc.*		938		3,349
Orthofix Medical, Inc.*		107		3,327
Pennant Group, Inc.*		144		3,323
Eagle Pharmaceuticals, Inc.*		65		3,310
Kelly Services, Inc. — Class A		197		3,304
Edgewise Therapeutics, Inc.*		215		3,285
Verve Therapeutics, Inc.*		89		3,281
National Research Corp. — Class A		79		3,280
Mission Produce, Inc.*		208		3,266
Seres Therapeutics, Inc.*		391		3,257
Atea Pharmaceuticals, Inc.*		363		3,245
Franklin Covey Co.*		70		3,245
BrightView Holdings, Inc.*		230		3,238
Arcutis Biotherapeutics, Inc.*		156		3,235
2seventy bio, Inc.*		126		3,229
Kezar Life Sciences, Inc.*		193		3,227
Y-mAbs Therapeutics, Inc.*		196		3,177
Resources Connection, Inc.		178		3,176
Design Therapeutics, Inc.*,1		148		3,169
NGM Biopharmaceuticals, Inc.*		178		3,152
Tootsie Roll Industries, Inc.		87		3,152
Treace Medical Concepts, Inc.*		167		3,113
Cass Information Systems, Inc.		79		3,106
Turning Point Brands, Inc.		82		3,098
Inotiv, Inc.*		73		3,071
Akero Therapeutics, Inc.*		145		3,067
Agiliti, Inc.*		132		3,057
Chinook Therapeutics, Inc.*		187		3,050
Cara Therapeutics, Inc.*		250		3,045
Ocular Therapeutix, Inc.*		431		3,004
Vectrus, Inc.*		65		2,975
Kronos Bio, Inc.*		218		2,963
Central Garden & Pet Co.*		56		2,947
Paya Holdings, Inc.*		462		2,929
Gritstone bio, Inc.*		226		2,906
Anika Therapeutics, Inc.*		81		2,902
Barrett Business Services, Inc.		42		2,901
Personalis, Inc.*		202		2,882
Hackett Group, Inc.		138		2,833
Ennis, Inc.		144		2,812
TransMedics Group, Inc.*		146		2,797
22nd Century Group, Inc.*		905		2,797
Apria, Inc.*		84		2,738
Forma Therapeutics Holdings, Inc.*		190		2,702
Mind Medicine MindMed, Inc.*		1,957		2,701
Amneal Pharmaceuticals, Inc.*		561		2,687
Chimerix, Inc.*		410		2,636
Fulcrum Therapeutics, Inc.*		149		2,636

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Vapotherm, Inc.*		127	$	2,630
Karyopharm Therapeutics, Inc.*		405		2,604
ORIC Pharmaceuticals, Inc.*		177		2,602
Intercept Pharmaceuticals, Inc.*		158		2,574
Kinnate Biopharma, Inc.*		145		2,569
4D Molecular Therapeutics, Inc.*		117		2,567
Stoke Therapeutics, Inc.*		107		2,567
Rigel Pharmaceuticals, Inc.*		961		2,547
ANI Pharmaceuticals, Inc.*		55		2,534
Foghorn Therapeutics, Inc.*		110		2,516
Mersana Therapeutics, Inc.*		402		2,500
Rubius Therapeutics, Inc.*		258		2,497
Vital Farms, Inc.*		138		2,492
LifeStance Health Group, Inc.*		261		2,485
Accuray, Inc.*		520		2,480
Rhythm Pharmaceuticals, Inc.*		247		2,465
Marinus Pharmaceuticals, Inc.*		207		2,459
VBI Vaccines, Inc.*		1,047		2,450
SeaSpine Holdings Corp.*		179		2,438
Oramed Pharmaceuticals, Inc.*		170		2,428
Athira Pharma, Inc.*		181		2,358
Phibro Animal Health Corp. — Class A		115		2,348
Bioventus, Inc. — Class A*		162		2,347
Krispy Kreme, Inc.		124		2,346
ImmunityBio, Inc.*,1		384		2,335
Curis, Inc.*		487		2,318
American Public Education, Inc.*		104		2,314
Whole Earth Brands, Inc.*		210		2,255
Cullinan Oncology, Inc.*		146		2,253
G1 Therapeutics, Inc.*		220		2,246
Apyx Medical Corp.*		175		2,244
Phathom Pharmaceuticals, Inc.*		114		2,242
Tejon Ranch Co.*		117		2,232
Willdan Group, Inc.*		63		2,218
Akebia Therapeutics, Inc.*		981		2,217
Albireo Pharma, Inc.*		95		2,213
Omeros Corp.*		339		2,180
BioLife Solutions, Inc.*		58		2,162
Spero Therapeutics, Inc.*		135		2,161
Deciphera Pharmaceuticals, Inc.*		221		2,159
ALX Oncology Holdings, Inc.*		100		2,149
DermTech, Inc.*		136		2,149
Allovir, Inc.*		165		2,135
Veru, Inc.*		362		2,132
VistaGen Therapeutics, Inc.*		1,091		2,127
Custom Truck One Source, Inc.*		260		2,080
Geron Corp.*		1,696		2,069
SIGA Technologies, Inc.*		274		2,061
Precision BioSciences, Inc.*		278		2,057
Adicet Bio, Inc.*		117		2,046
Altimmune, Inc.*		223		2,043
Tactile Systems Technology, Inc.*		107		2,036
Annexon, Inc.*		175		2,011
Axogen, Inc.*		214		2,005
Dyne Therapeutics, Inc.*		168		1,998
Verastem, Inc.*		969		1,986
Relmada Therapeutics, Inc.*		88		1,983
Precigen, Inc.*		533		1,977
Organogenesis Holdings, Inc.*		214		1,977
Bioxcel Therapeutics, Inc.*		97		1,972
Applied Molecular Transport, Inc.*		141		1,971
Cue Biopharma, Inc.*		173		1,957
DICE Therapeutics, Inc.*		77		1,949
Ikena Oncology, Inc.*		154		1,931
Allakos, Inc.*		196		1,919
Kiniksa Pharmaceuticals Ltd. — Class A*		163		1,919
Immunovant, Inc.*		225		1,917
Utah Medical Products, Inc.*		19		1,900
Pliant Therapeutics, Inc.*		136		1,836
Radius Health, Inc.*		263		1,820
Talaris Therapeutics, Inc.*		118		1,804
Cogent Biosciences, Inc.*		209		1,793
Erasca, Inc.*		115		1,792
Viking Therapeutics, Inc.*		384		1,766
Arbutus Biopharma Corp.*		452		1,758
Werewolf Therapeutics, Inc.*		147		1,751
Generation Bio Co.*		247		1,749
Provention Bio, Inc.*		311		1,748
European Wax Center, Inc. — Class A*		57		1,730
Stereotaxis, Inc.*		279		1,730
Lineage Cell Therapeutics, Inc.*		705		1,727
Seneca Foods Corp. — Class A*		36		1,726
HF Foods Group, Inc.*		204		1,726
InfuSystem Holdings, Inc.*		101		1,720
Clovis Oncology, Inc.*		634		1,718
Icosavax, Inc.*,1		75		1,716
BioAtla, Inc.*		87		1,708
Aerie Pharmaceuticals, Inc.*		238		1,671
Selecta Biosciences, Inc.*		511		1,666
iRadimed Corp.*		36		1,664
Aveanna Healthcare Holdings, Inc.*		222		1,643
Landec Corp.*		147		1,632
Avita Medical, Inc.*		136		1,629
MEI Pharma, Inc.*		610		1,629
BioDelivery Sciences International, Inc.*		524		1,624
Caribou Biosciences, Inc.*		107		1,615
CytomX Therapeutics, Inc.*		364		1,576
Harvard Bioscience, Inc.*		221		1,558
Jounce Therapeutics, Inc.*		186		1,553
Alta Equipment Group, Inc.*		106		1,552
AppHarvest, Inc.*		392		1,525
Lexicon Pharmaceuticals, Inc.*		381		1,501
KalVista Pharmaceuticals, Inc.*		112		1,482
Janux Therapeutics, Inc.*		75		1,480
Tenaya Therapeutics, Inc.*		78		1,478
Cytek Biosciences, Inc.*		90		1,469
Asensus Surgical, Inc.*		1,316		1,461
EyePoint Pharmaceuticals, Inc.*		119		1,457
Taysha Gene Therapies, Inc.*		124		1,445
CEL-SCI Corp.*,1		202		1,434
Cortexyme, Inc.*		112		1,413
Aligos Therapeutics, Inc.*		119		1,413
Acacia Research Corp.*		275		1,411
KemPharm, Inc.*		161		1,402
Remitly Global, Inc.*		68		1,402
ShotSpotter, Inc.*		47		1,387
Passage Bio, Inc.*		208		1,321

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Limoneira Co.		88	$	1,320
IGM Biosciences, Inc.*		45		1,320
Olema Pharmaceuticals, Inc.*		141		1,320
Cymabay Therapeutics, Inc.*		389		1,315
Monte Rosa Therapeutics, Inc.*		64		1,307
Imago Biosciences, Inc.*		55		1,304
Cardiff Oncology, Inc.*		215		1,292
ZIOPHARM Oncology, Inc.*		1,179		1,285
Shattuck Labs, Inc.*		149		1,268
Epizyme, Inc.*		505		1,263
Durect Corp.*		1,272		1,254
Vor BioPharma, Inc.*		107		1,243
Nature's Sunshine Products, Inc.		67		1,240
9 Meters Biopharma, Inc.*		1,257		1,230
Nkarta, Inc.*		79		1,213
Paratek Pharmaceuticals, Inc.*		268		1,203
ClearPoint Neuro, Inc.*		107		1,201
Evolus, Inc.*		184		1,198
Sientra, Inc.*		323		1,185
Spectrum Pharmaceuticals, Inc.*		916		1,163
Pulse Biosciences, Inc.*		78		1,155
Ventyx Biosciences, Inc.*		58		1,152
Oyster Point Pharma, Inc.*		63		1,150
Nuvalent, Inc. — Class A*		60		1,142
Quotient Ltd.*		441		1,142
Akouos, Inc.*		134		1,139
SQZ Biotechnologies Co.*		127		1,134
Graphite Bio, Inc.*		91		1,131
Village Super Market, Inc. — Class A		48		1,123
Infinity Pharmaceuticals, Inc.*		492		1,107
Poseida Therapeutics, Inc.*		161		1,096
Aldeyra Therapeutics, Inc.*		272		1,088
Zynex, Inc.		109		1,087
Cue Health, Inc.*		81		1,086
Aeglea BioTherapeutics, Inc.*		227		1,078
Century Therapeutics, Inc.*		67		1,063
Tarsus Pharmaceuticals, Inc.*		47		1,058
Syros Pharmaceuticals, Inc.*		323		1,053
Atossa Therapeutics, Inc.*		658		1,053
UroGen Pharma Ltd.*		110		1,046
Day One Biopharmaceuticals, Inc.*		62		1,045
Vera Therapeutics, Inc.*		39		1,042
Athersys, Inc.*		1,152		1,040
Viemed Healthcare, Inc.*		199		1,039
Evelo Biosciences, Inc.*		170		1,032
Lyell Immunopharma, Inc.*		132		1,022
Fortress Biotech, Inc.*		403		1,008
Immunic, Inc.*		105		1,005
Codiak Biosciences, Inc.*		90		1,003
PROCEPT BioRobotics Corp.*		40		1,000
PAVmed, Inc.*		404		994
Citius Pharmaceuticals, Inc.*		639		984
ChromaDex Corp.*		263		984
CytoSorbents Corp.*		232		972
Accelerate Diagnostics, Inc.*		186		971
CorMedix, Inc.*		212		965
XBiotech, Inc.		86		957
Tyra Biosciences, Inc.*		68		957
Humanigen, Inc.*		256		952
Neoleukin Therapeutics, Inc.*		197		950
Nathan's Famous, Inc.		16		934
Eiger BioPharmaceuticals, Inc.*		180		934
Surface Oncology, Inc.*		195		932
Frequency Therapeutics, Inc.*		179		918
Sesen Bio, Inc.*		1,112		906
Alpine Immune Sciences, Inc.*		65		900
Seelos Therapeutics, Inc.*		552		900
Applied Therapeutics, Inc.*		100		895
Entrada Therapeutics, Inc.*		51		873
Adagio Therapeutics, Inc.*		119		864
Homology Medicines, Inc.*		236		859
Adverum Biotechnologies, Inc.*		488		859
Avrobio, Inc.*		212		816
Molecular Templates, Inc.*		208		815
TCR2 Therapeutics, Inc.*		172		802
Alpha Teknova, Inc.*		39		799
Harpoon Therapeutics, Inc.*		105		793
NewAge, Inc.*		757		780
TherapeuticsMD, Inc.*		2,193		780
Singular Genomics Systems, Inc.*		67		775
Silverback Therapeutics, Inc.*		116		773
Immuneering Corp. — Class A*		47		760
Prelude Therapeutics, Inc.*		61		759
Magenta Therapeutics, Inc.*		169		749
Vincerx Pharma, Inc.*		73		744
Natural Grocers by Vitamin Cottage, Inc.		52		741
Viracta Therapeutics, Inc.*		203		741
Esperion Therapeutics, Inc.*		148		740
Oncocyte Corp.*		338		733
Tonix Pharmaceuticals Holding Corp.*		2,028		725
Aspira Women's Health, Inc.*		409		724
89bio, Inc.*		55		719
Celcuity, Inc.*		54		712
XOMA Corp.*		34		709
Brooklyn ImmunoTherapeutics, Inc.*		167		696
Black Diamond Therapeutics, Inc.*		128		682
Outlook Therapeutics, Inc.*		501		681
Retractable Technologies, Inc.*		98		679
Sensei Biotherapeutics, Inc.*		117		679
Verrica Pharmaceuticals, Inc.*		74		678
WaVe Life Sciences Ltd.*		215		675
Exagen, Inc.*		58		675
Akoya Biosciences, Inc.*		44		674
iBio, Inc.*		1,215		667
Athenex, Inc.*		486		661
Aerovate Therapeutics, Inc.*		56		660
Mustang Bio, Inc.*		391		649
Neuronetics, Inc.*		144		642
Absci Corp.*		78		640
Bolt Biotherapeutics, Inc.*		128		627
Ampio Pharmaceuticals, Inc.*		1,096		625
AquaBounty Technologies, Inc.*		295		619
Oncorus, Inc.*		114		601
Solid Biosciences, Inc.*		335		586
HireQuest, Inc.		29		585
Beyondspring, Inc.*		126		571
Eargo, Inc.*		111		566
Oncternal Therapeutics, Inc.*		248		563
CVRx, Inc.*		46		563

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Greenwich Lifesciences, Inc.*		23	$	560
Puma Biotechnology, Inc.*		182		553
Inozyme Pharma, Inc.*		81		552
Ardelyx, Inc.*		497		547
Terns Pharmaceuticals, Inc.*		77		544
Rain Therapeutics, Inc.*		42		541
Trevena, Inc.*		919		535
Cyteir Therapeutics, Inc.*		47		534
Emerald Holding, Inc.*		134		532
RxSight, Inc.*		46		518
Innovage Holding Corp.*		103		515
Invacare Corp.*		189		514
Avalo Therapeutics, Inc.*		298		507
Rapid Micro Biosystems, Inc. — Class A*		45		479
Omega Therapeutics, Inc.*		42		476
Codex DNA, Inc.*		44		475
Cadiz, Inc.*		119		459
Laird Superfood, Inc.*		35		456
NexImmune, Inc.*		99		456
Revlon, Inc. — Class A*		40		454
Clene, Inc.*		110		451
Atreca, Inc. — Class A*		146		442
SOC Telemed, Inc.*		342		438
Finch Therapeutics Group, Inc.*		42		419
StoneMor, Inc.*		180		410
Eliem Therapeutics, Inc.*		39		408
NeuroPace, Inc.*		40		403
Zevia PBC — Class A*		57		402
Priority Technology Holdings, Inc.*		56		397
Summit Therapeutics, Inc.*		147		395
Rallybio Corp.*		40		382
Acumen Pharmaceuticals, Inc.*		54		365
Biodesix, Inc.*		69		365
Acutus Medical, Inc.*		107		365
Gemini Therapeutics, Inc.*		123		358
Biomea Fusion, Inc.*		48		358
Angion Biomedica Corp.*		122		354
Kala Pharmaceuticals, Inc.*		272		329
Talis Biomedical Corp.*		81		325
Ontrak, Inc.*		51		321
Mirum Pharmaceuticals, Inc.*		20		319
Reneo Pharmaceuticals, Inc.*		36		308
GT Biopharma, Inc.*		100		305
Portage Biotech, Inc.*		28		300
Impel Neuropharma, Inc.*		30		259
Kaleido Biosciences, Inc.*		108		258
Hookipa Pharma, Inc.*		107		249
Sigilon Therapeutics, Inc.*		86		237
Spruce Biosciences, Inc.*		49		219
Sera Prognostics, Inc. — Class A*		27		185
Team, Inc.*		147		160
Forte Biosciences, Inc.*		63		135
Landos Biopharma, Inc.*		26		125
Greenlane Holdings, Inc. — Class A*		92		89
Total Consumer, Non-cyclical				4,014,438
Financial - 11.2%
EastGroup Properties, Inc. REIT		223		50,811
STAG Industrial, Inc. REIT		980		47,001
First Financial Bankshares, Inc.		731		37,164
Glacier Bancorp, Inc.		620		35,154
Terreno Realty Corp. REIT		410		34,969
Innovative Industrial Properties, Inc. REIT		133		34,967
National Storage Affiliates Trust REIT		457		31,624
Cadence Bank		1,058		31,518
SouthState Corp.		393		31,483
Valley National Bancorp		2,254		30,993
Houlihan Lokey, Inc.		288		29,814
CIT Group, Inc.		558		28,648
Kinsale Capital Group, Inc.		120		28,547
Trupanion, Inc.*		215		28,386
Ryman Hospitality Properties, Inc. REIT*		303		27,864
Essent Group Ltd.		602		27,409
Selective Insurance Group, Inc.		334		27,368
Agree Realty Corp. REIT		382		27,259
Blackstone Mortgage Trust, Inc. — Class A REIT		885		27,099
Kite Realty Group Trust REIT		1,221		26,593
United Bankshares, Inc.		733		26,593
UMB Financial Corp.		247		26,209
Healthcare Realty Trust, Inc. REIT		819		25,913
RLI Corp.		224		25,110
Walker & Dunlop, Inc.		164		24,744
Hancock Whitney Corp.		487		24,360
LXP Industrial Trust REIT		1,543		24,102
ServisFirst Bancshares, Inc.		280		23,783
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		431		22,895
Physicians Realty Trust REIT		1,213		22,841
DigitalBridge Group, Inc. REIT*		2,730		22,741
Silvergate Capital Corp. — Class A*		153		22,675
Community Bank System, Inc.		301		22,419
PotlatchDeltic Corp. REIT		371		22,342
Outfront Media, Inc. REIT		819		21,966
Redfin Corp.*		572		21,959
Broadstone Net Lease, Inc. REIT		870		21,593
Moelis & Co. — Class A		344		21,503
Radian Group, Inc.		1,001		21,151
Pacific Premier Bancorp, Inc.		527		21,096
Independent Bank Corp.		257		20,953
BankUnited, Inc.		495		20,943
Home BancShares, Inc.		857		20,868
Macerich Co. REIT		1,203		20,788
PS Business Parks, Inc. REIT		112		20,627
Focus Financial Partners, Inc. — Class A*		335		20,006
Chimera Investment Corp. REIT		1,326		19,996
Federated Hermes, Inc. — Class B		532		19,993
Hamilton Lane, Inc. — Class A		192		19,895
Investors Bancorp, Inc.		1,287		19,498
Eastern Bankshares, Inc.		966		19,484
Apple Hospitality REIT, Inc.		1,206		19,477
Associated Banc-Corp.		852		19,247
Essential Properties Realty Trust, Inc. REIT		659		18,999
Simmons First National Corp. — Class A		633		18,724
Navient Corp.		879		18,652

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Ameris Bancorp		374	$	18,580
Cathay General Bancorp		422		18,142
American Equity Investment Life Holding Co.		465		18,098
Axos Financial, Inc.*		320		17,891
Corporate Office Properties Trust REIT		636		17,789
Piper Sandler Cos.		99		17,672
United Community Banks, Inc.		489		17,575
Cushman & Wakefield plc*		780		17,347
Texas Capital Bancshares, Inc.*		285		17,171
Equity Commonwealth REIT*		660		17,094
Enstar Group Ltd.*		69		17,084
Old National Bancorp		930		16,852
Sabra Health Care REIT, Inc.		1,241		16,803
Pebblebrook Hotel Trust REIT		731		16,352
CNO Financial Group, Inc.		684		16,307
Kennedy-Wilson Holdings, Inc.		676		16,143
Atlantic Union Bankshares Corp.		431		16,072
First BanCorp		1,156		15,930
Triumph Bancorp, Inc.*		133		15,838
Newmark Group, Inc. — Class A		840		15,708
Artisan Partners Asset Management, Inc. — Class A		329		15,674
CVB Financial Corp.		727		15,565
Live Oak Bancshares, Inc.		178		15,538
SITE Centers Corp. REIT		974		15,418
Uniti Group, Inc. REIT		1,094		15,327
Independent Bank Group, Inc.		212		15,296
Independence Realty Trust, Inc. REIT		591		15,265
Fulton Financial Corp.		894		15,198
Columbia Banking System, Inc.		440		14,397
Sunstone Hotel Investors, Inc. REIT*		1,225		14,369
Mr Cooper Group, Inc.*		344		14,314
National Health Investors, Inc. REIT		246		14,138
Flagstar Bancorp, Inc.		293		14,046
Arbor Realty Trust, Inc. REIT		764		13,996
Flywire Corp.*,1		350		13,321
LendingClub Corp.*		550		13,299
WSFS Financial Corp.		264		13,232
Retail Opportunity Investments Corp. REIT		669		13,112
First Midwest Bancorp, Inc.		640		13,107
First Financial Bancorp		532		12,970
RLJ Lodging Trust REIT		930		12,955
Cohen & Steers, Inc.		140		12,951
Goosehead Insurance, Inc. — Class A		99		12,878
Piedmont Office Realty Trust, Inc. — Class A REIT		698		12,829
Brandywine Realty Trust REIT		954		12,803
International Bancshares Corp.		302		12,802
First Merchants Corp.		304		12,735
Four Corners Property Trust, Inc. REIT		428		12,587
Hilltop Holdings, Inc.		357		12,545
Sandy Spring Bancorp, Inc.		260		12,501
WesBanco, Inc.		357		12,491
CareTrust REIT, Inc.		543		12,397
Urban Edge Properties REIT		651		12,369
Washington Real Estate Investment Trust		476		12,305
PennyMac Financial Services, Inc.		174		12,142
PRA Group, Inc.*		240		12,050
Washington Federal, Inc.		361		12,050
Stewart Information Services Corp.		150		11,960
TowneBank		378		11,941
eXp World Holdings, Inc.		353		11,893
Virtus Investment Partners, Inc.		40		11,884
Banner Corp.		195		11,831
Renasant Corp.		310		11,765
Xenia Hotels & Resorts, Inc. REIT*		641		11,608
Genworth Financial, Inc. — Class A*		2,853		11,555
Heartland Financial USA, Inc.		226		11,438
MFA Financial, Inc. REIT		2,491		11,359
Trustmark Corp.		349		11,329
DiamondRock Hospitality Co. REIT*		1,177		11,311
Monmouth Real Estate Investment Corp. REIT		536		11,261
Park National Corp.		81		11,122
Tanger Factory Outlet Centers, Inc. REIT1		575		11,086
Two Harbors Investment Corp. REIT		1,912		11,032
Customers Bancorp, Inc.*		168		10,982
Lakeland Financial Corp.		137		10,979
Realogy Holdings Corp.*		648		10,893
Seacoast Banking Corporation of Florida		307		10,865
Easterly Government Properties, Inc. REIT		474		10,864
McGrath RentCorp		135		10,835
Bank of NT Butterfield & Son Ltd.		282		10,747
Acadia Realty Trust REIT		488		10,653
Veritex Holdings, Inc.		267		10,621
Great Western Bancorp, Inc.		312		10,596
Meta Financial Group, Inc.		177		10,560
Encore Capital Group, Inc.*		170		10,559
American Assets Trust, Inc. REIT		280		10,508
NexPoint Residential Trust, Inc. REIT		124		10,395
Apollo Commercial Real Estate Finance, Inc. REIT		789		10,383
Argo Group International Holdings Ltd.		178		10,344
Provident Financial Services, Inc.		427		10,342
Eagle Bancorp, Inc.		177		10,326
NMI Holdings, Inc. — Class A*		472		10,313
Alexander & Baldwin, Inc. REIT		408		10,237
B. Riley Financial, Inc.		114		10,130
iStar, Inc. REIT1		390		10,074
PJT Partners, Inc. — Class A		134		9,928
Hope Bancorp, Inc.		669		9,841
Northwest Bancshares, Inc.		689		9,756
St. Joe Co.		187		9,733
PennyMac Mortgage Investment Trust REIT		551		9,549

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
BRP Group, Inc. — Class A*		264	$	9,533
StepStone Group, Inc. — Class A		228		9,478
Nelnet, Inc. — Class A		96		9,377
Enterprise Financial Services Corp.		199		9,371
First Interstate BancSystem, Inc. — Class A		230		9,354
Safehold, Inc. REIT		115		9,183
Industrial Logistics Properties Trust REIT		366		9,168
NBT Bancorp, Inc.		237		9,129
Horace Mann Educators Corp.		235		9,094
Veris Residential, Inc. REIT*		494		9,080
Palomar Holdings, Inc.*		138		8,938
First Bancorp		193		8,824
Centerspace REIT		79		8,761
Paramount Group, Inc. REIT		1,050		8,757
Stock Yards Bancorp, Inc.		136		8,688
Global Net Lease, Inc. REIT		568		8,679
BGC Partners, Inc. — Class A		1,866		8,677
First Commonwealth Financial Corp.		537		8,640
Westamerica BanCorp		147		8,486
Redwood Trust, Inc. REIT		636		8,389
Brightsphere Investment Group, Inc.		326		8,346
Enova International, Inc.*		203		8,315
Capitol Federal Financial, Inc.		731		8,282
FB Financial Corp.		187		8,194
Service Properties Trust REIT		923		8,113
LendingTree, Inc.*		65		7,969
New York Mortgage Trust, Inc. REIT		2,136		7,946
American National Group, Inc.		42		7,931
Berkshire Hills Bancorp, Inc.		275		7,818
First Busey Corp.		285		7,729
Ladder Capital Corp. — Class A REIT		639		7,662
ProAssurance Corp.		302		7,641
OFG Bancorp		286		7,596
LTC Properties, Inc. REIT		219		7,477
Bancorp, Inc.*		294		7,441
OceanFirst Financial Corp.		332		7,370
Southside Bancshares, Inc.		175		7,319
National Bank Holdings Corp. — Class A		166		7,294
Getty Realty Corp. REIT		224		7,188
Empire State Realty Trust, Inc. — Class A REIT		804		7,156
Brookline Bancorp, Inc.		432		6,994
Safety Insurance Group, Inc.		82		6,972
City Holding Co.		85		6,952
Marcus & Millichap, Inc.*		134		6,896
S&T Bancorp, Inc.		218		6,871
Dime Community Bancshares, Inc.		195		6,856
BancFirst Corp.		97		6,844
ConnectOne Bancorp, Inc.		209		6,836
Selectquote, Inc.*		754		6,831
Broadmark Realty Capital, Inc. REIT		723		6,818
Tompkins Financial Corp.		80		6,686
Office Properties Income Trust REIT		269		6,682
Employers Holdings, Inc.		160		6,621
TriCo Bancshares		154		6,616
UMH Properties, Inc. REIT		238		6,505
Apartment Investment and Management Co. — Class A REIT*		838		6,469
Premier Financial Corp.		208		6,429
Farmer Mac — Class C		51		6,320
Community Healthcare Trust, Inc. REIT		132		6,240
American Finance Trust, Inc. REIT		666		6,081
RPT Realty REIT		453		6,061
Banc of California, Inc.		308		6,043
Global Medical REIT, Inc.		337		5,982
HomeStreet, Inc.		114		5,928
James River Group Holdings Ltd.		205		5,906
World Acceptance Corp.*		24		5,890
AMERISAFE, Inc.		107		5,760
StoneX Group, Inc.*		94		5,758
Metropolitan Bank Holding Corp.*		54		5,753
Cowen, Inc. — Class A		158		5,704
Summit Hotel Properties, Inc. REIT*		584		5,700
Preferred Bank/Los Angeles CA		78		5,600
First Foundation, Inc.		223		5,544
Gladstone Land Corp. REIT		162		5,469
Kearny Financial Corp.		411		5,446
German American Bancorp, Inc.		139		5,418
Washington Trust Bancorp, Inc.		96		5,412
Origin Bancorp, Inc.		125		5,365
Radius Global Infrastructure, Inc. — Class A*		331		5,329
Gladstone Commercial Corp. REIT		205		5,283
Plymouth Industrial REIT, Inc.		165		5,280
Amerant Bancorp, Inc.		152		5,252
Preferred Apartment Communities, Inc. — Class A REIT		290		5,237
Lakeland Bancorp, Inc.		275		5,222
Armada Hoffler Properties, Inc. REIT		339		5,160
Nicolet Bankshares, Inc.*		60		5,145
GEO Group, Inc. REIT*,1		663		5,138
NETSTREIT Corp. REIT		224		5,130
State Auto Financial Corp.		99		5,117
Ready Capital Corp. REIT		325		5,080
Horizon Bancorp, Inc.		240		5,004
Bryn Mawr Bank Corp.		111		4,996
TriState Capital Holdings, Inc.*		163		4,932
BrightSpire Capital, Inc. REIT		475		4,873
Heritage Financial Corp.		199		4,864
Univest Financial Corp.		162		4,847
QCR Holdings, Inc.		86		4,816
Blucora, Inc.*		274		4,746
City Office REIT, Inc.		240		4,733
1st Source Corp.		95		4,712
Douglas Elliman, Inc.*		404		4,640
WisdomTree Investments, Inc.		758		4,639
Columbia Financial, Inc.*		222		4,631

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Invesco Mortgage Capital, Inc. REIT		1,641	$	4,562
ARMOUR Residential REIT, Inc.		464		4,552
Peoples Bancorp, Inc.		143		4,549
Allegiance Bancshares, Inc.		107		4,516
Ellington Financial, Inc. REIT		262		4,478
First Bancshares, Inc.		114		4,403
Central Pacific Financial Corp.		156		4,395
Universal Health Realty Income Trust REIT		72		4,282
MBIA, Inc.*		269		4,248
TPG RE Finance Trust, Inc. REIT		337		4,152
HarborOne Bancorp, Inc.		278		4,126
Diversified Healthcare Trust REIT		1,335		4,125
Ambac Financial Group, Inc.*		256		4,109
CrossFirst Bankshares, Inc.*		262		4,090
Northfield Bancorp, Inc.		253		4,089
Hanmi Financial Corp.		171		4,049
SiriusPoint Ltd.*		498		4,049
Flushing Financial Corp.		165		4,010
Camden National Corp.		83		3,997
First Mid Bancshares, Inc.		93		3,979
Heritage Commerce Corp.		329		3,928
Byline Bancorp, Inc.		139		3,802
Community Trust Bancorp, Inc.		87		3,794
KKR Real Estate Finance Trust, Inc. REIT		182		3,791
Chatham Lodging Trust REIT*		269		3,691
Peapack-Gladstone Financial Corp.		102		3,611
Granite Point Mortgage Trust, Inc. REIT		308		3,607
Ares Commercial Real Estate Corp. REIT		246		3,577
Urstadt Biddle Properties, Inc. — Class A REIT		167		3,557
Cambridge Bancorp		38		3,556
Great Southern Bancorp, Inc.		60		3,555
TrustCo Bank Corporation NY		106		3,531
Saul Centers, Inc. REIT		66		3,499
eHealth, Inc.*		137		3,493
CorePoint Lodging, Inc. REIT*		222		3,485
Phillips Edison & Company, Inc. REIT		105		3,469
Franklin Street Properties Corp. REIT		580		3,451
Hingham Institution For Savings The		8		3,359
Bank of Marin Bancorp		90		3,351
Diamond Hill Investment Group, Inc.		17		3,302
Atlantic Capital Bancshares, Inc.*		111		3,193
Dynex Capital, Inc. REIT		191		3,192
One Liberty Properties, Inc. REIT		90		3,175
First Community Bankshares, Inc.		95		3,175
RE/MAX Holdings, Inc. — Class A		103		3,140
Orchid Island Capital, Inc. REIT		695		3,127
Alexander's, Inc. REIT		12		3,124
Reliant Bancorp, Inc.		86		3,053
Mercantile Bank Corp.		87		3,048
Business First Bancshares, Inc.		107		3,029
Midland States Bancorp, Inc.		122		3,024
CBTX, Inc.		104		3,016
National Western Life Group, Inc. — Class A		14		3,002
First Financial Corp.		66		2,989
RMR Group, Inc. — Class A		86		2,983
Farmers National Banc Corp.		159		2,949
Metrocity Bankshares, Inc.		107		2,946
International Money Express, Inc.*		180		2,873
Financial Institutions, Inc.		88		2,798
West BanCorp, Inc.		90		2,796
First of Long Island Corp.		129		2,785
Seritage Growth Properties REIT*		209		2,773
Arrow Financial Corp.		78		2,748
Bank First Corp.		38		2,745
Independent Bank Corp.		115		2,745
United Fire Group, Inc.		118		2,736
I3 Verticals, Inc. — Class A*		120		2,735
Republic Bancorp, Inc. — Class A		53		2,695
Coastal Financial Corp.*		53		2,683
AssetMark Financial Holdings, Inc.*		102		2,673
HCI Group, Inc.		32		2,673
Waterstone Financial, Inc.		122		2,667
HomeTrust Bancshares, Inc.		86		2,664
MidWestOne Financial Group, Inc.		82		2,654
Franklin BSP Realty Trust, Inc. REIT		176		2,629
Sculptor Capital Management, Inc.		123		2,626
Southern First Bancshares, Inc.*		42		2,625
Merchants Bancorp		55		2,603
Universal Insurance Holdings, Inc.		152		2,584
Equity Bancshares, Inc. — Class A		76		2,579
GCM Grosvenor, Inc. — Class A		242		2,541
Mid Penn Bancorp, Inc.		80		2,539
Regional Management Corp.		44		2,528
Alerus Financial Corp.		85		2,489
Whitestone REIT — Class B		243		2,462
First Internet Bancorp		52		2,446
Capstar Financial Holdings, Inc.		115		2,418
Oppenheimer Holdings, Inc. — Class A		52		2,411
Bar Harbor Bankshares		83		2,401
CatchMark Timber Trust, Inc. — Class A REIT		275		2,395
CNB Financial Corp.		90		2,385
Oportun Financial Corp.*		117		2,369
Enterprise Bancorp, Inc.		52		2,336
Blue Foundry Bancorp*		158		2,312
Southern Missouri Bancorp, Inc.		44		2,296
MVB Financial Corp.		55		2,284
Citizens & Northern Corp.		87		2,272
Carter Bankshares, Inc.*		146		2,247
American National Bankshares, Inc.		59		2,223
FRP Holdings, Inc.*		38		2,196

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Sierra Bancorp		79	$	2,145
Atlanticus Holdings Corp.*		30		2,140
SmartFinancial, Inc.		78		2,134
Bridgewater Bancshares, Inc.*		118		2,087
Spirit of Texas Bancshares, Inc.		72		2,072
Five Star Bancorp		69		2,070
RBB Bancorp		79		2,070
Peoples Financial Services Corp.		39		2,055
Civista Bancshares, Inc.		84		2,050
Primis Financial Corp.		136		2,045
EZCORP, Inc. — Class A*		277		2,041
CTO Realty Growth, Inc. REIT		33		2,027
Capital City Bank Group, Inc.		75		1,980
Old Second Bancorp, Inc.		156		1,964
Indus Realty Trust, Inc. REIT		24		1,945
Farmland Partners, Inc. REIT		161		1,924
Curo Group Holdings Corp.		118		1,889
Ocwen Financial Corp.*		46		1,839
First Bancorp, Inc.		58		1,821
Tiptree, Inc. — Class A		130		1,798
Home Bancorp, Inc.		43		1,785
Summit Financial Group, Inc.		64		1,757
Blue Ridge Bankshares, Inc.		98		1,754
Enact Holdings, Inc.		82		1,695
Hersha Hospitality Trust REIT*		182		1,669
Guaranty Bancshares, Inc.		44		1,654
South Plains Financial, Inc.		59		1,641
Howard Bancorp, Inc.*		74		1,612
Great Ajax Corp. REIT		122		1,605
Provident Bancorp, Inc.		86		1,600
Orrstown Financial Services, Inc.		61		1,537
BRT Apartments Corp. REIT		64		1,535
Braemar Hotels & Resorts, Inc. REIT*		297		1,515
Citizens, Inc.*		280		1,487
Northrim BanCorp, Inc.		34		1,478
Greenhill & Company, Inc.		81		1,452
PCSB Financial Corp.		76		1,447
Red River Bancshares, Inc.		26		1,391
Investors Title Co.		7		1,380
Postal Realty Trust, Inc. — Class A REIT		69		1,366
Independence Holding Co.		24		1,360
Fidelity D&D Bancorp, Inc.		23		1,357
FS Bancorp, Inc.		40		1,345
Macatawa Bank Corp.		147		1,297
Amalgamated Financial Corp.		77		1,291
First Bank/Hamilton NJ		87		1,262
Luther Burbank Corp.		87		1,221
Maiden Holdings Ltd.*		392		1,200
Legacy Housing Corp.*		45		1,191
Donegal Group, Inc. — Class A		83		1,186
Capital Bancorp, Inc.		44		1,153
Greenlight Capital Re Ltd. — Class A*		147		1,152
AFC Gamma, Inc. REIT		50		1,138
Altus Midstream Co. — Class A		18		1,104
Marlin Business Services Corp.		46		1,071
HBT Financial, Inc.		54		1,011
Republic First Bancorp, Inc.*		252		937
Ashford Hospitality Trust, Inc. REIT*		96		922
NI Holdings, Inc.*		48		908
Pzena Investment Management, Inc. — Class A		95		900
Trean Insurance Group, Inc.*		99		882
Heritage Insurance Holdings, Inc.		145		853
Finance of America Companies, Inc. — Class A*		198		786
Pioneer Bancorp, Inc.*		65		736
GAMCO Investors, Inc. — Class A		28		699
Crawford & Co. — Class A		92		689
Clipper Realty, Inc. REIT		69		686
Angel Oak Mortgage, Inc. REIT		41		672
Velocity Financial, Inc.*		48		658
Retail Value, Inc. REIT		98		629
Fathom Holdings, Inc.*		28		573
United Insurance Holdings Corp.		115		499
MetroMile, Inc.*		217		475
Associated Capital Group, Inc. — Class A		10		430
Rafael Holdings, Inc. — Class B*		54		275
Home Point Capital, Inc.		40		180
Total Financial				3,853,238
Consumer, Cyclical - 6.5%
AMC Entertainment Holdings, Inc. — Class A*		2,868		78,010
BJ's Wholesale Club Holdings, Inc.*		771		51,634
Macy's, Inc.		1,767		46,260
Crocs, Inc.*		324		41,543
Fox Factory Holding Corp.*		237		40,314
Scientific Games Corp. — Class A*		541		36,155
Texas Roadhouse, Inc. — Class A		393		35,087
Goodyear Tire & Rubber Co.*		1,555		33,153
WESCO International, Inc.*		250		32,898
Wingstop, Inc.		168		29,030
Avient Corp.		512		28,646
Murphy USA, Inc.		136		27,097
Meritage Homes Corp.*		210		25,633
Adient plc*		533		25,520
Signet Jewelers Ltd.		293		25,500
Hilton Grand Vacations, Inc.*		481		25,065
Papa John's International, Inc.		186		24,825
Skyline Champion Corp.*		295		23,299
Taylor Morrison Home Corp. — Class A*		665		23,248
Asbury Automotive Group, Inc.*		128		22,109
National Vision Holdings, Inc.*		459		22,027
American Eagle Outfitters, Inc.		856		21,674
LCI Industries		139		21,666
Steven Madden Ltd.		461		21,423
Resideo Technologies, Inc.*		813		21,162
Boot Barn Holdings, Inc.*		165		20,303
Sonos, Inc.*		677		20,175
KB Home		442		19,771
Group 1 Automotive, Inc.		99		19,327
Academy Sports & Outdoors, Inc.*		437		19,184
LGI Homes, Inc.*		123		19,001
SeaWorld Entertainment, Inc.*		289		18,745
Installed Building Products, Inc.		134		18,723
Dana, Inc.		818		18,667

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Red Rock Resorts, Inc. — Class A		331	$	18,208
Beacon Roofing Supply, Inc.*		313		17,951
MDC Holdings, Inc.		321		17,921
UniFirst Corp.		85		17,884
Callaway Golf Co.*		651		17,863
Tri Pointe Homes, Inc.*		636		17,738
Visteon Corp.*		156		17,338
Cracker Barrel Old Country Store, Inc.		133		17,109
Dorman Products, Inc.*		150		16,951
Cannae Holdings, Inc.*		476		16,731
FirstCash Holdings, Inc.		223		16,683
Cavco Industries, Inc.*		52		16,518
MillerKnoll, Inc.		419		16,421
Gentherm, Inc.*		187		16,250
International Game Technology plc		562		16,247
Allegiant Travel Co. — Class A*		86		16,085
Shake Shack, Inc. — Class A*		210		15,154
Kontoor Brands, Inc.		291		14,914
Vista Outdoor, Inc.*		323		14,881
GMS, Inc.*		241		14,486
Fisker, Inc.*		918		14,440
Nu Skin Enterprises, Inc. — Class A		279		14,159
Century Communities, Inc.		168		13,741
Winnebago Industries, Inc.		182		13,635
Rush Enterprises, Inc. — Class A		237		13,187
Wolverine World Wide, Inc.		457		13,166
Nikola Corp.*		1,266		12,495
Spirit Airlines, Inc.*		553		12,083
Sally Beauty Holdings, Inc.*		634		11,704
Urban Outfitters, Inc.*		386		11,333
Abercrombie & Fitch Co. — Class A*		325		11,320
SkyWest, Inc.*		280		11,004
Jack in the Box, Inc.		122		10,673
ODP Corp.*		268		10,527
Methode Electronics, Inc.		214		10,522
KAR Auction Services, Inc.*		669		10,450
Bloomin' Brands, Inc.*		498		10,448
iRobot Corp.*		157		10,343
HNI Corp.		245		10,302
Madison Square Garden Entertainment Corp.*		146		10,270
Everi Holdings, Inc.*		480		10,248
Lions Gate Entertainment Corp. — Class B*		664		10,219
Acushnet Holdings Corp.		192		10,191
Veritiv Corp.*		83		10,173
Cheesecake Factory, Inc.*		259		10,140
M/I Homes, Inc.*		161		10,011
Sleep Number Corp.*		130		9,958
Cinemark Holdings, Inc.*		608		9,801
Camping World Holdings, Inc. — Class A		239		9,656
PriceSmart, Inc.		131		9,585
Shyft Group, Inc.		194		9,531
Meritor, Inc.*		381		9,441
Dave & Buster's Entertainment, Inc.*		243		9,331
Brinker International, Inc.*		255		9,330
World Fuel Services Corp.		350		9,264
Oxford Industries, Inc.		91		9,238
La-Z-Boy, Inc.		252		9,150
Big Lots, Inc.		193		8,695
Bed Bath & Beyond, Inc.*		591		8,617
Franchise Group, Inc.		160		8,346
Dillard's, Inc. — Class A1		34		8,331
H&E Equipment Services, Inc.		181		8,013
Malibu Boats, Inc. — Class A*		116		7,973
Healthcare Services Group, Inc.		421		7,490
Buckle, Inc.		167		7,066
MarineMax, Inc.*		119		7,026
Dine Brands Global, Inc.		92		6,975
Bally's Corp.*		183		6,965
G-III Apparel Group Ltd.*		249		6,882
XPEL, Inc.*		100		6,828
Hibbett, Inc.		90		6,474
Children's Place, Inc.*		79		6,264
Aspen Aerogels, Inc.*		124		6,174
Standard Motor Products, Inc.		117		6,130
Sonic Automotive, Inc. — Class A		123		6,082
OptimizeRx Corp.*		97		6,025
Arko Corp.*		679		5,955
American Axle & Manufacturing Holdings, Inc.*		634		5,915
Zumiez, Inc.*		122		5,855
Steelcase, Inc. — Class A		498		5,837
Liberty Media Corporation-Liberty Braves — Class C*		206		5,789
Denny's Corp.*		352		5,632
Wabash National Corp.		280		5,466
Lions Gate Entertainment Corp. — Class A*		327		5,441
Monarch Casino & Resort, Inc.*		73		5,398
Guess?, Inc.		226		5,352
Clean Energy Fuels Corp.*		872		5,345
Genesco, Inc.*		82		5,262
Green Brick Partners, Inc.*		173		5,247
Hawaiian Holdings, Inc.*		284		5,217
Interface, Inc. — Class A		327		5,216
IMAX Corp.*		281		5,013
Rush Street Interactive, Inc.*		303		5,000
Winmark Corp.		20		4,966
Douglas Dynamics, Inc.		127		4,961
ScanSource, Inc.*		141		4,946
Portillo's, Inc. — Class A*		131		4,918
Golden Entertainment, Inc.*		97		4,901
BlueLinx Holdings, Inc.*		51		4,884
Sun Country Airlines Holdings, Inc.*		179		4,878
Designer Brands, Inc. — Class A*		338		4,803
Caleres, Inc.		208		4,717
Lovesac Co.*		71		4,704
Citi Trends, Inc.*		49		4,643
Canoo, Inc.*,1		598		4,617
Rite Aid Corp.*		309		4,539
Aeva Technologies, Inc.*		587		4,438
BJ's Restaurants, Inc.*		126		4,353
Tenneco, Inc. — Class A*		382		4,317
Purple Innovation, Inc.*		323		4,286
Tupperware Brands Corp.*		278		4,250
Accel Entertainment, Inc.*		316		4,114
Hyliion Holdings Corp.*,1		659		4,086
GrowGeneration Corp.*		305		3,980

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Shoe Carnival, Inc.		99	$	3,869
Beazer Homes USA, Inc.*		165		3,831
Ruth's Hospitality Group, Inc.*		190		3,781
Movado Group, Inc.		90		3,765
Clarus Corp.		135		3,742
Life Time Group Holdings, Inc.*		216		3,717
Hovnanian Enterprises, Inc. — Class A*		29		3,691
Titan Machinery, Inc.*		109		3,672
RCI Hospitality Holdings, Inc.		47		3,660
VSE Corp.		60		3,657
Chico's FAS, Inc.*		676		3,637
TravelCenters of America, Inc.*		70		3,613
America's Car-Mart, Inc.*		35		3,584
PLBY Group, Inc.*		132		3,516
OneWater Marine, Inc. — Class A		57		3,475
Party City Holdco, Inc.*		622		3,465
Chuy's Holdings, Inc.*		112		3,373
Ethan Allen Interiors, Inc.		126		3,313
Titan International, Inc.*		287		3,146
Universal Electronics, Inc.*		74		3,016
A-Mark Precious Metals, Inc.		49		2,994
OneSpaWorld Holdings Ltd.*		298		2,986
Bluegreen Vacations Holding Corp.*		85		2,983
MasterCraft Boat Holdings, Inc.*		105		2,975
Lordstown Motors Corp. — Class A*		862		2,974
Workhorse Group, Inc.*		679		2,960
Global Industrial Co.		72		2,945
Sportsman's Warehouse Holdings, Inc.*		245		2,891
Haverty Furniture Companies, Inc.		93		2,843
Modine Manufacturing Co.*		281		2,835
PetMed Express, Inc.		111		2,804
Ideanomics, Inc.*		2,335		2,802
Funko, Inc. — Class A*		148		2,782
Fossil Group, Inc.*		268		2,758
LL Flooring Holdings, Inc.*		161		2,748
Johnson Outdoors, Inc. — Class A		29		2,717
Lindblad Expeditions Holdings, Inc.*		172		2,683
PC Connection, Inc.		62		2,674
Frontier Group Holdings, Inc.*		196		2,660
Romeo Power, Inc.*,1		708		2,584
Conn's, Inc.*		100		2,352
Marcus Corp.*		129		2,304
REV Group, Inc.		160		2,264
Golden Nugget Online Gaming, Inc.*		224		2,229
Big 5 Sporting Goods Corp.1		117		2,224
Full House Resorts, Inc.*		183		2,216
Sovos Brands, Inc.*		143		2,152
Cooper-Standard Holdings, Inc.*		95		2,129
Miller Industries, Inc.		63		2,104
Forestar Group, Inc.*		96		2,088
Del Taco Restaurants, Inc.		167		2,079
Noodles & Co.*		228		2,068
GAN Ltd.*		225		2,068
Kimball International, Inc. — Class B		202		2,066
Tilly's, Inc. — Class A		128		2,062
Rush Enterprises, Inc. — Class B		37		1,997
Velodyne Lidar, Inc.*		425		1,972
Cato Corp. — Class A		111		1,905
Century Casinos, Inc.*		153		1,864
Kura Sushi USA, Inc. — Class A*		23		1,859
Motorcar Parts of America, Inc.*		106		1,809
Container Store Group, Inc.*		178		1,776
Liberty Media Corporation-Liberty Braves — Class A*		55		1,581
Snap One Holdings Corp.*		74		1,560
Rocky Brands, Inc.		39		1,552
Traeger, Inc.*		127		1,544
Hooker Furnishings Corp.		66		1,536
El Pollo Loco Holdings, Inc.*		106		1,504
Barnes & Noble Education, Inc.*		216		1,471
ONE Group Hospitality, Inc.*		116		1,463
Commercial Vehicle Group, Inc.*		181		1,459
Superior Group of Companies, Inc.		66		1,448
Red Robin Gourmet Burgers, Inc.*		87		1,438
Blue Bird Corp.*		89		1,392
Esports Technologies, Inc.*		62		1,275
F45 Training Holdings, Inc.*		115		1,252
Vera Bradley, Inc.*		147		1,251
Weber, Inc. — Class A		96		1,241
Arcimoto, Inc.*		154		1,198
Shift Technologies, Inc.*		349		1,190
Kirkland's, Inc.*		78		1,165
Lifetime Brands, Inc.		70		1,118
Fiesta Restaurant Group, Inc.*		99		1,090
Casper Sleep, Inc.*		163		1,089
Mesa Air Group, Inc.*		192		1,075
Xponential Fitness, Inc. — Class A*		52		1,063
Daktronics, Inc.*		207		1,045
Nautilus, Inc.*		169		1,036
Duluth Holdings, Inc. — Class B*		68		1,032
First Watch Restaurant Group, Inc.*		61		1,022
EVI Industries, Inc.*		32		999
Flexsteel Industries, Inc.		37		994
CarLotz, Inc.*		402		913
Escalade, Inc.		57		900
Liberty TripAdvisor Holdings, Inc. — Class A*		410		890
VOXX International Corp. — Class A*		87		885
Lazydays Holdings, Inc.*		41		883
NEOGAMES S.A.*		31		861
Bassett Furniture Industries, Inc.		51		855
Biglari Holdings, Inc. — Class B*		5		713
JOANN, Inc.1		68		706
Torrid Holdings, Inc.*		71		702
Drive Shack, Inc.*		464		664
XL Fleet Corp.*		196		649
Hamilton Beach Brands Holding Co. — Class A		42		603
Aterian, Inc.*		146		600
Marine Products Corp.		46		575
Carrols Restaurant Group, Inc.		188		556

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Chicken Soup For The Soul Entertainment, Inc.*		40	$	554
Target Hospitality Corp.*		139		495
Hall of Fame Resort & Entertainment Co.*		309		470
Landsea Homes Corp.*		61		447
Eros STX Global Corp.*		1,787		428
Regis Corp.*		132		230
CompX International, Inc.		9		202
MedAvail Holdings, Inc.*		68		95
Total Consumer, Cyclical				2,243,540
Industrial - 6.3%
Tetra Tech, Inc.		303		51,450
Saia, Inc.*		148		49,880
WillScot Mobile Mini Holdings Corp.*		1,177		48,069
II-VI, Inc.*		588		40,178
EMCOR Group, Inc.		299		38,090
Novanta, Inc.*		199		35,090
Exponent, Inc.		292		34,085
Simpson Manufacturing Company, Inc.		245		34,072
Chart Industries, Inc.*		205		32,696
RBC Bearings, Inc.*		157		31,709
UFP Industries, Inc.		339		31,191
Evoqua Water Technologies Corp.*		651		30,434
Watts Water Technologies, Inc. — Class A		155		30,096
Atkore International Group, Inc.*		259		28,798
John Bean Technologies Corp.		177		27,180
Summit Materials, Inc. — Class A*		668		26,814
Zurn Water Solutions Corp.		683		24,861
Fabrinet*		208		24,642
Franklin Electric Company, Inc.		260		24,585
Casella Waste Systems, Inc. — Class A*		276		23,576
Applied Industrial Technologies, Inc.		218		22,389
Hillenbrand, Inc.		410		21,316
Matson, Inc.		231		20,797
GATX Corp.		198		20,630
SPX FLOW, Inc.		233		20,150
Fluor Corp.*		799		19,791
Comfort Systems USA, Inc.		200		19,788
Aerojet Rocketdyne Holdings, Inc.		421		19,686
Helios Technologies, Inc.		182		19,141
Advanced Energy Industries, Inc.		210		19,123
EnerSys		241		19,054
Altra Industrial Motion Corp.		364		18,772
Mueller Industries, Inc.		316		18,758
AAON, Inc.		236		18,746
Forward Air Corp.		153		18,527
Welbilt, Inc.*		736		17,495
Badger Meter, Inc.		164		17,476
Itron, Inc.*		255		17,473
Bloom Energy Corp. — Class A*		783		17,171
ArcBest Corp.		143		17,139
Terex Corp.		385		16,921
Kennametal, Inc.		470		16,878
Werner Enterprises, Inc.		352		16,776
Vishay Intertechnology, Inc.		750		16,403
Belden, Inc.		248		16,301
Encore Wire Corp.		113		16,170
Masonite International Corp.*		135		15,923
Boise Cascade Co.		222		15,807
Dycom Industries, Inc.*		168		15,752
Hub Group, Inc. — Class A*		186		15,669
Energizer Holdings, Inc.		383		15,358
Albany International Corp. — Class A		173		15,302
Atlas Air Worldwide Holdings, Inc.*		162		15,247
Vicor Corp.*		119		15,111
Plexus Corp.*		157		15,055
Kadant, Inc.		65		14,981
Sanmina Corp.*		361		14,967
SPX Corp.*		247		14,741
Federal Signal Corp.		339		14,692
Arcosa, Inc.		272		14,334
Brady Corp. — Class A		265		14,283
GrafTech International Ltd.		1,145		13,545
CryoPort, Inc.*		228		13,491
JELD-WEN Holding, Inc.*		508		13,391
Kratos Defense & Security Solutions, Inc.*		690		13,386
Trinity Industries, Inc.		443		13,379
Moog, Inc. — Class A		162		13,117
ESCO Technologies, Inc.		143		12,869
Mueller Water Products, Inc. — Class A		886		12,758
EnPro Industries, Inc.		115		12,658
Barnes Group, Inc.		266		12,393
Gibraltar Industries, Inc.*		184		12,269
Cactus, Inc. — Class A		307		11,706
Knowles Corp.*		500		11,675
O-I Glass, Inc.*		888		10,683
Materion Corp.		115		10,573
Worthington Industries, Inc.		191		10,440
Patrick Industries, Inc.		128		10,328
MYR Group, Inc.*		93		10,281
Montrose Environmental Group, Inc.*		145		10,224
NV5 Global, Inc.*		74		10,221
CSW Industrials, Inc.		84		10,152
Granite Construction, Inc.		257		9,946
Air Transport Services Group, Inc.*		332		9,754
Lindsay Corp.		61		9,272
Mesa Laboratories, Inc.		28		9,187
TriMas Corp.		243		8,991
TTM Technologies, Inc.*		603		8,985
Astec Industries, Inc.		128		8,867
OSI Systems, Inc.*		95		8,854
Greif, Inc. — Class A		145		8,754
Tennant Co.		104		8,428
Greenbrier Companies, Inc.		179		8,214
Alamo Group, Inc.		55		8,095
Proto Labs, Inc.*		157		8,062
Ranpak Holdings Corp.*		211		7,929
AeroVironment, Inc.*		127		7,878
AZZ, Inc.		140		7,741
Standex International Corp.		68		7,525
AAR Corp.*		191		7,455

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Griffon Corp.		261	$	7,433
Harsco Corp.*		440		7,352
GoPro, Inc. — Class A*		710		7,320
PGT Innovations, Inc.*		324		7,287
Columbus McKinnon Corp.		157		7,263
Primoris Services Corp.		301		7,218
Ichor Holdings Ltd.*		156		7,181
Golar LNG Ltd.*		578		7,161
FARO Technologies, Inc.*		102		7,142
Enerpac Tool Group Corp.		339		6,875
Apogee Enterprises, Inc.		142		6,837
Kaman Corp.		155		6,688
Triumph Group, Inc.*		359		6,652
Sturm Ruger & Company, Inc.		97		6,598
Matthews International Corp. — Class A		174		6,380
Hydrofarm Holdings Group, Inc.*		219		6,196
American Woodmark Corp.*		95		6,194
Marten Transport Ltd.		334		5,731
nLight, Inc.*		239		5,724
Great Lakes Dredge & Dock Corp.*		364		5,722
Gorman-Rupp Co.		128		5,702
US Ecology, Inc.*		177		5,653
SFL Corporation Ltd.		689		5,615
Blink Charging Co.*,1		206		5,461
Benchmark Electronics, Inc.		201		5,447
Cornerstone Building Brands, Inc.*		308		5,372
Energy Recovery, Inc.*		237		5,093
Construction Partners, Inc. — Class A*		164		4,823
Smith & Wesson Brands, Inc.		270		4,806
Frontline Ltd.*		671		4,744
MicroVision, Inc.*		924		4,629
Heartland Express, Inc.		268		4,508
Latham Group, Inc.*		177		4,430
TimkenSteel Corp.*		258		4,257
Chase Corp.		42		4,181
Insteel Industries, Inc.		105		4,180
DHT Holdings, Inc.		797		4,136
Sterling Construction Company, Inc.*		157		4,129
Napco Security Technologies, Inc.*		81		4,048
Myers Industries, Inc.		202		4,042
Forterra, Inc.*		164		3,900
International Seaways, Inc.		258		3,787
Costamare, Inc.		296		3,744
Yellow Corp.*		284		3,576
Manitowoc Company, Inc.*		192		3,569
Scorpio Tankers, Inc.		274		3,510
Comtech Telecommunications Corp.		144		3,411
Identiv, Inc.*		120		3,377
Argan, Inc.		84		3,250
Thermon Group Holdings, Inc.*		185		3,132
Pactiv Evergreen, Inc.		241		3,056
Meta Materials, Inc.*		1,232		3,031
View, Inc.*		775		3,030
Luxfer Holdings plc		155		2,993
Kimball Electronics, Inc.*		136		2,959
Stoneridge, Inc.*		146		2,882
Genco Shipping & Trading Ltd.		180		2,880
Tutor Perini Corp.*		231		2,857
Ducommun, Inc.*		61		2,853
PureCycle Technologies, Inc.*,1		297		2,842
CIRCOR International, Inc.*		104		2,827
Haynes International, Inc.		70		2,823
Babcock & Wilcox Enterprises, Inc.*		312		2,814
Heritage-Crystal Clean, Inc.*		87		2,786
UFP Technologies, Inc.*		39		2,740
Centrus Energy Corp. — Class A*		54		2,695
908 Devices, Inc.*,1		104		2,691
AMMO, Inc.*		484		2,638
Vishay Precision Group, Inc.*		70		2,598
DXP Enterprises, Inc.*		100		2,567
IES Holdings, Inc.*		49		2,481
Ryerson Holding Corp.		93		2,423
National Presto Industries, Inc.		29		2,379
Allied Motion Technologies, Inc.		65		2,372
Xometry, Inc. — Class A*		45		2,306
Hyster-Yale Materials Handling, Inc.		56		2,302
Daseke, Inc.*		226		2,269
Eagle Bulk Shipping, Inc.		49		2,230
Dorian LPG Ltd.		175		2,221
Omega Flex, Inc.		17		2,158
Greif, Inc. — Class B		33		1,973
Turtle Beach Corp.*		85		1,892
NVE Corp.		27		1,844
Covenant Logistics Group, Inc. — Class A*		68		1,797
Kopin Corp.*		436		1,783
Tredegar Corp.		148		1,749
Northwest Pipe Co.*		54		1,717
American Superconductor Corp.*		155		1,686
Fluidigm Corp.*		428		1,678
Astronics Corp.*		138		1,656
Akoustis Technologies, Inc.*		244		1,630
Radiant Logistics, Inc.*		221		1,611
Pure Cycle Corp.*		108		1,577
American Outdoor Brands, Inc.*		79		1,574
Powell Industries, Inc.		51		1,504
Lawson Products, Inc.*		27		1,478
Teekay Tankers Ltd. — Class A*		134		1,461
Luna Innovations, Inc.*		173		1,460
Park Aerospace Corp.		110		1,452
Nordic American Tankers Ltd.		858		1,450
Caesarstone Ltd.		127		1,440
PAM Transportation Services, Inc.*		20		1,420
Infrastructure and Energy Alternatives, Inc.*		154		1,417
Aris Water Solution, Inc. — Class A		108		1,399
Byrna Technologies, Inc.*		104		1,388
Safe Bulkers, Inc.*		350		1,320
Olympic Steel, Inc.		53		1,245
Teekay Corp.*		390		1,225
Concrete Pumping Holdings, Inc.*		145		1,189
Eastman Kodak Co.*		253		1,184
Sight Sciences, Inc.*		63		1,107
CECO Environmental Corp.*		175		1,090
Park-Ohio Holdings Corp.		48		1,016

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
NN, Inc.*		241	$	988
INNOVATE Corp.*		266		984
Iteris, Inc.*		238		952
AerSale Corp.*		51		905
US Xpress Enterprises, Inc. — Class A*		151		886
Mistras Group, Inc.*		112		832
Universal Logistics Holdings, Inc.		43		811
Mayville Engineering Company, Inc.*		50		746
Atlas Technical Consultants, Inc.*		78		657
AgEagle Aerial Systems, Inc.*		381		598
Sharps Compliance Corp.*		82		585
Willis Lease Finance Corp.*		15		565
Karat Packaging, Inc.*		26		525
NL Industries, Inc.		47		348
Total Industrial				2,186,028
Technology - 5.6%
Synaptics, Inc.*		218		63,113
Lattice Semiconductor Corp.*		754		58,103
Silicon Laboratories, Inc.*		222		45,825
Ambarella, Inc.*		196		39,766
KBR, Inc.		795		37,858
Rapid7, Inc.*		313		36,837
Semtech Corp.*		363		32,282
Power Integrations, Inc.		339		31,490
Workiva, Inc.*		240		31,318
Digital Turbine, Inc.*		511		31,166
Blackline, Inc.*		301		31,166
CMC Materials, Inc.		158		30,287
MaxLinear, Inc. — Class A*		399		30,081
Asana, Inc. — Class A*		396		29,522
Varonis Systems, Inc.*		596		29,073
SPS Commerce, Inc.*		203		28,897
Tenable Holdings, Inc.*		510		28,086
Onto Innovation, Inc.*		274		27,737
Maximus, Inc.		345		27,486
Ziff Davis, Inc.*		244		27,050
Diodes, Inc.*		245		26,903
ExlService Holdings, Inc.*		184		26,638
Qualys, Inc.*		191		26,209
SiTime Corp.*		88		25,744
MicroStrategy, Inc. — Class A*,1		47		25,591
Sailpoint Technologies Holdings, Inc.*		515		24,895
Envestnet, Inc.*		305		24,199
ACI Worldwide, Inc.*		664		23,041
Sprout Social, Inc. — Class A*		251		22,763
DigitalOcean Holdings, Inc.*		278		22,332
Blackbaud, Inc.*		272		21,483
MACOM Technology Solutions Holdings, Inc.*		273		21,376
Kulicke & Soffa Industries, Inc.		345		20,886
Insight Enterprises, Inc.*		193		20,574
Box, Inc. — Class A*		776		20,323
Altair Engineering, Inc. — Class A*		260		20,103
FormFactor, Inc.*		437		19,980
Verint Systems, Inc.*		363		19,061
Rambus, Inc.*		610		17,928
CommVault Systems, Inc.*		257		17,712
Cerence, Inc.*		212		16,248
PagerDuty, Inc.*		454		15,777
Apollo Medical Holdings, Inc.*		211		15,504
Momentive Global, Inc.*		730		15,440
3D Systems Corp.*		683		14,712
Appian Corp.*		222		14,477
Ultra Clean Holdings, Inc.*		250		14,340
Amkor Technology, Inc.		574		14,229
Bottomline Technologies DE, Inc.*		248		14,005
Axcelis Technologies, Inc.*		187		13,943
NetScout Systems, Inc.*		394		13,033
LivePerson, Inc.*		364		13,002
Allscripts Healthcare Solutions, Inc.*		697		12,860
Appfolio, Inc. — Class A*		106		12,832
Vocera Communications, Inc.*		194		12,579
E2open Parent Holdings, Inc.*		1,105		12,442
Evolent Health, Inc. — Class A*		436		12,064
Progress Software Corp.		247		11,923
Outset Medical, Inc.*		257		11,845
Cardlytics, Inc.*		179		11,830
Zuora, Inc. — Class A*		627		11,712
Verra Mobility Corp.*		754		11,634
1Life Healthcare, Inc.*		655		11,508
Phreesia, Inc.*		274		11,415
ManTech International Corp. — Class A		154		11,231
Xperi Holding Corp.		590		11,157
Health Catalyst, Inc.*		281		11,133
Super Micro Computer, Inc.*		243		10,680
CSG Systems International, Inc.		183		10,544
8x8, Inc.*		624		10,458
Cohu, Inc.*		269		10,246
BigCommerce Holdings, Inc.*		272		9,621
TTEC Holdings, Inc.		104		9,417
Bandwidth, Inc. — Class A*		130		9,329
Impinj, Inc.*		105		9,313
Avaya Holdings Corp.*		464		9,187
Grid Dynamics Holdings, Inc.*		236		8,961
JFrog Ltd.*		298		8,851
Schrodinger Incorporated/United States*		254		8,847
Veeco Instruments, Inc.*		280		7,972
Donnelley Financial Solutions, Inc.*		165		7,778
PROS Holdings, Inc.*		224		7,726
Domo, Inc. — Class B*		155		7,688
Ping Identity Holding Corp.*		335		7,665
Unisys Corp.*		369		7,590
Alpha & Omega Semiconductor Ltd.*		119		7,207
PAR Technology Corp.*		136		7,177
SMART Global Holdings, Inc.*		99		7,028
Porch Group, Inc.*		433		6,750
Avid Technology, Inc.*		203		6,612
CTS Corp.		179		6,573
Pitney Bowes, Inc.		989		6,557
Sumo Logic, Inc.*		482		6,536
Photronics, Inc.*		339		6,390
Alignment Healthcare, Inc.*		441		6,200
Yext, Inc.*		625		6,200
Model N, Inc.*		200		6,006
Sapiens International Corporation N.V.		173		5,960

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
NextGen Healthcare, Inc.*		315	$	5,604
CEVA, Inc.*		127		5,491
PDF Solutions, Inc.*		167		5,309
Desktop Metal, Inc. — Class A*		1,053		5,212
Conduent, Inc.*		942		5,030
Parsons Corp.*		147		4,947
Agilysys, Inc.*		111		4,935
PowerSchool Holdings, Inc. — Class A*		299		4,925
Consensus Cloud Solutions, Inc.*		81		4,687
Digi International, Inc.*		190		4,668
American Software, Inc. — Class A		176		4,606
Ebix, Inc.		149		4,530
Ouster, Inc.*		870		4,524
Mitek Systems, Inc.*		241		4,278
Rackspace Technology, Inc.*		306		4,122
Simulations Plus, Inc.		86		4,068
PAE, Inc.*		390		3,873
Diebold Nixdorf, Inc.*		404		3,656
Veritone, Inc.*		159		3,574
Telos Corp.*		224		3,454
OneSpan, Inc.*		197		3,335
Corsair Gaming, Inc.*		154		3,235
Alkami Technology, Inc.*		158		3,169
Privia Health Group, Inc.*		113		2,923
Upland Software, Inc.*		162		2,906
Cantaloupe, Inc.*		327		2,904
Vuzix Corp.*,1		330		2,861
BTRS Holdings, Inc. — Class A*		364		2,846
Digimarc Corp.*		72		2,843
Inseego Corp.*,1		469		2,734
ON24, Inc.*		151		2,620
Enfusion, Inc. — Class A*		121		2,534
Daily Journal Corp.*		7		2,497
Brightcove, Inc.*		229		2,340
Computer Programs and Systems, Inc.*		79		2,315
Atomera, Inc.*		114		2,294
EngageSmart, Inc.*		89		2,147
AvidXchange Holdings, Inc.*		141		2,123
Integral Ad Science Holding Corp.*		95		2,110
HireRight Holdings Corp.*		125		2,000
AXT, Inc.*		225		1,982
Tabula Rasa HealthCare, Inc.*		127		1,905
Sterling Check Corp.*		92		1,887
Quantum Corp.*		322		1,777
Genius Brands International, Inc.*		1,588		1,667
Instructure Holdings, Inc.*		68		1,631
CoreCard Corp.*,1		41		1,591
CS Disco, Inc.*		43		1,537
MeridianLink, Inc.*		70		1,511
Udemy, Inc.*,1		77		1,505
Benefitfocus, Inc.*		141		1,503
EverCommerce, Inc.*		94		1,481
Rimini Street, Inc.*		246		1,469
Intapp, Inc.*		57		1,434
EMCORE Corp.*		205		1,431
Smith Micro Software, Inc.*		259		1,274
GTY Technology Holdings, Inc.*		180		1,206
Rekor Systems, Inc.*		177		1,159
eGain Corp.*		115		1,148
Castlight Health, Inc. — Class B*		684		1,053
PlayAGS, Inc.*		155		1,052
DarioHealth Corp.*		76		986
Forian, Inc.*		105		947
SecureWorks Corp. — Class A*		56		894
iCAD, Inc.*		123		886
SkyWater Technology, Inc.*		46		746
Convey Health Solutions Holdings, Inc.*		76		635
Viant Technology, Inc. — Class A*		65		631
Outbrain, Inc.*		45		630
StarTek, Inc.*		95		496
GreenBox POS*		103		433
IBEX Holdings Ltd.*		32		412
Kaltura, Inc.*		98		330
NantHealth, Inc.*		151		159
Total Technology				1,928,445
Energy - 2.1%
Ovintiv, Inc.		1,475		49,708
Chesapeake Energy Corp.		590		38,067
Antero Resources Corp.*		1,610		28,175
PDC Energy, Inc.		542		26,439
Southwestern Energy Co.*		5,647		26,315
Range Resources Corp.*		1,345		23,981
Equitrans Midstream Corp.		2,301		23,792
ChampionX Corp.*		1,141		23,060
Matador Resources Co.		623		23,001
Denbury, Inc.*		284		21,752
Murphy Oil Corp.		825		21,541
SM Energy Co.		675		19,899
California Resources Corp.		465		19,860
CNX Resources Corp.*		1,166		16,033
Magnolia Oil & Gas Corp. — Class A		783		14,775
Oasis Petroleum, Inc.		114		14,363
Whiting Petroleum Corp.*		222		14,359
Helmerich & Payne, Inc.		592		14,030
Sunnova Energy International, Inc.*		484		13,513
Callon Petroleum Co.*		264		12,474
Stem, Inc.*		634		12,027
Civitas Resources, Inc.		242		11,851
Array Technologies, Inc.*		719		11,281
Renewable Energy Group, Inc.*		252		10,695
FuelCell Energy, Inc.*,1		2,054		10,681
SunPower Corp. — Class A*,1		450		9,392
Green Plains, Inc.*		268		9,316
Patterson-UTI Energy, Inc.		1,049		8,864
Kosmos Energy Ltd.*		2,280		7,889
Arch Resources, Inc.		84		7,671
Warrior Met Coal, Inc.		289		7,430
PBF Energy, Inc. — Class A*		542		7,030
Oceaneering International, Inc.*		560		6,334
Tellurian, Inc.*		2,026		6,240
Centennial Resource Development, Inc. — Class A*		1,019		6,094
Northern Oil and Gas, Inc.		294		6,051
Archrock, Inc.		759		5,677
Delek US Holdings, Inc.*		369		5,531
NOW, Inc.*		620		5,295
Brigham Minerals, Inc. — Class A		245		5,167

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Liberty Oilfield Services, Inc. — Class A*		511	$	4,957
Gevo, Inc.*		1,098		4,699
Peabody Energy Corp.*		453		4,562
CONSOL Energy, Inc.*		192		4,360
Laredo Petroleum, Inc.*		71		4,269
Bristow Group, Inc.*		132		4,180
Comstock Resources, Inc.*		515		4,166
Par Pacific Holdings, Inc.*		252		4,156
DMC Global, Inc.*		104		4,119
ProPetro Holding Corp.*		480		3,888
US Silica Holdings, Inc.*		413		3,882
Dril-Quip, Inc.*		197		3,877
Expro Group Holdings N.V.*		258		3,702
NexTier Oilfield Solutions, Inc.*		972		3,451
Berry Corp.		379		3,191
Nabors Industries Ltd.*		39		3,163
MRC Global, Inc.*		453		3,117
SunCoke Energy, Inc.		467		3,077
TPI Composites, Inc.*		203		3,037
REX American Resources Corp.*		30		2,880
CVR Energy, Inc.		166		2,790
Helix Energy Solutions Group, Inc.*		805		2,512
Tidewater, Inc.*		230		2,463
Ranger Oil Corp. — Class A*		87		2,342
Select Energy Services, Inc. — Class A*		347		2,162
Crescent Energy, Inc. — Class A*		165		2,092
Talos Energy, Inc.*		208		2,038
National Energy Services Reunited Corp.*		213		2,013
TETRA Technologies, Inc.*		689		1,957
Alto Ingredients, Inc.*		402		1,934
Aemetis, Inc.*		151		1,857
Eos Energy Enterprises, Inc.*,1		241		1,812
Cleanspark, Inc.*		188		1,790
RPC, Inc.*		380		1,725
W&T Offshore, Inc.*		528		1,705
Oil States International, Inc.*		340		1,690
Newpark Resources, Inc.*		508		1,493
Earthstone Energy, Inc. — Class A*		134		1,466
FTS International, Inc. — Class A*		49		1,286
Solaris Oilfield Infrastructure, Inc. — Class A		176		1,153
FutureFuel Corp.		145		1,108
Matrix Service Co.*		147		1,105
Falcon Minerals Corp.		221		1,076
Beam Global*		49		911
Advent Technologies Holdings, Inc.*		89		624
HighPeak Energy, Inc.		28		410
Riley Exploration Permian, Inc.		14		270
Total Energy				726,170
Communications - 2.1%
Vonage Holdings Corp.*		1,360		28,274
Iridium Communications, Inc.*		665		27,458
Mimecast Ltd.*		342		27,213
Calix, Inc.*		310		24,791
Q2 Holdings, Inc.*		307		24,388
Perficient, Inc.*		182		23,531
TEGNA, Inc.		1,244		23,089
Upwork, Inc.*		664		22,682
Viavi Solutions, Inc.*		1,286		22,659
Cargurus, Inc.*		531		17,863
Cogent Communications Holdings, Inc.		239		17,490
Yelp, Inc. — Class A*		402		14,568
Shutterstock, Inc.		131		14,525
Overstock.com, Inc.*		241		14,221
TechTarget, Inc.*		144		13,775
iHeartMedia, Inc. — Class A*		630		13,255
Open Lending Corp. — Class A*		586		13,173
Magnite, Inc.*		731		12,792
InterDigital, Inc.		174		12,464
Maxar Technologies, Inc.		403		11,901
Houghton Mifflin Harcourt Co.*		715		11,511
fuboTV, Inc.*		739		11,469
Telephone & Data Systems, Inc.		568		11,445
Revolve Group, Inc.*		202		11,320
Extreme Networks, Inc.*		694		10,896
Liberty Latin America Ltd. — Class C*		869		9,907
Infinera Corp.*		1,019		9,772
Gray Television, Inc.		480		9,677
Stitch Fix, Inc. — Class A*		452		8,552
ePlus, Inc.*		148		7,974
Eventbrite, Inc. — Class A*		422		7,360
Plantronics, Inc.*		237		6,954
Shenandoah Telecommunications Co.		271		6,910
Sinclair Broadcast Group, Inc. — Class A		258		6,819
Clear Channel Outdoor Holdings, Inc.*		2,043		6,762
WideOpenWest, Inc.*		295		6,348
EW Scripps Co. — Class A*		322		6,231
Cars.com, Inc.*		385		6,195
ADTRAN, Inc.		271		6,187
Scholastic Corp.		148		5,914
Harmonic, Inc.*		502		5,903
EchoStar Corp. — Class A*		223		5,876
AMC Networks, Inc. — Class A*		164		5,648
A10 Networks, Inc.		338		5,604
Clearfield, Inc.*		64		5,403
RealReal, Inc.*		442		5,132
QuinStreet, Inc.*		279		5,075
IDT Corp. — Class B*		113		4,990
NETGEAR, Inc.*		170		4,966
Tucows, Inc. — Class A*		55		4,610
Gogo, Inc.*		332		4,492
NeoPhotonics Corp.*		288		4,427
Gannett Company, Inc.*		791		4,216
ChannelAdvisor Corp.*		164		4,048
Globalstar, Inc.*,1		3,415		3,961
Anterix, Inc.*		65		3,819
HealthStream, Inc.*		141		3,717
Quotient Technology, Inc.*		500		3,710
1-800-Flowers.com, Inc. — Class A*		150		3,506
Advantage Solutions, Inc.*		429		3,441
Liquidity Services, Inc.*		148		3,268
CarParts.com, Inc.*		274		3,069
Consolidated Communications Holdings, Inc.*		410		3,067
Groupon, Inc.*		132		3,057

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
Stagwell, Inc.*		346	$	3,000
Boston Omaha Corp. — Class A*		99		2,844
United States Cellular Corp.*		87		2,742
Liberty Latin America Ltd. — Class A*		235		2,740
ATN International, Inc.		63		2,517
Ooma, Inc.*		122		2,494
Limelight Networks, Inc.*		703		2,411
Ribbon Communications, Inc.*		395		2,390
Entravision Communications Corp. — Class A		338		2,292
Telesat Corp.*,1		72		2,064
MediaAlpha, Inc. — Class A*		118		1,822
Thryv Holdings, Inc.*		43		1,768
Aviat Networks, Inc.*		54		1,732
Audacy, Inc.*		663		1,704
EverQuote, Inc. — Class A*		107		1,676
Lands' End, Inc.*		80		1,570
DZS, Inc.*		95		1,541
Cambium Networks Corp.*		59		1,512
CalAmp Corp.*		196		1,384
Couchbase, Inc.*,1		54		1,348
comScore, Inc.*		393		1,313
Preformed Line Products Co.		17		1,100
Bright Health Group, Inc.*		298		1,025
Solo Brands, Inc. — Class A*,1		65		1,016
Casa Systems, Inc.*		177		1,004
National CineMedia, Inc.		338		950
VirnetX Holding Corp.*		356		926
CuriosityStream, Inc.*		146		866
KVH Industries, Inc.*		85		781
Hemisphere Media Group, Inc.*		90		654
Fluent, Inc.*		243		483
1stdibs.com, Inc.*		38		475
HyreCar, Inc.*		99		466
LiveOne, Inc.*		327		419
Value Line, Inc.		6		281
Digital Media Solutions, Inc. — Class A*		18		86
Total Communications				706,716
Basic Materials - 1.5%
Balchem Corp.		181		30,517
Rogers Corp.*		105		28,665
Commercial Metals Co.		676		24,532
Sensient Technologies Corp.		238		23,814
HB Fuller Co.		293		23,733
Livent Corp.*		911		22,210
Arconic Corp.*		594		19,608
MP Materials Corp.*		410		18,622
Cabot Corp.		315		17,703
Quaker Chemical Corp.		76		17,539
Ingevity Corp.*		223		15,989
Hecla Mining Co.		2,991		15,613
Tronox Holdings plc — Class A		644		15,475
Stepan Co.		120		14,915
Minerals Technologies, Inc.		189		13,825
Innospec, Inc.		138		12,467
Constellium SE*		690		12,358
Trinseo plc		218		11,436
Allegheny Technologies, Inc.*		717		11,422
Codexis, Inc.*		338		10,569
Ferro Corp.*		462		10,086
Compass Minerals International, Inc.		193		9,858
Novagold Resources, Inc.*		1,334		9,151
GCP Applied Technologies, Inc.*		276		8,738
Kaiser Aluminum Corp.		89		8,361
Kraton Corp.*		176		8,152
Carpenter Technology Corp.		267		7,794
Schnitzer Steel Industries, Inc. — Class A		146		7,580
AdvanSix, Inc.		154		7,277
Coeur Mining, Inc.*		1,440		7,258
Energy Fuels, Inc.*		831		6,341
Orion Engineered Carbons S.A.		340		6,243
Schweitzer-Mauduit International, Inc.		176		5,262
Amyris, Inc.*,1		961		5,199
Century Aluminum Co.*		289		4,786
Neenah, Inc.		95		4,397
Uranium Energy Corp.*		1,298		4,348
Danimer Scientific, Inc.*		503		4,286
Glatfelter Corp.		246		4,231
Hawkins, Inc.		107		4,221
Verso Corp. — Class A		151		4,080
Koppers Holdings, Inc.*		117		3,662
Clearwater Paper Corp.*		92		3,374
Zymergen, Inc.*		445		2,977
Ecovyst, Inc.		288		2,949
Gatos Silver, Inc.*		260		2,699
American Vanguard Corp.		164		2,688
Intrepid Potash, Inc.*		56		2,393
Rayonier Advanced Materials, Inc.*		347		1,981
Kronos Worldwide, Inc.		125		1,876
Unifi, Inc.*		75		1,736
United States Lime & Minerals, Inc.		12		1,548
Ur-Energy, Inc.*		1,017		1,241
Oil-Dri Corporation of America		29		949
Perpetua Resources Corp.*		150		712
Marrone Bio Innovations, Inc.*		563		406
PolyMet Mining Corp.*		162		405
Valhi, Inc.		14		403
Total Basic Materials				530,660
Utilities - 1.3%
Portland General Electric Co.		506		26,778
Black Hills Corp.		354		24,982
Brookfield Infrastructure Corp. — Class A		347		23,686
Southwest Gas Holdings, Inc.		332		23,257
ONE Gas, Inc.		296		22,967
New Jersey Resources Corp.		543		22,296
PNM Resources, Inc.		481		21,938
American States Water Co.		208		21,516
California Water Service Group		289		20,768
Ormat Technologies, Inc.		254		20,142
ALLETE, Inc.		295		19,573
Spire, Inc.		285		18,588
MGE Energy, Inc.		205		16,861
NorthWestern Corp.		291		16,634
Clearway Energy, Inc. — Class C		461		16,610
Avista Corp.		390		16,571
Otter Tail Corp.		232		16,569
South Jersey Industries, Inc.		579		15,123
Chesapeake Utilities Corp.		97		14,143
Ameresco, Inc. — Class A*		173		14,089
Middlesex Water Co.		97		11,669

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SJW Group		156	$	11,419
Northwest Natural Holding Co.		172		8,390
Clearway Energy, Inc. — Class A		195		6,529
Unitil Corp.		88		4,047
York Water Co.		73		3,634
Artesian Resources Corp. — Class A		46		2,131
Global Water Resources, Inc.		70		1,197
FTC Solar, Inc.*		107		809
Via Renewables, Inc.		68		777
Total Utilities				443,693
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		175		2,905
Total Common Stocks
(Cost $16,970,546)				16,635,833

RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Elanco Animal Health, Inc.*	505	–
Tobira Therapeutics, Inc.*	141	–
Oncternal Therapeutics, Inc.*	7	–
Total Consumer, Non-cyclical		–
Total Rights
(Cost $104)		–

EXCHANGE-TRADED FUNDS† - 8.2%
iShares Russell 2000 Index ETF1	6,356	1,413,892
Vanguard Russell 2000 ETF1	15,743	1,413,879
Total Exchange-Traded Funds
(Cost $2,799,130)		2,827,771

	Face Amount
FEDERAL AGENCY NOTES†† - 13.1%
Federal Home Loan Bank
1.70% due 01/24/24	$	2,500,000	2,502,318
Federal Farm Credit Bank
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		2,000,000	2,001,552
Total Federal Agency Notes
(Cost $4,515,910)			4,503,870

U.S. GOVERNMENT SECURITIES†† - 11.7%
United States Treasury Note
1.75% due 05/15/22	4,000,000	4,023,438
Total U.S. Government Securities
(Cost $4,024,807)		4,023,438

U.S. TREASURY BILLS†† - 2.9%
U.S. Treasury Bills
0.09% due 06/02/223,4	1,000,000	999,557
0.04% due 01/06/224,5	13,000	13,000
Total U.S. Treasury Bills
(Cost $1,012,628)		1,012,557

REPURCHASE AGREEMENTS††,6 - 14.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	2,875,457	2,875,457
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223	1,189,204	1,189,204
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223	1,081,094	1,081,094
Total Repurchase Agreements
(Cost $5,145,755)		5,145,755

	Shares
SECURITIES LENDING COLLATERAL†,7 - 6.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		2,085,823		2,085,823
Total Securities Lending Collateral
(Cost $2,085,823)				2,085,823
Total Investments - 105.1%
(Cost $36,554,703)			$	36,235,047
Other Assets & Liabilities, net - (5.1)%				(1,773,528	)
Total Net Assets - 100.0%			$	34,461,519

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		9	Mar 2022	$	1,009,125	$	12,195

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Barclays Bank plc	Russell 2000 Index	Pay	0.05% (U.S. Secured Overnight Financing Rate)	At Maturity	01/26/22		3,218	$	7,224,431	$	268,974
BNP Paribas	Russell 2000 Index	Pay	0.28% (Federal Funds Rate + 0.20%)	At Maturity	01/27/22		2,503		5,619,273		125,392
Goldman Sachs International	Russell 2000 Index	Pay	0.33% (Federal Funds Rate + 0.25%)	At Maturity	01/27/22		507		1,139,255		25,442
								$	13,982,959	$	419,808

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	All or a portion of this security is pledged as futures collateral at December 31, 2021.
6	Repurchase Agreements — See Note 4.
7	Securities lending collateral — See Note 5.
8	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	16,635,833	$	—	$	—		$	16,635,833
Rights		—		—		—	*		—
Exchange-Traded Funds		2,827,771		—		—			2,827,771
Federal Agency Notes		—		4,503,870		—			4,503,870
U.S. Government Securities		—		4,023,438		—			4,023,438
U.S. Treasury Bills		—		1,012,557		—			1,012,557
Repurchase Agreements		—		5,145,755		—			5,145,755
Securities Lending Collateral		2,085,823		—		—			2,085,823
Equity Futures Contracts**		12,195		—		—			12,195
Equity Index Swap Agreements**		—		419,808		—			419,808
Total Assets	$	21,561,622	$	15,105,428	$	—		$	36,667,050

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.9%
Technology - 24.6%
Apple, Inc.		87,754	$	15,582,478
Microsoft Corp.		42,271		14,216,583
NVIDIA Corp.		14,075		4,139,598
Broadcom, Inc.		2,317		1,541,755
Adobe, Inc.*		2,679		1,519,154
Accenture plc — Class A		3,556		1,474,140
salesforce.com, Inc.*		5,512		1,400,765
Intel Corp.		22,898		1,179,247
QUALCOMM, Inc.		6,306		1,153,178
Intuit, Inc.		1,594		1,025,293
Texas Instruments, Inc.		5,200		980,044
Advanced Micro Devices, Inc.*		6,799		978,376
Applied Materials, Inc.		5,084		800,018
Oracle Corp.		9,081		791,954
ServiceNow, Inc.*		1,120		727,003
International Business Machines Corp.		5,049		674,849
Micron Technology, Inc.		6,298		586,659
Lam Research Corp.		793		570,286
Analog Devices, Inc.		3,027		532,056
Fidelity National Information Services, Inc.		3,428		374,166
KLA Corp.		854		367,314
Autodesk, Inc.*		1,238		348,113
Fiserv, Inc.*		3,346		347,281
NXP Semiconductor N.V.		1,497		340,987
Synopsys, Inc.*		859		316,542
Xilinx, Inc.		1,396		295,994
Roper Technologies, Inc.		594		292,165
Activision Blizzard, Inc.		4,385		291,734
Cadence Design Systems, Inc.*		1,560		290,706
MSCI, Inc. — Class A		464		284,288
Fortinet, Inc.*		765		274,941
Microchip Technology, Inc.		3,124		271,975
Cognizant Technology Solutions Corp. — Class A		2,957		262,345
Paychex, Inc.		1,807		246,655
HP, Inc.		6,489		244,441
EPAM Systems, Inc.*		319		213,235
Electronic Arts, Inc.		1,592		209,985
ANSYS, Inc.*		491		196,950
Zebra Technologies Corp. — Class A*		301		179,155
Cerner Corp.		1,657		153,886
Teradyne, Inc.		918		150,121
Skyworks Solutions, Inc.		930		144,280
Seagate Technology Holdings plc		1,153		130,266
Tyler Technologies, Inc.*		231		124,266
Monolithic Power Systems, Inc.		244		120,373
Broadridge Financial Solutions, Inc.		656		119,930
Hewlett Packard Enterprise Co.		7,365		116,146
NetApp, Inc.		1,259		115,815
Take-Two Interactive Software, Inc.*		649		115,340
Western Digital Corp.*		1,755		114,444
Paycom Software, Inc.*		271		112,516
Akamai Technologies, Inc.*		915		107,092
Qorvo, Inc.*		621		97,118
Ceridian HCM Holding, Inc.*		767		80,121
PTC, Inc.*		595		72,084
Leidos Holdings, Inc.		790		70,231
Jack Henry & Associates, Inc.		417		69,635
Citrix Systems, Inc.		702		66,402
DXC Technology Co.*		1,420		45,710
IPG Photonics Corp.*		201		34,600
Total Technology				57,682,784
Consumer, Non-cyclical - 19.3%
UnitedHealth Group, Inc.		5,303		2,662,848
Johnson & Johnson		14,823		2,535,771
Procter & Gamble Co.		13,625		2,228,778
Pfizer, Inc.		31,602		1,866,098
Thermo Fisher Scientific, Inc.		2,219		1,480,606
Abbott Laboratories		9,956		1,401,207
PepsiCo, Inc.		7,785		1,352,332
AbbVie, Inc.		9,954		1,347,772
Coca-Cola Co.		21,887		1,295,929
PayPal Holdings, Inc.*		6,616		1,247,645
Eli Lilly & Co.		4,470		1,234,703
Danaher Corp.		3,581		1,178,185
Merck & Company, Inc.		14,222		1,089,974
Philip Morris International, Inc.		8,766		832,770
Medtronic plc		7,577		783,841
Bristol-Myers Squibb Co.		12,497		779,188
CVS Health Corp.		7,433		766,788
Intuitive Surgical, Inc.*		2,010		722,193
Amgen, Inc.		3,171		713,380
Zoetis, Inc.		2,664		650,096
S&P Global, Inc.		1,358		640,881
Anthem, Inc.		1,367		633,659
Automatic Data Processing, Inc.		2,372		584,888
Mondelez International, Inc. — Class A		7,854		520,799
Gilead Sciences, Inc.		7,063		512,844
Stryker Corp.		1,890		505,424
Moderna, Inc.*		1,986		504,404
Altria Group, Inc.		10,343		490,155
Estee Lauder Companies, Inc. — Class A		1,305		483,111
Edwards Lifesciences Corp.*		3,515		455,368
Cigna Corp.		1,866		428,489
Becton Dickinson and Co.		1,617		406,643
Colgate-Palmolive Co.		4,745		404,938
Regeneron Pharmaceuticals, Inc.*		595		375,754
Moody's Corp.		911		355,818
HCA Healthcare, Inc.		1,348		346,328
Boston Scientific Corp.*		8,023		340,817
Humana, Inc.		724		335,835
Illumina, Inc.*		880		334,787
IDEXX Laboratories, Inc.*		478		314,744
Vertex Pharmaceuticals, Inc.*		1,431		314,248
IQVIA Holdings, Inc.*		1,076		303,583
IHS Markit Ltd.		2,246		298,538
Dexcom, Inc.*		546		293,175
Align Technology, Inc.*		413		271,415
Kimberly-Clark Corp.		1,896		270,976
Centene Corp.*		3,286		270,766
Baxter International, Inc.		2,819		241,983

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.9% (continued)
Consumer, Non-cyclical - 19.3% (continued)
Constellation Brands, Inc. — Class A		925	$	232,147
General Mills, Inc.		3,411		229,833
Sysco Corp.		2,886		226,695
Global Payments, Inc.		1,634		220,884
Cintas Corp.		495		219,369
McKesson Corp.		860		213,770
ResMed, Inc.		820		213,594
Archer-Daniels-Midland Co.		3,150		212,908
Verisk Analytics, Inc. — Class A		907		207,458
Monster Beverage Corp.*		2,115		203,125
Equifax, Inc.		687		201,147
Biogen, Inc.*		827		198,414
West Pharmaceutical Services, Inc.		417		195,577
Corteva, Inc.		4,104		194,037
Kroger Co.		3,810		172,441
Laboratory Corporation of America Holdings*		539		169,359
Hershey Co.		819		158,452
Gartner, Inc.*		463		154,790
Zimmer Biomet Holdings, Inc.		1,176		149,399
Tyson Foods, Inc. — Class A		1,660		144,686
Kraft Heinz Co.		3,997		143,492
PerkinElmer, Inc.		711		142,954
Church & Dwight Company, Inc.		1,375		140,937
STERIS plc		563		137,040
United Rentals, Inc.*		409		135,907
McCormick & Company, Inc.		1,404		135,641
Waters Corp.*		344		128,174
Catalent, Inc.*		964		123,421
Clorox Co.		692		120,657
Quest Diagnostics, Inc.		691		119,550
Cooper Companies, Inc.		278		116,465
Bio-Techne Corp.		221		114,332
AmerisourceBergen Corp. — Class A		842		111,893
Hologic, Inc.*		1,427		109,251
Charles River Laboratories International, Inc.*		284		107,006
FleetCor Technologies, Inc.*		457		102,295
Avery Dennison Corp.		466		100,922
Kellogg Co.		1,440		92,765
Conagra Brands, Inc.		2,702		92,273
Bio-Rad Laboratories, Inc. — Class A*		122		92,180
Viatris, Inc.		6,809		92,126
Quanta Services, Inc.		802		91,957
ABIOMED, Inc.*		256		91,948
MarketAxess Holdings, Inc.		214		88,012
Teleflex, Inc.		264		86,719
J M Smucker Co.		611		82,986
Cardinal Health, Inc.		1,587		81,715
Incyte Corp.*		1,057		77,584
Hormel Foods Corp.		1,588		77,510
Brown-Forman Corp. — Class B		1,029		74,973
Robert Half International, Inc.		627		69,923
Dentsply Sirona, Inc.		1,231		68,677
Henry Schein, Inc.*		781		60,551
Universal Health Services, Inc. — Class B		412		53,420
Lamb Weston Holdings, Inc.		822		52,098
Campbell Soup Co.		1,140		49,544
Molson Coors Beverage Co. — Class B		1,061		49,178
Rollins, Inc.		1,274		43,584
Organon & Co.		1,428		43,483
DaVita, Inc.*		367		41,750
Nielsen Holdings plc		2,020		41,430
Total Consumer, Non-cyclical				45,114,882
Communications - 14.7%
Amazon.com, Inc.*		2,456		8,189,139
Alphabet, Inc. — Class A*		1,694		4,907,586
Alphabet, Inc. — Class C*		1,575		4,557,404
Meta Platforms, Inc. — Class A*		13,323		4,481,191
Walt Disney Co.*		10,231		1,584,680
Cisco Systems, Inc.		23,747		1,504,847
Netflix, Inc.*		2,494		1,502,485
Comcast Corp. — Class A		25,671		1,292,021
Verizon Communications, Inc.		23,310		1,211,188
AT&T, Inc.		40,206		989,068
Booking Holdings, Inc.*		231		554,222
Charter Communications, Inc. — Class A*		697		454,423
T-Mobile US, Inc.*		3,305		383,314
Motorola Solutions, Inc.		951		258,387
eBay, Inc.		3,525		234,413
Match Group, Inc.*		1,594		210,807
Twitter, Inc.*		4,502		194,576
Arista Networks, Inc.*		1,263		181,556
Corning, Inc.		4,324		160,982
CDW Corp.		764		156,452
Etsy, Inc.*		714		156,323
Expedia Group, Inc.*		822		148,552
VeriSign, Inc.*		544		138,078
ViacomCBS, Inc. — Class B		3,416		103,095
FactSet Research Systems, Inc.		212		103,034
Omnicom Group, Inc.		1,197		87,704
NortonLifeLock, Inc.		3,275		85,085
F5, Inc.*		340		83,201
Interpublic Group of Companies, Inc.		2,217		83,027
Fox Corp. — Class A		1,804		66,568
Juniper Networks, Inc.		1,831		65,385
Lumen Technologies, Inc.		5,189		65,122
News Corp. — Class A		2,213		49,372
DISH Network Corp. — Class A*		1,406		45,611
Discovery, Inc. — Class C*		1,710		39,159
Fox Corp. — Class B		828		28,375
Discovery, Inc. — Class A*,1		954		22,457
News Corp. — Class B		686		15,435
Total Communications				34,394,324
Financial - 14.0%
Berkshire Hathaway, Inc. — Class B*		10,311		3,082,989
JPMorgan Chase & Co.		16,639		2,634,786
Visa, Inc. — Class A		9,442		2,046,176
Bank of America Corp.		40,549		1,804,025
Mastercard, Inc. — Class A		4,884		1,754,919
Wells Fargo & Co.		22,449		1,077,103
Morgan Stanley		8,083		793,427

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.9% (continued)
Financial - 14.0% (continued)
American Tower Corp. — Class A REIT		2,564	$	749,970
BlackRock, Inc. — Class A		804		736,110
Goldman Sachs Group, Inc.		1,912		731,436
Charles Schwab Corp.		8,464		711,822
Prologis, Inc. REIT		4,163		700,883
Citigroup, Inc.		11,172		674,677
American Express Co.		3,532		577,835
Crown Castle International Corp. REIT		2,433		507,865
Marsh & McLennan Companies, Inc.		2,843		494,170
PNC Financial Services Group, Inc.		2,380		477,238
Chubb Ltd.		2,425		468,777
CME Group, Inc. — Class A		2,023		462,174
Truist Financial Corp.		7,516		440,062
Intercontinental Exchange, Inc.		3,172		433,834
Equinix, Inc. REIT		507		428,841
U.S. Bancorp		7,597		426,723
Aon plc — Class A		1,241		372,995
Capital One Financial Corp.		2,396		347,636
Progressive Corp.		3,294		338,129
Public Storage REIT		859		321,747
Simon Property Group, Inc. REIT		1,851		295,734
Digital Realty Trust, Inc. REIT		1,598		282,638
American International Group, Inc.		4,675		265,820
MetLife, Inc.		4,026		251,585
T. Rowe Price Group, Inc.		1,265		248,750
Bank of New York Mellon Corp.		4,278		248,466
SBA Communications Corp. REIT		612		238,080
Prudential Financial, Inc.		2,128		230,335
Realty Income Corp. REIT		3,185		228,014
SVB Financial Group*		331		224,497
Travelers Companies, Inc.		1,385		216,656
Welltower, Inc. REIT		2,451		210,222
First Republic Bank		1,009		208,369
CBRE Group, Inc. — Class A*		1,884		204,433
Aflac, Inc.		3,427		200,102
AvalonBay Communities, Inc. REIT		787		198,788
Arthur J Gallagher & Co.		1,167		198,005
State Street Corp.		2,059		191,487
Discover Financial Services		1,650		190,674
Ameriprise Financial, Inc.		630		190,046
Allstate Corp.		1,614		189,887
Alexandria Real Estate Equities, Inc. REIT		794		177,030
Equity Residential REIT		1,921		173,851
Weyerhaeuser Co. REIT		4,217		173,656
Extra Space Storage, Inc. REIT		754		170,954
Fifth Third Bancorp		3,850		167,668
Willis Towers Watson plc		703		166,955
Mid-America Apartment Communities, Inc. REIT		648		148,677
Synchrony Financial		3,081		142,928
Duke Realty Corp. REIT		2,144		140,732
Northern Trust Corp.		1,169		139,824
Nasdaq, Inc.		660		138,607
Hartford Financial Services Group, Inc.		1,916		132,281
Essex Property Trust, Inc. REIT		366		128,916
Huntington Bancshares, Inc.		8,144		125,580
KeyCorp		5,242		121,247
Regions Financial Corp.		5,367		117,001
Ventas, Inc. REIT		2,247		114,867
Citizens Financial Group, Inc.		2,400		113,400
M&T Bank Corp.		725		111,346
Signature Bank		341		110,303
Healthpeak Properties, Inc. REIT		3,035		109,533
Raymond James Financial, Inc.		1,044		104,818
Principal Financial Group, Inc.		1,388		100,394
UDR, Inc. REIT		1,636		98,144
Cincinnati Financial Corp.		844		96,157
Brown & Brown, Inc.		1,320		92,770
Boston Properties, Inc. REIT		800		92,144
Kimco Realty Corp. REIT		3,471		85,560
Iron Mountain, Inc. REIT		1,630		85,298
Cboe Global Markets, Inc.		600		78,240
Host Hotels & Resorts, Inc. REIT*		4,020		69,908
Regency Centers Corp. REIT		868		65,404
Lincoln National Corp.		956		65,257
Loews Corp.		1,128		65,153
W R Berkley Corp.		786		64,758
Comerica, Inc.		738		64,206
Everest Re Group Ltd.		222		60,810
Zions Bancorp North America		882		55,707
Federal Realty Investment Trust REIT*		394		53,710
Franklin Resources, Inc.		1,582		52,981
Assurant, Inc.		321		50,031
Globe Life, Inc.		523		49,016
Invesco Ltd.		1,922		44,244
People's United Financial, Inc.		2,410		42,946
Vornado Realty Trust REIT		895		37,465
Total Financial				32,909,414
Consumer, Cyclical - 9.9%
Tesla, Inc.*		4,580		4,840,052
Home Depot, Inc.		5,942		2,465,989
Costco Wholesale Corp.		2,488		1,412,438
NIKE, Inc. — Class B		7,194		1,199,024
Walmart, Inc.		8,007		1,158,533
McDonald's Corp.		4,207		1,127,770
Lowe's Companies, Inc.		3,899		1,007,814
Starbucks Corp.		6,644		777,149
Target Corp.		2,748		635,997
TJX Companies, Inc.		6,771		514,054
General Motors Co.*		8,174		479,242
Ford Motor Co.		22,101		459,038
Dollar General Corp.		1,314		309,881
Chipotle Mexican Grill, Inc. — Class A*		158		276,224
O'Reilly Automotive, Inc.*		380		268,367
Marriott International, Inc. — Class A*		1,540		254,470
Aptiv plc*		1,523		251,219
AutoZone, Inc.*		118		247,374
Hilton Worldwide Holdings, Inc.*		1,569		244,748
Yum! Brands, Inc.		1,651		229,258

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.9% (continued)
Consumer, Cyclical - 9.9% (continued)
Ross Stores, Inc.		2,001	$	228,674
Walgreens Boots Alliance, Inc.		4,045		210,987
Fastenal Co.		3,238		207,426
DR Horton, Inc.		1,835		199,006
Copart, Inc.*		1,201		182,096
Dollar Tree, Inc.*		1,267		178,039
Lennar Corp. — Class A		1,531		177,841
Cummins, Inc.		805		175,603
PACCAR, Inc.		1,955		172,548
Tractor Supply Co.		641		152,943
Southwest Airlines Co.*		3,333		142,786
Delta Air Lines, Inc.*		3,603		140,805
VF Corp.		1,836		134,432
Pool Corp.		226		127,916
Best Buy Company, Inc.		1,247		126,695
WW Grainger, Inc.		244		126,451
Ulta Beauty, Inc.*		306		126,176
CarMax, Inc.*		913		118,900
Domino's Pizza, Inc.		205		115,688
Caesars Entertainment, Inc.*		1,204		112,610
Genuine Parts Co.		802		112,440
Darden Restaurants, Inc.		731		110,118
NVR, Inc.*		18		106,359
Bath & Body Works, Inc.		1,489		103,917
MGM Resorts International		2,191		98,332
Royal Caribbean Cruises Ltd.*		1,262		97,048
Carnival Corp.*		4,529		91,124
Live Nation Entertainment, Inc.*		761		91,084
LKQ Corp.		1,510		90,645
Advance Auto Parts, Inc.		355		85,157
PulteGroup, Inc.		1,425		81,453
Whirlpool Corp.		342		80,254
United Airlines Holdings, Inc.*		1,823		79,811
Hasbro, Inc.		730		74,299
Las Vegas Sands Corp.*		1,936		72,871
American Airlines Group, Inc.*		3,646		65,482
Tapestry, Inc.		1,549		62,889
BorgWarner, Inc.		1,350		60,844
Mohawk Industries, Inc.*		310		56,476
Wynn Resorts Ltd.*		593		50,429
Penn National Gaming, Inc.*		935		48,480
Newell Brands, Inc.		2,132		46,563
Norwegian Cruise Line Holdings Ltd.*		2,083		43,201
PVH Corp.		400		42,660
Alaska Air Group, Inc.*		705		36,730
Ralph Lauren Corp. — Class A		274		32,568
Under Armour, Inc. — Class A*		1,062		22,504
Under Armour, Inc. — Class C*		1,211		21,846
Gap, Inc.		1,207		21,304
Total Consumer, Cyclical				23,303,151
Industrial - 7.3%
Union Pacific Corp.		3,620		911,986
United Parcel Service, Inc. — Class B		4,105		879,866
Honeywell International, Inc.		3,876		808,185
Raytheon Technologies Corp.		8,427		725,228
Caterpillar, Inc.		3,046		629,730
Boeing Co.*		3,110		626,105
General Electric Co.		6,183		584,108
3M Co.		3,244		576,232
Deere & Co.		1,589		544,852
Lockheed Martin Corp.		1,382		491,177
CSX Corp.		12,488		469,549
Norfolk Southern Corp.		1,370		407,863
Illinois Tool Works, Inc.		1,608		396,854
Eaton Corporation plc		2,245		387,981
Waste Management, Inc.		2,167		361,672
FedEx Corp.		1,376		355,889
Northrop Grumman Corp.		839		324,752
Johnson Controls International plc		3,990		324,427
Emerson Electric Co.		3,366		312,937
TE Connectivity Ltd.		1,837		296,382
Amphenol Corp. — Class A		3,367		294,478
General Dynamics Corp.		1,305		272,053
Agilent Technologies, Inc.		1,704		272,044
Trane Technologies plc		1,337		270,114
Carrier Global Corp.		4,879		264,637
L3Harris Technologies, Inc.		1,105		235,630
Parker-Hannifin Corp.		727		231,273
Rockwell Automation, Inc.		653		227,799
Mettler-Toledo International, Inc.*		129		218,940
Keysight Technologies, Inc.*		1,037		214,151
Otis Worldwide Corp.		2,392		208,271
AMETEK, Inc.		1,302		191,446
Old Dominion Freight Line, Inc.		524		187,791
TransDigm Group, Inc.*		295		187,702
Ball Corp.		1,824		175,597
Stanley Black & Decker, Inc.		918		173,153
Republic Services, Inc. — Class A		1,178		164,272
Martin Marietta Materials, Inc.		352		155,063
Vulcan Materials Co.		747		155,062
Fortive Corp.		2,019		154,029
Dover Corp.		811		147,278
Ingersoll Rand, Inc.		2,295		141,992
Expeditors International of Washington, Inc.		954		128,113
Generac Holdings, Inc.*		355		124,932
Trimble, Inc.*		1,413		123,199
Xylem, Inc.		1,015		121,719
Garmin Ltd.		855		116,425
Teledyne Technologies, Inc.*		263		114,902
Amcor plc		8,632		103,670
Jacobs Engineering Group, Inc.		734		102,195
IDEX Corp.		428		101,145
Westinghouse Air Brake Technologies Corp.		1,052		96,900
J.B. Hunt Transport Services, Inc.		473		96,681
Masco Corp.		1,374		96,482
Textron, Inc.		1,241		95,805
Fortune Brands Home & Security, Inc.		764		81,672
CH Robinson Worldwide, Inc.		732		78,785
Packaging Corporation of America		535		72,840
Howmet Aerospace, Inc.		2,165		68,912
Pentair plc		932		68,064
Allegion plc		506		67,015

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 96.9% (continued)
Industrial - 7.3% (continued)
Westrock Co.		1,503	$	66,673
Snap-on, Inc.		303		65,260
A O Smith Corp.		750		64,388
Sealed Air Corp.		834		56,270
Huntington Ingalls Industries, Inc.		226		42,203
Total Industrial				17,112,800
Energy - 2.7%
Exxon Mobil Corp.		23,836		1,458,525
Chevron Corp.		10,854		1,273,717
ConocoPhillips		7,426		536,009
EOG Resources, Inc.		3,294		292,606
Schlumberger N.V.		7,897		236,515
Pioneer Natural Resources Co.		1,278		232,443
Marathon Petroleum Corp.		3,466		221,789
Phillips 66		2,467		178,759
Williams Companies, Inc.		6,841		178,140
Kinder Morgan, Inc.		10,979		174,127
Valero Energy Corp.		2,302		172,903
Devon Energy Corp.		3,545		156,157
ONEOK, Inc.		2,511		147,546
Occidental Petroleum Corp.		4,996		144,834
Enphase Energy, Inc.*		760		139,034
Baker Hughes Co.		4,921		118,399
Halliburton Co.		5,040		115,265
Hess Corp.		1,552		114,895
Diamondback Energy, Inc.		959		103,428
Coterra Energy, Inc. — Class A		4,581		87,039
SolarEdge Technologies, Inc.*		296		83,049
Marathon Oil Corp.		4,383		71,969
APA Corp.		2,045		54,990
Total Energy				6,292,138
Utilities - 2.4%
NextEra Energy, Inc.		11,047		1,031,348
Duke Energy Corp.		4,332		454,427
Southern Co.		5,967		409,217
Dominion Energy, Inc.		4,560		358,234
Exelon Corp.		5,508		318,142
American Electric Power Company, Inc.		2,836		252,319
Sempra Energy		1,798		237,839
Xcel Energy, Inc.		3,033		205,334
American Water Works Company, Inc.		1,022		193,015
Public Service Enterprise Group, Inc.		2,847		189,980
Eversource Energy		1,936		176,137
WEC Energy Group, Inc.		1,776		172,396
Consolidated Edison, Inc.		1,992		169,957
Edison International		2,139		145,987
DTE Energy Co.		1,091		130,418
Ameren Corp.		1,450		129,064
Entergy Corp.		1,132		127,520
FirstEnergy Corp.		3,065		127,473
PPL Corp.		4,227		127,064
CMS Energy Corp.		1,631		106,097
CenterPoint Energy, Inc.		3,541		98,829
AES Corp.		3,754		91,222
Evergy, Inc.		1,291		88,576
Alliant Energy Corp.		1,410		86,673
Atmos Energy Corp.		746		78,158
NiSource, Inc.		2,211		61,046
NRG Energy, Inc.		1,378		59,364
Pinnacle West Capital Corp.		635		44,825
Total Utilities				5,670,661
Basic Materials - 2.0%
Linde plc		2,886		999,797
Sherwin-Williams Co.		1,358		478,233
Air Products and Chemicals, Inc.		1,247		379,412
Freeport-McMoRan, Inc.		8,268		345,023
Ecolab, Inc.		1,404		329,364
Newmont Corp.		4,490		278,470
Dow, Inc.		4,164		236,182
DuPont de Nemours, Inc.		2,917		235,635
PPG Industries, Inc.		1,337		230,552
International Flavors & Fragrances, Inc.		1,433		215,882
Nucor Corp.		1,610		183,782
Albemarle Corp.		659		154,055
LyondellBasell Industries N.V. — Class A		1,480		136,500
Celanese Corp. — Class A		613		103,021
International Paper Co.		2,181		102,463
Eastman Chemical Co.		757		91,529
CF Industries Holdings, Inc.		1,208		85,502
Mosaic Co.		2,085		81,920
FMC Corp.		714		78,462
Total Basic Materials				4,745,784
Total Common Stocks
(Cost $156,682,885)				227,225,938

	Face Amount
REPURCHASE AGREEMENTS††,2 - 3.2%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223	$	4,159,577	4,159,577
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223		1,720,277	1,720,277
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223		1,563,888	1,563,888
Total Repurchase Agreements
(Cost $7,443,742)			7,443,742

	Shares
SECURITIES LENDING COLLATERAL†,4 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%5		17,104		17,104
Total Securities Lending Collateral
(Cost $17,104)				17,104
Total Investments - 100.1%
(Cost $164,143,731)			$	234,686,784
Other Assets & Liabilities, net - (0.1)%				(275,797	)
Total Net Assets - 100.0%			$	234,410,987

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Equity Index Swap Agreements††
Goldman Sachs International	S&P 500 Index	Pay	0.53% (Federal Funds Rate + 0.45%)	At Maturity	01/27/22		1,254	$	5,977,502	$	91,035
Barclays Bank plc	S&P 500 Index	Pay	0.50% (U.S. Secured Overnight Financing Rate + 0.45%)	At Maturity	01/26/22		130		618,794		17,149
BNP Paribas	S&P 500 Index	Pay	0.68% (Federal Funds Rate + 0.60%)	At Maturity	01/27/22		120		569,575		6,730
								$	7,165,871	$	114,914

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2021.
4	Securities lending collateral — See Note 5.
5	Rate indicated is the 7-day yield as of December 31, 2021.

CME — Chicago Mercantile Exchange

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	227,225,938	$	—	$	—	$	227,225,938
Repurchase Agreements		—		7,443,742		—		7,443,742
Securities Lending Collateral		17,104		—		—		17,104
Equity Index Swap Agreements**		—		114,914		—		114,914
Total Assets	$	227,243,042	$	7,558,656	$	—	$	234,801,698

^** This derivative is reported as unrealized appreciation/depreciation at period end.

S&P 500® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Technology - 32.3%
Fortinet, Inc.*		12,355	$	4,440,387
NVIDIA Corp.		12,432		3,656,375
EPAM Systems, Inc.*		5,463		3,651,742
Advanced Micro Devices, Inc.*		23,996		3,453,024
KLA Corp.		7,534		3,240,449
Monolithic Power Systems, Inc.		6,169		3,043,353
Intuit, Inc.		4,462		2,870,048
Applied Materials, Inc.		17,760		2,794,714
Teradyne, Inc.		16,685		2,728,498
QUALCOMM, Inc.		13,254		2,423,759
Lam Research Corp.		3,046		2,190,531
Microsoft Corp.		6,381		2,146,058
Oracle Corp.		22,030		1,921,236
ServiceNow, Inc.*		2,932		1,903,191
Apple, Inc.		10,549		1,873,186
Adobe, Inc.*		3,180		1,803,251
MSCI, Inc. — Class A		2,797		1,713,694
Cadence Design Systems, Inc.*		8,881		1,654,974
Total Technology				47,508,470
Consumer, Non-cyclical - 20.3%
Moderna, Inc.*		15,402		3,911,800
Dexcom, Inc.*		6,424		3,449,367
PerkinElmer, Inc.		14,056		2,826,099
Eli Lilly & Co.		9,321		2,574,647
West Pharmaceutical Services, Inc.		5,263		2,468,400
Regeneron Pharmaceuticals, Inc.*		3,889		2,455,981
Gartner, Inc.*		6,734		2,251,311
Align Technology, Inc.*		3,220		2,116,120
Charles River Laboratories International, Inc.*		5,558		2,094,143
Thermo Fisher Scientific, Inc.		3,003		2,003,722
Equifax, Inc.		6,431		1,882,932
Bio-Techne Corp.		3,492		1,806,551
Total Consumer, Non-cyclical				29,841,073
Financial - 11.9%
SVB Financial Group*		5,778		3,918,871
Goldman Sachs Group, Inc.		9,580		3,664,829
Signature Bank		9,577		3,097,872
Discover Financial Services		24,433		2,823,477
First Republic Bank		9,992		2,063,448
Extra Space Storage, Inc. REIT		8,446		1,914,962
Total Financial				17,483,459
Consumer, Cyclical - 10.9%
Tesla, Inc.*		3,706		3,916,427
Pool Corp.		4,867		2,754,722
Tractor Supply Co.		11,352		2,708,587
AutoZone, Inc.*		1,139		2,387,788
Lowe's Companies, Inc.		8,554		2,211,038
O'Reilly Automotive, Inc.*		2,911		2,055,836
Total Consumer, Cyclical				16,034,398
Communications - 10.1%
Etsy, Inc.*		14,202		3,109,386
Arista Networks, Inc.*		18,118		2,604,462
Netflix, Inc.*		3,687		2,221,196
Meta Platforms, Inc. — Class A*		5,982		2,012,046
Alphabet, Inc. — Class A*		582		1,686,078
Amazon.com, Inc.*		480		1,600,483
Alphabet, Inc. — Class C*		541		1,565,432
Total Communications				14,799,083
Energy - 5.5%
Enphase Energy, Inc.*		16,916		3,094,613
Diamondback Energy, Inc.		26,103		2,815,208
Devon Energy Corp.		50,777		2,236,727
Total Energy				8,146,548
Industrial - 5.5%
Generac Holdings, Inc.*		9,652		3,396,732
Expeditors International of Washington, Inc.		20,001		2,685,934
Old Dominion Freight Line, Inc.		5,571		1,996,535
Total Industrial				8,079,201
Utilities - 3.0%
NRG Energy, Inc.		103,659		4,465,630
Total Common Stocks
(Cost $125,176,515)				146,357,862

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	683,894		683,894
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		282,838		282,838
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		257,125		257,125
Total Repurchase Agreements
(Cost $1,223,857)				1,223,857
Total Investments - 100.3%
(Cost $126,400,372)			$	147,581,719
Other Assets & Liabilities, net - (0.3)%				(497,321	)
Total Net Assets - 100.0%			$	147,084,398

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

S&P 500® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	146,357,862	$	—	$	—	$	146,357,862
Repurchase Agreements		—		1,223,857		—		1,223,857
Total Assets	$	146,357,862	$	1,223,857	$	—	$	147,581,719

S&P 500® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.4%
Financial - 31.2%
Berkshire Hathaway, Inc. — Class B*		3,640	$	1,088,360
Prudential Financial, Inc.		9,224		998,406
Lincoln National Corp.		12,877		878,984
MetLife, Inc.		13,760		859,862
Allstate Corp.		6,987		822,021
American International Group, Inc.		13,605		773,580
Loews Corp.		13,126		758,158
Everest Re Group Ltd.		2,620		717,670
Invesco Ltd.		26,398		607,682
Citigroup, Inc.		9,596		579,502
Aflac, Inc.		9,497		554,530
Travelers Companies, Inc.		3,450		539,684
Principal Financial Group, Inc.		7,264		525,405
Globe Life, Inc.		5,603		525,113
Hartford Financial Services Group, Inc.		7,553		521,459
Citizens Financial Group, Inc.		10,775		509,119
Assurant, Inc.		3,028		471,944
Chubb Ltd.		2,117		409,237
People's United Financial, Inc.		22,796		406,225
Wells Fargo & Co.		8,287		397,610
M&T Bank Corp.		2,383		365,981
Bank of New York Mellon Corp.		6,246		362,768
KeyCorp		14,948		345,747
State Street Corp.		3,498		325,314
Huntington Bancshares, Inc.		19,146		295,231
Truist Financial Corp.		4,880		285,724
Fifth Third Bancorp		5,862		255,290
W R Berkley Corp.		2,909		239,673
Kimco Realty Corp. REIT		9,365		230,847
Progressive Corp.		2,171		222,853
U.S. Bancorp		3,388		190,304
PNC Financial Services Group, Inc.		807		161,820
Total Financial				16,226,103
Consumer, Non-cyclical - 20.3%
Cigna Corp.		4,080		936,890
CVS Health Corp.		7,679		792,166
Archer-Daniels-Midland Co.		11,355		767,484
Centene Corp.*		8,854		729,570
Tyson Foods, Inc. — Class A		7,968		694,491
Kraft Heinz Co.		16,293		584,919
Universal Health Services, Inc. — Class B		4,364		565,836
Molson Coors Beverage Co. — Class B		11,466		531,449
Viatris, Inc.		37,930		513,193
Kroger Co.		11,230		508,270
Cardinal Health, Inc.		8,907		458,621
AmerisourceBergen Corp. — Class A		3,093		411,029
Anthem, Inc.		850		394,009
Humana, Inc.		823		381,757
Conagra Brands, Inc.		10,491		358,268
Henry Schein, Inc.*		4,212		326,556
Corteva, Inc.		6,263		296,115
J M Smucker Co.		1,937		263,083
Nielsen Holdings plc		10,834		222,205
DaVita, Inc.*		1,879		213,755
Sysco Corp.		2,622		205,958
Global Payments, Inc.		1,514		204,663
Organon & Co.		5,547		168,906
Total Consumer, Non-cyclical				10,529,193
Consumer, Cyclical - 12.9%
Walgreens Boots Alliance, Inc.		14,038		732,222
Gap, Inc.		36,318		641,013
General Motors Co.*		10,829		634,904
BorgWarner, Inc.		12,657		570,451
Ford Motor Co.		26,719		554,954
Whirlpool Corp.		2,297		539,014
Mohawk Industries, Inc.*		2,888		526,136
Best Buy Company, Inc.		4,495		456,692
PVH Corp.		4,196		447,503
PulteGroup, Inc.		7,789		445,219
Lennar Corp. — Class A		3,627		421,313
Walmart, Inc.		1,819		263,191
Alaska Air Group, Inc.*		4,885		254,508
PACCAR, Inc.		2,200		194,172
Total Consumer, Cyclical				6,681,292
Communications - 8.0%
ViacomCBS, Inc. — Class B		26,587		802,396
DISH Network Corp. — Class A*		20,908		678,255
AT&T, Inc.		24,953		613,844
Lumen Technologies, Inc.		46,190		579,684
News Corp. — Class A		10,726		239,297
Omnicom Group, Inc.		3,044		223,034
Verizon Communications, Inc.		4,031		209,451
Fox Corp. — Class A		5,394		199,039
Discovery, Inc. — Class C*		8,419		192,795
T-Mobile US, Inc.*		1,359		157,617
Discovery, Inc. — Class A*,1		4,690		110,403
Fox Corp. — Class B		2,497		85,572
News Corp. — Class B		3,283		73,867
Total Communications				4,165,254
Energy - 6.8%
Marathon Petroleum Corp.		11,131		712,273
Valero Energy Corp.		8,636		648,650
Phillips 66		8,163		591,491
Baker Hughes Co.		17,032		409,790
Kinder Morgan, Inc.		22,154		351,362
Marathon Oil Corp.		17,234		282,982
Exxon Mobil Corp.		4,538		277,680
Chevron Corp.		2,254		264,507
Total Energy				3,538,735
Utilities - 5.7%
Pinnacle West Capital Corp.		5,910		417,187
Exelon Corp.		5,330		307,861
Consolidated Edison, Inc.		3,499		298,535
Entergy Corp.		2,191		246,816
Evergy, Inc.		3,312		227,236
PPL Corp.		7,421		223,075
Atmos Energy Corp.		2,097		219,703
Edison International		2,883		196,765
Duke Energy Corp.		1,705		178,854
American Electric Power Company, Inc.		2,008		178,652
DTE Energy Co.		1,385		165,563
NiSource, Inc.		5,814		160,524

S&P 500® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.4% (continued)
Utilities - 5.7% (continued)
Sempra Energy		1,188	$	157,149
Total Utilities				2,977,920
Industrial - 5.0%
Westrock Co.		19,158		849,849
FedEx Corp.		1,779		460,121
Huntington Ingalls Industries, Inc.		1,991		371,799
CH Robinson Worldwide, Inc.		3,397		365,619
Raytheon Technologies Corp.		2,196		188,988
Textron, Inc.		2,442		188,522
Westinghouse Air Brake Technologies Corp.		2,023		186,339
Total Industrial				2,611,237
Technology - 4.8%
Hewlett Packard Enterprise Co.		46,091		726,855
DXC Technology Co.*		22,249		716,195
Western Digital Corp.*		7,586		494,683
Leidos Holdings, Inc.		2,925		260,033
Intel Corp.		3,292		169,538
Fidelity National Information Services, Inc.		1,364		148,881
Total Technology				2,516,185
Basic Materials - 4.7%
Mosaic Co.		14,885		584,832
International Paper Co.		10,494		493,008
LyondellBasell Industries N.V. — Class A		5,334		491,955
Dow, Inc.		7,830		444,118
DuPont de Nemours, Inc.		3,248		262,373
Eastman Chemical Co.		1,439		173,989
Total Basic Materials				2,450,275
Total Common Stocks
(Cost $47,027,909)				51,696,194

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	252,807	252,807
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		104,553	104,553
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		95,048	95,048
Total Repurchase Agreements
(Cost $452,408)			452,408

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		57,315		57,315
Total Securities Lending Collateral
(Cost $57,315)				57,315
Total Investments - 100.4%
(Cost $47,537,632)			$	52,205,917
Other Assets & Liabilities, net - (0.4)%				(227,197	)
Total Net Assets - 100.0%			$	51,978,720

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	51,696,194	$	—	$	—	$	51,696,194
Repurchase Agreements		—		452,408		—		452,408
Securities Lending Collateral		57,315		—		—		57,315
Total Assets	$	51,753,509	$	452,408	$	—	$	52,205,917

S&P MidCap 400® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.7%
Consumer, Cyclical - 21.9%
Dick's Sporting Goods, Inc.1		12,961	$	1,490,385
Tempur Sealy International, Inc.		28,831		1,355,922
Fox Factory Holding Corp.*		7,692		1,308,409
Crocs, Inc.*		9,313		1,194,113
Williams-Sonoma, Inc.		6,096		1,031,017
Deckers Outdoor Corp.*		2,133		781,339
YETI Holdings, Inc.*		8,511		704,966
Five Below, Inc.*		3,271		676,737
Wingstop, Inc.		3,815		659,232
Mattel, Inc.*		28,481		614,050
Churchill Downs, Inc.		2,284		550,216
Boyd Gaming Corp.*		7,770		509,479
Avient Corp.		9,023		504,837
GameStop Corp. — Class A*,1		3,296		489,093
Scientific Games Corp. — Class A*		6,977		466,273
Brunswick Corp.		4,578		461,142
Scotts Miracle-Gro Co. — Class A		2,462		396,382
RH*		737		394,988
Total Consumer, Cyclical				13,588,580
Financial - 21.2%
Navient Corp.		91,832		1,948,675
SLM Corp.		83,745		1,647,264
Jefferies Financial Group, Inc.		38,743		1,503,228
Evercore, Inc. — Class A		7,947		1,079,600
Pinnacle Financial Partners, Inc.		9,694		925,777
PacWest Bancorp		19,095		862,521
Stifel Financial Corp.		10,423		733,988
Life Storage, Inc. REIT		4,621		707,845
East West Bancorp, Inc.		8,566		673,973
Affiliated Managers Group, Inc.		3,872		636,983
National Storage Affiliates Trust REIT		8,737		604,600
UMB Financial Corp.		5,655		600,052
First Financial Bankshares, Inc.		9,308		473,219
Kinsale Capital Group, Inc.		1,727		410,836
Camden Property Trust REIT		2,033		363,256
Total Financial				13,171,817
Consumer, Non-cyclical - 17.8%
Medpace Holdings, Inc.*		4,903		1,067,089
Repligen Corp.*		3,790		1,003,744
Tandem Diabetes Care, Inc.*		6,601		993,583
Tenet Healthcare Corp.*		11,317		924,486
Option Care Health, Inc.*		27,073		769,956
GXO Logistics, Inc.*		6,499		590,304
FTI Consulting, Inc.*		3,526		540,959
STAAR Surgical Co.*		5,921		540,587
Bruker Corp.		6,362		533,835
Quidel Corp.*		3,778		509,992
Arrowhead Pharmaceuticals, Inc.*		7,585		502,886
Paylocity Holding Corp.*		2,125		501,840
Avis Budget Group, Inc.*		2,397		497,066
ASGN, Inc.*		4,005		494,217
Neurocrine Biosciences, Inc.*		5,536		471,501
Service Corporation International		5,881		417,492
Syneos Health, Inc.*		3,653		375,090
Darling Ingredients, Inc.*		5,273		365,366
Total Consumer, Non-cyclical				11,099,993
Industrial - 14.8%
Louisiana-Pacific Corp.		23,881		1,871,076
Builders FirstSource, Inc.*		14,889		1,276,136
Trex Company, Inc.*		7,897		1,066,332
Saia, Inc.*		2,475		834,149
Axon Enterprise, Inc.*		5,094		799,758
Eagle Materials, Inc.		4,465		743,244
TopBuild Corp.*		2,408		664,391
Vicor Corp.*		4,161		528,364
Carlisle Companies, Inc.		1,559		386,819
Valmont Industries, Inc.		1,487		372,494
Simpson Manufacturing Company, Inc.		2,623		364,781
Tetra Tech, Inc.		1,863		316,337
Total Industrial				9,223,881
Technology - 11.7%
Concentrix Corp.		8,267		1,476,652
Azenta, Inc.		7,831		807,454
Digital Turbine, Inc.*		11,783		718,645
Power Integrations, Inc.		6,311		586,229
Maximus, Inc.		6,893		549,165
Lattice Semiconductor Corp.*		6,847		527,630
Teradata Corp.*		12,218		518,898
Qualys, Inc.*		3,284		450,631
Silicon Laboratories, Inc.*		2,167		447,312
Ziff Davis, Inc.*		3,996		442,997
SiTime Corp.*		1,413		413,359
Synaptics, Inc.*		1,212		350,886
Total Technology				7,289,858
Basic Materials - 6.5%
Cleveland-Cliffs, Inc.*		72,280		1,573,536
Steel Dynamics, Inc.		17,277		1,072,383
Olin Corp.		13,454		773,874
Valvoline, Inc.		16,949		632,028
Total Basic Materials				4,051,821
Energy - 4.0%
Antero Midstream Corp.		103,697		1,003,787
Targa Resources Corp.		14,592		762,286
Murphy Oil Corp.		27,267		711,942
Total Energy				2,478,015
Communications - 1.8%
Mimecast Ltd.*		13,856		1,102,522
Total Common Stocks
(Cost $50,965,357)				62,006,487

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	193,494	193,494
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		80,023	80,023
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		72,749	72,749
Total Repurchase Agreements
(Cost $346,266)			346,266

S&P MidCap 400® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 1.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		647,900	$	647,900
Total Securities Lending Collateral
(Cost $647,900)				647,900
Total Investments - 101.3%
(Cost $51,959,523)			$	63,000,653
Other Assets & Liabilities, net - (1.3)%				(808,581	)
Total Net Assets - 100.0%			$	62,192,072

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	62,006,487	$	—	$	—	$	62,006,487
Repurchase Agreements		—		346,266		—		346,266
Securities Lending Collateral		647,900		—		—		647,900
Total Assets	$	62,654,387	$	346,266	$	—	$	63,000,653

S&P MidCap 400® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Financial - 29.2%
Unum Group		15,432	$	379,164
Reinsurance Group of America, Inc. — Class A		3,456		378,398
Kemper Corp.		5,087		299,065
CNO Financial Group, Inc.		12,510		298,238
Alleghany Corp.*		363		242,335
Old Republic International Corp.		9,804		240,982
Mercury General Corp.		4,489		238,186
Voya Financial, Inc.		3,447		228,571
Hanover Insurance Group, Inc.		1,381		180,994
Alliance Data Systems Corp.		2,606		173,481
Associated Banc-Corp.		6,992		157,949
FNB Corp.		12,932		156,865
MGIC Investment Corp.		10,666		153,804
Fulton Financial Corp.		8,905		151,385
New York Community Bancorp, Inc.		12,151		148,364
Texas Capital Bancshares, Inc.*		2,287		137,792
SL Green Realty Corp. REIT		1,907		136,732
First Horizon Corp.		7,805		127,456
Cadence Bank		4,187		124,731
Essent Group Ltd.		2,615		119,061
United Bankshares, Inc.		3,140		113,919
Sterling Bancorp		4,370		112,702
Prosperity Bancshares, Inc.		1,436		103,823
Selective Insurance Group, Inc.		1,195		97,918
RenaissanceRe Holdings Ltd.		560		94,825
International Bancshares Corp.		2,154		91,308
Washington Federal, Inc.		2,599		86,755
Valley National Bancorp		6,078		83,572
Sabra Health Care REIT, Inc.		5,132		69,487
Total Financial				4,927,862
Consumer, Cyclical - 25.6%
Taylor Morrison Home Corp. — Class A*		9,095		317,961
Foot Locker, Inc.		6,212		271,030
Kohl's Corp.		5,435		268,435
Adient plc*		5,578		267,075
Goodyear Tire & Rubber Co.*		12,087		257,695
KB Home		5,618		251,293
Lithia Motors, Inc. — Class A		839		249,141
Tri Pointe Homes, Inc.*		8,695		242,504
Thor Industries, Inc.		2,274		235,973
Dana, Inc.		10,183		232,376
Univar Solutions, Inc.*		7,388		209,450
Lear Corp.		1,050		192,097
Macy's, Inc.		7,068		185,040
Urban Outfitters, Inc.*		5,347		156,988
Murphy USA, Inc.		761		151,622
Toll Brothers, Inc.		1,972		142,753
Nu Skin Enterprises, Inc. — Class A		2,751		139,613
JetBlue Airways Corp.*		8,610		122,606
Callaway Golf Co.*		4,166		114,315
Nordstrom, Inc.*		3,967		89,733
MillerKnoll, Inc.		2,148		84,180
BJ's Wholesale Club Holdings, Inc.*		1,230		82,373
Harley-Davidson, Inc.		1,716		64,676
Total Consumer, Cyclical				4,328,929
Industrial - 17.5%
Avnet, Inc.		9,156		377,502
Arrow Electronics, Inc.*		2,071		278,073
Ryder System, Inc.		2,891		238,305
TD SYNNEX Corp.		2,025		231,579
Greif, Inc. — Class A		3,340		201,636
Worthington Industries, Inc.		3,635		198,689
Vishay Intertechnology, Inc.		6,398		139,924
MDU Resources Group, Inc.		4,327		133,445
Fluor Corp.*		4,860		120,382
AGCO Corp.		966		112,075
XPO Logistics, Inc.*		1,415		109,564
EMCOR Group, Inc.		835		106,371
Owens Corning		1,105		100,002
Oshkosh Corp.		747		84,194
Terex Corp.		1,872		82,275
EnerSys		1,033		81,669
Silgan Holdings, Inc.		1,856		79,511
Knight-Swift Transportation Holdings, Inc.		1,277		77,820
Kirby Corp.*		1,295		76,949
Werner Enterprises, Inc.		1,394		66,438
Timken Co.		874		60,560
Total Industrial				2,956,963
Consumer, Non-cyclical - 8.5%
Graham Holdings Co. — Class B		443		279,015
ManpowerGroup, Inc.		2,288		222,691
Sprouts Farmers Market, Inc.*		7,030		208,650
Performance Food Group Co.*		3,960		181,724
Patterson Companies, Inc.		5,521		162,041
Perrigo Company plc		3,903		151,827
Pilgrim's Pride Corp.*		5,282		148,953
Ingredion, Inc.		825		79,728
Total Consumer, Non-cyclical				1,434,629
Basic Materials - 6.5%
United States Steel Corp.		15,719		374,269
Commercial Metals Co.		7,495		271,994
Reliance Steel & Aluminum Co.		1,193		193,528
Minerals Technologies, Inc.		1,666		121,868
Cabot Corp.		1,364		76,657
Chemours Co.		1,889		63,395
Total Basic Materials				1,101,711
Utilities - 4.2%
Spire, Inc.		2,095		136,636
Southwest Gas Holdings, Inc.		1,917		134,286
UGI Corp.		2,873		131,899
NorthWestern Corp.		1,602		91,570
ALLETE, Inc.		1,177		78,094
ONE Gas, Inc.		896		69,521
Hawaiian Electric Industries, Inc.		1,540		63,910
Total Utilities				705,916
Technology - 4.0%
Xerox Holdings Corp.		16,663		377,251
Kyndryl Holdings, Inc.*		6,266		113,414
Science Applications International Corp.		1,303		108,918

S&P MidCap 400® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Technology - 4.0% (continued)
CACI International, Inc. — Class A*		294	$	79,148
Total Technology				678,731
Energy - 3.4%
HollyFrontier Corp.		10,847		355,565
NOV, Inc.		10,794		146,259
Equitrans Midstream Corp.		7,015		72,535
Total Energy				574,359
Communications - 0.6%
Viasat, Inc.*		2,367		105,426
Total Common Stocks
(Cost $13,097,413)				16,814,526

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	76,545		76,545
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		31,657		31,657
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		28,779		28,779
Total Repurchase Agreements
(Cost $136,981)				136,981
Total Investments - 100.3%
(Cost $13,234,394)			$	16,951,507
Other Assets & Liabilities, net - (0.3)%				(49,812	)
Total Net Assets - 100.0%			$	16,901,695

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,814,526	$	—	$	—	$	16,814,526
Repurchase Agreements		—		136,981		—		136,981
Total Assets	$	16,814,526	$	136,981	$	—	$	16,951,507

S&P SmallCap 600® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Financial - 26.7%
B. Riley Financial, Inc.		1,610	$	143,065
Customers Bancorp, Inc.*		1,825		119,300
Piper Sandler Cos.		561		100,144
Flagstar Bancorp, Inc.		1,740		83,416
Triumph Bancorp, Inc.*		679		80,855
Meta Financial Group, Inc.		1,304		77,797
Innovative Industrial Properties, Inc. REIT		292		76,770
First BanCorp		5,552		76,506
World Acceptance Corp.*		298		73,138
ServisFirst Bancshares, Inc.		823		69,906
Walker & Dunlop, Inc.		449		67,745
Greenhill & Company, Inc.		3,621		64,924
Enova International, Inc.*		1,556		63,734
HomeStreet, Inc.		1,204		62,608
St. Joe Co.		1,171		60,951
Virtus Investment Partners, Inc.		201		59,717
Axos Financial, Inc.*		1,066		59,600
Veritex Holdings, Inc.		1,391		55,334
Redwood Trust, Inc. REIT		4,153		54,778
Preferred Bank/Los Angeles CA		757		54,345
HCI Group, Inc.		600		50,124
Investors Bancorp, Inc.		3,221		48,798
Great Western Bancorp, Inc.		1,398		47,476
Bancorp, Inc.*		1,615		40,876
Palomar Holdings, Inc.*		594		38,474
Independence Realty Trust, Inc. REIT		1,424		36,782
NexPoint Residential Trust, Inc. REIT		418		35,041
Trupanion, Inc.*		243		32,083
Brightsphere Investment Group, Inc.		1,143		29,261
Douglas Elliman, Inc.*		1,123		12,914
Total Financial				1,876,462
Consumer, Non-cyclical - 25.6%
Fulgent Genetics, Inc.*		1,407		141,530
Avid Bioservices, Inc.*		3,217		93,872
Celsius Holdings, Inc.*		1,235		92,094
Organogenesis Holdings, Inc.*		9,331		86,218
Joint Corp.*		1,218		80,010
United Natural Foods, Inc.*		1,593		78,185
Community Health Systems, Inc.*		5,626		74,882
Innoviva, Inc.*		4,298		74,141
Cross Country Healthcare, Inc.*		2,606		72,343
Simply Good Foods Co.*		1,639		68,133
AMN Healthcare Services, Inc.*		525		64,223
Ligand Pharmaceuticals, Inc. — Class B*		366		56,532
Coca-Cola Consolidated, Inc.		88		54,489
MGP Ingredients, Inc.		590		50,144
Cara Therapeutics, Inc.*		4,113		50,096
AngioDynamics, Inc.*		1,638		45,176
Heidrick & Struggles International, Inc.		986		43,118
Korn Ferry		562		42,560
Inter Parfums, Inc.		389		41,584
Collegium Pharmaceutical, Inc.*		2,203		41,152
CorVel Corp.*		197		40,976
Endo International plc*		10,838		40,751
uniQure N.V.*		1,919		39,800
Medifast, Inc.		188		39,373
Vericel Corp.*		983		38,632
Omnicell, Inc.*		201		36,269
BioLife Solutions, Inc.*		966		36,003
Xencor, Inc.*		707		28,365
Alarm.com Holdings, Inc.*		316		26,800
Supernus Pharmaceuticals, Inc.*		904		26,360
Vector Group Ltd.		2,246		25,784
RadNet, Inc.*		851		25,624
Heska Corp.*		120		21,899
Zynex, Inc.1		2,024		20,179
Total Consumer, Non-cyclical				1,797,297
Consumer, Cyclical - 14.9%
Hibbett, Inc.		1,435		103,219
OptimizeRx Corp.*		1,434		89,066
MarineMax, Inc.*		1,397		82,479
Century Communities, Inc.		976		79,827
Vista Outdoor, Inc.*		1,675		77,167
Barnes & Noble Education, Inc.*		10,169		69,251
Shoe Carnival, Inc.		1,731		67,647
Boot Barn Holdings, Inc.*		536		65,955
LGI Homes, Inc.*		413		63,800
Signet Jewelers Ltd.		728		63,358
Sleep Number Corp.*		672		51,475
Movado Group, Inc.		1,214		50,782
Buckle, Inc.		1,104		46,710
Children's Place, Inc.*		525		41,627
Cavco Industries, Inc.*		127		40,342
Installed Building Products, Inc.		247		34,511
Gentherm, Inc.*		244		21,204
Total Consumer, Cyclical				1,048,420
Industrial - 11.9%
Encore Wire Corp.		773		110,616
MYR Group, Inc.*		675		74,621
Dorian LPG Ltd.		5,715		72,523
UFP Industries, Inc.		769		70,756
Comfort Systems USA, Inc.		644		63,717
Mueller Industries, Inc.		1,045		62,031
ArcBest Corp.		470		56,329
Matson, Inc.		587		52,848
Insteel Industries, Inc.		1,289		51,315
NV5 Global, Inc.*		370		51,105
Fabrinet*		387		45,848
Sturm Ruger & Company, Inc.		429		29,181
Advanced Energy Industries, Inc.		295		26,863
Watts Water Technologies, Inc. — Class A		132		25,630
Triumph Group, Inc.*		1,211		22,440
Chart Industries, Inc.*		128		20,415
Total Industrial				836,238
Technology - 10.4%
Kulicke & Soffa Industries, Inc.		1,484		89,841
MaxLinear, Inc. — Class A*		1,159		87,377
Onto Innovation, Inc.*		804		81,389
Ultra Clean Holdings, Inc.*		950		54,492
Diodes, Inc.*		462		50,732
Veeco Instruments, Inc.*		1,684		47,943

S&P SmallCap 600® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Technology - 10.4% (continued)
Axcelis Technologies, Inc.*		610	$	45,482
3D Systems Corp.*		1,833		39,483
Rambus, Inc.*		1,286		37,796
Apollo Medical Holdings, Inc.*,1		499		36,667
ExlService Holdings, Inc.*		243		35,179
Donnelley Financial Solutions, Inc.*		742		34,978
Diebold Nixdorf, Inc.*		3,796		34,354
SPS Commerce, Inc.*		201		28,612
TTEC Holdings, Inc.		297		26,893
Total Technology				731,218
Communications - 5.6%
TechTarget, Inc.*		894		85,520
Perficient, Inc.*		454		58,697
Thryv Holdings, Inc.*		1,366		56,184
Liquidity Services, Inc.*		1,911		42,195
Extreme Networks, Inc.*		2,684		42,139
Shutterstock, Inc.		269		29,827
Harmonic, Inc.*		2,489		29,270
Vonage Holdings Corp.*		1,244		25,863
ADTRAN, Inc.		1,013		23,127
Total Communications				392,822
Energy - 3.6%
Matador Resources Co.		2,028		74,874
Civitas Resources, Inc.		1,079		52,838
Callon Petroleum Co.*		868		41,013
PDC Energy, Inc.		798		38,926
SM Energy Co.		900		26,532
Ranger Oil Corp. — Class A*		692		18,629
Total Energy				252,812
Basic Materials - 0.8%
Rogers Corp.*		125		34,125
Balchem Corp.		129		21,749
Total Basic Materials				55,874
Total Common Stocks
(Cost $5,528,199)				6,991,143

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	38,351	38,351
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		15,861	15,861
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		14,419	14,419
Total Repurchase Agreements
(Cost $68,631)			68,631

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		35,162		35,162
Total Securities Lending Collateral
(Cost $35,162)				35,162
Total Investments - 101.0%
(Cost $5,631,992)			$	7,094,936
Other Assets & Liabilities, net - (1.0)%				(67,490	)
Total Net Assets - 100.0%			$	7,027,446

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,991,143	$	—	$	—	$	6,991,143
Repurchase Agreements		—		68,631		—		68,631
Securities Lending Collateral		35,162		—		—		35,162
Total Assets	$	7,026,305	$	68,631	$	—	$	7,094,936

S&P SmallCap 600® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.8%
Consumer, Cyclical - 25.4%
Conn's, Inc.*		6,468	$	152,127
M/I Homes, Inc.*		2,013		125,168
ScanSource, Inc.*		3,514		123,271
World Fuel Services Corp.		4,471		118,347
Big Lots, Inc.		2,569		115,734
Vera Bradley, Inc.*		13,025		110,843
Cato Corp. — Class A		6,159		105,688
Motorcar Parts of America, Inc.*		6,181		105,510
G-III Apparel Group Ltd.*		3,601		99,531
ODP Corp.*		2,403		94,390
Chico's FAS, Inc.*		17,356		93,375
LL Flooring Holdings, Inc.*		5,274		90,027
Sonic Automotive, Inc. — Class A		1,779		87,972
MDC Holdings, Inc.		1,517		84,694
Group 1 Automotive, Inc.		432		84,335
America's Car-Mart, Inc.*		780		79,872
Haverty Furniture Companies, Inc.		2,572		78,626
SkyWest, Inc.*		1,984		77,971
Fiesta Restaurant Group, Inc.*		6,929		76,288
PC Connection, Inc.		1,731		74,658
Fossil Group, Inc.*		6,957		71,588
Titan International, Inc.*		6,279		68,818
Wabash National Corp.		3,363		65,646
American Axle & Manufacturing Holdings, Inc.*		6,986		65,179
Meritor, Inc.*		2,410		59,720
Ethan Allen Interiors, Inc.		2,269		59,652
Guess?, Inc.		2,519		59,650
Resideo Technologies, Inc.*		2,260		58,828
La-Z-Boy, Inc.		1,362		49,454
Veritiv Corp.*		386		47,312
KAR Auction Services, Inc.*		2,977		46,501
Caleres, Inc.		1,976		44,816
PriceSmart, Inc.		596		43,609
Universal Electronics, Inc.*		1,069		43,562
Bloomin' Brands, Inc.*		1,872		39,275
Standard Motor Products, Inc.		744		38,978
El Pollo Loco Holdings, Inc.*		2,658		37,717
Tupperware Brands Corp.*		2,391		36,558
Zumiez, Inc.*		654		31,386
Brinker International, Inc.*		841		30,772
Bed Bath & Beyond, Inc.*,1		1,898		27,673
Cooper-Standard Holdings, Inc.*		961		21,536
Total Consumer, Cyclical				3,026,657
Financial - 23.5%
Universal Insurance Holdings, Inc.		8,494		144,398
Realogy Holdings Corp.*		8,529		143,373
SiriusPoint Ltd.*		17,229		140,072
GEO Group, Inc. REIT*		18,011		139,585
Genworth Financial, Inc. — Class A*		34,159		138,344
United Fire Group, Inc.		5,135		119,081
EZCORP, Inc. — Class A*		14,914		109,916
StoneX Group, Inc.*		1,763		107,984
American Equity Investment Life Holding Co.		2,618		101,893
Mr Cooper Group, Inc.*		2,239		93,165
ProAssurance Corp.		3,185		80,580
Horace Mann Educators Corp.		1,983		76,742
Employers Holdings, Inc.		1,695		70,139
Safety Insurance Group, Inc.		643		54,674
Heritage Financial Corp.		2,129		52,033
Ready Capital Corp. REIT		3,316		51,829
eHealth, Inc.*		2,009		51,229
PennyMac Mortgage Investment Trust REIT		2,765		47,917
Two Harbors Investment Corp. REIT		8,276		47,753
Hope Bancorp, Inc.		3,242		47,690
Renasant Corp.		1,204		45,692
Old National Bancorp		2,517		45,608
Diversified Healthcare Trust REIT		14,464		44,694
First Midwest Bancorp, Inc.		2,155		44,135
First Financial Bancorp		1,793		43,713
New York Mortgage Trust, Inc. REIT		11,734		43,651
ARMOUR Residential REIT, Inc.		4,434		43,498
Franklin Street Properties Corp. REIT		7,133		42,441
S&T Bancorp, Inc.		1,331		41,953
Granite Point Mortgage Trust, Inc. REIT		3,565		41,746
Franklin BSP Realty Trust, Inc. REIT		2,771		41,399
Apollo Commercial Real Estate Finance, Inc. REIT		3,046		40,085
Allegiance Bancshares, Inc.		892		37,651
Columbia Banking System, Inc.		1,129		36,941
Northwest Bancshares, Inc.		2,520		35,683
NMI Holdings, Inc. — Class A*		1,615		35,288
Trustmark Corp.		1,083		35,154
Simmons First National Corp. — Class A		1,142		33,780
TrustCo Bank Corporation NY		1,000		33,310
Berkshire Hills Bancorp, Inc.		1,166		33,149
PRA Group, Inc.*		639		32,084
Office Properties Income Trust REIT		1,219		30,280
Invesco Mortgage Capital, Inc. REIT		10,851		30,166
Orion Office REIT, Inc.*		1,605		29,965
BankUnited, Inc.		649		27,459
RE/MAX Holdings, Inc. — Class A		854		26,038
Total Financial				2,793,960
Consumer, Non-cyclical - 16.7%
Seneca Foods Corp. — Class A*		2,988		143,275
Universal Corp.		2,522		138,508
Fresh Del Monte Produce, Inc.		4,939		136,317
Aaron's Company, Inc.		5,485		135,205
Kelly Services, Inc. — Class A		7,959		133,473
Andersons, Inc.		3,331		128,943
SpartanNash Co.		4,652		119,836
TreeHouse Foods, Inc.*		2,665		108,012
Magellan Health, Inc.*		882		83,781
Perdoceo Education Corp.*		6,829		80,309

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Consumer, Non-cyclical - 16.7% (continued)
American Public Education, Inc.*		3,405	$	75,761
TrueBlue, Inc.*		2,649		73,298
CoreCivic, Inc.*		6,455		64,356
Strategic Education, Inc.		1,111		64,260
ABM Industries, Inc.		1,519		62,051
Covetrus, Inc.*		3,051		60,928
Quanex Building Products Corp.		2,449		60,686
Owens & Minor, Inc.		1,309		56,942
Select Medical Holdings Corp.		1,790		52,626
Resources Connection, Inc.		2,359		42,085
Central Garden & Pet Co. — Class A*		754		36,079
Adtalem Global Education, Inc.*		1,140		33,698
Edgewell Personal Care Co.		710		32,454
Emergent BioSolutions, Inc.*		636		27,647
Deluxe Corp.		736		23,633
Central Garden & Pet Co.*		181		9,526
Total Consumer, Non-cyclical				1,983,689
Industrial - 14.0%
Olympic Steel, Inc.		6,122		143,867
TimkenSteel Corp.*		7,955		131,257
Benchmark Electronics, Inc.		4,666		126,449
Atlas Air Worldwide Holdings, Inc.*		1,301		122,450
Sanmina Corp.*		2,894		119,985
TTM Technologies, Inc.*		6,698		99,800
Powell Industries, Inc.		3,356		98,968
AAR Corp.*		2,352		91,798
Greenbrier Companies, Inc.		1,905		87,420
American Woodmark Corp.*		1,100		71,720
Tredegar Corp.		6,063		71,665
Harsco Corp.*		4,084		68,244
Granite Construction, Inc.		1,636		63,313
Griffon Corp.		2,214		63,055
DXP Enterprises, Inc.*		2,351		60,350
Moog, Inc. — Class A		680		55,060
O-I Glass, Inc.*		3,717		44,716
Matthews International Corp. — Class A		1,166		42,757
Hub Group, Inc. — Class A*		481		40,520
Plexus Corp.*		364		34,904
Arcosa, Inc.		542		28,564
Total Industrial				1,666,862
Basic Materials - 8.0%
Mercer International, Inc.		10,309		123,605
Unifi, Inc.*		5,299		122,672
Rayonier Advanced Materials, Inc.*		17,289		98,720
Koppers Holdings, Inc.*		2,917		91,302
Trinseo plc		1,606		84,251
American Vanguard Corp.		4,257		69,772
Schweitzer-Mauduit International, Inc.		2,174		65,003
Clearwater Paper Corp.*		1,772		64,979
Glatfelter Corp.		3,409		58,635
Sylvamo Corp.*		1,663		46,381
Kraton Corp.*		759		35,157
Carpenter Technology Corp.		1,137		33,189
Arconic Corp.*		980		32,350
Kaiser Aluminum Corp.		312		29,309
Total Basic Materials				955,325
Energy - 6.4%
SunCoke Energy, Inc.		17,592		115,931
PBF Energy, Inc. — Class A*		5,943		77,081
Helix Energy Solutions Group, Inc.*		21,490		67,049
US Silica Holdings, Inc.*		6,418		60,329
Renewable Energy Group, Inc.*		1,409		59,798
NOW, Inc.*		6,291		53,725
Oil States International, Inc.*		10,793		53,641
Bristow Group, Inc.*		1,397		44,243
REX American Resources Corp.*		460		44,160
CONSOL Energy, Inc.*		1,611		36,586
Oceaneering International, Inc.*		3,086		34,903
FutureFuel Corp.		4,231		32,325
ProPetro Holding Corp.*		3,555		28,795
Nabors Industries Ltd.*		322		26,111
Archrock, Inc.		3,291		24,617
Total Energy				759,294
Communications - 3.3%
Telephone & Data Systems, Inc.		6,420		129,363
NETGEAR, Inc.*		3,403		99,401
AMC Networks, Inc. — Class A*		1,981		68,226
Scholastic Corp.		1,240		49,550
ATN International, Inc.		1,224		48,899
Total Communications				395,439
Technology - 2.5%
Loyalty Ventures, Inc.*		2,811		84,527
Insight Enterprises, Inc.*		613		65,346
Photronics, Inc.*		3,198		60,282
Consensus Cloud Solutions, Inc.*		878		50,810
Ebix, Inc.		1,356		41,222
Total Technology				302,187
Total Common Stocks
(Cost $9,938,014)				11,883,413

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	62,844	62,844
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		25,990	25,990
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		23,627	23,627
Total Repurchase Agreements
(Cost $112,461)			112,461

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		8,085	$	8,085
Total Securities Lending Collateral
(Cost $8,085)				8,085
Total Investments - 100.8%
(Cost $10,058,560)			$	12,003,959
Other Assets & Liabilities, net - (0.8)%				(91,986	)
Total Net Assets - 100.0%			$	11,911,973

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	11,883,413	$	—	$	—	$	11,883,413
Repurchase Agreements		—		112,461		—		112,461
Securities Lending Collateral		8,085		—		—		8,085
Total Assets	$	11,891,498	$	112,461	$	—	$	12,003,959

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 28.7%
Guggenheim Strategy Fund II1		27,327	$	679,901
Guggenheim Ultra Short Duration Fund — Institutional Class1		58,216		577,503
Total Mutual Funds
(Cost $1,255,062)				1,257,404

	Face Amount
FEDERAL AGENCY NOTES†† - 27.0%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	500,000	500,369
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		180,000	180,247
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222		500,000	500,220
Total Federal Agency Notes
(Cost $1,180,000)			1,180,836

U.S. TREASURY BILLS†† - 2.4%
U.S. Treasury Bills
0.04% due 01/06/223,4	105,000	105,000
Total U.S. Treasury Bills
(Cost $104,999)		105,000

REPURCHASE AGREEMENTS††,5 - 41.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226	1,017,479		1,017,479
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226	420,799		420,799
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226	382,544		382,544
Total Repurchase Agreements
(Cost $1,820,822)			1,820,822
Total Investments - 99.7%
(Cost $4,360,883)		$	4,364,062
Other Assets & Liabilities, net - 0.3%			13,091
Total Net Assets - 100.0%		$	4,377,153

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		78	Mar 2022	$	7,460,700	$	(53,223	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Currency Index Swap Agreements††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

03/17/22

13,417

$

1,282,700

$

(7,651

)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	All or a portion of this security is pledged as currency index swap collateral at December 31, 2021.

See Sector Classification in Other Information section.

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,257,404	$	—	$	—	$	1,257,404
Federal Agency Notes		—		1,180,836		—		1,180,836
U.S. Treasury Bills		—		105,000		—		105,000
Repurchase Agreements		—		1,820,822		—		1,820,822
Total Assets	$	1,257,404	$	3,106,658	$	—	$	4,364,062

Investments in Securities (Liabilities)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	53,223	$	—	$	—	$	53,223
Currency Index Swap Agreements**		—		7,651		—		7,651
Total Liabilities	$	53,223	$	7,651	$	—	$	60,874

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	682,634	$	–	$	–	$	–	$	(2,733	)	$	679,901		27,327	$	7,368
Guggenheim Ultra Short Duration Fund — Institutional Class		579,831		–		–		–		(2,328	)		577,503		58,216		3,883
	$	1,262,465	$	–	$	–	$	–	$	(5,061	)	$	1,257,404			$	11,251

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5%
Software - 35.7%
Microsoft Corp.		13,257	$	4,458,594
Adobe, Inc.*		2,630		1,491,368
salesforce.com, Inc.*		5,503		1,398,477
Oracle Corp.		14,163		1,235,155
Intuit, Inc.		1,860		1,196,389
ServiceNow, Inc.*		1,559		1,011,963
Snowflake, Inc. — Class A*		2,659		900,736
Workday, Inc. — Class A*		2,698		737,040
Fidelity National Information Services, Inc.		6,711		732,506
ROBLOX Corp. — Class A*		7,091		731,508
Fiserv, Inc.*		7,042		730,889
Autodesk, Inc.*		2,474		695,664
Datadog, Inc. — Class A*		3,740		666,131
Zoom Video Communications, Inc. — Class A*		3,594		660,973
Activision Blizzard, Inc.		9,926		660,377
Synopsys, Inc.*		1,792		660,352
Paychex, Inc.		4,714		643,461
Cadence Design Systems, Inc.*		3,448		642,535
Atlassian Corporation plc — Class A*		1,636		623,790
VMware, Inc. — Class A		5,279		611,731
Twilio, Inc. — Class A*		2,240		589,882
Unity Software, Inc.*		4,013		573,819
Cloudflare, Inc. — Class A*		4,247		558,481
NetEase, Inc. ADR		5,426		552,258
Electronic Arts, Inc.		4,140		546,066
MongoDB, Inc.*		1,023		541,525
Palantir Technologies, Inc. — Class A*		28,921		526,651
ANSYS, Inc.*		1,305		523,462
DocuSign, Inc.*		3,224		491,047
HubSpot, Inc.*		740		487,771
Bilibili, Inc. ADR*		10,121		469,614
Bill.com Holdings, Inc.*		1,773		441,743
ZoomInfo Technologies, Inc. — Class A*		6,857		440,219
UiPath, Inc. — Class A*,1		10,198		439,840
Tyler Technologies, Inc.*		789		424,443
Broadridge Financial Solutions, Inc.		2,270		415,001
Take-Two Interactive Software, Inc.*		2,289		406,801
SS&C Technologies Holdings, Inc.		4,958		406,457
Akamai Technologies, Inc.*		3,322		388,807
Splunk, Inc.*		3,292		380,950
Nuance Communications, Inc.*		6,789		375,567
RingCentral, Inc. — Class A*		1,997		374,138
Dynatrace, Inc.*		6,127		369,764
Ceridian HCM Holding, Inc.*		3,399		355,060
PTC, Inc.*		2,825		342,249
Asana, Inc. — Class A*		4,510		336,221
Citrix Systems, Inc.		3,448		326,146
Jack Henry & Associates, Inc.		1,919		320,454
Coupa Software, Inc.*		1,958		309,462
Fair Isaac Corp.*		711		308,339
Elastic N.V.*		2,416		297,385
Avalara, Inc.*		2,279		294,242
Dropbox, Inc. — Class A*		11,260		276,320
Five9, Inc.*		2,007		275,601
Digital Turbine, Inc.*		3,643		222,187
MicroStrategy, Inc. — Class A*,1		376		204,728
Fastly, Inc. — Class A*		4,929		174,733
Total Software				35,257,072
Semiconductors - 20.4%
NVIDIA Corp.		7,793		2,291,999
Broadcom, Inc.		2,250		1,497,172
Intel Corp.		24,878		1,281,217
QUALCOMM, Inc.		6,779		1,239,676
Texas Instruments, Inc.		6,146		1,158,337
Advanced Micro Devices, Inc.*		7,909		1,138,105
Applied Materials, Inc.		6,779		1,066,743
Micron Technology, Inc.		10,159		946,311
Lam Research Corp.		1,266		910,444
Analog Devices, Inc.		4,831		849,145
Taiwan Semiconductor Manufacturing Company Ltd. ADR		6,409		771,067
Marvell Technology, Inc.		8,737		764,400
KLA Corp.		1,705		733,338
NXP Semiconductor N.V.		3,156		718,874
Xilinx, Inc.		3,020		640,331
ASML Holding N.V. — Class G		779		620,193
Microchip Technology, Inc.		7,081		616,472
ON Semiconductor Corp.*		7,296		495,544
Teradyne, Inc.		2,815		460,337
Skyworks Solutions, Inc.		2,864		444,321
Monolithic Power Systems, Inc.		867		427,717
Entegris, Inc.		2,825		391,488
Qorvo, Inc.*		2,406		376,274
Wolfspeed, Inc.*		2,873		321,115
Total Semiconductors				20,160,620
Internet - 15.0%
Alphabet, Inc. — Class A*		1,325		3,838,578
Meta Platforms, Inc. — Class A*		8,007		2,693,154
Snap, Inc. — Class A*		16,569		779,240
Sea Ltd. ADR*		3,234		723,478
Baidu, Inc. ADR*		4,705		700,057
Shopify, Inc. — Class A*		477		657,015
Palo Alto Networks, Inc.*		1,179		656,420
Match Group, Inc.*		4,247		561,666
Okta, Inc.*		2,357		528,369
Twitter, Inc.*		11,961		516,954
VeriSign, Inc.*		1,919		487,081
CDW Corp.		2,377		486,762
Pinterest, Inc. — Class A*		11,825		429,839
GoDaddy, Inc. — Class A*		4,344		368,632
Zillow Group, Inc. — Class C*		5,630		359,475
F5, Inc.*		1,422		347,978
NortonLifeLock, Inc.		13,335		346,443
Zendesk, Inc.*		3,107		324,029
Total Internet				14,805,170
Computers - 13.3%
Apple, Inc.		26,602		4,723,717
International Business Machines Corp.		7,452		996,034
Accenture plc — Class A		2,192		908,694
Fortinet, Inc.*		1,929		693,283

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Computers - 13.3% (continued)
Cognizant Technology Solutions Corp. — Class A		6,916	$	613,587
Zscaler, Inc.*		1,880		604,100
Crowdstrike Holdings, Inc. — Class A*		2,883		590,294
Dell Technologies, Inc. — Class C*		10,345		581,079
HP, Inc.		15,234		573,865
EPAM Systems, Inc.*		838		560,161
Infosys Ltd. ADR		20,251		512,553
Check Point Software Technologies Ltd.*		4,296		500,742
Seagate Technology Holdings plc		4,062		458,925
Western Digital Corp.*		6,516		424,908
NetApp, Inc.		4,393		404,112
Total Computers				13,146,054
Commercial Services - 4.7%
PayPal Holdings, Inc.*		6,877		1,296,865
Automatic Data Processing, Inc.		3,770		929,607
Block, Inc. — Class A*		4,607		744,077
Global Payments, Inc.		4,247		574,109
Affirm Holdings, Inc.*		4,432		445,682
FleetCor Technologies, Inc.*		1,724		385,900
Marathon Digital Holdings, Inc.*,1		4,617		151,715
Riot Blockchain, Inc.*,1		6,107		136,369
Total Commercial Services				4,664,324
Diversified Financial Services - 3.7%
Visa, Inc. — Class A		8,922		1,933,487
Mastercard, Inc. — Class A		4,705		1,690,600
Total Diversified Financial Services				3,624,087
Telecommunications - 2.9%
Cisco Systems, Inc.		23,056		1,461,059
Arista Networks, Inc.*		4,120		592,250
Corning, Inc.		13,374		497,914
Juniper Networks, Inc.		8,757		312,712
Total Telecommunications				2,863,935
Electronics - 1.6%
Amphenol Corp. — Class A		7,422		649,128
TE Connectivity Ltd.		2,922		471,436
Trimble, Inc.*		4,676		407,700
Total Electronics				1,528,264
Energy-Alternate Sources - 1.1%
SolarEdge Technologies, Inc.*		1,588		445,545
Enphase Energy, Inc.*		2,289		418,750
First Solar, Inc.*		2,961		258,081
Total Energy-Alternate Sources				1,122,376
Advertising - 0.6%
Trade Desk, Inc. — Class A*		6,429		589,154
Office & Business Equipment - 0.5%
Zebra Technologies Corp. — Class A*		838		498,778
Total Common Stocks
(Cost $57,509,870)				98,259,834

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	484,905	484,905
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		200,543	200,543
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		182,311	182,311
Total Repurchase Agreements
(Cost $867,759)			867,759

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		695,432		695,432
Total Securities Lending Collateral
(Cost $695,432)				695,432
Total Investments - 101.1%
(Cost $59,073,061)			$	99,823,025
Other Assets & Liabilities, net - (1.1)%				(1,045,852	)
Total Net Assets - 100.0%			$	98,777,173

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (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	$	98,259,834	$	—	$	—	$	98,259,834
Repurchase Agreements		—		867,759		—		867,759
Securities Lending Collateral		695,432		—		—		695,432
Total Assets	$	98,955,266	$	867,759	$	—	$	99,823,025

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 100.0%
Telecommunications - 65.6%
Cisco Systems, Inc.		11,476	$	727,234
Verizon Communications, Inc.		12,688		659,268
AT&T, Inc.		24,020		590,892
T-Mobile US, Inc.*		4,478		519,358
Motorola Solutions, Inc.		1,118		303,761
Arista Networks, Inc.*		2,050		294,688
Ubiquiti, Inc.		628		192,608
Lumen Technologies, Inc.		12,771		160,276
Ciena Corp.*		2,041		157,096
Juniper Networks, Inc.		4,357		155,588
Frontier Communications Parent, Inc.*		4,085		120,467
America Movil SAB de CV — Class L ADR		5,248		110,785
BCE, Inc.		2,117		110,169
Nice Ltd. ADR*		361		109,600
Calix, Inc.*		1,339		107,080
Vodafone Group plc ADR		7,037		105,062
Iridium Communications, Inc.*		2,478		102,317
Vonage Holdings Corp.*		4,884		101,538
TELUS Corp.		4,181		98,546
Rogers Communications, Inc. — Class B		2,052		97,737
Viavi Solutions, Inc.*		5,230		92,153
Viasat, Inc.*		1,787		79,593
Telephone & Data Systems, Inc.		3,358		67,664
EchoStar Corp. — Class A*		2,555		67,324
CommScope Holding Company, Inc.*		6,031		66,582
Extreme Networks, Inc.*		4,216		66,191
InterDigital, Inc.		914		65,470
Gogo, Inc.*		3,963		53,619
Plantronics, Inc.*		1,669		48,968
NETGEAR, Inc.*		1,389		40,573
Total Telecommunications				5,472,207
Media - 25.2%
Comcast Corp. — Class A		13,639		686,451
Charter Communications, Inc. — Class A*		804		524,184
Liberty Broadband Corp. — Class C*		1,511		243,422
DISH Network Corp. — Class A*		5,643		183,059
Cable One, Inc.		86		151,656
Altice USA, Inc. — Class A*		7,552		122,191
Liberty Global plc — Class C*,1		4,008		112,585
Liberty Latin America Ltd. — Class C*		6,432		73,325
Total Media				2,096,873
Internet - 6.2%
Roku, Inc.*		1,142		260,604
F5, Inc.*		710		173,744
Cogent Communications Holdings, Inc.		1,119		81,889
Total Internet				516,237
Computers - 2.3%
Lumentum Holdings, Inc.*		1,167		123,434
NetScout Systems, Inc.*		2,078		68,740
Total Computers				192,174
Software - 0.7%
Bandwidth, Inc. — Class A*		850		60,996
Total Common Stocks
(Cost $7,611,251)				8,338,487

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	18,432	18,432
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		7,623	7,623
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		6,930	6,930
Total Repurchase Agreements
(Cost $32,985)			32,985

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		57,957		57,957
Total Securities Lending Collateral
(Cost $57,957)				57,957
Total Investments - 101.1%
(Cost $7,702,193)			$	8,429,429
Other Assets & Liabilities, net - (1.1)%				(94,188	)
Total Net Assets - 100.0%			$	8,335,241

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,338,487	$	—	$	—	$	8,338,487
Repurchase Agreements		—		32,985		—		32,985
Securities Lending Collateral		57,957		—		—		57,957
Total Assets	$	8,396,444	$	32,985	$	—	$	8,429,429

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.0%
Transportation - 36.9%
United Parcel Service, Inc. — Class B		6,369	$	1,365,132
Union Pacific Corp.		5,096		1,283,835
CSX Corp.		24,497		921,087
Norfolk Southern Corp.		2,889		860,084
FedEx Corp.		3,295		852,219
Old Dominion Freight Line, Inc.		1,795		643,292
Expeditors International of Washington, Inc.		3,491		468,806
J.B. Hunt Transport Services, Inc.		2,280		466,032
CH Robinson Worldwide, Inc.		3,519		378,750
ZIM Integrated Shipping Services Ltd.		5,890		346,685
Canadian Pacific Railway Ltd.		4,748		341,557
Canadian National Railway Co.		2,626		322,630
Knight-Swift Transportation Holdings, Inc.		5,235		319,021
ZTO Express Cayman, Inc. ADR		11,111		313,553
XPO Logistics, Inc.*		3,882		300,583
Saia, Inc.*		870		293,216
Landstar System, Inc.		1,466		262,443
Ryder System, Inc.		2,590		213,494
Matson, Inc.		2,266		204,008
Kirby Corp.*		3,204		190,382
Werner Enterprises, Inc.		3,769		179,631
ArcBest Corp.		1,498		179,535
Atlas Air Worldwide Holdings, Inc.*		1,787		168,193
Total Transportation				10,874,168
Auto Manufacturers - 29.1%
Tesla, Inc.*		3,179		3,359,504
General Motors Co.*		15,433		904,837
Ford Motor Co.		43,355		900,483
Lucid Group, Inc.*,1		19,959		759,440
NIO, Inc. ADR*		16,995		538,401
XPeng, Inc. ADR*		8,548		430,221
Li Auto, Inc. ADR*		11,292		362,473
Ferrari N.V.		1,106		286,255
TuSimple Holdings, Inc. — Class A*,1		7,609		272,783
Stellantis N.V.1		14,515		272,301
Toyota Motor Corp. ADR		1,469		272,206
Fisker, Inc.*,1		12,696		199,708
Total Auto Manufacturers				8,558,612
Auto Parts & Equipment - 12.2%
Aptiv plc*		2,510		414,024
Lear Corp.		1,801		329,493
BorgWarner, Inc.		7,226		325,676
Magna International, Inc.		3,808		308,219
Autoliv, Inc.		2,896		299,475
Gentex Corp.		8,349		290,963
QuantumScape Corp.*,1		12,827		284,631
Fox Factory Holding Corp.*		1,586		269,779
Luminar Technologies, Inc.*		15,637		264,422
Goodyear Tire & Rubber Co.*		11,534		245,905
Adient plc*		4,463		213,688
Dana, Inc.		7,856		179,274
Visteon Corp.*		1,577		175,268
Total Auto Parts & Equipment				3,600,817
Airlines - 9.8%
Southwest Airlines Co.*		12,163		521,063
Delta Air Lines, Inc.*		13,167		514,566
United Airlines Holdings, Inc.*		8,805		385,483
American Airlines Group, Inc.*		19,508		350,364
Copa Holdings S.A. — Class A*		3,661		302,618
Alaska Air Group, Inc.*		5,005		260,760
JetBlue Airways Corp.*		15,115		215,238
Allegiant Travel Co. — Class A*		1,006		188,162
Spirit Airlines, Inc.*		7,047		153,977
Total Airlines				2,892,231
Internet - 4.6%
Uber Technologies, Inc.*		22,579		946,738
Lyft, Inc. — Class A*		9,491		405,550
Total Internet				1,352,288
Commercial Services - 3.5%
AMERCO		527		382,723
Avis Budget Group, Inc.*		1,608		333,451
GXO Logistics, Inc.*		3,519		319,631
Total Commercial Services				1,035,805
Home Builders - 2.1%
Thor Industries, Inc.		2,380		246,973
LCI Industries		1,274		198,578
Winnebago Industries, Inc.		2,227		166,847
Total Home Builders				612,398
Leisure Time - 0.8%
Harley-Davidson, Inc.		6,398		241,141
Total Common Stocks
(Cost $15,631,655)				29,167,460

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.2%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	189,314	189,314
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		78,294	78,294
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		71,177	71,177
Total Repurchase Agreements
(Cost $338,785)			338,785

	Shares
SECURITIES LENDING COLLATERAL†,3 - 4.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,201,542		1,201,542
Total Securities Lending Collateral
(Cost $1,201,542)				1,201,542
Total Investments - 104.3%
(Cost $17,171,982)			$	30,707,787
Other Assets & Liabilities, net - (4.3)%				(1,265,528	)
Total Net Assets - 100.0%			$	29,442,259

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2021 — See Note 5.
2	Repurchase Agreements — See Note 4.
3	Securities lending collateral — See Note 5.
4	Rate indicated is the 7-day yield as of December 31, 2021.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,167,460	$	—	$	—	$	29,167,460
Repurchase Agreements		—		338,785		—		338,785
Securities Lending Collateral		1,201,542		—		—		1,201,542
Total Assets	$	30,369,002	$	338,785	$	—	$	30,707,787

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
COMMON STOCKS† - 99.7%
Electric - 82.5%
NextEra Energy, Inc.		17,437	$	1,627,918
Duke Energy Corp.		10,325		1,083,093
Southern Co.		15,090		1,034,872
Dominion Energy, Inc.		12,107		951,126
Exelon Corp.		15,997		923,987
American Electric Power Company, Inc.		9,038		804,111
Sempra Energy		5,901		780,584
Xcel Energy, Inc.		10,574		715,860
Public Service Enterprise Group, Inc.		10,509		701,266
Eversource Energy		7,392		672,524
Consolidated Edison, Inc.		7,748		661,059
WEC Energy Group, Inc.		6,778		657,941
Edison International		8,968		612,066
PG&E Corp.*		48,432		587,965
FirstEnergy Corp.		14,031		583,549
PPL Corp.		19,124		574,867
DTE Energy Co.		4,787		572,238
Entergy Corp.		5,078		572,037
Ameren Corp.		6,420		571,444
Avangrid, Inc.		10,882		542,794
CMS Energy Corp.		7,947		516,952
CenterPoint Energy, Inc.		18,023		503,022
AES Corp.		19,723		479,269
Evergy, Inc.		6,952		476,977
Alliant Energy Corp.		7,673		471,659
Vistra Corp.		18,190		414,186
NRG Energy, Inc.		9,338		402,281
Pinnacle West Capital Corp.		4,887		344,973
OGE Energy Corp.		8,777		336,861
IDACORP, Inc.		2,543		288,147
Portland General Electric Co.		4,894		258,991
Ormat Technologies, Inc.		3,219		255,267
Black Hills Corp.		3,604		254,334
Hawaiian Electric Industries, Inc.		6,085		252,528
PNM Resources, Inc.		5,212		237,719
Avista Corp.		4,909		208,583
Total Electric				20,933,050
Gas - 10.6%
Atmos Energy Corp.		4,402		461,197
NiSource, Inc.		14,454		399,075
UGI Corp.		8,203		376,600
National Fuel Gas Co.		4,591		293,549
ONE Gas, Inc.		3,201		248,366
Southwest Gas Holdings, Inc.		3,502		245,315
New Jersey Resources Corp.		5,779		237,286
Spire, Inc.		3,393		221,291
South Jersey Industries, Inc.		7,909		206,583
Total Gas				2,689,262
Water - 4.6%
American Water Works Company, Inc.		3,771		712,191
Essential Utilities, Inc.		8,404		451,211
Total Water				1,163,402
Building Materials - 1.2%
MDU Resources Group, Inc.		9,721		299,796
Energy-Alternate Sources - 0.8%
Sunnova Energy International, Inc.*		7,161		199,935
Total Common Stocks
(Cost $20,235,667)				25,285,445

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22	$	92,166		92,166
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22		38,117		38,117
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22		34,652		34,652
Total Repurchase Agreements
(Cost $164,935)				164,935
Total Investments - 100.3%
(Cost $20,400,602)			$	25,450,380
Other Assets & Liabilities, net - (0.3)%				(74,809	)
Total Net Assets - 100.0%			$	25,375,571

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1  Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	25,285,445	$	—	$	—	$	25,285,445
Repurchase Agreements		—		164,935		—		164,935
Total Assets	$	25,285,445	$	164,935	$	—	$	25,450,380

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

	Shares		Value
MUTUAL FUNDS† - 45.8%
Guggenheim Ultra Short Duration Fund — Institutional Class1		31,531	$	312,789
Guggenheim Strategy Fund II1		12,532		311,792
Total Mutual Funds
(Cost $622,107)				624,581

	Face Amount
FEDERAL AGENCY NOTES†† - 22.7%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	250,000	250,185
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		60,000	60,082
Total Federal Agency Notes
(Cost $310,000)			310,267

U.S. TREASURY BILLS†† - 3.7%
U.S. Treasury Bills
0.04% due 01/06/223,4	51,000	51,000
Total U.S. Treasury Bills
(Cost $51,000)		51,000

REPURCHASE AGREEMENTS††,5 - 19.2%
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226	146,626		146,626
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226	60,640		60,640
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226	55,127		55,127
Total Repurchase Agreements
(Cost $262,393)			262,393
Total Investments - 91.4%
(Cost $1,245,500)		$	1,248,241
Other Assets & Liabilities, net - 8.6%			117,271
Total Net Assets - 100.0%		$	1,365,512

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Sold Short†
U.S. Dollar Index Futures Contracts		24	Mar 2022	$	2,295,600	$	13,526

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation
OTC Currency Index Swap Agreements Sold Short††
Goldman Sachs International	U.S. Dollar Index	Pay	N/A	At Maturity	03/17/22		4,655	$	444,970	$	3,191

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at December 31, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at December 31, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 4.
6	All or a portion of this security is pledged as currency index swap collateral at December 31, 2021.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2021

The following table summarizes the inputs used to value the Fund's investments at December 31, 2021 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	624,581	$	—	$	—	$	624,581
Federal Agency Notes		—		310,267		—		310,267
U.S. Treasury Bills		—		51,000		—		51,000
Repurchase Agreements		—		262,393		—		262,393
Currency Futures Contracts**		13,526		—		—		13,526
Currency Index Swap Agreements**		—		3,191		—		3,191
Total Assets	$	638,107	$	626,851	$	—	$	1,264,958

^** This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/21		Shares 12/31/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	393,238	$	–	$	(80,000	)	$	225		$	(1,671	)	$	311,792		12,532	$	4,082
Guggenheim Ultra Short Duration Fund — Institutional Class		384,261		–		(70,000	)		(212	)		(1,260	)		312,789		31,531		2,502
	$	777,499	$	–	$	(150,000	)	$	13		$	(2,931	)	$	624,581			$	6,584

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). 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 (collectively, the “Funds”):

Fund	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-diversified
Consumer Products Fund	Diversified
Dow Jones Industrial Average® Fund	Non-diversified
Electronics Fund	Non-diversified
Emerging Markets 2x Strategy Fund	Non-diversified
Emerging Markets Bond Strategy Fund	Diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Financial Services Fund	Diversified
Government Long Bond 1.2x Strategy Fund	Diversified
Health Care Fund	Diversified
High Yield Strategy Fund	Non-diversified
Internet Fund	Diversified
Inverse Emerging Markets 2x Strategy Fund	Non-diversified
Inverse Government Long Bond Strategy Fund	Diversified
Inverse High Yield Strategy Fund	Non-diversified
Inverse Mid-Cap Strategy Fund	Non-diversified
Inverse NASDAQ-100® Strategy Fund	Non-diversified
Inverse Russell 2000® Strategy Fund	Non-diversified
Inverse S&P 500® Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Leisure Fund	Diversified
Long Short Equity Fund	Non-diversified
Mid-Cap 1.5x Strategy Fund	Non-diversified
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Non-diversified
NASDAQ-100® Fund	Non-diversified
Nova Fund	Non-diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Russell 2000® 1.5x Strategy Fund	Non-diversified
Russell 2000® Fund	Non-diversified
S&P 500® Fund	Non-diversified
S&P 500® Pure Growth Fund	Non-diversified
S&P 500® Pure Value Fund	Non-diversified
S&P MidCap 400® Pure Growth Fund	Non-diversified
S&P MidCap 400® Pure Value Fund	Non-diversified
S&P SmallCap 600® Pure Growth Fund	Non-diversified
S&P SmallCap 600® Pure Value Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Weakening Dollar 2x Strategy Fund	Non-diversified

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

If the 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 Valuation Committee.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale price.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Debt securities 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 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price 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 would provide a more accurate valuation.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The values of other swap agreements entered into by a fund are accountedfor using the unrealized appreciation or depreciation on the agreements that are determined bymarking the agreements to the last quotedvalue of the index or other underlying position that the swaps pertain to at the close of the New York Stock Exchange ("NYSE").

Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Investments (“GI”), subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (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 mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

Liquidity: the ability to buy or sell exposure with little price/market impact.

For any Fund whose 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. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedules of Investments.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or custom basket of securities) or a fixed or variable interest rate. Total return and custom basket 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 or custom swap basket swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored 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 December 31, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.25%
Due 01/03/22	$	132,534,999	$	132,535,551	Due 11/30/26	$	135,013,600	$	135,185,818
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.01%					0.13%
Due 01/03/22		54,812,529		54,812,575	Due 07/15/30		49,979,168		55,908,855
BofA Securities, Inc.					U.S. Treasury Note
0.02%					2.88%
Due 01/03/22		49,829,572		49,829,655	Due 11/30/25		47,581,300		50,826,225

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 5 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class Z. 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. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At December 31, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Fund	Value of Securities Loaned		Collateral Received
Banking Fund	$	35,875	$	37,320
Basic Materials Fund		1,320,088		1,346,064
Biotechnology Fund		6,058,004		6,174,645
Consumer Products Fund		1,195,777		1,240,022
Electronics Fund		1,334,984		1,386,869
Emerging Markets 2x Strategy Fund		75,390		77,597
Energy Fund		1,095,823		1,133,448
Energy Services Fund		169,303		172,351
Europe 1.25x Strategy Fund		44,500		45,542
Financial Services Fund		220,379		230,727
Health Care Fund		277,654		284,153
Internet Fund		127,080		130,950
Leisure Fund		202,648		215,310
Mid-Cap 1.5x Strategy Fund		55,180		58,170
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,920,976		2,017,360
NASDAQ-100® Fund		8,530,814		8,958,857
Nova Fund		31,308		33,259
Precious Metals Fund		3,003,756		3,101,237
Real Estate Fund		1,036		1,093
Retailing Fund		385,492		398,667
Russell 2000® 1.5x Strategy Fund		41,252		43,458
Russell 2000® Fund		2,037,326		2,085,823
S&P 500® Fund		16,101		17,104
S&P 500® Pure Value Fund		53,954		57,315
S&P MidCap 400® Pure Growth Fund		624,398		647,900
S&P SmallCap 600® Pure Growth Fund		34,324		35,162
S&P SmallCap 600® Pure Value Fund		7,727		8,085
Technology Fund		655,625		695,432
Telecommunications Fund		56,124		57,957
Transportation Fund		1,156,753		1,201,542

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 6 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

At December 31, 2021, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	13,179,299	$	2,328,823	$	-		$	2,328,823
Basic Materials Fund		34,367,844		18,645,217		(20,416	)		18,624,801
Biotechnology Fund		108,576,172		81,639,452		(7,345,912	)		74,293,540
Consumer Products Fund		53,850,945		44,748,969		(400,979	)		44,347,990
Dow Jones Industrial Average® Fund		45,869,367		5,921,839		(3,573	)		5,918,266
Electronics Fund		70,963,191		29,609,543		(430,896	)		29,178,647
Emerging Markets 2x Strategy Fund		3,916,921		599,799		(302,407	)		297,392
Emerging Markets Bond Strategy Fund		386,415		2,061		(177	)		1,884
Energy Fund		58,239,179		1,883,097		(1,283,402	)		599,695
Energy Services Fund		13,982,213		–		(4,052,089	)		(4,052,089	)
Europe 1.25x Strategy Fund		3,215,389		207,590		(1,749	)		205,841
Financial Services Fund		42,508,906		10,193,628		(145,670	)		10,047,958
Government Long Bond 1.2x Strategy Fund		89,847,525		–		(248,439	)		(248,439	)
Health Care Fund		63,816,602		14,016,870		(381,783	)		13,635,087
High Yield Strategy Fund		39,395,910		77,426		(32,625	)		44,801
Internet Fund		34,609,606		–		(10,954,345	)		(10,954,345	)
Inverse Emerging Markets 2x Strategy Fund		858,937		–		(7,379	)		(7,379	)
Inverse Government Long Bond Strategy Fund		33,946,704		–		(2,225,276	)		(2,225,276	)
Inverse High Yield Strategy Fund		1,202,238		4,644		–			4,644
Inverse Mid-Cap Strategy Fund		185,972		517		(4,531	)		(4,014	)
Inverse NASDAQ-100® Strategy Fund		9,508,682		43,625		(153,148	)		(109,523	)
Inverse Russell 2000® Strategy Fund		5,385,430		24,072		(119,584	)		(95,512	)
Inverse S&P 500® Strategy Fund		34,617,959		43,530		(440,264	)		(396,734	)
Japan 2x Strategy Fund		1,683,215		2,496		(36,141	)		(33,645	)
Leisure Fund		9,376,207		4,190,653		(127,893	)		4,062,760
Long Short Equity Fund		15,133,172		3,653,054		(498,962	)		3,154,092
Mid-Cap 1.5x Strategy Fund		14,739,886		3,896,953		(111,584	)		3,785,369
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		508,776,410		41,166,773		(6,569,101	)		34,597,672
NASDAQ-100® Fund		722,659,370		1,350,016,615		(11,528,546	)		1,338,488,069
Nova Fund		537,608,812		9,715,520		(322,201	)		9,393,319
Precious Metals Fund		63,218,098		9,807,892		(285,499	)		9,522,393
Real Estate Fund		11,366,722		1,317,801		(3,376	)		1,314,425
Retailing Fund		14,623,845		3,205,394		(201,590	)		3,003,804
Russell 2000® 1.5x Strategy Fund		9,572,556		488,398		(95,036	)		393,362
Russell 2000® Fund		36,558,984		1,334,041		(1,225,975	)		108,066
S&P 500® Fund		185,349,811		49,772,790		(320,903	)		49,451,887
S&P 500® Pure Growth Fund		130,695,489		17,644,646		(758,416	)		16,886,230
S&P 500® Pure Value Fund		49,622,829		2,591,445		(8,357	)		2,583,088
S&P MidCap 400® Pure Growth Fund		53,132,793		10,274,813		(406,953	)		9,867,860
S&P MidCap 400® Pure Value Fund		14,839,385		2,136,565		(24,443	)		2,112,122
S&P SmallCap 600® Pure Growth Fund		5,767,883		1,366,999		(39,946	)		1,327,053
S&P SmallCap 600® Pure Value Fund		12,068,531		15,596		(80,168	)		(64,572	)
Strengthening Dollar 2x Strategy Fund		4,361,019		3,922		(61,753	)		(57,831	)
Technology Fund		63,721,094		36,714,410		(612,479	)		36,101,931
Telecommunications Fund		8,255,104		200,056		(25,731	)		174,325
Transportation Fund		20,292,947		10,447,410		(32,570	)		10,414,840
Utilities Fund		23,408,898		2,096,684		(55,202	)		2,041,482
Weakening Dollar 2x Strategy Fund		1,245,596		19,362		–			19,362

Note 7 – COVID-19

The outbreak of COVID-19 and the recovery response causes at times disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded to this situation with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. Recently, the U.S. and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds' investments and the performance of the Funds. These actions also contribute to a risk that asset prices have a higher degree of correlation than historically seen across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

OTHER INFORMATION (Unaudited)   

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.